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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 June 30, 2023
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-13901
bancorplionclean.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 69,139,288 shares of Common Stock outstanding as of August 3, 2023.



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)
 June 30, 2023 (unaudited)December 31, 2022
Assets  
Cash and due from banks$284,552 $284,567 
Federal funds sold and interest-bearing deposits in banks1,034,578 833,565 
Cash and cash equivalents1,319,130 1,118,132 
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $82 and $75
1,460,356 1,500,060 
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ and $ (fair value of $121,891 and $114,538)
142,513 134,864 
Other investments109,656 110,992 
Loans held for sale, at fair value 391,472 392,078 
Loans, net of unearned income20,471,759 19,855,253 
Allowance for credit losses(272,071)(205,677)
Loans, net20,199,688 19,649,576 
Other real estate owned, net6,170 843 
Premises and equipment, net218,662 220,283 
Goodwill1,015,646 1,015,646 
Other intangible assets, net96,800 106,194 
Cash value of bank owned life insurance391,483 388,405 
Other assets449,042 416,213 
Total assets$25,800,618 $25,053,286 
Liabilities  
Deposits:  
Noninterest-bearing$6,706,897 $7,929,579 
Interest-bearing13,736,228 11,533,159 
Total deposits20,443,125 19,462,738 
Other borrowings1,536,989 1,875,736 
Subordinated deferrable interest debentures129,319 128,322 
Other liabilities406,555 389,090 
Total liabilities22,515,988 21,855,886 
Commitments and Contingencies (Note 8)
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; 72,514,630 and 72,263,727 shares issued
72,515 72,264 
Capital surplus1,939,865 1,935,211 
Retained earnings1,414,742 1,311,258 
Accumulated other comprehensive loss, net of tax(50,618)(46,507)
Treasury stock, at cost, 3,374,847 and 2,894,677 shares
(91,874)(74,826)
Total shareholders’ equity3,284,630 3,197,400 
Total liabilities and shareholders’ equity$25,800,618 $25,053,286 

 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
June 30,
Six Months Ended
June 30,
 2023202220232022
Interest income    
Interest and fees on loans$292,012 $190,740 $563,976 $368,306 
Interest on taxable securities15,915 7,064 30,215 11,303 
Interest on nontaxable securities339 269 678 455 
Interest on deposits in other banks and federal funds sold13,686 4,495 22,799 5,878 
Total interest income321,952 202,568 617,668 385,942 
Interest expense    
Interest on deposits88,087 4,908 141,269 9,000 
Interest on other borrowings24,325 6,296 55,207 13,034 
Total interest expense112,412 11,204 196,476 22,034 
Net interest income209,540 191,364 421,192 363,908 
Provision for loan losses43,643 13,227 93,019 10,493 
Provision for unfunded commitments1,873 1,779 2,219 10,788 
Provision for other credit losses (82)7 (126)
Provision for credit losses45,516 14,924 95,245 21,155 
Net interest income after provision for credit losses164,024 176,440 325,947 342,753 
Noninterest income    
Service charges on deposit accounts11,295 11,148 22,231 22,206 
Mortgage banking activity40,742 58,761 72,134 121,699 
Other service charges, commissions and fees975 998 1,946 1,937 
Net gain (loss) on securities(6)248  221 
Other noninterest income14,343 12,686 27,088 24,689 
Total noninterest income67,349 83,841 123,399 170,752 
Noninterest expense    
Salaries and employee benefits81,336 81,545 162,246 165,826 
Occupancy and equipment12,522 12,746 25,508 25,473 
Data processing and communications expenses13,451 12,155 26,485 24,727 
Credit resolution-related expenses848 496 1,283 (469)
Advertising and marketing2,627 3,122 6,159 5,110 
Amortization of intangible assets4,688 5,144 9,394 10,325 
Merger and conversion charges   977 
Loan servicing expense8,771 9,920 17,102 18,839 
Other noninterest expenses24,160 17,068 39,647 35,208 
Total noninterest expense148,403 142,196 287,824 286,016 
Income before income tax expense82,970 118,085 161,522 227,489 
Income tax expense20,335 28,019 38,466 55,725 
Net income62,635 90,066 123,056 171,764 
Other comprehensive loss    
Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $(5,118), $(2,870), $(1,399) and $(7,503)
(15,037)(10,794)(4,111)(28,225)
Total other comprehensive loss(15,037)(10,794)(4,111)(28,225)
Comprehensive income$47,598 $79,272 $118,945 $143,539 
Basic earnings per common share$0.91 $1.30 $1.78 $2.48 
Diluted earnings per common share$0.91 $1.30 $1.78 $2.47 
Weighted average common shares outstanding    
Basic68,990 69,136 69,085 69,246 
Diluted69,035 69,316 69,192 69,485 
See notes to unaudited consolidated financial statements.
2


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

Three Months Ended June 30, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Income (Loss), Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, March 31, 202372,484,210 $72,484 $1,937,664 $1,362,512 $(35,581)3,110,347 $(83,884)$3,253,195 
Issuance of restricted shares30,420 31 (31)— — — —  
Share-based compensation— — 2,232 — — — — 2,232 
Purchase of treasury shares— — — — — 264,500 (7,990)(7,990)
Net income— — — 62,635 — — — 62,635 
Dividends on common shares ($0.15 per share)
— — — (10,405)— — — (10,405)
Other comprehensive loss during the period— — — — (15,037)— — (15,037)
Balance, June 30, 202372,514,630 $72,515 $1,939,865 $1,414,742 $(50,618)3,374,847 $(91,874)$3,284,630 
Six Months Ended June 30, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Income (Loss), Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202272,263,727 $72,264 $1,935,211 $1,311,258 $(46,507)2,894,677 $(74,826)$3,197,400 
Issuance of restricted shares131,930 132 (132)— — — —  
Issuance of common shares pursuant to PSU agreements102,973 103 (103)— — — —  
Proceeds from exercise of stock options16,000 16 460 — — — — 476 
Share-based compensation— — 4,429 — — — — 4,429 
Purchase of treasury shares— — — — — 480,170 (17,048)(17,048)
Net income— — — 123,056 — — — 123,056 
Dividends on common shares ($0.30 per share)
— — — (20,849)— — — (20,849)
Cumulative effect of change in accounting principle for ASU 2022-02— — — 1,277 — — — 1,277 
Other comprehensive loss during the period— — — — (4,111)— — (4,111)
Balance, June 30, 202372,514,630 $72,515 $1,939,865 $1,414,742 $(50,618)3,374,847 $(91,874)$3,284,630 


3


Three Months Ended June 30, 2022
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Income, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, March 31, 202272,212,322 $72,212 $1,928,702 $1,077,725 $(1,841)2,773,238 $(69,639)$3,007,159 
Issuance of restricted shares18,953 19 (19)— — — —  
Forfeitures of restricted shares(10,751)(11)(81)— — — — (92)
Proceeds from exercise of stock options31,332 31 849 — — — — 880 
Share-based compensation— — 1,637 — — — — 1,637 
Purchase of treasury shares— — — — — 118,157 (5,048)(5,048)
Net income— — — 90,066 — — — 90,066 
Dividends on common shares ($0.15 per share)
— — — (10,432)— — — (10,432)
Other comprehensive loss during the period— — — — (10,794)— — (10,794)
Balance, June 30, 202272,251,856 $72,251 $1,931,088 $1,157,359 $(12,635)2,891,395 $(74,687)$3,073,376 
Six Months Ended June 30, 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 shares164,346 164 1,177 — — — — 1,341 
Forfeitures of restricted shares(10,751)(10)(81)— — — — (91)
Proceeds from exercise of stock options81,135 80 2,244 — — — — 2,324 
Share-based compensation— — 2,935 — — — — 2,935 
Purchase of treasury shares— — — — — 483,497 (22,282)(22,282)
Net income— — — 171,764 — — — 171,764 
Dividends on common shares ($0.30 per share)
— — — (20,841)— — — (20,841)
Other comprehensive loss during the period— — — — (28,225)— — (28,225)
Balance, June 30, 202272,251,856 $72,251 $1,931,088 $1,157,359 $(12,635)2,891,395 $(74,687)$3,073,376 

See notes to unaudited consolidated financial statements. 
4


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Six Months Ended
June 30,
 20232022
Operating Activities  
Net income$123,056 $171,764 
Adjustments reconciling net income to net cash provided by (used in) operating activities:  
Depreciation9,409 9,191 
Net losses on sale or disposal of premises and equipment74 39 
Provision for credit losses95,245 21,155 
Net write-downs and (gains) losses on sale of other real estate owned37 (1,758)
Share-based compensation expense4,429 3,045 
Amortization of intangible assets9,394 10,325 
Amortization of operating lease right of use assets5,672 5,750 
Provision for deferred taxes(10,507)10,505 
Net (accretion) amortization of debt securities available-for-sale(2,834)588 
Net (accretion) amortization of debt securities held-to-maturity(88)51 
Net amortization of other investments753 396 
Net gain on securities (221)
Accretion of discount on purchased loans, net(464)(627)
Net amortization on other borrowings703 216 
Amortization of subordinated deferrable interest debentures997 997 
Loan servicing asset recovery (20,492)
Originations of mortgage loans held for sale(1,839,990)(2,406,310)
Payments received on mortgage loans held for sale8,629 19,746 
Proceeds from sales of mortgage loans held for sale1,826,177 2,833,622 
Net (gains) losses on sale of mortgage loans held for sale(819)78,173 
Originations of SBA loans(22,506)(30,793)
Proceeds from sales of SBA loans24,972 40,286 
Net gains on sale of SBA loans(1,231)(3,484)
Increase in cash surrender value of bank owned life insurance(4,482)(3,716)
Gain on bank owned life insurance proceeds(486) 
Gain on debt redemption(1,027) 
Change attributable to other operating activities(949)(24,580)
Net cash provided by operating activities224,164 713,868 
Investing Activities, net of effects of business combinations  
Purchases of debt securities available-for-sale (613,715)
Purchases of debt securities held-to-maturity(8,543)(33,217)
Proceeds from maturities and paydowns of debt securities available-for-sale37,021 117,664 
Proceeds from maturities and paydowns of debt securities held-to-maturity982 1,362 
Net (increase) decrease in other investments583 (2,123)
Net increase in loans(653,613)(1,533,706)
Purchases of premises and equipment(7,881)(8,192)
Proceeds from sale of premises and equipment 19 46 
Proceeds from sales of other real estate owned1,955 4,962 
Purchases of bank owned life insurance (50,000)
Proceeds from bank owned life insurance1,890  
Net cash and cash equivalents paid in acquisitions (14,003)
Net cash used in investing activities(627,587)(2,130,922)
  (Continued)

5


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Six Months Ended
June 30,
 20232022
Financing Activities, net of effects of business combinations  
Net increase in deposits$980,387 $19,429 
Net decrease in securities sold under agreements to repurchase (4,892)
Proceeds from other borrowings10,625,000  
Repayment of other borrowings(10,963,423)(314,503)
Proceeds from exercise of stock options476 2,324 
Dividends paid - common stock(20,971)(20,843)
Purchase of treasury shares(17,048)(22,282)
Net cash provided by (used in) financing activities604,421 (340,767)
Net increase (decrease) in cash, cash equivalents and restricted cash200,998 (1,757,821)
Cash, cash equivalents and restricted cash at beginning of period1,118,132 4,064,657 
Cash, cash equivalents and restricted cash at end of period$1,319,130 $2,306,836 
Supplemental Disclosures of Cash Flow Information  
Cash paid (received) during the period for:  
Interest$182,077 $23,472 
Income taxes62,186 51,851 
Loans transferred to other real estate owned7,319 229 
Loans transferred from loans held for sale to loans held for investment5,374 167,727 
Loans provided for the sales of other real estate owned 2,288 
Right-of-use assets obtained in exchange for new operating lease liabilities2,022 1,537 
Assets acquired in business acquisitions 10,734 
Liabilities assumed in business acquisitions (3,269)
Change in unrealized loss on securities available-for-sale, net of tax(4,111)(28,225)
  (Concluded)

See notes to unaudited consolidated financial statements.

6


AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
June 30, 2023
 
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 June 30, 2023, the Bank operated 164 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 three and six months ended June 30, 2023 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, 2022.

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. There was no restricted cash held at both June 30, 2023 and December 31, 2022.

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 Adopted in 2023

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 write-offs by year of origination. The Company adopted this ASU effective January 1, 2023 on a prospective basis, except for the amendments related to recognition and measurement of TDRs, which were adopted using the modified retrospective method. The adoption was not material and resulted in a reduction to the allowance for credit losses of $1.7 million and an increase to retained earnings of $1.3 million.

7


ASU No. 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU No. 2022-06 extends the temporary relief in Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The objective of this guidance is to provide temporary relief during the transition period away from LIBOR toward new interest rate benchmarks. This update was effective upon issuance. The Company adopted the guidance in Topic 848 effective January 1, 2023 and the adoption was not material the consolidated financial statements.

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
Allowance for Credit LossesGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
June 30, 2023
U.S. Treasuries$779,382 $ $ $(20,716)$758,666 
U.S. government-sponsored agencies1,029   (57)972 
State, county and municipal securities33,340  1 (1,113)32,228 
Corporate debt securities15,897 (82) (760)15,055 
SBA pool securities25,799  3 (1,976)23,826 
Mortgage-backed securities669,371  16 (39,778)629,609 
Total debt securities available-for-sale$1,524,818 $(82)$20 $(64,400)$1,460,356 
December 31, 2022
U.S. Treasuries$775,784 $ $131 $(16,381)$759,534 
U.S. government-sponsored agencies1,036   (57)979 
State, county and municipal securities35,358  17 (1,180)34,195 
Corporate debt securities16,397 (75) (396)15,926 
SBA pool securities29,422  3 (2,027)27,398 
Mortgage-backed securities701,008  113 (39,093)662,028 
Total debt securities available-for-sale$1,559,005 $(75)$264 $(59,134)$1,500,060 

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
June 30, 2023
State, county and municipal securities$31,905 $ $(5,297)$26,608 
Mortgage-backed securities110,608  (15,325)95,283 
Total debt securities held-to-maturity$142,513 $ $(20,622)$121,891 
December 31, 2022
State, county and municipal securities$31,905 $ $(5,380)$26,525 
Mortgage-backed securities102,959  (14,946)88,013 
Total debt securities held-to-maturity$134,864 $ $(20,326)$114,538 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2023, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because
8


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$95,908 $94,723 $ $ 
Due from one year to five years724,844 704,037   
Due from five to ten years12,849 12,129   
Due after ten years21,846 19,858 31,905 26,608 
Mortgage-backed securities669,371 629,609 110,608 95,283 
 $1,524,818 $1,460,356 $142,513 $121,891 

Securities with a carrying value of approximately $860.6 million and $861.6 million at June 30, 2023 and December 31, 2022, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2023 and December 31, 2022:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
June 30, 2023      
U.S. Treasuries$522,853 $(11,833)$235,813 $(8,883)$758,666 $(20,716)
U.S. government-sponsored agencies  972 (57)972 (57)
State, county and municipal securities19,141 (337)12,002 (776)31,143 (1,113)
Corporate debt securities867 (30)13,188 (730)14,055 (760)
SBA pool securities465 (28)23,198 (1,948)23,663 (1,976)
Mortgage-backed securities328,380 (16,691)299,788 (23,087)628,168 (39,778)
Total debt securities available-for-sale$