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AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS

Highlights of the Company's results for the full year 2023 include the following:

  • Net income of $269.1 million, or $3.89 per diluted share
  • Adjusted net income(1) of $276.3 million, or $4.00 per diluted share
  • Growth in tangible book value(1) of $3.72 per share, or 12.4%, to $33.64 at December 31, 2023
  • Increase in the allowance for credit losses to 1.52% of loans, from 1.04% at December 31, 2022, due to forecasted economic conditions, particularly related to commercial real estate price levels
  • Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved to 0.33% at December 31, 2023, compared with 0.34% at December 31, 2022
  • Adjusted efficiency ratio(1) of 52.58%
  • Organic growth in loans of $414.1 million, or 2.1%
  • Growth in total deposits of $1.25 billion, or 6.4%
  • Growth in TCE ratio(1) of 97bps, or 11.2%, to 9.64% at December 31, 2023

Significant items from the Company's results for the fourth quarter of 2023 include the following:

  • Net income of $65.9 million, or $0.96 per diluted share
  • Adjusted net income(1) of $73.6 million, or $1.07 per diluted share
  • Stable net interest margin of 3.54%
  • Adjusted efficiency ratio(1) of 52.87%
  • Growth in TCE ratio(1) of 53bps to 9.64% at December 31, 2023, compared with 9.11% last quarter

ATLANTA, Jan. 25, 2024 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023, compared with $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022. The Company reported adjusted net income(1) of $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023, compared with $81.1 million, or $1.17 per diluted share, for the same period in 2022. Adjusted net income excludes after-tax merger and conversion charges, FDIC special assessment, natural disaster expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, gain on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.

For the year ended December 31, 2023, the Company reported net income of $269.1 million, or $3.89 per diluted share, compared with $346.5 million, or $4.99 per diluted share, for 2022.  The Company reported adjusted net income(1) of $276.3 million, or $4.00 per diluted share, for the year ended December 31, 2023, compared with $329.4 million, or $4.75 per diluted share, for 2022.  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 solid fourth quarter financial results were a successful way to end 2023 and have us well positioned for 2024.  For the quarter and the full year, we continued to grow tangible book value and strengthened our balance sheet through strong deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses and robust capital growth.   We continue to operate with discipline to execute our strategies and to produce strong financial results.  Looking forward, we are focused on maintaining disciplined growth and top of peer group financial results in our strong Southeastern markets."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2023 increased to $838.8 million, compared with $804.9 million for 2022. The Company's net interest margin was 3.61% for 2023, compared with 3.76% for 2022. The Company recorded accretion income of $910,000 for 2023, compared with accretion expense of $285,000 for 2022. The increase in net interest income is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year.

Net interest income on a tax-equivalent basis (TE) was $207.0 million in the fourth quarter of 2023, a decrease of $1.7 million, or 0.8%, from last quarter and $18.0 million, or 8.0%, compared with the fourth quarter of 2022.  The Company's net interest margin was stable at 3.54% for both the third and fourth quarters of 2023, while down from 4.03% reported for the fourth quarter of 2022.  

Yields on earning assets increased seven basis points during the quarter to 5.69%, compared with 5.62% in the third quarter of 2023, and increased 78 basis points from 4.91% in the fourth quarter of 2022.  Yields on loans increased to 5.83% during the fourth quarter of 2023, compared with 5.81% for the third quarter of 2023 and 5.07% for the fourth quarter of 2022.

Loan production in the banking division during the fourth quarter of 2023 was $417.4 million, with weighted average yields of 10.35%, compared with $621.0 million and 9.49%, respectively, in the third quarter of 2023 and $612.9 million and 7.92%, respectively, in the fourth quarter of 2022.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.3 billion during the fourth quarter of 2023, with weighted average yields of 7.38%, compared with $4.2 billion and 7.28%, respectively, during the third quarter of 2023 and $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022.   

The Company's total cost of funds was 2.32% in the fourth quarter of 2023, an increase of eight basis points compared with the third quarter of 2023.  Deposit costs increased 16 basis points during the fourth quarter of 2023 to 2.16%, compared with 2.00% in the third quarter of 2023.  Costs of interest-bearing deposits increased during the quarter from 2.97% in the third quarter of 2023 to 3.17% in the fourth quarter of 2023, reflecting deposit beta catch-up in the current hold phase of the interest rate cycle.

Noninterest Income

Noninterest income decreased $6.9 million, or 11.0%, in the fourth quarter of 2023 to $56.2 million, compared with $63.2 million for the third quarter of 2023, primarily as a result of decreased mortgage banking activity, which declined by $4.8 million, or 13.3%, to $31.5 million in the fourth quarter of 2023, compared with $36.3 million for the third quarter of 2023.  Gain on sale spreads decreased to 1.93% in the fourth quarter of 2023 from 2.15% for the third quarter of 2023. Total production in the retail mortgage division decreased to $891.1 million in the fourth quarter of 2023, compared with $1.18 billion for the third quarter of 2023. The retail mortgage open pipeline was $400.1 million at the end of the fourth quarter of 2023, compared with $623.9 million at September 30, 2023. 

For the full year 2023, noninterest income decreased $41.6 million, or 14.6%, to $242.8 million, compared with $284.4 million for 2022, primarily as a result of decreased mortgage banking activity, which declined by $45.0 million, or 24.3%, to $139.9 million in 2023, compared with $184.9 million in 2022.  Production in the retail mortgage division decreased to $4.3 billion in 2023, compared with $5.5 billion in 2022, while gain on sale spreads narrowed to 2.07% in 2023 from 2.27% in 2022. 

Noninterest Expense

Noninterest expense increased $7.6 million, or 5.3%, to $149.0 million during the fourth quarter of 2023, compared with $141.4 million for the third quarter of 2023.  During the fourth quarter of 2023, the Company recorded $11.6 million related to the FDIC special assessment and a $1.9 million gain on sale of bank premises.  Excluding those charges, adjusted expenses(1) decreased approximately $2.1 million, or 1.5%, to $139.3 million in the fourth quarter of 2023, from $141.4 million in the third quarter of 2023.  The decrease in adjusted expenses(1) resulted from a $4.5 million decline in mortgage expenses related to reduced production, offset by a $3.3 million increase in the banking division, the majority of which was related to increased legal and professional fees, data processing expenses and a decrease in the gain on sale of OREO properties.  Management continues to deliver high performing operating efficiency, with an adjusted efficiency ratio(1) of 52.87% in the fourth quarter of 2023, compared with 52.02% in the third quarter of 2023.

For the full year 2023, noninterest expense increased $17.6 million, or 3.1%, to $578.3 million, compared with $560.7 million in 2022. Excluding adjustment items of $9.7 million in 2023 and $1.3 million in 2022, adjusted expenses increased $9.3 million, or 1.7% to $586.6 million in 2023, from $559.3 million in 2022.  This increase is primarily attributable to a reduction in deferred loan origination costs, partially offset by a reduction in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2023 was 24.6%, compared with 23.5% in 2022.  The Company's effective tax rate for the fourth quarter of 2023 was 27.1%, compared with 23.7% in the third quarter of 2023.  The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment when the Company filed its 2022 income tax returns in the fourth quarter of 2023.

Balance Sheet Trends

Total assets at December 31, 2023 were $25.20 billion, compared with $25.05 billion at December 31, 2022.  Debt securities available-for-sale decreased to $1.40 billion, compared with $1.50 billion at December 31, 2022.  Loans, net of unearned income, increased $414.1 million, or 2.1%, to $20.27 billion at December 31, 2023, compared with $19.86 billion at December 31, 2022.  Loans held for sale decreased $110.7 million from $392.1 million at December 31, 2022 to $281.3 million at December 31, 2023 due to a decline in mortgage activity resulting from the rising rate environment.

At December 31, 2023, total deposits amounted to $20.71 billion, or 97.0% of total funding, compared with $19.46 billion and 90.7%, respectively, at December 31, 2022.  During the fourth quarter of 2023, deposits grew $118.2 million with NOW and money market accounts increasing $513.9 million and retail CD accounts increasing $48.5 million, with such increases being offset in part by a $98.0 million decrease in noninterest-bearing accounts and a $324.2 million decrease in brokered CDs.  Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at December 31, 2023, noninterest-bearing deposit accounts were $6.49 billion, or 31.3% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022. 

During the fourth quarter of 2023, utilizing existing liquidity the Company reduced borrowings with the FHLB by $700.0 million

Shareholders' equity at December 31, 2023 totaled $3.43 billion, an increase of $229.3 million, or 7.2%, from December 31, 2022.  The increase in shareholders' equity was primarily the result of earnings of $269.1 million during 2023, partially offset by dividends declared and share repurchases.  Tangible book value per share(1) increased $1.26 per share, or 15.4% annualized, during the fourth quarter to $33.64 at December 31, 2023.  The Company recorded an improvement of $0.36 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 $3.72, or 12.4%, to $33.64 at December 31, 2023, compared with $29.92 at December 31, 2022.  Tangible common equity as a percentage of tangible assets was 9.64% at December 31, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company.  During the fourth quarter of 2023, the Company recorded a provision for credit losses of $23.0 million, compared with a provision of $24.5 million in the third quarter of 2023.  Nonperforming assets as a percentage of total assets increased 11 basis points to 0.69% during the quarter.  Approximately $90.2 million, or 51.7%, of the nonperforming assets at December 31, 2023 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 0.33% at December 31, 2023, compared with 0.27% at September 30, 2023.   The net charge-off ratio was 26 basis points for the fourth quarter of 2023, compared with 23 basis points in the third quarter of 2023.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-317-6789.  The conference call access code is Ameris Bancorp.  A replay of the call will be available one hour after the end of the conference call until February 2, 2024.  To listen to the replay, dial 1-877-344-7529.  The conference replay access code is 3003910.  The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

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

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia.  Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $25.20 billion in assets as of December 31, 2023, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

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, 2022 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)

2023


2023


2023


2023


2022


2023


2022

EARNINGS














Net income

$    65,934


$    80,115


$    62,635


$    60,421


$    82,221


$  269,105


$  346,540

Adjusted net income

$    73,568


$    80,115


$    62,635


$    59,935


$    81,086


$  276,253


$  329,415















COMMON SHARE DATA














Earnings per share available to common shareholders














Basic

$        0.96


$        1.16


$        0.91


$        0.87


$        1.19


$        3.90


$        5.01

Diluted

$        0.96


$        1.16


$        0.91


$        0.87


$        1.18


$        3.89


$        4.99

Adjusted diluted EPS(1)

$        1.07


$        1.16


$        0.91


$        0.86


$        1.17


$        4.00


$        4.75

Cash dividends per share

$        0.15


$        0.15


$        0.15


$        0.15


$        0.15


$        0.60


$        0.60

Book value per share (period end)

$      49.62


$      48.41


$      47.51


$      46.89


$      46.09


$      49.62


$      46.09

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

$      33.64


$      32.38


$      31.42


$      30.79


$      29.92


$      33.64


$      29.92

Weighted average number of shares














Basic

68,824,004


68,879,352


68,989,549


69,171,562


69,138,431


68,977,453


69,193,591

Diluted

69,014,793


68,994,247


69,034,763


69,322,664


69,395,224


69,104,158


69,419,721

Period end number of shares

69,053,341


69,138,461


69,139,783


69,373,863


69,369,050


69,053,341


69,369,050

Market data














High intraday price

$      53.84


$      45.34


$      37.18


$      50.54


$      54.24


$      53.84


$      55.62

Low intraday price

$      34.26


$      33.21


$      28.33


$      34.28


$      44.61


$      28.33


$      38.22

Period end closing price

$      53.05


$      38.39


$      34.21


$      36.58


$      47.14


$      53.05


$      47.14

Average daily volume

390,190


361,167


475,198


452,242


340,890


419,347


400,670















PERFORMANCE RATIOS














Return on average assets

1.03 %


1.25 %


0.98 %


0.98 %


1.34 %


1.06 %


1.47 %

Adjusted return on average assets(1)

1.15 %


1.25 %


0.98 %


0.97 %


1.32 %


1.09 %


1.39 %

Return on average common equity

7.73 %


9.56 %


7.63 %


7.54 %


10.30 %


8.12 %


11.24 %

Adjusted return on average tangible common equity(1)

12.81 %


14.35 %


11.53 %


11.41 %


15.78 %


12.55 %


16.92 %

Earning asset yield (TE)

5.69 %


5.62 %


5.52 %


5.25 %


4.91 %


5.52 %


4.19 %

Total cost of funds

2.32 %


2.24 %


2.05 %


1.59 %


0.94 %


2.05 %


0.46 %

Net interest margin (TE)

3.54 %


3.54 %


3.60 %


3.76 %


4.03 %


3.61 %


3.76 %

Efficiency ratio

56.80 %


52.21 %


53.60 %


52.08 %


49.57 %


53.65 %


51.65 %

Adjusted efficiency ratio (TE)(1)

52.87 %


52.02 %


53.41 %


51.99 %


49.61 %


52.58 %


52.48 %















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

13.60 %


13.02 %


12.73 %


12.47 %


12.76 %


13.60 %


12.76 %

Tangible common equity to tangible assets(1)

9.64 %


9.11 %


8.80 %


8.55 %


8.67 %


9.64 %


8.67 %















OTHER DATA (period end)














Full time equivalent employees














Banking Division

2,060


2,049


2,069


2,093


2,079


2,060


2,079

Retail Mortgage Division

595


601


613


630


633


595


633

Warehouse Lending Division

7


8


8


8


8


7


8

SBA Division

28


33


35


39


39


28


39

Premium Finance Division

75


78


76


78


76


75


76

Total Ameris Bancorp FTE headcount

2,765


2,769


2,801


2,848


2,835


2,765


2,835















Branch locations

164


164


164


164


164


164


164

Deposits per branch location

$  126,271


$  125,551


$  124,653


$  121,326


$  118,675


$  126,271


$  118,675















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





 

 

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)

2023


2023


2023


2023


2022


2023


2022

Interest income














Interest and fees on loans

$     303,487


$     304,699


$     292,012


$     271,964


$     250,263


$  1,172,162


$     834,969

Interest on taxable securities

14,033


14,754


15,915


14,300


13,029


59,002


34,656

Interest on nontaxable securities

326


331


339


339


358


1,335


1,176

Interest on deposits in other banks

14,368


10,769


13,686


9,113


9,984


47,936


23,008

Interest on federal funds sold





8



77

Total interest income

332,214


330,553


321,952


295,716


273,642


1,280,435


893,886















Interest expense














Interest on deposits

111,749


102,999


88,087


53,182


33,071


356,017


56,105

Interest on other borrowings

14,364


19,803


24,325


30,882


16,434


89,374


36,755

Total interest expense

126,113


122,802


112,412


84,064


49,505


445,391


92,860















Net interest income

206,101


207,751


209,540


211,652


224,137


835,044


801,026















Provision for loan losses

30,401


30,095


43,643


49,376


24,648


153,515


52,610

Provision for unfunded commitments

(7,438)


(5,634)


1,873


346


8,246


(10,853)


19,226

Provision for other credit losses

(11)


(2)



7


(4)


(6)


(139)

Provision for credit losses

22,952


24,459


45,516


49,729


32,890


142,656


71,697

Net interest income after provision for credit losses

183,149


183,292


164,024


161,923


191,247


692,388


729,329















Noninterest income














Service charges on deposit accounts

12,252


12,092


11,295


10,936


11,125


46,575


44,499

Mortgage banking activity

31,461


36,290


40,742


31,392


22,855


139,885


184,904

Other service charges, commissions and fees

1,234


1,221


975


971


968


4,401


3,875

Gain (loss) on securities

(288)


(16)


(6)


6


3


(304)


203

Other noninterest income

11,589


13,594


14,343


12,745


13,397


52,271


50,943

Total noninterest income

56,248


63,181


67,349


56,050


48,348


242,828


284,424















Noninterest expense














Salaries and employee benefits

75,966


81,898


81,336


80,910


75,196


320,110


319,719

Occupancy and equipment

13,197


12,745


12,522


12,986


12,905


51,450


51,361

Data processing and communications expenses

14,028


12,973


13,451


13,034


12,486


53,486


49,228

Credit resolution-related expenses(1)

157


(1,360)


848


435


372


80


29

Advertising and marketing

2,974


2,723


2,627


3,532


3,818


11,856


12,481

Amortization of intangible assets

4,425


4,425


4,688


4,706


4,709


18,244


19,744

Merger and conversion charges





235



1,212

Other noninterest expenses

38,264


28,042


32,931


23,818


25,340


123,055


106,881

Total noninterest expense

149,011


141,446


148,403


139,421


135,061


578,281


560,655















Income before income tax expense

90,386


105,027


82,970


78,552


104,534


356,935


453,098

Income tax expense

24,452


24,912


20,335


18,131


22,313


87,830


106,558

Net income

$       65,934


$       80,115


$       62,635


$       60,421


$       82,221


$     269,105


$     346,540















Diluted earnings per common share

$          0.96


$          1.16


$          0.91


$          0.87


$          1.18


$          3.89


$          4.99















(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)

2023


2023


2023


2023


2022

Assets










Cash and due from banks

$     230,470


$     241,137


$     284,552


$     266,400


$     284,567

Federal funds sold and interest-bearing deposits in banks

936,834


1,304,636


1,034,578


1,754,453


833,565

Debt securities available-for-sale, at fair value

1,402,944


1,424,081


1,460,356


1,496,836


1,500,060

Debt securities held-to-maturity, at amortized cost

141,512


141,859


142,513


134,175


134,864

Other investments

71,794


104,957


109,656


146,715


110,992

Loans held for sale

281,332


381,466


391,472


395,096


392,078











Loans, net of unearned income

20,269,303


20,201,079


20,471,759


19,997,871


19,855,253

Allowance for credit losses

(307,100)


(290,104)


(272,071)


(242,658)


(205,677)

Loans, net

19,962,203


19,910,975


20,199,688


19,755,213


19,649,576











Other real estate owned

6,199


3,397


6,170


1,502


843

Premises and equipment, net

216,435


217,564


218,662


218,878


220,283

Goodwill

1,015,646


1,015,646


1,015,646


1,015,646


1,015,646

Other intangible assets, net

87,949


92,375


96,800


101,488


106,194

Cash value of bank owned life insurance

395,778


393,769


391,483


389,201


388,405

Other assets

454,603


465,968


449,042


412,781


416,213

Total assets

$ 25,203,699


$ 25,697,830


$ 25,800,618


$ 26,088,384


$ 25,053,286











Liabilities










Deposits










Noninterest-bearing

$  6,491,639


$  6,589,610


$  6,706,897


$  7,297,893


$  7,929,579

Interest-bearing

14,216,870


14,000,735


13,736,228


12,599,562


11,533,159

Total deposits

20,708,509


20,590,345


20,443,125


19,897,455


19,462,738

Other borrowings

509,586


1,209,553


1,536,989


2,401,327


1,875,736

Subordinated deferrable interest debentures

130,315


129,817


129,319


128,820


128,322

Other liabilities

428,542


421,046


406,555


407,587


389,090

Total liabilities

21,776,952


22,350,761


22,515,988


22,835,189


21,855,886











Shareholders' Equity










Preferred stock





Common stock

72,516


72,514


72,515


72,484


72,264

Capital stock

1,945,385


1,942,852


1,939,865


1,937,664


1,935,211

Retained earnings

1,539,957


1,484,424


1,414,742


1,362,512


1,311,258

Accumulated other comprehensive income (loss), net of tax

(35,939)


(60,818)


(50,618)


(35,581)


(46,507)

Treasury stock

(95,172)


(91,903)


(91,874)


(83,884)


(74,826)

Total shareholders' equity

3,426,747


3,347,069


3,284,630


3,253,195


3,197,400

Total liabilities and shareholders' equity

$ 25,203,699


$ 25,697,830


$ 25,800,618


$ 26,088,384


$ 25,053,286











Other Data










Earning assets

$ 23,103,719


$ 23,558,078


$ 23,610,334


$ 23,925,146


$ 22,826,812

Intangible assets

1,103,595


1,108,021


1,112,446


1,117,134


1,121,840

Interest-bearing liabilities

14,856,771


15,340,105


15,402,536


15,129,709


13,537,217

Average assets

25,341,990


25,525,913


25,631,846


25,115,927


24,354,979

Average common shareholders' equity

3,383,554


3,324,960


3,293,049


3,250,289


3,168,320

 

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)

2023


2023


2023


2023


2022


2023


2022

Allowance for Credit Losses














Balance at beginning of period

$  339,180


$  326,783


$  295,497


$  258,163


$  229,135


$  258,163


$  200,981















Adoption of ASU 2022-02




(1,711)



(1,711)
















Provision for loan losses

30,401


30,095


43,643


49,376


24,648


153,515


52,610

Provision for unfunded commitments

(7,438)


(5,634)


1,873


346


8,246


(10,853)


19,226

Provision for other credit losses

(11)


(2)



7


(4)


(6)


(139)

Provision for credit losses

22,952


24,459


45,516


49,729


32,890


142,656


71,697















Charge-offs

20,104


19,488


20,670


14,956


8,371


75,218


33,075

Recoveries

6,699


7,426


6,440


4,272


4,509


24,837


18,560

Net charge-offs (recoveries)

13,405


12,062


14,230


10,684


3,862


50,381


14,515















Ending balance

$  348,727


$  339,180


$  326,783


$  295,497


$  258,163


$  348,727


$  258,163















Allowance for loan losses

$  307,100


$  290,104


$  272,071


$  242,658


$  205,677


$  307,100


$  205,677

Allowance for unfunded commitments

41,558


48,996


54,630


52,757


52,411


41,558


52,411

Allowance for other credit losses

69


80


82


82


75


69


75

Total allowance for credit losses

$  348,727


$  339,180


$  326,783


$  295,497


$  258,163


$  348,727


$  258,163















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$    15,840


$    16,519


$    13,316


$    12,233


$      5,108


$    57,908


$    18,635

Consumer

2,785


948


2,052


1,140


1,136


6,925


4,926

Indirect automobile

20


36


65


34


86


155


265

Premium Finance

1,347


1,951


1,848


1,421


1,812


6,567


5,452

Real estate - construction and development





27



27

Real estate - commercial and farmland

84



3,320



196


3,404


3,574

Real estate - residential

28


34


69


128


6


259


196

Total charge-offs

20,104


19,488


20,670


14,956


8,371


75,218


33,075

Recoveries














Commercial, financial and agricultural

4,701


4,745


3,545


2,043


2,072


15,034


9,954

Consumer

130


203


194


297


217


824


882

Indirect automobile

177


158


225


216


229


776


1,045

Premium Finance

1,100


1,639


1,680


1,382


1,682


5,801


5,065

Real estate - construction and development

303


74


472


100


223


949


892

Real estate - commercial and farmland

90


371


61


44


48


566


225

Real estate - residential

198


236


263


190


38


887


497

Total recoveries

6,699


7,426


6,440


4,272


4,509


24,837


18,560

Net charge-offs (recoveries)

$    13,405


$    12,062


$    14,230


$    10,684


$      3,862


$    50,381


$    14,515















Non-Performing Assets














Nonaccrual portfolio loans

$    60,961


$    53,806


$    57,025


$    68,028


$    65,221


$    60,961


$    65,221

Other real estate owned

6,199


3,397


6,170


1,502


843


6,199


843

Repossessed assets

17


22


9


25


28


17


28

Accruing loans delinquent 90 days or more

16,988


11,891


13,424


15,792


17,865


16,988


17,865

Non-performing portfolio assets

$    84,165


$    69,116


$    76,628


$    85,347


$    83,957


$    84,165


$    83,957

Serviced GNMA-guaranteed mortgage nonaccrual loans

90,156


80,752


69,655


74,999


69,587


90,156


69,587

Total non-performing assets

$  174,321


$  149,868


$  146,283


$  160,346


$  153,544


$  174,321


$  153,544















Asset Quality Ratios














Non-performing portfolio assets as a percent of total assets

0.33 %


0.27 %


0.30 %


0.33 %


0.34 %


0.33 %


0.34 %

Total non-performing assets as a percent of total assets

0.69 %


0.58 %


0.57 %


0.61 %


0.61 %


0.69 %


0.61 %

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

0.26 %


0.23 %


0.28 %


0.22 %


0.08 %


0.25 %


0.08 %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2023


2023


2023


2023


2022

Loans by Type










Commercial, financial and agricultural

$  2,688,929


$  2,632,836


$  2,718,831


$  2,722,180


$  2,679,403

Consumer

241,552


259,797


307,486


349,775


384,037

Indirect automobile

34,257


47,108


63,231


83,466


108,648

Mortgage warehouse

818,728


852,823


1,147,413


958,418


1,038,924

Municipal

492,668


497,093


510,410


505,515


509,151

Premium Finance

946,562


1,007,334


988,731


947,257


1,023,479

Real estate - construction and development

2,129,187


2,236,686


2,217,744


2,144,605


2,086,438

Real estate - commercial and farmland

8,059,754


7,865,389


7,815,779


7,721,732


7,604,868

Real estate - residential

4,857,666


4,802,013


4,702,134


4,564,923


4,420,305

Total loans

$ 20,269,303


$ 20,201,079


$ 20,471,759


$ 19,997,871


$ 19,855,253











Loans by Risk Grade










Grades 1 through 5 - Pass

$ 19,846,731


$ 19,812,895


$ 20,114,816


$ 19,654,232


$ 19,513,726

Grade 6 - Other assets especially mentioned

203,725


187,449


171,035


116,345


104,614

Grade 7 - Substandard

218,847


200,735


185,908


227,294


236,913

Grade 8 - Doubtful





Grade 9 - Loss





Total loans

$ 20,269,303


$ 20,201,079


$ 20,471,759


$ 19,997,871


$ 19,855,253

 

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)

2023


2023


2023


2023


2022


2023


2022

Earning Assets














Federal funds sold

$             —


$             —


$             —


$             —


$           924


$             —


$       10,836

Interest-bearing deposits in banks

936,733


864,028


998,609


859,614


1,009,935


914,818


1,993,672

Debt securities - taxable

1,503,889


1,548,647


1,582,076


1,586,404


1,451,861


1,555,009


1,065,511

Debt securities - nontaxable

40,227


40,896


42,580


43,052


44,320


41,679


39,779

Other investments

87,678


101,517


117,020


131,044


83,730


109,175


58,170

Loans held for sale

405,080


464,452


577,606


490,295


371,952


484,070


718,599

Loans

20,252,773


20,371,689


20,164,938


19,820,749


19,212,560


20,154,321


17,521,461

Total Earning Assets

$ 23,226,380


$ 23,391,229


$ 23,482,829


$ 22,931,158


$ 22,175,282


$ 23,259,072


$ 21,408,028















Deposits














Noninterest-bearing deposits

$  6,572,190


$  6,655,191


$  6,729,789


$  7,136,373


$  8,138,887


$  6,771,464


$  8,005,201

NOW accounts

3,760,992


3,661,701


3,949,850


4,145,991


3,621,454


3,878,034


3,675,586

MMDA

5,994,361


5,527,731


5,002,590


4,994,195


5,161,047


5,382,865


5,128,497

Savings accounts

817,075


915,678


1,009,749


1,005,614


1,010,966


936,454


1,005,752

Retail CDs

2,281,357


2,200,413


2,024,014


1,612,325


1,450,037


2,031,828


1,604,978

Brokered CDs

1,122,684


1,441,854


1,393,206


125,133



1,024,606


Total Deposits

20,548,659


20,402,568


20,109,198


19,019,631


19,382,391


20,025,251


19,420,014

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase





1



1,477

FHLB advances

538,096


943,855


1,408,855


1,968,811


918,228


1,210,242


279,409

Other borrowings

311,091


312,572


316,626


361,445


377,056


325,260


393,393

Subordinated deferrable interest debentures

130,054


129,554


129,056


128,557


128,060


129,310


127,316

Total Non-Deposit Funding

979,241


1,385,981


1,854,537


2,458,813


1,423,345


1,664,812


801,595

Total Funding

$ 21,527,900


$ 21,788,549


$ 21,963,735


$ 21,478,444


$ 20,805,736


$ 21,690,063


$ 20,221,609

 

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)

2023


2023


2023


2023


2022


2023


2022

Interest Income














Federal funds sold

$            —


$             —


$             —


$             —


$               8


$             —


$             77

Interest-bearing deposits in banks

14,368


10,769


13,686


9,113


9,984


47,936


23,008

Debt securities - taxable

14,033


14,754


15,915


14,300


13,029


59,002


34,656

Debt securities - nontaxable (TE)

413


418


430


429


454


1,690


1,489

Loans held for sale

6,846


7,460


8,398


7,007


5,519


29,711


29,699

Loans (TE)

297,501


298,102


284,471


265,802


245,603


1,145,876


808,826

Total Earning Assets

$    333,161


$     331,503


$     322,900


$     296,651


$     274,597


$  1,284,215


$     897,755















Interest Expense














Interest-Bearing Deposits














NOW accounts

$      19,293


$       17,255


$       18,003


$       15,033


$         8,564


$       69,584


$       14,367

MMDA

54,002


45,683


35,224


27,809


20,683


162,718


33,143

Savings accounts

974


1,791


2,296


1,288


654


6,349


1,287

Retail CDs

22,257


19,013


14,751


7,629


3,170


63,650


7,308

Brokered CDs

15,223


19,257


17,813


1,423



53,716


Total Interest-Bearing Deposits

111,749


102,999


88,087


53,182


33,071


356,017


56,105

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase







4

FHLB advances

7,089


12,543


17,222


22,448


8,801


59,302


9,710

Other borrowings

3,798


3,821


3,902


5,349


4,953


16,870


19,209

Subordinated deferrable interest debentures

3,477


3,439


3,201


3,085


2,680


13,202


7,832

Total Non-Deposit Funding

14,364


19,803


24,325


30,882


16,434


89,374


36,755

Total Interest-Bearing Funding

$    126,113


$     122,802


$     112,412


$       84,064


$       49,505


$     445,391


$       92,860















Net Interest Income (TE)

$    207,048


$     208,701


$     210,488


$     212,587


$     225,092


$     838,824


$     804,895

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Yields(1)

Table 8


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec


2023


2023


2023


2023


2022


2023


2022

Earning Assets














Federal funds sold

— %


— %


— %


— %


3.43 %


— %


0.71 %

Interest-bearing deposits in banks

6.09 %


4.94 %


5.50 %


4.30 %


3.92 %


5.24 %


1.15 %

Debt securities - taxable

3.70 %


3.78 %


4.03 %


3.66 %


3.56 %


3.79 %


3.25 %

Debt securities - nontaxable (TE)

4.07 %


4.06 %


4.05 %


4.04 %


4.06 %


4.05 %


3.74 %

Loans held for sale

6.71 %


6.37 %


5.83 %


5.80 %


5.89 %


6.14 %


4.13 %

Loans (TE)

5.83 %


5.81 %


5.66 %


5.44 %


5.07 %


5.69 %


4.62 %

Total Earning Assets

5.69 %


5.62 %


5.52 %


5.25 %


4.91 %


5.52 %


4.19 %















Interest-Bearing Deposits














NOW accounts

2.04 %


1.87 %


1.83 %


1.47 %


0.94 %


1.79 %


0.39 %

MMDA

3.57 %


3.28 %


2.82 %


2.26 %


1.59 %


3.02 %


0.65 %

Savings accounts

0.47 %


0.78 %


0.91 %


0.52 %


0.26 %


0.68 %


0.13 %

Retail CDs

3.87 %


3.43 %


2.92 %


1.92 %


0.87 %


3.13 %


0.46 %

Brokered CDs

5.38 %


5.30 %


5.13 %


4.61 %


— %


5.24 %


— %

Total Interest-Bearing Deposits

3.17 %


2.97 %


2.64 %


1.82 %


1.17 %


2.69 %


0.49 %

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to repurchase

— %


— %


— %


— %


— %


— %


0.27 %

FHLB advances

5.23 %


5.27 %


4.90 %


4.62 %


3.80 %


4.90 %


3.48 %

Other borrowings

4.84 %


4.85 %


4.94 %


6.00 %


5.21 %


5.19 %


4.88 %

Subordinated deferrable interest debentures

10.61 %


10.53 %


9.95 %


9.73 %


8.30 %


10.21 %


6.15 %

Total Non-Deposit Funding

5.82 %


5.67 %


5.26 %


5.09 %


4.58 %


5.37 %


4.59 %

Total Interest-Bearing Liabilities

3.35 %


3.22 %


2.96 %


2.38 %


1.55 %


2.99 %


0.76 %















Net Interest Spread

2.34 %


2.40 %


2.56 %


2.87 %


3.36 %


2.53 %


3.43 %















Net Interest Margin(2)

3.54 %


3.54 %


3.60 %


3.76 %


4.03 %


3.61 %


3.76 %















Total Cost of Funds(3)

2.32 %


2.24 %


2.05 %


1.59 %


0.94 %


2.05 %


0.46 %

(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)

2023


2023


2023


2023


2022


2023


2022

Net income available to common shareholders

$     65,934


$     80,115


$     62,635


$    60,421


$     82,221


$   269,105


$  346,540















Adjustment items:














Merger and conversion charges





235



1,212

Gain on sale of MSR





(1,672)



(1,356)

Servicing right impairment (recovery)







(21,824)

Gain on BOLI proceeds




(486)



(486)


(55)

FDIC special assessment

11,566






11,566


Natural disaster expenses







151

(Gain) loss on bank premises

(1,903)






(1,903)


(45)

Tax effect of adjustment items (Note 1)

(2,029)





302


(2,029)


4,792

After tax adjustment items

7,634




(486)


(1,135)


7,148


(17,125)

Adjusted net income

$     73,568


$     80,115


$     62,635


$    59,935


$     81,086


$   276,253


$  329,415















Weighted average number of shares - diluted

69,014,793


68,994,247


69,034,763


69,322,664


69,395,224


69,104,158


69,419,721

Net income per diluted share

$        0.96


$        1.16


$        0.91


$        0.87


$        1.18


$         3.89


$       4.99

Adjusted net income per diluted share

$        1.07


$        1.16


$        0.91


$        0.86


$        1.17


$         4.00


$       4.75















Average assets

$  25,341,990


$  25,525,913


$  25,631,846


$  25,115,927


$  24,354,979


$  25,404,873


$  23,644,754

Return on average assets

1.03 %


1.25 %


0.98 %


0.98 %


1.34 %


1.06 %


1.47 %

Adjusted return on average assets

1.15 %


1.25 %


0.98 %


0.97 %


1.32 %


1.09 %


1.39 %















Average common equity

$ 3,383,554


$ 3,324,960


$ 3,293,049


$                  3,250,289


$ 3,168,320


$ 3,313,361


$                  3,083,081

Average tangible common equity

$ 2,277,810


$ 2,214,775


$ 2,178,323


$                  2,130,856


$ 2,039,094


$ 2,200,883


$                  1,947,222

Return on average common equity

7.73 %


9.56 %


7.63 %


7.54 %


10.30 %


8.12 %


11.24 %

Adjusted return on average tangible common equity

12.81 %


14.35 %


11.53 %


11.41 %


15.78 %


12.55 %


16.92 %















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 the twelve months ended December 2022 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)

2023


2023


2023


2023


2022


2023


2022

Adjusted Noninterest Expense














Total noninterest expense

$  149,011


$  141,446


$  148.403


$  139,421


$  135,061


$  578,281


$  560,655

Adjustment items:














Merger and conversion charges





(235)



(1,212)

FDIC special assessment

(11,566)






(11,566)


Natural disaster expenses







(151)

Gain (loss) on bank premises

1,903






1,903


45

Adjusted noninterest expense

$  139,348


$  141,446


$  148.403


$  139,421


$  134,826


$  568,618


$  559,337















Total Revenue














Net interest income

$  206,101


$  207,751


$  209,540


$  211,652


$  224,137


$  835,044


$  801,026

Noninterest income

56,248


63,181


67,349


56,050


48,348


242,828


284,424

Total revenue

$  262,349


$  270,932


$  276,889


$  267,702


$  272,485


$                  1,077,872


$                  1,085,450















Adjusted Total Revenue














Net interest income (TE)

$  207,048


$  208,701


$  210,488


$  212,587


$  225,092


$  838,824


$  804,895

Noninterest income

56,248


63,181


67,349


56,050


48,348


242,828


284,424

Total revenue (TE)

263,296


271,882


277,837


268,637


273,440


1,081,652


1,089,319

Adjustment items:














(Gain) loss on securities

288


16


6


(6)


(3)


304


(203)

Gain on sale of MSR





(1,672)



(1,356)

Gain on BOLI proceeds




(486)



(486)


(55)

Servicing right impairment (recovery)







(21,824)

Adjusted total revenue (TE)

$  263,584


$  271,898


$  277,843


$  268,145


$  271,765


$                  1,081,470


$                  1,065,881















Efficiency ratio

56.80 %


52.21 %


53.60 %


52.08 %


49.57 %


53.65 %


51.65 %

Adjusted efficiency ratio (TE)

52.87 %


52.02 %


53.41 %


51.99 %


49.61 %


52.58 %


52.48 %















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)

2023


2023


2023


2023


2022


2023


2022

Total shareholders' equity

$                  3,426,747


$                  3,347,069


$                  3,284,630


$                  3,253,195


$                  3,197,400


$                  3,426,747


$                  3,197,400

Less:














Goodwill

1,015,646


1,015,646


1,015,646


1,015,646


1,015,646


1,015,646


1,015,646

Other intangibles, net

87,949


92,375


96,800


101,488


106,194


87,949


106,194

Total tangible shareholders' equity

$                  2,323,152


$                  2,239,048


$                  2,172,184


$                  2,136,061


$                  2,075,560


$                  2,323,152


$                  2,075,560















Period end number of shares

69,053,341


69,138,461


69,139,783


69,373,863


69,369,050


69,053,341


69,369,050

Book value per share (period end)

$     49.62


$     48.41


$      47.51


$     46.89


$     46.09


$      49.62


$     46.09

Tangible book value per share (period end)

$     33.64


$     32.38


$      31.42


$     30.79


$     29.92


$      33.64


$     29.92

 

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)

2023


2023


2023


2023


2022


2023


2022

Total shareholders' equity

$ 3,426,747


$ 3,347,069


$ 3,284,630


$ 3,253,195


$ 3,197,400


$ 3,426,747


$ 3,197,400

Less:














Goodwill

1,015,646


1,015,646


1,015,646


1,015,646


1,015,646


1,015,646


1,015,646

Other intangibles, net

87,949


92,375


96,800


101,488


106,194


87,949


106,194

Total tangible shareholders' equity

$ 2,323,152


$ 2,239,048


$ 2,172,184


$ 2,136,061


$ 2,075,560


$ 2,323,152


$ 2,075,560















Total assets

$  25,203,699


$  25,697,830


$  25,800,618


$  26,088,384


$  25,053,286


$  25,203,699


$  25,053,286

Less:














Goodwill

1,015,646


1,015,646


1,015,646


1,015,646


1,015,646


1,015,646


1,015,646

Other intangibles, net

87,949


92,375


96,800


101,488


106,194


87,949


106,194

Total tangible assets

$  24,100,104


$  24,589,809


$  24,688,172


$  24,971,250


$  23,931,446


$  24,100,104


$  23,931,446















Equity to Assets

13.60 %


13.02 %


12.73 %


12.47 %


12.76 %


13.60 %


12.76 %

Tangible Common Equity to Tangible Assets

9.64 %


9.11 %


8.80 %


8.55 %


8.67 %


9.64 %


8.67 %

 

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)

2023


2023


2023


2023


2022


2023


2022

Banking Division














Net interest income

$  166,114


$  167,595


$  171,441


$  175,328


$  185,909


$  680,478


$  646,283

Provision for credit losses

21,194


20,833


40,831


47,140


35,946


129,998


61,898

Noninterest income

24,069


26,245


24,652


23,898


23,448


98,864


91,550

Noninterest expense














Salaries and employee benefits

55,687


56,226


55,196


56,442


52,296


223,551


196,823

Occupancy and equipment expenses

11,865


11,437


11,175


11,606


11,482


46,083


45,081

Data processing and telecommunications expenses

12,540


11,786


11,898


11,797


11,085


48,021


43,957

Other noninterest expenses

33,089


20,274


27,643


19,023


21,811


100,029


85,953

Total noninterest expense

113,181


99,723


105,912


98,868


96,674


417,684


371,814

Income before income tax expense

55,808


73,284


49,350


53,218


76,737


231,660


304,121

Income tax expense

17,206


18,283


13,312


12,848


16,545


61,649


75,367

Net income

$    38,602


$    55,001


$    36,038


$    40,370


$    60,192


$  170,011


$  228,754















Retail Mortgage Division














Net interest income

$    24,053


$    22,805


$    21,417


$    20,027


$    19,837


$    88,302


$    79,194

Provision for credit losses

1,005


2,399


3,278


2,853


(2,778)


9,535


12,351

Noninterest income

30,588


35,691


39,808


31,058


24,011


137,145


182,039

Noninterest expense














Salaries and employee benefits

16,996


21,231


21,930


20,160


19,164


80,317


107,810

Occupancy and equipment expenses

1,210


1,182


1,224


1,283


1,242


4,899


5,579

Data processing and telecommunications expenses

1,318


1,052


1,397


1,069


1,203


4,836


4,580

Other noninterest expenses

11,634


12,153


11,859


11,747


11,126


47,393


48,224

Total noninterest expense

31,158


35,618


36,410


34,259


32,735


137,445


166,193

Income before income tax expense

22,478


20,479


21,537


13,973


13,891


78,467


82,689

Income tax expense

4,720


4,301


4,523


2,934


2,916


16,478


17,364

Net income

$    17,758


$    16,178


$    17,014


$    11,039


$    10,975


$    61,989


$    65,325















Warehouse Lending Division














Net interest income

$      5,965


$      6,008


$      6,166


$      5,700


$      6,601


$    23,839


$    26,727

Provision for credit losses

(68)


(589)


411


(194)


117


(440)


(1,074)

Noninterest income

929


662


1,404


480


579


3,475


4,537

Noninterest expense














Salaries and employee benefits

296


924


772


802


427


2,794


1,973

Occupancy and equipment expenses

3


1



1


1


5


4

Data processing and telecommunications expenses

51


30


44


46


49


171


187

Other noninterest expenses

229


219


223


202


191


873


830

Total noninterest expense

579


1,174


1,039


1,051


668


3,843


2,994

Income before income tax expense

6,383


6,085


6,120


5,323


6,395


23,911


29,344

Income tax expense

1,340


1,278


1,285


1,118


1,342


5,021


6,162

Net income

$      5,043


$      4,807


$      4,835


$      4,205


$      5,053


$    18,890


$    23,182

 

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)

2023


2023


2023


2023


2022


2023


2022

SBA Division














Net interest income

$      2,168


$      1,962


$      2,331


$      1,957


$      2,491


$      8,418


$    14,724

Provision for credit losses

794


1,677


424


(104)


265


2,791


(349)

Noninterest income

653


579


1,476


605


302


3,313


6,265

Noninterest expense














Salaries and employee benefits

1,014


1,209


1,316


1,309


1,306


4,848


5,305

Occupancy and equipment expenses

36


36


40


37


98


149


360

Data processing and telecommunications expenses

19


32


46


37


30


134


116

Other noninterest expenses

(189)


157


333


422


368


723


1,387

Total noninterest expense

880


1,434


1,735


1,805


1,802


5,854


7,168

Income before income tax expense

1,147


(570)


1,648


861


726


3,086


14,170

Income tax expense

241


(120)


346


181


153


648


2,976

Net income

$         906


$       (450)


$      1,302


$         680


$         573


$      2,438


$    11,194















Premium Finance Division














Net interest income

$      7,801


$      9,381


$      8,185


$      8,640


$      9,299


$    34,007


$    34,098

Provision for credit losses

27


139


572


34


(660)


772


(1,129)

Noninterest income

9


4


9


9


8


31


33

Noninterest expense














Salaries and employee benefits

1,973


2,308


2,122


2,197


2,003


8,600


7,808

Occupancy and equipment expenses

83


89


83


59


82


314


337

Data processing and telecommunications expenses

100


73


66


85


119


324


388

Other noninterest expenses

1,057


1,027


1,036


1,097


978


4,217


3,953

Total noninterest expense

3,213


3,497


3,307


3,438


3,182


13,455


12,486

Income before income tax expense

4,570


5,749


4,315


5,177


6,785


19,811


22,774

Income tax expense

945


1,170


869


1,050


1,357


4,034


4,689

Net income

$      3,625


$      4,579


$      3,446


$      4,127


$      5,428


$    15,777


$    18,085















Total Consolidated














Net interest income

$  206,101


$  207,751


$  209,540


$  211,652


$  224,137


$  835,044


$  801,026

Provision for credit losses

22,952


24,459


45,516


49,729


32,890


142,656


71,697

Noninterest income

56,248


63,181


67,349


56,050


48,348


242,828


284,424

Noninterest expense














Salaries and employee benefits

75,966


81,898


81,336


80,910


75,196


320,110


319,719

Occupancy and equipment expenses

13,197


12,745


12,522


12,986


12,905


51,450


51,361

Data processing and telecommunications expenses

14,028


12,973


13,451


13,034


12,486


53,486


49,228

Other noninterest expenses

45,820


33,830


41,094


32,491


34,474


153,235


140,347

Total noninterest expense

149,011


141,446


148,403


139,421


135,061


578,281


560,655

Income before income tax expense

90,386


105,027


82,970


78,552


104,534


356,935


453,098

Income tax expense

24,452


24,912


20,335


18,131


22,313


87,830


106,558

Net income

$    65,934


$    80,115


$    62,635


$    60,421


$    82,221


$  269,105


$  346,540

 

SOURCE Ameris Bancorp

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