Ameris Bancorp Announces Fourth Quarter And Full Year 2020 Financial Results

ATLANTA, Jan. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020, compared with $61.2 million, or $0.88 per diluted share, for the quarter ended December 31, 2019.  The increase in net income is primarily attributable to increases in mortgage banking activity of $62.0 million and net interest income of $8.1 million, partially offset by an increase of $22.8 million in salaries and employee benefits, compared with the fourth quarter of 2019.  The Company reported adjusted net income of $102.0 million, or $1.47 per diluted share, for the quarter ended December 31, 2020, compared with $66.6 million, or $0.96 per diluted share, for the same period in 2019.  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, (gain) loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

For the year ended December 31, 2020, the Company reported net income of $262.0 million, or $3.77 per diluted share, compared with $161.4 million, or $2.75 per diluted share, for the year ended December 31, 2019.  The Company reported adjusted net income of $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020, compared with $222.9 million, or $3.80 per diluted share, for the year ended December 31, 2019.  Adjusted net income for the year excludes the same items listed above for the Company's fourth quarter.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Last quarter, I commented on the optimistic outlook for the remainder of 2020 and we delivered on that optimism this quarter.  Our team remained focused and we had many successes during the quarter, including reducing our NPAs down to 48bps of total assets, maintaining our margin and continuing to safely grow the balance sheet to over $20 billion in assets for the first time in our history.  While 2020 was not the year that we had anticipated, I am extremely pleased with the adaptability of our Ameris teammates, our ability to serve our customers and our record financial results this year.  We are well positioned for 2021 and look forward to our continued success."

Significant items from the Company's results for the fourth quarter of 2020 include the following:

  • Net income of $94.3 million, or $1.36 per diluted share, compared with $116.1 million, or $1.67 per diluted share, for the third quarter of 2020
  • Tangible book value growth of $1.23 per share, or 5.5%, to $23.69 compared with $22.46 last quarter
  • Successfully negotiated the termination of our remaining loss-share agreements with the FDIC
  • Net interest margin stable at 3.64%, compared with the third quarter of 2020
  • Reduced exposure to hotel industry by $87.5 million through the sale of selected notes
  • Non-performing assets decreased to 0.48% of total assets at December 31, 2020, compared with 0.82% at September 30, 2020

Highlights of the Company's results for the full year 2020 include the following:

  • Growth in net income of $100.5 million, from $161.4 million in 2019 to $262.0 million in 2020
  • Adjusted return on average assets of 1.56%, compared with 1.52% in 2019
  • Improvement in adjusted efficiency ratio to 52.17% in 2020, compared with 55.67% in 2019
  • Growth in tangible book value of 13.8%, from $20.81 at the end of 2019 to $23.69 at the end of 2020
  • Organic growth in loans of $1.66 billion, or 13.0% (and $834.8 million, or 6.5%, exclusive of PPP loans)
  • Improvement in deposit mix such that noninterest bearing deposits represent 36.27% of total deposits, up from 29.94% at December 31, 2019

Following is a summary of the adjustments between reported net income and adjusted net income:

Adjusted Net Income Reconciliation









Three Months Ended


Year Ended


December 31,


December 31,

(dollars in thousands, except per share data)

2020


2019


2020


2019

Net income available to common shareholders

$

94,285



$

61,248



$

261,988



$

161,441










Adjustment items:








Merger and conversion charges



2,415



1,391



73,105


Restructuring charges





1,513



245


Servicing right impairment

9,501



366



40,067



507


Gain on BOLI proceeds



752



(948)



(3,583)


Expenses related to SEC and DOJ investigation

53



463



3,058



463


Natural disaster and pandemic charges (Note 1)

235





3,296



(39)


(Gain) loss on sale of premises

(30)



1,413



624



6,021


Tax effect of adjustment items (Note 2)

(2,049)



(898)



(10,488)



(16,065)


After-tax adjustment items

7,710



4,511



38,513



60,654










Tax expense attributable to merger related compensation and
acquired BOLI



849





849


Adjusted net income

$

101,995



$

66,608



$

300,501



$

222,944










Reported net income per diluted share

$

1.36



$

0.88



$

3.77



$

2.75


Adjusted net income per diluted share

$

1.47



$

0.96



$

4.33



$

3.80










Reported return on average assets

1.89

%


1.35

%


1.36

%


1.10

%

Adjusted return on average assets

2.04

%


1.47

%


1.56

%


1.52

%









Reported return on average common equity

14.30

%


9.97

%


10.35

%


8.19

%

Adjusted return on average tangible common equity

25.04

%


18.45

%


19.77

%


18.74

%









Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2:  A portion of the merger and conversion charges are nondeductible for tax purposes.

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2020 totaled $642.9 million, compared with $509.5 million for 2019.  The Company's net interest margin was 3.70% for 2020, down from 3.88% reported for 2019.  Accretion income for 2020 increased to $27.4 million, compared with $19.9 million for 2019.  The decrease in net interest margin is primarily attributable to a decrease in the yield on earning assets resulting from declines in market interest rates, partially offset by a decrease in funding costs.

Net interest income on a tax-equivalent basis for the fourth quarter of 2020 totaled $164.8 million, compared with $163.9 million for the third quarter of 2020 and $156.5 million for the fourth quarter of 2019.  The Company's net interest margin was 3.64% for the fourth quarter of 2020, flat compared with 3.64% reported for the third quarter of 2020 and down from 3.86% reported for the fourth quarter of 2019.  The stability in net interest margin in the current quarter is primarily attributable to continued focus on management of cost of funds as yields on earning assets decline.  Contributing to net interest income for the fourth quarter of 2020 was $6.3 million related to accelerated fee income on PPP loan forgiveness, partially offset by $2.3 million in interest reversals related to the sale of certain hotel loans.  Accretion income for the fourth quarter of 2020 decreased to $4.7 million, compared with $6.5 million for the third quarter of 2020 and $9.7 million for the fourth quarter of 2019.  The decrease in accretion income in the fourth quarter is primarily attributable to decreased accretion on payoffs compared with the third quarter of 2020. 

Yields on loans decreased to 4.41% during the fourth quarter of 2020, compared with 4.42% for the third quarter of 2020 and 5.28% reported for the fourth quarter of 2019.  Loan production in the banking division during the fourth quarter of 2020 totaled $784.9 million, with weighted average yields of 3.86%, compared with $869.0 million and 4.00%, respectively, in the third quarter of 2020 and $1.1 billion and 4.70%, respectively, in the fourth quarter of 2019.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.7 billion during the fourth quarter of 2020, with weighted average yields of 3.25%, compared with $7.7 billion and 3.33%, respectively, during the third quarter of 2020 and $4.1 billion and 4.29%, respectively, during the fourth quarter of 2019.

Interest expense during the fourth quarter of 2020 decreased to $15.3 million, compared with $17.4 million in the third quarter of 2020 and $38.7 million in the fourth quarter of 2019.  The Company's total cost of funds moved five basis points lower to 0.36% in the fourth quarter of 2020 as compared with the third quarter of 2020.  Deposit costs decreased eight basis points during the fourth quarter of 2020 to 0.22%, compared with 0.30% in the third quarter of 2020.  Costs of interest-bearing deposits decreased during the quarter from 0.47% in the third quarter of 2020 to 0.34% in the fourth quarter of 2020.

Noninterest Income

Noninterest income increased $248.4 million, or 125.4%, to $446.5 million for 2020, compared with $198.1 million for 2019, as a result of increased mortgage banking activity.  Mortgage banking activity increased $254.7 million, or 213.3%, to $374.1 million for 2020, compared with $119.4 million for 2019, as a result of a production increase of $5.44 billion, or 125.9%, over the same period.  Gain on sale spreads increased to 3.79% in 2020 compared with 2.75% in 2019.

Noninterest income decreased $46.9 million, or 29.5%, in the fourth quarter of 2020 to $112.1 million, compared with $159.0 million for the third quarter of 2020, primarily as a result of decreased mortgage banking activity. 

Mortgage banking activity decreased $43.4 million, or 31.3%, to $95.2 million in the fourth quarter of 2020, compared with $138.6 million for the third quarter of 2020.  This decrease was a result of decreased production, increased servicing right impairment and a decline in the retail mortgage open pipeline, partially offset by an expansion in our gain on sale spread. Gain on sale spreads increased to 4.34% in the fourth quarter of 2020 from 3.92% for the third quarter of 2020. Total production in the retail mortgage division decreased to $2.81 billion in the fourth quarter of 2020, compared with $2.92 billion for the third quarter of 2020. Mortgage banking activity was negatively impacted during the fourth quarter of 2020 by a $9.1 million servicing right impairment, compared with an impairment of $1.1 million for the third quarter of 2020. The retail mortgage open pipeline was $2.00 billion at the end of the fourth quarter of 2020, compared with $2.71 billion at September 30, 2020.

Service charge revenue increased $551,000, or 5.0%, to $11.5 million in the fourth quarter of 2020, compared with $10.9 million for the third quarter of 2020, resulting from an increase in volume. Other noninterest income decreased $3.9 million, or 46.4%, to $4.5 million for the fourth quarter of 2020, compared with $8.4 million for the third quarter of 2020, primarily as a result of decreases in the gain on sales of SBA loans and SBA servicing right valuation adjustment of $2.7 million and $1.1 million, respectively.

Noninterest Expense

Noninterest expense increased $126.7 million, or 26.8%, to $598.6 million in 2020, compared with $471.9 million in 2019.  During 2020, the Company recorded $9.9 million of charges to earnings, the majority of which related to natural disaster and pandemic charges and certain legal expenses, compared with $79.8 million in charges in 2019 that were principally related to merger and conversion charges and loss on sale of premises.  Excluding these charges, adjusted expenses increased $196.6 million, or 50.1%, to $588.7 million in 2020, from $392.1 million in 2019.  The majority of this increase is attributable to the acquisition of Fidelity Bank and variable expenses related to increased mortgage production.  The Company continues to focus on its operating efficiency ratio, such that the adjusted efficiency ratio improved from 55.67% in 2019 to 52.17% in 2020.

Noninterest expense decreased $2.6 million, or 1.7%, to $151.1 million during the fourth quarter of 2020, compared with $153.7 million for the third quarter of 2020.  During the fourth quarter of 2020, the Company recorded $258,000 of charges to earnings, related to certain legal expenses, natural disaster and pandemic charges and (gain) loss on sale of premises, compared with $647,000 in charges in the third quarter of 2020 that were related to the same items, in addition to merger and conversion charges and restructuring charges associated with branch consolidations and efficiency initiatives.  Excluding these charges, adjusted expenses decreased approximately $2.2 million, or 1.4%, to $150.9 million in the fourth quarter of 2020, from $153.0 million in the third quarter of 2020.  The majority of this decrease is attributable to variable expenses related to decreased mortgage production. Also during the fourth quarter, the Company incurred a $765,000 expense related to the final termination of the remaining loss-share agreements with the FDIC.  The Company made a $1.0 million donation to the Ameris Bank Foundation as well.  The adjusted efficiency ratio was 52.67% in the fourth quarter of 2020, compared with 47.34% in the third quarter of 2020.

Income Tax Expense

The Company's effective tax rate for the fourth quarter of 2020 was 25.2%, compared with 22.7% in the third quarter of 2020. The increased rate for the fourth quarter of 2020 was primarily a result of a large return to provision adjustment when the Company filed its 2019 income tax returns in the fourth quarter of 2020.

Balance Sheet Trends

Total assets at December 31, 2020 were $20.44 billion, compared with $18.24 billion at December 31, 2019.  Total loans, including loans held for sale, were $15.65 billion at December 31, 2020, compared with $14.48 billion at December 31, 2019.  Total loans held for investment were $14.48 billion at December 31, 2020, compared with $12.82 billion at December 31, 2019, an increase of $1.66 billion, or 13.0%.  Loan production in the banking division during the fourth quarter of 2020 was down 10% from the third quarter of 2020 and 28% from the fourth quarter of 2019.  Loan growth for the year ended December 31, 2020 was driven by PPP loan originations, which totaled $827.6 million in outstanding balances at December 31, 2020, and increases in commercial real estate and warehouse lending. 

At December 31, 2020, total deposits amounted to $16.96 billion, or 96.8% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019.  At December 31, 2020, noninterest-bearing deposit accounts were $6.15 billion, or 36.3% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $10.23 billion at December 31, 2020, compared with $7.21 billion at December 31, 2019.  These funds represented 60.3% of the Company's total deposits at December 31, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at December 31, 2020 totaled $2.65 billion, an increase of $177.5 million, or 7.2%, from December 31, 2019.  The increase in shareholders' equity was primarily the result of earnings of $262.0 million during 2020, partially offset by the CECL adoption impact of $56.7 million and dividends declared.  Tangible book value per share was $23.69 at December 31, 2020, compared with $20.81 at December 31, 2019.  Tangible common equity as a percentage of tangible assets was 8.47% at December 31, 2020, compared with 8.40% at the end of the 2019.

Credit Quality

Credit quality remains strong in the Company.  During the fourth quarter of 2020, the Company reversed provision for credit losses of $1.5 million, compared with a provision of $17.7 million in the third quarter of 2020.  This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the third quarter of 2020.  The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the fourth quarter of 2020 equaled approximately 2.9% of total loans, down from approximately 19.0% of total loans at the end of the second quarter of 2020.  Nonperforming assets as a percentage of total assets decreased by 34 basis points to 0.48% during the quarter.  The decrease in nonperforming assets is primarily attributable to decreased nonaccrual loans in the residential real estate and commercial real estate loan categories.  The net charge-off ratio was 70 basis points for the fourth quarter of 2020, compared with 10 basis points in the third quarter of 2020 and nine basis points in the fourth quarter of 2019.  The increase in net charge-offs for the fourth quarter of 2020 was primarily attributable to approximately $17.2 million of charge-offs on certain hotel exposures sold during the quarter.  The hotel loans sold were selected based on a number of factors, including the level of relationship with the borrower, tier of hotel brand underlying the property and market conditions in the area.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 29, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available one hour after the end of the conference call until February 12, 2021.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10151038.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.  

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter.

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, including any changes that result from the recent U.S. elections; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control.  For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as amended, and its 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


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2020


2020


2020


2020


2019


2020


2019

EARNINGS














Net income

$

94,285



$

116,145



$

32,236



$

19,322



$

61,248



$

261,988



$

161,441


Adjusted net income

$

101,995



$

116,879



$

42,423



$

39,205



$

66,608



$

300,501



$

222,944
















COMMON SHARE DATA














Earnings per share available to common
shareholders














  Basic

$

1.36



$

1.68



$

0.47



$

0.28



$

0.88



$

3.78



$

2.76


  Diluted

$

1.36



$

1.67



$

0.47



$

0.28



$

0.88



$

3.77



$

2.75


Adjusted diluted EPS

$

1.47



$

1.69



$

0.61



$

0.56



$

0.96



$

4.33



$

3.80


Cash dividends per share

$

0.15



$

0.15



$

0.15



$

0.15



$

0.15



$

0.60



$

0.50


Book value per share (period end)

$

38.07



$

36.91



$

35.42



$

35.10



$

35.53



$

38.07



$

35.53


Tangible book value per share (period end)

$

23.69



$

22.46



$

20.90



$

20.44



$

20.81



$

23.69



$

20.81


Weighted average number of shares














  Basic

69,252,307



69,230,667



69,191,778



69,247,661



69,429,193



69,256,020



58,462,137


  Diluted

69,493,105



69,346,141



69,292,972



69,502,022



69,683,999



69,426,185



58,614,151


Period end number of shares

69,541,481



69,490,546



69,462,782



69,441,274



69,503,833



69,541,481



69,503,833


Market data














  High intraday price

$

39.53



$

27.81



$

29.82



$

43.79



$

44.90



$

43.79



$

44.90


  Low intraday price

$

22.37



$

19.91



$

17.12



$

17.89



$

38.34



$

17.12



$

31.27


  Period end closing price

$

38.07



$

22.78



$

23.59



$

23.76



$

42.54



$

38.07



$

42.54


  Average daily volume

394,641



359,059



470,151



461,692



353,783



420,874



389,112
















PERFORMANCE RATIOS














Return on average assets

1.89

%


2.33

%


0.67

%


0.43

%


1.35

%


1.36

%


1.10

%

Adjusted return on average assets

2.04

%


2.35

%


0.89

%


0.87

%


1.47

%


1.56

%


1.52

%

Return on average common equity

14.30

%


18.27

%


5.23

%


3.16

%


9.97

%


10.35

%


8.19

%

Adjusted return on average tangible common
equity

25.04

%


30.53

%


11.66

%


10.98

%


18.45

%


19.77

%


18.74

%

Earning asset yield (TE)

3.98

%


4.02

%


4.32

%


4.56

%


4.82

%


4.21

%


4.88

%

Total cost of funds

0.36

%


0.41

%


0.52

%


0.91

%


1.00

%


0.54

%


1.05

%

Net interest margin (TE)

3.64

%


3.64

%


3.83

%


3.70

%


3.86

%


3.70

%


3.88

%

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

38.37

%


46.72

%


39.35

%


22.83

%


22.02

%


37.90

%


23.60

%

Efficiency ratio

54.83

%


47.80

%


54.70

%


68.23

%


58.24

%


55.21

%


67.11

%

Adjusted efficiency ratio (TE)

52.67

%


47.34

%


51.08

%


59.87

%


55.61

%


52.17

%


55.67

%















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.95

%


12.90

%


12.38

%


13.37

%


13.54

%


12.95

%


13.54

%

Tangible common equity to tangible assets

8.47

%


8.27

%


7.70

%


8.25

%


8.40

%


8.47

%


8.40

%















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.47

%


8.27

%


7.70

%


8.25

%


8.40

%


8.47

%


8.40

%

Effect of goodwill and other intangibles

4.48

%


4.63

%


4.68

%


5.12

%


5.14

%


4.48

%


5.14

%

Equity to assets (GAAP)

12.95

%


12.90

%


12.38

%


13.37

%


13.54

%


12.95

%


13.54

%















OTHER DATA (period end)














Full time equivalent employees














  Banking Division

1,816



1,807



1,832



1,865



1,913



1,816



1,913


  Retail Mortgage Division

748



734



692



689



690



748



690


  Warehouse Lending Division

12



11



9



9



9



12



9


  SBA Division

24



33



42



44



42



24



42


  Premium Finance Division

71



71



70



72



68



71



68


  Total Ameris Bancorp FTE headcount

2,671



2,656



2,645



2,679



2,722



2,671



2,722
















Assets per Banking Division FTE

$

11,255



$

10,998



$

10,848



$

9,772



$

9,536



$

11,255



$

9,536


Branch locations

164



170



170



170



170



164



170


Deposits per branch location

$

103,401



$

94,493



$

91,705



$

81,439



$

82,512



$

103,401



$

82,512


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2020


2020


2020


2020


2019


2020


2019

Interest income














Interest and fees on loans

$

171,971



$

172,351



$

175,345



$

171,242



$

182,391



$

690,909



$

586,848


Interest on taxable securities

6,398



7,259



9,347



10,082



10,358



33,086



40,138


Interest on nontaxable securities

150



159



157



157



167



623



593


Interest on deposits in other banks

252



153



123



1,211



1,091



1,739



8,139


Interest on federal funds sold

12



12



46



76



69



146



676


Total interest income

178,783



179,934



185,018



182,768



194,076



726,503



636,394
















Interest expense














Interest on deposits

8,870



11,822



14,273



24,102



27,970



59,067



102,533


Interest on other borrowings

6,457



5,574



6,931



10,721



10,755



29,683



28,695


Total interest expense

15,327



17,396



21,204



34,823



38,725



88,750



131,228
















Net interest income

163,456



162,538



163,814



147,945



155,351



637,753



505,166
















Provision for loan losses

(6,700)



26,692



68,449



37,047



5,693



125,488



19,758


Provision for unfunded commitments

5,481



(10,131)



19,712



4,000





19,062




Provision for other credit losses

(291)



1,121









830




Provision for credit losses

(1,510)



17,682



88,161



41,047



5,693



145,380



19,758


Net interest income after provision for credit losses

164,966



144,856



75,653



106,898



149,658



492,373



485,408
















Noninterest income














Service charges on deposits accounts

11,465



10,914



9,922



11,844



13,567



44,145



50,792


Mortgage banking activity

95,192



138,627



104,925



35,333



33,168



374,077



119,409


Other service charges, commissions and fees

965



1,039



949



961



935



3,914



3,566


Gain (loss) on securities





14



(9)



(1)



5



138


Other noninterest income

4,521



8,438



5,150



6,250



7,444



24,359



24,208


Total noninterest income

112,143



159,018



120,960



54,379



55,113



446,500



198,113
















Noninterest expense














Salaries and employee benefits

92,466



96,698



95,168



75,946



69,642



360,278



223,938


Occupancy and equipment expenses

12,709



13,805



13,807



12,028



11,919



52,349



40,596


Data processing and telecommunications expenses

11,323



12,226



10,514



11,954



11,362



46,017



38,513


Credit resolution related expenses(1)

1,156



802



950



2,198



1,098



5,106



4,082


Advertising and marketing expenses

3,267



966



1,455



2,358



2,250



8,046



7,927


Amortization of intangible assets

4,190



4,190



5,601



5,631



5,741



19,612



17,713


Merger and conversion charges



(44)



895



540



2,415



1,391



73,105


Other noninterest expenses

26,005



25,049



27,378



27,398



18,137



105,830



66,063


Total noninterest expense

151,116



153,692



155,768



138,053



122,564



598,629



471,937
















Income before income tax expense

125,993



150,182



40,845



23,224



82,207



340,244



211,584


Income tax expense

31,708



34,037



8,609



3,902



20,959



78,256



50,143


Net income

$

94,285



$

116,145



$

32,236



$

19,322



$

61,248



$

261,988



$

161,441
















Diluted earnings per common share

$

1.36



$

1.67



$

0.47



$

0.28



$

0.88



$

3.77



$

2.75
















(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


Three Months Ended


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2020


2020


2020


2020


2019

Assets










Cash and due from banks

$

203,349



$

257,026



$

292,899



$

255,312



$

246,234


Federal funds sold and interest-bearing deposits in banks

1,913,957



494,765



428,560



396,844



375,615


Time deposits in other banks

249



249



249



249



249


Investment securities available for sale, at fair value

982,879



1,117,436



1,238,896



1,353,040



1,403,403


Other investments

28,202



47,329



76,453



81,754



66,919


Loans held for sale, at fair value

1,167,659



1,414,889



1,736,397



1,398,229



1,656,711












Loans, net of unearned income

14,480,925



14,943,593



14,503,157



13,094,106



12,818,476


Allowance for credit losses

(199,422)



(231,924)



(208,793)



(149,524)



(38,189)


Loans, net

14,281,503



14,711,669



14,294,364



12,944,582



12,780,287












Other real estate owned

11,880



17,969



23,563



21,027



19,500


Premises and equipment, net

222,890



231,278



230,118



231,347



233,102


Goodwill

928,005



928,005



928,005



931,947



931,637


Other intangible assets, net

71,974



76,164



80,354



85,955



91,586


Cash value of bank owned life insurance

176,467



175,605



175,011



176,239



175,270


Deferred income taxes, net

33,314



53,039



56,306



24,196



2,180


Other assets

416,310



348,428



311,454



323,827



259,886


Total assets

$

20,438,638



$

19,873,851



$

19,872,629



$

18,224,548



$

18,242,579












Liabilities










Deposits










Noninterest-bearing

$

6,151,070



$

5,909,316



$

5,595,868



$

4,226,253



$

4,199,448


Interest-bearing

10,806,753



10,154,490



9,993,950



9,618,365



9,827,625


 Total deposits

16,957,823



16,063,806



15,589,818



13,844,618



14,027,073


Federal funds purchased and securities sold under agreements to repurchase

11,641



9,103



12,879



15,160



20,635


Other borrowings

425,155



875,255



1,418,336



1,543,371



1,398,709


Subordinated deferrable interest debentures

124,345



123,860



123,375



122,890



127,560


FDIC loss-share payable, net



19,476



18,903



18,111



19,642


Other liabilities

272,586



217,668



249,188



243,248



179,378


Total liabilities

17,791,550



17,309,168



17,412,499



15,787,398



15,772,997












Shareholders' Equity










Preferred stock










Common stock

71,754



71,703



71,674



71,652



71,500


Capital stock

1,913,285



1,911,031



1,909,839



1,908,721



1,907,108


Retained earnings

671,510



587,657



481,948



460,153



507,950


Accumulated other comprehensive income, net of tax

33,505



37,252



39,613



39,551



17,995


Treasury stock

(42,966)



(42,960)



(42,944)



(42,927)



(34,971)


Total shareholders' equity

2,647,088



2,564,683



2,460,130



2,437,150



2,469,582


Total liabilities and shareholders' equity

$

20,438,638



$

19,873,851



$

19,872,629



$

18,224,548



$

18,242,579












Other Data










Earning assets

$

18,573,871



$

18,018,261



$

17,983,712



$

16,324,222



$

16,321,373


Intangible assets

999,979



1,004,169



1,008,359



1,017,902



1,023,223


Interest-bearing liabilities

11,367,894



11,162,708



11,548,540



11,299,786



11,374,529


Average assets

19,876,338



19,810,084



19,222,181



18,056,445



17,998,494


Average common shareholders' equity

2,622,942



2,529,471



2,478,373



2,456,617



2,437,272


 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2020


2020


2020


2020


2019


2020


2019

Allowance for Credit Losses














Balance at beginning of period

$

260,417



$

246,295



$

167,315



$

39,266



$

36,607



$

39,266



$

28,819
















CECL adoption impact on allowance for loan losses







78,661





78,661




CECL adoption impact on allowance for unfunded
commitments







12,714





12,714




 Total CECL adoption impact







91,375





91,375


















Acquired allowance for unfunded commitments













1,077
















Provision for loan losses

(6,700)



26,692



68,449



37,047



5,693



125,488



19,758


Provision for unfunded commitments

5,481



(10,131)



19,712



4,000





19,062




Provision for other credit losses

(291)



1,121









830




 Provision for credit losses

(1,510)



17,682



88,161



41,047



5,693



145,380



19,758
















Charge-offs

29,094



7,370



11,282



6,718



5,664



54,464



19,861


Recoveries

3,292



3,810



2,101



2,345



2,630



11,548



9,473


 Net charge-offs

25,802



3,560



9,181



4,373



3,034



42,916



10,388
















Ending balance

$

233,105



$

260,417



$

246,295



$

167,315



$

39,266



$

233,105



$

39,266
















Allowance for loan losses

$

199,422



$

231,924



$

208,793



$

149,524



$

38,189



$

199,422



$

38,189


Allowance for unfunded commitments

32,853



27,372



37,502



17,791



1,077



32,853



1,077


Allowance for other credit losses

830



1,121









830




T otal allowance for credit losses

$

233,105



$

260,417



$

246,295



$

167,315



$

39,266



$

233,105



$

39,266
















Net  Charge-off Information














Charge-offs














Commercial, financial and agricultural

$

5,960



$

1,715



$

486



$

2,486



$

1,813



$

10,647



$

3,460


Consumer installment

2,861



677



962



1,142



1,586



5,642



5,899


Indirect automobile

658



697



1,016



1,231



939



3,602



1,904


Premium Finance

2,240



1,158



1,904



831



899



6,133



4,351


Real estate - construction and development



9



74





146



83



414


Real estate - commercial and farmland

17,284



2,977



6,315



928



181



27,504



3,342


Real estate - residential

91



137



525



100



100



853



491


 Total charge-offs

29,094



7,370



11,282



6,718



5,664



54,464



19,861
















Recoveries














Commercial, financial and agricultural

754



470



303



362



934



1,889



1,838


Consumer installment

480



516



436



321



461



1,753



1,620


Indirect automobile

637



317



359



344



241



1,657



445


Premium Finance

605



1,224



676



684



358



3,189



2,754


Real estate - construction and development

125



182



168



342



430



817



1,745


Real estate - commercial and farmland

439



904



21



85



140



1,449



332


Real estate - residential

252



197



138



207



68



794



739


 Total recoveries

3,292



3,810



2,101



2,345



2,632



11,548



9,473
















Net charge-offs

$

25,802



$

3,560



$

9,181



$

4,373



$

3,032



$

42,916



$

10,388
















Non-Performing Assets














Nonaccrual loans

$

76,457



$

138,163



$

77,745



$

77,866



$

75,124



$

76,457



$

75,124


Other real estate owned

11,880



17,969



23,563



21,027



19,500



11,880



19,500


Repossessed assets

544



258



1,348



783



939



544



939


Accruing loans delinquent 90 days or more

8,326



7,003



15,127



11,969



5,754



8,326



5,754


Total non-performing assets

$

97,207



$

163,393



$

117,783



$

111,645



$

101,317



$

97,207



$

101,317
















Asset Quality Ratios














Non-performing assets as a percent of total assets

0.48

%


0.82

%


0.59

%


0.61

%


0.56

%


0.48

%


0.56

%

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

0.70

%


0.10

%


0.27

%


0.14

%


0.09

%


0.31

%


0.10

%

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2020


2020


2020


2020


2019

Loans by Type










Commercial, financial and agricultural

$

1,627,477



$

1,879,788



$

1,839,921



$

827,392



$

802,171


Consumer installment

306,995



450,810



575,782



520,592



498,577


Indirect automobile

580,083



682,396



739,543



937,736



1,061,824


Mortgage warehouse

916,353



995,942



748,853



547,328



526,369


Municipal

659,403



725,669



731,508



749,633



564,304


Premium Finance

687,841



710,890



690,584



661,845



654,669


Real estate - construction and development

1,606,710



1,628,255



1,641,744



1,628,367



1,549,062


Real estate - commercial and farmland

5,300,006



5,116,252



4,804,420



4,516,451



4,353,039


Real estate - residential

2,796,057



2,753,591



2,730,802



2,704,762



2,808,461


 Total loans

$

14,480,925



$

14,943,593



$

14,503,157



$

13,094,106



$

12,818,476












Troubled Debt Restructurings










Accruing troubled debt restructurings










Commercial, financial and agricultural

$

521



$

459



$

591



$

575



$

516


Consumer installment

32



36



42



4



8


Indirect automobile

2,277



2,689








Mortgage warehouse










Municipal










Premium Finance







159



156


Real estate - construction and development

506



510



919



925



936


Real estate - commercial and farmland

36,707



56,417



5,252



5,587



6,732


Real estate - residential

38,800



28,777



30,253



22,775



21,261


 Total accruing troubled debt restructurings

$

78,843



$

88,888



$

37,057



$

30,025



$

29,609


Nonaccrual troubled debt restructurings










Commercial, financial and agricultural

$

849



$

1,002



$

1,034



$

334



$

335


Consumer installment

56



64



67



105



107


Indirect automobile

461



482








Mortgage warehouse










Municipal










Premium Finance










Real estate - construction and development

707



709



307



289



253


Real estate - commercial and farmland

1,401



19,942



1,878



2,415



2,071


Real estate - residential

2,671



4,477



2,231



3,078



2,857


 Total nonaccrual troubled debt restructurings

$

6,145



$

26,676



$

5,517



$

6,221



$

5,623


   Total troubled debt restructurings

$

84,988



$

115,564



$

42,574



$

36,246



$

35,232












Loans by Risk Grade










Grade 1 - Prime credit

$

1,368,661



$

1,845,900



$

1,789,709



$

774,956



$

587,877


Grade 2 - Strong credit

869,581



838,267



801,273



785,770



840,372


Grade 3 - Good credit

6,624,154



6,189,269



5,784,754



5,772,834



6,034,398


Grade 4 - Satisfactory credit

4,794,672



4,989,617



5,643,133



4,353,733



4,884,541


Grade 5 - Fair credit

452,350



643,502



212,667



1,131,128



233,020


Grade 6 - Other assets especially mentioned

108,541



151,501



108,704



106,885



86,412


Grade 7 - Substandard

262,947



285,537



162,917



168,561



151,846


Grade 8 - Doubtful

19







239



8


Grade 9 - Loss









2


 Total loans

$

14,480,925



$

14,943,593



$

14,503,157



$

13,094,106



$

12,818,476


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Average Balances

Table 6


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2020


2020


2020


2020


2019


2020


2019

Earning Assets














Federal funds sold

$

20,000



$

20,004



$

24,265



$

27,380



$

23,104



$

22,896



$

31,104


Interest-bearing deposits in banks

879,481



467,188



398,284



419,260



304,427



541,776



358,924


Time deposits in other banks

249



249



249



249



401



249



3,705


Investment securities - taxable

1,024,335



1,160,585



1,281,980



1,359,651



1,426,062



1,206,014



1,341,330


Investment securities - nontaxable

20,112



21,619



21,576



22,839



23,580



21,533



21,695


Other investments

31,552



64,656



79,143



73,972



64,852



62,253



37,415


Loans held for sale

1,281,762



1,507,481



1,614,080



1,587,131



1,537,648



1,497,051



667,078


Loans

14,752,664



14,688,317



13,915,406



12,712,997



12,697,912



14,018,582



10,666,978


Total Earning Assets

$

18,010,155



$

17,930,099



$

17,334,983



$

16,203,479



$

16,077,986



$

17,370,354



$

13,128,229
















Deposits














Noninterest-bearing deposits

$

5,970,672



$

5,782,163



$

5,061,578



$

4,080,920



$

4,124,872



$

5,227,399



$

3,364,785


NOW accounts

2,968,596



2,718,315



2,441,305



2,287,947



2,204,666



2,605,349



1,831,024


MMDA

4,534,243



4,273,899



4,221,906



4,004,644



3,953,717



4,259,467



3,280,233


Savings accounts

793,414



749,314



692,382



643,422



649,118



719,916



529,866


Retail CDs

2,109,600



2,274,150



2,471,134



2,624,209



2,721,829



2,368,802



2,348,689


Brokered CDs

1,140



1,933



2,043



61,190



249,644



16,494



347,844


Total Deposits

16,377,665



15,799,774



14,890,348



13,702,332



13,903,846



15,197,427



11,702,441


Non-Deposit Funding














Federal funds purchased and securities sold
under agreements to repurchase

9,929



10,483



12,452



15,637



17,088



12,115



14,043


FHLB advances

127,797



799,034



1,212,537



1,267,303



1,080,516



849,546



483,735


Other borrowings

376,295



272,443



269,300



269,454



234,001



297,023



186,798


Subordinated deferrable interest debentures

124,091



123,604



123,120



127,731



127,292



124,632



110,129


Total Non-Deposit Funding

638,112



1,205,564



1,617,409



1,680,125



1,458,897



1,283,316



794,705


Total Funding

$

17,015,777



$

17,005,338



$

16,507,757



$

15,382,457



$

15,362,743



$

16,480,743



$

12,497,146


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2020


2020


2020


2020


2019


2020


2019

Interest Income














Federal funds sold

$

13



$

13



$

45



$

76



$

69



$

147



$

676


Interest-bearing deposits in banks

251



152



122



1,210



1,089



1,735



8,068


Time deposits in other banks

1



1



1



1



2



4



71


Investment securities - taxable

6,398



7,260



9,346



10,082



10,358



33,086



40,138


Investment securities - nontaxable (TE)

190



202



198



199



212



789



751


Loans held for sale

9,705



10,365



14,053



13,637



14,330



47,760



25,003


Loans (TE)

163,532



163,352



162,617



158,636



169,119



648,137



566,037


Total Earning Assets

$

180,090



$

181,345



$

186,382



$

183,841



$

195,179



$

731,658



$

640,744
















Accretion income (included above)

$

4,688



$

6,525



$

9,576



$

6,562



$

9,727



$

27,351



$

19,935
















Interest Expense














Interest-Bearing Deposits














  NOW accounts

$

1,091



$

1,394



$

1,265



$

2,774



$

2,728



$

6,524



$

9,940


  MMDA

2,326



2,823



3,764



9,748



11,311



18,661



42,439


  Savings accounts

143



112



94



210



233



559



669


  Retail CDs

5,301



7,484



9,136



11,064



12,220



32,985



41,040


  Brokered CDs

9



9



14



306



1,478



338



8,445


Total Interest-Bearing Deposits

8,870



11,822



14,273



24,102



27,970



59,067



102,533


Non-Deposit Funding














  Federal funds purchased and securities sold under
  agreements to repurchase

8



9



25



40



41



82



86


  FHLB advances

245



661



1,686



5,109



5,241



7,701



10,044


  Other borrowings

4,635



3,558



3,487



3,511



3,358



15,191



11,127


  Subordinated deferrable interest debentures

1,569



1,346



1,733



2,061



2,115



6,709



7,438


Total Non-Deposit Funding

6,457



5,574



6,931



10,721



10,755



29,683



28,695


Total Interest-Bearing Funding

$

15,327



$

17,396



$

21,204



$

34,823



$

38,725



$

88,750



$

131,228
















Net Interest Income (TE)

$

164,763



$

163,949



$

165,178



$

149,018



$

156,454



$

642,908



$

509,516


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Yields(1)

Table 8


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec


2020


2020


2020


2020


2019


2020


2019

Earning Assets














Federal funds sold

0.26

%


0.26

%


0.75

%


1.12

%


1.18

%


0.64

%


2.17

%

Interest-bearing deposits in banks

0.11

%


0.13

%


0.12

%


1.16

%


1.42

%


0.32

%


2.25

%

Time deposits in other banks

1.60

%


1.60

%


1.62

%


1.62

%


1.98

%


1.61

%


1.92

%

Investment securities - taxable

2.48

%


2.49

%


2.93

%


2.98

%


2.88

%


2.74

%


2.99

%

Investment securities - nontaxable (TE)

3.76

%


3.72

%


3.69

%


3.50

%


3.57

%


3.66

%


3.46

%

Loans held for sale

3.01

%


2.74

%


3.50

%


3.46

%


3.70

%


3.19

%


3.75

%

Loans (TE)

4.41

%


4.42

%


4.70

%


5.02

%


5.28

%


4.62

%


5.31

%

Total Earning Assets

3.98

%


4.02

%


4.32

%


4.56

%


4.82

%


4.21

%


4.88

%















Interest-Bearing Deposits














NOW accounts

0.15

%


0.20

%


0.21

%


0.49

%


0.49

%


0.25

%


0.54

%

MMDA

0.20

%


0.26

%


0.36

%


0.98

%


1.14

%


0.44

%


1.29

%

Savings accounts

0.07

%


0.06

%


0.05

%


0.13

%


0.14

%


0.08

%


0.13

%

Retail CDs

1.00

%


1.31

%


1.49

%


1.70

%


1.78

%


1.39

%


1.75

%

Brokered CDs

3.14

%


1.85

%


2.76

%


2.01

%


2.35

%


2.05

%


2.43

%

Total Interest-Bearing Deposits

0.34

%


0.47

%


0.58

%


1.01

%


1.13

%


0.59

%


1.23

%

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to
repurchase

0.32

%


0.34

%


0.81

%


1.03

%


0.95

%


0.68

%


0.61

%

FHLB advances

0.76

%


0.33

%


0.56

%


1.62

%


1.92

%


0.91

%


2.08

%

Other borrowings

4.90

%


5.20

%


5.21

%


5.24

%


5.69

%


5.11

%


5.96

%

Subordinated deferrable interest debentures

5.03

%


4.33

%


5.66

%


6.49

%


6.59

%


5.38

%


6.75

%

Total Non-Deposit Funding

4.03

%


1.84

%


1.72

%


2.57

%


2.92

%


2.31

%


3.61

%

Total Interest-Bearing Liabilities

0.55

%


0.62

%


0.75

%


1.24

%


1.37

%


0.79

%


1.44

%















Net Interest Spread

3.43

%


3.40

%


3.57

%


3.32

%


3.45

%


3.42

%


3.44

%















Net Interest Margin(2)

3.64

%


3.64

%


3.83

%


3.70

%


3.86

%


3.70

%


3.88

%















Total Cost of Funds(3)

0.36

%


0.41

%


0.52

%


0.91

%


1.00

%


0.54

%


1.05

%

(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


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2020


2020


2020


2020


2019


2020


2019

Net income available to common shareholders

$

94,285



$

116,145



$

32,236



$

19,322



$

61,248



$

261,988



$

161,441
















Adjustment items:














Merger and conversion charges



(44)



895



540



2,415



1,391



73,105


Restructuring charges



50



1,463







1,513



245


Servicing right impairment

9,501



412



7,989



22,165



366



40,067



507


(Gain) loss on BOLI proceeds



(103)



(845)





752



(948)



(3,583)


Expenses related to SEC/DOJ Investigation

53



268



1,294



1,443



463



3,058



463


Natural disaster and pandemic charges (Note 1)

235



470



2,043



548





3,296



(39)


(Gain) loss on sale of premises

(30)



(97)



281



470



1,413



624



6,021


Tax effect of adjustment items (Note 2)

(2,049)



(222)



(2,933)



(5,283)



(898)



(10,488)



(16,065)


After tax adjustment items

7,710



734



10,187



19,883



4,511



38,513



60,654
















Tax expense attributable to acquisition related
compensation and acquired BOLI









849





849
















Adjusted net income

$

101,995



$

116,879



$

42,423



$

39,205



$

66,608



$

300,501



$

222,944
















Weighted average number of shares - diluted

69,493,105



69,346,141



69,292,972



69,502,022



69,683,999



69,426,185



58,614,151


Net income per diluted share

$

1.36



$

1.67



$

0.47



$

0.28



$

0.88



$

3.77



$

2.75


Adjusted net income per diluted share

$

1.47



$

1.69



$

0.61



$

0.56



$

0.96



$

4.33



$

3.80
















Average assets

$

19,876,338



$

19,810,084



$

19,222,181



$

18,056,445



$

17,998,494



$

19,240,493



$

14,621,185


Return on average assets

1.89

%


2.33

%


0.67

%


0.43

%


1.35

%


1.36

%


1.10

%

Adjusted return on average assets

2.04

%


2.35

%


0.89

%


0.87

%


1.47

%


1.56

%


1.52

%















Average common equity

$

2,622,942



$

2,529,471



$

2,478,373



$

2,456,617



$

2,437,272



$

2,531,419



$

1,970,780


Average tangible common equity

$

1,620,742



$

1,523,066



$

1,462,871



$

1,436,108



$

1,432,081



$

1,520,303



$

1,189,493


Return on average common equity

14.30

%


18.27

%


5.23

%


3.16

%


9.97

%


10.35

%


8.19

%

Adjusted return on average tangible common
equity

25.04

%


30.53

%


11.66

%


10.98

%


18.45

%


19.77

%


18.74

%















Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2:  A portion of the merger and conversion charges for 1Q20, 4Q19 and both year-to-date periods are nondeductible for tax purposes.

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Non-GAAP Reconciliations (continued)






Adjusted Efficiency Ratio (TE)

Table 9B


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2020


2020


2020


2020


2019


2020


2019

Adjusted Noninterest Expense














Total noninterest expense

$

151,116



$

153,692



$

155,768



$

138,053



$

122,564



$

598,629



$

471,937


Adjustment items:














Merger and conversion charges



44



(895)



(540)



(2,415)



(1,391)



(73,105)


Restructuring charges



(50)



(1,463)







(1,513)



(245)


Expenses related to SEC/DOJ Investigation

(53)



(268)



(1,294)



(1,443)



(463)



(3,058)



(463)


Natural disaster and pandemic charges

(235)



(470)



(2,043)



(548)





(3,296)



39


Gain (loss) on sale of premises

30



97



(281)



(470)



(1,413)



(624)



(6,021)


Adjusted noninterest expense

$

150,858



$

153,045



$

149,792



$

135,052



$

118,273



$

588,747



$

392,142
















Total Revenue














Net interest income

$

163,456



162,538



$

163,814



$

147,945



$

155,351



$

637,753



$

505,166


Noninterest income

112,143



159,018



120,960



54,379



55,113



446,500



198,113


Total revenue

$

275,599



$

321,556



$

284,774



$

202,324



$

210,464



$

1,084,253



$

703,279
















Adjusted Total Revenue














Net interest income (TE)

$

164,763



$

163,949



$

165,178



$

149,018



$

156,454



$

642,908



$

509,516


Noninterest income

112,143



$

159,018



120,960



54,379



55,113



446,500



198,113


Total revenue (TE)

276,906



$

322,967



286,138



203,397



211,567



1,089,408



707,629


Adjustment items:














(Gain) loss on securities





(14)



9



(1)



(5)



(138)


(Gain) loss on BOLI proceeds



(103)



(845)





752



(948)



(3,583)


Servicing right impairment

9,501



412



7,989



22,165



366



40,067



507


Adjusted total revenue (TE)

$

286,407



$

323,276



$

293,268



$

225,571



$

212,684



$

1,128,522



$

704,415
















Efficiency ratio

54.83

%


47.80

%


54.70

%


68.23

%


58.24

%


55.21

%


67.11

%

Adjusted efficiency ratio (TE)

52.67

%


47.34

%


51.08

%


59.87

%


55.61

%


52.17

%


55.67

%















Tangible Book Value Per Share

Table 9C


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2020


2020


2020


2020


2019


2020


2019

Total shareholders' equity

$

2,647,088



$

2,564,683



$

2,460,130



$

2,437,150



$

2,469,582



$

2,647,088



$

2,469,582


Less:














Goodwill

928,005



$

928,005



928,005



931,947



931,637



928,005



931,637


Other intangibles, net

71,974



$

76,164



80,354



85,955



91,586



71,974



91,586


Total tangible shareholders' equity

$

1,647,109



$

1,560,514



$

1,451,771



$

1,419,248



$

1,446,359



$

1,647,109



$

1,446,359
















Period end number of shares

69,541,481



69,490,546



69,461,968



69,441,274



69,503,833



69,541,481



69,503,833


Book value per share (period end)

$

38.07



$

36.91



$

35.42



$

35.10



$

35.53



$

38.07



$

35.53


Tangible book value per share (period end)

$

23.69



$

22.46



$

20.90



$

20.44



$

20.81



$

23.69



$

20.81


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Segment Reporting

Table 10


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2020


2020


2020


2020


2019


2020


2019

Banking Division














Net interest income

$

112,964



$

119,562



$

120,330



$

118,375



$

124,957



$

471,231



$

419,013


Provision for credit losses

1,847



487



86,805



35,997



4,741



125,136



12,654


Noninterest income

15,659



15,265



14,468



17,773



18,632



63,165



69,005


Noninterest expense














  Salaries and employee benefits

38,668



39,718



40,423



41,621



38,180



160,430



130,134


  Occupancy and equipment expenses

10,958



11,955



11,679



10,347



10,216



44,939



35,281


  Data processing and telecommunications expenses

9,608



9,716



8,919



10,797



10,156



39,040



34,934


  Other noninterest expenses

25,806



21,517



27,997



30,645



23,176



105,965



149,919


Total noninterest expense

85,040



82,906



89,018



93,410



81,728



350,374



350,268


Income (loss) before income tax expense

41,736



51,434



(41,025)



6,741



57,120



58,886



125,096


Income tax expense (benefit)

13,992



13,453



(8,582)



275



15,412



19,138



31,609


Net income (loss)

$

27,744



$

37,981



$

(32,443)



$

6,466



$

41,708



$

39,748



$

93,487
















Retail Mortgage Division














Net interest income

$

19,908



$

20,393



$

24,302



$

17,756



$

18,223



$

82,359



$

44,552


Provision for credit losses

(1,621)



15,051



423



1,997



1,237



15,850



3,472


Noninterest income

94,109



137,583



104,195



34,369



33,335



370,256



118,188


Noninterest expense














  Salaries and employee benefits

50,165



53,500



50,003



31,097



28,233



184,765



82,470


  Occupancy and equipment expenses

1,577



1,676



1,953



1,504



1,544



6,710



4,666


  Data processing and telecommunications expenses

1,534



2,349



1,406



986



1,034



6,275



2,418


  Other noninterest expenses

7,442



7,889



6,949



5,875



4,553



28,155



12,536


Total noninterest expense

60,718



65,414



60,311



39,462



35,364



225,905



102,090


Income before income tax expense

54,920



77,511



67,763



10,666



14,957



210,860



57,178


Income tax expense

11,535



16,112



14,231



2,408



3,371



44,286



12,202


Net income

$

43,385



$

61,399



$

53,532



$

8,258



$

11,586



$

166,574



$

44,976
















Warehouse Lending Division














Net interest income

$

9,017



$

6,546



$

5,026



$

3,302



$

3,771



$

23,891



$

12,617


Provision for credit losses

1,673



495



403



(9)



67



2,562



67


Noninterest income

1,113



1,064



727



960



610



3,864



1,999


Noninterest expense














  Salaries and employee benefits

296



266



209



210



325



981



934


  Occupancy and equipment expenses

1



1



1



1



1



4



5


  Data processing and telecommunications expenses

101



73



55



41



47



270



156


  Other noninterest expenses

26



28



88



34



53



176



223


Total noninterest expense

424



368



353



286



426



1,431



1,318


Income before income tax expense

8,033



6,747



4,997



3,985



3,888



23,762



13,231


Income tax expense

1,687



1,431



1,049



837



816



5,004



2,778


Net income

$

6,346



$

5,316



$

3,948



$

3,148



$

3,072



$

18,758



$

10,453


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Segment Reporting (continued)

Table 10


Three Months Ended


Year Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2020


2020


2020


2020


2019


2020


2019

SBA Division














Net interest income

$

14,909



$

8,966



$

7,034



$

2,181



$

2,190



$

33,090



$

7,031


Provision for credit losses

(2,997)



4,297



2,322



(903)



150



2,719



544


Noninterest income

1,247



5,106



1,570



1,277



2,536



9,200



8,915


Noninterest expense














  Salaries and employee benefits

1,233



1,572



2,612



1,476



1,336



6,893



4,783


  Occupancy and equipment expenses

100



97



97



97



79



391



269


  Data processing and telecommunications expenses

1



4



15



13



5



33



32


  Other noninterest expenses

363



595



359



515



402



1,832



1,651


Total noninterest expense

1,697



2,268



3,083



2,101



1,822



9,149



6,735


Income before income tax expense

17,456



7,507



3,199



2,260



2,754



30,422



8,667


Income tax expense

3,666



1,577



671



475



578



6,389



1,820


Net income

$

13,790



$

5,930



$

2,528



$

1,785



$

2,176



$

24,033



$

6,847
















Premium Finance Division














Net interest income

$

6,658



$

7,071



$

7,122



$

6,331



$

6,210



$

27,182



$

21,953


Provision for credit losses

(412)



(2,648)



(1,792)



3,965



(502)



(887)



3,021


Noninterest income

15











15



6


Noninterest expense














  Salaries and employee benefits

2,104



1,642



1,921



1,542



1,568



7,209



5,617


  Occupancy and equipment expenses

73



76



77



79



79



305



375


  Data processing and telecommunications expenses

79



84



119



117



120



399



973


  Other noninterest expenses

981



934



886



1,056



1,457



3,857



4,561


Total noninterest expense

3,237



2,736



3,003



2,794



3,224



11,770



11,526


Income (loss) before income tax expense

3,848



6,983



5,911



(428)



3,488



16,314



7,412


Income tax expense (benefit)

828



1,464



1,240



(93)



782



3,439



1,734


Net income (loss)

$

3,020



$

5,519



$

4,671



$

(335)



$

2,706



$

12,875



$

5,678
















Total Consolidated














Net interest income

$

163,456



$

162,538



$

163,814



$

147,945



$

155,351



$

637,753



$

505,166


Provision for credit losses

(1,510)



17,682



88,161



41,047



5,693



145,380



19,758


Noninterest income

112,143



159,018



120,960



54,379



55,113



446,500



198,113


Noninterest expense














  Salaries and employee benefits

92,466



96,698



95,168



75,946



69,642



360,278



223,938


  Occupancy and equipment expenses

12,709



13,805



13,807



12,028



11,919



52,349



40,596


  Data processing and telecommunications expenses

11,323



12,226



10,514



11,954



11,362



46,017



38,513


  Other noninterest expenses

34,618



30,963



36,279



38,125



29,641



139,985



168,890


Total noninterest expense

151,116



153,692



155,768



138,053



122,564



598,629



471,937


Income before income tax expense

125,993



150,182



40,845



23,224



82,207



340,244



211,584


Income tax expense

31,708



34,037



8,609



3,902



20,959



78,256



50,143


Net income

$

94,285



$

116,145



$

32,236



$

19,322



$

61,248



$

261,988



$

161,441


 

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SOURCE Ameris Bancorp

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