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AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2022

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

  • Net income of $90.1 million, or $1.30 per diluted share
  • Growth in tangible book value of $1.05 per share, or 15.7% annualized, to $27.89 at June 30, 2022
  • Adjusted total revenue grew $14.2 million, or 5.7%, when compared to last quarter
  • Improvement in net interest margin of 31bps, from 3.35% last quarter to 3.66% this quarter
  • Adjusted return on average assets of 1.40%
  • Adjusted return on average tangible common equity of 17.18%
  • Adjusted efficiency ratio of 53.66%, compared with 56.95% last quarter
  • Organic growth in loans of $1.4 billion, or 35.1% annualized
  • Continued growth in noninterest bearing deposits, representing 41.98% of total deposits, from 40.18% at March 31, 2022 and 38.25% a year ago

ATLANTA, July 26, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $90.1 million, or $1.30 per diluted share, for the quarter ended June 30, 2022, compared with $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021. The Company reported adjusted net income of $81.5 million, or $1.18 per diluted share, for the quarter ended June 30, 2022, compared with $87.5 million, or $1.25 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.

For the year-to-date period ending June 30, 2022, the Company reported net income of $171.8 million, or $2.47 per diluted share, compared with $213.3 million, or $3.06 per diluted share, for the same period in 2021.  The Company reported adjusted net income of $156.5 million, or $2.25 per diluted share, for the six months ended June 30, 2022, compared with $203.3 million, or $2.91 per diluted share, for the same period in 2021.  Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our strong second quarter financial results are attributable to our solid banking fundamentals. We grew revenue, improved our margin, expanded our earning asset base and grew tangible book value by $1.05 per share this quarter.   We are well positioned for future interest rate hikes, and we continue to monitor our loan growth and credit metrics very closely. Southeastern markets where we operate continue to provide opportunities for responsible growth.  We remain focused on our core fundamentals going into the third quarter."

Increase in Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) increased to $192.3 million in the second quarter of 2022, an increase of $18.8 million, or 10.8%, from last quarter and an increase of $29.3 million, or 18.0%, compared to the second quarter of 2021.  Interest income on a tax-equivalent basis increased by $19.2 million, or 10.4%, in the current quarter while interest expense increased only $374,000, or 3.5%, compared to the first quarter of 2022.  

The Company's net interest margin improved significantly to 3.66% for the second quarter of 2022, up from 3.35% reported for the first quarter of 2022 and 3.34% reported for the second quarter of 2021.  While average earning assets remained consistent at $21.1 billion from the previous quarter, the mix of earning assets expanded the margin as the Company began to deploy excess liquidity through the investment portfolio and organic loan growth. 

Yields on earning assets increased 32 basis points during the quarter to 3.88%, compared with 3.56% in the first quarter of 2022, and increased 30 basis points from 3.58% in the second quarter of 2021.  Yields on loans decreased to 4.32% during the second quarter of 2022, compared with 4.37% for the first quarter of 2022 and 4.33% for the second quarter of 2021. Loan yields in the second quarter of 2022 were negatively impacted approximately four basis points by declines in fee income on Paycheck Protection Program ("PPP") loans compared with the first quarter of 2022. In addition, the Company incurred net accretion expense in the second quarter of $379,000, compared with accretion income of $1.0 million in the first quarter of 2022 and $4.5 million for the second quarter of 2021.

Loan production in the banking division during the second quarter of 2022 was $1.07 billion, with weighted average yields of 5.24%, compared with $805.5 million and 5.17%, respectively, in the first quarter of 2022 and $911.3 million and 3.75%, respectively, in the second quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.3 billion during the second quarter of 2022, with weighted average yields of 4.29%, compared with $4.7 billion and 3.63%, respectively, during the first quarter of 2022 and $6.4 billion and 3.36%, respectively, during the second quarter of 2021.   

The Company's total cost of funds was unchanged at 0.22% in the second quarter of 2022 as compared with the first quarter of 2022.  Deposit costs increased just one basis point during the second quarter of 2022 to 0.10%, compared with 0.09% in the first quarter of 2022.  Costs of interest-bearing deposits increased during the quarter from 0.14% in the first quarter of 2022 to 0.17% in the second quarter of 2022.

Noninterest Income
Noninterest income decreased $3.1 million, or 3.5%, in the second quarter of 2022 to $83.8 million, compared with $86.9 million for the first quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $4.2 million, or 6.6%, to $58.8 million in the second quarter of 2022, compared with $62.9 million for the first quarter of 2022.  Gain on sale spreads decreased to 2.36% in the second quarter of 2022 from 2.94% for the first quarter of 2022. Total production in the retail mortgage division increased to $1.73 billion in the second quarter of 2022, compared with $1.53 billion for the first quarter of 2022. The retail mortgage open pipeline was $832.3 million at the end of the second quarter of 2022, compared with $1.41 billion at March 31, 2022.  Mortgage banking activity included a $10.8 million recovery of servicing right impairment recorded in the second quarter of 2022, compared with a recovery of $9.7 million for the first quarter of 2022. 

Other noninterest income increased $683,000, or 5.7%, in the second quarter of 2022 to $12.7 million, compared with $12.0 million for the first quarter of 2022, primarily as a result of a $1.6 million impact from the recently acquired Balboa Capital. Also contributing to the increase were increases in swap income of $326,000 and BOLI income of $179,000, partially offset by a decrease in gains on sale of SBA loans of $1.2 million.

Noninterest Expense
Noninterest expense decreased $1.6 million, or 1.1%, to $142.2 million during the second quarter of 2022, compared with $143.8 million for the first quarter of 2022.  During the second quarter of 2022, the Company recorded a net gain of $39,000 related to bank premises, compared with a net gain on bank premises of $6,000 and merger and conversion charges of $977,000 during the first quarter of 2022.  Excluding those charges, adjusted expenses decreased approximately $614,000, or 0.4%, to $142.2 million in the second quarter of 2022, from $142.8 million in the first quarter of 2022.  The decrease in adjusted expenses resulted from cyclical payroll tax and 401(k) expenses in the first quarter of 2022, partially offset by an increase in advertising and marketing expenses. 

Management continues to focus its efforts on improving the operating efficiency of the Company.   The adjusted efficiency ratio decreased to 53.66% in the second quarter of 2022, compared with 56.95% in the first quarter of 2022.

Income Tax Expense
The Company's effective tax rate for the second quarter of 2022 was 23.7%, compared with 25.3% in the first quarter of 2022.  The decreased rate for the second quarter of 2022 was primarily a result of a discrete charge to the Company's state tax liability and nondeductible merger expenses incurred in the first quarter of 2022. 

Balance Sheet Trends
Total assets at June 30, 2022 were $23.69 billion, compared with $23.86 billion at December 31, 2021.  While total assets have not materially changed, the Company improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $459.6 million, or 77.6%, from $592.6 million at December 31, 2021 to $1.05 billion at June 30, 2022.  Loans, net of unearned income, increased $1.69 billion, or 21.4% annualized, to $17.56 billion at June 30, 2022, compared with $15.87 billion at December 31, 2021.  Organic loan growth in the second quarter of 2022 was $1.4 billion, or 35.1% annualized, which included managed growth in residential mortgage loans of $555 million and seasonal increases in mortgage warehouse and agricultural loans of $217 million and $40.5 million, respectively. As a result of the purposeful origination of residential mortgage loans into the portfolio, loans held for sale decreased $699.0 million from $1.25 billion at December 31, 2021 to $555.7 million at June 30, 2022. 

At June 30, 2022, total deposits amounted to $19.68 billion, or 97.3% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021.  At June 30, 2022, noninterest-bearing deposit accounts were $8.26 billion, or 42.0% 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 $13.06 billion at June 30, 2022, compared with $12.52 billion at December 31, 2021.  These funds represented 66.3% of the Company's total deposits at June 30, 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 June 30, 2022 totaled $3.07 billion, an increase of $106.9 million, or 3.6%, from December 31, 2021.  The increase in shareholders' equity was primarily the result of earnings of $171.8 million during the first six months 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 118,157 shares of the Company's common stock at a cost of $5.0 million during the second quarter of 2022.  The Company recorded dilution of $0.16 per share, or less than 0.6%, to tangible book value this quarter from other comprehensive income related to the increase in net unrealized losses on the securities portfolio.  Tangible book value per share was $27.89 at June 30, 2022, compared with $26.26 at December 31, 2021.  Tangible common equity as a percentage of tangible assets was 8.58% at June 30, 2022, compared with 8.05% at the end of 2021.

Credit Quality
Credit quality remains strong in the Company.  During the second quarter of 2022, the Company recorded a provision for credit losses of $14.9 million, compared with a provision of $6.2 million in the first quarter of 2022.  This provision was primarily attributable to the $1.4 billion in organic loan growth during the quarter.  Nonperforming assets as a percentage of total assets increased nine basis points to 0.56% during the quarter.  The net charge-off ratio was four basis points for the second quarter of 2022, compared with nine basis points in the first quarter of 2022 and seven basis points in the second quarter of 2021.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Wednesday, July 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 603616.  A replay of the call will be available one hour after the end of the conference call until August 10, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 568609.  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 164 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


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2022


2022


2021


2021


2021


2022


2021

EARNINGS














Net income

$    90,066


$    81,698


$    81,944


$    81,680


$    88,327


$  171,764


$  213,289

Adjusted net income

$    81,473


$    75,039


$    81,544


$    83,861


$    87,548


$  156,512


$  203,294















COMMON SHARE DATA














Earnings per share available to common
shareholders














Basic

$        1.30


$        1.18


$        1.18


$        1.18


$        1.27


$        2.48


$        3.07

Diluted

$        1.30


$        1.17


$        1.18


$        1.17


$        1.27


$        2.47


$        3.06

Adjusted diluted EPS

$        1.18


$        1.08


$        1.17


$        1.20


$        1.25


$        2.25


$        2.91

Cash dividends per share

$        0.15


$        0.15


$        0.15


$        0.15


$        0.15


$        0.30


$        0.30

Book value per share (period end)

$      44.31


$      43.31


$      42.62


$      41.66


$      40.66


$      44.31


$      40.66

Tangible book value per share (period end)

$      27.89


$      26.84


$      26.26


$      27.46


$      26.45


$      27.89


$      26.45

Weighted average number of shares














Basic

69,136,046


69,345,735


69,398,594


69,439,845


69,496,666


69,246,084


69,447,503

Diluted

69,316,258


69,660,990


69,738,426


69,756,135


69,791,670


69,484,508


69,764,923

Period end number of shares

69,360,461


69,439,084


69,609,228


69,635,435


69,767,209


69,360,461


69,767,209

Market data














High intraday price

$      46.28


$      55.62


$      56.64


$      53.63


$      59.85


$      55.62


$      59.85

Low intraday price

$      39.37


$      43.56


$      46.20


$      44.92


$      47.44


$      39.37


$      36.60

Period end closing price

$      40.18


$      43.88


$      49.68


$      51.88


$      50.63


$      40.18


$      50.63

Average daily volume

446,121


471,858


350,119


392,533


429,233


458,990


444,733















PERFORMANCE RATIOS














Return on average assets

1.54 %


1.42 %


1.41 %


1.47 %


1.64 %


1.48 %


2.03 %

Adjusted return on average assets

1.40 %


1.31 %


1.40 %


1.51 %


1.63 %


1.35 %


1.94 %

Return on average common equity

11.87 %


11.06 %


11.06 %


11.27 %


12.66 %


11.47 %


15.66 %

Adjusted return on average tangible common
equity

17.18 %


16.38 %


16.88 %


17.65 %


19.46 %


16.79 %


23.41 %

Earning asset yield (TE)

3.88 %


3.56 %


3.39 %


3.44 %


3.58 %


3.72 %


3.71 %

Total cost of funds

0.22 %


0.22 %


0.23 %


0.24 %


0.26 %


0.22 %


0.28 %

Net interest margin (TE)

3.66 %


3.35 %


3.18 %


3.22 %


3.34 %


3.51 %


3.45 %

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

29.09 %


32.05 %


31.31 %


30.32 %


33.78 %


30.52 %


36.92 %

Efficiency ratio

51.67 %


55.43 %


55.66 %


57.59 %


54.07 %


53.49 %


53.28 %

Adjusted efficiency ratio (TE)

53.66 %


56.95 %


54.85 %


56.56 %


54.07 %


55.26 %


54.36 %















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.97 %


12.76 %


12.43 %


12.87 %


12.96 %


12.97 %


12.96 %

Tangible common equity to tangible assets

8.58 %


8.32 %


8.05 %


8.88 %


8.83 %


8.58 %


8.83 %















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.58 %


8.32 %


8.05 %


8.88 %


8.83 %


8.58 %


8.83 %

Effect of goodwill and other intangibles

4.39 %


4.44 %


4.38 %


3.99 %


4.13 %


4.39 %


4.13 %

Equity to assets (GAAP)

12.97 %


12.76 %


12.43 %


12.87 %


12.96 %


12.97 %


12.96 %















OTHER DATA (period end)














Full time equivalent employees














Banking Division

2,050


2,033


2,008


1,821


1,817


2,050


1,817

Retail Mortgage Division

712


714


739


749


759


712


759

Warehouse Lending Division

9


10


12


12


12


9


12

SBA Division

36


35


34


29


30


36


30

Premium Finance Division

78


77


72


67


68


78


68

Total Ameris Bancorp FTE headcount

2,885


2,869


2,865


2,678


2,686


2,885


2,686















Assets per Banking Division FTE

$    11,555


$    11,589


$    11,882


$    12,374


$    12,046


$    11,555


$    12,046

Branch locations

164


165


165


165


165


164


165

Deposits per branch location

$  120,030


$  118,718


$  119,185


$  114,142


$  110,655


$  120,030


$  110,655

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2022


2022


2021


2021


2021


2022


2021

Interest income














Interest and fees on loans

$     190,740


$     177,566


$     170,813


$     166,358


$     167,761


$     368,306


$     338,918

Interest on taxable securities

7,064


4,239


5,866


5,296


5,244


11,303


11,362

Interest on nontaxable securities

269


186


156


139


139


455


280

Interest on deposits in other banks

4,463


1,373


1,521


1,244


595


5,836


1,117

Interest on federal funds sold

32


10


9


9


12


42


24

Total interest income

202,568


183,374


178,365


173,046


173,751


385,942


351,701















Interest expense














Interest on deposits

4,908


4,092


4,678


5,106


5,775


9,000


12,573

Interest on other borrowings

6,296


6,738


6,850


6,279


6,124


13,034


12,299

Total interest expense

11,204


10,830


11,528


11,385


11,899


22,034


24,872















Net interest income

191,364


172,544


166,837


161,661


161,852


363,908


326,829















Provision for loan losses

13,227


(2,734)


(13,619)


(3,984)


(899)


10,493


(17,478)

Provision for unfunded commitments

1,779


9,009


16,388


(5,516)


1,299


10,788


(10,540)

Provision for other credit losses

(82)


(44)


(10)


(175)


(258)


(126)


(431)

Provision for credit losses

14,924


6,231


2,759


(9,675)


142


21,155


(28,449)

Net interest income after provision for credit losses

176,440


166,313


164,078


171,336


161,710


342,753


355,278















Noninterest income














Service charges on deposit accounts

11,148


11,058


11,784


11,486


11,007


22,206


21,836

Mortgage banking activity

58,761


62,938


60,723


56,460


70,231


121,699


168,717

Other service charges, commissions and fees

998


939


962


1,154


1,056


1,937


2,072

Gain (loss) on securities

248


(27)


(4)


530


1


221


(11)

Other noninterest income

12,686


12,003


8,304


6,932


6,945


24,689


14,599

Total noninterest income

83,841


86,911


81,769


76,562


89,240


170,752


207,213















Noninterest expense














Salaries and employee benefits

81,545


84,281


76,615


79,671


85,505


165,826


181,490

Occupancy and equipment

12,746


12,727


13,494


11,979


10,812


25,473


22,593

Data processing and communications expenses

12,155


12,572


11,534


10,681


11,877


24,727


23,761

Credit resolution-related expenses(1)

496


(965)


1,992


377


622


(469)


1,169

Advertising and marketing

3,122


1,988


2,381


2,676


1,946


5,110


3,377

Amortization of intangible assets

5,144


5,181


3,387


3,387


4,065


10,325


8,191

Merger and conversion charges


977


4,023


183



977


Other noninterest expenses

26,988


27,059


24,943


28,242


20,934


54,047


43,978

Total noninterest expense

142,196


143,820


138,369


137,196


135,761


286,016


284,559















Income before income tax expense

118,085


109,404


107,478


110,702


115,189


227,489


277,932

Income tax expense

28,019


27,706


25,534


29,022


26,862


55,725


64,643

Net income

$       90,066


$       81,698


$       81,944


$       81,680


$       88,327


$     171,764


$     213,289















Diluted earnings per common share

$          1.30


$          1.17


$          1.18


$          1.17


$          1.27


$          2.47


$          3.06















(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


Jun


Mar


Dec


Sep


Jun

(dollars in thousands)

2022


2022


2021


2021


2021

Assets










Cash and due from banks

$     345,627


$     257,316


$     307,813


$     239,028


$     259,729

Federal funds sold and interest-bearing deposits in banks

1,961,209


3,541,144


3,756,844


3,513,412


3,044,795

Debt securities available-for-sale, at fair value

1,052,268


579,204


592,621


684,504


778,167

Debt securities held-to-maturity, at amortized cost

111,654


91,454


79,850


64,451


29,055

Other investments

49,500


49,395


47,552


27,619


27,621

Loans held for sale

555,665


901,550


1,254,632


1,435,805


1,210,589











Loans, net of unearned income

17,561,022


16,143,801


15,874,258


14,824,539


14,780,791

Allowance for credit losses

(172,642)


(161,251)


(167,582)


(171,213)


(175,070)

Loans, net

17,388,380


15,982,550


15,706,676


14,653,326


14,605,721











Other real estate owned

835


1,910


3,810


4,594


5,775

Premises and equipment, net

224,249


224,293


225,400


226,430


229,994

Goodwill

1,023,056


1,022,345


1,012,620


928,005


928,005

Other intangible assets, net

115,613


120,757


125,938


60,396


63,783

Cash value of bank owned life insurance

384,862


332,914


331,146


279,389


277,839

Other assets

474,552


455,460


413,419


416,182


425,858

Total assets

$ 23,687,470


$ 23,560,292


$ 23,858,321


$ 22,533,141


$ 21,886,931











Liabilities










Deposits










Noninterest-bearing

$  8,262,929


$  7,870,207


$  7,774,823


$  7,616,728


$  6,983,761

Interest-bearing

11,422,053


11,718,234


11,890,730


11,216,761


11,274,236

Total deposits

19,684,982


19,588,441


19,665,553


18,833,489


18,257,997

Federal funds purchased and securities sold under agreements to repurchase

953


2,065


5,845


4,502


5,544

Other borrowings

425,592


425,520


739,879


425,375


425,303

Subordinated deferrable interest debentures

127,325


126,827


126,328


125,830


125,331

Other liabilities

375,242


410,280


354,265


243,175


235,752

Total liabilities

20,614,094


20,553,133


20,891,870


19,632,371


19,049,927











Shareholders' Equity










Preferred stock





Common stock

72,251


72,212


72,017


72,016


72,008

Capital stock

1,931,088


1,928,702


1,924,813


1,922,964


1,920,566

Retained earnings

1,157,359


1,077,725


1,006,436


934,979


863,828

Accumulated other comprehensive income (loss), net of tax

(12,635)


(1,841)


15,590


21,885


25,024

Treasury stock

(74,687)


(69,639)


(52,405)


(51,074)


(44,422)

Total shareholders' equity

3,073,376


3,007,159


2,966,451


2,900,770


2,837,004

Total liabilities and shareholders' equity

$ 23,687,470


$ 23,560,292


$ 23,858,321


$ 22,533,141


$ 21,886,931











Other Data










Earning assets

$ 21,291,318


$ 21,306,548


$ 21,605,757


$ 20,550,330


$ 19,871,018

Intangible assets

1,138,669


1,143,102


1,138,558


988,401


991,788

Interest-bearing liabilities

11,975,923


12,272,646


12,762,782


11,772,468


11,830,414

Average assets

23,405,201


23,275,654


23,054,847


22,087,642


21,538,894

Average common shareholders' equity

3,043,280


2,994,652


2,939,507


2,874,691


2,798,269

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2022


2022


2021


2021


2021


2022


2021

Allowance for Credit Losses














Balance at beginning of period

$  203,615


$  200,981


$  188,234


$  197,782


$  200,241


$  200,981


$  233,105





























Acquired allowance for purchased credit
deteriorated loans



9,432



















Provision for loan losses

13,227


(2,734)


(13,619)


(3,984)


(899)


10,493


(17,478)

Provision for unfunded commitments

1,779


9,009


16,388


(5,516)


1,299


10,788


(10,540)

Provision for other credit losses

(82)


(44)


(10)


(175)


(258)


(126)


(431)

Provision for credit losses

14,924


6,231


2,759


(9,675)


142


21,155


(28,449)















Charge-offs

6,853


8,579


3,367


3,537


7,138


15,432


14,712

Recoveries

5,017


4,982


3,923


3,664


4,537


9,999


7,838

Net charge-offs (recoveries)

1,836


3,597


(556)


(127)


2,601


5,433


6,874















Ending balance

$  216,703


$  203,615


$  200,981


$  188,234


$  197,782


$  216,703


$  197,782















Allowance for loan losses

$  172,642


$  161,251


$  167,582


$  171,213


$  175,070


$  172,642


$  175,070

Allowance for unfunded commitments

43,973


42,194


33,185


16,797


22,313


43,973


22,313

Allowance for other credit losses

88


170


214


224


399


88


399

Total allowance for credit losses

$  216,703


$  203,615


$  200,981


$  188,234


$  197,782


$  216,703


$  197,782















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$     4,391


$     4,414


$      1,003


$        858


$      3,529


$     8,805


$      5,899

Consumer installment

1,137


1,425


1,484


1,647


1,669


2,562


3,117

Indirect automobile

41


88


40


178


141


129


970

Premium Finance

1,066


1,369


526


605


1,194


2,435


2,537

Real estate - construction and development



21



186



212

Real estate - commercial and farmland

81


1,283


220


210


27


1,364


1,422

Real estate - residential

137



73


39


392


137


555

Total charge-offs

6,853


8,579


3,367


3,537


7,138


15,432


14,712















Recoveries














Commercial, financial and agricultural

2,785


2,896


2,389


1,986


625


5,681


1,352

Consumer installment

230


158


172


199


212


388


568

Indirect automobile

265


275


329


278


372


540


1,072

Premium Finance

1,113


1,247


633


649


2,466


2,360


3,588

Real estate - construction and development

355


218


210


45


84


573


251

Real estate - commercial and farmland

44


37


81


266


185


81


226

Real estate - residential

225


151


109


241


593


376


781

Total recoveries

5,017


4,982


3,923


3,664


4,537


9,999


7,838















Net charge-offs (recoveries)

$     1,836


$     3,597


$       (556)


$       (127)


$      2,601


$     5,433


$      6,874















Non-Performing Assets














Nonaccrual loans

$  122,912


$  102,597


$    85,266


$    58,932


$    59,921


$  122,912


$    59,921

Other real estate owned

835


1,910


3,810


4,594


5,775


835


5,775

Repossessed assets

122


139


84


152


226


122


226

Accruing loans delinquent 90 days or more

8,542


6,584


12,648


7,472


4,874


8,542


4,874

Total non-performing assets

$  132,411


$  111,230


$  101,808


$    71,150


$    70,796


$  132,411


$    70,796















Asset Quality Ratios














Non-performing assets as a percent of total assets

0.56 %


0.47 %


0.43 %


0.32 %


0.32 %


0.56 %


0.32 %

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

0.04 %


0.09 %


(0.01) %


— %


0.07 %


0.07 %


0.10 %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Jun


Mar


Dec


Sep


Jun

(dollars in thousands)

2022


2022


2021


2021


2021

Loans by Type










Commercial, financial and agricultural

$  2,022,845


$  1,836,663


$  1,875,993


$  1,217,575


$  1,406,421

Consumer installment

167,237


173,642


191,298


207,111


229,411

Indirect automobile

172,245


214,120


265,779


325,057


397,373

Mortgage warehouse

949,191


732,375


787,837


768,577


841,347

Municipal

529,268


547,926


572,701


624,430


647,578

Premium Finance

942,357


819,163


798,409


840,737


780,328

Real estate - construction and development

1,747,284


1,577,215


1,452,339


1,454,824


1,527,883

Real estate - commercial and farmland

7,156,017


6,924,475


6,834,917


6,409,704


6,051,472

Real estate - residential

3,874,578


3,318,222


3,094,985


2,976,524


2,898,978

Total loans

$ 17,561,022


$ 16,143,801


$ 15,874,258


$ 14,824,539


$ 14,780,791











Troubled Debt Restructurings










Accruing troubled debt restructurings










Commercial, financial and agricultural

$           964


$           868


$         1,286


$        1,683


$         1,038

Consumer installment

9


13


16


22


28

Indirect automobile

759


893


1,037


1,284


1,647

Premium Finance

993


162




Real estate - construction and development

706


725


789


887


898

Real estate - commercial and farmland

8,213


17,161


35,575


43,895


46,025

Real estate - residential

24,456


24,664


26,879


29,521


31,570

Total accruing troubled debt restructurings

$       36,100


$       44,486


$       65,582


$       77,292


$       81,206

Nonaccrual troubled debt restructurings










Commercial, financial and agricultural

$           364


$             72


$             83


$           112


$           805

Consumer installment

14


31


35


38


43

Indirect automobile

122


221


273


297


301

Real estate - construction and development


11


13


271


301

Real estate - commercial and farmland

788


788


5,924


6,715


7,103

Real estate - residential

4,369


4,341


4,678


2,687


2,515

Total nonaccrual troubled debt restructurings

$        5,657


$        5,464


$       11,006


$       10,120


$       11,068

   Total troubled debt restructurings

$      41,757


$      49,950


$       76,588


$       87,412


$       92,274











Loans by Risk Grade










Grades 1 through 5 - Pass

$ 17,296,520


$ 15,899,956


$ 15,614,323


$ 14,562,058


$ 14,477,905

Grade 6 - Other assets especially mentioned

68,444


51,670


78,957


87,757


100,750

Grade 7 - Substandard

196,058


192,175


180,978


174,724


202,134

Grade 8 - Doubtful





Grade 9 - Loss





2

Total loans

$ 17,561,022


$ 16,143,801


$ 15,874,258


$ 14,824,539


$ 14,780,791

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2022


2022


2021


2021


2021


2022


2021

Earning Assets














Federal funds sold

$       17,692


$       20,000


$       20,000


$       20,000


$       20,000


$       18,840


$       20,000

Interest-bearing deposits in banks

2,209,761


3,393,238


3,719,878


3,082,413


2,461,092


2,798,231


2,304,119

Time deposits in other banks





244



246

Debt securities - taxable

932,824


623,498


698,915


757,278


811,234


779,016


860,759

Debt securities - nontaxable

39,236


29,605


22,639


19,053


18,225


34,446


18,722

Other investments

49,550


47,872


31,312


27,622


27,620


48,716


27,568

Loans held for sale

944,964


1,097,098


1,365,886


1,497,320


1,705,167


1,020,611


1,496,155

Loans

16,861,674


15,821,397


15,119,752


14,685,878


14,549,104


16,344,409


14,501,802

Total Earning Assets

$ 21,055,701


$ 21,032,708


$ 20,978,382


$ 20,089,564


$ 19,592,686


$ 21,044,269


$ 19,229,371















Deposits














Noninterest-bearing deposits

$  7,955,765


$  7,658,451


$  7,600,284


$  7,168,717


$  6,874,471


$  7,807,929


$  6,644,646

NOW accounts

3,695,490


3,684,772


3,651,595


3,447,909


3,314,334


3,690,161


3,248,655

MMDA

5,087,199


5,240,922


5,209,653


4,966,492


4,872,500


5,163,636


4,817,197

Savings accounts

1,007,340


973,724


928,954


908,189


876,887


990,625


850,112

Retail CDs

1,693,740


1,774,016


1,827,852


1,919,184


2,005,265


1,733,656


2,035,668

Brokered CDs




511


1,000



1,000

Total Deposits

19,439,534


19,331,885


19,218,338


18,411,002


17,944,457


19,386,007


17,597,278

Non-Deposit Funding














Federal funds purchased and securities sold under
agreements to repurchase

1,854


4,020


5,559


5,133


6,883


2,931


8,077

FHLB advances

48,746


48,786


48,828


48,866


48,910


48,766


48,931

Other borrowings

376,829


443,657


468,058


376,489


376,376


410,058


376,318

Subordinated deferrable interest debentures

127,063


126,563


126,067


125,567


125,068


126,814


124,823

Total Non-Deposit Funding

554,492


623,026


648,512


556,055


557,237


588,569


558,149

Total Funding

$ 19,994,026


$ 19,954,911


$ 19,866,850


$ 18,967,057


$ 18,501,694


$ 19,974,576


$ 18,155,427

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2022


2022


2021


2021


2021


2022


2021

Interest Income














Federal funds sold

$            32


$             10


$               9


$               9


$             12


$             42


$             24

Interest-bearing deposits in banks

4,463


1,373


1,521


1,244


594


5,836


1,115

Time deposits in other banks





1



2

Debt securities - taxable

7,064


4,239


5,866


5,296


5,244


11,303


11,362

Debt securities - nontaxable (TE)

341


235


198


176


176


576


354

Loans held for sale

10,036


8,132


9,433


10,618


11,773


18,168


22,600

Loans (TE)

181,602


170,398


162,415


156,861


157,112


352,000


318,585

Total Earning Assets

$    203,538


$     184,387


$     179,442


$     174,204


$     174,912


$     387,925


$     354,042















Accretion income (included above)

$         (379)


$        1,006


$         2,812


$        2,948


$         4,462


$           627


$       10,589















Interest Expense














Interest-Bearing Deposits














NOW accounts

$        1,246


$           824


$           864


$           808


$           816


$        2,070


$         1,742

MMDA

2,204


1,643


1,971


1,970


1,908


3,847


3,906

Savings accounts

140


133


128


129


122


273


246

Retail CDs

1,318


1,492


1,715


2,195


2,921


2,810


6,665

Brokered CDs




4


8



14

Total Interest-Bearing Deposits

4,908


4,092


4,678


5,106


5,775


9,000


12,573

Non-Deposit Funding














Federal funds purchased and securities sold under
agreements to repurchase

1


3


4


4


5


4


12

FHLB advances

192


190


195


195


193


382


385

Other borrowings

4,437


5,164


5,317


4,640


4,683


9,601


9,321

Subordinated deferrable interest debentures

1,666


1,381


1,334


1,440


1,243


3,047


2,581

Total Non-Deposit Funding

6,296


6,738


6,850


6,279


6,124


13,034


12,299

Total Interest-Bearing Funding

$      11,204


$       10,830


$       11,528


$       11,385


$       11,899


$       22,034


$       24,872















Net Interest Income (TE)

$    192,334


$     173,557


$     167,914


$     162,819


$     163,013


$     365,891


$     329,170

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Yields(1)

Table 8


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun


2022


2022


2021


2021


2021


2022


2021

Earning Assets














Federal funds sold

0.73 %


0.20 %


0.18 %


0.18 %


0.24 %


0.45 %


0.24 %

Interest-bearing deposits in banks

0.81 %


0.16 %


0.16 %


0.16 %


0.10 %


0.42 %


0.10 %

Time deposits in other banks

— %


— %


— %


— %


1.64 %


— %


1.64 %

Debt securities - taxable

3.04 %


2.76 %


3.33 %


2.77 %


2.59 %


2.93 %


2.66 %

Debt securities - nontaxable (TE)

3.49 %


3.22 %


3.47 %


3.66 %


3.87 %


3.37 %


3.81 %

Loans held for sale

4.26 %


3.01 %


2.74 %


2.81 %


2.77 %


3.59 %


3.05 %

Loans (TE)

4.32 %


4.37 %


4.26 %


4.24 %


4.33 %


4.34 %


4.43 %

Total Earning Assets

3.88 %


3.56 %


3.39 %


3.44 %


3.58 %


3.72 %


3.71 %















Interest-Bearing Deposits














NOW accounts

0.14 %


0.09 %


0.09 %


0.09 %


0.10 %


0.11 %


0.11 %

MMDA

0.17 %


0.13 %


0.15 %


0.16 %


0.16 %


0.15 %


0.16 %

Savings accounts

0.06 %


0.06 %


0.05 %


0.06 %


0.06 %


0.06 %


0.06 %

Retail CDs

0.31 %


0.34 %


0.37 %


0.45 %


0.58 %


0.33 %


0.66 %

Brokered CDs

— %


— %


— %


3.11 %


3.21 %


— %


2.82 %

Total Interest-Bearing Deposits

0.17 %


0.14 %


0.16 %


0.18 %


0.21 %


0.16 %


0.23 %

Non-Deposit Funding














Federal funds purchased and securities sold under
agreements to repurchase

0.22 %


0.30 %


0.29 %


0.31 %


0.29 %


0.28 %


0.30 %

FHLB advances

1.58 %


1.58 %


1.58 %


1.58 %


1.58 %


1.58 %


1.59 %

Other borrowings

4.72 %


4.72 %


4.51 %


4.89 %


4.99 %


4.72 %


4.99 %

Subordinated deferrable interest debentures

5.26 %


4.43 %


4.20 %


4.55 %


3.99 %


4.85 %


4.17 %

Total Non-Deposit Funding

4.55 %


4.39 %


4.19 %


4.48 %


4.41 %


4.47 %


4.44 %

Total Interest-Bearing Liabilities

0.37 %


0.36 %


0.37 %


0.38 %


0.41 %


0.37 %


0.44 %















Net Interest Spread

3.51 %


3.20 %


3.02 %


3.06 %


3.17 %


3.35 %


3.27 %















Net Interest Margin(2)

3.66 %


3.35 %


3.18 %


3.22 %


3.34 %


3.51 %


3.45 %















Total Cost of Funds(3)

0.22 %


0.22 %


0.23 %


0.24 %


0.26 %


0.22 %


0.28 %

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





(2) Rate calculated based on average earning assets.





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





 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Non-GAAP Reconciliations




























Adjusted Net Income

Table 9A


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2022


2022


2021


2021


2021


2022


2021

Net income available to common shareholders

$     90,066


$     81,698


$     81,944


$    81,680


$     88,327


$   171,764


$  213,289















Adjustment items:














Merger and conversion charges


977


4,023


183



977


Servicing right impairment (recovery)

(10,838)


(9,654)


(4,540)


1,398


(749)


(20,492)


(11,388)

Gain on BOLI proceeds







(603)

(Gain) loss on bank premises

(39)


(6)


(126)


1,136


(236)


(45)


(500)

Tax effect of adjustment items (Note 1)

2,284


2,024


243


(536)


206


4,308


2,496

After tax adjustment items

(8,593)


(6,659)


(400)


2,181


(779)


(15,252)


(9,995)

Adjusted net income

$     81,473


$     75,039


$     81,544


$    83,861


$     87,548


$   156,512


$  203,294















Weighted average number of shares - diluted

69,316,258


69,660,990


69,738,426


69,756,135


69,791,670


69,484,508


69,764,923

Net income per diluted share

$        1.30


$        1.17


$        1.18


$        1.17


$        1.27


$         2.47


$       3.06

Adjusted net income per diluted share

$        1.18


$        1.08


$        1.17


$        1.20


$        1.25


$         2.25


$       2.91















Average assets

$  23,405,201


$  23,275,654


$  23,054,847


$  22,087,642


$  21,538,894


$  23,340,785


$  21,144,751

Return on average assets

1.54 %


1.42 %


1.41 %


1.47 %


1.64 %


1.48 %


2.03 %

Adjusted return on average assets

1.40 %


1.31 %


1.40 %


1.51 %


1.63 %


1.35 %


1.94 %















Average common equity

$ 3,043,280


$ 2,994,652


$ 2,939,507


$ 2,874,691


$ 2,798,269


$ 3,019,100


$ 2,746,922

Average tangible common equity

$ 1,902,265


$ 1,857,713


$ 1,916,783


$ 1,884,622


$ 1,804,324


$ 1,880,112


$ 1,750,931

Return on average common equity

11.87 %


11.06 %


11.06 %


11.27 %


12.66 %


11.47 %


15.66 %

Adjusted return on average tangible common
equity

17.18 %


16.38 %


16.88 %


17.65 %


19.46 %


16.79 %


23.41 %















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


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2022


2022


2021


2021


2021


2022


2021

Adjusted Noninterest Expense














Total noninterest expense

$  142,196


$  143,820


$  138,369


$  137,196


$  135,761


$  286,016


$  284,559

Adjustment items:














Merger and conversion charges


(977)


(4,023)


(183)



(977)


Gain (loss) on bank premises

39


6


126


(1,136)


236


45


500

Adjusted noninterest expense

$  142,235


$  142,849


$  134,472


$  135,877


$  135,997


$  285,084


$  285,059















Total Revenue














Net interest income

$  191,364


$  172,544


$  166,837


$  161,661


$  161,852


$  363,908


$  326,829

Noninterest income

83,841


86,911


81,769


76,562


89,240


170,752


207,213

Total revenue

$  275,205


$  259,455


$  248,606


$  238,223


$  251,092


$  534,660


$  534,042















Adjusted Total Revenue














Net interest income (TE)

$  192,334


$  173,557


$  167,914


$  162,819


$  163,013


$  365,891


$  329,170

Noninterest income

83,841


86,911


81,769


76,562


89,240


170,752


207,213

Total revenue (TE)

276,175


260,468


249,683


239,381


252,253


536,643


536,383

Adjustment items:














(Gain) loss on securities

(248)


27


4


(530)


(1)


(221)


11

Gain on BOLI proceeds







(603)

Servicing right impairment (recovery)

(10,838)


(9,654)


(4,540)


1,398


(749)


(20,492)


(11,388)

Adjusted total revenue (TE)

$  265,089


$  250,841


$  245,147


$  240,249


$  251,503


$  515,930


$  524,403















Efficiency ratio

51.67 %


55.43 %


55.66 %


57.59 %


54.07 %


53.49 %


53.28 %

Adjusted efficiency ratio (TE)

53.66 %


56.95 %


54.85 %


56.56 %


54.07 %


55.26 %


54.36 %















Tangible Book Value Per Share

Table 9C


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2022


2022


2021


2021


2021


2022


2021

Total shareholders' equity

$  3,073,376


$  3,007,159


$  2,966,451


$  2,900,770


$  2,837,004


$  3,073,376


$  2,837,004

Less:














Goodwill

1,023,056


1,022,345


1,012,620


928,005


928,005


1,023,056


928,005

Other intangibles, net

115,613


120,757


125,938


60,396


63,783


115,613


63,783

Total tangible shareholders' equity

$  1,934,707


$  1,864,057


$  1,827,893


$  1,912,369


$  1,845,216


$  1,934,707


$  1,845,216















Period end number of shares

69,360,461


69,439,084


69,609,228


69,635,435


69,767,209


69,360,461


69,767,209

Book value per share (period end)

$     44.31


$     43.31


$      42.62


$     41.66


$     40.66


$      44.31


$     40.66

Tangible book value per share (period end)

$     27.89


$     26.84


$      26.26


$     27.46


$     26.45


$      27.89


$     26.45

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting

Table 10


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2022


2022


2021


2021


2021


2022


2021

Banking Division














Net interest income

$  152,122


$  133,745


$  120,572


$  113,524


$  110,670


$  285,867


$  223,486

Provision for credit losses

10,175


5,226


4,565


(9,578)


(3,949)


15,401


(27,853)

Noninterest income

23,469


21,364


18,859


17,896


16,171


44,833


32,909

Noninterest expense














Salaries and employee benefits

46,733


49,195


36,522


40,020


37,814


95,928


80,537

Occupancy and equipment expenses

11,168


11,074


11,699


10,196


9,050


22,242


19,170

Data processing and telecommunications expenses

10,863


11,230


10,162


9,159


10,280


22,093


20,481

Other noninterest expenses

21,123


20,045


24,048


21,723


18,763


41,168


38,473

Total noninterest expense

89,887


91,544


82,431


81,098


75,907


181,431


158,661

Income before income tax expense

75,529


58,339


52,435


59,900


54,883


133,868


125,587

Income tax expense

19,120


16,996


14,010


17,784


14,196


36,116


32,652

Net income

$    56,409


$    41,343


$    38,425


$    42,116


$    40,687


$    97,752


$    92,935















Retail Mortgage Division














Net interest income

$    20,779


$    19,295


$    19,912


$    21,289


$    22,533


$    40,074


$    41,517

Provision for credit losses

4,499


1,587


175


1,678


5,647


6,086


1,094

Noninterest income

57,795


61,649


59,650


55,555


69,055


119,444


166,695

Noninterest expense














Salaries and employee benefits

31,219


31,614


36,787


36,373


44,798


62,833


94,636

Occupancy and equipment expenses

1,406


1,471


1,587


1,590


1,553


2,877


3,029

Data processing and telecommunications expenses

1,123


1,172


1,213


1,357


1,435


2,295


2,981

Other noninterest expenses

12,812


12,645


10,793


11,675


7,638


25,457


15,827

Total noninterest expense

46,560


46,902


50,380


50,995


55,424


93,462


116,473

Income before income tax expense

27,515


32,455


29,007


24,171


30,517


59,970


90,645

Income tax expense

5,779


6,815


6,092


5,076


6,408


12,594


19,035

Net income

$    21,736


$    25,640


$    22,915


$    19,095


$    24,109


$    47,376


$    71,610















Warehouse Lending Division














Net interest income

$      6,700


$      6,447


$      8,063


$      8,712


$      8,720


$    13,147


$    18,626

Provision for credit losses

867


(222)


77


(291)


(155)


645


(300)

Noninterest income

1,041


1,401


1,253


1,037


1,333


2,442


2,313

Noninterest expense














Salaries and employee benefits

208


283


258


264


278


491


608

Occupancy and equipment expenses

1


1


1



1


2


2

Data processing and telecommunications expenses

48


47


56


59


68


95


117

Other noninterest expenses

212


218


227


200


30


430


63

Total noninterest expense

469


549


542


523


377


1,018


790

Income before income tax expense

6,405


7,521


8,697


9,517


9,831


13,926


20,449

Income tax expense

1,346


1,579


1,827


1,999


2,064


2,925


4,294

Net income

$      5,059


$      5,942


$      6,870


$      7,518


$      7,767


$    11,001


$    16,155

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)

Table 10


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2022


2022


2021


2021


2021


2022


2021

SBA Division














Net interest income

$      3,798


$      6,011


$    11,319


$    10,699


$    12,882


$      9,809


$    29,517

Provision for credit losses

(523)


(143)


(663)


(1,104)


(607)


(666)


(1,154)

Noninterest income

1,526


2,491


2,002


2,070


2,677


4,017


5,288

Noninterest expense














Salaries and employee benefits

1,316


1,271


1,217


1,320


937


2,587


2,319

Occupancy and equipment expenses

81


99


121


116


132


180


238

Data processing and telecommunications expenses

29


28


28


18



57


1

Other noninterest expenses

539


380


645


370


284


919


579

Total noninterest expense

1,965


1,778


2,011


1,824


1,353


3,743


3,137

Income before income tax expense

3,882


6,867


11,973


12,049


14,813


10,749


32,822

Income tax expense

815


1,442


2,514


2,530


3,111


2,257


6,893

Net income

$      3,067


$      5,425


$      9,459


$      9,519


$    11,702


$      8,492


$    25,929















Premium Finance Division














Net interest income

$      7,965


$      7,046


$      6,971


$      7,437


$      7,047


$    15,011


$    13,683

Provision for credit losses

(94)


(217)


(1,395)


(380)


(794)


(311)


(236)

Noninterest income

10


6


5


4


4


16


8

Noninterest expense














Salaries and employee benefits

2,069


1,918


1,831


1,694


1,678


3,987


3,390

Occupancy and equipment expenses

90


82


86


77


76


172


154

Data processing and telecommunications expenses

92


95


75


88


94


187


181

Other noninterest expenses

1,064


952


1,013


897


852


2,016


1,773

Total noninterest expense

3,315


3,047


3,005


2,756


2,700


6,362


5,498

Income before income tax expense

4,754


4,222


5,366


5,065


5,145


8,976


8,429

Income tax expense

959


874


1,091


1,633


1,083


1,833


1,769

Net income

$      3,795


$      3,348


$      4,275


$      3,432


$      4,062


$      7,143


$      6,660















Total Consolidated














Net interest income

$  191,364


$  172,544


$  166,837


$  161,661


$  161,852


$  363,908


$  326,829

Provision for credit losses

14,924


6,231


2,759


(9,675)


142


21,155


(28,449)

Noninterest income

83,841


86,911


81,769


76,562


89,240


170,752


207,213

Noninterest expense














Salaries and employee benefits

81,545


84,281


76,615


79,671


85,505


165,826


181,490

Occupancy and equipment expenses

12,746


12,727


13,494


11,979


10,812


25,473


22,593

Data processing and telecommunications expenses

12,155


12,572


11,534


10,681


11,877


24,727


23,761

Other noninterest expenses

35,750


34,240


36,726


34,865


27,567


69,990


56,715

Total noninterest expense

142,196


143,820


138,369


137,196


135,761


286,016


284,559

Income before income tax expense

118,085


109,404


107,478


110,702


115,189


227,489


277,932

Income tax expense

28,019


27,706


25,534


29,022


26,862


55,725


64,643

Net income

$    90,066


$    81,698


$    81,944


$    81,680


$    88,327


$  171,764


$  213,289

 

SOURCE Ameris Bancorp

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