0000950170-23-035233.txt : 20230727 0000950170-23-035233.hdr.sgml : 20230727 20230727172312 ACCESSION NUMBER: 0000950170-23-035233 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20230727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230727 DATE AS OF CHANGE: 20230727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ameris Bancorp CENTRAL INDEX KEY: 0000351569 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 581456434 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13901 FILM NUMBER: 231119477 BUSINESS ADDRESS: STREET 1: 3490 PIEDMONT RD STREET 2: SUITE 1550 CITY: ATLANTA STATE: GA ZIP: 30305 BUSINESS PHONE: 4046396500 MAIL ADDRESS: STREET 1: 3490 PIEDMONT RD STREET 2: SUITE 1550 CITY: ATLANTA STATE: GA ZIP: 30305 FORMER COMPANY: FORMER CONFORMED NAME: ABC BANCORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ABC HOLDING CO DATE OF NAME CHANGE: 19870119 8-K 1 abcb-20230727.htm 8-K 8-K
0000351569false00003515692023-07-272023-07-27

 

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

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2023

 

 

Ameris Bancorp

(Exact name of Registrant as Specified in Its Charter)

 

 

Georgia

001-13901

58-1456434

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

3490 Piedmont Road N.E.

Suite 1550

 

Atlanta, Georgia

 

30305

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (404) 639-6500

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

ABCB

 

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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.

 


 

Item 2.02 Results of Operations and Financial Condition.

On July 27, 2023, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2023. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.

The information contained in this Item 2.02 and in Exhibit 99.1 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

 

Item 7.01 Regulation FD Disclosure.

A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on July 28, 2023 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).

The information contained in this Item 7.01 and in Exhibit 99.2 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1

Press release dated July 27, 2023

 

99.2

Investor Presentation re: 2nd Quarter 2023 Results

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

AMERIS BANCORP

 

 

 

 

Date:

July 27, 2023

By:

/s/ Nicole S. Stokes

 

 

 

Nicole S. Stokes

 

 

 

Chief Financial Officer

 

 


EX-99.1 2 abcb-ex99_1.htm EX-99.1

Exhibit 99.1 

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2023

Highlights of Ameris's results for the second quarter of 2023 include the following:

  • Net income of $62.6 million, or $0.91 per diluted share
  • Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.01%
  • Growth in tangible book value(1) of $0.63 per share, or 8.2% annualized, to $31.42 at June 30, 2023
  • Increase in the allowance for credit losses to 1.33% of loans, from 1.21% at March 31, 2023, due to forecasted economic conditions, particularly related to commercial real estate price levels
  • Adjusted efficiency ratio(1) of 53.41%, compared with 53.66% in the second quarter of last year
  • Nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis point to 0.30% at June 30, 2023, compared with 0.33% at March 31, 2023
  • Net interest margin of 3.60% for the second quarter of 2023
  • Organic growth in loans of $473.9 million, or 9.5% annualized
  • Growth in total deposits of $545.7 million or 11.0% annualized
  • TCE ratio(1) of 8.80%, compared with 8.55% at March 31, 2023 and 8.58% one year ago

ATLANTA, July 27, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $62.6 million, or $0.91 per diluted share, for the quarter ended June 30, 2023, compared with $90.1 million, or $1.30 per diluted share, for the quarter ended June 30, 2022. Included in the Company's second quarter results was a $45.5 million provision for credit losses related to the updated economic forecast, compared with $14.9 million in the second quarter of last year.

For the year-to-date period ending June 30, 2023, the Company reported net income of $123.1 million, or $1.78 per diluted share, compared with $171.8 million, or $2.47 per diluted share, for the same period in 2022. The year-to-date period ending June 30, 2023 included a provision for credit losses of $95.2 million, compared with $21.2 million for the same period in 2022. The year-to-date period ending June 30, 2022 included a recovery of servicing right impairment $20.5 million, with no such recovery in the same period in 2023.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are pleased with our second quarter financial results. We continue to operate at a PPNR ROA above 2% with an efficiency ratio of 53.4%, while growing tangible book value by over 8% annualized. We increased our allowance for credit losses to 1.33% of loans, all due to the economic modeling forecast. Our credit metrics improved this quarter such that nonperforming assets now represent only 0.30% of total assets. We also grew core deposits in one of the most competitive margin scenarios imaginable. The diversification in our loan portfolio, combined with the core funding of our liabilities and our multiple revenue streams, gives us momentum as we move into the second half of 2023."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $210.5 million in the second quarter of 2023, a decrease of $2.1 million, or 1.0%, from last quarter and an increase of $18.2 million, or 9.4%, compared with the second quarter of 2022. The Company's net interest margin was 3.60% for the second quarter of 2023, down from 3.76% reported for the first quarter of 2023 and 3.66% reported for the second quarter of 2022. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.

Yields on earning assets increased 27 basis points during the quarter to 5.52%, compared with 5.25% in the first quarter of 2023, and increased 164 basis points from 3.88% in the second quarter of 2022. Yields on loans increased to 5.66% during the second quarter of 2023, compared with 5.44% for the first quarter of 2023 and 4.32% for the second quarter of 2022.

Loan production in the banking division during the second quarter of 2023 was $544.3 million, with weighted average yields of 9.35%, compared with $563.0 million and 8.72%, respectively, in the first quarter of 2023 and $1.07 billion and 5.24%, respectively, in the second quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.7 billion during the second quarter of 2023, with weighted average yields of 6.83%, compared with $3.4 billion and 6.57%, respectively, during the first quarter of 2023 and $5.3 billion and 4.29%, respectively, during the second quarter of 2022.

The Company's total cost of funds was 2.05% in the second quarter of 2023, an increase of 46 basis points compared with the first quarter of 2023. Deposit costs increased 63 basis points during the second quarter of 2023 to 1.76%, compared with 1.13% in the first quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 1.82% in the first quarter of 2023 to 2.64% in the second quarter of 2023, reflecting a shift in mix to CDs in the rising rate environment.

Noninterest Income

Noninterest income increased $11.3 million, or 20.2%, in the second quarter of 2023 to $67.3 million, compared with $56.1 million for the first quarter of 2023, primarily as a result of increased mortgage banking activity, which increased by $9.4 million, or 29.8%, to $40.7 million in the second quarter of 2023, compared with $31.4 million for the first quarter of 2023. Gain on sale spreads increased to 2.18% in the second quarter of 2023 from 1.96% for the first quarter of 2023. Total production in the retail mortgage division increased $386.4 million, or 40.8%, to $1.33 billion in the second quarter of 2023, compared with $946.4 million for the first quarter of 2023. The retail mortgage open pipeline was $652.1 million at the end of the second quarter of 2023, compared with $725.9 million for the first quarter of 2023. Other noninterest income increased $1.6 million, or 12.5%, in the second quarter of 2023, compared with $12.7 million for the first quarter of 2023, primarily resulting from an increase in gain on sale of SBA loans of $880,000 and a gain on debt redemption of $1.0 million.

Noninterest Expense

Noninterest expense increased $9.0 million, or 6.4%, to $148.4 million during the second quarter of 2023, compared with $139.4 million for the first quarter of 2023. The increase in noninterest expenses was driven by a decrease in deferred loan origination costs of $2.5 million, a $2.2 million increase in variable compensation related to mortgage production and a $3.1 million increase in fraud/forgery and litigation resolution expenses. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 53.41% in the second quarter of 2023, compared with 51.99% in the first quarter of 2023.

Income Tax Expense

The Company's effective tax rate for the second quarter of 2023 was 24.5%, compared with 23.1% for the first quarter of 2023. The increased rate for the second quarter of 2023 was primarily a result of increased permanent differences related to nondeductible compensation and FDIC insurance premiums and a reduction in tax benefits related to stock compensation vesting, compared with the first quarter of 2023.

Balance Sheet Trends

Total assets at June 30, 2023 were $25.80 billion, compared with $25.05 billion at December 31, 2022. Cash and cash equivalents increased 18.0% to $1.32 billion at June 30, 2023, compared with $1.12 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.46 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $616.5 million, or 6.3% annualized, to $20.47 billion at June 30, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased slightly to $391.5 million at June 30, 2023 from $392.1 million at December 31, 2022.

Investment securities remained consistent at $1.60 billion, or 6.8% of earning assets at the end of the second quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at December 31, 2022. This compares with $1.16 billion, or 5.5% of earning assets at the end of the second quarter of 2022. The Company did not deploy excess liquidity into the securities portfolio until after rates began rising during 2022; as a result, the unrealized loss position in the Company's available-for-sale securities portfolio remains modest at just 4.2% of the portfolio.

At June 30, 2023, total deposits amounted to $20.44 billion, compared with $19.46 billion at December 31, 2022. During the second quarter of 2023, deposits grew $545.7 million, with interest bearing demand accounts increasing $358.0 million, retail CDs increasing $268.6 million and brokered CDs increasing $357.8 million, with such increases offset in part by a $591.0 million decrease in noninterest bearing accounts. Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at June 30, 2023, noninterest bearing deposit accounts represented $6.71 billion, or 32.8% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.

During the second quarter of 2023, utilizing existing liquidity, the Company reduced borrowings with the FHLB by $875.0 million and redeemed $9.5 million in principal amount, at a discount, of its 4.25% Fixed-to-Floating Rate Subordinated Notes Due 2029.

Shareholders' equity at June 30, 2023 totaled $3.28 billion, an increase of $87.2 million, or 2.7%, from December 31, 2022. The increase in shareholders' equity was primarily the result of earnings of $123.1 million during the first six months of 2023, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $4.1 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $1.50 per share, or 10.1% annualized, during the first six months of 2023 to $31.42 at June 30, 2023. The Company recorded dilution of $0.06 per share, or 0.2%, to tangible book value(1) from other comprehensive loss related to the increase in net unrealized losses on the securities portfolio during this same period. Tangible common equity as a percentage of tangible assets was 8.80% at June 30, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company. During the second quarter of 2023, the Company recorded a provision for credit losses of $45.5 million, compared with a provision of $49.7 million in the first quarter of 2023. The second quarter provision was primarily attributable to the updated economic forecast and loan growth of $473.9 million during the quarter. Nonperforming assets as a percentage of total assets were down four basis points to 0.57% during the quarter. Approximately $69.7 million, or 47.6%, of the nonperforming assets at June 30, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets improved three basis points to 0.30% at June 30, 2023, compared with 0.33% at the first quarter of 2023. The net charge-off ratio was 28 basis points for the second quarter of 2023, compared with 22 basis points in the first quarter of 2023.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 28, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-888-550-5279. The conference call access code is 9375737. A replay of the call will be available one hour after the end of the conference call until August 11, 2023. To listen to the replay, dial 1-800-770-2030. The conference replay access code is 9375737. 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 - 9E.

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, investment security valuations and other performance measures; 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, 2022 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


Six  Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2023


2023


2022


2022


2022


2023


2022

EARNINGS














Net income

$    62,635


$    60,421


$    82,221


$    92,555


$    90,066


$  123,056


$  171,764

Adjusted net income(1)

$    62,635


$    59,935


$    81,086


$    91,817


$    81,473


$  122,570


$  156,512















COMMON SHARE DATA














Earnings per share available to common shareholders














Basic

$        0.91


$        0.87


$        1.19


$        1.34


$        1.30


$        1.78


$        2.48

Diluted

$        0.91


$        0.87


$        1.18


$        1.34


$        1.30


$        1.78


$        2.47

Adjusted diluted EPS(1)

$        0.91


$        0.86


$        1.17


$        1.32


$        1.18


$        1.77


$        2.25

Cash dividends per share

$        0.15


$        0.15


$        0.15


$        0.15


$        0.15


$        0.30


$        0.30

Book value per share (period end)

$      47.51


$      46.89


$      46.09


$      44.97


$      44.31


$      47.51


$      44.31

Tangible book value per share (period end)(1)

$      31.42


$      30.79


$      29.92


$      28.62


$      27.89


$      31.42


$      27.89

Weighted average number of shares














Basic

68,989,549


69,171,562


69,138,431


69,124,855


69,136,046


69,084,746


69,246,084

Diluted

69,034,763


69,322,664


69,395,224


69,327,414


69,316,258


69,191,512


69,484,508

Period end number of shares

69,139,783


69,373,863


69,369,050


69,352,709


69,360,461


69,139,783


69,360,461

Market data














High intraday price

$      37.18


$      50.54


$      54.24


$      50.94


$      46.28


$      50.54


$      55.62

Low intraday price

$      28.33


$      34.28


$      44.61


$      38.22


$      39.37


$      28.33


$      39.37

Period end closing price

$      34.21


$      36.58


$      47.14


$      44.71


$      40.18


$      34.21


$      40.18

Average daily volume

$  475,198


$  452,242


$  340,890


$  346,522


$  446,121


$  463,720


458,990















PERFORMANCE RATIOS














Return on average assets

0.98 %


0.98 %


1.34 %


1.56 %


1.54 %


0.98 %


1.48 %

Adjusted return on average assets(1)

0.98 %


0.97 %


1.32 %


1.54 %


1.40 %


0.97 %


1.35 %

Return on average common equity

7.63 %


7.54 %


10.30 %


11.76 %


11.87 %


7.58 %


11.47 %

Adjusted return on average tangible common equity(1)

11.53 %


11.41 %


15.78 %


18.33 %


17.18 %


11.47 %


16.79 %

Earning asset yield (TE)

5.52 %


5.25 %


4.91 %


4.37 %


3.88 %


5.38 %


3.72 %

Total cost of funds

2.05 %


1.59 %


0.94 %


0.42 %


0.22 %


1.82 %


0.22 %

Net interest margin (TE)

3.60 %


3.76 %


4.03 %


3.97 %


3.66 %


3.68 %


3.51 %

Efficiency ratio

53.60 %


52.08 %


49.57 %


50.15 %


51.67 %


52.85 %


53.49 %

Adjusted efficiency ratio (TE)(1)

53.41 %


51.99 %


49.61 %


50.12 %


53.66 %


52.72 %


55.26 %















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.73 %


12.47 %


12.76 %


13.10 %


12.97 %


12.73 %


12.97 %

Tangible common equity to tangible assets(1)

8.80 %


8.55 %


8.67 %


8.75 %


8.58 %


8.80 %


8.58 %















OTHER DATA (period end)














Full time equivalent employees














Banking Division

2,069


2,093


2,079


2,071


2,050


2,069


2,050

Retail Mortgage Division

613


630


633


671


712


613


712

Warehouse Lending Division

8


8


8


9


9


8


9

SBA Division

35


39


39


40


36


35


36

Premium Finance Division

76


78


76


77


78


76


78

Total Ameris Bancorp FTE headcount

2,801


2,848


2,835


2,868


2,885


2,801


2,885















Branch locations

164


164


164


164


164


164


164

Deposits per branch location

$  124,653


$  121,326


$  118,675


$  118,701


$  120,030


$  124,653


$  120,030


(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Six  Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2023


2023


2022


2022


2022


2023


2022

Interest income














Interest and fees on loans

$     292,012


$     271,964


$     250,263


$     216,400


$     190,740


$     563,976


$     368,306

Interest on taxable securities

15,915


14,300


13,029


10,324


7,064


30,215


11,303

Interest on nontaxable securities

339


339


358


363


269


678


455

Interest on deposits in other banks

13,686


9,113


9,984


7,188


4,463


22,799


5,836

Interest on federal funds sold



8


27


32



42

Total interest income

321,952


295,716


273,642


234,302


202,568


617,668


385,942















Interest expense














Interest on deposits

88,087


53,182


33,071


14,034


4,908


141,269


9,000

Interest on other borrowings

24,325


30,882


16,434


7,287


6,296


55,207


13,034

Total interest expense

112,412


84,064


49,505


21,321


11,204


196,476


22,034















Net interest income

209,540


211,652


224,137


212,981


191,364


421,192


363,908















Provision for loan losses

43,643


49,376


24,648


17,469


13,227


93,019


10,493

Provision for unfunded commitments

1,873


346


8,246


192


1,779


2,219


10,788

Provision for other credit losses


7


(4)


(9)


(82)


7


(126)

Provision for credit losses

45,516


49,729


32,890


17,652


14,924


95,245


21,155

Net interest income after provision for credit losses

164,024


161,923


191,247


195,329


176,440


325,947


342,753















Noninterest income














Service charges on deposit accounts

11,295


10,936


11,125


11,168


11,148


22,231


22,206

Mortgage banking activity

40,742


31,392


22,855


40,350


58,761


72,134


121,699

Other service charges, commissions and fees

975


971


968


970


998


1,946


1,937

Gain (loss) on securities

(6)


6


3


(21)


248



221

Other noninterest income

14,343


12,745


13,397


12,857


12,686


27,088


24,689

Total noninterest income

67,349


56,050


48,348


65,324


83,841


123,399


170,752















Noninterest expense














Salaries and employee benefits

81,336


80,910


75,196


78,697


81,545


162,246


165,826

Occupancy and equipment

12,522


12,986


12,905


12,983


12,746


25,508


25,473

Data processing and communications expenses

13,451


13,034


12,486


12,015


12,155


26,485


24,727

Credit resolution-related expenses(1)

848


435


372


126


496


1,283


(469)

Advertising and marketing

2,627


3,532


3,818


3,553


3,122


6,159


5,110

Amortization of intangible assets

4,688


4,706


4,709


4,710


5,144


9,394


10,325

Merger and conversion charges



235





977

Other noninterest expenses

32,931


23,818


25,340


27,494


26,988


56,749


54,047

Total noninterest expense

148,403


139,421


135,061


139,578


142,196


287,824


286,016















Income before income tax expense

82,970


78,552


104,534


121,075


118,085


161,522


227,489

Income tax expense

20,335


18,131


22,313


28,520


28,019


38,466


55,725

Net income

$       62,635


$       60,421


$       82,221


$       92,555


$       90,066


$     123,056


$     171,764















Diluted earnings per common share

$          0.91


$          0.87


$          1.18


$          1.34


$          1.30


$          1.78


$          2.47















(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


Jun


Mar


Dec


Sep


Jun

(dollars in thousands)

2023


2023


2022


2022


2022

Assets










Cash and due from banks

$     284,552


$     266,400


$     284,567


$     269,193


$     345,627

Federal funds sold and interest-bearing deposits in banks

1,034,578


1,754,453


833,565


1,061,975


1,961,209

Debt securities available-for-sale, at fair value

1,460,356


1,496,836


1,500,060


1,255,149


1,052,268

Debt securities held-to-maturity, at amortized cost

142,513


134,175


134,864


130,214


111,654

Other investments

109,656


146,715


110,992


60,560


49,500

Loans held for sale

391,472


395,096


392,078


297,987


555,665











Loans, net of unearned income

20,471,759


19,997,871


19,855,253


18,806,856


17,561,022

Allowance for credit losses

(272,071)


(242,658)


(205,677)


(184,891)


(172,642)

Loans, net

20,199,688


19,755,213


19,649,576


18,621,965


17,388,380











Other real estate owned

6,170


1,502


843


843


835

Premises and equipment, net

218,662


218,878


220,283


222,694


224,249

Goodwill

1,015,646


1,015,646


1,015,646


1,023,071


1,023,056

Other intangible assets, net

96,800


101,488


106,194


110,903


115,613

Cash value of bank owned life insurance

391,483


389,201


388,405


386,533


384,862

Other assets

449,042


412,781


416,213


372,570


474,552

Total assets

$ 25,800,618


$ 26,088,384


$ 25,053,286


$ 23,813,657


$ 23,687,470











Liabilities










Deposits










Noninterest-bearing

$  6,706,897


$  7,297,893


$  7,929,579


$  8,343,200


$  8,262,929

Interest-bearing

13,736,228


12,599,562


11,533,159


11,123,719


11,422,053

Total deposits

20,443,125


19,897,455


19,462,738


19,466,919


19,684,982

Federal funds purchased and securities sold under agreements to repurchase





953

Other borrowings

1,536,989


2,401,327


1,875,736


725,664


425,592

Subordinated deferrable interest debentures

129,319


128,820


128,322


127,823


127,325

Other liabilities

406,555


407,587


389,090


374,181


375,242

Total liabilities

22,515,988


22,835,189


21,855,886


20,694,587


20,614,094











Shareholders' Equity










Preferred stock





Common stock

72,515


72,484


72,264


72,247


72,251

Capital stock

1,939,865


1,937,664


1,935,211


1,932,906


1,931,088

Retained earnings

1,414,742


1,362,512


1,311,258


1,239,477


1,157,359

Accumulated other comprehensive income (loss), net of tax

(50,618)


(35,581)


(46,507)


(50,734)


(12,635)

Treasury stock

(91,874)


(83,884)


(74,826)


(74,826)


(74,687)

Total shareholders' equity

3,284,630


3,253,195


3,197,400


3,119,070


3,073,376

Total liabilities and shareholders' equity

$ 25,800,618


$ 26,088,384


$ 25,053,286


$ 23,813,657


$ 23,687,470











Other Data










Earning assets

$ 23,610,334


$ 23,925,146


$ 22,826,812


$ 21,612,741


$ 21,291,318

Intangible assets

1,112,446


1,117,134


1,121,840


1,133,974


1,138,669

Interest-bearing liabilities

15,402,536


15,129,709


13,537,217


11,977,206


11,975,923

Average assets

25,631,846


25,115,927


24,354,979


23,598,465


23,405,201

Average common shareholders' equity

3,293,049


3,250,289


3,168,320


3,123,718


3,043,280

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Six  Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2023


2023


2022


2022


2022


2023


2022

Allowance for Credit Losses














Balance at beginning of period

$  295,497


$  258,163


$  229,135


$  216,703


$  203,615


$  258,163


$  200,981















Adoption of ASU 2022-02


(1,711)





(1,711)
















Provision for loan losses

43,643


49,376


24,648


17,469


13,227


93,019


10,493

Provision for unfunded commitments

1,873


346


8,246


192


1,779


2,219


10,788

Provision for other credit losses


7


(4)


(9)


(82)


7


(126)

Provision for credit losses

45,516


49,729


32,890


17,652


14,924


95,245


21,155















Charge-offs

20,670


14,956


8,371


9,272


6,853


35,626


15,432

Recoveries

6,440


4,272


4,509


4,052


5,017


10,712


9,999

Net charge-offs (recoveries)

14,230


10,684


3,862


5,220


1,836


24,914


5,433















Ending balance

$  326,783


$  295,497


$  258,163


$  229,135


$  216,703


$  326,783


$  216,703















Allowance for loan losses

$  272,071


$  242,658


$  205,677


$  184,891


$  172,642


$  272,071


$  172,642

Allowance for unfunded commitments

54,630


52,757


52,411


44,165


43,973


54,630


43,973

Allowance for other credit losses

82


82


75


79


88


82


88

Total allowance for credit losses

$  326,783


$  295,497


$  258,163


$  229,135


$  216,703


$  326,783


$  216,703















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$    13,316


$    12,233


$      5,108


$     4,722


$      4,391


$    25,549


$      8,805

Consumer

2,052


1,140


1,136


1,228


1,137


3,192


2,562

Indirect automobile

65


34


86


50


41


99


129

Premium Finance

1,848


1,421


1,812


1,205


1,066


3,269


2,435

Real estate - construction and development



27





Real estate - commercial and farmland

3,320



196


2,014


81


3,320


1,364

Real estate - residential

69


128


6


53


137


197


137

Total charge-offs

20,670


14,956


8,371


9,272


6,853


35,626


15,432

Recoveries














Commercial, financial and agricultural

3,545


2,043


2,072


2,201


2,785


5,588


5,681

Consumer

194


297


217


277


230


491


388

Indirect automobile

225


216


229


276


265


441


540

Premium Finance

1,680


1,382


1,682


1,023


1,113


3,062


2,360

Real estate - construction and development

472


100


223


96


355


572


573

Real estate - commercial and farmland

61


44


48


96


44


105


81

Real estate - residential

263


190


38


83


225


453


376

Total recoveries

6,440


4,272


4,509


4,052


5,017


10,712


9,999

Net charge-offs (recoveries)

$    14,230


$    10,684


$      3,862


$     5,220


$      1,836


$    24,914


$      5,433















Non-Performing Assets














Nonaccrual portfolio loans

$    57,025


$    68,028


$    65,221


$    64,055


$    72,352


$    57,025


$    72,352

Other real estate owned

6,170


1,502


843


843


835


6,170


835

Repossessed assets

9


25


28


60


122


9


122

Accruing loans delinquent 90 days or more

13,424


15,792


17,865


12,378


8,542


13,424


8,542

Non-performing portfolio assets

$    76,628


$    85,347


$    83,957


$    77,336


$    81,851


$    76,628


$    81,851

Serviced GNMA-guaranteed mortgage nonaccrual loans

69,655


74,999


69,587


54,621


50,560


69,655


50,560

Total non-performing assets

$  146,283


$  160,346


$  153,544


$  131,957


$  132,411


$  146,283


$  132,411















Asset Quality Ratios














Non-performing portfolio assets as a percent of total assets

0.30 %


0.33 %


0.34 %


0.32 %


0.35 %


0.30 %


0.35 %

Total non-performing assets as a percent of total assets

0.57 %


0.61 %


0.61 %


0.55 %


0.56 %


0.57 %


0.56 %

Net charge-offs as a percent of average loans (annualized)

0.28 %


0.22 %


0.08 %


0.11 %


0.04 %


0.25 %


0.07 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Jun


Mar


Dec


Sep


Jun

(dollars in thousands)

2023


2023


2022


2022


2022

Loans by Type










Commercial, financial and agricultural

$  2,718,831


$  2,722,180


$  2,679,403


$  2,245,287


$  2,022,845

Consumer

307,486


349,775


384,037


162,345


167,237

Indirect automobile

63,231


83,466


108,648


137,183


172,245

Mortgage warehouse

1,147,413


958,418


1,038,924


980,342


949,191

Municipal

510,410


505,515


509,151


516,797


529,268

Premium Finance

988,731


947,257


1,023,479


1,062,724


942,357

Real estate - construction and development

2,217,744


2,144,605


2,086,438


2,009,726


1,747,284

Real estate - commercial and farmland

7,815,779