ATLANTA, Jan. 23, 2020 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $61.2 million, or $0.88 per diluted share, for the quarter ended December 31, 2019, compared with $43.5 million, or $0.91 per diluted share, for the quarter ended December 31, 2018.  The Company reported adjusted net income of $66.6 million, or $0.96 per diluted share, for the quarter ended December 31, 2019, compared with $45.9 million, or $0.96 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, expenses related to the previously announced investigation being conducted by the Securities and Exchange Commission and the Department of Justice, loss on sale of bank premises and expenses related to hurricanes.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

For the year ended December 31, 2019, the Company reported net income of $161.4 million, or $2.75 per diluted share, compared with $121.0 million, or $2.80 per diluted share, for the year ended December 31, 2018.  The Company reported adjusted net income of $222.9 million, or $3.80 per diluted share, for the year ended December 31, 2019, compared with $146.2 million, or $3.38 per diluted share, for the year ended December 31, 2018.  Adjusted net income for the year excludes the same items listed above for the fourth quarter. 

Commenting on the Company's record results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are proud of our bankers and the successes we had this year.  Not only did our Company go through the largest acquisition and system conversion in our history, but we also produced record earnings and record earnings per share this year.  To do both of those things simultaneously is quite an accomplishment.  Organic loan growth was over 9% for the year while our credit quality metrics continued to improve.  Our diverse lines of business continue to produce solid financial results and provide positive momentum for 2020."

Highlights of the Company's results for the fourth quarter of 2019 include the following:

  • Improvement in adjusted efficiency ratio to 55.61%, compared with 57.25% in the third quarter of 2019
  • Adjusted return on average assets of 1.47%, compared with 1.57% in the third quarter of 2019 and 1.61% in the fourth quarter of 2018
  • Growth in adjusted net income of $20.7 million, representing a 45% increase over the fourth quarter of 2018
  • Increase in net interest margin of 2 basis points, to 3.86% in the fourth quarter, from 3.84% in the third quarter of 2019
  • Improvement in deposit mix such that noninterest bearing deposits represent 29.94% of total deposits, up from 26.12% a year ago
  • Annualized net charge-offs of 0.09% of average total loans and 0.17% of average non-purchased loans
  • Improvement in non-performing assets, decreasing to 0.56% of total assets, compared with 0.73% at the end of the third quarter of 2019

Highlights of the Company's results for 2019 include the following:

  • Successfully completed the acquisition and integration of Fidelity Southern Corporation, the holding company for Fidelity Bank ("Fidelity")
  • Growth in adjusted net earnings of 52.5%, from $146.2 million in 2018 to $222.9 million in 2019
  • Improvement in adjusted efficiency ratio to 55.67% in 2019, compared with 56.19% in 2018
  • Organic growth in loans of $751.8 million, or 9.2%
  • Adjusted return on average assets of 1.52%, compared with 1.50% in 2018
  • Growth in tangible book value of 10.5%, from $18.83 at the end of 2018 to $20.81 at the end of 2019
  • Enhanced shareholder value through an increase in our annual dividend rate to $0.60 per common share and disciplined repurchases under our common stock repurchase plan

Following is a summary of the adjustments between reported net income and adjusted net income:

Adjusted Net Income Reconciliation









Three Months Ended


Year Ended Ended


December 31,


December 31,

(dollars in thousands, except per share data)

2019


2018


2019


2018

Net income available to common shareholders

$

61,248



$

43,536



$

161,441



$

121,027










Adjustment items:








Merger and conversion charges

2,415



997



73,105



20,499


Executive retirement benefits



2,005





8,424


Restructuring charges



754



245



983


Servicing right impairment

366





507




Financial impact of hurricanes



882



(39)



882


Gain on BOLI proceeds

752





(3,583)




Expenses related to SEC and DOJ investigation

463





463




Loss on sale of premises

1,413



250



6,021



1,033


Tax effect of adjustment items

(898)



(810)



(16,065)



(4,923)


After-tax adjustment items

4,511



4,078



60,654



26,898










Tax expense attributable to merger related compensation and
acquired BOLI

849





849




Reduction in state tax expense accrued in prior year, net of
federal tax impact



(1,717)





(1,717)


Adjusted net income

$

66,608



$

45,897



$

222,944



$

146,208










Reported net income per diluted share

$

0.88



$

0.91



$

2.75



$

2.80


Adjusted net income per diluted share

$

0.96



$

0.96



$

3.80



$

3.38










Reported return on average assets

1.35

%


1.53

%


1.10

%


1.24

%

Adjusted return on average assets

1.47

%


1.61

%


1.52

%


1.50

%









Reported return on average common equity

9.97

%


12.09

%


8.19

%


10.27

%

Adjusted return on average tangible common equity

18.45

%


20.95

%


18.74

%


19.18

%

 

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2019 totaled $509.5 million, compared with $347.5 million for 2018.  The Company's net interest margin was 3.88% for 2019, down from 3.92% reported for 2018.  Accretion income for 2019 increased to $19.9 million, compared with $11.8 million for 2018.  The decrease in net interest margin is primarily attributable to an increase in funding costs, partially offset by an increase in the yield on earning assets. 

Net interest income on a tax-equivalent basis for the fourth quarter of 2019 totaled $156.5 million, compared with $149.9 million for the third quarter of 2019 and $100.6 million for the fourth quarter of 2018.  The Company's net interest margin was 3.86% for the fourth quarter of 2019, up from 3.84% reported for the third quarter of 2019 and down from 3.91% reported for the fourth quarter of 2018.  The increase in net interest margin in the current quarter is primarily attributable to an increase in accretion income and a decrease in cost of interest-bearing liabilities.  Accretion income for the fourth quarter of 2019 increased to $9.7 million, compared with $4.2 million for the third quarter of 2019 and $4.1 million for the fourth quarter of 2018.  The increase in accretion income in the fourth quarter is primarily attributable to the successful resolution of an acquired non-performing loan that had a substantial discount, as well as an overall increase in the level of payoffs of acquired loans. 

Yields on all loans decreased to 5.11% during the fourth quarter of 2019, compared with 5.16% for the third quarter of 2019 and 5.19% reported for the fourth quarter of 2018.  Loan production in the banking division during the fourth quarter of 2019 totaled $1.1 billion, with weighted average yields of 4.70%, compared with $1.2 billion and 5.08%, respectively, in the third quarter of 2019 and $604.9 million and 5.74%, respectively, in the fourth quarter of 2018.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.1 billion during the fourth quarter of 2019, with weighted average yields of 4.29%, compared with $4.2 billion and 4.51%, respectively, during the third quarter of 2019 and $1.8 billion and 5.56%, respectively, during the fourth quarter of 2018.

Interest expense for 2019 increased to $131.2 million, compared with $69.9 million in 2018.  The Company's total cost of funds moved 23 basis points higher to 1.05% in 2019 as compared with 2018.  Costs of interest-bearing deposits increased 37 basis points in 2019 to 1.23%, compared with 0.86% in 2018. 

Interest expense during the fourth quarter of 2019 decreased to $38.7 million, compared with $39.6 million in the third quarter of 2019, and increased from $23.2 million in the fourth quarter of 2018.  The Company's total cost of funds moved seven basis points lower to 1.00% in the fourth quarter of 2019 as compared with the third quarter of 2019.  Deposit costs also decreased six basis points during the fourth quarter of 2019 to 0.80%, compared with 0.86% in the third quarter of 2019.  Costs of interest-bearing deposits decreased during the quarter from 1.23% in the third quarter of 2019 to 1.13% in the fourth quarter of 2019.

Noninterest Income
Noninterest income increased 67.3% in 2019 to $198.1 million, compared with $118.4 million for 2018, as a result of increased service charges and mortgage banking activity.  Service charge revenue increased to $50.8 million in 2019, compared with $46.1 million in 2018 due to the Company's increased number of deposit accounts from organic growth and completion of the Fidelity acquisition. In addition, other noninterest income increased during the year because the Company recorded a $3.6 million gain on BOLI proceeds during the year, due to the unfortunate death of a former officer of Fidelity, and increases of $2.5 million in loan servicing income and $3.3 million in gain on sale of SBA loans.

Mortgage banking activity increased 122.6% to $119.4 million in 2019, compared with $53.7 million for 2018.  This increase was a result of both the Fidelity acquisition and additional growth from the low interest rate environment during the second half of 2019. Total production in the retail mortgage division increased to $4.3 billion for 2019, compared with $1.8 billion for 2018.  Gain on sale spreads decreased in 2019 to 2.75% from 2.92% for 2018. The gain on sale spread during the quarter continued to be impacted by a shift in product mix and the transition of the pricing models through conversion.   

Noninterest income from the SBA division increased to $8.9 million in 2019, compared with $4.9 million for 2018.  Net income for the division increased over 91% from 2018 to $6.8 million in 2019.

Noninterest Expense
Noninterest expense increased $178.3 million, or 60.7%, to $471.9 million in 2019, compared with $293.6 million for 2018.  During 2019, the Company recorded $79.8 million of charges to earnings, the majority of which was related to merger and conversion charges and loss on sale of premises, compared with $31.8 million in charges in 2018 that were related principally to merger and conversion charges and executive retirement benefits.  Excluding these charges, adjusted expenses increased approximately $130.3 million, or 49.8%, to $392.1 million in 2019, from $261.8 million in 2018.  The majority of this increase is attributable to the acquisitions of Atlantic Coast Bank, Hamilton State Bank and Fidelity, as well as variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio. The Company's adjusted efficiency ratio improved from 56.19% in 2018 to 55.67% in 2019.

Income Tax Expense
The Company's effective tax rate for the fourth quarter of 2019 was 25.5%, compared with 21.0% in the third quarter of 2019 and 13.9% for the fourth quarter of 2018. The increased rate for the fourth quarter of 2019 was a result of return to provision adjustments when the Company filed its 2018 income tax returns during the fourth quarter of 2019 and additional tax expense related to merger-related compensation and acquired BOLI.  The reduced rate in the fourth quarter of 2018 was a result of a large return to provision adjustment when the Company filed its 2017 income tax returns in the fourth quarter of 2018.

Balance Sheet Trends
Total assets at December 31, 2019 were $18.2 billion, compared with $11.4 billion at December 31, 2018.  Total loans, including loans held for sale, purchased loans and purchased loan pools, were $14.48 billion at December 31, 2019, compared with $8.62 billion at December 31, 2018.  Total loans held for investment were $12.82 billion at December 31, 2019, compared with $8.51 billion at December 31, 2018.  Loans held for investment, exclusive of loans acquired from Fidelity, increased $794.9 million, or 9.3%, compared with December 31, 2018.  Loan production remained strong in the fourth quarter, which helped offset the impact of the strategic runoff of certain acquired portfolios as we continue to reposition the balance sheet from the recent acquisitions.  Loan production in the banking division during the fourth quarter of 2019 was 81% higher than the fourth quarter of 2018, but was 7% lower than the third quarter of 2019 due to usual seasonal trends. 

At December 31, 2019, total deposits amounted to $14.03 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 during 2019 was materially impacted by the Company's acquisition of Fidelity.  Excluding the acquisition, deposits increased $334.4 million, or 3.5%, in 2019.  At December 31, 2019, noninterest-bearing deposit accounts were $4.20 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 $7.21 billion at December 31, 2019, compared with $4.60 billion at December 31, 2018.  These funds represented 51.4% of the Company's total deposits at December 31, 2019, compared with 47.6% at the end of 2018.

Shareholders' equity at December 31, 2019 totaled $2.47 billion, an increase of $1.01 billion, or 69.5%, 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 $161.4 million during 2019, offset by dividends declared of $30.3 million and treasury stock purchases of $18.4 million.  Tangible book value per share was $20.81 at December 31, 2019, up from $18.83 at December 31, 2018.  Tangible common equity as a percentage of tangible assets was 8.40% at December 31, 2019, compared with 8.22% at the end of the 2018.

Credit Quality
Credit quality remains strong in the Company.  During the fourth quarter of 2019, the Company recorded provision for loan loss expense of $5.7 million, compared with $6.0 million in the third quarter of 2019.  Nonperforming assets as a percentage of total assets decreased by 17 basis points to 0.56% during the quarter.  The decrease in nonperforming assets is primarily a result of the sale of certain nonperforming assets acquired from Fidelity.  The net charge-off ratio for non-purchased loans was 17 basis points for the fourth quarter of 2019, compared with nine basis points in the third quarter of 2019 and 21 basis points in the fourth quarter of 2018.

Conference Call
The Company will host a teleconference at 9:30 a.m. Eastern time Friday, January 24, 2020 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 February 7, 2020.  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 10138227.  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 170 locations in Georgia, Florida, South Carolina and Alabama 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


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2019


2019


2019


2019


2018


2019


2018

EARNINGS














Net income

$

61,248



$

21,384



$

38,904



$

39,905



$

43,536



$

161,441



$

121,027


Adjusted net income

$

66,608



$

68,539



$

45,210



$

42,587



$

45,897



$

222,944



$

146,208
















COMMON SHARE DATA














Earnings per share available to common
shareholders














  Basic

$

0.88



$

0.31



$

0.82



$

0.84



$

0.92



$

2.76



$

2.81


  Diluted

$

0.88



$

0.31



$

0.82



$

0.84



$

0.91



$

2.75



$

2.80


Adjusted diluted EPS

$

0.96



$

0.98



$

0.96



$

0.90



$

0.96



$

3.80



$

3.38


Cash dividends per share

$

0.15



$

0.15



$

0.10



$

0.10



$

0.10



$

0.50



$

0.40


Book value per share (period end)

$

35.53



$

34.78



$

32.52



$

31.43



$

30.66



$

35.53



$

30.66


Tangible book value per share (period end)

$

20.81



$

20.29



$

20.81



$

19.73



$

18.83



$

20.81



$

18.83


Weighted average number of shares














  Basic

69,429,193



69,372,125



47,310,561



47,366,296



47,501,150



58,462,137



43,141,859


  Diluted

69,683,999



69,600,499



47,337,809



47,456,314



47,593,252



58,614,151



43,247,796


Period end number of shares

69,503,833



69,593,833



47,261,584



47,585,309



47,499,941



69,503,833



47,499,941


Market data














  High intraday price

$

44.90



$

40.65



$

39.60



$

42.01



$

47.25



$

44.90



$

59.05


  Low intraday price

$

38.34



$

33.71



$

33.57



$

31.27



$

29.97



$

31.27



$

29.97


  Period end closing price

$

42.54



$

40.24



$

39.19



$

34.35



$

31.67



$

42.54



$

31.67


  Average daily volume

353,783



461,289



352,684



387,800



375,773



389,112



312,388
















PERFORMANCE RATIOS














Return on average assets

1.35

%


0.49

%


1.34

%


1.42

%


1.53

%


1.10

%


1.24

%

Adjusted return on average assets

1.47

%


1.57

%


1.56

%


1.51

%


1.61

%


1.52

%


1.50

%

Return on average common equity

9.97

%


3.49

%


10.27

%


10.95

%


12.09

%


8.19

%


10.27

%

Adjusted return on average tangible
common equity

18.45

%


18.95

%


18.79

%


18.82

%


20.95

%


18.74

%


19.18

%

Earning asset yield (TE)

4.82

%


4.86

%


4.95

%


4.95

%


4.81

%


4.88

%


4.71

%

Total cost of funds

1.00

%


1.07

%


1.10

%


1.05

%


0.94

%


1.05

%


0.82

%

Net interest margin (TE)

3.86

%


3.84

%


3.91

%


3.95

%


3.91

%


3.88

%


3.92

%

Noninterest income excluding securities
transactions, as a percent of total revenue (TE)

22.02

%


28.89

%


21.27

%


19.59

%


19.75

%


23.60

%


22.11

%

Efficiency ratio

58.24

%


85.35

%


59.36

%


57.95

%


58.30

%


67.11

%


63.59

%

Adjusted efficiency ratio (TE)

55.61

%


57.25

%


53.77

%


55.12

%


54.10

%


55.67

%


56.19

%















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

13.54

%


13.63

%


12.93

%


12.83

%


12.73

%


13.54

%


12.73

%

Tangible common equity to tangible assets

8.40

%


8.43

%


8.68

%


8.46

%


8.22

%


8.40

%


8.22

%















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.40

%


8.43

%


8.68

%


8.46

%


8.22

%


8.40

%


8.22

%

Effect of goodwill and other intangibles

5.14

%


5.20

%


4.25

%


4.37

%


4.51

%


5.14

%


4.51

%

Equity to assets (GAAP)

13.54

%


13.63

%


12.93

%


12.83

%


12.73

%


13.54

%


12.73

%















OTHER DATA (period end)














Full time equivalent employees














  Banking Division

1,913



2,001



1,336



1,343



1,370



1,913



1,370


  Retail Mortgage Division

690



785



348



328



332



690



332


  Warehouse Lending Division

9



9



10



9



8



9



8


  SBA Division

42



45



21



22



22



42



22


  Premium Finance Division

68



66



62



64



72



68



72


  Total Ameris Bancorp FTE headcount

2,722



2,906



1,777



1,766



1,804



2,722



1,804
















Assets per Banking Division FTE

$

9,536



$

8,878



$

8,889



$

8,679



$

8,353



$

9,536



$

8,353


Branch locations

170



172



114



114



125



170



125


Deposits per branch location

$

82,512



$

79,416



$

84,056



$

85,973



$

77,195



$

82,512



$

77,195


 

 


AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2019


2019


2019


2019


2018


2019


2018

Interest income














Interest and fees on loans

$

182,391



$

175,046



$

117,010



$

112,401



$

111,749



$

586,848



$

378,209


Interest on taxable securities

10,358



11,354



9,383



9,043



8,686



40,138



29,006


Interest on nontaxable securities

167



168



102



156



195



593



900


Interest on deposits in other banks

1,091



1,622



2,276



3,150



1,964



8,139



4,984


Interest on federal funds sold

69



171



257



179



155



676



227


Total interest income

194,076



188,361



129,028



124,929



122,749



636,394



413,326
















Interest expense














Interest on deposits

27,970



29,425



23,454



21,684



18,858



102,533



49,054


Interest on other borrowings

10,755



10,167



3,923



3,850



4,337



28,695



20,880


Total interest expense

38,725



39,592



27,377



25,534



23,195



131,228



69,934
















Net interest income

155,351



148,769



101,651



99,395



99,554



505,166



343,392


Provision for loan losses

5,693



5,989



4,668



3,408



3,661



19,758



16,667


Net interest income after provision for loan losses

149,658



142,780



96,983



95,987



95,893



485,408



326,725
















Noninterest income














Service charges on deposits accounts

13,567



13,411



12,168



11,646



12,597



50,792



46,128


Mortgage banking activity

33,168



53,041



18,523



14,677



11,883



119,409



53,654


Other service charges, commissions and fees

1,085



1,236



803



789



824



3,913



3,059


Gain (loss) on securities

(1)



4



69



66



1



138



(37)


Other noninterest income

7,294



9,301



3,673



3,593



5,165



23,861



15,608


Total noninterest income

55,113



76,993



35,236



30,771



30,470



198,113



118,412
















Noninterest expense














Salaries and employee benefits

69,642



77,633



38,331



38,332



38,969



223,938



149,132


Occupancy and equipment expenses

11,919



12,639



7,834



8,204



7,945



40,596



29,131


Data processing and telecommunications expenses

11,362



10,372



8,388



8,391



8,293



38,513



30,385


Credit resolution related expenses(1)

1,098



1,094



979



911



1,174



4,082



4,016


Advertising and marketing expenses

2,250



1,949



1,987



1,741



1,633



7,927



5,571


Amortization of intangible assets

5,741



5,719



3,121



3,132



3,650



17,713



9,512


Merger and conversion charges

2,415



65,158



3,475



2,057



997



73,105



20,499


Other noninterest expenses

18,137



18,133



17,136



12,657



13,149



66,063



45,401


Total noninterest expense

122,564



192,697



81,251



75,425



75,810



471,937



293,647
















Income before income tax expense

82,207



27,076



50,968



51,333



50,553



211,584



151,490


Income tax expense

20,959



5,692



12,064



11,428



7,017



50,143



30,463


Net income

$

61,248



$

21,384



$

38,904



$

39,905



$

43,536



$

161,441



$

121,027
















Diluted earnings per common share

$

0.88



$

0.31



$

0.82



$

0.84



$

0.91



$

2.75



$

2.80
















(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


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2019


2019


2019


2019


2018

Assets










Cash and due from banks

$

246,234



$

193,976



$

151,186



$

144,801



$

172,036


Federal funds sold and interest-bearing deposits in banks

375,615



285,713



186,969



712,199



507,491


Time deposits in other banks

249



499



748



7,371



10,812


Investment securities available for sale, at fair value

1,403,403



1,491,207



1,273,244



1,234,435



1,192,423


Other investments

66,919



66,921



32,481



15,157



14,455


Loans held for sale, at fair value

1,656,711



1,187,551



261,073



112,070



111,298












Loans

7,529,987



7,208,816



6,522,448



5,756,358



5,660,457


Purchased loans

5,075,281



5,388,336



2,286,425



2,472,271



2,588,832


Purchased loan pools

213,208



229,132



240,997



253,710



262,625


Loans, net of unearned income

12,818,476



12,826,284



9,049,870



8,482,339



8,511,914


Allowance for loan losses

(38,189)



(35,530)



(31,793)



(28,659)



(28,819)


Loans, net

12,780,287



12,790,754



9,018,077



8,453,680



8,483,095












Other real estate owned

4,500



4,925



5,169



6,014



7,218


Purchased other real estate owned

15,000



15,785



9,506



10,857



9,535


Total other real estate owned

19,500



20,710



14,675



16,871



16,753












Premises and equipment, net

233,102



239,428



141,378



141,698



145,410


Goodwill

931,637



911,488



501,140



501,308



503,434


Other intangible assets, net

91,586



97,328



52,437



55,557



58,689


Cash value of bank owned life insurance

175,270



174,442



105,064



104,597



104,096


Deferred income taxes, net

2,180



22,111



30,812



33,295



35,126


Other assets

259,886



282,149



120,052



123,236



88,397


Total assets

$

18,242,579



$

17,764,277



$

11,889,336



$

11,656,275



$

11,443,515












Liabilities










Deposits










Noninterest-bearing

$

4,199,448



$

4,077,856



$

2,771,443



$

2,753,173



$

2,520,016


Interest-bearing

9,827,625



9,581,738



6,810,927



7,047,702



7,129,297


  Total deposits

14,027,073



13,659,594



9,582,370



9,800,875



9,649,313


Federal funds purchased and securities sold under agreements to repurchase

20,635



17,744



3,307



4,259



20,384


Other borrowings

1,398,709



1,351,172



564,636



151,454



151,774


Subordinated deferrable interest debentures

127,560



127,075



89,871



89,529



89,187


FDIC loss-share payable, net

19,642



19,490



20,596



18,834



19,487


Other liabilities

179,378



168,479



91,435



95,740



57,023


Total liabilities

15,772,997



15,343,554



10,352,215



10,160,691



9,987,168












Shareholders' Equity










Preferred stock










Common stock

71,500



71,447



49,099



49,126



49,015


Capital stock

1,907,108



1,904,789



1,053,500



1,053,190



1,051,584


Retained earnings

507,950



457,127



446,182



412,005



377,135


Accumulated other comprehensive income (loss), net of tax

17,995



15,482



16,462



(1,178)



(4,826)


Treasury stock

(34,971)



(28,122)



(28,122)



(17,559)



(16,561)


Total shareholders' equity

2,469,582



2,420,723



1,537,121



1,495,584



1,456,347


Total liabilities and shareholders' equity

$

18,242,579



$

17,764,277



$

11,889,336



$

11,656,275



$

11,443,515












Other Data










Earning assets

$

16,321,373



$

15,858,175



$

10,804,385



$

10,563,571



$

10,348,393


Intangible assets

1,023,223



1,008,816



553,577



556,865



562,123


Interest-bearing liabilities

11,374,529



11,077,729



7,468,741



7,292,944



7,390,642


Average assets

17,998,494



17,340,387



11,625,344



11,423,677



11,307,980


Average common shareholders' equity

2,437,272



2,432,182



1,519,598



1,478,462



1,428,341


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information



Table 4


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2019


2019


2019


2019


2018


2019


2018

Allowance for Loan Losses














Balance at beginning of period

$

35,530



$

31,793



$

28,659



$

28,819



$

28,116



$

28,819



$

25,791
















Provision for loan losses

5,693



5,989



4,668



3,408



3,661



19,758



16,667
















Charge-offs

5,664



5,249



3,496



5,379



4,430



19,788



21,131


Recoveries

2,630



2,997



1,962



1,811



1,472



9,400



7,492


  Net charge-offs (recoveries)

3,034



2,252



1,534



3,568



2,958



10,388



13,639
















Ending balance

$

38,189



$

35,530



$

31,793



$

28,659



$

28,819



$

38,189



$

28,819
















Net  Charge-off Information




























Charge-offs














Commercial, financial and agricultural

$

2,211



$

1,578



$

1,338



$

2,004



$

2,489



$

7,131



$

13,803


Real estate - construction and development

74





222



25



7



321



292


Real estate - commercial and farmland

63



14



100



1,253



169



1,430



338


Real estate - residential

80



20



40



20



76



160



771


Consumer installment

1,481



1,195



1,126



1,893



1,465



5,695



4,189


Purchased loans

1,755



2,442



670



184



224



5,051



1,738


Purchased loan pools














  Total charge-offs

5,664



5,249



3,496



5,379



4,430



19,788



21,131
















Recoveries














Commercial, financial and agricultural

420



845



742



1,065



927



3,072



3,769


Real estate - construction and development

3



2



19



1



3



25



120


Real estate - commercial and farmland

105





4



4



7



113



176


Real estate - residential

9



49



133



104



91



295



346


Consumer installment

235



269



242



164



137



910



499


Purchased loans

1,858



1,832



822



473



307



4,985



2,582


Purchased loan pools














  Total recoveries

2,630



2,997



1,962



1,811



1,472



9,400



7,492
















Net charge-offs (recoveries)

$

3,034



$

2,252



$

1,534



$

3,568



$

2,958



$

10,388



$

13,639
















Non-Performing Assets














Nonaccrual loans (excluding purchased loans)

$

29,291



$

21,739



$

18,129



$

17,633



$

17,952



$

29,291



$

17,952


Nonaccrual purchased loans

45,023



78,762



23,350



23,846



24,107



45,023



24,107


Nonaccrual purchased loan pools

810







400





810




Other real estate owned

4,500



4,925



5,169



6,014



7,218



4,500



7,218


Purchased other real estate owned

15,000



15,785



9,506



10,857



9,535



15,000



9,535


Repossessed assets

939



1,258









939




Accruing loans delinquent 90 days or more
(excluding purchased loans)

5,733



5,836



4,439



3,676



4,222



5,733



4,222


Accruing purchased loans delinquent 90 days
or more

21



489



174







21




Total non-performing assets

$

101,317



$

128,794



$

60,767



$

62,426



$

63,034



$

101,317



$

63,034
















Asset Quality Ratios














Non-performing assets as a percent of total assets

0.56

%


0.73

%


0.51

%


0.54

%


0.55

%


0.56

%


0.55

%

Net charge-offs as a percent of average loans
(annualized)

0.09

%


0.07

%


0.07

%


0.17

%


0.14

%


0.10

%


0.18

%

Net charge-offs, excluding purchased loans as
a percent of average loans (annualized)

0.17

%


0.09

%


0.11

%


0.27

%


0.21

%


0.15

%


0.27

%

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2019


2019


2019


2019


2018

Loans by Type










Legacy loans










  Commercial, financial and agricultural

$

1,646,438



$

1,781,237



$

1,648,190



$

1,382,907



$

1,316,359


  Real estate - construction and development

1,083,564



947,371



788,409



676,563



671,198


  Real estate - commercial and farmland

2,447,834



2,152,528



2,046,347



1,894,937



1,814,529


  Real estate - residential

1,901,352



1,866,128



1,589,646



1,365,482



1,403,000


  Consumer installment

450,799



461,552



449,856



436,469



455,371


Total legacy loans

$

7,529,987



$

7,208,816



$

6,522,448



$

5,756,358



$

5,660,457


Purchased loans










  Commercial, financial and agricultural

$

384,273



$

385,355



$

252,621



$

327,972



$

372,686


  Real estate - construction and development

465,497



521,324



315,141



239,413



227,900


  Real estate - commercial and farmland

1,905,205



2,057,384



1,135,866



1,280,515



1,337,859


  Real estate - residential

1,220,271



1,285,096



558,458



597,735



623,199


  Consumer installment

1,100,035



1,139,177



24,339



26,636



27,188


Total purchased loans

$

5,075,281



$

5,388,336



$

2,286,425



$

2,472,271



$

2,588,832


Purchased loan pools










  Real estate - residential

$

213,208



$

229,132



$

240,997



$

253,710



$

262,625


Total purchased loan pools

$

213,208



$

229,132



$

240,997



$

253,710



$

262,625


Total loan portfolio










  Commercial, financial and agricultural

$

2,030,711



$

2,166,592



$

1,900,811



$

1,710,879



$

1,689,045


  Real estate - construction and development

1,549,061



1,468,695



1,103,550



915,976



899,098


  Real estate - commercial and farmland

4,353,039



4,209,912



3,182,213



3,175,452



3,152,388


  Real estate - residential

3,334,831



3,380,356



2,389,101



2,216,927



2,288,824


  Consumer installment

1,550,834



1,600,729



474,195



463,105



482,559


Total loans

$

12,818,476



$

12,826,284



$

9,049,870



$

8,482,339



$

8,511,914












Troubled Debt Restructurings (excluding purchased loans)










Accruing troubled debt restructurings










  Commercial, financial and agricultural

$

642



$

649



$

300



$

116



$

256


  Real estate - construction and development

64



69



138



142



145


  Real estate - commercial and farmland

2,739



2,788



2,911



2,954



2,863


  Real estate - residential

8,192



9,915



9,593



8,240



6,043


  Consumer installment

8



9



10



11



16


Total accruing troubled debt restructurings

$

11,645



$

13,430



$

12,952



$

11,463



$

9,323


Nonaccrual troubled debt restructurings










  Commercial, financial and agricultural

$

312



$

119



$

135



$

138



$

138


  Real estate - construction and development

1



1



2



2



2


  Real estate - commercial and farmland

359



530



576



450



426


  Real estate - residential

1,751



925



791



832



1,119


  Consumer installment

59



66



65



63



69


Total nonaccrual troubled debt restructurings

$

2,482



$

1,641



$

1,569



$

1,485



$

1,754


   Total troubled debt restructurings (excluding purchased loans)

$

14,127



$

15,071



$

14,521



$

12,948



$

11,077


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information (continued)

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2019


2019


2019


2019


2018

Loans by Risk Grade










Legacy loans










  Grade 1 - Prime credit

$

509,984



$

533,058



$

543,786



$

540,646



$

542,164


  Grade 2 - Strong credit

746,591



748,511



730,621



587,622



523,101


  Grade 3 - Good credit

3,289,885



3,196,744



2,801,373



2,372,115



2,408,128


  Grade 4 - Satisfactory credit

2,772,794



2,503,781



2,225,083



2,088,813



2,047,688


  Grade 5 - Fair credit

119,019



135,179



139,936



87,785



59,054


  Grade 6 - Other assets especially mentioned

32,666



40,571



34,414



32,949



35,118


  Grade 7 - Substandard

59,038



50,956



47,232



46,428



45,204


  Grade 8 - Doubtful

8



14








  Grade 9 - Loss

2



2



3






Total legacy loans

$

7,529,987



$

7,208,816



$

6,522,448



$

5,756,358



$

5,660,457


Purchased loans










  Grade 1 - Prime credit

$

77,893



$

80,223



$

78,248



$

80,682



$

90,775


  Grade 2 - Strong credit

93,781



108,107



81,069



84,904



84,617


  Grade 3 - Good credit

2,532,115



2,660,700



787,052



677,718



656,289


  Grade 4 - Satisfactory credit

2,111,747



2,242,239



1,176,182



1,428,353



1,586,377


  Grade 5 - Fair credit

114,001



117,245



71,293



90,391



63,613


  Grade 6 - Other assets especially mentioned

53,746



73,664



29,661



38,599



30,448


  Grade 7 - Substandard

91,998



106,158



62,920



71,618



76,713


  Grade 8 - Doubtful










  Grade 9 - Loss







6




Total purchased loans

$

5,075,281



$

5,388,336



$

2,286,425



$

2,472,271



$

2,588,832


Purchased loan pools










  Grade 3 - Good credit

$

212,398



$

229,132



$

240,997



$

253,310



$

262,625


  Grade 7 - Substandard

810







400




Total purchased loan pools

$

213,208



$

229,132



$

240,997



$

253,710



$

262,625


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2019


2019


2019


2019


2018


2019


2018

Earning Assets














Federal funds sold

$

23,104



$

28,459



$

41,683



$

31,291



$

28,755



$

31,104



$

11,100


Interest-bearing deposits in banks

304,427



324,127



341,937



467,379



373,068



358,924



240,740


Time deposits in other banks

401



548



3,792



10,221



10,961



3,705



5,739


Investment securities - taxable

1,426,062



1,514,534



1,233,297



1,186,896



1,138,981



1,341,330



969,825


Investment securities - nontaxable

23,580



23,759



15,288



24,136



29,962



21,695



34,113


Other investments

64,852



53,712



15,830



14,532



18,494



37,415



32,884


Loans held for sale

1,537,648



856,572



154,707



101,521



129,664



667,078



140,273


Loans

12,697,912



12,677,063



8,740,561



8,483,978



8,490,862



10,666,978



7,426,531


Total Earning Assets

$

16,077,986



$

15,478,774



$

10,547,095



$

10,319,954



$

10,220,747



$

13,128,229



$

8,861,205
















Deposits














Noninterest-bearing deposits

$

4,124,872



$

4,040,592



$

2,723,843



$

2,545,043



$

2,570,783



$

3,364,785



$

2,164,171


NOW accounts

2,204,666



2,049,175



1,506,721



1,553,988



1,546,939



1,831,024



1,441,849


MMDA

3,953,717



3,815,185



2,655,108



2,677,015



2,590,194



3,280,233



2,240,115


Savings accounts

649,118



661,555



405,506



399,089



401,836



529,866



350,214


Retail CDs

2,721,829



2,804,243



1,962,422



1,892,138



1,832,529



2,348,689



1,411,477


Brokered CDs

249,644



150,176



486,292



510,301



510,663



347,844



255,162


Total Deposits

13,903,846



13,520,926



9,739,892



9,577,574



9,452,944



11,702,441



7,862,988


Non-Deposit Funding














Federal funds purchased and securities sold
under agreements to repurchase

17,088



19,914



3,213



15,879



14,670



14,043



15,692


FHLB advances

1,080,516



810,384



22,390



6,257



101,337



483,735



421,891


Other borrowings

234,001



220,918



145,453



145,473



145,494



186,798



113,496


Subordinated deferrable interest debentures

127,292



133,519



89,686



89,343



89,135



110,129



87,444


Total Non-Deposit Funding

1,458,897



1,184,735



260,742



256,952



350,636



794,705



638,523


Total Funding

$

15,362,743



$

14,705,661



$

10,000,634



$

9,834,526



$

9,803,580



$

12,497,146



$

8,501,511


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)













Table 7


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2019


2019


2019


2019


2018


2019


2018

Interest Income














Federal funds sold

$

69



$

171



$

257



$

179



$

155



$

676



$

227


Interest-bearing deposits in banks

1,089



1,620



2,260



3,099



1,906



8,068



4,865


Time deposits in other banks

2



2



16



51



58



71



119


Investment securities - taxable

10,358



11,354



9,383



9,043



8,686



40,138



29,006


Investment securities - nontaxable (TE)

212



213



129



197



247



751



1,139


Loans held for sale

14,330



7,889



1,632



1,152



1,618



25,003



5,709


Loans (TE)

169,119



168,239



116,413



112,266



111,158



566,037



376,349


Total Earning Assets

$

195,179



$

189,488



$

130,090



$

125,987



$

123,828



$

640,744



$

417,414
















Accretion income (included above)

$

9,727



$

4,222



$

3,103



$

2,883



$

4,077



$

19,935



$

11,829
















Interest Expense














Interest-Bearing Deposits














  NOW accounts

$

2,728



$

2,843



$

2,260



$

2,109



$

1,736



$

9,940



$

4,973


  MMDA

11,311



12,593



9,488



9,047



7,991



42,439



21,355


  Savings accounts

233



274



85



77



83



669



266


  Retail CDs

12,220



12,905



8,585



7,330



5,858



41,040



16,151


  Brokered CDs

1,478



810



3,036



3,121



3,190



8,445



6,309


Total Interest-Bearing Deposits

27,970



29,425



23,454



21,684



18,858



102,533



49,054


Non-Deposit Funding














  Federal funds purchased and securities sold under
  agreements to repurchase

41



32



2



11



5



86



23


  FHLB advances

5,241



4,618



141



44



568



10,044



8,153


  Other borrowings

3,358



3,332



2,210



2,227



2,222



11,127



6,856


  Subordinated deferrable interest debentures

2,115



2,185



1,570



1,568



1,542



7,438



5,848


Total Non-Deposit Funding

10,755



10,167



3,923



3,850



4,337



28,695



20,880


Total Interest-Bearing Funding

$

38,725



$

39,592



$

27,377



$

25,534



$

23,195



$

131,228



$

69,934
















Net Interest Income (TE)

$

156,454



$

149,896



$

102,713



$

100,453



$

100,633



$

509,516



$

347,480


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Yields(1)













Table 8


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec


2019


2019


2019


2019


2018


2019


2018

Earning Assets














Federal funds sold

1.18

%


2.38

%


2.47

%


2.32

%


2.14

%


2.17

%


2.05

%

Interest-bearing deposits in banks

1.42

%


1.98

%


2.65

%


2.69

%


2.03

%


2.25

%


2.02

%

Time deposits in other banks

1.98

%


1.45

%


1.69

%


2.02

%


2.10

%


1.92

%


2.07

%

Investment securities - taxable

2.88

%


2.97

%


3.05

%


3.09

%


3.03

%


2.99

%


2.99

%

Investment securities - nontaxable (TE)

3.57

%


3.56

%


3.38

%


3.31

%


3.27

%


3.46

%


3.34

%

Loans held for sale

3.70

%


3.65

%


4.23

%


4.60

%


4.95

%


3.75

%


4.07

%

Loans (TE)

5.28

%


5.16

%


5.32

%


5.36

%


5.19

%


5.31

%


5.05

%

Total Earning Assets

4.82

%


4.86

%


4.95

%


4.95

%


4.81

%


4.88

%


4.71

%















Interest-Bearing Deposits














NOW accounts

0.49

%


0.55

%


0.60

%


0.55

%


0.45

%


0.54

%


0.34

%

MMDA

1.14

%


1.31

%


1.43

%


1.37

%


1.22

%


1.29

%


0.95

%

Savings accounts

0.14

%


0.16

%


0.08

%


0.08

%


0.08

%


0.13

%


0.08

%

Retail CDs

1.78

%


1.83

%


1.75

%


1.57

%


1.27

%


1.75

%


1.14

%

Brokered CDs

2.35

%


2.14

%


2.50

%


2.48

%


2.48

%


2.43

%


2.47

%

Total Interest-Bearing Deposits

1.13

%


1.23

%


1.34

%


1.25

%


1.09

%


1.23

%


0.62

%

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to
repurchase

0.95

%


0.64

%


0.25

%


0.28

%


0.14

%


0.61

%


0.15

%

FHLB advances

1.92

%


2.26

%


2.53

%


2.85

%


2.22

%


2.08

%


1.93

%

Other borrowings

5.69

%


5.98

%


6.09

%


6.21

%


6.06

%


5.96

%


6.04

%

Subordinated deferrable interest debentures

6.59

%


6.49

%


7.02

%


7.12

%


6.86

%


6.75

%


6.69

%

Total Non-Deposit Funding

2.92

%


3.40

%


6.03

%


6.08

%


4.91

%


3.61

%


3.27

%

Total Interest-Bearing Liabilities

1.37

%


1.47

%


1.51

%


1.42

%


1.27

%


1.44

%


1.10

%















Net Interest Spread

3.45

%


3.39

%


3.44

%


3.53

%


3.54

%


3.44

%


3.61

%















Net Interest Margin(2)

3.86

%


3.84

%


3.91

%


3.95

%


3.91

%


3.88

%


3.92

%















Total Cost of Funds(3)

1.00

%


1.07

%


1.10

%


1.05

%


0.94

%


1.05

%


0.82

%

(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


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2019


2019


2019


2019


2018


2019


2018

Net income available to common shareholders

$

61,248



$

21,384



$

38,904



$

39,905



$

43,536



$

161,441



$

121,027
















Adjustment items:














Merger and conversion charges

2,415



65,158



3,475



2,057



997



73,105



20,499


Executive retirement benefits









2,005





8,424


Restructuring charges







245



754



245



983


Servicing right impairment (recovery)

366



(1,319)



1,460







507




Gain on BOLI proceeds

752



(4,335)









(3,583)




Expenses related to SEC/DOJ Investigation

463











463




Financial impact of hurricanes





50



(89)



882



(39)



882


Loss on sale of premises

1,413



889



2,800



919



250



6,021



1,033


Tax effect of adjustment items (Note 1)

(898)



(13,238)



(1,479)



(450)



(810)



(16,065)



(4,923)


After tax adjustment items

4,511



47,155



6,306



2,682



4,078



60,654



26,898
















Tax expense attributable to acquisition
related compensation and acquired BOLI

849











849




Reduction in state tax expense accrued in
prior year net of federal tax impact









(1,717)





(1,717)
















Adjusted net income

$

66,608



$

68,539



$

45,210



$

42,587



$

45,897



$

222,944



$

146,208
















Weighted average number of shares - diluted

69,683,999



69,600,499



47,337,809



47,456,314



47,593,252



58,614,151



43,247,796


Net income per diluted share

$

0.88



$

0.31



$

0.82



$

0.84



$

0.91



$

2.75



$

2.80


Adjusted net income per diluted share

$

0.96



$

0.98



$

0.96



$

0.90



$

0.96



$

3.80



$

3.38
















Average assets

$

17,998,494



$

17,340,387



$

11,625,344



$

11,423,677



$

11,307,980



$

14,621,185



$

9,744,001


Return on average assets

1.35

%


0.49

%


1.34

%


1.42

%


1.53

%


1.10

%


1.24

%

Adjusted return on average assets

1.47

%


1.57

%


1.56

%


1.51

%


1.61

%


1.52

%


1.50

%















Average common equity

$

2,437,272



$

2,432,182



$

1,519,598



$

1,478,462



$

1,428,341



$

1,970,780



$

1,178,275


Average tangible common equity

$

1,432,081



$

1,434,829



$

964,841



$

917,876



$

869,201



$

1,189,493



$

762,274


Return on average common equity

9.97

%


3.49

%


10.27

%


10.95

%


12.09

%


8.19

%


10.27

%

Adjusted return on average tangible
common equity

18.45

%


18.95

%


18.79

%


18.82

%


20.95

%


18.74

%


19.18

%















Note 1:  A portion of the merger and conversion charges for all periods and the 2Q18 executive retirement benefits are nondeductible for tax purposes.

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Non-GAAP Reconciliations (continued)






Adjusted Efficiency Ratio (TE)











Table 9B


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2019


2019


2019


2019


2018


2019


2018

Adjusted Noninterest Expense














Total noninterest expense

$

122,564



$

192,697



$

81,251



$

75,425



$

75,810



$

471,937



$

293,647


Adjustment items:














Merger and conversion charges

(2,415)



(65,158)



(3,475)



(2,057)



(997)



(73,105)



(20,499)


Executive retirement benefits









(2,005)





(8,424)


Restructuring charges







(245)



(754)



(245)



(983)


Expenses related to SEC/DOJ Investigation

(463)











(463)




Financial impact of hurricanes





(50)



89



(882)



39



(882)


Loss on sale of premises

(1,413)



(889)



(2,800)



(919)



(250)



(6,021)



(1,033)


Adjusted noninterest expense

$

118,273



$

126,650



$

74,926



$

72,293



$

70,922



$

392,142



$

261,826
















Total Revenue














Net interest income

$

155,351



$

148,769



$

101,651



$

99,395



$

99,554



$

505,166



$

343,392


Noninterest income

55,113



76,993



35,236



30,771



30,470



198,113



118,412


Total revenue

$

210,464



$

225,762



$

136,887



$

130,166



$

130,024



$

703,279



$

461,804
















Adjusted Total Revenue














Net interest income (TE)

$

156,454



$

149,896



$

102,713



$

100,453



$

100,633



$

509,516



$

347,480


Noninterest income

55,113



76,993



35,236



30,771



30,470



198,113



118,412


Total revenue (TE)

211,567



226,889



137,949



131,224



131,103



707,629



465,892


Adjustment items:














(Gain) loss on securities

(1)



(4)



(69)



(66)



(1)



(138)



37


Gain on BOLI proceeds

752



(4,335)









(3,583)




Servicing right impairment (recovery)

366



(1,319)



1,460







507




Adjusted total revenue (TE)

$

212,684



$

221,231



$

139,340



$

131,158



$

131,102



$

704,415



$

465,929
















Efficiency ratio

58.24

%


85.35

%


59.36

%


57.95

%


58.30

%


67.11

%


63.59

%

Adjusted efficiency ratio (TE)

55.61

%


57.25

%


53.77

%


55.12

%


54.10

%


55.67

%


56.19

%















Tangible Book Value Per Share











Table 9C


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2019


2019


2019


2019


2018


2019


2018

Total shareholders' equity

$

2,469,582



$

2,420,723



$

1,537,121



$

1,495,584



$

1,456,347



$

2,469,582



$

1,456,347


Less:














Goodwill

931,637



911,488



501,140



501,308



503,434



931,637



503,434


Other intangibles, net

91,586



97,328



52,437



55,557



58,689



91,586



58,689


Total tangible shareholders' equity

$

1,446,359



$

1,411,907



$

983,544



$

938,719



$

894,224



$

1,446,359



$

894,224
















Period end number of shares

69,503,833



69,593,833



47,261,584



47,585,309



47,499,941



69,503,833



47,499,941


Book value per share (period end)

$

35.53



$

34.78



$

32.52



$

31.43



$

30.66



$

35.53



$

30.66


Tangible book value per share (period end)

$

20.81



$

20.29



$

20.81



$

19.73



$

18.83



$

20.81



$

18.83


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting











Table 10


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2019


2019


2019


2019


2018


2019


2018

Banking Division














Net interest income

$

124,957



$

124,262



$

84,755



$

85,039



$

84,399



$

419,013



$

285,558


Provision for loan losses

4,741



3,549



2,306



2,058



1,603



12,654



4,486


Noninterest income

18,632



21,173



14,830



14,370



15,784



69,005



58,694


Noninterest expense














  Salaries and employee benefits

38,180



39,794



24,228



27,932



25,882



130,134



100,716


  Occupancy and equipment expenses

10,216



10,750



7,034



7,281



7,080



35,281



26,112


  Data processing and telecommunications expenses

10,156



9,551



7,635



7,592



7,522



34,934



27,026


  Other noninterest expenses

23,176



87,059



22,728



16,956



17,310



149,919



71,788


Total noninterest expense

81,728



147,154



61,625



59,761



57,794



350,268



225,642


Income before income tax expense

57,120



(5,268)



35,654



37,590



40,786



125,096



114,124


Income tax expense (benefit)

15,412



(1,269)



8,691



8,775



5,493



31,609



23,607


Net income (loss)

$

41,708



$

(3,999)



$

26,963



$

28,815



$

35,293



$

93,487



$

90,517
















Retail Mortgage Division














Net interest income

$

18,223



$

13,009



$

7,567



$

5,753



$

7,873



$

44,552



$

23,460


Provision for loan losses

1,237



1,490



609



136



(1)



3,472



584


Noninterest income

33,335



52,493



18,070



14,290



10,689



118,188



48,260


Noninterest expense














  Salaries and employee benefits

28,233



34,144



11,886



8,207



10,802



82,470



39,469


  Occupancy and equipment expenses

1,544



1,686



670



766



684



4,666



2,440


  Data processing and telecommunications expenses

1,034



660



394



330



306



2,418



1,425


  Other noninterest expenses

4,553



3,484



2,385



2,114



1,661



12,536



6,998


Total noninterest expense

35,364



39,974



15,335



11,417



13,453



102,090



50,332


Income before income tax expense

14,957



24,038



9,693



8,490



5,110



57,178



20,804


Income tax expense

3,371



5,048



2,170



1,613



1,073



12,202



4,335


Net income

$

11,586



$

18,990



$

7,523



$

6,877



$

4,037



$

44,976



$

16,469
















Warehouse Lending Division














Net interest income

$

3,771



$

3,169



$

2,987



$

2,690



$

2,438



$

12,617



$

9,088


Provision for loan losses

67











67




Noninterest income

610



560



450



379



386



1,999



2,021


Noninterest expense














  Salaries and employee benefits

325



286



162



161



145



934



547


  Occupancy and equipment expenses

1



2



1



1





5



2


  Data processing and telecommunications expenses

47



41



38



30



29



156



122


  Other noninterest expenses

53



27



75



68



62



223



238


Total noninterest expense

426



356



276



260



236



1,318



909


Income before income tax expense

3,888



3,373



3,161



2,809



2,588



13,231



10,200


Income tax expense

816



708



664



590



544



2,778



2,142


Net income

$

3,072



$

2,665



$

2,497



$

2,219



$

2,044



$

10,453



$

8,058


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)











Table 10


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2019


2019


2019


2019


2018


2019


2018

SBA Division














Net interest income

$

2,190



$

2,573



$

1,182



$

1,086



$

1,352



$

7,031



$

5,055


Provision for loan losses

150



(15)



178



231



112



544



1,137


Noninterest income

2,536



2,766



1,883



1,730



1,094



8,915



4,858


Noninterest expense














  Salaries and employee benefits

1,336



1,985



735



727



699



4,783



2,709


  Occupancy and equipment expenses

79



66



65



59



63



269



234


  Data processing and telecommunications expenses

5



22



3



2





32



19


  Other noninterest expenses

402



503



359



387



414



1,651



1,298


Total noninterest expense

1,822



2,576



1,162



1,175



1,176



6,735



4,260


Income before income tax expense

2,754



2,778



1,725



1,410



1,158



8,667



4,516


Income tax expense

578



584



362



296



243



1,820



948


Net income

$

2,176



$

2,194



$

1,363



$

1,114



$

915



$

6,847



$

3,568
















Premium Finance Division














Net interest income

$

6,210



$

5,756



$

5,160



$

4,827



$

3,492



$

21,953



$

20,231


Provision for loan losses

(502)



965



1,575



983



1,947



3,021



10,460


Noninterest income



1



3



2



2,517



6



4,579


Noninterest expense














  Salaries and employee benefits

1,568



1,424



1,320



1,305



1,441



5,617



5,691


  Occupancy and equipment expenses

79



135



64



97



118



375



343


  Data processing and telecommunications expenses

120



98



318



437



436



973



1,793


  Other noninterest expenses

1,457



980



1,151



973



1,156



4,561



4,677


Total noninterest expense

3,224



2,637



2,853



2,812



3,151



11,526



12,504


Income before income tax expense

3,488



2,155



735



1,034



911



7,412



1,846


Income tax expense (benefit)

782



621



177



154



(336)



1,734



(569)


Net income

$

2,706



$

1,534



$

558



$

880



$

1,247



$

5,678



$

2,415
















Total Consolidated














Net interest income

$

155,351



$

148,769



$

101,651



$

99,395



$

99,554



$

505,166



$

343,392


Provision for loan losses

5,693



5,989



4,668



3,408



3,661



19,758



16,667


Noninterest income

55,113



76,993



35,236



30,771



30,470



198,113



118,412


Noninterest expense














  Salaries and employee benefits

69,642



77,633



38,331



38,332



38,969



223,938



149,132


  Occupancy and equipment expenses

11,919



12,639



7,834



8,204



7,945



40,596



29,131


  Data processing and telecommunications expenses

11,362



10,372



8,388



8,391



8,293



38,513



30,385


  Other noninterest expenses

29,641



92,053



26,698



20,498



20,603



168,890



84,999


Total noninterest expense

122,564



192,697



81,251



75,425



75,810



471,937



293,647


Income before income tax expense

82,207



27,076



50,968



51,333



50,553



211,584



151,490


Income tax expense

20,959



5,692



12,064



11,428



7,017



50,143



30,463


Net income

$

61,248



$

21,384



$

38,904



$

39,905



$

43,536



$

161,441



$

121,027


 

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SOURCE Ameris Bancorp

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