JACKSONVILLE, Fla.,
April 23, 2019 /PRNewswire/
-- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today
reported net income of $39.9 million,
or $0.84 per diluted share, for the
quarter ended March 31, 2019,
compared with $26.7 million, or
$0.70 per diluted share, for the
quarter ended March 31, 2018.
The Company reported adjusted net income of $42.6 million, or $0.90 per diluted share, for the quarter ended
March 31, 2019, compared with
$27.8 million, or $0.73 per diluted share, for the same period in
2018. Adjusted net income excludes after-tax merger and
conversion charges, restructuring charges related to recently
announced branch consolidations, loss on sale of bank premises and
expenses related to Hurricane Michael.
Commenting on the Company's earnings, Dennis J. Zember Jr., the Company's President
and Chief Executive Officer, said, "We started the year with solid
growth in deposits and an impressive increase in net interest
margin. Compared with the same quarter a year ago, we have
held the line on operating expenses while we have grown revenues
over 37%. Loan growth was not at the level we were budgeting,
but our control of expenses and solid financial results within our
lines of businesses almost made up the entire difference.
Looking ahead, I see pipelines and unfunded commitments that should
move loan balances higher in the coming quarter."
Highlights of the Company's results for the first quarter of
2019 include the following:
- Increase in tangible book value per share to $19.73, or a 16.7% increase, at March 31, 2019, compared with $16.90 at March 31,
2018
- Net interest margin expansion of 3 basis points to 3.95%
against the same period in 2018, despite reduction in loans to
deposits from 96.0% at March 31, 2018
to 86.5% at March 31, 2019
- Deposit growth over the last 12 months of $3.4 billion, which outpaced loan growth of
$2.3 billion over the same
period
- Increase of $2.7 million in
noninterest income from mortgage banking activities to $13.8 million for the first quarter of 2019,
compared with $11.1 million in the
fourth quarter of 2018 and $11.9
million in the first quarter of 2018
- Reduction of 11 branch locations pursuant to our previously
announced branch consolidation plan
- Adjusted return on average assets of 1.51%, compared with 1.44%
in the first quarter of 2018
- Adjusted return on average tangible common equity of 18.82%,
compared with 17.09% in the first quarter of 2018
Following is a summary of the adjustments between reported net
income and adjusted net income:
Adjusted Net
Income Reconciliation
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
(dollars in
thousands, except per share data)
|
2019
|
|
2018
|
Net income available
to common shareholders
|
$
|
39,905
|
|
|
$
|
26,660
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
Merger and conversion
charges
|
2,057
|
|
|
835
|
|
Restructuring
charge
|
245
|
|
|
—
|
|
Financial impact of
hurricanes
|
(89)
|
|
|
—
|
|
Loss on sale of
premises
|
919
|
|
|
583
|
|
Tax effect of
adjustment items
|
(450)
|
|
|
(298)
|
|
After-tax adjustment
items
|
2,682
|
|
|
1,120
|
|
Adjusted net
income
|
$
|
42,587
|
|
|
$
|
27,780
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
0.84
|
|
|
$
|
0.70
|
|
Adjusted net income
per diluted share
|
$
|
0.90
|
|
|
$
|
0.73
|
|
|
|
|
|
Reported return on
average assets
|
1.42
|
%
|
|
1.38
|
%
|
Adjusted return on
average assets
|
1.51
|
%
|
|
1.44
|
%
|
|
|
|
|
Reported return on
average common equity
|
10.95
|
%
|
|
12.73
|
%
|
Adjusted return on
average tangible common equity
|
18.82
|
%
|
|
17.09
|
%
|
Pending Acquisition
During the fourth
quarter of 2018, the Company announced its intent to acquire
Fidelity Southern Corporation ("Fidelity"), the parent company of
Fidelity Bank, Atlanta,
Georgia. Fidelity operates 70 full-service banking locations,
51 of which are located in Georgia
and 19 of which are located in Florida. The acquisition will
further expand the Company's existing Southeastern footprint in the
attractive Atlanta market, where
the Company will be the largest community bank by deposit share
after the acquisition. The transaction is expected to close
in the second quarter of 2019 and is subject to customary closing
conditions, including receipt of regulatory approval and the
approval of Fidelity and Ameris Bancorp shareholders.
Net Interest Income and Net Interest
Margin
Net interest income on a tax-equivalent
basis for the first quarter of 2019 totaled $99.4 million, compared with $100.6 million for the fourth quarter of 2018 and
$69.8 million for first quarter of
2018. The Company's net interest margin, excluding the
effects of accretion income, increased during the quarter to 3.83%,
compared with 3.75% in the fourth quarter of 2018 and decreased
slightly from 3.84% in the first quarter of 2018. The linked
quarter increase was primarily attributable to an increase in the
yield on loans, excluding purchased loans, of 32 basis points
compared with the linked quarter.
The Company's net interest margin was 3.95% for the first
quarter of 2019, up from 3.91% reported for the fourth quarter of
2018 and 3.92% reported for the first quarter of 2018.
Accretion income for the first quarter of 2019 decreased to
$2.9 million, compared with
$4.1 million for the fourth quarter
of 2018, and increased from $1.4
million reported for the first quarter of 2018. Yields
on all loans, excluding the effect of accretion, increased to 5.22%
during the first quarter of 2019, compared with 5.00% for the
fourth quarter of 2018 and 4.75% during the first quarter of
2018. Loan production in the banking division during the
first quarter of 2019 totaled $613.5
million, with weighted average yields of 5.78%, compared
with $604.9 million and 5.74%,
respectively, in the fourth quarter of 2018 and $365.0 million and 5.19%, respectively, in the
first quarter of 2018. Loan production in the lines of
business (including retail mortgage, warehouse lending, SBA and
premium finance) amounted to an additional $1.9 billion during the first quarter of 2019,
with weighted average yields of 5.47%, compared with $1.8 billion and 5.56%, respectively, during the
fourth quarter of 2018 and $1.6
billion and 4.96%, respectively, during the first quarter of
2018.
Interest expense during the first quarter of 2019 increased to
$25.5 million, compared with
$23.2 million in the fourth quarter
of 2018 and $10.7 million in the
first quarter of 2018. The Company's total cost of funds
moved 11 basis points higher to 1.05% in the first quarter of
2019, as compared with the fourth quarter of 2018.
Deposit costs increased 13 basis points during the first quarter of
2019 to 0.92%, compared with 0.79% in the fourth quarter of
2018. Costs of interest-bearing deposits increased during the
quarter from 1.09% in the fourth quarter of 2018 to 1.25% in the
first quarter of 2019, with the material portion of the increase
relating to NOW and MMDA accounts.
Noninterest Income
Noninterest income in
the first quarter of 2019 was $30.8
million, an increase of $4.3
million, or 16.3%, compared with the same period in 2018, as
a result of increased service charges and mortgage banking
activity. Service charge revenue for the first quarter of
2019 increased $1.4 million, or
13.9%, compared with the same period in 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 division totaled $20.0 million in the first quarter of 2019, an
increase of $3.5 million, or 20.9%,
compared with the same period in 2018. Total production was
flat at $356.0 million for the first
quarter of 2019 compared with the same period in 2018. Gain
on sale spreads continued to improve in the first quarter of 2019,
moving to 3.18% from 3.06% in the linked quarter and 2.62% for the
first quarter of 2018. Net income for the Company's retail mortgage
division was $6.9 million for the
first quarter of 2019, compared with $4.0
million for the fourth quarter of 2018 and $4.7 million for the first quarter of 2018.
Profitability in the Company's warehouse lending division
continued to improve as net income for the division was
$2.2 million for the first quarter of
2019, compared with $2.0 million for
the fourth quarter of 2018 and $1.6
million for the first quarter of 2018. The Company has
experienced no losses in this division over the past two years.
Revenue in the SBA division increased to $2.8 million in the first quarter of 2019,
compared with $2.4 million in the
fourth quarter of 2018 and $2.3
million in the first quarter of 2018. Net income for
the division increased over 20% from the fourth quarter of 2018 and
over 97% from the first quarter of 2018 to $1.1 million in the first quarter of 2019.
Noninterest Expense
Noninterest expense
decreased $385,000, or 0.5%, to
$75.4 million during the first
quarter of 2019, compared with $75.8
million for the fourth quarter of 2018. During the
first quarter of 2019, the Company recorded $3.1 million of charges to earnings, the majority
of which was related to merger and conversion activity and loss on
sale of premises, compared with $4.9
million in the fourth quarter of 2018 that were mostly
merger, executive retirement and hurricane related. Excluding
these charges, adjusted expenses increased approximately
$1.4 million, or 1.9%, to
$72.3 million in the first quarter of
2019, from $70.9 million in the
fourth quarter of 2018. The majority of this increase is
attributable to $1.2 million in
increased payroll taxes in the first quarter of 2019.
The Company continues to focus on its operating efficiency ratio.
The Company's adjusted efficiency ratio declined from 59.95% in the
first quarter of 2018 to 55.12% in the first quarter of 2019, but
was increased slightly from the 54.10% reported in the fourth
quarter of 2018. The increased payroll taxes accounted for
the majority of the increase in the efficiency ratio.
Income Tax Expense
The Company's
effective tax rate for the first quarter of 2019 was 22.3%,
compared with 13.9% in the fourth quarter of 2018. The
reduced rate in the fourth quarter is a result of a large return to
provision adjustment made 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, the Company's tax
rate for the fourth quarter of 21.4% was more consistent with the
year-to-date tax rate of 20.1%. The increased rate for the
first quarter of 2019 was attributable to certain non-deductible
merger and compensation expenses.
Balance Sheet Trends
Total assets at
March 31, 2019 were $11.7 billion compared with $11.4 billion at December
31, 2018. Total loans, including loans held for sale,
purchased loans and purchased loan pools, were $8.59 billion at March 31,
2019, compared with $8.62
billion at December 31,
2018. Although loan production was strong in the first
quarter of 2019, net loan growth was negatively impacted by early
pay downs and pay offs throughout the quarter. Loan
production in the banking division during the first quarter of 2019
was slightly higher than the fourth quarter of 2018 and was 68%
higher than the first quarter of 2018.
At March 31, 2019, total deposits
amounted to $9.80 billion, or 97.6%
of total funding, compared with $9.65
billion and 97.4%, respectively, at December 31, 2018. At March 31, 2019, noninterest-bearing deposit
accounts were $2.75 billion, or 28.1%
of total deposits, compared with $2.52
billion, or 26.1% of total deposits, at December 31, 2018. Non-rate sensitive
deposits (including non-interest bearing, NOW and savings) totaled
$4.71 billion at March 31, 2019, compared with $4.60 billion at December
31, 2018. These funds represented 48.0% of the
Company's total deposits at March 31,
2019, compared with 47.6% at the end of 2018.
Stockholders' equity at March 31,
2019 totaled $1.50 billion, an
increase of $39.2 million, or 2.7%,
from December 31, 2018. The
increase in stockholders' equity was primarily the result of
earnings of $39.9 million during the
first quarter of 2019. Tangible book value per share was
$19.73 at March 31, 2019, up from $18.83 at December
31, 2018. Tangible common equity as a percentage of
tangible assets was 8.46% at March 31,
2019, compared with 8.22% at the end of the 2018.
Credit Quality
Credit quality remains
strong. During the first quarter of 2019, the Company
recorded provision for loan loss expense of $3.4 million, compared with $3.7 million in the fourth quarter of 2018.
Nonperforming assets as a percentage of total assets decreased by
one basis point to 0.54% during the quarter. The net
charge-off ratio for non-purchased loans was 27 basis points for
the first quarter of 2019, compared with 21 basis points in the
fourth quarter of 2018 and 14 basis points in the first quarter of
2018.
Conference Call
The Company will host a
teleconference at 10:00 a.m. Eastern
time today (April 23, 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 May 7, 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 10130179. 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 114 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,
2018 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,
2018 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
In connection with the proposed merger of the Company with
Fidelity, the Company has filed with the Securities and Exchange
Commission a Registration Statement on Form S-4 (Registration
Statement No. 333-229626) and 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 CAREFULLY IN THEIR
ENTIRETY THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER
AND ANY OTHER RELEVANT DOCUMENTS 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 because it
contains important information about the proposed merger
transaction. Free copies of this document 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 has been included in the joint proxy
statement/prospectus for the Company's meeting of shareholders and
Fidelity's meeting of shareholders, which was filed with the
Securities and Exchange Commission on March
25, 2019. 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 2019 annual meeting of shareholders, as
filed with the Securities and Exchange Commission on April 1, 2019, 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 Annual Report on Form 10-K, as filed
with the Securities and Exchange Commission on March 13, 2019, and other documents subsequently
filed by Fidelity with the Securities and Exchange Commission.
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Financial
Highlights
|
Table
1
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
Adjusted net
income
|
$
|
42,587
|
|
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
29,239
|
|
|
$
|
27,780
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
Diluted
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
Adjusted diluted
EPS
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
0.73
|
|
Cash dividends per
share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
Book value per share
(period end)
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
22.67
|
|
Tangible book value
per share (period end)
|
$
|
19.73
|
|
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
17.12
|
|
|
$
|
16.90
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
Basic
|
47,366,296
|
|
|
47,501,150
|
|
|
47,514,653
|
|
|
39,432,021
|
|
|
37,966,781
|
|
Diluted
|
47,456,314
|
|
|
47,593,252
|
|
|
47,685,334
|
|
|
39,709,503
|
|
|
38,250,122
|
|
Period end number of
shares
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
38,327,081
|
|
Market
data
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
|
42.01
|
|
|
$
|
47.25
|
|
|
$
|
54.35
|
|
|
$
|
58.10
|
|
|
$
|
59.05
|
|
Low intraday
price
|
$
|
31.27
|
|
|
$
|
29.97
|
|
|
$
|
45.15
|
|
|
$
|
50.20
|
|
|
$
|
47.90
|
|
Period end closing
price
|
$
|
34.35
|
|
|
$
|
31.67
|
|
|
$
|
45.70
|
|
|
$
|
53.35
|
|
|
$
|
52.90
|
|
Average daily
volume
|
387,800
|
|
|
375,773
|
|
|
382,622
|
|
|
253,413
|
|
|
235,964
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.42
|
%
|
|
1.53
|
%
|
|
1.47
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
Adjusted return on
average assets
|
1.51
|
%
|
|
1.61
|
%
|
|
1.53
|
%
|
|
1.38
|
%
|
|
1.44
|
%
|
Return on average
common equity
|
10.95
|
%
|
|
12.09
|
%
|
|
11.78
|
%
|
|
3.86
|
%
|
|
12.73
|
%
|
Adjusted return on
average tangible common equity
|
18.82
|
%
|
|
20.95
|
%
|
|
20.50
|
%
|
|
17.26
|
%
|
|
17.09
|
%
|
Earning asset yield
(TE)
|
4.95
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.66
|
%
|
|
4.52
|
%
|
Total cost of
funds
|
1.05
|
%
|
|
0.94
|
%
|
|
0.90
|
%
|
|
0.75
|
%
|
|
0.63
|
%
|
Net interest margin
(TE)
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.92
|
%
|
Noninterest income
excluding securities transactions, as a percent of total revenue
(TE)
|
19.59
|
%
|
|
19.75
|
%
|
|
19.77
|
%
|
|
25.72
|
%
|
|
24.71
|
%
|
Efficiency
ratio
|
57.95
|
%
|
|
58.30
|
%
|
|
56.00
|
%
|
|
80.50
|
%
|
|
62.04
|
%
|
Adjusted efficiency
ratio (TE)
|
55.12
|
%
|
|
54.10
|
%
|
|
54.42
|
%
|
|
57.53
|
%
|
|
59.95
|
%
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.83
|
%
|
|
12.73
|
%
|
|
12.29
|
%
|
|
12.26
|
%
|
|
10.83
|
%
|
Tangible common
equity to tangible assets
|
8.46
|
%
|
|
8.22
|
%
|
|
7.77
|
%
|
|
7.65
|
%
|
|
8.30
|
%
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
8.46
|
%
|
|
8.22
|
%
|
|
7.77
|
%
|
|
7.65
|
%
|
|
8.30
|
%
|
Effect of goodwill
and other intangibles
|
4.37
|
%
|
|
4.51
|
%
|
|
4.52
|
%
|
|
4.61
|
%
|
|
2.53
|
%
|
Equity to assets
(GAAP)
|
12.83
|
%
|
|
12.73
|
%
|
|
12.29
|
%
|
|
12.26
|
%
|
|
10.83
|
%
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
1,343
|
|
|
1,370
|
|
|
1,432
|
|
|
1,477
|
|
|
1,072
|
|
Retail Mortgage
Division
|
328
|
|
|
332
|
|
|
317
|
|
|
308
|
|
|
290
|
|
Warehouse Lending
Division
|
9
|
|
|
8
|
|
|
8
|
|
|
7
|
|
|
7
|
|
SBA
Division
|
22
|
|
|
22
|
|
|
23
|
|
|
22
|
|
|
21
|
|
Premium Finance
Division
|
64
|
|
|
72
|
|
|
67
|
|
|
68
|
|
|
67
|
|
Total Ameris Bancorp
FTE headcount
|
1,766
|
|
|
1,804
|
|
|
1,847
|
|
|
1,882
|
|
|
1,457
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
8,679
|
|
|
$
|
8,353
|
|
|
$
|
7,981
|
|
|
$
|
7,577
|
|
|
$
|
7,484
|
|
Branch
locations
|
114
|
|
|
125
|
|
|
125
|
|
|
126
|
|
|
97
|
|
Deposits per branch
location
|
$
|
85,973
|
|
|
$
|
77,195
|
|
|
$
|
73,451
|
|
|
$
|
69,536
|
|
|
$
|
66,455
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
112,401
|
|
|
$
|
111,749
|
|
|
$
|
110,470
|
|
|
$
|
82,723
|
|
|
$
|
73,267
|
|
Interest on taxable
securities
|
9,043
|
|
|
8,686
|
|
|
8,792
|
|
|
6,321
|
|
|
5,207
|
|
Interest on
nontaxable securities
|
156
|
|
|
195
|
|
|
204
|
|
|
179
|
|
|
322
|
|
Interest on deposits
in other banks
|
3,150
|
|
|
1,964
|
|
|
1,581
|
|
|
723
|
|
|
716
|
|
Interest on federal
funds sold
|
179
|
|
|
155
|
|
|
72
|
|
|
—
|
|
|
—
|
|
Total interest
income
|
124,929
|
|
|
122,749
|
|
|
121,119
|
|
|
89,946
|
|
|
79,512
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
21,684
|
|
|
18,858
|
|
|
15,630
|
|
|
7,794
|
|
|
6,772
|
|
Interest on other
borrowings
|
3,850
|
|
|
4,337
|
|
|
6,451
|
|
|
6,153
|
|
|
3,939
|
|
Total interest
expense
|
25,534
|
|
|
23,195
|
|
|
22,081
|
|
|
13,947
|
|
|
10,711
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
99,395
|
|
|
99,554
|
|
|
99,038
|
|
|
75,999
|
|
|
68,801
|
|
Provision for loan
losses
|
3,408
|
|
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
1,801
|
|
Net interest
income after provision for loan losses
|
95,987
|
|
|
95,893
|
|
|
96,943
|
|
|
66,889
|
|
|
67,000
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
11,646
|
|
|
12,597
|
|
|
12,690
|
|
|
10,613
|
|
|
10,228
|
|
Mortgage banking
activity
|
13,828
|
|
|
11,089
|
|
|
13,413
|
|
|
14,890
|
|
|
11,900
|
|
Other service
charges, commissions and fees
|
768
|
|
|
810
|
|
|
777
|
|
|
697
|
|
|
719
|
|
Gain (loss) on
securities
|
66
|
|
|
1
|
|
|
48
|
|
|
(123)
|
|
|
37
|
|
Other noninterest
income
|
4,463
|
|
|
5,973
|
|
|
3,243
|
|
|
5,230
|
|
|
3,580
|
|
Total noninterest
income
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
38,370
|
|
|
38,982
|
|
|
38,446
|
|
|
39,776
|
|
|
32,089
|
|
Occupancy and
equipment expenses
|
8,204
|
|
|
7,945
|
|
|
8,598
|
|
|
6,390
|
|
|
6,198
|
|
Data processing and
telecommunications expenses
|
8,391
|
|
|
8,293
|
|
|
8,518
|
|
|
6,439
|
|
|
7,135
|
|
Credit resolution
related expenses(1)
|
911
|
|
|
1,174
|
|
|
1,248
|
|
|
1,045
|
|
|
549
|
|
Advertising and
marketing expenses
|
1,741
|
|
|
1,633
|
|
|
1,453
|
|
|
1,256
|
|
|
1,229
|
|
Amortization of
intangible assets
|
3,132
|
|
|
3,650
|
|
|
2,676
|
|
|
2,252
|
|
|
934
|
|
Merger and conversion
charges
|
2,057
|
|
|
997
|
|
|
276
|
|
|
18,391
|
|
|
835
|
|
Other noninterest
expenses
|
12,619
|
|
|
13,136
|
|
|
11,138
|
|
|
10,837
|
|
|
10,129
|
|
Total noninterest
expense
|
75,425
|
|
|
75,810
|
|
|
72,353
|
|
|
86,386
|
|
|
59,098
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
51,333
|
|
|
50,553
|
|
|
54,761
|
|
|
11,810
|
|
|
34,366
|
|
Income tax
expense
|
11,428
|
|
|
7,017
|
|
|
13,317
|
|
|
2,423
|
|
|
7,706
|
|
Net
income
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
144,801
|
|
|
$
|
172,036
|
|
|
$
|
158,453
|
|
|
$
|
151,539
|
|
|
$
|
123,945
|
|
Federal funds sold
and interest-bearing deposits in banks
|
712,199
|
|
|
507,491
|
|
|
470,804
|
|
|
273,170
|
|
|
210,930
|
|
Time deposits in
other banks
|
7,371
|
|
|
10,812
|
|
|
11,558
|
|
|
11,558
|
|
|
—
|
|
Investment securities
available for sale, at fair value
|
1,234,435
|
|
|
1,192,423
|
|
|
1,162,570
|
|
|
1,153,703
|
|
|
848,585
|
|
Other
investments
|
15,157
|
|
|
14,455
|
|
|
35,929
|
|
|
44,769
|
|
|
32,227
|
|
Loans held for sale,
at fair value
|
112,070
|
|
|
111,298
|
|
|
130,179
|
|
|
137,249
|
|
|
111,135
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
5,756,358
|
|
|
5,660,457
|
|
|
5,543,306
|
|
|
5,380,515
|
|
|
5,051,986
|
|
Purchased
loans
|
2,472,271
|
|
|
2,588,832
|
|
|
2,711,460
|
|
|
2,812,510
|
|
|
818,587
|
|
Purchased loan
pools
|
253,710
|
|
|
262,625
|
|
|
274,752
|
|
|
297,509
|
|
|
319,598
|
|
Loans, net of
unearned income
|
8,482,339
|
|
|
8,511,914
|
|
|
8,529,518
|
|
|
8,490,534
|
|
|
6,190,171
|
|
Allowance for loan
losses
|
(28,659)
|
|
|
(28,819)
|
|
|
(28,116)
|
|
|
(31,532)
|
|
|
(26,200)
|
|
Loans, net
|
8,453,680
|
|
|
8,483,095
|
|
|
8,501,402
|
|
|
8,459,002
|
|
|
6,163,971
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
6,014
|
|
|
7,218
|
|
|
9,375
|
|
|
8,003
|
|
|
9,171
|
|
Purchased other real
estate owned
|
10,857
|
|
|
9,535
|
|
|
7,692
|
|
|
7,272
|
|
|
6,723
|
|
Total other real
estate owned
|
16,871
|
|
|
16,753
|
|
|
17,067
|
|
|
15,275
|
|
|
15,894
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
167,437
|
|
|
145,410
|
|
|
145,885
|
|
|
144,484
|
|
|
116,381
|
|
Goodwill
|
501,308
|
|
|
503,434
|
|
|
505,604
|
|
|
504,764
|
|
|
208,513
|
|
Other intangible
assets, net
|
55,557
|
|
|
58,689
|
|
|
54,729
|
|
|
53,561
|
|
|
12,562
|
|
Cash value of bank
owned life insurance
|
104,597
|
|
|
104,096
|
|
|
103,588
|
|
|
103,059
|
|
|
80,007
|
|
Deferred income
taxes, net
|
33,295
|
|
|
35,126
|
|
|
38,217
|
|
|
40,240
|
|
|
28,677
|
|
Other
assets
|
97,497
|
|
|
88,397
|
|
|
93,009
|
|
|
98,324
|
|
|
70,001
|
|
Total
assets
|
$
|
11,656,275
|
|
|
$
|
11,443,515
|
|
|
$
|
11,428,994
|
|
|
$
|
11,190,697
|
|
|
$
|
8,022,828
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
2,753,173
|
|
|
$
|
2,520,016
|
|
|
$
|
2,333,992
|
|
|
$
|
2,356,420
|
|
|
$
|
1,867,900
|
|
Interest-bearing
|
7,047,702
|
|
|
7,129,297
|
|
|
6,847,371
|
|
|
6,405,173
|
|
|
4,578,265
|
|
Total
deposits
|
9,800,875
|
|
|
9,649,313
|
|
|
9,181,363
|
|
|
8,761,593
|
|
|
6,446,165
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
4,259
|
|
|
20,384
|
|
|
14,071
|
|
|
11,002
|
|
|
23,270
|
|
Other
borrowings
|
151,454
|
|
|
151,774
|
|
|
656,831
|
|
|
862,136
|
|
|
555,535
|
|
Subordinated
deferrable interest debentures
|
89,529
|
|
|
89,187
|
|
|
88,986
|
|
|
88,646
|
|
|
85,881
|
|
FDIC loss-share
payable, net
|
18,834
|
|
|
19,487
|
|
|
18,740
|
|
|
18,716
|
|
|
9,255
|
|
Other
liabilities
|
95,740
|
|
|
57,023
|
|
|
64,026
|
|
|
76,708
|
|
|
33,778
|
|
Total
liabilities
|
10,160,691
|
|
|
9,987,168
|
|
|
10,024,017
|
|
|
9,818,801
|
|
|
7,153,884
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
49,126
|
|
|
49,015
|
|
|
49,012
|
|
|
49,012
|
|
|
39,820
|
|
Capital
stock
|
1,053,190
|
|
|
1,051,584
|
|
|
1,050,752
|
|
|
1,049,283
|
|
|
559,040
|
|
Retained
earnings
|
412,005
|
|
|
377,135
|
|
|
338,350
|
|
|
301,656
|
|
|
296,366
|
|
Accumulated other
comprehensive income (loss), net of tax
|
(1,178)
|
|
|
(4,826)
|
|
|
(16,576)
|
|
|
(12,571)
|
|
|
(10,823)
|
|
Treasury
stock
|
(17,559)
|
|
|
(16,561)
|
|
|
(16,561)
|
|
|
(15,484)
|
|
|
(15,459)
|
|
Total
shareholders' equity
|
1,495,584
|
|
|
1,456,347
|
|
|
1,404,977
|
|
|
1,371,896
|
|
|
868,944
|
|
Total liabilities
and shareholders' equity
|
$
|
11,656,275
|
|
|
$
|
11,443,515
|
|
|
$
|
11,428,994
|
|
|
$
|
11,190,697
|
|
|
$
|
8,022,828
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
10,563,571
|
|
|
$
|
10,348,393
|
|
|
$
|
10,340,558
|
|
|
$
|
10,110,983
|
|
|
$
|
7,393,048
|
|
Intangible
assets
|
556,865
|
|
|
562,123
|
|
|
560,333
|
|
|
558,325
|
|
|
221,075
|
|
Interest-bearing
liabilities
|
7,292,944
|
|
|
7,390,642
|
|
|
7,607,259
|
|
|
7,366,957
|
|
|
5,242,951
|
|
Average
assets
|
11,423,677
|
|
|
11,307,980
|
|
|
11,204,504
|
|
|
8,529,035
|
|
|
7,823,451
|
|
Average common
shareholders' equity
|
1,478,462
|
|
|
1,428,341
|
|
|
1,395,479
|
|
|
974,494
|
|
|
849,346
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan
Losses
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
28,819
|
|
|
$
|
28,116
|
|
|
$
|
31,532
|
|
|
$
|
26,200
|
|
|
$
|
25,791
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
3,408
|
|
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
1,801
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
5,379
|
|
|
4,430
|
|
|
8,112
|
|
|
5,717
|
|
|
2,872
|
|
Recoveries
|
1,811
|
|
|
1,472
|
|
|
2,601
|
|
|
1,939
|
|
|
1,480
|
|
Net charge-offs
(recoveries)
|
3,568
|
|
|
2,958
|
|
|
5,511
|
|
|
3,778
|
|
|
1,392
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
28,659
|
|
|
$
|
28,819
|
|
|
$
|
28,116
|
|
|
$
|
31,532
|
|
|
$
|
26,200
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
2,004
|
|
|
$
|
2,489
|
|
|
$
|
6,121
|
|
|
$
|
3,744
|
|
|
$
|
1,449
|
|
Real estate -
construction and development
|
25
|
|
|
7
|
|
|
265
|
|
|
20
|
|
|
—
|
|
Real estate -
commercial and farmland
|
1,253
|
|
|
169
|
|
|
27
|
|
|
—
|
|
|
142
|
|
Real estate -
residential
|
20
|
|
|
76
|
|
|
293
|
|
|
204
|
|
|
198
|
|
Consumer
installment
|
1,893
|
|
|
1,465
|
|
|
923
|
|
|
839
|
|
|
962
|
|
Purchased
loans
|
184
|
|
|
224
|
|
|
483
|
|
|
910
|
|
|
121
|
|
Purchased loan
pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
charge-offs
|
5,379
|
|
|
4,430
|
|
|
8,112
|
|
|
5,717
|
|
|
2,872
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
1,065
|
|
|
927
|
|
|
939
|
|
|
1,247
|
|
|
656
|
|
Real estate -
construction and development
|
1
|
|
|
3
|
|
|
1
|
|
|
2
|
|
|
114
|
|
Real estate -
commercial and farmland
|
4
|
|
|
7
|
|
|
134
|
|
|
11
|
|
|
24
|
|
Real estate -
residential
|
104
|
|
|
91
|
|
|
44
|
|
|
29
|
|
|
182
|
|
Consumer
installment
|
164
|
|
|
137
|
|
|
178
|
|
|
117
|
|
|
67
|
|
Purchased
loans
|
473
|
|
|
307
|
|
|
1,305
|
|
|
533
|
|
|
437
|
|
Purchased loan
pools
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
recoveries
|
1,811
|
|
|
1,472
|
|
|
2,601
|
|
|
1,939
|
|
|
1,480
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
|
3,568
|
|
|
$
|
2,958
|
|
|
$
|
5,511
|
|
|
$
|
3,778
|
|
|
$
|
1,392
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(excluding purchased loans)
|
$
|
17,633
|
|
|
$
|
17,952
|
|
|
$
|
15,986
|
|
|
$
|
16,813
|
|
|
$
|
14,420
|
|
Nonaccrual purchased
loans
|
23,846
|
|
|
24,107
|
|
|
27,764
|
|
|
33,557
|
|
|
15,940
|
|
Nonaccrual purchased
loan pools
|
400
|
|
|
—
|
|
|
4,696
|
|
|
2,197
|
|
|
—
|
|
Other real estate
owned
|
6,014
|
|
|
7,218
|
|
|
9,375
|
|
|
8,003
|
|
|
9,171
|
|
Purchased other real
estate owned
|
10,857
|
|
|
9,535
|
|
|
7,692
|
|
|
7,272
|
|
|
6,723
|
|
Accruing loans
delinquent 90 days or more (excluding purchased loans)
|
3,676
|
|
|
4,222
|
|
|
2,863
|
|
|
7,421
|
|
|
2,497
|
|
Accruing purchased
loans delinquent 90 days or more
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total non-performing
assets
|
$
|
62,426
|
|
|
$
|
63,034
|
|
|
$
|
68,376
|
|
|
$
|
75,263
|
|
|
$
|
48,751
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.54
|
%
|
|
0.55
|
%
|
|
0.60
|
%
|
|
0.67
|
%
|
|
0.61
|
%
|
Net charge-offs as a
percent of average loans (annualized)
|
0.17
|
%
|
|
0.14
|
%
|
|
0.26
|
%
|
|
0.23
|
%
|
|
0.09
|
%
|
Net charge-offs,
excluding purchased loans as a percent of average loans
(annualized)
|
0.27
|
%
|
|
0.21
|
%
|
|
0.44
|
%
|
|
0.26
|
%
|
|
0.14
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,382,907
|
|
|
$
|
1,316,359
|
|
|
$
|
1,422,152
|
|
|
$
|
1,446,857
|
|
|
$
|
1,387,437
|
|
Real estate -
construction and development
|
676,563
|
|
|
671,198
|
|
|
641,830
|
|
|
672,155
|
|
|
631,504
|
|
Real estate -
commercial and farmland
|
1,894,937
|
|
|
1,814,529
|
|
|
1,804,265
|
|
|
1,640,411
|
|
|
1,636,654
|
|
Real estate -
residential
|
1,365,482
|
|
|
1,403,000
|
|
|
1,275,201
|
|
|
1,245,370
|
|
|
1,080,028
|
|
Consumer
installment
|
436,469
|
|
|
455,371
|
|
|
399,858
|
|
|
375,722
|
|
|
316,363
|
|
Total legacy
loans
|
$
|
5,756,358
|
|
|
$
|
5,660,457
|
|
|
$
|
5,543,306
|
|
|
$
|
5,380,515
|
|
|
$
|
5,051,986
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
327,972
|
|
|
$
|
372,686
|
|
|
$
|
413,365
|
|
|
$
|
397,517
|
|
|
$
|
64,612
|
|
Real estate -
construction and development
|
239,413
|
|
|
227,900
|
|
|
219,882
|
|
|
268,443
|
|
|
48,940
|
|
Real estate -
commercial and farmland
|
1,280,515
|
|
|
1,337,859
|
|
|
1,399,174
|
|
|
1,428,490
|
|
|
465,870
|
|
Real estate -
residential
|
597,735
|
|
|
623,199
|
|
|
649,352
|
|
|
679,205
|
|
|
236,453
|
|
Consumer
installment
|
26,636
|
|
|
27,188
|
|
|
29,687
|
|
|
38,855
|
|
|
2,712
|
|
Total purchased
loans
|
$
|
2,472,271
|
|
|
$
|
2,588,832
|
|
|
$
|
2,711,460
|
|
|
$
|
2,812,510
|
|
|
$
|
818,587
|
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
Real estate -
residential
|
$
|
253,710
|
|
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
$
|
319,598
|
|
Total purchased
loan pools
|
$
|
253,710
|
|
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
$
|
319,598
|
|
Total loan
portfolio
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,710,879
|
|
|
$
|
1,689,045
|
|
|
$
|
1,835,517
|
|
|
$
|
1,844,374
|
|
|
$
|
1,452,049
|
|
Real estate -
construction and development
|
915,976
|
|
|
899,098
|
|
|
861,712
|
|
|
940,598
|
|
|
680,444
|
|
Real estate -
commercial and farmland
|
3,175,452
|
|
|
3,152,388
|
|
|
3,203,439
|
|
|
3,068,901
|
|
|
2,102,524
|
|
Real estate -
residential
|
2,216,927
|
|
|
2,288,824
|
|
|
2,199,305
|
|
|
2,222,084
|
|
|
1,636,079
|
|
Consumer
installment
|
463,105
|
|
|
482,559
|
|
|
429,545
|
|
|
414,577
|
|
|
319,075
|
|
Total
loans
|
$
|
8,482,339
|
|
|
$
|
8,511,914
|
|
|
$
|
8,529,518
|
|
|
$
|
8,490,534
|
|
|
$
|
6,190,171
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings (excluding purchased loans)
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
116
|
|
|
$
|
256
|
|
|
$
|
180
|
|
|
$
|
38
|
|
|
$
|
39
|
|
Real estate -
construction and development
|
142
|
|
|
145
|
|
|
384
|
|
|
150
|
|
|
176
|
|
Real estate -
commercial and farmland
|
2,954
|
|
|
2,863
|
|
|
3,817
|
|
|
4,531
|
|
|
4,606
|
|
Real estate -
residential
|
8,240
|
|
|
6,043
|
|
|
6,558
|
|
|
6,299
|
|
|
6,547
|
|
Consumer
installment
|
11
|
|
|
16
|
|
|
4
|
|
|
5
|
|
|
7
|
|
Total accruing
troubled debt restructurings
|
$
|
11,463
|
|
|
$
|
9,323
|
|
|
$
|
10,943
|
|
|
$
|
11,023
|
|
|
$
|
11,375
|
|
Nonaccrual
troubled debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
138
|
|
|
$
|
138
|
|
|
$
|
208
|
|
|
$
|
330
|
|
|
$
|
224
|
|
Real estate -
construction and development
|
2
|
|
|
2
|
|
|
6
|
|
|
30
|
|
|
7
|
|
Real estate -
commercial and farmland
|
450
|
|
|
426
|
|
|
306
|
|
|
196
|
|
|
2,127
|
|
Real estate -
residential
|
832
|
|
|
1,119
|
|
|
742
|
|
|
709
|
|
|
838
|
|
Consumer
installment
|
63
|
|
|
69
|
|
|
92
|
|
|
102
|
|
|
93
|
|
Total nonaccrual
troubled debt restructurings
|
$
|
1,485
|
|
|
$
|
1,754
|
|
|
$
|
1,354
|
|
|
$
|
1,367
|
|
|
$
|
3,289
|
|
Total
troubled debt restructurings (excluding purchased
loans)
|
$
|
12,948
|
|
|
$
|
11,077
|
|
|
$
|
12,297
|
|
|
$
|
12,390
|
|
|
$
|
14,664
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan Information
(continued)
|
Table
5
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Legacy
loans
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
540,646
|
|
|
$
|
542,164
|
|
|
$
|
550,020
|
|
|
$
|
545,902
|
|
|
$
|
557,625
|
|
Grade 2 - Strong
credit
|
587,622
|
|
|
523,101
|
|
|
645,612
|
|
|
660,495
|
|
|
673,591
|
|
Grade 3 - Good
credit
|
2,372,115
|
|
|
2,408,128
|
|
|
2,289,584
|
|
|
2,211,703
|
|
|
2,050,717
|
|
Grade 4 -
Satisfactory credit
|
2,088,813
|
|
|
2,047,688
|
|
|
1,939,518
|
|
|
1,820,884
|
|
|
1,676,308
|
|
Grade 5 - Fair
credit
|
87,785
|
|
|
59,054
|
|
|
40,041
|
|
|
52,069
|
|
|
17,499
|
|
Grade 6 - Other
assets especially mentioned
|
32,949
|
|
|
35,118
|
|
|
41,125
|
|
|
38,150
|
|
|
39,795
|
|
Grade 7 -
Substandard
|
46,428
|
|
|
45,204
|
|
|
37,406
|
|
|
51,305
|
|
|
36,444
|
|
Grade 8 -
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
Grade 9 -
Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total legacy
loans
|
$
|
5,756,358
|
|
|
$
|
5,660,457
|
|
|
$
|
5,543,306
|
|
|
$
|
5,380,515
|
|
|
$
|
5,051,986
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
80,682
|
|
|
$
|
90,775
|
|
|
$
|
54,840
|
|
|
$
|
55,183
|
|
|
$
|
3,808
|
|
Grade 2 - Strong
credit
|
84,904
|
|
|
84,617
|
|
|
132,454
|
|
|
139,683
|
|
|
97,448
|
|
Grade 3 - Good
credit
|
677,718
|
|
|
656,289
|
|
|
463,307
|
|
|
449,317
|
|
|
243,730
|
|
Grade 4 -
Satisfactory credit
|
1,428,353
|
|
|
1,586,377
|
|
|
1,828,090
|
|
|
1,908,143
|
|
|
367,997
|
|
Grade 5 - Fair
credit
|
90,391
|
|
|
63,613
|
|
|
133,653
|
|
|
135,281
|
|
|
20,012
|
|
Grade 6 - Other
assets especially mentioned
|
38,599
|
|
|
30,448
|
|
|
35,676
|
|
|
45,095
|
|
|
33,705
|
|
Grade 7 -
Substandard
|
71,618
|
|
|
76,713
|
|
|
63,440
|
|
|
79,808
|
|
|
51,887
|
|
Grade 8 -
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Grade 9 -
Loss
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total purchased
loans
|
$
|
2,472,271
|
|
|
$
|
2,588,832
|
|
|
$
|
2,711,460
|
|
|
$
|
2,812,510
|
|
|
$
|
818,587
|
|
Purchased loan
pools
|
|
|
|
|
|
|
|
|
|
Grade 3 - Good
credit
|
$
|
253,310
|
|
|
$
|
262,625
|
|
|
$
|
270,056
|
|
|
$
|
295,312
|
|
|
$
|
318,696
|
|
Grade 7 -
Substandard
|
400
|
|
|
—
|
|
|
4,696
|
|
|
2,197
|
|
|
902
|
|
Total purchased
loan pools
|
$
|
253,710
|
|
|
$
|
262,625
|
|
|
$
|
274,752
|
|
|
$
|
297,509
|
|
|
$
|
319,598
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
31,291
|
|
|
$
|
28,755
|
|
|
$
|
15,074
|
|
|
$
|
203
|
|
|
$
|
9
|
|
Interest-bearing
deposits in banks
|
467,379
|
|
|
373,068
|
|
|
283,604
|
|
|
151,332
|
|
|
147,481
|
|
Time deposits in
other banks
|
10,221
|
|
|
10,961
|
|
|
11,557
|
|
|
254
|
|
|
—
|
|
Investment securities
- taxable
|
1,186,896
|
|
|
1,138,981
|
|
|
1,117,517
|
|
|
839,772
|
|
|
777,310
|
|
Investment securities
- nontaxable
|
24,136
|
|
|
29,962
|
|
|
31,641
|
|
|
26,626
|
|
|
48,455
|
|
Other
investments
|
14,532
|
|
|
18,494
|
|
|
36,067
|
|
|
42,384
|
|
|
34,654
|
|
Loans held for
sale
|
101,521
|
|
|
129,664
|
|
|
151,396
|
|
|
141,875
|
|
|
138,129
|
|
Loans
|
5,867,037
|
|
|
5,819,684
|
|
|
5,703,921
|
|
|
5,198,301
|
|
|
4,902,082
|
|
Purchased
loans
|
2,359,280
|
|
|
2,402,610
|
|
|
2,499,393
|
|
|
1,107,184
|
|
|
842,509
|
|
Purchased loan
pools
|
257,661
|
|
|
268,568
|
|
|
287,859
|
|
|
310,594
|
|
|
325,113
|
|
Total Earning
Assets
|
$
|
10,319,954
|
|
|
$
|
10,220,747
|
|
|
$
|
10,138,029
|
|
|
$
|
7,818,525
|
|
|
$
|
7,215,742
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
2,545,043
|
|
|
$
|
2,570,783
|
|
|
$
|
2,320,851
|
|
|
$
|
1,973,910
|
|
|
$
|
1,780,738
|
|
NOW
accounts
|
1,553,988
|
|
|
1,546,939
|
|
|
1,567,111
|
|
|
1,311,952
|
|
|
1,337,718
|
|
MMDA
|
2,677,015
|
|
|
2,590,194
|
|
|
2,440,086
|
|
|
1,950,601
|
|
|
1,970,571
|
|
Savings
accounts
|
399,089
|
|
|
401,836
|
|
|
423,449
|
|
|
295,326
|
|
|
278,080
|
|
Retail CDs <
$100,000
|
767,405
|
|
|
776,556
|
|
|
744,145
|
|
|
475,965
|
|
|
422,771
|
|
Retail CDs $100,000
and over
|
1,124,733
|
|
|
1,055,973
|
|
|
978,842
|
|
|
585,632
|
|
|
593,635
|
|
Brokered
CDs
|
510,301
|
|
|
510,663
|
|
|
487,686
|
|
|
14,132
|
|
|
—
|
|
Total
Deposits
|
9,577,574
|
|
|
9,452,944
|
|
|
8,962,170
|
|
|
6,607,518
|
|
|
6,383,513
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
15,879
|
|
|
14,670
|
|
|
12,529
|
|
|
14,762
|
|
|
20,909
|
|
FHLB
advances
|
6,257
|
|
|
101,337
|
|
|
513,460
|
|
|
703,177
|
|
|
371,556
|
|
Other
borrowings
|
145,473
|
|
|
145,494
|
|
|
145,513
|
|
|
86,302
|
|
|
75,553
|
|
Subordinated
deferrable interest debentures
|
89,343
|
|
|
89,135
|
|
|
88,801
|
|
|
86,085
|
|
|
85,701
|
|
Total Non-Deposit
Funding
|
256,952
|
|
|
350,636
|
|
|
760,303
|
|
|
890,326
|
|
|
553,719
|
|
Total
Funding
|
$
|
9,834,526
|
|
|
$
|
9,803,580
|
|
|
$
|
9,722,473
|
|
|
$
|
7,497,844
|
|
|
$
|
6,937,232
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Interest Income
and Interest Expense (TE)
|
|
|
|
|
|
|
|
|
Table
7
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
179
|
|
|
$
|
155
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-bearing
deposits in banks
|
3,099
|
|
|
1,906
|
|
|
1,520
|
|
|
723
|
|
|
716
|
|
Time deposits in
other banks
|
51
|
|
|
58
|
|
|
61
|
|
|
—
|
|
|
—
|
|
Investment securities
- taxable
|
9,043
|
|
|
8,686
|
|
|
8,792
|
|
|
6,321
|
|
|
5,207
|
|
Investment securities
- nontaxable (TE)
|
197
|
|
|
247
|
|
|
258
|
|
|
226
|
|
|
408
|
|
Loans held for
sale
|
1,152
|
|
|
1,618
|
|
|
1,566
|
|
|
1,315
|
|
|
1,210
|
|
Loans (TE)
|
77,322
|
|
|
73,594
|
|
|
73,178
|
|
|
63,908
|
|
|
58,771
|
|
Purchased
loans
|
33,011
|
|
|
35,413
|
|
|
34,692
|
|
|
16,130
|
|
|
11,762
|
|
Purchased loan
pools
|
1,933
|
|
|
2,151
|
|
|
2,059
|
|
|
2,267
|
|
|
2,424
|
|
Total Earning
Assets
|
$
|
125,987
|
|
|
$
|
123,828
|
|
|
$
|
122,198
|
|
|
$
|
90,890
|
|
|
$
|
80,498
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
2,883
|
|
|
$
|
4,077
|
|
|
$
|
3,656
|
|
|
$
|
2,652
|
|
|
$
|
1,444
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NOW
accounts
|
2,109
|
|
|
1,736
|
|
|
1,142
|
|
|
1,142
|
|
|
953
|
|
MMDA
|
9,047
|
|
|
7,991
|
|
|
5,885
|
|
|
3,953
|
|
|
3,526
|
|
Savings
accounts
|
77
|
|
|
83
|
|
|
82
|
|
|
54
|
|
|
47
|
|
Retail CDs <
$100,000
|
2,312
|
|
|
1,880
|
|
|
1,827
|
|
|
907
|
|
|
668
|
|
Retail CDs $100,000
and over
|
5,018
|
|
|
3,978
|
|
|
3,643
|
|
|
1,670
|
|
|
1,578
|
|
Brokered
CDs
|
3,121
|
|
|
3,190
|
|
|
3,051
|
|
|
68
|
|
|
—
|
|
Total
Deposits
|
21,684
|
|
|
18,858
|
|
|
15,630
|
|
|
7,794
|
|
|
6,772
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
11
|
|
|
5
|
|
|
4
|
|
|
5
|
|
|
9
|
|
FHLB
advances
|
44
|
|
|
568
|
|
|
2,745
|
|
|
3,383
|
|
|
1,457
|
|
Other
borrowings
|
2,227
|
|
|
2,222
|
|
|
2,180
|
|
|
1,320
|
|
|
1,134
|
|
Subordinated
deferrable interest debentures
|
1,568
|
|
|
1,542
|
|
|
1,522
|
|
|
1,445
|
|
|
1,339
|
|
Total Non-Deposit
Funding
|
3,850
|
|
|
4,337
|
|
|
6,451
|
|
|
6,153
|
|
|
3,939
|
|
Total
Funding
|
$
|
25,534
|
|
|
$
|
23,195
|
|
|
$
|
22,081
|
|
|
$
|
13,947
|
|
|
$
|
10,711
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
100,453
|
|
|
$
|
100,633
|
|
|
$
|
100,117
|
|
|
$
|
76,943
|
|
|
$
|
69,787
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Yields(1)
|
|
|
|
|
|
|
|
|
Table
8
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
2.32
|
%
|
|
2.14
|
%
|
|
1.89
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
Interest-bearing
deposits in banks
|
2.69
|
%
|
|
2.03
|
%
|
|
2.13
|
%
|
|
1.92
|
%
|
|
1.97
|
%
|
Time deposits in
other banks
|
2.02
|
%
|
|
2.10
|
%
|
|
2.09
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
Investment securities
- taxable
|
3.09
|
%
|
|
3.03
|
%
|
|
3.12
|
%
|
|
3.02
|
%
|
|
2.72
|
%
|
Investment securities
- nontaxable (TE)
|
3.31
|
%
|
|
3.27
|
%
|
|
3.24
|
%
|
|
3.40
|
%
|
|
3.41
|
%
|
Loans held for
sale
|
4.60
|
%
|
|
4.95
|
%
|
|
4.10
|
%
|
|
3.72
|
%
|
|
3.55
|
%
|
Loans (TE)
|
5.34
|
%
|
|
5.02
|
%
|
|
5.09
|
%
|
|
4.93
|
%
|
|
4.86
|
%
|
Purchased
loans
|
5.67
|
%
|
|
5.85
|
%
|
|
5.51
|
%
|
|
5.84
|
%
|
|
5.66
|
%
|
Purchased loan
pools
|
3.04
|
%
|
|
3.18
|
%
|
|
2.84
|
%
|
|
2.93
|
%
|
|
3.02
|
%
|
Total Earning
Assets
|
4.95
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.66
|
%
|
|
4.52
|
%
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
NOW
accounts
|
0.55
|
%
|
|
0.45
|
%
|
|
0.29
|
%
|
|
0.35
|
%
|
|
0.29
|
%
|
MMDA
|
1.37
|
%
|
|
1.22
|
%
|
|
0.96
|
%
|
|
0.81
|
%
|
|
0.73
|
%
|
Savings
accounts
|
0.08
|
%
|
|
0.08
|
%
|
|
0.08
|
%
|
|
0.07
|
%
|
|
0.07
|
%
|
Retail CDs <
$100,000
|
1.22
|
%
|
|
0.96
|
%
|
|
0.97
|
%
|
|
0.76
|
%
|
|
0.64
|
%
|
Retail CDs $100,000
and over
|
1.81
|
%
|
|
1.49
|
%
|
|
1.48
|
%
|
|
1.14
|
%
|
|
1.08
|
%
|
Brokered
CDs
|
2.48
|
%
|
|
2.48
|
%
|
|
2.48
|
%
|
|
1.93
|
%
|
|
0.00
|
%
|
Total
Deposits
|
0.92
|
%
|
|
0.79
|
%
|
|
0.69
|
%
|
|
0.47
|
%
|
|
0.43
|
%
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
0.28
|
%
|
|
0.14
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.17
|
%
|
FHLB
advances
|
2.85
|
%
|
|
2.22
|
%
|
|
2.12
|
%
|
|
1.93
|
%
|
|
1.59
|
%
|
Other
borrowings
|
6.21
|
%
|
|
6.06
|
%
|
|
5.94
|
%
|
|
6.13
|
%
|
|
6.09
|
%
|
Subordinated
deferrable interest debentures
|
7.12
|
%
|
|
6.86
|
%
|
|
6.80
|
%
|
|
6.73
|
%
|
|
6.34
|
%
|
Total Non-Deposit
Funding
|
6.08
|
%
|
|
4.91
|
%
|
|
3.37
|
%
|
|
2.77
|
%
|
|
2.89
|
%
|
Total
Funding(2)
|
1.05
|
%
|
|
0.94
|
%
|
|
0.90
|
%
|
|
0.75
|
%
|
|
0.63
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.90
|
%
|
|
3.87
|
%
|
|
3.88
|
%
|
|
3.91
|
%
|
|
3.89
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(3)
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.92
|
%
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
(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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
Net income available
to common shareholders
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
2,057
|
|
|
997
|
|
|
276
|
|
|
18,391
|
|
|
835
|
|
Executive retirement
benefits
|
—
|
|
|
2,005
|
|
|
962
|
|
|
5,457
|
|
|
—
|
|
Restructuring
charge
|
245
|
|
|
754
|
|
|
229
|
|
|
—
|
|
|
—
|
|
Financial impact of
hurricanes
|
(89)
|
|
|
882
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Loss on sale of
premises
|
919
|
|
|
250
|
|
|
4
|
|
|
196
|
|
|
583
|
|
Tax effect of
adjustment items (Note 1)
|
(450)
|
|
|
(810)
|
|
|
377
|
|
|
(4,192)
|
|
|
(298)
|
|
After tax adjustment
items
|
2,682
|
|
|
4,078
|
|
|
1,848
|
|
|
19,852
|
|
|
1,120
|
|
|
|
|
|
|
|
|
|
|
|
Reduction in state
tax expense accrued in prior year net of federal tax
impact
|
—
|
|
|
(1,717)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
42,587
|
|
|
$
|
45,897
|
|
|
$
|
43,292
|
|
|
$
|
29,239
|
|
|
$
|
27,780
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - diluted
|
47,456,314
|
|
|
47,593,252
|
|
|
47,685,334
|
|
|
39,709,503
|
|
|
38,250,122
|
|
Net income per
diluted share
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
0.70
|
|
Adjusted net income
per diluted share
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
11,423,677
|
|
|
$
|
11,307,980
|
|
|
$
|
11,204,504
|
|
|
$
|
8,529,035
|
|
|
$
|
7,823,451
|
|
Return on average
assets
|
1.42
|
%
|
|
1.53
|
%
|
|
1.47
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
Adjusted return on
average assets
|
1.51
|
%
|
|
1.61
|
%
|
|
1.53
|
%
|
|
1.38
|
%
|
|
1.44
|
%
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
1,478,462
|
|
|
$
|
1,428,341
|
|
|
$
|
1,395,479
|
|
|
$
|
974,494
|
|
|
$
|
849,346
|
|
Average tangible
common equity
|
$
|
917,876
|
|
|
$
|
869,201
|
|
|
$
|
837,914
|
|
|
$
|
679,559
|
|
|
$
|
659,096
|
|
Return on average
common equity
|
10.95
|
%
|
|
12.09
|
%
|
|
11.78
|
%
|
|
3.86
|
%
|
|
12.73
|
%
|
Adjusted return on
average tangible common equity
|
18.82
|
%
|
|
20.95
|
%
|
|
20.50
|
%
|
|
17.26
|
%
|
|
17.09
|
%
|
|
|
|
|
|
|
|
|
|
|
Note 1: A
portion of the 2Q18, 3Q18, 4Q18 and 1Q19 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
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
Total interest income
(TE)
|
$
|
125,987
|
|
|
$
|
123,828
|
|
|
$
|
122,198
|
|
|
$
|
90,890
|
|
|
$
|
80,498
|
|
Accretion
income
|
2,883
|
|
|
4,077
|
|
|
3,656
|
|
|
2,652
|
|
|
1,444
|
|
Total interest income
(TE) excluding accretion
|
123,104
|
|
|
119,751
|
|
|
118,542
|
|
|
88,238
|
|
|
79,054
|
|
Interest
expense
|
25,534
|
|
|
23,195
|
|
|
22,081
|
|
|
13,947
|
|
|
10,711
|
|
Net interest income
(TE) excluding accretion
|
$
|
97,570
|
|
|
$
|
96,556
|
|
|
$
|
96,461
|
|
|
$
|
74,291
|
|
|
$
|
68,343
|
|
|
|
|
|
|
|
|
|
|
|
Yield on total loans
(TE) excluding accretion
|
5.22
|
%
|
|
5.00
|
%
|
|
4.95
|
%
|
|
4.81
|
%
|
|
4.75
|
%
|
Net interest margin
(TE) excluding accretion
|
3.83
|
%
|
|
3.75
|
%
|
|
3.77
|
%
|
|
3.81
|
%
|
|
3.84
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Non-GAAP
Reconciliations (continued)
|
|
Adjusted
Efficiency Ratio (TE)
|
|
|
|
|
|
|
|
|
Table
9C
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
75,425
|
|
|
$
|
75,810
|
|
|
$
|
72,353
|
|
|
$
|
86,386
|
|
|
$
|
59,098
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(2,057)
|
|
|
(997)
|
|
|
(276)
|
|
|
(18,391)
|
|
|
(835)
|
|
Executive retirement
benefits
|
—
|
|
|
(2,005)
|
|
|
(962)
|
|
|
(5,457)
|
|
|
—
|
|
Restructuring
charge
|
(245)
|
|
|
(754)
|
|
|
(229)
|
|
|
—
|
|
|
—
|
|
Financial impact of
hurricanes
|
89
|
|
|
(882)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Loss on sale of
premises
|
(919)
|
|
|
(250)
|
|
|
(4)
|
|
|
(196)
|
|
|
(583)
|
|
Adjusted noninterest
expense
|
$
|
72,293
|
|
|
$
|
70,922
|
|
|
$
|
70,882
|
|
|
$
|
62,342
|
|
|
$
|
57,680
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
99,395
|
|
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
75,999
|
|
|
$
|
68,801
|
|
Noninterest
income
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
Total
revenue
|
$
|
130,166
|
|
|
$
|
130,024
|
|
|
$
|
129,209
|
|
|
$
|
107,306
|
|
|
$
|
95,265
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
100,453
|
|
|
$
|
100,633
|
|
|
$
|
100,117
|
|
|
$
|
76,943
|
|
|
$
|
69,787
|
|
Noninterest
income
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
Total revenue
(TE)
|
131,224
|
|
|
131,103
|
|
|
130,288
|
|
|
108,250
|
|
|
96,251
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
(66)
|
|
|
(1)
|
|
|
(48)
|
|
|
123
|
|
|
(37)
|
|
Adjusted total
revenue (TE)
|
$
|
131,158
|
|
|
$
|
131,102
|
|
|
$
|
130,240
|
|
|
$
|
108,373
|
|
|
$
|
96,214
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
57.95
|
%
|
|
58.30
|
%
|
|
56.00
|
%
|
|
80.50
|
%
|
|
62.04
|
%
|
Adjusted
efficiency ratio (TE)
|
55.12
|
%
|
|
54.10
|
%
|
|
54.42
|
%
|
|
57.53
|
%
|
|
59.95
|
%
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
|
|
|
|
|
|
|
|
Table
9D
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands except per share data)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
Total shareholders'
equity
|
$
|
1,495,584
|
|
|
$
|
1,456,347
|
|
|
$
|
1,404,977
|
|
|
$
|
1,371,896
|
|
|
$
|
868,944
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
501,308
|
|
|
503,434
|
|
|
505,604
|
|
|
504,764
|
|
|
208,513
|
|
Other intangibles,
net
|
55,557
|
|
|
58,689
|
|
|
54,729
|
|
|
53,561
|
|
|
12,562
|
|
Total tangible
shareholders' equity
|
$
|
938,719
|
|
|
$
|
894,224
|
|
|
$
|
844,644
|
|
|
$
|
813,571
|
|
|
$
|
647,869
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
38,327,081
|
|
Book value per share
(period end)
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
22.67
|
|
Tangible book value
per share (period end)
|
$
|
19.73
|
|
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
17.12
|
|
|
$
|
16.90
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Segment
Reporting
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
85,039
|
|
|
$
|
84,399
|
|
|
$
|
84,041
|
|
|
$
|
61,759
|
|
|
$
|
55,359
|
|
Provision for loan
losses
|
2,058
|
|
|
1,603
|
|
|
1,229
|
|
|
766
|
|
|
888
|
|
Noninterest
income
|
14,370
|
|
|
15,784
|
|
|
16,524
|
|
|
13,287
|
|
|
13,099
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,932
|
|
|
25,882
|
|
|
26,120
|
|
|
26,646
|
|
|
22,068
|
|
Occupancy and
equipment expenses
|
7,281
|
|
|
7,080
|
|
|
7,871
|
|
|
5,684
|
|
|
5,477
|
|
Data processing and
telecommunications expenses
|
7,592
|
|
|
7,522
|
|
|
7,589
|
|
|
5,611
|
|
|
6,304
|
|
Other noninterest
expenses
|
16,956
|
|
|
17,310
|
|
|
13,461
|
|
|
29,937
|
|
|
11,080
|
|
Total noninterest
expense
|
59,761
|
|
|
57,794
|
|
|
55,041
|
|
|
67,878
|
|
|
44,929
|
|
Income before income
tax expense
|
37,590
|
|
|
40,786
|
|
|
44,295
|
|
|
6,402
|
|
|
22,641
|
|
Income tax
expense
|
8,775
|
|
|
5,493
|
|
|
11,156
|
|
|
1,716
|
|
|
5,242
|
|
Net income
|
$
|
28,815
|
|
|
$
|
35,293
|
|
|
$
|
33,139
|
|
|
$
|
4,686
|
|
|
$
|
17,399
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
5,753
|
|
|
$
|
7,873
|
|
|
$
|
5,544
|
|
|
$
|
5,046
|
|
|
$
|
4,997
|
|
Provision for loan
losses
|
136
|
|
|
(1)
|
|
|
122
|
|
|
246
|
|
|
217
|
|
Noninterest
income
|
14,290
|
|
|
10,689
|
|
|
12,097
|
|
|
13,889
|
|
|
11,585
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
8,207
|
|
|
10,802
|
|
|
10,061
|
|
|
10,864
|
|
|
7,742
|
|
Occupancy and
equipment expenses
|
766
|
|
|
684
|
|
|
618
|
|
|
545
|
|
|
593
|
|
Data processing and
telecommunications expenses
|
330
|
|
|
306
|
|
|
347
|
|
|
383
|
|
|
389
|
|
Other noninterest
expenses
|
2,114
|
|
|
1,661
|
|
|
1,828
|
|
|
1,778
|
|
|
1,731
|
|
Total noninterest
expense
|
11,417
|
|
|
13,453
|
|
|
12,854
|
|
|
13,570
|
|
|
10,455
|
|
Income before income
tax expense
|
8,490
|
|
|
5,110
|
|
|
4,665
|
|
|
5,119
|
|
|
5,910
|
|
Income tax
expense
|
1,613
|
|
|
1,073
|
|
|
943
|
|
|
1,075
|
|
|
1,244
|
|
Net income
|
$
|
6,877
|
|
|
$
|
4,037
|
|
|
$
|
3,722
|
|
|
$
|
4,044
|
|
|
$
|
4,666
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
2,690
|
|
|
$
|
2,438
|
|
|
$
|
2,469
|
|
|
$
|
2,326
|
|
|
$
|
1,855
|
|
Provision for loan
losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Noninterest
income
|
379
|
|
|
386
|
|
|
503
|
|
|
735
|
|
|
397
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
161
|
|
|
145
|
|
|
136
|
|
|
128
|
|
|
138
|
|
Occupancy and
equipment expenses
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
Data processing and
telecommunications expenses
|
30
|
|
|
29
|
|
|
30
|
|
|
30
|
|
|
33
|
|
Other noninterest
expenses
|
68
|
|
|
62
|
|
|
69
|
|
|
55
|
|
|
52
|
|
Total noninterest
expense
|
260
|
|
|
236
|
|
|
237
|
|
|
213
|
|
|
223
|
|
Income before income
tax expense
|
2,809
|
|
|
2,588
|
|
|
2,735
|
|
|
2,848
|
|
|
2,029
|
|
Income tax
expense
|
590
|
|
|
544
|
|
|
574
|
|
|
598
|
|
|
426
|
|
Net income
|
$
|
2,219
|
|
|
$
|
2,044
|
|
|
$
|
2,161
|
|
|
$
|
2,250
|
|
|
$
|
1,603
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
|
|
|
|
|
|
|
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
1,086
|
|
|
$
|
1,352
|
|
|
$
|
1,459
|
|
|
$
|
1,320
|
|
|
$
|
924
|
|
Provision for loan
losses
|
231
|
|
|
112
|
|
|
41
|
|
|
447
|
|
|
537
|
|
Noninterest
income
|
1,730
|
|
|
1,094
|
|
|
1,045
|
|
|
1,349
|
|
|
1,370
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
765
|
|
|
712
|
|
|
682
|
|
|
736
|
|
|
740
|
|
Occupancy and
equipment expenses
|
59
|
|
|
63
|
|
|
58
|
|
|
55
|
|
|
58
|
|
Data processing and
telecommunications expenses
|
2
|
|
|
—
|
|
|
1
|
|
|
9
|
|
|
9
|
|
Other noninterest
expenses
|
349
|
|
|
401
|
|
|
210
|
|
|
290
|
|
|
236
|
|
Total noninterest
expense
|
1,175
|
|
|
1,176
|
|
|
951
|
|
|
1,090
|
|
|
1,043
|
|
Income before income
tax expense
|
1,410
|
|
|
1,158
|
|
|
1,512
|
|
|
1,132
|
|
|
714
|
|
Income tax
expense
|
296
|
|
|
243
|
|
|
317
|
|
|
238
|
|
|
150
|
|
Net income
|
$
|
1,114
|
|
|
$
|
915
|
|
|
$
|
1,195
|
|
|
$
|
894
|
|
|
$
|
564
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
4,827
|
|
|
$
|
3,492
|
|
|
$
|
5,525
|
|
|
$
|
5,548
|
|
|
$
|
5,666
|
|
Provision for loan
losses
|
983
|
|
|
1,947
|
|
|
703
|
|
|
7,651
|
|
|
159
|
|
Noninterest
income
|
2
|
|
|
2,517
|
|
|
2
|
|
|
2,047
|
|
|
13
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,305
|
|
|
1,441
|
|
|
1,447
|
|
|
1,402
|
|
|
1,401
|
|
Occupancy and
equipment expenses
|
97
|
|
|
118
|
|
|
49
|
|
|
106
|
|
|
70
|
|
Data processing and
telecommunications expenses
|
437
|
|
|
436
|
|
|
551
|
|
|
406
|
|
|
400
|
|
Other noninterest
expenses
|
973
|
|
|
1,156
|
|
|
1,223
|
|
|
1,721
|
|
|
577
|
|
Total noninterest
expense
|
2,812
|
|
|
3,151
|
|
|
3,270
|
|
|
3,635
|
|
|
2,448
|
|
Income before income
tax expense
|
1,034
|
|
|
911
|
|
|
1,554
|
|
|
(3,691)
|
|
|
3,072
|
|
Income tax
expense
|
154
|
|
|
(336)
|
|
|
327
|
|
|
(1,204)
|
|
|
644
|
|
Net income
|
$
|
880
|
|
|
$
|
1,247
|
|
|
$
|
1,227
|
|
|
$
|
(2,487)
|
|
|
$
|
2,428
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
99,395
|
|
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
75,999
|
|
|
$
|
68,801
|
|
Provision for loan
losses
|
3,408
|
|
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
1,801
|
|
Noninterest
income
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
26,464
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
38,370
|
|
|
38,982
|
|
|
38,446
|
|
|
39,776
|
|
|
32,089
|
|
Occupancy and
equipment expenses
|
8,204
|
|
|
7,945
|
|
|
8,598
|
|
|
6,390
|
|
|
6,198
|
|
Data processing and
telecommunications expenses
|
8,391
|
|
|
8,293
|
|
|
8,518
|
|
|
6,439
|
|
|
7,135
|
|
Other noninterest
expenses
|
20,460
|
|
|
20,590
|
|
|
16,791
|
|
|
33,781
|
|
|
13,676
|
|
Total noninterest
expense
|
75,425
|
|
|
75,810
|
|
|
72,353
|
|
|
86,386
|
|
|
59,098
|
|
Income before income
tax expense
|
51,333
|
|
|
50,553
|
|
|
54,761
|
|
|
11,810
|
|
|
34,366
|
|
Income tax
expense
|
11,428
|
|
|
7,017
|
|
|
13,317
|
|
|
2,423
|
|
|
7,706
|
|
Net income
|
$
|
39,905
|
|
|
$
|
43,536
|
|
|
$
|
41,444
|
|
|
$
|
9,387
|
|
|
$
|
26,660
|
|
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SOURCE Ameris Bancorp