JACKSONVILLE, Fla.,
July 26, 2019 /PRNewswire/ -- Ameris
Bancorp (Nasdaq: ABCB) (the "Company") today reported net
income of $38.9 million, or
$0.82 per diluted share, for the
quarter ended June 30, 2019, compared
with $9.4 million, or $0.24 per diluted share, for the quarter ended
June 30, 2018. The Company
reported adjusted net income of $45.2
million, or $0.96 per diluted
share, for the quarter ended June 30,
2019, compared with $29.2
million, or $0.74 per diluted
share, for the same period in 2018. Adjusted net income
excludes after-tax merger and conversion charges, executive
retirement benefits, mortgage servicing right ("MSR") valuation
adjustments, restructuring charges related to previously announced
branch consolidations, loss on sale of bank premises and expenses
related to hurricanes.
For the year-to-date period ending June
30, 2019, the Company reported net income of $78.8 million, or $1.66 per diluted share, compared with
$36.0 million, or $0.92 per diluted share, for the same period in
2018. The Company reported adjusted net income of
$87.8 million, or $1.85 per diluted share for the six months ended
June 30, 2019, compared with
$57.0 million, or $1.46 per diluted share, for the same period in
2018. Adjusted net income for the year-to-date period
excludes the same items listed above for the Company's
quarter-to-date period.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "The positive financial results from the second
quarter are reflective of the hard work and dedication of our
bankers. Strong momentum on integration, growing pipelines
and unique market opportunities reinforce our commitment to
an organic growth strategy."
Highlights of the Company's results for the second quarter of
2019 include the following:
- Increase of 5.5% in tangible book value per share to
$20.81 at June
30, 2019, compared with $19.73
at March 31, 2019
- Improvement in adjusted efficiency ratio to 53.77%, compared
with 55.12% in the first quarter of 2019 and 57.53% in the second
quarter of 2018
- Adjusted return on average assets of 1.56%, compared with 1.51%
in the first quarter of 2019 and 1.38% in the second quarter of
2018
- Adjusted return on average tangible common equity of 18.79%,
compared with 18.82% in the first quarter of 2019 and 17.26% in the
second quarter of 2018
- Growth in adjusted net income of $16.0
million, representing a 55% increase over second quarter of
2018
- Organic growth in loans of $581.4
million, or 28% annualized
- Annualized net charge-offs of 0.07% of average total loans and
0.11% of average non-purchased loans
- Improvement in nonperforming assets, decreasing to 0.51% of
total assets
- Repurchase of 296,335 shares under the Company's previously
announced common stock repurchase program
- Received required approvals to complete the acquisition of
Fidelity Southern Corporation effective July
1, 2019
Following is a summary of the adjustments between reported net
income and adjusted net income:
|
Adjusted Net
Income Reconciliation
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
(dollars in
thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Net income available
to common shareholders
|
$
|
38,904
|
|
|
$
|
9,387
|
|
|
$
|
78,809
|
|
|
$
|
36,047
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
3,475
|
|
|
18,391
|
|
|
5,532
|
|
|
19,226
|
|
|
Executive retirement
benefits
|
—
|
|
|
5,457
|
|
|
—
|
|
|
5,457
|
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|
MSR valuation
adjustment
|
1,460
|
|
|
—
|
|
|
1,460
|
|
|
—
|
|
|
Financial impact of
hurricanes
|
50
|
|
|
—
|
|
|
(39)
|
|
|
—
|
|
|
Loss on sale of
premises
|
2,800
|
|
|
196
|
|
|
3,719
|
|
|
779
|
|
|
Tax effect of
adjustment items
|
(1,479)
|
|
|
(4,192)
|
|
|
(1,929)
|
|
|
(4,490)
|
|
|
After-tax adjustment
items
|
6,306
|
|
|
19,852
|
|
|
8,988
|
|
|
20,972
|
|
|
Adjusted net
income
|
$
|
45,210
|
|
|
$
|
29,239
|
|
|
$
|
87,797
|
|
|
$
|
57,019
|
|
|
|
|
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
0.82
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.92
|
|
|
Adjusted net income
per diluted share
|
$
|
0.96
|
|
|
$
|
0.74
|
|
|
$
|
1.85
|
|
|
$
|
1.46
|
|
|
|
|
|
|
|
|
|
|
Reported return on
average assets
|
1.34
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
|
0.89
|
%
|
|
Adjusted return on
average assets
|
1.56
|
%
|
|
1.38
|
%
|
|
1.54
|
%
|
|
1.40
|
%
|
|
|
|
|
|
|
|
|
|
Reported return on
average common equity
|
10.27
|
%
|
|
3.86
|
%
|
|
10.60
|
%
|
|
7.72
|
%
|
|
Adjusted return on
average tangible common equity
|
18.79
|
%
|
|
17.26
|
%
|
|
18.81
|
%
|
|
17.18
|
%
|
Acquisition of Fidelity
On July 1, 2019, the Company completed its
acquisition of Fidelity Southern Corporation ("Fidelity"), the
parent company of Fidelity Bank, Atlanta, Georgia. Fidelity operated 62
full-service banking locations, 46 of which were located in
Georgia and 16 of which were
located in Florida. The acquisition further expands the
Company's existing Southeastern footprint in the attractive
Atlanta market, where the Company
is the largest community bank by deposit share after the
acquisition. At June 30, 2019,
Fidelity had total loans of $3.9
billion, total assets of $4.8
billion and total deposits of $4.0
billion. The conversion of Fidelity's systems to the
Company's is scheduled to be completed during the fourth quarter of
2019, after which management expects to fully realize operating
efficiencies from the acquisition.
Net Interest Income and Net Interest Margin
Net
interest income on a tax-equivalent basis for the second quarter of
2019 totaled $102.7 million, compared
with $100.5 million for the first
quarter of 2019 and $76.9 million for
second quarter of 2018. The Company's net interest margin was
3.91% for the second quarter of 2019, down from 3.95% reported for
the first quarter of 2019 and 3.95% reported for the second quarter
of 2018. Accretion income for the second quarter of 2019
increased to $3.1 million, compared
with $2.9 million for the first
quarter of 2019, and $2.7 million
reported for the second quarter of 2018. The Company's net
interest margin, excluding the effects of accretion income, also
decreased slightly during the quarter to 3.79%, compared with 3.83%
in the first quarter of 2019 and 3.81% in the second quarter of
2018. The linked quarter decrease was primarily attributable
to an increase in deposit costs, as the total earning asset yield
was stable at 4.95% for both the first and second quarters of
2019.
Yields on all loans, excluding the effect of accretion,
decreased to 5.18% during the second quarter of 2019, compared with
5.22% for the first quarter of 2019 and increased from 4.81% during
the second quarter of 2018. Loan production in the banking
division during the second quarter of 2019 totaled $854.7 million, with weighted average yields of
5.49%, compared with $613.5 million
and 5.78%, respectively, in the first quarter of 2019 and
$439.3 million and 5.46%,
respectively, in the second quarter of 2018. Loan production
in the lines of business (including retail mortgage, warehouse
lending, SBA and premium finance) amounted to an additional
$2.6 billion during the second
quarter of 2019, with weighted average yields of 5.20%, compared
with $1.9 billion and 5.47%,
respectively, during the first quarter of 2019 and $2.1 billion and 5.25%, respectively, during the
second quarter of 2018.
Interest expense during the second quarter of 2019 increased to
$27.4 million, compared with
$25.5 million in the first quarter of
2019 and $13.9 million in the second
quarter of 2018. The Company's total cost of funds moved five
basis points higher to 1.10% in the second quarter of 2019 as
compared with the first quarter of 2019. Deposit costs also
increased five basis points during the second quarter of 2019 to
0.97%, compared with 0.92% in the first quarter of 2019.
Costs of interest-bearing deposits increased during the quarter
from 1.25% in the first quarter of 2019 to 1.34% in the second
quarter of 2019, with the material portion of the increase relating
to MMDA and CD accounts.
Noninterest Income
Noninterest income in the
second quarter of 2019 was $35.2
million, compared with $30.8
million in the first quarter of 2019 and $31.3 million in the second quarter of
2018. The increase for both the linked quarter and year over
year is a result of increased service charges and mortgage banking
activity. Service charge revenue increased to $12.2 million in the second quarter of 2019,
compared with $11.6 million in the
first quarter of 2019 and $10.6
million in the second quarter of 2018 due to the Company's
increased number of deposit accounts from organic growth and the
acquisitions completed in 2018.
Mortgage banking activity increased to $18.5 million in the second quarter of 2019,
compared with $14.7 million for the
first quarter of 2019 and $15.4
million for the second quarter of 2018. Total
production in the retail mortgage division increased to
$585.1 million for the second quarter
of 2019, compared with $356.0 million
for the first quarter of 2019 and $522.1
million for the second quarter of 2018. Gain on sale
spreads decreased slightly in the second quarter of 2019, moving to
3.11% from 3.18% in the linked quarter, but increased from 2.94%
for the second quarter of 2018. Mortgage banking activity for the
second quarter of 2019 was impacted by an unfavorable MSR valuation
adjustment of $1.5 million.
Noninterest income from our SBA division increased to
$1.9 million in the second quarter of
2019, compared with $1.7 million in
the first quarter of 2019 and $1.3
million in the second quarter of 2018. Net income for
the division increased over 22% from the first quarter of 2019 and
over 52% from the second quarter of 2018 to $1.4 million in the second quarter of 2019.
Noninterest Expense
Noninterest expense
increased $5.8 million, or 7.7%, to
$81.3 million during the second
quarter of 2019, compared with $75.4
million for the first quarter of 2019. During the
second quarter of 2019, the Company recorded $6.3 million of charges to earnings, the majority
of which was related to merger and conversion activity and loss on
sale of premises, compared with $3.1
million in the first quarter of 2019 that were related
principally to merger and conversion activity and loss on sale of
premises. Excluding these charges, adjusted expenses
increased approximately $2.6 million,
or 3.6%, to $74.9 million in the
second quarter of 2019, from $72.3
million in the first quarter of 2019. The majority of
this increase is attributable to an increase in mortgage
commissions of $3.9 million related
to increased production compared with the first quarter of
2019. The Company continues to focus on its operating
efficiency ratio. The Company's adjusted efficiency ratio declined
from 57.53% in the second quarter of 2018 and 55.12% in the first
quarter of 2019 to 53.77% in the second quarter of 2019.
Income Tax Expense
The Company's effective tax
rate for the second quarter of 2019 was 23.7%, compared with 22.3%
in the first quarter of 2019 and 20.5% for the second quarter of
2018. The increased rate for the second quarter of 2019 was
attributable to certain non-deductible merger expenses and
increased state tax expense.
Balance Sheet Trends
Total assets at
June 30, 2019 were $11.9 billion, compared with $11.4 billion at December
31, 2018. Total loans, including loans held for sale,
purchased loans and purchased loan pools, were $9.31 billion at June 30,
2019, compared with $8.62
billion at December 31,
2018. Strong loan production in the second quarter of 2019
helped offset the impact of early pay downs and pay offs
experienced during the first quarter of 2019. Loan production
in the banking division during the second quarter of 2019 was 39%
higher than the first quarter of 2019 and was 95% higher than the
second quarter of 2018.
At June 30, 2019, total deposits
amounted to $9.58 billion, or 93.6%
of total funding, compared with $9.65
billion and 97.4%, respectively, at December 31, 2018. The decrease in total
deposits in the second quarter was primarily due to the maturity of
approximately $310.0 million of
brokered deposits as part of our liquidity management
strategy. Excluding those maturities, non-brokered deposits
increased $91.4 million, or 3.9%
annualized, in the second quarter. At June 30, 2019, noninterest-bearing deposit
accounts were $2.77 billion, or 28.9%
of total deposits, compared with $2.52
billion, or 26.1% of total deposits, at December 31, 2018. Non-rate sensitive
deposits (including non-interest bearing, NOW and savings) totaled
$4.71 billion at June 30, 2019, compared with $4.60 billion at December
31, 2018. These funds represented 49.1% of the
Company's total deposits at June 30,
2019, compared with 47.6% at the end of 2018.
Shareholders' equity at June 30,
2019 totaled $1.54 billion, an
increase of $80.8 million, or 5.5%,
from December 31, 2018. The
increase in shareholders' equity was primarily the result of
earnings of $78.8 million during the
first six months of 2019, offset by dividends declared of
$9.5 million and treasury stock
purchases of $11.6 million.
Tangible book value per share was $20.81 at June 30,
2019, up from $18.83 at
December 31, 2018. Tangible
common equity as a percentage of tangible assets was 8.68% at
June 30, 2019, compared with 8.22% at
the end of the 2018.
Credit Quality
Credit quality remains strong in
the Company. During the second quarter of 2019, the Company
recorded provision for loan loss expense of $4.7 million, compared with $3.4 million in the first quarter of 2019.
Nonperforming assets as a percentage of total assets decreased by
three basis point to 0.51% during the quarter. The net
charge-off ratio for non-purchased loans was 11 basis points for
the second quarter of 2019, compared with 27 basis points in the
first quarter of 2019 and 26 basis points in the second quarter of
2018.
Conference Call
The Company will host a
teleconference at 10:00 a.m. Eastern
time today (July 26, 2019) to
discuss the Company's results and answer appropriate questions. The
conference call can be accessed by dialing 1-877-504-1190 (or
1-855-669-9657 for participants in Canada and 1-412-902-6630 for other
international participants). The conference ID name is Ameris
Bancorp ABCB. A replay of the call will be available
one hour after the end of the conference call until August 9, 2019. To listen to the replay,
dial 1-877-344-7529 (or 1-855-669-9658 for participants in
Canada and 1-412-317-0088 for
other international participants). The conference replay
access code is 10133078. The conference call replay and the
financial information discussed will also be available on the
Investor Relations page of the Ameris Bank website at
www.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank
holding company headquartered in Moultrie, Georgia. The Company's banking
subsidiary, Ameris Bank, had 176 locations in Georgia, Alabama, Florida and South
Carolina at July 1, 2019,
including the 62 locations acquired in the Fidelity
acquisition.
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"). Management of Ameris
Bancorp (the "Company") uses these non-GAAP 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 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 performance 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,
and including statements about the benefits of the merger between
the Company and Fidelity. 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, political and market conditions and
fluctuations, including, without limitation, movements in interest
rates; competitive pressures on product pricing and services; the
businesses of the Company and Fidelity may not be integrated
successfully or such integration may take longer to accomplish than
expected; the expected cost savings and any revenue synergies from
the merger may not be fully realized within the expected
timeframes; disruption from the merger may make it more difficult
to maintain relationships with customers, employees or others;
diversion of management time to merger-related issues; and the
success and timing of other business strategies. 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, 2018 and its subsequently filed
Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. Forward-looking statements speak only as of the date
they are made, and the Company undertakes no obligation to update
or revise forward-looking statements.
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Financial
Highlights
|
Table
1
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
78,809
|
|
|
$
|
36,047
|
|
|
Adjusted net
income
|
$
|
45,210
|
|
|
$
|
42,587
|
|
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
29,239
|
|
|
$
|
87,797
|
|
|
$
|
57,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.93
|
|
|
Diluted
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.92
|
|
|
Adjusted diluted
EPS
|
$
|
0.96
|
|
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
1.85
|
|
|
$
|
1.46
|
|
|
Cash dividends per
share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
Book value per share
(period end)
|
$
|
32.52
|
|
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
32.52
|
|
|
$
|
28.87
|
|
|
Tangible book value
per share (period end)
|
$
|
20.81
|
|
|
$
|
19.73
|
|
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
17.12
|
|
|
$
|
20.81
|
|
|
$
|
17.12
|
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
47,310,561
|
|
|
47,366,296
|
|
|
47,501,150
|
|
|
47,514,653
|
|
|
39,432,021
|
|
|
47,353,678
|
|
|
38,703,449
|
|
|
Diluted
|
47,337,809
|
|
|
47,456,314
|
|
|
47,593,252
|
|
|
47,685,334
|
|
|
39,709,503
|
|
|
47,394,911
|
|
|
38,980,754
|
|
|
Period end number of
shares
|
47,261,584
|
|
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
47,261,584
|
|
|
47,518,662
|
|
|
Market
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
|
39.60
|
|
|
$
|
42.01
|
|
|
$
|
47.25
|
|
|
$
|
54.35
|
|
|
$
|
58.10
|
|
|
$
|
42.01
|
|
|
$
|
59.05
|
|
|
Low intraday
price
|
$
|
33.57
|
|
|
$
|
31.27
|
|
|
$
|
29.97
|
|
|
$
|
45.15
|
|
|
$
|
50.20
|
|
|
$
|
31.27
|
|
|
$
|
47.90
|
|
|
Period end closing
price
|
$
|
39.19
|
|
|
$
|
34.35
|
|
|
$
|
31.67
|
|
|
$
|
45.70
|
|
|
$
|
53.35
|
|
|
$
|
39.19
|
|
|
$
|
53.35
|
|
|
Average daily
volume
|
352,684
|
|
|
387,800
|
|
|
375,773
|
|
|
382,622
|
|
|
253,413
|
|
|
369,959
|
|
|
244,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.34
|
%
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.47
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
|
0.89
|
%
|
|
Adjusted return on
average assets
|
1.56
|
%
|
|
1.51
|
%
|
|
1.61
|
%
|
|
1.53
|
%
|
|
1.38
|
%
|
|
1.54
|
%
|
|
1.40
|
%
|
|
Return on average
common equity
|
10.27
|
%
|
|
10.95
|
%
|
|
12.09
|
%
|
|
11.78
|
%
|
|
3.86
|
%
|
|
10.60
|
%
|
|
7.72
|
%
|
|
Adjusted return on
average tangible common
equity
|
18.79
|
%
|
|
18.82
|
%
|
|
20.95
|
%
|
|
20.50
|
%
|
|
17.26
|
%
|
|
18.81
|
%
|
|
17.18
|
%
|
|
Earning asset yield
(TE)
|
4.95
|
%
|
|
4.95
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.66
|
%
|
|
4.95
|
%
|
|
4.60
|
%
|
|
Total cost of
funds
|
1.10
|
%
|
|
1.05
|
%
|
|
0.94
|
%
|
|
0.90
|
%
|
|
0.75
|
%
|
|
1.08
|
%
|
|
0.69
|
%
|
|
Net interest margin
(TE)
|
3.91
|
%
|
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.93
|
%
|
|
3.93
|
%
|
|
Noninterest income
excluding securities
transactions, as a percent of total revenue
(TE)
|
21.27
|
%
|
|
19.59
|
%
|
|
19.75
|
%
|
|
19.77
|
%
|
|
25.72
|
%
|
|
20.45
|
%
|
|
25.25
|
%
|
|
Efficiency
ratio
|
59.36
|
%
|
|
57.95
|
%
|
|
58.30
|
%
|
|
56.00
|
%
|
|
80.50
|
%
|
|
58.67
|
%
|
|
71.82
|
%
|
|
Adjusted efficiency
ratio (TE)
|
53.77
|
%
|
|
55.12
|
%
|
|
54.10
|
%
|
|
54.42
|
%
|
|
57.53
|
%
|
|
54.43
|
%
|
|
58.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.93
|
%
|
|
12.83
|
%
|
|
12.73
|
%
|
|
12.29
|
%
|
|
12.26
|
%
|
|
12.93
|
%
|
|
12.26
|
%
|
|
Tangible common
equity to tangible assets
|
8.68
|
%
|
|
8.46
|
%
|
|
8.22
|
%
|
|
7.77
|
%
|
|
7.65
|
%
|
|
8.68
|
%
|
|
7.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
8.68
|
%
|
|
8.46
|
%
|
|
8.22
|
%
|
|
7.77
|
%
|
|
7.65
|
%
|
|
8.68
|
%
|
|
7.65
|
%
|
|
Effect of goodwill
and other intangibles
|
4.25
|
%
|
|
4.37
|
%
|
|
4.51
|
%
|
|
4.52
|
%
|
|
4.61
|
%
|
|
4.25
|
%
|
|
4.61
|
%
|
|
Equity to assets
(GAAP)
|
12.93
|
%
|
|
12.83
|
%
|
|
12.73
|
%
|
|
12.29
|
%
|
|
12.26
|
%
|
|
12.93
|
%
|
|
12.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
1,336
|
|
|
1,343
|
|
|
1,370
|
|
|
1,432
|
|
|
1,477
|
|
|
1,336
|
|
|
1,477
|
|
|
Retail Mortgage
Division
|
348
|
|
|
328
|
|
|
332
|
|
|
317
|
|
|
308
|
|
|
348
|
|
|
308
|
|
|
Warehouse Lending
Division
|
10
|
|
|
9
|
|
|
8
|
|
|
8
|
|
|
7
|
|
|
10
|
|
|
7
|
|
|
SBA
Division
|
21
|
|
|
22
|
|
|
22
|
|
|
23
|
|
|
22
|
|
|
21
|
|
|
22
|
|
|
Premium Finance
Division
|
62
|
|
|
64
|
|
|
72
|
|
|
67
|
|
|
68
|
|
|
62
|
|
|
68
|
|
|
Total Ameris Bancorp
FTE headcount
|
1,777
|
|
|
1,766
|
|
|
1,804
|
|
|
1,847
|
|
|
1,882
|
|
|
1,777
|
|
|
1,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
8,889
|
|
|
$
|
8,679
|
|
|
$
|
8,353
|
|
|
$
|
7,981
|
|
|
$
|
7,577
|
|
|
$
|
8,899
|
|
|
$
|
7,577
|
|
|
Branch
locations
|
114
|
|
|
114
|
|
|
125
|
|
|
125
|
|
|
126
|
|
|
114
|
|
|
126
|
|
|
Deposits per branch
location
|
$
|
84,056
|
|
|
$
|
85,973
|
|
|
$
|
77,195
|
|
|
$
|
73,451
|
|
|
$
|
69,536
|
|
|
$
|
84,056
|
|
|
$
|
69,536
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
117,010
|
|
|
$
|
112,401
|
|
|
$
|
111,749
|
|
|
$
|
110,470
|
|
|
$
|
82,723
|
|
|
$
|
229,411
|
|
|
$
|
155,990
|
|
|
Interest on taxable
securities
|
9,383
|
|
|
9,043
|
|
|
8,686
|
|
|
8,792
|
|
|
6,321
|
|
|
18,426
|
|
|
11,528
|
|
|
Interest on
nontaxable securities
|
102
|
|
|
156
|
|
|
195
|
|
|
204
|
|
|
179
|
|
|
258
|
|
|
501
|
|
|
Interest on deposits
in other banks
|
2,276
|
|
|
3,150
|
|
|
1,964
|
|
|
1,581
|
|
|
723
|
|
|
5,426
|
|
|
1,439
|
|
|
Interest on federal
funds sold
|
257
|
|
|
179
|
|
|
155
|
|
|
72
|
|
|
—
|
|
|
436
|
|
|
—
|
|
|
Total interest
income
|
129,028
|
|
|
124,929
|
|
|
122,749
|
|
|
121,119
|
|
|
89,946
|
|
|
253,957
|
|
|
169,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
23,454
|
|
|
21,684
|
|
|
18,858
|
|
|
15,630
|
|
|
7,794
|
|
|
45,138
|
|
|
14,566
|
|
|
Interest on other
borrowings
|
3,923
|
|
|
3,850
|
|
|
4,337
|
|
|
6,451
|
|
|
6,153
|
|
|
7,773
|
|
|
10,092
|
|
|
Total interest
expense
|
27,377
|
|
|
25,534
|
|
|
23,195
|
|
|
22,081
|
|
|
13,947
|
|
|
52,911
|
|
|
24,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
101,651
|
|
|
99,395
|
|
|
99,554
|
|
|
99,038
|
|
|
75,999
|
|
|
201,046
|
|
|
144,800
|
|
|
Provision for loan
losses
|
4,668
|
|
|
3,408
|
|
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
8,076
|
|
|
10,911
|
|
|
Net interest
income after provision for loan
losses
|
96,983
|
|
|
95,987
|
|
|
95,893
|
|
|
96,943
|
|
|
66,889
|
|
|
192,970
|
|
|
133,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
12,168
|
|
|
11,646
|
|
|
12,597
|
|
|
12,690
|
|
|
10,613
|
|
|
23,814
|
|
|
20,841
|
|
|
Mortgage banking
activity
|
18,523
|
|
|
14,677
|
|
|
11,883
|
|
|
14,082
|
|
|
15,403
|
|
|
33,200
|
|
|
27,689
|
|
|
Other service
charges, commissions and fees
|
793
|
|
|
768
|
|
|
810
|
|
|
777
|
|
|
697
|
|
|
1,561
|
|
|
1,416
|
|
|
Gain (loss) on
securities
|
69
|
|
|
66
|
|
|
1
|
|
|
48
|
|
|
(123)
|
|
|
135
|
|
|
(86)
|
|
|
Other noninterest
income
|
3,683
|
|
|
3,614
|
|
|
5,179
|
|
|
2,574
|
|
|
4,717
|
|
|
7,297
|
|
|
7,911
|
|
|
Total noninterest
income
|
35,236
|
|
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
66,007
|
|
|
57,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
38,441
|
|
|
38,370
|
|
|
38,982
|
|
|
38,446
|
|
|
39,776
|
|
|
76,811
|
|
|
71,865
|
|
|
Occupancy and
equipment expenses
|
7,834
|
|
|
8,204
|
|
|
7,945
|
|
|
8,598
|
|
|
6,390
|
|
|
16,038
|
|
|
12,588
|
|
|
Data processing and
telecommunications expenses
|
8,388
|
|
|
8,391
|
|
|
8,293
|
|
|
8,518
|
|
|
6,439
|
|
|
16,779
|
|
|
13,574
|
|
|
Credit resolution
related expenses(1)
|
979
|
|
|
911
|
|
|
1,174
|
|
|
1,248
|
|
|
1,045
|
|
|
1,890
|
|
|
1,594
|
|
|
Advertising and
marketing expenses
|
1,987
|
|
|
1,741
|
|
|
1,633
|
|
|
1,453
|
|
|
1,256
|
|
|
3,728
|
|
|
2,485
|
|
|
Amortization of
intangible assets
|
3,121
|
|
|
3,132
|
|
|
3,650
|
|
|
2,676
|
|
|
2,252
|
|
|
6,253
|
|
|
3,186
|
|
|
Merger and conversion
charges
|
3,475
|
|
|
2,057
|
|
|
997
|
|
|
276
|
|
|
18,391
|
|
|
5,532
|
|
|
19,226
|
|
|
Other noninterest
expenses
|
17,026
|
|
|
12,619
|
|
|
13,136
|
|
|
11,138
|
|
|
10,837
|
|
|
29,645
|
|
|
20,966
|
|
|
Total noninterest
expense
|
81,251
|
|
|
75,425
|
|
|
75,810
|
|
|
72,353
|
|
|
86,386
|
|
|
156,676
|
|
|
145,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
50,968
|
|
|
51,333
|
|
|
50,553
|
|
|
54,761
|
|
|
11,810
|
|
|
102,301
|
|
|
46,176
|
|
|
Income tax
expense
|
12,064
|
|
|
11,428
|
|
|
7,017
|
|
|
13,317
|
|
|
2,423
|
|
|
23,492
|
|
|
10,129
|
|
|
Net
income
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
78,809
|
|
|
$
|
36,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Three Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
151,186
|
|
|
$
|
144,801
|
|
|
$
|
172,036
|
|
|
$
|
158,453
|
|
|
$
|
151,539
|
|
|
Federal funds sold
and interest-bearing deposits in banks
|
186,969
|
|
|
712,199
|
|
|
507,491
|
|
|
470,804
|
|
|
273,170
|
|
|
Time deposits in
other banks
|
748
|
|
|
7,371
|
|
|
10,812
|
|
|
11,558
|
|
|
11,558
|
|
|
Investment securities
available for sale, at fair value
|
1,273,244
|
|
|
1,234,435
|
|
|
1,192,423
|
|
|
1,162,570
|
|
|
1,153,703
|
|
|
Other
investments
|
32,481
|
|
|
15,157
|
|
|
14,455
|
|
|
35,929
|
|
|
44,769
|
|
|
Loans held for sale,
at fair value
|
261,073
|
|
|
112,070
|
|
|
111,298
|
|
|
130,179
|
|
|
137,249
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
6,522,448
|
|
|
5,756,358
|
|
|
5,660,457
|
|
|
5,543,306
|
|
|
5,380,515
|
|
|
Purchased
loans
|
2,286,425
|
|
|
2,472,271
|
|
|
2,588,832
|
|
|
2,711,460
|
|
|
2,812,510
|
|
|
Purchased loan
pools
|
240,997
|
|
|
253,710
|
|
|
262,625
|
|
|
274,752
|
|
|
297,509
|
|
|
Loans, net of
unearned income
|
9,049,870
|
|
|
8,482,339
|
|
|
8,511,914
|
|
|
8,529,518
|
|
|
8,490,534
|
|
|
Allowance for loan
losses
|
(31,793)
|
|
|
(28,659)
|
|
|
(28,819)
|
|
|
(28,116)
|
|
|
(31,532)
|
|
|
Loans, net
|
9,018,077
|
|
|
8,453,680
|
|
|
8,483,095
|
|
|
8,501,402
|
|
|
8,459,002
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
5,169
|
|
|
6,014
|
|
|
7,218
|
|
|
9,375
|
|
|
8,003
|
|
|
Purchased other real
estate owned
|
9,506
|
|
|
10,857
|
|
|
9,535
|
|
|
7,692
|
|
|
7,272
|
|
|
Total other real
estate owned
|
14,675
|
|
|
16,871
|
|
|
16,753
|
|
|
17,067
|
|
|
15,275
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
141,378
|
|
|
141,698
|
|
|
145,410
|
|
|
145,885
|
|
|
144,484
|
|
|
Goodwill
|
501,140
|
|
|
501,308
|
|
|
503,434
|
|
|
505,604
|
|
|
504,764
|
|
|
Other intangible
assets, net
|
52,437
|
|
|
55,557
|
|
|
58,689
|
|
|
54,729
|
|
|
53,561
|
|
|
Cash value of bank
owned life insurance
|
105,064
|
|
|
104,597
|
|
|
104,096
|
|
|
103,588
|
|
|
103,059
|
|
|
Deferred income
taxes, net
|
30,812
|
|
|
33,295
|
|
|
35,126
|
|
|
38,217
|
|
|
40,240
|
|
|
Other
assets
|
120,052
|
|
|
123,236
|
|
|
88,397
|
|
|
93,009
|
|
|
98,324
|
|
|
Total
assets
|
$
|
11,889,336
|
|
|
$
|
11,656,275
|
|
|
$
|
11,443,515
|
|
|
$
|
11,428,994
|
|
|
$
|
11,190,697
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
2,771,443
|
|
|
$
|
2,753,173
|
|
|
$
|
2,520,016
|
|
|
$
|
2,333,992
|
|
|
$
|
2,356,420
|
|
|
Interest-bearing
|
6,810,927
|
|
|
7,047,702
|
|
|
7,129,297
|
|
|
6,847,371
|
|
|
6,405,173
|
|
|
Total
deposits
|
9,582,370
|
|
|
9,800,875
|
|
|
9,649,313
|
|
|
9,181,363
|
|
|
8,761,593
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
3,307
|
|
|
4,259
|
|
|
20,384
|
|
|
14,071
|
|
|
11,002
|
|
|
Other
borrowings
|
564,636
|
|
|
151,454
|
|
|
151,774
|
|
|
656,831
|
|
|
862,136
|
|
|
Subordinated
deferrable interest debentures
|
89,871
|
|
|
89,529
|
|
|
89,187
|
|
|
88,986
|
|
|
88,646
|
|
|
FDIC loss-share
payable, net
|
20,596
|
|
|
18,834
|
|
|
19,487
|
|
|
18,740
|
|
|
18,716
|
|
|
Other
liabilities
|
91,435
|
|
|
95,740
|
|
|
57,023
|
|
|
64,026
|
|
|
76,708
|
|
|
Total
liabilities
|
10,352,215
|
|
|
10,160,691
|
|
|
9,987,168
|
|
|
10,024,017
|
|
|
9,818,801
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Common
stock
|
49,099
|
|
|
49,126
|
|
|
49,015
|
|
|
49,012
|
|
|
49,012
|
|
|
Capital
stock
|
1,053,500
|
|
|
1,053,190
|
|
|
1,051,584
|
|
|
1,050,752
|
|
|
1,049,283
|
|
|
Retained
earnings
|
446,182
|
|
|
412,005
|
|
|
377,135
|
|
|
338,350
|
|
|
301,656
|
|
|
Accumulated other
comprehensive income (loss), net of tax
|
16,462
|
|
|
(1,178)
|
|
|
(4,826)
|
|
|
(16,576)
|
|
|
(12,571)
|
|
|
Treasury
stock
|
(28,122)
|
|
|
(17,559)
|
|
|
(16,561)
|
|
|
(16,561)
|
|
|
(15,484)
|
|
|
Total
shareholders' equity
|
1,537,121
|
|
|
1,495,584
|
|
|
1,456,347
|
|
|
1,404,977
|
|
|
1,371,896
|
|
|
Total liabilities
and shareholders' equity
|
$
|
11,889,336
|
|
|
$
|
11,656,275
|
|
|
$
|
11,443,515
|
|
|
$
|
11,428,994
|
|
|
$
|
11,190,697
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
10,804,385
|
|
|
$
|
10,563,571
|
|
|
$
|
10,348,393
|
|
|
$
|
10,340,558
|
|
|
$
|
10,110,983
|
|
|
Intangible
assets
|
553,577
|
|
|
556,865
|
|
|
562,123
|
|
|
560,333
|
|
|
558,325
|
|
|
Interest-bearing
liabilities
|
7,468,741
|
|
|
7,292,944
|
|
|
7,390,642
|
|
|
7,607,259
|
|
|
7,366,957
|
|
|
Average
assets
|
11,625,344
|
|
|
11,423,677
|
|
|
11,307,980
|
|
|
11,204,504
|
|
|
8,529,035
|
|
|
Average common
shareholders' equity
|
1,519,598
|
|
|
1,478,462
|
|
|
1,428,341
|
|
|
1,395,479
|
|
|
974,494
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Asset Quality
Information
|
|
|
Table
4
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
28,659
|
|
|
$
|
28,819
|
|
|
$
|
28,116
|
|
|
$
|
31,532
|
|
|
$
|
26,200
|
|
|
$
|
28,819
|
|
|
$
|
25,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
4,668
|
|
|
3,408
|
|
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
8,076
|
|
|
10,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
3,496
|
|
|
5,379
|
|
|
4,430
|
|
|
8,112
|
|
|
5,717
|
|
|
8,875
|
|
|
8,589
|
|
|
Recoveries
|
1,962
|
|
|
1,811
|
|
|
1,472
|
|
|
2,601
|
|
|
1,939
|
|
|
3,773
|
|
|
3,419
|
|
|
Net charge-offs
(recoveries)
|
1,534
|
|
|
3,568
|
|
|
2,958
|
|
|
5,511
|
|
|
3,778
|
|
|
5,102
|
|
|
5,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
31,793
|
|
|
$
|
28,659
|
|
|
$
|
28,819
|
|
|
$
|
28,116
|
|
|
$
|
31,532
|
|
|
$
|
31,793
|
|
|
$
|
31,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,338
|
|
|
$
|
2,004
|
|
|
$
|
2,489
|
|
|
$
|
6,121
|
|
|
$
|
3,744
|
|
|
$
|
3,342
|
|
|
$
|
5,193
|
|
|
Real estate -
construction and development
|
222
|
|
|
25
|
|
|
7
|
|
|
265
|
|
|
20
|
|
|
247
|
|
|
20
|
|
|
Real estate -
commercial and farmland
|
100
|
|
|
1,253
|
|
|
169
|
|
|
27
|
|
|
—
|
|
|
1,353
|
|
|
142
|
|
|
Real estate -
residential
|
40
|
|
|
20
|
|
|
76
|
|
|
293
|
|
|
204
|
|
|
60
|
|
|
402
|
|
|
Consumer
installment
|
1,126
|
|
|
1,893
|
|
|
1,465
|
|
|
923
|
|
|
839
|
|
|
3,019
|
|
|
1,801
|
|
|
Purchased
loans
|
670
|
|
|
184
|
|
|
224
|
|
|
483
|
|
|
910
|
|
|
854
|
|
|
1,031
|
|
|
Purchased loan
pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
charge-offs
|
3,496
|
|
|
5,379
|
|
|
4,430
|
|
|
8,112
|
|
|
5,717
|
|
|
8,875
|
|
|
8,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
742
|
|
|
1,065
|
|
|
927
|
|
|
939
|
|
|
1,247
|
|
|
1,807
|
|
|
1,903
|
|
|
Real estate -
construction and development
|
19
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|
2
|
|
|
20
|
|
|
116
|
|
|
Real estate -
commercial and farmland
|
4
|
|
|
4
|
|
|
7
|
|
|
134
|
|
|
11
|
|
|
8
|
|
|
35
|
|
|
Real estate -
residential
|
133
|
|
|
104
|
|
|
91
|
|
|
44
|
|
|
29
|
|
|
237
|
|
|
211
|
|
|
Consumer
installment
|
242
|
|
|
164
|
|
|
137
|
|
|
178
|
|
|
117
|
|
|
406
|
|
|
184
|
|
|
Purchased
loans
|
822
|
|
|
473
|
|
|
307
|
|
|
1,305
|
|
|
533
|
|
|
1,295
|
|
|
970
|
|
|
Purchased loan
pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
recoveries
|
1,962
|
|
|
1,811
|
|
|
1,472
|
|
|
2,601
|
|
|
1,939
|
|
|
3,773
|
|
|
3,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
|
1,534
|
|
|
$
|
3,568
|
|
|
$
|
2,958
|
|
|
$
|
5,511
|
|
|
$
|
3,778
|
|
|
$
|
5,102
|
|
|
$
|
5,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(excluding purchased loans)
|
$
|
18,129
|
|
|
$
|
17,633
|
|
|
$
|
17,952
|
|
|
$
|
15,986
|
|
|
$
|
16,813
|
|
|
$
|
18,129
|
|
|
$
|
16,813
|
|
|
Nonaccrual purchased
loans
|
23,350
|
|
|
23,846
|
|
|
24,107
|
|
|
27,764
|
|
|
33,557
|
|
|
23,350
|
|
|
33,557
|
|
|
Nonaccrual purchased
loan pools
|
—
|
|
|
400
|
|
|
—
|
|
|
4,696
|
|
|
2,197
|
|
|
—
|
|
|
2,197
|
|
|
Other real estate
owned
|
5,169
|
|
|
6,014
|
|
|
7,218
|
|
|
9,375
|
|
|
8,003
|
|
|
5,169
|
|
|
8,003
|
|
|
Purchased other real
estate owned
|
9,506
|
|
|
10,857
|
|
|
9,535
|
|
|
7,692
|
|
|
7,272
|
|
|
9,506
|
|
|
7,272
|
|
|
Accruing loans
delinquent 90 days or more
(excluding purchased loans)
|
4,439
|
|
|
3,676
|
|
|
4,222
|
|
|
2,863
|
|
|
7,421
|
|
|
4,439
|
|
|
7,421
|
|
|
Accruing purchased
loans delinquent 90 days or
more
|
174
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174
|
|
|
—
|
|
|
Total non-performing
assets
|
$
|
60,767
|
|
|
$
|
62,426
|
|
|
$
|
63,034
|
|
|
$
|
68,376
|
|
|
$
|
75,263
|
|
|
$
|
60,767
|
|
|
$
|
75,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.51
|
%
|
|
0.54
|
%
|
|
0.55
|
%
|
|
0.60
|
%
|
|
0.67
|
%
|
|
0.51
|
%
|
|
0.67
|
%
|
|
Net charge-offs as a
percent of average loans
(annualized)
|
0.07
|
%
|
|
0.17
|
%
|
|
0.14
|
%
|
|
0.26
|
%
|
|
0.23
|
%
|
|
0.12
|
%
|
|
0.16
|
%
|
|
Net charge-offs,
excluding purchased loans as a
percent of average loans (annualized)
|
0.11
|
%
|
|
0.27
|
%
|
|
0.21
|
%
|
|
0.44
|
%
|
|
0.26
|
%
|
|
0.18
|
%
|
|
0.20
|
%
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Loan
Information
|
Table
5
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,648,190
|
|
|
$
|
1,382,907
|
|
|
$
|
1,316,359
|
|
|
$
|
1,422,152
|
|
|
$
|
1,446,857
|
|
|
Real estate -
construction and development
|
788,409
|
|
|
676,563
|
|
|
671,198
|
|
|
641,830
|
|
|
672,155
|
|
|
Real estate -
commercial and farmland
|
2,046,347
|
|
|
1,894,937
|
|
|
1,814,529
|
|
|
1,804,265
|
|
|
1,640,411
|
|
|
Real estate -
residential
|
1,589,646
|
|
|
1,365,482
|
|
|
1,403,000
|
|
|
1,275,201
|
|
|
1,245,370
|
|
|
Consumer
installment
|
449,856
|
|
|
436,469
|
|
|
455,371
|
|
|
399,858
|
|
|
375,722
|
|
|
Total legacy
loans
|
$
|
6,522,448
|
|
|
$
|
5,756,358
|
|
|
$
|
5,660,457
|
|
|
$
|
5,543,306
|
|
|
$
|
5,380,515
|
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
252,621
|
|
|
$
|
327,972
|
|
|
$
|
372,686
|
|
|
$
|
413,365
|
|
|
$
|
397,517
|
|
|
Real estate -
construction and development
|
315,141
|
|
|
239,413
|
|
|
227,900
|
|
|
219,882
|
|
|
268,443
|
|
|
Real estate -
commercial and farmland
|
1,135,866
|
|
|
1,280,515
|
|
|
1,337,859
|
|
|
1,399,174
|
|
|
1,428,490
|
|
|
Real estate -
residential
|
558,458
|
|
|
597,735
|
|
|
623,199
|
|
|
649,352
|
|
|
679,205
|
|
|
Consumer
installment
|
24,339
|
|
|
26,636
|
|
|
27,188
|
|
|
29,687
|
|
|
38,855
|
|
|
Total purchased
loans
|
$
|
2,286,425
|
|
|
$
|
2,472,271
|
|
|
$
|
2,588,832
|
|
|
$
|
2,711,460
|
|
|
$
|
2,812,510
|
|
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
|
Real estate -
residential
|
$
|
240,997
|
|
|
$
|
253,710
|
|
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
Total purchased
loan pools
|
$
|
240,997
|
|
|
$
|
253,710
|
|
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
Total loan
portfolio
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,900,811
|
|
|
$
|
1,710,879
|
|
|
$
|
1,689,045
|
|
|
$
|
1,835,517
|
|
|
$
|
1,844,374
|
|
|
Real estate -
construction and development
|
1,103,550
|
|
|
915,976
|
|
|
899,098
|
|
|
861,712
|
|
|
940,598
|
|
|
Real estate -
commercial and farmland
|
3,182,213
|
|
|
3,175,452
|
|
|
3,152,388
|
|
|
3,203,439
|
|
|
3,068,901
|
|
|
Real estate -
residential
|
2,389,101
|
|
|
2,216,927
|
|
|
2,288,824
|
|
|
2,199,305
|
|
|
2,222,084
|
|
|
Consumer
installment
|
474,195
|
|
|
463,105
|
|
|
482,559
|
|
|
429,545
|
|
|
414,577
|
|
|
Total
loans
|
$
|
9,049,870
|
|
|
$
|
8,482,339
|
|
|
$
|
8,511,914
|
|
|
$
|
8,529,518
|
|
|
$
|
8,490,534
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings (excluding purchased loans)
|
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
300
|
|
|
$
|
116
|
|
|
$
|
256
|
|
|
$
|
180
|
|
|
$
|
38
|
|
|
Real estate -
construction and development
|
138
|
|
|
142
|
|
|
145
|
|
|
384
|
|
|
150
|
|
|
Real estate -
commercial and farmland
|
2,911
|
|
|
2,954
|
|
|
2,863
|
|
|
3,817
|
|
|
4,531
|
|
|
Real estate -
residential
|
9,593
|
|
|
8,240
|
|
|
6,043
|
|
|
6,558
|
|
|
6,299
|
|
|
Consumer
installment
|
10
|
|
|
11
|
|
|
16
|
|
|
4
|
|
|
5
|
|
|
Total accruing
troubled debt restructurings
|
$
|
12,952
|
|
|
$
|
11,463
|
|
|
$
|
9,323
|
|
|
$
|
10,943
|
|
|
$
|
11,023
|
|
|
Nonaccrual
troubled debt restructurings
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
135
|
|
|
$
|
138
|
|
|
$
|
138
|
|
|
$
|
208
|
|
|
$
|
330
|
|
|
Real estate -
construction and development
|
2
|
|
|
2
|
|
|
2
|
|
|
6
|
|
|
30
|
|
|
Real estate -
commercial and farmland
|
576
|
|
|
450
|
|
|
426
|
|
|
306
|
|
|
196
|
|
|
Real estate -
residential
|
791
|
|
|
832
|
|
|
1,119
|
|
|
742
|
|
|
709
|
|
|
Consumer
installment
|
65
|
|
|
63
|
|
|
69
|
|
|
92
|
|
|
102
|
|
|
Total nonaccrual
troubled debt restructurings
|
$
|
1,569
|
|
|
$
|
1,485
|
|
|
$
|
1,754
|
|
|
$
|
1,354
|
|
|
$
|
1,367
|
|
|
Total
troubled debt restructurings (excluding purchased
loans)
|
$
|
14,521
|
|
|
$
|
12,948
|
|
|
$
|
11,077
|
|
|
$
|
12,297
|
|
|
$
|
12,390
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Loan Information
(continued)
|
Table
5
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
543,786
|
|
|
$
|
540,646
|
|
|
$
|
542,164
|
|
|
$
|
550,020
|
|
|
$
|
545,902
|
|
|
Grade 2 - Strong
credit
|
730,621
|
|
|
587,622
|
|
|
523,101
|
|
|
645,612
|
|
|
660,495
|
|
|
Grade 3 - Good
credit
|
2,801,373
|
|
|
2,372,115
|
|
|
2,408,128
|
|
|
2,289,584
|
|
|
2,211,703
|
|
|
Grade 4 -
Satisfactory credit
|
2,225,083
|
|
|
2,088,813
|
|
|
2,047,688
|
|
|
1,939,518
|
|
|
1,820,884
|
|
|
Grade 5 - Fair
credit
|
139,936
|
|
|
87,785
|
|
|
59,054
|
|
|
40,041
|
|
|
52,069
|
|
|
Grade 6 - Other
assets especially mentioned
|
34,414
|
|
|
32,949
|
|
|
35,118
|
|
|
41,125
|
|
|
38,150
|
|
|
Grade 7 -
Substandard
|
47,232
|
|
|
46,428
|
|
|
45,204
|
|
|
37,406
|
|
|
51,305
|
|
|
Grade 8 -
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
Grade 9 -
Loss
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total legacy
loans
|
$
|
6,522,448
|
|
|
$
|
5,756,358
|
|
|
$
|
5,660,457
|
|
|
$
|
5,543,306
|
|
|
$
|
5,380,515
|
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
78,248
|
|
|
$
|
80,682
|
|
|
$
|
90,775
|
|
|
$
|
54,840
|
|
|
$
|
55,183
|
|
|
Grade 2 - Strong
credit
|
81,069
|
|
|
84,904
|
|
|
84,617
|
|
|
132,454
|
|
|
139,683
|
|
|
Grade 3 - Good
credit
|
787,052
|
|
|
677,718
|
|
|
656,289
|
|
|
463,307
|
|
|
449,317
|
|
|
Grade 4 -
Satisfactory credit
|
1,176,182
|
|
|
1,428,353
|
|
|
1,586,377
|
|
|
1,828,090
|
|
|
1,908,143
|
|
|
Grade 5 - Fair
credit
|
71,293
|
|
|
90,391
|
|
|
63,613
|
|
|
133,653
|
|
|
135,281
|
|
|
Grade 6 - Other
assets especially mentioned
|
29,661
|
|
|
38,599
|
|
|
30,448
|
|
|
35,676
|
|
|
45,095
|
|
|
Grade 7 -
Substandard
|
62,920
|
|
|
71,618
|
|
|
76,713
|
|
|
63,440
|
|
|
79,808
|
|
|
Grade 8 -
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Grade 9 -
Loss
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total purchased
loans
|
$
|
2,286,425
|
|
|
$
|
2,472,271
|
|
|
$
|
2,588,832
|
|
|
$
|
2,711,460
|
|
|
$
|
2,812,510
|
|
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
|
Grade 3 - Good
credit
|
$
|
240,997
|
|
|
$
|
253,310
|
|
|
$
|
262,625
|
|
|
$
|
270,056
|
|
|
$
|
295,312
|
|
|
Grade 7 -
Substandard
|
—
|
|
|
400
|
|
|
—
|
|
|
4,696
|
|
|
2,197
|
|
|
Total purchased
loan pools
|
$
|
240,997
|
|
|
$
|
253,710
|
|
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
41,683
|
|
|
$
|
31,291
|
|
|
$
|
28,755
|
|
|
$
|
15,074
|
|
|
$
|
203
|
|
|
$
|
36,515
|
|
|
$
|
107
|
|
|
Interest-bearing
deposits in banks
|
341,937
|
|
|
467,379
|
|
|
373,068
|
|
|
283,604
|
|
|
151,332
|
|
|
404,311
|
|
|
151,691
|
|
|
Time deposits in
other banks
|
3,792
|
|
|
10,221
|
|
|
10,961
|
|
|
11,557
|
|
|
254
|
|
|
6,989
|
|
|
128
|
|
|
Investment securities
- taxable
|
1,233,297
|
|
|
1,186,896
|
|
|
1,138,981
|
|
|
1,117,517
|
|
|
839,772
|
|
|
1,210,225
|
|
|
808,714
|
|
|
Investment securities
- nontaxable
|
15,288
|
|
|
24,136
|
|
|
29,962
|
|
|
31,641
|
|
|
26,626
|
|
|
19,688
|
|
|
37,480
|
|
|
Other
investments
|
15,830
|
|
|
14,532
|
|
|
18,494
|
|
|
36,067
|
|
|
42,384
|
|
|
15,185
|
|
|
38,662
|
|
|
Loans held for
sale
|
154,707
|
|
|
101,521
|
|
|
129,664
|
|
|
151,396
|
|
|
141,875
|
|
|
128,261
|
|
|
140,012
|
|
|
Loans
|
6,370,860
|
|
|
5,867,037
|
|
|
5,819,684
|
|
|
5,703,921
|
|
|
5,198,301
|
|
|
6,138,749
|
|
|
5,051,742
|
|
|
Purchased
loans
|
2,123,754
|
|
|
2,359,280
|
|
|
2,402,610
|
|
|
2,499,393
|
|
|
1,107,184
|
|
|
2,222,457
|
|
|
974,846
|
|
|
Purchased loan
pools
|
245,947
|
|
|
257,661
|
|
|
268,568
|
|
|
287,859
|
|
|
310,594
|
|
|
251,772
|
|
|
317,813
|
|
|
Total Earning
Assets
|
$
|
10,547,095
|
|
|
$
|
10,319,954
|
|
|
$
|
10,220,747
|
|
|
$
|
10,138,029
|
|
|
$
|
7,818,525
|
|
|
$
|
10,434,152
|
|
|
$
|
7,521,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
2,723,843
|
|
|
$
|
2,545,043
|
|
|
$
|
2,570,783
|
|
|
$
|
2,320,851
|
|
|
$
|
1,973,910
|
|
|
$
|
2,634,937
|
|
|
$
|
1,877,858
|
|
|
NOW
accounts
|
1,506,721
|
|
|
1,553,988
|
|
|
1,546,939
|
|
|
1,567,111
|
|
|
1,311,952
|
|
|
1,530,224
|
|
|
1,324,764
|
|
|
MMDA
|
2,655,108
|
|
|
2,677,015
|
|
|
2,590,194
|
|
|
2,440,086
|
|
|
1,950,601
|
|
|
2,666,001
|
|
|
1,960,531
|
|
|
Savings
accounts
|
405,506
|
|
|
399,089
|
|
|
401,836
|
|
|
423,449
|
|
|
295,326
|
|
|
402,315
|
|
|
286,750
|
|
|
Retail CDs <
$100,000
|
778,957
|
|
|
767,405
|
|
|
776,556
|
|
|
744,145
|
|
|
475,965
|
|
|
773,213
|
|
|
449,515
|
|
|
Retail CDs $100,000
and over
|
1,183,465
|
|
|
1,124,733
|
|
|
1,055,973
|
|
|
978,842
|
|
|
585,632
|
|
|
1,154,261
|
|
|
589,611
|
|
|
Brokered
CDs
|
486,292
|
|
|
510,301
|
|
|
510,663
|
|
|
487,686
|
|
|
14,132
|
|
|
498,230
|
|
|
7,105
|
|
|
Total
Deposits
|
9,739,892
|
|
|
9,577,574
|
|
|
9,452,944
|
|
|
8,962,170
|
|
|
6,607,518
|
|
|
9,659,181
|
|
|
6,496,134
|
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
under agreements to repurchase
|
3,213
|
|
|
15,879
|
|
|
14,670
|
|
|
12,529
|
|
|
14,762
|
|
|
9,511
|
|
|
17,819
|
|
|
FHLB
advances
|
22,390
|
|
|
6,257
|
|
|
101,337
|
|
|
513,460
|
|
|
703,177
|
|
|
14,368
|
|
|
538,282
|
|
|
Other
borrowings
|
145,453
|
|
|
145,473
|
|
|
145,494
|
|
|
145,513
|
|
|
86,302
|
|
|
145,463
|
|
|
80,957
|
|
|
Subordinated
deferrable interest debentures
|
89,686
|
|
|
89,343
|
|
|
89,135
|
|
|
88,801
|
|
|
86,085
|
|
|
89,516
|
|
|
85,894
|
|
|
Total Non-Deposit
Funding
|
260,742
|
|
|
256,952
|
|
|
350,636
|
|
|
760,303
|
|
|
890,326
|
|
|
258,858
|
|
|
722,952
|
|
|
Total
Funding
|
$
|
10,000,634
|
|
|
$
|
9,834,526
|
|
|
$
|
9,803,580
|
|
|
$
|
9,722,473
|
|
|
$
|
7,497,844
|
|
|
$
|
9,918,039
|
|
|
$
|
7,219,086
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Interest Income
and Interest Expense (TE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
257
|
|
|
$
|
179
|
|
|
$
|
155
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
436
|
|
|
$
|
—
|
|
|
Interest-bearing
deposits in banks
|
2,260
|
|
|
3,099
|
|
|
1,906
|
|
|
1,520
|
|
|
723
|
|
|
5,359
|
|
|
1,439
|
|
|
Time deposits in
other banks
|
16
|
|
|
51
|
|
|
58
|
|
|
61
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
Investment securities
- taxable
|
9,383
|
|
|
9,043
|
|
|
8,686
|
|
|
8,792
|
|
|
6,321
|
|
|
18,426
|
|
|
11,528
|
|
|
Investment securities
- nontaxable (TE)
|
129
|
|
|
197
|
|
|
247
|
|
|
258
|
|
|
226
|
|
|
327
|
|
|
634
|
|
|
Loans held for
sale
|
1,632
|
|
|
1,152
|
|
|
1,618
|
|
|
1,566
|
|
|
1,315
|
|
|
2,784
|
|
|
2,525
|
|
|
Loans (TE)
|
87,412
|
|
|
77,322
|
|
|
73,594
|
|
|
73,178
|
|
|
63,908
|
|
|
164,733
|
|
|
122,679
|
|
|
Purchased
loans
|
27,154
|
|
|
33,011
|
|
|
35,413
|
|
|
34,692
|
|
|
16,130
|
|
|
60,165
|
|
|
27,892
|
|
|
Purchased loan
pools
|
1,847
|
|
|
1,933
|
|
|
2,151
|
|
|
2,059
|
|
|
2,267
|
|
|
3,780
|
|
|
4,691
|
|
|
Total Earning
Assets
|
$
|
130,090
|
|
|
$
|
125,987
|
|
|
$
|
123,828
|
|
|
$
|
122,198
|
|
|
$
|
90,890
|
|
|
$
|
256,077
|
|
|
$
|
171,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
3,103
|
|
|
$
|
2,883
|
|
|
$
|
4,077
|
|
|
$
|
3,656
|
|
|
$
|
2,652
|
|
|
$
|
5,986
|
|
|
$
|
4,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
NOW
accounts
|
2,260
|
|
|
2,109
|
|
|
1,736
|
|
|
1,142
|
|
|
1,142
|
|
|
4,369
|
|
|
2,095
|
|
|
MMDA
|
9,488
|
|
|
9,047
|
|
|
7,991
|
|
|
5,885
|
|
|
3,953
|
|
|
18,535
|
|
|
7,479
|
|
|
Savings
accounts
|
85
|
|
|
77
|
|
|
83
|
|
|
82
|
|
|
54
|
|
|
162
|
|
|
101
|
|
|
Retail CDs <
$100,000
|
2,744
|
|
|
2,312
|
|
|
1,880
|
|
|
1,827
|
|
|
907
|
|
|
5,056
|
|
|
1,575
|
|
|
Retail CDs $100,000
and over
|
5,841
|
|
|
5,018
|
|
|
3,978
|
|
|
3,643
|
|
|
1,670
|
|
|
10,859
|
|
|
3,248
|
|
|
Brokered
CDs
|
3,036
|
|
|
3,121
|
|
|
3,190
|
|
|
3,051
|
|
|
68
|
|
|
6,157
|
|
|
68
|
|
|
Total
Deposits
|
23,454
|
|
|
21,684
|
|
|
18,858
|
|
|
15,630
|
|
|
7,794
|
|
|
45,138
|
|
|
14,566
|
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
under agreements to repurchase
|
2
|
|
|
11
|
|
|
5
|
|
|
4
|
|
|
5
|
|
|
13
|
|
|
14
|
|
|
FHLB
advances
|
141
|
|
|
44
|
|
|
568
|
|
|
2,745
|
|
|
3,383
|
|
|
185
|
|
|
4,840
|
|
|
Other
borrowings
|
2,210
|
|
|
2,227
|
|
|
2,222
|
|
|
2,180
|
|
|
1,320
|
|
|
4,437
|
|
|
2,454
|
|
|
Subordinated
deferrable interest debentures
|
1,570
|
|
|
1,568
|
|
|
1,542
|
|
|
1,522
|
|
|
1,445
|
|
|
3,138
|
|
|
2,784
|
|
|
Total Non-Deposit
Funding
|
3,923
|
|
|
3,850
|
|
|
4,337
|
|
|
6,451
|
|
|
6,153
|
|
|
7,773
|
|
|
10,092
|
|
|
Total
Funding
|
$
|
27,377
|
|
|
$
|
25,534
|
|
|
$
|
23,195
|
|
|
$
|
22,081
|
|
|
$
|
13,947
|
|
|
$
|
52,911
|
|
|
$
|
24,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
102,713
|
|
|
$
|
100,453
|
|
|
$
|
100,633
|
|
|
$
|
100,117
|
|
|
$
|
76,943
|
|
|
$
|
203,166
|
|
|
$
|
146,730
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Yields(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
2.47
|
%
|
|
2.32
|
%
|
|
2.14
|
%
|
|
1.89
|
%
|
|
0.00
|
%
|
|
2.41
|
%
|
|
0.00
|
%
|
|
Interest-bearing
deposits in banks
|
2.65
|
%
|
|
2.69
|
%
|
|
2.03
|
%
|
|
2.13
|
%
|
|
1.92
|
%
|
|
2.67
|
%
|
|
1.91
|
%
|
|
Time deposits in
other banks
|
1.69
|
%
|
|
2.02
|
%
|
|
2.10
|
%
|
|
2.09
|
%
|
|
0.00
|
%
|
|
1.93
|
%
|
|
0.00
|
%
|
|
Investment securities
- taxable
|
3.05
|
%
|
|
3.09
|
%
|
|
3.03
|
%
|
|
3.12
|
%
|
|
3.02
|
%
|
|
3.07
|
%
|
|
2.87
|
%
|
|
Investment securities
- nontaxable (TE)
|
3.38
|
%
|
|
3.31
|
%
|
|
3.27
|
%
|
|
3.24
|
%
|
|
3.40
|
%
|
|
3.35
|
%
|
|
3.41
|
%
|
|
Loans held for
sale
|
4.23
|
%
|
|
4.60
|
%
|
|
4.95
|
%
|
|
4.10
|
%
|
|
3.72
|
%
|
|
4.38
|
%
|
|
3.64
|
%
|
|
Loans (TE)
|
5.50
|
%
|
|
5.34
|
%
|
|
5.02
|
%
|
|
5.09
|
%
|
|
4.93
|
%
|
|
5.41
|
%
|
|
4.90
|
%
|
|
Purchased
loans
|
5.13
|
%
|
|
5.67
|
%
|
|
5.85
|
%
|
|
5.51
|
%
|
|
5.84
|
%
|
|
5.46
|
%
|
|
5.77
|
%
|
|
Purchased loan
pools
|
3.01
|
%
|
|
3.04
|
%
|
|
3.18
|
%
|
|
2.84
|
%
|
|
2.93
|
%
|
|
3.03
|
%
|
|
2.98
|
%
|
|
Total Earning
Assets
|
4.95
|
%
|
|
4.95
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.66
|
%
|
|
4.95
|
%
|
|
4.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
NOW
accounts
|
0.60
|
%
|
|
0.55
|
%
|
|
0.45
|
%
|
|
0.29
|
%
|
|
0.35
|
%
|
|
0.58
|
%
|
|
0.32
|
%
|
|
MMDA
|
1.43
|
%
|
|
1.37
|
%
|
|
1.22
|
%
|
|
0.96
|
%
|
|
0.81
|
%
|
|
1.40
|
%
|
|
0.77
|
%
|
|
Savings
accounts
|
0.08
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.07
|
%
|
|
0.08
|
%
|
|
0.07
|
%
|
|
Retail CDs <
$100,000
|
1.41
|
%
|
|
1.22
|
%
|
|
0.96
|
%
|
|
0.97
|
%
|
|
0.76
|
%
|
|
1.32
|
%
|
|
0.71
|
%
|
|
Retail CDs $100,000
and over
|
1.98
|
%
|
|
1.81
|
%
|
|
1.49
|
%
|
|
1.48
|
%
|
|
1.14
|
%
|
|
1.90
|
%
|
|
1.11
|
%
|
|
Brokered
CDs
|
2.50
|
%
|
|
2.48
|
%
|
|
2.48
|
%
|
|
2.48
|
%
|
|
1.93
|
%
|
|
2.49
|
%
|
|
1.93
|
%
|
|
Total
Deposits
|
0.97
|
%
|
|
0.92
|
%
|
|
0.79
|
%
|
|
0.69
|
%
|
|
0.47
|
%
|
|
0.94
|
%
|
|
0.45
|
%
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
0.25
|
%
|
|
0.28
|
%
|
|
0.14
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.28
|
%
|
|
0.16
|
%
|
|
FHLB
advances
|
2.53
|
%
|
|
2.85
|
%
|
|
2.22
|
%
|
|
2.12
|
%
|
|
1.93
|
%
|
|
2.60
|
%
|
|
1.81
|
%
|
|
Other
borrowings
|
6.09
|
%
|
|
6.21
|
%
|
|
6.06
|
%
|
|
5.94
|
%
|
|
6.13
|
%
|
|
6.15
|
%
|
|
6.11
|
%
|
|
Subordinated
deferrable interest debentures
|
7.02
|
%
|
|
7.12
|
%
|
|
6.86
|
%
|
|
6.80
|
%
|
|
6.73
|
%
|
|
7.07
|
%
|
|
6.54
|
%
|
|
Total Non-Deposit
Funding
|
6.03
|
%
|
|
6.08
|
%
|
|
4.91
|
%
|
|
3.37
|
%
|
|
2.77
|
%
|
|
6.06
|
%
|
|
2.82
|
%
|
|
Total
Funding(2)
|
1.10
|
%
|
|
1.05
|
%
|
|
0.94
|
%
|
|
0.90
|
%
|
|
0.75
|
%
|
|
1.08
|
%
|
|
0.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.85
|
%
|
|
3.90
|
%
|
|
3.87
|
%
|
|
3.88
|
%
|
|
3.91
|
%
|
|
3.87
|
%
|
|
3.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(3)
|
3.91
|
%
|
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.93
|
%
|
|
3.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
|
|
|
|
|
(2) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
|
|
|
|
(3) Rate calculated
based on average earning assets.
|
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
|
Adjusted Net
Income
|
|
|
|
|
|
|
|
|
|
|
Table
9A
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
Net income available
to common shareholders
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
78,809
|
|
|
$
|
36,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
3,475
|
|
|
2,057
|
|
|
997
|
|
|
276
|
|
|
18,391
|
|
|
5,532
|
|
|
19,226
|
|
|
Executive retirement
benefits
|
—
|
|
|
—
|
|
|
2,005
|
|
|
962
|
|
|
5,457
|
|
|
—
|
|
|
5,457
|
|
|
Restructuring
charges
|
—
|
|
|
245
|
|
|
754
|
|
|
229
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|
MSR valuation
adjustment
|
1,460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,460
|
|
|
—
|
|
|
Financial impact of
hurricanes
|
50
|
|
|
(89)
|
|
|
882
|
|
|
—
|
|
|
—
|
|
|
(39)
|
|
|
—
|
|
|
Loss on sale of
premises
|
2,800
|
|
|
919
|
|
|
250
|
|
|
4
|
|
|
196
|
|
|
3,719
|
|
|
779
|
|
|
Tax effect of
adjustment items (Note 1)
|
(1,479)
|
|
|
(450)
|
|
|
(810)
|
|
|
377
|
|
|
(4,192)
|
|
|
(1,929)
|
|
|
(4,490)
|
|
|
After tax adjustment
items
|
6,306
|
|
|
2,682
|
|
|
4,078
|
|
|
1,848
|
|
|
19,852
|
|
|
8,988
|
|
|
20,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction in state
tax expense accrued in prior
year net of federal tax impact
|
—
|
|
|
—
|
|
|
(1,717)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
45,210
|
|
|
$
|
42,587
|
|
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
29,239
|
|
|
$
|
87,797
|
|
|
$
|
57,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - diluted
|
47,337,809
|
|
|
47,456,314
|
|
|
47,593,252
|
|
|
47,685,334
|
|
|
39,709,503
|
|
|
47,394,911
|
|
|
38,980,754
|
|
|
Net income per
diluted share
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.92
|
|
|
Adjusted net income
per diluted share
|
$
|
0.96
|
|
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
1.85
|
|
|
$
|
1.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
11,625,344
|
|
|
$
|
11,423,677
|
|
|
$
|
11,307,980
|
|
|
$
|
11,204,504
|
|
|
$
|
8,529,035
|
|
|
$
|
11,525,068
|
|
|
$
|
8,207,704
|
|
|
Return on average
assets
|
1.34
|
%
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.47
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
|
0.89
|
%
|
|
Adjusted return on
average assets
|
1.56
|
%
|
|
1.51
|
%
|
|
1.61
|
%
|
|
1.53
|
%
|
|
1.38
|
%
|
|
1.54
|
%
|
|
1.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
1,519,598
|
|
|
$
|
1,478,462
|
|
|
$
|
1,428,341
|
|
|
$
|
1,395,479
|
|
|
$
|
974,494
|
|
|
$
|
1,499,144
|
|
|
$
|
941,778
|
|
|
Average tangible
common equity
|
$
|
964,841
|
|
|
$
|
917,876
|
|
|
$
|
869,201
|
|
|
$
|
837,914
|
|
|
$
|
679,559
|
|
|
$
|
941,489
|
|
|
$
|
669,228
|
|
|
Return on average
common equity
|
10.27
|
%
|
|
10.95
|
%
|
|
12.09
|
%
|
|
11.78
|
%
|
|
3.86
|
%
|
|
10.60
|
%
|
|
7.72
|
%
|
|
Adjusted return on
average tangible common
equity
|
18.79
|
%
|
|
18.82
|
%
|
|
20.95
|
%
|
|
20.50
|
%
|
|
17.26
|
%
|
|
18.81
|
%
|
|
17.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: A
portion of the merger and conversion charges for all periods and
the 2Q18 executive retirement benefits are nondeductible for tax
purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin Excluding Accretion
and Yield on Total Loans Excluding
Accretion
|
|
|
|
|
|
|
|
|
|
|
Table
9B
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
Total interest income
(TE)
|
$
|
130,090
|
|
|
$
|
125,987
|
|
|
$
|
123,828
|
|
|
$
|
122,198
|
|
|
$
|
90,890
|
|
|
$
|
256,077
|
|
|
$
|
171,388
|
|
|
Accretion
income
|
3,103
|
|
|
2,883
|
|
|
4,077
|
|
|
3,656
|
|
|
2,652
|
|
|
5,986
|
|
|
4,096
|
|
|
Total interest income
(TE) excluding accretion
|
126,987
|
|
|
123,104
|
|
|
119,751
|
|
|
118,542
|
|
|
88,238
|
|
|
250,091
|
|
|
167,292
|
|
|
Interest
expense
|
27,377
|
|
|
25,534
|
|
|
23,195
|
|
|
22,081
|
|
|
13,947
|
|
|
52,911
|
|
|
24,658
|
|
|
Net interest income
(TE) excluding accretion
|
$
|
99,610
|
|
|
$
|
97,570
|
|
|
$
|
96,556
|
|
|
$
|
96,461
|
|
|
$
|
74,291
|
|
|
$
|
197,180
|
|
|
$
|
142,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on total loans
(TE) excluding accretion
|
5.18
|
%
|
|
5.22
|
%
|
|
5.00
|
%
|
|
4.95
|
%
|
|
4.81
|
%
|
|
5.20
|
%
|
|
4.78
|
%
|
|
Net interest margin
(TE) excluding accretion
|
3.79
|
%
|
|
3.83
|
%
|
|
3.75
|
%
|
|
3.77
|
%
|
|
3.81
|
%
|
|
3.81
|
%
|
|
3.82
|
%
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
|
Adjusted
Efficiency Ratio (TE)
|
|
|
|
|
|
|
|
|
|
|
Table
9C
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
81,251
|
|
|
$
|
75,425
|
|
|
$
|
75,810
|
|
|
$
|
72,353
|
|
|
$
|
86,386
|
|
|
$
|
156,676
|
|
|
$
|
145,484
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(3,475)
|
|
|
(2,057)
|
|
|
(997)
|
|
|
(276)
|
|
|
(18,391)
|
|
|
(5,532)
|
|
|
(19,226)
|
|
|
Executive retirement
benefits
|
—
|
|
|
—
|
|
|
(2,005)
|
|
|
(962)
|
|
|
(5,457)
|
|
|
—
|
|
|
(5,457)
|
|
|
Restructuring
charges
|
—
|
|
|
(245)
|
|
|
(754)
|
|
|
(229)
|
|
|
—
|
|
|
(245)
|
|
|
—
|
|
|
Financial impact of
hurricanes
|
(50)
|
|
|
89
|
|
|
(882)
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
Loss on sale of
premises
|
(2,800)
|
|
|
(919)
|
|
|
(250)
|
|
|
(4)
|
|
|
(196)
|
|
|
(3,719)
|
|
|
(779)
|
|
|
Adjusted noninterest
expense
|
$
|
74,926
|
|
|
$
|
72,293
|
|
|
$
|
70,922
|
|
|
$
|
70,882
|
|
|
$
|
62,342
|
|
|
$
|
147,219
|
|
|
$
|
120,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
101,651
|
|
|
$
|
99,395
|
|
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
75,999
|
|
|
$
|
201,046
|
|
|
$
|
144,800
|
|
|
Noninterest
income
|
35,236
|
|
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
66,007
|
|
|
57,771
|
|
|
Total
revenue
|
$
|
136,887
|
|
|
$
|
130,166
|
|
|
$
|
130,024
|
|
|
$
|
129,209
|
|
|
$
|
107,306
|
|
|
$
|
267,053
|
|
|
$
|
202,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
102,713
|
|
|
$
|
100,453
|
|
|
$
|
100,633
|
|
|
$
|
100,117
|
|
|
$
|
76,943
|
|
|
$
|
203,166
|
|
|
$
|
146,730
|
|
|
Noninterest
income
|
35,236
|
|
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
66,007
|
|
|
57,771
|
|
|
Total revenue
(TE)
|
137,949
|
|
|
131,224
|
|
|
131,103
|
|
|
130,288
|
|
|
108,250
|
|
|
269,173
|
|
|
204,501
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
(69)
|
|
|
(66)
|
|
|
(1)
|
|
|
(48)
|
|
|
123
|
|
|
(135)
|
|
|
86
|
|
|
MSR valuation
adjustment
|
1,460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,460
|
|
|
—
|
|
|
Adjusted total
revenue (TE)
|
$
|
139,340
|
|
|
$
|
131,158
|
|
|
$
|
131,102
|
|
|
$
|
130,240
|
|
|
$
|
108,373
|
|
|
$
|
270,498
|
|
|
$
|
204,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
59.36
|
%
|
|
57.95
|
%
|
|
58.30
|
%
|
|
56.00
|
%
|
|
80.50
|
%
|
|
58.67
|
%
|
|
71.82
|
%
|
|
Adjusted
efficiency ratio (TE)
|
53.77
|
%
|
|
55.12
|
%
|
|
54.10
|
%
|
|
54.42
|
%
|
|
57.53
|
%
|
|
54.43
|
%
|
|
58.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
|
|
|
|
|
|
|
|
|
|
Table
9D
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
Total shareholders'
equity
|
$
|
1,537,121
|
|
|
$
|
1,495,584
|
|
|
$
|
1,456,347
|
|
|
$
|
1,404,977
|
|
|
$
|
1,371,896
|
|
|
$
|
1,537,121
|
|
|
$
|
1,371,896
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
501,140
|
|
|
501,308
|
|
|
503,434
|
|
|
505,604
|
|
|
504,764
|
|
|
501,140
|
|
|
504,764
|
|
|
Other intangibles,
net
|
52,437
|
|
|
55,557
|
|
|
58,689
|
|
|
54,729
|
|
|
53,561
|
|
|
52,437
|
|
|
53,561
|
|
|
Total tangible
shareholders' equity
|
$
|
983,544
|
|
|
$
|
938,719
|
|
|
$
|
894,224
|
|
|
$
|
844,644
|
|
|
$
|
813,571
|
|
|
$
|
983,544
|
|
|
$
|
813,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
47,261,584
|
|
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
47,261,584
|
|
|
47,518,662
|
|
|
Book value per share
(period end)
|
$
|
32.52
|
|
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
32.52
|
|
|
$
|
28.87
|
|
|
Tangible book value
per share (period end)
|
$
|
20.81
|
|
|
$
|
19.73
|
|
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
17.12
|
|
|
$
|
20.81
|
|
|
$
|
17.12
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
Segment
Reporting
|
|
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
84,755
|
|
|
$
|
85,039
|
|
|
$
|
84,399
|
|
|
$
|
84,041
|
|
|
$
|
61,759
|
|
|
$
|
169,794
|
|
|
$
|
117,118
|
|
|
Provision for loan
losses
|
2,306
|
|
|
2,058
|
|
|
1,603
|
|
|
1,229
|
|
|
766
|
|
|
4,364
|
|
|
1,654
|
|
|
Noninterest
income
|
14,830
|
|
|
14,370
|
|
|
15,784
|
|
|
16,524
|
|
|
13,287
|
|
|
29,200
|
|
|
26,386
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
24,228
|
|
|
27,932
|
|
|
25,882
|
|
|
26,120
|
|
|
26,646
|
|
|
52,160
|
|
|
48,714
|
|
|
Occupancy and
equipment expenses
|
7,034
|
|
|
7,281
|
|
|
7,080
|
|
|
7,871
|
|
|
5,684
|
|
|
14,315
|
|
|
11,161
|
|
|
Data processing and
telecommunications expenses
|
7,635
|
|
|
7,592
|
|
|
7,522
|
|
|
7,589
|
|
|
5,611
|
|
|
15,227
|
|
|
11,915
|
|
|
Other noninterest
expenses
|
22,728
|
|
|
16,956
|
|
|
17,310
|
|
|
13,461
|
|
|
29,937
|
|
|
39,684
|
|
|
41,017
|
|
|
Total noninterest
expense
|
61,625
|
|
|
59,761
|
|
|
57,794
|
|
|
55,041
|
|
|
67,878
|
|
|
121,386
|
|
|
112,807
|
|
|
Income before income
tax expense
|
35,654
|
|
|
37,590
|
|
|
40,786
|
|
|
44,295
|
|
|
6,402
|
|
|
73,244
|
|
|
29,043
|
|
|
Income tax
expense
|
8,691
|
|
|
8,775
|
|
|
5,493
|
|
|
11,156
|
|
|
1,716
|
|
|
17,466
|
|
|
6,958
|
|
|
Net income
|
$
|
26,963
|
|
|
$
|
28,815
|
|
|
$
|
35,293
|
|
|
$
|
33,139
|
|
|
$
|
4,686
|
|
|
$
|
55,778
|
|
|
$
|
22,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
7,567
|
|
|
$
|
5,753
|
|
|
$
|
7,873
|
|
|
$
|
5,544
|
|
|
$
|
5,046
|
|
|
$
|
13,320
|
|
|
$
|
10,043
|
|
|
Provision for loan
losses
|
609
|
|
|
136
|
|
|
(1)
|
|
|
122
|
|
|
246
|
|
|
745
|
|
|
463
|
|
|
Noninterest
income
|
18,070
|
|
|
14,290
|
|
|
10,689
|
|
|
12,097
|
|
|
13,889
|
|
|
32,360
|
|
|
25,474
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
11,886
|
|
|
8,207
|
|
|
10,802
|
|
|
10,061
|
|
|
10,864
|
|
|
20,093
|
|
|
18,606
|
|
|
Occupancy and
equipment expenses
|
670
|
|
|
766
|
|
|
684
|
|
|
618
|
|
|
545
|
|
|
1,436
|
|
|
1,138
|
|
|
Data processing and
telecommunications expenses
|
394
|
|
|
330
|
|
|
306
|
|
|
347
|
|
|
383
|
|
|
724
|
|
|
772
|
|
|
Other noninterest
expenses
|
2,385
|
|
|
2,114
|
|
|
1,661
|
|
|
1,828
|
|
|
1,778
|
|
|
4,499
|
|
|
3,509
|
|
|
Total noninterest
expense
|
15,335
|
|
|
11,417
|
|
|
13,453
|
|
|
12,854
|
|
|
13,570
|
|
|
26,752
|
|
|
24,025
|
|
|
Income before income
tax expense
|
9,693
|
|
|
8,490
|
|
|
5,110
|
|
|
4,665
|
|
|
5,119
|
|
|
18,183
|
|
|
11,029
|
|
|
Income tax
expense
|
2,170
|
|
|
1,613
|
|
|
1,073
|
|
|
943
|
|
|
1,075
|
|
|
3,783
|
|
|
2,319
|
|
|
Net income
|
$
|
7,523
|
|
|
$
|
6,877
|
|
|
$
|
4,037
|
|
|
$
|
3,722
|
|
|
$
|
4,044
|
|
|
$
|
14,400
|
|
|
$
|
8,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
2,987
|
|
|
$
|
2,690
|
|
|
$
|
2,438
|
|
|
$
|
2,469
|
|
|
$
|
2,326
|
|
|
$
|
5,677
|
|
|
$
|
4,181
|
|
|
Provision for loan
losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Noninterest
income
|
450
|
|
|
379
|
|
|
386
|
|
|
503
|
|
|
735
|
|
|
829
|
|
|
1,132
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
162
|
|
|
161
|
|
|
145
|
|
|
136
|
|
|
128
|
|
|
323
|
|
|
266
|
|
|
Occupancy and
equipment expenses
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
Data processing and
telecommunications expenses
|
38
|
|
|
30
|
|
|
29
|
|
|
30
|
|
|
30
|
|
|
68
|
|
|
63
|
|
|
Other noninterest
expenses
|
75
|
|
|
68
|
|
|
62
|
|
|
69
|
|
|
55
|
|
|
143
|
|
|
107
|
|
|
Total noninterest
expense
|
276
|
|
|
260
|
|
|
236
|
|
|
237
|
|
|
213
|
|
|
536
|
|
|
436
|
|
|
Income before income
tax expense
|
3,161
|
|
|
2,809
|
|
|
2,588
|
|
|
2,735
|
|
|
2,848
|
|
|
5,970
|
|
|
4,877
|
|
|
Income tax
expense
|
664
|
|
|
590
|
|
|
544
|
|
|
574
|
|
|
598
|
|
|
1,254
|
|
|
1,024
|
|
|
Net income
|
$
|
2,497
|
|
|
$
|
2,219
|
|
|
$
|
2,044
|
|
|
$
|
2,161
|
|
|
$
|
2,250
|
|
|
$
|
4,716
|
|
|
$
|
3,853
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
|
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
1,182
|
|
|
$
|
1,086
|
|
|
$
|
1,352
|
|
|
$
|
1,459
|
|
|
$
|
1,320
|
|
|
$
|
2,268
|
|
|
$
|
2,244
|
|
|
Provision for loan
losses
|
178
|
|
|
231
|
|
|
112
|
|
|
41
|
|
|
447
|
|
|
409
|
|
|
984
|
|
|
Noninterest
income
|
1,883
|
|
|
1,730
|
|
|
1,094
|
|
|
1,045
|
|
|
1,349
|
|
|
3,613
|
|
|
2,719
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
845
|
|
|
765
|
|
|
712
|
|
|
682
|
|
|
736
|
|
|
1,610
|
|
|
1,476
|
|
|
Occupancy and
equipment expenses
|
65
|
|
|
59
|
|
|
63
|
|
|
58
|
|
|
55
|
|
|
124
|
|
|
113
|
|
|
Data processing and
telecommunications expenses
|
3
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
9
|
|
|
5
|
|
|
18
|
|
|
Other noninterest
expenses
|
249
|
|
|
349
|
|
|
401
|
|
|
210
|
|
|
290
|
|
|
598
|
|
|
526
|
|
|
Total noninterest
expense
|
1,162
|
|
|
1,175
|
|
|
1,176
|
|
|
951
|
|
|
1,090
|
|
|
2,337
|
|
|
2,133
|
|
|
Income before income
tax expense
|
1,725
|
|
|
1,410
|
|
|
1,158
|
|
|
1,512
|
|
|
1,132
|
|
|
3,135
|
|
|
1,846
|
|
|
Income tax
expense
|
362
|
|
|
296
|
|
|
243
|
|
|
317
|
|
|
238
|
|
|
658
|
|
|
388
|
|
|
Net income
|
$
|
1,363
|
|
|
$
|
1,114
|
|
|
$
|
915
|
|
|
$
|
1,195
|
|
|
$
|
894
|
|
|
$
|
2,477
|
|
|
$
|
1,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
5,160
|
|
|
$
|
4,827
|
|
|
$
|
3,492
|
|
|
$
|
5,525
|
|
|
$
|
5,548
|
|
|
$
|
9,987
|
|
|
$
|
11,214
|
|
|
Provision for loan
losses
|
1,575
|
|
|
983
|
|
|
1,947
|
|
|
703
|
|
|
7,651
|
|
|
2,558
|
|
|
7,810
|
|
|
Noninterest
income
|
3
|
|
|
2
|
|
|
2,517
|
|
|
2
|
|
|
2,047
|
|
|
5
|
|
|
2,060
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,320
|
|
|
1,305
|
|
|
1,441
|
|
|
1,447
|
|
|
1,402
|
|
|
2,625
|
|
|
2,803
|
|
|
Occupancy and
equipment expenses
|
64
|
|
|
97
|
|
|
118
|
|
|
49
|
|
|
106
|
|
|
161
|
|
|
176
|
|
|
Data processing and
telecommunications expenses
|
318
|
|
|
437
|
|
|
436
|
|
|
551
|
|
|
406
|
|
|
755
|
|
|
806
|
|
|
Other noninterest
expenses
|
1,151
|
|
|
973
|
|
|
1,156
|
|
|
1,223
|
|
|
1,721
|
|
|
2,124
|
|
|
2,298
|
|
|
Total noninterest
expense
|
2,853
|
|
|
2,812
|
|
|
3,151
|
|
|
3,270
|
|
|
3,635
|
|
|
5,665
|
|
|
6,083
|
|
|
Income before income
tax expense
|
735
|
|
|
1,034
|
|
|
911
|
|
|
1,554
|
|
|
(3,691)
|
|
|
1,769
|
|
|
(619)
|
|
|
Income tax
expense
|
177
|
|
|
154
|
|
|
(336)
|
|
|
327
|
|
|
(1,204)
|
|
|
331
|
|
|
(560)
|
|
|
Net income
|
$
|
558
|
|
|
$
|
880
|
|
|
$
|
1,247
|
|
|
$
|
1,227
|
|
|
$
|
(2,487)
|
|
|
$
|
1,438
|
|
|
$
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
101,651
|
|
|
$
|
99,395
|
|
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
75,999
|
|
|
$
|
201,046
|
|
|
$
|
144,800
|
|
|
Provision for loan
losses
|
4,668
|
|
|
3,408
|
|
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
8,076
|
|
|
10,911
|
|
|
Noninterest
income
|
35,236
|
|
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
66,007
|
|
|
57,771
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
38,441
|
|
|
38,370
|
|
|
38,982
|
|
|
38,446
|
|
|
39,776
|
|
|
76,811
|
|
|
71,865
|
|
|
Occupancy and
equipment expenses
|
7,834
|
|
|
8,204
|
|
|
7,945
|
|
|
8,598
|
|
|
6,390
|
|
|
16,038
|
|
|
12,588
|
|
|
Data processing and
telecommunications expenses
|
8,388
|
|
|
8,391
|
|
|
8,293
|
|
|
8,518
|
|
|
6,439
|
|
|
16,779
|
|
|
13,574
|
|
|
Other noninterest
expenses
|
26,588
|
|
|
20,460
|
|
|
20,590
|
|
|
16,791
|
|
|
33,781
|
|
|
47,048
|
|
|
47,457
|
|
|
Total noninterest
expense
|
81,251
|
|
|
75,425
|
|
|
75,810
|
|
|
72,353
|
|
|
86,386
|
|
|
156,676
|
|
|
145,484
|
|
|
Income before income
tax expense
|
50,968
|
|
|
51,333
|
|
|
50,553
|
|
|
54,761
|
|
|
11,810
|
|
|
102,301
|
|
|
46,176
|
|
|
Income tax
expense
|
12,064
|
|
|
11,428
|
|
|
7,017
|
|
|
13,317
|
|
|
2,423
|
|
|
23,492
|
|
|
10,129
|
|
|
Net income
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
78,809
|
|
|
$
|
36,047
|
|
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SOURCE Ameris Bancorp