AMERIS BANCORP ANNOUNCES RECORD 2021 FINANCIAL RESULTS

Company Release - 1/27/2022

ATLANTA, Jan. 27, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported record  2021 net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, for the year ended December 31, 2020.  The Company reported adjusted net income of $368.7 million, or $5.29 per diluted share, for the year ended December 31, 2021, compared with $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020.

The Company reported net income of $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021, compared with $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020.  The Company reported adjusted net income of $81.5 million, or $1.17 per diluted share, for the quarter ended December 31, 2021, compared with $102.0 million, or $1.47 per diluted share, for the same period in 2020.

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 on bank owned life insurance ("BOLI") proceeds, (gain)/loss on bank premises and expenses related to the COVID-19 pandemic.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The record earnings reported today are a culmination of efforts across our entire team.  We remained focused this year and the success of our team was remarkable.  Not only are we reporting record year to date earnings of $376.9 million, we are also reporting full year organic loan growth of 10.45% (excluding PPP loans), tangible book value growth of 10.8% and an ROA of 1.73%.  In addition, we were able to maintain a 55% efficiency ratio in one of the tightest margin environments we've seen.  We have positioned ourselves to be asset sensitive, we remain focused on expense control, and our credit quality remains strong.  Add the growth opportunity from the recent acquisition of Balboa Capital, in addition to our strong Southeast markets, and you realize the level of momentum and enthusiasm around our Company as we look forward."

Highlights of the Company's results for the full year 2021 include the following:

  • Net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, in 2020
  • Organic growth in loans of $727.5 million, or 5.0% (and $1.4 billion, or 10.5%, exclusive of PPP loans), during 2021
  • Adjusted return on average assets of 1.69%, compared with 1.56% in 2020
  • Adjusted return on average tangible common equity of 20.19%, compared with 19.77% last year
  • Growth in tangible book value of 10.8%, or $2.57 per share, to $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020
  • Continued growth in noninterest bearing deposits, representing 39.54% of total deposits, up from 36.27% at December 31, 2020

Significant items from the Company's results for the fourth quarter of 2021 include the following:

  • Net income of $81.9 million, or $1.18 per diluted share, compared with $81.7 million, or $1.17 per diluted share, in the third quarter of 2021
  • Successfully completed the acquisition of Balboa Capital Corporation, a point of sale and direct online provider of lending solutions to small and mid-sized businesses nationwide, in December 2021
  • Organic growth in loans of $383.9 million, or 10.4% annualized (and $536.6 million, or 14.8% annualized, exclusive of PPP loans), during the fourth quarter of 2021
  • Increase in net interest income of $5.2 million, from $161.7 million in the third quarter of 2021 to $166.8 million in the fourth quarter of 2021
  • Improvement in the adjusted efficiency ratio to 54.85% in the fourth quarter of 2021, from 56.56% in the third quarter of 2021
  • Net recoveries during the fourth quarter of $556,000, or 0.01% of average loans, compared with net recoveries of $127,000, or 0.00% of average loans, in the third quarter of 2021
  • Repurchased 25,859 shares of the Company's common stock at a cost of $1.3 million, or an average price of $48.47 per share

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2021 increased to $659.9 million, compared with $642.9 million for 2020.  The Company's net interest margin was 3.32% for 2021, down from 3.70% reported for 2020.  Accretion income for 2021 decreased to $16.3 million, compared with $27.4 million for 2020.  The decrease in net interest margin is primarily attributable to excess liquidity held on the balance sheet from deposit growth during the year.

Net interest income on a tax-equivalent basis for the fourth quarter of 2021 increased to $167.9 million, compared with $162.8 million for the third quarter of 2021 and $164.8 million for the fourth quarter of 2020.  The Company's net interest margin was 3.18% for the fourth quarter of 2021, down from 3.22% reported for the third quarter of 2021 and 3.64% reported for the fourth quarter of 2020.  The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter.  The yield on earning assets declined five basis points due to this excess liquidity, and the decline was partially offset by increases in average loans and improvement in the cost of interest-bearing liabilities of one basis point during the quarter. Accretion income for the fourth quarter of 2021 decreased to $2.8 million, compared with $2.9 million for the third quarter of 2021 and $4.7 million for the fourth quarter of 2020. 

Yields on loans increased to 4.26% during the fourth quarter of 2021, compared with 4.24% for the third quarter of 2021 and 4.41% reported for the fourth quarter of 2020.  Contributing to interest income on loans for the fourth quarter of 2021 was $4.8 million of interest income on loans from the recent Balboa Capital acquisition, as well as $8.2 million of accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.2 million in the third quarter of 2021.  Loan production in the banking division during the fourth quarter of 2021 was $1.15 billion, with weighted average yields of 3.35%, compared with $913.3 million and 3.56%, respectively, in the third quarter of 2021 and $784.9 million and 3.86%, respectively, in the fourth quarter of 2020.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.5 billion during the fourth quarter of 2021, with weighted average yields of 3.43%, compared with $5.8 billion and 3.37%, respectively, during the third quarter of 2021 and $7.7 billion and 3.25%, respectively, during the fourth quarter of 2020.   

Interest expense during the fourth quarter of 2021 increased to $11.5 million, compared with $11.4 million in the third quarter of 2021, but decreased from $15.3 million in the fourth quarter of 2020.  The increase in interest expense was related to borrowings from the Balboa Capital acquisition, as the Company was not able to pay off all the debt until January 2022.  The Company's total cost of funds moved one basis point lower to 0.23% in the fourth quarter of 2021 as compared with the third quarter of 2021.  Deposit costs decreased one basis point during the fourth quarter of 2021 to 0.10%, compared with 0.11% in the third quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.18% in the third quarter of 2021 to 0.16% in the fourth quarter of 2021.

Noninterest Income
Noninterest income increased $5.2 million, or 6.8%, in the fourth quarter of 2021 to $81.8 million, compared with $76.6 million for the third quarter of 2021, primarily as a result of increased mortgage banking activity, which increased by $4.3 million, or 7.6%, to $60.7 million in the fourth quarter of 2021, compared with $56.5 million for the third quarter of 2021.  This increase was primarily the result of a net recovery of servicing right impairment of $4.5 million, compared with an impairment of $1.4 million for the third quarter of 2021.  Gain on sale spreads increased to 3.27% in the fourth quarter of 2021 from 3.17% for the third quarter of 2021. Total production in the retail mortgage division decreased to $1.82 billion in the fourth quarter of 2021, compared with $2.06 billion for the third quarter of 2021. The retail mortgage open pipeline was $1.62 billion at the end of the fourth quarter of 2021, compared with $1.93 billion at September 30, 2021.

Service charge revenue increased $298,000, or 2.59%, to $11.8 million in the fourth quarter of 2021, compared with $11.5 million for the third quarter of 2021, resulting from an increase in volume. Other noninterest income increased $1.4 million, or 19.8%, in the fourth quarter of 2021 to $8.3 million, compared with $6.9 million for the third quarter of 2021, primarily as a result of noninterest income in our Balboa Capital division of $1.1 million. Also contributing to the increase were increases in trust services income of $167,000 and BOLI income of $207,000.

Noninterest income decreased $81.0 million, or 18.1%, to $365.5 million for 2021, compared with $446.5 million for 2020, primarily as a result of decreased mortgage banking activity, which declined by $88.2 million, or 23.6%, to $285.9 million in 2021, compared with $374.1 million in 2020.  Production remained strong at $8.9 billion in 2021, compared with $9.8 billion in 2020, while gain on sale spreads narrowed to 3.31% in 2021 from 3.79% in 2020.

Noninterest Expense
Noninterest expense increased $1.2 million, or 0.85%, to $138.4 million during the fourth quarter of 2021, compared with $137.2 million for the third quarter of 2021.  During the fourth quarter of 2021, the Company recorded merger and conversion charges of $4.0 million and a net gain of $126,000 related to bank premises, compared with a net loss on bank premises of $1.1 million and merger and conversion charges of $183,000 during the third quarter of 2021.  Excluding these charges, adjusted expenses decreased approximately $1.4 million, or 1.03%, to $134.5 million in the fourth quarter of 2021, from $135.9 million in the third quarter of 2021.  Operating expenses in the newly acquired Balboa Capital division were $1.35 million in the fourth quarter of 2021.   A driving factor in the overall decrease in expenses was a reduction in salaries and employee benefits in the banking division of $4.8 million, offset by the $1.3 million of salaries and employee benefits in the Balboa Capital division.  The adjusted efficiency ratio was 54.85% in the fourth quarter of 2021, compared with 56.56% in the third quarter of 2021.

Noninterest expense decreased $38.5 million, or 6.4%, to $560.1 million in 2021, compared with $598.6 million in 2020.  During 2021, the Company recorded $4.7 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $9.9 million in charges in 2020 that were principally related to natural disaster and pandemic charges and certain legal expenses.  Excluding these charges, adjusted expenses decreased $33.3 million, or 5.7%, to $555.4 million in 2021, from $588.7 million in 2020.  The majority of this decrease is attributable to a $22.5 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $4.6 million reduction in amortization of intangible assets.

Income Tax Expense
The Company's effective tax rate for 2021 was 24.0%, compared with 23.0% in 2020.  The Company's effective tax rate for the fourth quarter of 2021 was 23.8%, compared with 26.2% in the third quarter of 2021.  The decreased rate for the fourth quarter of 2021 was primarily a result of a discrete charge to the Company's state tax liability in the third quarter of 2021.  

Balance Sheet Trends
Total assets at December 31, 2021 were $23.86 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $17.13 billion at December 31, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $15.87 billion at December 31, 2021, compared with $14.48 billion at December 31, 2020, an increase of $1.39 billion, or 9.6%.  Loan production in the banking division during the fourth quarter of 2021 totaled $1.15 billion, up 26% from the third quarter of 2021 and 46% from the fourth quarter of 2020. 

At December 31, 2021, total deposits amounted to $19.67 billion, or 95.8% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At December 31, 2021, noninterest-bearing deposit accounts were $7.77 billion, or 39.5% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.52 billion at December 31, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 63.6% of the Company's total deposits at December 31, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at December 31, 2021 totaled $2.97 billion, an increase of $319.4 million, or 12.1%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $376.9 million during 2021, partially offset by dividends declared and share repurchases.  Tangible book value per share was $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.05% at December 31, 2021, compared with 8.47% at the end of 2020.

Credit Quality
Credit quality remains strong in the Company.  During the fourth quarter of 2021, the Company recorded a provision for credit losses of $2.8 million, compared with a provision reversal of $9.7 million in the third quarter of 2021.  This provision was primarily attributable to growth in unfunded commitments, partially offset by an improvement in expected credit losses on loans.  The Company has been prudently working with borrowers to support their credit needs during the current challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the fourth quarter of 2021 equaled approximately 0.4% of total loans, down from approximately 0.6% and 2.9% of total loans at the end of the third quarter of 2021 and the fourth quarter of 2020, respectively.  Nonperforming assets as a percentage of total assets increased 11 basis points to 0.43% during the quarter.  This increase was primarily attributable to purchased credit deteriorated assets added from the Balboa Capital acquisition and certain GNMA and portfolio mortgages that completed COVID forbearances and the loan has not been either brought current or formally modified. The Company recorded net recoveries in the fourth quarter of 2021 of $556,000, such that the net charge-off ratio was negative one basis point for the quarter, compared with zero basis points in the third quarter of 2021 and 70 basis points in the fourth quarter of 2020.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 28, 2022, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants).  The conference call access code is 652601.  A replay of the call will be available one hour after the end of the conference call until February 4, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 554920.  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 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, 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; 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 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, 2020 and the Company's 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


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2021


2021


2021


2021


2020


2021


2020

EARNINGS














Net income

$    81,944


$    81,680


$    88,327


$  124,962


$    94,285


$  376,913


$  261,988

Adjusted net income

$    81,544


$    83,861


$    87,548


$  115,746


$  101,995


$  368,699


$  300,501















COMMON SHARE DATA














Earnings per share available to common shareholders














Basic

$        1.18


$        1.18


$        1.27


$        1.80


$        1.36


$        5.43


$        3.78

Diluted

$        1.18


$        1.17


$        1.27


$        1.79


$        1.36


$        5.40


$        3.77

Adjusted diluted EPS

$        1.17


$        1.20


$        1.25


$        1.66


$        1.47


$        5.29


$        4.33

Cash dividends per share

$        0.15


$        0.15


$        0.15


$        0.15


$        0.15


$        0.60


$        0.60

Book value per share (period end)

$      42.62


$      41.66


$      40.66


$      39.56


$      38.07


$      42.62


$      38.07

Tangible book value per share (period end)

$      26.26


$      27.46


$      26.45


$      25.27


$      23.69


$      26.26


$      23.69

Weighted average number of shares














Basic

69,398,594


69,439,845


69,496,666


69,391,734


69,252,307


69,431,860


69,256,020

Diluted

69,738,426


69,756,135


69,791,670


69,740,860


69,493,105


69,761,394


69,426,185

Period end number of shares

69,608,228


69,635,435


69,767,209


69,713,426


69,541,481


69,608,228


69,541,481

Market data














High intraday price

$      56.64


$      53.63


$      59.85


$      57.81


$      39.53


$      59.85


$      43.79

Low intraday price

$      46.20


$      44.92


$      47.44


$      36.60


$      22.37


$      36.60


$      17.12

Period end closing price

$      49.68


$      51.88


$      50.63


$      52.51


$      38.07


$      49.68


$      38.07

Average daily volume

350,119


392,533


429,233


460,744


394,641


407,447


420,874















PERFORMANCE RATIOS














Return on average assets

1.41  %


1.47  %


1.64  %


2.44  %


1.89  %


1.73  %


1.36  %

Adjusted return on average assets

1.40  %


1.51  %


1.63  %


2.26  %


2.04  %


1.69  %


1.56  %

Return on average common equity

11.06  %


11.27  %


12.66  %


18.80  %


14.30  %


13.33  %


10.35  %

Adjusted return on average tangible common equity

16.88  %


17.65  %


19.46  %


27.66  %


25.04  %


20.19  %


19.77  %

Earning asset yield (TE)

3.39  %


3.44  %


3.58  %


3.85  %


3.98  %


3.56  %


4.21  %

Total cost of funds

0.23  %


0.24  %


0.26  %


0.30  %


0.36  %


0.25  %


0.54  %

Net interest margin (TE)

3.18  %


3.22  %


3.34  %


3.57  %


3.64  %


3.32  %


3.70  %

Noninterest income excluding securities transactions, as a percent of total revenue (TE)

31.31  %


30.32  %


33.78   %


39.71  %


38.37  %


34.01  %


37.90  %

Efficiency ratio

55.66  %


57.59  %


54.07  %


52.59  %


54.83  %


54.87  %


55.21  %

Adjusted efficiency ratio (TE)

54.85  %


56.56  %


54.07  %


54.62  %


52.67  %


55.00  %


52.17  %















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.43  %


12.87  %


12.96  %


12.87  %


12.95  %


12.43  %


12.95  %

Tangible common equity to tangible assets

8.05  %


8.88  %


8.83  %


8.62  %


8.47  %


8.05  %


8.47  %















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.05  %


8.88  %


8.83  %


8.62  %


8.47  %


8.05  %


8.47  %

Effect of goodwill and other intangibles

4.38  %


3.99  %


4.13  %


4.25  %


4.48  %


4.38  %


4.48  %

Equity to assets (GAAP)

12.43  %


12.87  %


12.96  %


12.87  %


12.95  %


12.43  %


12.95  %















OTHER DATA (period end)














Full time equivalent employees














Banking Division

2,008


1,821


1,817


1,815


1,816


2,008


1,816

Retail Mortgage Division

739


749


759


765


748


739


748

Warehouse Lending Division

12


12


12


12


12


12


12

SBA Division

34


29


30


29


24


34


24

Premium Finance Division

72


67


68


70


71


72


71

Total Ameris Bancorp FTE headcount

2,865


2,678


2,686


2,691


2,671


2,865


2,671















Assets per Banking Division FTE

$    13,262


$    12,374


$    12,046


$    11,806


$    11,255


$    13,262


$    11,255

Branch locations

165


165


165


165


164


165


164

Deposits per branch location

$  119,185


$  114,142


$  110,655


$  108,339


$  103,401


$  119,185


$  103,401

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2021


2021


2021


2021


2020


2021


2020

Interest income














Interest and fees on loans

$     170,813


$     166,358


$     167,761


$     171,157


$     171,971


$     676,089


$     690,909

Interest on taxable securities

5,866


5,296


5,244


6,118


6,398


22,524


33,086

Interest on nontaxable securities

156


139


139


141


150


575


623

Interest on deposits in other banks

1,521


1,244


595


522


252


3,882


1,739

Interest on federal funds sold

9


9


12


12


12


42


146

Total interest income

178,365


173,046


173,751


177,950


178,783


703,112


726,503















Interest expense














Interest on deposits

4,678


5,106


5,775


6,798


8,870


22,357


59,067

Interest on other borrowings

6,850


6,279


6,124


6,175


6,457


25,428


29,683

Total interest expense

11,528


11,385


11,899


12,973


15,327


47,785


88,750















Net interest income

166,837


161,661


161,852


164,977


163,456


655,327


637,753















Provision for loan losses

(13,619)


(3,984)


(899)


(16,579)


(6,700)


(35,081)


125,488

Provision for unfunded commitments

16,388


(5,516)


1,299


(11,839)


5,481


332


19,062

Provision for other credit losses

(10)


(175)


(258)


(173)


(291)


(616)


830

Provision for credit losses

2,759


(9,675)


142


(28,591)


(1,510)


(35,365)


145,380

Net interest income after provision for credit losses

164,078


171,336


161,710


193,568


164,966


690,692


492,373















Noninterest income














Service charges on deposit accounts

11,784


11,486


11,007


10,829


11,465


45,106


44,145

Mortgage banking activity

60,723


56,460


70,231


98,486


95,192


285,900


374,077

Other service charges, commissions and fees

962


1,154


1,056


1,016


965


4,188


3,914

Gain (loss) on securities

(4)


530


1


(12)



515


5

Other noninterest income

8,304


6,932


6,945


7,654


4,521


29,835


24,359

Total noninterest income

81,769


76,562


89,240


117,973


112,143


365,544


446,500















Noninterest expense














Salaries and employee benefits

76,615


79,671


85,505


95,985


92,466


337,776


360,278

Occupancy and equipment

13,494


11,979


10,812


11,781


12,709


48,066


52,349

Data processing and communications expenses

11,534


10,681


11,877


11,884


11,323


45,976


46,017

Credit resolution-related expenses(1)

1,992


377


622


547


1,156


3,538


5,106

Advertising and marketing

2,381


2,676


1,946


1,431


3,267


8,434


8,046

Amortization of intangible assets

3,387


3,387


4,065


4,126


4,190


14,965


19,612

Merger and conversion charges

4,023


183





4,206


1,391

Other noninterest expenses

24,943


28,242


20,934


23,044


26,005


97,163


105,830

Total noninterest expense

138,369


137,196


135,761


148,798


151,116


560,124


598,629















Income before income tax expense

107,478


110,702


115,189


162,743


125,993


496,112


340,244

Income tax expense

25,534


29,022


26,862


37,781


31,708


119,199


78,256

Net income

$       81,944


$       81,680


$       88,327


$     124,962


$       94,285


$     376,913


$     261,988















Diluted earnings per common share

$          1.18


$          1.17


$          1.27


$          1.79


$          1.36


$          5.40


$          3.77















(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


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2021


2021


2021


2021


2020

Assets










Cash and due from banks

$     264,807


$     239,028


$     259,729


$     224,159


$     203,349

Federal funds sold and interest-bearing deposits in banks

3,756,844


3,513,412


3,044,795


2,534,969


1,913,957

Restricted Cash

43,006





Time deposits in other banks




249


249

Investment securities available-for-sale, at fair value

592,621


684,504


778,167


859,652


982,879

Investment securities held-to-maturity, at amortized cost

79,850


64,451


29,055



Other investments

47,552


27,619


27,621


27,620


28,202

Loans held for sale

1,254,632


1,435,805


1,210,589


1,509,528


1,167,659











Loans, net of unearned income

15,874,258


14,824,539


14,780,791


14,599,805


14,480,925

Allowance for credit losses

(167,582)


(171,213)


(175,070)


(178,570)


(199,422)

Loans, net

15,706,676


14,653,326


14,605,721


14,421,235


14,281,503











Other real estate owned

3,810


4,594


5,775


8,841


11,880

Premises and equipment, net

225,400


226,430


229,994


231,550


222,890

Goodwill

1,012,620


928,005


928,005


928,005


928,005

Other intangible assets, net

125,938


60,396


63,783


67,848


71,974

Cash value of bank owned life insurance

331,146


279,389


277,839


176,575


176,467

Other assets

413,419


416,182


425,858


436,896


449,624

Total assets

$ 23,858,321


$ 22,533,141


$ 21,886,931


$ 21,427,127


$ 20,438,638











Liabilities










Deposits










Noninterest-bearing

$  7,774,823


$  7,616,728


$  6,983,761


$  6,804,776


$  6,151,070

Interest-bearing

11,890,730


11,216,761


11,274,236


11,071,097


10,806,753

Total deposits

19,665,553


18,833,489


18,257,997


17,875,873


16,957,823

Federal funds purchased and securities sold under agreements to repurchase

5,845


4,502


5,544


9,320


11,641

Other borrowings

739,879


425,375


425,303


425,231


425,155

Subordinated deferrable interest debentures

126,328


125,830


125,331


124,833


124,345

Other liabilities

354,265


243,175


235,752


234,274


272,586

Total liabilities

20,891,870


19,632,371


19,049,927


18,669,531


17,791,550











Shareholders' Equity










Preferred stock





Common stock

72,017


72,016


72,008


71,954


71,754

Capital stock

1,924,813


1,922,964


1,920,566


1,917,990


1,913,285

Retained earnings

1,006,436


934,979


863,828


785,984


671,510

Accumulated other comprehensive income, net of tax

15,590


21,885


25,024


26,090


33,505

Treasury stock

(52,405)


(51,074)


(44,422)


(44,422)


(42,966)

Total shareholders' equity

2,966,451


2,900,770


2,837,004


2,757,596


2,647,088

Total liabilities and shareholders' equity

$ 23,858,321


$ 22,533,141


$ 21,886,931


$ 21,427,127


$ 20,438,638











Other Data










Earning assets

$ 21,605,757


$ 20,550,330


$ 19,871,018


$ 19,531,823


$ 18,573,871

Intangible assets

1,138,558


988,401


991,788


995,853


999,979

Interest-bearing liabilities

12,762,782


11,772,468


11,830,414


11,630,481


11,367,894

Average assets

23,054,847


22,087,642


21,538,894


20,734,414


19,876,338

Average common shareholders' equity

2,939,507


2,874,691


2,798,269


2,695,005


2,622,942

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2021


2021


2021


2021


2020


2021


2020

Allowance for Credit Losses














Balance at beginning of period

$  188,234


$  197,782


$  200,241


$  233,105


$  260,417


$  233,105


$    39,266















CECL adoption impact on allowance for loan losses







78,661

CECL adoption impact on allowance for unfunded commitments







12,714

Total CECL adoption impact







91,375















Acquired allowance for purchased credit deteriorated loans

9,432






9,432
















Provision for loan losses

(13,619)


(3,984)


(899)


(16,579)


(6,700)


(35,081)


125,488

Provision for unfunded commitments

16,388


(5,516)


1,299


(11,839)


5,481


332


19,062

Provision for other credit losses

(10)


(175)


(258)


(173)


(291)


(616)


830

Provision for credit losses

2,759


(9,675)


142


(28,591)


(1,510)


(35,365)


145,380















Charge-offs

3,367


3,537


7,138


7,574


29,094


21,616


54,464

Recoveries

3,923


3,664


4,537


3,301


3,292


15,425


11,548

Net charge-offs

(556)


(127)


2,601


4,273


25,802


6,191


42,916















Ending balance

$  200,981


$  188,234


$  197,782


$  200,241


$  233,105


$  200,981


$  233,105















Allowance for loan losses

$  167,582


$  171,213


$  175,070


$  178,570


$  199,422


$  167,582


$  199,422

Allowance for unfunded commitments

33,185


16,797


22,313


21,014


32,853


33,185


32,853

Allowance for other credit losses

214


224


399


657


830


214


830

Total allowance for credit losses

$  200,981


$  188,234


$  197,782


$  200,241


$  233,105


$  200,981


$  233,105















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$     1,003


$        858


$      3,529


$     2,370


$      5,960


$     7,760


$    10,647

Consumer installment

1,484


1,647


1,669


1,448


2,861


6,248


5,642

Indirect automobile

40


178


141


829


658


1,188


3,602

Premium Finance

526


605


1,194


1,343


2,240


3,668


6,133

Real estate - construction and development

21



186


26



233


83

Real estate - commercial and farmland

220


210


27


1,395


17,284


1,852


27,504

Real estate - residential

73


39


392


163


91


667


853

Total charge-offs

3,367


3,537


7,138


7,574


29,094


21,616


54,464















Recoveries














Commercial, financial and agricultural

2,389


1,986


625


727


754


5,727


1,889

Consumer installment

172


199


212


356


480


939


1,753

Indirect automobile

329


278


372


700


637


1,679


1,657

Premium Finance

633


649


2,466


1,122


605


4,870


3,189

Real estate - construction and development

210


45


84


167


125


506


817

Real estate - commercial and farmland

81


266


185


41


439


573


1,449

Real estate - residential

109


241


593


188


252


1,131


794

Total recoveries

3,923


3,664


4,537


3,301


3,292


15,425


11,548















Net charge-offs

$       (556)


$       (127)


$      2,601


$     4,273


$    25,802


$     6,191


$    42,916















Non-Performing Assets














Nonaccrual loans

$    85,266


$    58,932


$    59,921


$    71,189


$    76,457


$    85,266


$    76,457

Other real estate owned

3,810


4,594


5,775


8,841


11,880


3,810


11,880

Repossessed assets

84


152


226


840


544


84


544

Accruing loans delinquent 90 days or more

12,711


7,472


4,874


5,097


8,326


12,711


8,326

Total non-performing assets

$  101,871


$    71,150


$    70,796


$    85,967


$    97,207


$  101,871


$    97,207















Asset Quality Ratios














Non-performing assets as a percent of total assets

0.43  %


0.32  %


0.32  %


0.40  %


0.48  %


0.43  %


0.48  %

Net charge-offs as a percent of average loans (annualized)

(0.01)  %


—        %


0.07  %


0.12  %


0.70  %


0.04  %


0.31  %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2021


2021


2021


2021


2020

Loans by Type










Commercial, financial and agricultural

$  1,875,993


$  1,217,575


$  1,406,421


$  1,611,029


$  1,627,477

Consumer installment

191,298


207,111


229,411


257,097


306,995

Indirect automobile

265,779


325,057


397,373


482,637


580,083

Mortgage warehouse

787,837


768,577


841,347


880,216


916,353

Municipal

572,701


624,430


647,578


659,228


659,403

Premium Finance

798,409


840,737


780,328


706,379


687,841

Real estate - construction and development

1,452,339


1,454,824


1,527,883


1,533,234


1,606,710

Real estate - commercial and farmland

6,834,917


6,409,704


6,051,472


5,616,826


5,300,006

Real estate - residential

3,094,985


2,976,524


2,898,978


2,853,159


2,796,057

Total loans

$ 15,874,258


$ 14,824,539


$ 14,780,791


$ 14,599,805


$ 14,480,925











Troubled Debt Restructurings










Accruing troubled debt restructurings










Commercial, financial and agricultural

$        1,286


$        1,683


$         1,038


$           930


$           521

Consumer installment

16


22


28


27


32

Indirect automobile

1,037


1,284


1,647


1,931


2,277

Real estate - construction and development

789


887


898


501


506

Real estate - commercial and farmland

35,575


43,895


46,025


43,398


36,707

Real estate - residential

26,879


29,521


31,570


33,324


38,800

Total accruing troubled debt restructurings

$       65,582


$       77,292


$       81,206


$       80,111


$       78,843

Nonaccrual troubled debt restructurings










Commercial, financial and agricultural

$             83


$           112


$           805


$           854


$           849

Consumer installment

35


38


43


53


56

Indirect automobile

273


297


301


321


461

Real estate - construction and development

13


271


301


706


707

Real estate - commercial and farmland

5,924


6,715


7,103


2,233


1,401

Real estate - residential

4,678


2,687


2,515


2,818


2,671

Total nonaccrual troubled debt restructurings

$       11,006


$       10,120


$       11,068


$        6,985


$         6,145

   Total troubled debt restructurings

$       76,588


$       87,412


$       92,274


$       87,096


$       84,988











Loans by Risk Grade










Grades 1 through 5 - Pass

$ 15,614,323


$ 14,562,058


$ 14,477,905


$ 14,204,219


$ 14,109,418

Grade 6 - Other assets especially mentioned

78,957


87,757


100,750


135,213


108,541

Grade 7 - Substandard

180,978


174,724


202,134


260,369


262,947

Grade 8 - Doubtful





19

Grade 9 - Loss



2


4


Total loans

$ 15,874,258


$ 14,824,539


$ 14,780,791


$ 14,599,805


$ 14,480,925

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2021


2021


2021


2021


2020


2021


2020

Earning Assets














Federal funds sold

$       20,000


$       20,000


$       20,000


$       20,000


$       20,000


$       20,000


$       22,896

Interest-bearing deposits in banks

3,719,878


3,082,413


2,461,092


2,145,403


879,481


2,857,141


541,776

Time deposits in other banks



244


249


249


122


249

Investment securities - taxable

698,915


757,278


811,234


910,834


1,024,335


793,883


1,206,014

Investment securities - nontaxable

22,639


19,053


18,225


19,225


20,112


19,793


21,533

Other investments

31,312


27,622


27,620


27,516


31,552


28,525


62,253

Loans held for sale

1,365,886


1,497,320


1,705,167


1,284,821


1,281,762


1,463,614


1,497,051

Loans

15,119,752


14,685,878


14,549,104


14,453,975


14,752,664


14,703,957


14,018,582

Total Earning Assets

$ 20,978,382


$ 20,089,564


$ 19,592,686


$ 18,862,023


$ 18,010,155


$ 19,887,035


$ 17,370,354















Deposits














Noninterest-bearing deposits

$  7,600,284


$  7,168,717


$  6,874,471


$  6,412,268


$  5,970,672


$  7,017,614


$  5,227,399

NOW accounts

3,651,595


3,447,909


3,314,334


3,182,245


2,968,596


3,400,441


2,605,349

MMDA

5,209,653


4,966,492


4,872,500


4,761,279


4,534,243


4,953,748


4,259,467

Savings accounts

928,954


908,189


876,887


823,039


793,414


884,623


719,916

Retail CDs

1,827,852


1,919,184


2,005,265


2,066,410


2,109,600


1,953,927


2,368,802

Brokered CDs


511


1,000


1,000


1,140


625


16,494

Total Deposits

19,218,338


18,411,002


17,944,457


17,246,241


16,377,665


18,210,978


15,197,427

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

5,559


5,133


6,883


9,284


9,929


6,700


12,115

FHLB advances

48,828


48,866


48,910


48,951


127,797


48,888


849,546

Other borrowings

468,058


376,489


376,376


376,260


376,295


399,485


297,023

Subordinated deferrable interest debentures

126,067


125,567


125,068


124,574


124,091


125,324


124,632

Total Non-Deposit Funding

648,512


556,055


557,237


559,069


638,112


580,397


1,283,316

Total Funding

$ 19,866,850


$ 18,967,057


$ 18,501,694


$ 17,805,310


$ 17,015,777


$ 18,791,375


$ 16,480,743

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2021


2021


2021


2021


2020


2021


2020

Interest Income














Federal funds sold

$              9


$               9


$             12


$             12


$             13


$             42


$           147

Interest-bearing deposits in banks

1,521


1,244


594


521


251


3,880


1,735

Time deposits in other banks



1


1


1


2


4

Investment securities - taxable

5,866


5,296


5,244


6,118


6,398


22,524


33,086

Investment securities - nontaxable (TE)

198


176


176


178


190


728


789

Loans held for sale

9,433


10,618


11,773


10,827


9,705


42,651


47,760

Loans (TE)

162,415


156,861


157,112


161,473


163,532


637,861


648,137

Total Earning Assets

$    179,442


$     174,204


$     174,912


$     179,130


$     180,090


$     707,688


$     731,658















Accretion income (included above)

$        2,812


$        2,948


$         4,462


$        6,127


$         4,688


$       16,349


$       27,351















Interest Expense














Interest-Bearing Deposits














NOW accounts

$          864


$           808


$           816


$           926


$         1,091


$        3,414


$         6,524

MMDA

1,971


1,970


1,908


1,998


2,326


7,847


18,661

Savings accounts

128


129


122


124


143


503


559

Retail CDs

1,715


2,195


2,921


3,744


5,301


10,575


32,985

Brokered CDs


4


8


6


9


18


338

Total Interest-Bearing Deposits

4,678


5,106


5,775


6,798


8,870


22,357


59,067

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

4


4


5


7


8


20


82

FHLB advances

195


195


193


192


245


775


7,701

Other borrowings

5,317


4,640


4,683


4,638


4,635


19,278


15,191

Subordinated deferrable interest debentures

1,334


1,440


1,243


1,338


1,569


5,355


6,709

Total Non-Deposit Funding

6,850


6,279


6,124


6,175


6,457


25,428


29,683

Total Interest-Bearing Funding

$      11,528


$       11,385


$       11,899


$       12,973


$       15,327


$       47,785


$       88,750















Net Interest Income (TE)

$    167,914


$     162,819


$     163,013


$     166,157


$     164,763


$     659,903


$     642,908

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Yields(1)

Table 8


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec


2021


2021


2021


2021


2020


2021


2020

Earning Assets














Federal funds sold

0.18       %


0.18       %


0.24       %


0.24       %


0.26       %


0.21       %


0.64       %

Interest-bearing deposits in banks

0.16       %


0.16       %


0.10       %


0.10       %


0.11       %


0.14       %


0.32       %

Time deposits in other banks

—     %


—     %


1.64       %


1.63       %


1.60       %


1.64       %


1.61       %

Investment securities - taxable

3.33       %


2.77       %


2.59       %


2.72       %


2.48       %


2.84       %


2.74       %

Investment securities - nontaxable (TE)

3.47       %


3.66       %


3.87       %


3.75       %


3.76       %


3.68       %


3.66       %

Loans held for sale

2.74       %


2.81       %


2.77       %


3.42       %


3.01       %


2.91       %


3.19       %

Loans (TE)

4.26       %


4.24       %


4.33       %


4.53       %


4.41       %


4.34       %


4.62       %

Total Earning Assets

3.39       %


3.44       %


3.58       %


3.85       %


3.98       %


3.56       %


4.21       %















Interest-Bearing Deposits














NOW accounts

0.09       %


0.09       %


0.10       %


0.12       %


0.15       %


0.10       %


0.25       %

MMDA

0.15       %


0.16       %


0.16       %


0.17       %


0.20       %


0.16       %


0.44       %

Savings accounts

0.05       %


0.06       %


0.06       %


0.06       %


0.07       %


0.06       %


0.08       %

Retail CDs

0.37       %


0.45       %


0.58       %


0.73       %


1.00       %


0.54       %


1.39       %

Brokered CDs

—     %


3.11       %


3.21       %


2.43       %


3.14       %


2.88       %


2.05       %

Total Interest-Bearing Deposits

0.16       %


0.18       %


0.21       %


0.25       %


0.34       %


0.20       %


0.59       %

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

0.29       %


0.31       %


0.29       %


0.31       %


0.32       %


0.30       %


0.68       %

FHLB advances

1.58       %


1.58       %


1.58       %


1.59       %


0.76       %


1.59       %


0.91       %

Other borrowings

4.51       %


4.89       %


4.99       %


5.00       %


4.90       %


4.83       %


5.11       %

Subordinated deferrable interest debentures

4.20       %


4.55       %


3.99       %


4.36       %


5.03       %


4.27       %


5.38       %

Total Non-Deposit Funding

4.19       %


4.48       %


4.41       %


4.48       %


4.03       %


4.38       %


2.31       %

Total Interest-Bearing Liabilities

0.37       %


0.38       %


0.41       %


0.46       %


0.55       %


0.41       %


0.79       %















Net Interest Spread

3.02       %


3.06       %


3.17       %


3.39       %


3.43       %


3.15       %


3.42       %















Net Interest Margin(2)

3.18       %


3.22       %


3.34       %


3.57       %


3.64       %


3.32       %


3.70       %















Total Cost of Funds(3)

0.23       %


0.24       %


0.26       %


0.30       %


0.36       %


0.25       %


0.54       %

(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


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2021


2021


2021


2021


2020


2021


2020

Net income available to common shareholders

$     81,944


$     81,680


$     88,327


$  124,962


$     94,285


$   376,913


$  261,988















Adjustment items:














Merger and conversion charges

4,023


183





4,206


1,391

Restructuring charges







1,513

Servicing right impairment (recovery)

(4,540)


1,398


(749)


(10,639)


9,501


(14,530)


40,067

Gain on BOLI proceeds




(603)



(603)


(948)

Expenses related to SEC and DOJ Investigation





53



3,058

Natural disaster and pandemic charges (Note 1)





235



3,296

(Gain) loss on bank premises

(126)


1,136


(236)


(264)


(30)


510


624

Tax effect of adjustment items (Note 2)

243


(536)


206


2,290


(2,049)


2,203


(10,488)

After tax adjustment items

(400)


2,181


(779)


(9,216)


7,710


(8,214)


38,513

Adjusted net income

$     81,544


$     83,861


$     87,548


$  115,746


$   101,995


$   368,699


$  300,501















Weighted average number of shares - diluted

69,738,426


69,756,135


69,791,670


69,740,860


69,493,105


69,761,394


69,426,185

Net income per diluted share

$        1.18


$        1.17


$        1.27


$        1.79


$        1.36


$         5.40


$       3.77

Adjusted net income per diluted share

$        1.17


$        1.20


$        1.25


$        1.66


$        1.47


$         5.29


$       4.33















Average assets

$  23,054.847


$  22,087.642


$  21,538,894


$  20,734,414


$  19,876,338


$  21,847,731


$  19,240,493

Return on average assets

1.41  %


1.47  %


1.64  %


2.44  %


1.89  %


1.73  %


1.36  %

Adjusted return on average assets

1.40  %


1.51  %


1.63  %


2.26  %


2.04  %


1.69  %


1.56  %















Average common equity

$ 2,939.507


$ 2,874.691


$ 2,798,269


$                  2,695,005


$ 2,622,942


$ 2,827,669


$                  2,531,419

Average tangible common equity

$ 1,916,783


$ 1,884,622


$ 1,804,324


$                  1,696,946


$ 1,620,742


$ 1,826,433


$                  1,520,303

Return on average common equity

11.06  %


11.27  %


12.66  %


18.80   %


14.30  %


13.33  %


10.35  %

Adjusted return on average tangible common equity

16.88  %


17.65  %


19.46   %


27.66  %


25.04  %


20.19  %


19.77  %
















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:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for 4Q21, 3Q21 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


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2021


2021


2021


2021


2020


2021


2020

Adjusted Noninterest Expense














Total noninterest expense

$  138,369


$  137,196


$  135,761


$  148,798


$  151,116


$  560,124


$  598,629

Adjustment items:














Merger and conversion charges

(4,023)


(183)





(4,206)


(1,391)

Restructuring charges







(1,513)

Expenses related to SEC and DOJ Investigation





(53)



(3,058)

Natural disaster and pandemic charges





(235)



(3,296)

Gain (loss) on bank premises

126


(1,136)


236


264


30


(510)


(624)

Adjusted noninterest expense

$  134,472


$  135,877


$  135,997


$  149,062


$  150,858


$  555,408


$  588,747















Total Revenue














Net interest income

$  166,837


$  161,661


$  161,852


$  164,977


$  163,456


$  655,327


$  637,753

Noninterest income

81,769


76,562


89,240


117,973


112,143


365,544


446,500

Total revenue

$  248,606


$  238,223


$  251,092


$  282,950


$  275,599


$                  1,020,871


$                  1,084,253















Adjusted Total Revenue














Net interest income (TE)

$  167,914


$  162,819


$  163,013


$  166,157


$  164,763


$  659,903


$  642,908

Noninterest income

81,769


76,562


89,240


117,973


112,143


365,544


446,500

Total revenue (TE)

249,683


239,381


252,253


284,130


276,906


1,025,447


1,089,408

Adjustment items:














(Gain) loss on securities

4


(530)


(1)


12



(515)


(5)

Gain on BOLI proceeds




(603)



(603)


(948)

Servicing right impairment (recovery)

(4,540)


1,398


(749)


(10,639)


9,501


(14,530)


40,067

Adjusted total revenue (TE)

$  245,147


$  240,249


$  251,503


$  272,900


$  286,407


$                  1,009,799


$                  1,128,522















Efficiency ratio

55.66              %


57.59              %


54.07              %


52.59              %


54.83              %


54.87              %


55.21              %

Adjusted efficiency ratio (TE)

54.85              %


56.56              %


54.07              %


54.62              %


52.67              %


55.00              %


52.17              %















Tangible Book Value Per Share

Table 9C


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2021


2021


2021


2021


2020


2021


2020

Total shareholders' equity

$                  2,966,451


$                  2,900,770


$                  2,837,004


$                  2,757,596


$                  2,647,088


$                  2,966,451


$                  2,647,088

Less:














Goodwill

1,012,620


928,005


928,005


928,005


928,005


1,012,620


928,005

Other intangibles, net

125,938


60,396


63,783


67,848


71,974


125,938


71,974

Total tangible shareholders' equity

$                  1,827,893


$                  1,912,369


$                  1,845,216


$                  1,761,743


$                  1,647,109


$                  1,827,893


$                  1,647,109















Period end number of shares

69,608,228


69,635,435


69,767,209


69,713,426


69,541,481


69,608,228


69,541,481

Book value per share (period end)

$     42.62


$     41.66


$      40.66


$     39.56


$     38.07


$      42.62


$     38.07

Tangible book value per share (period end)

$     26.26


$     27.46


$      26.45


$     25.27


$     23.69


$      26.26


$     23.69

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting

Table 10


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2021


2021


2021


2021


2020


2021


2020

Banking Division














Net interest income

$  120,572


$  113,524


$  110,670


$  112,816


$  112,964


$  457,582


$  471,231

Provision for credit losses

4,565


(9,578)


(3,949)


(23,904)


1,847


(32,866)


125,136

Noninterest income

18,859


17,896


16,171


16,738


15,659


69,664


63,165

Noninterest expense














Salaries and employee benefits

36,522


40,020


37,814


42,723


38,668


157,079


160,430

Occupancy and equipment expenses

11,699


10,196


9,050


10,120


10,958


41,065


44,939

Data processing and telecommunications expenses

10,162


9,159


10,280


10,201


9,608


39,802


39,040

Other noninterest expenses

24,048


21,723


18,763


19,710


25,806


84,244


105,965

Total noninterest expense

82,431


81,098


75,907


82,754


85,040


322,190


350,374

Income before income tax expense

52,435


59,900


54,883


70,704


41,736


237,922


58,886

Income tax expense

14,010


17,784


14,196


18,456


13,992


64,446


19,138

Net income

$    38,425


$    42,116


$    40,687


$    52,248


$    27,744


$  173,476


$    39,748















Retail Mortgage Division














Net interest income

$    19,912


$    21,289


$    22,533


$    18,984


$    19,908


$    82,718


$    82,359

Provision for credit losses

175


1,678


5,647


(4,553)


(1,621)


2,947


15,850

Noninterest income

59,650


55,555


69,055


97,640


94,109


281,900


370,256

Noninterest expense














Salaries and employee benefits

36,787


36,373


44,798


49,838


50,165


167,796


184,765

Occupancy and equipment expenses

1,587


1,590


1,553


1,476


1,577


6,206


6,710

Data processing and telecommunications expenses

1,213


1,357


1,435


1,546


1,534


5,551


6,275

Other noninterest expenses

10,793


11,675


7,638


8,189


7,442


38,295


28,155

Total noninterest expense

50,380


50,995


55,424


61,049


60,718


217,848


225,905

Income before income tax expense

29,007


24,171


30,517


60,128


54,920


143,823


210,860

Income tax expense

6,092


5,076


6,408


12,627


11,535


30,203


44,286

Net income

$    22,915


$    19,095


$    24,109


$    47,501


$    43,385


$  113,620


$  166,574















Warehouse Lending Division














Net interest income

$      8,063


$      8,712


$      8,720


$      9,906


$      9,017


$    35,401


$    23,891

Provision for credit losses

77


(291)


(155)


(145)


1,673


(514)


2,562

Noninterest income

1,253


1,037


1,333


980


1,113


4,603


3,864

Noninterest expense














Salaries and employee benefits

258


264


278


330


296


1,130


981

Occupancy and equipment expenses

1



1


1


1


3


4

Data processing and telecommunications expenses

56


59


68


49


101


232


270

Other noninterest expenses

227


200


30


33


26


490


176

Total noninterest expense

542


523


377


413


424


1,855


1,431

Income before income tax expense

8,697


9,517


9,831


10,618


8,033


38,663


23,762

Income tax expense

1,827


1,999


2,064


2,230


1,687


8,120


5,004

Net income

$      6,870


$      7,518


$      7,767


$      8,388


$      6,346


$    30,543


$    18,758

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)

Table 10


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2021


2021


2021


2021


2020


2021


2020

SBA Division














Net interest income

$    11,319


$    10,699


$    12,882


$    16,635


$    14,909


$    51,535


$    33,090

Provision for credit losses

(663)


(1,104)


(607)


(547)


(2,997)


(2,921)


2,719

Noninterest income

2,002


2,070


2,677


2,611


1,247


9,360


9,200

Noninterest expense














Salaries and employee benefits

1,217


1,320


937


1,382


1,233


4,856


6,893

Occupancy and equipment expenses

121


116


132


106


100


475


391

Data processing and telecommunications expenses

28


18



1


1


47


33

Other noninterest expenses

645


370


284


295


363


1,594


1,832

Total noninterest expense

2,011


1,824


1,353


1,784


1,697


6,972


9,149

Income before income tax expense

11,973


12,049


14,813


18,009


17,456


56,844


30,422

Income tax expense

2,514


2,530


3,111


3,782


3,666


11,937


6,389

Net income

$      9,459


$      9,519


$    11,702


$    14,227


$    13,790


$    44,907


$    24,033















Premium Finance Division














Net interest income

$      6,971


$      7,437


$      7,047


$      6,636


$      6,658


$    28,091


$    27,182

Provision for credit losses

(1,395)


(380)


(794)


558


(412)


(2,011)


(887)

Noninterest income

5


4


4


4


15


17


15

Noninterest expense














Salaries and employee benefits

1,831


1,694


1,678


1,712


2,104


6,915


7,209

Occupancy and equipment expenses

86


77


76


78


73


317


305

Data processing and telecommunications expenses

75


88


94


87


79


344


399

Other noninterest expenses

1,013


897


852


921


981


3,683


3,857

Total noninterest expense

3,005


2,756


2,700


2,798


3,237


11,259


11,770

Income before income tax expense

5,366


5,065


5,145


3,284


3,848


18,860


16,314

Income tax expense

1,091


1,633


1,083


686


828


4,493


3,439

Net income

$      4,275


$      3,432


$      4,062


$      2,598


$      3,020


$    14,367


$    12,875















Total Consolidated














Net interest income

$  166,837


$  161,661


$  161,852


$  164,977


$  163,456


$  655,327


$  637,753

Provision for credit losses

2,759


(9,675)


142


(28,591)


(1,510)


(35,365)


145,380

Noninterest income

81,769


76,562


89,240


117,973


112,143


365,544


446,500

Noninterest expense














Salaries and employee benefits

76,615


79,671


85,505


95,985


92,466


337,776


360,278

Occupancy and equipment expenses

13,494


11,979


10,812


11,781


12,709


48,066


52,349

Data processing and telecommunications expenses

11,534


10,681


11,877


11,884


11,323


45,976


46,017

Other noninterest expenses

36,726


34,865


27,567


29,148


34,618


128,306


139,985

Total noninterest expense

138,369


137,196


135,761


148,798


151,116


560,124


598,629

Income before income tax expense

107,478


110,702


115,189


162,743


125,993


496,112


340,244

Income tax expense

25,534


29,022


26,862


37,781


31,708


119,199


78,256

Net income

$    81,944


$    81,680


$    88,327


$  124,962


$    94,285


$  376,913


$  261,988

 

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