EX-99.1 2 a991-newsreleasedatedapril.htm EXHIBIT 99.1 Exhibit
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

%