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Ameris Bancorp Announces Record 2021 Financial Results

ATLANTA, Jan. 27, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported record  2021 net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, for the year ended December 31, 2020.  The Company reported adjusted net income of $368.7 million, or $5.29 per diluted share, for the year ended December 31, 2021, compared with $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020.

The Company reported net income of $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021, compared with $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020.  The Company reported adjusted net income of $81.5 million, or $1.17 per diluted share, for the quarter ended December 31, 2021, compared with $102.0 million, or $1.47 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.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The record earnings reported today are a culmination of efforts across our entire team.  We remained focused this year and the success of our team was remarkable.  Not only are we reporting record year to date earnings of $376.9 million, we are also reporting full year organic loan growth of 10.45% (excluding PPP loans), tangible book value growth of 10.8% and an ROA of 1.73%.  In addition, we were able to maintain a 55% efficiency ratio in one of the tightest margin environments we've seen.  We have positioned ourselves to be asset sensitive, we remain focused on expense control, and our credit quality remains strong.  Add the growth opportunity from the recent acquisition of Balboa Capital, in addition to our strong Southeast markets, and you realize the level of momentum and enthusiasm around our Company as we look forward."

Highlights of the Company's results for the full year 2021 include the following:

  • Net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, in 2020
  • Organic growth in loans of $727.5 million, or 5.0% (and $1.4 billion, or 10.5%, exclusive of PPP loans), during 2021
  • Adjusted return on average assets of 1.69%, compared with 1.56% in 2020
  • Adjusted return on average tangible common equity of 20.19%, compared with 19.77% last year
  • Growth in tangible book value of 10.8%, or $2.57 per share, to $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020
  • Continued growth in noninterest bearing deposits, representing 39.54% of total deposits, up from 36.27% at December 31, 2020

Significant items from the Company's results for the fourth quarter of 2021 include the following:

  • Net income of $81.9 million, or $1.18 per diluted share, compared with $81.7 million, or $1.17 per diluted share, in the third quarter of 2021
  • Successfully completed the acquisition of Balboa Capital Corporation, a point of sale and direct online provider of lending solutions to small and mid-sized businesses nationwide, in December 2021
  • Organic growth in loans of $383.9 million, or 10.4% annualized (and $536.6 million, or 14.8% annualized, exclusive of PPP loans), during the fourth quarter of 2021
  • Increase in net interest income of $5.2 million, from $161.7 million in the third quarter of 2021 to $166.8 million in the fourth quarter of 2021
  • Improvement in the adjusted efficiency ratio to 54.85% in the fourth quarter of 2021, from 56.56% in the third quarter of 2021
  • Net recoveries during the fourth quarter of $556,000, or 0.01% of average loans, compared with net recoveries of $127,000, or 0.00% of average loans, in the third quarter of 2021
  • Repurchased 25,859 shares of the Company's common stock at a cost of $1.3 million, or an average price of $48.47 per share

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2021 increased to $659.9 million, compared with $642.9 million for 2020.  The Company's net interest margin was 3.32% for 2021, down from 3.70% reported for 2020.  Accretion income for 2021 decreased to $16.3 million, compared with $27.4 million for 2020.  The decrease in net interest margin is primarily attributable to excess liquidity held on the balance sheet from deposit growth during the year.

Net interest income on a tax-equivalent basis for the fourth quarter of 2021 increased to $167.9 million, compared with $162.8 million for the third quarter of 2021 and $164.8 million for the fourth quarter of 2020.  The Company's net interest margin was 3.18% for the fourth quarter of 2021, down from 3.22% reported for the third quarter of 2021 and 3.64% reported for the fourth 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 five basis points due to this excess liquidity, and the decline was partially offset by increases in average loans and improvement in the cost of interest-bearing liabilities of one basis point during the quarter. Accretion income for the fourth quarter of 2021 decreased to $2.8 million, compared with $2.9 million for the third quarter of 2021 and $4.7 million for the fourth quarter of 2020. 

Yields on loans increased to 4.26% during the fourth quarter of 2021, compared with 4.24% for the third quarter of 2021 and 4.41% reported for the fourth quarter of 2020.  Contributing to interest income on loans for the fourth quarter of 2021 was $4.8 million of interest income on loans from the recent Balboa Capital acquisition, as well as $8.2 million of accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.2 million in the third quarter of 2021.  Loan production in the banking division during the fourth quarter of 2021 was $1.15 billion, with weighted average yields of 3.35%, compared with $913.3 million and 3.56%, respectively, in the third quarter of 2021 and $784.9 million and 3.86%, respectively, in the fourth quarter of 2020.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.5 billion during the fourth quarter of 2021, with weighted average yields of 3.43%, compared with $5.8 billion and 3.37%, respectively, during the third quarter of 2021 and $7.7 billion and 3.25%, respectively, during the fourth quarter of 2020.   

Interest expense during the fourth quarter of 2021 increased to $11.5 million, compared with $11.4 million in the third quarter of 2021, but decreased from $15.3 million in the fourth quarter of 2020.  The increase in interest expense was related to borrowings from the Balboa Capital acquisition, as the Company was not able to pay off all the debt until January 2022.  The Company's total cost of funds moved one basis point lower to 0.23% in the fourth quarter of 2021 as compared with the third quarter of 2021.  Deposit costs decreased one basis point during the fourth quarter of 2021 to 0.10%, compared with 0.11% in the third quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.18% in the third quarter of 2021 to 0.16% in the fourth quarter of 2021.

Noninterest Income
Noninterest income increased $5.2 million, or 6.8%, in the fourth quarter of 2021 to $81.8 million, compared with $76.6 million for the third quarter of 2021, primarily as a result of increased mortgage banking activity, which increased by $4.3 million, or 7.6%, to $60.7 million in the fourth quarter of 2021, compared with $56.5 million for the third quarter of 2021.  This increase was primarily the result of a net recovery of servicing right impairment of $4.5 million, compared with an impairment of $1.4 million for the third quarter of 2021.  Gain on sale spreads increased to 3.27% in the fourth quarter of 2021 from 3.17% for the third quarter of 2021. Total production in the retail mortgage division decreased to $1.82 billion in the fourth quarter of 2021, compared with $2.06 billion for the third quarter of 2021. The retail mortgage open pipeline was $1.62 billion at the end of the fourth quarter of 2021, compared with $1.93 billion at September 30, 2021.

Service charge revenue increased $298,000, or 2.59%, to $11.8 million in the fourth quarter of 2021, compared with $11.5 million for the third quarter of 2021, resulting from an increase in volume. Other noninterest income increased $1.4 million, or 19.8%, in the fourth quarter of 2021 to $8.3 million, compared with $6.9 million for the third quarter of 2021, primarily as a result of noninterest income in our Balboa Capital division of $1.1 million. Also contributing to the increase were increases in trust services income of $167,000 and BOLI income of $207,000.

Noninterest income decreased $81.0 million, or 18.1%, to $365.5 million for 2021, compared with $446.5 million for 2020, primarily as a result of decreased mortgage banking activity, which declined by $88.2 million, or 23.6%, to $285.9 million in 2021, compared with $374.1 million in 2020.  Production remained strong at $8.9 billion in 2021, compared with $9.8 billion in 2020, while gain on sale spreads narrowed to 3.31% in 2021 from 3.79% in 2020.

Noninterest Expense
Noninterest expense increased $1.2 million, or 0.85%, to $138.4 million during the fourth quarter of 2021, compared with $137.2 million for the third quarter of 2021.  During the fourth quarter of 2021, the Company recorded merger and conversion charges of $4.0 million and a net gain of $126,000 related to bank premises, compared with a net loss on bank premises of $1.1 million and merger and conversion charges of $183,000 during the third quarter of 2021.  Excluding these charges, adjusted expenses decreased approximately $1.4 million, or 1.03%, to $134.5 million in the fourth quarter of 2021, from $135.9 million in the third quarter of 2021.  Operating expenses in the newly acquired Balboa Capital division were $1.35 million in the fourth quarter of 2021.   A driving factor in the overall decrease in expenses was a reduction in salaries and employee benefits in the banking division of $4.8 million, offset by the $1.3 million of salaries and employee benefits in the Balboa Capital division.  The adjusted efficiency ratio was 54.85% in the fourth quarter of 2021, compared with 56.56% in the third quarter of 2021.

Noninterest expense decreased $38.5 million, or 6.4%, to $560.1 million in 2021, compared with $598.6 million in 2020.  During 2021, the Company recorded $4.7 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $9.9 million in charges in 2020 that were principally related to natural disaster and pandemic charges and certain legal expenses.  Excluding these charges, adjusted expenses decreased $33.3 million, or 5.7%, to $555.4 million in 2021, from $588.7 million in 2020.  The majority of this decrease is attributable to a $22.5 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $4.6 million reduction in amortization of intangible assets.

Income Tax Expense
The Company's effective tax rate for 2021 was 24.0%, compared with 23.0% in 2020.  The Company's effective tax rate for the fourth quarter of 2021 was 23.8%, compared with 26.2% in the third quarter of 2021.  The decreased rate for the fourth quarter of 2021 was primarily a result of a discrete charge to the Company's state tax liability in the third quarter of 2021.  

Balance Sheet Trends
Total assets at December 31, 2021 were $23.86 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $17.13 billion at December 31, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $15.87 billion at December 31, 2021, compared with $14.48 billion at December 31, 2020, an increase of $1.39 billion, or 9.6%.  Loan production in the banking division during the fourth quarter of 2021 totaled $1.15 billion, up 26% from the third quarter of 2021 and 46% from the fourth quarter of 2020. 

At December 31, 2021, total deposits amounted to $19.67 billion, or 95.8% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At December 31, 2021, noninterest-bearing deposit accounts were $7.77 billion, or 39.5% 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 $12.52 billion at December 31, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 63.6% of the Company's total deposits at December 31, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at December 31, 2021 totaled $2.97 billion, an increase of $319.4 million, or 12.1%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $376.9 million during 2021, partially offset by dividends declared and share repurchases.  Tangible book value per share was $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.05% at December 31, 2021, compared with 8.47% at the end of 2020.

Credit Quality
Credit quality remains strong in the Company.  During the fourth quarter of 2021, the Company recorded a provision for credit losses of $2.8 million, compared with a provision reversal of $9.7 million in the third quarter of 2021.  This provision was primarily attributable to growth in unfunded commitments, partially offset by an improvement in expected credit losses on loans.  The Company has been prudently working with borrowers to support their credit needs during the current 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 fourth quarter of 2021 equaled approximately 0.4% of total loans, down from approximately 0.6% and 2.9% of total loans at the end of the third quarter of 2021 and the fourth quarter of 2020, respectively.  Nonperforming assets as a percentage of total assets increased 11 basis points to 0.43% during the quarter.  This increase was primarily attributable to purchased credit deteriorated assets added from the Balboa Capital acquisition and certain GNMA and portfolio mortgages that completed COVID forbearances and the loan has not been either brought current or formally modified. The Company recorded net recoveries in the fourth quarter of 2021 of $556,000, such that the net charge-off ratio was negative one basis point for the quarter, compared with zero basis points in the third quarter of 2021 and 70 basis points in the fourth quarter of 2020.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 28, 2022, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants).  The conference call access code is 652601.  A replay of the call will be available one hour after the end of the conference call until February 4, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 554920.  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 the Company's subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

                           

Financial Highlights

Table 1

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands except per share data)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

EARNINGS

                         

Net income

$    81,944

 

$    81,680

 

$    88,327

 

$  124,962

 

$    94,285

 

$  376,913

 

$  261,988

Adjusted net income

$    81,544

 

$    83,861

 

$    87,548

 

$  115,746

 

$  101,995

 

$  368,699

 

$  300,501

                           

COMMON SHARE DATA

                         

Earnings per share available to common shareholders

                         

Basic

$        1.18

 

$        1.18

 

$        1.27

 

$        1.80

 

$        1.36

 

$        5.43

 

$        3.78

Diluted

$        1.18

 

$        1.17

 

$        1.27

 

$        1.79

 

$        1.36

 

$        5.40

 

$        3.77

Adjusted diluted EPS

$        1.17

 

$        1.20

 

$        1.25

 

$        1.66

 

$        1.47

 

$        5.29

 

$        4.33

Cash dividends per share

$        0.15

 

$        0.15

 

$        0.15

 

$        0.15

 

$        0.15

 

$        0.60

 

$        0.60

Book value per share (period end)

$      42.62

 

$      41.66

 

$      40.66

 

$      39.56

 

$      38.07

 

$      42.62

 

$      38.07

Tangible book value per share (period end)

$      26.26

 

$      27.46

 

$      26.45

 

$      25.27

 

$      23.69

 

$      26.26

 

$      23.69

Weighted average number of shares

                         

Basic

69,398,594

 

69,439,845

 

69,496,666

 

69,391,734

 

69,252,307

 

69,431,860

 

69,256,020

Diluted

69,738,426

 

69,756,135

 

69,791,670

 

69,740,860

 

69,493,105

 

69,761,394

 

69,426,185

Period end number of shares

69,608,228

 

69,635,435

 

69,767,209

 

69,713,426

 

69,541,481

 

69,608,228

 

69,541,481

Market data

                         

High intraday price

$      56.64

 

$      53.63

 

$      59.85

 

$      57.81

 

$      39.53

 

$      59.85

 

$      43.79

Low intraday price

$      46.20

 

$      44.92

 

$      47.44

 

$      36.60

 

$      22.37

 

$      36.60

 

$      17.12

Period end closing price

$      49.68

 

$      51.88

 

$      50.63

 

$      52.51

 

$      38.07

 

$      49.68

 

$      38.07

Average daily volume

350,119

 

392,533

 

429,233

 

460,744

 

394,641

 

407,447

 

420,874

                           

PERFORMANCE RATIOS

                         

Return on average assets

1.41  %

 

1.47  %

 

1.64  %

 

2.44  %

 

1.89  %

 

1.73  %

 

1.36  %

Adjusted return on average assets

1.40  %

 

1.51  %

 

1.63  %

 

2.26  %

 

2.04  %

 

1.69  %

 

1.56  %

Return on average common equity

11.06  %

 

11.27  %

 

12.66  %

 

18.80  %

 

14.30  %

 

13.33  %

 

10.35  %

Adjusted return on average tangible common equity

16.88  %

 

17.65  %

 

19.46  %

 

27.66  %

 

25.04  %

 

20.19  %

 

19.77  %

Earning asset yield (TE)

3.39  %

 

3.44  %

 

3.58  %

 

3.85  %

 

3.98  %

 

3.56  %

 

4.21  %

Total cost of funds

0.23  %

 

0.24  %

 

0.26  %

 

0.30  %

 

0.36  %

 

0.25  %

 

0.54  %

Net interest margin (TE)

3.18  %

 

3.22  %

 

3.34  %

 

3.57  %

 

3.64  %

 

3.32  %

 

3.70  %

Noninterest income excluding securities transactions, as a percent of total revenue (TE)

31.31  %

 

30.32  %

 

33.78   %

 

39.71  %

 

38.37  %

 

34.01  %

 

37.90  %

Efficiency ratio

55.66  %

 

57.59  %

 

54.07  %

 

52.59  %

 

54.83  %

 

54.87  %

 

55.21  %

Adjusted efficiency ratio (TE)

54.85  %

 

56.56  %

 

54.07  %

 

54.62  %

 

52.67  %

 

55.00  %

 

52.17  %

                           

CAPITAL ADEQUACY (period end)

                         

Shareholders' equity to assets

12.43  %

 

12.87  %

 

12.96  %

 

12.87  %

 

12.95  %

 

12.43  %

 

12.95  %

Tangible common equity to tangible assets

8.05  %

 

8.88  %

 

8.83  %

 

8.62  %

 

8.47  %

 

8.05  %

 

8.47  %

                           

EQUITY TO ASSETS RECONCILIATION

                         

Tangible common equity to tangible assets

8.05  %

 

8.88  %

 

8.83  %

 

8.62  %

 

8.47  %

 

8.05  %

 

8.47  %

Effect of goodwill and other intangibles

4.38  %

 

3.99  %

 

4.13  %

 

4.25  %

 

4.48  %

 

4.38  %

 

4.48  %

Equity to assets (GAAP)

12.43  %

 

12.87  %

 

12.96  %

 

12.87  %

 

12.95  %

 

12.43  %

 

12.95  %

                           

OTHER DATA (period end)

                         

Full time equivalent employees

                         

Banking Division

2,008

 

1,821

 

1,817

 

1,815

 

1,816

 

2,008

 

1,816

Retail Mortgage Division

739

 

749

 

759

 

765

 

748

 

739

 

748

Warehouse Lending Division

12

 

12

 

12

 

12

 

12

 

12

 

12

SBA Division

34

 

29

 

30

 

29

 

24

 

34

 

24

Premium Finance Division

72

 

67

 

68

 

70

 

71

 

72

 

71

Total Ameris Bancorp FTE headcount

2,865

 

2,678

 

2,686

 

2,691

 

2,671

 

2,865

 

2,671

                           

Assets per Banking Division FTE

$    13,262

 

$    12,374

 

$    12,046

 

$    11,806

 

$    11,255

 

$    13,262

 

$    11,255

Branch locations

165

 

165

 

165

 

165

 

164

 

165

 

164

Deposits per branch location

$  119,185

 

$  114,142

 

$  110,655

 

$  108,339

 

$  103,401

 

$  119,185

 

$  103,401

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

         

Income Statement

Table 2

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands except per share data)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Interest income

                         

Interest and fees on loans

$     170,813

 

$     166,358

 

$     167,761

 

$     171,157

 

$     171,971

 

$     676,089

 

$     690,909

Interest on taxable securities

5,866

 

5,296

 

5,244

 

6,118

 

6,398

 

22,524

 

33,086

Interest on nontaxable securities

156

 

139

 

139

 

141

 

150

 

575

 

623

Interest on deposits in other banks

1,521

 

1,244

 

595

 

522

 

252

 

3,882

 

1,739

Interest on federal funds sold

9

 

9

 

12

 

12

 

12

 

42

 

146

Total interest income

178,365

 

173,046

 

173,751

 

177,950

 

178,783

 

703,112

 

726,503

                           

Interest expense

                         

Interest on deposits

4,678

 

5,106

 

5,775

 

6,798

 

8,870

 

22,357

 

59,067

Interest on other borrowings

6,850

 

6,279

 

6,124

 

6,175

 

6,457

 

25,428

 

29,683

Total interest expense

11,528

 

11,385

 

11,899

 

12,973

 

15,327

 

47,785

 

88,750

                           

Net interest income

166,837

 

161,661

 

161,852

 

164,977

 

163,456

 

655,327

 

637,753

                           

Provision for loan losses

(13,619)

 

(3,984)

 

(899)

 

(16,579)

 

(6,700)

 

(35,081)

 

125,488

Provision for unfunded commitments

16,388

 

(5,516)

 

1,299

 

(11,839)

 

5,481

 

332

 

19,062

Provision for other credit losses

(10)

 

(175)

 

(258)

 

(173)

 

(291)

 

(616)

 

830

Provision for credit losses

2,759

 

(9,675)

 

142

 

(28,591)

 

(1,510)

 

(35,365)

 

145,380

Net interest income after provision for credit losses

164,078

 

171,336

 

161,710

 

193,568

 

164,966

 

690,692

 

492,373

                           

Noninterest income

                         

Service charges on deposit accounts

11,784

 

11,486

 

11,007

 

10,829

 

11,465

 

45,106

 

44,145

Mortgage banking activity

60,723

 

56,460

 

70,231

 

98,486

 

95,192

 

285,900

 

374,077

Other service charges, commissions and fees

962

 

1,154

 

1,056

 

1,016

 

965

 

4,188

 

3,914

Gain (loss) on securities

(4)

 

530

 

1

 

(12)

 

 

515

 

5

Other noninterest income

8,304

 

6,932

 

6,945

 

7,654

 

4,521

 

29,835

 

24,359

Total noninterest income

81,769

 

76,562

 

89,240

 

117,973

 

112,143

 

365,544

 

446,500

                           

Noninterest expense

                         

Salaries and employee benefits

76,615

 

79,671

 

85,505

 

95,985

 

92,466

 

337,776

 

360,278

Occupancy and equipment

13,494

 

11,979

 

10,812

 

11,781

 

12,709

 

48,066

 

52,349

Data processing and communications expenses

11,534

 

10,681

 

11,877

 

11,884

 

11,323

 

45,976

 

46,017

Credit resolution-related expenses(1)

1,992

 

377

 

622

 

547

 

1,156

 

3,538

 

5,106

Advertising and marketing

2,381

 

2,676

 

1,946

 

1,431

 

3,267

 

8,434

 

8,046

Amortization of intangible assets

3,387

 

3,387

 

4,065

 

4,126

 

4,190

 

14,965

 

19,612

Merger and conversion charges

4,023

 

183

 

 

 

 

4,206

 

1,391

Other noninterest expenses

24,943

 

28,242

 

20,934

 

23,044

 

26,005

 

97,163

 

105,830

Total noninterest expense

138,369

 

137,196

 

135,761

 

148,798

 

151,116

 

560,124

 

598,629

                           

Income before income tax expense

107,478

 

110,702

 

115,189

 

162,743

 

125,993

 

496,112

 

340,244

Income tax expense

25,534

 

29,022

 

26,862

 

37,781

 

31,708

 

119,199

 

78,256

Net income

$       81,944

 

$       81,680

 

$       88,327

 

$     124,962

 

$       94,285

 

$     376,913

 

$     261,988

                           

Diluted earnings per common share

$          1.18

 

$          1.17

 

$          1.27

 

$          1.79

 

$          1.36

 

$          5.40

 

$          3.77

                           

(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

       

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Period End Balance Sheet

Table 3

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

Assets

                 

Cash and due from banks

$     264,807

 

$     239,028

 

$     259,729

 

$     224,159

 

$     203,349

Federal funds sold and interest-bearing deposits in banks

3,756,844

 

3,513,412

 

3,044,795

 

2,534,969

 

1,913,957

Restricted Cash

43,006

 

 

 

 

Time deposits in other banks

 

 

 

249

 

249

Investment securities available-for-sale, at fair value

592,621

 

684,504

 

778,167

 

859,652

 

982,879

Investment securities held-to-maturity, at amortized cost

79,850

 

64,451

 

29,055

 

 

Other investments

47,552

 

27,619

 

27,621

 

27,620

 

28,202

Loans held for sale

1,254,632

 

1,435,805

 

1,210,589

 

1,509,528

 

1,167,659

                   

Loans, net of unearned income

15,874,258

 

14,824,539

 

14,780,791

 

14,599,805

 

14,480,925

Allowance for credit losses

(167,582)

 

(171,213)

 

(175,070)

 

(178,570)

 

(199,422)

Loans, net

15,706,676

 

14,653,326

 

14,605,721

 

14,421,235

 

14,281,503

                   

Other real estate owned

3,810

 

4,594

 

5,775

 

8,841

 

11,880

Premises and equipment, net

225,400

 

226,430

 

229,994

 

231,550

 

222,890

Goodwill

1,012,620

 

928,005

 

928,005

 

928,005

 

928,005

Other intangible assets, net

125,938

 

60,396

 

63,783

 

67,848

 

71,974

Cash value of bank owned life insurance

331,146

 

279,389

 

277,839

 

176,575

 

176,467

Other assets

413,419

 

416,182

 

425,858

 

436,896

 

449,624

Total assets

$ 23,858,321

 

$ 22,533,141

 

$ 21,886,931

 

$ 21,427,127

 

$ 20,438,638

                   

Liabilities

                 

Deposits

                 

Noninterest-bearing

$  7,774,823

 

$  7,616,728

 

$  6,983,761

 

$  6,804,776

 

$  6,151,070

Interest-bearing

11,890,730

 

11,216,761

 

11,274,236

 

11,071,097

 

10,806,753

Total deposits

19,665,553

 

18,833,489

 

18,257,997

 

17,875,873

 

16,957,823

Federal funds purchased and securities sold under agreements to repurchase

5,845

 

4,502

 

5,544

 

9,320

 

11,641

Other borrowings

739,879

 

425,375

 

425,303

 

425,231

 

425,155

Subordinated deferrable interest debentures

126,328

 

125,830

 

125,331

 

124,833

 

124,345

Other liabilities

354,265

 

243,175

 

235,752

 

234,274

 

272,586

Total liabilities

20,891,870

 

19,632,371

 

19,049,927

 

18,669,531

 

17,791,550

                   

Shareholders' Equity

                 

Preferred stock

 

 

 

 

Common stock

72,017

 

72,016

 

72,008

 

71,954

 

71,754

Capital stock

1,924,813

 

1,922,964

 

1,920,566

 

1,917,990

 

1,913,285

Retained earnings

1,006,436

 

934,979

 

863,828

 

785,984

 

671,510

Accumulated other comprehensive income, net of tax

15,590

 

21,885

 

25,024

 

26,090

 

33,505

Treasury stock

(52,405)

 

(51,074)

 

(44,422)

 

(44,422)

 

(42,966)

Total shareholders' equity

2,966,451

 

2,900,770

 

2,837,004

 

2,757,596

 

2,647,088

Total liabilities and shareholders' equity

$ 23,858,321

 

$ 22,533,141

 

$ 21,886,931

 

$ 21,427,127

 

$ 20,438,638

                   

Other Data

                 

Earning assets

$ 21,605,757

 

$ 20,550,330

 

$ 19,871,018

 

$ 19,531,823

 

$ 18,573,871

Intangible assets

1,138,558

 

988,401

 

991,788

 

995,853

 

999,979

Interest-bearing liabilities

12,762,782

 

11,772,468

 

11,830,414

 

11,630,481

 

11,367,894

Average assets

23,054,847

 

22,087,642

 

21,538,894

 

20,734,414

 

19,876,338

Average common shareholders' equity

2,939,507

 

2,874,691

 

2,798,269

 

2,695,005

 

2,622,942

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

         

Asset Quality Information

Table 4

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Allowance for Credit Losses

                         

Balance at beginning of period

$  188,234

 

$  197,782

 

$  200,241

 

$  233,105

 

$  260,417

 

$  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 purchased credit deteriorated loans

9,432

 

 

 

 

 

9,432

 

                           

Provision for loan losses

(13,619)

 

(3,984)

 

(899)

 

(16,579)

 

(6,700)

 

(35,081)

 

125,488

Provision for unfunded commitments

16,388

 

(5,516)

 

1,299

 

(11,839)

 

5,481

 

332

 

19,062

Provision for other credit losses

(10)

 

(175)

 

(258)

 

(173)

 

(291)

 

(616)

 

830

Provision for credit losses

2,759

 

(9,675)

 

142

 

(28,591)

 

(1,510)

 

(35,365)

 

145,380

                           

Charge-offs

3,367

 

3,537

 

7,138

 

7,574

 

29,094

 

21,616

 

54,464

Recoveries

3,923

 

3,664

 

4,537

 

3,301

 

3,292

 

15,425

 

11,548

Net charge-offs

(556)

 

(127)

 

2,601

 

4,273

 

25,802

 

6,191

 

42,916

                           

Ending balance

$  200,981

 

$  188,234

 

$  197,782

 

$  200,241

 

$  233,105

 

$  200,981

 

$  233,105

                           

Allowance for loan losses

$  167,582

 

$  171,213

 

$  175,070

 

$  178,570

 

$  199,422

 

$  167,582

 

$  199,422

Allowance for unfunded commitments

33,185

 

16,797

 

22,313

 

21,014

 

32,853

 

33,185

 

32,853

Allowance for other credit losses

214

 

224

 

399

 

657

 

830

 

214

 

830

Total allowance for credit losses

$  200,981

 

$  188,234

 

$  197,782

 

$  200,241

 

$  233,105

 

$  200,981

 

$  233,105

                           

Net  Charge-off Information

                         

Charge-offs

                         

Commercial, financial and agricultural

$     1,003

 

$        858

 

$      3,529

 

$     2,370

 

$      5,960

 

$     7,760

 

$    10,647

Consumer installment

1,484

 

1,647

 

1,669

 

1,448

 

2,861

 

6,248

 

5,642

Indirect automobile

40

 

178

 

141

 

829

 

658

 

1,188

 

3,602

Premium Finance

526

 

605

 

1,194

 

1,343

 

2,240

 

3,668

 

6,133

Real estate - construction and development

21

 

 

186

 

26

 

 

233

 

83

Real estate - commercial and farmland

220

 

210

 

27

 

1,395

 

17,284

 

1,852

 

27,504

Real estate - residential

73

 

39

 

392

 

163

 

91

 

667

 

853

Total charge-offs

3,367

 

3,537

 

7,138

 

7,574

 

29,094

 

21,616

 

54,464

                           

Recoveries

                         

Commercial, financial and agricultural

2,389

 

1,986

 

625

 

727

 

754

 

5,727

 

1,889

Consumer installment

172

 

199

 

212

 

356

 

480

 

939

 

1,753

Indirect automobile

329

 

278

 

372

 

700

 

637

 

1,679

 

1,657

Premium Finance

633

 

649

 

2,466

 

1,122

 

605

 

4,870

 

3,189

Real estate - construction and development

210

 

45

 

84

 

167

 

125

 

506

 

817

Real estate - commercial and farmland

81

 

266

 

185

 

41

 

439

 

573

 

1,449

Real estate - residential

109

 

241

 

593

 

188

 

252

 

1,131

 

794

Total recoveries

3,923

 

3,664

 

4,537

 

3,301

 

3,292

 

15,425

 

11,548

                           

Net charge-offs

$       (556)

 

$       (127)

 

$      2,601

 

$     4,273

 

$    25,802

 

$     6,191

 

$    42,916

                           

Non-Performing Assets

                         

Nonaccrual loans

$    85,266

 

$    58,932

 

$    59,921

 

$    71,189

 

$    76,457

 

$    85,266

 

$    76,457

Other real estate owned

3,810

 

4,594

 

5,775

 

8,841

 

11,880

 

3,810

 

11,880

Repossessed assets

84

 

152

 

226

 

840

 

544

 

84

 

544

Accruing loans delinquent 90 days or more

12,711

 

7,472

 

4,874

 

5,097

 

8,326

 

12,711

 

8,326

Total non-performing assets

$  101,871

 

$    71,150

 

$    70,796

 

$    85,967

 

$    97,207

 

$  101,871

 

$    97,207

                           

Asset Quality Ratios

                         

Non-performing assets as a percent of total assets

0.43  %

 

0.32  %

 

0.32  %

 

0.40  %

 

0.48  %

 

0.43  %

 

0.48  %

Net charge-offs as a percent of average loans (annualized)

(0.01)  %

 

—        %

 

0.07  %

 

0.12  %

 

0.70  %

 

0.04  %

 

0.31  %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Loan Information

Table 5

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

Loans by Type

                 

Commercial, financial and agricultural

$  1,875,993

 

$  1,217,575

 

$  1,406,421

 

$  1,611,029

 

$  1,627,477

Consumer installment

191,298

 

207,111

 

229,411

 

257,097

 

306,995

Indirect automobile

265,779

 

325,057

 

397,373

 

482,637

 

580,083

Mortgage warehouse

787,837

 

768,577

 

841,347

 

880,216

 

916,353

Municipal

572,701

 

624,430

 

647,578

 

659,228

 

659,403

Premium Finance

798,409

 

840,737

 

780,328

 

706,379

 

687,841

Real estate - construction and development

1,452,339

 

1,454,824

 

1,527,883

 

1,533,234

 

1,606,710

Real estate - commercial and farmland

6,834,917

 

6,409,704

 

6,051,472

 

5,616,826

 

5,300,006

Real estate - residential

3,094,985

 

2,976,524

 

2,898,978

 

2,853,159

 

2,796,057

Total loans

$ 15,874,258

 

$ 14,824,539

 

$ 14,780,791

 

$ 14,599,805

 

$ 14,480,925

                   

Troubled Debt Restructurings

                 

Accruing troubled debt restructurings

                 

Commercial, financial and agricultural

$        1,286

 

$        1,683

 

$         1,038

 

$           930

 

$           521

Consumer installment

16

 

22

 

28

 

27

 

32

Indirect automobile

1,037

 

1,284

 

1,647

 

1,931

 

2,277

Real estate - construction and development

789

 

887

 

898

 

501

 

506

Real estate - commercial and farmland

35,575

 

43,895

 

46,025

 

43,398

 

36,707

Real estate - residential

26,879

 

29,521

 

31,570

 

33,324

 

38,800

Total accruing troubled debt restructurings

$       65,582

 

$       77,292

 

$       81,206

 

$       80,111

 

$       78,843

Nonaccrual troubled debt restructurings

                 

Commercial, financial and agricultural

$             83

 

$           112

 

$           805

 

$           854

 

$           849

Consumer installment

35

 

38

 

43

 

53

 

56

Indirect automobile

273

 

297

 

301

 

321

 

461

Real estate - construction and development

13

 

271

 

301

 

706

 

707

Real estate - commercial and farmland

5,924

 

6,715

 

7,103

 

2,233

 

1,401

Real estate - residential

4,678

 

2,687

 

2,515

 

2,818

 

2,671

Total nonaccrual troubled debt restructurings

$       11,006

 

$       10,120

 

$       11,068

 

$        6,985

 

$         6,145

   Total troubled debt restructurings

$       76,588

 

$       87,412

 

$       92,274

 

$       87,096

 

$       84,988

                   

Loans by Risk Grade

                 

Grades 1 through 5 - Pass

$ 15,614,323

 

$ 14,562,058

 

$ 14,477,905

 

$ 14,204,219

 

$ 14,109,418

Grade 6 - Other assets especially mentioned

78,957

 

87,757

 

100,750

 

135,213

 

108,541

Grade 7 - Substandard

180,978

 

174,724

 

202,134

 

260,369

 

262,947

Grade 8 - Doubtful

 

 

 

 

19

Grade 9 - Loss

 

 

2

 

4

 

Total loans

$ 15,874,258

 

$ 14,824,539

 

$ 14,780,791

 

$ 14,599,805

 

$ 14,480,925

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

         

Average Balances

Table 6

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Earning Assets

                         

Federal funds sold

$       20,000

 

$       20,000

 

$       20,000

 

$       20,000

 

$       20,000

 

$       20,000

 

$       22,896

Interest-bearing deposits in banks

3,719,878

 

3,082,413

 

2,461,092

 

2,145,403

 

879,481

 

2,857,141

 

541,776

Time deposits in other banks

 

 

244

 

249

 

249

 

122

 

249

Investment securities - taxable

698,915

 

757,278

 

811,234

 

910,834

 

1,024,335

 

793,883

 

1,206,014

Investment securities - nontaxable

22,639

 

19,053

 

18,225

 

19,225

 

20,112

 

19,793

 

21,533

Other investments

31,312

 

27,622

 

27,620

 

27,516

 

31,552

 

28,525

 

62,253

Loans held for sale

1,365,886

 

1,497,320

 

1,705,167

 

1,284,821

 

1,281,762

 

1,463,614

 

1,497,051

Loans

15,119,752

 

14,685,878

 

14,549,104

 

14,453,975

 

14,752,664

 

14,703,957

 

14,018,582

Total Earning Assets

$ 20,978,382

 

$ 20,089,564

 

$ 19,592,686

 

$ 18,862,023

 

$ 18,010,155

 

$ 19,887,035

 

$ 17,370,354

                           

Deposits

                         

Noninterest-bearing deposits

$  7,600,284

 

$  7,168,717

 

$  6,874,471

 

$  6,412,268

 

$  5,970,672

 

$  7,017,614

 

$  5,227,399

NOW accounts

3,651,595

 

3,447,909

 

3,314,334

 

3,182,245

 

2,968,596

 

3,400,441

 

2,605,349

MMDA

5,209,653

 

4,966,492

 

4,872,500

 

4,761,279

 

4,534,243

 

4,953,748

 

4,259,467

Savings accounts

928,954

 

908,189

 

876,887

 

823,039

 

793,414

 

884,623

 

719,916

Retail CDs

1,827,852

 

1,919,184

 

2,005,265

 

2,066,410

 

2,109,600

 

1,953,927

 

2,368,802

Brokered CDs

 

511

 

1,000

 

1,000

 

1,140

 

625

 

16,494

Total Deposits

19,218,338

 

18,411,002

 

17,944,457

 

17,246,241

 

16,377,665

 

18,210,978

 

15,197,427

Non-Deposit Funding

                         

Federal funds purchased and securities sold under agreements to repurchase

5,559

 

5,133

 

6,883

 

9,284

 

9,929

 

6,700

 

12,115

FHLB advances

48,828

 

48,866

 

48,910

 

48,951

 

127,797

 

48,888

 

849,546

Other borrowings

468,058

 

376,489

 

376,376

 

376,260

 

376,295

 

399,485

 

297,023

Subordinated deferrable interest debentures

126,067

 

125,567

 

125,068

 

124,574

 

124,091

 

125,324

 

124,632

Total Non-Deposit Funding

648,512

 

556,055

 

557,237

 

559,069

 

638,112

 

580,397

 

1,283,316

Total Funding

$ 19,866,850

 

$ 18,967,057

 

$ 18,501,694

 

$ 17,805,310

 

$ 17,015,777

 

$ 18,791,375

 

$ 16,480,743

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

         

Interest Income and Interest Expense (TE)

Table 7

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Interest Income

                         

Federal funds sold

$              9

 

$               9

 

$             12

 

$             12

 

$             13

 

$             42

 

$           147

Interest-bearing deposits in banks

1,521

 

1,244

 

594

 

521

 

251

 

3,880

 

1,735

Time deposits in other banks

 

 

1

 

1

 

1

 

2

 

4

Investment securities - taxable

5,866

 

5,296

 

5,244

 

6,118

 

6,398

 

22,524

 

33,086

Investment securities - nontaxable (TE)

198

 

176

 

176

 

178

 

190

 

728

 

789

Loans held for sale

9,433

 

10,618

 

11,773

 

10,827

 

9,705

 

42,651

 

47,760

Loans (TE)

162,415

 

156,861

 

157,112

 

161,473

 

163,532

 

637,861

 

648,137

Total Earning Assets

$    179,442

 

$     174,204

 

$     174,912

 

$     179,130

 

$     180,090

 

$     707,688

 

$     731,658

                           

Accretion income (included above)

$        2,812

 

$        2,948

 

$         4,462

 

$        6,127

 

$         4,688

 

$       16,349

 

$       27,351

                           

Interest Expense

                         

Interest-Bearing Deposits

                         

NOW accounts

$          864

 

$           808

 

$           816

 

$           926

 

$         1,091

 

$        3,414

 

$         6,524

MMDA

1,971

 

1,970

 

1,908

 

1,998

 

2,326

 

7,847

 

18,661

Savings accounts

128

 

129

 

122

 

124

 

143

 

503

 

559

Retail CDs

1,715

 

2,195

 

2,921

 

3,744

 

5,301

 

10,575

 

32,985

Brokered CDs

 

4

 

8

 

6

 

9

 

18

 

338

Total Interest-Bearing Deposits

4,678

 

5,106

 

5,775

 

6,798

 

8,870

 

22,357

 

59,067

Non-Deposit Funding

                         

Federal funds purchased and securities sold under agreements to repurchase

4

 

4

 

5

 

7

 

8

 

20

 

82

FHLB advances

195

 

195

 

193

 

192

 

245

 

775

 

7,701

Other borrowings

5,317

 

4,640

 

4,683

 

4,638

 

4,635

 

19,278

 

15,191

Subordinated deferrable interest debentures

1,334

 

1,440

 

1,243

 

1,338

 

1,569

 

5,355

 

6,709

Total Non-Deposit Funding

6,850

 

6,279

 

6,124

 

6,175

 

6,457

 

25,428

 

29,683

Total Interest-Bearing Funding

$      11,528

 

$       11,385

 

$       11,899

 

$       12,973

 

$       15,327

 

$       47,785

 

$       88,750

                           

Net Interest Income (TE)

$    167,914

 

$     162,819

 

$     163,013

 

$     166,157

 

$     164,763

 

$     659,903

 

$     642,908

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

                           

Yields(1)

Table 8

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

 

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Earning Assets

                         

Federal funds sold

0.18       %

 

0.18       %

 

0.24       %

 

0.24       %

 

0.26       %

 

0.21       %

 

0.64       %

Interest-bearing deposits in banks

0.16       %

 

0.16       %

 

0.10       %

 

0.10       %

 

0.11       %

 

0.14       %

 

0.32       %

Time deposits in other banks

—     %

 

—     %

 

1.64       %

 

1.63       %

 

1.60       %

 

1.64       %

 

1.61       %

Investment securities - taxable

3.33       %

 

2.77       %

 

2.59       %

 

2.72       %

 

2.48       %

 

2.84       %

 

2.74       %

Investment securities - nontaxable (TE)

3.47       %

 

3.66       %

 

3.87       %

 

3.75       %

 

3.76       %

 

3.68       %

 

3.66       %

Loans held for sale

2.74       %

 

2.81       %

 

2.77       %

 

3.42       %

 

3.01       %

 

2.91       %

 

3.19       %

Loans (TE)

4.26       %

 

4.24       %

 

4.33       %

 

4.53       %

 

4.41       %

 

4.34       %

 

4.62       %

Total Earning Assets

3.39       %

 

3.44       %

 

3.58       %

 

3.85       %

 

3.98       %

 

3.56       %

 

4.21       %

                           

Interest-Bearing Deposits

                         

NOW accounts

0.09       %

 

0.09       %

 

0.10       %

 

0.12       %

 

0.15       %

 

0.10       %

 

0.25       %

MMDA

0.15       %

 

0.16       %

 

0.16       %

 

0.17       %

 

0.20       %

 

0.16       %

 

0.44       %

Savings accounts

0.05       %

 

0.06       %

 

0.06       %

 

0.06       %

 

0.07       %

 

0.06       %

 

0.08       %

Retail CDs

0.37       %

 

0.45       %

 

0.58       %

 

0.73       %

 

1.00       %

 

0.54       %

 

1.39       %

Brokered CDs

—     %

 

3.11       %

 

3.21       %

 

2.43       %

 

3.14       %

 

2.88       %

 

2.05       %

Total Interest-Bearing Deposits

0.16       %

 

0.18       %

 

0.21       %

 

0.25       %

 

0.34       %

 

0.20       %

 

0.59       %

Non-Deposit Funding

                         

Federal funds purchased and securities sold under agreements to repurchase

0.29       %

 

0.31       %

 

0.29       %

 

0.31       %

 

0.32       %

 

0.30       %

 

0.68       %

FHLB advances

1.58       %

 

1.58       %

 

1.58       %

 

1.59       %

 

0.76       %

 

1.59       %

 

0.91       %

Other borrowings

4.51       %

 

4.89       %

 

4.99       %

 

5.00       %

 

4.90       %

 

4.83       %

 

5.11       %

Subordinated deferrable interest debentures

4.20       %

 

4.55       %

 

3.99       %

 

4.36       %

 

5.03       %

 

4.27       %

 

5.38       %

Total Non-Deposit Funding

4.19       %

 

4.48       %

 

4.41       %

 

4.48       %

 

4.03       %

 

4.38       %

 

2.31       %

Total Interest-Bearing Liabilities

0.37       %

 

0.38       %

 

0.41       %

 

0.46       %

 

0.55       %

 

0.41       %

 

0.79       %

                           

Net Interest Spread

3.02       %

 

3.06       %

 

3.17       %

 

3.39       %

 

3.43       %

 

3.15       %

 

3.42       %

                           

Net Interest Margin(2)

3.18       %

 

3.22       %

 

3.34       %

 

3.57       %

 

3.64       %

 

3.32       %

 

3.70       %

                           

Total Cost of Funds(3)

0.23       %

 

0.24       %

 

0.26       %

 

0.30       %

 

0.36       %

 

0.25       %

 

0.54       %

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.

       

(2) Rate calculated based on average earning assets.

       

(3) Rate calculated based on total average funding including noninterest-bearing deposits.

       

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

                           

Non-GAAP Reconciliations

                         
                           

Adjusted Net Income

Table 9A

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands except per share data)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Net income available to common shareholders

$     81,944

 

$     81,680

 

$     88,327

 

$  124,962

 

$     94,285

 

$   376,913

 

$  261,988

                           

Adjustment items:

                         

Merger and conversion charges

4,023

 

183

 

 

 

 

4,206

 

1,391

Restructuring charges

 

 

 

 

 

 

1,513

Servicing right impairment (recovery)

(4,540)

 

1,398

 

(749)

 

(10,639)

 

9,501

 

(14,530)

 

40,067

Gain on BOLI proceeds

 

 

 

(603)

 

 

(603)

 

(948)

Expenses related to SEC and DOJ Investigation

 

 

 

 

53

 

 

3,058

Natural disaster and pandemic charges (Note 1)

 

 

 

 

235

 

 

3,296

(Gain) loss on bank premises

(126)

 

1,136

 

(236)

 

(264)

 

(30)

 

510

 

624

Tax effect of adjustment items (Note 2)

243

 

(536)

 

206

 

2,290

 

(2,049)

 

2,203

 

(10,488)

After tax adjustment items

(400)

 

2,181

 

(779)

 

(9,216)

 

7,710

 

(8,214)

 

38,513

Adjusted net income

$     81,544

 

$     83,861

 

$     87,548

 

$  115,746

 

$   101,995

 

$   368,699

 

$  300,501

                           

Weighted average number of shares - diluted

69,738,426

 

69,756,135

 

69,791,670

 

69,740,860

 

69,493,105

 

69,761,394

 

69,426,185

Net income per diluted share

$        1.18

 

$        1.17

 

$        1.27

 

$        1.79

 

$        1.36

 

$         5.40

 

$       3.77

Adjusted net income per diluted share

$        1.17

 

$        1.20

 

$        1.25

 

$        1.66

 

$        1.47

 

$         5.29

 

$       4.33

                           

Average assets

$  23,054.847

 

$  22,087.642

 

$  21,538,894

 

$  20,734,414

 

$  19,876,338

 

$  21,847,731

 

$  19,240,493

Return on average assets

1.41  %

 

1.47  %

 

1.64  %

 

2.44  %

 

1.89  %

 

1.73  %

 

1.36  %

Adjusted return on average assets

1.40  %

 

1.51  %

 

1.63  %

 

2.26  %

 

2.04  %

 

1.69  %

 

1.56  %

                           

Average common equity

$ 2,939.507

 

$ 2,874.691

 

$ 2,798,269

 

$                  2,695,005

 

$ 2,622,942

 

$ 2,827,669

 

$                  2,531,419

Average tangible common equity

$ 1,916,783

 

$ 1,884,622

 

$ 1,804,324

 

$                  1,696,946

 

$ 1,620,742

 

$ 1,826,433

 

$                  1,520,303

Return on average common equity

11.06  %

 

11.27  %

 

12.66  %

 

18.80   %

 

14.30  %

 

13.33  %

 

10.35  %

Adjusted return on average tangible common equity

16.88  %

 

17.65  %

 

19.46   %

 

27.66  %

 

25.04  %

 

20.19  %

 

19.77  %

                           

 

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 4Q21, 3Q21 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

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Adjusted Noninterest Expense

                         

Total noninterest expense

$  138,369

 

$  137,196

 

$  135,761

 

$  148,798

 

$  151,116

 

$  560,124

 

$  598,629

Adjustment items:

                         

Merger and conversion charges

(4,023)

 

(183)

 

 

 

 

(4,206)

 

(1,391)

Restructuring charges

 

 

 

 

 

 

(1,513)

Expenses related to SEC and DOJ Investigation

 

 

 

 

(53)

 

 

(3,058)

Natural disaster and pandemic charges

 

 

 

 

(235)

 

 

(3,296)

Gain (loss) on bank premises

126

 

(1,136)

 

236

 

264

 

30

 

(510)

 

(624)

Adjusted noninterest expense

$  134,472

 

$  135,877

 

$  135,997

 

$  149,062

 

$  150,858

 

$  555,408

 

$  588,747

                           

Total Revenue

                         

Net interest income

$  166,837

 

$  161,661

 

$  161,852

 

$  164,977

 

$  163,456

 

$  655,327

 

$  637,753

Noninterest income

81,769

 

76,562

 

89,240

 

117,973

 

112,143

 

365,544

 

446,500

Total revenue

$  248,606

 

$  238,223

 

$  251,092

 

$  282,950

 

$  275,599

 

$                  1,020,871

 

$                  1,084,253

                           

Adjusted Total Revenue

                         

Net interest income (TE)

$  167,914

 

$  162,819

 

$  163,013

 

$  166,157

 

$  164,763

 

$  659,903

 

$  642,908

Noninterest income

81,769

 

76,562

 

89,240

 

117,973

 

112,143

 

365,544

 

446,500

Total revenue (TE)

249,683

 

239,381

 

252,253

 

284,130

 

276,906

 

1,025,447

 

1,089,408

Adjustment items:

                         

(Gain) loss on securities

4

 

(530)

 

(1)

 

12

 

 

(515)

 

(5)

Gain on BOLI proceeds

 

 

 

(603)

 

 

(603)

 

(948)

Servicing right impairment (recovery)

(4,540)

 

1,398

 

(749)

 

(10,639)

 

9,501

 

(14,530)

 

40,067

Adjusted total revenue (TE)

$  245,147

 

$  240,249

 

$  251,503

 

$  272,900

 

$  286,407

 

$                  1,009,799

 

$                  1,128,522

                           

Efficiency ratio

55.66              %

 

57.59              %

 

54.07              %

 

52.59              %

 

54.83              %

 

54.87              %

 

55.21              %

Adjusted efficiency ratio (TE)

54.85              %

 

56.56              %

 

54.07              %

 

54.62              %

 

52.67              %

 

55.00              %

 

52.17              %

                           

Tangible Book Value Per Share

Table 9C

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands except per share data)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Total shareholders' equity

$                  2,966,451

 

$                  2,900,770

 

$                  2,837,004

 

$                  2,757,596

 

$                  2,647,088

 

$                  2,966,451

 

$                  2,647,088

Less:

                         

Goodwill

1,012,620

 

928,005

 

928,005

 

928,005

 

928,005

 

1,012,620

 

928,005

Other intangibles, net

125,938

 

60,396

 

63,783

 

67,848

 

71,974

 

125,938

 

71,974

Total tangible shareholders' equity

$                  1,827,893

 

$                  1,912,369

 

$                  1,845,216

 

$                  1,761,743

 

$                  1,647,109

 

$                  1,827,893

 

$                  1,647,109

                           

Period end number of shares

69,608,228

 

69,635,435

 

69,767,209

 

69,713,426

 

69,541,481

 

69,608,228

 

69,541,481

Book value per share (period end)

$     42.62

 

$     41.66

 

$      40.66

 

$     39.56

 

$     38.07

 

$      42.62

 

$     38.07

Tangible book value per share (period end)

$     26.26

 

$     27.46

 

$      26.45

 

$     25.27

 

$     23.69

 

$      26.26

 

$     23.69

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

         

Segment Reporting

Table 10

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

Banking Division

                         

Net interest income

$  120,572

 

$  113,524

 

$  110,670

 

$  112,816

 

$  112,964

 

$  457,582

 

$  471,231

Provision for credit losses

4,565

 

(9,578)

 

(3,949)

 

(23,904)

 

1,847

 

(32,866)

 

125,136

Noninterest income

18,859

 

17,896

 

16,171

 

16,738

 

15,659

 

69,664

 

63,165

Noninterest expense

                         

Salaries and employee benefits

36,522

 

40,020

 

37,814

 

42,723

 

38,668

 

157,079

 

160,430

Occupancy and equipment expenses

11,699

 

10,196

 

9,050

 

10,120

 

10,958

 

41,065

 

44,939

Data processing and telecommunications expenses

10,162

 

9,159

 

10,280

 

10,201

 

9,608

 

39,802

 

39,040

Other noninterest expenses

24,048

 

21,723

 

18,763

 

19,710

 

25,806

 

84,244

 

105,965

Total noninterest expense

82,431

 

81,098

 

75,907

 

82,754

 

85,040

 

322,190

 

350,374

Income before income tax expense

52,435

 

59,900

 

54,883

 

70,704

 

41,736

 

237,922

 

58,886

Income tax expense

14,010

 

17,784

 

14,196

 

18,456

 

13,992

 

64,446

 

19,138

Net income

$    38,425

 

$    42,116

 

$    40,687

 

$    52,248

 

$    27,744

 

$  173,476

 

$    39,748

                           

Retail Mortgage Division

                         

Net interest income

$    19,912

 

$    21,289

 

$    22,533

 

$    18,984

 

$    19,908

 

$    82,718

 

$    82,359

Provision for credit losses

175

 

1,678

 

5,647

 

(4,553)

 

(1,621)

 

2,947

 

15,850

Noninterest income

59,650

 

55,555

 

69,055

 

97,640

 

94,109

 

281,900

 

370,256

Noninterest expense

                         

Salaries and employee benefits

36,787

 

36,373

 

44,798

 

49,838

 

50,165

 

167,796

 

184,765

Occupancy and equipment expenses

1,587

 

1,590

 

1,553

 

1,476

 

1,577

 

6,206

 

6,710

Data processing and telecommunications expenses

1,213

 

1,357

 

1,435

 

1,546

 

1,534

 

5,551

 

6,275

Other noninterest expenses

10,793

 

11,675

 

7,638

 

8,189

 

7,442

 

38,295

 

28,155

Total noninterest expense

50,380

 

50,995

 

55,424

 

61,049

 

60,718

 

217,848

 

225,905

Income before income tax expense

29,007

 

24,171

 

30,517

 

60,128

 

54,920

 

143,823

 

210,860

Income tax expense

6,092

 

5,076

 

6,408

 

12,627

 

11,535

 

30,203

 

44,286

Net income

$    22,915

 

$    19,095

 

$    24,109

 

$    47,501

 

$    43,385

 

$  113,620

 

$  166,574

                           

Warehouse Lending Division

                         

Net interest income

$      8,063

 

$      8,712

 

$      8,720

 

$      9,906

 

$      9,017

 

$    35,401

 

$    23,891

Provision for credit losses

77

 

(291)

 

(155)

 

(145)

 

1,673

 

(514)

 

2,562

Noninterest income

1,253

 

1,037

 

1,333

 

980

 

1,113

 

4,603

 

3,864

Noninterest expense

                         

Salaries and employee benefits

258

 

264

 

278

 

330

 

296

 

1,130

 

981

Occupancy and equipment expenses

1

 

 

1

 

1

 

1

 

3

 

4

Data processing and telecommunications expenses

56

 

59

 

68

 

49

 

101

 

232

 

270

Other noninterest expenses

227

 

200

 

30

 

33

 

26

 

490

 

176

Total noninterest expense

542

 

523

 

377

 

413

 

424

 

1,855

 

1,431

Income before income tax expense

8,697

 

9,517

 

9,831

 

10,618

 

8,033

 

38,663

 

23,762

Income tax expense

1,827

 

1,999

 

2,064

 

2,230

 

1,687

 

8,120

 

5,004

Net income

$      6,870

 

$      7,518

 

$      7,767

 

$      8,388

 

$      6,346

 

$    30,543

 

$    18,758

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

                           

Segment Reporting (continued)

Table 10

 

Three Months Ended

 

Twelve Months Ended

 

Dec

 

Sep

 

Jun

 

Mar

 

Dec

 

Dec

 

Dec

(dollars in thousands)

2021

 

2021

 

2021

 

2021

 

2020

 

2021

 

2020

SBA Division

                         

Net interest income

$    11,319

 

$    10,699

 

$    12,882

 

$    16,635

 

$    14,909

 

$    51,535

 

$    33,090

Provision for credit losses

(663)

 

(1,104)

 

(607)

 

(547)

 

(2,997)

 

(2,921)

 

2,719

Noninterest income

2,002

 

2,070

 

2,677

 

2,611

 

1,247

 

9,360

 

9,200

Noninterest expense

                         

Salaries and employee benefits

1,217

 

1,320

 

937

 

1,382

 

1,233

 

4,856

 

6,893

Occupancy and equipment expenses

121

 

116

 

132

 

106

 

100

 

475

 

391

Data processing and telecommunications expenses

28

 

18

 

 

1

 

1

 

47

 

33

Other noninterest expenses

645

 

370

 

284

 

295

 

363

 

1,594

 

1,832

Total noninterest expense

2,011

 

1,824

 

1,353

 

1,784

 

1,697

 

6,972

 

9,149

Income before income tax expense

11,973

 

12,049

 

14,813

 

18,009

 

17,456

 

56,844

 

30,422

Income tax expense

2,514

 

2,530

 

3,111

 

3,782

 

3,666

 

11,937

 

6,389

Net income

$      9,459

 

$      9,519

 

$    11,702

 

$    14,227

 

$    13,790

 

$    44,907

 

$    24,033

                           

Premium Finance Division

                         

Net interest income

$      6,971

 

$      7,437

 

$      7,047

 

$      6,636

 

$      6,658

 

$    28,091

 

$    27,182

Provision for credit losses

(1,395)

 

(380)

 

(794)

 

558

 

(412)

 

(2,011)

 

(887)

Noninterest income

5

 

4

 

4

 

4

 

15

 

17

 

15

Noninterest expense

                         

Salaries and employee benefits

1,831

 

1,694

 

1,678

 

1,712

 

2,104

 

6,915

 

7,209

Occupancy and equipment expenses

86

 

77

 

76

 

78

 

73

 

317

 

305

Data processing and telecommunications expenses

75

 

88

 

94

 

87

 

79

 

344

 

399

Other noninterest expenses

1,013

 

897

 

852

 

921

 

981

 

3,683

 

3,857

Total noninterest expense

3,005

 

2,756

 

2,700

 

2,798

 

3,237

 

11,259

 

11,770

Income before income tax expense

5,366

 

5,065

 

5,145

 

3,284

 

3,848

 

18,860

 

16,314

Income tax expense

1,091

 

1,633

 

1,083

 

686

 

828

 

4,493

 

3,439

Net income

$      4,275

 

$      3,432

 

$      4,062

 

$      2,598

 

$      3,020

 

$    14,367

 

$    12,875

                           

Total Consolidated

                         

Net interest income

$  166,837

 

$  161,661

 

$  161,852

 

$  164,977

 

$  163,456

 

$  655,327

 

$  637,753

Provision for credit losses

2,759

 

(9,675)

 

142

 

(28,591)

 

(1,510)

 

(35,365)

 

145,380

Noninterest income

81,769

 

76,562

 

89,240

 

117,973

 

112,143

 

365,544

 

446,500

Noninterest expense

                         

Salaries and employee benefits

76,615

 

79,671

 

85,505

 

95,985

 

92,466

 

337,776

 

360,278

Occupancy and equipment expenses

13,494

 

11,979

 

10,812

 

11,781

 

12,709

 

48,066

 

52,349

Data processing and telecommunications expenses

11,534

 

10,681

 

11,877

 

11,884

 

11,323

 

45,976

 

46,017

Other noninterest expenses

36,726

 

34,865

 

27,567

 

29,148

 

34,618

 

128,306

 

139,985

Total noninterest expense

138,369

 

137,196

 

135,761

 

148,798

 

151,116

 

560,124

 

598,629

Income before income tax expense

107,478

 

110,702

 

115,189

 

162,743

 

125,993

 

496,112

 

340,244

Income tax expense

25,534

 

29,022

 

26,862

 

37,781

 

31,708

 

119,199

 

78,256

Net income

$    81,944

 

$    81,680

 

$    88,327

 

$  124,962

 

$    94,285

 

$  376,913

 

$  261,988

 

 

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SOURCE Ameris Bancorp

For further information: Nicole S. Stokes, Chief Financial Officer, (404) 240-1514