Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced net
income for the quarter ended December 31, 2021, of $11.7 million,
or $0.57 per diluted share, compared to $10.0 million, or $0.48 per
diluted share, for the fourth quarter of 2020 and $13.3 million, or
$0.65 per diluted share, for the third quarter of 2021.
“Atlantic Capital reported another quarter of
solid operating results despite disruptions to economic activity
from the Omicron variant and historically low interest
rates. All of our businesses contributed to these solid
results and credit quality remained strong. New business
pipelines are robust in all of our businesses and we anticipate
carrying strong momentum into our pending merger with SouthState
Corporation,” remarked Douglas Williams, President and Chief
Executive Officer.
Fourth Quarter
Highlights(1)
- Total assets
were $3.8 billion, compared to $4.2 billion at September 30, 2021
and $3.6 billion at December 31, 2020.
- Return on average
assets totaled 1.19% and return on average equity was 12.52% in the
fourth quarter of 2021.
- Loans held for
investment, excluding Paycheck Protection Program (“PPP”) loans,
increased $123.8 million, or 22.2% annualized, from September 30,
2021, and increased $292.4 million, or 14.2%, from December 31,
2020.
- Quarterly
average demand deposit accounts increased $112.3 million, or 32.7%
annualized, compared to the third quarter of 2021 and increased
$510.4 million, or 52.2%, compared to the fourth quarter of
2020.
- Cost of deposits
decreased to 0.07% from 0.08% in the third quarter of 2021 and from
0.16% in the fourth quarter of 2020.
- Tangible book
value per share increased to $17.39 from $16.94 at September 30,
2021 and from $15.62 at December 31, 2020.
- Annualized net
charge-offs to average loans totaled 0.11% for the fourth quarter
of 2021 and 0.06% for the full year 2021. Non-performing assets to
total assets were 0.11% at December 31, 2021.
- The allowance
for credit losses was 1.05% of total loans held for investment at
December 31, 2021, compared to 1.16% at September 30, 2021 and
1.55% at December 31, 2020.
- On November 16,
2021, ACBI shareholders approved the announced merger with
SouthState Corporation (“SouthState”), which is expected to close
in 2022, subject to regulatory approval.
Income Statement
Taxable equivalent net interest income totaled
$25.7 million for the fourth quarter of 2021, compared to $23.0
million in the fourth quarter of 2020 and $25.1 million in the
third quarter of 2021. The fourth quarter of 2021 included $929,000
in PPP loan income, compared to $2.3 million in the fourth quarter
of 2020 and $1.9 million in the third quarter of 2021.
Taxable equivalent net interest margin was 2.76%
in the fourth quarter of 2021, compared to 2.91% in the fourth
quarter of 2020 and 2.69% in the third quarter of 2021. The taxable
equivalent net interest margin excluding PPP loans was 2.68% for
the fourth quarter of 2021, compared to 2.54% for the third quarter
of 2021.
The yield on loans in the fourth quarter of 2021
was 3.86%, a decrease of 3 basis points from the fourth quarter of
2020 and a decrease of 5 basis points from the third quarter of
2021. Excluding PPP loans, the fourth quarter of 2021 loan yield
was 3.75%, up 4 basis points from the third quarter of 2021.
The cost of deposits in the fourth quarter of
2021 was 0.07%, a decrease of 9 basis points from the fourth
quarter of 2020 and a decrease of 1 basis point from the third
quarter of 2021. The cost of interest-bearing deposits decreased 13
basis points to 0.12% from the fourth quarter of 2020 and decreased
3 basis points from the third quarter of 2021.
In the fourth quarter of 2021, we recorded a
negative provision for credit losses of $731,000, compared to a
provision for credit losses of $481,000 in the fourth quarter of
2020 and a negative provision for credit losses of $2.4 million in
the third quarter of 2021.
Noninterest income totaled $4.6 million in the
fourth quarter of 2021, compared to $3.0 million in the fourth
quarter of 2020 and $4.6 million in the third quarter of 2021.
Noninterest expense totaled $16.0 million in the
fourth quarter of 2021, compared to $13.2 million in the fourth
quarter of 2020 and $15.0 million in the third quarter of 2021. The
fourth quarter of 2021 included $846,000 in merger related expenses
compared to $2.9 million in the third quarter of 2021. The third
quarter of 2021 also included an expense reduction of $3.0 million
as a result of the employee retention payroll tax credit pursuant
to the CARES Act.
(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 $2.4
billion at December 31, 2021, an increase of $118.2 million from
December 31, 2020 and an increase of $93.4 million from September
30, 2021. Loans held for investment, excluding PPP loans, increased
$123.8 million, or 22.2% annualized, from September 30, 2021, and
increased $292.4 million, or 14.2%, from December 31, 2020.
The allowance for credit losses was 1.05% of
total loans held for investment at December 31, 2021, compared to
1.16% at September 30, 2021. The decrease in the allowance was
primarily a result of an improvement in our current expected credit
losses, or CECL, economic forecast. Excluding the impact of PPP
loans, the allowance for credit losses at December 31, 2021 was
1.06%, compared to 1.18% at September 30, 2021.
Total average deposits were $3.4 billion for the
fourth quarter of 2021, an increase of $521.4 million, or 18.1%,
from the fourth quarter of 2020 and a decrease of $18.1 million, or
2.1% annualized, from the third quarter of 2021. Average
noninterest bearing deposits were $1.5 billion for the fourth
quarter of 2021, an increase of $510.4 million, or 52.2%, from the
fourth quarter of 2020 and an increase of $112.3 million, or 32.7%
annualized, from the third quarter of 2021. Noninterest bearing
deposits were 43.8% of total average deposits in the fourth quarter
of 2021, compared to 34.0% in the fourth quarter of 2020 and 40.3%
in the third quarter of 2021.
Merger Update
On July 22, 2021, Atlantic Capital and
SouthState entered into an Agreement and Plan of Merger, pursuant
to which Atlantic Capital will merge with and into SouthState, with
SouthState as the surviving corporation in the merger. The merger
remains subject to approval by the Board of Governors of the
Federal Reserve System. Approval of the merger has been received
from shareholders and the Office of the Comptroller of the
Currency.
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) loans held for investment excluding PPP loans (iv)
loan yield excluding PPP loans; (v) taxable equivalent net interest
margin; (vi) taxable equivalent net interest margin excluding PPP
loans; (vii) taxable equivalent income before income taxes; (viii)
taxable equivalent income tax expense; (ix) tangible common equity
to tangible assets; (x) tangible book value per 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 the proposed merger with SouthState, 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. Additional information and
other factors that could affect future financial results are
included in Atlantic Capital’s subsequent filings with the SEC.
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 $3.8
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 CarsonEmail:
ashley.carson@atlcapbank.com Phone: 404-995-6050(ACB-ER)
Financial Contact:Patrick
OakesEmail: patrick.oakes@atlcapbank.com Phone: 404-995-6050
ATLANTIC CAPITAL BANCSHARES, INC. |
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Selected Financial Information |
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For the year ended |
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2021 |
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2020 |
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December 31, |
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(in
thousands, except share and per share data; |
Fourth |
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Third |
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Second |
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First |
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Fourth |
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taxable equivalent) |
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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2021 |
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2020 |
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INCOME SUMMARY |
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Interest income - taxable equivalent (1) |
$ |
27,323 |
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$ |
27,040 |
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$ |
27,993 |
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$ |
25,775 |
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$ |
25,288 |
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$ |
108,132 |
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$ |
100,474 |
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Interest
expense |
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1,658 |
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1,895 |
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1,958 |
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2,065 |
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2,299 |
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7,576 |
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12,023 |
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Net interest income - taxable equivalent |
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25,665 |
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25,145 |
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26,035 |
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23,710 |
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22,989 |
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100,556 |
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88,451 |
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Provision
for credit losses |
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(731 |
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(2,405 |
) |
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(933 |
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(4,519 |
) |
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481 |
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(8,588 |
) |
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17,446 |
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Net interest income after provision for credit losses |
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26,396 |
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27,550 |
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26,968 |
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28,229 |
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22,508 |
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109,144 |
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71,005 |
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Noninterest
income |
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4,555 |
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4,609 |
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3,584 |
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3,562 |
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3,016 |
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16,310 |
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10,285 |
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Noninterest
expense |
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15,963 |
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15,018 |
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15,197 |
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15,149 |
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13,164 |
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61,327 |
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52,659 |
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Income before income taxes |
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14,988 |
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17,141 |
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15,355 |
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16,642 |
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12,360 |
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64,127 |
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28,631 |
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Income tax
expense |
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3,324 |
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3,837 |
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3,539 |
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3,280 |
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2,410 |
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13,981 |
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6,091 |
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Net income(1)(2) |
$ |
11,664 |
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$ |
13,304 |
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$ |
11,816 |
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$ |
13,362 |
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$ |
9,950 |
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$ |
50,146 |
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$ |
22,540 |
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PER
SHARE DATA |
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Diluted earnings per share |
$ |
0.57 |
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$ |
0.65 |
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$ |
0.58 |
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$ |
0.65 |
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$ |
0.48 |
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$ |
2.45 |
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$ |
1.05 |
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Book value per share |
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18.37 |
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17.92 |
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17.38 |
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16.72 |
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16.60 |
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18.37 |
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16.60 |
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Tangible book value per common share (3) |
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17.39 |
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16.94 |
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16.40 |
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15.74 |
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15.62 |
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17.39 |
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15.62 |
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PERFORMANCE MEASURES |
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Return on average equity |
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12.52 |
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% |
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14.69 |
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% |
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13.60 |
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% |
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15.99 |
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% |
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11.68 |
% |
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14.16 |
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% |
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6.67 |
% |
Return on average assets |
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1.19 |
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1.36 |
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1.26 |
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1.50 |
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1.19 |
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1.32 |
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0.76 |
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Taxable equivalent net interest margin |
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2.76 |
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2.69 |
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2.91 |
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2.81 |
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2.91 |
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2.79 |
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3.16 |
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Taxable equivalent net interest margin excluding PPP loans |
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2.68 |
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2.54 |
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2.70 |
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2.70 |
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2.81 |
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2.66 |
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3.18 |
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Efficiency ratio |
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53.52 |
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51.12 |
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51.97 |
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56.30 |
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51.30 |
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53.16 |
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54.14 |
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Average loans to average deposits |
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67.79 |
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65.81 |
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67.54 |
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71.93 |
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76.81 |
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68.18 |
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84.11 |
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CAPITAL |
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Average equity to average assets |
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9.51 |
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% |
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9.23 |
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% |
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9.24 |
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% |
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9.39 |
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% |
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10.18 |
% |
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9.34 |
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% |
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11.33 |
% |
Tangible common equity to tangible assets |
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9.31 |
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8.21 |
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8.86 |
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8.63 |
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8.86 |
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9.31 |
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8.86 |
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Leverage ratio |
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8.9 |
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(3) |
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8.5 |
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8.4 |
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8.4 |
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8.9 |
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9.1 |
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(3) |
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8.9 |
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Total risk based capital ratio |
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15.3 |
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(3) |
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15.9 |
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16.0 |
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16.4 |
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16.1 |
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15.3 |
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(3) |
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16.1 |
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SHARES OUTSTANDING |
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Number of common shares outstanding - basic |
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20,334,150 |
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20,305,109 |
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20,319,429 |
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20,354,077 |
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20,394,912 |
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|
20,334,150 |
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20,394,912 |
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Number of common shares outstanding - diluted |
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20,573,618 |
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20,590,747 |
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20,595,812 |
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20,617,188 |
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20,492,542 |
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|
20,573,618 |
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|
20,492,542 |
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Average number of common shares - basic |
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20,309,415 |
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|
20,308,761 |
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20,332,503 |
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20,380,066 |
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20,711,089 |
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|
20,276,717 |
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|
21,342,086 |
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Average number of common shares - diluted |
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20,532,447 |
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|
20,507,604 |
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|
20,516,478 |
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20,502,184 |
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|
20,795,332 |
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|
20,459,032 |
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21,427,722 |
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ASSET QUALITY |
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Allowance for credit losses to loans held for investment |
|
1.05 |
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% |
|
1.16 |
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% |
|
1.27 |
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% |
|
1.31 |
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% |
|
1.55 |
% |
|
1.05 |
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% |
|
1.55 |
% |
Net charge-offs to average loans (4) |
|
0.11 |
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|
|
0.00 |
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|
|
0.10 |
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|
0.04 |
|
|
|
0.05 |
|
|
0.06 |
|
|
|
0.11 |
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Non-performing assets to total assets |
|
0.11 |
|
|
|
0.10 |
|
|
|
0.14 |
|
|
|
0.06 |
|
|
|
0.13 |
|
|
0.11 |
|
|
|
0.13 |
|
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AVERAGE BALANCES |
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Total loans |
$ |
2,302,085 |
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|
$ |
2,246,529 |
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|
$ |
2,233,906 |
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|
$ |
2,270,660 |
|
|
$ |
2,207,956 |
|
$ |
2,263,335 |
|
|
$ |
2,105,930 |
|
Investment securities |
|
759,824 |
|
|
|
733,452 |
|
|
|
656,507 |
|
|
|
579,547 |
|
|
|
491,134 |
|
|
682,967 |
|
|
|
456,422 |
|
Total assets |
|
3,883,632 |
|
|
|
3,893,049 |
|
|
|
3,771,970 |
|
|
|
3,611,417 |
|
|
|
3,328,719 |
|
|
3,791,043 |
|
|
|
2,982,222 |
|
Deposits |
|
3,395,762 |
|
|
|
3,413,882 |
|
|
|
3,307,601 |
|
|
|
3,156,906 |
|
|
|
2,874,402 |
|
|
3,319,454 |
|
|
|
2,503,703 |
|
Shareholders' equity |
|
369,485 |
|
|
|
359,300 |
|
|
|
348,416 |
|
|
|
338,990 |
|
|
|
338,948 |
|
|
354,144 |
|
|
|
337,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT
PERIOD END |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and loans held for sale |
$ |
2,369,321 |
|
|
$ |
2,285,670 |
|
|
$ |
2,264,899 |
|
|
$ |
2,302,661 |
|
|
$ |
2,249,036 |
|
$ |
2,369,321 |
|
|
$ |
2,249,036 |
|
Investment securities |
|
738,929 |
|
|
|
772,987 |
|
|
|
714,065 |
|
|
|
613,236 |
|
|
|
535,579 |
|
|
738,929 |
|
|
|
535,579 |
|
Total assets |
|
3,819,585 |
|
|
|
4,210,316 |
|
|
|
3,780,445 |
|
|
|
3,732,668 |
|
|
|
3,615,617 |
|
|
3,819,585 |
|
|
|
3,615,617 |
|
Deposits |
|
3,327,902 |
|
|
|
3,727,321 |
|
|
|
3,306,224 |
|
|
|
3,277,692 |
|
|
|
3,161,508 |
|
|
3,327,902 |
|
|
|
3,161,508 |
|
Shareholders’ equity |
|
373,523 |
|
|
|
363,925 |
|
|
|
353,185 |
|
|
|
340,328 |
|
|
|
338,586 |
|
|
373,523 |
|
|
|
338,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)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. |
|
(2)Excludes effect of
acquisition related intangibles. |
|
(3)Amounts are
estimates as of December 31, 2021. |
|
(4)Annualized. |
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
(in thousands, except share data) |
|
2021 |
|
2021 |
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
16,214 |
|
|
$ |
25,725 |
|
|
$ |
16,865 |
|
|
Interest-bearing deposits in banks |
|
|
377,780 |
|
|
|
811,168 |
|
|
|
636,537 |
|
|
Other
short-term investments |
|
|
137,181 |
|
|
|
140,848 |
|
|
|
— |
|
|
Cash and cash equivalents |
|
|
531,175 |
|
|
|
977,741 |
|
|
|
653,402 |
|
|
Investment
securities available for sale |
|
|
501,218 |
|
|
|
535,158 |
|
|
|
335,423 |
|
|
Investment
securities held to maturity, net of allowance for credit losses of
$13, $13, and $14, at December 31, 2021, September 30, 2021, and
December 31, 2020, respectively |
|
|
237,711 |
|
|
|
237,829 |
|
|
|
200,156 |
|
|
Other
investments |
|
|
23,546 |
|
|
|
23,877 |
|
|
|
25,892 |
|
|
Loans held
for sale |
|
|
2,087 |
|
|
|
11,814 |
|
|
|
— |
|
|
Loans held
for investment |
|
|
2,367,234 |
|
|
|
2,273,856 |
|
|
|
2,249,036 |
|
|
Less: allowance for loan losses |
|
|
(22,186 |
) |
|
|
(23,924 |
) |
|
|
(31,818 |
) |
|
Loans held for investment, net |
|
|
2,345,048 |
|
|
|
2,249,932 |
|
|
|
2,217,218 |
|
|
Premises and
equipment, net |
|
|
17,540 |
|
|
|
18,517 |
|
|
|
21,589 |
|
|
Bank owned
life insurance |
|
|
74,385 |
|
|
|
74,000 |
|
|
|
72,856 |
|
|
Goodwill |
|
|
19,925 |
|
|
|
19,925 |
|
|
|
19,925 |
|
|
Other
intangibles, net |
|
|
2,597 |
|
|
|
2,573 |
|
|
|
2,731 |
|
|
Other real
estate owned |
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
Other
assets |
|
|
64,353 |
|
|
|
58,950 |
|
|
|
66,409 |
|
|
Total assets |
|
$ |
3,819,585 |
|
|
$ |
4,210,316 |
|
|
$ |
3,615,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
1,471,920 |
|
|
$ |
1,691,616 |
|
|
$ |
1,033,765 |
|
|
Interest-bearing checking |
|
|
648,763 |
|
|
|
721,525 |
|
|
|
760,638 |
|
|
Savings |
|
|
884 |
|
|
|
800 |
|
|
|
625 |
|
|
Money market |
|
|
823,127 |
|
|
|
930,929 |
|
|
|
1,030,753 |
|
|
Time |
|
|
288,698 |
|
|
|
287,865 |
|
|
|
241,328 |
|
|
Brokered deposits |
|
|
94,510 |
|
|
|
94,586 |
|
|
|
94,399 |
|
|
Total deposits |
|
|
3,327,902 |
|
|
|
3,727,321 |
|
|
|
3,161,508 |
|
|
Long-term
debt |
|
|
74,089 |
|
|
|
74,024 |
|
|
|
73,807 |
|
|
Other
liabilities |
|
|
44,071 |
|
|
|
45,046 |
|
|
|
41,716 |
|
|
Total liabilities |
|
|
3,446,062 |
|
|
|
3,846,391 |
|
|
|
3,277,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Preferred
stock, no par value; 10,000,000 shares authorized; no shares issued
and outstanding as of December 31, 2021,
September 30, 2021 and December 31, 2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common
stock, no par value; 100,000,000 shares authorized; 20,334,150,
20,305,109, and 20,394,912 shares issued and outstanding as of
December 31, 2021, September 30, 2021 and
December 31, 2020, respectively |
|
|
207,514 |
|
|
|
207,214 |
|
|
|
209,942 |
|
|
Retained
earnings |
|
|
164,283 |
|
|
|
152,619 |
|
|
|
114,137 |
|
|
Accumulated
other comprehensive income |
|
|
1,726 |
|
|
|
4,092 |
|
|
|
14,507 |
|
|
Total shareholders’ equity |
|
|
373,523 |
|
|
|
363,925 |
|
|
|
338,586 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
3,819,585 |
|
|
$ |
4,210,316 |
|
|
$ |
3,615,617 |
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Three months ended |
|
Year ended |
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
22,375 |
|
|
$ |
22,151 |
|
|
$ |
23,352 |
|
|
$ |
21,769 |
|
|
$ |
21,609 |
|
|
$ |
89,647 |
|
|
$ |
85,580 |
|
|
Investment securities |
|
|
4,014 |
|
|
|
3,920 |
|
|
|
3,900 |
|
|
|
3,374 |
|
|
|
3,000 |
|
|
|
15,208 |
|
|
|
11,683 |
|
|
Interest and dividends on other interest‑earning assets |
|
541 |
|
|
|
593 |
|
|
|
366 |
|
|
|
267 |
|
|
|
334 |
|
|
|
1,767 |
|
|
|
1,733 |
|
|
Total interest income |
|
|
26,930 |
|
|
|
26,664 |
|
|
|
27,618 |
|
|
|
25,410 |
|
|
|
24,943 |
|
|
|
106,622 |
|
|
|
98,996 |
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
562 |
|
|
|
789 |
|
|
|
851 |
|
|
|
971 |
|
|
|
1,188 |
|
|
|
3,173 |
|
|
|
7,820 |
|
|
Interest on Federal Home Loan Bank advances |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54 |
|
|
Interest on federal funds purchased and securities sold under
agreements to repurchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
Interest on long-term debt |
|
|
1,096 |
|
|
|
1,106 |
|
|
|
1,107 |
|
|
|
1,094 |
|
|
|
1,111 |
|
|
|
4,403 |
|
|
|
4,108 |
|
|
Total interest expense |
|
|
1,658 |
|
|
|
1,895 |
|
|
|
1,958 |
|
|
|
2,065 |
|
|
|
2,299 |
|
|
|
7,576 |
|
|
|
12,023 |
|
|
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT
LOSSES |
|
|
25,272 |
|
|
|
24,769 |
|
|
|
25,660 |
|
|
|
23,345 |
|
|
|
22,644 |
|
|
|
99,046 |
|
|
|
86,973 |
|
|
Provision for credit losses |
|
|
(731 |
) |
|
|
(2,405 |
) |
|
|
(933 |
) |
|
|
(4,519 |
) |
|
|
481 |
|
|
|
(8,588 |
) |
|
|
17,446 |
|
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT
LOSSES |
|
|
26,003 |
|
|
|
27,174 |
|
|
|
26,593 |
|
|
|
27,864 |
|
|
|
22,163 |
|
|
|
107,634 |
|
|
|
69,527 |
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
1,777 |
|
|
|
1,765 |
|
|
|
1,727 |
|
|
|
1,663 |
|
|
|
1,341 |
|
|
|
6,932 |
|
|
|
4,871 |
|
|
Gains (losses) on sale of securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
(23 |
) |
|
|
2 |
|
|
|
(23 |
) |
|
Gains (losses) on sale of other assets |
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
38 |
|
|
|
(146 |
) |
|
Derivatives income (loss) |
|
|
5 |
|
|
|
21 |
|
|
|
(7 |
) |
|
|
47 |
|
|
|
11 |
|
|
|
66 |
|
|
|
257 |
|
|
Bank owned life insurance |
|
|
386 |
|
|
|
391 |
|
|
|
388 |
|
|
|
391 |
|
|
|
368 |
|
|
|
1,556 |
|
|
|
1,460 |
|
|
SBA lending activities |
|
|
1,451 |
|
|
|
1,276 |
|
|
|
1,231 |
|
|
|
1,225 |
|
|
|
1,015 |
|
|
|
5,183 |
|
|
|
3,104 |
|
|
Other noninterest income |
|
|
936 |
|
|
|
1,118 |
|
|
|
245 |
|
|
|
234 |
|
|
|
310 |
|
|
|
2,533 |
|
|
|
762 |
|
|
Total noninterest income |
|
|
4,555 |
|
|
|
4,609 |
|
|
|
3,584 |
|
|
|
3,562 |
|
|
|
3,016 |
|
|
|
16,310 |
|
|
|
10,285 |
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
10,176 |
|
|
|
10,290 |
|
|
|
10,362 |
|
|
|
10,421 |
|
|
|
8,437 |
|
|
|
41,249 |
|
|
|
34,229 |
|
|
Employee retention credit |
|
|
— |
|
|
|
(3,035 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,035 |
) |
|
|
— |
|
|
Occupancy |
|
|
682 |
|
|
|
756 |
|
|
|
778 |
|
|
|
734 |
|
|
|
767 |
|
|
|
2,950 |
|
|
|
3,183 |
|
|
Equipment and software |
|
|
688 |
|
|
|
857 |
|
|
|
819 |
|
|
|
774 |
|
|
|
969 |
|
|
|
3,138 |
|
|
|
3,337 |
|
|
Professional services |
|
|
653 |
|
|
|
737 |
|
|
|
723 |
|
|
|
922 |
|
|
|
686 |
|
|
|
3,035 |
|
|
|
2,745 |
|
|
Communications and data processing |
|
|
1,011 |
|
|
|
889 |
|
|
|
869 |
|
|
|
792 |
|
|
|
789 |
|
|
|
3,561 |
|
|
|
3,113 |
|
|
Marketing and business development |
|
|
145 |
|
|
|
142 |
|
|
|
138 |
|
|
|
108 |
|
|
|
144 |
|
|
|
533 |
|
|
|
517 |
|
|
Travel, meals and entertainment |
|
|
102 |
|
|
|
91 |
|
|
|
47 |
|
|
|
10 |
|
|
|
14 |
|
|
|
250 |
|
|
|
227 |
|
|
FDIC premiums |
|
|
506 |
|
|
|
478 |
|
|
|
421 |
|
|
|
275 |
|
|
|
241 |
|
|
|
1,680 |
|
|
|
629 |
|
|
Merger and conversion costs |
|
|
846 |
|
|
|
2,899 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,745 |
|
|
|
— |
|
|
Other noninterest expense |
|
|
1,154 |
|
|
|
914 |
|
|
|
1,040 |
|
|
|
1,113 |
|
|
|
1,117 |
|
|
|
4,221 |
|
|
|
4,679 |
|
|
Total noninterest expense |
|
|
15,963 |
|
|
|
15,018 |
|
|
|
15,197 |
|
|
|
15,149 |
|
|
|
13,164 |
|
|
|
61,327 |
|
|
|
52,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
14,595 |
|
|
|
16,765 |
|
|
|
14,980 |
|
|
|
16,277 |
|
|
|
12,015 |
|
|
|
62,617 |
|
|
|
27,153 |
|
|
Provision for income taxes |
|
|
2,931 |
|
|
|
3,461 |
|
|
|
3,164 |
|
|
|
2,915 |
|
|
|
2,065 |
|
|
|
12,471 |
|
|
|
4,613 |
|
|
NET INCOME |
|
$ |
11,664 |
|
|
$ |
13,304 |
|
|
$ |
11,816 |
|
|
$ |
13,362 |
|
|
$ |
9,950 |
|
|
$ |
50,146 |
|
|
$ |
22,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic |
|
$ |
0.57 |
|
|
$ |
0.66 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
0.48 |
|
|
$ |
2.47 |
|
|
$ |
1.06 |
|
|
Net income per common share - diluted |
|
$ |
0.57 |
|
|
$ |
0.65 |
|
|
$ |
0.58 |
|
|
$ |
0.65 |
|
|
$ |
0.48 |
|
|
$ |
2.45 |
|
|
$ |
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - basic |
|
|
20,309,415 |
|
|
|
20,308,761 |
|
|
|
20,332,503 |
|
|
|
20,380,066 |
|
|
|
20,711,089 |
|
|
|
20,276,717 |
|
|
|
21,342,086 |
|
|
Weighted average shares - diluted |
|
|
20,532,447 |
|
|
|
20,507,604 |
|
|
|
20,516,478 |
|
|
|
20,502,184 |
|
|
|
20,795,332 |
|
|
|
20,459,032 |
|
|
|
21,427,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets and Net Interest Margin
Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
|
|
|
|
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 |
|
$ |
476,945 |
|
$ |
201 |
|
0.17 |
% |
|
$ |
594,338 |
|
$ |
266 |
|
0.18 |
% |
|
Other
short-term investments |
|
|
139,094 |
|
|
174 |
|
0.50 |
|
|
|
122,477 |
|
|
156 |
|
0.51 |
|
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
533,088 |
|
|
2,453 |
|
1.83 |
|
|
|
503,420 |
|
|
2,411 |
|
1.90 |
|
|
Non-taxable investment securities (1) |
|
|
226,736 |
|
|
1,954 |
|
3.42 |
|
|
|
230,032 |
|
|
1,885 |
|
3.25 |
|
|
Total
investment securities |
|
|
759,824 |
|
|
4,407 |
|
2.30 |
|
|
|
733,452 |
|
|
4,296 |
|
2.32 |
|
|
Loans |
|
|
2,302,085 |
|
|
22,375 |
|
3.86 |
|
|
|
2,246,529 |
|
|
22,151 |
|
3.91 |
|
|
FHLB and FRB
stock |
|
|
11,972 |
|
|
166 |
|
5.50 |
|
|
|
11,931 |
|
|
171 |
|
5.69 |
|
|
Total interest-earning assets |
|
|
3,689,920 |
|
|
27,323 |
|
2.94 |
|
|
|
3,708,727 |
|
|
27,040 |
|
2.89 |
|
|
Non-earning
assets |
|
|
193,712 |
|
|
|
|
|
|
|
|
184,322 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,883,632 |
|
|
|
|
|
|
|
$ |
3,893,049 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and savings |
|
|
1,526,469 |
|
|
453 |
|
0.12 |
|
|
|
1,665,462 |
|
|
680 |
|
0.16 |
|
|
Time deposits |
|
|
287,617 |
|
|
44 |
|
0.06 |
|
|
|
285,808 |
|
|
50 |
|
0.07 |
|
|
Brokered deposits |
|
|
94,271 |
|
|
65 |
|
0.27 |
|
|
|
87,498 |
|
|
59 |
|
0.27 |
|
|
Total interest-bearing deposits |
|
|
1,908,357 |
|
|
562 |
|
0.12 |
|
|
|
2,038,768 |
|
|
789 |
|
0.15 |
|
|
Total
borrowings |
|
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
— |
|
|
Total
long-term debt |
|
|
74,046 |
|
|
1,096 |
|
5.87 |
|
|
|
73,978 |
|
|
1,106 |
|
5.93 |
|
|
Total interest-bearing liabilities |
|
|
1,982,403 |
|
|
1,658 |
|
0.33 |
|
|
|
2,112,746 |
|
|
1,895 |
|
0.36 |
|
|
Demand
deposits |
|
|
1,487,405 |
|
|
|
|
|
|
|
|
1,375,114 |
|
|
|
|
|
|
|
Other
liabilities |
|
|
44,339 |
|
|
|
|
|
|
|
|
45,889 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
369,485 |
|
|
|
|
|
|
|
|
359,300 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
3,883,632 |
|
|
|
|
|
|
|
$ |
3,893,049 |
|
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
2.61 |
% |
|
|
|
|
|
|
|
2.53 |
% |
|
Net interest
income and net interest margin (2) |
|
|
|
|
$ |
25,665 |
|
2.76 |
% |
|
|
|
|
$ |
25,145 |
|
2.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
2.72 |
% |
|
|
|
|
|
|
2.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
December 31, 2021 |
|
|
December 31, 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 |
|
$ |
476,945 |
|
$ |
201 |
|
0.17 |
% |
|
$ |
435,939 |
|
$ |
141 |
|
0.13 |
% |
|
Other
short-term investments |
|
|
139,094 |
|
|
174 |
|
0.50 |
|
|
|
— |
|
|
— |
|
— |
|
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
533,088 |
|
|
2,453 |
|
1.83 |
|
|
|
275,872 |
|
|
1,587 |
|
2.29 |
|
|
Non-taxable investment securities (1) |
|
|
226,736 |
|
|
1,954 |
|
3.42 |
|
|
|
215,262 |
|
|
1,758 |
|
3.25 |
|
|
Total
investment securities |
|
|
759,824 |
|
|
4,407 |
|
2.30 |
|
|
|
491,134 |
|
|
3,345 |
|
2.71 |
|
|
Loans |
|
|
2,302,085 |
|
|
22,375 |
|
3.86 |
|
|
|
2,207,956 |
|
|
21,609 |
|
3.89 |
|
|
FHLB and FRB
stock |
|
|
11,972 |
|
|
166 |
|
5.50 |
|
|
|
12,699 |
|
|
193 |
|
6.05 |
|
|
Total interest-earning assets |
|
|
3,689,920 |
|
|
27,323 |
|
2.94 |
|
|
|
3,147,728 |
|
|
25,288 |
|
3.20 |
|
|
Non-earning
assets |
|
|
193,712 |
|
|
|
|
|
|
|
|
180,991 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,883,632 |
|
|
|
|
|
|
|
$ |
3,328,719 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and savings |
|
|
1,526,469 |
|
|
453 |
|
0.12 |
|
|
|
1,585,928 |
|
|
1,043 |
|
0.26 |
|
|
Time deposits |
|
|
287,617 |
|
|
44 |
|
0.06 |
|
|
|
221,792 |
|
|
72 |
|
0.13 |
|
|
Brokered deposits |
|
|
94,271 |
|
|
65 |
|
0.27 |
|
|
|
89,673 |
|
|
73 |
|
0.32 |
|
|
Total interest-bearing deposits |
|
|
1,908,357 |
|
|
562 |
|
0.12 |
|
|
|
1,897,393 |
|
|
1,188 |
|
0.25 |
|
|
Total
borrowings |
|
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
— |
|
|
Total
long-term debt |
|
|
74,046 |
|
|
1,096 |
|
5.87 |
|
|
|
73,811 |
|
|
1,111 |
|
5.99 |
|
|
Total interest-bearing liabilities |
|
|
1,982,403 |
|
|
1,658 |
|
0.33 |
|
|
|
1,971,204 |
|
|
2,299 |
|
0.46 |
|
|
Demand
deposits |
|
|
1,487,405 |
|
|
|
|
|
|
|
|
977,009 |
|
|
|
|
|
|
|
Other
liabilities |
|
|
44,339 |
|
|
|
|
|
|
|
|
41,558 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
369,485 |
|
|
|
|
|
|
|
|
338,948 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
3,883,632 |
|
|
|
|
|
|
|
$ |
3,328,719 |
|
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
2.61 |
% |
|
|
|
|
|
|
|
2.73 |
% |
|
Net interest
income and net interest margin (2) |
|
|
|
|
$ |
25,665 |
|
2.76 |
% |
|
|
|
|
$ |
22,989 |
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
2.72 |
% |
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
|
|
December 31, 2021 |
|
|
December 31, 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 |
|
$ |
580,203 |
|
$ |
835 |
|
0.14 |
% |
|
$ |
220,225 |
|
$ |
897 |
|
0.41 |
% |
|
Other
short-term investments |
|
|
65,930 |
|
|
330 |
|
0.50 |
|
|
|
27 |
|
|
— |
|
— |
|
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
455,466 |
|
|
9,145 |
|
2.01 |
|
|
|
253,799 |
|
|
6,316 |
|
2.49 |
|
|
Non-taxable investment securities (1) |
|
|
227,501 |
|
|
7,573 |
|
3.33 |
|
|
|
202,623 |
|
|
6,845 |
|
3.38 |
|
|
Total
investment securities |
|
|
682,967 |
|
|
16,718 |
|
2.45 |
|
|
|
456,422 |
|
|
13,161 |
|
2.88 |
|
|
Loans |
|
|
2,263,335 |
|
|
89,647 |
|
3.96 |
|
|
|
2,105,930 |
|
|
85,580 |
|
4.06 |
|
|
FHLB and FRB
stock |
|
|
12,129 |
|
|
602 |
|
4.96 |
|
|
|
14,172 |
|
|
836 |
|
5.90 |
|
|
Total interest-earning assets |
|
|
3,604,564 |
|
|
108,132 |
|
3.00 |
|
|
|
2,796,776 |
|
|
100,474 |
|
3.59 |
|
|
Non-earning
assets |
|
|
186,479 |
|
|
|
|
|
|
|
|
185,446 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,791,043 |
|
|
|
|
|
|
|
$ |
2,982,222 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money
market, and savings |
|
|
1,622,596 |
|
|
2,692 |
|
0.17 |
|
|
|
1,444,699 |
|
|
6,931 |
|
0.48 |
|
|
Time
deposits |
|
|
284,385 |
|
|
236 |
|
0.08 |
|
|
|
135,309 |
|
|
269 |
|
0.20 |
|
|
Brokered
deposits |
|
|
87,676 |
|
|
245 |
|
0.28 |
|
|
|
83,274 |
|
|
620 |
|
0.74 |
|
|
Total
interest-bearing deposits |
|
|
1,994,657 |
|
|
3,173 |
|
0.16 |
|
|
|
1,663,282 |
|
|
7,820 |
|
0.47 |
|
|
Total
borrowings |
|
|
22 |
|
|
— |
|
— |
|
|
|
37,473 |
|
|
95 |
|
0.25 |
|
|
Total
long-term debt |
|
|
73,940 |
|
|
4,403 |
|
5.95 |
|
|
|
64,162 |
|
|
4,108 |
|
6.40 |
|
|
Total interest-bearing liabilities |
|
|
2,068,619 |
|
|
7,576 |
|
0.37 |
|
|
|
1,764,917 |
|
|
12,023 |
|
0.68 |
|
|
Demand
deposits |
|
|
1,324,797 |
|
|
|
|
|
|
|
|
840,421 |
|
|
|
|
|
|
|
Other
liabilities |
|
|
43,483 |
|
|
|
|
|
|
|
|
39,005 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
354,144 |
|
|
|
|
|
|
|
|
337,879 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
3,791,043 |
|
|
|
|
|
|
|
$ |
2,982,222 |
|
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
2.63 |
% |
|
|
|
|
|
|
|
2.91 |
% |
|
Net interest
income and net interest margin (2) |
|
|
|
|
$ |
100,556 |
|
2.79 |
% |
|
|
|
|
$ |
88,451 |
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
2.75 |
% |
|
|
|
|
|
|
|
3.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
Quarter |
|
Year |
|
(dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
Change |
|
Change |
|
Loans held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
2,087 |
|
|
$ |
11,814 |
|
|
$ |
— |
|
|
$ |
1,847 |
|
|
$ |
— |
|
|
$ |
(9,727 |
) |
|
$ |
2,087 |
|
|
Total loans held for sale |
|
$ |
2,087 |
|
|
$ |
11,814 |
|
|
$ |
— |
|
|
$ |
1,847 |
|
|
$ |
— |
|
|
$ |
(9,727 |
) |
|
$ |
2,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - other |
|
$ |
863,060 |
|
|
$ |
790,437 |
|
|
$ |
767,646 |
|
|
$ |
735,287 |
|
|
$ |
760,645 |
|
|
$ |
72,623 |
|
|
$ |
102,415 |
|
|
Commercial and industrial - PPP |
|
|
17,919 |
|
|
|
48,304 |
|
|
|
105,684 |
|
|
|
218,766 |
|
|
|
192,160 |
|
|
|
(30,385 |
) |
|
|
(174,241 |
) |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
73,581 |
|
|
|
62,906 |
|
|
|
58,632 |
|
|
|
80,507 |
|
|
|
66,262 |
|
|
|
10,675 |
|
|
|
7,319 |
|
|
Owner occupied |
|
|
438,630 |
|
|
|
413,875 |
|
|
|
392,108 |
|
|
|
381,018 |
|
|
|
373,689 |
|
|
|
24,755 |
|
|
|
64,941 |
|
|
Investment |
|
|
548,143 |
|
|
|
483,538 |
|
|
|
506,230 |
|
|
|
480,566 |
|
|
|
469,150 |
|
|
|
64,605 |
|
|
|
78,993 |
|
|
Construction and land: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1‑4 family residential construction |
|
|
297 |
|
|
|
2,338 |
|
|
|
2,074 |
|
|
|
1,578 |
|
|
|
1,171 |
|
|
|
(2,041 |
) |
|
|
(874 |
) |
|
Other construction, development, and land |
|
|
153,639 |
|
|
|
202,810 |
|
|
|
178,423 |
|
|
|
141,218 |
|
|
|
144,424 |
|
|
|
(49,171 |
) |
|
|
9,215 |
|
|
Total commercial loans |
|
|
2,095,269 |
|
|
|
2,004,208 |
|
|
|
2,010,797 |
|
|
|
2,038,940 |
|
|
|
2,007,501 |
|
|
|
91,061 |
|
|
|
87,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
45,816 |
|
|
|
47,076 |
|
|
|
45,207 |
|
|
|
31,817 |
|
|
|
33,783 |
|
|
|
(1,260 |
) |
|
|
12,033 |
|
|
Home equity |
|
|
27,315 |
|
|
|
28,943 |
|
|
|
24,972 |
|
|
|
26,293 |
|
|
|
25,443 |
|
|
|
(1,628 |
) |
|
|
1,872 |
|
|
Total residential loans |
|
|
73,131 |
|
|
|
76,019 |
|
|
|
70,179 |
|
|
|
58,110 |
|
|
|
59,226 |
|
|
|
(2,888 |
) |
|
|
13,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
197,955 |
|
|
|
192,462 |
|
|
|
184,203 |
|
|
|
203,176 |
|
|
|
176,066 |
|
|
|
5,493 |
|
|
|
21,889 |
|
|
Other |
|
|
4,733 |
|
|
|
4,921 |
|
|
|
5,234 |
|
|
|
7,689 |
|
|
|
13,897 |
|
|
|
(188 |
) |
|
|
(9,164 |
) |
|
|
|
|
2,371,088 |
|
|
|
2,277,610 |
|
|
|
2,270,413 |
|
|
|
2,307,915 |
|
|
|
2,256,690 |
|
|
|
93,478 |
|
|
|
114,398 |
|
|
Less net deferred fees and other unearned income |
|
|
(3,854 |
) |
|
|
(3,754 |
) |
|
|
(5,514 |
) |
|
|
(7,101 |
) |
|
|
(7,654 |
) |
|
|
(100 |
) |
|
|
3,800 |
|
|
Total loans held for investment |
|
$ |
2,367,234 |
|
|
$ |
2,273,856 |
|
|
$ |
2,264,899 |
|
|
$ |
2,300,814 |
|
|
$ |
2,249,036 |
|
|
$ |
93,378 |
|
|
$ |
118,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
2,369,321 |
|
|
$ |
2,285,670 |
|
|
$ |
2,264,899 |
|
|
$ |
2,302,661 |
|
|
$ |
2,249,036 |
|
|
$ |
83,651 |
|
|
$ |
120,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
unfunded commitments |
|
$ |
1,079,769 |
|
|
$ |
848,642 |
|
|
$ |
804,784 |
|
|
$ |
789,869 |
|
|
$ |
813,757 |
|
|
$ |
231,127 |
|
|
$ |
266,012 |
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses Activity and Credit
Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
23,924 |
|
|
$ |
26,123 |
|
|
$ |
27,506 |
|
|
$ |
31,818 |
|
|
$ |
31,894 |
|
|
Provision for loan losses |
|
|
(1,108 |
) |
|
|
(2,221 |
) |
|
|
(814 |
) |
|
|
(4,074 |
) |
|
|
225 |
|
|
Loans charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
(215 |
) |
|
|
(131 |
) |
|
|
(386 |
) |
|
|
(288 |
) |
|
|
(401 |
) |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Residential mortgages |
|
|
(501 |
) |
|
|
— |
|
|
|
(223 |
) |
|
|
— |
|
|
|
— |
|
|
Home equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total loans charged-off |
|
|
(716 |
) |
|
|
(131 |
) |
|
|
(609 |
) |
|
|
(288 |
) |
|
|
(401 |
) |
|
Recoveries on loans previously charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
81 |
|
|
|
151 |
|
|
|
6 |
|
|
|
50 |
|
|
|
37 |
|
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44 |
|
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
Residential mortgages |
|
|
3 |
|
|
|
— |
|
|
|
32 |
|
|
|
— |
|
|
|
— |
|
|
Home equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
1 |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total recoveries |
|
|
86 |
|
|
|
153 |
|
|
|
40 |
|
|
|
50 |
|
|
|
100 |
|
|
Net charge-offs |
|
$ |
(630 |
) |
|
$ |
22 |
|
|
$ |
(569 |
) |
|
$ |
(238 |
) |
|
$ |
(301 |
) |
|
Balance at
period end |
|
$ |
22,186 |
|
|
$ |
23,924 |
|
|
$ |
26,123 |
|
|
$ |
27,506 |
|
|
$ |
31,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period |
|
$ |
2,380 |
|
|
$ |
2,565 |
|
|
$ |
2,683 |
|
|
$ |
3,128 |
|
|
$ |
2,871 |
|
|
Provision for unfunded commitments |
|
|
377 |
|
|
|
(185 |
) |
|
|
(118 |
) |
|
|
(445 |
) |
|
|
257 |
|
|
Balance at
period end |
|
$ |
2,757 |
|
|
$ |
2,380 |
|
|
$ |
2,565 |
|
|
$ |
2,683 |
|
|
$ |
3,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for credit losses - loans and unfunded commitments |
|
$ |
24,943 |
|
|
$ |
26,304 |
|
|
$ |
28,688 |
|
|
$ |
30,189 |
|
|
$ |
34,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses under CECL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
(1,108 |
) |
|
|
(2,221 |
) |
|
|
(814 |
) |
|
|
(4,074 |
) |
|
|
225 |
|
|
Provision for securities held to maturity credit losses |
|
|
- |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
|
Provision for unfunded commitments |
|
|
377 |
|
|
|
(185 |
) |
|
|
(118 |
) |
|
|
(445 |
) |
|
|
257 |
|
|
Total
provision for credit losses |
|
$ |
(731 |
) |
|
$ |
(2,405 |
) |
|
$ |
(933 |
) |
|
$ |
(4,519 |
) |
|
$ |
481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
4,153 |
|
|
$ |
4,077 |
|
|
$ |
5,194 |
|
|
$ |
2,056 |
|
|
$ |
4,862 |
|
|
Foreclosed
properties (OREO) |
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
16 |
|
|
|
16 |
|
|
Total nonperforming assets |
|
$ |
4,153 |
|
|
$ |
4,077 |
|
|
$ |
5,210 |
|
|
$ |
2,072 |
|
|
$ |
4,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans held for investment |
|
|
0.94 |
|
% |
|
1.05 |
|
% |
|
1.15 |
|
% |
|
1.20 |
|
% |
|
1.41 |
|
% |
Allowance
for credit losses to loans held for investment |
|
|
1.05 |
|
% |
|
1.16 |
|
% |
|
1.27 |
|
% |
|
1.31 |
|
% |
|
1.55 |
|
% |
Allowance
for credit losses to loans held for investment excluding PPP
loans |
|
|
1.06 |
|
% |
|
1.18 |
|
% |
|
1.33 |
|
% |
|
1.45 |
|
% |
|
1.70 |
|
% |
Net
charge-offs to average loans (1) |
|
|
0.11 |
|
|
|
0.00 |
|
|
|
0.10 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
Non-performing loans as a percentage of total loans |
|
|
0.18 |
|
% |
|
0.18 |
|
% |
|
0.23 |
|
% |
|
0.09 |
|
% |
|
0.22 |
|
% |
Non-performing assets as a percentage of total assets |
|
|
0.11 |
|
% |
|
0.10 |
|
% |
|
0.14 |
|
% |
|
0.06 |
|
% |
|
0.13 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
Quarter |
|
Year Over |
|
(dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
Change |
|
Year Change |
|
DDA |
|
$ |
1,471,920 |
|
$ |
1,691,616 |
|
$ |
1,374,018 |
|
$ |
1,280,524 |
|
$ |
1,033,765 |
|
$ |
(219,696 |
) |
|
$ |
438,155 |
|
|
NOW |
|
|
648,763 |
|
|
721,525 |
|
|
536,677 |
|
|
485,540 |
|
|
760,638 |
|
|
(72,762 |
) |
|
|
(111,875 |
) |
|
Savings |
|
|
884 |
|
|
800 |
|
|
676 |
|
|
562 |
|
|
625 |
|
|
84 |
|
|
|
259 |
|
|
Money
market |
|
|
823,127 |
|
|
930,929 |
|
|
1,026,239 |
|
|
1,142,361 |
|
|
1,030,753 |
|
|
(107,802 |
) |
|
|
(207,626 |
) |
|
Time |
|
|
288,698 |
|
|
287,865 |
|
|
283,656 |
|
|
294,129 |
|
|
241,328 |
|
|
833 |
|
|
|
47,370 |
|
|
Brokered |
|
|
94,510 |
|
|
94,586 |
|
|
84,958 |
|
|
74,576 |
|
|
94,399 |
|
|
(76 |
) |
|
|
111 |
|
|
Total deposits |
|
$ |
3,327,902 |
|
$ |
3,727,321 |
|
$ |
3,306,224 |
|
$ |
3,277,692 |
|
$ |
3,161,508 |
|
$ |
(399,419 |
) |
|
$ |
166,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Linked |
|
|
|
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
Quarter |
|
Q4 2021
vs |
|
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Change |
|
Q4 2020 |
|
DDA |
|
$ |
1,487,405 |
|
$ |
1,375,114 |
|
$ |
1,295,728 |
|
$ |
1,136,531 |
|
$ |
977,009 |
|
$ |
112,291 |
|
|
$ |
510,396 |
|
|
NOW |
|
|
650,668 |
|
|
607,485 |
|
|
548,358 |
|
|
618,701 |
|
|
558,967 |
|
|
43,183 |
|
|
$ |
91,701 |
|
|
Savings |
|
|
875 |
|
|
731 |
|
|
593 |
|
|
587 |
|
|
614 |
|
|
144 |
|
|
$ |
261 |
|
|
Money
market |
|
|
874,926 |
|
|
1,057,246 |
|
|
1,088,423 |
|
|
1,042,809 |
|
|
1,026,347 |
|
|
(182,320 |
) |
|
$ |
(151,421 |
) |
|
Time |
|
|
287,617 |
|
|
285,808 |
|
|
290,331 |
|
|
273,615 |
|
|
221,792 |
|
|
1,809 |
|
|
$ |
65,825 |
|
|
Brokered |
|
|
94,271 |
|
|
87,498 |
|
|
84,168 |
|
|
84,663 |
|
|
89,673 |
|
|
6,773 |
|
|
$ |
4,598 |
|
|
Total deposits |
|
$ |
3,395,762 |
|
$ |
3,413,882 |
|
$ |
3,307,601 |
|
$ |
3,156,906 |
|
$ |
2,874,402 |
|
$ |
(18,120 |
) |
|
$ |
521,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing deposits as a percentage of average deposits |
|
|
43.8 |
% |
|
40.3 |
% |
|
39.2 |
% |
|
36.0 |
% |
|
34.0 |
% |
|
|
|
|
|
|
Cost of
interest-bearing deposits |
|
|
0.12 |
% |
|
0.15 |
% |
|
0.17 |
% |
|
0.19 |
% |
0.25 |
% |
|
|
|
|
|
|
Cost of
deposits |
|
|
0.07 |
% |
|
0.08 |
% |
|
0.10 |
% |
|
0.12 |
% |
|
0.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Performance and Financial Measures
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months |
|
|
|
|
2021 |
|
2020 |
|
ended December 31, |
|
|
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent interest income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - GAAP |
|
$ |
26,930 |
|
|
$ |
26,664 |
|
|
$ |
27,618 |
|
|
$ |
25,410 |
|
|
$ |
24,943 |
|
|
$ |
106,622 |
|
|
$ |
98,996 |
|
|
|
Taxable equivalent adjustment |
|
|
393 |
|
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
1,510 |
|
|
|
1,478 |
|
|
|
Interest income - taxable equivalent |
|
$ |
27,323 |
|
|
$ |
27,040 |
|
|
$ |
27,993 |
|
|
$ |
25,775 |
|
|
$ |
25,288 |
|
|
$ |
108,132 |
|
|
$ |
100,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
|
$ |
25,272 |
|
|
$ |
24,769 |
|
|
$ |
25,660 |
|
|
$ |
23,345 |
|
|
$ |
22,644 |
|
|
$ |
99,046 |
|
|
$ |
86,973 |
|
|
|
Taxable equivalent adjustment |
|
|
393 |
|
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
1,510 |
|
|
|
1,478 |
|
|
|
Net interest income - taxable equivalent |
|
$ |
25,665 |
|
|
$ |
25,145 |
|
|
$ |
26,035 |
|
|
$ |
23,710 |
|
|
$ |
22,989 |
|
|
$ |
100,556 |
|
|
$ |
88,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield excluding PPP loans reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield - GAAP |
|
|
3.86 |
|
% |
3.91 |
|
% |
4.19 |
|
% |
3.89 |
|
% |
3.89 |
|
% |
3.96 |
|
% |
4.06 |
|
% |
|
Impact of PPP loans |
|
|
(0.11 |
) |
|
|
(0.20 |
) |
|
|
(0.24 |
) |
|
|
(0.06 |
) |
|
|
(0.03 |
) |
|
|
(0.15 |
) |
|
|
0.10 |
|
|
|
Loan yield excluding PPP loans |
|
|
3.75 |
|
% |
3.71 |
|
% |
3.95 |
|
% |
3.83 |
|
% |
3.86 |
|
% |
3.81 |
|
% |
4.16 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
|
2.72 |
|
% |
|
2.65 |
|
% |
|
2.87 |
|
% |
|
2.76 |
|
% |
|
2.86 |
|
% |
|
2.75 |
|
% |
|
3.11 |
|
% |
|
Impact of taxable equivalent adjustment |
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
Net interest margin - taxable equivalent |
|
|
2.76 |
|
% |
|
2.69 |
|
% |
|
2.91 |
|
% |
|
2.81 |
|
% |
|
2.91 |
|
% |
|
2.79 |
|
% |
|
3.16 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin excluding PPP loans
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - taxable equivalent |
|
|
2.76 |
|
% |
|
2.69 |
|
% |
|
2.91 |
|
% |
|
2.81 |
|
% |
|
2.91 |
|
% |
|
2.79 |
|
% |
|
3.11 |
|
% |
|
Impact of PPP loans |
|
|
(0.08 |
) |
|
|
(0.15 |
) |
|
|
(0.21 |
) |
|
|
(0.11 |
) |
|
|
(0.10 |
) |
|
|
(0.13 |
) |
|
|
0.07 |
|
|
|
Net interest margin - taxable equivalent excluding PPP
loans |
|
2.68 |
|
% |
|
2.54 |
|
% |
|
2.70 |
|
% |
|
2.70 |
|
% |
|
2.81 |
|
% |
|
2.66 |
|
% |
|
3.18 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent income before income taxes
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes - GAAP |
|
$ |
14,595 |
|
|
$ |
16,765 |
|
|
$ |
14,980 |
|
|
$ |
16,277 |
|
|
$ |
12,015 |
|
|
$ |
62,617 |
|
|
$ |
27,153 |
|
|
|
Taxable equivalent adjustment |
|
|
393 |
|
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
1,510 |
|
|
|
1,478 |
|
|
|
Income before income taxes |
|
$ |
14,988 |
|
|
$ |
17,141 |
|
|
$ |
15,355 |
|
|
$ |
16,642 |
|
|
$ |
12,360 |
|
|
$ |
64,127 |
|
|
$ |
28,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent income tax expense
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense - GAAP |
|
$ |
2,931 |
|
|
$ |
3,461 |
|
|
$ |
3,164 |
|
|
$ |
2,915 |
|
|
$ |
2,065 |
|
|
$ |
12,471 |
|
|
$ |
4,613 |
|
|
|
Taxable equivalent adjustment |
|
|
393 |
|
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
1,510 |
|
|
|
1,478 |
|
|
|
Income tax expense |
|
$ |
3,324 |
|
|
$ |
3,837 |
|
|
$ |
3,539 |
|
|
$ |
3,280 |
|
|
$ |
2,410 |
|
|
$ |
13,981 |
|
|
$ |
6,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
373,523 |
|
|
$ |
363,925 |
|
|
$ |
353,185 |
|
|
$ |
340,328 |
|
|
$ |
338,586 |
|
|
$ |
373,523 |
|
|
$ |
338,586 |
|
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
Total tangible common equity |
|
$ |
353,598 |
|
|
$ |
344,000 |
|
|
$ |
333,260 |
|
|
$ |
320,403 |
|
|
$ |
318,661 |
|
|
$ |
353,598 |
|
|
$ |
318,661 |
|
|
|
Common shares outstanding |
|
|
20,334,150 |
|
|
|
20,305,109 |
|
|
|
20,319,429 |
|
|
|
20,354,077 |
|
|
|
20,394,912 |
|
|
|
20,334,150 |
|
|
|
20,394,912 |
|
|
|
Book value per common share - GAAP |
|
$ |
18.37 |
|
|
$ |
17.92 |
|
|
$ |
17.38 |
|
|
$ |
16.72 |
|
|
$ |
16.60 |
|
|
$ |
18.37 |
|
|
$ |
16.60 |
|
|
|
Tangible book value |
|
|
17.39 |
|
|
|
16.94 |
|
|
|
16.40 |
|
|
|
15.74 |
|
|
|
15.62 |
|
|
|
17.39 |
|
|
|
15.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
373,523 |
|
|
$ |
363,925 |
|
|
$ |
353,185 |
|
|
$ |
340,328 |
|
|
$ |
338,586 |
|
|
$ |
373,523 |
|
|
$ |
338,586 |
|
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
Total tangible common equity |
|
$ |
353,598 |
|
|
$ |
344,000 |
|
|
$ |
333,260 |
|
|
$ |
320,403 |
|
|
$ |
318,661 |
|
|
$ |
353,598 |
|
|
$ |
318,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,819,585 |
|
|
$ |
4,210,316 |
|
|
$ |
3,780,445 |
|
|
$ |
3,732,668 |
|
|
$ |
3,615,617 |
|
|
$ |
3,819,585 |
|
|
$ |
3,615,617 |
|
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
Total tangible assets |
|
$ |
3,799,660 |
|
|
$ |
4,190,391 |
|
|
$ |
3,760,520 |
|
|
$ |
3,712,743 |
|
|
$ |
3,595,692 |
|
|
$ |
3,799,660 |
|
|
$ |
3,595,692 |
|
|
|
Tangible common equity to tangible assets |
|
|
9.31 |
|
% |
|
8.21 |
|
% |
|
8.86 |
|
% |
|
8.63 |
|
% |
|
8.86 |
|
% |
|
9.31 |
|
% |
|
8.86 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans held for investment
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held for investment |
|
$ |
2,367,234 |
|
|
$ |
2,273,856 |
|
|
$ |
2,264,899 |
|
|
$ |
2,300,814 |
|
|
$ |
2,249,036 |
|
|
$ |
2,367,234 |
|
|
$ |
2,249,036 |
|
|
|
PPP loans |
|
|
(17,919 |
) |
|
|
(48,304 |
) |
|
|
(105,684 |
) |
|
|
(218,766 |
) |
|
|
(192,160 |
) |
|
|
(17,919 |
) |
|
|
(192,160 |
) |
|
|
Total loans held for investment excluding PPP loans |
|
$ |
2,349,315 |
|
|
$ |
2,225,552 |
|
|
$ |
2,159,215 |
|
|
$ |
2,082,048 |
|
|
$ |
2,056,876 |
|
|
$ |
2,349,315 |
|
|
$ |
2,056,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans held for investment |
|
|
1.05 |
|
% |
|
1.16 |
|
% |
|
1.27 |
|
% |
|
1.31 |
|
% |
|
1.55 |
|
% |
|
1.05 |
|
% |
|
1.55 |
|
% |
|
Allowance for credit losses to loans held for investment excluding
PPP loans |
|
|
1.06 |
|
% |
|
1.18 |
|
% |
|
1.33 |
|
% |
|
1.45 |
|
% |
|
1.70 |
|
% |
|
1.06 |
|
% |
|
1.70 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic Capital Bancsha... (NASDAQ:ACBI)
Historical Stock Chart
From Apr 2024 to May 2024
Atlantic Capital Bancsha... (NASDAQ:ACBI)
Historical Stock Chart
From May 2023 to May 2024