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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number:  001-13901
ABCB-20200930_G1.JPG
AMERIS BANCORP
(Exact name of registrant as specified in its charter)


Georgia 58-1456434
(State of incorporation) (IRS Employer ID No.)

3490 Piedmont Rd N.E., Suite 1550
Atlanta Georgia 30305
(Address of principal executive offices)

(404) 639-6500
(Registrant’s telephone number) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $1 per share ABCB Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No   ¨
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No   ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer
       
Non-accelerated filer
 
Smaller reporting company
       
  Emerging growth company
 



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ý

 There were 69,490,546 shares of Common Stock outstanding as of October 31, 2020.



AMERIS BANCORP
TABLE OF CONTENTS

    Page
     
PART I – FINANCIAL INFORMATION  
     
Item 1.  
     
 
1
     
 
2
     
 
3
     
 
5
     
 
7
     
Item 2.
     
Item 3.
     
Item 4.
     
 
     
Item 1.
     
Item 1A.
     
Item 2.
     
Item 3.
     
Item 4.
     
Item 5.
     
Item 6.
     
 
 





Item 1. Financial Statements.
 
AMERIS BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands, except per share data)
  September 30, 2020 (unaudited) December 31, 2019
Assets    
Cash and due from banks $ 257,026  $ 246,234 
Federal funds sold and interest-bearing deposits in banks 494,765  375,615 
Cash and cash equivalents 751,791  621,849 
Time deposits in other banks 249  249 
Investment securities available for sale, at fair value, net of allowance for credit losses at $68 and $0 at September 30, 2020 and December 31, 2019, respectively
1,117,436  1,403,403 
Other investments 47,329  66,919 
Loans held for sale (includes loan at fair value of $1,368,044 and $1,656,711, respectively)
1,414,889  1,656,711 
Loans, net of unearned income 14,943,593  12,818,476 
Allowance for credit losses (231,924) (38,189)
Loans, net 14,711,669  12,780,287 
Other real estate owned, net 17,969  19,500 
Premises and equipment, net 231,278  233,102 
Goodwill 928,005  931,637 
Other intangible assets, net 76,164  91,586 
Cash value of bank owned life insurance 175,605  175,270 
Deferred income taxes, net 53,039  2,180 
Other assets 348,428  259,886 
Total assets $ 19,873,851  $ 18,242,579 
Liabilities    
Deposits:    
Noninterest-bearing $ 5,909,316  $ 4,199,448 
Interest-bearing 10,154,490  9,827,625 
Total deposits 16,063,806  14,027,073 
Securities sold under agreements to repurchase 9,103  20,635 
Other borrowings 875,255  1,398,709 
Subordinated deferrable interest debentures 123,860  127,560 
FDIC loss-share payable, net 19,476  19,642 
Other liabilities 217,668  179,378 
Total liabilities 17,309,168  15,772,997 
Commitments and Contingencies (Note 11)
Shareholders’ Equity    
Preferred stock, stated value $1,000 (5,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2020 and December 31, 2019)
—  — 
Common stock, par value $1 (200,000,000 and 100,000,000 shares authorized at September 30, 2020 and December 31, 2019, respectively; 71,702,587 and 71,499,829 shares issued at September 30, 2020 and December 31, 2019, respectively)
71,703  71,500 
Capital surplus 1,911,031  1,907,108 
Retained earnings 587,657  507,950 
Accumulated other comprehensive income, net of tax 37,252  17,995 
Treasury stock, at cost (2,212,041 shares and 1,995,996 shares at September 30, 2020 and December 31, 2019, respectively)
(42,960) (34,971)
Total shareholders’ equity 2,564,683  2,469,582 
Total liabilities and shareholders’ equity $ 19,873,851  $ 18,242,579 

 See notes to unaudited consolidated financial statements.
1


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (unaudited)
(dollars in thousands, except per share data)
  Three Months Ended
September 30,
Nine Months Ended
September 30,
  2020 2019 2020 2019
Interest income        
Interest and fees on loans $ 172,351  $ 175,046  $ 518,938  $ 404,457 
Interest on taxable securities 7,259  11,354  26,688  29,780 
Interest on nontaxable securities 159  168  473  426 
Interest on deposits in other banks and federal funds sold 165  1,793  1,621  7,655 
Total interest income 179,934  188,361  547,720  442,318 
Interest expense        
Interest on deposits 11,822  29,425  50,197  74,563 
Interest on other borrowings 5,574  10,167  23,226  17,940 
Total interest expense 17,396  39,592  73,423  92,503 
Net interest income 162,538  148,769  474,297  349,815 
Provision for loan losses 26,692  5,989  132,188  14,065 
Provision for unfunded commitments (10,131) —  13,581  — 
Provision for other credit losses 1,121  —  1,121  — 
Provision for credit losses 17,682  5,989  146,890  14,065 
Net interest income after provision for credit losses 144,856  142,780  327,407  335,750 
Noninterest income        
Service charges on deposit accounts 10,914  13,411  32,680  37,225 
Mortgage banking activity 138,627  53,041  278,885  86,241 
Other service charges, commissions and fees 1,151  1,236  3,409  2,828 
Net gain on securities —  139 
Other noninterest income 8,326  9,301  19,378  16,567 
Total noninterest income 159,018  76,993  334,357  143,000 
Noninterest expense        
Salaries and employee benefits 96,698  77,633  267,812  154,296 
Occupancy and equipment expense 13,805  12,639  39,640  28,677 
Data processing and communications expenses 12,226  10,372  34,694  27,151 
Credit resolution-related expenses 802  1,094  3,950  2,984 
Advertising and marketing expense 966  1,949  4,779  5,677 
Amortization of intangible assets 4,190  5,719  15,422  11,972 
Merger and conversion charges (44) 65,158  1,391  70,690 
Other noninterest expenses 25,049  18,133  79,825  47,926 
Total noninterest expense 153,692  192,697  447,513  349,373 
Income before income tax expense 150,182  27,076  214,251  129,377 
Income tax expense 34,037  5,692  46,548  29,184 
Net income 116,145  21,384  167,703  100,193 
Other comprehensive income        
Net unrealized holding gains (losses) arising during period on investment securities available for sale, net of tax expense (benefit) of $(663), $(244), $5,080 and $5,549
(2,494) (921) 19,110  20,873 
Reclassification adjustment for gains on investment securities included in earnings, $0, $0, $0 and $25
—  —  —  (94)
Unrealized gains (losses) on cash flow hedges arising during period, net of tax expense (benefit) of $35, $(15), $39 and $(125)
133  (59) 147  (471)
Other comprehensive income (2,361) (980) 19,257  20,308 
Total comprehensive income $ 113,784  $ 20,404  $ 186,960  $ 120,501 
Basic earnings per common share $ 1.68  $ 0.31  $ 2.42  $ 1.83 
Diluted earnings per common share $ 1.67  $ 0.31  $ 2.42  $ 1.83 
Weighted average common shares outstanding (in thousands)
       
Basic 69,231  69,372  69,243  54,762 
Diluted 69,346  69,600  69,403  54,883 
See notes to unaudited consolidated financial statements.
2


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands)
Three Months Ended September 30, 2020
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (Loss), Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance at beginning of period 71,674,087  $ 71,674  $ 1,909,839  $ 481,948  $ 39,613  2,211,305  $ (42,944) $ 2,460,130 
Issuance of restricted shares 12,500  13  (13) —  —  —  —  — 
Proceeds from exercise of stock options 16,000  16  264  —  —  —  —  280 
Share-based compensation —  —  941  —  —  —  —  941 
Purchase of treasury shares —  —  —  —  —  736  (16) (16)
Net income —  —  —  116,145  —  —  —  116,145 
Dividends on common shares ($0.15 per share)
—  —  —  (10,436) —  —  —  (10,436)
Other comprehensive income (loss) during the period —  —  —  —  (2,361) —  —  (2,361)
Balance at end of period 71,702,587  $ 71,703  $ 1,911,031  $ 587,657  $ 37,252  2,212,041  $ (42,960) $ 2,564,683 

Nine Months Ended September 30, 2020
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (Loss), Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance at beginning of period 71,499,829  $ 71,500  $ 1,907,108  $ 507,950  $ 17,995  1,995,996  $ (34,971) $ 2,469,582 
Issuance of restricted shares 164,476  164  125  —  —  —  —  289 
Forfeitures of restricted shares (11,250) (11) (159) —  —  —  —  (170)
Proceeds from exercise of stock options 49,532  50  931  —  —  —  —  981 
Share-based compensation —  —  3,026  —  —  —  —  3,026 
Purchase of treasury shares —  —  —  —  —  216,045  (7,989) (7,989)
Net income —  —  —  167,703  —  —  —  167,703 
Dividends on common shares ($0.45 per share)
—  —  —  (31,292) —  —  —  (31,292)
Cumulative effect of change in accounting for credit losses —  —  —  (56,704) —  —  —  (56,704)
Other comprehensive income (loss) during the period —  —  —  —  19,257  —  —  19,257 
Balance at end of period 71,702,587  $ 71,703  $ 1,911,031  $ 587,657  $ 37,252  2,212,041  $ (42,960) $ 2,564,683 

3


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands)

Three Months Ended September 30, 2019
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (Loss), Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance at beginning of period 49,099,332  $ 49,099  $ 1,053,500  $ 446,182  $ 16,462  1,837,748  $ (28,122) $ 1,537,121 
Issuance of common stock for acquisition 22,181,522  22,182  847,112  —  —  —  —  869,294 
Issuance of restricted shares 30,452  30  (30) —  —  —  —  — 
Proceeds from exercise of stock options 120,275  136  3,398  —  —  —  —  3,534 
Share-based compensation —  —  809  —  —  —  —  809 
Net income —  —  —  21,384  —  —  —  21,384 
Dividends on common shares ($0.15 per share)
—  —  —  (10,439) —  —  —  (10,439)
Other comprehensive income (loss) during the period —  —  —  —  (980) —  —  (980)
Balance at end of period 71,431,581  $ 71,447  $ 1,904,789  $ 457,127  $ 15,482  1,837,748  $ (28,122) $ 2,420,723 

Nine Months Ended September 30, 2019
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (Loss), Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance at beginning of period 49,014,925  $ 49,015  $ 1,051,584  $ 377,135  $ (4,826) 1,514,984  $ (16,561) $ 1,456,347 
Issuance of common stock for acquisition 22,181,522  22,182  847,112  —  —  —  —  869,294 
Issuance of restricted shares 147,574  147  768  —  —  —  —  915 
Forfeitures of restricted shares (40,423) (40) (484) —  —  —  —  (524)
Proceeds from exercise of stock options 127,983  143  3,444  —  —  —  —  3,587 
Share-based compensation —  —  2,365  —  —  —  —  2,365 
Purchase of treasury shares —  —  —  —  —  322,764  (11,561) (11,561)
Net income —  —  —  100,193  —  —  —  100,193 
Dividends on common shares ($0.35 per share)
—  —  —  (19,925) —  —  —  (19,925)
Cumulative effect of change in accounting for leases —  —  —  (276) —  —  —  (276)
Other comprehensive income (loss) during the period —  —  —  —  20,308  —  —  20,308 
Balance at end of period 71,431,581  $ 71,447  $ 1,904,789  $ 457,127  $ 15,482  1,837,748  $ (28,122) $ 2,420,723 

See notes to unaudited consolidated financial statements. 
4


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
  Nine Months Ended
September 30,
  2020 2019
Operating Activities    
Net income $ 167,703  $ 100,193 
Adjustments reconciling net income to net cash provided by (used in) operating activities:    
Depreciation 11,843  9,077 
Net (gains) losses on sale or disposal of premises and equipment including write-downs (125) 159 
Net write-downs on other assets 1,366  4,359 
Provision for credit losses 146,890  14,065 
Net losses on sale of other real estate owned including write-downs 715  158 
Share-based compensation expense 2,708  2,450 
Amortization of intangible assets 15,422  11,972 
Amortization of operating lease right-of-use assets 12,408  7,145 
Provision for deferred taxes (28,652) 12,084 
Net amortization of investment securities available for sale 4,702  3,069 
Net gain on securities (5) (139)
Accretion of discount on purchased loans, net (22,663) (9,526)
Accretion on other borrowings 152  33 
Accretion on subordinated deferrable interest debentures 1,455  1,170 
Loan servicing asset impairment 30,566  141 
Originations of mortgage loans held for sale (6,492,434) (2,376,070)
Payments received on mortgage loans held for sale 38,919  4,438 
Proceeds from sales of mortgage loans held for sale 6,888,287  1,660,599 
Net gains on sale of mortgage loans held for sale (270,503) (52,605)
Originations of SBA loans (104,160) (22,121)
Proceeds from sales of SBA loans 99,369  42,647 
Net gains on sale of SBA loans (6,250) (4,220)
Increase in cash surrender value of bank owned life insurance (2,768) (1,861)
Gain on bank owned life insurance proceeds (948) (4,335)
Loss on sale of loans —  1,954 
Changes in FDIC loss-share payable, net of cash payments 223  3,695 
Change attributable to other operating activities (114,858) 4,166 
Net cash provided by (used in) operating activities 379,362  (587,303)
Investing Activities, net of effects of business combinations    
Proceeds from maturities of time deposits in other banks —  10,313 
Purchases of securities available for sale —  (219,352)
Proceeds from prepayments and maturities of securities available for sale 306,886  176,760 
Proceeds from sales of securities available for sale —  64,995 
Net (increase) decrease in other investments 18,095  (44,936)
Net increase in loans (2,029,595) (919,493)
Purchases of premises and equipment (14,164) (5,924)
Proceeds from sales of premises and equipment 421  5,330 
Proceeds from sales of other real estate owned 7,777  7,448 
Payments paid to FDIC under loss-share agreements (389) (3,692)
Proceeds from bank owned life insurance 3,381  8,178 
Proceeds from sales of loans —  96,162 
Net cash and cash equivalents received in acquisitions (2,417) 244,181 
Net cash used in investing activities (1,710,005) (580,030)
    (Continued)

5


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
  Nine Months Ended
September 30,
  2020 2019
Financing Activities, net of effects of business combinations    
Net increase (decrease) in deposits $ 2,038,847  $ (33,042)
Net decrease in securities sold under agreements to repurchase (11,532) (24,985)
Proceeds from other borrowings 7,053,149  2,969,000 
Repayment of other borrowings (7,576,455) (1,921,267)
Repayment of subordinated deferrable interest debentures (5,155) — 
Proceeds from exercise of stock options 981  3,587 
Dividends paid - common stock (31,262) (14,237)
Purchase of treasury shares (7,988) (11,561)
Net cash provided by financing activities 1,460,585  967,495 
Net increase (decrease) in cash and cash equivalents 129,942  (199,838)
Cash and cash equivalents at beginning of period 621,849  679,527 
Cash and cash equivalents at end of period $ 751,791  $ 479,689 
Supplemental Disclosures of Cash Flow Information    
Cash paid (received) during the period for:    
Interest $ 78,705  $ 87,066 
Income taxes 56,371  32,096 
Loans transferred to other real estate owned 6,871  4,411 
Loans transferred from loans held for sale to loans held for investment 135,689  — 
Loans transferred from loans held for investment to loans held for sale 46,845  1,554 
Loans provided for the sales of other real estate owned 592  144 
Initial recognition of operating lease right-of-use assets —  27,286 
Initial recognition of operating lease liabilities —  29,651 
Right-of-use assets obtained in exchange for new operating lease liabilities 11,040  262 
Assets acquired in business acquisitions —  5,186,974 
Liabilities assumed in business acquisitions —  4,317,661 
Change in unrealized gain (loss) on securities available for sale, net of tax 19,109  20,778 
Change in unrealized gain (loss) on cash flow hedge, net of tax 147  (470)
    (Concluded)
 
See notes to unaudited consolidated financial statements.
 

6


AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
September 30, 2020
 
NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES
 
Nature of Business

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At September 30, 2020, the Bank operated 170 branches in select markets in Georgia, Alabama, Florida and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market.
 
Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the period ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto and the report of our registered independent public accounting firm included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as amended.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank of Atlanta. The required reserve rate was set to 0% effective March 26, 2020 and, accordingly, the Bank had no reserve requirement at September 30, 2020. The reserve requirement as of December 31, 2019 was $109.7 million and was met by cash on hand and balances at the Federal Reserve Bank of Atlanta which are reported on the Company's consolidated balance sheets in cash and due from banks and federal funds sold and interest-bearing deposits in banks, respectively.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Adopted in 2020

ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 requires that application development stage implementation costs incurred in a Cloud Computing Arrangement ("CCA") that are service contracts be capitalized and amortized over the term of the hosting arrangement, including renewal option terms if the customer entity is reasonably certain to exercise the option. Costs incurred in the preliminary project and post-implementation stages are expensed as incurred. Training costs and certain data conversion costs also cannot be capitalized for a CCA that is a service contract. Amortization expense of capitalized implementation costs will be presented in the same income statement caption as the CCA fees. Similarly, capitalized implementation costs will be presented in the same balance sheet caption as any prepaid CCA fees, and cash flows from capitalized implementation costs will be classified in the statement of cash flows in the same manner as payments made for the CCA fees. The requirements of ASU 2018-15 should be
7


applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. ASU 2018-15 is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. During the first quarter of 2020, the Company adopted the provision of ASU 2018-15, and the adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13). ASU 2018-13 changes fair value measurement disclosure requirements by removing certain requirements, modifying certain requirements and adding certain new requirements. Disclosure requirements removed include the following: transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for determining when transfers between any of the three levels have occurred; the valuation processes for Level 3 measurements; and the changes in unrealized gains or losses presented in earnings for Level 3 instruments held at end of the reporting period. Disclosure requirements that have been modified include the following: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee's assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and clarification that the Level 3 measurement uncertainty disclosure should communicate information about the uncertainty at the balance sheet date. New disclosure requirements include the following: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 instruments held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used for Level 3 measurements or disclosure of other quantitative information in place of the weighted average to the extent that it would be a more reasonable and rational method to reflect the distribution of unobservable inputs. ASU 2018-13 is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. During the first quarter of 2020, the Company adopted the provision of ASU 2018-13, and the adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2017-04 – Intangibles: Goodwill and Other: Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 from the goodwill impairment test to simplify the subsequent measurement of goodwill. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the income tax effects of tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. ASU 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The standard must be adopted using a prospective basis and the nature and reason for the change in accounting principle should be disclosed upon transition. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted on testing dates after January 1, 2017. During the first quarter of 2020, the Company adopted the provision of ASU 2017-04, and the adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2016-13 – Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current incurred loss approach with an expected loss model, referred to as the current expected credit loss (“CECL”) model. The new standard will apply to financial assets subject to credit losses and measured at amortized cost and certain off-balance-sheet credit exposures, which include, but are not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. ASU 2016-13 simplifies the accounting for purchased credit-impaired debt securities and loans and expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Upon adoption, ASU 2016-13 provides for a modified retrospective transition by means of a cumulative effect adjustment to equity as of the beginning of the period in which the guidance is effective.

The Company adopted ASU 2016-13 and all related subsequent amendments thereto effective January 1, 2020 using the modified retrospective approach. The Company recognized an increase in the allowance for credit losses on loans of $78.7 million, an increase in the allowance for unfunded commitments of $12.7 million and a reduction of retained earnings of $56.7 million, net of the increase in deferred tax assets of $19.0 million.

The Company adopted ASU 2016-13 using the prospective transition approach for purchased financial assets with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI") and accounted for under ASU
8


310-30. In accordance with ASU 2016-13, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. The Company determined $15.6 million of existing discounts on PCD loans was related to credit factors and was reclassified to the ACL upon adoption. The remaining discount on the PCD assets was determined to be related to noncredit factors and will be accreted into interest income on a level-yield method over the life of the loans.

In addition, for available-for-sale debt securities, the new methodology replaces the other-than-temporary impairment model and requires the recognition of an allowance for reductions in a security’s fair value attributable to declines in credit quality, instead of a direct write-down of the security, when a valuation decline is determined to be other-than-temporary. There was no financial impact related to this implementation. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest in other assets in the consolidated balance sheets. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to debt securities reversed against interest income for the three and nine months ended September 30, 2020 and 2019. Accrued interest receivable on available-for-sale debt securities totaled $4.5 million as of September 30, 2020. Refer to Note 3 for additional information.

Allowance for Credit Losses – Loans

Under the current expected credit loss model, the allowance for credit losses (“ACL”) on loans is a valuation allowance estimated at each balance sheet date in accordance with GAAP that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans.

The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL. Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets and totaled $76.0 million at September 30, 2020. During the third quarter of 2020, the Company established an ACL of $1.1 million related to deferred interest on loans modified under its Disaster Relief Program.

Expected credit losses are reflected in the allowance for credit losses through a charge to provision for credit losses. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received.

The Company measures expected credit losses of financial assets on a collective (pool) basis, when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company uses the discounted cash flow (“DCF”) method, the vintage method, the PD×LGD method or a qualitative approach as discussed further below.

The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters when it can no longer develop reasonable and supportable forecasts.

The Company has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses:

Commercial, financial, and agricultural - These loans include both secured and unsecured loans for working capital, expansion, crop production and other business purposes. Commercial, financial and agricultural loans also include certain U.S. Small Business Administration (“SBA”) loans. Short-term working capital loans are secured by non-real estate collateral such as accounts receivable, crops, inventory and equipment. The Bank evaluates the financial strength, cash flow, management, credit history of the borrower and the quality of the collateral securing the loan. The Bank often requires personal guarantees and secondary sources of repayment on commercial, financial and agricultural loans.

9


Consumer installment - These loans include home improvement loans, direct automobile loans, boat and recreational vehicle financing, and both secured and unsecured personal loans. Consumer loans carry greater risks than other loans, as the collateral can consist of rapidly depreciating assets such as automobiles and equipment that may not provide an adequate source of repayment of the loan in the case of default.

Indirect automobile - Indirect automobile loans are secured by automobile collateral, generally new and used cars and trucks from auto dealers that operate within selected states. Repayment of these loans depends largely on the personal income of the borrowers which can be affected by changes in economic conditions such as unemployment levels. Collateral consists of rapidly depreciating assets that may not provide an adequate source of repayment of the loan in the event of default.

Mortgage warehouse - Mortgage Warehouse facilities are provided to unaffiliated mortgage origination companies and are collateralized by one-to-four family residential loans or mortgage servicing rights. The originator closes new mortgage loans with the intent to sell these loans to third party investors for a profit. The Bank provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Bank has a policy that requires that it separately validate that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Bank is repaid with the proceeds received from sale of the mortgage loan to the final investor.

Municipal - Municipal loans consists of loans made to counties, municipalities and political subdivisions. The source of repayment for these loans is either general revenue of the municipality or revenues of the project being financed by the loan. These loans may be secured by real estate, machinery, equipment or assignment of certain revenues.

Premium Finance - Premium finance provides loans for the acquisition of certain commercial insurance policies. Repayment of these loans is dependent on the cash flow of the insured which can be affected by changes in economic conditions. The Bank has procedures in place to cancel the insurance policy after default by the borrower to minimize the risk of loss.

Real Estate - Construction and Development - Construction and development loans include loans for the development of residential neighborhoods, one-to-four family home residential construction loans to builders and consumers, and commercial real estate construction loans, primarily for owner-occupied and investment properties. The Company limits its construction lending risk through adherence to established underwriting procedures.

Real Estate - Commercial and Farmland - Commercial real estate loans include loans secured by owner-occupied commercial buildings for office, storage, retail, farmland and warehouse space. They also include non-owner occupied commercial buildings such as leased retail and office space. Lodging (hotel / motel) loans are a subsegment of commercial real estate loans. Commercial real estate loans may be larger in size and may involve a greater degree of risk than one-to-four family residential mortgage loans. Payments on such loans are often dependent on successful operation or management of the properties.

Real Estate - Residential - The Company's residential loans represent permanent mortgage financing and are secured by residential properties located within the Bank's market areas. Residential real estate loans also include purchased loan pools secured by residential properties located outside the Bank's market area.

Discounted Cash Flow Method

The Company uses the discounted cash flow method to estimate expected credit losses for the commercial, financial and agricultural, consumer installment, real estate - construction and development, real estate - commercial and farmland and real estate - residential loan segments. For each of these loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data adjusted based upon peer data.

The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, the Company uses a combination of national and regional data including gross domestic product, home price indices, unemployment rates, retail sales, and rental vacancy rates depending on the nature of the underlying loan pool and how well that loss driver correlates to expected future losses.

For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other
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internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.

The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the instrument’s NPV and amortized cost basis.

Vintage Method

The Company uses a vintage method to estimate expected credit losses for the indirect automobile loans segment. The Company’s vintage analysis is based on loss rates by origination date and includes data on loan amounts, loan charge-offs and recoveries by date. Using this information, vintage tables are created to evaluate loss rate patterns and develop estimated losses by vintage year. Once the tables have been calculated, reserves are estimated by multiplying the balance of a given origination year by the remaining loss to be experienced by that vintage.

PD×LGD Method

The Company uses the PD×LGD method to estimate expected credit losses (“EL”) for the premium finance and municipal loan segments. Under the PD×LGD method, the loss rate is a function of two components: (1) the lifetime default rate (“PD”); and (2) the loss given default (“LGD”). For the premium finance loan segment, calculations of lifetime default rates and corresponding loss given default rates of static pools are performed. The PD×LGD method uses the default rates and loss given default rates of different static pools to quantify the relationship between those rates and the credit mix of the pools and applies that relationship on a going forward basis. The Company has not incurred any historical defaults or charge offs in its municipal portfolio. Therefore, in lieu of historical loss rates, the Company applies historical benchmarking PD and LGD ratios provided by a reputable and independent third party to the current municipal loan balance.

Qualitative Factors

The Company uses qualitative factors for model risk uncertainty as well as for loan segment specific risks that cannot be addressed in the quantitative methods. In particular, the warehouse loan segment uses a qualitative factor for fraud losses based upon historical fraud loss data since the Company has not experienced any credit related losses in this loan segment to date.

Individually Evaluated Assets

Loans that do not share risk characteristics are evaluated on an individual basis. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset.

The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected troubled debt restructuring.

A loan that has been modified or renewed is considered a troubled debt restructuring (“TDR”) when two conditions are met: (1) the borrower is experiencing financial difficulty; and (2) concessions are made for the borrower's benefit that would not otherwise be considered for a borrower or transaction with similar credit risk characteristics. The Company’s ACL reflects all effects of a TDR when an individual asset is specifically identified as a reasonably expected TDR. The Company has determined that a TDR is reasonably expected no later than the point when the lender concludes that modification is the best course of action and it is at least reasonably possible that the troubled borrower will accept some form of concession from the lender to avoid a default. Reasonably expected TDRs and executed non-performing TDRs are evaluated individually to determine the required ACL. TDRs performing in accordance with their modified contractual terms for a reasonable period of
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time may be included in the Company’s existing pools based on the underlying risk characteristics of the loan to measure the ACL.

Loan Commitments and Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded.

The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s consolidated statements of income. The ACL on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees and is included in other liabilities on the Company’s consolidated balance sheets.

Guidance on Non-TDR Loan Modifications due to COVID-19

In April 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System (the "FRB") and the Federal Deposit Insurance Corporation (the "FDIC"), issued a revised interagency statement encouraging financial institutions to work with customers affected by the novel coronavirus pandemic (“COVID-19”) and providing additional information regarding loan modifications. The revised interagency statement clarifies the interaction between the interagency statement issued on March 22, 2020 and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Section 4013 of the CARES Act allows financial institutions to suspend the requirements to classify certain loan modifications as TDRs. The revised statement also provides supervisory interpretations on past due and nonaccrual regulatory reporting of loan modification programs and regulatory capital. This interagency guidance is expected to reduce the number of TDRs that will be reported in future periods; however, the amount is indeterminable and will depend on future developments, which are highly uncertain and cannot be accurately predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic. The Company is evaluating borrowers requesting payment relief beyond two 90-day periods under its Disaster Relief Program against existing TDR guidance and not under Section 4013 of the CARES Act.

Accounting Standards Pending Adoption

ASU No. 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments, which are elective, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has established a working committee with representatives from relevant functional areas to inventory the contracts and accounts that are tied to LIBOR and develop a transition plan for the affected items. The Company is currently evaluating the impact of adopting ASU 2020-04 on the consolidated financial statements.

ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes by removing certain technical exceptions. ASU 2019-12 also clarifies and amends the accounting for income taxes in certain areas including, among others: (i) franchise taxes that are partially based on income; (ii) whether step ups in the tax basis of goodwill should be considered part of the acquisition to which it related or recognized as a separate transaction; and (iii) requiring the effect of an enacted change in tax laws or rates to be reflected in the annual effective tax rate computation in the interim period that includes the enactment date. The Company expects to apply the amendments in this update on a modified retrospective basis for the provision related to franchise taxes and prospectively for all other amendments. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on the Company’s consolidated balance sheet,
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consolidated statement of income and comprehensive income, consolidated statement of shareholders’ equity and consolidated statement of cash flows, but it is not expected to have a material impact.

NOTE 2 – BUSINESS COMBINATIONS

In accounting for business combinations, the Company uses the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method of accounting, assets acquired, liabilities assumed and consideration exchanged are recorded at their respective acquisition date fair values. Any identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented or exchanged separately from the entity). If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Determining the fair value of assets and liabilities is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. In addition, management will assess and record the deferred tax assets and deferred tax liabilities resulting from differences in the carrying value of acquired assets and assumed liabilities for financial reporting purposes and their basis for income tax purposes, including acquired net operating loss carryforwards and other acquired assets with built-in losses that are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to applicable limitations under Section 382 of the Internal Revenue Code of 1986, as amended.

Fidelity Southern Corporation

On July 1, 2019, the Company completed its acquisition of Fidelity Southern Corporation ("Fidelity"), a bank holding company headquartered in Atlanta, Georgia. Upon consummation of the acquisition, Fidelity was merged with and into the Company, with Ameris as the surviving entity in the merger, and Fidelity's wholly owned banking subsidiary, Fidelity Bank, was merged with and into the Bank, with the Bank surviving. The acquisition expanded the Company's existing market presence in Georgia and Florida, as Fidelity Bank had a total of 62 branches at the time of closing, 46 of which were located in Georgia and 16 of which were located in Florida. Under the terms of the merger agreement, Fidelity's shareholders received 0.80 shares of Ameris common stock for each share of Fidelity common stock they previously held. As a result, the Company issued 22,181,522 shares of its common stock at a fair value of $869.3 million to Fidelity's shareholders as merger consideration.

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The following table presents the assets acquired and liabilities assumed of Fidelity as of July 1, 2019, and their fair value estimates. The fair value estimates were subject to refinement for up to one year after the closing date of the acquisition for new information obtained about facts and circumstances that existed at the acquisition date. The Company finalized its fair value adjustments during the second quarter of 2020.
(dollars in thousands) As Recorded
by Fidelity
Initial
Fair Value
Adjustments
Subsequent
Adjustments
As Recorded
by Ameris
Assets
Cash and due from banks $ 26,264  $ —  $ (2,417) (o) $ 23,847 
Federal funds sold and interest-bearing deposits in banks 217,936  —  —  217,936 
Investment securities 299,341  (1,444) (a) —  297,897 
Other investments 7,449  —  —  7,449 
Loans held for sale 328,657  (1,290) (b) 250  (p) 327,617 
Loans 3,587,412  (79,002) (c) 3,852  (q) 3,512,262 
Less allowance for loan losses (31,245) 31,245  (d) —  — 
     Loans, net 3,556,167  (47,757) 3,852  3,512,262 
Other real estate owned 7,605  (427) (e) —  7,178 
Premises and equipment 93,662  11,407  (f) (3,820) (r) 101,249 
Other intangible assets, net 10,670  39,940  (g) —  50,610 
Cash value of bank owned life insurance 72,328  —  —  72,328 
Deferred income taxes, net 104  (104) (h) —  — 
Other assets 157,863  998  (i) (17,138) (s) 141,723 
     Total assets $ 4,778,046  $ 1,323  $ (19,273) $ 4,760,096 
Liabilities
Deposits:
     Noninterest-bearing $ 1,301,829  $ —  $ (2,114) (t) $ 1,299,715 
     Interest-bearing 2,740,552  942  (j) —  2,741,494 
          Total deposits 4,042,381  942  (2,114) 4,041,209 
Securities sold under agreements to repurchase 22,345  —  —  22,345 
Other borrowings 149,367  2,265  (k) (300) (u) 151,332 
Subordinated deferrable interest debentures 46,393  (9,675) (l) —  36,718 
Deferred tax liability, net 12,222  (11,401) (m) 497  (v) 1,318 
Other liabilities 65,027  538  (n) (839) (w) 64,726 
     Total liabilities 4,337,735  (17,331) (2,756) 4,317,648 
Net identifiable assets acquired over (under) liabilities assumed 440,311  18,654  (16,517) 442,448 
Goodwill —  410,348  16,517  426,865 
Net assets acquired over liabilities assumed $ 440,311  $ 429,002  $ —  $ 869,313 
Consideration:
     Ameris Bancorp common shares issued 22,181,522 
     Price per share of the Company's common stock 39.19 
          Company common stock issued $ 869,294 
          Cash exchanged for shares $ 19 
     Fair value of total consideration transferred $ 869,313 
____________________________________________________________

Explanation of fair value adjustments
(a)Adjustment reflects the fair value adjustments of the portfolio of investment securities as of the acquisition date.
(b)Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loans held for sale.
(c)Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loan portfolio, net of the reversal of Fidelity's unamortized accounting adjustments from Fidelity's prior acquisitions, loan premiums, loan discounts, deferred loan origination costs and deferred loan origination fees.
(d)Adjustment reflects the elimination of Fidelity's allowance for loan losses.
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(e)Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired OREO portfolio.
(f)Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment.
(g)Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts, net of reversal of Fidelity's remaining intangible assets from its past acquisitions.
(h)Adjustment reflects the reclassification of Fidelity's deferred tax asset against the deferred tax liability.
(i)Adjustment reflects the fair value adjustment to other assets.
(j)Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired deposits.
(k)Adjustment reflects the fair value adjustment to the other borrowings at the acquisition date, net of reversal of Fidelity's unamortized deferred issuance costs.
(l)Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures at the acquisition date.
(m)Adjustment reflects the deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes and reclassification of Fidelity's deferred tax asset against the deferred tax liability.
(n)Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired other liabilities.
(o)Subsequent to acquisition, cash and due from banks were adjusted for Fidelity reconciling items.
(p)Adjustment reflects additional recording of fair value adjustments to loans held for sale.
(q)Adjustment reflects additional recording of fair value adjustments of the acquired loan portfolio.
(r)Adjustment reflects additional recording of fair value adjustments to premises and equipment.
(s)Adjustment reflects additional recording of fair value adjustments to other assets and includes a reclassification of deferred income taxes to current income taxes.
(t)Subsequent to acquisition, noninterest-bearing deposits were adjusted for Fidelity reconciling items.
(u)Adjustment reflects additional recording of fair value adjustments to other borrowings.
(v)Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes and includes a reclassification of deferred income taxes to current income taxes.
(w)Adjustment reflects additional recording of fair value adjustments to other liabilities.

Goodwill of $426.9 million, which is the excess of the purchase price over the fair value of net assets acquired, was recorded in the Fidelity acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes.

In the acquisition, the Company purchased $3.51 billion of loans at fair value, net of $75.2 million, or 2.09%, estimated discount to the acquired carrying value. Of the total loans acquired, management identified $121.3 million that were considered to be credit impaired and were accounted for under ASC Topic 310-30 prior to the adoption of ASC 326 on January 1, 2020. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments.

(dollars in thousands)
Contractually required principal and interest $ 191,534 
Non-accretable difference (23,058)
Cash flows expected to be collected 168,476 
Accretable yield (47,173)
Total purchased credit-impaired loans acquired $ 121,303 

The following table presents the acquired loan data for the Fidelity acquisition.
(dollars in thousands) Fair Value of
Acquired Loans at
Acquisition Date
Gross Contractual
Amounts Receivable
at Acquisition Date
Estimate at
Acquisition Date of
Contractual Cash
Flows Not Expected
to be Collected
Acquired receivables subject to ASC 310-30 $ 121,303  $ 191,534  $ 23,058 
Acquired receivables not subject to ASC 310-30 $ 3,390,959  $ 4,217,890  $ 33,076 
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Pro Forma Financial Information

The results of operations of Fidelity subsequent to its acquisition date are included in the Company’s consolidated statements of income and comprehensive income. The following unaudited pro forma information reflects the Company’s estimated consolidated results of operations as if the acquisitions had occurred on January 1, 2019, unadjusted for potential cost savings. Merger and conversion charges are not included in the pro forma information below.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in thousands, except per share data; shares in thousands) 2020 2019 2020 2019
Net interest income and noninterest income $ 321,556  $ 225,762  $ 808,654  $ 618,148 
Net income $ 116,111  $ 73,213  $ 168,804  $ 165,561 
Net income available to common shareholders $ 116,111  $ 73,213  $ 168,804  $ 165,561 
Income per common share available to common shareholders – basic $ 1.68  $ 1.06  $ 2.44  $ 2.38 
Income per common share available to common shareholders – diluted $ 1.67  $ 1.05  $ 2.43  $ 2.38 
Average number of shares outstanding, basic 69,231  69,372  69,243  69,469 
Average number of shares outstanding, diluted 69,346  69,600  69,403  69,590 

NOTE 3 – INVESTMENT SECURITIES
 
The amortized cost and estimated fair value of securities available for sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:
(dollars in thousands) Amortized
Cost
Allowance for Credit Losses Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
September 30, 2020
U.S. government sponsored agencies $ 17,184  $ —  $ 420  $ —  $ 17,604 
State, county and municipal securities 84,219  —  3,429  —  87,648 
Corporate debt securities 51,659  (68) 826  (276) 52,141 
SBA pool securities 62,204  —  3,019  (107) 65,116 
Mortgage-backed securities 855,083  —  39,942  (98) 894,927 
Total debt securities $ 1,070,349  $ (68) $ 47,636  $ (481) $ 1,117,436 
December 31, 2019
U.S. government sponsored agencies $ 22,246  $ —  $ 116  $ —  $ 22,362 
State, county and municipal securities 102,952  —  2,310  (2) 105,260 
Corporate debt securities 51,720  —  1,281  (2) 52,999 
SBA pool securities 73,704  —  617  (409) 73,912 
Mortgage-backed securities 1,129,816  —  19,937  (883) 1,148,870 
Total debt securities $ 1,380,438  $ —  $ 24,261  $ (1,296) $ 1,403,403 

The amortized cost and estimated fair value of debt securities available for sale securities as of September 30, 2020, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:
(dollars in thousands)
Amortized
Cost
Estimated
Fair
Value
Due in one year or less $ 35,577  $ 35,851 
Due from one year to five years 56,870  58,892 
Due from five to ten years 68,527  71,211 
Due after ten years 54,292  56,555 
Mortgage-backed securities 855,083  894,927 
  $ 1,070,349  $ 1,117,436 
 
Securities with a carrying value of approximately $595.7 million serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law at September 30, 2020, compared with $679.6 million at December 31, 2019.
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The following table shows the gross unrealized losses and estimated fair value of securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at September 30, 2020 and December 31, 2019.
  Less Than 12 Months 12 Months or More Total
(dollars in thousands) Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
September 30, 2020            
Corporate debt securities $ 9,906  $ (276) $ —  $ —  $ 9,906  $ (276)
SBA pool securities —  —  4,276  (107) 4,276  (107)
Mortgage-backed securities 24,687  (98) —  24,689  (98)
Total debt securities $ 34,593  $ (374) $ 4,278  $ (107) $ 38,871  $ (481)
December 31, 2019            
State, county and municipal securities $ 803  $ (2) $ —  $ —  $ 803  $ (2)
Corporate debt securities 2,573  (2) —  —  2,573  (2)
SBA pool securities 28,521  (285) 4,825  (124) 33,346  (409)
Mortgage-backed securities 99,279  (416) 52,326  (467) 151,605  (883)
Total debt securities $ 131,176  $ (705) $ 57,151  $ (591) $ 188,327  $ (1,296)
 
As of September 30, 2020, the Company’s security portfolio consisted of 524 securities, 30 of which were in an unrealized loss position. At September 30, 2020, the Company held 17 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At September 30, 2020, the Company held seven SBA pool securities and six corporate securities that were in an unrealized loss position.

During 2020 and 2019, the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information and credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at September 30, 2020 or December 31, 2019.
 
Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these investment securities at an unrealized loss position at September 30, 2020, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at September 30, 2020, management determined $68,000 was attributable to credit impairment and increased the allowance for credit losses accordingly. The remaining $481,000 in unrealized loss was determined to be from factors other than credit.
(dollars in thousands) Nine Months Ended
September 30, 2020
Allowance for credit losses
Beginning balance $ — 
Current-period provision for expected credit losses 68 
Ending balance $ 68 
 
At September 30, 2020 and December 31, 2019, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.
 
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The following table is a summary of sales activities in the Company’s investment securities available for sale for the nine months ended September 30, 2020 and 2019:
(dollars in thousands) September 30, 2020 September 30, 2019
Gross gains on sales of securities $ —  $ 522 
Gross losses on sales of securities —  (464)
Net realized gains on sales of securities available for sale $ —  $ 58 
Sales proceeds $ —  $ 64,995 

Total gain on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the nine months ended September 30, 2020 and 2019:
(dollars in thousands) September 30, 2020 September 30, 2019
Net realized gains on sales of securities available for sale $ —  $ 58 
Unrealized holding gains on equity securities 19 
Net realized gains on sales of other investments —  62 
Total gain on securities $ $ 139 

NOTE 4 – LOANS

The Bank engages in a full complement of lending activities, including real estate-related loans, agriculture-related loans, commercial and financial loans and consumer installment loans within select markets in Georgia, Alabama, Florida and South Carolina. The Bank purchased residential mortgage loan pools during 2015 and 2016 collateralized by properties located outside our Southeast markets, specifically in California, Washington and Illinois. During the third quarter of 2016, the Bank began purchasing from unrelated third parties consumer installment home improvement loans made to borrowers throughout the United States. The Bank also offers certain SBA and commercial insurance premium finance loans nationally. Loans outstanding under the SBA's Paycheck Protection Program ("PPP") are reported in the commercial, financial and agricultural loan category.

The Bank concentrates the majority of its lending activities in real estate loans. While risk of loss in the Company’s portfolio is primarily tied to the credit quality of the various borrowers, risk of loss may increase due to factors beyond the Company’s control, such as local, regional and/or national economic downturns. General conditions in the real estate market may also impact the relative risk in the real estate portfolio. A substantial portion of the Bank’s loans are secured by real estate in the Bank’s primary market area. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio is susceptible to changes in real estate conditions in the Bank’s primary market area.

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:
(dollars in thousands) September 30, 2020 December 31, 2019
Commercial, financial and agricultural $ 1,879,788  $ 802,171 
Consumer installment 450,810  498,577 
Indirect automobile 682,396  1,061,824 
Mortgage warehouse 995,942  526,369 
Municipal 725,669  564,304 
Premium finance 710,890  654,669 
Real estate – construction and development 1,628,255  1,549,062 
Real estate – commercial and farmland 5,116,252  4,353,039 
Real estate – residential 2,753,591  2,808,461 
  $ 14,943,593  $ 12,818,476 
 
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The following is a summary of changes in the accretable discounts of purchased loans during the nine months ended September 30, 2019:
(dollars in thousands) September 30, 2019
Balance, January 1 $ 40,496 
Additions due to acquisitions 38,116 
Accretion (10,503)
Transfers between non-accretable and accretable discounts, net (2,052)
Ending balance $ 66,057 
 
Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged against interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

The following table presents an analysis of loans accounted for on a nonaccrual basis:
(dollars in thousands) September 30, 2020 December 31, 2019
Commercial, financial and agricultural $ 11,844  $ 9,236 
Consumer installment 947  831 
Indirect automobile 1,936  1,746 
Premium finance —  600 
Real estate – construction and development 5,666  1,988 
Real estate – commercial and farmland 39,248  23,797 
Real estate – residential 78,522  36,926 
  $ 138,163  $ 75,124 

There was no interest income recognized on nonaccrual loans during the nine months ended September 30, 2020.

The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

(dollars in thousands) September 30, 2020
Commercial, financial and agricultural $ 1,060 
Real estate – construction and development 1,947 
Real estate – commercial and farmland 9,650 
Real estate – residential 24,920 
$ 37,577 


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The following table presents an analysis of past-due loans as of September 30, 2020 and December 31, 2019:
(dollars in thousands) Loans
30-59
Days Past
Due
Loans
60-89
Days
Past Due
Loans 90
or More
Days Past
Due
Total
Loans
Past Due
Current
Loans
Total
Loans
Loans 90
Days or
More Past
Due and
Still
Accruing
September 30, 2020              
Commercial, financial and agricultural $ 6,419  $ 1,892  $ 4,831  $ 13,142  $ 1,866,646  $ 1,879,788  $ — 
Consumer installment 2,552  1,441  1,942  5,935  444,875  450,810  1,305 
Indirect automobile 2,603  796  1,440  4,839  677,557  682,396  — 
Mortgage warehouse —  —  —  —  995,942  995,942  — 
Municipal —  —  —  —  725,669  725,669  — 
Premium finance 5,403  4,517  3,774  13,694  697,196  710,890  3,774 
Real estate – construction and development 7,268  4,700  4,452  16,420  1,611,835  1,628,255  1,883 
Real estate – commercial and farmland 9,962  1,407  9,969  21,338  5,094,914  5,116,252  — 
Real estate – residential 16,808  4,070  73,188  94,066  2,659,525  2,753,591  41 
Total $ 51,015  $ 18,823  $ 99,596  $ 169,434  $ 14,774,159  $ 14,943,593  $ 7,003 
December 31, 2019              
Commercial, financial and agricultural $ 3,609  $ 2,251  $ 6,484  $ 12,344  $ 789,827  $ 802,171  $ — 
Consumer installment 3,488  1,336  1,452  6,276  492,301  498,577  922 
Indirect automobile 5,978  1,067  1,522  8,567  1,053,257  1,061,824  21 
Mortgage warehouse —  —  —  —  526,369  526,369  — 
Municipal —  —  —  —  564,304  564,304  — 
Premium finance 13,801  8,022  5,411  27,234  627,435  654,669  4,811 
Real estate – construction and development 7,785  1,224  1,583  10,592  1,538,470  1,549,062  — 
Real estate – commercial and farmland 7,404  3,405  15,598  26,407  4,326,632  4,353,039  — 
Real estate – residential 46,226  15,277  31,083  92,586  2,715,875  2,808,461  — 
Total $ 88,291  $ 32,582  $ 63,133  $ 184,006  $ 12,634,470  $ 12,818,476  $ 5,754 

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment. These loans are written down to the lower of cost or collateral value less estimated selling costs. As of September 30, 2020, there were $164.0 million of collateral-dependent loans which are primarily secured by real estate, equipment and receivables.
 
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Impaired Loans

Prior to the adoption of ASU 2016-13, loans were considered impaired when, based on current information and events, it was probable the Company would be unable to collect all amounts due in accordance with the original contractual terms of the loan agreements. Impaired loans include loans on nonaccrual status and accruing troubled debt restructurings. When determining if the Company would be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement, the Company considered the borrower’s capacity to pay, which included such factors as the borrower’s current financial statements, an analysis of global cash flow sufficient to pay all debt obligations and an evaluation of secondary sources of repayment, such as guarantor support and collateral value. The Company individually assessed for impairment all nonaccrual loans greater than $100,000 and all troubled debt restructurings greater than $100,000 (including all troubled debt restructurings, whether or not currently classified as such).