Highlights of Ameris's results for the third quarter of 2023
include the following:
- Net income of $80.1 million, or
$1.16 per diluted share
- Return on average assets ("ROA") of 1.25%
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of
2.01%
- Growth in tangible book value(1) of $0.96 per share, or 12.2% annualized, to
$32.38 at September 30, 2023
- Increase in the allowance for credit losses to 1.44% of loans,
from 1.33% at June 30, 2023, due to
forecasted economic conditions, particularly related to commercial
real estate price levels
- Adjusted efficiency ratio(1) of 52.02%, compared
with 53.41% in the second quarter of 2023
- Nonperforming portfolio assets, excluding government-guaranteed
loans, as a percentage of total assets improved three basis points
to 0.27% at September 30, 2023,
compared with 0.30% at June 30,
2023
- Net interest margin of 3.54% for the third quarter of 2023
- Cyclical decline in loans of $270.7
million, with the loan to deposit ratio improving to
98%
- Growth in total deposits of $147.2
million, or 2.9% annualized
- TCE ratio(1) of 9.11%, compared with 8.80% at
June 30, 2023 and 8.75% one year
ago
ATLANTA, Oct. 26,
2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB)
(the "Company") today reported net income of $80.1 million, or $1.16 per diluted share, for the quarter ended
September 30, 2023, compared with
$92.6 million, or $1.34 per diluted share, for the quarter ended
September 30, 2022.
For the year-to-date period ending September 30, 2023, the Company reported net
income of $203.2 million, or
$2.94 per diluted share, compared
with $264.3 million, or $3.81 per diluted share, for the same period in
2022. The year-to-date period ending September 30, 2023 included a provision for
credit losses of $119.7 million,
compared with $38.8 million for the
same period in 2022. The year-to-date period ending
September 30, 2022 included a
recovery of servicing right impairment of $21.8 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 proud of another strong quarter, highlighted
by core fundamentals and capital growth, which will continue to
serve us well as we move into 2024. The profitability of our
Company remains solid with an ROA of 1.25%, PPNR ROA of over 2%,
net interest margin of 3.54% and efficiency ratio of just over
52%. We grew core deposits, tangible book value and improved
our allowance for loan loss coverage ratio, all of which
strengthened our balance sheet during the quarter. All of
these things, combined with our focus on controlled growth,
position us well for the remainder of 2023 and moving into
2024."
Net Interest Income and Net Interest Margin
Net
interest income on a tax-equivalent basis (TE) was $208.7 million in the third quarter of 2023, a
decrease of $1.8 million, or 0.8%,
from last quarter and $5.2 million,
or 2.4%, compared with the third quarter of 2022. The
Company's net interest margin was 3.54% for the third quarter of
2023, down from 3.60% reported for the second quarter of 2023 and
3.97% reported for the third 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 ten basis points during the
quarter to 5.62%, compared with 5.52% in the second quarter of
2023, and increased 125 basis points from 4.37% in the third
quarter of 2022. Yields on loans increased to 5.81% during
the third quarter of 2023, compared with 5.66% for the second
quarter of 2023 and 4.62% for the third quarter of 2022.
Loan production in the banking division during the third quarter
of 2023 was $621.0 million, with
weighted average yields of 9.49%, compared with $544.3 million and 9.35%, respectively, in the
second quarter of 2023 and $1.12
billion and 6.26%, respectively, in the third quarter of
2022. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $4.2
billion during the third quarter of 2023, with weighted
average yields of 7.28%, compared with $4.7
billion and 6.83%, respectively, during the second quarter
of 2023 and $4.6 billion and 5.29%,
respectively, during the third quarter of
2022.
The Company's total cost of funds was 2.24% in the third quarter
of 2023, an increase of 19 basis points compared with the second
quarter of 2023. Deposit costs increased 24 basis points
during the third quarter of 2023 to 2.00%, compared with 1.76% in
the second quarter of 2023. Costs of interest-bearing
deposits increased during the quarter from 2.64% in the second
quarter of 2023 to 2.97% in the third quarter of 2023, reflecting a
shift in mix to CDs and money market accounts in the rising rate
environment.
Noninterest Income
Noninterest income decreased
$4.2 million, or 6.2%, in the third
quarter of 2023 to $63.2 million,
compared with $67.3 million for the
second quarter of 2023, primarily as a result of decreased mortgage
banking activity, which decreased by $4.5
million, or 10.9%, to $36.3
million in the third quarter of 2023, compared with
$40.7 million for the second quarter
of 2023. Gain on sale spreads decreased slightly to 2.15% in
the third quarter of 2023 from 2.18% for the second quarter of
2023. Total production in the retail mortgage division decreased
$157.2 million, or 11.8%, to
$1.18 billion in the third
quarter of 2023, compared with $1.33
billion for the second quarter of 2023. The retail mortgage
open pipeline was $623.9 million at
the end of the third quarter of 2023, compared with $652.1 million for the second quarter of
2023. Other noninterest income decreased $749,000, or 5.2%, to $13.6 million in the third quarter of 2023,
compared with $14.3 million for the
second quarter of 2023, primarily resulting from a decrease in gain
on debt redemption of $905,000.
Noninterest Expense
Noninterest expense
decreased $7.0 million, or 4.7%, to
$141.4 million during the third
quarter of 2023, compared with $148.4
million for the second quarter of 2023. The decrease in
noninterest expense was driven by a decrease in problem loan
expense of $2.2 million, a
$1.0 million decrease in FDIC
insurance costs, a $1.4 million
decrease in legal and professional fees, a $1.1 million decrease in
fraud/forgery and litigation resolution expenses and a
decrease in variable compensation related to mortgage production of
$965,000. Management continues
to focus on operating efficiency, and the adjusted efficiency
ratio(1) decreased to 52.02% in the third quarter of
2023, compared with 53.41% in the second quarter of 2023.
Income Tax Expense
The Company's effective tax
rate for the third quarter of 2023 was 23.7%, compared with 24.5%
for the second quarter of 2023. The decreased rate for the
third quarter of 2023 was primarily a result of decreased permanent
differences related to nondeductible compensation and FDIC
insurance premiums, compared with the second quarter of 2023.
Balance Sheet Trends
Total assets at
September 30, 2023 were $25.70 billion, compared with $25.05 billion at December
31, 2022. Cash and cash equivalents increased 38.2% to
$1.55 billion at September 30, 2023, compared with $1.12 billion at December
31, 2022. Debt securities available-for-sale decreased
to $1.42 billion, compared with
$1.50 billion at December 31, 2022. Loans, net of unearned
income, increased $345.8 million, or
2.3% annualized, to $20.20 billion at
September 30, 2023, compared with
$19.86 billion at December 31, 2022. Loans held for sale decreased
slightly to $381.5 million at
September 30, 2023 from $392.1 million at December
31, 2022.
Investment securities decreased to $1.57
billion, or 6.6% of earning assets at the end of the third
quarter of 2023, compared with $1.63
billion, or 7.2% of earning assets at December 31, 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 5.2% of the portfolio.
At September 30, 2023, total
deposits amounted to $20.59 billion,
compared with $19.46 billion at
December 31, 2022. During the
third quarter of 2023, deposits grew $147.2
million, with money market and savings accounts increasing
$359.6 million and retail CDs
increasing $156.8 million, with such
increases offset in part by a $117.3
million decrease in noninterest bearing accounts and a
$252.9 million decrease in interest
bearing demand 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 September 30,
2023, noninterest bearing deposit accounts represented
$6.59 billion, or 32.0% of total
deposits, compared with $7.93
billion, or 40.7% of total deposits, at December 31, 2022.
During the third quarter of 2023, utilizing existing liquidity,
the Company reduced borrowings with the FHLB by $325.0 million and redeemed, at a discount,
$2.5 million in principal amount of
its 4.25% Fixed-to-Floating Rate Subordinated Notes Due 2029.
Shareholders' equity at September 30,
2023 totaled $3.35 billion, an
increase of $149.7 million, or 4.7%,
from December 31, 2022. The
increase in shareholders' equity was primarily the result of
earnings of $203.2 million during the
first nine months of 2023, partially offset by dividends declared,
share repurchases and an increase in other comprehensive loss of
$14.3 million resulting from changes
in interest rates on the Company's investment portfolio.
Tangible book value per share(1) increased $2.46 per share, or 11.0% annualized, during the
first nine months of 2023 to $32.38
at September 30, 2023. The
Company recorded dilution of $0.21
per share, or 0.7%, 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 9.11% at
September 30, 2023, compared with
8.67% at the end of 2022.
Credit Quality
Credit quality remains strong in
the Company. During the third quarter of 2023, the Company
recorded a provision for credit losses of $24.5 million, compared with a provision of
$45.5 million in the second quarter
of 2023. The third quarter provision was primarily
attributable to the updated economic forecast, partially offset by
a decline in loans of $270.7 million
during the quarter. Nonperforming assets as a percentage of
total assets were up one basis point to 0.58% during the
quarter. Approximately $80.8
million, or 53.9%, of the nonperforming assets at
September 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 0.27% at September 30,
2023, compared with 0.30% at the second quarter of 2023. The
net charge-off ratio was 23 basis points for the third quarter of
2023, compared with 28 basis points in the second quarter of
2023.
Share Repurchase Program
The Company's board of
directors, on October 26, 2023,
authorized the Company to repurchase up to $100.0 million of its outstanding common
stock. Repurchases of shares, which are authorized to occur
through October 31, 2024, will be
made, if at all, in accordance with applicable securities laws and
may be made from time to time in the open market or by negotiated
transactions. The amount and timing of repurchases will be based on
a variety of factors, including share acquisition price, regulatory
limitations and other market and economic factors. The program does
not require the Company to repurchase any specific number of
shares. The board's authorization is a continuation of and
increase in the Company's previously announced share repurchase
program which was set to expire on October
31 and under which the Company has repurchased $13.5 million of its outstanding common stock in
the past 12 months.
Conference Call
The Company will host a
teleconference at 9:00 a.m. Eastern time on
Friday, October 27, 2023, to discuss the Company's results
and answer appropriate questions. The conference call can be
accessed by dialing 1-877-317-6789. The conference call ID is
Ameris Bancorp. A replay of the call will be available one
hour after the end of the conference call until November 10, 2023. To listen to the replay,
dial 1-877-344-7529. The conference replay access code is
1921240. 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
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
203,171
|
|
$
264,319
|
Adjusted net
income(1)
|
$
80,115
|
|
$
62,635
|
|
$
59,935
|
|
$
81,086
|
|
$
91,817
|
|
$
202,685
|
|
$
248,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.19
|
|
$
1.34
|
|
$
2.94
|
|
$
3.82
|
Diluted
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
2.94
|
|
$
3.81
|
Adjusted diluted
EPS(1)
|
$
1.16
|
|
$
0.91
|
|
$
0.86
|
|
$
1.17
|
|
$
1.32
|
|
$
2.93
|
|
$
3.58
|
Cash dividends per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.45
|
|
$
0.45
|
Book value per share
(period end)
|
$ 48.41
|
|
$ 47.51
|
|
$ 46.89
|
|
$ 46.09
|
|
$ 44.97
|
|
$ 48.41
|
|
$ 44.97
|
Tangible book value
per share (period end)(1)
|
$ 32.38
|
|
$ 31.42
|
|
$ 30.79
|
|
$ 29.92
|
|
$ 28.62
|
|
$ 32.38
|
|
$ 28.62
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
68,879,352
|
|
68,989,549
|
|
69,171,562
|
|
69,138,431
|
|
69,124,855
|
|
69,023,201
|
|
69,213,012
|
Diluted
|
68,994,247
|
|
69,034,763
|
|
69,322,664
|
|
69,395,224
|
|
69,327,414
|
|
69,129,921
|
|
69,427,522
|
Period end number of
shares
|
69,138,461
|
|
69,139,783
|
|
69,373,863
|
|
69,369,050
|
|
69,352,709
|
|
69,138,461
|
|
69,352,709
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$ 45.34
|
|
$ 37.18
|
|
$ 50.54
|
|
$ 54.24
|
|
$ 50.94
|
|
$ 50.54
|
|
$ 55.62
|
Low intraday
price
|
$ 33.21
|
|
$ 28.33
|
|
$ 34.28
|
|
$ 44.61
|
|
$ 38.22
|
|
$ 28.33
|
|
$ 38.22
|
Period end closing
price
|
$ 38.39
|
|
$ 34.21
|
|
$ 36.58
|
|
$ 47.14
|
|
$ 44.71
|
|
$ 38.39
|
|
$ 44.71
|
Average daily
volume
|
$
361,167
|
|
$
475,198
|
|
$
452,242
|
|
$
340,890
|
|
$
346,522
|
|
$
429,170
|
|
420,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.07 %
|
|
1.51 %
|
Adjusted return on
average assets(1)
|
1.25 %
|
|
0.98 %
|
|
0.97 %
|
|
1.32 %
|
|
1.54 %
|
|
1.07 %
|
|
1.42 %
|
Return on average
common equity
|
9.56 %
|
|
7.63 %
|
|
7.54 %
|
|
10.30 %
|
|
11.76 %
|
|
8.26 %
|
|
11.57 %
|
Adjusted return on
average tangible common equity(1)
|
14.35 %
|
|
11.53 %
|
|
11.41 %
|
|
15.78 %
|
|
18.33 %
|
|
12.46 %
|
|
17.33 %
|
Earning asset yield
(TE)
|
5.62 %
|
|
5.52 %
|
|
5.25 %
|
|
4.91 %
|
|
4.37 %
|
|
5.46 %
|
|
3.94 %
|
Total cost of
funds
|
2.24 %
|
|
2.05 %
|
|
1.59 %
|
|
0.94 %
|
|
0.42 %
|
|
1.96 %
|
|
0.29 %
|
Net interest margin
(TE)
|
3.54 %
|
|
3.60 %
|
|
3.76 %
|
|
4.03 %
|
|
3.97 %
|
|
3.63 %
|
|
3.67 %
|
Efficiency
ratio
|
52.21 %
|
|
53.60 %
|
|
52.08 %
|
|
49.57 %
|
|
50.15 %
|
|
52.64 %
|
|
52.35 %
|
Adjusted efficiency
ratio (TE)(1)
|
52.02 %
|
|
53.41 %
|
|
51.99 %
|
|
49.61 %
|
|
50.12 %
|
|
52.49 %
|
|
53.46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
13.02 %
|
|
12.73 %
|
|
12.47 %
|
|
12.76 %
|
|
13.10 %
|
|
13.02 %
|
|
13.10 %
|
Tangible common equity
to tangible assets(1)
|
9.11 %
|
|
8.80 %
|
|
8.55 %
|
|
8.67 %
|
|
8.75 %
|
|
9.11 %
|
|
8.75 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
2,049
|
|
2,069
|
|
2,093
|
|
2,079
|
|
2,071
|
|
2,049
|
|
2,071
|
Retail Mortgage
Division
|
601
|
|
613
|
|
630
|
|
633
|
|
671
|
|
601
|
|
671
|
Warehouse Lending
Division
|
8
|
|
8
|
|
8
|
|
8
|
|
9
|
|
8
|
|
9
|
SBA
Division
|
33
|
|
35
|
|
39
|
|
39
|
|
40
|
|
33
|
|
40
|
Premium Finance
Division
|
78
|
|
76
|
|
78
|
|
76
|
|
77
|
|
78
|
|
77
|
Total Ameris Bancorp
FTE headcount
|
2,769
|
|
2,801
|
|
2,848
|
|
2,835
|
|
2,868
|
|
2,769
|
|
2,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch
locations
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
Deposits per branch
location
|
$
125,551
|
|
$
124,653
|
|
$
121,326
|
|
$
118,675
|
|
$
118,701
|
|
$
125,551
|
|
$
118,701
|
(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
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 304,699
|
|
$ 292,012
|
|
$ 271,964
|
|
$ 250,263
|
|
$ 216,400
|
|
$ 868,675
|
|
$ 584,706
|
Interest on taxable
securities
|
14,754
|
|
15,915
|
|
14,300
|
|
13,029
|
|
10,324
|
|
44,969
|
|
21,627
|
Interest on nontaxable
securities
|
331
|
|
339
|
|
339
|
|
358
|
|
363
|
|
1,009
|
|
818
|
Interest on deposits in
other banks
|
10,769
|
|
13,686
|
|
9,113
|
|
9,984
|
|
7,188
|
|
33,568
|
|
13,024
|
Interest on federal
funds sold
|
—
|
|
—
|
|
—
|
|
8
|
|
27
|
|
—
|
|
69
|
Total interest
income
|
330,553
|
|
321,952
|
|
295,716
|
|
273,642
|
|
234,302
|
|
948,221
|
|
620,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
102,999
|
|
88,087
|
|
53,182
|
|
33,071
|
|
14,034
|
|
244,268
|
|
23,034
|
Interest on other
borrowings
|
19,803
|
|
24,325
|
|
30,882
|
|
16,434
|
|
7,287
|
|
75,010
|
|
20,321
|
Total interest
expense
|
122,802
|
|
112,412
|
|
84,064
|
|
49,505
|
|
21,321
|
|
319,278
|
|
43,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
207,751
|
|
209,540
|
|
211,652
|
|
224,137
|
|
212,981
|
|
628,943
|
|
576,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
30,095
|
|
43,643
|
|
49,376
|
|
24,648
|
|
17,469
|
|
123,114
|
|
27,962
|
Provision for unfunded
commitments
|
(5,634)
|
|
1,873
|
|
346
|
|
8,246
|
|
192
|
|
(3,415)
|
|
10,980
|
Provision for other
credit losses
|
(2)
|
|
—
|
|
7
|
|
(4)
|
|
(9)
|
|
5
|
|
(135)
|
Provision for credit
losses
|
24,459
|
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
119,704
|
|
38,807
|
Net interest income
after provision for credit losses
|
183,292
|
|
164,024
|
|
161,923
|
|
191,247
|
|
195,329
|
|
509,239
|
|
538,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
12,092
|
|
11,295
|
|
10,936
|
|
11,125
|
|
11,168
|
|
34,323
|
|
33,374
|
Mortgage banking
activity
|
36,290
|
|
40,742
|
|
31,392
|
|
22,855
|
|
40,350
|
|
108,424
|
|
162,049
|
Other service charges,
commissions and fees
|
1,221
|
|
975
|
|
971
|
|
968
|
|
970
|
|
3,167
|
|
2,907
|
Gain (loss) on
securities
|
(16)
|
|
(6)
|
|
6
|
|
3
|
|
(21)
|
|
(16)
|
|
200
|
Other noninterest
income
|
13,594
|
|
14,343
|
|
12,745
|
|
13,397
|
|
12,857
|
|
40,682
|
|
37,546
|
Total noninterest
income
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
186,580
|
|
236,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
81,898
|
|
81,336
|
|
80,910
|
|
75,196
|
|
78,697
|
|
244,144
|
|
244,523
|
Occupancy and
equipment
|
12,745
|
|
12,522
|
|
12,986
|
|
12,905
|
|
12,983
|
|
38,253
|
|
38,456
|
Data processing and
communications expenses
|
12,973
|
|
13,451
|
|
13,034
|
|
12,486
|
|
12,015
|
|
39,458
|
|
36,742
|
Credit
resolution-related expenses(1)
|
(1,360)
|
|
848
|
|
435
|
|
372
|
|
126
|
|
(77)
|
|
(343)
|
Advertising and
marketing
|
2,723
|
|
2,627
|
|
3,532
|
|
3,818
|
|
3,553
|
|
8,882
|
|
8,663
|
Amortization of
intangible assets
|
4,425
|
|
4,688
|
|
4,706
|
|
4,709
|
|
4,710
|
|
13,819
|
|
15,035
|
Merger and conversion
charges
|
—
|
|
—
|
|
—
|
|
235
|
|
—
|
|
—
|
|
977
|
Other noninterest
expenses
|
28,042
|
|
32,931
|
|
23,818
|
|
25,340
|
|
27,494
|
|
84,791
|
|
81,541
|
Total noninterest
expense
|
141,446
|
|
148,403
|
|
139,421
|
|
135,061
|
|
139,578
|
|
429,270
|
|
425,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
105,027
|
|
82,970
|
|
78,552
|
|
104,534
|
|
121,075
|
|
266,549
|
|
348,564
|
Income tax
expense
|
24,912
|
|
20,335
|
|
18,131
|
|
22,313
|
|
28,520
|
|
63,378
|
|
84,245
|
Net
income
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$ 203,171
|
|
$ 264,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
2.94
|
|
$
3.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 241,137
|
|
$ 284,552
|
|
$ 266,400
|
|
$ 284,567
|
|
$ 269,193
|
Federal funds sold and
interest-bearing deposits in banks
|
1,304,636
|
|
1,034,578
|
|
1,754,453
|
|
833,565
|
|
1,061,975
|
Debt securities
available-for-sale, at fair value
|
1,424,081
|
|
1,460,356
|
|
1,496,836
|
|
1,500,060
|
|
1,255,149
|
Debt securities
held-to-maturity, at amortized cost
|
141,859
|
|
142,513
|
|
134,175
|
|
134,864
|
|
130,214
|
Other
investments
|
104,957
|
|
109,656
|
|
146,715
|
|
110,992
|
|
60,560
|
Loans held for
sale
|
381,466
|
|
391,472
|
|
395,096
|
|
392,078
|
|
297,987
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income
|
20,201,079
|
|
20,471,759
|
|
19,997,871
|
|
19,855,253
|
|
18,806,856
|
Allowance for credit
losses
|
(290,104)
|
|
(272,071)
|
|
(242,658)
|
|
(205,677)
|
|
(184,891)
|
Loans, net
|
19,910,975
|
|
20,199,688
|
|
19,755,213
|
|
19,649,576
|
|
18,621,965
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
3,397
|
|
6,170
|
|
1,502
|
|
843
|
|
843
|
Premises and equipment,
net
|
217,564
|
|
218,662
|
|
218,878
|
|
220,283
|
|
222,694
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
Other intangible
assets, net
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
Cash value of bank
owned life insurance
|
393,769
|
|
391,483
|
|
389,201
|
|
388,405
|
|
386,533
|
Other assets
|
465,968
|
|
449,042
|
|
412,781
|
|
416,213
|
|
372,570
|
Total
assets
|
$ 25,697,830
|
|
$ 25,800,618
|
|
$ 26,088,384
|
|
$ 25,053,286
|
|
$ 23,813,657
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
6,589,610
|
|
$
6,706,897
|
|
$
7,297,893
|
|
$
7,929,579
|
|
$
8,343,200
|
Interest-bearing
|
14,000,735
|
|
13,736,228
|
|
12,599,562
|
|
11,533,159
|
|
11,123,719
|
Total
deposits
|
20,590,345
|
|
20,443,125
|
|
19,897,455
|
|
19,462,738
|
|
19,466,919
|
Other
borrowings
|
1,209,553
|
|
1,536,989
|
|
2,401,327
|
|
1,875,736
|
|
725,664
|
Subordinated deferrable
interest debentures
|
129,817
|
|
129,319
|
|
128,820
|
|
128,322
|
|
127,823
|
Other
liabilities
|
421,046
|
|
406,555
|
|
407,587
|
|
389,090
|
|
374,181
|
Total
liabilities
|
22,350,761
|
|
22,515,988
|
|
22,835,189
|
|
21,855,886
|
|
20,694,587
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common stock
|
72,514
|
|
72,515
|
|
72,484
|
|
72,264
|
|
72,247
|
Capital
stock
|
1,942,852
|
|
1,939,865
|
|
1,937,664
|
|
1,935,211
|
|
1,932,906
|
Retained
earnings
|
1,484,424
|
|
1,414,742
|
|
1,362,512
|
|
1,311,258
|
|
1,239,477
|
Accumulated other
comprehensive income (loss), net of tax
|
(60,818)
|
|
(50,618)
|
|
(35,581)
|
|
(46,507)
|
|
(50,734)
|
Treasury
stock
|
(91,903)
|
|
(91,874)
|
|
(83,884)
|
|
(74,826)
|
|
(74,826)
|
Total shareholders'
equity
|
3,347,069
|
|
3,284,630
|
|
3,253,195
|
|
3,197,400
|
|
3,119,070
|
Total liabilities
and shareholders' equity
|
$ 25,697,830
|
|
$ 25,800,618
|
|
$ 26,088,384
|
|
$ 25,053,286
|
|
$ 23,813,657
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$ 23,558,078
|
|
$ 23,610,334
|
|
$ 23,925,146
|
|
$ 22,826,812
|
|
$ 21,612,741
|
Intangible
assets
|
1,108,021
|
|
1,112,446
|
|
1,117,134
|
|
1,121,840
|
|
1,133,974
|
Interest-bearing
liabilities
|
15,340,105
|
|
15,402,536
|
|
15,129,709
|
|
13,537,217
|
|
11,977,206
|
Average
assets
|
25,525,913
|
|
25,631,846
|
|
25,115,927
|
|
24,354,979
|
|
23,598,465
|
Average common
shareholders' equity
|
3,324,960
|
|
3,293,049
|
|
3,250,289
|
|
3,168,320
|
|
3,123,718
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
258,163
|
|
$
200,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adoption of ASU
2022-02
|
—
|
|
—
|
|
(1,711)
|
|
—
|
|
—
|
|
(1,711)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
30,095
|
|
43,643
|
|
49,376
|
|
24,648
|
|
17,469
|
|
123,114
|
|
27,962
|
Provision for unfunded
commitments
|
(5,634)
|
|
1,873
|
|
346
|
|
8,246
|
|
192
|
|
(3,415)
|
|
10,980
|
Provision for other
credit losses
|
(2)
|
|
—
|
|
7
|
|
(4)
|
|
(9)
|
|
5
|
|
(135)
|
Provision for credit
losses
|
24,459
|
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
119,704
|
|
38,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
19,488
|
|
20,670
|
|
14,956
|
|
8,371
|
|
9,272
|
|
55,114
|
|
24,704
|
Recoveries
|
7,426
|
|
6,440
|
|
4,272
|
|
4,509
|
|
4,052
|
|
18,138
|
|
14,051
|
Net charge-offs
(recoveries)
|
12,062
|
|
14,230
|
|
10,684
|
|
3,862
|
|
5,220
|
|
36,976
|
|
10,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
339,180
|
|
$
229,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
290,104
|
|
$
272,071
|
|
$
242,658
|
|
$
205,677
|
|
$
184,891
|
|
$
290,104
|
|
$
184,891
|
Allowance for unfunded
commitments
|
48,996
|
|
54,630
|
|
52,757
|
|
52,411
|
|
44,165
|
|
48,996
|
|
44,165
|
Allowance for other
credit losses
|
80
|
|
82
|
|
82
|
|
75
|
|
79
|
|
80
|
|
79
|
Total allowance for
credit losses
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
339,180
|
|
$
229,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
16,519
|
|
$
13,316
|
|
$
12,233
|
|
$ 5,108
|
|
$ 4,722
|
|
$
42,068
|
|
$
13,527
|
Consumer
|
948
|
|
2,052
|
|
1,140
|
|
1,136
|
|
1,228
|
|
4,140
|
|
3,790
|
Indirect
automobile
|
36
|
|
65
|
|
34
|
|
86
|
|
50
|
|
135
|
|
179
|
Premium
Finance
|
1,951
|
|
1,848
|
|
1,421
|
|
1,812
|
|
1,205
|
|
5,220
|
|
3,640
|
Real estate -
construction and development
|
—
|
|
—
|
|
—
|
|
27
|
|
—
|
|
—
|
|
—
|
Real estate -
commercial and farmland
|
—
|
|
3,320
|
|
—
|
|
196
|
|
2,014
|
|
3,320
|
|
3,378
|
Real estate -
residential
|
34
|
|
69
|
|
128
|
|
6
|
|
53
|
|
231
|
|
190
|
Total
charge-offs
|
19,488
|
|
20,670
|
|
14,956
|
|
8,371
|
|
9,272
|
|
55,114
|
|
24,704
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
4,745
|
|
3,545
|
|
2,043
|
|
2,072
|
|
2,201
|
|
10,333
|
|
7,882
|
Consumer
|
203
|
|
194
|
|
297
|
|
217
|
|
277
|
|
694
|
|
665
|
Indirect
automobile
|
158
|
|
225
|
|
216
|
|
229
|
|
276
|
|
599
|
|
816
|
Premium
Finance
|
1,639
|
|
1,680
|
|
1,382
|
|
1,682
|
|
1,023
|
|
4,701
|
|
3,383
|
Real estate -
construction and development
|
74
|
|
472
|
|
100
|
|
223
|
|
96
|
|
646
|
|
669
|
Real estate -
commercial and farmland
|
371
|
|
61
|
|
44
|
|
48
|
|
96
|
|
476
|
|
177
|
Real estate -
residential
|
236
|
|
263
|
|
190
|
|
38
|
|
83
|
|
689
|
|
459
|
Total
recoveries
|
7,426
|
|
6,440
|
|
4,272
|
|
4,509
|
|
4,052
|
|
18,138
|
|
14,051
|
Net charge-offs
(recoveries)
|
$
12,062
|
|
$
14,230
|
|
$
10,684
|
|
$ 3,862
|
|
$ 5,220
|
|
$
36,976
|
|
$
10,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual portfolio
loans
|
$
53,806
|
|
$
57,025
|
|
$
68,028
|
|
$
65,221
|
|
$
64,055
|
|
$
53,806
|
|
$
64,055
|
Other real estate
owned
|
3,397
|
|
6,170
|
|
1,502
|
|
843
|
|
843
|
|
3,397
|
|
843
|
Repossessed
assets
|
22
|
|
9
|
|
25
|
|
28
|
|
60
|
|
22
|
|
60
|
Accruing loans
delinquent 90 days or more
|
11,891
|
|
13,424
|
|
15,792
|
|
17,865
|
|
12,378
|
|
11,891
|
|
12,378
|
Non-performing
portfolio assets
|
$
69,116
|
|
$
76,628
|
|
$
85,347
|
|
$
83,957
|
|
$
77,336
|
|
$
69,116
|
|
$
77,336
|
Serviced
GNMA-guaranteed mortgage nonaccrual loans
|
80,752
|
|
69,655
|
|
74,999
|
|
69,587
|
|
54,621
|
|
80,752
|
|
54,621
|
Total non-performing
assets
|
$
149,868
|
|
$
146,283
|
|
$
160,346
|
|
$
153,544
|
|
$
131,957
|
|
$
149,868
|
|
$
131,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
portfolio assets as a percent of total assets
|
0.27 %
|
|
0.30 %
|
|
0.33 %
|
|
0.34 %
|
|
0.32 %
|
|
0.27 %
|
|
0.32 %
|
Total non-performing
assets as a percent of total assets
|
0.58 %
|
|
0.57 %
|
|
0.61 %
|
|
0.61 %
|
|
0.55 %
|
|
0.58 %
|
|
0.55 %
|
Net charge-offs as a
percent of average loans (annualized)
|
0.23 %
|
|
0.28 %
|
|
0.22 %
|
|
0.08 %
|
|
0.11 %
|
|
0.25 %
|
|
0.08 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
2,632,836
|
|
$
2,718,831
|
|
$
2,722,180
|
|
$
2,679,403
|
|
$
2,245,287
|
Consumer
|
259,797
|
|
307,486
|
|
349,775
|
|
384,037
|
|
162,345
|
Indirect
automobile
|
47,108
|
|
63,231
|
|
83,466
|
|
108,648
|
|
137,183
|
Mortgage
warehouse
|
852,823
|
|
1,147,413
|
|
958,418
|
|
1,038,924
|
|
980,342
|
Municipal
|
497,093
|
|
510,410
|
|
505,515
|
|
509,151
|
|
516,797
|
Premium
Finance
|
1,007,334
|
|
988,731
|
|
947,257
|
|
1,023,479
|
|
1,062,724
|
Real estate -
construction and development
|
2,236,686
|
|
2,217,744
|
|
2,144,605
|
|
2,086,438
|
|
2,009,726
|
Real estate -
commercial and farmland
|
7,865,389
|
|
7,815,779
|
|
7,721,732
|
|
7,604,868
|
|
7,516,309
|
Real estate -
residential
|
4,802,013
|
|
4,702,134
|
|
4,564,923
|
|
4,420,305
|
|
4,176,143
|
Total
loans
|
$ 20,201,079
|
|
$ 20,471,759
|
|
$ 19,997,871
|
|
$ 19,855,253
|
|
$ 18,806,856
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 -
Pass
|
$ 19,812,895
|
|
$ 20,114,816
|
|
$ 19,654,232
|
|
$ 19,513,726
|
|
$ 18,483,046
|
Grade 6 - Other assets
especially mentioned
|
187,449
|
|
171,035
|
|
116,345
|
|
104,614
|
|
110,408
|
Grade 7 -
Substandard
|
200,735
|
|
185,908
|
|
227,294
|
|
236,913
|
|
213,402
|
Grade 8 -
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 -
Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
loans
|
$ 20,201,079
|
|
$ 20,471,759
|
|
$ 19,997,871
|
|
$ 19,855,253
|
|
$ 18,806,856
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
—
|
|
$
—
|
|
$
924
|
|
$
5,000
|
|
$
—
|
|
$
14,176
|
Interest-bearing
deposits in banks
|
864,028
|
|
998,609
|
|
859,614
|
|
1,009,935
|
|
1,394,529
|
|
907,433
|
|
2,325,188
|
Debt securities -
taxable
|
1,548,647
|
|
1,582,076
|
|
1,586,404
|
|
1,451,861
|
|
1,242,811
|
|
1,572,237
|
|
935,313
|
Debt securities -
nontaxable
|
40,896
|
|
42,580
|
|
43,052
|
|
44,320
|
|
45,730
|
|
42,168
|
|
38,249
|
Other
investments
|
101,517
|
|
117,020
|
|
131,044
|
|
83,730
|
|
51,209
|
|
116,419
|
|
49,556
|
Loans held for
sale
|
464,452
|
|
577,606
|
|
490,295
|
|
371,952
|
|
471,070
|
|
510,690
|
|
835,418
|
Loans
|
20,371,689
|
|
20,164,938
|
|
19,820,749
|
|
19,212,560
|
|
18,146,083
|
|
20,121,143
|
|
16,951,566
|
Total Earning
Assets
|
$ 23,391,229
|
|
$ 23,482,829
|
|
$ 22,931,158
|
|
$ 22,175,282
|
|
$ 21,356,432
|
|
$ 23,270,090
|
|
$ 21,149,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
6,655,191
|
|
$
6,729,789
|
|
$
7,136,373
|
|
$
8,138,887
|
|
$
8,259,625
|
|
$
6,838,618
|
|
$
7,960,149
|
NOW
accounts
|
3,661,701
|
|
3,949,850
|
|
4,145,991
|
|
3,621,454
|
|
3,701,045
|
|
3,917,476
|
|
3,693,828
|
MMDA
|
5,527,731
|
|
5,002,590
|
|
4,994,195
|
|
5,161,047
|
|
5,026,815
|
|
5,176,794
|
|
5,117,528
|
Savings
accounts
|
915,678
|
|
1,009,749
|
|
1,005,614
|
|
1,010,966
|
|
1,030,298
|
|
976,684
|
|
1,003,995
|
Retail CDs
|
2,200,413
|
|
2,024,014
|
|
1,612,325
|
|
1,450,037
|
|
1,506,761
|
|
1,947,739
|
|
1,657,193
|
Brokered
CDs
|
1,441,854
|
|
1,393,206
|
|
125,133
|
|
—
|
|
—
|
|
991,554
|
|
—
|
Total
Deposits
|
20,402,568
|
|
20,109,198
|
|
19,019,631
|
|
19,382,391
|
|
19,524,544
|
|
19,848,865
|
|
19,432,693
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
—
|
|
—
|
|
1
|
|
92
|
|
—
|
|
1,974
|
FHLB
advances
|
943,855
|
|
1,408,855
|
|
1,968,811
|
|
918,228
|
|
94,357
|
|
1,436,753
|
|
64,130
|
Other
borrowings
|
312,572
|
|
316,626
|
|
361,445
|
|
377,056
|
|
376,942
|
|
330,035
|
|
398,898
|
Subordinated
deferrable interest debentures
|
129,554
|
|
129,056
|
|
128,557
|
|
128,060
|
|
127,560
|
|
129,059
|
|
127,066
|
Total Non-Deposit
Funding
|
1,385,981
|
|
1,854,537
|
|
2,458,813
|
|
1,423,345
|
|
598,951
|
|
1,895,847
|
|
592,068
|
Total
Funding
|
$ 21,788,549
|
|
$ 21,963,735
|
|
$ 21,478,444
|
|
$ 20,805,736
|
|
$ 20,123,495
|
|
$ 21,744,712
|
|
$ 20,024,761
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income and
Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
—
|
|
$
—
|
|
$
8
|
|
$
27
|
|
$
—
|
|
$
69
|
Interest-bearing
deposits in banks
|
10,769
|
|
13,686
|
|
9,113
|
|
9,984
|
|
7,188
|
|
33,568
|
|
13,024
|
Debt securities -
taxable
|
14,754
|
|
15,915
|
|
14,300
|
|
13,029
|
|
10,324
|
|
44,969
|
|
21,627
|
Debt securities -
nontaxable (TE)
|
418
|
|
430
|
|
429
|
|
454
|
|
459
|
|
1,277
|
|
1,035
|
Loans held for
sale
|
7,460
|
|
8,398
|
|
7,007
|
|
5,519
|
|
6,012
|
|
22,865
|
|
24,180
|
Loans (TE)
|
298,102
|
|
284,471
|
|
265,802
|
|
245,603
|
|
211,223
|
|
848,375
|
|
563,223
|
Total Earning
Assets
|
$
331,503
|
|
$ 322,900
|
|
$ 296,651
|
|
$ 274,597
|
|
$ 235,233
|
|
$ 951,054
|
|
$ 623,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$ 17,255
|
|
$
18,003
|
|
$
15,033
|
|
$
8,564
|
|
$
3,733
|
|
$
50,291
|
|
$
5,803
|
MMDA
|
45,683
|
|
35,224
|
|
27,809
|
|
20,683
|
|
8,613
|
|
108,716
|
|
12,460
|
Savings
accounts
|
1,791
|
|
2,296
|
|
1,288
|
|
654
|
|
360
|
|
5,375
|
|
633
|
Retail CDs
|
19,013
|
|
14,751
|
|
7,629
|
|
3,170
|
|
1,328
|
|
41,393
|
|
4,138
|
Brokered
CDs
|
19,257
|
|
17,813
|
|
1,423
|
|
—
|
|
—
|
|
38,493
|
|
—
|
Total
Interest-Bearing Deposits
|
102,999
|
|
88,087
|
|
53,182
|
|
33,071
|
|
14,034
|
|
244,268
|
|
23,034
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
FHLB
advances
|
12,543
|
|
17,222
|
|
22,448
|
|
8,801
|
|
527
|
|
52,213
|
|
909
|
Other
borrowings
|
3,821
|
|
3,902
|
|
5,349
|
|
4,953
|
|
4,655
|
|
13,072
|
|
14,256
|
Subordinated
deferrable interest debentures
|
3,439
|
|
3,201
|
|
3,085
|
|
2,680
|
|
2,105
|
|
9,725
|
|
5,152
|
Total Non-Deposit
Funding
|
19,803
|
|
24,325
|
|
30,882
|
|
16,434
|
|
7,287
|
|
75,010
|
|
20,321
|
Total
Interest-Bearing Funding
|
$
122,802
|
|
$ 112,412
|
|
$
84,064
|
|
$
49,505
|
|
$
21,321
|
|
$ 319,278
|
|
$
43,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(TE)
|
$
208,701
|
|
$ 210,488
|
|
$ 212,587
|
|
$ 225,092
|
|
$ 213,912
|
|
$ 631,776
|
|
$ 579,803
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
— %
|
|
— %
|
|
— %
|
|
3.43 %
|
|
2.14 %
|
|
— %
|
|
0.65 %
|
Interest-bearing
deposits in banks
|
4.94 %
|
|
5.50 %
|
|
4.30 %
|
|
3.92 %
|
|
2.04 %
|
|
4.95 %
|
|
0.75 %
|
Debt securities -
taxable
|
3.78 %
|
|
4.03 %
|
|
3.66 %
|
|
3.56 %
|
|
3.30 %
|
|
3.82 %
|
|
3.09 %
|
Debt securities -
nontaxable (TE)
|
4.06 %
|
|
4.05 %
|
|
4.04 %
|
|
4.06 %
|
|
3.98 %
|
|
4.05 %
|
|
3.62 %
|
Loans held for
sale
|
6.37 %
|
|
5.83 %
|
|
5.80 %
|
|
5.89 %
|
|
5.06 %
|
|
5.99 %
|
|
3.87 %
|
Loans (TE)
|
5.81 %
|
|
5.66 %
|
|
5.44 %
|
|
5.07 %
|
|
4.62 %
|
|
5.64 %
|
|
4.44 %
|
Total Earning
Assets
|
5.62 %
|
|
5.52 %
|
|
5.25 %
|
|
4.91 %
|
|
4.37 %
|
|
5.46 %
|
|
3.94 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
1.87 %
|
|
1.83 %
|
|
1.47 %
|
|
0.94 %
|
|
0.40 %
|
|
1.72 %
|
|
0.21 %
|
MMDA
|
3.28 %
|
|
2.82 %
|
|
2.26 %
|
|
1.59 %
|
|
0.68 %
|
|
2.81 %
|
|
0.33 %
|
Savings
accounts
|
0.78 %
|
|
0.91 %
|
|
0.52 %
|
|
0.26 %
|
|
0.14 %
|
|
0.74 %
|
|
0.08 %
|
Retail CDs
|
3.43 %
|
|
2.92 %
|
|
1.92 %
|
|
0.87 %
|
|
0.35 %
|
|
2.84 %
|
|
0.33 %
|
Brokered
CDs
|
5.30 %
|
|
5.13 %
|
|
4.61 %
|
|
— %
|
|
— %
|
|
5.19 %
|
|
— %
|
Total
Interest-Bearing Deposits
|
2.97 %
|
|
2.64 %
|
|
1.82 %
|
|
1.17 %
|
|
0.49 %
|
|
2.51 %
|
|
0.27 %
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
0.27 %
|
FHLB
advances
|
5.27 %
|
|
4.90 %
|
|
4.62 %
|
|
3.80 %
|
|
2.22 %
|
|
4.86 %
|
|
1.90 %
|
Other
borrowings
|
4.85 %
|
|
4.94 %
|
|
6.00 %
|
|
5.21 %
|
|
4.90 %
|
|
5.30 %
|
|
4.78 %
|
Subordinated
deferrable interest debentures
|
10.53 %
|
|
9.95 %
|
|
9.73 %
|
|
8.30 %
|
|
6.55 %
|
|
10.07 %
|
|
5.42 %
|
Total Non-Deposit
Funding
|
5.67 %
|
|
5.26 %
|
|
5.09 %
|
|
4.58 %
|
|
4.83 %
|
|
5.29 %
|
|
4.59 %
|
Total
Interest-Bearing Liabilities
|
3.22 %
|
|
2.96 %
|
|
2.38 %
|
|
1.55 %
|
|
0.71 %
|
|
2.86 %
|
|
0.48 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
2.40 %
|
|
2.56 %
|
|
2.87 %
|
|
3.36 %
|
|
3.66 %
|
|
2.60 %
|
|
3.46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.54 %
|
|
3.60 %
|
|
3.76 %
|
|
4.03 %
|
|
3.97 %
|
|
3.63 %
|
|
3.67 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
2.24 %
|
|
2.05 %
|
|
1.59 %
|
|
0.94 %
|
|
0.42 %
|
|
1.96 %
|
|
0.29 %
|
(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
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Net income available to
common shareholders
|
$ 80,115
|
|
$ 62,635
|
|
$ 60,421
|
|
$
82,221
|
|
$ 92,555
|
|
$
203,171
|
|
$
264,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
—
|
|
235
|
|
—
|
|
—
|
|
977
|
(Gain) loss on sale of
MSR
|
—
|
|
—
|
|
—
|
|
(1,672)
|
|
316
|
|
—
|
|
316
|
Servicing right
impairment (recovery)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,332)
|
|
—
|
|
(21,824)
|
Gain on BOLI
proceeds
|
—
|
|
—
|
|
(486)
|
|
—
|
|
(55)
|
|
(486)
|
|
(55)
|
Natural disaster
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
151
|
|
—
|
|
151
|
(Gain) loss on bank
premises
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(45)
|
Tax effect of
adjustment items (Note
1)
|
—
|
|
—
|
|
—
|
|
302
|
|
182
|
|
—
|
|
4,490
|
After tax adjustment
items
|
—
|
|
—
|
|
(486)
|
|
(1,135)
|
|
(738)
|
|
(486)
|
|
(15,990)
|
Adjusted net
income
|
$ 80,115
|
|
$ 62,635
|
|
$ 59,935
|
|
$
81,086
|
|
$ 91,817
|
|
$
202,685
|
|
$
248,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares - diluted
|
68,994,247
|
|
69,034,763
|
|
69,322,664
|
|
69,395,224
|
|
69,327,414
|
|
69,129,921
|
|
69,427,522
|
Net income per diluted
share
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
1.34
|
|
$
2.94
|
|
$ 3.81
|
Adjusted net income per
diluted share
|
$
1.16
|
|
$
0.91
|
|
$
0.86
|
|
$
1.17
|
|
$
1.32
|
|
$
2.93
|
|
$ 3.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
25,525,913
|
|
$
25,631,846
|
|
$
25,115,927
|
|
$
24,354,979
|
|
$
23,598,465
|
|
$
25,426,064
|
|
$
23,405,411
|
Return on average
assets
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.07 %
|
|
1.51 %
|
Adjusted return on
average assets
|
1.25 %
|
|
0.98 %
|
|
0.97 %
|
|
1.32 %
|
|
1.54 %
|
|
1.07 %
|
|
1.42 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$ 3,324,960
|
|
$ 3,293,049
|
|
$ 3,250,289
|
|
$
3,168,320
|
|
$ 3,123,718
|
|
$ 3,289,706
|
|
$
3,054,356
|
Average tangible common
equity
|
$ 2,214,775
|
|
$ 2,178,323
|
|
$ 2,130,856
|
|
$
2,039,094
|
|
$ 1,987,385
|
|
$ 2,174,958
|
|
$
1,916,262
|
Return on average
common equity
|
9.56 %
|
|
7.63 %
|
|
7.54 %
|
|
10.30 %
|
|
11.76 %
|
|
8.26 %
|
|
11.57 %
|
Adjusted return on
average tangible common equity
|
14.35 %
|
|
11.53 %
|
|
11.41 %
|
|
15.78 %
|
|
18.33 %
|
|
12.46 %
|
|
17.33 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended September 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
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Adjusted Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
141,446
|
|
$
148.403
|
|
$
139,421
|
|
$
135,061
|
|
$
139,578
|
|
$
429,270
|
|
$
425,594
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
—
|
|
(235)
|
|
—
|
|
—
|
|
(977)
|
Natural disaster
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
(151)
|
|
—
|
|
(151)
|
Gain (loss) on bank
premises
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
45
|
Adjusted noninterest
expense
|
$
141,446
|
|
$
148.403
|
|
$
139,421
|
|
$
134,826
|
|
$
139,427
|
|
$
429,270
|
|
$
424,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
207,751
|
|
$
209,540
|
|
$
211,652
|
|
$
224,137
|
|
$
212,981
|
|
$
628,943
|
|
$
576,889
|
Noninterest
income
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
186,580
|
|
236,076
|
Total
revenue
|
$
270,932
|
|
$
276,889
|
|
$
267,702
|
|
$
272,485
|
|
$
278,305
|
|
$
815,523
|
|
$
812,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
208,701
|
|
$
210,488
|
|
$
212,587
|
|
$
225,092
|
|
$
213,912
|
|
$
631,776
|
|
$
579,803
|
Noninterest
income
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
186,580
|
|
236,076
|
Total revenue
(TE)
|
271,882
|
|
277,837
|
|
268,637
|
|
273,440
|
|
279,236
|
|
818,356
|
|
815,879
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
16
|
|
6
|
|
(6)
|
|
(3)
|
|
21
|
|
16
|
|
(200)
|
(Gain) loss on sale of
MSR
|
—
|
|
—
|
|
—
|
|
(1,672)
|
|
316
|
|
—
|
|
316
|
Gain on BOLI
proceeds
|
—
|
|
—
|
|
(486)
|
|
—
|
|
(55)
|
|
(486)
|
|
(55)
|
Servicing right
impairment (recovery)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,332)
|
|
—
|
|
(21,824)
|
Adjusted total revenue
(TE)
|
$
271,898
|
|
$
277,843
|
|
$
268,145
|
|
$
271,765
|
|
$
278,186
|
|
$
817,886
|
|
$
794,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
52.21 %
|
|
53.60 %
|
|
52.08 %
|
|
49.57 %
|
|
50.15 %
|
|
52.64 %
|
|
52.35 %
|
Adjusted efficiency
ratio (TE)
|
52.02 %
|
|
53.41 %
|
|
51.99 %
|
|
49.61 %
|
|
50.12 %
|
|
52.49 %
|
|
53.46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Total shareholders'
equity
|
$
3,347,069
|
|
$
3,284,630
|
|
$
3,253,195
|
|
$
3,197,400
|
|
$
3,119,070
|
|
$
3,347,069
|
|
$
3,119,070
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,015,646
|
|
1,023,071
|
Other intangibles,
net
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
|
92,375
|
|
110,903
|
Total tangible
shareholders' equity
|
$
2,239,048
|
|
$
2,172,184
|
|
$
2,136,061
|
|
$
2,075,560
|
|
$
1,985,096
|
|
$
2,239,048
|
|
$
1,985,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,138,461
|
|
69,139,783
|
|
69,373,863
|
|
69,369,050
|
|
69,352,709
|
|
69,138,461
|
|
69,352,709
|
Book value per share
(period end)
|
$ 48.41
|
|
$ 47.51
|
|
$ 46.89
|
|
$ 46.09
|
|
$ 44.97
|
|
$ 48.41
|
|
$ 44.97
|
Tangible book value per
share (period end)
|
$ 32.38
|
|
$ 31.42
|
|
$ 30.79
|
|
$ 29.92
|
|
$ 28.62
|
|
$ 32.38
|
|
$ 28.62
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Tangible Common
Equity to Tangible Assets
|
Table
9D
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Total shareholders'
equity
|
$ 3,347,069
|
|
$ 3,284,630
|
|
$ 3,253,195
|
|
$ 3,197,400
|
|
$ 3,119,070
|
|
$ 3,347,069
|
|
$ 3,119,070
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,015,646
|
|
1,023,071
|
Other intangibles,
net
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
|
92,375
|
|
110,903
|
Total tangible
shareholders' equity
|
$ 2,239,048
|
|
$ 2,172,184
|
|
$ 2,136,061
|
|
$ 2,075,560
|
|
$ 1,985,096
|
|
$ 2,239,048
|
|
$ 1,985,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 25,697,830
|
|
$
25,800,618
|
|
$
26,088,384
|
|
$
25,053,286
|
|
$
23,813,657
|
|
$
25,697,830
|
|
$
23,813,657
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,023,071
|
|
1,015,646
|
|
1,023,071
|
Other intangibles,
net
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
|
110,903
|
|
92,375
|
|
110,903
|
Total tangible
assets
|
$
24,589,809
|
|
$
24,688,172
|
|
$
24,971,250
|
|
$
23,931,446
|
|
$
22,679,683
|
|
$
24,589,809
|
|
$
22,679,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
Assets
|
13.02 %
|
|
12.73 %
|
|
12.47 %
|
|
12.76 %
|
|
13.10 %
|
|
13.02 %
|
|
13.10 %
|
Tangible Common Equity
to Tangible Assets
|
9.11 %
|
|
8.80 %
|
|
8.55 %
|
|
8.67 %
|
|
8.75 %
|
|
9.11 %
|
|
8.75 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPNR
ROA
|
Table
9E
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Net income
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
203,171
|
|
$
264,319
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
24,912
|
|
20,335
|
|
18,131
|
|
22,313
|
|
28,520
|
|
63,378
|
|
84,245
|
Provision for credit
losses
|
24,459
|
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
119,704
|
|
38,807
|
PPNR
|
$
129,486
|
|
$
128,486
|
|
$
128,281
|
|
$
137,424
|
|
$
138,727
|
|
$
386,253
|
|
$
387,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
25,525,913
|
|
$
25,631,846
|
|
$
25,115,927
|
|
$
24,354,979
|
|
$
23,598,465
|
|
$
25,426,064
|
|
$
23,405,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets (ROA)
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.56 %
|
|
1.07 %
|
|
1.51 %
|
PPNR ROA
|
2.01 %
|
|
2.01 %
|
|
2.07 %
|
|
2.24 %
|
|
2.33 %
|
|
2.03 %
|
|
2.21 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
167,595
|
|
$
171,441
|
|
$
175,328
|
|
$
185,909
|
|
$
174,507
|
|
$
514,364
|
|
$
460,374
|
Provision for credit
losses
|
20,833
|
|
40,831
|
|
47,140
|
|
35,946
|
|
10,551
|
|
108,804
|
|
25,952
|
Noninterest
income
|
26,245
|
|
24,652
|
|
23,898
|
|
23,448
|
|
23,269
|
|
74,795
|
|
68,102
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
56,226
|
|
55,196
|
|
56,442
|
|
52,296
|
|
48,599
|
|
167,864
|
|
144,527
|
Occupancy and
equipment expenses
|
11,437
|
|
11,175
|
|
11,606
|
|
11,482
|
|
11,357
|
|
34,218
|
|
33,599
|
Data processing and
telecommunications expenses
|
11,786
|
|
11,898
|
|
11,797
|
|
11,085
|
|
10,779
|
|
35,481
|
|
32,872
|
Other noninterest
expenses
|
20,274
|
|
27,643
|
|
19,023
|
|
21,811
|
|
22,974
|
|
66,940
|
|
64,142
|
Total noninterest
expense
|
99,723
|
|
105,912
|
|
98,868
|
|
96,674
|
|
93,709
|
|
304,503
|
|
275,140
|
Income before income
tax expense
|
73,284
|
|
49,350
|
|
53,218
|
|
76,737
|
|
93,516
|
|
175,852
|
|
227,384
|
Income tax
expense
|
18,283
|
|
13,312
|
|
12,848
|
|
16,545
|
|
22,706
|
|
44,443
|
|
58,822
|
Net income
|
$
55,001
|
|
$
36,038
|
|
$
40,370
|
|
$
60,192
|
|
$
70,810
|
|
$
131,409
|
|
$
168,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
22,805
|
|
$
21,417
|
|
$
20,027
|
|
$
19,837
|
|
$
19,283
|
|
$
64,249
|
|
$
59,357
|
Provision for credit
losses
|
2,399
|
|
3,278
|
|
2,853
|
|
(2,778)
|
|
9,043
|
|
8,530
|
|
15,129
|
Noninterest
income
|
35,691
|
|
39,808
|
|
31,058
|
|
24,011
|
|
38,584
|
|
106,557
|
|
158,028
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
21,231
|
|
21,930
|
|
20,160
|
|
19,164
|
|
25,813
|
|
63,321
|
|
88,646
|
Occupancy and
equipment expenses
|
1,182
|
|
1,224
|
|
1,283
|
|
1,242
|
|
1,460
|
|
3,689
|
|
4,337
|
Data processing and
telecommunications expenses
|
1,052
|
|
1,397
|
|
1,069
|
|
1,203
|
|
1,082
|
|
3,518
|
|
3,377
|
Other noninterest
expenses
|
12,153
|
|
11,859
|
|
11,747
|
|
11,126
|
|
11,641
|
|
35,759
|
|
37,098
|
Total noninterest
expense
|
35,618
|
|
36,410
|
|
34,259
|
|
32,735
|
|
39,996
|
|
106,287
|
|
133,458
|
Income before income
tax expense
|
20,479
|
|
21,537
|
|
13,973
|
|
13,891
|
|
8,828
|
|
55,989
|
|
68,798
|
Income tax
expense
|
4,301
|
|
4,523
|
|
2,934
|
|
2,916
|
|
1,854
|
|
11,758
|
|
14,448
|
Net income
|
$
16,178
|
|
$
17,014
|
|
$
11,039
|
|
$
10,975
|
|
$ 6,974
|
|
$
44,231
|
|
$
54,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 6,008
|
|
$ 6,166
|
|
$ 5,700
|
|
$ 6,601
|
|
$ 6,979
|
|
$
17,874
|
|
$
20,126
|
Provision for credit
losses
|
(589)
|
|
411
|
|
(194)
|
|
117
|
|
(1,836)
|
|
(372)
|
|
(1,191)
|
Noninterest
income
|
662
|
|
1,404
|
|
480
|
|
579
|
|
1,516
|
|
2,546
|
|
3,958
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
924
|
|
772
|
|
802
|
|
427
|
|
1,055
|
|
2,498
|
|
1,546
|
Occupancy and
equipment expenses
|
1
|
|
—
|
|
1
|
|
1
|
|
1
|
|
2
|
|
3
|
Data processing and
telecommunications expenses
|
30
|
|
44
|
|
46
|
|
49
|
|
43
|
|
120
|
|
138
|
Other noninterest
expenses
|
219
|
|
223
|
|
202
|
|
191
|
|
209
|
|
644
|
|
639
|
Total noninterest
expense
|
1,174
|
|
1,039
|
|
1,051
|
|
668
|
|
1,308
|
|
3,264
|
|
2,326
|
Income before income
tax expense
|
6,085
|
|
6,120
|
|
5,323
|
|
6,395
|
|
9,023
|
|
17,528
|
|
22,949
|
Income tax
expense
|
1,278
|
|
1,285
|
|
1,118
|
|
1,342
|
|
1,895
|
|
3,681
|
|
4,820
|
Net income
|
$ 4,807
|
|
$ 4,835
|
|
$ 4,205
|
|
$ 5,053
|
|
$ 7,128
|
|
$
13,847
|
|
$
18,129
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 1,962
|
|
$ 2,331
|
|
$ 1,957
|
|
$ 2,491
|
|
$ 2,424
|
|
$ 6,250
|
|
$
12,233
|
Provision for credit
losses
|
1,677
|
|
424
|
|
(104)
|
|
265
|
|
52
|
|
1,997
|
|
(614)
|
Noninterest
income
|
579
|
|
1,476
|
|
605
|
|
302
|
|
1,946
|
|
2,660
|
|
5,963
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,209
|
|
1,316
|
|
1,309
|
|
1,306
|
|
1,412
|
|
3,834
|
|
3,999
|
Occupancy and
equipment expenses
|
36
|
|
40
|
|
37
|
|
98
|
|
82
|
|
113
|
|
262
|
Data processing and
telecommunications expenses
|
32
|
|
46
|
|
37
|
|
30
|
|
29
|
|
115
|
|
86
|
Other noninterest
expenses
|
157
|
|
333
|
|
422
|
|
368
|
|
100
|
|
912
|
|
1,019
|
Total noninterest
expense
|
1,434
|
|
1,735
|
|
1,805
|
|
1,802
|
|
1,623
|
|
4,974
|
|
5,366
|
Income before income
tax expense
|
(570)
|
|
1,648
|
|
861
|
|
726
|
|
2,695
|
|
1,939
|
|
13,444
|
Income tax
expense
|
(120)
|
|
346
|
|
181
|
|
153
|
|
566
|
|
407
|
|
2,823
|
Net income
|
$
(450)
|
|
$ 1,302
|
|
$
680
|
|
$
573
|
|
$ 2,129
|
|
$ 1,532
|
|
$
10,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 9,381
|
|
$ 8,185
|
|
$ 8,640
|
|
$ 9,299
|
|
$ 9,788
|
|
$
26,206
|
|
$
24,799
|
Provision for credit
losses
|
139
|
|
572
|
|
34
|
|
(660)
|
|
(158)
|
|
745
|
|
(469)
|
Noninterest
income
|
4
|
|
9
|
|
9
|
|
8
|
|
9
|
|
22
|
|
25
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
2,308
|
|
2,122
|
|
2,197
|
|
2,003
|
|
1,818
|
|
6,627
|
|
5,805
|
Occupancy and
equipment expenses
|
89
|
|
83
|
|
59
|
|
82
|
|
83
|
|
231
|
|
255
|
Data processing and
telecommunications expenses
|
73
|
|
66
|
|
85
|
|
119
|
|
82
|
|
224
|
|
269
|
Other noninterest
expenses
|
1,027
|
|
1,036
|
|
1,097
|
|
978
|
|
959
|
|
3,160
|
|
2,975
|
Total noninterest
expense
|
3,497
|
|
3,307
|
|
3,438
|
|
3,182
|
|
2,942
|
|
10,242
|
|
9,304
|
Income before income
tax expense
|
5,749
|
|
4,315
|
|
5,177
|
|
6,785
|
|
7,013
|
|
15,241
|
|
15,989
|
Income tax
expense
|
1,170
|
|
869
|
|
1,050
|
|
1,357
|
|
1,499
|
|
3,089
|
|
3,332
|
Net income
|
$ 4,579
|
|
$ 3,446
|
|
$ 4,127
|
|
$ 5,428
|
|
$ 5,514
|
|
$
12,152
|
|
$
12,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
207,751
|
|
$
209,540
|
|
$
211,652
|
|
$
224,137
|
|
$
212,981
|
|
$
628,943
|
|
$
576,889
|
Provision for credit
losses
|
24,459
|
|
45,516
|
|
49,729
|
|
32,890
|
|
17,652
|
|
119,704
|
|
38,807
|
Noninterest
income
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
65,324
|
|
186,580
|
|
236,076
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
81,898
|
|
81,336
|
|
80,910
|
|
75,196
|
|
78,697
|
|
244,144
|
|
244,523
|
Occupancy and
equipment expenses
|
12,745
|
|
12,522
|
|
12,986
|
|
12,905
|
|
12,983
|
|
38,253
|
|
38,456
|
Data processing and
telecommunications expenses
|
12,973
|
|
13,451
|
|
13,034
|
|
12,486
|
|
12,015
|
|
39,458
|
|
36,742
|
Other noninterest
expenses
|
33,830
|
|
41,094
|
|
32,491
|
|
34,474
|
|
35,883
|
|
107,415
|
|
105,873
|
Total noninterest
expense
|
141,446
|
|
148,403
|
|
139,421
|
|
135,061
|
|
139,578
|
|
429,270
|
|
425,594
|
Income before income
tax expense
|
105,027
|
|
82,970
|
|
78,552
|
|
104,534
|
|
121,075
|
|
266,549
|
|
348,564
|
Income tax
expense
|
24,912
|
|
20,335
|
|
18,131
|
|
22,313
|
|
28,520
|
|
63,378
|
|
84,245
|
Net income
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
92,555
|
|
$
203,171
|
|
$
264,319
|
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SOURCE Ameris Bancorp