JACKSONVILLE, Fla.,
Jan. 25, 2019 /PRNewswire/ -- Ameris
Bancorp (Nasdaq: ABCB) (the "Company") today reported net
income of $121.0 million, or
$2.80 per diluted share, for the year
ended December 31, 2018, compared
with $73.5 million, or $1.98 per diluted share, for 2017. For the
quarter ending December 31, 2018,
reported results include net income of $43.5
million, or $0.91 per diluted
share, compared with $9.2 million, or
$0.24 per diluted share, for the same
period in 2017.
The Company reported adjusted net income of $146.2 million, or $3.38 per diluted share, for the year ended
December 31, 2018, compared with
$92.3 million, or $2.48 per diluted share, for 2017. Adjusted
net income for the fourth quarter of 2018 was $45.9 million, or $0.96 per diluted share, compared with
$23.6 million, or $0.63 per diluted share, for the same quarter of
2017. Adjusted net income for the 2018 fourth quarter and
full year periods excludes after-tax merger and conversion charges,
executive retirement benefits, restructuring charges related to
recently announced branch consolidations, expenses related to
Hurricane Michael, loss on the sale of bank premises and state tax
credit related to the Company's 2017 income tax returns. In
addition, the 2017 financial results included expenses related to
compliance resolution, accelerated premium amortization on sold
loans and a charge of $13.4 million
to income tax expense, related to the valuation of the Company's
deferred tax asset, due to recent tax legislation that reduced the
Company's future corporate income tax rate.
Commenting on the Company's earnings, Dennis J. Zember Jr., the Company's President
and Chief Executive Officer, said, "I am delighted with how we
finished 2018 and the momentum we have going into 2019. We
succeeded on the expense side, pushing our adjusted efficiency
ratio down to 54% in the fourth quarter of 2018 and knowing we have
more savings in the works. Despite the flat yield curve and
enormous pressure on the margin, we reported the same margin, net
of accretion, in 2018 that we did in 2017, notable especially given
a 46% growth in total assets. Lastly, we closed and fully
integrated two bank acquisitions, in addition to finalizing the
purchase of US Premium Finance, and closed out the year with an
announcement regarding a merger with Fidelity Bank that, once
closed, will make Ameris the largest non-super regional bank in the
Atlanta MSA."
Highlights of the Company's results for the fourth quarter of
2018 include the following:
- Increase of $1.05 in tangible
book value per share to $18.83 at
December 31, 2018, compared with
$17.78 at September 30, 2018
- Improvement in adjusted efficiency ratio to 54.10%, compared
with 54.42% in the third quarter of 2018 and 60.88% in the fourth
quarter of 2017
- Adjusted return on average assets of 1.61%, compared with 1.53%
in the third quarter of 2018 and 1.20% in the fourth quarter of
2017
- Adjusted return on average tangible common equity of 20.95%,
compared with 20.50% in the third quarter of 2018 and 13.91% in the
fourth quarter of 2017
Highlights of the Company's results for 2018 include the
following:
- Growth in adjusted net earnings of $53.9
million, representing a 58.5% increase over 2017
- Organic growth in loans of $482.6
million, or 8.5%, compared with $941.0 million, or 20.3%, in 2017
- Adjusted return on average assets of 1.50%, compared with 1.26%
in 2017
- Adjusted return on average tangible common equity of 19.18%,
compared with 14.66% in 2017
- Stable net interest margin, excluding accretion, of 3.79%
during 2018 and 2017
- Loan-to-deposit ratio at the end of 2018 of 88.2%, compared
with 91.3% at the end of 2017
- Increase in total revenue of 26.7% to $461.8 million
- Annualized net charge-offs of 0.18% of average total loans and
0.27% of average non-purchased loans
- Year-over-year organic growth in non-interest bearing deposits
of $183.5 million, or
10.3%
- Improvement in nonperforming assets, decreasing to 0.55% of
total assets
Following is a summary of the adjustments between reported net
income and adjusted net income:
Adjusted Net
Income Reconciliation
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
(dollars in
thousands except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income available
to common shareholders
|
$
|
43,536
|
|
$
|
9,150
|
|
$
|
121,027
|
|
$
|
73,548
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
997
|
|
421
|
|
20,499
|
|
915
|
Executive retirement
benefits
|
2,005
|
|
—
|
|
8,424
|
|
—
|
Restructuring
charge
|
754
|
|
—
|
|
983
|
|
—
|
Certain compliance
resolution expenses
|
—
|
|
434
|
|
—
|
|
5,163
|
Accelerated premium
amortization on loans sold from purchased
loan pools
|
—
|
|
456
|
|
—
|
|
456
|
Financial impact of
hurricanes
|
882
|
|
—
|
|
882
|
|
410
|
Loss on sale of
premises
|
250
|
|
308
|
|
1,033
|
|
1,264
|
Tax effect of
adjustment items
|
(810)
|
|
(567)
|
|
(4,923)
|
|
(2,873)
|
After-tax adjustment
items
|
4,078
|
|
1,052
|
|
26,898
|
|
5,335
|
Tax expense
attributable to remeasurement of deferred tax assets and
deferred tax liabilities at reduced federal corporate tax
rate
|
—
|
|
13,388
|
|
—
|
|
13,388
|
Reduction in state
tax expense accrued in prior year, net of federal
tax impact
|
(1,717)
|
|
—
|
|
(1,717)
|
|
—
|
Adjusted net
income
|
$
|
45,897
|
|
$
|
23,590
|
|
$
|
146,208
|
|
$
|
92,271
|
|
|
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
0.91
|
|
$
|
0.24
|
|
$
|
2.80
|
|
$
|
1.98
|
Adjusted net income
per diluted share
|
$
|
0.96
|
|
$
|
0.63
|
|
$
|
3.38
|
|
$
|
2.48
|
|
|
|
|
|
|
|
|
Reported return on
average assets
|
1.53%
|
|
0.47%
|
|
1.24%
|
|
1.00%
|
Adjusted return on
average assets
|
1.61%
|
|
1.20%
|
|
1.50%
|
|
1.26%
|
|
|
|
|
|
|
|
|
Reported return on
average common equity
|
12.09%
|
|
4.47%
|
|
10.27%
|
|
9.55%
|
Adjusted return on
average tangible common equity
|
20.95%
|
|
13.91%
|
|
19.18%
|
|
14.66%
|
Increase in Net Interest Income
Net interest
income on a tax-equivalent basis increased 30.1% in 2018 to
$347.5 million, up from $267.1 million for 2017. Growth in earning
assets from the Company's two acquisitions in 2018, as well as
internal sources, contributed to the increase. Average
earning assets increased 31.1% in 2018 to $8.86 billion, compared with $6.76 billion for 2017. Although the
Company's net interest income increased, net interest margin for
2018, including accretion, declined only slightly to 3.92%,
compared with 3.95% for 2017. Yields on earning assets in
2018 were 4.71%, compared with 4.46% in 2017.
Accretion income for 2018 increased to $11.8 million, or 2.6% of total revenue, compared
with $10.6 million, or 2.9%,
respectively, for 2017. Excluding the effect of accretion,
the Company's margin was stable at 3.79% for both 2018 and
2017. Management believes this is particularly notable given
the material increase in average earning assets and intense
pressure on deposit costs. Yields on all loans, excluding the
effect of accretion, increased to 4.89% in 2018, compared with
4.63% in 2017.
The Company's net interest margin was 3.91% for the fourth
quarter of 2018, down slightly from 3.92% reported for the third
quarter of 2018 and 3.94% reported for the fourth quarter of
2017. Accretion income for the fourth quarter of 2018
increased to $4.1 million, compared
with $3.7 million for the third
quarter of 2018, and up from $2.2
million reported for the fourth quarter of 2017.
Excluding the effect of accretion, the Company's margin for the
fourth quarter of 2018 was 3.75%, a slight decrease compared with
3.77% for the third quarter of 2018 and 3.82% for the fourth
quarter of 2017.
Yields on all loans, excluding the effect of accretion,
increased to 5.00% during the fourth quarter of 2018, compared with
4.95% in the third quarter of 2018 and 4.70% during the fourth
quarter of 2017. Loan production in the banking division
during the fourth quarter of 2018 totaled $604.9 million, with weighted average yields of
5.74%, compared with $467.5 million
and 5.51%, respectively, in the third quarter of 2018 and
$419.8 million and 4.89%,
respectively, in the fourth quarter of 2017. Loan production
in the lines of business (to include retail mortgage, warehouse
lending, SBA and premium finance) amounted to an additional
$1.8 billion during the fourth
quarter of 2018, compared with $1.5
billion during the fourth quarter of 2017.
Total interest expense for 2018 was $69.9
million, compared with $34.2
million for 2017. Deposit costs increased during 2018
to 0.62%, compared with 0.34% for 2017. Noninterest-bearing
deposits represented 27.5% of the total average deposits for 2018,
compared with 28.6% for 2017. The Company has been successful
in aggressive sales efforts that led strong growth in deposits
while managing a flat margin through each rate increase.
Management believes that current deposit pricing at the end of the
year has reached a level that better supports management's growth
goals and that slower increases in costs in 2019 will not reduce
the impressive momentum in deposit growth rates that the Company is
experiencing.
Interest expense during the fourth quarter of 2018 moved higher
to $23.2 million, compared with
$22.1 million in the third quarter of
2018 and $10.0 million in the fourth
quarter of 2017. The Company's total cost of funds moved 4
basis points higher to 0.94% in the fourth quarter of 2018 as
compared with the third quarter of 2018. Deposit costs
increased 10 basis points during the fourth quarter of 2018 to
0.79%, compared with 0.69% in the third quarter of 2018.
Costs of interest-bearing deposits increased during the quarter
from 0.93% in the third quarter of 2018 to 1.09% in the fourth
quarter, with the material portion of the increase relating to NOW
and MMDA accounts.
Non-interest Income
Non-interest income
increased 13.4% in 2018 to $118.4
million, compared with $104.5
million for 2017, as a result of increased service charges
and mortgage banking activity during 2018. Service charge
revenue increased $4.1 million, or
9.7%, during 2018 due to the Company's increased number of deposit
accounts from organic growth and the acquisitions completed in
2018.
Revenue in the retail mortgage group totaled $71.7 million in 2018, an increase of 18.5%,
compared with $60.5 million in
2017. Total production in 2018 for the retail mortgage group
amounted to $1.77 billion (87%
purchase and 13% refinance), compared with $1.50 billion in 2017 (70% purchase and 30%
refinance). Gain on sale spreads continued to improve in the
fourth quarter of 2018, moving to 3.06% from 3.00% in the third
quarter. Revenue and profitability, which traditionally slow
in the fourth quarter each year, increased during the fourth
quarter of 2018 due to recent recruiting efforts. Net income
for the Company's retail mortgage division was $4.0 million for the fourth quarter of 2018,
compared with $3.7 million in the
third quarter of 2018 and $2.2
million for the fourth quarter of 2017.
Profitability in the Company's warehouse lending group continued
to increase, as revenues from the division increased 45.9% during
the year, from $7.6 million for 2017
to $11.1 million in 2018. Net
income for the division increased 86.8% from $4.3 million in 2017 to $8.1 million in 2018. Loan production
increased from $3.44 billion in 2017
to $4.52 billion in the current
year. Net income for the Company's warehouse lending
division was $2.0 million for the
fourth quarter of 2018, compared with $2.2
million for the third quarter of 2018 and $1.4 million for the fourth quarter of
2017. The Company experienced zero losses in this division
during 2017 or 2018.
Non-interest Expense
Non-interest expense
increased $61.7 million, or 26.6%, to
$293.6 million for the year ended
December 31, 2018, compared with
$231.9 million for 2017. During
2018, the Company recorded $31.8
million of charges to earnings, the majority of which were
related to merger and conversion activity and executive retirement,
compared to $7.8 million in 2017 that
were mostly merger and compliance oriented. Excluding these
charges, adjusted expenses increased approximately $37.6 million, or 16.8%, to $261.8 million in 2018, up from $224.2 million in 2017. Growth in operating
expenses in 2018 amounted to 1.57% of growth in average assets,
materially lower than the Company's gross overhead ratio for 2017
at 3.06%. Intense efforts to leverage administrative expenses
alongside 2018's merger activity provided the Company with the
opportunity to notably improve its operating efficiency
ratio. The following table shows the detail of these charges
and analysis:
Non-interest
Expense Analysis
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
|
|
(dollars in
thousands)
|
2018
|
|
2017
|
|
$
Change
|
|
%
Change
|
Total non-interest
expense
|
$
|
293,647
|
|
$
|
231,936
|
|
$
|
61,711
|
|
26.6%
|
Less:
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
20,499
|
|
915
|
|
19,584
|
|
2,140.3%
|
Executive retirement
benefits
|
8,424
|
|
—
|
|
8,424
|
|
NM
|
Restructuring
charge
|
983
|
|
—
|
|
983
|
|
NM
|
Certain compliance
resolution expenses
|
—
|
|
5,163
|
|
(5,163)
|
|
(100.0)%
|
Financial impact of
hurricanes
|
882
|
|
410
|
|
472
|
|
115.1%
|
Loss on sale of
premises
|
1,033
|
|
1,264
|
|
(231)
|
|
(18.3)%
|
Subtotal
|
261,826
|
|
224,184
|
|
37,642
|
|
16.8%
|
Less:
|
|
|
|
|
|
|
|
Retail mortgage
division non-interest expense
|
50,332
|
|
41,084
|
|
9,248
|
|
22.5%
|
Operating expenses of
branches acquired in Hamilton acquisition
|
13,344
|
|
—
|
|
13,344
|
|
NM
|
Comparative bank
non-interest expense
|
$
|
198,150
|
|
$
|
183,100
|
|
$
|
15,050
|
|
8.2%
|
NM denotes not
meaningful
|
|
|
|
|
|
|
|
The Company continues to focus on improving its operating
efficiency ratio. The Company's adjusted efficiency ratio declined
from 60.27% in 2017 to 56.19% in 2018. During the fourth
quarter of 2018, the Company's adjusted efficiency ratio declined
to 54.10%, compared with 54.42% in the third quarter of 2018 and
60.88% in the fourth quarter of 2017. Management expects to
continue improving efficiency in future quarters as a result of the
Company's acquisitions completed in 2018 and its announced cost
savings strategies and branch consolidation plan. Atlantic
Coast Bank and Hamilton State Bank were fully integrated by the end
of the fourth quarter of 2018, and full cost savings benefits have
been realized. The Company's additional branch consolidation
and cost saving initiatives will take effect the first quarter of
2019.
Income Tax Expense
The Company's effective tax
rate for the fourth quarter of 2018 was 13.9%, compared with 24.3%
in the third quarter of 2018. The reduced rate in the fourth
quarter is a result of a large return to provision adjustment when
the Company filed its 2017 income tax returns in the fourth quarter
of 2018. These factors, determined in the fourth quarter,
impacted the overall expected tax rate for the year and the full
impact was realized in the fourth quarter. Excluding this
benefit, which was removed in the adjusted net income amounts
discussed above, the Company's tax rate for the fourth quarter of
21.4% was more in line with the year-to-date tax rate of 20.1%.
This is significantly lower than the 2017 effective tax rate of
40.8% because of the Tax Cuts and Jobs Act that was enacted in the
fourth quarter of 2017.
Balance Sheet Trends
Total assets increased
$3.59 billion, or 45.7%, during
2018. Total loans, including loans held for sale, purchased
loans and purchased loan pools, were $8.62
billion at the end of 2018, compared with $6.24 billion at the end of 2017. Excluding
the effects of recent acquisitions, growth in core loans (including
legacy and purchased non-covered loans) totaled $482.6 million, or 8.5%, during 2018, compared
with $941.0 million, or 20.3%, in
2017. As management expected, loan growth rates in the fourth
quarter of 2018 slowed due to the negative impact of early
paydowns. Production remained strong in the fourth quarter of
2018, increasing by 29.4% from the third quarter of 2018 and by
44.1% from the fourth quarter of 2017.
At December 31, 2018, total
deposits amounted to $9.65 billion,
or 97.4% of total funding, compared with $6.63 billion and 94.8%, respectively, at
December 31, 2017. Excluding
the Company's recently completed acquisitions and brokered funds,
deposits increased $549.7 million, or
8.6%. At December 31, 2018,
noninterest-bearing deposit accounts were $2.52 billion, or 26.1% of total deposits,
compared with $1.78 billion, or 26.8%
of total deposits, at December 31,
2017. Non-rate sensitive deposits (including non-interest
bearing, NOW and savings) totaled $4.60
billion at December 31, 2018,
compared with $3.52 billion at the
end of 2017. These funds represented 47.6% of the Company's
total deposits at the end of 2018, compared with 53.1% at the end
of 2017.
Stockholders' equity at December 31,
2018 totaled $1.46 billion, an
increase of $651.9 million, or 81.0%,
from December 31, 2017. The
increase in stockholders' equity was the result of the issuance of
new shares of common stock in the Company's recent acquisitions,
plus earnings of $121.0 million
during 2018. Tangible book value per share was $18.83 at the end of 2018, up from $17.78 at September 30,
2018 and $17.86 at the end of
2017. Tangible common equity as a percentage of tangible
assets was 8.22% at the end of 2018, compared with 7.77% at the end
of the third quarter of 2017 and 8.62% at the end of 2017.
Credit Quality
During the fourth quarter of
2018, the Company recorded provision for loan loss expense of
$3.7 million, compared with
$2.1 million in the third quarter of
2018. The increase in provision expense is mostly
attributable to increased general reserves on consumer and premium
finance loans based on loss history and agricultural loans affected
by Hurricane Michael. Nonperforming assets as a percentage of
total assets decreased five basis points to 0.55% during the
quarter. As management expected, the net charge-off ratio for
non-purchased loans decreased, by 23 basis points, as the elevated
charge offs in the prior quarter resulting from the premium finance
division, which were provided for and discussed in the second
quarter of 2018.
Conference Call
The Company will host a
teleconference at 10:00 a.m. Eastern
time today (January 25, 2019)
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 February 8, 2019. 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 10127703. The conference call replay and the
financial information discussed will also be available on the
Investor Relations page of the Ameris Bank website at
www.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank
holding company headquartered in Moultrie, Georgia. The Company's banking
subsidiary, Ameris Bank, had 125 locations in Georgia, Alabama, northern Florida and South
Carolina 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"). Management of Ameris
Bancorp (the "Company") 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,
and including statements about the benefits of the proposed merger
between the Company and Fidelity Southern Corporation
("Fidelity"). 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, including, without limitation, movements in interest
rates; competitive pressures on product pricing and services; the
ability of the Company and Fidelity to consummate the proposed
merger or satisfy the conditions to the completion of the proposed
merger, including, without limitation, the receipt of required
shareholder and regulatory approvals, on the terms expected or on
the anticipated schedule; the parties' ability to meet expectations
regarding the timing, completion and accounting and tax treatments
of the proposed merger; the businesses of the Company and Fidelity
may not be integrated successfully or such integration may take
longer to accomplish than expected; the expected cost savings and
any revenue synergies from the proposed merger may not be fully
realized within the expected timeframes; disruption from the
proposed merger may make it more difficult to maintain
relationships with customers, employees or others; diversion of
management time to merger-related issues; dilution caused by the
Company's issuance of additional shares of its common stock in
connection with the proposed merger; and the success and timing of
other business strategies. 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 and Fidelity's filings with the Securities and
Exchange Commission, including the Company's Annual Report on Form
10-K for the year ended December 31,
2017 and its subsequently filed Quarterly Reports on Form
10-Q and Current Reports on Form 8-K, and Fidelity's Annual Report
on Form 10-K for the year ended December 31,
2017 and its subsequently filed Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. Forward-looking
statements speak only as of the date they are made, and neither the
Company nor Fidelity undertakes any obligation to update or revise
forward-looking statements.
Additional Information and Where to Find It
The Company intends to file a registration statement on Form S-4
with the Securities and Exchange Commission to register the shares
of the Company's common stock that will be issued to Fidelity's
shareholders in connection with the proposed merger
transaction. The registration statement will include a joint
proxy statement/prospectus and other relevant materials in
connection with the transaction. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND
ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE MERGER. Investors and security holders may obtain
free copies of these documents and other documents filed with the
Securities and Exchange Commission on its website at
http://www.sec.gov. Investors and security holders may also
obtain free copies of the documents filed with the Securities and
Exchange Commission by the Company on its website at
http://www.AmerisBank.com and by Fidelity on its website at
www.FidelitySouthern.com.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. Before making any voting or investment
decision, investors and security holders of the Company and
Fidelity are urged to read carefully the entire registration
statement and joint proxy statement/prospectus when they become
available, including any amendments thereto, because they will
contain important information about the proposed merger
transaction. Free copies of these documents may be obtained
as described above.
Participants in the Merger Solicitation
The Company and Fidelity, and certain of their respective
directors, executive officers and other members of management and
employees, may be deemed to be participants in the solicitation of
proxies from the Company's shareholders and Fidelity's shareholders
in respect of the proposed merger transaction. Information
regarding the directors and executive officers of the Company and
Fidelity and other persons who may be deemed participants in the
solicitation of the Company's shareholders and Fidelity's
shareholders will be included in the joint proxy
statement/prospectus for the Company's meeting of shareholders and
Fidelity's meeting of shareholders, which will be filed by the
Company with the Securities and Exchange Commission.
Information about the Company's directors and executive officers
and their ownership of the Company's common stock can also be found
in the Company's definitive proxy statement in connection with its
2018 annual meeting of shareholders, as filed with the Securities
and Exchange Commission on April 2,
2018, and other documents subsequently filed by the Company
with the Securities and Exchange Commission. Information
about Fidelity's directors and executive officers and their
ownership of Fidelity common stock can also be found in Fidelity's
definitive proxy statement in connection with its 2018 annual
meeting of shareholders, as filed with the Securities and Exchange
Commission on April 3, 2018, and
other documents subsequently filed by Fidelity with the Securities
and Exchange Commission. Additional information regarding the
interests of such participants will be included in the joint proxy
statement/prospectus and other relevant documents regarding the
proposed merger transaction filed with the Securities and Exchange
Commission when they become available.
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Financial
Highlights
|
|
|
Table
1
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
|
$
|
9,150
|
|
|
$
|
121,027
|
|
|
$
|
73,548
|
|
Adjusted net
income
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
29,239
|
|
|
$
|
27,780
|
|
|
$
|
23,590
|
|
|
$
|
146,208
|
|
|
$
|
92,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.92
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
|
$
|
0.25
|
|
|
$
|
2.81
|
|
|
$
|
2.00
|
|
Diluted
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
|
$
|
0.24
|
|
|
$
|
2.80
|
|
|
$
|
1.98
|
|
Adjusted diluted
EPS
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
0.73
|
|
|
$
|
0.63
|
|
|
$
|
3.38
|
|
|
$
|
2.48
|
|
Cash dividends per
share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
Book value per share
(period end)
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
22.67
|
|
|
$
|
21.59
|
|
|
$
|
30.66
|
|
|
$
|
21.59
|
|
Tangible book value
per share (period end)
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
17.12
|
|
|
$
|
16.90
|
|
|
$
|
17.86
|
|
|
$
|
18.83
|
|
|
$
|
17.86
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
47,501,150
|
|
|
47,514,653
|
|
|
39,432,021
|
|
|
37,966,781
|
|
|
37,238,564
|
|
|
43,141,859
|
|
|
36,828,219
|
|
Diluted
|
47,593,252
|
|
|
47,685,334
|
|
|
39,709,503
|
|
|
38,250,122
|
|
|
37,556,335
|
|
|
43,247,796
|
|
|
37,144,139
|
|
Period end number of
shares
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
38,327,081
|
|
|
37,260,012
|
|
|
47,499,941
|
|
|
37,260,012
|
|
Market
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
|
47.25
|
|
|
$
|
54.35
|
|
|
$
|
58.10
|
|
|
$
|
59.05
|
|
|
$
|
51.30
|
|
|
$
|
59.05
|
|
|
$
|
51.30
|
|
Low intraday
price
|
$
|
29.97
|
|
|
$
|
45.15
|
|
|
$
|
50.20
|
|
|
$
|
47.90
|
|
|
$
|
44.75
|
|
|
$
|
29.97
|
|
|
$
|
41.05
|
|
Period end closing
price
|
$
|
31.67
|
|
|
$
|
45.70
|
|
|
$
|
53.35
|
|
|
$
|
52.90
|
|
|
$
|
48.20
|
|
|
$
|
31.67
|
|
|
$
|
48.20
|
|
Average daily
volume
|
375,773
|
|
|
382,622
|
|
|
253,413
|
|
|
235,964
|
|
|
206,178
|
|
|
312,388
|
|
|
196,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.53
|
%
|
|
1.47
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
|
0.47
|
%
|
|
1.24
|
%
|
|
1.00
|
%
|
Adjusted return on
average assets
|
1.61
|
%
|
|
1.53
|
%
|
|
1.38
|
%
|
|
1.44
|
%
|
|
1.20
|
%
|
|
1.50
|
%
|
|
1.26
|
%
|
Return on average
common equity
|
12.09
|
%
|
|
11.78
|
%
|
|
3.86
|
%
|
|
12.73
|
%
|
|
4.47
|
%
|
|
10.27
|
%
|
|
9.55
|
%
|
Adjusted return on
average tangible common
equity
|
20.95
|
%
|
|
20.50
|
%
|
|
17.26
|
%
|
|
17.09
|
%
|
|
13.91
|
%
|
|
19.18
|
%
|
|
14.66
|
%
|
Earning asset yield
(TE)
|
4.81
|
%
|
|
4.78
|
%
|
|
4.66
|
%
|
|
4.52
|
%
|
|
4.49
|
%
|
|
4.71
|
%
|
|
4.46
|
%
|
Total cost of
funds
|
0.94
|
%
|
|
0.90
|
%
|
|
0.75
|
%
|
|
0.63
|
%
|
|
0.57
|
%
|
|
0.82
|
%
|
|
0.52
|
%
|
Net interest margin
(TE)
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.92
|
%
|
|
3.94
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
Noninterest income
excluding securities
transactions, as a percent of total revenue
(TE)
|
19.75
|
%
|
|
19.77
|
%
|
|
25.72
|
%
|
|
24.71
|
%
|
|
22.41
|
%
|
|
22.11
|
%
|
|
25.73
|
%
|
Efficiency
ratio
|
58.30
|
%
|
|
56.00
|
%
|
|
80.50
|
%
|
|
62.04
|
%
|
|
63.74
|
%
|
|
63.59
|
%
|
|
63.62
|
%
|
Adjusted efficiency
ratio (TE)
|
54.10
|
%
|
|
54.42
|
%
|
|
57.53
|
%
|
|
59.95
|
%
|
|
60.88
|
%
|
|
56.19
|
%
|
|
60.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.73
|
%
|
|
12.29
|
%
|
|
12.26
|
%
|
|
10.83
|
%
|
|
10.24
|
%
|
|
12.73
|
%
|
|
10.24
|
%
|
Tangible common
equity to tangible assets
|
8.22
|
%
|
|
7.77
|
%
|
|
7.65
|
%
|
|
8.30
|
%
|
|
8.62
|
%
|
|
8.22
|
%
|
|
8.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
8.22
|
%
|
|
7.77
|
%
|
|
7.65
|
%
|
|
8.30
|
%
|
|
8.62
|
%
|
|
8.22
|
%
|
|
8.62
|
%
|
Effect of goodwill
and other intangibles
|
4.51
|
%
|
|
4.52
|
%
|
|
4.61
|
%
|
|
2.53
|
%
|
|
1.62
|
%
|
|
4.51
|
%
|
|
1.62
|
%
|
Equity to assets
(GAAP)
|
12.73
|
%
|
|
12.29
|
%
|
|
12.26
|
%
|
|
10.83
|
%
|
|
10.24
|
%
|
|
12.73
|
%
|
|
10.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
1,370
|
|
|
1,432
|
|
|
1,477
|
|
|
1,072
|
|
|
1,085
|
|
|
1,370
|
|
|
1,085
|
|
Retail Mortgage
Division
|
332
|
|
|
317
|
|
|
308
|
|
|
290
|
|
|
279
|
|
|
332
|
|
|
279
|
|
Warehouse Lending
Division
|
8
|
|
|
8
|
|
|
7
|
|
|
7
|
|
|
8
|
|
|
8
|
|
|
8
|
|
SBA
Division
|
22
|
|
|
23
|
|
|
22
|
|
|
21
|
|
|
20
|
|
|
22
|
|
|
20
|
|
Premium Finance
Division
|
72
|
|
|
67
|
|
|
68
|
|
|
67
|
|
|
68
|
|
|
72
|
|
|
68
|
|
Total Ameris Bancorp
FTE headcount
|
1,804
|
|
|
1,847
|
|
|
1,882
|
|
|
1,457
|
|
|
1,460
|
|
|
1,804
|
|
|
1,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
8,353
|
|
|
$
|
7,981
|
|
|
$
|
7,577
|
|
|
$
|
7,484
|
|
|
$
|
7,241
|
|
|
$
|
8,353
|
|
|
$
|
7,241
|
|
Branch
locations
|
125
|
|
|
125
|
|
|
126
|
|
|
97
|
|
|
97
|
|
|
125
|
|
|
97
|
|
Deposits per branch
location
|
$
|
77,195
|
|
|
$
|
73,451
|
|
|
$
|
69,536
|
|
|
$
|
66,455
|
|
|
$
|
68,308
|
|
|
$
|
77,195
|
|
|
$
|
68,308
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Income
Statement
|
|
|
Table
2
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
111,749
|
|
|
$
|
110,470
|
|
|
$
|
82,723
|
|
|
$
|
73,267
|
|
|
$
|
73,440
|
|
|
$
|
378,209
|
|
|
$
|
270,887
|
|
Interest on taxable
securities
|
8,686
|
|
|
8,792
|
|
|
6,321
|
|
|
5,207
|
|
|
5,097
|
|
|
29,006
|
|
|
20,154
|
|
Interest on
nontaxable securities
|
195
|
|
|
204
|
|
|
179
|
|
|
322
|
|
|
372
|
|
|
900
|
|
|
1,581
|
|
Interest on deposits
in other banks
|
1,964
|
|
|
1,581
|
|
|
723
|
|
|
716
|
|
|
655
|
|
|
4,984
|
|
|
1,725
|
|
Interest on federal
funds sold
|
155
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
227
|
|
|
—
|
|
Total interest
income
|
122,749
|
|
|
121,119
|
|
|
89,946
|
|
|
79,512
|
|
|
79,564
|
|
|
413,326
|
|
|
294,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
18,858
|
|
|
15,630
|
|
|
7,794
|
|
|
6,772
|
|
|
6,398
|
|
|
49,054
|
|
|
19,877
|
|
Interest on other
borrowings
|
4,337
|
|
|
6,451
|
|
|
6,153
|
|
|
3,939
|
|
|
3,643
|
|
|
20,880
|
|
|
14,345
|
|
Total interest
expense
|
23,195
|
|
|
22,081
|
|
|
13,947
|
|
|
10,711
|
|
|
10,041
|
|
|
69,934
|
|
|
34,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
99,554
|
|
|
99,038
|
|
|
75,999
|
|
|
68,801
|
|
|
69,523
|
|
|
343,392
|
|
|
260,125
|
|
Provision for loan
losses
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
1,801
|
|
|
2,536
|
|
|
16,667
|
|
|
8,364
|
|
Net interest
income after provision for loan
losses
|
95,893
|
|
|
96,943
|
|
|
66,889
|
|
|
67,000
|
|
|
66,987
|
|
|
326,725
|
|
|
251,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
12,597
|
|
|
12,690
|
|
|
10,613
|
|
|
10,228
|
|
|
10,340
|
|
|
46,128
|
|
|
42,054
|
|
Mortgage banking
activity
|
11,089
|
|
|
13,413
|
|
|
14,890
|
|
|
11,900
|
|
|
10,037
|
|
|
51,292
|
|
|
48,535
|
|
Other service
charges, commissions and fees
|
810
|
|
|
777
|
|
|
697
|
|
|
719
|
|
|
735
|
|
|
3,003
|
|
|
2,872
|
|
Gain (loss) on
securities
|
1
|
|
|
48
|
|
|
(123)
|
|
|
37
|
|
|
—
|
|
|
(37)
|
|
|
37
|
|
Other noninterest
income
|
5,973
|
|
|
3,243
|
|
|
5,230
|
|
|
3,580
|
|
|
2,451
|
|
|
18,026
|
|
|
10,959
|
|
Total noninterest
income
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
|
23,563
|
|
|
118,412
|
|
|
104,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
38,982
|
|
|
38,446
|
|
|
39,776
|
|
|
32,089
|
|
|
30,507
|
|
|
149,293
|
|
|
120,016
|
|
Occupancy and
equipment expenses
|
7,945
|
|
|
8,598
|
|
|
6,390
|
|
|
6,198
|
|
|
6,010
|
|
|
29,131
|
|
|
24,069
|
|
Data processing and
telecommunications expenses
|
8,293
|
|
|
8,518
|
|
|
6,439
|
|
|
7,135
|
|
|
7,219
|
|
|
30,385
|
|
|
27,869
|
|
Credit resolution
related expenses(1)
|
1,174
|
|
|
1,248
|
|
|
1,045
|
|
|
549
|
|
|
614
|
|
|
4,016
|
|
|
3,493
|
|
Advertising and
marketing expenses
|
1,633
|
|
|
1,453
|
|
|
1,256
|
|
|
1,229
|
|
|
1,519
|
|
|
5,571
|
|
|
5,131
|
|
Amortization of
intangible assets
|
3,650
|
|
|
2,676
|
|
|
2,252
|
|
|
934
|
|
|
942
|
|
|
9,512
|
|
|
3,932
|
|
Merger and conversion
charges
|
997
|
|
|
276
|
|
|
18,391
|
|
|
835
|
|
|
421
|
|
|
20,499
|
|
|
915
|
|
Other noninterest
expenses
|
13,136
|
|
|
11,138
|
|
|
10,837
|
|
|
10,129
|
|
|
12,105
|
|
|
45,240
|
|
|
46,511
|
|
Total noninterest
expense
|
75,810
|
|
|
72,353
|
|
|
86,386
|
|
|
59,098
|
|
|
59,337
|
|
|
293,647
|
|
|
231,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
50,553
|
|
|
54,761
|
|
|
11,810
|
|
|
34,366
|
|
|
31,213
|
|
|
151,490
|
|
|
124,282
|
|
Income tax
expense
|
7,017
|
|
|
13,317
|
|
|
2,423
|
|
|
7,706
|
|
|
22,063
|
|
|
30,463
|
|
|
50,734
|
|
Net
income
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
|
$
|
9,150
|
|
|
$
|
121,027
|
|
|
$
|
73,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
|
$
|
0.24
|
|
|
$
|
2.80
|
|
|
$
|
1.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
172,036
|
|
|
$
|
158,453
|
|
|
$
|
151,539
|
|
|
$
|
123,945
|
|
|
$
|
139,313
|
|
Federal funds sold
and interest-bearing deposits in banks
|
507,491
|
|
|
470,804
|
|
|
273,170
|
|
|
210,930
|
|
|
191,345
|
|
Time deposits in
other banks
|
10,812
|
|
|
11,558
|
|
|
11,558
|
|
|
—
|
|
|
—
|
|
Investment securities
available for sale, at fair value
|
1,192,423
|
|
|
1,162,570
|
|
|
1,153,703
|
|
|
848,585
|
|
|
810,873
|
|
Other
investments
|
14,455
|
|
|
35,929
|
|
|
44,769
|
|
|
32,227
|
|
|
42,270
|
|
Loans held for sale,
at fair value
|
111,298
|
|
|
130,179
|
|
|
137,249
|
|
|
111,135
|
|
|
197,442
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
5,660,457
|
|
|
5,543,306
|
|
|
5,380,515
|
|
|
5,051,986
|
|
|
4,856,514
|
|
Purchased
loans
|
2,588,832
|
|
|
2,711,460
|
|
|
2,812,510
|
|
|
818,587
|
|
|
861,595
|
|
Purchased loan
pools
|
262,625
|
|
|
274,752
|
|
|
297,509
|
|
|
319,598
|
|
|
328,246
|
|
Loans, net of
unearned income
|
8,511,914
|
|
|
8,529,518
|
|
|
8,490,534
|
|
|
6,190,171
|
|
|
6,046,355
|
|
Allowance for loan
losses
|
(28,819)
|
|
|
(28,116)
|
|
|
(31,532)
|
|
|
(26,200)
|
|
|
(25,791)
|
|
Loans, net
|
8,483,095
|
|
|
8,501,402
|
|
|
8,459,002
|
|
|
6,163,971
|
|
|
6,020,564
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
7,218
|
|
|
9,375
|
|
|
8,003
|
|
|
9,171
|
|
|
8,464
|
|
Purchased other real
estate owned
|
9,535
|
|
|
7,692
|
|
|
7,272
|
|
|
6,723
|
|
|
9,011
|
|
Total other real
estate owned
|
16,753
|
|
|
17,067
|
|
|
15,275
|
|
|
15,894
|
|
|
17,475
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
145,410
|
|
|
145,885
|
|
|
144,484
|
|
|
116,381
|
|
|
117,738
|
|
Goodwill
|
503,434
|
|
|
505,604
|
|
|
504,764
|
|
|
208,513
|
|
|
125,532
|
|
Other intangible
assets, net
|
58,689
|
|
|
54,729
|
|
|
53,561
|
|
|
12,562
|
|
|
13,496
|
|
Deferred income
taxes, net
|
35,126
|
|
|
38,217
|
|
|
40,240
|
|
|
28,677
|
|
|
28,320
|
|
Cash value of bank
owned life insurance
|
104,096
|
|
|
103,588
|
|
|
103,059
|
|
|
80,007
|
|
|
79,641
|
|
Other
assets
|
88,397
|
|
|
93,009
|
|
|
98,324
|
|
|
70,001
|
|
|
72,194
|
|
Total
assets
|
$
|
11,443,515
|
|
|
$
|
11,428,994
|
|
|
$
|
11,190,697
|
|
|
$
|
8,022,828
|
|
|
$
|
7,856,203
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
2,520,016
|
|
|
$
|
2,333,992
|
|
|
$
|
2,356,420
|
|
|
$
|
1,867,900
|
|
|
$
|
1,777,141
|
|
Interest-bearing
|
7,129,297
|
|
|
6,847,371
|
|
|
6,405,173
|
|
|
4,578,265
|
|
|
4,848,704
|
|
Total
deposits
|
9,649,313
|
|
|
9,181,363
|
|
|
8,761,593
|
|
|
6,446,165
|
|
|
6,625,845
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
20,384
|
|
|
14,071
|
|
|
11,002
|
|
|
23,270
|
|
|
30,638
|
|
Other
borrowings
|
151,774
|
|
|
656,831
|
|
|
862,136
|
|
|
555,535
|
|
|
250,554
|
|
Subordinated
deferrable interest debentures
|
89,187
|
|
|
88,986
|
|
|
88,646
|
|
|
85,881
|
|
|
85,550
|
|
FDIC loss-share
payable, net
|
19,487
|
|
|
18,740
|
|
|
18,716
|
|
|
9,255
|
|
|
8,803
|
|
Other
liabilities
|
57,023
|
|
|
64,026
|
|
|
76,708
|
|
|
33,778
|
|
|
50,334
|
|
Total
liabilities
|
9,987,168
|
|
|
10,024,017
|
|
|
9,818,801
|
|
|
7,153,884
|
|
|
7,051,724
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
49,015
|
|
|
49,012
|
|
|
49,012
|
|
|
39,820
|
|
|
38,735
|
|
Capital
stock
|
1,051,584
|
|
|
1,050,752
|
|
|
1,049,283
|
|
|
559,040
|
|
|
508,404
|
|
Retained
earnings
|
377,135
|
|
|
338,350
|
|
|
301,656
|
|
|
296,366
|
|
|
273,119
|
|
Accumulated other
comprehensive income (loss), net of tax
|
(4,826)
|
|
|
(16,576)
|
|
|
(12,571)
|
|
|
(10,823)
|
|
|
(1,280)
|
|
Treasury
stock
|
(16,561)
|
|
|
(16,561)
|
|
|
(15,484)
|
|
|
(15,459)
|
|
|
(14,499)
|
|
Total
shareholders' equity
|
1,456,347
|
|
|
1,404,977
|
|
|
1,371,896
|
|
|
868,944
|
|
|
804,479
|
|
Total liabilities
and shareholders' equity
|
$
|
11,443,515
|
|
|
$
|
11,428,994
|
|
|
$
|
11,190,697
|
|
|
$
|
8,022,828
|
|
|
$
|
7,856,203
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
10,348,393
|
|
|
$
|
10,340,558
|
|
|
$
|
10,110,983
|
|
|
$
|
7,393,048
|
|
|
$
|
7,288,285
|
|
Intangible
assets
|
562,123
|
|
|
560,333
|
|
|
558,325
|
|
|
221,075
|
|
|
139,028
|
|
Interest-bearing
liabilities
|
7,390,642
|
|
|
7,607,259
|
|
|
7,366,957
|
|
|
5,242,951
|
|
|
5,215,446
|
|
Average
assets
|
11,307,980
|
|
|
11,204,504
|
|
|
8,529,035
|
|
|
7,823,451
|
|
|
7,777,996
|
|
Average common
shareholders' equity
|
1,428,341
|
|
|
1,395,479
|
|
|
974,494
|
|
|
849,346
|
|
|
812,264
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Asset Quality
Information
|
|
|
Table
4
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
28,116
|
|
|
$
|
31,532
|
|
|
$
|
26,200
|
|
|
$
|
25,791
|
|
|
$
|
25,966
|
|
|
$
|
25,791
|
|
|
$
|
23,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
1,801
|
|
|
2,536
|
|
|
16,667
|
|
|
8,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
4,430
|
|
|
8,112
|
|
|
5,717
|
|
|
2,872
|
|
|
3,638
|
|
|
21,131
|
|
|
10,467
|
|
Recoveries
|
1,472
|
|
|
2,601
|
|
|
1,939
|
|
|
1,480
|
|
|
927
|
|
|
7,492
|
|
|
3,974
|
|
Net charge-offs
(recoveries)
|
2,958
|
|
|
5,511
|
|
|
3,778
|
|
|
1,392
|
|
|
2,711
|
|
|
13,639
|
|
|
6,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
28,819
|
|
|
$
|
28,116
|
|
|
$
|
31,532
|
|
|
$
|
26,200
|
|
|
$
|
25,791
|
|
|
$
|
28,819
|
|
|
$
|
25,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
2,489
|
|
|
$
|
6,121
|
|
|
$
|
3,744
|
|
|
$
|
1,449
|
|
|
$
|
954
|
|
|
$
|
13,803
|
|
|
$
|
2,850
|
|
Real estate -
construction and development
|
7
|
|
|
265
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
292
|
|
|
95
|
|
Real estate -
commercial and farmland
|
169
|
|
|
27
|
|
|
—
|
|
|
142
|
|
|
440
|
|
|
338
|
|
|
853
|
|
Real estate -
residential
|
76
|
|
|
293
|
|
|
204
|
|
|
198
|
|
|
120
|
|
|
771
|
|
|
2,151
|
|
Consumer
installment
|
1,465
|
|
|
923
|
|
|
839
|
|
|
962
|
|
|
696
|
|
|
4,189
|
|
|
1,618
|
|
Purchased
loans
|
224
|
|
|
483
|
|
|
910
|
|
|
121
|
|
|
1,428
|
|
|
1,738
|
|
|
2,900
|
|
Purchased loan
pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
charge-offs
|
4,430
|
|
|
8,112
|
|
|
5,717
|
|
|
2,872
|
|
|
3,638
|
|
|
21,131
|
|
|
10,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
927
|
|
|
939
|
|
|
1,247
|
|
|
656
|
|
|
571
|
|
|
3,769
|
|
|
1,270
|
|
Real estate -
construction and development
|
3
|
|
|
1
|
|
|
2
|
|
|
114
|
|
|
2
|
|
|
120
|
|
|
246
|
|
Real estate -
commercial and farmland
|
7
|
|
|
134
|
|
|
11
|
|
|
24
|
|
|
28
|
|
|
176
|
|
|
184
|
|
Real estate -
residential
|
91
|
|
|
44
|
|
|
29
|
|
|
182
|
|
|
47
|
|
|
346
|
|
|
237
|
|
Consumer
installment
|
137
|
|
|
178
|
|
|
117
|
|
|
67
|
|
|
38
|
|
|
499
|
|
|
116
|
|
Purchased
loans
|
307
|
|
|
1,305
|
|
|
533
|
|
|
437
|
|
|
241
|
|
|
2,582
|
|
|
1,921
|
|
Purchased loan
pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
recoveries
|
1,472
|
|
|
2,601
|
|
|
1,939
|
|
|
1,480
|
|
|
927
|
|
|
7,492
|
|
|
3,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
|
2,958
|
|
|
$
|
5,511
|
|
|
$
|
3,778
|
|
|
$
|
1,392
|
|
|
$
|
2,711
|
|
|
$
|
13,639
|
|
|
$
|
6,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(excluding purchased loans)
|
$
|
17,952
|
|
|
$
|
15,986
|
|
|
$
|
16,813
|
|
|
$
|
14,420
|
|
|
$
|
14,202
|
|
|
$
|
17,952
|
|
|
$
|
14,202
|
|
Nonaccrual purchased
loans
|
24,107
|
|
|
27,764
|
|
|
33,557
|
|
|
15,940
|
|
|
15,428
|
|
|
24,107
|
|
|
15,428
|
|
Nonaccrual purchased
loan pools
|
—
|
|
|
4,696
|
|
|
2,197
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other real estate
owned
|
7,218
|
|
|
9,375
|
|
|
8,003
|
|
|
9,171
|
|
|
8,464
|
|
|
7,218
|
|
|
8,464
|
|
Purchased other real
estate owned
|
9,535
|
|
|
7,692
|
|
|
7,272
|
|
|
6,723
|
|
|
9,011
|
|
|
9,535
|
|
|
9,011
|
|
Accruing loans
delinquent 90 days or more
(excluding purchased
loans)
|
4,222
|
|
|
2,863
|
|
|
7,421
|
|
|
2,497
|
|
|
5,991
|
|
|
4,222
|
|
|
5,991
|
|
Accruing purchased
loans delinquent 90 days or more
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total non-performing
assets
|
$
|
63,034
|
|
|
$
|
68,376
|
|
|
$
|
75,263
|
|
|
$
|
48,751
|
|
|
$
|
53,096
|
|
|
$
|
63,034
|
|
|
$
|
53,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.55
|
%
|
|
0.60
|
%
|
|
0.67
|
%
|
|
0.61
|
%
|
|
0.68
|
%
|
|
0.55
|
%
|
|
0.68
|
%
|
Net charge-offs as a
percent of average loans (annualized)
|
0.14
|
%
|
|
0.26
|
%
|
|
0.23
|
%
|
|
0.09
|
%
|
|
0.18
|
%
|
|
0.18
|
%
|
|
0.12
|
%
|
Net charge-offs,
excluding purchased loans as a
percent of average loans (annualized)
|
0.21
|
%
|
|
0.44
|
%
|
|
0.26
|
%
|
|
0.14
|
%
|
|
0.13
|
%
|
|
0.27
|
%
|
|
0.13
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,316,359
|
|
|
$
|
1,422,152
|
|
|
$
|
1,446,857
|
|
|
$
|
1,387,437
|
|
|
$
|
1,362,508
|
|
Real estate -
construction and development
|
671,198
|
|
|
641,830
|
|
|
672,155
|
|
|
631,504
|
|
|
624,595
|
|
Real estate -
commercial and farmland
|
1,814,529
|
|
|
1,804,265
|
|
|
1,640,411
|
|
|
1,636,654
|
|
|
1,535,439
|
|
Real estate -
residential
|
1,403,000
|
|
|
1,275,201
|
|
|
1,245,370
|
|
|
1,080,028
|
|
|
1,009,461
|
|
Consumer
installment
|
455,371
|
|
|
399,858
|
|
|
375,722
|
|
|
316,363
|
|
|
324,511
|
|
Total legacy
loans
|
$
|
5,660,457
|
|
|
$
|
5,543,306
|
|
|
$
|
5,380,515
|
|
|
$
|
5,051,986
|
|
|
$
|
4,856,514
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
372,686
|
|
|
$
|
413,365
|
|
|
$
|
397,517
|
|
|
$
|
64,612
|
|
|
$
|
74,378
|
|
Real estate -
construction and development
|
227,900
|
|
|
219,882
|
|
|
268,443
|
|
|
48,940
|
|
|
65,513
|
|
Real estate -
commercial and farmland
|
1,337,859
|
|
|
1,399,174
|
|
|
1,428,490
|
|
|
465,870
|
|
|
468,246
|
|
Real estate -
residential
|
623,199
|
|
|
649,352
|
|
|
679,205
|
|
|
236,453
|
|
|
250,539
|
|
Consumer
installment
|
27,188
|
|
|
29,687
|
|
|
38,855
|
|
|
2,712
|
|
|
2,919
|
|
Total purchased
loans
|
$
|
2,588,832
|
|
|
$
|
2,711,460
|
|
|
$
|
2,812,510
|
|
|
$
|
818,587
|
|
|
$
|
861,595
|
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
Real estate -
residential
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
$
|
319,598
|
|
|
$
|
328,246
|
|
Total purchased
loan pools
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
$
|
319,598
|
|
|
$
|
328,246
|
|
Total loan
portfolio
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,689,045
|
|
|
$
|
1,835,517
|
|
|
$
|
1,844,374
|
|
|
$
|
1,452,049
|
|
|
$
|
1,436,886
|
|
Real estate -
construction and development
|
899,098
|
|
|
861,712
|
|
|
940,598
|
|
|
680,444
|
|
|
690,108
|
|
Real estate -
commercial and farmland
|
3,152,388
|
|
|
3,203,439
|
|
|
3,068,901
|
|
|
2,102,524
|
|
|
2,003,685
|
|
Real estate -
residential
|
2,288,824
|
|
|
2,199,305
|
|
|
2,222,084
|
|
|
1,636,079
|
|
|
1,588,246
|
|
Consumer
installment
|
482,559
|
|
|
429,545
|
|
|
414,577
|
|
|
319,075
|
|
|
327,430
|
|
Total
loans
|
$
|
8,511,914
|
|
|
$
|
8,529,518
|
|
|
$
|
8,490,534
|
|
|
$
|
6,190,171
|
|
|
$
|
6,046,355
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings (excluding purchased loans)
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
256
|
|
|
$
|
180
|
|
|
$
|
38
|
|
|
$
|
39
|
|
|
$
|
41
|
|
Real estate -
construction and development
|
145
|
|
|
384
|
|
|
150
|
|
|
176
|
|
|
417
|
|
Real estate -
commercial and farmland
|
2,863
|
|
|
3,817
|
|
|
4,531
|
|
|
4,606
|
|
|
4,680
|
|
Real estate -
residential
|
6,043
|
|
|
6,558
|
|
|
6,299
|
|
|
6,547
|
|
|
6,199
|
|
Consumer
installment
|
16
|
|
|
4
|
|
|
5
|
|
|
7
|
|
|
5
|
|
Total accruing
troubled debt restructurings
|
$
|
9,323
|
|
|
$
|
10,943
|
|
|
$
|
11,023
|
|
|
$
|
11,375
|
|
|
$
|
11,342
|
|
Nonaccrual
troubled debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
138
|
|
|
$
|
208
|
|
|
$
|
330
|
|
|
$
|
224
|
|
|
$
|
120
|
|
Real estate -
construction and development
|
2
|
|
|
6
|
|
|
30
|
|
|
7
|
|
|
34
|
|
Real estate -
commercial and farmland
|
426
|
|
|
306
|
|
|
196
|
|
|
2,127
|
|
|
204
|
|
Real estate -
residential
|
1,119
|
|
|
742
|
|
|
709
|
|
|
838
|
|
|
1,508
|
|
Consumer
installment
|
69
|
|
|
92
|
|
|
102
|
|
|
93
|
|
|
98
|
|
Total nonaccrual
troubled debt restructurings
|
$
|
1,754
|
|
|
$
|
1,354
|
|
|
$
|
1,367
|
|
|
$
|
3,289
|
|
|
$
|
1,964
|
|
Total
troubled debt restructurings (excluding purchased
loans)
|
$
|
11,077
|
|
|
$
|
12,297
|
|
|
$
|
12,390
|
|
|
$
|
14,664
|
|
|
$
|
13,306
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan Information
(continued)
|
Table
5
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
542,164
|
|
|
$
|
550,020
|
|
|
$
|
545,902
|
|
|
$
|
557,625
|
|
|
$
|
554,979
|
|
Grade 2 - Strong
credit
|
523,101
|
|
|
645,612
|
|
|
660,495
|
|
|
673,591
|
|
|
688,481
|
|
Grade 3 - Good
credit
|
2,408,128
|
|
|
2,289,584
|
|
|
2,211,703
|
|
|
2,050,717
|
|
|
2,033,979
|
|
Grade 4 -
Satisfactory credit
|
2,047,688
|
|
|
1,939,518
|
|
|
1,820,884
|
|
|
1,676,308
|
|
|
1,487,781
|
|
Grade 5 - Fair
credit
|
59,054
|
|
|
40,041
|
|
|
52,069
|
|
|
17,499
|
|
|
16,996
|
|
Grade 6 - Other
assets especially mentioned
|
35,118
|
|
|
41,125
|
|
|
38,150
|
|
|
39,795
|
|
|
30,075
|
|
Grade 7 -
Substandard
|
45,204
|
|
|
37,406
|
|
|
51,305
|
|
|
36,444
|
|
|
44,216
|
|
Grade 8 -
Doubtful
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
7
|
|
Grade 9 -
Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total legacy
loans
|
$
|
5,660,457
|
|
|
$
|
5,543,306
|
|
|
$
|
5,380,515
|
|
|
$
|
5,051,986
|
|
|
$
|
4,856,514
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
90,775
|
|
|
$
|
54,840
|
|
|
$
|
55,183
|
|
|
$
|
3,808
|
|
|
$
|
3,964
|
|
Grade 2 - Strong
credit
|
84,617
|
|
|
132,454
|
|
|
139,683
|
|
|
97,448
|
|
|
101,098
|
|
Grade 3 - Good
credit
|
656,289
|
|
|
463,307
|
|
|
449,317
|
|
|
243,730
|
|
|
259,872
|
|
Grade 4 -
Satisfactory credit
|
1,586,377
|
|
|
1,828,090
|
|
|
1,908,143
|
|
|
367,997
|
|
|
385,080
|
|
Grade 5 - Fair
credit
|
63,613
|
|
|
133,653
|
|
|
135,281
|
|
|
20,012
|
|
|
19,736
|
|
Grade 6 - Other
assets especially mentioned
|
30,448
|
|
|
35,676
|
|
|
45,095
|
|
|
33,705
|
|
|
37,121
|
|
Grade 7 -
Substandard
|
76,713
|
|
|
63,440
|
|
|
79,808
|
|
|
51,887
|
|
|
54,724
|
|
Grade 8 -
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Grade 9 -
Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total purchased
loans
|
$
|
2,588,832
|
|
|
$
|
2,711,460
|
|
|
$
|
2,812,510
|
|
|
$
|
818,587
|
|
|
$
|
861,595
|
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
Grade 3 - Good
credit
|
$
|
262,625
|
|
|
$
|
270,056
|
|
|
$
|
295,312
|
|
|
$
|
318,696
|
|
|
$
|
327,342
|
|
Grade 7 -
Substandard
|
—
|
|
|
4,696
|
|
|
2,197
|
|
|
902
|
|
|
904
|
|
Total purchased
loan pools
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
$
|
319,598
|
|
|
$
|
328,246
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Average
Balances
|
|
|
Table
6
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
28,755
|
|
|
$
|
15,074
|
|
|
$
|
203
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
$
|
11,100
|
|
|
$
|
1
|
|
Interest-bearing
deposits in banks
|
373,068
|
|
|
283,604
|
|
|
151,332
|
|
|
147,481
|
|
|
184,287
|
|
|
240,740
|
|
|
140,702
|
|
Time deposits in
other banks
|
10,961
|
|
|
11,557
|
|
|
254
|
|
|
—
|
|
|
—
|
|
|
5,739
|
|
|
—
|
|
Investment securities
- taxable
|
1,138,981
|
|
|
1,117,517
|
|
|
839,772
|
|
|
777,310
|
|
|
759,253
|
|
|
969,825
|
|
|
761,593
|
|
Investment securities
- nontaxable
|
29,962
|
|
|
31,641
|
|
|
26,626
|
|
|
48,455
|
|
|
58,858
|
|
|
34,113
|
|
|
62,055
|
|
Other
investments
|
18,494
|
|
|
36,067
|
|
|
42,384
|
|
|
34,654
|
|
|
32,706
|
|
|
32,884
|
|
|
37,541
|
|
Loans held for
sale
|
129,664
|
|
|
151,396
|
|
|
141,875
|
|
|
138,129
|
|
|
138,468
|
|
|
140,273
|
|
|
113,657
|
|
Loans
|
5,819,684
|
|
|
5,703,921
|
|
|
5,198,301
|
|
|
4,902,082
|
|
|
4,692,997
|
|
|
5,415,757
|
|
|
4,188,378
|
|
Purchased
loans
|
2,402,610
|
|
|
2,499,393
|
|
|
1,107,184
|
|
|
842,509
|
|
|
888,854
|
|
|
1,712,924
|
|
|
958,738
|
|
Purchased loan
pools
|
268,568
|
|
|
287,859
|
|
|
310,594
|
|
|
325,113
|
|
|
446,677
|
|
|
297,850
|
|
|
496,844
|
|
Total Earning
Assets
|
$
|
10,220,747
|
|
|
$
|
10,138,029
|
|
|
$
|
7,818,525
|
|
|
$
|
7,215,742
|
|
|
$
|
7,202,103
|
|
|
$
|
8,861,205
|
|
|
$
|
6,759,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
2,570,783
|
|
|
$
|
2,320,851
|
|
|
$
|
1,973,910
|
|
|
$
|
1,780,738
|
|
|
$
|
1,805,996
|
|
|
$
|
2,164,171
|
|
|
$
|
1,670,499
|
|
NOW
accounts
|
1,546,939
|
|
|
1,567,111
|
|
|
1,311,952
|
|
|
1,337,718
|
|
|
1,301,628
|
|
|
1,441,849
|
|
|
1,207,024
|
|
MMDA
|
2,590,194
|
|
|
2,440,086
|
|
|
1,950,601
|
|
|
1,970,571
|
|
|
1,964,437
|
|
|
2,240,115
|
|
|
1,690,091
|
|
Savings
accounts
|
401,836
|
|
|
423,449
|
|
|
295,326
|
|
|
278,080
|
|
|
273,979
|
|
|
350,214
|
|
|
275,119
|
|
Retail CDs <
$100,000
|
776,556
|
|
|
744,145
|
|
|
475,965
|
|
|
422,771
|
|
|
433,303
|
|
|
606,210
|
|
|
439,140
|
|
Retail CDs $100,000
and over
|
1,055,973
|
|
|
978,842
|
|
|
585,632
|
|
|
593,635
|
|
|
592,916
|
|
|
805,267
|
|
|
563,557
|
|
Brokered
CDs
|
510,663
|
|
|
487,686
|
|
|
14,132
|
|
|
—
|
|
|
—
|
|
|
255,162
|
|
|
—
|
|
Total
Deposits
|
9,452,944
|
|
|
8,962,170
|
|
|
6,607,518
|
|
|
6,383,513
|
|
|
6,372,259
|
|
|
7,862,988
|
|
|
5,845,430
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
under agreements to repurchase
|
14,670
|
|
|
12,529
|
|
|
14,762
|
|
|
20,909
|
|
|
25,970
|
|
|
15,692
|
|
|
28,694
|
|
FHLB
advances
|
101,337
|
|
|
513,460
|
|
|
703,177
|
|
|
371,556
|
|
|
369,076
|
|
|
421,891
|
|
|
496,541
|
|
Other
borrowings
|
145,494
|
|
|
145,513
|
|
|
86,302
|
|
|
75,553
|
|
|
75,571
|
|
|
113,496
|
|
|
68,726
|
|
Subordinated
deferrable interest debentures
|
89,135
|
|
|
88,801
|
|
|
86,085
|
|
|
85,701
|
|
|
85,372
|
|
|
87,444
|
|
|
84,878
|
|
Total Non-Deposit
Funding
|
350,636
|
|
|
760,303
|
|
|
890,326
|
|
|
553,719
|
|
|
555,989
|
|
|
638,523
|
|
|
678,839
|
|
Total
Funding
|
$
|
9,803,580
|
|
|
$
|
9,722,473
|
|
|
$
|
7,497,844
|
|
|
$
|
6,937,232
|
|
|
$
|
6,928,248
|
|
|
$
|
8,501,511
|
|
|
$
|
6,524,269
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Interest Income
and Interest Expense (TE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
155
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
227
|
|
|
$
|
—
|
|
Interest-bearing
deposits in banks
|
1,906
|
|
|
1,520
|
|
|
723
|
|
|
716
|
|
|
655
|
|
|
4,865
|
|
|
1,725
|
|
Time deposits in
other banks
|
58
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
Investment securities
- taxable
|
8,686
|
|
|
8,792
|
|
|
6,321
|
|
|
5,207
|
|
|
5,097
|
|
|
29,006
|
|
|
20,154
|
|
Investment securities
- nontaxable (TE)
|
247
|
|
|
258
|
|
|
226
|
|
|
408
|
|
|
572
|
|
|
1,139
|
|
|
2,432
|
|
Loans held for
sale
|
1,618
|
|
|
1,566
|
|
|
1,315
|
|
|
1,210
|
|
|
1,380
|
|
|
5,709
|
|
|
4,222
|
|
Loans (TE)
|
73,594
|
|
|
73,178
|
|
|
63,908
|
|
|
58,771
|
|
|
57,193
|
|
|
269,451
|
|
|
200,999
|
|
Purchased
loans
|
35,413
|
|
|
34,692
|
|
|
16,130
|
|
|
11,762
|
|
|
13,150
|
|
|
97,997
|
|
|
57,136
|
|
Purchased loan
pools
|
2,151
|
|
|
2,059
|
|
|
2,267
|
|
|
2,424
|
|
|
3,531
|
|
|
8,901
|
|
|
14,640
|
|
Total Earning
Assets
|
$
|
123,828
|
|
|
$
|
122,198
|
|
|
$
|
90,890
|
|
|
$
|
80,498
|
|
|
$
|
81,578
|
|
|
$
|
417,414
|
|
|
$
|
301,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
4,077
|
|
|
$
|
3,656
|
|
|
$
|
2,652
|
|
|
$
|
1,444
|
|
|
$
|
2,183
|
|
|
$
|
11,829
|
|
|
$
|
10,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NOW
accounts
|
1,736
|
|
|
1,142
|
|
|
1,142
|
|
|
953
|
|
|
811
|
|
|
4,973
|
|
|
2,428
|
|
MMDA
|
7,991
|
|
|
5,885
|
|
|
3,953
|
|
|
3,526
|
|
|
3,288
|
|
|
21,355
|
|
|
9,150
|
|
Savings
accounts
|
83
|
|
|
82
|
|
|
54
|
|
|
47
|
|
|
46
|
|
|
266
|
|
|
181
|
|
Retail CDs <
$100,000
|
1,880
|
|
|
1,827
|
|
|
907
|
|
|
668
|
|
|
702
|
|
|
5,282
|
|
|
2,584
|
|
Retail CDs $100,000
and over
|
3,978
|
|
|
3,643
|
|
|
1,670
|
|
|
1,578
|
|
|
1,551
|
|
|
10,869
|
|
|
5,534
|
|
Brokered
CDs
|
3,190
|
|
|
3,051
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
6,309
|
|
|
—
|
|
Total
Deposits
|
18,858
|
|
|
15,630
|
|
|
7,794
|
|
|
6,772
|
|
|
6,398
|
|
|
49,054
|
|
|
19,877
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
under agreements to repurchase
|
5
|
|
|
4
|
|
|
5
|
|
|
9
|
|
|
12
|
|
|
23
|
|
|
56
|
|
FHLB
advances
|
568
|
|
|
2,745
|
|
|
3,383
|
|
|
1,457
|
|
|
1,180
|
|
|
8,153
|
|
|
5,174
|
|
Other
borrowings
|
2,222
|
|
|
2,180
|
|
|
1,320
|
|
|
1,134
|
|
|
1,144
|
|
|
6,856
|
|
|
4,044
|
|
Subordinated
deferrable interest debentures
|
1,542
|
|
|
1,522
|
|
|
1,445
|
|
|
1,339
|
|
|
1,307
|
|
|
5,848
|
|
|
5,071
|
|
Total Non-Deposit
Funding
|
4,337
|
|
|
6,451
|
|
|
6,153
|
|
|
3,939
|
|
|
3,643
|
|
|
20,880
|
|
|
14,345
|
|
Total
Funding
|
$
|
23,195
|
|
|
$
|
22,081
|
|
|
$
|
13,947
|
|
|
$
|
10,711
|
|
|
$
|
10,041
|
|
|
$
|
69,934
|
|
|
$
|
34,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
100,633
|
|
|
$
|
100,117
|
|
|
$
|
76,943
|
|
|
$
|
69,787
|
|
|
$
|
71,537
|
|
|
$
|
347,480
|
|
|
$
|
267,086
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Yields(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
2.14
|
%
|
|
1.89
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
2.05
|
%
|
|
0.00
|
%
|
Interest-bearing
deposits in banks
|
2.03
|
%
|
|
2.13
|
%
|
|
1.92
|
%
|
|
1.97
|
%
|
|
1.41
|
%
|
|
2.02
|
%
|
|
1.23
|
%
|
Time deposits in
other banks
|
2.10
|
%
|
|
2.09
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
2.07
|
%
|
|
0.00
|
%
|
Investment securities
- taxable
|
3.03
|
%
|
|
3.12
|
%
|
|
3.02
|
%
|
|
2.72
|
%
|
|
2.66
|
%
|
|
2.99
|
%
|
|
2.65
|
%
|
Investment securities
- nontaxable (TE)
|
3.27
|
%
|
|
3.24
|
%
|
|
3.40
|
%
|
|
3.41
|
%
|
|
3.86
|
%
|
|
3.34
|
%
|
|
3.92
|
%
|
Loans held for
sale
|
4.95
|
%
|
|
4.10
|
%
|
|
3.72
|
%
|
|
3.55
|
%
|
|
3.95
|
%
|
|
4.07
|
%
|
|
3.71
|
%
|
Loans (TE)
|
5.02
|
%
|
|
5.09
|
%
|
|
4.93
|
%
|
|
4.86
|
%
|
|
4.84
|
%
|
|
4.98
|
%
|
|
4.80
|
%
|
Purchased
loans
|
5.85
|
%
|
|
5.51
|
%
|
|
5.84
|
%
|
|
5.66
|
%
|
|
5.87
|
%
|
|
5.72
|
%
|
|
5.96
|
%
|
Purchased loan
pools
|
3.18
|
%
|
|
2.84
|
%
|
|
2.93
|
%
|
|
3.02
|
%
|
|
3.14
|
%
|
|
2.99
|
%
|
|
2.95
|
%
|
Total Earning
Assets
|
4.81
|
%
|
|
4.78
|
%
|
|
4.66
|
%
|
|
4.52
|
%
|
|
4.49
|
%
|
|
4.71
|
%
|
|
4.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
NOW
accounts
|
0.45
|
%
|
|
0.29
|
%
|
|
0.35
|
%
|
|
0.29
|
%
|
|
0.25
|
%
|
|
0.34
|
%
|
|
0.20
|
%
|
MMDA
|
1.22
|
%
|
|
0.96
|
%
|
|
0.81
|
%
|
|
0.73
|
%
|
|
0.66
|
%
|
|
0.95
|
%
|
|
0.54
|
%
|
Savings
accounts
|
0.08
|
%
|
|
0.08
|
%
|
|
0.07
|
%
|
|
0.07
|
%
|
|
0.07
|
%
|
|
0.08
|
%
|
|
0.07
|
%
|
Retail CDs <
$100,000
|
0.96
|
%
|
|
0.97
|
%
|
|
0.76
|
%
|
|
0.64
|
%
|
|
0.64
|
%
|
|
0.87
|
%
|
|
0.59
|
%
|
Retail CDs $100,000
and over
|
1.49
|
%
|
|
1.48
|
%
|
|
1.14
|
%
|
|
1.08
|
%
|
|
1.04
|
%
|
|
1.35
|
%
|
|
0.98
|
%
|
Brokered
CDs
|
2.48
|
%
|
|
2.48
|
%
|
|
1.93
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
2.47
|
%
|
|
0.00
|
%
|
Total
Deposits
|
0.79
|
%
|
|
0.69
|
%
|
|
0.47
|
%
|
|
0.43
|
%
|
|
0.40
|
%
|
|
0.62
|
%
|
|
0.34
|
%
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
0.14
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.17
|
%
|
|
0.18
|
%
|
|
0.15
|
%
|
|
0.20
|
%
|
FHLB
advances
|
2.22
|
%
|
|
2.12
|
%
|
|
1.93
|
%
|
|
1.59
|
%
|
|
1.27
|
%
|
|
1.93
|
%
|
|
1.04
|
%
|
Other
borrowings
|
6.06
|
%
|
|
5.94
|
%
|
|
6.13
|
%
|
|
6.09
|
%
|
|
6.01
|
%
|
|
6.04
|
%
|
|
5.88
|
%
|
Subordinated
deferrable interest debentures
|
6.86
|
%
|
|
6.80
|
%
|
|
6.73
|
%
|
|
6.34
|
%
|
|
6.07
|
%
|
|
6.69
|
%
|
|
5.97
|
%
|
Total Non-Deposit
Funding
|
4.91
|
%
|
|
3.37
|
%
|
|
2.77
|
%
|
|
2.89
|
%
|
|
2.60
|
%
|
|
3.27
|
%
|
|
2.11
|
%
|
Total
Funding(2)
|
0.94
|
%
|
|
0.90
|
%
|
|
0.75
|
%
|
|
0.63
|
%
|
|
0.57
|
%
|
|
0.82
|
%
|
|
0.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.87
|
%
|
|
3.88
|
%
|
|
3.91
|
%
|
|
3.89
|
%
|
|
3.92
|
%
|
|
3.89
|
%
|
|
3.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(3)
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.92
|
%
|
|
3.94
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21% for 2018 and 35% for 2017.
|
|
|
|
|
(2) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
|
|
|
(3) Rate calculated
based on average earning assets.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
Adjusted Net
Income
|
|
|
|
|
|
|
|
|
|
|
Table
9A
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income available
to common shareholders
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
|
$
|
9,150
|
|
|
$
|
121,027
|
|
|
$
|
73,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
997
|
|
|
276
|
|
|
18,391
|
|
|
835
|
|
|
421
|
|
|
20,499
|
|
|
915
|
|
Executive retirement
benefits
|
2,005
|
|
|
962
|
|
|
5,457
|
|
|
—
|
|
|
—
|
|
|
8,424
|
|
|
—
|
|
Restructuring
charge
|
754
|
|
|
229
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
983
|
|
|
—
|
|
Certain compliance
resolution expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
434
|
|
|
—
|
|
|
5,163
|
|
Accelerated premium
amortization on loans sold
from purchased loan pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
456
|
|
|
—
|
|
|
456
|
|
Financial impact of
hurricanes
|
882
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
882
|
|
|
410
|
|
Loss on sale of
premises
|
250
|
|
|
4
|
|
|
196
|
|
|
583
|
|
|
308
|
|
|
1,033
|
|
|
1,264
|
|
Tax effect of
adjustment items (Note 1)
|
(810)
|
|
|
377
|
|
|
(4,192)
|
|
|
(298)
|
|
|
(567)
|
|
|
(4,923)
|
|
|
(2,873)
|
|
After tax adjustment
items
|
4,078
|
|
|
1,848
|
|
|
19,852
|
|
|
1,120
|
|
|
1,052
|
|
|
26,898
|
|
|
5,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense
attributable to remeasurement of
deferred tax assets and deferred tax liabilities at
reduced federal corporate tax rate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,388
|
|
|
—
|
|
|
13,388
|
|
Reduction in state
tax expense accrued in prior
year net of federal tax impact
|
(1,717)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,717)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
29,239
|
|
|
$
|
27,780
|
|
|
$
|
23,590
|
|
|
$
|
146,208
|
|
|
$
|
92,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - diluted
|
47,593,252
|
|
|
47,685,334
|
|
|
39,709,503
|
|
|
38,250,122
|
|
|
37,556,335
|
|
|
43,247,796
|
|
|
37,144,139
|
|
Net income per
diluted share
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
|
$
|
0.24
|
|
|
$
|
2.80
|
|
|
$
|
1.98
|
|
Adjusted net income
per diluted share
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
0.73
|
|
|
$
|
0.63
|
|
|
$
|
3.38
|
|
|
$
|
2.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
11,307,980
|
|
|
$
|
11,204,504
|
|
|
$
|
8,529,035
|
|
|
$
|
7,823,451
|
|
|
$
|
7,777,996
|
|
|
$
|
9,744,001
|
|
|
$
|
7,330,974
|
|
Return on average
assets
|
1.53
|
%
|
|
1.47
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
|
0.47
|
%
|
|
1.24
|
%
|
|
1.00
|
%
|
Adjusted return on
average assets
|
1.61
|
%
|
|
1.53
|
%
|
|
1.38
|
%
|
|
1.44
|
%
|
|
1.20
|
%
|
|
1.50
|
%
|
|
1.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
1,428,341
|
|
|
$
|
1,395,479
|
|
|
$
|
974,494
|
|
|
$
|
849,346
|
|
|
$
|
812,264
|
|
|
$
|
1,178,275
|
|
|
$
|
770,296
|
|
Average tangible
common equity
|
$
|
869,201
|
|
|
$
|
837,914
|
|
|
$
|
679,559
|
|
|
$
|
659,096
|
|
|
$
|
672,728
|
|
|
$
|
762,274
|
|
|
$
|
629,312
|
|
Return on average
common equity
|
12.09
|
%
|
|
11.78
|
%
|
|
3.86
|
%
|
|
12.73
|
%
|
|
4.47
|
%
|
|
10.27
|
%
|
|
9.55
|
%
|
Adjusted return on
average tangible common equity
|
20.95
|
%
|
|
20.50
|
%
|
|
17.26
|
%
|
|
17.09
|
%
|
|
13.91
|
%
|
|
19.18
|
%
|
|
14.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: A
portion of the 2Q18, 3Q18 and 4Q18 merger and conversion charges
and the 2Q18 executive retirement benefits are nondeductible for
tax purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin Excluding Accretion and
Yield on Total Loans Excluding Accretion
|
|
|
|
|
|
|
|
|
|
|
Table
9B
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Total interest income
(TE)
|
$
|
123,828
|
|
|
$
|
122,198
|
|
|
$
|
90,890
|
|
|
$
|
80,498
|
|
|
$
|
81,578
|
|
|
$
|
417,414
|
|
|
$
|
301,308
|
|
Accretion
income
|
4,077
|
|
|
3,656
|
|
|
2,652
|
|
|
1,444
|
|
|
2,183
|
|
|
11,829
|
|
|
10,614
|
|
Total interest income
(TE) excluding accretion
|
119,751
|
|
|
118,542
|
|
|
88,238
|
|
|
79,054
|
|
|
79,395
|
|
|
405,585
|
|
|
290,694
|
|
Interest
expense
|
23,195
|
|
|
22,081
|
|
|
13,947
|
|
|
10,711
|
|
|
10,041
|
|
|
69,934
|
|
|
34,222
|
|
Net interest income
(TE) excluding accretion
|
$
|
96,556
|
|
|
$
|
96,461
|
|
|
$
|
74,291
|
|
|
$
|
68,343
|
|
|
$
|
69,354
|
|
|
$
|
335,651
|
|
|
$
|
256,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on total loans
(TE) excluding accretion
|
5.00
|
%
|
|
4.95
|
%
|
|
4.81
|
%
|
|
4.75
|
%
|
|
4.70
|
%
|
|
4.89
|
%
|
|
4.63
|
%
|
Net interest margin
(TE) excluding accretion
|
3.75
|
%
|
|
3.77
|
%
|
|
3.81
|
%
|
|
3.84
|
%
|
|
3.82
|
%
|
|
3.79
|
%
|
|
3.79
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Adjusted
Efficiency Ratio (TE)
|
|
|
|
|
|
|
|
|
|
|
Table
9C
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
75,810
|
|
|
$
|
72,353
|
|
|
$
|
86,386
|
|
|
$
|
59,098
|
|
|
$
|
59,337
|
|
|
$
|
293,647
|
|
|
$
|
231,936
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(997)
|
|
|
(276)
|
|
|
(18,391)
|
|
|
(835)
|
|
|
(421)
|
|
|
(20,499)
|
|
|
(915)
|
|
Executive retirement
benefits
|
(2,005)
|
|
|
(962)
|
|
|
(5,457)
|
|
|
—
|
|
|
—
|
|
|
(8,424)
|
|
|
—
|
|
Restructuring
charge
|
(754)
|
|
|
(229)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(983)
|
|
|
—
|
|
Certain compliance
resolution expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(434)
|
|
|
—
|
|
|
(5,163)
|
|
Financial impact of
hurricanes
|
(882)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(882)
|
|
|
(410)
|
|
Loss on sale of
premises
|
(250)
|
|
|
(4)
|
|
|
(196)
|
|
|
(583)
|
|
|
(308)
|
|
|
(1,033)
|
|
|
(1,264)
|
|
Adjusted noninterest
expense
|
$
|
70,922
|
|
|
$
|
70,882
|
|
|
$
|
62,342
|
|
|
$
|
57,680
|
|
|
$
|
58,174
|
|
|
$
|
261,826
|
|
|
$
|
224,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
75,999
|
|
|
$
|
68,801
|
|
|
$
|
69,523
|
|
|
$
|
343,392
|
|
|
$
|
260,125
|
|
Noninterest
income
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
|
23,563
|
|
|
118,412
|
|
|
104,457
|
|
Total
revenue
|
$
|
130,024
|
|
|
$
|
129,209
|
|
|
$
|
107,306
|
|
|
$
|
95,265
|
|
|
$
|
93,086
|
|
|
$
|
461,804
|
|
|
$
|
364,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
100,633
|
|
|
$
|
100,117
|
|
|
$
|
76,943
|
|
|
$
|
69,787
|
|
|
$
|
71,537
|
|
|
$
|
347,480
|
|
|
$
|
267,086
|
|
Noninterest
income
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
|
23,563
|
|
|
118,412
|
|
|
104,457
|
|
Total revenue
(TE)
|
131,103
|
|
|
130,288
|
|
|
108,250
|
|
|
96,251
|
|
|
95,100
|
|
|
465,892
|
|
|
371,543
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on
securities
|
(1)
|
|
|
(48)
|
|
|
123
|
|
|
(37)
|
|
|
—
|
|
|
37
|
|
|
(37)
|
|
Accelerated premium
amortization on loans sold
from purchased loan
pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
456
|
|
|
—
|
|
|
456
|
|
Adjusted total
revenue (TE)
|
$
|
131,102
|
|
|
$
|
130,240
|
|
|
$
|
108,373
|
|
|
$
|
96,214
|
|
|
$
|
95,556
|
|
|
$
|
465,929
|
|
|
$
|
371,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
58.30
|
%
|
|
56.00
|
%
|
|
80.50
|
%
|
|
62.04
|
%
|
|
63.74
|
%
|
|
63.59
|
%
|
|
63.62
|
%
|
Adjusted
efficiency ratio (TE)
|
54.10
|
%
|
|
54.42
|
%
|
|
57.53
|
%
|
|
59.95
|
%
|
|
60.88
|
%
|
|
56.19
|
%
|
|
60.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
|
|
|
|
|
|
|
|
|
|
Table
9D
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Total shareholders'
equity
|
$
|
1,456,347
|
|
|
$
|
1,404,977
|
|
|
$
|
1,371,896
|
|
|
$
|
868,944
|
|
|
$
|
804,479
|
|
|
$
|
1,456,347
|
|
|
$
|
804,479
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
503,434
|
|
|
505,604
|
|
|
504,764
|
|
|
208,513
|
|
|
125,532
|
|
|
503,434
|
|
|
125,532
|
|
Other intangibles,
net
|
58,689
|
|
|
54,729
|
|
|
53,561
|
|
|
12,562
|
|
|
13,496
|
|
|
58,689
|
|
|
13,496
|
|
Total tangible
shareholders' equity
|
$
|
894,224
|
|
|
$
|
844,644
|
|
|
$
|
813,571
|
|
|
$
|
647,869
|
|
|
$
|
665,451
|
|
|
$
|
894,224
|
|
|
$
|
665,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
38,327,081
|
|
|
37,260,012
|
|
|
47,499,941
|
|
|
37,260,012
|
|
Book value per share
(period end)
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
22.67
|
|
|
$
|
21.59
|
|
|
$
|
30.66
|
|
|
$
|
21.59
|
|
Tangible book value
per share (period end)
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
17.12
|
|
|
$
|
16.90
|
|
|
$
|
17.86
|
|
|
$
|
18.83
|
|
|
$
|
17.86
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Segment
Reporting
|
|
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
84,399
|
|
|
$
|
84,041
|
|
|
$
|
61,759
|
|
|
$
|
55,359
|
|
|
$
|
55,193
|
|
|
$
|
285,558
|
|
|
$
|
210,719
|
|
Provision for loan
losses
|
1,603
|
|
|
1,229
|
|
|
766
|
|
|
888
|
|
|
2,277
|
|
|
4,486
|
|
|
6,787
|
|
Noninterest
income
|
15,784
|
|
|
16,524
|
|
|
13,287
|
|
|
13,099
|
|
|
12,442
|
|
|
58,694
|
|
|
51,416
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
25,882
|
|
|
26,120
|
|
|
26,646
|
|
|
22,068
|
|
|
20,100
|
|
|
100,716
|
|
|
78,857
|
|
Occupancy and
equipment expenses
|
7,080
|
|
|
7,871
|
|
|
5,684
|
|
|
5,477
|
|
|
5,368
|
|
|
26,112
|
|
|
21,436
|
|
Data processing and
telecommunications expenses
|
7,522
|
|
|
7,589
|
|
|
5,611
|
|
|
6,304
|
|
|
6,399
|
|
|
27,026
|
|
|
25,177
|
|
Other noninterest
expenses
|
17,310
|
|
|
13,461
|
|
|
29,937
|
|
|
11,080
|
|
|
11,837
|
|
|
71,788
|
|
|
46,192
|
|
Total noninterest
expense
|
57,794
|
|
|
55,041
|
|
|
67,878
|
|
|
44,929
|
|
|
43,704
|
|
|
225,642
|
|
|
171,662
|
|
Income before income
tax expense
|
40,786
|
|
|
44,295
|
|
|
6,402
|
|
|
22,641
|
|
|
21,654
|
|
|
114,124
|
|
|
83,686
|
|
Income tax
expense
|
5,493
|
|
|
11,156
|
|
|
1,716
|
|
|
5,242
|
|
|
18,717
|
|
|
23,607
|
|
|
36,518
|
|
Net income
|
$
|
35,293
|
|
|
$
|
33,139
|
|
|
$
|
4,686
|
|
|
$
|
17,399
|
|
|
$
|
2,937
|
|
|
$
|
90,517
|
|
|
$
|
47,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
7,873
|
|
|
$
|
5,544
|
|
|
$
|
5,046
|
|
|
$
|
4,997
|
|
|
$
|
4,876
|
|
|
$
|
23,460
|
|
|
$
|
15,587
|
|
Provision for loan
losses
|
(1)
|
|
|
122
|
|
|
246
|
|
|
217
|
|
|
154
|
|
|
584
|
|
|
771
|
|
Noninterest
income
|
10,689
|
|
|
12,097
|
|
|
13,889
|
|
|
11,585
|
|
|
9,090
|
|
|
48,260
|
|
|
44,913
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
10,802
|
|
|
10,061
|
|
|
10,864
|
|
|
7,742
|
|
|
8,225
|
|
|
39,469
|
|
|
32,996
|
|
Occupancy and
equipment expenses
|
684
|
|
|
618
|
|
|
545
|
|
|
593
|
|
|
533
|
|
|
2,440
|
|
|
2,217
|
|
Data processing and
telecommunications expenses
|
306
|
|
|
347
|
|
|
383
|
|
|
389
|
|
|
429
|
|
|
1,425
|
|
|
1,611
|
|
Other noninterest
expenses
|
1,661
|
|
|
1,828
|
|
|
1,778
|
|
|
1,731
|
|
|
1,230
|
|
|
6,998
|
|
|
4,260
|
|
Total noninterest
expense
|
13,453
|
|
|
12,854
|
|
|
13,570
|
|
|
10,455
|
|
|
10,417
|
|
|
50,332
|
|
|
41,084
|
|
Income before income
tax expense
|
5,110
|
|
|
4,665
|
|
|
5,119
|
|
|
5,910
|
|
|
3,395
|
|
|
20,804
|
|
|
18,645
|
|
Income tax
expense
|
1,073
|
|
|
943
|
|
|
1,075
|
|
|
1,244
|
|
|
1,189
|
|
|
4,335
|
|
|
6,526
|
|
Net income
|
$
|
4,037
|
|
|
$
|
3,722
|
|
|
$
|
4,044
|
|
|
$
|
4,666
|
|
|
$
|
2,206
|
|
|
$
|
16,469
|
|
|
$
|
12,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
2,438
|
|
|
$
|
2,469
|
|
|
$
|
2,326
|
|
|
$
|
1,855
|
|
|
$
|
1,983
|
|
|
$
|
9,088
|
|
|
$
|
5,877
|
|
Provision for loan
losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
186
|
|
Noninterest
income
|
386
|
|
|
503
|
|
|
735
|
|
|
397
|
|
|
399
|
|
|
2,021
|
|
|
1,739
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
145
|
|
|
136
|
|
|
128
|
|
|
138
|
|
|
127
|
|
|
547
|
|
|
530
|
|
Occupancy and
equipment expenses
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
4
|
|
Data processing and
telecommunications expenses
|
29
|
|
|
30
|
|
|
30
|
|
|
33
|
|
|
18
|
|
|
122
|
|
|
98
|
|
Other noninterest
expenses
|
62
|
|
|
69
|
|
|
55
|
|
|
52
|
|
|
26
|
|
|
238
|
|
|
163
|
|
Total noninterest
expense
|
236
|
|
|
237
|
|
|
213
|
|
|
223
|
|
|
172
|
|
|
909
|
|
|
795
|
|
Income before income
tax expense
|
2,588
|
|
|
2,735
|
|
|
2,848
|
|
|
2,029
|
|
|
2,183
|
|
|
10,200
|
|
|
6,635
|
|
Income tax
expense
|
544
|
|
|
574
|
|
|
598
|
|
|
426
|
|
|
763
|
|
|
2,142
|
|
|
2,322
|
|
Net income
|
$
|
2,044
|
|
|
$
|
2,161
|
|
|
$
|
2,250
|
|
|
$
|
1,603
|
|
|
$
|
1,420
|
|
|
$
|
8,058
|
|
|
$
|
4,313
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Segment Reporting
(continued)
|
|
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
1,352
|
|
|
$
|
1,459
|
|
|
$
|
1,320
|
|
|
$
|
924
|
|
|
$
|
971
|
|
|
$
|
5,055
|
|
|
$
|
3,744
|
|
Provision for loan
losses
|
112
|
|
|
41
|
|
|
447
|
|
|
537
|
|
|
(209)
|
|
|
1,137
|
|
|
(111)
|
|
Noninterest
income
|
1,094
|
|
|
1,045
|
|
|
1,349
|
|
|
1,370
|
|
|
1,614
|
|
|
4,858
|
|
|
6,277
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
712
|
|
|
682
|
|
|
736
|
|
|
740
|
|
|
787
|
|
|
2,870
|
|
|
3,126
|
|
Occupancy and
equipment expenses
|
63
|
|
|
58
|
|
|
55
|
|
|
58
|
|
|
56
|
|
|
234
|
|
|
215
|
|
Data processing and
telecommunications expenses
|
—
|
|
|
1
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
19
|
|
|
21
|
|
Other noninterest
expenses
|
401
|
|
|
210
|
|
|
290
|
|
|
236
|
|
|
205
|
|
|
1,137
|
|
|
738
|
|
Total noninterest
expense
|
1,176
|
|
|
951
|
|
|
1,090
|
|
|
1,043
|
|
|
1,057
|
|
|
4,260
|
|
|
4,100
|
|
Income before income
tax expense
|
1,158
|
|
|
1,512
|
|
|
1,132
|
|
|
714
|
|
|
1,737
|
|
|
4,516
|
|
|
6,032
|
|
Income tax
expense
|
243
|
|
|
317
|
|
|
238
|
|
|
150
|
|
|
608
|
|
|
948
|
|
|
2,111
|
|
Net income
|
$
|
915
|
|
|
$
|
1,195
|
|
|
$
|
894
|
|
|
$
|
564
|
|
|
$
|
1,129
|
|
|
$
|
3,568
|
|
|
$
|
3,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
3,492
|
|
|
$
|
5,525
|
|
|
$
|
5,548
|
|
|
$
|
5,666
|
|
|
$
|
6,500
|
|
|
$
|
20,231
|
|
|
$
|
24,198
|
|
Provision for loan
losses
|
1,947
|
|
|
703
|
|
|
7,651
|
|
|
159
|
|
|
287
|
|
|
10,460
|
|
|
731
|
|
Noninterest
income
|
2,517
|
|
|
2
|
|
|
2,047
|
|
|
13
|
|
|
18
|
|
|
4,579
|
|
|
112
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,441
|
|
|
1,447
|
|
|
1,402
|
|
|
1,401
|
|
|
1,268
|
|
|
5,691
|
|
|
4,507
|
|
Occupancy and
equipment expenses
|
118
|
|
|
49
|
|
|
106
|
|
|
70
|
|
|
52
|
|
|
343
|
|
|
197
|
|
Data processing and
telecommunications expenses
|
436
|
|
|
551
|
|
|
406
|
|
|
400
|
|
|
364
|
|
|
1,793
|
|
|
962
|
|
Other noninterest
expenses
|
1,156
|
|
|
1,223
|
|
|
1,721
|
|
|
577
|
|
|
2,303
|
|
|
4,677
|
|
|
8,629
|
|
Total noninterest
expense
|
3,151
|
|
|
3,270
|
|
|
3,635
|
|
|
2,448
|
|
|
3,987
|
|
|
12,504
|
|
|
14,295
|
|
Income before income
tax expense
|
911
|
|
|
1,554
|
|
|
(3,691)
|
|
|
3,072
|
|
|
2,244
|
|
|
1,846
|
|
|
9,284
|
|
Income tax
expense
|
(336)
|
|
|
327
|
|
|
(1,204)
|
|
|
644
|
|
|
786
|
|
|
(569)
|
|
|
3,257
|
|
Net income
|
$
|
1,247
|
|
|
$
|
1,227
|
|
|
$
|
(2,487)
|
|
|
$
|
2,428
|
|
|
$
|
1,458
|
|
|
$
|
2,415
|
|
|
$
|
6,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
75,999
|
|
|
$
|
68,801
|
|
|
$
|
69,523
|
|
|
$
|
343,392
|
|
|
$
|
260,125
|
|
Provision for loan
losses
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
1,801
|
|
|
2,536
|
|
|
16,667
|
|
|
8,364
|
|
Noninterest
income
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
|
23,563
|
|
|
118,412
|
|
|
104,457
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
38,982
|
|
|
38,446
|
|
|
39,776
|
|
|
32,089
|
|
|
30,507
|
|
|
149,293
|
|
|
120,016
|
|
Occupancy and
equipment expenses
|
7,945
|
|
|
8,598
|
|
|
6,390
|
|
|
6,198
|
|
|
6,010
|
|
|
29,131
|
|
|
24,069
|
|
Data processing and
telecommunications expenses
|
8,293
|
|
|
8,518
|
|
|
6,439
|
|
|
7,135
|
|
|
7,219
|
|
|
30,385
|
|
|
27,869
|
|
Other noninterest
expenses
|
20,590
|
|
|
16,791
|
|
|
33,781
|
|
|
13,676
|
|
|
15,601
|
|
|
84,838
|
|
|
59,982
|
|
Total noninterest
expense
|
75,810
|
|
|
72,353
|
|
|
86,386
|
|
|
59,098
|
|
|
59,337
|
|
|
293,647
|
|
|
231,936
|
|
Income before income
tax expense
|
50,553
|
|
|
54,761
|
|
|
11,810
|
|
|
34,366
|
|
|
31,213
|
|
|
151,490
|
|
|
124,282
|
|
Income tax
expense
|
7,017
|
|
|
13,317
|
|
|
2,423
|
|
|
7,706
|
|
|
22,063
|
|
|
30,463
|
|
|
50,734
|
|
Net income
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
|
$
|
9,150
|
|
|
$
|
121,027
|
|
|
$
|
73,548
|
|
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SOURCE Ameris Bancorp