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AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS

Highlights of the Company's results for the full year 2022 include the following:

  • Net income of $346.5 million, or $4.99 per diluted share
  • Growth in tangible book value(1) of $3.66 per share, or 13.9%, to $29.92 at December 31, 2022
  • Improvement in net interest margin of 44bps, from 3.32% for 2021 to 3.76% for 2022
  • Growth in total revenue of $64.6 million, or 6.3%, to $1.09 billion this year
  • Adjusted efficiency ratio(1) of 52.54%, compared with 55.00% last year
  • Organic growth in loans of $3.51 billion, or 22.1%
  • Growth in TCE ratio(1) of 62bps, or 7.7%, to 8.67% at December 31, 2022
  • Growth in noninterest-bearing deposits, representing 40.74% of total deposits, from 39.54% a year ago

Significant items from the Company's results for the fourth quarter of 2022 include the following:

  • Net income of $82.2 million, or $1.18 per diluted share
  • Growth in tangible book value(1) of $1.30 per share, or 18.0% annualized, to $29.92 at December 31, 2022
  • Improvement in net interest margin of 6bps, from 3.97% last quarter to 4.03% this quarter
  • Growth in net interest income of $11.2 million, or 5.2%, to $224.1 million for the fourth quarter of 2022
  • Adjusted return on average assets(1) of 1.32%
  • Adjusted return on average tangible common equity(1) of 15.78%

ATLANTA, Jan. 26, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022, compared with $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021. The Company reported adjusted net income(1) of $81.1 million, or $1.17 per diluted share, for the quarter ended December 31, 2022, compared with $81.5 million, or $1.17 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, natural disaster and pandemic expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, gain/loss on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.

For the year ended December 31, 2022, the Company reported net income of $346.5 million, or $4.99 per diluted share, compared with $376.9 million, or $5.40 per diluted share, for 2021.  The Company reported adjusted net income(1) of $329.4 million, or $4.75 per diluted share, for the year ended December 31, 2022, compared with $368.7 million, or $5.29 per diluted share, for 2021.  Adjusted net income for the year excludes the same items listed above for the fourth quarter. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The strong financial results we are reporting today are a direct result of our team's continued focus and discipline.  The fourth quarter was another strong quarter where we grew tangible book value, expanded the margin, protected our balance sheet and improved our efficiency ratio.  The additional provision for credit losses we recorded this quarter is attributable to loan growth and the economic forecast and strengthens our position as we move into 2023.  Despite forecasted challenging economic conditions and potential market volatility, we are well positioned for 2023 as we focus on core fundamentals in our strong Southeastern markets."

Increase in Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2022 increased to $804.9 million, compared with $659.9 million for 2021. The Company's net interest margin was 3.76% for 2022, an increase from 3.32% reported for 2021. The Company recorded accretion expense of $285,000 for 2022, compared with accretion income of $16.3 million for 2021. The increase in net interest margin is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year, along with the rising interest rate environment.

Net interest income on a tax-equivalent basis (TE) grew to $225.1 million in the fourth quarter of 2022, an increase of $11.2 million, or 5.2%, from last quarter and $57.2 million, or 34.1%, compared with the fourth quarter of 2021.  The Company's net interest margin improved to 4.03% for the fourth quarter of 2022, up from 3.97% reported for the third quarter of 2022 and 3.18% reported for the fourth quarter of 2021. 

Yields on earning assets increased 54 basis points during the quarter to 4.91%, compared with 4.37% in the third quarter of 2022, and increased 152 basis points from 3.39% in the fourth quarter of 2021.  Yields on loans increased to 5.07% during the fourth quarter of 2022, compared with 4.62% for the third quarter of 2022 and 4.26% for the fourth quarter of 2021. In addition, the Company incurred net accretion expense in the fourth quarter of $315,000, compared with $597,000 in the third quarter of 2022 and accretion income of $2.8 million for the fourth quarter of 2021.

Loan production in the banking division during the fourth quarter of 2022 was $612.9 million, with weighted average yields of 7.92%, compared with $1.12 billion and 6.26%, respectively, in the third quarter of 2022 and $1.15 billion and 3.35%, respectively, in the fourth quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.6 billion during the fourth quarter of 2022, with weighted average yields of 6.06%, compared with $4.6 billion and 5.29%, respectively, during the third quarter of 2022 and $5.5 billion and 3.43%, respectively, during the fourth quarter of 2021.   

The Company's total cost of funds was 0.94% in the fourth quarter of 2022, an increase of 52 basis points compared with the third quarter of 2022.  Deposit costs increased 39 basis point during the fourth quarter of 2022 to 0.68%, compared with 0.29% in the third quarter of 2022.  Costs of interest-bearing deposits increased during the quarter from 0.49% in the third quarter of 2022 to 1.17% in the fourth quarter of 2022, reflecting deposit pricing adjustments made at the end of the third quarter and during the fourth quarter.

Noninterest Income

Noninterest income decreased $17.0 million, or 26.0%, in the fourth quarter of 2022 to $48.3 million, compared with $65.3 million for the third quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $17.5 million, or 43.4%, to $22.9 million in the fourth quarter of 2022, compared with $40.4 million for the third quarter of 2022.  Gain on sale spreads decreased to 1.26% in the fourth quarter of 2022 from 2.10% for the third quarter of 2022. Total production in the retail mortgage division decreased to $947.3 million in the fourth quarter of 2022, compared with $1.26 billion for the third quarter of 2022. The retail mortgage open pipeline was $507.1 million at the end of the fourth quarter of 2022, compared with $520.0 million at September 30, 2022.  Mortgage banking activity included a $1.3 million recovery of servicing right impairment and a $316,000 loss on sale of MSR recorded in the third quarter of 2022, compared with a $1.7 million gain on sale of MSR for the fourth quarter of 2022. 

For the full year 2022, noninterest income decreased $81.1 million, or 22.2%, to $284.4 million, compared with $365.5 million for 2021, primarily as a result of decreased mortgage banking activity, which declined by $101.0 million, or 35.3%, to $184.9 million in 2022, compared with $285.9 million in 2021.  Production in the retail mortgage division decreased to $5.5 billion in 2022, compared with $8.9 billion in 2021, while gain on sale spreads narrowed to 2.27% in 2022 from 3.31% in 2021.  Other noninterest income increased $21.1 million, or 70.7%, to $50.9 million for 2022, compared with $29.8 million for 2021, primarily as a result of an $18.1 million increase in noninterest income in our equipment finance division of the bank.  Also contributing to the increase were increases of $1.9 million in both BOLI income and swap fee income.

Noninterest Expense

Noninterest expense decreased $4.5 million, or 3.2%, to $135.1 million during the fourth quarter of 2022, compared with $139.6 million for the third quarter of 2022.  During the fourth quarter of 2022, the Company recorded merger and conversion charges of $235,000, compared with natural disaster and pandemic charges of $151,000 during the third quarter of 2022.  Excluding those charges, adjusted expenses(1) decreased approximately $4.6 million, or 3.3%, to $134.8 million in the fourth quarter of 2022, from $139.4 million in the third quarter of 2022.  The decrease in adjusted expenses(1) resulted from a $7.3 million decline in mortgage expenses related to reduced production, offset by a $3.0 million increase in the banking division, the majority of which was related to compensation, incentives and benefits.  Management continues to deliver high performing operating efficiency, as the adjusted efficiency ratio(1) decreased to 49.92% in the fourth quarter of 2022, compared with 50.06% in the third quarter of 2022.

For the full year 2022, noninterest expense increased $531,000 to $560.7 million, compared with $560.1 million in 2021. During 2022, the Company recorded $1.3 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $4.7 million in charges in 2021 that were principally related to merger and conversion charges. Excluding these charges, adjusted expenses increased $3.9 million, or 0.7%, to $559.3 million in 2022, from $555.4 million in 2021. This increase is primarily attributable to expansion of our equipment finance division in December 2021, partially offset by a reduction in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2022 was 23.5%, compared with 24.0% in 2021.  The Company's effective tax rate for the fourth quarter of 2022 was 21.3%, compared with 23.6% in the third quarter of 2022.  The decreased rate for the fourth quarter of 2022 was primarily a result of the impact of state rates applied to the Company's deferred tax asset.

Balance Sheet Trends

Total assets at December 31, 2022 were $25.05 billion, compared with $23.86 billion at December 31, 2021.  The Company has 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 $907.4 million, or 153.1%, from $592.6 million at December 31, 2021 to $1.50 billion at December 31, 2022.  Loans, net of unearned income, increased $3.98 billion, or 25.1%, to $19.86 billion at December 31, 2022, compared with $15.87 billion at December 31, 2021.  Organic loan growth in the fourth quarter of 2022 was $576.1 million, or 12.3% annualized, which was diversified across the portfolio, including commercial and industrial, residential mortgages, construction and mortgage warehouse.  The Company purchased approximately $472 million of cash value life insurance secured loans during the fourth quarter of 2022, complementing our existing offerings of this product.  Loans held for sale decreased $862.6 million from $1.25 billion at December 31, 2021 to $392.1 million at December 31, 2022 due to a decline in mortgage activity resulting from the rising rate environment.

At December 31, 2022, total deposits amounted to $19.46 billion, or 90.7% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021.  At December 31, 2022, noninterest-bearing deposit accounts were $7.93 billion, or 40.7% 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 $12.80 billion at December 31, 2022, compared with $12.52 billion at December 31, 2021.  These funds represented 65.7% of the Company's total deposits at December 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 December 31, 2022 totaled $3.20 billion, an increase of $230.9 million, or 7.8%, from December 31, 2021.  The increase in shareholders' equity was primarily the result of earnings of $346.5 million during 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio.  Tangible book value per share(1) increased $1.30 per share, or 18.0% annualized, during the fourth quarter to $29.92 at December 31, 2022.  The Company recorded an improvement of $0.06 per share of tangible book value(1) this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio.  For the year-to-date period, tangible book value per share(1) increased $3.66, or 13.9%, to $29.92 at December 31, 2022, compared with $26.26 at December 31, 2021.  Tangible common equity as a percentage of tangible assets was 8.67% at December 31, 2022, compared with 8.05% at the end of 2021.

Credit Quality

Credit quality remains strong in the Company.  During the fourth quarter of 2022, the Company recorded a provision for credit losses of $32.9 million, compared with a provision of $17.7 million in the third quarter of 2022.  The fourth quarter provision was primarily attributable to loan growth of $1.05 billion during the quarter, the updated economic forecast and the related impacts to unfunded commitments.  Nonperforming assets as a percentage of total assets increased six basis points to 0.61% during the quarter.  Approximately $69.6 million, or 45.3%, of the nonperforming assets at December 31, 2022 were GNMA-guaranteed mortgage loans, which have minimal loss exposure.  Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.34% at December 31, 2022, compared with 0.32% at September 30, 2022.   The net charge-off ratio was eight basis points for the fourth quarter of 2022, compared with 11 basis points in the third quarter of 2022 and a net recovery of one basis point in the fourth quarter of 2021.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 27, 2023, 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 929912.  A replay of the call will be available one hour after the end of the conference call until February 10, 2023.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 597631.  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.

(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D

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 financial 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 financial 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 financial 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; 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


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2022


2022


2022


2022


2021


2022


2021

EARNINGS














Net income

$    82,221


$    92,555


$    90,066


$    81,698


$    81,944


$  346,540


$  376,913

Adjusted net income

$    81,086


$    91,817


$    81,473


$    75,039


$    81,544


$  329,415


$  368,699















COMMON SHARE DATA














Earnings per share available to common shareholders














  Basic

$        1.19


$        1.34


$        1.30


$        1.18


$        1.18


$        5.01


$        5.43

  Diluted

$        1.18


$        1.34


$        1.30


$        1.17


$        1.18


$        4.99


$        5.40

Adjusted diluted EPS(1)

$        1.17


$        1.32


$        1.18


$        1.08


$        1.17


$        4.75


$        5.29

Cash dividends per share

$        0.15


$        0.15


$        0.15


$        0.15


$        0.15


$        0.60


$        0.60

Book value per share (period end)

$      46.09


$      44.97


$      44.31


$      43.31


$      42.62


$      46.09


$      42.62

Tangible book value per share (period end)(1)

$      29.92


$      28.62


$      27.89


$      26.84


$      26.26


$      29.92


$      26.26

Weighted average number of shares














  Basic

69,138,431


69,124,855


69,136,046


69,345,735


69,398,594


69,193,591


69,431,860

  Diluted

69,395,224


69,327,414


69,316,258


69,660,990


69,738,426


69,419,721


69,761,394

Period end number of shares

69,369,050


69,352,709


69,360,461


69,439,084


69,609,228


69,369,050


69,608,228

Market data














  High intraday price

$      54.24


$      50.94


$      46.28


$      55.62


$      56.64


$      55.62


$      59.85

  Low intraday price

$      44.61


$      38.22


$      39.37


$      43.56


$      46.20


$      38.22


$      36.60

  Period end closing price

$      47.14


$      44.71


$      40.18


$      43.88


$      49.68


$      47.14


$      49.68

  Average daily volume

$  340,890


$  346,522


$  446,121


$  471,858


$  350,119


$  400,670


$  407,447















PERFORMANCE RATIOS














Return on average assets

1.34 %


1.56 %


1.54 %


1.42 %


1.41 %


1.47 %


1.73 %

Adjusted return on average assets(1)

1.32 %


1.54 %


1.40 %


1.31 %


1.40 %


1.39 %


1.69 %

Return on average common equity

10.30 %


11.76 %


11.87 %


11.06 %


11.06 %


11.24 %


13.33 %

Adjusted return on average tangible common equity(1)

15.78 %


18.33 %


17.18 %


16.38 %


16.88 %


16.92 %


20.19 %

Earning asset yield (TE)

4.91 %


4.37 %


3.88 %


3.56 %


3.39 %


4.19 %


3.56 %

Total cost of funds

0.94 %


0.42 %


0.22 %


0.22 %


0.23 %


0.46 %


0.25 %

Net interest margin (TE)

4.03 %


3.97 %


3.66 %


3.35 %


3.18 %


3.76 %


3.32 %

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

14.97 %


21.74 %


29.09 %


32.05 %


31.31 %


24.04 %


34.01 %

Efficiency ratio

49.57 %


50.15 %


51.67 %


55.43 %


55.66 %


51.65 %


54.87 %

Adjusted efficiency ratio (TE)(1)

49.92 %


50.06 %


53.66 %


56.95 %


54.85 %


52.54 %


55.00 %















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.76 %


13.10 %


12.97 %


12.76 %


12.43 %


12.76 %


12.43 %

Tangible common equity to tangible assets(1)

8.67 %


8.75 %


8.58 %


8.32 %


8.05 %


8.67 %


8.05 %















OTHER DATA (period end)














Full time equivalent employees














  Banking Division

2,079


2,071


2,050


2,033


2,008


2,079


2,008

  Retail Mortgage Division

633


671


712


714


739


633


739

  Warehouse Lending Division

8


9


9


10


12


8


12

  SBA Division

39


40


36


35


34


39


34

  Premium Finance Division

76


77


78


77


72


76


72

  Total Ameris Bancorp FTE headcount

2,835


2,868


2,885


2,869


2,865


2,835


2,865















Assets per Banking Division FTE

$    12,051


$    11,499


$    11,555


$    11,589


$    11,882


$    12,051


$    11,882

Branch locations

164


164


164


165


165


164


165

Deposits per branch location

$  118,675


$  118,701


$  120,030


$  118,718


$  119,185


$  118,675


$  119,185















 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2022


2022


2022


2022


2021


2022


2021

Interest income














Interest and fees on loans

$     250,263


$     216,400


$     190,740


$     177,566


$     170,813


$     834,969


$     676,089

Interest on taxable securities

13,029


10,324


7,064


4,239


5,866


34,656


22,524

Interest on nontaxable securities

358


363


269


186


156


1,176


575

Interest on deposits in other banks

9,984


7,188


4,463


1,373


1,521


23,008


3,882

Interest on federal funds sold

8


27


32


10


9


77


42

Total interest income

273,642


234,302


202,568


183,374


178,365


893,886


703,112















Interest expense














Interest on deposits

33,071


14,034


4,908


4,092


4,678


56,105


22,357

Interest on other borrowings

16,434


7,287


6,296


6,738


6,850


36,755


25,428

Total interest expense

49,505


21,321


11,204


10,830


11,528


92,860


47,785















Net interest income

224,137


212,981


191,364


172,544


166,837


801,026


655,327















Provision for loan losses

24,648


17,469


13,227


(2,734)


(13,619)


52,610


(35,081)

Provision for unfunded commitments

8,246


192


1,779


9,009


16,388


19,226


332

Provision for other credit losses

(4)


(9)


(82)


(44)


(10)


(139)


(616)

Provision for credit losses

32,890


17,652


14,924


6,231


2,759


71,697


(35,365)

Net interest income after provision for credit losses

191,247


195,329


176,440


166,313


164,078


729,329


690,692















Noninterest income














Service charges on deposit accounts

11,125


11,168


11,148


11,058


11,784


44,499


45,106

Mortgage banking activity

22,855


40,350


58,761


62,938


60,723


184,904


285,900

Other service charges, commissions and fees

968


970


998


939


962


3,875


4,188

Gain (loss) on securities

3


(21)


248


(27)


(4)


203


515

Other noninterest income

13,397


12,857


12,686


12,003


8,304


50,943


29,835

Total noninterest income

48,348


65,324


83,841


86,911


81,769


284,424


365,544















Noninterest expense














Salaries and employee benefits

75,196


78,697


81,545


84,281


76,615


319,719


337,776

Occupancy and equipment

12,905


12,983


12,746


12,727


13,494


51,361


48,066

Data processing and communications expenses

12,486


12,015


12,155


12,572


11,534


49,228


45,976

Credit resolution-related expenses(1)

372


126


496


(965)


1,992


29


3,538

Advertising and marketing

3,818


3,553


3,122


1,988


2,381


12,481


8,434

Amortization of intangible assets

4,709


4,710


5,144


5,181


3,387


19,744


14,965

Merger and conversion charges

235




977


4,023


1,212


4,206

Other noninterest expenses

25,340


27,494


26,988


27,059


24,943


106,881


97,163

Total noninterest expense

135,061


139,578


142,196


143,820


138,369


560,655


560,124















Income before income tax expense

104,534


121,075


118,085


109,404


107,478


453,098


496,112

Income tax expense

22,313


28,520


28,019


27,706


25,534


106,558


119,199

Net income

$       82,221


$       92,555


$       90,066


$       81,698


$       81,944


$     346,540


$     376,913















Diluted earnings per common share

$          1.18


$          1.34


$          1.30


$          1.17


$          1.18


$          4.99


$          5.40















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





 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Period End Balance Sheet

Table 3


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2022


2022


2022


2022


2021

Assets










Cash and due from banks

$     284,567


$     269,193


$     345,627


$     257,316


$     307,813

Federal funds sold and interest-bearing deposits in banks

833,565


1,061,975


1,961,209


3,541,144


3,756,844

Debt securities available-for-sale, at fair value

1,500,060


1,255,149


1,052,268


579,204


592,621

Debt securities held-to-maturity, at amortized cost

134,864


130,214


111,654


91,454


79,850

Other investments

110,992


60,560


49,500


49,395


47,552

Loans held for sale

392,078


297,987


555,665


901,550


1,254,632











Loans, net of unearned income

19,855,253


18,806,856


17,561,022


16,143,801


15,874,258

Allowance for credit losses

(205,677)


(184,891)


(172,642)


(161,251)


(167,582)

  Loans, net

19,649,576


18,621,965


17,388,380


15,982,550


15,706,676











Other real estate owned

843


843


835


1,910


3,810

Premises and equipment, net

220,283


222,694


224,249


224,293


225,400

Goodwill

1,015,646


1,023,071


1,023,056


1,022,345


1,012,620

Other intangible assets, net

106,194


110,903


115,613


120,757


125,938

Cash value of bank owned life insurance

388,405


386,533


384,862


332,914


331,146

Other assets

416,213


372,570


474,552


455,460


413,419

Total assets

$ 25,053,286


$ 23,813,657


$ 23,687,470


$ 23,560,292


$ 23,858,321











Liabilities










Deposits










  Noninterest-bearing

$  7,929,579


$  8,343,200


$  8,262,929


$  7,870,207


$  7,774,823

  Interest-bearing

11,533,159


11,123,719


11,422,053


11,718,234


11,890,730

  Total deposits

19,462,738


19,466,919


19,684,982


19,588,441


19,665,553

Federal funds purchased and securities sold under agreements to repurchase



953


2,065


5,845

Other borrowings

1,875,736


725,664


425,592


425,520


739,879

Subordinated deferrable interest debentures

128,322


127,823


127,325


126,827


126,328

Other liabilities

389,090


374,181


375,242


410,280


354,265

Total liabilities

21,855,886


20,694,587


20,614,094


20,553,133


20,891,870











Shareholders' Equity










Preferred stock





Common stock

72,264


72,247


72,251


72,212


72,017

Capital stock

1,935,211


1,932,906


1,931,088


1,928,702


1,924,813

Retained earnings

1,311,258


1,239,477


1,157,359


1,077,725


1,006,436

Accumulated other comprehensive income (loss), net of tax

(46,507)


(50,734)


(12,635)


(1,841)


15,590

Treasury stock

(74,826)


(74,826)


(74,687)


(69,639)


(52,405)

Total shareholders' equity

3,197,400


3,119,070


3,073,376


3,007,159


2,966,451

Total liabilities and shareholders' equity

$ 25,053,286


$ 23,813,657


$ 23,687,470


$ 23,560,292


$ 23,858,321











Other Data










Earning assets

$ 22,826,812


$ 21,612,741


$ 21,291,318


$ 21,306,548


$ 21,605,757

Intangible assets

1,121,840


1,133,974


1,138,669


1,143,102


1,138,558

Interest-bearing liabilities

13,537,217


11,977,206


11,975,923


12,272,646


12,762,782

Average assets

24,354,979


23,598,465


23,405,201


23,275,654


23,054,847

Average common shareholders' equity

3,168,320


3,123,718


3,043,280


2,994,652


2,939,507

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2022


2022


2022


2022


2021


2022


2021

Allowance for Credit Losses














Balance at beginning of period

$  229,135


$  216,703


$  203,615


$  200,981


$  188,234


$  200,981


$  233,105





























Acquired allowance for purchased credit deteriorated loans





9,432



9,432















Provision for loan losses

24,648


17,469


13,227


(2,734)


(13,619)


52,610


(35,081)

Provision for unfunded commitments

8,246


192


1,779


9,009


16,388


19,226


332

Provision for other credit losses

(4)


(9)


(82)


(44)


(10)


(139)


(616)

  Provision for credit losses

32,890


17,652


14,924


6,231


2,759


71,697


(35,365)















Charge-offs

8,371


9,272


6,853


8,579


3,367


33,075


21,616

Recoveries

4,509


4,052


5,017


4,982


3,923


18,560


15,425

  Net charge-offs (recoveries)

3,862


5,220


1,836


3,597


(556)


14,515


6,191















Ending balance

$  258,163


$  229,135


$  216,703


$  203,615


$  200,981


$  258,163


$  200,981















Allowance for loan losses

$  205,677


$  184,891


$  172,642


$  161,251


$  167,582


$  205,677


$  167,582

Allowance for unfunded commitments

52,411


44,165


43,973


42,194


33,185


52,411


33,185

Allowance for other credit losses

75


79


88


170


214


75


214

  Total allowance for credit losses

$  258,163


$  229,135


$  216,703


$  203,615


$  200,981


$  258,163


$  200,981















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$     5,108


$     4,722


$      4,391


$     4,414


$      1,003


$    18,635


$      7,760

Consumer

1,136


1,228


1,137


1,425


1,484


4,926


6,248

Indirect automobile

86


50


41


88


40


265


1,188

Premium Finance

1,812


1,205


1,066


1,369


526


5,452


3,668

Real estate - construction and development

27





21


27


233

Real estate - commercial and farmland

196


2,014


81


1,283


220


3,574


1,852

Real estate - residential

6


53


137



73


196


667

  Total charge-offs

8,371


9,272


6,853


8,579


3,367


33,075


21,616

Recoveries














Commercial, financial and agricultural

2,072


2,201


2,785


2,896


2,389


9,954


5,727

Consumer

217


277


230


158


172


882


939

Indirect automobile

229


276


265


275


329


1,045


1,679

Premium Finance

1,682


1,023


1,113


1,247


633


5,065


4,870

Real estate - construction and development

223


96


355


218


210


892


506

Real estate - commercial and farmland

48


96


44


37


81


225


573

Real estate - residential

38


83


225


151


109


497


1,131

  Total recoveries

4,509


4,052


5,017


4,982


3,923


18,560


15,425

Net charge-offs (recoveries)

$     3,862


$     5,220


$      1,836


$     3,597


$       (556)


$    14,515


$      6,191















Non-Performing Assets














Nonaccrual portfolio loans

$    65,221


$    64,055


$    72,352


$    59,316


$    54,905


$    65,221


$    54,905

Other real estate owned

843


843


835


1,910


3,810


843


3,810

Repossessed assets

28


60


122


139


84


28


84

Accruing loans delinquent 90 days or more

17,865


12,378


8,542


6,584


12,648


17,865


12,648

  Non-performing portfolio assets

$    83,957


$    77,336


$    81,851


$    67,949


$    71,447


$    83,957


$    71,447

Serviced GNMA-guaranteed mortgage nonaccrual loans

69,587


54,621


50,560


43,281


30,361


69,587


30,361

  Total non-performing assets

$  153,544


$  131,957


$  132,411


$  111,230


$  101,808


$  153,544


$  101,808















Asset Quality Ratios














Non-performing portfolio assets as a percent of total assets

0.34 %


0.32 %


0.35 %


0.29 %


0.30 %


0.34 %


0.30 %

Total non-performing assets as a percent of total assets

0.61 %


0.55 %


0.56 %


0.47 %


0.43 %


0.61 %


0.43 %

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

0.08 %


0.11 %


0.04 %


0.09 %


(0.01) %


0.08 %


0.04 %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2022


2022


2022


2022


2021

Loans by Type










Commercial, financial and agricultural

$  2,679,403


$  2,245,287


$  2,022,845


$  1,836,663


$  1,875,993

Consumer

384,037


162,345


167,237


173,642


191,298

Indirect automobile

108,648


137,183


172,245


214,120


265,779

Mortgage warehouse

1,038,924


980,342


949,191


732,375


787,837

Municipal

509,151


516,797


529,268


547,926


572,701

Premium Finance

1,023,479


1,062,724


942,357


819,163


798,409

Real estate - construction and development

2,086,438


2,009,726


1,747,284


1,577,215


1,452,339

Real estate - commercial and farmland

7,604,868


7,516,309


7,156,017


6,924,475


6,834,917

Real estate - residential

4,420,305


4,176,143


3,874,578


3,318,222


3,094,985

  Total loans

$ 19,855,253


$ 18,806,856


$ 17,561,022


$ 16,143,801


$ 15,874,258











Troubled Debt Restructurings










Accruing troubled debt restructurings










Commercial, financial and agricultural

$           835


$        1,342


$           964


$           868


$         1,286

Consumer

3


6


9


13


16

Indirect automobile

533


595


759


893


1,037

Premium Finance

171


455


993


162


Real estate - construction and development

693


698


706


725


789

Real estate - commercial and farmland

7,995


8,091


8,213


17,161


35,575

Real estate - residential

24,166


24,516


24,456


24,664


26,879

  Total accruing troubled debt restructurings

$       34,396


$       35,703


$       36,100


$       44,486


$       65,582

Nonaccrual troubled debt restructurings










Commercial, financial and agricultural

$           743


$           353


$           364


$             72


$             83

Consumer

11


12


14


31


35

Indirect automobile

55


101


122


221


273

Real estate - construction and development

17


24



11


13

Real estate - commercial and farmland

767


66


788


788


5,924

Real estate - residential

4,181


3,494


4,369


4,341


4,678

  Total nonaccrual troubled debt restructurings

$        5,774


$        4,050


$         5,657


$        5,464


$       11,006

   Total troubled debt restructurings

$       40,170


$       39,753


$       41,757


$       49,950


$       76,588











Loans by Risk Grade










Grades 1 through 5 - Pass

$ 19,513,726


$ 18,483,046


$ 17,296,520


$ 15,899,956


$ 15,614,323

Grade 6 - Other assets especially mentioned

104,614


110,408


68,444


51,670


78,957

Grade 7 - Substandard

236,913


213,402


196,058


192,175


180,978

Grade 8 - Doubtful





Grade 9 - Loss





  Total loans

$ 19,855,253


$ 18,806,856


$ 17,561,022


$ 16,143,801


$ 15,874,258

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2022


2022


2022


2022


2021


2022


2021

Earning Assets














Federal funds sold

$           924


$         5,000


$       17,692


$       20,000


$       20,000


$       10,836


$       20,000

Interest-bearing deposits in banks

1,009,935


1,394,529


2,209,761


3,393,238


3,719,878


1,993,672


2,857,141

Time deposits in other banks







122

Debt securities - taxable

1,451,861


1,242,811


932,824


623,498


698,915


1,065,511


793,883

Debt securities - nontaxable

44,320


45,730


39,236


29,605


22,639


39,779


19,793

Other investments

83,730


51,209


49,550


47,872


31,312


58,170


28,525

Loans held for sale

371,952


471,070


944,964


1,097,098


1,365,886


718,599


1,463,614

Loans

19,212,560


18,146,083


16,861,674


15,821,397


15,119,752


17,521,461


14,703,957

Total Earning Assets

$ 22,175,282


$ 21,356,432


$ 21,055,701


$ 21,032,708


$ 20,978,382


$ 21,408,028


$ 19,887,035















Deposits














Noninterest-bearing deposits

$  8,138,887


$  8,259,625


$  7,955,765


$  7,658,451


$  7,600,284


$  8,005,201


$  7,017,614

NOW accounts

3,621,454


3,701,045


3,695,490


3,684,772


3,651,595


3,675,586


3,400,441

MMDA

5,161,047


5,026,815


5,087,199


5,240,922


5,209,653


5,128,497


4,953,748

Savings accounts

1,010,966


1,030,298


1,007,340


973,724


928,954


1,005,752


884,623

Retail CDs

1,450,037


1,506,761


1,693,740


1,774,016


1,827,852


1,604,978


1,953,927

Brokered CDs







625

Total Deposits

19,382,391


19,524,544


19,439,534


19,331,885


19,218,338


19,420,014


18,210,978

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

1


92


1,854


4,020


5,559


1,477


6,700

FHLB advances

918,228


94,357


48,746


48,786


48,828


279,409


48,888

Other borrowings

377,056


376,942


376,829


443,657


468,058


393,393


399,485

Subordinated deferrable interest debentures

128,060


127,560


127,063


126,563


126,067


127,316


125,324

Total Non-Deposit Funding

1,423,345


598,951


554,492


623,026


648,512


801,595


580,397

Total Funding

$ 20,805,736


$ 20,123,495


$ 19,994,026


$ 19,954,911


$ 19,866,850


$ 20,221,609


$ 18,791,375

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2022


2022


2022


2022


2021


2022


2021

Interest Income














Federal funds sold

$              8


$             27


$             32


$             10


$               9


$             77


$             42

Interest-bearing deposits in banks

9,984


7,188


4,463


1,373


1,521


23,008


3,880

Time deposits in other banks







2

Debt securities - taxable

13,029


10,324


7,064


4,239


5,866


34,656


22,524

Debt securities - nontaxable (TE)

454


459


341


235


198


1,489


728

Loans held for sale

5,519


6,012


10,036


8,132


9,433


29,699


42,651

Loans (TE)

245,603


211,223


181,602


170,398


162,415


808,826


637,861

Total Earning Assets

$    274,597


$     235,233


$     203,538


$     184,387


$     179,442


$     897,755


$     707,688















Accretion income (included above)

$         (315)


$         (597)


$          (379)


$        1,006


$         2,812


$         (285)


$       16,349















Interest Expense














Interest-Bearing Deposits














  NOW accounts

$        8,564


$        3,733


$         1,246


$           824


$           864


$       14,367


$         3,414

  MMDA

20,683


8,613


2,204


1,643


1,971


33,143


7,847

  Savings accounts

654


360


140


133


128


1,287


503

  Retail CDs

3,170


1,328


1,318


1,492


1,715


7,308


10,575

  Brokered CDs







18

Total Interest-Bearing Deposits

33,071


14,034


4,908


4,092


4,678


56,105


22,357

Non-Deposit Funding














  Federal funds purchased and securities sold under agreements to repurchase



1


3


4


4


20

  FHLB advances

8,801


527


192


190


195


9,710


775

  Other borrowings

4,953


4,655


4,437


5,164


5,317


19,209


19,278

  Subordinated deferrable interest debentures

2,680


2,105


1,666


1,381


1,334


7,832


5,355

Total Non-Deposit Funding

16,434


7,287


6,296


6,738


6,850


36,755


25,428

Total Interest-Bearing Funding

$      49,505


$       21,321


$       11,204


$       10,830


$       11,528


$       92,860


$       47,785















Net Interest Income (TE)

$    225,092


$     213,912


$     192,334


$     173,557


$     167,914


$     804,895


$     659,903

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Yields(1)

Table 8


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec


2022


2022


2022


2022


2021


2022


2021

Earning Assets














Federal funds sold

3.43 %


2.14 %


0.73 %


0.20 %


0.18 %


0.71 %


0.21 %

Interest-bearing deposits in banks

3.92 %


2.04 %


0.81 %


0.16 %


0.16 %


1.15 %


0.14 %

Time deposits in other banks

— %


— %


— %


— %


— %


— %


1.64 %

Debt securities - taxable

3.56 %


3.30 %


3.04 %


2.76 %


3.33 %


3.25 %


2.84 %

Debt securities - nontaxable (TE)

4.06 %


3.98 %


3.49 %


3.22 %


3.47 %


3.74 %


3.68 %

Loans held for sale

5.89 %


5.06 %


4.26 %


3.01 %


2.74 %


4.13 %


2.91 %

Loans (TE)

5.07 %


4.62 %


4.32 %


4.37 %


4.26 %


4.62 %


4.34 %

Total Earning Assets

4.91 %


4.37 %


3.88 %


3.56 %


3.39 %


4.19 %


3.56 %















Interest-Bearing Deposits














NOW accounts

0.94 %


0.40 %


0.14 %


0.09 %


0.09 %


0.39 %


0.10 %

MMDA

1.59 %


0.68 %


0.17 %


0.13 %


0.15 %


0.65 %


0.16 %

Savings accounts

0.26 %


0.14 %


0.06 %


0.06 %


0.05 %


0.13 %


0.06 %

Retail CDs

0.87 %


0.35 %


0.31 %


0.34 %


0.37 %


0.46 %


0.54 %

Brokered CDs

— %


— %


— %


— %


— %


— %


2.88 %

Total Interest-Bearing Deposits

1.17 %


0.49 %


0.17 %


0.14 %


0.16 %


0.49 %


0.20 %

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

— %


— %


0.22 %


0.30 %


0.29 %


0.27 %


0.30 %

FHLB advances

3.80 %


2.22 %


1.58 %


1.58 %


1.58 %


3.48 %


1.59 %

Other borrowings

5.21 %


4.90 %


4.72 %


4.72 %


4.51 %


4.88 %


4.83 %

Subordinated deferrable interest debentures

8.30 %


6.55 %


5.26 %


4.43 %


4.20 %


6.15 %


4.27 %

Total Non-Deposit Funding

4.58 %


4.83 %


4.55 %


4.39 %


4.19 %


4.59 %


4.38 %

Total Interest-Bearing Liabilities

1.55 %


0.71 %


0.37 %


0.36 %


0.37 %


0.76 %


0.41 %















Net Interest Spread

3.36 %


3.66 %


3.51 %


3.20 %


3.02 %


3.43 %


3.15 %















Net Interest Margin(2)

4.03 %


3.97 %


3.66 %


3.35 %


3.18 %


3.76 %


3.32 %















Total Cost of Funds(3)

0.94 %


0.42 %


0.22 %


0.22 %


0.23 %


0.46 %


0.25 %

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





(2) Rate calculated based on average earning assets.





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





 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Non-GAAP Reconciliations




























Adjusted Net Income

Table 9A


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2022


2022


2022


2022


2021


2022


2021

Net income available to common shareholders

$     82,221


$     92,555


$     90,066


$    81,698


$     81,944


$   346,540


$  376,913















Adjustment items:














  Merger and conversion charges

235




977


4,023


1,212


4,206

  (Gain) loss on sale of MSR

(1,672)


316





(1,356)


  Servicing right impairment (recovery)


(1,332)


(10,838)


(9,654)


(4,540)


(21,824)


(14,530)

  Gain on BOLI proceeds


(55)





(55)


(603)

  Natural disaster and pandemic charges


151





151


  (Gain) loss on bank premises



(39)


(6)


(126)


(45)


510

  Tax effect of adjustment items (Note 1)

302


182


2,284


2,024


243


4,792


2,203

After tax adjustment items

(1,135)


(738)


(8,593)


(6,659)


(400)


(17,125)


(8,214)

Adjusted net income

$     81,086


$     91,817


$     81,473


$    75,039


$     81,544


$   329,415


$  368,699















Weighted average number of shares - diluted

69,395,224


69,327,414


69,316,258


69,660,990


69,738,426


69,419,721


69,761,394

Net income per diluted share

$        1.18


$        1.34


$        1.30


$        1.17


$        1.18


$         4.99


$       5.40

Adjusted net income per diluted share

$        1.17


$        1.32


$        1.18


$        1.08


$        1.17


$         4.75


$       5.29















Average assets

$  24,354,979


$  23,598,465


$  23,405,201


$  23,275,654


$  23,054,847


$  23,644,754


$  21,847,731

Return on average assets

1.34 %


1.56 %


1.54 %


1.42 %


1.41 %


1.47 %


1.73 %

Adjusted return on average assets

1.32 %


1.54 %


1.40 %


1.31 %


1.40 %


1.39 %


1.69 %















Average common equity

$ 3,168,320


$ 3,123,718


$ 3,043,280


$   2,994,652


$ 2,939,507


$ 3,083,081


$    2,827,669

Average tangible common equity

$ 2,039,094


$ 1,987,385


$ 1,902,265


$   1,857,713


$ 1,916,783


$ 1,947,222


$    1,826,433

Return on average common equity

10.30 %


11.76 %


11.87 %


11.06 %


11.06 %


11.24 %


13.33 %

Adjusted return on average tangible common equity

15.78 %


18.33 %


17.18 %


16.38 %


16.88 %


16.92 %


20.19 %















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 both annual periods are nondeductible for tax purposes.

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Non-GAAP Reconciliations (continued)






Adjusted Efficiency Ratio (TE)

Table 9B


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2022


2022


2022


2022


2021


2022


2021

Adjusted Noninterest Expense














Total noninterest expense

$  135,061


$  139,578


$  142,196


$  143,820


$  138,369


$  560,655


$  560,124

Adjustment items:














  Merger and conversion charges

(235)




(977)


(4,023)


(1,212)


(4,206)

  Natural disaster and pandemic charges


(151)





(151)


  Gain (loss) on bank premises



39


6


126


45


(510)

Adjusted noninterest expense

$  134,826


$  139,427


$  142,235


$  142,849


$  134,472


$  559,337


$  555,408















Total Revenue














Net interest income

$  224,137


$  212,981


$  191,364


$  172,544


$  166,837


$  801,026


$  655,327

Noninterest income

48,348


65,324


83,841


86,911


81,769


284,424


365,544

Total revenue

$  272,485


$  278,305


$  275,205


$  259,455


$  248,606


$                  1,085,450


$                  1,020,871















Adjusted Total Revenue














Net interest income (TE)

$  225,092


$  213,912


$  192,334


$  173,557


$  167,914


$  804,895


$  659,903

Noninterest income

48,348


65,324


83,841


86,911


81,769


284,424


365,544

Total revenue (TE)

273,440


279,236


276,175


260,468


249,683


1,089,319


1,025,447

Adjustment items:














  (Gain) loss on securities

(3)


21


(248)


27


4


(203)


(515)

  (Gain) loss on sale of MSR

(1,672)


316





(1,356)


  Gain on BOLI proceeds


(55)





(55)


(603)

  Servicing right impairment (recovery)


(1,332)


(10,838)


(9,654)


(4,540)


(21,824)


(14,530)

Adjusted total revenue (TE)

$  271,765


$  278,186


$  265,089


$  250,841


$  245,147


$                  1,065,881


$                  1,009,799















Efficiency ratio

49.57 %


50.15 %


51.67 %


55.43 %


55.66 %


51.65 %


54.87 %

Adjusted efficiency ratio (TE)

49.92 %


50.06 %


53.66 %


56.95 %


54.85 %


52.54 %


55.00 %















Tangible Book Value Per Share

Table 9C


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2022


2022


2022


2022


2021


2022


2021

Total shareholders' equity

$                  3,197,400


$                  3,119,070


$                  3,073,376


$                  3,007,159


$                  2,966,451


$                  3,197,400


$                  2,966,451

Less:














  Goodwill

1,015,646


1,023,071


1,023,056


1,022,345


1,012,620


1,015,646


1,012,620

  Other intangibles, net

106,194


110,903


115,613


120,757


125,938


106,194


125,938

Total tangible shareholders' equity

$                  2,075,560


$                  1,985,096


$                  1,934,707


$                  1,864,057


$                  1,827,893


$                  2,075,560


$                  1,827,893















Period end number of shares

69,369,050


69,352,709


69,360,461


69,439,084


69,609,228


69,369,050


69,608,228

Book value per share (period end)

$     46.09


$     44.97


$      44.31


$     43.31


$     42.62


$      46.09


$     42.62

Tangible book value per share (period end)

$     29.92


$     28.62


$      27.89


$     26.84


$     26.26


$      29.92


$     26.26

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Non-GAAP Reconciliations (continued)






Tangible Common Equity to Tangible Assets

Table 9D


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2022


2022


2022


2022


2021


2022


2021

Total shareholders' equity

$ 3,197,400


$ 3,119,070


$ 3,073,376


$ 3,007,159


$ 2,966,451


$ 3,197,400


$ 2,966,451

Less:














Goodwill

1,015,646


1,023,071


1,023,056


1,022,345


1,012,620


1,015,646


1,012,620

Other intangibles, net

106,194


110,903


115,613


120,757


125,938


106,194


125,938

Total tangible shareholders' equity

$ 2,075,560


$ 1,985,096


$ 1,934,707


$ 1,864,057


$ 1,827,893


$ 2,075,560


$ 1,827,893















Total assets

$  25,053,286


$  23,813,657


$  23,687,470


$  23,560,292


$  23,858,321


$  25,053,286


$  23,858,321

Less:














Goodwill

1,015,646


1,023,071


1,023,056


1,022,345


1,012,620


1,015,646


1,012,620

Other intangibles, net

106,194


110,903


115,613


120,757


125,938


106,194


125,938

Total tangible assets

$  23,931,446


$  22,679,683


$  22,548,801


$  22,417,190


$  22,719,763


$  23,931,446


$  22,719,763















Equity to Assets

12.76 %


13.10 %


12.97 %


12.76 %


12.43 %


12.76 %


12.43 %

Tangible Common Equity to Tangible Assets

8.67 %


8.75 %


8.58 %


8.32 %


8.05 %


8.67 %


8.05 %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting

Table 10


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2022


2022


2022


2022


2021


2022


2021

Banking Division














Net interest income

$  185,909


$  174,507


$  152,122


$  133,745


$  120,572


$  646,283


$  457,582

Provision for credit losses

35,946


10,551


10,175


5,226


4,565


61,898


(32,866)

Noninterest income

23,448


23,269


23,469


21,364


18,859


91,550


69,664

Noninterest expense














Salaries and employee benefits

52,296


48,599


46,733


49,195


36,522


196,823


157,079

Occupancy and equipment expenses

11,482


11,357


11,168


11,074


11,699


45,081


41,065

Data processing and telecommunications expenses

11,085


10,779


10,863


11,230


10,162


43,957


39,802

Other noninterest expenses

21,811


22,974


21,123


20,045


24,048


85,953


84,244

Total noninterest expense

96,674


93,709


89,887


91,544


82,431


371,814


322,190

Income before income tax expense

76,737


93,516


75,529


58,339


52,435


304,121


237,922

Income tax expense

16,545


22,706


19,120


16,996


14,010


75,367


64,446

Net income

$    60,192


$    70,810


$    56,409


$    41,343


$    38,425


$  228,754


$  173,476















Retail Mortgage Division














Net interest income

$    19,837


$    19,283


$    20,779


$    19,295


$    19,912


$    79,194


$    82,718

Provision for credit losses

(2,778)


9,043


4,499


1,587


175


12,351


2,947

Noninterest income

24,011


38,584


57,795


61,649


59,650


182,039


281,900

Noninterest expense














Salaries and employee benefits

19,164


25,813


31,219


31,614


36,787


107,810


167,796

Occupancy and equipment expenses

1,242


1,460


1,406


1,471


1,587


5,579


6,206

Data processing and telecommunications expenses

1,203


1,082


1,123


1,172


1,213


4,580


5,551

Other noninterest expenses

11,126


11,641


12,812


12,645


10,793


48,224


38,295

Total noninterest expense

32,735


39,996


46,560


46,902


50,380


166,193


217,848

Income before income tax expense

13,891


8,828


27,515


32,455


29,007


82,689


143,823

Income tax expense

2,916


1,854


5,779


6,815


6,092


17,364


30,203

Net income

$    10,975


$      6,974


$    21,736


$    25,640


$    22,915


$    65,325


$  113,620















Warehouse Lending Division














Net interest income

$      6,601


$      6,979


$      6,700


$      6,447


$      8,063


$    26,727


$    35,401

Provision for credit losses

117


(1,836)


867


(222)


77


(1,074)


(514)

Noninterest income

579


1,516


1,041


1,401


1,253


4,537


4,603

Noninterest expense














Salaries and employee benefits

427


1,055


208


283


258


1,973


1,130

Occupancy and equipment expenses

1


1


1


1


1


4


3

Data processing and telecommunications expenses

49


43


48


47


56


187


232

Other noninterest expenses

191


209


212


218


227


830


490

Total noninterest expense

668


1,308


469


549


542


2,994


1,855

Income before income tax expense

6,395


9,023


6,405


7,521


8,697


29,344


38,663

Income tax expense

1,342


1,895


1,346


1,579


1,827


6,162


8,120

Net income

$      5,053


$      7,128


$      5,059


$      5,942


$      6,870


$    23,182


$    30,543

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)

Table 10


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2022


2022


2022


2022


2021


2022


2021

SBA Division














Net interest income

$      2,491


$      2,424


$      3,798


$      6,011


$    11,319


$    14,724


$    51,535

Provision for credit losses

265


52


(523)


(143)


(663)


(349)


(2,921)

Noninterest income

302


1,946


1,526


2,491


2,002


6,265


9,360

Noninterest expense














Salaries and employee benefits

1,306


1,412


1,316


1,271


1,217


5,305


4,856

Occupancy and equipment expenses

98


82


81


99


121


360


475

Data processing and telecommunications expenses

30


29


29


28


28


116


47

Other noninterest expenses

368


100


539


380


645


1,387


1,594

Total noninterest expense

1,802


1,623


1,965


1,778


2,011


7,168


6,972

Income before income tax expense

726


2,695


3,882


6,867


11,973


14,170


56,844

Income tax expense

153


566


815


1,442


2,514


2,976


11,937

Net income

$         573


$      2,129


$      3,067


$      5,425


$      9,459


$    11,194


$    44,907















Premium Finance Division














Net interest income

$      9,299


$      9,788


$      7,965


$      7,046


$      6,971


$    34,098


$    28,091

Provision for credit losses

(660)


(158)


(94)


(217)


(1,395)


(1,129)


(2,011)

Noninterest income

8


9


10


6


5


33


17

Noninterest expense














Salaries and employee benefits

2,003


1,818


2,069


1,918


1,831


7,808


6,915

Occupancy and equipment expenses

82


83


90


82


86


337


317

Data processing and telecommunications expenses

119


82


92


95


75


388


344

Other noninterest expenses

978


959


1,064


952


1,013


3,953


3,683

Total noninterest expense

3,182


2,942


3,315


3,047


3,005


12,486


11,259

Income before income tax expense

6,785


7,013


4,754


4,222


5,366


22,774


18,860

Income tax expense

1,357


1,499


959


874


1,091


4,689


4,493

Net income

$      5,428


$      5,514


$      3,795


$      3,348


$      4,275


$    18,085


$    14,367















Total Consolidated














Net interest income

$  224,137


$  212,981


$  191,364


$  172,544


$  166,837


$  801,026


$  655,327

Provision for credit losses

32,890


17,652


14,924


6,231


2,759


71,697


(35,365)

Noninterest income

48,348


65,324


83,841


86,911


81,769


284,424


365,544

Noninterest expense














Salaries and employee benefits

75,196


78,697


81,545


84,281


76,615


319,719


337,776

Occupancy and equipment expenses

12,905


12,983


12,746


12,727


13,494


51,361


48,066

Data processing and telecommunications expenses

12,486


12,015


12,155


12,572


11,534


49,228


45,976

Other noninterest expenses

34,474


35,883


35,750


34,240


36,726


140,347


128,306

Total noninterest expense

135,061


139,578


142,196


143,820


138,369


560,655


560,124

Income before income tax expense

104,534


121,075


118,085


109,404


107,478


453,098


496,112

Income tax expense

22,313


28,520


28,019


27,706


25,534


106,558


119,199

Net income

$    82,221


$    92,555


$    90,066


$    81,698


$    81,944


$  346,540


$  376,913

 

 

 

SOURCE Ameris Bancorp

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