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8-K - 8-K - Atlantic Capital Bancshares, Inc. | acb-form8xkearningsrelease.htm |
PRESS RELEASE
Contact: | Douglas L. Williams | Patrick T. Oakes |
Chief Executive Officer | Executive Vice President and CFO | |
404-995-6051 | 404-995-6079 | |
doug.williams@atlcapbank.com | patrick.oakes@atlcapbank.com |
ATLANTIC CAPITAL BANCSHARES, INC. REPORTS FIRST QUARTER 2016 RESULTS
Atlanta, GA - April 29, 2016 - Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced results of the quarter ended March 31, 2016.
First Quarter Highlights
• | Net income of $2.9 million, or $0.12 per diluted share; operating net income of $3.4 million, or $0.14 per diluted share. |
• | Total loans held for investment increased $96 million, or 5.4%, to $1.89 billion from December 31, 2015. |
• | Total deposits (excluding deposits subject to pending branch sales) increased $36 million or 1.7% to $2.08 billion from December 31, 2015. |
• | Taxable equivalent net interest margin of 3.26% compared to 3.13% in the fourth quarter of 2015. |
• | Nonperforming loans of $157,000, or less than 0.01% of total loans, compared to $8.5 million, or 0.48% of total loans, at December 31, 2015. |
• | Listed as the 50th largest originator of ACH payments for 2015 by the National Automated Clearing House Association. |
“Atlantic Capital made good progress during the first quarter in its plan to grow revenue and earnings at a strong pace while integrating and repositioning the businesses acquired from First Security for better performance in the future,” explained Douglas Williams, Chief Executive Officer.
Sale of Eastern Tennessee Branches
On December 17, 2015, Atlantic Capital announced that it had entered into agreements for the sale of seven legacy FSGBank branches in Eastern Tennessee. The sale of four of the branches closed on April 1, 2016 and the sale of the remaining branches is expected to be completed later in the second quarter, subject to customary closing conditions. The branch divestitures include the sale of approximately $198 million in deposits, $34 million in loans and $7.0 million in other assets.
Results of Operations
For the first quarter of 2016, Atlantic Capital recorded net income of $2.9 million, or $0.12 per diluted share, compared to a net loss of $8.2 million, or $0.40 loss per diluted share, in the fourth quarter of 2015. Operating net income totaled $3.4 million, or $0.14 per diluted share, for the first quarter of 2016, compared to $395,000, or $0.02 per diluted share in the fourth quarter of 2015. Operating net income excludes merger related expenses and the fourth quarter 2015 loan loss provision related to the necessary increase in the allowance for loan losses due to the increase in loans resulting from the acquisition of FSG.
Net interest income improved to $18.9 million in the first quarter of 2016 from $16.0 million in the fourth quarter of 2015. This increase was driven largely by the full quarterly impact of the FSG acquisition, first quarter loan growth and the benefit of the fourth quarter increase in the fed funds rate. Net accretion income on acquired loans totaled $886,000 and premium amortization on acquired time deposits totaled $308,000 in the first quarter of 2016 compared to $625,000 and $241,000 respectively, in the fourth quarter of 2015.
Taxable Equivalent net interest margin increased to 3.26% in the first quarter of 2016 from 3.13% in the fourth quarter of 2015. The accretion of acquired loan discount and amortization of time deposit premium contributed 21 basis points in the first quarter of 2016 and 17 basis points in the fourth quarter of 2015. The net interest margin excluding these purchase accounting adjustments increased to 3.05% in the first quarter of 2016 from 2.96% in the fourth quarter of 2015.
The provision for loan losses was $368,000 in the first quarter of 2016 compared to $7.6 million in the fourth quarter of 2015. The higher provision expense in the fourth quarter was mainly due to the required allowance resulting from the increase in loans as of December 31, 2015 related to the acquired FSG portfolio.
Noninterest income improved to $4.4 million in the first quarter of 2016 from $3.5 million in the fourth quarter of 2015. This increase was primarily due to the full quarterly impact of the FSG acquisition for service fees, mortgage income and trust income. During the first quarter of 2016, the TriNet lending division contributed $383,000 in noninterest income from the sale of loans during the quarter.
Non-interest expense totaled $18.2 million in the first quarter of 2016 compared to $23.2 million in the fourth quarter of 2015. The decrease in expenses was primarily due to a decrease of $6.4 million in merger related expenses. The first quarter of 2016 merger related expenses included a $265,000 accrual for an estimated legal settlement of the shareholder lawsuit associated with the FSG merger. Operating non-interest expense, which excludes merger related charges, increased by $1.5 million, primarily due to the full quarterly impact of the FSG acquisition. Salaries and employee benefits for the first quarter of 2016 totaled $10.6 million, an increase of $900,000 thousand compared to the previous quarter. The first quarter included seasonally higher employee benefit expense and higher incentive compensation expense.
Loans held for investment were $1.89 billion at March 31, 2016, an increase of $96 million from December 31, 2015. The first quarter loan growth included $33 million in commercial and industrial, $40 million in mortgage warehouse and $17 million in construction and land loans. The March 31, 2016 loans held for sale included $55 million in TriNet loans, $6 million in mortgage loans and $34 million in branch loans held for sale in connection with the pending branch sale.
At March 31, 2016, the allowance for loan losses was $17.6 million, or 0.93% of loans held for investment, compared to $18.9 million, or 1.06% of loans held for investment as of December 31, 2015. The decrease in the allowance was primarily the result of an $8.4 million reduction in nonperforming loans during the first quarter. Annualized net charge-offs were 0.35% of average loans in the first quarter of 2016 and 0.15% for the fourth quarter of 2015.
Nonperforming assets totaled $1.2 million, or 0.07% of total assets, as of March 31, 2016, which was a decrease from $10.5 million, or 0.40% of total assets, as of December 31, 2015.
Total deposits as of March 31, 2016 were $2.28 billion, an increase of $20 million from December 31, 2015. Excluding the deposits subject to the pending branch sale, deposits increased $36 million, or 1.7% for the first quarter of 2016.
Earnings Conference Call
The Company will host a conference call at 10:00 a.m. EST on Friday, April 29, 2016, to discuss the financial results for the quarter ended March 31, 2016. Individuals wishing to participate in the conference call may do so by dialing 844.868.8848 from the United States and entering Conference ID 89772886. 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) operating net income; (ii) operating non-interest expense; (iii) operating provision for loan losses, (iv) taxable equivalent net interest margin, (v) efficiency ratio (vi) operating return on assets; (vii) operating return on equity and (viii) tangible common equity, in its analysis of the Company's performance. Operating net income excludes the following from net income available to common shareholders: merger and conversion costs, provision for loan losses for the acquired FSG portfolio, and the income tax effect of adjustments. Operating non-interest expense excludes merger and conversion costs from non-interest expense. The efficiency ratio excludes merger and conversion costs. Operating provision for loan losses excludes the
provision related to loans acquired from FSG. Tangible common equity excludes goodwill and other intangible assets from shareholders' equity.
Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company and provide meaningful comparisons to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under 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.
Forward-Looking Statements
This news release contains, and Atlantic Capital and its management may make, certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “will,” “goal,” “target” and similar expressions. These forward-looking statements express management's current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: increases in expected costs or decreases in expected savings or difficulties related to merger integration matters; inability to identify and successfully negotiate and complete additional combinations with other potential merger partners or to successfully integrate such businesses into Atlantic Capital, including the company’s ability to adequately estimate or to realize the benefits and cost savings from and limit any unexpected liabilities acquired as a result of any such business combinations; failure to generate an adequate return on investment related to new branches or other hiring initiatives; inability to generate future organic growth in loan balances, retail banking, wealth management, mortgage banking or capital markets results through the hiring of new personnel, development of new products, including new online and mobile banking platforms for treasury services, opening of de novo branches or otherwise; inability to capitalize on identified revenue enhancements or expense management opportunities, including the inability to achieve targeted adjusted noninterest expense to adjusted operating revenue targets; inability to generate future ATM and card income from marketing expenses; the effects of negative or soft economic conditions, including stress in the commercial real estate markets or failure of continued recovery in the residential real estate markets; changes in consumer and investor confidence and the related impact on financial markets and institutions; changes in interest rates; failure of assumptions underlying noninterest expense levels; failure of assumptions underlying the establishment of allowances for loan losses; deterioration in the credit quality of the loan portfolio or in the value of the collateral securing those loans; deterioration in the value of securities held in the investment securities portfolio; the possibility of recognizing other than temporary impairments on holdings of collateralized loan obligation securities as a result of the Volcker Rule; the impacts on Atlantic Capital of a potential increasing rate environment; the potential impacts of any government shutdown or debt ceiling impasse, including the risk of a U.S. credit rating downgrade or default, or continued global economic instability, which could cause disruptions in the financial markets, impact interest rates, and cause other potential unforeseen consequences; fluctuations in the market price of the common stock, regulatory, legal and contractual requirements of Atlantic Capital, other uses of capital, the company’s financial performance, market conditions generally, and future actions by the board of directors, in each case impacting repurchases of common stock or declaration of dividends; legal and regulatory developments, including changes in the federal risk-based capital rules; increased competition from both banks and nonbanks; changes in accounting standards, rules and interpretations, inaccurate estimates or assumptions in accounting, including acquisition accounting fair market value assumptions and accounting for purchased credit-impaired loans, and the impact on Atlantic Capital’s financial statements; and management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk. Forward-looking statements speak only as of the date they are made, and Atlantic Capital undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
About Atlantic Capital Bancshares
Atlantic Capital Bancshares, Inc., with assets of $2.7 billion, is a publicly-traded bank holding company headquartered in Atlanta, Georgia with corporate offices in Chattanooga and Knoxville, Tennessee. Operating under the “Atlantic Capital” brand in Atlanta and “FSGBank” brand in east Tennessee and northwest Georgia, the company provides lending, treasury management and capital markets services to small and mid-sized businesses. The company’s banking offices also provide mortgage, trust and other banking services to private and individual clients.
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||||
2016 | 2015 | First Quarter 2016 to 2015 Change | ||||||||||||||||||||||
(in thousands, except share and per share data; taxable equivalent) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||
INCOME SUMMARY | ||||||||||||||||||||||||
Interest income | $ | 21,553 | $ | 18,270 | $ | 10,345 | $ | 10,492 | $ | 9,923 | 117 | % | ||||||||||||
Interest expense | 2,632 | 2,292 | 840 | 911 | 880 | 199 | ||||||||||||||||||
Net interest income | 18,921 | 15,978 | 9,505 | 9,581 | 9,043 | 109 | ||||||||||||||||||
Operating provision for loan losses (1) | 368 | 859 | (137 | ) | 185 | 364 | 1 | |||||||||||||||||
Net interest income after provision for loan losses | 18,553 | 15,119 | 9,642 | 9,396 | 8,679 | 114 | ||||||||||||||||||
Noninterest income | 4,420 | 3,460 | 1,729 | 3,028 | 1,182 | 274 | ||||||||||||||||||
Operating noninterest expense (2) | 17,517 | 16,067 | 6,953 | 7,065 | 6,694 | 162 | ||||||||||||||||||
Operating income before income taxes | 5,456 | 2,512 | 4,418 | 5,359 | 3,167 | 72 | ||||||||||||||||||
Operating income tax expense (benefit) | 2,065 | 2,117 | 1,749 | 1,991 | 1,140 | 81 | ||||||||||||||||||
Operating net income (1)(2) | 3,391 | 395 | 2,669 | 3,368 | 2,027 | 67 | ||||||||||||||||||
Provision for acquired non PCI FSG loans | — | 4,153 | — | — | — | — | ||||||||||||||||||
Merger related charges, net of income tax | 460 | 4,403 | 443 | 466 | 313 | 47 | ||||||||||||||||||
Net income (loss) - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | 71 | % | |||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Diluted earnings (loss) per share - GAAP | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | |||||||||||||
Diluted earnings per share - operating (1)(2) | 0.14 | 0.02 | 0.19 | 0.24 | 0.15 | |||||||||||||||||||
Book value per share | 11.99 | 11.79 | 11.05 | 10.80 | 10.67 | |||||||||||||||||||
Tangible book value per share (3) | 10.61 | 10.35 | 10.95 | 10.72 | 10.61 | |||||||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||||||
Return on average equity - GAAP | 4.02 | % | (13.22 | ) | % | 6.08 | % | 7.99 | % | 4.83 | % | |||||||||||||
Return on average equity - operating (1)(2) | 4.65 | 0.64 | 7.29 | 9.28 | 5.71 | |||||||||||||||||||
Return on average assets - GAAP | 0.45 | (1.45 | ) | 0.66 | 0.84 | 0.51 | ||||||||||||||||||
Return on average assets operating (1)(2) | 0.52 | 0.07 | 0.79 | 0.98 | 0.60 | |||||||||||||||||||
Taxable equivalent net interest margin | 3.26 | 3.13 | 2.93 | 2.92 | 2.86 | |||||||||||||||||||
Efficiency ratio | 75.22 | 82.79 | 61.95 | 56.08 | 65.54 | |||||||||||||||||||
CAPITAL | ||||||||||||||||||||||||
Average equity to average assets | 11.13 | % | 10.98 | % | 10.85 | % | 10.53 | % | 10.54 | % | ||||||||||||||
Tangible common equity to tangible assets | 9.69 | 9.71 | 10.76 | 10.60 | 10.39 | |||||||||||||||||||
Tier 1 capital ratio | 9.5 | (5) | 9.8 | 11.0 | 10.4 | 10.1 | ||||||||||||||||||
Total risk based capital ratio | 12.4 | (5) | 12.9 | 15.5 | 11.3 | 11.0 | ||||||||||||||||||
Number of common shares outstanding - basic | 24,569,823 | 24,425,546 | 13,562,125 | 13,562,125 | 13,508,480 | |||||||||||||||||||
Number of common shares outstanding - diluted | 25,077,520 | 25,059,823 | 13,904,395 | 13,904,395 | 13,850,750 | |||||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||
Allowance for loan losses to loans held for investment | 0.93 | % | 1.06 | % | 1.13 | % | 1.13 | % | 1.09 | % | ||||||||||||||
Net charge-offs to average loans (4) | 0.35 | 0.15 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||
NPAs to total assets | 0.07 | 0.40 | — | — | 0.11 | |||||||||||||||||||
(1) Excludes provision for acquired non PCI FSG loans (2) Excludes merger related charges (3) Excludes effect of servicing asset and acquisition related intangibles. (4) Annualized. (5) Amounts are estimates as of 3/31/16. |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||
Consolidated Balance Sheets (unaudited) | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
(in thousands, except share and per share data) | 2016 | 2015 | 2015 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 49,054 | $ | 58,319 | $ | 40,223 | ||||||
Interest-bearing deposits in banks | 91,608 | 130,900 | 28,607 | |||||||||
Other short-term investments | 20,392 | 13,666 | 40,503 | |||||||||
Cash and cash equivalents | 161,054 | 202,885 | 109,333 | |||||||||
Investment securities available-for-sale | 364,422 | 346,221 | 136,783 | |||||||||
Other investments | 11,899 | 8,034 | 4,561 | |||||||||
Loans held for sale | 95,291 | 95,465 | 581 | |||||||||
Loans held for investment | 1,886,763 | 1,790,669 | 1,084,669 | |||||||||
Less: allowance for loan losses | (17,608 | ) | (18,905 | ) | (11,800 | ) | ||||||
Loans, net | 1,869,155 | 1,771,764 | 1,072,869 | |||||||||
Branch premises held for sale | 7,200 | 7,200 | — | |||||||||
Premises and equipment, net | 22,780 | 23,145 | 3,466 | |||||||||
Bank owned life insurance | 60,981 | 60,608 | 30,802 | |||||||||
Goodwill and intangible assets, net | 33,914 | 35,232 | 848 | |||||||||
Other real estate owned | 1,760 | 1,982 | 1,531 | |||||||||
Other assets | 96,213 | 86,244 | 19,994 | |||||||||
Total assets | $ | 2,724,669 | $ | 2,638,780 | $ | 1,380,768 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 560,363 | $ | 544,561 | $ | 300,439 | ||||||
Interest-bearing checking | 215,176 | 232,868 | 106,680 | |||||||||
Savings | 29,788 | 28,922 | 403 | |||||||||
Money market | 862,120 | 875,441 | 585,971 | |||||||||
Time | 187,750 | 183,206 | 16,069 | |||||||||
Brokered deposits | 229,408 | 183,810 | 139,049 | |||||||||
Branch deposits held for sale | 197,857 | 213,410 | — | |||||||||
Total deposits | 2,282,462 | 2,262,218 | 1,148,611 | |||||||||
Federal Home Loan Bank borrowings | 11,824 | 11,931 | — | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 60,000 | — | 79,434 | |||||||||
Long-term debt | 49,239 | 49,197 | — | |||||||||
Other liabilities | 26,491 | 27,442 | 8,564 | |||||||||
Total liabilities | 2,430,016 | 2,350,788 | 1,236,609 | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Preferred stock, no par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2016, December 31, 2015 and March 31, 2015 | — | — | — | |||||||||
Common stock, no par value; 100,000,000 shares authorized; 24,569,823, 24,425,546 and 13,508,480 shares issued and outstanding as of March 31, 2016, December 31, 2015, and March 31, 2015, respectively | 288,270 | 286,367 | 136,569 | |||||||||
Retained earnings | 6,073 | 3,141 | 6,174 | |||||||||
Accumulated other comprehensive income (loss) | 310 | (1,516 | ) | 1,416 | ||||||||
Total shareholders’ equity | 294,653 | 287,992 | 144,159 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,724,669 | $ | 2,638,780 | $ | 1,380,768 | ||||||
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||
Consolidated Statements of Income (unaudited) | ||||||||||||||||||||
(in thousands, except per share data) | Three months ended | |||||||||||||||||||
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Loans, including fees | $ | 19,625 | $ | 16,688 | $ | 9,423 | $ | 9,500 | $ | 8,951 | ||||||||||
Investment securities available-for-sale | 1,601 | 1,224 | 664 | 710 | 703 | |||||||||||||||
Interest and dividends on other interest‑earning assets | 273 | 328 | 247 | 271 | 258 | |||||||||||||||
Total interest income | 21,499 | 18,240 | 10,334 | 10,481 | 9,912 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Interest on deposits | 1,673 | 1,355 | 751 | 769 | 742 | |||||||||||||||
Interest on Federal Home Loan Bank advances | 44 | 7 | 52 | 117 | 114 | |||||||||||||||
Interest on federal funds purchased and securities sold | ||||||||||||||||||||
under agreements to repurchase | 67 | 10 | 20 | 25 | 24 | |||||||||||||||
Interest on long-term debt | 810 | 841 | 17 | — | — | |||||||||||||||
Other | 38 | 79 | — | — | — | |||||||||||||||
Total interest expense | 2,632 | 2,292 | 840 | 911 | 880 | |||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 18,867 | 15,948 | 9,494 | 9,570 | 9,032 | |||||||||||||||
Provision for loan losses | 368 | 7,623 | (137 | ) | 185 | 364 | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 18,499 | 8,325 | 9,631 | 9,385 | 8,668 | |||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Service charges | 1,498 | 1,265 | 521 | 501 | 326 | |||||||||||||||
Gains on sale of securities available-for-sale | 33 | — | 10 | — | — | |||||||||||||||
Gains on sale of other assets | 48 | 103 | — | — | — | |||||||||||||||
Mortgage income | 339 | 163 | — | — | — | |||||||||||||||
Trust income | 314 | 192 | — | — | — | |||||||||||||||
Derivatives income | 65 | 89 | 67 | 65 | 83 | |||||||||||||||
Bank owned life insurance | 393 | 365 | 227 | 1,336 | 231 | |||||||||||||||
SBA lending activities | 880 | 904 | 745 | 903 | 358 | |||||||||||||||
TriNet gains on sale | 383 | — | — | — | — | |||||||||||||||
Other noninterest income | 467 | 379 | 159 | 223 | 184 | |||||||||||||||
Total noninterest income | 4,420 | 3,460 | 1,729 | 3,028 | 1,182 | |||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Salaries and employee benefits | 10,555 | 9,661 | 4,859 | 4,836 | 4,742 | |||||||||||||||
Occupancy | 1,100 | 907 | 419 | 423 | 421 | |||||||||||||||
Equipment and software | 686 | 608 | 243 | 225 | 219 | |||||||||||||||
Professional services | 748 | 1,020 | 208 | 273 | 109 | |||||||||||||||
Postage, printing and supplies | 169 | 115 | 21 | 18 | 24 | |||||||||||||||
Communications and data processing | 916 | 555 | 313 | 342 | 331 | |||||||||||||||
Marketing and business development | 267 | 197 | 90 | 77 | 46 | |||||||||||||||
FDIC premiums | 398 | 273 | 161 | 189 | 166 | |||||||||||||||
Merger and conversion costs | 749 | 7,172 | 718 | 756 | 508 | |||||||||||||||
Amortization of intangibles | 762 | 526 | — | — | — | |||||||||||||||
Other noninterest expense | 1,916 | 2,205 | 639 | 682 | 636 | |||||||||||||||
Total noninterest expense | 18,266 | 23,239 | 7,671 | 7,821 | 7,202 | |||||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 4,653 | (11,454 | ) | 3,689 | 4,592 | 2,648 | ||||||||||||||
Provision for income taxes | 1,722 | (3,293 | ) | 1,463 | 1,690 | 934 | ||||||||||||||
NET INCOME (LOSS) | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | |||||||||
Net income (loss) per common share‑basic | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.13 | |||||||||
Net income (loss) per common share‑diluted | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | |||||||||
Weighted average shares - basic | 24,485,900 | 20,494,895 | 13,562,125 | 13,552,820 | 13,465,579 | |||||||||||||||
Weighted average shares - diluted | 24,993,597 | 21,004,577 | 13,904,395 | 13,895,090 | 13,798,344 |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
March 31, 2016 | December 31, 2015 | |||||||||||||||||||||
(dollars in thousands; taxable equivalent) | Average Balance | Interest Income/Expense | Tax Equivalent Yield/Rate | Average Balance | Interest Income/Expense | Tax Equivalent Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Deposits in other banks | $ | 63,976 | $ | 173 | 1.09 | % | $ | 117,646 | $ | 167 | 0.56 | % | ||||||||||
Other short-term investments | 29,768 | 99 | 1.34 | % | 34,700 | 114 | 1.30 | % | ||||||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable investment securities | 338,880 | 1,498 | 1.78 | % | 245,475 | 1,164 | 1.88 | % | ||||||||||||||
Non-taxable investment securities(1) | 18,848 | 157 | 3.35 | % | 9,837 | 90 | 3.63 | % | ||||||||||||||
Total investment securities | 357,728 | 1,655 | 1.86 | % | 255,312 | 1,254 | 1.95 | % | ||||||||||||||
Total loans | 1,881,749 | 19,625 | 4.19 | % | 1,612,854 | 16,688 | 4.11 | % | ||||||||||||||
FHLB stock | 2,434 | 1 | 0.17 | % | 3,583 | 47 | 5.20 | % | ||||||||||||||
Total interest-earning assets | 2,335,655 | 21,553 | 3.71 | % | 2,024,095 | 18,270 | 3.58 | % | ||||||||||||||
Non-earning assets | 285,095 | 224,519 | ||||||||||||||||||||
Total assets | $ | 2,620,750 | $ | 2,248,614 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
NOW, money market, and savings | 1,117,316 | 1,050 | 0.38 | % | 1,015,427 | 950 | 0.37 | % | ||||||||||||||
Time deposits | 267,330 | 224 | 0.34 | % | 184,257 | 104 | 0.22 | % | ||||||||||||||
Internet and brokered deposits | 216,490 | 399 | 0.74 | % | 199,748 | 301 | 0.60 | % | ||||||||||||||
Total interest-bearing deposits | 1,601,136 | 1,673 | 0.42 | % | 1,399,432 | 1,355 | 0.38 | % | ||||||||||||||
Other borrowings | 99,357 | 149 | 0.60 | % | 24,564 | 96 | 1.55 | % | ||||||||||||||
Long-term debt | 49,213 | 810 | 6.62 | % | 49,189 | 841 | 6.78 | % | ||||||||||||||
Total interest-bearing liabilities | 1,749,706 | 2,632 | 0.61 | % | 1,473,185 | 2,292 | 0.62 | % | ||||||||||||||
Demand deposits | 554,547 | 486,860 | ||||||||||||||||||||
Other liabilities | 24,691 | 41,727 | ||||||||||||||||||||
Shareholders' equity | 291,806 | 246,842 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,620,750 | $ | 2,248,614 | ||||||||||||||||||
Net interest spread | 3.10 | % | 2.96 | % | ||||||||||||||||||
Net interest income and net interest margin(2) | $ | 18,921 | 3.26 | % | $ | 15,978 | 3.13 | % | ||||||||||||||
(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 35%, reflecting the statutory federal income tax rate. | ||||||||||||||||||||||
(2) Tax equivalent net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset. |
Three months ended | |||||||||||||
March 31, 2016 | December 31, 2015 | ||||||||||||
(dollars in thousands; taxable equivalent) | Amount | Yield | Amount | Yield | |||||||||
Reported interest income on loans | $ | 19,625 | 4.19 | % | $ | 16,688 | 4.11% | ||||||
Less: accretion of loan acquisition discounts | (886 | ) | (625 | ) | |||||||||
Core interest income on loans | $ | 18,739 | 4.01 | % | $ | 16,063 | 3.95% | ||||||
Amount | Net Interest Margin | Amount | Net Interest Margin | ||||||||||
Net interest income / net interest margin | $ | 18,921 | 3.26 | % | $ | 15,978 | 3.13% | ||||||
Less: | |||||||||||||
Accretion of loan acquisition discounts | (886 | ) | (625 | ) | |||||||||
Accretion of time deposit premium | (308 | ) | (241 | ) | |||||||||
Net interest income / net interest margin excluding purchase accounting | $ | 17,727 | 3.05 | % | $ | 15,112 | 2.96% |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Loans | ||||||||||||||||||||||||||||
2016 | 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
Loans held for sale | $ | 61,003 | $ | 59,995 | $ | — | $ | 1,768 | $ | 581 | $ | 1,008 | $ | 60,422 | ||||||||||||||
Branch loans held for sale | 34,288 | 35,470 | — | — | — | (1,182 | ) | 34,288 | ||||||||||||||||||||
Total loans held for sale | $ | 95,291 | $ | 95,465 | $ | — | $ | 1,768 | $ | 581 | $ | (174 | ) | $ | 94,710 | |||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 499,634 | $ | 467,083 | $ | 366,830 | $ | 368,857 | $ | 375,619 | $ | 32,551 | $ | 124,015 | ||||||||||||||
Commercial real estate | 843,597 | 846,413 | 440,226 | 437,000 | 440,100 | (2,816 | ) | 403,497 | ||||||||||||||||||||
Construction and land | 183,439 | 166,358 | 106,934 | 90,039 | 99,146 | 17,081 | 84,293 | |||||||||||||||||||||
Mortgage warehouse loans | 123,875 | 84,350 | 89,816 | 113,285 | 130,112 | 39,525 | (6,237 | ) | ||||||||||||||||||||
Total commercial loans | 1,650,545 | 1,564,204 | 1,003,806 | 1,009,181 | 1,044,977 | 86,341 | 605,568 | |||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Residential mortgages | 106,433 | 110,381 | 726 | 728 | 737 | (3,948 | ) | 105,696 | ||||||||||||||||||||
Home equity | 83,094 | 80,738 | 27,186 | 32,005 | 26,829 | 2,356 | 56,265 | |||||||||||||||||||||
Total residential loans | 189,527 | 191,119 | 27,912 | 32,733 | 27,566 | (1,592 | ) | 161,961 | ||||||||||||||||||||
Consumer | 30,905 | 30,451 | 18,741 | 18,462 | 15,608 | 454 | 15,297 | |||||||||||||||||||||
Other | 20,925 | 6,901 | — | — | — | 14,024 | 20,925 | |||||||||||||||||||||
1,891,902 | 1,792,675 | 1,050,459 | 1,060,376 | 1,088,151 | 99,227 | 803,751 | ||||||||||||||||||||||
Less net deferred fees and other unearned income | (5,139 | ) | (2,006 | ) | (4,022 | ) | (3,688 | ) | (3,482 | ) | (3,133 | ) | (1,657 | ) | ||||||||||||||
Total loans held for investment | $ | 1,886,763 | $ | 1,790,669 | $ | 1,046,437 | $ | 1,056,688 | $ | 1,084,669 | $ | 96,094 | $ | 802,094 | ||||||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||
Allowance for Loan Losses Activity and Credit Quality | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||
Balance at beginning of period | $ | 18,905 | $ | 11,862 | $ | 11,985 | $ | 11,800 | $ | 11,421 | |||||||||||
Provision for loan losses | 368 | 7,871 | (137 | ) | 185 | 364 | |||||||||||||||
Loans charged-off: | |||||||||||||||||||||
Commercial and industrial | (1,465 | ) | — | — | — | — | |||||||||||||||
Commercial real estate | (140 | ) | (500 | ) | — | — | — | ||||||||||||||
Consumer | (146 | ) | (128 | ) | — | — | — | ||||||||||||||
Total loans charged-off | (1,751 | ) | (628 | ) | — | — | — | ||||||||||||||
Recoveries on loans previously charged‑off: | |||||||||||||||||||||
Construction and land | 15 | — | 14 | — | 15 | ||||||||||||||||
Commercial and industrial | 2 | — | — | — | — | ||||||||||||||||
Consumer | 69 | 48 | — | — | — | ||||||||||||||||
Total recoveries | 86 | 48 | 14 | — | 15 | ||||||||||||||||
Balance at period end | $ | 17,608 | $ | 19,153 | $ | 11,862 | $ | 11,985 | $ | 11,800 | |||||||||||
Loans held for investment | |||||||||||||||||||||
PCI Loans | $ | 22,893 | $ | 24,349 | $ | — | $ | — | $ | — | |||||||||||
Non-PCI Loans | 1,863,870 | 1,766,320 | 1,046,437 | 1,056,688 | 1,084,669 | ||||||||||||||||
$ | 1,886,763 | $ | 1,790,669 | $ | 1,046,437 | $ | 1,056,688 | $ | 1,084,669 | ||||||||||||
Non-performing loans - PCI | $ | 911 | $ | 1,422 | $ | — | $ | — | $ | — | |||||||||||
Non-performing loans - Non-PCI | $ | 157 | $ | 8,549 | $ | — | $ | — | $ | — | |||||||||||
Foreclosed properties (OREO) | 1,760 | 1,982 | 27 | 27 | 1,531 | ||||||||||||||||
Total nonperforming assets | $ | 1,917 | $ | 10,531 | $ | 27 | $ | 27 | $ | 1,531 | |||||||||||
Allowance for loan losses to loans | 0.93 | % | 1.06 | % | 1.13 | % | 1.13 | % | 1.09 | % | |||||||||||
Net charge-offs to average loans (1) | 0.35 | 0.15 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||
Nonperforming loans as a percentage of total loans(2) | — | 0.48 | — | — | — | ||||||||||||||||
Nonperforming assets as a percentage of total assets(2) | 0.07 | 0.40 | — | — | 0.11 | ||||||||||||||||
(1) Annualized (2) Excludes non-performing PCI loans |
ATLANTIC CAPITAL BANCSHARES, INC. | ||||||||||||||||||||||||||||
Period End Deposits | ||||||||||||||||||||||||||||
2016 | 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
DDA | $ | 560,363 | $ | 544,561 | $ | 328,065 | $ | 327,775 | $ | 300,439 | $ | 15,802 | $ | 259,924 | ||||||||||||||
NOW | 215,176 | 232,868 | 135,350 | 115,614 | 106,680 | (17,692 | ) | 108,496 | ||||||||||||||||||||
Savings | 29,788 | 28,922 | 321 | 437 | 403 | 866 | 29,385 | |||||||||||||||||||||
Money Market | 862,120 | 875,441 | 550,879 | 546,408 | 585,971 | (13,321 | ) | 276,149 | ||||||||||||||||||||
Time | 187,750 | 183,206 | 15,434 | 16,597 | 16,069 | 4,544 | 171,681 | |||||||||||||||||||||
Brokered | 229,408 | 183,810 | 98,559 | 96,230 | 139,049 | 45,598 | 90,359 | |||||||||||||||||||||
Deposits to be assumed in branch sale | 197,857 | 213,410 | — | — | — | (15,553 | ) | 197,857 | ||||||||||||||||||||
Total Deposits | $ | 2,282,462 | $ | 2,262,218 | $ | 1,128,608 | $ | 1,103,061 | $ | 1,148,611 | $ | 20,244 | $ | 1,133,851 | ||||||||||||||
Average Deposits(1) | ||||||||||||||||||||||||||||
2016 | 2015 | Linked Quarter Change | Year Over Year Change | |||||||||||||||||||||||||
(dollars in thousands) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
DDA | $ | 554,547 | $ | 486,860 | $ | 325,474 | $ | 297,793 | $ | 299,909 | $ | 67,687 | $ | 254,638 | ||||||||||||||
NOW | 302,376 | 254,821 | 154,776 | 132,783 | 98,447 | 47,555 | 203,929 | |||||||||||||||||||||
Savings | 45,571 | 30,024 | 425 | 396 | 337 | 15,547 | 45,234 | |||||||||||||||||||||
Money Market | 769,369 | 730,582 | 506,064 | 527,994 | 545,514 | 38,787 | 223,855 | |||||||||||||||||||||
Time | 267,330 | 184,257 | 15,756 | 16,528 | 16,000 | 83,073 | 251,330 | |||||||||||||||||||||
Brokered | 216,490 | 199,748 | 98,939 | 137,839 | 125,542 | 16,742 | 90,948 | |||||||||||||||||||||
Total Deposits | $ | 2,155,683 | $ | 1,886,292 | $ | 1,101,434 | $ | 1,113,333 | $ | 1,085,749 | $ | 269,391 | $ | 1,069,934 | ||||||||||||||
Noninterest bearing deposits as a percentage of average deposits | 25.7 | % | 25.8 | % | 29.6 | % | 26.7 | % | 27.6 | % | ||||||||||||||||||
Cost of deposits | 0.31 | % | 0.28 | % | 0.27 | % | 0.28 | % | 0.28 | % | ||||||||||||||||||
(1) Includes average balances of deposits to be assumed in branch sale. |
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||
(in thousands, except per share data) | 2016 | 2015 | |||||||||||||||||||
First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||
Interest income reconciliation | |||||||||||||||||||||
Interest income - taxable equivalent | $ | 21,553 | $ | 18,270 | $ | 10,345 | $ | 10,492 | $ | 9,923 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Interest income - GAAP | $ | 21,499 | $ | 18,240 | $ | 10,334 | $ | 10,481 | $ | 9,912 | |||||||||||
Net interest income reconciliation | |||||||||||||||||||||
Net interest income - taxable equivalent | $ | 18,921 | $ | 15,978 | $ | 9,505 | $ | 9,581 | $ | 9,043 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Net interest income - GAAP | $ | 18,867 | $ | 15,948 | $ | 9,494 | $ | 9,570 | $ | 9,032 | |||||||||||
Operating provision for loan losses reconciliation | |||||||||||||||||||||
Operating provision for loan losses | $ | 368 | $ | 859 | $ | (137 | ) | $ | 185 | $ | 364 | ||||||||||
Provision for acquired non PCI FSG loans | — | 6,764 | — | — | — | ||||||||||||||||
Provision for loan losses - GAAP | $ | 368 | $ | 7,623 | $ | (137 | ) | $ | 185 | $ | 364 | ||||||||||
Operating noninterest expense reconciliation | |||||||||||||||||||||
Operating noninterest expense | $ | 17,517 | $ | 16,067 | $ | 6,953 | $ | 7,065 | $ | 6,694 | |||||||||||
Merger-related charges | 749 | 7,172 | 718 | 756 | 508 | ||||||||||||||||
Noninterest expense - GAAP | $ | 18,266 | $ | 23,239 | $ | 7,671 | $ | 7,821 | $ | 7,202 | |||||||||||
Operating income before income taxes reconciliation | |||||||||||||||||||||
Operating income before income taxes | $ | 5,456 | $ | 2,512 | $ | 4,418 | $ | 5,359 | $ | 3,167 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Merger-related charges | (749 | ) | (7,172 | ) | (718 | ) | (756 | ) | (508 | ) | |||||||||||
Provision for acquired non PCI FSG loans | — | (6,764 | ) | — | — | — | |||||||||||||||
Income (loss) before income taxes - GAAP | $ | 4,653 | $ | (11,454 | ) | $ | 3,689 | $ | 4,592 | $ | 2,648 | ||||||||||
Income tax reconciliation | |||||||||||||||||||||
Operating income tax expense | $ | 2,065 | $ | 2,117 | $ | 1,749 | $ | 1,991 | $ | 1,140 | |||||||||||
Taxable equivalent adjustment | (54 | ) | (30 | ) | (11 | ) | (11 | ) | (11 | ) | |||||||||||
Merger related charges, tax benefit | (289 | ) | (2,769 | ) | (275 | ) | (290 | ) | (195 | ) | |||||||||||
Provision for acquired non PCI FSG loans, tax benefit | — | (2,611 | ) | — | — | — | |||||||||||||||
Income tax expense - GAAP | $ | 1,722 | $ | (3,293 | ) | $ | 1,463 | $ | 1,690 | $ | 934 | ||||||||||
Net income reconciliation | |||||||||||||||||||||
Operating net income | $ | 3,391 | $ | 395 | $ | 2,669 | $ | 3,368 | $ | 2,027 | |||||||||||
Merger related charges, net of income tax | (460 | ) | (4,403 | ) | (443 | ) | (466 | ) | (313 | ) | |||||||||||
Provision for acquired non PCI FSG loans, net of income tax | — | (4,153 | ) | — | — | — | |||||||||||||||
Net income - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | ||||||||||
Diluted earnings per share reconciliation | |||||||||||||||||||||
Diluted earnings per share - operating | $ | 0.14 | $ | 0.02 | $ | 0.19 | $ | 0.24 | $ | 0.15 | |||||||||||
Merger related charges | (0.02 | ) | (0.42 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | |||||||||||
Diluted earnings per share - GAAP | $ | 0.12 | $ | (0.40 | ) | $ | 0.16 | $ | 0.21 | $ | 0.12 | ||||||||||
ATLANTIC CAPITAL BANCSHARES, INC. | |||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||
(in thousands, except per share data) | 2016 | 2015 | |||||||||||||||||||
First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||
Book value per common share reconciliation | |||||||||||||||||||||
Total shareholders’ equity | $ | 294,652 | $ | 287,992 | $ | 149,809 | $ | 146,485 | $ | 144,159 | |||||||||||
Intangible assets | (33,914 | ) | (35,232 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | |||||||||||
Total tangible common equity | $ | 260,738 | $ | 252,760 | $ | 148,550 | $ | 145,430 | $ | 143,311 | |||||||||||
Common shares outstanding | 24,569,823 | 24,425,546 | 13,562,125 | 13,562,125 | 13,508,480 | ||||||||||||||||
Book value per common share - GAAP | 11.99 | 11.79 | 11.05 | 10.8 | 10.67 | ||||||||||||||||
Tangible book value | 10.61 | 10.35 | 10.95 | 10.72 | 10.61 | ||||||||||||||||
Return on average equity reconciliation | |||||||||||||||||||||
Net income - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | ||||||||||
Merger related charges, net of income tax | 460 | 4,403 | 443 | 466 | 313 | ||||||||||||||||
Provision for acquired FSG loans, net of income tax | — | 4,153 | — | — | — | ||||||||||||||||
Operating net income | $ | 3,391 | $ | 395 | $ | 2,669 | $ | 3,368 | $ | 2,027 | |||||||||||
Average shareholders' equity | 291,806 | 246,842 | 146,430 | 145,210 | 141,930 | ||||||||||||||||
Return on average equity - GAAP | 4.02 | % | (13.22 | ) | % | 6.08 | % | 7.99 | % | 4.83 | % | ||||||||||
Return on average equity - operating | 4.65 | 0.64 | 7.29 | 9.28 | 5.71 | ||||||||||||||||
Return on average assets reconciliation | |||||||||||||||||||||
Net income - GAAP | $ | 2,931 | $ | (8,161 | ) | $ | 2,226 | $ | 2,902 | $ | 1,714 | ||||||||||
Merger related charges, net of income tax benefit | 460 | 4,403 | 443 | 466 | 313 | ||||||||||||||||
Provision for acquired FSG loans | — | 4,153 | — | — | — | ||||||||||||||||
Operating net income | $ | 3,391 | $ | 395 | $ | 2,669 | $ | 3,368 | $ | 2,027 | |||||||||||
Average assets | 2,620,750 | 2,248,614 | 1,349,997 | 1,379,150 | 1,346,437 | ||||||||||||||||
Return on average assets - GAAP | 0.45 | % | (1.45 | ) | % | 0.66 | % | 0.84 | % | 0.51 | % | ||||||||||
Return on average assets - operating | 0.52 | 0.07 | 0.79 | 0.98 | 0.60 | ||||||||||||||||
Efficiency ratio reconciliation | |||||||||||||||||||||
Operating noninterest expense | $ | 17,517 | $ | 16,067 | $ | 6,953 | $ | 7,065 | $ | 6,694 | |||||||||||
Merger-related charges | 749 | 7,172 | 718 | 756 | 508 | ||||||||||||||||
Noninterest expense - GAAP | $ | 18,266 | $ | 23,239 | $ | 7,671 | $ | 7,821 | $ | 7,202 | |||||||||||
Net interest income | 18,867 | 15,948 | 9,494 | 9,570 | 9,032 | ||||||||||||||||
Noninterest income | 4,420 | 3,460 | 1,729 | 3,028 | 1,182 | ||||||||||||||||
Efficiency ratio | 75.22 | % | 82.79 | % | 61.95 | % | 56.08 | % | 65.54 | % | |||||||||||
Tangible equity to tangible assets reconciliation | |||||||||||||||||||||
Total shareholders’ equity | $ | 294,652 | $ | 287,992 | $ | 149,809 | $ | 146,485 | $ | 144,159 | |||||||||||
Intangible assets | (33,914 | ) | (35,232 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | |||||||||||
Total tangible common equity | $ | 260,738 | $ | 252,760 | $ | 148,550 | $ | 145,430 | $ | 143,311 | |||||||||||
Total assets | $ | 2,724,669 | $ | 2,638,780 | $ | 1,381,698 | $ | 1,373,267 | $ | 1,380,768 | |||||||||||
Intangible assets | (33,914 | ) | (35,232 | ) | (1,259 | ) | (1,055 | ) | (848 | ) | |||||||||||
Total tangible assets | $ | 2,690,755 | $ | 2,603,548 | $ | 1,380,439 | $ | 1,372,212 | $ | 1,379,920 | |||||||||||
Tangible equity to tangible assets | 9.69 | % | 9.71 | % | 10.76 | % | 10.6 | % | 10.39 | % |