Highlights of Ameris's results for the first quarter of 2023
include the following:
- Net income of $60.4 million, or
$0.87 per diluted share
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of
2.07%
- Growth in tangible book value(1) of $0.87 per share, or 11.6% annualized, to
$30.79 at March 31, 2023
- Increased the allowance for credit losses to 1.21% of loans,
from 1.04% at December 31, 2022, due
to forecasted economic conditions
- Adjusted efficiency ratio(1) of 51.99%, compared
with 56.95% in the first quarter of last year
- Nonperforming assets, excluding government-guaranteed loans, as
a percentage of total assets improved one basis point to 0.33% at
March 31, 2023, compared with 0.34%
at December 31, 2022.
- Net interest margin of 3.76% for the first quarter of 2023
- Organic growth in loans of $142.6
million, or 2.9% annualized
- Growth in total deposits of $434.7
million or 8.9% annualized
- TCE ratio(1) of 8.55%, compared with 8.67% at
December 31, 2022 and 8.32% one year
ago
- Redeemed $75 million floating
rate (was 8.39%) subordinated notes due 2027 in March
ATLANTA, April 27,
2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB)
(the "Company") today reported net income of $60.4 million, or $0.87 per diluted share, for the quarter ended
March 31, 2023, compared with
$81.7 million, or $1.17 per diluted share, for the quarter ended
March 31, 2022. Included in the
Company's first quarter results was a $49.7
million provision for credit losses related to the updated
economic forecast, compared with $6.2
million in the first quarter of last year.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "While the recent events in the banking industry
were unexpected, they have certainly given us an opportunity to
highlight the importance of the strength and diversity reflected in
our balance sheet. Not only do we have a diversified loan
portfolio in product types, lines of business and geography, we
also have a strong, stable core funding base that has taken years
to build. Our focus on core banking and core fundamentals has
never been more important. We have been good stewards of our
capital, growing tangible book value by over 11% annualized, while
also prudently increasing our allowance for loan losses. The
increase in the allowance this quarter was driven by the economic
forecast and was not due to any underlying credit issue. We
believe the strength of our balance sheet and continued capital
generation have us well positioned for the future."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was
$212.6 million in the first quarter
of 2023, a decrease of $12.5 million,
or 5.6%, from last quarter and an increase of $39.0 million, or 22.5%, compared with the
first quarter of 2022. The Company's net interest margin
was 3.76% for the first quarter of 2023, down from 4.03% reported
for the fourth quarter of 2022 and up from 3.35% reported for the
first 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 34 basis points during the
quarter to 5.25%, compared with 4.91% in the fourth quarter of
2022, and increased 169 basis points from 3.56% in the first
quarter of 2022. Yields on loans increased to 5.44% during
the first quarter of 2023, compared with 5.07% for the fourth
quarter of 2022 and 4.37% for the first quarter of 2022.
Loan production in the banking division during the first quarter
of 2023 was $563.0 million, with
weighted average yields of 8.72%, compared with $612.9 million and 7.92%, respectively, in the
fourth quarter of 2022 and $805.5
million and 5.17%, respectively, in the first quarter of
2022. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $3.4
billion during the first quarter of 2023, with weighted
average yields of 6.57%, compared with $3.6
billion and 6.06%, respectively, during the fourth quarter
of 2022 and $4.7 billion and 3.63%,
respectively, during the first quarter of
2022.
The Company's total cost of funds was 1.59% in the first quarter
of 2023, an increase of 65 basis points compared with the fourth
quarter of 2022. Deposit costs increased 45 basis points
during the first quarter of 2023 to 1.13%, compared with 0.68% in
the fourth quarter of 2022. Costs of interest-bearing
deposits increased during the quarter from 1.17% in the fourth
quarter of 2022 to 1.82% in the first quarter of 2023, reflecting
deposit pricing adjustments made during the fourth quarter of 2022
and first quarter of 2023.
Noninterest Income
Noninterest income increased $7.7
million, or 15.9%, in the first quarter of 2023 to
$56.1 million, compared with
$48.3 million for the fourth quarter
of 2022, primarily as a result of increased mortgage banking
activity, which increased by $8.5
million, or 37.4%, to $31.4
million in the first quarter of 2023, compared with
$22.9 million for the fourth quarter
of 2022. Gain on sale spreads increased to 1.96% in the first
quarter of 2023 from 1.26% for the fourth quarter of 2022. Total
production in the retail mortgage division was essentially flat at
$946.4 million in the first
quarter of 2023, compared with $947.3
million for the fourth quarter of 2022. The retail mortgage
open pipeline was $725.9 million at
the end of the first quarter of 2023, compared with $507.1 million at December
31, 2022.
Noninterest Expense
Noninterest expense increased $4.4
million, or 3.2%, to $139.4
million during the first quarter of 2023, compared with
$135.1 million for the fourth quarter
of 2022. During the fourth quarter of 2022, the Company
recorded merger and conversion charges of $235,000, with no such charges recorded during
the first quarter of 2023. Excluding those charges, adjusted
expenses(1) increased approximately $4.6 million, or 3.4%, to $139.4 million in the first quarter of 2023, from
$134.8 million in the fourth quarter
of 2022. The increase in adjusted expenses(1)
resulted from a $5.7 million increase
in salaries and employee benefits primarily resulting from cyclical
payroll tax and 401(k) expenses. Management continues to
focus on operating efficiency, and the adjusted efficiency
ratio(1) increased to 51.99% in the first quarter of
2023, compared with 49.61% in the fourth quarter of 2022, primarily
resulting from the cyclical compensation expenses.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2023
was 23.1%, compared with 21.3% in the fourth quarter of 2022.
The increased rate for the first quarter of 2023 was primarily a
result of the impact of state rates applied to the Company's
deferred tax asset during the fourth quarter of 2022.
Balance Sheet Trends
Total assets at March 31, 2023
were $26.09 billion, compared with
$25.05 billion at December 31, 2022. Cash and cash
equivalents increased 80.7% to $2.02
billion at March 31, 2023,
compared with $1.12 billion at
December 31, 2022. Debt
securities available-for-sale were stable at $1.50 billion at both March 31, 2023 and December 31, 2022. Loans, net of unearned
income, increased $142.6 million, or
2.9% annualized, to $20.00 billion at
March 31, 2023, compared with
$19.86 billion at December 31, 2022. Loans held for sale increased
slightly to $395.1 million at
March 31, 2023 from $392.1 million at December
31, 2022.
Investment securities remained consistent at $1.63 billion, or 6.8% of earning assets at the
end of the first quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at the
end of the 2022. This compares with $670.7 million, or 3.1% of earning assets at the
end of the first quarter of 2022. The Company did not deploy
excess liquidity into the securities portfolio until after rates
starting rising during 2022; therefore, the unrealized loss
position on the Company's available-for-sale securities portfolio
is less than 3% of the portfolio.
At March 31, 2023, total deposits
amounted to $19.90 billion, compared
with $19.46 billion at December 31, 2022. At March 31, 2023, noninterest-bearing deposit
accounts represented $7.30 billion,
or 36.7% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at
December 31, 2022. Non-rate
sensitive deposits (including noninterest-bearing, NOW and savings)
totaled $12.16 billion at
March 31, 2023, compared with
$12.80 billion at December 31, 2022. These funds represented
61.1% of the Company's total deposits at March 31, 2023, compared with 65.7% at the end of
2022, which has enabled the Company to prudently maintain its
stable deposit customer base, while also managing its cost of funds
sensitivity in a rising rate environment. During March, the
Company redeemed its $75 million
5.75% Fixed-to-Floating Rate Subordinated Notes Due 2027 (which
were at a current rate of 8.39%) with existing liquidity.
Shareholders' equity at March 31,
2023 totaled $3.25 billion, an
increase of $55.8 million, or 1.7%,
from December 31, 2022. The
increase in shareholders' equity was primarily the result of
earnings of $60.4 million during the
first quarter of 2023 and improvement in other comprehensive income
of $10.9 million resulting from
changes in interest rates on the Company's investment portfolio,
partially offset by dividends declared and share repurchases.
Tangible book value per share(1) increased $0.87 per share, or 11.6% annualized, during the
first quarter to $30.79 at
March 31, 2023. The Company
recorded an improvement of $0.16 per
share of tangible book value(1) this quarter from other
comprehensive income related to the decrease in net unrealized
losses on the securities portfolio. Tangible common equity as
a percentage of tangible assets was 8.55% at March 31, 2023, compared with 8.67% at the end of
2022.
Credit Quality
Credit quality remains strong in the Company. During the
first quarter of 2023, the Company recorded a provision for credit
losses of $49.7 million, compared
with a provision of $32.9 million in
the fourth quarter of 2022. The first quarter provision was
primarily attributable to the updated economic forecast and loan
growth of $142.6 million during the
quarter. Nonperforming assets as a percentage of total assets
were stable at 0.61% during the quarter. Approximately
$75.0 million, or 46.8%, of the
nonperforming assets at March 31,
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 one
basis point to 0.33% at March 31,
2023, compared with 0.34% at December
31, 2022. The net charge-off ratio was 22 basis
points for the first quarter of 2023, compared with eight basis
points in the fourth quarter of 2022 and nine basis points in the
first quarter of 2022.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 28, 2023,
to discuss the Company's results and answer appropriate questions.
The conference call can be accessed by dialing
1-833-470-1428. The conference call access code is
529368. A replay of the call will be available one hour after
the end of the conference call until May
12, 2023. To listen to the replay, dial
1-866-813-9403. The conference replay access code is
785707. 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
- 9D
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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
Net income
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
Adjusted net
income(1)
|
$
59,935
|
|
$
81,086
|
|
$
91,817
|
|
$
81,473
|
|
$
75,039
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.87
|
|
$
1.19
|
|
$
1.34
|
|
$
1.30
|
|
$
1.18
|
Diluted
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
Adjusted diluted
EPS(1)
|
$
0.86
|
|
$
1.17
|
|
$
1.32
|
|
$
1.18
|
|
$
1.08
|
Cash dividends per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
Book value per share
(period end)
|
$ 46.89
|
|
$ 46.09
|
|
$ 44.97
|
|
$ 44.31
|
|
$ 43.31
|
Tangible book value
per share (period end)(1)
|
$ 30.79
|
|
$ 29.92
|
|
$ 28.62
|
|
$ 27.89
|
|
$ 26.84
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
Basic
|
69,171,562
|
|
69,138,431
|
|
69,124,855
|
|
69,136,046
|
|
69,345,735
|
Diluted
|
69,322,664
|
|
69,395,224
|
|
69,327,414
|
|
69,316,258
|
|
69,660,990
|
Period end number of
shares
|
69,373,863
|
|
69,369,050
|
|
69,352,709
|
|
69,360,461
|
|
69,439,084
|
Market data
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$ 50.54
|
|
$ 54.24
|
|
$ 50.94
|
|
$ 46.28
|
|
$ 55.62
|
Low intraday
price
|
$ 34.28
|
|
$ 44.61
|
|
$ 38.22
|
|
$ 39.37
|
|
$ 43.56
|
Period end closing
price
|
$ 36.58
|
|
$ 47.14
|
|
$ 44.71
|
|
$ 40.18
|
|
$ 43.88
|
Average daily
volume
|
$
452,242
|
|
$
340,890
|
|
$
346,522
|
|
$
446,121
|
|
$
471,858
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
Adjusted return on
average assets(1)
|
0.97 %
|
|
1.32 %
|
|
1.54 %
|
|
1.40 %
|
|
1.31 %
|
Return on average
common equity
|
7.54 %
|
|
10.30 %
|
|
11.76 %
|
|
11.87 %
|
|
11.06 %
|
Adjusted return on
average tangible common equity(1)
|
11.41 %
|
|
15.78 %
|
|
18.33 %
|
|
17.18 %
|
|
16.38 %
|
Earning asset yield
(TE)
|
5.25 %
|
|
4.91 %
|
|
4.37 %
|
|
3.88 %
|
|
3.56 %
|
Total cost of
funds
|
1.59 %
|
|
0.94 %
|
|
0.42 %
|
|
0.22 %
|
|
0.22 %
|
Net interest margin
(TE)
|
3.76 %
|
|
4.03 %
|
|
3.97 %
|
|
3.66 %
|
|
3.35 %
|
Efficiency
ratio
|
52.08 %
|
|
49.57 %
|
|
50.15 %
|
|
51.67 %
|
|
55.43 %
|
Adjusted efficiency
ratio (TE)(1)
|
51.99 %
|
|
49.61 %
|
|
50.12 %
|
|
53.66 %
|
|
56.95 %
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.47 %
|
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
Tangible common equity
to tangible assets(1)
|
8.55 %
|
|
8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
2,093
|
|
2,079
|
|
2,071
|
|
2,050
|
|
2,033
|
Retail Mortgage
Division
|
630
|
|
633
|
|
671
|
|
712
|
|
714
|
Warehouse Lending
Division
|
8
|
|
8
|
|
9
|
|
9
|
|
10
|
SBA
Division
|
39
|
|
39
|
|
40
|
|
36
|
|
35
|
Premium Finance
Division
|
78
|
|
76
|
|
77
|
|
78
|
|
77
|
Total Ameris Bancorp
FTE headcount
|
2,848
|
|
2,835
|
|
2,868
|
|
2,885
|
|
2,869
|
|
|
|
|
|
|
|
|
|
|
Branch
locations
|
164
|
|
164
|
|
164
|
|
164
|
|
165
|
Deposits per branch
location
|
$
121,326
|
|
$
118,675
|
|
$
118,701
|
|
$
120,030
|
|
$
118,718
|
|
(1)Considered non-GAAP financial measure -
See reconciliation of GAAP to non-GAAP financial measures in tables
9A - 9D
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 271,964
|
|
$ 250,263
|
|
$ 216,400
|
|
$ 190,740
|
|
$ 177,566
|
Interest on taxable
securities
|
14,300
|
|
13,029
|
|
10,324
|
|
7,064
|
|
4,239
|
Interest on nontaxable
securities
|
339
|
|
358
|
|
363
|
|
269
|
|
186
|
Interest on deposits in
other banks
|
9,113
|
|
9,984
|
|
7,188
|
|
4,463
|
|
1,373
|
Interest on federal
funds sold
|
—
|
|
8
|
|
27
|
|
32
|
|
10
|
Total interest
income
|
295,716
|
|
273,642
|
|
234,302
|
|
202,568
|
|
183,374
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
53,182
|
|
33,071
|
|
14,034
|
|
4,908
|
|
4,092
|
Interest on other
borrowings
|
30,882
|
|
16,434
|
|
7,287
|
|
6,296
|
|
6,738
|
Total interest
expense
|
84,064
|
|
49,505
|
|
21,321
|
|
11,204
|
|
10,830
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
211,652
|
|
224,137
|
|
212,981
|
|
191,364
|
|
172,544
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
49,376
|
|
24,648
|
|
17,469
|
|
13,227
|
|
(2,734)
|
Provision for unfunded
commitments
|
346
|
|
8,246
|
|
192
|
|
1,779
|
|
9,009
|
Provision for other
credit losses
|
7
|
|
(4)
|
|
(9)
|
|
(82)
|
|
(44)
|
Provision for credit
losses
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
Net interest income
after provision for credit losses
|
161,923
|
|
191,247
|
|
195,329
|
|
176,440
|
|
166,313
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
10,936
|
|
11,125
|
|
11,168
|
|
11,148
|
|
11,058
|
Mortgage banking
activity
|
31,392
|
|
22,855
|
|
40,350
|
|
58,761
|
|
62,938
|
Other service charges,
commissions and fees
|
971
|
|
968
|
|
970
|
|
998
|
|
939
|
Gain (loss) on
securities
|
6
|
|
3
|
|
(21)
|
|
248
|
|
(27)
|
Other noninterest
income
|
12,745
|
|
13,397
|
|
12,857
|
|
12,686
|
|
12,003
|
Total noninterest
income
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
80,910
|
|
75,196
|
|
78,697
|
|
81,545
|
|
84,281
|
Occupancy and
equipment
|
12,986
|
|
12,905
|
|
12,983
|
|
12,746
|
|
12,727
|
Data processing and
communications expenses
|
13,034
|
|
12,486
|
|
12,015
|
|
12,155
|
|
12,572
|
Credit
resolution-related expenses(1)
|
435
|
|
372
|
|
126
|
|
496
|
|
(965)
|
Advertising and
marketing
|
3,532
|
|
3,818
|
|
3,553
|
|
3,122
|
|
1,988
|
Amortization of
intangible assets
|
4,706
|
|
4,709
|
|
4,710
|
|
5,144
|
|
5,181
|
Merger and conversion
charges
|
—
|
|
235
|
|
—
|
|
—
|
|
977
|
Other noninterest
expenses
|
23,818
|
|
25,340
|
|
27,494
|
|
26,988
|
|
27,059
|
Total noninterest
expense
|
139,421
|
|
135,061
|
|
139,578
|
|
142,196
|
|
143,820
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
78,552
|
|
104,534
|
|
121,075
|
|
118,085
|
|
109,404
|
Income tax
expense
|
18,131
|
|
22,313
|
|
28,520
|
|
28,019
|
|
27,706
|
Net
income
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 266,400
|
|
$ 284,567
|
|
$ 269,193
|
|
$ 345,627
|
|
$ 257,316
|
Federal funds sold and
interest-bearing deposits in banks
|
1,754,453
|
|
833,565
|
|
1,061,975
|
|
1,961,209
|
|
3,541,144
|
Debt securities
available-for-sale, at fair value
|
1,496,836
|
|
1,500,060
|
|
1,255,149
|
|
1,052,268
|
|
579,204
|
Debt securities
held-to-maturity, at amortized cost
|
134,175
|
|
134,864
|
|
130,214
|
|
111,654
|
|
91,454
|
Other
investments
|
146,715
|
|
110,992
|
|
60,560
|
|
49,500
|
|
49,395
|
Loans held for
sale
|
395,096
|
|
392,078
|
|
297,987
|
|
555,665
|
|
901,550
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income
|
19,997,871
|
|
19,855,253
|
|
18,806,856
|
|
17,561,022
|
|
16,143,801
|
Allowance for credit
losses
|
(242,658)
|
|
(205,677)
|
|
(184,891)
|
|
(172,642)
|
|
(161,251)
|
Loans, net
|
19,755,213
|
|
19,649,576
|
|
18,621,965
|
|
17,388,380
|
|
15,982,550
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
1,502
|
|
843
|
|
843
|
|
835
|
|
1,910
|
Premises and equipment,
net
|
218,878
|
|
220,283
|
|
222,694
|
|
224,249
|
|
224,293
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
Other intangible
assets, net
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
Cash value of bank
owned life insurance
|
389,201
|
|
388,405
|
|
386,533
|
|
384,862
|
|
332,914
|
Other assets
|
412,781
|
|
416,213
|
|
372,570
|
|
474,552
|
|
455,460
|
Total
assets
|
$ 26,088,384
|
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
7,297,893
|
|
$
7,929,579
|
|
$
8,343,200
|
|
$
8,262,929
|
|
$
7,870,207
|
Interest-bearing
|
12,599,562
|
|
11,533,159
|
|
11,123,719
|
|
11,422,053
|
|
11,718,234
|
Total
deposits
|
19,897,455
|
|
19,462,738
|
|
19,466,919
|
|
19,684,982
|
|
19,588,441
|
Federal funds purchased
and securities sold under
agreements to
repurchase
|
—
|
|
—
|
|
—
|
|
953
|
|
2,065
|
Other
borrowings
|
2,401,327
|
|
1,875,736
|
|
725,664
|
|
425,592
|
|
425,520
|
Subordinated deferrable
interest debentures
|
128,820
|
|
128,322
|
|
127,823
|
|
127,325
|
|
126,827
|
Other
liabilities
|
407,587
|
|
389,090
|
|
374,181
|
|
375,242
|
|
410,280
|
Total
liabilities
|
22,835,189
|
|
21,855,886
|
|
20,694,587
|
|
20,614,094
|
|
20,553,133
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common stock
|
72,484
|
|
72,264
|
|
72,247
|
|
72,251
|
|
72,212
|
Capital
stock
|
1,937,664
|
|
1,935,211
|
|
1,932,906
|
|
1,931,088
|
|
1,928,702
|
Retained
earnings
|
1,362,512
|
|
1,311,258
|
|
1,239,477
|
|
1,157,359
|
|
1,077,725
|
Accumulated other
comprehensive income (loss), net of tax
|
(35,581)
|
|
(46,507)
|
|
(50,734)
|
|
(12,635)
|
|
(1,841)
|
Treasury
stock
|
(83,884)
|
|
(74,826)
|
|
(74,826)
|
|
(74,687)
|
|
(69,639)
|
Total shareholders'
equity
|
3,253,195
|
|
3,197,400
|
|
3,119,070
|
|
3,073,376
|
|
3,007,159
|
Total liabilities
and shareholders' equity
|
$ 26,088,384
|
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$ 23,925,146
|
|
$ 22,826,812
|
|
$ 21,612,741
|
|
$ 21,291,318
|
|
$ 21,306,548
|
Intangible
assets
|
1,117,134
|
|
1,121,840
|
|
1,133,974
|
|
1,138,669
|
|
1,143,102
|
Interest-bearing
liabilities
|
15,129,709
|
|
13,537,217
|
|
11,977,206
|
|
11,975,923
|
|
12,272,646
|
Average
assets
|
25,115,927
|
|
24,354,979
|
|
23,598,465
|
|
23,405,201
|
|
23,275,654
|
Average common
shareholders' equity
|
3,250,289
|
|
3,168,320
|
|
3,123,718
|
|
3,043,280
|
|
2,994,652
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
$
200,981
|
|
|
|
|
|
|
|
|
|
|
Adoption of ASU
2022-02
|
(1,711)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
49,376
|
|
24,648
|
|
17,469
|
|
13,227
|
|
(2,734)
|
Provision for unfunded
commitments
|
346
|
|
8,246
|
|
192
|
|
1,779
|
|
9,009
|
Provision for other
credit losses
|
7
|
|
(4)
|
|
(9)
|
|
(82)
|
|
(44)
|
Provision for credit
losses
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
14,956
|
|
8,371
|
|
9,272
|
|
6,853
|
|
8,579
|
Recoveries
|
4,272
|
|
4,509
|
|
4,052
|
|
5,017
|
|
4,982
|
Net charge-offs
(recoveries)
|
10,684
|
|
3,862
|
|
5,220
|
|
1,836
|
|
3,597
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
242,658
|
|
$
205,677
|
|
$
184,891
|
|
$
172,642
|
|
$
161,251
|
Allowance for unfunded
commitments
|
52,757
|
|
52,411
|
|
44,165
|
|
43,973
|
|
42,194
|
Allowance for other
credit losses
|
82
|
|
75
|
|
79
|
|
88
|
|
170
|
Total allowance for
credit losses
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off
Information
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
12,233
|
|
$ 5,108
|
|
$ 4,722
|
|
$ 4,391
|
|
$ 4,414
|
Consumer
|
1,140
|
|
1,136
|
|
1,228
|
|
1,137
|
|
1,425
|
Indirect
automobile
|
34
|
|
86
|
|
50
|
|
41
|
|
88
|
Premium
Finance
|
1,421
|
|
1,812
|
|
1,205
|
|
1,066
|
|
1,369
|
Real estate -
construction and development
|
—
|
|
27
|
|
—
|
|
—
|
|
—
|
Real estate -
commercial and farmland
|
—
|
|
196
|
|
2,014
|
|
81
|
|
1,283
|
Real estate -
residential
|
128
|
|
6
|
|
53
|
|
137
|
|
—
|
Total
charge-offs
|
14,956
|
|
8,371
|
|
9,272
|
|
6,853
|
|
8,579
|
Recoveries
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
2,043
|
|
2,072
|
|
2,201
|
|
2,785
|
|
2,896
|
Consumer
|
297
|
|
217
|
|
277
|
|
230
|
|
158
|
Indirect
automobile
|
216
|
|
229
|
|
276
|
|
265
|
|
275
|
Premium
Finance
|
1,382
|
|
1,682
|
|
1,023
|
|
1,113
|
|
1,247
|
Real estate -
construction and development
|
100
|
|
223
|
|
96
|
|
355
|
|
218
|
Real estate -
commercial and farmland
|
44
|
|
48
|
|
96
|
|
44
|
|
37
|
Real estate -
residential
|
190
|
|
38
|
|
83
|
|
225
|
|
151
|
Total
recoveries
|
4,272
|
|
4,509
|
|
4,052
|
|
5,017
|
|
4,982
|
Net charge-offs
(recoveries)
|
$
10,684
|
|
$ 3,862
|
|
$ 5,220
|
|
$ 1,836
|
|
$ 3,597
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
Nonaccrual portfolio
loans
|
$
68,028
|
|
$
65,221
|
|
$
64,055
|
|
$
72,352
|
|
$
59,316
|
Other real estate
owned
|
1,502
|
|
843
|
|
843
|
|
835
|
|
1,910
|
Repossessed
assets
|
25
|
|
28
|
|
60
|
|
122
|
|
139
|
Accruing loans
delinquent 90 days or more
|
15,792
|
|
17,865
|
|
12,378
|
|
8,542
|
|
6,584
|
Non-performing
portfolio assets
|
$
85,347
|
|
$
83,957
|
|
$
77,336
|
|
$
81,851
|
|
$
67,949
|
Serviced
GNMA-guaranteed mortgage nonaccrual loans
|
74,999
|
|
69,587
|
|
54,621
|
|
50,560
|
|
43,281
|
Total non-performing
assets
|
$
160,346
|
|
$
153,544
|
|
$
131,957
|
|
$
132,411
|
|
$
111,230
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
Non-performing
portfolio assets as a percent of total assets
|
0.33 %
|
|
0.34 %
|
|
0.32 %
|
|
0.35 %
|
|
0.29 %
|
Total non-performing
assets as a percent of total assets
|
0.61 %
|
|
0.61 %
|
|
0.55 %
|
|
0.56 %
|
|
0.47 %
|
Net charge-offs as a
percent of average loans (annualized)
|
0.22 %
|
|
0.08 %
|
|
0.11 %
|
|
0.04 %
|
|
0.09 %
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
2,722,180
|
|
$
2,679,403
|
|
$
2,245,287
|
|
$
2,022,845
|
|
$
1,836,663
|
Consumer
|
349,775
|
|
384,037
|
|
162,345
|
|
167,237
|
|
173,642
|
Indirect
automobile
|
83,466
|
|
108,648
|
|
137,183
|
|
172,245
|
|
214,120
|
Mortgage
warehouse
|
958,418
|
|
1,038,924
|
|
980,342
|
|
949,191
|
|
732,375
|
Municipal
|
505,515
|
|
509,151
|
|
516,797
|
|
529,268
|
|
547,926
|
Premium
Finance
|
947,257
|
|
1,023,479
|
|
1,062,724
|
|
942,357
|
|
819,163
|
Real estate -
construction and development
|
2,144,605
|
|
2,086,438
|
|
2,009,726
|
|
1,747,284
|
|
1,577,215
|
Real estate -
commercial and farmland
|
7,721,732
|
|
7,604,868
|
|
7,516,309
|
|
7,156,017
|
|
6,924,475
|
Real estate -
residential
|
4,564,923
|
|
4,420,305
|
|
4,176,143
|
|
3,874,578
|
|
3,318,222
|
Total
loans
|
$ 19,997,871
|
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 -
Pass
|
$ 19,654,232
|
|
$ 19,513,726
|
|
$ 18,483,046
|
|
$ 17,296,520
|
|
$ 15,899,956
|
Grade 6 - Other assets
especially mentioned
|
116,345
|
|
104,614
|
|
110,408
|
|
68,444
|
|
51,670
|
Grade 7 -
Substandard
|
227,294
|
|
236,913
|
|
213,402
|
|
196,058
|
|
192,175
|
Grade 8 -
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 -
Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
loans
|
$ 19,997,871
|
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
924
|
|
$
5,000
|
|
$
17,692
|
|
$
20,000
|
Interest-bearing
deposits in banks
|
859,614
|
|
1,009,935
|
|
1,394,529
|
|
2,209,761
|
|
3,393,238
|
Debt securities -
taxable
|
1,586,404
|
|
1,451,861
|
|
1,242,811
|
|
932,824
|
|
623,498
|
Debt securities -
nontaxable
|
43,052
|
|
44,320
|
|
45,730
|
|
39,236
|
|
29,605
|
Other
investments
|
131,044
|
|
83,730
|
|
51,209
|
|
49,550
|
|
47,872
|
Loans held for
sale
|
490,295
|
|
371,952
|
|
471,070
|
|
944,964
|
|
1,097,098
|
Loans
|
19,820,749
|
|
19,212,560
|
|
18,146,083
|
|
16,861,674
|
|
15,821,397
|
Total Earning
Assets
|
$ 22,931,158
|
|
$ 22,175,282
|
|
$ 21,356,432
|
|
$ 21,055,701
|
|
$ 21,032,708
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
7,136,373
|
|
$
8,138,887
|
|
$
8,259,625
|
|
$
7,955,765
|
|
$
7,658,451
|
NOW
accounts
|
4,145,991
|
|
3,621,454
|
|
3,701,045
|
|
3,695,490
|
|
3,684,772
|
MMDA
|
4,994,195
|
|
5,161,047
|
|
5,026,815
|
|
5,087,199
|
|
5,240,922
|
Savings
accounts
|
1,005,614
|
|
1,010,966
|
|
1,030,298
|
|
1,007,340
|
|
973,724
|
Retail CDs
|
1,612,325
|
|
1,450,037
|
|
1,506,761
|
|
1,693,740
|
|
1,774,016
|
Brokered
CDs
|
125,133
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
Deposits
|
19,019,631
|
|
19,382,391
|
|
19,524,544
|
|
19,439,534
|
|
19,331,885
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under
agreements to
repurchase
|
—
|
|
1
|
|
92
|
|
1,854
|
|
4,020
|
FHLB
advances
|
1,968,811
|
|
918,228
|
|
94,357
|
|
48,746
|
|
48,786
|
Other
borrowings
|
361,445
|
|
377,056
|
|
376,942
|
|
376,829
|
|
443,657
|
Subordinated
deferrable interest debentures
|
128,557
|
|
128,060
|
|
127,560
|
|
127,063
|
|
126,563
|
Total Non-Deposit
Funding
|
2,458,813
|
|
1,423,345
|
|
598,951
|
|
554,492
|
|
623,026
|
Total
Funding
|
$ 21,478,444
|
|
$ 20,805,736
|
|
$ 20,123,495
|
|
$ 19,994,026
|
|
$ 19,954,911
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Interest Income and
Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
8
|
|
$
27
|
|
$
32
|
|
$
10
|
Interest-bearing
deposits in banks
|
9,113
|
|
9,984
|
|
7,188
|
|
4,463
|
|
1,373
|
Debt securities -
taxable
|
14,300
|
|
13,029
|
|
10,324
|
|
7,064
|
|
4,239
|
Debt securities -
nontaxable (TE)
|
429
|
|
454
|
|
459
|
|
341
|
|
235
|
Loans held for
sale
|
7,007
|
|
5,519
|
|
6,012
|
|
10,036
|
|
8,132
|
Loans (TE)
|
265,802
|
|
245,603
|
|
211,223
|
|
181,602
|
|
170,398
|
Total Earning
Assets
|
$
296,651
|
|
$ 274,597
|
|
$ 235,233
|
|
$ 203,538
|
|
$ 184,387
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$ 15,033
|
|
$
8,564
|
|
$
3,733
|
|
$
1,246
|
|
$
824
|
MMDA
|
27,809
|
|
20,683
|
|
8,613
|
|
2,204
|
|
1,643
|
Savings
accounts
|
1,288
|
|
654
|
|
360
|
|
140
|
|
133
|
Retail CDs
|
7,629
|
|
3,170
|
|
1,328
|
|
1,318
|
|
1,492
|
Brokered
CDs
|
1,423
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
Interest-Bearing Deposits
|
53,182
|
|
33,071
|
|
14,034
|
|
4,908
|
|
4,092
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under
agreements to
repurchase
|
—
|
|
—
|
|
—
|
|
1
|
|
3
|
FHLB
advances
|
22,448
|
|
8,801
|
|
527
|
|
192
|
|
190
|
Other
borrowings
|
5,349
|
|
4,953
|
|
4,655
|
|
4,437
|
|
5,164
|
Subordinated
deferrable interest debentures
|
3,085
|
|
2,680
|
|
2,105
|
|
1,666
|
|
1,381
|
Total Non-Deposit
Funding
|
30,882
|
|
16,434
|
|
7,287
|
|
6,296
|
|
6,738
|
Total
Interest-Bearing Funding
|
$ 84,064
|
|
$
49,505
|
|
$
21,321
|
|
$
11,204
|
|
$
10,830
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(TE)
|
$
212,587
|
|
$ 225,092
|
|
$ 213,912
|
|
$ 192,334
|
|
$ 173,557
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
— %
|
|
3.43 %
|
|
2.14 %
|
|
0.73 %
|
|
0.20 %
|
Interest-bearing
deposits in banks
|
4.30 %
|
|
3.92 %
|
|
2.04 %
|
|
0.81 %
|
|
0.16 %
|
Debt securities -
taxable
|
3.66 %
|
|
3.56 %
|
|
3.30 %
|
|
3.04 %
|
|
2.76 %
|
Debt securities -
nontaxable (TE)
|
4.04 %
|
|
4.06 %
|
|
3.98 %
|
|
3.49 %
|
|
3.22 %
|
Loans held for
sale
|
5.80 %
|
|
5.89 %
|
|
5.06 %
|
|
4.26 %
|
|
3.01 %
|
Loans (TE)
|
5.44 %
|
|
5.07 %
|
|
4.62 %
|
|
4.32 %
|
|
4.37 %
|
Total Earning
Assets
|
5.25 %
|
|
4.91 %
|
|
4.37 %
|
|
3.88 %
|
|
3.56 %
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
1.47 %
|
|
0.94 %
|
|
0.40 %
|
|
0.14 %
|
|
0.09 %
|
MMDA
|
2.26 %
|
|
1.59 %
|
|
0.68 %
|
|
0.17 %
|
|
0.13 %
|
Savings
accounts
|
0.52 %
|
|
0.26 %
|
|
0.14 %
|
|
0.06 %
|
|
0.06 %
|
Retail CDs
|
1.92 %
|
|
0.87 %
|
|
0.35 %
|
|
0.31 %
|
|
0.34 %
|
Brokered
CDs
|
4.61 %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
Total
Interest-Bearing Deposits
|
1.82 %
|
|
1.17 %
|
|
0.49 %
|
|
0.17 %
|
|
0.14 %
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
— %
|
|
— %
|
|
— %
|
|
0.22 %
|
|
0.30 %
|
FHLB
advances
|
4.62 %
|
|
3.80 %
|
|
2.22 %
|
|
1.58 %
|
|
1.58 %
|
Other
borrowings
|
6.00 %
|
|
5.21 %
|
|
4.90 %
|
|
4.72 %
|
|
4.72 %
|
Subordinated
deferrable interest debentures
|
9.73 %
|
|
8.30 %
|
|
6.55 %
|
|
5.26 %
|
|
4.43 %
|
Total Non-Deposit
Funding
|
5.09 %
|
|
4.58 %
|
|
4.83 %
|
|
4.55 %
|
|
4.39 %
|
Total
Interest-Bearing Liabilities
|
2.38 %
|
|
1.55 %
|
|
0.71 %
|
|
0.37 %
|
|
0.36 %
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
2.87 %
|
|
3.36 %
|
|
3.66 %
|
|
3.51 %
|
|
3.20 %
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.76 %
|
|
4.03 %
|
|
3.97 %
|
|
3.66 %
|
|
3.35 %
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
1.59 %
|
|
0.94 %
|
|
0.42 %
|
|
0.22 %
|
|
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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Net income available to
common shareholders
|
$ 60,421
|
|
$ 82,221
|
|
$ 92,555
|
|
$
90,066
|
|
$ 81,698
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
(9,654)
|
Gain on BOLI
proceeds
|
(486)
|
|
—
|
|
(55)
|
|
—
|
|
—
|
Natural disaster and
pandemic charges
|
—
|
|
—
|
|
151
|
|
—
|
|
—
|
(Gain) loss on bank
premises
|
—
|
|
—
|
|
—
|
|
(39)
|
|
(6)
|
Tax effect of
adjustment items (Note
1)
|
—
|
|
302
|
|
182
|
|
2,284
|
|
2,024
|
After tax adjustment
items
|
(486)
|
|
(1,135)
|
|
(738)
|
|
(8,593)
|
|
(6,659)
|
Adjusted net
income
|
$ 59,935
|
|
$ 81,086
|
|
$ 91,817
|
|
$
81,473
|
|
$ 75,039
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares - diluted
|
69,322,664
|
|
69,395,224
|
|
69,327,414
|
|
69,316,258
|
|
69,660,990
|
Net income per diluted
share
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
Adjusted net income per
diluted share
|
$
0.86
|
|
$
1.17
|
|
$
1.32
|
|
$
1.18
|
|
$
1.08
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
25,115,927
|
|
$
24,354,979
|
|
$
23,598,465
|
|
$
23,405,201
|
|
$
23,275,654
|
Return on average
assets
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
Adjusted return on
average assets
|
0.97 %
|
|
1.32 %
|
|
1.54 %
|
|
1.40 %
|
|
1.31 %
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$ 3,250,289
|
|
$ 3,168,320
|
|
$ 3,123,718
|
|
$
3,043,280
|
|
$ 2,994,652
|
Average tangible common
equity
|
$ 2,130,856
|
|
$ 2,039,094
|
|
$ 1,987,385
|
|
$
1,902,265
|
|
$ 1,857,713
|
Return on average
common equity
|
7.54 %
|
|
10.30 %
|
|
11.76 %
|
|
11.87 %
|
|
11.06 %
|
Adjusted return on
average tangible common equity
|
11.41 %
|
|
15.78 %
|
|
18.33 %
|
|
17.18 %
|
|
16.38 %
|
|
|
|
|
|
|
|
|
|
|
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 1Q22 are nondeductible for tax purposes.
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Non-GAAP
Reconciliations (continued)
|
|
Adjusted Efficiency
Ratio (TE)
|
Table
9B
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Adjusted Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
139,421
|
|
$
135,061
|
|
$
139,578
|
|
$
142,196
|
|
$
143,820
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
(235)
|
|
—
|
|
—
|
|
(977)
|
Natural disaster and
pandemic charges
|
—
|
|
—
|
|
(151)
|
|
—
|
|
—
|
Gain (loss) on bank
premises
|
—
|
|
—
|
|
—
|
|
39
|
|
6
|
Adjusted noninterest
expense
|
$
139,421
|
|
$
134,826
|
|
$
139,427
|
|
$
142,235
|
|
$
142,849
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
211,652
|
|
$
224,137
|
|
$
212,981
|
|
$
191,364
|
|
$
172,544
|
Noninterest
income
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
Total
revenue
|
$
267,702
|
|
$
272,485
|
|
$
278,305
|
|
$
275,205
|
|
$
259,455
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
212,587
|
|
$
225,092
|
|
$
213,912
|
|
$
192,334
|
|
$
173,557
|
Noninterest
income
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
Total revenue
(TE)
|
268,637
|
|
273,440
|
|
279,236
|
|
276,175
|
|
260,468
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
(6)
|
|
(3)
|
|
21
|
|
(248)
|
|
27
|
(Gain) loss on sale of
MSR
|
—
|
|
(1,672)
|
|
316
|
|
—
|
|
—
|
Gain on BOLI
proceeds
|
(486)
|
|
—
|
|
(55)
|
|
—
|
|
—
|
Servicing right
impairment (recovery)
|
—
|
|
—
|
|
(1,332)
|
|
(10,838)
|
|
(9,654)
|
Adjusted total revenue
(TE)
|
$
268,145
|
|
$
271,765
|
|
$
278,186
|
|
$
265,089
|
|
$
250,841
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
52.08 %
|
|
49.57 %
|
|
50.15 %
|
|
51.67 %
|
|
55.43 %
|
Adjusted efficiency
ratio (TE)
|
51.99 %
|
|
49.61 %
|
|
50.12 %
|
|
53.66 %
|
|
56.95 %
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Total shareholders'
equity
|
$
3,253,195
|
|
$
3,197,400
|
|
$
3,119,070
|
|
$
3,073,376
|
|
$
3,007,159
|
Less:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
Other intangibles,
net
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
Total tangible
shareholders' equity
|
$
2,136,061
|
|
$
2,075,560
|
|
$
1,985,096
|
|
$
1,934,707
|
|
$
1,864,057
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,373,863
|
|
69,369,050
|
|
69,352,709
|
|
69,360,461
|
|
69,439,084
|
Book value per share
(period end)
|
$ 46.89
|
|
$ 46.09
|
|
$ 44.97
|
|
$ 44.31
|
|
$ 43.31
|
Tangible book value per
share (period end)
|
$ 30.79
|
|
$ 29.92
|
|
$ 28.62
|
|
$ 27.89
|
|
$ 26.84
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Non-GAAP
Reconciliations (continued)
|
|
Tangible Common
Equity to Tangible Assets
|
Table
9D
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Total shareholders'
equity
|
$ 3,253,195
|
|
$ 3,197,400
|
|
$ 3,119,070
|
|
$ 3,073,376
|
|
$ 3,007,159
|
Less:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
Other intangibles,
net
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
Total tangible
shareholders' equity
|
$ 2,136,061
|
|
$ 2,075,560
|
|
$ 1,985,096
|
|
$ 1,934,707
|
|
$ 1,864,057
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
26,088,384
|
|
$
25,053,286
|
|
$
23,813,657
|
|
$
23,687,470
|
|
$
23,560,292
|
Less:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
Other intangibles,
net
|
101,488
|
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
Total tangible
assets
|
$
24,971,250
|
|
$
23,931,446
|
|
$
22,679,683
|
|
$
22,548,801
|
|
$
22,417,190
|
|
|
|
|
|
|
|
|
|
|
Equity to
Assets
|
12.47 %
|
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
Tangible Common Equity
to Tangible Assets
|
8.55 %
|
|
8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
|
|
|
|
|
|
|
|
|
PPNR
ROA
|
Table
9E
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Net income
|
60,421
|
|
82,221
|
|
92,555
|
|
90,066
|
|
81,698
|
Plus:
|
|
|
|
|
|
|
|
|
|
Income taxes
|
18,131
|
|
22,313
|
|
28,520
|
|
28,019
|
|
27,706
|
Provision for credit
losses
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
PPNR
|
128,281
|
|
137,424
|
|
138,727
|
|
133,009
|
|
115,635
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
25,115,927
|
|
24,354,979
|
|
23,598,465
|
|
23,405,201
|
|
23,275,654
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets (ROA)
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
PPNR ROA
|
2.07 %
|
|
2.24 %
|
|
2.33 %
|
|
2.28 %
|
|
2.01 %
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
175,340
|
|
$
185,909
|
|
$
174,507
|
|
$
152,122
|
|
$
133,745
|
Provision for credit
losses
|
47,140
|
|
35,946
|
|
10,551
|
|
10,175
|
|
5,226
|
Noninterest
income
|
23,898
|
|
23,448
|
|
23,269
|
|
23,469
|
|
21,364
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
56,454
|
|
52,296
|
|
48,599
|
|
46,733
|
|
49,195
|
Occupancy and
equipment expenses
|
11,606
|
|
11,482
|
|
11,357
|
|
11,168
|
|
11,074
|
Data processing and
telecommunications expenses
|
11,797
|
|
11,085
|
|
10,779
|
|
10,863
|
|
11,230
|
Other noninterest
expenses
|
19,023
|
|
21,811
|
|
22,974
|
|
21,123
|
|
20,045
|
Total noninterest
expense
|
98,880
|
|
96,674
|
|
93,709
|
|
89,887
|
|
91,544
|
Income before income
tax expense
|
53,218
|
|
76,737
|
|
93,516
|
|
75,529
|
|
58,339
|
Income tax
expense
|
12,850
|
|
16,545
|
|
22,706
|
|
19,120
|
|
16,996
|
Net income
|
$
40,368
|
|
$
60,192
|
|
$
70,810
|
|
$
56,409
|
|
$
41,343
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
20,027
|
|
$
19,837
|
|
$
19,283
|
|
$
20,779
|
|
$
19,295
|
Provision for credit
losses
|
2,853
|
|
(2,778)
|
|
9,043
|
|
4,499
|
|
1,587
|
Noninterest
income
|
31,058
|
|
24,011
|
|
38,584
|
|
57,795
|
|
61,649
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
20,160
|
|
19,164
|
|
25,813
|
|
31,219
|
|
31,614
|
Occupancy and
equipment expenses
|
1,283
|
|
1,242
|
|
1,460
|
|
1,406
|
|
1,471
|
Data processing and
telecommunications expenses
|
1,069
|
|
1,203
|
|
1,082
|
|
1,123
|
|
1,172
|
Other noninterest
expenses
|
11,747
|
|
11,126
|
|
11,641
|
|
12,812
|
|
12,645
|
Total noninterest
expense
|
34,259
|
|
32,735
|
|
39,996
|
|
46,560
|
|
46,902
|
Income before income
tax expense
|
13,973
|
|
13,891
|
|
8,828
|
|
27,515
|
|
32,455
|
Income tax
expense
|
2,934
|
|
2,916
|
|
1,854
|
|
5,779
|
|
6,815
|
Net income
|
$
11,039
|
|
$
10,975
|
|
$ 6,974
|
|
$
21,736
|
|
$
25,640
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 5,700
|
|
$ 6,601
|
|
$ 6,979
|
|
$ 6,700
|
|
$ 6,447
|
Provision for credit
losses
|
(194)
|
|
117
|
|
(1,836)
|
|
867
|
|
(222)
|
Noninterest
income
|
480
|
|
579
|
|
1,516
|
|
1,041
|
|
1,401
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
802
|
|
427
|
|
1,055
|
|
208
|
|
283
|
Occupancy and
equipment expenses
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
Data processing and
telecommunications expenses
|
46
|
|
49
|
|
43
|
|
48
|
|
47
|
Other noninterest
expenses
|
202
|
|
191
|
|
209
|
|
212
|
|
218
|
Total noninterest
expense
|
1,051
|
|
668
|
|
1,308
|
|
469
|
|
549
|
Income before income
tax expense
|
5,323
|
|
6,395
|
|
9,023
|
|
6,405
|
|
7,521
|
Income tax
expense
|
1,118
|
|
1,342
|
|
1,895
|
|
1,346
|
|
1,579
|
Net income
|
$ 4,205
|
|
$ 5,053
|
|
$ 7,128
|
|
$ 5,059
|
|
$ 5,942
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 1,945
|
|
$ 2,491
|
|
$ 2,424
|
|
$ 3,798
|
|
$ 6,011
|
Provision for credit
losses
|
(104)
|
|
265
|
|
52
|
|
(523)
|
|
(143)
|
Noninterest
income
|
605
|
|
302
|
|
1,946
|
|
1,526
|
|
2,491
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,297
|
|
1,306
|
|
1,412
|
|
1,316
|
|
1,271
|
Occupancy and
equipment expenses
|
37
|
|
98
|
|
82
|
|
81
|
|
99
|
Data processing and
telecommunications expenses
|
37
|
|
30
|
|
29
|
|
29
|
|
28
|
Other noninterest
expenses
|
422
|
|
368
|
|
100
|
|
539
|
|
380
|
Total noninterest
expense
|
1,793
|
|
1,802
|
|
1,623
|
|
1,965
|
|
1,778
|
Income before income
tax expense
|
861
|
|
726
|
|
2,695
|
|
3,882
|
|
6,867
|
Income tax
expense
|
179
|
|
153
|
|
566
|
|
815
|
|
1,442
|
Net income
|
$
682
|
|
$
573
|
|
$ 2,129
|
|
$ 3,067
|
|
$ 5,425
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 8,640
|
|
$ 9,299
|
|
$ 9,788
|
|
$ 7,965
|
|
$ 7,046
|
Provision for credit
losses
|
34
|
|
(660)
|
|
(158)
|
|
(94)
|
|
(217)
|
Noninterest
income
|
9
|
|
8
|
|
9
|
|
10
|
|
6
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
2,197
|
|
2,003
|
|
1,818
|
|
2,069
|
|
1,918
|
Occupancy and
equipment expenses
|
59
|
|
82
|
|
83
|
|
90
|
|
82
|
Data processing and
telecommunications expenses
|
85
|
|
119
|
|
82
|
|
92
|
|
95
|
Other noninterest
expenses
|
1,097
|
|
978
|
|
959
|
|
1,064
|
|
952
|
Total noninterest
expense
|
3,438
|
|
3,182
|
|
2,942
|
|
3,315
|
|
3,047
|
Income before income
tax expense
|
5,177
|
|
6,785
|
|
7,013
|
|
4,754
|
|
4,222
|
Income tax
expense
|
1,050
|
|
1,357
|
|
1,499
|
|
959
|
|
874
|
Net income
|
$ 4,127
|
|
$ 5,428
|
|
$ 5,514
|
|
$ 3,795
|
|
$ 3,348
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
211,652
|
|
$
224,137
|
|
$
212,981
|
|
$
191,364
|
|
$
172,544
|
Provision for credit
losses
|
49,729
|
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
Noninterest
income
|
56,050
|
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
80,910
|
|
75,196
|
|
78,697
|
|
81,545
|
|
84,281
|
Occupancy and
equipment expenses
|
12,986
|
|
12,905
|
|
12,983
|
|
12,746
|
|
12,727
|
Data processing and
telecommunications expenses
|
13,034
|
|
12,486
|
|
12,015
|
|
12,155
|
|
12,572
|
Other noninterest
expenses
|
32,491
|
|
34,474
|
|
35,883
|
|
35,750
|
|
34,240
|
Total noninterest
expense
|
139,421
|
|
135,061
|
|
139,578
|
|
142,196
|
|
143,820
|
Income before income
tax expense
|
78,552
|
|
104,534
|
|
121,075
|
|
118,085
|
|
109,404
|
Income tax
expense
|
18,131
|
|
22,313
|
|
28,520
|
|
28,019
|
|
27,706
|
Net income
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
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SOURCE Ameris Bancorp