Ameris Bancorp Announces Financial Results For Third Quarter 2021
ATLANTA, Oct. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $81.7 million, or $1.17 per diluted share, for the quarter ended September 30, 2021, compared with $116.1 million, or $1.67 per diluted share, for the quarter ended September 30, 2020. The Company reported adjusted net income of $83.9 million, or $1.20 per diluted share, for the quarter ended September 30, 2021, compared with $116.9 million, or $1.69 per diluted share, for the same period in 2020. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on bank premises and expenses related to the COVID-19 pandemic.
For the year-to-date period ending September 30, 2021, the Company reported net income of $295.0 million, or $4.23 per diluted share, compared with $167.7 million, or $2.42 per diluted share, for the same period in 2020. The Company reported adjusted net income of $287.2 million, or $4.12 per diluted share, for the nine months ended September 30, 2021, compared with $198.5 million, or $2.86 per diluted share, for the same period in 2020. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our continued organic success and strong third quarter results show the strength and focus of our team of bankers. We grew loans 7% annualized, exclusive of PPP loans, while growing low cost deposits at the same pace. In addition, we had another solid quarter of tangible book value growth at 3.8% for the quarter due to the core earnings power of our Company. We remain focused on growth opportunities in the premier markets in the Southeast, which we are confident will lead us to continue to deliver top financial results. I am energized by our momentum and look forward to a strong 2022."
Significant items from the Company's results for the third quarter of 2021 include the following:
- Net income of $81.7 million, or $1.17 per diluted share, compared with $88.3 million, or $1.27 per diluted share, in the second quarter of 2021
- Growth in tangible book value of 3.8%, or $1.01 per share, to $27.46 at September 30, 2021, compared with $26.45 at June 30, 2021
- Organic growth in loans of $43.7 million, or 1.2% annualized (and $251.3 million, or 7.0% annualized, exclusive of PPP loans), during the third quarter of 2021
- Increase in net interest income, excluding accretion, of $1.3 million, from $157.4 million in the second quarter of 2021 to $158.7 million in the third quarter of 2021
- Adjusted return on average assets of 1.51%, compared with 1.63% in the second quarter of 2021
- Continued growth in noninterest bearing deposits, representing 40.44% of total deposits, up from 36.27% at December 31, 2020 and 36.79% a year ago
- Net recoveries during the third quarter of $127,000, compared to net charge-offs of $2.6 million, or 0.07% of loans, in the second quarter of 2021
- Repurchased 137,370 shares of the Company's common stock at a cost of $6.5 million, or an average price of $47.56 per share
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the third quarter of 2021 totaled $162.8 million, compared with $163.0 million for the second quarter of 2021 and $163.9 million for the third quarter of 2020. The Company's net interest margin was 3.22% for the third quarter of 2021, down from 3.34% reported for the second quarter of 2021 and 3.64% reported for the third quarter of 2020. The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter. The yield on earning assets declined 14 basis points due to this excess liquidity, as well as a decline in accretion income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of three basis points during the quarter and increases in average loans. Accretion income for the third quarter of 2021 decreased to $2.9 million, compared with $4.5 million for the second quarter of 2021, and $6.5 million for the third quarter of 2020. The decrease in accretion income for the third quarter is primarily attributable to decreased accelerated income related to payoffs of acquired loans during the third quarter of 2021 and continued attrition of the purchased portfolio.
Yields on loans decreased to 4.24% during the third quarter of 2021, compared with 4.33% for the second quarter of 2021 and 4.42% reported for the third quarter of 2020. Contributing to interest income on loans for the third quarter of 2021 was $6.2 million related to accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.1 million in the second quarter of 2021. Loan production in the banking division during the third quarter of 2021 was $913.3 million, with weighted average yields of 3.56%, compared with $911.3 million and 3.75%, respectively, in the second quarter of 2021 and $869.0 million and 4.00%, respectively, in the third quarter of 2020. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.8 billion during the third quarter of 2021, with weighted average yields of 3.37%, compared with $6.4 billion and 3.36%, respectively, during the second quarter of 2021 and $7.7 billion and 3.33%, respectively, during the third quarter of 2020.
Interest expense during the third quarter of 2021 decreased to $11.4 million, compared with $11.9 million in the second quarter of 2021 and $17.4 million in the third quarter of 2020. The Company's total cost of funds moved two basis points lower to 0.24% in the third quarter of 2021 as compared with the second quarter of 2021. Deposit costs decreased two basis points during the third quarter of 2021 to 0.11%, compared with 0.13% in the second quarter of 2021. Costs of interest-bearing deposits decreased during the quarter from 0.21% in the second quarter of 2021 to 0.18% in the third quarter of 2021.
Noninterest Income
Noninterest income decreased $12.7 million, or 14.2%, in the third quarter of 2021 to $76.6 million, compared with $89.2 million for the second quarter of 2021, primarily as a result of decreased mortgage banking activity, which declined by $13.8 million, or 19.6%, to $56.5 million in the third quarter of 2021, compared with $70.2 million for the second quarter of 2021. This decrease was primarily the result of a $18.5 million reduction in mortgage pair-off fees compared with the second quarter of 2021. Gain on sale spreads increased to 3.17% in the third quarter of 2021 from 2.77% for the second quarter of 2021. Total production in the retail mortgage division decreased to $2.06 billion in the third quarter of 2021, compared with $2.39 billion for the second quarter of 2021. Mortgage banking activity was negatively impacted during the third quarter of 2021 by a $1.4 million servicing right impairment, compared with a recovery of $749,000 for the second quarter of 2021. The retail mortgage open pipeline was $1.93 billion at the end of the third quarter of 2021, compared with $1.75 billion at June 30, 2021.
Service charge revenue increased $479,000, or 4.4%, to $11.5 million in the third quarter of 2021, compared with $11.0 million for the second quarter of 2021, resulting from an increase in volume. Other noninterest income was flat in the third quarter of 2021 at $6.9 million, compared with the second quarter of 2021, primarily as a result of increases in trust services income of $260,000, BOLI income of $217,000 and merchant fee income of $130,000, offset by a decrease in gain on sale of SBA loans of $654,000.
Noninterest Expense
Noninterest expense increased $1.4 million, or 1.1%, to $137.2 million during the third quarter of 2021, compared with $135.8 million for the second quarter of 2021. During the third quarter of 2021, the Company recorded a net loss of $1.1 million related to bank premises and merger and conversion charges of $183,000, compared with a net gain on bank premises of $236,000 during the second quarter of 2021. Excluding these charges, adjusted expenses decreased approximately $120,000, or 0.1%, to $135.9 million in the third quarter of 2021, from $136.0 million in the second quarter of 2021. The majority of this decrease is attributable to a $5.8 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $1.2 million decrease in data processing and telecommunications expense. These decreases were offset by increases in legal and other professional fees, loan servicing expenses and other mortgage expenses that are not expected to be recurring. The adjusted efficiency ratio was 56.56% in the third quarter of 2021, compared with 54.07% in the second quarter of 2021.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2021 was 26.2%, compared with 23.3% in the second quarter of 2021. The increased rate for the third quarter of 2021 was primarily a result of an adjustment to the Company's state tax liability. The Company's future effective rate is expected to be between 23% and 24%.
Balance Sheet Trends
Total assets at September 30, 2021 were $22.53 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $16.26 billion at September 30, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $14.82 billion at September 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $343.6 million, or 2.4%. Loan production in the banking division during the third quarter of 2021 remained strong at $913.3 million, which was consistent with the second quarter of 2021 and up 5% from the third quarter of 2020.
At September 30, 2021, total deposits amounted to $18.83 billion, or 97.1% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At September 30, 2021, noninterest-bearing deposit accounts were $7.62 billion, or 40.4% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.01 billion at September 30, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 63.8% of the Company's total deposits at September 30, 2021, compared with 60.3% at the end of 2020.
Shareholders' equity at September 30, 2021 totaled $2.90 billion, an increase of $253.7 million, or 9.6%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $295.0 million during the first nine months of 2021, partially offset by dividends declared. Tangible book value per share was $27.46 at September 30, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.88% at September 30, 2021, compared with 8.47% at the end of 2020.
Credit Quality
Credit quality remains strong in the Company. During the third quarter of 2021, the Company recorded a provision for credit losses reversal of $9.7 million, compared with a provision of $142,000 in the second quarter of 2021. This provision reversal was primarily attributable to improvements in forecast economic conditions, particularly levels of home prices and commercial real estate prices, compared with forecast conditions during the second quarter of 2021. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the third quarter of 2021 equaled approximately 0.6% of total loans, down from approximately 1.2% and 4.3% of total loans at the end of the second quarter of 2021 and the third quarter of 2020, respectively. Nonperforming assets as a percentage of total assets was stable at 0.32% during the quarter. The Company recorded net recoveries in the third quarter of 2021 of $127,000, such that the net charge-off ratio was zero basis points for the quarter, compared with seven basis points in the second quarter of 2021 and 10 basis points in the third quarter of 2020.
Share Repurchase Program
The Company's board of directors has also approved the extension of the share repurchase program authorized in September 2019, under which the Company was authorized to repurchase up to $100 million of its outstanding common stock. As extended, the program now allows for repurchases of shares to occur through October 31, 2022. Currently, $79,190,199 in aggregate value remains for repurchase under the program.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 29, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-833-950-0062 for participants in Canada and 1-929-526-1599 for other international participants). The conference call access code is 162447. A replay of the call will be available one hour after the end of the conference call until November 5, 2021. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 133904. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
AMERIS BANCORP AND SUBSIDIARIES |
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FINANCIAL TABLES |
|||||||||||||||||||||||||||
Financial Highlights |
Table 1 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
EARNINGS |
|||||||||||||||||||||||||||
Net income |
$ |
81,680 |
$ |
88,327 |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
294,969 |
$ |
167,703 |
|||||||||||||
Adjusted net income |
$ |
83,861 |
$ |
87,548 |
$ |
115,746 |
$ |
101,995 |
$ |
116,879 |
$ |
287,155 |
$ |
198,507 |
|||||||||||||
COMMON SHARE DATA |
|||||||||||||||||||||||||||
Earnings per share available to common shareholders |
|||||||||||||||||||||||||||
Basic |
$ |
1.18 |
$ |
1.27 |
$ |
1.80 |
$ |
1.36 |
$ |
1.68 |
$ |
4.25 |
$ |
2.42 |
|||||||||||||
Diluted |
$ |
1.17 |
$ |
1.27 |
$ |
1.79 |
$ |
1.36 |
$ |
1.67 |
$ |
4.23 |
$ |
2.42 |
|||||||||||||
Adjusted diluted EPS |
$ |
1.20 |
$ |
1.25 |
$ |
1.66 |
$ |
1.47 |
$ |
1.69 |
$ |
4.12 |
$ |
2.86 |
|||||||||||||
Cash dividends per share |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.45 |
$ |
0.45 |
|||||||||||||
Book value per share (period end) |
$ |
41.66 |
$ |
40.66 |
$ |
39.56 |
$ |
38.07 |
$ |
36.91 |
$ |
41.66 |
$ |
36.91 |
|||||||||||||
Tangible book value per share (period end) |
$ |
27.46 |
$ |
26.45 |
$ |
25.27 |
$ |
23.69 |
$ |
22.46 |
$ |
27.46 |
$ |
22.46 |
|||||||||||||
Weighted average number of shares |
|||||||||||||||||||||||||||
Basic |
69,439,845 |
69,496,666 |
69,391,734 |
69,252,307 |
69,230,667 |
69,445,270 |
69,243,280 |
||||||||||||||||||||
Diluted |
69,756,135 |
69,791,670 |
69,740,860 |
69,493,105 |
69,346,141 |
69,772,084 |
69,403,104 |
||||||||||||||||||||
Period end number of shares |
69,635,435 |
69,767,209 |
69,713,426 |
69,541,481 |
69,490,546 |
69,635,435 |
69,490,546 |
||||||||||||||||||||
Market data |
|||||||||||||||||||||||||||
High intraday price |
$ |
53.63 |
$ |
59.85 |
$ |
57.81 |
$ |
39.53 |
$ |
27.81 |
$ |
59.85 |
$ |
43.79 |
|||||||||||||
Low intraday price |
$ |
44.92 |
$ |
47.44 |
$ |
36.60 |
$ |
22.37 |
$ |
19.91 |
$ |
36.60 |
$ |
17.12 |
|||||||||||||
Period end closing price |
$ |
51.88 |
$ |
50.63 |
$ |
52.51 |
$ |
38.07 |
$ |
22.78 |
$ |
51.88 |
$ |
22.78 |
|||||||||||||
Average daily volume |
392,533 |
429,233 |
460,744 |
394,641 |
359,059 |
426,963 |
429,758 |
||||||||||||||||||||
PERFORMANCE RATIOS |
|||||||||||||||||||||||||||
Return on average assets |
1.47 |
% |
1.64 |
% |
2.44 |
% |
1.89 |
% |
2.33 |
% |
1.84 |
% |
1.18 |
% |
|||||||||||||
Adjusted return on average assets |
1.51 |
% |
1.63 |
% |
2.26 |
% |
2.04 |
% |
2.35 |
% |
1.79 |
% |
1.39 |
% |
|||||||||||||
Return on average common equity |
11.27 |
% |
12.66 |
% |
18.80 |
% |
14.30 |
% |
18.27 |
% |
14.14 |
% |
8.96 |
% |
|||||||||||||
Adjusted return on average tangible common equity |
17.65 |
% |
19.46 |
% |
27.66 |
% |
25.04 |
% |
30.53 |
% |
21.38 |
% |
17.84 |
% |
|||||||||||||
Earning asset yield (TE) |
3.44 |
% |
3.58 |
% |
3.85 |
% |
3.98 |
% |
4.02 |
% |
3.62 |
% |
4.29 |
% |
|||||||||||||
Total cost of funds |
0.24 |
% |
0.26 |
% |
0.30 |
% |
0.36 |
% |
0.41 |
% |
0.26 |
% |
0.60 |
% |
|||||||||||||
Net interest margin (TE) |
3.22 |
% |
3.34 |
% |
3.57 |
% |
3.64 |
% |
3.64 |
% |
3.37 |
% |
3.72 |
% |
|||||||||||||
Noninterest income excluding securities transactions, as a percent of total revenue (TE) |
30.32 |
% |
33.78 |
% |
39.71 |
% |
38.37 |
% |
46.72 |
% |
34.88 |
% |
37.74 |
% |
|||||||||||||
Efficiency ratio |
57.59 |
% |
54.07 |
% |
52.59 |
% |
54.83 |
% |
47.80 |
% |
54.61 |
% |
55.34 |
% |
|||||||||||||
Adjusted efficiency ratio (TE) |
56.56 |
% |
54.07 |
% |
54.62 |
% |
52.67 |
% |
47.34 |
% |
55.05 |
% |
52.00 |
% |
|||||||||||||
CAPITAL ADEQUACY (period end) |
|||||||||||||||||||||||||||
Shareholders' equity to assets |
12.87 |
% |
12.96 |
% |
12.87 |
% |
12.95 |
% |
12.90 |
% |
12.87 |
% |
12.90 |
% |
|||||||||||||
Tangible common equity to tangible assets |
8.88 |
% |
8.83 |
% |
8.62 |
% |
8.47 |
% |
8.27 |
% |
8.88 |
% |
8.27 |
% |
|||||||||||||
EQUITY TO ASSETS RECONCILIATION |
|||||||||||||||||||||||||||
Tangible common equity to tangible assets |
8.88 |
% |
8.83 |
% |
8.62 |
% |
8.47 |
% |
8.27 |
% |
8.88 |
% |
8.27 |
% |
|||||||||||||
Effect of goodwill and other intangibles |
3.99 |
% |
4.13 |
% |
4.25 |
% |
4.48 |
% |
4.63 |
% |
3.99 |
% |
4.63 |
% |
|||||||||||||
Equity to assets (GAAP) |
12.87 |
% |
12.96 |
% |
12.87 |
% |
12.95 |
% |
12.90 |
% |
12.87 |
% |
12.90 |
% |
|||||||||||||
OTHER DATA (period end) |
|||||||||||||||||||||||||||
Full time equivalent employees |
|||||||||||||||||||||||||||
Banking Division |
1,821 |
1,817 |
1,815 |
1,816 |
1,807 |
1,821 |
1,807 |
||||||||||||||||||||
Retail Mortgage Division |
749 |
759 |
765 |
748 |
734 |
749 |
734 |
||||||||||||||||||||
Warehouse Lending Division |
12 |
12 |
12 |
12 |
11 |
12 |
11 |
||||||||||||||||||||
SBA Division |
29 |
30 |
29 |
24 |
33 |
29 |
33 |
||||||||||||||||||||
Premium Finance Division |
67 |
68 |
70 |
71 |
71 |
67 |
71 |
||||||||||||||||||||
Total Ameris Bancorp FTE headcount |
2,678 |
2,686 |
2,691 |
2,671 |
2,656 |
2,678 |
2,656 |
||||||||||||||||||||
Assets per Banking Division FTE |
$ |
12,374 |
$ |
12,046 |
$ |
11,806 |
$ |
11,255 |
$ |
10,998 |
$ |
12,374 |
$ |
10,998 |
|||||||||||||
Branch locations |
165 |
165 |
165 |
164 |
170 |
165 |
170 |
||||||||||||||||||||
Deposits per branch location |
$ |
114,142 |
$ |
110,655 |
$ |
108,339 |
$ |
103,401 |
$ |
94,493 |
$ |
114,142 |
$ |
94,493 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
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FINANCIAL TABLES |
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Income Statement |
Table 2 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Interest income |
|||||||||||||||||||||||||||
Interest and fees on loans |
$ |
166,358 |
$ |
167,761 |
$ |
171,157 |
$ |
171,971 |
$ |
172,351 |
$ |
505,276 |
$ |
518,938 |
|||||||||||||
Interest on taxable securities |
5,296 |
5,244 |
6,118 |
6,398 |
7,259 |
16,658 |
26,688 |
||||||||||||||||||||
Interest on nontaxable securities |
139 |
139 |
141 |
150 |
159 |
419 |
473 |
||||||||||||||||||||
Interest on deposits in other banks |
1,244 |
595 |
522 |
252 |
153 |
2,361 |
1,487 |
||||||||||||||||||||
Interest on federal funds sold |
9 |
12 |
12 |
12 |
12 |
33 |
134 |
||||||||||||||||||||
Total interest income |
173,046 |
173,751 |
177,950 |
178,783 |
179,934 |
524,747 |
547,720 |
||||||||||||||||||||
Interest expense |
|||||||||||||||||||||||||||
Interest on deposits |
5,106 |
5,775 |
6,798 |
8,870 |
11,822 |
17,679 |
50,197 |
||||||||||||||||||||
Interest on other borrowings |
6,279 |
6,124 |
6,175 |
6,457 |
5,574 |
18,578 |
23,226 |
||||||||||||||||||||
Total interest expense |
11,385 |
11,899 |
12,973 |
15,327 |
17,396 |
36,257 |
73,423 |
||||||||||||||||||||
Net interest income |
161,661 |
161,852 |
164,977 |
163,456 |
162,538 |
488,490 |
474,297 |
||||||||||||||||||||
Provision for loan losses |
(3,984) |
(899) |
(16,579) |
(6,700) |
26,692 |
(21,462) |
132,188 |
||||||||||||||||||||
Provision for unfunded commitments |
(5,516) |
1,299 |
(11,839) |
5,481 |
(10,131) |
(16,056) |
13,581 |
||||||||||||||||||||
Provision for other credit losses |
(175) |
(258) |
(173) |
(291) |
1,121 |
(606) |
1,121 |
||||||||||||||||||||
Provision for credit losses |
(9,675) |
142 |
(28,591) |
(1,510) |
17,682 |
(38,124) |
146,890 |
||||||||||||||||||||
Net interest income after provision for credit losses |
171,336 |
161,710 |
193,568 |
164,966 |
144,856 |
526,614 |
327,407 |
||||||||||||||||||||
Noninterest income |
|||||||||||||||||||||||||||
Service charges on deposit accounts |
11,486 |
11,007 |
10,829 |
11,465 |
10,914 |
33,322 |
32,680 |
||||||||||||||||||||
Mortgage banking activity |
56,460 |
70,231 |
98,486 |
95,192 |
138,627 |
225,177 |
278,885 |
||||||||||||||||||||
Other service charges, commissions and fees |
1,154 |
1,056 |
1,016 |
965 |
1,039 |
3,226 |
2,949 |
||||||||||||||||||||
Gain (loss) on securities |
530 |
1 |
(12) |
— |
— |
519 |
5 |
||||||||||||||||||||
Other noninterest income |
6,932 |
6,945 |
7,654 |
4,521 |
8,438 |
21,531 |
19,838 |
||||||||||||||||||||
Total noninterest income |
76,562 |
89,240 |
117,973 |
112,143 |
159,018 |
283,775 |
334,357 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
79,671 |
85,505 |
95,985 |
92,466 |
96,698 |
261,161 |
267,812 |
||||||||||||||||||||
Occupancy and equipment |
11,979 |
10,812 |
11,781 |
12,709 |
13,805 |
34,572 |
39,640 |
||||||||||||||||||||
Data processing and communications expenses |
10,681 |
11,877 |
11,884 |
11,323 |
12,226 |
34,442 |
34,694 |
||||||||||||||||||||
Credit resolution-related expenses(1) |
377 |
622 |
547 |
1,156 |
802 |
1,546 |
3,950 |
||||||||||||||||||||
Advertising and marketing |
2,676 |
1,946 |
1,431 |
3,267 |
966 |
6,053 |
4,779 |
||||||||||||||||||||
Amortization of intangible assets |
3,387 |
4,065 |
4,126 |
4,190 |
4,190 |
11,578 |
15,422 |
||||||||||||||||||||
Merger and conversion charges |
183 |
— |
— |
— |
(44) |
183 |
1,391 |
||||||||||||||||||||
Other noninterest expenses |
28,242 |
20,934 |
23,044 |
26,005 |
25,049 |
72,220 |
79,825 |
||||||||||||||||||||
Total noninterest expense |
137,196 |
135,761 |
148,798 |
151,116 |
153,692 |
421,755 |
447,513 |
||||||||||||||||||||
Income before income tax expense |
110,702 |
115,189 |
162,743 |
125,993 |
150,182 |
388,634 |
214,251 |
||||||||||||||||||||
Income tax expense |
29,022 |
26,862 |
37,781 |
31,708 |
34,037 |
93,665 |
46,548 |
||||||||||||||||||||
Net income |
$ |
81,680 |
$ |
88,327 |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
294,969 |
$ |
167,703 |
|||||||||||||
Diluted earnings per common share |
$ |
1.17 |
$ |
1.27 |
$ |
1.79 |
$ |
1.36 |
$ |
1.67 |
$ |
4.23 |
$ |
2.42 |
|||||||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |
|||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Period End Balance Sheet |
Table 3 |
||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
|||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
||||||||||||||
Assets |
|||||||||||||||||||
Cash and due from banks |
$ |
239,028 |
$ |
259,729 |
$ |
224,159 |
$ |
203,349 |
$ |
257,026 |
|||||||||
Federal funds sold and interest-bearing deposits in banks |
3,513,412 |
3,044,795 |
2,534,969 |
1,913,957 |
494,765 |
||||||||||||||
Time deposits in other banks |
— |
— |
249 |
249 |
249 |
||||||||||||||
Investment securities available-for-sale, at fair value |
684,504 |
778,167 |
859,652 |
982,879 |
1,117,436 |
||||||||||||||
Investment securities held-to-maturity, at amortized cost |
64,451 |
29,055 |
— |
— |
— |
||||||||||||||
Other investments |
27,619 |
27,621 |
27,620 |
28,202 |
47,329 |
||||||||||||||
Loans held for sale |
1,435,805 |
1,210,589 |
1,509,528 |
1,167,659 |
1,414,889 |
||||||||||||||
Loans, net of unearned income |
14,824,539 |
14,780,791 |
14,599,805 |
14,480,925 |
14,943,593 |
||||||||||||||
Allowance for credit losses |
(171,213) |
(175,070) |
(178,570) |
(199,422) |
(231,924) |
||||||||||||||
Loans, net |
14,653,326 |
14,605,721 |
14,421,235 |
14,281,503 |
14,711,669 |
||||||||||||||
Other real estate owned |
4,594 |
5,775 |
8,841 |
11,880 |
17,969 |
||||||||||||||
Premises and equipment, net |
226,430 |
229,994 |
231,550 |
222,890 |
231,278 |
||||||||||||||
Goodwill |
928,005 |
928,005 |
928,005 |
928,005 |
928,005 |
||||||||||||||
Other intangible assets, net |
60,396 |
63,783 |
67,848 |
71,974 |
76,164 |
||||||||||||||
Cash value of bank owned life insurance |
279,389 |
277,839 |
176,575 |
176,467 |
175,605 |
||||||||||||||
Deferred income taxes, net |
4,329 |
9,081 |
22,367 |
33,314 |
53,039 |
||||||||||||||
Other assets |
411,853 |
416,777 |
414,529 |
416,310 |
348,428 |
||||||||||||||
Total assets |
$ |
22,533,141 |
$ |
21,886,931 |
$ |
21,427,127 |
$ |
20,438,638 |
$ |
19,873,851 |
|||||||||
Liabilities |
|||||||||||||||||||
Deposits |
|||||||||||||||||||
Noninterest-bearing |
$ |
7,616,728 |
$ |
6,983,761 |
$ |
6,804,776 |
$ |
6,151,070 |
$ |
5,909,316 |
|||||||||
Interest-bearing |
11,216,761 |
11,274,236 |
11,071,097 |
10,806,753 |
10,154,490 |
||||||||||||||
Total deposits |
18,833,489 |
18,257,997 |
17,875,873 |
16,957,823 |
16,063,806 |
||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
4,502 |
5,544 |
9,320 |
11,641 |
9,103 |
||||||||||||||
Other borrowings |
425,375 |
425,303 |
425,231 |
425,155 |
875,255 |
||||||||||||||
Subordinated deferrable interest debentures |
125,830 |
125,331 |
124,833 |
124,345 |
123,860 |
||||||||||||||
FDIC loss-share payable, net |
— |
— |
— |
— |
19,476 |
||||||||||||||
Other liabilities |
243,175 |
235,752 |
234,274 |
272,586 |
217,668 |
||||||||||||||
Total liabilities |
19,632,371 |
19,049,927 |
18,669,531 |
17,791,550 |
17,309,168 |
||||||||||||||
Shareholders' Equity |
|||||||||||||||||||
Preferred stock |
— |
— |
— |
— |
— |
||||||||||||||
Common stock |
72,016 |
72,008 |
71,954 |
71,754 |
71,703 |
||||||||||||||
Capital stock |
1,922,964 |
1,920,566 |
1,917,990 |
1,913,285 |
1,911,031 |
||||||||||||||
Retained earnings |
934,979 |
863,828 |
785,984 |
671,510 |
587,657 |
||||||||||||||
Accumulated other comprehensive income, net of tax |
21,885 |
25,024 |
26,090 |
33,505 |
37,252 |
||||||||||||||
Treasury stock |
(51,074) |
(44,422) |
(44,422) |
(42,966) |
(42,960) |
||||||||||||||
Total shareholders' equity |
2,900,770 |
2,837,004 |
2,757,596 |
2,647,088 |
2,564,683 |
||||||||||||||
Total liabilities and shareholders' equity |
$ |
22,533,141 |
$ |
21,886,931 |
$ |
21,427,127 |
$ |
20,438,638 |
$ |
19,873,851 |
|||||||||
Other Data |
|||||||||||||||||||
Earning assets |
$ |
20,550,330 |
$ |
19,871,018 |
$ |
19,531,823 |
$ |
18,573,871 |
$ |
18,018,261 |
|||||||||
Intangible assets |
988,401 |
991,788 |
995,853 |
999,979 |
1,004,169 |
||||||||||||||
Interest-bearing liabilities |
11,772,468 |
11,830,414 |
11,630,481 |
11,367,894 |
11,162,708 |
||||||||||||||
Average assets |
22,087,642 |
21,538,894 |
20,734,414 |
19,876,338 |
19,810,084 |
||||||||||||||
Average common shareholders' equity |
2,874,691 |
2,798,269 |
2,695,005 |
2,622,942 |
2,529,471 |
||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Asset Quality Information |
Table 4 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Allowance for Credit Losses |
|||||||||||||||||||||||||||
Balance at beginning of period |
$ |
197,782 |
$ |
200,241 |
$ |
233,105 |
$ |
260,417 |
$ |
246,295 |
$ |
233,105 |
$ |
39,266 |
|||||||||||||
CECL adoption impact on allowance for loan losses |
— |
— |
— |
— |
— |
— |
78,661 |
||||||||||||||||||||
CECL adoption impact on allowance for unfunded commitments |
— |
— |
— |
— |
— |
— |
12,714 |
||||||||||||||||||||
Total CECL adoption impact |
— |
— |
— |
— |
— |
— |
91,375 |
||||||||||||||||||||
Acquired allowance for unfunded commitments |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||
Provision for loan losses |
(3,984) |
(899) |
(16,579) |
(6,700) |
26,692 |
(21,462) |
132,188 |
||||||||||||||||||||
Provision for unfunded commitments |
(5,516) |
1,299 |
(11,839) |
5,481 |
(10,131) |
(16,056) |
13,581 |
||||||||||||||||||||
Provision for other credit losses |
(175) |
(258) |
(173) |
(291) |
1,121 |
(606) |
1,121 |
||||||||||||||||||||
Provision for credit losses |
(9,675) |
142 |
(28,591) |
(1,510) |
17,682 |
(38,124) |
146,890 |
||||||||||||||||||||
Charge-offs |
3,537 |
7,138 |
7,574 |
29,094 |
7,370 |
18,249 |
25,370 |
||||||||||||||||||||
Recoveries |
3,664 |
4,537 |
3,301 |
3,292 |
3,810 |
11,502 |
8,256 |
||||||||||||||||||||
Net charge-offs |
(127) |
2,601 |
4,273 |
25,802 |
3,560 |
6,747 |
17,114 |
||||||||||||||||||||
Ending balance |
$ |
188,234 |
$ |
197,782 |
$ |
200,241 |
$ |
233,105 |
$ |
260,417 |
$ |
188,234 |
$ |
260,417 |
|||||||||||||
Allowance for loan losses |
$ |
171,213 |
$ |
175,070 |
$ |
178,570 |
$ |
199,422 |
$ |
231,924 |
$ |
171,213 |
$ |
231,924 |
|||||||||||||
Allowance for unfunded commitments |
16,797 |
22,313 |
21,014 |
32,853 |
27,372 |
16,797 |
27,372 |
||||||||||||||||||||
Allowance for other credit losses |
224 |
399 |
657 |
830 |
1,121 |
224 |
1,121 |
||||||||||||||||||||
Total allowance for credit losses |
$ |
188,234 |
$ |
197,782 |
$ |
200,241 |
$ |
233,105 |
$ |
260,417 |
$ |
188,234 |
$ |
260,417 |
|||||||||||||
Net Charge-off Information |
|||||||||||||||||||||||||||
Charge-offs |
|||||||||||||||||||||||||||
Commercial, financial and agricultural |
$ |
858 |
$ |
3,529 |
$ |
2,370 |
$ |
5,960 |
$ |
1,715 |
$ |
6,757 |
$ |
4,687 |
|||||||||||||
Consumer installment |
1,647 |
1,669 |
1,448 |
2,861 |
677 |
4,764 |
2,781 |
||||||||||||||||||||
Indirect automobile |
178 |
141 |
829 |
658 |
697 |
1,148 |
2,944 |
||||||||||||||||||||
Premium Finance |
605 |
1,194 |
1,343 |
2,240 |
1,158 |
3,142 |
3,893 |
||||||||||||||||||||
Real estate - construction and development |
— |
186 |
26 |
— |
9 |
212 |
83 |
||||||||||||||||||||
Real estate - commercial and farmland |
210 |
27 |
1,395 |
17,284 |
2,977 |
1,632 |
10,220 |
||||||||||||||||||||
Real estate - residential |
39 |
392 |
163 |
91 |
137 |
594 |
762 |
||||||||||||||||||||
Total charge-offs |
3,537 |
7,138 |
7,574 |
29,094 |
7,370 |
18,249 |
25,370 |
||||||||||||||||||||
Recoveries |
|||||||||||||||||||||||||||
Commercial, financial and agricultural |
1,986 |
625 |
727 |
754 |
470 |
3,338 |
1,135 |
||||||||||||||||||||
Consumer installment |
199 |
212 |
356 |
480 |
516 |
767 |
1,273 |
||||||||||||||||||||
Indirect automobile |
278 |
372 |
700 |
637 |
317 |
1,350 |
1,020 |
||||||||||||||||||||
Premium Finance |
649 |
2,466 |
1,122 |
605 |
1,224 |
4,237 |
2,584 |
||||||||||||||||||||
Real estate - construction and development |
45 |
84 |
167 |
125 |
182 |
296 |
692 |
||||||||||||||||||||
Real estate - commercial and farmland |
266 |
185 |
41 |
439 |
904 |
492 |
1,010 |
||||||||||||||||||||
Real estate - residential |
241 |
593 |
188 |
252 |
197 |
1,022 |
542 |
||||||||||||||||||||
Total recoveries |
3,664 |
4,537 |
3,301 |
3,292 |
3,810 |
11,502 |
8,256 |
||||||||||||||||||||
Net charge-offs |
$ |
(127) |
$ |
2,601 |
$ |
4,273 |
$ |
25,802 |
$ |
3,560 |
$ |
6,747 |
$ |
17,114 |
|||||||||||||
Non-Performing Assets |
|||||||||||||||||||||||||||
Nonaccrual loans |
$ |
58,932 |
$ |
59,921 |
$ |
71,189 |
$ |
76,457 |
$ |
138,163 |
$ |
58,932 |
$ |
138,163 |
|||||||||||||
Other real estate owned |
4,594 |
5,775 |
8,841 |
11,880 |
17,969 |
4,594 |
17,969 |
||||||||||||||||||||
Repossessed assets |
152 |
226 |
840 |
544 |
258 |
152 |
258 |
||||||||||||||||||||
Accruing loans delinquent 90 days or more |
7,472 |
4,874 |
5,097 |
8,326 |
7,003 |
7,472 |
7,003 |
||||||||||||||||||||
Total non-performing assets |
$ |
71,150 |
$ |
70,796 |
$ |
85,967 |
$ |
97,207 |
$ |
163,393 |
$ |
71,150 |
$ |
163,393 |
|||||||||||||
Asset Quality Ratios |
|||||||||||||||||||||||||||
Non-performing assets as a percent of total assets |
0.32 |
% |
0.32 |
% |
0.40 |
% |
0.48 |
% |
0.82 |
% |
0.32 |
% |
0.82 |
% |
|||||||||||||
Net charge-offs as a percent of average loans (annualized) |
— |
% |
0.07 |
% |
0.12 |
% |
0.70 |
% |
0.10 |
% |
0.06 |
% |
0.17 |
% |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||
Loan Information |
Table 5 |
||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
|||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
||||||||||||||
Loans by Type |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
1,217,575 |
$ |
1,406,421 |
$ |
1,611,029 |
$ |
1,627,477 |
$ |
1,879,788 |
|||||||||
Consumer installment |
207,111 |
229,411 |
257,097 |
306,995 |
450,810 |
||||||||||||||
Indirect automobile |
325,057 |
397,373 |
482,637 |
580,083 |
682,396 |
||||||||||||||
Mortgage warehouse |
768,577 |
841,347 |
880,216 |
916,353 |
995,942 |
||||||||||||||
Municipal |
624,430 |
647,578 |
659,228 |
659,403 |
725,669 |
||||||||||||||
Premium Finance |
840,737 |
780,328 |
706,379 |
687,841 |
710,890 |
||||||||||||||
Real estate - construction and development |
1,454,824 |
1,527,883 |
1,533,234 |
1,606,710 |
1,628,255 |
||||||||||||||
Real estate - commercial and farmland |
6,409,704 |
6,051,472 |
5,616,826 |
5,300,006 |
5,116,252 |
||||||||||||||
Real estate - residential |
2,976,524 |
2,898,978 |
2,853,159 |
2,796,057 |
2,753,591 |
||||||||||||||
Total loans |
$ |
14,824,539 |
$ |
14,780,791 |
$ |
14,599,805 |
$ |
14,480,925 |
$ |
14,943,593 |
|||||||||
Troubled Debt Restructurings |
|||||||||||||||||||
Accruing troubled debt restructurings |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
1,683 |
$ |
1,038 |
$ |
930 |
$ |
521 |
$ |
459 |
|||||||||
Consumer installment |
22 |
28 |
27 |
32 |
36 |
||||||||||||||
Indirect automobile |
1,284 |
1,647 |
1,931 |
2,277 |
2,689 |
||||||||||||||
Real estate - construction and development |
887 |
898 |
501 |
506 |
510 |
||||||||||||||
Real estate - commercial and farmland |
43,895 |
46,025 |
43,398 |
36,707 |
73,763 |
||||||||||||||
Real estate - residential |
29,521 |
31,570 |
33,324 |
38,800 |
28,777 |
||||||||||||||
Total accruing troubled debt restructurings |
$ |
77,292 |
$ |
81,206 |
$ |
80,111 |
$ |
78,843 |
$ |
106,234 |
|||||||||
Nonaccrual troubled debt restructurings |
|||||||||||||||||||
Commercial, financial and agricultural |
$ |
112 |
$ |
805 |
$ |
854 |
$ |
849 |
$ |
1,002 |
|||||||||
Consumer installment |
38 |
43 |
53 |
56 |
64 |
||||||||||||||
Indirect automobile |
297 |
301 |
321 |
461 |
482 |
||||||||||||||
Real estate - construction and development |
271 |
301 |
706 |
707 |
709 |
||||||||||||||
Real estate - commercial and farmland |
6,715 |
7,103 |
2,233 |
1,401 |
19,942 |
||||||||||||||
Real estate - residential |
2,687 |
2,515 |
2,818 |
2,671 |
4,477 |
||||||||||||||
Total nonaccrual troubled debt restructurings |
$ |
10,120 |
$ |
11,068 |
$ |
6,985 |
$ |
6,145 |
$ |
26,676 |
|||||||||
Total troubled debt restructurings |
$ |
87,412 |
$ |
92,274 |
$ |
87,096 |
$ |
84,988 |
$ |
132,910 |
|||||||||
Loans by Risk Grade |
|||||||||||||||||||
Grades 1 through 5 - Pass |
$ |
14,562,058 |
$ |
14,477,905 |
$ |
14,204,219 |
$ |
14,109,418 |
$ |
14,506,555 |
|||||||||
Grade 6 - Other assets especially mentioned |
87,757 |
100,750 |
135,213 |
108,541 |
151,501 |
||||||||||||||
Grade 7 - Substandard |
174,724 |
202,134 |
260,369 |
262,947 |
285,537 |
||||||||||||||
Grade 8 - Doubtful |
— |
— |
— |
19 |
— |
||||||||||||||
Grade 9 - Loss |
— |
2 |
4 |
— |
— |
||||||||||||||
Total loans |
$ |
14,824,539 |
$ |
14,780,791 |
$ |
14,599,805 |
$ |
14,480,925 |
$ |
14,943,593 |
|||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Average Balances |
Table 6 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Earning Assets |
|||||||||||||||||||||||||||
Federal funds sold |
$ |
20,000 |
$ |
20,000 |
$ |
20,000 |
$ |
20,000 |
$ |
20,004 |
$ |
20,000 |
$ |
23,868 |
|||||||||||||
Interest-bearing deposits in banks |
3,082,413 |
2,461,092 |
2,145,403 |
879,481 |
467,188 |
2,566,401 |
428,386 |
||||||||||||||||||||
Time deposits in other banks |
— |
244 |
249 |
249 |
249 |
163 |
249 |
||||||||||||||||||||
Investment securities - taxable |
757,278 |
811,234 |
910,834 |
1,024,335 |
1,160,585 |
825,886 |
1,267,015 |
||||||||||||||||||||
Investment securities - nontaxable |
19,053 |
18,225 |
19,225 |
20,112 |
21,619 |
18,834 |
22,010 |
||||||||||||||||||||
Other investments |
27,622 |
27,620 |
27,516 |
31,552 |
64,656 |
27,586 |
72,561 |
||||||||||||||||||||
Loans held for sale |
1,497,320 |
1,705,167 |
1,284,821 |
1,281,762 |
1,507,481 |
1,496,548 |
1,569,337 |
||||||||||||||||||||
Loans |
14,685,878 |
14,549,104 |
14,453,975 |
14,752,664 |
14,688,317 |
14,563,835 |
13,772,102 |
||||||||||||||||||||
Total Earning Assets |
$ |
20,089,564 |
$ |
19,592,686 |
$ |
18,862,023 |
$ |
18,010,155 |
$ |
17,930,099 |
$ |
19,519,253 |
$ |
17,155,528 |
|||||||||||||
Deposits |
|||||||||||||||||||||||||||
Noninterest-bearing deposits |
$ |
7,168,717 |
$ |
6,874,471 |
$ |
6,412,268 |
$ |
5,970,672 |
$ |
5,782,163 |
$ |
6,821,256 |
$ |
4,977,833 |
|||||||||||||
NOW accounts |
3,447,909 |
3,314,334 |
3,182,245 |
2,968,596 |
2,718,315 |
3,315,803 |
2,483,383 |
||||||||||||||||||||
MMDA |
4,966,492 |
4,872,500 |
4,761,279 |
4,534,243 |
4,273,899 |
4,867,509 |
4,167,207 |
||||||||||||||||||||
Savings accounts |
908,189 |
876,887 |
823,039 |
793,414 |
749,314 |
869,684 |
695,238 |
||||||||||||||||||||
Retail CDs |
1,919,184 |
2,005,265 |
2,066,410 |
2,109,600 |
2,274,150 |
1,996,413 |
2,455,833 |
||||||||||||||||||||
Brokered CDs |
511 |
1,000 |
1,000 |
1,140 |
1,933 |
835 |
21,650 |
||||||||||||||||||||
Total Deposits |
18,411,002 |
17,944,457 |
17,246,241 |
16,377,665 |
15,799,774 |
17,871,500 |
14,801,144 |
||||||||||||||||||||
Non-Deposit Funding |
|||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
5,133 |
6,883 |
9,284 |
9,929 |
10,483 |
7,085 |
12,849 |
||||||||||||||||||||
FHLB advances |
48,866 |
48,910 |
48,951 |
127,797 |
799,034 |
48,909 |
1,091,885 |
||||||||||||||||||||
Other borrowings |
376,489 |
376,376 |
376,260 |
376,295 |
272,443 |
376,376 |
270,407 |
||||||||||||||||||||
Subordinated deferrable interest debentures |
125,567 |
125,068 |
124,574 |
124,091 |
123,604 |
125,073 |
124,814 |
||||||||||||||||||||
Total Non-Deposit Funding |
556,055 |
557,237 |
559,069 |
638,112 |
1,205,564 |
557,443 |
1,499,955 |
||||||||||||||||||||
Total Funding |
$ |
18,967,057 |
$ |
18,501,694 |
$ |
17,805,310 |
$ |
17,015,777 |
$ |
17,005,338 |
$ |
18,428,943 |
$ |
16,301,099 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Interest Income and Interest Expense (TE) |
Table 7 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Interest Income |
|||||||||||||||||||||||||||
Federal funds sold |
$ |
9 |
$ |
12 |
$ |
12 |
$ |
13 |
$ |
13 |
$ |
33 |
$ |
134 |
|||||||||||||
Interest-bearing deposits in banks |
1,244 |
594 |
521 |
251 |
152 |
2,359 |
1,484 |
||||||||||||||||||||
Time deposits in other banks |
— |
1 |
1 |
1 |
1 |
2 |
3 |
||||||||||||||||||||
Investment securities - taxable |
5,296 |
5,244 |
6,118 |
6,398 |
7,260 |
16,658 |
26,688 |
||||||||||||||||||||
Investment securities - nontaxable (TE) |
176 |
176 |
178 |
190 |
202 |
530 |
599 |
||||||||||||||||||||
Loans held for sale |
10,618 |
11,773 |
10,827 |
9,705 |
10,365 |
33,218 |
38,055 |
||||||||||||||||||||
Loans (TE) |
156,861 |
157,112 |
161,473 |
163,532 |
163,352 |
475,446 |
484,605 |
||||||||||||||||||||
Total Earning Assets |
$ |
174,204 |
$ |
174,912 |
$ |
179,130 |
$ |
180,090 |
$ |
181,345 |
$ |
528,246 |
$ |
551,568 |
|||||||||||||
Accretion income (included above) |
$ |
2,948 |
$ |
4,462 |
$ |
6,127 |
$ |
4,688 |
$ |
6,525 |
$ |
13,537 |
$ |
22,663 |
|||||||||||||
Interest Expense |
|||||||||||||||||||||||||||
Interest-Bearing Deposits |
|||||||||||||||||||||||||||
NOW accounts |
$ |
808 |
$ |
816 |
$ |
926 |
$ |
1,091 |
$ |
1,394 |
$ |
2,550 |
$ |
5,433 |
|||||||||||||
MMDA |
1,970 |
1,908 |
1,998 |
2,326 |
2,823 |
5,876 |
16,335 |
||||||||||||||||||||
Savings accounts |
129 |
122 |
124 |
143 |
112 |
375 |
416 |
||||||||||||||||||||
Retail CDs |
2,195 |
2,921 |
3,744 |
5,301 |
7,484 |
8,860 |
27,684 |
||||||||||||||||||||
Brokered CDs |
4 |
8 |
6 |
9 |
9 |
18 |
329 |
||||||||||||||||||||
Total Interest-Bearing Deposits |
5,106 |
5,775 |
6,798 |
8,870 |
11,822 |
17,679 |
50,197 |
||||||||||||||||||||
Non-Deposit Funding |
|||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
4 |
5 |
7 |
8 |
9 |
16 |
74 |
||||||||||||||||||||
FHLB advances |
195 |
193 |
192 |
245 |
661 |
580 |
7,456 |
||||||||||||||||||||
Other borrowings |
4,640 |
4,683 |
4,638 |
4,635 |
3,558 |
13,961 |
10,556 |
||||||||||||||||||||
Subordinated deferrable interest debentures |
1,440 |
1,243 |
1,338 |
1,569 |
1,346 |
4,021 |
5,140 |
||||||||||||||||||||
Total Non-Deposit Funding |
6,279 |
6,124 |
6,175 |
6,457 |
5,574 |
18,578 |
23,226 |
||||||||||||||||||||
Total Interest-Bearing Funding |
$ |
11,385 |
$ |
11,899 |
$ |
12,973 |
$ |
15,327 |
$ |
17,396 |
$ |
36,257 |
$ |
73,423 |
|||||||||||||
Net Interest Income (TE) |
$ |
162,819 |
$ |
163,013 |
$ |
166,157 |
$ |
164,763 |
$ |
163,949 |
$ |
491,989 |
$ |
478,145 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
FINANCIAL TABLES |
||||||||||||||||||||
Yields(1) |
Table 8 |
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
||||||||||||||
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||
Earning Assets |
||||||||||||||||||||
Federal funds sold |
0.18 |
% |
0.24 |
% |
0.24 |
% |
0.26 |
% |
0.26 |
% |
0.22 |
% |
0.75 |
% |
||||||
Interest-bearing deposits in banks |
0.16 |
% |
0.10 |
% |
0.10 |
% |
0.11 |
% |
0.13 |
% |
0.12 |
% |
0.46 |
% |
||||||
Time deposits in other banks |
— |
% |
1.64 |
% |
1.63 |
% |
1.60 |
% |
1.60 |
% |
1.64 |
% |
1.61 |
% |
||||||
Investment securities - taxable |
2.77 |
% |
2.59 |
% |
2.72 |
% |
2.48 |
% |
2.49 |
% |
2.70 |
% |
2.81 |
% |
||||||
Investment securities - nontaxable (TE) |
3.66 |
% |
3.87 |
% |
3.75 |
% |
3.76 |
% |
3.72 |
% |
3.76 |
% |
3.64 |
% |
||||||
Loans held for sale |
2.81 |
% |
2.77 |
% |
3.42 |
% |
3.01 |
% |
2.74 |
% |
2.97 |
% |
3.24 |
% |
||||||
Loans (TE) |
4.24 |
% |
4.33 |
% |
4.53 |
% |
4.41 |
% |
4.42 |
% |
4.36 |
% |
4.70 |
% |
||||||
Total Earning Assets |
3.44 |
% |
3.58 |
% |
3.85 |
% |
3.98 |
% |
4.02 |
% |
3.62 |
% |
4.29 |
% |
||||||
Interest-Bearing Deposits |
||||||||||||||||||||
NOW accounts |
0.09 |
% |
0.10 |
% |
0.12 |
% |
0.15 |
% |
0.20 |
% |
0.10 |
% |
0.29 |
% |
||||||
MMDA |
0.16 |
% |
0.16 |
% |
0.17 |
% |
0.20 |
% |
0.26 |
% |
0.16 |
% |
0.52 |
% |
||||||
Savings accounts |
0.06 |
% |
0.06 |
% |
0.06 |
% |
0.07 |
% |
0.06 |
% |
0.06 |
% |
0.08 |
% |
||||||
Retail CDs |
0.45 |
% |
0.58 |
% |
0.73 |
% |
1.00 |
% |
1.31 |
% |
0.59 |
% |
1.51 |
% |
||||||
Brokered CDs |
3.11 |
% |
3.21 |
% |
2.43 |
% |
3.14 |
% |
1.85 |
% |
2.88 |
% |
2.03 |
% |
||||||
Total Interest-Bearing Deposits |
0.18 |
% |
0.21 |
% |
0.25 |
% |
0.34 |
% |
0.47 |
% |
0.21 |
% |
0.68 |
% |
||||||
Non-Deposit Funding |
||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
0.31 |
% |
0.29 |
% |
0.31 |
% |
0.32 |
% |
0.34 |
% |
0.30 |
% |
0.77 |
% |
||||||
FHLB advances |
1.58 |
% |
1.58 |
% |
1.59 |
% |
0.76 |
% |
0.33 |
% |
1.59 |
% |
0.91 |
% |
||||||
Other borrowings |
4.89 |
% |
4.99 |
% |
5.00 |
% |
4.90 |
% |
5.20 |
% |
4.96 |
% |
5.21 |
% |
||||||
Subordinated deferrable interest debentures |
4.55 |
% |
3.99 |
% |
4.36 |
% |
5.03 |
% |
4.33 |
% |
4.30 |
% |
5.50 |
% |
||||||
Total Non-Deposit Funding |
4.48 |
% |
4.41 |
% |
4.48 |
% |
4.03 |
% |
1.84 |
% |
4.46 |
% |
2.07 |
% |
||||||
Total Interest-Bearing Liabilities |
0.38 |
% |
0.41 |
% |
0.46 |
% |
0.55 |
% |
0.62 |
% |
0.42 |
% |
0.87 |
% |
||||||
Net Interest Spread |
3.06 |
% |
3.17 |
% |
3.39 |
% |
3.43 |
% |
3.40 |
% |
3.20 |
% |
3.42 |
% |
||||||
Net Interest Margin(2) |
3.22 |
% |
3.34 |
% |
3.57 |
% |
3.64 |
% |
3.64 |
% |
3.37 |
% |
3.72 |
% |
||||||
Total Cost of Funds(3) |
0.24 |
% |
0.26 |
% |
0.30 |
% |
0.36 |
% |
0.41 |
% |
0.26 |
% |
0.60 |
% |
||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. |
||||||||||||||||||||
(2) Rate calculated based on average earning assets. |
||||||||||||||||||||
(3) Rate calculated based on total average funding including noninterest-bearing deposits. |
||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Non-GAAP Reconciliations |
|||||||||||||||||||||||||||
Adjusted Net Income |
Table 9A |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Net income available to common shareholders |
$ |
81,680 |
$ |
88,327 |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
294,969 |
$ |
167,703 |
|||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
Merger and conversion charges |
183 |
— |
— |
— |
(44) |
183 |
1,391 |
||||||||||||||||||||
Restructuring charges |
— |
— |
— |
— |
50 |
— |
1,513 |
||||||||||||||||||||
Servicing right impairment (recovery) |
1,398 |
(749) |
(10,639) |
9,501 |
412 |
(9,990) |
30,566 |
||||||||||||||||||||
Gain on BOLI proceeds |
— |
— |
(603) |
— |
(103) |
(603) |
(948) |
||||||||||||||||||||
Expenses related to SEC and DOJ Investigation |
— |
— |
— |
53 |
268 |
— |
3,005 |
||||||||||||||||||||
Natural disaster and pandemic charges (Note 1) |
— |
— |
— |
235 |
470 |
— |
3,061 |
||||||||||||||||||||
(Gain) loss on bank premises |
1,136 |
(236) |
(264) |
(30) |
(97) |
636 |
654 |
||||||||||||||||||||
Tax effect of adjustment items (Note 2) |
(536) |
206 |
2,290 |
(2,049) |
(222) |
1,960 |
(8,438) |
||||||||||||||||||||
After tax adjustment items |
2,181 |
(779) |
(9,216) |
7,710 |
734 |
(7,814) |
30,804 |
||||||||||||||||||||
Adjusted net income |
$ |
83,861 |
$ |
87,548 |
$ |
115,746 |
$ |
101,995 |
$ |
116,879 |
$ |
287,155 |
$ |
198,507 |
|||||||||||||
Weighted average number of shares - diluted |
69,756,135 |
69,791,670 |
69,740,860 |
69,493,105 |
69,346,141 |
69,772,084 |
69,403,104 |
||||||||||||||||||||
Net income per diluted share |
$ |
1.17 |
$ |
1.27 |
$ |
1.79 |
$ |
1.36 |
$ |
1.67 |
$ |
4.23 |
$ |
2.42 |
|||||||||||||
Adjusted net income per diluted share |
$ |
1.20 |
$ |
1.25 |
$ |
1.66 |
$ |
1.47 |
$ |
1.69 |
$ |
4.12 |
$ |
2.86 |
|||||||||||||
Average assets |
$ |
22,087,642 |
$ |
21,538,894 |
$ |
20,734,414 |
$ |
19,876,338 |
$ |
19,810,084 |
$ |
21,462,501 |
$ |
19,045,028 |
|||||||||||||
Return on average assets |
1.47 |
% |
1.64 |
% |
2.44 |
% |
1.89 |
% |
2.33 |
% |
1.84 |
% |
1.18 |
% |
|||||||||||||
Adjusted return on average assets |
1.51 |
% |
1.63 |
% |
2.26 |
% |
2.04 |
% |
2.35 |
% |
1.79 |
% |
1.39 |
% |
|||||||||||||
Average common equity |
$ |
2,874,691 |
$ |
2,798,269 |
$ |
2,695,005 |
$ |
2,622,942 |
$ |
2,529,471 |
$ |
2,789,979 |
$ |
2,500,689 |
|||||||||||||
Average tangible common equity |
$ |
1,884,622 |
$ |
1,804,324 |
$ |
1,696,946 |
$ |
1,620,742 |
$ |
1,523,066 |
$ |
1,795,984 |
$ |
1,486,579 |
|||||||||||||
Return on average common equity |
11.27 |
% |
12.66 |
% |
18.80 |
% |
14.30 |
% |
18.27 |
% |
14.14 |
% |
8.96 |
% |
|||||||||||||
Adjusted return on average tangible common equity |
17.65 |
% |
19.46 |
% |
27.66 |
% |
25.04 |
% |
30.53 |
% |
21.38 |
% |
17.84 |
% |
|||||||||||||
Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce. |
|||||||||||||||||||||||||||
Note 2: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for 3Q21, 3Q20 and both year-to-date periods are nondeductible for tax purposes. |
|||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Non-GAAP Reconciliations (continued) |
|||||||||||||||||||||||||||
Adjusted Efficiency Ratio (TE) |
Table 9B |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Adjusted Noninterest Expense |
|||||||||||||||||||||||||||
Total noninterest expense |
$ |
137,196 |
$ |
135,761 |
$ |
148,798 |
$ |
151,116 |
$ |
153,692 |
$ |
421,755 |
$ |
447,513 |
|||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
Merger and conversion charges |
(183) |
— |
— |
— |
44 |
(183) |
(1,391) |
||||||||||||||||||||
Restructuring charges |
— |
— |
— |
— |
(50) |
— |
(1,513) |
||||||||||||||||||||
Expenses related to SEC and DOJ Investigation |
— |
— |
— |
(53) |
(268) |
— |
(3,005) |
||||||||||||||||||||
Natural disaster and pandemic charges |
— |
— |
— |
(235) |
(470) |
— |
(3,061) |
||||||||||||||||||||
Gain (loss) on bank premises |
(1,136) |
236 |
264 |
30 |
97 |
(636) |
(654) |
||||||||||||||||||||
Adjusted noninterest expense |
$ |
135,877 |
$ |
135,997 |
$ |
149,062 |
$ |
150,858 |
$ |
153,045 |
$ |
420,936 |
$ |
437,889 |
|||||||||||||
Total Revenue |
|||||||||||||||||||||||||||
Net interest income |
$ |
161,661 |
$ |
161,852 |
$ |
164,977 |
$ |
163,456 |
$ |
162,538 |
$ |
488,490 |
$ |
474,297 |
|||||||||||||
Noninterest income |
76,562 |
89,240 |
117,973 |
112,143 |
159,018 |
283,775 |
334,357 |
||||||||||||||||||||
Total revenue |
$ |
238,223 |
$ |
251,092 |
$ |
282,950 |
$ |
275,599 |
$ |
321,556 |
$ |
772,265 |
$ |
808,654 |
|||||||||||||
Adjusted Total Revenue |
|||||||||||||||||||||||||||
Net interest income (TE) |
$ |
162,819 |
$ |
163,013 |
$ |
166,157 |
$ |
164,763 |
$ |
163,949 |
$ |
491,989 |
$ |
478,145 |
|||||||||||||
Noninterest income |
76,562 |
89,240 |
117,973 |
112,143 |
159,018 |
283,775 |
334,357 |
||||||||||||||||||||
Total revenue (TE) |
239,381 |
252,253 |
284,130 |
276,906 |
322,967 |
775,764 |
812,502 |
||||||||||||||||||||
Adjustment items: |
|||||||||||||||||||||||||||
(Gain) loss on securities |
(530) |
(1) |
12 |
— |
— |
(519) |
(5) |
||||||||||||||||||||
Gain on BOLI proceeds |
— |
— |
(603) |
— |
(103) |
(603) |
(948) |
||||||||||||||||||||
Servicing right impairment (recovery) |
1,398 |
(749) |
(10,639) |
9,501 |
412 |
(9,990) |
30,566 |
||||||||||||||||||||
Adjusted total revenue (TE) |
$ |
240,249 |
$ |
251,503 |
$ |
272,900 |
$ |
286,407 |
$ |
323,276 |
$ |
764,652 |
$ |
842,115 |
|||||||||||||
Efficiency ratio |
57.59 |
% |
54.07 |
% |
52.59 |
% |
54.83 |
% |
47.80 |
% |
54.61 |
% |
55.34 |
% |
|||||||||||||
Adjusted efficiency ratio (TE) |
56.56 |
% |
54.07 |
% |
54.62 |
% |
52.67 |
% |
47.34 |
% |
55.05 |
% |
52.00 |
% |
|||||||||||||
Tangible Book Value Per Share |
Table 9C |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands except per share data) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Total shareholders' equity |
$ |
2,900,770 |
$ |
2,837,004 |
$ |
2,757,596 |
$ |
2,647,088 |
$ |
2,564,683 |
$ |
2,900,770 |
$ |
2,564,683 |
|||||||||||||
Less: |
|||||||||||||||||||||||||||
Goodwill |
928,005 |
928,005 |
928,005 |
928,005 |
928,005 |
928,005 |
928,005 |
||||||||||||||||||||
Other intangibles, net |
60,396 |
63,783 |
67,848 |
71,974 |
76,164 |
60,396 |
76,164 |
||||||||||||||||||||
Total tangible shareholders' equity |
$ |
1,912,369 |
$ |
1,845,216 |
$ |
1,761,743 |
$ |
1,647,109 |
$ |
1,560,514 |
$ |
1,912,369 |
$ |
1,560,514 |
|||||||||||||
Period end number of shares |
69,635,435 |
69,767,209 |
69,713,426 |
69,541,481 |
69,490,546 |
69,635,435 |
69,490,546 |
||||||||||||||||||||
Book value per share (period end) |
$ |
41.66 |
$ |
40.66 |
$ |
39.56 |
$ |
38.07 |
$ |
36.91 |
$ |
41.66 |
$ |
36.91 |
|||||||||||||
Tangible book value per share (period end) |
$ |
27.46 |
$ |
26.45 |
$ |
25.27 |
$ |
23.69 |
$ |
22.46 |
$ |
27.46 |
$ |
22.46 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Segment Reporting |
Table 10 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
Banking Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
113,524 |
$ |
110,670 |
$ |
112,816 |
$ |
112,964 |
$ |
119,562 |
$ |
337,010 |
$ |
358,267 |
|||||||||||||
Provision for credit losses |
(9,578) |
(3,949) |
(23,904) |
1,847 |
487 |
(37,431) |
123,289 |
||||||||||||||||||||
Noninterest income |
17,896 |
16,171 |
16,738 |
15,659 |
15,265 |
50,805 |
47,506 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
40,020 |
37,814 |
42,723 |
38,668 |
39,718 |
120,557 |
121,762 |
||||||||||||||||||||
Occupancy and equipment expenses |
10,196 |
9,050 |
10,120 |
10,958 |
11,955 |
29,366 |
33,981 |
||||||||||||||||||||
Data processing and telecommunications expenses |
9,159 |
10,280 |
10,201 |
9,608 |
9,716 |
29,640 |
29,432 |
||||||||||||||||||||
Other noninterest expenses |
21,723 |
18,763 |
19,710 |
25,806 |
21,517 |
60,196 |
80,159 |
||||||||||||||||||||
Total noninterest expense |
81,098 |
75,907 |
82,754 |
85,040 |
82,906 |
239,759 |
265,334 |
||||||||||||||||||||
Income before income tax expense |
59,900 |
54,883 |
70,704 |
41,736 |
51,434 |
185,487 |
17,150 |
||||||||||||||||||||
Income tax expense |
17,784 |
14,196 |
18,456 |
13,992 |
13,453 |
50,436 |
5,146 |
||||||||||||||||||||
Net income |
$ |
42,116 |
$ |
40,687 |
$ |
52,248 |
$ |
27,744 |
$ |
37,981 |
$ |
135,051 |
$ |
12,004 |
|||||||||||||
Retail Mortgage Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
21,289 |
$ |
22,533 |
$ |
18,984 |
$ |
19,908 |
$ |
20,393 |
$ |
62,806 |
$ |
62,451 |
|||||||||||||
Provision for credit losses |
1,678 |
5,647 |
(4,553) |
(1,621) |
15,051 |
2,772 |
17,471 |
||||||||||||||||||||
Noninterest income |
55,555 |
69,055 |
97,640 |
94,109 |
137,583 |
222,250 |
276,147 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
36,373 |
44,798 |
49,838 |
50,165 |
53,500 |
131,009 |
134,600 |
||||||||||||||||||||
Occupancy and equipment expenses |
1,590 |
1,553 |
1,476 |
1,577 |
1,676 |
4,619 |
5,133 |
||||||||||||||||||||
Data processing and telecommunications expenses |
1,357 |
1,435 |
1,546 |
1,534 |
2,349 |
4,338 |
4,741 |
||||||||||||||||||||
Other noninterest expenses |
11,675 |
7,638 |
8,189 |
7,442 |
7,889 |
27,502 |
20,713 |
||||||||||||||||||||
Total noninterest expense |
50,995 |
55,424 |
61,049 |
60,718 |
65,414 |
167,468 |
165,187 |
||||||||||||||||||||
Income before income tax expense |
24,171 |
30,517 |
60,128 |
54,920 |
77,511 |
114,816 |
155,940 |
||||||||||||||||||||
Income tax expense |
5,076 |
6,408 |
12,627 |
11,535 |
16,112 |
24,111 |
32,751 |
||||||||||||||||||||
Net income |
$ |
19,095 |
$ |
24,109 |
$ |
47,501 |
$ |
43,385 |
$ |
61,399 |
$ |
90,705 |
$ |
123,189 |
|||||||||||||
Warehouse Lending Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
8,712 |
$ |
8,720 |
$ |
9,906 |
$ |
9,017 |
$ |
6,546 |
$ |
27,338 |
$ |
14,874 |
|||||||||||||
Provision for credit losses |
(291) |
(155) |
(145) |
1,673 |
495 |
(591) |
889 |
||||||||||||||||||||
Noninterest income |
1,037 |
1,333 |
980 |
1,113 |
1,064 |
3,350 |
2,751 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
264 |
278 |
330 |
296 |
266 |
872 |
685 |
||||||||||||||||||||
Occupancy and equipment expenses |
— |
1 |
1 |
1 |
1 |
2 |
3 |
||||||||||||||||||||
Data processing and telecommunications expenses |
59 |
68 |
49 |
101 |
73 |
176 |
169 |
||||||||||||||||||||
Other noninterest expenses |
200 |
30 |
33 |
26 |
28 |
263 |
150 |
||||||||||||||||||||
Total noninterest expense |
523 |
377 |
413 |
424 |
368 |
1,313 |
1,007 |
||||||||||||||||||||
Income before income tax expense |
9,517 |
9,831 |
10,618 |
8,033 |
6,747 |
29,966 |
15,729 |
||||||||||||||||||||
Income tax expense |
1,999 |
2,064 |
2,230 |
1,687 |
1,431 |
6,293 |
3,317 |
||||||||||||||||||||
Net income |
$ |
7,518 |
$ |
7,767 |
$ |
8,388 |
$ |
6,346 |
$ |
5,316 |
$ |
23,673 |
$ |
12,412 |
|||||||||||||
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
FINANCIAL TABLES |
|||||||||||||||||||||||||||
Segment Reporting (continued) |
Table 10 |
||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
Sep |
Jun |
Mar |
Dec |
Sep |
Sep |
Sep |
|||||||||||||||||||||
(dollars in thousands) |
2021 |
2021 |
2021 |
2020 |
2020 |
2021 |
2020 |
||||||||||||||||||||
SBA Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
10,699 |
$ |
12,882 |
$ |
16,635 |
$ |
14,909 |
$ |
8,966 |
$ |
40,216 |
$ |
18,181 |
|||||||||||||
Provision for credit losses |
(1,104) |
(607) |
(547) |
(2,997) |
4,297 |
(2,258) |
5,716 |
||||||||||||||||||||
Noninterest income |
2,070 |
2,677 |
2,611 |
1,247 |
5,106 |
7,358 |
7,953 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
1,320 |
937 |
1,382 |
1,233 |
1,572 |
3,639 |
5,660 |
||||||||||||||||||||
Occupancy and equipment expenses |
116 |
132 |
106 |
100 |
97 |
354 |
291 |
||||||||||||||||||||
Data processing and telecommunications expenses |
18 |
— |
1 |
1 |
4 |
19 |
32 |
||||||||||||||||||||
Other noninterest expenses |
370 |
284 |
295 |
363 |
595 |
949 |
1,469 |
||||||||||||||||||||
Total noninterest expense |
1,824 |
1,353 |
1,784 |
1,697 |
2,268 |
4,961 |
7,452 |
||||||||||||||||||||
Income before income tax expense |
12,049 |
14,813 |
18,009 |
17,456 |
7,507 |
44,871 |
12,966 |
||||||||||||||||||||
Income tax expense |
2,530 |
3,111 |
3,782 |
3,666 |
1,577 |
9,423 |
2,723 |
||||||||||||||||||||
Net income |
$ |
9,519 |
$ |
11,702 |
$ |
14,227 |
$ |
13,790 |
$ |
5,930 |
$ |
35,448 |
$ |
10,243 |
|||||||||||||
Premium Finance Division |
|||||||||||||||||||||||||||
Net interest income |
$ |
7,437 |
$ |
7,047 |
$ |
6,636 |
$ |
6,658 |
$ |
7,071 |
$ |
21,120 |
$ |
20,524 |
|||||||||||||
Provision for credit losses |
(380) |
(794) |
558 |
(412) |
(2,648) |
(616) |
(475) |
||||||||||||||||||||
Noninterest income |
4 |
4 |
4 |
15 |
— |
12 |
— |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
1,694 |
1,678 |
1,712 |
2,104 |
1,642 |
5,084 |
5,105 |
||||||||||||||||||||
Occupancy and equipment expenses |
77 |
76 |
78 |
73 |
76 |
231 |
232 |
||||||||||||||||||||
Data processing and telecommunications expenses |
88 |
94 |
87 |
79 |
84 |
269 |
320 |
||||||||||||||||||||
Other noninterest expenses |
897 |
852 |
921 |
981 |
934 |
2,670 |
2,876 |
||||||||||||||||||||
Total noninterest expense |
2,756 |
2,700 |
2,798 |
3,237 |
2,736 |
8,254 |
8,533 |
||||||||||||||||||||
Income before income tax expense |
5,065 |
5,145 |
3,284 |
3,848 |
6,983 |
13,494 |
12,466 |
||||||||||||||||||||
Income tax expense |
1,633 |
1,083 |
686 |
828 |
1,464 |
3,402 |
2,611 |
||||||||||||||||||||
Net income |
$ |
3,432 |
$ |
4,062 |
$ |
2,598 |
$ |
3,020 |
$ |
5,519 |
$ |
10,092 |
$ |
9,855 |
|||||||||||||
Total Consolidated |
|||||||||||||||||||||||||||
Net interest income |
$ |
161,661 |
$ |
161,852 |
$ |
164,977 |
$ |
163,456 |
$ |
162,538 |
$ |
488,490 |
$ |
474,297 |
|||||||||||||
Provision for credit losses |
(9,675) |
142 |
(28,591) |
(1,510) |
17,682 |
(38,124) |
146,890 |
||||||||||||||||||||
Noninterest income |
76,562 |
89,240 |
117,973 |
112,143 |
159,018 |
283,775 |
334,357 |
||||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||
Salaries and employee benefits |
79,671 |
85,505 |
95,985 |
92,466 |
96,698 |
261,161 |
267,812 |
||||||||||||||||||||
Occupancy and equipment expenses |
11,979 |
10,812 |
11,781 |
12,709 |
13,805 |
34,572 |
39,640 |
||||||||||||||||||||
Data processing and telecommunications expenses |
10,681 |
11,877 |
11,884 |
11,323 |
12,226 |
34,442 |
34,694 |
||||||||||||||||||||
Other noninterest expenses |
34,865 |
27,567 |
29,148 |
34,618 |
30,963 |
91,580 |
105,367 |
||||||||||||||||||||
Total noninterest expense |
137,196 |
135,761 |
148,798 |
151,116 |
153,692 |
421,755 |
447,513 |
||||||||||||||||||||
Income before income tax expense |
110,702 |
115,189 |
162,743 |
125,993 |
150,182 |
388,634 |
214,251 |
||||||||||||||||||||
Income tax expense |
29,022 |
26,862 |
37,781 |
31,708 |
34,037 |
93,665 |
46,548 |
||||||||||||||||||||
Net income |
$ |
81,680 |
$ |
88,327 |
$ |
124,962 |
$ |
94,285 |
$ |
116,145 |
$ |
294,969 |
$ |
167,703 |
|||||||||||||
SOURCE Ameris Bancorp
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