ATLANTA, Oct. 27, 2021 (GLOBE NEWSWIRE) --
Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced net
income for the quarter ended September 30, 2021, of $13.3 million,
or $0.65 per diluted share, compared to $8.6 million, or $0.40 per
diluted share, for the third quarter of 2020 and $11.8 million, or
$0.58 per diluted share, for the second quarter of 2021.
“With strong growth in loans, deposits, and
revenue, Atlantic Capital recorded another quarter of solid
operating results. Our clients are performing well, and
Atlantic Capital is fueling their prosperity with reliable service
and innovative solutions. New business pipelines are robust,
and we expect continued strong momentum in the fourth quarter of
this year and into 2022,” remarked Douglas Williams, President and
Chief Executive Officer.
Third Quarter
Highlights(1)
- Total assets
were $4.2 billion, compared to $3.8 billion at June 30, 2021 and
$2.9 billion at September 30, 2020.
- Return on average
assets totaled 1.36% and return on average equity was 14.69% in the
third quarter of 2021.
- Loans held for
investment, excluding Paycheck Protection Program (“PPP”) loans,
increased $66.3 million, or 12.3% annualized, from June 30, 2021,
and increased $269.4 million, or 13.8%, from September 30,
2020.
- Quarterly
average deposits increased $106.3 million, or 12.9% annualized,
compared to the second quarter of 2021 and increased $941.7
million, or 38.1%, compared to the third quarter of 2020.
- Cost of deposits
decreased to 0.08% from 0.10% in the second quarter of 2021 and
from 0.19% in the third quarter of 2020.
- Tangible book
value per share increased to $16.94 from $16.40 at June 30, 2021
and from $15.11 at September 30, 2020.
- Annualized net
charge-offs to average loans totaled 0.00% for the third quarter of
2021 and 0.05% for the full year 2021. Non-performing assets to
total assets were 0.10% at September 30, 2021.
- The allowance
for credit losses was 1.16% of total loans held for investment at
September 30, 2021, compared to 1.27% at June 30, 2021 and 1.59% at
September 30, 2020.
Income Statement
Taxable equivalent net interest income totaled
$25.1 million for the third quarter of 2021, compared to $22.1
million in the third quarter of 2020 and $26.0 million in the
second quarter of 2021. The third quarter of 2021 included $1.9
million in PPP loan income, compared to $3.0 million in the second
quarter of 2021. The second quarter of 2021 also included $671,000
in interest income related to the receipt of an investment
prepayment penalty and the accelerated accretion of a loan discount
upon payoff.
Taxable equivalent net interest margin was 2.69%
in the third quarter of 2021, compared to 3.14% in the third
quarter of 2020 and 2.91% in the second quarter of 2021. The
taxable equivalent net interest margin excluding PPP loans was
2.54% for the third quarter of 2021, compared to 2.70% for the
second quarter of 2021.
The yield on loans in the third quarter of 2021
was 3.91%, an increase of 9 basis points from the third quarter of
2020 and a decrease of 28 basis points from the second quarter of
2021. Excluding PPP loans, the third quarter of 2021 loan yield was
3.71%, a decrease of 24 basis points compared to the second quarter
of 2021. In addition, loan interest income for the second quarter
of 2021 included $405,000 in previously mentioned accelerated
discount accretion.
The cost of deposits in the third quarter of
2021 was 0.08%, a decrease of 11 basis points from the third
quarter of 2020 and a decrease of 2 basis points from the second
quarter of 2021. The cost of interest-bearing deposits decreased 13
basis points to 0.15% from the third quarter of 2020 and decreased
2 basis points from the second quarter of 2021.
In the third quarter of 2021, we recorded a
negative provision for credit losses of $2.4 million, compared to a
provision for credit losses of $28,000 in the third quarter of 2020
and a negative provision for credit losses of $933,000 in the
second quarter of 2021.
Noninterest income totaled $4.6 million in the
third quarter of 2021, compared to $2.5 million in the third
quarter of 2020 and $3.6 million in the second quarter of 2021.
Other noninterest income in the third quarter of 2021 totaled $1.1
million and included $930,000 in income from Small Business
Investment Company (“SBIC”) funds.
Noninterest expense totaled $15.0 million in the
third quarter of 2021, compared to $13.7 million in the third
quarter of 2020 and $15.2 million in the second quarter of 2021.
The third quarter of 2021 included an expense reduction of $3.0
million as a result of the employee retention payroll tax credit
pursuant to the CARES Act. Additionally, there were $2.9 million in
merger related expenses.
(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 $2.3
billion at September 30, 2021, an increase of $85.8 million from
September 30, 2020 and an increase of $9.0 million from June 30,
2021. Loans held for investment, excluding PPP loans, increased
$66.3 million, or 12.3% annualized, from June 30, 2021, and
increased $269.4 million, or 13.8%, from September 30, 2020.
The allowance for credit losses was 1.16% of
total loans held for investment at September 30, 2021, compared to
1.27% at June 30, 2021. The decrease in the allowance was a result
of an improvement in our current expected credit losses, or CECL,
economic forecast along with credit rating upgrades for certain
criticized and classified loans. Excluding the impact of PPP loans,
the allowance for credit losses at September 30, 2021 was 1.18%,
compared to 1.33% at June 30, 2021.
Total average deposits were $3.4 billion for the
third quarter of 2021, an increase of $941.7 million, or 38.1%,
from the third quarter of 2020 and an increase of $106.3 million,
or 12.9% annualized, from the second quarter of 2021. Average
noninterest bearing deposits were $1.4 billion for the third
quarter of 2021, an increase of $520.4 million, or 61%, from the
third quarter of 2020 and an increase of $79.4 million, or 24.5%
annualized, from the second quarter of 2021. Noninterest bearing
deposits were 40.3% of total average deposits in the third quarter
of 2021, compared to 34.6% in the third quarter of 2020 and 39.2%
in the second quarter of 2021.
Merger Update
On July 22, 2021, Atlantic Capital and
SouthState Corporation (“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 our
shareholders at the Special Meeting scheduled for November 16,
2021, as well as approval by the Board of Governors of the Federal
Reserve System. Approval of the merger from the Office of the
Comptroller of the Currency has been received.
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.
Important Additional
Information
SouthState filed a registration statement on
Form S-4 with the SEC on September 15, 2021, to register the shares
of SouthState common stock that will be issued to Atlantic
Capital’s shareholders in connection with the merger. The
registration statement, which became effective on October 15, 2021,
includes a proxy statement/prospectus and other relevant materials
in connection with the transaction. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY
OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY BECAUSE THEY
CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Investors and
security holders may obtain free copies of these documents and
other documents filed with the SEC on its website at
http://www.sec.gov. Investors and security holders may also obtain
free copies of the documents filed with the SEC by Atlantic Capital
on our website at www.atlanticcapitalbank.com and by SouthState on
its website at www.southstatebank.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. Before making any voting or
investment decision, investors and security holders of Atlantic
Capital and SouthState are urged to read carefully the entire
registration statement and proxy statement/prospectus, including
any amendments thereto, because they contain important information
about the merger. Free copies of these documents may be obtained as
described above.
Participants in the Merger
Atlantic Capital and SouthState, and certain of
their respective directors, executive officers and other members of
management and employees, may be deemed to be participants in the
solicitation of proxies from Atlantic Capital’s shareholders in
respect of the merger. Information regarding such persons who may
be deemed participants in the solicitation of proxies from Atlantic
Capital’s shareholders is included in the proxy
statement/prospectus for Atlantic Capital’s meeting of
shareholders, which was filed by SouthState on Form S-4 on
September 15, 2021 and declared effective on October 15, 2021.
Information about Atlantic Capital’s directors and executive
officers and their ownership of Atlantic Capital common stock can
also be found in definitive proxy statement filed in connection
with its 2021 annual meeting of shareholders on May 20, 2021, and
other documents subsequently filed by Atlantic Capital with the
SEC. Information about SouthState’s directors and executive
officers and their ownership of SouthState common stock can also be
found in SouthState’s definitive proxy statement filed in
connection with its 2021 annual meeting of shareholders on April
28, 2021, and other documents subsequently filed by SouthState with
the SEC. Information regarding the interests of such participants
is included in the proxy statement/prospectus and other relevant
documents regarding the merger filed with the SEC.
About Atlantic Capital
Bancshares
Atlantic Capital Bancshares, Inc. is a $4.2
billion publicly traded bank holding company headquartered in
Atlanta, Georgia. Atlantic Capital offers commercial and
not-for-profit banking services, specialty corporate financial
services, private banking services and commercial real estate
finance solutions to privately held companies and individuals in
the Atlanta area, as well as payments and other specialized
financial services for select clients nationally.
Media Contact:
Ashley Carson
Email: ashley.carson@atlcapbank.com
Phone: 404-995-6050
(ACB-ER)
Financial Contact:
Patrick Oakes
Email: patrick.oakes@atlcapbank.com
Phone: 404-995-6050
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ATLANTIC
CAPITAL BANCSHARES, INC.
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Selected
Financial Information
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For the nine months ended |
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2021
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2020 |
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September 30, |
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(in
thousands, except share and per share data; |
Third |
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Second |
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First |
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Fourth |
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Third |
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taxable equivalent) |
Quarter |
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Quarter |
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Quarter |
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Quarter |
|
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) |
$ |
27,040 |
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|
$ |
27,993 |
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$ |
25,775 |
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$ |
25,288 |
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$ |
24,578 |
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$ |
80,808 |
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$ |
74,976 |
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Interest
expense |
|
1,895 |
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|
1,958 |
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|
2,065 |
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|
2,299 |
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|
2,515 |
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5,918 |
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|
9,724 |
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Net interest income - taxable equivalent |
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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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22,063 |
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74,890 |
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|
65,252 |
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Provision
for credit losses |
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(2,405 |
) |
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(933 |
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|
(4,519 |
) |
|
|
481 |
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|
|
28 |
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|
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(7,857 |
) |
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|
16,965 |
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Net interest income after provision for credit losses |
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27,550 |
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|
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26,968 |
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28,229 |
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22,508 |
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22,035 |
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82,747 |
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48,287 |
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Noninterest
income |
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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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2,504 |
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11,755 |
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|
|
7,269 |
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Noninterest
expense |
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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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|
13,713 |
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45,364 |
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|
39,494 |
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Income before income taxes |
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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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10,826 |
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49,138 |
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|
16,062 |
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Income tax
expense |
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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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2,208 |
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10,656 |
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|
|
3,471 |
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Net income(1)(2) |
$ |
13,304 |
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$ |
11,816 |
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$ |
13,362 |
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$ |
9,950 |
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$ |
8,618 |
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$ |
38,482 |
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$ |
12,591 |
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PER
SHARE DATA |
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Diluted earnings per share |
$ |
0.65 |
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$ |
0.58 |
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$ |
0.65 |
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$ |
0.48 |
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$ |
0.40 |
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$ |
1.88 |
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$ |
0.58 |
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Book value per share |
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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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16.05 |
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17.92 |
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16.05 |
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Tangible book value per common share (3) |
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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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15.11 |
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16.94 |
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15.11 |
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PERFORMANCE MEASURES |
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Return on average equity |
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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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% |
|
11.68 |
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% |
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10.05 |
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% |
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14.74 |
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% |
|
4.98 |
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% |
Return on average assets |
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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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1.15 |
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1.37 |
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|
0.59 |
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Taxable equivalent net interest margin |
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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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|
3.14 |
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|
2.80 |
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|
3.25 |
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Taxable equivalent net interest margin excluding PPP loans |
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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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|
3.18 |
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|
2.65 |
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|
3.31 |
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Efficiency ratio |
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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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56.61 |
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53.04 |
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|
55.16 |
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Average loans to average deposits |
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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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|
88.65 |
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68.32 |
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|
87.07 |
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CAPITAL |
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Average equity to average assets |
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9.23 |
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% |
|
9.24 |
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% |
|
9.39 |
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% |
|
10.18 |
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% |
|
11.45 |
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% |
|
9.28 |
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% |
|
11.78 |
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% |
Tangible common equity to tangible assets |
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8.21 |
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|
|
8.86 |
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|
|
8.63 |
|
|
|
8.86 |
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|
|
11.03 |
|
|
|
8.21 |
|
|
|
11.03 |
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|
Leverage ratio |
|
8.50 |
|
(3) |
|
8.4 |
|
|
|
8.4 |
|
|
|
8.9 |
|
|
|
9.9 |
|
|
|
8.73 |
|
(3) |
|
9.9 |
|
|
Total risk based capital ratio |
|
15.91 |
|
(3) |
|
16.0 |
|
|
|
16.4 |
|
|
|
16.1 |
|
|
|
16.9 |
|
|
|
15.91 |
|
(3) |
|
16.9 |
|
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|
SHARES OUTSTANDING |
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Number of common shares outstanding - basic |
|
20,305,109 |
|
|
|
20,319,429 |
|
|
|
20,354,077 |
|
|
|
20,394,912 |
|
|
|
21,202,783 |
|
|
|
20,305,109 |
|
|
|
21,202,783 |
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|
Number of common shares outstanding - diluted |
|
20,590,747 |
|
|
|
20,595,812 |
|
|
|
20,617,188 |
|
|
|
20,492,542 |
|
|
|
21,298,098 |
|
|
|
20,590,747 |
|
|
|
21,298,098 |
|
|
Average number of common shares - basic |
|
20,308,761 |
|
|
|
20,332,503 |
|
|
|
20,380,066 |
|
|
|
20,711,089 |
|
|
|
21,500,735 |
|
|
|
20,340,182 |
|
|
|
21,553,953 |
|
|
Average number of common shares - diluted |
|
20,507,604 |
|
|
|
20,516,478 |
|
|
|
20,502,184 |
|
|
|
20,795,332 |
|
|
|
21,543,805 |
|
|
|
20,508,775 |
|
|
|
21,640,057 |
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|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans held for investment |
|
1.16 |
|
% |
|
1.27 |
|
% |
|
1.31 |
|
% |
|
1.55 |
|
% |
|
1.59 |
|
% |
|
1.16 |
|
% |
|
1.59 |
|
% |
Net charge-offs to average loans (4) |
|
0.00 |
|
|
|
0.10 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.13 |
|
|
Non-performing assets to total assets |
|
0.10 |
|
|
|
0.14 |
|
|
|
0.06 |
|
|
|
0.13 |
|
|
|
0.20 |
|
|
|
0.10 |
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
$ |
2,246,529 |
|
|
$ |
2,233,906 |
|
|
$ |
2,270,660 |
|
|
$ |
2,207,956 |
|
|
$ |
2,191,669 |
|
|
$ |
2,250,277 |
|
|
$ |
2,071,673 |
|
|
Investment securities |
|
733,452 |
|
|
|
656,507 |
|
|
|
579,547 |
|
|
|
491,134 |
|
|
|
453,382 |
|
|
|
657,066 |
|
|
|
444,766 |
|
|
Total assets |
|
3,893,049 |
|
|
|
3,771,970 |
|
|
|
3,611,417 |
|
|
|
3,328,719 |
|
|
|
2,977,444 |
|
|
|
3,759,841 |
|
|
|
2,865,884 |
|
|
Deposits |
|
3,413,882 |
|
|
|
3,307,601 |
|
|
|
3,156,906 |
|
|
|
2,874,402 |
|
|
|
2,472,218 |
|
|
|
3,293,738 |
|
|
|
2,379,235 |
|
|
Shareholders' equity |
|
359,300 |
|
|
|
348,416 |
|
|
|
338,990 |
|
|
|
338,948 |
|
|
|
341,017 |
|
|
|
348,974 |
|
|
|
337,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT
PERIOD END |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and loans held for sale |
$ |
2,285,670 |
|
|
$ |
2,264,899 |
|
|
$ |
2,302,661 |
|
|
$ |
2,249,036 |
|
|
$ |
2,188,894 |
|
|
$ |
2,285,670 |
|
|
$ |
2,188,894 |
|
|
Investment securities |
|
772,987 |
|
|
|
714,065 |
|
|
|
613,236 |
|
|
|
535,579 |
|
|
|
446,706 |
|
|
|
772,987 |
|
|
|
446,706 |
|
|
Total assets |
|
4,210,316 |
|
|
|
3,780,445 |
|
|
|
3,732,668 |
|
|
|
3,615,617 |
|
|
|
2,923,977 |
|
|
|
4,210,316 |
|
|
|
2,923,977 |
|
|
Deposits |
|
3,727,321 |
|
|
|
3,306,224 |
|
|
|
3,277,692 |
|
|
|
3,161,508 |
|
|
|
2,468,722 |
|
|
|
3,727,321 |
|
|
|
2,468,722 |
|
|
Shareholders’ equity |
|
363,925 |
|
|
|
353,185 |
|
|
|
340,328 |
|
|
|
338,586 |
|
|
|
340,309 |
|
|
|
363,925 |
|
|
|
340,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 September 30, 2021. |
(4)Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC.
|
Consolidated
Balance Sheets (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
(in thousands, except share data) |
|
2021
|
|
2021
|
|
2020
|
|
2020
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
25,725 |
|
|
$ |
35,530 |
|
|
$ |
16,865 |
|
|
$ |
22,715 |
|
Interest-bearing deposits in banks |
|
|
811,168 |
|
|
|
593,195 |
|
|
|
636,537 |
|
|
|
91,243 |
|
Other
short-term investments |
|
|
140,848 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cash and cash equivalents |
|
|
977,741 |
|
|
|
628,725 |
|
|
|
653,402 |
|
|
|
113,958 |
|
Investment
securities available for sale |
|
|
535,158 |
|
|
|
480,518 |
|
|
|
335,423 |
|
|
|
260,884 |
|
Investment
securities held to maturity, net of allowance for credit losses of
$13, $13, $14, and $15 at September 30,2021, June 30, 2021,
December 31, 2020 and September 30, 2020, respectively |
|
|
237,829 |
|
|
|
233,547 |
|
|
|
200,156 |
|
|
|
185,822 |
|
Other
investments |
|
|
23,877 |
|
|
|
24,293 |
|
|
|
25,892 |
|
|
|
26,315 |
|
Loans held
for sale |
|
|
11,814 |
|
|
|
— |
|
|
|
— |
|
|
|
859 |
|
Loans held
for investment |
|
|
2,273,856 |
|
|
|
2,264,899 |
|
|
|
2,249,036 |
|
|
|
2,188,035 |
|
Less: allowance for loan losses |
|
|
(23,924 |
) |
|
|
(26,123 |
) |
|
|
(31,818 |
) |
|
|
(31,894 |
) |
Loans held for investment, net |
|
|
2,249,932 |
|
|
|
2,238,776 |
|
|
|
2,217,218 |
|
|
|
2,156,141 |
|
Premises and
equipment, net |
|
|
18,517 |
|
|
|
19,643 |
|
|
|
21,589 |
|
|
|
22,558 |
|
Bank owned
life insurance |
|
|
74,000 |
|
|
|
73,610 |
|
|
|
72,856 |
|
|
|
67,489 |
|
Goodwill |
|
|
19,925 |
|
|
|
19,925 |
|
|
|
19,925 |
|
|
|
19,925 |
|
Other
intangibles, net |
|
|
2,573 |
|
|
|
2,637 |
|
|
|
2,731 |
|
|
|
2,685 |
|
Other real
estate owned |
|
|
— |
|
|
|
16 |
|
|
|
16 |
|
|
|
563 |
|
Other
assets |
|
|
58,950 |
|
|
|
58,755 |
|
|
|
66,409 |
|
|
|
66,778 |
|
Total assets |
|
$ |
4,210,316 |
|
|
$ |
3,780,445 |
|
|
$ |
3,615,617 |
|
|
$ |
2,923,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
1,691,616 |
|
|
$ |
1,374,018 |
|
|
$ |
1,033,765 |
|
|
$ |
843,656 |
|
Interest-bearing checking |
|
|
721,525 |
|
|
|
536,677 |
|
|
|
760,638 |
|
|
|
387,858 |
|
Savings |
|
|
800 |
|
|
|
676 |
|
|
|
625 |
|
|
|
568 |
|
Money market |
|
|
930,929 |
|
|
|
1,026,239 |
|
|
|
1,030,753 |
|
|
|
945,834 |
|
Time |
|
|
287,865 |
|
|
|
283,656 |
|
|
|
241,328 |
|
|
|
196,343 |
|
Brokered deposits |
|
|
94,586 |
|
|
|
84,958 |
|
|
|
94,399 |
|
|
|
94,463 |
|
Total deposits |
|
|
3,727,321 |
|
|
|
3,306,224 |
|
|
|
3,161,508 |
|
|
|
2,468,722 |
|
Long-term
debt |
|
|
74,024 |
|
|
|
73,953 |
|
|
|
73,807 |
|
|
|
73,814 |
|
Other
liabilities |
|
|
45,046 |
|
|
|
47,083 |
|
|
|
41,716 |
|
|
|
41,132 |
|
Total liabilities |
|
|
3,846,391 |
|
|
|
3,427,260 |
|
|
|
3,277,031 |
|
|
|
2,583,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock, no par value; 10,000,000 shares authorized; no shares issued
and outstanding as of September 30, 2021,
June 30, 2021, December 31, 2020 and
September 30, 2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common
stock, no par value; 100,000,000 shares authorized; 20,305,109,
20,319,429, 20,394,912, and 21,202,783 shares issued and
outstanding as of September 30, 2021,
June 30, 2021, December 31, 2020 and
September 30, 2020, respectively |
|
|
207,214 |
|
|
|
206,619 |
|
|
|
209,942 |
|
|
|
220,643 |
|
Retained
earnings |
|
|
152,619 |
|
|
|
139,315 |
|
|
|
114,137 |
|
|
|
104,188 |
|
Accumulated
other comprehensive income |
|
|
4,092 |
|
|
|
7,251 |
|
|
|
14,507 |
|
|
|
15,478 |
|
Total shareholders’ equity |
|
|
363,925 |
|
|
|
353,185 |
|
|
|
338,586 |
|
|
|
340,309 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
4,210,316 |
|
|
$ |
3,780,445 |
|
|
$ |
3,615,617 |
|
|
$ |
2,923,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC.
|
Consolidated
Statements of Income (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
22,151 |
|
|
$ |
23,352 |
|
|
$ |
21,769 |
|
|
$ |
21,609 |
|
|
$ |
21,049 |
|
|
$ |
67,272 |
|
|
$ |
63,971 |
|
Investment securities |
|
|
3,920 |
|
|
|
3,900 |
|
|
|
3,374 |
|
|
|
3,000 |
|
|
|
2,910 |
|
|
|
11,194 |
|
|
|
8,683 |
|
Interest and dividends on other interest‑earning assets |
|
593 |
|
|
|
366 |
|
|
|
267 |
|
|
|
334 |
|
|
|
274 |
|
|
|
1,226 |
|
|
|
1,399 |
|
Total interest income |
|
|
26,664 |
|
|
|
27,618 |
|
|
|
25,410 |
|
|
|
24,943 |
|
|
|
24,233 |
|
|
|
79,692 |
|
|
|
74,053 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
789 |
|
|
|
851 |
|
|
|
971 |
|
|
|
1,188 |
|
|
|
1,151 |
|
|
|
2,611 |
|
|
|
6,632 |
|
Interest on Federal Home Loan Bank advances |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
54 |
|
Interest on federal funds purchased and securities sold under
agreements to repurchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
41 |
|
Interest on long-term debt |
|
|
1,106 |
|
|
|
1,107 |
|
|
|
1,094 |
|
|
|
1,111 |
|
|
|
1,345 |
|
|
|
3,307 |
|
|
|
2,997 |
|
Total interest expense |
|
|
1,895 |
|
|
|
1,958 |
|
|
|
2,065 |
|
|
|
2,299 |
|
|
|
2,515 |
|
|
|
5,918 |
|
|
|
9,724 |
|
NET
INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES |
|
|
24,769 |
|
|
|
25,660 |
|
|
|
23,345 |
|
|
|
22,644 |
|
|
|
21,718 |
|
|
|
73,774 |
|
|
|
64,329 |
|
Provision for credit losses |
|
|
(2,405 |
) |
|
|
(933 |
) |
|
|
(4,519 |
) |
|
|
481 |
|
|
|
28 |
|
|
|
(7,857 |
) |
|
|
16,965 |
|
NET
INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES |
|
|
27,174 |
|
|
|
26,593 |
|
|
|
27,864 |
|
|
|
22,163 |
|
|
|
21,690 |
|
|
|
81,631 |
|
|
|
47,364 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
1,765 |
|
|
|
1,727 |
|
|
|
1,663 |
|
|
|
1,341 |
|
|
|
1,217 |
|
|
|
5,155 |
|
|
|
3,530 |
|
Gains (losses) on sale of securities |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
(23 |
) |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
Gains (losses) on sale of other assets |
|
|
38 |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
(145 |
) |
|
|
38 |
|
|
|
(140 |
) |
Derivatives income (loss) |
|
|
21 |
|
|
|
(7 |
) |
|
|
47 |
|
|
|
11 |
|
|
|
10 |
|
|
|
61 |
|
|
|
246 |
|
Bank owned life insurance |
|
|
391 |
|
|
|
388 |
|
|
|
391 |
|
|
|
368 |
|
|
|
363 |
|
|
|
1,170 |
|
|
|
1,092 |
|
SBA lending activities |
|
|
1,276 |
|
|
|
1,231 |
|
|
|
1,225 |
|
|
|
1,015 |
|
|
|
893 |
|
|
|
3,732 |
|
|
|
2,089 |
|
Other noninterest income |
|
|
1,118 |
|
|
|
245 |
|
|
|
234 |
|
|
|
310 |
|
|
|
166 |
|
|
|
1,597 |
|
|
|
452 |
|
Total noninterest income |
|
|
4,609 |
|
|
|
3,584 |
|
|
|
3,562 |
|
|
|
3,016 |
|
|
|
2,504 |
|
|
|
11,755 |
|
|
|
7,269 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
10,290 |
|
|
|
10,362 |
|
|
|
10,421 |
|
|
|
8,437 |
|
|
|
8,850 |
|
|
|
31,073 |
|
|
|
25,792 |
|
Employee retention credit |
|
|
(3,035 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,035 |
) |
|
|
— |
|
Occupancy |
|
|
756 |
|
|
|
778 |
|
|
|
734 |
|
|
|
767 |
|
|
|
739 |
|
|
|
2,268 |
|
|
|
2,416 |
|
Equipment and software |
|
|
857 |
|
|
|
819 |
|
|
|
774 |
|
|
|
969 |
|
|
|
826 |
|
|
|
2,450 |
|
|
|
2,368 |
|
Professional services |
|
|
737 |
|
|
|
723 |
|
|
|
922 |
|
|
|
686 |
|
|
|
562 |
|
|
|
2,382 |
|
|
|
2,059 |
|
Communications and data processing |
|
|
889 |
|
|
|
869 |
|
|
|
792 |
|
|
|
789 |
|
|
|
757 |
|
|
|
2,550 |
|
|
|
2,324 |
|
Marketing and business development |
|
|
142 |
|
|
|
138 |
|
|
|
108 |
|
|
|
144 |
|
|
|
141 |
|
|
|
388 |
|
|
|
373 |
|
Travel, meals and entertainment |
|
|
91 |
|
|
|
47 |
|
|
|
10 |
|
|
|
14 |
|
|
|
39 |
|
|
|
148 |
|
|
|
213 |
|
FDIC premiums |
|
|
478 |
|
|
|
421 |
|
|
|
275 |
|
|
|
241 |
|
|
|
213 |
|
|
|
1,174 |
|
|
|
388 |
|
Merger and conversion costs |
|
|
2,899 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,899 |
|
|
|
— |
|
Other noninterest expense |
|
|
914 |
|
|
|
1,040 |
|
|
|
1,113 |
|
|
|
1,117 |
|
|
|
1,586 |
|
|
|
3,067 |
|
|
|
3,561 |
|
Total noninterest expense |
|
|
15,018 |
|
|
|
15,197 |
|
|
|
15,149 |
|
|
|
13,164 |
|
|
|
13,713 |
|
|
|
45,364 |
|
|
|
39,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
16,765 |
|
|
|
14,980 |
|
|
|
16,277 |
|
|
|
12,015 |
|
|
|
10,481 |
|
|
|
48,022 |
|
|
|
15,139 |
|
Provision for income taxes |
|
|
3,461 |
|
|
|
3,164 |
|
|
|
2,915 |
|
|
|
2,065 |
|
|
|
1,863 |
|
|
|
9,540 |
|
|
|
2,548 |
|
NET
INCOME |
|
$ |
13,304 |
|
|
$ |
11,816 |
|
|
$ |
13,362 |
|
|
$ |
9,950 |
|
|
$ |
8,618 |
|
|
$ |
38,482 |
|
|
$ |
12,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per common share - basic |
|
$ |
0.66 |
|
|
$ |
0.58 |
|
|
$ |
0.66 |
|
|
$ |
0.48 |
|
|
$ |
0.40 |
|
|
$ |
1.89 |
|
|
$ |
0.58 |
|
Net income
per common share - diluted |
|
$ |
0.65 |
|
|
$ |
0.58 |
|
|
$ |
0.65 |
|
|
$ |
0.48 |
|
|
$ |
0.40 |
|
|
$ |
1.88 |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares - basic |
|
|
20,308,761 |
|
|
|
20,332,503 |
|
|
|
20,380,066 |
|
|
|
20,711,089 |
|
|
|
21,500,735 |
|
|
|
20,340,182 |
|
|
|
21,553,953 |
|
Weighted
average shares - diluted |
|
|
20,507,604 |
|
|
|
20,516,478 |
|
|
|
20,502,184 |
|
|
|
20,795,332 |
|
|
|
21,543,805 |
|
|
|
20,508,775 |
|
|
|
21,640,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC.
|
Average
Balance Sheets and Net Interest Margin Analysis
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, 2021 |
|
|
June 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 |
|
$ |
594,338 |
|
$ |
266 |
|
0.18 |
% |
|
$ |
687,795 |
|
$ |
201 |
|
0.12 |
% |
Other
short-term investments |
|
|
122,477 |
|
|
156 |
|
0.51 |
|
|
|
— |
|
|
— |
|
— |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
503,420 |
|
|
2,411 |
|
1.90 |
|
|
|
426,634 |
|
|
2,382 |
|
2.24 |
|
Non-taxable investment securities (1) |
|
|
230,032 |
|
|
1,885 |
|
3.25 |
|
|
|
229,873 |
|
|
1,893 |
|
3.30 |
|
Total
investment securities |
|
|
733,452 |
|
|
4,296 |
|
2.32 |
|
|
|
656,507 |
|
|
4,275 |
|
2.61 |
|
Loans |
|
|
2,246,529 |
|
|
22,151 |
|
3.91 |
|
|
|
2,233,906 |
|
|
23,352 |
|
4.19 |
|
FHLB and FRB
stock |
|
|
11,931 |
|
|
171 |
|
5.69 |
|
|
|
11,931 |
|
|
165 |
|
5.55 |
|
Total interest-earning assets |
|
|
3,708,727 |
|
|
27,040 |
|
2.89 |
|
|
|
3,590,139 |
|
|
27,993 |
|
3.13 |
|
Non-earning
assets |
|
|
184,322 |
|
|
|
|
|
|
|
|
181,831 |
|
|
|
|
|
|
Total assets |
|
$ |
3,893,049 |
|
|
|
|
|
|
|
$ |
3,771,970 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and savings |
|
|
1,665,462 |
|
|
680 |
|
0.16 |
|
|
|
1,637,374 |
|
|
725 |
|
0.18 |
|
Time deposits |
|
|
285,808 |
|
|
50 |
|
0.07 |
|
|
|
290,331 |
|
|
68 |
|
0.09 |
|
Brokered deposits |
|
|
87,498 |
|
|
59 |
|
0.27 |
|
|
|
84,168 |
|
|
58 |
|
0.28 |
|
Total interest-bearing deposits |
|
|
2,038,768 |
|
|
789 |
|
0.15 |
|
|
|
2,011,873 |
|
|
851 |
|
0.17 |
|
Total
borrowings |
|
|
— |
|
|
— |
|
— |
|
|
|
89 |
|
|
— |
|
— |
|
Total
long-term debt |
|
|
73,978 |
|
|
1,106 |
|
5.93 |
|
|
|
73,904 |
|
|
1,107 |
|
6.01 |
|
Total interest-bearing liabilities |
|
|
2,112,746 |
|
|
1,895 |
|
0.36 |
|
|
|
2,085,866 |
|
|
1,958 |
|
0.38 |
|
Demand
deposits |
|
|
1,375,114 |
|
|
|
|
|
|
|
|
1,295,728 |
|
|
|
|
|
|
Other
liabilities |
|
|
45,889 |
|
|
|
|
|
|
|
|
41,960 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
359,300 |
|
|
|
|
|
|
|
|
348,416 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
3,893,049 |
|
|
|
|
|
|
|
$ |
3,771,970 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
2.53 |
% |
|
|
|
|
|
|
|
2.75 |
% |
Net interest
income and net interest margin (2) |
|
|
|
|
$ |
25,145 |
|
2.69 |
% |
|
|
|
|
$ |
26,035 |
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
2.65 |
% |
|
|
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Interest revenue on tax-exempt securities has been increased to
reflect comparable interest on taxable securities. The rate used
was 21%, reflecting the statutory federal income tax rate.
|
(2) Tax
equivalent net interest income divided by total interest-earning
assets using the appropriate day count convention based on the type
of interest-earning asset. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC.
|
Average
Balance Sheets and Net Interest Margin Analysis
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
|
|
|
|
Interest |
|
Tax |
|
|
|
|
|
Interest |
|
Tax |
|
|
|
Average |
|
Income/ |
|
Equivalent |
|
|
Average |
|
Income/ |
|
Equivalent |
|
(dollars in thousands; taxable equivalent) |
|
Balance |
|
Expense |
|
Yield/Rate |
|
|
Balance |
|
Expense |
|
Yield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits in other banks |
|
$ |
594,338 |
|
$ |
266 |
|
0.18 |
% |
|
$ |
136,459 |
|
$ |
65 |
|
0.19 |
% |
Other
short-term investments |
|
|
122,477 |
|
|
156 |
|
0.51 |
|
|
|
— |
|
|
— |
|
— |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
503,420 |
|
|
2,411 |
|
1.90 |
|
|
|
237,655 |
|
|
1,467 |
|
2.46 |
|
Non-taxable investment securities (1) |
|
|
230,032 |
|
|
1,885 |
|
3.25 |
|
|
|
215,727 |
|
|
1,788 |
|
3.30 |
|
Total
investment securities |
|
|
733,452 |
|
|
4,296 |
|
2.32 |
|
|
|
453,382 |
|
|
3,255 |
|
2.86 |
|
Loans |
|
|
2,246,529 |
|
|
22,151 |
|
3.91 |
|
|
|
2,191,669 |
|
|
21,049 |
|
3.82 |
|
FHLB and FRB
stock |
|
|
11,931 |
|
|
171 |
|
5.69 |
|
|
|
14,484 |
|
|
209 |
|
5.74 |
|
Total interest-earning assets |
|
|
3,708,727 |
|
|
27,040 |
|
2.89 |
|
|
|
2,795,994 |
|
|
24,578 |
|
3.50 |
|
Non-earning
assets |
|
|
184,322 |
|
|
|
|
|
|
|
|
181,450 |
|
|
|
|
|
|
Total assets |
|
$ |
3,893,049 |
|
|
|
|
|
|
|
$ |
2,977,444 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and savings |
|
|
1,665,462 |
|
|
680 |
|
0.16 |
|
|
|
1,383,382 |
|
|
1,006 |
|
0.29 |
|
Time deposits |
|
|
285,808 |
|
|
50 |
|
0.07 |
|
|
|
166,019 |
|
|
86 |
|
0.21 |
|
Brokered deposits |
|
|
87,498 |
|
|
59 |
|
0.27 |
|
|
|
68,102 |
|
|
59 |
|
0.34 |
|
Total interest-bearing deposits |
|
|
2,038,768 |
|
|
789 |
|
0.15 |
|
|
|
1,617,503 |
|
|
1,151 |
|
0.28 |
|
Total
borrowings |
|
|
— |
|
|
— |
|
— |
|
|
|
40,793 |
|
|
19 |
|
0.19 |
|
Total
long-term debt |
|
|
73,978 |
|
|
1,106 |
|
5.93 |
|
|
|
82,708 |
|
|
1,345 |
|
6.47 |
|
Total interest-bearing liabilities |
|
|
2,112,746 |
|
|
1,895 |
|
0.36 |
|
|
|
1,741,004 |
|
|
2,515 |
|
0.57 |
|
Demand
deposits |
|
|
1,375,114 |
|
|
|
|
|
|
|
|
854,715 |
|
|
|
|
|
|
Other
liabilities |
|
|
45,889 |
|
|
|
|
|
|
|
|
40,708 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
359,300 |
|
|
|
|
|
|
|
|
341,017 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
3,893,049 |
|
|
|
|
|
|
|
$ |
2,977,444 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
2.53 |
% |
|
|
|
|
|
|
|
2.92 |
% |
Net interest
income and net interest margin (2) |
|
|
|
|
$ |
25,145 |
|
2.69 |
% |
|
|
|
|
$ |
22,063 |
|
3.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
2.65 |
% |
|
|
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Interest revenue on tax-exempt securities has been increased to
reflect comparable interest on taxable securities. The rate used
was 21%, reflecting the statutory federal income tax rate. |
(2) Tax
equivalent net interest income divided by total interest-earning
assets using the appropriate day count convention based on the type
of interest-earning asset. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC.
|
Average
Balance Sheets and Net Interest Margin Analysis
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
|
|
|
|
Interest |
|
Tax |
|
|
|
|
|
Interest |
|
Tax |
|
|
|
Average |
|
Income/ |
|
Equivalent |
|
|
Average |
|
Income/ |
|
Equivalent |
|
(dollars in thousands; taxable equivalent) |
|
Balance |
|
Expense |
|
Yield/Rate |
|
|
Balance |
|
Expense |
|
Yield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits in other banks |
|
$ |
615,001 |
|
$ |
634 |
|
0.14 |
% |
|
$ |
147,795 |
|
$ |
756 |
|
0.68 |
% |
Other
short-term investments |
|
|
41,274 |
|
|
156 |
|
0.51 |
|
|
|
36 |
|
|
— |
|
— |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
429,307 |
|
|
6,691 |
|
2.08 |
|
|
|
246,388 |
|
|
4,729 |
|
2.56 |
|
Non-taxable investment securities (1) |
|
|
227,759 |
|
|
5,619 |
|
3.30 |
|
|
|
198,378 |
|
|
4,877 |
|
3.28 |
|
Total
investment securities |
|
|
657,066 |
|
|
12,310 |
|
2.50 |
|
|
|
444,766 |
|
|
9,606 |
|
2.88 |
|
Loans |
|
|
2,250,277 |
|
|
67,272 |
|
4.00 |
|
|
|
2,071,673 |
|
|
63,971 |
|
4.12 |
|
FHLB and FRB
stock |
|
|
12,183 |
|
|
436 |
|
4.78 |
|
|
|
14,667 |
|
|
643 |
|
5.86 |
|
Total interest-earning assets |
|
|
3,575,801 |
|
|
80,808 |
|
3.02 |
|
|
|
2,678,937 |
|
|
74,976 |
|
3.74 |
|
Non-earning
assets |
|
|
184,040 |
|
|
|
|
|
|
|
|
186,947 |
|
|
|
|
|
|
Total assets |
|
$ |
3,759,841 |
|
|
|
|
|
|
|
$ |
2,865,884 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money
market, and savings |
|
|
1,654,990 |
|
|
2,240 |
|
0.18 |
|
|
|
1,397,280 |
|
|
5,889 |
|
0.56 |
|
Time
deposits |
|
|
283,296 |
|
|
191 |
|
0.09 |
|
|
|
106,271 |
|
|
196 |
|
0.25 |
|
Brokered
deposits |
|
|
85,454 |
|
|
180 |
|
0.28 |
|
|
|
81,125 |
|
|
547 |
|
0.90 |
|
Total
interest-bearing deposits |
|
|
2,023,740 |
|
|
2,611 |
|
0.17 |
|
|
|
1,584,676 |
|
|
6,632 |
|
0.56 |
|
Total
borrowings |
|
|
30 |
|
|
— |
|
— |
|
|
|
50,055 |
|
|
95 |
|
0.25 |
|
Total
long-term debt |
|
|
73,905 |
|
|
3,307 |
|
5.98 |
|
|
|
60,922 |
|
|
2,997 |
|
6.57 |
|
Total interest-bearing liabilities |
|
|
2,097,675 |
|
|
5,918 |
|
0.38 |
|
|
|
1,695,653 |
|
|
9,724 |
|
0.77 |
|
Demand
deposits |
|
|
1,269,998 |
|
|
|
|
|
|
|
|
794,559 |
|
|
|
|
|
|
Other
liabilities |
|
|
43,194 |
|
|
|
|
|
|
|
|
38,151 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
348,974 |
|
|
|
|
|
|
|
|
337,521 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
3,759,841 |
|
|
|
|
|
|
|
$ |
2,865,884 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
2.64 |
% |
|
|
|
|
|
|
|
2.97 |
% |
Net interest
income and net interest margin (2) |
|
|
|
|
$ |
74,890 |
|
2.80 |
% |
|
|
|
|
$ |
65,252 |
|
3.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable
equivalent net interest margin |
|
|
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Interest revenue on tax-exempt securities has been increased to
reflect comparable interest on taxable securities. The rate used
was 21%, reflecting the statutory federal income tax rate. |
(2) Tax
equivalent net interest income divided by total interest-earning
assets using the appropriate day count convention based on the type
of interest-earning asset. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC.
|
Period End
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
Year Over |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
Quarter |
|
Year |
(dollars in thousands) |
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
Change |
|
Change |
Loans held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
11,814 |
|
|
$ |
— |
|
|
$ |
1,847 |
|
|
$ |
— |
|
|
$ |
859 |
|
|
$ |
11,814 |
|
|
$ |
10,955 |
|
Total loans held for sale |
|
$ |
11,814 |
|
|
$ |
— |
|
|
$ |
1,847 |
|
|
$ |
— |
|
|
$ |
859 |
|
|
$ |
11,814 |
|
|
$ |
10,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - other |
|
$ |
790,437 |
|
|
$ |
767,646 |
|
|
$ |
735,287 |
|
|
$ |
760,645 |
|
|
$ |
712,567 |
|
|
$ |
22,791 |
|
|
$ |
77,870 |
|
Commercial and industrial - PPP |
|
|
48,304 |
|
|
|
105,684 |
|
|
|
218,766 |
|
|
|
192,160 |
|
|
|
231,834 |
|
|
|
(57,380 |
) |
|
|
(183,530 |
) |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
62,906 |
|
|
|
58,632 |
|
|
|
80,507 |
|
|
|
66,262 |
|
|
|
58,336 |
|
|
|
4,274 |
|
|
|
4,570 |
|
Owner occupied |
|
|
413,875 |
|
|
|
392,108 |
|
|
|
381,018 |
|
|
|
373,689 |
|
|
|
364,170 |
|
|
|
21,767 |
|
|
|
49,705 |
|
Investment |
|
|
483,538 |
|
|
|
506,230 |
|
|
|
480,566 |
|
|
|
469,150 |
|
|
|
458,279 |
|
|
|
(22,692 |
) |
|
|
25,259 |
|
Construction and land: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1‑4 family residential construction |
|
|
2,338 |
|
|
|
2,074 |
|
|
|
1,578 |
|
|
|
1,171 |
|
|
|
— |
|
|
|
264 |
|
|
|
2,338 |
|
Other construction, development, and land |
|
|
202,810 |
|
|
|
178,423 |
|
|
|
141,218 |
|
|
|
144,424 |
|
|
|
139,836 |
|
|
|
24,387 |
|
|
|
62,974 |
|
Total commercial loans |
|
|
2,004,208 |
|
|
|
2,010,797 |
|
|
|
2,038,940 |
|
|
|
2,007,501 |
|
|
|
1,965,022 |
|
|
|
(6,589 |
) |
|
|
39,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
47,076 |
|
|
|
45,207 |
|
|
|
31,817 |
|
|
|
33,783 |
|
|
|
29,460 |
|
|
|
1,869 |
|
|
|
17,616 |
|
Home equity |
|
|
28,943 |
|
|
|
24,972 |
|
|
|
26,293 |
|
|
|
25,443 |
|
|
|
24,528 |
|
|
|
3,971 |
|
|
|
4,415 |
|
Total residential loans |
|
|
76,019 |
|
|
|
70,179 |
|
|
|
58,110 |
|
|
|
59,226 |
|
|
|
53,988 |
|
|
|
5,840 |
|
|
|
22,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
192,462 |
|
|
|
184,203 |
|
|
|
203,176 |
|
|
|
176,066 |
|
|
|
154,916 |
|
|
|
8,259 |
|
|
|
37,546 |
|
Other |
|
|
4,921 |
|
|
|
5,234 |
|
|
|
7,689 |
|
|
|
13,897 |
|
|
|
22,777 |
|
|
|
(313 |
) |
|
|
(17,856 |
) |
|
|
|
2,277,610 |
|
|
|
2,270,413 |
|
|
|
2,307,915 |
|
|
|
2,256,690 |
|
|
|
2,196,703 |
|
|
|
7,197 |
|
|
|
80,907 |
|
Less net deferred fees and other unearned income |
|
|
(3,754 |
) |
|
|
(5,514 |
) |
|
|
(7,101 |
) |
|
|
(7,654 |
) |
|
|
(8,668 |
) |
|
|
1,760 |
|
|
|
4,914 |
|
Total loans held for investment |
|
$ |
2,273,856 |
|
|
$ |
2,264,899 |
|
|
$ |
2,300,814 |
|
|
$ |
2,249,036 |
|
|
$ |
2,188,035 |
|
|
$ |
8,957 |
|
|
$ |
85,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
2,285,670 |
|
|
$ |
2,264,899 |
|
|
$ |
2,302,661 |
|
|
$ |
2,249,036 |
|
|
$ |
2,188,894 |
|
|
$ |
20,771 |
|
|
$ |
96,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
unfunded commitments |
|
$ |
848,642 |
|
|
$ |
804,784 |
|
|
$ |
789,869 |
|
|
$ |
813,757 |
|
|
$ |
764,247 |
|
|
$ |
43,858 |
|
|
$ |
84,395 |
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC. |
Allowance for
Credit Losses Activity and Credit Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020 |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
26,123 |
|
|
$ |
27,506 |
|
|
$ |
31,818 |
|
|
$ |
31,894 |
|
|
$ |
31,605 |
|
|
Provision for loan losses |
|
|
(2,221 |
) |
|
|
(814 |
) |
|
|
(4,074 |
) |
|
|
225 |
|
|
|
636 |
|
|
Loans charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
(131 |
) |
|
|
(386 |
) |
|
|
(288 |
) |
|
|
(401 |
) |
|
|
(404 |
) |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Residential mortgages |
|
|
— |
|
|
|
(223 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Home equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total loans charged-off |
|
|
(131 |
) |
|
|
(609 |
) |
|
|
(288 |
) |
|
|
(401 |
) |
|
|
(404 |
) |
|
Recoveries on loans previously charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
151 |
|
|
|
6 |
|
|
|
50 |
|
|
|
37 |
|
|
|
56 |
|
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44 |
|
|
|
— |
|
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
Residential mortgages |
|
|
— |
|
|
|
32 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Home equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer |
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total recoveries |
|
|
153 |
|
|
|
40 |
|
|
|
50 |
|
|
|
100 |
|
|
|
57 |
|
|
Net charge-offs |
|
$ |
22 |
|
|
$ |
(569 |
) |
|
$ |
(238 |
) |
|
$ |
(301 |
) |
|
$ |
(347 |
) |
|
Balance at
period end |
|
$ |
23,924 |
|
|
$ |
26,123 |
|
|
$ |
27,506 |
|
|
$ |
31,818 |
|
|
$ |
31,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period |
|
$ |
2,565 |
|
|
$ |
2,683 |
|
|
$ |
3,128 |
|
|
$ |
2,871 |
|
|
$ |
3,480 |
|
|
Provision for unfunded commitments |
|
|
(185 |
) |
|
|
(118 |
) |
|
|
(445 |
) |
|
|
257 |
|
|
|
(609 |
) |
|
Balance at
period end |
|
$ |
2,380 |
|
|
$ |
2,565 |
|
|
$ |
2,683 |
|
|
$ |
3,128 |
|
|
$ |
2,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for credit losses - loans and unfunded commitments |
|
$ |
26,304 |
|
|
$ |
28,688 |
|
|
$ |
30,189 |
|
|
$ |
34,946 |
|
|
$ |
34,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses under CECL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
(2,221 |
) |
|
|
(814 |
) |
|
|
(4,074 |
) |
|
|
225 |
|
|
|
636 |
|
|
Provision for securities held to maturity credit losses |
|
|
1 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
1 |
|
|
Provision for unfunded commitments |
|
|
(185 |
) |
|
|
(118 |
) |
|
|
(445 |
) |
|
|
257 |
|
|
|
(609 |
) |
|
Total
provision for credit losses |
|
$ |
(2,405 |
) |
|
$ |
(933 |
) |
|
$ |
(4,519 |
) |
|
$ |
481 |
|
|
$ |
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
4,077 |
|
|
$ |
5,194 |
|
|
$ |
2,056 |
|
|
$ |
4,862 |
|
|
$ |
5,421 |
|
|
Foreclosed
properties (OREO) |
|
|
— |
|
|
|
16 |
|
|
|
16 |
|
|
|
16 |
|
|
|
563 |
|
|
Total nonperforming assets |
|
$ |
4,077 |
|
|
$ |
5,210 |
|
|
$ |
2,072 |
|
|
$ |
4,878 |
|
|
$ |
5,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans held for investment |
|
|
1.05 |
|
% |
|
1.15 |
|
% |
|
1.20 |
|
% |
|
1.41 |
|
% |
|
1.46 |
|
% |
Allowance
for credit losses to loans held for investment |
|
|
1.16 |
|
% |
|
1.27 |
|
% |
|
1.31 |
|
% |
|
1.55 |
|
% |
|
1.59 |
|
% |
Allowance
for credit losses to loans held for investment excluding PPP
loans |
|
|
1.18 |
|
% |
|
1.33 |
|
% |
|
1.45 |
|
% |
|
1.70 |
|
% |
1.78 |
|
% |
Net
charge-offs to average loans (1) |
|
|
0.00 |
|
|
|
0.10 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
Non-performing loans as a percentage of total loans |
|
|
0.18 |
|
% |
|
0.23 |
|
% |
|
0.09 |
|
% |
|
0.22 |
|
% |
|
0.25 |
|
% |
Non-performing assets as a percentage of total assets |
|
|
0.10 |
|
% |
|
0.14 |
|
% |
|
0.06 |
|
% |
|
0.13 |
|
% |
|
0.20 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC.
|
Period End
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
Quarter |
|
Year Over |
(dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
Change |
|
Year Change |
DDA |
|
$ |
1,691,616 |
|
$ |
1,374,018 |
|
$ |
1,280,524 |
|
$ |
1,033,765 |
|
$ |
843,656 |
|
$ |
317,598 |
|
|
$ |
847,960 |
|
NOW |
|
|
721,525 |
|
|
536,677 |
|
|
485,540 |
|
|
760,638 |
|
|
387,858 |
|
|
184,848 |
|
|
|
333,667 |
|
Savings |
|
|
800 |
|
|
676 |
|
|
562 |
|
|
625 |
|
|
568 |
|
|
124 |
|
|
|
232 |
|
Money
market |
|
|
930,929 |
|
|
1,026,239 |
|
|
1,142,361 |
|
|
1,030,753 |
|
|
945,834 |
|
|
(95,310 |
) |
|
|
(14,905 |
) |
Time |
|
|
287,865 |
|
|
283,656 |
|
|
294,129 |
|
|
241,328 |
|
|
196,343 |
|
|
4,209 |
|
|
|
91,522 |
|
Brokered |
|
|
94,586 |
|
|
84,958 |
|
|
74,576 |
|
|
94,399 |
|
|
94,463 |
|
|
9,628 |
|
|
|
123 |
|
Total deposits |
|
$ |
3,727,321 |
|
$ |
3,306,224 |
|
$ |
3,277,692 |
|
$ |
3,161,508 |
|
$ |
2,468,722 |
|
$ |
421,097 |
|
|
$ |
1,258,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Linked |
|
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Quarter |
|
Q3 2021
vs |
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Change |
|
Q3 2020 |
DDA |
|
$ |
1,375,114 |
|
$ |
1,295,728 |
|
$ |
1,136,531 |
|
$ |
977,009 |
|
$ |
854,715 |
|
$ |
79,386 |
|
|
$ |
520,399 |
|
NOW |
|
|
607,485 |
|
|
548,358 |
|
|
618,701 |
|
|
558,967 |
|
|
440,734 |
|
|
59,127 |
|
|
$ |
166,751 |
|
Savings |
|
|
731 |
|
|
593 |
|
|
587 |
|
|
614 |
|
|
586 |
|
|
138 |
|
|
$ |
145 |
|
Money
market |
|
|
1,057,246 |
|
|
1,088,423 |
|
|
1,042,809 |
|
|
1,026,347 |
|
|
942,062 |
|
|
(31,177 |
) |
|
$ |
115,184 |
|
Time |
|
|
285,808 |
|
|
290,331 |
|
|
273,615 |
|
|
221,792 |
|
|
166,019 |
|
|
(4,523 |
) |
|
$ |
119,789 |
|
Brokered |
|
|
87,498 |
|
|
84,168 |
|
|
84,663 |
|
|
89,673 |
|
|
68,102 |
|
|
3,330 |
|
|
$ |
19,396 |
|
Total deposits |
|
$ |
3,413,882 |
|
$ |
3,307,601 |
|
$ |
3,156,906 |
|
$ |
2,874,402 |
|
$ |
2,472,218 |
|
$ |
106,281 |
|
|
$ |
941,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing deposits as a percentage of average deposits |
|
|
40.3 |
% |
|
39.2 |
% |
|
36.0 |
% |
|
34.0 |
% |
|
34.6 |
% |
|
|
|
|
|
Cost of
interest-bearing deposits |
|
|
0.15 |
% |
|
0.17 |
% |
|
0.19 |
% |
|
0.25 |
% |
|
0.28 |
% |
|
|
|
|
|
Cost of
deposits |
|
|
0.08 |
% |
|
0.10 |
% |
|
0.12 |
% |
|
0.16 |
% |
|
0.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC
CAPITAL BANCSHARES, INC. |
Non-GAAP
Performance and Financial Measures Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months |
|
|
|
2021
|
|
2020
|
|
ended September 30, |
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
|
|
|
|
|
|
(in thousands, except share and per share data) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent interest income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - GAAP |
|
$ |
26,664 |
|
|
$ |
27,618 |
|
|
$ |
25,410 |
|
|
$ |
24,943 |
|
|
$ |
24,233 |
|
|
$ |
79,692 |
|
|
$ |
74,053 |
|
|
Taxable equivalent adjustment |
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
345 |
|
|
|
1,116 |
|
|
|
923 |
|
|
Interest income - taxable equivalent |
|
$ |
27,040 |
|
|
$ |
27,993 |
|
|
$ |
25,775 |
|
|
$ |
25,288 |
|
|
$ |
24,578 |
|
|
$ |
80,808 |
|
|
$ |
74,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
|
$ |
24,769 |
|
|
$ |
25,660 |
|
|
$ |
23,345 |
|
|
$ |
22,644 |
|
|
$ |
21,718 |
|
|
$ |
73,774 |
|
|
$ |
64,329 |
|
|
Taxable equivalent adjustment |
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
345 |
|
|
|
1,116 |
|
|
|
923 |
|
|
Net interest
income - taxable equivalent |
|
$ |
25,145 |
|
|
$ |
26,035 |
|
|
$ |
23,710 |
|
|
$ |
22,989 |
|
|
$ |
22,063 |
|
|
$ |
74,890 |
|
|
$ |
65,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
yield excluding PPP loans reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield - GAAP |
|
|
3.91 |
|
% |
|
4.19 |
|
% |
|
3.89 |
|
% |
|
3.89 |
|
% |
|
3.82 |
|
% |
|
4.00 |
|
% |
|
4.12 |
|
% |
Impact of PPP loans |
|
|
(0.20 |
) |
|
|
(0.24 |
) |
|
|
(0.06 |
) |
|
|
(0.03 |
) |
|
|
0.13 |
|
|
|
(0.17 |
) |
|
|
0.14 |
|
|
Loan yield excluding PPP loans |
|
|
3.71 |
|
% |
|
3.95 |
|
% |
|
3.83 |
|
% |
|
3.86 |
|
% |
|
3.95 |
|
% |
|
3.83 |
|
% |
|
4.26 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
|
2.65 |
|
% |
|
2.87 |
|
% |
|
2.76 |
|
% |
|
2.86 |
|
% |
|
3.09 |
|
% |
|
2.76 |
|
% |
|
3.21 |
|
% |
Impact of taxable equivalent adjustment |
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
Net interest margin - taxable equivalent |
|
|
2.69 |
|
% |
|
2.91 |
|
% |
|
2.81 |
|
% |
|
2.91 |
|
% |
|
3.14 |
|
% |
|
2.80 |
|
% |
|
3.25 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest margin excluding PPP loans
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - taxable equivalent |
|
|
2.69 |
|
% |
|
2.91 |
|
% |
|
2.81 |
|
% |
|
2.91 |
|
% |
|
3.14 |
|
% |
|
2.80 |
|
% |
|
3.21 |
|
% |
Impact of PPP loans |
|
|
(0.15 |
) |
|
|
(0.21 |
) |
|
|
(0.11 |
) |
|
|
(0.10 |
) |
|
|
0.04 |
|
|
|
(0.15 |
) |
|
|
0.10 |
|
|
Net interest margin - taxable equivalent excluding PPP
loans |
|
2.54 |
|
% |
|
2.70 |
|
% |
|
2.70 |
|
% |
|
2.81 |
|
% |
|
3.18 |
|
% |
|
2.65 |
|
% |
|
3.31 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent income before income taxes
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes - GAAP |
|
$ |
16,765 |
|
|
$ |
14,980 |
|
|
$ |
16,277 |
|
|
$ |
12,015 |
|
|
$ |
10,481 |
|
|
$ |
48,022 |
|
|
$ |
15,139 |
|
|
Taxable equivalent adjustment |
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
345 |
|
|
|
1,116 |
|
|
|
923 |
|
|
Income before income taxes |
|
$ |
17,141 |
|
|
$ |
15,355 |
|
|
$ |
16,642 |
|
|
$ |
12,360 |
|
|
$ |
10,826 |
|
|
$ |
49,138 |
|
|
$ |
16,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent income tax expense
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense - GAAP |
|
$ |
3,461 |
|
|
$ |
3,164 |
|
|
$ |
2,915 |
|
|
$ |
2,065 |
|
|
$ |
1,863 |
|
|
$ |
9,540 |
|
|
$ |
2,548 |
|
|
Taxable equivalent adjustment |
|
|
376 |
|
|
|
375 |
|
|
|
365 |
|
|
|
345 |
|
|
|
345 |
|
|
|
1,116 |
|
|
|
923 |
|
|
Income tax expense |
|
$ |
3,837 |
|
|
$ |
3,539 |
|
|
$ |
3,280 |
|
|
$ |
2,410 |
|
|
$ |
2,208 |
|
|
$ |
10,656 |
|
|
$ |
3,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
363,925 |
|
|
$ |
353,185 |
|
|
$ |
340,328 |
|
|
$ |
338,586 |
|
|
$ |
340,309 |
|
|
$ |
363,925 |
|
|
$ |
340,309 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
Total tangible common equity |
|
$ |
344,000 |
|
|
$ |
333,260 |
|
|
$ |
320,403 |
|
|
$ |
318,661 |
|
|
$ |
320,384 |
|
|
$ |
344,000 |
|
|
$ |
320,384 |
|
|
Common shares outstanding |
|
|
20,305,109 |
|
|
|
20,319,429 |
|
|
|
20,354,077 |
|
|
|
20,394,912 |
|
|
|
21,202,783 |
|
|
|
20,305,109 |
|
|
|
21,202,783 |
|
|
Book value per common share - GAAP |
|
$ |
17.92 |
|
|
$ |
17.38 |
|
|
$ |
16.72 |
|
|
$ |
16.60 |
|
|
$ |
16.05 |
|
|
$ |
17.92 |
|
|
$ |
16.05 |
|
|
Tangible book value |
|
|
16.94 |
|
|
|
16.40 |
|
|
|
15.74 |
|
|
|
15.62 |
|
|
|
15.11 |
|
|
|
16.94 |
|
|
|
15.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
363,925 |
|
|
$ |
353,185 |
|
|
$ |
340,328 |
|
|
$ |
338,586 |
|
|
$ |
340,309 |
|
|
$ |
363,925 |
|
|
$ |
340,309 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
Total tangible common equity |
|
$ |
344,000 |
|
|
$ |
333,260 |
|
|
$ |
320,403 |
|
|
$ |
318,661 |
|
|
$ |
320,384 |
|
|
$ |
344,000 |
|
|
$ |
320,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
4,210,316 |
|
|
$ |
3,780,445 |
|
|
$ |
3,732,668 |
|
|
$ |
3,615,617 |
|
|
$ |
2,923,977 |
|
|
$ |
4,210,316 |
|
|
$ |
2,923,977 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
Total tangible assets |
|
$ |
4,190,391 |
|
|
$ |
3,760,520 |
|
|
$ |
3,712,743 |
|
|
$ |
3,595,692 |
|
|
$ |
2,904,052 |
|
|
$ |
4,190,391 |
|
|
$ |
2,904,052 |
|
|
Tangible common equity to tangible assets |
|
|
8.21 |
|
% |
|
8.86 |
|
% |
|
8.63 |
|
% |
|
8.86 |
|
% |
|
11.03 |
|
% |
|
8.21 |
|
% |
|
11.03 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans held for investment
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held for investment |
|
$ |
2,273,856 |
|
|
$ |
2,264,899 |
|
|
$ |
2,300,814 |
|
|
$ |
2,249,036 |
|
|
$ |
2,188,035 |
|
|
$ |
2,273,856 |
|
|
$ |
2,188,035 |
|
|
PPP loans |
|
|
(48,304 |
) |
|
|
(105,684 |
) |
|
|
(218,766 |
) |
|
|
(192,160 |
) |
|
|
(231,834 |
) |
|
|
(48,304 |
) |
|
|
(231,834 |
) |
|
Total loans held for investment excluding PPP loans |
|
$ |
2,225,552 |
|
|
$ |
2,159,215 |
|
|
$ |
2,082,048 |
|
|
$ |
2,056,876 |
|
|
$ |
1,956,201 |
|
|
$ |
2,225,552 |
|
|
$ |
1,956,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses to loans held for investment |
|
|
1.16 |
|
% |
|
1.27 |
|
% |
|
1.31 |
|
% |
|
1.55 |
|
% |
|
1.59 |
|
% |
|
1.16 |
|
% |
|
1.59 |
|
% |
Allowance
for credit losses to loans held for investment excluding PPP
loans |
|
|
1.18 |
|
% |
|
1.33 |
|
% |
|
1.45 |
|
% |
|
1.70 |
|
% |
|
1.78 |
|
% |
|
1.18 |
|
% |
|
1.78 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Atlantic Capital Bancsha... (NASDAQ:ACBI)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Atlantic Capital Bancsha... (NASDAQ:ACBI)
Storico
Da Giu 2023 a Giu 2024