CapStar Financial Holdings, Inc. Announces Third Quarter 2017 Results


NASHVILLE, Tenn., Oct. 16, 2017 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) reported net income of $4.42 million, or $0.35 per share on a fully diluted basis, for the three months ended September 30, 2017, compared to net income of $2.11 million, or $0.20 per share on a fully diluted basis, for the three months ended September 30, 2016. 

“Our vision for CapStar is to be a high performing financial institution known for sound, profitable, growth,” said Claire W. Tucker, CapStar’s president and chief executive officer. “This was a record quarter for the company in terms of profitability, and we experienced strong growth in our DDA balances and non-interest income sources. CapStar remains a sound, well-capitalized institution, with no charge-offs during the quarter and a $1.9 million recovery on a previously charged-off loan.  We believe these results further demonstrate our ability to execute this strategy and vision, while creating long-term value for our shareholders.”

Soundness

  • The allowance for loan losses represented 1.45% of total loans at September 30, 2017 compared to 1.25% at September 30, 2016.
  • Non-performing assets as a percentage of total loans and other real estate owned was 0.32% at September 30, 2017 compared to 0.45% at September 30, 2016.
  • Annualized net charge-offs (recoveries) to average loans totaled -0.75% for the three months ended September 30, 2017 compared to 0.25% for the same period in 2016. 
  • The total risk based capital ratio was to 12.42% at September 30, 2017 compared to 12.45% at September 30, 2016.

Profitability

  • Return on average assets ("ROAA") for the three months ended September 30, 2017 was 1.28% compared to 0.65% for the same period in 2016. 
  • Return on average tangible common equity ("ROATCE") for the three months ended September 30, 2017 was 13.88% compared to 8.84% for the same period in 2016. 
  • The net interest margin (“NIM”) for the three months ended September 30, 2017 was 3.26% compared to 3.23% for the same period in 2016. 
  • The efficiency ratio for the three months ended September 30, 2017 was 59.6% compared to 64.0% for the same period in 2016.

Growth

  • Average total assets for the quarter ended September 30, 2017 increased 5.5%, to $1.37 billion, compared to $1.30 billion for the same period in 2016.
  • Average gross loans for the quarter ended September 30, 2017 increased 7.9%, to $991.2 million, compared to $918.3 million for the same period in 2016.
  • Average total deposits for the quarter ended September 30, 2017 fell 3.3%, to $1.09 billion, compared to $1.13 billion for the same period in 2016.
  • Average demand deposits for the quarter ended September 30, 2017 increased 26.7%, to $237.2 million, compared to $187.2 million for the same period in 2016.

“By many measures, this quarter’s performance exceeded our expectations. We had record net income of $4.4 million, an ROAA of 1.28%, expansion in our NIM, no credit charge-offs, and strong growth in our DDA and Treasury Management fees,” said Rob Anderson, chief financial officer and chief administrative officer of CapStar. “Through consistent engagement with our clients, the CapStar associate base is building a loyal customer base.”

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 3:00 p.m. Central Time on Monday, October 16, 2017.  During the call, management will review the third quarter results and operational highlights.  Interested parties may listen to the call by dialing (844) 412-1002.  The conference ID number is 90272640.  A simultaneous webcast may be accessed on CapStar’s website at ir.capstarbank.com by clicking on “News & Events”.  An archived version of the webcast will be available in the same location shortly after the live call has ended.

About CapStar Financial Holdings, Inc.

CapStar Financial Holdings, Inc. is a bank holding company headquartered in Nashville, Tennessee, and operates primarily through its wholly owned subsidiary, CapStar Bank, a Tennessee-chartered state bank.  CapStar Bank is a commercial bank that seeks to establish and maintain comprehensive relationships with its clients by delivering customized and creative banking solutions and superior client service.  As of September 30, 2017, on a consolidated basis, CapStar had total assets of $1.3 billion, gross loans of $974.5 million, total deposits of $1.1 billion, and shareholders’ equity of $144.2 million.  Visit www.capstarbank.com for more information.

Forward-Looking Statements

Certain statements in this earnings release are forward-looking statements that reflect CapStar’s current views with respect to, among other things, future events and CapStar’s financial and operational performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “aspire,” “achieve,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “roadmap,” “goal,” “target,” “would,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about CapStar’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond CapStar’s control. The inclusion of these forward-looking statements should not be regarded as a representation by CapStar or any other person that such expectations, estimates and projections will be achieved. Accordingly, CapStar cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although CapStar believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause CapStar’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, any factors identified in this earnings release as well as those factors that are detailed from time to time in CapStar’s periodic and current reports filed with the Securities and Exchange Commission, including those factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 under the headings “Item 1A. Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” and in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  If one or more events related to these or other risks or uncertainties materialize, or if CapStar’s underlying assumptions prove to be incorrect, actual results may differ materially from our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this earnings release, and CapStar does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for CapStar to predict their occurrence or how they will affect CapStar.

Non-GAAP Disclaimer

This earnings release includes the following financial measures that were prepared other than in accordance with generally accepted accounting principles in the United States (“non-GAAP financial measure”): return on average tangible common equity and tangible book value per share. These non-GAAP financial measures (i) provides useful information to management and investors that is supplementary to CapStar’s financial condition, results of operations and cash flows computed in accordance with GAAP, (ii) enables a more complete understanding of factors and trends affecting CapStar’s business, and (iii) allows investors to evaluate CapStar’s performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators; however, CapStar acknowledges that these non-GAAP financial measures have a number of limitations.  As such, you should not view these non-GAAP financial measures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use.  See below for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)

Third Quarter 2017 Earnings Release
 
       
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
  2017  2016  2017  2016 
Interest income:                
Loans, including fees $12,095  $10,659  $33,935  $29,532 
Securities:                
Taxable  838   787   2,827   2,596 
Tax-exempt  304   291   944   841 
Federal funds sold  7   4   26   12 
Restricted equity securities  108   71   271   210 
Interest-bearing deposits in financial institutions  169   63   387   197 
Total interest income  13,521   11,875   38,390   33,388 
Interest expense:                
Interest-bearing deposits  635   404   1,839   1,096 
Savings and money market accounts  772   689   2,360   2,141 
Time deposits  706   546   1,750   1,566 
Federal funds purchased  2   13   13   21 
Securities sold under agreements to repurchase           1 
Federal Home Loan Bank advances  563   97   1,083   280 
Total interest expense  2,678   1,749   7,045   5,105 
Net interest income  10,843   10,126   31,345   28,283 
Provision for loan losses  (195)  1,639   12,900   2,759 
Net interest income after provision for loan losses  11,038   8,487   18,445   25,524 
Noninterest income:                
Treasury management and other deposit service charges  427   277   1,097   805 
Loan commitment fees  223   329   646   901 
Net gain (loss) on sale of securities  9   (4)  42   121 
Tri-Net fees  367      748    
Mortgage banking income  2,030   2,339   4,617   5,342 
Other noninterest income  316   250   1,021   961 
Total noninterest income  3,372   3,191   8,171   8,130 
Noninterest expense:                
Salaries and employee benefits  5,119   5,119   14,989   15,275 
Data processing and software  709   627   2,040   1,831 
Professional fees  336   391   1,050   1,148 
Occupancy  531   352   1,518   1,133 
Equipment  564   458   1,604   1,301 
Regulatory fees  270   250   877   742 
Other operating  946   1,330   2,988   3,057 
Total noninterest expense  8,475   8,527   25,066   24,487 
Income before income taxes  5,935   3,151   1,550   9,167 
Income tax expense  1,516   1,042   141   2,998 
Net income $4,419  $2,109  $1,409  $6,169 
Per share information:                
Basic net income per share of common stock $0.39  $0.24  $0.13  $0.71 
Diluted net income per share of common stock $0.35  $0.20  $0.11  $0.58 
Weighted average shares outstanding:                
Basic  11,279,364   8,792,665   11,239,093   8,701,596 
Diluted  12,750,423   10,799,536   12,758,091   10,682,976 
                 
This information is preliminary and based on company data available at the time of the presentation. 


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)

Third Quarter 2017 Earnings Release
 
  
  Five Quarter Comparison 
  9/30/17  6/30/17  3/31/17  12/31/16  9/30/16 
Income Statement Data:                    
Net interest income $10,843  $10,571  $9,932  $10,180  $10,126 
Provision for loan losses  (195)  9,690   3,405   70   1,639 
Net interest income after provision for loan losses  11,038   881   6,527   10,110   8,487 
Treasury management and other deposit service charges  427   342   329   303   277 
Loan commitment fees  223   187   236   217   329 
Net gain (loss) on sale of securities  9   40   (6)     (4)
Tri-Net fees  367   297   84   125    
Mortgage banking income  2,030   1,370   1,216   2,033   2,339 
Other noninterest income  316   430   274   276   250 
Total noninterest income  3,372   2,666   2,133   2,954   3,191 
Salaries and employee benefits  5,119   4,784   5,086   5,185   5,119 
Data processing and software  709   711   621   542   627 
Professional fees  336   350   365   406   391 
Occupancy  531   539   449   366   352 
Equipment  564   544   496   443   458 
Regulatory fees  270   301   307   348   250 
Other operating  946   988   1,052   1,352   1,330 
Total noninterest expense  8,475   8,217   8,376   8,642   8,527 
Net income (loss) before income tax expense  5,935   (4,670)  284   4,422   3,151 
Income tax (benefit) expense  1,516   (1,328)  (47)  1,495   1,042 
Net income (loss) $4,419  $(3,342) $331  $2,927  $2,109 
Weighted average shares - basic  11,279,364   11,226,216   11,210,948   11,194,534   8,792,665 
Weighted average shares - diluted  12,750,423   12,740,104   12,784,117   12,787,677   10,799,536 
Net income (loss) per share, basic $0.39  $(0.30) $0.03  $0.26  $0.24 
Net income (loss) per share, diluted  0.35   (0.26)  0.03   0.23   0.20 
Balance Sheet Data (at period end):                    
Cash and cash equivalents $69,789  $48,093  $60,039  $80,111  $73,451 
Securities available-for-sale  146,600   155,663   188,516   182,355   167,213 
Securities held-to-maturity  45,635   46,458   46,855   46,864   46,228 
Loans held for sale  53,225   73,573   35,371   42,111   61,252 
Total loans  974,530   996,617   1,003,434   935,251   924,031 
Allowance for loan losses  (14,122)  (12,454)  (13,997)  (11,634)  (11,510)
Total assets  1,338,559   1,371,626   1,381,703   1,333,675   1,318,057 
Non-interest-bearing deposits  250,007   231,169   223,450   197,788   191,469 
Interest-bearing deposits  841,488   889,816   934,545   930,935   944,590 
Federal Home Loan Bank advances  95,000   105,000   75,000   55,000   30,000 
Total liabilities  1,194,355   1,233,596   1,241,491   1,194,468   1,179,631 
Shareholders' equity $144,204  $138,030  $140,211  $139,207  $138,427 
Total shares of common stock outstanding  11,346,498   11,235,255   11,218,328   11,204,515   11,191,021 
Total shares of preferred stock outstanding  878,049   878,049   878,049   878,049   878,049 
Book value per share of common stock $11.92  $11.48  $11.70  $11.62  $11.57 
Tangible book value per share of common stock *  11.36   10.93   11.14   11.06   11.00 
Market value per share of common stock $19.58  $17.74  $19.07  $21.96  $16.92 
Capital ratios:                    
Total risk based capital  12.42%  11.51%  12.13%  12.60%  12.45%
Tier 1 risk based capital  11.28%  10.54%  11.01%  11.61%  11.46%
Common equity tier 1 capital  10.58%  9.86%  10.32%  10.90%  10.75%
Leverage  10.36%  9.77%  10.37%  10.46%  10.47%
                     
_____________________

*This metric is a non-GAAP financial measure.  See below for a reconciliation to the most directly comparable GAAP financial measure.
 
This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)

Third Quarter 2017 Earnings Release
 
  
  Five Quarter Comparison 
  9/30/17  6/30/17  3/31/17  12/31/16  9/30/16 
Average Balance Sheet Data:                    
Cash and cash equivalents $59,352  $62,002  $58,925  $66,758  $55,054 
Investment securities  207,926   227,431   237,084   226,033   218,463 
Loans held for sale  67,886   34,690   28,359   52,483   63,640 
Loans  991,238   1,028,968   974,350   938,887   918,302 
Assets  1,367,993   1,393,331   1,340,237   1,324,620   1,296,871 
Interest bearing deposits  857,344   882,722   933,328   942,923   944,794 
Deposits  1,094,500   1,111,833   1,143,636   1,138,779   1,132,038 
Federal Home Loan Bank advances  123,315   128,901   43,837   33,478   29,565 
Liabilities  1,226,438   1,250,544   1,198,686   1,185,091   1,179,480 
Shareholders' equity $141,556  $142,787  $141,551  $139,529  $117,390 
Performance Ratios:                    
Annualized return on average assets  1.28%  -0.96%  0.10%  0.88%  0.65%
Annualized return on average equity  12.38%  -9.39%  0.95%  8.35%  7.15%
Net interest margin  3.26%  3.15%  3.12%  3.17%  3.23%
Annualized Non-interest income to average assets  0.98%  0.77%  0.65%  0.89%  0.98%
Efficiency ratio  59.6%  62.1%  69.4%  65.8%  64.0%
Loans by Type (at period end):                    
Commercial and industrial $394,600  $406,636  $420,825  $379,620  $389,718 
Commercial real estate - owner occupied  103,183   97,635   92,213   106,735   108,921 
Commercial real estate - non-owner occupied  263,595   288,123   268,742   195,587   163,626 
Construction and development  79,951   62,152   74,007   94,491   91,366 
Consumer real estate  100,811   99,751   99,952   97,015   96,919 
Consumer  6,289   4,096   4,495   5,974   7,046 
Other $26,460  $38,783  $43,983  $56,796  $67,806 
Asset Quality Data:                    
Allowance for loan losses to total loans  1.45%  1.25%  1.39%  1.24%  1.25%
Allowance for loan losses to non-performing loans  446%  386%  103%  321%  279%
Nonaccrual loans $3,165  $3,229  $13,624  $3,619  $4,123 
Troubled debt restructurings  1,222   1,239   1,256   1,272   1,288 
Loans - 90 days past due and accruing  27   15   -   -   - 
Total non-performing loans  3,165   3,229   13,624   3,619   4,123 
OREO and repossessed assets  -   -   -   -   - 
Total non-performing assets $3,165  $3,229  $13,624  $3,619  $4,123 
Non-performing loans to total loans  0.32%  0.32%  1.36%  0.39%  0.45%
Non-performing assets to total assets  0.24%  0.24%  0.99%  0.27%  0.31%
Non-performing assets to total loans and OREO  0.32%  0.32%  1.36%  0.39%  0.45%
Annualized net charge-offs to average loans  -0.75%  4.38%  0.43%  -0.02%  0.25%
Net charge-offs (recoveries) $(1,863) $11,233  $1,041  $(53) $582 
Interest Rates and Yields:                    
Loans  4.55%  4.29%  4.24%  4.32%  4.36%
Securities  2.40%  2.44%  2.37%  2.19%  2.10%
Total interest-earning assets  4.07%  3.85%  3.77%  3.74%  3.79%
Deposits  0.77%  0.70%  0.67%  0.57%  0.58%
Borrowings and repurchase agreements  1.81%  1.18%  1.30%  2.32%  1.25%
Total interest-bearing liabilities  1.08%  0.92%  0.85%  0.74%  0.71%
Other Information:                    
Full-time equivalent employees 168  169  168  170  168 
                
This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)

Third Quarter 2017 Earnings Release
 
  
  For the Three Months Ended September 30, 
  2017  2016 
  Average
Outstanding
Balance
  Interest
Income/
Expense
  Average
Yield/
Rate
  Average
Outstanding
Balance
  Interest
Income/
Expense
  Average
Yield/
Rate
 
Interest-Earning Assets                        
Loans (1) $991,238  $11,375   4.55% $918,302  $10,072   4.36%
Loans held for sale  67,886   720   4.21%  63,640   587   3.67%
Securities:                        
Taxable investment securities (2)  156,979   946   2.41%  170,382   858   2.01%
Investment securities exempt from federal income tax (3)  50,947   304   2.39%  48,081   291   2.42%
Total securities  207,926   1,250   2.40%  218,463   1,149   2.10%
Cash balances in other banks  49,151   169   1.36%  45,122   63   0.56%
Funds sold  1,711   7   1.67%  1,510   4   0.95%
Total interest-earning assets  1,317,912   13,521   4.07%  1,247,037   11,875   3.79%
Noninterest-earning assets  50,081           49,834         
Total assets $1,367,993          $1,296,871         
Interest-Bearing Liabilities                        
Interest-bearing deposits:                        
Interest-bearing transaction accounts $291,250   635   0.87% $303,727   404   0.53%
Savings and money market deposits  354,972   772   0.86%  437,827   689   0.63%
Time deposits  211,122   706   1.32%  203,240   546   1.07%
Total interest-bearing deposits  857,344   2,113   0.98%  944,794   1,639   0.69%
Borrowings and repurchase agreements  123,859   565   1.81%  34,946   110   1.25%
Total interest-bearing liabilities  981,203   2,678   1.08%  979,740   1,749   0.71%
Noninterest-bearing deposits  237,156           187,244         
Total funding sources  1,218,359           1,166,984         
Noninterest-bearing liabilities  8,078           12,497         
Shareholders’ equity  141,556           117,390         
Total liabilities and shareholders’ equity $1,367,993          $1,296,871         
Net interest spread (4)          2.99%          3.08%
Net interest income/margin (5)     $10,843   3.26%     $10,126   3.23%

                                               

(1) Average loan balances include nonaccrual loans.  Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(2) Taxable investment securities include restricted equity securities.
(3) Balances for investment securities exempt from federal income tax are not calculated on a tax equivalent basis.
(4) Net interest spread is the average yield on total average interest-earning assets minus the average rate on total average interest-bearing liabilities.
(5) Net interest margin is net interest income divided by total average interest-earning assets and is presented in the table above on an annualized basis.

This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)

Third Quarter 2017 Earnings Release
 
  
  For the Nine Months Ended September 30, 
  2017  2016 
  Average
Outstanding
Balance
  Interest
Income/
Expense
  Average
Yield/
Rate
  Average
Outstanding
Balance
  Interest
Income/
Expense
  Average
Yield/
Rate
 
Interest-Earning Assets                        
Loans (1) $998,247  $32,580   4.36% $871,637  $28,252   4.33%
Loans held for sale  43,790   1,355   4.14%  45,564   1,280   3.75%
Securities:                        
Taxable investment securities (2)  170,810   3,098   2.42%  178,388   2,806   2.10%
Investment securities exempt from federal income tax (3)  53,230   944   2.36%  45,370   841   2.47%
Total securities  224,040   4,042   2.41%  223,758   3,647   2.17%
Cash balances in other banks  48,980   387   1.06%  49,430   197   0.53%
Funds sold  2,359   26   1.46%  2,053   12   0.79%
Total interest-earning assets  1,317,416   38,390   3.90%  1,192,442   33,388   3.74%
Noninterest-earning assets  49,873           49,550         
Total assets $1,367,289          $1,241,992         
Interest-Bearing Liabilities                        
Interest-bearing deposits:                        
Interest-bearing transaction accounts $307,992   1,839   0.80% $263,251   1,096   0.56%
Savings and money market deposits  389,425   2,360   0.81%  442,740   2,141   0.65%
Time deposits  193,436   1,750   1.21%  191,440   1,566   1.09%
Total interest-bearing deposits  890,853   5,949   0.89%  897,431   4,803   0.71%
Borrowings and repurchase agreements  100,221   1,096   1.46%  31,926   302   1.26%
Total interest-bearing liabilities  991,074   7,045   0.95%  929,357   5,105   0.73%
Noninterest-bearing deposits  225,623           187,058         
Total funding sources  1,216,697           1,116,415         
Noninterest-bearing liabilities  8,627           11,970         
Shareholders’ equity  141,965           113,607         
Total liabilities and shareholders’ equity $1,367,289          $1,241,992         
Net interest spread (4)          2.95%          3.01%
Net interest income/margin (5)     $31,345   3.18%     $28,283   3.17%

                                               

(1) Average loan balances include nonaccrual loans.  Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(2) Taxable investment securities include restricted equity securities.
(3) Balances for investment securities exempt from federal income tax are not calculated on a tax equivalent basis.
(4) Net interest spread is the average yield on total average interest-earning assets minus the average rate on total average interest-bearing liabilities.
(5) Net interest margin is net interest income divided by total average interest-earning assets and is presented in the table above on an annualized basis.

This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Non-GAAP Financial Measures (unaudited) (dollars in thousands)

Third Quarter 2017 Earnings Release
 
       
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
  2017  2016  2017  2016 
Average Tangible Equity:                
Average Total shareholders' equity $141,556  $117,390  $141,965  $113,607 
Less: average intangible assets  (6,258)  (6,312)  (6,271)  (6,325)
Average Tangible equity $135,298  $111,078  $135,694  $107,282 
                 
Average Tangible Common Equity:                
Average tangible equity $135,298  $111,078  $135,694  $107,282 
Less: average preferred equity  (9,000)  (16,174)  (9,000)  (16,391)
Average tangible common equity $126,298  $94,904  $126,694  $90,891 
                 
Annualized Return on Average Tangible Common Equity (ROATCE):                
Average tangible common equity $126,298  $94,904  $126,694  $90,892 
Net income $4,419  $2,109  $1,409  $6,169 
Annualized return on average tangible common equity (ROATCE)  13.88%  8.84%  1.49%  9.07%
                 
                 
  9/30/17  9/30/16         
Tangible Equity:                
Total shareholders' equity $144,204  $138,427         
Less: intangible assets  (6,252)  (6,303)        
Tangible equity $137,952  $132,124         
                 
Tangible Common Equity:                
Tangible equity $137,952  $132,124         
Less: preferred equity  (9,000)  (9,000)        
Tangible common equity $128,952  $123,124         
                 
Tangible Book Value per Share of Common Stock:                
Tangible common equity $128,952  $123,124         
Total shares of common stock outstanding  11,346,498   11,191,021         
Tangible book value per share of common stock $11.36  $11.00         

 


            

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