PRESS RELEASE
ATLANTIC CAPITAL BANCSHARES, INC. REPORTS FOURTH QUARTER 2018 RESULTS
Atlanta, GA - January 31, 2018 - Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced earnings of $8.8 million, or $0.34 per diluted share, for the fourth quarter of 2018, compared to $6.5 million, or $0.25 per diluted share, in the third quarter of 2018. Net income for 2018 was $28.5 million, or $1.09 per diluted share, compared to a loss of $3.7 million, or ($0.15) per diluted share, for 2017.
On November 14, 2018, Atlantic Capital announced the sale of fourteen branches in Tennessee and northwest Georgia and the mortgage business. This branch divestiture includes the sale of approximately $585 million in deposits and $373 million in loans. The income and expenses related to these branches are included in discontinued operations and prior period financial information has been retrospectively adjusted for the impact of discontinued operations. Subject to customary closing conditions, including the receipt of all necessary regulatory approvals, the transaction is expected to be completed during the second quarter of 2019.
“Atlantic Capital’s results in the fourth quarter of 2018 and for all of 2018 reflect continued strength in our core Atlanta and national commercial businesses. We begin 2019 with solid momentum and good prospects for strong operating performance in our continuing operations,” remarked Douglas Williams, President and Chief Executive Officer.
Fourth Quarter Highlights(1) 
Return on average assets of 1.21% and return on average equity of 10.90%.
Net income from continuing operations totaled $7.5 million, or $0.29 per diluted share, compared to $7.0 million, or $0.27 per diluted share in the third quarter of 2018.
Net interest margin from continuing operations was 3.66% compared to 3.48% for the third quarter of 2018.
Total loans held for investment increased $65.7 million, or 15.8% annualized, compared to September 30, 2018.
Average deposits from continuing operations increased $127.4 million, or 30.8% annualized, compared to the third quarter of 2018.
822,100 shares were repurchased in the fourth quarter totaling $14.2 million.
Noninterest income includes a $1.9 million loss on the sale of securities that were sold in the fourth quarter to help fund the cash owed to the buyer at the upcoming closing of the branch sale.
Provision for income taxes includes a $996,000 net benefit as a result of the pending transaction.
2018 Highlights
Net income from continuing operations totaled $28.1 million, or $1.07 per diluted share, compared to a loss of $4.8 million, or ($0.19) per diluted share in 2017.
Efficiency ratio - continuing operations improved to 57.9% from 70.4% in 2017.
Total loans held for investment increased $209.6 million, or 13.8%, compared to December 31, 2017.
Average deposits from continuing operations in the fourth quarter of 2018 increased $177 million, or 11.0%, compared to the fourth quarter of 2017.
Net charge-offs to average loans totaled 0.02% compared to 0.23% in 2017.



(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 for 2018 and 35% for 2017 and prior. We provide detailed reconciliations in the Non-GAAP Performance and Financial Measures Reconciliation table on page 16.

1

The following information was filed by Atlantic Capital Bancshares, Inc. (ACBI) on Thursday, January 31, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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