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Atlantic Capital Bancshares, Inc (ACBI)
Q4 2017 Earnings Conference Call
Jan. 29, 2018 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Fourth-Quarter 2017 Earnings Conference Call. My name is Carol. I will be facilitating the audio portion of today's interactive broadcast. All lines have been placed on mute to prevent any background noise.

During the question-and-answer session, you may press * followed by the number 1 on your telephone keypad in order to ask a question. At this time I would like to turn today's program over to Mr. Gray Fleming, executive vice president and chief risk officer. Please go ahead, sir.

Gray Fleming -- Executive Vice President and Chief Risk Officer

Thank you, Carol, and thank you all for joining us for our Fourth-Quarter 2017 Earnings Call. With me today to discuss our results are Doug Williams, chief executive officer; Patrick Oakes, chief financial officer; Rich Oglesby, general banking executive; and Kurt Shreiner, our corporate financial services executive. As a reminder, the Atlantic Capital earnings release is available in the Investor Relations section of our website. I wish to caution you that we'll be making forward-looking statements during this call and that actual results may differ materially.

I encourage you to review the disclaimer in the earnings release dealing with forward-looking information. This disclaimer applies equally to statements made on this call. In addition, some discussions may include references to non-GAAP financial measures. Information about those measures, including reconciliation to GAAP measures, may be found in our SEC filings in our earnings.With that, I'll turn the call over to the CEO of Atlantic Capital, Doug Williams.

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Doug Williams -- Chief Executive Officer

Thank you, Gray, and good morning. Atlantic Capital recorded a net loss of $15.3 million, or $0.59 per diluted share for the fourth quarter 2017. After adjusting for a $17.4 million charge related to the revaluation of the deferred-tax asset, operating earnings were $2.1 million, or $0.08 cents per diluted share. For all of 2017, management estimates net income excluding the DTA charge, another one-time expense for severance, secondary offering, and merger-integration, was approximately $16 million, a 24% increase over the comparable number in 2016.

Atlantic Capital's earnings in the fourth quarter were affected not only by the change in tax law but also by several actions management has taken to drive growth in our core businesses, streamline the structure of our organization, and position the company for better performance in 2018 and beyond. This disciplined focus on efficiency, alignment, and productivity will continue in our day-to-day management of the company. We're confident as we begin 2018 that the cost-saving, restructuring, and new investment decisions we have made will allow us to bring our successful and focused banking strategy to the entire Atlantic Capital footprint while providing best-of-class service and solutions to our clients and prospects. Our banking teams are now almost fully staffed and are better aligned for meaningful improvement in performance.

Our balance sheet is strong and our credit quality is sound. We're ready for 2018.Now, Pat Oakes will review the financials. Then I'll return with more perspective on the outlook for 2018.

Patrick Oakes -- Chief Financial Officer

Thank you, Doug, and good morning, everyone. Let me start with our net-interest margin. The [Inaudible] net margin for the fourth quarter was 3.39%, an increase of 13 basis points from the third quarter. In addition to benefiting 5 basis points from higher accretion income, higher loan fees accounted for additional 4 basis points of the increase.

Loan yields increased 20 basis points during the quarter, including 7 basis points from higher accretion income, 6 basis points from higher loan fees, and approximately 4 basis points from the increase in one-month LIBOR during the fourth quarter. Our cost of interest-bearing deposits only increased 1 basis point in the fourth quarter as we benefited from growth in noninterest-bearing deposits, along with a decrease in the balances of our brokered deposits during the fourth quarter. This offset our 3 basis point increase on the rate of our interest-bearing deposit accounts. The provision for loan losses was $282,000 in the fourth quarter, compared to $322,000 in the third quarter.

The fourth quarter included a recovery of $192,000 on a $7.7 million loan relationship that was charged off in the third quarter. Credit quality remains strong, as nonperforming assets and total assets improved 14 basis points in the fourth quarter, compared to 23 basis points in the third quarter. Total noninterest income was $3.6 million, up slightly from the third quarter. SBA income totaled $843,000 in the fourth quarter, a decrease of $45,000 in the third quarter.

Over the last few months, we have added additional SBA capacity in part to replace the revenue we anticipate to lose from the sale of our trust company. We've already seen an increase in SBA production and anticipate improved gain income and higher SBA loan balances beginning with the first quarter. We also expect to sell the trust company, to close in the second quarter, with a gain of approximately $1.7 million. Noninterest expense totaled $20.6 million in the fourth quarter, an increase of $3.1 million from the third quarter.

Salary and employee benefit expense accounted for $2.9 million of the increase. This included $2.2 million in severance expense, the additional expense of adding new commercial bankers, and some one-time bonus expenses.Let me take a moment to summarize some of the strategic activities we are undertaking to increase the efficiency of our organization. In October, we announced Mike Kramer's resignation and a reorganization of the leadership team rather than replacing the position. We expect to close on the sale of our trust company in the second quarter of 2018.

We are exiting the Charlotte market this quarter. We are consolidating two Chattanooga branches in the first quarter. We are taking steps to reduce staff in the fourth quarter of 2017 and the first quarter of 2018. As a result of these actions, we expect our expenses to decrease over the next few quarters and anticipate a quarterly run rate for expenses to begin moving below $17 million by the second quarter.

We will provide more details [Inaudible] later into the year. During the first quarter of 2018, in addition to typically higher benefit costs, we also anticipate severance and other one-time expenses of approximately $1.3 million to $1.5 million. Total loans held for investment were $1.93 billion at December 31, 2017, an increase of $28 million from September 30, 2017, as C&I loans grew $53 million due to an increase in new originations and increased balances on existing loans. This was offset by a $28 million decrease in investment in commercial real estate and construction land loans due to the timing of loan payoffs.

Total average deposits third quarter were $2.19 billion, an increase of $74 million from the third quarter, and period-end deposits increased $347 million from September 30, 2017. These increases included higher-than-normal levels of seasonal volatility at year-end. We continued to see nice growth in our core commercial deposits as average noninterest-bearing deposits increased $21 million in the quarter to $649 million and accounted for 30% of average total deposits.Now, I will turn it back over to Doug.

Doug Williams -- Chief Executive Officer

Thank you, Pat. We expect significant improvement in operating performance in 2018. With passage of the tax bill, we expect the economic expansion will extend for another couple of years. Tax-rate reductions and regulatory relief will induce business owners and managers to make new investments to grow their businesses.

Demand for commercial and industrial loans, as well as those for mission-critical corporate real-estate, should improve from last year's tepid pace of growth. Our organization is better-positioned for success now. Last year two-thirds of our company performed at a comparatively high level. Our Atlanta banking division that includes Atlanta-based corporate and business banking, commercial real estate finance, not-for-profit and private banking teams; and our corporate financial services division, including SBA lending, franchise finance, payments banking, financial institutions, financial sponsors and funds banking and special deposit segments, collectively grew loans 12% and average deposits18%.

Loans in our Dalton, Georgia, commercial business grew 20%. On a combined basis, the profitability of these businesses met or exceeded peer levels at 2017 tax rates. With time on our platform, the bankers we've hired in Atlanta over the last couple of years are becoming more productive. We've also invested in new origination bankers for SBA lending, franchise finance, and payment schemes, where we expect to sustain high levels of growth earn quick payback on those investments.

Our Tennessee businesses, including commercial banking teams in Chattanooga and Knoxville, retail banking, mortgage, and trust, have underperformed. Loans and deposits in those markets have declined over the last couple of years and our trust business has underperformed. Over the course of 2017 we made a number of leadership changes, including our market president for Tennessee and northwest Georgia and the Chattanooga commercial team leader. We've reinvigorated business-development efforts in our Tennessee branch network and on our commercial teams there, with new service capabilities, competitive deposit promotions, new bankers, and disciplined calling activity.

In our mortgage business we are introducing new products and recruiting new originators. There's new energy in our Tennessee markets and we're optimistic that 2018 will bring reversal of trends there. As part of our strategic review process last fall, we decided to divest our trust business and exit the Charlotte market. As Pat indicated, there will be severance and other expenses in the first quarter related to these decisions.

Over the course of our strategic review we made significant changes in leadership and organization alignment. We've divested or exited our underperforming businesses or developed plans with strict milestones for corrective action and progress in those businesses. We're now managing our businesses differently than we did over the last couple of years with a sharper focus on improving performance in our core business. Our priorities for 2018 are to 1) build on our success in the Atlanta banking division with sustained growth and improved productivity.

We have a successful and distinctive business model in Atlanta and we've now tailored and implemented in a focused fashion across our footprints; 2) invest in high-growth businesses with quick payback -- SBA lending, franchise finance, payments banking, and treasury management services; 3) reverse recent trends and grow loans and deposits in our Tennessee businesses. Elimination of attrition in loans and deposits by adding new commercial and consumer relationships will have a meaningful effect on our financial results; and 4) continue to build a competitive culture of service and performance for our teammates, clients, and shareholders.Now we're prepared to answer your questions.

Questions and Answers:

Operator

As a reminder, if you'd like to ask a question over the phone, please press * followed by the number 1 on your telephone keypad. And our first question today comes from Jennifer Demba from SunTrust. Please go ahead. Your line is open.

Jennifer Demba -- SunTrust -- Analyst

Thank you. Good morning. Could you break out your loan growth or production for the fourth quarter sequentially and year over year Atlanta versus Tennessee?

Doug Williams -- Chief Executive Officer

Jennifer, this is Doug. In 2000 -- well, first of all, let me give you a two-year perspective. In Atlanta over the last two years, we've grown loans a little over 10%. In our corporate specialty finance businesses we've grown loans over that period in excess of 50%.

And in Tennessee, loans have contracted about 12.5%. In 2016, the Atlanta businesses were up around 8%, and the corporate financial services businesses were up about 50%.

Patrick Oakes -- Chief Financial Officer

You mean 2017.

Doug Williams -- Chief Executive Officer

2017. Yes, 2017, the Atlanta businesses grew around 8%, the corporate financial services business grew, again, about 50%, and the Tennessee businesses contracted about 20%. The contraction in Tennessee is mostly due to normal amortization and run-off. We basically haven't been adding new relationships in Tennessee over the last couple years.

Our bankers were not in the market. As you know, we've made a number of leadership changes there. We've also made a number of changes on our banking team. In the second half of 2014 we began to see the some stabilizing in that amortization run-off and we hope to see growth in Tennessee in 2018.

We also expect to continue to see growth in the low-double-digit trajectory for the combined Atlanta and corporate financial services businesses. Over the last couple years, those two businesses combined grew about 14.5%, and in 2017 they grew about 12%, as I mentioned. So, we think of we should continue to see that kind of growth in those businesses and the reversal of trends in Tennessee.

Jennifer Demba -- SunTrust -- Analyst

So you think total net loan growth outlook for 2018 for ACBI is maybe closer to mid-single-digit with Tennessee included?

Doug Williams -- Chief Executive Officer

I hope it'll be higher than that.

Jennifer Demba -- SunTrust -- Analyst

OK, thank you.

Operator

Our next question comes from Brady Gailey from KBW. Please go ahead. Your line is open.

Brady Gailey -- KBW -- Analyst

Hey, good morning, guys. I know you all have only been in Charlotte about a year, but what were the loan and deposit balances in Charlotte?

Doug Williams -- Chief Executive Officer

They're not material.

Brady Gailey -- KBW -- Analyst

All right. And then if you look at all of the changes you're making, mostly to the expense base, we've been talking about a 1 ROA target, do you think that you can achieve a 1 ROA by maybe not this year but maybe next year in 2019?

Doug Williams -- Chief Executive Officer

I think so.

Brady Gailey -- KBW -- Analyst

All right. And then lastly from me on SBA, it averaged to about $1 million a quarter last year. It sounds like you're making a lot more of an investment there. How much upside do you think there could be to SBA fees this year?

Patrick Oakes -- Chief Financial Officer

Well, I'll start and Kurt can jump in. So, obviously with the investment we're making there, we expect a pickup from that number but you also might see us holding more of those loans. So you may not see it in the gain number where you might see it in loan growth. So, it'll be a mix but you will see that number increase.

Not really ready to talk about what that number will look like but beginning in the first quarter that number will start to pick up and hopefully continue to pick up as we move through the year.

Brady Gailey -- KBW -- Analyst

OK, great. Thank you.

Operator

Our next question comes from Stephen Scouten from Sandler O'Neill. Please go ahead. Your line is open.

Stephen Scouten -- Sandler O'Neill -- Analyst

Hey, guys, how are you doing this morning? Can you talk through the dynamics that happened within the loan book? It is peculiar to me how much the average loan balances were down versus the end of period being up. Was there a lot of growth that hit right at the end of the quarter or what were kind of the dynamics of that timing?

Patrick Oakes -- Chief Financial Officer

Well, part of it was, third quarter, obviously, we had a pretty big third quarter with payoff [Inaudible]. So, I think part of what you're seeing in the average balance number is a carry-over from that and then the growth we saw in the fourth quarter occurred later in the quarter.

Doug Williams -- Chief Executive Officer

Let me give you a little more detail on the changes in the loan portfolio in the fourth quarter. We had our second largest production number of 2017. We produced new loans held for investment of about $105 million. The change in the existing loans was just under $60 million and we had a very high level of pay-offs as well.

We had $138 million of pay-off in the quarter. If you look at production, fourth quarter is our second highest after the second quarter of $107 million. Third quarter was exceptionally weak. We had a high number of pay-offs, $106 million in the third quarter in new loans, held for investment produced in the third quarter just a little over $69 million.

Stephen Scouten -- Sandler O'Neill -- Analyst

OK, that's helpful. You mentioned there are some more lenders that might be needed but sounds maybe like a much smaller number, but where are you still needing to fill out the footprints? Is that still in Tennessee where there's a few additions that are new?

Rich Oglesby -- General Banking Executive

Hey, Stephen, this is Rich Oglesby. We actually only have one position left to fill as of today in Tennessee. We've hired somebody else earlier in this year. So, we're entering 2018 with basically a full team less that one person that we're still out looking for.

Stephen Scouten -- Sandler O'Neill -- Analyst

OK, great. And then just kind of as we think about the expense guidance, Pat, that you gave, this under $17 million, I think, you said by 2Q '18. Can you give some further detail about how you think you can get there because obviously the last couple of quarters I don't think we've been too close -- well. I guess $17.1 million maybe net in 3Q and a much higher number this quarter.

So, can you give maybe some more specifics on what the puts and takes are there in terms of what you'll save from the shutdown in Carolina and maybe what you'll save from the Chattanooga branch reduction and kind of the other puts and takes there?

Patrick Oakes -- Chief Financial Officer

Yeah, almost all that's going to come from a lower salary and benefit line and probably some lower specialty line that'll drive that. Look, we're not really giving a lot of guidance around that. I just want you to know that it is going to go down and we're focused on driving that down. That's why you've seen some of the changes that we announced.

So a lot of that's from headcount reductions along with some other things. So let's get through the all the changes we're going through at this point and we'll have a better idea at that point.

Stephen Scouten -- Sandler O'Neill -- Analyst

OK, other than Charlotte, can you give us any color on where the headcount reduction might be coming from?

Patrick Oakes -- Chief Financial Officer

Yes, I kind of went through some of that. So, it was the sale of the trust company, obviously, the Charlotte market, and then there's additional staff reductions that we've made in the organization. We've made some of that in the fourth quarter. We'll make some additional and we're making in the first quarter. That's probably another 10 open positions.

Stephen Scouten -- Sandler O'Neill -- Analyst

OK. And then, lastly, I guess for me, I know you said, Doug, you hope that you can get to a 1% ROA in 2019. I mean, as we think about 2018, do you guys have any targets that you're willing to speak to here of what you hope you can accomplish maybe with or without additional rate hikes?

Doug Williams -- Chief Executive Officer

No, I think, we're comfortable with the level of guidance we're offering today.

Patrick Oakes -- Chief Financial Officer

Stephen, it's a lot we're going through at this point. So, let us get a few more quarters into this and hopefully at that point we can probably have a little more guidance but at this point we're going to kind of leave at where it is.

Doug Williams -- Chief Executive Officer

We're encouraged about the trajectory that we see developing in our businesses, both with respect to revenue growth and earnings improvement and, as Pat says, we'll be a little more specific about that as we move forward.

Stephen Scouten -- Sandler O'Neill -- Analyst

OK, sounds good, guys. Thanks for the help.

Operator

Our next question comes from William Wallace from Raymond James. Please go ahead. Your line is open.

William Wallace -- Raymond James -- Analyst

Thanks, good morning. On that expense question, would you be willing to share the quarterly run rate in the trust business?

Patrick Oakes -- Chief Financial Officer

Yes, it's about $0.5 million a quarter.

William Wallace -- Raymond James -- Analyst

OK. And then on the balance sheet, I notice that it looks like you took a lot of liquidity on at the end of the quarter and I'm curious specifically around the money market line item, why the 30% increase in money markets there. You guys have a pretty low loans to deposits. I'm just curious if there's strategy going on that we should be aware of or what.

Patrick Oakes -- Chief Financial Officer

No, you're talking about just the overall growth we saw in those categories?

William Wallace -- Raymond James -- Analyst

Right.

Patrick Oakes -- Chief Financial Officer

Yeah, a lot of it was just seasonal volatility. We typically have that at year-end. I think at this year-end it's a little more extreme in a few of our lines of business. Those are temporary deposits. We've already seen some that leave and we will continue to see some of that leave as we get later in the first quarter. So, it kind of builds up at year-end, hangs around most of the first quarter then we kind of lose that as we go through the rest of the year and it builds back up but it was extreme at year-end, that's for sure.

William Wallace -- Raymond James -- Analyst

So, there's seasonality in that money market line item? It was up 30%.

Patrick Oakes -- Chief Financial Officer

Yeah. So, we have a financial institutions group and that drove some of the growth around that from some large customers that deposited a bunch of money at year-end.

Doug Williams -- Chief Executive Officer

And we also see some of that in payments business as well.

Patrick Oakes -- Chief Financial Officer

Right and even in our corporate business here in Atlanta.

William Wallace -- Raymond James -- Analyst

OK. OK, that's all I have. Thanks.

Operator

Our next question comes from Steve Comery from Gabelli. Please go ahead. Your line is open.

Steve Comery -- Gabelli -- Analyst

Hey, guys, thanks for taking my question. In the third quarter we talked about sort of commercial real estate and moving into permanent market and [Inaudible]. I was wondering if you guys are seeing continuation of that trend or if anything changed there in the fourth quarter?

Patrick Oakes -- Chief Financial Officer

Thanks for the question. I really think what this is, is our business strategy around the kind of lending that we do. We're not surprised when our assets refinance into the permanent market. That's kind of our goal. We help people either construct new properties or redevelop them and expect after they stabilize for them to go to some kind of permanent financing. And so, I think that's been the story for the year. If you look way back at the end of 2016, construction loans were high and came down pretty dramatically and basically that's what's happening is, these people have gotten stabilized properties and moving it out to the permanent market.

Steve Comery -- Gabelli -- Analyst

OK, thanks for that. And then just wondering about commercial industrial growth. At least looking at that the quarter-end, balances are particularly strong in the fourth quarter. Was there anything special going on there?

Rich Oglesby -- General Banking Executive

This is Rich again. I don't think there was anything special. I think that's what we need to be doing quarter after quarter. Our focus on the commercial bank is really on the C&I loans and we're hoping to see that continue going forward.

Kurt Shreiner -- Corporate Financial Services Executive

This is Kurt Shreiner. Same thing here with our franchise and SBA growth. We expect to see that continue strong growth and we're positive about that going forward.

Doug Williams -- Chief Executive Officer

And I'll add that we have a history of a good growth there over the last few years and we'd just like that to continue.

Steve Comery -- Gabelli -- Analyst

OK, good, that's all I have. Thanks.

Operator

As a reminder, if you'd like to ask a question, please press *, followed by the number 1 on your telephone keypad. And our next question comes from a line of Christopher Marinac from FIG Partners. Please go ahead. Your line is open.

Christopher Marinac -- FIG Partners -- Analyst

Thanks, good morning. Just want to follow up on deposit costs and do we think that the 3 basis points we saw this quarter is replicated or do you think that that will be different in your favor in next few quarters?

Rich Oglesby --  General Banking Executive

Well, I think we can all answer this. We haven't seen much obviously increase in deposit cost of the last year, all the increase in [Inaudible] rates but how sustainable is that? That's a good question. We're going to continue to see the pressure on deposit costs. So, they are going to rise but hopefully we can control that as we continue to see increasing rates.

I don't know if you guys have anything to add around that.

Doug Williams -- Chief Executive Officer

We've talked in the past about $500 million of our deposits have essentially betas of 1. So, I don't think that's going to change. Most of the competitive pressure we see is in the retail book in Tennessee, and we do have some great promotions there that we're experimenting with. The commercial businesses at Atlanta, sort of core operating business form our corporate clients is not particularly rate-sensitive.

Occasionally there will be a one-off but that doesn't seem to be particularly rate-sensitive.

Christopher Marinac -- FIG Partners -- Analyst

And then, Doug, is there much on the municipal or government type of accounts that you have?

Doug Williams -- Chief Executive Officer

No.

Christopher Marinac -- FIG Partners -- Analyst

OK, that's what I thought. And then the investments you've been making in the treasury and cash management areas, is that included in the run rate we have now or are there additional spend there this year?

Doug Williams -- Chief Executive Officer

It's included in the run rate. We continue to invest. Last year we implemented the [Inaudible] treasury management platform at Atlantic Capital Exchange, which is a next-generation corporate treasury management platform. That was a near flawless conversion from two prior systems.

We're implementing a small business application this year but those expenses are in the run rate that Pat indicated.

Kurt Shreiner -- Corporate Financial Services Executive

Chris, this is Kurt Shreiner. You'll see some upgrades to the small business platform and then also the retail mobile platform in 2018.

Doug Williams -- Chief Executive Officer

Retail'll mostly be in 2019 probably.

Kurt Shreiner -- Corporate Financial Services Executive

Right, yeah.

Christopher Marinac -- FIG Partners -- Analyst

OK, very well, guys. Thank you very much.

Operator

Our next question comes from Nancy Brooks from [Inaudible] Research. Please go ahead. Your line is open.

Nancy Brooks -- [Inaudible] Research -- Analyst

Good morning, guys. Two questions for you here. The decision to exit the trust business, Doug, does this mean that you've basically given up on the strategy of being a full-service provider to your wealthy clientele and is this exiting trust forever or exiting trust for now?

Doug Williams -- Chief Executive Officer

I'd say it's exiting trust for now. Part of our agreement with the group we're selling that business to is that we will not compete with them the next few years and there'll be a referral arrangement in place. I wouldn't say we won't ever be in the investment-management or wealth-management or trust business again. We were not able to realize the synergies that we expected or we had hoped for in that business and we're really considerably sub-scaled with about $200 million of assets under management.

So, if we ever got back in that business, I would want to get back in a much more meaningful way than we have been.

Nancy Brooks -- [Inaudible] Research -- Analyst

OK. And on the exit-Charlotte decision, is that a competitive situation or if you could just give us some insights there as well?

Doug Williams -- Chief Executive Officer

Progress was slower than we had planned and anticipated. The payback on that investment was over the horizon and we just didn't feel like what we could afford to continue to support that given that realization and the challenges we have elsewhere in the company.

Nancy Brooks -- [Inaudible] Research -- Analyst

Do you feel that this is sort of the end of the fixes? I mean this is sort of two, three, four times that you had to look at businesses and exit or change or restructure or whatever. Do you kind of feel that you're at the end of that long road?

Doug Williams -- Chief Executive Officer

Well, I'd say I hope we are. Something that you may have picked up in my remarks is that we are managing our businesses differently than we have in the past and we do have in place corrective actions for those underperforming businesses. We have milestones in mind in terms of the kind of progress we're expecting and if we're not successful in a business or in a market, we're going to certainly consider alternatives.

Nancy Brooks -- [Inaudible] Research -- Analyst

Are you looking at it more -- have you changed the time horizon for these businesses performing? I mean, what is the difference looking at them now than looking at them versus a year ago? Are there different return metrics or expectation, time expectation metrics, or what's the difference?

Doug Williams -- Chief Executive Officer

Yeah, all those. I think we have much clearer expectations internally about what we expect in terms progress and performance and, again, if we don't meet those expectations, we'll have to consider alternatives.

Nancy Brooks -- [Inaudible] Research -- Analyst

All right, thank you.

Operator

We have no further questions in queue at this time. I'll turn the call back to the presenter for any closing remarks.

Doug Williams -- Chief Executive Officer

OK, we appreciate everyone dialing in today. We appreciate the questions and we are available to answer additional questions as they arise over the next few days. Thank you very much.

Operator

This concludes today's call. You may now disconnect.

Duration: 33 minutes

Call Participants:

Gray Fleming --  Executive Vice President and Chief Risk Officer

Doug Williams -- Chief Executive Officer

Patrick Oakes -- Chief Financial Officer

Jennifer Demba -- SunTrust -- AnalystSunTrust -- Analyst

Brady Gailey -- KBW -- Analyst

Stephen Scouten -- Sandler O'Neill -- Analyst

Rich Oglesby -- General Banking Executive

William Wallace-Raymond James -- Analyst

Steve Comery -- Gabelli -- Analyst

Kurt Shreiner -- Corporate Financial Services Executive

Christopher Marinac -- FIG Partners -- Analyst

Nancy Brooks -- [Inaudible] Research -- Analyst

More ACBI analysis

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

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