ATLANTA, July 27, 2020 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) (the "Company") today reported net income of
$32.2 million, or $0.47 per diluted share, for the quarter ended
June 30, 2020, compared with
$38.9 million, or $0.82 per diluted share, for the quarter ended
June 30, 2019. The decrease in
net income is primarily attributable to increases in provision for
credit loss expense of $83.5 million
and salaries and employee benefits of $19.2
million, partially offset by an increase of $86.4 million in mortgage banking activity
compared with the second quarter of 2019. The Company
reported adjusted net income of $42.4
million, or $0.61 per diluted
share, for the quarter ended June 30, 2020, compared with
$45.2 million, or $0.96 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 branch consolidations and
efficiency initiatives, certain legal expenses, loss on sale of
bank premises and expenses related to natural disasters and the
COVID-19 pandemic.
For the year-to-date period ending June 30, 2020, the
Company reported net income of $51.6
million, or $0.74 per diluted
share, compared with $78.8 million,
or $1.66 per diluted share, for the
same period in 2019. The Company reported adjusted net income
of $81.6 million, or $1.18 per diluted share, for the six months ended
June 30, 2020, compared with $87.8
million, or $1.85 per diluted
share, for the same period in 2019. Adjusted net income for
the year-to-date period excludes the same items listed above for
the Company's quarter-to-date period.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "The challenges of COVID-19 and the global economy
certainly affect how we do business, but our bankers have quickly
adapted to the new operating environment. We successfully
managed deposit costs to improve the margin by 13 basis points,
allowing us to fund over $1.4 billion
in new loan growth (including PPP loans), and our mortgage division
continued to see historic production and profitability. We
increased our allowance for credit losses on loans to over
$208 million, while still earning
$32 million for the quarter. We
believe we are properly positioned for the future."
Significant items from the Company's results for the second
quarter of 2020 include the following:
- Net income of $32.2 million, or
$0.47 per diluted share, compared
with $19.3 million, or $0.28 per diluted share, in the first quarter of
2020
- Growth in adjusted total revenue of $67.7 million, or 30.0%, compared with the first
quarter of 2020
- Increase in income from mortgage banking activity of
$69.6 million compared with the first
quarter of 2020
- Adjusted efficiency ratio of 51.08%, compared with 59.87% in
the first quarter of 2020
- Net interest margin of 3.83%, compared with 3.70% in the first
quarter of 2020
- Adjusted return on average assets of 0.89%, compared with 0.87%
in the first quarter of 2020
- Improvement in deposit mix such that noninterest bearing
deposits represent 35.89% of total deposits, up from 29.94% at
December 31, 2019 and 28.92% a year
ago
- Annualized net charge-offs of 0.27% of average total loans
- Non-performing assets of 0.59% 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
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
(dollars in
thousands, except per share data)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income available
to common shareholders
|
$
|
32,236
|
|
|
$
|
38,904
|
|
|
$
|
51,558
|
|
|
$
|
78,809
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
895
|
|
|
3,475
|
|
|
1,435
|
|
|
5,532
|
|
Restructuring
charges
|
1,463
|
|
|
—
|
|
|
1,463
|
|
|
245
|
|
Servicing right
impairment
|
7,989
|
|
|
1,460
|
|
|
30,154
|
|
|
1,460
|
|
Natural disaster and
pandemic charges
|
2,043
|
|
|
50
|
|
|
2,591
|
|
|
(39)
|
|
Gain on BOLI
proceeds
|
(845)
|
|
|
—
|
|
|
(845)
|
|
|
—
|
|
Expenses related to
SEC and DOJ investigation
|
1,294
|
|
|
—
|
|
|
2,737
|
|
|
—
|
|
Loss on sale of
premises
|
281
|
|
|
2,800
|
|
|
751
|
|
|
3,719
|
|
Tax effect of
adjustment items
|
(2,933)
|
|
|
(1,479)
|
|
|
(8,216)
|
|
|
(1,929)
|
|
After-tax adjustment
items
|
10,187
|
|
|
6,306
|
|
|
30,070
|
|
|
8,988
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
42,423
|
|
|
$
|
45,210
|
|
|
$
|
81,628
|
|
|
$
|
87,797
|
|
|
|
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
0.47
|
|
|
$
|
0.82
|
|
|
$
|
0.74
|
|
|
$
|
1.66
|
|
Adjusted net income
per diluted share
|
$
|
0.61
|
|
|
$
|
0.96
|
|
|
$
|
1.18
|
|
|
$
|
1.85
|
|
|
|
|
|
|
|
|
|
Reported return on
average assets
|
0.67
|
%
|
|
1.34
|
%
|
|
0.56
|
%
|
|
1.38
|
%
|
Adjusted return on
average assets
|
0.89
|
%
|
|
1.56
|
%
|
|
0.88
|
%
|
|
1.54
|
%
|
|
|
|
|
|
|
|
|
Reported return on
average common equity
|
5.23
|
%
|
|
10.27
|
%
|
|
4.17
|
%
|
|
10.60
|
%
|
Adjusted return on
average tangible common equity
|
11.66
|
%
|
|
18.79
|
%
|
|
11.18
|
%
|
|
18.81
|
%
|
Net Interest Income and Net Interest Margin
Net
interest income on a tax-equivalent basis for the second quarter of
2020 totaled $165.2 million, compared
with $149.0 million for the first
quarter of 2020 and $102.7 million
for the second quarter of 2019. The Company's net interest
margin was 3.83% for the second quarter of 2020, up from 3.70%
reported for the first quarter of 2020 and down from 3.91% reported
for the second quarter of 2019. The increase in net interest
margin in the current quarter is primarily attributable to an
increase in accretion income and a decrease in the cost of
interest-bearing liabilities, partially offset by a decrease in the
yield on loans as market interest rates declined. Accretion
income for the second quarter of 2020 increased to $9.6 million, compared with $6.6 million for the first quarter of 2020, and
increased from $3.1 million for the
second quarter of 2019. The increase in accretion income in
the second quarter is primarily attributable to payoffs of acquired
loans.
Yields on all loans decreased to 4.70% during the second quarter
of 2020, compared with 5.02% for the first quarter of 2020 and
5.34% reported for the second quarter of 2019. Loan
production in the banking division during the second quarter of
2020 totaled $472.1 million, with
weighted average yields of 4.16%, compared with $918.4 million and 4.55%, respectively, in the
first quarter of 2020 and $854.7
million and 5.49%, respectively, in the second quarter of
2019. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $7.2
billion during the second quarter of 2020, with weighted
average yields of 3.17%, compared with $3.9
billion and 4.15%, respectively, during the first quarter of
2020 and $2.6 billion and 5.20%,
respectively, during the second quarter of 2019. Loan
production yields in the lines of business were materially impacted
by originations of Paycheck Protection Program ("PPP") loans in our
SBA division. Excluding PPP loans, loan production in the
lines of business amounted to $6.1
billion during the second quarter of 2020, with weighted
average yields of 3.53%.
Interest expense during the second quarter of 2020 decreased to
$21.2 million, compared with
$34.8 million in the first quarter of
2020, and $27.4 million in the second
quarter of 2019. The Company's total cost of funds moved 39
basis points lower to 0.52% in the second quarter of 2020 as
compared with the first quarter of 2020. Deposit costs
decreased 32 basis points during the second quarter of 2020 to
0.39%, compared with 0.71% in the first quarter of 2020.
Costs of interest-bearing deposits decreased during the quarter
from 1.01% in the first quarter of 2020 to 0.58% in the second
quarter of 2020.
Noninterest Income
Noninterest income increased
$66.6 million, or 122.4%, in the
second quarter of 2020 to $121.0
million, compared with $54.4
million for the first quarter of 2020, primarily as a result
of increased mortgage banking activity.
Mortgage banking activity increased $69.6
million, or 197.0%, to $104.9
million in the second quarter of 2020, compared with
$35.3 million for the first quarter
of 2020. This increase was a result of both increased
production and expansion in our gain on sale spread. Gain on sale
spreads increased to 3.53% in the second quarter of 2020 from 2.88%
for the first quarter of 2020. Total production in the retail
mortgage division increased to $2.67
billion in the second quarter of 2020, compared with
$1.36 billion for the first quarter
of 2020. Mortgage banking activity was negatively impacted during
the second quarter of 2020 by an $8.2
million servicing right impairment, compared with an
impairment of $20.9 million for the
first quarter of 2020. The retail mortgage open pipeline was
$2.67 billion at the end of the
second quarter of 2020, compared with $2.43
billion at March 31, 2020.
Service charge revenue decreased $1.9
million, or 16.2%, to $9.9
million in the second quarter of 2020, compared with
$11.8 million for the first quarter
of 2020. This decrease was primarily attributable to a
decrease of $2.6 million in NSF
income resulting from a decrease in volume, partially offset by an
increase in interchange income of $743,000.
Other noninterest income decreased $1.1
million, or 18.3%, in the second quarter of 2020 to
$4.9 million, compared with
$6.1 million for the first quarter of
2020, primarily as a result of a decrease in the gain on sales of
SBA loans of $1.0 million, as the SBA
division shifted its focus temporarily to PPP loan production
during the second quarter.
Noninterest Expense
Noninterest expense
increased $17.7 million, or 12.8%, to
$155.8 million during the second
quarter of 2020, compared with $138.1
million for the first quarter of 2020. During the
second quarter of 2020, the Company recorded $6.0 million of charges to earnings, related to
restructuring charges associated with branch consolidations and
efficiency initiatives, charges 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 $3.0 million in charges
in the first quarter of 2020 that were related principally to
merger and conversion charges, the SEC/DOJ investigations, natural
disaster and pandemic expenses and loss on sale of
premises. Excluding these charges, adjusted expenses
increased approximately $14.7
million, or 10.9%, to $149.8
million in the second quarter of 2020, from $135.1 million in the first quarter of
2020. The majority of this increase is attributable to
variable expenses related to increased mortgage production. The
Company continues to focus on its operating efficiency ratio, such
that the adjusted efficiency ratio improved from 59.87% in the
first quarter of 2020 to 51.08% in the second quarter of 2020.
Income Tax Expense
The Company's effective tax
rate for the second quarter of 2020 was 21.1%, compared with 16.8%
in the first quarter of 2020. 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.
Balance Sheet Trends
Total assets at
June 30, 2020 were $19.87
billion, compared with $18.24
billion at December 31,
2019. Total loans, including loans held for sale, were
$16.24 billion at June 30, 2020,
compared with $14.48 billion at
December 31, 2019. Total loans
held for investment were $14.50
billion at June 30, 2020, compared with $12.82 billion at December
31, 2019, an increase of $1.68 billion, or 13.1%,
compared with December 31,
2019. Loan production in the banking division during the
second quarter of 2020 was down 49% from the first quarter of 2020
and 45% from the second quarter of 2019. Loan growth in the
first half of 2020 was principally driven by PPP loan originations,
which totaled $1.06 billion in
outstanding balances at June 30,
2020.
At June 30, 2020, total deposits amounted to $15.59 billion, or 90.9% of total funding,
compared with $14.03 billion and
90.1%, respectively, at December 31,
2019. At June 30, 2020, noninterest-bearing deposit
accounts were $5.60 billion, or 35.9%
of total deposits, compared with $4.20
billion, or 29.9% of total deposits, at December 31, 2019. Noninterest-bearing
deposit growth was meaningfully impacted by PPP loan fundings
during the quarter. Non-rate sensitive deposits (including
noninterest-bearing, NOW and savings) totaled $9.02 billion at June 30, 2020, compared
with $7.21 billion at December 31, 2019. These funds represented
57.9% of the Company's total deposits at June 30, 2020,
compared with 51.4% at the end of 2019.
Shareholders' equity at June 30, 2020 totaled $2.46 billion, a decrease of $9.5 million, or 0.4%, 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 $51.6 million during 2020. Tangible book
value per share was $20.90 at
June 30, 2020, compared with $20.81 at December
31, 2019. Tangible common equity as a percentage of
tangible assets was 7.70% at June 30, 2020, compared with
8.40% at the end of the 2019.
Credit Quality
Credit quality remains strong in
the Company. During the second quarter of 2020, the Company
recorded provision for credit losses of $88.2 million, compared with $41.0 million in the first quarter of 2020.
This increase in provision was primarily attributable to declines
in forecast economic conditions, particularly levels of
unemployment and GDP, compared with forecast conditions during the
first quarter of 2020. 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. Nonperforming assets as a percentage of total
assets decreased by two basis points to 0.59% during the
quarter. The net charge-off ratio was 27 basis points for the
second quarter of 2020, compared with 14 basis points in the first
quarter of 2020 and seven basis points in the second quarter of
2019.
Conference Call
The Company will host a
teleconference at 9:00 a.m. Eastern time
Monday, July 27, 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 August 10, 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 10146087. 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
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
51,558
|
|
|
$
|
78,809
|
|
Adjusted net
income
|
$
|
42,423
|
|
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
68,539
|
|
|
$
|
45,210
|
|
|
$
|
81,628
|
|
|
$
|
87,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.74
|
|
|
$
|
1.66
|
|
Diluted
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.74
|
|
|
$
|
1.66
|
|
Adjusted diluted
EPS
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
1.18
|
|
|
$
|
1.85
|
|
Cash dividends per
share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
$
|
0.30
|
|
|
$
|
0.20
|
|
Book value per share
(period end)
|
$
|
35.42
|
|
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
34.78
|
|
|
$
|
32.52
|
|
|
$
|
35.42
|
|
|
$
|
32.52
|
|
Tangible book value
per share (period
end)
|
$
|
20.90
|
|
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
20.29
|
|
|
$
|
20.81
|
|
|
$
|
20.90
|
|
|
$
|
20.81
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
69,191,778
|
|
|
69,247,661
|
|
|
69,429,193
|
|
|
69,372,125
|
|
|
47,310,561
|
|
|
69,235,117
|
|
|
47,353,678
|
|
Diluted
|
69,292,972
|
|
|
69,502,022
|
|
|
69,683,999
|
|
|
69,600,499
|
|
|
47,337,809
|
|
|
69,413,027
|
|
|
47,394,911
|
|
Period end number of
shares
|
69,461,968
|
|
|
69,441,274
|
|
|
69,503,833
|
|
|
69,593,833
|
|
|
47,261,584
|
|
|
69,461,968
|
|
|
47,261,584
|
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
|
29.82
|
|
|
$
|
43.79
|
|
|
$
|
44.90
|
|
|
$
|
40.65
|
|
|
$
|
39.60
|
|
|
$
|
43.79
|
|
|
$
|
42.01
|
|
Low intraday
price
|
$
|
17.12
|
|
|
$
|
17.89
|
|
|
$
|
38.34
|
|
|
$
|
33.71
|
|
|
$
|
33.57
|
|
|
$
|
17.12
|
|
|
$
|
31.27
|
|
Period end closing
price
|
$
|
23.59
|
|
|
$
|
23.76
|
|
|
$
|
42.54
|
|
|
$
|
40.24
|
|
|
$
|
39.19
|
|
|
$
|
23.59
|
|
|
$
|
39.19
|
|
Average daily
volume
|
470,151
|
|
|
461,692
|
|
|
353,783
|
|
|
461,289
|
|
|
352,684
|
|
|
465,955
|
|
|
369,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.67
|
%
|
|
0.43
|
%
|
|
1.35
|
%
|
|
0.49
|
%
|
|
1.34
|
%
|
|
0.56
|
%
|
|
1.38
|
%
|
Adjusted return on
average assets
|
0.89
|
%
|
|
0.87
|
%
|
|
1.47
|
%
|
|
1.57
|
%
|
|
1.56
|
%
|
|
0.88
|
%
|
|
1.54
|
%
|
Return on average
common equity
|
5.23
|
%
|
|
3.16
|
%
|
|
9.97
|
%
|
|
3.49
|
%
|
|
10.27
|
%
|
|
4.17
|
%
|
|
10.60
|
%
|
Adjusted return on
average tangible
common equity
|
11.66
|
%
|
|
10.98
|
%
|
|
18.45
|
%
|
|
18.95
|
%
|
|
18.79
|
%
|
|
11.18
|
%
|
|
18.81
|
%
|
Earning asset yield
(TE)
|
4.32
|
%
|
|
4.56
|
%
|
|
4.82
|
%
|
|
4.86
|
%
|
|
4.95
|
%
|
|
4.44
|
%
|
|
4.95
|
%
|
Total cost of
funds
|
0.52
|
%
|
|
0.91
|
%
|
|
1.00
|
%
|
|
1.07
|
%
|
|
1.10
|
%
|
|
0.99
|
%
|
|
1.08
|
%
|
Net interest margin
(TE)
|
3.83
|
%
|
|
3.70
|
%
|
|
3.86
|
%
|
|
3.84
|
%
|
|
3.91
|
%
|
|
3.77
|
%
|
|
3.93
|
%
|
Noninterest income
excluding securities
transactions, as a percent of total revenue (TE)
|
39.35
|
%
|
|
22.83
|
%
|
|
22.02
|
%
|
|
28.89
|
%
|
|
21.27
|
%
|
|
32.14
|
%
|
|
20.45
|
%
|
Efficiency
ratio
|
54.70
|
%
|
|
68.23
|
%
|
|
58.24
|
%
|
|
85.35
|
%
|
|
59.36
|
%
|
|
60.32
|
%
|
|
58.67
|
%
|
Adjusted efficiency
ratio (TE)
|
51.08
|
%
|
|
59.87
|
%
|
|
55.61
|
%
|
|
57.25
|
%
|
|
53.77
|
%
|
|
54.90
|
%
|
|
54.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.38
|
%
|
|
13.37
|
%
|
|
13.54
|
%
|
|
13.63
|
%
|
|
12.93
|
%
|
|
12.38
|
%
|
|
12.93
|
%
|
Tangible common equity
to tangible assets
|
7.70
|
%
|
|
8.25
|
%
|
|
8.40
|
%
|
|
8.43
|
%
|
|
8.68
|
%
|
|
7.70
|
%
|
|
8.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
7.70
|
%
|
|
8.25
|
%
|
|
8.40
|
%
|
|
8.43
|
%
|
|
8.68
|
%
|
|
7.70
|
%
|
|
8.68
|
%
|
Effect of goodwill and
other intangibles
|
4.68
|
%
|
|
5.12
|
%
|
|
5.14
|
%
|
|
5.20
|
%
|
|
4.25
|
%
|
|
4.68
|
%
|
|
4.25
|
%
|
Equity to assets
(GAAP)
|
12.38
|
%
|
|
13.37
|
%
|
|
13.54
|
%
|
|
13.63
|
%
|
|
12.93
|
%
|
|
12.38
|
%
|
|
12.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
1,832
|
|
|
1,865
|
|
|
1,913
|
|
|
2,001
|
|
|
1,336
|
|
|
1,832
|
|
|
1,336
|
|
Retail Mortgage
Division
|
692
|
|
|
689
|
|
|
690
|
|
|
785
|
|
|
348
|
|
|
692
|
|
|
348
|
|
Warehouse Lending
Division
|
9
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
10
|
|
|
9
|
|
|
10
|
|
SBA
Division
|
42
|
|
|
44
|
|
|
42
|
|
|
45
|
|
|
21
|
|
|
42
|
|
|
21
|
|
Premium Finance
Division
|
70
|
|
|
72
|
|
|
68
|
|
|
66
|
|
|
62
|
|
|
70
|
|
|
62
|
|
Total Ameris Bancorp
FTE headcount
|
2,645
|
|
|
2,679
|
|
|
2,722
|
|
|
2,906
|
|
|
1,777
|
|
|
2,645
|
|
|
1,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
10,848
|
|
|
$
|
9,772
|
|
|
$
|
9,536
|
|
|
$
|
8,878
|
|
|
$
|
8,889
|
|
|
$
|
10,848
|
|
|
$
|
8,889
|
|
Branch
locations
|
170
|
|
|
170
|
|
|
170
|
|
|
172
|
|
|
114
|
|
|
170
|
|
|
114
|
|
Deposits per branch
location
|
$
|
91,705
|
|
|
$
|
81,439
|
|
|
$
|
82,512
|
|
|
$
|
79,416
|
|
|
$
|
84,056
|
|
|
$
|
91,705
|
|
|
$
|
84,056
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
175,345
|
|
|
$
|
171,242
|
|
|
$
|
182,391
|
|
|
$
|
175,046
|
|
|
$
|
117,010
|
|
|
$
|
346,587
|
|
|
$
|
229,411
|
|
Interest on taxable
securities
|
9,347
|
|
|
10,082
|
|
|
10,358
|
|
|
11,354
|
|
|
9,383
|
|
|
19,429
|
|
|
18,426
|
|
Interest on
nontaxable securities
|
157
|
|
|
157
|
|
|
167
|
|
|
168
|
|
|
102
|
|
|
314
|
|
|
258
|
|
Interest on deposits
in other banks
|
123
|
|
|
1,211
|
|
|
1,091
|
|
|
1,622
|
|
|
2,276
|
|
|
1,334
|
|
|
5,426
|
|
Interest on federal
funds sold
|
46
|
|
|
76
|
|
|
69
|
|
|
171
|
|
|
257
|
|
|
122
|
|
|
436
|
|
Total interest
income
|
185,018
|
|
|
182,768
|
|
|
194,076
|
|
|
188,361
|
|
|
129,028
|
|
|
367,786
|
|
|
253,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
14,273
|
|
|
24,102
|
|
|
27,970
|
|
|
29,425
|
|
|
23,454
|
|
|
38,375
|
|
|
45,138
|
|
Interest on other
borrowings
|
6,931
|
|
|
10,721
|
|
|
10,755
|
|
|
10,167
|
|
|
3,923
|
|
|
17,652
|
|
|
7,773
|
|
Total interest
expense
|
21,204
|
|
|
34,823
|
|
|
38,725
|
|
|
39,592
|
|
|
27,377
|
|
|
56,027
|
|
|
52,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
163,814
|
|
|
147,945
|
|
|
155,351
|
|
|
148,769
|
|
|
101,651
|
|
|
311,759
|
|
|
201,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
68,449
|
|
|
37,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
105,496
|
|
|
8,076
|
|
Provision for
unfunded commitments
|
19,712
|
|
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,712
|
|
|
—
|
|
Provision for
credit losses
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
129,208
|
|
|
8,076
|
|
Net interest
income after provision for
credit losses
|
75,653
|
|
|
106,898
|
|
|
149,658
|
|
|
142,780
|
|
|
96,983
|
|
|
182,551
|
|
|
192,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
9,922
|
|
|
11,844
|
|
|
13,567
|
|
|
13,411
|
|
|
12,168
|
|
|
21,766
|
|
|
23,814
|
|
Mortgage banking
activity
|
104,925
|
|
|
35,333
|
|
|
33,168
|
|
|
53,041
|
|
|
18,523
|
|
|
140,258
|
|
|
33,200
|
|
Other service
charges, commissions and fees
|
1,130
|
|
|
1,128
|
|
|
1,085
|
|
|
1,236
|
|
|
803
|
|
|
2,258
|
|
|
1,592
|
|
Gain (loss) on
securities
|
14
|
|
|
(9)
|
|
|
(1)
|
|
|
4
|
|
|
69
|
|
|
5
|
|
|
135
|
|
Other noninterest
income
|
4,969
|
|
|
6,083
|
|
|
7,294
|
|
|
9,301
|
|
|
3,673
|
|
|
11,052
|
|
|
7,266
|
|
Total noninterest
income
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
175,339
|
|
|
66,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
95,168
|
|
|
75,946
|
|
|
69,642
|
|
|
77,633
|
|
|
38,331
|
|
|
171,114
|
|
|
76,663
|
|
Occupancy and
equipment expenses
|
13,807
|
|
|
12,028
|
|
|
11,919
|
|
|
12,639
|
|
|
7,834
|
|
|
25,835
|
|
|
16,038
|
|
Data processing and
telecommunications
expenses
|
10,514
|
|
|
11,954
|
|
|
11,362
|
|
|
10,372
|
|
|
8,388
|
|
|
22,468
|
|
|
16,779
|
|
Credit resolution
related expenses(1)
|
950
|
|
|
2,198
|
|
|
1,098
|
|
|
1,094
|
|
|
979
|
|
|
3,148
|
|
|
1,890
|
|
Advertising and
marketing expenses
|
1,455
|
|
|
2,358
|
|
|
2,250
|
|
|
1,949
|
|
|
1,987
|
|
|
3,813
|
|
|
3,728
|
|
Amortization of
intangible assets
|
5,601
|
|
|
5,631
|
|
|
5,741
|
|
|
5,719
|
|
|
3,121
|
|
|
11,232
|
|
|
6,253
|
|
Merger and conversion
charges
|
895
|
|
|
540
|
|
|
2,415
|
|
|
65,158
|
|
|
3,475
|
|
|
1,435
|
|
|
5,532
|
|
Other noninterest
expenses
|
27,378
|
|
|
27,398
|
|
|
18,137
|
|
|
18,133
|
|
|
17,136
|
|
|
54,776
|
|
|
29,793
|
|
Total noninterest
expense
|
155,768
|
|
|
138,053
|
|
|
122,564
|
|
|
192,697
|
|
|
81,251
|
|
|
293,821
|
|
|
156,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
40,845
|
|
|
23,224
|
|
|
82,207
|
|
|
27,076
|
|
|
50,968
|
|
|
64,069
|
|
|
102,301
|
|
Income tax
expense
|
8,609
|
|
|
3,902
|
|
|
20,959
|
|
|
5,692
|
|
|
12,064
|
|
|
12,511
|
|
|
23,492
|
|
Net
income
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
51,558
|
|
|
$
|
78,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.74
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Period End Balance
Sheet
|
Table
3
|
|
Three Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
292,899
|
|
|
$
|
255,312
|
|
|
$
|
246,234
|
|
|
$
|
193,976
|
|
|
$
|
151,186
|
|
Federal funds sold
and interest-bearing deposits
in banks
|
428,560
|
|
|
396,844
|
|
|
375,615
|
|
|
285,713
|
|
|
186,969
|
|
Time deposits in
other banks
|
249
|
|
|
249
|
|
|
249
|
|
|
499
|
|
|
748
|
|
Investment securities
available for sale, at fair value
|
1,238,896
|
|
|
1,353,040
|
|
|
1,403,403
|
|
|
1,491,207
|
|
|
1,273,244
|
|
Other
investments
|
76,453
|
|
|
81,754
|
|
|
66,919
|
|
|
66,921
|
|
|
32,481
|
|
Loans held for sale,
at fair value
|
1,736,397
|
|
|
1,398,229
|
|
|
1,656,711
|
|
|
1,187,551
|
|
|
261,073
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
14,503,157
|
|
|
13,094,106
|
|
|
12,818,476
|
|
|
12,826,284
|
|
|
9,049,870
|
|
Allowance for loan
losses
|
(208,793)
|
|
|
(149,524)
|
|
|
(38,189)
|
|
|
(35,530)
|
|
|
(31,793)
|
|
Loans, net
|
14,294,364
|
|
|
12,944,582
|
|
|
12,780,287
|
|
|
12,790,754
|
|
|
9,018,077
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
23,563
|
|
|
21,027
|
|
|
19,500
|
|
|
20,710
|
|
|
14,675
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
230,118
|
|
|
231,347
|
|
|
233,102
|
|
|
239,428
|
|
|
141,378
|
|
Goodwill
|
928,005
|
|
|
931,947
|
|
|
931,637
|
|
|
911,488
|
|
|
501,140
|
|
Other intangible
assets, net
|
80,354
|
|
|
85,955
|
|
|
91,586
|
|
|
97,328
|
|
|
52,437
|
|
Cash value of bank
owned life insurance
|
175,011
|
|
|
176,239
|
|
|
175,270
|
|
|
174,442
|
|
|
105,064
|
|
Deferred income
taxes, net
|
56,306
|
|
|
24,196
|
|
|
2,180
|
|
|
22,111
|
|
|
30,812
|
|
Other
assets
|
311,454
|
|
|
323,827
|
|
|
259,886
|
|
|
282,149
|
|
|
120,052
|
|
Total
assets
|
$
|
19,872,629
|
|
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
$
|
17,764,277
|
|
|
$
|
11,889,336
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
5,595,868
|
|
|
$
|
4,226,253
|
|
|
$
|
4,199,448
|
|
|
$
|
4,077,856
|
|
|
$
|
2,771,443
|
|
Interest-bearing
|
9,993,950
|
|
|
9,618,365
|
|
|
9,827,625
|
|
|
9,581,738
|
|
|
6,810,927
|
|
Total
deposits
|
15,589,818
|
|
|
13,844,618
|
|
|
14,027,073
|
|
|
13,659,594
|
|
|
9,582,370
|
|
Federal funds
purchased and securities sold under
agreements to repurchase
|
12,879
|
|
|
15,160
|
|
|
20,635
|
|
|
17,744
|
|
|
3,307
|
|
Other
borrowings
|
1,418,336
|
|
|
1,543,371
|
|
|
1,398,709
|
|
|
1,351,172
|
|
|
564,636
|
|
Subordinated
deferrable interest debentures
|
123,375
|
|
|
122,890
|
|
|
127,560
|
|
|
127,075
|
|
|
89,871
|
|
FDIC loss-share
payable, net
|
18,903
|
|
|
18,111
|
|
|
19,642
|
|
|
19,490
|
|
|
20,596
|
|
Other
liabilities
|
249,188
|
|
|
243,248
|
|
|
179,378
|
|
|
168,479
|
|
|
91,435
|
|
Total
liabilities
|
17,412,499
|
|
|
15,787,398
|
|
|
15,772,997
|
|
|
15,343,554
|
|
|
10,352,215
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
71,674
|
|
|
71,652
|
|
|
71,500
|
|
|
71,447
|
|
|
49,099
|
|
Capital
stock
|
1,909,839
|
|
|
1,908,721
|
|
|
1,907,108
|
|
|
1,904,789
|
|
|
1,053,500
|
|
Retained
earnings
|
481,948
|
|
|
460,153
|
|
|
507,950
|
|
|
457,127
|
|
|
446,182
|
|
Accumulated other
comprehensive income, net of tax
|
39,613
|
|
|
39,551
|
|
|
17,995
|
|
|
15,482
|
|
|
16,462
|
|
Treasury
stock
|
(42,944)
|
|
|
(42,927)
|
|
|
(34,971)
|
|
|
(28,122)
|
|
|
(28,122)
|
|
Total
shareholders' equity
|
2,460,130
|
|
|
2,437,150
|
|
|
2,469,582
|
|
|
2,420,723
|
|
|
1,537,121
|
|
Total liabilities
and shareholders' equity
|
$
|
19,872,629
|
|
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
$
|
17,764,277
|
|
|
$
|
11,889,336
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
17,983,712
|
|
|
$
|
16,324,222
|
|
|
$
|
16,321,373
|
|
|
$
|
15,858,175
|
|
|
$
|
10,804,385
|
|
Intangible
assets
|
1,008,359
|
|
|
1,017,902
|
|
|
1,023,223
|
|
|
1,008,816
|
|
|
553,577
|
|
Interest-bearing
liabilities
|
11,548,540
|
|
|
11,299,786
|
|
|
11,374,529
|
|
|
11,077,729
|
|
|
7,468,741
|
|
Average
assets
|
19,222,181
|
|
|
18,056,445
|
|
|
17,998,494
|
|
|
17,340,387
|
|
|
11,625,344
|
|
Average common
shareholders' equity
|
2,478,373
|
|
|
2,456,617
|
|
|
2,437,272
|
|
|
2,432,182
|
|
|
1,519,598
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Allowance for
Credit Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
31,793
|
|
|
$
|
28,659
|
|
|
$
|
39,266
|
|
|
$
|
28,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL adoption impact
on allowance for loan
losses
|
—
|
|
|
78,661
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78,661
|
|
|
—
|
|
CECL adoption impact
on allowance for
unfunded commitments
|
—
|
|
|
12,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,714
|
|
|
—
|
|
Total CECL adoption
impact
|
—
|
|
|
91,375
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,375
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired allowance for
unfunded commitments
|
—
|
|
|
—
|
|
|
—
|
|
|
1,077
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
68,449
|
|
|
37,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
105,496
|
|
|
8,076
|
|
Provision for unfunded
commitments
|
19,712
|
|
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,712
|
|
|
—
|
|
Provision for credit
losses
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
129,208
|
|
|
8,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
11,282
|
|
|
6,718
|
|
|
5,664
|
|
|
5,249
|
|
|
3,496
|
|
|
18,000
|
|
|
8,875
|
|
Recoveries
|
2,101
|
|
|
2,345
|
|
|
2,630
|
|
|
2,997
|
|
|
1,962
|
|
|
4,446
|
|
|
3,773
|
|
Net
charge-offs
|
9,181
|
|
|
4,373
|
|
|
3,034
|
|
|
2,252
|
|
|
1,534
|
|
|
13,554
|
|
|
5,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
31,793
|
|
|
$
|
246,295
|
|
|
$
|
31,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
|
208,793
|
|
|
$
|
149,524
|
|
|
$
|
38,189
|
|
|
$
|
35,530
|
|
|
$
|
31,793
|
|
|
$
|
208,793
|
|
|
$
|
31,793
|
|
Allowance for unfunded
commitments
|
37,502
|
|
|
17,791
|
|
|
1,077
|
|
|
1,077
|
|
|
—
|
|
|
37,502
|
|
|
—
|
|
Total allowance for
credit losses
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
31,793
|
|
|
$
|
246,295
|
|
|
$
|
31,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
486
|
|
|
$
|
2,486
|
|
|
$
|
1,813
|
|
|
$
|
490
|
|
|
$
|
473
|
|
|
$
|
2,972
|
|
|
$
|
1,157
|
|
Consumer
installment
|
962
|
|
|
1,142
|
|
|
1,586
|
|
|
1,245
|
|
|
1,171
|
|
|
2,104
|
|
|
3,068
|
|
Indirect
automobile
|
1,016
|
|
|
1,231
|
|
|
939
|
|
|
965
|
|
|
—
|
|
|
2,247
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
1,904
|
|
|
831
|
|
|
899
|
|
|
1,267
|
|
|
865
|
|
|
2,735
|
|
|
2,185
|
|
Real estate -
construction and development
|
74
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|
243
|
|
|
74
|
|
|
268
|
|
Real estate -
commercial and farmland
|
6,315
|
|
|
928
|
|
|
181
|
|
|
1,318
|
|
|
589
|
|
|
7,243
|
|
|
1,843
|
|
Real estate -
residential
|
525
|
|
|
100
|
|
|
100
|
|
|
37
|
|
|
155
|
|
|
625
|
|
|
354
|
|
Total
charge-offs
|
11,282
|
|
|
6,718
|
|
|
5,664
|
|
|
5,322
|
|
|
3,496
|
|
|
18,000
|
|
|
8,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
303
|
|
|
362
|
|
|
934
|
|
|
300
|
|
|
382
|
|
|
665
|
|
|
604
|
|
Consumer
installment
|
777
|
|
|
643
|
|
|
640
|
|
|
476
|
|
|
289
|
|
|
1,420
|
|
|
504
|
|
Indirect
automobile
|
18
|
|
|
22
|
|
|
60
|
|
|
385
|
|
|
—
|
|
|
40
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
676
|
|
|
684
|
|
|
358
|
|
|
736
|
|
|
650
|
|
|
1,360
|
|
|
1,660
|
|
Real estate -
construction and development
|
168
|
|
|
342
|
|
|
430
|
|
|
930
|
|
|
268
|
|
|
510
|
|
|
385
|
|
Real estate -
commercial and farmland
|
21
|
|
|
85
|
|
|
140
|
|
|
74
|
|
|
78
|
|
|
106
|
|
|
118
|
|
Real estate -
residential
|
138
|
|
|
207
|
|
|
68
|
|
|
169
|
|
|
295
|
|
|
345
|
|
|
502
|
|
Total
recoveries
|
2,101
|
|
|
2,345
|
|
|
2,630
|
|
|
3,070
|
|
|
1,962
|
|
|
4,446
|
|
|
3,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
$
|
9,181
|
|
|
$
|
4,373
|
|
|
$
|
3,034
|
|
|
$
|
2,252
|
|
|
$
|
1,534
|
|
|
$
|
13,554
|
|
|
$
|
5,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
77,745
|
|
|
$
|
77,866
|
|
|
$
|
75,124
|
|
|
$
|
100,501
|
|
|
$
|
41,479
|
|
|
$
|
77,745
|
|
|
$
|
41,479
|
|
Other real estate
owned
|
23,563
|
|
|
21,027
|
|
|
19,500
|
|
|
20,710
|
|
|
14,675
|
|
|
23,563
|
|
|
14,675
|
|
Repossessed
assets
|
1,348
|
|
|
783
|
|
|
939
|
|
|
1,258
|
|
|
—
|
|
|
1,348
|
|
|
—
|
|
Accruing loans
delinquent 90 days or more
|
15,127
|
|
|
11,969
|
|
|
5,754
|
|
|
6,325
|
|
|
4,613
|
|
|
15,127
|
|
|
4,613
|
|
Total non-performing
assets
|
$
|
117,783
|
|
|
$
|
111,645
|
|
|
$
|
101,317
|
|
|
$
|
128,794
|
|
|
$
|
60,767
|
|
|
$
|
117,783
|
|
|
$
|
60,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total
assets
|
0.59
|
%
|
|
0.61
|
%
|
|
0.56
|
%
|
|
0.73
|
%
|
|
0.51
|
%
|
|
0.59
|
%
|
|
0.51
|
%
|
Net charge-offs as a
percent of average loans
(annualized)
|
0.27
|
%
|
|
0.14
|
%
|
|
0.09
|
%
|
|
0.07
|
%
|
|
0.07
|
%
|
|
0.20
|
%
|
|
0.12
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,839,921
|
|
|
$
|
827,392
|
|
|
$
|
802,171
|
|
|
$
|
931,755
|
|
|
$
|
703,290
|
|
Consumer
installment
|
575,782
|
|
|
520,592
|
|
|
498,577
|
|
|
500,067
|
|
|
474,195
|
|
Indirect
automobile
|
739,543
|
|
|
937,736
|
|
|
1,061,824
|
|
|
1,111,815
|
|
|
—
|
|
Mortgage
warehouse
|
748,853
|
|
|
547,328
|
|
|
526,369
|
|
|
562,598
|
|
|
462,481
|
|
Municipal
|
731,508
|
|
|
749,633
|
|
|
564,304
|
|
|
578,267
|
|
|
583,558
|
|
Premium
Finance
|
690,584
|
|
|
661,845
|
|
|
654,669
|
|
|
656,570
|
|
|
613,964
|
|
Real estate -
construction and development
|
1,641,744
|
|
|
1,628,367
|
|
|
1,549,062
|
|
|
1,468,696
|
|
|
1,103,550
|
|
Real estate -
commercial and farmland
|
4,804,420
|
|
|
4,516,451
|
|
|
4,353,039
|
|
|
4,198,759
|
|
|
3,182,213
|
|
Real estate -
residential
|
2,730,802
|
|
|
2,704,762
|
|
|
2,808,461
|
|
|
2,817,757
|
|
|
1,926,619
|
|
Total
loans
|
$
|
14,503,157
|
|
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
|
$
|
12,826,284
|
|
|
$
|
9,049,870
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
591
|
|
|
$
|
575
|
|
|
$
|
516
|
|
|
$
|
521
|
|
|
$
|
140
|
|
Consumer
installment
|
42
|
|
|
4
|
|
|
8
|
|
|
9
|
|
|
10
|
|
Indirect
automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
—
|
|
|
159
|
|
|
156
|
|
|
159
|
|
|
191
|
|
Real estate -
construction and development
|
919
|
|
|
925
|
|
|
936
|
|
|
948
|
|
|
1,124
|
|
Real estate -
commercial and farmland
|
5,252
|
|
|
5,587
|
|
|
6,732
|
|
|
8,616
|
|
|
8,793
|
|
Real estate -
residential
|
30,253
|
|
|
22,775
|
|
|
21,261
|
|
|
21,472
|
|
|
21,124
|
|
Total accruing
troubled debt restructurings
|
$
|
37,057
|
|
|
$
|
30,025
|
|
|
$
|
29,609
|
|
|
$
|
31,725
|
|
|
$
|
31,382
|
|
Nonaccrual troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,034
|
|
|
$
|
334
|
|
|
$
|
335
|
|
|
$
|
144
|
|
|
$
|
162
|
|
Consumer
installment
|
67
|
|
|
105
|
|
|
107
|
|
|
120
|
|
|
123
|
|
Indirect
automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate -
construction and development
|
307
|
|
|
289
|
|
|
253
|
|
|
258
|
|
|
265
|
|
Real estate -
commercial and farmland
|
1,878
|
|
|
2,415
|
|
|
2,071
|
|
|
1,958
|
|
|
2,109
|
|
Real estate -
residential
|
2,231
|
|
|
3,078
|
|
|
2,857
|
|
|
2,103
|
|
|
1,760
|
|
Total nonaccrual
troubled debt restructurings
|
$
|
5,517
|
|
|
$
|
6,221
|
|
|
$
|
5,623
|
|
|
$
|
4,583
|
|
|
$
|
4,419
|
|
Total
troubled debt restructurings
|
$
|
42,574
|
|
|
$
|
36,246
|
|
|
$
|
35,232
|
|
|
$
|
36,308
|
|
|
$
|
35,801
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
1,789,709
|
|
|
$
|
774,956
|
|
|
$
|
587,877
|
|
|
$
|
613,281
|
|
|
$
|
622,034
|
|
Grade 2 - Strong
credit
|
801,273
|
|
|
785,770
|
|
|
840,372
|
|
|
856,618
|
|
|
811,690
|
|
Grade 3 - Good
credit
|
5,784,754
|
|
|
5,772,834
|
|
|
6,034,398
|
|
|
6,086,576
|
|
|
3,829,422
|
|
Grade 4 - Satisfactory
credit
|
5,643,133
|
|
|
4,353,733
|
|
|
4,884,541
|
|
|
4,746,020
|
|
|
3,401,265
|
|
Grade 5 - Fair
credit
|
212,667
|
|
|
1,131,128
|
|
|
233,020
|
|
|
252,424
|
|
|
211,229
|
|
Grade 6 - Other assets
especially mentioned
|
108,704
|
|
|
106,885
|
|
|
86,412
|
|
|
114,235
|
|
|
64,075
|
|
Grade 7 -
Substandard
|
162,917
|
|
|
168,561
|
|
|
151,846
|
|
|
157,114
|
|
|
110,152
|
|
Grade 8 -
Doubtful
|
—
|
|
|
239
|
|
|
8
|
|
|
14
|
|
|
—
|
|
Grade 9 -
Loss
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
3
|
|
Total
loans
|
$
|
14,503,157
|
|
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
|
$
|
12,826,284
|
|
|
$
|
9,049,870
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
24,265
|
|
|
$
|
27,380
|
|
|
$
|
23,104
|
|
|
$
|
28,459
|
|
|
$
|
41,683
|
|
|
$
|
25,822
|
|
|
$
|
36,515
|
|
Interest-bearing
deposits in banks
|
398,284
|
|
|
419,260
|
|
|
304,427
|
|
|
324,127
|
|
|
341,937
|
|
|
408,772
|
|
|
404,311
|
|
Time deposits in other
banks
|
249
|
|
|
249
|
|
|
401
|
|
|
548
|
|
|
3,792
|
|
|
249
|
|
|
6,989
|
|
Investment securities
- taxable
|
1,281,980
|
|
|
1,359,651
|
|
|
1,426,062
|
|
|
1,514,534
|
|
|
1,233,297
|
|
|
1,320,815
|
|
|
1,210,225
|
|
Investment securities
- nontaxable
|
21,576
|
|
|
22,839
|
|
|
23,580
|
|
|
23,759
|
|
|
15,288
|
|
|
22,208
|
|
|
19,688
|
|
Other
investments
|
79,143
|
|
|
73,972
|
|
|
64,852
|
|
|
53,712
|
|
|
15,830
|
|
|
76,557
|
|
|
15,185
|
|
Loans held for
sale
|
1,614,080
|
|
|
1,587,131
|
|
|
1,537,648
|
|
|
856,572
|
|
|
154,707
|
|
|
1,600,606
|
|
|
128,261
|
|
Loans
|
13,915,406
|
|
|
12,712,997
|
|
|
12,697,912
|
|
|
12,677,063
|
|
|
8,740,561
|
|
|
13,308,960
|
|
|
8,612,978
|
|
Total Earning
Assets
|
$
|
17,334,983
|
|
|
$
|
16,203,479
|
|
|
$
|
16,077,986
|
|
|
$
|
15,478,774
|
|
|
$
|
10,547,095
|
|
|
$
|
16,763,989
|
|
|
$
|
10,434,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
5,061,578
|
|
|
$
|
4,080,920
|
|
|
$
|
4,124,872
|
|
|
$
|
4,040,592
|
|
|
$
|
2,723,843
|
|
|
$
|
4,571,249
|
|
|
$
|
2,634,937
|
|
NOW
accounts
|
2,441,305
|
|
|
2,287,947
|
|
|
2,204,666
|
|
|
2,049,175
|
|
|
1,506,721
|
|
|
2,364,626
|
|
|
1,530,224
|
|
MMDA
|
4,221,906
|
|
|
4,004,644
|
|
|
3,953,717
|
|
|
3,815,185
|
|
|
2,655,108
|
|
|
4,113,275
|
|
|
2,666,001
|
|
Savings
accounts
|
692,382
|
|
|
643,422
|
|
|
649,118
|
|
|
661,555
|
|
|
405,506
|
|
|
667,902
|
|
|
402,315
|
|
Retail CDs
|
2,471,134
|
|
|
2,624,209
|
|
|
2,721,829
|
|
|
2,804,243
|
|
|
1,962,422
|
|
|
2,547,671
|
|
|
1,927,474
|
|
Brokered
CDs
|
2,043
|
|
|
61,190
|
|
|
249,644
|
|
|
150,176
|
|
|
486,292
|
|
|
31,617
|
|
|
498,230
|
|
Total
Deposits
|
14,890,348
|
|
|
13,702,332
|
|
|
13,903,846
|
|
|
13,520,926
|
|
|
9,739,892
|
|
|
14,296,340
|
|
|
9,659,181
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
under agreements to repurchase
|
12,452
|
|
|
15,637
|
|
|
17,088
|
|
|
19,914
|
|
|
3,213
|
|
|
14,045
|
|
|
9,511
|
|
FHLB
advances
|
1,212,537
|
|
|
1,267,303
|
|
|
1,080,516
|
|
|
810,384
|
|
|
22,390
|
|
|
1,239,920
|
|
|
14,368
|
|
Other
borrowings
|
269,300
|
|
|
269,454
|
|
|
234,001
|
|
|
220,918
|
|
|
145,453
|
|
|
269,377
|
|
|
145,463
|
|
Subordinated
deferrable interest debentures
|
123,120
|
|
|
127,731
|
|
|
127,292
|
|
|
133,519
|
|
|
89,686
|
|
|
125,426
|
|
|
89,516
|
|
Total Non-Deposit
Funding
|
1,617,409
|
|
|
1,680,125
|
|
|
1,458,897
|
|
|
1,184,735
|
|
|
260,742
|
|
|
1,648,768
|
|
|
258,858
|
|
Total
Funding
|
$
|
16,507,757
|
|
|
$
|
15,382,457
|
|
|
$
|
15,362,743
|
|
|
$
|
14,705,661
|
|
|
$
|
10,000,634
|
|
|
$
|
15,945,108
|
|
|
$
|
9,918,039
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income
and Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
45
|
|
|
$
|
76
|
|
|
$
|
69
|
|
|
$
|
171
|
|
|
$
|
257
|
|
|
$
|
121
|
|
|
$
|
436
|
|
Interest-bearing
deposits in banks
|
122
|
|
|
1,210
|
|
|
1,089
|
|
|
1,620
|
|
|
2,260
|
|
|
1,332
|
|
|
5,359
|
|
Time deposits in other
banks
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
16
|
|
|
2
|
|
|
67
|
|
Investment securities
- taxable
|
9,346
|
|
|
10,082
|
|
|
10,358
|
|
|
11,354
|
|
|
9,383
|
|
|
19,428
|
|
|
18,426
|
|
Investment securities
- nontaxable (TE)
|
198
|
|
|
199
|
|
|
212
|
|
|
213
|
|
|
129
|
|
|
397
|
|
|
327
|
|
Loans held for
sale
|
14,053
|
|
|
13,637
|
|
|
14,330
|
|
|
7,889
|
|
|
1,632
|
|
|
27,690
|
|
|
2,784
|
|
Loans (TE)
|
162,617
|
|
|
158,636
|
|
|
169,119
|
|
|
168,239
|
|
|
116,413
|
|
|
321,253
|
|
|
228,678
|
|
Total Earning
Assets
|
$
|
186,382
|
|
|
$
|
183,841
|
|
|
$
|
195,179
|
|
|
$
|
189,488
|
|
|
$
|
130,090
|
|
|
$
|
370,223
|
|
|
$
|
256,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
9,576
|
|
|
$
|
6,562
|
|
|
$
|
9,727
|
|
|
$
|
4,222
|
|
|
$
|
3,103
|
|
|
$
|
16,138
|
|
|
$
|
5,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
1,265
|
|
|
$
|
2,774
|
|
|
$
|
2,728
|
|
|
$
|
2,843
|
|
|
$
|
2,260
|
|
|
$
|
4,039
|
|
|
$
|
4,369
|
|
MMDA
|
3,764
|
|
|
9,748
|
|
|
11,311
|
|
|
12,593
|
|
|
9,488
|
|
|
13,512
|
|
|
18,535
|
|
Savings
accounts
|
94
|
|
|
210
|
|
|
233
|
|
|
274
|
|
|
85
|
|
|
304
|
|
|
162
|
|
Retail CDs
|
9,136
|
|
|
11,064
|
|
|
12,220
|
|
|
12,905
|
|
|
8,585
|
|
|
20,200
|
|
|
15,915
|
|
Brokered
CDs
|
14
|
|
|
306
|
|
|
1,478
|
|
|
810
|
|
|
3,036
|
|
|
320
|
|
|
6,157
|
|
Total
Interest-Bearing Deposits
|
14,273
|
|
|
24,102
|
|
|
27,970
|
|
|
29,425
|
|
|
23,454
|
|
|
38,375
|
|
|
45,138
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under
agreements to repurchase
|
25
|
|
|
40
|
|
|
41
|
|
|
32
|
|
|
2
|
|
|
65
|
|
|
13
|
|
FHLB
advances
|
1,686
|
|
|
5,109
|
|
|
5,241
|
|
|
4,618
|
|
|
141
|
|
|
6,795
|
|
|
185
|
|
Other
borrowings
|
3,487
|
|
|
3,511
|
|
|
3,358
|
|
|
3,332
|
|
|
2,210
|
|
|
6,998
|
|
|
4,437
|
|
Subordinated
deferrable interest debentures
|
1,733
|
|
|
2,061
|
|
|
2,115
|
|
|
2,185
|
|
|
1,570
|
|
|
3,794
|
|
|
3,138
|
|
Total Non-Deposit
Funding
|
6,931
|
|
|
10,721
|
|
|
10,755
|
|
|
10,167
|
|
|
3,923
|
|
|
17,652
|
|
|
7,773
|
|
Total
Interest-Bearing Funding
|
$
|
21,204
|
|
|
$
|
34,823
|
|
|
$
|
38,725
|
|
|
$
|
39,592
|
|
|
$
|
27,377
|
|
|
$
|
56,027
|
|
|
$
|
52,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
165,178
|
|
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
149,896
|
|
|
$
|
102,713
|
|
|
$
|
314,196
|
|
|
$
|
203,166
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.75
|
%
|
|
1.12
|
%
|
|
1.18
|
%
|
|
2.38
|
%
|
|
2.47
|
%
|
|
0.94
|
%
|
|
2.41
|
%
|
Interest-bearing
deposits in banks
|
0.12
|
%
|
|
1.16
|
%
|
|
1.42
|
%
|
|
1.98
|
%
|
|
2.65
|
%
|
|
0.66
|
%
|
|
2.67
|
%
|
Time deposits in other
banks
|
1.62
|
%
|
|
1.62
|
%
|
|
1.98
|
%
|
|
1.45
|
%
|
|
1.69
|
%
|
|
1.62
|
%
|
|
1.93
|
%
|
Investment securities
- taxable
|
2.93
|
%
|
|
2.98
|
%
|
|
2.88
|
%
|
|
2.97
|
%
|
|
3.05
|
%
|
|
2.96
|
%
|
|
3.07
|
%
|
Investment securities
- nontaxable (TE)
|
3.69
|
%
|
|
3.50
|
%
|
|
3.57
|
%
|
|
3.56
|
%
|
|
3.38
|
%
|
|
3.59
|
%
|
|
3.35
|
%
|
Loans held for
sale
|
3.50
|
%
|
|
3.46
|
%
|
|
3.70
|
%
|
|
3.65
|
%
|
|
4.23
|
%
|
|
3.48
|
%
|
|
4.38
|
%
|
Loans (TE)
|
4.70
|
%
|
|
5.02
|
%
|
|
5.28
|
%
|
|
5.27
|
%
|
|
5.34
|
%
|
|
4.85
|
%
|
|
5.35
|
%
|
Total Earning
Assets
|
4.32
|
%
|
|
4.56
|
%
|
|
4.82
|
%
|
|
4.86
|
%
|
|
4.95
|
%
|
|
4.44
|
%
|
|
4.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
0.21
|
%
|
|
0.49
|
%
|
|
0.49
|
%
|
|
0.55
|
%
|
|
0.60
|
%
|
|
0.34
|
%
|
|
0.58
|
%
|
MMDA
|
0.36
|
%
|
|
0.98
|
%
|
|
1.14
|
%
|
|
1.31
|
%
|
|
1.43
|
%
|
|
0.66
|
%
|
|
1.40
|
%
|
Savings
accounts
|
0.05
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.16
|
%
|
|
0.08
|
%
|
|
0.09
|
%
|
|
0.08
|
%
|
Retail CDs
|
1.49
|
%
|
|
1.70
|
%
|
|
1.78
|
%
|
|
1.83
|
%
|
|
1.75
|
%
|
|
1.59
|
%
|
|
1.67
|
%
|
Brokered
CDs
|
2.76
|
%
|
|
2.01
|
%
|
|
2.35
|
%
|
|
2.14
|
%
|
|
2.50
|
%
|
|
2.04
|
%
|
|
2.49
|
%
|
Total
Interest-Bearing Deposits
|
0.58
|
%
|
|
1.01
|
%
|
|
1.13
|
%
|
|
1.23
|
%
|
|
1.34
|
%
|
|
0.79
|
%
|
|
1.30
|
%
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
0.81
|
%
|
|
1.03
|
%
|
|
0.95
|
%
|
|
0.64
|
%
|
|
0.25
|
%
|
|
0.93
|
%
|
|
0.28
|
%
|
FHLB
advances
|
0.56
|
%
|
|
1.62
|
%
|
|
1.92
|
%
|
|
2.26
|
%
|
|
2.53
|
%
|
|
1.10
|
%
|
|
2.60
|
%
|
Other
borrowings
|
5.21
|
%
|
|
5.24
|
%
|
|
5.69
|
%
|
|
5.98
|
%
|
|
6.09
|
%
|
|
5.22
|
%
|
|
6.15
|
%
|
Subordinated
deferrable interest debentures
|
5.66
|
%
|
|
6.49
|
%
|
|
6.59
|
%
|
|
6.49
|
%
|
|
7.02
|
%
|
|
6.08
|
%
|
|
7.07
|
%
|
Total Non-Deposit
Funding
|
1.72
|
%
|
|
2.57
|
%
|
|
2.92
|
%
|
|
3.40
|
%
|
|
6.03
|
%
|
|
2.15
|
%
|
|
6.06
|
%
|
Total
Interest-Bearing Liabilities
|
0.75
|
%
|
|
1.24
|
%
|
|
1.37
|
%
|
|
1.47
|
%
|
|
1.51
|
%
|
|
0.99
|
%
|
|
1.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.57
|
%
|
|
3.32
|
%
|
|
3.45
|
%
|
|
3.39
|
%
|
|
3.44
|
%
|
|
3.45
|
%
|
|
3.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.83
|
%
|
|
3.70
|
%
|
|
3.86
|
%
|
|
3.84
|
%
|
|
3.91
|
%
|
|
3.77
|
%
|
|
3.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
0.52
|
%
|
|
0.91
|
%
|
|
1.00
|
%
|
|
1.07
|
%
|
|
1.10
|
%
|
|
0.71
|
%
|
|
1.08
|
%
|
(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
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Net income available
to common
shareholders
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
51,558
|
|
|
$
|
78,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
895
|
|
|
540
|
|
|
2,415
|
|
|
65,158
|
|
|
3,475
|
|
|
1,435
|
|
|
5,532
|
|
Restructuring
charges
|
1,463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,463
|
|
|
245
|
|
Servicing right
impairment (recovery)
|
7,989
|
|
|
22,165
|
|
|
366
|
|
|
(1,319)
|
|
|
1,460
|
|
|
30,154
|
|
|
1,460
|
|
Gain on BOLI
proceeds
|
(845)
|
|
|
—
|
|
|
752
|
|
|
(4,335)
|
|
|
—
|
|
|
(845)
|
|
|
—
|
|
Expenses related to
SEC/DOJ
Investigation
|
1,294
|
|
|
1,443
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
2,737
|
|
|
—
|
|
Natural disaster and
pandemic charges
(Note 1)
|
2,043
|
|
|
548
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
2,591
|
|
|
(39)
|
|
Loss on sale of
premises
|
281
|
|
|
470
|
|
|
1,413
|
|
|
889
|
|
|
2,800
|
|
|
751
|
|
|
3,719
|
|
Tax effect of
adjustment items (Note 2)
|
(2,933)
|
|
|
(5,283)
|
|
|
(898)
|
|
|
(13,238)
|
|
|
(1,479)
|
|
|
(8,216)
|
|
|
(1,929)
|
|
After tax adjustment
items
|
10,187
|
|
|
19,883
|
|
|
4,511
|
|
|
47,155
|
|
|
6,306
|
|
|
30,070
|
|
|
8,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense
attributable to acquisition
related compensation and acquired BOLI
|
—
|
|
|
—
|
|
|
849
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
42,423
|
|
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
68,539
|
|
|
$
|
45,210
|
|
|
$
|
81,628
|
|
|
$
|
87,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares -
diluted
|
69,292,972
|
|
|
69,502,022
|
|
|
69,683,999
|
|
|
69,600,499
|
|
|
47,337,809
|
|
|
69,413,027
|
|
|
47,394,911
|
|
Net income per
diluted share
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
0.82
|
|
|
$
|
0.74
|
|
|
$
|
1.66
|
|
Adjusted net income
per diluted share
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
1.18
|
|
|
$
|
1.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
19,222,181
|
|
|
$
|
18,056,445
|
|
|
$
|
17,998,494
|
|
|
$
|
17,340,387
|
|
|
$
|
11,625,344
|
|
|
$
|
18,649,746
|
|
|
$
|
11,525,068
|
|
Return on average
assets
|
0.67
|
%
|
|
0.43
|
%
|
|
1.35
|
%
|
|
0.49
|
%
|
|
1.34
|
%
|
|
0.56
|
%
|
|
1.38
|
%
|
Adjusted return on
average assets
|
0.89
|
%
|
|
0.87
|
%
|
|
1.47
|
%
|
|
1.57
|
%
|
|
1.56
|
%
|
|
0.88
|
%
|
|
1.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
2,478,373
|
|
|
$
|
2,456,617
|
|
|
$
|
2,437,272
|
|
|
$
|
2,432,182
|
|
|
$
|
1,519,598
|
|
|
$
|
2,486,140
|
|
|
$
|
1,499,144
|
|
Average tangible
common equity
|
$
|
1,462,871
|
|
|
$
|
1,436,108
|
|
|
$
|
1,432,081
|
|
|
$
|
1,434,829
|
|
|
$
|
964,841
|
|
|
$
|
1,468,135
|
|
|
$
|
941,489
|
|
Return on average
common equity
|
5.23
|
%
|
|
3.16
|
%
|
|
9.97
|
%
|
|
3.49
|
%
|
|
10.27
|
%
|
|
4.17
|
%
|
|
10.60
|
%
|
Adjusted return on
average tangible
common equity
|
11.66
|
%
|
|
10.98
|
%
|
|
18.45
|
%
|
|
18.95
|
%
|
|
18.79
|
%
|
|
11.18
|
%
|
|
18.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1:
Pandemic charges include "thank you" pay for certain employees,
additional sanitizing expenses at our locations, protective
equipment for our employees and branch locations, and additional
equipment required to support our remote workforce.
|
Note 2: 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
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
155,768
|
|
|
$
|
138,053
|
|
|
$
|
122,564
|
|
|
$
|
192,697
|
|
|
$
|
81,251
|
|
|
$
|
293,821
|
|
|
$
|
156,676
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(895)
|
|
|
(540)
|
|
|
(2,415)
|
|
|
(65,158)
|
|
|
(3,475)
|
|
|
(1,435)
|
|
|
(5,532)
|
|
Restructuring
charges
|
(1,463)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,463)
|
|
|
(245)
|
|
Expenses related to
SEC/DOJ Investigation
|
(1,294)
|
|
|
(1,443)
|
|
|
(463)
|
|
|
—
|
|
|
—
|
|
|
(2,737)
|
|
|
—
|
|
Natural disaster and
pandemic charges
|
(2,043)
|
|
|
(548)
|
|
|
—
|
|
|
—
|
|
|
(50)
|
|
|
(2,591)
|
|
|
39
|
|
Loss on sale of
premises
|
(281)
|
|
|
(470)
|
|
|
(1,413)
|
|
|
(889)
|
|
|
(2,800)
|
|
|
(751)
|
|
|
(3,719)
|
|
Adjusted noninterest
expense
|
$
|
149,792
|
|
|
$
|
135,052
|
|
|
$
|
118,273
|
|
|
$
|
126,650
|
|
|
$
|
74,926
|
|
|
$
|
284,844
|
|
|
$
|
147,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
163,814
|
|
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
148,769
|
|
|
$
|
101,651
|
|
|
$
|
311,759
|
|
|
$
|
201,046
|
|
Noninterest
income
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
175,339
|
|
|
66,007
|
|
Total
revenue
|
$
|
284,774
|
|
|
$
|
202,324
|
|
|
$
|
210,464
|
|
|
$
|
225,762
|
|
|
$
|
136,887
|
|
|
$
|
487,098
|
|
|
$
|
267,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
165,178
|
|
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
149,896
|
|
|
$
|
102,713
|
|
|
$
|
314,196
|
|
|
$
|
203,166
|
|
Noninterest
income
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
175,339
|
|
|
66,007
|
|
Total revenue
(TE)
|
286,138
|
|
|
203,397
|
|
|
211,567
|
|
|
226,889
|
|
|
137,949
|
|
|
489,535
|
|
|
269,173
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
(14)
|
|
|
9
|
|
|
(1)
|
|
|
(4)
|
|
|
(69)
|
|
|
(5)
|
|
|
(135)
|
|
Loss (gain) on BOLI
proceeds
|
(845)
|
|
|
—
|
|
|
752
|
|
|
(4,335)
|
|
|
—
|
|
|
(845)
|
|
|
—
|
|
Servicing right
impairment (recovery)
|
7,989
|
|
|
22,165
|
|
|
366
|
|
|
(1,319)
|
|
|
1,460
|
|
|
30,154
|
|
|
1,460
|
|
Adjusted total
revenue (TE)
|
$
|
293,268
|
|
|
$
|
225,571
|
|
|
$
|
212,684
|
|
|
$
|
221,231
|
|
|
$
|
139,340
|
|
|
$
|
518,839
|
|
|
$
|
270,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
54.70
|
%
|
|
68.23
|
%
|
|
58.24
|
%
|
|
85.35
|
%
|
|
59.36
|
%
|
|
60.32
|
%
|
|
58.67
|
%
|
Adjusted
efficiency ratio (TE)
|
51.08
|
%
|
|
59.87
|
%
|
|
55.61
|
%
|
|
57.25
|
%
|
|
53.77
|
%
|
|
54.90
|
%
|
|
54.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Total shareholders'
equity
|
$
|
2,460,130
|
|
|
$
|
2,437,150
|
|
|
$
|
2,469,582
|
|
|
$
|
2,420,723
|
|
|
$
|
1,537,121
|
|
|
$
|
2,460,130
|
|
|
$
|
1,537,121
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
928,005
|
|
|
931,947
|
|
|
931,637
|
|
|
911,488
|
|
|
501,140
|
|
|
928,005
|
|
|
501,140
|
|
Other intangibles,
net
|
80,354
|
|
|
85,955
|
|
|
91,586
|
|
|
97,328
|
|
|
52,437
|
|
|
80,354
|
|
|
52,437
|
|
Total tangible
shareholders' equity
|
$
|
1,451,771
|
|
|
$
|
1,419,248
|
|
|
$
|
1,446,359
|
|
|
$
|
1,411,907
|
|
|
$
|
983,544
|
|
|
$
|
1,451,771
|
|
|
$
|
983,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,461,968
|
|
|
69,441,274
|
|
|
69,503,833
|
|
|
69,593,833
|
|
|
47,261,584
|
|
|
69,461,968
|
|
|
47,261,584
|
|
Book value per share
(period end)
|
$
|
35.42
|
|
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
34.78
|
|
|
$
|
32.52
|
|
|
$
|
35.42
|
|
|
$
|
32.52
|
|
Tangible book value
per share (period end)
|
$
|
20.90
|
|
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
20.29
|
|
|
$
|
20.81
|
|
|
$
|
20.90
|
|
|
$
|
20.81
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
120,330
|
|
|
$
|
118,375
|
|
|
$
|
124,957
|
|
|
$
|
124,262
|
|
|
$
|
84,755
|
|
|
$
|
238,705
|
|
|
$
|
169,794
|
|
Provision for credit
losses
|
86,805
|
|
|
35,997
|
|
|
4,741
|
|
|
3,549
|
|
|
2,306
|
|
|
122,802
|
|
|
4,364
|
|
Noninterest
income
|
14,468
|
|
|
17,773
|
|
|
18,632
|
|
|
21,173
|
|
|
14,830
|
|
|
32,241
|
|
|
29,200
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
40,423
|
|
|
41,621
|
|
|
38,180
|
|
|
39,794
|
|
|
24,228
|
|
|
82,044
|
|
|
52,160
|
|
Occupancy and
equipment expenses
|
11,679
|
|
|
10,347
|
|
|
10,216
|
|
|
10,750
|
|
|
7,034
|
|
|
22,026
|
|
|
14,315
|
|
Data processing and
telecommunications expenses
|
8,919
|
|
|
10,797
|
|
|
10,156
|
|
|
9,551
|
|
|
7,635
|
|
|
19,716
|
|
|
15,227
|
|
Other noninterest
expenses
|
27,997
|
|
|
30,645
|
|
|
23,176
|
|
|
87,059
|
|
|
22,728
|
|
|
58,642
|
|
|
39,684
|
|
Total noninterest
expense
|
89,018
|
|
|
93,410
|
|
|
81,728
|
|
|
147,154
|
|
|
61,625
|
|
|
182,428
|
|
|
121,386
|
|
Income before income
tax expense
|
(41,025)
|
|
|
6,741
|
|
|
57,120
|
|
|
(5,268)
|
|
|
35,654
|
|
|
(34,284)
|
|
|
73,244
|
|
Income tax expense
(benefit)
|
(8,582)
|
|
|
275
|
|
|
15,412
|
|
|
(1,269)
|
|
|
8,691
|
|
|
(8,307)
|
|
|
17,466
|
|
Net income
(loss)
|
$
|
(32,443)
|
|
|
$
|
6,466
|
|
|
$
|
41,708
|
|
|
$
|
(3,999)
|
|
|
$
|
26,963
|
|
|
$
|
(25,977)
|
|
|
$
|
55,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
24,302
|
|
|
$
|
17,756
|
|
|
$
|
18,223
|
|
|
$
|
13,009
|
|
|
$
|
7,567
|
|
|
$
|
42,058
|
|
|
$
|
13,320
|
|
Provision for credit
losses
|
423
|
|
|
1,997
|
|
|
1,237
|
|
|
1,490
|
|
|
609
|
|
|
2,420
|
|
|
745
|
|
Noninterest
income
|
104,195
|
|
|
34,369
|
|
|
33,335
|
|
|
52,493
|
|
|
18,070
|
|
|
138,564
|
|
|
32,360
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
50,003
|
|
|
31,097
|
|
|
28,233
|
|
|
34,144
|
|
|
11,886
|
|
|
81,100
|
|
|
20,093
|
|
Occupancy and
equipment expenses
|
1,953
|
|
|
1,504
|
|
|
1,544
|
|
|
1,686
|
|
|
670
|
|
|
3,457
|
|
|
1,436
|
|
Data processing and
telecommunications expenses
|
1,406
|
|
|
986
|
|
|
1,034
|
|
|
660
|
|
|
394
|
|
|
2,392
|
|
|
724
|
|
Other noninterest
expenses
|
6,949
|
|
|
5,875
|
|
|
4,553
|
|
|
3,484
|
|
|
2,385
|
|
|
12,824
|
|
|
4,499
|
|
Total noninterest
expense
|
60,311
|
|
|
39,462
|
|
|
35,364
|
|
|
39,974
|
|
|
15,335
|
|
|
99,773
|
|
|
26,752
|
|
Income before income
tax expense
|
67,763
|
|
|
10,666
|
|
|
14,957
|
|
|
24,038
|
|
|
9,693
|
|
|
78,429
|
|
|
18,183
|
|
Income tax
expense
|
14,231
|
|
|
2,408
|
|
|
3,371
|
|
|
5,048
|
|
|
2,170
|
|
|
16,639
|
|
|
3,783
|
|
Net income
|
$
|
53,532
|
|
|
$
|
8,258
|
|
|
$
|
11,586
|
|
|
$
|
18,990
|
|
|
$
|
7,523
|
|
|
$
|
61,790
|
|
|
$
|
14,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
5,026
|
|
|
$
|
3,302
|
|
|
$
|
3,771
|
|
|
$
|
3,169
|
|
|
$
|
2,987
|
|
|
$
|
8,328
|
|
|
$
|
5,677
|
|
Provision for credit
losses
|
403
|
|
|
(9)
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
394
|
|
|
—
|
|
Noninterest
income
|
727
|
|
|
960
|
|
|
610
|
|
|
560
|
|
|
450
|
|
|
1,687
|
|
|
829
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
209
|
|
|
210
|
|
|
325
|
|
|
286
|
|
|
162
|
|
|
419
|
|
|
323
|
|
Occupancy and
equipment expenses
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
2
|
|
Data processing and
telecommunications expenses
|
55
|
|
|
41
|
|
|
47
|
|
|
41
|
|
|
38
|
|
|
96
|
|
|
68
|
|
Other noninterest
expenses
|
88
|
|
|
34
|
|
|
53
|
|
|
27
|
|
|
75
|
|
|
122
|
|
|
143
|
|
Total noninterest
expense
|
353
|
|
|
286
|
|
|
426
|
|
|
356
|
|
|
276
|
|
|
639
|
|
|
536
|
|
Income before income
tax expense
|
4,997
|
|
|
3,985
|
|
|
3,888
|
|
|
3,373
|
|
|
3,161
|
|
|
8,982
|
|
|
5,970
|
|
Income tax
expense
|
1,049
|
|
|
837
|
|
|
816
|
|
|
708
|
|
|
664
|
|
|
1,886
|
|
|
1,254
|
|
Net income
|
$
|
3,948
|
|
|
$
|
3,148
|
|
|
$
|
3,072
|
|
|
$
|
2,665
|
|
|
$
|
2,497
|
|
|
$
|
7,096
|
|
|
$
|
4,716
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Jun
|
|
Jun
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
7,034
|
|
|
$
|
2,181
|
|
|
$
|
2,190
|
|
|
$
|
2,573
|
|
|
$
|
1,182
|
|
|
$
|
9,215
|
|
|
$
|
2,268
|
|
Provision for credit
losses
|
2,322
|
|
|
(903)
|
|
|
150
|
|
|
(15)
|
|
|
178
|
|
|
1,419
|
|
|
409
|
|
Noninterest
income
|
1,570
|
|
|
1,277
|
|
|
2,536
|
|
|
2,766
|
|
|
1,883
|
|
|
2,847
|
|
|
3,613
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
2,612
|
|
|
1,476
|
|
|
1,336
|
|
|
1,985
|
|
|
735
|
|
|
4,088
|
|
|
1,462
|
|
Occupancy and
equipment expenses
|
97
|
|
|
97
|
|
|
79
|
|
|
66
|
|
|
65
|
|
|
194
|
|
|
124
|
|
Data processing and
telecommunications expenses
|
15
|
|
|
13
|
|
|
5
|
|
|
22
|
|
|
3
|
|
|
28
|
|
|
5
|
|
Other noninterest
expenses
|
359
|
|
|
515
|
|
|
402
|
|
|
503
|
|
|
359
|
|
|
874
|
|
|
746
|
|
Total noninterest
expense
|
3,083
|
|
|
2,101
|
|
|
1,822
|
|
|
2,576
|
|
|
1,162
|
|
|
5,184
|
|
|
2,337
|
|
Income before income
tax expense
|
3,199
|
|
|
2,260
|
|
|
2,754
|
|
|
2,778
|
|
|
1,725
|
|
|
5,459
|
|
|
3,135
|
|
Income tax
expense
|
671
|
|
|
475
|
|
|
578
|
|
|
584
|
|
|
362
|
|
|
1,146
|
|
|
658
|
|
Net income
|
$
|
2,528
|
|
|
$
|
1,785
|
|
|
$
|
2,176
|
|
|
$
|
2,194
|
|
|
$
|
1,363
|
|
|
$
|
4,313
|
|
|
$
|
2,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
7,122
|
|
|
$
|
6,331
|
|
|
$
|
6,210
|
|
|
$
|
5,756
|
|
|
$
|
5,160
|
|
|
$
|
13,453
|
|
|
$
|
9,987
|
|
Provision for credit
losses
|
(1,792)
|
|
|
3,965
|
|
|
(502)
|
|
|
965
|
|
|
1,575
|
|
|
2,173
|
|
|
2,558
|
|
Noninterest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
5
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,921
|
|
|
1,542
|
|
|
1,568
|
|
|
1,424
|
|
|
1,320
|
|
|
3,463
|
|
|
2,625
|
|
Occupancy and
equipment expenses
|
77
|
|
|
79
|
|
|
79
|
|
|
135
|
|
|
64
|
|
|
156
|
|
|
161
|
|
Data processing and
telecommunications expenses
|
119
|
|
|
117
|
|
|
120
|
|
|
98
|
|
|
318
|
|
|
236
|
|
|
755
|
|
Other noninterest
expenses
|
886
|
|
|
1,056
|
|
|
1,457
|
|
|
980
|
|
|
1,151
|
|
|
1,942
|
|
|
2,124
|
|
Total noninterest
expense
|
3,003
|
|
|
2,794
|
|
|
3,224
|
|
|
2,637
|
|
|
2,853
|
|
|
5,797
|
|
|
5,665
|
|
(Loss) income before
income tax expense
|
5,911
|
|
|
(428)
|
|
|
3,488
|
|
|
2,155
|
|
|
735
|
|
|
5,483
|
|
|
1,769
|
|
Income tax expense
(benefit)
|
1,240
|
|
|
(93)
|
|
|
782
|
|
|
621
|
|
|
177
|
|
|
1,147
|
|
|
331
|
|
Net (loss)
income
|
$
|
4,671
|
|
|
$
|
(335)
|
|
|
$
|
2,706
|
|
|
$
|
1,534
|
|
|
$
|
558
|
|
|
$
|
4,336
|
|
|
$
|
1,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
163,814
|
|
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
148,769
|
|
|
$
|
101,651
|
|
|
$
|
311,759
|
|
|
$
|
201,046
|
|
Provision for credit
losses
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
4,668
|
|
|
129,208
|
|
|
8,076
|
|
Noninterest
income
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
35,236
|
|
|
175,339
|
|
|
66,007
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
95,168
|
|
|
75,946
|
|
|
69,642
|
|
|
77,633
|
|
|
38,331
|
|
|
171,114
|
|
|
76,663
|
|
Occupancy and
equipment expenses
|
13,807
|
|
|
12,028
|
|
|
11,919
|
|
|
12,639
|
|
|
7,834
|
|
|
25,835
|
|
|
16,038
|
|
Data processing and
telecommunications expenses
|
10,514
|
|
|
11,954
|
|
|
11,362
|
|
|
10,372
|
|
|
8,388
|
|
|
22,468
|
|
|
16,779
|
|
Other noninterest
expenses
|
36,279
|
|
|
38,125
|
|
|
29,641
|
|
|
92,053
|
|
|
26,698
|
|
|
74,404
|
|
|
47,196
|
|
Total noninterest
expense
|
155,768
|
|
|
138,053
|
|
|
122,564
|
|
|
192,697
|
|
|
81,251
|
|
|
293,821
|
|
|
156,676
|
|
Income before income
tax expense
|
40,845
|
|
|
23,224
|
|
|
82,207
|
|
|
27,076
|
|
|
50,968
|
|
|
64,069
|
|
|
102,301
|
|
Income tax
expense
|
8,609
|
|
|
3,902
|
|
|
20,959
|
|
|
5,692
|
|
|
12,064
|
|
|
12,511
|
|
|
23,492
|
|
Net income
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
38,904
|
|
|
$
|
51,558
|
|
|
$
|
78,809
|
|
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SOURCE Ameris Bancorp