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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 September 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 69,052,061 shares of Common Stock outstanding as of November 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)
 September 30, 2023 (unaudited)December 31, 2022
Assets  
Cash and due from banks$241,137 $284,567 
Federal funds sold and interest-bearing deposits in banks1,304,636 833,565 
Cash and cash equivalents1,545,773 1,118,132 
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $80 and $75
1,424,081 1,500,060 
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ and $ (fair value of $115,689 and $114,538)
141,859 134,864 
Other investments104,957 110,992 
Loans held for sale, at fair value 381,466 392,078 
Loans, net of unearned income20,201,079 19,855,253 
Allowance for credit losses(290,104)(205,677)
Loans, net19,910,975 19,649,576 
Other real estate owned, net3,397 843 
Premises and equipment, net217,564 220,283 
Goodwill1,015,646 1,015,646 
Other intangible assets, net92,375 106,194 
Cash value of bank owned life insurance393,769 388,405 
Other assets465,968 416,213 
Total assets$25,697,830 $25,053,286 
Liabilities  
Deposits:  
Noninterest-bearing$6,589,610 $7,929,579 
Interest-bearing14,000,735 11,533,159 
Total deposits20,590,345 19,462,738 
Other borrowings1,209,553 1,875,736 
Subordinated deferrable interest debentures129,817 128,322 
Other liabilities421,046 389,090 
Total liabilities22,350,761 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; 72,514,047 and 72,263,727 shares issued
72,514 72,264 
Capital surplus1,942,852 1,935,211 
Retained earnings1,484,424 1,311,258 
Accumulated other comprehensive loss, net of tax(60,818)(46,507)
Treasury stock, at cost, 3,375,586 and 2,894,677 shares
(91,903)(74,826)
Total shareholders’ equity3,347,069 3,197,400 
Total liabilities and shareholders’ equity$25,697,830 $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
September 30,
Nine Months Ended
September 30,
 2023202220232022
Interest income    
Interest and fees on loans$304,699 $216,400 $868,675 $584,706 
Interest on taxable securities14,754 10,324 44,969 21,627 
Interest on nontaxable securities331 363 1,009 818 
Interest on deposits in other banks and federal funds sold10,769 7,215 33,568 13,093 
Total interest income330,553 234,302 948,221 620,244 
Interest expense    
Interest on deposits102,999 14,034 244,268 23,034 
Interest on other borrowings19,803 7,287 75,010 20,321 
Total interest expense122,802 21,321 319,278 43,355 
Net interest income207,751 212,981 628,943 576,889 
Provision for loan losses30,095 17,469 123,114 27,962 
Provision for unfunded commitments(5,634)192 (3,415)10,980 
Provision for other credit losses(2)(9)5 (135)
Provision for credit losses24,459 17,652 119,704 38,807 
Net interest income after provision for credit losses183,292 195,329 509,239 538,082 
Noninterest income    
Service charges on deposit accounts12,092 11,168 34,323 33,374 
Mortgage banking activity36,290 40,350 108,424 162,049 
Other service charges, commissions and fees1,221 970 3,167 2,907 
Net gain (loss) on securities(16)(21)(16)200 
Other noninterest income13,594 12,857 40,682 37,546 
Total noninterest income63,181 65,324 186,580 236,076 
Noninterest expense    
Salaries and employee benefits81,898 78,697 244,144 244,523 
Occupancy and equipment12,745 12,983 38,253 38,456 
Data processing and communications expenses12,973 12,015 39,458 36,742 
Credit resolution-related expenses(1,360)126 (77)(343)
Advertising and marketing2,723 3,553 8,882 8,663 
Amortization of intangible assets4,425 4,710 13,819 15,035 
Merger and conversion charges   977 
Loan servicing expense9,290 9,613 26,392 28,452 
Other noninterest expenses18,752 17,881 58,399 53,089 
Total noninterest expense141,446 139,578 429,270 425,594 
Income before income tax expense105,027 121,075 266,549 348,564 
Income tax expense24,912 28,520 63,378 84,245 
Net income80,115 92,555 203,171 264,319 
Other comprehensive loss    
Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $(3,472), $(10,128), $(4,871) and $(17,631)
(10,200)(38,099)(14,311)(66,324)
Total other comprehensive loss(10,200)(38,099)(14,311)(66,324)
Comprehensive income$69,915 $54,456 $188,860 $197,995 
Basic earnings per common share$1.16 $1.34 $2.94 $3.82 
Diluted earnings per common share$1.16 $1.34 $2.94 $3.81 
Weighted average common shares outstanding    
Basic68,879 69,125 69,023 69,213 
Diluted68,994 69,327 69,130 69,428 
See notes to unaudited consolidated financial statements.
2


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

Three Months Ended September 30, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Income (Loss), Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, June 30, 202372,514,630 $72,515 $1,939,865 $1,414,742 $(50,618)3,374,847 $(91,874)$3,284,630 
Issuance of restricted shares1,500 2 (2)— — — —  
Forfeitures of restricted shares(2,083)(3)(30)— — — — (33)
Share-based compensation— — 3,019 — — — — 3,019 
Purchase of treasury shares— — — — — 739 (29)(29)
Net income— — — 80,115 — — — 80,115 
Dividends on common shares ($0.15 per share)
— — — (10,433)— — — (10,433)
Other comprehensive loss during the period— — — — (10,200)— — (10,200)
Balance, September 30, 202372,514,047 $72,514 $1,942,852 $1,484,424 $(60,818)3,375,586 $(91,903)$3,347,069 
Nine Months Ended September 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 shares133,430 134 (134)— — — —  
Issuance of common shares pursuant to PSU agreements102,973 103 (103)— — — —  
Forfeitures of restricted shares(2,083)(3)(30)— — — — (33)
Proceeds from exercise of stock options16,000 16 460 — — — — 476 
Share-based compensation— — 7,448 — — — — 7,448 
Purchase of treasury shares— — — — — 480,909 (17,077)(17,077)
Net income— — — 203,171 — — — 203,171 
Dividends on common shares ($0.45 per share)
— — — (31,282)— — — (31,282)
Cumulative effect of change in accounting principle for ASU 2022-02— — — 1,277 — — — 1,277 
Other comprehensive loss during the period— — — — (14,311)— — (14,311)
Balance, September 30, 202372,514,047 $72,514 $1,942,852 $1,484,424 $(60,818)3,375,586 $(91,903)$3,347,069 


3


Three Months Ended September 30, 2022
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Income (Loss), Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, June 30, 202272,251,856 $72,251 $1,931,088 $1,157,359 $(12,635)2,891,395 $(74,687)$3,073,376 
Forfeitures of restricted shares(4,470)(4)(38)— — — — (42)
Share-based compensation— — 1,856 — — — — 1,856 
Purchase of treasury shares— — — — — 3,282 (139)(139)
Net income— — — 92,555 — — — 92,555 
Dividends on common shares ($0.15 per share)
— — — (10,437)— — — (10,437)
Other comprehensive loss during the period— — — — (38,099)— — (38,099)
Balance, September 30, 202272,247,386 $72,247 $1,932,906 $1,239,477 $(50,734)2,894,677 $(74,826)$3,119,070 
Nine Months Ended September 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(13,889)(14)(119)— — — — (133)
Proceeds from exercise of stock options79,803 80 2,244 — — — — 2,324 
Share-based compensation— — 4,791 — — — — 4,791 
Purchase of treasury shares— — — — — 486,779 (22,421)(22,421)
Net income— — — 264,319 — — — 264,319 
Dividends on common shares ($0.45 per share)
— — — (31,278)— — — (31,278)
Other comprehensive loss during the period— — — — (66,324)— — (66,324)
Balance, September 30, 202272,247,386 $72,247 $1,932,906 $1,239,477 $(50,734)2,894,677 $(74,826)$3,119,070 

See notes to unaudited consolidated financial statements. 
4


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Nine Months Ended
September 30,
 20232022
Operating Activities  
Net income$203,171 $264,319 
Adjustments reconciling net income to net cash provided by (used in) operating activities:  
Depreciation14,260 13,808 
Net losses on sale or disposal of premises and equipment97 92 
Provision for credit losses119,704 38,807 
Net write-downs and (gains) losses on sale of other real estate owned(1,597)(1,773)
Share-based compensation expense7,415 4,859 
Amortization of intangible assets13,819 15,035 
Amortization of operating lease right of use assets8,440 8,783 
Provision for deferred taxes(13,382)(21,699)
Net (accretion) amortization of debt securities available-for-sale(4,316)407 
Net (accretion) amortization of debt securities held-to-maturity(136)71 
Net amortization of other investments1,108 556 
Net (gain) loss on securities16 (200)
Accretion of discount on purchased loans, net(1,361)(30)
Net amortization on other borrowings774 324 
Amortization of subordinated deferrable interest debentures1,495 1,495 
Loan servicing asset recovery (21,824)
Originations of mortgage loans held for sale(2,818,898)(3,265,190)
Payments received on mortgage loans held for sale11,806 21,657 
Proceeds from sales of mortgage loans held for sale2,802,956 3,919,672 
Net losses on sale of mortgage loans held for sale4,447 83,975 
Originations of SBA loans(24,252)(44,664)
Proceeds from sales of SBA loans27,129 53,961 
Net gains on sale of SBA loans(1,382)(5,191)
Increase in cash surrender value of bank owned life insurance(6,768)(5,433)
Gain on bank owned life insurance proceeds(486)(55)
Loss on sale of mortgage servicing rights 316 
Gain on debt redemption(1,148) 
Change attributable to other operating activities13,157 711 
Net cash provided by operating activities356,068 1,062,789 
Investing Activities, net of effects of business combinations  
Purchases of debt securities available-for-sale(500)(894,260)
Purchases of debt securities held-to-maturity(8,543)(52,111)
Proceeds from maturities and paydowns of debt securities available-for-sale61,394 147,291 
Proceeds from sales of debt securities available-for-sale216  
Proceeds from maturities and paydowns of debt securities held-to-maturity1,684 1,676 
Net (increase) decrease in other investments4,911 (13,364)
Net increase in loans(400,486)(2,764,936)
Purchases of premises and equipment(11,680)(11,307)
Proceeds from sale of premises and equipment 42 46 
Proceeds from sales of other real estate owned8,756 5,086 
Proceeds from sale of mortgage servicing rights 119,845 
Purchases of bank owned life insurance (50,000)
Proceeds from bank owned life insurance1,890 101 
Net cash and cash equivalents paid in acquisitions (14,003)
Net cash used in investing activities(342,316)(3,525,936)
  (Continued)

5


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Nine Months Ended
September 30,
 20232022
Financing Activities, net of effects of business combinations  
Net increase (decrease) in deposits$1,127,607 $(198,634)
Net decrease in securities sold under agreements to repurchase (5,845)
Proceeds from other borrowings13,837,000 350,000 
Repayment of other borrowings(14,502,809)(364,539)
Proceeds from exercise of stock options476 2,324 
Dividends paid - common stock(31,308)(31,227)
Purchase of treasury shares(17,077)(22,421)
Net cash provided by (used in) financing activities413,889 (270,342)
Net increase (decrease) in cash, cash equivalents and restricted cash427,641 (2,733,489)
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$1,545,773 $1,331,168 
Supplemental Disclosures of Cash Flow Information  
Cash paid (received) during the period for:  
Interest$290,972 $42,040 
Income taxes88,353 82,551 
Loans transferred to other real estate owned9,713 346 
Loans transferred from loans held for sale to loans held for investment8,806 192,425 
Loans provided for the sales of other real estate owned 2,288 
Right-of-use assets obtained in exchange for new operating lease liabilities2,678 1,537 
Assets acquired in business acquisitions 10,641 
Liabilities assumed in business acquisitions (3,362)
Change in unrealized loss on securities available-for-sale, net of tax(14,311)(66,324)
  (Concluded)

See notes to unaudited consolidated financial statements.

6


AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
September 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 September 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 nine months ended September 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 September 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 to 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
September 30, 2023
U.S. Treasuries$781,154 $ $ $(20,558)$760,596 
U.S. government-sponsored agencies1,026   (57)969 
State, county and municipal securities29,492   (1,789)27,703 
Corporate debt securities16,171 (80) (1,055)15,036 
SBA pool securities23,834  2 (2,085)21,751 
Mortgage-backed securities650,535  16 (52,525)598,026 
Total debt securities available-for-sale$1,502,212 $(80)$18 $(78,069)$1,424,081 
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
September 30, 2023
State, county and municipal securities$31,905 $ $(7,350)$24,555 
Mortgage-backed securities109,954  (18,820)91,134 
Total debt securities held-to-maturity$141,859 $ $(26,170)$115,689 
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 September 30, 2023, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities
8


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$380,435 $375,844 $ $ 
Due from one year to five years439,956 422,385   
Due from five to ten years10,753 9,897   
Due after ten years20,533 17,929 31,905 24,555 
Mortgage-backed securities650,535 598,026 109,954 91,134 
 $1,502,212 $1,424,081 $141,859 $115,689 

Securities with a carrying value of approximately $827.9 million and $861.6 million at September 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 September 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
September 30, 2023      
U.S. Treasuries$230,519 $(2,956)$530,077 $(17,602)$