Ameris Bancorp Announces Financial Results For Second Quarter 2020

ATLANTA, July 27, 2020 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020, compared with $38.9 million, or $0.82 per diluted share, for the quarter ended June 30, 2019.  The decrease in net income is primarily attributable to increases in provision for credit loss expense of $83.5 million and salaries and employee benefits of $19.2 million, partially offset by an increase of $86.4 million in mortgage banking activity compared with the second quarter of 2019.  The Company reported adjusted net income of $42.4 million, or $0.61 per diluted share, for the quarter ended June 30, 2020, compared with $45.2 million, or $0.96 per diluted share, for the same period in 2019.  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

For the year-to-date period ending June 30, 2020, the Company reported net income of $51.6 million, or $0.74 per diluted share, compared with $78.8 million, or $1.66 per diluted share, for the same period in 2019.  The Company reported adjusted net income of $81.6 million, or $1.18 per diluted share, for the six months ended June 30, 2020, compared with $87.8 million, or $1.85 per diluted share, for the same period in 2019.  Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The challenges of COVID-19 and the global economy certainly affect how we do business, but our bankers have quickly adapted to the new operating environment.  We successfully managed deposit costs to improve the margin by 13 basis points, allowing us to fund over $1.4 billion in new loan growth (including PPP loans), and our mortgage division continued to see historic production and profitability.  We increased our allowance for credit losses on loans to over $208 million, while still earning $32 million for the quarter.  We believe we are properly positioned for the future."

Significant items from the Company's results for the second quarter of 2020 include the following:

  • Net income of $32.2 million, or $0.47 per diluted share, compared with $19.3 million, or $0.28 per diluted share, in the first quarter of 2020
  • Growth in adjusted total revenue of $67.7 million, or 30.0%, compared with the first quarter of 2020
  • Increase in income from mortgage banking activity of $69.6 million compared with the first quarter of 2020
  • Adjusted efficiency ratio of 51.08%, compared with 59.87% in the first quarter of 2020
  • Net interest margin of 3.83%, compared with 3.70% in the first quarter of 2020
  • Adjusted return on average assets of 0.89%, compared with 0.87% in the first quarter of 2020
  • Improvement in deposit mix such that noninterest bearing deposits represent 35.89% of total deposits, up from 29.94% at December 31, 2019 and 28.92% a year ago
  • Annualized net charge-offs of 0.27% of average total loans
  • Non-performing assets of 0.59% of total assets, compared with 0.56% at the end of 2019

Following is a summary of the adjustments between reported net income and adjusted net income:

 

Adjusted Net Income Reconciliation









Three Months Ended


Six Months Ended


June 30,


June 30,

(dollars in thousands, except per share data)

2020


2019


2020


2019

Net income available to common shareholders

$

32,236



$

38,904



$

51,558



$

78,809










Adjustment items:








Merger and conversion charges

895



3,475



1,435



5,532


Restructuring charges

1,463





1,463



245


Servicing right impairment

7,989



1,460



30,154



1,460


Natural disaster and pandemic charges

2,043



50



2,591



(39)


Gain on BOLI proceeds

(845)





(845)




Expenses related to SEC and DOJ investigation

1,294





2,737




Loss on sale of premises

281



2,800



751



3,719


Tax effect of adjustment items

(2,933)



(1,479)



(8,216)



(1,929)


After-tax adjustment items

10,187



6,306



30,070



8,988










Adjusted net income

$

42,423



$

45,210



$

81,628



$

87,797










Reported net income per diluted share

$

0.47



$

0.82



$

0.74



$

1.66


Adjusted net income per diluted share

$

0.61



$

0.96



$

1.18



$

1.85










Reported return on average assets

0.67

%


1.34

%


0.56

%


1.38

%

Adjusted return on average assets

0.89

%


1.56

%


0.88

%


1.54

%









Reported return on average common equity

5.23

%


10.27

%


4.17

%


10.60

%

Adjusted return on average tangible common equity

11.66

%


18.79

%


11.18

%


18.81

%

 

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the second quarter of 2020 totaled $165.2 million, compared with $149.0 million for the first quarter of 2020 and $102.7 million for the second quarter of 2019.  The Company's net interest margin was 3.83% for the second quarter of 2020, up from 3.70% reported for the first quarter of 2020 and down from 3.91% reported for the second quarter of 2019.  The increase in net interest margin in the current quarter is primarily attributable to an increase in accretion income and a decrease in the cost of interest-bearing liabilities, partially offset by a decrease in the yield on loans as market interest rates declined.  Accretion income for the second quarter of 2020 increased to $9.6 million, compared with $6.6 million for the first quarter of 2020, and increased from $3.1 million for the second quarter of 2019.  The increase in accretion income in the second quarter is primarily attributable to payoffs of acquired loans. 

Yields on all loans decreased to 4.70% during the second quarter of 2020, compared with 5.02% for the first quarter of 2020 and 5.34% reported for the second quarter of 2019.  Loan production in the banking division during the second quarter of 2020 totaled $472.1 million, with weighted average yields of 4.16%, compared with $918.4 million and 4.55%, respectively, in the first quarter of 2020 and $854.7 million and 5.49%, respectively, in the second quarter of 2019.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.2 billion during the second quarter of 2020, with weighted average yields of 3.17%, compared with $3.9 billion and 4.15%, respectively, during the first quarter of 2020 and $2.6 billion and 5.20%, respectively, during the second quarter of 2019.  Loan production yields in the lines of business were materially impacted by originations of Paycheck Protection Program ("PPP") loans in our SBA division.  Excluding PPP loans, loan production in the lines of business amounted to $6.1 billion during the second quarter of 2020, with weighted average yields of 3.53%.

Interest expense during the second quarter of 2020 decreased to $21.2 million, compared with $34.8 million in the first quarter of 2020, and $27.4 million in the second quarter of 2019.  The Company's total cost of funds moved 39 basis points lower to 0.52% in the second quarter of 2020 as compared with the first quarter of 2020.  Deposit costs decreased 32 basis points during the second quarter of 2020 to 0.39%, compared with 0.71% in the first quarter of 2020.  Costs of interest-bearing deposits decreased during the quarter from 1.01% in the first quarter of 2020 to 0.58% in the second quarter of 2020.

Noninterest Income
Noninterest income increased $66.6 million, or 122.4%, in the second quarter of 2020 to $121.0 million, compared with $54.4 million for the first quarter of 2020, primarily as a result of increased mortgage banking activity. 

Mortgage banking activity increased $69.6 million, or 197.0%, to $104.9 million in the second quarter of 2020, compared with $35.3 million for the first quarter of 2020.  This increase was a result of both increased production and expansion in our gain on sale spread. Gain on sale spreads increased to 3.53% in the second quarter of 2020 from 2.88% for the first quarter of 2020. Total production in the retail mortgage division increased to $2.67 billion in the second quarter of 2020, compared with $1.36 billion for the first quarter of 2020. Mortgage banking activity was negatively impacted during the second quarter of 2020 by an $8.2 million servicing right impairment, compared with an impairment of $20.9 million for the first quarter of 2020. The retail mortgage open pipeline was $2.67 billion at the end of the second quarter of 2020, compared with $2.43 billion at March 31, 2020.

Service charge revenue decreased $1.9 million, or 16.2%, to $9.9 million in the second quarter of 2020, compared with $11.8 million for the first quarter of 2020.  This decrease was primarily attributable to a decrease of $2.6 million in NSF income resulting from a decrease in volume, partially offset by an increase in interchange income of $743,000.

Other noninterest income decreased $1.1 million, or 18.3%, in the second quarter of 2020 to $4.9 million, compared with $6.1 million for the first quarter of 2020, primarily as a result of a decrease in the gain on sales of SBA loans of $1.0 million, as the SBA division shifted its focus temporarily to PPP loan production during the second quarter.

Noninterest Expense
Noninterest expense increased $17.7 million, or 12.8%, to $155.8 million during the second quarter of 2020, compared with $138.1 million for the first quarter of 2020.  During the second quarter of 2020, the Company recorded $6.0 million of charges to earnings, related to restructuring charges associated with branch consolidations and efficiency initiatives, charges related to the previously announced SEC/DOJ investigations, merger and conversion charges, natural disaster and pandemic charges and loss on sale of premises, compared with $3.0 million in charges in the first quarter of 2020 that were related principally to merger and conversion charges, the SEC/DOJ investigations, natural disaster and pandemic expenses and loss on sale of premises.  Excluding these charges, adjusted expenses increased approximately $14.7 million, or 10.9%, to $149.8 million in the second quarter of 2020, from $135.1 million in the first quarter of 2020.  The majority of this increase is attributable to variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio, such that the adjusted efficiency ratio improved from 59.87% in the first quarter of 2020 to 51.08% in the second quarter of 2020.

Income Tax Expense
The Company's effective tax rate for the second quarter of 2020 was 21.1%, compared with 16.8% in the first quarter of 2020. The decreased rate for the first quarter of 2020 was primarily a result of loss carrybacks allowed as a result of the recently enacted CARES Act.

Balance Sheet Trends
Total assets at June 30, 2020 were $19.87 billion, compared with $18.24 billion at December 31, 2019.  Total loans, including loans held for sale, were $16.24 billion at June 30, 2020, compared with $14.48 billion at December 31, 2019.  Total loans held for investment were $14.50 billion at June 30, 2020, compared with $12.82 billion at December 31, 2019, an increase of $1.68 billion, or 13.1%, compared with December 31, 2019.  Loan production in the banking division during the second quarter of 2020 was down 49% from the first quarter of 2020 and 45% from the second quarter of 2019.  Loan growth in the first half of 2020 was principally driven by PPP loan originations, which totaled $1.06 billion in outstanding balances at June 30, 2020. 

At June 30, 2020, total deposits amounted to $15.59 billion, or 90.9% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019.  At June 30, 2020, noninterest-bearing deposit accounts were $5.60 billion, or 35.9% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019.  Noninterest-bearing deposit growth was meaningfully impacted by PPP loan fundings during the quarter.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $9.02 billion at June 30, 2020, compared with $7.21 billion at December 31, 2019.  These funds represented 57.9% of the Company's total deposits at June 30, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at June 30, 2020 totaled $2.46 billion, a decrease of $9.5 million, or 0.4%, from December 31, 2019.  The decrease in shareholders' equity was primarily the result of the CECL adoption impact of $56.7 million and dividends declared, partially offset by earnings of $51.6 million during 2020.  Tangible book value per share was $20.90 at June 30, 2020, compared with $20.81 at December 31, 2019.  Tangible common equity as a percentage of tangible assets was 7.70% at June 30, 2020, compared with 8.40% at the end of the 2019.

Credit Quality
Credit quality remains strong in the Company.  During the second quarter of 2020, the Company recorded provision for credit losses of $88.2 million, compared with $41.0 million in the first quarter of 2020.  This increase in provision was primarily attributable to declines in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the first quarter of 2020.  The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on a daily basis.  Nonperforming assets as a percentage of total assets decreased by two basis points to 0.59% during the quarter.  The net charge-off ratio was 27 basis points for the second quarter of 2020, compared with 14 basis points in the first quarter of 2020 and seven basis points in the second quarter of 2019.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time Monday, July 27, 2020, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available one hour after the end of the conference call until August 10, 2020.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10146087.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 170 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, political and market conditions and fluctuations; movements in interest rates and our expectations regarding net interest margin; expectations on credit quality and performance; legislative and regulatory changes; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, public health crises and other catastrophic events beyond our control.  For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as amended, and its subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 



AMERIS BANCORP AND SUBSIDIARIES




FINANCIAL TABLES












Financial Highlights



Table 1



Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2020


2020


2019


2019


2019


2020


2019

EARNINGS














Net income

$

32,236



$

19,322



$

61,248



$

21,384



$

38,904



$

51,558



$

78,809


Adjusted net income

$

42,423



$

39,205



$

66,608



$

68,539



$

45,210



$

81,628



$

87,797
















COMMON SHARE DATA














Earnings per share available to common
shareholders














Basic

$

0.47



$

0.28



$

0.88



$

0.31



$

0.82



$

0.74



$

1.66


Diluted

$

0.47



$

0.28



$

0.88



$

0.31



$

0.82



$

0.74



$

1.66


Adjusted diluted EPS

$

0.61



$

0.56



$

0.96



$

0.98



$

0.96



$

1.18



$

1.85


Cash dividends per share

$

0.15



$

0.15



$

0.15



$

0.15



$

0.10



$

0.30



$

0.20


Book value per share (period end)

$

35.42



$

35.10



$

35.53



$

34.78



$

32.52



$

35.42



$

32.52


Tangible book value per share (period
end)

$

20.90



$

20.44



$

20.81



$

20.29



$

20.81



$

20.90



$

20.81


Weighted average number of shares














Basic

69,191,778



69,247,661



69,429,193



69,372,125



47,310,561



69,235,117



47,353,678


Diluted

69,292,972



69,502,022



69,683,999



69,600,499



47,337,809



69,413,027



47,394,911


Period end number of shares

69,461,968



69,441,274



69,503,833



69,593,833



47,261,584



69,461,968



47,261,584


Market data














High intraday price

$

29.82



$

43.79



$

44.90



$

40.65



$

39.60



$

43.79



$

42.01


Low intraday price

$

17.12



$

17.89



$

38.34



$

33.71



$

33.57



$

17.12



$

31.27


Period end closing price

$

23.59



$

23.76



$

42.54



$

40.24



$

39.19



$

23.59



$

39.19


Average daily volume

470,151



461,692



353,783



461,289



352,684



465,955



369,959
















PERFORMANCE RATIOS














Return on average assets

0.67

%


0.43

%


1.35

%


0.49

%


1.34

%


0.56

%


1.38

%

Adjusted return on average assets

0.89

%


0.87

%


1.47

%


1.57

%


1.56

%


0.88

%


1.54

%

Return on average common equity

5.23

%


3.16

%


9.97

%


3.49

%


10.27

%


4.17

%


10.60

%

Adjusted return on average tangible
common equity

11.66

%


10.98

%


18.45

%


18.95

%


18.79

%


11.18

%


18.81

%

Earning asset yield (TE)

4.32

%


4.56

%


4.82

%


4.86

%


4.95

%


4.44

%


4.95

%

Total cost of funds

0.52

%


0.91

%


1.00

%


1.07

%


1.10

%


0.99

%


1.08

%

Net interest margin (TE)

3.83

%


3.70

%


3.86

%


3.84

%


3.91

%


3.77

%


3.93

%

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

39.35

%


22.83

%


22.02

%


28.89

%


21.27

%


32.14

%


20.45

%

Efficiency ratio

54.70

%


68.23

%


58.24

%


85.35

%


59.36

%


60.32

%


58.67

%

Adjusted efficiency ratio (TE)

51.08

%


59.87

%


55.61

%


57.25

%


53.77

%


54.90

%


54.43

%















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.38

%


13.37

%


13.54

%


13.63

%


12.93

%


12.38

%


12.93

%

Tangible common equity to tangible assets

7.70

%


8.25

%


8.40

%


8.43

%


8.68

%


7.70

%


8.68

%















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

7.70

%


8.25

%


8.40

%


8.43

%


8.68

%


7.70

%


8.68

%

Effect of goodwill and other intangibles

4.68

%


5.12

%


5.14

%


5.20

%


4.25

%


4.68

%


4.25

%

Equity to assets (GAAP)

12.38

%


13.37

%


13.54

%


13.63

%


12.93

%


12.38

%


12.93

%















OTHER DATA (period end)














Full time equivalent employees














Banking Division

1,832



1,865



1,913



2,001



1,336



1,832



1,336


Retail Mortgage Division

692



689



690



785



348



692



348


Warehouse Lending Division

9



9



9



9



10



9



10


SBA Division

42



44



42



45



21



42



21


Premium Finance Division

70



72



68



66



62



70



62


Total Ameris Bancorp FTE headcount

2,645



2,679



2,722



2,906



1,777



2,645



1,777
















Assets per Banking Division FTE

$

10,848



$

9,772



$

9,536



$

8,878



$

8,889



$

10,848



$

8,889


Branch locations

170



170



170



172



114



170



114


Deposits per branch location

$

91,705



$

81,439



$

82,512



$

79,416



$

84,056



$

91,705



$

84,056


 


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2020


2020


2019


2019


2019


2020


2019

Interest income














Interest and fees on loans

$

175,345



$

171,242



$

182,391



$

175,046



$

117,010



$

346,587



$

229,411


Interest on taxable securities

9,347



10,082



10,358



11,354



9,383



19,429



18,426


Interest on nontaxable securities

157



157



167



168



102



314



258


Interest on deposits in other banks

123



1,211



1,091



1,622



2,276



1,334



5,426


Interest on federal funds sold

46



76



69



171



257



122



436


Total interest income

185,018



182,768



194,076



188,361



129,028



367,786



253,957
















Interest expense














Interest on deposits

14,273



24,102



27,970



29,425



23,454



38,375



45,138


Interest on other borrowings

6,931



10,721



10,755



10,167



3,923



17,652



7,773


Total interest expense

21,204



34,823



38,725



39,592



27,377



56,027



52,911
















Net interest income

163,814



147,945



155,351



148,769



101,651



311,759



201,046
















Provision for loan losses

68,449



37,047



5,693



5,989



4,668



105,496



8,076


Provision for unfunded commitments

19,712



4,000









23,712




Provision for credit losses

88,161



41,047



5,693



5,989



4,668



129,208



8,076


Net interest income after provision for
credit losses

75,653



106,898



149,658



142,780



96,983



182,551



192,970
















Noninterest income














Service charges on deposits accounts

9,922



11,844



13,567



13,411



12,168



21,766



23,814


Mortgage banking activity

104,925



35,333



33,168



53,041



18,523



140,258



33,200


Other service charges, commissions and fees

1,130



1,128



1,085



1,236



803



2,258



1,592


Gain (loss) on securities

14



(9)



(1)



4



69



5



135


Other noninterest income

4,969



6,083



7,294



9,301



3,673



11,052



7,266


Total noninterest income

120,960



54,379



55,113



76,993



35,236



175,339



66,007
















Noninterest expense














Salaries and employee benefits

95,168



75,946



69,642



77,633



38,331



171,114



76,663


Occupancy and equipment expenses

13,807



12,028



11,919



12,639



7,834



25,835



16,038


Data processing and telecommunications
expenses

10,514



11,954



11,362



10,372



8,388



22,468



16,779


Credit resolution related expenses(1)

950



2,198



1,098



1,094



979



3,148



1,890


Advertising and marketing expenses

1,455



2,358



2,250



1,949



1,987



3,813



3,728


Amortization of intangible assets

5,601



5,631



5,741



5,719



3,121



11,232



6,253


Merger and conversion charges

895



540



2,415



65,158



3,475



1,435



5,532


Other noninterest expenses

27,378



27,398



18,137



18,133



17,136



54,776



29,793


Total noninterest expense

155,768



138,053



122,564



192,697



81,251



293,821



156,676
















Income before income tax expense

40,845



23,224



82,207



27,076



50,968



64,069



102,301


Income tax expense

8,609



3,902



20,959



5,692



12,064



12,511



23,492


Net income

$

32,236



$

19,322



$

61,248



$

21,384



$

38,904



$

51,558



$

78,809
















Diluted earnings per common share

$

0.47



$

0.28



$

0.88



$

0.31



$

0.82



$

0.74



$

1.66
















(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.





 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Period End Balance Sheet

Table 3


Three Months Ended


Jun


Mar


Dec


Sep


Jun

(dollars in thousands)

2020


2020


2019


2019


2019

Assets










Cash and due from banks

$

292,899



$

255,312



$

246,234



$

193,976



$

151,186


Federal funds sold and interest-bearing deposits
in banks

428,560



396,844



375,615



285,713



186,969


Time deposits in other banks

249



249



249



499



748


Investment securities available for sale, at fair value

1,238,896



1,353,040



1,403,403



1,491,207



1,273,244


Other investments

76,453



81,754



66,919



66,921



32,481


Loans held for sale, at fair value

1,736,397



1,398,229



1,656,711



1,187,551



261,073












Loans, net of unearned income

14,503,157



13,094,106



12,818,476



12,826,284



9,049,870


Allowance for loan losses

(208,793)



(149,524)



(38,189)



(35,530)



(31,793)


Loans, net

14,294,364



12,944,582



12,780,287



12,790,754



9,018,077












Other real estate owned

23,563



21,027



19,500



20,710



14,675












Premises and equipment, net

230,118



231,347



233,102



239,428



141,378


Goodwill

928,005



931,947



931,637



911,488



501,140


Other intangible assets, net

80,354



85,955



91,586



97,328



52,437


Cash value of bank owned life insurance

175,011



176,239



175,270



174,442



105,064


Deferred income taxes, net

56,306



24,196



2,180



22,111



30,812


Other assets

311,454



323,827



259,886



282,149



120,052


Total assets

$

19,872,629



$

18,224,548



$

18,242,579



$

17,764,277



$

11,889,336












Liabilities










Deposits










Noninterest-bearing

$

5,595,868



$

4,226,253



$

4,199,448



$

4,077,856



$

2,771,443


Interest-bearing

9,993,950



9,618,365



9,827,625



9,581,738



6,810,927


Total deposits

15,589,818



13,844,618



14,027,073



13,659,594



9,582,370


Federal funds purchased and securities sold under
agreements to repurchase

12,879



15,160



20,635



17,744



3,307


Other borrowings

1,418,336



1,543,371



1,398,709



1,351,172



564,636


Subordinated deferrable interest debentures

123,375



122,890



127,560



127,075



89,871


FDIC loss-share payable, net

18,903



18,111



19,642



19,490



20,596


Other liabilities

249,188



243,248



179,378



168,479



91,435


Total liabilities

17,412,499



15,787,398



15,772,997



15,343,554



10,352,215












Shareholders' Equity










Preferred stock










Common stock

71,674



71,652



71,500



71,447



49,099


Capital stock

1,909,839



1,908,721



1,907,108



1,904,789



1,053,500


Retained earnings

481,948



460,153



507,950



457,127



446,182


Accumulated other comprehensive income, net of tax

39,613



39,551



17,995



15,482



16,462


Treasury stock

(42,944)



(42,927)



(34,971)



(28,122)



(28,122)


Total shareholders' equity

2,460,130



2,437,150



2,469,582



2,420,723



1,537,121


Total liabilities and shareholders' equity

$

19,872,629



$

18,224,548



$

18,242,579



$

17,764,277



$

11,889,336












Other Data










Earning assets

$

17,983,712



$

16,324,222



$

16,321,373



$

15,858,175



$

10,804,385


Intangible assets

1,008,359



1,017,902



1,023,223



1,008,816



553,577


Interest-bearing liabilities

11,548,540



11,299,786



11,374,529



11,077,729



7,468,741


Average assets

19,222,181



18,056,445



17,998,494



17,340,387



11,625,344


Average common shareholders' equity

2,478,373



2,456,617



2,437,272



2,432,182



1,519,598


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2020


2020


2019


2019


2019


2020


2019

Allowance for Credit Losses














Balance at beginning of period

$

167,315



$

39,266



$

36,607



$

31,793



$

28,659



$

39,266



$

28,819
















CECL adoption impact on allowance for loan
losses



78,661









78,661




CECL adoption impact on allowance for
unfunded commitments



12,714









12,714




Total CECL adoption impact



91,375









91,375


















Acquired allowance for unfunded commitments







1,077






















Provision for loan losses

68,449



37,047



5,693



5,989



4,668



105,496



8,076


Provision for unfunded commitments

19,712



4,000









23,712




Provision for credit losses

88,161



41,047



5,693



5,989



4,668



129,208



8,076
















Charge-offs

11,282



6,718



5,664



5,249



3,496



18,000



8,875


Recoveries

2,101



2,345



2,630



2,997



1,962



4,446



3,773


Net charge-offs

9,181



4,373



3,034



2,252



1,534



13,554



5,102
















Ending balance

$

246,295



$

167,315



$

39,266



$

36,607



$

31,793



$

246,295



$

31,793
















Allowance for loan losses

$

208,793



$

149,524



$

38,189



$

35,530



$

31,793



$

208,793



$

31,793


Allowance for unfunded commitments

37,502



17,791



1,077



1,077





37,502




Total allowance for credit losses

$

246,295



$

167,315



$

39,266



$

36,607



$

31,793



$

246,295



$

31,793
















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$

486



$

2,486



$

1,813



$

490



$

473



$

2,972



$

1,157


Consumer installment

962



1,142



1,586



1,245



1,171



2,104



3,068


Indirect automobile

1,016



1,231



939



965





2,247




Mortgage warehouse














Municipal














Premium Finance

1,904



831



899



1,267



865



2,735



2,185


Real estate - construction and development

74





146





243



74



268


Real estate - commercial and farmland

6,315



928



181



1,318



589



7,243



1,843


Real estate - residential

525



100



100



37



155



625



354


Total charge-offs

11,282



6,718



5,664



5,322



3,496



18,000



8,875
















Recoveries














Commercial, financial and agricultural

303



362



934



300



382



665



604


Consumer installment

777



643



640



476



289



1,420



504


Indirect automobile

18



22



60



385





40




Mortgage warehouse














Municipal














Premium Finance

676



684



358



736



650



1,360



1,660


Real estate - construction and development

168



342



430



930



268



510



385


Real estate - commercial and farmland

21



85



140



74



78



106



118


Real estate - residential

138



207



68



169



295



345



502


Total recoveries

2,101



2,345



2,630



3,070



1,962



4,446



3,773
















Net charge-offs

$

9,181



$

4,373



$

3,034



$

2,252



$

1,534



$

13,554



$

5,102
















Non-Performing Assets














Nonaccrual loans

$

77,745



$

77,866



$

75,124



$

100,501



$

41,479



$

77,745



$

41,479


Other real estate owned

23,563



21,027



19,500



20,710



14,675



23,563



14,675


Repossessed assets

1,348



783



939



1,258





1,348




Accruing loans delinquent 90 days or more

15,127



11,969



5,754



6,325



4,613



15,127



4,613


Total non-performing assets

$

117,783



$

111,645



$

101,317



$

128,794



$

60,767



$

117,783



$

60,767
















Asset Quality Ratios














Non-performing assets as a percent of total
assets

0.59

%


0.61

%


0.56

%


0.73

%


0.51

%


0.59

%


0.51

%

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

0.27

%


0.14

%


0.09

%


0.07

%


0.07

%


0.20

%


0.12

%

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Jun


Mar


Dec


Sep


Jun

(dollars in thousands)

2020


2020


2019


2019


2019

Loans by Type










Commercial, financial and agricultural

$

1,839,921



$

827,392



$

802,171



$

931,755



$

703,290


Consumer installment

575,782



520,592



498,577



500,067



474,195


Indirect automobile

739,543



937,736



1,061,824



1,111,815




Mortgage warehouse

748,853



547,328



526,369



562,598



462,481


Municipal

731,508



749,633



564,304



578,267



583,558


Premium Finance

690,584



661,845



654,669



656,570



613,964


Real estate - construction and development

1,641,744



1,628,367



1,549,062



1,468,696



1,103,550


Real estate - commercial and farmland

4,804,420



4,516,451



4,353,039



4,198,759



3,182,213


Real estate - residential

2,730,802



2,704,762



2,808,461



2,817,757



1,926,619


Total loans

$

14,503,157



$

13,094,106



$

12,818,476



$

12,826,284



$

9,049,870












Troubled Debt Restructurings










Accruing troubled debt restructurings










Commercial, financial and agricultural

$

591



$

575



$

516



$

521



$

140


Consumer installment

42



4



8



9



10


Indirect automobile










Mortgage warehouse










Municipal










Premium Finance



159



156



159



191


Real estate - construction and development

919



925



936



948



1,124


Real estate - commercial and farmland

5,252



5,587



6,732



8,616



8,793


Real estate - residential

30,253



22,775



21,261



21,472



21,124


Total accruing troubled debt restructurings

$

37,057



$

30,025



$

29,609



$

31,725



$

31,382


Nonaccrual troubled debt restructurings










Commercial, financial and agricultural

$

1,034



$

334



$

335



$

144



$

162


Consumer installment

67



105



107



120



123


Indirect automobile










Mortgage warehouse










Municipal










Premium Finance










Real estate - construction and development

307



289



253



258



265


Real estate - commercial and farmland

1,878



2,415



2,071



1,958



2,109


Real estate - residential

2,231



3,078



2,857



2,103



1,760


Total nonaccrual troubled debt restructurings

$

5,517



$

6,221



$

5,623



$

4,583



$

4,419


   Total troubled debt restructurings

$

42,574



$

36,246



$

35,232



$

36,308



$

35,801












Loans by Risk Grade










Grade 1 - Prime credit

$

1,789,709



$

774,956



$

587,877



$

613,281



$

622,034


Grade 2 - Strong credit

801,273



785,770



840,372



856,618



811,690


Grade 3 - Good credit

5,784,754



5,772,834



6,034,398



6,086,576



3,829,422


Grade 4 - Satisfactory credit

5,643,133



4,353,733



4,884,541



4,746,020



3,401,265


Grade 5 - Fair credit

212,667



1,131,128



233,020



252,424



211,229


Grade 6 - Other assets especially mentioned

108,704



106,885



86,412



114,235



64,075


Grade 7 - Substandard

162,917



168,561



151,846



157,114



110,152


Grade 8 - Doubtful



239



8



14




Grade 9 - Loss





2



2



3


Total loans

$

14,503,157



$

13,094,106



$

12,818,476



$

12,826,284



$

9,049,870


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2020


2020


2019


2019


2019


2020


2019

Earning Assets














Federal funds sold

$

24,265



$

27,380



$

23,104



$

28,459



$

41,683



$

25,822



$

36,515


Interest-bearing deposits in banks

398,284



419,260



304,427



324,127



341,937



408,772



404,311


Time deposits in other banks

249



249



401



548



3,792



249



6,989


Investment securities - taxable

1,281,980



1,359,651



1,426,062



1,514,534



1,233,297



1,320,815



1,210,225


Investment securities - nontaxable

21,576



22,839



23,580



23,759



15,288



22,208



19,688


Other investments

79,143



73,972



64,852



53,712



15,830



76,557



15,185


Loans held for sale

1,614,080



1,587,131



1,537,648



856,572



154,707



1,600,606



128,261


Loans

13,915,406



12,712,997



12,697,912



12,677,063



8,740,561



13,308,960



8,612,978


Total Earning Assets

$

17,334,983



$

16,203,479



$

16,077,986



$

15,478,774



$

10,547,095



$

16,763,989



$

10,434,152
















Deposits














Noninterest-bearing deposits

$

5,061,578



$

4,080,920



$

4,124,872



$

4,040,592



$

2,723,843



$

4,571,249



$

2,634,937


NOW accounts

2,441,305



2,287,947



2,204,666



2,049,175



1,506,721



2,364,626



1,530,224


MMDA

4,221,906



4,004,644



3,953,717



3,815,185



2,655,108



4,113,275



2,666,001


Savings accounts

692,382



643,422



649,118



661,555



405,506



667,902



402,315


Retail CDs

2,471,134



2,624,209



2,721,829



2,804,243



1,962,422



2,547,671



1,927,474


Brokered CDs

2,043



61,190



249,644



150,176



486,292



31,617



498,230


Total Deposits

14,890,348



13,702,332



13,903,846



13,520,926



9,739,892



14,296,340



9,659,181


Non-Deposit Funding














Federal funds purchased and securities sold
under agreements to repurchase

12,452



15,637



17,088



19,914



3,213



14,045



9,511


FHLB advances

1,212,537



1,267,303



1,080,516



810,384



22,390



1,239,920



14,368


Other borrowings

269,300



269,454



234,001



220,918



145,453



269,377



145,463


Subordinated deferrable interest debentures

123,120



127,731



127,292



133,519



89,686



125,426



89,516


Total Non-Deposit Funding

1,617,409



1,680,125



1,458,897



1,184,735



260,742



1,648,768



258,858


Total Funding

$

16,507,757



$

15,382,457



$

15,362,743



$

14,705,661



$

10,000,634



$

15,945,108



$

9,918,039


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2020


2020


2019


2019


2019


2020


2019

Interest Income














Federal funds sold

$

45



$

76



$

69



$

171



$

257



$

121



$

436


Interest-bearing deposits in banks

122



1,210



1,089



1,620



2,260



1,332



5,359


Time deposits in other banks

1



1



2



2



16



2



67


Investment securities - taxable

9,346



10,082



10,358



11,354



9,383



19,428



18,426


Investment securities - nontaxable (TE)

198



199



212



213



129



397



327


Loans held for sale

14,053



13,637



14,330



7,889



1,632



27,690



2,784


Loans (TE)

162,617



158,636



169,119



168,239



116,413



321,253



228,678


Total Earning Assets

$

186,382



$

183,841



$

195,179



$

189,488



$

130,090



$

370,223



$

256,077
















Accretion income (included above)

$

9,576



$

6,562



$

9,727



$

4,222



$

3,103



$

16,138



$

5,986
















Interest Expense














Interest-Bearing Deposits














NOW accounts

$

1,265



$

2,774



$

2,728



$

2,843



$

2,260



$

4,039



$

4,369


MMDA

3,764



9,748



11,311



12,593



9,488



13,512



18,535


Savings accounts

94



210



233



274



85



304



162


Retail CDs

9,136



11,064



12,220



12,905



8,585



20,200



15,915


Brokered CDs

14



306



1,478



810



3,036



320



6,157


Total Interest-Bearing Deposits

14,273



24,102



27,970



29,425



23,454



38,375



45,138


Non-Deposit Funding














Federal funds purchased and securities sold under
agreements to repurchase

25



40



41



32



2



65



13


FHLB advances

1,686



5,109



5,241



4,618



141



6,795



185


Other borrowings

3,487



3,511



3,358



3,332



2,210



6,998



4,437


Subordinated deferrable interest debentures

1,733



2,061



2,115



2,185



1,570



3,794



3,138


Total Non-Deposit Funding

6,931



10,721



10,755



10,167



3,923



17,652



7,773


Total Interest-Bearing Funding

$

21,204



$

34,823



$

38,725



$

39,592



$

27,377



$

56,027



$

52,911
















Net Interest Income (TE)

$

165,178



$

149,018



$

156,454



$

149,896



$

102,713



$

314,196



$

203,166


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Yields(1)

Table 8


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun


2020


2020


2019


2019


2019


2020


2019

Earning Assets














Federal funds sold

0.75

%


1.12

%


1.18

%


2.38

%


2.47

%


0.94

%


2.41

%

Interest-bearing deposits in banks

0.12

%


1.16

%


1.42

%


1.98

%


2.65

%


0.66

%


2.67

%

Time deposits in other banks

1.62

%


1.62

%


1.98

%


1.45

%


1.69

%


1.62

%


1.93

%

Investment securities - taxable

2.93

%


2.98

%


2.88

%


2.97

%


3.05

%


2.96

%


3.07

%

Investment securities - nontaxable (TE)

3.69

%


3.50

%


3.57

%


3.56

%


3.38

%


3.59

%


3.35

%

Loans held for sale

3.50

%


3.46

%


3.70

%


3.65

%


4.23

%


3.48

%


4.38

%

Loans (TE)

4.70

%


5.02

%


5.28

%


5.27

%


5.34

%


4.85

%


5.35

%

Total Earning Assets

4.32

%


4.56

%


4.82

%


4.86

%


4.95

%


4.44

%


4.95

%















Interest-Bearing Deposits














NOW accounts

0.21

%


0.49

%


0.49

%


0.55

%


0.60

%


0.34

%


0.58

%

MMDA

0.36

%


0.98

%


1.14

%


1.31

%


1.43

%


0.66

%


1.40

%

Savings accounts

0.05

%


0.13

%


0.14

%


0.16

%


0.08

%


0.09

%


0.08

%

Retail CDs

1.49

%


1.70

%


1.78

%


1.83

%


1.75

%


1.59

%


1.67

%

Brokered CDs

2.76

%


2.01

%


2.35

%


2.14

%


2.50

%


2.04

%


2.49

%

Total Interest-Bearing Deposits

0.58

%


1.01

%


1.13

%


1.23

%


1.34

%


0.79

%


1.30

%

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to
repurchase

0.81

%


1.03

%


0.95

%


0.64

%


0.25

%


0.93

%


0.28

%

FHLB advances

0.56

%


1.62

%


1.92

%


2.26

%


2.53

%


1.10

%


2.60

%

Other borrowings

5.21

%


5.24

%


5.69

%


5.98

%


6.09

%


5.22

%


6.15

%

Subordinated deferrable interest debentures

5.66

%


6.49

%


6.59

%


6.49

%


7.02

%


6.08

%


7.07

%

Total Non-Deposit Funding

1.72

%


2.57

%


2.92

%


3.40

%


6.03

%


2.15

%


6.06

%

Total Interest-Bearing Liabilities

0.75

%


1.24

%


1.37

%


1.47

%


1.51

%


0.99

%


1.47

%















Net Interest Spread

3.57

%


3.32

%


3.45

%


3.39

%


3.44

%


3.45

%


3.48

%















Net Interest Margin(2)

3.83

%


3.70

%


3.86

%


3.84

%


3.91

%


3.77

%


3.93

%















Total Cost of Funds(3)

0.52

%


0.91

%


1.00

%


1.07

%


1.10

%


0.71

%


1.08

%

(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


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2020


2020


2019


2019


2019


2020


2019

Net income available to common
shareholders

$

32,236



$

19,322



$

61,248



$

21,384



$

38,904



$

51,558



$

78,809
















Adjustment items:














Merger and conversion charges

895



540



2,415



65,158



3,475



1,435



5,532


Restructuring charges

1,463











1,463



245


Servicing right impairment (recovery)

7,989



22,165



366



(1,319)



1,460



30,154



1,460


Gain on BOLI proceeds

(845)





752



(4,335)





(845)




Expenses related to SEC/DOJ
Investigation

1,294



1,443



463







2,737




Natural disaster and pandemic charges
(Note 1)

2,043



548







50



2,591



(39)


Loss on sale of premises

281



470



1,413



889



2,800



751



3,719


Tax effect of adjustment items (Note 2)

(2,933)



(5,283)



(898)



(13,238)



(1,479)



(8,216)



(1,929)


After tax adjustment items

10,187



19,883



4,511



47,155



6,306



30,070



8,988
















Tax expense attributable to acquisition
related compensation and acquired BOLI





849
























Adjusted net income

$

42,423



$

39,205



$

66,608



$

68,539



$

45,210



$

81,628



$

87,797
















Weighted average number of shares -
diluted

69,292,972



69,502,022



69,683,999



69,600,499



47,337,809



69,413,027



47,394,911


Net income per diluted share

$

0.47



$

0.28



$

0.88



$

0.31



$

0.82



$

0.74



$

1.66


Adjusted net income per diluted share

$

0.61



$

0.56



$

0.96



$

0.98



$

0.96



$

1.18



$

1.85
















Average assets

$

19,222,181



$

18,056,445



$

17,998,494



$

17,340,387



$

11,625,344



$

18,649,746



$

11,525,068


Return on average assets

0.67

%


0.43

%


1.35

%


0.49

%


1.34

%


0.56

%


1.38

%

Adjusted return on average assets

0.89

%


0.87

%


1.47

%


1.57

%


1.56

%


0.88

%


1.54

%















Average common equity

$

2,478,373



$

2,456,617



$

2,437,272



$

2,432,182



$

1,519,598



$

2,486,140



$

1,499,144


Average tangible common equity

$

1,462,871



$

1,436,108



$

1,432,081



$

1,434,829



$

964,841



$

1,468,135



$

941,489


Return on average common equity

5.23

%


3.16

%


9.97

%


3.49

%


10.27

%


4.17

%


10.60

%

Adjusted return on average tangible
common equity

11.66

%


10.98

%


18.45

%


18.95

%


18.79

%


11.18

%


18.81

%















Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2:  A portion of the merger and conversion charges for all 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


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2020


2020


2019


2019


2019


2020


2019

Adjusted Noninterest Expense














Total noninterest expense

$

155,768



$

138,053



$

122,564



$

192,697



$

81,251



$

293,821



$

156,676


Adjustment items:














Merger and conversion charges

(895)



(540)



(2,415)



(65,158)



(3,475)



(1,435)



(5,532)


Restructuring charges

(1,463)











(1,463)



(245)


Expenses related to SEC/DOJ Investigation

(1,294)



(1,443)



(463)







(2,737)




Natural disaster and pandemic charges

(2,043)



(548)







(50)



(2,591)



39


Loss on sale of premises

(281)



(470)



(1,413)



(889)



(2,800)



(751)



(3,719)


Adjusted noninterest expense

$

149,792



$

135,052



$

118,273



$

126,650



$

74,926



$

284,844



$

147,219
















Total Revenue














Net interest income

$

163,814



$

147,945



$

155,351



$

148,769



$

101,651



$

311,759



$

201,046


Noninterest income

120,960



54,379



55,113



76,993



35,236



175,339



66,007


Total revenue

$

284,774



$

202,324



$

210,464



$

225,762



$

136,887



$

487,098



$

267,053
















Adjusted Total Revenue














Net interest income (TE)

$

165,178



$

149,018



$

156,454



$

149,896



$

102,713



$

314,196



$

203,166


Noninterest income

120,960



54,379



55,113



76,993



35,236



175,339



66,007


Total revenue (TE)

286,138



203,397



211,567



226,889



137,949



489,535



269,173


Adjustment items:














(Gain) loss on securities

(14)



9



(1)



(4)



(69)



(5)



(135)


Loss (gain) on BOLI proceeds

(845)





752



(4,335)





(845)




Servicing right impairment (recovery)

7,989



22,165



366



(1,319)



1,460



30,154



1,460


Adjusted total revenue (TE)

$

293,268



$

225,571



$

212,684



$

221,231



$

139,340



$

518,839



$

270,498
















Efficiency ratio

54.70

%


68.23

%


58.24

%


85.35

%


59.36

%


60.32

%


58.67

%

Adjusted efficiency ratio (TE)

51.08

%


59.87

%


55.61

%


57.25

%


53.77

%


54.90

%


54.43

%















Tangible Book Value Per Share

Table 9C


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2020


2020


2019


2019


2019


2020


2019

Total shareholders' equity

$

2,460,130



$

2,437,150



$

2,469,582



$

2,420,723



$

1,537,121



$

2,460,130



$

1,537,121


Less:














Goodwill

928,005



931,947



931,637



911,488



501,140



928,005



501,140


Other intangibles, net

80,354



85,955



91,586



97,328



52,437



80,354



52,437


Total tangible shareholders' equity

$

1,451,771



$

1,419,248



$

1,446,359



$

1,411,907



$

983,544



$

1,451,771



$

983,544
















Period end number of shares

69,461,968



69,441,274



69,503,833



69,593,833



47,261,584



69,461,968



47,261,584


Book value per share (period end)

$

35.42



$

35.10



$

35.53



$

34.78



$

32.52



$

35.42



$

32.52


Tangible book value per share (period end)

$

20.90



$

20.44



$

20.81



$

20.29



$

20.81



$

20.90



$

20.81


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting

Table 10


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2020


2020


2019


2019


2019


2020


2019

Banking Division














Net interest income

$

120,330



$

118,375



$

124,957



$

124,262



$

84,755



$

238,705



$

169,794


Provision for credit losses

86,805



35,997



4,741



3,549



2,306



122,802



4,364


Noninterest income

14,468



17,773



18,632



21,173



14,830



32,241



29,200


Noninterest expense














Salaries and employee benefits

40,423



41,621



38,180



39,794



24,228



82,044



52,160


Occupancy and equipment expenses

11,679



10,347



10,216



10,750



7,034



22,026



14,315


Data processing and telecommunications expenses

8,919



10,797



10,156



9,551



7,635



19,716



15,227


Other noninterest expenses

27,997



30,645



23,176



87,059



22,728



58,642



39,684


Total noninterest expense

89,018



93,410



81,728



147,154



61,625



182,428



121,386


Income before income tax expense

(41,025)



6,741



57,120



(5,268)



35,654



(34,284)



73,244


Income tax expense (benefit)

(8,582)



275



15,412



(1,269)



8,691



(8,307)



17,466


Net income (loss)

$

(32,443)



$

6,466



$

41,708



$

(3,999)



$

26,963



$

(25,977)



$

55,778
















Retail Mortgage Division














Net interest income

$

24,302



$

17,756



$

18,223



$

13,009



$

7,567



$

42,058



$

13,320


Provision for credit losses

423



1,997



1,237



1,490



609



2,420



745


Noninterest income

104,195



34,369



33,335



52,493



18,070



138,564



32,360


Noninterest expense














Salaries and employee benefits

50,003



31,097



28,233



34,144



11,886



81,100



20,093


Occupancy and equipment expenses

1,953



1,504



1,544



1,686



670



3,457



1,436


Data processing and telecommunications expenses

1,406



986



1,034



660



394



2,392



724


Other noninterest expenses

6,949



5,875



4,553



3,484



2,385



12,824



4,499


Total noninterest expense

60,311



39,462



35,364



39,974



15,335



99,773



26,752


Income before income tax expense

67,763



10,666



14,957



24,038



9,693



78,429



18,183


Income tax expense

14,231



2,408



3,371



5,048



2,170



16,639



3,783


Net income

$

53,532



$

8,258



$

11,586



$

18,990



$

7,523



$

61,790



$

14,400
















Warehouse Lending Division














Net interest income

$

5,026



$

3,302



$

3,771



$

3,169



$

2,987



$

8,328



$

5,677


Provision for credit losses

403



(9)



67







394




Noninterest income

727



960



610



560



450



1,687



829


Noninterest expense














Salaries and employee benefits

209



210



325



286



162



419



323


Occupancy and equipment expenses

1



1



1



2



1



2



2


Data processing and telecommunications expenses

55



41



47



41



38



96



68


Other noninterest expenses

88



34



53



27



75



122



143


Total noninterest expense

353



286



426



356



276



639



536


Income before income tax expense

4,997



3,985



3,888



3,373



3,161



8,982



5,970


Income tax expense

1,049



837



816



708



664



1,886



1,254


Net income

$

3,948



$

3,148



$

3,072



$

2,665



$

2,497



$

7,096



$

4,716


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)

Table 10


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2020


2020


2019


2019


2019


2020


2019

SBA Division














Net interest income

$

7,034



$

2,181



$

2,190



$

2,573



$

1,182



$

9,215



$

2,268


Provision for credit losses

2,322



(903)



150



(15)



178



1,419



409


Noninterest income

1,570



1,277



2,536



2,766



1,883



2,847



3,613


Noninterest expense














Salaries and employee benefits

2,612



1,476



1,336



1,985



735



4,088



1,462


Occupancy and equipment expenses

97



97



79



66



65



194



124


Data processing and telecommunications expenses

15



13



5



22



3



28



5


Other noninterest expenses

359



515



402



503



359



874



746


Total noninterest expense

3,083



2,101



1,822



2,576



1,162



5,184



2,337


Income before income tax expense

3,199



2,260



2,754



2,778



1,725



5,459



3,135


Income tax expense

671



475



578



584



362



1,146



658


Net income

$

2,528



$

1,785



$

2,176



$

2,194



$

1,363



$

4,313



$

2,477
















Premium Finance Division














Net interest income

$

7,122



$

6,331



$

6,210



$

5,756



$

5,160



$

13,453



$

9,987


Provision for credit losses

(1,792)



3,965



(502)



965



1,575



2,173



2,558


Noninterest income







1



3





5


Noninterest expense














Salaries and employee benefits

1,921



1,542



1,568



1,424



1,320



3,463



2,625


Occupancy and equipment expenses

77



79



79



135



64



156



161


Data processing and telecommunications expenses

119



117



120



98



318



236



755


Other noninterest expenses

886



1,056



1,457



980



1,151



1,942



2,124


Total noninterest expense

3,003



2,794



3,224



2,637



2,853



5,797



5,665


(Loss) income before income tax expense

5,911



(428)



3,488



2,155



735



5,483



1,769


Income tax expense (benefit)

1,240



(93)



782



621



177



1,147



331


Net (loss) income

$

4,671



$

(335)



$

2,706



$

1,534



$

558



$

4,336



$

1,438
















Total Consolidated














Net interest income

$

163,814



$

147,945



$

155,351



$

148,769



$

101,651



$

311,759



$

201,046


Provision for credit losses

88,161



41,047



5,693



5,989



4,668



129,208



8,076


Noninterest income

120,960



54,379



55,113



76,993



35,236



175,339



66,007


Noninterest expense














Salaries and employee benefits

95,168



75,946



69,642



77,633



38,331



171,114



76,663


Occupancy and equipment expenses

13,807



12,028



11,919



12,639



7,834



25,835



16,038


Data processing and telecommunications expenses

10,514



11,954



11,362



10,372



8,388



22,468



16,779


Other noninterest expenses

36,279



38,125



29,641



92,053



26,698



74,404



47,196


Total noninterest expense

155,768



138,053



122,564



192,697



81,251



293,821



156,676


Income before income tax expense

40,845



23,224



82,207



27,076



50,968



64,069



102,301


Income tax expense

8,609



3,902



20,959



5,692



12,064



12,511



23,492


Net income

$

32,236



$

19,322



$

61,248



$

21,384



$

38,904



$

51,558



$

78,809


 

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