ATLANTA, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Atlantic
Capital Bancshares, Inc. (NASDAQ: ACBI) announced net income from
continuing operations for the quarter ended September 30, 2020 of
$8.6 million, or $0.40 per diluted share, compared to $8.2 million,
or $0.33 per diluted share, for the third quarter of 2019 and $1.8
million, or $0.09 per diluted share, for the second quarter of
2020.
“We reported another quarter of solid operating
results and strong year over year growth in pre-provision, pre-tax
net revenue, while continuing to strengthen our fortress balance
sheet with the issuance of $75 million in subordinated debt. With
confidence in our credit quality, capital strength and earnings
outlook, we also resumed our share repurchase program,” remarked
Douglas Williams, President and Chief Executive Officer.
Third Quarter
Highlights(1)
- Capital ratios remained strong,
with a tangible common equity to tangible assets ratio of 11.0% and
a total risk-based capital ratio of 16.9%.
- Tangible book value per share
increased to $15.11 from $14.72 at June 30, 2020 and from $14.09 at
December 31, 2019.
- Average deposits from continuing
operations increased $62.3 million, or 10.3% annualized, compared
to the second quarter of 2020 and increased $522.6 million, or
26.8%, compared to the third quarter of 2019.
- Cost of deposits decreased to 0.19%
from 0.22% in the second quarter of 2020.
- Annualized net charge-offs to
average loans totaled 0.06% for the third quarter of 2020 and 0.13%
for the full year 2020.
- Non-performing assets to total
assets were 0.20% at September 30, 2020 compared to 0.24% at June
30, 2020.
- We repurchased 401,000 shares in
the third quarter of 2020 totaling $4.6 million.
- We issued $75 million in
subordinated notes in the third quarter of 2020, and called the
existing $50 million of subordinated notes on September 30,
2020.
Income
Statement
Taxable equivalent net interest income from
continuing operations totaled $22.1 million for the third quarter
of 2020, an increase of $2.0 million, or 9.8%, from the third
quarter of 2019, and an increase of $78,000, or 1.4% annualized,
from the second quarter of 2020. The third quarter of 2020 included
$1.6 million in Paycheck Protection Program (“PPP”) loan income
compared to $696,000 in the second quarter of 2020. The third
quarter of 2020 also included a $521,000 increase in interest
expense due to the $75 million subordinated debt issuance.
Taxable equivalent net interest margin from
continuing operations was 3.14% in the third quarter of 2020,
compared to 3.52% in the third quarter of 2019 and 3.23% in the
second quarter of 2020. The linked quarter decrease was primarily
the result of the additional interest expense due to the
subordinated debt issuance along with a decrease in loan yields,
partially offset by a decrease in the cost of interest bearing
deposits. The taxable equivalent net interest margin, excluding PPP
loans, in the third quarter of 2020 was 3.18% compared to 3.35% in
the second quarter of 2020.
The yield on loans from continuing operations in
the third quarter of 2020 was 3.82%, a decrease of 136 basis points
from the third quarter of 2019 and a decrease of 5 basis points
from the second quarter of 2020. Excluding the PPP loans, the third
quarter of 2020 loan yield was 3.95% compared to 4.09% in the
second quarter of 2020.
The cost of deposits from continuing operations
in the third quarter of 2020 was 0.19%, a decrease of 87 basis
points from the third quarter of 2019 and a decrease of 3 basis
points from the second quarter of 2020. The cost of interest
bearing deposits from continuing operations decreased 130 basis
points to 0.28% from the third quarter of 2019, and decreased 5
basis points from the second quarter of 2020.
The provision for credit losses for continuing
operations was $28,000 in the third quarter of 2020 compared to
$413,000 in the third quarter of 2019 and $8.9 million in the
second quarter of 2020. The third quarter of 2020 provision for
credit losses included a $636,000 provision for loan losses offset
by a $609,000 decrease in the reserve for unfunded commitments.
Noninterest income from continuing operations
totaled $2.5 million in the third quarter of 2020 compared to $2.8
million in the third quarter of 2019 and $2.3 million in the second
quarter of 2020. Service charge income in the third quarter of 2020
totaled $1.2 million, an increase of $292,000 compared to the third
quarter of 2019, and an increase of $136,000 from the second
quarter of 2020. The increase in service charge income was
primarily due to an increase in ACH volumes in our payments
business. The third quarter of 2020 also included a loss of
$145,000 on the sale of other assets, primarily due to the sale of
an OREO property.
Noninterest expense from continuing operations
totaled $13.7 million in the third quarter of 2020, compared to
$12.7 million in the third quarter of 2019 and $12.9 million in the
second quarter of 2020. The linked quarter increase in expenses was
primarily driven by an increase in our accruals for incentive
compensation and a decrease in loan production salary cost
deferrals. In addition, other noninterest expense increased
primarily due to $470,000 in losses on customer accounts.
The year-to-date 2020 effective tax rate from
continuing operations was 16.8% compared to 21.3% for the full year
of 2019, and was impacted by lower pretax earnings as well as
increased non-taxable securities income from municipal bonds.
(1) Commentary is on a fully
taxable-equivalent basis unless otherwise noted. Consistent with
SEC guidance in Industry Guide 3 that contemplates the calculation
of tax-exempt income on a tax equivalent basis, net interest income
and net interest margin are provided on a fully taxable-equivalent
basis, which generally assumes a 21% marginal tax rate. We provide
detailed reconciliations in the Non-GAAP Performance and Financial
Measures Reconciliation table on page 13.
Balance Sheet
Total loans held for investment were $2.19
billion at September 30, 2020, an increase of $352.4 million, or
19.2%, from September 30, 2019 and an increase of $3.3 million from
June 30, 2020. PPP loans totaled $231.8 million at September 30,
2020, a decrease of $2.2 million compared to June 30, 2020, due to
early payoffs during the third quarter. Consumer loans increased
$41.8 million from June 30, 2020 to $154.9 million at September 30,
2020, due to the growth in a partnership with a fintech firm that
offers CD-secured loans to its customers.
The allowance for credit losses was 1.59% of
total loans held for investment at September 30, 2020, compared to
1.61% at June 30, 2020. Excluding the impact of PPP loans, the
allowance for credit losses at June 30, 2020 was 1.78%. Annualized
net charge-offs were 0.06% for the third quarter of 2020 and 0.13%
for the first nine months of 2020. Non-performing assets totaled
$6.0 million, or 0.20% of total assets, as of September 30, 2020,
compared to $7.0 million, or 0.24% of total assets, as of June 30,
2020.
Total average deposits from continuing
operations were $2.47 billion for the third quarter of 2020, an
increase of $522.6 million, or 26.8%, from the third quarter of
2019 and an increase of $62.3 million, or 10.3% annualized, from
the second quarter of 2020. Noninterest bearing deposits were 34.6%
of total average deposits in the third quarter of 2020, compared to
32.7% in the third quarter of 2019 and 33.8% in the second quarter
of 2020.
Tangible common equity to tangible assets was
11.0% at September 30, 2020, unchanged from June 30, 2020. The
estimated total risk based capital ratio increased to 16.9% at
September 30, 2020 from 14.8% at June 30, 2020 due to the issuance
of $75 million in subordinated debt.
Earnings Conference Call
Atlantic Capital will host a conference call at
10:00 a.m. EDT on Friday, October 23, 2020, to discuss the
financial results for the quarter ended September 30, 2020.
Individuals wishing to participate in the conference call may do so
by dialing 877-270-2148 from the United States. The call will also
be available live via webcast on the Investor Relations page of
our website, www.atlanticcapitalbank.com. A
presentation will be used during the earnings conference call and
is available at https://atlanticcapitalbank.q4ir.com/news-market-data/presentations/default.aspx.
Non-GAAP Financial Measures
Statements included in this press release
include non-GAAP financial measures and should be read along with
the accompanying tables, which provide a reconciliation of non-GAAP
financial measures to GAAP financial measures. Atlantic Capital
management uses non-GAAP financial measures, including: (i) taxable
equivalent interest income; (ii) taxable equivalent net interest
income; (iii) loan yield excluding PPP loans; (iv) taxable
equivalent net interest margin; (v) taxable equivalent net interest
margin excluding PPP loans; (vi) taxable equivalent income before
income taxes; (vii) taxable equivalent income tax expense; (viii)
tangible assets; (ix) tangible common equity; (x) tangible book
value per common share, and (xi) allowance for credit losses to
loans held for investment excluding PPP loans, in our analysis of
the Company's performance. Tangible common equity excludes goodwill
from shareholders' equity.
Management believes that non-GAAP financial
measures provide a greater understanding of ongoing performance and
operations, and enhance comparability with prior periods. Non-GAAP
financial measures should not be considered as an alternative to
any measure of performance or financial condition as determined in
accordance with GAAP, and investors should consider Atlantic
Capital’s performance and financial condition as reported under
GAAP and all other relevant information when assessing the
performance or financial condition of the Company. Non-GAAP
financial measures have limitations as analytical tools, and
investors should not consider them in isolation or as a substitute
for analysis of the results or financial condition as reported
under GAAP. Non-GAAP financial measures may not be comparable to
non-GAAP financial measures presented by other companies.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements represent
plans, estimates, objectives, goals, guidelines, expectations,
intentions, projections and statements of our beliefs concerning
future events, business plans, objectives, expected operating
results and the assumptions upon which those statements are based.
Forward-looking statements include without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and are typically identified
with words such as “may,” “could,” “should,” “will,” “would,”
“believe,” “anticipate,” “estimate,” “project,” “expect,” “intend,”
“plan,” “strive,” or words or phases of similar meaning.
Forward-looking statements may include, among other things,
statements about Atlantic Capital’s confidence in its strategies
and its expectations about financial performance, the impact of
COVID-19 on operations, market growth, market and regulatory trends
and developments, acquisitions and divestitures, new technologies,
services and opportunities and earnings. The forward-looking
statements are based largely on Atlantic Capital’s expectations and
are subject to a number of known and unknown risks and
uncertainties that are subject to change based on factors which
are, in many instances, beyond Atlantic Capital’s control. Atlantic
Capital undertakes no obligation to publicly update any
forward-looking statement to reflect developments occurring after
the statement is made, except as otherwise required by law. Actual
results, performance or achievements could differ materially from
those contemplated, expressed, or implied by the forward-looking
statements as a result of, among other factors, the risks and
uncertainties described in “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in Atlantic Capital’s Annual Report on Form 10-K, as
supplemented by our Current Report on Form 8-K filed on April 23,
2020, and Quarterly Reports on Form 10-Q. Please refer to the SEC’s
website at www.sec.gov where you can review those documents.
About Atlantic Capital
Bancshares
Atlantic Capital Bancshares, Inc. is a $2.9
billion publicly traded bank holding company headquartered in
Atlanta, Georgia. Atlantic Capital offers commercial and
not-for-profit banking services, specialty corporate financial
services, private banking services and commercial real estate
finance solutions to privately held companies and individuals in
the Atlanta area, as well as payments and other specialized
financial services for select clients nationally.
Media Contact:
Ashley Carson
Email: ashley.carson@atlcapbank.com
Phone: 404-995-6050
(ACB-ER)
Financial Contact:
Patrick Oakes
Email: patrick.oakes@atlcapbank.com
Phone: 404-995-6050
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ATLANTIC CAPITAL BANCSHARES, INC. |
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Selected Financial Information |
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For the nine months ended |
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2020 |
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2019 |
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September 30, |
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(in thousands, except share and per share data; |
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Third |
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Second |
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First |
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Fourth |
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Third |
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taxable equivalent) |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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2020 |
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2019 |
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INCOME SUMMARY
(1) |
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Interest income - taxable equivalent (2) |
|
$ |
24,578 |
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$ |
24,151 |
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$ |
26,246 |
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$ |
26,699 |
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$ |
26,624 |
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$ |
74,976 |
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$ |
79,607 |
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Interest expense |
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2,515 |
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2,166 |
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5,043 |
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5,965 |
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6,536 |
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9,724 |
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19,018 |
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Net interest income - taxable equivalent |
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22,063 |
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21,985 |
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21,203 |
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20,734 |
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20,088 |
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65,252 |
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60,589 |
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Provision for credit losses |
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28 |
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8,863 |
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8,074 |
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787 |
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413 |
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16,965 |
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1,925 |
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Net interest income after provision for credit losses |
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22,035 |
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13,122 |
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13,129 |
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19,947 |
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19,675 |
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48,287 |
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58,664 |
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Noninterest income |
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2,504 |
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2,343 |
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2,422 |
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2,679 |
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2,769 |
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7,269 |
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8,046 |
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Noninterest expense |
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13,713 |
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12,904 |
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12,877 |
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13,382 |
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12,677 |
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39,494 |
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39,726 |
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Income from continuing operations before income taxes |
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10,826 |
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2,561 |
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2,674 |
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9,244 |
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9,767 |
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|
16,062 |
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26,984 |
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Income tax expense |
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2,208 |
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712 |
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550 |
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2,104 |
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2,198 |
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3,471 |
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5,966 |
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Net income from continuing
operations(2)(3) |
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8,618 |
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1,849 |
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2,124 |
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7,140 |
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7,569 |
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12,591 |
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21,018 |
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Income (loss) from discontinued operations, net of tax |
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— |
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— |
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— |
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— |
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617 |
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— |
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21,697 |
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Net income |
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$ |
8,618 |
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$ |
1,849 |
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$ |
2,124 |
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$ |
7,140 |
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$ |
8,186 |
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$ |
12,591 |
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$ |
42,715 |
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PER SHARE DATA |
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Diluted earnings per share - continuing operations |
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$ |
0.40 |
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$ |
0.09 |
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$ |
0.10 |
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$ |
0.32 |
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$ |
0.33 |
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$ |
0.58 |
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$ |
0.88 |
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Diluted earnings (loss) per share - discontinued operations |
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— |
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— |
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— |
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— |
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0.03 |
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— |
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0.91 |
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Diluted earnings per share |
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0.40 |
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0.09 |
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0.10 |
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0.32 |
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0.36 |
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0.58 |
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1.78 |
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Book value per share |
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16.05 |
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15.64 |
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15.47 |
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15.01 |
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14.81 |
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16.05 |
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14.81 |
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Tangible book value per common share (3) |
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15.11 |
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14.72 |
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14.54 |
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14.09 |
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13.91 |
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15.11 |
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13.91 |
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PERFORMANCE MEASURES |
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Return on average equity |
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10.05 |
% |
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2.20 |
% |
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2.56 |
% |
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8.65 |
% |
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9.77 |
% |
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4.98 |
% |
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17.25 |
% |
Return on average assets |
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1.15 |
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0.25 |
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0.32 |
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1.08 |
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1.32 |
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0.59 |
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2.22 |
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Taxable equivalent net interest margin - continuing operations |
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3.14 |
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3.23 |
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3.41 |
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3.38 |
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3.52 |
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3.25 |
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3.66 |
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Taxable equivalent net interest margin excluding PPP loans |
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3.18 |
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3.35 |
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3.41 |
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3.38 |
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3.52 |
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3.31 |
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3.66 |
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Efficiency ratio - continuing operations |
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56.61 |
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53.82 |
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55.03 |
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57.57 |
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55.72 |
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55.16 |
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58.13 |
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Average loans to average deposits |
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88.65 |
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88.46 |
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83.84 |
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86.54 |
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92.41 |
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87.07 |
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93.96 |
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CAPITAL |
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Average equity to average assets |
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11.45 |
% |
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11.53 |
% |
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12.41 |
% |
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12.47 |
% |
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13.54 |
% |
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11.78 |
% |
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12.87 |
% |
Tangible common equity to tangible assets |
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11.03 |
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11.01 |
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11.57 |
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10.61 |
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12.92 |
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11.03 |
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12.92 |
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Leverage ratio |
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9.9 |
(4) |
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9.9 |
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10.7 |
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11.0 |
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11.8 |
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9.9 |
(4) |
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11.8 |
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Total risk based capital ratio |
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16.9 |
(4) |
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14.8 |
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14.9 |
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15.0 |
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15.5 |
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16.9 |
(4) |
|
15.5 |
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SHARES OUTSTANDING |
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Number of common shares outstanding - basic |
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21,202,783 |
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21,477,631 |
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21,479,986 |
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21,751,026 |
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22,193,761 |
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21,202,783 |
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22,193,761 |
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Number of common shares outstanding - diluted |
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21,298,098 |
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21,569,050 |
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21,675,934 |
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21,974,959 |
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22,405,141 |
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21,298,098 |
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22,405,141 |
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Average number of common shares - basic |
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21,500,735 |
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21,472,462 |
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21,689,038 |
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21,876,487 |
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22,681,904 |
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21,553,953 |
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23,800,525 |
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Average number of common shares - diluted |
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21,543,805 |
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21,535,040 |
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21,842,175 |
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22,053,907 |
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|
22,837,531 |
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|
21,640,057 |
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|
23,957,915 |
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ASSET QUALITY |
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Allowance for credit losses to loans held for investment
(5) |
|
|
1.59 |
% |
|
1.61 |
% |
|
1.43 |
% |
|
1.04 |
% |
|
1.03 |
% |
|
1.59 |
% |
|
1.03 |
% |
Net charge-offs to average loans (6) |
|
|
0.06 |
|
|
0.29 |
|
|
0.04 |
|
|
0.07 |
|
|
0.11 |
|
|
0.13 |
|
|
0.12 |
|
Non-performing assets to total assets |
|
|
0.20 |
|
|
0.24 |
|
|
0.27 |
|
|
0.26 |
|
|
0.29 |
|
|
0.20 |
|
|
0.29 |
|
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AVERAGE BALANCES |
|
|
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|
|
|
|
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|
Total loans - continuing operations |
|
$ |
2,191,669 |
|
$ |
2,131,847 |
|
$ |
1,890,184 |
|
$ |
1,857,736 |
|
$ |
1,801,629 |
|
$ |
2,071,673 |
|
$ |
1,739,917 |
|
Investment securities |
|
|
453,382 |
|
|
462,850 |
|
|
417,971 |
|
|
389,667 |
|
|
340,872 |
|
|
444,766 |
|
|
366,790 |
|
Total assets |
|
|
2,977,444 |
|
|
2,932,716 |
|
|
2,686,266 |
|
|
2,626,388 |
|
|
2,453,438 |
|
|
2,865,884 |
|
|
2,572,961 |
|
Deposits - continuing operations |
|
|
2,472,218 |
|
|
2,409,958 |
|
|
2,254,505 |
|
|
2,146,626 |
|
|
1,949,657 |
|
|
2,379,235 |
|
|
1,851,674 |
|
Shareholders' equity |
|
|
341,017 |
|
|
338,027 |
|
|
333,480 |
|
|
327,543 |
|
|
332,291 |
|
|
337,521 |
|
|
331,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT PERIOD END |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and loans held for sale |
|
$ |
2,188,894 |
|
$ |
2,185,847 |
|
$ |
1,932,909 |
|
$ |
1,873,524 |
|
$ |
1,836,589 |
|
$ |
2,188,894 |
|
$ |
1,836,589 |
|
Investment securities |
|
|
446,706 |
|
|
457,749 |
|
|
466,405 |
|
|
399,433 |
|
|
329,648 |
|
|
446,706 |
|
|
329,648 |
|
Total assets |
|
|
2,923,977 |
|
|
2,890,622 |
|
|
2,719,658 |
|
|
2,910,379 |
|
|
2,410,198 |
|
|
2,923,977 |
|
|
2,410,198 |
|
Deposits |
|
|
2,468,722 |
|
|
2,407,631 |
|
|
2,225,119 |
|
|
2,499,046 |
|
|
1,854,272 |
|
|
2,468,722 |
|
|
1,854,272 |
|
Shareholders’ equity |
|
|
340,309 |
|
|
335,980 |
|
|
332,300 |
|
|
326,495 |
|
|
328,711 |
|
|
340,309 |
|
|
328,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) On April 5, 2019, Atlantic Capital completed
the sale to FirstBank of its Tennessee and northwest Georgia
banking operations, including 14 branches and the mortgage
business. The mortgage business and branches sold to
FirstBank are reported as discontinued operations. |
|
(2) Interest income on tax-exempt securities has
been increased to reflect comparable interest on taxable
securities. The rate used was 21%, reflecting the statutory federal
income tax rate. |
|
(3) Excludes effect of acquisition related
intangibles. |
|
(4) Amounts are estimates as of September 30,
2020. |
|
(5) The ratios for the third quarter of 2019 are
calculated on a continuing operations basis. |
|
(6) Annualized. |
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
June 30, |
|
December 31, |
|
September 30, |
(in thousands, except share data) |
|
2020
|
|
2020
|
|
2019
|
|
2019
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
22,715 |
|
|
$ |
33,759 |
|
|
$ |
45,249 |
|
|
$ |
42,577 |
|
Interest-bearing deposits in banks |
|
|
91,243 |
|
|
|
33,038 |
|
|
|
421,079 |
|
|
|
27,167 |
|
Cash and cash equivalents |
|
|
113,958 |
|
|
|
66,797 |
|
|
|
466,328 |
|
|
|
69,744 |
|
Investment securities available for sale |
|
|
260,884 |
|
|
|
271,829 |
|
|
|
282,461 |
|
|
|
286,785 |
|
Investment securities held to maturity, net of allowance for credit
losses
of $15 and $13 at September 30, 2020 and June 30, 2020,
respectively |
|
|
185,822 |
|
|
|
185,920 |
|
|
|
116,972 |
|
|
|
42,863 |
|
Other investments |
|
|
26,315 |
|
|
|
28,811 |
|
|
|
27,556 |
|
|
|
31,360 |
|
Loans held for sale |
|
|
859 |
|
|
|
1,153 |
|
|
|
370 |
|
|
|
916 |
|
Loans held for investment |
|
|
2,188,035 |
|
|
|
2,184,694 |
|
|
|
1,873,524 |
|
|
|
1,835,673 |
|
Less: allowance for loan losses |
|
|
(31,894 |
) |
|
|
(31,605 |
) |
|
|
(18,535 |
) |
|
|
(18,080 |
) |
Loans held for investment, net |
|
|
2,156,141 |
|
|
|
2,153,089 |
|
|
|
1,854,989 |
|
|
|
1,817,593 |
|
Premises and equipment, net |
|
|
22,558 |
|
|
|
22,494 |
|
|
|
22,536 |
|
|
|
19,688 |
|
Bank owned life insurance |
|
|
67,489 |
|
|
|
67,127 |
|
|
|
66,421 |
|
|
|
66,047 |
|
Goodwill |
|
|
19,925 |
|
|
|
19,925 |
|
|
|
19,925 |
|
|
|
19,925 |
|
Other intangibles, net |
|
|
2,685 |
|
|
|
2,731 |
|
|
|
3,027 |
|
|
|
3,112 |
|
Other real estate owned |
|
|
563 |
|
|
|
779 |
|
|
|
278 |
|
|
|
278 |
|
Other assets |
|
|
66,778 |
|
|
|
69,967 |
|
|
|
49,516 |
|
|
|
51,887 |
|
Total assets |
|
$ |
2,923,977 |
|
|
$ |
2,890,622 |
|
|
$ |
2,910,379 |
|
|
$ |
2,410,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
843,656 |
|
|
$ |
883,662 |
|
|
$ |
824,646 |
|
|
$ |
599,657 |
|
Interest-bearing checking |
|
|
387,858 |
|
|
|
449,737 |
|
|
|
373,727 |
|
|
|
240,427 |
|
Savings |
|
|
568 |
|
|
|
583 |
|
|
|
1,219 |
|
|
|
1,081 |
|
Money market |
|
|
945,834 |
|
|
|
879,863 |
|
|
|
1,173,218 |
|
|
|
921,133 |
|
Time |
|
|
196,343 |
|
|
|
131,353 |
|
|
|
44,389 |
|
|
|
30,782 |
|
Brokered deposits |
|
|
94,463 |
|
|
|
62,433 |
|
|
|
81,847 |
|
|
|
61,192 |
|
Total deposits |
|
|
2,468,722 |
|
|
|
2,407,631 |
|
|
|
2,499,046 |
|
|
|
1,854,272 |
|
Federal funds purchased |
|
|
— |
|
|
|
6,000 |
|
|
|
— |
|
|
|
57,000 |
|
Federal Home Loan Bank borrowings |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
76,000 |
|
Long-term debt |
|
|
73,814 |
|
|
|
49,958 |
|
|
|
49,873 |
|
|
|
49,831 |
|
Other liabilities |
|
|
41,132 |
|
|
|
41,053 |
|
|
|
34,965 |
|
|
|
44,384 |
|
Total liabilities |
|
|
2,583,668 |
|
|
|
2,554,642 |
|
|
|
2,583,884 |
|
|
|
2,081,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value; 10,000,000 shares authorized; no
shares issued and outstanding as of September 30, 2020,
June 30, 2020, December 31, 2019, and
September 30, 2019 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, no par value; 100,000,000 shares authorized;
21,202,783, 21,477,631, 21,751,026, and 22,193,761 shares issued
and outstanding as of September 30, 2020,
June 30, 2020, December 31, 2019, and
September 30, 2019, respectively |
|
|
220,643 |
|
|
|
224,520 |
|
|
|
230,265 |
|
|
|
237,687 |
|
Retained earnings |
|
|
104,188 |
|
|
|
95,570 |
|
|
|
91,669 |
|
|
|
84,529 |
|
Accumulated other comprehensive income |
|
|
15,478 |
|
|
|
15,890 |
|
|
|
4,561 |
|
|
|
6,495 |
|
Total shareholders’ equity |
|
|
340,309 |
|
|
|
335,980 |
|
|
|
326,495 |
|
|
|
328,711 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
2,923,977 |
|
|
$ |
2,890,622 |
|
|
$ |
2,910,379 |
|
|
$ |
2,410,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC.
|
Consolidated Statements of Income (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
2020
|
|
2020
|
|
2020 |
|
2019 |
|
2019
|
|
2020
|
|
2019
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
21,049 |
|
|
$ |
20,496 |
|
|
$ |
22,426 |
|
$ |
23,175 |
|
$ |
23,541 |
|
|
$ |
63,971 |
|
|
$ |
69,847 |
|
Investment securities |
|
|
2,910 |
|
|
|
3,041 |
|
|
|
2,732 |
|
|
2,413 |
|
|
2,176 |
|
|
|
8,683 |
|
|
|
7,146 |
|
Interest and dividends on other interest‑earning assets |
|
274 |
|
|
|
260 |
|
|
|
865 |
|
|
944 |
|
|
803 |
|
|
|
1,399 |
|
|
|
2,322 |
|
Total interest income |
|
|
24,233 |
|
|
|
23,797 |
|
|
|
26,023 |
|
|
26,532 |
|
|
26,520 |
|
|
|
74,053 |
|
|
|
79,315 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
1,151 |
|
|
|
1,299 |
|
|
|
4,182 |
|
|
4,890 |
|
|
5,223 |
|
|
|
6,632 |
|
|
|
15,502 |
|
Interest on Federal Home Loan Bank advances |
|
|
16 |
|
|
|
38 |
|
|
|
— |
|
|
157 |
|
|
390 |
|
|
|
54 |
|
|
|
660 |
|
Interest on federal funds purchased and securities sold under
agreements to repurchase |
|
|
3 |
|
|
|
6 |
|
|
|
32 |
|
|
94 |
|
|
99 |
|
|
|
41 |
|
|
|
385 |
|
Interest on long-term debt |
|
|
1,345 |
|
|
|
823 |
|
|
|
829 |
|
|
824 |
|
|
824 |
|
|
|
2,997 |
|
|
|
2,471 |
|
Total interest expense |
|
|
2,515 |
|
|
|
2,166 |
|
|
|
5,043 |
|
|
5,965 |
|
|
6,536 |
|
|
|
9,724 |
|
|
|
19,018 |
|
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT
LOSSES |
|
|
21,718 |
|
|
|
21,631 |
|
|
|
20,980 |
|
|
20,567 |
|
|
19,984 |
|
|
|
64,329 |
|
|
|
60,297 |
|
Provision for credit losses |
|
|
28 |
|
|
|
8,863 |
|
|
|
8,074 |
|
|
787 |
|
|
413 |
|
|
|
16,965 |
|
|
|
1,925 |
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT
LOSSES |
|
|
21,690 |
|
|
|
12,768 |
|
|
|
12,906 |
|
|
19,780 |
|
|
19,571 |
|
|
|
47,364 |
|
|
|
58,372 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
1,217 |
|
|
|
1,081 |
|
|
|
1,232 |
|
|
998 |
|
|
925 |
|
|
|
3,530 |
|
|
|
2,589 |
|
Gains on sale of securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
253 |
|
|
|
— |
|
|
|
907 |
|
Gains (losses) on sale of other assets |
|
|
(145 |
) |
|
|
— |
|
|
|
5 |
|
|
— |
|
|
140 |
|
|
|
(140 |
) |
|
|
127 |
|
Derivatives income (loss) |
|
|
10 |
|
|
|
(10 |
) |
|
|
246 |
|
|
315 |
|
|
(293 |
) |
|
|
246 |
|
|
|
(637 |
) |
Bank owned life insurance |
|
|
363 |
|
|
|
367 |
|
|
|
362 |
|
|
375 |
|
|
422 |
|
|
|
1,092 |
|
|
|
1,171 |
|
SBA lending activities |
|
|
893 |
|
|
|
782 |
|
|
|
414 |
|
|
846 |
|
|
1,150 |
|
|
|
2,089 |
|
|
|
3,332 |
|
Other noninterest income |
|
|
166 |
|
|
|
123 |
|
|
|
163 |
|
|
145 |
|
|
172 |
|
|
|
452 |
|
|
|
557 |
|
Total noninterest income |
|
|
2,504 |
|
|
|
2,343 |
|
|
|
2,422 |
|
|
2,679 |
|
|
2,769 |
|
|
|
7,269 |
|
|
|
8,046 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,850 |
|
|
|
8,466 |
|
|
|
8,476 |
|
|
8,500 |
|
|
8,295 |
|
|
|
25,792 |
|
|
|
26,037 |
|
Occupancy |
|
|
739 |
|
|
|
883 |
|
|
|
794 |
|
|
838 |
|
|
722 |
|
|
|
2,416 |
|
|
|
2,050 |
|
Equipment and software |
|
|
826 |
|
|
|
763 |
|
|
|
779 |
|
|
769 |
|
|
842 |
|
|
|
2,368 |
|
|
|
2,334 |
|
Professional services |
|
|
562 |
|
|
|
792 |
|
|
|
705 |
|
|
577 |
|
|
764 |
|
|
|
2,059 |
|
|
|
2,331 |
|
Communications and data processing |
|
|
757 |
|
|
|
670 |
|
|
|
897 |
|
|
1,066 |
|
|
796 |
|
|
|
2,324 |
|
|
|
2,133 |
|
Marketing and business development |
|
|
141 |
|
|
|
79 |
|
|
|
153 |
|
|
143 |
|
|
243 |
|
|
|
373 |
|
|
|
702 |
|
Travel, meals and entertainment |
|
|
39 |
|
|
|
34 |
|
|
|
140 |
|
|
175 |
|
|
152 |
|
|
|
213 |
|
|
|
504 |
|
FDIC premiums |
|
|
213 |
|
|
|
175 |
|
|
|
— |
|
|
— |
|
|
(193 |
) |
|
|
388 |
|
|
|
217 |
|
Other noninterest expense |
|
|
1,586 |
|
|
|
1,042 |
|
|
|
933 |
|
|
1,314 |
|
|
1,056 |
|
|
|
3,561 |
|
|
|
3,418 |
|
Total noninterest expense |
|
|
13,713 |
|
|
|
12,904 |
|
|
|
12,877 |
|
|
13,382 |
|
|
12,677 |
|
|
|
39,494 |
|
|
|
39,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR
INCOME TAXES |
|
|
10,481 |
|
|
|
2,207 |
|
|
|
2,451 |
|
|
9,077 |
|
|
9,663 |
|
|
|
15,139 |
|
|
|
26,692 |
|
Provision for income taxes |
|
|
1,863 |
|
|
|
358 |
|
|
|
327 |
|
|
1,937 |
|
|
2,094 |
|
|
|
2,548 |
|
|
|
5,674 |
|
NET INCOME FROM CONTINUING OPERATIONS |
|
|
8,618 |
|
|
|
1,849 |
|
|
|
2,124 |
|
|
7,140 |
|
|
7,569 |
|
|
|
12,591 |
|
|
|
21,018 |
|
DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,690 |
|
Provision (benefit) for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
(617 |
) |
|
|
— |
|
|
|
6,993 |
|
Net income from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
617 |
|
|
|
— |
|
|
|
21,697 |
|
NET INCOME |
|
$ |
8,618 |
|
|
$ |
1,849 |
|
|
$ |
2,124 |
|
$ |
7,140 |
|
$ |
8,186 |
|
|
$ |
12,591 |
|
|
$ |
42,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - continuing operations |
|
$ |
0.40 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
$ |
0.33 |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.88 |
|
Net income per common share - discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.03 |
|
|
|
— |
|
|
|
0.91 |
|
Net Income per Common Share - Basic |
|
|
0.40 |
|
|
|
0.09 |
|
|
|
0.10 |
|
|
0.33 |
|
|
0.36 |
|
|
|
0.58 |
|
|
|
1.79 |
|
Net Income per Common Share - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - continuing operations |
|
$ |
0.40 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
$ |
0.32 |
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.88 |
|
Net income per common share - discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.03 |
|
|
|
— |
|
|
|
0.91 |
|
Net Income per Common Share - Diluted |
|
|
0.40 |
|
|
|
0.09 |
|
|
|
0.10 |
|
|
0.32 |
|
|
0.36 |
|
|
|
0.58 |
|
|
|
1.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - basic |
|
|
21,500,735 |
|
|
|
21,472,462 |
|
|
|
21,689,038 |
|
|
21,876,487 |
|
|
22,681,904 |
|
|
|
21,553,953 |
|
|
|
23,800,525 |
|
Weighted average shares - diluted |
|
|
21,543,805 |
|
|
|
21,535,040 |
|
|
|
21,842,175 |
|
|
22,053,907 |
|
|
22,837,531 |
|
|
|
21,640,057 |
|
|
|
23,957,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
Average Balance Sheets and Net Interest Margin
Analysis
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, 2020 |
|
|
June 30, 2020 |
|
|
|
|
|
Interest |
|
Tax |
|
|
|
|
Interest |
|
Tax |
|
|
|
Average |
|
Income/ |
|
Equivalent |
|
|
Average |
|
Income/ |
|
Equivalent |
|
(dollars in thousands; taxable equivalent) |
|
Balance |
|
Expense |
|
Yield/Rate |
|
|
Balance |
|
Expense |
|
Yield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits in other banks |
|
$ |
136,459 |
|
$ |
65 |
|
0.19 |
% |
$ |
129,989 |
|
$ |
23 |
|
0.07 |
% |
Other short-term investments |
|
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
— |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
237,655 |
|
|
1,467 |
|
2.46 |
|
|
|
247,668 |
|
|
1,581 |
|
2.57 |
|
Non-taxable investment securities(1) |
|
|
215,727 |
|
|
1,788 |
|
3.30 |
|
|
|
215,182 |
|
|
1,814 |
|
3.39 |
|
Total investment securities |
|
|
453,382 |
|
|
3,255 |
|
2.86 |
|
|
|
462,850 |
|
|
3,395 |
|
2.95 |
|
Loans |
|
|
2,191,669 |
|
|
21,049 |
|
3.82 |
|
|
|
2,131,847 |
|
|
20,496 |
|
3.87 |
|
FHLB and FRB stock |
|
|
14,484 |
|
|
209 |
|
5.74 |
|
|
|
16,842 |
|
|
237 |
|
5.66 |
|
Total interest-earning assets |
|
|
2,795,994 |
|
|
24,578 |
|
3.50 |
|
|
|
2,741,528 |
|
|
24,151 |
|
3.54 |
|
Non-earning assets |
|
|
181,450 |
|
|
|
|
|
|
|
|
191,188 |
|
|
|
|
|
|
Total assets |
|
$ |
2,977,444 |
|
|
|
|
|
|
|
$ |
2,932,716 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and savings |
|
|
1,383,382 |
|
|
1,006 |
|
0.29 |
|
|
|
1,415,069 |
|
|
1,115 |
|
0.32 |
|
Time deposits |
|
|
166,019 |
|
|
86 |
|
0.21 |
|
|
|
96,362 |
|
|
58 |
|
0.24 |
|
Brokered deposits |
|
|
68,102 |
|
|
59 |
|
0.34 |
|
|
|
83,228 |
|
|
126 |
|
0.61 |
|
Total interest-bearing deposits |
|
|
1,617,503 |
|
|
1,151 |
|
0.28 |
|
|
|
1,594,659 |
|
|
1,299 |
|
0.33 |
|
Total borrowings |
|
|
40,793 |
|
|
19 |
|
0.19 |
|
|
|
97,769 |
|
|
44 |
|
0.18 |
|
Total long-term debt |
|
|
82,708 |
|
|
1,345 |
|
6.47 |
|
|
|
49,930 |
|
|
823 |
|
6.63 |
|
Total interest-bearing liabilities |
|
|
1,741,004 |
|
|
2,515 |
|
0.57 |
|
|
|
1,742,358 |
|
|
2,166 |
|
0.50 |
|
Demand deposits |
|
|
854,715 |
|
|
|
|
|
|
|
|
815,299 |
|
|
|
|
|
|
Other liabilities |
|
|
40,708 |
|
|
|
|
|
|
|
|
37,032 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
341,017 |
|
|
|
|
|
|
|
|
338,027 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,977,444 |
|
|
|
|
|
|
|
$ |
2,932,716 |
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
3.04 |
% |
Net interest income and net interest margin(2) |
|
|
|
|
$ |
22,063 |
|
3.14 |
% |
|
|
|
$ |
21,985 |
|
3.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
|
3.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest revenue on tax-exempt securities has been
increased to reflect comparable interest on taxable securities. The
rate used was 21%, reflecting the statutory federal income tax
rate. |
(2) Tax equivalent net interest income divided by total
interest-earning assets using the appropriate day count convention
based on the type of interest-earning asset. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
Average Balance Sheets and Net Interest Margin
Analysis |
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
|
|
|
Interest |
|
Tax |
|
|
|
|
Interest |
|
Tax |
|
|
|
Average |
|
Income/ |
|
Equivalent |
|
|
Average |
|
Income/ |
|
Equivalent |
|
(dollars in thousands; taxable equivalent) |
|
Balance |
|
Expense |
|
Yield/Rate |
|
|
Balance |
|
Expense |
|
Yield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits in other banks |
|
$ |
136,459 |
|
$ |
65 |
|
0.19 |
% |
$ |
103,954 |
|
$ |
564 |
|
2.15 |
% |
Other short-term investments |
|
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
— |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
237,655 |
|
|
1,467 |
|
2.46 |
|
|
|
257,005 |
|
|
1,657 |
|
2.56 |
|
Non-taxable investment securities(1) |
|
|
215,727 |
|
|
1,788 |
|
3.30 |
|
|
|
83,867 |
|
|
623 |
|
2.95 |
|
Total investment securities |
|
|
453,382 |
|
|
3,255 |
|
2.86 |
|
|
|
340,872 |
|
|
2,280 |
|
2.65 |
|
Loans |
|
|
2,191,669 |
|
|
21,049 |
|
3.82 |
|
|
|
1,801,629 |
|
|
23,541 |
|
5.18 |
|
FHLB and FRB stock |
|
|
14,484 |
|
|
209 |
|
5.74 |
|
|
|
15,524 |
|
|
239 |
|
6.11 |
|
Total interest-earning assets |
|
|
2,795,994 |
|
|
24,578 |
|
3.50 |
|
|
|
2,261,979 |
|
|
26,624 |
|
4.67 |
|
Non-earning assets |
|
|
181,450 |
|
|
|
|
|
|
|
|
191,459 |
|
|
|
|
|
|
Total assets |
|
$ |
2,977,444 |
|
|
|
|
|
|
|
$ |
2,453,438 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and savings |
|
|
1,383,382 |
|
|
1,006 |
|
0.29 |
|
|
|
1,191,293 |
|
|
4,642 |
|
1.55 |
|
Time deposits |
|
|
166,019 |
|
|
86 |
|
0.21 |
|
|
|
32,409 |
|
|
51 |
|
0.62 |
|
Brokered deposits |
|
|
68,102 |
|
|
59 |
|
0.34 |
|
|
|
88,146 |
|
|
530 |
|
2.39 |
|
Total interest-bearing deposits |
|
|
1,617,503 |
|
|
1,151 |
|
0.28 |
|
|
|
1,311,848 |
|
|
5,223 |
|
1.58 |
|
Total borrowings |
|
|
40,793 |
|
|
19 |
|
0.19 |
|
|
|
85,478 |
|
|
489 |
|
2.27 |
|
Total long-term debt |
|
|
82,708 |
|
|
1,345 |
|
6.47 |
|
|
|
49,803 |
|
|
824 |
|
6.56 |
|
Total interest-bearing liabilities |
|
|
1,741,004 |
|
|
2,515 |
|
0.57 |
|
|
|
1,447,129 |
|
|
6,536 |
|
1.79 |
|
Demand deposits |
|
|
854,715 |
|
|
|
|
|
|
|
|
637,809 |
|
|
|
|
|
|
Other liabilities |
|
|
40,708 |
|
|
|
|
|
|
|
|
36,209 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
341,017 |
|
|
|
|
|
|
|
|
332,291 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,977,444 |
|
|
|
|
|
|
|
$ |
2,453,438 |
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
2.88 |
% |
Net interest income and net interest margin(2) |
|
|
|
|
$ |
22,063 |
|
3.14 |
% |
|
|
|
$ |
20,088 |
|
3.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest revenue on tax-exempt securities has been
increased to reflect comparable interest on taxable securities. The
rate used was 21%, reflecting the statutory federal income tax
rate. |
(2) Tax equivalent net interest income divided by total
interest-earning assets using the appropriate day count convention
based on the type of interest-earning asset. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES,
INC. |
Average Balance Sheets and Net Interest Margin
Analysis
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
|
|
|
Interest |
|
Tax |
|
|
|
|
Interest |
|
Tax |
|
|
|
Average |
|
Income/ |
|
Equivalent |
|
|
Average |
|
Income/ |
|
Equivalent |
|
(dollars in thousands; taxable equivalent) |
|
Balance |
|
Expense |
|
Yield/Rate |
|
|
Balance |
|
Expense |
|
Yield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits in other banks |
|
$ |
147,795 |
|
$ |
756 |
|
0.68 |
% |
$ |
88,960 |
|
$ |
1,477 |
|
2.22 |
% |
Other short-term investments |
|
|
36 |
|
|
— |
|
— |
|
|
|
5,181 |
|
|
118 |
|
3.05 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
246,388 |
|
|
4,729 |
|
2.56 |
|
|
|
284,978 |
|
|
5,619 |
|
2.64 |
|
Non-taxable investment securities (1) |
|
|
198,378 |
|
|
4,877 |
|
3.28 |
|
|
|
81,812 |
|
|
1,819 |
|
2.97 |
|
Total investment securities |
|
|
444,766 |
|
|
9,606 |
|
2.88 |
|
|
|
366,790 |
|
|
7,438 |
|
2.71 |
|
Loans - continuing operations |
|
|
2,071,673 |
|
|
63,971 |
|
4.12 |
|
|
|
1,739,917 |
|
|
69,847 |
|
5.37 |
|
FHLB and FRB stock |
|
|
14,667 |
|
|
643 |
|
5.86 |
|
|
|
14,173 |
|
|
727 |
|
6.86 |
|
Total interest-earning assets - continuing
operations |
|
|
2,678,937 |
|
|
74,976 |
|
3.74 |
|
|
|
2,215,021 |
|
|
79,607 |
|
4.81 |
|
Loans held for sale - discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
|
156,060 |
|
|
4,588 |
|
3.93 |
|
Total interest-earning assets |
|
|
2,678,937 |
|
|
74,976 |
|
3.74 |
|
|
|
2,371,081 |
|
|
84,195 |
|
4.75 |
|
Non-earning assets |
|
|
186,947 |
|
|
|
|
|
|
|
|
201,880 |
|
|
|
|
|
|
Total assets |
|
$ |
2,865,884 |
|
|
|
|
|
|
|
$ |
2,572,961 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and savings |
|
|
1,397,280 |
|
|
5,889 |
|
0.56 |
|
|
|
1,147,508 |
|
|
13,630 |
|
1.59 |
|
Time deposits |
|
|
106,271 |
|
|
196 |
|
0.25 |
|
|
|
18,246 |
|
|
139 |
|
1.02 |
|
Brokered deposits |
|
|
81,125 |
|
|
547 |
|
0.90 |
|
|
|
91,963 |
|
|
1,733 |
|
2.52 |
|
Total interest-bearing deposits |
|
|
1,584,676 |
|
|
6,632 |
|
0.56 |
|
|
|
1,257,717 |
|
|
15,502 |
|
1.65 |
|
Total borrowings |
|
|
50,055 |
|
|
95 |
|
0.25 |
|
|
|
57,844 |
|
|
1,045 |
|
2.42 |
|
Total long-term debt |
|
|
60,922 |
|
|
2,997 |
|
6.57 |
|
|
|
49,761 |
|
|
2,471 |
|
6.64 |
|
Total interest-bearing liabilities - continuing
operations |
|
|
1,695,653 |
|
|
9,724 |
|
0.77 |
|
|
|
1,365,322 |
|
|
19,018 |
|
1.86 |
|
Interest-bearing liabilities - discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
|
192,613 |
|
|
1,502 |
|
1.04 |
|
Total interest-bearing liabilities |
|
|
1,695,653 |
|
|
9,724 |
|
0.77 |
|
|
|
1,557,935 |
|
|
20,520 |
|
1.76 |
|
Demand deposits |
|
|
794,559 |
|
|
|
|
|
|
|
|
593,957 |
|
|
|
|
|
|
Demand deposits - discontinued operations |
|
|
— |
|
|
|
|
|
|
|
|
52,481 |
|
|
|
|
|
|
Other liabilities |
|
|
38,151 |
|
|
|
|
|
|
|
|
37,472 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
337,521 |
|
|
|
|
|
|
|
|
331,116 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,865,884 |
|
|
|
|
|
|
|
$ |
2,572,961 |
|
|
|
|
|
|
Net interest spread - continuing operations |
|
|
|
|
|
|
|
2.97 |
% |
|
|
|
|
|
|
2.95 |
% |
Net interest income and net interest margin - continuing
operations (2) |
|
|
|
|
$ |
65,252 |
|
3.25 |
% |
|
|
|
$ |
60,589 |
|
3.66 |
% |
Net interest income and net interest margin (2) |
|
|
|
|
$ |
65,252 |
|
3.25 |
% |
|
|
|
$ |
63,675 |
|
3.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
3.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest revenue on tax-exempt securities has been
increased to reflect comparable interest on taxable securities. The
rate used was 21%, reflecting the statutory federal income tax
rate. |
(2) Tax equivalent net interest income divided by total
interest-earning assets using the appropriate day count convention
based on the type of interest-earning asset. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC.
|
Period End Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
Year Over |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
Quarter |
|
Year |
(dollars in thousands) |
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
Change |
|
Change |
Loans held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
859 |
|
|
$ |
1,153 |
|
|
$ |
— |
|
|
$ |
370 |
|
|
$ |
916 |
|
|
$ |
(294 |
) |
|
$ |
(57 |
) |
Total loans held for sale |
|
$ |
859 |
|
|
$ |
1,153 |
|
|
$ |
— |
|
|
$ |
370 |
|
|
$ |
916 |
|
|
$ |
(294 |
) |
|
$ |
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - other |
|
$ |
712,567 |
|
|
$ |
739,769 |
|
|
$ |
760,062 |
|
|
$ |
705,115 |
|
|
$ |
697,412 |
|
|
$ |
(27,202 |
) |
|
$ |
15,155 |
|
Commercial and industrial - PPP |
|
|
231,834 |
|
|
|
234,049 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,215 |
) |
|
|
231,834 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
58,336 |
|
|
|
58,909 |
|
|
|
73,654 |
|
|
|
98,378 |
|
|
|
60,398 |
|
|
|
(573 |
) |
|
|
(2,062 |
) |
Owner occupied |
|
|
364,170 |
|
|
|
366,847 |
|
|
|
359,026 |
|
|
|
357,912 |
|
|
|
352,842 |
|
|
|
(2,677 |
) |
|
|
11,328 |
|
Investment |
|
|
458,279 |
|
|
|
474,565 |
|
|
|
477,451 |
|
|
|
460,038 |
|
|
|
452,285 |
|
|
|
(16,286 |
) |
|
|
5,994 |
|
Construction and land: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1‑4 family residential construction |
|
|
— |
|
|
|
11 |
|
|
|
2,706 |
|
|
|
4,009 |
|
|
|
5,186 |
|
|
|
(11 |
) |
|
|
(5,186 |
) |
Other construction, development, and land |
|
|
139,836 |
|
|
|
128,980 |
|
|
|
124,116 |
|
|
|
123,531 |
|
|
|
139,991 |
|
|
|
10,856 |
|
|
|
(155 |
) |
Mortgage warehouse loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,941 |
|
|
|
23,256 |
|
|
|
— |
|
|
|
(23,256 |
) |
Total commercial loans |
|
|
1,965,022 |
|
|
|
2,003,130 |
|
|
|
1,797,015 |
|
|
|
1,762,924 |
|
|
|
1,731,370 |
|
|
|
(38,108 |
) |
|
|
233,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
29,460 |
|
|
|
32,327 |
|
|
|
31,761 |
|
|
|
31,315 |
|
|
|
31,903 |
|
|
|
(2,867 |
) |
|
|
(2,443 |
) |
Home equity |
|
|
24,528 |
|
|
|
23,689 |
|
|
|
23,479 |
|
|
|
25,002 |
|
|
|
25,638 |
|
|
|
839 |
|
|
|
(1,110 |
) |
Total residential loans |
|
|
53,988 |
|
|
|
56,016 |
|
|
|
55,240 |
|
|
|
56,317 |
|
|
|
57,541 |
|
|
|
(2,028 |
) |
|
|
(3,553 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
154,916 |
|
|
|
113,149 |
|
|
|
58,164 |
|
|
|
37,765 |
|
|
|
27,168 |
|
|
|
41,767 |
|
|
|
127,748 |
|
Other |
|
|
22,777 |
|
|
|
22,160 |
|
|
|
25,488 |
|
|
|
19,552 |
|
|
|
22,533 |
|
|
|
617 |
|
|
|
244 |
|
|
|
|
2,196,703 |
|
|
|
2,194,455 |
|
|
|
1,935,907 |
|
|
|
1,876,558 |
|
|
|
1,838,612 |
|
|
|
2,248 |
|
|
|
358,091 |
|
Less net deferred fees and other unearned income |
|
|
(8,668 |
) |
|
|
(9,761 |
) |
|
|
(2,998 |
) |
|
|
(3,034 |
) |
|
|
(2,939 |
) |
|
|
1,093 |
|
|
|
(5,729 |
) |
Total loans held for investment |
|
$ |
2,188,035 |
|
|
$ |
2,184,694 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,524 |
|
|
$ |
1,835,673 |
|
|
$ |
3,341 |
|
|
$ |
352,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
2,188,894 |
|
|
$ |
2,185,847 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,894 |
|
|
$ |
1,836,589 |
|
|
$ |
3,047 |
|
|
$ |
352,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unfunded commitments |
|
$ |
764,247 |
|
|
$ |
749,321 |
|
|
$ |
689,620 |
|
|
$ |
743,958 |
|
|
$ |
687,295 |
|
|
$ |
14,926 |
|
|
$ |
76,952 |
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES,
INC. |
Allowance for Credit Losses Activity and Credit
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
31,605 |
|
|
$ |
24,896 |
|
|
$ |
18,535 |
|
|
$ |
18,080 |
|
|
$ |
18,186 |
|
Adoption of ASU 2016-13 |
|
|
— |
|
|
|
— |
|
|
|
(854 |
) |
|
|
— |
|
|
|
— |
|
Provision for loan losses |
|
|
636 |
|
|
|
8,222 |
|
|
|
7,409 |
|
|
|
787 |
|
|
|
413 |
|
Loans charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
(404 |
) |
|
|
(1,479 |
) |
|
|
(18 |
) |
|
|
(344 |
) |
|
|
(541 |
) |
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
(78 |
) |
|
|
— |
|
|
|
— |
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgages |
|
|
— |
|
|
|
(36 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Home equity |
|
|
— |
|
|
|
— |
|
|
|
(125 |
) |
|
|
— |
|
|
|
— |
|
Consumer |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total loans charged-off |
|
|
(404 |
) |
|
|
(1,515 |
) |
|
|
(221 |
) |
|
|
(344 |
) |
|
|
(543 |
) |
Recoveries on loans previously charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
56 |
|
|
|
1 |
|
|
|
— |
|
|
|
5 |
|
|
|
17 |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Residential mortgages |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
7 |
|
|
|
— |
|
Home equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
|
1 |
|
|
|
1 |
|
|
|
8 |
|
|
|
— |
|
|
|
6 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total recoveries |
|
|
57 |
|
|
|
2 |
|
|
|
27 |
|
|
|
12 |
|
|
|
24 |
|
Net charge-offs |
|
$ |
(347 |
) |
|
$ |
(1,513 |
) |
|
$ |
(194 |
) |
|
$ |
(332 |
) |
|
$ |
(519 |
) |
Balance at period end |
|
$ |
31,894 |
|
|
$ |
31,605 |
|
|
$ |
24,896 |
|
|
$ |
18,535 |
|
|
$ |
18,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
3,480 |
|
|
$ |
2,838 |
|
|
$ |
892 |
|
|
$ |
836 |
|
|
$ |
785 |
|
Adoption of ASU 2016-13 |
|
|
— |
|
|
|
— |
|
|
|
1,275 |
|
|
|
— |
|
|
|
— |
|
Provision for unfunded commitments |
|
|
(609 |
) |
|
|
642 |
|
|
|
671 |
|
|
|
56 |
|
|
|
51 |
|
Balance at period end |
|
$ |
2,871 |
|
|
$ |
3,480 |
|
|
$ |
2,838 |
|
|
$ |
892 |
|
|
$ |
836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit losses - loans and unfunded
commitments |
|
$ |
34,765 |
|
|
$ |
35,085 |
|
|
$ |
27,734 |
|
|
$ |
19,427 |
|
|
$ |
18,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses under CECL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
636 |
|
|
|
8,222 |
|
|
|
7,409 |
|
|
|
787 |
|
|
|
413 |
|
Provision for securities held to maturity credit losses |
|
|
1 |
|
|
|
(1 |
) |
|
|
(6 |
) |
|
|
- |
|
|
|
- |
|
Provision for unfunded commitments(1) |
|
|
(609 |
) |
|
|
642 |
|
|
|
671 |
|
|
|
- |
|
|
|
- |
|
Total provision for credit losses |
|
$ |
28 |
|
|
$ |
8,863 |
|
|
$ |
8,074 |
|
|
$ |
787 |
|
|
$ |
413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
5,421 |
|
|
$ |
6,265 |
|
|
$ |
6,515 |
|
|
$ |
7,293 |
|
|
$ |
6,770 |
|
Foreclosed properties (OREO) |
|
|
563 |
|
|
|
779 |
|
|
|
779 |
|
|
|
278 |
|
|
|
278 |
|
Total nonperforming assets |
|
$ |
5,984 |
|
|
$ |
7,044 |
|
|
$ |
7,294 |
|
|
$ |
7,571 |
|
|
$ |
7,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to loans held for investment
(2) |
|
|
1.46 |
% |
|
|
1.45 |
% |
|
|
1.29 |
% |
|
|
0.99 |
% |
|
|
0.98 |
% |
Allowance for credit losses to loans held for investment
(2) |
|
|
1.59 |
% |
|
|
1.61 |
% |
|
|
1.43 |
% |
|
|
1.04 |
% |
|
|
1.03 |
% |
Allowance for credit losses to loans held for investment excluding
PPP loans (2) |
|
|
1.78 |
% |
|
1.80 |
% |
|
1.43 |
% |
|
1.04 |
% |
|
1.03 |
% |
Net charge-offs to average loans (3) |
|
|
0.06 |
|
|
|
0.29 |
|
|
|
0.04 |
|
|
|
0.07 |
|
|
|
0.11 |
|
Non-performing loans as a percentage of total loans |
|
|
0.25 |
% |
|
|
0.29 |
% |
|
|
0.34 |
%
|
|
|
0.39 |
% |
|
|
0.37 |
% |
Non-performing assets as a percentage of total assets |
|
|
0.20 |
% |
|
|
0.24 |
% |
|
|
0.27 |
% |
|
|
0.26 |
% |
|
|
0.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to the adoption of ASU 2016-13, the provision
for unfunded commitments was included in other expense and totaled
$56 and $51 for the fourth and third quarters of 2019,
respectively. |
(2) The third quarter of 2019 ratios are calculated
on a continuing operations
basis. |
(3) Annualized. |
ATLANTIC CAPITAL BANCSHARES, INC.
|
Period End Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
Quarter |
|
Year Over |
(dollars in thousands) |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
Change |
|
Year Change |
DDA |
|
$ |
843,656 |
|
$ |
883,662 |
|
$ |
712,919 |
|
$ |
824,646 |
|
$ |
599,657 |
|
$ |
(40,006 |
) |
|
$ |
243,999 |
|
NOW |
|
|
387,858 |
|
|
449,737 |
|
|
368,463 |
|
|
373,727 |
|
|
240,427 |
|
|
(61,879 |
) |
|
|
147,431 |
|
Savings |
|
|
568 |
|
|
583 |
|
|
567 |
|
|
1,219 |
|
|
1,081 |
|
|
(15 |
) |
|
|
(513 |
) |
Money market |
|
|
945,834 |
|
|
879,863 |
|
|
982,109 |
|
|
1,173,218 |
|
|
921,133 |
|
|
65,971 |
|
|
|
24,701 |
|
Time |
|
|
196,343 |
|
|
131,353 |
|
|
66,793 |
|
|
44,389 |
|
|
30,782 |
|
|
64,990 |
|
|
|
165,561 |
|
Brokered |
|
|
94,463 |
|
|
62,433 |
|
|
94,268 |
|
|
81,847 |
|
|
61,192 |
|
|
32,030 |
|
|
|
33,271 |
|
Total deposits |
|
$ |
2,468,722 |
|
$ |
2,407,631 |
|
$ |
2,225,119 |
|
$ |
2,499,046 |
|
$ |
1,854,272 |
|
$ |
61,091 |
|
|
$ |
614,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
Linked |
|
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Quarter |
|
Q3 2020 vs |
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Change |
|
Q3 2019 |
DDA |
|
$ |
854,715 |
|
$ |
815,299 |
|
$ |
713,001 |
|
$ |
718,298 |
|
$ |
637,809 |
|
$ |
39,416 |
|
|
$ |
216,906 |
|
NOW |
|
|
440,734 |
|
|
462,051 |
|
|
382,178 |
|
|
320,637 |
|
|
295,106 |
|
|
(21,317 |
) |
|
|
145,628 |
|
Savings |
|
|
586 |
|
|
574 |
|
|
650 |
|
|
1,098 |
|
|
1,085 |
|
|
12 |
|
|
|
(499 |
) |
Money market |
|
|
942,062 |
|
|
952,444 |
|
|
1,010,713 |
|
|
1,006,449 |
|
|
895,102 |
|
|
(10,382 |
) |
|
|
46,960 |
|
Time |
|
|
166,019 |
|
|
96,362 |
|
|
55,775 |
|
|
37,388 |
|
|
32,409 |
|
|
69,657 |
|
|
|
133,610 |
|
Brokered |
|
|
68,102 |
|
|
83,228 |
|
|
92,188 |
|
|
62,757 |
|
|
88,146 |
|
|
(15,126 |
) |
|
|
(20,044 |
) |
Total deposits |
|
$ |
2,472,218 |
|
$ |
2,409,958 |
|
$ |
2,254,505 |
|
$ |
2,146,627 |
|
$ |
1,949,657 |
|
$ |
62,260 |
|
|
$ |
522,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits as a percentage of average
deposits |
|
|
34.6 |
% |
|
33.8 |
% |
|
31.6 |
% |
|
33.5 |
% |
|
32.7 |
% |
|
|
|
|
|
Cost of interest-bearing deposits |
|
|
0.28 |
% |
0.33 |
% |
1.09 |
% |
1.36 |
% |
1.58 |
% |
|
|
|
|
Cost of deposits |
|
|
0.19 |
% |
|
0.22 |
% |
|
0.75 |
% |
|
0.90 |
% |
|
1.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC.
|
Non-GAAP Performance and Financial Measures
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months |
|
|
2020
|
|
2019
|
|
ended September 30, |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent interest income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - GAAP |
|
$ |
24,233 |
|
|
$ |
23,797 |
|
|
$ |
26,023 |
|
|
$ |
26,532 |
|
|
$ |
26,520 |
|
|
$ |
74,053 |
|
|
$ |
79,315 |
|
Taxable equivalent adjustment |
|
|
345 |
|
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
923 |
|
|
|
292 |
|
Interest income - taxable equivalent |
|
$ |
24,578 |
|
|
$ |
24,151 |
|
|
$ |
26,246 |
|
|
$ |
26,699 |
|
|
$ |
26,624 |
|
|
$ |
74,976 |
|
|
$ |
79,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest income reconciliation -
continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
|
$ |
21,718 |
|
|
$ |
21,631 |
|
|
$ |
20,980 |
|
|
$ |
20,567 |
|
|
$ |
19,984 |
|
|
$ |
64,329 |
|
|
$ |
60,297 |
|
Taxable equivalent adjustment |
|
|
345 |
|
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
923 |
|
|
|
292 |
|
Net interest income - taxable equivalent - continuing
operations |
|
$ |
22,063 |
|
|
$ |
21,985 |
|
|
$ |
21,203 |
|
|
$ |
20,734 |
|
|
$ |
20,088 |
|
|
$ |
65,252 |
|
|
$ |
60,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield excluding PPP loans reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield - GAAP |
|
|
3.82 |
% |
|
|
3.87 |
% |
|
|
4.77 |
% |
|
|
4.95 |
% |
|
|
5.18 |
|
|
|
4.12 |
% |
|
|
5.37 |
% |
Impact of PPP loans |
|
|
0.13 |
|
|
|
0.22 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.14 |
|
|
|
— |
|
Loan yield excluding PPP loans |
|
|
3.95 |
% |
|
|
4.09 |
% |
|
|
4.77 |
% |
|
|
4.95 |
% |
|
|
5.18 |
|
|
|
4.26 |
% |
|
|
5.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin
reconciliation - continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP - continuing operations |
|
|
3.09 |
% |
|
|
3.17 |
% |
|
|
3.38 |
% |
|
|
3.35 |
% |
|
|
3.51 |
% |
|
|
3.21 |
% |
|
|
3.64 |
% |
Impact of taxable equivalent adjustment |
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.02 |
|
Net interest margin - taxable equivalent - continuing
operations |
|
|
3.14 |
% |
|
|
3.23 |
% |
|
|
3.41 |
% |
|
|
3.38 |
% |
|
|
3.52 |
% |
|
|
3.25 |
% |
|
|
3.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
|
3.09 |
% |
|
|
3.17 |
% |
|
|
3.38 |
% |
|
|
3.35 |
% |
|
|
3.51 |
% |
|
|
3.21 |
% |
|
|
3.57 |
% |
Impact of taxable equivalent adjustment |
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.02 |
|
Net interest margin - taxable equivalent |
|
|
3.14 |
% |
|
|
3.23 |
% |
|
|
3.41 |
% |
|
|
3.38 |
% |
|
|
3.52 |
% |
|
|
3.25 |
% |
|
|
3.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin excluding PPP loans
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
|
3.09 |
% |
|
|
3.17 |
% |
|
|
3.38 |
% |
|
|
3.35 |
% |
|
|
3.51 |
% |
|
|
3.21 |
% |
|
|
3.57 |
% |
Impact of PPP loans |
|
|
0.09 |
|
|
|
0.18 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.10 |
|
|
|
— |
|
Net interest margin - taxable equivalent excluding PPP
loans |
|
|
3.18 |
% |
|
|
3.35 |
% |
|
|
3.38 |
% |
|
|
3.35 |
% |
|
|
3.51 |
% |
|
|
3.31 |
% |
|
|
3.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent income before income taxes
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes - GAAP |
|
$ |
10,481 |
|
|
$ |
2,207 |
|
|
$ |
2,451 |
|
|
$ |
9,077 |
|
|
$ |
9,663 |
|
|
$ |
15,139 |
|
|
$ |
26,692 |
|
Taxable equivalent adjustment |
|
|
345 |
|
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
923 |
|
|
|
292 |
|
Income before income taxes |
|
$ |
10,826 |
|
|
$ |
2,561 |
|
|
$ |
2,674 |
|
|
$ |
9,244 |
|
|
$ |
9,767 |
|
|
$ |
16,062 |
|
|
$ |
26,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent income tax expense
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense - GAAP |
|
$ |
1,863 |
|
|
$ |
358 |
|
|
$ |
327 |
|
|
$ |
1,937 |
|
|
$ |
2,094 |
|
|
$ |
2,548 |
|
|
$ |
5,674 |
|
Taxable equivalent adjustment |
|
|
345 |
|
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
923 |
|
|
|
292 |
|
Income tax expense |
|
$ |
2,208 |
|
|
$ |
712 |
|
|
$ |
550 |
|
|
$ |
2,104 |
|
|
$ |
2,198 |
|
|
$ |
3,471 |
|
|
$ |
5,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
340,309 |
|
|
$ |
335,980 |
|
|
$ |
332,300 |
|
|
$ |
326,495 |
|
|
$ |
328,711 |
|
|
$ |
340,309 |
|
|
$ |
328,711 |
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
Total tangible common equity |
|
$ |
320,384 |
|
|
$ |
316,055 |
|
|
$ |
312,375 |
|
|
$ |
306,570 |
|
|
$ |
308,786 |
|
|
$ |
320,384 |
|
|
$ |
308,786 |
|
Common shares outstanding |
|
|
21,202,783 |
|
|
|
21,477,631 |
|
|
|
21,479,986 |
|
|
|
21,751,026 |
|
|
|
22,193,761 |
|
|
|
21,202,783 |
|
|
|
22,193,761 |
|
Book value per common share - GAAP |
|
$ |
16.05 |
|
|
$ |
15.64 |
|
|
$ |
15.47 |
|
|
$ |
15.01 |
|
|
$ |
14.81 |
|
|
$ |
16.05 |
|
|
$ |
14.81 |
|
Tangible book value |
|
|
15.11 |
|
|
|
14.72 |
|
|
|
14.54 |
|
|
|
14.09 |
|
|
|
13.91 |
|
|
|
15.11 |
|
|
|
13.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
340,309 |
|
|
$ |
335,980 |
|
|
$ |
332,300 |
|
|
$ |
326,495 |
|
|
$ |
328,711 |
|
|
$ |
340,309 |
|
|
$ |
328,711 |
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
Total tangible common equity |
|
$ |
320,384 |
|
|
$ |
316,055 |
|
|
$ |
312,375 |
|
|
$ |
306,570 |
|
|
$ |
308,786 |
|
|
$ |
320,384 |
|
|
$ |
308,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,923,977 |
|
|
$ |
2,890,622 |
|
|
$ |
2,719,658 |
|
|
$ |
2,910,379 |
|
|
$ |
2,410,198 |
|
|
$ |
2,923,977 |
|
|
$ |
2,410,198 |
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
Total tangible assets |
|
$ |
2,904,052 |
|
|
$ |
2,870,697 |
|
|
$ |
2,699,733 |
|
|
$ |
2,890,454 |
|
|
$ |
2,390,273 |
|
|
$ |
2,904,052 |
|
|
$ |
2,390,273 |
|
Tangible common equity to tangible assets |
|
|
11.03 |
% |
|
|
11.01 |
% |
|
|
11.57 |
% |
|
|
10.61 |
% |
|
|
12.92 |
% |
|
|
11.03 |
% |
|
|
12.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans held for investment
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held for investment |
|
$ |
2,188,035 |
|
|
$ |
2,184,694 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,524 |
|
|
$ |
1,835,673 |
|
|
$ |
2,188,035 |
|
|
$ |
1,835,673 |
|
PPP loans |
|
|
(231,834 |
) |
|
|
(234,049 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(231,834 |
) |
|
|
— |
|
Total loans held for investment excluding PPP loans |
|
$ |
1,956,201 |
|
|
$ |
1,950,645 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,524 |
|
|
$ |
1,835,673 |
|
|
$ |
1,956,201 |
|
|
$ |
1,835,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans held for investment |
|
|
1.59 |
% |
|
|
1.61 |
% |
|
|
1.43 |
% |
|
|
1.04 |
% |
|
|
1.03 |
% |
|
|
1.59 |
% |
|
|
1.03 |
% |
Allowance for credit losses to loans held for investment excluding
PPP loans |
|
|
1.78 |
% |
|
|
1.80 |
% |
|
|
1.43 |
% |
|
|
1.04 |
% |
|
|
1.03 |
% |
|
|
1.78 |
% |
|
|
1.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
Financial Information from Discontinued
Operations |
|
Components of Net Income from Discontinued
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
|
|
2020 |
|
2019 |
|
|
September 30, |
|
|
Third |
|
Second |
First |
|
Fourth |
|
Third |
|
|
|
|
|
|
|
(in thousands) |
|
Quarter |
|
Quarter |
Quarter |
|
Quarter |
|
Quarter |
|
2020
|
|
2019
|
Net interest income |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
3,086 |
|
Provision for credit losses |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Net interest income after provision |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
3,086 |
|
Service charges |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
527 |
|
Mortgage income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
288 |
|
Gain on sale of branches |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
34,475 |
|
Other income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(1 |
) |
Total noninterest income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
35,289 |
|
Salaries and employee benefits |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
2,757 |
|
Occupancy |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
410 |
|
Equipment and software |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
131 |
|
Amortization of intangibles |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
247 |
|
Communications and data processing |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
586 |
|
Divestiture expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
5,095 |
|
Other noninterest expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
459 |
|
Total noninterest expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
9,685 |
|
Net income before provision for income taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
28,690 |
|
(Benefit) provision for income taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(617 |
) |
|
|
— |
|
|
6,993 |
|
Net income from discontinued operations |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
617 |
|
|
$ |
— |
|
$ |
21,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic Capital Bancsha... (NASDAQ:ACBI)
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From Feb 2024 to Mar 2024
Atlantic Capital Bancsha... (NASDAQ:ACBI)
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From Mar 2023 to Mar 2024