Capstar Financial Holdings Inc.

04/22/2021 | Press release | Distributed by Public on 04/22/2021 15:03

CapStar Financial Holdings, Inc. Reports First Quarter 2021 Results and Increase in Quarterly Dividend

NASHVILLE, Tenn., April 22, 2021 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. ('CapStar') (NASDAQ:CSTR) today reported net income of $11.0 million or $0.50 per diluted share, for the quarter ended March 31, 2021, compared with net income of $1.3 million or $0.07 per diluted share, for the quarter ended March 31, 2020. Annualized return on average assets and return on average tangible equity for the quarter ended March 31, 2021 were 1.45% and 14.85%, respectively.

'CapStar began 2021 with outstanding results,' said Timothy K. Schools, president and chief executive officer. 'Our performance reflects the beginning of an improving economy and execution of strategic priorities to enhance our profitability and earnings consistency, accelerate organic growth, maintain sound risk management principles, and develop disciplined capital allocation. With continued dedication to exceptional customer service, our hard-working associates are delivering. If current trends continue, we are optimistic that 2021 can be an outstanding year for CapStar. We have more levers than ever before, now serving two dynamic urban markets, three established and stable community markets, and operating several unique specialty businesses.'

'During the quarter, average loans, excluding PPP loans, grew 11.5% annualized; we added Commercial Relationship Managers in both the Knoxville and Nashville metropolitan areas to complement our existing teams; our mortgage, Tri-Net, and SBA businesses showed continued strength; expense discipline led to a record efficiency ratio of 54.08%; and asset quality remained solid with criticized and classified loan levels improving from elevated pandemic levels. Importantly, we ended the quarter with capital ratios approximately 200 bps higher than the industry median and nearly 30% of our assets in cash and investment securities, of which $391 million was in cash. This positions CapStar favorably, allowing us to expand our business, increase our dividend, and announce a substantial share purchase program that enables us to return excess capital to shareholders at the times we believe our stock is our best investment.'

Profitability

  • Annualized pre-tax pre-provision income to average assets for the three months ended March 31, 2021 was 1.95% compared to 1.63% for the same period in 2020.
  • Annualized return on average assets for the three months ended March 31, 2021 was 1.45% compared to 0.26% for the same period in 2020.
  • Annualized return on average tangible equity for the three months ended March 31, 2021 was 14.85% compared to 2.31% for the same period in 2020.
  • Net interest margin was 3.13% for the three months ended March 31, 2021 compared to 3.50% for the same period in 2020. The decrease was principally the result of excess liquidity, partially offset by the positive impact of PPP loans.
  • The efficiency ratio for the three months ended March 31, 2021 was 54.08% compared to 63.06% for the same period in 2020.

Growth

  • Pre-tax pre-provision earnings for the quarter ended March 31, 2021 totaled $14.8 million, compared to $8.3 million for the quarter ended March 31, 2020. The increase was largely attributable to the acquisitions of The Bank of Waynesboro and The First National Bank of Manchester, along with growth in our mortgage business.
  • Average deposits for the quarter ended March 31, 2021 increased $50.5 million or 7.8% annualized compared to December 31, 2020.
  • Average loans, excluding PPP loans, increased $48.0 million or 11.5% annualized for the quarter ended March 31, 2021 compared to December 31, 2020.
  • Tangible book value per share for the quarter ended March 31, 2021 increased to $13.34 compared to $12.66 for the quarter ended March 31, 2020 and declined 2 cents compared to the quarter ended December 31, 2020.

Soundness

  • The total risk-based capital ratio was 16.29% at March 31, 2021 compared to 13.68% at March 31, 2020.
  • The allowance for loan losses to total loans was 1.23% at March 31, 2021 compared to 1.39% at March 31, 2020. The allowance for loan losses plus the fair value mark on acquired loans to total loans, less PPP loans, was 1.59% at March 31, 2021 compared to 1.61% at March 31, 2020.
  • Non-performing assets to total loans and OREO was 0.30% at March 31, 2021 compared to 0.26% at March 31, 2020.
  • Annualized net charge offs to average loans for the three months ended March 31, 2021 was less than 0.01% compared to 0.01% at March 31, 2020.

Dividend

On April 22, 2021, the board of directors of CapStar approved a quarterly dividend of $0.06 per common share, an increase of 20% from $0.05 in the first quarter 2020, payable on May 26, 2021 to shareholders of record of CapStar's common stock as of the close of business on May 12, 2021. The increase reflects the Board of Directors' confidence in CapStar's near-term and long-term strategy and further underscores its commitment to return value to shareholders.

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 11:00 a.m. Central Time on Friday, April 23, 2021. During the call, management will review the first quarter results and operational highlights. Interested parties may listen to the call by dialing (844) 412-1002. The conference ID number is 3558917. 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 March 31, 2021, on a consolidated basis, CapStar had total assets of $3.15 billion, total loans of $1.94 billion, total deposits of $2.75 billion, and shareholders' equity of $343.94 million. Visit www.capstarbank.com for more information.

NON-GAAP MEASURES

This release includes financial information determined by methods other than in accordance with generally accepted accounting principles ('GAAP'). This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations. Such measures include: 'Efficiency ratio - operating,' 'Expenses - operating,' 'Earnings per share - operating,' 'Diluted earnings per share - operating,' 'Tangible book value per share,' 'Return on common equity - operating,' 'Return on tangible common equity - operating,' 'Return on assets - operating,' and 'Tangible common equity to tangible assets.'

Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating CapStar's underlying performance trends. Further, management uses these measures in managing and evaluating CapStar's business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the 'Non-GAAP Reconciliation Tables' included in the exhibits to this presentation.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)
First quarter 2021 Earnings Release

Three Months Ended
March 31,
2021 2020
Interest income:
Loans, including fees $ 22,014 $ 19,738
Securities:
Taxable 1,596 1,174
Tax-exempt 373 321
Federal funds sold - -
Restricted equity securities 161 142
Interest-bearing deposits in financial institutions 134 363
Total interest income 24,278 21,738
Interest expense:
Interest-bearing deposits 446 1,901
Savings and money market accounts 313 1,551
Time deposits 931 1,481
Federal funds purchased - -
Securities sold under agreements to repurchase - -
Federal Home Loan Bank advances 12 144
Subordinated notes 394 -
Total interest expense 2,096 5,077
Net interest income 22,182 16,661
Provision for loan losses 650 7,553
Net interest income after provision for loan losses 21,532 9,108
Noninterest income:
Deposit service charges 1,102 775
Interchange and debit card transaction fees 1,092 724
Mortgage banking 4,716 2,253
Tri-Net 1,143 599
Wealth management 459 407
SBA lending 492 35
Net gain on sale of securities 26 27
Other noninterest income 984 1,054
Total noninterest income 10,014 5,874
Noninterest expense:
Salaries and employee benefits 9,427 8,002
Data processing and software 2,827 1,864
Occupancy 1,108 820
Equipment 899 751
Professional services 704 636
Regulatory fees 257 163
Acquisition related expenses 67 290
Amortization of intangibles 508 386
Other operating 1,616 1,299
Total noninterest expense 17,413 14,211
Income before income taxes 14,133 771
Income tax expense 3,103 (575 )
Net income $ 11,030 $ 1,346
Per share information:
Basic net income per share of common stock $ 0.50 $ 0.07
Diluted net income per share of common stock $ 0.50 $ 0.07
Weighted average shares outstanding:
Basic 22,045,501 18,392,913
Diluted 22,076,600 18,443,725

This information is preliminary and based on CapStar data available at the time of this earnings release.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)
First quarter 2021 Earnings Release

Five Quarter Comparison
3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020
Income Statement Data:
Net interest income $ 22,182 $ 22,331 $ 19,656 $ 17,675 $ 16,661
Provision for loan losses 650 184 2,119 1,624 7,553
Net interest income after provision for loan losses 21,532 22,147 17,537 16,051 9,108
Deposit service charges 1,102 964 1,064 691 775
Interchange and debit card transaction fees 1,092 782 936 729 724
Mortgage banking 4,716 5,971 9,686 7,123 2,253
Tri-Net 1,143 1,165 668 1,260 599
Wealth management 459 411 382 374 407
SBA lending 492 916 476 13 35
Net gain on sale of securities 26 51 34 13 27
Other noninterest income 984 1,488 1,558 620 1,054
Total noninterest income 10,014 11,748 14,804 10,823 5,874
Salaries and employee benefits 9,427 11,996 12,949 12,305 8,002
Data processing and software 2,827 2,548 2,353 2,100 1,864
Occupancy 1,108 975 999 797 820
Equipment 899 900 864 680 751
Professional services 704 370 638 581 636
Regulatory fees 257 368 397 333 163
Acquisition related expenses 67 2,105 2,548 448 290
Amortization of intangibles 508 524 539 375 386
Other operating 1,616 1,692 1,452 1,315 1,299
Total noninterest expense 17,413 21,478 22,739 18,934 14,211
Net income before income tax expense 14,133 12,417 9,602 7,940 771
Income tax expense (benefit) 3,103 2,736 2,115 1,759 (575 )
Net income $ 11,030 $ 9,681 $ 7,487 $ 6,181 $ 1,346
Weighted average shares - basic 22,045,501 21,960,184 21,948,579 18,307,083 18,392,913
Weighted average shares - diluted 22,076,600 21,978,925 21,960,490 18,320,006 18,443,725
Net income per share, basic $ 0.50 $ 0.44 $ 0.34 $ 0.34 $ 0.07
Net income per share, diluted 0.50 0.44 0.34 0.34 0.07
Balance Sheet Data (at period end):
Cash and cash equivalents $ 390,565 $ 277,439 $ 455,925 $ 368,820 $ 91,450
Securities available-for-sale 474,788 486,215 308,337 223,034 219,213
Securities held-to-maturity 2,401 2,407 2,413 2,699 3,306
Loans held for sale 162,269 179,669 198,603 129,807 186,937
Total loans 1,941,078 1,891,019 1,906,603 1,592,725 1,446,835
Allowance for loan losses (23,877 ) (23,245 ) (23,167 ) (21,035 ) (20,114 )
Total assets 3,150,457 2,987,006 3,024,348 2,445,172 2,072,585
Non-interest-bearing deposits 711,606 662,934 716,707 546,974 442,789
Interest-bearing deposits 2,039,595 1,905,067 1,900,835 1,548,592 1,320,920
Federal Home Loan Bank advances and other borrowings 29,455 39,423 39,418 39,464 10,000
Total liabilities 2,806,513 2,643,520 2,690,453 2,163,222 1,796,795
Shareholders' equity $ 343,944 $ 343,486 $ 333,895 $ 281,950 $ 275,790
Total shares of common stock outstanding 22,089,873 21,988,803 21,947,805 18,302,188 18,307,802
Book value per share of common stock $ 15.57 $ 15.62 $ 15.21 $ 15.41 $ 15.06
Tangible book value per share of common stock* 13.34 13.36 12.92 13.02 12.66
Market value per share of common stock $ 17.25 $ 14.75 $ 9.81 $ 12.00 $ 9.89
Capital ratios:
Total risk based capital 16.29 % 16.03 % 15.96 % 16.76 % 13.68 %
Tier 1 risk based capital 13.79 % 13.52 % 13.39 % 13.76 % 12.56 %
Common equity tier 1 capital 13.79 % 13.52 % 13.39 % 13.76 % 12.56 %
Leverage 9.78 % 9.60 % 9.23 % 10.08 % 11.23 %

_____________________
*This metric is a non-GAAP financial measure. See Non-GAAP disclaimer in this earnings release and below for discussion and reconciliation to the most directly comparable GAAP financial measure.
This information is preliminary and based on CapStar data available at the time of this earnings release.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)
First quarter 2021 Earnings Release

Five Quarter Comparison
3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020
Average Balance Sheet Data:
Cash and cash equivalents $ 341,092 $ 427,086 $ 526,409 $ 257,709 $ 114,272
Investment securities 496,035 407,622 323,689 238,762 226,537
Loans held for sale 155,677 165,441 156,123 176,193 180,401
Loans 1,938,532 1,891,202 1,906,449 1,560,626 1,421,256
Assets 3,078,745 3,028,225 3,043,847 2,350,021 2,059,306
Interest bearing deposits 1,986,621 1,909,692 1,957,259 1,519,877 1,411,666
Deposits 2,663,551 2,613,080 2,648,465 2,031,924 1,735,635
Federal Home Loan Bank advances and other borrowings 33,879 39,428 39,431 10,966 20,989
Liabilities 2,728,064 2,687,516 2,722,341 2,068,408 1,780,756
Shareholders' equity 350,681 340,709 321,506 281,614 278,550
Performance Ratios:
Annualized return on average assets 1.45 % 1.27 % 0.98 % 1.06 % 0.26 %
Annualized return on average equity 12.76 % 11.30 % 9.26 % 8.83 % 1.94 %
Net interest margin (1) 3.13 % 3.12 % 2.72 % 3.23 % 3.50 %
Annualized noninterest income to average assets 1.32 % 1.54 % 1.93 % 1.85 % 1.15 %
Efficiency ratio 54.08 % 63.02 % 65.99 % 66.44 % 63.06 %
Loans by Type (at period end):
Commercial and industrial $ 619,287 $ 630,775 $ 648,018 $ 621,541 $ 447,311
Commercial real estate - owner occupied 197,758 162,603 164,336 147,682 166,652
Commercial real estate - non-owner occupied 505,252 481,229 480,106 408,402 378,170
Construction and development 170,965 174,859 176,751 117,830 141,087
Consumer real estate 336,496 343,791 350,238 238,696 248,243
Consumer 45,481 44,279 42,104 27,542 27,739
Other 65,839 53,483 45,050 31,032 37,633
Asset Quality Data:
Allowance for loan losses to total loans 1.23 % 1.23 % 1.22 % 1.32 % 1.39 %
Allowance for loan losses to non-performing loans 446 % 483 % 787 % 705 % 550 %
Nonaccrual loans $ 5,355 $ 4,817 $ 2,945 $ 2,982 $ 3,658
Troubled debt restructurings 1,914 1,928 1,886 1,228 1,306
Loans - over 89 days past due and accruing 2,720 4,367 541 639 399
Total non-performing loans 5,355 4,817 2,945 2,982 3,658
OREO and repossessed assets 523 523 171 147 147
Total non-performing assets 5,878 5,340 3,116 3,129 3,805
Non-performing loans to total loans 0.28 % 0.25 % 0.15 % 0.19 % 0.25 %
Non-performing assets to total assets 0.19 % 0.18 % 0.10 % 0.13 % 0.18 %
Non-performing assets to total loans and OREO 0.30 % 0.28 % 0.16 % 0.20 % 0.26 %
Annualized net charge-offs (recoveries) to average loans 0.00 % 0.02 % 0.00 % 0.18 % 0.01 %
Net charge-offs (recoveries) $ 18 $ 106 $ (13 ) $ 703 $ 43
Interest Rates and Yields:
Loans 4.34 % 4.48 % 4.47 % 4.50 % 5.10 %
Securities (1) 1.80 % 1.98 % 2.18 % 2.73 % 3.04 %
Total interest-earning assets (1) 3.42 % 3.45 % 3.41 % 3.78 % 4.56 %
Deposits 0.26 % 0.30 % 0.67 % 0.59 % 1.14 %
Borrowings and repurchase agreements 4.85 % 4.09 % 5.14 % 3.16 % 2.77 %
Total interest-bearing liabilities 0.42 % 0.49 % 0.99 % 0.81 % 1.43 %
Other Information:
Full-time equivalent employees 379 380 403 286 288

_____________________

This information is preliminary and based on CapStar data available at the time of this earnings release.

(1) Net Interest Margin, Securities yields, and Total interest-earning asset yields are calculated on a tax-equivalent basis.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)
First quarter 2021 Earnings Release

For the Three Months Ended March 31,
2021 2020
Average
Outstanding
Balance 		Interest
Income/
Expense 		Average
Yield/
Rate 		Average
Outstanding
Balance 		Interest
Income/
Expense 		Average
Yield/
Rate
Interest-Earning Assets
Loans (1) $ 1,938,532 $ 20,723 4.34 % $ 1,421,256 $ 18,019 5.10 %
Loans held for sale 155,677 1,291 3.36 % 180,401 1,719 3.83 %
Securities:
Taxable investment securities (2) 431,406 1,757 1.63 % 181,649 1,316 2.90 %
Investment securities exempt from federal income tax (3) 64,629 373 2.92 % 44,888 321 3.62 %
Total securities 496,035 2,130 1.80 % 226,537 1,637 3.04 %
Cash balances in other banks 298,722 134 0.18 % 96,004 363 1.52 %
Funds sold 153 - 1.27 % 71 - 2.80 %
Total interest-earning assets 2,889,119 24,278 3.42 % 1,924,269 21,738 4.56 %
Noninterest-earning assets 189,626 135,037
Total assets $ 3,078,745 $ 2,059,306
Interest-Bearing Liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts $ 944,651 446 0.19 % $ 613,855 1,901 1.25 %
Savings and money market deposits 583,590 313 0.22 % 500,117 1,551 1.25 %
Time deposits 458,380 931 0.82 % 297,694 1,481 2.00 %
Total interest-bearing deposits 1,986,621 1,690 0.35 % 1,411,666 4,933 1.41 %
Borrowings and repurchase agreements 33,879 406 4.85 % 20,989 144 2.77 %
Total interest-bearing liabilities 2,020,500 2,096 0.42 % 1,432,655 5,077 1.43 %
Noninterest-bearing deposits 676,929 323,969
Total funding sources 2,697,429 1,756,624
Noninterest-bearing liabilities 30,635 24,132
Shareholders' equity 350,681 278,550
Total liabilities and shareholders' equity $ 3,078,745 $ 2,059,306
Net interest spread (4) 3.00 % 3.14 %
Net interest income/margin (5) $ 22,182 3.13 % $ 16,661 3.50 %

_____________________

(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) Yields on tax exempt securities, total securities, and total interest-earning assets are shown 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 annualized net interest income calculated on a tax equivalent basis divided by total average interest-earning assets for the period.

This information is preliminary and based on CapStar data available at the time of this earnings release.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)
First quarter 2021 Earnings Release

Five Quarter Comparison
3/31/2021 12/31/20 9/30/20 6/30/20 3/31/20
Operating net income:
Net income $ 11,030 $ 9,681 $ 7,487 $ 6,181 $ 1,346
Add: acquisition related expenses 67 2,105 2,548 448 290
Less: income tax impact of acquisition related expenses (18 ) (550 ) (666 ) (117 ) (76 )
Operating net income $ 11,079 $ 11,236 $ 9,369 $ 6,512 $ 1,560
Operating diluted net income per share of common stock:
Operating net income $ 11,079 $ 11,236 $ 9,369 $ 6,512 $ 1,560
Weighted average shares - diluted 22,076,600 21,978,925 21,960,490 18,320,006 18,443,725
Operating diluted net income per share of common stock $ 0.50 $ 0.51 $ 0.43 $ 0.36 $ 0.08
Operating annualized return on average assets:
Operating net income $ 11,079 $ 11,236 $ 9,369 $ 6,512 $ 1,560
Average assets 3,078,745 3,028,225 3,043,847 2,350,021 2,059,306
Operating annualized return on average assets 1.46 % 1.48 % 1.22 % 1.11 % 0.30 %
Operating annualized return on average tangible equity:
Average total shareholders' equity $ 350,681 $ 340,709 $ 321,506 $ 281,614 $ 278,550
Less: average intangible assets (49,514 ) (50,038 ) (50,577 ) (43,871 ) (44,253 )
Average tangible equity 301,167 290,671 270,929 237,743 234,297
Operating net income $ 11,079 $ 11,236 $ 9,369 $ 6,512 $ 1,560
Operating annualized return on average tangible equity 14.92 % 15.38 % 13.76 % 11.02 % 2.68 %
Operating efficiency ratio:
Total noninterest expense $ 17,413 $ 21,478 $ 22,739 $ 18,934 $ 14,211
Less: acquisition related expenses (67 ) (2,105 ) (2,548 ) (448 ) (290 )
Total operating noninterest expense 17,346 19,373 20,191 18,486 13,921
Net interest income 22,182 22,331 19,656 17,675 16,661
Total noninterest income 10,014 11,748 14,804 10,823 5,874
Total revenues $ 32,196 $ 34,079 $ 34,460 $ 28,498 $ 22,535
Operating efficiency ratio: 53.88 % 56.85 % 58.59 % 64.87 % 61.78 %
Operating annualized pre-tax pre-provision income to average assets:
Income before income taxes $ 14,133 $ 12,417 $ 9,602 $ 7,940 $ 771
Add: acquisition related expenses 67 2,105 2,548 448 290
Add: provision for loan losses 650 184 2,119 1,624 7,553
Operating pre-tax pre-provision income 14,850 14,706 14,269 10,012 8,614
Average assets $ 3,078,745 $ 3,028,225 $ 3,043,847 $ 2,350,021 $ 2,059,306
Operating annualized pre-tax pre-provision income to average assets: 1.96 % 1.93 % 1.86 % 1.71 % 1.68 %
3/31/2021 12/31/20 9/30/20 6/30/20 3/31/20
Tangible Equity:
Total shareholders' equity $ 343,944 $ 343,486 $ 333,895 $ 281,950 $ 275,790
Less: intangible assets (49,190 ) (49,698 ) (50,222 ) (43,633 ) (44,008 )
Tangible equity $ 294,754 $ 293,788 $ 283,673 $ 238,317 $ 231,782
Tangible Book Value per Share of Common Stock:
Tangible common equity $ 294,754 $ 293,788 $ 283,673 $ 238,317 $ 231,782
Total shares of common stock outstanding 22,089,873 21,988,803 21,947,805 18,302,188 18,307,802
Tangible book value per share of common stock $ 13.34 $ 13.36 $ 12.92 $ 13.02 $ 12.66


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)
First quarter 2021 Earnings Release

Five Quarter Comparison
3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020
Allowance for loan losses $ 23,877 $ 23,245 $ 23,167 $ 21,035 $ 20,114
Purchase accounting marks 3,615 3,663 4,013 2,790 3,178
Allowance for loan losses and purchase accounting fair value marks 27,492 26,908 27,180 23,825 23,292
Loans 1,941,078 1,891,019 1,906,603 1,592,725 1,446,835
Less: PPP Loans net of deferred fees 210,810 181,601 216,799 213,064 -
Non-PPP Loans 1,730,268 1,709,418 1,689,804 1,379,661 1,446,835
Allowance for loan losses plus fair value marks / Non-PPP Loans 1.59 % 1.57 % 1.61 % 1.73 % 1.61 %


CONTACT

Denis J. Duncan
Chief Financial Officer
(615) 732-7492


Source: CapStar Financial Holdings, Inc.