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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Graphic

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the transition period from              to

COMMISSION FILE NO. 001-37615

ATLANTIC CAPITAL BANCSHARES, INC.

(Exact Name of Registrant as Specified in its Charter)

Georgia

20-5728270

(State of Incorporation)

(I.R.S. Employer Identification No.)

945 East Paces Ferry Road NE, Suite 1600, Atlanta, Georgia

30326

(Address of principal executive offices)

(Zip Code)

(404) 995-6050

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

ACBI

The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, no par value: 20,304,722 shares outstanding as of November 1, 2021

Atlantic Capital Bancshares, Inc.

Form 10-Q

INDEX

Glossary of Defined Terms

    

Page
No.

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

1

Consolidated Statements of Income – Three and Nine Months ended September 30, 2021 and 2020

2

Consolidated Statements of Comprehensive Income - Three and Nine Months ended September 30, 2021 and 2020

3

Consolidated Statements of Shareholders’ Equity - Three and Nine Months ended September 30, 2021 and 2020

4

Consolidated Statements of Cash Flows – Nine Months ended September 30, 2021 and 2020

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

62

Item 4.

Controls and Procedures

62

PART II.

OTHER INFORMATION

62

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3.

Defaults Upon Senior Securities

63

Item 4.

Mine Safety Disclosures

63

Item 5.

Other Information

63

Item 6.

Exhibits

64

SIGNATURES

65

GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this report, including the consolidated financial statements and related

notes.

Annual Report

The Company’s Annual Report on Form 10-K as filed with the SEC on March 16, 2021

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

CECL

Current expected credit losses, which are subject to Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments

COVID-19

Coronavirus disease

FASB

Financial Accounting Standards Board

FDIC

FHLB

Federal Deposit Insurance Corporation

Federal Home Loan Bank

FICO

Fair Isaac Corporation

First Security

First Security Group, Inc. and FSG Bank, N.A.

FRB

Federal Reserve Bank

GAAP

Generally Accepted Accounting Principles in the United States

LIBOR

The London Interbank Offered Rate

LTIP

Long Term Incentive Plan

LTV

Loan-to-value

MD&A

Management’s Discussion and Analysis of Financial Condition and Results of Operations

MVE

Market value of equity

Nasdaq

Nasdaq Global Select Market

NOW

Negotiable order of withdrawal

NPA

Nonperforming asset

NPL

Nonperforming loan

OCI

Other comprehensive income

PPP

Paycheck Protection Program

ROU

Right-of-use

SAR

Stock appreciation right

SBA

Small Business Administration

SBIC

Small Business Investment Companies

SEC

Securities and Exchange Commission

SOFR

SouthState

The Company

Secured Overnight Financing Rate

SouthState Corporation

Atlantic Capital Bancshares, Inc.

TDR

Troubled debt restructuring

PART I - FINANCIAL INFORMATION

ITEM 1.              FINANCIAL STATEMENTS (UNAUDITED)

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Balance Sheets

    

September 30, 

December 31, 

2021

    

2020

(in thousands, except share data)

    

(unaudited)

ASSETS

    

Cash and due from banks

    

$

25,725

$

16,865

Interest-bearing deposits in banks

    

 

811,168

 

636,537

Other short-term investments

    

 

140,848

 

Cash and cash equivalents

    

 

977,741

 

653,402

Investment securities available for sale

    

 

535,158

 

335,423

Investment securities held to maturity, net of allowance for credit losses of $13 and $14 at September 30, 2021 and December 31, 2020, respectively

    

237,829

200,156

Other investments

    

 

23,877

 

25,892

Loans held for sale

    

 

11,814

 

Loans held for investment

    

 

2,273,856

 

2,249,036

Less: Allowance for loan losses

    

 

(23,924)

 

(31,818)

Loans held for investment, net

    

 

2,249,932

 

2,217,218

Premises and equipment, net

    

 

18,517

 

21,589

Bank owned life insurance

    

 

74,000

 

72,856

Goodwill

    

 

19,925

 

19,925

Other intangibles, net

    

2,573

2,731

Other real estate owned

    

 

 

16

Other assets

    

 

58,950

 

66,409

Total assets

    

$

4,210,316

$

3,615,617

    

LIABILITIES AND SHAREHOLDERS’ EQUITY

    

Deposits:

    

Noninterest-bearing demand

    

$

1,691,616

$

1,033,765

Interest-bearing checking

    

 

721,525

 

760,638

Savings

    

 

800

 

625

Money market

    

 

930,929

 

1,030,753

Time

    

 

287,865

 

241,328

Brokered deposits

    

 

94,586

 

94,399

Total deposits

    

 

3,727,321

 

3,161,508

Long-term debt

    

 

74,024

 

73,807

Other liabilities

    

 

45,046

 

41,716

Total liabilities

    

 

3,846,391

 

3,277,031

SHAREHOLDERS’ EQUITY

    

 

 

Preferred Stock, no par value - 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2021 and December 31, 2020

    

 

 

Common stock, no par value - 100,000,000 shares authorized; 20,305,109 and 20,394,912 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

    

 

207,214

 

209,942

Retained earnings

    

 

152,619

 

114,137

Accumulated other comprehensive income

    

 

4,092

 

14,507

Total shareholders’ equity

    

 

363,925

 

338,586

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

    

$

4,210,316

$

3,615,617

See Accompanying Notes to Consolidated Financial Statements

1

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Statements of Income

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(in thousands, except per share data)

    

2021

    

2020

    

2021

    

2020

    

INTEREST INCOME

  

 

  

  

 

  

Loans, including fees

$

22,151

$

21,049

$

67,272

$

63,971

Investment securities

 

3,920

 

2,910

 

11,194

 

8,683

Interest and dividends on other interest-earning assets

 

593

 

274

 

1,226

 

1,399

Total interest income

 

26,664

 

24,233

 

79,692

 

74,053

INTEREST EXPENSE

 

  

 

  

 

  

 

  

Interest on deposits

 

789

 

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

 

1,345

 

3,307

 

2,997

Total interest expense

 

1,895

 

2,515

 

5,918

 

9,724

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

 

24,769

 

21,718

 

73,774

 

64,329

Provision for credit losses

 

(2,405)

 

28

 

(7,857)

 

16,965

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

27,174

 

21,690

 

81,631

 

47,364

NONINTEREST INCOME

 

  

 

  

 

  

 

  

Service charges

 

1,765

 

1,217

 

5,155

 

3,530

Gains on sales of securities

 

 

 

2

 

Gains on sales of other assets

 

38

 

(145)

 

38

 

(140)

Derivatives (loss) income

 

21

 

10

 

61

 

246

Bank owned life insurance

 

391

 

363

 

1,170

 

1,092

SBA lending activities

 

1,276

 

893

 

3,732

 

2,089

Other noninterest income

 

1,118

 

166

 

1,597

 

452

Total noninterest income

 

4,609

 

2,504

 

11,755

 

7,269

NONINTEREST EXPENSE

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

10,290

 

8,850

 

31,073

 

25,792

Employee retention credit

(3,035)

(3,035)

Occupancy

 

756

 

739

 

2,268

 

2,416

Equipment and software

 

857

 

826

 

2,450

 

2,368

Professional services

 

737

 

562

 

2,382

 

2,059

Communications and data processing

 

889

 

757

 

2,550

 

2,324

Marketing and business development

 

142

 

141

 

388

 

373

Travel, meals and entertainment

91

39

148

213

FDIC premiums

 

478

 

213

 

1,174

 

388

Merger and conversion costs

2,899

2,899

Other noninterest expense

 

914

 

1,586

 

3,067

 

3,561

Total noninterest expense

 

15,018

13,713

 

45,364

 

39,494

INCOME BEFORE PROVISION FOR INCOME TAXES

 

16,765

 

10,481

 

48,022

 

15,139

Provision for income taxes

 

3,461

 

1,863

 

9,540

 

2,548

NET INCOME

$

13,304

$

8,618

$

38,482

$

12,591

 

  

 

  

 

  

 

  

Net income per common share ‑ basic

0.66

0.40

1.89

0.58

Net income per common share ‑ diluted

0.65

0.40

1.88

0.58

See Accompanying Notes to Consolidated Financial Statements

2

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(in thousands)

2021

    

2020

2021

    

2020

    

Net income

$

13,304

$

8,618

$

38,482

$

12,591

Other comprehensive income

Unrealized (losses) gains on available-for-sale securities:

Unrealized holding (losses) gains arising during the period, net of tax of ($801), $11, ($2,427) and $1,419, respectively

 

(2,439)

 

35

 

(7,388)

 

4,352

Reclassification adjustment for losses (gains) included in net income net of tax of $0 for all periods presented

 

 

 

(2)

 

Unrealized (losses) gains on available-for-sale securities, net of tax

 

(2,439)

 

35

 

(7,390)

 

4,352

Cash flow hedges:

Net unrealized derivative (losses) gains on cash flow hedges, net of tax of ($237), ($146), ($994) and $2,144, respectively

 

(720)

 

(447)

 

(3,025)

 

6,565

Changes from cash flow hedges

 

(720)

 

(447)

 

(3,025)

 

6,565

Other comprehensive (loss) income, net of tax

 

(3,159)

 

(412)

 

(10,415)

 

10,917

Comprehensive income

$

10,145

$

8,206

$

28,067

$

23,508

See Accompanying Notes to Consolidated Financial Statements

3

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Statements of Shareholders’ Equity

(Unaudited)

For the Nine months ended September 30, 2021

Accumulated

Other

 

Common Stock

Retained

 

 Comprehensive

(in thousands, except share data)

   

Shares

   

Amount

   

Earnings

   

Income (Loss)

   

Total

Balance - December 31, 2020

 

20,394,912

 

$

209,942

 

$

114,137

 

$

14,507

 

$

338,586

Comprehensive income:

Net income

 

 

 

38,482

 

 

38,482

Change in unrealized losses on investment securities available-for-sale, net

 

 

 

 

(7,390)

 

(7,390)

Change in unrealized losses on cash flow hedges

 

 

 

 

(3,025)

 

(3,025)

Total comprehensive income

 

28,067

Net issuance of restricted stock

 

41,370

 

 

 

 

Issuance of common stock for option exercises

 

112,499

 

962

 

 

 

962

Issuance of common stock for long-term incentive plan

 

28,920

 

 

 

 

Restricted stock activity

 

 

913

 

 

 

913

Performance share activity

 

 

884

 

 

 

884

Stock repurchases

 

(272,592)

 

(5,487)

 

 

 

(5,487)

Balance - September 30, 2021

 

20,305,109

 

$

207,214

 

$

152,619

 

$

4,092

 

$

363,925

For the Three months ended September 30, 2021

Accumulated

Other

 

Common Stock

Retained

 

 Comprehensive

   

Shares

   

Amount

   

Earnings

   

Income

   

Total

Balance - June 30, 2021

 

20,319,429

 

$

206,619

 

$

139,315

 

$

7,251

 

$

353,185

Comprehensive income:

Net income

 

 

 

13,304

 

 

13,304

Change in unrealized gains on investment securities available-for-sale, net

 

 

 

 

(2,439)

 

(2,439)

Change in unrealized gains on cash flow hedges

 

 

 

 

(720)

 

(720)

Total comprehensive income

 

10,145

Net issuance of restricted stock

 

(14,320)

 

 

 

 

Issuance of common stock for option exercises

 

 

 

 

 

Restricted stock activity

 

 

188

 

 

 

188

Performance share activity

 

 

407

 

 

 

407

Stock repurchases

 

 

 

 

 

Balance - September 30, 2021

 

20,305,109

 

$

207,214

 

$

152,619

 

$

4,092

 

$

363,925

4

For the Nine months ended September 30, 2020

Accumulated

Other

 

Common Stock

Retained

 

 Comprehensive

(in thousands, except share data)

  

Shares

  

Amount

  

Earnings

  

Income

  

Total

Balance - December 31, 2019

 

21,751,026

 

$

230,265

 

$

91,669

 

$

4,561

 

$

326,495

Comprehensive income:

Net income

 

 

 

12,591

 

 

12,591

Change in unrealized gains on investment securities available-for-sale, net

 

 

 

 

4,352

 

4,352

Change in unrealized gains on cash flow hedges

 

 

 

 

6,565

 

6,565

Total comprehensive income

 

23,508

Change in accounting principle - allowance for credit losses

 

 

 

(72)

 

 

(72)

Net issuance of restricted stock

 

185,901

 

 

 

 

Issuance of common stock for option exercises

 

60,940

 

660

 

 

 

660

Issuance of common stock for long-term incentive plan

 

25,265

 

444

 

 

 

444

Restricted stock activity

 

 

945

 

 

 

945

Stock-based compensation

 

 

53

 

 

 

53

Performance share activity

 

 

307

 

 

 

307

Stock repurchases

 

(820,349)

 

(12,031)

 

 

 

(12,031)

Balance - September 30, 2020

 

21,202,783

 

$

220,643

 

$

104,188

 

$

15,478

 

$

340,309

For the Three months ended September 30, 2020