Ameris Bancorp Announces Financial Results For Third Quarter 2019
ATLANTA, Oct. 18, 2019 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $21.4 million, or $0.31 per diluted share, for the quarter ended September 30, 2019, compared with $41.4 million, or $0.87 per diluted share, for the quarter ended September 30, 2018. The Company reported adjusted net income of $68.5 million, or $0.98 per diluted share, for the quarter ended September 30, 2019, compared with $43.3 million, or $0.91 per diluted share, for the same period in 2018. Adjusted net income excludes after-tax merger and conversion charges, executive retirement benefits, servicing right valuation adjustments, restructuring charges related to previously announced branch consolidations, gain on bank owned life insurance ("BOLI") proceeds, loss on sale of bank premises and expenses related to hurricanes.
For the year-to-date period ending September 30, 2019, the Company reported net income of $100.2 million, or $1.83 per diluted share, compared with $77.5 million, or $1.85 per diluted share, for the same period in 2018. The Company reported adjusted net income of $156.3 million, or $2.85 per diluted share, for the nine months ended September 30, 2019, compared with $100.3 million, or $2.40 per diluted share, for the same period in 2018. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our third quarter results were solid. I am proud of our team's focus on integration efforts while also executing the financial strategies as planned. Producing an adjusted ROA of 1.57% while working through the Fidelity integration is a direct reflection of our team's hard work and dedication. These results give us confidence in our ability to make 2020 a success."
Highlights of the Company's results for the third quarter of 2019 include the following:
- Adjusted return on average assets of 1.57%, compared with 1.56% in the second quarter of 2019 and 1.53% in the third quarter of 2018
- Adjusted return on average tangible common equity of 18.95%, compared with 18.79% in the second quarter of 2019 and 20.50% in the third quarter of 2018
- Adjusted efficiency ratio of 57.25%, compared with 53.77% in the second quarter of 2019 and 54.42% in the third quarter of 2018
- Growth in adjusted net income of $25.2 million, representing a 58% increase over the third quarter of 2018
- Organic growth in loans of $282.9 million, or 12.9% annualized
- Improvement in deposit mix such that noninterest bearing deposits represent 29.85% of total deposits, up from 25.42% a year ago
- Annualized net charge-offs of 0.07% of average total loans and 0.09% of average non-purchased loans
Following is a summary of the adjustments between reported net income and adjusted net income:
Adjusted Net Income Reconciliation |
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Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
(dollars in thousands, except per share data) |
2019 |
2018 |
2019 |
2018 |
|||||||||||
Net income available to common shareholders |
$ |
21,384 |
$ |
41,444 |
$ |
100,193 |
$ |
77,491 |
|||||||
Adjustment items: |
|||||||||||||||
Merger and conversion charges |
65,158 |
276 |
70,690 |
19,502 |
|||||||||||
Executive retirement benefits |
— |
962 |
— |
6,419 |
|||||||||||
Restructuring charges |
— |
229 |
245 |
229 |
|||||||||||
Servicing right impairment (recovery) |
(1,319) |
— |
141 |
— |
|||||||||||
Financial impact of hurricanes |
— |
— |
(39) |
— |
|||||||||||
Gain on BOLI proceeds |
(4,335) |
— |
(4,335) |
— |
|||||||||||
Loss on sale of premises |
889 |
4 |
4,608 |
783 |
|||||||||||
Tax effect of adjustment items |
(13,238) |
377 |
(15,167) |
(4,113) |
|||||||||||
After-tax adjustment items |
47,155 |
1,848 |
56,143 |
22,820 |
|||||||||||
Adjusted net income |
$ |
68,539 |
$ |
43,292 |
$ |
156,336 |
$ |
100,311 |
|||||||
Reported net income per diluted share |
$ |
0.31 |
$ |
0.87 |
$ |
1.83 |
$ |
1.85 |
|||||||
Adjusted net income per diluted share |
$ |
0.98 |
$ |
0.91 |
$ |
2.85 |
$ |
2.40 |
|||||||
Reported return on average assets |
0.49 |
% |
1.47 |
% |
0.99 |
% |
1.12 |
% |
|||||||
Adjusted return on average assets |
1.57 |
% |
1.53 |
% |
1.55 |
% |
1.46 |
% |
|||||||
Reported return on average common equity |
3.49 |
% |
11.78 |
% |
7.39 |
% |
9.47 |
% |
|||||||
Adjusted return on average tangible common equity |
18.95 |
% |
20.50 |
% |
18.87 |
% |
18.47 |
% |
|||||||
Acquisition of Fidelity
On July 1, 2019, the Company completed its acquisition of Fidelity Southern Corporation ("Fidelity"), the parent company of Fidelity Bank, Atlanta, Georgia. Fidelity operated 62 full-service banking locations, 46 of which were located in Georgia and 16 of which were located in Florida. The acquisition further expands the Company's existing Southeastern footprint in the attractive Atlanta market, where the Company is the largest community bank by deposit share after the acquisition. The acquisition added $5.2 billion in total assets, $3.8 billion in total loans and $4.0 billion in total deposits. Ameris Bank relocated its charter to Atlanta simultaneously with the closing of the transaction. On October 1, the Company relocated its corporate headquarters to Atlanta to create consistency with the Bank's relocation. The conversion of Fidelity's systems to the Company's is scheduled to be completed during the fourth quarter of 2019, after which management expects to fully realize operating efficiencies from the acquisition. The Company believes all significant merger and conversion charges have been recorded in the third quarter and no material additional expenses are anticipated going forward related to the Fidelity acquisition.
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the third quarter of 2019 totaled $149.9 million, compared with $102.7 million for the second quarter of 2019 and $100.1 million for third quarter of 2018. The Company's net interest margin was 3.84% for the third quarter of 2019, down from 3.91% reported for the second quarter of 2019 and 3.92% reported for the third quarter of 2018. Accretion income for the third quarter of 2019 increased to $4.2 million, compared with $3.1 million for the second quarter of 2019, and $3.7 million reported for the third quarter of 2018. The linked quarter decrease in net interest margin was primarily attributable to the impact of the Fidelity acquisition and a decrease in the yield on total loans, partially offset by a decrease in deposit costs.
Yields on all loans decreased to 5.16% during the third quarter of 2019, compared with 5.32% for the second quarter of 2019 and increased from 5.12% reported for the third quarter of 2018. Loan production in the banking division during the third quarter of 2019 totaled $1.2 billion, with weighted average yields of 5.08%, compared with $854.7 million and 5.49%, respectively, in the second quarter of 2019 and $467.5 million and 5.51%, respectively, in the third quarter of 2018. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.2 billion during the third quarter of 2019, with weighted average yields of 4.51%, compared with $2.6 billion and 5.20%, respectively, during the second quarter of 2019 and $2.0 billion and 5.37%, respectively, during the third quarter of 2018.
Interest expense during the third quarter of 2019 increased to $39.6 million, compared with $27.4 million in the second quarter of 2019 and $22.1 million in the third quarter of 2018. The Company's total cost of funds moved three basis points lower to 1.07% in the third quarter of 2019 as compared with the second quarter of 2019. Deposit costs also decreased 11 basis points during the third quarter of 2019 to 0.86%, compared with 0.97% in the second quarter of 2019. Costs of interest-bearing deposits decreased during the quarter from 1.34% in the second quarter of 2019 to 1.23% in the third quarter of 2019.
Noninterest Income
Noninterest income in the third quarter of 2019 was $77.0 million, compared with $35.2 million in the second quarter of 2019 and $30.2 million in the third quarter of 2018. The increase for both the linked quarter and year over year is a result of increased service charges and mortgage banking activity. In addition, other noninterest income increased during the quarter because the Company recorded a $4.3 million gain on BOLI proceeds during the quarter, due to the unfortunate death of a former officer of Fidelity.
Service charge revenue increased to $13.4 million in the third quarter of 2019, compared with $12.2 million in the second quarter of 2019 and $12.7 million in the third quarter of 2018 due to the Company's increased number of deposit accounts from organic growth and completion of the Fidelity acquisition. The Fidelity acquisition added $3.6 million in service charge revenue, which was offset by approximately $2.7 million decline in revenue as a result of the Durbin Amendment.
Mortgage banking activity increased to $53.0 million in the third quarter of 2019, compared with $18.5 million for the second quarter of 2019 and $14.1 million for the third quarter of 2018. This increase was a result of the Fidelity acquisition as well as additional growth from the low interest rate environment during the third quarter. Total production in the retail mortgage division increased to $1.8 billion for the third quarter of 2019, compared with $585.1 million for the second quarter of 2019 and $479.1 million for the third quarter of 2018. Gain on sale spreads decreased in the third quarter of 2019 to 2.67% from 3.11% in the linked quarter and 3.00% for the third quarter of 2018. The gain on sale spread during the quarter was impacted by a shift in product mix and the transition of the pricing models through conversion.
Noninterest income from the SBA division increased to $2.8 million in the third quarter of 2019, compared with $1.9 million in the second quarter of 2019 and $1.0 million in the third quarter of 2018. Net income for the division increased over 60% from the second quarter of 2019 and over 83% from the third quarter of 2018 to $2.2 million in the third quarter of 2019.
Noninterest Expense
Noninterest expense increased $111.4 million, or 137.2%, to $192.7 million during the third quarter of 2019, compared with $81.3 million for the second quarter of 2019. During the third quarter of 2019, the Company recorded $66.0 million of charges to earnings, the majority of which was related to merger and conversion activity and loss on sale of premises, compared with $6.3 million in charges in the second quarter of 2019 that were related principally to merger and conversion activity and loss on sale of premises. Excluding these charges, adjusted expenses increased approximately $51.7 million, or 69.0%, to $126.7 million in the third quarter of 2019, from $74.9 million in the second quarter of 2019. The majority of this increase is attributable to the acquisition of Fidelity and variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio. The Company's adjusted efficiency ratio increased from 54.42% in the third quarter of 2018 and 53.77% in the second quarter of 2019 to 57.25% in the third quarter of 2019.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2019 was 21.0%, compared with 23.7% in the second quarter of 2019 and 24.3% for the third quarter of 2018. The decreased rate for the third quarter of 2019 was attributable to a non-taxable gain on BOLI proceeds and a reduction in the Florida corporate income tax rate partially offset by certain non-deductible merger expenses.
Balance Sheet Trends
Total assets at September 30, 2019 were $17.8 billion, compared with $11.4 billion at December 31, 2018. Total loans, including loans held for sale, purchased loans and purchased loan pools, were $14.01 billion at September 30, 2019, compared with $8.62 billion at December 31, 2018. Strong loan production in the second and third quarters of 2019 helped offset the impact of strategic runoff of certain acquired portfolios and early paydowns and payoffs experienced during the first quarter of 2019. Loan production in the banking division during the third quarter of 2019 was 37% higher than the second quarter of 2019 and was 151% higher than the third quarter of 2018.
At September 30, 2019, total deposits amounted to $13.66 billion, or 90.1% of total funding, compared with $9.65 billion and 97.4%, respectively, at December 31, 2018. The increase in total deposits in the third quarter was materially impacted by the Company's acquisition of Fidelity. Excluding the acquisition, deposits increased $33.9 million, or 1.4% annualized, in the third quarter. At September 30, 2019, noninterest-bearing deposit accounts were $4.08 billion, or 29.9% of total deposits, compared with $2.52 billion, or 26.1% of total deposits, at December 31, 2018. Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $6.84 billion at September 30, 2019, compared with $4.60 billion at December 31, 2018. These funds represented 50.1% of the Company's total deposits at September 30, 2019, compared with 47.6% at the end of 2018.
Shareholders' equity at September 30, 2019 totaled $2.42 billion, an increase of $964.4 million, or 66.2%, from December 31, 2018. The increase in shareholders' equity was primarily the result of the issuance of shares of common stock in the Company's acquisition of Fidelity plus earnings of $100.2 million during the first nine months of 2019, offset by dividends declared of $19.9 million and treasury stock purchases of $11.6 million. Tangible book value per share was $20.29 at September 30, 2019, up from $18.83 at December 31, 2018. Tangible common equity as a percentage of tangible assets was 8.43% at September 30, 2019, compared with 8.22% at the end of the 2018.
Credit Quality
Credit quality remains strong in the Company. During the third quarter of 2019, the Company recorded provision for loan loss expense of $6.0 million, compared with $4.7 million in the second quarter of 2019. Nonperforming assets as a percentage of total assets increased by 22 basis points to 0.73% during the quarter. The increase in nonperforming assets is primarily as result of the Fidelity acquisition. The net charge-off ratio for non-purchased loans was nine basis points for the third quarter of 2019, compared with 11 basis points in the second quarter of 2019 and 44 basis points in the third quarter of 2018.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time today (October 18, 2019) 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 November 1, 2019. 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 10135304. 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 172 locations in Georgia, Alabama, Florida 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, and including statements about the benefits of the merger between the Company and Fidelity. 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, including, without limitation, movements in interest rates; competitive pressures on product pricing and services; the businesses of the Company and Fidelity may not be integrated successfully or such integration may take longer to accomplish than expected following the parties' merger; the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes; disruption from the merger may make it more difficult to maintain relationships with customers, employees or others; diversion of management time to merger-related issues; and the success and timing of other business strategies. 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, 2018 and its subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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 |
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Financial Highlights |
Table 1 |
|||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
|||||||||||||||||||||||||||||||||||||||
EARNINGS |
||||||||||||||||||||||||||||||||||||||||||||||
Net income |
$ |
21,384 |
$ |
38,904 |
$ |
39,905 |
$ |
43,536 |
$ |
41,444 |
$ |
100,193 |
$ |
77,491 |
||||||||||||||||||||||||||||||||
Adjusted net income |
$ |
68,539 |
$ |
45,210 |
$ |
42,587 |
$ |
45,897 |
$ |
43,292 |
$ |
156,336 |
$ |
100,311 |
||||||||||||||||||||||||||||||||
COMMON SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share available to common |
||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ |
0.31 |
$ |
0.82 |
$ |
0.84 |
$ |
0.92 |
$ |
0.87 |
$ |
1.83 |
$ |
1.86 |
||||||||||||||||||||||||||||||||
Diluted |
$ |
0.31 |
$ |
0.82 |
$ |
0.84 |
$ |
0.91 |
$ |
0.87 |
$ |
1.83 |
$ |
1.85 |
||||||||||||||||||||||||||||||||
Adjusted diluted EPS |
$ |
0.98 |
$ |
0.96 |
$ |
0.90 |
$ |
0.96 |
$ |
0.91 |
$ |
2.85 |
$ |
2.40 |
||||||||||||||||||||||||||||||||
Cash dividends per share |
$ |
0.15 |
$ |
0.10 |
$ |
0.10 |
$ |
0.10 |
$ |
0.10 |
$ |
0.35 |
$ |
0.30 |
||||||||||||||||||||||||||||||||
Book value per share (period end) |
$ |
34.78 |
$ |
32.52 |
$ |
31.43 |
$ |
30.66 |
$ |
29.58 |
$ |
34.78 |
$ |
29.58 |
||||||||||||||||||||||||||||||||
Tangible book value per share (period end) |
$ |
20.29 |
$ |
20.81 |
$ |
19.73 |
$ |
18.83 |
$ |
17.78 |
$ |
20.29 |
$ |
17.78 |
||||||||||||||||||||||||||||||||
Weighted average number of shares |
||||||||||||||||||||||||||||||||||||||||||||||
Basic |
69,372,125 |
47,310,561 |
47,366,296 |
47,501,150 |
47,514,653 |
54,762,216 |
41,672,792 |
|||||||||||||||||||||||||||||||||||||||
Diluted |
69,600,499 |
47,337,809 |
47,456,314 |
47,593,252 |
47,685,334 |
54,883,122 |
41,844,900 |
|||||||||||||||||||||||||||||||||||||||
Period end number of shares |
69,593,833 |
47,261,584 |
47,585,309 |
47,499,941 |
47,496,966 |
69,593,833 |
47,496,966 |
|||||||||||||||||||||||||||||||||||||||
Market data |
||||||||||||||||||||||||||||||||||||||||||||||
High intraday price |
$ |
40.65 |
$ |
39.60 |
$ |
42.01 |
$ |
47.25 |
$ |
54.35 |
$ |
42.01 |
$ |
59.05 |
||||||||||||||||||||||||||||||||
Low intraday price |
$ |
33.71 |
$ |
33.57 |
$ |
31.27 |
$ |
29.97 |
$ |
45.15 |
$ |
31.27 |
$ |
45.15 |
||||||||||||||||||||||||||||||||
Period end closing price |
$ |
40.24 |
$ |
39.19 |
$ |
34.35 |
$ |
31.67 |
$ |
45.70 |
$ |
40.24 |
$ |
45.70 |
||||||||||||||||||||||||||||||||
Average daily volume |
461,289 |
352,684 |
387,800 |
375,773 |
382,622 |
401,050 |
291,061 |
|||||||||||||||||||||||||||||||||||||||
PERFORMANCE RATIOS |
||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets |
0.49 |
% |
1.34 |
% |
1.42 |
% |
1.53 |
% |
1.47 |
% |
0.99 |
% |
1.12 |
% |
||||||||||||||||||||||||||||||||
Adjusted return on average assets |
1.57 |
% |
1.56 |
% |
1.51 |
% |
1.61 |
% |
1.53 |
% |
1.55 |
% |
1.46 |
% |
||||||||||||||||||||||||||||||||
Return on average common equity |
3.49 |
% |
10.27 |
% |
10.95 |
% |
12.09 |
% |
11.78 |
% |
7.39 |
% |
9.47 |
% |
||||||||||||||||||||||||||||||||
Adjusted return on average tangible |
18.95 |
% |
18.79 |
% |
18.82 |
% |
20.95 |
% |
20.50 |
% |
18.87 |
% |
18.47 |
% |
||||||||||||||||||||||||||||||||
Earning asset yield (TE) |
4.86 |
% |
4.95 |
% |
4.95 |
% |
4.81 |
% |
4.78 |
% |
4.91 |
% |
4.67 |
% |
||||||||||||||||||||||||||||||||
Total cost of funds |
1.07 |
% |
1.10 |
% |
1.05 |
% |
0.94 |
% |
0.90 |
% |
1.07 |
% |
0.78 |
% |
||||||||||||||||||||||||||||||||
Net interest margin (TE) |
3.84 |
% |
3.91 |
% |
3.95 |
% |
3.91 |
% |
3.92 |
% |
3.89 |
% |
3.93 |
% |
||||||||||||||||||||||||||||||||
Noninterest income excluding securities |
28.89 |
% |
21.27 |
% |
19.59 |
% |
19.75 |
% |
19.77 |
% |
24.27 |
% |
23.06 |
% |
||||||||||||||||||||||||||||||||
Efficiency ratio |
85.35 |
% |
59.36 |
% |
57.95 |
% |
58.30 |
% |
56.00 |
% |
70.89 |
% |
65.66 |
% |
||||||||||||||||||||||||||||||||
Adjusted efficiency ratio (TE) |
57.25 |
% |
53.77 |
% |
55.12 |
% |
54.10 |
% |
54.42 |
% |
55.70 |
% |
57.02 |
% |
||||||||||||||||||||||||||||||||
CAPITAL ADEQUACY (period end) |
||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity to assets |
13.63 |
% |
12.93 |
% |
12.83 |
% |
12.73 |
% |
12.29 |
% |
13.63 |
% |
12.29 |
% |
||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets |
8.43 |
% |
8.68 |
% |
8.46 |
% |
8.22 |
% |
7.77 |
% |
8.43 |
% |
7.77 |
% |
||||||||||||||||||||||||||||||||
EQUITY TO ASSETS RECONCILIATION |
||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets |
8.43 |
% |
8.68 |
% |
8.46 |
% |
8.22 |
% |
7.77 |
% |
8.43 |
% |
7.77 |
% |
||||||||||||||||||||||||||||||||
Effect of goodwill and other intangibles |
5.20 |
% |
4.25 |
% |
4.37 |
% |
4.51 |
% |
4.52 |
% |
5.20 |
% |
4.52 |
% |
||||||||||||||||||||||||||||||||
Equity to assets (GAAP) |
13.63 |
% |
12.93 |
% |
12.83 |
% |
12.73 |
% |
12.29 |
% |
13.63 |
% |
12.29 |
% |
||||||||||||||||||||||||||||||||
OTHER DATA (period end) |
||||||||||||||||||||||||||||||||||||||||||||||
Full time equivalent employees |
||||||||||||||||||||||||||||||||||||||||||||||
Banking Division |
2,001 |
1,336 |
1,343 |
1,370 |
1,432 |
2,001 |
1,432 |
|||||||||||||||||||||||||||||||||||||||
Retail Mortgage Division |
785 |
348 |
328 |
332 |
317 |
785 |
317 |
|||||||||||||||||||||||||||||||||||||||
Warehouse Lending Division |
9 |
10 |
9 |
8 |
8 |
9 |
8 |
|||||||||||||||||||||||||||||||||||||||
SBA Division |
45 |
21 |
22 |
22 |
23 |
45 |
23 |
|||||||||||||||||||||||||||||||||||||||
Premium Finance Division |
66 |
62 |
64 |
72 |
67 |
66 |
67 |
|||||||||||||||||||||||||||||||||||||||
Total Ameris Bancorp FTE headcount |
2,906 |
1,777 |
1,766 |
1,804 |
1,847 |
2,906 |
1,847 |
|||||||||||||||||||||||||||||||||||||||
Assets per Banking Division FTE |
$ |
8,878 |
$ |
8,889 |
$ |
8,679 |
$ |
8,353 |
$ |
7,981 |
$ |
8,878 |
$ |
7,981 |
||||||||||||||||||||||||||||||||
Branch locations |
172 |
114 |
114 |
125 |
125 |
172 |
125 |
|||||||||||||||||||||||||||||||||||||||
Deposits per branch location |
$ |
79,416 |
$ |
84,056 |
$ |
85,973 |
$ |
77,195 |
$ |
73,451 |
$ |
79,416 |
$ |
73,451 |
||||||||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||||||||||||||||||||||||||||
Income Statement |
Table 2 |
|||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
|||||||||||||||||||||||||||||||||||||||
Interest income |
||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans |
$ |
175,046 |
$ |
117,010 |
$ |
112,401 |
$ |
111,749 |
$ |
110,470 |
$ |
404,457 |
$ |
266,460 |
||||||||||||||||||||||||||||||||
Interest on taxable securities |
11,354 |
9,383 |
9,043 |
8,686 |
8,792 |
29,780 |
20,320 |
|||||||||||||||||||||||||||||||||||||||
Interest on nontaxable securities |
168 |
102 |
156 |
195 |
204 |
426 |
705 |
|||||||||||||||||||||||||||||||||||||||
Interest on deposits in other banks |
1,622 |
2,276 |
3,150 |
1,964 |
1,581 |
7,048 |
3,020 |
|||||||||||||||||||||||||||||||||||||||
Interest on federal funds sold |
171 |
257 |
179 |
155 |
72 |
607 |
72 |
|||||||||||||||||||||||||||||||||||||||
Total interest income |
188,361 |
129,028 |
124,929 |
122,749 |
121,119 |
442,318 |
290,577 |
|||||||||||||||||||||||||||||||||||||||
Interest expense |
||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits |
29,425 |
23,454 |
21,684 |
18,858 |
15,630 |
74,563 |
30,196 |
|||||||||||||||||||||||||||||||||||||||
Interest on other borrowings |
10,167 |
3,923 |
3,850 |
4,337 |
6,451 |
17,940 |
16,543 |
|||||||||||||||||||||||||||||||||||||||
Total interest expense |
39,592 |
27,377 |
25,534 |
23,195 |
22,081 |
92,503 |
46,739 |
|||||||||||||||||||||||||||||||||||||||
Net interest income |
148,769 |
101,651 |
99,395 |
99,554 |
99,038 |
349,815 |
243,838 |
|||||||||||||||||||||||||||||||||||||||
Provision for loan losses |
5,989 |
4,668 |
3,408 |
3,661 |
2,095 |
14,065 |
13,006 |
|||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan |
142,780 |
96,983 |
95,987 |
95,893 |
96,943 |
335,750 |
230,832 |
|||||||||||||||||||||||||||||||||||||||
Noninterest income |
||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposits accounts |
13,411 |
12,168 |
11,646 |
12,597 |
12,690 |
37,225 |
33,531 |
|||||||||||||||||||||||||||||||||||||||
Mortgage banking activity |
53,041 |
18,523 |
14,677 |
11,883 |
14,082 |
86,241 |
41,771 |
|||||||||||||||||||||||||||||||||||||||
Other service charges, commissions and fees |
1,236 |
803 |
789 |
824 |
820 |
2,828 |
2,236 |
|||||||||||||||||||||||||||||||||||||||
Gain (loss) on securities |
4 |
69 |
66 |
1 |
48 |
139 |
(38) |
|||||||||||||||||||||||||||||||||||||||
Other noninterest income |
9,301 |
3,673 |
3,593 |
5,165 |
2,531 |
16,567 |
10,442 |
|||||||||||||||||||||||||||||||||||||||
Total noninterest income |
76,993 |
35,236 |
30,771 |
30,470 |
30,171 |
143,000 |
87,942 |
|||||||||||||||||||||||||||||||||||||||
Noninterest expense |
||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits |
77,633 |
38,331 |
38,332 |
38,969 |
38,414 |
154,296 |
110,163 |
|||||||||||||||||||||||||||||||||||||||
Occupancy and equipment expenses |
12,639 |
7,834 |
8,204 |
7,945 |
8,598 |
28,677 |
21,186 |
|||||||||||||||||||||||||||||||||||||||
Data processing and telecommunications |
10,372 |
8,388 |
8,391 |
8,293 |
8,518 |
27,151 |
22,092 |
|||||||||||||||||||||||||||||||||||||||
Credit resolution related expenses(1) |
1,094 |
979 |
911 |
1,174 |
1,248 |
2,984 |
2,842 |
|||||||||||||||||||||||||||||||||||||||
Advertising and marketing expenses |
1,949 |
1,987 |
1,741 |
1,633 |
1,453 |
5,677 |
3,938 |
|||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
5,719 |
3,121 |
3,132 |
3,650 |
2,676 |
11,972 |
5,862 |
|||||||||||||||||||||||||||||||||||||||
Merger and conversion charges |
65,158 |
3,475 |
2,057 |
997 |
276 |
70,690 |
19,502 |
|||||||||||||||||||||||||||||||||||||||
Other noninterest expenses |
18,133 |
17,136 |
12,657 |
13,149 |
11,170 |
47,926 |
32,252 |
|||||||||||||||||||||||||||||||||||||||
Total noninterest expense |
192,697 |
81,251 |
75,425 |
75,810 |
72,353 |
349,373 |
217,837 |
|||||||||||||||||||||||||||||||||||||||
Income before income tax expense |
27,076 |
50,968 |
51,333 |
50,553 |
54,761 |
129,377 |
100,937 |
|||||||||||||||||||||||||||||||||||||||
Income tax expense |
5,692 |
12,064 |
11,428 |
7,017 |
13,317 |
29,184 |
23,446 |
|||||||||||||||||||||||||||||||||||||||
Net income |
$ |
21,384 |
$ |
38,904 |
$ |
39,905 |
$ |
43,536 |
$ |
41,444 |
$ |
100,193 |
$ |
77,491 |
||||||||||||||||||||||||||||||||
Diluted earnings per common share |
$ |
0.31 |
$ |
0.82 |
$ |
0.84 |
$ |
0.91 |
$ |
0.87 |
$ |
1.83 |
$ |
1.85 |
||||||||||||||||||||||||||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |
||||||||||||||||||||||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||
FINANCIAL TABLES |
||||||||||||||
Period End Balance Sheet |
Table 3 |
|||||||||||||
Three Months Ended |
||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
|||||||||
Assets |
||||||||||||||
Cash and due from banks |
$ |
193,976 |
$ |
151,186 |
$ |
144,801 |
$ |
172,036 |
$ |
158,453 |
||||
Federal funds sold and interest-bearing deposits in banks |
285,713 |
186,969 |
712,199 |
507,491 |
470,804 |
|||||||||
Time deposits in other banks |
499 |
748 |
7,371 |
10,812 |
11,558 |
|||||||||
Investment securities available for sale, at fair value |
1,491,207 |
1,273,244 |
1,234,435 |
1,192,423 |
1,162,570 |
|||||||||
Other investments |
66,921 |
32,481 |
15,157 |
14,455 |
35,929 |
|||||||||
Loans held for sale, at fair value |
1,187,551 |
261,073 |
112,070 |
111,298 |
130,179 |
|||||||||
Loans |
7,208,816 |
6,522,448 |
5,756,358 |
5,660,457 |
5,543,306 |
|||||||||
Purchased loans |
5,388,336 |
2,286,425 |
2,472,271 |
2,588,832 |
2,711,460 |
|||||||||
Purchased loan pools |
229,132 |
240,997 |
253,710 |
262,625 |
274,752 |
|||||||||
Loans, net of unearned income |
12,826,284 |
9,049,870 |
8,482,339 |
8,511,914 |
8,529,518 |
|||||||||
Allowance for loan losses |
(35,530) |
(31,793) |
(28,659) |
(28,819) |
(28,116) |
|||||||||
Loans, net |
12,790,754 |
9,018,077 |
8,453,680 |
8,483,095 |
8,501,402 |
|||||||||
Other real estate owned |
4,925 |
5,169 |
6,014 |
7,218 |
9,375 |
|||||||||
Purchased other real estate owned |
15,785 |
9,506 |
10,857 |
9,535 |
7,692 |
|||||||||
Total other real estate owned |
20,710 |
14,675 |
16,871 |
16,753 |
17,067 |
|||||||||
Premises and equipment, net |
239,428 |
141,378 |
141,698 |
145,410 |
145,885 |
|||||||||
Goodwill |
911,488 |
501,140 |
501,308 |
503,434 |
505,604 |
|||||||||
Other intangible assets, net |
97,328 |
52,437 |
55,557 |
58,689 |
54,729 |
|||||||||
Cash value of bank owned life insurance |
174,442 |
105,064 |
104,597 |
104,096 |
103,588 |
|||||||||
Deferred income taxes, net |
22,111 |
30,812 |
33,295 |
35,126 |
38,217 |
|||||||||
Other assets |
282,149 |
120,052 |
123,236 |
88,397 |
93,009 |
|||||||||
Total assets |
$ |
17,764,277 |
$ |
11,889,336 |
$ |
11,656,275 |
$ |
11,443,515 |
$ |
11,428,994 |
||||
Liabilities |
||||||||||||||
Deposits |
||||||||||||||
Noninterest-bearing |
$ |
4,077,856 |
$ |
2,771,443 |
$ |
2,753,173 |
$ |
2,520,016 |
$ |
2,333,992 |
||||
Interest-bearing |
9,581,738 |
6,810,927 |
7,047,702 |
7,129,297 |
6,847,371 |
|||||||||
Total deposits |
13,659,594 |
9,582,370 |
9,800,875 |
9,649,313 |
9,181,363 |
|||||||||
Federal funds purchased and securities sold under agreements to repurchase |
17,744 |
3,307 |
4,259 |
20,384 |
14,071 |
|||||||||
Other borrowings |
1,351,172 |
564,636 |
151,454 |
151,774 |
656,831 |
|||||||||
Subordinated deferrable interest debentures |
127,075 |
89,871 |
89,529 |
89,187 |
88,986 |
|||||||||
FDIC loss-share payable, net |
19,490 |
20,596 |
18,834 |
19,487 |
18,740 |
|||||||||
Other liabilities |
168,479 |
91,435 |
95,740 |
57,023 |
64,026 |
|||||||||
Total liabilities |
15,343,554 |
10,352,215 |
10,160,691 |
9,987,168 |
10,024,017 |
|||||||||
Shareholders' Equity |
||||||||||||||
Preferred stock |
— |
— |
— |
— |
— |
|||||||||
Common stock |
71,447 |
49,099 |
49,126 |
49,015 |
49,012 |
|||||||||
Capital stock |
1,904,789 |
1,053,500 |
1,053,190 |
1,051,584 |
1,050,752 |
|||||||||
Retained earnings |
457,127 |
446,182 |
412,005 |
377,135 |
338,350 |
|||||||||
Accumulated other comprehensive income (loss), net of tax |
15,482 |
16,462 |
(1,178) |
(4,826) |
(16,576) |
|||||||||
Treasury stock |
(28,122) |
(28,122) |
(17,559) |
(16,561) |
(16,561) |
|||||||||
Total shareholders' equity |
2,420,723 |
1,537,121 |
1,495,584 |
1,456,347 |
1,404,977 |
|||||||||
Total liabilities and shareholders' equity |
$ |
17,764,277 |
$ |
11,889,336 |
$ |
11,656,275 |
$ |
11,443,515 |
$ |
11,428,994 |
||||
Other Data |
||||||||||||||
Earning assets |
$ |
15,858,175 |
$ |
10,804,385 |
$ |
10,563,571 |
$ |
10,348,393 |
$ |
10,340,558 |
||||
Intangible assets |
1,008,816 |
553,577 |
556,865 |
562,123 |
560,333 |
|||||||||
Interest-bearing liabilities |
11,077,729 |
7,468,741 |
7,292,944 |
7,390,642 |
7,607,259 |
|||||||||
Average assets |
17,340,387 |
11,625,344 |
11,423,677 |
11,307,980 |
11,204,504 |
|||||||||
Average common shareholders' equity |
2,432,182 |
1,519,598 |
1,478,462 |
1,428,341 |
1,395,479 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Asset Quality Information |
Table 4 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
||||||||||||||||||||
Allowance for Loan Losses |
|||||||||||||||||||||||||||
Balance at beginning of period |
$ |
31,793 |
$ |
28,659 |
$ |
28,819 |
$ |
28,116 |
$ |
31,532 |
$ |
28,819 |
$ |
25,791 |
|||||||||||||
Provision for loan losses |
5,989 |
4,668 |
3,408 |
3,661 |
2,095 |
14,065 |
13,006 |
||||||||||||||||||||
Charge-offs |
5,249 |
3,496 |
5,379 |
4,430 |
8,112 |
14,124 |
16,701 |
||||||||||||||||||||
Recoveries |
2,997 |
1,962 |
1,811 |
1,472 |
2,601 |
6,770 |
6,020 |
||||||||||||||||||||
Net charge-offs (recoveries) |
2,252 |
1,534 |
3,568 |
2,958 |
5,511 |
7,354 |
10,681 |
||||||||||||||||||||
Ending balance |
$ |
35,530 |
$ |
31,793 |
$ |
28,659 |
$ |
28,819 |
$ |
28,116 |
$ |
35,530 |
$ |
28,116 |
|||||||||||||
Net Charge-off Information |
|||||||||||||||||||||||||||
Charge-offs |
|||||||||||||||||||||||||||
Commercial, financial and agricultural |
$ |
1,578 |
$ |
1,338 |
$ |
2,004 |
$ |
2,489 |
$ |
6,121 |
$ |
4,920 |
$ |
11,314 |
|||||||||||||
Real estate - construction and development |
— |
222 |
25 |
7 |
265 |
247 |
285 |
||||||||||||||||||||
Real estate - commercial and farmland |
14 |
100 |
1,253 |
169 |
27 |
1,367 |
169 |
||||||||||||||||||||
Real estate - residential |
20 |
40 |
20 |
76 |
293 |
80 |
695 |
||||||||||||||||||||
Consumer installment |
1,195 |
1,126 |
1,893 |
1,465 |
923 |
4,214 |
2,724 |
||||||||||||||||||||
Purchased loans |
2,442 |
670 |
184 |
224 |
483 |
3,296 |
1,514 |
||||||||||||||||||||
Purchased loan pools |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||
Total charge-offs |
5,249 |
3,496 |
5,379 |
4,430 |
8,112 |
14,124 |
16,701 |
||||||||||||||||||||
Recoveries |
|||||||||||||||||||||||||||
Commercial, financial and agricultural |
845 |
742 |
1,065 |
927 |
939 |
2,652 |
2,842 |
||||||||||||||||||||
Real estate - construction and development |
2 |
19 |
1 |
3 |
1 |
22 |
117 |
||||||||||||||||||||
Real estate - commercial and farmland |
— |
4 |
4 |
7 |
134 |
8 |
169 |
||||||||||||||||||||
Real estate - residential |
49 |
133 |
104 |
91 |
44 |
286 |
255 |
||||||||||||||||||||
Consumer installment |
269 |
242 |
164 |
137 |
178 |
675 |
362 |
||||||||||||||||||||
Purchased loans |
1,832 |
822 |
473 |
307 |
1,305 |
3,127 |
2,275 |
||||||||||||||||||||
Purchased loan pools |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||
Total recoveries |
2,997 |
1,962 |
1,811 |
1,472 |
2,601 |
6,770 |
6,020 |
||||||||||||||||||||
Net charge-offs (recoveries) |
$ |
2,252 |
$ |
1,534 |
$ |
3,568 |
$ |
2,958 |
$ |
5,511 |
$ |
7,354 |
$ |
10,681 |
|||||||||||||
Non-Performing Assets |
|||||||||||||||||||||||||||
Nonaccrual loans (excluding purchased |
$ |
21,739 |
$ |
18,129 |
$ |
17,633 |
$ |
17,952 |
$ |
15,986 |
$ |
21,739 |
$ |
15,986 |
|||||||||||||
Nonaccrual purchased loans |
78,762 |
23,350 |
23,846 |
24,107 |
27,764 |
78,762 |
27,764 |
||||||||||||||||||||
Nonaccrual purchased loan pools |
— |
— |
400 |
— |
4,696 |
— |
4,696 |
||||||||||||||||||||
Other real estate owned |
4,925 |
5,169 |
6,014 |
7,218 |
9,375 |
4,925 |
9,375 |
||||||||||||||||||||
Purchased other real estate owned |
15,785 |
9,506 |
10,857 |
9,535 |
7,692 |
15,785 |
7,692 |
||||||||||||||||||||
Repossessed assets |
1,258 |
— |
— |
— |
— |
1,258 |
— |
||||||||||||||||||||
Accruing loans delinquent 90 days or more |
5,836 |
4,439 |
3,676 |
4,222 |
2,863 |
5,836 |
2,863 |
||||||||||||||||||||
Accruing purchased loans delinquent 90 |
489 |
174 |
— |
— |
— |
489 |
— |
||||||||||||||||||||
Total non-performing assets |
$ |
128,794 |
$ |
60,767 |
$ |
62,426 |
$ |
63,034 |
$ |
68,376 |
$ |
128,794 |
$ |
68,376 |
|||||||||||||
Asset Quality Ratios |
|||||||||||||||||||||||||||
Non-performing assets as a percent of total |
0.73 |
% |
0.51 |
% |
0.54 |
% |
0.55 |
% |
0.60 |
% |
0.73 |
% |
0.60 |
% |
|||||||||||||
Net charge-offs as a percent of average |
0.07 |
% |
0.07 |
% |
0.17 |
% |
0.14 |
% |
0.26 |
% |
0.10 |
% |
0.20 |
% |
|||||||||||||
Net charge-offs, excluding purchased loans |
0.09 |
% |
0.11 |
% |
0.27 |
% |
0.21 |
% |
0.44 |
% |
0.15 |
% |
0.29 |
% |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||
FINANCIAL TABLES |
||||||||||||||
Loan Information |
Table 5 |
|||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
|||||||||
Loans by Type |
||||||||||||||
Legacy loans |
||||||||||||||
Commercial, financial and agricultural |
$ |
1,781,237 |
$ |
1,648,190 |
$ |
1,382,907 |
$ |
1,316,359 |
$ |
1,422,152 |
||||
Real estate - construction and development |
947,371 |
788,409 |
676,563 |
671,198 |
641,830 |
|||||||||
Real estate - commercial and farmland |
2,152,528 |
2,046,347 |
1,894,937 |
1,814,529 |
1,804,265 |
|||||||||
Real estate - residential |
1,866,128 |
1,589,646 |
1,365,482 |
1,403,000 |
1,275,201 |
|||||||||
Consumer installment |
461,552 |
449,856 |
436,469 |
455,371 |
399,858 |
|||||||||
Total legacy loans |
$ |
7,208,816 |
$ |
6,522,448 |
$ |
5,756,358 |
$ |
5,660,457 |
$ |
5,543,306 |
||||
Purchased loans |
||||||||||||||
Commercial, financial and agricultural |
$ |
385,355 |
$ |
252,621 |
$ |
327,972 |
$ |
372,686 |
$ |
413,365 |
||||
Real estate - construction and development |
521,324 |
315,141 |
239,413 |
227,900 |
219,882 |
|||||||||
Real estate - commercial and farmland |
2,057,384 |
1,135,866 |
1,280,515 |
1,337,859 |
1,399,174 |
|||||||||
Real estate - residential |
1,285,096 |
558,458 |
597,735 |
623,199 |
649,352 |
|||||||||
Consumer installment |
1,139,177 |
24,339 |
26,636 |
27,188 |
29,687 |
|||||||||
Total purchased loans |
$ |
5,388,336 |
$ |
2,286,425 |
$ |
2,472,271 |
$ |
2,588,832 |
$ |
2,711,460 |
||||
Purchased loan pools |
||||||||||||||
Real estate - residential |
$ |
229,132 |
$ |
240,997 |
$ |
253,710 |
$ |
262,625 |
$ |
274,752 |
||||
Total purchased loan pools |
$ |
229,132 |
$ |
240,997 |
$ |
253,710 |
$ |
262,625 |
$ |
274,752 |
||||
Total loan portfolio |
||||||||||||||
Commercial, financial and agricultural |
$ |
2,166,592 |
$ |
1,900,811 |
$ |
1,710,879 |
$ |
1,689,045 |
$ |
1,835,517 |
||||
Real estate - construction and development |
1,468,695 |
1,103,550 |
915,976 |
899,098 |
861,712 |
|||||||||
Real estate - commercial and farmland |
4,209,912 |
3,182,213 |
3,175,452 |
3,152,388 |
3,203,439 |
|||||||||
Real estate - residential |
3,380,356 |
2,389,101 |
2,216,927 |
2,288,824 |
2,199,305 |
|||||||||
Consumer installment |
1,600,729 |
474,195 |
463,105 |
482,559 |
429,545 |
|||||||||
Total loans |
$ |
12,826,284 |
$ |
9,049,870 |
$ |
8,482,339 |
$ |
8,511,914 |
$ |
8,529,518 |
||||
Troubled Debt Restructurings (excluding purchased loans) |
||||||||||||||
Accruing troubled debt restructurings |
||||||||||||||
Commercial, financial and agricultural |
$ |
649 |
$ |
300 |
$ |
116 |
$ |
256 |
$ |
180 |
||||
Real estate - construction and development |
69 |
138 |
142 |
145 |
384 |
|||||||||
Real estate - commercial and farmland |
2,788 |
2,911 |
2,954 |
2,863 |
3,817 |
|||||||||
Real estate - residential |
9,915 |
9,593 |
8,240 |
6,043 |
6,558 |
|||||||||
Consumer installment |
9 |
10 |
11 |
16 |
4 |
|||||||||
Total accruing troubled debt restructurings |
$ |
13,430 |
$ |
12,952 |
$ |
11,463 |
$ |
9,323 |
$ |
10,943 |
||||
Nonaccrual troubled debt restructurings |
||||||||||||||
Commercial, financial and agricultural |
$ |
119 |
$ |
135 |
$ |
138 |
$ |
138 |
$ |
208 |
||||
Real estate - construction and development |
1 |
2 |
2 |
2 |
6 |
|||||||||
Real estate - commercial and farmland |
530 |
576 |
450 |
426 |
306 |
|||||||||
Real estate - residential |
925 |
791 |
832 |
1,119 |
742 |
|||||||||
Consumer installment |
66 |
65 |
63 |
69 |
92 |
|||||||||
Total nonaccrual troubled debt restructurings |
$ |
1,641 |
$ |
1,569 |
$ |
1,485 |
$ |
1,754 |
$ |
1,354 |
||||
Total troubled debt restructurings (excluding purchased loans) |
$ |
15,071 |
$ |
14,521 |
$ |
12,948 |
$ |
11,077 |
$ |
12,297 |
||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||
FINANCIAL TABLES |
||||||||||||||
Loan Information (continued) |
Table 5 |
|||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
|||||||||
Loans by Risk Grade |
||||||||||||||
Legacy loans |
||||||||||||||
Grade 1 - Prime credit |
$ |
533,058 |
$ |
543,786 |
$ |
540,646 |
$ |
542,164 |
$ |
550,020 |
||||
Grade 2 - Strong credit |
748,511 |
730,621 |
587,622 |
523,101 |
645,612 |
|||||||||
Grade 3 - Good credit |
3,196,744 |
2,801,373 |
2,372,115 |
2,408,128 |
2,289,584 |
|||||||||
Grade 4 - Satisfactory credit |
2,503,781 |
2,225,083 |
2,088,813 |
2,047,688 |
1,939,518 |
|||||||||
Grade 5 - Fair credit |
135,179 |
139,936 |
87,785 |
59,054 |
40,041 |
|||||||||
Grade 6 - Other assets especially mentioned |
40,571 |
34,414 |
32,949 |
35,118 |
41,125 |
|||||||||
Grade 7 - Substandard |
50,956 |
47,232 |
46,428 |
45,204 |
37,406 |
|||||||||
Grade 8 - Doubtful |
14 |
— |
— |
— |
— |
|||||||||
Grade 9 - Loss |
2 |
3 |
— |
— |
— |
|||||||||
Total legacy loans |
$ |
7,208,816 |
$ |
6,522,448 |
$ |
5,756,358 |
$ |
5,660,457 |
$ |
5,543,306 |
||||
Purchased loans |
||||||||||||||
Grade 1 - Prime credit |
$ |
80,223 |
$ |
78,248 |
$ |
80,682 |
$ |
90,775 |
$ |
54,840 |
||||
Grade 2 - Strong credit |
108,107 |
81,069 |
84,904 |
84,617 |
132,454 |
|||||||||
Grade 3 - Good credit |
2,660,700 |
787,052 |
677,718 |
656,289 |
463,307 |
|||||||||
Grade 4 - Satisfactory credit |
2,242,239 |
1,176,182 |
1,428,353 |
1,586,377 |
1,828,090 |
|||||||||
Grade 5 - Fair credit |
117,245 |
71,293 |
90,391 |
63,613 |
133,653 |
|||||||||
Grade 6 - Other assets especially mentioned |
73,664 |
29,661 |
38,599 |
30,448 |
35,676 |
|||||||||
Grade 7 - Substandard |
106,158 |
62,920 |
71,618 |
76,713 |
63,440 |
|||||||||
Grade 8 - Doubtful |
— |
— |
— |
— |
— |
|||||||||
Grade 9 - Loss |
— |
— |
6 |
— |
— |
|||||||||
Total purchased loans |
$ |
5,388,336 |
$ |
2,286,425 |
$ |
2,472,271 |
$ |
2,588,832 |
$ |
2,711,460 |
||||
Purchased loan pools |
||||||||||||||
Grade 3 - Good credit |
$ |
229,132 |
$ |
240,997 |
$ |
253,310 |
$ |
262,625 |
$ |
270,056 |
||||
Grade 7 - Substandard |
— |
— |
400 |
— |
4,696 |
|||||||||
Total purchased loan pools |
$ |
229,132 |
$ |
240,997 |
$ |
253,710 |
$ |
262,625 |
$ |
274,752 |
||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||
Average Balances |
Table 6 |
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
|||||||||||||
Earning Assets |
||||||||||||||||||||
Federal funds sold |
$ |
28,459 |
$ |
41,683 |
$ |
31,291 |
$ |
28,755 |
$ |
15,074 |
$ |
33,800 |
$ |
5,150 |
||||||
Interest-bearing deposits in banks |
324,127 |
341,937 |
467,379 |
373,068 |
283,604 |
377,290 |
196,145 |
|||||||||||||
Time deposits in other banks |
548 |
3,792 |
10,221 |
10,961 |
11,557 |
4,818 |
3,979 |
|||||||||||||
Investment securities - taxable |
1,514,534 |
1,233,297 |
1,186,896 |
1,138,981 |
1,117,517 |
1,312,776 |
912,820 |
|||||||||||||
Investment securities - nontaxable |
23,759 |
15,288 |
24,136 |
29,962 |
31,641 |
21,060 |
35,512 |
|||||||||||||
Other investments |
53,712 |
15,830 |
14,532 |
18,494 |
36,067 |
28,168 |
37,733 |
|||||||||||||
Loans held for sale |
856,572 |
154,707 |
101,521 |
129,664 |
151,396 |
373,699 |
143,848 |
|||||||||||||
Loans |
7,514,821 |
6,370,860 |
5,867,037 |
5,819,684 |
5,703,921 |
6,587,916 |
5,277,108 |
|||||||||||||
Purchased loans |
4,927,839 |
2,123,754 |
2,359,280 |
2,402,610 |
2,499,393 |
3,148,726 |
1,483,029 |
|||||||||||||
Purchased loan pools |
234,403 |
245,947 |
257,661 |
268,568 |
287,859 |
245,918 |
307,718 |
|||||||||||||
Total Earning Assets |
$ |
15,478,774 |
$ |
10,547,095 |
$ |
10,319,954 |
$ |
10,220,747 |
$ |
10,138,029 |
$ |
12,134,171 |
$ |
8,403,042 |
||||||
Deposits |
||||||||||||||||||||
Noninterest-bearing deposits |
$ |
4,040,592 |
$ |
2,723,843 |
$ |
2,545,043 |
$ |
2,570,783 |
$ |
2,320,851 |
$ |
3,108,638 |
$ |
2,027,145 |
||||||
NOW accounts |
2,049,175 |
1,506,721 |
1,553,988 |
1,546,939 |
1,567,111 |
1,705,108 |
1,406,434 |
|||||||||||||
MMDA |
3,815,185 |
2,655,108 |
2,677,015 |
2,590,194 |
2,440,086 |
3,053,272 |
2,122,138 |
|||||||||||||
Savings accounts |
661,555 |
405,506 |
399,089 |
401,836 |
423,449 |
489,678 |
332,817 |
|||||||||||||
Retail CDs |
2,804,243 |
1,962,422 |
1,892,138 |
1,832,529 |
1,722,987 |
2,222,942 |
1,269,586 |
|||||||||||||
Brokered CDs |
150,176 |
486,292 |
510,301 |
510,663 |
487,686 |
380,937 |
169,059 |
|||||||||||||
Total Deposits |
13,520,926 |
9,739,892 |
9,577,574 |
9,452,944 |
8,962,170 |
10,960,575 |
7,327,179 |
|||||||||||||
Non-Deposit Funding |
||||||||||||||||||||
Federal funds purchased and securities |
19,914 |
3,213 |
15,879 |
14,670 |
12,529 |
13,017 |
16,036 |
|||||||||||||
FHLB advances |
810,384 |
22,390 |
6,257 |
101,337 |
513,460 |
282,622 |
529,917 |
|||||||||||||
Other borrowings |
220,918 |
145,453 |
145,473 |
145,494 |
145,513 |
170,891 |
102,713 |
|||||||||||||
Subordinated deferrable interest |
133,519 |
89,686 |
89,343 |
89,135 |
88,801 |
104,345 |
86,874 |
|||||||||||||
Total Non-Deposit Funding |
1,184,735 |
260,742 |
256,952 |
350,636 |
760,303 |
570,875 |
735,540 |
|||||||||||||
Total Funding |
$ |
14,705,661 |
$ |
10,000,634 |
$ |
9,834,526 |
$ |
9,803,580 |
$ |
9,722,473 |
$ |
11,531,450 |
$ |
8,062,719 |
||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||
Interest Income and Interest Expense (TE) |
Table 7 |
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
|||||||||||||
Interest Income |
||||||||||||||||||||
Federal funds sold |
$ |
171 |
$ |
257 |
$ |
179 |
$ |
155 |
$ |
72 |
$ |
607 |
$ |
72 |
||||||
Interest-bearing deposits in banks |
1,620 |
2,260 |
3,099 |
1,906 |
1,520 |
6,979 |
2,959 |
|||||||||||||
Time deposits in other banks |
2 |
16 |
51 |
58 |
61 |
69 |
61 |
|||||||||||||
Investment securities - taxable |
11,354 |
9,383 |
9,043 |
8,686 |
8,792 |
29,780 |
20,320 |
|||||||||||||
Investment securities - nontaxable (TE) |
213 |
129 |
197 |
247 |
258 |
539 |
892 |
|||||||||||||
Loans held for sale |
7,889 |
1,632 |
1,152 |
1,618 |
1,566 |
10,673 |
4,091 |
|||||||||||||
Loans (TE) |
108,839 |
87,412 |
77,322 |
73,594 |
73,178 |
273,573 |
195,857 |
|||||||||||||
Purchased loans |
57,661 |
27,154 |
33,011 |
35,413 |
34,692 |
117,826 |
62,584 |
|||||||||||||
Purchased loan pools |
1,739 |
1,847 |
1,933 |
2,151 |
2,059 |
5,519 |
6,750 |
|||||||||||||
Total Earning Assets |
$ |
189,488 |
$ |
130,090 |
$ |
125,987 |
$ |
123,828 |
$ |
122,198 |
$ |
445,565 |
$ |
293,586 |
||||||
Accretion income (included above) |
$ |
4,222 |
$ |
3,103 |
$ |
2,883 |
$ |
4,077 |
$ |
3,656 |
$ |
10,208 |
$ |
7,752 |
||||||
Interest Expense |
||||||||||||||||||||
Interest-Bearing Deposits |
||||||||||||||||||||
NOW accounts |
$ |
2,843 |
$ |
2,260 |
$ |
2,109 |
$ |
1,736 |
$ |
1,142 |
$ |
7,212 |
$ |
3,237 |
||||||
MMDA |
12,593 |
9,488 |
9,047 |
7,991 |
5,885 |
31,128 |
13,364 |
|||||||||||||
Savings accounts |
274 |
85 |
77 |
83 |
82 |
436 |
183 |
|||||||||||||
Retail CDs |
12,905 |
8,585 |
7,330 |
5,858 |
5,470 |
28,820 |
10,293 |
|||||||||||||
Brokered CDs |
810 |
3,036 |
3,121 |
3,190 |
3,051 |
6,967 |
3,119 |
|||||||||||||
Total Interest-Bearing Deposits |
29,425 |
23,454 |
21,684 |
18,858 |
15,630 |
74,563 |
30,196 |
|||||||||||||
Non-Deposit Funding |
||||||||||||||||||||
Federal funds purchased and securities |
32 |
2 |
11 |
5 |
4 |
45 |
18 |
|||||||||||||
FHLB advances |
4,618 |
141 |
44 |
568 |
2,745 |
4,803 |
7,585 |
|||||||||||||
Other borrowings |
3,332 |
2,210 |
2,227 |
2,222 |
2,180 |
7,769 |
4,634 |
|||||||||||||
Subordinated deferrable interest debentures |
2,185 |
1,570 |
1,568 |
1,542 |
1,522 |
5,323 |
4,306 |
|||||||||||||
Total Non-Deposit Funding |
10,167 |
3,923 |
3,850 |
4,337 |
6,451 |
17,940 |
16,543 |
|||||||||||||
Total Interest-Bearing Funding |
$ |
39,592 |
$ |
27,377 |
$ |
25,534 |
$ |
23,195 |
$ |
22,081 |
$ |
92,503 |
$ |
46,739 |
||||||
Net Interest Income (TE) |
$ |
149,896 |
$ |
102,713 |
$ |
100,453 |
$ |
100,633 |
$ |
100,117 |
$ |
353,062 |
$ |
246,847 |
||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||
Yields(1) |
Table 8 |
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
||||||||||||||
Earning Assets |
||||||||||||||||||||
Federal funds sold |
2.38 |
% |
2.47 |
% |
2.32 |
% |
2.14 |
% |
1.89 |
% |
2.40 |
% |
1.87 |
% |
||||||
Interest-bearing deposits in banks |
1.98 |
% |
2.65 |
% |
2.69 |
% |
2.03 |
% |
2.13 |
% |
2.47 |
% |
2.02 |
% |
||||||
Time deposits in other banks |
1.45 |
% |
1.69 |
% |
2.02 |
% |
2.10 |
% |
2.09 |
% |
1.91 |
% |
2.05 |
% |
||||||
Investment securities - taxable |
2.97 |
% |
3.05 |
% |
3.09 |
% |
3.03 |
% |
3.12 |
% |
3.03 |
% |
2.98 |
% |
||||||
Investment securities - nontaxable (TE) |
3.56 |
% |
3.38 |
% |
3.31 |
% |
3.27 |
% |
3.24 |
% |
3.42 |
% |
3.36 |
% |
||||||
Loans held for sale |
3.65 |
% |
4.23 |
% |
4.60 |
% |
4.95 |
% |
4.10 |
% |
3.82 |
% |
3.80 |
% |
||||||
Loans (TE) |
5.75 |
% |
5.50 |
% |
5.34 |
% |
5.02 |
% |
5.09 |
% |
5.55 |
% |
4.96 |
% |
||||||
Purchased loans |
4.64 |
% |
5.13 |
% |
5.67 |
% |
5.85 |
% |
5.51 |
% |
5.00 |
% |
5.64 |
% |
||||||
Purchased loan pools |
2.94 |
% |
3.01 |
% |
3.04 |
% |
3.18 |
% |
2.84 |
% |
3.00 |
% |
2.93 |
% |
||||||
Total Earning Assets |
4.86 |
% |
4.95 |
% |
4.95 |
% |
4.81 |
% |
4.78 |
% |
4.91 |
% |
4.67 |
% |
||||||
Interest-Bearing Deposits |
||||||||||||||||||||
NOW accounts |
0.55 |
% |
0.60 |
% |
0.55 |
% |
0.45 |
% |
0.29 |
% |
0.57 |
% |
0.31 |
% |
||||||
MMDA |
1.31 |
% |
1.43 |
% |
1.37 |
% |
1.22 |
% |
0.96 |
% |
1.36 |
% |
0.84 |
% |
||||||
Savings accounts |
0.16 |
% |
0.08 |
% |
0.08 |
% |
0.08 |
% |
0.08 |
% |
0.12 |
% |
0.07 |
% |
||||||
Retail CDs |
1.83 |
% |
1.75 |
% |
1.57 |
% |
1.27 |
% |
1.26 |
% |
1.73 |
% |
1.08 |
% |
||||||
Brokered CDs |
2.14 |
% |
2.50 |
% |
2.48 |
% |
2.48 |
% |
2.48 |
% |
2.45 |
% |
2.47 |
% |
||||||
Total Interest-Bearing Deposits |
1.23 |
% |
1.34 |
% |
1.25 |
% |
1.09 |
% |
0.93 |
% |
1.27 |
% |
0.76 |
% |
||||||
Non-Deposit Funding |
||||||||||||||||||||
Federal funds purchased and securities sold under agreements to |
0.64 |
% |
0.25 |
% |
0.28 |
% |
0.14 |
% |
0.13 |
% |
0.46 |
% |
0.15 |
% |
||||||
FHLB advances |
2.26 |
% |
2.53 |
% |
2.85 |
% |
2.22 |
% |
2.12 |
% |
2.27 |
% |
1.91 |
% |
||||||
Other borrowings |
5.98 |
% |
6.09 |
% |
6.21 |
% |
6.06 |
% |
5.94 |
% |
6.08 |
% |
6.03 |
% |
||||||
Subordinated deferrable interest debentures |
6.49 |
% |
7.02 |
% |
7.12 |
% |
6.86 |
% |
6.80 |
% |
6.82 |
% |
6.63 |
% |
||||||
Total Non-Deposit Funding |
3.40 |
% |
6.03 |
% |
6.08 |
% |
4.91 |
% |
3.37 |
% |
4.20 |
% |
3.01 |
% |
||||||
Total Interest-Bearing Liabilities |
1.47 |
% |
1.51 |
% |
1.42 |
% |
1.27 |
% |
1.18 |
% |
1.47 |
% |
1.04 |
% |
||||||
Net Interest Spread |
3.39 |
% |
3.44 |
% |
3.53 |
% |
3.54 |
% |
3.60 |
% |
3.44 |
% |
3.63 |
% |
||||||
Net Interest Margin(2) |
3.84 |
% |
3.91 |
% |
3.95 |
% |
3.91 |
% |
3.92 |
% |
3.89 |
% |
3.93 |
% |
||||||
Total Cost of Funds(3) |
1.07 |
% |
1.10 |
% |
1.05 |
% |
0.94 |
% |
0.90 |
% |
1.07 |
% |
0.78 |
% |
||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. |
||||||||||||||||||||
(2) Rate calculated based on average earning assets. |
||||||||||||||||||||
(3) Rate calculated based on total average funding including noninterest-bearing deposits. |
||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Non-GAAP Reconciliations |
|||||||||||||||||||||||||||
Adjusted Net Income |
Table 9A |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
||||||||||||||||||||
Net income available to common shareholders |
$ |
21,384 |
$ |
38,904 |
$ |
39,905 |
$ |
43,536 |
$ |
41,444 |
$ |
100,193 |
$ |
77,491 |
|||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
Merger and conversion charges |
65,158 |
3,475 |
2,057 |
997 |
276 |
70,690 |
19,502 |
||||||||||||||||||||
Executive retirement benefits |
— |
— |
— |
2,005 |
962 |
— |
6,419 |
||||||||||||||||||||
Restructuring charges |
— |
— |
245 |
754 |
229 |
245 |
229 |
||||||||||||||||||||
Servicing right impairment (recovery) |
(1,319) |
1,460 |
— |
— |
— |
141 |
— |
||||||||||||||||||||
Gain on BOLI proceeds |
(4,335) |
— |
— |
— |
— |
(4,335) |
— |
||||||||||||||||||||
Financial impact of hurricanes |
— |
50 |
(89) |
882 |
— |
(39) |
— |
||||||||||||||||||||
Loss on sale of premises |
889 |
2,800 |
919 |
250 |
4 |
4,608 |
783 |
||||||||||||||||||||
Tax effect of adjustment items (Note 1) |
(13,238) |
(1,479) |
(450) |
(810) |
377 |
(15,167) |
(4,113) |
||||||||||||||||||||
After tax adjustment items |
47,155 |
6,306 |
2,682 |
4,078 |
1,848 |
56,143 |
22,820 |
||||||||||||||||||||
Reduction in state tax expense accrued in |
— |
— |
— |
(1,717) |
— |
— |
— |
||||||||||||||||||||
Adjusted net income |
$ |
68,539 |
$ |
45,210 |
$ |
42,587 |
$ |
45,897 |
$ |
43,292 |
$ |
156,336 |
$ |
100,311 |
|||||||||||||
Weighted average number of shares - diluted |
69,600,499 |
47,337,809 |
47,456,314 |
47,593,252 |
47,685,334 |
54,883,122 |
41,844,900 |
||||||||||||||||||||
Net income per diluted share |
$ |
0.31 |
$ |
0.82 |
$ |
0.84 |
$ |
0.91 |
$ |
0.87 |
$ |
1.83 |
$ |
1.85 |
|||||||||||||
Adjusted net income per diluted share |
$ |
0.98 |
$ |
0.96 |
$ |
0.90 |
$ |
0.96 |
$ |
0.91 |
$ |
2.85 |
$ |
2.40 |
|||||||||||||
Average assets |
$ |
17,340,387 |
$ |
11,625,344 |
$ |
11,423,677 |
$ |
11,307,980 |
$ |
11,204,504 |
$ |
13,483,044 |
$ |
9,217,174 |
|||||||||||||
Return on average assets |
0.49 |
% |
1.34 |
% |
1.42 |
% |
1.53 |
% |
1.47 |
% |
0.99 |
% |
1.12 |
% |
|||||||||||||
Adjusted return on average assets |
1.57 |
% |
1.56 |
% |
1.51 |
% |
1.61 |
% |
1.53 |
% |
1.55 |
% |
1.46 |
% |
|||||||||||||
Average common equity |
$ |
2,432,182 |
$ |
1,519,598 |
$ |
1,478,462 |
$ |
1,428,341 |
$ |
1,395,479 |
$ |
1,813,575 |
$ |
1,094,233 |
|||||||||||||
Average tangible common equity |
$ |
1,434,829 |
$ |
964,841 |
$ |
917,876 |
$ |
869,201 |
$ |
837,914 |
$ |
1,107,743 |
$ |
726,163 |
|||||||||||||
Return on average common equity |
3.49 |
% |
10.27 |
% |
10.95 |
% |
12.09 |
% |
11.78 |
% |
7.39 |
% |
9.47 |
% |
|||||||||||||
Adjusted return on average tangible common equity |
18.95 |
% |
18.79 |
% |
18.82 |
% |
20.95 |
% |
20.50 |
% |
18.87 |
% |
18.47 |
% |
|||||||||||||
Note 1: A portion of the merger and conversion charges for all periods and the 2Q18 executive retirement benefits are nondeductible for tax purposes. |
|||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Non-GAAP Reconciliations (continued) |
|||||||||||||||||||||||||||
Adjusted Efficiency Ratio (TE) |
Table 9B |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
||||||||||||||||||||
Adjusted Noninterest Expense |
|||||||||||||||||||||||||||
Total noninterest expense |
$ |
192,697 |
$ |
81,251 |
$ |
75,425 |
$ |
75,810 |
$ |
72,353 |
$ |
349,373 |
$ |
217,837 |
|||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
Merger and conversion charges |
(65,158) |
(3,475) |
(2,057) |
(997) |
(276) |
(70,690) |
(19,502) |
||||||||||||||||||||
Executive retirement benefits |
— |
— |
— |
(2,005) |
(962) |
— |
(6,419) |
||||||||||||||||||||
Restructuring charges |
— |
— |
(245) |
(754) |
(229) |
(245) |
(229) |
||||||||||||||||||||
Financial impact of hurricanes |
— |
(50) |
89 |
(882) |
— |
39 |
— |
||||||||||||||||||||
Loss on sale of premises |
(889) |
(2,800) |
(919) |
(250) |
(4) |
(4,608) |
(783) |
||||||||||||||||||||
Adjusted noninterest expense |
$ |
126,650 |
$ |
74,926 |
$ |
72,293 |
$ |
70,922 |
$ |
70,882 |
$ |
273,869 |
$ |
190,904 |
|||||||||||||
Total Revenue |
|||||||||||||||||||||||||||
Net interest income |
$ |
148,769 |
$ |
101,651 |
$ |
99,395 |
$ |
99,554 |
$ |
99,038 |
$ |
349,815 |
$ |
243,838 |
|||||||||||||
Noninterest income |
76,993 |
35,236 |
30,771 |
30,470 |
30,171 |
143,000 |
87,942 |
||||||||||||||||||||
Total revenue |
$ |
225,762 |
$ |
136,887 |
$ |
130,166 |
$ |
130,024 |
$ |
129,209 |
$ |
492,815 |
$ |
331,780 |
|||||||||||||
Adjusted Total Revenue |
|||||||||||||||||||||||||||
Net interest income (TE) |
$ |
149,896 |
$ |
102,713 |
$ |
100,453 |
$ |
100,633 |
$ |
100,117 |
$ |
353,062 |
$ |
246,847 |
|||||||||||||
Noninterest income |
76,993 |
35,236 |
30,771 |
30,470 |
30,171 |
143,000 |
87,942 |
||||||||||||||||||||
Total revenue (TE) |
226,889 |
137,949 |
131,224 |
131,103 |
130,288 |
496,062 |
334,789 |
||||||||||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
(Gain) loss on securities |
(4) |
(69) |
(66) |
(1) |
(48) |
(139) |
38 |
||||||||||||||||||||
Gain on BOLI proceeds |
(4,335) |
— |
— |
— |
— |
(4,335) |
— |
||||||||||||||||||||
Servicing right impairment (recovery) |
(1,319) |
1,460 |
— |
— |
— |
141 |
— |
||||||||||||||||||||
Adjusted total revenue (TE) |
$ |
221,231 |
$ |
139,340 |
$ |
131,158 |
$ |
131,102 |
$ |
130,240 |
$ |
491,729 |
$ |
334,827 |
|||||||||||||
Efficiency ratio |
85.35 |
% |
59.36 |
% |
57.95 |
% |
58.30 |
% |
56.00 |
% |
70.89 |
% |
65.66 |
% |
|||||||||||||
Adjusted efficiency ratio (TE) |
57.25 |
% |
53.77 |
% |
55.12 |
% |
54.10 |
% |
54.42 |
% |
55.70 |
% |
57.02 |
% |
|||||||||||||
Tangible Book Value Per Share |
Table 9C |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
||||||||||||||||||||
Total shareholders' equity |
$ |
2,420,723 |
$ |
1,537,121 |
$ |
1,495,584 |
$ |
1,456,347 |
$ |
1,404,977 |
$ |
2,420,723 |
$ |
1,404,977 |
|||||||||||||
Less: |
|||||||||||||||||||||||||||
Goodwill |
911,488 |
501,140 |
501,308 |
503,434 |
505,604 |
911,488 |
505,604 |
||||||||||||||||||||
Other intangibles, net |
97,328 |
52,437 |
55,557 |
58,689 |
54,729 |
97,328 |
54,729 |
||||||||||||||||||||
Total tangible shareholders' equity |
$ |
1,411,907 |
$ |
983,544 |
$ |
938,719 |
$ |
894,224 |
$ |
844,644 |
$ |
1,411,907 |
$ |
844,644 |
|||||||||||||
Period end number of shares |
69,593,833 |
47,261,584 |
47,585,309 |
47,499,941 |
47,496,966 |
69,593,833 |
47,496,966 |
||||||||||||||||||||
Book value per share (period end) |
$ |
34.78 |
$ |
32.52 |
$ |
31.43 |
$ |
30.66 |
$ |
29.58 |
$ |
34.78 |
$ |
29.58 |
|||||||||||||
Tangible book value per share (period end) |
$ |
20.29 |
$ |
20.81 |
$ |
19.73 |
$ |
18.83 |
$ |
17.78 |
$ |
20.29 |
$ |
17.78 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||
Segment Reporting |
Table 10 |
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
|||||||||||||
Banking Division |
||||||||||||||||||||
Net interest income |
$ |
124,262 |
$ |
84,755 |
$ |
85,039 |
$ |
84,399 |
$ |
84,041 |
$ |
294,056 |
$ |
201,159 |
||||||
Provision for loan losses |
3,549 |
2,306 |
2,058 |
1,603 |
1,229 |
7,913 |
2,883 |
|||||||||||||
Noninterest income |
21,173 |
14,830 |
14,370 |
15,784 |
16,524 |
50,373 |
42,910 |
|||||||||||||
Noninterest expense |
||||||||||||||||||||
Salaries and employee benefits |
39,794 |
24,228 |
27,932 |
25,882 |
26,120 |
91,954 |
74,834 |
|||||||||||||
Occupancy and equipment expenses |
10,750 |
7,034 |
7,281 |
7,080 |
7,871 |
25,065 |
19,032 |
|||||||||||||
Data processing and telecommunications expenses |
9,551 |
7,635 |
7,592 |
7,522 |
7,589 |
24,778 |
19,504 |
|||||||||||||
Other noninterest expenses |
87,059 |
22,728 |
16,956 |
17,310 |
13,461 |
126,743 |
54,478 |
|||||||||||||
Total noninterest expense |
147,154 |
61,625 |
59,761 |
57,794 |
55,041 |
268,540 |
167,848 |
|||||||||||||
Income before income tax expense |
(5,268) |
35,654 |
37,590 |
40,786 |
44,295 |
67,976 |
73,338 |
|||||||||||||
Income tax expense (benefit) |
(1,269) |
8,691 |
8,775 |
5,493 |
11,156 |
16,197 |
18,114 |
|||||||||||||
Net income (loss) |
$ |
(3,999) |
$ |
26,963 |
$ |
28,815 |
$ |
35,293 |
$ |
33,139 |
$ |
51,779 |
$ |
55,224 |
||||||
Retail Mortgage Division |
||||||||||||||||||||
Net interest income |
$ |
13,009 |
$ |
7,567 |
$ |
5,753 |
$ |
7,873 |
$ |
5,544 |
$ |
26,329 |
$ |
15,587 |
||||||
Provision for loan losses |
1,490 |
609 |
136 |
(1) |
122 |
2,235 |
585 |
|||||||||||||
Noninterest income |
52,493 |
18,070 |
14,290 |
10,689 |
12,097 |
84,853 |
37,571 |
|||||||||||||
Noninterest expense |
||||||||||||||||||||
Salaries and employee benefits |
34,144 |
11,886 |
8,207 |
10,802 |
10,061 |
54,237 |
28,667 |
|||||||||||||
Occupancy and equipment expenses |
1,686 |
670 |
766 |
684 |
618 |
3,122 |
1,756 |
|||||||||||||
Data processing and telecommunications expenses |
660 |
394 |
330 |
306 |
347 |
1,384 |
1,119 |
|||||||||||||
Other noninterest expenses |
3,484 |
2,385 |
2,114 |
1,661 |
1,828 |
7,983 |
5,337 |
|||||||||||||
Total noninterest expense |
39,974 |
15,335 |
11,417 |
13,453 |
12,854 |
66,726 |
36,879 |
|||||||||||||
Income before income tax expense |
24,038 |
9,693 |
8,490 |
5,110 |
4,665 |
42,221 |
15,694 |
|||||||||||||
Income tax expense |
5,048 |
2,170 |
1,613 |
1,073 |
943 |
8,831 |
3,262 |
|||||||||||||
Net income |
$ |
18,990 |
$ |
7,523 |
$ |
6,877 |
$ |
4,037 |
$ |
3,722 |
$ |
33,390 |
$ |
12,432 |
||||||
Warehouse Lending Division |
||||||||||||||||||||
Net interest income |
$ |
3,169 |
$ |
2,987 |
$ |
2,690 |
$ |
2,438 |
$ |
2,469 |
$ |
8,846 |
$ |
6,650 |
||||||
Provision for loan losses |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||
Noninterest income |
560 |
450 |
379 |
386 |
503 |
1,389 |
1,635 |
|||||||||||||
Noninterest expense |
||||||||||||||||||||
Salaries and employee benefits |
286 |
162 |
161 |
145 |
136 |
609 |
402 |
|||||||||||||
Occupancy and equipment expenses |
2 |
1 |
1 |
— |
2 |
4 |
2 |
|||||||||||||
Data processing and telecommunications expenses |
41 |
38 |
30 |
29 |
30 |
109 |
93 |
|||||||||||||
Other noninterest expenses |
27 |
75 |
68 |
62 |
69 |
170 |
176 |
|||||||||||||
Total noninterest expense |
356 |
276 |
260 |
236 |
237 |
892 |
673 |
|||||||||||||
Income before income tax expense |
3,373 |
3,161 |
2,809 |
2,588 |
2,735 |
9,343 |
7,612 |
|||||||||||||
Income tax expense |
708 |
664 |
590 |
544 |
574 |
1,962 |
1,598 |
|||||||||||||
Net income |
$ |
2,665 |
$ |
2,497 |
$ |
2,219 |
$ |
2,044 |
$ |
2,161 |
$ |
7,381 |
$ |
6,014 |
||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||
Segment Reporting (continued) |
Table 10 |
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||
(dollars in thousands) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
|||||||||||||
SBA Division |
||||||||||||||||||||
Net interest income |
$ |
2,573 |
$ |
1,182 |
$ |
1,086 |
$ |
1,352 |
$ |
1,459 |
$ |
4,841 |
$ |
3,703 |
||||||
Provision for loan losses |
(15) |
178 |
231 |
112 |
41 |
394 |
1,025 |
|||||||||||||
Noninterest income |
2,766 |
1,883 |
1,730 |
1,094 |
1,045 |
6,379 |
3,764 |
|||||||||||||
Noninterest expense |
||||||||||||||||||||
Salaries and employee benefits |
1,985 |
735 |
727 |
699 |
650 |
3,447 |
2,010 |
|||||||||||||
Occupancy and equipment expenses |
66 |
65 |
59 |
63 |
58 |
190 |
171 |
|||||||||||||
Data processing and telecommunications expenses |
22 |
3 |
2 |
— |
1 |
27 |
19 |
|||||||||||||
Other noninterest expenses |
503 |
359 |
387 |
414 |
242 |
1,249 |
884 |
|||||||||||||
Total noninterest expense |
2,576 |
1,162 |
1,175 |
1,176 |
951 |
4,913 |
3,084 |
|||||||||||||
Income before income tax expense |
2,778 |
1,725 |
1,410 |
1,158 |
1,512 |
5,913 |
3,358 |
|||||||||||||
Income tax expense |
584 |
362 |
296 |
243 |
317 |
1,242 |
705 |
|||||||||||||
Net income |
$ |
2,194 |
$ |
1,363 |
$ |
1,114 |
$ |
915 |
$ |
1,195 |
$ |
4,671 |
$ |
2,653 |
||||||
Premium Finance Division |
||||||||||||||||||||
Net interest income |
$ |
5,756 |
$ |
5,160 |
$ |
4,827 |
$ |
3,492 |
$ |
5,525 |
$ |
15,743 |
$ |
16,739 |
||||||
Provision for loan losses |
965 |
1,575 |
983 |
1,947 |
703 |
3,523 |
8,513 |
|||||||||||||
Noninterest income |
1 |
3 |
2 |
2,517 |
2 |
6 |
2,062 |
|||||||||||||
Noninterest expense |
||||||||||||||||||||
Salaries and employee benefits |
1,424 |
1,320 |
1,305 |
1,441 |
1,447 |
4,049 |
4,250 |
|||||||||||||
Occupancy and equipment expenses |
135 |
64 |
97 |
118 |
49 |
296 |
225 |
|||||||||||||
Data processing and telecommunications expenses |
98 |
318 |
437 |
436 |
551 |
853 |
1,357 |
|||||||||||||
Other noninterest expenses |
980 |
1,151 |
973 |
1,156 |
1,223 |
3,104 |
3,521 |
|||||||||||||
Total noninterest expense |
2,637 |
2,853 |
2,812 |
3,151 |
3,270 |
8,302 |
9,353 |
|||||||||||||
Income before income tax expense |
2,155 |
735 |
1,034 |
911 |
1,554 |
3,924 |
935 |
|||||||||||||
Income tax expense (benefit) |
621 |
177 |
154 |
(336) |
327 |
952 |
(233) |
|||||||||||||
Net income |
$ |
1,534 |
$ |
558 |
$ |
880 |
$ |
1,247 |
$ |
1,227 |
$ |
2,972 |
$ |
1,168 |
||||||
Total Consolidated |
||||||||||||||||||||
Net interest income |
$ |
148,769 |
$ |
101,651 |
$ |
99,395 |
$ |
99,554 |
$ |
99,038 |
$ |
349,815 |
$ |
243,838 |
||||||
Provision for loan losses |
5,989 |
4,668 |
3,408 |
3,661 |
2,095 |
14,065 |
13,006 |
|||||||||||||
Noninterest income |
76,993 |
35,236 |
30,771 |
30,470 |
30,171 |
143,000 |
87,942 |
|||||||||||||
Noninterest expense |
||||||||||||||||||||
Salaries and employee benefits |
77,633 |
38,331 |
38,332 |
38,969 |
38,414 |
154,296 |
110,163 |
|||||||||||||
Occupancy and equipment expenses |
12,639 |
7,834 |
8,204 |
7,945 |
8,598 |
28,677 |
21,186 |
|||||||||||||
Data processing and telecommunications expenses |
10,372 |
8,388 |
8,391 |
8,293 |
8,518 |
27,151 |
22,092 |
|||||||||||||
Other noninterest expenses |
92,053 |
26,698 |
20,498 |
20,603 |
16,823 |
139,249 |
64,396 |
|||||||||||||
Total noninterest expense |
192,697 |
81,251 |
75,425 |
75,810 |
72,353 |
349,373 |
217,837 |
|||||||||||||
Income before income tax expense |
27,076 |
50,968 |
51,333 |
50,553 |
54,761 |
129,377 |
100,937 |
|||||||||||||
Income tax expense |
5,692 |
12,064 |
11,428 |
7,017 |
13,317 |
29,184 |
23,446 |
|||||||||||||
Net income |
$ |
21,384 |
$ |
38,904 |
$ |
39,905 |
$ |
43,536 |
$ |
41,444 |
$ |
100,193 |
$ |
77,491 |
||||||
SOURCE Ameris Bancorp
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