Ameris Bancorp Announces Financial Results For First Quarter 2021
ATLANTA, April 22, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $125.0 million, or $1.79 per diluted share, for the quarter ended March 31, 2021, compared with $19.3 million, or $0.28 per diluted share, for the quarter ended March 31, 2020. The increase in net income is primarily attributable to a reduction in provision for credit losses of $69.6 million and an increase in mortgage banking activity for the quarter of $63.2 million. The Company reported adjusted net income of $115.7 million, or $1.66 per diluted share, for the quarter ended March 31, 2021, compared with $39.2 million, or $0.56 per diluted share, for the same period in 2020. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on sale of bank premises and expenses related to the COVID-19 pandemic.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are pleased with our first quarter results, where we saw solid loan growth, increases in core deposits, stable credit, robust fees and continued momentum in our banking division efficiency initiatives. An improving economy, which resulted in a reversal of provision expense and a recovery of previous MSR (mortgage servicing right) impairment, along with the tremendous core earnings power of Ameris, resulted in tangible book value growth of 6.7% this quarter. Our teammates have continued to remain focused on our key initiatives of superior and innovative customer service, which delivers top-in-class financial results. We are excited about the opportunities we see in our markets and the strength that we have going into the remainder of 2021."
Significant items from the Company's results for the first quarter of 2021 include the following:
- Net income of $125.0 million, or $1.79 per diluted share, compared with $94.3 million, or $1.36 per diluted share, in the fourth quarter of 2020
- Growth in tangible book value of 6.7%, or $1.58 per share, to $25.27 at March 31, 2021, compared with $23.69 at December 31, 2020
- Growth in total revenue of $7.4 million, or 2.7%, compared with the fourth quarter of 2020
- Adjusted return on average assets of 2.26%, compared with 2.04% in the fourth quarter of 2020
- Mortgage production remained strong and retail mortgage pipeline ended $326.7 million higher than at December 31, 2020
- Adjusted efficiency ratio of 54.62%, compared with 52.67% in the fourth quarter of 2020 and 59.87% in the first quarter of 2020
- Net interest margin of 3.57%, compared with 3.64% in the fourth quarter of 2020
- Continued growth in noninterest bearing deposits representing 38.07% of total deposits, up from 36.27% at December 31, 2020 and 30.53% a year ago
- Annualized net charge-offs of 0.12% of average total loans
Following is a summary of the adjustments between reported net income and adjusted net income:
Adjusted Net Income Reconciliation |
|||||||
Three Months Ended |
|||||||
March 31, |
|||||||
(dollars in thousands, except per share data) |
2021 |
2020 |
|||||
Net income available to common shareholders |
$ |
124,962 |
$ |
19,322 |
|||
Adjustment items: |
|||||||
Merger and conversion charges |
— |
540 |
|||||
Servicing right impairment (recovery) |
(10,639) |
22,165 |
|||||
Gain on BOLI proceeds |
(603) |
— |
|||||
Expenses related to SEC and DOJ investigation |
— |
1,443 |
|||||
Natural disaster and pandemic charges (Note 1) |
— |
548 |
|||||
(Gain) loss on sale of premises |
(264) |
470 |
|||||
Tax effect of adjustment items (Note 2) |
2,290 |
(5,283) |
|||||
After-tax adjustment items |
(9,216) |
19,883 |
|||||
Adjusted net income |
$ |
115,746 |
$ |
39,205 |
|||
Reported net income per diluted share |
$ |
1.79 |
$ |
0.28 |
|||
Adjusted net income per diluted share |
$ |
1.66 |
$ |
0.56 |
|||
Reported return on average assets |
2.44 |
% |
0.43 |
% |
|||
Adjusted return on average assets |
2.26 |
% |
0.87 |
% |
|||
Reported return on average common equity |
18.80 |
% |
3.16 |
% |
|||
Adjusted return on average tangible common equity |
27.66 |
% |
10.98 |
% |
|||
Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment |
|||||||
Note 2: A portion of the merger and conversion charges for 1Q20 are nondeductible for tax purposes. |
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the first quarter of 2021 totaled $166.2 million, compared with $164.8 million for the fourth quarter of 2020 and $149.0 million for the first quarter of 2020. The Company's net interest margin was 3.57% for the first quarter of 2021, down from 3.64% reported for the fourth quarter of 2020 and 3.70% reported for the first 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 increased materially during the quarter. The yield on earning assets declined 13 basis points due to this excess liquidity, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of 9 basis points during the quarter. Accretion income for the first quarter of 2021 increased to $6.1 million, compared with $4.7 million for the fourth quarter of 2020, and decreased from $6.6 million for the first quarter of 2020. The increase in accretion income for the first quarter is primarily attributable to increased payoffs of acquired loans during the first quarter of 2021.
Yields on loans increased to 4.53% during the first quarter of 2021, compared with 4.41% for the fourth quarter of 2020, and decreased from 5.02% reported for the first quarter of 2020. Contributing to interest income on loans for the first quarter of 2021 was $9.2 million related to accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.3 million in the fourth quarter of 2020. Loan production in the banking division during the first quarter of 2021 was $600.6 million, with weighted average yields of 3.80%, compared with $785.0 million and 3.86%, respectively, in the fourth quarter of 2020, but was below pre-pandemic levels seen in the first quarter last year of $918.4 million and 4.55%, respectively. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.5 billion during the first quarter of 2021, with weighted average yields of 3.15%, compared with $7.7 billion and 3.25%, respectively, during the fourth quarter of 2020 and $4.0 billion and 4.15%, respectively, during the first quarter of 2020. Loan production yields in the lines of business were negatively impacted 11 basis points during the first quarter of 2021 by originations of PPP loans in our SBA division.
Interest expense during the first quarter of 2021 decreased to $13.0 million, compared with $15.3 million in the fourth quarter of 2020 and $34.8 million in the first quarter of 2020. The Company's total cost of funds moved six basis points lower to 0.30% in the first quarter of 2021 as compared with the fourth quarter of 2020. Deposit costs also decreased six basis points during the first quarter of 2021 to 0.16%, compared with 0.22% in the fourth quarter of 2020. Costs of interest-bearing deposits decreased during the quarter from 0.34% in the fourth quarter of 2020 to 0.25% in the first quarter of 2021.
Noninterest Income
Noninterest income increased $5.8 million, or 5.2%, in the first quarter of 2021 to $118.0 million, compared with $112.1 million for the fourth quarter of 2020, primarily as a result of increased mortgage banking activity and other noninterest income, as further discussed below.
Mortgage banking activity increased $3.3 million, or 3.5%, to $98.5 million in the first quarter of 2021, compared with $95.2 million for the fourth quarter of 2020. This increase was the result of a recovery of previously recorded servicing right impairment, partially offset by a decrease in gain on sale of loans. Gain on sale spreads decreased to 3.95% in the first quarter of 2021 from 4.34% for the fourth quarter of 2020. Total production in the retail mortgage division decreased to $2.64 billion in the first quarter of 2021, compared with $2.81 billion for the fourth quarter of 2020. Mortgage banking activity was positively impacted during the first quarter of 2021 by a $9.7 million servicing right recovery, compared with an impairment of $9.1 million for the fourth quarter of 2020. The retail mortgage open pipeline was $2.33 billion at the end of the first quarter of 2021, compared with $2.00 billion at December 31, 2020.
Service charge revenue decreased $636,000, or 5.5%, to $10.8 million in the first quarter of 2021, compared with $11.5 million for the fourth quarter of 2020, resulting from a decrease in volume. Other noninterest income increased $3.1 million, or 69.3%, in the first quarter of 2021 to $7.7 million, compared with $4.5 million for the fourth quarter of 2020, primarily as a result of a SBA servicing right recovery of $906,000 in the first quarter of 2021, compared with an impairment of $355,000 for the fourth quarter of 2020, a gain on BOLI proceeds of $603,000 and an increase in gain on sale of loans of $765,000.
Noninterest Expense
Noninterest expense decreased $2.3 million, or 1.5%, to $148.8 million during the first quarter of 2021, compared with $151.1 million for the fourth quarter of 2020. During the first quarter of 2021, the Company recorded a net gain of $264,000 related to sale of premises. During the fourth quarter of 2020, the Company recorded $258,000 in charges to earnings related to certain legal expenses and natural disaster and pandemic charges, partially offset by a gain on sale of premises. Excluding these charges, adjusted expenses decreased approximately $1.8 million, or 1.2%, to $149.1 million in the first quarter of 2021, from $150.9 million in the fourth quarter of 2020. The majority of this decrease is attributable to a $765,000 expense related to the final termination of the remaining loss-share agreements with the FDIC and a $1.0 million donation to the Ameris Bank Foundation recorded in the fourth quarter of 2020. The adjusted efficiency ratio was 54.62% in the first quarter of 2021, compared with 52.67% in the fourth quarter of 2020.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2021 was 23.2%, compared with 25.2% in the fourth quarter of 2020. The decreased rate for the first quarter of 2021 was primarily a result of a large return to provision adjustment made when the Company filed its 2019 income tax returns in the fourth quarter of 2020.
Balance Sheet Trends
Total assets at March 31, 2021 were $21.43 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $16.11 billion at March 31, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $14.60 billion at March 31, 2021, compared with $14.48 billion at December 31, 2020, an increase of $118.9 million, or 0.8%. Loan production in the banking division during the first quarter of 2021 was down 23% from the fourth quarter of 2020 and 35% from the first quarter of 2020.
At March 31, 2021, total deposits amounted to $17.88 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At March 31, 2021, noninterest-bearing deposit accounts were $6.80 billion, or 38.1% 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 $10.99 billion at March 31, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 61.5% of the Company's total deposits at March 31, 2021, compared with 60.3% at the end of 2020.
Shareholders' equity at March 31, 2021 totaled $2.76 billion, an increase of $110.5 million, or 4.2%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $125.0 million during the first quarter of 2021, partially offset by dividends declared. Tangible book value per share was $25.27 at March 31, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.62% at March 31, 2021, compared with 8.47% at the end of 2020.
Credit Quality
Credit quality remains strong in the Company. During the first quarter of 2021, the Company recorded a provision for credit losses reversal of $28.6 million, compared with a provision reversal of $1.5 million in the fourth quarter of 2020. This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment, home prices and commercial real estate prices, compared with forecast conditions during the fourth quarter of 2020. The positive impact of the improved economic forecast was partially offset, however, by growth in adverse qualitative factors in our commercial real estate and consumer installment portfolios. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the first quarter of 2021 equaled approximately 1.9% of total loans, down from approximately 2.9% and 19.0% of total loans at the end of the fourth and second quarters of 2020, respectively. Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.40% during the quarter. The net charge-off ratio was 12 basis points for the first quarter of 2021, compared with 70 basis points in the fourth quarter of 2020 and 14 basis points in the first quarter of 2020.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 23, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until May 7, 2021. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10153876. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 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 proposed 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 |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands except per share data) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
EARNINGS |
|||||||||||||||||||
Net income |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
32,236 |
$ |
19,322 |
|||||||||
Adjusted net income |
$ |
115,746 |
$ |
101,995 |
$ |
116,879 |
$ |
42,423 |
$ |
39,205 |
|||||||||
COMMON SHARE DATA |
|||||||||||||||||||
Earnings per share available to common shareholders |
|||||||||||||||||||
Basic |
$ |
1.80 |
$ |
1.36 |
$ |
1.68 |
$ |
0.47 |
$ |
0.28 |
|||||||||
Diluted |
$ |
1.79 |
$ |
1.36 |
$ |
1.67 |
$ |
0.47 |
$ |
0.28 |
|||||||||
Adjusted diluted EPS |
$ |
1.66 |
$ |
1.47 |
$ |
1.69 |
$ |
0.61 |
$ |
0.56 |
|||||||||
Cash dividends per share |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
|||||||||
Book value per share (period end) |
$ |
39.56 |
$ |
38.07 |
$ |
36.91 |
$ |
35.42 |
$ |
35.10 |
|||||||||
Tangible book value per share (period end) |
$ |
25.27 |
$ |
23.69 |
$ |
22.46 |
$ |
20.90 |
$ |
20.44 |
|||||||||
Weighted average number of shares |
|||||||||||||||||||
Basic |
69,391,734 |
69,252,307 |
69,230,667 |
69,191,778 |
69,247,661 |
||||||||||||||
Diluted |
69,740,860 |
69,493,105 |
69,346,141 |
69,292,972 |
69,502,022 |
||||||||||||||
Period end number of shares |
69,713,426 |
69,541,481 |
69,490,546 |
69,462,782 |
69,441,274 |
||||||||||||||
Market data |
|||||||||||||||||||
High intraday price |
$ |
57.81 |
$ |
39.53 |
$ |
27.81 |
$ |
29.82 |
$ |
43.79 |
|||||||||
Low intraday price |
$ |
36.60 |
$ |
22.37 |
$ |
19.91 |
$ |
17.12 |
$ |
17.89 |
|||||||||
Period end closing price |
$ |
52.51 |
$ |
38.07 |
$ |
22.78 |
$ |
23.59 |
$ |
23.76 |
|||||||||
Average daily volume |
460,744 |
394,641 |
359,059 |
470,151 |
461,692 |
||||||||||||||
PERFORMANCE RATIOS |
|||||||||||||||||||
Return on average assets |
2.44 |
% |
1.89 |
% |
2.33 |
% |
0.67 |
% |
0.43 |
% |
|||||||||
Adjusted return on average assets |
2.26 |
% |
2.04 |
% |
2.35 |
% |
0.89 |
% |
0.87 |
% |
|||||||||
Return on average common equity |
18.80 |
% |
14.30 |
% |
18.27 |
% |
5.23 |
% |
3.16 |
% |
|||||||||
Adjusted return on average tangible common equity |
27.66 |
% |
25.04 |
% |
30.53 |
% |
11.66 |
% |
10.98 |
% |
|||||||||
Earning asset yield (TE) |
3.85 |
% |
3.98 |
% |
4.02 |
% |
4.32 |
% |
4.56 |
% |
|||||||||
Total cost of funds |
0.30 |
% |
0.36 |
% |
0.41 |
% |
0.52 |
% |
0.91 |
% |
|||||||||
Net interest margin (TE) |
3.57 |
% |
3.64 |
% |
3.64 |
% |
3.83 |
% |
3.70 |
% |
|||||||||
Noninterest income excluding securities transactions, as a percent of total revenue |
39.71 |
% |
38.37 |
% |
46.72 |
% |
39.35 |
% |
22.83 |
% |
|||||||||
Efficiency ratio |
52.59 |
% |
54.83 |
% |
47.80 |
% |
54.70 |
% |
68.23 |
% |
|||||||||
Adjusted efficiency ratio (TE) |
54.62 |
% |
52.67 |
% |
47.34 |
% |
51.08 |
% |
59.87 |
% |
|||||||||
CAPITAL ADEQUACY (period end) |
|||||||||||||||||||
Shareholders' equity to assets |
12.87 |
% |
12.95 |
% |
12.90 |
% |
12.38 |
% |
13.37 |
% |
|||||||||
Tangible common equity to tangible assets |
8.62 |
% |
8.47 |
% |
8.27 |
% |
7.70 |
% |
8.25 |
% |
|||||||||
EQUITY TO ASSETS RECONCILIATION |
|||||||||||||||||||
Tangible common equity to tangible assets |
8.62 |
% |
8.47 |
% |
8.27 |
% |
7.70 |
% |
8.25 |
% |
|||||||||
Effect of goodwill and other intangibles |
4.25 |
% |
4.48 |
% |
4.63 |
% |
4.68 |
% |
5.12 |
% |
|||||||||
Equity to assets (GAAP) |
12.87 |
% |
12.95 |
% |
12.90 |
% |
12.38 |
% |
13.37 |
% |
|||||||||
OTHER DATA (period end) |
|||||||||||||||||||
Full time equivalent employees |
|||||||||||||||||||
Banking Division |
1,815 |
1,816 |
1,807 |
1,832 |
1,865 |
||||||||||||||
Retail Mortgage Division |
765 |
748 |
734 |
692 |
689 |
||||||||||||||
Warehouse Lending Division |
12 |
12 |
11 |
9 |
9 |
||||||||||||||
SBA Division |
29 |
24 |
33 |
42 |
44 |
||||||||||||||
Premium Finance Division |
70 |
71 |
71 |
70 |
72 |
||||||||||||||
Total Ameris Bancorp FTE headcount |
2,691 |
2,671 |
2,656 |
2,645 |
2,679 |
||||||||||||||
Assets per Banking Division FTE |
$ |
11,806 |
$ |
11,255 |
$ |
10,998 |
$ |
10,848 |
$ |
9,772 |
|||||||||
Branch locations |
165 |
164 |
170 |
170 |
170 |
||||||||||||||
Deposits per branch location |
$ |
108,339 |
$ |
103,401 |
$ |
94,493 |
$ |
91,705 |
$ |
81,439 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Income Statement |
Table 2 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands except per share data) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Interest income |
|||||||||||||||||||
Interest and fees on loans |
$ |
171,157 |
$ |
171,971 |
$ |
172,351 |
$ |
175,345 |
$ |
171,242 |
|||||||||
Interest on taxable securities |
6,118 |
6,398 |
7,259 |
9,347 |
10,082 |
||||||||||||||
Interest on nontaxable securities |
141 |
150 |
159 |
157 |
157 |
||||||||||||||
Interest on deposits in other banks |
522 |
252 |
153 |
123 |
1,211 |
||||||||||||||
Interest on federal funds sold |
12 |
12 |
12 |
46 |
76 |
||||||||||||||
Total interest income |
177,950 |
178,783 |
179,934 |
185,018 |
182,768 |
||||||||||||||
Interest expense |
|||||||||||||||||||
Interest on deposits |
6,798 |
8,870 |
11,822 |
14,273 |
24,102 |
||||||||||||||
Interest on other borrowings |
6,175 |
6,457 |
5,574 |
6,931 |
10,721 |
||||||||||||||
Total interest expense |
12,973 |
15,327 |
17,396 |
21,204 |
34,823 |
||||||||||||||
Net interest income |
164,977 |
163,456 |
162,538 |
163,814 |
147,945 |
||||||||||||||
Provision for loan losses |
(16,579) |
(6,700) |
26,692 |
68,449 |
37,047 |
||||||||||||||
Provision for unfunded commitments |
(11,839) |
5,481 |
(10,131) |
19,712 |
4,000 |
||||||||||||||
Provision for other credit losses |
(173) |
(291) |
1,121 |
— |
— |
||||||||||||||
Provision for credit losses |
(28,591) |
(1,510) |
17,682 |
88,161 |
41,047 |
||||||||||||||
Net interest income after provision for credit losses |
193,568 |
164,966 |
144,856 |
75,653 |
106,898 |
||||||||||||||
Noninterest income |
|||||||||||||||||||
Service charges on deposits accounts |
10,829 |
11,465 |
10,914 |
9,922 |
11,844 |
||||||||||||||
Mortgage banking activity |
98,486 |
95,192 |
138,627 |
104,925 |
35,333 |
||||||||||||||
Other service charges, commissions and fees |
1,016 |
965 |
1,039 |
949 |
961 |
||||||||||||||
Gain (loss) on securities |
(12) |
— |
— |
14 |
(9) |
||||||||||||||
Other noninterest income |
7,654 |
4,521 |
8,438 |
5,150 |
6,250 |
||||||||||||||
Total noninterest income |
117,973 |
112,143 |
159,018 |
120,960 |
54,379 |
||||||||||||||
Noninterest expense |
|||||||||||||||||||
Salaries and employee benefits |
95,985 |
92,466 |
96,698 |
95,168 |
75,946 |
||||||||||||||
Occupancy and equipment expenses |
11,781 |
12,709 |
13,805 |
13,807 |
12,028 |
||||||||||||||
Data processing and telecommunications expenses |
11,884 |
11,323 |
12,226 |
10,514 |
11,954 |
||||||||||||||
Credit resolution related expenses(1) |
547 |
1,156 |
802 |
950 |
2,198 |
||||||||||||||
Advertising and marketing expenses |
1,431 |
3,267 |
966 |
1,455 |
2,358 |
||||||||||||||
Amortization of intangible assets |
4,126 |
4,190 |
4,190 |
5,601 |
5,631 |
||||||||||||||
Merger and conversion charges |
— |
— |
(44) |
895 |
540 |
||||||||||||||
Other noninterest expenses |
23,044 |
26,005 |
25,049 |
27,378 |
27,398 |
||||||||||||||
Total noninterest expense |
148,798 |
151,116 |
153,692 |
155,768 |
138,053 |
||||||||||||||
Income before income tax expense |
162,743 |
125,993 |
150,182 |
40,845 |
23,224 |
||||||||||||||
Income tax expense |
37,781 |
31,708 |
34,037 |
8,609 |
3,902 |
||||||||||||||
Net income |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
32,236 |
$ |
19,322 |
|||||||||
Diluted earnings per common share |
$ |
1.79 |
$ |
1.36 |
$ |
1.67 |
$ |
0.47 |
$ |
0.28 |
|||||||||
(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 |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Assets |
|||||||||||||||||||
Cash and due from banks |
$ |
224,159 |
$ |
203,349 |
$ |
257,026 |
$ |
292,899 |
$ |
255,312 |
|||||||||
Federal funds sold and interest-bearing deposits in banks |
2,534,969 |
1,913,957 |
494,765 |
428,560 |
396,844 |
||||||||||||||
Time deposits in other banks |
249 |
249 |
249 |
249 |
249 |
||||||||||||||
Investment securities available for sale, at fair value |
859,652 |
982,879 |
1,117,436 |
1,238,896 |
1,353,040 |
||||||||||||||
Other investments |
27,620 |
28,202 |
47,329 |
76,453 |
81,754 |
||||||||||||||
Loans held for sale, at fair value |
1,509,528 |
1,167,659 |
1,414,889 |
1,736,397 |
1,398,229 |
||||||||||||||
Loans, net of unearned income |
14,599,805 |
14,480,925 |
14,943,593 |
14,503,157 |
13,094,106 |
||||||||||||||
Allowance for credit losses |
(178,570) |
(199,422) |
(231,924) |
(208,793) |
(149,524) |
||||||||||||||
Loans, net |
14,421,235 |
14,281,503 |
14,711,669 |
14,294,364 |
12,944,582 |
||||||||||||||
Other real estate owned |
8,841 |
11,880 |
17,969 |
23,563 |
21,027 |
||||||||||||||
Premises and equipment, net |
231,550 |
222,890 |
231,278 |
230,118 |
231,347 |
||||||||||||||
Goodwill |
928,005 |
928,005 |
928,005 |
928,005 |
931,947 |
||||||||||||||
Other intangible assets, net |
67,848 |
71,974 |
76,164 |
80,354 |
85,955 |
||||||||||||||
Cash value of bank owned life insurance |
176,575 |
176,467 |
175,605 |
175,011 |
176,239 |
||||||||||||||
Deferred income taxes, net |
22,367 |
33,314 |
53,039 |
56,306 |
24,196 |
||||||||||||||
Other assets |
414,529 |
416,310 |
348,428 |
311,454 |
323,827 |
||||||||||||||
Total assets |
$ |
21,427,127 |
$ |
20,438,638 |
$ |
19,873,851 |
$ |
19,872,629 |
$ |
18,224,548 |
|||||||||
Liabilities |
|||||||||||||||||||
Deposits |
|||||||||||||||||||
Noninterest-bearing |
$ |
6,804,776 |
$ |
6,151,070 |
$ |
5,909,316 |
$ |
5,595,868 |
$ |
4,226,253 |
|||||||||
Interest-bearing |
11,071,097 |
10,806,753 |
10,154,490 |
9,993,950 |
9,618,365 |
||||||||||||||
Total deposits |
17,875,873 |
16,957,823 |
16,063,806 |
15,589,818 |
13,844,618 |
||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
9,320 |
11,641 |
9,103 |
12,879 |
15,160 |
||||||||||||||
Other borrowings |
425,231 |
425,155 |
875,255 |
1,418,336 |
1,543,371 |
||||||||||||||
Subordinated deferrable interest debentures |
124,833 |
124,345 |
123,860 |
123,375 |
122,890 |
||||||||||||||
FDIC loss-share payable, net |
— |
— |
19,476 |
18,903 |
18,111 |
||||||||||||||
Other liabilities |
234,274 |
272,586 |
217,668 |
249,188 |
243,248 |
||||||||||||||
Total liabilities |
18,669,531 |
17,791,550 |
17,309,168 |
17,412,499 |
15,787,398 |
||||||||||||||
Shareholders' Equity |
|||||||||||||||||||
Preferred stock |
— |
— |
— |
— |
— |
||||||||||||||
Common stock |
71,954 |
71,754 |
71,703 |
71,674 |
71,652 |
||||||||||||||
Capital stock |
1,917,990 |
1,913,285 |
1,911,031 |
1,909,839 |
1,908,721 |
||||||||||||||
Retained earnings |
785,984 |
671,510 |
587,657 |
481,948 |
460,153 |
||||||||||||||
Accumulated other comprehensive income, net of tax |
26,090 |
33,505 |
37,252 |
39,613 |
39,551 |
||||||||||||||
Treasury stock |
(44,422) |
(42,966) |
(42,960) |
(42,944) |
(42,927) |
||||||||||||||
Total shareholders' equity |
2,757,596 |
2,647,088 |
2,564,683 |
2,460,130 |
2,437,150 |
||||||||||||||
Total liabilities and shareholders' equity |
$ |
21,427,127 |
$ |
20,438,638 |
$ |
19,873,851 |
$ |
19,872,629 |
$ |
18,224,548 |
|||||||||
Other Data |
|||||||||||||||||||
Earning assets |
$ |
19,531,823 |
$ |
18,573,871 |
$ |
18,018,261 |
$ |
17,983,712 |
$ |
16,324,222 |
|||||||||
Intangible assets |
995,853 |
999,979 |
1,004,169 |
1,008,359 |
1,017,902 |
||||||||||||||
Interest-bearing liabilities |
11,630,481 |
11,367,894 |
11,162,708 |
11,548,540 |
11,299,786 |
||||||||||||||
Average assets |
20,734,414 |
19,876,338 |
19,810,084 |
19,222,181 |
18,056,445 |
||||||||||||||
Average common shareholders' equity |
2,695,005 |
2,622,942 |
2,529,471 |
2,478,373 |
2,456,617 |
||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Asset Quality Information |
Table 4 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Allowance for Credit Losses |
|||||||||||||||||||
Balance at beginning of period |
$ |
233,105 |
$ |
260,417 |
$ |
246,295 |
$ |
167,315 |
$ |
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 |
||||||||||||||
Provision for loan losses |
(16,579) |
(6,700) |
26,692 |
68,449 |
37,047 |
||||||||||||||
Provision for unfunded commitments |
(11,839) |
5,481 |
(10,131) |
19,712 |
4,000 |
||||||||||||||
Provision for other credit losses |
(173) |
(291) |
1,121 |
— |
— |
||||||||||||||
Provision for credit losses |
(28,591) |
(1,510) |
17,682 |
88,161 |
41,047 |
||||||||||||||
Charge-offs |
7,574 |
29,094 |
7,370 |
11,282 |
6,718 |
||||||||||||||
Recoveries |
3,301 |
3,292 |
3,810 |
2,101 |
2,345 |
||||||||||||||
Net charge-offs |
4,273 |
25,802 |
3,560 |
9,181 |
4,373 |
||||||||||||||
Ending balance |
$ |
200,241 |
$ |
233,105 |
$ |
260,417 |
$ |
246,295 |
$ |
167,315 |
|||||||||
Allowance for loan losses |
$ |
178,570 |
$ |
199,422 |
$ |
231,924 |
$ |
208,793 |
$ |
149,524 |
|||||||||
Allowance for unfunded commitments |
21,014 |
32,853 |
27,372 |
37,502 |
17,791 |
||||||||||||||
Allowance for other credit losses |
657 |
830 |
1,121 |
— |
— |
||||||||||||||
Total allowance for credit losses |
$ |
200,241 |
$ |
233,105 |
$ |
260,417 |
$ |
246,295 |
$ |
167,315 |
|||||||||
Net Charge-off Information |
|||||||||||||||||||
Charge-offs |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
2,370 |
$ |
5,960 |
$ |
1,715 |
$ |
486 |
$ |
2,486 |
|||||||||
Consumer installment |
1,448 |
2,861 |
677 |
962 |
1,142 |
||||||||||||||
Indirect automobile |
829 |
658 |
697 |
1,016 |
1,231 |
||||||||||||||
Premium Finance |
1,343 |
2,240 |
1,158 |
1,904 |
831 |
||||||||||||||
Real estate - construction and development |
26 |
— |
9 |
74 |
— |
||||||||||||||
Real estate - commercial and farmland |
1,395 |
17,284 |
2,977 |
6,315 |
928 |
||||||||||||||
Real estate - residential |
163 |
91 |
137 |
525 |
100 |
||||||||||||||
Total charge-offs |
7,574 |
29,094 |
7,370 |
11,282 |
6,718 |
||||||||||||||
Recoveries |
|||||||||||||||||||
Commercial, financial and agricultural |
727 |
754 |
470 |
303 |
362 |
||||||||||||||
Consumer installment |
356 |
480 |
516 |
436 |
321 |
||||||||||||||
Indirect automobile |
700 |
637 |
317 |
359 |
344 |
||||||||||||||
Premium Finance |
1,122 |
605 |
1,224 |
676 |
684 |
||||||||||||||
Real estate - construction and development |
167 |
125 |
182 |
168 |
342 |
||||||||||||||
Real estate - commercial and farmland |
41 |
439 |
904 |
21 |
85 |
||||||||||||||
Real estate - residential |
188 |
252 |
197 |
138 |
207 |
||||||||||||||
Total recoveries |
3,301 |
3,292 |
3,810 |
2,101 |
2,345 |
||||||||||||||
Net charge-offs |
$ |
4,273 |
$ |
25,802 |
$ |
3,560 |
$ |
9,181 |
$ |
4,373 |
|||||||||
Non-Performing Assets |
|||||||||||||||||||
Nonaccrual loans |
$ |
71,189 |
$ |
76,457 |
$ |
138,163 |
$ |
77,745 |
$ |
77,866 |
|||||||||
Other real estate owned |
8,841 |
11,880 |
17,969 |
23,563 |
21,027 |
||||||||||||||
Repossessed assets |
840 |
544 |
258 |
1,348 |
783 |
||||||||||||||
Accruing loans delinquent 90 days or more |
5,097 |
8,326 |
7,003 |
15,126 |
11,974 |
||||||||||||||
Total non-performing assets |
$ |
85,967 |
$ |
97,207 |
$ |
163,393 |
$ |
117,782 |
$ |
111,650 |
|||||||||
Asset Quality Ratios |
|||||||||||||||||||
Non-performing assets as a percent of total assets |
0.40 |
% |
0.48 |
% |
0.82 |
% |
0.59 |
% |
0.61 |
% |
|||||||||
Net charge-offs as a percent of average loans (annualized) |
0.12 |
% |
0.70 |
% |
0.10 |
% |
0.27 |
% |
0.14 |
% |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Loan Information |
Table 5 |
||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Loans by Type |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
1,611,029 |
$ |
1,627,477 |
$ |
1,879,788 |
$ |
1,839,921 |
$ |
827,392 |
|||||||||
Consumer installment |
257,097 |
306,995 |
450,810 |
575,782 |
520,592 |
||||||||||||||
Indirect automobile |
482,637 |
580,083 |
682,396 |
739,543 |
937,736 |
||||||||||||||
Mortgage warehouse |
880,216 |
916,353 |
995,942 |
748,853 |
547,328 |
||||||||||||||
Municipal |
659,228 |
659,403 |
725,669 |
731,508 |
749,633 |
||||||||||||||
Premium Finance |
706,379 |
687,841 |
710,890 |
690,584 |
661,845 |
||||||||||||||
Real estate - construction and development |
1,533,234 |
1,606,710 |
1,628,255 |
1,641,744 |
1,628,367 |
||||||||||||||
Real estate - commercial and farmland |
5,616,826 |
5,300,006 |
5,116,252 |
4,804,420 |
4,516,451 |
||||||||||||||
Real estate - residential |
2,853,159 |
2,796,057 |
2,753,591 |
2,730,802 |
2,704,762 |
||||||||||||||
Total loans |
$ |
14,599,805 |
$ |
14,480,925 |
$ |
14,943,593 |
$ |
14,503,157 |
$ |
13,094,106 |
|||||||||
Troubled Debt Restructurings |
|||||||||||||||||||
Accruing troubled debt restructurings |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
930 |
$ |
521 |
$ |
459 |
$ |
591 |
$ |
575 |
|||||||||
Consumer installment |
27 |
32 |
36 |
42 |
4 |
||||||||||||||
Indirect automobile |
1,931 |
2,277 |
2,689 |
— |
— |
||||||||||||||
Mortgage warehouse |
— |
— |
— |
— |
— |
||||||||||||||
Municipal |
— |
— |
— |
— |
— |
||||||||||||||
Premium Finance |
— |
— |
— |
— |
159 |
||||||||||||||
Real estate - construction and development |
501 |
506 |
510 |
919 |
925 |
||||||||||||||
Real estate - commercial and farmland |
59,398 |
36,707 |
56,417 |
5,252 |
5,587 |
||||||||||||||
Real estate - residential |
33,324 |
38,800 |
28,777 |
30,253 |
22,775 |
||||||||||||||
Total accruing troubled debt restructurings |
$ |
96,111 |
$ |
78,843 |
$ |
88,888 |
$ |
37,057 |
$ |
30,025 |
|||||||||
Nonaccrual troubled debt restructurings |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
854 |
$ |
849 |
$ |
1,002 |
$ |
1,034 |
$ |
334 |
|||||||||
Consumer installment |
53 |
56 |
64 |
67 |
105 |
||||||||||||||
Indirect automobile |
321 |
461 |
482 |
— |
— |
||||||||||||||
Mortgage warehouse |
— |
— |
— |
— |
— |
||||||||||||||
Municipal |
— |
— |
— |
— |
— |
||||||||||||||
Premium Finance |
— |
— |
— |
— |
— |
||||||||||||||
Real estate - construction and development |
706 |
707 |
709 |
307 |
289 |
||||||||||||||
Real estate - commercial and farmland |
2,233 |
1,401 |
19,942 |
1,878 |
2,415 |
||||||||||||||
Real estate - residential |
2,818 |
2,671 |
4,477 |
2,231 |
3,078 |
||||||||||||||
Total nonaccrual troubled debt restructurings |
$ |
6,985 |
$ |
6,145 |
$ |
26,676 |
$ |
5,517 |
$ |
6,221 |
|||||||||
Total troubled debt restructurings |
$ |
103,096 |
$ |
84,988 |
$ |
115,564 |
$ |
42,574 |
$ |
36,246 |
|||||||||
Loans by Risk Grade |
|||||||||||||||||||
Grade 1 - Prime credit |
$ |
1,381,205 |
$ |
1,368,661 |
$ |
1,845,900 |
$ |
1,789,709 |
$ |
774,956 |
|||||||||
Grade 2 - Strong credit |
893,387 |
869,581 |
838,267 |
801,273 |
785,770 |
||||||||||||||
Grade 3 - Good credit |
6,805,583 |
6,624,154 |
6,189,269 |
5,784,754 |
5,772,834 |
||||||||||||||
Grade 4 - Satisfactory credit |
4,507,148 |
4,794,672 |
4,989,617 |
5,643,133 |
4,353,733 |
||||||||||||||
Grade 5 - Fair credit |
616,896 |
452,350 |
643,502 |
212,667 |
1,131,128 |
||||||||||||||
Grade 6 - Other assets especially mentioned |
135,213 |
108,541 |
151,501 |
108,704 |
106,885 |
||||||||||||||
Grade 7 - Substandard |
260,369 |
262,947 |
285,537 |
162,917 |
168,561 |
||||||||||||||
Grade 8 - Doubtful |
— |
19 |
— |
— |
239 |
||||||||||||||
Grade 9 - Loss |
4 |
— |
— |
— |
— |
||||||||||||||
Total loans |
$ |
14,599,805 |
$ |
14,480,925 |
$ |
14,943,593 |
$ |
14,503,157 |
$ |
13,094,106 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Average Balances |
Table 6 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Earning Assets |
|||||||||||||||||||
Federal funds sold |
$ |
20,000 |
$ |
20,000 |
$ |
20,004 |
$ |
24,265 |
$ |
27,380 |
|||||||||
Interest-bearing deposits in banks |
2,145,403 |
879,481 |
467,188 |
398,284 |
419,260 |
||||||||||||||
Time deposits in other banks |
249 |
249 |
249 |
249 |
249 |
||||||||||||||
Investment securities - taxable |
910,834 |
1,024,335 |
1,160,585 |
1,281,980 |
1,359,651 |
||||||||||||||
Investment securities - nontaxable |
19,225 |
20,112 |
21,619 |
21,576 |
22,839 |
||||||||||||||
Other investments |
27,516 |
31,552 |
64,656 |
79,143 |
73,972 |
||||||||||||||
Loans held for sale |
1,284,821 |
1,281,762 |
1,507,481 |
1,614,080 |
1,587,131 |
||||||||||||||
Loans |
14,453,975 |
14,752,664 |
14,688,317 |
13,915,406 |
12,712,997 |
||||||||||||||
Total Earning Assets |
$ |
18,862,023 |
$ |
18,010,155 |
$ |
17,930,099 |
$ |
17,334,983 |
$ |
16,203,479 |
|||||||||
Deposits |
|||||||||||||||||||
Noninterest-bearing deposits |
$ |
6,412,268 |
$ |
5,970,672 |
$ |
5,782,163 |
$ |
5,061,578 |
$ |
4,080,920 |
|||||||||
NOW accounts |
3,182,245 |
2,968,596 |
2,718,315 |
2,441,305 |
2,287,947 |
||||||||||||||
MMDA |
4,761,279 |
4,534,243 |
4,273,899 |
4,221,906 |
4,004,644 |
||||||||||||||
Savings accounts |
823,039 |
793,414 |
749,314 |
692,382 |
643,422 |
||||||||||||||
Retail CDs |
2,066,410 |
2,109,600 |
2,274,150 |
2,471,134 |
2,624,209 |
||||||||||||||
Brokered CDs |
1,000 |
1,140 |
1,933 |
2,043 |
61,190 |
||||||||||||||
Total Deposits |
17,246,241 |
16,377,665 |
15,799,774 |
14,890,348 |
13,702,332 |
||||||||||||||
Non-Deposit Funding |
|||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
9,284 |
9,929 |
10,483 |
12,452 |
15,637 |
||||||||||||||
FHLB advances |
48,951 |
127,797 |
799,034 |
1,212,537 |
1,267,303 |
||||||||||||||
Other borrowings |
376,260 |
376,295 |
272,443 |
269,300 |
269,454 |
||||||||||||||
Subordinated deferrable interest debentures |
124,574 |
124,091 |
123,604 |
123,120 |
127,731 |
||||||||||||||
Total Non-Deposit Funding |
559,069 |
638,112 |
1,205,564 |
1,617,409 |
1,680,125 |
||||||||||||||
Total Funding |
$ |
17,805,310 |
$ |
17,015,777 |
$ |
17,005,338 |
$ |
16,507,757 |
$ |
15,382,457 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Interest Income and Interest Expense (TE) |
Table 7 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Interest Income |
|||||||||||||||||||
Federal funds sold |
$ |
12 |
$ |
13 |
$ |
13 |
$ |
45 |
$ |
76 |
|||||||||
Interest-bearing deposits in banks |
521 |
251 |
152 |
122 |
1,210 |
||||||||||||||
Time deposits in other banks |
1 |
1 |
1 |
1 |
1 |
||||||||||||||
Investment securities - taxable |
6,118 |
6,398 |
7,260 |
9,346 |
10,082 |
||||||||||||||
Investment securities - nontaxable (TE) |
178 |
190 |
202 |
198 |
199 |
||||||||||||||
Loans held for sale |
10,827 |
9,705 |
10,365 |
14,053 |
13,637 |
||||||||||||||
Loans (TE) |
161,473 |
163,532 |
163,352 |
162,617 |
158,636 |
||||||||||||||
Total Earning Assets |
$ |
179,130 |
$ |
180,090 |
$ |
181,345 |
$ |
186,382 |
$ |
183,841 |
|||||||||
Accretion income (included above) |
$ |
6,127 |
$ |
4,688 |
$ |
6,525 |
$ |
9,576 |
$ |
6,562 |
|||||||||
Interest Expense |
|||||||||||||||||||
Interest-Bearing Deposits |
|||||||||||||||||||
NOW accounts |
$ |
926 |
$ |
1,091 |
$ |
1,394 |
$ |
1,265 |
$ |
2,774 |
|||||||||
MMDA |
1,998 |
2,326 |
2,823 |
3,764 |
9,748 |
||||||||||||||
Savings accounts |
124 |
143 |
112 |
94 |
210 |
||||||||||||||
Retail CDs |
3,744 |
5,301 |
7,484 |
9,136 |
11,064 |
||||||||||||||
Brokered CDs |
6 |
9 |
9 |
14 |
306 |
||||||||||||||
Total Interest-Bearing Deposits |
6,798 |
8,870 |
11,822 |
14,273 |
24,102 |
||||||||||||||
Non-Deposit Funding |
|||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
7 |
8 |
9 |
25 |
40 |
||||||||||||||
FHLB advances |
192 |
245 |
661 |
1,686 |
5,109 |
||||||||||||||
Other borrowings |
4,638 |
4,635 |
3,558 |
3,487 |
3,511 |
||||||||||||||
Subordinated deferrable interest debentures |
1,338 |
1,569 |
1,346 |
1,733 |
2,061 |
||||||||||||||
Total Non-Deposit Funding |
6,175 |
6,457 |
5,574 |
6,931 |
10,721 |
||||||||||||||
Total Interest-Bearing Funding |
$ |
12,973 |
$ |
15,327 |
$ |
17,396 |
$ |
21,204 |
$ |
34,823 |
|||||||||
Net Interest Income (TE) |
$ |
166,157 |
$ |
164,763 |
$ |
163,949 |
$ |
165,178 |
$ |
149,018 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||
FINANCIAL TABLES |
||||||||||||||
Yields(1) |
Table 8 |
|||||||||||||
Three Months Ended |
||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
||||||||||
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||
Earning Assets |
||||||||||||||
Federal funds sold |
0.24 |
% |
0.26 |
% |
0.26 |
% |
0.75 |
% |
1.12 |
% |
||||
Interest-bearing deposits in banks |
0.10 |
% |
0.11 |
% |
0.13 |
% |
0.12 |
% |
1.16 |
% |
||||
Time deposits in other banks |
1.63 |
% |
1.60 |
% |
1.60 |
% |
1.62 |
% |
1.62 |
% |
||||
Investment securities - taxable |
2.72 |
% |
2.48 |
% |
2.49 |
% |
2.93 |
% |
2.98 |
% |
||||
Investment securities - nontaxable (TE) |
3.75 |
% |
3.76 |
% |
3.72 |
% |
3.69 |
% |
3.50 |
% |
||||
Loans held for sale |
3.42 |
% |
3.01 |
% |
2.74 |
% |
3.50 |
% |
3.46 |
% |
||||
Loans (TE) |
4.53 |
% |
4.41 |
% |
4.42 |
% |
4.70 |
% |
5.02 |
% |
||||
Total Earning Assets |
3.85 |
% |
3.98 |
% |
4.02 |
% |
4.32 |
% |
4.56 |
% |
||||
Interest-Bearing Deposits |
||||||||||||||
NOW accounts |
0.12 |
% |
0.15 |
% |
0.20 |
% |
0.21 |
% |
0.49 |
% |
||||
MMDA |
0.17 |
% |
0.20 |
% |
0.26 |
% |
0.36 |
% |
0.98 |
% |
||||
Savings accounts |
0.06 |
% |
0.07 |
% |
0.06 |
% |
0.05 |
% |
0.13 |
% |
||||
Retail CDs |
0.73 |
% |
1.00 |
% |
1.31 |
% |
1.49 |
% |
1.70 |
% |
||||
Brokered CDs |
2.43 |
% |
3.14 |
% |
1.85 |
% |
2.76 |
% |
2.01 |
% |
||||
Total Interest-Bearing Deposits |
0.25 |
% |
0.34 |
% |
0.47 |
% |
0.58 |
% |
1.01 |
% |
||||
Non-Deposit Funding |
||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
0.31 |
% |
0.32 |
% |
0.34 |
% |
0.81 |
% |
1.03 |
% |
||||
FHLB advances |
1.59 |
% |
0.76 |
% |
0.33 |
% |
0.56 |
% |
1.62 |
% |
||||
Other borrowings |
5.00 |
% |
4.90 |
% |
5.20 |
% |
5.21 |
% |
5.24 |
% |
||||
Subordinated deferrable interest debentures |
4.36 |
% |
5.03 |
% |
4.33 |
% |
5.66 |
% |
6.49 |
% |
||||
Total Non-Deposit Funding |
4.48 |
% |
4.03 |
% |
1.84 |
% |
1.72 |
% |
2.57 |
% |
||||
Total Interest-Bearing Liabilities |
0.46 |
% |
0.55 |
% |
0.62 |
% |
0.75 |
% |
1.24 |
% |
||||
Net Interest Spread |
3.39 |
% |
3.43 |
% |
3.40 |
% |
3.57 |
% |
3.32 |
% |
||||
Net Interest Margin(2) |
3.57 |
% |
3.64 |
% |
3.64 |
% |
3.83 |
% |
3.70 |
% |
||||
Total Cost of Funds(3) |
0.30 |
% |
0.36 |
% |
0.41 |
% |
0.52 |
% |
0.91 |
% |
||||
(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 |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands except per share data) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Net income available to common shareholders |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
32,236 |
$ |
19,322 |
|||||||||
Adjustment items: |
|||||||||||||||||||
Merger and conversion charges |
— |
— |
(44) |
895 |
540 |
||||||||||||||
Restructuring charges |
— |
— |
50 |
1,463 |
— |
||||||||||||||
Servicing right impairment (recovery) |
(10,639) |
9,501 |
412 |
7,989 |
22,165 |
||||||||||||||
Gain on BOLI proceeds |
(603) |
— |
(103) |
(845) |
— |
||||||||||||||
Expenses related to SEC and DOJ Investigation |
— |
53 |
268 |
1,294 |
1,443 |
||||||||||||||
Natural disaster and pandemic charges (Note 1) |
— |
235 |
470 |
2,043 |
548 |
||||||||||||||
(Gain) loss on sale of premises |
(264) |
(30) |
(97) |
281 |
470 |
||||||||||||||
Tax effect of adjustment items (Note 2) |
2,290 |
(2,049) |
(222) |
(2,933) |
(5,283) |
||||||||||||||
After tax adjustment items |
(9,216) |
7,710 |
734 |
10,187 |
19,883 |
||||||||||||||
Adjusted net income |
$ |
115,746 |
$ |
101,995 |
$ |
116,879 |
$ |
42,423 |
$ |
39,205 |
|||||||||
Weighted average number of shares - diluted |
69,740,860 |
69,493,105 |
69,346,141 |
69,292,972 |
69,502,022 |
||||||||||||||
Net income per diluted share |
$ |
1.79 |
$ |
1.36 |
$ |
1.67 |
$ |
0.47 |
$ |
0.28 |
|||||||||
Adjusted net income per diluted share |
$ |
1.66 |
$ |
1.47 |
$ |
1.69 |
$ |
0.61 |
$ |
0.56 |
|||||||||
Average assets |
$ |
20,734,414 |
$ |
19,876,338 |
$ |
19,810,084 |
$ |
19,222,181 |
$ |
18,056,445 |
|||||||||
Return on average assets |
2.44 |
% |
1.89 |
% |
2.33 |
% |
0.67 |
% |
0.43 |
% |
|||||||||
Adjusted return on average assets |
2.26 |
% |
2.04 |
% |
2.35 |
% |
0.89 |
% |
0.87 |
% |
|||||||||
Average common equity |
$ |
2,695,005 |
$ |
2,622,942 |
$ |
2,529,471 |
$ |
2,478,373 |
$ |
2,456,617 |
|||||||||
Average tangible common equity |
$ |
1,696,946 |
$ |
1,620,742 |
$ |
1,523,066 |
$ |
1,462,871 |
$ |
1,436,108 |
|||||||||
Return on average common equity |
18.80 |
% |
14.30 |
% |
18.27 |
% |
5.23 |
% |
3.16 |
% |
|||||||||
Adjusted return on average tangible common equity |
27.66 |
% |
25.04 |
% |
30.53 |
% |
11.66 |
% |
10.98 |
% |
|||||||||
Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce. |
|||||||||||||||||||
Note 2: A portion of the merger and conversion charges for 1Q20 are nondeductible for tax purposes. |
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Non-GAAP Reconciliations (continued) |
|||||||||||||||||||
Adjusted Efficiency Ratio (TE) |
Table 9B |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Adjusted Noninterest Expense |
|||||||||||||||||||
Total noninterest expense |
$ |
148,798 |
$ |
151,116 |
$ |
153,692 |
$ |
155,768 |
$ |
138,053 |
|||||||||
Adjustment items: |
|||||||||||||||||||
Merger and conversion charges |
— |
— |
44 |
(895) |
(540) |
||||||||||||||
Restructuring charges |
— |
— |
(50) |
(1,463) |
— |
||||||||||||||
Expenses related to SEC and DOJ Investigation |
— |
(53) |
(268) |
(1,294) |
(1,443) |
||||||||||||||
Natural disaster and pandemic charges |
— |
(235) |
(470) |
(2,043) |
(548) |
||||||||||||||
Gain (loss) on sale of premises |
264 |
30 |
97 |
(281) |
(470) |
||||||||||||||
Adjusted noninterest expense |
$ |
149,062 |
$ |
150,858 |
$ |
153,045 |
$ |
149,792 |
$ |
135,052 |
|||||||||
Total Revenue |
|||||||||||||||||||
Net interest income |
$ |
164,977 |
$ |
163,456 |
$ |
162,538 |
$ |
163,814 |
$ |
147,945 |
|||||||||
Noninterest income |
117,973 |
112,143 |
159,018 |
120,960 |
54,379 |
||||||||||||||
Total revenue |
$ |
282,950 |
$ |
275,599 |
$ |
321,556 |
$ |
284,774 |
$ |
202,324 |
|||||||||
Adjusted Total Revenue |
|||||||||||||||||||
Net interest income (TE) |
$ |
166,157 |
$ |
164,763 |
$ |
163,949 |
$ |
165,178 |
$ |
149,018 |
|||||||||
Noninterest income |
117,973 |
112,143 |
159,018 |
120,960 |
54,379 |
||||||||||||||
Total revenue (TE) |
284,130 |
276,906 |
322,967 |
286,138 |
203,397 |
||||||||||||||
Adjustment items: |
|||||||||||||||||||
(Gain) loss on securities |
12 |
— |
— |
(14) |
9 |
||||||||||||||
Gain on BOLI proceeds |
(603) |
— |
(103) |
(845) |
— |
||||||||||||||
Servicing right impairment (recovery) |
(10,639) |
9,501 |
412 |
7,989 |
22,165 |
||||||||||||||
Adjusted total revenue (TE) |
$ |
272,900 |
$ |
286,407 |
$ |
323,276 |
$ |
293,268 |
$ |
225,571 |
|||||||||
Efficiency ratio |
52.59 |
% |
54.83 |
% |
47.80 |
% |
54.70 |
% |
68.23 |
% |
|||||||||
Adjusted efficiency ratio (TE) |
54.62 |
% |
52.67 |
% |
47.34 |
% |
51.08 |
% |
59.87 |
% |
|||||||||
Tangible Book Value Per Share |
Table 9C |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands except per share data) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Total shareholders' equity |
$ |
2,757,596 |
$ |
2,647,088 |
$ |
2,564,683 |
$ |
2,460,130 |
$ |
2,437,150 |
|||||||||
Less: |
|||||||||||||||||||
Goodwill |
928,005 |
928,005 |
928,005 |
928,005 |
931,947 |
||||||||||||||
Other intangibles, net |
67,848 |
71,974 |
76,164 |
80,354 |
85,955 |
||||||||||||||
Total tangible shareholders' equity |
$ |
1,761,743 |
$ |
1,647,109 |
$ |
1,560,514 |
$ |
1,451,771 |
$ |
1,419,248 |
|||||||||
Period end number of shares |
69,713,426 |
69,541,481 |
69,490,546 |
69,462,782 |
69,441,274 |
||||||||||||||
Book value per share (period end) |
$ |
39.56 |
$ |
38.07 |
$ |
36.91 |
$ |
35.42 |
$ |
35.10 |
|||||||||
Tangible book value per share (period end) |
$ |
25.27 |
$ |
23.69 |
$ |
22.46 |
$ |
20.90 |
$ |
20.44 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Segment Reporting |
Table 10 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
Banking Division |
|||||||||||||||||||
Net interest income |
$ |
112,816 |
$ |
112,964 |
$ |
119,562 |
$ |
120,330 |
$ |
118,375 |
|||||||||
Provision for credit losses |
(23,904) |
1,847 |
487 |
86,805 |
35,997 |
||||||||||||||
Noninterest income |
16,738 |
15,659 |
15,265 |
14,468 |
17,773 |
||||||||||||||
Noninterest expense |
|||||||||||||||||||
Salaries and employee benefits |
42,723 |
38,668 |
39,718 |
40,423 |
41,621 |
||||||||||||||
Occupancy and equipment expenses |
10,120 |
10,958 |
11,955 |
11,679 |
10,347 |
||||||||||||||
Data processing and telecommunications expenses |
10,201 |
9,608 |
9,716 |
8,919 |
10,797 |
||||||||||||||
Other noninterest expenses |
19,710 |
25,806 |
21,517 |
27,997 |
30,645 |
||||||||||||||
Total noninterest expense |
82,754 |
85,040 |
82,906 |
89,018 |
93,410 |
||||||||||||||
Income (loss) before income tax expense |
70,704 |
41,736 |
51,434 |
(41,025) |
6,741 |
||||||||||||||
Income tax expense (benefit) |
18,456 |
13,992 |
13,453 |
(8,582) |
275 |
||||||||||||||
Net income (loss) |
$ |
52,248 |
$ |
27,744 |
$ |
37,981 |
$ |
(32,443) |
$ |
6,466 |
|||||||||
Retail Mortgage Division |
|||||||||||||||||||
Net interest income |
$ |
18,984 |
$ |
19,908 |
$ |
20,393 |
$ |
24,302 |
$ |
17,756 |
|||||||||
Provision for credit losses |
(4,553) |
(1,621) |
15,051 |
423 |
1,997 |
||||||||||||||
Noninterest income |
97,640 |
94,109 |
137,583 |
104,195 |
34,369 |
||||||||||||||
Noninterest expense |
|||||||||||||||||||
Salaries and employee benefits |
49,838 |
50,165 |
53,500 |
50,003 |
31,097 |
||||||||||||||
Occupancy and equipment expenses |
1,476 |
1,577 |
1,676 |
1,953 |
1,504 |
||||||||||||||
Data processing and telecommunications expenses |
1,546 |
1,534 |
2,349 |
1,406 |
986 |
||||||||||||||
Other noninterest expenses |
8,189 |
7,442 |
7,889 |
6,949 |
5,875 |
||||||||||||||
Total noninterest expense |
61,049 |
60,718 |
65,414 |
60,311 |
39,462 |
||||||||||||||
Income before income tax expense |
60,128 |
54,920 |
77,511 |
67,763 |
10,666 |
||||||||||||||
Income tax expense |
12,627 |
11,535 |
16,112 |
14,231 |
2,408 |
||||||||||||||
Net income |
$ |
47,501 |
$ |
43,385 |
$ |
61,399 |
$ |
53,532 |
$ |
8,258 |
|||||||||
Warehouse Lending Division |
|||||||||||||||||||
Net interest income |
$ |
9,906 |
$ |
9,017 |
$ |
6,546 |
$ |
5,026 |
$ |
3,302 |
|||||||||
Provision for credit losses |
(145) |
1,673 |
495 |
403 |
(9) |
||||||||||||||
Noninterest income |
980 |
1,113 |
1,064 |
727 |
960 |
||||||||||||||
Noninterest expense |
|||||||||||||||||||
Salaries and employee benefits |
330 |
296 |
266 |
209 |
210 |
||||||||||||||
Occupancy and equipment expenses |
1 |
1 |
1 |
1 |
1 |
||||||||||||||
Data processing and telecommunications expenses |
49 |
101 |
73 |
55 |
41 |
||||||||||||||
Other noninterest expenses |
33 |
26 |
28 |
88 |
34 |
||||||||||||||
Total noninterest expense |
413 |
424 |
368 |
353 |
286 |
||||||||||||||
Income before income tax expense |
10,618 |
8,033 |
6,747 |
4,997 |
3,985 |
||||||||||||||
Income tax expense |
2,230 |
1,687 |
1,431 |
1,049 |
837 |
||||||||||||||
Net income |
$ |
8,388 |
$ |
6,346 |
$ |
5,316 |
$ |
3,948 |
$ |
3,148 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Segment Reporting (continued) |
Table 10 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Mar |
Dec |
Sep |
Jun |
Mar |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||
SBA Division |
|||||||||||||||||||
Net interest income |
$ |
16,635 |
$ |
14,909 |
$ |
8,966 |
$ |
7,034 |
$ |
2,181 |
|||||||||
Provision for credit losses |
(547) |
(2,997) |
4,297 |
2,322 |
(903) |
||||||||||||||
Noninterest income |
2,611 |
1,247 |
5,106 |
1,570 |
1,277 |
||||||||||||||
Noninterest expense |
|||||||||||||||||||
Salaries and employee benefits |
1,382 |
1,233 |
1,572 |
2,612 |
1,476 |
||||||||||||||
Occupancy and equipment expenses |
106 |
100 |
97 |
97 |
97 |
||||||||||||||
Data processing and telecommunications expenses |
1 |
1 |
4 |
15 |
13 |
||||||||||||||
Other noninterest expenses |
295 |
363 |
595 |
359 |
515 |
||||||||||||||
Total noninterest expense |
1,784 |
1,697 |
2,268 |
3,083 |
2,101 |
||||||||||||||
Income before income tax expense |
18,009 |
17,456 |
7,507 |
3,199 |
2,260 |
||||||||||||||
Income tax expense |
3,782 |
3,666 |
1,577 |
671 |
475 |
||||||||||||||
Net income |
$ |
14,227 |
$ |
13,790 |
$ |
5,930 |
$ |
2,528 |
$ |
1,785 |
|||||||||
Premium Finance Division |
|||||||||||||||||||
Net interest income |
$ |
6,636 |
$ |
6,658 |
$ |
7,071 |
$ |
7,122 |
$ |
6,331 |
|||||||||
Provision for credit losses |
558 |
(412) |
(2,648) |
(1,792) |
3,965 |
||||||||||||||
Noninterest income |
4 |
15 |
— |
— |
— |
||||||||||||||
Noninterest expense |
|||||||||||||||||||
Salaries and employee benefits |
1,712 |
2,104 |
1,642 |
1,921 |
1,542 |
||||||||||||||
Occupancy and equipment expenses |
78 |
73 |
76 |
77 |
79 |
||||||||||||||
Data processing and telecommunications expenses |
87 |
79 |
84 |
119 |
117 |
||||||||||||||
Other noninterest expenses |
921 |
981 |
934 |
886 |
1,056 |
||||||||||||||
Total noninterest expense |
2,798 |
3,237 |
2,736 |
3,003 |
2,794 |
||||||||||||||
Income (loss) before income tax expense |
3,284 |
3,848 |
6,983 |
5,911 |
(428) |
||||||||||||||
Income tax expense (benefit) |
686 |
828 |
1,464 |
1,240 |
(93) |
||||||||||||||
Net income (loss) |
$ |
2,598 |
$ |
3,020 |
$ |
5,519 |
$ |
4,671 |
$ |
(335) |
|||||||||
Total Consolidated |
|||||||||||||||||||
Net interest income |
$ |
164,977 |
$ |
163,456 |
$ |
162,538 |
$ |
163,814 |
$ |
147,945 |
|||||||||
Provision for credit losses |
(28,591) |
(1,510) |
17,682 |
88,161 |
41,047 |
||||||||||||||
Noninterest income |
117,973 |
112,143 |
159,018 |
120,960 |
54,379 |
||||||||||||||
Noninterest expense |
|||||||||||||||||||
Salaries and employee benefits |
95,985 |
92,466 |
96,698 |
95,168 |
75,946 |
||||||||||||||
Occupancy and equipment expenses |
11,781 |
12,709 |
13,805 |
13,807 |
12,028 |
||||||||||||||
Data processing and telecommunications expenses |
11,884 |
11,323 |
12,226 |
10,514 |
11,954 |
||||||||||||||
Other noninterest expenses |
29,148 |
34,618 |
30,963 |
36,279 |
38,125 |
||||||||||||||
Total noninterest expense |
148,798 |
151,116 |
153,692 |
155,768 |
138,053 |
||||||||||||||
Income before income tax expense |
162,743 |
125,993 |
150,182 |
40,845 |
23,224 |
||||||||||||||
Income tax expense |
37,781 |
31,708 |
34,037 |
8,609 |
3,902 |
||||||||||||||
Net income |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
32,236 |
$ |
19,322 |
|||||||||
SOURCE Ameris Bancorp
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