Atlantic Capital Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; to Consolidate Two Branches in Chattanooga, Tennessee; Provides Earnings Guidance for the Year 2018
For the year, the company reported total interest income of $96,271,000 against $88,217,000 a year ago. Net interest income before provision for loan losses was $81,142,000 against $76,708,000 a year ago. Net interest income after provision for loan losses was $77,924,000 against $72,892,000 a year ago. Income before provision for income taxes was $20,648,000 against $21,344,000 a year ago. Net loss was $3,726,000 against profit of $13,395,000 a year ago. Net loss per diluted share was $0.14 against earnings of $0.53 a year ago. Net interest income - taxable equivalent was $82,048,000 against $77,192,000 a year ago. Operating income before income taxes was $21,554,000 against $20,990,000 a year ago. Operating net income was $13,672,000 against $12,882,000 a year ago. Diluted earnings per share operating was $0.53 against loss of $0.51 a year ago. Tangible book value per share was $11.05 against $11.05 a year ago. Book value per common share was $11.99 against $12.10 a year ago. Negative Return on average assets was 0.14% against positive return on average assets of 0.49% a year ago. Negative return on average equity was 1.17% against positive return on average equity of 4.44% a year ago. Return on average equity operating was 4.29 against 4.27% a year ago. Return on average assets operating was 0.50% against 0.48% a year ago.
The company estimates the 2018 effective tax rate to be approximately 20%. The company expects significant improvement in operating performance in 2018.
The company anticipates the consolidation of two branches in chattanooga, tennessee during the first quarter of 2018.