EX-99.1 2 tm244153d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

News Release

 

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND

FULL YEAR 2023 FINANCIAL RESULTS

 

Highlights of the Company’s results for the full year 2023 include the following:

 

·Net income of $269.1 million, or $3.89 per diluted share
·Adjusted net income(1) of $276.3 million, or $4.00 per diluted share
·Growth in tangible book value(1) of $3.72 per share, or 12.4%, to $33.64 at December 31, 2023
·Increase in the allowance for credit losses to 1.52% of loans, from 1.04% at December 31, 2022, due to forecasted economic conditions, particularly related to commercial real estate price levels
·Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved to 0.33% at December 31, 2023, compared with 0.34% at December 31, 2022
·Adjusted efficiency ratio(1) of 52.58%
·Organic growth in loans of $414.1 million, or 2.1%
·Growth in total deposits of $1.25 billion, or 6.4%
·Growth in TCE ratio(1)  of 97bps, or 11.2%, to 9.64% at December 31, 2023

 

Significant items from the Company’s results for the fourth quarter of 2023 include the following:

 

·Net income of $65.9 million, or $0.96 per diluted share
·Adjusted net income(1) of $73.6 million, or $1.07 per diluted share
·Stable net interest margin of 3.54%
·Adjusted efficiency ratio(1) of 52.87%
·Growth in TCE ratio(1) of 53bps to 9.64% at December 31, 2023, compared with 9.11% last quarter

 

ATLANTA, GA, January 25, 2024 - Ameris Bancorp (Nasdaq: ABCB) (the “Company”) today reported net income of $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023, compared with $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022. The Company reported adjusted net income(1) of $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023, compared with $81.1 million, or $1.17 per diluted share, for the same period in 2022. Adjusted net income excludes after-tax merger and conversion charges, FDIC special assessment, natural disaster expenses, servicing right valuation adjustments, gain on bank owned life insurance (“BOLI”) proceeds, gain on sale of mortgage servicing rights (“MSR”) and gain/loss on sale of bank premises.

 

For the year ended December 31, 2023, the Company reported net income of $269.1 million, or $3.89 per diluted share, compared with $346.5 million, or $4.99 per diluted share, for 2022. The Company reported adjusted net income(1) of $276.3 million, or $4.00 per diluted share, for the year ended December 31, 2023, compared with $329.4 million, or $4.75 per diluted share, for 2022. Adjusted net income for the year excludes the same items listed above for the fourth quarter.

 

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “The solid fourth quarter financial results were a successful way to end 2023 and have us well positioned for 2024. For the quarter and the full year, we continued to grow tangible book value and strengthened our balance sheet through strong deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses and robust capital growth. We continue to operate with discipline to execute our strategies and to produce strong financial results. Looking forward, we are focused on maintaining disciplined growth and top of peer group financial results in our strong Southeastern markets.”

 

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

 

 

 

 

Net Interest Income and Net Interest Margin

 

Net interest income on a tax-equivalent basis for 2023 increased to $838.8 million, compared with $804.9 million for 2022. The Company's net interest margin was 3.61% for 2023, compared with 3.76% for 2022. The Company recorded accretion income of $910,000 for 2023, compared with accretion expense of $285,000 for 2022. The increase in net interest income is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year.

 

Net interest income on a tax-equivalent basis (TE) was $207.0 million in the fourth quarter of 2023, a decrease of $1.7 million, or 0.8%, from last quarter and $18.0 million, or 8.0%, compared with the fourth quarter of 2022. The Company's net interest margin was stable at 3.54% for both the third and fourth quarters of 2023, while down from 4.03% reported for the fourth quarter of 2022.

 

Yields on earning assets increased seven basis points during the quarter to 5.69%, compared with 5.62% in the third quarter of 2023, and increased 78 basis points from 4.91% in the fourth quarter of 2022. Yields on loans increased to 5.83% during the fourth quarter of 2023, compared with 5.81% for the third quarter of 2023 and 5.07% for the fourth quarter of 2022.

 

Loan production in the banking division during the fourth quarter of 2023 was $417.4 million, with weighted average yields of 10.35%, compared with $621.0 million and 9.49%, respectively, in the third quarter of 2023 and $612.9 million and 7.92%, respectively, in the fourth quarter of 2022.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.3 billion during the fourth quarter of 2023, with weighted average yields of 7.38%, compared with $4.2 billion and 7.28%, respectively, during the third quarter of 2023 and $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022.

 

The Company’s total cost of funds was 2.32% in the fourth quarter of 2023, an increase of eight basis points compared with the third quarter of 2023. Deposit costs increased 16 basis points during the fourth quarter of 2023 to 2.16%, compared with 2.00% in the third quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 2.97% in the third quarter of 2023 to 3.17% in the fourth quarter of 2023, reflecting deposit beta catch-up in the current hold phase of the interest rate cycle.

 

Noninterest Income

 

Noninterest income decreased $6.9 million, or 11.0%, in the fourth quarter of 2023 to $56.2 million, compared with $63.2 million for the third quarter of 2023, primarily as a result of decreased mortgage banking activity, which declined by $4.8 million, or 13.3%, to $31.5 million in the fourth quarter of 2023, compared with $36.3 million for the third quarter of 2023. Gain on sale spreads decreased to 1.93% in the fourth quarter of 2023 from 2.15% for the third quarter of 2023. Total production in the retail mortgage division decreased to $891.1 million in the fourth quarter of 2023, compared with $1.18 billion for the third quarter of 2023. The retail mortgage open pipeline was $400.1 million at the end of the fourth quarter of 2023, compared with $623.9 million at September 30, 2023.

 

For the full year 2023, noninterest income decreased $41.6 million, or 14.6%, to $242.8 million, compared with $284.4 million for 2022, primarily as a result of decreased mortgage banking activity, which declined by $45.0 million, or 24.3%, to $139.9 million in 2023, compared with $184.9 million in 2022. Production in the retail mortgage division decreased to $4.3 billion in 2023, compared with $5.5 billion in 2022, while gain on sale spreads narrowed to 2.07% in 2023 from 2.27% in 2022.

 

Noninterest Expense

 

Noninterest expense increased $7.6 million, or 5.3%, to $149.0 million during the fourth quarter of 2023, compared with $141.4 million for the third quarter of 2023.  During the fourth quarter of 2023, the Company recorded $11.6 million related to the FDIC special assessment and a $1.9 million gain on sale of bank premises. Excluding those charges, adjusted expenses(1) decreased approximately $2.1 million, or 1.5%, to $139.3 million in the fourth quarter of 2023, from $141.4 million in the third quarter of 2023. The decrease in adjusted expenses(1) resulted from a $4.5 million decline in mortgage expenses related to reduced production, offset by a $3.3 million increase in the banking division, the majority of which was related to increased legal and professional fees, data processing expenses and a decrease in the gain on sale of OREO properties. Management continues to deliver high performing operating efficiency, with an adjusted efficiency ratio(1) of 52.87% in the fourth quarter of 2023, compared with 52.02% in the third quarter of 2023.

 

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

 

 

 

 

For the full year 2023, noninterest expense increased $17.6 million, or 3.1%, to $578.3 million, compared with $560.7 million in 2022. Excluding adjustment items of $9.7 million in 2023 and $1.3 million in 2022, adjusted expenses increased $9.3 million, or 1.7% to $586.6 million in 2023, from $559.3 million in 2022. This increase is primarily attributable to a reduction in deferred loan origination costs, partially offset by a reduction in variable expenses related to mortgage production.

 

Income Tax Expense

 

The Company's effective tax rate for 2023 was 24.6%, compared with 23.5% in 2022. The Company's effective tax rate for the fourth quarter of 2023 was 27.1%, compared with 23.7% in the third quarter of 2023. The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment when the Company filed its 2022 income tax returns in the fourth quarter of 2023.

 

Balance Sheet Trends

 

Total assets at December 31, 2023 were $25.20 billion, compared with $25.05 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.40 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $414.1 million, or 2.1%, to $20.27 billion at December 31, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased $110.7 million from $392.1 million at December 31, 2022 to $281.3 million at December 31, 2023 due to a decline in mortgage activity resulting from the rising rate environment.

 

At December 31, 2023, total deposits amounted to $20.71 billion, or 97.0% of total funding, compared with $19.46 billion and 90.7%, respectively, at December 31, 2022. During the fourth quarter of 2023, deposits grew $118.2 million with NOW and money market accounts increasing $513.9 million and retail CD accounts increasing $48.5 million, with such increases being offset in part by a $98.0 million decrease in noninterest-bearing accounts and a $324.2 million decrease in brokered CDs. 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 December 31, 2023, noninterest-bearing deposit accounts were $6.49 billion, or 31.3% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.

 

During the fourth quarter of 2023, utilizing existing liquidity the Company reduced borrowings with the FHLB by $700.0 million.

 

Shareholders’ equity at December 31, 2023 totaled $3.43 billion, an increase of $229.3 million, or 7.2%, from December 31, 2022.  The increase in shareholders’ equity was primarily the result of earnings of $269.1 million during 2023, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $1.26 per share, or 15.4% annualized, during the fourth quarter to $33.64 at December 31, 2023. The Company recorded an improvement of $0.36 per share of tangible book value(1) this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. For the year-to-date period, tangible book value per share(1) increased $3.72, or 12.4%, to $33.64 at December 31, 2023, compared with $29.92 at December 31, 2022.  Tangible common equity as a percentage of tangible assets was 9.64% at December 31, 2023, compared with 8.67% at the end of 2022.

 

Credit Quality

 

Credit quality remains strong in the Company. During the fourth quarter of 2023, the Company recorded a provision for credit losses of $23.0 million, compared with a provision of $24.5 million in the third quarter of 2023. Nonperforming assets as a percentage of total assets increased 11 basis points to 0.69% during the quarter. Approximately $90.2 million, or 51.7%, of the nonperforming assets at December 31, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.33% at December 31, 2023, compared with 0.27% at September 30, 2023. The net charge-off ratio was 26 basis points for the fourth quarter of 2023, compared with 23 basis points in the third quarter of 2023.

 

Conference Call

 

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 26, 2024, 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 access code is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until February 2, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 3003910. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

 

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

 

 

 

About Ameris Bancorp

 

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $25.20 billion in assets as of December 31, 2023, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

 

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

 

 

 

 

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; 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.

 

For more information, contact:

Nicole S. Stokes

Chief Financial Officer

(404) 240-1514

 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Financial Highlights Table 1

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands except per share data)  2023   2023   2023   2023   2022   2023   2022 
EARNINGS                            
Net income  $65,934   $80,115   $62,635   $60,421   $82,221   $269,105   $346,540 
Adjusted net income  $73,568   $80,115   $62,635   $59,935   $81,086   $276,253   $329,415 
                                    
COMMON SHARE DATA                                   
Earnings per share available to common shareholders                                   
Basic  $0.96   $1.16   $0.91   $0.87   $1.19   $3.90   $5.01 
Diluted  $0.96   $1.16   $0.91   $0.87   $1.18   $3.89   $4.99 
Adjusted diluted EPS(1)  $1.07   $1.16   $0.91   $0.86   $1.17   $4.00   $4.75 
Cash dividends per share  $0.15   $0.15   $0.15   $0.15   $0.15   $0.60   $0.60 
Book value per share (period end)  $49.62   $48.41   $47.51   $46.89   $46.09   $49.62   $46.09 
Tangible book value per share (period end)(1)  $33.64   $32.38   $31.42   $30.79   $29.92   $33.64   $29.92 
Weighted average number of shares                                   
Basic   68,824,004    68,879,352    68,989,549    69,171,562    69,138,431    68,977,453    69,193,591 
Diluted   69,014,793    68,994,247    69,034,763    69,322,664    69,395,224    69,104,158    69,419,721 
Period end number of shares   69,053,341    69,138,461    69,139,783    69,373,863    69,369,050    69,053,341    69,369,050 
Market data                                   
High intraday price  $53.84   $45.34   $37.18   $50.54   $54.24   $53.84   $55.62 
Low intraday price  $34.26   $33.21   $28.33   $34.28   $44.61   $28.33   $38.22 
Period end closing price  $53.05   $38.39   $34.21   $36.58   $47.14   $53.05   $47.14 
Average daily volume   390,190    361,167    475,198    452,242    340,890    419,347    400,670 
                                    
PERFORMANCE RATIOS                                   
Return on average assets   1.03%   1.25%   0.98%   0.98%   1.34%   1.06%   1.47%
Adjusted return on average assets(1)   1.15%   1.25%   0.98%   0.97%   1.32%   1.09%   1.39%
Return on average common equity   7.73%   9.56%   7.63%   7.54%   10.30%   8.12%   11.24%
Adjusted return on average tangible common equity(1)   12.81%   14.35%   11.53%   11.41%   15.78%   12.55%   16.92%
Earning asset yield (TE)   5.69%   5.62%   5.52%   5.25%   4.91%   5.52%   4.19%
Total cost of funds   2.32%   2.24%   2.05%   1.59%   0.94%   2.05%   0.46%
Net interest margin (TE)   3.54%   3.54%   3.60%   3.76%   4.03%   3.61%   3.76%
Efficiency ratio   56.80%   52.21%   53.60%   52.08%   49.57%   53.65%   51.65%
Adjusted efficiency ratio (TE)(1)   52.87%   52.02%   53.41%   51.99%   49.61%   52.58%   52.48%
                                    
CAPITAL ADEQUACY (period end)                                   
Shareholders' equity to assets   13.60%   13.02%   12.73%   12.47%   12.76%   13.60%   12.76%
Tangible common equity to tangible assets(1)   9.64%   9.11%   8.80%   8.55%   8.67%   9.64%   8.67%
                                    
OTHER DATA (period end)                                   
Full time equivalent employees                                   
Banking Division   2,060    2,049    2,069    2,093    2,079    2,060    2,079 
Retail Mortgage Division   595    601    613    630    633    595    633 
Warehouse Lending Division   7    8    8    8    8    7    8 
SBA Division   28    33    35    39    39    28    39 
Premium Finance Division   75    78    76    78    76    75    76 
Total Ameris Bancorp FTE headcount   2,765    2,769    2,801    2,848    2,835    2,765    2,835 
                                    
Branch locations   164    164    164    164    164    164    164 
Deposits per branch location  $126,271   $125,551   $124,653   $121,326   $118,675   $126,271   $118,675 

 

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

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Income Statement Table 2

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands except per share data)  2023   2023   2023   2023   2022   2023   2022 
Interest income                                   
Interest and fees on loans  $303,487   $304,699   $292,012   $271,964   $250,263   $1,172,162   $834,969 
Interest on taxable securities   14,033    14,754    15,915    14,300    13,029    59,002    34,656 
Interest on nontaxable securities   326    331    339    339    358    1,335    1,176 
Interest on deposits in other banks   14,368    10,769    13,686    9,113    9,984    47,936    23,008 
Interest on federal funds sold                   8        77 
Total interest income   332,214    330,553    321,952    295,716    273,642    1,280,435    893,886 
                                    
Interest expense                                   
Interest on deposits   111,749    102,999    88,087    53,182    33,071    356,017    56,105 
Interest on other borrowings   14,364    19,803    24,325    30,882    16,434    89,374    36,755 
Total interest expense   126,113    122,802    112,412    84,064    49,505    445,391    92,860 
                                    
Net interest income   206,101    207,751    209,540    211,652    224,137    835,044    801,026 
                                    
Provision for loan losses   30,401    30,095    43,643    49,376    24,648    153,515    52,610 
Provision for unfunded commitments   (7,438)   (5,634)   1,873    346    8,246    (10,853)   19,226 
Provision for other credit losses   (11)   (2)       7    (4)   (6)   (139)
Provision for credit losses   22,952    24,459    45,516    49,729    32,890    142,656    71,697 
Net interest income after provision for credit losses   183,149    183,292    164,024    161,923    191,247    692,388    729,329 
                                    
Noninterest income                                   
Service charges on deposit accounts   12,252    12,092    11,295    10,936    11,125    46,575    44,499 
Mortgage banking activity   31,461    36,290    40,742    31,392    22,855    139,885    184,904 
Other service charges, commissions and fees   1,234    1,221    975    971    968    4,401    3,875 
Gain (loss) on securities   (288)   (16)   (6)   6    3    (304)   203 
Other noninterest income   11,589    13,594    14,343    12,745    13,397    52,271    50,943 
Total noninterest income   56,248    63,181    67,349    56,050    48,348    242,828    284,424 
                                    
Noninterest expense                                   
Salaries and employee benefits   75,966    81,898    81,336    80,910    75,196    320,110    319,719 
Occupancy and equipment   13,197    12,745    12,522    12,986    12,905    51,450    51,361 
Data processing and communications expenses   14,028    12,973    13,451    13,034    12,486    53,486    49,228 
Credit resolution-related expenses(1)   157    (1,360)   848    435    372    80    29 
Advertising and marketing   2,974    2,723    2,627    3,532    3,818    11,856    12,481 
Amortization of intangible assets   4,425    4,425    4,688    4,706    4,709    18,244    19,744 
Merger and conversion charges                   235        1,212 
Other noninterest expenses   38,264    28,042    32,931    23,818    25,340    123,055    106,881 
Total noninterest expense   149,011    141,446    148,403    139,421    135,061    578,281    560,655 
                                    
Income before income tax expense   90,386    105,027    82,970    78,552    104,534    356,935    453,098 
Income tax expense   24,452    24,912    20,335    18,131    22,313    87,830    106,558 
Net income  $65,934   $80,115   $62,635   $60,421   $82,221   $269,105   $346,540 
                                    
Diluted earnings per common share  $0.96   $1.16   $0.91   $0.87   $1.18   $3.89   $4.99 

 

(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

   Dec   Sep   Jun   Mar   Dec 
(dollars in thousands)  2023   2023   2023   2023   2022 
Assets                         
Cash and due from banks  $230,470   $241,137   $284,552   $266,400   $284,567 
Federal funds sold and interest-bearing deposits in banks   936,834    1,304,636    1,034,578    1,754,453    833,565 
Debt securities available-for-sale, at fair value   1,402,944    1,424,081    1,460,356    1,496,836    1,500,060 
Debt securities held-to-maturity, at amortized cost   141,512    141,859    142,513    134,175    134,864 
Other investments   71,794    104,957    109,656    146,715    110,992 
Loans held for sale   281,332    381,466    391,472    395,096    392,078 
                          
Loans, net of unearned income   20,269,303    20,201,079    20,471,759    19,997,871    19,855,253 
Allowance for credit losses   (307,100)   (290,104)   (272,071)   (242,658)   (205,677)
Loans, net   19,962,203    19,910,975    20,199,688    19,755,213    19,649,576 
                          
Other real estate owned   6,199    3,397    6,170    1,502    843 
Premises and equipment, net   216,435    217,564    218,662    218,878    220,283 
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangible assets, net   87,949    92,375    96,800    101,488    106,194 
Cash value of bank owned life insurance   395,778    393,769    391,483    389,201    388,405 
Other assets   454,603    465,968    449,042    412,781    416,213 
Total assets  $25,203,699   $25,697,830   $25,800,618   $26,088,384   $25,053,286 
                          
Liabilities                         
Deposits                         
Noninterest-bearing  $6,491,639   $6,589,610   $6,706,897   $7,297,893   $7,929,579 
Interest-bearing   14,216,870    14,000,735    13,736,228    12,599,562    11,533,159 
Total deposits   20,708,509    20,590,345    20,443,125    19,897,455    19,462,738 
Other borrowings   509,586    1,209,553    1,536,989    2,401,327    1,875,736 
Subordinated deferrable interest debentures   130,315    129,817    129,319    128,820    128,322 
Other liabilities   428,542    421,046    406,555    407,587    389,090 
Total liabilities   21,776,952    22,350,761    22,515,988    22,835,189    21,855,886 
                          
Shareholders' Equity                         
Preferred stock                    
Common stock   72,516    72,514    72,515    72,484    72,264 
Capital stock   1,945,385    1,942,852    1,939,865    1,937,664    1,935,211 
Retained earnings   1,539,957    1,484,424    1,414,742    1,362,512    1,311,258 
Accumulated other comprehensive income (loss), net of tax   (35,939)   (60,818)   (50,618)   (35,581)   (46,507)
Treasury stock   (95,172)   (91,903)   (91,874)   (83,884)   (74,826)
Total shareholders' equity   3,426,747    3,347,069    3,284,630    3,253,195    3,197,400 
Total liabilities and shareholders' equity  $25,203,699   $25,697,830   $25,800,618   $26,088,384   $25,053,286 
                          
Other Data                         
Earning assets  $23,103,719   $23,558,078   $23,610,334   $23,925,146   $22,826,812 
Intangible assets   1,103,595    1,108,021    1,112,446    1,117,134    1,121,840 
Interest-bearing liabilities   14,856,771    15,340,105    15,402,536    15,129,709    13,537,217 
Average assets   25,341,990    25,525,913    25,631,846    25,115,927    24,354,979 
Average common shareholders' equity   3,383,554    3,324,960    3,293,049    3,250,289    3,168,320 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Asset Quality Information Table 4

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands)  2023   2023   2023   2023   2022   2023   2022 
Allowance for Credit Losses                                   
Balance at beginning of period  $339,180   $326,783   $295,497   $258,163   $229,135   $258,163   $200,981 
                                    
Adoption of ASU 2022-02               (1,711)       (1,711)    
                                    
Provision for loan losses   30,401    30,095    43,643    49,376    24,648    153,515    52,610 
Provision for unfunded commitments   (7,438)   (5,634)   1,873    346    8,246    (10,853)   19,226 
Provision for other credit losses   (11)   (2)       7    (4)   (6)   (139)
Provision for credit losses   22,952    24,459    45,516    49,729    32,890    142,656    71,697 
                                    
Charge-offs   20,104    19,488    20,670    14,956    8,371    75,218    33,075 
Recoveries   6,699    7,426    6,440    4,272    4,509    24,837    18,560 
Net charge-offs (recoveries)   13,405    12,062    14,230    10,684    3,862    50,381    14,515 
                                    
Ending balance  $348,727   $339,180   $326,783   $295,497   $258,163   $348,727   $258,163 
                                    
Allowance for loan losses  $307,100   $290,104   $272,071   $242,658   $205,677   $307,100   $205,677 
Allowance for unfunded commitments   41,558    48,996    54,630    52,757    52,411    41,558    52,411 
Allowance for other credit losses   69    80    82    82    75    69    75 
Total allowance for credit losses  $348,727   $339,180   $326,783   $295,497   $258,163   $348,727   $258,163 
                                    
Net  Charge-off Information                                   
Charge-offs                                   
Commercial, financial and agricultural  $15,840   $16,519   $13,316   $12,233   $5,108   $57,908   $18,635 
Consumer   2,785    948    2,052    1,140    1,136    6,925    4,926 
Indirect automobile   20    36    65    34    86    155    265 
Premium Finance   1,347    1,951    1,848    1,421    1,812    6,567    5,452 
Real estate - construction and development                   27        27 
Real estate - commercial and farmland   84        3,320        196    3,404    3,574 
Real estate - residential   28    34    69    128    6    259    196 
Total charge-offs   20,104    19,488    20,670    14,956    8,371    75,218    33,075 
Recoveries                                   
Commercial, financial and agricultural   4,701    4,745    3,545    2,043    2,072    15,034    9,954 
Consumer   130    203    194    297    217    824    882 
Indirect automobile   177    158    225    216    229    776    1,045 
Premium Finance   1,100    1,639    1,680    1,382    1,682    5,801    5,065 
Real estate - construction and development   303    74    472    100    223    949    892 
Real estate - commercial and farmland   90    371    61    44    48    566    225 
Real estate - residential   198    236    263    190    38    887    497 
Total recoveries   6,699    7,426    6,440    4,272    4,509    24,837    18,560 
Net charge-offs (recoveries)  $13,405   $12,062   $14,230   $10,684   $3,862   $50,381   $14,515 
                                    
Non-Performing Assets                                   
Nonaccrual portfolio loans  $60,961   $53,806   $57,025   $68,028   $65,221   $60,961   $65,221 
Other real estate owned   6,199    3,397    6,170    1,502    843    6,199    843 
Repossessed assets   17    22    9    25    28    17    28 
Accruing loans delinquent 90 days or more   16,988    11,891    13,424    15,792    17,865    16,988    17,865 
Non-performing portfolio assets  $84,165   $69,116   $76,628   $85,347   $83,957   $84,165   $83,957 
Serviced GNMA-guaranteed mortgage nonaccrual loans   90,156    80,752    69,655    74,999    69,587    90,156    69,587 
Total non-performing assets  $174,321   $149,868   $146,283   $160,346   $153,544   $174,321   $153,544 
                                    
Asset Quality Ratios                                   
Non-performing portfolio assets as a percent of total assets   0.33%   0.27%   0.30%   0.33%   0.34%   0.33%   0.34%
Total non-performing assets as a percent of total assets   0.69%   0.58%   0.57%   0.61%   0.61%   0.69%   0.61%
Net charge-offs as a percent of average loans (annualized)   0.26%   0.23%   0.28%   0.22%   0.08%   0.25%   0.08%

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Loan Information Table 5

   Dec   Sep   Jun   Mar   Dec 
(dollars in thousands)  2023   2023   2023   2023   2022 
Loans by Type                         
Commercial, financial and agricultural  $2,688,929   $2,632,836   $2,718,831   $2,722,180   $2,679,403 
Consumer   241,552    259,797    307,486    349,775    384,037 
Indirect automobile   34,257    47,108    63,231    83,466    108,648 
Mortgage warehouse   818,728    852,823    1,147,413    958,418    1,038,924 
Municipal   492,668    497,093    510,410    505,515    509,151 
Premium Finance   946,562    1,007,334    988,731    947,257    1,023,479 
Real estate - construction and development   2,129,187    2,236,686    2,217,744    2,144,605    2,086,438 
Real estate - commercial and farmland   8,059,754    7,865,389    7,815,779    7,721,732    7,604,868 
Real estate - residential   4,857,666    4,802,013    4,702,134    4,564,923    4,420,305 
Total loans  $20,269,303   $20,201,079   $20,471,759   $19,997,871   $19,855,253 
                          
Loans by Risk Grade                         
Grades 1 through 5 - Pass  $19,846,731   $19,812,895   $20,114,816   $19,654,232   $19,513,726 
Grade 6 - Other assets especially mentioned   203,725    187,449    171,035    116,345    104,614 
Grade 7 - Substandard   218,847    200,735    185,908    227,294    236,913 
Grade 8 - Doubtful                    
Grade 9 - Loss                    
Total loans  $20,269,303   $20,201,079   $20,471,759   $19,997,871   $19,855,253 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Average Balances Table 6

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands)  2023   2023   2023   2023   2022   2023   2022 
Earning Assets                                   
Federal funds sold  $   $   $   $   $924   $   $10,836 
Interest-bearing deposits in banks   936,733    864,028    998,609    859,614    1,009,935    914,818    1,993,672 
Debt securities - taxable   1,503,889    1,548,647    1,582,076    1,586,404    1,451,861    1,555,009    1,065,511 
Debt securities - nontaxable   40,227    40,896    42,580    43,052    44,320    41,679    39,779 
Other investments   87,678    101,517    117,020    131,044    83,730    109,175    58,170 
Loans held for sale   405,080    464,452    577,606    490,295    371,952    484,070    718,599 
Loans   20,252,773    20,371,689    20,164,938    19,820,749    19,212,560    20,154,321    17,521,461 
Total Earning Assets  $23,226,380   $23,391,229   $23,482,829   $22,931,158   $22,175,282   $23,259,072   $21,408,028 
                                    
Deposits                                   
Noninterest-bearing deposits  $6,572,190   $6,655,191   $6,729,789   $7,136,373   $8,138,887   $6,771,464   $8,005,201 
NOW accounts   3,760,992    3,661,701    3,949,850    4,145,991    3,621,454    3,878,034    3,675,586 
MMDA   5,994,361    5,527,731    5,002,590    4,994,195    5,161,047    5,382,865    5,128,497 
Savings accounts   817,075    915,678    1,009,749    1,005,614    1,010,966    936,454    1,005,752 
Retail CDs   2,281,357    2,200,413    2,024,014    1,612,325    1,450,037    2,031,828    1,604,978 
Brokered CDs   1,122,684    1,441,854    1,393,206    125,133        1,024,606     
Total Deposits   20,548,659    20,402,568    20,109,198    19,019,631    19,382,391    20,025,251    19,420,014 
Non-Deposit Funding                                   
Federal funds purchased and securities sold under agreements to repurchase                   1        1,477 
FHLB advances   538,096    943,855    1,408,855    1,968,811    918,228    1,210,242    279,409 
Other borrowings   311,091    312,572    316,626    361,445    377,056    325,260    393,393 
Subordinated deferrable interest debentures   130,054    129,554    129,056    128,557    128,060    129,310    127,316 
Total Non-Deposit Funding   979,241    1,385,981    1,854,537    2,458,813    1,423,345    1,664,812    801,595 
Total Funding  $21,527,900   $21,788,549   $21,963,735   $21,478,444   $20,805,736   $21,690,063   $20,221,609 

 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Interest Income and Interest Expense (TE) Table 7

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands)  2023   2023   2023   2023   2022   2023   2022 
Interest Income                                   
Federal funds sold  $   $   $   $   $8   $   $77 
Interest-bearing deposits in banks   14,368    10,769    13,686    9,113    9,984    47,936    23,008 
Debt securities - taxable   14,033    14,754    15,915    14,300    13,029    59,002    34,656 
Debt securities - nontaxable (TE)   413    418    430    429    454    1,690    1,489 
Loans held for sale   6,846    7,460    8,398    7,007    5,519    29,711    29,699 
Loans (TE)   297,501    298,102    284,471    265,802    245,603    1,145,876    808,826 
Total Earning Assets  $333,161   $331,503   $322,900   $296,651   $274,597   $1,284,215   $897,755 
                                    
Interest Expense                                   
Interest-Bearing Deposits                                   
NOW accounts  $19,293   $17,255   $18,003   $15,033   $8,564   $69,584   $14,367 
MMDA   54,002    45,683    35,224    27,809    20,683    162,718    33,143 
Savings accounts   974    1,791    2,296    1,288    654    6,349    1,287 
Retail CDs   22,257    19,013    14,751    7,629    3,170    63,650    7,308 
Brokered CDs   15,223    19,257    17,813    1,423        53,716     
Total Interest-Bearing Deposits   111,749    102,999    88,087    53,182    33,071    356,017    56,105 
Non-Deposit Funding                                   
Federal funds purchased and securities sold under agreements to repurchase                           4 
FHLB advances   7,089    12,543    17,222    22,448    8,801    59,302    9,710 
Other borrowings   3,798    3,821    3,902    5,349    4,953    16,870    19,209 
Subordinated deferrable interest debentures   3,477    3,439    3,201    3,085    2,680    13,202    7,832 
Total Non-Deposit Funding   14,364    19,803    24,325    30,882    16,434    89,374    36,755 
Total Interest-Bearing Funding  $126,113   $122,802   $112,412   $84,064   $49,505   $445,391   $92,860 
                                    
Net Interest Income (TE)  $207,048   $208,701   $210,488   $212,587   $225,092   $838,824   $804,895 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Yields(1)  Table 8

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
   2023   2023   2023   2023   2022   2023   2022 
Earning Assets                                   
Federal funds sold   %   %   %   %   3.43%   %   0.71%
Interest-bearing deposits in banks   6.09%   4.94%   5.50%   4.30%   3.92%   5.24%   1.15%
Debt securities - taxable   3.70%   3.78%   4.03%   3.66%   3.56%   3.79%   3.25%
Debt securities - nontaxable (TE)   4.07%   4.06%   4.05%   4.04%   4.06%   4.05%   3.74%
Loans held for sale   6.71%   6.37%   5.83%   5.80%   5.89%   6.14%   4.13%
Loans (TE)   5.83%   5.81%   5.66%   5.44%   5.07%   5.69%   4.62%
Total Earning Assets   5.69%   5.62%   5.52%   5.25%   4.91%   5.52%   4.19%
                                    
Interest-Bearing Deposits                                   
NOW accounts   2.04%   1.87%   1.83%   1.47%   0.94%   1.79%   0.39%
MMDA   3.57%   3.28%   2.82%   2.26%   1.59%   3.02%   0.65%
Savings accounts   0.47%   0.78%   0.91%   0.52%   0.26%   0.68%   0.13%
Retail CDs   3.87%   3.43%   2.92%   1.92%   0.87%   3.13%   0.46%
Brokered CDs   5.38%   5.30%   5.13%   4.61%   %   5.24%   %
Total Interest-Bearing Deposits   3.17%   2.97%   2.64%   1.82%   1.17%   2.69%   0.49%
Non-Deposit Funding                                   
Federal funds purchased and securities sold under agreements to repurchase   %   %   %   %   %   %   0.27%
FHLB advances   5.23%   5.27%   4.90%   4.62%   3.80%   4.90%   3.48%
Other borrowings   4.84%   4.85%   4.94%   6.00%   5.21%   5.19%   4.88%
Subordinated deferrable interest debentures   10.61%   10.53%   9.95%   9.73%   8.30%   10.21%   6.15%
Total Non-Deposit Funding   5.82%   5.67%   5.26%   5.09%   4.58%   5.37%   4.59%
Total Interest-Bearing Liabilities   3.35%   3.22%   2.96%   2.38%   1.55%   2.99%   0.76%
                                    
Net Interest Spread   2.34%   2.40%   2.56%   2.87%   3.36%   2.53%   3.43%
                                    
Net Interest Margin(2)   3.54%   3.54%   3.60%   3.76%   4.03%   3.61%   3.76%
                                    
Total Cost of Funds(3)   2.32%   2.24%   2.05%   1.59%   0.94%   2.05%   0.46%

 

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including noninterest-bearing deposits.

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations

 

 

Adjusted Net Income Table 9A

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands except per share data)  2023   2023   2023   2023   2022   2023   2022 
Net income available to common shareholders  $65,934   $80,115   $62,635   $60,421   $82,221   $269,105   $346,540 
                                    
Adjustment items:                                   
Merger and conversion charges                   235        1,212 
Gain on sale of MSR                   (1,672)       (1,356)
Servicing right impairment (recovery)                           (21,824)
Gain on BOLI proceeds               (486)       (486)   (55)
FDIC special assessment   11,566                    11,566     
Natural disaster expenses                           151 
(Gain) loss on bank premises   (1,903)                   (1,903)   (45)
Tax effect of adjustment items (Note 1)   (2,029)               302    (2,029)   4,792 
After tax adjustment items   7,634            (486)   (1,135)   7,148    (17,125)
Adjusted net income  $73,568   $80,115   $62,635   $59,935   $81,086   $276,253   $329,415 
                                    
Weighted average number of shares - diluted   69,014,793    68,994,247    69,034,763    69,322,664    69,395,224    69,104,158    69,419,721 
Net income per diluted share  $0.96   $1.16   $0.91   $0.87   $1.18   $3.89   $4.99 
Adjusted net income per diluted share  $1.07   $1.16   $0.91   $0.86   $1.17   $4.00   $4.75 
                                    
Average assets  $25,341,990   $25,525,913   $25,631,846   $25,115,927   $24,354,979   $25,404,873   $23,644,754 
Return on average assets   1.03%   1.25%   0.98%   0.98%   1.34%   1.06%   1.47%
Adjusted return on average assets   1.15%   1.25%   0.98%   0.97%   1.32%   1.09%   1.39%
                                    
Average common equity  $3,383,554   $3,324,960   $3,293,049   $3,250,289   $3,168,320   $3,313,361   $3,083,081 
Average tangible common equity  $2,277,810   $2,214,775   $2,178,323   $2,130,856   $2,039,094   $2,200,883   $1,947,222 
Return on average common equity   7.73%   9.56%   7.63%   7.54%   10.30%   8.12%   11.24%
Adjusted return on average tangible common equity   12.81%   14.35%   11.53%   11.41%   15.78%   12.55%   16.92%

 

Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for the twelve months ended December 2022 are nondeductible for tax purposes.

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations (continued)

 

Adjusted Efficiency Ratio (TE) Table 9B

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands)  2023   2023   2023   2023   2022   2023   2022 
Adjusted Noninterest Expense                                   
Total noninterest expense  $149,011   $141,446   $148.403   $139,421   $135,061   $578,281   $560,655 
Adjustment items:                                   
Merger and conversion charges                   (235)       (1,212)
FDIC special assessment   (11,566)                   (11,566)    
Natural disaster expenses                           (151)
Gain (loss) on bank premises   1,903                    1,903    45 
Adjusted noninterest expense  $139,348   $141,446   $148.403   $139,421   $134,826   $568,618   $559,337 
                                    
Total Revenue                                   
Net interest income  $206,101   $207,751   $209,540   $211,652   $224,137   $835,044   $801,026 
Noninterest income   56,248    63,181    67,349    56,050    48,348    242,828    284,424 
Total revenue  $262,349   $270,932   $276,889   $267,702   $272,485   $1,077,872   $1,085,450 
                                    
Adjusted Total Revenue                                   
Net interest income (TE)  $207,048   $208,701   $210,488   $212,587   $225,092   $838,824   $804,895 
Noninterest income   56,248    63,181    67,349    56,050    48,348    242,828    284,424 
Total revenue (TE)   263,296    271,882    277,837    268,637    273,440    1,081,652    1,089,319 
Adjustment items:                                   
(Gain) loss on securities   288    16    6    (6)   (3)   304    (203)
Gain on sale of MSR                   (1,672)       (1,356)
Gain on BOLI proceeds               (486)       (486)   (55)
Servicing right impairment (recovery)                           (21,824)
Adjusted total revenue (TE)  $263,584   $271,898   $277,843   $268,145   $271,765   $1,081,470   $1,065,881 
                                    
Efficiency ratio   56.80%   52.21%   53.60%   52.08%   49.57%   53.65%   51.65%
Adjusted efficiency ratio (TE)   52.87%   52.02%   53.41%   51.99%   49.61%   52.58%   52.48%

 

Tangible Book Value Per Share Table 9C

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands except per share data)  2023   2023   2023   2023   2022   2023   2022 
Total shareholders' equity  $3,426,747   $3,347,069   $3,284,630   $3,253,195   $3,197,400   $3,426,747   $3,197,400 
Less:                                   
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangibles, net   87,949    92,375    96,800    101,488    106,194    87,949    106,194 
Total tangible shareholders' equity  $2,323,152   $2,239,048   $2,172,184   $2,136,061   $2,075,560   $2,323,152   $2,075,560 
                                    
Period end number of shares   69,053,341    69,138,461    69,139,783    69,373,863    69,369,050    69,053,341    69,369,050 
Book value per share (period end)  $49.62   $48.41   $47.51   $46.89   $46.09   $49.62   $46.09 
Tangible book value per share (period end)  $33.64   $32.38   $31.42   $30.79   $29.92   $33.64   $29.92 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations (continued)

 

Tangible Common Equity to Tangible Assets Table 9D

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands except per share data)  2023   2023   2023   2023   2022   2023   2022 
Total shareholders' equity  $3,426,747   $3,347,069   $3,284,630   $3,253,195   $3,197,400   $3,426,747   $3,197,400 
Less:                                   
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangibles, net   87,949    92,375    96,800    101,488    106,194    87,949    106,194 
Total tangible shareholders' equity  $2,323,152   $2,239,048   $2,172,184   $2,136,061   $2,075,560   $2,323,152   $2,075,560 
                                    
Total assets  $25,203,699   $25,697,830   $25,800,618   $26,088,384   $25,053,286   $25,203,699   $25,053,286 
Less:                                   
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangibles, net   87,949    92,375    96,800    101,488    106,194    87,949    106,194 
Total tangible assets  $24,100,104   $24,589,809   $24,688,172   $24,971,250   $23,931,446   $24,100,104   $23,931,446 
                                    
Equity to Assets   13.60%   13.02%   12.73%   12.47%   12.76%   13.60%   12.76%
Tangible Common Equity to Tangible Assets   9.64%   9.11%   8.80%   8.55%   8.67%   9.64%   8.67%

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting Table 10

   Three Months Ended   Twelve Months Ended 
   Dec   Sep   Jun   Mar   Dec   Dec   Dec 
(dollars in thousands)  2023   2023   2023   2023   2022   2023   2022 
Banking Division                                   
Net interest income  $166,114   $167,595   $171,441   $175,328   $185,909   $680,478   $646,283 
Provision for credit losses   21,194    20,833    40,831    47,140    35,946    129,998    61,898 
Noninterest income   24,069    26,245    24,652    23,898    23,448    98,864    91,550 
Noninterest expense                                   
Salaries and employee benefits   55,687    56,226    55,196    56,442    52,296    223,551    196,823 
Occupancy and equipment expenses   11,865    11,437    11,175    11,606    11,482    46,083    45,081 
Data processing and telecommunications expenses   12,540    11,786    11,898    11,797    11,085    48,021    43,957 
Other noninterest expenses   33,089    20,274    27,643    19,023    21,811    100,029    85,953 
Total noninterest expense   113,181    99,723    105,912    98,868    96,674    417,684    371,814 
Income before income tax expense   55,808    73,284    49,350    53,218    76,737    231,660    304,121 
Income tax expense   17,206    18,283    13,312    12,848    16,545    61,649    75,367 
Net income  $38,602   $55,001   $36,038   $40,370   $60,192   $170,011   $228,754 
                                    
Retail Mortgage Division                             &nbs