Highlights of the Company's results for the full year 2023
include the following:
- Net income of $269.1 million, or
$3.89 per diluted share
- Adjusted net income(1) of $276.3 million, or $4.00 per diluted share
- Growth in tangible book value(1) of $3.72 per share, or 12.4%, to $33.64 at December 31,
2023
- Increase in the allowance for credit losses to 1.52% of loans,
from 1.04% at December 31, 2022, due
to forecasted economic conditions, particularly related to
commercial real estate price levels
- Nonperforming portfolio assets, excluding government-guaranteed
loans, as a percentage of total assets improved to 0.33% at
December 31, 2023, compared with
0.34% at December 31, 2022
- Adjusted efficiency ratio(1) of 52.58%
- Organic growth in loans of $414.1
million, or 2.1%
- Growth in total deposits of $1.25
billion, or 6.4%
- Growth in TCE ratio(1) of 97bps, or 11.2%, to 9.64%
at December 31, 2023
Significant items from the Company's results for the fourth
quarter of 2023 include the following:
- Net income of $65.9 million, or
$0.96 per diluted share
- Adjusted net income(1) of $73.6 million, or $1.07 per diluted share
- Stable net interest margin of 3.54%
- Adjusted efficiency ratio(1) of 52.87%
- Growth in TCE ratio(1) of 53bps to 9.64% at
December 31, 2023, compared with
9.11% last quarter
ATLANTA, Jan. 25,
2024 /PRNewswire/ -- Ameris Bancorp (Nasdaq:
ABCB) (the "Company") today reported net income of
$65.9 million, or $0.96 per diluted share, for the quarter ended
December 31, 2023, compared with
$82.2 million, or $1.18 per diluted share, for the quarter ended
December 31, 2022. The Company
reported adjusted net income(1) of $73.6 million, or $1.07 per diluted share, for the quarter ended
December 31, 2023, compared with
$81.1 million, or $1.17 per diluted share, for the same period in
2022. Adjusted net income excludes after-tax merger and conversion
charges, FDIC special assessment, natural disaster expenses,
servicing right valuation adjustments, gain on bank owned life
insurance ("BOLI") proceeds, gain on sale of mortgage servicing
rights ("MSR") and gain/loss on sale of bank premises.
For the year ended December 31,
2023, the Company reported net income of $269.1 million, or $3.89 per diluted share, compared with
$346.5 million, or $4.99 per diluted share, for 2022. The
Company reported adjusted net income(1) of $276.3 million, or $4.00 per diluted share, for the year ended
December 31, 2023, compared with
$329.4 million, or $4.75 per diluted share, for 2022. Adjusted
net income for the year excludes the same items listed above for
the fourth quarter.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "The solid fourth quarter financial results were a
successful way to end 2023 and have us well positioned for
2024. For the quarter and the full year, we continued to grow
tangible book value and strengthened our balance sheet through
strong deposit growth, controlled loan growth, sound asset quality,
increased reserves for credit losses and robust capital
growth. We continue to operate with discipline to
execute our strategies and to produce strong financial
results. Looking forward, we are focused on maintaining
disciplined growth and top of peer group financial results in our
strong Southeastern markets."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2023 increased
to $838.8 million, compared with
$804.9 million for 2022. The
Company's net interest margin was 3.61% for 2023, compared with
3.76% for 2022. The Company recorded accretion income of
$910,000 for 2023, compared with
accretion expense of $285,000 for
2022. The increase in net interest income is primarily attributable
to deployment of excess liquidity in the loan and securities
portfolios during the year.
Net interest income on a tax-equivalent basis (TE) was
$207.0 million in the fourth quarter
of 2023, a decrease of $1.7 million,
or 0.8%, from last quarter and $18.0
million, or 8.0%, compared with the fourth quarter of
2022. The Company's net interest margin was stable at 3.54%
for both the third and fourth quarters of 2023, while down from
4.03% reported for the fourth quarter of 2022.
Yields on earning assets increased seven basis points during the
quarter to 5.69%, compared with 5.62% in the third quarter of 2023,
and increased 78 basis points from 4.91% in the fourth quarter of
2022. Yields on loans increased to 5.83% during the fourth
quarter of 2023, compared with 5.81% for the third quarter of 2023
and 5.07% for the fourth quarter of 2022.
Loan production in the banking division during the fourth
quarter of 2023 was $417.4 million,
with weighted average yields of 10.35%, compared with $621.0 million and 9.49%, respectively, in the
third quarter of 2023 and $612.9
million and 7.92%, respectively, in the fourth quarter of
2022. Loan production in the lines of business (including
retail mortgage, warehouse lending, SBA and premium finance)
amounted to an additional $3.3
billion during the fourth quarter of 2023, with weighted
average yields of 7.38%, compared with $4.2
billion and 7.28%, respectively, during the third quarter of
2023 and $3.6 billion and 6.06%,
respectively, during the fourth quarter of
2022.
The Company's total cost of funds was 2.32% in the fourth
quarter of 2023, an increase of eight basis points compared with
the third quarter of 2023. Deposit costs increased 16 basis
points during the fourth quarter of 2023 to 2.16%, compared with
2.00% in the third quarter of 2023. Costs of interest-bearing
deposits increased during the quarter from 2.97% in the third
quarter of 2023 to 3.17% in the fourth quarter of 2023, reflecting
deposit beta catch-up in the current hold phase of the interest
rate cycle.
Noninterest Income
Noninterest income decreased $6.9
million, or 11.0%, in the fourth quarter of 2023 to
$56.2 million, compared with
$63.2 million for the third quarter
of 2023, primarily as a result of decreased mortgage banking
activity, which declined by $4.8
million, or 13.3%, to $31.5
million in the fourth quarter of 2023, compared with
$36.3 million for the third quarter
of 2023. Gain on sale spreads decreased to 1.93% in the
fourth quarter of 2023 from 2.15% for the third quarter of 2023.
Total production in the retail mortgage division decreased to
$891.1 million in the fourth
quarter of 2023, compared with $1.18
billion for the third quarter of 2023. The retail mortgage
open pipeline was $400.1 million at
the end of the fourth quarter of 2023, compared with $623.9 million at September 30, 2023.
For the full year 2023, noninterest income decreased
$41.6 million, or 14.6%, to
$242.8 million, compared with
$284.4 million for 2022, primarily as
a result of decreased mortgage banking activity, which declined by
$45.0 million, or 24.3%, to
$139.9 million in 2023, compared with
$184.9 million in 2022.
Production in the retail mortgage division decreased to
$4.3 billion in 2023, compared with
$5.5 billion in 2022, while gain on
sale spreads narrowed to 2.07% in 2023 from 2.27% in
2022.
Noninterest Expense
Noninterest expense increased $7.6
million, or 5.3%, to $149.0
million during the fourth quarter of 2023, compared with
$141.4 million for the third quarter
of 2023. During the fourth quarter of 2023, the Company
recorded $11.6 million related to the
FDIC special assessment and a $1.9
million gain on sale of bank premises. Excluding those
charges, adjusted expenses(1) decreased approximately
$2.1 million, or 1.5%, to
$139.3 million in the fourth quarter
of 2023, from $141.4 million in the
third quarter of 2023. The decrease in adjusted
expenses(1) resulted from a $4.5
million decline in mortgage expenses related to reduced
production, offset by a $3.3 million
increase in the banking division, the majority of which was related
to increased legal and professional fees, data processing expenses
and a decrease in the gain on sale of OREO properties.
Management continues to deliver high performing operating
efficiency, with an adjusted efficiency ratio(1) of
52.87% in the fourth quarter of 2023, compared with 52.02% in the
third quarter of 2023.
For the full year 2023, noninterest expense increased
$17.6 million, or 3.1%, to
$578.3 million, compared with
$560.7 million in 2022. Excluding
adjustment items of $9.7 million in
2023 and $1.3 million in 2022,
adjusted expenses increased $9.3
million, or 1.7% to $586.6
million in 2023, from $559.3
million in 2022. This increase is primarily
attributable to a reduction in deferred loan origination costs,
partially offset by a reduction in variable expenses related to
mortgage production.
Income Tax Expense
The Company's effective tax rate for 2023 was 24.6%, compared
with 23.5% in 2022. The Company's effective tax rate for the
fourth quarter of 2023 was 27.1%, compared with 23.7% in the third
quarter of 2023. The increased rate for the fourth quarter of
2023 was primarily a result of a return to provision adjustment
when the Company filed its 2022 income tax returns in the fourth
quarter of 2023.
Balance Sheet Trends
Total assets at December 31, 2023
were $25.20 billion, compared with
$25.05 billion at December 31, 2022. Debt securities
available-for-sale decreased to $1.40
billion, compared with $1.50
billion at December 31,
2022. Loans, net of unearned income, increased $414.1 million, or 2.1%, to $20.27 billion at December
31, 2023, compared with $19.86
billion at December 31,
2022. Loans held for sale decreased $110.7 million from $392.1
million at December 31, 2022
to $281.3 million at December 31, 2023 due to a decline in mortgage
activity resulting from the rising rate environment.
At December 31, 2023, total
deposits amounted to $20.71 billion,
or 97.0% of total funding, compared with $19.46 billion and 90.7%, respectively, at
December 31, 2022. During the
fourth quarter of 2023, deposits grew $118.2
million with NOW and money market accounts increasing
$513.9 million and retail CD accounts
increasing $48.5 million, with such
increases being offset in part by a $98.0
million decrease in noninterest-bearing accounts and a
$324.2 million decrease in brokered
CDs. Due to the increased interest rate environment, the
Company continued to see the shift of customer deposits from
noninterest bearing accounts into interest bearing accounts, such
that at December 31, 2023,
noninterest-bearing deposit accounts were $6.49 billion, or 31.3% of total deposits,
compared with $7.93 billion, or 40.7%
of total deposits, at December 31,
2022.
During the fourth quarter of 2023, utilizing existing liquidity
the Company reduced borrowings with the FHLB by $700.0 million.
Shareholders' equity at December 31,
2023 totaled $3.43 billion, an
increase of $229.3 million, or 7.2%,
from December 31, 2022. The
increase in shareholders' equity was primarily the result of
earnings of $269.1 million during
2023, partially offset by dividends declared and share
repurchases. Tangible book value per share(1)
increased $1.26 per share, or 15.4%
annualized, during the fourth quarter to $33.64 at December
31, 2023. The Company recorded an improvement of
$0.36 per share of tangible book
value(1) this quarter from other comprehensive income
related to the decrease in net unrealized losses on the securities
portfolio. For the year-to-date period, tangible book value
per share(1) increased $3.72, or 12.4%, to $33.64 at December 31,
2023, compared with $29.92 at
December 31, 2022. Tangible
common equity as a percentage of tangible assets was 9.64% at
December 31, 2023, compared with
8.67% at the end of 2022.
Credit Quality
Credit quality remains strong in the Company. During the
fourth quarter of 2023, the Company recorded a provision for credit
losses of $23.0 million, compared
with a provision of $24.5 million in
the third quarter of 2023. Nonperforming assets as a
percentage of total assets increased 11 basis points to 0.69%
during the quarter. Approximately $90.2 million, or 51.7%, of the nonperforming
assets at December 31, 2023 were
GNMA-guaranteed mortgage loans, which have minimal loss
exposure. Excluding these government-guaranteed loans,
nonperforming assets as a percentage of total assets were only
0.33% at December 31, 2023, compared
with 0.27% at September 30,
2023. The net charge-off ratio was 26 basis points for
the fourth quarter of 2023, compared with 23 basis points in the
third quarter of 2023.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 26,
2024, to discuss the Company's results and answer appropriate
questions. The conference call can be accessed by dialing
1-877-317-6789. The conference call access code is Ameris
Bancorp. A replay of the call will be available one hour
after the end of the conference call until February 2, 2024. To listen to the replay,
dial 1-877-344-7529. The conference replay access code is
3003910. The financial information discussed will also be
available on the Investor Relations page of the Ameris Bank website
at ir.amerisbank.com.
(1)Considered non-GAAP financial measure - See
reconciliation of GAAP to non-GAAP financial measures in tables 9A
- 9D
About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered
bank headquartered in Atlanta,
Georgia. Ameris operates 164 financial centers across the
Southeast and also serves consumer and business customers
nationwide through select lending channels. Ameris manages
$25.20 billion in assets as of
December 31, 2023, and provides a
full range of traditional banking and lending products, treasury
and cash management, insurance premium financing, and mortgage and
refinancing services. Learn more about Ameris at
www.amerisbank.com.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). The Company's management
uses these non-GAAP financial measures in its analysis of the
Company's performance. These measures are useful when evaluating
the underlying performance and efficiency of the Company's
operations and balance sheet. The Company's management believes
that these non-GAAP financial measures provide a greater
understanding of ongoing operations, enhance comparability of
results with prior periods and demonstrate the effects of
significant gains and charges in the current period. The Company's
management believes that investors may use these non-GAAP financial
measures to evaluate the Company's financial performance without
the impact of unusual items that may obscure trends in the
Company's underlying performance. These disclosures should not be
viewed as a substitute for financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP financial measures that may be presented by other
companies.
This news release contains forward-looking statements, as
defined by federal securities laws, including, among other
forward-looking statements, certain plans, expectations and
goals. Words such as "may," "believe," "expect,"
"anticipate," "intend," "will," "should," "plan," "estimate,"
"predict," "continue" and "potential" or the negative of these
terms or other comparable terminology, as well as similar
expressions, are meant to identify forward-looking
statements. The forward-looking statements in this news
release are based on current expectations and are provided to
assist in the understanding of potential future performance.
Such forward-looking statements involve numerous assumptions, risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied in any such statements,
including, without limitation, the following: general
competitive, economic, unemployment, political and market
conditions and fluctuations, including real estate market
conditions, and the effects of such conditions and fluctuations on
the creditworthiness of borrowers, collateral values, asset
recovery values and the value of investment securities; movements
in interest rates and their impacts on net interest margin;
expectations on credit quality and performance; legislative and
regulatory changes; changes in U.S. government monetary and fiscal
policy; competitive pressures on product pricing and services; the
cost savings and any revenue synergies expected to result from
acquisition transactions, which may not be fully realized within
the expected timeframes if at all; the success and timing of other
business strategies; our outlook and long-term goals for future
growth; and natural disasters, geopolitical events, acts of war or
terrorism or other hostilities, public health crises and other
catastrophic events beyond our control. For a discussion of some of
the other risks and other factors that may cause such
forward-looking statements to differ materially from actual
results, please refer to the Company's filings with the Securities
and Exchange Commission, including the Company's Annual Report on
Form 10-K for the year ended December 31,
2022 and the Company's subsequently filed periodic reports
and other filings. Forward-looking statements speak only as
of the date they are made, and the Company undertakes no obligation
to update or revise forward-looking statements.
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights
|
Table
1
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
65,934
|
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
269,105
|
|
$
346,540
|
Adjusted net
income
|
$
73,568
|
|
$
80,115
|
|
$
62,635
|
|
$
59,935
|
|
$
81,086
|
|
$
276,253
|
|
$
329,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.19
|
|
$
3.90
|
|
$
5.01
|
Diluted
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
3.89
|
|
$
4.99
|
Adjusted diluted
EPS(1)
|
$
1.07
|
|
$
1.16
|
|
$
0.91
|
|
$
0.86
|
|
$
1.17
|
|
$
4.00
|
|
$
4.75
|
Cash dividends per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.60
|
|
$
0.60
|
Book value per share
(period end)
|
$ 49.62
|
|
$ 48.41
|
|
$ 47.51
|
|
$ 46.89
|
|
$ 46.09
|
|
$ 49.62
|
|
$ 46.09
|
Tangible book value
per share (period end)(1)
|
$ 33.64
|
|
$ 32.38
|
|
$ 31.42
|
|
$ 30.79
|
|
$ 29.92
|
|
$ 33.64
|
|
$ 29.92
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
68,824,004
|
|
68,879,352
|
|
68,989,549
|
|
69,171,562
|
|
69,138,431
|
|
68,977,453
|
|
69,193,591
|
Diluted
|
69,014,793
|
|
68,994,247
|
|
69,034,763
|
|
69,322,664
|
|
69,395,224
|
|
69,104,158
|
|
69,419,721
|
Period end number of
shares
|
69,053,341
|
|
69,138,461
|
|
69,139,783
|
|
69,373,863
|
|
69,369,050
|
|
69,053,341
|
|
69,369,050
|
Market data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$ 53.84
|
|
$ 45.34
|
|
$ 37.18
|
|
$ 50.54
|
|
$ 54.24
|
|
$ 53.84
|
|
$ 55.62
|
Low intraday
price
|
$ 34.26
|
|
$ 33.21
|
|
$ 28.33
|
|
$ 34.28
|
|
$ 44.61
|
|
$ 28.33
|
|
$ 38.22
|
Period end closing
price
|
$ 53.05
|
|
$ 38.39
|
|
$ 34.21
|
|
$ 36.58
|
|
$ 47.14
|
|
$ 53.05
|
|
$ 47.14
|
Average daily
volume
|
390,190
|
|
361,167
|
|
475,198
|
|
452,242
|
|
340,890
|
|
419,347
|
|
400,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.03 %
|
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.06 %
|
|
1.47 %
|
Adjusted return on
average assets(1)
|
1.15 %
|
|
1.25 %
|
|
0.98 %
|
|
0.97 %
|
|
1.32 %
|
|
1.09 %
|
|
1.39 %
|
Return on average
common equity
|
7.73 %
|
|
9.56 %
|
|
7.63 %
|
|
7.54 %
|
|
10.30 %
|
|
8.12 %
|
|
11.24 %
|
Adjusted return on
average tangible common equity(1)
|
12.81 %
|
|
14.35 %
|
|
11.53 %
|
|
11.41 %
|
|
15.78 %
|
|
12.55 %
|
|
16.92 %
|
Earning asset yield
(TE)
|
5.69 %
|
|
5.62 %
|
|
5.52 %
|
|
5.25 %
|
|
4.91 %
|
|
5.52 %
|
|
4.19 %
|
Total cost of
funds
|
2.32 %
|
|
2.24 %
|
|
2.05 %
|
|
1.59 %
|
|
0.94 %
|
|
2.05 %
|
|
0.46 %
|
Net interest margin
(TE)
|
3.54 %
|
|
3.54 %
|
|
3.60 %
|
|
3.76 %
|
|
4.03 %
|
|
3.61 %
|
|
3.76 %
|
Efficiency
ratio
|
56.80 %
|
|
52.21 %
|
|
53.60 %
|
|
52.08 %
|
|
49.57 %
|
|
53.65 %
|
|
51.65 %
|
Adjusted efficiency
ratio (TE)(1)
|
52.87 %
|
|
52.02 %
|
|
53.41 %
|
|
51.99 %
|
|
49.61 %
|
|
52.58 %
|
|
52.48 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
13.60 %
|
|
13.02 %
|
|
12.73 %
|
|
12.47 %
|
|
12.76 %
|
|
13.60 %
|
|
12.76 %
|
Tangible common equity
to tangible assets(1)
|
9.64 %
|
|
9.11 %
|
|
8.80 %
|
|
8.55 %
|
|
8.67 %
|
|
9.64 %
|
|
8.67 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
2,060
|
|
2,049
|
|
2,069
|
|
2,093
|
|
2,079
|
|
2,060
|
|
2,079
|
Retail Mortgage
Division
|
595
|
|
601
|
|
613
|
|
630
|
|
633
|
|
595
|
|
633
|
Warehouse Lending
Division
|
7
|
|
8
|
|
8
|
|
8
|
|
8
|
|
7
|
|
8
|
SBA
Division
|
28
|
|
33
|
|
35
|
|
39
|
|
39
|
|
28
|
|
39
|
Premium Finance
Division
|
75
|
|
78
|
|
76
|
|
78
|
|
76
|
|
75
|
|
76
|
Total Ameris Bancorp
FTE headcount
|
2,765
|
|
2,769
|
|
2,801
|
|
2,848
|
|
2,835
|
|
2,765
|
|
2,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch
locations
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
Deposits per branch
location
|
$
126,271
|
|
$
125,551
|
|
$
124,653
|
|
$
121,326
|
|
$
118,675
|
|
$
126,271
|
|
$
118,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Considered non-GAAP
financial measure - See reconciliation of GAAP to non-GAAP
financial measures in tables 9A - 9D
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 303,487
|
|
$ 304,699
|
|
$ 292,012
|
|
$ 271,964
|
|
$ 250,263
|
|
$
1,172,162
|
|
$ 834,969
|
Interest on taxable
securities
|
14,033
|
|
14,754
|
|
15,915
|
|
14,300
|
|
13,029
|
|
59,002
|
|
34,656
|
Interest on nontaxable
securities
|
326
|
|
331
|
|
339
|
|
339
|
|
358
|
|
1,335
|
|
1,176
|
Interest on deposits in
other banks
|
14,368
|
|
10,769
|
|
13,686
|
|
9,113
|
|
9,984
|
|
47,936
|
|
23,008
|
Interest on federal
funds sold
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
77
|
Total interest
income
|
332,214
|
|
330,553
|
|
321,952
|
|
295,716
|
|
273,642
|
|
1,280,435
|
|
893,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
111,749
|
|
102,999
|
|
88,087
|
|
53,182
|
|
33,071
|
|
356,017
|
|
56,105
|
Interest on other
borrowings
|
14,364
|
|
19,803
|
|
24,325
|
|
30,882
|
|
16,434
|
|
89,374
|
|
36,755
|
Total interest
expense
|
126,113
|
|
122,802
|
|
112,412
|
|
84,064
|
|
49,505
|
|
445,391
|
|
92,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
206,101
|
|
207,751
|
|
209,540
|
|
211,652
|
|
224,137
|
|
835,044
|
|
801,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
30,401
|
|
30,095
|
|
43,643
|
|
49,376
|
|
24,648
|
|
153,515
|
|
52,610
|
Provision for unfunded
commitments
|
(7,438)
|
|
(5,634)
|
|
1,873
|
|
346
|
|
8,246
|
|
(10,853)
|
|
19,226
|
Provision for other
credit losses
|
(11)
|
|
(2)
|
|
—
|
|
7
|
|
(4)
|
|
(6)
|
|
(139)
|
Provision for credit
losses
|
22,952
|
|
24,459
|
|
45,516
|
|
49,729
|
|
32,890
|
|
142,656
|
|
71,697
|
Net interest income
after provision for credit losses
|
183,149
|
|
183,292
|
|
164,024
|
|
161,923
|
|
191,247
|
|
692,388
|
|
729,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
12,252
|
|
12,092
|
|
11,295
|
|
10,936
|
|
11,125
|
|
46,575
|
|
44,499
|
Mortgage banking
activity
|
31,461
|
|
36,290
|
|
40,742
|
|
31,392
|
|
22,855
|
|
139,885
|
|
184,904
|
Other service charges,
commissions and fees
|
1,234
|
|
1,221
|
|
975
|
|
971
|
|
968
|
|
4,401
|
|
3,875
|
Gain (loss) on
securities
|
(288)
|
|
(16)
|
|
(6)
|
|
6
|
|
3
|
|
(304)
|
|
203
|
Other noninterest
income
|
11,589
|
|
13,594
|
|
14,343
|
|
12,745
|
|
13,397
|
|
52,271
|
|
50,943
|
Total noninterest
income
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
242,828
|
|
284,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
75,966
|
|
81,898
|
|
81,336
|
|
80,910
|
|
75,196
|
|
320,110
|
|
319,719
|
Occupancy and
equipment
|
13,197
|
|
12,745
|
|
12,522
|
|
12,986
|
|
12,905
|
|
51,450
|
|
51,361
|
Data processing and
communications expenses
|
14,028
|
|
12,973
|
|
13,451
|
|
13,034
|
|
12,486
|
|
53,486
|
|
49,228
|
Credit
resolution-related expenses(1)
|
157
|
|
(1,360)
|
|
848
|
|
435
|
|
372
|
|
80
|
|
29
|
Advertising and
marketing
|
2,974
|
|
2,723
|
|
2,627
|
|
3,532
|
|
3,818
|
|
11,856
|
|
12,481
|
Amortization of
intangible assets
|
4,425
|
|
4,425
|
|
4,688
|
|
4,706
|
|
4,709
|
|
18,244
|
|
19,744
|
Merger and conversion
charges
|
—
|
|
—
|
|
—
|
|
—
|
|
235
|
|
—
|
|
1,212
|
Other noninterest
expenses
|
38,264
|
|
28,042
|
|
32,931
|
|
23,818
|
|
25,340
|
|
123,055
|
|
106,881
|
Total noninterest
expense
|
149,011
|
|
141,446
|
|
148,403
|
|
139,421
|
|
135,061
|
|
578,281
|
|
560,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
90,386
|
|
105,027
|
|
82,970
|
|
78,552
|
|
104,534
|
|
356,935
|
|
453,098
|
Income tax
expense
|
24,452
|
|
24,912
|
|
20,335
|
|
18,131
|
|
22,313
|
|
87,830
|
|
106,558
|
Net
income
|
$
65,934
|
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$ 269,105
|
|
$ 346,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
3.89
|
|
$
4.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Period End Balance
Sheet
|
Table
3
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 230,470
|
|
$ 241,137
|
|
$ 284,552
|
|
$ 266,400
|
|
$ 284,567
|
Federal funds sold and
interest-bearing deposits in banks
|
936,834
|
|
1,304,636
|
|
1,034,578
|
|
1,754,453
|
|
833,565
|
Debt securities
available-for-sale, at fair value
|
1,402,944
|
|
1,424,081
|
|
1,460,356
|
|
1,496,836
|
|
1,500,060
|
Debt securities
held-to-maturity, at amortized cost
|
141,512
|
|
141,859
|
|
142,513
|
|
134,175
|
|
134,864
|
Other
investments
|
71,794
|
|
104,957
|
|
109,656
|
|
146,715
|
|
110,992
|
Loans held for
sale
|
281,332
|
|
381,466
|
|
391,472
|
|
395,096
|
|
392,078
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income
|
20,269,303
|
|
20,201,079
|
|
20,471,759
|
|
19,997,871
|
|
19,855,253
|
Allowance for credit
losses
|
(307,100)
|
|
(290,104)
|
|
(272,071)
|
|
(242,658)
|
|
(205,677)
|
Loans, net
|
19,962,203
|
|
19,910,975
|
|
20,199,688
|
|
19,755,213
|
|
19,649,576
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
6,199
|
|
3,397
|
|
6,170
|
|
1,502
|
|
843
|
Premises and equipment,
net
|
216,435
|
|
217,564
|
|
218,662
|
|
218,878
|
|
220,283
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
Other intangible
assets, net
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
Cash value of bank
owned life insurance
|
395,778
|
|
393,769
|
|
391,483
|
|
389,201
|
|
388,405
|
Other assets
|
454,603
|
|
465,968
|
|
449,042
|
|
412,781
|
|
416,213
|
Total
assets
|
$ 25,203,699
|
|
$ 25,697,830
|
|
$ 25,800,618
|
|
$ 26,088,384
|
|
$ 25,053,286
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
6,491,639
|
|
$
6,589,610
|
|
$
6,706,897
|
|
$
7,297,893
|
|
$
7,929,579
|
Interest-bearing
|
14,216,870
|
|
14,000,735
|
|
13,736,228
|
|
12,599,562
|
|
11,533,159
|
Total
deposits
|
20,708,509
|
|
20,590,345
|
|
20,443,125
|
|
19,897,455
|
|
19,462,738
|
Other
borrowings
|
509,586
|
|
1,209,553
|
|
1,536,989
|
|
2,401,327
|
|
1,875,736
|
Subordinated deferrable
interest debentures
|
130,315
|
|
129,817
|
|
129,319
|
|
128,820
|
|
128,322
|
Other
liabilities
|
428,542
|
|
421,046
|
|
406,555
|
|
407,587
|
|
389,090
|
Total
liabilities
|
21,776,952
|
|
22,350,761
|
|
22,515,988
|
|
22,835,189
|
|
21,855,886
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common stock
|
72,516
|
|
72,514
|
|
72,515
|
|
72,484
|
|
72,264
|
Capital
stock
|
1,945,385
|
|
1,942,852
|
|
1,939,865
|
|
1,937,664
|
|
1,935,211
|
Retained
earnings
|
1,539,957
|
|
1,484,424
|
|
1,414,742
|
|
1,362,512
|
|
1,311,258
|
Accumulated other
comprehensive income (loss), net of tax
|
(35,939)
|
|
(60,818)
|
|
(50,618)
|
|
(35,581)
|
|
(46,507)
|
Treasury
stock
|
(95,172)
|
|
(91,903)
|
|
(91,874)
|
|
(83,884)
|
|
(74,826)
|
Total shareholders'
equity
|
3,426,747
|
|
3,347,069
|
|
3,284,630
|
|
3,253,195
|
|
3,197,400
|
Total liabilities
and shareholders' equity
|
$ 25,203,699
|
|
$ 25,697,830
|
|
$ 25,800,618
|
|
$ 26,088,384
|
|
$ 25,053,286
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$ 23,103,719
|
|
$ 23,558,078
|
|
$ 23,610,334
|
|
$ 23,925,146
|
|
$ 22,826,812
|
Intangible
assets
|
1,103,595
|
|
1,108,021
|
|
1,112,446
|
|
1,117,134
|
|
1,121,840
|
Interest-bearing
liabilities
|
14,856,771
|
|
15,340,105
|
|
15,402,536
|
|
15,129,709
|
|
13,537,217
|
Average
assets
|
25,341,990
|
|
25,525,913
|
|
25,631,846
|
|
25,115,927
|
|
24,354,979
|
Average common
shareholders' equity
|
3,383,554
|
|
3,324,960
|
|
3,293,049
|
|
3,250,289
|
|
3,168,320
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
229,135
|
|
$
258,163
|
|
$
200,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adoption of ASU
2022-02
|
—
|
|
—
|
|
—
|
|
(1,711)
|
|
—
|
|
(1,711)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
30,401
|
|
30,095
|
|
43,643
|
|
49,376
|
|
24,648
|
|
153,515
|
|
52,610
|
Provision for unfunded
commitments
|
(7,438)
|
|
(5,634)
|
|
1,873
|
|
346
|
|
8,246
|
|
(10,853)
|
|
19,226
|
Provision for other
credit losses
|
(11)
|
|
(2)
|
|
—
|
|
7
|
|
(4)
|
|
(6)
|
|
(139)
|
Provision for credit
losses
|
22,952
|
|
24,459
|
|
45,516
|
|
49,729
|
|
32,890
|
|
142,656
|
|
71,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
20,104
|
|
19,488
|
|
20,670
|
|
14,956
|
|
8,371
|
|
75,218
|
|
33,075
|
Recoveries
|
6,699
|
|
7,426
|
|
6,440
|
|
4,272
|
|
4,509
|
|
24,837
|
|
18,560
|
Net charge-offs
(recoveries)
|
13,405
|
|
12,062
|
|
14,230
|
|
10,684
|
|
3,862
|
|
50,381
|
|
14,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
348,727
|
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
348,727
|
|
$
258,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
307,100
|
|
$
290,104
|
|
$
272,071
|
|
$
242,658
|
|
$
205,677
|
|
$
307,100
|
|
$
205,677
|
Allowance for unfunded
commitments
|
41,558
|
|
48,996
|
|
54,630
|
|
52,757
|
|
52,411
|
|
41,558
|
|
52,411
|
Allowance for other
credit losses
|
69
|
|
80
|
|
82
|
|
82
|
|
75
|
|
69
|
|
75
|
Total allowance for
credit losses
|
$
348,727
|
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
$
348,727
|
|
$
258,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
15,840
|
|
$
16,519
|
|
$
13,316
|
|
$
12,233
|
|
$ 5,108
|
|
$
57,908
|
|
$
18,635
|
Consumer
|
2,785
|
|
948
|
|
2,052
|
|
1,140
|
|
1,136
|
|
6,925
|
|
4,926
|
Indirect
automobile
|
20
|
|
36
|
|
65
|
|
34
|
|
86
|
|
155
|
|
265
|
Premium
Finance
|
1,347
|
|
1,951
|
|
1,848
|
|
1,421
|
|
1,812
|
|
6,567
|
|
5,452
|
Real estate -
construction and development
|
—
|
|
—
|
|
—
|
|
—
|
|
27
|
|
—
|
|
27
|
Real estate -
commercial and farmland
|
84
|
|
—
|
|
3,320
|
|
—
|
|
196
|
|
3,404
|
|
3,574
|
Real estate -
residential
|
28
|
|
34
|
|
69
|
|
128
|
|
6
|
|
259
|
|
196
|
Total
charge-offs
|
20,104
|
|
19,488
|
|
20,670
|
|
14,956
|
|
8,371
|
|
75,218
|
|
33,075
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
4,701
|
|
4,745
|
|
3,545
|
|
2,043
|
|
2,072
|
|
15,034
|
|
9,954
|
Consumer
|
130
|
|
203
|
|
194
|
|
297
|
|
217
|
|
824
|
|
882
|
Indirect
automobile
|
177
|
|
158
|
|
225
|
|
216
|
|
229
|
|
776
|
|
1,045
|
Premium
Finance
|
1,100
|
|
1,639
|
|
1,680
|
|
1,382
|
|
1,682
|
|
5,801
|
|
5,065
|
Real estate -
construction and development
|
303
|
|
74
|
|
472
|
|
100
|
|
223
|
|
949
|
|
892
|
Real estate -
commercial and farmland
|
90
|
|
371
|
|
61
|
|
44
|
|
48
|
|
566
|
|
225
|
Real estate -
residential
|
198
|
|
236
|
|
263
|
|
190
|
|
38
|
|
887
|
|
497
|
Total
recoveries
|
6,699
|
|
7,426
|
|
6,440
|
|
4,272
|
|
4,509
|
|
24,837
|
|
18,560
|
Net charge-offs
(recoveries)
|
$
13,405
|
|
$
12,062
|
|
$
14,230
|
|
$
10,684
|
|
$ 3,862
|
|
$
50,381
|
|
$
14,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual portfolio
loans
|
$
60,961
|
|
$
53,806
|
|
$
57,025
|
|
$
68,028
|
|
$
65,221
|
|
$
60,961
|
|
$
65,221
|
Other real estate
owned
|
6,199
|
|
3,397
|
|
6,170
|
|
1,502
|
|
843
|
|
6,199
|
|
843
|
Repossessed
assets
|
17
|
|
22
|
|
9
|
|
25
|
|
28
|
|
17
|
|
28
|
Accruing loans
delinquent 90 days or more
|
16,988
|
|
11,891
|
|
13,424
|
|
15,792
|
|
17,865
|
|
16,988
|
|
17,865
|
Non-performing
portfolio assets
|
$
84,165
|
|
$
69,116
|
|
$
76,628
|
|
$
85,347
|
|
$
83,957
|
|
$
84,165
|
|
$
83,957
|
Serviced
GNMA-guaranteed mortgage nonaccrual loans
|
90,156
|
|
80,752
|
|
69,655
|
|
74,999
|
|
69,587
|
|
90,156
|
|
69,587
|
Total non-performing
assets
|
$
174,321
|
|
$
149,868
|
|
$
146,283
|
|
$
160,346
|
|
$
153,544
|
|
$
174,321
|
|
$
153,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
portfolio assets as a percent of total assets
|
0.33 %
|
|
0.27 %
|
|
0.30 %
|
|
0.33 %
|
|
0.34 %
|
|
0.33 %
|
|
0.34 %
|
Total non-performing
assets as a percent of total assets
|
0.69 %
|
|
0.58 %
|
|
0.57 %
|
|
0.61 %
|
|
0.61 %
|
|
0.69 %
|
|
0.61 %
|
Net charge-offs as a
percent of average loans (annualized)
|
0.26 %
|
|
0.23 %
|
|
0.28 %
|
|
0.22 %
|
|
0.08 %
|
|
0.25 %
|
|
0.08 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
Loan
Information
|
Table
5
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
2,688,929
|
|
$
2,632,836
|
|
$
2,718,831
|
|
$
2,722,180
|
|
$
2,679,403
|
Consumer
|
241,552
|
|
259,797
|
|
307,486
|
|
349,775
|
|
384,037
|
Indirect
automobile
|
34,257
|
|
47,108
|
|
63,231
|
|
83,466
|
|
108,648
|
Mortgage
warehouse
|
818,728
|
|
852,823
|
|
1,147,413
|
|
958,418
|
|
1,038,924
|
Municipal
|
492,668
|
|
497,093
|
|
510,410
|
|
505,515
|
|
509,151
|
Premium
Finance
|
946,562
|
|
1,007,334
|
|
988,731
|
|
947,257
|
|
1,023,479
|
Real estate -
construction and development
|
2,129,187
|
|
2,236,686
|
|
2,217,744
|
|
2,144,605
|
|
2,086,438
|
Real estate -
commercial and farmland
|
8,059,754
|
|
7,865,389
|
|
7,815,779
|
|
7,721,732
|
|
7,604,868
|
Real estate -
residential
|
4,857,666
|
|
4,802,013
|
|
4,702,134
|
|
4,564,923
|
|
4,420,305
|
Total
loans
|
$ 20,269,303
|
|
$ 20,201,079
|
|
$ 20,471,759
|
|
$ 19,997,871
|
|
$ 19,855,253
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 -
Pass
|
$ 19,846,731
|
|
$ 19,812,895
|
|
$ 20,114,816
|
|
$ 19,654,232
|
|
$ 19,513,726
|
Grade 6 - Other assets
especially mentioned
|
203,725
|
|
187,449
|
|
171,035
|
|
116,345
|
|
104,614
|
Grade 7 -
Substandard
|
218,847
|
|
200,735
|
|
185,908
|
|
227,294
|
|
236,913
|
Grade 8 -
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Grade 9 -
Loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total
loans
|
$ 20,269,303
|
|
$ 20,201,079
|
|
$ 20,471,759
|
|
$ 19,997,871
|
|
$ 19,855,253
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
924
|
|
$
—
|
|
$
10,836
|
Interest-bearing
deposits in banks
|
936,733
|
|
864,028
|
|
998,609
|
|
859,614
|
|
1,009,935
|
|
914,818
|
|
1,993,672
|
Debt securities -
taxable
|
1,503,889
|
|
1,548,647
|
|
1,582,076
|
|
1,586,404
|
|
1,451,861
|
|
1,555,009
|
|
1,065,511
|
Debt securities -
nontaxable
|
40,227
|
|
40,896
|
|
42,580
|
|
43,052
|
|
44,320
|
|
41,679
|
|
39,779
|
Other
investments
|
87,678
|
|
101,517
|
|
117,020
|
|
131,044
|
|
83,730
|
|
109,175
|
|
58,170
|
Loans held for
sale
|
405,080
|
|
464,452
|
|
577,606
|
|
490,295
|
|
371,952
|
|
484,070
|
|
718,599
|
Loans
|
20,252,773
|
|
20,371,689
|
|
20,164,938
|
|
19,820,749
|
|
19,212,560
|
|
20,154,321
|
|
17,521,461
|
Total Earning
Assets
|
$ 23,226,380
|
|
$ 23,391,229
|
|
$ 23,482,829
|
|
$ 22,931,158
|
|
$ 22,175,282
|
|
$ 23,259,072
|
|
$ 21,408,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
6,572,190
|
|
$
6,655,191
|
|
$
6,729,789
|
|
$
7,136,373
|
|
$
8,138,887
|
|
$
6,771,464
|
|
$
8,005,201
|
NOW
accounts
|
3,760,992
|
|
3,661,701
|
|
3,949,850
|
|
4,145,991
|
|
3,621,454
|
|
3,878,034
|
|
3,675,586
|
MMDA
|
5,994,361
|
|
5,527,731
|
|
5,002,590
|
|
4,994,195
|
|
5,161,047
|
|
5,382,865
|
|
5,128,497
|
Savings
accounts
|
817,075
|
|
915,678
|
|
1,009,749
|
|
1,005,614
|
|
1,010,966
|
|
936,454
|
|
1,005,752
|
Retail CDs
|
2,281,357
|
|
2,200,413
|
|
2,024,014
|
|
1,612,325
|
|
1,450,037
|
|
2,031,828
|
|
1,604,978
|
Brokered
CDs
|
1,122,684
|
|
1,441,854
|
|
1,393,206
|
|
125,133
|
|
—
|
|
1,024,606
|
|
—
|
Total
Deposits
|
20,548,659
|
|
20,402,568
|
|
20,109,198
|
|
19,019,631
|
|
19,382,391
|
|
20,025,251
|
|
19,420,014
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1,477
|
FHLB
advances
|
538,096
|
|
943,855
|
|
1,408,855
|
|
1,968,811
|
|
918,228
|
|
1,210,242
|
|
279,409
|
Other
borrowings
|
311,091
|
|
312,572
|
|
316,626
|
|
361,445
|
|
377,056
|
|
325,260
|
|
393,393
|
Subordinated
deferrable interest debentures
|
130,054
|
|
129,554
|
|
129,056
|
|
128,557
|
|
128,060
|
|
129,310
|
|
127,316
|
Total Non-Deposit
Funding
|
979,241
|
|
1,385,981
|
|
1,854,537
|
|
2,458,813
|
|
1,423,345
|
|
1,664,812
|
|
801,595
|
Total
Funding
|
$ 21,527,900
|
|
$ 21,788,549
|
|
$ 21,963,735
|
|
$ 21,478,444
|
|
$ 20,805,736
|
|
$ 21,690,063
|
|
$ 20,221,609
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Interest Income and
Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
8
|
|
$
—
|
|
$
77
|
Interest-bearing
deposits in banks
|
14,368
|
|
10,769
|
|
13,686
|
|
9,113
|
|
9,984
|
|
47,936
|
|
23,008
|
Debt securities -
taxable
|
14,033
|
|
14,754
|
|
15,915
|
|
14,300
|
|
13,029
|
|
59,002
|
|
34,656
|
Debt securities -
nontaxable (TE)
|
413
|
|
418
|
|
430
|
|
429
|
|
454
|
|
1,690
|
|
1,489
|
Loans held for
sale
|
6,846
|
|
7,460
|
|
8,398
|
|
7,007
|
|
5,519
|
|
29,711
|
|
29,699
|
Loans (TE)
|
297,501
|
|
298,102
|
|
284,471
|
|
265,802
|
|
245,603
|
|
1,145,876
|
|
808,826
|
Total Earning
Assets
|
$
333,161
|
|
$ 331,503
|
|
$ 322,900
|
|
$ 296,651
|
|
$ 274,597
|
|
$
1,284,215
|
|
$ 897,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$ 19,293
|
|
$
17,255
|
|
$
18,003
|
|
$
15,033
|
|
$
8,564
|
|
$
69,584
|
|
$
14,367
|
MMDA
|
54,002
|
|
45,683
|
|
35,224
|
|
27,809
|
|
20,683
|
|
162,718
|
|
33,143
|
Savings
accounts
|
974
|
|
1,791
|
|
2,296
|
|
1,288
|
|
654
|
|
6,349
|
|
1,287
|
Retail CDs
|
22,257
|
|
19,013
|
|
14,751
|
|
7,629
|
|
3,170
|
|
63,650
|
|
7,308
|
Brokered
CDs
|
15,223
|
|
19,257
|
|
17,813
|
|
1,423
|
|
—
|
|
53,716
|
|
—
|
Total
Interest-Bearing Deposits
|
111,749
|
|
102,999
|
|
88,087
|
|
53,182
|
|
33,071
|
|
356,017
|
|
56,105
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
FHLB
advances
|
7,089
|
|
12,543
|
|
17,222
|
|
22,448
|
|
8,801
|
|
59,302
|
|
9,710
|
Other
borrowings
|
3,798
|
|
3,821
|
|
3,902
|
|
5,349
|
|
4,953
|
|
16,870
|
|
19,209
|
Subordinated
deferrable interest debentures
|
3,477
|
|
3,439
|
|
3,201
|
|
3,085
|
|
2,680
|
|
13,202
|
|
7,832
|
Total Non-Deposit
Funding
|
14,364
|
|
19,803
|
|
24,325
|
|
30,882
|
|
16,434
|
|
89,374
|
|
36,755
|
Total
Interest-Bearing Funding
|
$
126,113
|
|
$ 122,802
|
|
$ 112,412
|
|
$
84,064
|
|
$
49,505
|
|
$ 445,391
|
|
$
92,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(TE)
|
$
207,048
|
|
$ 208,701
|
|
$ 210,488
|
|
$ 212,587
|
|
$ 225,092
|
|
$ 838,824
|
|
$ 804,895
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
3.43 %
|
|
— %
|
|
0.71 %
|
Interest-bearing
deposits in banks
|
6.09 %
|
|
4.94 %
|
|
5.50 %
|
|
4.30 %
|
|
3.92 %
|
|
5.24 %
|
|
1.15 %
|
Debt securities -
taxable
|
3.70 %
|
|
3.78 %
|
|
4.03 %
|
|
3.66 %
|
|
3.56 %
|
|
3.79 %
|
|
3.25 %
|
Debt securities -
nontaxable (TE)
|
4.07 %
|
|
4.06 %
|
|
4.05 %
|
|
4.04 %
|
|
4.06 %
|
|
4.05 %
|
|
3.74 %
|
Loans held for
sale
|
6.71 %
|
|
6.37 %
|
|
5.83 %
|
|
5.80 %
|
|
5.89 %
|
|
6.14 %
|
|
4.13 %
|
Loans (TE)
|
5.83 %
|
|
5.81 %
|
|
5.66 %
|
|
5.44 %
|
|
5.07 %
|
|
5.69 %
|
|
4.62 %
|
Total Earning
Assets
|
5.69 %
|
|
5.62 %
|
|
5.52 %
|
|
5.25 %
|
|
4.91 %
|
|
5.52 %
|
|
4.19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
2.04 %
|
|
1.87 %
|
|
1.83 %
|
|
1.47 %
|
|
0.94 %
|
|
1.79 %
|
|
0.39 %
|
MMDA
|
3.57 %
|
|
3.28 %
|
|
2.82 %
|
|
2.26 %
|
|
1.59 %
|
|
3.02 %
|
|
0.65 %
|
Savings
accounts
|
0.47 %
|
|
0.78 %
|
|
0.91 %
|
|
0.52 %
|
|
0.26 %
|
|
0.68 %
|
|
0.13 %
|
Retail CDs
|
3.87 %
|
|
3.43 %
|
|
2.92 %
|
|
1.92 %
|
|
0.87 %
|
|
3.13 %
|
|
0.46 %
|
Brokered
CDs
|
5.38 %
|
|
5.30 %
|
|
5.13 %
|
|
4.61 %
|
|
— %
|
|
5.24 %
|
|
— %
|
Total
Interest-Bearing Deposits
|
3.17 %
|
|
2.97 %
|
|
2.64 %
|
|
1.82 %
|
|
1.17 %
|
|
2.69 %
|
|
0.49 %
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold under agreements to
repurchase
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
0.27 %
|
FHLB
advances
|
5.23 %
|
|
5.27 %
|
|
4.90 %
|
|
4.62 %
|
|
3.80 %
|
|
4.90 %
|
|
3.48 %
|
Other
borrowings
|
4.84 %
|
|
4.85 %
|
|
4.94 %
|
|
6.00 %
|
|
5.21 %
|
|
5.19 %
|
|
4.88 %
|
Subordinated
deferrable interest debentures
|
10.61 %
|
|
10.53 %
|
|
9.95 %
|
|
9.73 %
|
|
8.30 %
|
|
10.21 %
|
|
6.15 %
|
Total Non-Deposit
Funding
|
5.82 %
|
|
5.67 %
|
|
5.26 %
|
|
5.09 %
|
|
4.58 %
|
|
5.37 %
|
|
4.59 %
|
Total
Interest-Bearing Liabilities
|
3.35 %
|
|
3.22 %
|
|
2.96 %
|
|
2.38 %
|
|
1.55 %
|
|
2.99 %
|
|
0.76 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
2.34 %
|
|
2.40 %
|
|
2.56 %
|
|
2.87 %
|
|
3.36 %
|
|
2.53 %
|
|
3.43 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.54 %
|
|
3.54 %
|
|
3.60 %
|
|
3.76 %
|
|
4.03 %
|
|
3.61 %
|
|
3.76 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
2.32 %
|
|
2.24 %
|
|
2.05 %
|
|
1.59 %
|
|
0.94 %
|
|
2.05 %
|
|
0.46 %
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
|
|
|
|
(2) Rate calculated
based on average earning assets.
|
|
|
|
|
(3) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
|
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income
|
Table
9A
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net income available to
common shareholders
|
$ 65,934
|
|
$ 80,115
|
|
$ 62,635
|
|
$
60,421
|
|
$ 82,221
|
|
$
269,105
|
|
$
346,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
—
|
|
—
|
|
235
|
|
—
|
|
1,212
|
Gain on sale of
MSR
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,672)
|
|
—
|
|
(1,356)
|
Servicing right
impairment (recovery)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(21,824)
|
Gain on BOLI
proceeds
|
—
|
|
—
|
|
—
|
|
(486)
|
|
—
|
|
(486)
|
|
(55)
|
FDIC special
assessment
|
11,566
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11,566
|
|
—
|
Natural disaster
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
151
|
(Gain) loss on bank
premises
|
(1,903)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,903)
|
|
(45)
|
Tax effect of
adjustment items (Note
1)
|
(2,029)
|
|
—
|
|
—
|
|
—
|
|
302
|
|
(2,029)
|
|
4,792
|
After tax adjustment
items
|
7,634
|
|
—
|
|
—
|
|
(486)
|
|
(1,135)
|
|
7,148
|
|
(17,125)
|
Adjusted net
income
|
$ 73,568
|
|
$ 80,115
|
|
$ 62,635
|
|
$
59,935
|
|
$ 81,086
|
|
$
276,253
|
|
$
329,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares - diluted
|
69,014,793
|
|
68,994,247
|
|
69,034,763
|
|
69,322,664
|
|
69,395,224
|
|
69,104,158
|
|
69,419,721
|
Net income per diluted
share
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
$
1.18
|
|
$
3.89
|
|
$ 4.99
|
Adjusted net income per
diluted share
|
$
1.07
|
|
$
1.16
|
|
$
0.91
|
|
$
0.86
|
|
$
1.17
|
|
$
4.00
|
|
$ 4.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
25,341,990
|
|
$
25,525,913
|
|
$
25,631,846
|
|
$
25,115,927
|
|
$
24,354,979
|
|
$
25,404,873
|
|
$
23,644,754
|
Return on average
assets
|
1.03 %
|
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
1.34 %
|
|
1.06 %
|
|
1.47 %
|
Adjusted return on
average assets
|
1.15 %
|
|
1.25 %
|
|
0.98 %
|
|
0.97 %
|
|
1.32 %
|
|
1.09 %
|
|
1.39 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$ 3,383,554
|
|
$ 3,324,960
|
|
$ 3,293,049
|
|
$
3,250,289
|
|
$ 3,168,320
|
|
$ 3,313,361
|
|
$
3,083,081
|
Average tangible common
equity
|
$ 2,277,810
|
|
$ 2,214,775
|
|
$ 2,178,323
|
|
$
2,130,856
|
|
$ 2,039,094
|
|
$ 2,200,883
|
|
$
1,947,222
|
Return on average
common equity
|
7.73 %
|
|
9.56 %
|
|
7.63 %
|
|
7.54 %
|
|
10.30 %
|
|
8.12 %
|
|
11.24 %
|
Adjusted return on
average tangible common equity
|
12.81 %
|
|
14.35 %
|
|
11.53 %
|
|
11.41 %
|
|
15.78 %
|
|
12.55 %
|
|
16.92 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Tax
effect is calculated utilizing a 21% rate for taxable
adjustments. Gain on BOLI proceeds is non-taxable and no tax
effect is included. A portion of the merger and conversion
charges for the twelve months ended December 2022 are nondeductible
for tax purposes.
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Adjusted Efficiency
Ratio (TE)
|
Table
9B
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Adjusted Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
149,011
|
|
$
141,446
|
|
$
148.403
|
|
$
139,421
|
|
$
135,061
|
|
$
578,281
|
|
$
560,655
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
—
|
|
—
|
|
—
|
|
—
|
|
(235)
|
|
—
|
|
(1,212)
|
FDIC special
assessment
|
(11,566)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11,566)
|
|
—
|
Natural disaster
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(151)
|
Gain (loss) on bank
premises
|
1,903
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,903
|
|
45
|
Adjusted noninterest
expense
|
$
139,348
|
|
$
141,446
|
|
$
148.403
|
|
$
139,421
|
|
$
134,826
|
|
$
568,618
|
|
$
559,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
206,101
|
|
$
207,751
|
|
$
209,540
|
|
$
211,652
|
|
$
224,137
|
|
$
835,044
|
|
$
801,026
|
Noninterest
income
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
242,828
|
|
284,424
|
Total
revenue
|
$
262,349
|
|
$
270,932
|
|
$
276,889
|
|
$
267,702
|
|
$
272,485
|
|
$
1,077,872
|
|
$
1,085,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
207,048
|
|
$
208,701
|
|
$
210,488
|
|
$
212,587
|
|
$
225,092
|
|
$
838,824
|
|
$
804,895
|
Noninterest
income
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
242,828
|
|
284,424
|
Total revenue
(TE)
|
263,296
|
|
271,882
|
|
277,837
|
|
268,637
|
|
273,440
|
|
1,081,652
|
|
1,089,319
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
288
|
|
16
|
|
6
|
|
(6)
|
|
(3)
|
|
304
|
|
(203)
|
Gain on sale of
MSR
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,672)
|
|
—
|
|
(1,356)
|
Gain on BOLI
proceeds
|
—
|
|
—
|
|
—
|
|
(486)
|
|
—
|
|
(486)
|
|
(55)
|
Servicing right
impairment (recovery)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(21,824)
|
Adjusted total revenue
(TE)
|
$
263,584
|
|
$
271,898
|
|
$
277,843
|
|
$
268,145
|
|
$
271,765
|
|
$
1,081,470
|
|
$
1,065,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
56.80 %
|
|
52.21 %
|
|
53.60 %
|
|
52.08 %
|
|
49.57 %
|
|
53.65 %
|
|
51.65 %
|
Adjusted efficiency
ratio (TE)
|
52.87 %
|
|
52.02 %
|
|
53.41 %
|
|
51.99 %
|
|
49.61 %
|
|
52.58 %
|
|
52.48 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Total shareholders'
equity
|
$
3,426,747
|
|
$
3,347,069
|
|
$
3,284,630
|
|
$
3,253,195
|
|
$
3,197,400
|
|
$
3,426,747
|
|
$
3,197,400
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
Other intangibles,
net
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
|
87,949
|
|
106,194
|
Total tangible
shareholders' equity
|
$
2,323,152
|
|
$
2,239,048
|
|
$
2,172,184
|
|
$
2,136,061
|
|
$
2,075,560
|
|
$
2,323,152
|
|
$
2,075,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,053,341
|
|
69,138,461
|
|
69,139,783
|
|
69,373,863
|
|
69,369,050
|
|
69,053,341
|
|
69,369,050
|
Book value per share
(period end)
|
$ 49.62
|
|
$ 48.41
|
|
$ 47.51
|
|
$ 46.89
|
|
$ 46.09
|
|
$ 49.62
|
|
$ 46.09
|
Tangible book value per
share (period end)
|
$ 33.64
|
|
$ 32.38
|
|
$ 31.42
|
|
$ 30.79
|
|
$ 29.92
|
|
$ 33.64
|
|
$ 29.92
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
|
|
|
Tangible Common
Equity to Tangible Assets
|
Table
9D
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands except per share data)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Total shareholders'
equity
|
$ 3,426,747
|
|
$ 3,347,069
|
|
$ 3,284,630
|
|
$ 3,253,195
|
|
$ 3,197,400
|
|
$ 3,426,747
|
|
$ 3,197,400
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
Other intangibles,
net
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
|
87,949
|
|
106,194
|
Total tangible
shareholders' equity
|
$ 2,323,152
|
|
$ 2,239,048
|
|
$ 2,172,184
|
|
$ 2,136,061
|
|
$ 2,075,560
|
|
$ 2,323,152
|
|
$ 2,075,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
25,203,699
|
|
$
25,697,830
|
|
$
25,800,618
|
|
$
26,088,384
|
|
$
25,053,286
|
|
$
25,203,699
|
|
$
25,053,286
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
Other intangibles,
net
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
106,194
|
|
87,949
|
|
106,194
|
Total tangible
assets
|
$
24,100,104
|
|
$
24,589,809
|
|
$
24,688,172
|
|
$
24,971,250
|
|
$
23,931,446
|
|
$
24,100,104
|
|
$
23,931,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
Assets
|
13.60 %
|
|
13.02 %
|
|
12.73 %
|
|
12.47 %
|
|
12.76 %
|
|
13.60 %
|
|
12.76 %
|
Tangible Common Equity
to Tangible Assets
|
9.64 %
|
|
9.11 %
|
|
8.80 %
|
|
8.55 %
|
|
8.67 %
|
|
9.64 %
|
|
8.67 %
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
166,114
|
|
$
167,595
|
|
$
171,441
|
|
$
175,328
|
|
$
185,909
|
|
$
680,478
|
|
$
646,283
|
Provision for credit
losses
|
21,194
|
|
20,833
|
|
40,831
|
|
47,140
|
|
35,946
|
|
129,998
|
|
61,898
|
Noninterest
income
|
24,069
|
|
26,245
|
|
24,652
|
|
23,898
|
|
23,448
|
|
98,864
|
|
91,550
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
55,687
|
|
56,226
|
|
55,196
|
|
56,442
|
|
52,296
|
|
223,551
|
|
196,823
|
Occupancy and
equipment expenses
|
11,865
|
|
11,437
|
|
11,175
|
|
11,606
|
|
11,482
|
|
46,083
|
|
45,081
|
Data processing and
telecommunications expenses
|
12,540
|
|
11,786
|
|
11,898
|
|
11,797
|
|
11,085
|
|
48,021
|
|
43,957
|
Other noninterest
expenses
|
33,089
|
|
20,274
|
|
27,643
|
|
19,023
|
|
21,811
|
|
100,029
|
|
85,953
|
Total noninterest
expense
|
113,181
|
|
99,723
|
|
105,912
|
|
98,868
|
|
96,674
|
|
417,684
|
|
371,814
|
Income before income
tax expense
|
55,808
|
|
73,284
|
|
49,350
|
|
53,218
|
|
76,737
|
|
231,660
|
|
304,121
|
Income tax
expense
|
17,206
|
|
18,283
|
|
13,312
|
|
12,848
|
|
16,545
|
|
61,649
|
|
75,367
|
Net income
|
$
38,602
|
|
$
55,001
|
|
$
36,038
|
|
$
40,370
|
|
$
60,192
|
|
$
170,011
|
|
$
228,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
24,053
|
|
$
22,805
|
|
$
21,417
|
|
$
20,027
|
|
$
19,837
|
|
$
88,302
|
|
$
79,194
|
Provision for credit
losses
|
1,005
|
|
2,399
|
|
3,278
|
|
2,853
|
|
(2,778)
|
|
9,535
|
|
12,351
|
Noninterest
income
|
30,588
|
|
35,691
|
|
39,808
|
|
31,058
|
|
24,011
|
|
137,145
|
|
182,039
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
16,996
|
|
21,231
|
|
21,930
|
|
20,160
|
|
19,164
|
|
80,317
|
|
107,810
|
Occupancy and
equipment expenses
|
1,210
|
|
1,182
|
|
1,224
|
|
1,283
|
|
1,242
|
|
4,899
|
|
5,579
|
Data processing and
telecommunications expenses
|
1,318
|
|
1,052
|
|
1,397
|
|
1,069
|
|
1,203
|
|
4,836
|
|
4,580
|
Other noninterest
expenses
|
11,634
|
|
12,153
|
|
11,859
|
|
11,747
|
|
11,126
|
|
47,393
|
|
48,224
|
Total noninterest
expense
|
31,158
|
|
35,618
|
|
36,410
|
|
34,259
|
|
32,735
|
|
137,445
|
|
166,193
|
Income before income
tax expense
|
22,478
|
|
20,479
|
|
21,537
|
|
13,973
|
|
13,891
|
|
78,467
|
|
82,689
|
Income tax
expense
|
4,720
|
|
4,301
|
|
4,523
|
|
2,934
|
|
2,916
|
|
16,478
|
|
17,364
|
Net income
|
$
17,758
|
|
$
16,178
|
|
$
17,014
|
|
$
11,039
|
|
$
10,975
|
|
$
61,989
|
|
$
65,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 5,965
|
|
$ 6,008
|
|
$ 6,166
|
|
$ 5,700
|
|
$ 6,601
|
|
$
23,839
|
|
$
26,727
|
Provision for credit
losses
|
(68)
|
|
(589)
|
|
411
|
|
(194)
|
|
117
|
|
(440)
|
|
(1,074)
|
Noninterest
income
|
929
|
|
662
|
|
1,404
|
|
480
|
|
579
|
|
3,475
|
|
4,537
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
296
|
|
924
|
|
772
|
|
802
|
|
427
|
|
2,794
|
|
1,973
|
Occupancy and
equipment expenses
|
3
|
|
1
|
|
—
|
|
1
|
|
1
|
|
5
|
|
4
|
Data processing and
telecommunications expenses
|
51
|
|
30
|
|
44
|
|
46
|
|
49
|
|
171
|
|
187
|
Other noninterest
expenses
|
229
|
|
219
|
|
223
|
|
202
|
|
191
|
|
873
|
|
830
|
Total noninterest
expense
|
579
|
|
1,174
|
|
1,039
|
|
1,051
|
|
668
|
|
3,843
|
|
2,994
|
Income before income
tax expense
|
6,383
|
|
6,085
|
|
6,120
|
|
5,323
|
|
6,395
|
|
23,911
|
|
29,344
|
Income tax
expense
|
1,340
|
|
1,278
|
|
1,285
|
|
1,118
|
|
1,342
|
|
5,021
|
|
6,162
|
Net income
|
$ 5,043
|
|
$ 4,807
|
|
$ 4,835
|
|
$ 4,205
|
|
$ 5,053
|
|
$
18,890
|
|
$
23,182
|
AMERIS BANCORP AND
SUBSIDIARIES
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
Dec
|
|
Dec
|
|
Dec
|
(dollars in
thousands)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
SBA
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 2,168
|
|
$ 1,962
|
|
$ 2,331
|
|
$ 1,957
|
|
$ 2,491
|
|
$ 8,418
|
|
$
14,724
|
Provision for credit
losses
|
794
|
|
1,677
|
|
424
|
|
(104)
|
|
265
|
|
2,791
|
|
(349)
|
Noninterest
income
|
653
|
|
579
|
|
1,476
|
|
605
|
|
302
|
|
3,313
|
|
6,265
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,014
|
|
1,209
|
|
1,316
|
|
1,309
|
|
1,306
|
|
4,848
|
|
5,305
|
Occupancy and
equipment expenses
|
36
|
|
36
|
|
40
|
|
37
|
|
98
|
|
149
|
|
360
|
Data processing and
telecommunications expenses
|
19
|
|
32
|
|
46
|
|
37
|
|
30
|
|
134
|
|
116
|
Other noninterest
expenses
|
(189)
|
|
157
|
|
333
|
|
422
|
|
368
|
|
723
|
|
1,387
|
Total noninterest
expense
|
880
|
|
1,434
|
|
1,735
|
|
1,805
|
|
1,802
|
|
5,854
|
|
7,168
|
Income before income
tax expense
|
1,147
|
|
(570)
|
|
1,648
|
|
861
|
|
726
|
|
3,086
|
|
14,170
|
Income tax
expense
|
241
|
|
(120)
|
|
346
|
|
181
|
|
153
|
|
648
|
|
2,976
|
Net income
|
$
906
|
|
$
(450)
|
|
$ 1,302
|
|
$
680
|
|
$
573
|
|
$ 2,438
|
|
$
11,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 7,801
|
|
$ 9,381
|
|
$ 8,185
|
|
$ 8,640
|
|
$ 9,299
|
|
$
34,007
|
|
$
34,098
|
Provision for credit
losses
|
27
|
|
139
|
|
572
|
|
34
|
|
(660)
|
|
772
|
|
(1,129)
|
Noninterest
income
|
9
|
|
4
|
|
9
|
|
9
|
|
8
|
|
31
|
|
33
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,973
|
|
2,308
|
|
2,122
|
|
2,197
|
|
2,003
|
|
8,600
|
|
7,808
|
Occupancy and
equipment expenses
|
83
|
|
89
|
|
83
|
|
59
|
|
82
|
|
314
|
|
337
|
Data processing and
telecommunications expenses
|
100
|
|
73
|
|
66
|
|
85
|
|
119
|
|
324
|
|
388
|
Other noninterest
expenses
|
1,057
|
|
1,027
|
|
1,036
|
|
1,097
|
|
978
|
|
4,217
|
|
3,953
|
Total noninterest
expense
|
3,213
|
|
3,497
|
|
3,307
|
|
3,438
|
|
3,182
|
|
13,455
|
|
12,486
|
Income before income
tax expense
|
4,570
|
|
5,749
|
|
4,315
|
|
5,177
|
|
6,785
|
|
19,811
|
|
22,774
|
Income tax
expense
|
945
|
|
1,170
|
|
869
|
|
1,050
|
|
1,357
|
|
4,034
|
|
4,689
|
Net income
|
$ 3,625
|
|
$ 4,579
|
|
$ 3,446
|
|
$ 4,127
|
|
$ 5,428
|
|
$
15,777
|
|
$
18,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
206,101
|
|
$
207,751
|
|
$
209,540
|
|
$
211,652
|
|
$
224,137
|
|
$
835,044
|
|
$
801,026
|
Provision for credit
losses
|
22,952
|
|
24,459
|
|
45,516
|
|
49,729
|
|
32,890
|
|
142,656
|
|
71,697
|
Noninterest
income
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
48,348
|
|
242,828
|
|
284,424
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
75,966
|
|
81,898
|
|
81,336
|
|
80,910
|
|
75,196
|
|
320,110
|
|
319,719
|
Occupancy and
equipment expenses
|
13,197
|
|
12,745
|
|
12,522
|
|
12,986
|
|
12,905
|
|
51,450
|
|
51,361
|
Data processing and
telecommunications expenses
|
14,028
|
|
12,973
|
|
13,451
|
|
13,034
|
|
12,486
|
|
53,486
|
|
49,228
|
Other noninterest
expenses
|
45,820
|
|
33,830
|
|
41,094
|
|
32,491
|
|
34,474
|
|
153,235
|
|
140,347
|
Total noninterest
expense
|
149,011
|
|
141,446
|
|
148,403
|
|
139,421
|
|
135,061
|
|
578,281
|
|
560,655
|
Income before income
tax expense
|
90,386
|
|
105,027
|
|
82,970
|
|
78,552
|
|
104,534
|
|
356,935
|
|
453,098
|
Income tax
expense
|
24,452
|
|
24,912
|
|
20,335
|
|
18,131
|
|
22,313
|
|
87,830
|
|
106,558
|
Net income
|
$
65,934
|
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
$
82,221
|
|
$
269,105
|
|
$
346,540
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ameris-bancorp-announces-fourth-quarter-and-full-year-2023-financial-results-302045181.html
SOURCE Ameris Bancorp