Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced net
income from continuing operations for the quarter ended June 30,
2020 of $1.8 million, or $0.09 per diluted share, compared to $7.0
million, or $0.29 per diluted share, for the second quarter of 2019
and $2.1 million, or $0.10 per diluted share, for the first quarter
of 2020.
“With solid growth in loans and deposits, a
significant decline in deposit costs, and disciplined expense
management, Atlantic Capital grew earnings before taxes and
provision for potential credit losses at a strong pace from the
first quarter of 2020 and from the second quarter of 2019. These
solid operating results, along with another substantial addition to
the allowance for credit losses, further buttress Atlantic
Capital’s fortress balance sheet for the uncertain economic
environment ahead. As the second quarter progressed, our borrowers
generally reported improved business results and are cautiously
optimistic about the remainder of 2020,” remarked Douglas Williams,
President and Chief Executive Officer.
Second Quarter Highlights(1)
- Capital ratios remained strong, with a tangible common equity
to tangible assets ratio of 11.0% and total risk-based capital
ratio of 14.8%.
- Tangible book value per share increased to $14.72 from $14.54
at March 31, 2020.
- Total loans held for investment increased $251.8 million, or
52.1% annualized, from March 31, 2020. Included in the increase are
$234 million in SBA Paycheck Protection Program (“PPP”) loans.
- Average deposits from continuing operations increased $155.4
million, or 27.6% annualized, compared to the first quarter of
2020.
- Cost of deposits from continuing operations decreased to 0.22%
from 0.75% in the first quarter of 2020.
- Efficiency ratio improved to 53.8% compared to 55.0% in the
first quarter of 2020.
- Allowance for credit losses increased to 1.61% of loans held
for investment compared to 1.43% at March 31, 2020. Excluding the
impact of PPP loans, the allowance for credit losses at June 30,
2020 was 1.80% of total loans held for investment.
Income Statement
Taxable equivalent net interest income from
continuing operations totaled $22.0 million for the second quarter
of 2020, an increase of $2.0 million, or 10.1%, from the second
quarter of 2019, and an increase of $782,000, or 14.8% annualized,
from the first quarter of 2020. The linked quarter increase in net
interest income was primarily driven by the addition of the PPP
loans during the second quarter.
Taxable equivalent net interest margin from
continuing operations was 3.23% in the second quarter of 2020, a
decrease of 38 basis points from the second quarter of 2019 and a
decrease of 18 basis points from the first quarter of 2020. The
linked quarter decrease was primarily the result of a decrease in
loan yields and the addition of the lower yielding PPP loans,
partially offset by a decrease in the cost of interest bearing
deposits. The PPP loans had an adverse impact of approximately 14
basis points on the net interest margin for the second quarter of
2020.
The yield on loans from continuing operations in
the second quarter of 2020 was 3.87%, a decrease of 147 basis
points from the second quarter of 2019 and a decrease of 90 basis
points from the first quarter of 2020. The decrease in loan yields
was due primarily to the repricing of variable rate loans from
declines in short term interest rates and the addition of lower
yielding PPP loans. The PPP loans had an adverse impact of
approximately 22 basis points on loan yields for the second quarter
of 2020.
The cost of deposits from continuing operations
in the second quarter of 2020 was 0.22%, a decrease of 93 basis
points from the second quarter of 2019 and a decrease of 53 basis
points from the first quarter of 2020. The cost of interest bearing
deposits from continuing operations decreased 133 basis points to
0.33% from the second quarter of 2019, and decreased 76 basis
points from the first quarter of 2020.
(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.
The provision for credit losses for continuing
operations was $8.9 million in the second quarter of 2020 compared
to $698,000 in the second quarter of 2019 and $8.1 million in the
first quarter of 2020. The provision for credit losses in the
second quarter of 2020 included an $8.2 million provision for loan
losses and a $642,000 provision for unfunded commitments.
Annualized net charge-offs were 0.29% of average loans in the
second quarter of 2020 and 0.17% for the first six months of
2020.
Noninterest income from continuing operations
totaled $2.3 million in the second quarter of 2020 compared to $2.9
million in the second quarter of 2019 and $2.4 million in the first
quarter of 2020. Service charge income in the second quarter of
2020 totaled $1.1 million, an increase of $211,000 compared to the
second quarter of 2019 and a decrease of $151,000 from the first
quarter of 2020. The linked-quarter decrease in service charge
income was primarily due to the COVID-19 related impact on ACH
volumes in our payments business. SBA income totaled $768,000, a
decrease from $1.10 million in the second quarter of 2019 and an
increase from $414,000 in the first quarter of 2020, primarily from
an increase in loans sold during the second quarter of 2020.
Noninterest expense from continuing operations
totaled $12.9 million in the second quarter of 2020, a decrease of
$350,000 compared to the second quarter of 2019 and unchanged
compared to the first quarter of 2020. Salaries and employee
benefits totaled $8.5 million in the second quarter of 2020,
unchanged from the previous quarter as the seasonal decrease in
first quarter benefits costs were offset by higher salaries and an
increase in incentive accruals. Approximately $293,000 in incentive
expense was incurred in the second quarter of 2020 related to
COVID-19 pay for employees.
The year-to-date 2020 effective tax rate from
continuing operations was 14.7% 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.
Balance Sheet
Total loans held for investment were $2.18
billion at June 30, 2020, an increase of $395.0 million, or 22.0%,
from June 30, 2019 and an increase of $251.8 million, or 52.1%
annualized, from March 31, 2020. Excluding the $234.0 million in
PPP loans funded during the second quarter of 2020, loans held for
investment increased $17.7 million, or 3.7% annualized. Consumer
loans increased $55.0 million from March 31, 2020 to $113.1 million
at June 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 1.61% of
total loans held for investment at June 30, 2020, compared to 1.43%
at March 31, 2020. Excluding the impact of PPP loans, the allowance
for credit losses at June 30, 2020 was 1.80% of total loans held
for investment. Non-performing assets totaled $7.2 million, or
0.25% of total assets, as of June 30, 2020, compared to $7.3
million, or 0.27% of total assets, as of March 31, 2020.
Total average deposits from continuing
operations were $2.41 billion for the second quarter of 2020, an
increase of $507.9 million, or 26.7%, from the second quarter of
2019 and an increase of $155.5 million, or 27.6% annualized, from
the first quarter of 2020. Noninterest bearing deposits were 33.8%
of total average deposits from continuing operations in the second
quarter of 2020, compared to 30.9% in the second quarter of 2019
and 31.6% in the first quarter of 2020.
Tangible common equity to tangible assets was
11.0% at June 30, 2020, a decrease from 11.6% at March 31, 2020 due
to the increase in PPP loans in the second quarter. The estimated
total risk based capital ratio was 14.8% at June 30, 2020 compared
to 16.5% at June 30, 2019 and 14.9% at March 31, 2020.
Earnings Conference Call
The Company will host a conference call at 9:00
a.m. EST on Friday, July 24, 2020, to discuss the financial results
for the quarter ended June 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 the
Company's website, www.atlanticcapitalbank.com. A presentation will
be used during the earnings conference call and is available at
http://www.snl.com/IRW/CorporateProfile/4155740.
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) taxable equivalent net
interest margin; (iv) taxable equivalent income before income
taxes; (v) taxable equivalent income tax expense; (vi) tangible
assets; (vii) tangible common equity; (viii) tangible book value
per common share; and (ix) allowance for loan losses to loans held
for investment excluding PPP loans, in its analysis of the
Company's performance. Tangible common equity excludes goodwill and
other intangible assets 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 specialized financial services for
select clients nationally.
Media Contact:
Ashley CarsonEmail: ashley.carson@atlcapbank.com Phone:
404-995-6050
Financial Contact:Patrick OakesEmail:
patrick.oakes@atlcapbank.comPhone: 404-995-6050
ATLANTIC CAPITAL BANCSHARES, INC. |
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Selected Financial Information |
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For the six months ended |
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2020 |
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2019 |
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June 30, |
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(in
thousands, except share and per share data; |
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Second |
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First |
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Fourth |
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Third |
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Second |
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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 (2) |
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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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$ |
26,686 |
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$ |
50,397 |
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$ |
52,983 |
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Interest
expense |
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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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6,709 |
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7,209 |
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12,482 |
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Net interest income |
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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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19,977 |
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43,188 |
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40,501 |
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Provision
for credit losses |
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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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698 |
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16,937 |
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1,512 |
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Net interest income after provision for credit losses |
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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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19,279 |
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26,251 |
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38,989 |
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Noninterest
income |
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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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2,941 |
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4,765 |
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5,277 |
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Noninterest
expense |
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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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13,254 |
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25,781 |
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27,049 |
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Income from continuing operations before income taxes |
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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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8,966 |
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5,235 |
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17,217 |
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Income tax
expense |
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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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1,957 |
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1,262 |
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3,768 |
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Net income from continuing
operations(2)(3) |
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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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7,009 |
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3,973 |
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13,449 |
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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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617 |
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22,143 |
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— |
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21,080 |
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Net income |
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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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$ |
29,152 |
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$ |
3,973 |
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$ |
34,529 |
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PER
SHARE DATA |
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Diluted earnings per share - continuing operations |
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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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$ |
0.29 |
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$ |
0.18 |
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$ |
0.55 |
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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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0.03 |
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0.92 |
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— |
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0.86 |
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Diluted earnings per share |
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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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1.21 |
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0.18 |
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1.41 |
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Book value per share |
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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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14.46 |
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15.64 |
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14.46 |
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Tangible book value per common share (3) |
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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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13.60 |
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14.72 |
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13.60 |
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PERFORMANCE MEASURES |
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Return on average equity |
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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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34.38 |
% |
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2.38 |
% |
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21.07 |
% |
Return on average assets |
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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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4.79 |
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0.28 |
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2.64 |
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Taxable equivalent net interest margin - continuing operations |
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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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3.61 |
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3.32 |
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3.73 |
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Efficiency ratio - continuing operations |
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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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58.06 |
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54.42 |
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59.33 |
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Average loans to average deposits |
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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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93.05 |
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86.23 |
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94.82 |
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CAPITAL |
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Average equity to average assets |
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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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13.94 |
% |
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11.95 |
% |
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12.55 |
% |
Tangible common equity to tangible assets |
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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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13.37 |
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11.01 |
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13.37 |
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Tier 1 capital ratio |
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11.6 |
(4) |
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11.7 |
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12.0 |
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12.5 |
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13.4 |
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11.6 |
(4) |
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13.4 |
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Total risk based capital ratio |
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14.8 |
(4) |
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14.9 |
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15.0 |
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15.5 |
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16.5 |
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14.8 |
(4) |
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16.5 |
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SHARES OUTSTANDING |
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Number of common shares outstanding - basic |
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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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23,293,465 |
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21,477,631 |
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23,293,465 |
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Number of common shares outstanding - diluted |
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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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23,508,442 |
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21,569,050 |
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23,508,442 |
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Average number of common shares - basic |
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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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23,888,381 |
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21,580,855 |
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24,369,106 |
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Average number of common shares - diluted |
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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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24,040,806 |
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21,688,712 |
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24,527,392 |
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ASSET QUALITY |
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Allowance for credit losses to loans held for investment (5) |
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1.61 |
% |
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1.43 |
% |
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1.04 |
% |
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1.03 |
% |
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1.06 |
% |
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1.61 |
% |
|
1.06 |
% |
Net charge-offs to average loans (6) |
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0.29 |
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0.04 |
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0.07 |
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0.11 |
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0.14 |
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0.17 |
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0.12 |
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Non-performing assets to total assets |
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0.24 |
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0.27 |
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0.26 |
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0.29 |
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0.31 |
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|
0.24 |
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|
0.31 |
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AVERAGE BALANCES |
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Total loans - continuing operations |
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$ |
2,131,847 |
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$ |
1,890,184 |
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$ |
1,857,736 |
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$ |
1,801,629 |
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$ |
1,769,803 |
|
$ |
2,011,016 |
|
$ |
1,708,549 |
|
Investment securities |
|
|
462,850 |
|
|
417,971 |
|
|
389,667 |
|
|
340,872 |
|
|
360,047 |
|
|
440,410 |
|
|
379,964 |
|
Total assets |
|
|
2,932,716 |
|
|
2,686,266 |
|
|
2,626,388 |
|
|
2,453,438 |
|
|
2,440,502 |
|
|
2,809,491 |
|
|
2,633,713 |
|
Deposits - continuing operations |
|
|
2,409,958 |
|
|
2,254,505 |
|
|
2,146,626 |
|
|
1,949,657 |
|
|
1,902,076 |
|
|
2,332,231 |
|
|
1,801,874 |
|
Shareholders' equity |
|
|
338,027 |
|
|
333,480 |
|
|
327,543 |
|
|
332,291 |
|
|
340,119 |
|
|
335,754 |
|
|
330,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT
PERIOD END |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and loans held for sale |
|
$ |
2,185,847 |
|
$ |
1,932,909 |
|
$ |
1,873,524 |
|
$ |
1,836,589 |
|
$ |
1,789,740 |
|
$ |
2,185,847 |
|
$ |
1,789,740 |
|
Investment securities |
|
|
457,749 |
|
|
466,405 |
|
|
399,433 |
|
|
329,648 |
|
|
348,723 |
|
|
457,749 |
|
|
348,723 |
|
Total assets |
|
|
2,890,622 |
|
|
2,719,658 |
|
|
2,910,379 |
|
|
2,410,198 |
|
|
2,389,680 |
|
|
2,890,622 |
|
|
2,389,680 |
|
Deposits |
|
|
2,407,631 |
|
|
2,225,119 |
|
|
2,499,046 |
|
|
1,854,272 |
|
|
1,851,531 |
|
|
2,407,631 |
|
|
1,851,531 |
|
Shareholders’ equity |
|
|
335,980 |
|
|
332,300 |
|
|
326,495 |
|
|
328,711 |
|
|
336,715 |
|
|
335,980 |
|
|
336,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 June 30, 2020. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)The ratios for the second and third quarters of 2019 are
calculated on a continuing operations basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Information from Discontinued
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Net Income from Discontinued
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
2020 |
|
2019 |
|
|
June 30, |
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
|
|
|
|
|
|
(in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2020 |
|
2019 |
Net interest (loss) income |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
(39 |
) |
|
$ |
— |
|
$ |
3,086 |
|
Provision
for credit losses |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Net interest (loss) income after provision |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
3,086 |
|
Service
charges |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
46 |
|
|
|
— |
|
|
527 |
|
Mortgage
income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
288 |
|
Gain on sale
of branches |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
34,475 |
|
|
|
— |
|
|
34,475 |
|
Other
income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(22 |
) |
|
|
— |
|
|
(1 |
) |
Total noninterest income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
34,499 |
|
|
|
— |
|
|
35,289 |
|
Salaries and
employee benefits |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
330 |
|
|
|
— |
|
|
2,757 |
|
Occupancy |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
71 |
|
|
|
— |
|
|
410 |
|
Equipment
and software |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
131 |
|
Amortization
of intangibles |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
247 |
|
Communications and data processing |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
197 |
|
|
|
— |
|
|
586 |
|
Divestiture
expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
3,646 |
|
|
|
— |
|
|
5,095 |
|
Other
noninterest expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
101 |
|
|
|
— |
|
|
459 |
|
Total noninterest expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
4,353 |
|
|
|
— |
|
|
9,685 |
|
Net income before provision for income taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
30,107 |
|
|
|
— |
|
|
28,690 |
|
(Benefit)
provision for income taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
(617 |
) |
|
|
7,964 |
|
|
|
— |
|
|
7,610 |
|
Net income from discontinued operations |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
617 |
|
|
$ |
22,143 |
|
|
$ |
— |
|
$ |
21,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
(in thousands, except share data) |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
33,759 |
|
|
$ |
27,536 |
|
|
$ |
45,249 |
|
|
$ |
24,206 |
|
Interest-bearing deposits in banks |
|
|
33,038 |
|
|
|
114,829 |
|
|
|
421,079 |
|
|
|
52,932 |
|
Cash and
cash equivalents |
|
|
66,797 |
|
|
|
142,365 |
|
|
|
466,328 |
|
|
|
77,138 |
|
Investment
securities available for sale |
|
|
271,829 |
|
|
|
280,390 |
|
|
|
282,461 |
|
|
|
348,723 |
|
Investment
securities held to maturity, net of allowance for credit losses of
$13 and $14 at June 30, 2020 and March 31, 2020, respectively |
|
|
185,920 |
|
|
|
186,015 |
|
|
|
116,972 |
|
|
|
— |
|
Other
investments |
|
|
28,811 |
|
|
|
27,140 |
|
|
|
27,556 |
|
|
|
31,912 |
|
Loans held
for sale |
|
|
1,153 |
|
|
|
— |
|
|
|
370 |
|
|
|
— |
|
Loans held
for investment |
|
|
2,184,694 |
|
|
|
1,932,909 |
|
|
|
1,873,524 |
|
|
|
1,789,740 |
|
Less:
allowance for loan losses |
|
|
(31,605 |
) |
|
|
(24,896 |
) |
|
|
(18,535 |
) |
|
|
(18,186 |
) |
Loans held
for investment, net |
|
|
2,153,089 |
|
|
|
1,908,013 |
|
|
|
1,854,989 |
|
|
|
1,771,554 |
|
Premises and
equipment, net |
|
|
22,494 |
|
|
|
22,533 |
|
|
|
22,536 |
|
|
|
20,037 |
|
Bank owned
life insurance |
|
|
67,127 |
|
|
|
66,761 |
|
|
|
66,421 |
|
|
|
65,874 |
|
Goodwill -
continuing operations |
|
|
19,925 |
|
|
|
19,925 |
|
|
|
19,925 |
|
|
|
19,925 |
|
Other
intangibles, net |
|
|
2,731 |
|
|
|
2,785 |
|
|
|
3,027 |
|
|
|
3,095 |
|
Other real
estate owned |
|
|
779 |
|
|
|
779 |
|
|
|
278 |
|
|
|
971 |
|
Other
assets |
|
|
69,967 |
|
|
|
62,952 |
|
|
|
49,516 |
|
|
|
50,451 |
|
Total assets |
|
$ |
2,890,622 |
|
|
$ |
2,719,658 |
|
|
$ |
2,910,379 |
|
|
$ |
2,389,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
883,662 |
|
|
$ |
712,919 |
|
|
$ |
824,646 |
|
|
$ |
569,693 |
|
Interest-bearing checking |
|
|
449,737 |
|
|
|
368,463 |
|
|
|
373,727 |
|
|
|
309,709 |
|
Savings |
|
|
583 |
|
|
|
567 |
|
|
|
1,219 |
|
|
|
1,090 |
|
Money
market |
|
|
879,863 |
|
|
|
982,109 |
|
|
|
1,173,218 |
|
|
|
802,973 |
|
Time |
|
|
131,353 |
|
|
|
66,793 |
|
|
|
44,389 |
|
|
|
33,902 |
|
Brokered
deposits |
|
|
62,433 |
|
|
|
94,268 |
|
|
|
81,847 |
|
|
|
134,164 |
|
Total
deposits |
|
|
2,407,631 |
|
|
|
2,225,119 |
|
|
|
2,499,046 |
|
|
|
1,851,531 |
|
Federal
funds purchased |
|
|
6,000 |
|
|
|
75,000 |
|
|
|
— |
|
|
|
35,000 |
|
Federal Home
Loan Bank borrowings |
|
|
50,000 |
|
|
|
— |
|
|
|
— |
|
|
|
82,000 |
|
Long-term
debt |
|
|
49,958 |
|
|
|
49,916 |
|
|
|
49,873 |
|
|
|
49,789 |
|
Other
liabilities |
|
|
41,053 |
|
|
|
37,323 |
|
|
|
34,965 |
|
|
|
34,645 |
|
Total liabilities |
|
|
2,554,642 |
|
|
|
2,387,358 |
|
|
|
2,583,884 |
|
|
|
2,052,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock, no par value; 10,000,000 shares authorized; no shares issued
and outstanding as of June 30, 2020,
March 31, 2020, December 31, 2019, and
June 30, 2019 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common
stock, no par value; 100,000,000 shares authorized; 21,477,631,
21,479,986, 21,751,026, and 23,293,465 shares issued and
outstanding as of June 30, 2020,
March 31, 2020, December 31, 2019, and
June 30, 2019, respectively |
|
|
224,520 |
|
|
|
224,233 |
|
|
|
230,265 |
|
|
|
256,791 |
|
Retained
earnings |
|
|
95,570 |
|
|
|
93,721 |
|
|
|
91,669 |
|
|
|
76,343 |
|
Accumulated
other comprehensive income (loss) |
|
|
15,890 |
|
|
|
14,346 |
|
|
|
4,561 |
|
|
|
3,581 |
|
Total shareholders’ equity |
|
|
335,980 |
|
|
|
332,300 |
|
|
|
326,495 |
|
|
|
336,715 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
2,890,622 |
|
|
$ |
2,719,658 |
|
|
$ |
2,910,379 |
|
|
$ |
2,389,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
2020 |
|
2019 |
|
2019 |
|
|
2019 |
|
|
2020 |
|
2019 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
20,496 |
|
|
$ |
22,426 |
|
$ |
23,175 |
|
$ |
23,541 |
|
|
$ |
23,554 |
|
|
$ |
42,922 |
|
$ |
46,306 |
|
Investment securities |
|
|
3,041 |
|
|
|
2,732 |
|
|
2,413 |
|
|
2,176 |
|
|
|
2,339 |
|
|
|
5,773 |
|
|
4,970 |
|
Interest and dividends on other interest‑earning assets |
|
260 |
|
|
|
865 |
|
|
944 |
|
|
803 |
|
|
|
705 |
|
|
|
1,125 |
|
|
1,519 |
|
Total interest income |
|
|
23,797 |
|
|
|
26,023 |
|
|
26,532 |
|
|
26,520 |
|
|
|
26,598 |
|
|
|
49,820 |
|
|
52,795 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
1,299 |
|
|
|
4,182 |
|
|
4,890 |
|
|
5,223 |
|
|
|
5,448 |
|
|
|
5,481 |
|
|
10,279 |
|
Interest on Federal Home Loan Bank advances |
|
|
38 |
|
|
|
— |
|
|
157 |
|
|
390 |
|
|
|
270 |
|
|
|
38 |
|
|
270 |
|
Interest on federal funds purchased and securities sold under
agreements to repurchase |
|
|
6 |
|
|
|
32 |
|
|
94 |
|
|
99 |
|
|
|
168 |
|
|
|
38 |
|
|
286 |
|
Interest on long-term debt |
|
|
823 |
|
|
|
829 |
|
|
824 |
|
|
824 |
|
|
|
823 |
|
|
|
1,652 |
|
|
1,647 |
|
Total interest expense |
|
|
2,166 |
|
|
|
5,043 |
|
|
5,965 |
|
|
6,536 |
|
|
|
6,709 |
|
|
|
7,209 |
|
|
12,482 |
|
NET
INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES |
|
|
21,631 |
|
|
|
20,980 |
|
|
20,567 |
|
|
19,984 |
|
|
|
19,889 |
|
|
|
42,611 |
|
|
40,313 |
|
Provision for credit losses |
|
|
8,863 |
|
|
|
8,074 |
|
|
787 |
|
|
413 |
|
|
|
698 |
|
|
|
16,937 |
|
|
1,512 |
|
NET
INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES |
|
|
12,768 |
|
|
|
12,906 |
|
|
19,780 |
|
|
19,571 |
|
|
|
19,191 |
|
|
|
25,674 |
|
|
38,801 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
1,081 |
|
|
|
1,232 |
|
|
998 |
|
|
925 |
|
|
|
870 |
|
|
|
2,313 |
|
|
1,664 |
|
Gains (losses) on sale of securities |
|
|
— |
|
|
|
— |
|
|
— |
|
|
253 |
|
|
|
654 |
|
|
|
— |
|
|
654 |
|
Gains (losses) on sale of other assets |
|
|
— |
|
|
|
5 |
|
|
— |
|
|
140 |
|
|
|
(10 |
) |
|
|
5 |
|
|
(13 |
) |
Derivatives income |
|
|
(10 |
) |
|
|
246 |
|
|
315 |
|
|
(293 |
) |
|
|
(233 |
) |
|
|
236 |
|
|
(344 |
) |
Bank owned life insurance |
|
|
367 |
|
|
|
362 |
|
|
375 |
|
|
422 |
|
|
|
389 |
|
|
|
729 |
|
|
749 |
|
SBA lending activities |
|
|
782 |
|
|
|
414 |
|
|
846 |
|
|
1,150 |
|
|
|
1,096 |
|
|
|
1,196 |
|
|
2,182 |
|
Other noninterest income |
|
|
123 |
|
|
|
163 |
|
|
145 |
|
|
172 |
|
|
|
175 |
|
|
|
286 |
|
|
385 |
|
Total noninterest income |
|
|
2,343 |
|
|
|
2,422 |
|
|
2,679 |
|
|
2,769 |
|
|
|
2,941 |
|
|
|
4,765 |
|
|
5,277 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,466 |
|
|
|
8,476 |
|
|
8,500 |
|
|
8,295 |
|
|
|
8,529 |
|
|
|
16,942 |
|
|
17,742 |
|
Occupancy |
|
|
883 |
|
|
|
794 |
|
|
838 |
|
|
722 |
|
|
|
689 |
|
|
|
1,677 |
|
|
1,328 |
|
Equipment and software |
|
|
763 |
|
|
|
779 |
|
|
769 |
|
|
842 |
|
|
|
753 |
|
|
|
1,542 |
|
|
1,492 |
|
Professional services |
|
|
792 |
|
|
|
705 |
|
|
577 |
|
|
764 |
|
|
|
792 |
|
|
|
1,497 |
|
|
1,567 |
|
Communications and data processing |
|
|
670 |
|
|
|
897 |
|
|
1,066 |
|
|
796 |
|
|
|
662 |
|
|
|
1,567 |
|
|
1,337 |
|
Marketing and business development |
|
|
79 |
|
|
|
153 |
|
|
143 |
|
|
243 |
|
|
|
233 |
|
|
|
232 |
|
|
459 |
|
Travel, meals and entertainment |
|
|
34 |
|
|
|
140 |
|
|
175 |
|
|
152 |
|
|
|
186 |
|
|
|
174 |
|
|
352 |
|
FDIC premiums |
|
|
175 |
|
|
|
— |
|
|
— |
|
|
(193 |
) |
|
|
175 |
|
|
|
175 |
|
|
410 |
|
Other noninterest expense |
|
|
1,042 |
|
|
|
933 |
|
|
1,314 |
|
|
1,056 |
|
|
|
1,235 |
|
|
|
1,975 |
|
|
2,362 |
|
Total noninterest expense |
|
|
12,904 |
|
|
|
12,877 |
|
|
13,382 |
|
|
12,677 |
|
|
|
13,254 |
|
|
|
25,781 |
|
|
27,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR
INCOME TAXES |
|
|
2,207 |
|
|
|
2,451 |
|
|
9,077 |
|
|
9,663 |
|
|
|
8,878 |
|
|
|
4,658 |
|
|
17,029 |
|
Provision for income taxes |
|
|
358 |
|
|
|
327 |
|
|
1,937 |
|
|
2,094 |
|
|
|
1,869 |
|
|
|
685 |
|
|
3,580 |
|
NET
INCOME FROM CONTINUING OPERATIONS |
|
|
1,849 |
|
|
|
2,124 |
|
|
7,140 |
|
|
7,569 |
|
|
|
7,009 |
|
|
|
3,973 |
|
|
13,449 |
|
DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
30,107 |
|
|
$ |
— |
|
$ |
28,690 |
|
Provision (benefit) for income taxes |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(617 |
) |
|
|
7,964 |
|
|
|
— |
|
|
7,610 |
|
Net income (loss) from discontinued operations |
|
|
— |
|
|
|
— |
|
|
— |
|
|
617 |
|
|
|
22,143 |
|
|
|
— |
|
|
21,080 |
|
NET
INCOME |
|
$ |
1,849 |
|
|
$ |
2,124 |
|
$ |
7,140 |
|
$ |
8,186 |
|
|
$ |
29,152 |
|
|
$ |
3,973 |
|
$ |
34,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss) per Common Share - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - continuing operations |
|
$ |
0.09 |
|
|
$ |
0.10 |
|
$ |
0.33 |
|
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.18 |
|
$ |
0.55 |
|
Net income (loss) per common share - discontinued operations |
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.03 |
|
|
|
0.93 |
|
|
|
— |
|
|
0.87 |
|
Net
Income per Common Share - Basic |
|
|
0.09 |
|
|
|
0.10 |
|
|
0.33 |
|
|
0.36 |
|
|
|
1.22 |
|
|
|
0.18 |
|
|
1.42 |
|
Net
Income (Loss) per Common Share - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - continuing operations |
|
$ |
0.09 |
|
|
$ |
0.10 |
|
$ |
0.32 |
|
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.18 |
|
$ |
0.55 |
|
Net income (loss) per common share - discontinued operations |
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.03 |
|
|
|
0.92 |
|
|
|
— |
|
|
0.86 |
|
Net
Income per Common Share - Diluted |
|
|
0.09 |
|
|
|
0.10 |
|
|
0.32 |
|
|
0.36 |
|
|
|
1.21 |
|
|
|
0.18 |
|
|
1.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares - basic |
|
|
21,472,462 |
|
|
|
21,689,038 |
|
|
21,876,487 |
|
|
22,681,904 |
|
|
|
23,888,381 |
|
|
|
21,580,855 |
|
|
24,369,106 |
|
Weighted
average shares - diluted |
|
|
21,535,040 |
|
|
|
21,842,175 |
|
|
22,053,907 |
|
|
22,837,531 |
|
|
|
24,040,806 |
|
|
|
21,688,712 |
|
|
24,527,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets and Net Interest Margin
Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2020 |
|
|
March 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 |
|
$ |
129,989 |
|
$ |
23 |
|
0.07 |
% |
|
$ |
177,063 |
|
$ |
668 |
|
1.52 |
% |
Other
short-term investments |
|
|
— |
|
|
— |
|
— |
|
|
|
110 |
|
|
— |
|
— |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
247,668 |
|
|
1,581 |
|
2.57 |
|
|
|
253,937 |
|
|
1,680 |
|
2.66 |
|
Non-taxable investment securities(1) |
|
|
215,182 |
|
|
1,814 |
|
3.39 |
|
|
|
164,034 |
|
|
1,275 |
|
3.13 |
|
Total
investment securities |
|
|
462,850 |
|
|
3,395 |
|
2.95 |
|
|
|
417,971 |
|
|
2,955 |
|
2.84 |
|
Loans |
|
|
2,131,847 |
|
|
20,496 |
|
3.87 |
|
|
|
1,890,184 |
|
|
22,426 |
|
4.77 |
|
FHLB and FRB
stock |
|
|
16,842 |
|
|
237 |
|
5.66 |
|
|
|
12,678 |
|
|
197 |
|
6.25 |
|
Total interest-earning assets |
|
|
2,741,528 |
|
|
24,151 |
|
3.54 |
|
|
|
2,498,006 |
|
|
26,246 |
|
4.23 |
|
Non-earning
assets |
|
|
191,188 |
|
|
|
|
|
|
|
|
188,260 |
|
|
|
|
|
|
Total assets |
|
$ |
2,932,716 |
|
|
|
|
|
|
|
$ |
2,686,266 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money
market, and savings |
|
|
1,415,069 |
|
|
1,115 |
|
0.32 |
|
|
|
1,393,541 |
|
|
3,767 |
|
1.09 |
|
Time
deposits |
|
|
96,362 |
|
|
58 |
|
0.24 |
|
|
|
55,775 |
|
|
52 |
|
0.37 |
|
Brokered
deposits |
|
|
83,228 |
|
|
126 |
|
0.61 |
|
|
|
92,188 |
|
|
363 |
|
1.58 |
|
Total
interest-bearing deposits |
|
|
1,594,659 |
|
|
1,299 |
|
0.33 |
|
|
|
1,541,504 |
|
|
4,182 |
|
1.09 |
|
Total
borrowings |
|
|
97,769 |
|
|
44 |
|
0.18 |
|
|
|
11,703 |
|
|
32 |
|
1.10 |
|
Total
long-term debt |
|
|
49,930 |
|
|
823 |
|
6.63 |
|
|
|
49,888 |
|
|
829 |
|
6.68 |
|
Total interest-bearing liabilities |
|
|
1,742,358 |
|
|
2,166 |
|
0.50 |
|
|
|
1,603,095 |
|
|
5,043 |
|
1.27 |
|
Demand
deposits |
|
|
815,299 |
|
|
|
|
|
|
|
|
713,001 |
|
|
|
|
|
|
Other
liabilities |
|
|
37,032 |
|
|
|
|
|
|
|
|
36,690 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
338,027 |
|
|
|
|
|
|
|
|
333,480 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,932,716 |
|
|
|
|
|
|
|
$ |
2,686,266 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
2.96 |
% |
Net interest
income and net interest margin(2) |
|
|
|
|
$ |
21,985 |
|
3.23 |
% |
|
|
|
|
$ |
21,203 |
|
3.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
3.17 |
% |
|
|
|
|
|
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2020 |
|
|
June 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 |
|
$ |
129,989 |
|
$ |
23 |
|
0.07 |
% |
|
$ |
70,628 |
|
$ |
450 |
|
2.56 |
% |
Other
short-term investments |
|
|
— |
|
|
— |
|
— |
|
|
|
3,993 |
|
|
32 |
|
3.21 |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
247,668 |
|
|
1,581 |
|
2.57 |
|
|
|
280,639 |
|
|
1,848 |
|
2.64 |
|
Non-taxable investment securities(1) |
|
|
215,182 |
|
|
1,814 |
|
3.39 |
|
|
|
79,408 |
|
|
579 |
|
2.92 |
|
Total
investment securities |
|
|
462,850 |
|
|
3,395 |
|
2.95 |
|
|
|
360,047 |
|
|
2,427 |
|
2.70 |
|
Loans -
continuing operations |
|
|
2,131,847 |
|
|
20,496 |
|
3.87 |
|
|
|
1,769,803 |
|
|
23,554 |
|
5.34 |
|
FHLB and FRB
stock |
|
|
16,842 |
|
|
237 |
|
5.66 |
|
|
|
14,435 |
|
|
223 |
|
6.20 |
|
Total interest-earning assets - continuing
operations |
|
|
2,741,528 |
|
|
24,151 |
|
3.54 |
|
|
|
2,218,906 |
|
|
26,686 |
|
4.82 |
|
Loans held
for sale - discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
|
30,198 |
|
|
47 |
|
0.62 |
|
Total interest-earning assets |
|
|
2,741,528 |
|
|
24,151 |
|
3.54 |
|
|
|
2,249,104 |
|
|
26,733 |
|
4.77 |
|
Non-earning
assets |
|
|
191,188 |
|
|
|
|
|
|
|
|
191,398 |
|
|
|
|
|
|
Total assets |
|
$ |
2,932,716 |
|
|
|
|
|
|
|
$ |
2,440,502 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money
market, and savings |
|
|
1,415,069 |
|
|
1,115 |
|
0.32 |
|
|
|
1,175,237 |
|
|
4,733 |
|
1.62 |
|
Time
deposits |
|
|
96,362 |
|
|
58 |
|
0.24 |
|
|
|
32,358 |
|
|
50 |
|
0.62 |
|
Brokered
deposits |
|
|
83,228 |
|
|
126 |
|
0.61 |
|
|
|
106,524 |
|
|
665 |
|
2.50 |
|
Total
interest-bearing deposits |
|
|
1,594,659 |
|
|
1,299 |
|
0.33 |
|
|
|
1,314,119 |
|
|
5,448 |
|
1.66 |
|
Total
borrowings |
|
|
97,769 |
|
|
44 |
|
0.18 |
|
|
|
70,770 |
|
|
438 |
|
2.48 |
|
Total
long-term debt |
|
|
49,930 |
|
|
823 |
|
6.63 |
|
|
|
49,761 |
|
|
823 |
|
6.63 |
|
Total interest-bearing liabilities - continuing
operations |
|
|
1,742,358 |
|
|
2,166 |
|
0.50 |
|
|
|
1,434,650 |
|
|
6,709 |
|
1.88 |
|
Interest-bearing liabilities - discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
|
36,255 |
|
|
86 |
|
0.95 |
|
Total interest-bearing liabilities |
|
|
1,742,358 |
|
|
2,166 |
|
0.50 |
|
|
|
1,470,905 |
|
|
6,795 |
|
1.85 |
|
Demand
deposits |
|
|
815,299 |
|
|
|
|
|
|
|
|
587,957 |
|
|
|
|
|
|
Demand
deposits - discontinued operations |
|
|
— |
|
|
|
|
|
|
|
|
9,851 |
|
|
|
|
|
|
Other
liabilities |
|
|
37,032 |
|
|
|
|
|
|
|
|
31,670 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
338,027 |
|
|
|
|
|
|
|
|
340,119 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,932,716 |
|
|
|
|
|
|
|
$ |
2,440,502 |
|
|
|
|
|
|
Net interest
spread - continuing operations |
|
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
2.94 |
% |
Net interest
income and net interest margin - continuing operations(2) |
|
|
|
|
$ |
21,985 |
|
3.23 |
% |
|
|
|
|
$ |
19,977 |
|
3.61 |
% |
Net interest
income and net interest margin(2) |
|
|
|
|
$ |
21,985 |
|
3.23 |
% |
|
|
|
|
$ |
19,938 |
|
3.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
3.17 |
% |
|
|
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
Six months ended |
|
|
|
June 30, 2020 |
|
June 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 |
|
$ |
153,526 |
|
$ |
691 |
|
0.91 |
% |
|
$ |
81,339 |
|
$ |
913 |
|
2.26 |
% |
Other
short-term investments |
|
|
55 |
|
|
— |
|
— |
|
|
|
7,815 |
|
|
118 |
|
3.04 |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
250,802 |
|
|
3,261 |
|
2.61 |
|
|
|
300,255 |
|
|
3,962 |
|
2.66 |
|
Non-taxable investment securities (1) |
|
|
189,608 |
|
|
3,089 |
|
3.28 |
|
|
|
79,709 |
|
|
1,196 |
|
3.03 |
|
Total
investment securities |
|
|
440,410 |
|
|
6,350 |
|
2.90 |
|
|
|
379,964 |
|
|
5,158 |
|
2.74 |
|
Loans -
continuing operations |
|
|
2,011,016 |
|
|
42,922 |
|
4.29 |
|
|
|
1,708,549 |
|
|
46,306 |
|
5.47 |
|
FHLB and FRB
stock |
|
|
14,760 |
|
|
434 |
|
5.91 |
|
|
|
13,487 |
|
|
488 |
|
7.30 |
|
Total interest-earning assets - continuing
operations |
|
|
2,619,767 |
|
|
50,397 |
|
3.87 |
|
|
|
2,191,154 |
|
|
52,983 |
|
4.88 |
|
Loans held
for sale - discontinued operations |
|
|
— |
|
|
— |
|
- |
|
|
|
235,384 |
|
|
4,588 |
|
3.93 |
|
Total interest-earning assets |
|
|
2,619,767 |
|
|
50,397 |
|
3.87 |
|
|
|
2,426,538 |
|
|
57,571 |
|
4.78 |
|
Non-earning
assets |
|
|
189,724 |
|
|
|
|
|
|
|
|
207,175 |
|
|
|
|
|
|
Total assets |
|
$ |
2,809,491 |
|
|
|
|
|
|
|
$ |
2,633,713 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money
market, and savings |
|
|
1,404,305 |
|
|
4,882 |
|
0.70 |
|
|
|
1,125,253 |
|
|
8,988 |
|
1.61 |
|
Time
deposits |
|
|
76,068 |
|
|
111 |
|
0.29 |
|
|
|
11,049 |
|
|
88 |
|
1.61 |
|
Brokered
deposits |
|
|
87,708 |
|
|
488 |
|
1.12 |
|
|
|
93,903 |
|
|
1,203 |
|
2.58 |
|
Total interest-bearing deposits |
|
|
1,568,081 |
|
|
5,481 |
|
0.70 |
|
|
|
1,230,205 |
|
|
10,279 |
|
1.68 |
|
Total
borrowings |
|
|
54,736 |
|
|
76 |
|
0.28 |
|
|
|
43,798 |
|
|
556 |
|
2.56 |
|
Total
long-term debt |
|
|
49,909 |
|
|
1,652 |
|
6.66 |
|
|
|
49,740 |
|
|
1,647 |
|
6.68 |
|
Total interest-bearing liabilities - continuing
operations |
|
|
1,672,726 |
|
|
7,209 |
|
0.87 |
|
|
|
1,323,743 |
|
|
12,482 |
|
1.90 |
|
Interest-bearing liabilities - discontinued operations |
|
|
— |
|
|
— |
|
- |
|
|
|
290,515 |
|
|
1,502 |
|
1.04 |
|
Total interest-bearing liabilities |
|
|
1,672,726 |
|
|
7,209 |
|
0.87 |
|
|
|
1,614,258 |
|
|
13,984 |
|
1.75 |
|
Demand
deposits |
|
|
764,150 |
|
|
|
|
|
|
|
|
571,669 |
|
|
|
|
|
|
Demand
deposits - discontinued operations |
|
|
- |
|
|
|
|
|
|
|
|
79,156 |
|
|
|
|
|
|
Other
liabilities |
|
|
36,861 |
|
|
|
|
|
|
|
|
38,111 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
335,754 |
|
|
|
|
|
|
|
|
330,519 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,809,491 |
|
|
|
|
|
|
|
$ |
2,633,713 |
|
|
|
|
|
|
Net interest
spread - continuing operations |
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
2.98 |
% |
Net interest
income and net interest margin - continuing operations
(2) |
|
|
|
|
$ |
43,188 |
|
3.32 |
% |
|
|
|
|
$ |
40,501 |
|
3.73 |
% |
Net interest
income and net interest margin (2) |
|
|
|
|
$ |
43,188 |
|
3.32 |
% |
|
|
|
|
$ |
43,587 |
|
3.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
3.27 |
% |
|
|
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
Quarter |
|
Year |
(dollars in thousands) |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
Change |
|
Change |
Loans held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
1,153 |
|
|
$ |
— |
|
|
$ |
370 |
|
|
$ |
916 |
|
|
$ |
— |
|
|
$ |
1,153 |
|
|
$ |
1,153 |
|
Total loans held for sale |
|
$ |
1,153 |
|
|
$ |
— |
|
|
$ |
370 |
|
|
$ |
916 |
|
|
$ |
— |
|
|
$ |
1,153 |
|
|
$ |
1,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
973,818 |
|
|
$ |
760,062 |
|
|
$ |
705,115 |
|
|
$ |
697,412 |
|
|
$ |
701,566 |
|
|
$ |
213,756 |
|
|
$ |
272,252 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
58,909 |
|
|
|
73,654 |
|
|
|
98,378 |
|
|
|
60,398 |
|
|
|
43,907 |
|
|
|
(14,745 |
) |
|
|
15,002 |
|
Owner occupied |
|
|
366,847 |
|
|
|
359,026 |
|
|
|
357,912 |
|
|
|
352,842 |
|
|
|
313,310 |
|
|
|
7,821 |
|
|
|
53,537 |
|
Investment |
|
|
474,565 |
|
|
|
477,451 |
|
|
|
460,038 |
|
|
|
452,285 |
|
|
|
409,629 |
|
|
|
(2,886 |
) |
|
|
64,936 |
|
Construction and land: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1‑4 family residential construction |
|
|
11 |
|
|
|
2,706 |
|
|
|
4,009 |
|
|
|
5,186 |
|
|
|
3,696 |
|
|
|
(2,695 |
) |
|
|
(3,685 |
) |
Other construction, development, and land |
|
|
128,980 |
|
|
|
124,116 |
|
|
|
123,531 |
|
|
|
139,991 |
|
|
|
195,260 |
|
|
|
4,864 |
|
|
|
(66,280 |
) |
Mortgage warehouse loans |
|
|
— |
|
|
|
— |
|
|
|
13,941 |
|
|
|
23,256 |
|
|
|
10,665 |
|
|
|
— |
|
|
|
(10,665 |
) |
Total commercial loans |
|
|
2,003,130 |
|
|
|
1,797,015 |
|
|
|
1,762,924 |
|
|
|
1,731,370 |
|
|
|
1,678,033 |
|
|
|
206,115 |
|
|
|
325,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
32,327 |
|
|
|
31,761 |
|
|
|
31,315 |
|
|
|
31,903 |
|
|
|
31,338 |
|
|
|
566 |
|
|
|
989 |
|
Home equity |
|
|
23,689 |
|
|
|
23,479 |
|
|
|
25,002 |
|
|
|
25,638 |
|
|
|
24,303 |
|
|
|
210 |
|
|
|
(614 |
) |
Total residential loans |
|
|
56,016 |
|
|
|
55,240 |
|
|
|
56,317 |
|
|
|
57,541 |
|
|
|
55,641 |
|
|
|
776 |
|
|
|
375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
113,149 |
|
|
|
58,164 |
|
|
|
37,765 |
|
|
|
27,168 |
|
|
|
34,618 |
|
|
|
54,985 |
|
|
|
78,531 |
|
Other |
|
|
22,160 |
|
|
|
25,488 |
|
|
|
19,552 |
|
|
|
22,533 |
|
|
|
24,126 |
|
|
|
(3,328 |
) |
|
|
(1,966 |
) |
|
|
|
2,194,455 |
|
|
|
1,935,907 |
|
|
|
1,876,558 |
|
|
|
1,838,612 |
|
|
|
1,792,418 |
|
|
|
258,548 |
|
|
|
402,037 |
|
Less net deferred fees and other unearned income |
|
|
(9,761 |
) |
|
|
(2,998 |
) |
|
|
(3,034 |
) |
|
|
(2,939 |
) |
|
|
(2,678 |
) |
|
|
(6,763 |
) |
|
|
(7,083 |
) |
Total loans held for investment |
|
$ |
2,184,694 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,524 |
|
|
$ |
1,835,673 |
|
|
$ |
1,789,740 |
|
|
$ |
251,785 |
|
|
$ |
394,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
2,185,847 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,894 |
|
|
$ |
1,836,589 |
|
|
$ |
1,789,740 |
|
|
$ |
252,938 |
|
|
$ |
396,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans
(1) |
|
$ |
234,049 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
234,049 |
|
|
$ |
234,049 |
|
Total
unfunded commitments |
|
$ |
749,321 |
|
|
$ |
689,620 |
|
|
$ |
743,958 |
|
|
$ |
687,295 |
|
|
$ |
637,559 |
|
|
$ |
59,701 |
|
|
$ |
111,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) PPP loans are
included in total loans held for investment. |
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses Activity and Credit
Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
24,896 |
|
|
$ |
18,535 |
|
|
$ |
18,080 |
|
|
$ |
18,186 |
|
|
$ |
18,107 |
|
|
Adoption of ASU 2016-13 |
|
|
— |
|
|
|
(854 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Provision for loan losses |
|
|
8,222 |
|
|
|
7,409 |
|
|
|
787 |
|
|
|
413 |
|
|
|
698 |
|
|
Loans charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
(1,479 |
) |
|
|
(18 |
) |
|
|
(344 |
) |
|
|
(541 |
) |
|
|
(588 |
) |
|
Commercial real estate |
|
|
— |
|
|
|
(78 |
) |
|
|
— |
|
|
|
— |
|
|
|
(47 |
) |
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Residential mortgages |
|
|
(36 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Home equity |
|
|
— |
|
|
|
(125 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total loans charged-off |
|
|
(1,515 |
) |
|
|
(221 |
) |
|
|
(344 |
) |
|
|
(543 |
) |
|
|
(635 |
) |
|
Recoveries on loans previously charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
1 |
|
|
|
— |
|
|
|
5 |
|
|
|
17 |
|
|
|
— |
|
|
Commercial real estate |
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
Residential mortgages |
|
|
— |
|
|
|
1 |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
Home equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer |
|
|
1 |
|
|
|
8 |
|
|
|
— |
|
|
|
6 |
|
|
|
16 |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total recoveries |
|
|
2 |
|
|
|
27 |
|
|
|
12 |
|
|
|
24 |
|
|
|
16 |
|
|
Net charge-offs |
|
$ |
(1,513 |
) |
|
$ |
(194 |
) |
|
$ |
(332 |
) |
|
$ |
(519 |
) |
|
$ |
(619 |
) |
|
Balance at
period end |
|
$ |
31,605 |
|
|
$ |
24,896 |
|
|
$ |
18,535 |
|
|
$ |
18,080 |
|
|
$ |
18,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period |
|
$ |
2,838 |
|
|
$ |
892 |
|
|
$ |
836 |
|
|
$ |
785 |
|
|
$ |
631 |
|
|
Adoption of ASU 2016-13 |
|
|
— |
|
|
|
1,275 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Provision for unfunded commitments |
|
|
642 |
|
|
|
671 |
|
|
|
56 |
|
|
|
51 |
|
|
|
154 |
|
|
Balance at
period end |
|
$ |
3,480 |
|
|
$ |
2,838 |
|
|
$ |
892 |
|
|
$ |
836 |
|
|
$ |
785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for credit losses - loans and unfunded commitments |
|
$ |
35,085 |
|
|
$ |
27,734 |
|
|
$ |
19,427 |
|
|
$ |
18,916 |
|
|
$ |
18,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses under CECL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
8,222 |
|
|
|
7,409 |
|
|
|
787 |
|
|
|
413 |
|
|
|
698 |
|
|
Provision for securities held to maturity credit losses |
|
|
(1 |
) |
|
|
(6 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Provision for unfunded commitments(1) |
|
|
642 |
|
|
|
671 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total
provision for credit losses |
|
$ |
8,863 |
|
|
$ |
8,074 |
|
|
$ |
787 |
|
|
$ |
413 |
|
|
$ |
698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
6,265 |
|
|
$ |
6,515 |
|
|
$ |
7,293 |
|
|
$ |
6,770 |
|
|
$ |
6,352 |
|
|
Foreclosed
properties (OREO) |
|
|
779 |
|
|
|
779 |
|
|
|
278 |
|
|
|
278 |
|
|
|
971 |
|
|
Total nonperforming assets |
|
$ |
7,044 |
|
|
$ |
7,294 |
|
|
$ |
7,571 |
|
|
$ |
7,048 |
|
|
$ |
7,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans held for investment (2) |
|
|
1.45 |
|
% |
|
1.29 |
|
% |
|
0.99 |
|
% |
|
0.98 |
|
% |
|
1.02 |
|
% |
Allowance
for credit losses to loans held for investment (2) |
|
|
1.61 |
|
% |
|
1.43 |
|
% |
|
1.04 |
|
% |
|
1.03 |
|
% |
|
1.06 |
|
% |
Net
charge-offs to average loans (3) |
|
|
0.29 |
|
|
|
0.04 |
|
|
|
0.07 |
|
|
|
0.11 |
|
|
|
0.14 |
|
|
Non-performing loans as a percentage of total loans |
|
|
0.29 |
|
% |
|
0.34 |
|
% |
|
0.39 |
|
% |
|
0.37 |
|
% |
|
0.35 |
|
% |
Non-performing assets as a percentage of total assets |
|
|
0.24 |
|
% |
|
0.27 |
|
% |
|
0.26 |
|
% |
|
0.29 |
|
% |
|
0.31 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to the
adoption of ASU 2016-13, the provision for unfunded commitments was
included in other expense and totaled $56, $51 and $154 for the
fourth, third, and second quarters of 2019, respectively. |
(2)The third and second quarters of 2019 ratios are calculated on a
continuing operations basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
Quarter |
|
Year Over |
|
(dollars in thousands) |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
Change |
|
Year Change |
|
DDA |
|
$ |
883,662 |
|
$ |
712,919 |
|
$ |
824,646 |
|
$ |
599,657 |
|
$ |
569,693 |
|
$ |
170,743 |
|
|
$ |
313,969 |
|
|
NOW |
|
|
449,737 |
|
|
368,463 |
|
|
373,727 |
|
|
240,427 |
|
|
309,709 |
|
|
81,274 |
|
|
|
140,028 |
|
|
Savings |
|
|
583 |
|
|
567 |
|
|
1,219 |
|
|
1,081 |
|
|
1,090 |
|
|
16 |
|
|
|
(507 |
) |
|
Money
market |
|
|
879,863 |
|
|
982,109 |
|
|
1,173,218 |
|
|
921,133 |
|
|
802,973 |
|
|
(102,246 |
) |
|
|
76,890 |
|
|
Time |
|
|
131,353 |
|
|
66,793 |
|
|
44,389 |
|
|
30,782 |
|
|
33,902 |
|
|
64,560 |
|
|
|
97,451 |
|
|
Brokered |
|
|
62,433 |
|
|
94,268 |
|
|
81,847 |
|
|
61,192 |
|
|
134,164 |
|
|
(31,835 |
) |
|
|
(71,731 |
) |
|
Total deposits |
|
$ |
2,407,631 |
|
$ |
2,225,119 |
|
$ |
2,499,046 |
|
$ |
1,854,272 |
|
$ |
1,851,531 |
|
$ |
182,512 |
|
|
$ |
556,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments
clients |
|
$ |
344,608 |
|
$ |
483,585 |
|
$ |
567,597 |
|
$ |
286,373 |
|
$ |
301,413 |
|
$ |
(138,977 |
) |
|
$ |
43,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
Linked |
|
|
|
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
Quarter |
|
Q2 2020
vs |
|
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Change |
|
Q2 2019 |
|
DDA |
|
$ |
815,299 |
|
$ |
713,001 |
|
$ |
718,298 |
|
$ |
637,809 |
|
$ |
587,957 |
|
$ |
102,298 |
|
|
$ |
227,342 |
|
|
NOW |
|
|
462,051 |
|
|
382,178 |
|
|
320,637 |
|
|
295,106 |
|
|
314,601 |
|
|
79,873 |
|
|
|
147,450 |
|
|
Savings |
|
|
574 |
|
|
650 |
|
|
1,098 |
|
|
1,085 |
|
|
956 |
|
|
(76 |
) |
|
|
(382 |
) |
|
Money
market |
|
|
952,444 |
|
|
1,010,713 |
|
|
1,006,449 |
|
|
895,102 |
|
|
859,680 |
|
|
(58,269 |
) |
|
|
92,764 |
|
|
Time |
|
|
96,362 |
|
|
55,775 |
|
|
37,388 |
|
|
32,409 |
|
|
32,358 |
|
|
40,587 |
|
|
|
64,004 |
|
|
Brokered |
|
|
83,228 |
|
|
92,188 |
|
|
62,757 |
|
|
88,146 |
|
|
106,524 |
|
|
(8,960 |
) |
|
|
(23,296 |
) |
|
Total deposits - continuing operations |
|
|
2,409,958 |
|
|
2,254,505 |
|
|
2,146,627 |
|
|
1,949,657 |
|
|
1,902,076 |
|
|
155,453 |
|
|
|
507,882 |
|
|
Deposits to
be assumed - discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
45,350 |
|
|
— |
|
|
|
(45,350 |
) |
|
Total deposits |
|
$ |
2,409,958 |
|
$ |
2,254,505 |
|
$ |
2,146,627 |
|
$ |
1,949,657 |
|
$ |
1,947,426 |
|
$ |
155,453 |
|
|
$ |
462,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments
clients |
|
$ |
377,923 |
|
$ |
419,630 |
|
$ |
362,327 |
|
$ |
289,526 |
|
$ |
285,949 |
|
$ |
(41,707 |
) |
|
$ |
91,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing deposits as a percentage of average deposits - continuing
operations |
|
|
33.8 |
% |
|
31.6 |
% |
|
33.5 |
% |
|
32.7 |
% |
|
30.9 |
% |
|
|
|
|
|
|
Cost of
interest-bearing deposits - continuing operations |
|
|
0.33 |
% |
|
1.09 |
% |
|
1.36 |
% |
|
1.58 |
% |
|
1.66 |
% |
|
|
|
|
|
|
Cost of
deposits - continuing operations |
|
|
0.22 |
% |
|
0.75 |
% |
|
0.90 |
% |
|
1.06 |
% |
|
1.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC CAPITAL BANCSHARES, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Performance and Financial Measures
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months |
|
|
|
2020 |
|
|
2019 |
|
|
ended June 30, |
|
|
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent interest income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - GAAP |
|
$ |
23,797 |
|
|
$ |
26,023 |
|
|
$ |
26,532 |
|
|
$ |
26,520 |
|
|
$ |
26,598 |
|
|
$ |
49,820 |
|
|
$ |
52,795 |
|
|
Taxable equivalent adjustment |
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
88 |
|
|
|
577 |
|
|
|
188 |
|
|
Interest income - taxable equivalent |
|
$ |
24,151 |
|
|
$ |
26,246 |
|
|
$ |
26,699 |
|
|
$ |
26,624 |
|
|
$ |
26,686 |
|
|
$ |
50,397 |
|
|
$ |
52,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest income reconciliation -
continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
|
$ |
21,631 |
|
|
$ |
20,980 |
|
|
$ |
20,567 |
|
|
$ |
19,984 |
|
|
$ |
19,889 |
|
|
$ |
42,611 |
|
|
$ |
40,313 |
|
|
Taxable equivalent adjustment |
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
88 |
|
|
|
577 |
|
|
|
188 |
|
|
Net interest income - taxable equivalent - continuing
operations |
|
$ |
21,985 |
|
|
$ |
21,203 |
|
|
$ |
20,734 |
|
|
$ |
20,088 |
|
|
$ |
19,977 |
|
|
$ |
43,188 |
|
|
$ |
40,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin
reconciliation - continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP - continuing operations |
|
|
3.17 |
|
% |
|
3.38 |
|
% |
|
3.35 |
|
% |
|
3.51 |
|
% |
|
3.60 |
|
% |
|
3.27 |
|
% |
|
3.71 |
|
% |
Impact of taxable equivalent adjustment |
|
|
0.06 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.02 |
|
|
Net interest margin - taxable equivalent - continuing
operations |
|
|
3.23 |
|
% |
|
3.41 |
|
% |
|
3.38 |
|
% |
|
3.52 |
|
% |
|
3.61 |
|
% |
|
3.32 |
|
% |
|
3.73 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
|
3.17 |
|
% |
|
3.38 |
|
% |
|
3.35 |
|
% |
|
3.51 |
|
% |
|
3.54 |
|
% |
|
3.27 |
|
% |
|
3.61 |
|
% |
Impact of taxable equivalent adjustment |
|
|
0.06 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.01 |
|
|
Net interest margin - taxable equivalent |
|
|
3.23 |
|
% |
|
3.41 |
|
% |
|
3.38 |
|
% |
|
3.52 |
|
% |
|
3.56 |
|
% |
|
3.32 |
|
% |
|
3.62 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes - GAAP |
|
$ |
2,207 |
|
|
$ |
2,451 |
|
|
$ |
9,077 |
|
|
$ |
9,663 |
|
|
$ |
8,878 |
|
|
$ |
4,658 |
|
|
$ |
17,029 |
|
|
Taxable equivalent adjustment |
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
88 |
|
|
|
577 |
|
|
|
188 |
|
|
Income before income taxes |
|
$ |
2,561 |
|
|
$ |
2,674 |
|
|
$ |
9,244 |
|
|
$ |
9,767 |
|
|
$ |
8,966 |
|
|
$ |
5,235 |
|
|
$ |
17,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense - GAAP |
|
$ |
358 |
|
|
$ |
327 |
|
|
$ |
1,937 |
|
|
$ |
2,094 |
|
|
$ |
1,869 |
|
|
$ |
685 |
|
|
$ |
3,580 |
|
|
Taxable equivalent adjustment |
|
|
354 |
|
|
|
223 |
|
|
|
167 |
|
|
|
104 |
|
|
|
88 |
|
|
|
577 |
|
|
|
188 |
|
|
Income tax expense |
|
$ |
712 |
|
|
$ |
550 |
|
|
$ |
2,104 |
|
|
$ |
2,198 |
|
|
$ |
1,957 |
|
|
$ |
1,262 |
|
|
$ |
3,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
335,980 |
|
|
$ |
332,300 |
|
|
$ |
326,495 |
|
|
$ |
328,711 |
|
|
$ |
336,715 |
|
|
$ |
335,980 |
|
|
$ |
336,715 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
Total tangible common equity |
|
$ |
316,055 |
|
|
$ |
312,375 |
|
|
$ |
306,570 |
|
|
$ |
308,786 |
|
|
$ |
316,790 |
|
|
$ |
316,055 |
|
|
$ |
316,790 |
|
|
Common shares outstanding |
|
|
21,477,631 |
|
|
|
21,479,986 |
|
|
|
21,751,026 |
|
|
|
22,193,761 |
|
|
|
23,293,465 |
|
|
|
21,477,631 |
|
|
|
23,293,465 |
|
|
Book value per common share - GAAP |
|
$ |
15.64 |
|
|
$ |
15.47 |
|
|
$ |
15.01 |
|
|
$ |
14.81 |
|
|
$ |
14.46 |
|
|
$ |
15.64 |
|
|
$ |
14.46 |
|
|
Tangible book value |
|
|
14.72 |
|
|
|
14.54 |
|
|
|
14.09 |
|
|
|
13.91 |
|
|
|
13.60 |
|
|
|
14.72 |
|
|
|
13.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
335,980 |
|
|
$ |
332,300 |
|
|
$ |
326,495 |
|
|
$ |
328,711 |
|
|
$ |
336,715 |
|
|
$ |
335,980 |
|
|
$ |
336,715 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
Total tangible common equity |
|
$ |
316,055 |
|
|
$ |
312,375 |
|
|
$ |
306,570 |
|
|
$ |
308,786 |
|
|
$ |
316,790 |
|
|
$ |
316,055 |
|
|
$ |
316,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,890,622 |
|
|
$ |
2,719,658 |
|
|
$ |
2,910,379 |
|
|
$ |
2,410,198 |
|
|
$ |
2,389,680 |
|
|
$ |
2,890,622 |
|
|
$ |
2,389,680 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
Total tangible assets |
|
$ |
2,870,697 |
|
|
$ |
2,699,733 |
|
|
$ |
2,890,454 |
|
|
$ |
2,390,273 |
|
|
$ |
2,369,755 |
|
|
$ |
2,870,697 |
|
|
$ |
2,369,755 |
|
|
Tangible common equity to tangible assets |
|
|
11.01 |
|
% |
|
11.57 |
|
% |
|
10.61 |
|
% |
|
12.92 |
|
% |
|
13.37 |
|
% |
|
11.01 |
|
% |
|
13.37 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to loans held for investment
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held for investment |
|
$ |
2,184,694 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,524 |
|
|
$ |
1,835,673 |
|
|
$ |
1,789,740 |
|
|
$ |
2,184,694 |
|
|
$ |
1,789,740 |
|
|
PPP loans |
|
|
(234,049 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(234,049 |
) |
|
|
— |
|
|
Total loans held for investment excluding PPP loans |
|
$ |
1,950,645 |
|
|
$ |
1,932,909 |
|
|
$ |
1,873,524 |
|
|
$ |
1,835,673 |
|
|
$ |
1,789,740 |
|
|
$ |
1,950,645 |
|
|
$ |
1,789,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans held for investment |
|
|
1.61 |
|
% |
1.43 |
|
% |
|
1.04 |
|
% |
|
1.03 |
|
% |
|
1.06 |
|
% |
|
1.61 |
|
% |
1.06 |
|
% |
Allowance for credit losses to loans held for investment excluding
PPP loans |
|
|
1.80 |
|
% |
1.43 |
|
% |
1.04 |
|
% |
1.03 |
|
% |
|
1.06 |
|
% |
|
1.80 |
|
% |
1.06 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic Capital Bancsha... (NASDAQ:ACBI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Atlantic Capital Bancsha... (NASDAQ:ACBI)
Historical Stock Chart
From Sep 2023 to Sep 2024