ABCB
$34.83
Ameris Bancorp
$.82
2.41%
Earnings Details
3rd Quarter September 2020
Thursday, October 22, 2020 4:30:00 PM
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Summary

Ameris Bancorp (ABCB) Recent Earnings

Ameris Bancorp (ABCB) reported 3rd Quarter September 2020 earnings of $1.69 per share on revenue of $339.0 million. The consensus earnings estimate was $0.90 per share on revenue of $272.3 million. Revenue grew 27.7% on a year-over-year basis.

Ameris Bancorp is a financial holding company through its subsidiary Ameris Bank operates a full service banking services to its retail and commercial customers.

Results
Reported Earnings
$1.69
Earnings Whisper
-
Consensus Estimate
$0.90
Reported Revenue
$339.0 Mil
Revenue Estimate
$272.3 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Ameris Bancorp Announces Financial Results For Third Quarter 2020

ATLANTA, Oct. 22, 2020 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $116.1 million, or $1.67 per diluted share, for the quarter ended September 30, 2020, compared with $21.4 million, or $0.31 per diluted share, for the quarter ended September 30, 2019.  The increase in net income is primarily attributable to increases in mortgage banking activity of $85.6 million and net interest income of $13.8 million and a decrease of merger and conversion charges of $65.2 million, partially offset by an increase of $11.7 million in provision for credit losses compared with the third quarter of 2019.  The Company reported adjusted net income of $116.9 million, or $1.69 per diluted share, for the quarter ended September 30, 2020, compared with $68.5 million, or $0.98 per diluted share, for the same period in 2019.  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, (gain) loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.

For the year-to-date period ending September 30, 2020, the Company reported net income of $167.7 million, or $2.42 per diluted share, compared with $100.2 million, or $1.83 per diluted share, for the same period in 2019.  The Company reported adjusted net income of $198.5 million, or $2.86 per diluted share, for the nine months ended September 30, 2020, compared with $156.3 million, or $2.85 per diluted share, for the same period in 2019.  Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "I couldn't be more proud of our Company and the financial results we are reporting this quarter.  Every division of our Company increased their financial performance in the third quarter, which resulted in record earnings and top of class results.  Throughout this pandemic, Ameris teammates have remained focused on our customers and our communities.  We continue to adapt to this new environment by offering innovative products and services which strengthens our relationships and our financial results.  Our outlook remains optimistic for the remainder of 2020 and beyond."

Significant items from the Company's results for the third quarter of 2020 include the following:

  • Net income of $116.1 million, or $1.67 per diluted share, compared with $32.2 million, or $0.47 per diluted share, in the second quarter of 2020
  • Tangible book value growth of $1.56 per share, or 7.5%, to $22.46 compared with $20.90 at June 30, 2020
  • Growth in adjusted total revenue of $30.0 million, or 10.2%, compared with the second quarter of 2020
  • Increase in income from mortgage banking activity of $33.7 million compared with the second quarter of 2020
  • Adjusted efficiency ratio of 47.34%, compared with 51.08% in the second quarter of 2020
  • Net interest margin of 3.64%, compared with 3.83% in the second quarter of 2020
  • Adjusted return on average assets of 2.35%, compared with 0.89% in the second quarter of 2020
  • Improvement in deposit mix such that noninterest bearing deposits represent 36.79% of total deposits, up from 29.94% at December 31, 2019 and 29.85% a year ago
  • Annualized net charge-offs of 0.10% of average total loans
  • Completed issuance of $110 million of subordinated debt at 3.875% fixed for first five years

Following is a summary of the adjustments between reported net income and adjusted net income:

Adjusted Net Income Reconciliation









Three Months Ended


Nine Months Ended


September 30,


September 30,

(dollars in thousands, except per share data)

2020


2019


2020


2019

Net income available to common shareholders

$

116,145



$

21,384



$

167,703



$

100,193










Adjustment items:








Merger and conversion charges

(44)



65,158



1,391



70,690


Restructuring charges

50





1,513



245


Servicing right impairment (recovery)

412



(1,319)



30,566



141


Gain on BOLI proceeds

(103)



(4,335)



(948)



(4,335)


Expenses related to SEC and DOJ investigation

268





3,005




Natural disaster and pandemic charges (Note 1)

470





3,061



(39)


(Gain) loss on sale of premises

(97)



889



654



4,608


Tax effect of adjustment items (Note 2)

(222)



(13,238)



(8,438)



(15,167)


After-tax adjustment items

734



47,155



30,804



56,143


Adjusted net income

$

116,879



$

68,539



$

198,507



$

156,336










Reported net income per diluted share

$

1.67



$

0.31



$

2.42



$

1.83


Adjusted net income per diluted share

$

1.69



$

0.98



$

2.86



$

2.85










Reported return on average assets

2.33

%


0.49

%


1.18

%


0.99

%

Adjusted return on average assets

2.35

%


1.57

%


1.39

%


1.55

%









Reported return on average common equity

18.27

%


3.49

%


8.96

%


7.39

%

Adjusted return on average tangible common equity

30.53

%


18.95

%


17.84

%


18.87

%









Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2:  A portion of the merger and conversion charges for 3Q19 and both year-to-date periods are nondeductible for tax purposes.

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for the third quarter of 2020 totaled $163.9 million, compared with $165.2 million for the second quarter of 2020 and $149.9 million for the third quarter of 2019.  The Company's net interest margin was 3.64% for the third quarter of 2020, down from 3.83% reported for the second quarter of 2020 and from 3.84% reported for the third quarter of 2019.  The decrease in net interest margin in the current quarter is primarily attributable to a decrease in the yields on both loans and loans held for sale as market interest rates declined, partially offset by a decrease in the cost of interest-bearing liabilities.  Accretion income for the third quarter of 2020 decreased to $6.5 million, compared with $9.6 million for the second quarter of 2020, and increased from $4.2 million for the third quarter of 2019.  The decrease in accretion income in the third quarter is primarily attributable to increased payoffs of acquired loans during the second quarter of 2020. 

Yields on loans decreased to 4.42% during the third quarter of 2020, compared with 4.70% for the second quarter of 2020 and 5.27% reported for the third quarter of 2019.  Loan production in the banking division during the third quarter of 2020 totaled $869.0 million, with weighted average yields of 4.00%, compared with $472.1 million and 4.16%, respectively, in the second quarter of 2020 and $1.2 billion and 5.08%, respectively, in the third quarter of 2019.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.7 billion during the third quarter of 2020, with weighted average yields of 3.33%, compared with $7.2 billion and 3.17%, respectively, during the second quarter of 2020 and $4.2 billion and 4.51%, respectively, during the third quarter of 2019.  Loan production yields in the lines of business were materially impacted during the second quarter of 2020 by originations of Paycheck Protection Program ("PPP") loans in our SBA division.  Excluding PPP loans, loan production in the lines of business amounted to $6.1 billion during the second quarter of 2020, with weighted average yields of 3.53%.

Interest expense during the third quarter of 2020 decreased to $17.4 million, compared with $21.2 million in the second quarter of 2020 and $39.6 million in the third quarter of 2019.  The Company's total cost of funds moved 11 basis points lower to 0.41% in the third quarter of 2020 as compared with the second quarter of 2020.  Deposit costs decreased nine basis points during the third quarter of 2020 to 0.30%, compared with 0.39% in the second quarter of 2020.  Costs of interest-bearing deposits decreased during the quarter from 0.58% in the second quarter of 2020 to 0.47% in the third quarter of 2020.

Noninterest Income

Noninterest income increased $38.1 million, or 31.5%, in the third quarter of 2020 to $159.0 million, compared with $121.0 million for the second quarter of 2020, primarily as a result of increased mortgage banking activity. 

Mortgage banking activity increased $33.7 million, or 32.1%, to $138.6 million in the third quarter of 2020, compared with $104.9 million for the second quarter of 2020.  This increase was a result of both increased production and expansion in our gain on sale spread. Gain on sale spreads increased to 3.92% in the third quarter of 2020 from 3.53% for the second quarter of 2020. Total production in the retail mortgage division increased to $2.92 billion in the third quarter of 2020, compared with $2.67 billion for the second quarter of 2020. Mortgage banking activity was negatively impacted during the third quarter of 2020 by an $1.1 million servicing right impairment, compared with an impairment of $8.2 million for the second quarter of 2020. The retail mortgage open pipeline was $2.71 billion at the end of the third quarter of 2020, compared with $2.67 billion at June 30, 2020.

Service charge revenue increased $1.0 million, or 10.0%, to $10.9 million in the third quarter of 2020, compared with $9.9 million for the second quarter of 2020, resulting from an increase in volume. Other noninterest income increased $3.4 million, or 67.6%, in the third quarter of 2020 to $8.3 million, compared with $5.0 million for the second quarter of 2020, primarily as a result of an increase in the gain on sales of SBA loans of $2.8 million, as the SBA division shifted its focus from PPP loan production to its existing pipeline. 

Noninterest Expense

Noninterest expense decreased $2.1 million, or 1.3%, to $153.7 million during the third quarter of 2020, compared with $155.8 million for the second quarter of 2020.  During the third quarter of 2020, the Company recorded $647,000 of charges to earnings, related to restructuring charges associated with branch consolidations and efficiency initiatives, charges related to the previously announced SEC/DOJ investigation, merger and conversion charges, natural disaster and pandemic charges and (gain) loss on sale of premises, compared with $6.0 million in charges in the second quarter of 2020 that were related the same items.  Excluding these charges, adjusted expenses increased approximately $3.3 million, or 2.2%, to $153.0 million in the third quarter of 2020, from $149.8 million in the second quarter of 2020.  The majority of this increase is attributable to variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio, such that the adjusted efficiency ratio improved from 51.08% in the second quarter of 2020 to 47.34% in the third quarter of 2020.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2020 was 22.7%, compared with 21.1% in the second quarter of 2020. The increased rate for the third quarter of 2020 was primarily a result of increased state tax expense as a result of increased pre-tax income.

Balance Sheet Trends

Total assets at September 30, 2020 were $19.87 billion, compared with $18.24 billion at December 31, 2019.  Total loans, including loans held for sale, were $16.36 billion at September 30, 2020, compared with $14.48 billion at December 31, 2019.  Total loans held for investment were $14.94 billion at September 30, 2020, compared with $12.82 billion at December 31, 2019, an increase of $2.13 billion, or 16.6%, compared with December 31, 2019.  Loan production in the banking division during the third quarter of 2020 was up 84% from the second quarter of 2020 and down 26% from the third quarter of 2019.  Loan growth in the first nine months of 2020 was driven by PPP loan originations, which totaled $1.10 billion in outstanding balances at September 30, 2020, and increases in warehouse lending and portfolio mortgage loans. 

At September 30, 2020, total deposits amounted to $16.06 billion, or 94.1% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019.  At September 30, 2020, noninterest-bearing deposit accounts were $5.91 billion, or 36.8% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019.  Noninterest-bearing deposit growth was meaningfully impacted by PPP loan originations.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $9.56 billion at September 30, 2020, compared with $7.21 billion at December 31, 2019.  These funds represented 59.5% of the Company's total deposits at September 30, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at September 30, 2020 totaled $2.56 billion, an increase of $95.1 million, or 3.9%, from December 31, 2019.  The increase in shareholders' equity was primarily the result of earnings of $167.7 million during 2020, partially offset by the CECL adoption impact of $56.7 million and dividends declared.  Tangible book value per share was $22.46 at September 30, 2020, compared with $20.81 at December 31, 2019.  Tangible common equity as a percentage of tangible assets was 8.27% at September 30, 2020, compared with 8.40% at the end of the 2019.

Credit Quality

Credit quality remains strong in the Company.  During the third quarter of 2020, the Company recorded provision for credit losses of $17.7 million, compared with $88.2 million in the second quarter of 2020.  This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the second quarter of 2020.  The improved economic forecast was partially offset by increased qualitative factors in our residential real estate, commercial real estate and hotel portfolios based principally on risk rating migrations, level of deferrals in the portfolio and expected collateral values.  The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the third quarter of 2020 was approximately 4.3% of total loans, down from approximately 19.0% of total loans at the end of the second quarter of 2020.  Nonperforming assets as a percentage of total assets increased by 23 basis points to 0.82% during the quarter.  The increase in nonperforming assets is primarily attributable to increased nonaccrual loans in the residential real estate and commercial real estate loan categories.  The net charge-off ratio was 10 basis points for the third quarter of 2020, compared with 27 basis points in the second quarter of 2020 and seven basis points in the third quarter of 2019.

Share Repurchase Program

The Company's board of directors has also approved the extension of the share repurchase program authorized in September 2019, under which the Company was authorized to repurchase up to $100 million of its outstanding common stock.  As extended, the program now allows for repurchases of shares to occur through October 31, 2021.  Currently, $85,723,412 in aggregate value remains for repurchase under the program.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time Friday, October 23, 2020, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available one hour after the end of the conference call until November 6, 2020.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10148491.  The conference call replay and 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 170 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter.

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 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 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 performance 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, political and market conditions and fluctuations; movements in interest rates and our expectations regarding net interest margin; expectations on credit quality and performance; legislative and regulatory changes; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; 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, 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, 2019, as amended, and its 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)

2020


2020


2020


2019


2019


2020


2019

EARNINGS














Net income

$

116,145



$

32,236



$

19,322



$

61,248



$

21,384



$

167,703



$

100,193


Adjusted net income

$

116,879



$

42,423



$

39,205



$

66,608



$

68,539



$

198,507



$

156,336
















COMMON SHARE DATA














Earnings per share available to common shareholders














  Basic

$

1.68



$

0.47



$

0.28



$

0.88



$

0.31



$

2.42



$

1.83


  Diluted

$

1.67



$

0.47



$

0.28



$

0.88



$

0.31



$

2.42



$

1.83


Adjusted diluted EPS

$

1.69



$

0.61



$

0.56



$

0.96



$

0.98



$

2.86



$

2.85


Cash dividends per share

$

0.15



$

0.15



$

0.15



$

0.15



$

0.15



$

0.45



$

0.35


Book value per share (period end)

$

36.91



$

35.42



$

35.10



$

35.53



$

34.78



$

36.91



$

34.78


Tangible book value per share (period end)

$

22.46



$

20.90



$

20.44



$

20.81



$

20.29



$

22.46



$

20.29


Weighted average number of shares














  Basic

69,230,667



69,191,778



69,247,661



69,429,193



69,372,125



69,243,280



54,762,216


  Diluted

69,346,141



69,292,972



69,502,022



69,683,999



69,600,499



69,403,104



54,883,122


Period end number of shares

69,490,546



69,462,782



69,441,274



69,503,833



69,593,833



69,490,546



69,593,833


Market data














  High intraday price

$

27.81



$

29.82



$

43.79



$

44.90



$

40.65



$

43.79



$

42.01


  Low intraday price

$

19.91



$

17.12



$

17.89



$

38.34



$

33.71



$

17.12



$

31.27


  Period end closing price

$

22.78



$

23.59



$

23.76



$

42.54



$

40.24



$

22.78



$

40.24


  Average daily volume 

359,059



470,151



461,692



353,783



461,289



429,758



401,050
















PERFORMANCE RATIOS














Return on average assets

2.33

%


0.67

%


0.43

%


1.35

%


0.49

%


1.18

%


0.99

%

Adjusted return on average assets

2.35

%


0.89

%


0.87

%


1.47

%


1.57

%


1.39

%


1.55

%

Return on average common equity

18.27

%


5.23

%


3.16

%


9.97

%


3.49

%


8.96

%


7.39

%

Adjusted return on average tangible common equity

30.53

%


11.66

%


10.98

%


18.45

%


18.95

%


17.84

%


18.87

%

Earning asset yield (TE)

4.02

%


4.32

%


4.56

%


4.82

%


4.86

%


4.29

%


4.91

%

Total cost of funds

0.41

%


0.52

%


0.91

%


1.00

%


1.07

%


0.60

%


1.07

%

Net interest margin (TE)

3.64

%


3.83

%


3.70

%


3.86

%


3.84

%


3.72

%


3.89

%

Noninterest income excluding securities transactions, as a percent of total revenue (TE)

46.72

%


39.35

%


22.83

%


22.02

%


28.89

%


37.74

%


24.27

%

Efficiency ratio

47.80

%


54.70

%


68.23

%


58.24

%


85.35

%


55.34

%


70.89

%

Adjusted efficiency ratio (TE)

47.34

%


51.08

%


59.87

%


55.61

%


57.25

%


52.00

%


55.70

%















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.90

%


12.38

%


13.37

%


13.54

%


13.63

%


12.90

%


13.63

%

Tangible common equity to tangible assets

8.27

%


7.70

%


8.25

%


8.40

%


8.43

%


8.27

%


8.43

%















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.27

%


7.70

%


8.25

%


8.40

%


8.43

%


8.27

%


8.43

%

Effect of goodwill and other intangibles

4.63

%


4.68

%


5.12

%


5.14

%


5.20

%


4.63

%


5.20

%

Equity to assets (GAAP)

12.90

%


12.38

%


13.37

%


13.54

%


13.63

%


12.90

%


13.63

%















OTHER DATA (period end)














Full time equivalent employees














  Banking Division

1,807



1,832



1,865



1,913



2,001



1,807



2,001


  Retail Mortgage Division

734



692



689



690



785



734



785


  Warehouse Lending Division

11



9



9



9



9



11



9


  SBA Division

33



42



44



42



45



33



45


  Premium Finance Division

71



70



72



68



66



71



66


  Total Ameris Bancorp FTE headcount

2,656



2,645



2,679



2,722



2,906



2,656



2,906
















Assets per Banking Division FTE

$

10,998



$

10,848



$

9,772



$

9,536



$

8,878



$

10,998



$

8,878


Branch locations

170



170



170



170



172



170



172


Deposits per branch location

$

94,493



$

91,705



$

81,439



$

82,512



$

79,416



$

94,493



$

79,416


 

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)

2020


2020


2020


2019


2019


2020


2019

Interest income














Interest and fees on loans

$

172,351



$

175,345



$

171,242



$

182,391



$

175,046



$

518,938



$

404,457


Interest on taxable securities

7,259



9,347



10,082



10,358



11,354



26,688



29,780


Interest on nontaxable securities

159



157



157



167



168



473



426


Interest on deposits in other banks

153



123



1,211



1,091



1,622



1,487



7,048


Interest on federal funds sold

12



46



76



69



171



134



607


Total interest income

179,934



185,018



182,768



194,076



188,361



547,720



442,318
















Interest expense














Interest on deposits

11,822



14,273



24,102



27,970



29,425



50,197



74,563


Interest on other borrowings

5,574



6,931



10,721



10,755



10,167



23,226



17,940


Total interest expense

17,396



21,204



34,823



38,725



39,592



73,423



92,503
















Net interest income

162,538



163,814



147,945



155,351



148,769



474,297



349,815
















Provision for loan losses

26,692



68,449



37,047



5,693



5,989



132,188



14,065


Provision for unfunded commitments

(10,131)



19,712



4,000







13,581




Provision for other credit losses

1,121











1,121




Provision for credit losses

17,682



88,161



41,047



5,693



5,989



146,890



14,065


Net interest income after provision for credit losses

144,856



75,653



106,898



149,658



142,780



327,407



335,750
















Noninterest income














Service charges on deposits accounts

10,914



9,922



11,844



13,567



13,411



32,680



37,225


Mortgage banking activity

138,627



104,925



35,333



33,168



53,041



278,885



86,241


Other service charges, commissions and fees

1,151



1,130



1,128



1,085



1,236



3,409



2,828


Gain (loss) on securities



14



(9)



(1)



4



5



139


Other noninterest income

8,326



4,969



6,083



7,294



9,301



19,378



16,567


Total noninterest income

159,018



120,960



54,379



55,113



76,993



334,357



143,000
















Noninterest expense














Salaries and employee benefits

96,698



95,168



75,946



69,642



77,633



267,812



154,296


Occupancy and equipment expenses

13,805



13,807



12,028



11,919



12,639



39,640



28,677


Data processing and telecommunications expenses

12,226



10,514



11,954



11,362



10,372



34,694



27,151


Credit resolution related expenses(1)

802



950



2,198



1,098



1,094



3,950



2,984


Advertising and marketing expenses

966



1,455



2,358



2,250



1,949



4,779



5,677


Amortization of intangible assets

4,190



5,601



5,631



5,741



5,719



15,422



11,972


Merger and conversion charges

(44)



895



540



2,415



65,158



1,391



70,690


Other noninterest expenses

25,049



27,378



27,398



18,137



18,133



79,825



47,926


Total noninterest expense

153,692



155,768



138,053



122,564



192,697



447,513



349,373
















Income before income tax expense

150,182



40,845



23,224



82,207



27,076



214,251



129,377


Income tax expense

34,037



8,609



3,902



20,959



5,692



46,548



29,184


Net income

$

116,145



$

32,236



$

19,322



$

61,248



$

21,384



$

167,703



$

100,193
















Diluted earnings per common share

$

1.67



$

0.47



$

0.28



$

0.88



$

0.31



$

2.42



$

1.83
















(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


Three Months Ended


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2020


2020


2020


2019


2019

Assets










Cash and due from banks

$

257,026



$

292,899



$

255,312



$

246,234



$

193,976


Federal funds sold and interest-bearing deposits in banks

494,765



428,560



396,844



375,615



285,713


Time deposits in other banks

249



249



249



249



499


Investment securities available for sale, at fair value

1,117,436



1,238,896



1,353,040



1,403,403



1,491,207


Other investments

47,329



76,453



81,754



66,919



66,921


Loans held for sale, at fair value

1,414,889



1,736,397



1,398,229



1,656,711



1,187,551












Loans, net of unearned income

14,943,593



14,503,157



13,094,106



12,818,476



12,826,284


Allowance for loan losses

(231,924)



(208,793)



(149,524)



(38,189)



(35,530)


Loans, net

14,711,669



14,294,364



12,944,582



12,780,287



12,790,754












Other real estate owned

17,969



23,563



21,027



19,500



20,710












Premises and equipment, net

231,278



230,118



231,347



233,102



239,428


Goodwill

928,005



928,005



931,947



931,637



911,488


Other intangible assets, net

76,164



80,354



85,955



91,586



97,328


Cash value of bank owned life insurance

175,605



175,011



176,239



175,270



174,442


Deferred income taxes, net

53,039



56,306



24,196



2,180



22,111


Other assets

348,428



311,454



323,827



259,886



282,149


Total assets

$

19,873,851



$

19,872,629



$

18,224,548



$

18,242,579



$

17,764,277












Liabilities










Deposits










Noninterest-bearing

$

5,909,316



$

5,595,868



$

4,226,253



$

4,199,448



$

4,077,856


Interest-bearing

10,154,490



9,993,950



9,618,365



9,827,625



9,581,738


  Total deposits

16,063,806



15,589,818



13,844,618



14,027,073



13,659,594


Federal funds purchased and securities sold under agreements to repurchase

9,103



12,879



15,160



20,635



17,744


Other borrowings

875,255



1,418,336



1,543,371



1,398,709



1,351,172


Subordinated deferrable interest debentures

123,860



123,375



122,890



127,560



127,075


FDIC loss-share payable, net

19,476



18,903



18,111



19,642



19,490


Other liabilities

217,668



249,188



243,248



179,378



168,479


Total liabilities

17,309,168



17,412,499



15,787,398



15,772,997



15,343,554












Shareholders' Equity










Preferred stock










Common stock

71,703



71,674



71,652



71,500



71,447


Capital stock

1,911,031



1,909,839



1,908,721



1,907,108



1,904,789


Retained earnings

587,657



481,948



460,153



507,950



457,127


Accumulated other comprehensive income, net of tax

37,252



39,613



39,551



17,995



15,482


Treasury stock

(42,960)



(42,944)



(42,927)



(34,971)



(28,122)


Total shareholders' equity

2,564,683



2,460,130



2,437,150



2,469,582



2,420,723


Total liabilities and shareholders' equity

$

19,873,851



$

19,872,629



$

18,224,548



$

18,242,579



$

17,764,277












Other Data










Earning assets

$

18,018,261



$

17,983,712



$

16,324,222



$

16,321,373



$

15,858,175


Intangible assets

1,004,169



1,008,359



1,017,902



1,023,223



1,008,816


Interest-bearing liabilities

11,162,708



11,548,540



11,299,786



11,374,529



11,077,729


Average assets

19,810,084



19,222,181



18,056,445



17,998,494



17,340,387


Average common shareholders' equity

2,529,471



2,478,373



2,456,617



2,437,272



2,432,182


 

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)

2020


2020


2020


2019


2019


2020


2019

Allowance for Credit Losses














Balance at beginning of period

$

246,295



$

167,315



$

39,266



$

36,607



$

31,793



$

39,266



$

28,819
















CECL adoption impact on allowance for loan losses





78,661







78,661




CECL adoption impact on allowance for unfunded commitments





12,714







12,714




  Total CECL adoption impact





91,375







91,375


















Acquired allowance for unfunded commitments









1,077





1,077
















Provision for loan losses

26,692



68,449



37,047



5,693



5,989



132,188



14,065


Provision for unfunded commitments

(10,131)



19,712



4,000







13,581




Provision for other credit losses

1,121











1,121




  Provision for credit losses

17,682



88,161



41,047



5,693



5,989



146,890



14,065
















Charge-offs

7,370



11,282



6,718



5,664



5,249



25,370



14,197


Recoveries

3,810



2,101



2,345



2,630



2,997



8,256



6,843


  Net charge-offs

3,560



9,181



4,373



3,034



2,252



17,114



7,354
















Ending balance

$

260,417



$

246,295



$

167,315



$

39,266



$

36,607



$

260,417



$

36,607
















Allowance for loan losses

$

231,924



$

208,793



$

149,524



$

38,189



$

35,530



$

231,924



$

35,530


Allowance for unfunded commitments

27,372



37,502



17,791



1,077



1,077



27,372



1,077


Allowance for other credit losses

1,121











1,121




  Total allowance for credit losses

$

260,417



$

246,295



$

167,315



$

39,266



$

36,607



$

260,417



$

36,607
















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$

1,715



$

486



$

2,486



$

1,813



$

490



$

4,687



$

1,647


Consumer installment

677



962



1,142



1,586



1,245



2,781



4,313


Indirect automobile

697



1,016



1,231



939



965



2,944



965


Premium Finance

1,158



1,904



831



899



1,267



3,893



3,452


Real estate - construction and development

9



74





146





83



268


Real estate - commercial and farmland

2,977



6,315



928



181



1,318



10,220



3,161


Real estate - residential

137



525



100



100



37



762



391


  Total charge-offs

7,370



11,282



6,718



5,664



5,322



25,370



14,197
















Recoveries














Commercial, financial and agricultural

470



303



362



934



300



1,135



904


Consumer installment

516



436



321



461


1

590



1,273



1,094


Indirect automobile

317



359



344



241



271



1,020



271


Premium Finance

1,224



676



684



358



736



2,584



2,396


Real estate - construction and development

182



168



342



430



930



692



1,315


Real estate - commercial and farmland

904



21



85



140



74



1,010



192


Real estate - residential

197



138



207



68



169



542



671


  Total recoveries

3,810



2,101



2,345



2,632



3,070



8,256



6,843
















Net charge-offs

$

3,560



$

9,181



$

4,373



$

3,032



$

2,252



$

17,114



$

7,354
















Non-Performing Assets














Nonaccrual loans

$

138,163



$

77,745



$

77,866



$

75,124



$

100,501



$

138,163



$

100,501


Other real estate owned

17,969



23,563



21,027



19,500



20,710



17,969



20,710


Repossessed assets

258



1,348



783



939



1,258



258



1,258


Accruing loans delinquent 90 days or more

7,003



15,127



11,969



5,754



6,325



7,003



6,325


Total non-performing assets

$

163,393



$

117,783



$

111,645



$

101,317



$

128,794



$

163,393



$

128,794
















Asset Quality Ratios














Non-performing assets as a percent of total assets

0.82

%


0.59

%


0.61

%


0.56

%


0.73

%


0.82

%


0.73

%

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

0.10

%


0.27

%


0.14

%


0.09

%


0.07

%


0.17

%


0.10

%

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2020


2020


2020


2019


2019

Loans by Type










Commercial, financial and agricultural

$

1,879,788



$

1,839,921



$

827,392



$

802,171



$

931,755


Consumer installment

450,810



575,782



520,592



498,577



500,067


Indirect automobile

682,396



739,543



937,736



1,061,824



1,111,815


Mortgage warehouse

995,942



748,853



547,328



526,369



562,598


Municipal

725,669



731,508



749,633



564,304



578,267


Premium Finance

710,890



690,584



661,845



654,669



656,570


Real estate - construction and development

1,628,255



1,641,744



1,628,367



1,549,062



1,468,696


Real estate - commercial and farmland

5,116,252



4,804,420



4,516,451



4,353,039



4,198,759


Real estate - residential

2,753,591



2,730,802



2,704,762



2,808,461



2,817,757


  Total loans

$

14,943,593



$

14,503,157



$

13,094,106



$

12,818,476



$

12,826,284












Troubled Debt Restructurings










Accruing troubled debt restructurings










  Commercial, financial and agricultural

$

459



$

591



$

575



$

516



$

521


  Consumer installment

36



42



4



8



9


  Indirect automobile

2,689










  Mortgage warehouse










  Municipal










  Premium Finance





159



156



159


  Real estate - construction and development

510



919



925



936



948


  Real estate - commercial and farmland

56,417



5,252



5,587



6,732



8,616


  Real estate - residential

28,777



30,253



22,775



21,261



21,472


  Total accruing troubled debt restructurings

$

88,888



$

37,057



$

30,025



$

29,609



$

31,725


Nonaccrual troubled debt restructurings










  Commercial, financial and agricultural

$

1,002



$

1,034



$

334



$

335



$

144


  Consumer installment

64



67



105



107



120


  Indirect automobile

482










  Mortgage warehouse










  Municipal










  Premium Finance










  Real estate - construction and development

709



307



289



253



258


  Real estate - commercial and farmland

19,942



1,878



2,415



2,071



1,958


  Real estate - residential

4,477



2,231



3,078



2,857



2,103


  Total nonaccrual troubled debt restructurings

$

26,676



$

5,517



$

6,221



$

5,623



$

4,583


   Total troubled debt restructurings

$

115,564



$

42,574



$

36,246



$

35,232



$

36,308












Loans by Risk Grade










Grade 1 - Prime credit

$

1,845,900



$

1,789,709



$

774,956



$

587,877



$

613,281


Grade 2 - Strong credit

838,267



801,273



785,770



840,372



856,618


Grade 3 - Good credit

6,189,269



5,784,754



5,772,834



6,034,398



6,086,576


Grade 4 - Satisfactory credit

4,989,617



5,643,133



4,353,733



4,884,541



4,746,020


Grade 5 - Fair credit

643,502



212,667



1,131,128



233,020



252,424


Grade 6 - Other assets especially mentioned

151,501



108,704



106,885



86,412



114,235


Grade 7 - Substandard

285,537



162,917



168,561



151,846



157,114


Grade 8 - Doubtful





239



8



14


Grade 9 - Loss







2



2


  Total loans

$

14,943,593



$

14,503,157



$

13,094,106



$

12,818,476



$

12,826,284


 

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)

2020


2020


2020


2019


2019


2020


2019

Earning Assets














Federal funds sold

$

20,004



$

24,265



$

27,380



$

23,104



$

28,459



$

23,868



$

33,800


Interest-bearing deposits in banks

467,188



398,284



419,260



304,427



324,127



428,386



377,290


Time deposits in other banks

249



249



249



401



548



249



4,818


Investment securities - taxable

1,160,585



1,281,980



1,359,651



1,426,062



1,514,534



1,267,015



1,312,776


Investment securities - nontaxable

21,619



21,576



22,839



23,580



23,759



22,010



21,060


Other investments

64,656



79,143



73,972



64,852



53,712



72,561



28,168


Loans held for sale

1,507,481



1,614,080



1,587,131



1,537,648



856,572



1,569,337



373,699


Loans

14,688,317



13,915,406



12,712,997



12,697,912



12,677,063



13,772,102



9,982,560


Total Earning Assets

$

17,930,099



$

17,334,983



$

16,203,479



$

16,077,986



$

15,478,774



$

17,155,528



$

12,134,171
















Deposits














Noninterest-bearing deposits

$

5,782,163



$

5,061,578



$

4,080,920



$

4,124,872



$

4,040,592



$

4,977,833



$

3,108,638


NOW accounts

2,718,315



2,441,305



2,287,947



2,204,666



2,049,175



2,483,383



1,705,108


MMDA

4,273,899



4,221,906



4,004,644



3,953,717



3,815,185



4,167,207



3,053,272


Savings accounts

749,314



692,382



643,422



649,118



661,555



695,238



489,678


Retail CDs

2,274,150



2,471,134



2,624,209



2,721,829



2,804,243



2,455,833



2,222,942


Brokered CDs

1,933



2,043



61,190



249,644



150,176



21,650



380,937


Total Deposits

15,799,774



14,890,348



13,702,332



13,903,846



13,520,926



14,801,144



10,960,575


Non-Deposit Funding














Federal funds purchased and securities sold
under agreements to repurchase

10,483



12,452



15,637



17,088



19,914



12,849



13,017


FHLB advances

799,034



1,212,537



1,267,303



1,080,516



810,384



1,091,885



282,622


Other borrowings

272,443



269,300



269,454



234,001



220,918



270,407



170,891


Subordinated deferrable interest debentures

123,604



123,120



127,731



127,292



133,519



124,814



104,345


Total Non-Deposit Funding

1,205,564



1,617,409



1,680,125



1,458,897



1,184,735



1,499,955



570,875


Total Funding

$

17,005,338



$

16,507,757



$

15,382,457



$

15,362,743



$

14,705,661



$

16,301,099



$

11,531,450


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2020


2020


2020


2019


2019


2020


2019

Interest Income














Federal funds sold

$

13



$

45



$

76



$

69



$

171



$

134



$

607


Interest-bearing deposits in banks

152



122



1,210



1,089



1,620



1,484



6,979


Time deposits in other banks

1



1



1



2



2



3



69


Investment securities - taxable

7,260



9,346



10,082



10,358



11,354



26,688



29,780


Investment securities - nontaxable (TE)

202



198



199



212



213



599



539


Loans held for sale

10,365



14,053



13,637



14,330



7,889



38,055



10,673


Loans (TE)

163,352



162,617



158,636



169,119



168,239



484,605



396,918


Total Earning Assets

$

181,345



$

186,382



$

183,841



$

195,179



$

189,488



$

551,568



$

445,565
















Accretion income (included above)

$

6,525



$

9,576



$

6,562



$

9,727



$

4,222



$

22,663



$

10,208
















Interest Expense














Interest-Bearing Deposits














  NOW accounts

$

1,394



$

1,265



$

2,774



$

2,728



$

2,843



$

5,433



$

7,212


  MMDA

2,823



3,764



9,748



11,311



12,593



16,335



31,128


  Savings accounts

112



94



210



233



274



416



436


  Retail CDs

7,484



9,136



11,064



12,220



12,905



27,684



28,820


  Brokered CDs

9



14



306



1,478



810



329



6,967


Total Interest-Bearing Deposits

11,822



14,273



24,102



27,970



29,425



50,197



74,563


Non-Deposit Funding














  Federal funds purchased and securities sold under
agreements to repurchase

9



25



40



41



32



74



45


  FHLB advances

661



1,686



5,109



5,241



4,618



7,456



4,803


  Other borrowings

3,558



3,487



3,511



3,358



3,332



10,556



7,769


  Subordinated deferrable interest debentures

1,346



1,733



2,061



2,115



2,185



5,140



5,323


Total Non-Deposit Funding

5,574



6,931



10,721



10,755



10,167



23,226



17,940


Total Interest-Bearing Funding

$

17,396



$

21,204



$

34,823



$

38,725



$

39,592



$

73,423



$

92,503
















Net Interest Income (TE)

$

163,949



$

165,178



$

149,018



$

156,454



$

149,896



$

478,145



$

353,062


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Yields(1)

Table 8


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep


2020


2020


2020


2019


2019


2020


2019

Earning Assets














Federal funds sold

0.26

%


0.75

%


1.12

%


1.18

%


2.38

%


0.75

%


2.40

%

Interest-bearing deposits in banks

0.13

%


0.12

%


1.16

%


1.42

%


1.98

%


0.46

%


2.47

%

Time deposits in other banks

1.60

%


1.62

%


1.62

%


1.98

%


1.45

%


1.61

%


1.91

%

Investment securities - taxable

2.49

%


2.93

%


2.98

%


2.88

%


2.97

%


2.81

%


3.03

%

Investment securities - nontaxable (TE)

3.72

%


3.69

%


3.50

%


3.57

%


3.56

%


3.64

%


3.42

%

Loans held for sale

2.74

%


3.50

%


3.46

%


3.70

%


3.65

%


3.24

%


3.82

%

Loans (TE)

4.42

%


4.70

%


5.02

%


5.28

%


5.27

%


4.70

%


5.32

%

Total Earning Assets

4.02

%


4.32

%


4.56

%


4.82

%


4.86

%


4.29

%


4.91

%















Interest-Bearing Deposits














NOW accounts

0.20

%


0.21

%


0.49

%


0.49

%


0.55

%


0.29

%


0.57

%

MMDA

0.26

%


0.36

%


0.98

%


1.14

%


1.31

%


0.52

%


1.36

%

Savings accounts

0.06

%


0.05

%


0.13

%


0.14

%


0.16

%


0.08

%


0.12

%

Retail CDs

1.31

%


1.49

%


1.70

%


1.78

%


1.83

%


1.51

%


1.73

%

Brokered CDs

1.85

%


2.76

%


2.01

%


2.35

%


2.14

%


2.03

%


2.45

%

Total Interest-Bearing Deposits

0.47

%


0.58

%


1.01

%


1.13

%


1.23

%


0.68

%


1.27

%

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to
repurchase

0.34

%


0.81

%


1.03

%


0.95

%


0.64

%


0.77

%


0.46

%

FHLB advances

0.33

%


0.56

%


1.62

%


1.92

%


2.26

%


0.91

%


2.27

%

Other borrowings

5.20

%


5.21

%


5.24

%


5.69

%


5.98

%


5.21

%


6.08

%

Subordinated deferrable interest debentures

4.33

%


5.66

%


6.49

%


6.59

%


6.49

%


5.50

%


6.82

%

Total Non-Deposit Funding

1.84

%


1.72

%


2.57

%


2.92

%


3.40

%


2.07

%


4.20

%

Total Interest-Bearing Liabilities

0.62

%


0.75

%


1.24

%


1.37

%


1.47

%


0.87

%


1.47

%















Net Interest Spread

3.40

%


3.57

%


3.32

%


3.45

%


3.39

%


3.42

%


3.44

%















Net Interest Margin(2)

3.64

%


3.83

%


3.70

%


3.86

%


3.84

%


3.72

%


3.89

%















Total Cost of Funds(3)

0.41

%


0.52

%


0.91

%


1.00

%


1.07

%


0.60

%


1.07

%

(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


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2020


2020


2020


2019


2019


2020


2019

Net income available to common shareholders

$

116,145



$

32,236



$

19,322



$

61,248



$

21,384



$

167,703



$

100,193
















Adjustment items:














Merger and conversion charges

(44)



895



540



2,415



65,158



1,391



70,690


Restructuring charges

50



1,463









1,513



245


Servicing right impairment (recovery)

412



7,989



22,165



366



(1,319)



30,566



141


Gain on BOLI proceeds

(103)



(845)





752



(4,335)



(948)



(4,335)


Expenses related to SEC/DOJ Investigation

268



1,294



1,443



463





3,005




Natural disaster and pandemic charges (Note 1)

470



2,043



548







3,061



(39)


Loss on sale of premises

(97)



281



470



1,413



889



654



4,608


Tax effect of adjustment items (Note 2)

(222)



(2,933)



(5,283)



(898)



(13,238)



(8,438)



(15,167)


After tax adjustment items

734



10,187



19,883



4,511



47,155



30,804



56,143
















Tax expense attributable to acquisition
related compensation and acquired BOLI







849






















Adjusted net income

$

116,879



$

42,423



$

39,205



$

66,608



$

68,539



$

198,507



$

156,336
















Weighted average number of shares - diluted

69,346,141



69,292,972



69,502,022



69,683,999



69,600,499



69,403,104



54,883,122


Net income per diluted share

$

1.67



$

0.47



$

0.28



$

0.88



$

0.31



$

2.42



$

1.83


Adjusted net income per diluted share

$

1.69



$

0.61



$

0.56



$

0.96



$

0.98



$

2.86



$

2.85
















Average assets

$

19,810,084



$

19,222,181



$

18,056,445



$

17,998,494



$

17,340,387



$

19,045,028



$

13,483,044


Return on average assets

2.33

%


0.67

%


0.43

%


1.35

%


0.49

%


1.18

%


0.99

%

Adjusted return on average assets

2.35

%


0.89

%


0.87

%


1.47

%


1.57

%


1.39

%


1.55

%















Average common equity

$

2,529,471



$

2,478,373



$

2,456,617



$

2,437,272



$

2,432,182



$

2,500,689



$

1,813,575


Average tangible common equity

$

1,523,066



$

1,462,871



$

1,436,108



$

1,432,081



$

1,434,829



$

1,486,579



$

1,107,743


Return on average common equity

18.27

%


5.23

%


3.16

%


9.97

%


3.49

%


8.96

%


7.39

%

Adjusted return on average tangible common equity

30.53

%


11.66

%


10.98

%


18.45

%


18.95

%


17.84

%


18.87

%















Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2:  A portion of the merger and conversion charges for 3Q19 and both year-to-date periods are nondeductible for tax purposes.

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Non-GAAP Reconciliations (continued)






Adjusted Efficiency Ratio (TE)

Table 9B


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2020


2020


2020


2019


2019


2020


2019

Adjusted Noninterest Expense














Total noninterest expense

$

153,692



$

155,768



$

138,053



$

122,564



$

192,697



$

447,513



$

349,373


Adjustment items:














Merger and conversion charges

44



(895)



(540)



(2,415)



(65,158)



(1,391)



(70,690)


Restructuring charges

(50)



(1,463)









(1,513)



(245)


Expenses related to SEC/DOJ Investigation

(268)



(1,294)



(1,443)



(463)





(3,005)




Natural disaster and pandemic charges

(470)



(2,043)



(548)







(3,061)



39


(Gain) loss on sale of premises

97



(281)



(470)



(1,413)



(889)



(654)



(4,608)


Adjusted noninterest expense

$

153,045



$

149,792



$

135,052



$

118,273



$

126,650



$

437,889



$

273,869
















Total Revenue














Net interest income

$

162,538



$

163,814



$

147,945



$

155,351



$

148,769



$

474,297



$

349,815


Noninterest income

159,018



120,960



54,379



55,113



76,993



334,357



143,000


Total revenue

$

321,556



$

284,774



$

202,324



$

210,464



$

225,762



$

808,654



$

492,815
















Adjusted Total Revenue














Net interest income (TE)

$

163,949



$

165,178



$

149,018



$

156,454



$

149,896



$

478,145



$

353,062


Noninterest income

159,018



120,960



54,379



55,113



76,993



334,357



143,000


Total revenue (TE)

322,967



286,138



203,397



211,567



226,889



812,502



496,062


Adjustment items:














(Gain) loss on securities



(14)



9



(1)



(4)



(5)



(139)


Loss (gain) on BOLI proceeds

(103)



(845)





752



(4,335)



(948)



(4,335)


Servicing right impairment (recovery)

412



7,989



22,165



366



(1,319)



30,566



141


Adjusted total revenue (TE)

$

323,276



$

293,268



$

225,571



$

212,684



$

221,231



$

842,115



$

491,729
















Efficiency ratio

47.80

%


54.70

%


68.23

%


58.24

%


85.35

%


55.34

%


70.89

%

Adjusted efficiency ratio (TE)

47.34

%


51.08

%


59.87

%


55.61

%


57.25

%


52.00

%


55.70

%















Tangible Book Value Per Share

Table 9C


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2020


2020


2020


2019


2019


2020


2019

Total shareholders' equity

$

2,564,683



$

2,460,130



$

2,437,150



$

2,469,582



$

2,420,723



$

2,564,683



$

2,420,723


Less:














Goodwill

928,005



928,005



931,947



931,637



911,488



928,005



911,488


Other intangibles, net

76,164



80,354



85,955



91,586



97,328



76,164



97,328


Total tangible shareholders' equity

$

1,560,514



$

1,451,771



$

1,419,248



$

1,446,359



$

1,411,907



$

1,560,514



$

1,411,907
















Period end number of shares

69,490,546



69,461,968



69,441,274



69,503,833



69,593,833



69,490,546



69,593,833


Book value per share (period end)

$

36.91



$

35.42



$

35.10



$

35.53



$

34.78



$

36.91



$

34.78


Tangible book value per share (period end)

$

22.46



$

20.90



$

20.44



$

20.81



$

20.29



$

22.46



$

20.29


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting

Table 10


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2020


2020


2020


2019


2019


2020


2019

Banking Division














Net interest income

$

119,562



$

120,330



$

118,375



$

124,957



$

124,262



$

358,267



$

294,056


Provision for credit losses

487



86,805



35,997



4,741



3,549



123,289



7,913


Noninterest income

15,265



14,468



17,773



18,632



21,173



47,506



50,373


Noninterest expense














  Salaries and employee benefits

39,718



40,423



41,621



38,180



39,794



121,762



91,954


  Occupancy and equipment expenses

11,955



11,679



10,347



10,216



10,750



33,981



25,065


  Data processing and telecommunications expenses

9,716



8,919



10,797



10,156



9,551



29,432



24,778


  Other noninterest expenses

21,517



27,997



30,645



23,176



87,059



80,159



126,743


Total noninterest expense

82,906



89,018



93,410



81,728



147,154



265,334



268,540


Income (loss) before income tax expense

51,434



(41,025)



6,741



57,120



(5,268)



17,150



67,976


Income tax expense (benefit)

13,453



(8,582)



275



15,412



(1,269)



5,146



16,197


Net income (loss)

$

37,981



$

(32,443)



$

6,466



$

41,708



$

(3,999)



$

12,004



$

51,779
















Retail Mortgage Division














Net interest income

$

20,393



$

24,302



$

17,756



$

18,223



$

13,009



$

62,451



$

26,329


Provision for credit losses

15,051



423



1,997



1,237



1,490



17,471



2,235


Noninterest income

137,583



104,195



34,369



33,335



52,493



276,147



84,853


Noninterest expense














  Salaries and employee benefits

53,500



50,003



31,097



28,233



34,144



134,600



54,237


  Occupancy and equipment expenses

1,676



1,953



1,504



1,544



1,686



5,133



3,122


  Data processing and telecommunications expenses

2,349



1,406



986



1,034



660



4,741



1,384


  Other noninterest expenses

7,889



6,949



5,875



4,553



3,484



20,713



7,983


Total noninterest expense

65,414



60,311



39,462



35,364



39,974



165,187



66,726


Income before income tax expense

77,511



67,763



10,666



14,957



24,038



155,940



42,221


Income tax expense

16,112



14,231



2,408



3,371



5,048



32,751



8,831


Net income

$

61,399



$

53,532



$

8,258



$

11,586



$

18,990



$

123,189



$

33,390
















Warehouse Lending Division














Net interest income

$

6,546



$

5,026



$

3,302



$

3,771



$

3,169



$

14,874



$

8,846


Provision for credit losses

495



403



(9)



67





889




Noninterest income

1,064



727



960



610



560



2,751



1,389


Noninterest expense














  Salaries and employee benefits

266



209



210



325



286



685



609


  Occupancy and equipment expenses

1



1



1



1



2



3



4


  Data processing and telecommunications expenses

73



55



41



47



41



169



109


  Other noninterest expenses

28



88



34



53



27



150



170


Total noninterest expense

368



353



286



426



356



1,007



892


Income before income tax expense

6,747



4,997



3,985



3,888



3,373



15,729



9,343


Income tax expense

1,431



1,049



837



816



708



3,317



1,962


Net income

$

5,316



$

3,948



$

3,148



$

3,072



$

2,665



$

12,412



$

7,381


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)

Table 10


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2020


2020


2020


2019


2019


2020


2019

SBA Division














Net interest income

$

8,966



$

7,034



$

2,181



$

2,190



$

2,573



$

18,181



$

4,841


Provision for credit losses

4,297



2,322



(903)



150



(15)



5,716



394


Noninterest income

5,106



1,570



1,277



2,536



2,766



7,953



6,379


Noninterest expense














  Salaries and employee benefits

1,572



2,612



1,476



1,336



1,985



5,660



3,447


  Occupancy and equipment expenses

97



97



97



79



66



291



190


  Data processing and telecommunications expenses

4



15



13



5



22



32



27


  Other noninterest expenses

595



359



515



402



503



1,469



1,249


Total noninterest expense

2,268



3,083



2,101



1,822



2,576



7,452



4,913


Income before income tax expense

7,507



3,199



2,260



2,754



2,778



12,966



5,913


Income tax expense

1,577



671



475



578



584



2,723



1,242


Net income

$

5,930



$

2,528



$

1,785



$

2,176



$

2,194



$

10,243



$

4,671
















Premium Finance Division














Net interest income

$

7,071



$

7,122



$

6,331



$

6,210



$

5,756



$

20,524



$

15,743


Provision for credit losses

(2,648)



(1,792)



3,965



(502)



965



(475)



3,523


Noninterest income









1





6


Noninterest expense














  Salaries and employee benefits

1,642



1,921



1,542



1,568



1,424



5,105



4,049


  Occupancy and equipment expenses

76



77



79



79



135



232



296


  Data processing and telecommunications expenses

84



119



117



120



98



320



853


  Other noninterest expenses

934



886



1,056



1,457



980



2,876



3,104


Total noninterest expense

2,736



3,003



2,794



3,224



2,637



8,533



8,302


Income (loss) before income tax expense

6,983



5,911



(428)



3,488



2,155



12,466



3,924


Income tax expense (benefit)

1,464



1,240



(93)



782



621



2,611



952


Net income (loss)

$

5,519



$

4,671



$

(335)



$

2,706



$

1,534



$

9,855



$

2,972
















Total Consolidated














Net interest income

$

162,538



$

163,814



$

147,945



$

155,351



$

148,769



$

474,297



$

349,815


Provision for credit losses

17,682



88,161



41,047



5,693



5,989



146,890



14,065


Noninterest income

159,018



120,960



54,379



55,113



76,993



334,357



143,000


Noninterest expense














  Salaries and employee benefits

96,698



95,168



75,946



69,642



77,633



267,812



154,296


  Occupancy and equipment expenses

13,805



13,807



12,028



11,919



12,639



39,640



28,677


  Data processing and telecommunications expenses

12,226



10,514



11,954



11,362



10,372



34,694



27,151


  Other noninterest expenses

30,963



36,279



38,125



29,641



92,053



105,367



139,249


Total noninterest expense

153,692



155,768



138,053



122,564



192,697



447,513



349,373


Income before income tax expense

150,182



40,845



23,224



82,207



27,076



214,251



129,377


Income tax expense

34,037



8,609



3,902



20,959



5,692



46,548



29,184


Net income

$

116,145



$

32,236



$

19,322



$

61,248



$

21,384



$

167,703



$

100,193


 

 

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