ATLANTA, Oct. 18, 2019 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) (the "Company") today reported net income of
$21.4 million, or $0.31 per diluted share, for the quarter ended
September 30, 2019, compared with
$41.4 million, or $0.87 per diluted share, for the quarter ended
September 30, 2018. The Company
reported adjusted net income of $68.5
million, or $0.98 per diluted
share, for the quarter ended September 30,
2019, compared with $43.3
million, or $0.91 per diluted
share, for the same period in 2018. Adjusted net income
excludes after-tax merger and conversion charges, executive
retirement benefits, servicing right valuation adjustments,
restructuring charges related to previously announced branch
consolidations, gain on bank owned life insurance ("BOLI")
proceeds, loss on sale of bank premises and expenses related to
hurricanes.
For the year-to-date period ending September 30, 2019, the Company reported net
income of $100.2 million, or
$1.83 per diluted share, compared
with $77.5 million, or $1.85 per diluted share, for the same period in
2018. The Company reported adjusted net income of
$156.3 million, or $2.85 per diluted share, for the nine months
ended September 30, 2019, compared
with $100.3 million, or $2.40 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, "Our third quarter results were solid. I am
proud of our team's focus on integration efforts while also
executing the financial strategies as planned. Producing an
adjusted ROA of 1.57% while working through the Fidelity
integration is a direct reflection of our team's hard work and
dedication. These results give us confidence in our ability
to make 2020 a success."
Highlights of the Company's results for the third quarter of
2019 include the following:
- Adjusted return on average assets of 1.57%, compared with 1.56%
in the second quarter of 2019 and 1.53% in the third quarter of
2018
- Adjusted return on average tangible common equity of 18.95%,
compared with 18.79% in the second quarter of 2019 and 20.50% in
the third quarter of 2018
- Adjusted efficiency ratio of 57.25%, compared with 53.77% in
the second quarter of 2019 and 54.42% in the third quarter of
2018
- Growth in adjusted net income of $25.2
million, representing a 58% increase over the third quarter
of 2018
- Organic growth in loans of $282.9
million, or 12.9% annualized
- Improvement in deposit mix such that noninterest bearing
deposits represent 29.85% of total deposits, up from 25.42% a year
ago
- Annualized net charge-offs of 0.07% of average total loans and
0.09% of average non-purchased loans
Following is a summary of the adjustments between reported net
income and adjusted net income:
Adjusted Net
Income Reconciliation
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
(dollars in
thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income available
to common shareholders
|
$
|
21,384
|
|
|
$
|
41,444
|
|
|
$
|
100,193
|
|
|
$
|
77,491
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
65,158
|
|
|
276
|
|
|
70,690
|
|
|
19,502
|
|
Executive retirement
benefits
|
—
|
|
|
962
|
|
|
—
|
|
|
6,419
|
|
Restructuring
charges
|
—
|
|
|
229
|
|
|
245
|
|
|
229
|
|
Servicing right
impairment (recovery)
|
(1,319)
|
|
|
—
|
|
|
141
|
|
|
—
|
|
Financial impact of
hurricanes
|
—
|
|
|
—
|
|
|
(39)
|
|
|
—
|
|
Gain on BOLI
proceeds
|
(4,335)
|
|
|
—
|
|
|
(4,335)
|
|
|
—
|
|
Loss on sale of
premises
|
889
|
|
|
4
|
|
|
4,608
|
|
|
783
|
|
Tax effect of
adjustment items
|
(13,238)
|
|
|
377
|
|
|
(15,167)
|
|
|
(4,113)
|
|
After-tax adjustment
items
|
47,155
|
|
|
1,848
|
|
|
56,143
|
|
|
22,820
|
|
Adjusted net
income
|
$
|
68,539
|
|
|
$
|
43,292
|
|
|
$
|
156,336
|
|
|
$
|
100,311
|
|
|
|
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
0.31
|
|
|
$
|
0.87
|
|
|
$
|
1.83
|
|
|
$
|
1.85
|
|
Adjusted net income
per diluted share
|
$
|
0.98
|
|
|
$
|
0.91
|
|
|
$
|
2.85
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
Reported return on
average assets
|
0.49
|
%
|
|
1.47
|
%
|
|
0.99
|
%
|
|
1.12
|
%
|
Adjusted return on
average assets
|
1.57
|
%
|
|
1.53
|
%
|
|
1.55
|
%
|
|
1.46
|
%
|
|
|
|
|
|
|
|
|
Reported return on
average common equity
|
3.49
|
%
|
|
11.78
|
%
|
|
7.39
|
%
|
|
9.47
|
%
|
Adjusted return on
average tangible common equity
|
18.95
|
%
|
|
20.50
|
%
|
|
18.87
|
%
|
|
18.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. The acquisition added $5.2 billion in total assets, $3.8 billion in total loans and $4.0 billion in total deposits. Ameris Bank
relocated its charter to Atlanta
simultaneously with the closing of the transaction. On
October 1, the Company relocated its
corporate headquarters to Atlanta
to create consistency with the Bank's relocation. 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. The Company believes all significant merger and
conversion charges have been recorded in the third quarter and no
material additional expenses are anticipated going forward related
to the Fidelity acquisition.
Net Interest Income and Net Interest Margin
Net
interest income on a tax-equivalent basis for the third quarter of
2019 totaled $149.9 million, compared
with $102.7 million for the second
quarter of 2019 and $100.1 million
for third quarter of 2018. The Company's net interest margin
was 3.84% for the third quarter of 2019, down from 3.91% reported
for the second quarter of 2019 and 3.92% reported for the third
quarter of 2018. Accretion income for the third quarter of
2019 increased to $4.2 million,
compared with $3.1 million for the
second quarter of 2019, and $3.7
million reported for the third quarter of 2018. The
linked quarter decrease in net interest margin was primarily
attributable to the impact of the Fidelity acquisition and a
decrease in the yield on total loans, partially offset by a
decrease in deposit costs.
Yields on all loans decreased to 5.16% during the third quarter
of 2019, compared with 5.32% for the second quarter of 2019 and
increased from 5.12% reported for the third quarter of 2018.
Loan production in the banking division during the third quarter of
2019 totaled $1.2 billion, with
weighted average yields of 5.08%, compared with $854.7 million and 5.49%, respectively, in the
second quarter of 2019 and $467.5
million and 5.51%, respectively, in the third quarter of
2018. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $4.2
billion during the third quarter of 2019, with weighted
average yields of 4.51%, compared with $2.6
billion and 5.20%, respectively, during the second quarter
of 2019 and $2.0 billion and 5.37%,
respectively, during the third quarter of 2018.
Interest expense during the third quarter of 2019 increased to
$39.6 million, compared with
$27.4 million in the second quarter
of 2019 and $22.1 million in the
third quarter of 2018. The Company's total cost of funds
moved three basis points lower to 1.07% in the third quarter of
2019 as compared with the second quarter of 2019. Deposit
costs also decreased 11 basis points during the third quarter of
2019 to 0.86%, compared with 0.97% in the second quarter of
2019. Costs of interest-bearing deposits decreased during the
quarter from 1.34% in the second quarter of 2019 to 1.23% in the
third quarter of 2019.
Noninterest Income
Noninterest income in the
third quarter of 2019 was $77.0
million, compared with $35.2
million in the second quarter of 2019 and $30.2 million in the third 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. In addition, other noninterest income increased
during the quarter because the Company recorded a $4.3 million gain on BOLI proceeds during the
quarter, due to the unfortunate death of a former officer of
Fidelity.
Service charge revenue increased to $13.4
million in the third quarter of 2019, compared with
$12.2 million in the second quarter
of 2019 and $12.7 million in the
third quarter of 2018 due to the Company's increased number of
deposit accounts from organic growth and completion of the Fidelity
acquisition. The Fidelity acquisition added $3.6 million in service charge revenue, which was
offset by approximately $2.7 million
decline in revenue as a result of the Durbin Amendment.
Mortgage banking activity increased to $53.0 million in the third quarter of 2019,
compared with $18.5 million for the
second quarter of 2019 and $14.1
million for the third quarter of 2018. This increase
was a result of the Fidelity acquisition as well as additional
growth from the low interest rate environment during the third
quarter. Total production in the retail mortgage division increased
to $1.8 billion for the third quarter
of 2019, compared with $585.1 million
for the second quarter of 2019 and $479.1
million for the third quarter of 2018. Gain on sale
spreads decreased in the third quarter of 2019 to 2.67% from 3.11%
in the linked quarter and 3.00% for the third quarter of 2018. The
gain on sale spread during the quarter was impacted by a shift in
product mix and the transition of the pricing models through
conversion.
Noninterest income from the SBA division increased to
$2.8 million in the third quarter of
2019, compared with $1.9 million in
the second quarter of 2019 and $1.0
million in the third quarter of 2018. Net income for
the division increased over 60% from the second quarter of 2019 and
over 83% from the third quarter of 2018 to $2.2 million in the third quarter of 2019.
Noninterest Expense
Noninterest expense
increased $111.4 million, or 137.2%,
to $192.7 million during the third
quarter of 2019, compared with $81.3
million for the second quarter of 2019. During the
third quarter of 2019, the Company recorded $66.0 million of charges to earnings, the
majority of which was related to merger and conversion activity and
loss on sale of premises, compared with $6.3
million in charges in the second 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 $51.7
million, or 69.0%, to $126.7
million in the third quarter of 2019, from $74.9 million in the second quarter of
2019. The majority of this increase is attributable to the
acquisition of Fidelity and variable expenses related to increased
mortgage production. The Company continues to focus on its
operating efficiency ratio. The Company's adjusted efficiency ratio
increased from 54.42% in the third quarter of 2018 and 53.77% in
the second quarter of 2019 to 57.25% in the third quarter of
2019.
Income Tax Expense
The Company's effective tax
rate for the third quarter of 2019 was 21.0%, compared with 23.7%
in the second quarter of 2019 and 24.3% for the third quarter of
2018. The decreased rate for the third quarter of 2019 was
attributable to a non-taxable gain on BOLI proceeds and a reduction
in the Florida corporate income
tax rate partially offset by certain non-deductible merger
expenses.
Balance Sheet Trends
Total assets at
September 30, 2019 were $17.8 billion, compared with $11.4 billion at December
31, 2018. Total loans, including loans held for sale,
purchased loans and purchased loan pools, were $14.01 billion at September 30, 2019, compared with $8.62 billion at December
31, 2018. Strong loan production in the second and
third quarters of 2019 helped offset the impact of strategic runoff
of certain acquired portfolios and early paydowns and payoffs
experienced during the first quarter of 2019. Loan production
in the banking division during the third quarter of 2019 was 37%
higher than the second quarter of 2019 and was 151% higher than the
third quarter of 2018.
At September 30, 2019, total
deposits amounted to $13.66 billion,
or 90.1% of total funding, compared with $9.65 billion and 97.4%, respectively, at
December 31, 2018. The increase
in total deposits in the third quarter was materially impacted by
the Company's acquisition of Fidelity. Excluding the
acquisition, deposits increased $33.9
million, or 1.4% annualized, in the third quarter. At
September 30, 2019,
noninterest-bearing deposit accounts were $4.08 billion, or 29.9% 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 $6.84
billion at September 30, 2019,
compared with $4.60 billion at
December 31, 2018. These funds
represented 50.1% of the Company's total deposits at September 30, 2019, compared with 47.6% at the
end of 2018.
Shareholders' equity at September 30,
2019 totaled $2.42 billion, an
increase of $964.4 million, or 66.2%,
from December 31, 2018. The
increase in shareholders' equity was primarily the result of the
issuance of shares of common stock in the Company's acquisition of
Fidelity plus earnings of $100.2
million during the first nine months of 2019, offset by
dividends declared of $19.9 million
and treasury stock purchases of $11.6
million. Tangible book value per share was
$20.29 at September 30, 2019, up from $18.83 at December
31, 2018. Tangible common equity as a percentage of
tangible assets was 8.43% at September 30,
2019, compared with 8.22% at the end of the 2018.
Credit Quality
Credit quality remains strong in
the Company. During the third quarter of 2019, the Company
recorded provision for loan loss expense of $6.0 million, compared with $4.7 million in the second quarter of 2019.
Nonperforming assets as a percentage of total assets increased by
22 basis points to 0.73% during the quarter. The increase in
nonperforming assets is primarily as result of the Fidelity
acquisition. The net charge-off ratio for non-purchased loans
was nine basis points for the third quarter of 2019, compared with
11 basis points in the second quarter of 2019 and 44 basis points
in the third quarter of 2018.
Conference Call
The Company will host a
teleconference at 9:00 a.m. Eastern
time today (October 18, 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 November 1, 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 10135304. The conference call replay and the
financial information discussed will also be available on the
Investor Relations page of the Ameris Bank website at
ir.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank
holding company headquartered in Atlanta, Georgia. The Company's banking
subsidiary, Ameris Bank, had 172 locations in Georgia, Alabama, Florida and South
Carolina at the end of the most recent quarter.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). The Company's management
uses these non-GAAP 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 following the parties' merger; 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
|
|
Nine Months
Ended
|
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
100,193
|
|
|
$
|
77,491
|
|
|
Adjusted net
income
|
$
|
68,539
|
|
|
$
|
45,210
|
|
|
$
|
42,587
|
|
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
156,336
|
|
|
$
|
100,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
$
|
0.87
|
|
|
$
|
1.83
|
|
|
$
|
1.86
|
|
|
Diluted
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
1.83
|
|
|
$
|
1.85
|
|
|
Adjusted diluted
EPS
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
2.85
|
|
|
$
|
2.40
|
|
|
Cash dividends per
share
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.35
|
|
|
$
|
0.30
|
|
|
Book value per share
(period end)
|
$
|
34.78
|
|
|
$
|
32.52
|
|
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
34.78
|
|
|
$
|
29.58
|
|
|
Tangible book value
per share (period end)
|
$
|
20.29
|
|
|
$
|
20.81
|
|
|
$
|
19.73
|
|
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
20.29
|
|
|
$
|
17.78
|
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
69,372,125
|
|
|
47,310,561
|
|
|
47,366,296
|
|
|
47,501,150
|
|
|
47,514,653
|
|
|
54,762,216
|
|
|
41,672,792
|
|
|
Diluted
|
69,600,499
|
|
|
47,337,809
|
|
|
47,456,314
|
|
|
47,593,252
|
|
|
47,685,334
|
|
|
54,883,122
|
|
|
41,844,900
|
|
|
Period end number of
shares
|
69,593,833
|
|
|
47,261,584
|
|
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
69,593,833
|
|
|
47,496,966
|
|
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
intraday price
|
$
|
40.65
|
|
|
$
|
39.60
|
|
|
$
|
42.01
|
|
|
$
|
47.25
|
|
|
$
|
54.35
|
|
|
$
|
42.01
|
|
|
$
|
59.05
|
|
|
Low
intraday price
|
$
|
33.71
|
|
|
$
|
33.57
|
|
|
$
|
31.27
|
|
|
$
|
29.97
|
|
|
$
|
45.15
|
|
|
$
|
31.27
|
|
|
$
|
45.15
|
|
|
Period end closing price
|
$
|
40.24
|
|
|
$
|
39.19
|
|
|
$
|
34.35
|
|
|
$
|
31.67
|
|
|
$
|
45.70
|
|
|
$
|
40.24
|
|
|
$
|
45.70
|
|
|
Average daily volume
|
461,289
|
|
|
352,684
|
|
|
387,800
|
|
|
375,773
|
|
|
382,622
|
|
|
401,050
|
|
|
291,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.49
|
%
|
|
1.34
|
%
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.47
|
%
|
|
0.99
|
%
|
|
1.12
|
%
|
|
Adjusted return on
average assets
|
1.57
|
%
|
|
1.56
|
%
|
|
1.51
|
%
|
|
1.61
|
%
|
|
1.53
|
%
|
|
1.55
|
%
|
|
1.46
|
%
|
|
Return on average
common equity
|
3.49
|
%
|
|
10.27
|
%
|
|
10.95
|
%
|
|
12.09
|
%
|
|
11.78
|
%
|
|
7.39
|
%
|
|
9.47
|
%
|
|
Adjusted return on
average tangible
common equity
|
18.95
|
%
|
|
18.79
|
%
|
|
18.82
|
%
|
|
20.95
|
%
|
|
20.50
|
%
|
|
18.87
|
%
|
|
18.47
|
%
|
|
Earning asset yield
(TE)
|
4.86
|
%
|
|
4.95
|
%
|
|
4.95
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.91
|
%
|
|
4.67
|
%
|
|
Total cost of
funds
|
1.07
|
%
|
|
1.10
|
%
|
|
1.05
|
%
|
|
0.94
|
%
|
|
0.90
|
%
|
|
1.07
|
%
|
|
0.78
|
%
|
|
Net interest margin
(TE)
|
3.84
|
%
|
|
3.91
|
%
|
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.89
|
%
|
|
3.93
|
%
|
|
Noninterest income
excluding securities
transactions, as a percent of total
revenue (TE)
|
28.89
|
%
|
|
21.27
|
%
|
|
19.59
|
%
|
|
19.75
|
%
|
|
19.77
|
%
|
|
24.27
|
%
|
|
23.06
|
%
|
|
Efficiency
ratio
|
85.35
|
%
|
|
59.36
|
%
|
|
57.95
|
%
|
|
58.30
|
%
|
|
56.00
|
%
|
|
70.89
|
%
|
|
65.66
|
%
|
|
Adjusted efficiency
ratio (TE)
|
57.25
|
%
|
|
53.77
|
%
|
|
55.12
|
%
|
|
54.10
|
%
|
|
54.42
|
%
|
|
55.70
|
%
|
|
57.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
13.63
|
%
|
|
12.93
|
%
|
|
12.83
|
%
|
|
12.73
|
%
|
|
12.29
|
%
|
|
13.63
|
%
|
|
12.29
|
%
|
|
Tangible common equity
to tangible assets
|
8.43
|
%
|
|
8.68
|
%
|
|
8.46
|
%
|
|
8.22
|
%
|
|
7.77
|
%
|
|
8.43
|
%
|
|
7.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
8.43
|
%
|
|
8.68
|
%
|
|
8.46
|
%
|
|
8.22
|
%
|
|
7.77
|
%
|
|
8.43
|
%
|
|
7.77
|
%
|
|
Effect of goodwill and
other intangibles
|
5.20
|
%
|
|
4.25
|
%
|
|
4.37
|
%
|
|
4.51
|
%
|
|
4.52
|
%
|
|
5.20
|
%
|
|
4.52
|
%
|
|
Equity to assets
(GAAP)
|
13.63
|
%
|
|
12.93
|
%
|
|
12.83
|
%
|
|
12.73
|
%
|
|
12.29
|
%
|
|
13.63
|
%
|
|
12.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking Division
|
2,001
|
|
|
1,336
|
|
|
1,343
|
|
|
1,370
|
|
|
1,432
|
|
|
2,001
|
|
|
1,432
|
|
|
Retail Mortgage Division
|
785
|
|
|
348
|
|
|
328
|
|
|
332
|
|
|
317
|
|
|
785
|
|
|
317
|
|
|
Warehouse Lending
Division
|
9
|
|
|
10
|
|
|
9
|
|
|
8
|
|
|
8
|
|
|
9
|
|
|
8
|
|
|
SBA
Division
|
45
|
|
|
21
|
|
|
22
|
|
|
22
|
|
|
23
|
|
|
45
|
|
|
23
|
|
|
Premium Finance Division
|
66
|
|
|
62
|
|
|
64
|
|
|
72
|
|
|
67
|
|
|
66
|
|
|
67
|
|
|
Total Ameris Bancorp FTE
headcount
|
2,906
|
|
|
1,777
|
|
|
1,766
|
|
|
1,804
|
|
|
1,847
|
|
|
2,906
|
|
|
1,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
8,878
|
|
|
$
|
8,889
|
|
|
$
|
8,679
|
|
|
$
|
8,353
|
|
|
$
|
7,981
|
|
|
$
|
8,878
|
|
|
$
|
7,981
|
|
|
Branch
locations
|
172
|
|
|
114
|
|
|
114
|
|
|
125
|
|
|
125
|
|
|
172
|
|
|
125
|
|
|
Deposits per branch
location
|
$
|
79,416
|
|
|
$
|
84,056
|
|
|
$
|
85,973
|
|
|
$
|
77,195
|
|
|
$
|
73,451
|
|
|
$
|
79,416
|
|
|
$
|
73,451
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
175,046
|
|
$
|
117,010
|
|
$
|
112,401
|
|
$
|
111,749
|
|
$
|
110,470
|
|
$
|
404,457
|
|
$
|
266,460
|
Interest on taxable
securities
|
11,354
|
|
9,383
|
|
9,043
|
|
8,686
|
|
8,792
|
|
29,780
|
|
20,320
|
Interest on
nontaxable securities
|
168
|
|
102
|
|
156
|
|
195
|
|
204
|
|
426
|
|
705
|
Interest on deposits
in other banks
|
1,622
|
|
2,276
|
|
3,150
|
|
1,964
|
|
1,581
|
|
7,048
|
|
3,020
|
Interest on federal
funds sold
|
171
|
|
257
|
|
179
|
|
155
|
|
72
|
|
607
|
|
72
|
Total interest
income
|
188,361
|
|
129,028
|
|
124,929
|
|
122,749
|
|
121,119
|
|
442,318
|
|
290,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
29,425
|
|
23,454
|
|
21,684
|
|
18,858
|
|
15,630
|
|
74,563
|
|
30,196
|
Interest on other
borrowings
|
10,167
|
|
3,923
|
|
3,850
|
|
4,337
|
|
6,451
|
|
17,940
|
|
16,543
|
Total interest
expense
|
39,592
|
|
27,377
|
|
25,534
|
|
23,195
|
|
22,081
|
|
92,503
|
|
46,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
148,769
|
|
101,651
|
|
99,395
|
|
99,554
|
|
99,038
|
|
349,815
|
|
243,838
|
Provision for loan
losses
|
5,989
|
|
4,668
|
|
3,408
|
|
3,661
|
|
2,095
|
|
14,065
|
|
13,006
|
Net interest
income after provision for loan
losses
|
142,780
|
|
96,983
|
|
95,987
|
|
95,893
|
|
96,943
|
|
335,750
|
|
230,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
13,411
|
|
12,168
|
|
11,646
|
|
12,597
|
|
12,690
|
|
37,225
|
|
33,531
|
Mortgage banking
activity
|
53,041
|
|
18,523
|
|
14,677
|
|
11,883
|
|
14,082
|
|
86,241
|
|
41,771
|
Other service
charges, commissions and fees
|
1,236
|
|
803
|
|
789
|
|
824
|
|
820
|
|
2,828
|
|
2,236
|
Gain (loss) on
securities
|
4
|
|
69
|
|
66
|
|
1
|
|
48
|
|
139
|
|
(38)
|
Other noninterest
income
|
9,301
|
|
3,673
|
|
3,593
|
|
5,165
|
|
2,531
|
|
16,567
|
|
10,442
|
Total noninterest
income
|
76,993
|
|
35,236
|
|
30,771
|
|
30,470
|
|
30,171
|
|
143,000
|
|
87,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
77,633
|
|
38,331
|
|
38,332
|
|
38,969
|
|
38,414
|
|
154,296
|
|
110,163
|
Occupancy and
equipment expenses
|
12,639
|
|
7,834
|
|
8,204
|
|
7,945
|
|
8,598
|
|
28,677
|
|
21,186
|
Data processing and
telecommunications
expenses
|
10,372
|
|
8,388
|
|
8,391
|
|
8,293
|
|
8,518
|
|
27,151
|
|
22,092
|
Credit resolution
related expenses(1)
|
1,094
|
|
979
|
|
911
|
|
1,174
|
|
1,248
|
|
2,984
|
|
2,842
|
Advertising and
marketing expenses
|
1,949
|
|
1,987
|
|
1,741
|
|
1,633
|
|
1,453
|
|
5,677
|
|
3,938
|
Amortization of
intangible assets
|
5,719
|
|
3,121
|
|
3,132
|
|
3,650
|
|
2,676
|
|
11,972
|
|
5,862
|
Merger and conversion
charges
|
65,158
|
|
3,475
|
|
2,057
|
|
997
|
|
276
|
|
70,690
|
|
19,502
|
Other noninterest
expenses
|
18,133
|
|
17,136
|
|
12,657
|
|
13,149
|
|
11,170
|
|
47,926
|
|
32,252
|
Total noninterest
expense
|
192,697
|
|
81,251
|
|
75,425
|
|
75,810
|
|
72,353
|
|
349,373
|
|
217,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
27,076
|
|
50,968
|
|
51,333
|
|
50,553
|
|
54,761
|
|
129,377
|
|
100,937
|
Income tax
expense
|
5,692
|
|
12,064
|
|
11,428
|
|
7,017
|
|
13,317
|
|
29,184
|
|
23,446
|
Net
income
|
$
|
21,384
|
|
$
|
38,904
|
|
$
|
39,905
|
|
$
|
43,536
|
|
$
|
41,444
|
|
$
|
100,193
|
|
$
|
77,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
0.31
|
|
$
|
0.82
|
|
$
|
0.84
|
|
$
|
0.91
|
|
$
|
0.87
|
|
$
|
1.83
|
|
$
|
1.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
193,976
|
|
$
|
151,186
|
|
$
|
144,801
|
|
$
|
172,036
|
|
$
|
158,453
|
Federal funds sold
and interest-bearing deposits in banks
|
285,713
|
|
186,969
|
|
712,199
|
|
507,491
|
|
470,804
|
Time deposits in
other banks
|
499
|
|
748
|
|
7,371
|
|
10,812
|
|
11,558
|
Investment securities
available for sale, at fair value
|
1,491,207
|
|
1,273,244
|
|
1,234,435
|
|
1,192,423
|
|
1,162,570
|
Other
investments
|
66,921
|
|
32,481
|
|
15,157
|
|
14,455
|
|
35,929
|
Loans held for sale,
at fair value
|
1,187,551
|
|
261,073
|
|
112,070
|
|
111,298
|
|
130,179
|
|
|
|
|
|
|
|
|
|
|
Loans
|
7,208,816
|
|
6,522,448
|
|
5,756,358
|
|
5,660,457
|
|
5,543,306
|
Purchased
loans
|
5,388,336
|
|
2,286,425
|
|
2,472,271
|
|
2,588,832
|
|
2,711,460
|
Purchased loan
pools
|
229,132
|
|
240,997
|
|
253,710
|
|
262,625
|
|
274,752
|
Loans, net of
unearned income
|
12,826,284
|
|
9,049,870
|
|
8,482,339
|
|
8,511,914
|
|
8,529,518
|
Allowance for loan
losses
|
(35,530)
|
|
(31,793)
|
|
(28,659)
|
|
(28,819)
|
|
(28,116)
|
Loans, net
|
12,790,754
|
|
9,018,077
|
|
8,453,680
|
|
8,483,095
|
|
8,501,402
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
4,925
|
|
5,169
|
|
6,014
|
|
7,218
|
|
9,375
|
Purchased other real
estate owned
|
15,785
|
|
9,506
|
|
10,857
|
|
9,535
|
|
7,692
|
Total other real
estate owned
|
20,710
|
|
14,675
|
|
16,871
|
|
16,753
|
|
17,067
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
239,428
|
|
141,378
|
|
141,698
|
|
145,410
|
|
145,885
|
Goodwill
|
911,488
|
|
501,140
|
|
501,308
|
|
503,434
|
|
505,604
|
Other intangible
assets, net
|
97,328
|
|
52,437
|
|
55,557
|
|
58,689
|
|
54,729
|
Cash value of bank
owned life insurance
|
174,442
|
|
105,064
|
|
104,597
|
|
104,096
|
|
103,588
|
Deferred income
taxes, net
|
22,111
|
|
30,812
|
|
33,295
|
|
35,126
|
|
38,217
|
Other
assets
|
282,149
|
|
120,052
|
|
123,236
|
|
88,397
|
|
93,009
|
Total
assets
|
$
|
17,764,277
|
|
$
|
11,889,336
|
|
$
|
11,656,275
|
|
$
|
11,443,515
|
|
$
|
11,428,994
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
4,077,856
|
|
$
|
2,771,443
|
|
$
|
2,753,173
|
|
$
|
2,520,016
|
|
$
|
2,333,992
|
Interest-bearing
|
9,581,738
|
|
6,810,927
|
|
7,047,702
|
|
7,129,297
|
|
6,847,371
|
Total
deposits
|
13,659,594
|
|
9,582,370
|
|
9,800,875
|
|
9,649,313
|
|
9,181,363
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
17,744
|
|
3,307
|
|
4,259
|
|
20,384
|
|
14,071
|
Other
borrowings
|
1,351,172
|
|
564,636
|
|
151,454
|
|
151,774
|
|
656,831
|
Subordinated
deferrable interest debentures
|
127,075
|
|
89,871
|
|
89,529
|
|
89,187
|
|
88,986
|
FDIC loss-share
payable, net
|
19,490
|
|
20,596
|
|
18,834
|
|
19,487
|
|
18,740
|
Other
liabilities
|
168,479
|
|
91,435
|
|
95,740
|
|
57,023
|
|
64,026
|
Total
liabilities
|
15,343,554
|
|
10,352,215
|
|
10,160,691
|
|
9,987,168
|
|
10,024,017
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common
stock
|
71,447
|
|
49,099
|
|
49,126
|
|
49,015
|
|
49,012
|
Capital
stock
|
1,904,789
|
|
1,053,500
|
|
1,053,190
|
|
1,051,584
|
|
1,050,752
|
Retained
earnings
|
457,127
|
|
446,182
|
|
412,005
|
|
377,135
|
|
338,350
|
Accumulated other
comprehensive income (loss), net of tax
|
15,482
|
|
16,462
|
|
(1,178)
|
|
(4,826)
|
|
(16,576)
|
Treasury
stock
|
(28,122)
|
|
(28,122)
|
|
(17,559)
|
|
(16,561)
|
|
(16,561)
|
Total
shareholders' equity
|
2,420,723
|
|
1,537,121
|
|
1,495,584
|
|
1,456,347
|
|
1,404,977
|
Total liabilities
and shareholders' equity
|
$
|
17,764,277
|
|
$
|
11,889,336
|
|
$
|
11,656,275
|
|
$
|
11,443,515
|
|
$
|
11,428,994
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
15,858,175
|
|
$
|
10,804,385
|
|
$
|
10,563,571
|
|
$
|
10,348,393
|
|
$
|
10,340,558
|
Intangible
assets
|
1,008,816
|
|
553,577
|
|
556,865
|
|
562,123
|
|
560,333
|
Interest-bearing
liabilities
|
11,077,729
|
|
7,468,741
|
|
7,292,944
|
|
7,390,642
|
|
7,607,259
|
Average
assets
|
17,340,387
|
|
11,625,344
|
|
11,423,677
|
|
11,307,980
|
|
11,204,504
|
Average common
shareholders' equity
|
2,432,182
|
|
1,519,598
|
|
1,478,462
|
|
1,428,341
|
|
1,395,479
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
|
|
Table
4
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
31,793
|
|
$
|
28,659
|
|
$
|
28,819
|
|
$
|
28,116
|
|
$
|
31,532
|
|
$
|
28,819
|
|
$
|
25,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
5,989
|
|
4,668
|
|
3,408
|
|
3,661
|
|
2,095
|
|
14,065
|
|
13,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
5,249
|
|
3,496
|
|
5,379
|
|
4,430
|
|
8,112
|
|
14,124
|
|
16,701
|
Recoveries
|
2,997
|
|
1,962
|
|
1,811
|
|
1,472
|
|
2,601
|
|
6,770
|
|
6,020
|
Net charge-offs
(recoveries)
|
2,252
|
|
1,534
|
|
3,568
|
|
2,958
|
|
5,511
|
|
7,354
|
|
10,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
35,530
|
|
$
|
31,793
|
|
$
|
28,659
|
|
$
|
28,819
|
|
$
|
28,116
|
|
$
|
35,530
|
|
$
|
28,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,578
|
|
$
|
1,338
|
|
$
|
2,004
|
|
$
|
2,489
|
|
$
|
6,121
|
|
$
|
4,920
|
|
$
|
11,314
|
Real estate -
construction and development
|
—
|
|
222
|
|
25
|
|
7
|
|
265
|
|
247
|
|
285
|
Real estate -
commercial and farmland
|
14
|
|
100
|
|
1,253
|
|
169
|
|
27
|
|
1,367
|
|
169
|
Real estate -
residential
|
20
|
|
40
|
|
20
|
|
76
|
|
293
|
|
80
|
|
695
|
Consumer
installment
|
1,195
|
|
1,126
|
|
1,893
|
|
1,465
|
|
923
|
|
4,214
|
|
2,724
|
Purchased
loans
|
2,442
|
|
670
|
|
184
|
|
224
|
|
483
|
|
3,296
|
|
1,514
|
Purchased loan
pools
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
charge-offs
|
5,249
|
|
3,496
|
|
5,379
|
|
4,430
|
|
8,112
|
|
14,124
|
|
16,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
845
|
|
742
|
|
1,065
|
|
927
|
|
939
|
|
2,652
|
|
2,842
|
Real estate -
construction and development
|
2
|
|
19
|
|
1
|
|
3
|
|
1
|
|
22
|
|
117
|
Real estate -
commercial and farmland
|
—
|
|
4
|
|
4
|
|
7
|
|
134
|
|
8
|
|
169
|
Real estate -
residential
|
49
|
|
133
|
|
104
|
|
91
|
|
44
|
|
286
|
|
255
|
Consumer
installment
|
269
|
|
242
|
|
164
|
|
137
|
|
178
|
|
675
|
|
362
|
Purchased
loans
|
1,832
|
|
822
|
|
473
|
|
307
|
|
1,305
|
|
3,127
|
|
2,275
|
Purchased loan
pools
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
recoveries
|
2,997
|
|
1,962
|
|
1,811
|
|
1,472
|
|
2,601
|
|
6,770
|
|
6,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
|
2,252
|
|
$
|
1,534
|
|
$
|
3,568
|
|
$
|
2,958
|
|
$
|
5,511
|
|
$
|
7,354
|
|
$
|
10,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(excluding purchased
loans)
|
$
|
21,739
|
|
$
|
18,129
|
|
$
|
17,633
|
|
$
|
17,952
|
|
$
|
15,986
|
|
$
|
21,739
|
|
$
|
15,986
|
Nonaccrual purchased
loans
|
78,762
|
|
23,350
|
|
23,846
|
|
24,107
|
|
27,764
|
|
78,762
|
|
27,764
|
Nonaccrual purchased
loan pools
|
—
|
|
—
|
|
400
|
|
—
|
|
4,696
|
|
—
|
|
4,696
|
Other real estate
owned
|
4,925
|
|
5,169
|
|
6,014
|
|
7,218
|
|
9,375
|
|
4,925
|
|
9,375
|
Purchased other real
estate owned
|
15,785
|
|
9,506
|
|
10,857
|
|
9,535
|
|
7,692
|
|
15,785
|
|
7,692
|
Repossessed
assets
|
1,258
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,258
|
|
—
|
Accruing loans
delinquent 90 days or more
(excluding purchased loans)
|
5,836
|
|
4,439
|
|
3,676
|
|
4,222
|
|
2,863
|
|
5,836
|
|
2,863
|
Accruing purchased
loans delinquent 90
days or more
|
489
|
|
174
|
|
—
|
|
—
|
|
—
|
|
489
|
|
—
|
Total non-performing
assets
|
$
|
128,794
|
|
$
|
60,767
|
|
$
|
62,426
|
|
$
|
63,034
|
|
$
|
68,376
|
|
$
|
128,794
|
|
$
|
68,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total
assets
|
0.73
|
%
|
|
0.51
|
%
|
|
0.54
|
%
|
|
0.55
|
%
|
|
0.60
|
%
|
|
0.73
|
%
|
|
0.60
|
%
|
Net charge-offs as a
percent of average
loans (annualized)
|
0.07
|
%
|
|
0.07
|
%
|
|
0.17
|
%
|
|
0.14
|
%
|
|
0.26
|
%
|
|
0.10
|
%
|
|
0.20
|
%
|
Net charge-offs,
excluding purchased loans
as a percent of average loans (annualized)
|
0.09
|
%
|
|
0.11
|
%
|
|
0.27
|
%
|
|
0.21
|
%
|
|
0.44
|
%
|
|
0.15
|
%
|
|
0.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
Commercial, financial and
agricultural
|
$
|
1,781,237
|
|
$
|
1,648,190
|
|
$
|
1,382,907
|
|
$
|
1,316,359
|
|
$
|
1,422,152
|
Real
estate - construction and development
|
947,371
|
|
788,409
|
|
676,563
|
|
671,198
|
|
641,830
|
Real
estate - commercial and farmland
|
2,152,528
|
|
2,046,347
|
|
1,894,937
|
|
1,814,529
|
|
1,804,265
|
Real
estate - residential
|
1,866,128
|
|
1,589,646
|
|
1,365,482
|
|
1,403,000
|
|
1,275,201
|
Consumer installment
|
461,552
|
|
449,856
|
|
436,469
|
|
455,371
|
|
399,858
|
Total legacy
loans
|
$
|
7,208,816
|
|
$
|
6,522,448
|
|
$
|
5,756,358
|
|
$
|
5,660,457
|
|
$
|
5,543,306
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
Commercial, financial and
agricultural
|
$
|
385,355
|
|
$
|
252,621
|
|
$
|
327,972
|
|
$
|
372,686
|
|
$
|
413,365
|
Real
estate - construction and development
|
521,324
|
|
315,141
|
|
239,413
|
|
227,900
|
|
219,882
|
Real
estate - commercial and farmland
|
2,057,384
|
|
1,135,866
|
|
1,280,515
|
|
1,337,859
|
|
1,399,174
|
Real
estate - residential
|
1,285,096
|
|
558,458
|
|
597,735
|
|
623,199
|
|
649,352
|
Consumer installment
|
1,139,177
|
|
24,339
|
|
26,636
|
|
27,188
|
|
29,687
|
Total purchased
loans
|
$
|
5,388,336
|
|
$
|
2,286,425
|
|
$
|
2,472,271
|
|
$
|
2,588,832
|
|
$
|
2,711,460
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
Real
estate - residential
|
$
|
229,132
|
|
$
|
240,997
|
|
$
|
253,710
|
|
$
|
262,625
|
|
$
|
274,752
|
Total purchased loan
pools
|
$
|
229,132
|
|
$
|
240,997
|
|
$
|
253,710
|
|
$
|
262,625
|
|
$
|
274,752
|
Total loan
portfolio
|
|
|
|
|
|
|
|
|
|
Commercial, financial and
agricultural
|
$
|
2,166,592
|
|
$
|
1,900,811
|
|
$
|
1,710,879
|
|
$
|
1,689,045
|
|
$
|
1,835,517
|
Real
estate - construction and development
|
1,468,695
|
|
1,103,550
|
|
915,976
|
|
899,098
|
|
861,712
|
Real
estate - commercial and farmland
|
4,209,912
|
|
3,182,213
|
|
3,175,452
|
|
3,152,388
|
|
3,203,439
|
Real
estate - residential
|
3,380,356
|
|
2,389,101
|
|
2,216,927
|
|
2,288,824
|
|
2,199,305
|
Consumer installment
|
1,600,729
|
|
474,195
|
|
463,105
|
|
482,559
|
|
429,545
|
Total loans
|
$
|
12,826,284
|
|
$
|
9,049,870
|
|
$
|
8,482,339
|
|
$
|
8,511,914
|
|
$
|
8,529,518
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings (excluding purchased loans)
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial and
agricultural
|
$
|
649
|
|
$
|
300
|
|
$
|
116
|
|
$
|
256
|
|
$
|
180
|
Real
estate - construction and development
|
69
|
|
138
|
|
142
|
|
145
|
|
384
|
Real
estate - commercial and farmland
|
2,788
|
|
2,911
|
|
2,954
|
|
2,863
|
|
3,817
|
Real
estate - residential
|
9,915
|
|
9,593
|
|
8,240
|
|
6,043
|
|
6,558
|
Consumer installment
|
9
|
|
10
|
|
11
|
|
16
|
|
4
|
Total accruing troubled debt
restructurings
|
$
|
13,430
|
|
$
|
12,952
|
|
$
|
11,463
|
|
$
|
9,323
|
|
$
|
10,943
|
Nonaccrual troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial and
agricultural
|
$
|
119
|
|
$
|
135
|
|
$
|
138
|
|
$
|
138
|
|
$
|
208
|
Real
estate - construction and development
|
1
|
|
2
|
|
2
|
|
2
|
|
6
|
Real
estate - commercial and farmland
|
530
|
|
576
|
|
450
|
|
426
|
|
306
|
Real
estate - residential
|
925
|
|
791
|
|
832
|
|
1,119
|
|
742
|
Consumer installment
|
66
|
|
65
|
|
63
|
|
69
|
|
92
|
Total nonaccrual troubled
debt restructurings
|
$
|
1,641
|
|
$
|
1,569
|
|
$
|
1,485
|
|
$
|
1,754
|
|
$
|
1,354
|
Total
troubled debt restructurings (excluding purchased
loans)
|
$
|
15,071
|
|
$
|
14,521
|
|
$
|
12,948
|
|
$
|
11,077
|
|
$
|
12,297
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan Information
(continued)
|
Table
5
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime credit
|
$
|
533,058
|
|
$
|
543,786
|
|
$
|
540,646
|
|
$
|
542,164
|
|
$
|
550,020
|
Grade 2 - Strong credit
|
748,511
|
|
730,621
|
|
587,622
|
|
523,101
|
|
645,612
|
Grade 3 - Good credit
|
3,196,744
|
|
2,801,373
|
|
2,372,115
|
|
2,408,128
|
|
2,289,584
|
Grade 4 - Satisfactory
credit
|
2,503,781
|
|
2,225,083
|
|
2,088,813
|
|
2,047,688
|
|
1,939,518
|
Grade 5 - Fair credit
|
135,179
|
|
139,936
|
|
87,785
|
|
59,054
|
|
40,041
|
Grade 6 - Other assets especially
mentioned
|
40,571
|
|
34,414
|
|
32,949
|
|
35,118
|
|
41,125
|
Grade 7 - Substandard
|
50,956
|
|
47,232
|
|
46,428
|
|
45,204
|
|
37,406
|
Grade 8 - Doubtful
|
14
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 - Loss
|
2
|
|
3
|
|
—
|
|
—
|
|
—
|
Total legacy
loans
|
$
|
7,208,816
|
|
$
|
6,522,448
|
|
$
|
5,756,358
|
|
$
|
5,660,457
|
|
$
|
5,543,306
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime credit
|
$
|
80,223
|
|
$
|
78,248
|
|
$
|
80,682
|
|
$
|
90,775
|
|
$
|
54,840
|
Grade 2 - Strong credit
|
108,107
|
|
81,069
|
|
84,904
|
|
84,617
|
|
132,454
|
Grade 3 - Good credit
|
2,660,700
|
|
787,052
|
|
677,718
|
|
656,289
|
|
463,307
|
Grade 4 - Satisfactory
credit
|
2,242,239
|
|
1,176,182
|
|
1,428,353
|
|
1,586,377
|
|
1,828,090
|
Grade 5 - Fair credit
|
117,245
|
|
71,293
|
|
90,391
|
|
63,613
|
|
133,653
|
Grade 6 - Other assets especially
mentioned
|
73,664
|
|
29,661
|
|
38,599
|
|
30,448
|
|
35,676
|
Grade 7 - Substandard
|
106,158
|
|
62,920
|
|
71,618
|
|
76,713
|
|
63,440
|
Grade 8 - Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 - Loss
|
—
|
|
—
|
|
6
|
|
—
|
|
—
|
Total purchased
loans
|
$
|
5,388,336
|
|
$
|
2,286,425
|
|
$
|
2,472,271
|
|
$
|
2,588,832
|
|
$
|
2,711,460
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
Grade 3 - Good credit
|
$
|
229,132
|
|
$
|
240,997
|
|
$
|
253,310
|
|
$
|
262,625
|
|
$
|
270,056
|
Grade 7 - Substandard
|
—
|
|
—
|
|
400
|
|
—
|
|
4,696
|
Total purchased loan
pools
|
$
|
229,132
|
|
$
|
240,997
|
|
$
|
253,710
|
|
$
|
262,625
|
|
$
|
274,752
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
28,459
|
|
$
|
41,683
|
|
$
|
31,291
|
|
$
|
28,755
|
|
$
|
15,074
|
|
$
|
33,800
|
|
$
|
5,150
|
Interest-bearing
deposits in banks
|
324,127
|
|
341,937
|
|
467,379
|
|
373,068
|
|
283,604
|
|
377,290
|
|
196,145
|
Time deposits in other
banks
|
548
|
|
3,792
|
|
10,221
|
|
10,961
|
|
11,557
|
|
4,818
|
|
3,979
|
Investment securities
- taxable
|
1,514,534
|
|
1,233,297
|
|
1,186,896
|
|
1,138,981
|
|
1,117,517
|
|
1,312,776
|
|
912,820
|
Investment securities
- nontaxable
|
23,759
|
|
15,288
|
|
24,136
|
|
29,962
|
|
31,641
|
|
21,060
|
|
35,512
|
Other
investments
|
53,712
|
|
15,830
|
|
14,532
|
|
18,494
|
|
36,067
|
|
28,168
|
|
37,733
|
Loans held for
sale
|
856,572
|
|
154,707
|
|
101,521
|
|
129,664
|
|
151,396
|
|
373,699
|
|
143,848
|
Loans
|
7,514,821
|
|
6,370,860
|
|
5,867,037
|
|
5,819,684
|
|
5,703,921
|
|
6,587,916
|
|
5,277,108
|
Purchased
loans
|
4,927,839
|
|
2,123,754
|
|
2,359,280
|
|
2,402,610
|
|
2,499,393
|
|
3,148,726
|
|
1,483,029
|
Purchased loan
pools
|
234,403
|
|
245,947
|
|
257,661
|
|
268,568
|
|
287,859
|
|
245,918
|
|
307,718
|
Total Earning
Assets
|
$
|
15,478,774
|
|
$
|
10,547,095
|
|
$
|
10,319,954
|
|
$
|
10,220,747
|
|
$
|
10,138,029
|
|
$
|
12,134,171
|
|
$
|
8,403,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
4,040,592
|
|
$
|
2,723,843
|
|
$
|
2,545,043
|
|
$
|
2,570,783
|
|
$
|
2,320,851
|
|
$
|
3,108,638
|
|
$
|
2,027,145
|
NOW
accounts
|
2,049,175
|
|
1,506,721
|
|
1,553,988
|
|
1,546,939
|
|
1,567,111
|
|
1,705,108
|
|
1,406,434
|
MMDA
|
3,815,185
|
|
2,655,108
|
|
2,677,015
|
|
2,590,194
|
|
2,440,086
|
|
3,053,272
|
|
2,122,138
|
Savings
accounts
|
661,555
|
|
405,506
|
|
399,089
|
|
401,836
|
|
423,449
|
|
489,678
|
|
332,817
|
Retail CDs
|
2,804,243
|
|
1,962,422
|
|
1,892,138
|
|
1,832,529
|
|
1,722,987
|
|
2,222,942
|
|
1,269,586
|
Brokered
CDs
|
150,176
|
|
486,292
|
|
510,301
|
|
510,663
|
|
487,686
|
|
380,937
|
|
169,059
|
Total
Deposits
|
13,520,926
|
|
9,739,892
|
|
9,577,574
|
|
9,452,944
|
|
8,962,170
|
|
10,960,575
|
|
7,327,179
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities
sold under agreements to repurchase
|
19,914
|
|
3,213
|
|
15,879
|
|
14,670
|
|
12,529
|
|
13,017
|
|
16,036
|
FHLB
advances
|
810,384
|
|
22,390
|
|
6,257
|
|
101,337
|
|
513,460
|
|
282,622
|
|
529,917
|
Other
borrowings
|
220,918
|
|
145,453
|
|
145,473
|
|
145,494
|
|
145,513
|
|
170,891
|
|
102,713
|
Subordinated
deferrable interest
debentures
|
133,519
|
|
89,686
|
|
89,343
|
|
89,135
|
|
88,801
|
|
104,345
|
|
86,874
|
Total Non-Deposit
Funding
|
1,184,735
|
|
260,742
|
|
256,952
|
|
350,636
|
|
760,303
|
|
570,875
|
|
735,540
|
Total
Funding
|
$
|
14,705,661
|
|
$
|
10,000,634
|
|
$
|
9,834,526
|
|
$
|
9,803,580
|
|
$
|
9,722,473
|
|
$
|
11,531,450
|
|
$
|
8,062,719
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income
and Interest Expense (TE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
171
|
|
$
|
257
|
|
$
|
179
|
|
$
|
155
|
|
$
|
72
|
|
$
|
607
|
|
$
|
72
|
Interest-bearing
deposits in banks
|
1,620
|
|
2,260
|
|
3,099
|
|
1,906
|
|
1,520
|
|
6,979
|
|
2,959
|
Time deposits in other
banks
|
2
|
|
16
|
|
51
|
|
58
|
|
61
|
|
69
|
|
61
|
Investment securities
- taxable
|
11,354
|
|
9,383
|
|
9,043
|
|
8,686
|
|
8,792
|
|
29,780
|
|
20,320
|
Investment securities
- nontaxable (TE)
|
213
|
|
129
|
|
197
|
|
247
|
|
258
|
|
539
|
|
892
|
Loans held for
sale
|
7,889
|
|
1,632
|
|
1,152
|
|
1,618
|
|
1,566
|
|
10,673
|
|
4,091
|
Loans (TE)
|
108,839
|
|
87,412
|
|
77,322
|
|
73,594
|
|
73,178
|
|
273,573
|
|
195,857
|
Purchased
loans
|
57,661
|
|
27,154
|
|
33,011
|
|
35,413
|
|
34,692
|
|
117,826
|
|
62,584
|
Purchased loan
pools
|
1,739
|
|
1,847
|
|
1,933
|
|
2,151
|
|
2,059
|
|
5,519
|
|
6,750
|
Total Earning
Assets
|
$
|
189,488
|
|
$
|
130,090
|
|
$
|
125,987
|
|
$
|
123,828
|
|
$
|
122,198
|
|
$
|
445,565
|
|
$
|
293,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
4,222
|
|
$
|
3,103
|
|
$
|
2,883
|
|
$
|
4,077
|
|
$
|
3,656
|
|
$
|
10,208
|
|
$
|
7,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
2,843
|
|
$
|
2,260
|
|
$
|
2,109
|
|
$
|
1,736
|
|
$
|
1,142
|
|
$
|
7,212
|
|
$
|
3,237
|
MMDA
|
12,593
|
|
9,488
|
|
9,047
|
|
7,991
|
|
5,885
|
|
31,128
|
|
13,364
|
Savings accounts
|
274
|
|
85
|
|
77
|
|
83
|
|
82
|
|
436
|
|
183
|
Retail CDs
|
12,905
|
|
8,585
|
|
7,330
|
|
5,858
|
|
5,470
|
|
28,820
|
|
10,293
|
Brokered CDs
|
810
|
|
3,036
|
|
3,121
|
|
3,190
|
|
3,051
|
|
6,967
|
|
3,119
|
Total
Interest-Bearing Deposits
|
29,425
|
|
23,454
|
|
21,684
|
|
18,858
|
|
15,630
|
|
74,563
|
|
30,196
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and
securities
sold under agreements to repurchase
|
32
|
|
2
|
|
11
|
|
5
|
|
4
|
|
45
|
|
18
|
FHLB
advances
|
4,618
|
|
141
|
|
44
|
|
568
|
|
2,745
|
|
4,803
|
|
7,585
|
Other borrowings
|
3,332
|
|
2,210
|
|
2,227
|
|
2,222
|
|
2,180
|
|
7,769
|
|
4,634
|
Subordinated deferrable interest
debentures
|
2,185
|
|
1,570
|
|
1,568
|
|
1,542
|
|
1,522
|
|
5,323
|
|
4,306
|
Total Non-Deposit
Funding
|
10,167
|
|
3,923
|
|
3,850
|
|
4,337
|
|
6,451
|
|
17,940
|
|
16,543
|
Total
Interest-Bearing Funding
|
$
|
39,592
|
|
$
|
27,377
|
|
$
|
25,534
|
|
$
|
23,195
|
|
$
|
22,081
|
|
$
|
92,503
|
|
$
|
46,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
149,896
|
|
$
|
102,713
|
|
$
|
100,453
|
|
$
|
100,633
|
|
$
|
100,117
|
|
$
|
353,062
|
|
$
|
246,847
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Yields(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
2.38
|
%
|
|
2.47
|
%
|
|
2.32
|
%
|
|
2.14
|
%
|
|
1.89
|
%
|
|
2.40
|
%
|
|
1.87
|
%
|
Interest-bearing
deposits in banks
|
1.98
|
%
|
|
2.65
|
%
|
|
2.69
|
%
|
|
2.03
|
%
|
|
2.13
|
%
|
|
2.47
|
%
|
|
2.02
|
%
|
Time deposits in other
banks
|
1.45
|
%
|
|
1.69
|
%
|
|
2.02
|
%
|
|
2.10
|
%
|
|
2.09
|
%
|
|
1.91
|
%
|
|
2.05
|
%
|
Investment securities
- taxable
|
2.97
|
%
|
|
3.05
|
%
|
|
3.09
|
%
|
|
3.03
|
%
|
|
3.12
|
%
|
|
3.03
|
%
|
|
2.98
|
%
|
Investment securities
- nontaxable (TE)
|
3.56
|
%
|
|
3.38
|
%
|
|
3.31
|
%
|
|
3.27
|
%
|
|
3.24
|
%
|
|
3.42
|
%
|
|
3.36
|
%
|
Loans held for
sale
|
3.65
|
%
|
|
4.23
|
%
|
|
4.60
|
%
|
|
4.95
|
%
|
|
4.10
|
%
|
|
3.82
|
%
|
|
3.80
|
%
|
Loans (TE)
|
5.75
|
%
|
|
5.50
|
%
|
|
5.34
|
%
|
|
5.02
|
%
|
|
5.09
|
%
|
|
5.55
|
%
|
|
4.96
|
%
|
Purchased
loans
|
4.64
|
%
|
|
5.13
|
%
|
|
5.67
|
%
|
|
5.85
|
%
|
|
5.51
|
%
|
|
5.00
|
%
|
|
5.64
|
%
|
Purchased loan
pools
|
2.94
|
%
|
|
3.01
|
%
|
|
3.04
|
%
|
|
3.18
|
%
|
|
2.84
|
%
|
|
3.00
|
%
|
|
2.93
|
%
|
Total Earning
Assets
|
4.86
|
%
|
|
4.95
|
%
|
|
4.95
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.91
|
%
|
|
4.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
0.55
|
%
|
|
0.60
|
%
|
|
0.55
|
%
|
|
0.45
|
%
|
|
0.29
|
%
|
|
0.57
|
%
|
|
0.31
|
%
|
MMDA
|
1.31
|
%
|
|
1.43
|
%
|
|
1.37
|
%
|
|
1.22
|
%
|
|
0.96
|
%
|
|
1.36
|
%
|
|
0.84
|
%
|
Savings
accounts
|
0.16
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.12
|
%
|
|
0.07
|
%
|
Retail CDs
|
1.83
|
%
|
|
1.75
|
%
|
|
1.57
|
%
|
|
1.27
|
%
|
|
1.26
|
%
|
|
1.73
|
%
|
|
1.08
|
%
|
Brokered
CDs
|
2.14
|
%
|
|
2.50
|
%
|
|
2.48
|
%
|
|
2.48
|
%
|
|
2.48
|
%
|
|
2.45
|
%
|
|
2.47
|
%
|
Total
Interest-Bearing Deposits
|
1.23
|
%
|
|
1.34
|
%
|
|
1.25
|
%
|
|
1.09
|
%
|
|
0.93
|
%
|
|
1.27
|
%
|
|
0.76
|
%
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
0.64
|
%
|
|
0.25
|
%
|
|
0.28
|
%
|
|
0.14
|
%
|
|
0.13
|
%
|
|
0.46
|
%
|
|
0.15
|
%
|
FHLB
advances
|
2.26
|
%
|
|
2.53
|
%
|
|
2.85
|
%
|
|
2.22
|
%
|
|
2.12
|
%
|
|
2.27
|
%
|
|
1.91
|
%
|
Other
borrowings
|
5.98
|
%
|
|
6.09
|
%
|
|
6.21
|
%
|
|
6.06
|
%
|
|
5.94
|
%
|
|
6.08
|
%
|
|
6.03
|
%
|
Subordinated
deferrable interest debentures
|
6.49
|
%
|
|
7.02
|
%
|
|
7.12
|
%
|
|
6.86
|
%
|
|
6.80
|
%
|
|
6.82
|
%
|
|
6.63
|
%
|
Total Non-Deposit
Funding
|
3.40
|
%
|
|
6.03
|
%
|
|
6.08
|
%
|
|
4.91
|
%
|
|
3.37
|
%
|
|
4.20
|
%
|
|
3.01
|
%
|
Total
Interest-Bearing Liabilities
|
1.47
|
%
|
|
1.51
|
%
|
|
1.42
|
%
|
|
1.27
|
%
|
|
1.18
|
%
|
|
1.47
|
%
|
|
1.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.39
|
%
|
|
3.44
|
%
|
|
3.53
|
%
|
|
3.54
|
%
|
|
3.60
|
%
|
|
3.44
|
%
|
|
3.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.84
|
%
|
|
3.91
|
%
|
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.89
|
%
|
|
3.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
1.07
|
%
|
|
1.10
|
%
|
|
1.05
|
%
|
|
0.94
|
%
|
|
0.90
|
%
|
|
1.07
|
%
|
|
0.78
|
%
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
|
|
|
|
(2) Rate calculated
based on average earning assets.
|
|
|
|
|
(3) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
Adjusted Net
Income
|
|
|
|
|
|
|
|
|
|
|
Table
9A
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
Net income available
to common shareholders
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
100,193
|
|
|
$
|
77,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
65,158
|
|
|
3,475
|
|
|
2,057
|
|
|
997
|
|
|
276
|
|
|
70,690
|
|
|
19,502
|
|
Executive retirement
benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
2,005
|
|
|
962
|
|
|
—
|
|
|
6,419
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
245
|
|
|
754
|
|
|
229
|
|
|
245
|
|
|
229
|
|
Servicing right
impairment (recovery)
|
(1,319)
|
|
|
1,460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|
—
|
|
Gain on BOLI
proceeds
|
(4,335)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,335)
|
|
|
—
|
|
Financial impact of
hurricanes
|
—
|
|
|
50
|
|
|
(89)
|
|
|
882
|
|
|
—
|
|
|
(39)
|
|
|
—
|
|
Loss on sale of
premises
|
889
|
|
|
2,800
|
|
|
919
|
|
|
250
|
|
|
4
|
|
|
4,608
|
|
|
783
|
|
Tax effect of
adjustment items (Note 1)
|
(13,238)
|
|
|
(1,479)
|
|
|
(450)
|
|
|
(810)
|
|
|
377
|
|
|
(15,167)
|
|
|
(4,113)
|
|
After tax adjustment
items
|
47,155
|
|
|
6,306
|
|
|
2,682
|
|
|
4,078
|
|
|
1,848
|
|
|
56,143
|
|
|
22,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction in state
tax expense accrued in
prior year net of federal tax impact
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,717)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
68,539
|
|
|
$
|
45,210
|
|
|
$
|
42,587
|
|
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
156,336
|
|
|
$
|
100,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - diluted
|
69,600,499
|
|
|
47,337,809
|
|
|
47,456,314
|
|
|
47,593,252
|
|
|
47,685,334
|
|
|
54,883,122
|
|
|
41,844,900
|
|
Net income per
diluted share
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
1.83
|
|
|
$
|
1.85
|
|
Adjusted net income
per diluted share
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
2.85
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
17,340,387
|
|
|
$
|
11,625,344
|
|
|
$
|
11,423,677
|
|
|
$
|
11,307,980
|
|
|
$
|
11,204,504
|
|
|
$
|
13,483,044
|
|
|
$
|
9,217,174
|
|
Return on average
assets
|
0.49
|
%
|
|
1.34
|
%
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.47
|
%
|
|
0.99
|
%
|
|
1.12
|
%
|
Adjusted return on
average assets
|
1.57
|
%
|
|
1.56
|
%
|
|
1.51
|
%
|
|
1.61
|
%
|
|
1.53
|
%
|
|
1.55
|
%
|
|
1.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
2,432,182
|
|
|
$
|
1,519,598
|
|
|
$
|
1,478,462
|
|
|
$
|
1,428,341
|
|
|
$
|
1,395,479
|
|
|
$
|
1,813,575
|
|
|
$
|
1,094,233
|
|
Average tangible
common equity
|
$
|
1,434,829
|
|
|
$
|
964,841
|
|
|
$
|
917,876
|
|
|
$
|
869,201
|
|
|
$
|
837,914
|
|
|
$
|
1,107,743
|
|
|
$
|
726,163
|
|
Return on average
common equity
|
3.49
|
%
|
|
10.27
|
%
|
|
10.95
|
%
|
|
12.09
|
%
|
|
11.78
|
%
|
|
7.39
|
%
|
|
9.47
|
%
|
Adjusted return on
average tangible common equity
|
18.95
|
%
|
|
18.79
|
%
|
|
18.82
|
%
|
|
20.95
|
%
|
|
20.50
|
%
|
|
18.87
|
%
|
|
18.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: A
portion of the merger and conversion charges for all periods and
the 2Q18 executive retirement benefits are nondeductible for tax
purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Adjusted
Efficiency Ratio (TE)
|
|
|
|
|
|
|
|
|
|
|
Table
9B
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
192,697
|
|
|
$
|
81,251
|
|
|
$
|
75,425
|
|
|
$
|
75,810
|
|
|
$
|
72,353
|
|
|
$
|
349,373
|
|
|
$
|
217,837
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(65,158)
|
|
|
(3,475)
|
|
|
(2,057)
|
|
|
(997)
|
|
|
(276)
|
|
|
(70,690)
|
|
|
(19,502)
|
|
Executive retirement
benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,005)
|
|
|
(962)
|
|
|
—
|
|
|
(6,419)
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
(245)
|
|
|
(754)
|
|
|
(229)
|
|
|
(245)
|
|
|
(229)
|
|
Financial impact of
hurricanes
|
—
|
|
|
(50)
|
|
|
89
|
|
|
(882)
|
|
|
—
|
|
|
39
|
|
|
—
|
|
Loss on sale of
premises
|
(889)
|
|
|
(2,800)
|
|
|
(919)
|
|
|
(250)
|
|
|
(4)
|
|
|
(4,608)
|
|
|
(783)
|
|
Adjusted noninterest
expense
|
$
|
126,650
|
|
|
$
|
74,926
|
|
|
$
|
72,293
|
|
|
$
|
70,922
|
|
|
$
|
70,882
|
|
|
$
|
273,869
|
|
|
$
|
190,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
148,769
|
|
|
$
|
101,651
|
|
|
$
|
99,395
|
|
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
349,815
|
|
|
$
|
243,838
|
|
Noninterest
income
|
76,993
|
|
|
35,236
|
|
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
143,000
|
|
|
87,942
|
|
Total
revenue
|
$
|
225,762
|
|
|
$
|
136,887
|
|
|
$
|
130,166
|
|
|
$
|
130,024
|
|
|
$
|
129,209
|
|
|
$
|
492,815
|
|
|
$
|
331,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
149,896
|
|
|
$
|
102,713
|
|
|
$
|
100,453
|
|
|
$
|
100,633
|
|
|
$
|
100,117
|
|
|
$
|
353,062
|
|
|
$
|
246,847
|
|
Noninterest
income
|
76,993
|
|
|
35,236
|
|
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
143,000
|
|
|
87,942
|
|
Total revenue
(TE)
|
226,889
|
|
|
137,949
|
|
|
131,224
|
|
|
131,103
|
|
|
130,288
|
|
|
496,062
|
|
|
334,789
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
(4)
|
|
|
(69)
|
|
|
(66)
|
|
|
(1)
|
|
|
(48)
|
|
|
(139)
|
|
|
38
|
|
Gain on BOLI
proceeds
|
(4,335)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,335)
|
|
|
—
|
|
Servicing right
impairment (recovery)
|
(1,319)
|
|
|
1,460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|
—
|
|
Adjusted total
revenue (TE)
|
$
|
221,231
|
|
|
$
|
139,340
|
|
|
$
|
131,158
|
|
|
$
|
131,102
|
|
|
$
|
130,240
|
|
|
$
|
491,729
|
|
|
$
|
334,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
85.35
|
%
|
|
59.36
|
%
|
|
57.95
|
%
|
|
58.30
|
%
|
|
56.00
|
%
|
|
70.89
|
%
|
|
65.66
|
%
|
Adjusted
efficiency ratio (TE)
|
57.25
|
%
|
|
53.77
|
%
|
|
55.12
|
%
|
|
54.10
|
%
|
|
54.42
|
%
|
|
55.70
|
%
|
|
57.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
|
|
|
|
|
|
|
|
|
|
Table
9C
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
Total shareholders'
equity
|
$
|
2,420,723
|
|
|
$
|
1,537,121
|
|
|
$
|
1,495,584
|
|
|
$
|
1,456,347
|
|
|
$
|
1,404,977
|
|
|
$
|
2,420,723
|
|
|
$
|
1,404,977
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
911,488
|
|
|
501,140
|
|
|
501,308
|
|
|
503,434
|
|
|
505,604
|
|
|
911,488
|
|
|
505,604
|
|
Other intangibles,
net
|
97,328
|
|
|
52,437
|
|
|
55,557
|
|
|
58,689
|
|
|
54,729
|
|
|
97,328
|
|
|
54,729
|
|
Total tangible
shareholders' equity
|
$
|
1,411,907
|
|
|
$
|
983,544
|
|
|
$
|
938,719
|
|
|
$
|
894,224
|
|
|
$
|
844,644
|
|
|
$
|
1,411,907
|
|
|
$
|
844,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,593,833
|
|
|
47,261,584
|
|
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
69,593,833
|
|
|
47,496,966
|
|
Book value per share
(period end)
|
$
|
34.78
|
|
|
$
|
32.52
|
|
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
34.78
|
|
|
$
|
29.58
|
|
Tangible book value
per share (period end)
|
$
|
20.29
|
|
|
$
|
20.81
|
|
|
$
|
19.73
|
|
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
20.29
|
|
|
$
|
17.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
|
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
124,262
|
|
$
|
84,755
|
|
$
|
85,039
|
|
$
|
84,399
|
|
$
|
84,041
|
|
$
|
294,056
|
|
$
|
201,159
|
Provision for loan
losses
|
3,549
|
|
2,306
|
|
2,058
|
|
1,603
|
|
1,229
|
|
7,913
|
|
2,883
|
Noninterest
income
|
21,173
|
|
14,830
|
|
14,370
|
|
15,784
|
|
16,524
|
|
50,373
|
|
42,910
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
39,794
|
|
24,228
|
|
27,932
|
|
25,882
|
|
26,120
|
|
91,954
|
|
74,834
|
Occupancy and equipment
expenses
|
10,750
|
|
7,034
|
|
7,281
|
|
7,080
|
|
7,871
|
|
25,065
|
|
19,032
|
Data
processing and telecommunications expenses
|
9,551
|
|
7,635
|
|
7,592
|
|
7,522
|
|
7,589
|
|
24,778
|
|
19,504
|
Other noninterest
expenses
|
87,059
|
|
22,728
|
|
16,956
|
|
17,310
|
|
13,461
|
|
126,743
|
|
54,478
|
Total noninterest
expense
|
147,154
|
|
61,625
|
|
59,761
|
|
57,794
|
|
55,041
|
|
268,540
|
|
167,848
|
Income before income
tax expense
|
(5,268)
|
|
35,654
|
|
37,590
|
|
40,786
|
|
44,295
|
|
67,976
|
|
73,338
|
Income tax expense
(benefit)
|
(1,269)
|
|
8,691
|
|
8,775
|
|
5,493
|
|
11,156
|
|
16,197
|
|
18,114
|
Net income
(loss)
|
$
|
(3,999)
|
|
$
|
26,963
|
|
$
|
28,815
|
|
$
|
35,293
|
|
$
|
33,139
|
|
$
|
51,779
|
|
$
|
55,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
13,009
|
|
$
|
7,567
|
|
$
|
5,753
|
|
$
|
7,873
|
|
$
|
5,544
|
|
$
|
26,329
|
|
$
|
15,587
|
Provision for loan
losses
|
1,490
|
|
609
|
|
136
|
|
(1)
|
|
122
|
|
2,235
|
|
585
|
Noninterest
income
|
52,493
|
|
18,070
|
|
14,290
|
|
10,689
|
|
12,097
|
|
84,853
|
|
37,571
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
34,144
|
|
11,886
|
|
8,207
|
|
10,802
|
|
10,061
|
|
54,237
|
|
28,667
|
Occupancy and equipment
expenses
|
1,686
|
|
670
|
|
766
|
|
684
|
|
618
|
|
3,122
|
|
1,756
|
Data
processing and telecommunications expenses
|
660
|
|
394
|
|
330
|
|
306
|
|
347
|
|
1,384
|
|
1,119
|
Other noninterest
expenses
|
3,484
|
|
2,385
|
|
2,114
|
|
1,661
|
|
1,828
|
|
7,983
|
|
5,337
|
Total noninterest
expense
|
39,974
|
|
15,335
|
|
11,417
|
|
13,453
|
|
12,854
|
|
66,726
|
|
36,879
|
Income before income
tax expense
|
24,038
|
|
9,693
|
|
8,490
|
|
5,110
|
|
4,665
|
|
42,221
|
|
15,694
|
Income tax
expense
|
5,048
|
|
2,170
|
|
1,613
|
|
1,073
|
|
943
|
|
8,831
|
|
3,262
|
Net income
|
$
|
18,990
|
|
$
|
7,523
|
|
$
|
6,877
|
|
$
|
4,037
|
|
$
|
3,722
|
|
$
|
33,390
|
|
$
|
12,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
3,169
|
|
$
|
2,987
|
|
$
|
2,690
|
|
$
|
2,438
|
|
$
|
2,469
|
|
$
|
8,846
|
|
$
|
6,650
|
Provision for loan
losses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Noninterest
income
|
560
|
|
450
|
|
379
|
|
386
|
|
503
|
|
1,389
|
|
1,635
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
286
|
|
162
|
|
161
|
|
145
|
|
136
|
|
609
|
|
402
|
Occupancy and equipment
expenses
|
2
|
|
1
|
|
1
|
|
—
|
|
2
|
|
4
|
|
2
|
Data
processing and telecommunications expenses
|
41
|
|
38
|
|
30
|
|
29
|
|
30
|
|
109
|
|
93
|
Other noninterest
expenses
|
27
|
|
75
|
|
68
|
|
62
|
|
69
|
|
170
|
|
176
|
Total noninterest
expense
|
356
|
|
276
|
|
260
|
|
236
|
|
237
|
|
892
|
|
673
|
Income before income
tax expense
|
3,373
|
|
3,161
|
|
2,809
|
|
2,588
|
|
2,735
|
|
9,343
|
|
7,612
|
Income tax
expense
|
708
|
|
664
|
|
590
|
|
544
|
|
574
|
|
1,962
|
|
1,598
|
Net income
|
$
|
2,665
|
|
$
|
2,497
|
|
$
|
2,219
|
|
$
|
2,044
|
|
$
|
2,161
|
|
$
|
7,381
|
|
$
|
6,014
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
|
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
2,573
|
|
$
|
1,182
|
|
$
|
1,086
|
|
$
|
1,352
|
|
$
|
1,459
|
|
$
|
4,841
|
|
$
|
3,703
|
Provision for loan
losses
|
(15)
|
|
178
|
|
231
|
|
112
|
|
41
|
|
394
|
|
1,025
|
Noninterest
income
|
2,766
|
|
1,883
|
|
1,730
|
|
1,094
|
|
1,045
|
|
6,379
|
|
3,764
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,985
|
|
735
|
|
727
|
|
699
|
|
650
|
|
3,447
|
|
2,010
|
Occupancy and equipment
expenses
|
66
|
|
65
|
|
59
|
|
63
|
|
58
|
|
190
|
|
171
|
Data
processing and telecommunications expenses
|
22
|
|
3
|
|
2
|
|
—
|
|
1
|
|
27
|
|
19
|
Other noninterest
expenses
|
503
|
|
359
|
|
387
|
|
414
|
|
242
|
|
1,249
|
|
884
|
Total noninterest
expense
|
2,576
|
|
1,162
|
|
1,175
|
|
1,176
|
|
951
|
|
4,913
|
|
3,084
|
Income before income
tax expense
|
2,778
|
|
1,725
|
|
1,410
|
|
1,158
|
|
1,512
|
|
5,913
|
|
3,358
|
Income tax
expense
|
584
|
|
362
|
|
296
|
|
243
|
|
317
|
|
1,242
|
|
705
|
Net income
|
$
|
2,194
|
|
$
|
1,363
|
|
$
|
1,114
|
|
$
|
915
|
|
$
|
1,195
|
|
$
|
4,671
|
|
$
|
2,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
5,756
|
|
$
|
5,160
|
|
$
|
4,827
|
|
$
|
3,492
|
|
$
|
5,525
|
|
$
|
15,743
|
|
$
|
16,739
|
Provision for loan
losses
|
965
|
|
1,575
|
|
983
|
|
1,947
|
|
703
|
|
3,523
|
|
8,513
|
Noninterest
income
|
1
|
|
3
|
|
2
|
|
2,517
|
|
2
|
|
6
|
|
2,062
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,424
|
|
1,320
|
|
1,305
|
|
1,441
|
|
1,447
|
|
4,049
|
|
4,250
|
Occupancy and equipment
expenses
|
135
|
|
64
|
|
97
|
|
118
|
|
49
|
|
296
|
|
225
|
Data
processing and telecommunications expenses
|
98
|
|
318
|
|
437
|
|
436
|
|
551
|
|
853
|
|
1,357
|
Other noninterest
expenses
|
980
|
|
1,151
|
|
973
|
|
1,156
|
|
1,223
|
|
3,104
|
|
3,521
|
Total noninterest
expense
|
2,637
|
|
2,853
|
|
2,812
|
|
3,151
|
|
3,270
|
|
8,302
|
|
9,353
|
Income before income
tax expense
|
2,155
|
|
735
|
|
1,034
|
|
911
|
|
1,554
|
|
3,924
|
|
935
|
Income tax expense
(benefit)
|
621
|
|
177
|
|
154
|
|
(336)
|
|
327
|
|
952
|
|
(233)
|
Net income
|
$
|
1,534
|
|
$
|
558
|
|
$
|
880
|
|
$
|
1,247
|
|
$
|
1,227
|
|
$
|
2,972
|
|
$
|
1,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
148,769
|
|
$
|
101,651
|
|
$
|
99,395
|
|
$
|
99,554
|
|
$
|
99,038
|
|
$
|
349,815
|
|
$
|
243,838
|
Provision for loan
losses
|
5,989
|
|
4,668
|
|
3,408
|
|
3,661
|
|
2,095
|
|
14,065
|
|
13,006
|
Noninterest
income
|
76,993
|
|
35,236
|
|
30,771
|
|
30,470
|
|
30,171
|
|
143,000
|
|
87,942
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
77,633
|
|
38,331
|
|
38,332
|
|
38,969
|
|
38,414
|
|
154,296
|
|
110,163
|
Occupancy and equipment
expenses
|
12,639
|
|
7,834
|
|
8,204
|
|
7,945
|
|
8,598
|
|
28,677
|
|
21,186
|
Data
processing and telecommunications expenses
|
10,372
|
|
8,388
|
|
8,391
|
|
8,293
|
|
8,518
|
|
27,151
|
|
22,092
|
Other noninterest
expenses
|
92,053
|
|
26,698
|
|
20,498
|
|
20,603
|
|
16,823
|
|
139,249
|
|
64,396
|
Total noninterest
expense
|
192,697
|
|
81,251
|
|
75,425
|
|
75,810
|
|
72,353
|
|
349,373
|
|
217,837
|
Income before income
tax expense
|
27,076
|
|
50,968
|
|
51,333
|
|
50,553
|
|
54,761
|
|
129,377
|
|
100,937
|
Income tax
expense
|
5,692
|
|
12,064
|
|
11,428
|
|
7,017
|
|
13,317
|
|
29,184
|
|
23,446
|
Net income
|
$
|
21,384
|
|
$
|
38,904
|
|
$
|
39,905
|
|
$
|
43,536
|
|
$
|
41,444
|
|
$
|
100,193
|
|
$
|
77,491
|
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SOURCE Ameris Bancorp