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.
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