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 27, 2017 |
99.1 | Press Release dated January 27, 2017 |
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 |
• | Reported net income of $2.1 million, or $0.08 per diluted share; operating net income of $2.2 million, or $0.09 per diluted share. |
• | Exited the TriNet lending line of business and sold $35.7 million in TriNet loans during the fourth quarter. |
• | Announced the sale of the Cleveland, Tennessee branch and transferred $30.9 million from loans held for investment to loans held for sale. |
• | Increased total deposits $48.7 million, or 8.9% annualized, to $2.24 billion from September 30, 2016. |
• | Increased noninterest income $428,000 compared to the third quarter of 2016, to $4.4 million. |
• | Reported nonperforming assets to total assets of 0.13%, as of December 31, 2016. |
• | Reported annualized net charge-offs to average loans of 0.03% for the fourth quarter of 2016 and 0.14% for the fiscal year. |
• | Sold seven branches and closed two additional branches, reducing the number of branches to 17 as of December 31, 2016. |
• | Completed the systems conversion of First Security Group. |
• | Announced the hiring of leadership team in Charlotte and intention to open an office in early 2017. |
• | Grew the SBA line of business revenue by 25%, totaling $3.6 million in 2016. |
• | Increased loans held for investment $190.7 million, or 10.6%, from December 31, 2015. |
• | Increased total deposits (excluding deposits assumed in branch sale) $157.2 million, or 7.7%, from December 31, 2015. |
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||
Selected Financial Information | |||||||||||||||||||||||||||||
2016 | 2015 | For the year ended December 31, | |||||||||||||||||||||||||||
(in thousands, except share and per share data; taxable equivalent) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2016 | 2015 | ||||||||||||||||||||||
INCOME SUMMARY | |||||||||||||||||||||||||||||
Interest income (1) | $ | 22,530 | $ | 22,428 | $ | 22,190 | $ | 21,553 | $ | 18,270 | $ | 88,701 | $ | 49,030 | |||||||||||||||
Interest expense | 3,029 | 2,941 | 2,907 | 2,632 | 2,292 | 11,509 | 4,923 | ||||||||||||||||||||||
Net interest income | 19,501 | 19,487 | 19,283 | 18,921 | 15,978 | 77,192 | 44,107 | ||||||||||||||||||||||
Operating provision for loan losses (2) | 2,208 | 463 | 777 | 368 | 859 | 3,816 | 1,271 | ||||||||||||||||||||||
Net interest income after provision for loan losses | 17,293 | 19,024 | 18,506 | 18,553 | 15,119 | 73,376 | 42,836 | ||||||||||||||||||||||
Operating noninterest income | 4,430 | 4,002 | 4,995 | 4,420 | 3,460 | 17,847 | 9,399 | ||||||||||||||||||||||
Operating noninterest expense (3) | 17,807 | 16,717 | 17,428 | 17,517 | 16,067 | 69,469 | 36,779 | ||||||||||||||||||||||
Operating income before income taxes | 3,916 | 6,309 | 6,073 | 5,456 | 2,512 | 21,754 | 15,456 | ||||||||||||||||||||||
Operating income tax expense | 1,711 | 2,245 | 2,381 | 2,065 | 2,117 | 8,402 | 6,997 | ||||||||||||||||||||||
Operating net income (2)(3) | 2,205 | 4,064 | 3,692 | 3,391 | 395 | 13,352 | 8,459 | ||||||||||||||||||||||
Provision for acquired non PCI FSG loans | — | — | — | — | 4,153 | — | 4,153 | ||||||||||||||||||||||
Merger related expenses, net of income tax | 126 | 356 | 743 | 460 | 4,403 | 1,685 | 5,625 | ||||||||||||||||||||||
Net gain on sale of branches, net of income tax | — | — | 2,198 | — | — | 2,198 | — | ||||||||||||||||||||||
Net income (loss) - GAAP | $ | 2,079 | $ | 3,708 | $ | 5,147 | $ | 2,931 | $ | (8,161 | ) | $ | 13,865 | $ | (1,319 | ) | |||||||||||||
PER SHARE DATA | |||||||||||||||||||||||||||||
Diluted earnings (loss) per share - GAAP | $ | 0.08 | $ | 0.15 | $ | 0.20 | $ | 0.12 | $ | (0.40 | ) | $ | 0.55 | $ | (0.09 | ) | |||||||||||||
Diluted earnings per share - operating (2)(3) | 0.09 | 0.16 | 0.15 | 0.14 | 0.02 | 0.53 | 0.54 | ||||||||||||||||||||||
Book value per share | 12.12 | 12.36 | 12.29 | 11.99 | 11.79 | 12.12 | 11.79 | ||||||||||||||||||||||
Tangible book value per share (4) | 10.94 | 11.16 | 11.01 | 10.61 | 10.35 | 10.94 | 10.35 | ||||||||||||||||||||||
PERFORMANCE MEASURES | |||||||||||||||||||||||||||||
Return on average equity - GAAP | 2.69 | % | 4.84 | % | 6.88 | % | 4.02 | % | (13.22 | ) | % | 4.60 | % | (0.77 | ) | % | |||||||||||||
Return on average equity - operating (2)(3) | 2.86 | 5.30 | 4.94 | 4.65 | 0.64 | 4.43 | 4.96 | ||||||||||||||||||||||
Return on average assets - GAAP | 0.31 | 0.55 | 0.76 | 0.45 | (1.45 | ) | 0.51 | (0.08 | ) | ||||||||||||||||||||
Return on average assets operating (2)(3) | 0.32 | 0.60 | 0.54 | 0.52 | 0.07 | 0.49 | 0.53 | ||||||||||||||||||||||
Taxable equivalent net interest margin | 3.11 | 3.12 | 3.12 | 3.26 | 3.13 | 3.12 | 2.99 | ||||||||||||||||||||||
Efficiency ratio | 75.11 | 71.57 | 72.00 | 75.22 | 82.79 | 73.47 | 68.82 | ||||||||||||||||||||||
CAPITAL | |||||||||||||||||||||||||||||
Average equity to average assets | 11.33 | % | 11.28 | % | 11.01 | % | 11.13 | % | 10.98 | % | 11.13 | % | 10.79 | % | |||||||||||||||
Tangible common equity to tangible assets | 10.18 | 10.19 | 9.81 | 9.69 | 9.71 | 10.18 | 9.71 | ||||||||||||||||||||||
Tier 1 capital ratio | 10.0 | (6) | 9.7 | 9.9 | 9.5 | 9.8 | 10.0 | (6) | 9.8 | ||||||||||||||||||||
Total risk based capital ratio | 13.0 | (6) | 12.5 | 12.8 | 12.4 | 12.9 | 13.0 | (6) | 12.9 | ||||||||||||||||||||
Number of common shares outstanding - basic | 25,093,135 | 24,950,099 | 24,750,163 | 24,569,823 | 24,425,546 | 25,093,135 | 24,425,546 | ||||||||||||||||||||||
Number of common shares outstanding - diluted | 25,673,841 | 25,342,883 | 25,267,803 | 25,077,520 | 25,059,823 | 25,673,841 | 25,059,823 | ||||||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||||||||
Allowance for loan losses to loans held for investment | 1.04 | % | 0.92 | % | 0.95 | % | 0.93 | % | 1.06 | % | 1.04 | % | 1.06 | % | |||||||||||||||
Net charge-offs to average loans (5) | 0.03 | 0.06 | — | 0.35 | 0.15 | 0.14 | 0.05 | ||||||||||||||||||||||
NPAs to total assets | 0.13 | 0.09 | 0.07 | 0.08 | 0.40 | 0.13 | 0.40 | ||||||||||||||||||||||
(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 provision for acquired non PCI FSG loans. (3)Excludes merger related expenses. (4)Excludes effect of servicing asset and acquisition related intangibles. (5)Annualized. (6)Amounts are estimates as of 12/31/16. |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||
Consolidated Balance Sheets (unaudited) | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
(in thousands, except share data) | 2016 | 2016 | 2015 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 36,790 | $ | 44,563 | $ | 45,848 | ||||||
Interest-bearing deposits in banks | 118,039 | 75,750 | 130,900 | |||||||||
Other short-term investments | 10,896 | 23,159 | 26,137 | |||||||||
Cash and cash equivalents | 165,725 | 143,472 | 202,885 | |||||||||
Investment securities available-for-sale | 347,705 | 348,484 | 346,221 | |||||||||
Other investments | 23,806 | 26,370 | 8,034 | |||||||||
Loans held for sale | 35,219 | 46,600 | 95,465 | |||||||||
Loans held for investment | 1,981,330 | 2,008,102 | 1,790,669 | |||||||||
Less: allowance for loan losses | (20,595 | ) | (18,534 | ) | (18,905 | ) | ||||||
Loans, net | 1,960,735 | 1,989,568 | 1,771,764 | |||||||||
Branch premises held for sale | 2,995 | 5,201 | 7,200 | |||||||||
Premises and equipment, net | 11,958 | 15,213 | 23,145 | |||||||||
Bank owned life insurance | 62,160 | 61,766 | 60,608 | |||||||||
Goodwill and intangible assets, net | 29,567 | 30,071 | 35,232 | |||||||||
Other real estate owned | 1,872 | 1,727 | 1,982 | |||||||||
Other assets | 85,507 | 92,772 | 86,244 | |||||||||
Total assets | $ | 2,727,249 | $ | 2,761,244 | $ | 2,638,780 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 643,471 | $ | 557,783 | $ | 544,561 | ||||||
Interest-bearing checking | 264,062 | 260,531 | 232,868 | |||||||||
Savings | 27,932 | 29,658 | 28,922 | |||||||||
Money market | 912,493 | 974,072 | 875,441 | |||||||||
Time | 157,810 | 172,348 | 183,206 | |||||||||
Brokered deposits | 200,223 | 194,464 | 183,810 | |||||||||
Deposits to be assumed in branch sale | 31,589 | — | 213,410 | |||||||||
Total deposits | 2,237,580 | 2,188,856 | 2,262,218 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | 11,931 | |||||||||
Federal Home Loan Bank borrowings | 110,000 | 170,000 | — | |||||||||
Long-term debt | 49,366 | 49,324 | 49,197 | |||||||||
Other liabilities | 26,175 | 44,601 | 27,442 | |||||||||
Total liabilities | 2,423,121 | 2,452,781 | 2,350,788 | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2016, September 30, 2016, and December 31, 2015 | — | — | — | |||||||||
Common stock, no par value; 100,000,000 shares authorized; 25,093,135, 24,950,099, and 24,425,546 shares issued and outstanding as of December 31, 2016, September 30, 2016, and December 31, 2015, respectively | 292,747 | 290,835 | 286,367 | |||||||||
Retained earnings | 17,006 | 14,927 | 3,141 | |||||||||
Accumulated other comprehensive income (loss) | (5,625 | ) | 2,701 | (1,516 | ) | |||||||
Total shareholders’ equity | 304,128 | 308,463 | 287,992 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,727,249 | $ | 2,761,244 | $ | 2,638,780 | ||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Consolidated Statements of Income (unaudited) | ||||||||||||||||||||||||||||
(in thousands, except share and per share data) | Three months ended | Year ended | ||||||||||||||||||||||||||
December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||
Loans, including fees | $ | 20,363 | $ | 20,511 | $ | 20,282 | $ | 19,625 | $ | 16,688 | $ | 80,781 | $ | 44,562 | ||||||||||||||
Investment securities available-for-sale | 1,477 | 1,293 | 1,327 | 1,601 | 1,224 | 5,698 | 3,301 | |||||||||||||||||||||
Interest and dividends on other interest‑earning assets | 467 | 491 | 507 | 273 | 328 | 1,738 | 1,104 | |||||||||||||||||||||
Total interest income | 22,307 | 22,295 | 22,116 | 21,499 | 18,240 | 88,217 | 48,967 | |||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||
Interest on deposits | 1,929 | 1,956 | 1,841 | 1,673 | 1,355 | 7,399 | 3,618 | |||||||||||||||||||||
Interest on Federal Home Loan Bank advances | 234 | 133 | 147 | 44 | 7 | 558 | 290 | |||||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 38 | 37 | 87 | 67 | 10 | 229 | 79 | |||||||||||||||||||||
Interest on long-term debt | 828 | 815 | 832 | 810 | 841 | 3,285 | 858 | |||||||||||||||||||||
Other | — | — | — | 38 | 79 | 38 | 78 | |||||||||||||||||||||
Total interest expense | 3,029 | 2,941 | 2,907 | 2,632 | 2,292 | 11,509 | 4,923 | |||||||||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 19,278 | 19,354 | 19,209 | 18,867 | 15,948 | 76,708 | 44,044 | |||||||||||||||||||||
Provision for loan losses | 2,208 | 463 | 777 | 368 | 7,623 | 3,816 | 8,035 | |||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 17,070 | 18,891 | 18,432 | 18,499 | 8,325 | 72,892 | 36,009 | |||||||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||||||||||
Service charges | 1,327 | 1,270 | 1,392 | 1,498 | 1,265 | 5,487 | 2,613 | |||||||||||||||||||||
Gains on sale of securities available-for-sale | — | — | 11 | 33 | — | 44 | 10 | |||||||||||||||||||||
Gains on sale of other assets | 238 | 71 | 31 | 48 | 103 | 388 | 189 | |||||||||||||||||||||
Mortgage income | 499 | 632 | 447 | 339 | 163 | 1,917 | 163 | |||||||||||||||||||||
Trust income | 350 | 361 | 386 | 314 | 192 | 1,411 | 192 | |||||||||||||||||||||
Derivatives income | 346 | 69 | 98 | 65 | 89 | 578 | 304 | |||||||||||||||||||||
Bank owned life insurance | 395 | 424 | 398 | 393 | 365 | 1,610 | 2,159 | |||||||||||||||||||||
SBA lending activities | 599 | 959 | 1,204 | 880 | 904 | 3,642 | 2,910 | |||||||||||||||||||||
TriNet lending activities | 357 | — | 761 | 383 | — | 1,501 | — | |||||||||||||||||||||
Gains on sale of branches | — | — | 3,885 | — | — | 3,885 | — | |||||||||||||||||||||
Other noninterest income | 319 | 216 | 267 | 467 | 379 | 1,269 | 859 | |||||||||||||||||||||
Total noninterest income | 4,430 | 4,002 | 8,880 | 4,420 | 3,460 | 21,732 | 9,399 | |||||||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
Salaries and employee benefits | 10,505 | 10,059 | 10,420 | 10,555 | 9,661 | 41,539 | 24,098 | |||||||||||||||||||||
Occupancy | 995 | 1,235 | 1,274 | 1,100 | 907 | 4,604 | 2,170 | |||||||||||||||||||||
Equipment and software | 694 | 862 | 724 | 686 | 608 | 2,966 | 1,295 | |||||||||||||||||||||
Professional services | 968 | 442 | 760 | 748 | 1,020 | 2,918 | 1,610 | |||||||||||||||||||||
Postage, printing and supplies | 73 | 61 | 159 | 169 | 115 | 462 | 178 | |||||||||||||||||||||
Communications and data processing | 1,064 | 617 | 694 | 916 | 555 | 3,291 | 1,541 | |||||||||||||||||||||
Marketing and business development | 247 | 269 | 317 | 267 | 197 | 1,100 | 410 | |||||||||||||||||||||
FDIC premiums | 262 | 415 | 493 | 398 | 273 | 1,568 | 789 | |||||||||||||||||||||
Merger and conversion costs | 204 | 579 | 1,210 | 749 | 7,172 | 2,742 | 9,154 | |||||||||||||||||||||
Amortization of intangibles | 495 | 520 | 668 | 762 | 526 | 2,445 | 526 | |||||||||||||||||||||
NPA/ORE expense | 666 | 39 | 55 | 104 | 70 | 864 | 70 | |||||||||||||||||||||
Other noninterest expense | 1,838 | 2,198 | 2,169 | 1,812 | 2,135 | 8,017 | 4,092 | |||||||||||||||||||||
Total noninterest expense | 18,011 | 17,296 | 18,943 | 18,266 | 23,239 | 72,516 | 45,933 | |||||||||||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 3,489 | 5,597 | 8,369 | 4,653 | (11,454 | ) | 22,108 | (525 | ) | |||||||||||||||||||
Provision for income taxes | 1,410 | 1,889 | 3,222 | 1,722 | (3,293 | ) | 8,243 | 794 | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 2,079 | $ | 3,708 | $ | 5,147 | $ | 2,931 | $ | (8,161 | ) | $ | 13,865 | $ | (1,319 | ) | ||||||||||||
Net income (loss) per common share‑basic | $ | 0.08 | $ | 0.15 | $ | 0.21 | $ | 0.12 | $ | (0.40 | ) | $ | 0.56 | $ | (0.09 | ) | ||||||||||||
Net income (loss) per common share‑diluted | $ | 0.08 | $ | 0.15 | $ | 0.20 | $ | 0.12 | $ | (0.40 | ) | $ | 0.55 | $ | (0.09 | ) | ||||||||||||
Weighted average shares - basic | 25,027,304 | 24,891,822 | 24,644,755 | 24,485,900 | 20,494,895 | 24,763,522 | 15,283,437 | |||||||||||||||||||||
Weighted average shares - diluted | 25,407,728 | 25,260,280 | 25,158,694 | 24,993,597 | 21,004,577 | 25,186,680 | 15,663,865 |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
December 31, 2016 | September 30, 2016 | |||||||||||||||||||||
(dollars in thousands; taxable equivalent) | Average Balance | Interest Income/Expense | Tax Equivalent Yield/Rate | Average Balance | Interest Income/Expense | Tax Equivalent Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Interest bearing deposits in other banks | $ | 70,304 | $ | 102 | 0.58 | % | $ | 109,883 | $ | 158 | 0.57 | % | ||||||||||
Other short-term investments | 20,198 | 74 | 1.46 | 18,741 | 60 | 1.27 | ||||||||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable investment securities | 269,928 | 1,041 | 1.53 | 283,303 | 1,033 | 1.45 | ||||||||||||||||
Non-taxable investment securities(1) | 79,834 | 659 | 3.28 | 52,577 | 393 | 2.97 | ||||||||||||||||
Total investment securities | 349,762 | 1,700 | 1.93 | 335,880 | 1,426 | 1.69 | ||||||||||||||||
Total loans | 2,036,995 | 20,363 | 3.98 | 2,003,180 | 20,511 | 4.07 | ||||||||||||||||
FHLB and FRB stock | 20,954 | 291 | 5.52 | 17,192 | 273 | 6.32 | ||||||||||||||||
Total interest-earning assets | 2,498,213 | 22,530 | 3.59 | 2,484,876 | 22,428 | 3.59 | ||||||||||||||||
Non-earning assets | 224,231 | 233,120 | ||||||||||||||||||||
Total assets | $ | 2,722,444 | $ | 2,717,996 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
NOW, money market, and savings | 1,136,209 | 1,243 | 0.44 | 1,236,828 | 1,338 | 0.43 | ||||||||||||||||
Time deposits | 169,677 | 282 | 0.66 | 175,135 | 241 | 0.55 | ||||||||||||||||
Brokered deposits | 197,833 | 404 | 0.81 | 196,598 | 377 | 0.76 | ||||||||||||||||
Total interest-bearing deposits | 1,503,719 | 1,929 | 0.51 | 1,608,561 | 1,956 | 0.48 | ||||||||||||||||
Total borrowings | 235,608 | 272 | 0.46 | 157,957 | 170 | 0.43 | ||||||||||||||||
Long-term debt | 49,338 | 828 | 6.68 | 49,296 | 815 | 6.58 | ||||||||||||||||
Total interest-bearing liabilities | 1,788,665 | 3,029 | 0.67 | 1,815,814 | 2,941 | 0.64 | ||||||||||||||||
Demand deposits | 591,166 | 555,008 | ||||||||||||||||||||
Other liabilities | 34,025 | 40,532 | ||||||||||||||||||||
Shareholders' equity | 308,588 | 306,642 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,722,444 | $ | 2,717,996 | ||||||||||||||||||
Net interest spread | 2.92 | % | 2.95 | % | ||||||||||||||||||
Net interest income and net interest margin(2) | $ | 19,501 | 3.11 | % | $ | 19,487 | 3.12 | % | ||||||||||||||
(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 | ||||||||||||||
December 31, 2016 | September 30, 2016 | |||||||||||||
(dollars in thousands; taxable equivalent) | Amount | Yield | Amount | Yield | ||||||||||
Reported interest income on loans | $ | 20,363 | 3.98 | % | $ | 20,511 | 4.07 | % | ||||||
Less: accretion of loan acquisition discounts | (571 | ) | (576 | ) | ||||||||||
Core interest income on loans | $ | 19,792 | 3.87 | % | $ | 19,935 | 3.96 | % | ||||||
Amount | Net Interest Margin | Amount | Net Interest Margin | |||||||||||
Net interest income / net interest margin | $ | 19,501 | 3.11 | % | $ | 19,487 | 3.12 | % | ||||||
Less: | ||||||||||||||
Accretion of loan acquisition discounts | (571 | ) | (576 | ) | ||||||||||
Accretion of time deposit premium | (142 | ) | (170 | ) | ||||||||||
Net interest income / net interest margin excluding purchase accounting | $ | 18,788 | 2.99 | % | $ | 18,741 | 3.00 | % |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||
Year ended | ||||||||||||||||||||||
December 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 | ||||||||||||||||||||||
Interest bearing deposits in other banks | $ | 92,744 | $ | 583 | 0.63 | % | $ | 65,093 | $ | 263 | 0.40 | % | ||||||||||
Other short-term investments | 23,134 | 318 | 1.37 | 49,014 | 652 | 1.33 | ||||||||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable investment securities | 310,815 | 4,755 | 1.53 | 161,597 | 3,179 | 1.97 | ||||||||||||||||
Non-taxable investment securities(1) | 46,239 | 1,427 | 3.09 | 4,199 | 185 | 4.41 | ||||||||||||||||
Total investment securities | 357,054 | 6,182 | 1.73 | 165,796 | 3,364 | 2.03 | ||||||||||||||||
Total loans | 1,986,482 | 80,781 | 4.07 | 1,192,103 | 44,562 | 3.74 | ||||||||||||||||
FHLB and FRB stock | 15,617 | 837 | 5.36 | 4,338 | 189 | 4.36 | ||||||||||||||||
Total interest-earning assets | 2,475,031 | 88,701 | 3.58 | 1,476,344 | 49,030 | 3.32 | ||||||||||||||||
Non-earning assets | 234,107 | 105,343 | ||||||||||||||||||||
Total assets | $ | 2,709,138 | $ | 1,581,687 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
NOW, money market, and savings | 1,170,879 | 4,889 | 0.42 | 745,777 | 2,840 | 0.38 | ||||||||||||||||
Time deposits | 208,800 | 936 | 0.45 | 58,133 | 150 | 0.26 | ||||||||||||||||
Brokered deposits | 207,543 | 1,574 | 0.76 | 140,416 | 628 | 0.45 | ||||||||||||||||
Total interest-bearing deposits | 1,587,222 | 7,399 | 0.47 | 944,326 | 3,618 | 0.38 | ||||||||||||||||
Total borrowings | 176,122 | 825 | 0.47 | 84,196 | 447 | 0.53 | ||||||||||||||||
Total long-term debt | 49,275 | 3,285 | 6.67 | 12,805 | 858 | 6.70 | ||||||||||||||||
Total interest-bearing liabilities | 1,812,619 | 11,509 | 0.63 | 1,041,327 | 4,923 | 0.47 | ||||||||||||||||
Demand deposits | 559,762 | 352,437 | ||||||||||||||||||||
Other liabilities | 35,314 | 17,248 | ||||||||||||||||||||
Shareholders' equity | 301,443 | 170,675 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,709,138 | $ | 1,581,687 | ||||||||||||||||||
Net interest spread | 2.95 | % | 2.85 | % | ||||||||||||||||||
Net interest income and net interest margin(2) | $ | 77,192 | 3.12 | % | $ | 44,107 | 2.99 | % | ||||||||||||||
(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. |
Year ended | ||||||||||||||
December 31, 2016 | December 31, 2015 | |||||||||||||
(dollars in thousands; taxable equivalent) | Amount | Yield | Amount | Yield | ||||||||||
Reported interest income on loans | $ | 80,781 | 4.07 | % | $ | 44,562 | 3.74 | % | ||||||
Less: accretion of loan acquisition discounts | (2,558 | ) | (625 | ) | ||||||||||
Core interest income on loans | $ | 78,223 | 3.94 | % | $ | 43,937 | 3.54 | % | ||||||
Amount | Net Interest Margin | Amount | Net Interest Margin | |||||||||||
Net interest income / net interest margin | $ | 77,192 | 3.12 | % | $ | 44,107 | 2.99 | % | ||||||
Less: | ||||||||||||||
Accretion of loan acquisition discounts | (2,558 | ) | (625 | ) | ||||||||||
Accretion of time deposit premium | (854 | ) | (241 | ) | ||||||||||
Net interest income / net interest margin excluding purchase accounting | $ | 73,780 | 2.98 | % | $ | 43,241 | 2.91 | % |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Loans | ||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||||
Loans held for sale | $ | 4,302 | $ | 46,600 | $ | 29,061 | $ | 61,003 | $ | 59,995 | $ | (42,298 | ) | $ | (55,693 | ) | ||||||||||||
Branch loans held for sale | 30,917 | — | — | 34,288 | 35,470 | 30,917 | (4,553 | ) | ||||||||||||||||||||
Total loans held for sale | $ | 35,219 | $ | 46,600 | $ | 29,061 | $ | 95,291 | $ | 95,465 | $ | (11,381 | ) | $ | (60,246 | ) | ||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 531,061 | $ | 533,632 | $ | 508,516 | $ | 499,634 | $ | 467,083 | $ | (2,571 | ) | $ | 63,978 | |||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Multifamily | 68,223 | 74,881 | 79,144 | 81,331 | 78,778 | (6,658 | ) | (10,555 | ) | |||||||||||||||||||
Owner occupied | 352,523 | 337,277 | 351,419 | 333,172 | 320,656 | 15,246 | 31,867 | |||||||||||||||||||||
Investment | 438,032 | 451,125 | 431,633 | 429,094 | 446,979 | (13,093 | ) | (8,947 | ) | |||||||||||||||||||
Construction and land: | ||||||||||||||||||||||||||||
1-4 family residential construction | 10,335 | 11,273 | 9,611 | 8,540 | 6,609 | (938 | ) | 3,726 | ||||||||||||||||||||
Other construction, development, and land | 209,017 | 202,063 | 199,536 | 174,899 | 159,749 | 6,954 | 49,268 | |||||||||||||||||||||
Mortgage warehouse loans | 147,519 | 171,251 | 126,108 | 123,875 | 84,350 | (23,732 | ) | 63,169 | ||||||||||||||||||||
Total commercial loans | 1,756,710 | 1,781,502 | 1,705,967 | 1,650,545 | 1,564,204 | (24,792 | ) | 192,506 | ||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Residential mortgages | 101,921 | 100,046 | 103,313 | 106,433 | 110,381 | 1,875 | (8,460 | ) | ||||||||||||||||||||
Home equity | 77,358 | 78,952 | 80,321 | 83,094 | 80,738 | (1,594 | ) | (3,380 | ) | |||||||||||||||||||
Total residential loans | 179,279 | 178,998 | 183,634 | 189,527 | 191,119 | 281 | (11,840 | ) | ||||||||||||||||||||
Consumer | 27,338 | 30,453 | 29,788 | 30,905 | 30,451 | (3,115 | ) | (3,113 | ) | |||||||||||||||||||
Other | 21,565 | 20,736 | 28,168 | 20,925 | 6,901 | 829 | 14,664 | |||||||||||||||||||||
1,984,892 | 2,011,689 | 1,947,557 | 1,891,902 | 1,792,675 | (26,797 | ) | 192,217 | |||||||||||||||||||||
Less net deferred fees and other unearned income | (3,562 | ) | (3,587 | ) | (5,420 | ) | (5,139 | ) | (2,006 | ) | 25 | (1,556 | ) | |||||||||||||||
Total loans held for investment | $ | 1,981,330 | $ | 2,008,102 | $ | 1,942,137 | $ | 1,886,763 | $ | 1,790,669 | $ | (26,772 | ) | $ | 190,661 | |||||||||||||
Total loans | $ | 2,016,549 | $ | 2,054,702 | $ | 1,971,198 | $ | 1,982,054 | $ | 1,886,134 | $ | (38,153 | ) | $ | 130,415 | |||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||
Allowance for Loan Losses Activity and Credit Quality | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
(dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||||||||
Balance at beginning of period | $ | 18,534 | $ | 18,377 | $ | 17,608 | $ | 18,905 | $ | 11,862 | |||||||||||
Provision for loan losses | 2,134 | 463 | 777 | 368 | 7,623 | ||||||||||||||||
Provision for PCI loan losses | 74 | — | — | — | — | ||||||||||||||||
Loans charged-off: | |||||||||||||||||||||
Commercial and industrial | — | (61 | ) | (5 | ) | (1,465 | ) | — | |||||||||||||
Commercial real estate | 24 | (226 | ) | — | (140 | ) | (500 | ) | |||||||||||||
Residential mortgages | — | — | (2 | ) | — | — | |||||||||||||||
Home equity | — | (9 | ) | (23 | ) | — | — | ||||||||||||||
Consumer | (158 | ) | (60 | ) | (38 | ) | (146 | ) | (128 | ) | |||||||||||
Other | — | (5 | ) | — | — | — | |||||||||||||||
Total loans charged-off | (134 | ) | (361 | ) | (68 | ) | (1,751 | ) | (628 | ) | |||||||||||
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 | 2 | 12 | 60 | 69 | 48 | ||||||||||||||||
Other | — | 2 | — | — | — | ||||||||||||||||
Total recoveries | (13 | ) | 55 | 60 | 86 | 48 | |||||||||||||||
Net charge-offs | (147 | ) | (306 | ) | (8 | ) | (1,665 | ) | (580 | ) | |||||||||||
Balance at period end | $ | 20,595 | $ | 18,534 | $ | 18,377 | $ | 17,608 | $ | 18,905 | |||||||||||
Loans held for investment | |||||||||||||||||||||
PCI Loans | $ | 15,253 | $ | 17,237 | $ | 19,733 | $ | 22,893 | $ | 24,349 | |||||||||||
Non-PCI Loans | 1,966,077 | 1,990,865 | 1,922,404 | 1,863,870 | 1,766,320 | ||||||||||||||||
$ | 1,981,330 | $ | 2,008,102 | $ | 1,942,137 | $ | 1,886,763 | $ | 1,790,669 | ||||||||||||
Non-performing loans - PCI | $ | 2,446 | $ | 2,348 | $ | 1,082 | $ | 911 | $ | 1,422 | |||||||||||
Non-performing loans - Non-PCI | $ | 1,615 | $ | 792 | $ | 922 | $ | 566 | $ | 8,549 | |||||||||||
Foreclosed properties (OREO) | 1,872 | 1,727 | 951 | 1,760 | 1,982 | ||||||||||||||||
Total nonperforming assets | $ | 3,487 | $ | 2,519 | $ | 1,873 | $ | 2,326 | $ | 10,531 | |||||||||||
Allowance for loan losses to loans | 1.04 | % | 0.92 | % | 0.95 | % | 0.93 | % | 1.06 | % | |||||||||||
Net charge-offs to average loans (1) | 0.03 | 0.06 | — | 0.35 | 0.15 | ||||||||||||||||
Nonperforming loans as a percentage of total loans(2) | 0.08 | 0.04 | 0.05 | 0.02 | 0.45 | ||||||||||||||||
Nonperforming assets as a percentage of total assets(2) | 0.13 | 0.09 | 0.07 | 0.08 | 0.40 | ||||||||||||||||
(1)Annualized (2)Excludes non-performing PCI loans |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Deposits | ||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||
DDA | $ | 643,471 | $ | 557,783 | $ | 592,043 | $ | 560,363 | $ | 544,561 | $ | 85,688 | $ | 98,910 | ||||||||||||||
NOW | 264,062 | 260,531 | 231,091 | 215,176 | 232,868 | 3,531 | 31,194 | |||||||||||||||||||||
Savings | 27,932 | 29,658 | 30,839 | 29,788 | 28,922 | (1,726 | ) | (990 | ) | |||||||||||||||||||
Money Market | 912,493 | 974,072 | 913,094 | 862,120 | 875,441 | (61,579 | ) | 37,052 | ||||||||||||||||||||
Time | 157,810 | 172,348 | 178,615 | 187,750 | 183,206 | (14,538 | ) | (25,396 | ) | |||||||||||||||||||
Brokered | 200,223 | 194,464 | 212,623 | 229,408 | 183,810 | 5,759 | 16,413 | |||||||||||||||||||||
Deposits to be assumed in branch sale | 31,589 | — | — | 197,857 | 213,410 | 31,589 | (181,821 | ) | ||||||||||||||||||||
Total Deposits | $ | 2,237,580 | $ | 2,188,856 | $ | 2,158,305 | $ | 2,282,462 | $ | 2,262,218 | $ | 48,724 | $ | (24,638 | ) | |||||||||||||
Payments Clients | $ | 347,833 | $ | 212,049 | $ | 295,440 | $ | 300,348 | $ | 261,102 | $ | 135,784 | $ | 86,731 | ||||||||||||||
Average Deposits(1) | ||||||||||||||||||||||||||||
2016 | 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | |||||||||||||||||||||||
DDA | $ | 591,166 | $ | 555,008 | $ | 538,422 | $ | 554,547 | $ | 486,860 | $ | 36,158 | $ | 104,306 | ||||||||||||||
NOW | 253,187 | 282,701 | 272,556 | 302,376 | 254,821 | (29,514 | ) | (1,634 | ) | |||||||||||||||||||
Savings | 29,741 | 30,692 | 35,090 | 45,571 | 30,024 | (951 | ) | (283 | ) | |||||||||||||||||||
Money Market | 853,281 | 923,435 | 865,447 | 769,369 | 730,582 | (70,154 | ) | 122,699 | ||||||||||||||||||||
Time | 169,677 | 175,135 | 203,679 | 267,330 | 184,257 | (5,458 | ) | (14,580 | ) | |||||||||||||||||||
Brokered | 197,833 | 196,598 | 220,098 | 216,490 | 199,748 | 1,235 | (1,915 | ) | ||||||||||||||||||||
Total Deposits | $ | 2,094,885 | $ | 2,163,569 | $ | 2,135,292 | $ | 2,155,683 | $ | 1,886,292 | $ | (68,684 | ) | $ | 208,593 | |||||||||||||
Payments Clients | $ | 211,000 | $ | 184,895 | $ | 176,474 | $ | 155,860 | $ | 198,539 | $ | 26,105 | $ | 12,461 | ||||||||||||||
Noninterest bearing deposits as a percentage of average deposits | 28.2 | % | 25.7 | % | 25.2 | % | 25.7 | % | 25.8 | % | ||||||||||||||||||
Cost of deposits | 0.37 | % | 0.36 | % | 0.35 | % | 0.31 | % | 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 share and per share data) | 2016 | 2015 | For the year ended December 31, | ||||||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2016 | 2015 | |||||||||||||||||||||||
Interest income reconciliation | |||||||||||||||||||||||||||||
Interest income - GAAP | $ | 22,307 | $ | 22,295 | $ | 22,116 | $ | 21,499 | $ | 18,240 | $ | 88,217 | $ | 48,967 | |||||||||||||||
Taxable equivalent adjustment | 223 | 133 | 74 | 54 | 30 | 484 | 63 | ||||||||||||||||||||||
Interest income - taxable equivalent | $ | 22,530 | $ | 22,428 | $ | 22,190 | $ | 21,553 | $ | 18,270 | $ | 88,701 | $ | 49,030 | |||||||||||||||
Net interest income reconciliation | |||||||||||||||||||||||||||||
Net interest income - GAAP | $ | 19,278 | $ | 19,354 | $ | 19,209 | $ | 18,867 | $ | 15,948 | $ | 76,708 | $ | 44,044 | |||||||||||||||
Taxable equivalent adjustment | 223 | 133 | 74 | 54 | 30 | 484 | 63 | ||||||||||||||||||||||
Net interest income - taxable equivalent | $ | 19,501 | $ | 19,487 | $ | 19,283 | $ | 18,921 | $ | 15,978 | $ | 77,192 | $ | 44,107 | |||||||||||||||
Operating provision for loan losses reconciliation | |||||||||||||||||||||||||||||
Provision for loan losses - GAAP | $ | 2,208 | $ | 463 | $ | 777 | $ | 368 | $ | 7,623 | $ | 3,816 | $ | 8,035 | |||||||||||||||
Provision for acquired non PCI FSG loans | — | — | — | — | (6,764 | ) | — | (6,764 | ) | ||||||||||||||||||||
Operating provision for loan losses | $ | 2,208 | $ | 463 | $ | 777 | $ | 368 | $ | 859 | $ | 3,816 | $ | 1,271 | |||||||||||||||
Operating noninterest income reconciliation | |||||||||||||||||||||||||||||
Noninterest income - GAAP | $ | 4,430 | $ | 4,002 | $ | 8,880 | $ | 4,420 | $ | 3,460 | $ | 21,732 | $ | 9,399 | |||||||||||||||
Gain on sale of branches | — | — | (3,885 | ) | — | — | (3,885 | ) | — | ||||||||||||||||||||
Operating noninterest income | $ | 4,430 | $ | 4,002 | $ | 4,995 | $ | 4,420 | $ | 3,460 | $ | 17,847 | $ | 9,399 | |||||||||||||||
Operating noninterest expense reconciliation | |||||||||||||||||||||||||||||
Noninterest expense - GAAP | $ | 18,011 | $ | 17,296 | $ | 18,943 | $ | 18,266 | $ | 23,239 | $ | 72,516 | $ | 45,933 | |||||||||||||||
Merger-related expenses | (204 | ) | (579 | ) | (1,210 | ) | (749 | ) | (7,172 | ) | (2,742 | ) | (9,154 | ) | |||||||||||||||
Divestiture expenses | — | — | (305 | ) | — | — | (305 | ) | — | ||||||||||||||||||||
Operating noninterest expense | $ | 17,807 | $ | 16,717 | $ | 17,428 | $ | 17,517 | $ | 16,067 | $ | 69,469 | $ | 36,779 | |||||||||||||||
Operating income before income taxes reconciliation | |||||||||||||||||||||||||||||
Income (loss) before income taxes - GAAP | $ | 3,489 | $ | 5,597 | $ | 8,369 | $ | 4,653 | $ | (11,454 | ) | $ | 22,108 | $ | (525 | ) | |||||||||||||
Taxable equivalent adjustment | 223 | 133 | 74 | 54 | 30 | 484 | 63 | ||||||||||||||||||||||
Merger-related expenses | 204 | 579 | 1,210 | 749 | 7,172 | 2,742 | 9,154 | ||||||||||||||||||||||
Divestiture expenses | — | — | 305 | — | — | 305 | — | ||||||||||||||||||||||
Gain on sale of branches | — | — | (3,885 | ) | — | — | (3,885 | ) | — | ||||||||||||||||||||
Provision for acquired non PCI FSG loans | — | — | — | — | 6,764 | — | 6,764 | ||||||||||||||||||||||
Operating income before income taxes | $ | 3,916 | $ | 6,309 | $ | 6,073 | $ | 5,456 | $ | 2,512 | $ | 21,754 | $ | 15,456 | |||||||||||||||
Income tax reconciliation | |||||||||||||||||||||||||||||
Income tax expense - GAAP | $ | 1,410 | $ | 1,889 | $ | 3,222 | $ | 1,722 | $ | (3,293 | ) | 8,243 | 794 | ||||||||||||||||
Taxable equivalent adjustment | 223 | 133 | 74 | 54 | 30 | 484 | 63 | ||||||||||||||||||||||
Merger related expenses, tax benefit | 78 | 223 | 467 | 289 | 2,769 | 1,057 | 3,529 | ||||||||||||||||||||||
Divestiture expenses, tax benefit | — | — | 118 | — | — | 118 | — |
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||||||||||
(in thousands, except share and per share data) | 2016 | 2015 | For the year ended December 31, | ||||||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2016 | 2015 | |||||||||||||||||||||||
Gain on sale of branches, tax expense | — | — | (1,500 | ) | — | — | (1,500 | ) | — | ||||||||||||||||||||
Provision for acquired non PCI FSG loans, tax benefit | — | — | — | — | 2,611 | — | 2,611 | ||||||||||||||||||||||
Operating income tax expense | $ | 1,711 | $ | 2,245 | $ | 2,381 | $ | 2,065 | $ | 2,117 | $ | 8,402 | $ | 6,997 | |||||||||||||||
Net income reconciliation | |||||||||||||||||||||||||||||
Net income - GAAP | $ | 2,079 | $ | 3,708 | $ | 5,147 | $ | 2,931 | $ | (8,161 | ) | 13,865 | $ | (1,319 | ) | ||||||||||||||
Merger related expenses, net of income tax | 126 | 356 | 743 | 460 | 4,403 | 1,685 | 5,625 | ||||||||||||||||||||||
Divestiture expenses, net of income tax | — | — | 187 | — | — | 187 | — | ||||||||||||||||||||||
Gain on sale of branches, net of income tax | — | — | (2,385 | ) | — | — | (2,385 | ) | — | ||||||||||||||||||||
Provision for acquired non PCI FSG loans, net of income tax | — | — | — | — | 4,153 | — | 4,153 | ||||||||||||||||||||||
Operating net income | $ | 2,205 | $ | 4,064 | $ | 3,692 | $ | 3,391 | $ | 395 | $ | 13,352 | $ | 8,459 | |||||||||||||||
Diluted earnings per share reconciliation | |||||||||||||||||||||||||||||
Diluted earnings per share - GAAP | $ | 0.08 | $ | 0.15 | $ | 0.20 | $ | 0.12 | $ | (0.40 | ) | $ | 0.55 | $ | (0.09 | ) | |||||||||||||
Merger related expenses | 0.01 | 0.01 | 0.03 | 0.02 | 0.42 | 0.06 | 0.63 | ||||||||||||||||||||||
Net gain on sale of branches | — | — | (0.08 | ) | — | — | (0.08 | ) | — | ||||||||||||||||||||
Diluted earnings per share - operating | $ | 0.09 | $ | 0.16 | $ | 0.15 | $ | 0.14 | $ | 0.02 | $ | 0.53 | $ | 0.54 | |||||||||||||||
Book value per common share reconciliation | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 304,128 | $ | 308,463 | $ | 304,066 | $ | 294,652 | $ | 287,992 | $ | 304,128 | $ | 287,992 | |||||||||||||||
Intangible assets | (29,567 | ) | (30,071 | ) | (31,674 | ) | (33,914 | ) | (35,232 | ) | (29,567 | ) | (35,232 | ) | |||||||||||||||
Total tangible common equity | $ | 274,561 | $ | 278,392 | $ | 272,392 | $ | 260,738 | $ | 252,760 | $ | 274,561 | $ | 252,760 | |||||||||||||||
Common shares outstanding | 25,093,135 | 24,950,099 | 24,750,163 | 24,569,823 | 24,425,546 | 25,093,135 | 24,425,546 | ||||||||||||||||||||||
Book value per common share - GAAP | 12.12 | 12.36 | 12.29 | 11.99 | 11.79 | 12.12 | 11.79 | ||||||||||||||||||||||
Tangible book value | 10.94 | 11.16 | 11.01 | 10.61 | 10.35 | 10.94 | 10.35 | ||||||||||||||||||||||
Return on average equity reconciliation | |||||||||||||||||||||||||||||
Net income - GAAP | $ | 2,079 | $ | 3,708 | $ | 5,147 | $ | 2,931 | $ | (8,161 | ) | $ | 13,865 | $ | (1,319 | ) | |||||||||||||
Merger related expenses, net of income tax | 126 | 356 | 743 | 460 | 4,403 | 1,685 | 5,625 | ||||||||||||||||||||||
Divestiture expenses, net of income tax | — | — | 187 | — | — | 187 | — | ||||||||||||||||||||||
Gain on sale of branches, net of income tax | — | — | (2,385 | ) | — | — | (2,385 | ) | — | ||||||||||||||||||||
Provision for acquired FSG loans, net of income tax | — | — | — | — | 4,153 | — | 4,153 | ||||||||||||||||||||||
Operating net income | $ | 2,205 | $ | 4,064 | $ | 3,692 | $ | 3,391 | $ | 395 | $ | 13,352 | $ | 8,459 | |||||||||||||||
Average shareholders' equity | 308,588 | 306,642 | 299,170 | 291,806 | 246,842 | 301,443 | 170,675 | ||||||||||||||||||||||
Return on average equity - GAAP | 2.69 | % | 4.84 | % | 6.88 | % | 4.02 | % | (13.22 | ) | % | 4.60 | % | (0.77 | ) | % | |||||||||||||
Return on average equity - operating | 2.86 | 5.30 | 4.94 | 4.65 | 0.64 | 4.43 | 4.96 | ||||||||||||||||||||||
Return on average assets reconciliation | |||||||||||||||||||||||||||||
Net income - GAAP | $ | 2,079 | $ | 3,708 | $ | 5,147 | $ | 2,931 | $ | (8,161 | ) | $ | 13,865 | $ | (1,319 | ) | |||||||||||||
Merger related expenses, net of income tax | 126 | 356 | 743 | 460 | 4,403 | 1,685 | 5,625 | ||||||||||||||||||||||
Divestiture expenses, net of income tax | — | — | 187 | — | — | 187 | — | ||||||||||||||||||||||
Gain on sale of branches, net of income tax | — | — | (2,385 | ) | — | — | (2,385 | ) | — | ||||||||||||||||||||
Provision for acquired FSG loans, net of income tax | — | — | — | — | 4,153 | — | 4,153 | ||||||||||||||||||||||
Operating net income | $ | 2,205 | $ | 4,064 | $ | 3,692 | $ | 3,391 | $ | 395 | $ | 13,352 | $ | 8,459 | |||||||||||||||
Average assets | 2,722,444 | 2,717,996 | 2,718,110 | 2,620,750 | 2,248,614 | 2,709,138 | 1,581,687 | ||||||||||||||||||||||
Return on average assets - GAAP | 0.31 | % | 0.55 | % | 0.76 | % | 0.45 | % | (1.45 | ) | % | 0.51 | % | (0.08 | ) | % |
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||||||||||
(in thousands, except share and per share data) | 2016 | 2015 | For the year ended December 31, | ||||||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2016 | 2015 | |||||||||||||||||||||||
Return on average assets - operating | 0.32 | 0.60 | 0.54 | 0.52 | 0.07 | 0.49 | 0.53 | ||||||||||||||||||||||
Efficiency ratio reconciliation | |||||||||||||||||||||||||||||
Noninterest income - GAAP | $ | 4,430 | $ | 4,002 | $ | 8,880 | $ | 4,420 | $ | 3,460 | $ | 21,732 | $ | 9,399 | |||||||||||||||
Gain on sale of branches | — | — | (3,885 | ) | — | — | (3,885 | ) | — | ||||||||||||||||||||
Operating noninterest income | $ | 4,430 | $ | 4,002 | $ | 4,995 | $ | 4,420 | $ | 3,460 | $ | 17,847 | $ | 9,399 | |||||||||||||||
Noninterest expense - GAAP | $ | 18,011 | $ | 17,296 | $ | 18,943 | $ | 18,266 | $ | 23,239 | $ | 72,516 | $ | 45,933 | |||||||||||||||
Merger-related expenses | (204 | ) | (579 | ) | (1,210 | ) | (749 | ) | (7,172 | ) | (2,742 | ) | (9,154 | ) | |||||||||||||||
Divestiture expenses | — | — | (305 | ) | — | — | (305 | ) | — | ||||||||||||||||||||
Operating noninterest expense | $ | 17,807 | $ | 16,717 | $ | 17,428 | $ | 17,517 | $ | 16,067 | $ | 69,469 | $ | 36,779 | |||||||||||||||
Net interest income | 19,278 | 19,354 | 19,209 | 18,867 | 15,948 | 76,708 | 44,044 | ||||||||||||||||||||||
Efficiency ratio | 75.11 | % | 71.57 | % | 72.00 | % | 75.22 | % | 82.79 | % | 73.47 | % | 68.82 | % | |||||||||||||||
Tangible equity to tangible assets reconciliation | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 304,128 | $ | 308,463 | $ | 304,066 | $ | 294,652 | $ | 287,992 | $ | 304,128 | $ | 287,992 | |||||||||||||||
Intangible assets | (29,567 | ) | (30,071 | ) | (31,674 | ) | (33,914 | ) | (35,232 | ) | (29,567 | ) | (35,232 | ) | |||||||||||||||
Total tangible common equity | $ | 274,561 | $ | 278,392 | $ | 272,392 | $ | 260,738 | $ | 252,760 | $ | 274,561 | $ | 252,760 | |||||||||||||||
Total assets | $ | 2,727,249 | $ | 2,761,244 | $ | 2,807,822 | $ | 2,724,669 | $ | 2,638,780 | $ | 2,727,249 | $ | 2,638,780 | |||||||||||||||
Intangible assets | (29,567 | ) | (30,071 | ) | (31,674 | ) | (33,914 | ) | (35,232 | ) | (29,567 | ) | (35,232 | ) | |||||||||||||||
Total tangible assets | $ | 2,697,682 | $ | 2,731,173 | $ | 2,776,148 | $ | 2,690,755 | $ | 2,603,548 | $ | 2,697,682 | $ | 2,603,548 | |||||||||||||||
Tangible common equity to tangible assets | 10.18 | % | 10.19 | % | 9.81 | % | 9.69 | % | 9.71 | % | 10.18 | % | 9.71 | % | |||||||||||||||
Deposits excluding deposits to be assumed in branch sales | |||||||||||||||||||||||||||||
Total deposits | $ | 2,237,580 | $ | 2,188,856 | $ | 2,158,305 | $ | 2,282,462 | $ | 2,262,218 | $ | 2,237,580 | $ | 2,262,218 | |||||||||||||||
Deposits to be assumed in branch sales | 31,589 | — | — | 197,857 | 213,410 | 31,589 | 213,410 | ||||||||||||||||||||||
Deposits excluding deposits to be assumed in branch sales | $ | 2,205,991 | $ | 2,188,856 | $ | 2,158,305 | $ | 2,084,605 | $ | 2,048,808 | $ | 2,205,991 | $ | 2,048,808 |
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