ATLANTA, Jan. 28, 2021 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) (the "Company") today reported net income of
$94.3 million, or $1.36 per diluted share, for the quarter ended
December 31, 2020, compared with
$61.2 million, or $0.88 per diluted share, for the quarter ended
December 31, 2019. The increase
in net income is primarily attributable to increases in mortgage
banking activity of $62.0 million and
net interest income of $8.1 million,
partially offset by an increase of $22.8
million in salaries and employee benefits, compared with the
fourth quarter of 2019. The Company reported adjusted net
income of $102.0 million, or
$1.47 per diluted share, for the
quarter ended December 31, 2020, compared with $66.6 million, or $0.96 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 ended December 31, 2020, the Company reported
net income of $262.0 million, or
$3.77 per diluted share, compared
with $161.4 million, or $2.75 per diluted share, for the year ended
December 31, 2019. The Company reported adjusted net
income of $300.5 million, or
$4.33 per diluted share, for the year
ended December 31, 2020, compared with $222.9 million, or $3.80 per diluted share, for the year ended
December 31, 2019. Adjusted net income for the year
excludes the same items listed above for the Company's fourth
quarter.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "Last quarter, I commented on the optimistic outlook
for the remainder of 2020 and we delivered on that optimism this
quarter. Our team remained focused and we had many successes
during the quarter, including reducing our NPAs down to 48bps of
total assets, maintaining our margin and continuing to safely grow
the balance sheet to over $20 billion
in assets for the first time in our history. While 2020 was
not the year that we had anticipated, I am extremely pleased with
the adaptability of our Ameris teammates, our ability to serve our
customers and our record financial results this year. We are
well positioned for 2021 and look forward to our continued
success."
Significant items from the Company's results for the fourth
quarter of 2020 include the following:
- Net income of $94.3 million, or
$1.36 per diluted share, compared
with $116.1 million, or $1.67 per diluted share, for the third quarter of
2020
- Tangible book value growth of $1.23 per share, or 5.5%, to $23.69 compared with $22.46 last quarter
- Successfully negotiated the termination of our remaining
loss-share agreements with the FDIC
- Net interest margin stable at 3.64%, compared with the third
quarter of 2020
- Reduced exposure to hotel industry by $87.5 million through the sale of selected
notes
- Non-performing assets decreased to 0.48% of total assets at
December 31, 2020, compared with
0.82% at September 30, 2020
Highlights of the Company's results for the full year 2020
include the following:
- Growth in net income of $100.5
million, from $161.4 million
in 2019 to $262.0 million in
2020
- Adjusted return on average assets of 1.56%, compared with 1.52%
in 2019
- Improvement in adjusted efficiency ratio to 52.17% in 2020,
compared with 55.67% in 2019
- Growth in tangible book value of 13.8%, from $20.81 at the end of 2019 to $23.69 at the end of 2020
- Organic growth in loans of $1.66
billion, or 13.0% (and $834.8
million, or 6.5%, exclusive of PPP loans)
- Improvement in deposit mix such that noninterest bearing
deposits represent 36.27% of total deposits, up from 29.94% at
December 31, 2019
Following is a summary of the adjustments between reported net
income and adjusted net income:
Adjusted Net
Income Reconciliation
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
(dollars in
thousands, except per share data)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income available
to common shareholders
|
$
|
94,285
|
|
|
$
|
61,248
|
|
|
$
|
261,988
|
|
|
$
|
161,441
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
|
2,415
|
|
|
1,391
|
|
|
73,105
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
1,513
|
|
|
245
|
|
Servicing right
impairment
|
9,501
|
|
|
366
|
|
|
40,067
|
|
|
507
|
|
Gain on BOLI
proceeds
|
—
|
|
|
752
|
|
|
(948)
|
|
|
(3,583)
|
|
Expenses related to
SEC and DOJ investigation
|
53
|
|
|
463
|
|
|
3,058
|
|
|
463
|
|
Natural disaster and
pandemic charges (Note 1)
|
235
|
|
|
—
|
|
|
3,296
|
|
|
(39)
|
|
(Gain) loss on sale of
premises
|
(30)
|
|
|
1,413
|
|
|
624
|
|
|
6,021
|
|
Tax effect of
adjustment items (Note 2)
|
(2,049)
|
|
|
(898)
|
|
|
(10,488)
|
|
|
(16,065)
|
|
After-tax adjustment
items
|
7,710
|
|
|
4,511
|
|
|
38,513
|
|
|
60,654
|
|
|
|
|
|
|
|
|
|
Tax expense
attributable to merger related compensation and
acquired BOLI
|
—
|
|
|
849
|
|
|
—
|
|
|
849
|
|
Adjusted net
income
|
$
|
101,995
|
|
|
$
|
66,608
|
|
|
$
|
300,501
|
|
|
$
|
222,944
|
|
|
|
|
|
|
|
|
|
Reported net income
per diluted share
|
$
|
1.36
|
|
|
$
|
0.88
|
|
|
$
|
3.77
|
|
|
$
|
2.75
|
|
Adjusted net income
per diluted share
|
$
|
1.47
|
|
|
$
|
0.96
|
|
|
$
|
4.33
|
|
|
$
|
3.80
|
|
|
|
|
|
|
|
|
|
Reported return on
average assets
|
1.89
|
%
|
|
1.35
|
%
|
|
1.36
|
%
|
|
1.10
|
%
|
Adjusted return on
average assets
|
2.04
|
%
|
|
1.47
|
%
|
|
1.56
|
%
|
|
1.52
|
%
|
|
|
|
|
|
|
|
|
Reported return on
average common equity
|
14.30
|
%
|
|
9.97
|
%
|
|
10.35
|
%
|
|
8.19
|
%
|
Adjusted return on
average tangible common equity
|
25.04
|
%
|
|
18.45
|
%
|
|
19.77
|
%
|
|
18.74
|
%
|
|
|
|
|
|
|
|
|
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 are nondeductible for
tax purposes.
|
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2020 totaled
$642.9 million, compared with
$509.5 million for 2019. The
Company's net interest margin was 3.70% for 2020, down from 3.88%
reported for 2019. Accretion income for 2020 increased to
$27.4 million, compared with
$19.9 million for 2019. The
decrease in net interest margin is primarily attributable to a
decrease in the yield on earning assets resulting from declines in
market interest rates, partially offset by a decrease in funding
costs.
Net interest income on a tax-equivalent basis for the fourth
quarter of 2020 totaled $164.8
million, compared with $163.9
million for the third quarter of 2020 and $156.5 million for the fourth quarter of
2019. The Company's net interest margin was 3.64% for the
fourth quarter of 2020, flat compared with 3.64% reported for the
third quarter of 2020 and down from 3.86% reported for the fourth
quarter of 2019. The stability in net interest margin in the
current quarter is primarily attributable to continued focus on
management of cost of funds as yields on earning assets
decline. Contributing to net interest income for the fourth
quarter of 2020 was $6.3 million
related to accelerated fee income on PPP loan forgiveness,
partially offset by $2.3 million in
interest reversals related to the sale of certain hotel
loans. Accretion income for the fourth quarter of 2020
decreased to $4.7 million, compared
with $6.5 million for the third
quarter of 2020 and $9.7 million for
the fourth quarter of 2019. The decrease in accretion income
in the fourth quarter is primarily attributable to decreased
accretion on payoffs compared with the third quarter of
2020.
Yields on loans decreased to 4.41% during the fourth quarter of
2020, compared with 4.42% for the third quarter of 2020 and 5.28%
reported for the fourth quarter of 2019. Loan production in
the banking division during the fourth quarter of 2020 totaled
$784.9 million, with weighted average
yields of 3.86%, compared with $869.0
million and 4.00%, respectively, in the third quarter of
2020 and $1.1 billion and 4.70%,
respectively, in the fourth 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 fourth
quarter of 2020, with weighted average yields of 3.25%, compared
with $7.7 billion and 3.33%,
respectively, during the third quarter of 2020 and $4.1 billion and 4.29%, respectively, during the
fourth quarter of 2019.
Interest expense during the fourth quarter of 2020 decreased to
$15.3 million, compared with
$17.4 million in the third quarter of
2020 and $38.7 million in the fourth
quarter of 2019. The Company's total cost of funds moved five
basis points lower to 0.36% in the fourth quarter of 2020 as
compared with the third quarter of 2020. Deposit costs
decreased eight basis points during the fourth quarter of 2020 to
0.22%, compared with 0.30% in the third quarter of 2020.
Costs of interest-bearing deposits decreased during the quarter
from 0.47% in the third quarter of 2020 to 0.34% in the fourth
quarter of 2020.
Noninterest Income
Noninterest income increased $248.4
million, or 125.4%, to $446.5
million for 2020, compared with $198.1 million for 2019, as a result of increased
mortgage banking activity. Mortgage banking activity
increased $254.7 million, or 213.3%,
to $374.1 million for 2020, compared
with $119.4 million for 2019, as a
result of a production increase of $5.44
billion, or 125.9%, over the same period. Gain on sale
spreads increased to 3.79% in 2020 compared with 2.75% in 2019.
Noninterest income decreased $46.9
million, or 29.5%, in the fourth quarter of 2020 to
$112.1 million, compared with
$159.0 million for the third quarter
of 2020, primarily as a result of decreased mortgage banking
activity.
Mortgage banking activity decreased $43.4
million, or 31.3%, to $95.2
million in the fourth quarter of 2020, compared with
$138.6 million for the third quarter
of 2020. This decrease was a result of decreased production,
increased servicing right impairment and a decline in the retail
mortgage open pipeline, partially offset by an expansion in our
gain on sale spread. Gain on sale spreads increased to 4.34% in the
fourth quarter of 2020 from 3.92% for the third quarter of 2020.
Total production in the retail mortgage division decreased to
$2.81 billion in the fourth quarter
of 2020, compared with $2.92 billion
for the third quarter of 2020. Mortgage banking activity was
negatively impacted during the fourth quarter of 2020 by a
$9.1 million servicing right
impairment, compared with an impairment of $1.1 million for the third quarter of 2020. The
retail mortgage open pipeline was $2.00
billion at the end of the fourth quarter of 2020, compared
with $2.71 billion at September 30, 2020.
Service charge revenue increased $551,000, or 5.0%, to $11.5 million in the fourth quarter of 2020,
compared with $10.9 million for the
third quarter of 2020, resulting from an increase in volume. Other
noninterest income decreased $3.9
million, or 46.4%, to $4.5
million for the fourth quarter of 2020, compared with
$8.4 million for the third quarter of
2020, primarily as a result of decreases in the gain on sales of
SBA loans and SBA servicing right valuation adjustment of
$2.7 million and $1.1 million, respectively.
Noninterest Expense
Noninterest expense increased $126.7
million, or 26.8%, to $598.6
million in 2020, compared with $471.9
million in 2019. During 2020, the Company recorded
$9.9 million of charges to earnings,
the majority of which related to natural disaster and pandemic
charges and certain legal expenses, compared with $79.8 million in charges in 2019 that were
principally related to merger and conversion charges and loss on
sale of premises. Excluding these charges, adjusted expenses
increased $196.6 million, or 50.1%,
to $588.7 million in 2020, from
$392.1 million in 2019. The
majority of this increase is attributable to the acquisition of
Fidelity Bank and 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 55.67% in 2019 to 52.17% in 2020.
Noninterest expense decreased $2.6
million, or 1.7%, to $151.1
million during the fourth quarter of 2020, compared with
$153.7 million for the third quarter
of 2020. During the fourth quarter of 2020, the Company
recorded $258,000 of charges to
earnings, related to certain legal expenses, natural disaster and
pandemic charges and (gain) loss on sale of premises, compared with
$647,000 in charges in the third
quarter of 2020 that were related to the same items, in addition to
merger and conversion charges and restructuring charges associated
with branch consolidations and efficiency initiatives.
Excluding these charges, adjusted expenses decreased approximately
$2.2 million, or 1.4%, to
$150.9 million in the fourth quarter
of 2020, from $153.0 million in the
third quarter of 2020. The majority of this decrease is
attributable to variable expenses related to decreased mortgage
production. Also during the fourth quarter, the Company incurred a
$765,000 expense related to the final
termination of the remaining loss-share agreements with the
FDIC. The Company made a $1.0
million donation to the Ameris Bank Foundation as
well. The adjusted efficiency ratio was 52.67% in the fourth
quarter of 2020, compared with 47.34% in the third quarter of
2020.
Income Tax Expense
The Company's effective tax rate for the fourth quarter of 2020
was 25.2%, compared with 22.7% in the third quarter of 2020. The
increased rate for the fourth quarter of 2020 was primarily a
result of a large return to provision adjustment when the Company
filed its 2019 income tax returns in the fourth quarter of
2020.
Balance Sheet Trends
Total assets at December 31, 2020 were $20.44 billion, compared with $18.24 billion at December
31, 2019. Total loans, including loans held for sale,
were $15.65 billion at
December 31, 2020, compared with $14.48
billion at December 31,
2019. Total loans held for investment were $14.48 billion at December 31, 2020,
compared with $12.82 billion at
December 31, 2019, an increase of
$1.66 billion, or 13.0%. Loan
production in the banking division during the fourth quarter of
2020 was down 10% from the third quarter of 2020 and 28% from the
fourth quarter of 2019. Loan growth for the year ended
December 31, 2020 was driven by PPP
loan originations, which totaled $827.6
million in outstanding balances at December 31, 2020, and increases in commercial
real estate and warehouse lending.
At December 31, 2020, total deposits amounted to
$16.96 billion, or 96.8% of total
funding, compared with $14.03 billion
and 90.1%, respectively, at December
31, 2019. At December 31, 2020,
noninterest-bearing deposit accounts were $6.15 billion, or 36.3% of total deposits,
compared with $4.20 billion, or 29.9%
of total deposits, at December 31,
2019. Non-rate sensitive deposits (including
noninterest-bearing, NOW and savings) totaled $10.23 billion at December 31, 2020,
compared with $7.21 billion at
December 31, 2019. These funds
represented 60.3% of the Company's total deposits at
December 31, 2020, compared with 51.4% at the end of 2019.
Shareholders' equity at December 31, 2020 totaled
$2.65 billion, an increase of
$177.5 million, or 7.2%, from
December 31, 2019. The increase
in shareholders' equity was primarily the result of earnings of
$262.0 million during 2020, partially
offset by the CECL adoption impact of $56.7
million and dividends declared. Tangible book value
per share was $23.69 at
December 31, 2020, compared with $20.81 at December
31, 2019. Tangible common equity as a percentage of
tangible assets was 8.47% at December 31, 2020, compared with
8.40% at the end of the 2019.
Credit Quality
Credit quality remains strong in the Company. During the
fourth quarter of 2020, the Company reversed provision for credit
losses of $1.5 million, compared with
a provision of $17.7 million in the
third 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 third quarter of 2020.
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 fourth quarter
of 2020 equaled approximately 2.9% 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
decreased by 34 basis points to 0.48% during the quarter. The
decrease in nonperforming assets is primarily attributable to
decreased nonaccrual loans in the residential real estate and
commercial real estate loan categories. The net charge-off
ratio was 70 basis points for the fourth quarter of 2020, compared
with 10 basis points in the third quarter of 2020 and nine basis
points in the fourth quarter of 2019. The increase in net
charge-offs for the fourth quarter of 2020 was primarily
attributable to approximately $17.2
million of charge-offs on certain hotel exposures sold
during the quarter. The hotel loans sold were selected based
on a number of factors, including the level of relationship with
the borrower, tier of hotel brand underlying the property and
market conditions in the area.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 29,
2021, to discuss the Company's results and answer appropriate
questions. The conference call can be accessed by dialing
1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other
international participants). The conference ID name is Ameris
Bancorp ABCB. A replay of the call will be available one hour
after the end of the conference call until February 12, 2021. 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 10151038. 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 164 locations in
Georgia, Florida, South
Carolina and Alabama at the
end of the most recent quarter.
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, unemployment, political and market
conditions and fluctuations, including real estate market
conditions, and the effects of such conditions and fluctuations on
the creditworthiness of borrowers, collateral values, asset
recovery values and the value of investment securities; movements
in interest rates and their impacts on net interest margin;
expectations on credit quality and performance; legislative and
regulatory changes; changes in U.S. government monetary and fiscal
policy, including any changes that result from the recent U.S.
elections; 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; the potential impact of the proposed phase-out of the
London Interbank Offered Rate ("LIBOR") or other changes involving
LIBOR; 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, acts of war or
terrorism or other hostilities, 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
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
94,285
|
|
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
261,988
|
|
|
$
|
161,441
|
|
Adjusted net
income
|
$
|
101,995
|
|
|
$
|
116,879
|
|
|
$
|
42,423
|
|
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
300,501
|
|
|
$
|
222,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.36
|
|
|
$
|
1.68
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
3.78
|
|
|
$
|
2.76
|
|
Diluted
|
$
|
1.36
|
|
|
$
|
1.67
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
3.77
|
|
|
$
|
2.75
|
|
Adjusted diluted
EPS
|
$
|
1.47
|
|
|
$
|
1.69
|
|
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
4.33
|
|
|
$
|
3.80
|
|
Cash dividends per
share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.60
|
|
|
$
|
0.50
|
|
Book value per share
(period end)
|
$
|
38.07
|
|
|
$
|
36.91
|
|
|
$
|
35.42
|
|
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
38.07
|
|
|
$
|
35.53
|
|
Tangible book value
per share (period end)
|
$
|
23.69
|
|
|
$
|
22.46
|
|
|
$
|
20.90
|
|
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
23.69
|
|
|
$
|
20.81
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
69,252,307
|
|
|
69,230,667
|
|
|
69,191,778
|
|
|
69,247,661
|
|
|
69,429,193
|
|
|
69,256,020
|
|
|
58,462,137
|
|
Diluted
|
69,493,105
|
|
|
69,346,141
|
|
|
69,292,972
|
|
|
69,502,022
|
|
|
69,683,999
|
|
|
69,426,185
|
|
|
58,614,151
|
|
Period end number of
shares
|
69,541,481
|
|
|
69,490,546
|
|
|
69,462,782
|
|
|
69,441,274
|
|
|
69,503,833
|
|
|
69,541,481
|
|
|
69,503,833
|
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
|
39.53
|
|
|
$
|
27.81
|
|
|
$
|
29.82
|
|
|
$
|
43.79
|
|
|
$
|
44.90
|
|
|
$
|
43.79
|
|
|
$
|
44.90
|
|
Low intraday
price
|
$
|
22.37
|
|
|
$
|
19.91
|
|
|
$
|
17.12
|
|
|
$
|
17.89
|
|
|
$
|
38.34
|
|
|
$
|
17.12
|
|
|
$
|
31.27
|
|
Period end
closing price
|
$
|
38.07
|
|
|
$
|
22.78
|
|
|
$
|
23.59
|
|
|
$
|
23.76
|
|
|
$
|
42.54
|
|
|
$
|
38.07
|
|
|
$
|
42.54
|
|
Average daily
volume
|
394,641
|
|
|
359,059
|
|
|
470,151
|
|
|
461,692
|
|
|
353,783
|
|
|
420,874
|
|
|
389,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.89
|
%
|
|
2.33
|
%
|
|
0.67
|
%
|
|
0.43
|
%
|
|
1.35
|
%
|
|
1.36
|
%
|
|
1.10
|
%
|
Adjusted return on
average assets
|
2.04
|
%
|
|
2.35
|
%
|
|
0.89
|
%
|
|
0.87
|
%
|
|
1.47
|
%
|
|
1.56
|
%
|
|
1.52
|
%
|
Return on average
common equity
|
14.30
|
%
|
|
18.27
|
%
|
|
5.23
|
%
|
|
3.16
|
%
|
|
9.97
|
%
|
|
10.35
|
%
|
|
8.19
|
%
|
Adjusted return on
average tangible common
equity
|
25.04
|
%
|
|
30.53
|
%
|
|
11.66
|
%
|
|
10.98
|
%
|
|
18.45
|
%
|
|
19.77
|
%
|
|
18.74
|
%
|
Earning asset yield
(TE)
|
3.98
|
%
|
|
4.02
|
%
|
|
4.32
|
%
|
|
4.56
|
%
|
|
4.82
|
%
|
|
4.21
|
%
|
|
4.88
|
%
|
Total cost of
funds
|
0.36
|
%
|
|
0.41
|
%
|
|
0.52
|
%
|
|
0.91
|
%
|
|
1.00
|
%
|
|
0.54
|
%
|
|
1.05
|
%
|
Net interest margin
(TE)
|
3.64
|
%
|
|
3.64
|
%
|
|
3.83
|
%
|
|
3.70
|
%
|
|
3.86
|
%
|
|
3.70
|
%
|
|
3.88
|
%
|
Noninterest income
excluding securities
transactions, as a percent of total revenue (TE)
|
38.37
|
%
|
|
46.72
|
%
|
|
39.35
|
%
|
|
22.83
|
%
|
|
22.02
|
%
|
|
37.90
|
%
|
|
23.60
|
%
|
Efficiency
ratio
|
54.83
|
%
|
|
47.80
|
%
|
|
54.70
|
%
|
|
68.23
|
%
|
|
58.24
|
%
|
|
55.21
|
%
|
|
67.11
|
%
|
Adjusted efficiency
ratio (TE)
|
52.67
|
%
|
|
47.34
|
%
|
|
51.08
|
%
|
|
59.87
|
%
|
|
55.61
|
%
|
|
52.17
|
%
|
|
55.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
12.95
|
%
|
|
12.90
|
%
|
|
12.38
|
%
|
|
13.37
|
%
|
|
13.54
|
%
|
|
12.95
|
%
|
|
13.54
|
%
|
Tangible common equity
to tangible assets
|
8.47
|
%
|
|
8.27
|
%
|
|
7.70
|
%
|
|
8.25
|
%
|
|
8.40
|
%
|
|
8.47
|
%
|
|
8.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
8.47
|
%
|
|
8.27
|
%
|
|
7.70
|
%
|
|
8.25
|
%
|
|
8.40
|
%
|
|
8.47
|
%
|
|
8.40
|
%
|
Effect of goodwill and
other intangibles
|
4.48
|
%
|
|
4.63
|
%
|
|
4.68
|
%
|
|
5.12
|
%
|
|
5.14
|
%
|
|
4.48
|
%
|
|
5.14
|
%
|
Equity to assets
(GAAP)
|
12.95
|
%
|
|
12.90
|
%
|
|
12.38
|
%
|
|
13.37
|
%
|
|
13.54
|
%
|
|
12.95
|
%
|
|
13.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
1,816
|
|
|
1,807
|
|
|
1,832
|
|
|
1,865
|
|
|
1,913
|
|
|
1,816
|
|
|
1,913
|
|
Retail Mortgage
Division
|
748
|
|
|
734
|
|
|
692
|
|
|
689
|
|
|
690
|
|
|
748
|
|
|
690
|
|
Warehouse
Lending Division
|
12
|
|
|
11
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
12
|
|
|
9
|
|
SBA
Division
|
24
|
|
|
33
|
|
|
42
|
|
|
44
|
|
|
42
|
|
|
24
|
|
|
42
|
|
Premium Finance
Division
|
71
|
|
|
71
|
|
|
70
|
|
|
72
|
|
|
68
|
|
|
71
|
|
|
68
|
|
Total Ameris
Bancorp FTE headcount
|
2,671
|
|
|
2,656
|
|
|
2,645
|
|
|
2,679
|
|
|
2,722
|
|
|
2,671
|
|
|
2,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
|
11,255
|
|
|
$
|
10,998
|
|
|
$
|
10,848
|
|
|
$
|
9,772
|
|
|
$
|
9,536
|
|
|
$
|
11,255
|
|
|
$
|
9,536
|
|
Branch
locations
|
164
|
|
|
170
|
|
|
170
|
|
|
170
|
|
|
170
|
|
|
164
|
|
|
170
|
|
Deposits per branch
location
|
$
|
103,401
|
|
|
$
|
94,493
|
|
|
$
|
91,705
|
|
|
$
|
81,439
|
|
|
$
|
82,512
|
|
|
$
|
103,401
|
|
|
$
|
82,512
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
171,971
|
|
|
$
|
172,351
|
|
|
$
|
175,345
|
|
|
$
|
171,242
|
|
|
$
|
182,391
|
|
|
$
|
690,909
|
|
|
$
|
586,848
|
|
Interest on taxable
securities
|
6,398
|
|
|
7,259
|
|
|
9,347
|
|
|
10,082
|
|
|
10,358
|
|
|
33,086
|
|
|
40,138
|
|
Interest on
nontaxable securities
|
150
|
|
|
159
|
|
|
157
|
|
|
157
|
|
|
167
|
|
|
623
|
|
|
593
|
|
Interest on deposits
in other banks
|
252
|
|
|
153
|
|
|
123
|
|
|
1,211
|
|
|
1,091
|
|
|
1,739
|
|
|
8,139
|
|
Interest on federal
funds sold
|
12
|
|
|
12
|
|
|
46
|
|
|
76
|
|
|
69
|
|
|
146
|
|
|
676
|
|
Total interest
income
|
178,783
|
|
|
179,934
|
|
|
185,018
|
|
|
182,768
|
|
|
194,076
|
|
|
726,503
|
|
|
636,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
8,870
|
|
|
11,822
|
|
|
14,273
|
|
|
24,102
|
|
|
27,970
|
|
|
59,067
|
|
|
102,533
|
|
Interest on other
borrowings
|
6,457
|
|
|
5,574
|
|
|
6,931
|
|
|
10,721
|
|
|
10,755
|
|
|
29,683
|
|
|
28,695
|
|
Total interest
expense
|
15,327
|
|
|
17,396
|
|
|
21,204
|
|
|
34,823
|
|
|
38,725
|
|
|
88,750
|
|
|
131,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
163,456
|
|
|
162,538
|
|
|
163,814
|
|
|
147,945
|
|
|
155,351
|
|
|
637,753
|
|
|
505,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
(6,700)
|
|
|
26,692
|
|
|
68,449
|
|
|
37,047
|
|
|
5,693
|
|
|
125,488
|
|
|
19,758
|
|
Provision for
unfunded commitments
|
5,481
|
|
|
(10,131)
|
|
|
19,712
|
|
|
4,000
|
|
|
—
|
|
|
19,062
|
|
|
—
|
|
Provision for other
credit losses
|
(291)
|
|
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
830
|
|
|
—
|
|
Provision for
credit losses
|
(1,510)
|
|
|
17,682
|
|
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
145,380
|
|
|
19,758
|
|
Net interest
income after provision for credit losses
|
164,966
|
|
|
144,856
|
|
|
75,653
|
|
|
106,898
|
|
|
149,658
|
|
|
492,373
|
|
|
485,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits accounts
|
11,465
|
|
|
10,914
|
|
|
9,922
|
|
|
11,844
|
|
|
13,567
|
|
|
44,145
|
|
|
50,792
|
|
Mortgage banking
activity
|
95,192
|
|
|
138,627
|
|
|
104,925
|
|
|
35,333
|
|
|
33,168
|
|
|
374,077
|
|
|
119,409
|
|
Other service
charges, commissions and fees
|
965
|
|
|
1,039
|
|
|
949
|
|
|
961
|
|
|
935
|
|
|
3,914
|
|
|
3,566
|
|
Gain (loss) on
securities
|
—
|
|
|
—
|
|
|
14
|
|
|
(9)
|
|
|
(1)
|
|
|
5
|
|
|
138
|
|
Other noninterest
income
|
4,521
|
|
|
8,438
|
|
|
5,150
|
|
|
6,250
|
|
|
7,444
|
|
|
24,359
|
|
|
24,208
|
|
Total noninterest
income
|
112,143
|
|
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
446,500
|
|
|
198,113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
92,466
|
|
|
96,698
|
|
|
95,168
|
|
|
75,946
|
|
|
69,642
|
|
|
360,278
|
|
|
223,938
|
|
Occupancy and
equipment expenses
|
12,709
|
|
|
13,805
|
|
|
13,807
|
|
|
12,028
|
|
|
11,919
|
|
|
52,349
|
|
|
40,596
|
|
Data processing and
telecommunications expenses
|
11,323
|
|
|
12,226
|
|
|
10,514
|
|
|
11,954
|
|
|
11,362
|
|
|
46,017
|
|
|
38,513
|
|
Credit resolution
related expenses(1)
|
1,156
|
|
|
802
|
|
|
950
|
|
|
2,198
|
|
|
1,098
|
|
|
5,106
|
|
|
4,082
|
|
Advertising and
marketing expenses
|
3,267
|
|
|
966
|
|
|
1,455
|
|
|
2,358
|
|
|
2,250
|
|
|
8,046
|
|
|
7,927
|
|
Amortization of
intangible assets
|
4,190
|
|
|
4,190
|
|
|
5,601
|
|
|
5,631
|
|
|
5,741
|
|
|
19,612
|
|
|
17,713
|
|
Merger and conversion
charges
|
—
|
|
|
(44)
|
|
|
895
|
|
|
540
|
|
|
2,415
|
|
|
1,391
|
|
|
73,105
|
|
Other noninterest
expenses
|
26,005
|
|
|
25,049
|
|
|
27,378
|
|
|
27,398
|
|
|
18,137
|
|
|
105,830
|
|
|
66,063
|
|
Total noninterest
expense
|
151,116
|
|
|
153,692
|
|
|
155,768
|
|
|
138,053
|
|
|
122,564
|
|
|
598,629
|
|
|
471,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense
|
125,993
|
|
|
150,182
|
|
|
40,845
|
|
|
23,224
|
|
|
82,207
|
|
|
340,244
|
|
|
211,584
|
|
Income tax
expense
|
31,708
|
|
|
34,037
|
|
|
8,609
|
|
|
3,902
|
|
|
20,959
|
|
|
78,256
|
|
|
50,143
|
|
Net
income
|
$
|
94,285
|
|
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
261,988
|
|
|
$
|
161,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share
|
$
|
1.36
|
|
|
$
|
1.67
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
3.77
|
|
|
$
|
2.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Period End Balance
Sheet
|
Table
3
|
|
Three Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
203,349
|
|
|
$
|
257,026
|
|
|
$
|
292,899
|
|
|
$
|
255,312
|
|
|
$
|
246,234
|
|
Federal funds sold
and interest-bearing deposits in banks
|
1,913,957
|
|
|
494,765
|
|
|
428,560
|
|
|
396,844
|
|
|
375,615
|
|
Time deposits in
other banks
|
249
|
|
|
249
|
|
|
249
|
|
|
249
|
|
|
249
|
|
Investment securities
available for sale, at fair value
|
982,879
|
|
|
1,117,436
|
|
|
1,238,896
|
|
|
1,353,040
|
|
|
1,403,403
|
|
Other
investments
|
28,202
|
|
|
47,329
|
|
|
76,453
|
|
|
81,754
|
|
|
66,919
|
|
Loans held for sale,
at fair value
|
1,167,659
|
|
|
1,414,889
|
|
|
1,736,397
|
|
|
1,398,229
|
|
|
1,656,711
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
14,480,925
|
|
|
14,943,593
|
|
|
14,503,157
|
|
|
13,094,106
|
|
|
12,818,476
|
|
Allowance for credit
losses
|
(199,422)
|
|
|
(231,924)
|
|
|
(208,793)
|
|
|
(149,524)
|
|
|
(38,189)
|
|
Loans, net
|
14,281,503
|
|
|
14,711,669
|
|
|
14,294,364
|
|
|
12,944,582
|
|
|
12,780,287
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
11,880
|
|
|
17,969
|
|
|
23,563
|
|
|
21,027
|
|
|
19,500
|
|
Premises and
equipment, net
|
222,890
|
|
|
231,278
|
|
|
230,118
|
|
|
231,347
|
|
|
233,102
|
|
Goodwill
|
928,005
|
|
|
928,005
|
|
|
928,005
|
|
|
931,947
|
|
|
931,637
|
|
Other intangible
assets, net
|
71,974
|
|
|
76,164
|
|
|
80,354
|
|
|
85,955
|
|
|
91,586
|
|
Cash value of bank
owned life insurance
|
176,467
|
|
|
175,605
|
|
|
175,011
|
|
|
176,239
|
|
|
175,270
|
|
Deferred income
taxes, net
|
33,314
|
|
|
53,039
|
|
|
56,306
|
|
|
24,196
|
|
|
2,180
|
|
Other
assets
|
416,310
|
|
|
348,428
|
|
|
311,454
|
|
|
323,827
|
|
|
259,886
|
|
Total
assets
|
$
|
20,438,638
|
|
|
$
|
19,873,851
|
|
|
$
|
19,872,629
|
|
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
6,151,070
|
|
|
$
|
5,909,316
|
|
|
$
|
5,595,868
|
|
|
$
|
4,226,253
|
|
|
$
|
4,199,448
|
|
Interest-bearing
|
10,806,753
|
|
|
10,154,490
|
|
|
9,993,950
|
|
|
9,618,365
|
|
|
9,827,625
|
|
Total
deposits
|
16,957,823
|
|
|
16,063,806
|
|
|
15,589,818
|
|
|
13,844,618
|
|
|
14,027,073
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
11,641
|
|
|
9,103
|
|
|
12,879
|
|
|
15,160
|
|
|
20,635
|
|
Other
borrowings
|
425,155
|
|
|
875,255
|
|
|
1,418,336
|
|
|
1,543,371
|
|
|
1,398,709
|
|
Subordinated
deferrable interest debentures
|
124,345
|
|
|
123,860
|
|
|
123,375
|
|
|
122,890
|
|
|
127,560
|
|
FDIC loss-share
payable, net
|
—
|
|
|
19,476
|
|
|
18,903
|
|
|
18,111
|
|
|
19,642
|
|
Other
liabilities
|
272,586
|
|
|
217,668
|
|
|
249,188
|
|
|
243,248
|
|
|
179,378
|
|
Total
liabilities
|
17,791,550
|
|
|
17,309,168
|
|
|
17,412,499
|
|
|
15,787,398
|
|
|
15,772,997
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
71,754
|
|
|
71,703
|
|
|
71,674
|
|
|
71,652
|
|
|
71,500
|
|
Capital
stock
|
1,913,285
|
|
|
1,911,031
|
|
|
1,909,839
|
|
|
1,908,721
|
|
|
1,907,108
|
|
Retained
earnings
|
671,510
|
|
|
587,657
|
|
|
481,948
|
|
|
460,153
|
|
|
507,950
|
|
Accumulated other
comprehensive income, net of tax
|
33,505
|
|
|
37,252
|
|
|
39,613
|
|
|
39,551
|
|
|
17,995
|
|
Treasury
stock
|
(42,966)
|
|
|
(42,960)
|
|
|
(42,944)
|
|
|
(42,927)
|
|
|
(34,971)
|
|
Total
shareholders' equity
|
2,647,088
|
|
|
2,564,683
|
|
|
2,460,130
|
|
|
2,437,150
|
|
|
2,469,582
|
|
Total liabilities
and shareholders' equity
|
$
|
20,438,638
|
|
|
$
|
19,873,851
|
|
|
$
|
19,872,629
|
|
|
$
|
18,224,548
|
|
|
$
|
18,242,579
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
|
18,573,871
|
|
|
$
|
18,018,261
|
|
|
$
|
17,983,712
|
|
|
$
|
16,324,222
|
|
|
$
|
16,321,373
|
|
Intangible
assets
|
999,979
|
|
|
1,004,169
|
|
|
1,008,359
|
|
|
1,017,902
|
|
|
1,023,223
|
|
Interest-bearing
liabilities
|
11,367,894
|
|
|
11,162,708
|
|
|
11,548,540
|
|
|
11,299,786
|
|
|
11,374,529
|
|
Average
assets
|
19,876,338
|
|
|
19,810,084
|
|
|
19,222,181
|
|
|
18,056,445
|
|
|
17,998,494
|
|
Average common
shareholders' equity
|
2,622,942
|
|
|
2,529,471
|
|
|
2,478,373
|
|
|
2,456,617
|
|
|
2,437,272
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Allowance for
Credit Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
260,417
|
|
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
36,607
|
|
|
$
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
(6,700)
|
|
|
26,692
|
|
|
68,449
|
|
|
37,047
|
|
|
5,693
|
|
|
125,488
|
|
|
19,758
|
|
Provision for unfunded
commitments
|
5,481
|
|
|
(10,131)
|
|
|
19,712
|
|
|
4,000
|
|
|
—
|
|
|
19,062
|
|
|
—
|
|
Provision for other
credit losses
|
(291)
|
|
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
830
|
|
|
—
|
|
Provision for
credit losses
|
(1,510)
|
|
|
17,682
|
|
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
145,380
|
|
|
19,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
29,094
|
|
|
7,370
|
|
|
11,282
|
|
|
6,718
|
|
|
5,664
|
|
|
54,464
|
|
|
19,861
|
|
Recoveries
|
3,292
|
|
|
3,810
|
|
|
2,101
|
|
|
2,345
|
|
|
2,630
|
|
|
11,548
|
|
|
9,473
|
|
Net
charge-offs
|
25,802
|
|
|
3,560
|
|
|
9,181
|
|
|
4,373
|
|
|
3,034
|
|
|
42,916
|
|
|
10,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
|
233,105
|
|
|
$
|
260,417
|
|
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
233,105
|
|
|
$
|
39,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
|
199,422
|
|
|
$
|
231,924
|
|
|
$
|
208,793
|
|
|
$
|
149,524
|
|
|
$
|
38,189
|
|
|
$
|
199,422
|
|
|
$
|
38,189
|
|
Allowance for unfunded
commitments
|
32,853
|
|
|
27,372
|
|
|
37,502
|
|
|
17,791
|
|
|
1,077
|
|
|
32,853
|
|
|
1,077
|
|
Allowance for other
credit losses
|
830
|
|
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
830
|
|
|
—
|
|
T otal allowance for
credit losses
|
$
|
233,105
|
|
|
$
|
260,417
|
|
|
$
|
246,295
|
|
|
$
|
167,315
|
|
|
$
|
39,266
|
|
|
$
|
233,105
|
|
|
$
|
39,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
5,960
|
|
|
$
|
1,715
|
|
|
$
|
486
|
|
|
$
|
2,486
|
|
|
$
|
1,813
|
|
|
$
|
10,647
|
|
|
$
|
3,460
|
|
Consumer
installment
|
2,861
|
|
|
677
|
|
|
962
|
|
|
1,142
|
|
|
1,586
|
|
|
5,642
|
|
|
5,899
|
|
Indirect
automobile
|
658
|
|
|
697
|
|
|
1,016
|
|
|
1,231
|
|
|
939
|
|
|
3,602
|
|
|
1,904
|
|
Premium
Finance
|
2,240
|
|
|
1,158
|
|
|
1,904
|
|
|
831
|
|
|
899
|
|
|
6,133
|
|
|
4,351
|
|
Real estate -
construction and development
|
—
|
|
|
9
|
|
|
74
|
|
|
—
|
|
|
146
|
|
|
83
|
|
|
414
|
|
Real estate -
commercial and farmland
|
17,284
|
|
|
2,977
|
|
|
6,315
|
|
|
928
|
|
|
181
|
|
|
27,504
|
|
|
3,342
|
|
Real estate -
residential
|
91
|
|
|
137
|
|
|
525
|
|
|
100
|
|
|
100
|
|
|
853
|
|
|
491
|
|
Total
charge-offs
|
29,094
|
|
|
7,370
|
|
|
11,282
|
|
|
6,718
|
|
|
5,664
|
|
|
54,464
|
|
|
19,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
754
|
|
|
470
|
|
|
303
|
|
|
362
|
|
|
934
|
|
|
1,889
|
|
|
1,838
|
|
Consumer
installment
|
480
|
|
|
516
|
|
|
436
|
|
|
321
|
|
|
461
|
|
|
1,753
|
|
|
1,620
|
|
Indirect
automobile
|
637
|
|
|
317
|
|
|
359
|
|
|
344
|
|
|
241
|
|
|
1,657
|
|
|
445
|
|
Premium
Finance
|
605
|
|
|
1,224
|
|
|
676
|
|
|
684
|
|
|
358
|
|
|
3,189
|
|
|
2,754
|
|
Real estate -
construction and development
|
125
|
|
|
182
|
|
|
168
|
|
|
342
|
|
|
430
|
|
|
817
|
|
|
1,745
|
|
Real estate -
commercial and farmland
|
439
|
|
|
904
|
|
|
21
|
|
|
85
|
|
|
140
|
|
|
1,449
|
|
|
332
|
|
Real estate -
residential
|
252
|
|
|
197
|
|
|
138
|
|
|
207
|
|
|
68
|
|
|
794
|
|
|
739
|
|
Total
recoveries
|
3,292
|
|
|
3,810
|
|
|
2,101
|
|
|
2,345
|
|
|
2,632
|
|
|
11,548
|
|
|
9,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
$
|
25,802
|
|
|
$
|
3,560
|
|
|
$
|
9,181
|
|
|
$
|
4,373
|
|
|
$
|
3,032
|
|
|
$
|
42,916
|
|
|
$
|
10,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
76,457
|
|
|
$
|
138,163
|
|
|
$
|
77,745
|
|
|
$
|
77,866
|
|
|
$
|
75,124
|
|
|
$
|
76,457
|
|
|
$
|
75,124
|
|
Other real estate
owned
|
11,880
|
|
|
17,969
|
|
|
23,563
|
|
|
21,027
|
|
|
19,500
|
|
|
11,880
|
|
|
19,500
|
|
Repossessed
assets
|
544
|
|
|
258
|
|
|
1,348
|
|
|
783
|
|
|
939
|
|
|
544
|
|
|
939
|
|
Accruing loans
delinquent 90 days or more
|
8,326
|
|
|
7,003
|
|
|
15,127
|
|
|
11,969
|
|
|
5,754
|
|
|
8,326
|
|
|
5,754
|
|
Total non-performing
assets
|
$
|
97,207
|
|
|
$
|
163,393
|
|
|
$
|
117,783
|
|
|
$
|
111,645
|
|
|
$
|
101,317
|
|
|
$
|
97,207
|
|
|
$
|
101,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.48
|
%
|
|
0.82
|
%
|
|
0.59
|
%
|
|
0.61
|
%
|
|
0.56
|
%
|
|
0.48
|
%
|
|
0.56
|
%
|
Net charge-offs as a
percent of average loans
(annualized)
|
0.70
|
%
|
|
0.10
|
%
|
|
0.27
|
%
|
|
0.14
|
%
|
|
0.09
|
%
|
|
0.31
|
%
|
|
0.10
|
%
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
1,627,477
|
|
|
$
|
1,879,788
|
|
|
$
|
1,839,921
|
|
|
$
|
827,392
|
|
|
$
|
802,171
|
|
Consumer
installment
|
306,995
|
|
|
450,810
|
|
|
575,782
|
|
|
520,592
|
|
|
498,577
|
|
Indirect
automobile
|
580,083
|
|
|
682,396
|
|
|
739,543
|
|
|
937,736
|
|
|
1,061,824
|
|
Mortgage
warehouse
|
916,353
|
|
|
995,942
|
|
|
748,853
|
|
|
547,328
|
|
|
526,369
|
|
Municipal
|
659,403
|
|
|
725,669
|
|
|
731,508
|
|
|
749,633
|
|
|
564,304
|
|
Premium
Finance
|
687,841
|
|
|
710,890
|
|
|
690,584
|
|
|
661,845
|
|
|
654,669
|
|
Real estate -
construction and development
|
1,606,710
|
|
|
1,628,255
|
|
|
1,641,744
|
|
|
1,628,367
|
|
|
1,549,062
|
|
Real estate -
commercial and farmland
|
5,300,006
|
|
|
5,116,252
|
|
|
4,804,420
|
|
|
4,516,451
|
|
|
4,353,039
|
|
Real estate -
residential
|
2,796,057
|
|
|
2,753,591
|
|
|
2,730,802
|
|
|
2,704,762
|
|
|
2,808,461
|
|
Total
loans
|
$
|
14,480,925
|
|
|
$
|
14,943,593
|
|
|
$
|
14,503,157
|
|
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings
|
|
|
|
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
521
|
|
|
$
|
459
|
|
|
$
|
591
|
|
|
$
|
575
|
|
|
$
|
516
|
|
Consumer
installment
|
32
|
|
|
36
|
|
|
42
|
|
|
4
|
|
|
8
|
|
Indirect
automobile
|
2,277
|
|
|
2,689
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
—
|
|
|
—
|
|
|
—
|
|
|
159
|
|
|
156
|
|
Real estate -
construction and development
|
506
|
|
|
510
|
|
|
919
|
|
|
925
|
|
|
936
|
|
Real estate -
commercial and farmland
|
36,707
|
|
|
56,417
|
|
|
5,252
|
|
|
5,587
|
|
|
6,732
|
|
Real estate -
residential
|
38,800
|
|
|
28,777
|
|
|
30,253
|
|
|
22,775
|
|
|
21,261
|
|
Total
accruing troubled debt restructurings
|
$
|
78,843
|
|
|
$
|
88,888
|
|
|
$
|
37,057
|
|
|
$
|
30,025
|
|
|
$
|
29,609
|
|
Nonaccrual troubled
debt restructurings
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
|
849
|
|
|
$
|
1,002
|
|
|
$
|
1,034
|
|
|
$
|
334
|
|
|
$
|
335
|
|
Consumer
installment
|
56
|
|
|
64
|
|
|
67
|
|
|
105
|
|
|
107
|
|
Indirect
automobile
|
461
|
|
|
482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage
warehouse
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Premium
Finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate -
construction and development
|
707
|
|
|
709
|
|
|
307
|
|
|
289
|
|
|
253
|
|
Real estate -
commercial and farmland
|
1,401
|
|
|
19,942
|
|
|
1,878
|
|
|
2,415
|
|
|
2,071
|
|
Real estate -
residential
|
2,671
|
|
|
4,477
|
|
|
2,231
|
|
|
3,078
|
|
|
2,857
|
|
Total
nonaccrual troubled debt restructurings
|
$
|
6,145
|
|
|
$
|
26,676
|
|
|
$
|
5,517
|
|
|
$
|
6,221
|
|
|
$
|
5,623
|
|
Total
troubled debt restructurings
|
$
|
84,988
|
|
|
$
|
115,564
|
|
|
$
|
42,574
|
|
|
$
|
36,246
|
|
|
$
|
35,232
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grade 1 - Prime
credit
|
$
|
1,368,661
|
|
|
$
|
1,845,900
|
|
|
$
|
1,789,709
|
|
|
$
|
774,956
|
|
|
$
|
587,877
|
|
Grade 2 - Strong
credit
|
869,581
|
|
|
838,267
|
|
|
801,273
|
|
|
785,770
|
|
|
840,372
|
|
Grade 3 - Good
credit
|
6,624,154
|
|
|
6,189,269
|
|
|
5,784,754
|
|
|
5,772,834
|
|
|
6,034,398
|
|
Grade 4 - Satisfactory
credit
|
4,794,672
|
|
|
4,989,617
|
|
|
5,643,133
|
|
|
4,353,733
|
|
|
4,884,541
|
|
Grade 5 - Fair
credit
|
452,350
|
|
|
643,502
|
|
|
212,667
|
|
|
1,131,128
|
|
|
233,020
|
|
Grade 6 - Other assets
especially mentioned
|
108,541
|
|
|
151,501
|
|
|
108,704
|
|
|
106,885
|
|
|
86,412
|
|
Grade 7 -
Substandard
|
262,947
|
|
|
285,537
|
|
|
162,917
|
|
|
168,561
|
|
|
151,846
|
|
Grade 8 -
Doubtful
|
19
|
|
|
—
|
|
|
—
|
|
|
239
|
|
|
8
|
|
Grade 9 -
Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Total
loans
|
$
|
14,480,925
|
|
|
$
|
14,943,593
|
|
|
$
|
14,503,157
|
|
|
$
|
13,094,106
|
|
|
$
|
12,818,476
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
20,000
|
|
|
$
|
20,004
|
|
|
$
|
24,265
|
|
|
$
|
27,380
|
|
|
$
|
23,104
|
|
|
$
|
22,896
|
|
|
$
|
31,104
|
|
Interest-bearing
deposits in banks
|
879,481
|
|
|
467,188
|
|
|
398,284
|
|
|
419,260
|
|
|
304,427
|
|
|
541,776
|
|
|
358,924
|
|
Time deposits in other
banks
|
249
|
|
|
249
|
|
|
249
|
|
|
249
|
|
|
401
|
|
|
249
|
|
|
3,705
|
|
Investment securities
- taxable
|
1,024,335
|
|
|
1,160,585
|
|
|
1,281,980
|
|
|
1,359,651
|
|
|
1,426,062
|
|
|
1,206,014
|
|
|
1,341,330
|
|
Investment securities
- nontaxable
|
20,112
|
|
|
21,619
|
|
|
21,576
|
|
|
22,839
|
|
|
23,580
|
|
|
21,533
|
|
|
21,695
|
|
Other
investments
|
31,552
|
|
|
64,656
|
|
|
79,143
|
|
|
73,972
|
|
|
64,852
|
|
|
62,253
|
|
|
37,415
|
|
Loans held for
sale
|
1,281,762
|
|
|
1,507,481
|
|
|
1,614,080
|
|
|
1,587,131
|
|
|
1,537,648
|
|
|
1,497,051
|
|
|
667,078
|
|
Loans
|
14,752,664
|
|
|
14,688,317
|
|
|
13,915,406
|
|
|
12,712,997
|
|
|
12,697,912
|
|
|
14,018,582
|
|
|
10,666,978
|
|
Total Earning
Assets
|
$
|
18,010,155
|
|
|
$
|
17,930,099
|
|
|
$
|
17,334,983
|
|
|
$
|
16,203,479
|
|
|
$
|
16,077,986
|
|
|
$
|
17,370,354
|
|
|
$
|
13,128,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
5,970,672
|
|
|
$
|
5,782,163
|
|
|
$
|
5,061,578
|
|
|
$
|
4,080,920
|
|
|
$
|
4,124,872
|
|
|
$
|
5,227,399
|
|
|
$
|
3,364,785
|
|
NOW
accounts
|
2,968,596
|
|
|
2,718,315
|
|
|
2,441,305
|
|
|
2,287,947
|
|
|
2,204,666
|
|
|
2,605,349
|
|
|
1,831,024
|
|
MMDA
|
4,534,243
|
|
|
4,273,899
|
|
|
4,221,906
|
|
|
4,004,644
|
|
|
3,953,717
|
|
|
4,259,467
|
|
|
3,280,233
|
|
Savings
accounts
|
793,414
|
|
|
749,314
|
|
|
692,382
|
|
|
643,422
|
|
|
649,118
|
|
|
719,916
|
|
|
529,866
|
|
Retail CDs
|
2,109,600
|
|
|
2,274,150
|
|
|
2,471,134
|
|
|
2,624,209
|
|
|
2,721,829
|
|
|
2,368,802
|
|
|
2,348,689
|
|
Brokered
CDs
|
1,140
|
|
|
1,933
|
|
|
2,043
|
|
|
61,190
|
|
|
249,644
|
|
|
16,494
|
|
|
347,844
|
|
Total
Deposits
|
16,377,665
|
|
|
15,799,774
|
|
|
14,890,348
|
|
|
13,702,332
|
|
|
13,903,846
|
|
|
15,197,427
|
|
|
11,702,441
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
under agreements to repurchase
|
9,929
|
|
|
10,483
|
|
|
12,452
|
|
|
15,637
|
|
|
17,088
|
|
|
12,115
|
|
|
14,043
|
|
FHLB
advances
|
127,797
|
|
|
799,034
|
|
|
1,212,537
|
|
|
1,267,303
|
|
|
1,080,516
|
|
|
849,546
|
|
|
483,735
|
|
Other
borrowings
|
376,295
|
|
|
272,443
|
|
|
269,300
|
|
|
269,454
|
|
|
234,001
|
|
|
297,023
|
|
|
186,798
|
|
Subordinated
deferrable interest debentures
|
124,091
|
|
|
123,604
|
|
|
123,120
|
|
|
127,731
|
|
|
127,292
|
|
|
124,632
|
|
|
110,129
|
|
Total Non-Deposit
Funding
|
638,112
|
|
|
1,205,564
|
|
|
1,617,409
|
|
|
1,680,125
|
|
|
1,458,897
|
|
|
1,283,316
|
|
|
794,705
|
|
Total
Funding
|
$
|
17,015,777
|
|
|
$
|
17,005,338
|
|
|
$
|
16,507,757
|
|
|
$
|
15,382,457
|
|
|
$
|
15,362,743
|
|
|
$
|
16,480,743
|
|
|
$
|
12,497,146
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income
and Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
45
|
|
|
$
|
76
|
|
|
$
|
69
|
|
|
$
|
147
|
|
|
$
|
676
|
|
Interest-bearing
deposits in banks
|
251
|
|
|
152
|
|
|
122
|
|
|
1,210
|
|
|
1,089
|
|
|
1,735
|
|
|
8,068
|
|
Time deposits in other
banks
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
4
|
|
|
71
|
|
Investment securities
- taxable
|
6,398
|
|
|
7,260
|
|
|
9,346
|
|
|
10,082
|
|
|
10,358
|
|
|
33,086
|
|
|
40,138
|
|
Investment securities
- nontaxable (TE)
|
190
|
|
|
202
|
|
|
198
|
|
|
199
|
|
|
212
|
|
|
789
|
|
|
751
|
|
Loans held for
sale
|
9,705
|
|
|
10,365
|
|
|
14,053
|
|
|
13,637
|
|
|
14,330
|
|
|
47,760
|
|
|
25,003
|
|
Loans (TE)
|
163,532
|
|
|
163,352
|
|
|
162,617
|
|
|
158,636
|
|
|
169,119
|
|
|
648,137
|
|
|
566,037
|
|
Total Earning
Assets
|
$
|
180,090
|
|
|
$
|
181,345
|
|
|
$
|
186,382
|
|
|
$
|
183,841
|
|
|
$
|
195,179
|
|
|
$
|
731,658
|
|
|
$
|
640,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income
(included above)
|
$
|
4,688
|
|
|
$
|
6,525
|
|
|
$
|
9,576
|
|
|
$
|
6,562
|
|
|
$
|
9,727
|
|
|
$
|
27,351
|
|
|
$
|
19,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
1,091
|
|
|
$
|
1,394
|
|
|
$
|
1,265
|
|
|
$
|
2,774
|
|
|
$
|
2,728
|
|
|
$
|
6,524
|
|
|
$
|
9,940
|
|
MMDA
|
2,326
|
|
|
2,823
|
|
|
3,764
|
|
|
9,748
|
|
|
11,311
|
|
|
18,661
|
|
|
42,439
|
|
Savings
accounts
|
143
|
|
|
112
|
|
|
94
|
|
|
210
|
|
|
233
|
|
|
559
|
|
|
669
|
|
Retail
CDs
|
5,301
|
|
|
7,484
|
|
|
9,136
|
|
|
11,064
|
|
|
12,220
|
|
|
32,985
|
|
|
41,040
|
|
Brokered
CDs
|
9
|
|
|
9
|
|
|
14
|
|
|
306
|
|
|
1,478
|
|
|
338
|
|
|
8,445
|
|
Total
Interest-Bearing Deposits
|
8,870
|
|
|
11,822
|
|
|
14,273
|
|
|
24,102
|
|
|
27,970
|
|
|
59,067
|
|
|
102,533
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under
agreements to repurchase
|
8
|
|
|
9
|
|
|
25
|
|
|
40
|
|
|
41
|
|
|
82
|
|
|
86
|
|
FHLB
advances
|
245
|
|
|
661
|
|
|
1,686
|
|
|
5,109
|
|
|
5,241
|
|
|
7,701
|
|
|
10,044
|
|
Other
borrowings
|
4,635
|
|
|
3,558
|
|
|
3,487
|
|
|
3,511
|
|
|
3,358
|
|
|
15,191
|
|
|
11,127
|
|
Subordinated
deferrable interest debentures
|
1,569
|
|
|
1,346
|
|
|
1,733
|
|
|
2,061
|
|
|
2,115
|
|
|
6,709
|
|
|
7,438
|
|
Total Non-Deposit
Funding
|
6,457
|
|
|
5,574
|
|
|
6,931
|
|
|
10,721
|
|
|
10,755
|
|
|
29,683
|
|
|
28,695
|
|
Total
Interest-Bearing Funding
|
$
|
15,327
|
|
|
$
|
17,396
|
|
|
$
|
21,204
|
|
|
$
|
34,823
|
|
|
$
|
38,725
|
|
|
$
|
88,750
|
|
|
$
|
131,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
|
164,763
|
|
|
$
|
163,949
|
|
|
$
|
165,178
|
|
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
642,908
|
|
|
$
|
509,516
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.26
|
%
|
|
0.26
|
%
|
|
0.75
|
%
|
|
1.12
|
%
|
|
1.18
|
%
|
|
0.64
|
%
|
|
2.17
|
%
|
Interest-bearing
deposits in banks
|
0.11
|
%
|
|
0.13
|
%
|
|
0.12
|
%
|
|
1.16
|
%
|
|
1.42
|
%
|
|
0.32
|
%
|
|
2.25
|
%
|
Time deposits in other
banks
|
1.60
|
%
|
|
1.60
|
%
|
|
1.62
|
%
|
|
1.62
|
%
|
|
1.98
|
%
|
|
1.61
|
%
|
|
1.92
|
%
|
Investment securities
- taxable
|
2.48
|
%
|
|
2.49
|
%
|
|
2.93
|
%
|
|
2.98
|
%
|
|
2.88
|
%
|
|
2.74
|
%
|
|
2.99
|
%
|
Investment securities
- nontaxable (TE)
|
3.76
|
%
|
|
3.72
|
%
|
|
3.69
|
%
|
|
3.50
|
%
|
|
3.57
|
%
|
|
3.66
|
%
|
|
3.46
|
%
|
Loans held for
sale
|
3.01
|
%
|
|
2.74
|
%
|
|
3.50
|
%
|
|
3.46
|
%
|
|
3.70
|
%
|
|
3.19
|
%
|
|
3.75
|
%
|
Loans (TE)
|
4.41
|
%
|
|
4.42
|
%
|
|
4.70
|
%
|
|
5.02
|
%
|
|
5.28
|
%
|
|
4.62
|
%
|
|
5.31
|
%
|
Total Earning
Assets
|
3.98
|
%
|
|
4.02
|
%
|
|
4.32
|
%
|
|
4.56
|
%
|
|
4.82
|
%
|
|
4.21
|
%
|
|
4.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
0.15
|
%
|
|
0.20
|
%
|
|
0.21
|
%
|
|
0.49
|
%
|
|
0.49
|
%
|
|
0.25
|
%
|
|
0.54
|
%
|
MMDA
|
0.20
|
%
|
|
0.26
|
%
|
|
0.36
|
%
|
|
0.98
|
%
|
|
1.14
|
%
|
|
0.44
|
%
|
|
1.29
|
%
|
Savings
accounts
|
0.07
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.08
|
%
|
|
0.13
|
%
|
Retail CDs
|
1.00
|
%
|
|
1.31
|
%
|
|
1.49
|
%
|
|
1.70
|
%
|
|
1.78
|
%
|
|
1.39
|
%
|
|
1.75
|
%
|
Brokered
CDs
|
3.14
|
%
|
|
1.85
|
%
|
|
2.76
|
%
|
|
2.01
|
%
|
|
2.35
|
%
|
|
2.05
|
%
|
|
2.43
|
%
|
Total
Interest-Bearing Deposits
|
0.34
|
%
|
|
0.47
|
%
|
|
0.58
|
%
|
|
1.01
|
%
|
|
1.13
|
%
|
|
0.59
|
%
|
|
1.23
|
%
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
0.32
|
%
|
|
0.34
|
%
|
|
0.81
|
%
|
|
1.03
|
%
|
|
0.95
|
%
|
|
0.68
|
%
|
|
0.61
|
%
|
FHLB
advances
|
0.76
|
%
|
|
0.33
|
%
|
|
0.56
|
%
|
|
1.62
|
%
|
|
1.92
|
%
|
|
0.91
|
%
|
|
2.08
|
%
|
Other
borrowings
|
4.90
|
%
|
|
5.20
|
%
|
|
5.21
|
%
|
|
5.24
|
%
|
|
5.69
|
%
|
|
5.11
|
%
|
|
5.96
|
%
|
Subordinated
deferrable interest debentures
|
5.03
|
%
|
|
4.33
|
%
|
|
5.66
|
%
|
|
6.49
|
%
|
|
6.59
|
%
|
|
5.38
|
%
|
|
6.75
|
%
|
Total Non-Deposit
Funding
|
4.03
|
%
|
|
1.84
|
%
|
|
1.72
|
%
|
|
2.57
|
%
|
|
2.92
|
%
|
|
2.31
|
%
|
|
3.61
|
%
|
Total
Interest-Bearing Liabilities
|
0.55
|
%
|
|
0.62
|
%
|
|
0.75
|
%
|
|
1.24
|
%
|
|
1.37
|
%
|
|
0.79
|
%
|
|
1.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
3.43
|
%
|
|
3.40
|
%
|
|
3.57
|
%
|
|
3.32
|
%
|
|
3.45
|
%
|
|
3.42
|
%
|
|
3.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.64
|
%
|
|
3.64
|
%
|
|
3.83
|
%
|
|
3.70
|
%
|
|
3.86
|
%
|
|
3.70
|
%
|
|
3.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
0.36
|
%
|
|
0.41
|
%
|
|
0.52
|
%
|
|
0.91
|
%
|
|
1.00
|
%
|
|
0.54
|
%
|
|
1.05
|
%
|
(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
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income available
to common shareholders
|
$
|
94,285
|
|
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
261,988
|
|
|
$
|
161,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
|
(44)
|
|
|
895
|
|
|
540
|
|
|
2,415
|
|
|
1,391
|
|
|
73,105
|
|
Restructuring
charges
|
—
|
|
|
50
|
|
|
1,463
|
|
|
—
|
|
|
—
|
|
|
1,513
|
|
|
245
|
|
Servicing right
impairment
|
9,501
|
|
|
412
|
|
|
7,989
|
|
|
22,165
|
|
|
366
|
|
|
40,067
|
|
|
507
|
|
(Gain) loss on BOLI
proceeds
|
—
|
|
|
(103)
|
|
|
(845)
|
|
|
—
|
|
|
752
|
|
|
(948)
|
|
|
(3,583)
|
|
Expenses related to
SEC/DOJ Investigation
|
53
|
|
|
268
|
|
|
1,294
|
|
|
1,443
|
|
|
463
|
|
|
3,058
|
|
|
463
|
|
Natural disaster and
pandemic charges (Note 1)
|
235
|
|
|
470
|
|
|
2,043
|
|
|
548
|
|
|
—
|
|
|
3,296
|
|
|
(39)
|
|
(Gain) loss on sale of
premises
|
(30)
|
|
|
(97)
|
|
|
281
|
|
|
470
|
|
|
1,413
|
|
|
624
|
|
|
6,021
|
|
Tax effect of
adjustment items (Note 2)
|
(2,049)
|
|
|
(222)
|
|
|
(2,933)
|
|
|
(5,283)
|
|
|
(898)
|
|
|
(10,488)
|
|
|
(16,065)
|
|
After tax adjustment
items
|
7,710
|
|
|
734
|
|
|
10,187
|
|
|
19,883
|
|
|
4,511
|
|
|
38,513
|
|
|
60,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax expense
attributable to acquisition related
compensation and acquired BOLI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
—
|
|
|
849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
101,995
|
|
|
$
|
116,879
|
|
|
$
|
42,423
|
|
|
$
|
39,205
|
|
|
$
|
66,608
|
|
|
$
|
300,501
|
|
|
$
|
222,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - diluted
|
69,493,105
|
|
|
69,346,141
|
|
|
69,292,972
|
|
|
69,502,022
|
|
|
69,683,999
|
|
|
69,426,185
|
|
|
58,614,151
|
|
Net income per
diluted share
|
$
|
1.36
|
|
|
$
|
1.67
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.88
|
|
|
$
|
3.77
|
|
|
$
|
2.75
|
|
Adjusted net income
per diluted share
|
$
|
1.47
|
|
|
$
|
1.69
|
|
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
0.96
|
|
|
$
|
4.33
|
|
|
$
|
3.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
|
19,876,338
|
|
|
$
|
19,810,084
|
|
|
$
|
19,222,181
|
|
|
$
|
18,056,445
|
|
|
$
|
17,998,494
|
|
|
$
|
19,240,493
|
|
|
$
|
14,621,185
|
|
Return on average
assets
|
1.89
|
%
|
|
2.33
|
%
|
|
0.67
|
%
|
|
0.43
|
%
|
|
1.35
|
%
|
|
1.36
|
%
|
|
1.10
|
%
|
Adjusted return on
average assets
|
2.04
|
%
|
|
2.35
|
%
|
|
0.89
|
%
|
|
0.87
|
%
|
|
1.47
|
%
|
|
1.56
|
%
|
|
1.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$
|
2,622,942
|
|
|
$
|
2,529,471
|
|
|
$
|
2,478,373
|
|
|
$
|
2,456,617
|
|
|
$
|
2,437,272
|
|
|
$
|
2,531,419
|
|
|
$
|
1,970,780
|
|
Average tangible
common equity
|
$
|
1,620,742
|
|
|
$
|
1,523,066
|
|
|
$
|
1,462,871
|
|
|
$
|
1,436,108
|
|
|
$
|
1,432,081
|
|
|
$
|
1,520,303
|
|
|
$
|
1,189,493
|
|
Return on average
common equity
|
14.30
|
%
|
|
18.27
|
%
|
|
5.23
|
%
|
|
3.16
|
%
|
|
9.97
|
%
|
|
10.35
|
%
|
|
8.19
|
%
|
Adjusted return on
average tangible common
equity
|
25.04
|
%
|
|
30.53
|
%
|
|
11.66
|
%
|
|
10.98
|
%
|
|
18.45
|
%
|
|
19.77
|
%
|
|
18.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 1Q20, 4Q19 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
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Adjusted
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
151,116
|
|
|
$
|
153,692
|
|
|
$
|
155,768
|
|
|
$
|
138,053
|
|
|
$
|
122,564
|
|
|
$
|
598,629
|
|
|
$
|
471,937
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
|
44
|
|
|
(895)
|
|
|
(540)
|
|
|
(2,415)
|
|
|
(1,391)
|
|
|
(73,105)
|
|
Restructuring
charges
|
—
|
|
|
(50)
|
|
|
(1,463)
|
|
|
—
|
|
|
—
|
|
|
(1,513)
|
|
|
(245)
|
|
Expenses related to
SEC/DOJ Investigation
|
(53)
|
|
|
(268)
|
|
|
(1,294)
|
|
|
(1,443)
|
|
|
(463)
|
|
|
(3,058)
|
|
|
(463)
|
|
Natural disaster and
pandemic charges
|
(235)
|
|
|
(470)
|
|
|
(2,043)
|
|
|
(548)
|
|
|
—
|
|
|
(3,296)
|
|
|
39
|
|
Gain (loss) on sale of
premises
|
30
|
|
|
97
|
|
|
(281)
|
|
|
(470)
|
|
|
(1,413)
|
|
|
(624)
|
|
|
(6,021)
|
|
Adjusted noninterest
expense
|
$
|
150,858
|
|
|
$
|
153,045
|
|
|
$
|
149,792
|
|
|
$
|
135,052
|
|
|
$
|
118,273
|
|
|
$
|
588,747
|
|
|
$
|
392,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
163,456
|
|
|
162,538
|
|
|
$
|
163,814
|
|
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
637,753
|
|
|
$
|
505,166
|
|
Noninterest
income
|
112,143
|
|
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
446,500
|
|
|
198,113
|
|
Total
revenue
|
$
|
275,599
|
|
|
$
|
321,556
|
|
|
$
|
284,774
|
|
|
$
|
202,324
|
|
|
$
|
210,464
|
|
|
$
|
1,084,253
|
|
|
$
|
703,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
|
164,763
|
|
|
$
|
163,949
|
|
|
$
|
165,178
|
|
|
$
|
149,018
|
|
|
$
|
156,454
|
|
|
$
|
642,908
|
|
|
$
|
509,516
|
|
Noninterest
income
|
112,143
|
|
|
$
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
446,500
|
|
|
198,113
|
|
Total revenue
(TE)
|
276,906
|
|
|
$
|
322,967
|
|
|
286,138
|
|
|
203,397
|
|
|
211,567
|
|
|
1,089,408
|
|
|
707,629
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
—
|
|
|
—
|
|
|
(14)
|
|
|
9
|
|
|
(1)
|
|
|
(5)
|
|
|
(138)
|
|
(Gain) loss on BOLI
proceeds
|
—
|
|
|
(103)
|
|
|
(845)
|
|
|
—
|
|
|
752
|
|
|
(948)
|
|
|
(3,583)
|
|
Servicing right
impairment
|
9,501
|
|
|
412
|
|
|
7,989
|
|
|
22,165
|
|
|
366
|
|
|
40,067
|
|
|
507
|
|
Adjusted total
revenue (TE)
|
$
|
286,407
|
|
|
$
|
323,276
|
|
|
$
|
293,268
|
|
|
$
|
225,571
|
|
|
$
|
212,684
|
|
|
$
|
1,128,522
|
|
|
$
|
704,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
54.83
|
%
|
|
47.80
|
%
|
|
54.70
|
%
|
|
68.23
|
%
|
|
58.24
|
%
|
|
55.21
|
%
|
|
67.11
|
%
|
Adjusted
efficiency ratio (TE)
|
52.67
|
%
|
|
47.34
|
%
|
|
51.08
|
%
|
|
59.87
|
%
|
|
55.61
|
%
|
|
52.17
|
%
|
|
55.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Total shareholders'
equity
|
$
|
2,647,088
|
|
|
$
|
2,564,683
|
|
|
$
|
2,460,130
|
|
|
$
|
2,437,150
|
|
|
$
|
2,469,582
|
|
|
$
|
2,647,088
|
|
|
$
|
2,469,582
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
928,005
|
|
|
$
|
928,005
|
|
|
928,005
|
|
|
931,947
|
|
|
931,637
|
|
|
928,005
|
|
|
931,637
|
|
Other intangibles,
net
|
71,974
|
|
|
$
|
76,164
|
|
|
80,354
|
|
|
85,955
|
|
|
91,586
|
|
|
71,974
|
|
|
91,586
|
|
Total tangible
shareholders' equity
|
$
|
1,647,109
|
|
|
$
|
1,560,514
|
|
|
$
|
1,451,771
|
|
|
$
|
1,419,248
|
|
|
$
|
1,446,359
|
|
|
$
|
1,647,109
|
|
|
$
|
1,446,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,541,481
|
|
|
69,490,546
|
|
|
69,461,968
|
|
|
69,441,274
|
|
|
69,503,833
|
|
|
69,541,481
|
|
|
69,503,833
|
|
Book value per share
(period end)
|
$
|
38.07
|
|
|
$
|
36.91
|
|
|
$
|
35.42
|
|
|
$
|
35.10
|
|
|
$
|
35.53
|
|
|
$
|
38.07
|
|
|
$
|
35.53
|
|
Tangible book value
per share (period end)
|
$
|
23.69
|
|
|
$
|
22.46
|
|
|
$
|
20.90
|
|
|
$
|
20.44
|
|
|
$
|
20.81
|
|
|
$
|
23.69
|
|
|
$
|
20.81
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
112,964
|
|
|
$
|
119,562
|
|
|
$
|
120,330
|
|
|
$
|
118,375
|
|
|
$
|
124,957
|
|
|
$
|
471,231
|
|
|
$
|
419,013
|
|
Provision for credit
losses
|
1,847
|
|
|
487
|
|
|
86,805
|
|
|
35,997
|
|
|
4,741
|
|
|
125,136
|
|
|
12,654
|
|
Noninterest
income
|
15,659
|
|
|
15,265
|
|
|
14,468
|
|
|
17,773
|
|
|
18,632
|
|
|
63,165
|
|
|
69,005
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
38,668
|
|
|
39,718
|
|
|
40,423
|
|
|
41,621
|
|
|
38,180
|
|
|
160,430
|
|
|
130,134
|
|
Occupancy and
equipment expenses
|
10,958
|
|
|
11,955
|
|
|
11,679
|
|
|
10,347
|
|
|
10,216
|
|
|
44,939
|
|
|
35,281
|
|
Data processing
and telecommunications expenses
|
9,608
|
|
|
9,716
|
|
|
8,919
|
|
|
10,797
|
|
|
10,156
|
|
|
39,040
|
|
|
34,934
|
|
Other
noninterest expenses
|
25,806
|
|
|
21,517
|
|
|
27,997
|
|
|
30,645
|
|
|
23,176
|
|
|
105,965
|
|
|
149,919
|
|
Total noninterest
expense
|
85,040
|
|
|
82,906
|
|
|
89,018
|
|
|
93,410
|
|
|
81,728
|
|
|
350,374
|
|
|
350,268
|
|
Income (loss) before
income tax expense
|
41,736
|
|
|
51,434
|
|
|
(41,025)
|
|
|
6,741
|
|
|
57,120
|
|
|
58,886
|
|
|
125,096
|
|
Income tax expense
(benefit)
|
13,992
|
|
|
13,453
|
|
|
(8,582)
|
|
|
275
|
|
|
15,412
|
|
|
19,138
|
|
|
31,609
|
|
Net income
(loss)
|
$
|
27,744
|
|
|
$
|
37,981
|
|
|
$
|
(32,443)
|
|
|
$
|
6,466
|
|
|
$
|
41,708
|
|
|
$
|
39,748
|
|
|
$
|
93,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
19,908
|
|
|
$
|
20,393
|
|
|
$
|
24,302
|
|
|
$
|
17,756
|
|
|
$
|
18,223
|
|
|
$
|
82,359
|
|
|
$
|
44,552
|
|
Provision for credit
losses
|
(1,621)
|
|
|
15,051
|
|
|
423
|
|
|
1,997
|
|
|
1,237
|
|
|
15,850
|
|
|
3,472
|
|
Noninterest
income
|
94,109
|
|
|
137,583
|
|
|
104,195
|
|
|
34,369
|
|
|
33,335
|
|
|
370,256
|
|
|
118,188
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
50,165
|
|
|
53,500
|
|
|
50,003
|
|
|
31,097
|
|
|
28,233
|
|
|
184,765
|
|
|
82,470
|
|
Occupancy and
equipment expenses
|
1,577
|
|
|
1,676
|
|
|
1,953
|
|
|
1,504
|
|
|
1,544
|
|
|
6,710
|
|
|
4,666
|
|
Data processing
and telecommunications expenses
|
1,534
|
|
|
2,349
|
|
|
1,406
|
|
|
986
|
|
|
1,034
|
|
|
6,275
|
|
|
2,418
|
|
Other
noninterest expenses
|
7,442
|
|
|
7,889
|
|
|
6,949
|
|
|
5,875
|
|
|
4,553
|
|
|
28,155
|
|
|
12,536
|
|
Total noninterest
expense
|
60,718
|
|
|
65,414
|
|
|
60,311
|
|
|
39,462
|
|
|
35,364
|
|
|
225,905
|
|
|
102,090
|
|
Income before income
tax expense
|
54,920
|
|
|
77,511
|
|
|
67,763
|
|
|
10,666
|
|
|
14,957
|
|
|
210,860
|
|
|
57,178
|
|
Income tax
expense
|
11,535
|
|
|
16,112
|
|
|
14,231
|
|
|
2,408
|
|
|
3,371
|
|
|
44,286
|
|
|
12,202
|
|
Net income
|
$
|
43,385
|
|
|
$
|
61,399
|
|
|
$
|
53,532
|
|
|
$
|
8,258
|
|
|
$
|
11,586
|
|
|
$
|
166,574
|
|
|
$
|
44,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
9,017
|
|
|
$
|
6,546
|
|
|
$
|
5,026
|
|
|
$
|
3,302
|
|
|
$
|
3,771
|
|
|
$
|
23,891
|
|
|
$
|
12,617
|
|
Provision for credit
losses
|
1,673
|
|
|
495
|
|
|
403
|
|
|
(9)
|
|
|
67
|
|
|
2,562
|
|
|
67
|
|
Noninterest
income
|
1,113
|
|
|
1,064
|
|
|
727
|
|
|
960
|
|
|
610
|
|
|
3,864
|
|
|
1,999
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
296
|
|
|
266
|
|
|
209
|
|
|
210
|
|
|
325
|
|
|
981
|
|
|
934
|
|
Occupancy and
equipment expenses
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
4
|
|
|
5
|
|
Data processing
and telecommunications expenses
|
101
|
|
|
73
|
|
|
55
|
|
|
41
|
|
|
47
|
|
|
270
|
|
|
156
|
|
Other
noninterest expenses
|
26
|
|
|
28
|
|
|
88
|
|
|
34
|
|
|
53
|
|
|
176
|
|
|
223
|
|
Total noninterest
expense
|
424
|
|
|
368
|
|
|
353
|
|
|
286
|
|
|
426
|
|
|
1,431
|
|
|
1,318
|
|
Income before income
tax expense
|
8,033
|
|
|
6,747
|
|
|
4,997
|
|
|
3,985
|
|
|
3,888
|
|
|
23,762
|
|
|
13,231
|
|
Income tax
expense
|
1,687
|
|
|
1,431
|
|
|
1,049
|
|
|
837
|
|
|
816
|
|
|
5,004
|
|
|
2,778
|
|
Net income
|
$
|
6,346
|
|
|
$
|
5,316
|
|
|
$
|
3,948
|
|
|
$
|
3,148
|
|
|
$
|
3,072
|
|
|
$
|
18,758
|
|
|
$
|
10,453
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
14,909
|
|
|
$
|
8,966
|
|
|
$
|
7,034
|
|
|
$
|
2,181
|
|
|
$
|
2,190
|
|
|
$
|
33,090
|
|
|
$
|
7,031
|
|
Provision for credit
losses
|
(2,997)
|
|
|
4,297
|
|
|
2,322
|
|
|
(903)
|
|
|
150
|
|
|
2,719
|
|
|
544
|
|
Noninterest
income
|
1,247
|
|
|
5,106
|
|
|
1,570
|
|
|
1,277
|
|
|
2,536
|
|
|
9,200
|
|
|
8,915
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
1,233
|
|
|
1,572
|
|
|
2,612
|
|
|
1,476
|
|
|
1,336
|
|
|
6,893
|
|
|
4,783
|
|
Occupancy and
equipment expenses
|
100
|
|
|
97
|
|
|
97
|
|
|
97
|
|
|
79
|
|
|
391
|
|
|
269
|
|
Data processing
and telecommunications expenses
|
1
|
|
|
4
|
|
|
15
|
|
|
13
|
|
|
5
|
|
|
33
|
|
|
32
|
|
Other
noninterest expenses
|
363
|
|
|
595
|
|
|
359
|
|
|
515
|
|
|
402
|
|
|
1,832
|
|
|
1,651
|
|
Total noninterest
expense
|
1,697
|
|
|
2,268
|
|
|
3,083
|
|
|
2,101
|
|
|
1,822
|
|
|
9,149
|
|
|
6,735
|
|
Income before income
tax expense
|
17,456
|
|
|
7,507
|
|
|
3,199
|
|
|
2,260
|
|
|
2,754
|
|
|
30,422
|
|
|
8,667
|
|
Income tax
expense
|
3,666
|
|
|
1,577
|
|
|
671
|
|
|
475
|
|
|
578
|
|
|
6,389
|
|
|
1,820
|
|
Net income
|
$
|
13,790
|
|
|
$
|
5,930
|
|
|
$
|
2,528
|
|
|
$
|
1,785
|
|
|
$
|
2,176
|
|
|
$
|
24,033
|
|
|
$
|
6,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
6,658
|
|
|
$
|
7,071
|
|
|
$
|
7,122
|
|
|
$
|
6,331
|
|
|
$
|
6,210
|
|
|
$
|
27,182
|
|
|
$
|
21,953
|
|
Provision for credit
losses
|
(412)
|
|
|
(2,648)
|
|
|
(1,792)
|
|
|
3,965
|
|
|
(502)
|
|
|
(887)
|
|
|
3,021
|
|
Noninterest
income
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
6
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
2,104
|
|
|
1,642
|
|
|
1,921
|
|
|
1,542
|
|
|
1,568
|
|
|
7,209
|
|
|
5,617
|
|
Occupancy
and equipment expenses
|
73
|
|
|
76
|
|
|
77
|
|
|
79
|
|
|
79
|
|
|
305
|
|
|
375
|
|
Data processing
and telecommunications expenses
|
79
|
|
|
84
|
|
|
119
|
|
|
117
|
|
|
120
|
|
|
399
|
|
|
973
|
|
Other
noninterest expenses
|
981
|
|
|
934
|
|
|
886
|
|
|
1,056
|
|
|
1,457
|
|
|
3,857
|
|
|
4,561
|
|
Total noninterest
expense
|
3,237
|
|
|
2,736
|
|
|
3,003
|
|
|
2,794
|
|
|
3,224
|
|
|
11,770
|
|
|
11,526
|
|
Income (loss) before
income tax expense
|
3,848
|
|
|
6,983
|
|
|
5,911
|
|
|
(428)
|
|
|
3,488
|
|
|
16,314
|
|
|
7,412
|
|
Income tax expense
(benefit)
|
828
|
|
|
1,464
|
|
|
1,240
|
|
|
(93)
|
|
|
782
|
|
|
3,439
|
|
|
1,734
|
|
Net income
(loss)
|
$
|
3,020
|
|
|
$
|
5,519
|
|
|
$
|
4,671
|
|
|
$
|
(335)
|
|
|
$
|
2,706
|
|
|
$
|
12,875
|
|
|
$
|
5,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
163,456
|
|
|
$
|
162,538
|
|
|
$
|
163,814
|
|
|
$
|
147,945
|
|
|
$
|
155,351
|
|
|
$
|
637,753
|
|
|
$
|
505,166
|
|
Provision for credit
losses
|
(1,510)
|
|
|
17,682
|
|
|
88,161
|
|
|
41,047
|
|
|
5,693
|
|
|
145,380
|
|
|
19,758
|
|
Noninterest
income
|
112,143
|
|
|
159,018
|
|
|
120,960
|
|
|
54,379
|
|
|
55,113
|
|
|
446,500
|
|
|
198,113
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
92,466
|
|
|
96,698
|
|
|
95,168
|
|
|
75,946
|
|
|
69,642
|
|
|
360,278
|
|
|
223,938
|
|
Occupancy and
equipment expenses
|
12,709
|
|
|
13,805
|
|
|
13,807
|
|
|
12,028
|
|
|
11,919
|
|
|
52,349
|
|
|
40,596
|
|
Data processing
and telecommunications expenses
|
11,323
|
|
|
12,226
|
|
|
10,514
|
|
|
11,954
|
|
|
11,362
|
|
|
46,017
|
|
|
38,513
|
|
Other
noninterest expenses
|
34,618
|
|
|
30,963
|
|
|
36,279
|
|
|
38,125
|
|
|
29,641
|
|
|
139,985
|
|
|
168,890
|
|
Total noninterest
expense
|
151,116
|
|
|
153,692
|
|
|
155,768
|
|
|
138,053
|
|
|
122,564
|
|
|
598,629
|
|
|
471,937
|
|
Income before income
tax expense
|
125,993
|
|
|
150,182
|
|
|
40,845
|
|
|
23,224
|
|
|
82,207
|
|
|
340,244
|
|
|
211,584
|
|
Income tax
expense
|
31,708
|
|
|
34,037
|
|
|
8,609
|
|
|
3,902
|
|
|
20,959
|
|
|
78,256
|
|
|
50,143
|
|
Net income
|
$
|
94,285
|
|
|
$
|
116,145
|
|
|
$
|
32,236
|
|
|
$
|
19,322
|
|
|
$
|
61,248
|
|
|
$
|
261,988
|
|
|
$
|
161,441
|
|
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SOURCE Ameris Bancorp