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 April 29, 2016 |
99.1 | Press Release dated April 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 |
• | Net income of $2.9 million, or $0.12 per diluted share; operating net income of $3.4 million, or $0.14 per diluted share. |
• | Total loans held for investment increased $96 million, or 5.4%, to $1.89 billion from December 31, 2015. |
• | Total deposits (excluding deposits subject to pending branch sales) increased $36 million or 1.7% to $2.08 billion from December 31, 2015. |
• | Taxable equivalent net interest margin of 3.26% compared to 3.13% in the fourth quarter of 2015. |
• | Nonperforming loans of $157,000, or less than 0.01% of total loans, compared to $8.5 million, or 0.48% of total loans, at December 31, 2015. |
• | Listed as the 50th largest originator of ACH payments for 2015 by the National Automated Clearing House Association. |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||||
2016 | 2015 | First Quarter 2016 to 2015 Change | ||||||||||||||||||||||
(in thousands, except share and per share data; taxable equivalent) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||
INCOME SUMMARY | ||||||||||||||||||||||||
Interest income | $ | 21,553 | $ | 18,270 | $ | 10,345 | $ | 10,492 | $ | 9,923 | 117 | % | ||||||||||||
Interest expense | 2,632 | 2,292 | 840 | 911 | 880 | 199 | ||||||||||||||||||
Net interest income | 18,921 | 15,978 | 9,505 | 9,581 | 9,043 | 109 | ||||||||||||||||||
Operating provision for loan losses (1) | 368 | 859 | (137 | ) | 185 | 364 | 1 | |||||||||||||||||
Net interest income after provision for loan losses | 18,553 | 15,119 | 9,642 | 9,396 | 8,679 | 114 | ||||||||||||||||||
Noninterest income | 4,420 | 3,460 | 1,729 | 3,028 | 1,182 | 274 | ||||||||||||||||||
Operating noninterest expense (2) | 17,517 | 16,067 | 6,953 | 7,065 | 6,694 | 162 | ||||||||||||||||||
Operating income before income taxes | 5,456 | 2,512 | 4,418 | 5,359 | 3,167 | 72 | ||||||||||||||||||
Operating income tax expense (benefit) | 2,065 | 2,117 | 1,749 | 1,991 | 1,140 | 81 | ||||||||||||||||||
Operating net income (1)(2) | 3,391 | 395 | 2,669 | 3,368 | 2,027 | 67 | ||||||||||||||||||
Provision for acquired non PCI FSG loans | — | 4,153 | — | — | — | — | ||||||||||||||||||
Merger related charges, net of income tax | 460 | 4,403 | 443 | 466 | 313 | 47 | ||||||||||||||||||
Net income (loss) - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | 71 | % | |||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Diluted earnings (loss) per share - GAAP | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | |||||||||||||
Diluted earnings per share - operating (1)(2) | 0.14 | 0.02 | 0.19 | 0.24 | 0.15 | |||||||||||||||||||
Book value per share | 11.99 | 11.79 | 11.05 | 10.80 | 10.67 | |||||||||||||||||||
Tangible book value per share (3) | 10.61 | 10.35 | 10.95 | 10.72 | 10.61 | |||||||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||||||
Return on average equity - GAAP | 4.02 | % | (13.22 | ) | % | 6.08 | % | 7.99 | % | 4.83 | % | |||||||||||||
Return on average equity - operating (1)(2) | 4.65 | 0.64 | 7.29 | 9.28 | 5.71 | |||||||||||||||||||
Return on average assets - GAAP | 0.45 | (1.45 | ) | 0.66 | 0.84 | 0.51 | ||||||||||||||||||
Return on average assets operating (1)(2) | 0.52 | 0.07 | 0.79 | 0.98 | 0.60 | |||||||||||||||||||
Taxable equivalent net interest margin | 3.26 | 3.13 | 2.93 | 2.92 | 2.86 | |||||||||||||||||||
Efficiency ratio | 75.22 | 82.79 | 61.95 | 56.08 | 65.54 | |||||||||||||||||||
CAPITAL | ||||||||||||||||||||||||
Average equity to average assets | 11.13 | % | 10.98 | % | 10.85 | % | 10.53 | % | 10.54 | % | ||||||||||||||
Tangible common equity to tangible assets | 9.69 | 9.71 | 10.76 | 10.60 | 10.39 | |||||||||||||||||||
Tier 1 capital ratio | 9.5 | (5) | 9.8 | 11.0 | 10.4 | 10.1 | ||||||||||||||||||
Total risk based capital ratio | 12.4 | (5) | 12.9 | 15.5 | 11.3 | 11.0 | ||||||||||||||||||
Number of common shares outstanding - basic | 24,569,823 | 24,425,546 | 13,562,125 | 13,562,125 | 13,508,480 | |||||||||||||||||||
Number of common shares outstanding - diluted | 25,077,520 | 25,059,823 | 13,904,395 | 13,904,395 | 13,850,750 | |||||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||
Allowance for loan losses to loans held for investment | 0.93 | % | 1.06 | % | 1.13 | % | 1.13 | % | 1.09 | % | ||||||||||||||
Net charge-offs to average loans (4) | 0.35 | 0.15 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||
NPAs to total assets | 0.07 | 0.40 | — | — | 0.11 | |||||||||||||||||||
(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 3/31/16. |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||
Consolidated Balance Sheets (unaudited) | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
(in thousands, except share and per share data) | 2016 | 2015 | 2015 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 49,054 | $ | 58,319 | $ | 40,223 | ||||||
Interest-bearing deposits in banks | 91,608 | 130,900 | 28,607 | |||||||||
Other short-term investments | 20,392 | 13,666 | 40,503 | |||||||||
Cash and cash equivalents | 161,054 | 202,885 | 109,333 | |||||||||
Investment securities available-for-sale | 364,422 | 346,221 | 136,783 | |||||||||
Other investments | 11,899 | 8,034 | 4,561 | |||||||||
Loans held for sale | 95,291 | 95,465 | 581 | |||||||||
Loans held for investment | 1,886,763 | 1,790,669 | 1,084,669 | |||||||||
Less: allowance for loan losses | (17,608 | ) | (18,905 | ) | (11,800 | ) | ||||||
Loans, net | 1,869,155 | 1,771,764 | 1,072,869 | |||||||||
Branch premises held for sale | 7,200 | 7,200 | — | |||||||||
Premises and equipment, net | 22,780 | 23,145 | 3,466 | |||||||||
Bank owned life insurance | 60,981 | 60,608 | 30,802 | |||||||||
Goodwill and intangible assets, net | 33,914 | 35,232 | 848 | |||||||||
Other real estate owned | 1,760 | 1,982 | 1,531 | |||||||||
Other assets | 96,213 | 86,244 | 19,994 | |||||||||
Total assets | $ | 2,724,669 | $ | 2,638,780 | $ | 1,380,768 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 560,363 | $ | 544,561 | $ | 300,439 | ||||||
Interest-bearing checking | 215,176 | 232,868 | 106,680 | |||||||||
Savings | 29,788 | 28,922 | 403 | |||||||||
Money market | 862,120 | 875,441 | 585,971 | |||||||||
Time | 187,750 | 183,206 | 16,069 | |||||||||
Brokered deposits | 229,408 | 183,810 | 139,049 | |||||||||
Branch deposits held for sale | 197,857 | 213,410 | — | |||||||||
Total deposits | 2,282,462 | 2,262,218 | 1,148,611 | |||||||||
Federal Home Loan Bank borrowings | 11,824 | 11,931 | — | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 60,000 | — | 79,434 | |||||||||
Long-term debt | 49,239 | 49,197 | — | |||||||||
Other liabilities | 26,491 | 27,442 | 8,564 | |||||||||
Total liabilities | 2,430,016 | 2,350,788 | 1,236,609 | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Preferred stock, no par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2016, December 31, 2015 and March 31, 2015 | — | — | — | |||||||||
Common stock, no par value; 100,000,000 shares authorized; 24,569,823, 24,425,546 and 13,508,480 shares issued and outstanding as of March 31, 2016, December 31, 2015, and March 31, 2015, respectively | 288,270 | 286,367 | 136,569 | |||||||||
Retained earnings | 6,073 | 3,141 | 6,174 | |||||||||
Accumulated other comprehensive income (loss) | 310 | (1,516 | ) | 1,416 | ||||||||
Total shareholders’ equity | 294,653 | 287,992 | 144,159 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,724,669 | $ | 2,638,780 | $ | 1,380,768 | ||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||
Consolidated Statements of Income (unaudited) | ||||||||||||||||||||
(in thousands, except per share data) | Three months ended | |||||||||||||||||||
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Loans, including fees | $ | 19,625 | $ | 16,688 | $ | 9,423 | $ | 9,500 | $ | 8,951 | ||||||||||
Investment securities available-for-sale | 1,601 | 1,224 | 664 | 710 | 703 | |||||||||||||||
Interest and dividends on other interest‑earning assets | 273 | 328 | 247 | 271 | 258 | |||||||||||||||
Total interest income | 21,499 | 18,240 | 10,334 | 10,481 | 9,912 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Interest on deposits | 1,673 | 1,355 | 751 | 769 | 742 | |||||||||||||||
Interest on Federal Home Loan Bank advances | 44 | 7 | 52 | 117 | 114 | |||||||||||||||
Interest on federal funds purchased and securities sold | ||||||||||||||||||||
under agreements to repurchase | 67 | 10 | 20 | 25 | 24 | |||||||||||||||
Interest on long-term debt | 810 | 841 | 17 | — | — | |||||||||||||||
Other | 38 | 79 | — | — | — | |||||||||||||||
Total interest expense | 2,632 | 2,292 | 840 | 911 | 880 | |||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 18,867 | 15,948 | 9,494 | 9,570 | 9,032 | |||||||||||||||
Provision for loan losses | 368 | 7,623 | (137 | ) | 185 | 364 | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 18,499 | 8,325 | 9,631 | 9,385 | 8,668 | |||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Service charges | 1,498 | 1,265 | 521 | 501 | 326 | |||||||||||||||
Gains on sale of securities available-for-sale | 33 | — | 10 | — | — | |||||||||||||||
Gains on sale of other assets | 48 | 103 | — | — | — | |||||||||||||||
Mortgage income | 339 | 163 | — | — | — | |||||||||||||||
Trust income | 314 | 192 | — | — | — | |||||||||||||||
Derivatives income | 65 | 89 | 67 | 65 | 83 | |||||||||||||||
Bank owned life insurance | 393 | 365 | 227 | 1,336 | 231 | |||||||||||||||
SBA lending activities | 880 | 904 | 745 | 903 | 358 | |||||||||||||||
TriNet gains on sale | 383 | — | — | — | — | |||||||||||||||
Other noninterest income | 467 | 379 | 159 | 223 | 184 | |||||||||||||||
Total noninterest income | 4,420 | 3,460 | 1,729 | 3,028 | 1,182 | |||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Salaries and employee benefits | 10,555 | 9,661 | 4,859 | 4,836 | 4,742 | |||||||||||||||
Occupancy | 1,100 | 907 | 419 | 423 | 421 | |||||||||||||||
Equipment and software | 686 | 608 | 243 | 225 | 219 | |||||||||||||||
Professional services | 748 | 1,020 | 208 | 273 | 109 | |||||||||||||||
Postage, printing and supplies | 169 | 115 | 21 | 18 | 24 | |||||||||||||||
Communications and data processing | 916 | 555 | 313 | 342 | 331 | |||||||||||||||
Marketing and business development | 267 | 197 | 90 | 77 | 46 | |||||||||||||||
FDIC premiums | 398 | 273 | 161 | 189 | 166 | |||||||||||||||
Merger and conversion costs | 749 | 7,172 | 718 | 756 | 508 | |||||||||||||||
Amortization of intangibles | 762 | 526 | — | — | — | |||||||||||||||
Other noninterest expense | 1,916 | 2,205 | 639 | 682 | 636 | |||||||||||||||
Total noninterest expense | 18,266 | 23,239 | 7,671 | 7,821 | 7,202 | |||||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 4,653 | (11,454 | ) | 3,689 | 4,592 | 2,648 | ||||||||||||||
Provision for income taxes | 1,722 | (3,293 | ) | 1,463 | 1,690 | 934 | ||||||||||||||
NET INCOME (LOSS) | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | |||||||||
Net income (loss) per common share‑basic | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.13 | |||||||||
Net income (loss) per common share‑diluted | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | |||||||||
Weighted average shares - basic | 24,485,900 | 20,494,895 | 13,562,125 | 13,552,820 | 13,465,579 | |||||||||||||||
Weighted average shares - diluted | 24,993,597 | 21,004,577 | 13,904,395 | 13,895,090 | 13,798,344 |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
March 31, 2016 | December 31, 2015 | |||||||||||||||||||||
(dollars in thousands; taxable equivalent) | Average Balance | Interest Income/Expense | Tax Equivalent Yield/Rate | Average Balance | Interest Income/Expense | Tax Equivalent Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Deposits in other banks | $ | 63,976 | $ | 173 | 1.09 | % | $ | 117,646 | $ | 167 | 0.56 | % | ||||||||||
Other short-term investments | 29,768 | 99 | 1.34 | % | 34,700 | 114 | 1.30 | % | ||||||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable investment securities | 338,880 | 1,498 | 1.78 | % | 245,475 | 1,164 | 1.88 | % | ||||||||||||||
Non-taxable investment securities(1) | 18,848 | 157 | 3.35 | % | 9,837 | 90 | 3.63 | % | ||||||||||||||
Total investment securities | 357,728 | 1,655 | 1.86 | % | 255,312 | 1,254 | 1.95 | % | ||||||||||||||
Total loans | 1,881,749 | 19,625 | 4.19 | % | 1,612,854 | 16,688 | 4.11 | % | ||||||||||||||
FHLB stock | 2,434 | 1 | 0.17 | % | 3,583 | 47 | 5.20 | % | ||||||||||||||
Total interest-earning assets | 2,335,655 | 21,553 | 3.71 | % | 2,024,095 | 18,270 | 3.58 | % | ||||||||||||||
Non-earning assets | 285,095 | 224,519 | ||||||||||||||||||||
Total assets | $ | 2,620,750 | $ | 2,248,614 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
NOW, money market, and savings | 1,117,316 | 1,050 | 0.38 | % | 1,015,427 | 950 | 0.37 | % | ||||||||||||||
Time deposits | 267,330 | 224 | 0.34 | % | 184,257 | 104 | 0.22 | % | ||||||||||||||
Internet and brokered deposits | 216,490 | 399 | 0.74 | % | 199,748 | 301 | 0.60 | % | ||||||||||||||
Total interest-bearing deposits | 1,601,136 | 1,673 | 0.42 | % | 1,399,432 | 1,355 | 0.38 | % | ||||||||||||||
Other borrowings | 99,357 | 149 | 0.60 | % | 24,564 | 96 | 1.55 | % | ||||||||||||||
Long-term debt | 49,213 | 810 | 6.62 | % | 49,189 | 841 | 6.78 | % | ||||||||||||||
Total interest-bearing liabilities | 1,749,706 | 2,632 | 0.61 | % | 1,473,185 | 2,292 | 0.62 | % | ||||||||||||||
Demand deposits | 554,547 | 486,860 | ||||||||||||||||||||
Other liabilities | 24,691 | 41,727 | ||||||||||||||||||||
Shareholders' equity | 291,806 | 246,842 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,620,750 | $ | 2,248,614 | ||||||||||||||||||
Net interest spread | 3.10 | % | 2.96 | % | ||||||||||||||||||
Net interest income and net interest margin(2) | $ | 18,921 | 3.26 | % | $ | 15,978 | 3.13 | % | ||||||||||||||
(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, 2016 | December 31, 2015 | ||||||||||||
(dollars in thousands; taxable equivalent) | Amount | Yield | Amount | Yield | |||||||||
Reported interest income on loans | $ | 19,625 | 4.19 | % | $ | 16,688 | 4.11% | ||||||
Less: accretion of loan acquisition discounts | (886 | ) | (625 | ) | |||||||||
Core interest income on loans | $ | 18,739 | 4.01 | % | $ | 16,063 | 3.95% | ||||||
Amount | Net Interest Margin | Amount | Net Interest Margin | ||||||||||
Net interest income / net interest margin | $ | 18,921 | 3.26 | % | $ | 15,978 | 3.13% | ||||||
Less: | |||||||||||||
Accretion of loan acquisition discounts | (886 | ) | (625 | ) | |||||||||
Accretion of time deposit premium | (308 | ) | (241 | ) | |||||||||
Net interest income / net interest margin excluding purchase accounting | $ | 17,727 | 3.05 | % | $ | 15,112 | 2.96% |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Loans | ||||||||||||||||||||||||||||
2016 | 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
Loans held for sale | $ | 61,003 | $ | 59,995 | $ | — | $ | 1,768 | $ | 581 | $ | 1,008 | $ | 60,422 | ||||||||||||||
Branch loans held for sale | 34,288 | 35,470 | — | — | — | (1,182 | ) | 34,288 | ||||||||||||||||||||
Total loans held for sale | $ | 95,291 | $ | 95,465 | $ | — | $ | 1,768 | $ | 581 | $ | (174 | ) | $ | 94,710 | |||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 499,634 | $ | 467,083 | $ | 366,830 | $ | 368,857 | $ | 375,619 | $ | 32,551 | $ | 124,015 | ||||||||||||||
Commercial real estate | 843,597 | 846,413 | 440,226 | 437,000 | 440,100 | (2,816 | ) | 403,497 | ||||||||||||||||||||
Construction and land | 183,439 | 166,358 | 106,934 | 90,039 | 99,146 | 17,081 | 84,293 | |||||||||||||||||||||
Mortgage warehouse loans | 123,875 | 84,350 | 89,816 | 113,285 | 130,112 | 39,525 | (6,237 | ) | ||||||||||||||||||||
Total commercial loans | 1,650,545 | 1,564,204 | 1,003,806 | 1,009,181 | 1,044,977 | 86,341 | 605,568 | |||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Residential mortgages | 106,433 | 110,381 | 726 | 728 | 737 | (3,948 | ) | 105,696 | ||||||||||||||||||||
Home equity | 83,094 | 80,738 | 27,186 | 32,005 | 26,829 | 2,356 | 56,265 | |||||||||||||||||||||
Total residential loans | 189,527 | 191,119 | 27,912 | 32,733 | 27,566 | (1,592 | ) | 161,961 | ||||||||||||||||||||
Consumer | 30,905 | 30,451 | 18,741 | 18,462 | 15,608 | 454 | 15,297 | |||||||||||||||||||||
Other | 20,925 | 6,901 | — | — | — | 14,024 | 20,925 | |||||||||||||||||||||
1,891,902 | 1,792,675 | 1,050,459 | 1,060,376 | 1,088,151 | 99,227 | 803,751 | ||||||||||||||||||||||
Less net deferred fees and other unearned income | (5,139 | ) | (2,006 | ) | (4,022 | ) | (3,688 | ) | (3,482 | ) | (3,133 | ) | (1,657 | ) | ||||||||||||||
Total loans held for investment | $ | 1,886,763 | $ | 1,790,669 | $ | 1,046,437 | $ | 1,056,688 | $ | 1,084,669 | $ | 96,094 | $ | 802,094 | ||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||
Allowance for Loan Losses Activity and Credit Quality | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||
Balance at beginning of period | $ | 18,905 | $ | 11,862 | $ | 11,985 | $ | 11,800 | $ | 11,421 | |||||||||||
Provision for loan losses | 368 | 7,871 | (137 | ) | 185 | 364 | |||||||||||||||
Loans charged-off: | |||||||||||||||||||||
Commercial and industrial | (1,465 | ) | — | — | — | — | |||||||||||||||
Commercial real estate | (140 | ) | (500 | ) | — | — | — | ||||||||||||||
Consumer | (146 | ) | (128 | ) | — | — | — | ||||||||||||||
Total loans charged-off | (1,751 | ) | (628 | ) | — | — | — | ||||||||||||||
Recoveries on loans previously charged‑off: | |||||||||||||||||||||
Construction and land | 15 | — | 14 | — | 15 | ||||||||||||||||
Commercial and industrial | 2 | — | — | — | — | ||||||||||||||||
Consumer | 69 | 48 | — | — | — | ||||||||||||||||
Total recoveries | 86 | 48 | 14 | — | 15 | ||||||||||||||||
Balance at period end | $ | 17,608 | $ | 19,153 | $ | 11,862 | $ | 11,985 | $ | 11,800 | |||||||||||
Loans held for investment | |||||||||||||||||||||
PCI Loans | $ | 22,893 | $ | 24,349 | $ | — | $ | — | $ | — | |||||||||||
Non-PCI Loans | 1,863,870 | 1,766,320 | 1,046,437 | 1,056,688 | 1,084,669 | ||||||||||||||||
$ | 1,886,763 | $ | 1,790,669 | $ | 1,046,437 | $ | 1,056,688 | $ | 1,084,669 | ||||||||||||
Non-performing loans - PCI | $ | 911 | $ | 1,422 | $ | — | $ | — | $ | — | |||||||||||
Non-performing loans - Non-PCI | $ | 157 | $ | 8,549 | $ | — | $ | — | $ | — | |||||||||||
Foreclosed properties (OREO) | 1,760 | 1,982 | 27 | 27 | 1,531 | ||||||||||||||||
Total nonperforming assets | $ | 1,917 | $ | 10,531 | $ | 27 | $ | 27 | $ | 1,531 | |||||||||||
Allowance for loan losses to loans | 0.93 | % | 1.06 | % | 1.13 | % | 1.13 | % | 1.09 | % | |||||||||||
Net charge-offs to average loans (1) | 0.35 | 0.15 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||
Nonperforming loans as a percentage of total loans(2) | — | 0.48 | — | — | — | ||||||||||||||||
Nonperforming assets as a percentage of total assets(2) | 0.07 | 0.40 | — | — | 0.11 | ||||||||||||||||
(1) Annualized (2) Excludes non-performing PCI loans |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Deposits | ||||||||||||||||||||||||||||
2016 | 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
DDA | $ | 560,363 | $ | 544,561 | $ | 328,065 | $ | 327,775 | $ | 300,439 | $ | 15,802 | $ | 259,924 | ||||||||||||||
NOW | 215,176 | 232,868 | 135,350 | 115,614 | 106,680 | (17,692 | ) | 108,496 | ||||||||||||||||||||
Savings | 29,788 | 28,922 | 321 | 437 | 403 | 866 | 29,385 | |||||||||||||||||||||
Money Market | 862,120 | 875,441 | 550,879 | 546,408 | 585,971 | (13,321 | ) | 276,149 | ||||||||||||||||||||
Time | 187,750 | 183,206 | 15,434 | 16,597 | 16,069 | 4,544 | 171,681 | |||||||||||||||||||||
Brokered | 229,408 | 183,810 | 98,559 | 96,230 | 139,049 | 45,598 | 90,359 | |||||||||||||||||||||
Deposits to be assumed in branch sale | 197,857 | 213,410 | — | — | — | (15,553 | ) | 197,857 | ||||||||||||||||||||
Total Deposits | $ | 2,282,462 | $ | 2,262,218 | $ | 1,128,608 | $ | 1,103,061 | $ | 1,148,611 | $ | 20,244 | $ | 1,133,851 | ||||||||||||||
Average Deposits(1) | ||||||||||||||||||||||||||||
2016 | 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
DDA | $ | 554,547 | $ | 486,860 | $ | 325,474 | $ | 297,793 | $ | 299,909 | $ | 67,687 | $ | 254,638 | ||||||||||||||
NOW | 302,376 | 254,821 | 154,776 | 132,783 | 98,447 | 47,555 | 203,929 | |||||||||||||||||||||
Savings | 45,571 | 30,024 | 425 | 396 | 337 | 15,547 | 45,234 | |||||||||||||||||||||
Money Market | 769,369 | 730,582 | 506,064 | 527,994 | 545,514 | 38,787 | 223,855 | |||||||||||||||||||||
Time | 267,330 | 184,257 | 15,756 | 16,528 | 16,000 | 83,073 | 251,330 | |||||||||||||||||||||
Brokered | 216,490 | 199,748 | 98,939 | 137,839 | 125,542 | 16,742 | 90,948 | |||||||||||||||||||||
Total Deposits | $ | 2,155,683 | $ | 1,886,292 | $ | 1,101,434 | $ | 1,113,333 | $ | 1,085,749 | $ | 269,391 | $ | 1,069,934 | ||||||||||||||
Noninterest bearing deposits as a percentage of average deposits | 25.7 | % | 25.8 | % | 29.6 | % | 26.7 | % | 27.6 | % | ||||||||||||||||||
Cost of deposits | 0.31 | % | 0.28 | % | 0.27 | % | 0.28 | % | 0.28 | % | ||||||||||||||||||
(1) Includes average balances of deposits to be assumed in branch sale. |
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||
(in thousands, except per share data) | 2016 | 2015 | |||||||||||||||||||
First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||
Interest income reconciliation | |||||||||||||||||||||
Interest income - taxable equivalent | $ | 21,553 | $ | 18,270 | $ | 10,345 | $ | 10,492 | $ | 9,923 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Interest income - GAAP | $ | 21,499 | $ | 18,240 | $ | 10,334 | $ | 10,481 | $ | 9,912 | |||||||||||
Net interest income reconciliation | |||||||||||||||||||||
Net interest income - taxable equivalent | $ | 18,921 | $ | 15,978 | $ | 9,505 | $ | 9,581 | $ | 9,043 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Net interest income - GAAP | $ | 18,867 | $ | 15,948 | $ | 9,494 | $ | 9,570 | $ | 9,032 | |||||||||||
Operating provision for loan losses reconciliation | |||||||||||||||||||||
Operating provision for loan losses | $ | 368 | $ | 859 | $ | (137 | ) | $ | 185 | $ | 364 | ||||||||||
Provision for acquired non PCI FSG loans | — | 6,764 | — | — | — | ||||||||||||||||
Provision for loan losses - GAAP | $ | 368 | $ | 7,623 | $ | (137 | ) | $ | 185 | $ | 364 | ||||||||||
Operating noninterest expense reconciliation | |||||||||||||||||||||
Operating noninterest expense | $ | 17,517 | $ | 16,067 | $ | 6,953 | $ | 7,065 | $ | 6,694 | |||||||||||
Merger-related charges | 749 | 7,172 | 718 | 756 | 508 | ||||||||||||||||
Noninterest expense - GAAP | $ | 18,266 | $ | 23,239 | $ | 7,671 | $ | 7,821 | $ | 7,202 | |||||||||||
Operating income before income taxes reconciliation | |||||||||||||||||||||
Operating income before income taxes | $ | 5,456 | $ | 2,512 | $ | 4,418 | $ | 5,359 | $ | 3,167 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Merger-related charges | (749 | ) | (7,172 | ) | (718 | ) | (756 | ) | (508 | ) | |||||||||||
Provision for acquired non PCI FSG loans | — | (6,764 | ) | — | — | — | |||||||||||||||
Income (loss) before income taxes - GAAP | $ | 4,653 | $ | (11,454 | ) | $ | 3,689 | $ | 4,592 | $ | 2,648 | ||||||||||
Income tax reconciliation | |||||||||||||||||||||
Operating income tax expense | $ | 2,065 | $ | 2,117 | $ | 1,749 | $ | 1,991 | $ | 1,140 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Merger related charges, tax benefit | (289 | ) | (2,769 | ) | (275 | ) | (290 | ) | (195 | ) | |||||||||||
Provision for acquired non PCI FSG loans, tax benefit | — | (2,611 | ) | — | — | — | |||||||||||||||
Income tax expense - GAAP | $ | 1,722 | $ | (3,293 | ) | $ | 1,463 | $ | 1,690 | $ | 934 | ||||||||||
Net income reconciliation | |||||||||||||||||||||
Operating net income | $ | 3,391 | $ | 395 | $ | 2,669 | $ | 3,368 | $ | 2,027 | |||||||||||
Merger related charges, net of income tax | (460 | ) | (4,403 | ) | (443 | ) | (466 | ) | (313 | ) | |||||||||||
Provision for acquired non PCI FSG loans, net of income tax | — | (4,153 | ) | — | — | — | |||||||||||||||
Net income - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | ||||||||||
Diluted earnings per share reconciliation | |||||||||||||||||||||
Diluted earnings per share - operating | $ | 0.14 | $ | 0.02 | $ | 0.19 | $ | 0.24 | $ | 0.15 | |||||||||||
Merger related charges | (0.02 | ) | (0.42 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | |||||||||||
Diluted earnings per share - GAAP | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | ||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||
(in thousands, except per share data) | 2016 | 2015 | |||||||||||||||||||
First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||
Book value per common share reconciliation | |||||||||||||||||||||
Total shareholders’ equity | $ | 294,652 | $ | 287,992 | $ | 149,809 | $ | 146,485 | $ | 144,159 | |||||||||||
Intangible assets | (33,914 | ) | (35,232 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | |||||||||||
Total tangible common equity | $ | 260,738 | $ | 252,760 | $ | 148,550 | $ | 145,430 | $ | 143,311 | |||||||||||
Common shares outstanding | 24,569,823 | 24,425,546 | 13,562,125 | 13,562,125 | 13,508,480 | ||||||||||||||||
Book value per common share - GAAP | 11.99 | 11.79 | 11.05 | 10.8 | 10.67 | ||||||||||||||||
Tangible book value | 10.61 | 10.35 | 10.95 | 10.72 | 10.61 | ||||||||||||||||
Return on average equity reconciliation | |||||||||||||||||||||
Net income - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | ||||||||||
Merger related charges, net of income tax | 460 | 4,403 | 443 | 466 | 313 | ||||||||||||||||
Provision for acquired FSG loans, net of income tax | — | 4,153 | — | — | — | ||||||||||||||||
Operating net income | $ | 3,391 | $ | 395 | $ | 2,669 | $ | 3,368 | $ | 2,027 | |||||||||||
Average shareholders' equity | 291,806 | 246,842 | 146,430 | 145,210 | 141,930 | ||||||||||||||||
Return on average equity - GAAP | 4.02 | % | (13.22 | ) | % | 6.08 | % | 7.99 | % | 4.83 | % | ||||||||||
Return on average equity - operating | 4.65 | 0.64 | 7.29 | 9.28 | 5.71 | ||||||||||||||||
Return on average assets reconciliation | |||||||||||||||||||||
Net income - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | ||||||||||
Merger related charges, net of income tax benefit | 460 | 4,403 | 443 | 466 | 313 | ||||||||||||||||
Provision for acquired FSG loans | — | 4,153 | — | — | — | ||||||||||||||||
Operating net income | $ | 3,391 | $ | 395 | $ | 2,669 | $ | 3,368 | $ | 2,027 | |||||||||||
Average assets | 2,620,750 | 2,248,614 | 1,349,997 | 1,379,150 | 1,346,437 | ||||||||||||||||
Return on average assets - GAAP | 0.45 | % | (1.45 | ) | % | 0.66 | % | 0.84 | % | 0.51 | % | ||||||||||
Return on average assets - operating | 0.52 | 0.07 | 0.79 | 0.98 | 0.60 | ||||||||||||||||
Efficiency ratio reconciliation | |||||||||||||||||||||
Operating noninterest expense | $ | 17,517 | $ | 16,067 | $ | 6,953 | $ | 7,065 | $ | 6,694 | |||||||||||
Merger-related charges | 749 | 7,172 | 718 | 756 | 508 | ||||||||||||||||
Noninterest expense - GAAP | $ | 18,266 | $ | 23,239 | $ | 7,671 | $ | 7,821 | $ | 7,202 | |||||||||||
Net interest income | 18,867 | 15,948 | 9,494 | 9,570 | 9,032 | ||||||||||||||||
Noninterest income | 4,420 | 3,460 | 1,729 | 3,028 | 1,182 | ||||||||||||||||
Efficiency ratio | 75.22 | % | 82.79 | % | 61.95 | % | 56.08 | % | 65.54 | % | |||||||||||
Tangible equity to tangible assets reconciliation | |||||||||||||||||||||
Total shareholders’ equity | $ | 294,652 | $ | 287,992 | $ | 149,809 | $ | 146,485 | $ | 144,159 | |||||||||||
Intangible assets | (33,914 | ) | (35,232 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | |||||||||||
Total tangible common equity | $ | 260,738 | $ | 252,760 | $ | 148,550 | $ | 145,430 | $ | 143,311 | |||||||||||
Total assets | $ | 2,724,669 | $ | 2,638,780 | $ | 1,381,698 | $ | 1,373,267 | $ | 1,380,768 | |||||||||||
Intangible assets | (33,914 | ) | (35,232 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | |||||||||||
Total tangible assets | $ | 2,690,755 | $ | 2,603,548 | $ | 1,380,439 | $ | 1,372,212 | $ | 1,379,920 | |||||||||||
Tangible equity to tangible assets | 9.69 | % | 9.71 | % | 10.76 | % | 10.6 | % | 10.39 | % |
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