ABCB
$50.29
Ameris Bancorp
($.31)
(.61%)
Earnings Details
3rd Quarter September 2021
Thursday, October 28, 2021 4:05:00 PM
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Summary

Ameris Bancorp (ABCB) Recent Earnings

Ameris Bancorp (ABCB) reported 3rd Quarter September 2021 earnings of $1.20 per share on revenue of $249.6 million. The consensus earnings estimate was $1.20 per share on revenue of $245.1 million. Revenue fell 26.4% compared to the same quarter a year ago.

Ameris Bancorp is a financial holding company through its subsidiary Ameris Bank operates a full service banking services to its retail and commercial customers.

Results
Reported Earnings
$1.20
Earnings Whisper
-
Consensus Estimate
$1.20
Reported Revenue
$249.6 Mil
Revenue Estimate
$245.1 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Ameris Bancorp Announces Financial Results For Third Quarter 2021

ATLANTA, Oct. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $81.7 million, or $1.17 per diluted share, for the quarter ended September 30, 2021, compared with $116.1 million, or $1.67 per diluted share, for the quarter ended September 30, 2020.  The Company reported adjusted net income of $83.9 million, or $1.20 per diluted share, for the quarter ended September 30, 2021, compared with $116.9 million, or $1.69 per diluted share, for the same period in 2020.  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on bank premises and expenses related to the COVID-19 pandemic.

For the year-to-date period ending September 30, 2021, the Company reported net income of $295.0 million, or $4.23 per diluted share, compared with $167.7 million, or $2.42 per diluted share, for the same period in 2020. The Company reported adjusted net income of $287.2 million, or $4.12 per diluted share, for the nine months ended September 30, 2021, compared with $198.5 million, or $2.86 per diluted share, for the same period in 2020. 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, "Our continued organic success and strong third quarter results show the strength and focus of our team of bankers.  We grew loans 7% annualized, exclusive of PPP loans, while growing low cost deposits at the same pace.  In addition, we had another solid quarter of tangible book value growth at 3.8% for the quarter due to the core earnings power of our Company.  We remain focused on growth opportunities in the premier markets in the Southeast, which we are confident will lead us to continue to deliver top financial results.  I am energized by our momentum and look forward to a strong 2022."

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

  • Net income of $81.7 million, or $1.17 per diluted share, compared with $88.3 million, or $1.27 per diluted share, in the second quarter of 2021
  • Growth in tangible book value of 3.8%, or $1.01 per share, to $27.46 at September 30, 2021, compared with $26.45 at June 30, 2021
  • Organic growth in loans of $43.7 million, or 1.2% annualized (and $251.3 million, or 7.0% annualized, exclusive of PPP loans), during the third quarter of 2021
  • Increase in net interest income, excluding accretion, of $1.3 million, from $157.4 million in the second quarter of 2021 to $158.7 million in the third quarter of 2021
  • Adjusted return on average assets of 1.51%, compared with 1.63% in the second quarter of 2021
  • Continued growth in noninterest bearing deposits, representing 40.44% of total deposits, up from 36.27% at December 31, 2020 and 36.79% a year ago
  • Net recoveries during the third quarter of $127,000, compared to net charge-offs of $2.6 million, or 0.07% of loans, in the second quarter of 2021
  • Repurchased 137,370 shares of the Company's common stock at a cost of $6.5 million, or an average price of $47.56 per share

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for the third quarter of 2021 totaled $162.8 million, compared with $163.0 million for the second quarter of 2021 and $163.9 million for the third quarter of 2020.  The Company's net interest margin was 3.22% for the third quarter of 2021, down from 3.34% reported for the second quarter of 2021 and 3.64% reported for the third quarter of 2020.  The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter.  The yield on earning assets declined 14 basis points due to this excess liquidity, as well as a decline in accretion income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of three basis points during the quarter and increases in average loans. Accretion income for the third quarter of 2021 decreased to $2.9 million, compared with $4.5 million for the second quarter of 2021, and $6.5 million for the third quarter of 2020.  The decrease in accretion income for the third quarter is primarily attributable to decreased accelerated income related to payoffs of acquired loans during the third quarter of 2021 and continued attrition of the purchased portfolio. 

Yields on loans decreased to 4.24% during the third quarter of 2021, compared with 4.33% for the second quarter of 2021 and 4.42% reported for the third quarter of 2020.  Contributing to interest income on loans for the third quarter of 2021 was $6.2 million related to accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.1 million in the second quarter of 2021.  Loan production in the banking division during the third quarter of 2021 was $913.3 million, with weighted average yields of 3.56%, compared with $911.3 million and 3.75%, respectively, in the second quarter of 2021 and $869.0 million and 4.00%, respectively, in the third quarter of 2020.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.8 billion during the third quarter of 2021, with weighted average yields of 3.37%, compared with $6.4 billion and 3.36%, respectively, during the second quarter of 2021 and $7.7 billion and 3.33%, respectively, during the third quarter of 2020.   

Interest expense during the third quarter of 2021 decreased to $11.4 million, compared with $11.9 million in the second quarter of 2021 and $17.4 million in the third quarter of 2020.  The Company's total cost of funds moved two basis points lower to 0.24% in the third quarter of 2021 as compared with the second quarter of 2021.  Deposit costs decreased two basis points during the third quarter of 2021 to 0.11%, compared with 0.13% in the second quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.21% in the second quarter of 2021 to 0.18% in the third quarter of 2021.

Noninterest Income

Noninterest income decreased $12.7 million, or 14.2%, in the third quarter of 2021 to $76.6 million, compared with $89.2 million for the second quarter of 2021, primarily as a result of decreased mortgage banking activity, which declined by $13.8 million, or 19.6%, to $56.5 million in the third quarter of 2021, compared with $70.2 million for the second quarter of 2021.  This decrease was primarily the result of a $18.5 million reduction in mortgage pair-off fees compared with the second quarter of 2021.  Gain on sale spreads increased to 3.17% in the third quarter of 2021 from 2.77% for the second quarter of 2021. Total production in the retail mortgage division decreased to $2.06 billion in the third quarter of 2021, compared with $2.39 billion for the second quarter of 2021. Mortgage banking activity was negatively impacted during the third quarter of 2021 by a $1.4 million servicing right impairment, compared with a recovery of $749,000 for the second quarter of 2021. The retail mortgage open pipeline was $1.93 billion at the end of the third quarter of 2021, compared with $1.75 billion at June 30, 2021.

Service charge revenue increased $479,000, or 4.4%, to $11.5 million in the third quarter of 2021, compared with $11.0 million for the second quarter of 2021, resulting from an increase in volume. Other noninterest income was flat in the third quarter of 2021 at $6.9 million, compared with the second quarter of 2021, primarily as a result of increases in trust services income of $260,000, BOLI income of $217,000 and merchant fee income of $130,000, offset by a decrease in gain on sale of SBA loans of $654,000.

Noninterest Expense

Noninterest expense increased $1.4 million, or 1.1%, to $137.2 million during the third quarter of 2021, compared with $135.8 million for the second quarter of 2021.  During the third quarter of 2021, the Company recorded a net loss of $1.1 million related to bank premises and merger and conversion charges of $183,000, compared with a net gain on bank premises of $236,000 during the second quarter of 2021.  Excluding these charges, adjusted expenses decreased approximately $120,000, or 0.1%, to $135.9 million in the third quarter of 2021, from $136.0 million in the second quarter of 2021.  The majority of this decrease is attributable to a $5.8 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $1.2 million decrease in data processing and telecommunications expense.  These decreases were offset by increases in legal and other professional fees, loan servicing expenses and other mortgage expenses that are not expected to be recurring.   The adjusted efficiency ratio was 56.56% in the third quarter of 2021, compared with 54.07% in the second quarter of 2021.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2021 was 26.2%, compared with 23.3% in the second quarter of 2021.  The increased rate for the third quarter of 2021 was primarily a result of an adjustment to the Company's state tax liability.  The Company's future effective rate is expected to be between 23% and 24%.

Balance Sheet Trends

Total assets at September 30, 2021 were $22.53 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $16.26 billion at September 30, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $14.82 billion at September 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $343.6 million, or 2.4%.  Loan production in the banking division during the third quarter of 2021 remained strong at $913.3 million, which was consistent with the second quarter of 2021 and up 5% from the third quarter of 2020. 

At September 30, 2021, total deposits amounted to $18.83 billion, or 97.1% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At September 30, 2021, noninterest-bearing deposit accounts were $7.62 billion, or 40.4% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.01 billion at September 30, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 63.8% of the Company's total deposits at September 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at September 30, 2021 totaled $2.90 billion, an increase of $253.7 million, or 9.6%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $295.0 million during the first nine months of 2021, partially offset by dividends declared.  Tangible book value per share was $27.46 at September 30, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.88% at September 30, 2021, compared with 8.47% at the end of 2020.

Credit Quality

Credit quality remains strong in the Company.  During the third quarter of 2021, the Company recorded a provision for credit losses reversal of $9.7 million, compared with a provision of $142,000 in the second quarter of 2021.  This provision reversal was primarily attributable to improvements in forecast economic conditions, particularly levels of home prices and commercial real estate prices, compared with forecast conditions during the second quarter of 2021.  The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the third quarter of 2021 equaled approximately 0.6% of total loans, down from approximately 1.2% and 4.3% of total loans at the end of the second quarter of 2021 and the third quarter of 2020, respectively.  Nonperforming assets as a percentage of total assets was stable at 0.32% during the quarter.  The Company recorded net recoveries in the third quarter of 2021 of $127,000, such that the net charge-off ratio was zero basis points for the quarter, compared with seven basis points in the second quarter of 2021 and 10 basis points in the third quarter of 2020.

Share Repurchase Program

The Company's board of directors has also approved the extension of the share repurchase program authorized in September 2019, under which the Company was authorized to repurchase up to $100 million of its outstanding common stock.  As extended, the program now allows for repurchases of shares to occur through October 31, 2022.  Currently, $79,190,199 in aggregate value remains for repurchase under the program.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 29, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-833-950-0062 for participants in Canada and 1-929-526-1599 for other international participants).  The conference call access code is 162447.  A replay of the call will be available one hour after the end of the conference call until November 5, 2021.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 133904.  The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and 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


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2021


2021


2021


2020


2020


2021


2020

EARNINGS














Net income

$

81,680



$

88,327



$

124,962



$

94,285



$

116,145



$

294,969



$

167,703


Adjusted net income

$

83,861



$

87,548



$

115,746



$

101,995



$

116,879



$

287,155



$

198,507
















COMMON SHARE DATA














Earnings per share available to common shareholders














Basic

$

1.18



$

1.27



$

1.80



$

1.36



$

1.68



$

4.25



$

2.42


Diluted

$

1.17



$

1.27



$

1.79



$

1.36



$

1.67



$

4.23



$

2.42


Adjusted diluted EPS

$

1.20



$

1.25



$

1.66



$

1.47



$

1.69



$

4.12



$

2.86


Cash dividends per share

$

0.15



$

0.15



$

0.15



$

0.15



$

0.15



$

0.45



$

0.45


Book value per share (period end)

$

41.66



$

40.66



$

39.56



$

38.07



$

36.91



$

41.66



$

36.91


Tangible book value per share (period end)

$

27.46



$

26.45



$

25.27



$

23.69



$

22.46



$

27.46



$

22.46


Weighted average number of shares














Basic

69,439,845



69,496,666



69,391,734



69,252,307



69,230,667



69,445,270



69,243,280


Diluted

69,756,135



69,791,670



69,740,860



69,493,105



69,346,141



69,772,084



69,403,104


Period end number of shares

69,635,435



69,767,209



69,713,426



69,541,481



69,490,546



69,635,435



69,490,546


Market data














High intraday price

$

53.63



$

59.85



$

57.81



$

39.53



$

27.81



$

59.85



$

43.79


Low intraday price

$

44.92



$

47.44



$

36.60



$

22.37



$

19.91



$

36.60



$

17.12


Period end closing price

$

51.88



$

50.63



$

52.51



$

38.07



$

22.78



$

51.88



$

22.78


Average daily volume

392,533



429,233



460,744



394,641



359,059



426,963



429,758
















PERFORMANCE RATIOS














Return on average assets

1.47

%


1.64

%


2.44

%


1.89

%


2.33

%


1.84

%


1.18

%

Adjusted return on average assets

1.51

%


1.63

%


2.26

%


2.04

%


2.35

%


1.79

%


1.39

%

Return on average common equity

11.27

%


12.66

%


18.80

%


14.30

%


18.27

%


14.14

%


8.96

%

Adjusted return on average tangible common equity

17.65

%


19.46

%


27.66

%


25.04

%


30.53

%


21.38

%


17.84

%

Earning asset yield (TE)

3.44

%


3.58

%


3.85

%


3.98

%


4.02

%


3.62

%


4.29

%

Total cost of funds

0.24

%


0.26

%


0.30

%


0.36

%


0.41

%


0.26

%


0.60

%

Net interest margin (TE)

3.22

%


3.34

%


3.57

%


3.64

%


3.64

%


3.37

%


3.72

%

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

30.32

%


33.78

%


39.71

%


38.37

%


46.72

%


34.88

%


37.74

%

Efficiency ratio

57.59

%


54.07

%


52.59

%


54.83

%


47.80

%


54.61

%


55.34

%

Adjusted efficiency ratio (TE)

56.56

%


54.07

%


54.62

%


52.67

%


47.34

%


55.05

%


52.00

%















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.87

%


12.96

%


12.87

%


12.95

%


12.90

%


12.87

%


12.90

%

Tangible common equity to tangible assets

8.88

%


8.83

%


8.62

%


8.47

%


8.27

%


8.88

%


8.27

%















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.88

%


8.83

%


8.62

%


8.47

%


8.27

%


8.88

%


8.27

%

Effect of goodwill and other intangibles

3.99

%


4.13

%


4.25

%


4.48

%


4.63

%


3.99

%


4.63

%

Equity to assets (GAAP)

12.87

%


12.96

%


12.87

%


12.95

%


12.90

%


12.87

%


12.90

%















OTHER DATA (period end)














Full time equivalent employees














Banking Division

1,821



1,817



1,815



1,816



1,807



1,821



1,807


Retail Mortgage Division

749



759



765



748



734



749



734


Warehouse Lending Division

12



12



12



12



11



12



11


SBA Division

29



30



29



24



33



29



33


Premium Finance Division

67



68



70



71



71



67



71


Total Ameris Bancorp FTE headcount

2,678



2,686



2,691



2,671



2,656



2,678



2,656
















Assets per Banking Division FTE

$

12,374



$

12,046



$

11,806



$

11,255



$

10,998



$

12,374



$

10,998


Branch locations

165



165



165



164



170



165



170


Deposits per branch location

$

114,142



$

110,655



$

108,339



$

103,401



$

94,493



$

114,142



$

94,493


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2021


2021


2021


2020


2020


2021


2020

Interest income














Interest and fees on loans

$

166,358



$

167,761



$

171,157



$

171,971



$

172,351



$

505,276



$

518,938


Interest on taxable securities

5,296



5,244



6,118



6,398



7,259



16,658



26,688


Interest on nontaxable securities

139



139



141



150



159



419



473


Interest on deposits in other banks

1,244



595



522



252



153



2,361



1,487


Interest on federal funds sold

9



12



12



12



12



33



134


Total interest income

173,046



173,751



177,950



178,783



179,934



524,747



547,720
















Interest expense














Interest on deposits

5,106



5,775



6,798



8,870



11,822



17,679



50,197


Interest on other borrowings

6,279



6,124



6,175



6,457



5,574



18,578



23,226


Total interest expense

11,385



11,899



12,973



15,327



17,396



36,257



73,423
















Net interest income

161,661



161,852



164,977



163,456



162,538



488,490



474,297
















Provision for loan losses

(3,984)



(899)



(16,579)



(6,700)



26,692



(21,462)



132,188


Provision for unfunded commitments

(5,516)



1,299



(11,839)



5,481



(10,131)



(16,056)



13,581


Provision for other credit losses

(175)



(258)



(173)



(291)



1,121



(606)



1,121


Provision for credit losses

(9,675)



142



(28,591)



(1,510)



17,682



(38,124)



146,890


Net interest income after provision for credit losses

171,336



161,710



193,568



164,966



144,856



526,614



327,407
















Noninterest income














Service charges on deposit accounts

11,486



11,007



10,829



11,465



10,914



33,322



32,680


Mortgage banking activity

56,460



70,231



98,486



95,192



138,627



225,177



278,885


Other service charges, commissions and fees

1,154



1,056



1,016



965



1,039



3,226



2,949


Gain (loss) on securities

530



1



(12)







519



5


Other noninterest income

6,932



6,945



7,654



4,521



8,438



21,531



19,838


Total noninterest income

76,562



89,240



117,973



112,143



159,018



283,775



334,357
















Noninterest expense














Salaries and employee benefits

79,671



85,505



95,985



92,466



96,698



261,161



267,812


Occupancy and equipment

11,979



10,812



11,781



12,709



13,805



34,572



39,640


Data processing and communications expenses

10,681



11,877



11,884



11,323



12,226



34,442



34,694


Credit resolution-related expenses(1)

377



622



547



1,156



802



1,546



3,950


Advertising and marketing

2,676



1,946



1,431



3,267



966



6,053



4,779


Amortization of intangible assets

3,387



4,065



4,126



4,190



4,190



11,578



15,422


Merger and conversion charges

183









(44)



183



1,391


Other noninterest expenses

28,242



20,934



23,044



26,005



25,049



72,220



79,825


Total noninterest expense

137,196



135,761



148,798



151,116



153,692



421,755



447,513
















Income before income tax expense

110,702



115,189



162,743



125,993



150,182



388,634



214,251


Income tax expense

29,022



26,862



37,781



31,708



34,037



93,665



46,548


Net income

$

81,680



$

88,327



$

124,962



$

94,285



$

116,145



$

294,969



$

167,703
















Diluted earnings per common share

$

1.17



$

1.27



$

1.79



$

1.36



$

1.67



$

4.23



$

2.42
















(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


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2021


2021


2021


2020


2020

Assets










Cash and due from banks

$

239,028



$

259,729



$

224,159



$

203,349



$

257,026


Federal funds sold and interest-bearing deposits in banks

3,513,412



3,044,795



2,534,969



1,913,957



494,765


Time deposits in other banks





249



249



249


Investment securities available-for-sale, at fair value

684,504



778,167



859,652



982,879



1,117,436


Investment securities held-to-maturity, at amortized cost

64,451



29,055








Other investments

27,619



27,621



27,620



28,202



47,329


Loans held for sale

1,435,805



1,210,589



1,509,528



1,167,659



1,414,889












Loans, net of unearned income

14,824,539



14,780,791



14,599,805



14,480,925



14,943,593


Allowance for credit losses

(171,213)



(175,070)



(178,570)



(199,422)



(231,924)


Loans, net

14,653,326



14,605,721



14,421,235



14,281,503



14,711,669












Other real estate owned

4,594



5,775



8,841



11,880



17,969


Premises and equipment, net

226,430



229,994



231,550



222,890



231,278


Goodwill

928,005



928,005



928,005



928,005



928,005


Other intangible assets, net

60,396



63,783



67,848



71,974



76,164


Cash value of bank owned life insurance

279,389



277,839



176,575



176,467



175,605


Deferred income taxes, net

4,329



9,081



22,367



33,314



53,039


Other assets

411,853



416,777



414,529



416,310



348,428


Total assets

$

22,533,141



$

21,886,931



$

21,427,127



$

20,438,638



$

19,873,851












Liabilities










Deposits










Noninterest-bearing

$

7,616,728



$

6,983,761



$

6,804,776



$

6,151,070



$

5,909,316


Interest-bearing

11,216,761



11,274,236



11,071,097



10,806,753



10,154,490


Total deposits

18,833,489



18,257,997



17,875,873



16,957,823



16,063,806


Federal funds purchased and securities sold under agreements to repurchase

4,502



5,544



9,320



11,641



9,103


Other borrowings

425,375



425,303



425,231



425,155



875,255


Subordinated deferrable interest debentures

125,830



125,331



124,833



124,345



123,860


FDIC loss-share payable, net









19,476


Other liabilities

243,175



235,752



234,274



272,586



217,668


Total liabilities

19,632,371



19,049,927



18,669,531



17,791,550



17,309,168












Shareholders' Equity










Preferred stock










Common stock

72,016



72,008



71,954



71,754



71,703


Capital stock

1,922,964



1,920,566



1,917,990



1,913,285



1,911,031


Retained earnings

934,979



863,828



785,984



671,510



587,657


Accumulated other comprehensive income, net of tax

21,885



25,024



26,090



33,505



37,252


Treasury stock

(51,074)



(44,422)



(44,422)



(42,966)



(42,960)


Total shareholders' equity

2,900,770



2,837,004



2,757,596



2,647,088



2,564,683


Total liabilities and shareholders' equity

$

22,533,141



$

21,886,931



$

21,427,127



$

20,438,638



$

19,873,851












Other Data










Earning assets

$

20,550,330



$

19,871,018



$

19,531,823



$

18,573,871



$

18,018,261


Intangible assets

988,401



991,788



995,853



999,979



1,004,169


Interest-bearing liabilities

11,772,468



11,830,414



11,630,481



11,367,894



11,162,708


Average assets

22,087,642



21,538,894



20,734,414



19,876,338



19,810,084


Average common shareholders' equity

2,874,691



2,798,269



2,695,005



2,622,942



2,529,471


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2021


2021


2021


2020


2020


2021


2020

Allowance for Credit Losses














Balance at beginning of period

$

197,782



$

200,241



$

233,105



$

260,417



$

246,295



$

233,105



$

39,266
















CECL adoption impact on allowance for loan losses













78,661


CECL adoption impact on allowance for unfunded commitments













12,714


Total CECL adoption impact













91,375
















Acquired allowance for unfunded commitments




























Provision for loan losses

(3,984)



(899)



(16,579)



(6,700)



26,692



(21,462)



132,188


Provision for unfunded commitments

(5,516)



1,299



(11,839)



5,481



(10,131)



(16,056)



13,581


Provision for other credit losses

(175)



(258)



(173)



(291)



1,121



(606)



1,121


Provision for credit losses

(9,675)



142



(28,591)



(1,510)



17,682



(38,124)



146,890
















Charge-offs

3,537



7,138



7,574



29,094



7,370



18,249



25,370


Recoveries

3,664



4,537



3,301



3,292



3,810



11,502



8,256


Net charge-offs

(127)



2,601



4,273



25,802



3,560



6,747



17,114
















Ending balance

$

188,234



$

197,782



$

200,241



$

233,105



$

260,417



$

188,234



$

260,417
















Allowance for loan losses

$

171,213



$

175,070



$

178,570



$

199,422



$

231,924



$

171,213



$

231,924


Allowance for unfunded commitments

16,797



22,313



21,014



32,853



27,372



16,797



27,372


Allowance for other credit losses

224



399



657



830



1,121



224



1,121


Total allowance for credit losses

$

188,234



$

197,782



$

200,241



$

233,105



$

260,417



$

188,234



$

260,417
















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$

858



$

3,529



$

2,370



$

5,960



$

1,715



$

6,757



$

4,687


Consumer installment

1,647



1,669



1,448



2,861



677



4,764



2,781


Indirect automobile

178



141



829



658



697



1,148



2,944


Premium Finance

605



1,194



1,343



2,240



1,158



3,142



3,893


Real estate - construction and development



186



26





9



212



83


Real estate - commercial and farmland

210



27



1,395



17,284



2,977



1,632



10,220


Real estate - residential

39



392



163



91



137



594



762


Total charge-offs

3,537



7,138



7,574



29,094



7,370



18,249



25,370
















Recoveries














Commercial, financial and agricultural

1,986



625



727



754



470



3,338



1,135


Consumer installment

199



212



356



480



516



767



1,273


Indirect automobile

278



372



700



637



317



1,350



1,020


Premium Finance

649



2,466



1,122



605



1,224



4,237



2,584


Real estate - construction and development

45



84



167



125



182



296



692


Real estate - commercial and farmland

266



185



41



439



904



492



1,010


Real estate - residential

241



593



188



252



197



1,022



542


Total recoveries

3,664



4,537



3,301



3,292



3,810



11,502



8,256
















Net charge-offs

$

(127)



$

2,601



$

4,273



$

25,802



$

3,560



$

6,747



$

17,114
















Non-Performing Assets














Nonaccrual loans

$

58,932



$

59,921



$

71,189



$

76,457



$

138,163



$

58,932



$

138,163


Other real estate owned

4,594



5,775



8,841



11,880



17,969



4,594



17,969


Repossessed assets

152



226



840



544



258



152



258


Accruing loans delinquent 90 days or more

7,472



4,874



5,097



8,326



7,003



7,472



7,003


Total non-performing assets

$

71,150



$

70,796



$

85,967



$

97,207



$

163,393



$

71,150



$

163,393
















Asset Quality Ratios














Non-performing assets as a percent of total assets

0.32

%


0.32

%


0.40

%


0.48

%


0.82

%


0.32

%


0.82

%

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

%


0.07

%


0.12

%


0.70

%


0.10

%


0.06

%


0.17

%

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2021


2021


2021


2020


2020

Loans by Type










Commercial, financial and agricultural

$

1,217,575



$

1,406,421



$

1,611,029



$

1,627,477



$

1,879,788


Consumer installment

207,111



229,411



257,097



306,995



450,810


Indirect automobile

325,057



397,373



482,637



580,083



682,396


Mortgage warehouse

768,577



841,347



880,216



916,353



995,942


Municipal

624,430



647,578



659,228



659,403



725,669


Premium Finance

840,737



780,328



706,379



687,841



710,890


Real estate - construction and development

1,454,824



1,527,883



1,533,234



1,606,710



1,628,255


Real estate - commercial and farmland

6,409,704



6,051,472



5,616,826



5,300,006



5,116,252


Real estate - residential

2,976,524



2,898,978



2,853,159



2,796,057



2,753,591


Total loans

$

14,824,539



$

14,780,791



$

14,599,805



$

14,480,925



$

14,943,593












Troubled Debt Restructurings










Accruing troubled debt restructurings










Commercial, financial and agricultural

$

1,683



$

1,038



$

930



$

521



$

459


Consumer installment

22



28



27



32



36


Indirect automobile

1,284



1,647



1,931



2,277



2,689


Real estate - construction and development

887



898



501



506



510


Real estate - commercial and farmland

43,895



46,025



43,398



36,707



73,763


Real estate - residential

29,521



31,570



33,324



38,800



28,777


Total accruing troubled debt restructurings

$

77,292



$

81,206



$

80,111



$

78,843



$

106,234


Nonaccrual troubled debt restructurings










Commercial, financial and agricultural

$

112



$

805



$

854



$

849



$

1,002


Consumer installment

38



43



53



56



64


Indirect automobile

297



301



321



461



482


Real estate - construction and development

271



301



706



707



709


Real estate - commercial and farmland

6,715



7,103



2,233



1,401



19,942


Real estate - residential

2,687



2,515



2,818



2,671



4,477


Total nonaccrual troubled debt restructurings

$

10,120



$

11,068



$

6,985



$

6,145



$

26,676


   Total troubled debt restructurings

$

87,412



$

92,274



$

87,096



$

84,988



$

132,910












Loans by Risk Grade










Grades 1 through 5 - Pass

$

14,562,058



$

14,477,905



$

14,204,219



$

14,109,418



$

14,506,555


Grade 6 - Other assets especially mentioned

87,757



100,750



135,213



108,541



151,501


Grade 7 - Substandard

174,724



202,134



260,369



262,947



285,537


Grade 8 - Doubtful







19




Grade 9 - Loss



2



4






Total loans

$

14,824,539



$

14,780,791



$

14,599,805



$

14,480,925



$

14,943,593


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2021


2021


2021


2020


2020


2021


2020

Earning Assets














Federal funds sold

$

20,000



$

20,000



$

20,000



$

20,000



$

20,004



$

20,000



$

23,868


Interest-bearing deposits in banks

3,082,413



2,461,092



2,145,403



879,481



467,188



2,566,401



428,386


Time deposits in other banks



244



249



249



249



163



249


Investment securities - taxable

757,278



811,234



910,834



1,024,335



1,160,585



825,886



1,267,015


Investment securities - nontaxable

19,053



18,225



19,225



20,112



21,619



18,834



22,010


Other investments

27,622



27,620



27,516



31,552



64,656



27,586



72,561


Loans held for sale

1,497,320



1,705,167



1,284,821



1,281,762



1,507,481



1,496,548



1,569,337


Loans

14,685,878



14,549,104



14,453,975



14,752,664



14,688,317



14,563,835



13,772,102


Total Earning Assets

$

20,089,564



$

19,592,686



$

18,862,023



$

18,010,155



$

17,930,099



$

19,519,253



$

17,155,528
















Deposits














Noninterest-bearing deposits

$

7,168,717



$

6,874,471



$

6,412,268



$

5,970,672



$

5,782,163



$

6,821,256



$

4,977,833


NOW accounts

3,447,909



3,314,334



3,182,245



2,968,596



2,718,315



3,315,803



2,483,383


MMDA

4,966,492



4,872,500



4,761,279



4,534,243



4,273,899



4,867,509



4,167,207


Savings accounts

908,189



876,887



823,039



793,414



749,314



869,684



695,238


Retail CDs

1,919,184



2,005,265



2,066,410



2,109,600



2,274,150



1,996,413



2,455,833


Brokered CDs

511



1,000



1,000



1,140



1,933



835



21,650


Total Deposits

18,411,002



17,944,457



17,246,241



16,377,665



15,799,774



17,871,500



14,801,144


Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

5,133



6,883



9,284



9,929



10,483



7,085



12,849


FHLB advances

48,866



48,910



48,951



127,797



799,034



48,909



1,091,885


Other borrowings

376,489



376,376



376,260



376,295



272,443



376,376



270,407


Subordinated deferrable interest debentures

125,567



125,068



124,574



124,091



123,604



125,073



124,814


Total Non-Deposit Funding

556,055



557,237



559,069



638,112



1,205,564



557,443



1,499,955


Total Funding

$

18,967,057



$

18,501,694



$

17,805,310



$

17,015,777



$

17,005,338



$

18,428,943



$

16,301,099


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2021


2021


2021


2020


2020


2021


2020

Interest Income














Federal funds sold

$

9



$

12



$

12



$

13



$

13



$

33



$

134


Interest-bearing deposits in banks

1,244



594



521



251



152



2,359



1,484


Time deposits in other banks



1



1



1



1



2



3


Investment securities - taxable

5,296



5,244



6,118



6,398



7,260



16,658



26,688


Investment securities - nontaxable (TE)

176



176



178



190



202



530



599


Loans held for sale

10,618



11,773



10,827



9,705



10,365



33,218



38,055


Loans (TE)

156,861



157,112



161,473



163,532



163,352



475,446



484,605


Total Earning Assets

$

174,204



$

174,912



$

179,130



$

180,090



$

181,345



$

528,246



$

551,568
















Accretion income (included above)

$

2,948



$

4,462



$

6,127



$

4,688



$

6,525



$

13,537



$

22,663
















Interest Expense














Interest-Bearing Deposits














NOW accounts

$

808



$

816



$

926



$

1,091



$

1,394



$

2,550



$

5,433


MMDA

1,970



1,908



1,998



2,326



2,823



5,876



16,335


Savings accounts

129



122



124



143



112



375



416


Retail CDs

2,195



2,921



3,744



5,301



7,484



8,860



27,684


Brokered CDs

4



8



6



9



9



18



329


Total Interest-Bearing Deposits

5,106



5,775



6,798



8,870



11,822



17,679



50,197


Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

4



5



7



8



9



16



74


FHLB advances

195



193



192



245



661



580



7,456


Other borrowings

4,640



4,683



4,638



4,635



3,558



13,961



10,556


Subordinated deferrable interest debentures

1,440



1,243



1,338



1,569



1,346



4,021



5,140


Total Non-Deposit Funding

6,279



6,124



6,175



6,457



5,574



18,578



23,226


Total Interest-Bearing Funding

$

11,385



$

11,899



$

12,973



$

15,327



$

17,396



$

36,257



$

73,423
















Net Interest Income (TE)

$

162,819



$

163,013



$

166,157



$

164,763



$

163,949



$

491,989



$

478,145


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Yields(1)

Table 8


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep


2021


2021


2021


2020


2020


2021


2020

Earning Assets














Federal funds sold

0.18

%


0.24

%


0.24

%


0.26

%


0.26

%


0.22

%


0.75

%

Interest-bearing deposits in banks

0.16

%


0.10

%


0.10

%


0.11

%


0.13

%


0.12

%


0.46

%

Time deposits in other banks

%


1.64

%


1.63

%


1.60

%


1.60

%


1.64

%


1.61

%

Investment securities - taxable

2.77

%


2.59

%


2.72

%


2.48

%


2.49

%


2.70

%


2.81

%

Investment securities - nontaxable (TE)

3.66

%


3.87

%


3.75

%


3.76

%


3.72

%


3.76

%


3.64

%

Loans held for sale

2.81

%


2.77

%


3.42

%


3.01

%


2.74

%


2.97

%


3.24

%

Loans (TE)

4.24

%


4.33

%


4.53

%


4.41

%


4.42

%


4.36

%


4.70

%

Total Earning Assets

3.44

%


3.58

%


3.85

%


3.98

%


4.02

%


3.62

%


4.29

%















Interest-Bearing Deposits














NOW accounts

0.09

%


0.10

%


0.12

%


0.15

%


0.20

%


0.10

%


0.29

%

MMDA

0.16

%


0.16

%


0.17

%


0.20

%


0.26

%


0.16

%


0.52

%

Savings accounts

0.06

%


0.06

%


0.06

%


0.07

%


0.06

%


0.06

%


0.08

%

Retail CDs

0.45

%


0.58

%


0.73

%


1.00

%


1.31

%


0.59

%


1.51

%

Brokered CDs

3.11

%


3.21

%


2.43

%


3.14

%


1.85

%


2.88

%


2.03

%

Total Interest-Bearing Deposits

0.18

%


0.21

%


0.25

%


0.34

%


0.47

%


0.21

%


0.68

%

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

0.31

%


0.29

%


0.31

%


0.32

%


0.34

%


0.30

%


0.77

%

FHLB advances

1.58

%


1.58

%


1.59

%


0.76

%


0.33

%


1.59

%


0.91

%

Other borrowings

4.89

%


4.99

%


5.00

%


4.90

%


5.20

%


4.96

%


5.21

%

Subordinated deferrable interest debentures

4.55

%


3.99

%


4.36

%


5.03

%


4.33

%


4.30

%


5.50

%

Total Non-Deposit Funding

4.48

%


4.41

%


4.48

%


4.03

%


1.84

%


4.46

%


2.07

%

Total Interest-Bearing Liabilities

0.38

%


0.41

%


0.46

%


0.55

%


0.62

%


0.42

%


0.87

%















Net Interest Spread

3.06

%


3.17

%


3.39

%


3.43

%


3.40

%


3.20

%


3.42

%















Net Interest Margin(2)

3.22

%


3.34

%


3.57

%


3.64

%


3.64

%


3.37

%


3.72

%















Total Cost of Funds(3)

0.24

%


0.26

%


0.30

%


0.36

%


0.41

%


0.26

%


0.60

%

(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


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2021


2021


2021


2020


2020


2021


2020

Net income available to common shareholders

$

81,680



$

88,327



$

124,962



$

94,285



$

116,145



$

294,969



$

167,703
















Adjustment items:














Merger and conversion charges

183









(44)



183



1,391


Restructuring charges









50





1,513


Servicing right impairment (recovery)

1,398



(749)



(10,639)



9,501



412



(9,990)



30,566


Gain on BOLI proceeds





(603)





(103)



(603)



(948)


Expenses related to SEC and DOJ Investigation







53



268





3,005


Natural disaster and pandemic charges (Note 1)







235



470





3,061


(Gain) loss on bank premises

1,136



(236)



(264)



(30)



(97)



636



654


Tax effect of adjustment items (Note 2)

(536)



206



2,290



(2,049)



(222)



1,960



(8,438)


After tax adjustment items

2,181



(779)



(9,216)



7,710



734



(7,814)



30,804


Adjusted net income

$

83,861



$

87,548



$

115,746



$

101,995



$

116,879



$

287,155



$

198,507
















Weighted average number of shares - diluted

69,756,135



69,791,670



69,740,860



69,493,105



69,346,141



69,772,084



69,403,104


Net income per diluted share

$

1.17



$

1.27



$

1.79



$

1.36



$

1.67



$

4.23



$

2.42


Adjusted net income per diluted share

$

1.20



$

1.25



$

1.66



$

1.47



$

1.69



$

4.12



$

2.86
















Average assets

$

22,087,642



$

21,538,894



$

20,734,414



$

19,876,338



$

19,810,084



$

21,462,501



$

19,045,028


Return on average assets

1.47

%


1.64

%


2.44

%


1.89

%


2.33

%


1.84

%


1.18

%

Adjusted return on average assets

1.51

%


1.63

%


2.26

%


2.04

%


2.35

%


1.79

%


1.39

%















Average common equity

$

2,874,691



$

2,798,269



$

2,695,005



$

2,622,942



$

2,529,471



$

2,789,979



$

2,500,689


Average tangible common equity

$

1,884,622



$

1,804,324



$

1,696,946



$

1,620,742



$

1,523,066



$

1,795,984



$

1,486,579


Return on average common equity

11.27

%


12.66

%


18.80

%


14.30

%


18.27

%


14.14

%


8.96

%

Adjusted return on average tangible common equity

17.65

%


19.46

%


27.66

%


25.04

%


30.53

%


21.38

%


17.84

%















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

Note 2:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for 3Q21, 3Q20 and both year-to-date periods are nondeductible for tax purposes.

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Non-GAAP Reconciliations (continued)






Adjusted Efficiency Ratio (TE)

Table 9B


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2021


2021


2021


2020


2020


2021


2020

Adjusted Noninterest Expense














Total noninterest expense

$

137,196



$

135,761



$

148,798



$

151,116



$

153,692



$

421,755



$

447,513


Adjustment items:














Merger and conversion charges

(183)









44



(183)



(1,391)


Restructuring charges









(50)





(1,513)


Expenses related to SEC and DOJ Investigation







(53)



(268)





(3,005)


Natural disaster and pandemic charges







(235)



(470)





(3,061)


Gain (loss) on bank premises

(1,136)



236



264



30



97



(636)



(654)


Adjusted noninterest expense

$

135,877



$

135,997



$

149,062



$

150,858



$

153,045



$

420,936



$

437,889
















Total Revenue














Net interest income

$

161,661



$

161,852



$

164,977



$

163,456



$

162,538



$

488,490



$

474,297


Noninterest income

76,562



89,240



117,973



112,143



159,018



283,775



334,357


Total revenue

$

238,223



$

251,092



$

282,950



$

275,599



$

321,556



$

772,265



$

808,654
















Adjusted Total Revenue














Net interest income (TE)

$

162,819



$

163,013



$

166,157



$

164,763



$

163,949



$

491,989



$

478,145


Noninterest income

76,562



89,240



117,973



112,143



159,018



283,775



334,357


Total revenue (TE)

239,381



252,253



284,130



276,906



322,967



775,764



812,502


Adjustment items:














(Gain) loss on securities

(530)



(1)



12







(519)



(5)


Gain on BOLI proceeds





(603)





(103)



(603)



(948)


Servicing right impairment (recovery)

1,398



(749)



(10,639)



9,501



412



(9,990)



30,566


Adjusted total revenue (TE)

$

240,249



$

251,503



$

272,900



$

286,407



$

323,276



$

764,652



$

842,115
















Efficiency ratio

57.59

%


54.07

%


52.59

%


54.83

%


47.80

%


54.61

%


55.34

%

Adjusted efficiency ratio (TE)

56.56

%


54.07

%


54.62

%


52.67

%


47.34

%


55.05

%


52.00

%















Tangible Book Value Per Share

Table 9C


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands except per share data)

2021


2021


2021


2020


2020


2021


2020

Total shareholders' equity

$

2,900,770



$

2,837,004



$

2,757,596



$

2,647,088



$

2,564,683



$

2,900,770



$

2,564,683


Less:














Goodwill

928,005



928,005



928,005



928,005



928,005



928,005



928,005


Other intangibles, net

60,396



63,783



67,848



71,974



76,164



60,396



76,164


Total tangible shareholders' equity

$

1,912,369



$

1,845,216



$

1,761,743



$

1,647,109



$

1,560,514



$

1,912,369



$

1,560,514
















Period end number of shares

69,635,435



69,767,209



69,713,426



69,541,481



69,490,546



69,635,435



69,490,546


Book value per share (period end)

$

41.66



$

40.66



$

39.56



$

38.07



$

36.91



$

41.66



$

36.91


Tangible book value per share (period end)

$

27.46



$

26.45



$

25.27



$

23.69



$

22.46



$

27.46



$

22.46


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting

Table 10


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2021


2021


2021


2020


2020


2021


2020

Banking Division














Net interest income

$

113,524



$

110,670



$

112,816



$

112,964



$

119,562



$

337,010



$

358,267


Provision for credit losses

(9,578)



(3,949)



(23,904)



1,847



487



(37,431)



123,289


Noninterest income

17,896



16,171



16,738



15,659



15,265



50,805



47,506


Noninterest expense














Salaries and employee benefits

40,020



37,814



42,723



38,668



39,718



120,557



121,762


Occupancy and equipment expenses

10,196



9,050



10,120



10,958



11,955



29,366



33,981


Data processing and telecommunications expenses

9,159



10,280



10,201



9,608



9,716



29,640



29,432


Other noninterest expenses

21,723



18,763



19,710



25,806



21,517



60,196



80,159


Total noninterest expense

81,098



75,907



82,754



85,040



82,906



239,759



265,334


Income before income tax expense

59,900



54,883



70,704



41,736



51,434



185,487



17,150


Income tax expense

17,784



14,196



18,456



13,992



13,453



50,436



5,146


Net income

$

42,116



$

40,687



$

52,248



$

27,744



$

37,981



$

135,051



$

12,004
















Retail Mortgage Division














Net interest income

$

21,289



$

22,533



$

18,984



$

19,908



$

20,393



$

62,806



$

62,451


Provision for credit losses

1,678



5,647



(4,553)



(1,621)



15,051



2,772



17,471


Noninterest income

55,555



69,055



97,640



94,109



137,583



222,250



276,147


Noninterest expense














Salaries and employee benefits

36,373



44,798



49,838



50,165



53,500



131,009



134,600


Occupancy and equipment expenses

1,590



1,553



1,476



1,577



1,676



4,619



5,133


Data processing and telecommunications expenses

1,357



1,435



1,546



1,534



2,349



4,338



4,741


Other noninterest expenses

11,675



7,638



8,189



7,442



7,889



27,502



20,713


Total noninterest expense

50,995



55,424



61,049



60,718



65,414



167,468



165,187


Income before income tax expense

24,171



30,517



60,128



54,920



77,511



114,816



155,940


Income tax expense

5,076



6,408



12,627



11,535



16,112



24,111



32,751


Net income

$

19,095



$

24,109



$

47,501



$

43,385



$

61,399



$

90,705



$

123,189
















Warehouse Lending Division














Net interest income

$

8,712



$

8,720



$

9,906



$

9,017



$

6,546



$

27,338



$

14,874


Provision for credit losses

(291)



(155)



(145)



1,673



495



(591)



889


Noninterest income

1,037



1,333



980



1,113



1,064



3,350



2,751


Noninterest expense














Salaries and employee benefits

264



278



330



296



266



872



685


Occupancy and equipment expenses



1



1



1



1



2



3


Data processing and telecommunications expenses

59



68



49



101



73



176



169


Other noninterest expenses

200



30



33



26



28



263



150


Total noninterest expense

523



377



413



424



368



1,313



1,007


Income before income tax expense

9,517



9,831



10,618



8,033



6,747



29,966



15,729


Income tax expense

1,999



2,064



2,230



1,687



1,431



6,293



3,317


Net income

$

7,518



$

7,767



$

8,388



$

6,346



$

5,316



$

23,673



$

12,412


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)

Table 10


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep

(dollars in thousands)

2021


2021


2021


2020


2020


2021


2020

SBA Division














Net interest income

$

10,699



$

12,882



$

16,635



$

14,909



$

8,966



$

40,216



$

18,181


Provision for credit losses

(1,104)



(607)



(547)



(2,997)



4,297



(2,258)



5,716


Noninterest income

2,070



2,677



2,611



1,247



5,106



7,358



7,953


Noninterest expense














Salaries and employee benefits

1,320



937



1,382



1,233



1,572



3,639



5,660


Occupancy and equipment expenses

116



132



106



100



97



354



291


Data processing and telecommunications expenses

18





1



1



4



19



32


Other noninterest expenses

370



284



295



363



595



949



1,469


Total noninterest expense

1,824



1,353



1,784



1,697



2,268



4,961



7,452


Income before income tax expense

12,049



14,813



18,009



17,456



7,507



44,871



12,966


Income tax expense

2,530



3,111



3,782



3,666



1,577



9,423



2,723


Net income

$

9,519



$

11,702



$

14,227



$

13,790



$

5,930



$

35,448



$

10,243
















Premium Finance Division














Net interest income

$

7,437



$

7,047



$

6,636



$

6,658



$

7,071



$

21,120



$

20,524


Provision for credit losses

(380)



(794)



558



(412)



(2,648)



(616)



(475)


Noninterest income

4



4



4



15





12




Noninterest expense














Salaries and employee benefits

1,694



1,678



1,712



2,104



1,642



5,084



5,105


Occupancy and equipment expenses

77



76



78



73



76



231



232


Data processing and telecommunications expenses

88



94



87



79



84



269



320


Other noninterest expenses

897



852



921



981



934



2,670



2,876


Total noninterest expense

2,756



2,700



2,798



3,237



2,736



8,254



8,533


Income before income tax expense

5,065



5,145



3,284



3,848



6,983



13,494



12,466


Income tax expense

1,633



1,083



686



828



1,464



3,402



2,611


Net income

$

3,432



$

4,062



$

2,598



$

3,020



$

5,519



$

10,092



$

9,855
















Total Consolidated














Net interest income

$

161,661



$

161,852



$

164,977



$

163,456



$

162,538



$

488,490



$

474,297


Provision for credit losses

(9,675)



142



(28,591)



(1,510)



17,682



(38,124)



146,890


Noninterest income

76,562



89,240



117,973



112,143



159,018



283,775



334,357


Noninterest expense














Salaries and employee benefits

79,671



85,505



95,985



92,466



96,698



261,161



267,812


Occupancy and equipment expenses

11,979



10,812



11,781



12,709



13,805



34,572



39,640


Data processing and telecommunications expenses

10,681



11,877



11,884



11,323



12,226



34,442



34,694


Other noninterest expenses

34,865



27,567



29,148



34,618



30,963



91,580



105,367


Total noninterest expense

137,196



135,761



148,798



151,116



153,692



421,755



447,513


Income before income tax expense

110,702



115,189



162,743



125,993



150,182



388,634



214,251


Income tax expense

29,022



26,862



37,781



31,708



34,037



93,665



46,548


Net income

$

81,680



$

88,327



$

124,962



$

94,285



$

116,145



$

294,969



$

167,703


 

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