Highlights of the Company's results for the third quarter of
2022 include the following:
- Net income of $92.6 million, or
$1.34 per diluted share
- Growth in tangible book value(1) of $0.73 per share, or 10.4% annualized, to
$28.62 at September 30, 2022
- Adjusted total revenue(1) grew $13.1 million, or 4.9%, when compared with last
quarter
- Improvement in net interest margin of 31bps, from 3.66% last
quarter to 3.97% this quarter
- Adjusted return on average assets(1) of 1.54%
- Adjusted return on average tangible common equity(1)
of 18.33%
- Adjusted efficiency ratio(1) of 50.06%, compared
with 53.66% last quarter
- Organic growth in loans of $1.25
billion, or 28.4% annualized
- Continued growth in noninterest bearing deposits, representing
42.86% of total deposits, from 41.98% at June 30, 2022 and 40.44% a year ago
ATLANTA, Oct. 27,
2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB)
(the "Company") today reported net income of $92.6 million, or $1.34 per diluted share, for the quarter ended
September 30, 2022, compared with
$81.7 million, or $1.17 per diluted share, for the quarter ended
September 30, 2021. The Company
reported adjusted net income(1) of $91.8 million, or $1.32 per diluted share, for the quarter ended
September 30, 2022, compared with
$83.9 million, or $1.20 per diluted share, for the same period in
2021. Adjusted net income excludes after-tax merger and conversion
charges, natural disaster and pandemic expenses, servicing right
valuation adjustments, gain on bank owned life insurance ("BOLI")
proceeds, loss on sale of mortgage servicing rights ("MSR") and
gain/loss on sale of bank premises.
For the year-to-date period ending September 30, 2022, the Company reported net
income of $264.3 million, or
$3.81 per diluted share, compared
with $295.0 million, or $4.23 per diluted share, for the same period in
2021. The Company reported adjusted net income(1)
of $248.3 million, or $3.58 per diluted share, for the nine months
ended September 30, 2022, compared
with $287.2 million, or $4.12 per diluted share, for the same period in
2021. Adjusted net income for the year-to-date period
excludes the same items listed above for the third
quarter.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "We had an outstanding third quarter where we saw
significant expansion in our margin to 3.97%, continued improvement
in our efficiency ratio to just over 50%, strengthening in our
balance sheet and earning asset mix and tangible book value growth
of more than 10%, annualized. I am proud of the work our team
has done and this quarter's solid results. We remain focused
on core fundamentals. Our momentum and discipline have
positioned us well for the remainder of this year and for entering
2023."
Increase in Net Interest Income and Net Interest
Margin
Net interest income on a tax-equivalent basis (TE) grew to
$213.9 million in the third quarter
of 2022, an increase of $21.6
million, or 11.2%, from last quarter and $51.1 million, or 31.4%, compared with the third
quarter of 2021. Interest income on a tax-equivalent basis
increased by $31.7 million, or 15.6%,
in the current quarter while interest expense increased
$10.1 million, or 90.3%, compared
with the second quarter of 2022.
The Company's net interest margin improved significantly to
3.97% for the third quarter of 2022, up from 3.66% reported for the
second quarter of 2022 and 3.22% reported for the third quarter of
2021. Average earning assets increased $300.7 million, or 1.4%, from the previous
quarter, and the mix of earning assets continued to expand the
margin as the Company deployed excess liquidity through the
investment portfolio and organic loan growth.
Yields on earning assets increased 49 basis points during the
quarter to 4.37%, compared with 3.88% in the second quarter of
2022, and increased 93 basis points from 3.44% in the third quarter
of 2021. Yields on loans increased to 4.62% during the third
quarter of 2022, compared with 4.32% for the second quarter of 2022
and 4.24% for the third quarter of 2021. In addition, the Company
incurred net accretion expense in the third quarter of $597,000, compared with $379,000 in the second quarter of 2022 and
accretion income of $2.9 million for
the third quarter of 2021.
Loan production in the banking division during the third quarter
of 2022 was $1.12 billion, with
weighted average yields of 6.26%, compared with $1.07 billion and 5.24%, respectively, in the
second quarter of 2022 and $913.3
million and 3.56%, respectively, in the third quarter of
2021. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $4.6
billion during the third quarter of 2022, with weighted
average yields of 5.29%, compared with $5.3
billion and 4.29%, respectively, during the second quarter
of 2022 and $5.8 billion and 3.37%,
respectively, during the third quarter of
2021.
The Company's total cost of funds was 0.42% in the third quarter
of 2022, an increase of 20 basis points compared with the second
quarter of 2022. Deposit costs increased 19 basis point
during the third quarter of 2022 to 0.29%, compared with 0.10% in
the second quarter of 2022. Costs of interest-bearing
deposits increased during the quarter from 0.17% in the second
quarter of 2022 to 0.49% in the third quarter of 2022, reflecting
deposit pricing adjustments made at the end of the second
quarter.
Noninterest Income
Noninterest income decreased $18.5
million, or 22.1%, in the third quarter of 2022 to
$65.3 million, compared with
$83.8 million for the second quarter
of 2022, primarily as a result of decreased mortgage banking
activity, which declined by $18.4
million, or 31.3%, to $40.4
million in the third quarter of 2022, compared with
$58.8 million for the second quarter
of 2022. Gain on sale spreads decreased to 2.10% in the third
quarter of 2022 from 2.36% for the second quarter of 2022. Total
production in the retail mortgage division decreased to
$1.26 billion in the third
quarter of 2022, compared with $1.73
billion for the second quarter of 2022. The retail mortgage
open pipeline was $520.0 million at
the end of the third quarter of 2022, compared with $832.3 million at June
30, 2022. Mortgage banking activity included a
$1.3 million recovery of servicing
right impairment recorded in the third quarter of 2022, compared
with a recovery of $10.8 million for
the second quarter of 2022.
Noninterest Expense
Noninterest expense decreased $2.6
million, or 1.8%, to $139.6
million during the third quarter of 2022, compared with
$142.2 million for the second quarter
of 2022. During the third quarter of 2022, the Company
recorded natural disaster and pandemic charges of $151,000, compared with a net gain on bank
premises of $39,000 during the second
quarter of 2022. Excluding those charges, adjusted
expenses(1) decreased approximately $2.8 million, or 2.0%, to $139.4 million in the third quarter of 2022, from
$142.2 million in the second quarter
of 2022. The decrease in adjusted expenses(1)
resulted from a $6.6 million decline
in mortgage expenses related to reduced production, offset by a
$3.7 million increase in the banking
division, the majority of which was related to compensation,
incentives and benefits. Management continues to deliver high
performing operating efficiency, as the adjusted efficiency
ratio(1) decreased to 50.06% in the third quarter of
2022, compared with 53.66% in the second quarter of 2022.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2022
was 23.6%, compared with 23.7% in the second quarter of
2022.
Balance Sheet Trends
Total assets at September 30, 2022
were $23.81 billion, compared with
$23.86 billion at December 31, 2021. While total assets have
not materially changed, the Company has improved the earning asset
mix through a shift in reinvestment of excess liquidity to the
securities portfolio and loans held for investment. Debt securities
available-for-sale increased $662.5
million, or 111.8%, from $592.6
million at December 31, 2021
to $1.26 billion at September 30, 2022. Loans, net of unearned
income, increased $2.93 billion, or
24.6% annualized, to $18.81 billion
at September 30, 2022, compared with
$15.87 billion at December 31, 2021. Organic loan growth in
the third quarter of 2022 was $1.25
billion, or 28.4% annualized, which was diversified across
the portfolio, including commercial real estate, residential
mortgages, construction, premium finance and small business.
Loans held for sale decreased $956.6
million from $1.25 billion at
December 31, 2021 to $298.0 million at September 30, 2022 due to a decline in mortgage
activity resulting from the rising rate environment.
At September 30, 2022, total
deposits amounted to $19.47 billion,
or 95.8% of total funding, compared with $19.67 billion and 95.8%, respectively, at
December 31, 2021. At
September 30, 2022,
noninterest-bearing deposit accounts were $8.34 billion, or 42.9% of total deposits,
compared with $7.77 billion, or 39.5%
of total deposits, at December 31,
2021. Non-rate sensitive deposits (including
noninterest-bearing, NOW and savings) totaled $12.99 billion at September 30, 2022, compared with $12.52 billion at December
31, 2021. These funds represented 66.7% of the
Company's total deposits at September 30,
2022, compared with 63.6% at the end of 2021, which
continues to positively impact the cost of funds sensitivity in a
rising rate environment.
Shareholders' equity at September 30,
2022 totaled $3.12 billion, an
increase of $152.6 million, or 5.1%,
from December 31, 2021. The
increase in shareholders' equity was primarily the result of
earnings of $264.3 million during the
first nine months of 2022, partially offset by dividends declared,
share repurchases and the impact to other comprehensive income
resulting from rising rates on our investment portfolio.
Tangible book value per share(1) increased $0.73 per share, or 10.4% annualized, during the
third quarter to $28.62 at
September 30, 2022. The Company
recorded dilution of $0.55 per share,
or less than 2.0%, of tangible book value(1) this
quarter from other comprehensive income related to the increase in
net unrealized losses on the securities portfolio. For the
year-to-date period, tangible book value per share(1)
increased $2.36, or 12% annualized,
to $28.62 at September 30, 2022, compared with $26.26 at December
31, 2021. Tangible common equity as a percentage of
tangible assets was 8.75% at September 30,
2022, compared with 8.05% at the end of 2021.
Credit Quality
Credit quality remains strong in the Company. During the
third quarter of 2022, the Company recorded a provision for credit
losses of $17.7 million, compared
with a provision of $14.9 million in
the second quarter of 2022. This provision was primarily
attributable to organic loan growth of $1.25
billion during the quarter. Nonperforming assets as a
percentage of total assets decreased one basis point to 0.55%
during the quarter. The net charge-off ratio was 11 basis
points for the third quarter of 2022, compared with four basis
points in the second quarter of 2022 and zero basis points in the
third quarter of 2021.
Share Repurchase Program
The Company's board of directors authorized the Company to
repurchase up to $100.0 million of
its outstanding common stock. Repurchases of shares, which
are authorized to occur through October 31,
2023, will be made, if at all, in accordance with applicable
securities laws and may be made from time to time in the open
market or by negotiated transactions. The amount and timing of
repurchases will be based on a variety of factors, including share
acquisition price, regulatory limitations and other market and
economic factors. The program does not require the Company to
repurchase any specific number of shares. The authorization
is a continuation of and increase in the Company's preciously
announced share repurchase program which was set to expire on
October 31 and under which the
Company has repurchased $41.7 million
of its outstanding common stock.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 28,
2022, to discuss the Company's results and answer appropriate
questions. The conference call can be accessed by dialing
1-844-200-6205 (or 1-929-526-1599 for international
participants). The conference call access code is
690943. A replay of the call will be available one hour after
the end of the conference call until November 11, 2022. To listen to the replay,
dial 1-866-813-9403. The conference replay access code is
970912. 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 164 locations in
Georgia, Alabama, Florida, North
Carolina and South Carolina
at the end of the most recent quarter.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). The Company's management
uses these non-GAAP measures in its analysis of the Company's
performance. These measures are useful when evaluating the
underlying performance and efficiency of the Company's operations
and balance sheet. The Company's management believes that these
non-GAAP measures provide a greater understanding of ongoing
operations, enhance comparability of results with prior periods and
demonstrate the effects of significant gains and charges in the
current period. The Company's management believes that investors
may use these non-GAAP financial measures to evaluate the Company's
financial performance without the impact of unusual items that may
obscure trends in the Company's underlying performance. These
disclosures should not be viewed as a substitute for financial
measures determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies.
This news release contains forward-looking statements, as
defined by federal securities laws, including, among other
forward-looking statements, certain plans, expectations and
goals. 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, unemployment, political and market
conditions and fluctuations, including real estate market
conditions, and the effects of such conditions and fluctuations on
the creditworthiness of borrowers, collateral values, asset
recovery values and the value of investment securities; movements
in interest rates and their impacts on net interest margin;
expectations on credit quality and performance; legislative and
regulatory changes; changes in U.S. government monetary and fiscal
policy; 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, acts of war or
terrorism or other hostilities, 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,
2021 and the Company's 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
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
|
$
81,944
|
|
$
81,680
|
|
$
264,319
|
|
$
294,969
|
Adjusted net
income
|
$
91,817
|
|
$
81,473
|
|
$
75,039
|
|
$
81,544
|
|
$
83,861
|
|
$
248,329
|
|
$
287,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.34
|
|
$
1.30
|
|
$
1.18
|
|
$
1.18
|
|
$
1.18
|
|
$
3.82
|
|
$
4.25
|
Diluted
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
|
$
1.18
|
|
$
1.17
|
|
$
3.81
|
|
$
4.23
|
Adjusted diluted
EPS(1)
|
$
1.32
|
|
$
1.18
|
|
$
1.08
|
|
$
1.17
|
|
$
1.20
|
|
$
3.58
|
|
$
4.12
|
Cash dividends per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.45
|
|
$
0.45
|
Book value per share
(period end)
|
$ 44.97
|
|
$ 44.31
|
|
$ 43.31
|
|
$ 42.62
|
|
$ 41.66
|
|
$ 44.97
|
|
$ 41.66
|
Tangible book value
per share (period end)(1)
|
$ 28.62
|
|
$ 27.89
|
|
$ 26.84
|
|
$ 26.26
|
|
$ 27.46
|
|
$ 28.62
|
|
$ 27.46
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
69,124,855
|
|
69,136,046
|
|
69,345,735
|
|
69,398,594
|
|
69,439,845
|
|
69,213,012
|
|
69,445,270
|
Diluted
|
69,327,414
|
|
69,316,258
|
|
69,660,990
|
|
69,738,426
|
|
69,756,135
|
|
69,427,522
|
|
69,772,084
|
Period end number of
shares
|
69,352,709
|
|
69,360,461
|
|
69,439,084
|
|
69,609,228
|
|
69,635,435
|
|
69,352,709
|
|
69,635,435
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$ 50.94
|
|
$ 46.28
|
|
$ 55.62
|
|
$ 56.64
|
|
$ 53.63
|
|
$ 55.62
|
|
$ 59.85
|
Low intraday
price
|
$ 38.22
|
|
$ 39.37
|
|
$ 43.56
|
|
$ 46.20
|
|
$ 44.92
|
|
$ 38.22
|
|
$ 36.60
|
Period end closing
price
|
$ 44.71
|
|
$ 40.18
|
|
$ 43.88
|
|
$ 49.68
|
|
$ 51.88
|
|
$ 44.71
|
|
$ 51.88
|
Average daily
volume
|
$
346,522
|
|
$
446,121
|
|
$
471,858
|
|
$
350,119
|
|
$
392,533
|
|
$
420,703
|
|
$
426,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
|
1.41 %
|
|
1.47 %
|
|
1.51 %
|
|
1.84 %
|
Adjusted return on
average assets(1)
|
1.54 %
|
|
1.40 %
|
|
1.31 %
|
|
1.40 %
|
|
1.51 %
|
|
1.42 %
|
|
1.79 %
|
Return on average
common equity
|
11.76 %
|
|
11.87 %
|
|
11.06 %
|
|
11.06 %
|
|
11.27 %
|
|
11.57 %
|
|
14.14 %
|
Adjusted return on
average tangible common equity(1)
|
18.33 %
|
|
17.18 %
|
|
16.38 %
|
|
16.88 %
|
|
17.65 %
|
|
17.33 %
|
|
21.38 %
|
Earning asset yield
(TE)
|
4.37 %
|
|
3.88 %
|
|
3.56 %
|
|
3.39 %
|
|
3.44 %
|
|
3.94 %
|
|
3.62 %
|
Total cost of
funds
|
0.42 %
|
|
0.22 %
|
|
0.22 %
|
|
0.23 %
|
|
0.24 %
|
|
0.29 %
|
|
0.26 %
|
Net interest margin
(TE)
|
3.97 %
|
|
3.66 %
|
|
3.35 %
|
|
3.18 %
|
|
3.22 %
|
|
3.67 %
|
|
3.37 %
|
Noninterest income
excluding securities transactions, as a percent of total revenue
(TE)
|
21.74 %
|
|
29.09 %
|
|
32.05 %
|
|
31.31 %
|
|
30.32 %
|
|
27.45 %
|
|
34.88 %
|
Efficiency
ratio
|
50.15 %
|
|
51.67 %
|
|
55.43 %
|
|
55.66 %
|
|
57.59 %
|
|
52.35 %
|
|
54.61 %
|
Adjusted efficiency
ratio (TE)(1)
|
50.06 %
|
|
53.66 %
|
|
56.95 %
|
|
54.85 %
|
|
56.56 %
|
|
53.44 %
|
|
55.05 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
|
12.43 %
|
|
12.87 %
|
|
13.10 %
|
|
12.87 %
|
Tangible common equity
to tangible assets
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
8.05 %
|
|
8.88 %
|
|
8.75 %
|
|
8.88 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
8.05 %
|
|
8.88 %
|
|
8.75 %
|
|
8.88 %
|
Effect of goodwill and
other intangibles
|
4.35 %
|
|
4.39 %
|
|
4.44 %
|
|
4.38 %
|
|
3.99 %
|
|
4.35 %
|
|
3.99 %
|
Equity to assets
(GAAP)
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
|
12.43 %
|
|
12.87 %
|
|
13.10 %
|
|
12.87 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
2,071
|
|
2,050
|
|
2,033
|
|
2,008
|
|
1,821
|
|
2,071
|
|
1,821
|
Retail Mortgage
Division
|
671
|
|
712
|
|
714
|
|
739
|
|
749
|
|
671
|
|
749
|
Warehouse Lending
Division
|
9
|
|
9
|
|
10
|
|
12
|
|
12
|
|
9
|
|
12
|
SBA
Division
|
40
|
|
36
|
|
35
|
|
34
|
|
29
|
|
40
|
|
29
|
Premium Finance
Division
|
77
|
|
78
|
|
77
|
|
72
|
|
67
|
|
77
|
|
67
|
Total Ameris Bancorp
FTE headcount
|
2,868
|
|
2,885
|
|
2,869
|
|
2,865
|
|
2,678
|
|
2,868
|
|
2,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
11,499
|
|
$
11,555
|
|
$
11,589
|
|
$
11,882
|
|
$
12,374
|
|
$
11,499
|
|
$
12,374
|
Branch
locations
|
164
|
|
164
|
|
165
|
|
165
|
|
165
|
|
164
|
|
165
|
Deposits per branch
location
|
$
118,701
|
|
$
120,030
|
|
$
118,718
|
|
$
119,185
|
|
$
114,142
|
|
$
118,701
|
|
$
114,142
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 216,400
|
|
$ 190,740
|
|
$ 177,566
|
|
$ 170,813
|
|
$ 166,358
|
|
$ 584,706
|
|
$ 505,276
|
Interest on taxable
securities
|
10,324
|
|
7,064
|
|
4,239
|
|
5,866
|
|
5,296
|
|
21,627
|
|
16,658
|
Interest on nontaxable
securities
|
363
|
|
269
|
|
186
|
|
156
|
|
139
|
|
818
|
|
419
|
Interest on deposits in
other banks
|
7,188
|
|
4,463
|
|
1,373
|
|
1,521
|
|
1,244
|
|
13,024
|
|
2,361
|
Interest on federal
funds sold
|
27
|
|
32
|
|
10
|
|
9
|
|
9
|
|
69
|
|
33
|
Total interest
income
|
234,302
|
|
202,568
|
|
183,374
|
|
178,365
|
|
173,046
|
|
620,244
|
|
524,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
14,034
|
|
4,908
|
|
4,092
|
|
4,678
|
|
5,106
|
|
23,034
|
|
17,679
|
Interest on other
borrowings
|
7,287
|
|
6,296
|
|
6,738
|
|
6,850
|
|
6,279
|
|
20,321
|
|
18,578
|
Total interest
expense
|
21,321
|
|
11,204
|
|
10,830
|
|
11,528
|
|
11,385
|
|
43,355
|
|
36,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
212,981
|
|
191,364
|
|
172,544
|
|
166,837
|
|
161,661
|
|
576,889
|
|
488,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
17,469
|
|
13,227
|
|
(2,734)
|
|
(13,619)
|
|
(3,984)
|
|
27,962
|
|
(21,462)
|
Provision for unfunded
commitments
|
192
|
|
1,779
|
|
9,009
|
|
16,388
|
|
(5,516)
|
|
10,980
|
|
(16,056)
|
Provision for other
credit losses
|
(9)
|
|
(82)
|
|
(44)
|
|
(10)
|
|
(175)
|
|
(135)
|
|
(606)
|
Provision for credit
losses
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
(9,675)
|
|
38,807
|
|
(38,124)
|
Net interest income
after provision for credit losses
|
195,329
|
|
176,440
|
|
166,313
|
|
164,078
|
|
171,336
|
|
538,082
|
|
526,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
11,168
|
|
11,148
|
|
11,058
|
|
11,784
|
|
11,486
|
|
33,374
|
|
33,322
|
Mortgage banking
activity
|
40,350
|
|
58,761
|
|
62,938
|
|
60,723
|
|
56,460
|
|
162,049
|
|
225,177
|
Other service charges,
commissions and fees
|
970
|
|
998
|
|
939
|
|
962
|
|
1,154
|
|
2,907
|
|
3,226
|
Gain (loss) on
securities
|
(21)
|
|
248
|
|
(27)
|
|
(4)
|
|
530
|
|
200
|
|
519
|
Other noninterest
income
|
12,857
|
|
12,686
|
|
12,003
|
|
8,304
|
|
6,932
|
|
37,546
|
|
21,531
|
Total noninterest
income
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
76,562
|
|
236,076
|
|
283,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
78,697
|
|
81,545
|
|
84,281
|
|
76,615
|
|
79,671
|
|
244,523
|
|
261,161
|
Occupancy and
equipment
|
12,983
|
|
12,746
|
|
12,727
|
|
13,494
|
|
11,979
|
|
38,456
|
|
34,572
|
Data processing and
communications expenses
|
12,015
|
|
12,155
|
|
12,572
|
|
11,534
|
|
10,681
|
|
36,742
|
|
34,442
|
Credit
resolution-related expenses(1)
|
126
|
|
496
|
|
(965)
|
|
1,992
|
|
377
|
|
(343)
|
|
1,546
|
Advertising and
marketing
|
3,553
|
|
3,122
|
|
1,988
|
|
2,381
|
|
2,676
|
|
8,663
|
|
6,053
|
Amortization of
intangible assets
|
4,710
|
|
5,144
|
|
5,181
|
|
3,387
|
|
3,387
|
|
15,035
|
|
11,578
|
Merger and conversion
charges
|
—
|
|
—
|
|
977
|
|
4,023
|
|
183
|
|
977
|
|
183
|
Other noninterest
expenses
|
27,494
|
|
26,988
|
|
27,059
|
|
24,943
|
|
28,242
|
|
81,541
|
|
72,220
|
Total noninterest
expense
|
139,578
|
|
142,196
|
|
143,820
|
|
138,369
|
|
137,196
|
|
425,594
|
|
421,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
121,075
|
|
118,085
|
|
109,404
|
|
107,478
|
|
110,702
|
|
348,564
|
|
388,634
|
Income tax
expense
|
28,520
|
|
28,019
|
|
27,706
|
|
25,534
|
|
29,022
|
|
84,245
|
|
93,665
|
Net
income
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
|
$
81,944
|
|
$
81,680
|
|
$ 264,319
|
|
$ 294,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
|
$
1.18
|
|
$
1.17
|
|
$
3.81
|
|
$
4.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 269,193
|
|
$ 345,627
|
|
$ 257,316
|
|
$ 307,813
|
|
$ 239,028
|
Federal funds sold and
interest-bearing deposits in banks
|
1,061,975
|
|
1,961,209
|
|
3,541,144
|
|
3,756,844
|
|
3,513,412
|
Debt securities
available-for-sale, at fair value
|
1,255,149
|
|
1,052,268
|
|
579,204
|
|
592,621
|
|
684,504
|
Debt securities
held-to-maturity, at amortized cost
|
130,214
|
|
111,654
|
|
91,454
|
|
79,850
|
|
64,451
|
Other
investments
|
60,560
|
|
49,500
|
|
49,395
|
|
47,552
|
|
27,619
|
Loans held for
sale
|
297,987
|
|
555,665
|
|
901,550
|
|
1,254,632
|
|
1,435,805
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income
|
18,806,856
|
|
17,561,022
|
|
16,143,801
|
|
15,874,258
|
|
14,824,539
|
Allowance for credit
losses
|
(184,891)
|
|
(172,642)
|
|
(161,251)
|
|
(167,582)
|
|
(171,213)
|
Loans, net
|
18,621,965
|
|
17,388,380
|
|
15,982,550
|
|
15,706,676
|
|
14,653,326
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
843
|
|
835
|
|
1,910
|
|
3,810
|
|
4,594
|
Premises and equipment,
net
|
222,694
|
|
224,249
|
|
224,293
|
|
225,400
|
|
226,430
|
Goodwill
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
928,005
|
Other intangible
assets, net
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
60,396
|
Cash value of bank
owned life insurance
|
386,533
|
|
384,862
|
|
332,914
|
|
331,146
|
|
279,389
|
Other assets
|
372,570
|
|
474,552
|
|
455,460
|
|
413,419
|
|
416,182
|
Total
assets
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
$ 23,858,321
|
|
$ 22,533,141
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
8,343,200
|
|
$
8,262,929
|
|
$
7,870,207
|
|
$
7,774,823
|
|
$
7,616,728
|
Interest-bearing
|
11,123,719
|
|
11,422,053
|
|
11,718,234
|
|
11,890,730
|
|
11,216,761
|
Total
deposits
|
19,466,919
|
|
19,684,982
|
|
19,588,441
|
|
19,665,553
|
|
18,833,489
|
Federal funds purchased
and securities sold under agreements to repurchase
|
—
|
|
953
|
|
2,065
|
|
5,845
|
|
4,502
|
Other
borrowings
|
725,664
|
|
425,592
|
|
425,520
|
|
739,879
|
|
425,375
|
Subordinated deferrable
interest debentures
|
127,823
|
|
127,325
|
|
126,827
|
|
126,328
|
|
125,830
|
Other
liabilities
|
374,181
|
|
375,242
|
|
410,280
|
|
354,265
|
|
243,175
|
Total
liabilities
|
20,694,587
|
|
20,614,094
|
|
20,553,133
|
|
20,891,870
|
|
19,632,371
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common stock
|
72,247
|
|
72,251
|
|
72,212
|
|
72,017
|
|
72,016
|
Capital
stock
|
1,932,906
|
|
1,931,088
|
|
1,928,702
|
|
1,924,813
|
|
1,922,964
|
Retained
earnings
|
1,239,477
|
|
1,157,359
|
|
1,077,725
|
|
1,006,436
|
|
934,979
|
Accumulated other
comprehensive income (loss), net of tax
|
(50,734)
|
|
(12,635)
|
|
(1,841)
|
|
15,590
|
|
21,885
|
Treasury
stock
|
(74,826)
|
|
(74,687)
|
|
(69,639)
|
|
(52,405)
|
|
(51,074)
|
Total shareholders'
equity
|
3,119,070
|
|
3,073,376
|
|
3,007,159
|
|
2,966,451
|
|
2,900,770
|
Total liabilities
and shareholders' equity
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
$ 23,858,321
|
|
$ 22,533,141
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$ 21,612,741
|
|
$ 21,291,318
|
|
$ 21,306,548
|
|
$ 21,605,757
|
|
$ 20,550,330
|
Intangible
assets
|
1,133,974
|
|
1,138,669
|
|
1,143,102
|
|
1,138,558
|
|
988,401
|
Interest-bearing
liabilities
|
11,977,206
|
|
11,975,923
|
|
12,272,646
|
|
12,762,782
|
|
11,772,468
|
Average
assets
|
23,598,465
|
|
23,405,201
|
|
23,275,654
|
|
23,054,847
|
|
22,087,642
|
Average common
shareholders' equity
|
3,123,718
|
|
3,043,280
|
|
2,994,652
|
|
2,939,507
|
|
2,874,691
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
216,703
|
|
$
203,615
|
|
$
200,981
|
|
$
188,234
|
|
$
197,782
|
|
$
200,981
|
|
$
233,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired allowance for
purchased credit deteriorated loans
|
—
|
|
—
|
|
—
|
|
9,432
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
17,469
|
|
13,227
|
|
(2,734)
|
|
(13,619)
|
|
(3,984)
|
|
27,962
|
|
(21.462)
|
Provision for unfunded
commitments
|
192
|
|
1,779
|
|
9,009
|
|
16,388
|
|
(5,516)
|
|
10,980
|
|
(16.056)
|
Provision for other
credit losses
|
(9)
|
|
(82)
|
|
(44)
|
|
(10)
|
|
(175)
|
|
(135)
|
|
(606)
|
Provision for credit
losses
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
(9,675)
|
|
38,807
|
|
(38,124)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
9,272
|
|
6,853
|
|
8,579
|
|
3,367
|
|
3,537
|
|
24,704
|
|
18,249
|
Recoveries
|
4,052
|
|
5,017
|
|
4,982
|
|
3,923
|
|
3,664
|
|
14,051
|
|
11,502
|
Net charge-offs
(recoveries)
|
5,220
|
|
1,836
|
|
3,597
|
|
(556)
|
|
(127)
|
|
10,653
|
|
6,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
$
200,981
|
|
$
188,234
|
|
$
229,135
|
|
$
188,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
184,891
|
|
$
172,642
|
|
$
161,251
|
|
$
167,582
|
|
$
171,213
|
|
$
184,891
|
|
$
171,213
|
Allowance for unfunded
commitments
|
44,165
|
|
43,973
|
|
42,194
|
|
33,185
|
|
16,797
|
|
44,165
|
|
16,797
|
Allowance for other
credit losses
|
79
|
|
88
|
|
170
|
|
214
|
|
224
|
|
79
|
|
224
|
Total allowance for
credit losses
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
$
200,981
|
|
$
188,234
|
|
$
229,135
|
|
$
188,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$ 4,722
|
|
$ 4,391
|
|
$ 4,414
|
|
$ 1,003
|
|
$
858
|
|
$
13,527
|
|
$ 6,757
|
Consumer
installment
|
1,228
|
|
1,137
|
|
1,425
|
|
1,484
|
|
1,647
|
|
3,790
|
|
4,764
|
Indirect
automobile
|
50
|
|
41
|
|
88
|
|
40
|
|
178
|
|
179
|
|
1,148
|
Premium
Finance
|
1,205
|
|
1,066
|
|
1,369
|
|
526
|
|
605
|
|
3,640
|
|
3,142
|
Real estate -
construction and development
|
—
|
|
—
|
|
—
|
|
21
|
|
—
|
|
—
|
|
212
|
Real estate -
commercial and farmland
|
2,014
|
|
81
|
|
1,283
|
|
220
|
|
210
|
|
3,378
|
|
1,632
|
Real estate -
residential
|
53
|
|
137
|
|
—
|
|
73
|
|
39
|
|
190
|
|
594
|
Total
charge-offs
|
9,272
|
|
6,853
|
|
8,579
|
|
3,367
|
|
3,537
|
|
24,704
|
|
18,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
2,201
|
|
2,785
|
|
2,896
|
|
2,389
|
|
1,986
|
|
7,882
|
|
3,338
|
Consumer
installment
|
277
|
|
230
|
|
158
|
|
172
|
|
199
|
|
665
|
|
767
|
Indirect
automobile
|
276
|
|
265
|
|
275
|
|
329
|
|
278
|
|
816
|
|
1,350
|
Premium
Finance
|
1,023
|
|
1,113
|
|
1,247
|
|
633
|
|
649
|
|
3,383
|
|
4,237
|
Real estate -
construction and development
|
96
|
|
355
|
|
218
|
|
210
|
|
45
|
|
669
|
|
296
|
Real estate -
commercial and farmland
|
96
|
|
44
|
|
37
|
|
81
|
|
266
|
|
177
|
|
492
|
Real estate -
residential
|
83
|
|
225
|
|
151
|
|
109
|
|
241
|
|
459
|
|
1,022
|
Total
recoveries
|
4,052
|
|
5,017
|
|
4,982
|
|
3,923
|
|
3,664
|
|
14,051
|
|
11,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$ 5,220
|
|
$ 1,836
|
|
$ 3,597
|
|
$
(556)
|
|
$
(127)
|
|
$
10,653
|
|
$ 6,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
118,676
|
|
$
122,912
|
|
$
102,597
|
|
$
85,266
|
|
$
58,932
|
|
$
118,676
|
|
$
58,932
|
Other real estate
owned
|
843
|
|
835
|
|
1,910
|
|
3,810
|
|
4,594
|
|
843
|
|
4,594
|
Repossessed
assets
|
60
|
|
122
|
|
139
|
|
84
|
|
152
|
|
60
|
|
152
|
Accruing loans
delinquent 90 days or more
|
12,378
|
|
8,542
|
|
6,584
|
|
12,648
|
|
7,472
|
|
12,378
|
|
7,472
|
Total non-performing
assets
|
$
131,957
|
|
$
132,411
|
|
$
111,230
|
|
$ 101,808
|
|
$
71,150
|
|
$
131,957
|
|
$
71,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.55 %
|
|
0.56 %
|
|
0.47 %
|
|
0.43 %
|
|
0.32 %
|
|
0.55 %
|
|
0.32 %
|
Net charge-offs as a
percent of average loans (annualized)
|
0.11 %
|
|
0.04 %
|
|
0.09 %
|
|
(0.01) %
|
|
— %
|
|
0.08 %
|
|
0.06 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
2,245,287
|
|
$
2,022,845
|
|
$
1,836,663
|
|
$
1,875,993
|
|
$
1,217,575
|
Consumer
installment
|
162,345
|
|
167,237
|
|
173,642
|
|
191,298
|
|
207,111
|
Indirect
automobile
|
137,183
|
|
172,245
|
|
214,120
|
|
265,779
|
|
325,057
|
Mortgage
warehouse
|
980,342
|
|
949,191
|
|
732,375
|
|
787,837
|
|
768,577
|
Municipal
|
516,797
|
|
529,268
|
|
547,926
|
|
572,701
|
|
624,430
|
Premium
Finance
|
1,062,724
|
|
942,357
|
|
819,163
|
|
798,409
|
|
840,737
|
Real estate -
construction and development
|
2,009,726
|
|
1,747,284
|
|
1,577,215
|
|
1,452,339
|
|
1,454,824
|
Real estate -
commercial and farmland
|
7,516,309
|
|
7,156,017
|
|
6,924,475
|
|
6,834,917
|
|
6,409,704
|
Real estate -
residential
|
4,176,143
|
|
3,874,578
|
|
3,318,222
|
|
3,094,985
|
|
2,976,524
|
Total
loans
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
$ 15,874,258
|
|
$ 14,824,539
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
1,342
|
|
$
964
|
|
$
868
|
|
$
1,286
|
|
$
1,683
|
Consumer
installment
|
6
|
|
9
|
|
13
|
|
16
|
|
22
|
Indirect
automobile
|
595
|
|
759
|
|
893
|
|
1,037
|
|
1,284
|
Premium
Finance
|
455
|
|
993
|
|
162
|
|
—
|
|
—
|
Real estate -
construction and development
|
698
|
|
706
|
|
725
|
|
789
|
|
887
|
Real estate -
commercial and farmland
|
8,091
|
|
8,213
|
|
17,161
|
|
35,575
|
|
43,895
|
Real estate -
residential
|
24,516
|
|
24,456
|
|
24,664
|
|
26,879
|
|
29,521
|
Total accruing
troubled debt restructurings
|
$
35,703
|
|
$
36,100
|
|
$
44,486
|
|
$
65,582
|
|
$
77,292
|
Nonaccrual troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
353
|
|
$
364
|
|
$
72
|
|
$
83
|
|
$
112
|
Consumer
installment
|
12
|
|
14
|
|
31
|
|
35
|
|
38
|
Indirect
automobile
|
101
|
|
122
|
|
221
|
|
273
|
|
297
|
Real estate -
construction and development
|
24
|
|
—
|
|
11
|
|
13
|
|
271
|
Real estate -
commercial and farmland
|
66
|
|
788
|
|
788
|
|
5,924
|
|
6,715
|
Real estate -
residential
|
3,494
|
|
4,369
|
|
4,341
|
|
4,678
|
|
2,687
|
Total nonaccrual
troubled debt restructurings
|
$
4,050
|
|
$
5,657
|
|
$
5,464
|
|
$
11,006
|
|
$
10,120
|
Total
troubled debt restructurings
|
$
39,753
|
|
$
41,757
|
|
$
49,950
|
|
$
76,588
|
|
$
87,412
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 -
Pass
|
$ 18,483,046
|
|
$ 17,296,520
|
|
$ 15,899,956
|
|
$ 15,614,323
|
|
$ 14,562,058
|
Grade 6 - Other assets
especially mentioned
|
110,408
|
|
68,444
|
|
51,670
|
|
78,957
|
|
87,757
|
Grade 7 -
Substandard
|
213,402
|
|
196,058
|
|
192,175
|
|
180,978
|
|
174,724
|
Grade 8 -
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 -
Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
loans
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
$ 15,874,258
|
|
$ 14,824,539
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
5,000
|
|
$
17,692
|
|
$
20,000
|
|
$
20,000
|
|
$
20,000
|
|
$
14,176
|
|
$
20,000
|
Interest-bearing
deposits in banks
|
1,394,529
|
|
2,209,761
|
|
3,393,238
|
|
3,719,878
|
|
3,082,413
|
|
2,325,188
|
|
2,566,401
|
Time deposits in other
banks
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
163
|
Debt securities -
taxable
|
1,242,811
|
|
932,824
|
|
623,498
|
|
698,915
|
|
757,278
|
|
935,313
|
|
825,886
|
Debt securities -
nontaxable
|
45,730
|
|
39,236
|
|
29,605
|
|
22,639
|
|
19,053
|
|
38,249
|
|
18,834
|
Other
investments
|
51,209
|
|
49,550
|
|
47,872
|
|
31,312
|
|
27,622
|
|
49,556
|
|
27,586
|
Loans held for
sale
|
471,070
|
|
944,964
|
|
1,097,098
|
|
1,365,886
|
|
1,497,320
|
|
835,418
|
|
1,496,548
|
Loans
|
18,146,083
|
|
16,861,674
|
|
15,821,397
|
|
15,119,752
|
|
14,685,878
|
|
16,951,566
|
|
14,563,835
|
Total Earning
Assets
|
$ 21,356,432
|
|
$ 21,055,701
|
|
$ 21,032,708
|
|
$ 20,978,382
|
|
$ 20,089,564
|
|
$ 21,149,466
|
|
$ 19,519,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
8,259,625
|
|
$
7,955,765
|
|
$
7,658,451
|
|
$
7,600,284
|
|
$
7,168,717
|
|
$
7,960,149
|
|
$
6,821,256
|
NOW
accounts
|
3,701,045
|
|
3,695,490
|
|
3,684,772
|
|
3,651,595
|
|
3,447,909
|
|
3,693,828
|
|
3,315,803
|
MMDA
|
5,026,815
|
|
5,087,199
|
|
5,240,922
|
|
5,209,653
|
|
4,966,492
|
|
5,117,528
|
|
4,867,509
|
Savings
accounts
|
1,030,298
|
|
1,007,340
|
|
973,724
|
|
928,954
|
|
908,189
|
|
1,003,995
|
|
869,684
|
Retail CDs
|
1,506,761
|
|
1,693,740
|
|
1,774,016
|
|
1,827,852
|
|
1,919,184
|
|
1,657,193
|
|
1,996,413
|
Brokered
CDs
|
—
|
|
—
|
|
—
|
|
—
|
|
511
|
|
—
|
|
835
|
Total
Deposits
|
19,524,544
|
|
19,439,534
|
|
19,331,885
|
|
19,218,338
|
|
18,411,002
|
|
19,432,693
|
|
17,871,500
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
92
|
|
1,854
|
|
4,020
|
|
5,559
|
|
5,133
|
|
1,974
|
|
7,085
|
FHLB
advances
|
94,357
|
|
48,746
|
|
48,786
|
|
48,828
|
|
48,866
|
|
64,130
|
|
48,909
|
Other
borrowings
|
376,942
|
|
376,829
|
|
443,657
|
|
468,058
|
|
376,489
|
|
398,898
|
|
376,376
|
Subordinated
deferrable interest debentures
|
127,560
|
|
127,063
|
|
126,563
|
|
126,067
|
|
125,567
|
|
127,066
|
|
125,073
|
Total Non-Deposit
Funding
|
598,951
|
|
554,492
|
|
623,026
|
|
648,512
|
|
556,055
|
|
592,068
|
|
557,443
|
Total
Funding
|
$ 20,123,495
|
|
$ 19,994,026
|
|
$ 19,954,911
|
|
$ 19,866,850
|
|
$ 18,967,057
|
|
$ 20,024,761
|
|
$ 18,428,943
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income and
Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
27
|
|
$
32
|
|
$
10
|
|
$
9
|
|
$
9
|
|
$
69
|
|
$
33
|
Interest-bearing
deposits in banks
|
7,188
|
|
4,463
|
|
1,373
|
|
1,521
|
|
1,244
|
|
13,024
|
|
2,359
|
Time deposits in other
banks
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
Debt securities -
taxable
|
10,324
|
|
7,064
|
|
4,239
|
|
5,866
|
|
5,296
|
|
21,627
|
|
16,658
|
Debt securities -
nontaxable (TE)
|
459
|
|
341
|
|
235
|
|
198
|
|
176
|
|
1,035
|
|
530
|
Loans held for
sale
|
6,012
|
|
10,036
|
|
8,132
|
|
9,433
|
|
10,618
|
|
24,180
|
|
33,218
|
Loans (TE)
|
211,223
|
|
181,602
|
|
170,398
|
|
162,415
|
|
156,861
|
|
563,223
|
|
475,446
|
Total Earning
Assets
|
$
235,233
|
|
$ 203,538
|
|
$ 184,387
|
|
$ 179,442
|
|
$ 174,204
|
|
$ 623,158
|
|
$ 528,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
(597)
|
|
$
(379)
|
|
$
1,006
|
|
$
2,812
|
|
$
2,948
|
|
$
30
|
|
$
13,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
3,733
|
|
$
1,246
|
|
$
824
|
|
$
864
|
|
$
808
|
|
$
5,803
|
|
$
2,550
|
MMDA
|
8,613
|
|
2,204
|
|
1,643
|
|
1,971
|
|
1,970
|
|
12,460
|
|
5,876
|
Savings
accounts
|
360
|
|
140
|
|
133
|
|
128
|
|
129
|
|
633
|
|
375
|
Retail CDs
|
1,328
|
|
1,318
|
|
1,492
|
|
1,715
|
|
2,195
|
|
4,138
|
|
8,860
|
Brokered
CDs
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
18
|
Total
Interest-Bearing Deposits
|
14,034
|
|
4,908
|
|
4,092
|
|
4,678
|
|
5,106
|
|
23,034
|
|
17,679
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
1
|
|
3
|
|
4
|
|
4
|
|
4
|
|
16
|
FHLB
advances
|
527
|
|
192
|
|
190
|
|
195
|
|
195
|
|
909
|
|
580
|
Other
borrowings
|
4,655
|
|
4,437
|
|
5,164
|
|
5,317
|
|
4,640
|
|
14,256
|
|
13,961
|
Subordinated
deferrable interest debentures
|
2,105
|
|
1,666
|
|
1,381
|
|
1,334
|
|
1,440
|
|
5,152
|
|
4,021
|
Total Non-Deposit
Funding
|
7,287
|
|
6,296
|
|
6,738
|
|
6,850
|
|
6,279
|
|
20,321
|
|
18,578
|
Total
Interest-Bearing Funding
|
$ 21,321
|
|
$
11,204
|
|
$
10,830
|
|
$
11,528
|
|
$
11,385
|
|
$
43,355
|
|
$
36,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(TE)
|
$
213,912
|
|
$ 192,334
|
|
$ 173,557
|
|
$ 167,914
|
|
$ 162,819
|
|
$ 579,803
|
|
$ 491,989
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
2.14 %
|
|
0.73 %
|
|
0.20 %
|
|
0.18 %
|
|
0.18 %
|
|
0.65 %
|
|
0.22 %
|
Interest-bearing
deposits in banks
|
2.04 %
|
|
0.81 %
|
|
0.16 %
|
|
0.16 %
|
|
0.16 %
|
|
0.75 %
|
|
0.12 %
|
Time deposits in other
banks
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
1.64 %
|
Debt securities -
taxable
|
3.30 %
|
|
3.04 %
|
|
2.76 %
|
|
3.33 %
|
|
2.77 %
|
|
3.09 %
|
|
2.70 %
|
Debt securities -
nontaxable (TE)
|
3.98 %
|
|
3.49 %
|
|
3.22 %
|
|
3.47 %
|
|
3.66 %
|
|
3.62 %
|
|
3.76 %
|
Loans held for
sale
|
5.06 %
|
|
4.26 %
|
|
3.01 %
|
|
2.74 %
|
|
2.81 %
|
|
3.87 %
|
|
2.97 %
|
Loans (TE)
|
4.62 %
|
|
4.32 %
|
|
4.37 %
|
|
4.26 %
|
|
4.24 %
|
|
4.44 %
|
|
4.36 %
|
Total Earning
Assets
|
4.37 %
|
|
3.88 %
|
|
3.56 %
|
|
3.39 %
|
|
3.44 %
|
|
3.94 %
|
|
3.62 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
0.40 %
|
|
0.14 %
|
|
0.09 %
|
|
0.09 %
|
|
0.09 %
|
|
0.21 %
|
|
0.10 %
|
MMDA
|
0.68 %
|
|
0.17 %
|
|
0.13 %
|
|
0.15 %
|
|
0.16 %
|
|
0.33 %
|
|
0.16 %
|
Savings
accounts
|
0.14 %
|
|
0.06 %
|
|
0.06 %
|
|
0.05 %
|
|
0.06 %
|
|
0.08 %
|
|
0.06 %
|
Retail CDs
|
0.35 %
|
|
0.31 %
|
|
0.34 %
|
|
0.37 %
|
|
0.45 %
|
|
0.33 %
|
|
0.59 %
|
Brokered
CDs
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
3.11 %
|
|
— %
|
|
2.88 %
|
Total
Interest-Bearing Deposits
|
0.49 %
|
|
0.17 %
|
|
0.14 %
|
|
0.16 %
|
|
0.18 %
|
|
0.27 %
|
|
0.21 %
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
— %
|
|
0.22 %
|
|
0.30 %
|
|
0.29 %
|
|
0.31 %
|
|
0.27 %
|
|
0.30 %
|
FHLB
advances
|
2.22 %
|
|
1.58 %
|
|
1.58 %
|
|
1.58 %
|
|
1.58 %
|
|
1.90 %
|
|
1.59 %
|
Other
borrowings
|
4.90 %
|
|
4.72 %
|
|
4.72 %
|
|
4.51 %
|
|
4.89 %
|
|
4.78 %
|
|
4.96 %
|
Subordinated
deferrable interest debentures
|
6.55 %
|
|
5.26 %
|
|
4.43 %
|
|
4.20 %
|
|
4.55 %
|
|
5.42 %
|
|
4.30 %
|
Total Non-Deposit
Funding
|
4.83 %
|
|
4.55 %
|
|
4.39 %
|
|
4.19 %
|
|
4.48 %
|
|
4.59 %
|
|
4.46 %
|
Total
Interest-Bearing Liabilities
|
0.71 %
|
|
0.37 %
|
|
0.36 %
|
|
0.37 %
|
|
0.38 %
|
|
0.48 %
|
|
0.42 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.66 %
|
|
3.51 %
|
|
3.20 %
|
|
3.02 %
|
|
3.06 %
|
|
3.46 %
|
|
3.20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.97 %
|
|
3.66 %
|
|
3.35 %
|
|
3.18 %
|
|
3.22 %
|
|
3.67 %
|
|
3.37 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
0.42 %
|
|
0.22 %
|
|
0.22 %
|
|
0.23 %
|
|
0.24 %
|
|
0.29 %
|
|
0.26 %
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
|
|
|
|
(2) Rate calculated
based on average earning assets.
|
|
|
|
|
(3) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income
|
Table
9A
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Net income available to
common shareholders
|
$ 92,555
|
|
$ 90,066
|
|
$ 81,698
|
|
$
81,944
|
|
$ 81,680
|
|
$
264,319
|
|
$
294,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
977
|
|
4,023
|
|
183
|
|
977
|
|
183
|
Loss on sale of
MSR
|
316
|
|
—
|
|
—
|
|
—
|
|
—
|
|
316
|
|
—
|
Servicing right
impairment (recovery)
|
(1,332)
|
|
(10,838)
|
|
(9,654)
|
|
(4,540)
|
|
1,398
|
|
(21,824)
|
|
(9,990)
|
Gain on BOLI
proceeds
|
(55)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(55)
|
|
(603)
|
Natural disaster and
pandemic charges
|
151
|
|
—
|
|
—
|
|
—
|
|
—
|
|
151
|
|
—
|
(Gain) loss on bank
premises
|
—
|
|
(39)
|
|
(6)
|
|
(126)
|
|
1,136
|
|
(45)
|
|
636
|
Tax effect of
adjustment items (Note
1)
|
182
|
|
2,284
|
|
2,024
|
|
243
|
|
(536)
|
|
4,490
|
|
1,960
|
After tax adjustment
items
|
(738)
|
|
(8,593)
|
|
(6,659)
|
|
(400)
|
|
2,181
|
|
(15,990)
|
|
(7,814)
|
Adjusted net
income
|
$ 91,817
|
|
$ 81,473
|
|
$ 75,039
|
|
$
81,544
|
|
$
83,861
|
|
$
248,329
|
|
$
287,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares - diluted
|
69,327,414
|
|
69,316,258
|
|
69,660,990
|
|
69,738,426
|
|
69,756,135
|
|
69,427,522
|
|
69,772,084
|
Net income per diluted
share
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
|
$
1.18
|
|
$
1.17
|
|
$
3.81
|
|
$ 4.23
|
Adjusted net income per
diluted share
|
$
1.32
|
|
$
1.18
|
|
$
1.08
|
|
$
1.17
|
|
$
1.20
|
|
$
3.58
|
|
$ 4.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
23,598,465
|
|
$
23,405,201
|
|
$
23,275,654
|
|
$
23,054,847
|
|
$
22,087,642
|
|
$
23,405,411
|
|
$
21,462,501
|
Return on average
assets
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
|
1.41 %
|
|
1.47 %
|
|
1.51 %
|
|
1.84 %
|
Adjusted return on
average assets
|
1.54 %
|
|
1.40 %
|
|
1.31 %
|
|
1.40 %
|
|
1.51 %
|
|
1.42 %
|
|
1.79 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$ 3,123,718
|
|
$ 3,043,280
|
|
$ 2,994,652
|
|
$
2,939,507
|
|
$ 2,874,691
|
|
$ 3,054,356
|
|
$
2,789,979
|
Average tangible common
equity
|
$ 1,987,385
|
|
$ 1,902,265
|
|
$ 1,857,713
|
|
$
1,916,783
|
|
$ 1,884,622
|
|
$ 1,916,262
|
|
$
1,795,984
|
Return on average
common equity
|
11.76 %
|
|
11.87 %
|
|
11.06 %
|
|
11.06 %
|
|
11.27 %
|
|
11.57 %
|
|
14.14 %
|
Adjusted return on
average tangible common equity
|
18.33 %
|
|
17.18 %
|
|
16.38 %
|
|
16.88 %
|
|
17.65 %
|
|
17.33 %
|
|
21.38 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Tax
effect is calculated utilizing a 21% rate for taxable
adjustments. Gain on BOLI proceeds is non-taxable and no tax
effect is included. A portion of the merger and conversion
charges for 1Q22, 4Q21 and 3Q21 are nondeductible for tax
purposes.
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Adjusted Efficiency
Ratio (TE)
|
Table
9B
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Adjusted Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
139,578
|
|
$
142,196
|
|
$
143,820
|
|
$
138,369
|
|
$
137,196
|
|
$
425,594
|
|
$
421,755
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
(977)
|
|
(4,023)
|
|
(183)
|
|
(977)
|
|
(183)
|
Natural disaster and
pandemic charges
|
(151)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(151)
|
|
—
|
Gain (loss) on bank
premises
|
—
|
|
39
|
|
6
|
|
126
|
|
(1,136)
|
|
45
|
|
(636)
|
Adjusted noninterest
expense
|
$
139,427
|
|
$
142,235
|
|
$
142,849
|
|
$
134,472
|
|
$
135,877
|
|
$
424,511
|
|
$
420,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
212,981
|
|
$
191,364
|
|
$
172,544
|
|
$
166,837
|
|
$
161,661
|
|
$
576,889
|
|
$
488,490
|
Noninterest
income
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
76,562
|
|
236,076
|
|
283,775
|
Total
revenue
|
$
278,305
|
|
$
275,205
|
|
$
259,455
|
|
$
248,606
|
|
$
238,223
|
|
$
812,965
|
|
$
772,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
213,912
|
|
$
192,334
|
|
$
173,557
|
|
$
167,914
|
|
$
162,819
|
|
$
579,803
|
|
$
491,989
|
Noninterest
income
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
76,562
|
|
236,076
|
|
283,775
|
Total revenue
(TE)
|
279,236
|
|
276,175
|
|
260,468
|
|
249,683
|
|
239,381
|
|
815,879
|
|
775,764
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
21
|
|
(248)
|
|
27
|
|
4
|
|
(530)
|
|
(200)
|
|
(519)
|
Loss on sale of
MSR
|
316
|
|
—
|
|
—
|
|
—
|
|
—
|
|
316
|
|
—
|
Gain on BOLI
proceeds
|
(55)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(55)
|
|
(603)
|
Servicing right
impairment (recovery)
|
(1,332)
|
|
(10,838)
|
|
(9,654)
|
|
(4,540)
|
|
1,398
|
|
(21,824)
|
|
(9,990)
|
Adjusted total revenue
(TE)
|
$
278,186
|
|
$
265,089
|
|
$
250,841
|
|
$
245,147
|
|
$
240,249
|
|
$
794,116
|
|
$
764,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
50.15 %
|
|
51.67 %
|
|
55.43 %
|
|
55.66 %
|
|
57.59 %
|
|
52.35 %
|
|
54.61 %
|
Adjusted efficiency
ratio (TE)
|
50.06 %
|
|
53.66 %
|
|
56.95 %
|
|
54.85 %
|
|
56.56 %
|
|
53.44 %
|
|
55.05 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Total shareholders'
equity
|
$
3,119,070
|
|
$
3,073,376
|
|
$
3,007,159
|
|
$
2,966,451
|
|
$
2,900,770
|
|
$
3,119,070
|
|
$
2,900,770
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
928,005
|
|
1,023,071
|
|
928,005
|
Other intangibles,
net
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
60,396
|
|
110,903
|
|
60,396
|
Total tangible
shareholders' equity
|
$
1,985,096
|
|
$
1,934,707
|
|
$
1,864,057
|
|
$
1,827,893
|
|
$
1,912,369
|
|
$
1,985,096
|
|
$
1,912,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,352,709
|
|
69,360,461
|
|
69,439,084
|
|
69,609,228
|
|
69,635,435
|
|
69,352,709
|
|
69,635,435
|
Book value per share
(period end)
|
$ 44.97
|
|
$ 44.31
|
|
$ 43.31
|
|
$ 42.62
|
|
$ 41.66
|
|
$ 44.97
|
|
$ 41.66
|
Tangible book value per
share (period end)
|
$ 28.62
|
|
$ 27.89
|
|
$ 26.84
|
|
$ 26.26
|
|
$ 27.46
|
|
$ 28.62
|
|
$ 27.46
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
174,507
|
|
$
152,122
|
|
$
133,745
|
|
$
120,572
|
|
$
113,524
|
|
$
460,374
|
|
$
337,010
|
Provision for credit
losses
|
10,551
|
|
10,175
|
|
5,226
|
|
4,565
|
|
(9,578)
|
|
25,952
|
|
(37,431)
|
Noninterest
income
|
23,269
|
|
23,469
|
|
21,364
|
|
18,859
|
|
17,896
|
|
68,102
|
|
50,805
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
48,599
|
|
46,733
|
|
49,195
|
|
36,522
|
|
40,020
|
|
144,527
|
|
120,557
|
Occupancy and
equipment expenses
|
11,357
|
|
11,168
|
|
11,074
|
|
11,699
|
|
10,196
|
|
33,599
|
|
29,366
|
Data processing and
telecommunications expenses
|
10,779
|
|
10,863
|
|
11,230
|
|
10,162
|
|
9,159
|
|
32,872
|
|
29,640
|
Other noninterest
expenses
|
22,974
|
|
21,123
|
|
20,045
|
|
24,048
|
|
21,723
|
|
64,142
|
|
60,196
|
Total noninterest
expense
|
93,709
|
|
89,887
|
|
91,544
|
|
82,431
|
|
81,098
|
|
275,140
|
|
239,759
|
Income before income
tax expense
|
93,516
|
|
75,529
|
|
58,339
|
|
52,435
|
|
59,900
|
|
227,384
|
|
185,487
|
Income tax
expense
|
22,706
|
|
19,120
|
|
16,996
|
|
14,010
|
|
17,784
|
|
58,822
|
|
50,436
|
Net income
|
$
70,810
|
|
$
56,409
|
|
$
41,343
|
|
$
38,425
|
|
$
42,116
|
|
$
168,562
|
|
$
135,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
19,283
|
|
$
20,779
|
|
$
19,295
|
|
$
19,912
|
|
$
21,289
|
|
$
59,357
|
|
$
62,806
|
Provision for credit
losses
|
9,043
|
|
4,499
|
|
1,587
|
|
175
|
|
1,678
|
|
15,129
|
|
2,772
|
Noninterest
income
|
38,584
|
|
57,795
|
|
61,649
|
|
59,650
|
|
55,555
|
|
158,028
|
|
222,250
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
25,813
|
|
31,219
|
|
31,614
|
|
36,787
|
|
36,373
|
|
88,646
|
|
131,009
|
Occupancy and
equipment expenses
|
1,460
|
|
1,406
|
|
1,471
|
|
1,587
|
|
1,590
|
|
4,337
|
|
4,619
|
Data processing and
telecommunications expenses
|
1,082
|
|
1,123
|
|
1,172
|
|
1,213
|
|
1,357
|
|
3,377
|
|
4,338
|
Other noninterest
expenses
|
11,641
|
|
12,812
|
|
12,645
|
|
10,793
|
|
11,675
|
|
37,098
|
|
27,502
|
Total noninterest
expense
|
39,996
|
|
46,560
|
|
46,902
|
|
50,380
|
|
50,995
|
|
133,458
|
|
167,468
|
Income before income
tax expense
|
8,828
|
|
27,515
|
|
32,455
|
|
29,007
|
|
24,171
|
|
68,798
|
|
114,816
|
Income tax
expense
|
1,854
|
|
5,779
|
|
6,815
|
|
6,092
|
|
5,076
|
|
14,448
|
|
24,111
|
Net income
|
$ 6,974
|
|
$
21,736
|
|
$
25,640
|
|
$
22,915
|
|
$
19,095
|
|
$
54,350
|
|
$
90,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 6,979
|
|
$ 6,700
|
|
$ 6,447
|
|
$ 8,063
|
|
$ 8,712
|
|
$
20,126
|
|
$
27,338
|
Provision for credit
losses
|
(1,836)
|
|
867
|
|
(222)
|
|
77
|
|
(291)
|
|
(1,191)
|
|
(591)
|
Noninterest
income
|
1,516
|
|
1,041
|
|
1,401
|
|
1,253
|
|
1,037
|
|
3,958
|
|
3,350
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,055
|
|
208
|
|
283
|
|
258
|
|
264
|
|
1,546
|
|
872
|
Occupancy and
equipment expenses
|
1
|
|
1
|
|
1
|
|
1
|
|
—
|
|
3
|
|
2
|
Data processing and
telecommunications expenses
|
43
|
|
48
|
|
47
|
|
56
|
|
59
|
|
138
|
|
176
|
Other noninterest
expenses
|
209
|
|
212
|
|
218
|
|
227
|
|
200
|
|
639
|
|
263
|
Total noninterest
expense
|
1,308
|
|
469
|
|
549
|
|
542
|
|
523
|
|
2,326
|
|
1,313
|
Income before income
tax expense
|
9,023
|
|
6,405
|
|
7,521
|
|
8,697
|
|
9,517
|
|
22,949
|
|
29,966
|
Income tax
expense
|
1,895
|
|
1,346
|
|
1,579
|
|
1,827
|
|
1,999
|
|
4,820
|
|
6,293
|
Net income
|
$ 7,128
|
|
$ 5,059
|
|
$ 5,942
|
|
$ 6,870
|
|
$ 7,518
|
|
$
18,129
|
|
$
23,673
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 2,424
|
|
$ 3,798
|
|
$ 6,011
|
|
$
11,319
|
|
$
10,699
|
|
$
12,233
|
|
$
40,216
|
Provision for credit
losses
|
52
|
|
(523)
|
|
(143)
|
|
(663)
|
|
(1,104)
|
|
(614)
|
|
(2,258)
|
Noninterest
income
|
1,946
|
|
1,526
|
|
2,491
|
|
2,002
|
|
2,070
|
|
5,963
|
|
7,358
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,412
|
|
1,316
|
|
1,271
|
|
1,217
|
|
1,320
|
|
3,999
|
|
3,639
|
Occupancy and
equipment expenses
|
82
|
|
81
|
|
99
|
|
121
|
|
116
|
|
262
|
|
354
|
Data processing and
telecommunications expenses
|
29
|
|
29
|
|
28
|
|
28
|
|
18
|
|
86
|
|
19
|
Other noninterest
expenses
|
100
|
|
539
|
|
380
|
|
645
|
|
370
|
|
1,019
|
|
949
|
Total noninterest
expense
|
1,623
|
|
1,965
|
|
1,778
|
|
2,011
|
|
1,824
|
|
5,366
|
|
4,961
|
Income before income
tax expense
|
2,695
|
|
3,882
|
|
6,867
|
|
11,973
|
|
12,049
|
|
13,444
|
|
44,871
|
Income tax
expense
|
566
|
|
815
|
|
1,442
|
|
2,514
|
|
2,530
|
|
2,823
|
|
9,423
|
Net income
|
$ 2,129
|
|
$ 3,067
|
|
$ 5,425
|
|
$ 9,459
|
|
$ 9,519
|
|
$
10,621
|
|
$
35,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 9,788
|
|
$ 7,965
|
|
$ 7,046
|
|
$ 6,971
|
|
$ 7,437
|
|
$
24,799
|
|
$
21,120
|
Provision for credit
losses
|
(158)
|
|
(94)
|
|
(217)
|
|
(1,395)
|
|
(380)
|
|
(469)
|
|
(616)
|
Noninterest
income
|
9
|
|
10
|
|
6
|
|
5
|
|
4
|
|
25
|
|
12
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,818
|
|
2,069
|
|
1,918
|
|
1,831
|
|
1,694
|
|
5,805
|
|
5,084
|
Occupancy and
equipment expenses
|
83
|
|
90
|
|
82
|
|
86
|
|
77
|
|
255
|
|
231
|
Data processing and
telecommunications expenses
|
82
|
|
92
|
|
95
|
|
75
|
|
88
|
|
269
|
|
269
|
Other noninterest
expenses
|
959
|
|
1,064
|
|
952
|
|
1,013
|
|
897
|
|
2,975
|
|
2,670
|
Total noninterest
expense
|
2,942
|
|
3,315
|
|
3,047
|
|
3,005
|
|
2,756
|
|
9,304
|
|
8,254
|
Income before income
tax expense
|
7,013
|
|
4,754
|
|
4,222
|
|
5,366
|
|
5,065
|
|
15,989
|
|
13,494
|
Income tax
expense
|
1,499
|
|
959
|
|
874
|
|
1,091
|
|
1,633
|
|
3,332
|
|
3,402
|
Net income
|
$ 5,514
|
|
$ 3,795
|
|
$ 3,348
|
|
$ 4,275
|
|
$ 3,432
|
|
$
12,657
|
|
$
10,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
212,981
|
|
$
191,364
|
|
$
172,544
|
|
$
166,837
|
|
$
161,661
|
|
$
576,889
|
|
$
488,490
|
Provision for credit
losses
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
(9,675)
|
|
38,807
|
|
(38,124)
|
Noninterest
income
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
76,562
|
|
236,076
|
|
283,775
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
78,697
|
|
81,545
|
|
84,281
|
|
76,615
|
|
79,671
|
|
244,523
|
|
261,161
|
Occupancy and
equipment expenses
|
12,983
|
|
12,746
|
|
12,727
|
|
13,494
|
|
11,979
|
|
38,456
|
|
34,572
|
Data processing and
telecommunications expenses
|
12,015
|
|
12,155
|
|
12,572
|
|
11,534
|
|
10,681
|
|
36,742
|
|
34,442
|
Other noninterest
expenses
|
35,883
|
|
35,750
|
|
34,240
|
|
36,726
|
|
34,865
|
|
105,873
|
|
91,580
|
Total noninterest
expense
|
139,578
|
|
142,196
|
|
143,820
|
|
138,369
|
|
137,196
|
|
425,594
|
|
421,755
|
Income before income
tax expense
|
121,075
|
|
118,085
|
|
109,404
|
|
107,478
|
|
110,702
|
|
348,564
|
|
388,634
|
Income tax
expense
|
28,520
|
|
28,019
|
|
27,706
|
|
25,534
|
|
29,022
|
|
84,245
|
|
93,665
|
Net income
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
|
$
81,944
|
|
$
81,680
|
|
$
264,319
|
|
$
294,969
|
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SOURCE Ameris Bancorp