Highlights of Ameris's results for the first quarter of
2024 include the following:
- Net income of $74.3 million, or
$1.08 per diluted share; Adjusted net
income(1) of $75.6
million, or $1.10 per diluted
share
- Return on average assets ("ROA") of 1.18%; Adjusted
ROA(1) of 1.20%
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of
1.89%
- Growth in tangible book value(1) of $0.88 per share, or 10.5% annualized, to
$34.52 at March 31, 2024
- TCE ratio(1) of 9.71%, compared with 9.64% at
December 31, 2023 and 8.55% one year
ago
- Net interest margin of 3.51% for the first quarter of 2024
- Organic growth in loans of $331.0
million, or 6.5% annualized
- Growth in total deposits of $288.9
million, or 5.6% annualized
- Increase in the allowance for credit losses to 1.55% of loans,
from 1.52% at December 31, 2023
- Adjusted efficiency ratio(1) of 54.56%
ATLANTA, April 25,
2024 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB)
(the "Company") today reported net income of $74.3 million, or $1.08 per diluted share, for the quarter ended
March 31, 2024, compared with
$60.4 million, or $0.87 per diluted share, for the quarter ended
March 31, 2023. Excluding the
FDIC special assessment and gain on bank owned life insurance
("BOLI") proceeds, adjusted net income(1) was
$75.6 million, or $1.10 per diluted share, for the quarter ended
March 31, 2024, compared with
$59.9 million, or $0.86 per diluted share, for the quarter ended
March 31, 2023.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive
Officer, said, "The first quarter results demonstrate another
period of solid fundamental performance for Ameris. We
maintain our disciplined approach, aiming to enhance shareholder
value by consistently increasing tangible book value and sustained
core profitability, as demonstrated by this quarter's financial
performance. We are poised for a successful 2024, with our
primary focus on core deposit growth and operating efficiency
across our vibrant Southeastern operation."
Net Interest Income and Net Interest Margin
Net
interest income on a tax-equivalent basis (TE) was $202.3 million in the first quarter of 2024, a
decrease of $4.7 million, or 2.3%,
from last quarter and $10.2 million,
or 4.8%, compared with the first quarter of 2023. The Company's net
interest margin was 3.51% for the first quarter of 2024, down from
3.54% reported for the fourth quarter of 2023 and 3.76% reported
for the first quarter of 2023. The decrease in net interest margin
this quarter is primarily attributable to rising deposit costs in
the current interest rate environment. The rate of change in
deposit costs continues to slow as market interest rates remain
relatively stable.
Yields on earning assets increased four basis points during the
quarter to 5.73%, compared with 5.69% in the fourth quarter of
2023, and increased 48 basis points from 5.25% in the first quarter
of 2023. Yields on loans increased to 5.92% during the first
quarter of 2024, compared with 5.83% for the fourth quarter of 2023
and 5.44% for the first quarter of 2023.
The Company's total cost of funds was 2.41% in the first quarter
of 2024, an increase of nine basis points compared with the fourth
quarter of 2023. Deposit costs increased 13 basis points
during the first quarter of 2024 to 2.29%, compared with 2.16% in
the fourth quarter of 2023. Costs of interest-bearing
deposits increased during the quarter from 3.17% in the fourth
quarter of 2023 to 3.31% in the first quarter of 2024, reflecting a
shift in mix to CDs and money market accounts.
Noninterest Income
Noninterest income increased
$9.6 million, or 17.1%, in the first
quarter of 2024 to $65.9 million,
compared with $56.2 million for the
fourth quarter of 2023, primarily as a result of increased mortgage
banking activity, which increased by $8.0
million, or 25.3%, to $39.4
million in the first quarter of 2024, compared with
$31.5 million for the fourth quarter
of 2023. Gain on sale spreads increased to 2.49% in the first
quarter of 2024 from 1.93% for the fourth quarter of 2023. Total
production in the retail mortgage division increased $19.1 million, or 2.1%, to $910.2 million in the first quarter of 2024,
compared with $891.1 million for the
fourth quarter of 2023. The retail mortgage open pipeline was
$606.7 million at the end of the
first quarter of 2024, compared with $400.1
million for the fourth quarter of 2023. Also included
in noninterest income was $998,000 of
gain on BOLI proceeds during the quarter.
Noninterest Expense
Noninterest expense
decreased $300,000, or 0.2%, to
$148.7 million during the first
quarter of 2024, compared with $149.0
million for the fourth quarter of 2023. During the
first quarter of 2024, the Company recorded an additional
$2.9 million related to the FDIC
special assessment, compared with $11.6
million in the fourth quarter of 2023. The Company
also recorded a gain on sale of bank premises of $1.9 million in the fourth quarter of 2023.
Excluding those items, adjusted expenses(1) increased
approximately $6.5 million, or 4.6%,
to $145.8 million in the first
quarter of 2024 from $139.3 million
in the fourth quarter of 2023. The increase in adjusted
expenses(1) resulted from a $7.0
million increase in salaries and employee benefits related
primarily to cyclical payroll tax and 401(k) expenses and variable
mortgage compensation. Management continues to focus on operating
efficiency, and the adjusted efficiency ratio(1)
increased to 54.56% in the first quarter of 2024, compared with
52.87% in the fourth quarter of 2023, primarily as a result of the
cyclical compensation expenses.
Income Tax Expense
The Company's effective tax
rate for the first quarter of 2024 was 23.7%, compared with 27.1%
for the fourth quarter of 2023. The increased rate for the
fourth quarter of 2023 was primarily a result of a return to
provision adjustment made when the Company filed its 2022 income
tax returns in the fourth quarter of 2023.
Balance Sheet Trends
Total assets at
March 31, 2024 were $25.66 billion, compared with $25.20 billion at December
31, 2023. Debt securities available-for-sale increased
slightly to $1.41 billion, compared
with $1.40 billion at December 31, 2023. Loans, net of unearned
income, increased $331.0 million, or
6.5% annualized, to $20.60 billion at
March 31, 2024, compared with
$20.27 billion at December 31, 2023. Loans held for sale increased
to $364.3 million at March 31, 2024 from $281.3
million at December 31,
2023.
At March 31, 2024, total deposits
amounted to $21.00 billion, compared
with $20.71 billion at December 31, 2023. During the first quarter
of 2024, deposits grew $288.9
million, with noninterest bearing accounts increasing
$46.7 million, money market accounts
increasing $164.6 million and CDs
increasing $200.8 million, with such
increases offset in part by a $103.5
million decrease in interest bearing demand accounts and a
$19.7 million decrease in savings
accounts. Noninterest bearing accounts as a percent of total
deposits was minimally changed, such that at March 31, 2024, noninterest bearing deposit
accounts represented $6.54 billion,
or 31.1% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at
December 31, 2023.
Shareholders' equity at March 31,
2024 totaled $3.48 billion, an
increase of $58.0 million, or 1.7%,
from December 31, 2023. The
increase in shareholders' equity was primarily the result of
earnings of $74.3 million during the
first quarter of 2024, partially offset by dividends declared,
share repurchases and an increase in other comprehensive loss of
$4.0 million resulting from changes
in interest rates on the Company's investment portfolio.
Tangible book value per share(1) increased $0.88 per share, or 10.5% annualized, during the
first three months of 2024 to $34.52
at March 31, 2024. Tangible
common equity as a percentage of tangible assets was 9.71% at
March 31, 2024, compared with 9.64%
at the end of 2023. The Company repurchased 45,174 of its shares in
the quarter ending March 31, 2024 at
an average cost of $46.58 per share,
equating to approximately $2.1
million.
Credit Quality
Credit quality remains strong in
the Company. During the first quarter of 2024, the Company
recorded a provision for credit losses of $21.1 million, bringing the allowance for credit
losses on loans to 1.55%, compared with a provision of $23.0 million in the fourth quarter of
2023. Nonperforming assets as a percentage of total assets
were up two basis points to 0.71% during the quarter.
Approximately $84.2 million, or
46.1%, of the nonperforming assets at March
31, 2024 were GNMA-guaranteed mortgage loans, which have
minimal loss exposure. Excluding these government-guaranteed
loans, nonperforming assets as a percentage of total assets
increased five basis points to 0.38% at March 31, 2024, compared with 0.33% at the fourth
quarter of 2023. The net charge-off ratio was 25 basis points for
the first quarter of 2024, compared with 26 basis points in the
fourth quarter of 2023.
Conference Call
The Company will host a
teleconference at 9:00 a.m. Eastern time on
Friday, April 26, 2024, to discuss the Company's results and
answer appropriate questions. The conference call can be accessed
by dialing 1-844-481-2939. The conference call ID is Ameris
Bancorp. A replay of the call will be available one hour
after the end of the conference call until May 3, 2024. To listen to the replay, dial
1-877-344-7529. The conference replay access code is
8309156. The financial information discussed will be
available on the Investor Relations page of the Ameris Bank website
at ir.amerisbank.com. Participants also may listen to a live
webcast of the presentation by visiting the link on the Investor
Relations page of the Ameris Bank website.
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
- 9E.
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,
investment security valuations and other performance measures;
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
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, 2023 and the Company's
subsequently filed periodic reports and other filings.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update or revise
forward-looking statements.
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights
|
Table
1
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands except per share data)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
74,312
|
|
$
65,934
|
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
Adjusted net
income(1)
|
$
75,612
|
|
$
73,568
|
|
$
80,115
|
|
$
62,635
|
|
$
59,935
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.08
|
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
Diluted
|
$
1.08
|
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
Adjusted diluted
EPS(1)
|
$
1.10
|
|
$
1.07
|
|
$
1.16
|
|
$
0.91
|
|
$
0.86
|
|
Cash dividends per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
$
0.15
|
|
Book value per share
(period end)
|
$ 50.42
|
|
$ 49.62
|
|
$ 48.41
|
|
$ 47.51
|
|
$ 46.89
|
|
Tangible book value
per share (period end)(1)
|
$ 34.52
|
|
$ 33.64
|
|
$ 32.38
|
|
$ 31.42
|
|
$ 30.79
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
|
Basic
|
68,808,393
|
|
68,824,004
|
|
68,879,352
|
|
68,989,549
|
|
69,171,562
|
|
Diluted
|
69,014,116
|
|
69,014,793
|
|
68,994,247
|
|
69,034,763
|
|
69,322,664
|
|
Period end number of
shares
|
69,115,263
|
|
69,053,341
|
|
69,138,461
|
|
69,139,783
|
|
69,373,863
|
|
Market data
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$ 53.99
|
|
$ 53.84
|
|
$ 45.34
|
|
$ 37.18
|
|
$ 50.54
|
|
Low intraday
price
|
$ 44.00
|
|
$ 34.26
|
|
$ 33.21
|
|
$ 28.33
|
|
$ 34.28
|
|
Period end
closing price
|
$ 48.38
|
|
$ 53.05
|
|
$ 38.39
|
|
$ 34.21
|
|
$ 36.58
|
|
Average daily
volume
|
407,898
|
|
390,190
|
|
361,167
|
|
475,198
|
|
452,242
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.18 %
|
|
1.03 %
|
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
Adjusted return on
average assets(1)
|
1.20 %
|
|
1.15 %
|
|
1.25 %
|
|
0.98 %
|
|
0.97 %
|
|
Return on average
common equity
|
8.63 %
|
|
7.73 %
|
|
9.56 %
|
|
7.63 %
|
|
7.54 %
|
|
Adjusted return on
average tangible common equity(1)
|
12.88 %
|
|
12.81 %
|
|
14.35 %
|
|
11.53 %
|
|
11.41 %
|
|
Earning asset yield
(TE)
|
5.73 %
|
|
5.69 %
|
|
5.62 %
|
|
5.52 %
|
|
5.25 %
|
|
Total cost of
funds
|
2.41 %
|
|
2.32 %
|
|
2.24 %
|
|
2.05 %
|
|
1.59 %
|
|
Net interest margin
(TE)
|
3.51 %
|
|
3.54 %
|
|
3.54 %
|
|
3.60 %
|
|
3.76 %
|
|
Efficiency
ratio
|
55.64 %
|
|
56.80 %
|
|
52.21 %
|
|
53.60 %
|
|
52.08 %
|
|
Adjusted efficiency
ratio (TE)(1)
|
54.56 %
|
|
52.87 %
|
|
52.02 %
|
|
53.41 %
|
|
51.99 %
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to assets
|
13.58 %
|
|
13.60 %
|
|
13.02 %
|
|
12.73 %
|
|
12.47 %
|
|
Tangible common equity
to tangible assets(1)
|
9.71 %
|
|
9.64 %
|
|
9.11 %
|
|
8.80 %
|
|
8.55 %
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA (period
end)
|
|
|
|
|
|
|
|
|
|
|
Full time equivalent
employees
|
|
|
|
|
|
|
|
|
|
|
Banking
Division
|
2,082
|
|
2,088
|
|
2,082
|
|
2,104
|
|
2,132
|
|
Retail Mortgage
Division
|
596
|
|
595
|
|
601
|
|
613
|
|
630
|
|
Warehouse
Lending Division
|
8
|
|
7
|
|
8
|
|
8
|
|
8
|
|
Premium Finance
Division
|
73
|
|
75
|
|
78
|
|
76
|
|
78
|
|
Total Ameris
Bancorp FTE headcount
|
2,759
|
|
2,765
|
|
2,769
|
|
2,801
|
|
2,848
|
|
|
|
|
|
|
|
|
|
|
|
Branch
locations
|
164
|
|
164
|
|
164
|
|
164
|
|
164
|
|
Deposits per branch
location
|
$
128,033
|
|
$
126,271
|
|
$
125,551
|
|
$
124,653
|
|
$
121,326
|
|
|
(1)Considered non-GAAP financial measure - See
reconciliation of GAAP to non-GAAP financial measures in tables 9A
- 9E
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Income
Statement
|
Table
2
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands except per share data)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 303,393
|
|
$ 303,487
|
|
$ 304,699
|
|
$ 292,012
|
|
$ 271,964
|
|
Interest on taxable
securities
|
13,092
|
|
14,033
|
|
14,754
|
|
15,915
|
|
14,300
|
|
Interest on nontaxable
securities
|
330
|
|
326
|
|
331
|
|
339
|
|
339
|
|
Interest on deposits in
other banks
|
12,637
|
|
14,368
|
|
10,769
|
|
13,686
|
|
9,113
|
|
Total interest
income
|
329,452
|
|
332,214
|
|
330,553
|
|
321,952
|
|
295,716
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
118,174
|
|
111,749
|
|
102,999
|
|
88,087
|
|
53,182
|
|
Interest on other
borrowings
|
9,890
|
|
14,364
|
|
19,803
|
|
24,325
|
|
30,882
|
|
Total interest
expense
|
128,064
|
|
126,113
|
|
122,802
|
|
112,412
|
|
84,064
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
201,388
|
|
206,101
|
|
207,751
|
|
209,540
|
|
211,652
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
25,523
|
|
30,401
|
|
30,095
|
|
43,643
|
|
49,376
|
|
Provision for unfunded
commitments
|
(4,422)
|
|
(7,438)
|
|
(5,634)
|
|
1,873
|
|
346
|
|
Provision for other
credit losses
|
4
|
|
(11)
|
|
(2)
|
|
—
|
|
7
|
|
Provision for credit
losses
|
21,105
|
|
22,952
|
|
24,459
|
|
45,516
|
|
49,729
|
|
Net interest income
after provision for credit losses
|
180,283
|
|
183,149
|
|
183,292
|
|
164,024
|
|
161,923
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
11,759
|
|
12,252
|
|
12,092
|
|
11,295
|
|
10,936
|
|
Mortgage banking
activity
|
39,430
|
|
31,461
|
|
36,290
|
|
40,742
|
|
31,392
|
|
Other service charges,
commissions and fees
|
1,202
|
|
1,234
|
|
1,221
|
|
975
|
|
971
|
|
Gain (loss) on
securities
|
(7)
|
|
(288)
|
|
(16)
|
|
(6)
|
|
6
|
|
Other noninterest
income
|
13,494
|
|
11,589
|
|
13,594
|
|
14,343
|
|
12,745
|
|
Total noninterest
income
|
65,878
|
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
82,930
|
|
75,966
|
|
81,898
|
|
81,336
|
|
80,910
|
|
Occupancy and
equipment
|
12,885
|
|
13,197
|
|
12,745
|
|
12,522
|
|
12,986
|
|
Data processing and
communications expenses
|
14,654
|
|
14,028
|
|
12,973
|
|
13,451
|
|
13,034
|
|
Credit
resolution-related expenses(1)
|
486
|
|
157
|
|
(1,360)
|
|
848
|
|
435
|
|
Advertising and
marketing
|
2,545
|
|
2,974
|
|
2,723
|
|
2,627
|
|
3,532
|
|
Amortization of
intangible assets
|
4,422
|
|
4,425
|
|
4,425
|
|
4,688
|
|
4,706
|
|
Other noninterest
expenses
|
30,789
|
|
38,264
|
|
28,042
|
|
32,931
|
|
23,818
|
|
Total noninterest
expense
|
148,711
|
|
149,011
|
|
141,446
|
|
148,403
|
|
139,421
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
97,450
|
|
90,386
|
|
105,027
|
|
82,970
|
|
78,552
|
|
Income tax
expense
|
23,138
|
|
24,452
|
|
24,912
|
|
20,335
|
|
18,131
|
|
Net
income
|
$
74,312
|
|
$
65,934
|
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
1.08
|
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Period End Balance
Sheet
|
Table
3
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 235,931
|
|
$ 230,470
|
|
$ 241,137
|
|
$ 284,552
|
|
$ 266,400
|
|
Interest-bearing
deposits in banks
|
975,321
|
|
936,834
|
|
1,304,636
|
|
1,034,578
|
|
1,754,453
|
|
Debt securities
available-for-sale, at fair value
|
1,414,419
|
|
1,402,944
|
|
1,424,081
|
|
1,460,356
|
|
1,496,836
|
|
Debt securities
held-to-maturity, at amortized cost
|
147,022
|
|
141,512
|
|
141,859
|
|
142,513
|
|
134,175
|
|
Other
investments
|
77,480
|
|
71,794
|
|
104,957
|
|
109,656
|
|
146,715
|
|
Loans held for
sale
|
364,332
|
|
281,332
|
|
381,466
|
|
391,472
|
|
395,096
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income
|
20,600,260
|
|
20,269,303
|
|
20,201,079
|
|
20,471,759
|
|
19,997,871
|
|
Allowance for credit
losses
|
(320,023)
|
|
(307,100)
|
|
(290,104)
|
|
(272,071)
|
|
(242,658)
|
|
Loans, net
|
20,280,237
|
|
19,962,203
|
|
19,910,975
|
|
20,199,688
|
|
19,755,213
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
2,158
|
|
6,199
|
|
3,397
|
|
6,170
|
|
1,502
|
|
Premises and equipment,
net
|
214,801
|
|
216,435
|
|
217,564
|
|
218,662
|
|
218,878
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
Other intangible
assets, net
|
83,527
|
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
Cash value of bank
owned life insurance
|
396,804
|
|
395,778
|
|
393,769
|
|
391,483
|
|
389,201
|
|
Other assets
|
447,767
|
|
454,603
|
|
465,968
|
|
449,042
|
|
412,781
|
|
Total
assets
|
$ 25,655,445
|
|
$ 25,203,699
|
|
$ 25,697,830
|
|
$ 25,800,618
|
|
$ 26,088,384
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
6,538,322
|
|
$
6,491,639
|
|
$
6,589,610
|
|
$
6,706,897
|
|
$
7,297,893
|
|
Interest-bearing
|
14,459,068
|
|
14,216,870
|
|
14,000,735
|
|
13,736,228
|
|
12,599,562
|
|
Total
deposits
|
20,997,390
|
|
20,708,509
|
|
20,590,345
|
|
20,443,125
|
|
19,897,455
|
|
Other
borrowings
|
631,380
|
|
509,586
|
|
1,209,553
|
|
1,536,989
|
|
2,401,327
|
|
Subordinated deferrable
interest debentures
|
130,814
|
|
130,315
|
|
129,817
|
|
129,319
|
|
128,820
|
|
Other
liabilities
|
411,123
|
|
428,542
|
|
421,046
|
|
406,555
|
|
407,587
|
|
Total
liabilities
|
22,170,707
|
|
21,776,952
|
|
22,350,761
|
|
22,515,988
|
|
22,835,189
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Common stock
|
72,683
|
|
72,516
|
|
72,514
|
|
72,515
|
|
72,484
|
|
Capital
stock
|
1,948,352
|
|
1,945,385
|
|
1,942,852
|
|
1,939,865
|
|
1,937,664
|
|
Retained
earnings
|
1,603,832
|
|
1,539,957
|
|
1,484,424
|
|
1,414,742
|
|
1,362,512
|
|
Accumulated other
comprehensive loss, net of tax
|
(39,959)
|
|
(35,939)
|
|
(60,818)
|
|
(50,618)
|
|
(35,581)
|
|
Treasury
stock
|
(100,170)
|
|
(95,172)
|
|
(91,903)
|
|
(91,874)
|
|
(83,884)
|
|
Total shareholders'
equity
|
3,484,738
|
|
3,426,747
|
|
3,347,069
|
|
3,284,630
|
|
3,253,195
|
|
Total liabilities
and shareholders' equity
|
$ 25,655,445
|
|
$ 25,203,699
|
|
$ 25,697,830
|
|
$ 25,800,618
|
|
$ 26,088,384
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$ 23,578,834
|
|
$ 23,103,719
|
|
$ 23,558,078
|
|
$ 23,610,334
|
|
$ 23,925,146
|
|
Intangible
assets
|
1,099,173
|
|
1,103,595
|
|
1,108,021
|
|
1,112,446
|
|
1,117,134
|
|
Interest-bearing
liabilities
|
15,221,262
|
|
14,856,771
|
|
15,340,105
|
|
15,402,536
|
|
15,129,709
|
|
Average
assets
|
25,295,088
|
|
25,341,990
|
|
25,525,913
|
|
25,631,846
|
|
25,115,927
|
|
Average common
shareholders' equity
|
3,462,871
|
|
3,383,554
|
|
3,324,960
|
|
3,293,049
|
|
3,250,289
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Asset Quality
Information
|
Table
4
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Allowance for Credit
Losses
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
348,727
|
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
$
258,163
|
|
|
|
|
|
|
|
|
|
|
|
Adoption of ASU
2022-02
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,711)
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
25,523
|
|
30,401
|
|
30,095
|
|
43,643
|
|
49,376
|
|
Provision for unfunded
commitments
|
(4,422)
|
|
(7,438)
|
|
(5,634)
|
|
1,873
|
|
346
|
|
Provision for other
credit losses
|
4
|
|
(11)
|
|
(2)
|
|
—
|
|
7
|
|
Provision for
credit losses
|
21,105
|
|
22,952
|
|
24,459
|
|
45,516
|
|
49,729
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
18,457
|
|
20,104
|
|
19,488
|
|
20,670
|
|
14,956
|
|
Recoveries
|
5,857
|
|
6,699
|
|
7,426
|
|
6,440
|
|
4,272
|
|
Net charge-offs
(recoveries)
|
12,600
|
|
13,405
|
|
12,062
|
|
14,230
|
|
10,684
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
357,232
|
|
$
348,727
|
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
320,023
|
|
$
307,100
|
|
$
290,104
|
|
$
272,071
|
|
$
242,658
|
|
Allowance for unfunded
commitments
|
37,136
|
|
41,558
|
|
48,996
|
|
54,630
|
|
52,757
|
|
Allowance for other
credit losses
|
73
|
|
69
|
|
80
|
|
82
|
|
82
|
|
Total allowance
for credit losses
|
$
357,232
|
|
$
348,727
|
|
$
339,180
|
|
$
326,783
|
|
$
295,497
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual portfolio
loans
|
$
80,448
|
|
$
60,961
|
|
$
53,806
|
|
$
57,025
|
|
$
68,028
|
|
Other real estate
owned
|
2,158
|
|
6,199
|
|
3,397
|
|
6,170
|
|
1,502
|
|
Repossessed
assets
|
29
|
|
17
|
|
22
|
|
9
|
|
25
|
|
Accruing loans
delinquent 90 days or more
|
15,811
|
|
16,988
|
|
11,891
|
|
13,424
|
|
15,792
|
|
Non-performing
portfolio assets
|
$
98,446
|
|
$
84,165
|
|
$
69,116
|
|
$
76,628
|
|
$
85,347
|
|
Serviced
GNMA-guaranteed mortgage nonaccrual loans
|
84,238
|
|
90,156
|
|
80,752
|
|
69,655
|
|
74,999
|
|
Total
non-performing assets
|
$
182,684
|
|
$
174,321
|
|
$
149,868
|
|
$
146,283
|
|
$
160,346
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
Non-performing
portfolio assets as a percent of total assets
|
0.38 %
|
|
0.33 %
|
|
0.27 %
|
|
0.30 %
|
|
0.33 %
|
|
Total non-performing
assets as a percent of total assets
|
0.71 %
|
|
0.69 %
|
|
0.58 %
|
|
0.57 %
|
|
0.61 %
|
|
Net charge-offs as a
percent of average loans (annualized)
|
0.25 %
|
|
0.26 %
|
|
0.23 %
|
|
0.28 %
|
|
0.22 %
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Loan
Information
|
Table
5
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Loans by
Type
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
and agricultural
|
$
2,758,716
|
|
$
2,688,929
|
|
$
2,632,836
|
|
$
2,718,831
|
|
$
2,722,180
|
|
Consumer
|
232,993
|
|
241,552
|
|
259,797
|
|
307,486
|
|
349,775
|
|
Indirect
automobile
|
24,022
|
|
34,257
|
|
47,108
|
|
63,231
|
|
83,466
|
|
Mortgage
warehouse
|
891,336
|
|
818,728
|
|
852,823
|
|
1,147,413
|
|
958,418
|
|
Municipal
|
477,567
|
|
492,668
|
|
497,093
|
|
510,410
|
|
505,515
|
|
Premium
Finance
|
998,726
|
|
946,562
|
|
1,007,334
|
|
988,731
|
|
947,257
|
|
Real estate -
construction and development
|
2,264,346
|
|
2,129,187
|
|
2,236,686
|
|
2,217,744
|
|
2,144,605
|
|
Real estate -
commercial and farmland
|
8,131,248
|
|
8,059,754
|
|
7,865,389
|
|
7,815,779
|
|
7,721,732
|
|
Real estate -
residential
|
4,821,306
|
|
4,857,666
|
|
4,802,013
|
|
4,702,134
|
|
4,564,923
|
|
Total
loans
|
$ 20,600,260
|
|
$ 20,269,303
|
|
$ 20,201,079
|
|
$ 20,471,759
|
|
$ 19,997,871
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk
Grade
|
|
|
|
|
|
|
|
|
|
|
Grades 1 through 5 -
Pass
|
$ 20,221,302
|
|
$ 19,846,731
|
|
$ 19,812,895
|
|
$ 20,114,816
|
|
$ 19,654,232
|
|
Grade 6 - Other assets
especially mentioned
|
137,225
|
|
203,725
|
|
187,449
|
|
171,035
|
|
116,345
|
|
Grade 7 -
Substandard
|
241,733
|
|
218,847
|
|
200,735
|
|
185,908
|
|
227,294
|
|
Total
loans
|
$ 20,600,260
|
|
$ 20,269,303
|
|
$ 20,201,079
|
|
$ 20,471,759
|
|
$ 19,997,871
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Average
Balances
|
Table
6
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in banks
|
$ 923,845
|
|
$ 936,733
|
|
$ 864,028
|
|
$ 998,609
|
|
$ 859,614
|
|
Investment
securities - taxable
|
1,599,705
|
|
1,591,567
|
|
1,650,164
|
|
1,699,096
|
|
1,717,448
|
|
Investment
securities - nontaxable
|
41,287
|
|
40,227
|
|
40,896
|
|
42,580
|
|
43,052
|
|
Loans held for
sale
|
323,351
|
|
405,080
|
|
464,452
|
|
577,606
|
|
490,295
|
|
Loans
|
20,320,678
|
|
20,252,773
|
|
20,371,689
|
|
20,164,938
|
|
19,820,749
|
|
Total Earning
Assets
|
$ 23,208,866
|
|
$ 23,226,380
|
|
$ 23,391,229
|
|
$ 23,482,829
|
|
$ 22,931,158
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
$
6,403,300
|
|
$
6,572,190
|
|
$
6,655,191
|
|
$
6,729,789
|
|
$
7,136,373
|
|
NOW
accounts
|
3,829,977
|
|
3,760,992
|
|
3,661,701
|
|
3,949,850
|
|
4,145,991
|
|
MMDA
|
5,952,389
|
|
5,994,361
|
|
5,527,731
|
|
5,002,590
|
|
4,994,195
|
|
Savings
accounts
|
795,887
|
|
817,075
|
|
915,678
|
|
1,009,749
|
|
1,005,614
|
|
Retail
CDs
|
2,378,678
|
|
2,281,357
|
|
2,200,413
|
|
2,024,014
|
|
1,612,325
|
|
Brokered
CDs
|
1,381,382
|
|
1,122,684
|
|
1,441,854
|
|
1,393,206
|
|
125,133
|
|
Total
Deposits
|
20,741,613
|
|
20,548,659
|
|
20,402,568
|
|
20,109,198
|
|
19,019,631
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
219,589
|
|
538,096
|
|
943,855
|
|
1,408,855
|
|
1,968,811
|
|
Other
borrowings
|
308,210
|
|
311,091
|
|
312,572
|
|
316,626
|
|
361,445
|
|
Subordinated
deferrable interest debentures
|
130,551
|
|
130,054
|
|
129,554
|
|
129,056
|
|
128,557
|
|
Total Non-Deposit
Funding
|
658,350
|
|
979,241
|
|
1,385,981
|
|
1,854,537
|
|
2,458,813
|
|
Total
Funding
|
$ 21,399,963
|
|
$ 21,527,900
|
|
$ 21,788,549
|
|
$ 21,963,735
|
|
$ 21,478,444
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Interest Income and
Interest Expense (TE)
|
Table
7
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in banks
|
$ 12,637
|
|
$
14,368
|
|
$
10,769
|
|
$
13,686
|
|
$
9,113
|
|
Debt securities -
taxable
|
13,092
|
|
14,033
|
|
14,754
|
|
15,915
|
|
14,300
|
|
Debt securities -
nontaxable (TE)
|
418
|
|
413
|
|
418
|
|
430
|
|
429
|
|
Loans held for
sale
|
5,348
|
|
6,846
|
|
7,460
|
|
8,398
|
|
7,007
|
|
Loans (TE)
|
298,907
|
|
297,501
|
|
298,102
|
|
284,471
|
|
265,802
|
|
Total Earning
Assets
|
$
330,402
|
|
$ 333,161
|
|
$ 331,503
|
|
$ 322,900
|
|
$ 296,651
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$ 20,574
|
|
$
19,293
|
|
$
17,255
|
|
$
18,003
|
|
$
15,033
|
|
MMDA
|
53,953
|
|
54,002
|
|
45,683
|
|
35,224
|
|
27,809
|
|
Savings
accounts
|
986
|
|
974
|
|
1,791
|
|
2,296
|
|
1,288
|
|
Retail
CDs
|
24,576
|
|
22,257
|
|
19,013
|
|
14,751
|
|
7,629
|
|
Brokered
CDs
|
18,085
|
|
15,223
|
|
19,257
|
|
17,813
|
|
1,423
|
|
Total
Interest-Bearing Deposits
|
118,174
|
|
111,749
|
|
102,999
|
|
88,087
|
|
53,182
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
2,578
|
|
7,089
|
|
12,543
|
|
17,222
|
|
22,448
|
|
Other
borrowings
|
3,879
|
|
3,798
|
|
3,821
|
|
3,902
|
|
5,349
|
|
Subordinated
deferrable interest debentures
|
3,433
|
|
3,477
|
|
3,439
|
|
3,201
|
|
3,085
|
|
Total Non-Deposit
Funding
|
9,890
|
|
14,364
|
|
19,803
|
|
24,325
|
|
30,882
|
|
Total
Interest-Bearing Funding
|
$
128,064
|
|
$ 126,113
|
|
$ 122,802
|
|
$ 112,412
|
|
$
84,064
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(TE)
|
$
202,338
|
|
$ 207,048
|
|
$ 208,701
|
|
$ 210,488
|
|
$ 212,587
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
Yields(1)
|
Table
8
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in banks
|
5.50 %
|
|
6.09 %
|
|
4.94 %
|
|
5.50 %
|
|
4.30 %
|
|
Debt securities -
taxable
|
3.29 %
|
|
3.50 %
|
|
3.55 %
|
|
3.76 %
|
|
3.38 %
|
|
Debt securities -
nontaxable (TE)
|
4.07 %
|
|
4.07 %
|
|
4.06 %
|
|
4.05 %
|
|
4.04 %
|
|
Loans held for
sale
|
6.65 %
|
|
6.71 %
|
|
6.37 %
|
|
5.83 %
|
|
5.80 %
|
|
Loans (TE)
|
5.92 %
|
|
5.83 %
|
|
5.81 %
|
|
5.66 %
|
|
5.44 %
|
|
Total Earning
Assets
|
5.73 %
|
|
5.69 %
|
|
5.62 %
|
|
5.52 %
|
|
5.25 %
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
2.16 %
|
|
2.04 %
|
|
1.87 %
|
|
1.83 %
|
|
1.47 %
|
|
MMDA
|
3.65 %
|
|
3.57 %
|
|
3.28 %
|
|
2.82 %
|
|
2.26 %
|
|
Savings
accounts
|
0.50 %
|
|
0.47 %
|
|
0.78 %
|
|
0.91 %
|
|
0.52 %
|
|
Retail CDs
|
4.16 %
|
|
3.87 %
|
|
3.43 %
|
|
2.92 %
|
|
1.92 %
|
|
Brokered
CDs
|
5.27 %
|
|
5.38 %
|
|
5.30 %
|
|
5.13 %
|
|
4.61 %
|
|
Total
Interest-Bearing Deposits
|
3.31 %
|
|
3.17 %
|
|
2.97 %
|
|
2.64 %
|
|
1.82 %
|
|
Non-Deposit
Funding
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
4.72 %
|
|
5.23 %
|
|
5.27 %
|
|
4.90 %
|
|
4.62 %
|
|
Other
borrowings
|
5.06 %
|
|
4.84 %
|
|
4.85 %
|
|
4.94 %
|
|
6.00 %
|
|
Subordinated
deferrable interest debentures
|
10.58 %
|
|
10.61 %
|
|
10.53 %
|
|
9.95 %
|
|
9.73 %
|
|
Total Non-Deposit
Funding
|
6.04 %
|
|
5.82 %
|
|
5.67 %
|
|
5.26 %
|
|
5.09 %
|
|
Total
Interest-Bearing Liabilities
|
3.43 %
|
|
3.35 %
|
|
3.22 %
|
|
2.96 %
|
|
2.38 %
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
2.30 %
|
|
2.34 %
|
|
2.40 %
|
|
2.56 %
|
|
2.87 %
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(2)
|
3.51 %
|
|
3.54 %
|
|
3.54 %
|
|
3.60 %
|
|
3.76 %
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of
Funds(3)
|
2.41 %
|
|
2.32 %
|
|
2.24 %
|
|
2.05 %
|
|
1.59 %
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 21%.
|
|
(2) Rate calculated
based on average earning assets.
|
|
(3) Rate calculated
based on total average funding including noninterest-bearing
deposits.
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income
|
Table
9A
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands except per share data)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Net income available to
common shareholders
|
$ 74,312
|
|
$ 65,934
|
|
$ 80,115
|
|
$
62,635
|
|
$ 60,421
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
Gain on BOLI
proceeds
|
(998)
|
|
—
|
|
—
|
|
—
|
|
(486)
|
|
FDIC special
assessment
|
2,909
|
|
11,566
|
|
—
|
|
—
|
|
—
|
|
(Gain) loss on bank
premises
|
—
|
|
(1,903)
|
|
—
|
|
—
|
|
—
|
|
Tax effect of
adjustment items (Note
1)
|
(611)
|
|
(2,029)
|
|
—
|
|
—
|
|
—
|
|
After tax adjustment
items
|
1,300
|
|
7,634
|
|
—
|
|
—
|
|
(486)
|
|
Adjusted net
income
|
$ 75,612
|
|
$ 73,568
|
|
$ 80,115
|
|
$
62,635
|
|
$ 59,935
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares - diluted
|
69,014,116
|
|
69,014,793
|
|
68,994,247
|
|
69,034,763
|
|
69,322,664
|
|
Net income per diluted
share
|
$
1.08
|
|
$
0.96
|
|
$
1.16
|
|
$
0.91
|
|
$
0.87
|
|
Adjusted net income per
diluted share
|
$
1.10
|
|
$
1.07
|
|
$
1.16
|
|
$
0.91
|
|
$
0.86
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
$
25,295,088
|
|
$
25,341,990
|
|
$
25,525,913
|
|
$
25,631,846
|
|
$
25,115,927
|
|
Return on average
assets
|
1.18 %
|
|
1.03 %
|
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
Adjusted return on
average assets
|
1.20 %
|
|
1.15 %
|
|
1.25 %
|
|
0.98 %
|
|
0.97 %
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
$ 3,462,871
|
|
$ 3,383,554
|
|
$ 3,324,960
|
|
$
3,293,049
|
|
$ 3,250,289
|
|
Average tangible common
equity
|
$ 2,361,544
|
|
$ 2,277,810
|
|
$ 2,214,775
|
|
$
2,178,323
|
|
$ 2,130,856
|
|
Return on average
common equity
|
8.63 %
|
|
7.73 %
|
|
9.56 %
|
|
7.63 %
|
|
7.54 %
|
|
Adjusted return on
average tangible common equity
|
12.88 %
|
|
12.81 %
|
|
14.35 %
|
|
11.53 %
|
|
11.41 %
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Tax
effect is calculated utilizing a 21% rate for taxable
adjustments. Gain on BOLI proceeds is non-taxable and no tax
effect is included.
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
Adjusted Efficiency
Ratio (TE)
|
Table
9B
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Adjusted Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
148,711
|
|
$
149,011
|
|
$
141,446
|
|
$
148,403
|
|
$
139,421
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
FDIC special
assessment
|
(2,909)
|
|
(11,566)
|
|
—
|
|
—
|
|
—
|
|
Gain (loss) on bank
premises
|
—
|
|
1,903
|
|
—
|
|
—
|
|
—
|
|
Adjusted noninterest
expense
|
$
145,802
|
|
$
139,348
|
|
$
141,446
|
|
$
148,403
|
|
$
139,421
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
201,388
|
|
$
206,101
|
|
$
207,751
|
|
$
209,540
|
|
$
211,652
|
|
Noninterest
income
|
65,878
|
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
Total
revenue
|
$
267,266
|
|
$
262,349
|
|
$
270,932
|
|
$
276,889
|
|
$
267,702
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE)
|
$
202,338
|
|
$
207,048
|
|
$
208,701
|
|
$
210,488
|
|
$
212,587
|
|
Noninterest
income
|
65,878
|
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
Total revenue
(TE)
|
268,216
|
|
263,296
|
|
271,882
|
|
277,837
|
|
268,637
|
|
Adjustment
items:
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
securities
|
7
|
|
288
|
|
16
|
|
6
|
|
(6)
|
|
Gain on BOLI
proceeds
|
(998)
|
|
—
|
|
—
|
|
—
|
|
(486)
|
|
Adjusted total revenue
(TE)
|
$
267,225
|
|
$
263,584
|
|
$
271,898
|
|
$
277,843
|
|
$
268,145
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
55.64 %
|
|
56.80 %
|
|
52.21 %
|
|
53.60 %
|
|
52.08 %
|
|
Adjusted efficiency
ratio (TE)
|
54.56 %
|
|
52.87 %
|
|
52.02 %
|
|
53.41 %
|
|
51.99 %
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
Per Share
|
Table
9C
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands except per share data)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Total shareholders'
equity
|
$
3,484,738
|
|
$
3,426,747
|
|
$
3,347,069
|
|
$
3,284,630
|
|
$
3,253,195
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
Other intangibles,
net
|
83,527
|
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
Total tangible
shareholders' equity
|
$
2,385,565
|
|
$
2,323,152
|
|
$
2,239,048
|
|
$
2,172,184
|
|
$
2,136,061
|
|
|
|
|
|
|
|
|
|
|
|
Period end number of
shares
|
69,115,263
|
|
69,053,341
|
|
69,138,461
|
|
69,139,783
|
|
69,373,863
|
|
Book value per share
(period end)
|
$ 50.42
|
|
$ 49.62
|
|
$ 48.41
|
|
$ 47.51
|
|
$ 46.89
|
|
Tangible book value per
share (period end)
|
$ 34.52
|
|
$ 33.64
|
|
$ 32.38
|
|
$ 31.42
|
|
$ 30.79
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Non-GAAP
Reconciliations (continued)
|
|
|
Tangible Common
Equity to Tangible Assets
|
Table
9D
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands except per share data)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Total shareholders'
equity
|
$ 3,484,738
|
|
$ 3,426,747
|
|
$ 3,347,069
|
|
$ 3,284,630
|
|
$ 3,253,195
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
Other intangibles,
net
|
83,527
|
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
Total tangible
shareholders' equity
|
$ 2,385,565
|
|
$ 2,323,152
|
|
$ 2,239,048
|
|
$ 2,172,184
|
|
$ 2,136,061
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
25,655,445
|
|
$
25,203,699
|
|
$
25,697,830
|
|
$
25,800,618
|
|
$
26,088,384
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
1,015,646
|
|
Other intangibles,
net
|
83,527
|
|
87,949
|
|
92,375
|
|
96,800
|
|
101,488
|
|
Total tangible
assets
|
$
24,556,272
|
|
$
24,100,104
|
|
$
24,589,809
|
|
$
24,688,172
|
|
$
24,971,250
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
Assets
|
13.58 %
|
|
13.60 %
|
|
13.02 %
|
|
12.73 %
|
|
12.47 %
|
|
Tangible Common Equity
to Tangible Assets
|
9.71 %
|
|
9.64 %
|
|
9.11 %
|
|
8.80 %
|
|
8.55 %
|
|
|
|
|
|
|
|
|
|
|
|
PPNR
ROA
|
Table
9E
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands except per share data)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Net income
|
$
74,312
|
|
$
65,934
|
|
$
80,115
|
|
$
62,635
|
|
$
60,421
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
23,138
|
|
24,452
|
|
24,912
|
|
20,335
|
|
18,131
|
|
Provision for credit
losses
|
21,105
|
|
22,952
|
|
24,459
|
|
45,516
|
|
49,729
|
|
PPNR
|
$
118,555
|
|
$
113,338
|
|
$
129,486
|
|
$
128,486
|
|
$
128,281
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
25,295,088
|
|
$
25,341,990
|
|
$
25,525,913
|
|
$
25,631,846
|
|
$
25,115,927
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets (ROA)
|
1.18 %
|
|
1.03 %
|
|
1.25 %
|
|
0.98 %
|
|
0.98 %
|
|
PPNR ROA
|
1.89 %
|
|
1.77 %
|
|
2.01 %
|
|
2.01 %
|
|
2.07 %
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
Segment
Reporting
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Retail Mortgage
Division
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
23,287
|
|
$
24,053
|
|
$
22,805
|
|
$
21,417
|
|
$
20,027
|
|
Provision for credit
losses
|
2,332
|
|
1,005
|
|
2,399
|
|
3,278
|
|
2,853
|
|
Noninterest
income
|
38,765
|
|
30,588
|
|
35,691
|
|
39,808
|
|
31,058
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
21,073
|
|
16,996
|
|
21,231
|
|
21,930
|
|
20,160
|
|
Occupancy and
equipment expenses
|
1,049
|
|
1,210
|
|
1,182
|
|
1,224
|
|
1,283
|
|
Data processing
and telecommunications expenses
|
1,366
|
|
1,318
|
|
1,052
|
|
1,397
|
|
1,069
|
|
Other
noninterest expenses
|
12,530
|
|
11,634
|
|
12,153
|
|
11,859
|
|
11,747
|
|
Total noninterest
expense
|
36,018
|
|
31,158
|
|
35,618
|
|
36,410
|
|
34,259
|
|
Income before income
tax expense
|
23,702
|
|
22,478
|
|
20,479
|
|
21,537
|
|
13,973
|
|
Income tax
expense
|
4,978
|
|
4,720
|
|
4,301
|
|
4,523
|
|
2,934
|
|
Net income
|
$
18,724
|
|
$
17,758
|
|
$
16,178
|
|
$
17,014
|
|
$
11,039
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 6,028
|
|
$ 5,965
|
|
$ 6,008
|
|
$ 6,166
|
|
$ 5,700
|
|
Provision for credit
losses
|
145
|
|
(68)
|
|
(589)
|
|
411
|
|
(194)
|
|
Noninterest
income
|
740
|
|
929
|
|
662
|
|
1,404
|
|
480
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
888
|
|
296
|
|
924
|
|
772
|
|
802
|
|
Occupancy and
equipment expenses
|
7
|
|
3
|
|
1
|
|
—
|
|
1
|
|
Data processing
and telecommunications expenses
|
25
|
|
51
|
|
30
|
|
44
|
|
46
|
|
Other
noninterest expenses
|
237
|
|
229
|
|
219
|
|
223
|
|
202
|
|
Total noninterest
expense
|
1,157
|
|
579
|
|
1,174
|
|
1,039
|
|
1,051
|
|
Income before income
tax expense
|
5,466
|
|
6,383
|
|
6,085
|
|
6,120
|
|
5,323
|
|
Income tax
expense
|
1,148
|
|
1,340
|
|
1,278
|
|
1,285
|
|
1,118
|
|
Net income
|
$ 4,318
|
|
$ 5,043
|
|
$ 4,807
|
|
$ 4,835
|
|
$ 4,205
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 7,605
|
|
$ 7,801
|
|
$ 9,381
|
|
$ 8,185
|
|
$ 8,640
|
|
Provision for credit
losses
|
(499)
|
|
27
|
|
139
|
|
572
|
|
34
|
|
Noninterest
income
|
10
|
|
9
|
|
4
|
|
9
|
|
9
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
2,053
|
|
1,973
|
|
2,308
|
|
2,122
|
|
2,197
|
|
Occupancy and
equipment expenses
|
76
|
|
83
|
|
89
|
|
83
|
|
59
|
|
Data processing
and telecommunications expenses
|
79
|
|
100
|
|
73
|
|
66
|
|
85
|
|
Other
noninterest expenses
|
1,028
|
|
1,057
|
|
1,027
|
|
1,036
|
|
1,097
|
|
Total noninterest
expense
|
3,236
|
|
3,213
|
|
3,497
|
|
3,307
|
|
3,438
|
|
Income before income
tax expense
|
4,878
|
|
4,570
|
|
5,749
|
|
4,315
|
|
5,177
|
|
Income tax
expense
|
984
|
|
945
|
|
1,170
|
|
869
|
|
1,050
|
|
Net income
|
$ 3,894
|
|
$ 3,625
|
|
$ 4,579
|
|
$ 3,446
|
|
$ 4,127
|
|
AMERIS BANCORP AND
SUBSIDIARIES
|
|
FINANCIAL
TABLES
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting
(continued)
|
Table
10
|
|
Three Months
Ended
|
|
Mar
|
|
Dec
|
|
Sep
|
|
Jun
|
|
Mar
|
|
(dollars in
thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Banking
Division
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
164,468
|
|
$
168,282
|
|
$
169,557
|
|
$
173,772
|
|
$
177,285
|
|
Provision for credit
losses
|
19,127
|
|
21,988
|
|
22,510
|
|
41,255
|
|
47,036
|
|
Noninterest
income
|
26,363
|
|
24,722
|
|
26,824
|
|
26,128
|
|
24,503
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
58,916
|
|
56,701
|
|
57,435
|
|
56,512
|
|
57,751
|
|
Occupancy and
equipment expenses
|
11,753
|
|
11,901
|
|
11,473
|
|
11,215
|
|
11,643
|
|
Data processing
and telecommunications expenses
|
13,184
|
|
12,559
|
|
11,818
|
|
11,944
|
|
11,834
|
|
Other
noninterest expenses
|
24,447
|
|
32,900
|
|
20,431
|
|
27,976
|
|
19,445
|
|
Total noninterest
expense
|
108,300
|
|
114,061
|
|
101,157
|
|
107,647
|
|
100,673
|
|
Income before income
tax expense
|
63,404
|
|
56,955
|
|
72,714
|
|
50,998
|
|
54,079
|
|
Income tax
expense
|
16,028
|
|
17,447
|
|
18,163
|
|
13,658
|
|
13,029
|
|
Net income
|
$
47,376
|
|
$
39,508
|
|
$
54,551
|
|
$
37,340
|
|
$
41,050
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
201,388
|
|
$
206,101
|
|
$
207,751
|
|
$
209,540
|
|
$
211,652
|
|
Provision for credit
losses
|
21,105
|
|
22,952
|
|
24,459
|
|
45,516
|
|
49,729
|
|
Noninterest
income
|
65,878
|
|
56,248
|
|
63,181
|
|
67,349
|
|
56,050
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
82,930
|
|
75,966
|
|
81,898
|
|
81,336
|
|
80,910
|
|
Occupancy and
equipment expenses
|
12,885
|
|
13,197
|
|
12,745
|
|
12,522
|
|
12,986
|
|
Data processing
and telecommunications expenses
|
14,654
|
|
14,028
|
|
12,973
|
|
13,451
|
|
13,034
|
|
Other
noninterest expenses
|
38,242
|
|
45,820
|
|
33,830
|
|
41,094
|
|
32,491
|
|
Total noninterest
expense
|
148,711
|
|
149,011
|
|
141,446
|
|
148,403
|
|
139,421
|
|
Income before income
tax expense
|
97,450
|
|
90,386
|
|
105,027
|
|
82,970
|
|
78,552
|
|
Income tax
expense
|
23,138
|
|
24,452
|
|
24,912
|
|
20,335
|
|
18,131
|
|
Net income
|
$
74,312
|
|
$
65,934
|
|
$
80,115
|
|
$
62,635
|
|
$
60,421
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multimedia:https://www.prnewswire.com/news-releases/ameris-bancorp-announces-financial-results-for-first-quarter-2024-302127994.html
SOURCE Ameris Bancorp
