AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2022

Rhea-AI Summary

Ameris Bancorp (ABCB) reported net income of $81.7 million or $1.17 per diluted share for Q1 2022, down from $125 million or $1.79 per share in Q1 2021. Organic loan growth reached $269.5 million (6.8% annualized), with tangible book value growing to $26.84 per share. The net interest margin improved by 17bps to 3.35%. Adjusted net income was $75 million, reflecting ongoing organic growth despite challenging conditions. However, total assets slightly decreased to $23.56 billion, and credit quality showed slight deterioration with nonperforming assets increasing to 0.47%.

Positive

• Net income of $81.7 million, or $1.17 per diluted share.
• Organic loan growth of $269.5 million, or 6.8% annualized.
• Tangible book value increased to $26.84 per share, a 2.2% rise.
• Net interest margin improved by 17bps to 3.35%.
• Total noninterest income rose by $5.1 million or 6.3% to $86.9 million.

Negative

• Net income down from $125 million in Q1 2021 to $81.7 million in Q1 2022.
• Adjusted net income decreased to $75 million from $115.7 million YoY.
• Total assets decreased slightly to $23.56 billion from $23.86 billion.
• Nonperforming assets rose to 0.47% of total assets.

Highlights of the Company's results for the first quarter of 2022 include the following:

• Net income of $81.7 million, or $1.17 per diluted share
• Organic growth in loans of $269.5 million, or 6.8% annualized (and $350.7 million, or 8.9% annualized, exclusive of PPP loans), during 2022
• Growth in tangible book value of $0.58 per share, or 2.2%, to $26.84 at March 31, 2022, compared with $26.26 at December 31, 2021
• Less than 1% dilution in tangible book value from decrease in unrealized gain on available-for-sale securities
• Improvement in net interest margin of 17bps, from 3.18% last quarter to 3.35% this quarter
• Adjusted return on average assets of 1.31%
• Adjusted return on average tangible common equity of 16.38%
• Continued growth in noninterest bearing deposits, representing 40.18% of total deposits, up from 39.54% at December 31, 2021 and 38.07% a year ago

ATLANTA, April 26, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $81.7 million, or $1.17 per diluted share, for the quarter ended March 31, 2022, compared with $125.0 million, or $1.79 per diluted share, for the quarter ended March 31, 2021. The Company reported adjusted net income of $75.0 million, or $1.08 per diluted share, for the quarter ended March 31, 2022, compared with $115.7 million, or $1.66 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds and gain/loss on sale of bank premises.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Solid first quarter results reflect our continued responsible organic growth initiatives.  Despite challenging economic conditions and market volatility, we had annualized loan growth, excluding PPP, of 8.9%, our margin expanded by 17 basis points and we maintained our credit quality.  We remain focused on tangible book value and have successfully avoided material negative impact on capital from the securities portfolio over this past interest rate cycle.  Our results reflect the discipline of our team and the continued opportunities throughout our strong Southeastern footprint."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) continued to increase in the first quarter of 2022, to $173.6 million, compared with $167.9 million for the fourth quarter of 2021 and $166.2 million for the first quarter of 2021.  The Company's net interest margin significantly improved to 3.35% for the first quarter of 2022, up from 3.18% reported for the fourth quarter of 2021 but less than 3.57% reported for the first quarter of 2021.  Accretion income for the first quarter of 2022 decreased to $1.0 million, compared with $2.8 million for the fourth quarter of 2021 and $6.1 million for the first quarter of 2021.

Yields on loans increased to 4.37% during the first quarter of 2022, compared with 4.26% for the fourth quarter of 2021 and decreased from 4.53% for the first quarter of 2021. Contributing to interest income on loans for the first quarter of 2022 was $19.1 million of interest income on loans from the recent Balboa Capital acquisition, as well as $3.0 million of accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $4.8 million and $8.2 million, respectively, in the fourth quarter of 2021.  Loan production in the banking division during the first quarter of 2022 was $805.5 million, with weighted average yields of 5.17%, compared with $1.1 billion and 3.35%, respectively, in the fourth quarter of 2021 and $600.6 million and 3.80%, respectively, in the first quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.7 billion during the first quarter of 2022, with weighted average yields of 3.63%, compared with $5.5 billion and 3.43%, respectively, during the fourth quarter of 2021 and $7.5 billion and 3.15%, respectively, during the first quarter of 2021.   

Interest expense during the first quarter of 2022 decreased to $10.8 million, compared with $11.5 million in the fourth quarter of 2021, and $13.0 million in the first quarter of 2021.  The decrease in interest expense was related to continued repricing of deposits as CDs mature and the repayment of remaining borrowings assumed from Balboa Capital in January 2022.  The Company's total cost of funds moved one basis point lower to 0.22% in the first quarter of 2022 as compared with the fourth quarter of 2021.  Deposit costs decreased one basis point during the first quarter of 2022 to 0.09%, compared with 0.10% in the fourth quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.16% in the fourth quarter of 2021 to 0.14% in the first quarter of 2022.

Noninterest Income
Noninterest income increased $5.1 million, or 6.3%, in the first quarter of 2022 to $86.9 million, compared with $81.8 million for the fourth quarter of 2021, primarily as a result of increased mortgage banking activity, which grew by $2.2 million, or 3.6%, to $62.9 million in the first quarter of 2022, compared with $60.7 million for the fourth quarter of 2021.  Excluding the $9.7 million and $4.5 million recovery of servicing right impairment recorded in the first quarter of 2022 and fourth quarter of 2021, respectively, mortgage revenue decreased this quarter by $2.9 million, while expenses in the mortgage division decreased by $3.5 million, for an increased efficiency ratio within that division.  Gain on sale spreads decreased to 2.94% in the first quarter of 2022 from 3.27% for the fourth quarter of 2021. Total production in the retail mortgage division decreased to $1.53 billion in the first quarter of 2022, compared with $1.82 billion for the fourth quarter of 2021. The retail mortgage open pipeline was $1.41 billion at the end of the first quarter of 2022, compared with $1.62 billion at December 31, 2021.

Service charge revenue decreased $726,000, or 6.2%, to $11.1 million in the first quarter of 2022, compared with $11.8 million for the fourth quarter of 2021, resulting from a cyclical decrease in volume that is historically lower in the first quarter each year.  Other noninterest income increased $3.7 million, or 44.5%, in the first quarter of 2022 to $12.0 million, compared with $8.3 million for the fourth quarter of 2021, primarily as a result of a $2.6 million impact from the newly acquired Balboa Capital. Also contributing to the increase were increases in gains on sale of SBA loans of $761,000 and merchant fee income of $287,000.

Noninterest Expense
Noninterest expense increased $5.5 million, or 3.9%, to $143.8 million during the first quarter of 2022, compared with $138.4 million for the fourth quarter of 2021.  During the first quarter of 2022, the Company recorded merger and conversion charges of $977,000 and a net gain of $6,000 related to bank premises, compared with a net gain on bank premises of $126,000 and merger and conversion charges of $4.0 million during the fourth quarter of 2021.  Excluding these charges, adjusted expenses increased approximately $8.4 million, or 6.2%, to $142.8 million in the first quarter of 2022, from $134.5 million in the fourth quarter of 2021.  The increase in adjusted expenses resulted from absorbing a full quarter of Balboa expenses (acquired in December 2021) and cyclical payroll tax and 401(k) expenses, partially offset by the decrease in mortgage banking expenses. 

As shown in the table below, the Company continued to show discipline in noninterest expense control, as all other noninterest expenses increased less than 1%:

	Three Months Ended
	March 31, 2022		December 31, 2021		Change
Balboa Expenses	$                 8,475		$                        1,350		$          7,125
Payroll Taxes	4,244		1,506		2,738
401(k) Matching Contributions	1,714		494		1,220
Mortgage Expenses	46,902		50,380		(3,478)
All Other Noninterest Expenses	81,514		80,742		772
Adjusted Noninterest Expense	$             142,849		$                    134,472		$          8,377

The additional cyclical payroll expenses caused the adjusted efficiency ratio to increase to 56.95% in the first quarter of 2022, compared with 54.85% in the fourth quarter of 2021.

Income Tax Expense
The Company's effective tax rate for the first quarter of 2022 was 25.3%, compared with 23.8% in the fourth quarter of 2021.  The increased rate for the first quarter of 2022 was primarily a result of a discrete charge to the Company's state tax liability and an increase in nondeductible merger expenses in the first quarter of 2022. 

Balance Sheet Trends
Total assets at March 31, 2022 were $23.56 billion, compared with $23.86 billion at December 31, 2021.  Loans, net of unearned income, increased $269.5 million, or 6.8% annualized, to $16.14 billion at March 31, 2022, compared with $15.87 billion at December 31, 2021.  As anticipated with seasonal mortgage activity, loans held for sale decreased $353.1 million from $1.25 billion at December 31, 2021 to $901.6 million at March 31, 2022.  Loan production in the banking division during the first quarter of 2022 totaled $805.5 million, down 30% from the fourth quarter of 2021 and up 34% from the first quarter of 2021. 

At March 31, 2022, total deposits amounted to $19.59 billion, or 97.3% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021.  At March 31, 2022, noninterest-bearing deposit accounts were $7.87 billion, or 40.2% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.62 billion at March 31, 2022, compared with $12.52 billion at December 31, 2021.  These funds represented 64.4% of the Company's total deposits at March 31, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.

Shareholders' equity at March 31, 2022 totaled $3.01 billion, an increase of $40.7 million, or 1.4%, from December 31, 2021.  The increase in shareholders' equity was primarily the result of earnings of $81.7 million during the first quarter of 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio.  The Company repurchased 312,860 shares of the Company's common stock at a cost of $14.6 million during the first quarter of 2022.  The Company recorded dilution of $0.25 per share, or less than 1%, to tangible book value this quarter from other comprehensive income related to the decrease in unrealized gains on the securities portfolio.  Tangible book value per share was $26.84 at March 31, 2022, compared with $26.26 at December 31, 2021.  Tangible common equity as a percentage of tangible assets was 8.32% at March 31, 2022, compared with 8.05% at the end of 2021.

Credit Quality
Credit quality remains strong in the Company.  During the first quarter of 2022, the Company recorded a provision for credit losses of $6.2 million, compared with a provision of $2.8 million in the fourth quarter of 2021.  This provision was primarily attributable to growth in unfunded commitments, partially offset by an improvement in expected credit losses on loans.  Nonperforming assets as a percentage of total assets increased four basis points to 0.47% during the quarter.  This increase was attributable to rebooked GNMA loans which the Company has the right, but not the obligation to repurchase. The net charge-off ratio was nine basis points for the first quarter of 2022, compared with negative one basis point in the fourth quarter of 2021 and 12 basis points in the first quarter of 2021.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Wednesday, April 27, 2022, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants).  The conference call access code is 418399.  A replay of the call will be available one hour after the end of the conference call until May 11, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 542280.  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 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, 2021 and the Company's subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights	Table 1
	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands except per share data)	2022		2021		2021		2021		2021
EARNINGS
Net income	$    81,698		$    81,944		$    81,680		$    88,327		$  124,962
Adjusted net income	$    75,039		$    81,544		$    83,861		$    87,548		$  115,746
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        1.18		$        1.18		$        1.18		$        1.27		$        1.80
Diluted	$        1.17		$        1.18		$        1.17		$        1.27		$        1.79
Adjusted diluted EPS	$        1.08		$        1.17		$        1.20		$        1.25		$        1.66
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15
Book value per share (period end)	$      43.31		$      42.62		$      41.66		$      40.66		$      39.56
Tangible book value per share (period end)	$      26.84		$      26.26		$      27.46		$      26.45		$      25.27
Weighted average number of shares
Basic	69,345,735		69,398,594		69,439,845		69,496,666		69,391,734
Diluted	69,660,990		69,738,426		69,756,135		69,791,670		69,740,860
Period end number of shares	69,439,084		69,609,228		69,635,435		69,767,209		69,713,426
Market data
High intraday price	$      55.62		$      56.64		$      53.63		$      59.85		$      57.81
Low intraday price	$      43.56		$      46.20		$      44.92		$      47.44		$      36.60
Period end closing price	$      43.88		$      49.68		$      51.88		$      50.63		$      52.51
Average daily volume	471,858		350,119		392,533		429,233		460,744
PERFORMANCE RATIOS
Return on average assets	1.42%		1.41%		1.47%		1.64%		2.44%
Adjusted return on average assets	1.31%		1.40%		1.51%		1.63%		2.26%
Return on average common equity	11.06%		11.06%		11.27%		12.66%		18.80%
Adjusted return on average tangible common equity	16.38%		16.88%		17.65%		19.46%		27.66%
Earning asset yield (TE)	3.56%		3.39%		3.44%		3.58%		3.85%
Total cost of funds	0.22%		0.23%		0.24%		0.26%		0.30%
Net interest margin (TE)	3.35%		3.18%		3.22%		3.34%		3.57%
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	32.05%		31.31%		30.32%		33.78%		39.71%
Efficiency ratio	55.43%		55.66%		57.59%		54.07%		52.59%
Adjusted efficiency ratio (TE)	56.95%		54.85%		56.56%		54.07%		54.62%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.76%		12.43%		12.87%		12.96%		12.87%
Tangible common equity to tangible assets	8.32%		8.05%		8.88%		8.83%		8.62%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.32%		8.05%		8.88%		8.83%		8.62%
Effect of goodwill and other intangibles	4.44%		4.38%		3.99%		4.13%		4.25%
Equity to assets (GAAP)	12.76%		12.43%		12.87%		12.96%		12.87%
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,033		2,008		1,821		1,817		1,815
Retail Mortgage Division	714		739		749		759		765
Warehouse Lending Division	10		12		12		12		12
SBA Division	35		34		29		30		29
Premium Finance Division	77		72		67		68		70
Total Ameris Bancorp FTE headcount	2,869		2,865		2,678		2,686		2,691
Assets per Banking Division FTE	$    11,589		$    11,882		$    12,374		$    12,046		$    11,806
Branch locations	165		165		165		165		165
Deposits per branch location	$  118,718		$  119,185		$  114,142		$  110,655		$  108,339

.

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)	2022		2021		2021		2021		2021
Interest income
Interest and fees on loans	$     177,566		$     170,813		$     166,358		$     167,761		$     171,157
Interest on taxable securities	4,239		5,866		5,296		5,244		6,118
Interest on nontaxable securities	186		156		139		139		141
Interest on deposits in other banks	1,373		1,521		1,244		595		522
Interest on federal funds sold	10		9		9		12		12
Total interest income	183,374		178,365		173,046		173,751		177,950
Interest expense
Interest on deposits	4,092		4,678		5,106		5,775		6,798
Interest on other borrowings	6,738		6,850		6,279		6,124		6,175
Total interest expense	10,830		11,528		11,385		11,899		12,973
Net interest income	172,544		166,837		161,661		161,852		164,977
Provision for loan losses	(2,734)		(13,619)		(3,984)		(899)		(16,579)
Provision for unfunded commitments	9,009		16,388		(5,516)		1,299		(11,839)
Provision for other credit losses	(44)		(10)		(175)		(258)		(173)
Provision for credit losses	6,231		2,759		(9,675)		142		(28,591)
Net interest income after provision for credit losses	166,313		164,078		171,336		161,710		193,568
Noninterest income
Service charges on deposit accounts	11,058		11,784		11,486		11,007		10,829
Mortgage banking activity	62,938		60,723		56,460		70,231		98,486
Other service charges, commissions and fees	939		962		1,154		1,056		1,016
Gain (loss) on securities	(27)		(4)		530		1		(12)
Other noninterest income	12,003		8,304		6,932		6,945		7,654
Total noninterest income	86,911		81,769		76,562		89,240		117,973
Noninterest expense
Salaries and employee benefits	84,281		76,615		79,671		85,505		95,985
Occupancy and equipment	12,727		13,494		11,979		10,812		11,781
Data processing and communications expenses	12,572		11,534		10,681		11,877		11,884
Credit resolution-related expenses(1)	(965)		1,992		377		622		547
Advertising and marketing	1,988		2,381		2,676		1,946		1,431
Amortization of intangible assets	5,181		3,387		3,387		4,065		4,126
Merger and conversion charges	977		4,023		183		—		—
Other noninterest expenses	27,059		24,943		28,242		20,934		23,044
Total noninterest expense	143,820		138,369		137,196		135,761		148,798
Income before income tax expense	109,404		107,478		110,702		115,189		162,743
Income tax expense	27,706		25,534		29,022		26,862		37,781
Net income	$       81,698		$       81,944		$       81,680		$       88,327		$     124,962
Diluted earnings per common share	$          1.17		$          1.18		$          1.17		$          1.27		$          1.79

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

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet	Table 3
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands)	2022		2021		2021		2021		2021
Assets
Cash and due from banks	$     257,316		$     307,813		$     239,028		$     259,729		$     224,159
Federal funds sold and interest-bearing deposits in banks	3,541,144		3,756,844		3,513,412		3,044,795		2,534,969
Time deposits in other banks	—		—		—		—		249
Investment securities available-for-sale, at fair value	579,204		592,621		684,504		778,167		859,652
Investment securities held-to-maturity, at amortized cost	91,454		79,850		64,451		29,055		—
Other investments	49,395		47,552		27,619		27,621		27,620
Loans held for sale	901,550		1,254,632		1,435,805		1,210,589		1,509,528
Loans, net of unearned income	16,143,801		15,874,258		14,824,539		14,780,791		14,599,805
Allowance for credit losses	(161,251)		(167,582)		(171,213)		(175,070)		(178,570)
Loans, net	15,982,550		15,706,676		14,653,326		14,605,721		14,421,235
Other real estate owned	1,910		3,810		4,594		5,775		8,841
Premises and equipment, net	224,293		225,400		226,430		229,994		231,550
Goodwill	1,022,345		1,012,620		928,005		928,005		928,005
Other intangible assets, net	120,757		125,938		60,396		63,783		67,848
Cash value of bank owned life insurance	332,914		331,146		279,389		277,839		176,575
Other assets	455,460		413,419		416,182		425,858		436,896
Total assets	$ 23,560,292		$ 23,858,321		$ 22,533,141		$ 21,886,931		$ 21,427,127
Liabilities
Deposits
Noninterest-bearing	$  7,870,207		$  7,774,823		$  7,616,728		$  6,983,761		$  6,804,776
Interest-bearing	11,718,234		11,890,730		11,216,761		11,274,236		11,071,097
Total deposits	19,588,441		19,665,553		18,833,489		18,257,997		17,875,873
Federal funds purchased and securities sold under agreements to repurchase	2,065		5,845		4,502		5,544		9,320
Other borrowings	425,520		739,879		425,375		425,303		425,231
Subordinated deferrable interest debentures	126,827		126,328		125,830		125,331		124,833
Other liabilities	410,280		354,265		243,175		235,752		234,274
Total liabilities	20,553,133		20,891,870		19,632,371		19,049,927		18,669,531
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,212		72,017		72,016		72,008		71,954
Capital stock	1,928,702		1,924,813		1,922,964		1,920,566		1,917,990
Retained earnings	1,077,725		1,006,436		934,979		863,828		785,984
Accumulated other comprehensive income (loss), net of tax	(1,841)		15,590		21,885		25,024		26,090
Treasury stock	(69,639)		(52,405)		(51,074)		(44,422)		(44,422)
Total shareholders' equity	3,007,159		2,966,451		2,900,770		2,837,004		2,757,596
Total liabilities and shareholders' equity	$ 23,560,292		$ 23,858,321		$ 22,533,141		$ 21,886,931		$ 21,427,127
Other Data
Earning assets	$ 21,306,548		$ 21,605,757		$ 20,550,330		$ 19,871,018		$ 19,531,823
Intangible assets	1,143,102		1,138,558		988,401		991,788		995,853
Interest-bearing liabilities	12,272,646		12,762,782		11,772,468		11,830,414		11,630,481
Average assets	23,275,654		23,054,847		22,087,642		21,538,894		20,734,414
Average common shareholders' equity	2,994,652		2,939,507		2,874,691		2,798,269		2,695,005

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands)	2022		2021		2021		2021		2021
Allowance for Credit Losses
Balance at beginning of period	$  200,981		$  188,234		$  197,782		$  200,241		$  233,105
Acquired allowance for purchased credit deteriorated loans	—		9,432		—		—		—
Provision for loan losses	(2,734)		(13,619)		(3,984)		(899)		(16,579)
Provision for unfunded commitments	9,009		16,388		(5,516)		1,299		(11,839)
Provision for other credit losses	(44)		(10)		(175)		(258)		(173)
Provision for credit losses	6,231		2,759		(9,675)		142		(28,591)
Charge-offs	8,579		3,367		3,537		7,138		7,574
Recoveries	4,982		3,923		3,664		4,537		3,301
Net charge-offs	3,597		(556)		(127)		2,601		4,273
Ending balance	$  203,615		$  200,981		$  188,234		$  197,782		$  200,241
Allowance for loan losses	$  161,251		$  167,582		$  171,213		$  175,070		$  178,570
Allowance for unfunded commitments	42,194		33,185		16,797		22,313		21,014
Allowance for other credit losses	170		214		224		399		657
Total allowance for credit losses	$  203,615		$  200,981		$  188,234		$  197,782		$  200,241
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$     4,414		$     1,003		$        858		$     3,529		$      2,370
Consumer installment	1,425		1,484		1,647		1,669		1,448
Indirect automobile	88		40		178		141		829
Premium Finance	1,369		526		605		1,194		1,343
Real estate - construction and development	—		21		—		186		26
Real estate - commercial and farmland	1,283		220		210		27		1,395
Real estate - residential	—		73		39		392		163
Total charge-offs	8,579		3,367		3,537		7,138		7,574
Recoveries
Commercial, financial and agricultural	2,896		2,389		1,986		625		727
Consumer installment	158		172		199		212		356
Indirect automobile	275		329		278		372		700
Premium Finance	1,247		633		649		2,466		1,122
Real estate - construction and development	218		210		45		84		167
Real estate - commercial and farmland	37		81		266		185		41
Real estate - residential	151		109		241		593		188
Total recoveries	4,982		3,923		3,664		4,537		3,301
Net charge-offs	$     3,597		$       (556)		$       (127)		$     2,601		$      4,273
Non-Performing Assets
Nonaccrual loans	$  102,597		$    85,266		$    58,932		$    59,921		$    71,189
Other real estate owned	1,910		3,810		4,594		5,775		8,841
Repossessed assets	139		84		152		226		840
Accruing loans delinquent 90 days or more	6,584		12,711		7,472		4,874		5,097
Total non-performing assets	$  111,230		$  101,871		$    71,150		$    70,796		$    85,967
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.47%		0.43%		0.32%		0.32%		0.40%
Net charge-offs as a percent of average loans (annualized)	0.09%		(0.01)%		—%		0.07%		0.12 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands)	2022		2021		2021		2021		2021
Loans by Type
Commercial, financial and agricultural	$  1,836,663		$  1,875,993		$  1,217,575		$  1,406,421		$  1,611,029
Consumer installment	173,642		191,298		207,111		229,411		257,097
Indirect automobile	214,120		265,779		325,057		397,373		482,637
Mortgage warehouse	732,375		787,837		768,577		841,347		880,216
Municipal	547,926		572,701		624,430		647,578		659,228
Premium Finance	819,163		798,409		840,737		780,328		706,379
Real estate - construction and development	1,577,215		1,452,339		1,454,824		1,527,883		1,533,234
Real estate - commercial and farmland	6,924,475		6,834,917		6,409,704		6,051,472		5,616,826
Real estate - residential	3,318,222		3,094,985		2,976,524		2,898,978		2,853,159
Total loans	$ 16,143,801		$ 15,874,258		$ 14,824,539		$ 14,780,791		$ 14,599,805
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$           868		$        1,286		$         1,683		$        1,038		$           930
Consumer installment	13		16		22		28		27
Indirect automobile	893		1,037		1,284		1,647		1,931
Premium Finance	162		—		—		—		—
Real estate - construction and development	725		789		887		898		501
Real estate - commercial and farmland	17,161		35,575		43,895		46,025		43,398
Real estate - residential	24,664		26,879		29,521		31,570		33,324
Total accruing troubled debt restructurings	$       44,486		$       65,582		$       77,292		$       81,206		$       80,111
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$             72		$             83		$           112		$           805		$           854
Consumer installment	31		35		38		43		53
Indirect automobile	221		273		297		301		321
Real estate - construction and development	11		13		271		301		706
Real estate - commercial and farmland	788		5,924		6,715		7,103		2,233
Real estate - residential	4,341		4,678		2,687		2,515		2,818
Total nonaccrual troubled debt restructurings	$        5,464		$       11,006		$       10,120		$       11,068		$         6,985
Total troubled debt restructurings	$       49,950		$       76,588		$       87,412		$       92,274		$       87,096
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 15,899,956		$ 15,614,323		$ 14,562,058		$ 14,477,905		$ 14,204,219
Grade 6 - Other assets especially mentioned	51,670		78,957		87,757		100,750		135,213
Grade 7 - Substandard	192,175		180,978		174,724		202,134		260,369
Grade 8 - Doubtful	—		—		—		—		—
Grade 9 - Loss	—		—		—		2		4
Total loans	$ 16,143,801		$ 15,874,258		$ 14,824,539		$ 14,780,791		$ 14,599,805

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands)	2022		2021		2021		2021		2021
Earning Assets
Federal funds sold	$       20,000		$       20,000		$       20,000		$       20,000		$       20,000
Interest-bearing deposits in banks	3,393,238		3,719,878		3,082,413		2,461,092		2,145,403
Time deposits in other banks	—		—		—		244		249
Investment securities - taxable	623,498		698,915		757,278		811,234		910,834
Investment securities - nontaxable	29,605		22,639		19,053		18,225		19,225
Other investments	47,872		31,312		27,622		27,620		27,516
Loans held for sale	1,097,098		1,365,886		1,497,320		1,705,167		1,284,821
Loans	15,821,397		15,119,752		14,685,878		14,549,104		14,453,975
Total Earning Assets	$ 21,032,708		$ 20,978,382		$ 20,089,564		$ 19,592,686		$ 18,862,023
Deposits
Noninterest-bearing deposits	$  7,658,451		$  7,600,284		$  7,168,717		$  6,874,471		$  6,412,268
NOW accounts	3,684,772		3,651,595		3,447,909		3,314,334		3,182,245
MMDA	5,240,922		5,209,653		4,966,492		4,872,500		4,761,279
Savings accounts	973,724		928,954		908,189		876,887		823,039
Retail CDs	1,774,016		1,827,852		1,919,184		2,005,265		2,066,410
Brokered CDs	—		—		511		1,000		1,000
Total Deposits	19,331,885		19,218,338		18,411,002		17,944,457		17,246,241
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	4,020		5,559		5,133		6,883		9,284
FHLB advances	48,786		48,828		48,866		48,910		48,951
Other borrowings	443,657		468,058		376,489		376,376		376,260
Subordinated deferrable interest debentures	126,563		126,067		125,567		125,068		124,574
Total Non-Deposit Funding	623,026		648,512		556,055		557,237		559,069
Total Funding	$ 19,954,911		$ 19,866,850		$ 18,967,057		$ 18,501,694		$ 17,805,310

 

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)	2022		2021		2021		2021		2021
Interest Income
Federal funds sold	$            10		$               9		$               9		$             12		$             12
Interest-bearing deposits in banks	1,373		1,521		1,244		594		521
Time deposits in other banks	—		—		—		1		1
Investment securities - taxable	4,239		5,866		5,296		5,244		6,118
Investment securities - nontaxable (TE)	235		198		176		176		178
Loans held for sale	8,132		9,433		10,618		11,773		10,827
Loans (TE)	170,398		162,415		156,861		157,112		161,473
Total Earning Assets	$    184,387		$     179,442		$     174,204		$     174,912		$     179,130
Accretion income (included above)	$        1,006		$        2,812		$         2,948		$        4,462		$         6,127
Interest Expense
Interest-Bearing Deposits
NOW accounts	$          824		$           864		$           808		$           816		$           926
MMDA	1,643		1,971		1,970		1,908		1,998
Savings accounts	133		128		129		122		124
Retail CDs	1,492		1,715		2,195		2,921		3,744
Brokered CDs	—		—		4		8		6
Total Interest-Bearing Deposits	4,092		4,678		5,106		5,775		6,798
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	3		4		4		5		7
FHLB advances	190		195		195		193		192
Other borrowings	5,164		5,317		4,640		4,683		4,638
Subordinated deferrable interest debentures	1,381		1,334		1,440		1,243		1,338
Total Non-Deposit Funding	6,738		6,850		6,279		6,124		6,175
Total Interest-Bearing Funding	$      10,830		$       11,528		$       11,385		$       11,899		$       12,973
Net Interest Income (TE)	$    173,557		$     167,914		$     162,819		$     163,013		$     166,157

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
	2022		2021		2021		2021		2021
Earning Assets
Federal funds sold	0.20%		0.18%		0.18%		0.24%		0.24%
Interest-bearing deposits in banks	0.16%		0.16%		0.16%		0.10%		0.10%
Time deposits in other banks	—%		—%		—%		1.64%		1.63%
Investment securities - taxable	2.76%		3.33%		2.77%		2.59%		2.72%
Investment securities - nontaxable (TE)	3.22%		3.47%		3.66%		3.87%		3.75%
Loans held for sale	3.01%		2.74%		2.81%		2.77%		3.42%
Loans (TE)	4.37%		4.26%		4.24%		4.33%		4.53%
Total Earning Assets	3.56%		3.39%		3.44%		3.58%		3.85%
Interest-Bearing Deposits
NOW accounts	0.09%		0.09%		0.09%		0.10%		0.12%
MMDA	0.13%		0.15%		0.16%		0.16%		0.17%
Savings accounts	0.06%		0.05%		0.06%		0.06%		0.06%
Retail CDs	0.34%		0.37%		0.45%		0.58%		0.73%
Brokered CDs	—%		—%		3.11%		3.21%		2.43%
Total Interest-Bearing Deposits	0.14%		0.16%		0.18%		0.21%		0.25%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	0.30%		0.29%		0.31%		0.29%		0.31%
FHLB advances	1.58%		1.58%		1.58%		1.58%		1.59%
Other borrowings	4.72%		4.51%		4.89%		4.99%		5.00%
Subordinated deferrable interest debentures	4.43%		4.20%		4.55%		3.99%		4.36%
Total Non-Deposit Funding	4.39%		4.19%		4.48%		4.41%		4.48%
Total Interest-Bearing Liabilities	0.36%		0.37%		0.38%		0.41%		0.46%
Net Interest Spread	3.20%		3.02%		3.06%		3.17%		3.39%
Net Interest Margin(2)	3.35%		3.18%		3.22%		3.34%		3.57%
Total Cost of Funds(3)	0.22%		0.23%		0.24%		0.26%		0.30%

(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)	2022		2021		2021		2021		2021
Net income available to common shareholders	$     81,698		$     81,944		$     81,680		$    88,327		$   124,962
Adjustment items:
Merger and conversion charges	977		4,023		183		—		—
Servicing right impairment (recovery)	(9,654)		(4,540)		1,398		(749)		(10,639)
Gain on BOLI proceeds	—		—		—		—		(603)
(Gain) loss on bank premises	(6)		(126)		1,136		(236)		(264)
Tax effect of adjustment items (Note 1)	2,024		243		(536)		206		2,290
After tax adjustment items	(6,659)		(400)		2,181		(779)		(9,216)
Adjusted net income	$     75,039		$     81,544		$     83,861		$    87,548		$   115,746
Weighted average number of shares - diluted	69,660,990		69,738,426		69,756,135		69,791,670		69,740,860
Net income per diluted share	$        1.17		$        1.18		$        1.17		$        1.27		$        1.79
Adjusted net income per diluted share	$        1.08		$        1.17		$        1.20		$        1.25		$        1.66
Average assets	$ 23,275.654		$ 23,054.847		$ 22,087.642		$ 21,538,894		$ 20,734,414
Return on average assets	1.42%		1.41%		1.47%		1.64%		2.44%
Adjusted return on average assets	1.31%		1.40%		1.51%		1.63%		2.26%
Average common equity	$ 2,994.652		$ 2,939.507		$ 2,874.691		$ 2,798,269		$ 2,695,005
Average tangible common equity	$ 1,857,713		$ 1,916,783		$ 1,884,622		$ 1,804,324		$ 1,696,946
Return on average common equity	11.06%		11.06%		11.27%		12.66%		18.80%
Adjusted return on average tangible common equity	16.38%		16.88%		17.65%		19.46%		27.66%

Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for 1Q22, 4Q21 and 3Q21 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)	2022		2021		2021		2021		2021
Adjusted Noninterest Expense
Total noninterest expense	$  143,820		$  138,369		$  137,196		$  135,761		$  148,798
Adjustment items:
Merger and conversion charges	(977)		(4,023)		(183)		—		—
Gain (loss) on bank premises	6		126		(1,136)		236		264
Adjusted noninterest expense	$  142,849		$  134,472		$  135,877		$  135,997		$  149,062
Total Revenue
Net interest income	$  172,544		$  166,837		$  161,661		$  161,852		$  164,977
Noninterest income	86,911		81,769		76,562		89,240		117,973
Total revenue	$  259,455		$  248,606		$  238,223		$  251,092		$  282,950
Adjusted Total Revenue
Net interest income (TE)	$  173,557		$  167,914		$  162,819		$  163,013		$  166,157
Noninterest income	86,911		81,769		76,562		89,240		117,973
Total revenue (TE)	260,468		249,683		239,381		252,253		284,130
Adjustment items:
(Gain) loss on securities	27		4		(530)		(1)		12
Gain on BOLI proceeds	—		—		—		—		(603)
Servicing right impairment (recovery)	(9,654)		(4,540)		1,398		(749)		(10,639)
Adjusted total revenue (TE)	$  250,841		$  245,147		$  240,249		$  251,503		$  272,900
Efficiency ratio	55.43%		55.66%		57.59%		54.07%		52.59%
Adjusted efficiency ratio (TE)	56.95%		54.85%		56.56%		54.07%		54.62%
Tangible Book Value Per Share	Table 9C
	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands except per share data)	2022		2021		2021		2021		2021
Total shareholders' equity	$ 3,007,159		$ 2,966,451		$ 2,900,770		$ 2,837,004		$ 2,757,596
Less:
Goodwill	1,022,345		1,012,620		928,005		928,005		928,005
Other intangibles, net	120,757		125,938		60,396		63,783		67,848
Total tangible shareholders' equity	$ 1,864,057		$ 1,827,893		$ 1,912,369		$ 1,845,216		$ 1,761,743
Period end number of shares	69,439,084		69,609,228		69,635,435		69,767,209		69,713,426
Book value per share (period end)	$     43.31		$     42.62		$      41.66		$     40.66		$     39.56
Tangible book value per share (period end)	$     26.84		$     26.26		$      27.46		$     26.45		$     25.27

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands)	2022		2021		2021		2021		2021
Banking Division
Net interest income	$  133,745		$  120,572		$  113,524		$  110,670		$  112,816
Provision for credit losses	5,226		4,565		(9,578)		(3,949)		(23,904)
Noninterest income	21,364		18,859		17,896		16,171		16,738
Noninterest expense
Salaries and employee benefits	49,195		36,522		40,020		37,814		42,723
Occupancy and equipment expenses	11,074		11,699		10,196		9,050		10,120
Data processing and telecommunications expenses	11,230		10,162		9,159		10,280		10,201
Other noninterest expenses	20,045		24,048		21,723		18,763		19,710
Total noninterest expense	91,544		82,431		81,098		75,907		82,754
Income before income tax expense	58,339		52,435		59,900		54,883		70,704
Income tax expense	16,996		14,010		17,784		14,196		18,456
Net income	$    41,343		$    38,425		$    42,116		$    40,687		$    52,248
Retail Mortgage Division
Net interest income	$    19,295		$    19,912		$    21,289		$    22,533		$    18,984
Provision for credit losses	1,587		175		1,678		5,647		(4,553)
Noninterest income	61,649		59,650		55,555		69,055		97,640
Noninterest expense
Salaries and employee benefits	31,614		36,787		36,373		44,798		49,838
Occupancy and equipment expenses	1,471		1,587		1,590		1,553		1,476
Data processing and telecommunications expenses	1,172		1,213		1,357		1,435		1,546
Other noninterest expenses	12,645		10,793		11,675		7,638		8,189
Total noninterest expense	46,902		50,380		50,995		55,424		61,049
Income before income tax expense	32,455		29,007		24,171		30,517		60,128
Income tax expense	6,815		6,092		5,076		6,408		12,627
Net income	$    25,640		$    22,915		$    19,095		$    24,109		$    47,501
Warehouse Lending Division
Net interest income	$      6,447		$      8,063		$      8,712		$      8,720		$      9,906
Provision for credit losses	(222)		77		(291)		(155)		(145)
Noninterest income	1,401		1,253		1,037		1,333		980
Noninterest expense
Salaries and employee benefits	283		258		264		278		330
Occupancy and equipment expenses	1		1		—		1		1
Data processing and telecommunications expenses	47		56		59		68		49
Other noninterest expenses	218		227		200		30		33
Total noninterest expense	549		542		523		377		413
Income before income tax expense	7,521		8,697		9,517		9,831		10,618
Income tax expense	1,579		1,827		1,999		2,064		2,230
Net income	$      5,942		$      6,870		$      7,518		$      7,767		$      8,388

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended
	Mar		Dec		Sep		Jun		Mar
(dollars in thousands)	2022		2021		2021		2021		2021
SBA Division
Net interest income	$      6,011		$    11,319		$    10,699		$    12,882		$    16,635
Provision for credit losses	(143)		(663)		(1,104)		(607)		(547)
Noninterest income	2,491		2,002		2,070		2,677		2,611
Noninterest expense
Salaries and employee benefits	1,271		1,217		1,320		937		1,382
Occupancy and equipment expenses	99		121		116		132		106
Data processing and telecommunications expenses	28		28		18		—		1
Other noninterest expenses	380		645		370		284		295
Total noninterest expense	1,778		2,011		1,824		1,353		1,784
Income before income tax expense	6,867		11,973		12,049		14,813		18,009
Income tax expense	1,442		2,514		2,530		3,111		3,782
Net income	$      5,425		$      9,459		$      9,519		$    11,702		$    14,227
Premium Finance Division
Net interest income	$      7,046		$      6,971		$      7,437		$      7,047		$      6,636
Provision for credit losses	(217)		(1,395)		(380)		(794)		558
Noninterest income	6		5		4		4		4
Noninterest expense
Salaries and employee benefits	1,918		1,831		1,694		1,678		1,712
Occupancy and equipment expenses	82		86		77		76		78
Data processing and telecommunications expenses	95		75		88		94		87
Other noninterest expenses	952		1,013		897		852		921
Total noninterest expense	3,047		3,005		2,756		2,700		2,798
Income before income tax expense	4,222		5,366		5,065		5,145		3,284
Income tax expense	874		1,091		1,633		1,083		686
Net income	$      3,348		$      4,275		$      3,432		$      4,062		$      2,598
Total Consolidated
Net interest income	$  172,544		$  166,837		$  161,661		$  161,852		$  164,977
Provision for credit losses	6,231		2,759		(9,675)		142		(28,591)
Noninterest income	86,911		81,769		76,562		89,240		117,973
Noninterest expense
Salaries and employee benefits	84,281		76,615		79,671		85,505		95,985
Occupancy and equipment expenses	12,727		13,494		11,979		10,812		11,781
Data processing and telecommunications expenses	12,572		11,534		10,681		11,877		11,884
Other noninterest expenses	34,240		36,726		34,865		27,567		29,148
Total noninterest expense	143,820		138,369		137,196		135,761		148,798
Income before income tax expense	109,404		107,478		110,702		115,189		162,743
Income tax expense	27,706		25,534		29,022		26,862		37,781
Net income	$    81,698		$    81,944		$    81,680		$    88,327		$  124,962

 

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SOURCE Ameris Bancorp

FAQ

What were Ameris Bancorp's earnings for Q1 2022?

Ameris Bancorp reported net income of $81.7 million or $1.17 per diluted share for Q1 2022.

How did Ameris Bancorp's loan growth perform in Q1 2022?

The company achieved organic loan growth of $269.5 million, translating to an annualized growth rate of 6.8%.

What is the tangible book value for Ameris Bancorp?

The tangible book value per share increased to $26.84 as of March 31, 2022.

What was the net interest margin for Ameris Bancorp in Q1 2022?

The net interest margin improved to 3.35%, an increase of 17 basis points from the previous quarter.

What notable changes occurred in Ameris Bancorp's credit quality during Q1 2022?

Credit quality showed slight deterioration, with nonperforming assets increasing to 0.47% of total assets.