Ameris Bancorp Announces Financial Results For First Quarter 2021

Rhea-AI Summary

Ameris Bancorp (Nasdaq: ABCB) reported a strong first quarter of 2021, achieving net income of $125.0 million, or $1.79 per diluted share, compared to $19.3 million, or $0.28 per diluted share a year earlier. Key factors driving this growth included a $69.6 million reduction in provision for credit losses and a $63.2 million increase in mortgage banking activity. Adjusted net income reached $115.7 million, or $1.66 per diluted share. The tangible book value rose 6.7% to $25.27, indicating solid financial health and operational efficiency.

Positive

• Net income up 552% year-over-year to $125.0 million.
• Tangible book value increased by 6.7% to $25.27.
• Mortgage banking activity rose by $63.2 million.
• Adjusted return on average assets improved to 2.26%.

Negative

• Adjusted efficiency ratio worsened to 54.62% from 52.67% in the previous quarter.
• Net interest margin declined to 3.57% from 3.64% in the prior quarter.
• Loan production decreased 23% quarter-over-quarter.

ATLANTA, April 22, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $125.0 million, or $1.79 per diluted share, for the quarter ended March 31, 2021, compared with $19.3 million, or $0.28 per diluted share, for the quarter ended March 31, 2020.  The increase in net income is primarily attributable to a reduction in provision for credit losses of $69.6 million and an increase in mortgage banking activity for the quarter of $63.2 million.  The Company reported adjusted net income of $115.7 million, or $1.66 per diluted share, for the quarter ended March 31, 2021, compared with $39.2 million, or $0.56 per diluted share, for the same period in 2020.  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on sale of bank premises and expenses related to the COVID-19 pandemic.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are pleased with our first quarter results, where we saw solid loan growth, increases in core deposits, stable credit, robust fees and continued momentum in our banking division efficiency initiatives.  An improving economy, which resulted in a reversal of provision expense and a recovery of previous MSR (mortgage servicing right) impairment, along with the tremendous core earnings power of Ameris, resulted in tangible book value growth of 6.7% this quarter.  Our teammates have continued to remain focused on our key initiatives of superior and innovative customer service, which delivers top-in-class financial results.  We are excited about the opportunities we see in our markets and the strength that we have going into the remainder of 2021."

Significant items from the Company's results for the first quarter of 2021 include the following:

• Net income of $125.0 million, or $1.79 per diluted share, compared with $94.3 million, or $1.36 per diluted share, in the fourth quarter of 2020
• Growth in tangible book value of 6.7%, or $1.58 per share, to $25.27 at March 31, 2021, compared with $23.69 at December 31, 2020
• Growth in total revenue of $7.4 million, or 2.7%, compared with the fourth quarter of 2020
• Adjusted return on average assets of 2.26%, compared with 2.04% in the fourth quarter of 2020
• Mortgage production remained strong and retail mortgage pipeline ended $326.7 million higher than at December 31, 2020
• Adjusted efficiency ratio of 54.62%, compared with 52.67% in the fourth quarter of 2020 and 59.87% in the first quarter of 2020
• Net interest margin of 3.57%, compared with 3.64% in the fourth quarter of 2020
• Continued growth in noninterest bearing deposits representing 38.07% of total deposits, up from 36.27% at December 31, 2020 and 30.53% a year ago
• Annualized net charge-offs of 0.12% of average total loans

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

Adjusted Net Income Reconciliation
	Three Months Ended
	March 31,
(dollars in thousands, except per share data)	2021				2020
Net income available to common shareholders	$	124,962			$	19,322
Adjustment items:
Merger and conversion charges	—				540
Servicing right impairment (recovery)	(10,639)				22,165
Gain on BOLI proceeds	(603)				—
Expenses related to SEC and DOJ investigation	—				1,443
Natural disaster and pandemic charges (Note 1)	—				548
(Gain) loss on sale of premises	(264)				470
Tax effect of adjustment items (Note 2)	2,290				(5,283)
After-tax adjustment items	(9,216)				19,883
Adjusted net income	$	115,746			$	39,205
Reported net income per diluted share	$	1.79			$	0.28
Adjusted net income per diluted share	$	1.66			$	0.56
Reported return on average assets	2.44		%		0.43		%
Adjusted return on average assets	2.26		%		0.87		%
Reported return on average common equity	18.80		%		3.16		%
Adjusted return on average tangible common equity	27.66		%		10.98		%

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 are nondeductible for tax purposes.

 

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the first quarter of 2021 totaled $166.2 million, compared with $164.8 million for the fourth quarter of 2020 and $149.0 million for the first quarter of 2020.  The Company's net interest margin was 3.57% for the first quarter of 2021, down from 3.64% reported for the fourth quarter of 2020 and 3.70% reported for the first quarter of 2020.  The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks increased materially during the quarter.  The yield on earning assets declined 13 basis points due to this excess liquidity, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of 9 basis points during the quarter. Accretion income for the first quarter of 2021 increased to $6.1 million, compared with $4.7 million for the fourth quarter of 2020, and decreased from $6.6 million for the first quarter of 2020.  The increase in accretion income for the first quarter is primarily attributable to increased payoffs of acquired loans during the first quarter of 2021. 

Yields on loans increased to 4.53% during the first quarter of 2021, compared with 4.41% for the fourth quarter of 2020, and decreased from 5.02% reported for the first quarter of 2020.  Contributing to interest income on loans for the first quarter of 2021 was $9.2 million related to accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.3 million in the fourth quarter of 2020.  Loan production in the banking division during the first quarter of 2021 was $600.6 million, with weighted average yields of 3.80%, compared with $785.0 million and 3.86%, respectively, in the fourth quarter of 2020, but was below pre-pandemic levels seen in the first quarter last year of $918.4 million and 4.55%, respectively.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.5 billion during the first quarter of 2021, with weighted average yields of 3.15%, compared with $7.7 billion and 3.25%, respectively, during the fourth quarter of 2020 and $4.0 billion and 4.15%, respectively, during the first quarter of 2020.  Loan production yields in the lines of business were negatively impacted 11 basis points during the first quarter of 2021 by originations of PPP loans in our SBA division. 

Interest expense during the first quarter of 2021 decreased to $13.0 million, compared with $15.3 million in the fourth quarter of 2020 and $34.8 million in the first quarter of 2020.  The Company's total cost of funds moved six basis points lower to 0.30% in the first quarter of 2021 as compared with the fourth quarter of 2020.  Deposit costs also decreased six basis points during the first quarter of 2021 to 0.16%, compared with 0.22% in the fourth quarter of 2020.  Costs of interest-bearing deposits decreased during the quarter from 0.34% in the fourth quarter of 2020 to 0.25% in the first quarter of 2021.

Noninterest Income
Noninterest income increased $5.8 million, or 5.2%, in the first quarter of 2021 to $118.0 million, compared with $112.1 million for the fourth quarter of 2020, primarily as a result of increased mortgage banking activity and other noninterest income, as further discussed below.

Mortgage banking activity increased $3.3 million, or 3.5%, to $98.5 million in the first quarter of 2021, compared with $95.2 million for the fourth quarter of 2020.  This increase was the result of a recovery of previously recorded servicing right impairment, partially offset by a decrease in gain on sale of loans. Gain on sale spreads decreased to 3.95% in the first quarter of 2021 from 4.34% for the fourth quarter of 2020. Total production in the retail mortgage division decreased to $2.64 billion in the first quarter of 2021, compared with $2.81 billion for the fourth quarter of 2020. Mortgage banking activity was positively impacted during the first quarter of 2021 by a $9.7 million servicing right recovery, compared with an impairment of $9.1 million for the fourth quarter of 2020. The retail mortgage open pipeline was $2.33 billion at the end of the first quarter of 2021, compared with $2.00 billion at December 31, 2020.

Service charge revenue decreased $636,000, or 5.5%, to $10.8 million in the first quarter of 2021, compared with $11.5 million for the fourth quarter of 2020, resulting from a decrease in volume. Other noninterest income increased $3.1 million, or 69.3%, in the first quarter of 2021 to $7.7 million, compared with $4.5 million for the fourth quarter of 2020, primarily as a result of a SBA servicing right recovery of $906,000 in the first quarter of 2021, compared with an impairment of $355,000 for the fourth quarter of 2020, a gain on BOLI proceeds of $603,000 and an increase in gain on sale of loans of $765,000.

Noninterest Expense
Noninterest expense decreased $2.3 million, or 1.5%, to $148.8 million during the first quarter of 2021, compared with $151.1 million for the fourth quarter of 2020.  During the first quarter of 2021, the Company recorded a net gain of $264,000 related to sale of premises.  During the fourth quarter of 2020, the Company recorded $258,000 in charges to earnings related to certain legal expenses and natural disaster and pandemic charges, partially offset by a gain on sale of premises.  Excluding these charges, adjusted expenses decreased approximately $1.8 million, or 1.2%, to $149.1 million in the first quarter of 2021, from $150.9 million in the fourth quarter of 2020.  The majority of this decrease is attributable to a $765,000 expense related to the final termination of the remaining loss-share agreements with the FDIC and a $1.0 million donation to the Ameris Bank Foundation recorded in the fourth quarter of 2020.  The adjusted efficiency ratio was 54.62% in the first quarter of 2021, compared with 52.67% in the fourth quarter of 2020.

Income Tax Expense
The Company's effective tax rate for the first quarter of 2021 was 23.2%, compared with 25.2% in the fourth quarter of 2020. The decreased rate for the first quarter of 2021 was primarily a result of a large return to provision adjustment made when the Company filed its 2019 income tax returns in the fourth quarter of 2020.

Balance Sheet Trends
Total assets at March 31, 2021 were $21.43 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $16.11 billion at March 31, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $14.60 billion at March 31, 2021, compared with $14.48 billion at December 31, 2020, an increase of $118.9 million, or 0.8%.  Loan production in the banking division during the first quarter of 2021 was down 23% from the fourth quarter of 2020 and 35% from the first quarter of 2020. 

At March 31, 2021, total deposits amounted to $17.88 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At March 31, 2021, noninterest-bearing deposit accounts were $6.80 billion, or 38.1% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $10.99 billion at March 31, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 61.5% of the Company's total deposits at March 31, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at March 31, 2021 totaled $2.76 billion, an increase of $110.5 million, or 4.2%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $125.0 million during the first quarter of 2021, partially offset by dividends declared.  Tangible book value per share was $25.27 at March 31, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.62% at March 31, 2021, compared with 8.47% at the end of 2020.

Credit Quality
Credit quality remains strong in the Company.  During the first quarter of 2021, the Company recorded a provision for credit losses reversal of $28.6 million, compared with a provision reversal of $1.5 million in the fourth quarter of 2020.  This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment, home prices and commercial real estate prices, compared with forecast conditions during the fourth quarter of 2020.  The positive impact of the improved economic forecast was partially offset, however, by growth in adverse qualitative factors in our commercial real estate and consumer installment portfolios.  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 first quarter of 2021 equaled approximately 1.9% of total loans, down from approximately 2.9% and 19.0% of total loans at the end of the fourth and second quarters of 2020, respectively.  Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.40% during the quarter.  The net charge-off ratio was 12 basis points for the first quarter of 2021, compared with 70 basis points in the fourth quarter of 2020 and 14 basis points in the first quarter of 2020.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 23, 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 May 7, 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 10153876.  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 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers; collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the 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, 2020 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
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands except per share data)	2021				2020				2020				2020				2020
EARNINGS
Net income	$	124,962			$	94,285			$	116,145			$	32,236			$	19,322
Adjusted net income	$	115,746			$	101,995			$	116,879			$	42,423			$	39,205
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.80			$	1.36			$	1.68			$	0.47			$	0.28
Diluted	$	1.79			$	1.36			$	1.67			$	0.47			$	0.28
Adjusted diluted EPS	$	1.66			$	1.47			$	1.69			$	0.61			$	0.56
Cash dividends per share	$	0.15			$	0.15			$	0.15			$	0.15			$	0.15
Book value per share (period end)	$	39.56			$	38.07			$	36.91			$	35.42			$	35.10
Tangible book value per share (period end)	$	25.27			$	23.69			$	22.46			$	20.90			$	20.44
Weighted average number of shares
Basic	69,391,734				69,252,307				69,230,667				69,191,778				69,247,661
Diluted	69,740,860				69,493,105				69,346,141				69,292,972				69,502,022
Period end number of shares	69,713,426				69,541,481				69,490,546				69,462,782				69,441,274
Market data
High intraday price	$	57.81			$	39.53			$	27.81			$	29.82			$	43.79
Low intraday price	$	36.60			$	22.37			$	19.91			$	17.12			$	17.89
Period end closing price	$	52.51			$	38.07			$	22.78			$	23.59			$	23.76
Average daily volume	460,744				394,641				359,059				470,151				461,692
PERFORMANCE RATIOS
Return on average assets	2.44		%		1.89		%		2.33		%		0.67		%		0.43		%
Adjusted return on average assets	2.26		%		2.04		%		2.35		%		0.89		%		0.87		%
Return on average common equity	18.80		%		14.30		%		18.27		%		5.23		%		3.16		%
Adjusted return on average tangible common equity	27.66		%		25.04		%		30.53		%		11.66		%		10.98		%
Earning asset yield (TE)	3.85		%		3.98		%		4.02		%		4.32		%		4.56		%
Total cost of funds	0.30		%		0.36		%		0.41		%		0.52		%		0.91		%
Net interest margin (TE)	3.57		%		3.64		%		3.64		%		3.83		%		3.70		%
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	39.71		%		38.37		%		46.72		%		39.35		%		22.83		%
Efficiency ratio	52.59		%		54.83		%		47.80		%		54.70		%		68.23		%
Adjusted efficiency ratio (TE)	54.62		%		52.67		%		47.34		%		51.08		%		59.87		%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.87		%		12.95		%		12.90		%		12.38		%		13.37		%
Tangible common equity to tangible assets	8.62		%		8.47		%		8.27		%		7.70		%		8.25		%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.62		%		8.47		%		8.27		%		7.70		%		8.25		%
Effect of goodwill and other intangibles	4.25		%		4.48		%		4.63		%		4.68		%		5.12		%
Equity to assets (GAAP)	12.87		%		12.95		%		12.90		%		12.38		%		13.37		%
OTHER DATA (period end)
Full time equivalent employees
Banking Division	1,815				1,816				1,807				1,832				1,865
Retail Mortgage Division	765				748				734				692				689
Warehouse Lending Division	12				12				11				9				9
SBA Division	29				24				33				42				44
Premium Finance Division	70				71				71				70				72
Total Ameris Bancorp FTE headcount	2,691				2,671				2,656				2,645				2,679
Assets per Banking Division FTE	$	11,806			$	11,255			$	10,998			$	10,848			$	9,772
Branch locations	165				164				170				170				170
Deposits per branch location	$	108,339			$	103,401			$	94,493			$	91,705			$	81,439

 

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)	2021				2020				2020				2020				2020
Interest income
Interest and fees on loans	$	171,157			$	171,971			$	172,351			$	175,345			$	171,242
Interest on taxable securities	6,118				6,398				7,259				9,347				10,082
Interest on nontaxable securities	141				150				159				157				157
Interest on deposits in other banks	522				252				153				123				1,211
Interest on federal funds sold	12				12				12				46				76
Total interest income	177,950				178,783				179,934				185,018				182,768
Interest expense
Interest on deposits	6,798				8,870				11,822				14,273				24,102
Interest on other borrowings	6,175				6,457				5,574				6,931				10,721
Total interest expense	12,973				15,327				17,396				21,204				34,823
Net interest income	164,977				163,456				162,538				163,814				147,945
Provision for loan losses	(16,579)				(6,700)				26,692				68,449				37,047
Provision for unfunded commitments	(11,839)				5,481				(10,131)				19,712				4,000
Provision for other credit losses	(173)				(291)				1,121				—				—
Provision for credit losses	(28,591)				(1,510)				17,682				88,161				41,047
Net interest income after provision for credit losses	193,568				164,966				144,856				75,653				106,898
Noninterest income
Service charges on deposits accounts	10,829				11,465				10,914				9,922				11,844
Mortgage banking activity	98,486				95,192				138,627				104,925				35,333
Other service charges, commissions and fees	1,016				965				1,039				949				961
Gain (loss) on securities	(12)				—				—				14				(9)
Other noninterest income	7,654				4,521				8,438				5,150				6,250
Total noninterest income	117,973				112,143				159,018				120,960				54,379
Noninterest expense
Salaries and employee benefits	95,985				92,466				96,698				95,168				75,946
Occupancy and equipment expenses	11,781				12,709				13,805				13,807				12,028
Data processing and telecommunications expenses	11,884				11,323				12,226				10,514				11,954
Credit resolution related expenses(1)	547				1,156				802				950				2,198
Advertising and marketing expenses	1,431				3,267				966				1,455				2,358
Amortization of intangible assets	4,126				4,190				4,190				5,601				5,631
Merger and conversion charges	—				—				(44)				895				540
Other noninterest expenses	23,044				26,005				25,049				27,378				27,398
Total noninterest expense	148,798				151,116				153,692				155,768				138,053
Income before income tax expense	162,743				125,993				150,182				40,845				23,224
Income tax expense	37,781				31,708				34,037				8,609				3,902
Net income	$	124,962			$	94,285			$	116,145			$	32,236			$	19,322
Diluted earnings per common share	$	1.79			$	1.36			$	1.67			$	0.47			$	0.28
(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
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands)	2021				2020				2020				2020				2020
Assets
Cash and due from banks	$	224,159			$	203,349			$	257,026			$	292,899			$	255,312
Federal funds sold and interest-bearing deposits in banks	2,534,969				1,913,957				494,765				428,560				396,844
Time deposits in other banks	249				249				249				249				249
Investment securities available for sale, at fair value	859,652				982,879				1,117,436				1,238,896				1,353,040
Other investments	27,620				28,202				47,329				76,453				81,754
Loans held for sale, at fair value	1,509,528				1,167,659				1,414,889				1,736,397				1,398,229
Loans, net of unearned income	14,599,805				14,480,925				14,943,593				14,503,157				13,094,106
Allowance for credit losses	(178,570)				(199,422)				(231,924)				(208,793)				(149,524)
Loans, net	14,421,235				14,281,503				14,711,669				14,294,364				12,944,582
Other real estate owned	8,841				11,880				17,969				23,563				21,027
Premises and equipment, net	231,550				222,890				231,278				230,118				231,347
Goodwill	928,005				928,005				928,005				928,005				931,947
Other intangible assets, net	67,848				71,974				76,164				80,354				85,955
Cash value of bank owned life insurance	176,575				176,467				175,605				175,011				176,239
Deferred income taxes, net	22,367				33,314				53,039				56,306				24,196
Other assets	414,529				416,310				348,428				311,454				323,827
Total assets	$	21,427,127			$	20,438,638			$	19,873,851			$	19,872,629			$	18,224,548
Liabilities
Deposits
Noninterest-bearing	$	6,804,776			$	6,151,070			$	5,909,316			$	5,595,868			$	4,226,253
Interest-bearing	11,071,097				10,806,753				10,154,490				9,993,950				9,618,365
Total deposits	17,875,873				16,957,823				16,063,806				15,589,818				13,844,618
Federal funds purchased and securities sold under agreements to repurchase	9,320				11,641				9,103				12,879				15,160
Other borrowings	425,231				425,155				875,255				1,418,336				1,543,371
Subordinated deferrable interest debentures	124,833				124,345				123,860				123,375				122,890
FDIC loss-share payable, net	—				—				19,476				18,903				18,111
Other liabilities	234,274				272,586				217,668				249,188				243,248
Total liabilities	18,669,531				17,791,550				17,309,168				17,412,499				15,787,398
Shareholders' Equity
Preferred stock	—				—				—				—				—
Common stock	71,954				71,754				71,703				71,674				71,652
Capital stock	1,917,990				1,913,285				1,911,031				1,909,839				1,908,721
Retained earnings	785,984				671,510				587,657				481,948				460,153
Accumulated other comprehensive income, net of tax	26,090				33,505				37,252				39,613				39,551
Treasury stock	(44,422)				(42,966)				(42,960)				(42,944)				(42,927)
Total shareholders' equity	2,757,596				2,647,088				2,564,683				2,460,130				2,437,150
Total liabilities and shareholders' equity	$	21,427,127			$	20,438,638			$	19,873,851			$	19,872,629			$	18,224,548
Other Data
Earning assets	$	19,531,823			$	18,573,871			$	18,018,261			$	17,983,712			$	16,324,222
Intangible assets	995,853				999,979				1,004,169				1,008,359				1,017,902
Interest-bearing liabilities	11,630,481				11,367,894				11,162,708				11,548,540				11,299,786
Average assets	20,734,414				19,876,338				19,810,084				19,222,181				18,056,445
Average common shareholders' equity	2,695,005				2,622,942				2,529,471				2,478,373				2,456,617

 

 

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands)	2021				2020				2020				2020				2020
Allowance for Credit Losses
Balance at beginning of period	$	233,105			$	260,417			$	246,295			$	167,315			$	39,266
CECL adoption impact on allowance for loan losses	—				—				—				—				78,661
CECL adoption impact on allowance for unfunded commitments	—				—				—				—				12,714
Total CECL adoption impact	—				—				—				—				91,375
Provision for loan losses	(16,579)				(6,700)				26,692				68,449				37,047
Provision for unfunded commitments	(11,839)				5,481				(10,131)				19,712				4,000
Provision for other credit losses	(173)				(291)				1,121				—				—
Provision for credit losses	(28,591)				(1,510)				17,682				88,161				41,047
Charge-offs	7,574				29,094				7,370				11,282				6,718
Recoveries	3,301				3,292				3,810				2,101				2,345
Net charge-offs	4,273				25,802				3,560				9,181				4,373
Ending balance	$	200,241			$	233,105			$	260,417			$	246,295			$	167,315
Allowance for loan losses	$	178,570			$	199,422			$	231,924			$	208,793			$	149,524
Allowance for unfunded commitments	21,014				32,853				27,372				37,502				17,791
Allowance for other credit losses	657				830				1,121				—				—
Total allowance for credit losses	$	200,241			$	233,105			$	260,417			$	246,295			$	167,315
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$	2,370			$	5,960			$	1,715			$	486			$	2,486
Consumer installment	1,448				2,861				677				962				1,142
Indirect automobile	829				658				697				1,016				1,231
Premium Finance	1,343				2,240				1,158				1,904				831
Real estate - construction and development	26				—				9				74				—
Real estate - commercial and farmland	1,395				17,284				2,977				6,315				928
Real estate - residential	163				91				137				525				100
Total charge-offs	7,574				29,094				7,370				11,282				6,718
Recoveries
Commercial, financial and agricultural	727				754				470				303				362
Consumer installment	356				480				516				436				321
Indirect automobile	700				637				317				359				344
Premium Finance	1,122				605				1,224				676				684
Real estate - construction and development	167				125				182				168				342
Real estate - commercial and farmland	41				439				904				21				85
Real estate - residential	188				252				197				138				207
Total recoveries	3,301				3,292				3,810				2,101				2,345
Net charge-offs	$	4,273			$	25,802			$	3,560			$	9,181			$	4,373
Non-Performing Assets
Nonaccrual loans	$	71,189			$	76,457			$	138,163			$	77,745			$	77,866
Other real estate owned	8,841				11,880				17,969				23,563				21,027
Repossessed assets	840				544				258				1,348				783
Accruing loans delinquent 90 days or more	5,097				8,326				7,003				15,126				11,974
Total non-performing assets	$	85,967			$	97,207			$	163,393			$	117,782			$	111,650
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.40		%		0.48		%		0.82		%		0.59		%		0.61		%
Net charge-offs as a percent of average loans (annualized)	0.12		%		0.70		%		0.10		%		0.27		%		0.14		%

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands)	2021				2020				2020				2020				2020
Loans by Type
Commercial, financial and agricultural	$	1,611,029			$	1,627,477			$	1,879,788			$	1,839,921			$	827,392
Consumer installment	257,097				306,995				450,810				575,782				520,592
Indirect automobile	482,637				580,083				682,396				739,543				937,736
Mortgage warehouse	880,216				916,353				995,942				748,853				547,328
Municipal	659,228				659,403				725,669				731,508				749,633
Premium Finance	706,379				687,841				710,890				690,584				661,845
Real estate - construction and development	1,533,234				1,606,710				1,628,255				1,641,744				1,628,367
Real estate - commercial and farmland	5,616,826				5,300,006				5,116,252				4,804,420				4,516,451
Real estate - residential	2,853,159				2,796,057				2,753,591				2,730,802				2,704,762
Total loans	$	14,599,805			$	14,480,925			$	14,943,593			$	14,503,157			$	13,094,106
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$	930			$	521			$	459			$	591			$	575
Consumer installment	27				32				36				42				4
Indirect automobile	1,931				2,277				2,689				—				—
Mortgage warehouse	—				—				—				—				—
Municipal	—				—				—				—				—
Premium Finance	—				—				—				—				159
Real estate - construction and development	501				506				510				919				925
Real estate - commercial and farmland	59,398				36,707				56,417				5,252				5,587
Real estate - residential	33,324				38,800				28,777				30,253				22,775
Total accruing troubled debt restructurings	$	96,111			$	78,843			$	88,888			$	37,057			$	30,025
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$	854			$	849			$	1,002			$	1,034			$	334
Consumer installment	53				56				64				67				105
Indirect automobile	321				461				482				—				—
Mortgage warehouse	—				—				—				—				—
Municipal	—				—				—				—				—
Premium Finance	—				—				—				—				—
Real estate - construction and development	706				707				709				307				289
Real estate - commercial and farmland	2,233				1,401				19,942				1,878				2,415
Real estate - residential	2,818				2,671				4,477				2,231				3,078
Total nonaccrual troubled debt restructurings	$	6,985			$	6,145			$	26,676			$	5,517			$	6,221
Total troubled debt restructurings	$	103,096			$	84,988			$	115,564			$	42,574			$	36,246
Loans by Risk Grade
Grade 1 - Prime credit	$	1,381,205			$	1,368,661			$	1,845,900			$	1,789,709			$	774,956
Grade 2 - Strong credit	893,387				869,581				838,267				801,273				785,770
Grade 3 - Good credit	6,805,583				6,624,154				6,189,269				5,784,754				5,772,834
Grade 4 - Satisfactory credit	4,507,148				4,794,672				4,989,617				5,643,133				4,353,733
Grade 5 - Fair credit	616,896				452,350				643,502				212,667				1,131,128
Grade 6 - Other assets especially mentioned	135,213				108,541				151,501				108,704				106,885
Grade 7 - Substandard	260,369				262,947				285,537				162,917				168,561
Grade 8 - Doubtful	—				19				—				—				239
Grade 9 - Loss	4				—				—				—				—
Total loans	$	14,599,805			$	14,480,925			$	14,943,593			$	14,503,157			$	13,094,106

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands)	2021				2020				2020				2020				2020
Earning Assets
Federal funds sold	$	20,000			$	20,000			$	20,004			$	24,265			$	27,380
Interest-bearing deposits in banks	2,145,403				879,481				467,188				398,284				419,260
Time deposits in other banks	249				249				249				249				249
Investment securities - taxable	910,834				1,024,335				1,160,585				1,281,980				1,359,651
Investment securities - nontaxable	19,225				20,112				21,619				21,576				22,839
Other investments	27,516				31,552				64,656				79,143				73,972
Loans held for sale	1,284,821				1,281,762				1,507,481				1,614,080				1,587,131
Loans	14,453,975				14,752,664				14,688,317				13,915,406				12,712,997
Total Earning Assets	$	18,862,023			$	18,010,155			$	17,930,099			$	17,334,983			$	16,203,479
Deposits
Noninterest-bearing deposits	$	6,412,268			$	5,970,672			$	5,782,163			$	5,061,578			$	4,080,920
NOW accounts	3,182,245				2,968,596				2,718,315				2,441,305				2,287,947
MMDA	4,761,279				4,534,243				4,273,899				4,221,906				4,004,644
Savings accounts	823,039				793,414				749,314				692,382				643,422
Retail CDs	2,066,410				2,109,600				2,274,150				2,471,134				2,624,209
Brokered CDs	1,000				1,140				1,933				2,043				61,190
Total Deposits	17,246,241				16,377,665				15,799,774				14,890,348				13,702,332
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	9,284				9,929				10,483				12,452				15,637
FHLB advances	48,951				127,797				799,034				1,212,537				1,267,303
Other borrowings	376,260				376,295				272,443				269,300				269,454
Subordinated deferrable interest debentures	124,574				124,091				123,604				123,120				127,731
Total Non-Deposit Funding	559,069				638,112				1,205,564				1,617,409				1,680,125
Total Funding	$	17,805,310			$	17,015,777			$	17,005,338			$	16,507,757			$	15,382,457

 

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)	2021				2020				2020				2020				2020
Interest Income
Federal funds sold	$	12			$	13			$	13			$	45			$	76
Interest-bearing deposits in banks	521				251				152				122				1,210
Time deposits in other banks	1				1				1				1				1
Investment securities - taxable	6,118				6,398				7,260				9,346				10,082
Investment securities - nontaxable (TE)	178				190				202				198				199
Loans held for sale	10,827				9,705				10,365				14,053				13,637
Loans (TE)	161,473				163,532				163,352				162,617				158,636
Total Earning Assets	$	179,130			$	180,090			$	181,345			$	186,382			$	183,841
Accretion income (included above)	$	6,127			$	4,688			$	6,525			$	9,576			$	6,562
Interest Expense
Interest-Bearing Deposits
NOW accounts	$	926			$	1,091			$	1,394			$	1,265			$	2,774
MMDA	1,998				2,326				2,823				3,764				9,748
Savings accounts	124				143				112				94				210
Retail CDs	3,744				5,301				7,484				9,136				11,064
Brokered CDs	6				9				9				14				306
Total Interest-Bearing Deposits	6,798				8,870				11,822				14,273				24,102
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	7				8				9				25				40
FHLB advances	192				245				661				1,686				5,109
Other borrowings	4,638				4,635				3,558				3,487				3,511
Subordinated deferrable interest debentures	1,338				1,569				1,346				1,733				2,061
Total Non-Deposit Funding	6,175				6,457				5,574				6,931				10,721
Total Interest-Bearing Funding	$	12,973			$	15,327			$	17,396			$	21,204			$	34,823
Net Interest Income (TE)	$	166,157			$	164,763			$	163,949			$	165,178			$	149,018

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended
	Mar			Dec			Sep			Jun			Mar
	2021			2020			2020			2020			2020
Earning Assets
Federal funds sold	0.24	%		0.26	%		0.26	%		0.75	%		1.12	%
Interest-bearing deposits in banks	0.10	%		0.11	%		0.13	%		0.12	%		1.16	%
Time deposits in other banks	1.63	%		1.60	%		1.60	%		1.62	%		1.62	%
Investment securities - taxable	2.72	%		2.48	%		2.49	%		2.93	%		2.98	%
Investment securities - nontaxable (TE)	3.75	%		3.76	%		3.72	%		3.69	%		3.50	%
Loans held for sale	3.42	%		3.01	%		2.74	%		3.50	%		3.46	%
Loans (TE)	4.53	%		4.41	%		4.42	%		4.70	%		5.02	%
Total Earning Assets	3.85	%		3.98	%		4.02	%		4.32	%		4.56	%
Interest-Bearing Deposits
NOW accounts	0.12	%		0.15	%		0.20	%		0.21	%		0.49	%
MMDA	0.17	%		0.20	%		0.26	%		0.36	%		0.98	%
Savings accounts	0.06	%		0.07	%		0.06	%		0.05	%		0.13	%
Retail CDs	0.73	%		1.00	%		1.31	%		1.49	%		1.70	%
Brokered CDs	2.43	%		3.14	%		1.85	%		2.76	%		2.01	%
Total Interest-Bearing Deposits	0.25	%		0.34	%		0.47	%		0.58	%		1.01	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	0.31	%		0.32	%		0.34	%		0.81	%		1.03	%
FHLB advances	1.59	%		0.76	%		0.33	%		0.56	%		1.62	%
Other borrowings	5.00	%		4.90	%		5.20	%		5.21	%		5.24	%
Subordinated deferrable interest debentures	4.36	%		5.03	%		4.33	%		5.66	%		6.49	%
Total Non-Deposit Funding	4.48	%		4.03	%		1.84	%		1.72	%		2.57	%
Total Interest-Bearing Liabilities	0.46	%		0.55	%		0.62	%		0.75	%		1.24	%
Net Interest Spread	3.39	%		3.43	%		3.40	%		3.57	%		3.32	%
Net Interest Margin(2)	3.57	%		3.64	%		3.64	%		3.83	%		3.70	%
Total Cost of Funds(3)	0.30	%		0.36	%		0.41	%		0.52	%		0.91	%
(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)	2021				2020				2020				2020				2020
Net income available to common shareholders	$	124,962			$	94,285			$	116,145			$	32,236			$	19,322
Adjustment items:
Merger and conversion charges	—				—				(44)				895				540
Restructuring charges	—				—				50				1,463				—
Servicing right impairment (recovery)	(10,639)				9,501				412				7,989				22,165
Gain on BOLI proceeds	(603)				—				(103)				(845)				—
Expenses related to SEC and DOJ Investigation	—				53				268				1,294				1,443
Natural disaster and pandemic charges (Note 1)	—				235				470				2,043				548
(Gain) loss on sale of premises	(264)				(30)				(97)				281				470
Tax effect of adjustment items (Note 2)	2,290				(2,049)				(222)				(2,933)				(5,283)
After tax adjustment items	(9,216)				7,710				734				10,187				19,883
Adjusted net income	$	115,746			$	101,995			$	116,879			$	42,423			$	39,205
Weighted average number of shares - diluted	69,740,860				69,493,105				69,346,141				69,292,972				69,502,022
Net income per diluted share	$	1.79			$	1.36			$	1.67			$	0.47			$	0.28
Adjusted net income per diluted share	$	1.66			$	1.47			$	1.69			$	0.61			$	0.56
Average assets	$	20,734,414			$	19,876,338			$	19,810,084			$	19,222,181			$	18,056,445
Return on average assets	2.44		%		1.89		%		2.33		%		0.67		%		0.43		%
Adjusted return on average assets	2.26		%		2.04		%		2.35		%		0.89		%		0.87		%
Average common equity	$	2,695,005			$	2,622,942			$	2,529,471			$	2,478,373			$	2,456,617
Average tangible common equity	$	1,696,946			$	1,620,742			$	1,523,066			$	1,462,871			$	1,436,108
Return on average common equity	18.80		%		14.30		%		18.27		%		5.23		%		3.16		%
Adjusted return on average tangible common equity	27.66		%		25.04		%		30.53		%		11.66		%		10.98		%

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 are nondeductible for tax purposes.

 

 

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)	2021				2020				2020				2020				2020
Adjusted Noninterest Expense
Total noninterest expense	$	148,798			$	151,116			$	153,692			$	155,768			$	138,053
Adjustment items:
Merger and conversion charges	—				—				44				(895)				(540)
Restructuring charges	—				—				(50)				(1,463)				—
Expenses related to SEC and DOJ Investigation	—				(53)				(268)				(1,294)				(1,443)
Natural disaster and pandemic charges	—				(235)				(470)				(2,043)				(548)
Gain (loss) on sale of premises	264				30				97				(281)				(470)
Adjusted noninterest expense	$	149,062			$	150,858			$	153,045			$	149,792			$	135,052
Total Revenue
Net interest income	$	164,977			$	163,456			$	162,538			$	163,814			$	147,945
Noninterest income	117,973				112,143				159,018				120,960				54,379
Total revenue	$	282,950			$	275,599			$	321,556			$	284,774			$	202,324
Adjusted Total Revenue
Net interest income (TE)	$	166,157			$	164,763			$	163,949			$	165,178			$	149,018
Noninterest income	117,973				112,143				159,018				120,960				54,379
Total revenue (TE)	284,130				276,906				322,967				286,138				203,397
Adjustment items:
(Gain) loss on securities	12				—				—				(14)				9
Gain on BOLI proceeds	(603)				—				(103)				(845)				—
Servicing right impairment (recovery)	(10,639)				9,501				412				7,989				22,165
Adjusted total revenue (TE)	$	272,900			$	286,407			$	323,276			$	293,268			$	225,571
Efficiency ratio	52.59		%		54.83		%		47.80		%		54.70		%		68.23		%
Adjusted efficiency ratio (TE)	54.62		%		52.67		%		47.34		%		51.08		%		59.87		%
Tangible Book Value Per Share	Table 9C
	Three Months Ended
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands except per share data)	2021				2020				2020				2020				2020
Total shareholders' equity	$	2,757,596			$	2,647,088			$	2,564,683			$	2,460,130			$	2,437,150
Less:
Goodwill	928,005				928,005				928,005				928,005				931,947
Other intangibles, net	67,848				71,974				76,164				80,354				85,955
Total tangible shareholders' equity	$	1,761,743			$	1,647,109			$	1,560,514			$	1,451,771			$	1,419,248
Period end number of shares	69,713,426				69,541,481				69,490,546				69,462,782				69,441,274
Book value per share (period end)	$	39.56			$	38.07			$	36.91			$	35.42			$	35.10
Tangible book value per share (period end)	$	25.27			$	23.69			$	22.46			$	20.90			$	20.44

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands)	2021				2020				2020				2020				2020
Banking Division
Net interest income	$	112,816			$	112,964			$	119,562			$	120,330			$	118,375
Provision for credit losses	(23,904)				1,847				487				86,805				35,997
Noninterest income	16,738				15,659				15,265				14,468				17,773
Noninterest expense
Salaries and employee benefits	42,723				38,668				39,718				40,423				41,621
Occupancy and equipment expenses	10,120				10,958				11,955				11,679				10,347
Data processing and telecommunications expenses	10,201				9,608				9,716				8,919				10,797
Other noninterest expenses	19,710				25,806				21,517				27,997				30,645
Total noninterest expense	82,754				85,040				82,906				89,018				93,410
Income (loss) before income tax expense	70,704				41,736				51,434				(41,025)				6,741
Income tax expense (benefit)	18,456				13,992				13,453				(8,582)				275
Net income (loss)	$	52,248			$	27,744			$	37,981			$	(32,443)			$	6,466
Retail Mortgage Division
Net interest income	$	18,984			$	19,908			$	20,393			$	24,302			$	17,756
Provision for credit losses	(4,553)				(1,621)				15,051				423				1,997
Noninterest income	97,640				94,109				137,583				104,195				34,369
Noninterest expense
Salaries and employee benefits	49,838				50,165				53,500				50,003				31,097
Occupancy and equipment expenses	1,476				1,577				1,676				1,953				1,504
Data processing and telecommunications expenses	1,546				1,534				2,349				1,406				986
Other noninterest expenses	8,189				7,442				7,889				6,949				5,875
Total noninterest expense	61,049				60,718				65,414				60,311				39,462
Income before income tax expense	60,128				54,920				77,511				67,763				10,666
Income tax expense	12,627				11,535				16,112				14,231				2,408
Net income	$	47,501			$	43,385			$	61,399			$	53,532			$	8,258
Warehouse Lending Division
Net interest income	$	9,906			$	9,017			$	6,546			$	5,026			$	3,302
Provision for credit losses	(145)				1,673				495				403				(9)
Noninterest income	980				1,113				1,064				727				960
Noninterest expense
Salaries and employee benefits	330				296				266				209				210
Occupancy and equipment expenses	1				1				1				1				1
Data processing and telecommunications expenses	49				101				73				55				41
Other noninterest expenses	33				26				28				88				34
Total noninterest expense	413				424				368				353				286
Income before income tax expense	10,618				8,033				6,747				4,997				3,985
Income tax expense	2,230				1,687				1,431				1,049				837
Net income	$	8,388			$	6,346			$	5,316			$	3,948			$	3,148

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended
	Mar				Dec				Sep				Jun				Mar
(dollars in thousands)	2021				2020				2020				2020				2020
SBA Division
Net interest income	$	16,635			$	14,909			$	8,966			$	7,034			$	2,181
Provision for credit losses	(547)				(2,997)				4,297				2,322				(903)
Noninterest income	2,611				1,247				5,106				1,570				1,277
Noninterest expense
Salaries and employee benefits	1,382				1,233				1,572				2,612				1,476
Occupancy and equipment expenses	106				100				97				97				97
Data processing and telecommunications expenses	1				1				4				15				13
Other noninterest expenses	295				363				595				359				515
Total noninterest expense	1,784				1,697				2,268				3,083				2,101
Income before income tax expense	18,009				17,456				7,507				3,199				2,260
Income tax expense	3,782				3,666				1,577				671				475
Net income	$	14,227			$	13,790			$	5,930			$	2,528			$	1,785
Premium Finance Division
Net interest income	$	6,636			$	6,658			$	7,071			$	7,122			$	6,331
Provision for credit losses	558				(412)				(2,648)				(1,792)				3,965
Noninterest income	4				15				—				—				—
Noninterest expense
Salaries and employee benefits	1,712				2,104				1,642				1,921				1,542
Occupancy and equipment expenses	78				73				76				77				79
Data processing and telecommunications expenses	87				79				84				119				117
Other noninterest expenses	921				981				934				886				1,056
Total noninterest expense	2,798				3,237				2,736				3,003				2,794
Income (loss) before income tax expense	3,284				3,848				6,983				5,911				(428)
Income tax expense (benefit)	686				828				1,464				1,240				(93)
Net income (loss)	$	2,598			$	3,020			$	5,519			$	4,671			$	(335)
Total Consolidated
Net interest income	$	164,977			$	163,456			$	162,538			$	163,814			$	147,945
Provision for credit losses	(28,591)				(1,510)				17,682				88,161				41,047
Noninterest income	117,973				112,143				159,018				120,960				54,379
Noninterest expense
Salaries and employee benefits	95,985				92,466				96,698				95,168				75,946
Occupancy and equipment expenses	11,781				12,709				13,805				13,807				12,028
Data processing and telecommunications expenses	11,884				11,323				12,226				10,514				11,954
Other noninterest expenses	29,148				34,618				30,963				36,279				38,125
Total noninterest expense	148,798				151,116				153,692				155,768				138,053
Income before income tax expense	162,743				125,993				150,182				40,845				23,224
Income tax expense	37,781				31,708				34,037				8,609				3,902
Net income	$	124,962			$	94,285			$	116,145			$	32,236			$	19,322

 

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SOURCE Ameris Bancorp

FAQ

What were Ameris Bancorp's earnings for Q1 2021?

Ameris Bancorp reported net income of $125.0 million, or $1.79 per diluted share.

How did Ameris Bancorp's net income compare to the previous year?

Net income for Q1 2021 increased significantly by 552% compared to $19.3 million in Q1 2020.

What is the current tangible book value per share for ABCB?

The tangible book value per share for ABCB is $25.27 as of March 31, 2021.

What was the increase in mortgage banking activity for Ameris Bancorp?

Mortgage banking activity increased by $63.2 million in Q1 2021.