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

Exhibit 99.1 

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2023

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

  • Net income of $80.1 million, or $1.16 per diluted share
  • Return on average assets ("ROA") of 1.25%
  • Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.01%
  • Growth in tangible book value(1) of $0.96 per share, or 12.2% annualized, to $32.38 at September 30, 2023
  • Increase in the allowance for credit losses to 1.44% of loans, from 1.33% at June 30, 2023, due to forecasted economic conditions, particularly related to commercial real estate price levels
  • Adjusted efficiency ratio(1) of 52.02%, compared with 53.41% in the second quarter of 2023
  • Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis points to 0.27% at September 30, 2023, compared with 0.30% at June 30, 2023
  • Net interest margin of 3.54% for the third quarter of 2023
  • Cyclical decline in loans of $270.7 million, with the loan to deposit ratio improving to 98%
  • Growth in total deposits of $147.2 million, or 2.9% annualized
  • TCE ratio(1) of 9.11%, compared with 8.80% at June 30, 2023 and 8.75% one year ago

ATLANTA, Oct. 26, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023, compared with $92.6 million, or $1.34 per diluted share, for the quarter ended September 30, 2022.

For the year-to-date period ending September 30, 2023, the Company reported net income of $203.2 million, or $2.94 per diluted share, compared with $264.3 million, or $3.81 per diluted share, for the same period in 2022. The year-to-date period ending September 30, 2023 included a provision for credit losses of $119.7 million, compared with $38.8 million for the same period in 2022. The year-to-date period ending September 30, 2022 included a recovery of servicing right impairment of $21.8 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 proud of another strong quarter, highlighted by core fundamentals and capital growth, which will continue to serve us well as we move into 2024. The profitability of our Company remains solid with an ROA of 1.25%, PPNR ROA of over 2%, net interest margin of 3.54% and efficiency ratio of just over 52%. We grew core deposits, tangible book value and improved our allowance for loan loss coverage ratio, all of which strengthened our balance sheet during the quarter. All of these things, combined with our focus on controlled growth, position us well for the remainder of 2023 and moving into 2024."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $208.7 million in the third quarter of 2023, a decrease of $1.8 million, or 0.8%, from last quarter and $5.2 million, or 2.4%, compared with the third quarter of 2022. The Company's net interest margin was 3.54% for the third quarter of 2023, down from 3.60% reported for the second quarter of 2023 and 3.97% reported for the third 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 ten basis points during the quarter to 5.62%, compared with 5.52% in the second quarter of 2023, and increased 125 basis points from 4.37% in the third quarter of 2022. Yields on loans increased to 5.81% during the third quarter of 2023, compared with 5.66% for the second quarter of 2023 and 4.62% for the third quarter of 2022.

Loan production in the banking division during the third quarter of 2023 was $621.0 million, with weighted average yields of 9.49%, compared with $544.3 million and 9.35%, respectively, in the second quarter of 2023 and $1.12 billion and 6.26%, respectively, in the third quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.2 billion during the third quarter of 2023, with weighted average yields of 7.28%, compared with $4.7 billion and 6.83%, respectively, during the second quarter of 2023 and $4.6 billion and 5.29%, respectively, during the third quarter of 2022.

The Company's total cost of funds was 2.24% in the third quarter of 2023, an increase of 19 basis points compared with the second quarter of 2023. Deposit costs increased 24 basis points during the third quarter of 2023 to 2.00%, compared with 1.76% in the second quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 2.64% in the second quarter of 2023 to 2.97% in the third quarter of 2023, reflecting a shift in mix to CDs and money market accounts in the rising rate environment.

Noninterest Income
Noninterest income decreased $4.2 million, or 6.2%, in the third quarter of 2023 to $63.2 million, compared with $67.3 million for the second quarter of 2023, primarily as a result of decreased mortgage banking activity, which decreased by $4.5 million, or 10.9%, to $36.3 million in the third quarter of 2023, compared with $40.7 million for the second quarter of 2023. Gain on sale spreads decreased slightly to 2.15% in the third quarter of 2023 from 2.18% for the second quarter of 2023. Total production in the retail mortgage division decreased $157.2 million, or 11.8%, to $1.18 billion in the third quarter of 2023, compared with $1.33 billion for the second quarter of 2023. The retail mortgage open pipeline was $623.9 million at the end of the third quarter of 2023, compared with $652.1 million for the second quarter of 2023. Other noninterest income decreased $749,000, or 5.2%, to $13.6 million in the third quarter of 2023, compared with $14.3 million for the second quarter of 2023, primarily resulting from a decrease in gain on debt redemption of $905,000.

Noninterest Expense
Noninterest expense decreased $7.0 million, or 4.7%, to $141.4 million during the third quarter of 2023, compared with $148.4 million for the second quarter of 2023. The decrease in noninterest expense was driven by a decrease in problem loan expense of $2.2 million, a $1.0 million decrease in FDIC insurance costs, a $1.4 million decrease in legal and professional fees, a $1.1 million decrease in fraud/forgery and litigation resolution expenses and a decrease in variable compensation related to mortgage production of $965,000. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) decreased to 52.02% in the third quarter of 2023, compared with 53.41% in the second quarter of 2023.

Income Tax Expense
The Company's effective tax rate for the third quarter of 2023 was 23.7%, compared with 24.5% for the second quarter of 2023. The decreased rate for the third quarter of 2023 was primarily a result of decreased permanent differences related to nondeductible compensation and FDIC insurance premiums, compared with the second quarter of 2023.

Balance Sheet Trends
Total assets at September 30, 2023 were $25.70 billion, compared with $25.05 billion at December 31, 2022. Cash and cash equivalents increased 38.2% to $1.55 billion at September 30, 2023, compared with $1.12 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.42 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $345.8 million, or 2.3% annualized, to $20.20 billion at September 30, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased slightly to $381.5 million at September 30, 2023 from $392.1 million at December 31, 2022.

Investment securities decreased to $1.57 billion, or 6.6% of earning assets at the end of the third quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at December 31, 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 5.2% of the portfolio.

At September 30, 2023, total deposits amounted to $20.59 billion, compared with $19.46 billion at December 31, 2022. During the third quarter of 2023, deposits grew $147.2 million, with money market and savings accounts increasing $359.6 million and retail CDs increasing $156.8 million, with such increases offset in part by a $117.3 million decrease in noninterest bearing accounts and a $252.9 million decrease in interest bearing demand 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 September 30, 2023, noninterest bearing deposit accounts represented $6.59 billion, or 32.0% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.

During the third quarter of 2023, utilizing existing liquidity, the Company reduced borrowings with the FHLB by $325.0 million and redeemed, at a discount, $2.5 million in principal amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes Due 2029.

Shareholders' equity at September 30, 2023 totaled $3.35 billion, an increase of $149.7 million, or 4.7%, from December 31, 2022. The increase in shareholders' equity was primarily the result of earnings of $203.2 million during the first nine months of 2023, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $14.3 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $2.46 per share, or 11.0% annualized, during the first nine months of 2023 to $32.38 at September 30, 2023. The Company recorded dilution of $0.21 per share, or 0.7%, 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 9.11% at September 30, 2023, compared with 8.67% at the end of 2022.

Credit Quality
Credit quality remains strong in the Company. During the third quarter of 2023, the Company recorded a provision for credit losses of $24.5 million, compared with a provision of $45.5 million in the second quarter of 2023. The third quarter provision was primarily attributable to the updated economic forecast, partially offset by a decline in loans of $270.7 million during the quarter. Nonperforming assets as a percentage of total assets were up one basis point to 0.58% during the quarter. Approximately $80.8 million, or 53.9%, of the nonperforming assets at September 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 0.27% at September 30, 2023, compared with 0.30% at the second quarter of 2023. The net charge-off ratio was 23 basis points for the third quarter of 2023, compared with 28 basis points in the second quarter of 2023.

Share Repurchase Program
The Company's board of directors, on October 26, 2023, authorized the Company to repurchase up to $100.0 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2024, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. The board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31 and under which the Company has repurchased $13.5 million of its outstanding common stock in the past 12 months.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 27, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-317-6789. The conference call ID is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until November 10, 2023. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 1921240. 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


Nine  Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2023


2023


2023


2022


2022


2023


2022

EARNINGS














Net income

$    80,115


$    62,635


$    60,421


$    82,221


$    92,555


$  203,171


$  264,319

Adjusted net income(1)

$    80,115


$    62,635


$    59,935


$    81,086


$    91,817


$  202,685


$  248,329















COMMON SHARE DATA














Earnings per share available to common shareholders














Basic

$        1.16


$        0.91


$        0.87


$        1.19


$        1.34


$        2.94


$        3.82

Diluted

$        1.16


$        0.91


$        0.87


$        1.18


$        1.34


$        2.94


$        3.81

Adjusted diluted EPS(1)

$        1.16


$        0.91


$        0.86


$        1.17


$        1.32


$        2.93


$        3.58

Cash dividends per share

$        0.15


$        0.15


$        0.15


$        0.15


$        0.15


$        0.45


$        0.45

Book value per share (period end)

$      48.41


$      47.51


$      46.89


$      46.09


$      44.97


$      48.41


$      44.97

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

$      32.38


$      31.42


$      30.79


$      29.92


$      28.62


$      32.38


$      28.62

Weighted average number of shares














Basic

68,879,352


68,989,549


69,171,562


69,138,431


69,124,855


69,023,201


69,213,012

Diluted

68,994,247


69,034,763


69,322,664


69,395,224


69,327,414


69,129,921


69,427,522

Period end number of shares

69,138,461


69,139,783


69,373,863


69,369,050


69,352,709


69,138,461


69,352,709

Market data














High intraday price

$      45.34


$      37.18


$      50.54


$      54.24


$      50.94


$      50.54


$      55.62

Low intraday price

$      33.21


$      28.33


$      34.28


$      44.61


$      38.22


$      28.33


$      38.22

Period end closing price

$      38.39


$      34.21


$      36.58


$      47.14


$      44.71


$      38.39


$      44.71

Average daily volume

$  361,167


$  475,198


$  452,242


$  340,890


$  346,522


$  429,170


420,703















PERFORMANCE RATIOS














Return on average assets

1.25 %


0.98 %


0.98 %


1.34 %


1.56 %


1.07 %


1.51 %

Adjusted return on average assets(1)

1.25 %


0.98 %


0.97 %


1.32 %


1.54 %


1.07 %


1.42 %

Return on average common equity

9.56 %


7.63 %


7.54 %


10.30 %


11.76 %


8.26 %


11.57 %

Adjusted return on average tangible common equity(1)

14.35 %


11.53 %


11.41 %


15.78 %


18.33 %


12.46 %


17.33 %

Earning asset yield (TE)

5.62 %


5.52 %


5.25 %


4.91 %


4.37 %


5.46 %


3.94 %

Total cost of funds

2.24 %


2.05 %


1.59 %


0.94 %


0.42 %


1.96 %


0.29 %

Net interest margin (TE)

3.54 %


3.60 %


3.76 %


4.03 %


3.97 %


3.63 %


3.67 %

Efficiency ratio

52.21 %


53.60 %


52.08 %


49.57 %


50.15 %


52.64 %


52.35 %

Adjusted efficiency ratio (TE)(1)

52.02 %


53.41 %


51.99 %


49.61 %


50.12 %


52.49 %


53.46 %















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

13.02 %


12.73 %


12.47 %


12.76 %


13.10 %


13.02 %


13.10 %

Tangible common equity to tangible assets(1)

9.11 %


8.80 %


8.55 %


8.67 %


8.75 %


9.11 %


8.75 %















OTHER DATA (period end)














Full time equivalent employees














Banking Division

2,049


2,069


2,093


2,079


2,071


2,049


2,071

Retail Mortgage Division

601


613


630


633


671


601


671

Warehouse Lending Division

8


8


8


8


9


8


9

SBA Division

33


35


39


39


40


33


40

Premium Finance Division

78


76


78


76


77


78


77

Total Ameris Bancorp FTE headcount

2,769


2,801


2,848


2,835


2,868


2,769


2,868















Branch locations

164


164


164


164


164


164


164

Deposits per branch location

$  125,551


$  124,653


$  121,326


$  118,675


$  118,701


$  125,551


$  118,701

(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


Nine  Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2023


2023


2023


2022


2022


2023


2022

Interest income














Interest and fees on loans

$     304,699


$     292,012


$     271,964


$     250,263


$     216,400


$     868,675


$     584,706

Interest on taxable securities

14,754


15,915


14,300


13,029


10,324


44,969


21,627

Interest on nontaxable securities

331


339


339


358


363


1,009


818

Interest on deposits in other banks

10,769


13,686


9,113


9,984


7,188


33,568


13,024

Interest on federal funds sold




8


27



69

Total interest income

330,553


321,952


295,716


273,642


234,302


948,221


620,244















Interest expense














Interest on deposits

102,999


88,087


53,182


33,071


14,034


244,268


23,034

Interest on other borrowings

19,803


24,325


30,882


16,434


7,287


75,010


20,321

Total interest expense

122,802


112,412


84,064


49,505


21,321


319,278


43,355















Net interest income

207,751


209,540


211,652


224,137


212,981


628,943


576,889















Provision for loan losses

30,095


43,643


49,376


24,648


17,469


123,114


27,962

Provision for unfunded commitments

(5,634)


1,873


346


8,246


192


(3,415)


10,980

Provision for other credit losses

(2)



7


(4)


(9)


5


(135)

Provision for credit losses

24,459


45,516


49,729


32,890


17,652


119,704


38,807

Net interest income after provision for credit losses

183,292


164,024


161,923


191,247


195,329


509,239


538,082















Noninterest income














Service charges on deposit accounts

12,092


11,295


10,936


11,125


11,168


34,323


33,374

Mortgage banking activity

36,290


40,742


31,392


22,855


40,350


108,424


162,049

Other service charges, commissions and fees

1,221


975


971


968


970


3,167


2,907

Gain (loss) on securities

(16)


(6)


6


3


(21)


(16)


200

Other noninterest income

13,594


14,343


12,745


13,397


12,857


40,682


37,546

Total noninterest income

63,181


67,349


56,050


48,348


65,324


186,580


236,076















Noninterest expense














Salaries and employee benefits

81,898


81,336


80,910


75,196


78,697


244,144


244,523

Occupancy and equipment

12,745


12,522


12,986


12,905


12,983


38,253


38,456

Data processing and communications expenses

12,973


13,451


13,034


12,486


12,015


39,458


36,742

Credit resolution-related expenses(1)

(1,360)


848


435


372


126


(77)


(343)

Advertising and marketing

2,723


2,627


3,532


3,818


3,553


8,882


8,663

Amortization of intangible assets

4,425


4,688


4,706


4,709


4,710


13,819


15,035

Merger and conversion charges




235




977

Other noninterest expenses

28,042


32,931


23,818


25,340


27,494


84,791


81,541

Total noninterest expense

141,446


148,403


139,421


135,061


139,578


429,270


425,594















Income before income tax expense

105,027


82,970


78,552


104,534


121,075


266,549


348,564

Income tax expense

24,912


20,335


18,131


22,313


28,520


63,378


84,245

Net income

$       80,115


$       62,635


$       60,421


$       82,221


$       92,555


$     203,171


$     264,319















Diluted earnings per common share

$          1.16


$          0.91


$          0.87


$          1.18


$          1.34


$          2.94


$          3.81















(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


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2023


2023


2023


2022


2022

Assets










Cash and due from banks

$     241,137


$     284,552


$     266,400


$     284,567


$     269,193

Federal funds sold and interest-bearing deposits in banks

1,304,636


1,034,578


1,754,453


833,565


1,061,975

Debt securities available-for-sale, at fair value

1,424,081


1,460,356


1,496,836


1,500,060


1,255,149

Debt securities held-to-maturity, at amortized cost

141,859


142,513


134,175


134,864


130,214

Other investments

104,957


109,656


146,715


110,992


60,560

Loans held for sale

381,466


391,472


395,096


392,078


297,987











Loans, net of unearned income

20,201,079


20,471,759


19,997,871


19,855,253


18,806,856

Allowance for credit losses

(290,104)


(272,071)


(242,658)


(205,677)


(184,891)

Loans, net

19,910,975


20,199,688


19,755,213


19,649,576


18,621,965











Other real estate owned

3,397


6,170


1,502


843


843

Premises and equipment, net

217,564


218,662


218,878


220,283


222,694

Goodwill

1,015,646


1,015,646


1,015,646


1,015,646


1,023,071

Other intangible assets, net

92,375


96,800


101,488


106,194


110,903

Cash value of bank owned life insurance

393,769


391,483


389,201


388,405


386,533

Other assets

465,968


449,042


412,781


416,213


372,570

Total assets

$ 25,697,830


$ 25,800,618


$ 26,088,384


$ 25,053,286


$ 23,813,657











Liabilities










Deposits










Noninterest-bearing

$  6,589,610


$  6,706,897


$  7,297,893


$  7,929,579


$  8,343,200

Interest-bearing

14,000,735


13,736,228


12,599,562


11,533,159


11,123,719

Total deposits

20,590,345


20,443,125


19,897,455


19,462,738


19,466,919

Other borrowings

1,209,553


1,536,989


2,401,327


1,875,736


725,664

Subordinated deferrable interest debentures

129,817


129,319


128,820


128,322


127,823

Other liabilities

421,046


406,555


407,587


389,090


374,181

Total liabilities

22,350,761


22,515,988


22,835,189


21,855,886


20,694,587











Shareholders' Equity










Preferred stock





Common stock

72,514


72,515


72,484


72,264


72,247

Capital stock

1,942,852


1,939,865


1,937,664


1,935,211


1,932,906

Retained earnings

1,484,424


1,414,742


1,362,512


1,311,258


1,239,477

Accumulated other comprehensive income (loss), net of tax

(60,818)


(50,618)


(35,581)


(46,507)


(50,734)

Treasury stock

(91,903)


(91,874)


(83,884)


(74,826)


(74,826)

Total shareholders' equity

3,347,069


3,284,630


3,253,195


3,197,400


3,119,070

Total liabilities and shareholders' equity

$ 25,697,830


$ 25,800,618


$ 26,088,384


$ 25,053,286


$ 23,813,657











Other Data










Earning assets

$ 23,558,078


$ 23,610,334


$ 23,925,146


$ 22,826,812


$ 21,612,741

Intangible assets

1,108,021


1,112,446


1,117,134


1,121,840


1,133,974

Interest-bearing liabilities

15,340,105


15,402,536


15,129,709


13,537,217


11,977,206

Average assets

25,525,913


25,631,846


25,115,927


24,354,979


23,598,465

Average common shareholders' equity

3,324,960


3,293,049


3,250,289


3,168,320


3,123,718

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Nine  Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2023


2023


2023


2022


2022


2023


2022

Allowance for Credit Losses














Balance at beginning of period

$  326,783


$  295,497


$  258,163


$  229,135


$  216,703


$  258,163


$  200,981















Adoption of ASU 2022-02



(1,711)




(1,711)
















Provision for loan losses

30,095


43,643


49,376


24,648


17,469


123,114


27,962

Provision for unfunded commitments

(5,634)


1,873


346


8,246


192


(3,415)


10,980

Provision for other credit losses

(2)



7


(4)


(9)


5


(135)

Provision for credit losses

24,459


45,516


49,729


32,890


17,652


119,704


38,807















Charge-offs

19,488


20,670


14,956


8,371


9,272


55,114


24,704

Recoveries

7,426


6,440


4,272


4,509


4,052


18,138


14,051

Net charge-offs (recoveries)

12,062


14,230


10,684


3,862


5,220


36,976


10,653















Ending balance

$  339,180


$  326,783


$  295,497


$  258,163


$  229,135


$  339,180


$  229,135















Allowance for loan losses

$  290,104


$  272,071


$  242,658


$  205,677


$  184,891


$  290,104


$  184,891

Allowance for unfunded commitments

48,996


54,630


52,757


52,411


44,165


48,996


44,165

Allowance for other credit losses

80


82


82


75


79


80


79

Total allowance for credit losses

$  339,180


$  326,783


$  295,497


$  258,163


$  229,135


$  339,180


$  229,135















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$    16,519


$    13,316


$    12,233


$     5,108


$      4,722


$    42,068


$    13,527

Consumer

948


2,052


1,140


1,136


1,228


4,140


3,790

Indirect automobile

36


65


34


86


50


135


179

Premium Finance

1,951


1,848


1,421


1,812


1,205


5,220


3,640

Real estate - construction and development




27




Real estate - commercial and farmland


3,320



196


2,014


3,320


3,378

Real estate - residential

34


69


128


6


53


231


190

Total charge-offs

19,488


20,670


14,956


8,371


9,272


55,114


24,704

Recoveries














Commercial, financial and agricultural

4,745


3,545


2,043


2,072


2,201


10,333


7,882

Consumer

203


194


297


217


277


694


665

Indirect automobile

158


225


216


229


276


599


816

Premium Finance

1,639


1,680


1,382


1,682


1,023


4,701


3,383

Real estate - construction and development

74


472


100


223


96


646


669

Real estate - commercial and farmland

371


61


44


48


96


476


177

Real estate - residential

236


263


190


38


83


689


459

Total recoveries

7,426


6,440


4,272


4,509


4,052


18,138


14,051

Net charge-offs (recoveries)

$    12,062


$    14,230


$    10,684


$     3,862


$      5,220


$    36,976


$    10,653















Non-Performing Assets














Nonaccrual portfolio loans

$    53,806


$    57,025


$    68,028


$    65,221


$    64,055


$    53,806


$    64,055

Other real estate owned

3,397


6,170


1,502


843


843


3,397


843

Repossessed assets

22


9


25


28


60


22


60

Accruing loans delinquent 90 days or more

11,891


13,424


15,792


17,865


12,378


11,891


12,378

Non-performing portfolio assets

$    69,116


$    76,628


$    85,347


$    83,957


$    77,336


$    69,116


$    77,336

Serviced GNMA-guaranteed mortgage nonaccrual loans

80,752


69,655


74,999


69,587


54,621


80,752


54,621

Total non-performing assets

$  149,868


$  146,283


$  160,346


$  153,544


$  131,957


$  149,868


$  131,957















Asset Quality Ratios














Non-performing portfolio assets as a percent of total assets

0.27 %


0.30 %


0.33 %


0.34 %


0.32 %


0.27 %


0.32 %

Total non-performing assets as a percent of total assets

0.58 %


0.57 %


0.61 %


0.61 %


0.55 %


0.58 %


0.55 %

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

0.23 %


0.28 %


0.22 %


0.08 %


0.11 %


0.25 %


0.08 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2023


2023


2023


2022


2022

Loans by Type










Commercial, financial and agricultural

$  2,632,836


$  2,718,831


$  2,722,180


$  2,679,403


$  2,245,287

Consumer

259,797


307,486


349,775


384,037


162,345

Indirect automobile

47,108


63,231


83,466


108,648


137,183

Mortgage warehouse

852,823


1,147,413


958,418


1,038,924


980,342

Municipal

497,093


510,410


505,515


509,151


516,797

Premium Finance

1,007,334


988,731


947,257


1,023,479


1,062,724

Real estate - construction and development

2,236,686


2,217,744


2,144,605


2,086,438


2,009,726

Real estate - commercial and farmland

7,865,389


7,815,779


7,721,732


7,604,868


7,516,309

Real estate - residential

4,802,013


4,702,134


4,564,923


4,420,305


4,176,143

Total loans

$ 20,201,079


$ 20,471,759


$ 19,997,871


$ 19,855,253


$ 18,806,856











Loans by Risk Grade










Grades 1 through 5 - Pass

$ 19,812,895


$ 20,114,816


$ 19,654,232


$ 19,513,726


$ 18,483,046

Grade 6 - Other assets especially mentioned

187,449


171,035


116,345


104,614


110,408

Grade 7 - Substandard

200,735


185,908


227,294


236,913


213,402

Grade 8 - Doubtful





Grade 9 - Loss





Total loans

$ 20,201,079


$ 20,471,759


$ 19,997,871


$ 19,855,253


$ 18,806,856

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Nine  Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2023


2023


2023


2022


2022


2023


2022

Earning Assets














Federal funds sold

$             —


$             —


$             —


$           924


$         5,000


$             —


$       14,176

Interest-bearing deposits in banks

864,028


998,609