Georgia | 001-37615 | 20-5728270 |
(State or Other Jurisdiction | (Commission File | (I.R.S. Employer |
of Incorporation) | Number) | Identification No.) |
99.1 | Press Release dated January 29, 2016 |
99.1 | Press Release dated January 29, 2016 |
Contact: | Douglas L. Williams | Patrick T. Oakes |
Chief Executive Officer | Executive Vice President and CFO | |
404-995-6051 | 404-995-6079 | |
doug.williams@atlcapbank.com | patrick.oakes@atlcapbank.com |
• | Completed the merger of First Security Group, Inc. on October 31, 2015 |
• | Announced divestiture of seven branches in Eastern Tennessee |
• | Reported total assets of $2.6 billion, loans of $1.8 billion and deposits of $2.1 billion as of December 31, 2015 |
• | Achieved tangible book value per share of $10.59 as of December 31, 2015 |
• | Reported net interest margin of 3.11% |
• | Legacy Atlantic Capital period-end deposits increased $243 million, or 22% compared to 2014 |
• | Non-interest income increased $3.1 million, or 59%, compared to 2014 |
• | Annual net-charge offs to average loans of 0.05% |
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||||||||
Selected Financial Information | |||||||||||||||||||||||||||||||||||
2015 | 2014 | Fourth Quarter | For the year ended December 31, | YTD | |||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2015 to 2014 Change | 2015 | 2014 | 2015 to 2014 Change | ||||||||||||||||||||||||||
INCOME SUMMARY | |||||||||||||||||||||||||||||||||||
Interest income | $ | 18,240 | $ | 10,334 | $ | 10,481 | $ | 9,912 | $ | 9,878 | 85 | % | $ | 48,967 | $ | 36,542 | 34 | % | |||||||||||||||||
Interest expense | 2,352 | 840 | 911 | 880 | 891 | 164 | 4,983 | 3,449 | 44 | ||||||||||||||||||||||||||
Net interest income | 15,888 | 9,494 | 9,570 | 9,032 | 8,987 | 77 | 43,984 | 33,093 | 33 | ||||||||||||||||||||||||||
Operating provision for loan losses (1) | 1,107 | (137 | ) | 185 | 364 | 19 | 5,726 | 1,519 | 488 | 211 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 14,781 | 9,631 | 9,385 | 8,668 | 8,968 | 65 | 42,465 | 32,605 | 30 | ||||||||||||||||||||||||||
Noninterest income | 3,357 | 1,729 | 3,028 | 1,182 | 1,502 | 124 | 9,296 | 5,342 | 74 | ||||||||||||||||||||||||||
Operating noninterest expense (2) | 15,921 | 6,953 | 7,065 | 6,694 | 7,175 | 122 | 36,633 | 26,574 | 38 | ||||||||||||||||||||||||||
Operating income before income taxes | 2,217 | 4,407 | 5,348 | 3,156 | 3,295 | (33 | ) | 15,128 | 11,373 | 33 | |||||||||||||||||||||||||
Operating income tax expense (benefit) | 583 | 1,738 | 1,980 | 1,129 | 1,144 | (49 | ) | 5,435 | 3,857 | 41 | |||||||||||||||||||||||||
Operating net income (2) | 1,634 | 2,669 | 3,368 | 2,027 | 2,151 | (24 | ) | 9,693 | 7,516 | 29 | |||||||||||||||||||||||||
Provision for acquired non PCI FSG loans | 4,153 | — | — | — | — | — | 4,153 | — | — | ||||||||||||||||||||||||||
Merger related charges, net of income tax | 5,147 | 443 | 466 | 313 | — | — | 6,364 | — | — | ||||||||||||||||||||||||||
Net income (loss) - GAAP | $ | (7,666 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | $ | 2,151 | (456 | ) | % | $ | (824 | ) | $ | 7,516 | (111 | ) | % | |||||||||||||
PER SHARE DATA | |||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share - GAAP | $ | (0.37 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | $ | 0.16 | $ | (0.05 | ) | $ | 0.55 | |||||||||||||||||||
Diluted earnings per share - operating (1)(2) | 0.08 | 0.19 | 0.24 | 0.15 | 0.16 | 0.62 | 0.55 | ||||||||||||||||||||||||||||
Book value per share | 11.87 | 11.05 | 10.8 | 10.67 | 10.48 | 11.87 | 10.48 | ||||||||||||||||||||||||||||
Tangible book value per share (3) | 10.59 | 10.95 | 10.72 | 10.61 | 10.41 | 10.59 | 10.41 | ||||||||||||||||||||||||||||
PERFORMANCE MEASURES | |||||||||||||||||||||||||||||||||||
Return on average equity - GAAP | (12.42 | ) | % | 6.08 | % | 7.99 | % | 4.83 | % | 6.18 | % | (0.48 | ) | % | 5.54 | % | |||||||||||||||||||
Return on average equity - operating (1)(2) | 2.65 | 7.29 | 9.28 | 5.71 | 6.18 | 5.68 | 5.54 | ||||||||||||||||||||||||||||
Return on average assets - GAAP | (1.36 | ) | 0.66 | 0.84 | 0.51 | 0.66 | (0.05 | ) | 0.61 | ||||||||||||||||||||||||||
Return on average assets operating (1)(2) | 0.29 | 0.79 | 0.98 | 0.60 | 0.66 | 0.61 | 0.61 | ||||||||||||||||||||||||||||
Net interest margin | 3.11 | 2.93 | 2.92 | 2.86 | 2.86 | 2.98 | 2.85 | ||||||||||||||||||||||||||||
Efficiency ratio - GAAP | 115.54 | 68.35 | 61.95 | 69.66 | 68.89 | 84.33 | 69.14 | ||||||||||||||||||||||||||||
Efficiency ratio - operating (1)(2) | 82.73 | 61.95 | 56.08 | 65.54 | 68.89 | 68.76 | 69.14 | ||||||||||||||||||||||||||||
CAPITAL | |||||||||||||||||||||||||||||||||||
Average equity to average assets | 10.98 | % | 10.85 | % | 10.53 | % | 10.54 | % | 10.62 | % | 10.79 | % | 11.06 | % | |||||||||||||||||||||
Tangible common equity to tangible assets | 9.93 | 10.76 | 10.6 | 10.39 | 10.67 | 9.93 | 10.67 | ||||||||||||||||||||||||||||
Tier 1 capital ratio | 8.7 | (5) | 11.0 | 10.4 | 10.1 | 11.0 | 8.7 | (5) | 11.0 | ||||||||||||||||||||||||||
Total risk based capital ratio | 11.6 | (5) | 15.5 | 11.3 | 11.0 | 11.9 | 11.6 | (5) | 11.9 | ||||||||||||||||||||||||||
Number of common shares outstanding - basic | 24,425,546 | 13,562,125 | 13,562,125 | 13,508,480 | 13,453,820 | 24,425,546 | 13,453,820 | ||||||||||||||||||||||||||||
Number of common shares outstanding - diluted | 25,059,823 | 13,904,395 | 13,904,395 | 13,850,750 | 13,650,580 | 25,059,823 | 13,650,580 | ||||||||||||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||||||||||||||
Allowance for loan losses to loans | 1.07 | % | 1.13 | % | 1.13 | % | 1.09 | % | 1.10 | % | 1.07 | % | 1.10 | % | |||||||||||||||||||||
Net charge-offs to average loans (4) | 0.15 | (0.01 | ) | — | (0.01 | ) | (0.04 | ) | 0.05 | (0.01 | ) | ||||||||||||||||||||||||
NPAs to total assets | 0.45 | — | — | 0.11 | 0.12 | 0.45 | 0.12 | ||||||||||||||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||||||||||||||||||
Loans | $ | 1,583,280 | $ | 1,052,745 | $ | 1,062,736 | $ | 1,040,638 | $ | 1,012,309 | 56 | % | $ | 1,184,689 | $ | 918,901 | 29 | % | |||||||||||||||||
Investment securities | 255,312 | 134,016 | 139,707 | 134,638 | 131,769 | 94 | 165,796 | 143,727 | 15 | ||||||||||||||||||||||||||
Total assets | 2,248,614 | 1,349,997 | 1,379,150 | 1,346,437 | 1,311,506 | 71 | 1,581,687 | 1,227,230 | 29 | ||||||||||||||||||||||||||
Deposits | 1,886,292 | 1,101,434 | 1,113,333 | 1,085,749 | 1,067,831 | 77 | 1,296,763 | 983,772 | 32 | ||||||||||||||||||||||||||
Shareholders’ equity | 246,842 | 146,430 | 145,210 | 141,930 | 139,220 | 77 | 170,675 | 135,687 | 26 | ||||||||||||||||||||||||||
Number of common shares - basic | 20,494,895 | 13,562,125 | 13,552,820 | 13,465,579 | 13,453,820 | 52 | 15,283,437 | 13,445,122 | 14 | ||||||||||||||||||||||||||
Number of common shares - diluted | 21,004,577 | 13,904,395 | 13,895,090 | 13,798,344 | 13,650,580 | 54 | 15,663,865 | 13,641,882 | 15 | ||||||||||||||||||||||||||
(1) Excludes provision for acquired non PCI FSG loans (2) Excludes merger related charges (3) Excludes effect of servicing asset and acquisition related intangibles. (4) Annualized. (5) Amounts are estimates as of 12/31/15. |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||
Consolidated Balance Sheets (unaudited) | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
(in thousands, except share and per share data) | 2015 | 2015 | 2014 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 58,319 | $ | 45,971 | $ | 36,490 | ||||||
Interest-bearing deposits in banks | 130,900 | 90,695 | 12,137 | |||||||||
Other short-term investments | 13,666 | 24,135 | 45,623 | |||||||||
Cash and cash equivalents | 202,885 | 160,801 | 94,250 | |||||||||
Investment securities available-for-sale | 346,221 | 127,168 | 133,437 | |||||||||
Other investments | 8,182 | 3,011 | 3,653 | |||||||||
Loans held for sale | 59,995 | — | — | |||||||||
Branch loans held for sale | 35,470 | — | — | |||||||||
Loans held for investment | 1,790,669 | 1,046,437 | 1,039,713 | |||||||||
Less: allowance for loan losses | (19,153 | ) | (11,862 | ) | (11,421 | ) | ||||||
Loans, net | 1,771,516 | 1,034,575 | 1,028,292 | |||||||||
Branch premises held for sale | 7,200 | — | — | |||||||||
Premises and equipment, net | 23,145 | 3,138 | 3,612 | |||||||||
Bank owned life insurance | 60,608 | 30,479 | 30,571 | |||||||||
Goodwill and intangible assets, net | 31,253 | 1,259 | 782 | |||||||||
Other real estate owned | 1,982 | 27 | 1,531 | |||||||||
Other assets | 87,721 | 21,240 | 18,731 | |||||||||
Total assets | $ | 2,636,178 | $ | 1,381,698 | $ | 1,314,859 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 544,561 | $ | 328,065 | $ | 320,346 | ||||||
Interest-bearing checking | 235,682 | 135,350 | 91,709 | |||||||||
Savings | 28,922 | 321 | 304 | |||||||||
Money market | 875,441 | 550,879 | 572,658 | |||||||||
Time | 183,206 | 15,434 | 16,129 | |||||||||
Brokered deposits | 183,810 | 98,559 | 104,699 | |||||||||
Total deposits | 2,051,622 | 1,128,608 | 1,105,845 | |||||||||
Branch deposits held for sale | 206,940 | — | — | |||||||||
Federal Home Loan Bank borrowings | — | 43,000 | 56,517 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 11,931 | — | — | |||||||||
Long-term debt | 49,197 | 49,226 | — | |||||||||
Other liabilities | 26,506 | 11,055 | 11,568 | |||||||||
Total liabilities | 2,346,196 | 1,231,889 | 1,173,930 | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Preferred stock, no par value; 10,000,000 shares authorized; 0 shares issued | ||||||||||||
and outstanding at December 31, 2015 and 2014 | — | — | — | |||||||||
Common stock, no par value; 100,000,000 shares authorized; 24,546,794 | ||||||||||||
shares issued and 24,425,546 shares outstanding at December 31, 2015, | ||||||||||||
and 13,497,118 shares issued and 13,453,820 shares outstanding at December 31, 2014 | 286,420 | 136,941 | 135,860 | |||||||||
Retained earnings | 3,636 | 11,302 | 4,460 | |||||||||
Accumulated other comprehensive income (loss) | (74 | ) | 1,566 | 609 | ||||||||
Total shareholders’ equity | 289,982 | 149,809 | 140,929 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,636,178 | $ | 1,381,698 | $ | 1,314,859 | ||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||
Consolidated Statements of Income (unaudited) | ||||||||||||||||||||
(in thousands, except per share data) | Three months ended | Twelve months ended | ||||||||||||||||||
December 31, 2015 | September 30, 2014 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Loans, including fees | $ | 16,688 | $ | 9,423 | $ | 8,978 | $ | 44,562 | $ | 32,762 | ||||||||||
Investment securities available-for-sale | 1,224 | 664 | 715 | 3,301 | 3,109 | |||||||||||||||
Interest and dividends on other interest‑earning assets | 328 | 247 | 185 | 1,104 | 671 | |||||||||||||||
Total interest income | 18,240 | 10,334 | 9,878 | 48,967 | 36,542 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Interest on deposits | 1,416 | 751 | 756 | 3,678 | 2,889 | |||||||||||||||
Interest on Federal Home Loan Bank advances | 7 | 52 | 109 | 290 | 437 | |||||||||||||||
Interest on federal funds sold and securities sold under | ||||||||||||||||||||
agreements to repurchase | 10 | 20 | 26 | 79 | 123 | |||||||||||||||
Interest on long-term debt | 841 | 17 | — | 858 | — | |||||||||||||||
Other | 78 | — | — | 78 | — | |||||||||||||||
Total interest expense | 2,352 | 840 | 891 | 4,983 | 3,449 | |||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 15,888 | 9,494 | 8,987 | 43,984 | 33,093 | |||||||||||||||
Provision for loan losses | 7,871 | (137 | ) | 19 | 8,283 | 488 | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,017 | 9,631 | 8,968 | 35,701 | 32,605 | |||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Service charges | 1,265 | 521 | 336 | 2,613 | 1,170 | |||||||||||||||
Gains on sale of securities available-for-sale | — | 10 | 15 | 10 | 59 | |||||||||||||||
Mortgage income | 163 | — | — | 163 | — | |||||||||||||||
Trust income | 192 | — | — | 192 | — | |||||||||||||||
Derivatives income | 89 | 67 | 183 | 304 | 245 | |||||||||||||||
Bank owned life insurance | 365 | 227 | 241 | 2,159 | 932 | |||||||||||||||
SBA lending activities | 904 | 745 | 572 | 2,910 | 2,264 | |||||||||||||||
Other noninterest income | 379 | 159 | 155 | 945 | 672 | |||||||||||||||
Total noninterest income | 3,357 | 1,729 | 1,502 | 9,296 | 5,342 | |||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Salaries and employee benefits | 9,807 | 4,859 | 4,942 | 24,244 | 18,608 | |||||||||||||||
Occupancy | 907 | 419 | 420 | 2,170 | 1,721 | |||||||||||||||
Equipment and software | 608 | 243 | 235 | 1,295 | 921 | |||||||||||||||
Professional services | 872 | 208 | 299 | 1,485 | 1,055 | |||||||||||||||
Postage, printing and supplies | 115 | 21 | 25 | 178 | 91 | |||||||||||||||
Communications and data processing | 555 | 313 | 336 | 1,541 | 1,253 | |||||||||||||||
Marketing and business development | 197 | 90 | 77 | 410 | 323 | |||||||||||||||
FDIC premiums | 341 | 161 | 197 | 857 | 643 | |||||||||||||||
Merger and conversion costs | 6,314 | 718 | — | 8,296 | — | |||||||||||||||
Other noninterest expense | 2,519 | 639 | 644 | 4,453 | 1,959 | |||||||||||||||
Total noninterest expense | 22,235 | 7,671 | 7,175 | 44,929 | 26,574 | |||||||||||||||
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES | (10,861 | ) | 3,689 | 3,295 | 68 | 11,373 | ||||||||||||||
Provision for income taxes | (3,195 | ) | 1,463 | 1,144 | 892 | 3,857 | ||||||||||||||
(LOSS) NET INCOME | $ | (7,666 | ) | $ | 2,226 | $ | 2,151 | $ | (824 | ) | $ | 7,516 | ||||||||
Net (loss) income per common share‑basic | $ | (0.37 | ) | $ | 0.16 | $ | 0.16 | $ | (0.05 | ) | $ | 0.56 | ||||||||
Net (loss) income per common share‑diluted | $ | (0.37 | ) | $ | 0.16 | $ | 0.16 | $ | (0.05 | ) | $ | 0.55 | ||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||
Three months ended December 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/Expense | Yield/Rate | Average Balance | Interest Income/Expense | Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Deposits in other banks | $ | 117,646 | $ | 167 | 0.56 | % | $ | 59,538 | $ | 53 | 0.35 | % | ||||||||||
Other short-term investments | 34,700 | 114 | 1.30 | % | 37,235 | 81 | 0.86 | % | ||||||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable investment securities | 245,475 | 1,164 | 1.88 | % | 129,412 | 695 | 2.13 | % | ||||||||||||||
Non-taxable investment securities | 9,837 | 60 | 2.42 | % | 2,357 | 20 | 3.36 | % | ||||||||||||||
Total investment securities | 255,312 | 1,224 | 1.90 | % | 131,769 | 715 | 2.15 | % | ||||||||||||||
Total loans | 1,612,854 | 16,688 | 4.11 | % | 1,012,367 | 8,978 | 3.52 | % | ||||||||||||||
FHLB stock | 3,583 | 47 | 5.20 | % | 3,907 | 51 | 5.05 | % | ||||||||||||||
Total interest-earning assets | 2,024,095 | 18,240 | 3.58 | % | 1,244,816 | 9,878 | 3.15 | % | ||||||||||||||
Non-earning assets | 224,519 | 66,690 | ||||||||||||||||||||
Total assets | $ | 2,248,614 | $ | 1,311,506 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
NOW, money market, and savings | 1,015,427 | 950 | 0.37 | % | 601,210 | 579 | 0.38 | % | ||||||||||||||
Time deposits | 184,257 | 165 | 0.36 | % | 16,258 | 17 | 0.41 | % | ||||||||||||||
Internet and brokered deposits | 199,748 | 301 | 0.60 | % | 161,268 | 160 | 0.39 | % | ||||||||||||||
Total interest-bearing deposits | 1,399,432 | 1,416 | 0.40 | % | 778,736 | 756 | 0.38 | % | ||||||||||||||
Total borrowings | 24,564 | 95 | 1.53 | % | 95,669 | 135 | 0.56 | % | ||||||||||||||
Total long-term debt | 49,189 | 841 | 6.78 | % | — | — | — | % | ||||||||||||||
Total interest-bearing liabilities | 1,473,185 | 2,352 | 0.63 | % | 874,405 | 891 | 0.40 | % | ||||||||||||||
Demand deposits | 486,860 | 289,096 | ||||||||||||||||||||
Other liabilities | 41,727 | 8,784 | ||||||||||||||||||||
Stockholders' equity | 246,842 | 139,221 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,248,614 | $ | 1,311,506 | ||||||||||||||||||
Net interest spread | 2.94 | % | 2.74 | % | ||||||||||||||||||
Net interest income and net interest margin(1) | $ | 15,888 | 3.11 | % | $ | 8,987 | 2.86 | % | ||||||||||||||
(1) Net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset. |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||
Twelve months ended December 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/Expense | Yield/Rate | Average Balance | Interest Income/Expense | Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Deposits in other banks | $ | 63,785 | $ | 251 | 0.39 | % | $ | 56,328 | $ | 214 | 0.38 | % | ||||||||||
Other short-term investments | 50,322 | 664 | 1.32 | % | 36,828 | 311 | 0.84 | % | ||||||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable investment securities | 161,597 | 3,179 | 1.97 | % | 141,627 | 3,035 | 2.14 | % | ||||||||||||||
Non-taxable investment securities | 4,199 | 122 | 2.91 | % | 2,100 | 74 | 3.54 | % | ||||||||||||||
Total investment securities | 165,796 | 3,301 | 1.99 | % | 143,727 | 3,109 | 2.16 | % | ||||||||||||||
Total loans | 1,192,103 | 44,562 | 3.74 | % | 918,959 | 32,762 | 3.57 | % | ||||||||||||||
FHLB stock | 4,338 | 189 | 4.36 | % | 3,917 | 146 | 3.74 | % | ||||||||||||||
Total interest-earning assets | 1,476,344 | 48,967 | 3.32 | % | 1,159,759 | 36,542 | 3.15 | % | ||||||||||||||
Non-earning assets | 105,343 | 67,471 | ||||||||||||||||||||
Total assets | $ | 1,581,687 | $ | 1,227,230 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
NOW, money market, and savings | 745,777 | 2,839 | 0.38 | % | 605,014 | 2,376 | 0.39 | % | ||||||||||||||
Time deposits | 58,133 | 211 | 0.36 | % | 16,322 | 69 | 0.42 | % | ||||||||||||||
Internet and brokered deposits | 140,416 | 628 | 0.45 | % | 107,575 | 444 | 0.41 | % | ||||||||||||||
Total interest-bearing deposits | 944,326 | 3,678 | 0.39 | % | 728,911 | 2,889 | 0.40 | % | ||||||||||||||
Total borrowings | 84,196 | 447 | 0.53 | % | 100,326 | 560 | 0.56 | % | ||||||||||||||
Total long-term debt | 12,805 | 858 | 6.70 | % | — | — | — | % | ||||||||||||||
Total interest-bearing liabilities | 1,041,327 | 4,983 | 0.48 | % | 829,237 | 3,449 | 0.42 | % | ||||||||||||||
Demand deposits | 352,437 | 254,861 | ||||||||||||||||||||
Other liabilities | 17,248 | 7,445 | ||||||||||||||||||||
Stockholders' equity | 170,675 | 135,687 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,581,687 | $ | 1,227,230 | ||||||||||||||||||
Net interest spread | 2.84 | % | 2.73 | % | ||||||||||||||||||
Net interest income and net interest margin(1) | $ | 43,984 | 2.98 | % | $ | 33,093 | 2.85 | % | ||||||||||||||
(1) Net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset. |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Loans | ||||||||||||||||||||||||||||
2015 | 2014 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | |||||||||||||||||||||||
Atlantic Capital Bancshares, Inc. Loans | ||||||||||||||||||||||||||||
Loans held for sale | $ | 59,995 | $ | — | $ | 1,768 | $ | 581 | $ | — | $ | 59,995 | $ | 59,995 | ||||||||||||||
Branch loans held for sale | 35,470 | — | — | — | — | 35,470 | 35,470 | |||||||||||||||||||||
Total loans held for sale | 95,465 | — | 1,768 | 581 | — | 95,465 | 95,465 | |||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 467,083 | $ | 366,830 | $ | 368,857 | $ | 375,619 | $ | 365,447 | $ | 100,253 | $ | 101,636 | ||||||||||||||
Commercial real estate | 846,413 | 440,226 | 437,000 | 440,100 | 439,071 | 406,187 | 407,342 | |||||||||||||||||||||
Construction and land | 166,358 | 106,934 | 90,039 | 99,146 | 82,567 | 59,424 | 83,791 | |||||||||||||||||||||
Mortgage warehouse loans | 84,350 | 89,816 | 113,285 | 130,112 | 116,939 | (5,466 | ) | (32,589 | ) | |||||||||||||||||||
Total commercial loans | 1,564,204 | 1,003,806 | 1,009,181 | 1,044,977 | 1,004,024 | 560,398 | 560,180 | |||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Residential mortgages | 110,381 | 726 | 728 | 737 | 1,320 | 109,655 | 109,061 | |||||||||||||||||||||
Home equity | 80,738 | 27,186 | 32,005 | 26,829 | 28,464 | 53,552 | 52,274 | |||||||||||||||||||||
Total residential loans | 191,119 | 27,912 | 32,733 | 27,566 | 29,784 | 163,207 | 161,335 | |||||||||||||||||||||
Consumer | 30,451 | 18,741 | 18,462 | 15,608 | 9,290 | 11,710 | 21,161 | |||||||||||||||||||||
Other | 6,901 | — | — | — | — | 6,901 | 6,901 | |||||||||||||||||||||
1,792,675 | 1,050,459 | 1,060,376 | 1,088,151 | 1,043,098 | 742,216 | 749,577 | ||||||||||||||||||||||
Less net deferred fees and other unearned income | $ | (2,006 | ) | $ | (4,022 | ) | $ | (3,688 | ) | $ | (3,482 | ) | $ | (3,385 | ) | $ | 2,015 | $ | 1,378 | |||||||||
Total loans held for investment | $ | 1,790,669 | $ | 1,046,437 | $ | 1,056,688 | $ | 1,084,669 | $ | 1,039,713 | $ | 744,232 | $ | 750,956 | ||||||||||||||
Legacy Atlantic Capital Loans | ||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | 1,768 | $ | 581 | $ | — | $ | — | $ | — | ||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 365,281 | $ | 366,830 | $ | 368,857 | $ | 375,619 | $ | 365,447 | $ | (1,549 | ) | $ | (166 | ) | ||||||||||||
Commercial real estate | 436,866 | 440,226 | 437,000 | 440,100 | 439,071 | (3,360 | ) | (2,205 | ) | |||||||||||||||||||
Construction and land | 118,766 | 106,934 | 90,039 | 99,146 | 82,567 | 11,832 | 36,199 | |||||||||||||||||||||
Mortgage warehouse loans | 84,350 | 89,816 | 113,285 | 130,112 | 116,939 | (5,466 | ) | (32,589 | ) | |||||||||||||||||||
Total commercial loans | 1,005,263 | 1,003,806 | 1,009,181 | 1,044,977 | 1,004,024 | 1,457 | 1,239 | |||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Residential mortgages | 724 | 726 | 728 | 737 | 1,320 | (2 | ) | (596 | ) | |||||||||||||||||||
Home equity | 26,034 | 27,186 | 32,005 | 26,829 | 28,464 | (1,152 | ) | (2,430 | ) | |||||||||||||||||||
Total residential loans | 26,758 | 27,912 | 32,733 | 27,566 | 29,784 | (1,154 | ) | (3,026 | ) | |||||||||||||||||||
Consumer | 20,028 | 18,741 | 18,462 | 15,608 | 9,290 | 1,287 | 10,738 | |||||||||||||||||||||
1,052,049 | 1,050,459 | 1,060,376 | 1,088,151 | 1,043,098 | 1,590 | 8,951 | ||||||||||||||||||||||
Less net deferred fees and other unearned income | (4,472 | ) | (4,022 | ) | (3,688 | ) | (3,482 | ) | (3,385 | ) | (450 | ) | (1,087 | ) | ||||||||||||||
Total loans held for investment | $ | 1,047,577 | $ | 1,046,437 | $ | 1,056,688 | $ | 1,084,669 | $ | 1,039,713 | $ | 1,140 | $ | 7,864 | ||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Allowance for Loan Losses Activity and Credit Quality | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
Non-PCI Loans | PCI Loans | Total | ||||||||||||||||||||||||||
(dollars in thousands) | Fourth Quarter | Fourth Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | |||||||||||||||||||||
Loans held for investment | $ | 1,768,186 | $ | 22,483 | $ | 1,790,669 | $ | 1,046,437 | $ | 1,056,688 | $ | 1,084,669 | $ | 1,039,713 | ||||||||||||||
Balance at beginning of period | $ | 11,862 | $ | — | $ | 11,862 | $ | 11,985 | $ | 11,800 | $ | 11,421 | $ | 11,301 | ||||||||||||||
Provision for loan losses | 7,871 | — | 7,871 | (137 | ) | 185 | 364 | 19 | ||||||||||||||||||||
Loans charged-off: | ||||||||||||||||||||||||||||
Commercial real estate | (500 | ) | — | (500 | ) | — | — | — | — | |||||||||||||||||||
Consumer | (128 | ) | — | (128 | ) | — | — | — | — | |||||||||||||||||||
Total loans charged-off | (628 | ) | — | (628 | ) | — | — | — | — | |||||||||||||||||||
Recoveries on loans previously charged‑off: | ||||||||||||||||||||||||||||
Construction and land | — | — | — | 14 | — | 15 | 37 | |||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | 64 | |||||||||||||||||||||
Consumer | 48 | — | 48 | — | — | — | — | |||||||||||||||||||||
Balance at period end | $ | 19,153 | $ | — | $ | 19,153 | $ | 11,862 | $ | 11,985 | $ | 11,800 | $ | 11,421 | ||||||||||||||
Allowance for loan losses to loans | 1.07 | % | 1.13 | % | 1.13 | % | 1.09 | % | 1.10 | % | ||||||||||||||||||
Net charge-offs to average loans (1) | 0.15 | (0.01 | ) | — | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||
Non-performing loans | $ | 8,527 | $ | 1,422 | $ | 9,949 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Foreclosed Properties (OREO) | 1,982 | — | 1,982 | 27 | 27 | 1,531 | 1,531 | |||||||||||||||||||||
Total nonperforming assets | $ | 10,509 | $ | 1,422 | $ | 11,931 | $ | 27 | $ | 27 | $ | 1,531 | $ | 1,531 | ||||||||||||||
Nonperforming loans as a percentage of total loans | 0.47 | % | — | % | 0.54 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Nonperforming assets as a percentage of total assets | 0.40 | — | 0.45 | — | — | 0.11 | 0.12 | |||||||||||||||||||||
(1) Annualized |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Deposits | ||||||||||||||||||||||||||||
2015 | 2014 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | |||||||||||||||||||||||
Atlantic Capital Bancshares, Inc. Deposits | ||||||||||||||||||||||||||||
DDA | $ | 544,561 | $ | 328,065 | $ | 327,775 | $ | 300,439 | $ | 320,346 | $ | 216,496 | $ | 224,215 | ||||||||||||||
NOW | 235,682 | 135,350 | 115,614 | 106,680 | 91,709 | 100,332 | 143,973 | |||||||||||||||||||||
Savings | 28,922 | 321 | 437 | 403 | 304 | 28,601 | 28,618 | |||||||||||||||||||||
Money Market | 875,441 | 550,879 | 546,408 | 585,971 | 572,658 | 324,562 | 302,783 | |||||||||||||||||||||
Time | 183,206 | 15,434 | 16,597 | 16,069 | 16,129 | 167,772 | 167,077 | |||||||||||||||||||||
Brokered | 183,810 | 98,559 | 96,230 | 139,049 | 104,699 | 85,251 | 79,111 | |||||||||||||||||||||
Total Deposits | $ | 2,051,622 | $ | 1,128,608 | $ | 1,103,061 | $ | 1,148,611 | $ | 1,105,845 | $ | 923,014 | $ | 945,777 | ||||||||||||||
Legacy Atlantic Capital Deposits | ||||||||||||||||||||||||||||
DDA | $ | 399,615 | $ | 328,065 | $ | 327,775 | $ | 300,439 | $ | 320,346 | $ | 71,550 | $ | 79,269 | ||||||||||||||
NOW | 169,041 | 135,350 | 115,614 | 106,680 | 91,709 | 33,691 | 77,332 | |||||||||||||||||||||
Savings | 417 | 321 | 437 | 403 | 304 | 96 | 113 | |||||||||||||||||||||
Money Market | 663,996 | 550,879 | 546,408 | 585,971 | 572,658 | 113,117 | 91,338 | |||||||||||||||||||||
Time | 15,384 | 15,434 | 16,597 | 16,069 | 16,129 | (50 | ) | (745 | ) | |||||||||||||||||||
Brokered | 100,361 | 98,559 | 96,230 | 139,049 | 104,699 | 1,802 | (4,338 | ) | ||||||||||||||||||||
Total Deposits | $ | 1,348,814 | $ | 1,128,608 | $ | 1,103,061 | $ | 1,148,611 | $ | 1,105,845 | $ | 220,206 | $ | 242,969 | ||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||||||||||
Selected Financial Information | |||||||||||||||||||||||||||||
(in thousands, except per share data) | 2015 | 2014 | For the year ended December 31, | ||||||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2015 | 2014 | |||||||||||||||||||||||
Operating provision for loan losses reconciliation | |||||||||||||||||||||||||||||
Operating provision for loan losses | $ | 1,107 | $ | (137 | ) | $ | 185 | $ | 364 | $ | 19 | $ | 1,519 | $ | 488 | ||||||||||||||
Provision for acquired non PCI FSG loans | 6,764 | — | — | — | — | 6,764 | — | ||||||||||||||||||||||
Provision for loan losses - GAAP | $ | 7,871 | $ | (137 | ) | $ | 185 | $ | 364 | $ | 19 | $ | 8,283 | $ | 488 | ||||||||||||||
Operating noninterest expense reconciliation | |||||||||||||||||||||||||||||
Operating noninterest expense | $ | 15,921 | $ | 6,953 | $ | 7,065 | $ | 6,694 | $ | 7,175 | $ | 36,633 | $ | 26,574 | |||||||||||||||
Merger-related charges | 6,314 | 718 | 756 | 508 | — | 8,296 | — | ||||||||||||||||||||||
Noninterest expense - GAAP | $ | 22,235 | $ | 7,671 | $ | 7,821 | $ | 7,202 | $ | 7,175 | $ | 44,929 | $ | 26,574 | |||||||||||||||
Operating income before income taxes reconciliation | |||||||||||||||||||||||||||||
Operating income before income taxes | $ | 2,217 | $ | 4,407 | $ | 5,348 | $ | 3,156 | $ | 3,295 | $ | 15,128 | $ | 11,373 | |||||||||||||||
Merger-related charges | (6,314 | ) | (718 | ) | (756 | ) | (508 | ) | — | (8,296 | ) | — | |||||||||||||||||
Provision for acquired non PCI FSG loans | (6,764 | ) | — | — | — | — | (6,764 | ) | — | ||||||||||||||||||||
Income (loss) before income taxes - GAAP | $ | (10,861 | ) | $ | 3,689 | $ | 4,592 | $ | 2,648 | $ | 3,295 | $ | 68 | $ | 11,373 | ||||||||||||||
Income tax reconciliation | |||||||||||||||||||||||||||||
Operating income tax expense | 583 | 1,738 | 1,980 | 1,129 | 1,144 | 5,435 | 3,857 | ||||||||||||||||||||||
Merger related charges, tax benefit | (1,167 | ) | (275 | ) | (290 | ) | (195 | ) | — | (1,932 | ) | — | |||||||||||||||||
Provision for acquired non PCI FSG loans, tax benefit | (2,611 | ) | — | — | — | — | (2,611 | ) | — | ||||||||||||||||||||
Income tax expense - GAAP | $ | (3,195 | ) | $ | 1,463 | $ | 1,690 | $ | 934 | $ | 1,144 | $ | 892 | $ | 3,857 | ||||||||||||||
Net income reconciliation | |||||||||||||||||||||||||||||
Operating net income | 1,634 | 2,669 | 3,368 | 2,027 | 2,151 | 9,693 | $ | 7,516 | |||||||||||||||||||||
Merger related charges, net of income tax | (5,147 | ) | (443 | ) | (466 | ) | (313 | ) | — | (6,364 | ) | — | |||||||||||||||||
Provision for acquired non PCI FSG loans, net of income tax | (4,153 | ) | — | — | — | — | (4,153 | ) | — | ||||||||||||||||||||
Net income - GAAP | $ | (7,666 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | $ | 2,151 | $ | (824 | ) | $ | 7,516 | |||||||||||||
Diluted earnings per share reconciliation | |||||||||||||||||||||||||||||
Diluted earnings per share - operating | $ | 0.08 | $ | 0.19 | $ | 0.24 | $ | 0.15 | $ | 0.16 | $ | 0.62 | $ | 0.55 | |||||||||||||||
Merger related charges | (0.45 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | — | (0.67 | ) | — | |||||||||||||||||
Diluted earnings per share - GAAP | $ | (0.37 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | $ | 0.16 | $ | (0.05 | ) | $ | 0.55 | |||||||||||||
Book value per common share reconciliation | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 289,982 | $ | 149,809 | $ | 146,485 | $ | 144,159 | $ | 140,929 | $ | 289,982 | $ | 140,929 | |||||||||||||||
Intangible assets | (31,253 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | (782 | ) | (31,253 | ) | (782 | ) | |||||||||||||||
Total tangible common equity | $ | 258,729 | $ | 148,550 | $ | 145,430 | $ | 143,311 | $ | 140,147 | $ | 258,729 | $ | 140,147 | |||||||||||||||
Common shares outstanding | 24,425,546 | 13,562,125 | 13,562,125 | 13,508,480 | 13,453,820 | 24,425,546 | 13,453,820 | ||||||||||||||||||||||
Book value per common share - GAAP | 11.87 | 11.05 | 10.8 | 10.67 | 10.48 | 11.87 | 10.48 | ||||||||||||||||||||||
Tangible book value | 10.59 | 10.95 | 10.72 | 10.61 | 10.41 | 10.59 | 10.41 | ||||||||||||||||||||||
Return on average equity reconciliation | |||||||||||||||||||||||||||||
Net income - GAAP | $ | (7,666 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | $ | 2,151 | $ | (824 | ) | $ | 7,516 | |||||||||||||
Merger related charges, net of income tax | 5,147 | 443 | 466 | 313 | — | 6,364 | — | ||||||||||||||||||||||
Provision for acquired FSG loans, net of income tax | 4,153 | — | — | — | — | 4,153 | — | ||||||||||||||||||||||
Operating net income | $ | 1,634 | $ | 2,669 | $ | 3,368 | $ | 2,027 | $ | 2,151 | $ | 9,693 | $ | 7,516 | |||||||||||||||
Average shareholders' equity | 246,842 | 146,430 | 145,210 | 141,930 | 139,220 | 170,675 | 135,687 | ||||||||||||||||||||||
Return on average equity - GAAP | (12.42 | ) | % | 6.08 | % | 7.99 | % | 4.83 | % | 6.18 | % | (0.48 | ) | % | 5.54 | % |
Return on average equity - operating | 2.65 | 7.29 | 9.28 | 5.71 | 6.18 | 5.68 | 5.54 | ||||||||||||||||||||||
Return on average assets reconciliation | |||||||||||||||||||||||||||||
Net income - GAAP | $ | (7,666 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | $ | 2,151 | $ | (824 | ) | $ | 7,516 | |||||||||||||
Merger related charges, net of income tax benefit | 5,147 | 443 | 466 | 313 | — | 6,364 | — | ||||||||||||||||||||||
Provision for acquired FSG loans | 4,153 | — | — | — | — | 4,153 | — | ||||||||||||||||||||||
Operating net income | $ | 1,634 | $ | 2,669 | $ | 3,368 | $ | 2,027 | $ | 2,151 | $ | 9,693 | $ | 7,516 | |||||||||||||||
Average assets | 2,248,614 | 1,349,997 | 1,379,150 | 1,346,437 | 1,311,506 | 1,581,687 | 1,227,230 | ||||||||||||||||||||||
Return on average assets - GAAP | (1.36 | ) | % | 0.66 | % | 0.84 | % | 0.51 | % | 0.66 | % | (0.05 | ) | % | 0.61 | % | |||||||||||||
Return on average assets - operating | 0.29 | 0.79 | 0.98 | 0.60 | 0.66 | 0.61 | 0.61 | ||||||||||||||||||||||
Efficiency ratio reconciliation | |||||||||||||||||||||||||||||
Operating noninterest expense | $ | 15,921 | $ | 6,953 | $ | 7,065 | $ | 6,694 | $ | 7,175 | $ | 36,633 | $ | 26,574 | |||||||||||||||
Merger-related charges | 6,314 | 718 | 756 | 508 | — | 8,296 | — | ||||||||||||||||||||||
Noninterest expense - GAAP | $ | 22,235 | $ | 7,671 | $ | 7,821 | $ | 7,202 | $ | 7,175 | $ | 44,929 | $ | 26,574 | |||||||||||||||
Net interest income | 15,888 | 9,494 | 9,570 | 9,032 | 8,987 | 43,984 | 33,093 | ||||||||||||||||||||||
Noninterest income | 3,357 | 1,729 | 3,028 | 1,182 | 1,502 | 9,296 | 5,342 | ||||||||||||||||||||||
Efficiency ratio - GAAP | 115.54 | % | 68.35 | % | 61.95 | % | 69.66 | % | 68.89 | % | 84.33 | % | 69.14 | % | |||||||||||||||
Efficiency ratio - operating | 82.73 | 61.95 | 56.08 | 65.54 | 68.89 | 68.76 | 69.14 | ||||||||||||||||||||||
Tangible equity to tangible assets reconciliation | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 289,982 | $ | 149,809 | $ | 146,485 | $ | 144,159 | $ | 140,929 | $ | 289,982 | $ | 140,929 | |||||||||||||||
Intangible assets | (31,253 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | (782 | ) | (31,253 | ) | (782 | ) | |||||||||||||||
Total tangible common equity | $ | 258,729 | $ | 148,550 | $ | 145,430 | $ | 143,311 | $ | 140,147 | $ | 258,729 | $ | 140,147 | |||||||||||||||
Total assets | $ | 2,636,178 | $ | 1,381,698 | $ | 1,373,267 | $ | 1,380,768 | $ | 1,314,859 | $ | 2,636,178 | $ | 1,314,859 | |||||||||||||||
Intangible assets | (31,253 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | (782 | ) | (31,253 | ) | (782 | ) | |||||||||||||||
Total tangible assets | $ | 2,604,925 | $ | 1,380,439 | $ | 1,372,212 | $ | 1,379,920 | $ | 1,314,077 | $ | 2,604,925 | $ | 1,314,077 | |||||||||||||||
Tangible equity to tangible assets | 9.93 | % | 10.76 | % | 10.6 | % | 10.39 | % | 10.67 | % | 9.93 | % | 10.67 | % |
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