Atlantic Capital Bancshares, Inc.

CIK:0001461755|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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	0	16	0	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

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net income	$ 38,482	$ 12,591
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses	(7,857)	16,965
Depreciation, amortization, and accretion	4,731	3,726
Amortization of operating lease right-of-use assets	1,323	1,621
Amortization of restricted stock and performance share compensation	2,550	1,282
Stock option compensation		53
(Gain) loss on sales of available-for-sale securities	(2)
(Gain) loss on disposition of premises and equipment, net	(3)	7
Net write downs and (gains) losses on sales of other real estate owned	(35)	213
Net increase in cash value of bank owned life insurance	(1,144)	(1,068)
Origination of servicing assets	(747)	(492)
Proceeds from sales of SBA loans	39,088	28,968
Net (gains) on sale of SBA loans	(3,161)	(1,476)
Changes in operating assets and liabilities -
Net change in loans held for sale	(11,814)	(489)
Net change in operating lease right-of-use assets		(62)
Net (increase) decrease in other assets	8,325	(11,888)
Net increase (decrease) in accrued expenses and other liabilities	3,367	4,602
Net cash provided by operating activities	73,103	54,553
Activity in securities available-for-sale:
Prepayments	51,311	24,767
Maturities and calls	6,650	1,690
Sales	750
Purchases	(269,915)
Activity in securities held to maturity:
Prepayments	24
Purchases	(38,032)	(69,141)
Net change in loans held for investment	(61,532)	(344,743)
(Purchases) proceeds of Federal Home Loan Bank stock, net	811	61
(Purchases) proceeds of Federal Reserve Bank stock, net	(43)	(82)
Proceeds from sales of other real estate owned	51	533
(Purchases) of premises and equipment, net	(85)	(3,313)
Net cash (used in) investing activities	(310,010)	(390,228)
FINANCING ACTIVITIES
Net change in deposits	565,813	(30,324)
Proceeds from Federal Home Loan Bank advances		345,000
Repayments of Federal Home Loan Bank advances		(345,000)
Proceeds from exercise of stock options	920	660
Issuance of subordinated debt		75,000
Repayment of subordinated debt		(50,000)
Repurchase of common stock	(5,487)	(12,031)
Net cash provided by (used in) financing activities	561,246	(16,695)
NET CHANGE IN CASH AND CASH EQUIVALENTS	324,339	(352,370)
CASH AND CASH EQUIVALENTS - beginning of period	653,402	466,328
CASH AND CASH EQUIVALENTS - end of period	977,741	113,958
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	7,057	9,990
Income taxes paid	$ 6,631	$ 2,334

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
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
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