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Ameris Bancorp Announces Financial Results For First Quarter 2022

Highlights of the Company's results for the first quarter of 2022 include the following:

  • Net income of $81.7 million, or $1.17 per diluted share
  • Organic growth in loans of $269.5 million, or 6.8% annualized (and $350.7 million, or 8.9% annualized, exclusive of PPP loans), during 2022
  • Growth in tangible book value of $0.58 per share, or 2.2%, to $26.84 at March 31, 2022, compared with $26.26 at December 31, 2021
  • Less than 1% dilution in tangible book value from decrease in unrealized gain on available-for-sale securities
  • Improvement in net interest margin of 17bps, from 3.18% last quarter to 3.35% this quarter
  • Adjusted return on average assets of 1.31%
  • Adjusted return on average tangible common equity of 16.38%
  • Continued growth in noninterest bearing deposits, representing 40.18% of total deposits, up from 39.54% at December 31, 2021 and 38.07% a year ago

ATLANTA, April 26, 2022 /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 March 31, 2022, compared with $125.0 million, or $1.79 per diluted share, for the quarter ended March 31, 2021. The Company reported adjusted net income of $75.0 million, or $1.08 per diluted share, for the quarter ended March 31, 2022, compared with $115.7 million, or $1.66 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds and gain/loss on sale of bank premises.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Solid first quarter results reflect our continued responsible organic growth initiatives.  Despite challenging economic conditions and market volatility, we had annualized loan growth, excluding PPP, of 8.9%, our margin expanded by 17 basis points and we maintained our credit quality.  We remain focused on tangible book value and have successfully avoided material negative impact on capital from the securities portfolio over this past interest rate cycle.  Our results reflect the discipline of our team and the continued opportunities throughout our strong Southeastern footprint."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) continued to increase in the first quarter of 2022, to $173.6 million, compared with $167.9 million for the fourth quarter of 2021 and $166.2 million for the first quarter of 2021.  The Company's net interest margin significantly improved to 3.35% for the first quarter of 2022, up from 3.18% reported for the fourth quarter of 2021 but less than 3.57% reported for the first quarter of 2021.  Accretion income for the first quarter of 2022 decreased to $1.0 million, compared with $2.8 million for the fourth quarter of 2021 and $6.1 million for the first quarter of 2021.

Yields on loans increased to 4.37% during the first quarter of 2022, compared with 4.26% for the fourth quarter of 2021 and decreased from 4.53% for the first quarter of 2021. Contributing to interest income on loans for the first quarter of 2022 was $19.1 million of interest income on loans from the recent Balboa Capital acquisition, as well as $3.0 million of accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $4.8 million and $8.2 million, respectively, in the fourth quarter of 2021.  Loan production in the banking division during the first quarter of 2022 was $805.5 million, with weighted average yields of 5.17%, compared with $1.1 billion and 3.35%, respectively, in the fourth quarter of 2021 and $600.6 million and 3.80%, respectively, in the first quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.7 billion during the first quarter of 2022, with weighted average yields of 3.63%, compared with $5.5 billion and 3.43%, respectively, during the fourth quarter of 2021 and $7.5 billion and 3.15%, respectively, during the first quarter of 2021.   

Interest expense during the first quarter of 2022 decreased to $10.8 million, compared with $11.5 million in the fourth quarter of 2021, and $13.0 million in the first quarter of 2021.  The decrease in interest expense was related to continued repricing of deposits as CDs mature and the repayment of remaining borrowings assumed from Balboa Capital in January 2022.  The Company's total cost of funds moved one basis point lower to 0.22% in the first quarter of 2022 as compared with the fourth quarter of 2021.  Deposit costs decreased one basis point during the first quarter of 2022 to 0.09%, compared with 0.10% in the fourth quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.16% in the fourth quarter of 2021 to 0.14% in the first quarter of 2022.

Noninterest Income
Noninterest income increased $5.1 million, or 6.3%, in the first quarter of 2022 to $86.9 million, compared with $81.8 million for the fourth quarter of 2021, primarily as a result of increased mortgage banking activity, which grew by $2.2 million, or 3.6%, to $62.9 million in the first quarter of 2022, compared with $60.7 million for the fourth quarter of 2021.  Excluding the $9.7 million and $4.5 million recovery of servicing right impairment recorded in the first quarter of 2022 and fourth quarter of 2021, respectively, mortgage revenue decreased this quarter by $2.9 million, while expenses in the mortgage division decreased by $3.5 million, for an increased efficiency ratio within that division.  Gain on sale spreads decreased to 2.94% in the first quarter of 2022 from 3.27% for the fourth quarter of 2021. Total production in the retail mortgage division decreased to $1.53 billion in the first quarter of 2022, compared with $1.82 billion for the fourth quarter of 2021. The retail mortgage open pipeline was $1.41 billion at the end of the first quarter of 2022, compared with $1.62 billion at December 31, 2021.

Service charge revenue decreased $726,000, or 6.2%, to $11.1 million in the first quarter of 2022, compared with $11.8 million for the fourth quarter of 2021, resulting from a cyclical decrease in volume that is historically lower in the first quarter each year.  Other noninterest income increased $3.7 million, or 44.5%, in the first quarter of 2022 to $12.0 million, compared with $8.3 million for the fourth quarter of 2021, primarily as a result of a $2.6 million impact from the newly acquired Balboa Capital. Also contributing to the increase were increases in gains on sale of SBA loans of $761,000 and merchant fee income of $287,000.

Noninterest Expense
Noninterest expense increased $5.5 million, or 3.9%, to $143.8 million during the first quarter of 2022, compared with $138.4 million for the fourth quarter of 2021.  During the first quarter of 2022, the Company recorded merger and conversion charges of $977,000 and a net gain of $6,000 related to bank premises, compared with a net gain on bank premises of $126,000 and merger and conversion charges of $4.0 million during the fourth quarter of 2021.  Excluding these charges, adjusted expenses increased approximately $8.4 million, or 6.2%, to $142.8 million in the first quarter of 2022, from $134.5 million in the fourth quarter of 2021.  The increase in adjusted expenses resulted from absorbing a full quarter of Balboa expenses (acquired in December 2021) and cyclical payroll tax and 401(k) expenses, partially offset by the decrease in mortgage banking expenses. 

As shown in the table below, the Company continued to show discipline in noninterest expense control, as all other noninterest expenses increased less than 1%:

 

Three Months Ended

   
 

March 31, 2022

 

December 31, 2021

 

Change

Balboa Expenses

$                 8,475

 

$                        1,350

 

$          7,125

Payroll Taxes

4,244

 

1,506

 

2,738

401(k) Matching Contributions

1,714

 

494

 

1,220

Mortgage Expenses

46,902

 

50,380

 

(3,478)

All Other Noninterest Expenses

81,514

 

80,742

 

772

Adjusted Noninterest Expense

$             142,849

 

$                    134,472

 

$          8,377

The additional cyclical payroll expenses caused the adjusted efficiency ratio to increase to 56.95% in the first quarter of 2022, compared with 54.85% in the fourth quarter of 2021.

Income Tax Expense
The Company's effective tax rate for the first quarter of 2022 was 25.3%, compared with 23.8% in the fourth quarter of 2021.  The increased rate for the first quarter of 2022 was primarily a result of a discrete charge to the Company's state tax liability and an increase in nondeductible merger expenses in the first quarter of 2022. 

Balance Sheet Trends
Total assets at March 31, 2022 were $23.56 billion, compared with $23.86 billion at December 31, 2021.  Loans, net of unearned income, increased $269.5 million, or 6.8% annualized, to $16.14 billion at March 31, 2022, compared with $15.87 billion at December 31, 2021.  As anticipated with seasonal mortgage activity, loans held for sale decreased $353.1 million from $1.25 billion at December 31, 2021 to $901.6 million at March 31, 2022.  Loan production in the banking division during the first quarter of 2022 totaled $805.5 million, down 30% from the fourth quarter of 2021 and up 34% from the first quarter of 2021. 

At March 31, 2022, total deposits amounted to $19.59 billion, or 97.3% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021.  At March 31, 2022, noninterest-bearing deposit accounts were $7.87 billion, or 40.2% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.62 billion at March 31, 2022, compared with $12.52 billion at December 31, 2021.  These funds represented 64.4% of the Company's total deposits at March 31, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.

Shareholders' equity at March 31, 2022 totaled $3.01 billion, an increase of $40.7 million, or 1.4%, from December 31, 2021.  The increase in shareholders' equity was primarily the result of earnings of $81.7 million during the first quarter of 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio.  The Company repurchased 312,860 shares of the Company's common stock at a cost of $14.6 million during the first quarter of 2022.  The Company recorded dilution of $0.25 per share, or less than 1%, to tangible book value this quarter from other comprehensive income related to the decrease in unrealized gains on the securities portfolio.  Tangible book value per share was $26.84 at March 31, 2022, compared with $26.26 at December 31, 2021.  Tangible common equity as a percentage of tangible assets was 8.32% at March 31, 2022, compared with 8.05% at the end of 2021.

Credit Quality
Credit quality remains strong in the Company.  During the first quarter of 2022, the Company recorded a provision for credit losses of $6.2 million, compared with a provision of $2.8 million in the fourth quarter of 2021.  This provision was primarily attributable to growth in unfunded commitments, partially offset by an improvement in expected credit losses on loans.  Nonperforming assets as a percentage of total assets increased four basis points to 0.47% during the quarter.  This increase was attributable to rebooked GNMA loans which the Company has the right, but not the obligation to repurchase. The net charge-off ratio was nine basis points for the first quarter of 2022, compared with negative one basis point in the fourth quarter of 2021 and 12 basis points in the first quarter of 2021.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Wednesday, April 27, 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 418399.  A replay of the call will be available one hour after the end of the conference call until May 11, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 542280.  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, 2021 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

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands except per share data)

2022

 

2021

 

2021

 

2021

 

2021

EARNINGS

                 

Net income

$    81,698

 

$    81,944

 

$    81,680

 

$    88,327

 

$  124,962

Adjusted net income

$    75,039

 

$    81,544

 

$    83,861

 

$    87,548

 

$  115,746

                   

COMMON SHARE DATA

                 

Earnings per share available to common shareholders

                 

Basic

$        1.18

 

$        1.18

 

$        1.18

 

$        1.27

 

$        1.80

Diluted

$        1.17

 

$        1.18

 

$        1.17

 

$        1.27

 

$        1.79

Adjusted diluted EPS

$        1.08

 

$        1.17

 

$        1.20

 

$        1.25

 

$        1.66

Cash dividends per share

$        0.15

 

$        0.15

 

$        0.15

 

$        0.15

 

$        0.15

Book value per share (period end)

$      43.31

 

$      42.62

 

$      41.66

 

$      40.66

 

$      39.56

Tangible book value per share (period end)

$      26.84

 

$      26.26

 

$      27.46

 

$      26.45

 

$      25.27

Weighted average number of shares

                 

Basic

69,345,735

 

69,398,594

 

69,439,845

 

69,496,666

 

69,391,734

Diluted

69,660,990

 

69,738,426

 

69,756,135

 

69,791,670

 

69,740,860

Period end number of shares

69,439,084

 

69,609,228

 

69,635,435

 

69,767,209

 

69,713,426

Market data

                 

High intraday price

$      55.62

 

$      56.64

 

$      53.63

 

$      59.85

 

$      57.81

Low intraday price

$      43.56

 

$      46.20

 

$      44.92

 

$      47.44

 

$      36.60

Period end closing price

$      43.88

 

$      49.68

 

$      51.88

 

$      50.63

 

$      52.51

Average daily volume

471,858

 

350,119

 

392,533

 

429,233

 

460,744

                   

PERFORMANCE RATIOS

                 

Return on average assets

1.42%

 

1.41%

 

1.47%

 

1.64%

 

2.44%

Adjusted return on average assets

1.31%

 

1.40%

 

1.51%

 

1.63%

 

2.26%

Return on average common equity

11.06%

 

11.06%

 

11.27%

 

12.66%

 

18.80%

Adjusted return on average tangible common equity

16.38%

 

16.88%

 

17.65%

 

19.46%

 

27.66%

Earning asset yield (TE)

3.56%

 

3.39%

 

3.44%

 

3.58%

 

3.85%

Total cost of funds

0.22%

 

0.23%

 

0.24%

 

0.26%

 

0.30%

Net interest margin (TE)

3.35%

 

3.18%

 

3.22%

 

3.34%

 

3.57%

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

32.05%

 

31.31%

 

30.32%

 

33.78%

 

39.71%

Efficiency ratio

55.43%

 

55.66%

 

57.59%

 

54.07%

 

52.59%

Adjusted efficiency ratio (TE)

56.95%

 

54.85%

 

56.56%

 

54.07%

 

54.62%

                   

CAPITAL ADEQUACY (period end)

                 

Shareholders' equity to assets

12.76%

 

12.43%

 

12.87%

 

12.96%

 

12.87%

Tangible common equity to tangible assets

8.32%

 

8.05%

 

8.88%

 

8.83%

 

8.62%

                   

EQUITY TO ASSETS RECONCILIATION

                 

Tangible common equity to tangible assets

8.32%

 

8.05%

 

8.88%

 

8.83%

 

8.62%

Effect of goodwill and other intangibles

4.44%

 

4.38%

 

3.99%

 

4.13%

 

4.25%

Equity to assets (GAAP)

12.76%

 

12.43%

 

12.87%

 

12.96%

 

12.87%

                   

OTHER DATA (period end)

                 

Full time equivalent employees

                 

Banking Division

2,033

 

2,008

 

1,821

 

1,817

 

1,815

Retail Mortgage Division

714

 

739

 

749

 

759

 

765

Warehouse Lending Division

10

 

12

 

12

 

12

 

12

SBA Division

35

 

34

 

29

 

30

 

29

Premium Finance Division

77

 

72

 

67

 

68

 

70

Total Ameris Bancorp FTE headcount

2,869

 

2,865

 

2,678

 

2,686

 

2,691

                   

Assets per Banking Division FTE

$    11,589

 

$    11,882

 

$    12,374

 

$    12,046

 

$    11,806

Branch locations

165

 

165

 

165

 

165

 

165

Deposits per branch location

$  118,718

 

$  119,185

 

$  114,142

 

$  110,655

 

$  108,339

.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Income Statement

Table 2

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands except per share data)

2022

 

2021

 

2021

 

2021

 

2021

Interest income

                 

Interest and fees on loans

$     177,566

 

$     170,813

 

$     166,358

 

$     167,761

 

$     171,157

Interest on taxable securities

4,239

 

5,866

 

5,296

 

5,244

 

6,118

Interest on nontaxable securities

186

 

156

 

139

 

139

 

141

Interest on deposits in other banks

1,373

 

1,521

 

1,244

 

595

 

522

Interest on federal funds sold

10

 

9

 

9

 

12

 

12

Total interest income

183,374

 

178,365

 

173,046

 

173,751

 

177,950

                   

Interest expense

                 

Interest on deposits

4,092

 

4,678

 

5,106

 

5,775

 

6,798

Interest on other borrowings

6,738

 

6,850

 

6,279

 

6,124

 

6,175

Total interest expense

10,830

 

11,528

 

11,385

 

11,899

 

12,973

                   

Net interest income

172,544

 

166,837

 

161,661

 

161,852

 

164,977

                   

Provision for loan losses

(2,734)

 

(13,619)

 

(3,984)

 

(899)

 

(16,579)

Provision for unfunded commitments

9,009

 

16,388

 

(5,516)

 

1,299

 

(11,839)

Provision for other credit losses

(44)

 

(10)

 

(175)

 

(258)

 

(173)

Provision for credit losses

6,231

 

2,759

 

(9,675)

 

142

 

(28,591)

Net interest income after provision for credit losses

166,313

 

164,078

 

171,336

 

161,710

 

193,568

                   

Noninterest income

                 

Service charges on deposit accounts

11,058

 

11,784

 

11,486

 

11,007

 

10,829

Mortgage banking activity

62,938

 

60,723

 

56,460

 

70,231

 

98,486

Other service charges, commissions and fees

939

 

962

 

1,154

 

1,056

 

1,016

Gain (loss) on securities

(27)

 

(4)

 

530

 

1

 

(12)

Other noninterest income

12,003

 

8,304

 

6,932

 

6,945

 

7,654

Total noninterest income

86,911

 

81,769

 

76,562

 

89,240

 

117,973

                   

Noninterest expense

                 

Salaries and employee benefits

84,281

 

76,615

 

79,671

 

85,505

 

95,985

Occupancy and equipment

12,727

 

13,494

 

11,979

 

10,812

 

11,781

Data processing and communications expenses

12,572

 

11,534

 

10,681

 

11,877

 

11,884

Credit resolution-related expenses(1)

(965)

 

1,992

 

377

 

622

 

547

Advertising and marketing

1,988

 

2,381

 

2,676

 

1,946

 

1,431

Amortization of intangible assets

5,181

 

3,387

 

3,387

 

4,065

 

4,126

Merger and conversion charges

977

 

4,023

 

183

 

 

Other noninterest expenses

27,059

 

24,943

 

28,242

 

20,934

 

23,044

Total noninterest expense

143,820

 

138,369

 

137,196

 

135,761

 

148,798

                   

Income before income tax expense

109,404

 

107,478

 

110,702

 

115,189

 

162,743

Income tax expense

27,706

 

25,534

 

29,022

 

26,862

 

37,781

Net income

$       81,698

 

$       81,944

 

$       81,680

 

$       88,327

 

$     124,962

                   

Diluted earnings per common share

$          1.17

 

$          1.18

 

$          1.17

 

$          1.27

 

$          1.79

 

 

(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

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

Assets

                 

Cash and due from banks

$     257,316

 

$     307,813

 

$     239,028

 

$     259,729

 

$     224,159

Federal funds sold and interest-bearing deposits in banks

3,541,144

 

3,756,844

 

3,513,412

 

3,044,795

 

2,534,969

Time deposits in other banks

 

 

 

 

249

Investment securities available-for-sale, at fair value

579,204

 

592,621

 

684,504

 

778,167

 

859,652

Investment securities held-to-maturity, at amortized cost

91,454

 

79,850

 

64,451

 

29,055

 

Other investments

49,395

 

47,552

 

27,619

 

27,621

 

27,620

Loans held for sale

901,550

 

1,254,632

 

1,435,805

 

1,210,589

 

1,509,528

                   

Loans, net of unearned income

16,143,801

 

15,874,258

 

14,824,539

 

14,780,791

 

14,599,805

Allowance for credit losses

(161,251)

 

(167,582)

 

(171,213)

 

(175,070)

 

(178,570)

Loans, net

15,982,550

 

15,706,676

 

14,653,326

 

14,605,721

 

14,421,235

                   

Other real estate owned

1,910

 

3,810

 

4,594

 

5,775

 

8,841

Premises and equipment, net

224,293

 

225,400

 

226,430

 

229,994

 

231,550

Goodwill

1,022,345

 

1,012,620

 

928,005

 

928,005

 

928,005

Other intangible assets, net

120,757

 

125,938

 

60,396

 

63,783

 

67,848

Cash value of bank owned life insurance

332,914

 

331,146

 

279,389

 

277,839

 

176,575

Other assets

455,460

 

413,419

 

416,182

 

425,858

 

436,896

Total assets

$ 23,560,292

 

$ 23,858,321

 

$ 22,533,141

 

$ 21,886,931

 

$ 21,427,127

                   

Liabilities

                 

Deposits

                 

Noninterest-bearing

$  7,870,207

 

$  7,774,823

 

$  7,616,728

 

$  6,983,761

 

$  6,804,776

Interest-bearing

11,718,234

 

11,890,730

 

11,216,761

 

11,274,236

 

11,071,097

Total deposits

19,588,441

 

19,665,553

 

18,833,489

 

18,257,997

 

17,875,873

Federal funds purchased and securities sold under agreements to repurchase

2,065

 

5,845

 

4,502

 

5,544

 

9,320

Other borrowings

425,520

 

739,879

 

425,375

 

425,303

 

425,231

Subordinated deferrable interest debentures

126,827

 

126,328

 

125,830

 

125,331

 

124,833

Other liabilities

410,280

 

354,265

 

243,175

 

235,752

 

234,274

Total liabilities

20,553,133

 

20,891,870

 

19,632,371

 

19,049,927

 

18,669,531

                   

Shareholders' Equity

                 

Preferred stock

 

 

 

 

Common stock

72,212

 

72,017

 

72,016

 

72,008

 

71,954

Capital stock

1,928,702

 

1,924,813

 

1,922,964

 

1,920,566

 

1,917,990

Retained earnings

1,077,725

 

1,006,436

 

934,979

 

863,828

 

785,984

Accumulated other comprehensive income (loss), net of tax

(1,841)

 

15,590

 

21,885

 

25,024

 

26,090

Treasury stock

(69,639)

 

(52,405)

 

(51,074)

 

(44,422)

 

(44,422)

Total shareholders' equity

3,007,159

 

2,966,451

 

2,900,770

 

2,837,004

 

2,757,596

Total liabilities and shareholders' equity

$ 23,560,292

 

$ 23,858,321

 

$ 22,533,141

 

$ 21,886,931

 

$ 21,427,127

                   

Other Data

                 

Earning assets

$ 21,306,548

 

$ 21,605,757

 

$ 20,550,330

 

$ 19,871,018

 

$ 19,531,823

Intangible assets

1,143,102

 

1,138,558

 

988,401

 

991,788

 

995,853

Interest-bearing liabilities

12,272,646

 

12,762,782

 

11,772,468

 

11,830,414

 

11,630,481

Average assets

23,275,654

 

23,054,847

 

22,087,642

 

21,538,894

 

20,734,414

Average common shareholders' equity

2,994,652

 

2,939,507

 

2,874,691

 

2,798,269

 

2,695,005

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Asset Quality Information

Table 4

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

Allowance for Credit Losses

                 

Balance at beginning of period

$  200,981

 

$  188,234

 

$  197,782

 

$  200,241

 

$  233,105

                   

Acquired allowance for purchased credit deteriorated loans

 

9,432

 

 

 

                   

Provision for loan losses

(2,734)

 

(13,619)

 

(3,984)

 

(899)

 

(16,579)

Provision for unfunded commitments

9,009

 

16,388

 

(5,516)

 

1,299

 

(11,839)

Provision for other credit losses

(44)

 

(10)

 

(175)

 

(258)

 

(173)

Provision for credit losses

6,231

 

2,759

 

(9,675)

 

142

 

(28,591)

                   

Charge-offs

8,579

 

3,367

 

3,537

 

7,138

 

7,574

Recoveries

4,982

 

3,923

 

3,664

 

4,537

 

3,301

Net charge-offs

3,597

 

(556)

 

(127)

 

2,601

 

4,273

                   

Ending balance

$  203,615

 

$  200,981

 

$  188,234

 

$  197,782

 

$  200,241

                   

Allowance for loan losses

$  161,251

 

$  167,582

 

$  171,213

 

$  175,070

 

$  178,570

Allowance for unfunded commitments

42,194

 

33,185

 

16,797

 

22,313

 

21,014

Allowance for other credit losses

170

 

214

 

224

 

399

 

657

Total allowance for credit losses

$  203,615

 

$  200,981

 

$  188,234

 

$  197,782

 

$  200,241

                   

Net  Charge-off Information

                 

Charge-offs

                 

Commercial, financial and agricultural

$     4,414

 

$     1,003

 

$        858

 

$     3,529

 

$      2,370

Consumer installment

1,425

 

1,484

 

1,647

 

1,669

 

1,448

Indirect automobile

88

 

40

 

178

 

141

 

829

Premium Finance

1,369

 

526

 

605

 

1,194

 

1,343

Real estate - construction and development

 

21

 

 

186

 

26

Real estate - commercial and farmland

1,283

 

220

 

210

 

27

 

1,395

Real estate - residential

 

73

 

39

 

392

 

163

Total charge-offs

8,579

 

3,367

 

3,537

 

7,138

 

7,574

                   

Recoveries

                 

Commercial, financial and agricultural

2,896

 

2,389

 

1,986

 

625

 

727

Consumer installment

158

 

172

 

199

 

212

 

356

Indirect automobile

275

 

329

 

278

 

372

 

700

Premium Finance

1,247

 

633

 

649

 

2,466

 

1,122

Real estate - construction and development

218

 

210

 

45

 

84

 

167

Real estate - commercial and farmland

37

 

81

 

266

 

185

 

41

Real estate - residential

151

 

109

 

241

 

593

 

188

Total recoveries

4,982

 

3,923

 

3,664

 

4,537

 

3,301

                   

Net charge-offs

$     3,597

 

$       (556)

 

$       (127)

 

$     2,601

 

$      4,273

                   

Non-Performing Assets

                 

Nonaccrual loans

$  102,597

 

$    85,266

 

$    58,932

 

$    59,921

 

$    71,189

Other real estate owned

1,910

 

3,810

 

4,594

 

5,775

 

8,841

Repossessed assets

139

 

84

 

152

 

226

 

840

Accruing loans delinquent 90 days or more

6,584

 

12,711

 

7,472

 

4,874

 

5,097

Total non-performing assets

$  111,230

 

$  101,871

 

$    71,150

 

$    70,796

 

$    85,967

                   

Asset Quality Ratios

                 

Non-performing assets as a percent of total assets

0.47%

 

0.43%

 

0.32%

 

0.32%

 

0.40%

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

0.09%

 

(0.01)%

 

—%

 

0.07%

 

0.12 %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Loan Information

Table 5

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

Loans by Type

                 

Commercial, financial and agricultural

$  1,836,663

 

$  1,875,993

 

$  1,217,575

 

$  1,406,421

 

$  1,611,029

Consumer installment

173,642

 

191,298

 

207,111

 

229,411

 

257,097

Indirect automobile

214,120

 

265,779

 

325,057

 

397,373

 

482,637

Mortgage warehouse

732,375

 

787,837

 

768,577

 

841,347

 

880,216

Municipal

547,926

 

572,701

 

624,430

 

647,578

 

659,228

Premium Finance

819,163

 

798,409

 

840,737

 

780,328

 

706,379

Real estate - construction and development

1,577,215

 

1,452,339

 

1,454,824

 

1,527,883

 

1,533,234

Real estate - commercial and farmland

6,924,475

 

6,834,917

 

6,409,704

 

6,051,472

 

5,616,826

Real estate - residential

3,318,222

 

3,094,985

 

2,976,524

 

2,898,978

 

2,853,159

Total loans

$ 16,143,801

 

$ 15,874,258

 

$ 14,824,539

 

$ 14,780,791

 

$ 14,599,805

                   

Troubled Debt Restructurings

                 

Accruing troubled debt restructurings

                 

Commercial, financial and agricultural

$           868

 

$        1,286

 

$         1,683

 

$        1,038

 

$           930

Consumer installment

13

 

16

 

22

 

28

 

27

Indirect automobile

893

 

1,037

 

1,284

 

1,647

 

1,931

Premium Finance

162

 

 

 

 

Real estate - construction and development

725

 

789

 

887

 

898

 

501

Real estate - commercial and farmland

17,161

 

35,575

 

43,895

 

46,025

 

43,398

Real estate - residential

24,664

 

26,879

 

29,521

 

31,570

 

33,324

Total accruing troubled debt restructurings

$       44,486

 

$       65,582

 

$       77,292

 

$       81,206

 

$       80,111

Nonaccrual troubled debt restructurings

                 

Commercial, financial and agricultural

$             72

 

$             83

 

$           112

 

$           805

 

$           854

Consumer installment

31

 

35

 

38

 

43

 

53

Indirect automobile

221

 

273

 

297

 

301

 

321

Real estate - construction and development

11

 

13

 

271

 

301

 

706

Real estate - commercial and farmland

788

 

5,924

 

6,715

 

7,103

 

2,233

Real estate - residential

4,341

 

4,678

 

2,687

 

2,515

 

2,818

Total nonaccrual troubled debt restructurings

$        5,464

 

$       11,006

 

$       10,120

 

$       11,068

 

$         6,985

   Total troubled debt restructurings

$       49,950

 

$       76,588

 

$       87,412

 

$       92,274

 

$       87,096

                   

Loans by Risk Grade

                 

Grades 1 through 5 - Pass

$ 15,899,956

 

$ 15,614,323

 

$ 14,562,058

 

$ 14,477,905

 

$ 14,204,219

Grade 6 - Other assets especially mentioned

51,670

 

78,957

 

87,757

 

100,750

 

135,213

Grade 7 - Substandard

192,175

 

180,978

 

174,724

 

202,134

 

260,369

Grade 8 - Doubtful

 

 

 

 

Grade 9 - Loss

 

 

 

2

 

4

Total loans

$ 16,143,801

 

$ 15,874,258

 

$ 14,824,539

 

$ 14,780,791

 

$ 14,599,805

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Average Balances

Table 6

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

Earning Assets

                 

Federal funds sold

$       20,000

 

$       20,000

 

$       20,000

 

$       20,000

 

$       20,000

Interest-bearing deposits in banks

3,393,238

 

3,719,878

 

3,082,413

 

2,461,092

 

2,145,403

Time deposits in other banks

 

 

 

244

 

249

Investment securities - taxable

623,498

 

698,915

 

757,278

 

811,234

 

910,834

Investment securities - nontaxable

29,605

 

22,639

 

19,053

 

18,225

 

19,225

Other investments

47,872

 

31,312

 

27,622

 

27,620

 

27,516

Loans held for sale

1,097,098

 

1,365,886

 

1,497,320

 

1,705,167

 

1,284,821

Loans

15,821,397

 

15,119,752

 

14,685,878

 

14,549,104

 

14,453,975

Total Earning Assets

$ 21,032,708

 

$ 20,978,382

 

$ 20,089,564

 

$ 19,592,686

 

$ 18,862,023

                   

Deposits

                 

Noninterest-bearing deposits

$  7,658,451

 

$  7,600,284

 

$  7,168,717

 

$  6,874,471

 

$  6,412,268

NOW accounts

3,684,772

 

3,651,595

 

3,447,909

 

3,314,334

 

3,182,245

MMDA

5,240,922

 

5,209,653

 

4,966,492

 

4,872,500

 

4,761,279

Savings accounts

973,724

 

928,954

 

908,189

 

876,887

 

823,039

Retail CDs

1,774,016

 

1,827,852

 

1,919,184

 

2,005,265

 

2,066,410

Brokered CDs

 

 

511

 

1,000

 

1,000

Total Deposits

19,331,885

 

19,218,338

 

18,411,002

 

17,944,457

 

17,246,241

Non-Deposit Funding

                 

Federal funds purchased and securities sold under agreements to repurchase

4,020

 

5,559

 

5,133

 

6,883

 

9,284

FHLB advances

48,786

 

48,828

 

48,866

 

48,910

 

48,951

Other borrowings

443,657

 

468,058

 

376,489

 

376,376

 

376,260

Subordinated deferrable interest debentures

126,563

 

126,067

 

125,567

 

125,068

 

124,574

Total Non-Deposit Funding

623,026

 

648,512

 

556,055

 

557,237

 

559,069

Total Funding

$ 19,954,911

 

$ 19,866,850

 

$ 18,967,057

 

$ 18,501,694

 

$ 17,805,310

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Interest Income and Interest Expense (TE)

Table 7

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

Interest Income

                 

Federal funds sold

$            10

 

$               9

 

$               9

 

$             12

 

$             12

Interest-bearing deposits in banks

1,373

 

1,521

 

1,244

 

594

 

521

Time deposits in other banks

 

 

 

1

 

1

Investment securities - taxable

4,239

 

5,866

 

5,296

 

5,244

 

6,118

Investment securities - nontaxable (TE)

235

 

198

 

176

 

176

 

178

Loans held for sale

8,132

 

9,433

 

10,618

 

11,773

 

10,827

Loans (TE)

170,398

 

162,415

 

156,861

 

157,112

 

161,473

Total Earning Assets

$    184,387

 

$     179,442

 

$     174,204

 

$     174,912

 

$     179,130

                   

Accretion income (included above)

$        1,006

 

$        2,812

 

$         2,948

 

$        4,462

 

$         6,127

                   

Interest Expense

                 

Interest-Bearing Deposits

                 

NOW accounts

$          824

 

$           864

 

$           808

 

$           816

 

$           926

MMDA

1,643

 

1,971

 

1,970

 

1,908

 

1,998

Savings accounts

133

 

128

 

129

 

122

 

124

Retail CDs

1,492

 

1,715

 

2,195

 

2,921

 

3,744

Brokered CDs

 

 

4

 

8

 

6

Total Interest-Bearing Deposits

4,092

 

4,678

 

5,106

 

5,775

 

6,798

Non-Deposit Funding

                 

Federal funds purchased and securities sold under agreements to repurchase

3

 

4

 

4

 

5

 

7

FHLB advances

190

 

195

 

195

 

193

 

192

Other borrowings

5,164

 

5,317

 

4,640

 

4,683

 

4,638

Subordinated deferrable interest debentures

1,381

 

1,334

 

1,440

 

1,243

 

1,338

Total Non-Deposit Funding

6,738

 

6,850

 

6,279

 

6,124

 

6,175

Total Interest-Bearing Funding

$      10,830

 

$       11,528

 

$       11,385

 

$       11,899

 

$       12,973

                   

Net Interest Income (TE)

$    173,557

 

$     167,914

 

$     162,819

 

$     163,013

 

$     166,157

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

                   

Yields(1)

Table 8

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

 

2022

 

2021

 

2021

 

2021

 

2021

Earning Assets

                 

Federal funds sold

0.20%

 

0.18%

 

0.18%

 

0.24%

 

0.24%

Interest-bearing deposits in banks

0.16%

 

0.16%

 

0.16%

 

0.10%

 

0.10%

Time deposits in other banks

—%

 

—%

 

—%

 

1.64%

 

1.63%

Investment securities - taxable

2.76%

 

3.33%

 

2.77%

 

2.59%

 

2.72%

Investment securities - nontaxable (TE)

3.22%

 

3.47%

 

3.66%

 

3.87%

 

3.75%

Loans held for sale

3.01%

 

2.74%

 

2.81%

 

2.77%

 

3.42%

Loans (TE)

4.37%

 

4.26%

 

4.24%

 

4.33%

 

4.53%

Total Earning Assets

3.56%

 

3.39%

 

3.44%

 

3.58%

 

3.85%

                   

Interest-Bearing Deposits

                 

NOW accounts

0.09%

 

0.09%

 

0.09%

 

0.10%

 

0.12%

MMDA

0.13%

 

0.15%

 

0.16%

 

0.16%

 

0.17%

Savings accounts

0.06%

 

0.05%

 

0.06%

 

0.06%

 

0.06%

Retail CDs

0.34%

 

0.37%

 

0.45%

 

0.58%

 

0.73%

Brokered CDs

—%

 

—%

 

3.11%

 

3.21%

 

2.43%

Total Interest-Bearing Deposits

0.14%

 

0.16%

 

0.18%

 

0.21%

 

0.25%

Non-Deposit Funding

                 

Federal funds purchased and securities sold under agreements to repurchase

0.30%

 

0.29%

 

0.31%

 

0.29%

 

0.31%

FHLB advances

1.58%

 

1.58%

 

1.58%

 

1.58%

 

1.59%

Other borrowings

4.72%

 

4.51%

 

4.89%

 

4.99%

 

5.00%

Subordinated deferrable interest debentures

4.43%

 

4.20%

 

4.55%

 

3.99%

 

4.36%

Total Non-Deposit Funding

4.39%

 

4.19%

 

4.48%

 

4.41%

 

4.48%

Total Interest-Bearing Liabilities

0.36%

 

0.37%

 

0.38%

 

0.41%

 

0.46%

                   

Net Interest Spread

3.20%

 

3.02%

 

3.06%

 

3.17%

 

3.39%

                   

Net Interest Margin(2)

3.35%

 

3.18%

 

3.22%

 

3.34%

 

3.57%

                   

Total Cost of Funds(3)

0.22%

 

0.23%

 

0.24%

 

0.26%

 

0.30%

 

 

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

(2) Rate calculated based on average earning assets.

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

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

                   

Non-GAAP Reconciliations

                 
                   

Adjusted Net Income

Table 9A

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands except per share data)

2022

 

2021

 

2021

 

2021

 

2021

Net income available to common shareholders

$     81,698

 

$     81,944

 

$     81,680

 

$    88,327

 

$   124,962

                   

Adjustment items:

                 

Merger and conversion charges

977

 

4,023

 

183

 

 

Servicing right impairment (recovery)

(9,654)

 

(4,540)

 

1,398

 

(749)

 

(10,639)

Gain on BOLI proceeds

 

 

 

 

(603)

(Gain) loss on bank premises

(6)

 

(126)

 

1,136

 

(236)

 

(264)

Tax effect of adjustment items (Note 1)

2,024

 

243

 

(536)

 

206

 

2,290

After tax adjustment items

(6,659)

 

(400)

 

2,181

 

(779)

 

(9,216)

Adjusted net income

$     75,039

 

$     81,544

 

$     83,861

 

$    87,548

 

$   115,746

                   

Weighted average number of shares - diluted

69,660,990

 

69,738,426

 

69,756,135

 

69,791,670

 

69,740,860

Net income per diluted share

$        1.17

 

$        1.18

 

$        1.17

 

$        1.27

 

$        1.79

Adjusted net income per diluted share

$        1.08

 

$        1.17

 

$        1.20

 

$        1.25

 

$        1.66

                   

Average assets

$ 23,275.654

 

$ 23,054.847

 

$ 22,087.642

 

$ 21,538,894

 

$ 20,734,414

Return on average assets

1.42%

 

1.41%

 

1.47%

 

1.64%

 

2.44%

Adjusted return on average assets

1.31%

 

1.40%

 

1.51%

 

1.63%

 

2.26%

                   

Average common equity

$ 2,994.652

 

$ 2,939.507

 

$ 2,874.691

 

$ 2,798,269

 

$ 2,695,005

Average tangible common equity

$ 1,857,713

 

$ 1,916,783

 

$ 1,884,622

 

$ 1,804,324

 

$ 1,696,946

Return on average common equity

11.06%

 

11.06%

 

11.27%

 

12.66%

 

18.80%

Adjusted return on average tangible common equity

16.38%

 

16.88%

 

17.65%

 

19.46%

 

27.66%

 

                   

Note 1:  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 1Q22, 4Q21 and 3Q21 are nondeductible for tax purposes.

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations (continued)

 

Adjusted Efficiency Ratio (TE)

Table 9B

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

Adjusted Noninterest Expense

                 

Total noninterest expense

$  143,820

 

$  138,369

 

$  137,196

 

$  135,761

 

$  148,798

Adjustment items:

                 

Merger and conversion charges

(977)

 

(4,023)

 

(183)

 

 

Gain (loss) on bank premises

6

 

126

 

(1,136)

 

236

 

264

Adjusted noninterest expense

$  142,849

 

$  134,472

 

$  135,877

 

$  135,997

 

$  149,062

                   

Total Revenue

                 

Net interest income

$  172,544

 

$  166,837

 

$  161,661

 

$  161,852

 

$  164,977

Noninterest income

86,911

 

81,769

 

76,562

 

89,240

 

117,973

Total revenue

$  259,455

 

$  248,606

 

$  238,223

 

$  251,092

 

$  282,950

                   

Adjusted Total Revenue

                 

Net interest income (TE)

$  173,557

 

$  167,914

 

$  162,819

 

$  163,013

 

$  166,157

Noninterest income

86,911

 

81,769

 

76,562

 

89,240

 

117,973

Total revenue (TE)

260,468

 

249,683

 

239,381

 

252,253

 

284,130

Adjustment items:

                 

(Gain) loss on securities

27

 

4

 

(530)

 

(1)

 

12

Gain on BOLI proceeds

 

 

 

 

(603)

Servicing right impairment (recovery)

(9,654)

 

(4,540)

 

1,398

 

(749)

 

(10,639)

Adjusted total revenue (TE)

$  250,841

 

$  245,147

 

$  240,249

 

$  251,503

 

$  272,900

                   

Efficiency ratio

55.43%

 

55.66%

 

57.59%

 

54.07%

 

52.59%

Adjusted efficiency ratio (TE)

56.95%

 

54.85%

 

56.56%

 

54.07%

 

54.62%

                   

Tangible Book Value Per Share

Table 9C

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands except per share data)

2022

 

2021

 

2021

 

2021

 

2021

Total shareholders' equity

$ 3,007,159

 

$ 2,966,451

 

$ 2,900,770

 

$ 2,837,004

 

$ 2,757,596

Less:

                 

Goodwill

1,022,345

 

1,012,620

 

928,005

 

928,005

 

928,005

Other intangibles, net

120,757

 

125,938

 

60,396

 

63,783

 

67,848

Total tangible shareholders' equity

$ 1,864,057

 

$ 1,827,893

 

$ 1,912,369

 

$ 1,845,216

 

$ 1,761,743

                   

Period end number of shares

69,439,084

 

69,609,228

 

69,635,435

 

69,767,209

 

69,713,426

Book value per share (period end)

$     43.31

 

$     42.62

 

$      41.66

 

$     40.66

 

$     39.56

Tangible book value per share (period end)

$     26.84

 

$     26.26

 

$      27.46

 

$     26.45

 

$     25.27

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Segment Reporting

Table 10

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

Banking Division

                 

Net interest income

$  133,745

 

$  120,572

 

$  113,524

 

$  110,670

 

$  112,816

Provision for credit losses

5,226

 

4,565

 

(9,578)

 

(3,949)

 

(23,904)

Noninterest income

21,364

 

18,859

 

17,896

 

16,171

 

16,738

Noninterest expense

                 

Salaries and employee benefits

49,195

 

36,522

 

40,020

 

37,814

 

42,723

Occupancy and equipment expenses

11,074

 

11,699

 

10,196

 

9,050

 

10,120

Data processing and telecommunications expenses

11,230

 

10,162

 

9,159

 

10,280

 

10,201

Other noninterest expenses

20,045

 

24,048

 

21,723

 

18,763

 

19,710

Total noninterest expense

91,544

 

82,431

 

81,098

 

75,907

 

82,754

Income before income tax expense

58,339

 

52,435

 

59,900

 

54,883

 

70,704

Income tax expense

16,996

 

14,010

 

17,784

 

14,196

 

18,456

Net income

$    41,343

 

$    38,425

 

$    42,116

 

$    40,687

 

$    52,248

                   

Retail Mortgage Division

                 

Net interest income

$    19,295

 

$    19,912

 

$    21,289

 

$    22,533

 

$    18,984

Provision for credit losses

1,587

 

175

 

1,678

 

5,647

 

(4,553)

Noninterest income

61,649

 

59,650

 

55,555

 

69,055

 

97,640

Noninterest expense

                 

Salaries and employee benefits

31,614

 

36,787

 

36,373

 

44,798

 

49,838

Occupancy and equipment expenses

1,471

 

1,587

 

1,590

 

1,553

 

1,476

Data processing and telecommunications expenses

1,172

 

1,213

 

1,357

 

1,435

 

1,546

Other noninterest expenses

12,645

 

10,793

 

11,675

 

7,638

 

8,189

Total noninterest expense

46,902

 

50,380

 

50,995

 

55,424

 

61,049

Income before income tax expense

32,455

 

29,007

 

24,171

 

30,517

 

60,128

Income tax expense

6,815

 

6,092

 

5,076

 

6,408

 

12,627

Net income

$    25,640

 

$    22,915

 

$    19,095

 

$    24,109

 

$    47,501

                   

Warehouse Lending Division

                 

Net interest income

$      6,447

 

$      8,063

 

$      8,712

 

$      8,720

 

$      9,906

Provision for credit losses

(222)

 

77

 

(291)

 

(155)

 

(145)

Noninterest income

1,401

 

1,253

 

1,037

 

1,333

 

980

Noninterest expense

                 

Salaries and employee benefits

283

 

258

 

264

 

278

 

330

Occupancy and equipment expenses

1

 

1

 

 

1

 

1

Data processing and telecommunications expenses

47

 

56

 

59

 

68

 

49

Other noninterest expenses

218

 

227

 

200

 

30

 

33

Total noninterest expense

549

 

542

 

523

 

377

 

413

Income before income tax expense

7,521

 

8,697

 

9,517

 

9,831

 

10,618

Income tax expense

1,579

 

1,827

 

1,999

 

2,064

 

2,230

Net income

$      5,942

 

$      6,870

 

$      7,518

 

$      7,767

 

$      8,388

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

                   

Segment Reporting (continued)

Table 10

 

Three Months Ended

 

Mar

 

Dec

 

Sep

 

Jun

 

Mar

(dollars in thousands)

2022

 

2021

 

2021

 

2021

 

2021

SBA Division

                 

Net interest income

$      6,011

 

$    11,319

 

$    10,699

 

$    12,882

 

$    16,635

Provision for credit losses

(143)

 

(663)

 

(1,104)

 

(607)

 

(547)

Noninterest income

2,491

 

2,002

 

2,070

 

2,677

 

2,611

Noninterest expense

                 

Salaries and employee benefits

1,271

 

1,217

 

1,320

 

937

 

1,382

Occupancy and equipment expenses

99

 

121

 

116

 

132

 

106

Data processing and telecommunications expenses

28

 

28

 

18

 

 

1

Other noninterest expenses

380

 

645

 

370

 

284

 

295

Total noninterest expense

1,778

 

2,011

 

1,824

 

1,353

 

1,784

Income before income tax expense

6,867

 

11,973

 

12,049

 

14,813

 

18,009

Income tax expense

1,442

 

2,514

 

2,530

 

3,111

 

3,782

Net income

$      5,425

 

$      9,459

 

$      9,519

 

$    11,702

 

$    14,227

                   

Premium Finance Division

                 

Net interest income

$      7,046

 

$      6,971

 

$      7,437

 

$      7,047

 

$      6,636

Provision for credit losses

(217)

 

(1,395)

 

(380)

 

(794)

 

558

Noninterest income

6

 

5

 

4

 

4

 

4

Noninterest expense

                 

Salaries and employee benefits

1,918

 

1,831

 

1,694

 

1,678

 

1,712

Occupancy and equipment expenses

82

 

86

 

77

 

76

 

78

Data processing and telecommunications expenses

95

 

75

 

88

 

94

 

87

Other noninterest expenses

952

 

1,013

 

897

 

852

 

921

Total noninterest expense

3,047

 

3,005

 

2,756

 

2,700

 

2,798

Income before income tax expense

4,222

 

5,366

 

5,065

 

5,145

 

3,284

Income tax expense

874

 

1,091

 

1,633

 

1,083

 

686

Net income

$      3,348

 

$      4,275

 

$      3,432

 

$      4,062

 

$      2,598

                   

Total Consolidated

                 

Net interest income

$  172,544

 

$  166,837

 

$  161,661

 

$  161,852

 

$  164,977

Provision for credit losses

6,231

 

2,759

 

(9,675)

 

142

 

(28,591)

Noninterest income

86,911

 

81,769

 

76,562

 

89,240

 

117,973

Noninterest expense

                 

Salaries and employee benefits

84,281

 

76,615

 

79,671

 

85,505

 

95,985

Occupancy and equipment expenses

12,727

 

13,494

 

11,979

 

10,812

 

11,781

Data processing and telecommunications expenses

12,572

 

11,534

 

10,681

 

11,877

 

11,884

Other noninterest expenses

34,240

 

36,726

 

34,865

 

27,567

 

29,148

Total noninterest expense

143,820

 

138,369

 

137,196

 

135,761

 

148,798

Income before income tax expense

109,404

 

107,478

 

110,702

 

115,189

 

162,743

Income tax expense

27,706

 

25,534

 

29,022

 

26,862

 

37,781

Net income

$    81,698

 

$    81,944

 

$    81,680

 

$    88,327

 

$  124,962

 

 

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SOURCE Ameris Bancorp

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