Highlights of the Company's results for the full year 2022 include the following:
- Net income of $346.5 million, or $4.99 per diluted share
- Growth in tangible book value(1) of $3.66 per share, or 13.9%, to $29.92 at December 31, 2022
- Improvement in net interest margin of 44bps, from 3.32% for 2021 to 3.76% for 2022
- Growth in total revenue of $64.6 million, or 6.3%, to $1.09 billion this year
- Adjusted efficiency ratio(1) of 52.54%, compared with 55.00% last year
- Organic growth in loans of $3.51 billion, or 22.1%
- Growth in TCE ratio(1) of 62bps, or 7.7%, to 8.67% at December 31, 2022
- Growth in noninterest-bearing deposits, representing 40.74% of total deposits, from 39.54% a year ago
Significant items from the Company's results for the fourth quarter of 2022 include the following:
- Net income of $82.2 million, or $1.18 per diluted share
- Growth in tangible book value(1) of $1.30 per share, or 18.0% annualized, to $29.92 at December 31, 2022
- Improvement in net interest margin of 6bps, from 3.97% last quarter to 4.03% this quarter
- Growth in net interest income of $11.2 million, or 5.2%, to $224.1 million for the fourth quarter of 2022
- Adjusted return on average assets(1) of 1.32%
- Adjusted return on average tangible common equity(1) of 15.78%
ATLANTA, Jan. 26, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022, compared with $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021. The Company reported adjusted net income(1) of $81.1 million, or $1.17 per diluted share, for the quarter ended December 31, 2022, compared with $81.5 million, or $1.17 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, natural disaster and pandemic expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, gain/loss on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.
For the year ended December 31, 2022, the Company reported net income of $346.5 million, or $4.99 per diluted share, compared with $376.9 million, or $5.40 per diluted share, for 2021. The Company reported adjusted net income(1) of $329.4 million, or $4.75 per diluted share, for the year ended December 31, 2022, compared with $368.7 million, or $5.29 per diluted share, for 2021. Adjusted net income for the year excludes the same items listed above for the fourth quarter.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The strong financial results we are reporting today are a direct result of our team's continued focus and discipline. The fourth quarter was another strong quarter where we grew tangible book value, expanded the margin, protected our balance sheet and improved our efficiency ratio. The additional provision for credit losses we recorded this quarter is attributable to loan growth and the economic forecast and strengthens our position as we move into 2023. Despite forecasted challenging economic conditions and potential market volatility, we are well positioned for 2023 as we focus on core fundamentals in our strong Southeastern markets."
Increase in Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2022 increased to $804.9 million, compared with $659.9 million for 2021. The Company's net interest margin was 3.76% for 2022, an increase from 3.32% reported for 2021. The Company recorded accretion expense of $285,000 for 2022, compared with accretion income of $16.3 million for 2021. The increase in net interest margin is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year, along with the rising interest rate environment.
Net interest income on a tax-equivalent basis (TE) grew to $225.1 million in the fourth quarter of 2022, an increase of $11.2 million, or 5.2%, from last quarter and $57.2 million, or 34.1%, compared with the fourth quarter of 2021. The Company's net interest margin improved to 4.03% for the fourth quarter of 2022, up from 3.97% reported for the third quarter of 2022 and 3.18% reported for the fourth quarter of 2021.
Yields on earning assets increased 54 basis points during the quarter to 4.91%, compared with 4.37% in the third quarter of 2022, and increased 152 basis points from 3.39% in the fourth quarter of 2021. Yields on loans increased to 5.07% during the fourth quarter of 2022, compared with 4.62% for the third quarter of 2022 and 4.26% for the fourth quarter of 2021. In addition, the Company incurred net accretion expense in the fourth quarter of $315,000, compared with $597,000 in the third quarter of 2022 and accretion income of $2.8 million for the fourth quarter of 2021.
Loan production in the banking division during the fourth quarter of 2022 was $612.9 million, with weighted average yields of 7.92%, compared with $1.12 billion and 6.26%, respectively, in the third quarter of 2022 and $1.15 billion and 3.35%, respectively, in the fourth quarter of 2021. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.6 billion during the fourth quarter of 2022, with weighted average yields of 6.06%, compared with $4.6 billion and 5.29%, respectively, during the third quarter of 2022 and $5.5 billion and 3.43%, respectively, during the fourth quarter of 2021.
The Company's total cost of funds was 0.94% in the fourth quarter of 2022, an increase of 52 basis points compared with the third quarter of 2022. Deposit costs increased 39 basis point during the fourth quarter of 2022 to 0.68%, compared with 0.29% in the third quarter of 2022. Costs of interest-bearing deposits increased during the quarter from 0.49% in the third quarter of 2022 to 1.17% in the fourth quarter of 2022, reflecting deposit pricing adjustments made at the end of the third quarter and during the fourth quarter.
Noninterest Income
Noninterest income decreased $17.0 million, or 26.0%, in the fourth quarter of 2022 to $48.3 million, compared with $65.3 million for the third quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $17.5 million, or 43.4%, to $22.9 million in the fourth quarter of 2022, compared with $40.4 million for the third quarter of 2022. Gain on sale spreads decreased to 1.26% in the fourth quarter of 2022 from 2.10% for the third quarter of 2022. Total production in the retail mortgage division decreased to $947.3 million in the fourth quarter of 2022, compared with $1.26 billion for the third quarter of 2022. The retail mortgage open pipeline was $507.1 million at the end of the fourth quarter of 2022, compared with $520.0 million at September 30, 2022. Mortgage banking activity included a $1.3 million recovery of servicing right impairment and a $316,000 loss on sale of MSR recorded in the third quarter of 2022, compared with a $1.7 million gain on sale of MSR for the fourth quarter of 2022.
For the full year 2022, noninterest income decreased $81.1 million, or 22.2%, to $284.4 million, compared with $365.5 million for 2021, primarily as a result of decreased mortgage banking activity, which declined by $101.0 million, or 35.3%, to $184.9 million in 2022, compared with $285.9 million in 2021. Production in the retail mortgage division decreased to $5.5 billion in 2022, compared with $8.9 billion in 2021, while gain on sale spreads narrowed to 2.27% in 2022 from 3.31% in 2021. Other noninterest income increased $21.1 million, or 70.7%, to $50.9 million for 2022, compared with $29.8 million for 2021, primarily as a result of an $18.1 million increase in noninterest income in our equipment finance division of the bank. Also contributing to the increase were increases of $1.9 million in both BOLI income and swap fee income.
Noninterest Expense
Noninterest expense decreased $4.5 million, or 3.2%, to $135.1 million during the fourth quarter of 2022, compared with $139.6 million for the third quarter of 2022. During the fourth quarter of 2022, the Company recorded merger and conversion charges of $235,000, compared with natural disaster and pandemic charges of $151,000 during the third quarter of 2022. Excluding those charges, adjusted expenses(1) decreased approximately $4.6 million, or 3.3%, to $134.8 million in the fourth quarter of 2022, from $139.4 million in the third quarter of 2022. The decrease in adjusted expenses(1) resulted from a $7.3 million decline in mortgage expenses related to reduced production, offset by a $3.0 million increase in the banking division, the majority of which was related to compensation, incentives and benefits. Management continues to deliver high performing operating efficiency, as the adjusted efficiency ratio(1) decreased to 49.92% in the fourth quarter of 2022, compared with 50.06% in the third quarter of 2022.
For the full year 2022, noninterest expense increased $531,000 to $560.7 million, compared with $560.1 million in 2021. During 2022, the Company recorded $1.3 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $4.7 million in charges in 2021 that were principally related to merger and conversion charges. Excluding these charges, adjusted expenses increased $3.9 million, or 0.7%, to $559.3 million in 2022, from $555.4 million in 2021. This increase is primarily attributable to expansion of our equipment finance division in December 2021, partially offset by a reduction in variable expenses related to mortgage production.
Income Tax Expense
The Company's effective tax rate for 2022 was 23.5%, compared with 24.0% in 2021. The Company's effective tax rate for the fourth quarter of 2022 was 21.3%, compared with 23.6% in the third quarter of 2022. The decreased rate for the fourth quarter of 2022 was primarily a result of the impact of state rates applied to the Company's deferred tax asset.
Balance Sheet Trends
Total assets at December 31, 2022 were $25.05 billion, compared with $23.86 billion at December 31, 2021. The Company has improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $907.4 million, or 153.1%, from $592.6 million at December 31, 2021 to $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $3.98 billion, or 25.1%, to $19.86 billion at December 31, 2022, compared with $15.87 billion at December 31, 2021. Organic loan growth in the fourth quarter of 2022 was $576.1 million, or 12.3% annualized, which was diversified across the portfolio, including commercial and industrial, residential mortgages, construction and mortgage warehouse. The Company purchased approximately $472 million of cash value life insurance secured loans during the fourth quarter of 2022, complementing our existing offerings of this product. Loans held for sale decreased $862.6 million from $1.25 billion at December 31, 2021 to $392.1 million at December 31, 2022 due to a decline in mortgage activity resulting from the rising rate environment.
At December 31, 2022, total deposits amounted to $19.46 billion, or 90.7% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021. At December 31, 2022, noninterest-bearing deposit accounts were $7.93 billion, or 40.7% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.80 billion at December 31, 2022, compared with $12.52 billion at December 31, 2021. These funds represented 65.7% of the Company's total deposits at December 31, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.
Shareholders' equity at December 31, 2022 totaled $3.20 billion, an increase of $230.9 million, or 7.8%, from December 31, 2021. The increase in shareholders' equity was primarily the result of earnings of $346.5 million during 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio. Tangible book value per share(1) increased $1.30 per share, or 18.0% annualized, during the fourth quarter to $29.92 at December 31, 2022. The Company recorded an improvement of $0.06 per share of tangible book value(1) this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. For the year-to-date period, tangible book value per share(1) increased $3.66, or 13.9%, to $29.92 at December 31, 2022, compared with $26.26 at December 31, 2021. Tangible common equity as a percentage of tangible assets was 8.67% at December 31, 2022, compared with 8.05% at the end of 2021.
Credit Quality
Credit quality remains strong in the Company. During the fourth quarter of 2022, the Company recorded a provision for credit losses of $32.9 million, compared with a provision of $17.7 million in the third quarter of 2022. The fourth quarter provision was primarily attributable to loan growth of $1.05 billion during the quarter, the updated economic forecast and the related impacts to unfunded commitments. Nonperforming assets as a percentage of total assets increased six basis points to 0.61% during the quarter. Approximately $69.6 million, or 45.3%, of the nonperforming assets at December 31, 2022 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.34% at December 31, 2022, compared with 0.32% at September 30, 2022. The net charge-off ratio was eight basis points for the fourth quarter of 2022, compared with 11 basis points in the third quarter of 2022 and a net recovery of one basis point in the fourth quarter of 2021.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 27, 2023, 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 929912. A replay of the call will be available one hour after the end of the conference call until February 10, 2023. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 597631. 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, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D
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 financial 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 financial 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 financial 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; 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, 2021 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.
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AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
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Financial Highlights
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Table 1
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Three Months Ended
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Twelve Months Ended
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Dec
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Sep
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Jun
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Mar
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Dec
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Dec
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Dec
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(dollars in thousands except per share data)
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2022
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2022
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2022
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2022
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2021
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2022
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2021
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EARNINGS
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Net income
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$ 82,221
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$ 92,555
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$ 90,066
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$ 81,698
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$ 81,944
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$ 346,540
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|
$ 376,913
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Adjusted net income
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$ 81,086
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$ 91,817
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$ 81,473
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$ 75,039
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$ 81,544
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$ 329,415
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$ 368,699
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COMMON SHARE DATA
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Earnings per share available to common shareholders
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Basic
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$ 1.19
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$ 1.34
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$ 1.30
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$ 1.18
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$ 1.18
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$ 5.01
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$ 5.43
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Diluted
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$ 1.18
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$ 1.34
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$ 1.30
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$ 1.17
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$ 1.18
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$ 4.99
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$ 5.40
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Adjusted diluted EPS(1)
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$ 1.17
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$ 1.32
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$ 1.18
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$ 1.08
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$ 1.17
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$ 4.75
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$ 5.29
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Cash dividends per share
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$ 0.15
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$ 0.15
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$ 0.15
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$ 0.15
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$ 0.15
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$ 0.60
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$ 0.60
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Book value per share (period end)
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$ 46.09
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$ 44.97
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$ 44.31
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$ 43.31
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$ 42.62
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$ 46.09
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$ 42.62
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Tangible book value per share (period end)(1)
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$ 29.92
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$ 28.62
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$ 27.89
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$ 26.84
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$ 26.26
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$ 29.92
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$ 26.26
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Weighted average number of shares
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Basic
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69,138,431
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69,124,855
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69,136,046
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69,345,735
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69,398,594
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69,193,591
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69,431,860
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Diluted
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69,395,224
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69,327,414
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69,316,258
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69,660,990
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69,738,426
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69,419,721
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69,761,394
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Period end number of shares
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69,369,050
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69,352,709
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69,360,461
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69,439,084
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69,609,228
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69,369,050
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69,608,228
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Market data
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High intraday price
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$ 54.24
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$ 50.94
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$ 46.28
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$ 55.62
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$ 56.64
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$ 55.62
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$ 59.85
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Low intraday price
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$ 44.61
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$ 38.22
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$ 39.37
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$ 43.56
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$ 46.20
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$ 38.22
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$ 36.60
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Period end closing price
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$ 47.14
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$ 44.71
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$ 40.18
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$ 43.88
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$ 49.68
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$ 47.14
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$ 49.68
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Average daily volume
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$ 340,890
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$ 346,522
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$ 446,121
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$ 471,858
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$ 350,119
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$ 400,670
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$ 407,447
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PERFORMANCE RATIOS
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Return on average assets
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1.34 %
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1.56 %
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1.54 %
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1.42 %
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1.41 %
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1.47 %
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1.73 %
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Adjusted return on average assets(1)
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1.32 %
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1.54 %
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1.40 %
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1.31 %
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1.40 %
|
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1.39 %
|
|
1.69 %
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Return on average common equity
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10.30 %
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11.76 %
|
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11.87 %
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11.06 %
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11.06 %
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|
11.24 %
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|
13.33 %
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Adjusted return on average tangible common equity(1)
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15.78 %
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18.33 %
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17.18 %
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16.38 %
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16.88 %
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16.92 %
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20.19 %
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Earning asset yield (TE)
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4.91 %
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4.37 %
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3.88 %
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3.56 %
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3.39 %
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4.19 %
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3.56 %
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Total cost of funds
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0.94 %
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0.42 %
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0.22 %
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0.22 %
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0.23 %
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0.46 %
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0.25 %
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Net interest margin (TE)
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4.03 %
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3.97 %
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3.66 %
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3.35 %
|
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3.18 %
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|
3.76 %
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|
3.32 %
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Noninterest income excluding securities transactions, as a percent of total revenue (TE)
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14.97 %
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21.74 %
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29.09 %
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32.05 %
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31.31 %
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24.04 %
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34.01 %
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Efficiency ratio
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49.57 %
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50.15 %
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51.67 %
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55.43 %
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55.66 %
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|
51.65 %
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54.87 %
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Adjusted efficiency ratio (TE)(1)
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49.92 %
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50.06 %
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53.66 %
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|
56.95 %
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|
54.85 %
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52.54 %
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55.00 %
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CAPITAL ADEQUACY (period end)
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Shareholders' equity to assets
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
|
12.43 %
|
|
12.76 %
|
|
12.43 %
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|
Tangible common equity to tangible assets(1)
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8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
8.05 %
|
|
8.67 %
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|
8.05 %
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|
|
|
|
|
|
|
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OTHER DATA (period end)
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Full time equivalent employees
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|
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|
|
|
|
|
|
|
|
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|
Banking Division
|
2,079
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|
2,071
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|
2,050
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2,033
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|
2,008
|
|
2,079
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|
2,008
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Retail Mortgage Division
|
633
|
|
671
|
|
712
|
|
714
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|
739
|
|
633
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|
739
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|
Warehouse Lending Division
|
8
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|
9
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9
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10
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12
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8
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12
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SBA Division
|
39
|
|
40
|
|
36
|
|
35
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|
34
|
|
39
|
|
34
|
|
Premium Finance Division
|
76
|
|
77
|
|
78
|
|
77
|
|
72
|
|
76
|
|
72
|
|
Total Ameris Bancorp FTE headcount
|
2,835
|
|
2,868
|
|
2,885
|
|
2,869
|
|
2,865
|
|
2,835
|
|
2,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking Division FTE
|
$ 12,051
|
|
$ 11,499
|
|
$ 11,555
|
|
$ 11,589
|
|
$ 11,882
|
|
$ 12,051
|
|
$ 11,882
|
|
Branch locations
|
164
|
|
164
|
|
164
|
|
165
|
|
165
|
|
164
|
|
165
|
|
Deposits per branch location
|
$ 118,675
|
|
$ 118,701
|
|
$ 120,030
|
|
$ 118,718
|
|
$ 119,185
|
|
$ 118,675
|
|
$ 119,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
$ 250,263
|
|
$ 216,400
|
|
$ 190,740
|
|
$ 177,566
|
|
$ 170,813
|
|
$ 834,969
|
|
$ 676,089
|
|
Interest on taxable securities
|
13,029
|
|
10,324
|
|
7,064
|
|
4,239
|
|
5,866
|
|
34,656
|
|
22,524
|
|
Interest on nontaxable securities
|
358
|
|
363
|
|
269
|
|
186
|
|
156
|
|
1,176
|
|
575
|
|
Interest on deposits in other banks
|
9,984
|
|
7,188
|
|
4,463
|
|
1,373
|
|
1,521
|
|
23,008
|
|
3,882
|
|
Interest on federal funds sold
|
8
|
|
27
|
|
32
|
|
10
|
|
9
|
|
77
|
|
42
|
|
Total interest income
|
273,642
|
|
234,302
|
|
202,568
|
|
183,374
|
|
178,365
|
|
893,886
|
|
703,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits
|
33,071
|
|
14,034
|
|
4,908
|
|
4,092
|
|
4,678
|
|
56,105
|
|
22,357
|
|
Interest on other borrowings
|
16,434
|
|
7,287
|
|
6,296
|
|
6,738
|
|
6,850
|
|
36,755
|
|
25,428
|
|
Total interest expense
|
49,505
|
|
21,321
|
|
11,204
|
|
10,830
|
|
11,528
|
|
92,860
|
|
47,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
224,137
|
|
212,981
|
|
191,364
|
|
172,544
|
|
166,837
|
|
801,026
|
|
655,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
24,648
|
|
17,469
|
|
13,227
|
|
(2,734)
|
|
(13,619)
|
|
52,610
|
|
(35,081)
|
|
Provision for unfunded commitments
|
8,246
|
|
192
|
|
1,779
|
|
9,009
|
|
16,388
|
|
19,226
|
|
332
|
|
Provision for other credit losses
|
(4)
|
|
(9)
|
|
(82)
|
|
(44)
|
|
(10)
|
|
(139)
|
|
(616)
|
|
Provision for credit losses
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
71,697
|
|
(35,365)
|
|
Net interest income after provision for credit losses
|
191,247
|
|
195,329
|
|
176,440
|
|
166,313
|
|
164,078
|
|
729,329
|
|
690,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
11,125
|
|
11,168
|
|
11,148
|
|
11,058
|
|
11,784
|
|
44,499
|
|
45,106
|
|
Mortgage banking activity
|
22,855
|
|
40,350
|
|
58,761
|
|
62,938
|
|
60,723
|
|
184,904
|
|
285,900
|
|
Other service charges, commissions and fees
|
968
|
|
970
|
|
998
|
|
939
|
|
962
|
|
3,875
|
|
4,188
|
|
Gain (loss) on securities
|
3
|
|
(21)
|
|
248
|
|
(27)
|
|
(4)
|
|
203
|
|
515
|
|
Other noninterest income
|
13,397
|
|
12,857
|
|
12,686
|
|
12,003
|
|
8,304
|
|
50,943
|
|
29,835
|
|
Total noninterest income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
75,196
|
|
78,697
|
|
81,545
|
|
84,281
|
|
76,615
|
|
319,719
|
|
337,776
|
|
Occupancy and equipment
|
12,905
|
|
12,983
|
|
12,746
|
|
12,727
|
|
13,494
|
|
51,361
|
|
48,066
|
|
Data processing and communications expenses
|
12,486
|
|
12,015
|
|
12,155
|
|
12,572
|
|
11,534
|
|
49,228
|
|
45,976
|
|
Credit resolution-related expenses(1)
|
372
|
|
126
|
|
496
|
|
(965)
|
|
1,992
|
|
29
|
|
3,538
|
|
Advertising and marketing
|
3,818
|
|
3,553
|
|
3,122
|
|
1,988
|
|
2,381
|
|
12,481
|
|
8,434
|
|
Amortization of intangible assets
|
4,709
|
|
4,710
|
|
5,144
|
|
5,181
|
|
3,387
|
|
19,744
|
|
14,965
|
|
Merger and conversion charges
|
235
|
|
—
|
|
—
|
|
977
|
|
4,023
|
|
1,212
|
|
4,206
|
|
Other noninterest expenses
|
25,340
|
|
27,494
|
|
26,988
|
|
27,059
|
|
24,943
|
|
106,881
|
|
97,163
|
|
Total noninterest expense
|
135,061
|
|
139,578
|
|
142,196
|
|
143,820
|
|
138,369
|
|
560,655
|
|
560,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
|
104,534
|
|
121,075
|
|
118,085
|
|
109,404
|
|
107,478
|
|
453,098
|
|
496,112
|
|
Income tax expense
|
22,313
|
|
28,520
|
|
28,019
|
|
27,706
|
|
25,534
|
|
106,558
|
|
119,199
|
|
Net income
|
$ 82,221
|
|
$ 92,555
|
|
$ 90,066
|
|
$ 81,698
|
|
$ 81,944
|
|
$ 346,540
|
|
$ 376,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
$ 1.18
|
|
$ 1.34
|
|
$ 1.30
|
|
$ 1.17
|
|
$ 1.18
|
|
$ 4.99
|
|
$ 5.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
$ 284,567
|
|
$ 269,193
|
|
$ 345,627
|
|
$ 257,316
|
|
$ 307,813
|
|
Federal funds sold and interest-bearing deposits in banks
|
833,565
|
|
1,061,975
|
|
1,961,209
|
|
3,541,144
|
|
3,756,844
|
|
Debt securities available-for-sale, at fair value
|
1,500,060
|
|
1,255,149
|
|
1,052,268
|
|
579,204
|
|
592,621
|
|
Debt securities held-to-maturity, at amortized cost
|
134,864
|
|
130,214
|
|
111,654
|
|
91,454
|
|
79,850
|
|
Other investments
|
110,992
|
|
60,560
|
|
49,500
|
|
49,395
|
|
47,552
|
|
Loans held for sale
|
392,078
|
|
297,987
|
|
555,665
|
|
901,550
|
|
1,254,632
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned income
|
19,855,253
|
|
18,806,856
|
|
17,561,022
|
|
16,143,801
|
|
15,874,258
|
|
Allowance for credit losses
|
(205,677)
|
|
(184,891)
|
|
(172,642)
|
|
(161,251)
|
|
(167,582)
|
|
Loans, net
|
19,649,576
|
|
18,621,965
|
|
17,388,380
|
|
15,982,550
|
|
15,706,676
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned
|
843
|
|
843
|
|
835
|
|
1,910
|
|
3,810
|
|
Premises and equipment, net
|
220,283
|
|
222,694
|
|
224,249
|
|
224,293
|
|
225,400
|
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
Other intangible assets, net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
Cash value of bank owned life insurance
|
388,405
|
|
386,533
|
|
384,862
|
|
332,914
|
|
331,146
|
|
Other assets
|
416,213
|
|
372,570
|
|
474,552
|
|
455,460
|
|
413,419
|
|
Total assets
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
$ 23,858,321
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$ 7,929,579
|
|
$ 8,343,200
|
|
$ 8,262,929
|
|
$ 7,870,207
|
|
$ 7,774,823
|
|
Interest-bearing
|
11,533,159
|
|
11,123,719
|
|
11,422,053
|
|
11,718,234
|
|
11,890,730
|
|
Total deposits
|
19,462,738
|
|
19,466,919
|
|
19,684,982
|
|
19,588,441
|
|
19,665,553
|
|
Federal funds purchased and securities sold under agreements to repurchase
|
—
|
|
—
|
|
953
|
|
2,065
|
|
5,845
|
|
Other borrowings
|
1,875,736
|
|
725,664
|
|
425,592
|
|
425,520
|
|
739,879
|
|
Subordinated deferrable interest debentures
|
128,322
|
|
127,823
|
|
127,325
|
|
126,827
|
|
126,328
|
|
Other liabilities
|
389,090
|
|
374,181
|
|
375,242
|
|
410,280
|
|
354,265
|
|
Total liabilities
|
21,855,886
|
|
20,694,587
|
|
20,614,094
|
|
20,553,133
|
|
20,891,870
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Common stock
|
72,264
|
|
72,247
|
|
72,251
|
|
72,212
|
|
72,017
|
|
Capital stock
|
1,935,211
|
|
1,932,906
|
|
1,931,088
|
|
1,928,702
|
|
1,924,813
|
|
Retained earnings
|
1,311,258
|
|
1,239,477
|
|
1,157,359
|
|
1,077,725
|
|
1,006,436
|
|
Accumulated other comprehensive income (loss), net of tax
|
(46,507)
|
|
(50,734)
|
|
(12,635)
|
|
(1,841)
|
|
15,590
|
|
Treasury stock
|
(74,826)
|
|
(74,826)
|
|
(74,687)
|
|
(69,639)
|
|
(52,405)
|
|
Total shareholders' equity
|
3,197,400
|
|
3,119,070
|
|
3,073,376
|
|
3,007,159
|
|
2,966,451
|
|
Total liabilities and shareholders' equity
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
$ 23,858,321
|
|
|
|
|
|
|
|
|
|
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
|
Earning assets
|
$ 22,826,812
|
|
$ 21,612,741
|
|
$ 21,291,318
|
|
$ 21,306,548
|
|
$ 21,605,757
|
|
Intangible assets
|
1,121,840
|
|
1,133,974
|
|
1,138,669
|
|
1,143,102
|
|
1,138,558
|
|
Interest-bearing liabilities
|
13,537,217
|
|
11,977,206
|
|
11,975,923
|
|
12,272,646
|
|
12,762,782
|
|
Average assets
|
24,354,979
|
|
23,598,465
|
|
23,405,201
|
|
23,275,654
|
|
23,054,847
|
|
Average common shareholders' equity
|
3,168,320
|
|
3,123,718
|
|
3,043,280
|
|
2,994,652
|
|
2,939,507
|
|
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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Allowance for Credit Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
$ 229,135
|
|
$ 216,703
|
|
$ 203,615
|
|
$ 200,981
|
|
$ 188,234
|
|
$ 200,981
|
|
$ 233,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired allowance for purchased credit deteriorated loans
|
—
|
|
—
|
|
—
|
|
—
|
|
9,432
|
|
—
|
|
9,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
24,648
|
|
17,469
|
|
13,227
|
|
(2,734)
|
|
(13,619)
|
|
52,610
|
|
(35,081)
|
|
Provision for unfunded commitments
|
8,246
|
|
192
|
|
1,779
|
|
9,009
|
|
16,388
|
|
19,226
|
|
332
|
|
Provision for other credit losses
|
(4)
|
|
(9)
|
|
(82)
|
|
(44)
|
|
(10)
|
|
(139)
|
|
(616)
|
|
Provision for credit losses
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
71,697
|
|
(35,365)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
8,371
|
|
9,272
|
|
6,853
|
|
8,579
|
|
3,367
|
|
33,075
|
|
21,616
|
|
Recoveries
|
4,509
|
|
4,052
|
|
5,017
|
|
4,982
|
|
3,923
|
|
18,560
|
|
15,425
|
|
Net charge-offs (recoveries)
|
3,862
|
|
5,220
|
|
1,836
|
|
3,597
|
|
(556)
|
|
14,515
|
|
6,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
$ 258,163
|
|
$ 229,135
|
|
$ 216,703
|
|
$ 203,615
|
|
$ 200,981
|
|
$ 258,163
|
|
$ 200,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
$ 205,677
|
|
$ 184,891
|
|
$ 172,642
|
|
$ 161,251
|
|
$ 167,582
|
|
$ 205,677
|
|
$ 167,582
|
|
Allowance for unfunded commitments
|
52,411
|
|
44,165
|
|
43,973
|
|
42,194
|
|
33,185
|
|
52,411
|
|
33,185
|
|
Allowance for other credit losses
|
75
|
|
79
|
|
88
|
|
170
|
|
214
|
|
75
|
|
214
|
|
Total allowance for credit losses
|
$ 258,163
|
|
$ 229,135
|
|
$ 216,703
|
|
$ 203,615
|
|
$ 200,981
|
|
$ 258,163
|
|
$ 200,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and agricultural
|
$ 5,108
|
|
$ 4,722
|
|
$ 4,391
|
|
$ 4,414
|
|
$ 1,003
|
|
$ 18,635
|
|
$ 7,760
|
|
Consumer
|
1,136
|
|
1,228
|
|
1,137
|
|
1,425
|
|
1,484
|
|
4,926
|
|
6,248
|
|
Indirect automobile
|
86
|
|
50
|
|
41
|
|
88
|
|
40
|
|
265
|
|
1,188
|
|
Premium Finance
|
1,812
|
|
1,205
|
|
1,066
|
|
1,369
|
|
526
|
|
5,452
|
|
3,668
|
|
Real estate - construction and development
|
27
|
|
—
|
|
—
|
|
—
|
|
21
|
|
27
|
|
233
|
|
Real estate - commercial and farmland
|
196
|
|
2,014
|
|
81
|
|
1,283
|
|
220
|
|
3,574
|
|
1,852
|
|
Real estate - residential
|
6
|
|
53
|
|
137
|
|
—
|
|
73
|
|
196
|
|
667
|
|
Total charge-offs
|
8,371
|
|
9,272
|
|
6,853
|
|
8,579
|
|
3,367
|
|
33,075
|
|
21,616
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and agricultural
|
2,072
|
|
2,201
|
|
2,785
|
|
2,896
|
|
2,389
|
|
9,954
|
|
5,727
|
|
Consumer
|
217
|
|
277
|
|
230
|
|
158
|
|
172
|
|
882
|
|
939
|
|
Indirect automobile
|
229
|
|
276
|
|
265
|
|
275
|
|
329
|
|
1,045
|
|
1,679
|
|
Premium Finance
|
1,682
|
|
1,023
|
|
1,113
|
|
1,247
|
|
633
|
|
5,065
|
|
4,870
|
|
Real estate - construction and development
|
223
|
|
96
|
|
355
|
|
218
|
|
210
|
|
892
|
|
506
|
|
Real estate - commercial and farmland
|
48
|
|
96
|
|
44
|
|
37
|
|
81
|
|
225
|
|
573
|
|
Real estate - residential
|
38
|
|
83
|
|
225
|
|
151
|
|
109
|
|
497
|
|
1,131
|
|
Total recoveries
|
4,509
|
|
4,052
|
|
5,017
|
|
4,982
|
|
3,923
|
|
18,560
|
|
15,425
|
|
Net charge-offs (recoveries)
|
$ 3,862
|
|
$ 5,220
|
|
$ 1,836
|
|
$ 3,597
|
|
$ (556)
|
|
$ 14,515
|
|
$ 6,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual portfolio loans
|
$ 65,221
|
|
$ 64,055
|
|
$ 72,352
|
|
$ 59,316
|
|
$ 54,905
|
|
$ 65,221
|
|
$ 54,905
|
|
Other real estate owned
|
843
|
|
843
|
|
835
|
|
1,910
|
|
3,810
|
|
843
|
|
3,810
|
|
Repossessed assets
|
28
|
|
60
|
|
122
|
|
139
|
|
84
|
|
28
|
|
84
|
|
Accruing loans delinquent 90 days or more
|
17,865
|
|
12,378
|
|
8,542
|
|
6,584
|
|
12,648
|
|
17,865
|
|
12,648
|
|
Non-performing portfolio assets
|
$ 83,957
|
|
$ 77,336
|
|
$ 81,851
|
|
$ 67,949
|
|
$ 71,447
|
|
$ 83,957
|
|
$ 71,447
|
|
Serviced GNMA-guaranteed mortgage nonaccrual loans
|
69,587
|
|
54,621
|
|
50,560
|
|
43,281
|
|
30,361
|
|
69,587
|
|
30,361
|
|
Total non-performing assets
|
$ 153,544
|
|
$ 131,957
|
|
$ 132,411
|
|
$ 111,230
|
|
$ 101,808
|
|
$ 153,544
|
|
$ 101,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing portfolio assets as a percent of total assets
|
0.34 %
|
|
0.32 %
|
|
0.35 %
|
|
0.29 %
|
|
0.30 %
|
|
0.34 %
|
|
0.30 %
|
|
Total non-performing assets as a percent of total assets
|
0.61 %
|
|
0.55 %
|
|
0.56 %
|
|
0.47 %
|
|
0.43 %
|
|
0.61 %
|
|
0.43 %
|
|
Net charge-offs as a percent of average loans (annualized)
|
0.08 %
|
|
0.11 %
|
|
0.04 %
|
|
0.09 %
|
|
(0.01) %
|
|
0.08 %
|
|
0.04 %
|
|
AMERIS BANCORP AND SUBSIDIARIES
|
|
FINANCIAL TABLES
|
|
|
Loan Information
|
Table 5
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
(dollars in thousands)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
Loans by Type
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and agricultural
|
$ 2,679,403
|
|
$ 2,245,287
|
|
$ 2,022,845
|
|
$ 1,836,663
|
|
$ 1,875,993
|
|
Consumer
|
384,037
|
|
162,345
|
|
167,237
|
|
173,642
|
|
191,298
|
|
Indirect automobile
|
108,648
|
|
137,183
|
|
172,245
|
|
214,120
|
|
265,779
|
|
Mortgage warehouse
|
1,038,924
|
|
980,342
|
|
949,191
|
|
732,375
|
|
787,837
|
|
Municipal
|
509,151
|
|
516,797
|
|
529,268
|
|
547,926
|
|
572,701
|
|
Premium Finance
|
1,023,479
|
|
1,062,724
|
|
942,357
|
|
819,163
|
|
798,409
|
|
Real estate - construction and development
|
2,086,438
|
|
2,009,726
|
|
1,747,284
|
|
1,577,215
|
|
1,452,339
|
|
Real estate - commercial and farmland
|
7,604,868
|
|
7,516,309
|
|
7,156,017
|
|
6,924,475
|
|
6,834,917
|
|
Real estate - residential
|
4,420,305
|
|
4,176,143
|
|
3,874,578
|
|
3,318,222
|
|
3,094,985
|
|
Total loans
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
$ 15,874,258
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
|
|
Accruing troubled debt restructurings
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and agricultural
|
$ 835
|
|
$ 1,342
|
|
$ 964
|
|
$ 868
|
|
$ 1,286
|
|
Consumer
|
3
|
|
6
|
|
9
|
|
13
|
|
16
|
|
Indirect automobile
|
533
|
|
595
|
|
759
|
|
893
|
|
1,037
|
|
Premium Finance
|
171
|
|
455
|
|
993
|
|
162
|
|
—
|
|
Real estate - construction and development
|
693
|
|
698
|
|
706
|
|
725
|
|
789
|
|
Real estate - commercial and farmland
|
7,995
|
|
8,091
|
|
8,213
|
|
17,161
|
|
35,575
|
|
Real estate - residential
|
24,166
|
|
24,516
|
|
24,456
|
|
24,664
|
|
26,879
|
|
Total accruing troubled debt restructurings
|
$ 34,396
|
|
$ 35,703
|
|
$ 36,100
|
|
$ 44,486
|
|
$ 65,582
|
|
Nonaccrual troubled debt restructurings
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and agricultural
|
$ 743
|
|
$ 353
|
|
$ 364
|
|
$ 72
|
|
$ 83
|
|
Consumer
|
11
|
|
12
|
|
14
|
|
31
|
|
35
|
|
Indirect automobile
|
55
|
|
101
|
|
122
|
|
221
|
|
273
|
|
Real estate - construction and development
|
17
|
|
24
|
|
—
|
|
11
|
|
13
|
|
Real estate - commercial and farmland
|
767
|
|
66
|
|
788
|
|
788
|
|
5,924
|
|
Real estate - residential
|
4,181
|
|
3,494
|
|
4,369
|
|
4,341
|
|
4,678
|
|
Total nonaccrual troubled debt restructurings
|
$ 5,774
|
|
$ 4,050
|
|
$ 5,657
|
|
$ 5,464
|
|
$ 11,006
|
|
Total troubled debt restructurings
|
$ 40,170
|
|
$ 39,753
|
|
$ 41,757
|
|
$ 49,950
|
|
$ 76,588
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk Grade
|
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 - Pass
|
$ 19,513,726
|
|
$ 18,483,046
|
|
$ 17,296,520
|
|
$ 15,899,956
|
|
$ 15,614,323
|
|
Grade 6 - Other assets especially mentioned
|
104,614
|
|
110,408
|
|
68,444
|
|
51,670
|
|
78,957
|
|
Grade 7 - Substandard
|
236,913
|
|
213,402
|
|
196,058
|
|
192,175
|
|
180,978
|
|
Grade 8 - Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Grade 9 - Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total loans
|
$ 19,855,253
|
|
$ 18,806,856
|
|
$ 17,561,022
|
|
$ 16,143,801
|
|
$ 15,874,258
|
|
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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold
|
$ 924
|
|
$ 5,000
|
|
$ 17,692
|
|
$ 20,000
|
|
$ 20,000
|
|
$ 10,836
|
|
$ 20,000
|
|
Interest-bearing deposits in banks
|
1,009,935
|
|
1,394,529
|
|
2,209,761
|
|
3,393,238
|
|
3,719,878
|
|
1,993,672
|
|
2,857,141
|
|
Time deposits in other banks
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
122
|
|
Debt securities - taxable
|
1,451,861
|
|
1,242,811
|
|
932,824
|
|
623,498
|
|
698,915
|
|
1,065,511
|
|
793,883
|
|
Debt securities - nontaxable
|
44,320
|
|
45,730
|
|
39,236
|
|
29,605
|
|
22,639
|
|
39,779
|
|
19,793
|
|
Other investments
|
83,730
|
|
51,209
|
|
49,550
|
|
47,872
|
|
31,312
|
|
58,170
|
|
28,525
|
|
Loans held for sale
|
371,952
|
|
471,070
|
|
944,964
|
|
1,097,098
|
|
1,365,886
|
|
718,599
|
|
1,463,614
|
|
Loans
|
19,212,560
|
|
18,146,083
|
|
16,861,674
|
|
15,821,397
|
|
15,119,752
|
|
17,521,461
|
|
14,703,957
|
|
Total Earning Assets
|
$ 22,175,282
|
|
$ 21,356,432
|
|
$ 21,055,701
|
|
$ 21,032,708
|
|
$ 20,978,382
|
|
$ 21,408,028
|
|
$ 19,887,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
$ 8,138,887
|
|
$ 8,259,625
|
|
$ 7,955,765
|
|
$ 7,658,451
|
|
$ 7,600,284
|
|
$ 8,005,201
|
|
$ 7,017,614
|
|
NOW accounts
|
3,621,454
|
|
3,701,045
|
|
3,695,490
|
|
3,684,772
|
|
3,651,595
|
|
3,675,586
|
|
3,400,441
|
|
MMDA
|
5,161,047
|
|
5,026,815
|
|
5,087,199
|
|
5,240,922
|
|
5,209,653
|
|
5,128,497
|
|
4,953,748
|
|
Savings accounts
|
1,010,966
|
|
1,030,298
|
|
1,007,340
|
|
973,724
|
|
928,954
|
|
1,005,752
|
|
884,623
|
|
Retail CDs
|
1,450,037
|
|
1,506,761
|
|
1,693,740
|
|
1,774,016
|
|
1,827,852
|
|
1,604,978
|
|
1,953,927
|
|
Brokered CDs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
625
|
|
Total Deposits
|
19,382,391
|
|
19,524,544
|
|
19,439,534
|
|
19,331,885
|
|
19,218,338
|
|
19,420,014
|
|
18,210,978
|
|
Non-Deposit Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to repurchase
|
1
|
|
92
|
|
1,854
|
|
4,020
|
|
5,559
|
|
1,477
|
|
6,700
|
|
FHLB advances
|
918,228
|
|
94,357
|
|
48,746
|
|
48,786
|
|
48,828
|
|
279,409
|
|
48,888
|
|
Other borrowings
|
377,056
|
|
376,942
|
|
376,829
|
|
443,657
|
|
468,058
|
|
393,393
|
|
399,485
|
|
Subordinated deferrable interest debentures
|
128,060
|
|
127,560
|
|
127,063
|
|
126,563
|
|
126,067
|
|
127,316
|
|
125,324
|
|
Total Non-Deposit Funding
|
1,423,345
|
|
598,951
|
|
554,492
|
|
623,026
|
|
648,512
|
|
801,595
|
|
580,397
|
|
Total Funding
|
$ 20,805,736
|
|
$ 20,123,495
|
|
$ 19,994,026
|
|
$ 19,954,911
|
|
$ 19,866,850
|
|
$ 20,221,609
|
|
$ 18,791,375
|
|
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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold
|
$ 8
|
|
$ 27
|
|
$ 32
|
|
$ 10
|
|
$ 9
|
|
$ 77
|
|
$ 42
|
|
Interest-bearing deposits in banks
|
9,984
|
|
7,188
|
|
4,463
|
|
1,373
|
|
1,521
|
|
23,008
|
|
3,880
|
|
Time deposits in other banks
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
Debt securities - taxable
|
13,029
|
|
10,324
|
|
7,064
|
|
4,239
|
|
5,866
|
|
34,656
|
|
22,524
|
|
Debt securities - nontaxable (TE)
|
454
|
|
459
|
|
341
|
|
235
|
|
198
|
|
1,489
|
|
728
|
|
Loans held for sale
|
5,519
|
|
6,012
|
|
10,036
|
|
8,132
|
|
9,433
|
|
29,699
|
|
42,651
|
|
Loans (TE)
|
245,603
|
|
211,223
|
|
181,602
|
|
170,398
|
|
162,415
|
|
808,826
|
|
637,861
|
|
Total Earning Assets
|
$ 274,597
|
|
$ 235,233
|
|
$ 203,538
|
|
$ 184,387
|
|
$ 179,442
|
|
$ 897,755
|
|
$ 707,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion income (included above)
|
$ (315)
|
|
$ (597)
|
|
$ (379)
|
|
$ 1,006
|
|
$ 2,812
|
|
$ (285)
|
|
$ 16,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts
|
$ 8,564
|
|
$ 3,733
|
|
$ 1,246
|
|
$ 824
|
|
$ 864
|
|
$ 14,367
|
|
$ 3,414
|
|
MMDA
|
20,683
|
|
8,613
|
|
2,204
|
|
1,643
|
|
1,971
|
|
33,143
|
|
7,847
|
|
Savings accounts
|
654
|
|
360
|
|
140
|
|
133
|
|
128
|
|
1,287
|
|
503
|
|
Retail CDs
|
3,170
|
|
1,328
|
|
1,318
|
|
1,492
|
|
1,715
|
|
7,308
|
|
10,575
|
|
Brokered CDs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18
|
|
Total Interest-Bearing Deposits
|
33,071
|
|
14,034
|
|
4,908
|
|
4,092
|
|
4,678
|
|
56,105
|
|
22,357
|
|
Non-Deposit Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to repurchase
|
—
|
|
—
|
|
1
|
|
3
|
|
4
|
|
4
|
|
20
|
|
FHLB advances
|
8,801
|
|
527
|
|
192
|
|
190
|
|
195
|
|
9,710
|
|
775
|
|
Other borrowings
|
4,953
|
|
4,655
|
|
4,437
|
|
5,164
|
|
5,317
|
|
19,209
|
|
19,278
|
|
Subordinated deferrable interest debentures
|
2,680
|
|
2,105
|
|
1,666
|
|
1,381
|
|
1,334
|
|
7,832
|
|
5,355
|
|
Total Non-Deposit Funding
|
16,434
|
|
7,287
|
|
6,296
|
|
6,738
|
|
6,850
|
|
36,755
|
|
25,428
|
|
Total Interest-Bearing Funding
|
$ 49,505
|
|
$ 21,321
|
|
$ 11,204
|
|
$ 10,830
|
|
$ 11,528
|
|
$ 92,860
|
|
$ 47,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income (TE)
|
$ 225,092
|
|
$ 213,912
|
|
$ 192,334
|
|
$ 173,557
|
|
$ 167,914
|
|
$ 804,895
|
|
$ 659,903
|
|
AMERIS BANCORP AND SUBSIDIARIES
|
|
FINANCIAL TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table 8
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold
|
3.43 %
|
|
2.14 %
|
|
0.73 %
|
|
0.20 %
|
|
0.18 %
|
|
0.71 %
|
|
0.21 %
|
|
Interest-bearing deposits in banks
|
3.92 %
|
|
2.04 %
|
|
0.81 %
|
|
0.16 %
|
|
0.16 %
|
|
1.15 %
|
|
0.14 %
|
|
Time deposits in other banks
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
1.64 %
|
|
Debt securities - taxable
|
3.56 %
|
|
3.30 %
|
|
3.04 %
|
|
2.76 %
|
|
3.33 %
|
|
3.25 %
|
|
2.84 %
|
|
Debt securities - nontaxable (TE)
|
4.06 %
|
|
3.98 %
|
|
3.49 %
|
|
3.22 %
|
|
3.47 %
|
|
3.74 %
|
|
3.68 %
|
|
Loans held for sale
|
5.89 %
|
|
5.06 %
|
|
4.26 %
|
|
3.01 %
|
|
2.74 %
|
|
4.13 %
|
|
2.91 %
|
|
Loans (TE)
|
5.07 %
|
|
4.62 %
|
|
4.32 %
|
|
4.37 %
|
|
4.26 %
|
|
4.62 %
|
|
4.34 %
|
|
Total Earning Assets
|
4.91 %
|
|
4.37 %
|
|
3.88 %
|
|
3.56 %
|
|
3.39 %
|
|
4.19 %
|
|
3.56 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts
|
0.94 %
|
|
0.40 %
|
|
0.14 %
|
|
0.09 %
|
|
0.09 %
|
|
0.39 %
|
|
0.10 %
|
|
MMDA
|
1.59 %
|
|
0.68 %
|
|
0.17 %
|
|
0.13 %
|
|
0.15 %
|
|
0.65 %
|
|
0.16 %
|
|
Savings accounts
|
0.26 %
|
|
0.14 %
|
|
0.06 %
|
|
0.06 %
|
|
0.05 %
|
|
0.13 %
|
|
0.06 %
|
|
Retail CDs
|
0.87 %
|
|
0.35 %
|
|
0.31 %
|
|
0.34 %
|
|
0.37 %
|
|
0.46 %
|
|
0.54 %
|
|
Brokered CDs
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
2.88 %
|
|
Total Interest-Bearing Deposits
|
1.17 %
|
|
0.49 %
|
|
0.17 %
|
|
0.14 %
|
|
0.16 %
|
|
0.49 %
|
|
0.20 %
|
|
Non-Deposit Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to repurchase
|
— %
|
|
— %
|
|
0.22 %
|
|
0.30 %
|
|
0.29 %
|
|
0.27 %
|
|
0.30 %
|
|
FHLB advances
|
3.80 %
|
|
2.22 %
|
|
1.58 %
|
|
1.58 %
|
|
1.58 %
|
|
3.48 %
|
|
1.59 %
|
|
Other borrowings
|
5.21 %
|
|
4.90 %
|
|
4.72 %
|
|
4.72 %
|
|
4.51 %
|
|
4.88 %
|
|
4.83 %
|
|
Subordinated deferrable interest debentures
|
8.30 %
|
|
6.55 %
|
|
5.26 %
|
|
4.43 %
|
|
4.20 %
|
|
6.15 %
|
|
4.27 %
|
|
Total Non-Deposit Funding
|
4.58 %
|
|
4.83 %
|
|
4.55 %
|
|
4.39 %
|
|
4.19 %
|
|
4.59 %
|
|
4.38 %
|
|
Total Interest-Bearing Liabilities
|
1.55 %
|
|
0.71 %
|
|
0.37 %
|
|
0.36 %
|
|
0.37 %
|
|
0.76 %
|
|
0.41 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Spread
|
3.36 %
|
|
3.66 %
|
|
3.51 %
|
|
3.20 %
|
|
3.02 %
|
|
3.43 %
|
|
3.15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin(2)
|
4.03 %
|
|
3.97 %
|
|
3.66 %
|
|
3.35 %
|
|
3.18 %
|
|
3.76 %
|
|
3.32 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of Funds(3)
|
0.94 %
|
|
0.42 %
|
|
0.22 %
|
|
0.22 %
|
|
0.23 %
|
|
0.46 %
|
|
0.25 %
|
|
(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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Net income available to common shareholders
|
$ 82,221
|
|
$ 92,555
|
|
$ 90,066
|
|
$ 81,698
|
|
$ 81,944
|
|
$ 346,540
|
|
$ 376,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion charges
|
235
|
|
—
|
|
—
|
|
977
|
|
4,023
|
|
1,212
|
|
4,206
|
|
(Gain) loss on sale of MSR
|
(1,672)
|
|
316
|
|
—
|
|
—
|
|
—
|
|
(1,356)
|
|
—
|
|
Servicing right impairment (recovery)
|
—
|
|
(1,332)
|
|
(10,838)
|
|
(9,654)
|
|
(4,540)
|
|
(21,824)
|
|
(14,530)
|
|
Gain on BOLI proceeds
|
—
|
|
(55)
|
|
—
|
|
—
|
|
—
|
|
(55)
|
|
(603)
|
|
Natural disaster and pandemic charges
|
—
|
|
151
|
|
—
|
|
—
|
|
—
|
|
151
|
|
—
|
|
(Gain) loss on bank premises
|
—
|
|
—
|
|
(39)
|
|
(6)
|
|
(126)
|
|
(45)
|
|
510
|
|
Tax effect of adjustment items
(Note 1)
|
302
|
|
182
|
|
2,284
|
|
2,024
|
|
243
|
|
4,792
|
|
2,203
|
|
After tax adjustment items
|
(1,135)
|
|
(738)
|
|
(8,593)
|
|
(6,659)
|
|
(400)
|
|
(17,125)
|
|
(8,214)
|
|
Adjusted net income
|
$ 81,086
|
|
$ 91,817
|
|
$ 81,473
|
|
$ 75,039
|
|
$ 81,544
|
|
$ 329,415
|
|
$ 368,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares - diluted
|
69,395,224
|
|
69,327,414
|
|
69,316,258
|
|
69,660,990
|
|
69,738,426
|
|
69,419,721
|
|
69,761,394
|
|
Net income per diluted share
|
$ 1.18
|
|
$ 1.34
|
|
$ 1.30
|
|
$ 1.17
|
|
$ 1.18
|
|
$ 4.99
|
|
$ 5.40
|
|
Adjusted net income per diluted share
|
$ 1.17
|
|
$ 1.32
|
|
$ 1.18
|
|
$ 1.08
|
|
$ 1.17
|
|
$ 4.75
|
|
$ 5.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
|
$ 24,354,979
|
|
$ 23,598,465
|
|
$ 23,405,201
|
|
$ 23,275,654
|
|
$ 23,054,847
|
|
$ 23,644,754
|
|
$ 21,847,731
|
|
Return on average assets
|
1.34 %
|
|
1.56 %
|
|
1.54 %
|
|
1.42 %
|
|
1.41 %
|
|
1.47 %
|
|
1.73 %
|
|
Adjusted return on average assets
|
1.32 %
|
|
1.54 %
|
|
1.40 %
|
|
1.31 %
|
|
1.40 %
|
|
1.39 %
|
|
1.69 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity
|
$ 3,168,320
|
|
$ 3,123,718
|
|
$ 3,043,280
|
|
$ 2,994,652
|
|
$ 2,939,507
|
|
$ 3,083,081
|
|
$ 2,827,669
|
|
Average tangible common equity
|
$ 2,039,094
|
|
$ 1,987,385
|
|
$ 1,902,265
|
|
$ 1,857,713
|
|
$ 1,916,783
|
|
$ 1,947,222
|
|
$ 1,826,433
|
|
Return on average common equity
|
10.30 %
|
|
11.76 %
|
|
11.87 %
|
|
11.06 %
|
|
11.06 %
|
|
11.24 %
|
|
13.33 %
|
|
Adjusted return on average tangible common equity
|
15.78 %
|
|
18.33 %
|
|
17.18 %
|
|
16.38 %
|
|
16.88 %
|
|
16.92 %
|
|
20.19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: 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 1Q22, 4Q21 and both annual 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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Adjusted Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense
|
$ 135,061
|
|
$ 139,578
|
|
$ 142,196
|
|
$ 143,820
|
|
$ 138,369
|
|
$ 560,655
|
|
$ 560,124
|
|
Adjustment items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion charges
|
(235)
|
|
—
|
|
—
|
|
(977)
|
|
(4,023)
|
|
(1,212)
|
|
(4,206)
|
|
Natural disaster and pandemic charges
|
—
|
|
(151)
|
|
—
|
|
—
|
|
—
|
|
(151)
|
|
—
|
|
Gain (loss) on bank premises
|
—
|
|
—
|
|
39
|
|
6
|
|
126
|
|
45
|
|
(510)
|
|
Adjusted noninterest expense
|
$ 134,826
|
|
$ 139,427
|
|
$ 142,235
|
|
$ 142,849
|
|
$ 134,472
|
|
$ 559,337
|
|
$ 555,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 224,137
|
|
$ 212,981
|
|
$ 191,364
|
|
$ 172,544
|
|
$ 166,837
|
|
$ 801,026
|
|
$ 655,327
|
|
Noninterest income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
|
Total revenue
|
$ 272,485
|
|
$ 278,305
|
|
$ 275,205
|
|
$ 259,455
|
|
$ 248,606
|
|
$ 1,085,450
|
|
$ 1,020,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (TE)
|
$ 225,092
|
|
$ 213,912
|
|
$ 192,334
|
|
$ 173,557
|
|
$ 167,914
|
|
$ 804,895
|
|
$ 659,903
|
|
Noninterest income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
|
Total revenue (TE)
|
273,440
|
|
279,236
|
|
276,175
|
|
260,468
|
|
249,683
|
|
1,089,319
|
|
1,025,447
|
|
Adjustment items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on securities
|
(3)
|
|
21
|
|
(248)
|
|
27
|
|
4
|
|
(203)
|
|
(515)
|
|
(Gain) loss on sale of MSR
|
(1,672)
|
|
316
|
|
—
|
|
—
|
|
—
|
|
(1,356)
|
|
—
|
|
Gain on BOLI proceeds
|
—
|
|
(55)
|
|
—
|
|
—
|
|
—
|
|
(55)
|
|
(603)
|
|
Servicing right impairment (recovery)
|
—
|
|
(1,332)
|
|
(10,838)
|
|
(9,654)
|
|
(4,540)
|
|
(21,824)
|
|
(14,530)
|
|
Adjusted total revenue (TE)
|
$ 271,765
|
|
$ 278,186
|
|
$ 265,089
|
|
$ 250,841
|
|
$ 245,147
|
|
$ 1,065,881
|
|
$ 1,009,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
|
49.57 %
|
|
50.15 %
|
|
51.67 %
|
|
55.43 %
|
|
55.66 %
|
|
51.65 %
|
|
54.87 %
|
|
Adjusted efficiency ratio (TE)
|
49.92 %
|
|
50.06 %
|
|
53.66 %
|
|
56.95 %
|
|
54.85 %
|
|
52.54 %
|
|
55.00 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Total shareholders' equity
|
$ 3,197,400
|
|
$ 3,119,070
|
|
$ 3,073,376
|
|
$ 3,007,159
|
|
$ 2,966,451
|
|
$ 3,197,400
|
|
$ 2,966,451
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
1,015,646
|
|
1,012,620
|
|
Other intangibles, net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
106,194
|
|
125,938
|
|
Total tangible shareholders' equity
|
$ 2,075,560
|
|
$ 1,985,096
|
|
$ 1,934,707
|
|
$ 1,864,057
|
|
$ 1,827,893
|
|
$ 2,075,560
|
|
$ 1,827,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of shares
|
69,369,050
|
|
69,352,709
|
|
69,360,461
|
|
69,439,084
|
|
69,609,228
|
|
69,369,050
|
|
69,608,228
|
|
Book value per share (period end)
|
$ 46.09
|
|
$ 44.97
|
|
$ 44.31
|
|
$ 43.31
|
|
$ 42.62
|
|
$ 46.09
|
|
$ 42.62
|
|
Tangible book value per share (period end)
|
$ 29.92
|
|
$ 28.62
|
|
$ 27.89
|
|
$ 26.84
|
|
$ 26.26
|
|
$ 29.92
|
|
$ 26.26
|
|
AMERIS BANCORP AND SUBSIDIARIES
|
|
FINANCIAL TABLES
|
|
|
|
|
|
|
Non-GAAP Reconciliations (continued)
|
|
|
|
|
|
|
Tangible Common Equity to Tangible Assets
|
Table 9D
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
|
(dollars in thousands except per share data)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Total shareholders' equity
|
$ 3,197,400
|
|
$ 3,119,070
|
|
$ 3,073,376
|
|
$ 3,007,159
|
|
$ 2,966,451
|
|
$ 3,197,400
|
|
$ 2,966,451
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
1,015,646
|
|
1,012,620
|
|
Other intangibles, net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
106,194
|
|
125,938
|
|
Total tangible shareholders' equity
|
$ 2,075,560
|
|
$ 1,985,096
|
|
$ 1,934,707
|
|
$ 1,864,057
|
|
$ 1,827,893
|
|
$ 2,075,560
|
|
$ 1,827,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 25,053,286
|
|
$ 23,813,657
|
|
$ 23,687,470
|
|
$ 23,560,292
|
|
$ 23,858,321
|
|
$ 25,053,286
|
|
$ 23,858,321
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,023,071
|
|
1,023,056
|
|
1,022,345
|
|
1,012,620
|
|
1,015,646
|
|
1,012,620
|
|
Other intangibles, net
|
106,194
|
|
110,903
|
|
115,613
|
|
120,757
|
|
125,938
|
|
106,194
|
|
125,938
|
|
Total tangible assets
|
$ 23,931,446
|
|
$ 22,679,683
|
|
$ 22,548,801
|
|
$ 22,417,190
|
|
$ 22,719,763
|
|
$ 23,931,446
|
|
$ 22,719,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to Assets
|
12.76 %
|
|
13.10 %
|
|
12.97 %
|
|
12.76 %
|
|
12.43 %
|
|
12.76 %
|
|
12.43 %
|
|
Tangible Common Equity to Tangible Assets
|
8.67 %
|
|
8.75 %
|
|
8.58 %
|
|
8.32 %
|
|
8.05 %
|
|
8.67 %
|
|
8.05 %
|
|
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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Banking Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 185,909
|
|
$ 174,507
|
|
$ 152,122
|
|
$ 133,745
|
|
$ 120,572
|
|
$ 646,283
|
|
$ 457,582
|
|
Provision for credit losses
|
35,946
|
|
10,551
|
|
10,175
|
|
5,226
|
|
4,565
|
|
61,898
|
|
(32,866)
|
|
Noninterest income
|
23,448
|
|
23,269
|
|
23,469
|
|
21,364
|
|
18,859
|
|
91,550
|
|
69,664
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
52,296
|
|
48,599
|
|
46,733
|
|
49,195
|
|
36,522
|
|
196,823
|
|
157,079
|
|
Occupancy and equipment expenses
|
11,482
|
|
11,357
|
|
11,168
|
|
11,074
|
|
11,699
|
|
45,081
|
|
41,065
|
|
Data processing and telecommunications expenses
|
11,085
|
|
10,779
|
|
10,863
|
|
11,230
|
|
10,162
|
|
43,957
|
|
39,802
|
|
Other noninterest expenses
|
21,811
|
|
22,974
|
|
21,123
|
|
20,045
|
|
24,048
|
|
85,953
|
|
84,244
|
|
Total noninterest expense
|
96,674
|
|
93,709
|
|
89,887
|
|
91,544
|
|
82,431
|
|
371,814
|
|
322,190
|
|
Income before income tax expense
|
76,737
|
|
93,516
|
|
75,529
|
|
58,339
|
|
52,435
|
|
304,121
|
|
237,922
|
|
Income tax expense
|
16,545
|
|
22,706
|
|
19,120
|
|
16,996
|
|
14,010
|
|
75,367
|
|
64,446
|
|
Net income
|
$ 60,192
|
|
$ 70,810
|
|
$ 56,409
|
|
$ 41,343
|
|
$ 38,425
|
|
$ 228,754
|
|
$ 173,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 19,837
|
|
$ 19,283
|
|
$ 20,779
|
|
$ 19,295
|
|
$ 19,912
|
|
$ 79,194
|
|
$ 82,718
|
|
Provision for credit losses
|
(2,778)
|
|
9,043
|
|
4,499
|
|
1,587
|
|
175
|
|
12,351
|
|
2,947
|
|
Noninterest income
|
24,011
|
|
38,584
|
|
57,795
|
|
61,649
|
|
59,650
|
|
182,039
|
|
281,900
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
19,164
|
|
25,813
|
|
31,219
|
|
31,614
|
|
36,787
|
|
107,810
|
|
167,796
|
|
Occupancy and equipment expenses
|
1,242
|
|
1,460
|
|
1,406
|
|
1,471
|
|
1,587
|
|
5,579
|
|
6,206
|
|
Data processing and telecommunications expenses
|
1,203
|
|
1,082
|
|
1,123
|
|
1,172
|
|
1,213
|
|
4,580
|
|
5,551
|
|
Other noninterest expenses
|
11,126
|
|
11,641
|
|
12,812
|
|
12,645
|
|
10,793
|
|
48,224
|
|
38,295
|
|
Total noninterest expense
|
32,735
|
|
39,996
|
|
46,560
|
|
46,902
|
|
50,380
|
|
166,193
|
|
217,848
|
|
Income before income tax expense
|
13,891
|
|
8,828
|
|
27,515
|
|
32,455
|
|
29,007
|
|
82,689
|
|
143,823
|
|
Income tax expense
|
2,916
|
|
1,854
|
|
5,779
|
|
6,815
|
|
6,092
|
|
17,364
|
|
30,203
|
|
Net income
|
$ 10,975
|
|
$ 6,974
|
|
$ 21,736
|
|
$ 25,640
|
|
$ 22,915
|
|
$ 65,325
|
|
$ 113,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 6,601
|
|
$ 6,979
|
|
$ 6,700
|
|
$ 6,447
|
|
$ 8,063
|
|
$ 26,727
|
|
$ 35,401
|
|
Provision for credit losses
|
117
|
|
(1,836)
|
|
867
|
|
(222)
|
|
77
|
|
(1,074)
|
|
(514)
|
|
Noninterest income
|
579
|
|
1,516
|
|
1,041
|
|
1,401
|
|
1,253
|
|
4,537
|
|
4,603
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
427
|
|
1,055
|
|
208
|
|
283
|
|
258
|
|
1,973
|
|
1,130
|
|
Occupancy and equipment expenses
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
4
|
|
3
|
|
Data processing and telecommunications expenses
|
49
|
|
43
|
|
48
|
|
47
|
|
56
|
|
187
|
|
232
|
|
Other noninterest expenses
|
191
|
|
209
|
|
212
|
|
218
|
|
227
|
|
830
|
|
490
|
|
Total noninterest expense
|
668
|
|
1,308
|
|
469
|
|
549
|
|
542
|
|
2,994
|
|
1,855
|
|
Income before income tax expense
|
6,395
|
|
9,023
|
|
6,405
|
|
7,521
|
|
8,697
|
|
29,344
|
|
38,663
|
|
Income tax expense
|
1,342
|
|
1,895
|
|
1,346
|
|
1,579
|
|
1,827
|
|
6,162
|
|
8,120
|
|
Net income
|
$ 5,053
|
|
$ 7,128
|
|
$ 5,059
|
|
$ 5,942
|
|
$ 6,870
|
|
$ 23,182
|
|
$ 30,543
|
|
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)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
SBA Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 2,491
|
|
$ 2,424
|
|
$ 3,798
|
|
$ 6,011
|
|
$ 11,319
|
|
$ 14,724
|
|
$ 51,535
|
|
Provision for credit losses
|
265
|
|
52
|
|
(523)
|
|
(143)
|
|
(663)
|
|
(349)
|
|
(2,921)
|
|
Noninterest income
|
302
|
|
1,946
|
|
1,526
|
|
2,491
|
|
2,002
|
|
6,265
|
|
9,360
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
1,306
|
|
1,412
|
|
1,316
|
|
1,271
|
|
1,217
|
|
5,305
|
|
4,856
|
|
Occupancy and equipment expenses
|
98
|
|
82
|
|
81
|
|
99
|
|
121
|
|
360
|
|
475
|
|
Data processing and telecommunications expenses
|
30
|
|
29
|
|
29
|
|
28
|
|
28
|
|
116
|
|
47
|
|
Other noninterest expenses
|
368
|
|
100
|
|
539
|
|
380
|
|
645
|
|
1,387
|
|
1,594
|
|
Total noninterest expense
|
1,802
|
|
1,623
|
|
1,965
|
|
1,778
|
|
2,011
|
|
7,168
|
|
6,972
|
|
Income before income tax expense
|
726
|
|
2,695
|
|
3,882
|
|
6,867
|
|
11,973
|
|
14,170
|
|
56,844
|
|
Income tax expense
|
153
|
|
566
|
|
815
|
|
1,442
|
|
2,514
|
|
2,976
|
|
11,937
|
|
Net income
|
$ 573
|
|
$ 2,129
|
|
$ 3,067
|
|
$ 5,425
|
|
$ 9,459
|
|
$ 11,194
|
|
$ 44,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 9,299
|
|
$ 9,788
|
|
$ 7,965
|
|
$ 7,046
|
|
$ 6,971
|
|
$ 34,098
|
|
$ 28,091
|
|
Provision for credit losses
|
(660)
|
|
(158)
|
|
(94)
|
|
(217)
|
|
(1,395)
|
|
(1,129)
|
|
(2,011)
|
|
Noninterest income
|
8
|
|
9
|
|
10
|
|
6
|
|
5
|
|
33
|
|
17
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
2,003
|
|
1,818
|
|
2,069
|
|
1,918
|
|
1,831
|
|
7,808
|
|
6,915
|
|
Occupancy and equipment expenses
|
82
|
|
83
|
|
90
|
|
82
|
|
86
|
|
337
|
|
317
|
|
Data processing and telecommunications expenses
|
119
|
|
82
|
|
92
|
|
95
|
|
75
|
|
388
|
|
344
|
|
Other noninterest expenses
|
978
|
|
959
|
|
1,064
|
|
952
|
|
1,013
|
|
3,953
|
|
3,683
|
|
Total noninterest expense
|
3,182
|
|
2,942
|
|
3,315
|
|
3,047
|
|
3,005
|
|
12,486
|
|
11,259
|
|
Income before income tax expense
|
6,785
|
|
7,013
|
|
4,754
|
|
4,222
|
|
5,366
|
|
22,774
|
|
18,860
|
|
Income tax expense
|
1,357
|
|
1,499
|
|
959
|
|
874
|
|
1,091
|
|
4,689
|
|
4,493
|
|
Net income
|
$ 5,428
|
|
$ 5,514
|
|
$ 3,795
|
|
$ 3,348
|
|
$ 4,275
|
|
$ 18,085
|
|
$ 14,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 224,137
|
|
$ 212,981
|
|
$ 191,364
|
|
$ 172,544
|
|
$ 166,837
|
|
$ 801,026
|
|
$ 655,327
|
|
Provision for credit losses
|
32,890
|
|
17,652
|
|
14,924
|
|
6,231
|
|
2,759
|
|
71,697
|
|
(35,365)
|
|
Noninterest income
|
48,348
|
|
65,324
|
|
83,841
|
|
86,911
|
|
81,769
|
|
284,424
|
|
365,544
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
75,196
|
|
78,697
|
|
81,545
|
|
84,281
|
|
76,615
|
|
319,719
|
|
337,776
|
|
Occupancy and equipment expenses
|
12,905
|
|
12,983
|
|
12,746
|
|
12,727
|
|
13,494
|
|
51,361
|
|
48,066
|
|
Data processing and telecommunications expenses
|
12,486
|
|
12,015
|
|
12,155
|
|
12,572
|
|
11,534
|
|
49,228
|
|
45,976
|
|
Other noninterest expenses
|
34,474
|
|
35,883
|
|
35,750
|
|
34,240
|
|
36,726
|
|
140,347
|
|
128,306
|
|
Total noninterest expense
|
135,061
|
|
139,578
|
|
142,196
|
|
143,820
|
|
138,369
|
|
560,655
|
|
560,124
|
|
Income before income tax expense
|
104,534
|
|
121,075
|
|
118,085
|
|
109,404
|
|
107,478
|
|
453,098
|
|
496,112
|
|
Income tax expense
|
22,313
|
|
28,520
|
|
28,019
|
|
27,706
|
|
25,534
|
|
106,558
|
|
119,199
|
|
Net income
|
$ 82,221
|
|
$ 92,555
|
|
$ 90,066
|
|
$ 81,698
|
|
$ 81,944
|
|
$ 346,540
|
|
$ 376,913
|
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SOURCE Ameris Bancorp