ATLANTA, April 23, 2020 /PRNewswire/ -- Ameris
Bancorp (Nasdaq: ABCB) (the "Company") today reported net
income of $19.3 million, or
$0.28 per diluted share, for the
quarter ended March 31, 2020,
compared with $39.9 million, or
$0.84 per diluted share, for the
quarter ended March 31, 2019.
The decline in net income is attributable to a $37.6 million increase in provision for loan loss
expense and a $22.2 million servicing
asset write-down in the first quarter of 2020. The Company
reported adjusted net income of $39.2
million, or $0.56 per diluted
share, for the quarter ended March 31, 2020, compared with
$42.6 million, or $0.90 per diluted share, for the same period in
2019. Adjusted net income excludes after-tax merger and
conversion charges, servicing right valuation adjustments,
restructuring charges related to previously announced branch
consolidations, certain legal expenses, loss on sale of bank
premises and expenses related to natural disasters and the COVID-19
pandemic, but does not exclude the increased provision for credit
losses.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "While this has certainly been a historically
unprecedented quarter, I am proud that our company could absorb
over $41 million of provision for
credit loss expense and a $22 million
write-down of our servicing assets and still produce net income of
over $19 million. Our current
allowance for loan loss ended the quarter at over $149 million, up from $38
million at year end, and our capital levels remain
strong. We have committed bankers who continue to serve our
customers and our communities through the COVID-19 pandemic and
have been successful in lending $685
million under the Paycheck Protection Program ("PPP")
in April. We are prepared to face the challenges of today's
environment and we remain confident in our position for the future
in these uncertain times."
On January 1, 2020, the Company
adopted ASC 326, which provides for an expected credit loss model,
referred to as the "Current Expected Credit Loss" ("CECL")
model. The adoption of this standard resulted in the opening
balances of the allowance for credit losses increasing $91.4 million and shareholders' equity decreasing
$56.7 million. In addition, the
Company recorded $41.0 million of
provision for credit loss expense in the first quarter of 2020, of
which $37.0 million was expense for
loan credit losses and $4.0 million
was for an increase in unfunded commitment reserve. Net
charge-offs for the first quarter of 2020 were $4.4 million. As a result of these items,
at March 31, 2020, the allowance for
loan loss was $149.5 million, and the
total allowance for credit losses was $167.3
million, compared with $38.2
million and $39.3 million,
respectively, at December 31,
2019.
Significant items from the Company's results for the first
quarter of 2020 include the following:
- Net income of $19.3 million,
after pre-tax provision for credit losses of $41.0 million and servicing asset write-downs of
$22.2 million
- Growth in adjusted total revenue of $12.9 million, or 6.1% when compared with the
fourth quarter of 2019
- Adjusted efficiency ratio of 59.87%, compared with 55.61%, in
the fourth quarter of 2019
- Adjusted return on average assets of 0.87%, compared with 1.47%
in the fourth quarter of 2019
- Net interest margin of 3.70%, compared with 3.86% in the fourth
quarter of 2019
- Improvement in deposit mix such that noninterest bearing
deposits represent 30.53% of total deposits, up from 29.94% at
December 31, 2019 and 28.09% a year
ago
- Annualized net charge-offs of 0.14% of average total loans
- Non-performing assets of 0.61% of total assets, compared with
0.56% at the end of 2019
Following is a summary of the adjustments between reported net
income and adjusted net income:
Adjusted Net
Income Reconciliation
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
(dollars in
thousands, except per share data)
|
2020
|
|
2019
|
Net income available
to common shareholders
|
$
|
19,322
|
|
|
$
|
39,905
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
Merger and conversion
charges
|
540
|
|
|
2,057
|
|
Restructuring
charges
|
—
|
|
|
245
|
|
Servicing right
impairment
|
22,165
|
|
|
—
|
|
Natural disaster and
pandemic charges
|
548
|
|
|
(89)
|
|
Expenses related to
SEC and DOJ investigation
|
1,443
|
|
|
—
|
|
Loss on sale of
premises
|
470
|
|
|
919
|
|
Tax effect of
adjustment items
|
(5,283)
|
|
|
(450)
|
|
After-tax adjustment
items
|
19,883
|
|
|
2,682
|
|
|
|
|
|
Adjusted net
income
|
$
|
39,205
|
|
|
$
|
42,587
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
0.28
|
|
|
$
|
0.84
|
|
Adjusted net income
per diluted share
|
$
|
0.56
|
|
|
$
|
0.90
|
|
|
|
|
|
Reported return on
average assets
|
0.43
|
%
|
|
1.42
|
%
|
Adjusted return on
average assets
|
0.87
|
%
|
|
1.51
|
%
|
|
|
|
|
Reported return on
average common equity
|
3.16
|
%
|
|
10.95
|
%
|
Adjusted return on
average tangible common equity
|
10.98
|
%
|
|
18.82
|
%
|
Net Interest Income and Net Interest Margin
Net
interest income on a tax-equivalent basis for the first quarter of
2020 totaled $149.0 million, compared
with $156.5 million for the fourth
quarter of 2019 and $100.5 million
for the first quarter of 2019. The Company's net interest
margin was 3.70% for the first quarter of 2020, down from 3.86%
reported for the fourth quarter of 2019 and 3.95% reported for the
first quarter of 2019. The decrease in net interest margin in
the current quarter is primarily attributable to decreases in
accretion income and the yield on loans as market interest rates
declined, partially offset by a decrease in the cost of
interest-bearing liabilities. Accretion income for the first
quarter of 2020 decreased to $6.6
million, compared with $9.7
million for the fourth quarter of 2019, and increased from
$2.9 million for the first quarter of
2019. The decrease in accretion income in the first quarter
is primarily attributable to the successful resolution of an
acquired non-performing loan during the fourth quarter of 2019 that
had a substantial discount and stabilization in the level of
payoffs of acquired loans.
Yields on all loans decreased to 5.02% during the first quarter
of 2020, compared with 5.28% for the fourth quarter of 2019 and
5.37% reported for the first quarter of 2019. Loan production
in the banking division during the first quarter of 2020 totaled
$918.4 million, with weighted average
yields of 4.55%, compared with $1.1
billion and 4.70%, respectively, in the fourth quarter of
2019 and $613.5 million and 5.78%,
respectively, in the first quarter of 2019. Loan production
in the lines of business (including retail mortgage, warehouse
lending, SBA and premium finance) amounted to an additional
$3.9 billion during the first quarter
of 2020, with weighted average yields of 4.15%, compared with
$4.1 billion and 4.29%, respectively,
during the fourth quarter of 2019 and $1.9
billion and 5.47%, respectively, during the first quarter of
2019.
Interest expense during the first quarter of 2020 decreased to
$34.8 million, compared with
$38.7 million in the fourth quarter
of 2019, and increased from $25.5
million in the first quarter of 2019. The Company's
total cost of funds moved nine basis points lower to 0.91% in the
first quarter of 2020 as compared with the fourth quarter of
2019. Deposit costs also decreased nine basis points during
the first quarter of 2020 to 0.71%, compared with 0.80% in the
fourth quarter of 2019. Costs of interest-bearing deposits
decreased during the quarter from 1.13% in the fourth quarter of
2019 to 1.01% in the first quarter of 2020.
Noninterest Income
Noninterest income decreased
$734,000, or 1.3%, in the first
quarter of 2020 to $54.4 million,
compared with $55.1 million for the
fourth quarter of 2019, primarily as a result of decreased service
charge revenue. Service charge revenue decreased $1.7 million, or 12.7%, to $11.8 million in the first quarter of 2020,
compared with $13.6 million for the
fourth quarter of 2019. This decrease was primarily
attributable to a decline in interchange income of $626,000 and a decrease of $634,000 in NSF income resulting from a decrease
in volume and a slight increase in waivers.
Mortgage banking activity increased $2.2
million, or 6.5%, to $35.3
million in the first quarter of 2020, compared with
$33.2 million for the fourth quarter
of 2019. This increase was a result of expansion in our gain
on sale spread. Gain on sale spreads increased to 2.88% in the
first quarter of 2020 from 2.60% for the fourth quarter of 2019.
Total production in the retail mortgage division decreased to
$1.36 billion in the first quarter of
2020, compared with $1.57 billion for
the fourth quarter of 2019. Mortgage banking activity
was negatively impacted during the first quarter of 2020 by a
$20.9 million servicing right
impairment, compared with an impairment of $104,000 for the fourth quarter of 2019. The
retail mortgage open pipeline finished the first quarter of 2020 at
$2.43 billion, compared with
$1.16 billion at December 31, 2019.
Other noninterest income decreased $1.2
million, or 16.6%, in the first quarter of 2020 to
$6.1 million, compared with
$7.3 million for the fourth quarter
of 2019, primarily as a result of an unfavorable fair value
adjustment on our SBA servicing rights of $1.3 million for the first quarter of 2020.
Noninterest Expense
Noninterest expense
increased $15.5 million, or 12.6%, to
$138.1 million during the first
quarter of 2020, compared with $122.6
million for the fourth quarter of 2019. During the
first quarter of 2020, the Company recorded $3.0 million of charges to earnings, related to
the previously announced SEC/DOJ investigations, merger and
conversion charges, natural disaster and pandemic charges and loss
on sale of premises, compared with $4.3
million in charges in the fourth quarter of 2019 that were
related principally to merger and conversion charges and loss on
sale of premises. Excluding these charges, adjusted expenses
increased approximately $16.8
million, or 14.2%, to $135.1
million in the first quarter of 2020, from $118.3 million in the fourth quarter of
2019. The majority of this increase is attributable to
variable expenses related to increased mortgage production and
seasonal increase in payroll tax expense, as well as increases in
credit resolution-related expenses, professional fees and FDIC
insurance. The Company continues to focus on its operating
efficiency ratio. The Company's adjusted efficiency ratio increased
from 55.61% in the fourth quarter of 2019 to 59.87% in the first
quarter of 2020.
Income Tax Expense
The Company's effective tax
rate for the first quarter of 2020 was 16.8%, compared with 25.5%
in the fourth quarter of 2019. The decreased rate for the first
quarter of 2020 was primarily a result of loss carrybacks allowed
as a result of the recently enacted CARES Act. The elevated rate
for the fourth quarter of 2019 resulted from a return to provision
adjustment occurring when the Company filed its 2018 income tax
returns during the fourth quarter of 2019 and additional tax
expense in connection with merger-related compensation and acquired
BOLI.
Balance Sheet Trends
Total assets at
March 31, 2020 were $18.2
billion, which is essentially unchanged from December 31, 2019. Total loans, including
loans held for sale, were $14.49
billion at March 31, 2020, compared with $14.48 billion at December
31, 2019. Total loans held for investment were
$13.09 billion at March 31,
2020, compared with $12.82 billion at
December 31, 2019. Loans held
for investment increased $275.6
million, or 8.6% annualized, compared with December 31, 2019. Loan production in the
banking division during the first quarter of 2020 was down 16% from
the fourth quarter of 2019, but was 50% higher than the first
quarter of 2019.
At March 31, 2020, total deposits amounted to $13.84 billion, or 89.2% of total funding,
compared with $14.03 billion and
90.1%, respectively, at December 31,
2019. At March 31, 2020, noninterest-bearing deposit
accounts were $4.23 billion, or 30.5%
of total deposits, compared with $4.20
billion, or 29.9% of total deposits, at December 31, 2019. Non-rate sensitive
deposits (including non-interest bearing, NOW and savings) totaled
$7.14 billion at March 31, 2020,
compared with $7.21 billion at
December 31, 2019. These funds
represented 51.6% of the Company's total deposits at March 31,
2020, compared with 51.4% at the end of 2019.
Shareholders' equity at March 31, 2020 totaled $2.44 billion, a decrease of $32.4 million, or 1.3%, from December 31, 2019. The decrease in
shareholders' equity was primarily the result of the CECL adoption
impact of $56.7 million and dividends
declared, partially offset by earnings of $19.3 million during the first quarter of
2020. Tangible book value per share was $20.44 at March 31, 2020, compared with
$20.81 at December 31, 2019. Tangible common equity
as a percentage of tangible assets was 8.25% at March 31,
2020, compared with 8.40% at the end of the 2019.
Credit Quality
Credit quality remains strong in
the Company. During the first quarter of 2020, the Company
recorded provision for credit losses of $41.0 million, compared with $5.7 million in the fourth quarter of 2019.
This increase in provision was primarily attributable to declines
in forecasted economic conditions, particularly levels of
unemployment and GDP, compared with conditions at the adoption of
CECL. The Company has been prudently working with borrowers
to support their credit needs during the challenging economic
conditions and monitoring the level of modifications on a daily
basis. Certain loans modified in response to the COVID-19
pandemic were downgraded to risk grade 5 out of an abundance of
caution. Nonperforming assets as a percentage of total assets
increased by five basis points to 0.61% during the quarter.
The increase in nonperforming assets is primarily a result of the
migration of a small number of credits to nonaccrual and OREO and
an increase in accruing loans delinquent 90 days or more in our
premium finance division. The net charge-off ratio was 14
basis points for the first quarter of 2020, compared with nine
basis points in the fourth quarter of 2019 and 17 basis points in
the first quarter of 2019.
Conference Call
The Company will host a
teleconference at 9:00 a.m. Eastern time
Friday, April 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 May 8, 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 10142204. 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. 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; movements in interest rates and our expectations
regarding net interest margin; expectations on credit quality and
performance; legislative and regulatory changes; the impact of the
COVID-19 pandemic on the general economy, our customers and the
allowance for loan losses; the benefits that may be realized by our
customers from government assistance programs and regulatory
actions related to the COVID-19 pandemic; competitive pressures on
product pricing and services; the cost savings and any revenue
synergies expected to result from acquisition transactions, which
may not be fully realized within the expected timeframes if at all;
the success and timing of other business strategies; our outlook
and long-term goals for future growth; and natural disasters,
geopolitical events, public health crises and other catastrophic
events beyond our control. 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, 2019, as
amended, and its subsequently filed periodic reports and other
filings. 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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
39,905
|
|
Adjusted net
income
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
68,539
|
|
|
$
|
45,210
|
|
|
$
|
42,587
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.84
|
|
Diluted
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.84
|
|
Adjusted diluted
EPS
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
0.90
|
|
Cash dividends per
share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
Book value per share
(period end)
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
34.78
|
|
|
$
|
32.52
|
|
|
$
|
31.43
|
|
Tangible book value
per share (period end)
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
20.29
|
|
|
$
|
20.81
|
|
|
$
|
19.73
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
Basic
|
69,247,661
|
|
|
69,429,193
|
|
|
69,372,125
|
|
|
47,310,561
|
|
|
47,366,296
|
|
Diluted
|
69,502,022
|
|
|
69,683,999
|
|
|
69,600,499
|
|
|
47,337,809
|
|
|
47,456,314
|
|
Period end number of
shares
|
69,441,274
|
|
|
69,503,833
|
|
|
69,593,833
|
|
|
47,261,584
|
|
|
47,585,309
|
|
Market data
|
|
|
|
|
|
|
|
|
|
High
intraday price
|
$
|
43.79
|
|
|
$
|
44.90
|
|
|
$
|
40.65
|
|
|
$
|
39.60
|
|
|
$
|
42.01
|
|
Low
intraday price
|
$
|
17.89
|
|
|
$
|
38.34
|
|
|
$
|
33.71
|
|
|
$
|
33.57
|
|
|
$
|
31.27
|
|
Period end
closing price
|
$
|
23.76
|
|
|
$
|
42.54
|
|
|
$
|
40.24
|
|
|
$
|
39.19
|
|
|
$
|
34.35
|
|
Average
daily volume
|
461,692
|
|
|
353,783
|
|
|
461,289
|
|
|
352,684
|
|
|
387,800
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.43
|
%
|
|
1.35
|
%
|
|
0.49
|
%
|
|
1.34
|
%
|
|
1.42
|
%
|
Adjusted return on
average assets
|
0.87
|
%
|
|
1.47
|
%
|
|
1.57
|
%
|
|
1.56
|
%
|
|
1.51
|
%
|
Return on average
common equity
|
3.16
|
%
|
|
9.97
|
%
|
|
3.49
|
%
|
|
10.27
|
%
|
|
10.95
|
%
|
Adjusted return on
average tangible common equity
|
10.98
|
%
|
|
18.45
|
%
|
|
18.95
|
%
|
|
18.79
|
%
|
|
18.82
|
%
|
Earning asset yield
(TE)
|
4.56
|
%
|
|
4.82
|
%
|
|
4.86
|
%
|
|
4.95
|
%
|
|
4.95
|
%
|
Total cost of
funds
|
0.91
|
%
|
|
1.00
|
%
|
|
1.07
|
%
|
|
1.10
|
%
|
|
1.05
|
%
|
Net interest margin
(TE)
|
3.70
|
%
|
|
3.86
|
%
|
|
3.84
|
%
|
|
3.91
|
%
|
|
3.95
|
%
|
Noninterest income
excluding securities transactions, as a percent of total revenue
(TE)
|
22.83
|
%
|
|
22.02
|
%
|
|
28.89
|
%
|
|
21.27
|
%
|
|
19.59
|
%
|
Efficiency
ratio
|
68.23
|
%
|
|
58.24
|
%
|
|
85.35
|
%
|
|
59.36
|
%
|
|
57.95
|
%
|
Adjusted efficiency
ratio (TE)
|
59.87
|
%
|
|
55.61
|
%
|
|
57.25
|
%
|
|
53.77
|
%
|
|
55.12
|
%
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
13.37
|
%
|
|
13.54
|
%
|
|
13.63
|
%
|
|
12.93
|
%
|
|
12.83
|
%
|
Tangible common equity
to tangible assets
|
8.25
|
%
|
|
8.40
|
%
|
|
8.43
|
%
|
|
8.68
|
%
|
|
8.46
|
%
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
8.25
|
%
|
|
8.40
|
%
|
|
8.43
|
%
|
|
8.68
|
%
|
|
8.46
|
%
|
Effect of goodwill and
other intangibles
|
5.12
|
%
|
|
5.14
|
%
|
|
5.20
|
%
|
|
4.25
|
%
|
|
4.37
|
%
|
Equity to assets
(GAAP)
|
13.37
|
%
|
|
13.54
|
%
|
|
13.63
|
%
|
|
12.93
|
%
|
|
12.83
|
%
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
1,865
|
|
|
1,913
|
|
|
2,001
|
|
|
1,336
|
|
|
1,343
|
|
Retail
Mortgage Division
|
689
|
|
|
690
|
|
|
785
|
|
|
348
|
|
|
328
|
|
Warehouse
Lending Division
|
9
|
|
|
9
|
|
|
9
|
|
|
10
|
|
|
9
|
|
SBA
Division
|
44
|
|
|
42
|
|
|
45
|
|
|
21
|
|
|
22
|
|
Premium
Finance Division
|
72
|
|
|
68
|
|
|
66
|
|
|
62
|
|
|
64
|
|
Total
Ameris Bancorp FTE headcount
|
2,679
|
|
|
2,722
|
|
|
2,906
|
|
|
1,777
|
|
|
1,766
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
9,772
|
|
|
$
|
9,536
|
|
|
$
|
8,878
|
|
|
$
|
8,889
|
|
|
$
|
8,679
|
|
Branch
locations
|
170
|
|
|
170
|
|
|
172
|
|
|
114
|
|
|
114
|
|
Deposits per branch
location
|
$
|
81,439
|
|
|
$
|
82,512
|
|
|
$
|
79,416
|
|
|
$
|
84,056
|
|
|
$
|
85,973
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
Income
Statement
|
Table
2
|
|
|
Three Months
Ended
|
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands except per share data)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
171,242
|
|
|
$
|
182,391
|
|
|
$
|
175,046
|
|
|
$
|
117,010
|
|
|
$
|
112,401
|
|
|
Interest on taxable
securities
|
10,082
|
|
|
10,358
|
|
|
11,354
|
|
|
9,383
|
|
|
9,043
|
|
|
Interest on
nontaxable securities
|
157
|
|
|
167
|
|
|
168
|
|
|
102
|
|
|
156
|
|
|
Interest on deposits
in other banks
|
1,211
|
|
|
1,091
|
|
|
1,622
|
|
|
2,276
|
|
|
3,150
|
|
|
Interest on federal
funds sold
|
76
|
|
|
69
|
|
|
171
|
|
|
257
|
|
|
179
|
|
|
Total interest
income
|
182,768
|
|
|
194,076
|
|
|
188,361
|
|
|
129,028
|
|
|
124,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
24,102
|
|
|
27,970
|
|
|
29,425
|
|
|
23,454
|
|
|
21,684
|
|
|
Interest on other
borrowings
|
10,721
|
|
|
10,755
|
|
|
10,167
|
|
|
3,923
|
|
|
3,850
|
|
|
Total interest
expense
|
34,823
|
|
|
38,725
|
|
|
39,592
|
|
|
27,377
|
|
|
25,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
147,945
|
|
|
155,351
|
|
|
148,769
|
|
|
101,651
|
|
|
99,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
37,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
3,408
|
|
|
Provision for
unfunded commitments
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Provision for
credit losses
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
3,408
|
|
|
Net interest
income after provision for credit losses
|
106,898
|
|
|
149,658
|
|
|
142,780
|
|
|
96,983
|
|
|
95,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
11,844
|
|
|
13,567
|
|
|
13,411
|
|
|
12,168
|
|
|
11,646
|
|
|
Mortgage banking
activity
|
35,333
|
|
|
33,168
|
|
|
53,041
|
|
|
18,523
|
|
|
14,677
|
|
|
Other service
charges, commissions and fees
|
1,128
|
|
|
1,085
|
|
|
1,236
|
|
|
803
|
|
|
789
|
|
|
Gain (loss) on
securities
|
(9)
|
|
|
(1)
|
|
|
4
|
|
|
69
|
|
|
66
|
|
|
Other noninterest
income
|
6,083
|
|
|
7,294
|
|
|
9,301
|
|
|
3,673
|
|
|
3,593
|
|
|
Total noninterest
income
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
30,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
75,946
|
|
|
69,642
|
|
|
77,633
|
|
|
38,331
|
|
|
38,332
|
|
|
Occupancy and
equipment expenses
|
12,028
|
|
|
11,919
|
|
|
12,639
|
|
|
7,834
|
|
|
8,204
|
|
|
Data processing and
telecommunications expenses
|
11,954
|
|
|
11,362
|
|
|
10,372
|
|
|
8,388
|
|
|
8,391
|
|
|
Credit resolution
related expenses(1)
|
2,198
|
|
|
1,098
|
|
|
1,094
|
|
|
979
|
|
|
911
|
|
|
Advertising and
marketing expenses
|
2,358
|
|
|
2,250
|
|
|
1,949
|
|
|
1,987
|
|
|
1,741
|
|
|
Amortization of
intangible assets
|
5,631
|
|
|
5,741
|
|
|
5,719
|
|
|
3,121
|
|
|
3,132
|
|
|
Merger and conversion
charges
|
540
|
|
|
2,415
|
|
|
65,158
|
|
|
3,475
|
|
|
2,057
|
|
|
Other noninterest
expenses
|
27,398
|
|
|
18,137
|
|
|
18,133
|
|
|
17,136
|
|
|
12,657
|
|
|
Total noninterest
expense
|
138,053
|
|
|
122,564
|
|
|
192,697
|
|
|
81,251
|
|
|
75,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
23,224
|
|
|
82,207
|
|
|
27,076
|
|
|
50,968
|
|
|
51,333
|
|
|
Income tax
expense
|
3,902
|
|
|
20,959
|
|
|
5,692
|
|
|
12,064
|
|
|
11,428
|
|
|
Net income
(loss)
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
255,312
|
|
|
$
|
246,234
|
|
|
$
|
193,976
|
|
|
$
|
151,186
|
|
|
$
|
144,801
|
|
Federal funds sold
and interest-bearing deposits in banks
|
396,844
|
|
|
375,615
|
|
|
285,713
|
|
|
186,969
|
|
|
712,199
|
|
Time deposits in
other banks
|
249
|
|
|
249
|
|
|
499
|
|
|
748
|
|
|
7,371
|
|
Investment securities
available for sale, at fair value
|
1,353,040
|
|
|
1,403,403
|
|
|
1,491,207
|
|
|
1,273,244
|
|
|
1,234,435
|
|
Other
investments
|
81,754
|
|
|
66,919
|
|
|
66,921
|
|
|
32,481
|
|
|
15,157
|
|
Loans held for sale,
at fair value
|
1,398,229
|
|
|
1,656,711
|
|
|
1,187,551
|
|
|
261,073
|
|
|
112,070
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
13,094,106
|
|
|
12,818,476
|
|
|
12,826,284
|
|
|
9,049,870
|
|
|
8,482,339
|
|
Allowance for loan
losses
|
(149,524)
|
|
|
(38,189)
|
|
|
(35,530)
|
|
|
(31,793)
|
|
|
(28,659)
|
|
Loans, net
|
12,944,582
|
|
|
12,780,287
|
|
|
12,790,754
|
|
|
9,018,077
|
|
|
8,453,680
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
21,027
|
|
|
19,500
|
|
|
20,710
|
|
|
14,675
|
|
|
16,871
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
231,347
|
|
|
233,102
|
|
|
239,428
|
|
|
141,378
|
|
|
141,698
|
|
Goodwill
|
931,947
|
|
|
931,637
|
|
|
911,488
|
|
|
501,140
|
|
|
501,308
|
|
Other intangible
assets, net
|
85,955
|
|
|
91,586
|
|
|
97,328
|
|
|
52,437
|
|
|
55,557
|
|
Cash value of bank
owned life insurance
|
176,239
|
|
|
175,270
|
|
|
174,442
|
|
|
105,064
|
|
|
104,597
|
|
Deferred income
taxes, net
|
24,196
|
|
|
2,180
|
|
|
22,111
|
|
|
30,812
|
|
|
33,295
|
|
Other
assets
|
323,827
|
|
|
259,886
|
|
|
282,149
|
|
|
120,052
|
|
|
123,236
|
|
Total
assets
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
$
|
17,764,277
|
|
|
$
|
11,889,336
|
|
|
$
|
11,656,275
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
4,226,253
|
|
|
$
|
4,199,448
|
|
|
$
|
4,077,856
|
|
|
$
|
2,771,443
|
|
|
$
|
2,753,173
|
|
Interest-bearing
|
9,618,365
|
|
|
9,827,625
|
|
|
9,581,738
|
|
|
6,810,927
|
|
|
7,047,702
|
|
Total
deposits
|
13,844,618
|
|
|
14,027,073
|
|
|
13,659,594
|
|
|
9,582,370
|
|
|
9,800,875
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
15,160
|
|
|
20,635
|
|
|
17,744
|
|
|
3,307
|
|
|
4,259
|
|
Other
borrowings
|
1,543,371
|
|
|
1,398,709
|
|
|
1,351,172
|
|
|
564,636
|
|
|
151,454
|
|
Subordinated
deferrable interest debentures
|
122,890
|
|
|
127,560
|
|
|
127,075
|
|
|
89,871
|
|
|
89,529
|
|
FDIC loss-share
payable, net
|
18,111
|
|
|
19,642
|
|
|
19,490
|
|
|
20,596
|
|
|
18,834
|
|
Other
liabilities
|
243,248
|
|
|
179,378
|
|
|
168,479
|
|
|
91,435
|
|
|
95,740
|
|
Total
liabilities
|
15,787,398
|
|
|
15,772,997
|
|
|
15,343,554
|
|
|
10,352,215
|
|
|
10,160,691
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
71,652
|
|
|
71,500
|
|
|
71,447
|
|
|
49,099
|
|
|
49,126
|
|
Capital
stock
|
1,908,721
|
|
|
1,907,108
|
|
|
1,904,789
|
|
|
1,053,500
|
|
|
1,053,190
|
|
Retained
earnings
|
460,153
|
|
|
507,950
|
|
|
457,127
|
|
|
446,182
|
|
|
412,005
|
|
Accumulated other
comprehensive income (loss), net of tax
|
39,551
|
|
|
17,995
|
|
|
15,482
|
|
|
16,462
|
|
|
(1,178)
|
|
Treasury
stock
|
(42,927)
|
|
|
(34,971)
|
|
|
(28,122)
|
|
|
(28,122)
|
|
|
(17,559)
|
|
Total
shareholders' equity
|
2,437,150
|
|
|
2,469,582
|
|
|
2,420,723
|
|
|
1,537,121
|
|
|
1,495,584
|
|
Total liabilities
and shareholders' equity
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
$
|
17,764,277
|
|
|
$
|
11,889,336
|
|
|
$
|
11,656,275
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
16,324,222
|
|
|
$
|
16,321,373
|
|
|
$
|
15,858,175
|
|
|
$
|
10,804,385
|
|
|
$
|
10,563,571
|
|
Intangible
assets
|
1,017,902
|
|
|
1,023,223
|
|
|
1,008,816
|
|
|
553,577
|
|
|
556,865
|
|
Interest-bearing
liabilities
|
11,299,786
|
|
|
11,374,529
|
|
|
11,077,729
|
|
|
7,468,741
|
|
|
7,292,944
|
|
Average
assets
|
18,056,445
|
|
|
17,998,494
|
|
|
17,340,387
|
|
|
11,625,344
|
|
|
11,423,677
|
|
Average common
shareholders' equity
|
2,456,617
|
|
|
2,437,272
|
|
|
2,432,182
|
|
|
1,519,598
|
|
|
1,478,462
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Allowance for
Credit Losses
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
31,793
|
|
|
$
|
28,659
|
|
|
$
|
28,819
|
|
|
|
|
|
|
|
|
|
|
|
CECL adoption impact
on allowance for loan losses
|
78,660
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
CECL adoption impact
on allowance for unfunded commitments
|
12,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total CECL
adoption impact
|
91,374
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition accounting
impact
|
—
|
|
|
—
|
|
|
1,077
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
37,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
3,408
|
|
Provision for unfunded
commitments
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Provision
for credit losses
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
3,408
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
6,717
|
|
|
5,664
|
|
|
5,249
|
|
|
3,496
|
|
|
5,379
|
|
Recoveries
|
2,345
|
|
|
2,630
|
|
|
2,997
|
|
|
1,962
|
|
|
1,811
|
|
Net
charge-offs
|
4,372
|
|
|
3,034
|
|
|
2,252
|
|
|
1,534
|
|
|
3,568
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
31,793
|
|
|
$
|
28,659
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
|
149,524
|
|
|
$
|
38,189
|
|
|
$
|
35,530
|
|
|
$
|
31,793
|
|
|
$
|
28,659
|
|
Allowance for unfunded
commitments
|
17,791
|
|
|
1,077
|
|
|
1,077
|
|
|
—
|
|
|
—
|
|
Total
allowance for credit losses
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
31,793
|
|
|
$
|
28,659
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
3,316
|
|
|
$
|
2,713
|
|
|
$
|
1,757
|
|
|
$
|
1,337
|
|
|
$
|
2,004
|
|
Real estate -
construction and development
|
—
|
|
|
145
|
|
|
—
|
|
|
244
|
|
|
25
|
|
Real estate -
commercial and farmland
|
927
|
|
|
181
|
|
|
1,318
|
|
|
589
|
|
|
1,254
|
|
Real estate -
residential
|
100
|
|
|
100
|
|
|
37
|
|
|
155
|
|
|
199
|
|
Consumer
installment
|
2,374
|
|
|
2,525
|
|
|
2,210
|
|
|
1,171
|
|
|
1,897
|
|
Total
charge-offs
|
6,717
|
|
|
5,664
|
|
|
5,322
|
|
|
3,496
|
|
|
5,379
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
1,046
|
|
|
1,293
|
|
|
1,036
|
|
|
1,032
|
|
|
1,233
|
|
Real estate -
construction and development
|
342
|
|
|
429
|
|
|
930
|
|
|
269
|
|
|
117
|
|
Real estate -
commercial and farmland
|
85
|
|
|
140
|
|
|
74
|
|
|
78
|
|
|
39
|
|
Real estate -
residential
|
207
|
|
|
67
|
|
|
169
|
|
|
294
|
|
|
207
|
|
Consumer
installment
|
665
|
|
|
701
|
|
|
861
|
|
|
289
|
|
|
215
|
|
Total
recoveries
|
2,345
|
|
|
2,630
|
|
|
3,070
|
|
|
1,962
|
|
|
1,811
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
$
|
4,372
|
|
|
$
|
3,034
|
|
|
$
|
2,252
|
|
|
$
|
1,534
|
|
|
$
|
3,568
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
77,866
|
|
|
$
|
75,124
|
|
|
$
|
100,501
|
|
|
$
|
41,479
|
|
|
$
|
41,879
|
|
Other real estate
owned
|
21,027
|
|
|
19,500
|
|
|
20,710
|
|
|
14,675
|
|
|
16,871
|
|
Repossessed
assets
|
783
|
|
|
939
|
|
|
1,258
|
|
|
—
|
|
|
—
|
|
Accruing loans
delinquent 90 days or more
|
11,969
|
|
|
5,754
|
|
|
6,325
|
|
|
4,613
|
|
|
3,676
|
|
Total non-performing
assets
|
$
|
111,645
|
|
|
$
|
101,317
|
|
|
$
|
128,794
|
|
|
$
|
60,767
|
|
|
$
|
62,426
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.61
|
%
|
|
0.56
|
%
|
|
0.73
|
%
|
|
0.51
|
%
|
|
0.54
|
%
|
Net charge-offs as a
percent of average loans (annualized)
|
0.14
|
%
|
|
0.09
|
%
|
|
0.07
|
%
|
|
0.07
|
%
|
|
0.17
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
2,246,927
|
|
|
$
|
2,030,711
|
|
|
$
|
2,166,592
|
|
|
$
|
1,900,811
|
|
|
$
|
1,710,879
|
|
Real estate -
construction and development
|
1,628,367
|
|
|
1,549,061
|
|
|
1,468,695
|
|
|
1,103,550
|
|
|
915,976
|
|
Real estate -
commercial and farmland
|
4,516,451
|
|
|
4,353,039
|
|
|
4,209,912
|
|
|
3,182,213
|
|
|
3,175,452
|
|
Real estate -
residential
|
3,252,090
|
|
|
3,334,831
|
|
|
3,380,356
|
|
|
2,389,101
|
|
|
2,216,927
|
|
Consumer
installment
|
1,450,271
|
|
|
1,550,834
|
|
|
1,600,729
|
|
|
474,195
|
|
|
463,105
|
|
Total
loans
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
|
$
|
12,826,284
|
|
|
$
|
9,049,870
|
|
|
$
|
8,482,339
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial and
agricultural
|
$
|
798
|
|
|
$
|
672
|
|
|
$
|
680
|
|
|
$
|
331
|
|
|
$
|
147
|
|
Real
estate - construction and development
|
925
|
|
|
936
|
|
|
947
|
|
|
1,124
|
|
|
1,153
|
|
Real
estate - commercial and farmland
|
5,587
|
|
|
6,732
|
|
|
8,617
|
|
|
8,793
|
|
|
9,058
|
|
Real
estate - residential
|
29,021
|
|
|
21,261
|
|
|
21,472
|
|
|
21,124
|
|
|
20,537
|
|
Consumer
installment
|
4
|
|
|
8
|
|
|
9
|
|
|
10
|
|
|
11
|
|
Total accruing
troubled debt restructurings
|
$
|
36,335
|
|
|
$
|
29,609
|
|
|
$
|
31,725
|
|
|
$
|
31,382
|
|
|
$
|
30,906
|
|
Nonaccrual troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial and
agricultural
|
$
|
335
|
|
|
$
|
335
|
|
|
$
|
144
|
|
|
$
|
162
|
|
|
$
|
167
|
|
Real
estate - construction and development
|
289
|
|
|
253
|
|
|
258
|
|
|
265
|
|
|
270
|
|
Real
estate - commercial and farmland
|
2,415
|
|
|
2,071
|
|
|
1,958
|
|
|
2,109
|
|
|
2,027
|
|
Real
estate - residential
|
3,992
|
|
|
2,857
|
|
|
2,103
|
|
|
1,760
|
|
|
1,749
|
|
Consumer
installment
|
105
|
|
|
107
|
|
|
120
|
|
|
123
|
|
|
113
|
|
Total nonaccrual
troubled debt restructurings
|
$
|
7,136
|
|
|
$
|
5,623
|
|
|
$
|
4,583
|
|
|
$
|
4,419
|
|
|
$
|
4,326
|
|
Total
troubled debt restructurings
|
$
|
43,471
|
|
|
$
|
35,232
|
|
|
$
|
36,308
|
|
|
$
|
35,801
|
|
|
$
|
35,232
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grade 1 -
Prime credit
|
$
|
774,956
|
|
|
$
|
587,877
|
|
|
$
|
613,281
|
|
|
$
|
622,034
|
|
|
$
|
621,328
|
|
Grade 2 -
Strong credit
|
785,770
|
|
|
840,372
|
|
|
856,618
|
|
|
811,690
|
|
|
672,526
|
|
Grade 3 -
Good credit
|
5,772,834
|
|
|
6,034,398
|
|
|
6,086,576
|
|
|
3,829,422
|
|
|
3,303,143
|
|
Grade 4 -
Satisfactory credit
|
4,353,733
|
|
|
4,884,541
|
|
|
4,746,020
|
|
|
3,401,265
|
|
|
3,517,166
|
|
Grade 5 -
Fair credit
|
1,131,128
|
|
|
233,020
|
|
|
252,424
|
|
|
211,229
|
|
|
178,176
|
|
Grade 6 -
Other assets especially mentioned
|
106,885
|
|
|
86,412
|
|
|
114,235
|
|
|
64,075
|
|
|
71,548
|
|
Grade 7 -
Substandard
|
168,561
|
|
|
151,846
|
|
|
157,114
|
|
|
110,152
|
|
|
118,446
|
|
Grade 8 -
Doubtful
|
239
|
|
|
8
|
|
|
14
|
|
|
—
|
|
|
—
|
|
Grade 9 -
Loss
|
—
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
6
|
|
Total
loans
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
|
$
|
12,826,284
|
|
|
$
|
9,049,870
|
|
|
$
|
8,482,339
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
27,380
|
|
|
$
|
23,104
|
|
|
$
|
28,459
|
|
|
$
|
41,683
|
|
|
$
|
31,291
|
|
Interest-bearing
deposits in banks
|
419,260
|
|
|
304,427
|
|
|
324,127
|
|
|
341,937
|
|
|
467,379
|
|
Time deposits in other
banks
|
249
|
|
|
401
|
|
|
548
|
|
|
3,792
|
|
|
10,221
|
|
Investment securities
- taxable
|
1,359,651
|
|
|
1,426,062
|
|
|
1,514,534
|
|
|
1,233,297
|
|
|
1,186,896
|
|
Investment securities
- nontaxable
|
22,839
|
|
|
23,580
|
|
|
23,759
|
|
|
15,288
|
|
|
24,136
|
|
Other
investments
|
73,972
|
|
|
64,852
|
|
|
53,712
|
|
|
15,830
|
|
|
14,532
|
|
Loans held for
sale
|
1,587,131
|
|
|
1,537,648
|
|
|
856,572
|
|
|
154,707
|
|
|
101,521
|
|
Loans
|
12,712,997
|
|
|
12,697,912
|
|
|
12,677,063
|
|
|
8,740,561
|
|
|
8,483,978
|
|
Total Earning
Assets
|
$
|
16,203,479
|
|
|
$
|
16,077,986
|
|
|
$
|
15,478,774
|
|
|
$
|
10,547,095
|
|
|
$
|
10,319,954
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
4,080,920
|
|
|
$
|
4,124,872
|
|
|
$
|
4,040,592
|
|
|
$
|
2,723,843
|
|
|
$
|
2,545,043
|
|
NOW
accounts
|
2,287,947
|
|
|
2,204,666
|
|
|
2,049,175
|
|
|
1,506,721
|
|
|
1,553,988
|
|
MMDA
|
4,004,644
|
|
|
3,953,717
|
|
|
3,815,185
|
|
|
2,655,108
|
|
|
2,677,015
|
|
Savings
accounts
|
643,422
|
|
|
649,118
|
|
|
661,555
|
|
|
405,506
|
|
|
399,089
|
|
Retail CDs
|
2,624,209
|
|
|
2,721,829
|
|
|
2,804,243
|
|
|
1,962,422
|
|
|
1,892,138
|
|
Brokered
CDs
|
61,190
|
|
|
249,644
|
|
|
150,176
|
|
|
486,292
|
|
|
510,301
|
|
Total
Deposits
|
13,702,332
|
|
|
13,903,846
|
|
|
13,520,926
|
|
|
9,739,892
|
|
|
9,577,574
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
15,637
|
|
|
17,088
|
|
|
19,914
|
|
|
3,213
|
|
|
15,879
|
|
FHLB
advances
|
1,267,303
|
|
|
1,080,516
|
|
|
810,384
|
|
|
22,390
|
|
|
6,257
|
|
Other
borrowings
|
269,454
|
|
|
234,001
|
|
|
220,918
|
|
|
145,453
|
|
|
145,473
|
|
Subordinated
deferrable interest debentures
|
127,731
|
|
|
127,292
|
|
|
133,519
|
|
|
89,686
|
|
|
89,343
|
|
Total Non-Deposit
Funding
|
1,680,125
|
|
|
1,458,897
|
|
|
1,184,735
|
|
|
260,742
|
|
|
256,952
|
|
Total
Funding
|
$
|
15,382,457
|
|
|
$
|
15,362,743
|
|
|
$
|
14,705,661
|
|
|
$
|
10,000,634
|
|
|
$
|
9,834,526
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Interest Income
and Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
76
|
|
|
$
|
69
|
|
|
$
|
171
|
|
|
$
|
257
|
|
|
$
|
179
|
|
Interest-bearing
deposits in banks
|
1,210
|
|
|
1,089
|
|
|
1,620
|
|
|
2,260
|
|
|
3,099
|
|
Time deposits in other
banks
|
1
|
|
|
2
|
|
|
2
|
|
|
16
|
|
|
51
|
|
Investment securities
- taxable
|
10,082
|
|
|
10,358
|
|
|
11,354
|
|
|
9,383
|
|
|
9,043
|
|
Investment securities
- nontaxable (TE)
|
199
|
|
|
212
|
|
|
213
|
|
|
129
|
|
|
197
|
|
Loans held for
sale
|
13,637
|
|
|
14,330
|
|
|
7,889
|
|
|
1,632
|
|
|
1,152
|
|
Loans (TE)
|
158,636
|
|
|
169,119
|
|
|
168,239
|
|
|
116,413
|
|
|
112,266
|
|
Total Earning
Assets
|
$
|
183,841
|
|
|
$
|
195,179
|
|
|
$
|
189,488
|
|
|
$
|
130,090
|
|
|
$
|
125,987
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
6,562
|
|
|
$
|
9,727
|
|
|
$
|
4,222
|
|
|
$
|
3,103
|
|
|
$
|
2,883
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
2,774
|
|
|
$
|
2,728
|
|
|
$
|
2,843
|
|
|
$
|
2,260
|
|
|
$
|
2,109
|
|
MMDA
|
9,748
|
|
|
11,311
|
|
|
12,593
|
|
|
9,488
|
|
|
9,047
|
|
Savings
accounts
|
210
|
|
|
233
|
|
|
274
|
|
|
85
|
|
|
77
|
|
Retail
CDs
|
11,064
|
|
|
12,220
|
|
|
12,905
|
|
|
8,585
|
|
|
7,330
|
|
Brokered
CDs
|
306
|
|
|
1,478
|
|
|
810
|
|
|
3,036
|
|
|
3,121
|
|
Total
Interest-Bearing Deposits
|
24,102
|
|
|
27,970
|
|
|
29,425
|
|
|
23,454
|
|
|
21,684
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal
funds purchased and securities sold under agreements to
repurchase
|
40
|
|
|
41
|
|
|
32
|
|
|
2
|
|
|
11
|
|
FHLB
advances
|
5,109
|
|
|
5,241
|
|
|
4,618
|
|
|
141
|
|
|
44
|
|
Other
borrowings
|
3,511
|
|
|
3,358
|
|
|
3,332
|
|
|
2,210
|
|
|
2,227
|
|
Subordinated deferrable interest
debentures
|
2,061
|
|
|
2,115
|
|
|
2,185
|
|
|
1,570
|
|
|
1,568
|
|
Total Non-Deposit
Funding
|
10,721
|
|
|
10,755
|
|
|
10,167
|
|
|
3,923
|
|
|
3,850
|
|
Total
Interest-Bearing Funding
|
$
|
34,823
|
|
|
$
|
38,725
|
|
|
$
|
39,592
|
|
|
$
|
27,377
|
|
|
$
|
25,534
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
149,896
|
|
|
$
|
102,713
|
|
|
$
|
100,453
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
1.12
|
%
|
|
1.18
|
%
|
|
2.38
|
%
|
|
2.47
|
%
|
|
2.32
|
%
|
Interest-bearing
deposits in banks
|
1.16
|
%
|
|
1.42
|
%
|
|
1.98
|
%
|
|
2.65
|
%
|
|
2.69
|
%
|
Time deposits in other
banks
|
1.62
|
%
|
|
1.98
|
%
|
|
1.45
|
%
|
|
1.69
|
%
|
|
2.02
|
%
|
Investment securities
- taxable
|
2.98
|
%
|
|
2.88
|
%
|
|
2.97
|
%
|
|
3.05
|
%
|
|
3.09
|
%
|
Investment securities
- nontaxable (TE)
|
3.50
|
%
|
|
3.57
|
%
|
|
3.56
|
%
|
|
3.38
|
%
|
|
3.31
|
%
|
Loans held for
sale
|
3.46
|
%
|
|
3.70
|
%
|
|
3.65
|
%
|
|
4.23
|
%
|
|
4.60
|
%
|
Loans (TE)
|
5.02
|
%
|
|
5.28
|
%
|
|
5.16
|
%
|
|
5.32
|
%
|
|
5.37
|
%
|
Total Earning
Assets
|
4.56
|
%
|
|
4.82
|
%
|
|
4.86
|
%
|
|
4.95
|
%
|
|
4.95
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
0.49
|
%
|
|
0.49
|
%
|
|
0.55
|
%
|
|
0.60
|
%
|
|
0.55
|
%
|
MMDA
|
0.98
|
%
|
|
1.14
|
%
|
|
1.31
|
%
|
|
1.43
|
%
|
|
1.37
|
%
|
Savings
accounts
|
0.13
|
%
|
|
0.14
|
%
|
|
0.16
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
Retail CDs
|
1.70
|
%
|
|
1.78
|
%
|
|
1.83
|
%
|
|
1.75
|
%
|
|
1.57
|
%
|
Brokered
CDs
|
2.01
|
%
|
|
2.35
|
%
|
|
2.14
|
%
|
|
2.50
|
%
|
|
2.48
|
%
|
Total
Interest-Bearing Deposits
|
1.01
|
%
|
|
1.13
|
%
|
|
1.23
|
%
|
|
1.34
|
%
|
|
1.25
|
%
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
1.03
|
%
|
|
0.95
|
%
|
|
0.64
|
%
|
|
0.25
|
%
|
|
0.28
|
%
|
FHLB
advances
|
1.62
|
%
|
|
1.92
|
%
|
|
2.26
|
%
|
|
2.53
|
%
|
|
2.85
|
%
|
Other
borrowings
|
5.24
|
%
|
|
5.69
|
%
|
|
5.98
|
%
|
|
6.09
|
%
|
|
6.21
|
%
|
Subordinated
deferrable interest debentures
|
6.49
|
%
|
|
6.59
|
%
|
|
6.49
|
%
|
|
7.02
|
%
|
|
7.12
|
%
|
Total Non-Deposit
Funding
|
2.57
|
%
|
|
2.92
|
%
|
|
3.40
|
%
|
|
6.03
|
%
|
|
6.08
|
%
|
Total
Interest-Bearing Liabilities
|
1.24
|
%
|
|
1.37
|
%
|
|
1.47
|
%
|
|
1.51
|
%
|
|
1.42
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.32
|
%
|
|
3.45
|
%
|
|
3.39
|
%
|
|
3.44
|
%
|
|
3.53
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.70
|
%
|
|
3.86
|
%
|
|
3.84
|
%
|
|
3.91
|
%
|
|
3.95
|
%
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
0.91
|
%
|
|
1.00
|
%
|
|
1.07
|
%
|
|
1.10
|
%
|
|
1.05
|
%
|
(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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Net income available
to common shareholders
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
39,905
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
540
|
|
|
2,415
|
|
|
65,158
|
|
|
3,475
|
|
|
2,057
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
245
|
|
Servicing right
impairment (recovery)
|
22,165
|
|
|
366
|
|
|
(1,319)
|
|
|
1,460
|
|
|
—
|
|
Gain on BOLI
proceeds
|
—
|
|
|
752
|
|
|
(4,335)
|
|
|
—
|
|
|
—
|
|
Expenses related to
SEC/DOJ Investigation
|
1,443
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Natural disaster and
pandemic charges
|
548
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
(89)
|
|
Loss on sale of
premises
|
470
|
|
|
1,413
|
|
|
889
|
|
|
2,800
|
|
|
919
|
|
Tax effect of
adjustment items (Note 1)
|
(5,283)
|
|
|
(898)
|
|
|
(13,238)
|
|
|
(1,479)
|
|
|
(450)
|
|
After tax adjustment
items
|
19,883
|
|
|
4,511
|
|
|
47,155
|
|
|
6,306
|
|
|
2,682
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense
attributable to acquisition related compensation and acquired
BOLI
|
—
|
|
|
849
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
68,539
|
|
|
$
|
45,210
|
|
|
$
|
42,587
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - diluted
|
69,502,022
|
|
|
69,683,999
|
|
|
69,600,499
|
|
|
47,337,809
|
|
|
47,456,314
|
|
Net income per
diluted share
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.84
|
|
Adjusted net income
per diluted share
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
18,056,445
|
|
|
$
|
17,998,494
|
|
|
$
|
17,340,387
|
|
|
$
|
11,625,344
|
|
|
$
|
11,423,677
|
|
Return on average
assets
|
0.43
|
%
|
|
1.35
|
%
|
|
0.49
|
%
|
|
1.34
|
%
|
|
1.42
|
%
|
Adjusted return on
average assets
|
0.87
|
%
|
|
1.47
|
%
|
|
1.57
|
%
|
|
1.56
|
%
|
|
1.51
|
%
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
2,456,617
|
|
|
$
|
2,437,272
|
|
|
$
|
2,432,182
|
|
|
$
|
1,519,598
|
|
|
$
|
1,478,462
|
|
Average tangible
common equity
|
$
|
1,436,108
|
|
|
$
|
1,432,081
|
|
|
$
|
1,434,829
|
|
|
$
|
964,841
|
|
|
$
|
917,876
|
|
Return on average
common equity
|
3.16
|
%
|
|
9.97
|
%
|
|
3.49
|
%
|
|
10.27
|
%
|
|
10.95
|
%
|
Adjusted return on
average tangible common equity
|
10.98
|
%
|
|
18.45
|
%
|
|
18.95
|
%
|
|
18.79
|
%
|
|
18.82
|
%
|
|
|
|
|
|
|
|
|
|
|
Note 1: A
portion of the merger and conversion charges for all periods are
nondeductible for tax purposes.
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Non-GAAP
Reconciliations (continued)
|
|
Adjusted
Efficiency Ratio (TE)
|
Table
9B
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
138,053
|
|
|
$
|
122,564
|
|
|
$
|
192,697
|
|
|
$
|
81,251
|
|
|
$
|
75,425
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(540)
|
|
|
(2,415)
|
|
|
(65,158)
|
|
|
(3,475)
|
|
|
(2,057)
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(245)
|
|
Expenses related to
SEC/DOJ Investigation
|
(1,443)
|
|
|
(463)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Natural disaster and
pandemic charges
|
(548)
|
|
|
—
|
|
|
—
|
|
|
(50)
|
|
|
89
|
|
Loss on sale of
premises
|
(470)
|
|
|
(1,413)
|
|
|
(889)
|
|
|
(2,800)
|
|
|
(919)
|
|
Adjusted noninterest
expense
|
$
|
135,052
|
|
|
$
|
118,273
|
|
|
$
|
126,650
|
|
|
$
|
74,926
|
|
|
$
|
72,293
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
148,769
|
|
|
$
|
101,651
|
|
|
$
|
99,395
|
|
Noninterest
income
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
30,771
|
|
Total
revenue
|
$
|
202,324
|
|
|
$
|
210,464
|
|
|
$
|
225,762
|
|
|
$
|
136,887
|
|
|
$
|
130,166
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
149,896
|
|
|
$
|
102,713
|
|
|
$
|
100,453
|
|
Noninterest
income
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
30,771
|
|
Total revenue
(TE)
|
203,397
|
|
|
211,567
|
|
|
226,889
|
|
|
137,949
|
|
|
131,224
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
9
|
|
|
(1)
|
|
|
(4)
|
|
|
(69)
|
|
|
(66)
|
|
Loss (gain) on BOLI
proceeds
|
—
|
|
|
752
|
|
|
(4,335)
|
|
|
—
|
|
|
—
|
|
Servicing right
impairment (recovery)
|
22,165
|
|
|
366
|
|
|
(1,319)
|
|
|
1,460
|
|
|
—
|
|
Adjusted total
revenue (TE)
|
$
|
225,571
|
|
|
$
|
212,684
|
|
|
$
|
221,231
|
|
|
$
|
139,340
|
|
|
$
|
131,158
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
68.23
|
%
|
|
58.24
|
%
|
|
85.35
|
%
|
|
59.36
|
%
|
|
57.95
|
%
|
Adjusted
efficiency ratio (TE)
|
59.87
|
%
|
|
55.61
|
%
|
|
57.25
|
%
|
|
53.77
|
%
|
|
55.12
|
%
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Total shareholders'
equity
|
$
|
2,437,150
|
|
|
$
|
2,469,582
|
|
|
$
|
2,420,723
|
|
|
$
|
1,537,121
|
|
|
$
|
1,495,584
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
931,947
|
|
|
931,637
|
|
|
911,488
|
|
|
501,140
|
|
|
501,308
|
|
Other intangibles,
net
|
85,955
|
|
|
91,586
|
|
|
97,328
|
|
|
52,437
|
|
|
55,557
|
|
Total tangible
shareholders' equity
|
$
|
1,419,248
|
|
|
$
|
1,446,359
|
|
|
$
|
1,411,907
|
|
|
$
|
983,544
|
|
|
$
|
938,719
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,441,274
|
|
|
69,503,833
|
|
|
69,593,833
|
|
|
47,261,584
|
|
|
47,585,309
|
|
Book value per share
(period end)
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
34.78
|
|
|
$
|
32.52
|
|
|
$
|
31.43
|
|
Tangible book value
per share (period end)
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
20.29
|
|
|
$
|
20.81
|
|
|
$
|
19.73
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
118,375
|
|
|
$
|
124,957
|
|
|
$
|
124,262
|
|
|
$
|
84,755
|
|
|
$
|
85,039
|
|
Provision for loan
losses
|
35,997
|
|
|
4,741
|
|
|
3,549
|
|
|
2,306
|
|
|
2,058
|
|
Noninterest
income
|
17,773
|
|
|
18,632
|
|
|
21,173
|
|
|
14,830
|
|
|
14,370
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
41,621
|
|
|
38,180
|
|
|
39,794
|
|
|
24,228
|
|
|
27,932
|
|
Occupancy
and equipment expenses
|
10,347
|
|
|
10,216
|
|
|
10,750
|
|
|
7,034
|
|
|
7,281
|
|
Data
processing and telecommunications expenses
|
10,797
|
|
|
10,156
|
|
|
9,551
|
|
|
7,635
|
|
|
7,592
|
|
Other
noninterest expenses
|
30,645
|
|
|
23,176
|
|
|
87,059
|
|
|
22,728
|
|
|
16,956
|
|
Total noninterest
expense
|
93,410
|
|
|
81,728
|
|
|
147,154
|
|
|
61,625
|
|
|
59,761
|
|
Income before income
tax expense
|
6,741
|
|
|
57,120
|
|
|
(5,268)
|
|
|
35,654
|
|
|
37,590
|
|
Income tax expense
(benefit)
|
275
|
|
|
15,412
|
|
|
(1,269)
|
|
|
8,691
|
|
|
8,775
|
|
Net income
(loss)
|
$
|
6,466
|
|
|
$
|
41,708
|
|
|
$
|
(3,999)
|
|
|
$
|
26,963
|
|
|
$
|
28,815
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
17,756
|
|
|
$
|
18,223
|
|
|
$
|
13,009
|
|
|
$
|
7,567
|
|
|
$
|
5,753
|
|
Provision for loan
losses
|
1,997
|
|
|
1,237
|
|
|
1,490
|
|
|
609
|
|
|
136
|
|
Noninterest
income
|
34,369
|
|
|
33,335
|
|
|
52,493
|
|
|
18,070
|
|
|
14,290
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
31,097
|
|
|
28,233
|
|
|
34,144
|
|
|
11,886
|
|
|
8,207
|
|
Occupancy
and equipment expenses
|
1,504
|
|
|
1,544
|
|
|
1,686
|
|
|
670
|
|
|
766
|
|
Data
processing and telecommunications expenses
|
986
|
|
|
1,034
|
|
|
660
|
|
|
394
|
|
|
330
|
|
Other
noninterest expenses
|
5,875
|
|
|
4,553
|
|
|
3,484
|
|
|
2,385
|
|
|
2,114
|
|
Total noninterest
expense
|
39,462
|
|
|
35,364
|
|
|
39,974
|
|
|
15,335
|
|
|
11,417
|
|
Income before income
tax expense
|
10,666
|
|
|
14,957
|
|
|
24,038
|
|
|
9,693
|
|
|
8,490
|
|
Income tax
expense
|
2,408
|
|
|
3,371
|
|
|
5,048
|
|
|
2,170
|
|
|
1,613
|
|
Net income
|
$
|
8,258
|
|
|
$
|
11,586
|
|
|
$
|
18,990
|
|
|
$
|
7,523
|
|
|
$
|
6,877
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
3,302
|
|
|
$
|
3,771
|
|
|
$
|
3,169
|
|
|
$
|
2,987
|
|
|
$
|
2,690
|
|
Provision for loan
losses
|
(9)
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Noninterest
income
|
960
|
|
|
610
|
|
|
560
|
|
|
450
|
|
|
379
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
210
|
|
|
325
|
|
|
286
|
|
|
162
|
|
|
161
|
|
Occupancy
and equipment expenses
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
1
|
|
Data
processing and telecommunications expenses
|
41
|
|
|
47
|
|
|
41
|
|
|
38
|
|
|
30
|
|
Other
noninterest expenses
|
34
|
|
|
53
|
|
|
27
|
|
|
75
|
|
|
68
|
|
Total noninterest
expense
|
286
|
|
|
426
|
|
|
356
|
|
|
276
|
|
|
260
|
|
Income before income
tax expense
|
3,985
|
|
|
3,888
|
|
|
3,373
|
|
|
3,161
|
|
|
2,809
|
|
Income tax
expense
|
837
|
|
|
816
|
|
|
708
|
|
|
664
|
|
|
590
|
|
Net income
|
$
|
3,148
|
|
|
$
|
3,072
|
|
|
$
|
2,665
|
|
|
$
|
2,497
|
|
|
$
|
2,219
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
2,181
|
|
|
$
|
2,190
|
|
|
$
|
2,573
|
|
|
$
|
1,182
|
|
|
$
|
1,086
|
|
Provision for loan
losses
|
(903)
|
|
|
150
|
|
|
(15)
|
|
|
178
|
|
|
231
|
|
Noninterest
income
|
1,277
|
|
|
2,536
|
|
|
2,766
|
|
|
1,883
|
|
|
1,730
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
1,476
|
|
|
1,336
|
|
|
1,985
|
|
|
735
|
|
|
727
|
|
Occupancy
and equipment expenses
|
97
|
|
|
79
|
|
|
66
|
|
|
65
|
|
|
59
|
|
Data
processing and telecommunications expenses
|
13
|
|
|
5
|
|
|
22
|
|
|
3
|
|
|
2
|
|
Other
noninterest expenses
|
515
|
|
|
402
|
|
|
503
|
|
|
359
|
|
|
387
|
|
Total noninterest
expense
|
2,101
|
|
|
1,822
|
|
|
2,576
|
|
|
1,162
|
|
|
1,175
|
|
Income before income
tax expense
|
2,260
|
|
|
2,754
|
|
|
2,778
|
|
|
1,725
|
|
|
1,410
|
|
Income tax
expense
|
475
|
|
|
578
|
|
|
584
|
|
|
362
|
|
|
296
|
|
Net income
|
$
|
1,785
|
|
|
$
|
2,176
|
|
|
$
|
2,194
|
|
|
$
|
1,363
|
|
|
$
|
1,114
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
6,331
|
|
|
$
|
6,210
|
|
|
$
|
5,756
|
|
|
$
|
5,160
|
|
|
$
|
4,827
|
|
Provision for loan
losses
|
3,965
|
|
|
(502)
|
|
|
965
|
|
|
1,575
|
|
|
983
|
|
Noninterest
income
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
2
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
1,542
|
|
|
1,568
|
|
|
1,424
|
|
|
1,320
|
|
|
1,305
|
|
Occupancy
and equipment expenses
|
79
|
|
|
79
|
|
|
135
|
|
|
64
|
|
|
97
|
|
Data
processing and telecommunications expenses
|
117
|
|
|
120
|
|
|
98
|
|
|
318
|
|
|
437
|
|
Other
noninterest expenses
|
1,056
|
|
|
1,457
|
|
|
980
|
|
|
1,151
|
|
|
973
|
|
Total noninterest
expense
|
2,794
|
|
|
3,224
|
|
|
2,637
|
|
|
2,853
|
|
|
2,812
|
|
(Loss) income before
income tax expense
|
(428)
|
|
|
3,488
|
|
|
2,155
|
|
|
735
|
|
|
1,034
|
|
Income tax expense
(benefit)
|
(93)
|
|
|
782
|
|
|
621
|
|
|
177
|
|
|
154
|
|
Net (loss)
income
|
$
|
(335)
|
|
|
$
|
2,706
|
|
|
$
|
1,534
|
|
|
$
|
558
|
|
|
$
|
880
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
148,769
|
|
|
$
|
101,651
|
|
|
$
|
99,395
|
|
Provision for loan
losses
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
3,408
|
|
Noninterest
income
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
30,771
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
75,946
|
|
|
69,642
|
|
|
77,633
|
|
|
38,331
|
|
|
38,332
|
|
Occupancy
and equipment expenses
|
12,028
|
|
|
11,919
|
|
|
12,639
|
|
|
7,834
|
|
|
8,204
|
|
Data
processing and telecommunications expenses
|
11,954
|
|
|
11,362
|
|
|
10,372
|
|
|
8,388
|
|
|
8,391
|
|
Other
noninterest expenses
|
38,125
|
|
|
29,641
|
|
|
92,053
|
|
|
26,698
|
|
|
20,498
|
|
Total noninterest
expense
|
138,053
|
|
|
122,564
|
|
|
192,697
|
|
|
81,251
|
|
|
75,425
|
|
Income before income
tax expense
|
23,224
|
|
|
82,207
|
|
|
27,076
|
|
|
50,968
|
|
|
51,333
|
|
Income tax
expense
|
3,902
|
|
|
20,959
|
|
|
5,692
|
|
|
12,064
|
|
|
11,428
|
|
Net income
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
39,905
|
|
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SOURCE Ameris Bancorp