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Atlantic Capital adjusts balance sheet to account for pending branch sales

AtlanticCapital Bancshares Inc., in a Form 10-K filed March 30, said branchsale-related adjustments to its Dec. 31, 2015, balance sheet, among otherfactors, increased goodwill and intangible assets by $4.2 million, along with a$2.8 million decrease in deposits and a $6.5 million increase in deposits to beassumed.

Subsidiary Atlantic Capital Bank NA had agreed to seven of its branches toFirst Freedom BancsharesInc.'s First FreedomBank and Athens BancsharesCorp.'s AthensFederal Community Bank NA. The latter deal has been . The sale will resultin a gain from the deposit premium and a write-off of the intangibles associatedwith the branches, according to the filing.

In addition, changes to net income for full year 2015include a decrease in net income of $495,000, largely due to the provision forloan losses being lowered by $248,000 and merger-related expenses beingincreased by $857,000.

Sandler O'Neill's StephenScouten, in an April 1 note, remarks the hit to net income is a"relatively minimal" 3 cents for the fourth quarter of 2015. Scoutenmaintained his "buy" rating of the stock, with a price target of $16.