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.
"We are 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," Williams said. "Our banking teams are now almost fully staffed and are better aligned for meaningful improvement in performance."
The bank holding company posted revenue of $28.7 million in the fourth quarter. Its adjusted revenue was $24.7 million, beating Street forecasts.
For the year, the company reported a loss of $3.7 million, or 14 cents per share. Revenue was reported as $97.3 million.
Atlantic Capital acquired the former FSG Bank in 2016 and was the 12th biggest bank in metro Chattanooga last year, according to the Federal Deposit Insurance Corp.