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.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

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

Copyright 2019 PR Newswire

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