AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2023
Highlights of Ameris's results for the first quarter of 2023 include the following:
- Net income of
, or$60.4 million per diluted share$0.87 - Pre-tax, pre-provision net revenue (PPNR) ROA(1) of
2.07% - Growth in tangible book value(1) of
per share, or$0.87 11.6% annualized, to at$30.79 March 31, 2023 - Increased the allowance for credit losses to
1.21% of loans, from1.04% atDecember 31, 2022 , due to forecasted economic conditions - Adjusted efficiency ratio(1) of
51.99% , compared with56.95% in the first quarter of last year - Nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved one basis point to
0.33% atMarch 31, 2023 , compared with0.34% atDecember 31, 2022 . - Net interest margin of
3.76% for the first quarter of 2023 - Organic growth in loans of
, or$142.6 million 2.9% annualized - Growth in total deposits of
or$434.7 million 8.9% annualized - TCE ratio(1) of
8.55% , compared with8.67% atDecember 31, 2022 and8.32% one year ago - Redeemed
floating rate (was$75 million 8.39% ) subordinated notes due 2027 in March
Commenting on the Company's results,
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was
Yields on earning assets increased 34 basis points during the quarter to
Loan production in the banking division during the first quarter of 2023 was
The Company's total cost of funds was
Noninterest Income
Noninterest income increased
Noninterest Expense
Noninterest expense increased
Income Tax Expense
The Company's effective tax rate for the first quarter of 2023 was
Balance Sheet Trends
Total assets at
Investment securities remained consistent at
At
Shareholders' equity at
Credit Quality
Credit quality remains strong in the Company. During the first quarter of 2023, the Company recorded a provision for credit losses of
Conference Call
The Company will host a teleconference at
About
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in
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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
EARNINGS | |||||||||
Net income | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 | ||||
Adjusted net income(1) | $ 59,935 | $ 81,086 | $ 91,817 | $ 81,473 | $ 75,039 | ||||
COMMON SHARE DATA | |||||||||
Earnings per share available to common shareholders | |||||||||
Basic | $ 0.87 | $ 1.19 | $ 1.34 | $ 1.30 | $ 1.18 | ||||
Diluted | $ 0.87 | $ 1.18 | $ 1.34 | $ 1.30 | $ 1.17 | ||||
Adjusted diluted EPS(1) | $ 0.86 | $ 1.17 | $ 1.32 | $ 1.18 | $ 1.08 | ||||
Cash dividends per share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||||
Book value per share (period end) | $ 46.89 | $ 46.09 | $ 44.97 | $ 44.31 | $ 43.31 | ||||
Tangible book value per share (period end)(1) | $ 30.79 | $ 29.92 | $ 28.62 | $ 27.89 | $ 26.84 | ||||
Weighted average number of shares | |||||||||
Basic | 69,171,562 | 69,138,431 | 69,124,855 | 69,136,046 | 69,345,735 | ||||
Diluted | 69,322,664 | 69,395,224 | 69,327,414 | 69,316,258 | 69,660,990 | ||||
Period end number of shares | 69,373,863 | 69,369,050 | 69,352,709 | 69,360,461 | 69,439,084 | ||||
Market data | |||||||||
High intraday price | $ 50.54 | $ 54.24 | $ 50.94 | $ 46.28 | $ 55.62 | ||||
Low intraday price | $ 34.28 | $ 44.61 | $ 38.22 | $ 39.37 | $ 43.56 | ||||
Period end closing price | $ 36.58 | $ 47.14 | $ 44.71 | $ 40.18 | $ 43.88 | ||||
Average daily volume | $ 452,242 | $ 340,890 | $ 346,522 | $ 446,121 | $ 471,858 | ||||
PERFORMANCE RATIOS | |||||||||
Return on average assets | 0.98 % | 1.34 % | 1.56 % | 1.54 % | 1.42 % | ||||
Adjusted return on average assets(1) | 0.97 % | 1.32 % | 1.54 % | 1.40 % | 1.31 % | ||||
Return on average common equity | 7.54 % | 10.30 % | 11.76 % | 11.87 % | 11.06 % | ||||
Adjusted return on average tangible common equity(1) | 11.41 % | 15.78 % | 18.33 % | 17.18 % | 16.38 % | ||||
Earning asset yield (TE) | 5.25 % | 4.91 % | 4.37 % | 3.88 % | 3.56 % | ||||
Total cost of funds | 1.59 % | 0.94 % | 0.42 % | 0.22 % | 0.22 % | ||||
Net interest margin (TE) | 3.76 % | 4.03 % | 3.97 % | 3.66 % | 3.35 % | ||||
Efficiency ratio | 52.08 % | 49.57 % | 50.15 % | 51.67 % | 55.43 % | ||||
Adjusted efficiency ratio (TE)(1) | 51.99 % | 49.61 % | 50.12 % | 53.66 % | 56.95 % | ||||
CAPITAL ADEQUACY (period end) | |||||||||
Shareholders' equity to assets | 12.47 % | 12.76 % | 13.10 % | 12.97 % | 12.76 % | ||||
Tangible common equity to tangible assets(1) | 8.55 % | 8.67 % | 8.75 % | 8.58 % | 8.32 % | ||||
OTHER DATA (period end) | |||||||||
Full time equivalent employees | |||||||||
Banking Division | 2,093 | 2,079 | 2,071 | 2,050 | 2,033 | ||||
Retail Mortgage Division | 630 | 633 | 671 | 712 | 714 | ||||
Warehouse Lending Division | 8 | 8 | 9 | 9 | 10 | ||||
SBA Division | 39 | 39 | 40 | 36 | 35 | ||||
Premium Finance Division | 78 | 76 | 77 | 78 | 77 | ||||
Total Ameris Bancorp FTE headcount | 2,848 | 2,835 | 2,868 | 2,885 | 2,869 | ||||
Branch locations | 164 | 164 | 164 | 164 | 165 | ||||
Deposits per branch location | $ 121,326 | $ 118,675 | $ 118,701 | $ 120,030 | $ 118,718 | ||||
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Income Statement | Table 2 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Interest income | |||||||||
Interest and fees on loans | $ 271,964 | $ 250,263 | $ 216,400 | $ 190,740 | $ 177,566 | ||||
Interest on taxable securities | 14,300 | 13,029 | 10,324 | 7,064 | 4,239 | ||||
Interest on nontaxable securities | 339 | 358 | 363 | 269 | 186 | ||||
Interest on deposits in other banks | 9,113 | 9,984 | 7,188 | 4,463 | 1,373 | ||||
Interest on federal funds sold | — | 8 | 27 | 32 | 10 | ||||
Total interest income | 295,716 | 273,642 | 234,302 | 202,568 | 183,374 | ||||
Interest expense | |||||||||
Interest on deposits | 53,182 | 33,071 | 14,034 | 4,908 | 4,092 | ||||
Interest on other borrowings | 30,882 | 16,434 | 7,287 | 6,296 | 6,738 | ||||
Total interest expense | 84,064 | 49,505 | 21,321 | 11,204 | 10,830 | ||||
Net interest income | 211,652 | 224,137 | 212,981 | 191,364 | 172,544 | ||||
Provision for loan losses | 49,376 | 24,648 | 17,469 | 13,227 | (2,734) | ||||
Provision for unfunded commitments | 346 | 8,246 | 192 | 1,779 | 9,009 | ||||
Provision for other credit losses | 7 | (4) | (9) | (82) | (44) | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
Net interest income after provision for credit losses | 161,923 | 191,247 | 195,329 | 176,440 | 166,313 | ||||
Noninterest income | |||||||||
Service charges on deposit accounts | 10,936 | 11,125 | 11,168 | 11,148 | 11,058 | ||||
Mortgage banking activity | 31,392 | 22,855 | 40,350 | 58,761 | 62,938 | ||||
Other service charges, commissions and fees | 971 | 968 | 970 | 998 | 939 | ||||
Gain (loss) on securities | 6 | 3 | (21) | 248 | (27) | ||||
Other noninterest income | 12,745 | 13,397 | 12,857 | 12,686 | 12,003 | ||||
Total noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 80,910 | 75,196 | 78,697 | 81,545 | 84,281 | ||||
Occupancy and equipment | 12,986 | 12,905 | 12,983 | 12,746 | 12,727 | ||||
Data processing and communications expenses | 13,034 | 12,486 | 12,015 | 12,155 | 12,572 | ||||
Credit resolution-related expenses(1) | 435 | 372 | 126 | 496 | (965) | ||||
Advertising and marketing | 3,532 | 3,818 | 3,553 | 3,122 | 1,988 | ||||
Amortization of intangible assets | 4,706 | 4,709 | 4,710 | 5,144 | 5,181 | ||||
Merger and conversion charges | — | 235 | — | — | 977 | ||||
Other noninterest expenses | 23,818 | 25,340 | 27,494 | 26,988 | 27,059 | ||||
Total noninterest expense | 139,421 | 135,061 | 139,578 | 142,196 | 143,820 | ||||
Income before income tax expense | 78,552 | 104,534 | 121,075 | 118,085 | 109,404 | ||||
Income tax expense | 18,131 | 22,313 | 28,520 | 28,019 | 27,706 | ||||
Net income | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 | ||||
Diluted earnings per common share | $ 0.87 | $ 1.18 | $ 1.34 | $ 1.30 | $ 1.17 | ||||
(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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Assets | |||||||||
Cash and due from banks | $ 266,400 | $ 284,567 | $ 269,193 | $ 345,627 | $ 257,316 | ||||
Federal funds sold and interest-bearing deposits in banks | 1,754,453 | 833,565 | 1,061,975 | 1,961,209 | 3,541,144 | ||||
Debt securities available-for-sale, at fair value | 1,496,836 | 1,500,060 | 1,255,149 | 1,052,268 | 579,204 | ||||
Debt securities held-to-maturity, at amortized cost | 134,175 | 134,864 | 130,214 | 111,654 | 91,454 | ||||
Other investments | 146,715 | 110,992 | 60,560 | 49,500 | 49,395 | ||||
Loans held for sale | 395,096 | 392,078 | 297,987 | 555,665 | 901,550 | ||||
Loans, net of unearned income | 19,997,871 | 19,855,253 | 18,806,856 | 17,561,022 | 16,143,801 | ||||
Allowance for credit losses | (242,658) | (205,677) | (184,891) | (172,642) | (161,251) | ||||
Loans, net | 19,755,213 | 19,649,576 | 18,621,965 | 17,388,380 | 15,982,550 | ||||
Other real estate owned | 1,502 | 843 | 843 | 835 | 1,910 | ||||
Premises and equipment, net | 218,878 | 220,283 | 222,694 | 224,249 | 224,293 | ||||
1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | |||||
Other intangible assets, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Cash value of bank owned life insurance | 389,201 | 388,405 | 386,533 | 384,862 | 332,914 | ||||
Other assets | 412,781 | 416,213 | 372,570 | 474,552 | 455,460 | ||||
Total assets | |||||||||
Liabilities | |||||||||
Deposits | |||||||||
Noninterest-bearing | $ 7,297,893 | $ 7,929,579 | $ 8,343,200 | $ 8,262,929 | $ 7,870,207 | ||||
Interest-bearing | 12,599,562 | 11,533,159 | 11,123,719 | 11,422,053 | 11,718,234 | ||||
Total deposits | 19,897,455 | 19,462,738 | 19,466,919 | 19,684,982 | 19,588,441 | ||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 953 | 2,065 | ||||
Other borrowings | 2,401,327 | 1,875,736 | 725,664 | 425,592 | 425,520 | ||||
Subordinated deferrable interest debentures | 128,820 | 128,322 | 127,823 | 127,325 | 126,827 | ||||
Other liabilities | 407,587 | 389,090 | 374,181 | 375,242 | 410,280 | ||||
Total liabilities | 22,835,189 | 21,855,886 | 20,694,587 | 20,614,094 | 20,553,133 | ||||
Shareholders' Equity | |||||||||
Preferred stock | — | — | — | — | — | ||||
Common stock | 72,484 | 72,264 | 72,247 | 72,251 | 72,212 | ||||
Capital stock | 1,937,664 | 1,935,211 | 1,932,906 | 1,931,088 | 1,928,702 | ||||
Retained earnings | 1,362,512 | 1,311,258 | 1,239,477 | 1,157,359 | 1,077,725 | ||||
Accumulated other comprehensive income (loss), net of tax | (35,581) | (46,507) | (50,734) | (12,635) | (1,841) | ||||
(83,884) | (74,826) | (74,826) | (74,687) | (69,639) | |||||
Total shareholders' equity | 3,253,195 | 3,197,400 | 3,119,070 | 3,073,376 | 3,007,159 | ||||
Total liabilities and shareholders' equity | |||||||||
Other Data | |||||||||
Earning assets | |||||||||
Intangible assets | 1,117,134 | 1,121,840 | 1,133,974 | 1,138,669 | 1,143,102 | ||||
Interest-bearing liabilities | 15,129,709 | 13,537,217 | 11,977,206 | 11,975,923 | 12,272,646 | ||||
Average assets | 25,115,927 | 24,354,979 | 23,598,465 | 23,405,201 | 23,275,654 | ||||
Average common shareholders' equity | 3,250,289 | 3,168,320 | 3,123,718 | 3,043,280 | 2,994,652 |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Asset Quality Information | Table 4 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Allowance for Credit Losses | |||||||||
Balance at beginning of period | $ 258,163 | $ 229,135 | $ 216,703 | $ 203,615 | $ 200,981 | ||||
Adoption of ASU 2022-02 | (1,711) | — | — | — | — | ||||
Provision for loan losses | 49,376 | 24,648 | 17,469 | 13,227 | (2,734) | ||||
Provision for unfunded commitments | 346 | 8,246 | 192 | 1,779 | 9,009 | ||||
Provision for other credit losses | 7 | (4) | (9) | (82) | (44) | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
Charge-offs | 14,956 | 8,371 | 9,272 | 6,853 | 8,579 | ||||
Recoveries | 4,272 | 4,509 | 4,052 | 5,017 | 4,982 | ||||
Net charge-offs (recoveries) | 10,684 | 3,862 | 5,220 | 1,836 | 3,597 | ||||
Ending balance | $ 295,497 | $ 258,163 | $ 229,135 | $ 216,703 | $ 203,615 | ||||
Allowance for loan losses | $ 242,658 | $ 205,677 | $ 184,891 | $ 172,642 | $ 161,251 | ||||
Allowance for unfunded commitments | 52,757 | 52,411 | 44,165 | 43,973 | 42,194 | ||||
Allowance for other credit losses | 82 | 75 | 79 | 88 | 170 | ||||
Total allowance for credit losses | $ 295,497 | $ 258,163 | $ 229,135 | $ 216,703 | $ 203,615 | ||||
Net Charge-off Information | |||||||||
Charge-offs | |||||||||
Commercial, financial and agricultural | $ 12,233 | $ 5,108 | $ 4,722 | $ 4,391 | $ 4,414 | ||||
Consumer | 1,140 | 1,136 | 1,228 | 1,137 | 1,425 | ||||
Indirect automobile | 34 | 86 | 50 | 41 | 88 | ||||
Premium Finance | 1,421 | 1,812 | 1,205 | 1,066 | 1,369 | ||||
Real estate - construction and development | — | 27 | — | — | — | ||||
Real estate - commercial and farmland | — | 196 | 2,014 | 81 | 1,283 | ||||
Real estate - residential | 128 | 6 | 53 | 137 | — | ||||
Total charge-offs | 14,956 | 8,371 | 9,272 | 6,853 | 8,579 | ||||
Recoveries | |||||||||
Commercial, financial and agricultural | 2,043 | 2,072 | 2,201 | 2,785 | 2,896 | ||||
Consumer | 297 | 217 | 277 | 230 | 158 | ||||
Indirect automobile | 216 | 229 | 276 | 265 | 275 | ||||
Premium Finance | 1,382 | 1,682 | 1,023 | 1,113 | 1,247 | ||||
Real estate - construction and development | 100 | 223 | 96 | 355 | 218 | ||||
Real estate - commercial and farmland | 44 | 48 | 96 | 44 | 37 | ||||
Real estate - residential | 190 | 38 | 83 | 225 | 151 | ||||
Total recoveries | 4,272 | 4,509 | 4,052 | 5,017 | 4,982 | ||||
Net charge-offs (recoveries) | $ 10,684 | $ 3,862 | $ 5,220 | $ 1,836 | $ 3,597 | ||||
Non-Performing Assets | |||||||||
Nonaccrual portfolio loans | $ 68,028 | $ 65,221 | $ 64,055 | $ 72,352 | $ 59,316 | ||||
Other real estate owned | 1,502 | 843 | 843 | 835 | 1,910 | ||||
Repossessed assets | 25 | 28 | 60 | 122 | 139 | ||||
Accruing loans delinquent 90 days or more | 15,792 | 17,865 | 12,378 | 8,542 | 6,584 | ||||
Non-performing portfolio assets | $ 85,347 | $ 83,957 | $ 77,336 | $ 81,851 | $ 67,949 | ||||
Serviced GNMA-guaranteed mortgage nonaccrual loans | 74,999 | 69,587 | 54,621 | 50,560 | 43,281 | ||||
Total non-performing assets | $ 160,346 | $ 153,544 | $ 131,957 | $ 132,411 | $ 111,230 | ||||
Asset Quality Ratios | |||||||||
Non-performing portfolio assets as a percent of total assets | 0.33 % | 0.34 % | 0.32 % | 0.35 % | 0.29 % | ||||
Total non-performing assets as a percent of total assets | 0.61 % | 0.61 % | 0.55 % | 0.56 % | 0.47 % | ||||
Net charge-offs as a percent of average loans (annualized) | 0.22 % | 0.08 % | 0.11 % | 0.04 % | 0.09 % |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Loan Information | Table 5 | ||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Loans by Type | |||||||||
Commercial, financial and agricultural | $ 2,722,180 | $ 2,679,403 | $ 2,245,287 | $ 2,022,845 | $ 1,836,663 | ||||
Consumer | 349,775 | 384,037 | 162,345 | 167,237 | 173,642 | ||||
Indirect automobile | 83,466 | 108,648 | 137,183 | 172,245 | 214,120 | ||||
Mortgage warehouse | 958,418 | 1,038,924 | 980,342 | 949,191 | 732,375 | ||||
Municipal | 505,515 | 509,151 | 516,797 | 529,268 | 547,926 | ||||
Premium Finance | 947,257 | 1,023,479 | 1,062,724 | 942,357 | 819,163 | ||||
Real estate - construction and development | 2,144,605 | 2,086,438 | 2,009,726 | 1,747,284 | 1,577,215 | ||||
Real estate - commercial and farmland | 7,721,732 | 7,604,868 | 7,516,309 | 7,156,017 | 6,924,475 | ||||
Real estate - residential | 4,564,923 | 4,420,305 | 4,176,143 | 3,874,578 | 3,318,222 | ||||
Total loans | |||||||||
Loans by Risk Grade | |||||||||
Grades 1 through 5 - Pass | |||||||||
Grade 6 - Other assets especially mentioned | 116,345 | 104,614 | 110,408 | 68,444 | 51,670 | ||||
Grade 7 - Substandard | 227,294 | 236,913 | 213,402 | 196,058 | 192,175 | ||||
Grade 8 - Doubtful | — | — | — | — | — | ||||
Grade 9 - Loss | — | — | — | — | — | ||||
Total loans |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Average Balances | Table 6 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Earning Assets | |||||||||
Federal funds sold | $ — | $ 924 | $ 5,000 | $ 17,692 | $ 20,000 | ||||
Interest-bearing deposits in banks | 859,614 | 1,009,935 | 1,394,529 | 2,209,761 | 3,393,238 | ||||
Debt securities - taxable | 1,586,404 | 1,451,861 | 1,242,811 | 932,824 | 623,498 | ||||
Debt securities - nontaxable | 43,052 | 44,320 | 45,730 | 39,236 | 29,605 | ||||
Other investments | 131,044 | 83,730 | 51,209 | 49,550 | 47,872 | ||||
Loans held for sale | 490,295 | 371,952 | 471,070 | 944,964 | 1,097,098 | ||||
Loans | 19,820,749 | 19,212,560 | 18,146,083 | 16,861,674 | 15,821,397 | ||||
Total Earning Assets | |||||||||
Deposits | |||||||||
Noninterest-bearing deposits | $ 7,136,373 | $ 8,138,887 | $ 8,259,625 | $ 7,955,765 | $ 7,658,451 | ||||
NOW accounts | 4,145,991 | 3,621,454 | 3,701,045 | 3,695,490 | 3,684,772 | ||||
MMDA | 4,994,195 | 5,161,047 | 5,026,815 | 5,087,199 | 5,240,922 | ||||
Savings accounts | 1,005,614 | 1,010,966 | 1,030,298 | 1,007,340 | 973,724 | ||||
Retail CDs | 1,612,325 | 1,450,037 | 1,506,761 | 1,693,740 | 1,774,016 | ||||
Brokered CDs | 125,133 | — | — | — | — | ||||
Total Deposits | 19,019,631 | 19,382,391 | 19,524,544 | 19,439,534 | 19,331,885 | ||||
Non-Deposit Funding | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | 1 | 92 | 1,854 | 4,020 | ||||
FHLB advances | 1,968,811 | 918,228 | 94,357 | 48,746 | 48,786 | ||||
Other borrowings | 361,445 | 377,056 | 376,942 | 376,829 | 443,657 | ||||
Subordinated deferrable interest debentures | 128,557 | 128,060 | 127,560 | 127,063 | 126,563 | ||||
Total Non-Deposit Funding | 2,458,813 | 1,423,345 | 598,951 | 554,492 | 623,026 | ||||
Total Funding |
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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Interest Income | |||||||||
Federal funds sold | $ — | $ 8 | $ 27 | $ 32 | $ 10 | ||||
Interest-bearing deposits in banks | 9,113 | 9,984 | 7,188 | 4,463 | 1,373 | ||||
Debt securities - taxable | 14,300 | 13,029 | 10,324 | 7,064 | 4,239 | ||||
Debt securities - nontaxable (TE) | 429 | 454 | 459 | 341 | 235 | ||||
Loans held for sale | 7,007 | 5,519 | 6,012 | 10,036 | 8,132 | ||||
Loans (TE) | 265,802 | 245,603 | 211,223 | 181,602 | 170,398 | ||||
Total Earning Assets | $ 296,651 | $ 274,597 | $ 235,233 | $ 203,538 | $ 184,387 | ||||
Interest Expense | |||||||||
Interest-Bearing Deposits | |||||||||
NOW accounts | $ 15,033 | $ 8,564 | $ 3,733 | $ 1,246 | $ 824 | ||||
MMDA | 27,809 | 20,683 | 8,613 | 2,204 | 1,643 | ||||
Savings accounts | 1,288 | 654 | 360 | 140 | 133 | ||||
Retail CDs | 7,629 | 3,170 | 1,328 | 1,318 | 1,492 | ||||
Brokered CDs | 1,423 | — | — | — | — | ||||
Total Interest-Bearing Deposits | 53,182 | 33,071 | 14,034 | 4,908 | 4,092 | ||||
Non-Deposit Funding | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 1 | 3 | ||||
FHLB advances | 22,448 | 8,801 | 527 | 192 | 190 | ||||
Other borrowings | 5,349 | 4,953 | 4,655 | 4,437 | 5,164 | ||||
Subordinated deferrable interest debentures | 3,085 | 2,680 | 2,105 | 1,666 | 1,381 | ||||
Total Non-Deposit Funding | 30,882 | 16,434 | 7,287 | 6,296 | 6,738 | ||||
Total Interest-Bearing Funding | $ 84,064 | $ 49,505 | $ 21,321 | $ 11,204 | $ 10,830 | ||||
Net Interest Income (TE) | $ 212,587 | $ 225,092 | $ 213,912 | $ 192,334 | $ 173,557 |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Yields(1) | Table 8 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||
Earning Assets | |||||||||
Federal funds sold | — % | 3.43 % | 2.14 % | 0.73 % | 0.20 % | ||||
Interest-bearing deposits in banks | 4.30 % | 3.92 % | 2.04 % | 0.81 % | 0.16 % | ||||
Debt securities - taxable | 3.66 % | 3.56 % | 3.30 % | 3.04 % | 2.76 % | ||||
Debt securities - nontaxable (TE) | 4.04 % | 4.06 % | 3.98 % | 3.49 % | 3.22 % | ||||
Loans held for sale | 5.80 % | 5.89 % | 5.06 % | 4.26 % | 3.01 % | ||||
Loans (TE) | 5.44 % | 5.07 % | 4.62 % | 4.32 % | 4.37 % | ||||
Total Earning Assets | 5.25 % | 4.91 % | 4.37 % | 3.88 % | 3.56 % | ||||
Interest-Bearing Deposits | |||||||||
NOW accounts | 1.47 % | 0.94 % | 0.40 % | 0.14 % | 0.09 % | ||||
MMDA | 2.26 % | 1.59 % | 0.68 % | 0.17 % | 0.13 % | ||||
Savings accounts | 0.52 % | 0.26 % | 0.14 % | 0.06 % | 0.06 % | ||||
Retail CDs | 1.92 % | 0.87 % | 0.35 % | 0.31 % | 0.34 % | ||||
Brokered CDs | 4.61 % | — % | — % | — % | — % | ||||
Total Interest-Bearing Deposits | 1.82 % | 1.17 % | 0.49 % | 0.17 % | 0.14 % | ||||
Non-Deposit Funding | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — % | — % | — % | 0.22 % | 0.30 % | ||||
FHLB advances | 4.62 % | 3.80 % | 2.22 % | 1.58 % | 1.58 % | ||||
Other borrowings | 6.00 % | 5.21 % | 4.90 % | 4.72 % | 4.72 % | ||||
Subordinated deferrable interest debentures | 9.73 % | 8.30 % | 6.55 % | 5.26 % | 4.43 % | ||||
Total Non-Deposit Funding | 5.09 % | 4.58 % | 4.83 % | 4.55 % | 4.39 % | ||||
Total Interest-Bearing Liabilities | 2.38 % | 1.55 % | 0.71 % | 0.37 % | 0.36 % | ||||
Net Interest Spread | 2.87 % | 3.36 % | 3.66 % | 3.51 % | 3.20 % | ||||
Net Interest Margin(2) | 3.76 % | 4.03 % | 3.97 % | 3.66 % | 3.35 % | ||||
Total Cost of Funds(3) | 1.59 % | 0.94 % | 0.42 % | 0.22 % | 0.22 % | ||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of | |||||||||
(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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Net income available to common shareholders | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 | ||||
Adjustment items: | |||||||||
Merger and conversion charges | — | 235 | — | — | 977 | ||||
(Gain) loss on sale of MSR | — | (1,672) | 316 | — | — | ||||
Servicing right impairment (recovery) | — | — | (1,332) | (10,838) | (9,654) | ||||
Gain on BOLI proceeds | (486) | — | (55) | — | — | ||||
Natural disaster and pandemic charges | — | — | 151 | — | — | ||||
(Gain) loss on bank premises | — | — | — | (39) | (6) | ||||
Tax effect of adjustment items (Note 1) | — | 302 | 182 | 2,284 | 2,024 | ||||
After tax adjustment items | (486) | (1,135) | (738) | (8,593) | (6,659) | ||||
Adjusted net income | $ 59,935 | $ 81,086 | $ 91,817 | $ 81,473 | $ 75,039 | ||||
Weighted average number of shares - diluted | 69,322,664 | 69,395,224 | 69,327,414 | 69,316,258 | 69,660,990 | ||||
Net income per diluted share | $ 0.87 | $ 1.18 | $ 1.34 | $ 1.30 | $ 1.17 | ||||
Adjusted net income per diluted share | $ 0.86 | $ 1.17 | $ 1.32 | $ 1.18 | $ 1.08 | ||||
Average assets | $ 25,115,927 | $ 24,354,979 | $ 23,598,465 | $ 23,405,201 | $ 23,275,654 | ||||
Return on average assets | 0.98 % | 1.34 % | 1.56 % | 1.54 % | 1.42 % | ||||
Adjusted return on average assets | 0.97 % | 1.32 % | 1.54 % | 1.40 % | 1.31 % | ||||
Average common equity | $ 3,043,280 | ||||||||
Average tangible common equity | $ 1,902,265 | ||||||||
Return on average common equity | 7.54 % | 10.30 % | 11.76 % | 11.87 % | 11.06 % | ||||
Adjusted return on average tangible common equity | 11.41 % | 15.78 % | 18.33 % | 17.18 % | 16.38 % |
Note 1: Tax effect is calculated utilizing a |
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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Adjusted Noninterest Expense | |||||||||
Total noninterest expense | $ 139,421 | $ 135,061 | $ 139,578 | $ 142,196 | $ 143,820 | ||||
Adjustment items: | |||||||||
Merger and conversion charges | — | (235) | — | — | (977) | ||||
Natural disaster and pandemic charges | — | — | (151) | — | — | ||||
Gain (loss) on bank premises | — | — | — | 39 | 6 | ||||
Adjusted noninterest expense | $ 139,421 | $ 134,826 | $ 139,427 | $ 142,235 | $ 142,849 | ||||
Total Revenue | |||||||||
Net interest income | $ 211,652 | $ 224,137 | $ 212,981 | $ 191,364 | $ 172,544 | ||||
Noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Total revenue | $ 267,702 | $ 272,485 | $ 278,305 | $ 275,205 | $ 259,455 | ||||
Adjusted Total Revenue | |||||||||
Net interest income (TE) | $ 212,587 | $ 225,092 | $ 213,912 | $ 192,334 | $ 173,557 | ||||
Noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Total revenue (TE) | 268,637 | 273,440 | 279,236 | 276,175 | 260,468 | ||||
Adjustment items: | |||||||||
(Gain) loss on securities | (6) | (3) | 21 | (248) | 27 | ||||
(Gain) loss on sale of MSR | — | (1,672) | 316 | — | — | ||||
Gain on BOLI proceeds | (486) | — | (55) | — | — | ||||
Servicing right impairment (recovery) | — | — | (1,332) | (10,838) | (9,654) | ||||
Adjusted total revenue (TE) | $ 268,145 | $ 271,765 | $ 278,186 | $ 265,089 | $ 250,841 | ||||
Efficiency ratio | 52.08 % | 49.57 % | 50.15 % | 51.67 % | 55.43 % | ||||
Adjusted efficiency ratio (TE) | 51.99 % | 49.61 % | 50.12 % | 53.66 % | 56.95 % | ||||
Tangible Book Value Per Share | Table 9C | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Total shareholders' equity | $ 3,253,195 | $ 3,197,400 | $ 3,119,070 | $ 3,073,376 | $ 3,007,159 | ||||
Less: | |||||||||
1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | |||||
Other intangibles, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Total tangible shareholders' equity | $ 2,136,061 | $ 2,075,560 | $ 1,985,096 | $ 1,934,707 | $ 1,864,057 | ||||
Period end number of shares | 69,373,863 | 69,369,050 | 69,352,709 | 69,360,461 | 69,439,084 | ||||
Book value per share (period end) | $ 46.89 | $ 46.09 | $ 44.97 | $ 44.31 | $ 43.31 | ||||
Tangible book value per share (period end) | $ 30.79 | $ 29.92 | $ 28.62 | $ 27.89 | $ 26.84 |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Non-GAAP Reconciliations (continued) | |||||||||
Tangible Common Equity to Tangible Assets | Table 9D | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Total shareholders' equity | |||||||||
Less: | |||||||||
1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | |||||
Other intangibles, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Total tangible shareholders' equity | |||||||||
Total assets | $ 26,088,384 | $ 25,053,286 | $ 23,813,657 | $ 23,687,470 | $ 23,560,292 | ||||
Less: | |||||||||
1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | |||||
Other intangibles, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Total tangible assets | $ 24,971,250 | $ 23,931,446 | $ 22,679,683 | $ 22,548,801 | $ 22,417,190 | ||||
Equity to Assets | 12.47 % | 12.76 % | 13.10 % | 12.97 % | 12.76 % | ||||
Tangible Common Equity to Tangible Assets | 8.55 % | 8.67 % | 8.75 % | 8.58 % | 8.32 % | ||||
PPNR ROA | Table 9E | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Net income | 60,421 | 82,221 | 92,555 | 90,066 | 81,698 | ||||
Plus: | |||||||||
Income taxes | 18,131 | 22,313 | 28,520 | 28,019 | 27,706 | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
PPNR | 128,281 | 137,424 | 138,727 | 133,009 | 115,635 | ||||
Average Assets | 25,115,927 | 24,354,979 | 23,598,465 | 23,405,201 | 23,275,654 | ||||
Return on Average Assets (ROA) | 0.98 % | 1.34 % | 1.56 % | 1.54 % | 1.42 % | ||||
PPNR ROA | 2.07 % | 2.24 % | 2.33 % | 2.28 % | 2.01 % |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Segment Reporting | Table 10 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Banking Division | |||||||||
Net interest income | $ 175,340 | $ 185,909 | $ 174,507 | $ 152,122 | $ 133,745 | ||||
Provision for credit losses | 47,140 | 35,946 | 10,551 | 10,175 | 5,226 | ||||
Noninterest income | 23,898 | 23,448 | 23,269 | 23,469 | 21,364 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 56,454 | 52,296 | 48,599 | 46,733 | 49,195 | ||||
Occupancy and equipment expenses | 11,606 | 11,482 | 11,357 | 11,168 | 11,074 | ||||
Data processing and telecommunications expenses | 11,797 | 11,085 | 10,779 | 10,863 | 11,230 | ||||
Other noninterest expenses | 19,023 | 21,811 | 22,974 | 21,123 | 20,045 | ||||
Total noninterest expense | 98,880 | 96,674 | 93,709 | 89,887 | 91,544 | ||||
Income before income tax expense | 53,218 | 76,737 | 93,516 | 75,529 | 58,339 | ||||
Income tax expense | 12,850 | 16,545 | 22,706 | 19,120 | 16,996 | ||||
Net income | $ 40,368 | $ 60,192 | $ 70,810 | $ 56,409 | $ 41,343 | ||||
Retail Mortgage Division | |||||||||
Net interest income | $ 20,027 | $ 19,837 | $ 19,283 | $ 20,779 | $ 19,295 | ||||
Provision for credit losses | 2,853 | (2,778) | 9,043 | 4,499 | 1,587 | ||||
Noninterest income | 31,058 | 24,011 | 38,584 | 57,795 | 61,649 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 20,160 | 19,164 | 25,813 | 31,219 | 31,614 | ||||
Occupancy and equipment expenses | 1,283 | 1,242 | 1,460 | 1,406 | 1,471 | ||||
Data processing and telecommunications expenses | 1,069 | 1,203 | 1,082 | 1,123 | 1,172 | ||||
Other noninterest expenses | 11,747 | 11,126 | 11,641 | 12,812 | 12,645 | ||||
Total noninterest expense | 34,259 | 32,735 | 39,996 | 46,560 | 46,902 | ||||
Income before income tax expense | 13,973 | 13,891 | 8,828 | 27,515 | 32,455 | ||||
Income tax expense | 2,934 | 2,916 | 1,854 | 5,779 | 6,815 | ||||
Net income | $ 11,039 | $ 10,975 | $ 6,974 | $ 21,736 | $ 25,640 | ||||
Warehouse Lending Division | |||||||||
Net interest income | $ 5,700 | $ 6,601 | $ 6,979 | $ 6,700 | $ 6,447 | ||||
Provision for credit losses | (194) | 117 | (1,836) | 867 | (222) | ||||
Noninterest income | 480 | 579 | 1,516 | 1,041 | 1,401 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 802 | 427 | 1,055 | 208 | 283 | ||||
Occupancy and equipment expenses | 1 | 1 | 1 | 1 | 1 | ||||
Data processing and telecommunications expenses | 46 | 49 | 43 | 48 | 47 | ||||
Other noninterest expenses | 202 | 191 | 209 | 212 | 218 | ||||
Total noninterest expense | 1,051 | 668 | 1,308 | 469 | 549 | ||||
Income before income tax expense | 5,323 | 6,395 | 9,023 | 6,405 | 7,521 | ||||
Income tax expense | 1,118 | 1,342 | 1,895 | 1,346 | 1,579 | ||||
Net income | $ 4,205 | $ 5,053 | $ 7,128 | $ 5,059 | $ 5,942 |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Segment Reporting (continued) | Table 10 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
SBA Division | |||||||||
Net interest income | $ 1,945 | $ 2,491 | $ 2,424 | $ 3,798 | $ 6,011 | ||||
Provision for credit losses | (104) | 265 | 52 | (523) | (143) | ||||
Noninterest income | 605 | 302 | 1,946 | 1,526 | 2,491 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 1,297 | 1,306 | 1,412 | 1,316 | 1,271 | ||||
Occupancy and equipment expenses | 37 | 98 | 82 | 81 | 99 | ||||
Data processing and telecommunications expenses | 37 | 30 | 29 | 29 | 28 | ||||
Other noninterest expenses | 422 | 368 | 100 | 539 | 380 | ||||
Total noninterest expense | 1,793 | 1,802 | 1,623 | 1,965 | 1,778 | ||||
Income before income tax expense | 861 | 726 | 2,695 | 3,882 | 6,867 | ||||
Income tax expense | 179 | 153 | 566 | 815 | 1,442 | ||||
Net income | $ 682 | $ 573 | $ 2,129 | $ 3,067 | $ 5,425 | ||||
Premium Finance Division | |||||||||
Net interest income | $ 8,640 | $ 9,299 | $ 9,788 | $ 7,965 | $ 7,046 | ||||
Provision for credit losses | 34 | (660) | (158) | (94) | (217) | ||||
Noninterest income | 9 | 8 | 9 | 10 | 6 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 2,197 | 2,003 | 1,818 | 2,069 | 1,918 | ||||
Occupancy and equipment expenses | 59 | 82 | 83 | 90 | 82 | ||||
Data processing and telecommunications expenses | 85 | 119 | 82 | 92 | 95 | ||||
Other noninterest expenses | 1,097 | 978 | 959 | 1,064 | 952 | ||||
Total noninterest expense | 3,438 | 3,182 | 2,942 | 3,315 | 3,047 | ||||
Income before income tax expense | 5,177 | 6,785 | 7,013 | 4,754 | 4,222 | ||||
Income tax expense | 1,050 | 1,357 | 1,499 | 959 | 874 | ||||
Net income | $ 4,127 | $ 5,428 | $ 5,514 | $ 3,795 | $ 3,348 | ||||
Total Consolidated | |||||||||
Net interest income | $ 211,652 | $ 224,137 | $ 212,981 | $ 191,364 | $ 172,544 | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
Noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 80,910 | 75,196 | 78,697 | 81,545 | 84,281 | ||||
Occupancy and equipment expenses | 12,986 | 12,905 | 12,983 | 12,746 | 12,727 | ||||
Data processing and telecommunications expenses | 13,034 | 12,486 | 12,015 | 12,155 | 12,572 | ||||
Other noninterest expenses | 32,491 | 34,474 | 35,883 | 35,750 | 34,240 | ||||
Total noninterest expense | 139,421 | 135,061 | 139,578 | 142,196 | 143,820 | ||||
Income before income tax expense | 78,552 | 104,534 | 121,075 | 118,085 | 109,404 | ||||
Income tax expense | 18,131 | 22,313 | 28,520 | 28,019 | 27,706 | ||||
Net income | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 |
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