Atlantic Capital Bancshares Inc. lost $15.3 million, or 59 cents per share, in the fourth quarter after the Atlanta- based bank reduced the value of its deferred tax assets by $17.4 million, or 67 cent per share, in response to the new tax law.
Earnings, adjusted for pretax expenses, were $2.1 million, or 8 cents per share, in the final three months of 2017.
The results were only half the Wall Street expectations for profits for the fourth quarter and shares of Atlantic Capital fell by 25 cents per share, or nearly 1.5 percent, to close at $16.75.
Atlantic Capital Bancshares shares have fallen by more than 15 percent in the past 12 months.
Douglas Williams, president and chief executive at Atlantic Capital, said the fourth quarter results were reduced by both tax-related changes and efforts to “streamline the structure of our organization” for a better 2018, which will include the closing of the Signal Mountain branch on March 31 and the closing a loan production office in Charlotte, N.C., later this year.