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Atlantic Capital Bancshares, Inc. Reports Third Quarter 2019 Results

ATLANTA, Oct. 24, 2019 (GLOBE NEWSWIRE) -- Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced net income from continuing operations for the quarter ended September 30, 2019 of $7.6 million, or $0.33 per diluted share, compared to $7.0 million, or $0.27 per diluted share, for the third quarter of 2018 and $7.0 million, or $0.29 per diluted share, for the second quarter of 2019.   

Diluted earnings per share from continuing operations for the first nine months of 2019 improved to $0.88, an increase of $0.09, or 11%, compared to the first nine months of 2018.

“With solid loan and deposit growth from new and expanded client relationships, disciplined expense management, and sound credit quality, Atlantic Capital recorded another quarter of strong operating results,” remarked Douglas Williams, President and Chief Executive Officer.

Third Quarter Highlights(1)

  • Tangible book value per share increased to $13.91, from $11.37 at September 30, 2018 and $13.60 at June 30, 2019.
  • Total loans held for investment increased $173.2 million, or 10.4%, from September 30, 2018 and $45.9 million, or 10.3% annualized, from June 30, 2019.
  • Average deposits from continuing operations increased $297.0 million, or 18.0%, compared to the third quarter of 2018 and $47.6 million, or 10.0% annualized, compared to the second quarter of 2019.
  • Efficiency ratio from continuing operations of 55.7% compared to 55.1% in the third quarter of 2018 and 58.1% in the second quarter of 2019.
  • Taxable equivalent net interest margin from continuing operations was 3.52%, compared to 3.48% in the third quarter of 2018 and 3.61% in the second quarter of 2019.
  • The company repurchased 1.2 million shares in the third quarter totaling $20.1 million, and has repurchased 4.1 million shares totaling $70.9 million since the announcement of the $85.0 million buyback program in November of 2018.

Income Statement                                                                                                                                                       

Taxable equivalent net interest income from continuing operations totaled $20.1 million for the third quarter of 2019, an increase of $694,000, or 4%, from the third quarter of 2018, and an increase of $111,000, or 2% annualized, from the second quarter of 2019.

Net interest margin from continuing operations was 3.52% in the third quarter of 2019, an increase of 4 basis points from the third quarter of 2018 and a decrease of 9 basis points from the second quarter of 2019.  The decrease in the third quarter of 2019 compared to the second quarter of 2019 was primarily the result of lower loan yields due to lower short term interest rates, partially offset by a drop in the cost of interest bearing deposits and an increase in noninterest bearing deposits. 

The yield on loans from continuing operations in the third quarter of 2019 was 5.18%, an increase of 14 basis points from the third quarter of 2018 and a decrease of 16 basis points from the second quarter of 2019.  The linked quarter decrease in loan yields was due primarily to the repricing of our variable rate loans as a result of declines in 1 month LIBOR.

The cost of deposits from continuing operations in the third quarter of 2019 was 1.06%, an increase of 30 basis points from the third quarter of 2018 and a decrease of 9 basis points from the second quarter of 2019. The cost of interest bearing deposits from continuing operations increased 42 basis points to 1.58% from the third quarter of 2018, and decreased 8 basis points from the second quarter of 2019. The linked quarter decrease in the cost of interest bearing deposits reflects the actions taken to reduce deposit costs resulting from the reductions in the fed funds target rate.    

(1) Commentary is on a fully taxable-equivalent basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a tax equivalent basis, net interest income and net interest margin are provided on a fully taxable-equivalent basis, which generally assumes a 21% marginal tax rate. We provide detailed reconciliations in the Non-GAAP Performance and Financial Measures Reconciliation table on page 14.

The provision for loan losses for continuing operations was $413,000 in the third quarter of 2019 compared to $845,000 in the third quarter of 2018 and $698,000 in the second quarter of 2019.  Annualized net charge-offs were 0.11% of average loans in the third quarter of 2019 and 0.12% for the first nine months of 2019.

Noninterest income from continuing operations totaled $2.8 million in the third quarter of 2019 compared to $2.3 million in the third quarter of 2018, and increase of $514,000, or 23%, and $2.9 million in the second quarter of 2019, a decrease of $172,000, or 6%.  The third quarter of 2019 included a gain of $253,000 on the sale investment securities compared to a gain of $654,000 in the second quarter of 2019. The third quarter of 2019 also included a gain of $140,000 on the sale of other assets and a loss of $293,000 in derivative income due to the credit valuation adjustment on the customer swap portfolio. 

Noninterest expense from continuing operations totaled $12.7 million in the third quarter of 2019, an increase of $805,000, or 7%, compared to the third quarter of 2018, and a decrease of $577,000, or 4% compared to the second quarter of 2019.  The FDIC premium expense in the third quarter of 2019 decreased $368,000 compared to the second quarter of 2019 due to an FDIC assessment credit received.  Salaries and employee benefits expense decreased $234,000, to $8.3 million in the third quarter of 2019 compared to the second quarter of 2019, partly as a result of lower benefits cost.

The overall effective tax rate from continuing operations was 21.7% for the third quarter of 2019 and 21.3% for the first nine months of 2019.

Balance Sheet

Total loans held for investment were $1.84 billion at September 30, 2019, an increase of $173.2 million, or 10.4%, from September 30, 2018 and an increase of $45.9 million, or 10.3% annualized, from June 30, 2019. 

At September 30, 2019, the allowance for loan losses was $18.1 million, or 0.98% of loans held for investment compared to 1.00% at September 30, 2018 and 1.02% at June 30, 2019.  Non-performing assets from continuing operations totaled $7.0 million, or 0.29% of total assets, as of September 30, 2019, compared to 0.11% of total assets as of September 30, 2018 and 0.31% of total assets as of June 30, 2019. 

Total average deposits from continuing operations were $1.95 billion for the third quarter of 2019, an increase of $297.0 million, or 18.0%, from the third quarter of 2018 and an increase of $47.6 million, or 10.0% annualized, from the second quarter of 2019. Noninterest bearing deposits were 32.7% of total average deposits from continuing operations in the third quarter of 2019, compared to 34.0% in the third quarter of 2018 and 30.9% in the second quarter of 2019.

Tangible common equity to tangible assets was 12.9% at September 30, 2019 compared to 10.4% at September 30, 2018 and 13.4% at June 30, 2019.  The total risk based capital ratio was estimated at 15.5% at September 30, 2019 compared to 14.7% at September 30, 2018 and 16.5% at June 30, 2019. 

Earnings Conference Call

The Company will host a conference call at 9:00 a.m. EST on Friday, October 25, 2019, to discuss the financial results for the quarter ended September 30, 2019. Individuals wishing to participate in the conference call may do so by dialing 866-777-2509 from the United States. The call will also be available live via webcast on the Investor Relations page of the Company's website, www.atlanticcapitalbank.com.

Non-GAAP Financial Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. Atlantic Capital management uses non-GAAP financial measures, including: (i) taxable equivalent interest income; (ii) taxable equivalent net interest income; (iii) taxable equivalent net interest margin; (iv) taxable equivalent income before income taxes; (v) taxable equivalent income tax expense; (vi) tangible assets; (vii) tangible common equity; and (viii) tangible book value per common share, in its analysis of the Company's performance. Tangible common equity excludes goodwill and other intangible assets from shareholders' equity.

Management believes that non-GAAP financial measures provide a greater understanding of ongoing performance and operations, and enhance comparability with prior periods. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as determined in accordance with GAAP, and investors should consider Atlantic Capital’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Non-GAAP financial measures may not be comparable to non-GAAP financial measures presented by other companies.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “project,” “expect,” “intend,” “plan,” or words or phases of similar meaning. Forward-looking statements may include, among other things, statements about Atlantic Capital’s confidence in its strategies and its expectations about financial performance, market growth, market and regulatory trends and developments, acquisitions and divestitures, new technologies, services and opportunities and earnings. The forward-looking statements are based largely on Atlantic Capital’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond Atlantic Capital’s control. Atlantic Capital undertakes no obligation to publicly update any forward-looking statement to reflect developments occurring after the statement is made, except as otherwise required by law. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements as a result of, among other factors, the risks and uncertainties described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Atlantic Capital’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Please refer to the SEC’s website at www.sec.gov where you can review those documents.

About Atlantic Capital Bancshares

Atlantic Capital Bancshares, Inc. is a $2.4 billion publicly traded bank holding company headquartered in Atlanta, Georgia. Atlantic Capital offers commercial and not-for-profit banking services, specialty corporate financial services, private banking services and commercial real estate finance solutions to privately held companies and individuals in the Atlanta area, as well as specialized financial services for select clients nationally.

Media Contact:
Ashley Carson
Email: ashley.carson@atlcapbank.com
Phone: 404-995-6050

Financial Contact:
Patrick Oakes
Email: patrick.oakes@atlcapbank.com
Phone: 404-995-6050


ATLANTIC
CAPITAL
BANCSHARES, INC.
Selected Financial Information

                       
         For the nine months ended  
  2019  2018  September 30,  
 Third Second First Fourth Third       
(in thousands, except share and per share data; taxable equivalent) Quarter Quarter Quarter Quarter Quarter 2019 2018  
INCOME SUMMARY (1)                      
Interest income (2) $ 26,624 $ 26,686 $ 26,297  $ 26,725 $ 24,114  $ 79,607 $ 68,430  
Interest expense   6,536   6,709   5,773    5,560   4,720    19,018   12,953  
Net interest income   20,088   19,977   20,524    21,165   19,394    60,589   55,477  
Provision for loan losses   413   698   814    502   845    1,925   1,444  
Net interest income after provision for loan losses   19,675   19,279   19,710    20,663   18,549    58,664   54,033  
Noninterest income   2,769   2,941   2,336    164   2,255    8,046   9,883  
Noninterest expense   12,677   13,254   13,795    12,208   11,872    39,726   37,783  
Income from continuing operations before income taxes   9,767   8,966   8,251    8,619   8,932    26,984   26,133  
Income tax expense   2,198   1,957   1,811    1,136   1,934    5,966   5,566  
Net income from continuing operations   7,569   7,009   6,440    7,483   6,998    21,018   20,567  
Income (loss) from discontinued operations, net of tax   617   22,143   (1,063)   1,347   (485)   21,697   (865) 
Net income $ 8,186 $ 29,152 $ 5,377  $ 8,830 $ 6,513  $ 42,715 $ 19,702  
                       
PER SHARE DATA                      
Diluted earnings per share - continuing operations $ 0.33 $ 0.29 $ 0.26  $ 0.29 $ 0.27  $ 0.88 $ 0.79  
Diluted earnings (loss) per share - discontinued operations   0.03   0.92   (0.04)   0.05   (0.02)   0.91   (0.03) 
Diluted earnings per share   0.36   1.21   0.21    0.34   0.25    1.78   0.75  
Book value per share   14.81   14.46   13.10    12.80   12.27    14.81   12.27  
Tangible book value per common share (3)   13.91   13.60   12.17    11.88   11.37    13.91   11.37  
                       
PERFORMANCE MEASURES                      
Return on average equity   9.77  34.38  6.80   10.90  8.07   17.25  8.41 
Return on average assets   1.32   4.79   0.77    1.21   0.92    2.22   0.96  
Taxable equivalent net interest margin - continuing operations   3.52   3.61   3.74    3.66   3.48    3.66   3.46  
Efficiency ratio - continuing operations   55.72   58.06   60.61    57.50   55.09    58.13   58.07  
                       
CAPITAL                      
Average equity to average assets   13.54  13.94  11.34   11.11  11.41   12.87  11.42 
Tangible common equity to tangible assets   12.92   13.37   10.51    10.25   10.38    12.92   10.38  
Tier 1 capital ratio   12.5(4)  13.4   11.0    11.5   11.8    12.5(4)  11.8  
Total risk based capital ratio   15.5(4)  16.5   13.7    14.2   14.7    15.5(4)  14.7  
Number of common shares outstanding - basic   22,193,761   23,293,465   24,466,964    25,290,419   26,103,666    22,193,761   26,103,666  
Number of common shares outstanding - diluted   22,405,141   23,508,442   24,719,273    25,480,233   26,281,849    22,405,141   26,281,849  
                       
ASSET QUALITY                      
Allowance for loan losses to loans held for investment (5)   0.98  1.02  1.04   1.03  1.00   0.98  1.00 
Net charge-offs to average loans (6)   0.11   0.14   0.11    —   —    0.12   0.02  
Non-performing assets to total assets   0.29   0.31   0.40    0.20   0.13    0.29   0.13  
                       
AVERAGE BALANCES                      
Total loans - continuing operations $ 1,801,629 $ 1,769,803 $ 1,707,682  $ 1,699,801 $ 1,583,563  $ 1,739,917 $ 1,553,609  
Investment securities   340,872   360,047   400,101    450,465   461,348    366,790   456,660  
Total assets   2,453,438   2,440,502   2,829,072    2,891,327   2,805,740    2,572,961   2,743,247  
Deposits - continuing operations   1,949,657   1,902,076   1,793,791    1,780,092   1,652,651    1,851,674   1,583,859  
Shareholders' equity   332,291   340,119   320,812    321,348   320,090    331,116   313,200  
Number of common shares - basic   22,681,904   23,888,381   24,855,171    25,919,445   26,103,397    23,800,525   25,956,336  
Number of common shares - diluted   22,837,531   24,040,806   25,019,384    26,043,799   26,254,772    23,957,915   26,134,655  
                       
                       

(1)On April 5, 2019, Atlantic Capital completed the sale to FirstBank of its Tennessee and northwest Georgia banking operations, including 14 branches and the mortgage business. The mortgage business and branches sold to FirstBank are reported as discontinued operations. Discontinued operations have been reported retrospectively for periods presented prior to December 31, 2018. (2)Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate. (3)Excludes effect of acquisition related intangibles. (4)Amounts are estimates as of 9/30/19. (5)The ratios for the first, second and third quarters of 2019 and third and fourth quarter of 2018 are calculated on a continuing operations basis. Prior period ratios have not been retrospectively adjusted for the impact of discontinued operations. (6)Annualized.

ATLANTIC CAPITAL BANCSHARES, INC.
Financial Information from Discontinued Operations

Assets and Liabilities from Discontinued Operations

          
(in thousands) September 30, 2019 June 30, 2019 December 31, 2018
Cash $ — $ — $ 4,234 
Loans held for sale - discontinued operations   —   —   373,030 
Premises held for sale - discontinued operations   —   —   7,722 
Goodwill - discontinued operations   —   —   4,555 
Other assets   —   —   1,405 
Total assets $ — $ — $ 390,946 
          
Deposits to be assumed - discontinued operations $ — $ — $ 585,429 
Securities sold under agreements to repurchase - discontinued operations   —   —   6,220 
Total liabilities $ — $ — $ 591,649 
Net liabilities $ — $ — $ (200,703)

Components of Net Income (Loss) from Discontinued Operations

                      
         For the nine months ended
  2019  2018  September 30, 
  Third Second First Fourth Third      
(in thousands) Quarter Quarter Quarter Quarter Quarter 2019  2018 
Net interest income $ —  $ (39) $ 3,125  $ 3,225  $ 3,266  $ 3,086  $ 10,915 
Provision for loan losses   —    —    —    (3,097)   —    —    — 
Net interest income after provision   —    (39)   3,125    6,322    3,266    3,086    10,915 
Service charges   —    46    481    483    474    527    1,439 
Mortgage income   —    —    288    320    315    288    982 
Gain on sale of branches   —    34,475    —    —    —    34,475    — 
Other income   —    (22)   21    47    22    (1)   76 
Total noninterest income   —    34,499    790    850    811    35,289    2,497 
Salaries and employee benefits   —    330    2,427    2,757    2,820    2,757    8,957 
Occupancy   —    71    339    479    556    410    1,537 
Equipment and software   —    8    123    158    217    131    621 
Amortization of intangibles   —    —    247    271    296    247    958 
Communications and data processing   —    197    389    440    381    586    1,089 
Divestiture expense   —    3,646    1,449    825    —    5,095    — 
Other noninterest expense   —    101    358    446    453    459    1,403 
Total noninterest expense   —    4,353    5,332    5,376    4,723    9,685    14,565 
Net income (loss) before provision for income taxes   —    30,107    (1,417)   1,796    (646)   28,690    (1,153)
Provision (benefit) for income taxes   (617)   7,964    (354)   449    (161)   6,993    (288)
Net income (loss) from discontinued operations $ 617  $ 22,143  $ (1,063) $ 1,347  $ (485) $ 21,697  $ (865)


ATLANTIC CAPITAL BANCSHARES, INC.
Consolidated Balance Sheets (unaudited)

             
  September 30,  June 30,  December 31,  September 30, 
(in thousands, except share data) 2019  2019  2018  2018 
ASSETS            
Cash and due from banks $ 42,577  $ 24,206  $ 42,895  $ 28,007 
Interest-bearing deposits in banks   27,167    52,932    216,040    140,682 
Other short-term investments   —    —    9,457    20,898 
Cash and cash equivalents   69,744    77,138    268,392    189,587 
Investment securities available for sale   286,785    348,723    402,486    465,756 
Investment securities held to maturity   42,863    —    —    — 
Other investments   31,360    31,912    29,236    33,021 
Loans held for sale   916    —    5,889    1,886 
Loans held for sale - discontinued operations(1)   —    —    373,030    375,976 
Loans held for investment(1)   1,835,673    1,789,740    1,728,073    1,662,458 
Less: allowance for loan losses(2)   (18,080)   (18,186)   (17,851)   (20,443)
Loans held for investment, net   1,817,593    1,771,554    1,710,222    1,642,015 
Premises held for sale - discontinued operations(1)   —    —    7,722    7,158 
Premises and equipment, net(1)   19,688    20,037    9,779    10,213 
Bank owned life insurance   66,047    65,874    65,149    64,769 
Goodwill - discontinued operations(1)   —    —    4,555    4,555 
Goodwill - continuing operations(1)   19,925    19,925    17,135    17,135 
Other intangibles, net   3,112    3,095    4,388    4,867 
Other real estate owned   278    971    874    968 
Other assets   51,887    50,451    56,583    64,815 
Total assets $ 2,410,198  $ 2,389,680  $ 2,955,440  $ 2,882,721 
             
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Deposits:            
Noninterest-bearing demand(1) $ 599,657  $ 569,693  $ 602,252  $ 518,155 
Interest-bearing checking(1)   240,427    309,709    252,490    407,214 
Savings(1)   1,081    1,090    725    698 
Money market(1)   921,133    802,973    987,183    759,583 
Time(1)   30,782    33,902    10,623    10,396 
Brokered deposits   61,192    134,164    99,241    79,119 
Deposits to be assumed - discontinued operations(1)   —    —    585,429    604,659 
Total deposits   1,854,272    1,851,531    2,537,943    2,379,824 
Federal funds purchased   57,000    35,000    —    — 
Securities sold under agreements to repurchase - discontinued operations(1)   —    —    6,220    8,904 
Federal Home Loan Bank borrowings   76,000    82,000    —    83,000 
Long-term debt   49,831    49,789    49,704    49,662 
Other liabilities   44,384    34,645    37,920    41,094 
Total liabilities   2,081,487    2,052,965    2,631,787    2,562,484 
             
SHAREHOLDERS’ EQUITY            
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2019,  June 30, 2019,  December 31, 2018  and September 30, 2018   —    —    —    — 
Common stock, no par value; 100,000,000 shares authorized; 22,193,761, 23,293,465, 25,290,419, and 26,103,666 shares issued and outstanding as of September 30, 2019,  June 30, 2019,  December 31, 2018 and September 30, 2018; respectively   237,687    256,791    291,771    305,300 
Retained earnings   84,529    76,343    42,187    33,357 
Accumulated other comprehensive (loss) income   6,495    3,581    (10,305)   (18,420)
Total shareholders’ equity   328,711    336,715    323,653    320,237 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,410,198  $ 2,389,680  $ 2,955,440  $ 2,882,721 

(1)Assets and liabilities related to the sale of Tennessee and northwest Georgia banking operations were classified as held for sale as of December 31, 2018, and prior periods have been adjusted retrospectively. (2)The allowance for loan losses has not been adjusted retrospectively for discontinued operations in periods prior to December 31, 2018.


ATLANTIC CAPITAL BANCSHARES, INC.
Consolidated Statements of Income (unaudited) (1)

                      
(in thousands, except share and per share data) Three months ended  Nine months ended
  September 30,  June 30,  March 31,  December 31,  September 30,  September 30,  September 30, 
  2019  2019  2019  2018  2018  2019  2018 
INTEREST INCOME                     
Loans, including fees $ 23,541  $ 23,554  $ 22,752  $ 22,752  $ 20,117  $ 69,847  $ 57,358 
Investment securities available-for-sale   2,176    2,339    2,631    2,844    2,789    7,146    8,068 
Interest and dividends on other interest‑earning assets   803    705    814    1,032    1,111    2,322    2,706 
Total interest income   26,520    26,598    26,197    26,628    24,017    79,315    68,132 
INTEREST EXPENSE                     
Interest on deposits   5,223    5,448    4,831    4,185    3,182    15,502    8,321 
Interest on Federal Home Loan Bank advances   390    270    —    487    637    660    1,912 
Interest on federal funds purchased and securities sold under agreements to repurchase   99    168    118    60    77    385    244 
Interest on long-term debt   824    823    824    828    824    2,471    2,476 
Total interest expense   6,536    6,709    5,773    5,560    4,720    19,018    12,953 
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES   19,984    19,889    20,424    21,068    19,297    60,297    55,179 
Provision for loan losses   413    698    814    502    845    1,925    1,444 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   19,571    19,191    19,610    20,566    18,452    58,372    53,735 
NONINTEREST INCOME                     
Service charges   925    870    794    876    804    2,589    2,339 
Gains (losses) on sale of securities   253    654    —    (1,853)   —    907    (2)
Gains (losses) on sale of other assets   140    (10)   (3)   —    58    127    (154)
Trust income   —    —    —    —    —    —    1,025 
Derivatives income   (293)   (233)   (111)   154    20    (637)   154 
Bank owned life insurance   422    389    360    380    379    1,171    1,126 
SBA lending activities   1,150    1,096    1,086    425    882    3,332    3,181 
Gain on sale of trust company   —    —    —    —    —    —    1,681 
Other noninterest income   172    175    210    182    112    557    533 
Total noninterest income   2,769    2,941    2,336    164    2,255    8,046    9,883 
NONINTEREST EXPENSE                     
Salaries and employee benefits   8,295    8,529    9,213    7,573    7,332    26,037    24,193 
Occupancy   722    689    639    655    732    2,050    2,317 
Equipment and software   842    753    739    783    747    2,334    2,034 
Professional services   764    792    775    947    796    2,331    2,564 
Postage, printing and supplies   32    29    48    30    55    109    136 
Communications and data processing   796    662    675    772    566    2,133    1,904 
Marketing and business development   243    233    226    224    211    702    486 
FDIC premiums   (193)   175    235    157    154    217    405 
Other noninterest expense   1,176    1,392    1,245    1,067    1,279    3,813    3,744 
Total noninterest expense   12,677    13,254    13,795    12,208    11,872    39,726    37,783 
                      
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES   9,663    8,878    8,151    8,522    8,835    26,692    25,835 
Provision for income taxes   2,094    1,869    1,711    1,039    1,837    5,674    5,268 
NET INCOME FROM CONTINUING OPERATIONS   7,569    7,009    6,440    7,483    6,998    21,018    20,567 
DISCONTINUED OPERATIONS                     
Income (loss) from discontinued operations $ —  $ 30,107  $ (1,417) $ 1,796  $ (646) $ 28,690  $ (1,153)
Provision (benefit) for income taxes   (617)   7,964    (354)   449    (161)   6,993    (288)
Net income (loss) from discontinued operations   617    22,143    (1,063)   1,347    (485)   21,697    (865)
NET INCOME $ 8,186  $ 29,152  $ 5,377  $ 8,830  $ 6,513  $ 42,715  $ 19,702 
                      
Net Income (Loss) per Common Share - Basic                     
Net income per common share - continuing operations $ 0.33  $ 0.29  $ 0.26  $ 0.29  $ 0.27  $ 0.88  $ 0.79 
Net income (loss) per common share - discontinued operations   0.03    0.93    (0.04)   0.05    (0.02)   0.91    (0.03)
Net Income per Common Share - Basic   0.36    1.22    0.22    0.34    0.25    1.79    0.76 
Net Income (Loss) per Common Share - Diluted                     
Net income per common share - continuing operations $ 0.33  $ 0.29  $ 0.26  $ 0.29  $ 0.27  $ 0.88  $ 0.79 
Net income (loss) per common share - discontinued operations   0.03    0.92    (0.04)   0.05    (0.02)   0.91    (0.03)
Net Income per Common Share - Diluted   0.36    1.21    0.21    0.34    0.25    1.78    0.75 
                      
Weighted average shares - basic   22,681,904    23,888,381    24,855,171    25,919,445    26,103,397    23,800,525    25,956,336 
Weighted average shares - diluted   22,837,531    24,040,806    25,019,384    26,043,799    26,254,772    23,957,915    26,134,655 

(1)Discontinued operations have been reported retrospectively for all periods presented.


ATLANTIC CAPITAL BANCSHARES, INC.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information

                  
  Three months ended  
  September 30, 2019 June 30, 2019 
     Interest Tax    Interest Tax 
  Average Income/ Equivalent Average Income/ Equivalent 
(dollars in thousands; taxable equivalent) Balance Expense Yield/Rate Balance Expense Yield/Rate 
Assets                 
Interest bearing deposits in other banks $ 103,954 $ 564  2.15$ 70,628 $ 450  2.56%
Other short-term investments   —   —  —   3,993   32  3.21 
Investment securities:                 
Taxable investment securities   257,005   1,657  2.56   280,639   1,848  2.64 
Non-taxable investment securities(1)   83,867   623  2.95   79,408   579  2.92 
Total investment securities   340,872   2,280  2.65   360,047   2,427  2.70 
Loans - continuing operations   1,801,629   23,541  5.18   1,769,803   23,554  5.34 
FHLB and FRB stock   15,524   239  6.11   14,435   223  6.20 
Total interest-earning assets - continuing operations   2,261,979   26,624  4.67   2,218,906   26,686  4.82 
Loans held for sale - discontinued operations   —   —  —   30,198   47  0.62 
Total interest-earning assets   2,261,979   26,624  4.67   2,249,104   26,733  4.77 
Non-earning assets   191,459        191,398      
Total assets $ 2,453,438      $ 2,440,502      
Liabilities                 
Interest bearing deposits:                 
NOW, money market, and savings   1,191,293   4,642  1.55   1,175,237   4,733  1.62 
Time deposits   32,409   51  0.62   32,358   50  0.62 
Brokered deposits   88,146   530  2.39   106,524   665  2.50 
Total interest-bearing deposits   1,311,848   5,223  1.58   1,314,119   5,448  1.66 
Total borrowings   85,478   489  2.27   70,770   438  2.48 
Total long-term debt   49,803   824  6.56   49,761   823  6.63 
Total interest-bearing liabilities - continuing operations   1,447,129   6,536  1.79   1,434,650   6,709  1.88 
Interest-bearing liabilities - discontinued operations   —   —  —   36,255   86  0.95 
Total interest-bearing liabilities   1,447,129   6,536  1.79   1,470,905   6,795  1.85 
Demand deposits   637,809        587,957      
Demand deposits - discontinued operations   —        9,851      
Other liabilities   36,209        31,670      
Shareholders’ equity   332,291        340,119      
Total liabilities and shareholders’ equity $ 2,453,438      $ 2,440,502      
Net interest spread - continuing operations        2.88       2.94%
Net interest income and net interest margin - continuing operations(2)    $ 20,088  3.52   $ 19,977  3.61%
Net interest income and net interest margin(2)    $ 20,088  3.52   $ 19,938  3.56%
                  
Non-taxable equivalent net interest margin        3.51       3.54%
                  

(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, 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.


ATLANTIC CAPITAL BANCSHARES, INC.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information

                  
  Three months ended  
  September 30, 2019 September 30, 2018 
     Interest Tax    Interest Tax 
  Average Income/ Equivalent Average Income/ Equivalent 
(dollars in thousands; taxable equivalent) Balance Expense Yield/Rate Balance Expense Yield/Rate 
Assets                 
Interest bearing deposits in other banks $ 103,954 $ 564  2.15$ 128,248 $ 647  2.00%
Other short-term investments   —   —  —   21,985   157  2.83 
Investment securities:                 
Taxable investment securities   257,005   1,657  2.56   385,834   2,315  2.38 
Non-taxable investment securities(1)   83,867   623  2.95   75,514   571  3.00 
Total investment securities   340,872   2,280  2.65   461,348   2,886  2.48 
Loans - continuing operations   1,801,629   23,541  5.18   1,583,459   20,117  5.04 
FHLB and FRB stock   15,524   239  6.11   17,624   307  6.91 
Total interest-earning assets - continuing operations   2,261,979   26,624  4.67   2,212,664   24,114  4.32 
Loans held for sale - discontinued operations   —   —  —   380,358   4,502  4.70 
Total interest-earning assets   2,261,979   26,624  4.67   2,593,022   28,616  4.38 
Non-earning assets   191,459        212,718      
Total assets $ 2,453,438      $ 2,805,740      
Liabilities                 
Interest bearing deposits:                 
NOW, money market, and savings   1,191,293   4,642  1.55   1,012,953   2,791  1.09 
Time deposits   32,409   51  0.62   10,406   30  1.14 
Brokered deposits   88,146   530  2.39   67,937   361  2.11 
Total interest-bearing deposits   1,311,848   5,223  1.58   1,091,296   3,182  1.16 
Total borrowings   85,478   489  2.27   134,609   714  2.10 
Total long-term debt   49,803   824  6.56   49,634   824  6.59 
Total interest-bearing liabilities - continuing operations   1,447,129   6,536  1.79   1,275,539   4,720  1.47 
Interest-bearing liabilities - discontinued operations   —   —  —   473,388   1,236  1.04 
Total interest-bearing liabilities   1,447,129   6,536  1.79   1,748,927   5,956  1.35 
Demand deposits   637,809        561,355      
Demand deposits - discontinued operations   —        136,572      
Other liabilities   36,209        38,796      
Shareholders’ equity   332,291        320,090      
Total liabilities and shareholders’ equity $ 2,453,438      $ 2,805,740      
Net interest spread - continuing operations        2.88       2.85%
Net interest income and net interest margin - continuing operations(2)    $ 20,088  3.52   $ 19,394  3.48%
Net interest income and net interest margin(2)    $ 20,088  3.52   $ 22,660  3.47%
                  
Non-taxable equivalent net interest margin        3.51       3.45%

(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, 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.

ATLANTIC CAPITAL BANCSHARES, INC.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information

                  
  Nine months ended  
  September 30, 2019 September 30, 2018 
     Interest Tax    Interest Tax 
  Average Income/ Equivalent Average Income/ Equivalent 
(dollars in thousands; taxable equivalent) Balance Expense Yield/Rate Balance Expense Yield/Rate 
Assets                 
Interest bearing deposits in other banks $ 88,960 $ 1,477  2.22$ 101,502 $ 1,606  2.12%
Other short-term investments   5,181   118  3.05   13,907   284  2.73 
Investment securities:                 
Taxable investment securities   284,978   5,619  2.64   380,002   6,643  2.34 
Non-taxable investment securities(1)   81,812   1,819  2.97   76,658   1,723  3.01 
Total investment securities   366,790   7,438  2.71   456,660   8,366  2.45 
Loans - continuing operations   1,739,917   69,847  5.37   1,553,609   57,358  4.94 
FHLB and FRB stock   14,173   727  6.86   18,291   816  5.96 
Total interest-earning assets - continuing operations   2,215,021   79,607  4.81   2,143,969   68,430  4.27 
Loans held for sale - discontinued operations   156,060   4,588  3.93   389,760   13,714  4.70 
Total interest-earning assets   2,371,081   84,195  4.75   2,533,729   82,144  4.33 
Non-earning assets   201,880        209,518      
Total assets $ 2,572,961      $ 2,743,247      
Liabilities                 
Interest bearing deposits:                 
NOW, money market, and savings   1,147,508   13,630  1.59   974,678   7,028  0.96 
Time deposits   18,246   139  1.02   10,075   82  1.09 
Brokered deposits   91,963   1,733  2.52   80,920   1,212  2.00 
Total interest-bearing deposits   1,257,717   15,502  1.65   1,065,673   8,322  1.04 
Total borrowings   57,844   1,045  2.42   155,701   2,155  1.85 
Total long-term debt   49,761   2,471  6.64   49,592   2,476  6.68 
Total interest-bearing liabilities - continuing operations   1,365,322   19,018  1.86   1,270,966   12,953  1.36 
Interest-bearing liabilities - discontinued operations   192,613   1,502  1.04   465,339   2,800  0.80 
Total interest-bearing liabilities   1,557,935   20,520  1.76   1,736,305   15,753  1.21 
Demand deposits   593,957        518,186      
Demand deposits - discontinued operations   52,481        138,621      
Other liabilities   37,472        36,935      
Shareholders’ equity   331,116        313,200      
Total liabilities and shareholders’ equity $ 2,572,961      $ 2,743,247      
Net interest spread - continuing operations        2.95       2.91%
Net interest income and net interest margin - continuing operations(2)    $ 60,589  3.66   $ 55,477  3.46%
Net interest income and net interest margin(2)    $ 63,675  3.59   $ 66,391  3.50%
                  
Non-taxable equivalent net interest margin        3.57       3.49%

(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, 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.

ATLANTIC CAPITAL BANCSHARES, INC.
Period End Loans(1)

                      
            Linked Year Over
  September 30,  June 30, March 31, December 31, September 30,  Quarter Year
(dollars in thousands) 2019  2019  2019  2018  2018  Change Change
Loans held for sale                     
Loans held for sale $ 916  $ —  $ 1,530  $ 5,889  $ 1,886  $ 916  $ (970)
Loans held for sale - discontinued operations   —    —    384,779    373,030    375,976    —    (375,976)
Total loans held for sale $ 916  $ —  $ 386,309  $ 378,919  $ 377,862  $ 916  $ (376,946)
                      
Loans held for investment                     
Commercial loans:                     
Commercial and industrial $ 697,412  $ 701,566  $ 679,489  $ 645,374  $ 581,737  $ (4,154) $ 115,675 
Commercial real estate:                     
Multifamily   60,398    43,907    43,929    88,826    108,001    16,491    (47,603)
Owner occupied   352,842    313,310    304,945    298,291    295,801    39,532    57,041 
Investment   452,285    409,629    394,087    407,711    409,145    42,656    43,140 
Construction and land:                     
1‑4 family residential construction   5,186    3,696    2,067    1,006    —    1,490    5,186 
Other construction, development, and land   139,991    195,260    171,818    155,226    147,114    (55,269)   (7,123)
Mortgage warehouse loans   23,256    10,665    22,267    27,967    27,838    12,591    (4,582)
Total commercial loans   1,731,370    1,678,033    1,618,602    1,624,401    1,569,636    53,337    161,734 
                      
Residential:                     
Residential mortgages   31,903    31,338    32,915    32,800    24,904    565    6,999 
Home equity   25,638    24,303    23,171    22,822    33,410    1,335    (7,772)
Total residential loans   57,541    55,641    56,086    55,622    58,314    1,900    (773)
                      
Consumer   27,168    34,618    35,203    25,851    26,825    (7,450)   343 
Other   22,533    24,126    26,663    24,712    10,579    (1,593)   11,954 
    1,838,612    1,792,418    1,736,554    1,730,586    1,665,354    46,194    173,258 
Less net deferred fees and other unearned income   (2,939)   (2,678)   (1,997)   (2,513)   (2,896)   (261)   (43)
Total loans held for investment $ 1,835,673  $ 1,789,740  $ 1,734,557  $ 1,728,073  $ 1,662,458  $ 45,933  $ 173,215 
                      
Total loans $ 1,836,589  $ 1,789,740  $ 2,120,866  $ 2,106,992  $ 2,040,320  $ 46,849  $ (203,731)

(1) Loans held for sale-discontinued operations and loans held for investment have been adjusted retrospectively for all periods prior to December 31, 2018.


ATLANTIC CAPITAL BANCSHARES, INC.
Allowance for Loan Losses Activity and Credit Quality

                
  2019  2018
  Third Second First Fourth Third
(dollars in thousands) Quarter Quarter Quarter Quarter Quarter
                
Balance at beginning of period $ 18,186  $ 18,107  $ 17,851  $ 20,443  $ 19,583
Provision for loan losses   413    698    814    595    758
Provision for loan losses (reversal of provision) - discontinued operations   —    —    —    (3,097)   —
Provision for PCI loan losses   —    —    —    (93)   87
Loans charged-off:               
Commercial and industrial   (541)   (588)   (549)   —    —
Commercial real estate   —    (47)   —    —    —
Construction and land   —    —    —    —    —
Residential mortgages   —    —    (9)   (5)   —
Home equity   —    —    —    —    —
Consumer   (2)   —    (37)   (3)   —
Other   —    —    —    —    —
Total loans charged-off   (543)   (635)   (595)   (8)   —
Recoveries on loans previously charged-off:               
Commercial and industrial   17    —    14    —    —
Commercial real estate   —    —    —    —    —
Construction and land   1    —    3    —    —
Residential mortgages   —    —    7    4    —
Home equity   —    —    1    —    —
Consumer   6    16    12    7    15
Other   —    —    —    —    —
Total recoveries   24    16    37    11    15
Net charge-offs $ (519) $ (619) $ (558) $ 3  $ 15
Balance at period end (1) $ 18,080  $ 18,186  $ 18,107  $ 17,851  $ 20,443
                
Loans               
Loans held for sale $ 916  $ —  $ 1,530  $ 5,889  $ 1,886
Loans held for sale - discontinued operations   —    —    384,779    373,030    375,976
Loans held for investment - continuing operations   1,835,673    1,789,740    1,734,557    1,728,073    1,662,458
Total loans $ 1,836,589  $ 1,789,740  $ 2,120,866  $ 2,106,992  $ 2,040,320
                
Non-performing loans - continuing operations (4) $ 6,770  $ 6,352  $ 8,830  $ 3,252  $ 2,160
Non-performing loans - discontinued operations (4)   —    —    1,506    1,924    556
Total non-performing loans   6,770    6,352    10,336    5,176    2,716
Foreclosed properties (OREO)   278    971    971    874    968
Total nonperforming assets $ 7,048  $ 7,323  $ 11,307  $ 6,050  $ 3,684
                
Allowance for loan losses to loans held for investment (2)   0.98   1.02   1.04    1.03   1.00
Net charge-offs to average loans (3)   0.11    0.14    0.11    —    —
                
Non-performing loans as a percentage of total loans - continuing operations (4)   0.37   0.35   0.51    0.19   0.13
Non-performing loans as a percentage of total loans - discontinued operations (4)   —    —    0.39    0.52    0.15
Non-performing loans as a percentage of total loans (4)   0.37    0.35    0.49    0.25    0.13
                
Non-performing assets as a percentage of total assets - continuing operations (4)   0.29   0.31   0.34   0.14   0.11
Non-performing assets as a percentage of total assets - discontinued operations (4)   —    —    0.05    0.07    0.02
Non-performing assets as a percentage of total assets (4)   0.29    0.31    0.40    0.20    0.13

(1) The allowance for loan losses has not been adjusted retrospectively for periods prior to December 31, 2018. (2)The third quarter of 2019, the second quarter of 2019, the first quarter of 2019 and the fourth quarter of 2018 ratios are calculated on a continuing operations basis. Ratios prior to December 31, 2018 have not been retroactively adjusted for the impact of discontinued operations. (3)Annualized. (4)Excludes non-performing PCI loans.


ATLANTIC CAPITAL BANCSHARES, INC.
Period End Deposits

                      
                 Linked   
  September 30,  June 30,  March 31,  December 31,  September 30,  Quarter Year Over
(dollars in thousands) 2019 2019 2019 2018 2018 Change Year Change
DDA $ 599,657 $ 569,693 $ 561,829 $ 602,252 $ 518,155 $ 29,964  $ 81,502 
NOW   240,427   309,709   233,838   252,490   407,214   (69,282)   (166,787)
Savings   1,081   1,090   896   725   698   (9)   383 
Money market   921,133   802,973   962,741   987,183   759,583   118,160    161,550 
Time   30,782   33,902   22,069   10,623   10,396   (3,120)   20,386 
Brokered   61,192   134,164   65,811   99,241   79,119   (72,972)   (17,927)
Total deposits - continuing operations   1,854,272   1,851,531   1,847,184   1,952,514   1,775,165   2,741    79,107 
Deposits to be assumed - discontinued operations   —   —   593,264   585,429   604,659   —    (604,659)
Total deposits $ 1,854,272 $ 1,851,531 $ 2,440,448 $ 2,537,943 $ 2,379,824 $ 2,741  $ (525,552)
                      
Payments clients $ 286,373 $ 301,413 $ 361,192 $ 397,608 $ 258,320 $ (15,040) $ 28,053 


Average Deposits

                      
  2019 2018 Linked  
  Third Second First Fourth Third Quarter Q3 2019 vs
(dollars in thousands) Quarter Quarter Quarter Quarter Quarter Change Q3 2018
DDA $ 637,809 $ 587,957 $ 575,453 $ 597,239 $ 561,355 $ 49,852  $ 76,454 
NOW   295,106   314,601   276,212   280,449   314,759   (19,495)   (19,653)
Savings   1,085   956   884   712   616   129    469 
Money market   895,102   859,680   847,254   798,017   697,578   35,422    197,524 
Time   32,409   32,358   12,847   10,117   10,406   51    22,003 
Brokered   88,146   106,524   81,141   93,558   67,937   (18,378)   20,209 
Total deposits - continuing operations   1,949,657   1,902,076   1,793,791   1,780,092   1,652,651   47,581    297,006 
Deposits to be assumed - discontinued operations   —   45,350   593,313   600,769   601,421   (45,350)   (601,421)
Total deposits $ 1,949,657 $ 1,947,426 $ 2,387,104 $ 2,380,861 $ 2,254,072 $ 2,231  $ (304,415)
                      
Payments clients $ 289,526 $ 285,949 $ 295,059 $ 263,800 $ 227,029 $ 3,577  $ 62,497 
                      
Noninterest bearing deposits as a percentage of average deposits - continuing operations   32.7  30.9  32.1  33.6  34.0     
Cost of deposits - continuing operations   1.06  1.15  1.09  0.93  0.76     


ATLANTIC CAPITAL BANCSHARES, INC.
Non-GAAP Performance and Financial Measures Reconciliation

                       
                 For the nine months 
  20192018ended September 30,  
  Third Second First Fourth Third       
(in thousands, except share and per share data) Quarter Quarter Quarter Quarter Quarter 20192018  
                       
Taxable equivalent interest income reconciliation                      
Interest income - GAAP $ 26,520  $ 26,598  $ 26,197  $ 26,628  $ 24,017  $ 79,315  $ 68,132  
Taxable equivalent adjustment   104    88    100    97    97    292    298  
Interest income - taxable equivalent $ 26,624  $ 26,686  $ 26,297  $ 26,725  $ 24,114  $ 79,607  $ 68,430  
                       
Taxable equivalent net interest income reconciliation                      
Net interest income - GAAP $ 19,984  $ 19,889  $ 20,424  $ 21,068  $ 19,297  $ 60,297  $ 55,179  
Taxable equivalent adjustment   104    88    100    97    97    292    298  
Net interest income - taxable equivalent $ 20,088  $ 19,977  $ 20,524  $ 21,165  $ 19,394  $ 60,589  $ 55,477  
                       
Taxable equivalent net interest margin reconciliation - continuing operations                      
Net interest margin - GAAP - continuing operations   3.51   3.60   3.72   3.64   3.46   3.64   3.44 
Impact of taxable equivalent adjustment   0.01    0.01    0.02    0.02    0.02    0.02    0.02  
Net interest margin - taxable equivalent - continuing operations   3.52   3.61   3.74   3.66   3.48   3.66   3.46 
                       
Taxable equivalent net interest margin reconciliation                      
Net interest margin - GAAP   3.51   3.54   3.66   3.60   3.45   3.57   3.49 
Impact of taxable equivalent adjustment   0.01    0.02    0.02    0.02    0.02    0.02    0.01  
Net interest margin - taxable equivalent   3.52   3.56   3.68   3.62   3.47   3.59   3.50 
                       
Income before income taxes reconciliation                      
Income before income taxes - GAAP $ 9,663  $ 8,878  $ 8,151  $ 8,522  $ 8,835  $ 26,692  $ 25,835  
Taxable equivalent adjustment   104    88    100    97    97    292    298  
Income before income taxes $ 9,767  $ 8,966  $ 8,251  $ 8,619  $ 8,932  $ 26,984  $ 26,133  
                       
Income tax reconciliation                      
Income tax expense - GAAP $ 2,094  $ 1,869  $ 1,711  $ 1,039  $ 1,837  $ 5,674  $ 5,268  
Taxable equivalent adjustment   104    88    100    97    97    292    298  
Income tax expense $ 2,198  $ 1,957  $ 1,811  $ 1,136  $ 1,934  $ 5,966  $ 5,566  
                       
Tangible book value per common share reconciliation                      
Total shareholders’ equity $ 328,711  $ 336,715  $ 320,627  $ 323,653  $ 320,237  $ 328,711  $ 320,237  
Intangible assets   (19,925)   (19,925)   (22,848)   (23,095)   (23,367)   (19,925)   (23,367) 
Total tangible common equity $ 308,786  $ 316,790  $ 297,779  $ 300,558  $ 296,870  $ 308,786  $ 296,870  
Common shares outstanding   22,193,761    23,293,465    24,466,964    25,290,419    26,103,666    22,193,761    26,103,666  
Book value per common share - GAAP $ 14.81  $ 14.46  $ 13.10  $ 12.80  $ 12.27  $ 14.81  $ 12.27  
Tangible book value   13.91    13.60    12.17    11.88    11.37    13.91    11.37  
                       
Tangible common equity to tangible assets reconciliation                      
Total shareholders’ equity $ 328,711  $ 336,715  $ 320,627  $ 323,653  $ 320,237  $ 328,711  $ 320,237  
Intangible assets   (19,925)   (19,925)   (22,848)   (23,095)   (23,367)   (19,925)   (23,367) 
Total tangible common equity $ 308,786  $ 316,790  $ 297,779  $ 300,558  $ 296,870  $ 308,786  $ 296,870  
                       
Total assets $ 2,410,198  $ 2,389,680  $ 2,855,887  $ 2,955,440  $ 2,882,721  $ 2,410,198  $ 2,882,721  
Intangible assets   (19,925)   (19,925)   (22,848)   (23,095)   (23,367)   (19,925)   (23,367) 
Total tangible assets $ 2,390,273  $ 2,369,755  $ 2,833,039  $ 2,932,345  $ 2,859,354  $ 2,390,273  $ 2,859,354  
Tangible common equity to tangible assets   12.92   13.37   10.51   10.25   10.38   12.92   10.38 

 

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