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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2022
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-13901
abcb-20220331_g1.jpg
AMERIS BANCORP
(Exact name of registrant as specified in its charter)
Georgia58-1456434
(State of incorporation)(IRS Employer ID No.)
3490 Piedmont Rd N.E., Suite 1550
AtlantaGeorgia30305
(Address of principal executive offices)
(404)639-6500
(Registrant’s telephone number) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per shareABCBNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No   ¨
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No   ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer
    
Non-accelerated filer
 
Smaller reporting company
    
 Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ý

 There were 69,435,779 shares of Common Stock outstanding as of April 30, 2022.



AMERIS BANCORP
TABLE OF CONTENTS
  Page
   
PART I – FINANCIAL INFORMATION 
   
Item 1. 
   
 
   
 
   
 
   
 
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
 
   
Item 1.
   
Item 1A.
   
Item 2.
   
Item 3.
   
Item 4.
   
Item 5.
   
Item 6.
   





Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands, except per share data)
 March 31, 2022 (unaudited)December 31, 2021
Assets  
Cash and due from banks$257,316 $307,813 
Federal funds sold and interest-bearing deposits in banks3,541,144 3,756,844 
Cash and cash equivalents3,798,460 4,064,657 
Debt securities available-for-sale, at fair value579,204 592,621 
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ and $ (fair value of $82,489 and $78,206)
91,454 79,850 
Other investments49,395 47,552 
Loans held for sale, at fair value 901,550 1,254,632 
Loans, net of unearned income16,143,801 15,874,258 
Allowance for credit losses(161,251)(167,582)
Loans, net15,982,550 15,706,676 
Other real estate owned, net1,910 3,810 
Premises and equipment, net224,293 225,400 
Goodwill1,022,345 1,012,620 
Other intangible assets, net120,757 125,938 
Cash value of bank owned life insurance332,914 331,146 
Other assets455,460 413,419 
Total assets$23,560,292 $23,858,321 
Liabilities  
Deposits:  
Noninterest-bearing$7,870,207 $7,774,823 
Interest-bearing11,718,234 11,890,730 
Total deposits19,588,441 19,665,553 
Securities sold under agreements to repurchase2,065 5,845 
Other borrowings425,520 739,879 
Subordinated deferrable interest debentures126,827 126,328 
Other liabilities410,280 354,265 
Total liabilities20,553,133 20,891,870 
Commitments and Contingencies (Note 9)
Shareholders’ Equity  
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding
  
Common stock, par value $1; 200,000,000 shares authorized; 72,212,322 and 72,017,126 shares issued
72,212 72,017 
Capital surplus1,928,702 1,924,813 
Retained earnings1,077,725 1,006,436 
Accumulated other comprehensive income, net of tax(1,841)15,590 
Treasury stock, at cost, 2,773,238 and 2,407,898 shares
(69,639)(52,405)
Total shareholders’ equity3,007,159 2,966,451 
Total liabilities and shareholders’ equity$23,560,292 $23,858,321 

 See notes to unaudited consolidated financial statements.
1


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (unaudited)
(dollars and shares in thousands, except per share data)
 Three Months Ended
March 31,
 20222021
Interest income  
Interest and fees on loans$177,566 $171,157 
Interest on taxable securities4,239 6,118 
Interest on nontaxable securities186 141 
Interest on deposits in other banks and federal funds sold1,383 534 
Total interest income183,374 177,950 
Interest expense  
Interest on deposits4,092 6,798 
Interest on other borrowings6,738 6,175 
Total interest expense10,830 12,973 
Net interest income172,544 164,977 
Provision for loan losses(2,734)(16,579)
Provision for unfunded commitments9,009 (11,839)
Provision for other credit losses(44)(173)
Provision for credit losses6,231 (28,591)
Net interest income after provision for credit losses166,313 193,568 
Noninterest income  
Service charges on deposit accounts11,058 10,829 
Mortgage banking activity62,938 98,486 
Other service charges, commissions and fees939 1,016 
Net loss on securities(27)(12)
Other noninterest income12,003 7,654 
Total noninterest income86,911 117,973 
Noninterest expense  
Salaries and employee benefits84,281 95,985 
Occupancy and equipment12,727 11,781 
Data processing and communications expenses12,572 11,884 
Credit resolution-related expenses(965)547 
Advertising and marketing1,988 1,431 
Amortization of intangible assets5,181 4,126 
Merger and conversion charges977  
Loan servicing expense8,919 5,900 
Other noninterest expenses18,140 17,144 
Total noninterest expense143,820 148,798 
Income before income tax expense109,404 162,743 
Income tax expense27,706 37,781 
Net income81,698 124,962 
Other comprehensive income (loss)  
Net unrealized holding losses arising during period on investment securities available-for-sale, net of tax benefit of $(4,633) and $(1,972)
(17,431)(7,415)
Total other comprehensive income (loss)(17,431)(7,415)
Comprehensive income$64,267 $117,547 
Basic earnings per common share$1.18 $1.80 
Diluted earnings per common share$1.17 $1.79 
Weighted average common shares outstanding  
Basic69,346 69,392 
Diluted69,661 69,741 
See notes to unaudited consolidated financial statements.
2


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands)

Three Months Ended March 31, 2022
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Income (Loss), Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202172,017,126 $72,017 $1,924,813 $1,006,436 $15,590 2,407,898 $(52,405)$2,966,451 
Issuance of restricted shares145,393 145 1,196 — — — — 1,341 
Proceeds from exercise of stock options49,803 50 1,395 — — — — 1,445 
Share-based compensation— — 1,298 — — — — 1,298 
Purchase of treasury shares— — — — — 365,340 (17,234)(17,234)
Net income— — — 81,698 — — — 81,698 
Dividends on common shares ($0.15 per share)
— — — (10,409)— — — (10,409)
Other comprehensive loss during the period— — — — (17,431)— — (17,431)
Balance, March 31, 202272,212,322 $72,212 $1,928,702 $1,077,725 $(1,841)2,773,238 $(69,639)$3,007,159 


Three Months Ended March 31, 2021
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Income, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202071,753,705 $71,754 $1,913,285 $671,510 $33,505 2,212,224 $(42,966)$2,647,088 
Issuance of restricted shares86,075 86 513 — — — — 599 
Proceeds from exercise of stock options114,308 114 2,888 — — — — 3,002 
Share-based compensation— — 1,304 — — — — 1,304 
Purchase of treasury shares— — — — — 28,438 (1,456)(1,456)
Net income— — — 124,962 — — — 124,962 
Dividends on common shares ($0.15 per share)
— — — (10,488)— — — (10,488)
Other comprehensive loss during the period— — — — (7,415)— — (7,415)
Balance, March 31, 202171,954,088 $71,954 $1,917,990 $785,984 $26,090 2,240,662 $(44,422)$2,757,596 

See notes to unaudited consolidated financial statements. 
3


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Three Months Ended
March 31,
 20222021
Operating Activities  
Net income$81,698 $124,962 
Adjustments reconciling net income to net cash provided by (used in) operating activities:  
Depreciation4,553 4,080 
Net (gains) losses on sale or disposal of premises and equipment37 139 
Net write-downs on other assets 122 
Provision for credit losses6,231 (28,591)
Net write-downs and (gains) losses on sale of other real estate owned(1,459)(560)
Share-based compensation expense1,499 1,753 
Amortization of intangible assets5,181 4,126 
Amortization of operating lease right of use assets2,904 2,979 
Provision for deferred taxes6,435 12,919 
Net amortization of investment securities available-for-sale392 1,121 
Net amortization of investment securities held-to-maturity26  
Net amortization of other investments252  
Net loss on securities27 12 
Accretion of discount on purchased loans, net(1,006)(6,127)
Net amortization on other borrowings108 112 
Amortization of subordinated deferrable interest debentures499 488 
Loan servicing asset impairment (recovery)(9,654)(10,639)
Originations of mortgage loans held for sale(1,220,771)(2,340,847)
Payments received on mortgage loans held for sale10,505 10,680 
Proceeds from sales of mortgage loans held for sale1,464,735 1,816,503 
Net (gains) losses on sale of mortgage loans held for sale22,792 (41,720)
Originations of SBA loans(14,042)(11,976)
Proceeds from sales of SBA loans20,461 12,518 
Net gains on sale of SBA loans(2,325)(1,192)
Increase in cash surrender value of bank owned life insurance(1,768)(814)
Gain on bank owned life insurance proceeds (603)
Net gains on other loans held for sale (457)
Change attributable to other operating activities(16,887)(13,597)
Net cash provided by (used in) operating activities360,423 (464,609)
Investing Activities, net of effects of business combinations  
Purchases of securities available-for-sale(15,667) 
Purchases of investment securities held-to-maturity(12,036) 
Proceeds from maturities and paydowns of securities available-for-sale42,844 112,730 
Proceeds from maturities and paydowns of securities held-to-maturity406  
Net (increase) decrease in other investments(2,122)570 
Net increase in loans(205,189)(72,093)
Purchases of premises and equipment(3,550)(13,809)
Proceeds from sale of premises and equipment  930 
Proceeds from sales of other real estate owned3,524 4,048 
Proceeds from bank owned life insurance 1,309 
Payments received on other loans held for sale 9,136 
Proceeds from sales of other loans held for sale 156,803 
Net cash and cash equivalents paid in acquisitions(13,237) 
Net cash provided by (used in) investing activities(205,027)199,624 
  (Continued)

4


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Three Months Ended
March 31,
 20222021
Financing Activities, net of effects of business combinations  
Net increase (decrease) in deposits$(77,112)$918,050 
Net decrease in securities sold under agreements to repurchase(3,780)(2,321)
Repayment of other borrowings(314,467)(36)
Proceeds from exercise of stock options1,445 3,002 
Dividends paid - common stock(10,445)(10,432)
Purchase of treasury shares(17,234)(1,456)
Net cash provided by (used in) financing activities(421,593)906,807 
Net increase (decrease) in cash, cash equivalents and restricted cash(266,197)641,822 
Cash, cash equivalents and restricted cash at beginning of period4,064,657 2,117,306 
Cash, cash equivalents and restricted cash at end of period$3,798,460 $2,759,128 
Supplemental Disclosures of Cash Flow Information  
Cash paid during the period for:  
Interest$9,022 $11,335 
Income taxes204 (1)
Loans transferred to other real estate owned165 449 
Loans transferred from loans held for sale to loans held for investment71,727 48,313 
Right-of-use assets obtained in exchange for new operating lease liabilities1,537  
Assets acquired in business acquisitions10,023  
Liabilities assumed in business acquisitions(3,214) 
Change in unrealized gain (loss) on securities available-for-sale, net of tax(17,431)(7,415)
Security purchases settled in a subsequent period(36,216) 
  (Concluded)

See notes to unaudited consolidated financial statements.

5


AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
March 31, 2022
 
NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At March 31, 2022, the Bank operated 165 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market.

Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the period ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks, federal funds sold and restricted cash. Restricted cash held for securitization investors, which are reported on the Company's consolidated balance sheets in cash and due from banks, was $0 and $43.0 million at March 31, 2022 and December 31, 2021, respectively.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Pending Adoption

ASU No. 2022-02 – Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). ASU 2022-02 eliminates the troubled debt restructuring ("TDR") measurement and recognition guidance and requires that entities evaluate whether the modification represents a new loan or a continuation of an existing loan consistent with the accounting for other loan modifications. Additional disclosures relating to modifications to borrowers experiencing financial difficulty are required under ASU 2022-02. ASU 2022-02 also requires disclosure of current-period gross writeoffs by year of origination. ASU 2022-02 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The amendments of ASU 2022-02 should be adopted prospectively. The amendments related to the recognition and measurement of TDRs may optionally be adopted using a modified retrospective transition method.
6


Early adoption is permitted. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2022-02.

ASU No. 2021-01 – Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2021-01.

ASU No. 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments, which are elective, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has established a working committee with representatives from relevant functional areas to inventory the contracts and accounts that are tied to LIBOR and develop a transition plan for the affected items. The Company is currently evaluating the impact on the consolidated financial statements of adopting ASU 2020-04.

NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities available-for-sale
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
March 31, 2022
U.S. government sponsored agencies$7,067 $17 $(12)$7,072 
State, county and municipal securities43,416 727 (299)43,844 
Corporate debt securities27,897 431 (150)28,178 
SBA pool securities37,863 15 (929)36,949 
Mortgage-backed securities465,291 1,733 (3,863)463,161 
Total debt securities available-for-sale$581,534 $2,923 $(5,253)$579,204 
December 31, 2021
U.S. government sponsored agencies$7,084 $88 $ $7,172 
State, county and municipal securities45,470 2,342  47,812 
Corporate debt securities27,897 719 (120)28,496 
SBA pool securities44,312 958 (69)45,201 
Mortgage-backed securities448,124 15,822 (6)463,940 
Total debt securities available-for-sale$572,887 $19,929 $(195)$592,621 

7


The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities held-to-maturity
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
March 31, 2022
State, county and municipal securities$13,905 $ $(2,227)$11,678 
Mortgage-backed securities77,549  (6,738)70,811 
Total debt securities held-to-maturity$91,454 $ $(8,965)$82,489 
December 31, 2021
State, county and municipal securities$8,905 $4 $(198)$8,711 
Mortgage-backed securities70,945  (1,450)69,495 
Total debt securities held-to-maturity$79,850 $4 $(1,648)$78,206 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2022, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost
Estimated Fair ValueAmortized
Cost
Estimated Fair Value
Due in one year or less$11,390 $11,446