Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) announced net
income from continuing operations for the quarter ended September
30, 2019 of $7.6 million, or $0.33 per diluted share, compared to
$7.0 million, or $0.27 per diluted share, for the third quarter of
2018 and $7.0 million, or $0.29 per diluted share, for the second
quarter of 2019.
Diluted earnings per share from continuing
operations for the first nine months of 2019 improved to $0.88, an
increase of $0.09, or 11%, compared to the first nine months of
2018.
“With solid loan and deposit growth from new and
expanded client relationships, disciplined expense management, and
sound credit quality, Atlantic Capital recorded another quarter of
strong operating results,” remarked Douglas Williams, President and
Chief Executive Officer.
Third Quarter
Highlights(1)
- Tangible book value per share increased to $13.91, from $11.37
at September 30, 2018 and $13.60 at June 30, 2019.
- Total loans held for investment increased $173.2 million, or
10.4%, from September 30, 2018 and $45.9 million, or 10.3%
annualized, from June 30, 2019.
- Average deposits from continuing operations increased $297.0
million, or 18.0%, compared to the third quarter of 2018 and $47.6
million, or 10.0% annualized, compared to the second quarter of
2019.
- Efficiency ratio from continuing operations of 55.7% compared
to 55.1% in the third quarter of 2018 and 58.1% in the second
quarter of 2019.
- Taxable equivalent net interest margin from continuing
operations was 3.52%, compared to 3.48% in the third quarter of
2018 and 3.61% in the second quarter of 2019.
- The company repurchased 1.2 million shares in the third quarter
totaling $20.1 million, and has repurchased 4.1 million shares
totaling $70.9 million since the announcement of the $85.0 million
buyback program in November of 2018.
Income
Statement
Taxable equivalent net interest income from
continuing operations totaled $20.1 million for the third quarter
of 2019, an increase of $694,000, or 4%, from the third quarter of
2018, and an increase of $111,000, or 2% annualized, from the
second quarter of 2019.
Net interest margin from continuing operations
was 3.52% in the third quarter of 2019, an increase of 4 basis
points from the third quarter of 2018 and a decrease of 9 basis
points from the second quarter of 2019. The decrease in the
third quarter of 2019 compared to the second quarter of 2019 was
primarily the result of lower loan yields due to lower short term
interest rates, partially offset by a drop in the cost of interest
bearing deposits and an increase in noninterest bearing
deposits.
The yield on loans from continuing operations in
the third quarter of 2019 was 5.18%, an increase of 14 basis points
from the third quarter of 2018 and a decrease of 16 basis points
from the second quarter of 2019. The linked quarter decrease
in loan yields was due primarily to the repricing of our variable
rate loans as a result of declines in 1 month LIBOR.
The cost of deposits from continuing operations
in the third quarter of 2019 was 1.06%, an increase of 30 basis
points from the third quarter of 2018 and a decrease of 9 basis
points from the second quarter of 2019. The cost of interest
bearing deposits from continuing operations increased 42 basis
points to 1.58% from the third quarter of 2018, and decreased 8
basis points from the second quarter of 2019. The linked quarter
decrease in the cost of interest bearing deposits reflects the
actions taken to reduce deposit costs resulting from the reductions
in the fed funds target rate.
(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 14.
The provision for loan losses for continuing
operations was $413,000 in the third quarter of 2019 compared to
$845,000 in the third quarter of 2018 and $698,000 in the second
quarter of 2019. Annualized net charge-offs were 0.11% of
average loans in the third quarter of 2019 and 0.12% for the first
nine months of 2019.
Noninterest income from continuing operations
totaled $2.8 million in the third quarter of 2019 compared to $2.3
million in the third quarter of 2018, and increase of $514,000, or
23%, and $2.9 million in the second quarter of 2019, a decrease of
$172,000, or 6%. The third quarter of 2019 included a gain of
$253,000 on the sale investment securities compared to a gain of
$654,000 in the second quarter of 2019. The third quarter of 2019
also included a gain of $140,000 on the sale of other assets and a
loss of $293,000 in derivative income due to the credit valuation
adjustment on the customer swap portfolio.
Noninterest expense from continuing operations
totaled $12.7 million in the third quarter of 2019, an increase of
$805,000, or 7%, compared to the third quarter of 2018, and a
decrease of $577,000, or 4% compared to the second quarter of
2019. The FDIC premium expense in the third quarter of 2019
decreased $368,000 compared to the second quarter of 2019 due to an
FDIC assessment credit received. Salaries and employee
benefits expense decreased $234,000, to $8.3 million in the third
quarter of 2019 compared to the second quarter of 2019, partly as a
result of lower benefits cost.
The overall effective tax rate from continuing
operations was 21.7% for the third quarter of 2019 and 21.3% for
the first nine months of 2019.
Balance
Sheet
Total loans held for investment were $1.84
billion at September 30, 2019, an increase of $173.2 million, or
10.4%, from September 30, 2018 and an increase of $45.9 million, or
10.3% annualized, from June 30, 2019.
At September 30, 2019, the allowance for loan
losses was $18.1 million, or 0.98% of loans held for investment
compared to 1.00% at September 30, 2018 and 1.02% at June 30,
2019. Non-performing assets from continuing operations
totaled $7.0 million, or 0.29% of total assets, as of September 30,
2019, compared to 0.11% of total assets as of September 30, 2018
and 0.31% of total assets as of June 30, 2019.
Total average deposits from continuing
operations were $1.95 billion for the third quarter of 2019, an
increase of $297.0 million, or 18.0%, from the third quarter of
2018 and an increase of $47.6 million, or 10.0% annualized, from
the second quarter of 2019. Noninterest bearing deposits were 32.7%
of total average deposits from continuing operations in the third
quarter of 2019, compared to 34.0% in the third quarter of 2018 and
30.9% in the second quarter of 2019.
Tangible common equity to tangible assets was
12.9% at September 30, 2019 compared to 10.4% at September 30, 2018
and 13.4% at June 30, 2019. The total risk based capital
ratio was estimated at 15.5% at September 30, 2019 compared to
14.7% at September 30, 2018 and 16.5% at June 30, 2019.
Earnings Conference
Call
The Company will host a conference call at 9:00
a.m. EST on Friday, October 25, 2019, to discuss the financial
results for the quarter ended September 30, 2019. Individuals
wishing to participate in the conference call may do so by dialing
866-777-2509 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.
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; and (viii) tangible book value per common share, 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,” 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, 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 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 $2.4
billion publicly traded bank holding company headquartered in
Atlanta, Georgia. Atlantic Capital offers commercial and
not-for-profit banking services, specialty corporate financial
services, private banking services and commercial real estate
finance solutions to privately held companies and individuals in
the Atlanta area, as well as specialized financial services for
select clients nationally.
Media
Contact:Ashley CarsonEmail:
ashley.carson@atlcapbank.comPhone: 404-995-6050
Financial
Contact:Patrick OakesEmail:
patrick.oakes@atlcapbank.comPhone: 404-995-6050
ATLANTIC
CAPITAL
BANCSHARES, INC.Selected
Financial Information
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For the nine months ended |
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2019 |
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2018 |
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September 30, |
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Third |
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Second |
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First |
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Fourth |
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Third |
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(in
thousands, except share and per share data; taxable
equivalent) |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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2019 |
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2018 |
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INCOME
SUMMARY (1) |
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Interest income (2) |
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$ |
26,624 |
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$ |
26,686 |
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$ |
26,297 |
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$ |
26,725 |
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$ |
24,114 |
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$ |
79,607 |
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$ |
68,430 |
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Interest expense |
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6,536 |
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6,709 |
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5,773 |
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5,560 |
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4,720 |
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|
19,018 |
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|
12,953 |
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Net interest income |
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20,088 |
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19,977 |
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20,524 |
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21,165 |
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19,394 |
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60,589 |
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55,477 |
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Provision for loan losses |
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413 |
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|
698 |
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814 |
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|
502 |
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845 |
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1,925 |
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|
1,444 |
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Net interest income after provision for loan losses |
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19,675 |
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19,279 |
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19,710 |
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20,663 |
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18,549 |
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58,664 |
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54,033 |
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Noninterest income |
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2,769 |
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2,941 |
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2,336 |
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164 |
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2,255 |
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8,046 |
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|
9,883 |
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Noninterest expense |
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12,677 |
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13,254 |
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13,795 |
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12,208 |
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11,872 |
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39,726 |
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37,783 |
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Income from continuing operations before income taxes |
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9,767 |
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8,966 |
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8,251 |
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8,619 |
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8,932 |
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26,984 |
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26,133 |
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Income tax expense |
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2,198 |
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1,957 |
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1,811 |
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1,136 |
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1,934 |
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5,966 |
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5,566 |
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Net income from continuing
operations |
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7,569 |
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7,009 |
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6,440 |
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7,483 |
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6,998 |
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21,018 |
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20,567 |
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Income (loss) from discontinued operations, net of tax |
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|
617 |
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22,143 |
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(1,063 |
) |
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1,347 |
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(485 |
) |
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21,697 |
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(865 |
) |
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Net income |
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$ |
8,186 |
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$ |
29,152 |
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$ |
5,377 |
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$ |
8,830 |
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$ |
6,513 |
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$ |
42,715 |
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$ |
19,702 |
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PER SHARE
DATA |
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Diluted earnings per share - continuing operations |
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$ |
0.33 |
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$ |
0.29 |
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$ |
0.26 |
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$ |
0.29 |
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$ |
0.27 |
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$ |
0.88 |
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$ |
0.79 |
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Diluted earnings (loss) per share - discontinued operations |
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0.03 |
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0.92 |
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(0.04 |
) |
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0.05 |
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(0.02 |
) |
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0.91 |
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(0.03 |
) |
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Diluted earnings per share |
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0.36 |
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1.21 |
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0.21 |
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0.34 |
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0.25 |
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1.78 |
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0.75 |
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Book value per share |
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14.81 |
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14.46 |
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13.10 |
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12.80 |
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12.27 |
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14.81 |
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|
12.27 |
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Tangible book value per common share (3) |
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13.91 |
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13.60 |
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12.17 |
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11.88 |
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|
11.37 |
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13.91 |
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11.37 |
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PERFORMANCE
MEASURES |
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Return on average equity |
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9.77 |
% |
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34.38 |
% |
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6.80 |
% |
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10.90 |
% |
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8.07 |
% |
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17.25 |
% |
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8.41 |
% |
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Return on average assets |
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1.32 |
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4.79 |
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0.77 |
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1.21 |
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0.92 |
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2.22 |
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0.96 |
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Taxable equivalent net interest margin - continuing operations |
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3.52 |
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3.61 |
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3.74 |
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3.66 |
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3.48 |
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3.66 |
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3.46 |
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Efficiency ratio - continuing operations |
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55.72 |
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58.06 |
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60.61 |
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57.50 |
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55.09 |
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58.13 |
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58.07 |
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CAPITAL |
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Average equity to average assets |
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13.54 |
% |
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13.94 |
% |
|
11.34 |
% |
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|
11.11 |
% |
|
11.41 |
% |
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|
12.87 |
% |
|
11.42 |
% |
|
Tangible common equity to tangible assets |
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|
12.92 |
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|
13.37 |
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|
10.51 |
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|
10.25 |
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|
10.38 |
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|
12.92 |
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|
10.38 |
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Tier 1 capital ratio |
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|
12.5 |
(4) |
|
13.4 |
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|
11.0 |
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|
11.5 |
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|
11.8 |
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|
|
12.5 |
(4) |
|
11.8 |
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|
Total risk based capital ratio |
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|
15.5 |
(4) |
|
16.5 |
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|
13.7 |
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|
|
14.2 |
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|
14.7 |
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|
15.5 |
(4) |
|
14.7 |
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Number of common shares outstanding - basic |
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|
22,193,761 |
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|
23,293,465 |
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|
24,466,964 |
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25,290,419 |
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|
26,103,666 |
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|
22,193,761 |
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|
26,103,666 |
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Number of common shares outstanding - diluted |
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22,405,141 |
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23,508,442 |
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24,719,273 |
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25,480,233 |
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|
26,281,849 |
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|
22,405,141 |
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|
26,281,849 |
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ASSET
QUALITY |
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|
Allowance for loan losses to loans held for investment (5) |
|
|
0.98 |
% |
|
1.02 |
% |
|
1.04 |
% |
|
|
1.03 |
% |
|
1.00 |
% |
|
|
0.98 |
% |
|
1.00 |
% |
|
Net charge-offs to average loans (6) |
|
|
0.11 |
|
|
0.14 |
|
|
0.11 |
|
|
|
— |
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|
— |
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|
|
0.12 |
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|
0.02 |
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|
Non-performing assets to total assets |
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|
0.29 |
|
|
0.31 |
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|
0.40 |
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|
|
0.20 |
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|
0.13 |
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|
|
0.29 |
|
|
0.13 |
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AVERAGE
BALANCES |
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|
Total loans - continuing operations |
|
$ |
1,801,629 |
|
$ |
1,769,803 |
|
$ |
1,707,682 |
|
|
$ |
1,699,801 |
|
$ |
1,583,563 |
|
|
$ |
1,739,917 |
|
$ |
1,553,609 |
|
|
Investment securities |
|
|
340,872 |
|
|
360,047 |
|
|
400,101 |
|
|
|
450,465 |
|
|
461,348 |
|
|
|
366,790 |
|
|
456,660 |
|
|
Total assets |
|
|
2,453,438 |
|
|
2,440,502 |
|
|
2,829,072 |
|
|
|
2,891,327 |
|
|
2,805,740 |
|
|
|
2,572,961 |
|
|
2,743,247 |
|
|
Deposits - continuing operations |
|
|
1,949,657 |
|
|
1,902,076 |
|
|
1,793,791 |
|
|
|
1,780,092 |
|
|
1,652,651 |
|
|
|
1,851,674 |
|
|
1,583,859 |
|
|
Shareholders' equity |
|
|
332,291 |
|
|
340,119 |
|
|
320,812 |
|
|
|
321,348 |
|
|
320,090 |
|
|
|
331,116 |
|
|
313,200 |
|
|
Number of common shares - basic |
|
|
22,681,904 |
|
|
23,888,381 |
|
|
24,855,171 |
|
|
|
25,919,445 |
|
|
26,103,397 |
|
|
|
23,800,525 |
|
|
25,956,336 |
|
|
Number of common shares - diluted |
|
|
22,837,531 |
|
|
24,040,806 |
|
|
25,019,384 |
|
|
|
26,043,799 |
|
|
26,254,772 |
|
|
|
23,957,915 |
|
|
26,134,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Discontinued operations have
been reported retrospectively for periods presented prior to
December 31, 2018. (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 9/30/19. (5)The ratios
for the first, second and third quarters of 2019 and third and
fourth quarter of 2018 are calculated on a continuing operations
basis. Prior period ratios have not been retrospectively adjusted
for the impact of discontinued operations. (6)Annualized.
ATLANTIC CAPITAL
BANCSHARES, INC.Financial
Information from Discontinued
Operations
Assets and Liabilities from Discontinued
Operations
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
September 30, 2019 |
|
June 30, 2019 |
|
December 31, 2018 |
Cash |
|
$ |
— |
|
$ |
— |
|
$ |
4,234 |
|
Loans held for sale -
discontinued operations |
|
|
— |
|
|
— |
|
|
373,030 |
|
Premises held for sale -
discontinued operations |
|
|
— |
|
|
— |
|
|
7,722 |
|
Goodwill - discontinued
operations |
|
|
— |
|
|
— |
|
|
4,555 |
|
Other assets |
|
|
— |
|
|
— |
|
|
1,405 |
|
Total assets |
|
$ |
— |
|
$ |
— |
|
$ |
390,946 |
|
|
|
|
|
|
|
|
|
|
|
Deposits to be assumed -
discontinued operations |
|
$ |
— |
|
$ |
— |
|
$ |
585,429 |
|
Securities sold under
agreements to repurchase - discontinued operations |
|
|
— |
|
|
— |
|
|
6,220 |
|
Total liabilities |
|
$ |
— |
|
$ |
— |
|
$ |
591,649 |
|
Net liabilities |
|
$ |
— |
|
$ |
— |
|
$ |
(200,703 |
) |
Components of Net Income (Loss) from
Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
|
|
2019 |
|
|
2018 |
|
|
September 30, |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
|
|
|
|
|
(in
thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2019 |
|
|
2018 |
|
Net interest income |
|
$ |
— |
|
|
$ |
(39 |
) |
|
$ |
3,125 |
|
|
$ |
3,225 |
|
|
$ |
3,266 |
|
|
$ |
3,086 |
|
|
$ |
10,915 |
|
Provision for loan losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,097 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net interest income after provision |
|
|
— |
|
|
|
(39 |
) |
|
|
3,125 |
|
|
|
6,322 |
|
|
|
3,266 |
|
|
|
3,086 |
|
|
|
10,915 |
|
Service charges |
|
|
— |
|
|
|
46 |
|
|
|
481 |
|
|
|
483 |
|
|
|
474 |
|
|
|
527 |
|
|
|
1,439 |
|
Mortgage income |
|
|
— |
|
|
|
— |
|
|
|
288 |
|
|
|
320 |
|
|
|
315 |
|
|
|
288 |
|
|
|
982 |
|
Gain on sale of branches |
|
|
— |
|
|
|
34,475 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,475 |
|
|
|
— |
|
Other income |
|
|
— |
|
|
|
(22 |
) |
|
|
21 |
|
|
|
47 |
|
|
|
22 |
|
|
|
(1 |
) |
|
|
76 |
|
Total noninterest income |
|
|
— |
|
|
|
34,499 |
|
|
|
790 |
|
|
|
850 |
|
|
|
811 |
|
|
|
35,289 |
|
|
|
2,497 |
|
Salaries and employee
benefits |
|
|
— |
|
|
|
330 |
|
|
|
2,427 |
|
|
|
2,757 |
|
|
|
2,820 |
|
|
|
2,757 |
|
|
|
8,957 |
|
Occupancy |
|
|
— |
|
|
|
71 |
|
|
|
339 |
|
|
|
479 |
|
|
|
556 |
|
|
|
410 |
|
|
|
1,537 |
|
Equipment and software |
|
|
— |
|
|
|
8 |
|
|
|
123 |
|
|
|
158 |
|
|
|
217 |
|
|
|
131 |
|
|
|
621 |
|
Amortization of
intangibles |
|
|
— |
|
|
|
— |
|
|
|
247 |
|
|
|
271 |
|
|
|
296 |
|
|
|
247 |
|
|
|
958 |
|
Communications and data
processing |
|
|
— |
|
|
|
197 |
|
|
|
389 |
|
|
|
440 |
|
|
|
381 |
|
|
|
586 |
|
|
|
1,089 |
|
Divestiture expense |
|
|
— |
|
|
|
3,646 |
|
|
|
1,449 |
|
|
|
825 |
|
|
|
— |
|
|
|
5,095 |
|
|
|
— |
|
Other noninterest expense |
|
|
— |
|
|
|
101 |
|
|
|
358 |
|
|
|
446 |
|
|
|
453 |
|
|
|
459 |
|
|
|
1,403 |
|
Total noninterest expense |
|
|
— |
|
|
|
4,353 |
|
|
|
5,332 |
|
|
|
5,376 |
|
|
|
4,723 |
|
|
|
9,685 |
|
|
|
14,565 |
|
Net income (loss) before provision for income taxes |
|
|
— |
|
|
|
30,107 |
|
|
|
(1,417 |
) |
|
|
1,796 |
|
|
|
(646 |
) |
|
|
28,690 |
|
|
|
(1,153 |
) |
Provision (benefit) for income
taxes |
|
|
(617 |
) |
|
|
7,964 |
|
|
|
(354 |
) |
|
|
449 |
|
|
|
(161 |
) |
|
|
6,993 |
|
|
|
(288 |
) |
Net income (loss) from discontinued operations |
|
$ |
617 |
|
|
$ |
22,143 |
|
|
$ |
(1,063 |
) |
|
$ |
1,347 |
|
|
$ |
(485 |
) |
|
$ |
21,697 |
|
|
$ |
(865 |
) |
ATLANTIC CAPITAL
BANCSHARES, INC.Consolidated
Balance Sheets (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
(in
thousands, except share data) |
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
42,577 |
|
|
$ |
24,206 |
|
|
$ |
42,895 |
|
|
$ |
28,007 |
|
Interest-bearing deposits in
banks |
|
|
27,167 |
|
|
|
52,932 |
|
|
|
216,040 |
|
|
|
140,682 |
|
Other short-term
investments |
|
|
— |
|
|
|
— |
|
|
|
9,457 |
|
|
|
20,898 |
|
Cash and cash equivalents |
|
|
69,744 |
|
|
|
77,138 |
|
|
|
268,392 |
|
|
|
189,587 |
|
Investment securities
available for sale |
|
|
286,785 |
|
|
|
348,723 |
|
|
|
402,486 |
|
|
|
465,756 |
|
Investment securities held to
maturity |
|
|
42,863 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other investments |
|
|
31,360 |
|
|
|
31,912 |
|
|
|
29,236 |
|
|
|
33,021 |
|
Loans held for sale |
|
|
916 |
|
|
|
— |
|
|
|
5,889 |
|
|
|
1,886 |
|
Loans held for sale -
discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
373,030 |
|
|
|
375,976 |
|
Loans held for
investment(1) |
|
|
1,835,673 |
|
|
|
1,789,740 |
|
|
|
1,728,073 |
|
|
|
1,662,458 |
|
Less: allowance for loan losses(2) |
|
|
(18,080 |
) |
|
|
(18,186 |
) |
|
|
(17,851 |
) |
|
|
(20,443 |
) |
Loans held for investment, net |
|
|
1,817,593 |
|
|
|
1,771,554 |
|
|
|
1,710,222 |
|
|
|
1,642,015 |
|
Premises held for sale -
discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
7,722 |
|
|
|
7,158 |
|
Premises and equipment,
net(1) |
|
|
19,688 |
|
|
|
20,037 |
|
|
|
9,779 |
|
|
|
10,213 |
|
Bank owned life insurance |
|
|
66,047 |
|
|
|
65,874 |
|
|
|
65,149 |
|
|
|
64,769 |
|
Goodwill - discontinued
operations(1) |
|
|
— |
|
|
|
— |
|
|
|
4,555 |
|
|
|
4,555 |
|
Goodwill - continuing
operations(1) |
|
|
19,925 |
|
|
|
19,925 |
|
|
|
17,135 |
|
|
|
17,135 |
|
Other intangibles, net |
|
|
3,112 |
|
|
|
3,095 |
|
|
|
4,388 |
|
|
|
4,867 |
|
Other real estate owned |
|
|
278 |
|
|
|
971 |
|
|
|
874 |
|
|
|
968 |
|
Other assets |
|
|
51,887 |
|
|
|
50,451 |
|
|
|
56,583 |
|
|
|
64,815 |
|
Total assets |
|
$ |
2,410,198 |
|
|
$ |
2,389,680 |
|
|
$ |
2,955,440 |
|
|
$ |
2,882,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand(1) |
|
$ |
599,657 |
|
|
$ |
569,693 |
|
|
$ |
602,252 |
|
|
$ |
518,155 |
|
Interest-bearing checking(1) |
|
|
240,427 |
|
|
|
309,709 |
|
|
|
252,490 |
|
|
|
407,214 |
|
Savings(1) |
|
|
1,081 |
|
|
|
1,090 |
|
|
|
725 |
|
|
|
698 |
|
Money market(1) |
|
|
921,133 |
|
|
|
802,973 |
|
|
|
987,183 |
|
|
|
759,583 |
|
Time(1) |
|
|
30,782 |
|
|
|
33,902 |
|
|
|
10,623 |
|
|
|
10,396 |
|
Brokered deposits |
|
|
61,192 |
|
|
|
134,164 |
|
|
|
99,241 |
|
|
|
79,119 |
|
Deposits to be assumed - discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
585,429 |
|
|
|
604,659 |
|
Total deposits |
|
|
1,854,272 |
|
|
|
1,851,531 |
|
|
|
2,537,943 |
|
|
|
2,379,824 |
|
Federal funds purchased |
|
|
57,000 |
|
|
|
35,000 |
|
|
|
— |
|
|
|
— |
|
Securities sold under
agreements to repurchase - discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
6,220 |
|
|
|
8,904 |
|
Federal Home Loan Bank
borrowings |
|
|
76,000 |
|
|
|
82,000 |
|
|
|
— |
|
|
|
83,000 |
|
Long-term debt |
|
|
49,831 |
|
|
|
49,789 |
|
|
|
49,704 |
|
|
|
49,662 |
|
Other liabilities |
|
|
44,384 |
|
|
|
34,645 |
|
|
|
37,920 |
|
|
|
41,094 |
|
Total liabilities |
|
|
2,081,487 |
|
|
|
2,052,965 |
|
|
|
2,631,787 |
|
|
|
2,562,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value; 10,000,000 shares authorized; no
shares issued and outstanding as of
September 30, 2019, June 30, 2019,
December 31, 2018 and
September 30, 2018 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, no par value; 100,000,000 shares authorized;
22,193,761, 23,293,465, 25,290,419, and 26,103,666 shares issued
and outstanding as of September 30, 2019,
June 30, 2019, December 31, 2018 and
September 30, 2018; respectively |
|
|
237,687 |
|
|
|
256,791 |
|
|
|
291,771 |
|
|
|
305,300 |
|
Retained earnings |
|
|
84,529 |
|
|
|
76,343 |
|
|
|
42,187 |
|
|
|
33,357 |
|
Accumulated other comprehensive (loss) income |
|
|
6,495 |
|
|
|
3,581 |
|
|
|
(10,305 |
) |
|
|
(18,420 |
) |
Total shareholders’ equity |
|
|
328,711 |
|
|
|
336,715 |
|
|
|
323,653 |
|
|
|
320,237 |
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
2,410,198 |
|
|
$ |
2,389,680 |
|
|
$ |
2,955,440 |
|
|
$ |
2,882,721 |
|
(1)Assets and liabilities related to the sale of
Tennessee and northwest Georgia banking operations were classified
as held for sale as of December 31, 2018, and prior periods
have been adjusted retrospectively. (2)The allowance for loan
losses has not been adjusted retrospectively for discontinued
operations in periods prior to December 31, 2018.
ATLANTIC CAPITAL
BANCSHARES, INC.Consolidated
Statements of Income (unaudited)
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
23,541 |
|
|
$ |
23,554 |
|
|
$ |
22,752 |
|
|
$ |
22,752 |
|
|
$ |
20,117 |
|
|
$ |
69,847 |
|
|
$ |
57,358 |
|
Investment securities available-for-sale |
|
|
2,176 |
|
|
|
2,339 |
|
|
|
2,631 |
|
|
|
2,844 |
|
|
|
2,789 |
|
|
|
7,146 |
|
|
|
8,068 |
|
Interest and dividends on other interest‑earning assets |
|
|
803 |
|
|
|
705 |
|
|
|
814 |
|
|
|
1,032 |
|
|
|
1,111 |
|
|
|
2,322 |
|
|
|
2,706 |
|
Total interest income |
|
|
26,520 |
|
|
|
26,598 |
|
|
|
26,197 |
|
|
|
26,628 |
|
|
|
24,017 |
|
|
|
79,315 |
|
|
|
68,132 |
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
5,223 |
|
|
|
5,448 |
|
|
|
4,831 |
|
|
|
4,185 |
|
|
|
3,182 |
|
|
|
15,502 |
|
|
|
8,321 |
|
Interest on Federal Home Loan Bank advances |
|
|
390 |
|
|
|
270 |
|
|
|
— |
|
|
|
487 |
|
|
|
637 |
|
|
|
660 |
|
|
|
1,912 |
|
Interest on federal funds purchased and securities sold under
agreements to repurchase |
|
|
99 |
|
|
|
168 |
|
|
|
118 |
|
|
|
60 |
|
|
|
77 |
|
|
|
385 |
|
|
|
244 |
|
Interest on long-term debt |
|
|
824 |
|
|
|
823 |
|
|
|
824 |
|
|
|
828 |
|
|
|
824 |
|
|
|
2,471 |
|
|
|
2,476 |
|
Total interest expense |
|
|
6,536 |
|
|
|
6,709 |
|
|
|
5,773 |
|
|
|
5,560 |
|
|
|
4,720 |
|
|
|
19,018 |
|
|
|
12,953 |
|
NET INTEREST
INCOME BEFORE PROVISION FOR LOAN LOSSES |
|
|
19,984 |
|
|
|
19,889 |
|
|
|
20,424 |
|
|
|
21,068 |
|
|
|
19,297 |
|
|
|
60,297 |
|
|
|
55,179 |
|
Provision for loan losses |
|
|
413 |
|
|
|
698 |
|
|
|
814 |
|
|
|
502 |
|
|
|
845 |
|
|
|
1,925 |
|
|
|
1,444 |
|
NET INTEREST
INCOME AFTER PROVISION FOR LOAN LOSSES |
|
|
19,571 |
|
|
|
19,191 |
|
|
|
19,610 |
|
|
|
20,566 |
|
|
|
18,452 |
|
|
|
58,372 |
|
|
|
53,735 |
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
|
|
925 |
|
|
|
870 |
|
|
|
794 |
|
|
|
876 |
|
|
|
804 |
|
|
|
2,589 |
|
|
|
2,339 |
|
Gains (losses) on sale of securities |
|
|
253 |
|
|
|
654 |
|
|
|
— |
|
|
|
(1,853 |
) |
|
|
— |
|
|
|
907 |
|
|
|
(2 |
) |
Gains (losses) on sale of other assets |
|
|
140 |
|
|
|
(10 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
58 |
|
|
|
127 |
|
|
|
(154 |
) |
Trust income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,025 |
|
Derivatives income |
|
|
(293 |
) |
|
|
(233 |
) |
|
|
(111 |
) |
|
|
154 |
|
|
|
20 |
|
|
|
(637 |
) |
|
|
154 |
|
Bank owned life insurance |
|
|
422 |
|
|
|
389 |
|
|
|
360 |
|
|
|
380 |
|
|
|
379 |
|
|
|
1,171 |
|
|
|
1,126 |
|
SBA lending activities |
|
|
1,150 |
|
|
|
1,096 |
|
|
|
1,086 |
|
|
|
425 |
|
|
|
882 |
|
|
|
3,332 |
|
|
|
3,181 |
|
Gain on sale of trust company |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,681 |
|
Other noninterest income |
|
|
172 |
|
|
|
175 |
|
|
|
210 |
|
|
|
182 |
|
|
|
112 |
|
|
|
557 |
|
|
|
533 |
|
Total noninterest income |
|
|
2,769 |
|
|
|
2,941 |
|
|
|
2,336 |
|
|
|
164 |
|
|
|
2,255 |
|
|
|
8,046 |
|
|
|
9,883 |
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,295 |
|
|
|
8,529 |
|
|
|
9,213 |
|
|
|
7,573 |
|
|
|
7,332 |
|
|
|
26,037 |
|
|
|
24,193 |
|
Occupancy |
|
|
722 |
|
|
|
689 |
|
|
|
639 |
|
|
|
655 |
|
|
|
732 |
|
|
|
2,050 |
|
|
|
2,317 |
|
Equipment and software |
|
|
842 |
|
|
|
753 |
|
|
|
739 |
|
|
|
783 |
|
|
|
747 |
|
|
|
2,334 |
|
|
|
2,034 |
|
Professional services |
|
|
764 |
|
|
|
792 |
|
|
|
775 |
|
|
|
947 |
|
|
|
796 |
|
|
|
2,331 |
|
|
|
2,564 |
|
Postage, printing and supplies |
|
|
32 |
|
|
|
29 |
|
|
|
48 |
|
|
|
30 |
|
|
|
55 |
|
|
|
109 |
|
|
|
136 |
|
Communications and data processing |
|
|
796 |
|
|
|
662 |
|
|
|
675 |
|
|
|
772 |
|
|
|
566 |
|
|
|
2,133 |
|
|
|
1,904 |
|
Marketing and business development |
|
|
243 |
|
|
|
233 |
|
|
|
226 |
|
|
|
224 |
|
|
|
211 |
|
|
|
702 |
|
|
|
486 |
|
FDIC premiums |
|
|
(193 |
) |
|
|
175 |
|
|
|
235 |
|
|
|
157 |
|
|
|
154 |
|
|
|
217 |
|
|
|
405 |
|
Other noninterest expense |
|
|
1,176 |
|
|
|
1,392 |
|
|
|
1,245 |
|
|
|
1,067 |
|
|
|
1,279 |
|
|
|
3,813 |
|
|
|
3,744 |
|
Total noninterest expense |
|
|
12,677 |
|
|
|
13,254 |
|
|
|
13,795 |
|
|
|
12,208 |
|
|
|
11,872 |
|
|
|
39,726 |
|
|
|
37,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME
TAXES |
|
|
9,663 |
|
|
|
8,878 |
|
|
|
8,151 |
|
|
|
8,522 |
|
|
|
8,835 |
|
|
|
26,692 |
|
|
|
25,835 |
|
Provision for income taxes |
|
|
2,094 |
|
|
|
1,869 |
|
|
|
1,711 |
|
|
|
1,039 |
|
|
|
1,837 |
|
|
|
5,674 |
|
|
|
5,268 |
|
NET INCOME
FROM CONTINUING OPERATIONS |
|
|
7,569 |
|
|
|
7,009 |
|
|
|
6,440 |
|
|
|
7,483 |
|
|
|
6,998 |
|
|
|
21,018 |
|
|
|
20,567 |
|
DISCONTINUED
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations |
|
$ |
— |
|
|
$ |
30,107 |
|
|
$ |
(1,417 |
) |
|
$ |
1,796 |
|
|
$ |
(646 |
) |
|
$ |
28,690 |
|
|
$ |
(1,153 |
) |
Provision (benefit) for income taxes |
|
|
(617 |
) |
|
|
7,964 |
|
|
|
(354 |
) |
|
|
449 |
|
|
|
(161 |
) |
|
|
6,993 |
|
|
|
(288 |
) |
Net income (loss) from discontinued operations |
|
|
617 |
|
|
|
22,143 |
|
|
|
(1,063 |
) |
|
|
1,347 |
|
|
|
(485 |
) |
|
|
21,697 |
|
|
|
(865 |
) |
NET
INCOME |
|
$ |
8,186 |
|
|
$ |
29,152 |
|
|
$ |
5,377 |
|
|
$ |
8,830 |
|
|
$ |
6,513 |
|
|
$ |
42,715 |
|
|
$ |
19,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) per Common Share - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - continuing operations |
|
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.26 |
|
|
$ |
0.29 |
|
|
$ |
0.27 |
|
|
$ |
0.88 |
|
|
$ |
0.79 |
|
Net income (loss) per common share - discontinued operations |
|
|
0.03 |
|
|
|
0.93 |
|
|
|
(0.04 |
) |
|
|
0.05 |
|
|
|
(0.02 |
) |
|
|
0.91 |
|
|
|
(0.03 |
) |
Net Income per Common Share -
Basic |
|
|
0.36 |
|
|
|
1.22 |
|
|
|
0.22 |
|
|
|
0.34 |
|
|
|
0.25 |
|
|
|
1.79 |
|
|
|
0.76 |
|
Net Income
(Loss) per Common Share - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - continuing operations |
|
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.26 |
|
|
$ |
0.29 |
|
|
$ |
0.27 |
|
|
$ |
0.88 |
|
|
$ |
0.79 |
|
Net income (loss) per common share - discontinued operations |
|
|
0.03 |
|
|
|
0.92 |
|
|
|
(0.04 |
) |
|
|
0.05 |
|
|
|
(0.02 |
) |
|
|
0.91 |
|
|
|
(0.03 |
) |
Net Income per Common Share -
Diluted |
|
|
0.36 |
|
|
|
1.21 |
|
|
|
0.21 |
|
|
|
0.34 |
|
|
|
0.25 |
|
|
|
1.78 |
|
|
|
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares -
basic |
|
|
22,681,904 |
|
|
|
23,888,381 |
|
|
|
24,855,171 |
|
|
|
25,919,445 |
|
|
|
26,103,397 |
|
|
|
23,800,525 |
|
|
|
25,956,336 |
|
Weighted average shares -
diluted |
|
|
22,837,531 |
|
|
|
24,040,806 |
|
|
|
25,019,384 |
|
|
|
26,043,799 |
|
|
|
26,254,772 |
|
|
|
23,957,915 |
|
|
|
26,134,655 |
|
(1)Discontinued operations have been reported
retrospectively for all periods presented.
ATLANTIC CAPITAL
BANCSHARES, INC.Average
Balance Sheets and Net Interest Margin
AnalysisSelected
Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, 2019 |
|
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 |
|
$ |
103,954 |
|
$ |
564 |
|
2.15 |
% |
$ |
70,628 |
|
$ |
450 |
|
2.56 |
% |
Other short-term
investments |
|
|
— |
|
|
— |
|
— |
|
|
3,993 |
|
|
32 |
|
3.21 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
257,005 |
|
|
1,657 |
|
2.56 |
|
|
280,639 |
|
|
1,848 |
|
2.64 |
|
Non-taxable investment securities(1) |
|
|
83,867 |
|
|
623 |
|
2.95 |
|
|
79,408 |
|
|
579 |
|
2.92 |
|
Total investment
securities |
|
|
340,872 |
|
|
2,280 |
|
2.65 |
|
|
360,047 |
|
|
2,427 |
|
2.70 |
|
Loans - continuing
operations |
|
|
1,801,629 |
|
|
23,541 |
|
5.18 |
|
|
1,769,803 |
|
|
23,554 |
|
5.34 |
|
FHLB and FRB stock |
|
|
15,524 |
|
|
239 |
|
6.11 |
|
|
14,435 |
|
|
223 |
|
6.20 |
|
Total interest-earning assets - continuing
operations |
|
|
2,261,979 |
|
|
26,624 |
|
4.67 |
|
|
2,218,906 |
|
|
26,686 |
|
4.82 |
|
Loans held for sale -
discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
30,198 |
|
|
47 |
|
0.62 |
|
Total interest-earning
assets |
|
|
2,261,979 |
|
|
26,624 |
|
4.67 |
|
|
2,249,104 |
|
|
26,733 |
|
4.77 |
|
Non-earning assets |
|
|
191,459 |
|
|
|
|
|
|
|
191,398 |
|
|
|
|
|
|
Total assets |
|
$ |
2,453,438 |
|
|
|
|
|
|
$ |
2,440,502 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and
savings |
|
|
1,191,293 |
|
|
4,642 |
|
1.55 |
|
|
1,175,237 |
|
|
4,733 |
|
1.62 |
|
Time deposits |
|
|
32,409 |
|
|
51 |
|
0.62 |
|
|
32,358 |
|
|
50 |
|
0.62 |
|
Brokered deposits |
|
|
88,146 |
|
|
530 |
|
2.39 |
|
|
106,524 |
|
|
665 |
|
2.50 |
|
Total interest-bearing
deposits |
|
|
1,311,848 |
|
|
5,223 |
|
1.58 |
|
|
1,314,119 |
|
|
5,448 |
|
1.66 |
|
Total borrowings |
|
|
85,478 |
|
|
489 |
|
2.27 |
|
|
70,770 |
|
|
438 |
|
2.48 |
|
Total long-term debt |
|
|
49,803 |
|
|
824 |
|
6.56 |
|
|
49,761 |
|
|
823 |
|
6.63 |
|
Total interest-bearing liabilities -
continuing operations |
|
|
1,447,129 |
|
|
6,536 |
|
1.79 |
|
|
1,434,650 |
|
|
6,709 |
|
1.88 |
|
Interest-bearing
liabilities - discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
36,255 |
|
|
86 |
|
0.95 |
|
Total interest-bearing
liabilities |
|
|
1,447,129 |
|
|
6,536 |
|
1.79 |
|
|
1,470,905 |
|
|
6,795 |
|
1.85 |
|
Demand deposits |
|
|
637,809 |
|
|
|
|
|
|
|
587,957 |
|
|
|
|
|
|
Demand deposits -
discontinued operations |
|
|
— |
|
|
|
|
|
|
|
9,851 |
|
|
|
|
|
|
Other liabilities |
|
|
36,209 |
|
|
|
|
|
|
|
31,670 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
332,291 |
|
|
|
|
|
|
|
340,119 |
|
|
|
|
|
|
Total liabilities and shareholders’
equity |
|
$ |
2,453,438 |
|
|
|
|
|
|
$ |
2,440,502 |
|
|
|
|
|
|
Net interest spread -
continuing operations |
|
|
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
|
2.94 |
% |
Net interest income and net
interest margin - continuing operations(2) |
|
|
|
|
$ |
20,088 |
|
3.52 |
% |
|
|
|
$ |
19,977 |
|
3.61 |
% |
Net interest income and net
interest margin(2) |
|
|
|
|
$ |
20,088 |
|
3.52 |
% |
|
|
|
$ |
19,938 |
|
3.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net
interest margin |
|
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
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
AnalysisSelected
Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
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 |
|
$ |
103,954 |
|
$ |
564 |
|
2.15 |
% |
$ |
128,248 |
|
$ |
647 |
|
2.00 |
% |
Other short-term
investments |
|
|
— |
|
|
— |
|
— |
|
|
21,985 |
|
|
157 |
|
2.83 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
257,005 |
|
|
1,657 |
|
2.56 |
|
|
385,834 |
|
|
2,315 |
|
2.38 |
|
Non-taxable investment securities(1) |
|
|
83,867 |
|
|
623 |
|
2.95 |
|
|
75,514 |
|
|
571 |
|
3.00 |
|
Total investment
securities |
|
|
340,872 |
|
|
2,280 |
|
2.65 |
|
|
461,348 |
|
|
2,886 |
|
2.48 |
|
Loans - continuing
operations |
|
|
1,801,629 |
|
|
23,541 |
|
5.18 |
|
|
1,583,459 |
|
|
20,117 |
|
5.04 |
|
FHLB and FRB stock |
|
|
15,524 |
|
|
239 |
|
6.11 |
|
|
17,624 |
|
|
307 |
|
6.91 |
|
Total interest-earning assets - continuing
operations |
|
|
2,261,979 |
|
|
26,624 |
|
4.67 |
|
|
2,212,664 |
|
|
24,114 |
|
4.32 |
|
Loans held for sale -
discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
380,358 |
|
|
4,502 |
|
4.70 |
|
Total interest-earning
assets |
|
|
2,261,979 |
|
|
26,624 |
|
4.67 |
|
|
2,593,022 |
|
|
28,616 |
|
4.38 |
|
Non-earning assets |
|
|
191,459 |
|
|
|
|
|
|
|
212,718 |
|
|
|
|
|
|
Total assets |
|
$ |
2,453,438 |
|
|
|
|
|
|
$ |
2,805,740 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and
savings |
|
|
1,191,293 |
|
|
4,642 |
|
1.55 |
|
|
1,012,953 |
|
|
2,791 |
|
1.09 |
|
Time deposits |
|
|
32,409 |
|
|
51 |
|
0.62 |
|
|
10,406 |
|
|
30 |
|
1.14 |
|
Brokered deposits |
|
|
88,146 |
|
|
530 |
|
2.39 |
|
|
67,937 |
|
|
361 |
|
2.11 |
|
Total interest-bearing
deposits |
|
|
1,311,848 |
|
|
5,223 |
|
1.58 |
|
|
1,091,296 |
|
|
3,182 |
|
1.16 |
|
Total borrowings |
|
|
85,478 |
|
|
489 |
|
2.27 |
|
|
134,609 |
|
|
714 |
|
2.10 |
|
Total long-term debt |
|
|
49,803 |
|
|
824 |
|
6.56 |
|
|
49,634 |
|
|
824 |
|
6.59 |
|
Total interest-bearing liabilities -
continuing operations |
|
|
1,447,129 |
|
|
6,536 |
|
1.79 |
|
|
1,275,539 |
|
|
4,720 |
|
1.47 |
|
Interest-bearing
liabilities - discontinued operations |
|
|
— |
|
|
— |
|
— |
|
|
473,388 |
|
|
1,236 |
|
1.04 |
|
Total interest-bearing
liabilities |
|
|
1,447,129 |
|
|
6,536 |
|
1.79 |
|
|
1,748,927 |
|
|
5,956 |
|
1.35 |
|
Demand deposits |
|
|
637,809 |
|
|
|
|
|
|
|
561,355 |
|
|
|
|
|
|
Demand deposits -
discontinued operations |
|
|
— |
|
|
|
|
|
|
|
136,572 |
|
|
|
|
|
|
Other liabilities |
|
|
36,209 |
|
|
|
|
|
|
|
38,796 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
332,291 |
|
|
|
|
|
|
|
320,090 |
|
|
|
|
|
|
Total liabilities and shareholders’
equity |
|
$ |
2,453,438 |
|
|
|
|
|
|
$ |
2,805,740 |
|
|
|
|
|
|
Net interest spread -
continuing operations |
|
|
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
|
2.85 |
% |
Net interest income and net
interest margin - continuing operations(2) |
|
|
|
|
$ |
20,088 |
|
3.52 |
% |
|
|
|
$ |
19,394 |
|
3.48 |
% |
Net interest income and net
interest margin(2) |
|
|
|
|
$ |
20,088 |
|
3.52 |
% |
|
|
|
$ |
22,660 |
|
3.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
3.45 |
% |
(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
AnalysisSelected
Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
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 |
|
$ |
88,960 |
|
$ |
1,477 |
|
2.22 |
% |
$ |
101,502 |
|
$ |
1,606 |
|
2.12 |
% |
Other short-term
investments |
|
|
5,181 |
|
|
118 |
|
3.05 |
|
|
13,907 |
|
|
284 |
|
2.73 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities |
|
|
284,978 |
|
|
5,619 |
|
2.64 |
|
|
380,002 |
|
|
6,643 |
|
2.34 |
|
Non-taxable investment securities(1) |
|
|
81,812 |
|
|
1,819 |
|
2.97 |
|
|
76,658 |
|
|
1,723 |
|
3.01 |
|
Total investment
securities |
|
|
366,790 |
|
|
7,438 |
|
2.71 |
|
|
456,660 |
|
|
8,366 |
|
2.45 |
|
Loans - continuing
operations |
|
|
1,739,917 |
|
|
69,847 |
|
5.37 |
|
|
1,553,609 |
|
|
57,358 |
|
4.94 |
|
FHLB and FRB stock |
|
|
14,173 |
|
|
727 |
|
6.86 |
|
|
18,291 |
|
|
816 |
|
5.96 |
|
Total interest-earning assets - continuing
operations |
|
|
2,215,021 |
|
|
79,607 |
|
4.81 |
|
|
2,143,969 |
|
|
68,430 |
|
4.27 |
|
Loans held for sale -
discontinued operations |
|
|
156,060 |
|
|
4,588 |
|
3.93 |
|
|
389,760 |
|
|
13,714 |
|
4.70 |
|
Total interest-earning
assets |
|
|
2,371,081 |
|
|
84,195 |
|
4.75 |
|
|
2,533,729 |
|
|
82,144 |
|
4.33 |
|
Non-earning assets |
|
|
201,880 |
|
|
|
|
|
|
|
209,518 |
|
|
|
|
|
|
Total assets |
|
$ |
2,572,961 |
|
|
|
|
|
|
$ |
2,743,247 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, money market, and
savings |
|
|
1,147,508 |
|
|
13,630 |
|
1.59 |
|
|
974,678 |
|
|
7,028 |
|
0.96 |
|
Time deposits |
|
|
18,246 |
|
|
139 |
|
1.02 |
|
|
10,075 |
|
|
82 |
|
1.09 |
|
Brokered deposits |
|
|
91,963 |
|
|
1,733 |
|
2.52 |
|
|
80,920 |
|
|
1,212 |
|
2.00 |
|
Total interest-bearing
deposits |
|
|
1,257,717 |
|
|
15,502 |
|
1.65 |
|
|
1,065,673 |
|
|
8,322 |
|
1.04 |
|
Total borrowings |
|
|
57,844 |
|
|
1,045 |
|
2.42 |
|
|
155,701 |
|
|
2,155 |
|
1.85 |
|
Total long-term debt |
|
|
49,761 |
|
|
2,471 |
|
6.64 |
|
|
49,592 |
|
|
2,476 |
|
6.68 |
|
Total interest-bearing liabilities -
continuing operations |
|
|
1,365,322 |
|
|
19,018 |
|
1.86 |
|
|
1,270,966 |
|
|
12,953 |
|
1.36 |
|
Interest-bearing
liabilities - discontinued operations |
|
|
192,613 |
|
|
1,502 |
|
1.04 |
|
|
465,339 |
|
|
2,800 |
|
0.80 |
|
Total interest-bearing
liabilities |
|
|
1,557,935 |
|
|
20,520 |
|
1.76 |
|
|
1,736,305 |
|
|
15,753 |
|
1.21 |
|
Demand deposits |
|
|
593,957 |
|
|
|
|
|
|
|
518,186 |
|
|
|
|
|
|
Demand deposits -
discontinued operations |
|
|
52,481 |
|
|
|
|
|
|
|
138,621 |
|
|
|
|
|
|
Other liabilities |
|
|
37,472 |
|
|
|
|
|
|
|
36,935 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
331,116 |
|
|
|
|
|
|
|
313,200 |
|
|
|
|
|
|
Total liabilities and shareholders’
equity |
|
$ |
2,572,961 |
|
|
|
|
|
|
$ |
2,743,247 |
|
|
|
|
|
|
Net interest spread -
continuing operations |
|
|
|
|
|
|
|
2.95 |
% |
|
|
|
|
|
|
2.91 |
% |
Net interest income and net
interest margin - continuing operations(2) |
|
|
|
|
$ |
60,589 |
|
3.66 |
% |
|
|
|
$ |
55,477 |
|
3.46 |
% |
Net interest income and net
interest margin(2) |
|
|
|
|
$ |
63,675 |
|
3.59 |
% |
|
|
|
$ |
66,391 |
|
3.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-taxable equivalent net interest margin |
|
|
|
|
|
|
|
3.57 |
% |
|
|
|
|
|
|
3.49 |
% |
(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(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
Year Over |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
Quarter |
|
Year |
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
Change |
|
Change |
Loans held for
sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
916 |
|
|
$ |
— |
|
|
$ |
1,530 |
|
|
$ |
5,889 |
|
|
$ |
1,886 |
|
|
$ |
916 |
|
|
$ |
(970 |
) |
Loans held for sale - discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
384,779 |
|
|
|
373,030 |
|
|
|
375,976 |
|
|
|
— |
|
|
|
(375,976 |
) |
Total loans held for sale |
|
$ |
916 |
|
|
$ |
— |
|
|
$ |
386,309 |
|
|
$ |
378,919 |
|
|
$ |
377,862 |
|
|
$ |
916 |
|
|
$ |
(376,946 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
697,412 |
|
|
$ |
701,566 |
|
|
$ |
679,489 |
|
|
$ |
645,374 |
|
|
$ |
581,737 |
|
|
$ |
(4,154 |
) |
|
$ |
115,675 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
60,398 |
|
|
|
43,907 |
|
|
|
43,929 |
|
|
|
88,826 |
|
|
|
108,001 |
|
|
|
16,491 |
|
|
|
(47,603 |
) |
Owner occupied |
|
|
352,842 |
|
|
|
313,310 |
|
|
|
304,945 |
|
|
|
298,291 |
|
|
|
295,801 |
|
|
|
39,532 |
|
|
|
57,041 |
|
Investment |
|
|
452,285 |
|
|
|
409,629 |
|
|
|
394,087 |
|
|
|
407,711 |
|
|
|
409,145 |
|
|
|
42,656 |
|
|
|
43,140 |
|
Construction and land: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1‑4 family residential construction |
|
|
5,186 |
|
|
|
3,696 |
|
|
|
2,067 |
|
|
|
1,006 |
|
|
|
— |
|
|
|
1,490 |
|
|
|
5,186 |
|
Other construction, development, and land |
|
|
139,991 |
|
|
|
195,260 |
|
|
|
171,818 |
|
|
|
155,226 |
|
|
|
147,114 |
|
|
|
(55,269 |
) |
|
|
(7,123 |
) |
Mortgage warehouse loans |
|
|
23,256 |
|
|
|
10,665 |
|
|
|
22,267 |
|
|
|
27,967 |
|
|
|
27,838 |
|
|
|
12,591 |
|
|
|
(4,582 |
) |
Total commercial loans |
|
|
1,731,370 |
|
|
|
1,678,033 |
|
|
|
1,618,602 |
|
|
|
1,624,401 |
|
|
|
1,569,636 |
|
|
|
53,337 |
|
|
|
161,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
31,903 |
|
|
|
31,338 |
|
|
|
32,915 |
|
|
|
32,800 |
|
|
|
24,904 |
|
|
|
565 |
|
|
|
6,999 |
|
Home equity |
|
|
25,638 |
|
|
|
24,303 |
|
|
|
23,171 |
|
|
|
22,822 |
|
|
|
33,410 |
|
|
|
1,335 |
|
|
|
(7,772 |
) |
Total residential loans |
|
|
57,541 |
|
|
|
55,641 |
|
|
|
56,086 |
|
|
|
55,622 |
|
|
|
58,314 |
|
|
|
1,900 |
|
|
|
(773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
27,168 |
|
|
|
34,618 |
|
|
|
35,203 |
|
|
|
25,851 |
|
|
|
26,825 |
|
|
|
(7,450 |
) |
|
|
343 |
|
Other |
|
|
22,533 |
|
|
|
24,126 |
|
|
|
26,663 |
|
|
|
24,712 |
|
|
|
10,579 |
|
|
|
(1,593 |
) |
|
|
11,954 |
|
|
|
|
1,838,612 |
|
|
|
1,792,418 |
|
|
|
1,736,554 |
|
|
|
1,730,586 |
|
|
|
1,665,354 |
|
|
|
46,194 |
|
|
|
173,258 |
|
Less net deferred fees and other unearned income |
|
|
(2,939 |
) |
|
|
(2,678 |
) |
|
|
(1,997 |
) |
|
|
(2,513 |
) |
|
|
(2,896 |
) |
|
|
(261 |
) |
|
|
(43 |
) |
Total loans held for investment |
|
$ |
1,835,673 |
|
|
$ |
1,789,740 |
|
|
$ |
1,734,557 |
|
|
$ |
1,728,073 |
|
|
$ |
1,662,458 |
|
|
$ |
45,933 |
|
|
$ |
173,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,836,589 |
|
|
$ |
1,789,740 |
|
|
$ |
2,120,866 |
|
|
$ |
2,106,992 |
|
|
$ |
2,040,320 |
|
|
$ |
46,849 |
|
|
$ |
(203,731 |
) |
(1) Loans held for sale-discontinued
operations and loans held for investment have been adjusted
retrospectively for all periods prior to December 31,
2018.
ATLANTIC CAPITAL
BANCSHARES, INC.Allowance
for Loan Losses Activity and Credit
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period |
|
$ |
18,186 |
|
|
$ |
18,107 |
|
|
$ |
17,851 |
|
|
$ |
20,443 |
|
|
$ |
19,583 |
Provision for loan losses |
|
|
413 |
|
|
|
698 |
|
|
|
814 |
|
|
|
595 |
|
|
|
758 |
Provision for loan losses (reversal of provision) - discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,097 |
) |
|
|
— |
Provision for PCI loan losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(93 |
) |
|
|
87 |
Loans charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
(541 |
) |
|
|
(588 |
) |
|
|
(549 |
) |
|
|
— |
|
|
|
— |
Commercial real estate |
|
|
— |
|
|
|
(47 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Residential mortgages |
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
(5 |
) |
|
|
— |
Home equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Consumer |
|
|
(2 |
) |
|
|
— |
|
|
|
(37 |
) |
|
|
(3 |
) |
|
|
— |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Total loans charged-off |
|
|
(543 |
) |
|
|
(635 |
) |
|
|
(595 |
) |
|
|
(8 |
) |
|
|
— |
Recoveries on loans previously charged-off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
17 |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Construction and land |
|
|
1 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
Residential mortgages |
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
4 |
|
|
|
— |
Home equity |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
Consumer |
|
|
6 |
|
|
|
16 |
|
|
|
12 |
|
|
|
7 |
|
|
|
15 |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Total recoveries |
|
|
24 |
|
|
|
16 |
|
|
|
37 |
|
|
|
11 |
|
|
|
15 |
Net charge-offs |
|
$ |
(519 |
) |
|
$ |
(619 |
) |
|
$ |
(558 |
) |
|
$ |
3 |
|
|
$ |
15 |
Balance at period end (1) |
|
$ |
18,080 |
|
|
$ |
18,186 |
|
|
$ |
18,107 |
|
|
$ |
17,851 |
|
|
$ |
20,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
916 |
|
|
$ |
— |
|
|
$ |
1,530 |
|
|
$ |
5,889 |
|
|
$ |
1,886 |
Loans held for sale - discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
384,779 |
|
|
|
373,030 |
|
|
|
375,976 |
Loans held for investment - continuing operations |
|
|
1,835,673 |
|
|
|
1,789,740 |
|
|
|
1,734,557 |
|
|
|
1,728,073 |
|
|
|
1,662,458 |
Total loans |
|
$ |
1,836,589 |
|
|
$ |
1,789,740 |
|
|
$ |
2,120,866 |
|
|
$ |
2,106,992 |
|
|
$ |
2,040,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans -
continuing operations (4) |
|
$ |
6,770 |
|
|
$ |
6,352 |
|
|
$ |
8,830 |
|
|
$ |
3,252 |
|
|
$ |
2,160 |
Non-performing loans -
discontinued operations (4) |
|
|
— |
|
|
|
— |
|
|
|
1,506 |
|
|
|
1,924 |
|
|
|
556 |
Total non-performing loans |
|
|
6,770 |
|
|
|
6,352 |
|
|
|
10,336 |
|
|
|
5,176 |
|
|
|
2,716 |
Foreclosed properties
(OREO) |
|
|
278 |
|
|
|
971 |
|
|
|
971 |
|
|
|
874 |
|
|
|
968 |
Total nonperforming assets |
|
$ |
7,048 |
|
|
$ |
7,323 |
|
|
$ |
11,307 |
|
|
$ |
6,050 |
|
|
$ |
3,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
loans held for investment (2) |
|
|
0.98 |
% |
|
|
1.02 |
% |
|
|
1.04 |
|
|
|
1.03 |
% |
|
|
1.00 |
Net charge-offs to average
loans (3) |
|
|
0.11 |
|
|
|
0.14 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans as a
percentage of total loans - continuing operations (4) |
|
|
0.37 |
% |
|
|
0.35 |
% |
|
|
0.51 |
|
|
|
0.19 |
% |
|
|
0.13 |
Non-performing loans as a
percentage of total loans - discontinued operations (4) |
|
|
— |
|
|
|
— |
|
|
|
0.39 |
|
|
|
0.52 |
|
|
|
0.15 |
Non-performing loans as a
percentage of total loans (4) |
|
|
0.37 |
|
|
|
0.35 |
|
|
|
0.49 |
|
|
|
0.25 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets as a
percentage of total assets - continuing operations (4) |
|
|
0.29 |
% |
|
|
0.31 |
% |
|
|
0.34 |
% |
|
|
0.14 |
% |
|
|
0.11 |
Non-performing assets as a
percentage of total assets - discontinued operations (4) |
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
0.07 |
|
|
|
0.02 |
Non-performing assets as a
percentage of total assets (4) |
|
|
0.29 |
|
|
|
0.31 |
|
|
|
0.40 |
|
|
|
0.20 |
|
|
|
0.13 |
(1) The allowance for loan losses has not
been adjusted retrospectively for periods prior to
December 31, 2018. (2)The third quarter of 2019, the second
quarter of 2019, the first quarter of 2019 and the fourth quarter
of 2018 ratios are calculated on a continuing operations basis.
Ratios prior to December 31, 2018 have not been retroactively
adjusted for the impact of discontinued operations. (3)Annualized.
(4)Excludes non-performing PCI loans.
ATLANTIC CAPITAL
BANCSHARES, INC.Period
End Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
Quarter |
|
Year Over |
(dollars in thousands) |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
Change |
|
Year Change |
DDA |
|
$ |
599,657 |
|
$ |
569,693 |
|
$ |
561,829 |
|
$ |
602,252 |
|
$ |
518,155 |
|
$ |
29,964 |
|
|
$ |
81,502 |
|
NOW |
|
|
240,427 |
|
|
309,709 |
|
|
233,838 |
|
|
252,490 |
|
|
407,214 |
|
|
(69,282 |
) |
|
|
(166,787 |
) |
Savings |
|
|
1,081 |
|
|
1,090 |
|
|
896 |
|
|
725 |
|
|
698 |
|
|
(9 |
) |
|
|
383 |
|
Money market |
|
|
921,133 |
|
|
802,973 |
|
|
962,741 |
|
|
987,183 |
|
|
759,583 |
|
|
118,160 |
|
|
|
161,550 |
|
Time |
|
|
30,782 |
|
|
33,902 |
|
|
22,069 |
|
|
10,623 |
|
|
10,396 |
|
|
(3,120 |
) |
|
|
20,386 |
|
Brokered |
|
|
61,192 |
|
|
134,164 |
|
|
65,811 |
|
|
99,241 |
|
|
79,119 |
|
|
(72,972 |
) |
|
|
(17,927 |
) |
Total deposits - continuing operations |
|
|
1,854,272 |
|
|
1,851,531 |
|
|
1,847,184 |
|
|
1,952,514 |
|
|
1,775,165 |
|
|
2,741 |
|
|
|
79,107 |
|
Deposits to be assumed -
discontinued operations |
|
|
— |
|
|
— |
|
|
593,264 |
|
|
585,429 |
|
|
604,659 |
|
|
— |
|
|
|
(604,659 |
) |
Total deposits |
|
$ |
1,854,272 |
|
$ |
1,851,531 |
|
$ |
2,440,448 |
|
$ |
2,537,943 |
|
$ |
2,379,824 |
|
$ |
2,741 |
|
|
$ |
(525,552 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments clients |
|
$ |
286,373 |
|
$ |
301,413 |
|
$ |
361,192 |
|
$ |
397,608 |
|
$ |
258,320 |
|
$ |
(15,040 |
) |
|
$ |
28,053 |
|
Average Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
Linked |
|
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Quarter |
|
Q3 2019 vs |
(dollars in thousands) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Change |
|
Q3 2018 |
DDA |
|
$ |
637,809 |
|
$ |
587,957 |
|
$ |
575,453 |
|
$ |
597,239 |
|
$ |
561,355 |
|
$ |
49,852 |
|
|
$ |
76,454 |
|
NOW |
|
|
295,106 |
|
|
314,601 |
|
|
276,212 |
|
|
280,449 |
|
|
314,759 |
|
|
(19,495 |
) |
|
|
(19,653 |
) |
Savings |
|
|
1,085 |
|
|
956 |
|
|
884 |
|
|
712 |
|
|
616 |
|
|
129 |
|
|
|
469 |
|
Money market |
|
|
895,102 |
|
|
859,680 |
|
|
847,254 |
|
|
798,017 |
|
|
697,578 |
|
|
35,422 |
|
|
|
197,524 |
|
Time |
|
|
32,409 |
|
|
32,358 |
|
|
12,847 |
|
|
10,117 |
|
|
10,406 |
|
|
51 |
|
|
|
22,003 |
|
Brokered |
|
|
88,146 |
|
|
106,524 |
|
|
81,141 |
|
|
93,558 |
|
|
67,937 |
|
|
(18,378 |
) |
|
|
20,209 |
|
Total deposits - continuing operations |
|
|
1,949,657 |
|
|
1,902,076 |
|
|
1,793,791 |
|
|
1,780,092 |
|
|
1,652,651 |
|
|
47,581 |
|
|
|
297,006 |
|
Deposits to be assumed -
discontinued operations |
|
|
— |
|
|
45,350 |
|
|
593,313 |
|
|
600,769 |
|
|
601,421 |
|
|
(45,350 |
) |
|
|
(601,421 |
) |
Total deposits |
|
$ |
1,949,657 |
|
$ |
1,947,426 |
|
$ |
2,387,104 |
|
$ |
2,380,861 |
|
$ |
2,254,072 |
|
$ |
2,231 |
|
|
$ |
(304,415 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments clients |
|
$ |
289,526 |
|
$ |
285,949 |
|
$ |
295,059 |
|
$ |
263,800 |
|
$ |
227,029 |
|
$ |
3,577 |
|
|
$ |
62,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits
as a percentage of average deposits - continuing operations |
|
|
32.7 |
% |
|
30.9 |
% |
|
32.1 |
% |
|
33.6 |
% |
|
34.0 |
% |
|
|
|
|
|
Cost of deposits - continuing
operations |
|
|
1.06 |
% |
|
1.15 |
% |
|
1.09 |
% |
|
0.93 |
% |
|
0.76 |
% |
|
|
|
|
|
ATLANTIC CAPITAL
BANCSHARES, INC.Non-GAAP
Performance and Financial Measures
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months |
|
|
|
2019 |
2018 |
ended
September 30, |
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
|
|
|
|
|
|
(in
thousands, except share and per share data) |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2019 |
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
equivalent interest income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - GAAP |
|
$ |
26,520 |
|
|
$ |
26,598 |
|
|
$ |
26,197 |
|
|
$ |
26,628 |
|
|
$ |
24,017 |
|
|
$ |
79,315 |
|
|
$ |
68,132 |
|
|
Taxable equivalent adjustment |
|
|
104 |
|
|
|
88 |
|
|
|
100 |
|
|
|
97 |
|
|
|
97 |
|
|
|
292 |
|
|
|
298 |
|
|
Interest income - taxable equivalent |
|
$ |
26,624 |
|
|
$ |
26,686 |
|
|
$ |
26,297 |
|
|
$ |
26,725 |
|
|
$ |
24,114 |
|
|
$ |
79,607 |
|
|
$ |
68,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
equivalent net interest income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
|
$ |
19,984 |
|
|
$ |
19,889 |
|
|
$ |
20,424 |
|
|
$ |
21,068 |
|
|
$ |
19,297 |
|
|
$ |
60,297 |
|
|
$ |
55,179 |
|
|
Taxable equivalent adjustment |
|
|
104 |
|
|
|
88 |
|
|
|
100 |
|
|
|
97 |
|
|
|
97 |
|
|
|
292 |
|
|
|
298 |
|
|
Net interest income - taxable equivalent |
|
$ |
20,088 |
|
|
$ |
19,977 |
|
|
$ |
20,524 |
|
|
$ |
21,165 |
|
|
$ |
19,394 |
|
|
$ |
60,589 |
|
|
$ |
55,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
equivalent net interest margin reconciliation - continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP - continuing operations |
|
|
3.51 |
% |
|
|
3.60 |
% |
|
|
3.72 |
% |
|
|
3.64 |
% |
|
|
3.46 |
% |
|
|
3.64 |
% |
|
|
3.44 |
% |
|
Impact of taxable equivalent adjustment |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
Net interest margin - taxable equivalent - continuing
operations |
|
|
3.52 |
% |
|
|
3.61 |
% |
|
|
3.74 |
% |
|
|
3.66 |
% |
|
|
3.48 |
% |
|
|
3.66 |
% |
|
|
3.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
equivalent net interest margin
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - GAAP |
|
|
3.51 |
% |
|
|
3.54 |
% |
|
|
3.66 |
% |
|
|
3.60 |
% |
|
|
3.45 |
% |
|
|
3.57 |
% |
|
|
3.49 |
% |
|
Impact of taxable equivalent adjustment |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
Net interest margin - taxable equivalent |
|
|
3.52 |
% |
|
|
3.56 |
% |
|
|
3.68 |
% |
|
|
3.62 |
% |
|
|
3.47 |
% |
|
|
3.59 |
% |
|
|
3.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes - GAAP |
|
$ |
9,663 |
|
|
$ |
8,878 |
|
|
$ |
8,151 |
|
|
$ |
8,522 |
|
|
$ |
8,835 |
|
|
$ |
26,692 |
|
|
$ |
25,835 |
|
|
Taxable equivalent adjustment |
|
|
104 |
|
|
|
88 |
|
|
|
100 |
|
|
|
97 |
|
|
|
97 |
|
|
|
292 |
|
|
|
298 |
|
|
Income before income taxes |
|
$ |
9,767 |
|
|
$ |
8,966 |
|
|
$ |
8,251 |
|
|
$ |
8,619 |
|
|
$ |
8,932 |
|
|
$ |
26,984 |
|
|
$ |
26,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense - GAAP |
|
$ |
2,094 |
|
|
$ |
1,869 |
|
|
$ |
1,711 |
|
|
$ |
1,039 |
|
|
$ |
1,837 |
|
|
$ |
5,674 |
|
|
$ |
5,268 |
|
|
Taxable equivalent adjustment |
|
|
104 |
|
|
|
88 |
|
|
|
100 |
|
|
|
97 |
|
|
|
97 |
|
|
|
292 |
|
|
|
298 |
|
|
Income tax expense |
|
$ |
2,198 |
|
|
$ |
1,957 |
|
|
$ |
1,811 |
|
|
$ |
1,136 |
|
|
$ |
1,934 |
|
|
$ |
5,966 |
|
|
$ |
5,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value per common share reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
328,711 |
|
|
$ |
336,715 |
|
|
$ |
320,627 |
|
|
$ |
323,653 |
|
|
$ |
320,237 |
|
|
$ |
328,711 |
|
|
$ |
320,237 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(22,848 |
) |
|
|
(23,095 |
) |
|
|
(23,367 |
) |
|
|
(19,925 |
) |
|
|
(23,367 |
) |
|
Total tangible common equity |
|
$ |
308,786 |
|
|
$ |
316,790 |
|
|
$ |
297,779 |
|
|
$ |
300,558 |
|
|
$ |
296,870 |
|
|
$ |
308,786 |
|
|
$ |
296,870 |
|
|
Common shares outstanding |
|
|
22,193,761 |
|
|
|
23,293,465 |
|
|
|
24,466,964 |
|
|
|
25,290,419 |
|
|
|
26,103,666 |
|
|
|
22,193,761 |
|
|
|
26,103,666 |
|
|
Book value per common share - GAAP |
|
$ |
14.81 |
|
|
$ |
14.46 |
|
|
$ |
13.10 |
|
|
$ |
12.80 |
|
|
$ |
12.27 |
|
|
$ |
14.81 |
|
|
$ |
12.27 |
|
|
Tangible book value |
|
|
13.91 |
|
|
|
13.60 |
|
|
|
12.17 |
|
|
|
11.88 |
|
|
|
11.37 |
|
|
|
13.91 |
|
|
|
11.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
common equity to tangible assets
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
328,711 |
|
|
$ |
336,715 |
|
|
$ |
320,627 |
|
|
$ |
323,653 |
|
|
$ |
320,237 |
|
|
$ |
328,711 |
|
|
$ |
320,237 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(22,848 |
) |
|
|
(23,095 |
) |
|
|
(23,367 |
) |
|
|
(19,925 |
) |
|
|
(23,367 |
) |
|
Total tangible common equity |
|
$ |
308,786 |
|
|
$ |
316,790 |
|
|
$ |
297,779 |
|
|
$ |
300,558 |
|
|
$ |
296,870 |
|
|
$ |
308,786 |
|
|
$ |
296,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,410,198 |
|
|
$ |
2,389,680 |
|
|
$ |
2,855,887 |
|
|
$ |
2,955,440 |
|
|
$ |
2,882,721 |
|
|
$ |
2,410,198 |
|
|
$ |
2,882,721 |
|
|
Intangible assets |
|
|
(19,925 |
) |
|
|
(19,925 |
) |
|
|
(22,848 |
) |
|
|
(23,095 |
) |
|
|
(23,367 |
) |
|
|
(19,925 |
) |
|
|
(23,367 |
) |
|
Total tangible assets |
|
$ |
2,390,273 |
|
|
$ |
2,369,755 |
|
|
$ |
2,833,039 |
|
|
$ |
2,932,345 |
|
|
$ |
2,859,354 |
|
|
$ |
2,390,273 |
|
|
$ |
2,859,354 |
|
|
Tangible common equity to tangible assets |
|
|
12.92 |
% |
|
|
13.37 |
% |
|
|
10.51 |
% |
|
|
10.25 |
% |
|
|
10.38 |
% |
|
|
12.92 |
% |
|
|
10.38 |
% |
|
Atlantic Capital Bancsha... (NASDAQ:ACBI)
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From Feb 2024 to Mar 2024
Atlantic Capital Bancsha... (NASDAQ:ACBI)
Historical Stock Chart
From Mar 2023 to Mar 2024