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Atlantic Capital Bancshares, Inc. Reports Fourth Quarter and Full Year 2019 Results

ATLANTA, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced net income from continuing operations for the quarter ended December 31, 2019 of $7.1 million, or $0.32 per diluted share, compared to $7.5 million, or $0.29 per diluted share, for the fourth quarter of 2018 and $7.6 million, or $0.33 per diluted share, for the third quarter of 2019. Diluted earnings per share from continuing operations for 2019 totaled $1.20, an increase of $0.13, or 12%, compared to 2018.

“For the fourth quarter of 2019 and for all of 2019, Atlantic Capital reported strong growth in earnings per share, average core deposits, and loans, while maintaining sound credit quality and a fortress balance sheet. We begin 2020 with strong momentum and tremendous opportunity in all of our businesses,” remarked Douglas Williams, President and Chief Executive Officer.

Highlights(1)

  • Tangible book value per share increased to $14.09, from $11.88 at December 31, 2018 and $13.91 at September 30, 2019.
  • Average deposits from continuing operations increased $366.5 million, or 21%, compared to the fourth quarter of 2018 and $197.0 million, or 40% annualized, compared to the third quarter of 2019.
  • Total loans held for investment increased $145.5 million, or 8% from December 31, 2018 and $37.9 million, or 8% annualized, from September 30, 2019.
  • Net charge-offs to average loans totaled 0.07% for the fourth quarter of 2019 and 0.11% for the full year of 2019.
  • Atlantic Capital repurchased 452,000 shares in the fourth quarter totaling $8.1 million and repurchased 4.5 million shares totaling $79.0 million, or approximately 17% of total shares, since November 2018.

Income Statement

Taxable equivalent net interest income from continuing operations totaled $20.7 million for the fourth quarter of 2019, a decrease of $431,000, or 2%, from the fourth quarter of 2018, and an increase of $646,000, or 13% annualized, from the third quarter of 2019. The linked quarter increase in taxable equivalent net interest income was driven by a combination of growth in loans, deposits, investment securities, and excess cash.

Taxable equivalent net interest margin from continuing operations was 3.38% in the fourth quarter of 2019, a decrease of 28 basis points from the fourth quarter of 2018 and a decrease of 14 basis points from the third quarter of 2019. The decrease in the fourth quarter of 2019 compared to the third quarter of 2019 was primarily the result of an increase in excess cash due to strong deposit growth and lower loan yields due to lower short-term interest rates. This was 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 fourth quarter of 2019 was 4.95%, a decrease of 36 basis points from the fourth quarter of 2018 and a decrease of 23 basis points from the third quarter of 2019. The decrease in loan yields was due primarily to the repricing of our variable rate loans as a result of declines in 1 month LIBOR during 2019.

The cost of deposits from continuing operations in the fourth quarter of 2019 was 0.90%, a decrease of 3 basis points from the fourth quarter of 2018 and a decrease of 16 basis points from the third quarter of 2019. The cost of interest bearing deposits from continuing operations decreased 4 basis points to 1.36% from the fourth quarter of 2018, and decreased 22 basis points from the third quarter of 2019.

(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 15.

The provision for loan losses from continuing operations was $787,000 in the fourth quarter of 2019 compared to $502,000 in the fourth quarter of 2018 and $413,000 in the third quarter of 2019. Annualized net charge-offs were 0.07% of average loans in the fourth quarter of 2019 and 0.11% for the full year of 2019.

Noninterest income from continuing operations totaled $2.7 million in the fourth quarter of 2019 compared to
$164,000 in the fourth quarter of 2018 and $2.8 million in the third quarter of 2019. Service charge income in the fourth quarter of 2019 totaled $998,000, an increase of $122,000 or 14%, compared to the fourth quarter of 2018 and an increase of $73,000, or 32% annualized, from the third quarter of 2019. This increase was driven by continued growth in our payments and fintech businesses. The fourth quarter of 2018 included a loss of $1.9 million on the sale of $63 million in investment securities to help fund the cash payout for the sale of 14 branches in Tennessee and northwest Georgia that closed in the second quarter of 2019.

Derivatives income totaled $315,000 compared to a loss of $293,000 in the third quarter of 2019 due to credit valuation adjustments on the customer swap portfolio. SBA income totaled $846,000, a decrease from $1.2 million in the third quarter of 2019 primarily as a result of fewer SBA loan sales during the quarter.

Noninterest expense from continuing operations totaled $13.4 million in the fourth quarter of 2019, an increase of
$1.2 million compared to the fourth quarter of 2018, and an increase of $705,000 compared to the third quarter of 2019. Salaries and employee benefits expense increased $205,000, to $8.5 million in the fourth quarter of 2019 compared to the third quarter of 2019, primarily from the full impact of new hires and higher incentive expense. Communications and data processing expense for the fourth quarter of 2019 increased $270,000 compared to the third quarter of 2019, due to a higher volume of transactions in the payments business, as well as non-recurring charges related to vendor negotiations and contract terminations. The FDIC premium expense in the fourth quarter of 2019 increased $193,000 compared to the third quarter of 2019 due to the FDIC assessment credit received in the third quarter.

The overall effective tax rate from continuing operations was 21.3% for the fourth quarter of 2019 and for the full year of 2019.

Balance Sheet

Total loans held for investment were $1.87 billion at December 31, 2019, an increase of $145.5 million, or 8%, from December 31, 2018 and an increase of $37.9 million, or 8% annualized, from September 30, 2019. Mortgage warehouse loan participations decreased $14.0 million from December 31, 2018 and $9.3 million from September 30, 2019. Multifamily loans increased $38.0 million in the fourth quarter of 2019 and included $28.0 million in construction loans that moved to permanent funding.

At December 31, 2019, the allowance for loan losses was $18.5 million, or 0.99% of loans held for investment compared to 1.03% at December 31, 2018 and 0.98% at September 30, 2019. Non-performing assets from continuing operations totaled $7.6 million, or 0.26% of total assets as of December 31, 2019 compared to 0.20% of total assets as of December 31, 2018 and 0.29% of total assets as of September 30, 2019.

Total average deposits from continuing operations were $2.15 billion for the fourth quarter of 2019, an increase of $366.5 million, or 21%, from the fourth quarter of 2018 and an increase of $197.0 million, or 40% annualized, from the third quarter of 2019. This included increases in large, year-end deposits that the Company anticipates to decrease in the first quarter of 2020.

Noninterest bearing deposits were 33.5% of total average deposits from continuing operations in the fourth quarter of 2019, compared to 33.6% in the fourth quarter of 2018 and 32.7% in the third quarter of 2019.

Tangible common equity to tangible assets was 10.6% at December 31, 2019, a decrease from 12.9% at September 30, 2019, due to the balance sheet impact from the increase in year-end deposits. The estimated total risk based capital ratio was 15.0% at December 31, 2019 compared to 14.2% at December 31, 2018 and 15.5% at September 30, 2019.

Earnings Conference Call

The Company will host a conference call at 9:00 a.m. EST on Friday, January 31, 2020, to discuss the financial results for the quarter ended December 31, 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 $2.9 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           Fourth Quarter 2019 to
2018 Change
     YTD
2019 to 2018
Change
 
   2019  2018 For the year ended December 31, 
(in thousands, except share and per share data; taxable equivalent) Fourth Quarter Third QuarterSecond Quarter First Quarter Fourth Quarter  2019   2018 
INCOME SUMMARY(1)                 
Interest income (2) $  26,699$  26,624$  26,686$  26,297 $  26,725(0)%$106,306 $  95,15512%
Interest expense  5,965 6,536 6,709 5,773  5,5607   24,983  18,51335 
Net interest income  20,734 20,088 19,977 20,524  21,165(2)  81,323  76,6426 
Provision for loan losses  787 413 698 814  50257   2,712  1,94639 
Net interest income after provision for loan losses  19,947 19,675 19,279 19,710  20,663(3)  78,611  74,6965 
Noninterest income  2,679 2,769 2,941 2,336  1641,534   10,725  10,0477 
Noninterest expense  13,382 12,677 13,254 13,795  12,20810   53,108  49,9916 
Income from continuing operations before income taxes  9,244 9,767 8,966 8,251  8,6197   36,228  34,7524 
Income tax expense  2,104 2,198 1,957 1,811  1,13685   8,070  6,70220 
Net income from continuing operations (2)(3)  7,140 7,569 7,009 6,440  7,483(5)  28,158  28,0500 
Income (loss) from discontinued operations, net of tax  - 617 22,143 (1,063) 1,347(100)  21,697  4824,401 
Net income $  7,140$  8,186$  29,152$  5,377 $  8,830(19)%$  49,855 $  28,53275%
PER SHARE DATA             
Diluted earnings per share - continuing operations $  0.32$  0.33$  0.29$  0.26 $  0.29  $  1.20 $  1.07  
Diluted earnings (loss) per share - discontinued operations  - 0.03 0.92 (0.04) 0.05   0.92  0.02  
Diluted earnings per share  0.32 0.36 1.21 0.21  0.34   2.12  1.09  
Book value per share  15.01 14.81 14.46 13.10  12.80   15.01  12.80  
Tangible book value per common share (3)  14.09 13.91 13.60 12.17  11.88   14.09  11.88  
PERFORMANCE MEASURES                 
Return on average equity  8.65%9.77%34.38%6.80 %10.90%  15.10% 9.05% 
Return on average assets  1.08 1.32 4.79 0.77  1.21   1.93  1.03  
Taxable equivalent net interest margin - continuing operations  3.38 3.52 3.61 3.74  3.66   3.58  3.50  
Efficiency ratio - continuing operations  57.57 55.72 58.06 60.61  57.50   57.99  57.93  
CAPITAL                 
Average equity to average assets  12.47%13.54%13.94%11.34 %11.11%  12.77% 11.34% 
Tangible common equity to tangible assets  10.61 12.92 13.37 10.51  10.25   10.61  10.25  
Tier 1 capital ratio  12.0 (4)12.5 13.4 11.0  11.5   12.0(4) 11.5  
Total risk based capital ratio  15.0 (4)15.5 16.5 13.7  14.2   15.0(4) 14.2  
Number of common shares outstanding - basic  21,751,026 22,193,761 23,293,465 24,466,964  25,290,419   21,751,026  25,290,419  
Number of common shares outstanding - diluted  21,974,959 22,405,141 23,508,442 24,719,273  25,480,233   21,974,959  25,480,233  
ASSET QUALITY                 
Allowance for loan losses to loans held for investment (5)  0.99%0.98%1.02%1.04 %1.03%  0.99% 1.03% 
Net charge-offs to average loans  0.07 0.11 0.14 0.11  -   0.11  0.02  
Non-performing assets to total assets  0.26 0.29 0.31 0.40  0.20   0.26  0.20  
AVERAGE BALANCES             
Total loans- continuing operations $1,857,736$1,801,629$1,769,803$1,707,682 $1,699,801  $1,769,613 $1,599,916  
Investment securities  389,667 340,872 360,047 400,101  450,465   372,556  455,099  
Total assets  2,626,388 2,453,438  2,440,502 2,829,072  2,891,327   2,586,428  2,780,571  
Deposits - continuing operations  2,146,626 1,949,657  1,902,076 1,793,791  1,780,092   1,805,300  1,633,286  
Shareholders’ equity  327,543 332,291 340,119 320,812  321,348   330,216  315,253  
Number of common shares - basic  21,876,487 22,681,904 23,888,381 24,855,171  25,919,445   23,315,562  25,947,038  
Number of common shares - diluted  22,053,907 22,837,531 24,040,806 25,019,384  26,043,799   23,478,001  26,111,755  
AT PERIOD END             
Loans and loans held for sale $1,873,894$1,836,589$1,789,740$2,120,866 $2,106,992  $1,873,894 $2,106,992  
Investment securities  399,433 329,648 348,723 402,640  402,486   399,433  402,486  
Total assets  2,910,379 2,410,198  2,389,680 2,855,887  2,955,440   2,910,379  2,955,440  
Deposits  2,499,046 1,854,272  1,851,531 2,440,448  2,544,163   2,499,046  2,544,163  
Shareholders’ equity  326,495 328,711 336,715 320,627  323,653   326,495  323,653  
Number of common shares outstanding  21,751,026 22,193,761 23,293,465 24,466,964  25,290,419   21,751,026  25,290,419  
   
(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.
(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 12/31/19.
(5)The ratios for the first, second, and third quarters of 2019 and fourth quarter of 2018 are calculated on a continuing operations basis.
  


ATLANTIC CAPITAL BANCSHARES, INC.            
Financial Information from Discontinued Operations            
Assets and Liabilities from Discontinued Operations            
(in thousands) December 31, 2019 September 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
            
   2019  2018 For the year ended December 31,
 

(in thousands)
 Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
 Fourth
Quarter
    

2019
    

2018
 
Net interest income $- $- $  (39)$3,125  $3,225   $3,086  $14,140 
Provision for loan losses  -  -      –     (3,097)     –     (3,097)
Net interest income after provision  -  -  (39)   3,125     6,322      3,086     17,237 
Service charges  -  -  46  481   483    527   1,922 
Mortgage income  -  -    288   320    288   1,302 
Gain on sale of branches  -  -  34,475     -    34,475    
Other income  -  -  (22)   21     47      (1)    123 
Total noninterest income  -  -  34,499    790     850      35,289     3,347 
Salaries and employee benefits  -  -  330  2,427   2,757    2,757   11,714 
Occupancy  -  -  71  339   479    410   2,016 
Equipment and software  -  -  8  123   158    131   779 
Amortization of intangibles  -  -    247   271    247   1,229 
Communications and data processing  -  -  197  389   440    586   1,529 
Divestiture expense  -  -  3,646  1,449   825    5,095   825 
Other noninterest expense  -  -  101    358     446      459     1,849 
Total noninterest expense  -  -  4,353    5,332     5,376      9,685     19,941 
Net income (loss) before provision for income taxes  -  -  30,107  (1,417)  1,796    28,690   643 
Provision (benefit) for income taxes  -  (617) 7,964    (354)    449      6,993     161 
Net income (loss) from discontinued operations  $ - $617 $22,143 $  (1,063)  $1,347    $21,697   $ 482 


Atlantic Capital Bancshares, Inc.     
Consolidated Balance Sheets (unaudited)     
  

December 31,
  

September 30,
  

December 31,
 (in thousands, except share data)    2019      2019      2018   
ASSETS    
Cash and due from banks$  45,249  $  42,577  $  42,895 
Interest-bearing deposits in banks 421,079   27,167   216,040 
Other short-term investments    –       –       9,457  
Cash and cash equivalents 466,328   69,744   268,392 
Securities available for sale 282,461   286,785   402,486 
Securities held to maturity (fair value of $115,291, $42,740 and $0 at December 31, 2019, September 30, 2019, and December 31, 2018, 116,972   42,863    
Other investments 27,556   31,360   29,236 
Loans held for sale 370   916   5,889 
Loans held for sale - discontinued operations(1)       373,030 
Loans held for investment(1) 1,873,524   1,835,673   1,728,073 
Less: allowance for loan losses    (18,535 )     (18,080 )     (17,851)
Loans held for investment, net 1,854,989   1,817,593   1,710,222 
Premises held for sale - discontinued operations(1)       7,722 
Premises and equipment, net(1) 22,536   19,688   9,779 
Bank owned life insurance 66,421   66,047   65,149 
Goodwill - discontinued operations(1)       4,555 
Goodwill - continuing operations(1) 19,925   19,925   17,135 
Other intangibles, net 3,027   3,112   4,388 
Other real estate owned 278   278   874 
Other assets    49,516       51,887       56,583  
Total assets$   2,910,379   $   2,410,198   $    2,955,440 
 

LIABILITIES AND SHAREHOLDERS' EQUITY
     
Deposits:     
Noninterest-bearing demand(1)$  824,646  $  599,657  $  602,252 
Interest-bearing checking(1) 373,727   240,427   252,490 
Savings(1) 1,219   1,081   725 
Money market(1) 1,173,218   921,133   987,183 
Time(1) 44,389   30,782   10,623 
Brokered deposits 81,847   61,192   99,241 
Deposits to be assumed - discontinued operations(1)    –       –       585,429  
Total deposits 2,499,046   1,854,272   2,537,943 
Federal funds purchased    57,000    
Securities sold under agreements to repurchase - discontinued operations(1)       6,220 
Federal Home Loan Bank borrowings    76,000    
Long-term debt 49,873   49,831   49,704 
Other liabilities    34,965       44,384       37,920  
Total liabilities    2,583,884       2,081,487       2,631,787  
SHAREHOLDERS' EQUITY     
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding     
as of December 31, 2019, September 30, 2019, and December 31, 2018        
Common stock, no par value; 100,000,000 shares authorized; 21,751,026, 22,193,761,     
and 25,290,419 shares issued and outstanding as of December 31, 2019,     
September 30, 2019, and December 31, 2018, respectively 230,265   237,687   291,771 
Retained earnings 91,669   84,529   42,187 
Accumulated other comprehensive income (loss)    4,561       6,495       (10,305)
Total shareholders’ equity    326,495       328,711       323,653  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$   2,910,379   $   2,410,198   $    2,955,440 
(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.    


Atlantic Capital Bancshares, Inc.             
Consolidated Statements of Income (unaudited)             
(in thousands except share and per share data) Three months ended Years ended
  December 31,
 2019
 September
30, 2019
 June 30,
2019
March 31,
2019
 December
31, 2018
 December 31,
2019
 December 31,
2018
INTEREST INCOME           
Loans, including fees $  23,175 $  23,541  $  23,554 $  22,752  $  22,752  $  93,022  $  80,110 
Investment securities  2,413  2,176   2,339  2,631   2,844   9,559   10,912 
Interest and dividends on other interest‑earning assets  944   803    705  814    1,032    3,266    3,738  
Total interest income  26,532   26,520    26,598  26,197     26,628    105,847    94,760  
INTEREST EXPENSE             
Interest on deposits  4,890  5,223   5,448  4,831   4,185   20,392   12,506 
Interest on Federal Home Loan Bank advances  157  390   270     487   817   2,399 
Interest on federal funds purchased and securities sold under             
agreements to repurchase  94  99   168  118   60   479   304 
Interest on long-term debt  824   824    823  824    828    3,295    3,304  
Total interest expense  5,965   6,536    6,709  5,773    5,560    24,983    18,513  
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES  20,567  19,984   19,889  20,424   21,068   80,864   76,247 
Provision for loan losses  787   413    698  814    502    2,712    1,946  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES  19,780   19,571    19,191  19,610    20,566    78,152    74,301  
NONINTEREST INCOME             
Service charges  998  925   870  794   876   3,587   3,215 
Gains (losses) on sale of securities    253   654     (1,853)  907   (1,855)
Gains (losses) on sale of other assets    140   (10) (3)     127   (154)
Trust income                  1,025 
Derivatives income (loss)  315  (293)  (233) (111)  154   (322)  308 
Bank owned life insurance  375  422   389  360   380   1,546   1,506 
SBA lending activities  846  1,150   1,096  1,086   425   4,178   3,606 
Gain on sale of trust company                  1,681 
Other noninterest income  145   172    175  210    182     702    715  
Total noninterest income  2,679   2,769    2,941  2,336    164    10,725    10,047  
NONINTEREST EXPENSE             
Salaries and employee benefits  8,500  8,295   8,529  9,213   7,573   34,537   31,766 
Occupancy  838  722   689  639   655   2,888   2,972 
Equipment and software  769  842   753  739   783   3,103   2,817 
Professional services  577  764   792  775   947   2,908   3,511 
Postage, printing and supplies  28  32   29  48   30   137   166 
Communications and data processing  1,066  796   662  675   772   3,199   2,676 
Marketing and business development  143  243   233  226   224   845   710 
FDIC premiums    (193)  175  235   157   217   562 
Other noninterest expense  1,461    1,176    1,392  1,245    1,067    5,274    4,811  
Total noninterest expense  13,382   12,677    13,254  13,795    12,208    53,108    49,991  
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES  9,077  9,663   8,878  8,151   8,522   35,769   34,357 
Provision for income taxes  1,937   2,094    1,869  1,711    1,039    7,611    6,307  
NET INCOME FROM CONTINUING OPERATIONS  7,140  7,569   7,009  6,440   7,483   28,158   28,050 
DISCONTINUED OPERATIONS             
Income (loss) from discontinued operations $  – $  –  $  30,107 $  (1,417) $  1,796  $  28,690  $  643 
Provision (benefit) for income taxes    (617 )  7,964  (354 )  449    6,993    161  
Net income (loss) from discontinued operations    617    22,143  (1,063 )  1,347    21,697    482  
NET INCOME $ 7,140  $ 8,186   $ 29,152
 $5,377   $ 8,830   $ 49,855   $ 28,532  
 Net Income (Loss) per Common Share ‑ Basic             
Net income per common share - continuing operations $  0.33 $  0.33  $  0.29 $  0.26  $  0.29  $  1.21  $  1.08 
Net income (loss) per common share - discontinued operations    0.03   0.93  (0.04)  0.05   0.93   0.02 
Net Income per Common Share ‑ Basic  0.33  0.36   1.22  0.22   0.34   2.14   1.10 
Net Income (Loss) per Common Share ‑ Diluted             
Net income per common share - continuing operations $  0.32 $  0.33  $  0.29 $  0.26  $  0.29  $  1.20  $  1.07 
Net income (loss) per common share - discontinued operations    0.03   0.92  (0.04)  0.05   0.92   0.02 
Net Income per Common Share ‑ Diluted  0.32  0.36   1.21  0.21   0.34   2.12   1.09 
Weighted average shares - basic  21,876,487  22,681,904   23,888,381  24,855,171   25,919,445   23,315,562   25,947,038 
Weighted average shares - diluted  22,053,907  22,837,531   24,040,806  25,019,384   26,043,799   23,478,001   26,111,755 


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

 Three months ended
 December 31, 2019
September 30, 2019
 

(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


$
 

  174,589
 

$
 

  733
  

1.67


%


$
 

  103,954
 

$
 

  564
  

2.15


%
Other short-term investments -  - 0.00% -  - 0.00%
 Investment securities:              
Taxable investment securities 242,175  1,570 2.57% 257,005  1,657 2.56%
Non-taxable investment securities(1) 147,492  1,010 2.72% 83,867  623 2.95%
Total investment securities 389,667  2,580 2.63% 340,872  2,280 2.65%
Loans - continuing operations 1,857,736  23,175 4.95% 1,801,629  23,541 5.18%
FHLB and FRB stock    14,106     211    5.93%    15,524     239    6.11%
Total interest-earning assets 2,436,098  26,699 4.35% 2,261,979  26,624 4.67%
Non-earning assets    190,290        191,459    
Total assets$  2,626,388    $  2,453,438    
Liabilities
Interest bearing deposits:
NOW, money market, and savings
 1,328,184  4,525 1.35% 1,191,293  4,642 1.55%
Time deposits 37,388  52 0.55% 32,409  51 0.62%
Brokered deposits    62,757     313    1.98%    88,146     530    2.39%
Total interest-bearing deposits 1,428,329  4,890 1.36% 1,311,848  5,223 1.58%
Total borrowings 54,706  252 1.83% 85,478  489 2.27%
Total long-term debt    49,845     823    6.55%    49,803     824    6.56%
Total interest-bearing liabilities 1,532,880  5,965 1.54% 1,447,129  6,536 1.79%
Demand deposits 718,297     637,809    
Other liabilities 47,668     36,209    
Shareholders' equity    327,543        332,291    
Total liabilities and shareholders' equity$  2,626,388    $  2,453,438    
Net interest spread    2.80%    2.88%
Net interest income and net interest margin(2)  $     20,734 3.38%  $     20,088 3.52%
Non-taxable equivalent net interest margin    3.35%    3.51%

(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
    December 31, 2019      December 31, 2018 
(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$  174,589 $  733 1.67% $  111,988 $  638 2.26%
Other short-term investments -  - 0.00%  19,078  142 2.95%
Investment securities:           
Taxable investment securities 242,175  1,570 2.57%  376,163  2,362 2.49%
Non-taxable investment securities(1) 147,492  1,010 2.72%  74,302  579 3.09%
Total investment securities 389,667  2,580 2.63%  450,465  2,941 2.59%
Loans - continuing operations 1,857,736  23,175 4.95%  1,699,801  22,752 5.31%
FHLB and FRB stock    14,106     211    5.93%     15,985     252    6.25%
Total interest-earning assets - continuing operations 2,436,098  26,699 4.35%  2,297,317  26,725 4.62%
Loans held for sale - discontinued operations    -     -    0.00%     377,052     4,509    4.74%
Total interest-earning assets 2,436,098  26,699 4.35%  2,674,369  31,234 4.63%
Non-earning assets    190,290         216,958    
Total assets   $ 2,626,388         $ 2,891,327    
Liabilities           
Interest bearing deposits:           
NOW, money market, and savings 1,328,184  4,525 1.35%  1,079,178  3,601 1.32%
Time deposits 37,388  52 0.55%  10,116  33 1.29%
Brokered deposits    62,757     313    1.98%     93,558     551    2.34%
Total interest-bearing deposits 1,428,329  4,890 1.36%  1,182,852  4,185 1.40%
Total borrowings 54,706  252 1.83%  91,155  547 2.38%
Total long-term debt    49,845     823    6.55%     49,677     828    6.61%
Total interest-bearing liabilities - continuing operations 1,532,880  5,965 1.54%  1,323,684  5,560 1.67%
Interest-bearing liabilities - discontinued operations    -     -    0.00%     472,162     1,284    1.08%
Total interest-bearing liabilities 1,532,880  5,965 1.54%  1,795,846  6,844 1.51%
Demand deposits 718,297      597,240    
Demand deposits - discontinued operations -      135,774    
Other liabilities 47,668      41,120    
Shareholders' equity    327,543         321,347    
Total liabilities and shareholders' equity   $ 2,626,388         $ 2,891,327    
Net interest spread - continuing operations    2.80%     2.95%
Net interest income and net interest margin - continuing operations(2)  $  20,734 3.38%   $  21,165 3.66%
Net interest income and net interest margin(2)  $  20,734 3.38%   $  24,390 3.62%
Non-taxable equivalent net interest margin    3.35%     3.60%
(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           
 Twelve months ended December 31,
 2019 2018
 (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$  110,543 $  2,209 2.00% $  104,145 $  2,244 2.15%
Other short-term investments 3,875  118 3.05%  15,210  426 2.80%
Investment securities:           
Taxable investment securities 274,189  7,188 2.62%  379,035  9,005 2.38%
Non-taxable investment securities(1) 98,367  2,830 2.88%  76,064  2,302 3.03%
Total investment securities 372,556  10,018 2.69%  455,099  11,307 2.48%
Loans - continuing operations 1,769,613  93,022 5.26%  1,599,916  80,110 5.01%
FHLB and FRB stock    14,156     939    6.63%     17,710     1,068    6.03%
Total interest-earning assets - continuing operations 2,270,743  106,306 4.68%  2,192,080  95,155 4.34%
Loans held for sale - discontinued operations    116,725     4,588    3.93%     377,098     18,224    4.83%
Total interest-earning assets 2,387,468  110,894 4.64%  2,569,178  113,379 4.41%
Non-earning assets    198,960         211,393    
Total assets    $ 2,586,428         $ 2,780,571    
Liabilities           
Interest bearing deposits:           
NOW, money market, and savings 1,107,765  18,155 1.64%  1,001,025  10,627 1.06%
Time deposits 23,072  191 0.83%  10,046  115 1.14%
Brokered deposits    84,601     2,046    2.42%     84,105     1,764    2.10%
Total interest-bearing deposits 1,215,438  20,392 1.68%  1,095,176  12,506 1.14%
Total borrowings 54,931  1,297 2.36%  139,422  2,703 1.94%
Total long-term debt    49,782     3,294    6.62%     49,613     3,304    6.66%
Total interest-bearing liabilities - continuing operations 1,320,151  24,983 1.89%  1,284,211  18,513 1.44%
Interest-bearing liabilities - discontinued operations    144,064     1,502    1.04%     467,101     4,084    0.87%
Total interest-bearing liabilities 1,464,215  26,485 1.81%  1,751,312  22,597 1.29%
Demand deposits 589,862      538,110    
Demand deposits - discontinued operations 39,253      137,905    
Other liabilities 162,882      37,991    
Shareholders' equity    330,216         315,253    
Total liabilities and shareholders' equity$2,586,428     $2,780,571    
Net interest spread - continuing operations    2.79%     2.90%
Net interest income and net interest margin - continuing operations(2)  $  81,323 3.58%   $  76,642 3.50%
Net interest income and net interest margin(2)    $84,409 3.54%     $90,782 3.53%
Non-taxable equivalent net interest margin    3.52%     3.52%
(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              
(dollars in thousands) December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Linked Quarter Change Year Over Year Change
 

Loans held for sale
              
Loans held for sale $  370  $  916  $  -  $  1,530  $  5,889  $  (546) $  (5,519)
Loans held for sale - discontinued operations  -
  
   -
  
   -
  
   384,779
  
   373,030
  
   -
  
   (373,030
  
)

Total loans held for sale $  370  $  916  $  -  $  386,309  $378,919  $  (546) $(378,549)
 

Loans held for investment
              
Commercial loans:              
Commercial and industrial $  705,115  $697,412  $701,566  $  679,489  $645,374  $  7,703  $  59,741 
Commercial real estate:              
Multifamily  98,378   60,398   43,907   43,929   88,826   37,980   9,552 
Owner occupied  357,912   352,842   313,310   304,945   298,291   5,070   59,621 
Investment  460,038   452,285   409,629   394,087   407,711   7,753   52,327 
Construction and land:              - 
1-4 family residential construction  4,009   5,186   3,696   2,067   1,006   (1,177)  3,003 
Other construction, development, and land   

123,531
    

139,991
    

195,260
    

171,818
    

155,226
    

(16,460


)
   

(31,695


)
Mortgage warehouse loans  13,941   23,256   10,665   22,267   27,967   (9,315)  (14,026)
Total commercial loans  1,762,924   1,731,370   1,678,033   1,618,602   1,624,401   31,554   138,523 
 

Residential:
              
Residential mortgages  31,315   31,903   31,338   32,915   32,800   (588)  (1,485)
Home equity  25,002   25,638   24,303   23,171   22,822   (636)  2,180 
Total residential loans  56,317   57,541   55,641   56,086   55,622   (1,224)  695 
 

Consumer
   

37,765
    

27,168
    

34,618
    

35,203
    

25,851
    

10,597
    

11,914
 
Other  19,552   22,533   24,126   26,663   24,712   (2,981)  (5,160)
   1,876,558   1,838,612   1,792,418   1,736,554   1,730,586   37,946   145,972 
Less net deferred fees and other unearned income  (3,034
  
)

  (2,939
  
)

  (2,678
  
)

  (1,997
  
)

  (2,513
  
)

  (95
  
)

  (521
  
)

Total loans held for investment $1,873,524  $1,835,673  $1,789,740  $  1,734,557  $1,728,073  $  37,851  $  145,451 
 

 

Total loans
 



$
 

 

1,873,894
  



$
 

 

1,836,589
  



$
 

 

1,789,740
  



$
 

 

  2,120,866
  



$
 

 

2,106,992
  



$
 

 

  37,305
  



$
 

 

(233,098




)


ATLANTIC CAPITAL BANCSHARES, INC.          
Allowance for Loan Losses Activity and Credit Quality          
  2019 2018

(dollars in thousands)
 Fourth
Quarter
 Third
Quarter
 Second
Quarter

 First
Quarter
 Fourth
Quarter
 

 

Balance at beginning of period
 



$
 

 

18,080
 



$
 

 

18,186
  



$
 

 

18,107
 



$
 

 

17,851
 



$
 

 

20,443
 
Provision for loan losses  787  413  698  814  595 
Provision for loan losses (reversal of provision) -
discontinued operations
          (3,097)
Provision for PCI loan losses          (93)
Loans charged-off:          
Commercial and industrial  (344) (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  (344) (543) (635) (595) (8)
Recoveries on loans previously charged-off:          
Commercial and industrial  5  17    14   
Commercial real estate           
Construction and land    1    3   
Residential mortgages  7      7  4 
Home equity        1   
Consumer    6  16  12  7 
Other           
Total recoveries  12  24  16  37  11 
Net charge-offs  (332) (519) (619) (558) 3 
Balance at period end $18,535 $18,080  $18,186 $18,107 $17,851 
 

Loans
          
Loans held for sale $  370 $  916  $  – $  1,530 $  5,889 
Loans held for sale - discontinued operations        384,779  373,030 
Loans held for investment - continuing operations  1,873,524  1,835,673   1,789,740  1,734,557  1,728,073 
Total loans $1,873,894 $1,836,589  $1,789,740 $2,120,866 $2,106,992 
 

 

Non-performing loans - continuing operations (2)
 



$
 

 

  7,293
 



$
 

 

  6,770
  



$
 

 

  6,352
 



$
 

 

  8,830
 



$
 

 

  3,252
 
Non-performing loans - discontinued operations        1,506  1,924 
Total non-performing loans  7,293  6,770  6,352  10,336  5,176 
Foreclosed properties (OREO)  278  278  971  971  874 
Total nonperforming assets $  7,571 $  7,048  $  7,323 $11,307 $  6,050 
Allowance for loan losses to loans held for investment   0.99% 0.98% 1.02  1.04%  1.03%
Net charge-offs to average loans (1)  0.07  0.11  0.14  0.11   
Non-performing loans as a percentage of total loans - continuing operations (2)   

0.39
   

0.37
   

0.35
   

0.51
   

0.19
 
Non-performing loans as a percentage of total loans -
discontinued operations (2)
        0.39  0.52 
Non-performing loans as a percentage of total loans (2)  0.39  0.37  0.35  0.49  0.25 
Non-performing assets as a percentage of total assets - continuing operations (2)   

0.26
   

0.29
   

0.31
   

0.34
   

0.14
 
Non-performing assets as a percentage of total assets -
discontinued operations (2)
        0.05  0.07 
Non-performing assets as a percentage of total assets (2)  0.26  0.29  0.31  0.40  0.20 

(1) Annualized.
(2) The third quarter of 2019, second quarter of 2019, first quarter of 2019 and fourth quarter of 2018 ratios are calculated on a continuing operations basis.



ATLANTIC CAPITAL BANCSHARES, INC.
Period End Deposits             
 

(dollars in thousands)
  

December 31,
2019
  

September 30, 2019
 

June 30,
2019
  

March 31,
2019
  

December 31, 2018
 Linked
Quarter Change
  

Year Over Year Change
 

DDA
 

$
 

  824,646
  

$
 

  599,657
 

$
 

569,693
  

$
 

561,829
  

$
 

602,252
  

$
 

224,989
  

$
 

222,394
 
NOW  373,727   240,427  309,709   233,838   252,490   133,300   121,237 
Savings  1,219   1,081  1,090   896   725   138   494 
Money market  1,173,218   921,133  802,973   962,741   987,183   252,085   186,035 
Time  44,389   30,782  33,902   22,069   10,623   13,607   33,766 
Brokered  81,847   61,192  134,164   65,811   99,241   20,655   (17,394)
Total deposits - continuing operations  2,499,046   1,854,272  1,851,531   1,847,184   1,952,514   644,774   546,532 
Deposits to be assumed - discontinued operations     
  
   593,264
   585,429      (585,429
)
Total deposits $2,499,046  $1,854,272 $1,851,531  $2,440,448  $2,537,943  $644,774  $  (38,897)
              
Payments clients $  567,597  $  286,373 $301,413  $361,192  $397,608  $281,224  $169,989 
 

 

Average Deposits
             
   2019  2018     
 

(dollars in thousands)
 Fourth
Quarter
 Third
Quarter
Second
Quarter
 First
Quarter
 Fourth
Quarter
 Linked
Quarter

Change
 Q4 2019 vs
Q4 2018
 

DDA
 

$
 

  718,298
  

$
 

  637,809
 

$
 

587,957
  

$
 

575,453
  

$
 

597,239
  

$
 

  80,489
  

$
 

121,059
 
NOW  320,637   295,106  314,601   276,212   280,449   25,531   40,188 
Savings  1,098   1,085  956   884   712   13   386 
Money market  1,006,449   895,102  859,680   847,254   798,017   111,347   208,432 
Time  37,388   32,409  32,358   12,847   10,117   4,979   27,271 
Brokered  62,757   88,146  106,524   81,141   93,558   (25,389)  (30,801)
Total deposits - continuing operations  2,146,627   1,949,657  1,902,076   1,793,791   1,780,092   196,970   366,535 
Deposits to be assumed - discontinued operations  -
  
   -
  
  45,350
  
   593,313
  
   600,769
  
   -
  
   (600,769
  
)

Total deposits $2,146,627  $1,949,657 $1,947,426  $2,387,104  $2,380,861  $196,970  $(234,234)
              
Payments clients $  362,327  $  289,526 $285,949  $295,059  $263,800  $  72,801  $  98,527 
 

Noninterest bearing deposits as a percentage
             
of average deposits - continuing operations  33.5%  32.7% 30.9%  32.1%  33.6%    
Cost of deposits - continuing operations  0.90%  1.06% 1.15%  1.09%  0.93%    


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

(in thousands, except share and per share data)
 2019 2018For the year ended December 31,
  Fourth Quarter Third QuarterSecond Quarter First Quarter Fourth Quarter   

2019
    

2018
 
 

Taxable equivalent interest income reconciliation
             
Interest income - GAAP $  26,532  $  26,520 $  26,598  $  26,197  $  26,628  $  105,847  $  94,760 
Taxable equivalent adjustment  167   104  88   100   97   459   395 
Interest income - taxable equivalent $  26,699  $  26,624 $  26,686  $  26,297  $  26,725  $  106,306  $  95,155 
 

Taxable equivalent net interest income reconciliation - continuing operations
Net interest income - GAAP $  20,567  $  19,984 $  19,889  $  20,424  $  21,068  $  80,864  $  76,247 
Taxable equivalent adjustment  167   104  88   100   97   459   395 
Net interest income - taxable equivalent - continuing
operations
 

$
 

  20,734
  

$
 

  20,088
 

$
 

  19,977
  

$
 

  20,524
  

$
 

  21,165
  

$
 

  81,323
  

$
 

  76,642
 
 

Taxable equivalent net interest margin reconciliation - continuing operations
Net interest margin - GAAP - continuing operations  3.35%  3.51% 3.60%  3.72%  3.64%  3.52%  3.48%
Impact of taxable equivalent adjustment  0.03%  0.01% 0.01%  0.02%  0.02%  0.06%  0.02%
Net interest margin - taxable equivalent - continuing
operations
   

3.38


%
   

3.52


%
  

3.61


%
   

3.74


%
   

3.66


%
   

3.58


%
   

3.50


%
 

Taxable equivalent net interest margin reconciliation
             
Net interest margin - GAAP  3.35%  3.51% 3.54%  3.66%  3.60%  3.52%  3.52%
Impact of taxable equivalent adjustment  0.03%  0.01% 0.02%  0.02%  0.02%  0.02%  0.01%
Net interest margin - taxable equivalent  3.38%  3.52% 3.56%  3.68%  3.62%  3.54%  3.53%
 

Income before income taxes reconciliation
             
Income before income taxes - GAAP $  9,077  $  9,663 $  8,878  $  8,151  $  8,522  $  35,769  $  34,357 
Taxable equivalent adjustment  167   104  88   100   97   459   395 
Income before income taxes $  9,244  $  9,767 $  8,966  $  8,251  $  8,619  $  36,228  $  34,752 
 

Income tax reconciliation
             
Income tax expense - GAAP $  1,937  $  2,094 $  1,869  $  1,711  $  1,039  $  7,611  $  6,307 
Taxable equivalent adjustment  167   104  88   100   97   459   395 
Income tax expense $  2,104  $  2,198 $  1,957  $  1,811  $  1,136  $  8,070  $  6,702 
 

Tangible book value per common share reconciliation
             
Total shareholders’ equity $  326,495  $  328,711 $  336,715  $320,627  $  323,653  $  326,495  $  323,653 
Intangible assets  (19,925)  (19,925) (19,925)  (22,848)  (23,095)  (19,925)  (23,095)
Total tangible common equity $  306,570  $  308,786 $  316,790  $297,779  $  300,558  $  306,570  $  300,558 
Common shares outstanding  21,751,026   22,193,761  23,293,465   24,466,964   25,290,419   21,751,026   25,290,419 
Book value per common share - GAAP $  15.01  $  14.81 $  14.46  $  13.10  $  12.80  $  15.01  $  12.80 
Tangible book value  14.09   13.91  13.60   12.17   11.88   14.09   11.88 
 

Tangible common equity to tangible assets reconciliation
             
Total shareholders’ equity $  326,495  $  328,711 $  336,715  $320,627  $  323,653  $  326,495  $  323,653 
Intangible assets  (19,925)  (19,925) (19,925)  (22,848)  (23,095)  (19,925)  (23,095)
Total tangible common equity $  306,570  $  308,786 $  316,790  $297,779  $  300,558  $  306,570  $  300,558 
 

Total assets
 

$
 

2,910,379
  

$
 

2,410,198
 

$
 

2,389,680
  

$
 

2,855,887
  

$
 

2,955,440
  

$
 

2,910,379
  

$
 

2,955,440
 
Intangible assets  (19,925)  (19,925) (19,925)  (22,848)  (23,095)  (19,925)  (23,095)
Total tangible assets $2,890,454  $2,390,273 $2,369,755  $2,833,039  $2,932,345  $2,890,454  $2,932,345 
Tangible common equity to tangible assets  10.61%  12.92% 13.37%  10.51%  10.25%  10.61%  10.25%

 

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