ATLANTA, Oct. 22, 2020 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) (the "Company") today reported net income of
$116.1 million, or $1.67 per diluted share, for the quarter ended
September 30, 2020, compared with
$21.4 million, or $0.31 per diluted share, for the quarter ended
September 30, 2019. The
increase in net income is primarily attributable to increases in
mortgage banking activity of $85.6
million and net interest income of $13.8 million and a decrease of merger and
conversion charges of $65.2 million,
partially offset by an increase of $11.7
million in provision for credit losses compared with the
third quarter of 2019. The Company reported adjusted net
income of $116.9 million, or
$1.69 per diluted share, for the
quarter ended September 30, 2020, compared with $68.5 million, or $0.98 per diluted share, for the same period in
2019. Adjusted net income excludes after-tax merger and
conversion charges, servicing right valuation adjustments,
restructuring charges related to branch consolidations and
efficiency initiatives, certain legal expenses, (gain) loss on sale
of bank premises and expenses related to natural disasters and the
COVID-19 pandemic.
For the year-to-date period ending September 30, 2020, the
Company reported net income of $167.7
million, or $2.42 per diluted
share, compared with $100.2 million,
or $1.83 per diluted share, for the
same period in 2019. The Company reported adjusted net income
of $198.5 million, or $2.86 per diluted share, for the nine months
ended September 30, 2020, compared with $156.3 million, or $2.85 per diluted share, for the same period in
2019. Adjusted net income for the year-to-date period
excludes the same items listed above for the Company's
quarter-to-date period.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "I couldn't be more proud of our Company and the
financial results we are reporting this quarter. Every
division of our Company increased their financial performance in
the third quarter, which resulted in record earnings and top of
class results. Throughout this pandemic, Ameris teammates
have remained focused on our customers and our communities.
We continue to adapt to this new environment by offering innovative
products and services which strengthens our relationships and our
financial results. Our outlook remains optimistic for the
remainder of 2020 and beyond."
Significant items from the Company's results for the third
quarter of 2020 include the following:
- Net income of $116.1 million, or
$1.67 per diluted share, compared
with $32.2 million, or $0.47 per diluted share, in the second quarter of
2020
- Tangible book value growth of $1.56 per share, or 7.5%, to $22.46 compared with $20.90 at June 30,
2020
- Growth in adjusted total revenue of $30.0 million, or 10.2%, compared with the second
quarter of 2020
- Increase in income from mortgage banking activity of
$33.7 million compared with the
second quarter of 2020
- Adjusted efficiency ratio of 47.34%, compared with 51.08% in
the second quarter of 2020
- Net interest margin of 3.64%, compared with 3.83% in the second
quarter of 2020
- Adjusted return on average assets of 2.35%, compared with 0.89%
in the second quarter of 2020
- Improvement in deposit mix such that noninterest bearing
deposits represent 36.79% of total deposits, up from 29.94% at
December 31, 2019 and 29.85% a year
ago
- Annualized net charge-offs of 0.10% of average total loans
- Completed issuance of $110
million of subordinated debt at 3.875% fixed for first five
years
Following is a summary of the adjustments between reported net
income and adjusted net income:
Adjusted Net
Income Reconciliation
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
(dollars in
thousands, except per share data)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income available
to common shareholders
|
$
|
116,145
|
|
|
$
|
21,384
|
|
|
$
|
167,703
|
|
|
$
|
100,193
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(44)
|
|
|
65,158
|
|
|
1,391
|
|
|
70,690
|
|
Restructuring
charges
|
50
|
|
|
—
|
|
|
1,513
|
|
|
245
|
|
Servicing right
impairment (recovery)
|
412
|
|
|
(1,319)
|
|
|
30,566
|
|
|
141
|
|
Gain on BOLI
proceeds
|
(103)
|
|
|
(4,335)
|
|
|
(948)
|
|
|
(4,335)
|
|
Expenses related to
SEC and DOJ investigation
|
268
|
|
|
—
|
|
|
3,005
|
|
|
—
|
|
Natural disaster and
pandemic charges (Note 1)
|
470
|
|
|
—
|
|
|
3,061
|
|
|
(39)
|
|
(Gain) loss on sale of
premises
|
(97)
|
|
|
889
|
|
|
654
|
|
|
4,608
|
|
Tax effect of
adjustment items (Note 2)
|
(222)
|
|
|
(13,238)
|
|
|
(8,438)
|
|
|
(15,167)
|
|
After-tax adjustment
items
|
734
|
|
|
47,155
|
|
|
30,804
|
|
|
56,143
|
|
Adjusted net
income
|
$
|
116,879
|
|
|
$
|
68,539
|
|
|
$
|
198,507
|
|
|
$
|
156,336
|
|
|
|
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
1.67
|
|
|
$
|
0.31
|
|
|
$
|
2.42
|
|
|
$
|
1.83
|
|
Adjusted net income
per diluted share
|
$
|
1.69
|
|
|
$
|
0.98
|
|
|
$
|
2.86
|
|
|
$
|
2.85
|
|
|
|
|
|
|
|
|
|
Reported return on
average assets
|
2.33
|
%
|
|
0.49
|
%
|
|
1.18
|
%
|
|
0.99
|
%
|
Adjusted return on
average assets
|
2.35
|
%
|
|
1.57
|
%
|
|
1.39
|
%
|
|
1.55
|
%
|
|
|
|
|
|
|
|
|
Reported return on
average common equity
|
18.27
|
%
|
|
3.49
|
%
|
|
8.96
|
%
|
|
7.39
|
%
|
Adjusted return on
average tangible common equity
|
30.53
|
%
|
|
18.95
|
%
|
|
17.84
|
%
|
|
18.87
|
%
|
|
|
|
|
|
|
|
|
Note 1:
Pandemic charges include "thank you" pay for certain employees,
additional sanitizing expenses at our locations, protective
equipment for our employees and branch locations, and additional
equipment required to support our remote workforce.
|
Note 2: A
portion of the merger and conversion charges for 3Q19 and both
year-to-date periods are nondeductible for tax purposes.
|
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the third
quarter of 2020 totaled $163.9
million, compared with $165.2
million for the second quarter of 2020 and $149.9 million for the third quarter of
2019. The Company's net interest margin was 3.64% for the
third quarter of 2020, down from 3.83% reported for the second
quarter of 2020 and from 3.84% reported for the third quarter of
2019. The decrease in net interest margin in the current
quarter is primarily attributable to a decrease in the yields on
both loans and loans held for sale as market interest rates
declined, partially offset by a decrease in the cost of
interest-bearing liabilities. Accretion income for the third
quarter of 2020 decreased to $6.5
million, compared with $9.6
million for the second quarter of 2020, and increased from
$4.2 million for the third quarter of
2019. The decrease in accretion income in the third quarter
is primarily attributable to increased payoffs of acquired loans
during the second quarter of 2020.
Yields on loans decreased to 4.42% during the third quarter of
2020, compared with 4.70% for the second quarter of 2020 and 5.27%
reported for the third quarter of 2019. Loan production in
the banking division during the third quarter of 2020 totaled
$869.0 million, with weighted average
yields of 4.00%, compared with $472.1
million and 4.16%, respectively, in the second quarter of
2020 and $1.2 billion and 5.08%,
respectively, in the third quarter of 2019. Loan production
in the lines of business (including retail mortgage, warehouse
lending, SBA and premium finance) amounted to an additional
$7.7 billion during the third quarter
of 2020, with weighted average yields of 3.33%, compared with
$7.2 billion and 3.17%, respectively,
during the second quarter of 2020 and $4.2
billion and 4.51%, respectively, during the third quarter of
2019. Loan production yields in the lines of business were
materially impacted during the second quarter of 2020 by
originations of Paycheck Protection Program ("PPP") loans in our
SBA division. Excluding PPP loans, loan production in the
lines of business amounted to $6.1
billion during the second quarter of 2020, with weighted
average yields of 3.53%.
Interest expense during the third quarter of 2020 decreased to
$17.4 million, compared with
$21.2 million in the second quarter
of 2020 and $39.6 million in the
third quarter of 2019. The Company's total cost of funds
moved 11 basis points lower to 0.41% in the third quarter of 2020
as compared with the second quarter of 2020. Deposit costs
decreased nine basis points during the third quarter of 2020 to
0.30%, compared with 0.39% in the second quarter of 2020.
Costs of interest-bearing deposits decreased during the quarter
from 0.58% in the second quarter of 2020 to 0.47% in the third
quarter of 2020.
Noninterest Income
Noninterest income increased $38.1
million, or 31.5%, in the third quarter of 2020 to
$159.0 million, compared with
$121.0 million for the second quarter
of 2020, primarily as a result of increased mortgage banking
activity.
Mortgage banking activity increased $33.7
million, or 32.1%, to $138.6
million in the third quarter of 2020, compared with
$104.9 million for the second quarter
of 2020. This increase was a result of both increased
production and expansion in our gain on sale spread. Gain on sale
spreads increased to 3.92% in the third quarter of 2020 from 3.53%
for the second quarter of 2020. Total production in the retail
mortgage division increased to $2.92
billion in the third quarter of 2020, compared with
$2.67 billion for the second quarter
of 2020. Mortgage banking activity was negatively impacted during
the third quarter of 2020 by an $1.1
million servicing right impairment, compared with an
impairment of $8.2 million for the
second quarter of 2020. The retail mortgage open pipeline was
$2.71 billion at the end of the third
quarter of 2020, compared with $2.67
billion at June 30, 2020.
Service charge revenue increased $1.0
million, or 10.0%, to $10.9
million in the third quarter of 2020, compared with
$9.9 million for the second quarter
of 2020, resulting from an increase in volume. Other noninterest
income increased $3.4 million, or
67.6%, in the third quarter of 2020 to $8.3
million, compared with $5.0
million for the second quarter of 2020, primarily as a
result of an increase in the gain on sales of SBA loans of
$2.8 million, as the SBA division
shifted its focus from PPP loan production to its existing
pipeline.
Noninterest Expense
Noninterest expense decreased $2.1
million, or 1.3%, to $153.7
million during the third quarter of 2020, compared with
$155.8 million for the second quarter
of 2020. During the third quarter of 2020, the Company
recorded $647,000 of charges to
earnings, related to restructuring charges associated with branch
consolidations and efficiency initiatives, charges related to the
previously announced SEC/DOJ investigation, merger and conversion
charges, natural disaster and pandemic charges and (gain) loss on
sale of premises, compared with $6.0
million in charges in the second quarter of 2020 that were
related the same items. Excluding these charges, adjusted
expenses increased approximately $3.3
million, or 2.2%, to $153.0
million in the third quarter of 2020, from $149.8 million in the second quarter of
2020. The majority of this increase is attributable to
variable expenses related to increased mortgage production. The
Company continues to focus on its operating efficiency ratio, such
that the adjusted efficiency ratio improved from 51.08% in the
second quarter of 2020 to 47.34% in the third quarter of 2020.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2020
was 22.7%, compared with 21.1% in the second quarter of 2020. The
increased rate for the third quarter of 2020 was primarily a result
of increased state tax expense as a result of increased pre-tax
income.
Balance Sheet Trends
Total assets at September 30, 2020 were $19.87 billion, compared with $18.24 billion at December
31, 2019. Total loans, including loans held for sale,
were $16.36 billion at
September 30, 2020, compared with $14.48 billion at December
31, 2019. Total loans held for investment were
$14.94 billion at September 30,
2020, compared with $12.82 billion at
December 31, 2019, an increase of
$2.13 billion, or 16.6%, compared
with December 31, 2019. Loan
production in the banking division during the third quarter of 2020
was up 84% from the second quarter of 2020 and down 26% from the
third quarter of 2019. Loan growth in the first nine months
of 2020 was driven by PPP loan originations, which totaled
$1.10 billion in outstanding balances
at September 30, 2020, and increases
in warehouse lending and portfolio mortgage loans.
At September 30, 2020, total deposits amounted to
$16.06 billion, or 94.1% of total
funding, compared with $14.03 billion
and 90.1%, respectively, at December
31, 2019. At September 30, 2020,
noninterest-bearing deposit accounts were $5.91 billion, or 36.8% of total deposits,
compared with $4.20 billion, or 29.9%
of total deposits, at December 31,
2019. Noninterest-bearing deposit growth was meaningfully
impacted by PPP loan originations. Non-rate sensitive
deposits (including noninterest-bearing, NOW and savings) totaled
$9.56 billion at September 30,
2020, compared with $7.21 billion at
December 31, 2019. These funds
represented 59.5% of the Company's total deposits at
September 30, 2020, compared with 51.4% at the end of
2019.
Shareholders' equity at September 30, 2020 totaled
$2.56 billion, an increase of
$95.1 million, or 3.9%, from
December 31, 2019. The increase
in shareholders' equity was primarily the result of earnings of
$167.7 million during 2020, partially
offset by the CECL adoption impact of $56.7
million and dividends declared. Tangible book value
per share was $22.46 at
September 30, 2020, compared with $20.81 at December
31, 2019. Tangible common equity as a percentage of
tangible assets was 8.27% at September 30, 2020, compared with
8.40% at the end of the 2019.
Credit Quality
Credit quality remains strong in the Company. During the
third quarter of 2020, the Company recorded provision for credit
losses of $17.7 million, compared
with $88.2 million in the second
quarter of 2020. This decrease in provision was primarily
attributable to improvements in forecast economic conditions,
particularly levels of unemployment and GDP, compared with forecast
conditions during the second quarter of 2020. The improved
economic forecast was partially offset by increased qualitative
factors in our residential real estate, commercial real estate and
hotel portfolios based principally on risk rating migrations, level
of deferrals in the portfolio and expected collateral values.
The Company has been prudently working with borrowers to support
their credit needs during the challenging economic conditions and
monitoring the level of modifications on an ongoing basis, such
that loans remaining on deferral at the end of the third quarter of
2020 was approximately 4.3% of total loans, down from approximately
19.0% of total loans at the end of the second quarter of
2020. Nonperforming assets as a percentage of total assets
increased by 23 basis points to 0.82% during the quarter. The
increase in nonperforming assets is primarily attributable to
increased nonaccrual loans in the residential real estate and
commercial real estate loan categories. The net charge-off
ratio was 10 basis points for the third quarter of 2020, compared
with 27 basis points in the second quarter of 2020 and seven basis
points in the third quarter of 2019.
Share Repurchase Program
The Company's board of directors has also approved the extension
of the share repurchase program authorized in September 2019, under which the Company was
authorized to repurchase up to $100
million of its outstanding common stock. As extended,
the program now allows for repurchases of shares to occur through
October 31, 2021. Currently,
$85,723,412 in aggregate value
remains for repurchase under the program.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time Friday, October 23, 2020,
to discuss the Company's results and answer appropriate questions.
The conference call can be accessed by dialing 1-877-504-1190 (or
1-855-669-9657 for participants in Canada and 1-412-902-6630 for other
international participants). The conference ID name is Ameris
Bancorp ABCB. A replay of the call will be available one hour
after the end of the conference call until November 6, 2020. To listen to the replay,
dial 1-877-344-7529 (or 1-855-669-9658 for participants in
Canada and 1-412-317-0088 for
other international participants). The conference replay
access code is 10148491. The conference call replay and the
financial information discussed will also be available on the
Investor Relations page of the Ameris Bank website at
ir.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in
Atlanta, Georgia. The
Company's banking subsidiary, Ameris Bank, had 170 locations in
Georgia, Florida, South
Carolina and Alabama at the
end of the most recent quarter.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). The Company's management
uses these non-GAAP measures in its analysis of the Company's
performance. These measures are useful when evaluating the
underlying performance and efficiency of the Company's operations
and balance sheet. The Company's management believes that these
non-GAAP measures provide a greater understanding of ongoing
operations, enhance comparability of results with prior periods and
demonstrate the effects of significant gains and charges in the
current period. The Company's management believes that investors
may use these non-GAAP financial measures to evaluate the Company's
financial performance without the impact of unusual items that may
obscure trends in the Company's underlying performance. These
disclosures should not be viewed as a substitute for financial
measures determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies.
This news release contains forward-looking statements, as
defined by federal securities laws, including, among other
forward-looking statements, certain plans, expectations and
goals. Words such as "may," "believe," "expect,"
"anticipate," "intend," "will," "should," "plan," "estimate,"
"predict," "continue" and "potential" or the negative of these
terms or other comparable terminology, as well as similar
expressions, are meant to identify forward-looking
statements. The forward-looking statements in this news
release are based on current expectations and are provided to
assist in the understanding of potential future performance.
Such forward-looking statements involve numerous assumptions, risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied in any such statements,
including, without limitation, the following: general
competitive, economic, political and market conditions and
fluctuations; movements in interest rates and our expectations
regarding net interest margin; expectations on credit quality and
performance; legislative and regulatory changes; the impact of the
COVID-19 pandemic on the general economy, our customers and the
allowance for loan losses; the benefits that may be realized by our
customers from government assistance programs and regulatory
actions related to the COVID-19 pandemic; competitive pressures on
product pricing and services; the cost savings and any revenue
synergies expected to result from acquisition transactions, which
may not be fully realized within the expected timeframes if at all;
the success and timing of other business strategies; our outlook
and long-term goals for future growth; and natural disasters,
geopolitical events, public health crises and other catastrophic
events beyond our control. For a discussion of some of the
other risks and other factors that may cause such forward-looking
statements to differ materially from actual results, please refer
to the Company's filings with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended December 31, 2019, as
amended, and its subsequently filed periodic reports and other
filings. Forward-looking statements speak only as of the date
they are made, and the Company undertakes no obligation to update
or revise forward-looking statements.
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Financial
Highlights
|
Table
1
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
167,703
|
|
|
$
|
100,193
|
|
Adjusted net
income
|
$
|
116,879
|
|
|
$
|
42,423
|
|
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
68,539
|
|
|
$
|
198,507
|
|
|
$
|
156,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.68
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
2.42
|
|
|
$
|
1.83
|
|
Diluted
|
$
|
1.67
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
2.42
|
|
|
$
|
1.83
|
|
Adjusted diluted
EPS
|
$
|
1.69
|
|
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
0.98
|
|
|
$
|
2.86
|
|
|
$
|
2.85
|
|
Cash dividends per
share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.45
|
|
|
$
|
0.35
|
|
Book value per share
(period end)
|
$
|
36.91
|
|
|
$
|
35.42
|
|
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
34.78
|
|
|
$
|
36.91
|
|
|
$
|
34.78
|
|
Tangible book value
per share (period end)
|
$
|
22.46
|
|
|
$
|
20.90
|
|
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
20.29
|
|
|
$
|
22.46
|
|
|
$
|
20.29
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
69,230,667
|
|
|
69,191,778
|
|
|
69,247,661
|
|
|
69,429,193
|
|
|
69,372,125
|
|
|
69,243,280
|
|
|
54,762,216
|
|
Diluted
|
69,346,141
|
|
|
69,292,972
|
|
|
69,502,022
|
|
|
69,683,999
|
|
|
69,600,499
|
|
|
69,403,104
|
|
|
54,883,122
|
|
Period end number of
shares
|
69,490,546
|
|
|
69,462,782
|
|
|
69,441,274
|
|
|
69,503,833
|
|
|
69,593,833
|
|
|
69,490,546
|
|
|
69,593,833
|
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
|
27.81
|
|
|
$
|
29.82
|
|
|
$
|
43.79
|
|
|
$
|
44.90
|
|
|
$
|
40.65
|
|
|
$
|
43.79
|
|
|
$
|
42.01
|
|
Low intraday
price
|
$
|
19.91
|
|
|
$
|
17.12
|
|
|
$
|
17.89
|
|
|
$
|
38.34
|
|
|
$
|
33.71
|
|
|
$
|
17.12
|
|
|
$
|
31.27
|
|
Period end
closing price
|
$
|
22.78
|
|
|
$
|
23.59
|
|
|
$
|
23.76
|
|
|
$
|
42.54
|
|
|
$
|
40.24
|
|
|
$
|
22.78
|
|
|
$
|
40.24
|
|
Average daily
volume
|
359,059
|
|
|
470,151
|
|
|
461,692
|
|
|
353,783
|
|
|
461,289
|
|
|
429,758
|
|
|
401,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
2.33
|
%
|
|
0.67
|
%
|
|
0.43
|
%
|
|
1.35
|
%
|
|
0.49
|
%
|
|
1.18
|
%
|
|
0.99
|
%
|
Adjusted return on
average assets
|
2.35
|
%
|
|
0.89
|
%
|
|
0.87
|
%
|
|
1.47
|
%
|
|
1.57
|
%
|
|
1.39
|
%
|
|
1.55
|
%
|
Return on average
common equity
|
18.27
|
%
|
|
5.23
|
%
|
|
3.16
|
%
|
|
9.97
|
%
|
|
3.49
|
%
|
|
8.96
|
%
|
|
7.39
|
%
|
Adjusted return on
average tangible common equity
|
30.53
|
%
|
|
11.66
|
%
|
|
10.98
|
%
|
|
18.45
|
%
|
|
18.95
|
%
|
|
17.84
|
%
|
|
18.87
|
%
|
Earning asset yield
(TE)
|
4.02
|
%
|
|
4.32
|
%
|
|
4.56
|
%
|
|
4.82
|
%
|
|
4.86
|
%
|
|
4.29
|
%
|
|
4.91
|
%
|
Total cost of
funds
|
0.41
|
%
|
|
0.52
|
%
|
|
0.91
|
%
|
|
1.00
|
%
|
|
1.07
|
%
|
|
0.60
|
%
|
|
1.07
|
%
|
Net interest margin
(TE)
|
3.64
|
%
|
|
3.83
|
%
|
|
3.70
|
%
|
|
3.86
|
%
|
|
3.84
|
%
|
|
3.72
|
%
|
|
3.89
|
%
|
Noninterest income
excluding securities transactions, as a percent of total revenue
(TE)
|
46.72
|
%
|
|
39.35
|
%
|
|
22.83
|
%
|
|
22.02
|
%
|
|
28.89
|
%
|
|
37.74
|
%
|
|
24.27
|
%
|
Efficiency
ratio
|
47.80
|
%
|
|
54.70
|
%
|
|
68.23
|
%
|
|
58.24
|
%
|
|
85.35
|
%
|
|
55.34
|
%
|
|
70.89
|
%
|
Adjusted efficiency
ratio (TE)
|
47.34
|
%
|
|
51.08
|
%
|
|
59.87
|
%
|
|
55.61
|
%
|
|
57.25
|
%
|
|
52.00
|
%
|
|
55.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.90
|
%
|
|
12.38
|
%
|
|
13.37
|
%
|
|
13.54
|
%
|
|
13.63
|
%
|
|
12.90
|
%
|
|
13.63
|
%
|
Tangible common equity
to tangible assets
|
8.27
|
%
|
|
7.70
|
%
|
|
8.25
|
%
|
|
8.40
|
%
|
|
8.43
|
%
|
|
8.27
|
%
|
|
8.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
8.27
|
%
|
|
7.70
|
%
|
|
8.25
|
%
|
|
8.40
|
%
|
|
8.43
|
%
|
|
8.27
|
%
|
|
8.43
|
%
|
Effect of goodwill and
other intangibles
|
4.63
|
%
|
|
4.68
|
%
|
|
5.12
|
%
|
|
5.14
|
%
|
|
5.20
|
%
|
|
4.63
|
%
|
|
5.20
|
%
|
Equity to assets
(GAAP)
|
12.90
|
%
|
|
12.38
|
%
|
|
13.37
|
%
|
|
13.54
|
%
|
|
13.63
|
%
|
|
12.90
|
%
|
|
13.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
1,807
|
|
|
1,832
|
|
|
1,865
|
|
|
1,913
|
|
|
2,001
|
|
|
1,807
|
|
|
2,001
|
|
Retail Mortgage
Division
|
734
|
|
|
692
|
|
|
689
|
|
|
690
|
|
|
785
|
|
|
734
|
|
|
785
|
|
Warehouse
Lending Division
|
11
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
11
|
|
|
9
|
|
SBA
Division
|
33
|
|
|
42
|
|
|
44
|
|
|
42
|
|
|
45
|
|
|
33
|
|
|
45
|
|
Premium Finance
Division
|
71
|
|
|
70
|
|
|
72
|
|
|
68
|
|
|
66
|
|
|
71
|
|
|
66
|
|
Total Ameris
Bancorp FTE headcount
|
2,656
|
|
|
2,645
|
|
|
2,679
|
|
|
2,722
|
|
|
2,906
|
|
|
2,656
|
|
|
2,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
10,998
|
|
|
$
|
10,848
|
|
|
$
|
9,772
|
|
|
$
|
9,536
|
|
|
$
|
8,878
|
|
|
$
|
10,998
|
|
|
$
|
8,878
|
|
Branch
locations
|
170
|
|
|
170
|
|
|
170
|
|
|
170
|
|
|
172
|
|
|
170
|
|
|
172
|
|
Deposits per branch
location
|
$
|
94,493
|
|
|
$
|
91,705
|
|
|
$
|
81,439
|
|
|
$
|
82,512
|
|
|
$
|
79,416
|
|
|
$
|
94,493
|
|
|
$
|
79,416
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
172,351
|
|
|
$
|
175,345
|
|
|
$
|
171,242
|
|
|
$
|
182,391
|
|
|
$
|
175,046
|
|
|
$
|
518,938
|
|
|
$
|
404,457
|
|
Interest on taxable
securities
|
7,259
|
|
|
9,347
|
|
|
10,082
|
|
|
10,358
|
|
|
11,354
|
|
|
26,688
|
|
|
29,780
|
|
Interest on
nontaxable securities
|
159
|
|
|
157
|
|
|
157
|
|
|
167
|
|
|
168
|
|
|
473
|
|
|
426
|
|
Interest on deposits
in other banks
|
153
|
|
|
123
|
|
|
1,211
|
|
|
1,091
|
|
|
1,622
|
|
|
1,487
|
|
|
7,048
|
|
Interest on federal
funds sold
|
12
|
|
|
46
|
|
|
76
|
|
|
69
|
|
|
171
|
|
|
134
|
|
|
607
|
|
Total interest
income
|
179,934
|
|
|
185,018
|
|
|
182,768
|
|
|
194,076
|
|
|
188,361
|
|
|
547,720
|
|
|
442,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
11,822
|
|
|
14,273
|
|
|
24,102
|
|
|
27,970
|
|
|
29,425
|
|
|
50,197
|
|
|
74,563
|
|
Interest on other
borrowings
|
5,574
|
|
|
6,931
|
|
|
10,721
|
|
|
10,755
|
|
|
10,167
|
|
|
23,226
|
|
|
17,940
|
|
Total interest
expense
|
17,396
|
|
|
21,204
|
|
|
34,823
|
|
|
38,725
|
|
|
39,592
|
|
|
73,423
|
|
|
92,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
162,538
|
|
|
163,814
|
|
|
147,945
|
|
|
155,351
|
|
|
148,769
|
|
|
474,297
|
|
|
349,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
26,692
|
|
|
68,449
|
|
|
37,047
|
|
|
5,693
|
|
|
5,989
|
|
|
132,188
|
|
|
14,065
|
|
Provision for
unfunded commitments
|
(10,131)
|
|
|
19,712
|
|
|
4,000
|
|
|
—
|
|
|
—
|
|
|
13,581
|
|
|
—
|
|
Provision for other
credit losses
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,121
|
|
|
—
|
|
Provision for
credit losses
|
17,682
|
|
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
146,890
|
|
|
14,065
|
|
Net interest
income after provision for credit losses
|
144,856
|
|
|
75,653
|
|
|
106,898
|
|
|
149,658
|
|
|
142,780
|
|
|
327,407
|
|
|
335,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
10,914
|
|
|
9,922
|
|
|
11,844
|
|
|
13,567
|
|
|
13,411
|
|
|
32,680
|
|
|
37,225
|
|
Mortgage banking
activity
|
138,627
|
|
|
104,925
|
|
|
35,333
|
|
|
33,168
|
|
|
53,041
|
|
|
278,885
|
|
|
86,241
|
|
Other service
charges, commissions and fees
|
1,151
|
|
|
1,130
|
|
|
1,128
|
|
|
1,085
|
|
|
1,236
|
|
|
3,409
|
|
|
2,828
|
|
Gain (loss) on
securities
|
—
|
|
|
14
|
|
|
(9)
|
|
|
(1)
|
|
|
4
|
|
|
5
|
|
|
139
|
|
Other noninterest
income
|
8,326
|
|
|
4,969
|
|
|
6,083
|
|
|
7,294
|
|
|
9,301
|
|
|
19,378
|
|
|
16,567
|
|
Total noninterest
income
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
334,357
|
|
|
143,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
96,698
|
|
|
95,168
|
|
|
75,946
|
|
|
69,642
|
|
|
77,633
|
|
|
267,812
|
|
|
154,296
|
|
Occupancy and
equipment expenses
|
13,805
|
|
|
13,807
|
|
|
12,028
|
|
|
11,919
|
|
|
12,639
|
|
|
39,640
|
|
|
28,677
|
|
Data processing and
telecommunications expenses
|
12,226
|
|
|
10,514
|
|
|
11,954
|
|
|
11,362
|
|
|
10,372
|
|
|
34,694
|
|
|
27,151
|
|
Credit resolution
related expenses(1)
|
802
|
|
|
950
|
|
|
2,198
|
|
|
1,098
|
|
|
1,094
|
|
|
3,950
|
|
|
2,984
|
|
Advertising and
marketing expenses
|
966
|
|
|
1,455
|
|
|
2,358
|
|
|
2,250
|
|
|
1,949
|
|
|
4,779
|
|
|
5,677
|
|
Amortization of
intangible assets
|
4,190
|
|
|
5,601
|
|
|
5,631
|
|
|
5,741
|
|
|
5,719
|
|
|
15,422
|
|
|
11,972
|
|
Merger and conversion
charges
|
(44)
|
|
|
895
|
|
|
540
|
|
|
2,415
|
|
|
65,158
|
|
|
1,391
|
|
|
70,690
|
|
Other noninterest
expenses
|
25,049
|
|
|
27,378
|
|
|
27,398
|
|
|
18,137
|
|
|
18,133
|
|
|
79,825
|
|
|
47,926
|
|
Total noninterest
expense
|
153,692
|
|
|
155,768
|
|
|
138,053
|
|
|
122,564
|
|
|
192,697
|
|
|
447,513
|
|
|
349,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
150,182
|
|
|
40,845
|
|
|
23,224
|
|
|
82,207
|
|
|
27,076
|
|
|
214,251
|
|
|
129,377
|
|
Income tax
expense
|
34,037
|
|
|
8,609
|
|
|
3,902
|
|
|
20,959
|
|
|
5,692
|
|
|
46,548
|
|
|
29,184
|
|
Net
income
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
167,703
|
|
|
$
|
100,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
1.67
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
2.42
|
|
|
$
|
1.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Period End Balance
Sheet
|
Table
3
|
|
Three Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
257,026
|
|
|
$
|
292,899
|
|
|
$
|
255,312
|
|
|
$
|
246,234
|
|
|
$
|
193,976
|
|
Federal funds sold
and interest-bearing deposits in banks
|
494,765
|
|
|
428,560
|
|
|
396,844
|
|
|
375,615
|
|
|
285,713
|
|
Time deposits in
other banks
|
249
|
|
|
249
|
|
|
249
|
|
|
249
|
|
|
499
|
|
Investment securities
available for sale, at fair value
|
1,117,436
|
|
|
1,238,896
|
|
|
1,353,040
|
|
|
1,403,403
|
|
|
1,491,207
|
|
Other
investments
|
47,329
|
|
|
76,453
|
|
|
81,754
|
|
|
66,919
|
|
|
66,921
|
|
Loans held for sale,
at fair value
|
1,414,889
|
|
|
1,736,397
|
|
|
1,398,229
|
|
|
1,656,711
|
|
|
1,187,551
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
14,943,593
|
|
|
14,503,157
|
|
|
13,094,106
|
|
|
12,818,476
|
|
|
12,826,284
|
|
Allowance for loan
losses
|
(231,924)
|
|
|
(208,793)
|
|
|
(149,524)
|
|
|
(38,189)
|
|
|
(35,530)
|
|
Loans, net
|
14,711,669
|
|
|
14,294,364
|
|
|
12,944,582
|
|
|
12,780,287
|
|
|
12,790,754
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
17,969
|
|
|
23,563
|
|
|
21,027
|
|
|
19,500
|
|
|
20,710
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
231,278
|
|
|
230,118
|
|
|
231,347
|
|
|
233,102
|
|
|
239,428
|
|
Goodwill
|
928,005
|
|
|
928,005
|
|
|
931,947
|
|
|
931,637
|
|
|
911,488
|
|
Other intangible
assets, net
|
76,164
|
|
|
80,354
|
|
|
85,955
|
|
|
91,586
|
|
|
97,328
|
|
Cash value of bank
owned life insurance
|
175,605
|
|
|
175,011
|
|
|
176,239
|
|
|
175,270
|
|
|
174,442
|
|
Deferred income
taxes, net
|
53,039
|
|
|
56,306
|
|
|
24,196
|
|
|
2,180
|
|
|
22,111
|
|
Other
assets
|
348,428
|
|
|
311,454
|
|
|
323,827
|
|
|
259,886
|
|
|
282,149
|
|
Total
assets
|
$
|
19,873,851
|
|
|
$
|
19,872,629
|
|
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
$
|
17,764,277
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
5,909,316
|
|
|
$
|
5,595,868
|
|
|
$
|
4,226,253
|
|
|
$
|
4,199,448
|
|
|
$
|
4,077,856
|
|
Interest-bearing
|
10,154,490
|
|
|
9,993,950
|
|
|
9,618,365
|
|
|
9,827,625
|
|
|
9,581,738
|
|
Total
deposits
|
16,063,806
|
|
|
15,589,818
|
|
|
13,844,618
|
|
|
14,027,073
|
|
|
13,659,594
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
9,103
|
|
|
12,879
|
|
|
15,160
|
|
|
20,635
|
|
|
17,744
|
|
Other
borrowings
|
875,255
|
|
|
1,418,336
|
|
|
1,543,371
|
|
|
1,398,709
|
|
|
1,351,172
|
|
Subordinated
deferrable interest debentures
|
123,860
|
|
|
123,375
|
|
|
122,890
|
|
|
127,560
|
|
|
127,075
|
|
FDIC loss-share
payable, net
|
19,476
|
|
|
18,903
|
|
|
18,111
|
|
|
19,642
|
|
|
19,490
|
|
Other
liabilities
|
217,668
|
|
|
249,188
|
|
|
243,248
|
|
|
179,378
|
|
|
168,479
|
|
Total
liabilities
|
17,309,168
|
|
|
17,412,499
|
|
|
15,787,398
|
|
|
15,772,997
|
|
|
15,343,554
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
71,703
|
|
|
71,674
|
|
|
71,652
|
|
|
71,500
|
|
|
71,447
|
|
Capital
stock
|
1,911,031
|
|
|
1,909,839
|
|
|
1,908,721
|
|
|
1,907,108
|
|
|
1,904,789
|
|
Retained
earnings
|
587,657
|
|
|
481,948
|
|
|
460,153
|
|
|
507,950
|
|
|
457,127
|
|
Accumulated other
comprehensive income, net of tax
|
37,252
|
|
|
39,613
|
|
|
39,551
|
|
|
17,995
|
|
|
15,482
|
|
Treasury
stock
|
(42,960)
|
|
|
(42,944)
|
|
|
(42,927)
|
|
|
(34,971)
|
|
|
(28,122)
|
|
Total
shareholders' equity
|
2,564,683
|
|
|
2,460,130
|
|
|
2,437,150
|
|
|
2,469,582
|
|
|
2,420,723
|
|
Total liabilities
and shareholders' equity
|
$
|
19,873,851
|
|
|
$
|
19,872,629
|
|
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
$
|
17,764,277
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
18,018,261
|
|
|
$
|
17,983,712
|
|
|
$
|
16,324,222
|
|
|
$
|
16,321,373
|
|
|
$
|
15,858,175
|
|
Intangible
assets
|
1,004,169
|
|
|
1,008,359
|
|
|
1,017,902
|
|
|
1,023,223
|
|
|
1,008,816
|
|
Interest-bearing
liabilities
|
11,162,708
|
|
|
11,548,540
|
|
|
11,299,786
|
|
|
11,374,529
|
|
|
11,077,729
|
|
Average
assets
|
19,810,084
|
|
|
19,222,181
|
|
|
18,056,445
|
|
|
17,998,494
|
|
|
17,340,387
|
|
Average common
shareholders' equity
|
2,529,471
|
|
|
2,478,373
|
|
|
2,456,617
|
|
|
2,437,272
|
|
|
2,432,182
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Allowance for
Credit Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
31,793
|
|
|
$
|
39,266
|
|
|
$
|
28,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL adoption impact
on allowance for loan losses
|
—
|
|
|
—
|
|
|
78,661
|
|
|
—
|
|
|
—
|
|
|
78,661
|
|
|
—
|
|
CECL adoption impact
on allowance for unfunded commitments
|
—
|
|
|
—
|
|
|
12,714
|
|
|
—
|
|
|
—
|
|
|
12,714
|
|
|
—
|
|
Total CECL
adoption impact
|
—
|
|
|
—
|
|
|
91,375
|
|
|
—
|
|
|
—
|
|
|
91,375
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired allowance for
unfunded commitments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,077
|
|
|
—
|
|
|
1,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
26,692
|
|
|
68,449
|
|
|
37,047
|
|
|
5,693
|
|
|
5,989
|
|
|
132,188
|
|
|
14,065
|
|
Provision for unfunded
commitments
|
(10,131)
|
|
|
19,712
|
|
|
4,000
|
|
|
—
|
|
|
—
|
|
|
13,581
|
|
|
—
|
|
Provision for other
credit losses
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,121
|
|
|
—
|
|
Provision for
credit losses
|
17,682
|
|
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
146,890
|
|
|
14,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
7,370
|
|
|
11,282
|
|
|
6,718
|
|
|
5,664
|
|
|
5,249
|
|
|
25,370
|
|
|
14,197
|
|
Recoveries
|
3,810
|
|
|
2,101
|
|
|
2,345
|
|
|
2,630
|
|
|
2,997
|
|
|
8,256
|
|
|
6,843
|
|
Net
charge-offs
|
3,560
|
|
|
9,181
|
|
|
4,373
|
|
|
3,034
|
|
|
2,252
|
|
|
17,114
|
|
|
7,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
260,417
|
|
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
260,417
|
|
|
$
|
36,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
|
231,924
|
|
|
$
|
208,793
|
|
|
$
|
149,524
|
|
|
$
|
38,189
|
|
|
$
|
35,530
|
|
|
$
|
231,924
|
|
|
$
|
35,530
|
|
Allowance for unfunded
commitments
|
27,372
|
|
|
37,502
|
|
|
17,791
|
|
|
1,077
|
|
|
1,077
|
|
|
27,372
|
|
|
1,077
|
|
Allowance for other
credit losses
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,121
|
|
|
—
|
|
Total allowance
for credit losses
|
$
|
260,417
|
|
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
260,417
|
|
|
$
|
36,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,715
|
|
|
$
|
486
|
|
|
$
|
2,486
|
|
|
$
|
1,813
|
|
|
$
|
490
|
|
|
$
|
4,687
|
|
|
$
|
1,647
|
|
Consumer
installment
|
677
|
|
|
962
|
|
|
1,142
|
|
|
1,586
|
|
|
1,245
|
|
|
2,781
|
|
|
4,313
|
|
Indirect
automobile
|
697
|
|
|
1,016
|
|
|
1,231
|
|
|
939
|
|
|
965
|
|
|
2,944
|
|
|
965
|
|
Premium
Finance
|
1,158
|
|
|
1,904
|
|
|
831
|
|
|
899
|
|
|
1,267
|
|
|
3,893
|
|
|
3,452
|
|
Real estate -
construction and development
|
9
|
|
|
74
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|
83
|
|
|
268
|
|
Real estate -
commercial and farmland
|
2,977
|
|
|
6,315
|
|
|
928
|
|
|
181
|
|
|
1,318
|
|
|
10,220
|
|
|
3,161
|
|
Real estate -
residential
|
137
|
|
|
525
|
|
|
100
|
|
|
100
|
|
|
37
|
|
|
762
|
|
|
391
|
|
Total
charge-offs
|
7,370
|
|
|
11,282
|
|
|
6,718
|
|
|
5,664
|
|
|
5,322
|
|
|
25,370
|
|
|
14,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
470
|
|
|
303
|
|
|
362
|
|
|
934
|
|
|
300
|
|
|
1,135
|
|
|
904
|
|
Consumer
installment
|
516
|
|
|
436
|
|
|
321
|
|
|
461
|
|
1
|
590
|
|
|
1,273
|
|
|
1,094
|
|
Indirect
automobile
|
317
|
|
|
359
|
|
|
344
|
|
|
241
|
|
|
271
|
|
|
1,020
|
|
|
271
|
|
Premium
Finance
|
1,224
|
|
|
676
|
|
|
684
|
|
|
358
|
|
|
736
|
|
|
2,584
|
|
|
2,396
|
|
Real estate -
construction and development
|
182
|
|
|
168
|
|
|
342
|
|
|
430
|
|
|
930
|
|
|
692
|
|
|
1,315
|
|
Real estate -
commercial and farmland
|
904
|
|
|
21
|
|
|
85
|
|
|
140
|
|
|
74
|
|
|
1,010
|
|
|
192
|
|
Real estate -
residential
|
197
|
|
|
138
|
|
|
207
|
|
|
68
|
|
|
169
|
|
|
542
|
|
|
671
|
|
Total
recoveries
|
3,810
|
|
|
2,101
|
|
|
2,345
|
|
|
2,632
|
|
|
3,070
|
|
|
8,256
|
|
|
6,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
$
|
3,560
|
|
|
$
|
9,181
|
|
|
$
|
4,373
|
|
|
$
|
3,032
|
|
|
$
|
2,252
|
|
|
$
|
17,114
|
|
|
$
|
7,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
138,163
|
|
|
$
|
77,745
|
|
|
$
|
77,866
|
|
|
$
|
75,124
|
|
|
$
|
100,501
|
|
|
$
|
138,163
|
|
|
$
|
100,501
|
|
Other real estate
owned
|
17,969
|
|
|
23,563
|
|
|
21,027
|
|
|
19,500
|
|
|
20,710
|
|
|
17,969
|
|
|
20,710
|
|
Repossessed
assets
|
258
|
|
|
1,348
|
|
|
783
|
|
|
939
|
|
|
1,258
|
|
|
258
|
|
|
1,258
|
|
Accruing loans
delinquent 90 days or more
|
7,003
|
|
|
15,127
|
|
|
11,969
|
|
|
5,754
|
|
|
6,325
|
|
|
7,003
|
|
|
6,325
|
|
Total non-performing
assets
|
$
|
163,393
|
|
|
$
|
117,783
|
|
|
$
|
111,645
|
|
|
$
|
101,317
|
|
|
$
|
128,794
|
|
|
$
|
163,393
|
|
|
$
|
128,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.82
|
%
|
|
0.59
|
%
|
|
0.61
|
%
|
|
0.56
|
%
|
|
0.73
|
%
|
|
0.82
|
%
|
|
0.73
|
%
|
Net charge-offs as a
percent of average loans (annualized)
|
0.10
|
%
|
|
0.27
|
%
|
|
0.14
|
%
|
|
0.09
|
%
|
|
0.07
|
%
|
|
0.17
|
%
|
|
0.10
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,879,788
|
|
|
$
|
1,839,921
|
|
|
$
|
827,392
|
|
|
$
|
802,171
|
|
|
$
|
931,755
|
|
Consumer
installment
|
450,810
|
|
|
575,782
|
|
|
520,592
|
|
|
498,577
|
|
|
500,067
|
|
Indirect
automobile
|
682,396
|
|
|
739,543
|
|
|
937,736
|
|
|
1,061,824
|
|
|
1,111,815
|
|
Mortgage
warehouse
|
995,942
|
|
|
748,853
|
|
|
547,328
|
|
|
526,369
|
|
|
562,598
|
|
Municipal
|
725,669
|
|
|
731,508
|
|
|
749,633
|
|
|
564,304
|
|
|
578,267
|
|
Premium
Finance
|
710,890
|
|
|
690,584
|
|
|
661,845
|
|
|
654,669
|
|
|
656,570
|
|
Real estate -
construction and development
|
1,628,255
|
|
|
1,641,744
|
|
|
1,628,367
|
|
|
1,549,062
|
|
|
1,468,696
|
|
Real estate -
commercial and farmland
|
5,116,252
|
|
|
4,804,420
|
|
|
4,516,451
|
|
|
4,353,039
|
|
|
4,198,759
|
|
Real estate -
residential
|
2,753,591
|
|
|
2,730,802
|
|
|
2,704,762
|
|
|
2,808,461
|
|
|
2,817,757
|
|
Total
loans
|
$
|
14,943,593
|
|
|
$
|
14,503,157
|
|
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
|
$
|
12,826,284
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial,
financial and agricultural
|
$
|
459
|
|
|
$
|
591
|
|
|
$
|
575
|
|
|
$
|
516
|
|
|
$
|
521
|
|
Consumer
installment
|
36
|
|
|
42
|
|
|
4
|
|
|
8
|
|
|
9
|
|
Indirect
automobile
|
2,689
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
—
|
|
|
—
|
|
|
159
|
|
|
156
|
|
|
159
|
|
Real
estate - construction and development
|
510
|
|
|
919
|
|
|
925
|
|
|
936
|
|
|
948
|
|
Real estate -
commercial and farmland
|
56,417
|
|
|
5,252
|
|
|
5,587
|
|
|
6,732
|
|
|
8,616
|
|
Real estate -
residential
|
28,777
|
|
|
30,253
|
|
|
22,775
|
|
|
21,261
|
|
|
21,472
|
|
Total
accruing troubled debt restructurings
|
$
|
88,888
|
|
|
$
|
37,057
|
|
|
$
|
30,025
|
|
|
$
|
29,609
|
|
|
$
|
31,725
|
|
Nonaccrual troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial,
financial and agricultural
|
$
|
1,002
|
|
|
$
|
1,034
|
|
|
$
|
334
|
|
|
$
|
335
|
|
|
$
|
144
|
|
Consumer
installment
|
64
|
|
|
67
|
|
|
105
|
|
|
107
|
|
|
120
|
|
Indirect
automobile
|
482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate -
construction and development
|
709
|
|
|
307
|
|
|
289
|
|
|
253
|
|
|
258
|
|
Real estate -
commercial and farmland
|
19,942
|
|
|
1,878
|
|
|
2,415
|
|
|
2,071
|
|
|
1,958
|
|
Real estate -
residential
|
4,477
|
|
|
2,231
|
|
|
3,078
|
|
|
2,857
|
|
|
2,103
|
|
Total
nonaccrual troubled debt restructurings
|
$
|
26,676
|
|
|
$
|
5,517
|
|
|
$
|
6,221
|
|
|
$
|
5,623
|
|
|
$
|
4,583
|
|
Total
troubled debt restructurings
|
$
|
115,564
|
|
|
$
|
42,574
|
|
|
$
|
36,246
|
|
|
$
|
35,232
|
|
|
$
|
36,308
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
1,845,900
|
|
|
$
|
1,789,709
|
|
|
$
|
774,956
|
|
|
$
|
587,877
|
|
|
$
|
613,281
|
|
Grade 2 - Strong
credit
|
838,267
|
|
|
801,273
|
|
|
785,770
|
|
|
840,372
|
|
|
856,618
|
|
Grade 3 - Good
credit
|
6,189,269
|
|
|
5,784,754
|
|
|
5,772,834
|
|
|
6,034,398
|
|
|
6,086,576
|
|
Grade 4 - Satisfactory
credit
|
4,989,617
|
|
|
5,643,133
|
|
|
4,353,733
|
|
|
4,884,541
|
|
|
4,746,020
|
|
Grade 5 - Fair
credit
|
643,502
|
|
|
212,667
|
|
|
1,131,128
|
|
|
233,020
|
|
|
252,424
|
|
Grade 6 - Other assets
especially mentioned
|
151,501
|
|
|
108,704
|
|
|
106,885
|
|
|
86,412
|
|
|
114,235
|
|
Grade 7 -
Substandard
|
285,537
|
|
|
162,917
|
|
|
168,561
|
|
|
151,846
|
|
|
157,114
|
|
Grade 8 -
Doubtful
|
—
|
|
|
—
|
|
|
239
|
|
|
8
|
|
|
14
|
|
Grade 9 -
Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Total
loans
|
$
|
14,943,593
|
|
|
$
|
14,503,157
|
|
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
|
$
|
12,826,284
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
20,004
|
|
|
$
|
24,265
|
|
|
$
|
27,380
|
|
|
$
|
23,104
|
|
|
$
|
28,459
|
|
|
$
|
23,868
|
|
|
$
|
33,800
|
|
Interest-bearing
deposits in banks
|
467,188
|
|
|
398,284
|
|
|
419,260
|
|
|
304,427
|
|
|
324,127
|
|
|
428,386
|
|
|
377,290
|
|
Time deposits in other
banks
|
249
|
|
|
249
|
|
|
249
|
|
|
401
|
|
|
548
|
|
|
249
|
|
|
4,818
|
|
Investment securities
- taxable
|
1,160,585
|
|
|
1,281,980
|
|
|
1,359,651
|
|
|
1,426,062
|
|
|
1,514,534
|
|
|
1,267,015
|
|
|
1,312,776
|
|
Investment securities
- nontaxable
|
21,619
|
|
|
21,576
|
|
|
22,839
|
|
|
23,580
|
|
|
23,759
|
|
|
22,010
|
|
|
21,060
|
|
Other
investments
|
64,656
|
|
|
79,143
|
|
|
73,972
|
|
|
64,852
|
|
|
53,712
|
|
|
72,561
|
|
|
28,168
|
|
Loans held for
sale
|
1,507,481
|
|
|
1,614,080
|
|
|
1,587,131
|
|
|
1,537,648
|
|
|
856,572
|
|
|
1,569,337
|
|
|
373,699
|
|
Loans
|
14,688,317
|
|
|
13,915,406
|
|
|
12,712,997
|
|
|
12,697,912
|
|
|
12,677,063
|
|
|
13,772,102
|
|
|
9,982,560
|
|
Total Earning
Assets
|
$
|
17,930,099
|
|
|
$
|
17,334,983
|
|
|
$
|
16,203,479
|
|
|
$
|
16,077,986
|
|
|
$
|
15,478,774
|
|
|
$
|
17,155,528
|
|
|
$
|
12,134,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
5,782,163
|
|
|
$
|
5,061,578
|
|
|
$
|
4,080,920
|
|
|
$
|
4,124,872
|
|
|
$
|
4,040,592
|
|
|
$
|
4,977,833
|
|
|
$
|
3,108,638
|
|
NOW
accounts
|
2,718,315
|
|
|
2,441,305
|
|
|
2,287,947
|
|
|
2,204,666
|
|
|
2,049,175
|
|
|
2,483,383
|
|
|
1,705,108
|
|
MMDA
|
4,273,899
|
|
|
4,221,906
|
|
|
4,004,644
|
|
|
3,953,717
|
|
|
3,815,185
|
|
|
4,167,207
|
|
|
3,053,272
|
|
Savings
accounts
|
749,314
|
|
|
692,382
|
|
|
643,422
|
|
|
649,118
|
|
|
661,555
|
|
|
695,238
|
|
|
489,678
|
|
Retail CDs
|
2,274,150
|
|
|
2,471,134
|
|
|
2,624,209
|
|
|
2,721,829
|
|
|
2,804,243
|
|
|
2,455,833
|
|
|
2,222,942
|
|
Brokered
CDs
|
1,933
|
|
|
2,043
|
|
|
61,190
|
|
|
249,644
|
|
|
150,176
|
|
|
21,650
|
|
|
380,937
|
|
Total
Deposits
|
15,799,774
|
|
|
14,890,348
|
|
|
13,702,332
|
|
|
13,903,846
|
|
|
13,520,926
|
|
|
14,801,144
|
|
|
10,960,575
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
under agreements to repurchase
|
10,483
|
|
|
12,452
|
|
|
15,637
|
|
|
17,088
|
|
|
19,914
|
|
|
12,849
|
|
|
13,017
|
|
FHLB
advances
|
799,034
|
|
|
1,212,537
|
|
|
1,267,303
|
|
|
1,080,516
|
|
|
810,384
|
|
|
1,091,885
|
|
|
282,622
|
|
Other
borrowings
|
272,443
|
|
|
269,300
|
|
|
269,454
|
|
|
234,001
|
|
|
220,918
|
|
|
270,407
|
|
|
170,891
|
|
Subordinated
deferrable interest debentures
|
123,604
|
|
|
123,120
|
|
|
127,731
|
|
|
127,292
|
|
|
133,519
|
|
|
124,814
|
|
|
104,345
|
|
Total Non-Deposit
Funding
|
1,205,564
|
|
|
1,617,409
|
|
|
1,680,125
|
|
|
1,458,897
|
|
|
1,184,735
|
|
|
1,499,955
|
|
|
570,875
|
|
Total
Funding
|
$
|
17,005,338
|
|
|
$
|
16,507,757
|
|
|
$
|
15,382,457
|
|
|
$
|
15,362,743
|
|
|
$
|
14,705,661
|
|
|
$
|
16,301,099
|
|
|
$
|
11,531,450
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income
and Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
13
|
|
|
$
|
45
|
|
|
$
|
76
|
|
|
$
|
69
|
|
|
$
|
171
|
|
|
$
|
134
|
|
|
$
|
607
|
|
Interest-bearing
deposits in banks
|
152
|
|
|
122
|
|
|
1,210
|
|
|
1,089
|
|
|
1,620
|
|
|
1,484
|
|
|
6,979
|
|
Time deposits in other
banks
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
69
|
|
Investment securities
- taxable
|
7,260
|
|
|
9,346
|
|
|
10,082
|
|
|
10,358
|
|
|
11,354
|
|
|
26,688
|
|
|
29,780
|
|
Investment securities
- nontaxable (TE)
|
202
|
|
|
198
|
|
|
199
|
|
|
212
|
|
|
213
|
|
|
599
|
|
|
539
|
|
Loans held for
sale
|
10,365
|
|
|
14,053
|
|
|
13,637
|
|
|
14,330
|
|
|
7,889
|
|
|
38,055
|
|
|
10,673
|
|
Loans (TE)
|
163,352
|
|
|
162,617
|
|
|
158,636
|
|
|
169,119
|
|
|
168,239
|
|
|
484,605
|
|
|
396,918
|
|
Total Earning
Assets
|
$
|
181,345
|
|
|
$
|
186,382
|
|
|
$
|
183,841
|
|
|
$
|
195,179
|
|
|
$
|
189,488
|
|
|
$
|
551,568
|
|
|
$
|
445,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
6,525
|
|
|
$
|
9,576
|
|
|
$
|
6,562
|
|
|
$
|
9,727
|
|
|
$
|
4,222
|
|
|
$
|
22,663
|
|
|
$
|
10,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
1,394
|
|
|
$
|
1,265
|
|
|
$
|
2,774
|
|
|
$
|
2,728
|
|
|
$
|
2,843
|
|
|
$
|
5,433
|
|
|
$
|
7,212
|
|
MMDA
|
2,823
|
|
|
3,764
|
|
|
9,748
|
|
|
11,311
|
|
|
12,593
|
|
|
16,335
|
|
|
31,128
|
|
Savings
accounts
|
112
|
|
|
94
|
|
|
210
|
|
|
233
|
|
|
274
|
|
|
416
|
|
|
436
|
|
Retail
CDs
|
7,484
|
|
|
9,136
|
|
|
11,064
|
|
|
12,220
|
|
|
12,905
|
|
|
27,684
|
|
|
28,820
|
|
Brokered
CDs
|
9
|
|
|
14
|
|
|
306
|
|
|
1,478
|
|
|
810
|
|
|
329
|
|
|
6,967
|
|
Total
Interest-Bearing Deposits
|
11,822
|
|
|
14,273
|
|
|
24,102
|
|
|
27,970
|
|
|
29,425
|
|
|
50,197
|
|
|
74,563
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under
agreements to repurchase
|
9
|
|
|
25
|
|
|
40
|
|
|
41
|
|
|
32
|
|
|
74
|
|
|
45
|
|
FHLB
advances
|
661
|
|
|
1,686
|
|
|
5,109
|
|
|
5,241
|
|
|
4,618
|
|
|
7,456
|
|
|
4,803
|
|
Other
borrowings
|
3,558
|
|
|
3,487
|
|
|
3,511
|
|
|
3,358
|
|
|
3,332
|
|
|
10,556
|
|
|
7,769
|
|
Subordinated
deferrable interest debentures
|
1,346
|
|
|
1,733
|
|
|
2,061
|
|
|
2,115
|
|
|
2,185
|
|
|
5,140
|
|
|
5,323
|
|
Total Non-Deposit
Funding
|
5,574
|
|
|
6,931
|
|
|
10,721
|
|
|
10,755
|
|
|
10,167
|
|
|
23,226
|
|
|
17,940
|
|
Total
Interest-Bearing Funding
|
$
|
17,396
|
|
|
$
|
21,204
|
|
|
$
|
34,823
|
|
|
$
|
38,725
|
|
|
$
|
39,592
|
|
|
$
|
73,423
|
|
|
$
|
92,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
163,949
|
|
|
$
|
165,178
|
|
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
149,896
|
|
|
$
|
478,145
|
|
|
$
|
353,062
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.26
|
%
|
|
0.75
|
%
|
|
1.12
|
%
|
|
1.18
|
%
|
|
2.38
|
%
|
|
0.75
|
%
|
|
2.40
|
%
|
Interest-bearing
deposits in banks
|
0.13
|
%
|
|
0.12
|
%
|
|
1.16
|
%
|
|
1.42
|
%
|
|
1.98
|
%
|
|
0.46
|
%
|
|
2.47
|
%
|
Time deposits in other
banks
|
1.60
|
%
|
|
1.62
|
%
|
|
1.62
|
%
|
|
1.98
|
%
|
|
1.45
|
%
|
|
1.61
|
%
|
|
1.91
|
%
|
Investment securities
- taxable
|
2.49
|
%
|
|
2.93
|
%
|
|
2.98
|
%
|
|
2.88
|
%
|
|
2.97
|
%
|
|
2.81
|
%
|
|
3.03
|
%
|
Investment securities
- nontaxable (TE)
|
3.72
|
%
|
|
3.69
|
%
|
|
3.50
|
%
|
|
3.57
|
%
|
|
3.56
|
%
|
|
3.64
|
%
|
|
3.42
|
%
|
Loans held for
sale
|
2.74
|
%
|
|
3.50
|
%
|
|
3.46
|
%
|
|
3.70
|
%
|
|
3.65
|
%
|
|
3.24
|
%
|
|
3.82
|
%
|
Loans (TE)
|
4.42
|
%
|
|
4.70
|
%
|
|
5.02
|
%
|
|
5.28
|
%
|
|
5.27
|
%
|
|
4.70
|
%
|
|
5.32
|
%
|
Total Earning
Assets
|
4.02
|
%
|
|
4.32
|
%
|
|
4.56
|
%
|
|
4.82
|
%
|
|
4.86
|
%
|
|
4.29
|
%
|
|
4.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
0.20
|
%
|
|
0.21
|
%
|
|
0.49
|
%
|
|
0.49
|
%
|
|
0.55
|
%
|
|
0.29
|
%
|
|
0.57
|
%
|
MMDA
|
0.26
|
%
|
|
0.36
|
%
|
|
0.98
|
%
|
|
1.14
|
%
|
|
1.31
|
%
|
|
0.52
|
%
|
|
1.36
|
%
|
Savings
accounts
|
0.06
|
%
|
|
0.05
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.16
|
%
|
|
0.08
|
%
|
|
0.12
|
%
|
Retail CDs
|
1.31
|
%
|
|
1.49
|
%
|
|
1.70
|
%
|
|
1.78
|
%
|
|
1.83
|
%
|
|
1.51
|
%
|
|
1.73
|
%
|
Brokered
CDs
|
1.85
|
%
|
|
2.76
|
%
|
|
2.01
|
%
|
|
2.35
|
%
|
|
2.14
|
%
|
|
2.03
|
%
|
|
2.45
|
%
|
Total
Interest-Bearing Deposits
|
0.47
|
%
|
|
0.58
|
%
|
|
1.01
|
%
|
|
1.13
|
%
|
|
1.23
|
%
|
|
0.68
|
%
|
|
1.27
|
%
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
0.34
|
%
|
|
0.81
|
%
|
|
1.03
|
%
|
|
0.95
|
%
|
|
0.64
|
%
|
|
0.77
|
%
|
|
0.46
|
%
|
FHLB
advances
|
0.33
|
%
|
|
0.56
|
%
|
|
1.62
|
%
|
|
1.92
|
%
|
|
2.26
|
%
|
|
0.91
|
%
|
|
2.27
|
%
|
Other
borrowings
|
5.20
|
%
|
|
5.21
|
%
|
|
5.24
|
%
|
|
5.69
|
%
|
|
5.98
|
%
|
|
5.21
|
%
|
|
6.08
|
%
|
Subordinated
deferrable interest debentures
|
4.33
|
%
|
|
5.66
|
%
|
|
6.49
|
%
|
|
6.59
|
%
|
|
6.49
|
%
|
|
5.50
|
%
|
|
6.82
|
%
|
Total Non-Deposit
Funding
|
1.84
|
%
|
|
1.72
|
%
|
|
2.57
|
%
|
|
2.92
|
%
|
|
3.40
|
%
|
|
2.07
|
%
|
|
4.20
|
%
|
Total
Interest-Bearing Liabilities
|
0.62
|
%
|
|
0.75
|
%
|
|
1.24
|
%
|
|
1.37
|
%
|
|
1.47
|
%
|
|
0.87
|
%
|
|
1.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.40
|
%
|
|
3.57
|
%
|
|
3.32
|
%
|
|
3.45
|
%
|
|
3.39
|
%
|
|
3.42
|
%
|
|
3.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.64
|
%
|
|
3.83
|
%
|
|
3.70
|
%
|
|
3.86
|
%
|
|
3.84
|
%
|
|
3.72
|
%
|
|
3.89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
0.41
|
%
|
|
0.52
|
%
|
|
0.91
|
%
|
|
1.00
|
%
|
|
1.07
|
%
|
|
0.60
|
%
|
|
1.07
|
%
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
|
|
|
|
(2) Rate calculated
based on average earning assets.
|
|
|
|
|
(3) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
Adjusted Net
Income
|
Table
9A
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Net income available
to common shareholders
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
167,703
|
|
|
$
|
100,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
(44)
|
|
|
895
|
|
|
540
|
|
|
2,415
|
|
|
65,158
|
|
|
1,391
|
|
|
70,690
|
|
Restructuring
charges
|
50
|
|
|
1,463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,513
|
|
|
245
|
|
Servicing right
impairment (recovery)
|
412
|
|
|
7,989
|
|
|
22,165
|
|
|
366
|
|
|
(1,319)
|
|
|
30,566
|
|
|
141
|
|
Gain on BOLI
proceeds
|
(103)
|
|
|
(845)
|
|
|
—
|
|
|
752
|
|
|
(4,335)
|
|
|
(948)
|
|
|
(4,335)
|
|
Expenses related to
SEC/DOJ Investigation
|
268
|
|
|
1,294
|
|
|
1,443
|
|
|
463
|
|
|
—
|
|
|
3,005
|
|
|
—
|
|
Natural disaster and
pandemic charges (Note 1)
|
470
|
|
|
2,043
|
|
|
548
|
|
|
—
|
|
|
—
|
|
|
3,061
|
|
|
(39)
|
|
Loss on sale of
premises
|
(97)
|
|
|
281
|
|
|
470
|
|
|
1,413
|
|
|
889
|
|
|
654
|
|
|
4,608
|
|
Tax effect of
adjustment items (Note 2)
|
(222)
|
|
|
(2,933)
|
|
|
(5,283)
|
|
|
(898)
|
|
|
(13,238)
|
|
|
(8,438)
|
|
|
(15,167)
|
|
After tax adjustment
items
|
734
|
|
|
10,187
|
|
|
19,883
|
|
|
4,511
|
|
|
47,155
|
|
|
30,804
|
|
|
56,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense
attributable to acquisition
related compensation and acquired BOLI
|
—
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
116,879
|
|
|
$
|
42,423
|
|
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
68,539
|
|
|
$
|
198,507
|
|
|
$
|
156,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - diluted
|
69,346,141
|
|
|
69,292,972
|
|
|
69,502,022
|
|
|
69,683,999
|
|
|
69,600,499
|
|
|
69,403,104
|
|
|
54,883,122
|
|
Net income per
diluted share
|
$
|
1.67
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
0.31
|
|
|
$
|
2.42
|
|
|
$
|
1.83
|
|
Adjusted net income
per diluted share
|
$
|
1.69
|
|
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
0.98
|
|
|
$
|
2.86
|
|
|
$
|
2.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
19,810,084
|
|
|
$
|
19,222,181
|
|
|
$
|
18,056,445
|
|
|
$
|
17,998,494
|
|
|
$
|
17,340,387
|
|
|
$
|
19,045,028
|
|
|
$
|
13,483,044
|
|
Return on average
assets
|
2.33
|
%
|
|
0.67
|
%
|
|
0.43
|
%
|
|
1.35
|
%
|
|
0.49
|
%
|
|
1.18
|
%
|
|
0.99
|
%
|
Adjusted return on
average assets
|
2.35
|
%
|
|
0.89
|
%
|
|
0.87
|
%
|
|
1.47
|
%
|
|
1.57
|
%
|
|
1.39
|
%
|
|
1.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
2,529,471
|
|
|
$
|
2,478,373
|
|
|
$
|
2,456,617
|
|
|
$
|
2,437,272
|
|
|
$
|
2,432,182
|
|
|
$
|
2,500,689
|
|
|
$
|
1,813,575
|
|
Average tangible
common equity
|
$
|
1,523,066
|
|
|
$
|
1,462,871
|
|
|
$
|
1,436,108
|
|
|
$
|
1,432,081
|
|
|
$
|
1,434,829
|
|
|
$
|
1,486,579
|
|
|
$
|
1,107,743
|
|
Return on average
common equity
|
18.27
|
%
|
|
5.23
|
%
|
|
3.16
|
%
|
|
9.97
|
%
|
|
3.49
|
%
|
|
8.96
|
%
|
|
7.39
|
%
|
Adjusted return on
average tangible common equity
|
30.53
|
%
|
|
11.66
|
%
|
|
10.98
|
%
|
|
18.45
|
%
|
|
18.95
|
%
|
|
17.84
|
%
|
|
18.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1:
Pandemic charges include "thank you" pay for certain employees,
additional sanitizing expenses at our locations, protective
equipment for our employees and branch locations, and additional
equipment required to support our remote workforce.
|
Note 2: A
portion of the merger and conversion charges for 3Q19 and both
year-to-date periods are nondeductible for tax purposes.
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Adjusted
Efficiency Ratio (TE)
|
Table
9B
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
153,692
|
|
|
$
|
155,768
|
|
|
$
|
138,053
|
|
|
$
|
122,564
|
|
|
$
|
192,697
|
|
|
$
|
447,513
|
|
|
$
|
349,373
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
44
|
|
|
(895)
|
|
|
(540)
|
|
|
(2,415)
|
|
|
(65,158)
|
|
|
(1,391)
|
|
|
(70,690)
|
|
Restructuring
charges
|
(50)
|
|
|
(1,463)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,513)
|
|
|
(245)
|
|
Expenses related to
SEC/DOJ Investigation
|
(268)
|
|
|
(1,294)
|
|
|
(1,443)
|
|
|
(463)
|
|
|
—
|
|
|
(3,005)
|
|
|
—
|
|
Natural disaster and
pandemic charges
|
(470)
|
|
|
(2,043)
|
|
|
(548)
|
|
|
—
|
|
|
—
|
|
|
(3,061)
|
|
|
39
|
|
(Gain) loss on sale of
premises
|
97
|
|
|
(281)
|
|
|
(470)
|
|
|
(1,413)
|
|
|
(889)
|
|
|
(654)
|
|
|
(4,608)
|
|
Adjusted noninterest
expense
|
$
|
153,045
|
|
|
$
|
149,792
|
|
|
$
|
135,052
|
|
|
$
|
118,273
|
|
|
$
|
126,650
|
|
|
$
|
437,889
|
|
|
$
|
273,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
162,538
|
|
|
$
|
163,814
|
|
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
148,769
|
|
|
$
|
474,297
|
|
|
$
|
349,815
|
|
Noninterest
income
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
334,357
|
|
|
143,000
|
|
Total
revenue
|
$
|
321,556
|
|
|
$
|
284,774
|
|
|
$
|
202,324
|
|
|
$
|
210,464
|
|
|
$
|
225,762
|
|
|
$
|
808,654
|
|
|
$
|
492,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
163,949
|
|
|
$
|
165,178
|
|
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
149,896
|
|
|
$
|
478,145
|
|
|
$
|
353,062
|
|
Noninterest
income
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
334,357
|
|
|
143,000
|
|
Total revenue
(TE)
|
322,967
|
|
|
286,138
|
|
|
203,397
|
|
|
211,567
|
|
|
226,889
|
|
|
812,502
|
|
|
496,062
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
—
|
|
|
(14)
|
|
|
9
|
|
|
(1)
|
|
|
(4)
|
|
|
(5)
|
|
|
(139)
|
|
Loss (gain) on BOLI
proceeds
|
(103)
|
|
|
(845)
|
|
|
—
|
|
|
752
|
|
|
(4,335)
|
|
|
(948)
|
|
|
(4,335)
|
|
Servicing right
impairment (recovery)
|
412
|
|
|
7,989
|
|
|
22,165
|
|
|
366
|
|
|
(1,319)
|
|
|
30,566
|
|
|
141
|
|
Adjusted total
revenue (TE)
|
$
|
323,276
|
|
|
$
|
293,268
|
|
|
$
|
225,571
|
|
|
$
|
212,684
|
|
|
$
|
221,231
|
|
|
$
|
842,115
|
|
|
$
|
491,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
47.80
|
%
|
|
54.70
|
%
|
|
68.23
|
%
|
|
58.24
|
%
|
|
85.35
|
%
|
|
55.34
|
%
|
|
70.89
|
%
|
Adjusted
efficiency ratio (TE)
|
47.34
|
%
|
|
51.08
|
%
|
|
59.87
|
%
|
|
55.61
|
%
|
|
57.25
|
%
|
|
52.00
|
%
|
|
55.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Total shareholders'
equity
|
$
|
2,564,683
|
|
|
$
|
2,460,130
|
|
|
$
|
2,437,150
|
|
|
$
|
2,469,582
|
|
|
$
|
2,420,723
|
|
|
$
|
2,564,683
|
|
|
$
|
2,420,723
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
928,005
|
|
|
928,005
|
|
|
931,947
|
|
|
931,637
|
|
|
911,488
|
|
|
928,005
|
|
|
911,488
|
|
Other intangibles,
net
|
76,164
|
|
|
80,354
|
|
|
85,955
|
|
|
91,586
|
|
|
97,328
|
|
|
76,164
|
|
|
97,328
|
|
Total tangible
shareholders' equity
|
$
|
1,560,514
|
|
|
$
|
1,451,771
|
|
|
$
|
1,419,248
|
|
|
$
|
1,446,359
|
|
|
$
|
1,411,907
|
|
|
$
|
1,560,514
|
|
|
$
|
1,411,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,490,546
|
|
|
69,461,968
|
|
|
69,441,274
|
|
|
69,503,833
|
|
|
69,593,833
|
|
|
69,490,546
|
|
|
69,593,833
|
|
Book value per share
(period end)
|
$
|
36.91
|
|
|
$
|
35.42
|
|
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
34.78
|
|
|
$
|
36.91
|
|
|
$
|
34.78
|
|
Tangible book value
per share (period end)
|
$
|
22.46
|
|
|
$
|
20.90
|
|
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
20.29
|
|
|
$
|
22.46
|
|
|
$
|
20.29
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
119,562
|
|
|
$
|
120,330
|
|
|
$
|
118,375
|
|
|
$
|
124,957
|
|
|
$
|
124,262
|
|
|
$
|
358,267
|
|
|
$
|
294,056
|
|
Provision for credit
losses
|
487
|
|
|
86,805
|
|
|
35,997
|
|
|
4,741
|
|
|
3,549
|
|
|
123,289
|
|
|
7,913
|
|
Noninterest
income
|
15,265
|
|
|
14,468
|
|
|
17,773
|
|
|
18,632
|
|
|
21,173
|
|
|
47,506
|
|
|
50,373
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
39,718
|
|
|
40,423
|
|
|
41,621
|
|
|
38,180
|
|
|
39,794
|
|
|
121,762
|
|
|
91,954
|
|
Occupancy and
equipment expenses
|
11,955
|
|
|
11,679
|
|
|
10,347
|
|
|
10,216
|
|
|
10,750
|
|
|
33,981
|
|
|
25,065
|
|
Data processing
and telecommunications expenses
|
9,716
|
|
|
8,919
|
|
|
10,797
|
|
|
10,156
|
|
|
9,551
|
|
|
29,432
|
|
|
24,778
|
|
Other
noninterest expenses
|
21,517
|
|
|
27,997
|
|
|
30,645
|
|
|
23,176
|
|
|
87,059
|
|
|
80,159
|
|
|
126,743
|
|
Total noninterest
expense
|
82,906
|
|
|
89,018
|
|
|
93,410
|
|
|
81,728
|
|
|
147,154
|
|
|
265,334
|
|
|
268,540
|
|
Income (loss) before
income tax expense
|
51,434
|
|
|
(41,025)
|
|
|
6,741
|
|
|
57,120
|
|
|
(5,268)
|
|
|
17,150
|
|
|
67,976
|
|
Income tax expense
(benefit)
|
13,453
|
|
|
(8,582)
|
|
|
275
|
|
|
15,412
|
|
|
(1,269)
|
|
|
5,146
|
|
|
16,197
|
|
Net income
(loss)
|
$
|
37,981
|
|
|
$
|
(32,443)
|
|
|
$
|
6,466
|
|
|
$
|
41,708
|
|
|
$
|
(3,999)
|
|
|
$
|
12,004
|
|
|
$
|
51,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
20,393
|
|
|
$
|
24,302
|
|
|
$
|
17,756
|
|
|
$
|
18,223
|
|
|
$
|
13,009
|
|
|
$
|
62,451
|
|
|
$
|
26,329
|
|
Provision for credit
losses
|
15,051
|
|
|
423
|
|
|
1,997
|
|
|
1,237
|
|
|
1,490
|
|
|
17,471
|
|
|
2,235
|
|
Noninterest
income
|
137,583
|
|
|
104,195
|
|
|
34,369
|
|
|
33,335
|
|
|
52,493
|
|
|
276,147
|
|
|
84,853
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
53,500
|
|
|
50,003
|
|
|
31,097
|
|
|
28,233
|
|
|
34,144
|
|
|
134,600
|
|
|
54,237
|
|
Occupancy and
equipment expenses
|
1,676
|
|
|
1,953
|
|
|
1,504
|
|
|
1,544
|
|
|
1,686
|
|
|
5,133
|
|
|
3,122
|
|
Data processing
and telecommunications expenses
|
2,349
|
|
|
1,406
|
|
|
986
|
|
|
1,034
|
|
|
660
|
|
|
4,741
|
|
|
1,384
|
|
Other
noninterest expenses
|
7,889
|
|
|
6,949
|
|
|
5,875
|
|
|
4,553
|
|
|
3,484
|
|
|
20,713
|
|
|
7,983
|
|
Total noninterest
expense
|
65,414
|
|
|
60,311
|
|
|
39,462
|
|
|
35,364
|
|
|
39,974
|
|
|
165,187
|
|
|
66,726
|
|
Income before income
tax expense
|
77,511
|
|
|
67,763
|
|
|
10,666
|
|
|
14,957
|
|
|
24,038
|
|
|
155,940
|
|
|
42,221
|
|
Income tax
expense
|
16,112
|
|
|
14,231
|
|
|
2,408
|
|
|
3,371
|
|
|
5,048
|
|
|
32,751
|
|
|
8,831
|
|
Net income
|
$
|
61,399
|
|
|
$
|
53,532
|
|
|
$
|
8,258
|
|
|
$
|
11,586
|
|
|
$
|
18,990
|
|
|
$
|
123,189
|
|
|
$
|
33,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
6,546
|
|
|
$
|
5,026
|
|
|
$
|
3,302
|
|
|
$
|
3,771
|
|
|
$
|
3,169
|
|
|
$
|
14,874
|
|
|
$
|
8,846
|
|
Provision for credit
losses
|
495
|
|
|
403
|
|
|
(9)
|
|
|
67
|
|
|
—
|
|
|
889
|
|
|
—
|
|
Noninterest
income
|
1,064
|
|
|
727
|
|
|
960
|
|
|
610
|
|
|
560
|
|
|
2,751
|
|
|
1,389
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
266
|
|
|
209
|
|
|
210
|
|
|
325
|
|
|
286
|
|
|
685
|
|
|
609
|
|
Occupancy and
equipment expenses
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
Data processing
and telecommunications expenses
|
73
|
|
|
55
|
|
|
41
|
|
|
47
|
|
|
41
|
|
|
169
|
|
|
109
|
|
Other
noninterest expenses
|
28
|
|
|
88
|
|
|
34
|
|
|
53
|
|
|
27
|
|
|
150
|
|
|
170
|
|
Total noninterest
expense
|
368
|
|
|
353
|
|
|
286
|
|
|
426
|
|
|
356
|
|
|
1,007
|
|
|
892
|
|
Income before income
tax expense
|
6,747
|
|
|
4,997
|
|
|
3,985
|
|
|
3,888
|
|
|
3,373
|
|
|
15,729
|
|
|
9,343
|
|
Income tax
expense
|
1,431
|
|
|
1,049
|
|
|
837
|
|
|
816
|
|
|
708
|
|
|
3,317
|
|
|
1,962
|
|
Net income
|
$
|
5,316
|
|
|
$
|
3,948
|
|
|
$
|
3,148
|
|
|
$
|
3,072
|
|
|
$
|
2,665
|
|
|
$
|
12,412
|
|
|
$
|
7,381
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Sep
|
|
Sep
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
8,966
|
|
|
$
|
7,034
|
|
|
$
|
2,181
|
|
|
$
|
2,190
|
|
|
$
|
2,573
|
|
|
$
|
18,181
|
|
|
$
|
4,841
|
|
Provision for credit
losses
|
4,297
|
|
|
2,322
|
|
|
(903)
|
|
|
150
|
|
|
(15)
|
|
|
5,716
|
|
|
394
|
|
Noninterest
income
|
5,106
|
|
|
1,570
|
|
|
1,277
|
|
|
2,536
|
|
|
2,766
|
|
|
7,953
|
|
|
6,379
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
1,572
|
|
|
2,612
|
|
|
1,476
|
|
|
1,336
|
|
|
1,985
|
|
|
5,660
|
|
|
3,447
|
|
Occupancy and
equipment expenses
|
97
|
|
|
97
|
|
|
97
|
|
|
79
|
|
|
66
|
|
|
291
|
|
|
190
|
|
Data processing
and telecommunications expenses
|
4
|
|
|
15
|
|
|
13
|
|
|
5
|
|
|
22
|
|
|
32
|
|
|
27
|
|
Other
noninterest expenses
|
595
|
|
|
359
|
|
|
515
|
|
|
402
|
|
|
503
|
|
|
1,469
|
|
|
1,249
|
|
Total noninterest
expense
|
2,268
|
|
|
3,083
|
|
|
2,101
|
|
|
1,822
|
|
|
2,576
|
|
|
7,452
|
|
|
4,913
|
|
Income before income
tax expense
|
7,507
|
|
|
3,199
|
|
|
2,260
|
|
|
2,754
|
|
|
2,778
|
|
|
12,966
|
|
|
5,913
|
|
Income tax
expense
|
1,577
|
|
|
671
|
|
|
475
|
|
|
578
|
|
|
584
|
|
|
2,723
|
|
|
1,242
|
|
Net income
|
$
|
5,930
|
|
|
$
|
2,528
|
|
|
$
|
1,785
|
|
|
$
|
2,176
|
|
|
$
|
2,194
|
|
|
$
|
10,243
|
|
|
$
|
4,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
7,071
|
|
|
$
|
7,122
|
|
|
$
|
6,331
|
|
|
$
|
6,210
|
|
|
$
|
5,756
|
|
|
$
|
20,524
|
|
|
$
|
15,743
|
|
Provision for credit
losses
|
(2,648)
|
|
|
(1,792)
|
|
|
3,965
|
|
|
(502)
|
|
|
965
|
|
|
(475)
|
|
|
3,523
|
|
Noninterest
income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
6
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
1,642
|
|
|
1,921
|
|
|
1,542
|
|
|
1,568
|
|
|
1,424
|
|
|
5,105
|
|
|
4,049
|
|
Occupancy and
equipment expenses
|
76
|
|
|
77
|
|
|
79
|
|
|
79
|
|
|
135
|
|
|
232
|
|
|
296
|
|
Data processing
and telecommunications expenses
|
84
|
|
|
119
|
|
|
117
|
|
|
120
|
|
|
98
|
|
|
320
|
|
|
853
|
|
Other
noninterest expenses
|
934
|
|
|
886
|
|
|
1,056
|
|
|
1,457
|
|
|
980
|
|
|
2,876
|
|
|
3,104
|
|
Total noninterest
expense
|
2,736
|
|
|
3,003
|
|
|
2,794
|
|
|
3,224
|
|
|
2,637
|
|
|
8,533
|
|
|
8,302
|
|
Income (loss) before
income tax expense
|
6,983
|
|
|
5,911
|
|
|
(428)
|
|
|
3,488
|
|
|
2,155
|
|
|
12,466
|
|
|
3,924
|
|
Income tax expense
(benefit)
|
1,464
|
|
|
1,240
|
|
|
(93)
|
|
|
782
|
|
|
621
|
|
|
2,611
|
|
|
952
|
|
Net income
(loss)
|
$
|
5,519
|
|
|
$
|
4,671
|
|
|
$
|
(335)
|
|
|
$
|
2,706
|
|
|
$
|
1,534
|
|
|
$
|
9,855
|
|
|
$
|
2,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
162,538
|
|
|
$
|
163,814
|
|
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
148,769
|
|
|
$
|
474,297
|
|
|
$
|
349,815
|
|
Provision for credit
losses
|
17,682
|
|
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
5,989
|
|
|
146,890
|
|
|
14,065
|
|
Noninterest
income
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
76,993
|
|
|
334,357
|
|
|
143,000
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
96,698
|
|
|
95,168
|
|
|
75,946
|
|
|
69,642
|
|
|
77,633
|
|
|
267,812
|
|
|
154,296
|
|
Occupancy and
equipment expenses
|
13,805
|
|
|
13,807
|
|
|
12,028
|
|
|
11,919
|
|
|
12,639
|
|
|
39,640
|
|
|
28,677
|
|
Data processing
and telecommunications expenses
|
12,226
|
|
|
10,514
|
|
|
11,954
|
|
|
11,362
|
|
|
10,372
|
|
|
34,694
|
|
|
27,151
|
|
Other
noninterest expenses
|
30,963
|
|
|
36,279
|
|
|
38,125
|
|
|
29,641
|
|
|
92,053
|
|
|
105,367
|
|
|
139,249
|
|
Total noninterest
expense
|
153,692
|
|
|
155,768
|
|
|
138,053
|
|
|
122,564
|
|
|
192,697
|
|
|
447,513
|
|
|
349,373
|
|
Income before income
tax expense
|
150,182
|
|
|
40,845
|
|
|
23,224
|
|
|
82,207
|
|
|
27,076
|
|
|
214,251
|
|
|
129,377
|
|
Income tax
expense
|
34,037
|
|
|
8,609
|
|
|
3,902
|
|
|
20,959
|
|
|
5,692
|
|
|
46,548
|
|
|
29,184
|
|
Net income
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
21,384
|
|
|
$
|
167,703
|
|
|
$
|
100,193
|
|
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SOURCE Ameris Bancorp