Atlantic Capital Bancshares (ACBI) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $2.08 million, or $ 0.08 a share in the quarter, against a net loss of $8.16 million, or $0.40 a share in the last year period.
Revenue during the quarter surged 82.44 percent to $21.50 million from $11.78 million in the previous year period. Net interest income for the quarter rose 20.88 percent over the prior year period to $19.28 million. Non-interest income for the quarter rose 28.03 percent over the last year period to $4.43 million.
Atlantic Capital Bancshares has made provision of $2.21 million for loan losses during the quarter, down 71.04 percent from $7.62 million in the same period last year.
Efficiency ratio for the quarter improved to 75.11 percent from 82.79 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Atlantic Capital completed a year of integration and repositioning in 2016. The economic environment is now more favorable than at any time since our inception, and the fundamental trends in our business are improving. With sharp focus on improved execution, we should produce meaningfully better results in 2017," explained Douglas Williams, chief executive officer.
Assets outpace liabilities growthTotal assets stood at $2,727.25 million as on Dec. 31, 2016, up 3.35 percent compared with $2,638.78 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,423.12 million as on Dec. 31, 2016, up 3.08 percent from $2,350.79 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $1,960.74 million as on Dec. 31, 2016, up 10.67 percent compared with $1,771.76 million on Dec. 31, 2015. Deposits stood at $2,237.58 million as on Dec. 31, 2016, down 1.09 percent compared with $2,262.22 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $643.47 million or 28.76 percent of total deposits on Dec. 31, 2016, compared with $544.56 million or 24.07 percent of total deposits on Dec. 31, 2015.
Investments stood at $371.51 million as on Dec. 31, 2016, up 4.87 percent or $17.26 million from year-ago. Shareholders equity stood at $304.13 million as on Dec. 31, 2016, up 5.60 percent or $16.14 million from year-ago.
Nonperforming assets moved down 66.89 percent or $7.04 million to $3.49 million on Dec. 31, 2016 from $10.53 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.13 percent in the quarter, down from 0.40 percent in the last year period.
Tier-1 leverage ratio stood at 10 percent for the quarter, up from 9.80 percent for the previous year quarter. Average equity to average assets ratio was 11.33 percent for the quarter, up from 10.98 percent for the previous year quarter. Book value per share was $12.12 for the quarter, up 2.80 percent or $0.33 compared to $11.79 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
