CryptoStar Corp. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights
  • EPS: $0.30, including a $0.07/share write-off due to Signature Bank subordinated debt and $0.01/share loss from Mortgage and Tri-Net divisions.
  • Return on Equity (ROE): 7.41%.
  • Net Interest Income: Decreased due to 20bps compression in net interest margin (NIM), mainly from rising deposit costs.
  • Net Interest Margin: Declined to 3.10% in March (vs. approx. 3.30% in Q4 2022).
  • Non-Interest Income: Flat QoQ, but with $750k in deferred SBA fee revenue expected in Q2/Q3.
  • Total Return to Shareholders: Nearly $10 million returned via dividends and share repurchases. Dividend was increased 10%, marking a 120% increase since early 2021.
Balance Sheet & Capital
  • Total Liquidity: $1.6 billion, exceeding uninsured and uncollateralized deposits ($1.3 billion).
  • Securities Portfolio: Remains modest at 12% of assets.
  • Brokered CDs: Approx. $370 million utilized to manage deposit pricing pressure.
  • No usage of Fed’s Bank Term Funding Program: under consideration for potential economic benefits.

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Operator: Good morning, everyone. And welcome to CapStar Financial Holdings First Quarter 2023 Earnings Conference Call. Hosting the call today from CapStar are Tim Schools, President and Chief Executive Officer; Mike Fowler, Chief Financial Officer; and Kevin Lambert, Credit -- Chief Credit Officer. Please note that today’s call is being recorded. Replay of the call and the earnings release and presentation materials will be available on the Investor Relations page of the company’s website at capstarbank.com. During the presentation, we will may make comments, which constitute forward-looking statements within the meaning of the federal security laws. All forward-looking statements are subject to risks and uncertainties and other factors that may cause the actual results and performance and achievements of CapStar to differ materially from those expressed or implied by such forward-looking statements. Listeners are cautioned not to place undue reliance on forward-looking statements. A more detailed description of these and other risks, uncertainties and factors are contained in CapStar’s public filing with the Securities and Exchange Commission, except as otherwise required by applicable law. CapStar disclaims any obligation to update or revise any forward-looking statements made during this presentation. We would like to also offer you -- we also refer you to the page two of the presentation slides for disclaimers regarding forward-looking statements, non-GAAP financial mea

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