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Mergers and Acquisitions (Tables) - Atlantic Capital | 9 Months Ended
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Sep. 30, 2022
Mergers and Acquisitions |
Schedule of assets acquired, liabilities assumed, and fair value of total consideration transferred | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Initial | ​ | Subsequent | ​ | ​ | ​
​ | ​ | As Recorded | ​ | Fair Value | ​ | Fair Value | ​ | As Recorded by | ​
(Dollars in thousands) |  | by Atlantic Capital |  | Adjustments |  | Adjustments | ​ | the Company |
Assets | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Cash and cash equivalents | ​ | $ | 250,134 | ​ | $ | 24 | (a) | $ | — | ​ | $ | 250,158 | ​
Investment securities | ​ | ​ | 717,332 | ​ | ​ | (13,622) | (b) | ​ | — | ​ | ​ | 703,710 | ​
Loans, net of allowance and mark | ​ |  | 2,394,256 | ​ |  | (18,964) | (c) | ​ | (5,614) | (c) |  | 2,369,678 | ​
Premises and equipment | ​ |  | 16,892 | ​ |  | 2,608 | (d) | ​ | — | ​ |  | 19,500 | ​
Intangible assets | ​ | ​ | 22,572 | ​ | ​ | (1,781) | (e) | ​ | — | ​ | ​ | 20,791 | ​
Bank owned life insurance | ​ | ​ | 74,613 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 74,613 | ​
Deferred tax asset | ​ | ​ | 30,231 | ​ | ​ | 2,273 | (f) | ​ | (444) | (f) | ​ | 32,060 | ​
Other assets | ​ |  | 45,274 | ​ |  | (1,277) | (g) | ​ | 7,557 | (g) |  | 51,554 | ​
Total assets | ​ | $ | 3,551,304 | ​ | $ | (30,739) | ​ | $ | 1,499 | ​ | $ | 3,522,064 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Deposits: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Noninterest-bearing | ​ | $ | 1,411,671 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,411,671 | ​
Interest-bearing | ​ |  | 1,616,970 | ​ |  | — | ​ | ​ | — | ​ |  | 1,616,970 | ​
Total deposits | ​ |  | 3,028,641 | ​ |  | — | ​ | ​ | — | ​ |  | 3,028,641 | ​
Federal funds purchased and securities sold under agreements to repurchase | ​ | ​ | 50,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50,000 | ​
Other borrowings | ​ | ​ | 74,131 | ​ | ​ | 4,286 | (h) | ​ | — | ​ | ​ | 78,417 | ​
Other liabilities | ​ |  | 50,711 | ​ |  | (2,075) | (i) | ​ | — | ​ |  | 48,636 | ​
Total liabilities | ​ | ​ | 3,203,483 | ​ | ​ | 2,211 | ​ | ​ | — | ​ | ​ | 3,205,694 | ​
Net identifiable assets acquired over (under) liabilities assumed | ​ | ​ | 347,821 | ​ | ​ | (32,950) | ​ | ​ | 1,499 | ​ | ​ | 316,370 | ​
Goodwill | ​ |  | — | ​ |  | 342,939 | ​ | ​ | (1,499) | ​ |  | 341,440 | ​
Net assets acquired over liabilities assumed | ​ | $ | 347,821 | ​ | $ | 309,989 | ​ | $ | — | ​ | $ | 657,810 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consideration: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
South State Corporation common shares issued | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,330,803 | ​
Purchase price per share of the Company's common stock | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 90.00 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Company common stock issued ($659,772) and cash exchanged for fractional shares ($19) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 659,791 | ​
Stock option conversion | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,135 | ​
Restricted stock unit conversion | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,870 | ​
Restricted stock awards conversion (unvested awards) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,986) | ​
Fair value of total consideration transferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 657,810 | ​
Explanation of fair value adjustments (a)— Represents an adjustment to record time deposits with financial institutions at fair value (premium). (b)— Represents the reversal of Atlantic Capital 's existing fair value adjustments of $17.2 million and the adjustment to record securities at fair value (discount) totaling $30.9 million (includes reclassification of all securities held as HTM to AFS totaling $237.6 million). (c)— Represents approximately 1.40%, or $34.0 million, net credit discount of the loan portfolio and 2.24% total net discount, or $54.3 million, including non-credit discount, based on a third-party valuation. Also, includes a reversal of Atlantic Capital's ending allowance for credit losses of $22.1 million and $7.6 million of existing Atlantic Capital’s deferred fees and costs. (d)— Represents the preliminary fair value adjustments of $2.6 million on fixed assets and leased assets. (e)— Represents approximately $17.5 million, or 0.63%, of CDI amount and $3.2 million for SBA servicing asset based on a third-party valuation. Atlantic Capital’s pre-merger goodwill and servicing asset of $19.9 million and $2.6 million, respectively, were written-off. (f)— Represents deferred tax asset related to fair value adjustments with effective tax rate of 24.6%, which includes an adjustment from Atlantic Capital’s effective tax rate to the Company’s effective tax rate. The difference in effective tax rates relates to state income taxes. (g)— Represents the fair value adjustment (decrease) for low-income housing investments of $1.1 million, write-off of prepaid assets of $233,000, adjustments to receivables of $154,000 and fair value adjustment for Small Business Investment Company (“SBIC”) investments of $7.4 million. (h)— Represents the reversal of the existing Atlantic Capital’s issuance costs on subordinated debt of $0.9 million and recording the fair value adjustment (premium) of $3.4 million, based on a third-party valuation. (i)— Represents the reversal of $2.8 million of unfunded commitment liability at purchase date and the fair value adjustment to increase lease liabilities associated with rental facilities totaling $1.4 million. Also includes the reversal of uncertain tax liability of $0.7 million.
Schedule of proforma information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pro Forma | ​ | Pro Forma | ​ | Pro Forma | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended | ​
(Dollars in thousands) | ​ | September 30, 2021 | ​ | September 30, 2022 | ​ | September 30, 2021 | ​
Total revenues (net interest income plus noninterest income) |  | $ | 380,736 |  | $ | 1,200,879 |  | $ | 1,139,741 | ​
Net interest income | ​ | $ | 289,117 | ​ | $ | 945,790 | ​ | $ | 865,671 | ​
Net adjusted income available to the common shareholder | ​ | $ | 140,076 | ​ | $ | 380,588 | ​ | $ | 401,853 | ​
EPS - basic | ​ | $ | 1.81 | ​ | $ | 5.02 | ​ | $ | 5.15 | ​
EPS - diluted | ​ | $ | 1.80 | ​ | $ | 4.98 | ​ | $ | 5.12 | ​

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