Atlantic Capital Bancshares, Inc. ACBI announced results of the quarter ended March 31, 2017.
First Quarter Highlights
- Reported net income of $3.2 million, or $0.13 per diluted share, compared to $1.6 million, or $0.06 per diluted share, in the fourth quarter of 2016.
- Increased taxable equivalent net interest margin to 3.20% compared to 3.11% in the fourth quarter of 2016.
- Increased SBA income to $1.2 million from $600,000 in the fourth quarter of 2016.
- Reduced noninterest expense to $17.7 million from $18.8 million in the fourth quarter of 2016.
- Reported nonperforming assets to total assets of 0.21% as of March 31, 2017.
- Increased average noninterest bearing deposits $29 million, or 18.7% annualized, to $620 million. Average noninterest bearing deposits equaled 29.4% of total deposits.
"Atlantic Capital reported improved results for the first quarter of 2017, with strong growth in demand deposits and an expanded net interest margin, despite weaker than expected loan growth. We've strengthened our banking teams to provide the capacity for resumed loan growth consistent with our plan," explained Douglas Williams, Chief Executive Officer.
Results of Operations
For the first quarter of 2017, Atlantic Capital recorded net income of $3.2 million, or $0.13 per diluted share, compared to net income of $1.6 million, or $0.06 per diluted share, in the fourth quarter of 2016. Operating net income totaled $3.2 million, or $0.13 per diluted share, for the first quarter of 2017, compared to $1.7 million, or $0.07 per diluted share, in the fourth quarter of 2016. Operating net income excludes merger related expenses, divestiture expenses, and net gain on sale of branches.
Taxable equivalent net interest income was unchanged at $19.5 million in the first quarter of 2017 compared to the fourth quarter of 2016. The first quarter net interest income was impacted by two fewer days compared to the fourth quarter. Net accretion income on acquired loans totaled $702,000 and premium amortization on acquired time deposits totaled $119,000 in the first quarter of 2017 compared to $571,000 and $142,000 respectively, in the fourth quarter of 2016.
Taxable equivalent net interest margin was 3.20% in the first quarter of 2017 compared to 3.11% in the fourth quarter of 2016. The margin benefited from the increase in the Fed Funds rate in December 2016. Loan yields increased 18 basis points to 4.16%, while cost of deposits increased 2 basis points to 0.39%. This increase was offset by a change in asset mix, as mortgage warehouse loans decreased and the investment portfolio increased. The accretion of the acquired loan discount and amortization of time deposit premium contributed 13 basis points to the net interest margin in the first quarter of 2017 compared to 12 basis points in the fourth quarter of 2016.
The provision for loan losses was $600,000 in the first quarter of 2017 compared to $2.2 million in the fourth quarter of 2016.
Noninterest income totaled $3.9 million in the first quarter of 2017, a decrease of $573,000 compared to the fourth quarter of 2016. The SBA division contributed $1.2 million in income in the first quarter of 2017, an increase of $628,000 compared to $599,000 in the fourth quarter of 2016. This increase was offset by decreases in derivative income, mortgage income and the elimination of gains from the sale of TriNet loans.
Noninterest expense totaled $17.7 million in the first quarter of 2017, a decrease of $1 million compared to $18.8 million in the fourth quarter of 2016. Operating noninterest expense, which excludes merger related expenses, decreased by $827,000 to $17.7 million. Salaries and benefits decreased $204,000 due to a lower incentive accrual offset by seasonally higher payroll taxes. The fourth quarter of 2016 included an expense of $600,000 from an impairment on other real estate owned of two closed bank branches.
On December 9, 2016, Atlantic Capital announced the sale of the branch located in Cleveland, Tennessee. This transaction includes the sale of approximately $29 million in deposits, $28 million in loans and $3 million in other assets. Subject to customary closing conditions, including the receipt of all necessary regulatory approvals, the transaction is expected to close during the second quarter of 2017.
Total loans were $1.93 billion at March 31, 2017, a decrease of $86 million from December 31, 2016. Loans held for investment were $1.90 billion at March 31, 2017, a decrease of $80 million from December 31, 2016. Mortgage warehouse loans decreased $89 million in the first quarter to $58 million at March 31, 2017, primarily as a result of lower mortgage activity due to higher interest rates. Excluding the decrease in mortgage warehouse loans, loans held for investment increased $10 million in the first quarter of 2017.
Available for sale securities increased $109 million in the first quarter of 2017, as Atlantic Capital responded to the decrease in mortgage warehouse loans.
At March 31, 2017, the allowance for loan losses was $19.9 million, or 1.05% of loans held for investment, compared to $20.6 million, or 1.04% of loans held for investment as of December 31, 2016. Annualized net charge-offs to average loans in the first quarter of 2017 totaled 0.26% compared to 0.03% in the fourth quarter of 2016. Nonperforming assets totaled $5.9 million, or 0.21% of total assets, as of March 31, 2017, compared to $3.5 million, or 0.13% of total assets, as of December 31, 2016.
Total average deposits for the first quarter of 2017 were $2.11 billion, an increase of $17 million from the fourth quarter of 2016. Average noninterest bearing deposits increased $29 million to $620 million in the first quarter of 2017 and accounted for 29.4% of average total deposits. Average deposits associated with our payments business were $274 million in the first quarter of 2017, an increase of $63 million from the fourth quarter of 2016.
Earnings Conference Call
The Company will host a conference call at 10:00 a.m. ET on Friday, April 28, 2017, to discuss the financial results for the quarter ended March 31, 2017. Individuals wishing to participate in the conference call may do so by dialing 844.868.8848 from the United States and entering Conference ID 89772886. The call will also be available live via webcast on the Investor Relations page of the Company's website, www.atlanticcapitalbank.com.
Non-GAAP Financial Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. Atlantic Capital management uses non-GAAP financial measures, including: (i) operating net income; (ii) operating non-interest expense; (iii) operating non-interest income; (iv) taxable equivalent interest income; (v) taxable equivalent net interest margin; (vi) efficiency ratio; (vii) operating return on average assets; (viii) operating return on average equity; (ix) tangible common equity (x) deposits excluding deposits to be assumed in branch sales; and (xi) loans held for investment excluding mortgage warehouse loans, in its analysis of the Company's performance. Operating net income excludes the following from net income available to common shareholders: merger and conversion costs, net gains on branch sales, and the income tax effect of adjustments. Operating non-interest expense excludes merger and conversion costs from non-interest expense as well as costs related to the sale of branches. The efficiency ratio excludes merger and conversion costs. Tangible common equity excludes goodwill and other intangible assets from shareholders' equity.
Management believes that non-GAAP financial measures provide a greater understanding of ongoing performance and operations, and enhance comparability with prior periods. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as determined in accordance with GAAP, and investors should consider Atlantic Capital's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Non-GAAP financial measures may not be comparable to non-GAAP financial measures presented by other companies.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "project," "expect," "intend," "plan," or words or phases of similar meaning. Forward-looking statements may include, among other things, statements about Atlantic Capital's confidence in its strategies and its expectations about financial performance, market growth, market and regulatory trends and developments, acquisitions and divestitures, new technologies, services and opportunities and earnings. The forward-looking statements are based largely on Atlantic Capital's expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond Atlantic Capital's control. Atlantic Capital undertakes no obligation to publicly update any forward-looking statement to reflect developments occurring after the statement is made, except as otherwise required by law. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements as a result of, among other factors, the risks and uncertainties described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Atlantic Capital's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Please refer to the SEC's website at www.sec.gov where you can review those documents.
About Atlantic Capital Bancshares
Atlantic Capital Bancshares, Inc. is a $2.8 billion publicly traded bank holding company headquartered in Atlanta, Georgia. Atlantic Capital offers banking, treasury management, capital markets, trust, and mortgage services to privately held companies and individuals in Atlanta, eastern Tennessee, northwest Georgia and Charlotte, North Carolina. Atlantic Capital also provides specialized financial services to select clients nationally.
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||
Selected Financial Information | |||||||||||||||||||||||||
2017 | 2016 |
First |
|||||||||||||||||||||||
(in thousands, except share and per share data; taxable equivalent) |
First |
Fourth |
Third |
Second |
First |
||||||||||||||||||||
INCOME SUMMARY | |||||||||||||||||||||||||
Interest income (1) | $ | 22,716 | $ | 22,530 | $ | 22,428 | $ | 22,190 | $ | 21,553 | 5 |
% |
|
||||||||||||
Interest expense | 3,208 | 3,029 | 2,941 | 2,907 | 2,632 | 22 | |||||||||||||||||||
Net interest income | 19,508 | 19,501 | 19,487 | 19,283 | 18,921 | 3 | |||||||||||||||||||
Provision for loan losses | 634 | 2,208 | 463 | 777 | 368 | 72 | |||||||||||||||||||
Net interest income after provision for loan losses | 18,874 | 17,293 | 19,024 | 18,506 | 18,553 | 2 | |||||||||||||||||||
Operating noninterest income | 3,857 | 4,430 | 4,002 | 4,995 | 4,420 | (13 | ) | ||||||||||||||||||
Operating noninterest expense (2) | 17,744 | 18,571 | 16,717 | 17,428 | 17,517 | 1 | |||||||||||||||||||
Operating income before income taxes | 4,987 | 3,152 | 6,309 | 6,073 | 5,456 | (9 | ) | ||||||||||||||||||
Operating income tax expense | 1,757 | 1,417 | 2,245 | 2,381 | 2,065 | (15 | ) | ||||||||||||||||||
Operating net income (2) | 3,230 | 1,735 | 4,064 | 3,692 | 3,391 | (5 | ) | ||||||||||||||||||
Merger related expenses, net of income tax | — | 126 | 356 | 743 | 460 | (100 | ) | ||||||||||||||||||
Net gain on sale of branches, net of income tax | — | — | — | 2,198 | — | — | |||||||||||||||||||
Net income - GAAP | $ | 3,230 | $ | 1,609 | $ | 3,708 | $ | 5,147 | $ | 2,931 | 10 |
% |
|
||||||||||||
PER SHARE DATA | |||||||||||||||||||||||||
Diluted earnings per share - GAAP | $ | 0.13 | $ | 0.06 | $ | 0.15 | $ | 0.20 | $ | 0.12 | |||||||||||||||
Diluted earnings per share - operating (2) | 0.13 | 0.07 | 0.16 | 0.15 | 0.14 | ||||||||||||||||||||
Book value per share | 12.18 | 12.10 | 12.36 | 12.29 | 11.99 | ||||||||||||||||||||
Tangible book value per share (3) | 11.04 | 10.92 | 11.16 | 11.01 | 10.61 | ||||||||||||||||||||
PERFORMANCE MEASURES | |||||||||||||||||||||||||
Return on average equity - GAAP | 4.19 | % | 2.09 | % | 4.84 | % | 6.88 | % | 4.02 | % | |||||||||||||||
Return on average equity - operating (2) | 4.19 | 2.25 | 5.30 | 4.94 | 4.65 | ||||||||||||||||||||
Return on average assets - GAAP | 0.48 | 0.24 | 0.55 | 0.76 | 0.45 | ||||||||||||||||||||
Return on average assets - operating (2) | 0.48 | 0.25 | 0.60 | 0.54 | 0.52 | ||||||||||||||||||||
Taxable equivalent net interest margin | 3.20 | 3.11 | 3.12 | 3.12 | 3.26 | ||||||||||||||||||||
Efficiency ratio | 76.78 | 78.33 | 71.57 | 72.00 | 75.22 | ||||||||||||||||||||
CAPITAL | |||||||||||||||||||||||||
Average equity to average assets | 11.44 | % | 11.33 | % | 11.28 | % | 11.01 | % | 11.13 | % | |||||||||||||||
Tangible common equity to tangible assets | 10.16 | 10.16 | 10.19 | 9.81 | 9.69 | ||||||||||||||||||||
Tier 1 capital ratio | 10.5 | ((5 | )) | 10.3 | 9.7 | 9.9 | 9.5 | ||||||||||||||||||
Total risk based capital ratio | 13.5 | ((5 | )) | 13.3 | 12.5 | 12.8 | 12.4 | ||||||||||||||||||
Number of common shares outstanding - basic | 25,535,013 | 25,093,135 | 24,950,099 | 24,750,163 | 24,569,823 | ||||||||||||||||||||
Number of common shares outstanding - diluted | 25,836,809 | 25,673,841 | 25,342,883 | 25,267,803 | 25,077,520 | ||||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||||
Allowance for loan losses to loans held for investment | 1.05 | % | 1.04 | % | 0.92 | % | 0.95 | % | 0.93 | % | |||||||||||||||
Net charge-offs to average loans (4) | 0.26 | 0.03 | 0.06 | — | 0.35 | ||||||||||||||||||||
NPAs to total assets | 0.21 | 0.13 | 0.09 | 0.07 | 0.08 | ||||||||||||||||||||
(1)Interest income has been increased to reflect comparable interest on taxable securities. The rate used was 35%, reflecting the statutory federal income tax rate. (2)Excludes merger related expenses. (3)Excludes effect of servicing asset and acquisition related intangibles. (4)Annualized. (5)Amounts are estimates as of 3/31/17. | |||||||||||||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||
Consolidated Balance Sheets (unaudited) | ||||||||||||
March 31, |
December 31, | March 31, | ||||||||||
(in thousands, except share data) | 2017 | 2016 | 2016 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 34,626 | $ | 36,790 | $ | 36,585 | ||||||
Interest-bearing deposits in banks | 158,920 | 118,039 | 91,608 | |||||||||
Other short-term investments | 20,870 | 10,896 | 32,861 | |||||||||
Cash and cash equivalents | 214,416 | 165,725 | 161,054 | |||||||||
Investment securities available-for-sale | 456,942 | 347,705 | 366,641 | |||||||||
Other investments | 28,331 | 23,806 | 11,899 | |||||||||
Loans held for sale | 29,241 | 35,219 | 95,291 | |||||||||
Loans held for investment | 1,901,724 | 1,981,330 | 1,886,763 | |||||||||
Less: allowance for loan losses | (19,939 | ) | (20,595 | ) | (17,608 | ) | ||||||
Loans held for investment, net | 1,881,785 | 1,960,735 | 1,869,155 | |||||||||
Branch premises held for sale | 2,897 | 2,995 | 7,200 | |||||||||
Premises and equipment, net | 12,308 | 11,958 | 22,780 | |||||||||
Bank owned life insurance | 62,516 | 62,160 | 60,981 | |||||||||
Goodwill and intangible assets, net | 29,186 | 29,567 | 33,914 | |||||||||
Other real estate owned | 1,869 | 1,872 | 1,760 | |||||||||
Other assets | 82,587 | 85,801 | 96,213 | |||||||||
Total assets | $ | 2,802,078 | $ | 2,727,543 | $ | 2,726,888 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 606,386 | $ | 643,471 | $ | 560,363 | ||||||
Interest-bearing checking | 259,760 | 264,062 | 215,176 | |||||||||
Savings | 30,756 | 27,932 | 29,788 | |||||||||
Money market | 916,390 | 912,493 | 862,120 | |||||||||
Time | 150,867 | 157,810 | 187,750 | |||||||||
Brokered deposits | 209,385 | 200,223 | 229,408 | |||||||||
Deposits to be assumed in branch sale | 29,495 | 31,589 | 197,857 | |||||||||
Total deposits | 2,203,039 | 2,237,580 | 2,282,462 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | 11,824 | |||||||||
Federal Home Loan Bank borrowings | 217,000 | 110,000 | 60,000 | |||||||||
Long-term debt | 49,408 | 49,366 | 49,239 | |||||||||
Other liabilities | 21,664 | 26,939 | 27,348 | |||||||||
Total liabilities | 2,491,111 | 2,423,885 | 2,430,873 | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2017, December 31, 2016, and March 31, 2016 | — | — | — | |||||||||
Common stock, no par value; 100,000,000 shares authorized; 25,535,013, 25,093,135, and 24,569,823 shares issued and outstanding as of March 31, 2017, December 31, 2016, and March 31, 2016, respectively | 296,608 | 292,747 | 288,271 | |||||||||
Retained earnings | 19,766 | 16,536 | 6,072 | |||||||||
Accumulated other comprehensive income (loss) | (5,407 | ) | (5,625 | ) | 1,672 | |||||||
Total shareholders' equity | 310,967 | 303,658 | 296,015 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,802,078 | $ | 2,727,543 | $ | 2,726,888 | ||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||
Consolidated Statements of Income (unaudited) | |||||||||||||||||||
(in thousands, except share and per share data) | Three months ended | ||||||||||||||||||
March 31, |
December |
September |
June 30, |
March 31, |
|||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans, including fees | $ | 19,994 | $ | 20,363 | $ | 20,511 | $ | 20,282 | $ | 19,625 | |||||||||
Investment securities available-for-sale | 2,018 | 1,477 | 1,293 | 1,327 | 1,601 | ||||||||||||||
Interest and dividends on other interest-earning assets | 449 | 467 | 491 | 507 | 273 | ||||||||||||||
Total interest income | 22,461 | 22,307 | 22,295 | 22,116 | 21,499 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Interest on deposits | 2,047 | 1,929 | 1,956 | 1,841 | 1,673 | ||||||||||||||
Interest on Federal Home Loan Bank advances | 302 | 234 | 133 | 147 | 44 | ||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 36 | 38 | 37 | 87 | 67 | ||||||||||||||
Interest on long-term debt | 823 | 828 | 815 | 832 | 810 | ||||||||||||||
Other | — | — | — | — | 38 | ||||||||||||||
Total interest expense | 3,208 | 3,029 | 2,941 | 2,907 | 2,632 | ||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 19,253 | 19,278 | 19,354 | 19,209 | 18,867 | ||||||||||||||
Provision for loan losses | 634 | 2,208 | 463 | 777 | 368 | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 18,619 | 17,070 | 18,891 | 18,432 | 18,499 | ||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||
Service charges | 1,349 | 1,327 | 1,270 | 1,392 | 1,498 | ||||||||||||||
Gains on sale of securities available-for-sale | — | — | — | 11 | 33 | ||||||||||||||
Gains on sale of other assets | 78 | 238 | 71 | 31 | 48 | ||||||||||||||
Mortgage income | 257 | 499 | 632 | 447 | 339 | ||||||||||||||
Trust income | 407 | 350 | 361 | 386 | 314 | ||||||||||||||
Derivatives income | (51 | ) | 346 | 69 | 98 | 65 | |||||||||||||
Bank owned life insurance | 378 | 395 | 424 | 398 | 393 | ||||||||||||||
SBA lending activities | 1,227 | 599 | 959 | 1,204 | 880 | ||||||||||||||
TriNet lending activities | 20 | 357 | — | 761 | 383 | ||||||||||||||
Gains on sale of branches | — | — | — | 3,885 | — | ||||||||||||||
Other noninterest income | 192 | 319 | 216 | 267 | 467 | ||||||||||||||
Total noninterest income | 3,857 | 4,430 | 4,002 | 8,880 | 4,420 | ||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||
Salaries and employee benefits | 11,065 | 11,269 | 10,059 | 10,420 | 10,555 | ||||||||||||||
Occupancy | 1,230 | 995 | 1,235 | 1,274 | 1,100 | ||||||||||||||
Equipment and software | 805 | 694 | 862 | 724 | 686 | ||||||||||||||
Professional services | 904 | 968 | 442 | 760 | 748 | ||||||||||||||
Postage, printing and supplies | 85 | 73 | 61 | 159 | 169 | ||||||||||||||
Communications and data processing | 987 | 1,064 | 617 | 694 | 916 | ||||||||||||||
Marketing and business development | 270 | 247 | 269 | 317 | 267 | ||||||||||||||
FDIC premiums | 314 | 262 | 415 | 493 | 398 | ||||||||||||||
Merger and conversion costs | — | 204 | 579 | 1,210 | 749 | ||||||||||||||
Amortization of intangibles | 470 | 495 | 520 | 668 | 762 | ||||||||||||||
Foreclosed property/problem asset expense | 3 | 666 | 39 | 55 | 104 | ||||||||||||||
Other noninterest expense | 1,611 | 1,838 | 2,198 | 2,169 | 1,812 | ||||||||||||||
Total noninterest expense | 17,744 | 18,775 | 17,296 | 18,943 | 18,266 | ||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 4,732 | 2,725 | 5,597 | 8,369 | 4,653 | ||||||||||||||
Provision for income taxes | 1,502 | 1,116 | 1,889 | 3,222 | 1,722 | ||||||||||||||
NET INCOME | $ | 3,230 | $ | 1,609 | $ | 3,708 | $ | 5,147 | $ | 2,931 | |||||||||
Net income per common share - basic | $ | 0.13 | $ | 0.06 | $ | 0.15 | $ | 0.21 | $ | 0.12 | |||||||||
Net income per common share - diluted | $ | 0.13 | $ | 0.06 | $ | 0.15 | $ | 0.20 | $ | 0.12 | |||||||||
Weighted average shares - basic | 25,320,690 | 25,027,304 | 24,891,822 | 24,644,755 | 24,485,900 | ||||||||||||||
Weighted average shares - diluted | 25,672,286 | 25,407,728 | 25,260,280 | 25,158,694 | 24,993,597 | ||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||
(dollars in thousands; taxable equivalent) |
Average |
Interest |
Tax |
Average |
Interest |
Tax |
||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Interest bearing deposits in other banks | $ | 72,494 | $ | 165 | 0.92 | % | $ | 70,304 | $ | 102 | 0.58 | % | ||||||||||||||
Other short-term investments | 11,052 | 47 | 1.72 | 20,198 | 74 | 1.46 | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Taxable investment securities | 339,614 | 1,523 | 1.82 | 269,928 | 1,041 | 1.53 | ||||||||||||||||||||
Non-taxable investment securities(1) | 79,721 | 750 | 3.82 | 79,834 | 659 | 3.28 | ||||||||||||||||||||
Total investment securities | 419,335 | 2,273 | 2.20 | 349,762 | 1,700 | 1.93 | ||||||||||||||||||||
Total loans | 1,949,385 | 19,994 | 4.16 | 2,036,995 | 20,363 | 3.98 | ||||||||||||||||||||
FHLB and FRB stock | 19,608 | 237 | 4.90 | 20,954 | 291 | 5.52 | ||||||||||||||||||||
Total interest-earning assets | 2,471,874 | 22,716 | 3.73 | 2,498,213 | 22,530 | 3.59 | ||||||||||||||||||||
Non-earning assets | 222,841 | 224,231 | ||||||||||||||||||||||||
Total assets | $ | 2,694,715 | $ | 2,722,444 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||||
NOW, money market, and savings | 1,137,088 | 1,315 | 0.47 | 1,136,209 | 1,243 | 0.44 | ||||||||||||||||||||
Time deposits | 163,021 | 272 | 0.68 | 169,677 | 282 | 0.66 | ||||||||||||||||||||
Brokered deposits | 191,558 | 460 | 0.97 | 197,833 | 404 | 0.81 | ||||||||||||||||||||
Total interest-bearing deposits | 1,491,667 | 2,047 | 0.56 | 1,503,719 | 1,929 | 0.51 | ||||||||||||||||||||
Total borrowings | 194,478 | 338 | 0.70 | 235,608 | 272 | 0.46 | ||||||||||||||||||||
Long-term debt | 49,381 | 823 | 6.76 | 49,338 | 828 | 6.68 | ||||||||||||||||||||
Total interest-bearing liabilities | 1,735,526 | 3,208 | 0.75 | 1,788,665 | 3,029 | 0.67 | ||||||||||||||||||||
Demand deposits | 620,325 | 591,166 | ||||||||||||||||||||||||
Other liabilities | 30,603 | 34,025 | ||||||||||||||||||||||||
Shareholders' equity | 308,261 | 308,588 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,694,715 | $ | 2,722,444 | ||||||||||||||||||||||
Net interest spread | 2.98 | % | 2.92 | % | ||||||||||||||||||||||
Net interest income and net interest margin(2) | $ | 19,508 | 3.20 | % | $ | 19,501 | 3.11 | % | ||||||||||||||||||
(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 35%, reflecting the statutory federal income tax rate. | ||||||||||||||||||||||||||
(2) Tax equivalent net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset. |
Three months ended | |||||||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||||||
(dollars in thousands; taxable equivalent) | Amount | Yield | Amount | Yield | |||||||||||||
Reported interest income on loans | $ | 19,994 | 4.16 | % | $ | 20,363 | 3.98 | % | |||||||||
Less: accretion of loan acquisition discounts | (702 | ) | (571 | ) | |||||||||||||
Core interest income on loans | $ | 19,292 | 4.01 | % | $ | 19,792 | 3.87 | % | |||||||||
Amount |
Net Interest |
Amount |
Net Interest |
||||||||||||||
Net interest income / net interest margin | $ | 19,508 | 3.2 | % | $ | 19,501 | 3.11 | % | |||||||||
Less: | |||||||||||||||||
Accretion of loan acquisition discounts | (702 | ) | (571 | ) | |||||||||||||
Accretion of time deposit premium | (119 | ) | (142 | ) | |||||||||||||
Net interest income / net interest margin excluding purchase accounting | $ | 18,687 | 3.07 | % | $ | 18,788 | 2.99 | % | |||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||
Period End Loans | |||||||||||||||||||||||||||||
(dollars in thousands) |
March 31, |
December |
September |
June 30, |
March 31, |
Linked |
Year Over |
||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans held for sale | $ | 1,297 | $ | 4,302 | $ | 46,600 | $ | 29,061 | $ | 61,003 | $ | (3,005 | ) | $ | (59,706 | ) | |||||||||||||
Branch loans held for sale | 27,944 | 30,917 | — | — | 34,288 | (2,973 | ) | (6,344 | ) | ||||||||||||||||||||
Total loans held for sale | $ | 29,241 | $ | 35,219 | $ | 46,600 | $ | 29,061 | $ | 95,291 | $ | (5,978 | ) | $ | (66,050 | ) | |||||||||||||
Loans held for investment | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 544,911 | $ | 531,061 | $ | 533,632 | $ | 508,516 | $ | 499,634 | $ | 13,850 | $ | 45,277 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Multifamily | 108,215 | 68,223 | 74,881 | 79,144 | 81,331 | 39,992 | 26,884 | ||||||||||||||||||||||
Owner occupied | 348,888 | 352,523 | 337,277 | 351,419 | 333,172 | (3,635 | ) | 15,716 | |||||||||||||||||||||
Investment | 478,485 | 438,032 | 451,125 | 431,633 | 429,094 | 40,453 | 49,391 | ||||||||||||||||||||||
Construction and land: | |||||||||||||||||||||||||||||
1-4 family residential construction | 11,799 | 10,335 | 11,273 | 9,611 | 8,540 | 1,464 | 3,259 | ||||||||||||||||||||||
Other construction, development, and land | 123,838 | 209,017 | 202,063 | 199,536 | 174,899 | (85,179 | ) | (51,061 | ) | ||||||||||||||||||||
Mortgage warehouse loans | 58,357 | 147,519 | 171,251 | 126,108 | 123,875 | (89,162 | ) | (65,518 | ) | ||||||||||||||||||||
Total commercial loans | 1,674,493 | 1,756,710 | 1,781,502 | 1,705,967 | 1,650,545 | (82,217 | ) | 23,948 | |||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Residential mortgages | 99,665 | 101,921 | 100,046 | 103,313 | 106,433 | (2,256 | ) | (6,768 | ) | ||||||||||||||||||||
Home equity | 81,438 | 77,358 | 78,952 | 80,321 | 83,094 | 4,080 | (1,656 | ) | |||||||||||||||||||||
Total residential loans | 181,103 | 179,279 | 178,998 | 183,634 | 189,527 | 1,824 | (8,424 | ) | |||||||||||||||||||||
Consumer | 32,525 | 27,338 | 30,453 | 29,788 | 30,905 | 5,187 | 1,620 | ||||||||||||||||||||||
Other | 17,611 | 21,565 | 20,736 | 28,168 | 20,925 | (3,954 | ) | (3,314 | ) | ||||||||||||||||||||
1,905,732 | 1,984,892 | 2,011,689 | 1,947,557 | 1,891,902 | (79,160 | ) | 13,830 | ||||||||||||||||||||||
Less net deferred fees and other unearned income | (4,008 | ) | (3,562 | ) | (3,587 | ) | (5,420 | ) | (5,139 | ) | (446 | ) | 1,131 | ||||||||||||||||
Total loans held for investment | $ | 1,901,724 | $ | 1,981,330 | $ | 2,008,102 | $ | 1,942,137 | $ | 1,886,763 | $ | (79,606 | ) | $ | 14,961 | ||||||||||||||
Total loans | $ | 1,930,965 | $ | 2,016,549 | $ | 2,054,702 | $ | 1,971,198 | $ | 1,982,054 | $ | (85,584 | ) | $ | (51,089 | ) | |||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||
Allowance for Loan Losses Activity and Credit Quality | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(dollars in thousands) |
First |
Fourth |
Third |
Second |
First |
|||||||||||||||
Balance at beginning of period | $ | 20,595 | $ | 18,534 | $ | 18,377 | $ | 17,608 | $ | 18,905 | ||||||||||
Provision for loan losses | 565 | 2,134 | 463 | 777 | 368 | |||||||||||||||
Provision for PCI loan losses | 69 | 74 | — | — | — | |||||||||||||||
Loans charged-off: | ||||||||||||||||||||
Commercial and industrial | (781 | ) | — | (61 | ) | (5 | ) | (1,465 | ) | |||||||||||
Commercial real estate | (132 | ) | 24 | (226 | ) | — | (140 | ) | ||||||||||||
Residential mortgages | (46 | ) | — | — | (2 | ) | — | |||||||||||||
Home equity | — | — | (9 | ) | (23 | ) | — | |||||||||||||
Consumer | (332 | ) | (158 | ) | (60 | ) | (38 | ) | (146 | ) | ||||||||||
Other | — | — | (5 | ) | — | — | ||||||||||||||
Total loans charged-off | (1,291 | ) | (134 | ) | (361 | ) | (68 | ) | (1,751 | ) | ||||||||||
Recoveries on loans previously charged-off: | ||||||||||||||||||||
Construction and land | — | — | 12 | — | 15 | |||||||||||||||
Commercial and industrial | — | — | 2 | — | 2 | |||||||||||||||
Commercial real estate | — | (15 | ) | 20 | — | — | ||||||||||||||
Residential mortgages | — | — | 5 | — | — | |||||||||||||||
Home equity | — | — | 2 | — | — | |||||||||||||||
Consumer | 1 | 2 | 12 | 60 | 69 | |||||||||||||||
Other | — | — | 2 | — | — | |||||||||||||||
Total recoveries | 1 | (13 | ) | 55 | 60 | 86 | ||||||||||||||
Net charge-offs | (1,290 | ) | (147 | ) | (306 | ) | (8 | ) | (1,665 | ) | ||||||||||
Balance at period end | $ | 19,939 | $ | 20,595 | $ | 18,534 | $ | 18,377 | $ | 17,608 | ||||||||||
Loans held for investment | ||||||||||||||||||||
PCI Loans | $ | 11,841 | $ | 15,253 | $ | 17,237 | $ | 19,733 | $ | 22,893 | ||||||||||
Non-PCI Loans | 1,889,883 | 1,966,077 | 1,990,865 | 1,922,404 | 1,863,870 | |||||||||||||||
$ | 1,901,724 | $ | 1,981,330 | $ | 2,008,102 | $ | 1,942,137 | $ | 1,886,763 | |||||||||||
Non-performing loans - PCI | $ | 1,684 | $ | 2,446 | $ | 2,348 | $ | 1,082 | $ | 911 | ||||||||||
Non-performing loans - Non-PCI | $ | 3,983 | $ | 1,615 | $ | 790 | $ | 922 | $ | 566 | ||||||||||
Foreclosed properties (OREO) | 1,869 | 1,872 | 1,727 | 951 | 1,760 | |||||||||||||||
Total nonperforming assets | $ | 5,852 | $ | 3,487 | $ | 2,517 | $ | 1,873 | $ | 2,326 | ||||||||||
Allowance for loan losses to loans held for investment | 1.05 | % | 1.04 | % | 0.92 | % | 0.95 | % | 0.93 | % | ||||||||||
Net charge-offs to average loans (1) | 0.26 | 0.03 | 0.06 | — | 0.35 | |||||||||||||||
Nonperforming loans as a percentage of total loans(2) | 0.21 | 0.08 | 0.04 | 0.05 | 0.02 | |||||||||||||||
Nonperforming assets as a percentage of total assets(2) | 0.21 | 0.13 | 0.09 | 0.07 | 0.08 | |||||||||||||||
(1)Annualized. (2)Excludes non-performing PCI loans. | ||||||||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Deposits | ||||||||||||||||||||||||||||
(dollars in thousands) |
March 31, |
December 31, |
September |
June 30, |
March 31, |
Linked |
Year Over |
|||||||||||||||||||||
DDA | $ | 606,386 | $ | 643,471 | $ | 557,783 | $ | 592,043 | $ | 560,363 | $ | (37,085 | ) | $ | 46,023 | |||||||||||||
NOW | 259,760 | 264,062 | 260,531 | 231,091 | 215,176 | (4,302 | ) | 44,584 | ||||||||||||||||||||
Savings | 30,756 | 27,932 | 29,658 | 30,839 | 29,788 | 2,824 | 968 | |||||||||||||||||||||
Money Market | 916,390 | 912,493 | 974,072 | 913,094 | 862,120 | 3,897 | 54,270 | |||||||||||||||||||||
Time | 150,867 | 157,810 | 172,348 | 178,615 | 187,750 | (6,943 | ) | (36,883 | ) | |||||||||||||||||||
Brokered | 209,385 | 200,223 | 194,464 | 212,623 | 229,408 | 9,162 | (20,023 | ) | ||||||||||||||||||||
Deposits to be assumed in branch sale | 29,495 | 31,589 | — | — | 197,857 | (2,094 | ) | (168,362 | ) | |||||||||||||||||||
Total Deposits | $ | 2,203,039 | $ | 2,237,580 | $ | 2,188,856 | $ | 2,158,305 | $ | 2,282,462 | $ | (34,541 | ) | $ | (79,423 | ) | ||||||||||||
Payments Clients | $ | 321,899 | $ | 347,833 | $ | 212,049 | $ | 295,440 | $ | 300,348 | $ | (25,934 | ) | $ | 21,551 | |||||||||||||
Average Deposits(1) | ||||||||||||||||||||||||||||
2017 | 2016 |
Linked |
Year Over |
|||||||||||||||||||||||||
(dollars in thousands) |
First |
Fourth |
Third |
Second |
First |
|||||||||||||||||||||||
DDA | $ | 620,325 | $ | 591,166 | $ | 555,008 | $ | 538,422 | $ | 554,547 | $ | 29,159 | $ | 65,778 | ||||||||||||||
NOW | 290,862 | 253,187 | 282,701 | 272,556 | 302,376 | 37,675 | (11,514 | ) | ||||||||||||||||||||
Savings | 30,306 | 29,741 | 30,692 | 35,090 | 45,571 | 565 | (15,265 | ) | ||||||||||||||||||||
Money Market | 815,920 | 853,281 | 923,435 | 865,447 | 769,369 | (37,361 | ) | 46,551 | ||||||||||||||||||||
Time | 163,021 | 169,677 | 175,135 | 203,679 | 267,330 | (6,656 | ) | (104,309 | ) | |||||||||||||||||||
Brokered | 191,558 | 197,833 | 196,598 | 220,098 | 216,490 | (6,275 | ) | (24,932 | ) | |||||||||||||||||||
Total Deposits | $ | 2,111,992 | $ | 2,094,885 | $ | 2,163,569 | $ | 2,135,292 | $ | 2,155,683 | $ | 17,107 | $ | (43,691 | ) | |||||||||||||
Payments Clients | $ | 273,630 | $ | 211,000 | $ | 184,895 | $ | 176,474 | $ | 155,860 | $ | 62,630 | $ | 117,770 | ||||||||||||||
Noninterest bearing deposits as a percentage of average deposits | 29.4 | % | 28.2 | % | 25.7 | % | 25.2 | % | 25.7 | % | ||||||||||||||||||
Cost of deposits | 0.39 | % | 0.37 | % | 0.36 | % | 0.35 | % | 0.31 | % | ||||||||||||||||||
(1) Includes average balances of deposits to be assumed in branch sale. | ||||||||||||||||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | ||||||||||||||||||||
(in thousands, except share and per share data) | 2017 | 2016 | ||||||||||||||||||
First |
Fourth |
Third |
Second |
First |
||||||||||||||||
Interest income reconciliation | ||||||||||||||||||||
Interest income - GAAP | $ | 22,461 | $ | 22,307 | $ | 22,295 | $ | 22,116 | $ | 21,499 | ||||||||||
Taxable equivalent adjustment | 255 | 223 | 133 | 74 | 54 | |||||||||||||||
Interest income - taxable equivalent | $ | 22,716 | $ | 22,530 | $ | 22,428 | $ | 22,190 | $ | 21,553 | ||||||||||
Net interest income reconciliation | ||||||||||||||||||||
Net interest income - GAAP | $ | 19,253 | $ | 19,278 | $ | 19,354 | $ | 19,209 | $ | 18,867 | ||||||||||
Taxable equivalent adjustment | 255 | 223 | 133 | 74 | 54 | |||||||||||||||
Net interest income - taxable equivalent | $ | 19,508 | $ | 19,501 | $ | 19,487 | $ | 19,283 | $ | 18,921 | ||||||||||
Operating noninterest income reconciliation | ||||||||||||||||||||
Noninterest income - GAAP | $ | 3,857 | $ | 4,430 | $ | 4,002 | $ | 8,880 | $ | 4,420 | ||||||||||
Gain on sale of branches | — | — | — | (3,885 | ) | — | ||||||||||||||
Operating noninterest income | $ | 3,857 | $ | 4,430 | $ | 4,002 | $ | 4,995 | $ | 4,420 | ||||||||||
Operating noninterest expense reconciliation | ||||||||||||||||||||
Noninterest expense - GAAP | $ | 17,744 | $ | 18,775 | $ | 17,296 | $ | 18,943 | $ | 18,266 | ||||||||||
Merger-related expenses | — | (204 | ) | (579 | ) | (1,210 | ) | (749 | ) | |||||||||||
Divestiture expenses | — | — | — | (305 | ) | — | ||||||||||||||
Operating noninterest expense | $ | 17,744 | $ | 18,571 | $ | 16,717 | $ | 17,428 | $ | 17,517 | ||||||||||
Operating income before income taxes reconciliation | ||||||||||||||||||||
Income (loss) before income taxes - GAAP | $ | 4,732 | $ | 2,725 | $ | 5,597 | $ | 8,369 | $ | 4,653 | ||||||||||
Taxable equivalent adjustment | 255 | 223 | 133 | 74 | 54 | |||||||||||||||
Merger-related expenses | — | 204 | 579 | 1,210 | 749 | |||||||||||||||
Divestiture expenses | — | — | — | 305 | — | |||||||||||||||
Gain on sale of branches | — | — | — | (3,885 | ) | — | ||||||||||||||
Operating income before income taxes | $ | 4,987 | $ | 3,152 | $ | 6,309 | $ | 6,073 | $ | 5,456 | ||||||||||
Income tax reconciliation | ||||||||||||||||||||
Income tax expense - GAAP | $ | 1,502 | $ | 1,116 | $ | 1,889 | $ | 3,222 | $ | 1,722 | ||||||||||
Taxable equivalent adjustment | 255 | 223 | 133 | 74 | 54 | |||||||||||||||
Merger related expenses, tax benefit | — | 78 | 223 | 467 | 289 | |||||||||||||||
Divestiture expenses, tax benefit | — | — | — | 118 | — | |||||||||||||||
Gain on sale of branches, tax expense | — | — | — | (1,500 | ) | — | ||||||||||||||
Operating income tax expense | $ | 1,757 | $ | 1,417 | $ | 2,245 | $ | 2,381 | $ | 2,065 | ||||||||||
Net income reconciliation | ||||||||||||||||||||
Net income - GAAP | $ | 3,230 | $ | 1,609 | $ | 3,708 | $ | 5,147 | $ | 2,931 | ||||||||||
Merger related expenses, net of income tax | — | 126 | 356 | 743 | 460 | |||||||||||||||
Divestiture expenses, net of income tax | — | — | — | 187 | — | |||||||||||||||
Gain on sale of branches, net of income tax | — | — | — | (2,385 | ) | — | ||||||||||||||
Operating net income | $ | 3,230 | $ | 1,735 | $ | 4,064 | $ | 3,692 | $ | 3,391 | ||||||||||
Diluted earnings per share reconciliation | ||||||||||||||||||||
Diluted earnings per share - GAAP | $ | 0.13 | $ | 0.06 | $ | 0.15 | $ | 0.20 | $ | 0.12 | ||||||||||
Merger related expenses | — | 0.01 | 0.01 | 0.03 | 0.02 | |||||||||||||||
Net gain on sale of branches | — | — | — | (0.08 | ) | — | ||||||||||||||
Diluted earnings per share - operating | $ | 0.13 | $ | 0.07 | $ | 0.16 | $ | 0.15 | $ | 0.14 | ||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. Non-GAAP Performance Measures Reconciliation |
|||||||||||||||||||||
(in thousands, except share and per share data) |
2017 |
2016 |
|||||||||||||||||||
First |
Fourth |
Third |
Second |
First |
|||||||||||||||||
Book value per common share reconciliation | |||||||||||||||||||||
Total shareholders' equity | $ | 310,967 | $ | 303,658 | $ | 308,463 | $ | 304,066 | $ | 294,652 | |||||||||||
Intangible assets | (29,186 | ) | (29,567 | ) | (30,071 | ) | (31,674 | ) | (33,914 | ) | |||||||||||
Total tangible common equity | $ | 281,781 | $ | 274,091 | $ | 278,392 | $ | 272,392 | $ | 260,738 | |||||||||||
Common shares outstanding | 25,535,013 | 25,093,135 | 24,950,099 | 24,750,163 | 24,569,823 | ||||||||||||||||
Book value per common share - GAAP | $ | 12.18 | $ | 12.10 | $ | 12.36 | $ | 12.29 | $ | 11.99 | |||||||||||
Tangible book value | 11.04 | 10.92 | 11.16 | 11.01 | 10.61 | ||||||||||||||||
Return on average equity reconciliation | |||||||||||||||||||||
Net income - GAAP | $ | 3,230 | $ | 1,609 | $ | 3,708 | $ | 5,147 | $ | 2,931 | |||||||||||
Merger related expenses, net of income tax | — | 126 | 356 | 743 | 460 | ||||||||||||||||
Divestiture expenses, net of income tax | — | — | — | 187 | — | ||||||||||||||||
Gain on sale of branches, net of income tax | — | — | — | (2,385 | ) | — | |||||||||||||||
Operating net income | $ | 3,230 | $ | 1,735 | $ | 4,064 | $ | 3,692 | $ | 3,391 | |||||||||||
Average shareholders' equity | 308,261 | 308,588 | 306,642 | 299,170 | 291,806 | ||||||||||||||||
Return on average equity - GAAP | 4.19 | % | 2.09 | % | 4.84 | % | 6.88 | % | 4.02 | % | |||||||||||
Return on average equity - operating | 4.19 | 2.25 | 5.30 | 4.94 | 4.65 | ||||||||||||||||
Return on average assets reconciliation | |||||||||||||||||||||
Net income - GAAP | $ | 3,230 | $ | 1,609 | $ | 3,708 | $ | 5,147 | $ | 2,931 | |||||||||||
Merger related expenses, net of income tax | — | 126 | 356 | 743 | 460 | ||||||||||||||||
Divestiture expenses, net of income tax | — | — | — | 187 | — | ||||||||||||||||
Gain on sale of branches, net of income tax | — | — | — | (2,385 | ) | — | |||||||||||||||
Operating net income | $ | 3,230 | $ | 1,735 | $ | 4,064 | $ | 3,692 | $ | 3,391 | |||||||||||
Average assets | 2,694,715 | 2,722,444 | 2,717,996 | 2,718,110 | 2,620,750 | ||||||||||||||||
Return on average assets - GAAP | 0.48 | % | 0.24 | % | 0.55 | % | 0.76 | % | 0.45 | % | |||||||||||
Return on average assets - operating | 0.48 | 0.25 | 0.60 | 0.54 | 0.52 | ||||||||||||||||
Efficiency ratio reconciliation | |||||||||||||||||||||
Noninterest income - GAAP | $ | 3,857 | $ | 4,430 | $ | 4,002 | $ | 8,880 | $ | 4,420 | |||||||||||
Gain on sale of branches | — | — | — | (3,885 | ) | — | |||||||||||||||
Operating noninterest income | $ | 3,857 | $ | 4,430 | $ | 4,002 | $ | 4,995 | $ | 4,420 | |||||||||||
Noninterest expense - GAAP | $ | 17,744 | $ | 18,775 | $ | 17,296 | $ | 18,943 | $ | 18,266 | |||||||||||
Merger-related expenses | — | (204 | ) | (579 | ) | (1,210 | ) | (749 | ) | ||||||||||||
Divestiture expenses | — | — | — | (305 | ) | — | |||||||||||||||
Operating noninterest expense | $ | 17,744 | $ | 18,571 | $ | 16,717 | $ | 17,428 | $ | 17,517 | |||||||||||
Net interest income | 19,253 | 19,278 | 19,354 | 19,209 | 18,867 | ||||||||||||||||
Efficiency ratio | 76.78 | % | 78.33 | % | 71.57 | % | 72.00 | % | 75.22 | % | |||||||||||
Tangible equity to tangible assets reconciliation | |||||||||||||||||||||
Total shareholders' equity | $ | 310,967 | $ | 303,658 | $ | 308,463 | $ | 304,066 | $ | 294,652 | |||||||||||
Intangible assets | (29,186 | ) | (29,567 | ) | (30,071 | ) | (31,674 | ) | (33,914 | ) | |||||||||||
Total tangible common equity | $ | 281,781 | $ | 274,091 | $ | 278,392 | $ | 272,392 | $ | 260,738 | |||||||||||
Total assets | $ | 2,802,078 | $ | 2,727,543 | $ | 2,761,244 | $ | 2,807,822 | $ | 2,724,669 | |||||||||||
Intangible assets | (29,186 | ) | (29,567 | ) | (30,071 | ) | (31,674 | ) | (33,914 | ) | |||||||||||
Total tangible assets | $ | 2,772,892 | $ | 2,697,976 | $ | 2,731,173 | $ | 2,776,148 | $ | 2,690,755 | |||||||||||
Tangible common equity to tangible assets | 10.16 | % | 10.16 | % | 10.19 | % | 9.81 | % | 9.69 | % | |||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. Non-GAAP Performance Measures Reconciliation |
||||||||||||||||||||
(in thousands, except share and per share data) |
2017 |
2016 |
||||||||||||||||||
|
First |
Fourth |
Third
|
Second |
First |
|||||||||||||||
Deposits excluding deposits to be assumed in branch sales | ||||||||||||||||||||
Total deposits | $ | 2,203,039 | $ | 2,237,580 | $ | 2,188,856 | $ | 2,158,305 | $ | 2,282,462 | ||||||||||
Deposits to be assumed in branch sales | (29,495 | ) | (31,589 | ) | — | — | (197,857 | ) | ||||||||||||
Deposits excluding deposits to be assumed in branch sales | $ | 2,173,544 | $ | 2,205,991 | $ | 2,188,856 | $ | 2,158,305 | $ | 2,084,605 | ||||||||||
Loans held for investment excluding mortgage warehouse loans | ||||||||||||||||||||
Total loans held for investment | $ | 1,901,724 | $ | 1,981,330 | $ | 2,008,102 | $ | 1,942,137 | $ | 1,886,763 | ||||||||||
Mortgage warehouse loans | (58,357 | ) | (147,519 | ) | (171,251 | ) | (126,108 | ) | (123,875 | ) | ||||||||||
Loans held for investment excluding mortgage warehouse loans | $ | 1,843,367 | $ | 1,833,811 | $ | 1,836,851 | $ | 1,816,029 | $ | 1,762,888 | ||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170428005125/en/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.