ATLANTA, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced net income from continuing operations for the quarter ended September 30, 2020 of $8.6 million, or $0.40 per diluted share, compared to $8.2 million, or $0.33 per diluted share, for the third quarter of 2019 and $1.8 million, or $0.09 per diluted share, for the second quarter of 2020.

“We reported another quarter of solid operating results and strong year over year growth in pre-provision, pre-tax net revenue, while continuing to strengthen our fortress balance sheet with the issuance of $75 million in subordinated debt. With confidence in our credit quality, capital strength and earnings outlook, we also resumed our share repurchase program,” remarked Douglas Williams, President and Chief Executive Officer.

Third Quarter Highlights(1)

  • Capital ratios remained strong, with a tangible common equity to tangible assets ratio of 11.0% and a total risk-based capital ratio of 16.9%.
  • Tangible book value per share increased to $15.11 from $14.72 at June 30, 2020 and from $14.09 at December 31, 2019.  
  • Average deposits from continuing operations increased $62.3 million, or 10.3% annualized, compared to the second quarter of 2020 and increased $522.6 million, or 26.8%, compared to the third quarter of 2019.
  • Cost of deposits decreased to 0.19% from 0.22% in the second quarter of 2020.
  • Annualized net charge-offs to average loans totaled 0.06% for the third quarter of 2020 and 0.13% for the full year 2020.
  • Non-performing assets to total assets were 0.20% at September 30, 2020 compared to 0.24% at June 30, 2020.
  • We repurchased 401,000 shares in the third quarter of 2020 totaling $4.6 million.
  • We issued $75 million in subordinated notes in the third quarter of 2020, and called the existing $50 million of subordinated notes on September 30, 2020.

Income Statement        

Taxable equivalent net interest income from continuing operations totaled $22.1 million for the third quarter of 2020, an increase of $2.0 million, or 9.8%, from the third quarter of 2019, and an increase of $78,000, or 1.4% annualized, from the second quarter of 2020. The third quarter of 2020 included $1.6 million in Paycheck Protection Program (“PPP”) loan income compared to $696,000 in the second quarter of 2020. The third quarter of 2020 also included a $521,000 increase in interest expense due to the $75 million subordinated debt issuance.

Taxable equivalent net interest margin from continuing operations was 3.14% in the third quarter of 2020, compared to 3.52% in the third quarter of 2019 and 3.23% in the second quarter of 2020. The linked quarter decrease was primarily the result of the additional interest expense due to the subordinated debt issuance along with a decrease in loan yields, partially offset by a decrease in the cost of interest bearing deposits. The taxable equivalent net interest margin, excluding PPP loans, in the third quarter of 2020 was 3.18% compared to 3.35% in the second quarter of 2020.

The yield on loans from continuing operations in the third quarter of 2020 was 3.82%, a decrease of 136 basis points from the third quarter of 2019 and a decrease of 5 basis points from the second quarter of 2020. Excluding the PPP loans, the third quarter of 2020 loan yield was 3.95% compared to 4.09% in the second quarter of 2020.

The cost of deposits from continuing operations in the third quarter of 2020 was 0.19%, a decrease of 87 basis points from the third quarter of 2019 and a decrease of 3 basis points from the second quarter of 2020. The cost of interest bearing deposits from continuing operations decreased 130 basis points to 0.28% from the third quarter of 2019, and decreased 5 basis points from the second quarter of 2020.

The provision for credit losses for continuing operations was $28,000 in the third quarter of 2020 compared to $413,000 in the third quarter of 2019 and $8.9 million in the second quarter of 2020. The third quarter of 2020 provision for credit losses included a $636,000 provision for loan losses offset by a $609,000 decrease in the reserve for unfunded commitments.

Noninterest income from continuing operations totaled $2.5 million in the third quarter of 2020 compared to $2.8 million in the third quarter of 2019 and $2.3 million in the second quarter of 2020. Service charge income in the third quarter of 2020 totaled $1.2 million, an increase of $292,000 compared to the third quarter of 2019, and an increase of $136,000 from the second quarter of 2020. The increase in service charge income was primarily due to an increase in ACH volumes in our payments business. The third quarter of 2020 also included a loss of $145,000 on the sale of other assets, primarily due to the sale of an OREO property.   

Noninterest expense from continuing operations totaled $13.7 million in the third quarter of 2020, compared to $12.7 million in the third quarter of 2019 and $12.9 million in the second quarter of 2020. The linked quarter increase in expenses was primarily driven by an increase in our accruals for incentive compensation and a decrease in loan production salary cost deferrals. In addition, other noninterest expense increased primarily due to $470,000 in losses on customer accounts.

The year-to-date 2020 effective tax rate from continuing operations was 16.8% compared to 21.3% for the full year of 2019, and was impacted by lower pretax earnings as well as increased non-taxable securities income from municipal bonds.

(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 13.

Balance Sheet

Total loans held for investment were $2.19 billion at September 30, 2020, an increase of $352.4 million, or 19.2%, from September 30, 2019 and an increase of $3.3 million from June 30, 2020. PPP loans totaled $231.8 million at September 30, 2020, a decrease of $2.2 million compared to June 30, 2020, due to early payoffs during the third quarter. Consumer loans increased $41.8 million from June 30, 2020 to $154.9 million at September 30, 2020, due to the growth in a partnership with a fintech firm that offers CD-secured loans to its customers.

The allowance for credit losses was 1.59% of total loans held for investment at September 30, 2020, compared to 1.61% at June 30, 2020. Excluding the impact of PPP loans, the allowance for credit losses at June 30, 2020 was 1.78%. Annualized net charge-offs were 0.06% for the third quarter of 2020 and 0.13% for the first nine months of 2020. Non-performing assets totaled $6.0 million, or 0.20% of total assets, as of September 30, 2020, compared to $7.0 million, or 0.24% of total assets, as of June 30, 2020.

Total average deposits from continuing operations were $2.47 billion for the third quarter of 2020, an increase of $522.6 million, or 26.8%, from the third quarter of 2019 and an increase of $62.3 million, or 10.3% annualized, from the second quarter of 2020. Noninterest bearing deposits were 34.6% of total average deposits in the third quarter of 2020, compared to 32.7% in the third quarter of 2019 and 33.8% in the second quarter of 2020.

Tangible common equity to tangible assets was 11.0% at September 30, 2020, unchanged from June 30, 2020. The estimated total risk based capital ratio increased to 16.9% at September 30, 2020 from 14.8% at June 30, 2020 due to the issuance of $75 million in subordinated debt.

Earnings Conference Call

Atlantic Capital will host a conference call at 10:00 a.m. EDT on Friday, October 23, 2020, to discuss the financial results for the quarter ended September 30, 2020. Individuals wishing to participate in the conference call may do so by dialing 877-270-2148 from the United States. The call will also be available live via webcast on the Investor Relations page of our  website, www.atlanticcapitalbank.com. A presentation will be used during the earnings conference call and is available at https://atlanticcapitalbank.q4ir.com/news-market-data/presentations/default.aspx.

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) loan yield excluding PPP loans; (iv) taxable equivalent net interest margin; (v) taxable equivalent net interest margin excluding PPP loans; (vi) taxable equivalent income before income taxes; (vii) taxable equivalent income tax expense; (viii) tangible assets; (ix) tangible common equity; (x) tangible book value per common share, and (xi) allowance for credit losses to loans held for investment excluding PPP loans, in our analysis of the Company's performance. Tangible common equity excludes goodwill 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,” “strive,” 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, the impact of COVID-19 on operations, 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, as supplemented by our Current Report on Form 8-K filed on April 23, 2020, and Quarterly Reports on Form 10-Q. Please refer to the SEC’s website at www.sec.gov where you can review those documents.

About Atlantic Capital Bancshares

Atlantic Capital Bancshares, Inc. is a $2.9 billion publicly traded bank holding company headquartered in Atlanta, Georgia. Atlantic Capital offers commercial and not-for-profit banking services, specialty corporate financial services, private banking services and commercial real estate finance solutions to privately held companies and individuals in the Atlanta area, as well as payments and other specialized financial services for select clients nationally.

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

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

 

   
ATLANTIC CAPITAL BANCSHARES, INC.  
Selected Financial Information  
                                             
                          For the nine months ended  
    2020   2019   September 30,   
(in thousands, except share and per share data;      Third      Second      First      Fourth      Third                    
taxable equivalent)   Quarter   Quarter   Quarter   Quarter   Quarter   2020   2019  
INCOME SUMMARY (1)                                            
Interest income - taxable equivalent (2)   $ 24,578   $ 24,151   $ 26,246   $ 26,699   $ 26,624   $ 74,976   $ 79,607  
Interest expense     2,515     2,166     5,043     5,965     6,536     9,724     19,018  
Net interest income - taxable equivalent     22,063     21,985     21,203     20,734     20,088     65,252     60,589  
Provision for credit losses     28     8,863     8,074     787     413     16,965     1,925  
Net interest income after provision for credit losses     22,035     13,122     13,129     19,947     19,675     48,287     58,664  
Noninterest income     2,504     2,343     2,422     2,679     2,769     7,269     8,046  
Noninterest expense     13,713     12,904     12,877     13,382     12,677     39,494     39,726  
Income from continuing operations before income taxes     10,826     2,561     2,674     9,244     9,767     16,062     26,984  
Income tax expense     2,208     712     550     2,104     2,198     3,471     5,966  
Net income from continuing operations(2)(3)     8,618     1,849     2,124     7,140     7,569     12,591     21,018  
Income (loss) from discontinued operations, net of tax                     617         21,697  
Net income   $ 8,618   $ 1,849   $ 2,124   $ 7,140   $ 8,186   $ 12,591   $ 42,715  
                                             
PER SHARE DATA                                            
Diluted earnings per share - continuing operations   $ 0.40   $ 0.09   $ 0.10   $ 0.32   $ 0.33   $ 0.58   $ 0.88  
Diluted earnings (loss) per share - discontinued operations                     0.03         0.91  
Diluted earnings per share     0.40     0.09     0.10     0.32     0.36     0.58     1.78  
Book value per share     16.05     15.64     15.47     15.01     14.81     16.05     14.81  
Tangible book value per common share (3)     15.11     14.72     14.54     14.09     13.91     15.11     13.91  
                                             
PERFORMANCE MEASURES                                            
Return on average equity     10.05 %   2.20 %   2.56 %   8.65 %   9.77 %   4.98 %   17.25 %
Return on average assets     1.15     0.25     0.32     1.08     1.32     0.59     2.22  
Taxable equivalent net interest margin - continuing operations     3.14     3.23     3.41     3.38     3.52     3.25     3.66  
Taxable equivalent net interest margin excluding PPP loans     3.18     3.35     3.41     3.38     3.52     3.31     3.66  
Efficiency ratio - continuing operations     56.61     53.82     55.03     57.57     55.72     55.16     58.13  
Average loans to average deposits     88.65     88.46     83.84     86.54     92.41     87.07     93.96  
CAPITAL                                            
Average equity to average assets     11.45 %   11.53 %   12.41 %   12.47 %   13.54 %   11.78 %   12.87 %
Tangible common equity to tangible assets     11.03     11.01     11.57     10.61     12.92     11.03     12.92  
Leverage ratio     9.9 (4)   9.9     10.7     11.0     11.8     9.9 (4)   11.8  
Total risk based capital ratio     16.9 (4)   14.8     14.9     15.0     15.5     16.9 (4)   15.5  
                                             
SHARES OUTSTANDING                                            
Number of common shares outstanding - basic     21,202,783     21,477,631     21,479,986     21,751,026     22,193,761     21,202,783     22,193,761  
Number of common shares outstanding - diluted     21,298,098     21,569,050     21,675,934     21,974,959     22,405,141     21,298,098     22,405,141  
Average number of common shares - basic     21,500,735     21,472,462     21,689,038     21,876,487     22,681,904     21,553,953     23,800,525  
Average number of common shares - diluted     21,543,805     21,535,040     21,842,175     22,053,907     22,837,531     21,640,057     23,957,915  
                                             
ASSET QUALITY                                            
Allowance for credit losses to loans held for investment (5)     1.59 %   1.61 %   1.43 %   1.04 %   1.03 %   1.59 %   1.03 %
Net charge-offs to average loans (6)     0.06     0.29     0.04     0.07     0.11     0.13     0.12  
Non-performing assets to total assets     0.20     0.24     0.27     0.26     0.29     0.20     0.29  
                                             
AVERAGE BALANCES                                            
Total loans - continuing operations   $ 2,191,669   $ 2,131,847   $ 1,890,184   $ 1,857,736   $ 1,801,629   $ 2,071,673   $ 1,739,917  
Investment securities     453,382     462,850     417,971     389,667     340,872     444,766     366,790  
Total assets     2,977,444     2,932,716     2,686,266     2,626,388     2,453,438     2,865,884     2,572,961  
Deposits - continuing operations     2,472,218     2,409,958     2,254,505     2,146,626     1,949,657     2,379,235     1,851,674  
Shareholders' equity     341,017     338,027     333,480     327,543     332,291     337,521     331,116  
                                             
AT PERIOD END                                            
Loans and loans held for sale   $ 2,188,894   $ 2,185,847   $ 1,932,909   $ 1,873,524   $ 1,836,589   $ 2,188,894   $ 1,836,589  
Investment securities     446,706     457,749     466,405     399,433     329,648     446,706     329,648  
Total assets     2,923,977     2,890,622     2,719,658     2,910,379     2,410,198     2,923,977     2,410,198  
Deposits     2,468,722     2,407,631     2,225,119     2,499,046     1,854,272     2,468,722     1,854,272  
Shareholders’ equity     340,309     335,980     332,300     326,495     328,711     340,309     328,711  
                                             
(1) On April 5, 2019, Atlantic Capital completed the sale to FirstBank of its Tennessee and northwest Georgia banking operations, including 14 branches and the mortgage business. The mortgage business and branches sold  to FirstBank are reported as discontinued operations.  
(2) Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.  
(3) Excludes effect of acquisition related intangibles.  
(4) Amounts are estimates as of September 30, 2020.  
(5) The ratios for the third quarter of 2019 are calculated on a continuing operations basis.  
(6) Annualized.  
   


ATLANTIC CAPITAL BANCSHARES, INC.                        
Consolidated Balance Sheets (unaudited)                          
                           
       September 30, 
     June 30,       December 31,       September 30, 
(in thousands, except share data)   2020
  2020
  2019
  2019
ASSETS                        
Cash and due from banks   $ 22,715     $ 33,759     $ 45,249     $ 42,577  
Interest-bearing deposits in banks     91,243       33,038       421,079       27,167  
Cash and cash equivalents     113,958       66,797       466,328       69,744  
Investment securities available for sale     260,884       271,829       282,461       286,785  
Investment securities held to maturity, net of allowance for credit losses
of $15 and $13 at September 30, 2020 and June 30, 2020, respectively
    185,822       185,920       116,972       42,863  
Other investments     26,315       28,811       27,556       31,360  
Loans held for sale     859       1,153       370       916  
Loans held for investment     2,188,035       2,184,694       1,873,524       1,835,673  
Less: allowance for loan losses     (31,894 )     (31,605 )     (18,535 )     (18,080 )
Loans held for investment, net     2,156,141       2,153,089       1,854,989       1,817,593  
Premises and equipment, net     22,558       22,494       22,536       19,688  
Bank owned life insurance     67,489       67,127       66,421       66,047  
Goodwill     19,925       19,925       19,925       19,925  
Other intangibles, net     2,685       2,731       3,027       3,112  
Other real estate owned     563       779       278       278  
Other assets     66,778       69,967       49,516       51,887  
Total assets   $ 2,923,977     $ 2,890,622     $ 2,910,379     $ 2,410,198  
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                        
Deposits:                        
Noninterest-bearing demand   $ 843,656     $ 883,662     $ 824,646     $ 599,657  
Interest-bearing checking     387,858       449,737       373,727       240,427  
Savings     568       583       1,219       1,081  
Money market     945,834       879,863       1,173,218       921,133  
Time     196,343       131,353       44,389       30,782  
Brokered deposits     94,463       62,433       81,847       61,192  
Total deposits     2,468,722       2,407,631       2,499,046       1,854,272  
Federal funds purchased           6,000             57,000  
Federal Home Loan Bank borrowings           50,000             76,000  
Long-term debt     73,814       49,958       49,873       49,831  
Other liabilities     41,132       41,053       34,965       44,384  
Total liabilities     2,583,668       2,554,642       2,583,884       2,081,487  
                         
SHAREHOLDERS’ EQUITY                        
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2020, June 30, 2020, December 31, 2019, and September 30, 2019                        
Common stock, no par value; 100,000,000 shares authorized; 21,202,783, 21,477,631, 21,751,026, and 22,193,761 shares issued and outstanding as of September 30, 2020, June 30, 2020, December 31, 2019, and September 30, 2019, respectively     220,643       224,520       230,265       237,687  
Retained earnings     104,188       95,570       91,669       84,529  
Accumulated other comprehensive income     15,478       15,890       4,561       6,495  
Total shareholders’ equity     340,309       335,980       326,495       328,711  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 2,923,977     $ 2,890,622     $ 2,910,379     $ 2,410,198  
                                 


ATLANTIC CAPITAL BANCSHARES, INC.
Consolidated Statements of Income (unaudited)
                                           
(in thousands, except share and per share data)   Three months ended   Nine months ended
       September 30,       June 30,       March 31,       December 31,       September 30,       September 30,       September 30, 
    2020
  2020
  2020   2019   2019
  2020
  2019
INTEREST INCOME                                          
Loans, including fees   $ 21,049     $ 20,496     $ 22,426   $ 23,175   $ 23,541     $ 63,971     $ 69,847  
Investment securities     2,910       3,041       2,732     2,413     2,176       8,683       7,146  
Interest and dividends on other interest‑earning assets   274       260       865     944     803       1,399       2,322  
Total interest income     24,233       23,797       26,023     26,532     26,520       74,053       79,315  
INTEREST EXPENSE                                          
Interest on deposits     1,151       1,299       4,182     4,890     5,223       6,632       15,502  
Interest on Federal Home Loan Bank advances     16       38           157     390       54       660  
Interest on federal funds purchased and securities sold under agreements to repurchase     3       6       32     94     99       41       385  
Interest on long-term debt     1,345       823       829     824     824       2,997       2,471  
Total interest expense     2,515       2,166       5,043     5,965     6,536       9,724       19,018  
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES     21,718       21,631       20,980     20,567     19,984       64,329       60,297  
Provision for credit losses     28       8,863       8,074     787     413       16,965       1,925  
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES     21,690       12,768       12,906     19,780     19,571       47,364       58,372  
NONINTEREST INCOME                                          
Service charges     1,217       1,081       1,232     998     925       3,530       2,589  
Gains on sale of securities                         253             907  
Gains (losses) on sale of other assets     (145 )           5         140       (140 )     127  
Derivatives income (loss)     10       (10 )     246     315     (293 )     246       (637 )
Bank owned life insurance     363       367       362     375     422       1,092       1,171  
SBA lending activities     893       782       414     846     1,150       2,089       3,332  
Other noninterest income     166       123       163     145     172       452       557  
Total noninterest income     2,504       2,343       2,422     2,679     2,769       7,269       8,046  
NONINTEREST EXPENSE                                          
Salaries and employee benefits     8,850       8,466       8,476     8,500     8,295       25,792       26,037  
Occupancy     739       883       794     838     722       2,416       2,050  
Equipment and software     826       763       779     769     842       2,368       2,334  
Professional services     562       792       705     577     764       2,059       2,331  
Communications and data processing     757       670       897     1,066     796       2,324       2,133  
Marketing and business development     141       79       153     143     243       373       702  
Travel, meals and entertainment     39       34       140     175     152       213       504  
FDIC premiums     213       175               (193 )     388       217  
Other noninterest expense     1,586       1,042       933     1,314     1,056       3,561       3,418  
Total noninterest expense     13,713       12,904       12,877     13,382     12,677       39,494       39,726  
                                           
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES     10,481       2,207       2,451     9,077     9,663       15,139       26,692  
Provision for income taxes     1,863       358       327     1,937     2,094       2,548       5,674  
NET INCOME FROM CONTINUING OPERATIONS     8,618       1,849       2,124     7,140     7,569       12,591       21,018  
DISCONTINUED OPERATIONS                                          
Income from discontinued operations   $     $     $   $   $     $     $ 28,690  
Provision (benefit) for income taxes                         (617 )           6,993  
Net income from discontinued operations                         617             21,697  
NET INCOME   $ 8,618     $ 1,849     $ 2,124   $ 7,140   $ 8,186     $ 12,591     $ 42,715  
                                           
Net Income per Common Share - Basic                                          
Net income per common share - continuing operations   $ 0.40     $ 0.09     $ 0.10   $ 0.33   $ 0.33     $ 0.58     $ 0.88  
Net income per common share - discontinued operations                         0.03             0.91  
Net Income per Common Share - Basic     0.40       0.09       0.10     0.33     0.36       0.58       1.79  
Net Income per Common Share - Diluted                                          
Net income per common share - continuing operations   $ 0.40     $ 0.09     $ 0.10   $ 0.32   $ 0.33     $ 0.58     $ 0.88  
Net income per common share - discontinued operations                         0.03             0.91  
Net Income per Common Share - Diluted     0.40       0.09       0.10     0.32     0.36       0.58       1.78  
                                           
Weighted average shares - basic     21,500,735       21,472,462       21,689,038     21,876,487     22,681,904       21,553,953       23,800,525  
Weighted average shares - diluted     21,543,805       21,535,040       21,842,175     22,053,907     22,837,531       21,640,057       23,957,915  
                                           


ATLANTIC CAPITAL BANCSHARES, INC.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information                                    
    Three months ended  
    September 30, 2020     June 30, 2020  
              Interest      Tax               Interest      Tax  
       Average      Income/      Equivalent           Average      Income/      Equivalent  
(dollars in thousands; taxable equivalent)   Balance   Expense   Yield/Rate     Balance   Expense   Yield/Rate  
Assets                                    
Interest bearing deposits in other banks   $ 136,459   $ 65   0.19 % $ 129,989   $ 23   0.07 %
Other short-term investments                        
Investment securities:                                    
Taxable investment securities     237,655     1,467   2.46       247,668     1,581   2.57  
Non-taxable investment securities(1)     215,727     1,788   3.30       215,182     1,814   3.39  
Total investment securities     453,382     3,255   2.86       462,850     3,395   2.95  
Loans     2,191,669     21,049   3.82       2,131,847     20,496   3.87  
FHLB and FRB stock     14,484     209   5.74       16,842     237   5.66  
Total interest-earning assets     2,795,994     24,578   3.50       2,741,528     24,151   3.54  
Non-earning assets     181,450                 191,188            
Total assets   $ 2,977,444               $ 2,932,716            
Liabilities                                    
Interest bearing deposits:                                    
NOW, money market, and savings     1,383,382     1,006   0.29       1,415,069     1,115   0.32  
Time deposits     166,019     86   0.21       96,362     58   0.24  
Brokered deposits     68,102     59   0.34       83,228     126   0.61  
Total interest-bearing deposits     1,617,503     1,151   0.28       1,594,659     1,299   0.33  
Total borrowings     40,793     19   0.19       97,769     44   0.18  
Total long-term debt     82,708     1,345   6.47       49,930     823   6.63  
Total interest-bearing liabilities     1,741,004     2,515   0.57       1,742,358     2,166   0.50  
Demand deposits     854,715                 815,299            
Other liabilities     40,708                 37,032            
Shareholders’ equity     341,017                 338,027            
Total liabilities and shareholders’ equity   $ 2,977,444               $ 2,932,716            
Net interest spread               2.92 %             3.04 %
Net interest income and net interest margin(2)         $ 22,063   3.14 %       $ 21,985   3.23 %
                                     
Non-taxable equivalent net interest margin               3.09 %             3.17 %
                                     
(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(2) Tax equivalent net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset.
                                     
ATLANTIC CAPITAL BANCSHARES, INC.
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information                                    
    Three months ended  
    September 30, 2020     September 30, 2019  
              Interest      Tax               Interest      Tax  
       Average      Income/      Equivalent           Average      Income/      Equivalent  
(dollars in thousands; taxable equivalent)   Balance   Expense   Yield/Rate     Balance   Expense   Yield/Rate  
Assets                                    
Interest bearing deposits in other banks   $ 136,459   $ 65   0.19 % $ 103,954   $ 564   2.15 %
Other short-term investments                        
Investment securities:                                    
Taxable investment securities     237,655     1,467   2.46       257,005     1,657   2.56  
Non-taxable investment securities(1)     215,727     1,788   3.30       83,867     623   2.95  
Total investment securities     453,382     3,255   2.86       340,872     2,280   2.65  
Loans     2,191,669     21,049   3.82       1,801,629     23,541   5.18  
FHLB and FRB stock     14,484     209   5.74       15,524     239   6.11  
Total interest-earning assets     2,795,994     24,578   3.50       2,261,979     26,624   4.67  
Non-earning assets     181,450                 191,459            
Total assets   $ 2,977,444               $ 2,453,438            
Liabilities                                    
Interest bearing deposits:                                    
NOW, money market, and savings     1,383,382     1,006   0.29       1,191,293     4,642   1.55  
Time deposits     166,019     86   0.21       32,409     51   0.62  
Brokered deposits     68,102     59   0.34       88,146     530   2.39  
Total interest-bearing deposits     1,617,503     1,151   0.28       1,311,848     5,223   1.58  
Total borrowings     40,793     19   0.19       85,478     489   2.27  
Total long-term debt     82,708     1,345   6.47       49,803     824   6.56  
Total interest-bearing liabilities     1,741,004     2,515   0.57       1,447,129     6,536   1.79  
Demand deposits     854,715                 637,809            
Other liabilities     40,708                 36,209            
Shareholders’ equity     341,017                 332,291            
Total liabilities and shareholders’ equity   $ 2,977,444               $ 2,453,438            
Net interest spread               2.92 %             2.88 %
Net interest income and net interest margin(2)         $ 22,063   3.14 %       $ 20,088   3.52 %
                                     
Non-taxable equivalent net interest margin               3.09 %             3.51 %
                                     
(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate.
(2) Tax equivalent net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset.
                                     
                                     
ATLANTIC CAPITAL BANCSHARES, INC.                  
Average Balance Sheets and Net Interest Margin Analysis
Selected Financial Information                                    
    Nine months ended  
    September 30, 2020     September 30, 2019  
              Interest      Tax               Interest      Tax  
    Average   Income/   Equivalent     Average   Income/   Equivalent  
(dollars in thousands; taxable equivalent)   Balance   Expense   Yield/Rate     Balance   Expense   Yield/Rate  
Assets                                    
Interest bearing deposits in other banks   $ 147,795   $ 756   0.68 % $ 88,960   $ 1,477   2.22 %
Other short-term investments     36             5,181     118   3.05  
Investment securities:                                    
Taxable investment securities     246,388     4,729   2.56       284,978     5,619   2.64  
Non-taxable investment securities (1)     198,378     4,877   3.28       81,812     1,819   2.97  
Total investment securities     444,766     9,606   2.88       366,790     7,438   2.71  
Loans - continuing operations     2,071,673     63,971   4.12       1,739,917     69,847   5.37  
FHLB and FRB stock     14,667     643   5.86       14,173     727   6.86  
Total interest-earning assets - continuing operations     2,678,937     74,976   3.74       2,215,021     79,607   4.81  
Loans held for sale - discontinued operations                 156,060     4,588   3.93  
Total interest-earning assets     2,678,937     74,976   3.74       2,371,081     84,195   4.75  
Non-earning assets     186,947                 201,880            
Total assets   $ 2,865,884               $ 2,572,961            
Liabilities                                    
Interest bearing deposits:                                    
NOW, money market, and savings     1,397,280     5,889   0.56       1,147,508     13,630   1.59  
Time deposits     106,271     196   0.25       18,246     139   1.02  
Brokered deposits     81,125     547   0.90       91,963     1,733   2.52  
Total interest-bearing deposits     1,584,676     6,632   0.56       1,257,717     15,502   1.65  
Total borrowings     50,055     95   0.25       57,844     1,045   2.42  
Total long-term debt     60,922     2,997   6.57       49,761     2,471   6.64  
Total interest-bearing liabilities - continuing operations     1,695,653     9,724   0.77       1,365,322     19,018   1.86  
Interest-bearing liabilities - discontinued operations                 192,613     1,502   1.04  
Total interest-bearing liabilities     1,695,653     9,724   0.77       1,557,935     20,520   1.76  
Demand deposits     794,559                 593,957            
Demand deposits - discontinued operations                     52,481            
Other liabilities     38,151                 37,472            
Shareholders’ equity     337,521                 331,116            
Total liabilities and shareholders’ equity   $ 2,865,884               $ 2,572,961            
Net interest spread - continuing operations               2.97 %             2.95 %
Net interest income and net interest margin - continuing operations (2)         $ 65,252   3.25 %       $ 60,589   3.66 %
Net interest income and net interest margin (2)         $ 65,252   3.25 %       $ 63,675   3.59 %
                                     
Non-taxable equivalent net interest margin               3.21 %             3.57 %
                                     
(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
                                           
                                          Linked      Year Over
    September 30,       June 30,       March 31,       December 31,       September 30,    Quarter   Year
(dollars in thousands)   2020
  2020
  2020
  2019
  2019
  Change   Change
Loans held for sale                                          
Loans held for sale   $ 859     $ 1,153     $     $ 370     $ 916     $ (294 )   $ (57 )
Total loans held for sale   $ 859     $ 1,153     $     $ 370     $ 916     $ (294 )   $ (57 )
                                           
Loans held for investment                                          
Commercial loans:                                          
Commercial and industrial - other   $ 712,567     $ 739,769     $ 760,062     $ 705,115     $ 697,412     $ (27,202 )   $ 15,155  
Commercial and industrial - PPP     231,834       234,049                         (2,215 )     231,834  
Commercial real estate:                                          
Multifamily     58,336       58,909       73,654       98,378       60,398       (573 )     (2,062 )
Owner occupied     364,170       366,847       359,026       357,912       352,842       (2,677 )     11,328  
Investment     458,279       474,565       477,451       460,038       452,285       (16,286 )     5,994  
Construction and land:                                          
1‑4 family residential construction           11       2,706       4,009       5,186       (11 )     (5,186 )
Other construction, development, and land     139,836       128,980       124,116       123,531       139,991       10,856       (155 )
Mortgage warehouse loans                       13,941       23,256             (23,256 )
Total commercial loans     1,965,022       2,003,130       1,797,015       1,762,924       1,731,370       (38,108 )     233,652  
                                           
Residential:                                          
Residential mortgages     29,460       32,327       31,761       31,315       31,903       (2,867 )     (2,443 )
Home equity     24,528       23,689       23,479       25,002       25,638       839       (1,110 )
Total residential loans     53,988       56,016       55,240       56,317       57,541       (2,028 )     (3,553 )
                                           
Consumer     154,916       113,149       58,164       37,765       27,168       41,767       127,748  
Other     22,777       22,160       25,488       19,552       22,533       617       244  
      2,196,703       2,194,455       1,935,907       1,876,558       1,838,612       2,248       358,091  
Less net deferred fees and other unearned income     (8,668 )     (9,761 )     (2,998 )     (3,034 )     (2,939 )     1,093       (5,729 )
Total loans held for investment   $ 2,188,035     $ 2,184,694     $ 1,932,909     $ 1,873,524     $ 1,835,673     $ 3,341     $ 352,362  
                                           
Total loans   $ 2,188,894     $ 2,185,847     $ 1,932,909     $ 1,873,894     $ 1,836,589     $ 3,047     $ 352,305  
                                           
Total unfunded commitments   $ 764,247     $ 749,321     $ 689,620     $ 743,958     $ 687,295     $ 14,926     $ 76,952  
           


ATLANTIC CAPITAL BANCSHARES, INC.                
Allowance for Credit Losses Activity and Credit Quality
                               
    2020     2019
       Third      Second      First      Fourth      Third
(dollars in thousands)   Quarter   Quarter   Quarter   Quarter   Quarter
Allowance for loan losses                              
Balance at beginning of period   $ 31,605     $ 24,896     $ 18,535     $ 18,080     $ 18,186  
Adoption of ASU 2016-13                 (854 )            
Provision for loan losses     636       8,222       7,409       787       413  
Loans charged-off:                                   
Commercial and industrial     (404 )     (1,479 )     (18 )     (344 )     (541 )
Commercial real estate                 (78 )            
Construction and land                              
Residential mortgages           (36 )                  
Home equity                 (125 )            
Consumer                             (2 )
Other                              
Total loans charged-off     (404 )     (1,515 )     (221 )     (344 )     (543 )
Recoveries on loans previously charged-off:                                   
Commercial and industrial     56       1             5       17  
Commercial real estate                 18              
Construction and land                             1  
Residential mortgages                 1       7        
Home equity                              
Consumer     1       1       8             6  
Other                              
Total recoveries     57       2       27       12       24  
Net charge-offs   $ (347 )   $ (1,513 )   $ (194 )   $ (332 )   $ (519 )
Balance at period end   $ 31,894     $ 31,605     $ 24,896     $ 18,535     $ 18,080  
                               
Allowance for unfunded commitments                                   
Balance at beginning of period   $ 3,480     $ 2,838     $ 892     $ 836     $ 785  
Adoption of ASU 2016-13                 1,275              
Provision for unfunded commitments     (609 )     642       671       56       51  
Balance at period end   $ 2,871     $ 3,480     $ 2,838     $ 892     $ 836  
                               
Total allowance for credit losses - loans and unfunded commitments   $ 34,765     $ 35,085     $ 27,734     $ 19,427     $ 18,916  
                               
Provision for credit losses under CECL                              
Provision for loan losses     636       8,222       7,409       787       413  
Provision for securities held to maturity credit losses     1       (1 )     (6 )     -       -  
Provision for unfunded commitments(1)     (609 )     642       671       -       -  
Total provision for credit losses   $ 28     $ 8,863     $ 8,074     $ 787     $ 413  
                               
Non-performing loans   $ 5,421     $ 6,265     $ 6,515     $ 7,293     $ 6,770  
Foreclosed properties (OREO)     563       779       779       278       278  
Total nonperforming assets   $ 5,984     $ 7,044     $ 7,294     $ 7,571     $ 7,048  
                               
Allowance for loan losses to loans held for investment (2)     1.46 %     1.45 %     1.29 %     0.99 %     0.98 %
Allowance for credit losses to loans held for investment (2)     1.59 %     1.61 %     1.43 %     1.04 %     1.03 %
Allowance for credit losses to loans held for investment excluding PPP loans (2)     1.78 %   1.80 %   1.43 %   1.04 %   1.03 %
Net charge-offs to average loans (3)     0.06       0.29       0.04       0.07       0.11  
Non-performing loans as a percentage of total loans     0.25 %     0.29 %     0.34 %
    0.39 %     0.37 %
Non-performing assets as a percentage of total assets     0.20 %     0.24 %     0.27 %     0.26 %     0.29 %
                               
(1) Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was included in other expense and totaled $56 and $51 for the fourth and third quarters of 2019, respectively.
(2) The third quarter of 2019 ratios are calculated on a continuing operations basis.               
(3) Annualized.               


ATLANTIC CAPITAL BANCSHARES, INC.
Period End Deposits
                                           
                                                    Linked
          
    September 30,    June 30,    March 31,    December 31,    September 30,    Quarter   Year Over
(dollars in thousands)   2020   2020   2020   2019   2019   Change   Year Change
DDA   $ 843,656   $ 883,662   $ 712,919   $ 824,646   $ 599,657   $ (40,006 )   $ 243,999  
NOW     387,858     449,737     368,463     373,727     240,427     (61,879 )     147,431  
Savings     568     583     567     1,219     1,081     (15 )     (513 )
Money market     945,834     879,863     982,109     1,173,218     921,133     65,971       24,701  
Time     196,343     131,353     66,793     44,389     30,782     64,990       165,561  
Brokered     94,463     62,433     94,268     81,847     61,192     32,030       33,271  
Total deposits   $ 2,468,722   $ 2,407,631   $ 2,225,119   $ 2,499,046   $ 1,854,272   $ 61,091     $ 614,450  
                                           
Average Deposits                                          
                                           
       2020   2019      Linked    
    Third   Second   First   Fourth   Third   Quarter   Q3 2020 vs
(dollars in thousands)   Quarter   Quarter   Quarter   Quarter   Quarter   Change   Q3 2019
DDA   $ 854,715   $ 815,299   $ 713,001   $ 718,298   $ 637,809   $ 39,416     $ 216,906  
NOW     440,734     462,051     382,178     320,637     295,106     (21,317 )     145,628  
Savings     586     574     650     1,098     1,085     12       (499 )
Money market     942,062     952,444     1,010,713     1,006,449     895,102     (10,382 )     46,960  
Time     166,019     96,362     55,775     37,388     32,409     69,657       133,610  
Brokered     68,102     83,228     92,188     62,757     88,146     (15,126 )     (20,044 )
Total deposits   $ 2,472,218   $ 2,409,958   $ 2,254,505   $ 2,146,627   $ 1,949,657   $ 62,260     $ 522,561  
                                           
Noninterest bearing deposits as a percentage of average deposits     34.6 %   33.8 %   31.6 %   33.5 %   32.7 %          
Cost of interest-bearing deposits     0.28 % 0.33 % 1.09 % 1.36 % 1.58 %        
Cost of deposits     0.19 %   0.22 %   0.75 %   0.90 %   1.06 %          
                                           


ATLANTIC CAPITAL BANCSHARES, INC.
Non-GAAP Performance and Financial Measures Reconciliation
                                           
                                  For the nine months
    2020
  2019
  ended September 30, 
       Third      Second   First   Fourth      Third                  
(in thousands, except share and per share data)   Quarter   Quarter   Quarter   Quarter   Quarter   2020
  2019
                                                         
Taxable equivalent interest income reconciliation                                                        
Interest income - GAAP   $ 24,233     $ 23,797     $ 26,023     $ 26,532     $ 26,520     $ 74,053     $ 79,315  
Taxable equivalent adjustment     345       354       223       167       104       923       292  
Interest income - taxable equivalent   $ 24,578     $ 24,151     $ 26,246     $ 26,699     $ 26,624     $ 74,976     $ 79,607  
                                                         
Taxable equivalent net interest income reconciliation - continuing operations                                                        
Net interest income - GAAP   $ 21,718     $ 21,631     $ 20,980     $ 20,567     $ 19,984     $ 64,329     $ 60,297  
Taxable equivalent adjustment     345       354       223       167       104       923       292  
Net interest income - taxable equivalent - continuing operations   $ 22,063     $ 21,985     $ 21,203     $ 20,734     $ 20,088     $ 65,252     $ 60,589  
                                                         
Loan yield excluding PPP loans reconciliation                                                        
Loan yield - GAAP     3.82 %     3.87 %     4.77 %     4.95 %     5.18       4.12 %     5.37 %
Impact of PPP loans     0.13       0.22                         0.14        
Loan yield excluding PPP loans     3.95 %     4.09 %     4.77 %     4.95 %     5.18       4.26 %     5.37 %
                                                         
Taxable equivalent net interest margin reconciliation - continuing operations                                                        
Net interest margin - GAAP - continuing operations     3.09 %     3.17 %     3.38 %     3.35 %     3.51 %     3.21 %     3.64 %
Impact of taxable equivalent adjustment     0.05       0.06       0.03       0.03       0.01       0.04       0.02  
Net interest margin - taxable equivalent - continuing operations     3.14 %     3.23 %     3.41 %     3.38 %     3.52 %     3.25 %     3.66 %
                                                         
Taxable equivalent net interest margin reconciliation                                                        
Net interest margin - GAAP     3.09 %     3.17 %     3.38 %     3.35 %     3.51 %     3.21 %     3.57 %
Impact of taxable equivalent adjustment     0.05       0.06       0.03       0.03       0.01       0.04       0.02  
Net interest margin - taxable equivalent     3.14 %     3.23 %     3.41 %     3.38 %     3.52 %     3.25 %     3.59 %
                                                         
Taxable equivalent net interest margin excluding PPP loans reconciliation                                                        
Net interest margin - GAAP     3.09 %     3.17 %     3.38 %     3.35 %     3.51 %     3.21 %     3.57 %
Impact of PPP loans     0.09       0.18                         0.10        
Net interest margin - taxable equivalent excluding PPP loans     3.18 %     3.35 %     3.38 %     3.35 %     3.51 %     3.31 %     3.57 %
                                                         
Taxable equivalent income before income taxes reconciliation                                                        
Income before income taxes - GAAP   $ 10,481     $ 2,207     $ 2,451     $ 9,077     $ 9,663     $ 15,139     $ 26,692  
Taxable equivalent adjustment     345       354       223       167       104       923       292  
Income before income taxes   $ 10,826     $ 2,561     $ 2,674     $ 9,244     $ 9,767     $ 16,062     $ 26,984  
                                                         
Taxable equivalent income tax expense reconciliation                                                        
Income tax expense - GAAP   $ 1,863     $ 358     $ 327     $ 1,937     $ 2,094     $ 2,548     $ 5,674  
Taxable equivalent adjustment     345       354       223       167       104       923       292  
Income tax expense   $ 2,208     $ 712     $ 550     $ 2,104     $ 2,198     $ 3,471     $ 5,966  
                                                         
Tangible book value per common share reconciliation                                                        
Total shareholders’ equity   $ 340,309     $ 335,980     $ 332,300     $ 326,495     $ 328,711     $ 340,309     $ 328,711  
Intangible assets     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )
Total tangible common equity   $ 320,384     $ 316,055     $ 312,375     $ 306,570     $ 308,786     $ 320,384     $ 308,786  
Common shares outstanding     21,202,783       21,477,631       21,479,986       21,751,026       22,193,761       21,202,783       22,193,761  
Book value per common share - GAAP   $ 16.05     $ 15.64     $ 15.47     $ 15.01     $ 14.81     $ 16.05     $ 14.81  
Tangible book value     15.11       14.72       14.54       14.09       13.91       15.11       13.91  
                                                         
Tangible common equity to tangible assets reconciliation                                                        
Total shareholders’ equity   $ 340,309     $ 335,980     $ 332,300     $ 326,495     $ 328,711     $ 340,309     $ 328,711  
Intangible assets     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )
Total tangible common equity   $ 320,384     $ 316,055     $ 312,375     $ 306,570     $ 308,786     $ 320,384     $ 308,786  
                                                         
Total assets   $ 2,923,977     $ 2,890,622     $ 2,719,658     $ 2,910,379     $ 2,410,198     $ 2,923,977     $ 2,410,198  
Intangible assets     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )     (19,925 )
Total tangible assets   $ 2,904,052     $ 2,870,697     $ 2,699,733     $ 2,890,454     $ 2,390,273     $ 2,904,052     $ 2,390,273  
Tangible common equity to tangible assets     11.03 %     11.01 %     11.57 %     10.61 %     12.92 %     11.03 %     12.92 %
                                                         
Allowance for credit losses to loans held for investment reconciliation                                                        
Total loans held for investment   $ 2,188,035     $ 2,184,694     $ 1,932,909     $ 1,873,524     $ 1,835,673     $ 2,188,035     $ 1,835,673  
PPP loans     (231,834 )     (234,049 )                       (231,834 )      
Total loans held for investment excluding PPP loans   $ 1,956,201     $ 1,950,645     $ 1,932,909     $ 1,873,524     $ 1,835,673     $ 1,956,201     $ 1,835,673  
                                                         
Allowance for credit losses to loans held for investment     1.59 %     1.61 %     1.43 %     1.04 %     1.03 %     1.59 %     1.03 %
Allowance for credit losses to loans held for investment excluding PPP loans     1.78 %     1.80 %     1.43 %     1.04 %     1.03 %     1.78 %     1.03 %
                                                         


ATLANTIC CAPITAL BANCSHARES, INC.
Financial Information from Discontinued Operations
 
Components of Net Income from Discontinued Operations
                                           
                                  For the nine months ended
    2020   2019     September 30, 
       Third      Second First      Fourth      Third                    
(in thousands)   Quarter   Quarter Quarter   Quarter   Quarter   2020
  2019
Net interest income   $   $   $   $   $     $   $ 3,086  
Provision for credit losses                                
Net interest income after provision                               3,086  
Service charges                               527  
Mortgage income                               288  
Gain on sale of branches                               34,475  
Other income                               (1 )
Total noninterest income                               35,289  
Salaries and employee benefits                               2,757  
Occupancy                               410  
Equipment and software                               131  
Amortization of intangibles                               247  
Communications and data processing                               586  
Divestiture expense                               5,095  
Other noninterest expense                               459  
Total noninterest expense                               9,685  
Net income before provision for income taxes                               28,690  
(Benefit) provision for income taxes                     (617 )         6,993  
Net income from discontinued operations   $   $   $   $   $ 617     $   $ 21,697  
                                           

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