Ameris Bancorp Announces Financial Results For Second Quarter 2020
ATLANTA, July 27, 2020 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020, compared with $38.9 million, or $0.82 per diluted share, for the quarter ended June 30, 2019. The decrease in net income is primarily attributable to increases in provision for credit loss expense of $83.5 million and salaries and employee benefits of $19.2 million, partially offset by an increase of $86.4 million in mortgage banking activity compared with the second quarter of 2019. The Company reported adjusted net income of $42.4 million, or $0.61 per diluted share, for the quarter ended June 30, 2020, compared with $45.2 million, or $0.96 per diluted share, for the same period in 2019. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.
For the year-to-date period ending June 30, 2020, the Company reported net income of $51.6 million, or $0.74 per diluted share, compared with $78.8 million, or $1.66 per diluted share, for the same period in 2019. The Company reported adjusted net income of $81.6 million, or $1.18 per diluted share, for the six months ended June 30, 2020, compared with $87.8 million, or $1.85 per diluted share, for the same period in 2019. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The challenges of COVID-19 and the global economy certainly affect how we do business, but our bankers have quickly adapted to the new operating environment. We successfully managed deposit costs to improve the margin by 13 basis points, allowing us to fund over $1.4 billion in new loan growth (including PPP loans), and our mortgage division continued to see historic production and profitability. We increased our allowance for credit losses on loans to over $208 million, while still earning $32 million for the quarter. We believe we are properly positioned for the future."
Significant items from the Company's results for the second quarter of 2020 include the following:
- Net income of $32.2 million, or $0.47 per diluted share, compared with $19.3 million, or $0.28 per diluted share, in the first quarter of 2020
- Growth in adjusted total revenue of $67.7 million, or 30.0%, compared with the first quarter of 2020
- Increase in income from mortgage banking activity of $69.6 million compared with the first quarter of 2020
- Adjusted efficiency ratio of 51.08%, compared with 59.87% in the first quarter of 2020
- Net interest margin of 3.83%, compared with 3.70% in the first quarter of 2020
- Adjusted return on average assets of 0.89%, compared with 0.87% in the first quarter of 2020
- Improvement in deposit mix such that noninterest bearing deposits represent 35.89% of total deposits, up from 29.94% at December 31, 2019 and 28.92% a year ago
- Annualized net charge-offs of 0.27% of average total loans
- Non-performing assets of 0.59% of total assets, compared with 0.56% at the end of 2019
Following is a summary of the adjustments between reported net income and adjusted net income:
Adjusted Net Income Reconciliation |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
June 30, |
June 30, |
||||||||||||||
(dollars in thousands, except per share data) |
2020 |
2019 |
2020 |
2019 |
|||||||||||
Net income available to common shareholders |
$ |
32,236 |
$ |
38,904 |
$ |
51,558 |
$ |
78,809 |
|||||||
Adjustment items: |
|||||||||||||||
Merger and conversion charges |
895 |
3,475 |
1,435 |
5,532 |
|||||||||||
Restructuring charges |
1,463 |
— |
1,463 |
245 |
|||||||||||
Servicing right impairment |
7,989 |
1,460 |
30,154 |
1,460 |
|||||||||||
Natural disaster and pandemic charges |
2,043 |
50 |
2,591 |
(39) |
|||||||||||
Gain on BOLI proceeds |
(845) |
— |
(845) |
— |
|||||||||||
Expenses related to SEC and DOJ investigation |
1,294 |
— |
2,737 |
— |
|||||||||||
Loss on sale of premises |
281 |
2,800 |
751 |
3,719 |
|||||||||||
Tax effect of adjustment items |
(2,933) |
(1,479) |
(8,216) |
(1,929) |
|||||||||||
After-tax adjustment items |
10,187 |
6,306 |
30,070 |
8,988 |
|||||||||||
Adjusted net income |
$ |
42,423 |
$ |
45,210 |
$ |
81,628 |
$ |
87,797 |
|||||||
Reported net income per diluted share |
$ |
0.47 |
$ |
0.82 |
$ |
0.74 |
$ |
1.66 |
|||||||
Adjusted net income per diluted share |
$ |
0.61 |
$ |
0.96 |
$ |
1.18 |
$ |
1.85 |
|||||||
Reported return on average assets |
0.67 |
% |
1.34 |
% |
0.56 |
% |
1.38 |
% |
|||||||
Adjusted return on average assets |
0.89 |
% |
1.56 |
% |
0.88 |
% |
1.54 |
% |
|||||||
Reported return on average common equity |
5.23 |
% |
10.27 |
% |
4.17 |
% |
10.60 |
% |
|||||||
Adjusted return on average tangible common equity |
11.66 |
% |
18.79 |
% |
11.18 |
% |
18.81 |
% |
|||||||
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the second quarter of 2020 totaled $165.2 million, compared with $149.0 million for the first quarter of 2020 and $102.7 million for the second quarter of 2019. The Company's net interest margin was 3.83% for the second quarter of 2020, up from 3.70% reported for the first quarter of 2020 and down from 3.91% reported for the second quarter of 2019. The increase in net interest margin in the current quarter is primarily attributable to an increase in accretion income and a decrease in the cost of interest-bearing liabilities, partially offset by a decrease in the yield on loans as market interest rates declined. Accretion income for the second quarter of 2020 increased to $9.6 million, compared with $6.6 million for the first quarter of 2020, and increased from $3.1 million for the second quarter of 2019. The increase in accretion income in the second quarter is primarily attributable to payoffs of acquired loans.
Yields on all loans decreased to 4.70% during the second quarter of 2020, compared with 5.02% for the first quarter of 2020 and 5.34% reported for the second quarter of 2019. Loan production in the banking division during the second quarter of 2020 totaled $472.1 million, with weighted average yields of 4.16%, compared with $918.4 million and 4.55%, respectively, in the first quarter of 2020 and $854.7 million and 5.49%, respectively, in the second quarter of 2019. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.2 billion during the second quarter of 2020, with weighted average yields of 3.17%, compared with $3.9 billion and 4.15%, respectively, during the first quarter of 2020 and $2.6 billion and 5.20%, respectively, during the second quarter of 2019. Loan production yields in the lines of business were materially impacted by originations of Paycheck Protection Program ("PPP") loans in our SBA division. Excluding PPP loans, loan production in the lines of business amounted to $6.1 billion during the second quarter of 2020, with weighted average yields of 3.53%.
Interest expense during the second quarter of 2020 decreased to $21.2 million, compared with $34.8 million in the first quarter of 2020, and $27.4 million in the second quarter of 2019. The Company's total cost of funds moved 39 basis points lower to 0.52% in the second quarter of 2020 as compared with the first quarter of 2020. Deposit costs decreased 32 basis points during the second quarter of 2020 to 0.39%, compared with 0.71% in the first quarter of 2020. Costs of interest-bearing deposits decreased during the quarter from 1.01% in the first quarter of 2020 to 0.58% in the second quarter of 2020.
Noninterest Income
Noninterest income increased $66.6 million, or 122.4%, in the second quarter of 2020 to $121.0 million, compared with $54.4 million for the first quarter of 2020, primarily as a result of increased mortgage banking activity.
Mortgage banking activity increased $69.6 million, or 197.0%, to $104.9 million in the second quarter of 2020, compared with $35.3 million for the first quarter of 2020. This increase was a result of both increased production and expansion in our gain on sale spread. Gain on sale spreads increased to 3.53% in the second quarter of 2020 from 2.88% for the first quarter of 2020. Total production in the retail mortgage division increased to $2.67 billion in the second quarter of 2020, compared with $1.36 billion for the first quarter of 2020. Mortgage banking activity was negatively impacted during the second quarter of 2020 by an $8.2 million servicing right impairment, compared with an impairment of $20.9 million for the first quarter of 2020. The retail mortgage open pipeline was $2.67 billion at the end of the second quarter of 2020, compared with $2.43 billion at March 31, 2020.
Service charge revenue decreased $1.9 million, or 16.2%, to $9.9 million in the second quarter of 2020, compared with $11.8 million for the first quarter of 2020. This decrease was primarily attributable to a decrease of $2.6 million in NSF income resulting from a decrease in volume, partially offset by an increase in interchange income of $743,000.
Other noninterest income decreased $1.1 million, or 18.3%, in the second quarter of 2020 to $4.9 million, compared with $6.1 million for the first quarter of 2020, primarily as a result of a decrease in the gain on sales of SBA loans of $1.0 million, as the SBA division shifted its focus temporarily to PPP loan production during the second quarter.
Noninterest Expense
Noninterest expense increased $17.7 million, or 12.8%, to $155.8 million during the second quarter of 2020, compared with $138.1 million for the first quarter of 2020. During the second quarter of 2020, the Company recorded $6.0 million of charges to earnings, related to restructuring charges associated with branch consolidations and efficiency initiatives, charges related to the previously announced SEC/DOJ investigations, merger and conversion charges, natural disaster and pandemic charges and loss on sale of premises, compared with $3.0 million in charges in the first quarter of 2020 that were related principally to merger and conversion charges, the SEC/DOJ investigations, natural disaster and pandemic expenses and loss on sale of premises. Excluding these charges, adjusted expenses increased approximately $14.7 million, or 10.9%, to $149.8 million in the second quarter of 2020, from $135.1 million in the first quarter of 2020. The majority of this increase is attributable to variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio, such that the adjusted efficiency ratio improved from 59.87% in the first quarter of 2020 to 51.08% in the second quarter of 2020.
Income Tax Expense
The Company's effective tax rate for the second quarter of 2020 was 21.1%, compared with 16.8% in the first quarter of 2020. The decreased rate for the first quarter of 2020 was primarily a result of loss carrybacks allowed as a result of the recently enacted CARES Act.
Balance Sheet Trends
Total assets at June 30, 2020 were $19.87 billion, compared with $18.24 billion at December 31, 2019. Total loans, including loans held for sale, were $16.24 billion at June 30, 2020, compared with $14.48 billion at December 31, 2019. Total loans held for investment were $14.50 billion at June 30, 2020, compared with $12.82 billion at December 31, 2019, an increase of $1.68 billion, or 13.1%, compared with December 31, 2019. Loan production in the banking division during the second quarter of 2020 was down 49% from the first quarter of 2020 and 45% from the second quarter of 2019. Loan growth in the first half of 2020 was principally driven by PPP loan originations, which totaled $1.06 billion in outstanding balances at June 30, 2020.
At June 30, 2020, total deposits amounted to $15.59 billion, or 90.9% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019. At June 30, 2020, noninterest-bearing deposit accounts were $5.60 billion, or 35.9% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019. Noninterest-bearing deposit growth was meaningfully impacted by PPP loan fundings during the quarter. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $9.02 billion at June 30, 2020, compared with $7.21 billion at December 31, 2019. These funds represented 57.9% of the Company's total deposits at June 30, 2020, compared with 51.4% at the end of 2019.
Shareholders' equity at June 30, 2020 totaled $2.46 billion, a decrease of $9.5 million, or 0.4%, from December 31, 2019. The decrease in shareholders' equity was primarily the result of the CECL adoption impact of $56.7 million and dividends declared, partially offset by earnings of $51.6 million during 2020. Tangible book value per share was $20.90 at June 30, 2020, compared with $20.81 at December 31, 2019. Tangible common equity as a percentage of tangible assets was 7.70% at June 30, 2020, compared with 8.40% at the end of the 2019.
Credit Quality
Credit quality remains strong in the Company. During the second quarter of 2020, the Company recorded provision for credit losses of $88.2 million, compared with $41.0 million in the first quarter of 2020. This increase in provision was primarily attributable to declines in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the first quarter of 2020. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on a daily basis. Nonperforming assets as a percentage of total assets decreased by two basis points to 0.59% during the quarter. The net charge-off ratio was 27 basis points for the second quarter of 2020, compared with 14 basis points in the first quarter of 2020 and seven basis points in the second quarter of 2019.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time Monday, July 27, 2020, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until August 10, 2020. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10146087. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 170 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, political and market conditions and fluctuations; movements in interest rates and our expectations regarding net interest margin; expectations on credit quality and performance; legislative and regulatory changes; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as amended, and its subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
AMERIS BANCORP AND SUBSIDIARIES |
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FINANCIAL TABLES |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Highlights |
Table 1 |
||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||||||||||||
EARNINGS |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
$ |
32,236 |
$ |
19,322 |
$ |
61,248 |
$ |
21,384 |
$ |
38,904 |
$ |
51,558 |
$ |
78,809 |
|||||||||||||||||||||||||||||||||||||
Adjusted net income |
$ |
42,423 |
$ |
39,205 |
$ |
66,608 |
$ |
68,539 |
$ |
45,210 |
$ |
81,628 |
$ |
87,797 |
|||||||||||||||||||||||||||||||||||||
COMMON SHARE DATA |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share available to common |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ |
0.47 |
$ |
0.28 |
$ |
0.88 |
$ |
0.31 |
$ |
0.82 |
$ |
0.74 |
$ |
1.66 |
|||||||||||||||||||||||||||||||||||||
Diluted |
$ |
0.47 |
$ |
0.28 |
$ |
0.88 |
$ |
0.31 |
$ |
0.82 |
$ |
0.74 |
$ |
1.66 |
|||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS |
$ |
0.61 |
$ |
0.56 |
$ |
0.96 |
$ |
0.98 |
$ |
0.96 |
$ |
1.18 |
$ |
1.85 |
|||||||||||||||||||||||||||||||||||||
Cash dividends per share |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.10 |
$ |
0.30 |
$ |
0.20 |
|||||||||||||||||||||||||||||||||||||
Book value per share (period end) |
$ |
35.42 |
$ |
35.10 |
$ |
35.53 |
$ |
34.78 |
$ |
32.52 |
$ |
35.42 |
$ |
32.52 |
|||||||||||||||||||||||||||||||||||||
Tangible book value per share (period |
$ |
20.90 |
$ |
20.44 |
$ |
20.81 |
$ |
20.29 |
$ |
20.81 |
$ |
20.90 |
$ |
20.81 |
|||||||||||||||||||||||||||||||||||||
Weighted average number of shares |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
69,191,778 |
69,247,661 |
69,429,193 |
69,372,125 |
47,310,561 |
69,235,117 |
47,353,678 |
||||||||||||||||||||||||||||||||||||||||||||
Diluted |
69,292,972 |
69,502,022 |
69,683,999 |
69,600,499 |
47,337,809 |
69,413,027 |
47,394,911 |
||||||||||||||||||||||||||||||||||||||||||||
Period end number of shares |
69,461,968 |
69,441,274 |
69,503,833 |
69,593,833 |
47,261,584 |
69,461,968 |
47,261,584 |
||||||||||||||||||||||||||||||||||||||||||||
Market data |
|||||||||||||||||||||||||||||||||||||||||||||||||||
High intraday price |
$ |
29.82 |
$ |
43.79 |
$ |
44.90 |
$ |
40.65 |
$ |
39.60 |
$ |
43.79 |
$ |
42.01 |
|||||||||||||||||||||||||||||||||||||
Low intraday price |
$ |
17.12 |
$ |
17.89 |
$ |
38.34 |
$ |
33.71 |
$ |
33.57 |
$ |
17.12 |
$ |
31.27 |
|||||||||||||||||||||||||||||||||||||
Period end closing price |
$ |
23.59 |
$ |
23.76 |
$ |
42.54 |
$ |
40.24 |
$ |
39.19 |
$ |
23.59 |
$ |
39.19 |
|||||||||||||||||||||||||||||||||||||
Average daily volume |
470,151 |
461,692 |
353,783 |
461,289 |
352,684 |
465,955 |
369,959 |
||||||||||||||||||||||||||||||||||||||||||||
PERFORMANCE RATIOS |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets |
0.67 |
% |
0.43 |
% |
1.35 |
% |
0.49 |
% |
1.34 |
% |
0.56 |
% |
1.38 |
% |
|||||||||||||||||||||||||||||||||||||
Adjusted return on average assets |
0.89 |
% |
0.87 |
% |
1.47 |
% |
1.57 |
% |
1.56 |
% |
0.88 |
% |
1.54 |
% |
|||||||||||||||||||||||||||||||||||||
Return on average common equity |
5.23 |
% |
3.16 |
% |
9.97 |
% |
3.49 |
% |
10.27 |
% |
4.17 |
% |
10.60 |
% |
|||||||||||||||||||||||||||||||||||||
Adjusted return on average tangible |
11.66 |
% |
10.98 |
% |
18.45 |
% |
18.95 |
% |
18.79 |
% |
11.18 |
% |
18.81 |
% |
|||||||||||||||||||||||||||||||||||||
Earning asset yield (TE) |
4.32 |
% |
4.56 |
% |
4.82 |
% |
4.86 |
% |
4.95 |
% |
4.44 |
% |
4.95 |
% |
|||||||||||||||||||||||||||||||||||||
Total cost of funds |
0.52 |
% |
0.91 |
% |
1.00 |
% |
1.07 |
% |
1.10 |
% |
0.99 |
% |
1.08 |
% |
|||||||||||||||||||||||||||||||||||||
Net interest margin (TE) |
3.83 |
% |
3.70 |
% |
3.86 |
% |
3.84 |
% |
3.91 |
% |
3.77 |
% |
3.93 |
% |
|||||||||||||||||||||||||||||||||||||
Noninterest income excluding securities |
39.35 |
% |
22.83 |
% |
22.02 |
% |
28.89 |
% |
21.27 |
% |
32.14 |
% |
20.45 |
% |
|||||||||||||||||||||||||||||||||||||
Efficiency ratio |
54.70 |
% |
68.23 |
% |
58.24 |
% |
85.35 |
% |
59.36 |
% |
60.32 |
% |
58.67 |
% |
|||||||||||||||||||||||||||||||||||||
Adjusted efficiency ratio (TE) |
51.08 |
% |
59.87 |
% |
55.61 |
% |
57.25 |
% |
53.77 |
% |
54.90 |
% |
54.43 |
% |
|||||||||||||||||||||||||||||||||||||
CAPITAL ADEQUACY (period end) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity to assets |
12.38 |
% |
13.37 |
% |
13.54 |
% |
13.63 |
% |
12.93 |
% |
12.38 |
% |
12.93 |
% |
|||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets |
7.70 |
% |
8.25 |
% |
8.40 |
% |
8.43 |
% |
8.68 |
% |
7.70 |
% |
8.68 |
% |
|||||||||||||||||||||||||||||||||||||
EQUITY TO ASSETS RECONCILIATION |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets |
7.70 |
% |
8.25 |
% |
8.40 |
% |
8.43 |
% |
8.68 |
% |
7.70 |
% |
8.68 |
% |
|||||||||||||||||||||||||||||||||||||
Effect of goodwill and other intangibles |
4.68 |
% |
5.12 |
% |
5.14 |
% |
5.20 |
% |
4.25 |
% |
4.68 |
% |
4.25 |
% |
|||||||||||||||||||||||||||||||||||||
Equity to assets (GAAP) |
12.38 |
% |
13.37 |
% |
13.54 |
% |
13.63 |
% |
12.93 |
% |
12.38 |
% |
12.93 |
% |
|||||||||||||||||||||||||||||||||||||
OTHER DATA (period end) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Full time equivalent employees |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Banking Division |
1,832 |
1,865 |
1,913 |
2,001 |
1,336 |
1,832 |
1,336 |
||||||||||||||||||||||||||||||||||||||||||||
Retail Mortgage Division |
692 |
689 |
690 |
785 |
348 |
692 |
348 |
||||||||||||||||||||||||||||||||||||||||||||
Warehouse Lending Division |
9 |
9 |
9 |
9 |
10 |
9 |
10 |
||||||||||||||||||||||||||||||||||||||||||||
SBA Division |
42 |
44 |
42 |
45 |
21 |
42 |
21 |
||||||||||||||||||||||||||||||||||||||||||||
Premium Finance Division |
70 |
72 |
68 |
66 |
62 |
70 |
62 |
||||||||||||||||||||||||||||||||||||||||||||
Total Ameris Bancorp FTE headcount |
2,645 |
2,679 |
2,722 |
2,906 |
1,777 |
2,645 |
1,777 |
||||||||||||||||||||||||||||||||||||||||||||
Assets per Banking Division FTE |
$ |
10,848 |
$ |
9,772 |
$ |
9,536 |
$ |
8,878 |
$ |
8,889 |
$ |
10,848 |
$ |
8,889 |
|||||||||||||||||||||||||||||||||||||
Branch locations |
170 |
170 |
170 |
172 |
114 |
170 |
114 |
||||||||||||||||||||||||||||||||||||||||||||
Deposits per branch location |
$ |
91,705 |
$ |
81,439 |
$ |
82,512 |
$ |
79,416 |
$ |
84,056 |
$ |
91,705 |
$ |
84,056 |
|||||||||||||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement |
Table 2 |
||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||||||||||||
Interest income |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans |
$ |
175,345 |
$ |
171,242 |
$ |
182,391 |
$ |
175,046 |
$ |
117,010 |
$ |
346,587 |
$ |
229,411 |
|||||||||||||||||||||||||||||||||||||
Interest on taxable securities |
9,347 |
10,082 |
10,358 |
11,354 |
9,383 |
19,429 |
18,426 |
||||||||||||||||||||||||||||||||||||||||||||
Interest on nontaxable securities |
157 |
157 |
167 |
168 |
102 |
314 |
258 |
||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits in other banks |
123 |
1,211 |
1,091 |
1,622 |
2,276 |
1,334 |
5,426 |
||||||||||||||||||||||||||||||||||||||||||||
Interest on federal funds sold |
46 |
76 |
69 |
171 |
257 |
122 |
436 |
||||||||||||||||||||||||||||||||||||||||||||
Total interest income |
185,018 |
182,768 |
194,076 |
188,361 |
129,028 |
367,786 |
253,957 |
||||||||||||||||||||||||||||||||||||||||||||
Interest expense |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits |
14,273 |
24,102 |
27,970 |
29,425 |
23,454 |
38,375 |
45,138 |
||||||||||||||||||||||||||||||||||||||||||||
Interest on other borrowings |
6,931 |
10,721 |
10,755 |
10,167 |
3,923 |
17,652 |
7,773 |
||||||||||||||||||||||||||||||||||||||||||||
Total interest expense |
21,204 |
34,823 |
38,725 |
39,592 |
27,377 |
56,027 |
52,911 |
||||||||||||||||||||||||||||||||||||||||||||
Net interest income |
163,814 |
147,945 |
155,351 |
148,769 |
101,651 |
311,759 |
201,046 |
||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses |
68,449 |
37,047 |
5,693 |
5,989 |
4,668 |
105,496 |
8,076 |
||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments |
19,712 |
4,000 |
— |
— |
— |
23,712 |
— |
||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses |
88,161 |
41,047 |
5,693 |
5,989 |
4,668 |
129,208 |
8,076 |
||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for |
75,653 |
106,898 |
149,658 |
142,780 |
96,983 |
182,551 |
192,970 |
||||||||||||||||||||||||||||||||||||||||||||
Noninterest income |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposits accounts |
9,922 |
11,844 |
13,567 |
13,411 |
12,168 |
21,766 |
23,814 |
||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking activity |
104,925 |
35,333 |
33,168 |
53,041 |
18,523 |
140,258 |
33,200 |
||||||||||||||||||||||||||||||||||||||||||||
Other service charges, commissions and fees |
1,130 |
1,128 |
1,085 |
1,236 |
803 |
2,258 |
1,592 |
||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on securities |
14 |
(9) |
(1) |
4 |
69 |
5 |
135 |
||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income |
4,969 |
6,083 |
7,294 |
9,301 |
3,673 |
11,052 |
7,266 |
||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income |
120,960 |
54,379 |
55,113 |
76,993 |
35,236 |
175,339 |
66,007 |
||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits |
95,168 |
75,946 |
69,642 |
77,633 |
38,331 |
171,114 |
76,663 |
||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment expenses |
13,807 |
12,028 |
11,919 |
12,639 |
7,834 |
25,835 |
16,038 |
||||||||||||||||||||||||||||||||||||||||||||
Data processing and telecommunications |
10,514 |
11,954 |
11,362 |
10,372 |
8,388 |
22,468 |
16,779 |
||||||||||||||||||||||||||||||||||||||||||||
Credit resolution related expenses(1) |
950 |
2,198 |
1,098 |
1,094 |
979 |
3,148 |
1,890 |
||||||||||||||||||||||||||||||||||||||||||||
Advertising and marketing expenses |
1,455 |
2,358 |
2,250 |
1,949 |
1,987 |
3,813 |
3,728 |
||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
5,601 |
5,631 |
5,741 |
5,719 |
3,121 |
11,232 |
6,253 |
||||||||||||||||||||||||||||||||||||||||||||
Merger and conversion charges |
895 |
540 |
2,415 |
65,158 |
3,475 |
1,435 |
5,532 |
||||||||||||||||||||||||||||||||||||||||||||
Other noninterest expenses |
27,378 |
27,398 |
18,137 |
18,133 |
17,136 |
54,776 |
29,793 |
||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense |
155,768 |
138,053 |
122,564 |
192,697 |
81,251 |
293,821 |
156,676 |
||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense |
40,845 |
23,224 |
82,207 |
27,076 |
50,968 |
64,069 |
102,301 |
||||||||||||||||||||||||||||||||||||||||||||
Income tax expense |
8,609 |
3,902 |
20,959 |
5,692 |
12,064 |
12,511 |
23,492 |
||||||||||||||||||||||||||||||||||||||||||||
Net income |
$ |
32,236 |
$ |
19,322 |
$ |
61,248 |
$ |
21,384 |
$ |
38,904 |
$ |
51,558 |
$ |
78,809 |
|||||||||||||||||||||||||||||||||||||
Diluted earnings per common share |
$ |
0.47 |
$ |
0.28 |
$ |
0.88 |
$ |
0.31 |
$ |
0.82 |
$ |
0.74 |
$ |
1.66 |
|||||||||||||||||||||||||||||||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |
|||||||||||||||||||||||||||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Period End Balance Sheet |
Table 3 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
|||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
||||||||||||||
Assets |
|||||||||||||||||||
Cash and due from banks |
$ |
292,899 |
$ |
255,312 |
$ |
246,234 |
$ |
193,976 |
$ |
151,186 |
|||||||||
Federal funds sold and interest-bearing deposits |
428,560 |
396,844 |
375,615 |
285,713 |
186,969 |
||||||||||||||
Time deposits in other banks |
249 |
249 |
249 |
499 |
748 |
||||||||||||||
Investment securities available for sale, at fair value |
1,238,896 |
1,353,040 |
1,403,403 |
1,491,207 |
1,273,244 |
||||||||||||||
Other investments |
76,453 |
81,754 |
66,919 |
66,921 |
32,481 |
||||||||||||||
Loans held for sale, at fair value |
1,736,397 |
1,398,229 |
1,656,711 |
1,187,551 |
261,073 |
||||||||||||||
Loans, net of unearned income |
14,503,157 |
13,094,106 |
12,818,476 |
12,826,284 |
9,049,870 |
||||||||||||||
Allowance for loan losses |
(208,793) |
(149,524) |
(38,189) |
(35,530) |
(31,793) |
||||||||||||||
Loans, net |
14,294,364 |
12,944,582 |
12,780,287 |
12,790,754 |
9,018,077 |
||||||||||||||
Other real estate owned |
23,563 |
21,027 |
19,500 |
20,710 |
14,675 |
||||||||||||||
Premises and equipment, net |
230,118 |
231,347 |
233,102 |
239,428 |
141,378 |
||||||||||||||
Goodwill |
928,005 |
931,947 |
931,637 |
911,488 |
501,140 |
||||||||||||||
Other intangible assets, net |
80,354 |
85,955 |
91,586 |
97,328 |
52,437 |
||||||||||||||
Cash value of bank owned life insurance |
175,011 |
176,239 |
175,270 |
174,442 |
105,064 |
||||||||||||||
Deferred income taxes, net |
56,306 |
24,196 |
2,180 |
22,111 |
30,812 |
||||||||||||||
Other assets |
311,454 |
323,827 |
259,886 |
282,149 |
120,052 |
||||||||||||||
Total assets |
$ |
19,872,629 |
$ |
18,224,548 |
$ |
18,242,579 |
$ |
17,764,277 |
$ |
11,889,336 |
|||||||||
Liabilities |
|||||||||||||||||||
Deposits |
|||||||||||||||||||
Noninterest-bearing |
$ |
5,595,868 |
$ |
4,226,253 |
$ |
4,199,448 |
$ |
4,077,856 |
$ |
2,771,443 |
|||||||||
Interest-bearing |
9,993,950 |
9,618,365 |
9,827,625 |
9,581,738 |
6,810,927 |
||||||||||||||
Total deposits |
15,589,818 |
13,844,618 |
14,027,073 |
13,659,594 |
9,582,370 |
||||||||||||||
Federal funds purchased and securities sold under |
12,879 |
15,160 |
20,635 |
17,744 |
3,307 |
||||||||||||||
Other borrowings |
1,418,336 |
1,543,371 |
1,398,709 |
1,351,172 |
564,636 |
||||||||||||||
Subordinated deferrable interest debentures |
123,375 |
122,890 |
127,560 |
127,075 |
89,871 |
||||||||||||||
FDIC loss-share payable, net |
18,903 |
18,111 |
19,642 |
19,490 |
20,596 |
||||||||||||||
Other liabilities |
249,188 |
243,248 |
179,378 |
168,479 |
91,435 |
||||||||||||||
Total liabilities |
17,412,499 |
15,787,398 |
15,772,997 |
15,343,554 |
10,352,215 |
||||||||||||||
Shareholders' Equity |
|||||||||||||||||||
Preferred stock |
— |
— |
— |
— |
— |
||||||||||||||
Common stock |
71,674 |
71,652 |
71,500 |
71,447 |
49,099 |
||||||||||||||
Capital stock |
1,909,839 |
1,908,721 |
1,907,108 |
1,904,789 |
1,053,500 |
||||||||||||||
Retained earnings |
481,948 |
460,153 |
507,950 |
457,127 |
446,182 |
||||||||||||||
Accumulated other comprehensive income, net of tax |
39,613 |
39,551 |
17,995 |
15,482 |
16,462 |
||||||||||||||
Treasury stock |
(42,944) |
(42,927) |
(34,971) |
(28,122) |
(28,122) |
||||||||||||||
Total shareholders' equity |
2,460,130 |
2,437,150 |
2,469,582 |
2,420,723 |
1,537,121 |
||||||||||||||
Total liabilities and shareholders' equity |
$ |
19,872,629 |
$ |
18,224,548 |
$ |
18,242,579 |
$ |
17,764,277 |
$ |
11,889,336 |
|||||||||
Other Data |
|||||||||||||||||||
Earning assets |
$ |
17,983,712 |
$ |
16,324,222 |
$ |
16,321,373 |
$ |
15,858,175 |
$ |
10,804,385 |
|||||||||
Intangible assets |
1,008,359 |
1,017,902 |
1,023,223 |
1,008,816 |
553,577 |
||||||||||||||
Interest-bearing liabilities |
11,548,540 |
11,299,786 |
11,374,529 |
11,077,729 |
7,468,741 |
||||||||||||||
Average assets |
19,222,181 |
18,056,445 |
17,998,494 |
17,340,387 |
11,625,344 |
||||||||||||||
Average common shareholders' equity |
2,478,373 |
2,456,617 |
2,437,272 |
2,432,182 |
1,519,598 |
||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Asset Quality Information |
Table 4 |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
Allowance for Credit Losses |
|||||||||||||||||||||||||||
Balance at beginning of period |
$ |
167,315 |
$ |
39,266 |
$ |
36,607 |
$ |
31,793 |
$ |
28,659 |
$ |
39,266 |
$ |
28,819 |
|||||||||||||
CECL adoption impact on allowance for loan |
— |
78,661 |
— |
— |
— |
78,661 |
— |
||||||||||||||||||||
CECL adoption impact on allowance for |
— |
12,714 |
— |
— |
— |
12,714 |
— |
||||||||||||||||||||
Total CECL adoption impact |
— |
91,375 |
— |
— |
— |
91,375 |
— |
||||||||||||||||||||
Acquired allowance for unfunded commitments |
— |
— |
— |
1,077 |
— |
— |
— |
||||||||||||||||||||
Provision for loan losses |
68,449 |
37,047 |
5,693 |
5,989 |
4,668 |
105,496 |
8,076 |
||||||||||||||||||||
Provision for unfunded commitments |
19,712 |
4,000 |
— |
— |
— |
23,712 |
— |
||||||||||||||||||||
Provision for credit losses |
88,161 |
41,047 |
5,693 |
5,989 |
4,668 |
129,208 |
8,076 |
||||||||||||||||||||
Charge-offs |
11,282 |
6,718 |
5,664 |
5,249 |
3,496 |
18,000 |
8,875 |
||||||||||||||||||||
Recoveries |
2,101 |
2,345 |
2,630 |
2,997 |
1,962 |
4,446 |
3,773 |
||||||||||||||||||||
Net charge-offs |
9,181 |
4,373 |
3,034 |
2,252 |
1,534 |
13,554 |
5,102 |
||||||||||||||||||||
Ending balance |
$ |
246,295 |
$ |
167,315 |
$ |
39,266 |
$ |
36,607 |
$ |
31,793 |
$ |
246,295 |
$ |
31,793 |
|||||||||||||
Allowance for loan losses |
$ |
208,793 |
$ |
149,524 |
$ |
38,189 |
$ |
35,530 |
$ |
31,793 |
$ |
208,793 |
$ |
31,793 |
|||||||||||||
Allowance for unfunded commitments |
37,502 |
17,791 |
1,077 |
1,077 |
— |
37,502 |
— |
||||||||||||||||||||
Total allowance for credit losses |
$ |
246,295 |
$ |
167,315 |
$ |
39,266 |
$ |
36,607 |
$ |
31,793 |
$ |
246,295 |
$ |
31,793 |
|||||||||||||
Net Charge-off Information |
|||||||||||||||||||||||||||
Charge-offs |
|||||||||||||||||||||||||||
Commercial, financial and agricultural |
$ |
486 |
$ |
2,486 |
$ |
1,813 |
$ |
490 |
$ |
473 |
$ |
2,972 |
$ |
1,157 |
|||||||||||||
Consumer installment |
962 |
1,142 |
1,586 |
1,245 |
1,171 |
2,104 |
3,068 |
||||||||||||||||||||
Indirect automobile |
1,016 |
1,231 |
939 |
965 |
— |
2,247 |
— |
||||||||||||||||||||
Mortgage warehouse |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||
Municipal |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||
Premium Finance |
1,904 |
831 |
899 |
1,267 |
865 |
2,735 |
2,185 |
||||||||||||||||||||
Real estate - construction and development |
74 |
— |
146 |
— |
243 |
74 |
268 |
||||||||||||||||||||
Real estate - commercial and farmland |
6,315 |
928 |
181 |
1,318 |
589 |
7,243 |
1,843 |
||||||||||||||||||||
Real estate - residential |
525 |
100 |
100 |
37 |
155 |
625 |
354 |
||||||||||||||||||||
Total charge-offs |
11,282 |
6,718 |
5,664 |
5,322 |
3,496 |
18,000 |
8,875 |
||||||||||||||||||||
Recoveries |
|||||||||||||||||||||||||||
Commercial, financial and agricultural |
303 |
362 |
934 |
300 |
382 |
665 |
604 |
||||||||||||||||||||
Consumer installment |
777 |
643 |
640 |
476 |
289 |
1,420 |
504 |
||||||||||||||||||||
Indirect automobile |
18 |
22 |
60 |
385 |
— |
40 |
— |
||||||||||||||||||||
Mortgage warehouse |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||
Municipal |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||
Premium Finance |
676 |
684 |
358 |
736 |
650 |
1,360 |
1,660 |
||||||||||||||||||||
Real estate - construction and development |
168 |
342 |
430 |
930 |
268 |
510 |
385 |
||||||||||||||||||||
Real estate - commercial and farmland |
21 |
85 |
140 |
74 |
78 |
106 |
118 |
||||||||||||||||||||
Real estate - residential |
138 |
207 |
68 |
169 |
295 |
345 |
502 |
||||||||||||||||||||
Total recoveries |
2,101 |
2,345 |
2,630 |
3,070 |
1,962 |
4,446 |
3,773 |
||||||||||||||||||||
Net charge-offs |
$ |
9,181 |
$ |
4,373 |
$ |
3,034 |
$ |
2,252 |
$ |
1,534 |
$ |
13,554 |
$ |
5,102 |
|||||||||||||
Non-Performing Assets |
|||||||||||||||||||||||||||
Nonaccrual loans |
$ |
77,745 |
$ |
77,866 |
$ |
75,124 |
$ |
100,501 |
$ |
41,479 |
$ |
77,745 |
$ |
41,479 |
|||||||||||||
Other real estate owned |
23,563 |
21,027 |
19,500 |
20,710 |
14,675 |
23,563 |
14,675 |
||||||||||||||||||||
Repossessed assets |
1,348 |
783 |
939 |
1,258 |
— |
1,348 |
— |
||||||||||||||||||||
Accruing loans delinquent 90 days or more |
15,127 |
11,969 |
5,754 |
6,325 |
4,613 |
15,127 |
4,613 |
||||||||||||||||||||
Total non-performing assets |
$ |
117,783 |
$ |
111,645 |
$ |
101,317 |
$ |
128,794 |
$ |
60,767 |
$ |
117,783 |
$ |
60,767 |
|||||||||||||
Asset Quality Ratios |
|||||||||||||||||||||||||||
Non-performing assets as a percent of total |
0.59 |
% |
0.61 |
% |
0.56 |
% |
0.73 |
% |
0.51 |
% |
0.59 |
% |
0.51 |
% |
|||||||||||||
Net charge-offs as a percent of average loans |
0.27 |
% |
0.14 |
% |
0.09 |
% |
0.07 |
% |
0.07 |
% |
0.20 |
% |
0.12 |
% |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Loan Information |
Table 5 |
||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
|||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
||||||||||||||
Loans by Type |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
1,839,921 |
$ |
827,392 |
$ |
802,171 |
$ |
931,755 |
$ |
703,290 |
|||||||||
Consumer installment |
575,782 |
520,592 |
498,577 |
500,067 |
474,195 |
||||||||||||||
Indirect automobile |
739,543 |
937,736 |
1,061,824 |
1,111,815 |
— |
||||||||||||||
Mortgage warehouse |
748,853 |
547,328 |
526,369 |
562,598 |
462,481 |
||||||||||||||
Municipal |
731,508 |
749,633 |
564,304 |
578,267 |
583,558 |
||||||||||||||
Premium Finance |
690,584 |
661,845 |
654,669 |
656,570 |
613,964 |
||||||||||||||
Real estate - construction and development |
1,641,744 |
1,628,367 |
1,549,062 |
1,468,696 |
1,103,550 |
||||||||||||||
Real estate - commercial and farmland |
4,804,420 |
4,516,451 |
4,353,039 |
4,198,759 |
3,182,213 |
||||||||||||||
Real estate - residential |
2,730,802 |
2,704,762 |
2,808,461 |
2,817,757 |
1,926,619 |
||||||||||||||
Total loans |
$ |
14,503,157 |
$ |
13,094,106 |
$ |
12,818,476 |
$ |
12,826,284 |
$ |
9,049,870 |
|||||||||
Troubled Debt Restructurings |
|||||||||||||||||||
Accruing troubled debt restructurings |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
591 |
$ |
575 |
$ |
516 |
$ |
521 |
$ |
140 |
|||||||||
Consumer installment |
42 |
4 |
8 |
9 |
10 |
||||||||||||||
Indirect automobile |
— |
— |
— |
— |
— |
||||||||||||||
Mortgage warehouse |
— |
— |
— |
— |
— |
||||||||||||||
Municipal |
— |
— |
— |
— |
— |
||||||||||||||
Premium Finance |
— |
159 |
156 |
159 |
191 |
||||||||||||||
Real estate - construction and development |
919 |
925 |
936 |
948 |
1,124 |
||||||||||||||
Real estate - commercial and farmland |
5,252 |
5,587 |
6,732 |
8,616 |
8,793 |
||||||||||||||
Real estate - residential |
30,253 |
22,775 |
21,261 |
21,472 |
21,124 |
||||||||||||||
Total accruing troubled debt restructurings |
$ |
37,057 |
$ |
30,025 |
$ |
29,609 |
$ |
31,725 |
$ |
31,382 |
|||||||||
Nonaccrual troubled debt restructurings |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
1,034 |
$ |
334 |
$ |
335 |
$ |
144 |
$ |
162 |
|||||||||
Consumer installment |
67 |
105 |
107 |
120 |
123 |
||||||||||||||
Indirect automobile |
— |
— |
— |
— |
— |
||||||||||||||
Mortgage warehouse |
— |
— |
— |
— |
— |
||||||||||||||
Municipal |
— |
— |
— |
— |
— |
||||||||||||||
Premium Finance |
— |
— |
— |
— |
— |
||||||||||||||
Real estate - construction and development |
307 |
289 |
253 |
258 |
265 |
||||||||||||||
Real estate - commercial and farmland |
1,878 |
2,415 |
2,071 |
1,958 |
2,109 |
||||||||||||||
Real estate - residential |
2,231 |
3,078 |
2,857 |
2,103 |
1,760 |
||||||||||||||
Total nonaccrual troubled debt restructurings |
$ |
5,517 |
$ |
6,221 |
$ |
5,623 |
$ |
4,583 |
$ |
4,419 |
|||||||||
Total troubled debt restructurings |
$ |
42,574 |
$ |
36,246 |
$ |
35,232 |
$ |
36,308 |
$ |
35,801 |
|||||||||
Loans by Risk Grade |
|||||||||||||||||||
Grade 1 - Prime credit |
$ |
1,789,709 |
$ |
774,956 |
$ |
587,877 |
$ |
613,281 |
$ |
622,034 |
|||||||||
Grade 2 - Strong credit |
801,273 |
785,770 |
840,372 |
856,618 |
811,690 |
||||||||||||||
Grade 3 - Good credit |
5,784,754 |
5,772,834 |
6,034,398 |
6,086,576 |
3,829,422 |
||||||||||||||
Grade 4 - Satisfactory credit |
5,643,133 |
4,353,733 |
4,884,541 |
4,746,020 |
3,401,265 |
||||||||||||||
Grade 5 - Fair credit |
212,667 |
1,131,128 |
233,020 |
252,424 |
211,229 |
||||||||||||||
Grade 6 - Other assets especially mentioned |
108,704 |
106,885 |
86,412 |
114,235 |
64,075 |
||||||||||||||
Grade 7 - Substandard |
162,917 |
168,561 |
151,846 |
157,114 |
110,152 |
||||||||||||||
Grade 8 - Doubtful |
— |
239 |
8 |
14 |
— |
||||||||||||||
Grade 9 - Loss |
— |
— |
2 |
2 |
3 |
||||||||||||||
Total loans |
$ |
14,503,157 |
$ |
13,094,106 |
$ |
12,818,476 |
$ |
12,826,284 |
$ |
9,049,870 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Average Balances |
Table 6 |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
Earning Assets |
|||||||||||||||||||||||||||
Federal funds sold |
$ |
24,265 |
$ |
27,380 |
$ |
23,104 |
$ |
28,459 |
$ |
41,683 |
$ |
25,822 |
$ |
36,515 |
|||||||||||||
Interest-bearing deposits in banks |
398,284 |
419,260 |
304,427 |
324,127 |
341,937 |
408,772 |
404,311 |
||||||||||||||||||||
Time deposits in other banks |
249 |
249 |
401 |
548 |
3,792 |
249 |
6,989 |
||||||||||||||||||||
Investment securities - taxable |
1,281,980 |
1,359,651 |
1,426,062 |
1,514,534 |
1,233,297 |
1,320,815 |
1,210,225 |
||||||||||||||||||||
Investment securities - nontaxable |
21,576 |
22,839 |
23,580 |
23,759 |
15,288 |
22,208 |
19,688 |
||||||||||||||||||||
Other investments |
79,143 |
73,972 |
64,852 |
53,712 |
15,830 |
76,557 |
15,185 |
||||||||||||||||||||
Loans held for sale |
1,614,080 |
1,587,131 |
1,537,648 |
856,572 |
154,707 |
1,600,606 |
128,261 |
||||||||||||||||||||
Loans |
13,915,406 |
12,712,997 |
12,697,912 |
12,677,063 |
8,740,561 |
13,308,960 |
8,612,978 |
||||||||||||||||||||
Total Earning Assets |
$ |
17,334,983 |
$ |
16,203,479 |
$ |
16,077,986 |
$ |
15,478,774 |
$ |
10,547,095 |
$ |
16,763,989 |
$ |
10,434,152 |
|||||||||||||
Deposits |
|||||||||||||||||||||||||||
Noninterest-bearing deposits |
$ |
5,061,578 |
$ |
4,080,920 |
$ |
4,124,872 |
$ |
4,040,592 |
$ |
2,723,843 |
$ |
4,571,249 |
$ |
2,634,937 |
|||||||||||||
NOW accounts |
2,441,305 |
2,287,947 |
2,204,666 |
2,049,175 |
1,506,721 |
2,364,626 |
1,530,224 |
||||||||||||||||||||
MMDA |
4,221,906 |
4,004,644 |
3,953,717 |
3,815,185 |
2,655,108 |
4,113,275 |
2,666,001 |
||||||||||||||||||||
Savings accounts |
692,382 |
643,422 |
649,118 |
661,555 |
405,506 |
667,902 |
402,315 |
||||||||||||||||||||
Retail CDs |
2,471,134 |
2,624,209 |
2,721,829 |
2,804,243 |
1,962,422 |
2,547,671 |
1,927,474 |
||||||||||||||||||||
Brokered CDs |
2,043 |
61,190 |
249,644 |
150,176 |
486,292 |
31,617 |
498,230 |
||||||||||||||||||||
Total Deposits |
14,890,348 |
13,702,332 |
13,903,846 |
13,520,926 |
9,739,892 |
14,296,340 |
9,659,181 |
||||||||||||||||||||
Non-Deposit Funding |
|||||||||||||||||||||||||||
Federal funds purchased and securities sold |
12,452 |
15,637 |
17,088 |
19,914 |
3,213 |
14,045 |
9,511 |
||||||||||||||||||||
FHLB advances |
1,212,537 |
1,267,303 |
1,080,516 |
810,384 |
22,390 |
1,239,920 |
14,368 |
||||||||||||||||||||
Other borrowings |
269,300 |
269,454 |
234,001 |
220,918 |
145,453 |
269,377 |
145,463 |
||||||||||||||||||||
Subordinated deferrable interest debentures |
123,120 |
127,731 |
127,292 |
133,519 |
89,686 |
125,426 |
89,516 |
||||||||||||||||||||
Total Non-Deposit Funding |
1,617,409 |
1,680,125 |
1,458,897 |
1,184,735 |
260,742 |
1,648,768 |
258,858 |
||||||||||||||||||||
Total Funding |
$ |
16,507,757 |
$ |
15,382,457 |
$ |
15,362,743 |
$ |
14,705,661 |
$ |
10,000,634 |
$ |
15,945,108 |
$ |
9,918,039 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Interest Income and Interest Expense (TE) |
Table 7 |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
Interest Income |
|||||||||||||||||||||||||||
Federal funds sold |
$ |
45 |
$ |
76 |
$ |
69 |
$ |
171 |
$ |
257 |
$ |
121 |
$ |
436 |
|||||||||||||
Interest-bearing deposits in banks |
122 |
1,210 |
1,089 |
1,620 |
2,260 |
1,332 |
5,359 |
||||||||||||||||||||
Time deposits in other banks |
1 |
1 |
2 |
2 |
16 |
2 |
67 |
||||||||||||||||||||
Investment securities - taxable |
9,346 |
10,082 |
10,358 |
11,354 |
9,383 |
19,428 |
18,426 |
||||||||||||||||||||
Investment securities - nontaxable (TE) |
198 |
199 |
212 |
213 |
129 |
397 |
327 |
||||||||||||||||||||
Loans held for sale |
14,053 |
13,637 |
14,330 |
7,889 |
1,632 |
27,690 |
2,784 |
||||||||||||||||||||
Loans (TE) |
162,617 |
158,636 |
169,119 |
168,239 |
116,413 |
321,253 |
228,678 |
||||||||||||||||||||
Total Earning Assets |
$ |
186,382 |
$ |
183,841 |
$ |
195,179 |
$ |
189,488 |
$ |
130,090 |
$ |
370,223 |
$ |
256,077 |
|||||||||||||
Accretion income (included above) |
$ |
9,576 |
$ |
6,562 |
$ |
9,727 |
$ |
4,222 |
$ |
3,103 |
$ |
16,138 |
$ |
5,986 |
|||||||||||||
Interest Expense |
|||||||||||||||||||||||||||
Interest-Bearing Deposits |
|||||||||||||||||||||||||||
NOW accounts |
$ |
1,265 |
$ |
2,774 |
$ |
2,728 |
$ |
2,843 |
$ |
2,260 |
$ |
4,039 |
$ |
4,369 |
|||||||||||||
MMDA |
3,764 |
9,748 |
11,311 |
12,593 |
9,488 |
13,512 |
18,535 |
||||||||||||||||||||
Savings accounts |
94 |
210 |
233 |
274 |
85 |
304 |
162 |
||||||||||||||||||||
Retail CDs |
9,136 |
11,064 |
12,220 |
12,905 |
8,585 |
20,200 |
15,915 |
||||||||||||||||||||
Brokered CDs |
14 |
306 |
1,478 |
810 |
3,036 |
320 |
6,157 |
||||||||||||||||||||
Total Interest-Bearing Deposits |
14,273 |
24,102 |
27,970 |
29,425 |
23,454 |
38,375 |
45,138 |
||||||||||||||||||||
Non-Deposit Funding |
|||||||||||||||||||||||||||
Federal funds purchased and securities sold under |
25 |
40 |
41 |
32 |
2 |
65 |
13 |
||||||||||||||||||||
FHLB advances |
1,686 |
5,109 |
5,241 |
4,618 |
141 |
6,795 |
185 |
||||||||||||||||||||
Other borrowings |
3,487 |
3,511 |
3,358 |
3,332 |
2,210 |
6,998 |
4,437 |
||||||||||||||||||||
Subordinated deferrable interest debentures |
1,733 |
2,061 |
2,115 |
2,185 |
1,570 |
3,794 |
3,138 |
||||||||||||||||||||
Total Non-Deposit Funding |
6,931 |
10,721 |
10,755 |
10,167 |
3,923 |
17,652 |
7,773 |
||||||||||||||||||||
Total Interest-Bearing Funding |
$ |
21,204 |
$ |
34,823 |
$ |
38,725 |
$ |
39,592 |
$ |
27,377 |
$ |
56,027 |
$ |
52,911 |
|||||||||||||
Net Interest Income (TE) |
$ |
165,178 |
$ |
149,018 |
$ |
156,454 |
$ |
149,896 |
$ |
102,713 |
$ |
314,196 |
$ |
203,166 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||
Yields(1) |
Table 8 |
|||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
||||||||||||||
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||
Earning Assets |
||||||||||||||||||||
Federal funds sold |
0.75 |
% |
1.12 |
% |
1.18 |
% |
2.38 |
% |
2.47 |
% |
0.94 |
% |
2.41 |
% |
||||||
Interest-bearing deposits in banks |
0.12 |
% |
1.16 |
% |
1.42 |
% |
1.98 |
% |
2.65 |
% |
0.66 |
% |
2.67 |
% |
||||||
Time deposits in other banks |
1.62 |
% |
1.62 |
% |
1.98 |
% |
1.45 |
% |
1.69 |
% |
1.62 |
% |
1.93 |
% |
||||||
Investment securities - taxable |
2.93 |
% |
2.98 |
% |
2.88 |
% |
2.97 |
% |
3.05 |
% |
2.96 |
% |
3.07 |
% |
||||||
Investment securities - nontaxable (TE) |
3.69 |
% |
3.50 |
% |
3.57 |
% |
3.56 |
% |
3.38 |
% |
3.59 |
% |
3.35 |
% |
||||||
Loans held for sale |
3.50 |
% |
3.46 |
% |
3.70 |
% |
3.65 |
% |
4.23 |
% |
3.48 |
% |
4.38 |
% |
||||||
Loans (TE) |
4.70 |
% |
5.02 |
% |
5.28 |
% |
5.27 |
% |
5.34 |
% |
4.85 |
% |
5.35 |
% |
||||||
Total Earning Assets |
4.32 |
% |
4.56 |
% |
4.82 |
% |
4.86 |
% |
4.95 |
% |
4.44 |
% |
4.95 |
% |
||||||
Interest-Bearing Deposits |
||||||||||||||||||||
NOW accounts |
0.21 |
% |
0.49 |
% |
0.49 |
% |
0.55 |
% |
0.60 |
% |
0.34 |
% |
0.58 |
% |
||||||
MMDA |
0.36 |
% |
0.98 |
% |
1.14 |
% |
1.31 |
% |
1.43 |
% |
0.66 |
% |
1.40 |
% |
||||||
Savings accounts |
0.05 |
% |
0.13 |
% |
0.14 |
% |
0.16 |
% |
0.08 |
% |
0.09 |
% |
0.08 |
% |
||||||
Retail CDs |
1.49 |
% |
1.70 |
% |
1.78 |
% |
1.83 |
% |
1.75 |
% |
1.59 |
% |
1.67 |
% |
||||||
Brokered CDs |
2.76 |
% |
2.01 |
% |
2.35 |
% |
2.14 |
% |
2.50 |
% |
2.04 |
% |
2.49 |
% |
||||||
Total Interest-Bearing Deposits |
0.58 |
% |
1.01 |
% |
1.13 |
% |
1.23 |
% |
1.34 |
% |
0.79 |
% |
1.30 |
% |
||||||
Non-Deposit Funding |
||||||||||||||||||||
Federal funds purchased and securities sold under agreements to |
0.81 |
% |
1.03 |
% |
0.95 |
% |
0.64 |
% |
0.25 |
% |
0.93 |
% |
0.28 |
% |
||||||
FHLB advances |
0.56 |
% |
1.62 |
% |
1.92 |
% |
2.26 |
% |
2.53 |
% |
1.10 |
% |
2.60 |
% |
||||||
Other borrowings |
5.21 |
% |
5.24 |
% |
5.69 |
% |
5.98 |
% |
6.09 |
% |
5.22 |
% |
6.15 |
% |
||||||
Subordinated deferrable interest debentures |
5.66 |
% |
6.49 |
% |
6.59 |
% |
6.49 |
% |
7.02 |
% |
6.08 |
% |
7.07 |
% |
||||||
Total Non-Deposit Funding |
1.72 |
% |
2.57 |
% |
2.92 |
% |
3.40 |
% |
6.03 |
% |
2.15 |
% |
6.06 |
% |
||||||
Total Interest-Bearing Liabilities |
0.75 |
% |
1.24 |
% |
1.37 |
% |
1.47 |
% |
1.51 |
% |
0.99 |
% |
1.47 |
% |
||||||
Net Interest Spread |
3.57 |
% |
3.32 |
% |
3.45 |
% |
3.39 |
% |
3.44 |
% |
3.45 |
% |
3.48 |
% |
||||||
Net Interest Margin(2) |
3.83 |
% |
3.70 |
% |
3.86 |
% |
3.84 |
% |
3.91 |
% |
3.77 |
% |
3.93 |
% |
||||||
Total Cost of Funds(3) |
0.52 |
% |
0.91 |
% |
1.00 |
% |
1.07 |
% |
1.10 |
% |
0.71 |
% |
1.08 |
% |
||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. |
||||||||||||||||||||
(2) Rate calculated based on average earning assets. |
||||||||||||||||||||
(3) Rate calculated based on total average funding including noninterest-bearing deposits. |
||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Non-GAAP Reconciliations |
|||||||||||||||||||||||||||
Adjusted Net Income |
Table 9A |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
Net income available to common |
$ |
32,236 |
$ |
19,322 |
$ |
61,248 |
$ |
21,384 |
$ |
38,904 |
$ |
51,558 |
$ |
78,809 |
|||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
Merger and conversion charges |
895 |
540 |
2,415 |
65,158 |
3,475 |
1,435 |
5,532 |
||||||||||||||||||||
Restructuring charges |
1,463 |
— |
— |
— |
— |
1,463 |
245 |
||||||||||||||||||||
Servicing right impairment (recovery) |
7,989 |
22,165 |
366 |
(1,319) |
1,460 |
30,154 |
1,460 |
||||||||||||||||||||
Gain on BOLI proceeds |
(845) |
— |
752 |
(4,335) |
— |
(845) |
— |
||||||||||||||||||||
Expenses related to SEC/DOJ |
1,294 |
1,443 |
463 |
— |
— |
2,737 |
— |
||||||||||||||||||||
Natural disaster and pandemic charges |
2,043 |
548 |
— |
— |
50 |
2,591 |
(39) |
||||||||||||||||||||
Loss on sale of premises |
281 |
470 |
1,413 |
889 |
2,800 |
751 |
3,719 |
||||||||||||||||||||
Tax effect of adjustment items (Note 2) |
(2,933) |
(5,283) |
(898) |
(13,238) |
(1,479) |
(8,216) |
(1,929) |
||||||||||||||||||||
After tax adjustment items |
10,187 |
19,883 |
4,511 |
47,155 |
6,306 |
30,070 |
8,988 |
||||||||||||||||||||
Tax expense attributable to acquisition |
— |
— |
849 |
— |
— |
— |
— |
||||||||||||||||||||
Adjusted net income |
$ |
42,423 |
$ |
39,205 |
$ |
66,608 |
$ |
68,539 |
$ |
45,210 |
$ |
81,628 |
$ |
87,797 |
|||||||||||||
Weighted average number of shares - |
69,292,972 |
69,502,022 |
69,683,999 |
69,600,499 |
47,337,809 |
69,413,027 |
47,394,911 |
||||||||||||||||||||
Net income per diluted share |
$ |
0.47 |
$ |
0.28 |
$ |
0.88 |
$ |
0.31 |
$ |
0.82 |
$ |
0.74 |
$ |
1.66 |
|||||||||||||
Adjusted net income per diluted share |
$ |
0.61 |
$ |
0.56 |
$ |
0.96 |
$ |
0.98 |
$ |
0.96 |
$ |
1.18 |
$ |
1.85 |
|||||||||||||
Average assets |
$ |
19,222,181 |
$ |
18,056,445 |
$ |
17,998,494 |
$ |
17,340,387 |
$ |
11,625,344 |
$ |
18,649,746 |
$ |
11,525,068 |
|||||||||||||
Return on average assets |
0.67 |
% |
0.43 |
% |
1.35 |
% |
0.49 |
% |
1.34 |
% |
0.56 |
% |
1.38 |
% |
|||||||||||||
Adjusted return on average assets |
0.89 |
% |
0.87 |
% |
1.47 |
% |
1.57 |
% |
1.56 |
% |
0.88 |
% |
1.54 |
% |
|||||||||||||
Average common equity |
$ |
2,478,373 |
$ |
2,456,617 |
$ |
2,437,272 |
$ |
2,432,182 |
$ |
1,519,598 |
$ |
2,486,140 |
$ |
1,499,144 |
|||||||||||||
Average tangible common equity |
$ |
1,462,871 |
$ |
1,436,108 |
$ |
1,432,081 |
$ |
1,434,829 |
$ |
964,841 |
$ |
1,468,135 |
$ |
941,489 |
|||||||||||||
Return on average common equity |
5.23 |
% |
3.16 |
% |
9.97 |
% |
3.49 |
% |
10.27 |
% |
4.17 |
% |
10.60 |
% |
|||||||||||||
Adjusted return on average tangible |
11.66 |
% |
10.98 |
% |
18.45 |
% |
18.95 |
% |
18.79 |
% |
11.18 |
% |
18.81 |
% |
|||||||||||||
Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce. |
|||||||||||||||||||||||||||
Note 2: A portion of the merger and conversion charges for all periods are nondeductible for tax purposes. |
|||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Non-GAAP Reconciliations (continued) |
|||||||||||||||||||||||||||
Adjusted Efficiency Ratio (TE) |
Table 9B |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
Adjusted Noninterest Expense |
|||||||||||||||||||||||||||
Total noninterest expense |
$ |
155,768 |
$ |
138,053 |
$ |
122,564 |
$ |
192,697 |
$ |
81,251 |
$ |
293,821 |
$ |
156,676 |
|||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
Merger and conversion charges |
(895) |
(540) |
(2,415) |
(65,158) |
(3,475) |
(1,435) |
(5,532) |
||||||||||||||||||||
Restructuring charges |
(1,463) |
— |
— |
— |
— |
(1,463) |
(245) |
||||||||||||||||||||
Expenses related to SEC/DOJ Investigation |
(1,294) |
(1,443) |
(463) |
— |
— |
(2,737) |
— |
||||||||||||||||||||
Natural disaster and pandemic charges |
(2,043) |
(548) |
— |
— |
(50) |
(2,591) |
39 |
||||||||||||||||||||
Loss on sale of premises |
(281) |
(470) |
(1,413) |
(889) |
(2,800) |
(751) |
(3,719) |
||||||||||||||||||||
Adjusted noninterest expense |
$ |
149,792 |
$ |
135,052 |
$ |
118,273 |
$ |
126,650 |
$ |
74,926 |
$ |
284,844 |
$ |
147,219 |
|||||||||||||
Total Revenue |
|||||||||||||||||||||||||||
Net interest income |
$ |
163,814 |
$ |
147,945 |
$ |
155,351 |
$ |
148,769 |
$ |
101,651 |
$ |
311,759 |
$ |
201,046 |
|||||||||||||
Noninterest income |
120,960 |
54,379 |
55,113 |
76,993 |
35,236 |
175,339 |
66,007 |
||||||||||||||||||||
Total revenue |
$ |
284,774 |
$ |
202,324 |
$ |
210,464 |
$ |
225,762 |
$ |
136,887 |
$ |
487,098 |
$ |
267,053 |
|||||||||||||
Adjusted Total Revenue |
|||||||||||||||||||||||||||
Net interest income (TE) |
$ |
165,178 |
$ |
149,018 |
$ |
156,454 |
$ |
149,896 |
$ |
102,713 |
$ |
314,196 |
$ |
203,166 |
|||||||||||||
Noninterest income |
120,960 |
54,379 |
55,113 |
76,993 |
35,236 |
175,339 |
66,007 |
||||||||||||||||||||
Total revenue (TE) |
286,138 |
203,397 |
211,567 |
226,889 |
137,949 |
489,535 |
269,173 |
||||||||||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
(Gain) loss on securities |
(14) |
9 |
(1) |
(4) |
(69) |
(5) |
(135) |
||||||||||||||||||||
Loss (gain) on BOLI proceeds |
(845) |
— |
752 |
(4,335) |
— |
(845) |
— |
||||||||||||||||||||
Servicing right impairment (recovery) |
7,989 |
22,165 |
366 |
(1,319) |
1,460 |
30,154 |
1,460 |
||||||||||||||||||||
Adjusted total revenue (TE) |
$ |
293,268 |
$ |
225,571 |
$ |
212,684 |
$ |
221,231 |
$ |
139,340 |
$ |
518,839 |
$ |
270,498 |
|||||||||||||
Efficiency ratio |
54.70 |
% |
68.23 |
% |
58.24 |
% |
85.35 |
% |
59.36 |
% |
60.32 |
% |
58.67 |
% |
|||||||||||||
Adjusted efficiency ratio (TE) |
51.08 |
% |
59.87 |
% |
55.61 |
% |
57.25 |
% |
53.77 |
% |
54.90 |
% |
54.43 |
% |
|||||||||||||
Tangible Book Value Per Share |
Table 9C |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
Total shareholders' equity |
$ |
2,460,130 |
$ |
2,437,150 |
$ |
2,469,582 |
$ |
2,420,723 |
$ |
1,537,121 |
$ |
2,460,130 |
$ |
1,537,121 |
|||||||||||||
Less: |
|||||||||||||||||||||||||||
Goodwill |
928,005 |
931,947 |
931,637 |
911,488 |
501,140 |
928,005 |
501,140 |
||||||||||||||||||||
Other intangibles, net |
80,354 |
85,955 |
91,586 |
97,328 |
52,437 |
80,354 |
52,437 |
||||||||||||||||||||
Total tangible shareholders' equity |
$ |
1,451,771 |
$ |
1,419,248 |
$ |
1,446,359 |
$ |
1,411,907 |
$ |
983,544 |
$ |
1,451,771 |
$ |
983,544 |
|||||||||||||
Period end number of shares |
69,461,968 |
69,441,274 |
69,503,833 |
69,593,833 |
47,261,584 |
69,461,968 |
47,261,584 |
||||||||||||||||||||
Book value per share (period end) |
$ |
35.42 |
$ |
35.10 |
$ |
35.53 |
$ |
34.78 |
$ |
32.52 |
$ |
35.42 |
$ |
32.52 |
|||||||||||||
Tangible book value per share (period end) |
$ |
20.90 |
$ |
20.44 |
$ |
20.81 |
$ |
20.29 |
$ |
20.81 |
$ |
20.90 |
$ |
20.81 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Segment Reporting |
Table 10 |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
Banking Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
120,330 |
$ |
118,375 |
$ |
124,957 |
$ |
124,262 |
$ |
84,755 |
$ |
238,705 |
$ |
169,794 |
|||||||||||||
Provision for credit losses |
86,805 |
35,997 |
4,741 |
3,549 |
2,306 |
122,802 |
4,364 |
||||||||||||||||||||
Noninterest income |
14,468 |
17,773 |
18,632 |
21,173 |
14,830 |
32,241 |
29,200 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
40,423 |
41,621 |
38,180 |
39,794 |
24,228 |
82,044 |
52,160 |
||||||||||||||||||||
Occupancy and equipment expenses |
11,679 |
10,347 |
10,216 |
10,750 |
7,034 |
22,026 |
14,315 |
||||||||||||||||||||
Data processing and telecommunications expenses |
8,919 |
10,797 |
10,156 |
9,551 |
7,635 |
19,716 |
15,227 |
||||||||||||||||||||
Other noninterest expenses |
27,997 |
30,645 |
23,176 |
87,059 |
22,728 |
58,642 |
39,684 |
||||||||||||||||||||
Total noninterest expense |
89,018 |
93,410 |
81,728 |
147,154 |
61,625 |
182,428 |
121,386 |
||||||||||||||||||||
Income before income tax expense |
(41,025) |
6,741 |
57,120 |
(5,268) |
35,654 |
(34,284) |
73,244 |
||||||||||||||||||||
Income tax expense (benefit) |
(8,582) |
275 |
15,412 |
(1,269) |
8,691 |
(8,307) |
17,466 |
||||||||||||||||||||
Net income (loss) |
$ |
(32,443) |
$ |
6,466 |
$ |
41,708 |
$ |
(3,999) |
$ |
26,963 |
$ |
(25,977) |
$ |
55,778 |
|||||||||||||
Retail Mortgage Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
24,302 |
$ |
17,756 |
$ |
18,223 |
$ |
13,009 |
$ |
7,567 |
$ |
42,058 |
$ |
13,320 |
|||||||||||||
Provision for credit losses |
423 |
1,997 |
1,237 |
1,490 |
609 |
2,420 |
745 |
||||||||||||||||||||
Noninterest income |
104,195 |
34,369 |
33,335 |
52,493 |
18,070 |
138,564 |
32,360 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
50,003 |
31,097 |
28,233 |
34,144 |
11,886 |
81,100 |
20,093 |
||||||||||||||||||||
Occupancy and equipment expenses |
1,953 |
1,504 |
1,544 |
1,686 |
670 |
3,457 |
1,436 |
||||||||||||||||||||
Data processing and telecommunications expenses |
1,406 |
986 |
1,034 |
660 |
394 |
2,392 |
724 |
||||||||||||||||||||
Other noninterest expenses |
6,949 |
5,875 |
4,553 |
3,484 |
2,385 |
12,824 |
4,499 |
||||||||||||||||||||
Total noninterest expense |
60,311 |
39,462 |
35,364 |
39,974 |
15,335 |
99,773 |
26,752 |
||||||||||||||||||||
Income before income tax expense |
67,763 |
10,666 |
14,957 |
24,038 |
9,693 |
78,429 |
18,183 |
||||||||||||||||||||
Income tax expense |
14,231 |
2,408 |
3,371 |
5,048 |
2,170 |
16,639 |
3,783 |
||||||||||||||||||||
Net income |
$ |
53,532 |
$ |
8,258 |
$ |
11,586 |
$ |
18,990 |
$ |
7,523 |
$ |
61,790 |
$ |
14,400 |
|||||||||||||
Warehouse Lending Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
5,026 |
$ |
3,302 |
$ |
3,771 |
$ |
3,169 |
$ |
2,987 |
$ |
8,328 |
$ |
5,677 |
|||||||||||||
Provision for credit losses |
403 |
(9) |
67 |
— |
— |
394 |
— |
||||||||||||||||||||
Noninterest income |
727 |
960 |
610 |
560 |
450 |
1,687 |
829 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
209 |
210 |
325 |
286 |
162 |
419 |
323 |
||||||||||||||||||||
Occupancy and equipment expenses |
1 |
1 |
1 |
2 |
1 |
2 |
2 |
||||||||||||||||||||
Data processing and telecommunications expenses |
55 |
41 |
47 |
41 |
38 |
96 |
68 |
||||||||||||||||||||
Other noninterest expenses |
88 |
34 |
53 |
27 |
75 |
122 |
143 |
||||||||||||||||||||
Total noninterest expense |
353 |
286 |
426 |
356 |
276 |
639 |
536 |
||||||||||||||||||||
Income before income tax expense |
4,997 |
3,985 |
3,888 |
3,373 |
3,161 |
8,982 |
5,970 |
||||||||||||||||||||
Income tax expense |
1,049 |
837 |
816 |
708 |
664 |
1,886 |
1,254 |
||||||||||||||||||||
Net income |
$ |
3,948 |
$ |
3,148 |
$ |
3,072 |
$ |
2,665 |
$ |
2,497 |
$ |
7,096 |
$ |
4,716 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Segment Reporting (continued) |
Table 10 |
||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
Jun |
Mar |
Dec |
Sep |
Jun |
Jun |
Jun |
|||||||||||||||||||||
(dollars in thousands) |
2020 |
2020 |
2019 |
2019 |
2019 |
2020 |
2019 |
||||||||||||||||||||
SBA Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
7,034 |
$ |
2,181 |
$ |
2,190 |
$ |
2,573 |
$ |
1,182 |
$ |
9,215 |
$ |
2,268 |
|||||||||||||
Provision for credit losses |
2,322 |
(903) |
150 |
(15) |
178 |
1,419 |
409 |
||||||||||||||||||||
Noninterest income |
1,570 |
1,277 |
2,536 |
2,766 |
1,883 |
2,847 |
3,613 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
2,612 |
1,476 |
1,336 |
1,985 |
735 |
4,088 |
1,462 |
||||||||||||||||||||
Occupancy and equipment expenses |
97 |
97 |
79 |
66 |
65 |
194 |
124 |
||||||||||||||||||||
Data processing and telecommunications expenses |
15 |
13 |
5 |
22 |
3 |
28 |
5 |
||||||||||||||||||||
Other noninterest expenses |
359 |
515 |
402 |
503 |
359 |
874 |
746 |
||||||||||||||||||||
Total noninterest expense |
3,083 |
2,101 |
1,822 |
2,576 |
1,162 |
5,184 |
2,337 |
||||||||||||||||||||
Income before income tax expense |
3,199 |
2,260 |
2,754 |
2,778 |
1,725 |
5,459 |
3,135 |
||||||||||||||||||||
Income tax expense |
671 |
475 |
578 |
584 |
362 |
1,146 |
658 |
||||||||||||||||||||
Net income |
$ |
2,528 |
$ |
1,785 |
$ |
2,176 |
$ |
2,194 |
$ |
1,363 |
$ |
4,313 |
$ |
2,477 |
|||||||||||||
Premium Finance Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
7,122 |
$ |
6,331 |
$ |
6,210 |
$ |
5,756 |
$ |
5,160 |
$ |
13,453 |
$ |
9,987 |
|||||||||||||
Provision for credit losses |
(1,792) |
3,965 |
(502) |
965 |
1,575 |
2,173 |
2,558 |
||||||||||||||||||||
Noninterest income |
— |
— |
— |
1 |
3 |
— |
5 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
1,921 |
1,542 |
1,568 |
1,424 |
1,320 |
3,463 |
2,625 |
||||||||||||||||||||
Occupancy and equipment expenses |
77 |
79 |
79 |
135 |
64 |
156 |
161 |
||||||||||||||||||||
Data processing and telecommunications expenses |
119 |
117 |
120 |
98 |
318 |
236 |
755 |
||||||||||||||||||||
Other noninterest expenses |
886 |
1,056 |
1,457 |
980 |
1,151 |
1,942 |
2,124 |
||||||||||||||||||||
Total noninterest expense |
3,003 |
2,794 |
3,224 |
2,637 |
2,853 |
5,797 |
5,665 |
||||||||||||||||||||
(Loss) income before income tax expense |
5,911 |
(428) |
3,488 |
2,155 |
735 |
5,483 |
1,769 |
||||||||||||||||||||
Income tax expense (benefit) |
1,240 |
(93) |
782 |
621 |
177 |
1,147 |
331 |
||||||||||||||||||||
Net (loss) income |
$ |
4,671 |
$ |
(335) |
$ |
2,706 |
$ |
1,534 |
$ |
558 |
$ |
4,336 |
$ |
1,438 |
|||||||||||||
Total Consolidated |
|||||||||||||||||||||||||||
Net interest income |
$ |
163,814 |
$ |
147,945 |
$ |
155,351 |
$ |
148,769 |
$ |
101,651 |
$ |
311,759 |
$ |
201,046 |
|||||||||||||
Provision for credit losses |
88,161 |
41,047 |
5,693 |
5,989 |
4,668 |
129,208 |
8,076 |
||||||||||||||||||||
Noninterest income |
120,960 |
54,379 |
55,113 |
76,993 |
35,236 |
175,339 |
66,007 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
95,168 |
75,946 |
69,642 |
77,633 |
38,331 |
171,114 |
76,663 |
||||||||||||||||||||
Occupancy and equipment expenses |
13,807 |
12,028 |
11,919 |
12,639 |
7,834 |
25,835 |
16,038 |
||||||||||||||||||||
Data processing and telecommunications expenses |
10,514 |
11,954 |
11,362 |
10,372 |
8,388 |
22,468 |
16,779 |
||||||||||||||||||||
Other noninterest expenses |
36,279 |
38,125 |
29,641 |
92,053 |
26,698 |
74,404 |
47,196 |
||||||||||||||||||||
Total noninterest expense |
155,768 |
138,053 |
122,564 |
192,697 |
81,251 |
293,821 |
156,676 |
||||||||||||||||||||
Income before income tax expense |
40,845 |
23,224 |
82,207 |
27,076 |
50,968 |
64,069 |
102,301 |
||||||||||||||||||||
Income tax expense |
8,609 |
3,902 |
20,959 |
5,692 |
12,064 |
12,511 |
23,492 |
||||||||||||||||||||
Net income |
$ |
32,236 |
$ |
19,322 |
$ |
61,248 |
$ |
21,384 |
$ |
38,904 |
$ |
51,558 |
$ |
78,809 |
|||||||||||||
SOURCE Ameris Bancorp
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