Highlights of the Company's results for the full year 2022
include the following:
- Net income of $346.5 million, or
$4.99 per diluted share
- Growth in tangible book value(1) of $3.66 per share, or 13.9%, to $29.92 at December 31,
2022
- Improvement in net interest margin of 44bps, from 3.32% for
2021 to 3.76% for 2022
- Growth in total revenue of $64.6
million, or 6.3%, to $1.09
billion this year
- Adjusted efficiency ratio(1) of 52.54%, compared
with 55.00% last year
- Organic growth in loans of $3.51
billion, or 22.1%
- Growth in TCE ratio(1) of 62bps, or 7.7%, to 8.67%
at December 31, 2022
- Growth in noninterest-bearing deposits, representing 40.74% of
total deposits, from 39.54% a year ago
Significant items from the Company's results for the fourth
quarter of 2022 include the following:
- Net income of $82.2 million, or
$1.18 per diluted share
- Growth in tangible book value(1) of $1.30 per share, or 18.0% annualized, to
$29.92 at December 31, 2022
- Improvement in net interest margin of 6bps, from 3.97% last
quarter to 4.03% this quarter
- Growth in net interest income of $11.2
million, or 5.2%, to $224.1
million for the fourth quarter of 2022
- Adjusted return on average assets(1) of 1.32%
- Adjusted return on average tangible common equity(1)
of 15.78%
ATLANTA, Jan. 26,
2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB)
(the "Company") today reported net income of $82.2 million, or $1.18 per diluted share, for the quarter ended
December 31, 2022, compared with
$81.9 million, or $1.18 per diluted share, for the quarter ended
December 31, 2021. The Company
reported adjusted net income(1) of $81.1 million, or $1.17 per diluted share, for the quarter ended
December 31, 2022, compared with
$81.5 million, or $1.17 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, gain/loss on sale of mortgage servicing rights ("MSR")
and gain/loss on sale of bank premises.
For the year ended December 31,
2022, the Company reported net income of $346.5 million, or $4.99 per diluted share, compared with
$376.9 million, or $5.40 per diluted share, for 2021. The
Company reported adjusted net income(1) of $329.4 million, or $4.75 per diluted share, for the year ended
December 31, 2022, compared with
$368.7 million, or $5.29 per diluted share, for 2021. Adjusted
net income for the year excludes the same items listed above for
the fourth quarter.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "The strong financial results we are reporting today
are a direct result of our team's continued focus and
discipline. The fourth quarter was another strong quarter
where we grew tangible book value, expanded the margin, protected
our balance sheet and improved our efficiency ratio. The
additional provision for credit losses we recorded this quarter is
attributable to loan growth and the economic forecast and
strengthens our position as we move into 2023. Despite
forecasted challenging economic conditions and potential market
volatility, we are well positioned for 2023 as we focus on core
fundamentals in our strong Southeastern markets."
Increase in Net Interest Income and Net Interest
Margin
Net interest income on a tax-equivalent basis for 2022 increased
to $804.9 million, compared with
$659.9 million for 2021. The
Company's net interest margin was 3.76% for 2022, an increase from
3.32% reported for 2021. The Company recorded accretion expense of
$285,000 for 2022, compared with
accretion income of $16.3 million for
2021. The increase in net interest margin is primarily attributable
to deployment of excess liquidity in the loan and securities
portfolios during the year, along with the rising interest rate
environment.
Net interest income on a tax-equivalent basis (TE) grew to
$225.1 million in the fourth quarter
of 2022, an increase of $11.2
million, or 5.2%, from last quarter and $57.2 million, or 34.1%, compared with the fourth
quarter of 2021. The Company's net interest margin improved
to 4.03% for the fourth quarter of 2022, up from 3.97% reported for
the third quarter of 2022 and 3.18% reported for the fourth quarter
of 2021.
Yields on earning assets increased 54 basis points during the
quarter to 4.91%, compared with 4.37% in the third quarter of 2022,
and increased 152 basis points from 3.39% in the fourth quarter of
2021. Yields on loans increased to 5.07% during the fourth
quarter of 2022, compared with 4.62% for the third quarter of 2022
and 4.26% for the fourth quarter of 2021. In addition, the Company
incurred net accretion expense in the fourth quarter of
$315,000, compared with $597,000 in the third quarter of 2022 and
accretion income of $2.8 million for
the fourth quarter of 2021.
Loan production in the banking division during the fourth
quarter of 2022 was $612.9 million,
with weighted average yields of 7.92%, compared with $1.12 billion and 6.26%, respectively, in the
third quarter of 2022 and $1.15
billion and 3.35%, respectively, in the fourth quarter of
2021. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $3.6
billion during the fourth quarter of 2022, with weighted
average yields of 6.06%, compared with $4.6
billion and 5.29%, respectively, during the third quarter of
2022 and $5.5 billion and 3.43%,
respectively, during the fourth quarter of
2021.
The Company's total cost of funds was 0.94% in the fourth
quarter of 2022, an increase of 52 basis points compared with the
third quarter of 2022. Deposit costs increased 39 basis point
during the fourth quarter of 2022 to 0.68%, compared with 0.29% in
the third quarter of 2022. Costs of interest-bearing deposits
increased during the quarter from 0.49% in the third quarter of
2022 to 1.17% in the fourth quarter of 2022, reflecting deposit
pricing adjustments made at the end of the third quarter and during
the fourth quarter.
Noninterest Income
Noninterest income decreased $17.0
million, or 26.0%, in the fourth quarter of 2022 to
$48.3 million, compared with
$65.3 million for the third quarter
of 2022, primarily as a result of decreased mortgage banking
activity, which declined by $17.5
million, or 43.4%, to $22.9
million in the fourth quarter of 2022, compared with
$40.4 million for the third quarter
of 2022. Gain on sale spreads decreased to 1.26% in the
fourth quarter of 2022 from 2.10% for the third quarter of 2022.
Total production in the retail mortgage division decreased to
$947.3 million in the fourth
quarter of 2022, compared with $1.26
billion for the third quarter of 2022. The retail mortgage
open pipeline was $507.1 million at
the end of the fourth quarter of 2022, compared with $520.0 million at September 30, 2022. Mortgage banking
activity included a $1.3 million
recovery of servicing right impairment and a $316,000 loss on sale of MSR recorded in the
third quarter of 2022, compared with a $1.7
million gain on sale of MSR for the fourth quarter of
2022.
For the full year 2022, noninterest income decreased
$81.1 million, or 22.2%, to
$284.4 million, compared with
$365.5 million for 2021, primarily as
a result of decreased mortgage banking activity, which declined by
$101.0 million, or 35.3%, to
$184.9 million in 2022, compared with
$285.9 million in 2021.
Production in the retail mortgage division decreased to
$5.5 billion in 2022, compared with
$8.9 billion in 2021, while gain on
sale spreads narrowed to 2.27% in 2022 from 3.31% in 2021.
Other noninterest income increased $21.1
million, or 70.7%, to $50.9
million for 2022, compared with $29.8
million for 2021, primarily as a result of an $18.1 million increase in noninterest income in
our equipment finance division of the bank. Also contributing
to the increase were increases of $1.9
million in both BOLI income and swap fee income.
Noninterest Expense
Noninterest expense decreased $4.5
million, or 3.2%, to $135.1
million during the fourth quarter of 2022, compared with
$139.6 million for the third quarter
of 2022. During the fourth quarter of 2022, the Company
recorded merger and conversion charges of $235,000, compared with natural disaster and
pandemic charges of $151,000 during
the third quarter of 2022. Excluding those charges, adjusted
expenses(1) decreased approximately $4.6 million, or 3.3%, to $134.8 million in the fourth quarter of 2022,
from $139.4 million in the third
quarter of 2022. The decrease in adjusted
expenses(1) resulted from a $7.3
million decline in mortgage expenses related to reduced
production, offset by a $3.0 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 49.92% in the
fourth quarter of 2022, compared with 50.06% in the third quarter
of 2022.
For the full year 2022, noninterest expense increased
$531,000 to $560.7 million, compared with $560.1 million in 2021. During 2022, the Company
recorded $1.3 million of charges to
earnings, the majority of which related to merger and conversion
charges, compared with $4.7 million
in charges in 2021 that were principally related to merger and
conversion charges. Excluding these charges, adjusted expenses
increased $3.9 million, or 0.7%, to
$559.3 million in 2022, from
$555.4 million in 2021. This increase
is primarily attributable to expansion of our equipment finance
division in December 2021, partially
offset by a reduction in variable expenses related to mortgage
production.
Income Tax Expense
The Company's effective tax rate for 2022 was 23.5%, compared
with 24.0% in 2021. The Company's effective tax rate for the
fourth quarter of 2022 was 21.3%, compared with 23.6% in the third
quarter of 2022. The decreased rate for the fourth quarter of
2022 was primarily a result of the impact of state rates applied to
the Company's deferred tax asset.
Balance Sheet Trends
Total assets at December 31, 2022
were $25.05 billion, compared with
$23.86 billion at December 31, 2021. 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
$907.4 million, or 153.1%, from
$592.6 million at December 31, 2021 to $1.50
billion at December 31,
2022. Loans, net of unearned income, increased $3.98 billion, or 25.1%, to $19.86 billion at December
31, 2022, compared with $15.87
billion at December 31,
2021. Organic loan growth in the fourth quarter of 2022 was
$576.1 million, or 12.3% annualized,
which was diversified across the portfolio, including commercial
and industrial, residential mortgages, construction and mortgage
warehouse. The Company purchased approximately $472 million of cash value life insurance secured
loans during the fourth quarter of 2022, complementing our existing
offerings of this product. Loans held for sale decreased
$862.6 million from $1.25 billion at December
31, 2021 to $392.1 million at
December 31, 2022 due to a decline in
mortgage activity resulting from the rising rate environment.
At December 31, 2022, total
deposits amounted to $19.46 billion,
or 90.7% of total funding, compared with $19.67 billion and 95.8%, respectively, at
December 31, 2021. At
December 31, 2022,
noninterest-bearing deposit accounts were $7.93 billion, or 40.7% 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 $12.80 billion at December
31, 2022, compared with $12.52
billion at December 31,
2021. These funds represented 65.7% of the Company's total
deposits at December 31, 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 December 31,
2022 totaled $3.20 billion, an
increase of $230.9 million, or 7.8%,
from December 31, 2021. The
increase in shareholders' equity was primarily the result of
earnings of $346.5 million during
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 $1.30
per share, or 18.0% annualized, during the fourth quarter to
$29.92 at December 31, 2022. The Company recorded an
improvement of $0.06 per share of
tangible book value(1) this quarter from other
comprehensive income related to the decrease in net unrealized
losses on the securities portfolio. For the year-to-date
period, tangible book value per share(1) increased
$3.66, or 13.9%, to $29.92 at December 31,
2022, compared with $26.26 at
December 31, 2021. Tangible
common equity as a percentage of tangible assets was 8.67% at
December 31, 2022, compared with
8.05% at the end of 2021.
Credit Quality
Credit quality remains strong in the Company. During the
fourth quarter of 2022, the Company recorded a provision for credit
losses of $32.9 million, compared
with a provision of $17.7 million in
the third quarter of 2022. The fourth quarter provision was
primarily attributable to loan growth of $1.05 billion during the quarter, the updated
economic forecast and the related impacts to unfunded
commitments. Nonperforming assets as a percentage of total
assets increased six basis points to 0.61% during the
quarter. Approximately $69.6
million, or 45.3%, of the nonperforming assets at
December 31, 2022 were
GNMA-guaranteed mortgage loans, which have minimal loss
exposure. Excluding these government-guaranteed loans,
nonperforming assets as a percentage of total assets were only
0.34% at December 31, 2022, compared
with 0.32% at September 30,
2022. The net charge-off ratio was eight basis points
for the fourth quarter of 2022, compared with 11 basis points in
the third quarter of 2022 and a net recovery of one basis point in
the fourth quarter of 2021.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 27,
2023, 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
929912. A replay of the call will be available one hour after
the end of the conference call until February 10, 2023. To listen to the replay,
dial 1-866-813-9403. The conference replay access code is
597631. 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.
(1)Considered non-GAAP financial measure - See
reconciliation of GAAP to non-GAAP financial measures in tables 9A
- 9D
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 financial 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 financial 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 financial 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
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
|
$
81,944
|
|
$
346,540
|
|
$
376,913
|
Adjusted net
income
|
$
81,086
|
|
$
91,817
|
|
$
81,473
|
|
$
75,039
|
|
$
81,544
|
|
$
329,415
|
|
$
368,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.19
|
|
$
1.34
|
|
$
1.30
|
|
$
1.18
|
|
$
1.18
|
|
$
5.01
|
|
$
5.43
|
Diluted
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
|
$
1.18
|
|
$
4.99
|
|
$
5.40
|
Adjusted diluted
EPS(1)
|
$
1.17
|
|
$
1.32
|
|
$
1.18
|
|
$
1.08
|
|
$
1.17
|
|
$
4.75
|
|
$
5.29
|
Cash dividends per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.60
|
|
$
0.60
|
Book value per share
(period end)
|
$ 46.09
|
|
$ 44.97
|
|
$ 44.31
|
|
$ 43.31
|
|
$ 42.62
|
|
$ 46.09
|
|
$ 42.62
|
Tangible book value
per share (period end)(1)
|
$ 29.92
|
|
$ 28.62
|
|
$ 27.89
|
|
$ 26.84
|
|
$ 26.26
|
|
$ 29.92
|
|
$ 26.26
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
69,138,431
|
|
69,124,855
|
|
69,136,046
|
|
69,345,735
|
|
69,398,594
|
|
69,193,591
|
|
69,431,860
|
Diluted
|
69,395,224
|
|
69,327,414
|
|
69,316,258
|
|
69,660,990
|
|
69,738,426
|
|
69,419,721
|
|
69,761,394
|
Period end number of
shares
|
69,369,050
|
|
69,352,709
|
|
69,360,461
|
|
69,439,084
|
|
69,609,228
|
|
69,369,050
|
|
69,608,228
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$ 54.24
|
|
$ 50.94
|
|
$ 46.28
|
|
$ 55.62
|
|
$ 56.64
|
|
$ 55.62
|
|
$ 59.85
|
Low intraday
price
|
$ 44.61
|
|
$ 38.22
|
|
$ 39.37
|
|
$ 43.56
|
|
$ 46.20
|
|
$ 38.22
|
|
$ 36.60
|
Period end
closing price
|
$ 47.14
|
|
$ 44.71
|
|
$ 40.18
|
|
$ 43.88
|
|
$ 49.68
|
|
$ 47.14
|
|
$ 49.68
|
Average daily
volume
|
$
340,890
|
|
$
346,522
|
|
$
446,121
|
|
$
471,858
|
|
$
350,119
|
|
$
400,670
|
|
$
407,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
|
1.41 %
|
|
1.47 %
|
|
1.73 %
|
Adjusted return on
average assets(1)
|
1.32 %
|
|
1.54 %
|
|
1.40 %
|
|
1.31 %
|
|
1.40 %
|
|
1.39 %
|
|
1.69 %
|
Return on average
common equity
|
10.30 %
|
|
11.76 %
|
|
11.87 %
|
|
11.06 %
|
|
11.06 %
|
|
11.24 %
|
|
13.33 %
|
Adjusted return on
average tangible common equity(1)
|
15.78 %
|
|
18.33 %
|
|
17.18 %
|
|
16.38 %
|
|
16.88 %
|
|
16.92 %
|
|
20.19 %
|
Earning asset yield
(TE)
|
4.91 %
|
|
4.37 %
|
|
3.88 %
|
|
3.56 %
|
|
3.39 %
|
|
4.19 %
|
|
3.56 %
|
Total cost of
funds
|
0.94 %
|
|
0.42 %
|
|
0.22 %
|
|
0.22 %
|
|
0.23 %
|
|
0.46 %
|
|
0.25 %
|
Net interest margin
(TE)
|
4.03 %
|
|
3.97 %
|
|
3.66 %
|
|
3.35 %
|
|
3.18 %
|
|
3.76 %
|
|
3.32 %
|
Noninterest income
excluding securities transactions, as a percent of total revenue
(TE)
|
14.97 %
|
|
21.74 %
|
|
29.09 %
|
|
32.05 %
|
|
31.31 %
|
|
24.04 %
|
|
34.01 %
|
Efficiency
ratio
|
49.57 %
|
|
50.15 %
|
|
51.67 %
|
|
55.43 %
|
|
55.66 %
|
|
51.65 %
|
|
54.87 %
|
Adjusted efficiency
ratio (TE)(1)
|
49.92 %
|
|
50.06 %
|
|
53.66 %
|
|
56.95 %
|
|
54.85 %
|
|
52.54 %
|
|
55.00 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
|
12.43 %
|
|
12.76 %
|
|
12.43 %
|
Tangible common equity
to tangible assets(1)
|
8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
8.05 %
|
|
8.67 %
|
|
8.05 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
2,079
|
|
2,071
|
|
2,050
|
|
2,033
|
|
2,008
|
|
2,079
|
|
2,008
|
Retail Mortgage
Division
|
633
|
|
671
|
|
712
|
|
714
|
|
739
|
|
633
|
|
739
|
Warehouse
Lending Division
|
8
|
|
9
|
|
9
|
|
10
|
|
12
|
|
8
|
|
12
|
SBA
Division
|
39
|
|
40
|
|
36
|
|
35
|
|
34
|
|
39
|
|
34
|
Premium Finance
Division
|
76
|
|
77
|
|
78
|
|
77
|
|
72
|
|
76
|
|
72
|
Total Ameris
Bancorp FTE headcount
|
2,835
|
|
2,868
|
|
2,885
|
|
2,869
|
|
2,865
|
|
2,835
|
|
2,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
12,051
|
|
$
11,499
|
|
$
11,555
|
|
$
11,589
|
|
$
11,882
|
|
$
12,051
|
|
$
11,882
|
Branch
locations
|
164
|
|
164
|
|
164
|
|
165
|
|
165
|
|
164
|
|
165
|
Deposits per branch
location
|
$
118,675
|
|
$
118,701
|
|
$
120,030
|
|
$
118,718
|
|
$
119,185
|
|
$
118,675
|
|
$
119,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 250,263
|
|
$ 216,400
|
|
$ 190,740
|
|
$ 177,566
|
|
$ 170,813
|
|
$ 834,969
|
|
$ 676,089
|
Interest on taxable
securities
|
13,029
|
|
10,324
|
|
7,064
|
|
4,239
|
|
5,866
|
|
34,656
|
|
22,524
|
Interest on nontaxable
securities
|
358
|
|
363
|
|
269
|
|
186
|
|
156
|
|
1,176
|
|
575
|
Interest on deposits in
other banks
|
9,984
|
|
7,188
|
|
4,463
|
|
1,373
|
|
1,521
|
|
23,008
|
|
3,882
|
Interest on federal
funds sold
|
8
|
|
27
|
|
32
|
|
10
|
|
9
|
|
77
|
|
42
|
Total interest
income
|
273,642
|
|
234,302
|
|
202,568
|
|
183,374
|
|
178,365
|
|
893,886
|
|
703,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
33,071
|
|
14,034
|
|
4,908
|
|
4,092
|
|
4,678
|
|
56,105
|
|
22,357
|
Interest on other
borrowings
|
16,434
|
|
7,287
|
|
6,296
|
|
6,738
|
|
6,850
|
|
36,755
|
|
25,428
|
Total interest
expense
|
49,505
|
|
21,321
|
|
11,204
|
|
10,830
|
|
11,528
|
|
92,860
|
|
47,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
224,137
|
|
212,981
|
|
191,364
|
|
172,544
|
|
166,837
|
|
801,026
|
|
655,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
24,648
|
|
17,469
|
|
13,227
|
|
(2,734)
|
|
(13,619)
|
|
52,610
|
|
(35,081)
|
Provision for unfunded
commitments
|
8,246
|
|
192
|
|
1,779
|
|
9,009
|
|
16,388
|
|
19,226
|
|
332
|
Provision for other
credit losses
|
(4)
|
|
(9)
|
|
(82)
|
|
(44)
|
|
(10)
|
|
(139)
|
|
(616)
|
Provision for credit
losses
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
71,697
|
|
(35,365)
|
Net interest income
after provision for credit losses
|
191,247
|
|
195,329
|
|
176,440
|
|
166,313
|
|
164,078
|
|
729,329
|
|
690,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
11,125
|
|
11,168
|
|
11,148
|
|
11,058
|
|
11,784
|
|
44,499
|
|
45,106
|
Mortgage banking
activity
|
22,855
|
|
40,350
|
|
58,761
|
|
62,938
|
|
60,723
|
|
184,904
|
|
285,900
|
Other service charges,
commissions and fees
|
968
|
|
970
|
|
998
|
|
939
|
|
962
|
|
3,875
|
|
4,188
|
Gain (loss) on
securities
|
3
|
|
(21)
|
|
248
|
|
(27)
|
|
(4)
|
|
203
|
|
515
|
Other noninterest
income
|
13,397
|
|
12,857
|
|
12,686
|
|
12,003
|
|
8,304
|
|
50,943
|
|
29,835
|
Total noninterest
income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
75,196
|
|
78,697
|
|
81,545
|
|
84,281
|
|
76,615
|
|
319,719
|
|
337,776
|
Occupancy and
equipment
|
12,905
|
|
12,983
|
|
12,746
|
|
12,727
|
|
13,494
|
|
51,361
|
|
48,066
|
Data processing and
communications expenses
|
12,486
|
|
12,015
|
|
12,155
|
|
12,572
|
|
11,534
|
|
49,228
|
|
45,976
|
Credit
resolution-related expenses(1)
|
372
|
|
126
|
|
496
|
|
(965)
|
|
1,992
|
|
29
|
|
3,538
|
Advertising and
marketing
|
3,818
|
|
3,553
|
|
3,122
|
|
1,988
|
|
2,381
|
|
12,481
|
|
8,434
|
Amortization of
intangible assets
|
4,709
|
|
4,710
|
|
5,144
|
|
5,181
|
|
3,387
|
|
19,744
|
|
14,965
|
Merger and conversion
charges
|
235
|
|
—
|
|
—
|
|
977
|
|
4,023
|
|
1,212
|
|
4,206
|
Other noninterest
expenses
|
25,340
|
|
27,494
|
|
26,988
|
|
27,059
|
|
24,943
|
|
106,881
|
|
97,163
|
Total noninterest
expense
|
135,061
|
|
139,578
|
|
142,196
|
|
143,820
|
|
138,369
|
|
560,655
|
|
560,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
104,534
|
|
121,075
|
|
118,085
|
|
109,404
|
|
107,478
|
|
453,098
|
|
496,112
|
Income tax
expense
|
22,313
|
|
28,520
|
|
28,019
|
|
27,706
|
|
25,534
|
|
106,558
|
|
119,199
|
Net
income
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
|
$
81,944
|
|
$ 346,540
|
|
$ 376,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
|
$
1.18
|
|
$
4.99
|
|
$
5.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 284,567
|
|
$ 269,193
|
|
$ 345,627
|
|
$ 257,316
|
|
$ 307,813
|
Federal funds sold and
interest-bearing deposits in banks
|
833,565
|
|
1,061,975
|
|
1,961,209
|
|
3,541,144
|
|
3,756,844
|
Debt securities
available-for-sale, at fair value
|
1,500,060
|
|
1,255,149
|
|
1,052,268
|
|
579,204
|
|
592,621
|
Debt securities
held-to-maturity, at amortized cost
|
134,864
|
|
130,214
|
|
111,654
|
|
91,454
|
|
79,850
|
Other
investments
|
110,992
|
|
60,560
|
|
49,500
|
|
49,395
|
|
47,552
|
Loans held for
sale
|
392,078
|
|
297,987
|
|
555,665
|
|
901,550
|
|
1,254,632
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income
|
19,855,253
|
|
18,806,856
|
|
17,561,022
|
|
16,143,801
|
|
15,874,258
|
Allowance for credit
losses
|
(205,677)
|
|
(184,891)
|
|
(172,642)
|
|
(161,251)
|
|
(167,582)
|
Loans,
net
|
19,649,576
|
|
18,621,965
|
|
17,388,380
|
|
15,982,550
|
|
15,706,676
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
843
|
|
843
|
|
835
|
|
1,910
|
|
3,810
|
Premises and equipment,
net
|
220,283
|
|
222,694
|
|
224,249
|
|
224,293
|
|
225,400
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
Other intangible
assets, net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
Cash value of bank
owned life insurance
|
388,405
|
|
386,533
|
|
384,862
|
|
332,914
|
|
331,146
|
Other assets
|
416,213
|
|
372,570
|
|
474,552
|
|
455,460
|
|
413,419
|
Total
assets
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
$ 23,858,321
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
7,929,579
|
|
$
8,343,200
|
|
$
8,262,929
|
|
$
7,870,207
|
|
$
7,774,823
|
Interest-bearing
|
11,533,159
|
|
11,123,719
|
|
11,422,053
|
|
11,718,234
|
|
11,890,730
|
Total
deposits
|
19,462,738
|
|
19,466,919
|
|
19,684,982
|
|
19,588,441
|
|
19,665,553
|
Federal funds purchased
and securities sold under agreements to repurchase
|
—
|
|
—
|
|
953
|
|
2,065
|
|
5,845
|
Other
borrowings
|
1,875,736
|
|
725,664
|
|
425,592
|
|
425,520
|
|
739,879
|
Subordinated deferrable
interest debentures
|
128,322
|
|
127,823
|
|
127,325
|
|
126,827
|
|
126,328
|
Other
liabilities
|
389,090
|
|
374,181
|
|
375,242
|
|
410,280
|
|
354,265
|
Total
liabilities
|
21,855,886
|
|
20,694,587
|
|
20,614,094
|
|
20,553,133
|
|
20,891,870
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common stock
|
72,264
|
|
72,247
|
|
72,251
|
|
72,212
|
|
72,017
|
Capital
stock
|
1,935,211
|
|
1,932,906
|
|
1,931,088
|
|
1,928,702
|
|
1,924,813
|
Retained
earnings
|
1,311,258
|
|
1,239,477
|
|
1,157,359
|
|
1,077,725
|
|
1,006,436
|
Accumulated other
comprehensive income (loss), net of tax
|
(46,507)
|
|
(50,734)
|
|
(12,635)
|
|
(1,841)
|
|
15,590
|
Treasury
stock
|
(74,826)
|
|
(74,826)
|
|
(74,687)
|
|
(69,639)
|
|
(52,405)
|
Total shareholders'
equity
|
3,197,400
|
|
3,119,070
|
|
3,073,376
|
|
3,007,159
|
|
2,966,451
|
Total liabilities
and shareholders' equity
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
$ 23,858,321
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$ 22,826,812
|
|
$ 21,612,741
|
|
$ 21,291,318
|
|
$ 21,306,548
|
|
$ 21,605,757
|
Intangible
assets
|
1,121,840
|
|
1,133,974
|
|
1,138,669
|
|
1,143,102
|
|
1,138,558
|
Interest-bearing
liabilities
|
13,537,217
|
|
11,977,206
|
|
11,975,923
|
|
12,272,646
|
|
12,762,782
|
Average
assets
|
24,354,979
|
|
23,598,465
|
|
23,405,201
|
|
23,275,654
|
|
23,054,847
|
Average common
shareholders' equity
|
3,168,320
|
|
3,123,718
|
|
3,043,280
|
|
2,994,652
|
|
2,939,507
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
$
200,981
|
|
$
188,234
|
|
$
200,981
|
|
$
233,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired allowance for
purchased credit deteriorated loans
|
—
|
|
—
|
|
—
|
|
—
|
|
9,432
|
|
—
|
|
9,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
24,648
|
|
17,469
|
|
13,227
|
|
(2,734)
|
|
(13,619)
|
|
52,610
|
|
(35,081)
|
Provision for unfunded
commitments
|
8,246
|
|
192
|
|
1,779
|
|
9,009
|
|
16,388
|
|
19,226
|
|
332
|
Provision for other
credit losses
|
(4)
|
|
(9)
|
|
(82)
|
|
(44)
|
|
(10)
|
|
(139)
|
|
(616)
|
Provision for
credit losses
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
71,697
|
|
(35,365)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
8,371
|
|
9,272
|
|
6,853
|
|
8,579
|
|
3,367
|
|
33,075
|
|
21,616
|
Recoveries
|
4,509
|
|
4,052
|
|
5,017
|
|
4,982
|
|
3,923
|
|
18,560
|
|
15,425
|
Net charge-offs
(recoveries)
|
3,862
|
|
5,220
|
|
1,836
|
|
3,597
|
|
(556)
|
|
14,515
|
|
6,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
$
200,981
|
|
$
258,163
|
|
$
200,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
205,677
|
|
$
184,891
|
|
$
172,642
|
|
$
161,251
|
|
$
167,582
|
|
$
205,677
|
|
$
167,582
|
Allowance for unfunded
commitments
|
52,411
|
|
44,165
|
|
43,973
|
|
42,194
|
|
33,185
|
|
52,411
|
|
33,185
|
Allowance for other
credit losses
|
75
|
|
79
|
|
88
|
|
170
|
|
214
|
|
75
|
|
214
|
Total allowance
for credit losses
|
$
258,163
|
|
$
229,135
|
|
$
216,703
|
|
$
203,615
|
|
$
200,981
|
|
$
258,163
|
|
$
200,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$ 5,108
|
|
$ 4,722
|
|
$ 4,391
|
|
$ 4,414
|
|
$ 1,003
|
|
$
18,635
|
|
$ 7,760
|
Consumer
|
1,136
|
|
1,228
|
|
1,137
|
|
1,425
|
|
1,484
|
|
4,926
|
|
6,248
|
Indirect
automobile
|
86
|
|
50
|
|
41
|
|
88
|
|
40
|
|
265
|
|
1,188
|
Premium
Finance
|
1,812
|
|
1,205
|
|
1,066
|
|
1,369
|
|
526
|
|
5,452
|
|
3,668
|
Real estate -
construction and development
|
27
|
|
—
|
|
—
|
|
—
|
|
21
|
|
27
|
|
233
|
Real estate -
commercial and farmland
|
196
|
|
2,014
|
|
81
|
|
1,283
|
|
220
|
|
3,574
|
|
1,852
|
Real estate -
residential
|
6
|
|
53
|
|
137
|
|
—
|
|
73
|
|
196
|
|
667
|
Total
charge-offs
|
8,371
|
|
9,272
|
|
6,853
|
|
8,579
|
|
3,367
|
|
33,075
|
|
21,616
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
2,072
|
|
2,201
|
|
2,785
|
|
2,896
|
|
2,389
|
|
9,954
|
|
5,727
|
Consumer
|
217
|
|
277
|
|
230
|
|
158
|
|
172
|
|
882
|
|
939
|
Indirect
automobile
|
229
|
|
276
|
|
265
|
|
275
|
|
329
|
|
1,045
|
|
1,679
|
Premium
Finance
|
1,682
|
|
1,023
|
|
1,113
|
|
1,247
|
|
633
|
|
5,065
|
|
4,870
|
Real estate -
construction and development
|
223
|
|
96
|
|
355
|
|
218
|
|
210
|
|
892
|
|
506
|
Real estate -
commercial and farmland
|
48
|
|
96
|
|
44
|
|
37
|
|
81
|
|
225
|
|
573
|
Real estate -
residential
|
38
|
|
83
|
|
225
|
|
151
|
|
109
|
|
497
|
|
1,131
|
Total
recoveries
|
4,509
|
|
4,052
|
|
5,017
|
|
4,982
|
|
3,923
|
|
18,560
|
|
15,425
|
Net charge-offs
(recoveries)
|
$ 3,862
|
|
$ 5,220
|
|
$ 1,836
|
|
$ 3,597
|
|
$
(556)
|
|
$
14,515
|
|
$ 6,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual portfolio
loans
|
$
65,221
|
|
$
64,055
|
|
$
72,352
|
|
$
59,316
|
|
$
54,905
|
|
$
65,221
|
|
$
54,905
|
Other real estate
owned
|
843
|
|
843
|
|
835
|
|
1,910
|
|
3,810
|
|
843
|
|
3,810
|
Repossessed
assets
|
28
|
|
60
|
|
122
|
|
139
|
|
84
|
|
28
|
|
84
|
Accruing loans
delinquent 90 days or more
|
17,865
|
|
12,378
|
|
8,542
|
|
6,584
|
|
12,648
|
|
17,865
|
|
12,648
|
Non-performing
portfolio assets
|
$
83,957
|
|
$
77,336
|
|
$
81,851
|
|
$
67,949
|
|
$
71,447
|
|
$
83,957
|
|
$
71,447
|
Serviced
GNMA-guaranteed mortgage nonaccrual loans
|
69,587
|
|
54,621
|
|
50,560
|
|
43,281
|
|
30,361
|
|
69,587
|
|
30,361
|
Total
non-performing assets
|
$
153,544
|
|
$
131,957
|
|
$
132,411
|
|
$
111,230
|
|
$
101,808
|
|
$
153,544
|
|
$
101,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
portfolio assets as a percent of total assets
|
0.34 %
|
|
0.32 %
|
|
0.35 %
|
|
0.29 %
|
|
0.30 %
|
|
0.34 %
|
|
0.30 %
|
Total non-performing
assets as a percent of total assets
|
0.61 %
|
|
0.55 %
|
|
0.56 %
|
|
0.47 %
|
|
0.43 %
|
|
0.61 %
|
|
0.43 %
|
Net charge-offs as a
percent of average loans (annualized)
|
0.08 %
|
|
0.11 %
|
|
0.04 %
|
|
0.09 %
|
|
(0.01) %
|
|
0.08 %
|
|
0.04 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
2,679,403
|
|
$
2,245,287
|
|
$
2,022,845
|
|
$
1,836,663
|
|
$
1,875,993
|
Consumer
|
384,037
|
|
162,345
|
|
167,237
|
|
173,642
|
|
191,298
|
Indirect
automobile
|
108,648
|
|
137,183
|
|
172,245
|
|
214,120
|
|
265,779
|
Mortgage
warehouse
|
1,038,924
|
|
980,342
|
|
949,191
|
|
732,375
|
|
787,837
|
Municipal
|
509,151
|
|
516,797
|
|
529,268
|
|
547,926
|
|
572,701
|
Premium
Finance
|
1,023,479
|
|
1,062,724
|
|
942,357
|
|
819,163
|
|
798,409
|
Real estate -
construction and development
|
2,086,438
|
|
2,009,726
|
|
1,747,284
|
|
1,577,215
|
|
1,452,339
|
Real estate -
commercial and farmland
|
7,604,868
|
|
7,516,309
|
|
7,156,017
|
|
6,924,475
|
|
6,834,917
|
Real estate -
residential
|
4,420,305
|
|
4,176,143
|
|
3,874,578
|
|
3,318,222
|
|
3,094,985
|
Total
loans
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
$ 15,874,258
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
835
|
|
$
1,342
|
|
$
964
|
|
$
868
|
|
$
1,286
|
Consumer
|
3
|
|
6
|
|
9
|
|
13
|
|
16
|
Indirect
automobile
|
533
|
|
595
|
|
759
|
|
893
|
|
1,037
|
Premium
Finance
|
171
|
|
455
|
|
993
|
|
162
|
|
—
|
Real estate -
construction and development
|
693
|
|
698
|
|
706
|
|
725
|
|
789
|
Real estate -
commercial and farmland
|
7,995
|
|
8,091
|
|
8,213
|
|
17,161
|
|
35,575
|
Real estate -
residential
|
24,166
|
|
24,516
|
|
24,456
|
|
24,664
|
|
26,879
|
Total
accruing troubled debt restructurings
|
$
34,396
|
|
$
35,703
|
|
$
36,100
|
|
$
44,486
|
|
$
65,582
|
Nonaccrual troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
743
|
|
$
353
|
|
$
364
|
|
$
72
|
|
$
83
|
Consumer
|
11
|
|
12
|
|
14
|
|
31
|
|
35
|
Indirect
automobile
|
55
|
|
101
|
|
122
|
|
221
|
|
273
|
Real estate -
construction and development
|
17
|
|
24
|
|
—
|
|
11
|
|
13
|
Real estate -
commercial and farmland
|
767
|
|
66
|
|
788
|
|
788
|
|
5,924
|
Real estate -
residential
|
4,181
|
|
3,494
|
|
4,369
|
|
4,341
|
|
4,678
|
Total
nonaccrual troubled debt restructurings
|
$
5,774
|
|
$
4,050
|
|
$
5,657
|
|
$
5,464
|
|
$
11,006
|
Total
troubled debt restructurings
|
$
40,170
|
|
$
39,753
|
|
$
41,757
|
|
$
49,950
|
|
$
76,588
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 -
Pass
|
$ 19,513,726
|
|
$ 18,483,046
|
|
$ 17,296,520
|
|
$ 15,899,956
|
|
$ 15,614,323
|
Grade 6 - Other assets
especially mentioned
|
104,614
|
|
110,408
|
|
68,444
|
|
51,670
|
|
78,957
|
Grade 7 -
Substandard
|
236,913
|
|
213,402
|
|
196,058
|
|
192,175
|
|
180,978
|
Grade 8 -
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 -
Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
loans
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
$ 15,874,258
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
924
|
|
$
5,000
|
|
$
17,692
|
|
$
20,000
|
|
$
20,000
|
|
$
10,836
|
|
$
20,000
|
Interest-bearing
deposits in banks
|
1,009,935
|
|
1,394,529
|
|
2,209,761
|
|
3,393,238
|
|
3,719,878
|
|
1,993,672
|
|
2,857,141
|
Time deposits in other
banks
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
122
|
Debt securities -
taxable
|
1,451,861
|
|
1,242,811
|
|
932,824
|
|
623,498
|
|
698,915
|
|
1,065,511
|
|
793,883
|
Debt securities -
nontaxable
|
44,320
|
|
45,730
|
|
39,236
|
|
29,605
|
|
22,639
|
|
39,779
|
|
19,793
|
Other
investments
|
83,730
|
|
51,209
|
|
49,550
|
|
47,872
|
|
31,312
|
|
58,170
|
|
28,525
|
Loans held for
sale
|
371,952
|
|
471,070
|
|
944,964
|
|
1,097,098
|
|
1,365,886
|
|
718,599
|
|
1,463,614
|
Loans
|
19,212,560
|
|
18,146,083
|
|
16,861,674
|
|
15,821,397
|
|
15,119,752
|
|
17,521,461
|
|
14,703,957
|
Total Earning
Assets
|
$ 22,175,282
|
|
$ 21,356,432
|
|
$ 21,055,701
|
|
$ 21,032,708
|
|
$ 20,978,382
|
|
$ 21,408,028
|
|
$ 19,887,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
8,138,887
|
|
$
8,259,625
|
|
$
7,955,765
|
|
$
7,658,451
|
|
$
7,600,284
|
|
$
8,005,201
|
|
$
7,017,614
|
NOW
accounts
|
3,621,454
|
|
3,701,045
|
|
3,695,490
|
|
3,684,772
|
|
3,651,595
|
|
3,675,586
|
|
3,400,441
|
MMDA
|
5,161,047
|
|
5,026,815
|
|
5,087,199
|
|
5,240,922
|
|
5,209,653
|
|
5,128,497
|
|
4,953,748
|
Savings
accounts
|
1,010,966
|
|
1,030,298
|
|
1,007,340
|
|
973,724
|
|
928,954
|
|
1,005,752
|
|
884,623
|
Retail CDs
|
1,450,037
|
|
1,506,761
|
|
1,693,740
|
|
1,774,016
|
|
1,827,852
|
|
1,604,978
|
|
1,953,927
|
Brokered
CDs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
625
|
Total
Deposits
|
19,382,391
|
|
19,524,544
|
|
19,439,534
|
|
19,331,885
|
|
19,218,338
|
|
19,420,014
|
|
18,210,978
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
1
|
|
92
|
|
1,854
|
|
4,020
|
|
5,559
|
|
1,477
|
|
6,700
|
FHLB
advances
|
918,228
|
|
94,357
|
|
48,746
|
|
48,786
|
|
48,828
|
|
279,409
|
|
48,888
|
Other
borrowings
|
377,056
|
|
376,942
|
|
376,829
|
|
443,657
|
|
468,058
|
|
393,393
|
|
399,485
|
Subordinated
deferrable interest debentures
|
128,060
|
|
127,560
|
|
127,063
|
|
126,563
|
|
126,067
|
|
127,316
|
|
125,324
|
Total Non-Deposit
Funding
|
1,423,345
|
|
598,951
|
|
554,492
|
|
623,026
|
|
648,512
|
|
801,595
|
|
580,397
|
Total
Funding
|
$ 20,805,736
|
|
$ 20,123,495
|
|
$ 19,994,026
|
|
$ 19,954,911
|
|
$ 19,866,850
|
|
$ 20,221,609
|
|
$ 18,791,375
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income and
Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
8
|
|
$
27
|
|
$
32
|
|
$
10
|
|
$
9
|
|
$
77
|
|
$
42
|
Interest-bearing
deposits in banks
|
9,984
|
|
7,188
|
|
4,463
|
|
1,373
|
|
1,521
|
|
23,008
|
|
3,880
|
Time deposits in other
banks
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
Debt securities -
taxable
|
13,029
|
|
10,324
|
|
7,064
|
|
4,239
|
|
5,866
|
|
34,656
|
|
22,524
|
Debt securities -
nontaxable (TE)
|
454
|
|
459
|
|
341
|
|
235
|
|
198
|
|
1,489
|
|
728
|
Loans held for
sale
|
5,519
|
|
6,012
|
|
10,036
|
|
8,132
|
|
9,433
|
|
29,699
|
|
42,651
|
Loans (TE)
|
245,603
|
|
211,223
|
|
181,602
|
|
170,398
|
|
162,415
|
|
808,826
|
|
637,861
|
Total Earning
Assets
|
$
274,597
|
|
$ 235,233
|
|
$ 203,538
|
|
$ 184,387
|
|
$ 179,442
|
|
$ 897,755
|
|
$ 707,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
(315)
|
|
$
(597)
|
|
$
(379)
|
|
$
1,006
|
|
$
2,812
|
|
$
(285)
|
|
$
16,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
8,564
|
|
$
3,733
|
|
$
1,246
|
|
$
824
|
|
$
864
|
|
$
14,367
|
|
$
3,414
|
MMDA
|
20,683
|
|
8,613
|
|
2,204
|
|
1,643
|
|
1,971
|
|
33,143
|
|
7,847
|
Savings
accounts
|
654
|
|
360
|
|
140
|
|
133
|
|
128
|
|
1,287
|
|
503
|
Retail
CDs
|
3,170
|
|
1,328
|
|
1,318
|
|
1,492
|
|
1,715
|
|
7,308
|
|
10,575
|
Brokered
CDs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18
|
Total
Interest-Bearing Deposits
|
33,071
|
|
14,034
|
|
4,908
|
|
4,092
|
|
4,678
|
|
56,105
|
|
22,357
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
—
|
|
1
|
|
3
|
|
4
|
|
4
|
|
20
|
FHLB
advances
|
8,801
|
|
527
|
|
192
|
|
190
|
|
195
|
|
9,710
|
|
775
|
Other
borrowings
|
4,953
|
|
4,655
|
|
4,437
|
|
5,164
|
|
5,317
|
|
19,209
|
|
19,278
|
Subordinated
deferrable interest debentures
|
2,680
|
|
2,105
|
|
1,666
|
|
1,381
|
|
1,334
|
|
7,832
|
|
5,355
|
Total Non-Deposit
Funding
|
16,434
|
|
7,287
|
|
6,296
|
|
6,738
|
|
6,850
|
|
36,755
|
|
25,428
|
Total
Interest-Bearing Funding
|
$ 49,505
|
|
$
21,321
|
|
$
11,204
|
|
$
10,830
|
|
$
11,528
|
|
$
92,860
|
|
$
47,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(TE)
|
$
225,092
|
|
$ 213,912
|
|
$ 192,334
|
|
$ 173,557
|
|
$ 167,914
|
|
$ 804,895
|
|
$ 659,903
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
3.43 %
|
|
2.14 %
|
|
0.73 %
|
|
0.20 %
|
|
0.18 %
|
|
0.71 %
|
|
0.21 %
|
Interest-bearing
deposits in banks
|
3.92 %
|
|
2.04 %
|
|
0.81 %
|
|
0.16 %
|
|
0.16 %
|
|
1.15 %
|
|
0.14 %
|
Time deposits in other
banks
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
1.64 %
|
Debt securities -
taxable
|
3.56 %
|
|
3.30 %
|
|
3.04 %
|
|
2.76 %
|
|
3.33 %
|
|
3.25 %
|
|
2.84 %
|
Debt securities -
nontaxable (TE)
|
4.06 %
|
|
3.98 %
|
|
3.49 %
|
|
3.22 %
|
|
3.47 %
|
|
3.74 %
|
|
3.68 %
|
Loans held for
sale
|
5.89 %
|
|
5.06 %
|
|
4.26 %
|
|
3.01 %
|
|
2.74 %
|
|
4.13 %
|
|
2.91 %
|
Loans (TE)
|
5.07 %
|
|
4.62 %
|
|
4.32 %
|
|
4.37 %
|
|
4.26 %
|
|
4.62 %
|
|
4.34 %
|
Total Earning
Assets
|
4.91 %
|
|
4.37 %
|
|
3.88 %
|
|
3.56 %
|
|
3.39 %
|
|
4.19 %
|
|
3.56 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
0.94 %
|
|
0.40 %
|
|
0.14 %
|
|
0.09 %
|
|
0.09 %
|
|
0.39 %
|
|
0.10 %
|
MMDA
|
1.59 %
|
|
0.68 %
|
|
0.17 %
|
|
0.13 %
|
|
0.15 %
|
|
0.65 %
|
|
0.16 %
|
Savings
accounts
|
0.26 %
|
|
0.14 %
|
|
0.06 %
|
|
0.06 %
|
|
0.05 %
|
|
0.13 %
|
|
0.06 %
|
Retail CDs
|
0.87 %
|
|
0.35 %
|
|
0.31 %
|
|
0.34 %
|
|
0.37 %
|
|
0.46 %
|
|
0.54 %
|
Brokered
CDs
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
2.88 %
|
Total
Interest-Bearing Deposits
|
1.17 %
|
|
0.49 %
|
|
0.17 %
|
|
0.14 %
|
|
0.16 %
|
|
0.49 %
|
|
0.20 %
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
— %
|
|
— %
|
|
0.22 %
|
|
0.30 %
|
|
0.29 %
|
|
0.27 %
|
|
0.30 %
|
FHLB
advances
|
3.80 %
|
|
2.22 %
|
|
1.58 %
|
|
1.58 %
|
|
1.58 %
|
|
3.48 %
|
|
1.59 %
|
Other
borrowings
|
5.21 %
|
|
4.90 %
|
|
4.72 %
|
|
4.72 %
|
|
4.51 %
|
|
4.88 %
|
|
4.83 %
|
Subordinated
deferrable interest debentures
|
8.30 %
|
|
6.55 %
|
|
5.26 %
|
|
4.43 %
|
|
4.20 %
|
|
6.15 %
|
|
4.27 %
|
Total Non-Deposit
Funding
|
4.58 %
|
|
4.83 %
|
|
4.55 %
|
|
4.39 %
|
|
4.19 %
|
|
4.59 %
|
|
4.38 %
|
Total
Interest-Bearing Liabilities
|
1.55 %
|
|
0.71 %
|
|
0.37 %
|
|
0.36 %
|
|
0.37 %
|
|
0.76 %
|
|
0.41 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.36 %
|
|
3.66 %
|
|
3.51 %
|
|
3.20 %
|
|
3.02 %
|
|
3.43 %
|
|
3.15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
4.03 %
|
|
3.97 %
|
|
3.66 %
|
|
3.35 %
|
|
3.18 %
|
|
3.76 %
|
|
3.32 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
0.94 %
|
|
0.42 %
|
|
0.22 %
|
|
0.22 %
|
|
0.23 %
|
|
0.46 %
|
|
0.25 %
|
(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
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income available to
common shareholders
|
$ 82,221
|
|
$ 92,555
|
|
$ 90,066
|
|
$
81,698
|
|
$ 81,944
|
|
$
346,540
|
|
$
376,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and
conversion charges
|
235
|
|
—
|
|
—
|
|
977
|
|
4,023
|
|
1,212
|
|
4,206
|
(Gain) loss on
sale of MSR
|
(1,672)
|
|
316
|
|
—
|
|
—
|
|
—
|
|
(1,356)
|
|
—
|
Servicing right
impairment (recovery)
|
—
|
|
(1,332)
|
|
(10,838)
|
|
(9,654)
|
|
(4,540)
|
|
(21,824)
|
|
(14,530)
|
Gain on BOLI
proceeds
|
—
|
|
(55)
|
|
—
|
|
—
|
|
—
|
|
(55)
|
|
(603)
|
Natural disaster
and pandemic charges
|
—
|
|
151
|
|
—
|
|
—
|
|
—
|
|
151
|
|
—
|
(Gain) loss on
bank premises
|
—
|
|
—
|
|
(39)
|
|
(6)
|
|
(126)
|
|
(45)
|
|
510
|
Tax effect of
adjustment items (Note
1)
|
302
|
|
182
|
|
2,284
|
|
2,024
|
|
243
|
|
4,792
|
|
2,203
|
After tax adjustment
items
|
(1,135)
|
|
(738)
|
|
(8,593)
|
|
(6,659)
|
|
(400)
|
|
(17,125)
|
|
(8,214)
|
Adjusted net
income
|
$ 81,086
|
|
$ 91,817
|
|
$ 81,473
|
|
$
75,039
|
|
$ 81,544
|
|
$
329,415
|
|
$
368,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares - diluted
|
69,395,224
|
|
69,327,414
|
|
69,316,258
|
|
69,660,990
|
|
69,738,426
|
|
69,419,721
|
|
69,761,394
|
Net income per diluted
share
|
$
1.18
|
|
$
1.34
|
|
$
1.30
|
|
$
1.17
|
|
$
1.18
|
|
$
4.99
|
|
$ 5.40
|
Adjusted net income per
diluted share
|
$
1.17
|
|
$
1.32
|
|
$
1.18
|
|
$
1.08
|
|
$
1.17
|
|
$
4.75
|
|
$ 5.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
24,354,979
|
|
$
23,598,465
|
|
$
23,405,201
|
|
$
23,275,654
|
|
$
23,054,847
|
|
$
23,644,754
|
|
$
21,847,731
|
Return on average
assets
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
|
1.41 %
|
|
1.47 %
|
|
1.73 %
|
Adjusted return on
average assets
|
1.32 %
|
|
1.54 %
|
|
1.40 %
|
|
1.31 %
|
|
1.40 %
|
|
1.39 %
|
|
1.69 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$ 3,168,320
|
|
$ 3,123,718
|
|
$ 3,043,280
|
|
$
2,994,652
|
|
$ 2,939,507
|
|
$ 3,083,081
|
|
$
2,827,669
|
Average tangible common
equity
|
$ 2,039,094
|
|
$ 1,987,385
|
|
$ 1,902,265
|
|
$
1,857,713
|
|
$ 1,916,783
|
|
$ 1,947,222
|
|
$
1,826,433
|
Return on average
common equity
|
10.30 %
|
|
11.76 %
|
|
11.87 %
|
|
11.06 %
|
|
11.06 %
|
|
11.24 %
|
|
13.33 %
|
Adjusted return on
average tangible common equity
|
15.78 %
|
|
18.33 %
|
|
17.18 %
|
|
16.38 %
|
|
16.88 %
|
|
16.92 %
|
|
20.19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 both annual 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
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Adjusted Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
135,061
|
|
$
139,578
|
|
$
142,196
|
|
$
143,820
|
|
$
138,369
|
|
$
560,655
|
|
$
560,124
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and
conversion charges
|
(235)
|
|
—
|
|
—
|
|
(977)
|
|
(4,023)
|
|
(1,212)
|
|
(4,206)
|
Natural
disaster and pandemic charges
|
—
|
|
(151)
|
|
—
|
|
—
|
|
—
|
|
(151)
|
|
—
|
Gain (loss) on
bank premises
|
—
|
|
—
|
|
39
|
|
6
|
|
126
|
|
45
|
|
(510)
|
Adjusted noninterest
expense
|
$
134,826
|
|
$
139,427
|
|
$
142,235
|
|
$
142,849
|
|
$
134,472
|
|
$
559,337
|
|
$
555,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
224,137
|
|
$
212,981
|
|
$
191,364
|
|
$
172,544
|
|
$
166,837
|
|
$
801,026
|
|
$
655,327
|
Noninterest
income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
Total
revenue
|
$
272,485
|
|
$
278,305
|
|
$
275,205
|
|
$
259,455
|
|
$
248,606
|
|
$
1,085,450
|
|
$
1,020,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
225,092
|
|
$
213,912
|
|
$
192,334
|
|
$
173,557
|
|
$
167,914
|
|
$
804,895
|
|
$
659,903
|
Noninterest
income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
Total revenue
(TE)
|
273,440
|
|
279,236
|
|
276,175
|
|
260,468
|
|
249,683
|
|
1,089,319
|
|
1,025,447
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
(3)
|
|
21
|
|
(248)
|
|
27
|
|
4
|
|
(203)
|
|
(515)
|
(Gain) loss on
sale of MSR
|
(1,672)
|
|
316
|
|
—
|
|
—
|
|
—
|
|
(1,356)
|
|
—
|
Gain on BOLI
proceeds
|
—
|
|
(55)
|
|
—
|
|
—
|
|
—
|
|
(55)
|
|
(603)
|
Servicing right
impairment (recovery)
|
—
|
|
(1,332)
|
|
(10,838)
|
|
(9,654)
|
|
(4,540)
|
|
(21,824)
|
|
(14,530)
|
Adjusted total revenue
(TE)
|
$
271,765
|
|
$
278,186
|
|
$
265,089
|
|
$
250,841
|
|
$
245,147
|
|
$
1,065,881
|
|
$
1,009,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
49.57 %
|
|
50.15 %
|
|
51.67 %
|
|
55.43 %
|
|
55.66 %
|
|
51.65 %
|
|
54.87 %
|
Adjusted efficiency
ratio (TE)
|
49.92 %
|
|
50.06 %
|
|
53.66 %
|
|
56.95 %
|
|
54.85 %
|
|
52.54 %
|
|
55.00 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Total shareholders'
equity
|
$
3,197,400
|
|
$
3,119,070
|
|
$
3,073,376
|
|
$
3,007,159
|
|
$
2,966,451
|
|
$
3,197,400
|
|
$
2,966,451
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
1,015,646
|
|
1,012,620
|
Other
intangibles, net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
106,194
|
|
125,938
|
Total tangible
shareholders' equity
|
$
2,075,560
|
|
$
1,985,096
|
|
$
1,934,707
|
|
$
1,864,057
|
|
$
1,827,893
|
|
$
2,075,560
|
|
$
1,827,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,369,050
|
|
69,352,709
|
|
69,360,461
|
|
69,439,084
|
|
69,609,228
|
|
69,369,050
|
|
69,608,228
|
Book value per share
(period end)
|
$ 46.09
|
|
$ 44.97
|
|
$ 44.31
|
|
$ 43.31
|
|
$ 42.62
|
|
$ 46.09
|
|
$ 42.62
|
Tangible book value per
share (period end)
|
$ 29.92
|
|
$ 28.62
|
|
$ 27.89
|
|
$ 26.84
|
|
$ 26.26
|
|
$ 29.92
|
|
$ 26.26
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Tangible Common
Equity to Tangible Assets
|
Table
9D
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Total shareholders'
equity
|
$ 3,197,400
|
|
$ 3,119,070
|
|
$ 3,073,376
|
|
$ 3,007,159
|
|
$ 2,966,451
|
|
$ 3,197,400
|
|
$ 2,966,451
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
1,015,646
|
|
1,012,620
|
Other intangibles,
net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
106,194
|
|
125,938
|
Total tangible
shareholders' equity
|
$ 2,075,560
|
|
$ 1,985,096
|
|
$ 1,934,707
|
|
$ 1,864,057
|
|
$ 1,827,893
|
|
$ 2,075,560
|
|
$ 1,827,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
25,053,286
|
|
$
23,813,657
|
|
$
23,687,470
|
|
$
23,560,292
|
|
$
23,858,321
|
|
$
25,053,286
|
|
$
23,858,321
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
1,015,646
|
|
1,012,620
|
Other intangibles,
net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
106,194
|
|
125,938
|
Total tangible
assets
|
$
23,931,446
|
|
$
22,679,683
|
|
$
22,548,801
|
|
$
22,417,190
|
|
$
22,719,763
|
|
$
23,931,446
|
|
$
22,719,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
Assets
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
|
12.43 %
|
|
12.76 %
|
|
12.43 %
|
Tangible Common Equity
to Tangible Assets
|
8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
8.05 %
|
|
8.67 %
|
|
8.05 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
185,909
|
|
$
174,507
|
|
$
152,122
|
|
$
133,745
|
|
$
120,572
|
|
$
646,283
|
|
$
457,582
|
Provision for credit
losses
|
35,946
|
|
10,551
|
|
10,175
|
|
5,226
|
|
4,565
|
|
61,898
|
|
(32,866)
|
Noninterest
income
|
23,448
|
|
23,269
|
|
23,469
|
|
21,364
|
|
18,859
|
|
91,550
|
|
69,664
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
52,296
|
|
48,599
|
|
46,733
|
|
49,195
|
|
36,522
|
|
196,823
|
|
157,079
|
Occupancy and
equipment expenses
|
11,482
|
|
11,357
|
|
11,168
|
|
11,074
|
|
11,699
|
|
45,081
|
|
41,065
|
Data processing and
telecommunications expenses
|
11,085
|
|
10,779
|
|
10,863
|
|
11,230
|
|
10,162
|
|
43,957
|
|
39,802
|
Other noninterest
expenses
|
21,811
|
|
22,974
|
|
21,123
|
|
20,045
|
|
24,048
|
|
85,953
|
|
84,244
|
Total noninterest
expense
|
96,674
|
|
93,709
|
|
89,887
|
|
91,544
|
|
82,431
|
|
371,814
|
|
322,190
|
Income before income
tax expense
|
76,737
|
|
93,516
|
|
75,529
|
|
58,339
|
|
52,435
|
|
304,121
|
|
237,922
|
Income tax
expense
|
16,545
|
|
22,706
|
|
19,120
|
|
16,996
|
|
14,010
|
|
75,367
|
|
64,446
|
Net income
|
$
60,192
|
|
$
70,810
|
|
$
56,409
|
|
$
41,343
|
|
$
38,425
|
|
$
228,754
|
|
$
173,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
19,837
|
|
$
19,283
|
|
$
20,779
|
|
$
19,295
|
|
$
19,912
|
|
$
79,194
|
|
$
82,718
|
Provision for credit
losses
|
(2,778)
|
|
9,043
|
|
4,499
|
|
1,587
|
|
175
|
|
12,351
|
|
2,947
|
Noninterest
income
|
24,011
|
|
38,584
|
|
57,795
|
|
61,649
|
|
59,650
|
|
182,039
|
|
281,900
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
19,164
|
|
25,813
|
|
31,219
|
|
31,614
|
|
36,787
|
|
107,810
|
|
167,796
|
Occupancy and
equipment expenses
|
1,242
|
|
1,460
|
|
1,406
|
|
1,471
|
|
1,587
|
|
5,579
|
|
6,206
|
Data processing and
telecommunications expenses
|
1,203
|
|
1,082
|
|
1,123
|
|
1,172
|
|
1,213
|
|
4,580
|
|
5,551
|
Other noninterest
expenses
|
11,126
|
|
11,641
|
|
12,812
|
|
12,645
|
|
10,793
|
|
48,224
|
|
38,295
|
Total noninterest
expense
|
32,735
|
|
39,996
|
|
46,560
|
|
46,902
|
|
50,380
|
|
166,193
|
|
217,848
|
Income before income
tax expense
|
13,891
|
|
8,828
|
|
27,515
|
|
32,455
|
|
29,007
|
|
82,689
|
|
143,823
|
Income tax
expense
|
2,916
|
|
1,854
|
|
5,779
|
|
6,815
|
|
6,092
|
|
17,364
|
|
30,203
|
Net income
|
$
10,975
|
|
$ 6,974
|
|
$
21,736
|
|
$
25,640
|
|
$
22,915
|
|
$
65,325
|
|
$
113,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 6,601
|
|
$ 6,979
|
|
$ 6,700
|
|
$ 6,447
|
|
$ 8,063
|
|
$
26,727
|
|
$
35,401
|
Provision for credit
losses
|
117
|
|
(1,836)
|
|
867
|
|
(222)
|
|
77
|
|
(1,074)
|
|
(514)
|
Noninterest
income
|
579
|
|
1,516
|
|
1,041
|
|
1,401
|
|
1,253
|
|
4,537
|
|
4,603
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
427
|
|
1,055
|
|
208
|
|
283
|
|
258
|
|
1,973
|
|
1,130
|
Occupancy and
equipment expenses
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
4
|
|
3
|
Data processing and
telecommunications expenses
|
49
|
|
43
|
|
48
|
|
47
|
|
56
|
|
187
|
|
232
|
Other noninterest
expenses
|
191
|
|
209
|
|
212
|
|
218
|
|
227
|
|
830
|
|
490
|
Total noninterest
expense
|
668
|
|
1,308
|
|
469
|
|
549
|
|
542
|
|
2,994
|
|
1,855
|
Income before income
tax expense
|
6,395
|
|
9,023
|
|
6,405
|
|
7,521
|
|
8,697
|
|
29,344
|
|
38,663
|
Income tax
expense
|
1,342
|
|
1,895
|
|
1,346
|
|
1,579
|
|
1,827
|
|
6,162
|
|
8,120
|
Net income
|
$ 5,053
|
|
$ 7,128
|
|
$ 5,059
|
|
$ 5,942
|
|
$ 6,870
|
|
$
23,182
|
|
$
30,543
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 2,491
|
|
$ 2,424
|
|
$ 3,798
|
|
$ 6,011
|
|
$
11,319
|
|
$
14,724
|
|
$
51,535
|
Provision for credit
losses
|
265
|
|
52
|
|
(523)
|
|
(143)
|
|
(663)
|
|
(349)
|
|
(2,921)
|
Noninterest
income
|
302
|
|
1,946
|
|
1,526
|
|
2,491
|
|
2,002
|
|
6,265
|
|
9,360
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,306
|
|
1,412
|
|
1,316
|
|
1,271
|
|
1,217
|
|
5,305
|
|
4,856
|
Occupancy and
equipment expenses
|
98
|
|
82
|
|
81
|
|
99
|
|
121
|
|
360
|
|
475
|
Data processing and
telecommunications expenses
|
30
|
|
29
|
|
29
|
|
28
|
|
28
|
|
116
|
|
47
|
Other noninterest
expenses
|
368
|
|
100
|
|
539
|
|
380
|
|
645
|
|
1,387
|
|
1,594
|
Total noninterest
expense
|
1,802
|
|
1,623
|
|
1,965
|
|
1,778
|
|
2,011
|
|
7,168
|
|
6,972
|
Income before income
tax expense
|
726
|
|
2,695
|
|
3,882
|
|
6,867
|
|
11,973
|
|
14,170
|
|
56,844
|
Income tax
expense
|
153
|
|
566
|
|
815
|
|
1,442
|
|
2,514
|
|
2,976
|
|
11,937
|
Net income
|
$
573
|
|
$ 2,129
|
|
$ 3,067
|
|
$ 5,425
|
|
$ 9,459
|
|
$
11,194
|
|
$
44,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 9,299
|
|
$ 9,788
|
|
$ 7,965
|
|
$ 7,046
|
|
$ 6,971
|
|
$
34,098
|
|
$
28,091
|
Provision for credit
losses
|
(660)
|
|
(158)
|
|
(94)
|
|
(217)
|
|
(1,395)
|
|
(1,129)
|
|
(2,011)
|
Noninterest
income
|
8
|
|
9
|
|
10
|
|
6
|
|
5
|
|
33
|
|
17
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
2,003
|
|
1,818
|
|
2,069
|
|
1,918
|
|
1,831
|
|
7,808
|
|
6,915
|
Occupancy and
equipment expenses
|
82
|
|
83
|
|
90
|
|
82
|
|
86
|
|
337
|
|
317
|
Data processing and
telecommunications expenses
|
119
|
|
82
|
|
92
|
|
95
|
|
75
|
|
388
|
|
344
|
Other noninterest
expenses
|
978
|
|
959
|
|
1,064
|
|
952
|
|
1,013
|
|
3,953
|
|
3,683
|
Total noninterest
expense
|
3,182
|
|
2,942
|
|
3,315
|
|
3,047
|
|
3,005
|
|
12,486
|
|
11,259
|
Income before income
tax expense
|
6,785
|
|
7,013
|
|
4,754
|
|
4,222
|
|
5,366
|
|
22,774
|
|
18,860
|
Income tax
expense
|
1,357
|
|
1,499
|
|
959
|
|
874
|
|
1,091
|
|
4,689
|
|
4,493
|
Net income
|
$ 5,428
|
|
$ 5,514
|
|
$ 3,795
|
|
$ 3,348
|
|
$ 4,275
|
|
$
18,085
|
|
$
14,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
224,137
|
|
$
212,981
|
|
$
191,364
|
|
$
172,544
|
|
$
166,837
|
|
$
801,026
|
|
$
655,327
|
Provision for credit
losses
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
71,697
|
|
(35,365)
|
Noninterest
income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
75,196
|
|
78,697
|
|
81,545
|
|
84,281
|
|
76,615
|
|
319,719
|
|
337,776
|
Occupancy and
equipment expenses
|
12,905
|
|
12,983
|
|
12,746
|
|
12,727
|
|
13,494
|
|
51,361
|
|
48,066
|
Data processing and
telecommunications expenses
|
12,486
|
|
12,015
|
|
12,155
|
|
12,572
|
|
11,534
|
|
49,228
|
|
45,976
|
Other noninterest
expenses
|
34,474
|
|
35,883
|
|
35,750
|
|
34,240
|
|
36,726
|
|
140,347
|
|
128,306
|
Total noninterest
expense
|
135,061
|
|
139,578
|
|
142,196
|
|
143,820
|
|
138,369
|
|
560,655
|
|
560,124
|
Income before income
tax expense
|
104,534
|
|
121,075
|
|
118,085
|
|
109,404
|
|
107,478
|
|
453,098
|
|
496,112
|
Income tax
expense
|
22,313
|
|
28,520
|
|
28,019
|
|
27,706
|
|
25,534
|
|
106,558
|
|
119,199
|
Net income
|
$
82,221
|
|
$
92,555
|
|
$
90,066
|
|
$
81,698
|
|
$
81,944
|
|
$
346,540
|
|
$
376,913
|
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SOURCE Ameris Bancorp