Highlights of Ameris's results for the second quarter of 2023
include the following:
- Net income of $62.6 million, or
$0.91 per diluted share
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of
2.01%
- Growth in tangible book value(1) of $0.63 per share, or 8.2% annualized, to
$31.42 at June
30, 2023
- Increase in the allowance for credit losses to 1.33% of loans,
from 1.21% at March 31, 2023, due to
forecasted economic conditions, particularly related to commercial
real estate price levels
- Adjusted efficiency ratio(1) of 53.41%, compared
with 53.66% in the second quarter of last year
- Nonperforming assets, excluding government-guaranteed loans, as
a percentage of total assets improved three basis point to 0.30% at
June 30, 2023, compared with 0.33% at
March 31, 2023
- Net interest margin of 3.60% for the second quarter of
2023
- Organic growth in loans of $473.9
million, or 9.5% annualized
- Growth in total deposits of $545.7
million or 11.0% annualized
- TCE ratio(1) of 8.80%, compared with 8.55% at
March 31, 2023 and 8.58% one year
ago
ATLANTA, July 27,
2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB)
(the "Company") today reported net income of $62.6 million, or $0.91 per diluted share, for the quarter ended
June 30, 2023, compared with
$90.1 million, or $1.30 per diluted share, for the quarter ended
June 30, 2022. Included in the Company's second quarter
results was a $45.5 million provision
for credit losses related to the updated economic forecast,
compared with $14.9 million in the
second quarter of last year.
For the year-to-date period ending June
30, 2023, the Company reported net income of $123.1 million, or $1.78 per diluted share, compared with
$171.8 million, or $2.47 per diluted share, for the same period in
2022. The year-to-date period ending June
30, 2023 included a provision for credit losses of
$95.2 million, compared with
$21.2 million for the same period in
2022. The year-to-date period ending June 30, 2022 included a recovery of servicing
right impairment $20.5 million, with
no such recovery in the same period in 2023.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "We are pleased with our second quarter financial
results. We continue to operate at a PPNR ROA above 2% with
an efficiency ratio of 53.4%, while growing tangible book value by
over 8% annualized. We increased our allowance for credit
losses to 1.33% of loans, all due to the economic modeling
forecast. Our credit metrics improved this quarter such that
nonperforming assets now represent only 0.30% of total assets. We
also grew core deposits in one of the most competitive margin
scenarios imaginable. The diversification in our loan
portfolio, combined with the core funding of our liabilities and
our multiple revenue streams, gives us momentum as we move into the
second half of 2023."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was
$210.5 million in the second quarter
of 2023, a decrease of $2.1 million,
or 1.0%, from last quarter and an increase of $18.2 million, or 9.4%, compared with the second
quarter of 2022. The Company's net interest margin was 3.60%
for the second quarter of 2023, down from 3.76% reported for the
first quarter of 2023 and 3.66% reported for the second quarter of
2022. The decrease in net interest margin this quarter is primarily
attributable to rising deposit costs in the current interest rate
environment.
Yields on earning assets increased 27 basis points during the
quarter to 5.52%, compared with 5.25% in the first quarter of 2023,
and increased 164 basis points from 3.88% in the second quarter of
2022. Yields on loans increased to 5.66% during the second
quarter of 2023, compared with 5.44% for the first quarter of 2023
and 4.32% for the second quarter of 2022.
Loan production in the banking division during the second
quarter of 2023 was $544.3 million,
with weighted average yields of 9.35%, compared with $563.0 million and 8.72%, respectively, in the
first quarter of 2023 and $1.07
billion and 5.24%, respectively, in the second quarter of
2022. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $4.7
billion during the second quarter of 2023, with weighted
average yields of 6.83%, compared with $3.4
billion and 6.57%, respectively, during the first quarter of
2023 and $5.3 billion and 4.29%,
respectively, during the second quarter of
2022.
The Company's total cost of funds was 2.05% in the second
quarter of 2023, an increase of 46 basis points compared with the
first quarter of 2023. Deposit costs increased 63 basis
points during the second quarter of 2023 to 1.76%, compared with
1.13% in the first quarter of 2023. Costs of interest-bearing
deposits increased during the quarter from 1.82% in the first
quarter of 2023 to 2.64% in the second quarter of 2023, reflecting
a shift in mix to CDs in the rising rate environment.
Noninterest Income
Noninterest income increased $11.3
million, or 20.2%, in the second quarter of 2023 to
$67.3 million, compared with
$56.1 million for the first quarter
of 2023, primarily as a result of increased mortgage banking
activity, which increased by $9.4
million, or 29.8%, to $40.7
million in the second quarter of 2023, compared with
$31.4 million for the first quarter
of 2023. Gain on sale spreads increased to 2.18% in the
second quarter of 2023 from 1.96% for the first quarter of 2023.
Total production in the retail mortgage division increased
$386.4 million, or 40.8%, to
$1.33 billion in the second
quarter of 2023, compared with $946.4
million for the first quarter of 2023. The retail mortgage
open pipeline was $652.1 million at
the end of the second quarter of 2023, compared with $725.9 million for the first quarter of
2023. Other noninterest income increased $1.6 million, or 12.5%, in the second quarter of
2023, compared with $12.7 million for
the first quarter of 2023, primarily resulting from an increase in
gain on sale of SBA loans of $880,000
and a gain on debt redemption of $1.0
million.
Noninterest Expense
Noninterest expense increased $9.0
million, or 6.4%, to $148.4
million during the second quarter of 2023, compared with
$139.4 million for the first quarter
of 2023. The increase in noninterest expenses was driven by a
decrease in deferred loan origination costs of $2.5 million, a $2.2
million increase in variable compensation related to
mortgage production and a $3.1
million increase in fraud/forgery and
litigation resolution expenses. Management continues to focus
on operating efficiency, and the adjusted efficiency
ratio(1) increased to 53.41% in the second quarter of
2023, compared with 51.99% in the first quarter of 2023.
Income Tax Expense
The Company's effective tax rate for the second quarter of 2023
was 24.5%, compared with 23.1% for the first quarter of 2023.
The increased rate for the second quarter of 2023 was primarily a
result of increased permanent differences related to nondeductible
compensation and FDIC insurance premiums and a reduction in tax
benefits related to stock compensation vesting, compared with the
first quarter of 2023.
Balance Sheet Trends
Total assets at June 30, 2023 were
$25.80 billion, compared with
$25.05 billion at December 31, 2022. Cash and cash
equivalents increased 18.0% to $1.32
billion at June 30, 2023,
compared with $1.12 billion at
December 31, 2022. Debt
securities available-for-sale decreased to $1.46 billion, compared with $1.50 billion at December
31, 2022. Loans, net of unearned income, increased
$616.5 million, or 6.3% annualized,
to $20.47 billion at June 30, 2023, compared with $19.86 billion at December
31, 2022. Loans held for sale decreased slightly to
$391.5 million at June 30, 2023 from $392.1
million at December 31,
2022.
Investment securities remained consistent at $1.60 billion, or 6.8% of earning assets at the
end of the second quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at
December 31, 2022. This
compares with $1.16 billion, or 5.5%
of earning assets at the end of the second quarter of 2022.
The Company did not deploy excess liquidity into the securities
portfolio until after rates began rising during 2022; as a result,
the unrealized loss position in the Company's available-for-sale
securities portfolio remains modest at just 4.2% of the
portfolio.
At June 30, 2023, total deposits
amounted to $20.44 billion, compared
with $19.46 billion at December 31, 2022. During the second
quarter of 2023, deposits grew $545.7
million, with interest bearing demand accounts increasing
$358.0 million, retail CDs increasing
$268.6 million and brokered CDs
increasing $357.8 million, with such
increases offset in part by a $591.0
million decrease in noninterest bearing accounts. Due
to the increased interest rate environment, the Company continued
to see the shift of customer deposits from noninterest bearing
accounts into interest bearing accounts, such that at June 30, 2023, noninterest bearing deposit
accounts represented $6.71 billion,
or 32.8% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at
December 31, 2022.
During the second quarter of 2023, utilizing existing liquidity,
the Company reduced borrowings with the FHLB by $875.0 million and redeemed $9.5 million in principal amount, at a discount,
of its 4.25% Fixed-to-Floating Rate Subordinated Notes Due
2029.
Shareholders' equity at June 30,
2023 totaled $3.28 billion, an
increase of $87.2 million, or 2.7%,
from December 31, 2022. The
increase in shareholders' equity was primarily the result of
earnings of $123.1 million during the
first six months of 2023, partially offset by dividends declared,
share repurchases and an increase in other comprehensive loss of
$4.1 million resulting from changes
in interest rates on the Company's investment portfolio.
Tangible book value per share(1) increased $1.50 per share, or 10.1% annualized, during the
first six months of 2023 to $31.42 at
June 30, 2023. The Company
recorded dilution of $0.06 per share,
or 0.2%, to tangible book value(1) from other
comprehensive loss related to the increase in net unrealized losses
on the securities portfolio during this same period. Tangible
common equity as a percentage of tangible assets was 8.80% at
June 30, 2023, compared with 8.67% at
the end of 2022.
Credit Quality
Credit quality remains strong in the Company. During the
second quarter of 2023, the Company recorded a provision for credit
losses of $45.5 million, compared
with a provision of $49.7 million in
the first quarter of 2023. The second quarter provision was
primarily attributable to the updated economic forecast and loan
growth of $473.9 million during the
quarter. Nonperforming assets as a percentage of total assets
were down four basis points to 0.57% during the quarter.
Approximately $69.7 million, or
47.6%, of the nonperforming assets at June
30, 2023 were GNMA-guaranteed mortgage loans, which have
minimal loss exposure. Excluding these government-guaranteed
loans, nonperforming assets as a percentage of total assets
improved three basis points to 0.30% at June
30, 2023, compared with 0.33% at the first quarter of 2023.
The net charge-off ratio was 28 basis points for the second quarter
of 2023, compared with 22 basis points in the first quarter of
2023.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 28, 2023,
to discuss the Company's results and answer appropriate questions.
The conference call can be accessed by dialing
1-888-550-5279. The conference call access code is
9375737. A replay of the call will be available one hour
after the end of the conference call until August 11, 2023. To listen to the replay,
dial 1-800-770-2030. The conference replay access code is
9375737. The financial information discussed will also be
available on the Investor Relations page of the Ameris Bank website
at ir.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in
Atlanta, Georgia. The
Company's banking subsidiary, Ameris Bank, had 164 locations in
Georgia, Alabama, Florida, North
Carolina and South Carolina
at the end of the most recent quarter.
(1) Considered non-GAAP financial measure - See
reconciliation of GAAP to non-GAAP financial measures in tables 9A
- 9E.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). The Company's management
uses these non-GAAP financial measures in its analysis of the
Company's performance. These measures are useful when evaluating
the underlying performance and efficiency of the Company's
operations and balance sheet. The Company's management believes
that these non-GAAP financial measures provide a greater
understanding of ongoing operations, enhance comparability of
results with prior periods and demonstrate the effects of
significant gains and charges in the current period. The Company's
management believes that investors may use these non-GAAP financial
measures to evaluate the Company's financial performance without
the impact of unusual items that may obscure trends in the
Company's underlying performance. These disclosures should not be
viewed as a substitute for financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP financial measures that may be presented by other
companies.
This news release contains forward-looking statements, as
defined by federal securities laws, including, among other
forward-looking statements, certain plans, expectations and
goals. Words such as "may," "believe," "expect,"
"anticipate," "intend," "will," "should," "plan," "estimate,"
"predict," "continue" and "potential" or the negative of these
terms or other comparable terminology, as well as similar
expressions, are meant to identify forward-looking
statements. The forward-looking statements in this news
release are based on current expectations and are provided to
assist in the understanding of potential future performance.
Such forward-looking statements involve numerous assumptions, risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied in any such statements,
including, without limitation, the following: general
competitive, economic, unemployment, political and market
conditions and fluctuations, including real estate market
conditions, and the effects of such conditions and fluctuations on
the creditworthiness of borrowers, collateral values, asset
recovery values and the value of investment securities; movements
in interest rates and their impacts on net interest margin,
investment security valuations and other performance measures;
expectations on credit quality and performance; legislative and
regulatory changes; changes in U.S. government monetary and fiscal
policy; competitive pressures on product pricing and services; the
cost savings and any revenue synergies expected to result from
acquisition transactions, which may not be fully realized within
the expected timeframes if at all; the success and timing of other
business strategies; our outlook and long-term goals for future
growth; and natural disasters, geopolitical events, acts of war or
terrorism or other hostilities, public health crises and other
catastrophic events beyond our control. For a discussion of some of
the other risks and other factors that may cause such
forward-looking statements to differ materially from actual
results, please refer to the Company's filings with the Securities
and Exchange Commission, including the Company's Annual Report on
Form 10-K for the year ended December 31,
2022 and the Company's subsequently filed periodic reports
and other filings. Forward-looking statements speak only as
of the date they are made, and the Company undertakes no obligation
to update or revise forward-looking statements.
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights
|
Table
1
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
123,056
|
|
$
171,764
|
Adjusted net
income(1)
|
$
62,635
|
|
$
59,935
|
|
$
81,086
|
|
$
91,817
|
|
$
81,473
|
|
$
122,570
|
|
$
156,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.91
|
|
$
0.87
|
|
$
1.19
|
|
$
1.34
|
|
$
1.30
|
|
$
1.78
|
|
$
2.48
|
Diluted
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.78
|
|
$
2.47
|
Adjusted diluted
EPS(1)
|
$
0.91
|
|
$
0.86
|
|
$
1.17
|
|
$
1.32
|
|
$
1.18
|
|
$
1.77
|
|
$
2.25
|
Cash dividends per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.30
|
|
$
0.30
|
Book value per share
(period end)
|
$ 47.51
|
|
$ 46.89
|
|
$ 46.09
|
|
$ 44.97
|
|
$ 44.31
|
|
$ 47.51
|
|
$ 44.31
|
Tangible book value
per share (period end)(1)
|
$ 31.42
|
|
$ 30.79
|
|
$ 29.92
|
|
$ 28.62
|
|
$ 27.89
|
|
$ 31.42
|
|
$ 27.89
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
68,989,549
|
|
69,171,562
|
|
69,138,431
|
|
69,124,855
|
|
69,136,046
|
|
69,084,746
|
|
69,246,084
|
Diluted
|
69,034,763
|
|
69,322,664
|
|
69,395,224
|
|
69,327,414
|
|
69,316,258
|
|
69,191,512
|
|
69,484,508
|
Period end number of
shares
|
69,139,783
|
|
69,373,863
|
|
69,369,050
|
|
69,352,709
|
|
69,360,461
|
|
69,139,783
|
|
69,360,461
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$ 37.18
|
|
$ 50.54
|
|
$ 54.24
|
|
$ 50.94
|
|
$ 46.28
|
|
$ 50.54
|
|
$ 55.62
|
Low intraday
price
|
$ 28.33
|
|
$ 34.28
|
|
$ 44.61
|
|
$ 38.22
|
|
$ 39.37
|
|
$ 28.33
|
|
$ 39.37
|
Period end closing
price
|
$ 34.21
|
|
$ 36.58
|
|
$ 47.14
|
|
$ 44.71
|
|
$ 40.18
|
|
$ 34.21
|
|
$ 40.18
|
Average daily
volume
|
$
475,198
|
|
$
452,242
|
|
$
340,890
|
|
$
346,522
|
|
$
446,121
|
|
$
463,720
|
|
458,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
0.98 %
|
|
1.48 %
|
Adjusted return on
average assets(1)
|
0.98 %
|
|
0.97 %
|
|
1.32 %
|
|
1.54 %
|
|
1.40 %
|
|
0.97 %
|
|
1.35 %
|
Return on average
common equity
|
7.63 %
|
|
7.54 %
|
|
10.30 %
|
|
11.76 %
|
|
11.87 %
|
|
7.58 %
|
|
11.47 %
|
Adjusted return on
average tangible common equity(1)
|
11.53 %
|
|
11.41 %
|
|
15.78 %
|
|
18.33 %
|
|
17.18 %
|
|
11.47 %
|
|
16.79 %
|
Earning asset yield
(TE)
|
5.52 %
|
|
5.25 %
|
|
4.91 %
|
|
4.37 %
|
|
3.88 %
|
|
5.38 %
|
|
3.72 %
|
Total cost of
funds
|
2.05 %
|
|
1.59 %
|
|
0.94 %
|
|
0.42 %
|
|
0.22 %
|
|
1.82 %
|
|
0.22 %
|
Net interest margin
(TE)
|
3.60 %
|
|
3.76 %
|
|
4.03 %
|
|
3.97 %
|
|
3.66 %
|
|
3.68 %
|
|
3.51 %
|
Efficiency
ratio
|
53.60 %
|
|
52.08 %
|
|
49.57 %
|
|
50.15 %
|
|
51.67 %
|
|
52.85 %
|
|
53.49 %
|
Adjusted efficiency
ratio (TE)(1)
|
53.41 %
|
|
51.99 %
|
|
49.61 %
|
|
50.12 %
|
|
53.66 %
|
|
52.72 %
|
|
55.26 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.73 %
|
|
12.47 %
|
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.73 %
|
|
12.97 %
|
Tangible common equity
to tangible assets(1)
|
8.80 %
|
|
8.55 %
|
|
8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.80 %
|
|
8.58 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
2,069
|
|
2,093
|
|
2,079
|
|
2,071
|
|
2,050
|
|
2,069
|
|
2,050
|
Retail Mortgage
Division
|
613
|
|
630
|
|
633
|
|
671
|
|
712
|
|
613
|
|
712
|
Warehouse Lending
Division
|
8
|
|
8
|
|
8
|
|
9
|
|
9
|
|
8
|
|
9
|
SBA
Division
|
35
|
|
39
|
|
39
|
|
40
|
|
36
|
|
35
|
|
36
|
Premium Finance
Division
|
76
|
|
78
|
|
76
|
|
77
|
|
78
|
|
76
|
|
78
|
Total Ameris Bancorp
FTE headcount
|
2,801
|
|
2,848
|
|
2,835
|
|
2,868
|
|
2,885
|
|
2,801
|
|
2,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch
locations
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
Deposits per branch
location
|
$
124,653
|
|
$
121,326
|
|
$
118,675
|
|
$
118,701
|
|
$
120,030
|
|
$
124,653
|
|
$
120,030
|
|
(1)Considered non-GAAP financial measure -
See reconciliation of GAAP to non-GAAP financial measures in tables
9A - 9E
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 292,012
|
|
$ 271,964
|
|
$ 250,263
|
|
$ 216,400
|
|
$ 190,740
|
|
$ 563,976
|
|
$ 368,306
|
Interest on taxable
securities
|
15,915
|
|
14,300
|
|
13,029
|
|
10,324
|
|
7,064
|
|
30,215
|
|
11,303
|
Interest on nontaxable
securities
|
339
|
|
339
|
|
358
|
|
363
|
|
269
|
|
678
|
|
455
|
Interest on deposits in
other banks
|
13,686
|
|
9,113
|
|
9,984
|
|
7,188
|
|
4,463
|
|
22,799
|
|
5,836
|
Interest on federal
funds sold
|
—
|
|
—
|
|
8
|
|
27
|
|
32
|
|
—
|
|
42
|
Total interest
income
|
321,952
|
|
295,716
|
|
273,642
|
|
234,302
|
|
202,568
|
|
617,668
|
|
385,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
88,087
|
|
53,182
|
|
33,071
|
|
14,034
|
|
4,908
|
|
141,269
|
|
9,000
|
Interest on other
borrowings
|
24,325
|
|
30,882
|
|
16,434
|
|
7,287
|
|
6,296
|
|
55,207
|
|
13,034
|
Total interest
expense
|
112,412
|
|
84,064
|
|
49,505
|
|
21,321
|
|
11,204
|
|
196,476
|
|
22,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
209,540
|
|
211,652
|
|
224,137
|
|
212,981
|
|
191,364
|
|
421,192
|
|
363,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
43,643
|
|
49,376
|
|
24,648
|
|
17,469
|
|
13,227
|
|
93,019
|
|
10,493
|
Provision for unfunded
commitments
|
1,873
|
|
346
|
|
8,246
|
|
192
|
|
1,779
|
|
2,219
|
|
10,788
|
Provision for other
credit losses
|
—
|
|
7
|
|
(4)
|
|
(9)
|
|
(82)
|
|
7
|
|
(126)
|
Provision for credit
losses
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
95,245
|
|
21,155
|
Net interest income
after provision for credit losses
|
164,024
|
|
161,923
|
|
191,247
|
|
195,329
|
|
176,440
|
|
325,947
|
|
342,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
11,295
|
|
10,936
|
|
11,125
|
|
11,168
|
|
11,148
|
|
22,231
|
|
22,206
|
Mortgage banking
activity
|
40,742
|
|
31,392
|
|
22,855
|
|
40,350
|
|
58,761
|
|
72,134
|
|
121,699
|
Other service charges,
commissions and fees
|
975
|
|
971
|
|
968
|
|
970
|
|
998
|
|
1,946
|
|
1,937
|
Gain (loss) on
securities
|
(6)
|
|
6
|
|
3
|
|
(21)
|
|
248
|
|
—
|
|
221
|
Other noninterest
income
|
14,343
|
|
12,745
|
|
13,397
|
|
12,857
|
|
12,686
|
|
27,088
|
|
24,689
|
Total noninterest
income
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
123,399
|
|
170,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
81,336
|
|
80,910
|
|
75,196
|
|
78,697
|
|
81,545
|
|
162,246
|
|
165,826
|
Occupancy and
equipment
|
12,522
|
|
12,986
|
|
12,905
|
|
12,983
|
|
12,746
|
|
25,508
|
|
25,473
|
Data processing and
communications expenses
|
13,451
|
|
13,034
|
|
12,486
|
|
12,015
|
|
12,155
|
|
26,485
|
|
24,727
|
Credit
resolution-related expenses(1)
|
848
|
|
435
|
|
372
|
|
126
|
|
496
|
|
1,283
|
|
(469)
|
Advertising and
marketing
|
2,627
|
|
3,532
|
|
3,818
|
|
3,553
|
|
3,122
|
|
6,159
|
|
5,110
|
Amortization of
intangible assets
|
4,688
|
|
4,706
|
|
4,709
|
|
4,710
|
|
5,144
|
|
9,394
|
|
10,325
|
Merger and conversion
charges
|
—
|
|
—
|
|
235
|
|
—
|
|
—
|
|
—
|
|
977
|
Other noninterest
expenses
|
32,931
|
|
23,818
|
|
25,340
|
|
27,494
|
|
26,988
|
|
56,749
|
|
54,047
|
Total noninterest
expense
|
148,403
|
|
139,421
|
|
135,061
|
|
139,578
|
|
142,196
|
|
287,824
|
|
286,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
82,970
|
|
78,552
|
|
104,534
|
|
121,075
|
|
118,085
|
|
161,522
|
|
227,489
|
Income tax
expense
|
20,335
|
|
18,131
|
|
22,313
|
|
28,520
|
|
28,019
|
|
38,466
|
|
55,725
|
Net
income
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$ 123,056
|
|
$ 171,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.78
|
|
$
2.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Period End Balance
Sheet
|
Table
3
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 284,552
|
|
$ 266,400
|
|
$ 284,567
|
|
$ 269,193
|
|
$ 345,627
|
Federal funds sold and
interest-bearing deposits in banks
|
1,034,578
|
|
1,754,453
|
|
833,565
|
|
1,061,975
|
|
1,961,209
|
Debt securities
available-for-sale, at fair value
|
1,460,356
|
|
1,496,836
|
|
1,500,060
|
|
1,255,149
|
|
1,052,268
|
Debt securities
held-to-maturity, at amortized cost
|
142,513
|
|
134,175
|
|
134,864
|
|
130,214
|
|
111,654
|
Other
investments
|
109,656
|
|
146,715
|
|
110,992
|
|
60,560
|
|
49,500
|
Loans held for
sale
|
391,472
|
|
395,096
|
|
392,078
|
|
297,987
|
|
555,665
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income
|
20,471,759
|
|
19,997,871
|
|
19,855,253
|
|
18,806,856
|
|
17,561,022
|
Allowance for credit
losses
|
(272,071)
|
|
(242,658)
|
|
(205,677)
|
|
(184,891)
|
|
(172,642)
|
Loans, net
|
20,199,688
|
|
19,755,213
|
|
19,649,576
|
|
18,621,965
|
|
17,388,380
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
6,170
|
|
1,502
|
|
843
|
|
843
|
|
835
|
Premises and equipment,
net
|
218,662
|
|
218,878
|
|
220,283
|
|
222,694
|
|
224,249
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
Other intangible
assets, net
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
Cash value of bank
owned life insurance
|
391,483
|
|
389,201
|
|
388,405
|
|
386,533
|
|
384,862
|
Other assets
|
449,042
|
|
412,781
|
|
416,213
|
|
372,570
|
|
474,552
|
Total
assets
|
$ 25,800,618
|
|
$ 26,088,384
|
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
6,706,897
|
|
$
7,297,893
|
|
$
7,929,579
|
|
$
8,343,200
|
|
$
8,262,929
|
Interest-bearing
|
13,736,228
|
|
12,599,562
|
|
11,533,159
|
|
11,123,719
|
|
11,422,053
|
Total
deposits
|
20,443,125
|
|
19,897,455
|
|
19,462,738
|
|
19,466,919
|
|
19,684,982
|
Federal funds purchased
and securities sold under agreements to repurchase
|
—
|
|
—
|
|
—
|
|
—
|
|
953
|
Other
borrowings
|
1,536,989
|
|
2,401,327
|
|
1,875,736
|
|
725,664
|
|
425,592
|
Subordinated deferrable
interest debentures
|
129,319
|
|
128,820
|
|
128,322
|
|
127,823
|
|
127,325
|
Other
liabilities
|
406,555
|
|
407,587
|
|
389,090
|
|
374,181
|
|
375,242
|
Total
liabilities
|
22,515,988
|
|
22,835,189
|
|
21,855,886
|
|
20,694,587
|
|
20,614,094
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common stock
|
72,515
|
|
72,484
|
|
72,264
|
|
72,247
|
|
72,251
|
Capital
stock
|
1,939,865
|
|
1,937,664
|
|
1,935,211
|
|
1,932,906
|
|
1,931,088
|
Retained
earnings
|
1,414,742
|
|
1,362,512
|
|
1,311,258
|
|
1,239,477
|
|
1,157,359
|
Accumulated other
comprehensive income (loss), net of tax
|
(50,618)
|
|
(35,581)
|
|
(46,507)
|
|
(50,734)
|
|
(12,635)
|
Treasury
stock
|
(91,874)
|
|
(83,884)
|
|
(74,826)
|
|
(74,826)
|
|
(74,687)
|
Total shareholders'
equity
|
3,284,630
|
|
3,253,195
|
|
3,197,400
|
|
3,119,070
|
|
3,073,376
|
Total liabilities
and shareholders' equity
|
$ 25,800,618
|
|
$ 26,088,384
|
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$ 23,610,334
|
|
$ 23,925,146
|
|
$ 22,826,812
|
|
$ 21,612,741
|
|
$ 21,291,318
|
Intangible
assets
|
1,112,446
|
|
1,117,134
|
|
1,121,840
|
|
1,133,974
|
|
1,138,669
|
Interest-bearing
liabilities
|
15,402,536
|
|
15,129,709
|
|
13,537,217
|
|
11,977,206
|
|
11,975,923
|
Average
assets
|
25,631,846
|
|
25,115,927
|
|
24,354,979
|
|
23,598,465
|
|
23,405,201
|
Average common
shareholders' equity
|
3,293,049
|
|
3,250,289
|
|
3,168,320
|
|
3,123,718
|
|
3,043,280
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
$
258,163
|
|
$
200,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adoption of ASU
2022-02
|
—
|
|
(1,711)
|
|
—
|
|
—
|
|
—
|
|
(1,711)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
43,643
|
|
49,376
|
|
24,648
|
|
17,469
|
|
13,227
|
|
93,019
|
|
10,493
|
Provision for unfunded
commitments
|
1,873
|
|
346
|
|
8,246
|
|
192
|
|
1,779
|
|
2,219
|
|
10,788
|
Provision for other
credit losses
|
—
|
|
7
|
|
(4)
|
|
(9)
|
|
(82)
|
|
7
|
|
(126)
|
Provision for credit
losses
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
95,245
|
|
21,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
20,670
|
|
14,956
|
|
8,371
|
|
9,272
|
|
6,853
|
|
35,626
|
|
15,432
|
Recoveries
|
6,440
|
|
4,272
|
|
4,509
|
|
4,052
|
|
5,017
|
|
10,712
|
|
9,999
|
Net charge-offs
(recoveries)
|
14,230
|
|
10,684
|
|
3,862
|
|
5,220
|
|
1,836
|
|
24,914
|
|
5,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
326,783
|
|
$
216,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
272,071
|
|
$
242,658
|
|
$
205,677
|
|
$
184,891
|
|
$
172,642
|
|
$
272,071
|
|
$
172,642
|
Allowance for unfunded
commitments
|
54,630
|
|
52,757
|
|
52,411
|
|
44,165
|
|
43,973
|
|
54,630
|
|
43,973
|
Allowance for other
credit losses
|
82
|
|
82
|
|
75
|
|
79
|
|
88
|
|
82
|
|
88
|
Total allowance for
credit losses
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
326,783
|
|
$
216,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
13,316
|
|
$
12,233
|
|
$ 5,108
|
|
$ 4,722
|
|
$ 4,391
|
|
$
25,549
|
|
$ 8,805
|
Consumer
|
2,052
|
|
1,140
|
|
1,136
|
|
1,228
|
|
1,137
|
|
3,192
|
|
2,562
|
Indirect
automobile
|
65
|
|
34
|
|
86
|
|
50
|
|
41
|
|
99
|
|
129
|
Premium
Finance
|
1,848
|
|
1,421
|
|
1,812
|
|
1,205
|
|
1,066
|
|
3,269
|
|
2,435
|
Real estate -
construction and development
|
—
|
|
—
|
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
Real estate -
commercial and farmland
|
3,320
|
|
—
|
|
196
|
|
2,014
|
|
81
|
|
3,320
|
|
1,364
|
Real estate -
residential
|
69
|
|
128
|
|
6
|
|
53
|
|
137
|
|
197
|
|
137
|
Total
charge-offs
|
20,670
|
|
14,956
|
|
8,371
|
|
9,272
|
|
6,853
|
|
35,626
|
|
15,432
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
3,545
|
|
2,043
|
|
2,072
|
|
2,201
|
|
2,785
|
|
5,588
|
|
5,681
|
Consumer
|
194
|
|
297
|
|
217
|
|
277
|
|
230
|
|
491
|
|
388
|
Indirect
automobile
|
225
|
|
216
|
|
229
|
|
276
|
|
265
|
|
441
|
|
540
|
Premium
Finance
|
1,680
|
|
1,382
|
|
1,682
|
|
1,023
|
|
1,113
|
|
3,062
|
|
2,360
|
Real estate -
construction and development
|
472
|
|
100
|
|
223
|
|
96
|
|
355
|
|
572
|
|
573
|
Real estate -
commercial and farmland
|
61
|
|
44
|
|
48
|
|
96
|
|
44
|
|
105
|
|
81
|
Real estate -
residential
|
263
|
|
190
|
|
38
|
|
83
|
|
225
|
|
453
|
|
376
|
Total
recoveries
|
6,440
|
|
4,272
|
|
4,509
|
|
4,052
|
|
5,017
|
|
10,712
|
|
9,999
|
Net charge-offs
(recoveries)
|
$
14,230
|
|
$
10,684
|
|
$ 3,862
|
|
$ 5,220
|
|
$ 1,836
|
|
$
24,914
|
|
$ 5,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual portfolio
loans
|
$
57,025
|
|
$
68,028
|
|
$
65,221
|
|
$
64,055
|
|
$
72,352
|
|
$
57,025
|
|
$
72,352
|
Other real estate
owned
|
6,170
|
|
1,502
|
|
843
|
|
843
|
|
835
|
|
6,170
|
|
835
|
Repossessed
assets
|
9
|
|
25
|
|
28
|
|
60
|
|
122
|
|
9
|
|
122
|
Accruing loans
delinquent 90 days or more
|
13,424
|
|
15,792
|
|
17,865
|
|
12,378
|
|
8,542
|
|
13,424
|
|
8,542
|
Non-performing
portfolio assets
|
$
76,628
|
|
$
85,347
|
|
$
83,957
|
|
$
77,336
|
|
$
81,851
|
|
$
76,628
|
|
$
81,851
|
Serviced
GNMA-guaranteed mortgage nonaccrual loans
|
69,655
|
|
74,999
|
|
69,587
|
|
54,621
|
|
50,560
|
|
69,655
|
|
50,560
|
Total non-performing
assets
|
$
146,283
|
|
$
160,346
|
|
$
153,544
|
|
$
131,957
|
|
$
132,411
|
|
$
146,283
|
|
$
132,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
portfolio assets as a percent of total assets
|
0.30 %
|
|
0.33 %
|
|
0.34 %
|
|
0.32 %
|
|
0.35 %
|
|
0.30 %
|
|
0.35 %
|
Total non-performing
assets as a percent of total assets
|
0.57 %
|
|
0.61 %
|
|
0.61 %
|
|
0.55 %
|
|
0.56 %
|
|
0.57 %
|
|
0.56 %
|
Net charge-offs as a
percent of average loans (annualized)
|
0.28 %
|
|
0.22 %
|
|
0.08 %
|
|
0.11 %
|
|
0.04 %
|
|
0.25 %
|
|
0.07 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
2,718,831
|
|
$
2,722,180
|
|
$
2,679,403
|
|
$
2,245,287
|
|
$
2,022,845
|
Consumer
|
307,486
|
|
349,775
|
|
384,037
|
|
162,345
|
|
167,237
|
Indirect
automobile
|
63,231
|
|
83,466
|
|
108,648
|
|
137,183
|
|
172,245
|
Mortgage
warehouse
|
1,147,413
|
|
958,418
|
|
1,038,924
|
|
980,342
|
|
949,191
|
Municipal
|
510,410
|
|
505,515
|
|
509,151
|
|
516,797
|
|
529,268
|
Premium
Finance
|
988,731
|
|
947,257
|
|
1,023,479
|
|
1,062,724
|
|
942,357
|
Real estate -
construction and development
|
2,217,744
|
|
2,144,605
|
|
2,086,438
|
|
2,009,726
|
|
1,747,284
|
Real estate -
commercial and farmland
|
7,815,779
|
|
7,721,732
|
|
7,604,868
|
|
7,516,309
|
|
7,156,017
|
Real estate -
residential
|
4,702,134
|
|
4,564,923
|
|
4,420,305
|
|
4,176,143
|
|
3,874,578
|
Total
loans
|
$ 20,471,759
|
|
$ 19,997,871
|
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 -
Pass
|
$ 20,114,816
|
|
$ 19,654,232
|
|
$ 19,513,726
|
|
$ 18,483,046
|
|
$ 17,296,520
|
Grade 6 - Other assets
especially mentioned
|
171,035
|
|
116,345
|
|
104,614
|
|
110,408
|
|
68,444
|
Grade 7 -
Substandard
|
185,908
|
|
227,294
|
|
236,913
|
|
213,402
|
|
196,058
|
Grade 8 -
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 -
Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
loans
|
$ 20,471,759
|
|
$ 19,997,871
|
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
—
|
|
$
924
|
|
$
5,000
|
|
$
17,692
|
|
$
—
|
|
$
18,840
|
Interest-bearing
deposits in banks
|
998,609
|
|
859,614
|
|
1,009,935
|
|
1,394,529
|
|
2,209,761
|
|
929,496
|
|
2,798,231
|
Debt securities -
taxable
|
1,582,076
|
|
1,586,404
|
|
1,451,861
|
|
1,242,811
|
|
932,824
|
|
1,584,228
|
|
779,016
|
Debt securities -
nontaxable
|
42,580
|
|
43,052
|
|
44,320
|
|
45,730
|
|
39,236
|
|
42,814
|
|
34,446
|
Other
investments
|
117,020
|
|
131,044
|
|
83,730
|
|
51,209
|
|
49,550
|
|
123,994
|
|
48,716
|
Loans held for
sale
|
577,606
|
|
490,295
|
|
371,952
|
|
471,070
|
|
944,964
|
|
534,192
|
|
1,020,611
|
Loans
|
20,164,938
|
|
19,820,749
|
|
19,212,560
|
|
18,146,083
|
|
16,861,674
|
|
19,993,794
|
|
16,344,409
|
Total Earning
Assets
|
$ 23,482,829
|
|
$ 22,931,158
|
|
$ 22,175,282
|
|
$ 21,356,432
|
|
$ 21,055,701
|
|
$ 23,208,518
|
|
$ 21,044,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
6,729,789
|
|
$
7,136,373
|
|
$
8,138,887
|
|
$
8,259,625
|
|
$
7,955,765
|
|
$
6,931,852
|
|
$
7,807,929
|
NOW
accounts
|
3,949,850
|
|
4,145,991
|
|
3,621,454
|
|
3,701,045
|
|
3,695,490
|
|
4,047,484
|
|
3,690,161
|
MMDA
|
5,002,590
|
|
4,994,195
|
|
5,161,047
|
|
5,026,815
|
|
5,087,199
|
|
4,998,417
|
|
5,163,636
|
Savings
accounts
|
1,009,749
|
|
1,005,614
|
|
1,010,966
|
|
1,030,298
|
|
1,007,340
|
|
1,007,693
|
|
990,625
|
Retail CDs
|
2,024,014
|
|
1,612,325
|
|
1,450,037
|
|
1,506,761
|
|
1,693,740
|
|
1,819,307
|
|
1,733,656
|
Brokered
CDs
|
1,393,206
|
|
125,133
|
|
—
|
|
—
|
|
—
|
|
762,672
|
|
—
|
Total
Deposits
|
20,109,198
|
|
19,019,631
|
|
19,382,391
|
|
19,524,544
|
|
19,439,534
|
|
19,567,425
|
|
19,386,007
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
—
|
|
1
|
|
92
|
|
1,854
|
|
—
|
|
2,931
|
FHLB
advances
|
1,408,855
|
|
1,968,811
|
|
918,228
|
|
94,357
|
|
48,746
|
|
1,687,286
|
|
48,766
|
Other
borrowings
|
316,626
|
|
361,445
|
|
377,056
|
|
376,942
|
|
376,829
|
|
338,912
|
|
410,058
|
Subordinated
deferrable interest debentures
|
129,056
|
|
128,557
|
|
128,060
|
|
127,560
|
|
127,063
|
|
128,808
|
|
126,814
|
Total Non-Deposit
Funding
|
1,854,537
|
|
2,458,813
|
|
1,423,345
|
|
598,951
|
|
554,492
|
|
2,155,006
|
|
588,569
|
Total
Funding
|
$ 21,963,735
|
|
$ 21,478,444
|
|
$ 20,805,736
|
|
$ 20,123,495
|
|
$ 19,994,026
|
|
$ 21,722,431
|
|
$ 19,974,576
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income and
Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
—
|
|
$
8
|
|
$
27
|
|
$
32
|
|
$
—
|
|
$
42
|
Interest-bearing
deposits in banks
|
13,686
|
|
9,113
|
|
9,984
|
|
7,188
|
|
4,463
|
|
22,799
|
|
5,836
|
Debt securities -
taxable
|
15,915
|
|
14,300
|
|
13,029
|
|
10,324
|
|
7,064
|
|
30,215
|
|
11,303
|
Debt securities -
nontaxable (TE)
|
430
|
|
429
|
|
454
|
|
459
|
|
341
|
|
859
|
|
576
|
Loans held for
sale
|
8,398
|
|
7,007
|
|
5,519
|
|
6,012
|
|
10,036
|
|
15,405
|
|
18,168
|
Loans (TE)
|
284,471
|
|
265,802
|
|
245,603
|
|
211,223
|
|
181,602
|
|
550,273
|
|
352,000
|
Total Earning
Assets
|
$
322,900
|
|
$ 296,651
|
|
$ 274,597
|
|
$ 235,233
|
|
$ 203,538
|
|
$ 619,551
|
|
$ 387,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$ 18,003
|
|
$
15,033
|
|
$
8,564
|
|
$
3,733
|
|
$
1,246
|
|
$
33,036
|
|
$
2,070
|
MMDA
|
35,224
|
|
27,809
|
|
20,683
|
|
8,613
|
|
2,204
|
|
63,033
|
|
3,847
|
Savings
accounts
|
2,296
|
|
1,288
|
|
654
|
|
360
|
|
140
|
|
3,584
|
|
273
|
Retail CDs
|
14,751
|
|
7,629
|
|
3,170
|
|
1,328
|
|
1,318
|
|
22,380
|
|
2,810
|
Brokered
CDs
|
17,813
|
|
1,423
|
|
—
|
|
—
|
|
—
|
|
19,236
|
|
—
|
Total
Interest-Bearing Deposits
|
88,087
|
|
53,182
|
|
33,071
|
|
14,034
|
|
4,908
|
|
141,269
|
|
9,000
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
4
|
FHLB
advances
|
17,222
|
|
22,448
|
|
8,801
|
|
527
|
|
192
|
|
39,670
|
|
382
|
Other
borrowings
|
3,902
|
|
5,349
|
|
4,953
|
|
4,655
|
|
4,437
|
|
9,251
|
|
9,601
|
Subordinated
deferrable interest debentures
|
3,201
|
|
3,085
|
|
2,680
|
|
2,105
|
|
1,666
|
|
6,286
|
|
3,047
|
Total Non-Deposit
Funding
|
24,325
|
|
30,882
|
|
16,434
|
|
7,287
|
|
6,296
|
|
55,207
|
|
13,034
|
Total
Interest-Bearing Funding
|
$
112,412
|
|
$
84,064
|
|
$
49,505
|
|
$
21,321
|
|
$
11,204
|
|
$ 196,476
|
|
$
22,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(TE)
|
$
210,488
|
|
$ 212,587
|
|
$ 225,092
|
|
$ 213,912
|
|
$ 192,334
|
|
$ 423,075
|
|
$ 365,891
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
— %
|
|
— %
|
|
3.43 %
|
|
2.14 %
|
|
0.73 %
|
|
— %
|
|
0.45 %
|
Interest-bearing
deposits in banks
|
5.50 %
|
|
4.30 %
|
|
3.92 %
|
|
2.04 %
|
|
0.81 %
|
|
4.95 %
|
|
0.42 %
|
Debt securities -
taxable
|
4.03 %
|
|
3.66 %
|
|
3.56 %
|
|
3.30 %
|
|
3.04 %
|
|
3.85 %
|
|
2.93 %
|
Debt securities -
nontaxable (TE)
|
4.05 %
|
|
4.04 %
|
|
4.06 %
|
|
3.98 %
|
|
3.49 %
|
|
4.05 %
|
|
3.37 %
|
Loans held for
sale
|
5.83 %
|
|
5.80 %
|
|
5.89 %
|
|
5.06 %
|
|
4.26 %
|
|
5.82 %
|
|
3.59 %
|
Loans (TE)
|
5.66 %
|
|
5.44 %
|
|
5.07 %
|
|
4.62 %
|
|
4.32 %
|
|
5.55 %
|
|
4.34 %
|
Total Earning
Assets
|
5.52 %
|
|
5.25 %
|
|
4.91 %
|
|
4.37 %
|
|
3.88 %
|
|
5.38 %
|
|
3.72 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
1.83 %
|
|
1.47 %
|
|
0.94 %
|
|
0.40 %
|
|
0.14 %
|
|
1.65 %
|
|
0.11 %
|
MMDA
|
2.82 %
|
|
2.26 %
|
|
1.59 %
|
|
0.68 %
|
|
0.17 %
|
|
2.54 %
|
|
0.15 %
|
Savings
accounts
|
0.91 %
|
|
0.52 %
|
|
0.26 %
|
|
0.14 %
|
|
0.06 %
|
|
0.72 %
|
|
0.06 %
|
Retail CDs
|
2.92 %
|
|
1.92 %
|
|
0.87 %
|
|
0.35 %
|
|
0.31 %
|
|
2.48 %
|
|
0.33 %
|
Brokered
CDs
|
5.13 %
|
|
4.61 %
|
|
— %
|
|
— %
|
|
— %
|
|
5.09 %
|
|
— %
|
Total
Interest-Bearing Deposits
|
2.64 %
|
|
1.82 %
|
|
1.17 %
|
|
0.49 %
|
|
0.17 %
|
|
2.25 %
|
|
0.16 %
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
0.22 %
|
|
— %
|
|
0.28 %
|
FHLB
advances
|
4.90 %
|
|
4.62 %
|
|
3.80 %
|
|
2.22 %
|
|
1.58 %
|
|
4.74 %
|
|
1.58 %
|
Other
borrowings
|
4.94 %
|
|
6.00 %
|
|
5.21 %
|
|
4.90 %
|
|
4.72 %
|
|
5.50 %
|
|
4.72 %
|
Subordinated
deferrable interest debentures
|
9.95 %
|
|
9.73 %
|
|
8.30 %
|
|
6.55 %
|
|
5.26 %
|
|
9.84 %
|
|
4.85 %
|
Total Non-Deposit
Funding
|
5.26 %
|
|
5.09 %
|
|
4.58 %
|
|
4.83 %
|
|
4.55 %
|
|
5.17 %
|
|
4.47 %
|
Total
Interest-Bearing Liabilities
|
2.96 %
|
|
2.38 %
|
|
1.55 %
|
|
0.71 %
|
|
0.37 %
|
|
2.68 %
|
|
0.37 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
2.56 %
|
|
2.87 %
|
|
3.36 %
|
|
3.66 %
|
|
3.51 %
|
|
2.70 %
|
|
3.35 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.60 %
|
|
3.76 %
|
|
4.03 %
|
|
3.97 %
|
|
3.66 %
|
|
3.68 %
|
|
3.51 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
2.05 %
|
|
1.59 %
|
|
0.94 %
|
|
0.42 %
|
|
0.22 %
|
|
1.82 %
|
|
0.22 %
|
|
|
|
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
|
|
|
|
(2) Rate calculated
based on average earning assets.
|
|
|
|
|
(3) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income
|
Table
9A
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Net income available to
common shareholders
|
$ 62,635
|
|
$ 60,421
|
|
$ 82,221
|
|
$
92,555
|
|
$ 90,066
|
|
$
123,056
|
|
$
171,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
235
|
|
—
|
|
—
|
|
—
|
|
977
|
(Gain) loss on sale of
MSR
|
—
|
|
—
|
|
(1,672)
|
|
316
|
|
—
|
|
—
|
|
|
Servicing right
impairment (recovery)
|
—
|
|
—
|
|
—
|
|
(1,332)
|
|
(10,838)
|
|
—
|
|
(20,492)
|
Gain on BOLI
proceeds
|
—
|
|
(486)
|
|
—
|
|
(55)
|
|
—
|
|
(486)
|
|
—
|
Natural disaster and
pandemic charges
|
—
|
|
—
|
|
—
|
|
151
|
|
—
|
|
—
|
|
—
|
(Gain) loss on bank
premises
|
—
|
|
—
|
|
—
|
|
—
|
|
(39)
|
|
—
|
|
(45)
|
Tax effect of
adjustment items (Note
1)
|
—
|
|
—
|
|
302
|
|
182
|
|
2,284
|
|
—
|
|
4,308
|
After tax adjustment
items
|
—
|
|
(486)
|
|
(1,135)
|
|
(738)
|
|
(8,593)
|
|
(486)
|
|
(15,252)
|
Adjusted net
income
|
$ 62,635
|
|
$ 59,935
|
|
$ 81,086
|
|
$
91,817
|
|
$ 81,473
|
|
$
122,570
|
|
$
156,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares - diluted
|
69,034,763
|
|
69,322,664
|
|
69,395,224
|
|
69,327,414
|
|
69,316,258
|
|
69,191,512
|
|
69,484,508
|
Net income per diluted
share
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.78
|
|
$ 2.47
|
Adjusted net income per
diluted share
|
$
0.91
|
|
$
0.86
|
|
$
1.17
|
|
$
1.32
|
|
$
1.18
|
|
$
1.77
|
|
$ 2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
25,631,846
|
|
$
25,115,927
|
|
$
24,354,979
|
|
$
23,598,465
|
|
$
23,405,201
|
|
$
25,375,312
|
|
$
23,340,785
|
Return on average
assets
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
0.98 %
|
|
1.48 %
|
Adjusted return on
average assets
|
0.98 %
|
|
0.97 %
|
|
1.32 %
|
|
1.54 %
|
|
1.40 %
|
|
0.97 %
|
|
1.35 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$ 3,293,049
|
|
$ 3,250,289
|
|
$ 3,168,320
|
|
$
3,123,718
|
|
$ 3,043,280
|
|
$ 3,271,787
|
|
$
3,019,100
|
Average tangible common
equity
|
$ 2,178,323
|
|
$ 2,130,856
|
|
$ 2,039,094
|
|
$
1,987,385
|
|
$ 1,902,265
|
|
$ 2,154,720
|
|
$
1,880,112
|
Return on average
common equity
|
7.63 %
|
|
7.54 %
|
|
10.30 %
|
|
11.76 %
|
|
11.87 %
|
|
7.58 %
|
|
11.47 %
|
Adjusted return on
average tangible common equity
|
11.53 %
|
|
11.41 %
|
|
15.78 %
|
|
18.33 %
|
|
17.18 %
|
|
11.47 %
|
|
16.79 %
|
|
Note 1: Tax
effect is calculated utilizing a 21% rate for taxable
adjustments. Gain on BOLI proceeds is non-taxable and no tax
effect is included. A portion of the merger and conversion
charges for the six months ended June 2022 are nondeductible for
tax purposes.
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Adjusted Efficiency
Ratio (TE)
|
Table
9B
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Adjusted Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
148,403
|
|
$
139,421
|
|
$
135,061
|
|
$
139,578
|
|
$
142,196
|
|
$
287,824
|
|
$
286,016
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
(235)
|
|
—
|
|
—
|
|
—
|
|
(977)
|
Natural disaster and
pandemic charges
|
—
|
|
—
|
|
—
|
|
(151)
|
|
—
|
|
—
|
|
—
|
Gain (loss) on bank
premises
|
—
|
|
—
|
|
—
|
|
—
|
|
39
|
|
—
|
|
45
|
Adjusted noninterest
expense
|
$
148,403
|
|
$
139,421
|
|
$
134,826
|
|
$
139,427
|
|
$
142,235
|
|
$
287,824
|
|
$
285,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
209,540
|
|
$
211,652
|
|
$
224,137
|
|
$
212,981
|
|
$
191,364
|
|
$
421,192
|
|
$
363,908
|
Noninterest
income
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
123,399
|
|
170,752
|
Total
revenue
|
$
276,889
|
|
$
267,702
|
|
$
272,485
|
|
$
278,305
|
|
$
275,205
|
|
$
544,591
|
|
$
534,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
210,488
|
|
$
212,587
|
|
$
225,092
|
|
$
213,912
|
|
$
192,334
|
|
$
423,075
|
|
$
365,891
|
Noninterest
income
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
123,399
|
|
170,752
|
Total revenue
(TE)
|
277,837
|
|
268,637
|
|
273,440
|
|
279,236
|
|
276,175
|
|
546,474
|
|
536,643
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
6
|
|
(6)
|
|
(3)
|
|
21
|
|
(248)
|
|
—
|
|
(221)
|
(Gain) loss on sale of
MSR
|
—
|
|
—
|
|
(1,672)
|
|
316
|
|
—
|
|
—
|
|
—
|
Gain on BOLI
proceeds
|
—
|
|
(486)
|
|
—
|
|
(55)
|
|
—
|
|
(486)
|
|
—
|
Servicing right
impairment (recovery)
|
—
|
|
—
|
|
—
|
|
(1,332)
|
|
(10,838)
|
|
—
|
|
(20,492)
|
Adjusted total revenue
(TE)
|
$
277,843
|
|
$
268,145
|
|
$
271,765
|
|
$
278,186
|
|
$
265,089
|
|
$
545,988
|
|
$
515,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
53.60 %
|
|
52.08 %
|
|
49.57 %
|
|
50.15 %
|
|
51.67 %
|
|
52.85 %
|
|
53.49 %
|
Adjusted efficiency
ratio (TE)
|
53.41 %
|
|
51.99 %
|
|
49.61 %
|
|
50.12 %
|
|
53.66 %
|
|
52.72 %
|
|
55.26 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Total shareholders'
equity
|
$
3,284,630
|
|
$
3,253,195
|
|
$
3,197,400
|
|
$
3,119,070
|
|
$
3,073,376
|
|
$
3,284,630
|
|
$
3,073,376
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,015,646
|
|
1,023,056
|
Other intangibles,
net
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
|
96,800
|
|
115,613
|
Total tangible
shareholders' equity
|
$
2,172,184
|
|
$
2,136,061
|
|
$
2,075,560
|
|
$
1,985,096
|
|
$
1,934,707
|
|
$
2,172,184
|
|
$
1,934,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,139,783
|
|
69,373,863
|
|
69,369,050
|
|
69,352,709
|
|
69,360,461
|
|
69,139,783
|
|
69,360,461
|
Book value per share
(period end)
|
$ 47.51
|
|
$ 46.89
|
|
$ 46.09
|
|
$ 44.97
|
|
$ 44.31
|
|
$ 47.51
|
|
$ 44.31
|
Tangible book value per
share (period end)
|
$ 31.42
|
|
$ 30.79
|
|
$ 29.92
|
|
$ 28.62
|
|
$ 27.89
|
|
$ 31.42
|
|
$ 27.89
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Tangible Common
Equity to Tangible Assets
|
Table
9D
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Total shareholders'
equity
|
$ 3,284,630
|
|
$ 3,253,195
|
|
$ 3,197,400
|
|
$ 3,119,070
|
|
$ 3,073,376
|
|
$ 3,284,630
|
|
$ 3,073,376
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,015,646
|
|
1,023,056
|
Other intangibles,
net
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
|
96,800
|
|
115,613
|
Total tangible
shareholders' equity
|
$ 2,172,184
|
|
$ 2,136,061
|
|
$ 2,075,560
|
|
$ 1,985,096
|
|
$ 1,934,707
|
|
$ 2,172,184
|
|
$ 1,934,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
25,800,618
|
|
$
26,088,384
|
|
$
25,053,286
|
|
$
23,813,657
|
|
$
23,687,470
|
|
$
25,800,618
|
|
$
23,687,470
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,015,646
|
|
1,023,056
|
Other intangibles,
net
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
|
96,800
|
|
115,613
|
Total tangible
assets
|
$
24,688,172
|
|
$
24,971,250
|
|
$
23,931,446
|
|
$
22,679,683
|
|
$
22,548,801
|
|
$
24,688,172
|
|
$
22,548,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
Assets
|
12.73 %
|
|
12.47 %
|
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.73 %
|
|
12.97 %
|
Tangible Common Equity
to Tangible Assets
|
8.80 %
|
|
8.55 %
|
|
8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.80 %
|
|
8.58 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPNR
ROA
|
Table
9E
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Net income
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
123,056
|
|
$
171,764
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
20,335
|
|
18,131
|
|
22,313
|
|
28,520
|
|
28,019
|
|
38,466
|
|
55,725
|
Provision for credit
losses
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
95,245
|
|
21,155
|
PPNR
|
$
128,486
|
|
$
128,281
|
|
$
137,424
|
|
$
138,727
|
|
$
133,009
|
|
$
256,767
|
|
$
248,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
25,631,846
|
|
$
25,115,927
|
|
$
24,354,979
|
|
$
23,598,465
|
|
$
23,405,201
|
|
$
25,375,312
|
|
$
23,340,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets (ROA)
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
0.98 %
|
|
1.48 %
|
PPNR ROA
|
2.01 %
|
|
2.07 %
|
|
2.24 %
|
|
2.33 %
|
|
2.28 %
|
|
2.04 %
|
|
2.15 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
171,441
|
|
$
175,328
|
|
$
185,909
|
|
$
174,507
|
|
$
152,122
|
|
$
346,769
|
|
$
285,867
|
Provision for credit
losses
|
40,831
|
|
47,140
|
|
35,946
|
|
10,551
|
|
10,175
|
|
87,971
|
|
15,401
|
Noninterest
income
|
24,652
|
|
23,898
|
|
23,448
|
|
23,269
|
|
23,469
|
|
48,550
|
|
44,833
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
55,196
|
|
56,442
|
|
52,296
|
|
48,599
|
|
46,733
|
|
111,638
|
|
95,928
|
Occupancy and
equipment expenses
|
11,175
|
|
11,606
|
|
11,482
|
|
11,357
|
|
11,168
|
|
22,781
|
|
22,242
|
Data processing and
telecommunications expenses
|
11,898
|
|
11,797
|
|
11,085
|
|
10,779
|
|
10,863
|
|
23,695
|
|
22,093
|
Other noninterest
expenses
|
27,643
|
|
19,023
|
|
21,811
|
|
22,974
|
|
21,123
|
|
46,666
|
|
41,168
|
Total noninterest
expense
|
105,912
|
|
98,868
|
|
96,674
|
|
93,709
|
|
89,887
|
|
204,780
|
|
181,431
|
Income before income
tax expense
|
49,350
|
|
53,218
|
|
76,737
|
|
93,516
|
|
75,529
|
|
102,568
|
|
133,868
|
Income tax
expense
|
13,312
|
|
12,848
|
|
16,545
|
|
22,706
|
|
19,120
|
|
26,160
|
|
36,116
|
Net income
|
$
36,038
|
|
$
40,370
|
|
$
60,192
|
|
$
70,810
|
|
$
56,409
|
|
$
76,408
|
|
$
97,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
21,417
|
|
$
20,027
|
|
$
19,837
|
|
$
19,283
|
|
$
20,779
|
|
$
41,444
|
|
$
40,074
|
Provision for credit
losses
|
3,278
|
|
2,853
|
|
(2,778)
|
|
9,043
|
|
4,499
|
|
6,131
|
|
6,086
|
Noninterest
income
|
39,808
|
|
31,058
|
|
24,011
|
|
38,584
|
|
57,795
|
|
70,866
|
|
119,444
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
21,930
|
|
20,160
|
|
19,164
|
|
25,813
|
|
31,219
|
|
42,090
|
|
62,833
|
Occupancy and
equipment expenses
|
1,224
|
|
1,283
|
|
1,242
|
|
1,460
|
|
1,406
|
|
2,507
|
|
2,877
|
Data processing and
telecommunications expenses
|
1,397
|
|
1,069
|
|
1,203
|
|
1,082
|
|
1,123
|
|
2,466
|
|
2,295
|
Other noninterest
expenses
|
11,859
|
|
11,747
|
|
11,126
|
|
11,641
|
|
12,812
|
|
23,606
|
|
25,457
|
Total noninterest
expense
|
36,410
|
|
34,259
|
|
32,735
|
|
39,996
|
|
46,560
|
|
70,669
|
|
93,462
|
Income before income
tax expense
|
21,537
|
|
13,973
|
|
13,891
|
|
8,828
|
|
27,515
|
|
35,510
|
|
59,970
|
Income tax
expense
|
4,523
|
|
2,934
|
|
2,916
|
|
1,854
|
|
5,779
|
|
7,457
|
|
12,594
|
Net income
|
$
17,014
|
|
$
11,039
|
|
$
10,975
|
|
$ 6,974
|
|
$
21,736
|
|
$
28,053
|
|
$
47,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 6,166
|
|
$ 5,700
|
|
$ 6,601
|
|
$ 6,979
|
|
$ 6,700
|
|
$
11,866
|
|
$
13,147
|
Provision for credit
losses
|
411
|
|
(194)
|
|
117
|
|
(1,836)
|
|
867
|
|
217
|
|
645
|
Noninterest
income
|
1,404
|
|
480
|
|
579
|
|
1,516
|
|
1,041
|
|
1,884
|
|
2,442
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
772
|
|
802
|
|
427
|
|
1,055
|
|
208
|
|
1,574
|
|
491
|
Occupancy and
equipment expenses
|
—
|
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
2
|
Data processing and
telecommunications expenses
|
44
|
|
46
|
|
49
|
|
43
|
|
48
|
|
90
|
|
95
|
Other noninterest
expenses
|
223
|
|
202
|
|
191
|
|
209
|
|
212
|
|
425
|
|
430
|
Total noninterest
expense
|
1,039
|
|
1,051
|
|
668
|
|
1,308
|
|
469
|
|
2,090
|
|
1,018
|
Income before income
tax expense
|
6,120
|
|
5,323
|
|
6,395
|
|
9,023
|
|
6,405
|
|
11,443
|
|
13,926
|
Income tax
expense
|
1,285
|
|
1,118
|
|
1,342
|
|
1,895
|
|
1,346
|
|
2,403
|
|
2,925
|
Net income
|
$ 4,835
|
|
$ 4,205
|
|
$ 5,053
|
|
$ 7,128
|
|
$ 5,059
|
|
$ 9,040
|
|
$
11,001
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 2,331
|
|
$ 1,957
|
|
$ 2,491
|
|
$ 2,424
|
|
$ 3,798
|
|
$ 4,288
|
|
$ 9,809
|
Provision for credit
losses
|
424
|
|
(104)
|
|
265
|
|
52
|
|
(523)
|
|
320
|
|
(666)
|
Noninterest
income
|
1,476
|
|
605
|
|
302
|
|
1,946
|
|
1,526
|
|
2,081
|
|
4,017
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,316
|
|
1,309
|
|
1,306
|
|
1,412
|
|
1,316
|
|
2,625
|
|
2,587
|
Occupancy and
equipment expenses
|
40
|
|
37
|
|
98
|
|
82
|
|
81
|
|
77
|
|
180
|
Data processing and
telecommunications expenses
|
46
|
|
37
|
|
30
|
|
29
|
|
29
|
|
83
|
|
57
|
Other noninterest
expenses
|
333
|
|
422
|
|
368
|
|
100
|
|
539
|
|
755
|
|
919
|
Total noninterest
expense
|
1,735
|
|
1,805
|
|
1,802
|
|
1,623
|
|
1,965
|
|
3,540
|
|
3,743
|
Income before income
tax expense
|
1,648
|
|
861
|
|
726
|
|
2,695
|
|
3,882
|
|
2,509
|
|
10,749
|
Income tax
expense
|
346
|
|
181
|
|
153
|
|
566
|
|
815
|
|
527
|
|
2,257
|
Net income
|
$ 1,302
|
|
$
680
|
|
$
573
|
|
$ 2,129
|
|
$ 3,067
|
|
$ 1,982
|
|
$ 8,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 8,185
|
|
$ 8,640
|
|
$ 9,299
|
|
$ 9,788
|
|
$ 7,965
|
|
$
16,825
|
|
$
15,011
|
Provision for credit
losses
|
572
|
|
34
|
|
(660)
|
|
(158)
|
|
(94)
|
|
606
|
|
(311)
|
Noninterest
income
|
9
|
|
9
|
|
8
|
|
9
|
|
10
|
|
18
|
|
16
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
2,122
|
|
2,197
|
|
2,003
|
|
1,818
|
|
2,069
|
|
4,319
|
|
3,987
|
Occupancy and
equipment expenses
|
83
|
|
59
|
|
82
|
|
83
|
|
90
|
|
142
|
|
172
|
Data processing and
telecommunications expenses
|
66
|
|
85
|
|
119
|
|
82
|
|
92
|
|
151
|
|
187
|
Other noninterest
expenses
|
1,036
|
|
1,097
|
|
978
|
|
959
|
|
1,064
|
|
2,133
|
|
2,016
|
Total noninterest
expense
|
3,307
|
|
3,438
|
|
3,182
|
|
2,942
|
|
3,315
|
|
6,745
|
|
6,362
|
Income before income
tax expense
|
4,315
|
|
5,177
|
|
6,785
|
|
7,013
|
|
4,754
|
|
9,492
|
|
8,976
|
Income tax
expense
|
869
|
|
1,050
|
|
1,357
|
|
1,499
|
|
959
|
|
1,919
|
|
1,833
|
Net income
|
$ 3,446
|
|
$ 4,127
|
|
$ 5,428
|
|
$ 5,514
|
|
$ 3,795
|
|
$ 7,573
|
|
$ 7,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
209,540
|
|
$
211,652
|
|
$
224,137
|
|
$
212,981
|
|
$
191,364
|
|
$
421,192
|
|
$
363,908
|
Provision for credit
losses
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
95,245
|
|
21,155
|
Noninterest
income
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
123,399
|
|
170,752
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
81,336
|
|
80,910
|
|
75,196
|
|
78,697
|
|
81,545
|
|
162,246
|
|
165,826
|
Occupancy and
equipment expenses
|
12,522
|
|
12,986
|
|
12,905
|
|
12,983
|
|
12,746
|
|
25,508
|
|
25,473
|
Data processing and
telecommunications expenses
|
13,451
|
|
13,034
|
|
12,486
|
|
12,015
|
|
12,155
|
|
26,485
|
|
24,727
|
Other noninterest
expenses
|
41,094
|
|
32,491
|
|
34,474
|
|
35,883
|
|
35,750
|
|
73,585
|
|
69,990
|
Total noninterest
expense
|
148,403
|
|
139,421
|
|
135,061
|
|
139,578
|
|
142,196
|
|
287,824
|
|
286,016
|
Income before income
tax expense
|
82,970
|
|
78,552
|
|
104,534
|
|
121,075
|
|
118,085
|
|
161,522
|
|
227,489
|
Income tax
expense
|
20,335
|
|
18,131
|
|
22,313
|
|
28,520
|
|
28,019
|
|
38,466
|
|
55,725
|
Net income
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
123,056
|
|
$
171,764
|
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SOURCE Ameris Bancorp