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Atlantic Capital Bancshares, Inc. Reports Second Quarter 2019 Results

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ATLANTA, July 25, 2019 (GLOBE NEWSWIRE) -- Atlantic Capital Bancshares, Inc. (NASDAQ:ACBI) announced net income from continuing operations for the quarter ended June 30, 2019 of $7.0 million, or $0.29 per diluted share, compared to $8.4 million, or $0.32 per diluted share, for the second quarter of 2018 and $6.4 million, or $0.26 per diluted share, for the first quarter of 2019.

On April 5, 2019, Atlantic Capital completed the sale of 14 branches in Tennessee and northwest Georgia, including its mortgage business to FirstBank (the "branch sale"). This branch sale included the sale of approximately $598 million in deposits and repurchase agreements and approximately $385 million in loans.  The income and expenses related to these branches are included in discontinued operations and prior period financial information has been retrospectively adjusted for the impact of discontinued operations.  Net income from discontinued operations in the second quarter of 2019 included a gain on sale of branches of $34.5 million and divestiture expenses of $3.6 million.

"With strong loan, deposit, and non-interest income growth in the second quarter, Atlantic Capital continued to build on its success in Atlanta and its specialty commercial lines of business. We have invested aggressively in new bankers, support professionals, and offices to address new opportunities in our vibrant and growing markets," remarked Douglas Williams, President and Chief Executive Officer.

Second Quarter Highlights(1)

  • Tangible book value per share increased to $13.60, compared to $11.23 at June 30, 2018 and $12.17 at March 31, 2019. 
  • Taxable equivalent net interest margin from continuing operations was 3.61%, compared to 3.51% in the second quarter of 2018 and 3.74% in the first quarter of 2019.
  • Noninterest expense from continuing operations totaled $13.3 million, compared to $12.6 million in the second quarter of 2018 and $13.8 million in the first quarter of 2019.
  • Commercial and industrial loans held for investment increased $155.1 million, or 28.3% from June 30, 2018 and $22.1 million, or 13.0% annualized, from March 31, 2019. 
  • Average deposits from continuing operations increased $369.1 million, or 24.1%, compared to the second quarter of 2018 and $108.3 million, or 24.1% annualized, compared to the first quarter of 2019.
  • The company repurchased 1.1 million shares in the second quarter totaling $19.5 million, and has repurchased 2.9 million shares totaling $50.8 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 $20.0 million for the second quarter of 2019, an increase of $1.4 million, or 8%, from the second quarter of 2018, and a decrease of $547,000 from the first quarter of 2019.  The decrease in net interest income from the first quarter of 2019 was primarily the result of a decrease in the average balance of investment securities and an increase in borrowings to help fund the $167 million in cash paid to FirstBank at the closing of the branch sale, along with an increase in the cost of interest bearing deposits.

Net interest margin from continuing operations was 3.61% in the second quarter of 2019, an increase of 10 basis points from the second quarter of 2018 and a decrease of 13 basis points from the first quarter of 2019.  The decrease in the second quarter was primarily the result of a decrease in loan yields, higher cost of interest bearing deposits and an increase in borrowings to help fund the cash paid for the branch sale.

The yield on loans from continuing operations in the second quarter of 2019 was 5.34%, an increase of 32 basis points from the second quarter of 2018 and a decrease of 6 basis points from the first quarter of 2019.  The linked quarter decrease was primarily a result of decreases in 1 month LIBOR during the quarter.

(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 16.

The cost of deposits from continuing operations in the second quarter of 2019 was 1.15%, an increase of 44 basis points from the second quarter of 2018 and an increase of 6 basis points from the first quarter of 2019. The cost of interest bearing deposits from continuing operations increased 62 basis points to 1.66% from the second quarter of 2018, and increased 5 basis points from the first quarter of 2019.

The provision for loan losses for continuing operations was $698,000 in the second quarter of 2019 compared to ($173,000) in the second quarter of 2018 and $814,000 in the first quarter of 2019.  Annualized net charge-offs were 0.14% of average loans in the second quarter of 2019 and 0.12% for the first six months of 2019.

Noninterest income from continuing operations totaled $2.9 million in the second quarter of 2019 compared to $4.5 million in the second quarter of 2018 and $2.3 million in the first quarter of 2019.  The second quarter of 2018 included a $1.7 million gain on the sale of the Southeastern Trust Company and $518,000 in trust income earned prior to the sale.  The second quarter of 2019 included a gain of $654,000 on the sale of investment securities to help fund the cash owed to the buyer at the closing of the branch sale and a loss of $233,000 in derivative income due to the credit valuation adjustment on the customer swap portfolio.

Noninterest expense from continuing operations totaled $13.3 million in the second quarter of 2019, an increase of $631,000 compared to the second quarter of 2018, and a decrease of $541,000 compared to the first quarter of 2019.  Salaries and employee benefits expense totaled $8.5 million in the second quarter of 2019, and accounted for most of the linked quarter decrease in expenses primarily as a result of lower benefits cost.

Balance Sheet

Total loans held for investment were $1.79 billion at June 30, 2019, an increase of $238.2 million, or 15.3%, from June 30, 2018 and an increase of $55.2 million, or 12.7% annualized, from March 31, 2019.  Commercial and industrial loans increased $155.1 million, or 28.4%, from June 30, 2018 and increased $22.1 million, or 13.0% annualized, from March 31, 2019.  Mortgage warehouse loans decreased $27.7 million from June 30, 2018 and $11.6 million from March 31, 2019.

At June 30, 2019, the allowance for loan losses was $18.2 million, or 1.02% of loans held for investment compared to 1.01%, at June 30, 2018 and 1.04%, at March 31, 2019.  Non-performing assets from continuing operations totaled $6.4 million, or 0.31% of total assets, as of June 30, 2019, compared to 0.11% of total assets as of June 30, 2018 and 0.34% of total assets as of March 31, 2019.

Total average deposits from continuing operations were $1.90 billion for the second quarter of 2019, an increase of $369.0 million, or 24.1%, from the second quarter of 2018 and an increase of $108.3 million, or 24.1% annualized, from the first quarter of 2019. Noninterest bearing deposits were 30.9% of total average deposits from continuing operations in the second quarter of 2019, compared to 31.9% in the second quarter of 2018 and 32.1% in the first quarter of 2019.

Earnings Conference Call

The Company will host a conference call at 10:00 a.m. EDT on Friday, July 26, 2019, to discuss the financial results for the quarter ended June 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                              
                               
    2019   2018    For the six months ended June 30,  
(in thousands, except share and per share data; taxable equivalent)   Second Quarter   First
Quarter
  Fourth Quarter   Third Quarter   Second Quarter   2019   2018  
INCOME SUMMARY (1)                              
Interest income (2)   $ 26,686     $ 26,297     $ 26,725     $ 24,114     $ 22,934     $ 52,983     $ 44,316    
Interest expense   6,709     5,773     5,560     4,720     4,392     12,482     8,233    
Net interest income   19,977     20,524     21,165     19,394     18,542     40,501     36,083    
Provision for loan losses   698     814     502     845     (173 )   1,512     599    
Net interest income after provision for loan losses   19,279     19,710     20,663     18,549     18,715     38,989     35,484    
Noninterest income   2,941     2,336     164     2,255     4,466     5,277     7,628    
Noninterest expense   13,254     13,795     12,208     11,872     12,623     27,049     25,911    
Income from continuing operations before income taxes   8,966     8,251     8,619     8,932     10,558     17,217     17,201    
Income tax expense   1,957     1,811     1,136     1,934     2,180     3,768     3,632    
Net income from continuing operations   7,009     6,440     7,483     6,998     8,378     13,449     13,569    
Income (loss) from discontinued operations, net of tax   22,143     (1,063 )   1,347     (485 )   (227 )   21,080     (380 )  
Net income   $ 29,152     $ 5,377     $ 8,830     $ 6,513     $ 8,151     $ 34,529     $ 13,189    
                               
PER SHARE DATA                              
Diluted earnings per share - continuing operations   $ 0.29     $ 0.26     $ 0.29     $ 0.27     $ 0.32     $ 0.55     $ 0.52    
Diluted earnings (loss) per share - discontinued operations   0.92     (0.04 )   0.05     (0.02 )   (0.01 )   0.86     (0.01 )  
Diluted earnings per share   1.21     0.21     0.34     0.25     0.31     1.41     0.51    
Book value per share   14.46     13.10     12.80     12.27     12.14     14.46     12.14    
Tangible book value per common share (3)   13.60     12.17     11.88     11.37     11.23     13.60     11.23    
                               
PERFORMANCE MEASURES                              
Return on average equity   34.38   % 6.80   % 10.90   % 8.07   % 10.46   % 21.07   % 8.59   %
Return on average assets   4.79     0.77     1.21     0.92     1.20     2.64     0.98    
Taxable equivalent net interest margin - continuing operations   3.61     3.74     3.66     3.48     3.51     3.73     3.45    
Efficiency ratio - continuing operations   58.06     60.61     57.50     55.09     55.10     59.33     59.55    
                               
CAPITAL                              
Average equity to average assets   13.94   % 11.34   % 11.11   % 11.41   % 11.50   % 12.55   % 11.42   %
Tangible common equity to tangible assets   13.37     10.51     10.25     10.38     10.99     13.37     10.99    
Tier 1 capital ratio   13.4   (4) 11.0     11.5     11.8     12.0     13.4   (4) 12.0    
Total risk based capital ratio   16.5   (4) 13.7     14.2     14.7     15.0     16.5   (4) 15.0    
Number of common shares outstanding - basic   23,293,465     24,466,964     25,290,419     26,103,666     26,102,217     23,293,465     26,102,217    
Number of common shares outstanding - diluted   23,508,442     24,719,273     25,480,233     26,281,849     26,336,871     23,508,442     26,336,871    
                               
ASSET QUALITY                              
Allowance for loan losses to loans held for investment (5)   1.02   % 1.04   % 1.03   % 1.00   % 1.01   % 1.02   % 1.01   %
Net charge-offs to average loans (6)   0.14     0.11             0.03     0.12     0.04    
Non-performing assets to total assets   0.31     0.40     0.20     0.13     0.14     0.31     0.14    
                               
(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 6/30/19. (5)The ratios for the first and second quarters of 2019 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)   June 30, 2019   March 31, 2019   December 31, 2018
Cash   $     $ 4,168     $ 4,234  
Loans held for sale - discontinued operations       384,779     373,030  
Premises held for sale - discontinued operations       7,736     7,722  
Goodwill - discontinued operations       4,555     4,555  
Other assets       1,158     1,405  
Total assets   $     $ 402,396     $ 390,946  
             
Deposits to be assumed - discontinued operations   $     $ 593,264     $ 585,429  
Securities sold under agreements to repurchase - discontinued operations       9,821     6,220  
Total liabilities   $     $ 603,085     $ 591,649  
Net liabilities   $     $ (200,689 )   $ (200,703 )
                         
                         


Components of Net Income (Loss) from Discontinued Operations        
                             
    2019   2018    For the six months ended June 30,
(in thousands)   Second
Quarter
  First
Quarter
  Fourth
Quarter
  Third
Quarter
  Second
Quarter
  2019   2018
                             
Net interest income   $ (39 )   $ 3,125     $ 3,225     $ 3,266     $ 3,570     $ 3,086     $ 7,649  
Provision for loan losses           (3,097 )                
Net interest income after provision   (39 )   3,125     6,322     3,266     3,570     3,086     7,649  
Service charges   46     481     483     474     480     527     965  
Mortgage income       288     320     315     363     288     667  
Gain on sale of branches   34,475                     34,475      
Other income   (22 )   21     47     22     22     (1 )   54  
Total noninterest income   34,499     790     850     811     865     35,289     1,686  
Salaries and employee benefits   330     2,427     2,757     2,820     3,010     2,757     6,137  
Occupancy   71     339     479     556     511     410     981  
Equipment and software   8     123     158     217     203     131     404  
Amortization of intangibles       247     271     296     319     247     662  
Communications and data processing   197     389     440     381     346     586     708  
Divestiture expense   3,646     1,449     825             5,095      
Other noninterest expense   101     358     446     453     349     459     950  
Total noninterest expense   4,353     5,332     5,376     4,723     4,738     9,685     9,842  
Net income (loss) before provision for income taxes   30,107     (1,417 )   1,796     (646 )   (303 )   28,690     (507 )
Provision (benefit) for income taxes   7,964     (354 )   449     (161 )   (76 )   7,610     (127 )
Net income (loss) from discontinued operations   $ 22,143     $ (1,063 )   $ 1,347     $ (485 )   $ (227 )   $ 21,080     $ (380 )
                                                         
                                                         


ATLANTIC CAPITAL BANCSHARES, INC.                
Consolidated Balance Sheets (unaudited)                
                 
    June 30,   March 31,   December 31,   June 30,
(in thousands, except share data)   2019   2019   2018   2018
ASSETS                
Cash and due from banks   $ 24,206     $ 36,992     $ 42,895     $ 55,612  
Interest-bearing deposits in banks   52,932     76,720     216,040     42,477  
Other short-term investments       29,457     9,457     14,712  
Cash and cash equivalents   77,138     143,169     268,392     112,801  
Investment securities available-for-sale   348,723     402,640     402,486     453,968  
Other investments   31,912     28,844     29,236     36,190  
Loans held for sale       1,530     5,889     1,612  
Loans held for sale - discontinued operations(1)       384,779     373,030     382,732  
Loans held for investment(1)   1,789,740     1,734,557     1,728,073     1,551,579  
Less: allowance for loan losses(2)   (18,186 )   (18,107 )   (17,851 )   (19,583 )
Loans held for investment, net   1,771,554     1,716,450     1,710,222     1,531,996  
Premises held for sale - discontinued operations(1)       7,736     7,722     7,296  
Premises and equipment, net(1)   20,037     23,311     9,779     9,582  
Bank owned life insurance   65,874     65,486     65,149     64,391  
Goodwill - discontinued operations(1)       4,555     4,555     4,555  
Goodwill - continuing operations(1)   19,925     17,135     17,135     17,135  
Other intangibles, net   3,095     4,241     4,388     5,322  
Other real estate owned   971     971     874     1,288  
Other assets   50,451     55,040     56,583     61,806  
Total assets   $ 2,389,680     $ 2,855,887     $ 2,955,440     $ 2,690,674  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY                
Deposits:                
Noninterest-bearing demand(1)   $ 569,693     $ 561,829     $ 602,252     $ 464,282  
Interest-bearing checking(1)   309,709     233,838     252,490     241,461  
Savings(1)   1,090     896     725     951  
Money market(1)   802,973     962,741     987,183     647,247  
Time(1)   33,902     22,069     10,623     10,359  
Brokered deposits   134,164     65,811     99,241     92,656  
Deposits to be assumed - discontinued operations(1)       593,264     585,429     609,631  
Total deposits   1,851,531     2,440,448     2,537,943     2,066,587  
Federal funds purchased   35,000             65,000  
Securities sold under agreements to repurchase - discontinued operations(1)       9,821     6,220     8,024  
Federal Home Loan Bank borrowings   82,000             150,000  
Long-term debt   49,789     49,746     49,704     49,620  
Other liabilities   34,645     35,245     37,920     34,673  
Total liabilities   2,052,965     2,535,260     2,631,787     2,373,904  
                 
SHAREHOLDERS' EQUITY                
Preferred stock, no par value;  10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2019, March 31, 2019, December 31, 2018, and June 30, 2018                
Common stock, no par value; 100,000,000 shares authorized; 23,293,465, 24,466,964, 25,290,419, and 26,102,217 shares issued and outstanding as of June 30, 2019, March 31, 2019, December 31, 2018, and June 30, 2018, respectively   256,791     276,346     291,771     304,793  
Retained earnings   76,343     47,191     42,187     26,844  
Accumulated other comprehensive (loss) income   3,581     (2,910 )   (10,305 )   (14,867 )
Total shareholders' equity   336,715     320,627     323,653     316,770  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 2,389,680     $ 2,855,887     $ 2,955,440     $ 2,690,674  
                 
(1)Assets and liabilities related to the sale of Tennessee and northwest Georgia banking operations were classified as held for sale as of March 31, 2019 and 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   Six months ended
    June 30,
2019
  March 31,
2019
  December
31, 2018
  September
30, 2018
  June 30,
2018
  June 30,
2019
  June 30,
2018
INTEREST INCOME                            
Loans, including fees   $ 23,554     $ 22,752     $ 22,752     $ 20,117     $ 19,269     $ 46,306     $ 37,241  
Investment securities available-for-sale   2,339     2,631     2,844     2,789     2,687     4,970     5,279  
Interest and dividends on other interest‑earning assets   705     814     1,032     1,111     880     1,519     1,595  
Total interest income   26,598     26,197     26,628     24,017     22,836     52,795     44,115  
INTEREST EXPENSE                            
Interest on deposits   5,448     4,831     4,185     3,182     2,715     10,279     5,139  
Interest on Federal Home Loan Bank advances   270         487     637     766     270     1,275  
Interest on federal funds purchased and securities sold under agreements to repurchase   168     118     60     77     88     286     167  
Interest on long-term debt   823     824     828     824     823     1,647     1,652  
Total interest expense   6,709     5,773     5,560     4,720     4,392     12,482     8,233  
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES   19,889     20,424     21,068     19,297     18,444     40,313     35,882  
Provision for loan losses   698     814     502     845     (173 )   1,512     599  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   19,191     19,610     20,566     18,452     18,617     38,801     35,283  
NONINTEREST  INCOME                            
Service charges   870     794     876     804     828     1,664     1,535  
Gains (losses) on sale of securities   654         (1,853 )       (2 )   654     (2 )
Gains (losses) on sale of other assets   (10 )   (3 )       58     (166 )   (13 )   (212 )
Trust income                   507         1,025  
Derivatives income   (233 )   (111 )   154     20     20     (344 )   134  
Bank owned life insurance   389     360     380     379     378     749     747  
SBA lending activities   1,096     1,086     425     882     997     2,182     2,299  
Gain on sale of trust company                   1,681         1,681  
Other noninterest income   175     210     182     112     223     385     421  
Total noninterest income   2,941     2,336     164     2,255     4,466     5,277     7,628  
NONINTEREST EXPENSE                            
Salaries and employee benefits   8,529     9,213     7,573     7,332     7,911     17,742     16,861  
Occupancy   689     639     655     732     700     1,328     1,585  
Equipment and software   753     739     783     747     701     1,492     1,287  
Professional services   792     775     947     796     943     1,567     1,768  
Postage, printing and supplies   29     48     30     55     44     77     81  
Communications and data processing   662     675     772     566     657     1,337     1,338  
Marketing and business development   233     226     224     211     135     459     275  
FDIC premiums   175     235     157     154     143     410     251  
Other noninterest expense   1,392     1,245     1,067     1,279     1,389     2,637     2,465  
Total noninterest expense   13,254     13,795     12,208     11,872     12,623     27,049     25,911  
                             
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES   8,878     8,151     8,522     8,835     10,460     17,029     17,000  
Provision for income taxes   1,869     1,711     1,039     1,837     2,082     3,580     3,431  
NET INCOME FROM CONTINUING OPERATIONS   7,009     6,440     7,483     6,998     8,378     13,449     13,569  
DISCONTINUED OPERATIONS                            
Income (loss) from discontinued operations   $ 30,107     $ (1,417 )   $ 1,796     $ (646 )   $ (303 )   $ 28,690     $ (507 )
Provision (benefit) for income taxes   7,964     (354 )   449     (161 )   (76 )   7,610     (127 )
Net income (loss) from discontinued operations   22,143     (1,063 )   1,347     (485 )   (227 )   21,080     (380 )
NET INCOME   $ 29,152     $ 5,377     $ 8,830     $ 6,513     $ 8,151     $ 34,529     $ 13,189  
                             
Net Income (Loss) per Common Share Basic                            
Net income per common share - continuing operations   $ 0.29     $ 0.26     $ 0.29     $ 0.27     $ 0.32     $ 0.55     $ 0.52  
Net income (loss) per common share - discontinued operations   0.93     (0.04 )   0.05     (0.02 )   (0.01 )   0.87     (0.01 )
Net Income per Common Share Basic   1.22     0.22     0.34     0.25     0.31     1.42     0.51  
Net Income (Loss) per Common Share Diluted                            
Net income per common share - continuing operations   $ 0.29     $ 0.26     $ 0.29     $ 0.27     $ 0.32     $ 0.55     $ 0.52  
Net income (loss) per common share - discontinued operations   0.92     (0.04 )   0.05     (0.02 )   (0.01 )   0.86     (0.01 )
Net Income per Common Share Diluted   1.21     0.21     0.34     0.25     0.31     1.41     0.51  
                             
Weighted average shares - basic   23,888,381     24,855,171     25,919,445     26,103,397     26,010,914     24,369,106     25,881,587  
Weighted average shares - diluted   24,040,806     25,019,384     26,043,799     26,254,772     26,200,026     24,527,392     26,073,602  
                             
(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  
    June 30, 2019     March 31, 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   $ 70,628     $ 450     2.56   %   $ 92,168     $ 463     2.04   %
Other short-term investments   3,993     32     3.21       11,680     86     2.99    
Investment securities:                            
Taxable investment securities   280,639     1,848     2.64       320,089     2,113     2.68    
Non-taxable investment securities(1)   79,408     579     2.92       80,012     618     3.13    
Total investment securities   360,047     2,427     2.70       400,101     2,731     2.77    
Loans - continuing operations   1,769,803     23,554     5.34       1,707,682     22,752     5.40    
FHLB and FRB stock   14,435     223     6.20       12,528     265     8.58    
Total interest-earning assets - continuing operations   2,218,906     26,686     4.82       2,224,159     26,297     4.80    
Loans held for sale - discontinued operations   30,198     47     0.62       381,783     4,541     4.82    
Total interest-earning assets   2,249,104     26,733     4.77       2,605,942     30,838     4.80    
Non-earning assets   191,398               223,130            
Total assets   $ 2,440,502               $ 2,829,072            
Liabilities                            
Interest bearing deposits:                            
NOW, money market, and savings   1,175,237     4,733     1.62       1,124,350     4,255     1.53    
Time deposits   32,358     50     0.62       12,847     38     1.20    
Brokered deposits   106,524     665     2.50       81,141     538     2.69    
Total interest-bearing deposits   1,314,119     5,448     1.66       1,218,338     4,831     1.61    
Total borrowings   70,770     438     2.48       18,056     118     2.65    
Total long-term debt   49,761     823     6.63       49,719     824     6.72    
Total interest-bearing liabilities - continuing operations   1,434,650     6,709     1.88       1,286,113     5,773     1.82    
Interest-bearing liabilities - discontinued operations   36,255     86     0.95       473,090     1,416     1.21    
Total interest-bearing liabilities   1,470,905     6,795     1.85       1,759,203     7,189     1.66    
Demand deposits   587,957               575,453            
Demand deposits - discontinued operations   9,851               128,977            
Other liabilities   31,670               44,627            
Shareholders' equity   340,119               320,812            
Total liabilities and shareholders' equity   $ 2,440,502               $ 2,829,072            
Net interest spread - continuing operations           2.94   %           2.98   %
Net interest income and net interest margin - continuing operations(2)       $ 19,977     3.61   %       $ 20,524     3.74   %
Net interest income and net interest margin(2)       $ 19,938     3.56   %       $ 23,649     3.68   %
                             
Non-taxable equivalent net interest margin           3.54   %           3.66   %
                             
(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  
    June 30, 2019     June 30, 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   $ 70,628     $ 450     2.56   %   $ 97,501     $ 562     2.31   %
Other short-term investments   3,993     32     3.21       9,262     64     2.77    
Investment securities:                            
Taxable investment securities   280,639     1,848     2.64       378,291     2,212     2.35    
Non-taxable investment securities(1)   79,408     579     2.92       76,343     573     3.01    
Total investment securities   360,047     2,427     2.70       454,634     2,785     2.46    
Loans - continuing operations   1,769,803     23,554     5.34       1,540,351     19,269     5.02    
FHLB and FRB stock   14,435     223     6.20       19,357     254     5.26    
Total interest-earning assets - continuing operations   2,218,906     26,686     4.82       2,121,105     22,934     4.34    
Loans held for sale - discontinued operations   30,198     47     0.62       386,712     4,510     4.68    
Total interest-earning assets   2,249,104     26,733     4.77       2,507,817     27,444     4.39    
Non-earning assets   191,398               210,254            
Total assets   $ 2,440,502               $ 2,718,071            
Liabilities                            
Interest bearing deposits:                            
NOW, money market, and savings   1,175,237     4,733     1.62       932,991     2,222     0.96    
Time deposits   32,358     50     0.62       9,855     25     1.02    
Brokered deposits   106,524     665     2.50       100,425     468     1.87    
Total interest-bearing deposits   1,314,119     5,448     1.66       1,043,271     2,715     1.04    
Total borrowings   70,770     438     2.48       180,699     853     1.89    
Total long-term debt   49,761     823     6.63       49,592     823     6.66    
Total interest-bearing liabilities - continuing operations   1,434,650     6,709     1.88       1,273,562     4,391     1.38    
Interest-bearing liabilities - discontinued operations   36,255     86     0.95       464,598     941     0.81    
Total interest-bearing liabilities   1,470,905     6,795     1.85       1,738,160     5,332     1.23    
Demand deposits   587,957               489,722            
Demand deposits - discontinued operations   9,851               143,391            
Other liabilities   31,670               34,255            
Shareholders' equity   340,119               312,543            
Total liabilities and shareholders' equity   $ 2,440,502               $ 2,718,071            
Net interest spread - continuing operations           2.94   %           2.96   %
Net interest income and net interest margin - continuing operations(2)       $ 19,977     3.61   %       $ 18,543     3.51   %
Net interest income and net interest margin(2)       $ 19,938     3.56   %       $ 22,112     3.54   %
                             
Non-taxable equivalent net interest margin           3.54   %           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.          
Average Balance Sheets and Net Interest Margin Analysis          
Selected Financial Information          
       
    Six months ended  
    June 30, 2019     June 30, 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   $ 81,339     $ 913     2.26   %   $ 87,907     $ 959     2.20   %
Other short-term investments   7,815     118     3.04       9,801     127     2.61    
Investment securities:                            
Taxable investment securities   300,255     3,962     2.66       377,038     4,328     2.31    
Non-taxable investment securities(1)   79,709     1,196     3.03       77,239     1,152     3.01    
Total investment securities   379,964     5,158     2.74       454,277     5,480     2.43    
Loans - continuing operations   1,708,549     46,306     5.47       1,538,504     37,241     4.88    
FHLB and FRB stock   13,487     488     7.30       18,630     509     5.51    
Total interest-earning assets - continuing operations   2,191,154     52,983     4.88       2,109,119     44,316     4.24    
Loans held for sale - discontinued operations   235,384     4,588     3.93       394,471     9,213     4.71    
Total interest-earning assets   2,426,538     57,571     4.78       2,503,590     53,529     4.31    
Non-earning assets   207,175               207,893            
Total assets   $ 2,633,713               $ 2,711,483            
Liabilities                            
Interest bearing deposits:                            
NOW, money market, and savings   1,125,253     8,988     1.61       933,699     4,139     0.89    
Time deposits   11,049     88     1.61       9,828     53     1.09    
Brokered deposits   93,903     1,203     2.58       109,058     947     1.75    
Total interest-bearing deposits   1,230,205     10,279     1.68       1,052,585     5,139     0.98    
Total borrowings   43,798     556     2.56       166,402     1,442     1.75    
Total long-term debt   49,740     1,647     6.68       49,571     1,652     6.72    
Total interest-bearing liabilities - continuing operations   1,323,743     12,482     1.90       1,268,558     8,233     1.31    
Interest-bearing liabilities - discontinued operations   290,515     1,502     1.04       461,331     1,564     0.68    
Total interest-bearing liabilities   1,614,258     13,984     1.75       1,729,889     9,797     1.14    
Demand deposits   571,669               496,239            
Demand deposits - discontinued operations   79,156               139,667            
Other liabilities   38,111               35,990            
Shareholders' equity   330,519               309,698            
Total liabilities and shareholders' equity   $ 2,633,713               $ 2,711,483            
Net interest spread - continuing operations           2.98   %           2.94   %
Net interest income and net interest margin - continuing operations(2)       $ 40,501     3.73   %       $ 36,083     3.45   %
Net interest income and net interest margin(2)       $ 43,587     3.62   %       $ 43,732     3.52   %
                             
Non-taxable equivalent net interest margin           3.61   %           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.                    
Period End Loans(1)                            
                             
                             
(dollars in thousands)   June 30,
2019
  March 31,
2019
  December
31, 2018
  September
30, 2018
  June 30,
2018
  Linked
Quarter
Change
  Year Over
Year
Change
                             
Loans held for sale                            
Loans held for sale   $     $ 1,530     $ 5,889     $ 1,886     $ 1,612     $ (1,530 )   $ (1,612 )
Loans held for sale - discontinued operations       384,779     373,030     375,976     382,732     (384,779 )   (382,732 )
Total loans held for sale   $     $ 386,309     $ 378,919     $ 377,862     $ 384,344     $ (386,309 )   $ (384,344 )
                             
Loans held for investment                            
Commercial loans:                            
Commercial and industrial   $ 701,566     $ 679,489     $ 645,374     $ 581,737     $ 546,497     $ 22,077     $ 155,069  
Commercial real estate:                            
Multifamily   43,907     43,929     88,826     108,001     92,013     (22 )   (48,106 )
Owner occupied   313,310     304,945     298,291     295,801     265,576     8,365     47,734  
Investment   409,629     394,087     407,711     409,145     386,072     15,542     23,557  
Construction and land:                            
1-4 family residential construction   3,696     2,067     1,006         378     1,629     3,318  
Other construction, development, and land   195,260     171,818     155,226     147,114     134,764     23,442     60,496  
Mortgage warehouse loans   10,665     22,267     27,967     27,838     38,352     (11,602 )   (27,687 )
Total commercial loans   1,678,033     1,618,602     1,624,401     1,569,636     1,463,652     59,431     214,381  
                             
Residential:                            
Residential mortgages   31,338     32,915     32,800     24,904     20,270     (1,577 )   11,068  
Home equity   24,303     23,171     22,822     33,410     32,638     1,132     (8,335 )
Total residential loans   55,641     56,086     55,622     58,314     52,908     (445 )   2,733  
                             
Consumer   34,618     35,203     25,851     26,825     25,531     (585 )   9,087  
Other   24,126     26,663     24,712     10,579     12,409     (2,537 )   11,717  
    1,792,418     1,736,554     1,730,586     1,665,354     1,554,500     55,864     237,918  
Less net deferred fees and other unearned income   (2,678 )   (1,997 )   (2,513 )   (2,896 )   (2,921 )   (681 )   243  
Total loans held for investment   $ 1,789,740     $ 1,734,557     $ 1,728,073     $ 1,662,458     $ 1,551,579     $ 55,183     $ 238,161  
                             
Total loans   $ 1,789,740     $ 2,120,866     $ 2,106,992     $ 2,040,320     $ 1,935,923     $ (331,126 )   $ (146,183 )
                             
(1)Loans held for sale-discontinued operations and loans held for investment have been reported retrospectively for all periods prior to December 31, 2018.


ATLANTIC CAPITAL BANCSHARES, INC.          
Allowance for Loan Losses Activity and Credit Quality          
                       
    2019   2018  
(dollars in thousands)   Second
Quarter
  First 
Quarter
  Fourth
Quarter
  Third
Quarter
  Second
Quarter
 
                       
Balance at beginning of period   $ 18,107     $ 17,851     $ 20,443     $ 19,583     $ 19,885    
Provision for loan losses   698     814     595     758     (173 )  
Provision for loan losses (reversal of provision) - discontinued operations           (3,097 )          
Provision for PCI loan losses           (93 )   87        
Loans charged-off:                      
Commercial and industrial   (588 )   (549 )              
Commercial real estate   (47 )               (50 )  
Construction and land                      
Residential mortgages       (9 )   (5 )          
Home equity                   (102 )  
Consumer       (37 )   (3 )       (10 )  
Other                      
Total loans charged-off   (635 )   (595 )   (8 )       (162 )  
Recoveries on loans previously charged-off:                      
Commercial and industrial       14                
Commercial real estate                   28    
Construction and land       3                
Residential mortgages       7     4            
Home equity       1                
Consumer   16     12     7     15     5    
Other                      
Total recoveries   16     37     11     15     33    
Net charge-offs   $ (619 )   $ (558 )   $ 3     $ 15     $ (129 )  
Balance at period end (1)   $ 18,186     $ 18,107     $ 17,851     $ 20,443     $ 19,583    
                       
Loans                      
Loans held for sale   $     $ 1,530     $ 5,889     $ 1,886     $ 1,612    
Loans held for sale - discontinued operations       384,779     373,030     375,976     382,732    
Loans held for investment - continuing operations   1,789,740     1,734,557     1,728,073     1,662,458     1,551,579    
Total loans   $ 1,789,740     $ 2,120,866     $ 2,106,992     $ 2,040,320     $ 1,935,923    
                       
Non-performing loans - continuing operations (4)   $ 6,352     $ 8,830     $ 3,252     $ 2,160     $ 1,697    
Non-performing loans - discontinued operations (4)       1,506     1,924     556     709    
Total non-performing loans   6,352     10,336     5,176     2,716     2,406    
Foreclosed properties (OREO)   971     971     874     968     1,288    
Total nonperforming assets   $ 7,323     $ 11,307     $ 6,050     $ 3,684     $ 3,694    
                       
Allowance for loan losses to loans held for investment (2)   1.02   % 1.04   % 1.03   % 1.00   % 1.01   %
Net charge-offs to average loans (3)   0.14     0.11             0.03    
                       
Non-performing loans as a percentage of total loans - continuing operations (4)   0.35   % 0.51   % 0.19   % 0.13   % 0.11   %
Non-performing loans as a percentage of total loans - discontinued operations (4)       0.39     0.52     0.15     0.19    
Non-performing loans as a percentage of total loans (4)   0.35     0.49     0.25     0.13     0.12    
                       
Non-performing assets as a percentage of total assets - continuing operations (4)   0.31   % 0.34   % 0.14   % 0.11   % 0.11   %
Non-performing assets as a percentage of total assets - discontinued operations (4)       0.05     0.07     0.02     0.03    
Non-performing assets as a percentage of total assets (4)   0.31     0.40     0.20     0.13     0.14    
                       
(1)The allowance for loan losses has not been adjusted retrospectively in periods prior to December 31, 2018.  (2)The second quarter 2019, first quarter 2019 and fourth quarter 2018 ratios are calculated on a continuing operations basis.  Prior period ratios 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                            
                             
(dollars in thousands)   June 30,
2019
  March 31,
2019
  December
31, 2018
  September
30, 2018
  June 30,
2018
  Linked
Quarter
Change
  Year Over
Year Change
                             
DDA   $ 569,693     $ 561,829     $ 602,252     $ 518,155     $ 464,282     $ 7,864     $ 105,411  
NOW   309,709     233,838     252,490     407,214     241,461     75,871     68,248  
Savings   1,090     896     725     698     951     194     139  
Money market   802,973     962,741     987,183     759,583     647,247     (159,768 )   155,726  
Time   33,902     22,069     10,623     10,396     10,359     11,833     23,543  
Brokered   134,164     65,811     99,241     79,119     92,656     68,353     41,508  
Total deposits - continuing operations   1,851,531     1,847,184     1,952,514     1,775,165     1,456,956     4,347     394,575  
Deposits to be assumed - discontinued operations       593,264     585,429     604,659     609,631     (593,264 )   (609,631 )
Total deposits   $ 1,851,531     $ 2,440,448     $ 2,537,943     $ 2,379,824     $ 2,066,587     $ (588,917 )   $ (215,056 )
                             
Payments clients   $ 301,413     $ 361,192     $ 397,608     $ 258,320     $ 251,748     $ (59,779 )   $ 49,665  
                             
Average Deposits                            
                             
    2019   2018   Linked
Quarter
Change
  Q2 2019 vs
Q2 2018
(dollars in thousands)   Second
Quarter
  First 
Quarter
  Fourth
Quarter
  Third
Quarter
  Second
Quarter
   
                             
DDA   $ 587,957     $ 575,453     $ 597,239     $ 561,355     $ 489,722     $ 12,504     $ 98,235  
NOW   314,601     276,212     280,449     314,759     287,283     38,389     27,318  
Savings   956     884     712     616     674     72     282  
Money market   859,680     847,254     798,017     697,578     645,034     12,426     214,646  
Time   32,358     12,847     10,117     10,406     9,855     19,511     22,503  
Brokered   106,524     81,141     93,558     67,937     100,425     25,383     6,099  
Total deposits - continuing operations   1,902,076     1,793,791     1,780,092     1,652,651     1,532,993     108,285     369,083  
Deposits to be assumed - discontinued operations   45,350     593,313     600,769     601,421     602,832     (547,963 )   (557,482 )
Total deposits   $ 1,947,426     $ 2,387,104     $ 2,380,861     $ 2,254,072     $ 2,135,825     $ (439,678 )   $ (188,399 )
                             
Payments clients   $ 285,949     $ 295,059     $ 263,800     $ 227,029     $ 219,016     $ (9,110 )   $ 66,933  
                             
Noninterest bearing deposits as a percentage of average deposits - continuing operations   30.9 %   32.1 %   33.6 %   34.0 %   31.9 %        
Cost of deposits - continuing operations   1.15 %   1.09 %   0.93 %   0.76 %   0.71 %        
                                       
                                       


ATLANTIC CAPITAL BANCSHARES, INC.                
Non-GAAP Performance and Financial Measures Reconciliation                
                               
                               
    2019   2018    For the six months ended
June 30,
 
(in thousands, except share and per share data)   Second
Quarter
  First
Quarter
  Fourth
Quarter
  Third
Quarter
  Second
Quarter
  2019   2018  
                               
Taxable equivalent interest income reconciliation                              
Interest income - GAAP   $ 26,598     $ 26,197     $ 26,628     $ 24,017     $ 22,836     $ 52,795     $ 44,115    
Taxable equivalent adjustment   88     100     97     97     98     188     201    
Interest income - taxable equivalent   $ 26,686     $ 26,297     $ 26,725     $ 24,114     $ 22,934     $ 52,983     $ 44,316    
                               
Taxable equivalent net interest income reconciliation                              
Net interest income - GAAP   $ 19,889     $ 20,424     $ 21,068     $ 19,297     $ 18,444     $ 40,313     $ 35,882    
Taxable equivalent adjustment   88     100     97     97     98     188     201    
Net interest income - taxable equivalent   $ 19,977     $ 20,524     $ 21,165     $ 19,394     $ 18,542     $ 40,501     $ 36,083    
                               
Taxable equivalent net interest margin reconciliation - continuing operations                              
Net interest margin - GAAP - continuing operations   3.60   % 3.72   % 3.64   % 3.46   % 3.49   % 3.71   % 3.43   %
Impact of taxable equivalent adjustment   0.01     0.02     0.02     0.02     0.02     0.02     0.02    
Net interest margin - taxable equivalent - continuing operations   3.61   % 3.74   % 3.66   % 3.48   % 3.51   % 3.73   % 3.45   %
                               
Taxable equivalent net interest margin reconciliation                              
Net interest margin - GAAP   3.54   % 3.66   % 3.60   % 3.45   % 3.52   % 3.61   % 3.51   %
Impact of taxable equivalent adjustment   0.02     0.02     0.02     0.02     0.02     0.01     0.01    
Net interest margin - taxable equivalent   3.56   % 3.68   % 3.62   % 3.47   % 3.54   % 3.62   % 3.52   %
                               
Income before income taxes reconciliation                              
Income before income taxes - GAAP   $ 8,878     $ 8,151     $ 8,522     $ 8,835     $ 10,460     $ 17,029     $ 17,000    
Taxable equivalent adjustment   88     100     97     97     98     188     201    
Income before income taxes   $ 8,966     $ 8,251     $ 8,619     $ 8,932     $ 10,558     $ 17,217     $ 17,201    
                               
Income tax reconciliation                              
Income tax expense - GAAP   $ 1,869     $ 1,711     $ 1,039     $ 1,837     $ 2,082     $ 3,580     $ 3,431    
Taxable equivalent adjustment   88     100     97     97     98     188     201    
Income tax expense   $ 1,957     $ 1,811     $ 1,136     $ 1,934     $ 2,180     $ 3,768     $ 3,632    
                               
Tangible book value per common share reconciliation                              
Total shareholders' equity   $ 336,715     $ 320,627     $ 323,653     $ 320,237     $ 316,770     $ 336,715     $ 316,770    
Intangible assets   (19,925 )   (22,848 )   (23,095 )   (23,367 )   (23,662 )   (19,925 )   (23,662 )  
Total tangible common equity   $ 316,790     $ 297,779     $ 300,558     $ 296,870     $ 293,108     $ 316,790     $ 293,108    
Common shares outstanding   23,293,465     24,466,964     25,290,419     26,103,666     26,102,217     23,293,465     26,102,217    
Book value per common share - GAAP   $ 14.46     $ 13.10     $ 12.80     $ 12.27     $ 12.14     $ 14.46     $ 12.14    
Tangible book value   13.60     12.17     11.88     11.37     11.23     13.60     11.23    
                               
Tangible common equity to tangible assets reconciliation                              
Total shareholders' equity   $ 336,715     $ 320,627     $ 323,653     $ 320,237     $ 316,770     $ 336,715     $ 316,770    
Intangible assets   (19,925 )   (22,848 )   (23,095 )   (23,367 )   (23,662 )   (19,925 )   (23,662 )  
Total tangible common equity   $ 316,790     $ 297,779     $ 300,558     $ 296,870     $ 293,108     $ 316,790     $ 293,108    
                               
Total assets   $ 2,389,680     $ 2,855,887     $ 2,955,440     $ 2,882,721     $ 2,690,674     $ 2,389,680     $ 2,690,674    
Intangible assets   (19,925 )   (22,848 )   (23,095 )   (23,367 )   (23,662 )   (19,925 )   (23,662 )  
Total tangible assets   $ 2,369,755     $ 2,833,039     $ 2,932,345     $ 2,859,354     $ 2,667,012     $ 2,369,755     $ 2,667,012    
Tangible common equity to tangible assets   13.37   % 10.51   % 10.25   % 10.38   % 10.99   % 13.37   % 10.99   %

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