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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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 March 31, 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: 20,333,006 shares outstanding as of May 3, 2021

Table of Contents

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 – March 31, 2021 and December 31, 2020

1

Consolidated Statements of Income – Three Months ended March 31, 2021 and 2020

2

Consolidated Statements of Comprehensive Income - Three Months ended March 31, 2021 and 2020

3

Consolidated Statements of Shareholders’ Equity - Three Months ended March 31, 2021 and 2020

4

Consolidated Statements of Cash Flows – Three Months ended March 31, 2021 and 2020

5

Notes to Unaudited Consolidated Financial Statements

6

Item 2.

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

34

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

58

Item 4.

Controls and Procedures

58

PART II.

OTHER INFORMATION

59

Item 1.

Legal Proceedings

59

Item 1A.

Risk Factors

59

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 3.

Defaults Upon Senior Securities

60

Item 4.

Mine Safety Disclosures

60

Item 5.

Other Information

60

Item 6.

Exhibits

60

SIGNATURES

61

Table of Contents

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

Secured Overnight Financing Rate

TDR

Troubled debt restructuring

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1.              FINANCIAL STATEMENTS (UNAUDITED)

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Balance Sheets

    

March 31, 

December 31, 

2021

    

2020

(in thousands, except share data)

    

(unaudited)

ASSETS

    

Cash and due from banks

    

$

32,850

$

16,865

Interest-bearing deposits in banks

    

 

612,966

 

636,537

Cash and cash equivalents

    

 

645,816

 

653,402

Investment securities available for sale

    

 

390,701

 

335,423

Investment securities held to maturity, net of allowance for credit losses of $14 at

March 31, 2021 and December 31, 2020, respectively

    

222,535

200,156

Other investments

    

 

24,709

 

25,892

Loans held for sale

    

 

1,847

 

Loans held for investment

    

 

2,300,814

 

2,249,036

Less: Allowance for loan losses

    

 

(27,506)

 

(31,818)

Loans held for investment, net

    

 

2,273,308

 

2,217,218

Premises and equipment, net

    

 

20,633

 

21,589

Bank owned life insurance

    

 

73,223

 

72,856

Goodwill

    

 

19,925

 

19,925

Other intangibles, net

    

2,688

2,731

Other real estate owned

    

 

16

 

16

Other assets

    

 

57,267

 

66,409

Total assets

    

$

3,732,668

$

3,615,617

    

LIABILITIES AND SHAREHOLDERS’ EQUITY

    

Deposits:

    

Noninterest-bearing demand

    

$

1,280,524

$

1,033,765

Interest-bearing checking

    

 

485,540

 

760,638

Savings

    

 

562

 

625

Money market

    

 

1,142,361

 

1,030,753

Time

    

 

294,129

 

241,328

Brokered deposits

    

 

74,576

 

94,399

Total deposits

    

 

3,277,692

 

3,161,508

Long-term debt

    

 

73,878

 

73,807

Other liabilities

    

 

40,770

 

41,716

Total liabilities

    

 

3,392,340

 

3,277,031

SHAREHOLDERS’ EQUITY

    

 

 

Preferred Stock, no par value - 10,000,000 shares authorized; no shares issued and

outstanding as of March 31, 2021 and December 31, 2020

    

 

 

Common stock, no par value - 100,000,000 shares authorized; 20,354,077 and

20,394,912 shares issued and outstanding as of March 31, 2021 and

December 31, 2020, respectively

    

 

207,047

 

209,942

Retained earnings

    

 

127,499

 

114,137

Accumulated other comprehensive income

    

 

5,782

 

14,507

Total shareholders’ equity

    

 

340,328

 

338,586

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

    

$

3,732,668

$

3,615,617

See Accompanying Notes to Consolidated Financial Statements

1

Table of Contents

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Statements of Income

(Unaudited)

Three Months Ended

March 31, 

(in thousands, except per share data)

    

2021

    

2020

    

INTEREST INCOME

  

 

  

Loans, including fees

$

21,769

$

22,426

Investment securities

 

3,374

 

2,732

Interest and dividends on other interest-earning assets

 

267

 

865

Total interest income

 

25,410

 

26,023

INTEREST EXPENSE

 

  

 

  

Interest on deposits

 

971

 

4,182

Interest on federal funds purchased and securities sold under agreements to repurchase

 

 

32

Interest on long-term debt

 

1,094

 

829

Total interest expense

 

2,065

 

5,043

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

 

23,345

 

20,980

Provision for credit losses

 

(4,519)

 

8,074

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

27,864

 

12,906

NONINTEREST INCOME

 

  

 

  

Service charges

 

1,663

 

1,232

Gains on sales of securities

 

2

 

Gains on sales of other assets

 

 

5

Derivatives income

 

47

 

246

Bank owned life insurance

 

391

 

362

SBA lending activities

 

1,225

 

414

Other noninterest income

 

234

 

163

Total noninterest income

 

3,562

 

2,422

NONINTEREST EXPENSE

 

  

 

  

Salaries and employee benefits

 

10,421

 

8,476

Occupancy

 

734

 

794

Equipment and software

 

774

 

779

Professional services

 

922

 

705

Communications and data processing

 

792

 

897

Marketing and business development

 

108

 

153

Travel, meals and entertainment

10

140

FDIC premiums

 

275

 

Other noninterest expense

 

1,113

 

933

Total noninterest expense

 

15,149

 

12,877

INCOME BEFORE PROVISION FOR INCOME TAXES

 

16,277

 

2,451

Provision for income taxes

 

2,915

 

327

NET INCOME

$

13,362

$

2,124

 

  

 

  

Net income per common share ‑ basic

0.66

0.10

Net income per common share ‑ diluted

0.65

0.10

See Accompanying Notes to Consolidated Financial Statements

2

Table of Contents

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended

March 31, 

(in thousands)

    

2021

    

2020

    

Net income

$

13,362

$

2,124

Other comprehensive income

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

Unrealized holding (losses) gains arising during the period, net of tax of ($1,857) and $1,077, respectively

 

(5,653)

 

3,317

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

 

(5,653)

 

3,317

Cash flow hedges:

Net unrealized derivative (losses) gains on cash flow hedges, net of tax of ($1,009) and $2,114, respectively

 

(3,072)

 

6,468

Changes from cash flow hedges

 

(3,072)

 

6,468

Other comprehensive (loss) income, net of tax

 

(8,725)

 

9,785

Comprehensive income

$

4,637

$

11,909

See Accompanying Notes to Consolidated Financial Statements

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Table of Contents

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Statements of Shareholders’ Equity

(Unaudited)

For the Three months ended March 31, 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

 

 

 

13,362

 

 

13,362

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

 

 

 

 

(5,653)

 

(5,653)

Change in unrealized gains (losses) on cash flow hedges

 

 

 

 

(3,072)

 

(3,072)

Total comprehensive income

 

4,637

Net issuance of restricted stock

 

54,939

 

 

 

 

Issuance of common stock for option exercises

 

97,499

 

788

 

 

 

788

Issuance of common stock for long-term incentive plan

 

28,920

 

 

 

 

Restricted stock activity

 

 

310

 

 

 

310

Performance share activity

 

 

199

 

 

 

199

Stock repurchases

 

(222,193)

 

(4,192)

 

 

 

(4,192)

Balance - March 31, 2021

 

20,354,077

 

$

207,047

 

$

127,499

 

$

5,782

 

$

340,328

For the Three months ended March 31, 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

 

 

 

2,124

 

 

2,124

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

 

 

 

 

3,317

 

3,317

Change in unrealized gains on cash flow hedges

 

 

 

 

6,468

 

6,468

Total comprehensive income

 

11,909

Change in accounting principle - allowance for credit losses

 

 

 

(72)

 

 

(72)

Net issuance of restricted stock

 

68,067

 

 

 

 

Issuance of common stock for option exercises

 

54,486

 

535

 

 

 

535

Issuance of common stock for long-term incentive plan

 

25,265

 

444

 

 

 

444

Restricted stock activity

 

 

421

 

 

 

421

Stock-based compensation

 

 

17

 

 

 

17

Performance share compensation

 

 

(38)

 

 

 

(38)

Stock repurchases

 

(418,858)

 

(7,411)

 

 

 

(7,411)

Balance - March 31, 2020

 

21,479,986

 

$

224,233

 

$

93,721

 

$

14,346

 

$

332,300

See Accompanying Notes to Consolidated Financial Statements

4

Table of Contents

Atlantic Capital Bancshares, Inc. and Subsidiary

Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended

March 31, 

(in thousands)

    

2021

    

2020

OPERATING ACTIVITIES

Net income

$

13,362

$

2,124

Adjustments to reconcile net income to net cash provided by operating activities

 

 

Provision for credit losses

 

(4,519)

 

8,074

Depreciation, amortization, and accretion

 

1,427

 

898

Amortization of operating lease right-of-use assets

445

555

Amortization of restricted stock and performance share compensation

 

753

 

258

Stock option compensation

 

 

17

(Gain) loss on sales of available-for-sale securities

 

(2)

 

Net write downs and (gains) losses on sales of other real estate owned

 

 

(5)

Net increase in cash value of bank owned life insurance

 

(367)

 

(340)

Origination of servicing assets

 

(236)

 

(105)

Proceeds from sales of SBA loans

 

13,139

 

6,399

Net (gains) on sale of SBA loans

 

(988)

 

(308)

Changes in operating assets and liabilities -

 

 

Net change in loans held for sale

 

(1,847)

 

370

Net (increase) decrease in other assets

 

8,414

 

(7,280)

Net increase (decrease) in accrued expenses and other liabilities

 

(702)

 

856

Net cash provided by operating activities

 

28,879

 

11,513

INVESTING ACTIVITIES

 

 

Activity in securities available-for-sale:

 

 

Prepayments

 

11,813

6,203

Maturities and calls

 

1,000

Sales

 

750

Purchases

 

(76,780)

Activity in securities held to maturity:

Prepayments

10

Purchases

(22,498)

(69,141)

Net change in loans held for investment

 

(64,167)

(65,909)

(Purchases) proceeds of Federal Home Loan Bank stock, net

 

811

(Purchases) proceeds of Federal Reserve Bank stock, net

 

(44)

Proceeds from sales of other real estate owned

 

88

(Purchases) of premises and equipment, net

 

(98)

(1,039)

Net cash (used in) investing activities

 

(149,203)

 

(129,798)

FINANCING ACTIVITIES

 

 

Net change in deposits

 

116,184

(273,927)

Net change in fed funds purchased

75,000

Proceeds from exercise of stock options

 

746

660

Repurchase of common stock

 

(4,192)

(7,411)

Net cash provided by (used in) financing activities

 

112,738

 

(205,678)

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

(7,586)

 

(323,963)

CASH AND CASH EQUIVALENTS – beginning of period

 

653,402

 

466,328

CASH AND CASH EQUIVALENTS – end of period

$

645,816

$

142,365

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for:

Interest paid

$

3,198

$

5,850

Income taxes (refunded) paid

 

(11)

 

344

See Accompanying Notes to Consolidated Financial Statements

5

Table of Contents

ATLANTIC CAPITAL BANCSHARES, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Basis of Presentation

The accounting and financial reporting policies of Atlantic Capital Bancshares, Inc. (“Atlantic Capital” or the “Company”) and its subsidiary, Atlantic Capital Bank, N.A. (the “Bank”), conform to GAAP and general banking industry practices. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated.

In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. Certain prior period amounts have been reclassified to conform to the current year presentation. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Atlantic Capital’s Annual Report on Form 10-K. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods.

NOTE 2 – ACCOUNTING STANDARDS UPDATES AND RECENTLY ADOPTED STANDARDS

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuance of LIBOR. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company is in the process of making the necessary adjustments to prepare for the impact that the discontinuance of LIBOR will have on its existing contracts and consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. Finally, it clarifies that single-member limited liability companies and similar disregarded entities that are not subject to income tax are not required to recognize an allocation of consolidated income tax expense in their separate financial statements, but they could elect to do so. ASU 2019-12 was effective for interim and annual reporting periods beginning after December 15, 2020 and did not have a material impact on Atlantic Capital’s financial position or results of operations.

In October 2020, the FASB issued ASU No. 2020-08, “Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs.” This update clarifies that an entity should reevaluate whether a callable debt security meets the criteria to adjust the amortization period of any related premium at each reporting period. Adoption of this update, which was effective for Atlantic Capital as of January 1, 2021, did not have a material impact on the consolidated financial statements.

6

Table of Contents

NOTE 3 – BALANCE SHEET OFFSETTING

Atlantic Capital enters into reverse repurchase agreements to invest short-term funds. Atlantic Capital enters into repurchase agreements for short-term financing needs.

The following table presents a summary of amounts outstanding in derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements and amounts received or pledged as collateral at March 31, 2021 and December 31, 2020. While these agreements are typically over-collateralized, GAAP requires disclosures in this table to limit the amount of such collateral to the amount of the related recognized asset or liability for each counterparty.

Gross Amounts not Offset in the

    

Gross 

    

    

    

Balance Sheet

    

Amounts of

Gross Amounts

Net

Cash

(in thousands)

Recognized

Offset on the

Asset

Financial

Collateral

March 31, 2021

Assets

Balance Sheet

Balance

Instruments

Received

Net Amount

Derivatives

$

13,480

$

$

13,480

$

$

(6,070)

$

7,410

Total

$

13,480

$

$

13,480

$

$

(6,070)

$

7,410

Gross Amounts not Offset in the

    

Gross

    

    

    

Balance Sheet

    

Amounts of

Gross Amounts

Net

Cash

Recognized

Offset on the

Liability

Financial

Collateral

Liabilities

Balance Sheet

Balance

Instruments

Pledged

Net Amount

Derivatives

$

6,868

$

$

6,868

$

(6,868)

$

330

$

(6,538)

Total

$

6,868

$

$

6,868

$

(6,868)

$

330

$

(6,538)

Gross Amounts not Offset in the

Gross

Balance Sheet

Amounts of

Gross Amounts

Net

Cash

Recognized

Offset on the

Asset

Financial

Collateral

December 31, 2020

    

Assets

    

Balance Sheet

    

Balance

    

Instruments

    

Received

    

Net Amount

Derivatives

$

22,184

$

$

22,184

$

$

$

22,184

Total

$

22,184

$

$

22,184

$

$

$

22,184