AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2022

Rhea-AI Summary

Ameris Bancorp (Nasdaq: ABCB) reported strong financial results for Q2 2022, with net income of $90.1 million ($1.30 per diluted share), up from $88.3 million a year earlier. Adjusted total revenue increased by $14.2 million (5.7%) from the previous quarter. Tangible book value grew to $27.89 per share, a 15.7% annualized increase. The net interest margin improved to 3.66%, with organic loan growth of $1.4 billion (35.1% annualized). While noninterest income saw a slight decline, noninterest expenses decreased by 1.1%.

Positive

• Net income increased to $90.1 million, or $1.30 per diluted share, compared to $88.3 million last year.
• Tangible book value rose by $1.05 per share (15.7% annualized) to $27.89.
• Adjusted total revenue grew by $14.2 million (5.7%) from the last quarter.
• Net interest margin improved to 3.66%, up from 3.35% the prior quarter.
• Organic loan growth of $1.4 billion (35.1% annualized).
• Noninterest expenses decreased by 1.1% to $142.2 million.

Negative

• Adjusted net income declined to $81.5 million ($1.18 per diluted share), down from $87.5 million last year.
• Noninterest income dropped by $3.1 million (3.5%) due to decreased mortgage banking activity.
• Provision for credit losses increased to $14.9 million, reflecting organic loan growth.

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

• Net income of $90.1 million, or $1.30 per diluted share
• Growth in tangible book value of $1.05 per share, or 15.7% annualized, to $27.89 at June 30, 2022
• Adjusted total revenue grew $14.2 million, or 5.7%, when compared to last quarter
• Improvement in net interest margin of 31bps, from 3.35% last quarter to 3.66% this quarter
• Adjusted return on average assets of 1.40%
• Adjusted return on average tangible common equity of 17.18%
• Adjusted efficiency ratio of 53.66%, compared with 56.95% last quarter
• Organic growth in loans of $1.4 billion, or 35.1% annualized
• Continued growth in noninterest bearing deposits, representing 41.98% of total deposits, from 40.18% at March 31, 2022 and 38.25% a year ago

ATLANTA, July 26, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $90.1 million, or $1.30 per diluted share, for the quarter ended June 30, 2022, compared with $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021. The Company reported adjusted net income of $81.5 million, or $1.18 per diluted share, for the quarter ended June 30, 2022, compared with $87.5 million, or $1.25 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.

For the year-to-date period ending June 30, 2022, the Company reported net income of $171.8 million, or $2.47 per diluted share, compared with $213.3 million, or $3.06 per diluted share, for the same period in 2021.  The Company reported adjusted net income of $156.5 million, or $2.25 per diluted share, for the six months ended June 30, 2022, compared with $203.3 million, or $2.91 per diluted share, for the same period in 2021.  Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our strong second quarter financial results are attributable to our solid banking fundamentals. We grew revenue, improved our margin, expanded our earning asset base and grew tangible book value by $1.05 per share this quarter.   We are well positioned for future interest rate hikes, and we continue to monitor our loan growth and credit metrics very closely. Southeastern markets where we operate continue to provide opportunities for responsible growth.  We remain focused on our core fundamentals going into the third quarter."

Increase in Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) increased to $192.3 million in the second quarter of 2022, an increase of $18.8 million, or 10.8%, from last quarter and an increase of $29.3 million, or 18.0%, compared to the second quarter of 2021.  Interest income on a tax-equivalent basis increased by $19.2 million, or 10.4%, in the current quarter while interest expense increased only $374,000, or 3.5%, compared to the first quarter of 2022.  

The Company's net interest margin improved significantly to 3.66% for the second quarter of 2022, up from 3.35% reported for the first quarter of 2022 and 3.34% reported for the second quarter of 2021.  While average earning assets remained consistent at $21.1 billion from the previous quarter, the mix of earning assets expanded the margin as the Company began to deploy excess liquidity through the investment portfolio and organic loan growth. 

Yields on earning assets increased 32 basis points during the quarter to 3.88%, compared with 3.56% in the first quarter of 2022, and increased 30 basis points from 3.58% in the second quarter of 2021.  Yields on loans decreased to 4.32% during the second quarter of 2022, compared with 4.37% for the first quarter of 2022 and 4.33% for the second quarter of 2021. Loan yields in the second quarter of 2022 were negatively impacted approximately four basis points by declines in fee income on Paycheck Protection Program ("PPP") loans compared with the first quarter of 2022. In addition, the Company incurred net accretion expense in the second quarter of $379,000, compared with accretion income of $1.0 million in the first quarter of 2022 and $4.5 million for the second quarter of 2021.

Loan production in the banking division during the second quarter of 2022 was $1.07 billion, with weighted average yields of 5.24%, compared with $805.5 million and 5.17%, respectively, in the first quarter of 2022 and $911.3 million and 3.75%, respectively, in the second quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.3 billion during the second quarter of 2022, with weighted average yields of 4.29%, compared with $4.7 billion and 3.63%, respectively, during the first quarter of 2022 and $6.4 billion and 3.36%, respectively, during the second quarter of 2021.   

The Company's total cost of funds was unchanged at 0.22% in the second quarter of 2022 as compared with the first quarter of 2022.  Deposit costs increased just one basis point during the second quarter of 2022 to 0.10%, compared with 0.09% in the first quarter of 2022.  Costs of interest-bearing deposits increased during the quarter from 0.14% in the first quarter of 2022 to 0.17% in the second quarter of 2022.

Noninterest Income
Noninterest income decreased $3.1 million, or 3.5%, in the second quarter of 2022 to $83.8 million, compared with $86.9 million for the first quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $4.2 million, or 6.6%, to $58.8 million in the second quarter of 2022, compared with $62.9 million for the first quarter of 2022.  Gain on sale spreads decreased to 2.36% in the second quarter of 2022 from 2.94% for the first quarter of 2022. Total production in the retail mortgage division increased to $1.73 billion in the second quarter of 2022, compared with $1.53 billion for the first quarter of 2022. The retail mortgage open pipeline was $832.3 million at the end of the second quarter of 2022, compared with $1.41 billion at March 31, 2022.  Mortgage banking activity included a $10.8 million recovery of servicing right impairment recorded in the second quarter of 2022, compared with a recovery of $9.7 million for the first quarter of 2022. 

Other noninterest income increased $683,000, or 5.7%, in the second quarter of 2022 to $12.7 million, compared with $12.0 million for the first quarter of 2022, primarily as a result of a $1.6 million impact from the recently acquired Balboa Capital. Also contributing to the increase were increases in swap income of $326,000 and BOLI income of $179,000, partially offset by a decrease in gains on sale of SBA loans of $1.2 million.

Noninterest Expense
Noninterest expense decreased $1.6 million, or 1.1%, to $142.2 million during the second quarter of 2022, compared with $143.8 million for the first quarter of 2022.  During the second quarter of 2022, the Company recorded a net gain of $39,000 related to bank premises, compared with a net gain on bank premises of $6,000 and merger and conversion charges of $977,000 during the first quarter of 2022.  Excluding those charges, adjusted expenses decreased approximately $614,000, or 0.4%, to $142.2 million in the second quarter of 2022, from $142.8 million in the first quarter of 2022.  The decrease in adjusted expenses resulted from cyclical payroll tax and 401(k) expenses in the first quarter of 2022, partially offset by an increase in advertising and marketing expenses. 

Management continues to focus its efforts on improving the operating efficiency of the Company.   The adjusted efficiency ratio decreased to 53.66% in the second quarter of 2022, compared with 56.95% in the first quarter of 2022.

Income Tax Expense
The Company's effective tax rate for the second quarter of 2022 was 23.7%, compared with 25.3% in the first quarter of 2022.  The decreased rate for the second quarter of 2022 was primarily a result of a discrete charge to the Company's state tax liability and nondeductible merger expenses incurred in the first quarter of 2022. 

Balance Sheet Trends
Total assets at June 30, 2022 were $23.69 billion, compared with $23.86 billion at December 31, 2021.  While total assets have not materially changed, the Company improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $459.6 million, or 77.6%, from $592.6 million at December 31, 2021 to $1.05 billion at June 30, 2022.  Loans, net of unearned income, increased $1.69 billion, or 21.4% annualized, to $17.56 billion at June 30, 2022, compared with $15.87 billion at December 31, 2021.  Organic loan growth in the second quarter of 2022 was $1.4 billion, or 35.1% annualized, which included managed growth in residential mortgage loans of $555 million and seasonal increases in mortgage warehouse and agricultural loans of $217 million and $40.5 million, respectively. As a result of the purposeful origination of residential mortgage loans into the portfolio, loans held for sale decreased $699.0 million from $1.25 billion at December 31, 2021 to $555.7 million at June 30, 2022. 

At June 30, 2022, total deposits amounted to $19.68 billion, or 97.3% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021.  At June 30, 2022, noninterest-bearing deposit accounts were $8.26 billion, or 42.0% 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 $13.06 billion at June 30, 2022, compared with $12.52 billion at December 31, 2021.  These funds represented 66.3% of the Company's total deposits at June 30, 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 June 30, 2022 totaled $3.07 billion, an increase of $106.9 million, or 3.6%, from December 31, 2021.  The increase in shareholders' equity was primarily the result of earnings of $171.8 million during the first six months 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 118,157 shares of the Company's common stock at a cost of $5.0 million during the second quarter of 2022.  The Company recorded dilution of $0.16 per share, or less than 0.6%, to tangible book value this quarter from other comprehensive income related to the increase in net unrealized losses on the securities portfolio.  Tangible book value per share was $27.89 at June 30, 2022, compared with $26.26 at December 31, 2021.  Tangible common equity as a percentage of tangible assets was 8.58% at June 30, 2022, compared with 8.05% at the end of 2021.

Credit Quality
Credit quality remains strong in the Company.  During the second quarter of 2022, the Company recorded a provision for credit losses of $14.9 million, compared with a provision of $6.2 million in the first quarter of 2022.  This provision was primarily attributable to the $1.4 billion in organic loan growth during the quarter.  Nonperforming assets as a percentage of total assets increased nine basis points to 0.56% during the quarter.  The net charge-off ratio was four basis points for the second quarter of 2022, compared with nine basis points in the first quarter of 2022 and seven basis points in the second quarter of 2021.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Wednesday, July 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 603616.  A replay of the call will be available one hour after the end of the conference call until August 10, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 568609.  The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, 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										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands except per share data)	2022		2022		2021		2021		2021		2022		2021
EARNINGS
Net income	$    90,066		$    81,698		$    81,944		$    81,680		$    88,327		$  171,764		$  213,289
Adjusted net income	$    81,473		$    75,039		$    81,544		$    83,861		$    87,548		$  156,512		$  203,294
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        1.30		$        1.18		$        1.18		$        1.18		$        1.27		$        2.48		$        3.07
Diluted	$        1.30		$        1.17		$        1.18		$        1.17		$        1.27		$        2.47		$        3.06
Adjusted diluted EPS	$        1.18		$        1.08		$        1.17		$        1.20		$        1.25		$        2.25		$        2.91
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15		$        0.30		$        0.30
Book value per share (period end)	$      44.31		$      43.31		$      42.62		$      41.66		$      40.66		$      44.31		$      40.66
Tangible book value per share (period end)	$      27.89		$      26.84		$      26.26		$      27.46		$      26.45		$      27.89		$      26.45
Weighted average number of shares
Basic	69,136,046		69,345,735		69,398,594		69,439,845		69,496,666		69,246,084		69,447,503
Diluted	69,316,258		69,660,990		69,738,426		69,756,135		69,791,670		69,484,508		69,764,923
Period end number of shares	69,360,461		69,439,084		69,609,228		69,635,435		69,767,209		69,360,461		69,767,209
Market data
High intraday price	$      46.28		$      55.62		$      56.64		$      53.63		$      59.85		$      55.62		$      59.85
Low intraday price	$      39.37		$      43.56		$      46.20		$      44.92		$      47.44		$      39.37		$      36.60
Period end closing price	$      40.18		$      43.88		$      49.68		$      51.88		$      50.63		$      40.18		$      50.63
Average daily volume	446,121		471,858		350,119		392,533		429,233		458,990		444,733
PERFORMANCE RATIOS
Return on average assets	1.54 %		1.42 %		1.41 %		1.47 %		1.64 %		1.48 %		2.03 %
Adjusted return on average assets	1.40 %		1.31 %		1.40 %		1.51 %		1.63 %		1.35 %		1.94 %
Return on average common equity	11.87 %		11.06 %		11.06 %		11.27 %		12.66 %		11.47 %		15.66 %
Adjusted return on average tangible common equity	17.18 %		16.38 %		16.88 %		17.65 %		19.46 %		16.79 %		23.41 %
Earning asset yield (TE)	3.88 %		3.56 %		3.39 %		3.44 %		3.58 %		3.72 %		3.71 %
Total cost of funds	0.22 %		0.22 %		0.23 %		0.24 %		0.26 %		0.22 %		0.28 %
Net interest margin (TE)	3.66 %		3.35 %		3.18 %		3.22 %		3.34 %		3.51 %		3.45 %
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	29.09 %		32.05 %		31.31 %		30.32 %		33.78 %		30.52 %		36.92 %
Efficiency ratio	51.67 %		55.43 %		55.66 %		57.59 %		54.07 %		53.49 %		53.28 %
Adjusted efficiency ratio (TE)	53.66 %		56.95 %		54.85 %		56.56 %		54.07 %		55.26 %		54.36 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.97 %		12.76 %		12.43 %		12.87 %		12.96 %		12.97 %		12.96 %
Tangible common equity to tangible assets	8.58 %		8.32 %		8.05 %		8.88 %		8.83 %		8.58 %		8.83 %
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.58 %		8.32 %		8.05 %		8.88 %		8.83 %		8.58 %		8.83 %
Effect of goodwill and other intangibles	4.39 %		4.44 %		4.38 %		3.99 %		4.13 %		4.39 %		4.13 %
Equity to assets (GAAP)	12.97 %		12.76 %		12.43 %		12.87 %		12.96 %		12.97 %		12.96 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,050		2,033		2,008		1,821		1,817		2,050		1,817
Retail Mortgage Division	712		714		739		749		759		712		759
Warehouse Lending Division	9		10		12		12		12		9		12
SBA Division	36		35		34		29		30		36		30
Premium Finance Division	78		77		72		67		68		78		68
Total Ameris Bancorp FTE headcount	2,885		2,869		2,865		2,678		2,686		2,885		2,686
Assets per Banking Division FTE	$    11,555		$    11,589		$    11,882		$    12,374		$    12,046		$    11,555		$    12,046
Branch locations	164		165		165		165		165		164		165
Deposits per branch location	$  120,030		$  118,718		$  119,185		$  114,142		$  110,655		$  120,030		$  110,655

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement	Table 2
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands except per share data)	2022		2022		2021		2021		2021		2022		2021
Interest income
Interest and fees on loans	$     190,740		$     177,566		$     170,813		$     166,358		$     167,761		$     368,306		$     338,918
Interest on taxable securities	7,064		4,239		5,866		5,296		5,244		11,303		11,362
Interest on nontaxable securities	269		186		156		139		139		455		280
Interest on deposits in other banks	4,463		1,373		1,521		1,244		595		5,836		1,117
Interest on federal funds sold	32		10		9		9		12		42		24
Total interest income	202,568		183,374		178,365		173,046		173,751		385,942		351,701
Interest expense
Interest on deposits	4,908		4,092		4,678		5,106		5,775		9,000		12,573
Interest on other borrowings	6,296		6,738		6,850		6,279		6,124		13,034		12,299
Total interest expense	11,204		10,830		11,528		11,385		11,899		22,034		24,872
Net interest income	191,364		172,544		166,837		161,661		161,852		363,908		326,829
Provision for loan losses	13,227		(2,734)		(13,619)		(3,984)		(899)		10,493		(17,478)
Provision for unfunded commitments	1,779		9,009		16,388		(5,516)		1,299		10,788		(10,540)
Provision for other credit losses	(82)		(44)		(10)		(175)		(258)		(126)		(431)
Provision for credit losses	14,924		6,231		2,759		(9,675)		142		21,155		(28,449)
Net interest income after provision for credit losses	176,440		166,313		164,078		171,336		161,710		342,753		355,278
Noninterest income
Service charges on deposit accounts	11,148		11,058		11,784		11,486		11,007		22,206		21,836
Mortgage banking activity	58,761		62,938		60,723		56,460		70,231		121,699		168,717
Other service charges, commissions and fees	998		939		962		1,154		1,056		1,937		2,072
Gain (loss) on securities	248		(27)		(4)		530		1		221		(11)
Other noninterest income	12,686		12,003		8,304		6,932		6,945		24,689		14,599
Total noninterest income	83,841		86,911		81,769		76,562		89,240		170,752		207,213
Noninterest expense
Salaries and employee benefits	81,545		84,281		76,615		79,671		85,505		165,826		181,490
Occupancy and equipment	12,746		12,727		13,494		11,979		10,812		25,473		22,593
Data processing and communications expenses	12,155		12,572		11,534		10,681		11,877		24,727		23,761
Credit resolution-related expenses(1)	496		(965)		1,992		377		622		(469)		1,169
Advertising and marketing	3,122		1,988		2,381		2,676		1,946		5,110		3,377
Amortization of intangible assets	5,144		5,181		3,387		3,387		4,065		10,325		8,191
Merger and conversion charges	—		977		4,023		183		—		977		—
Other noninterest expenses	26,988		27,059		24,943		28,242		20,934		54,047		43,978
Total noninterest expense	142,196		143,820		138,369		137,196		135,761		286,016		284,559
Income before income tax expense	118,085		109,404		107,478		110,702		115,189		227,489		277,932
Income tax expense	28,019		27,706		25,534		29,022		26,862		55,725		64,643
Net income	$       90,066		$       81,698		$       81,944		$       81,680		$       88,327		$     171,764		$     213,289
Diluted earnings per common share	$          1.30		$          1.17		$          1.18		$          1.17		$          1.27		$          2.47		$          3.06
(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
	Jun		Mar		Dec		Sep		Jun
(dollars in thousands)	2022		2022		2021		2021		2021
Assets
Cash and due from banks	$     345,627		$     257,316		$     307,813		$     239,028		$     259,729
Federal funds sold and interest-bearing deposits in banks	1,961,209		3,541,144		3,756,844		3,513,412		3,044,795
Debt securities available-for-sale, at fair value	1,052,268		579,204		592,621		684,504		778,167
Debt securities held-to-maturity, at amortized cost	111,654		91,454		79,850		64,451		29,055
Other investments	49,500		49,395		47,552		27,619		27,621
Loans held for sale	555,665		901,550		1,254,632		1,435,805		1,210,589
Loans, net of unearned income	17,561,022		16,143,801		15,874,258		14,824,539		14,780,791
Allowance for credit losses	(172,642)		(161,251)		(167,582)		(171,213)		(175,070)
Loans, net	17,388,380		15,982,550		15,706,676		14,653,326		14,605,721
Other real estate owned	835		1,910		3,810		4,594		5,775
Premises and equipment, net	224,249		224,293		225,400		226,430		229,994
Goodwill	1,023,056		1,022,345		1,012,620		928,005		928,005
Other intangible assets, net	115,613		120,757		125,938		60,396		63,783
Cash value of bank owned life insurance	384,862		332,914		331,146		279,389		277,839
Other assets	474,552		455,460		413,419		416,182		425,858
Total assets	$ 23,687,470		$ 23,560,292		$ 23,858,321		$ 22,533,141		$ 21,886,931
Liabilities
Deposits
Noninterest-bearing	$  8,262,929		$  7,870,207		$  7,774,823		$  7,616,728		$  6,983,761
Interest-bearing	11,422,053		11,718,234		11,890,730		11,216,761		11,274,236
Total deposits	19,684,982		19,588,441		19,665,553		18,833,489		18,257,997
Federal funds purchased and securities sold under agreements to repurchase	953		2,065		5,845		4,502		5,544
Other borrowings	425,592		425,520		739,879		425,375		425,303
Subordinated deferrable interest debentures	127,325		126,827		126,328		125,830		125,331
Other liabilities	375,242		410,280		354,265		243,175		235,752
Total liabilities	20,614,094		20,553,133		20,891,870		19,632,371		19,049,927
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,251		72,212		72,017		72,016		72,008
Capital stock	1,931,088		1,928,702		1,924,813		1,922,964		1,920,566
Retained earnings	1,157,359		1,077,725		1,006,436		934,979		863,828
Accumulated other comprehensive income (loss), net of tax	(12,635)		(1,841)		15,590		21,885		25,024
Treasury stock	(74,687)		(69,639)		(52,405)		(51,074)		(44,422)
Total shareholders' equity	3,073,376		3,007,159		2,966,451		2,900,770		2,837,004
Total liabilities and shareholders' equity	$ 23,687,470		$ 23,560,292		$ 23,858,321		$ 22,533,141		$ 21,886,931
Other Data
Earning assets	$ 21,291,318		$ 21,306,548		$ 21,605,757		$ 20,550,330		$ 19,871,018
Intangible assets	1,138,669		1,143,102		1,138,558		988,401		991,788
Interest-bearing liabilities	11,975,923		12,272,646		12,762,782		11,772,468		11,830,414
Average assets	23,405,201		23,275,654		23,054,847		22,087,642		21,538,894
Average common shareholders' equity	3,043,280		2,994,652		2,939,507		2,874,691		2,798,269

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands)	2022		2022		2021		2021		2021		2022		2021
Allowance for Credit Losses
Balance at beginning of period	$  203,615		$  200,981		$  188,234		$  197,782		$  200,241		$  200,981		$  233,105
Acquired allowance for purchased credit deteriorated loans	—		—		9,432		—		—		—		—
Provision for loan losses	13,227		(2,734)		(13,619)		(3,984)		(899)		10,493		(17,478)
Provision for unfunded commitments	1,779		9,009		16,388		(5,516)		1,299		10,788		(10,540)
Provision for other credit losses	(82)		(44)		(10)		(175)		(258)		(126)		(431)
Provision for credit losses	14,924		6,231		2,759		(9,675)		142		21,155		(28,449)
Charge-offs	6,853		8,579		3,367		3,537		7,138		15,432		14,712
Recoveries	5,017		4,982		3,923		3,664		4,537		9,999		7,838
Net charge-offs (recoveries)	1,836		3,597		(556)		(127)		2,601		5,433		6,874
Ending balance	$  216,703		$  203,615		$  200,981		$  188,234		$  197,782		$  216,703		$  197,782
Allowance for loan losses	$  172,642		$  161,251		$  167,582		$  171,213		$  175,070		$  172,642		$  175,070
Allowance for unfunded commitments	43,973		42,194		33,185		16,797		22,313		43,973		22,313
Allowance for other credit losses	88		170		214		224		399		88		399
Total allowance for credit losses	$  216,703		$  203,615		$  200,981		$  188,234		$  197,782		$  216,703		$  197,782
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$     4,391		$     4,414		$      1,003		$        858		$      3,529		$     8,805		$      5,899
Consumer installment	1,137		1,425		1,484		1,647		1,669		2,562		3,117
Indirect automobile	41		88		40		178		141		129		970
Premium Finance	1,066		1,369		526		605		1,194		2,435		2,537
Real estate - construction and development	—		—		21		—		186		—		212
Real estate - commercial and farmland	81		1,283		220		210		27		1,364		1,422
Real estate - residential	137		—		73		39		392		137		555
Total charge-offs	6,853		8,579		3,367		3,537		7,138		15,432		14,712
Recoveries
Commercial, financial and agricultural	2,785		2,896		2,389		1,986		625		5,681		1,352
Consumer installment	230		158		172		199		212		388		568
Indirect automobile	265		275		329		278		372		540		1,072
Premium Finance	1,113		1,247		633		649		2,466		2,360		3,588
Real estate - construction and development	355		218		210		45		84		573		251
Real estate - commercial and farmland	44		37		81		266		185		81		226
Real estate - residential	225		151		109		241		593		376		781
Total recoveries	5,017		4,982		3,923		3,664		4,537		9,999		7,838
Net charge-offs (recoveries)	$     1,836		$     3,597		$       (556)		$       (127)		$      2,601		$     5,433		$      6,874
Non-Performing Assets
Nonaccrual loans	$  122,912		$  102,597		$    85,266		$    58,932		$    59,921		$  122,912		$    59,921
Other real estate owned	835		1,910		3,810		4,594		5,775		835		5,775
Repossessed assets	122		139		84		152		226		122		226
Accruing loans delinquent 90 days or more	8,542		6,584		12,648		7,472		4,874		8,542		4,874
Total non-performing assets	$  132,411		$  111,230		$  101,808		$    71,150		$    70,796		$  132,411		$    70,796
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.56 %		0.47 %		0.43 %		0.32 %		0.32 %		0.56 %		0.32 %
Net charge-offs as a percent of average loans (annualized)	0.04 %		0.09 %		(0.01) %		— %		0.07 %		0.07 %		0.10 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Jun		Mar		Dec		Sep		Jun
(dollars in thousands)	2022		2022		2021		2021		2021
Loans by Type
Commercial, financial and agricultural	$  2,022,845		$  1,836,663		$  1,875,993		$  1,217,575		$  1,406,421
Consumer installment	167,237		173,642		191,298		207,111		229,411
Indirect automobile	172,245		214,120		265,779		325,057		397,373
Mortgage warehouse	949,191		732,375		787,837		768,577		841,347
Municipal	529,268		547,926		572,701		624,430		647,578
Premium Finance	942,357		819,163		798,409		840,737		780,328
Real estate - construction and development	1,747,284		1,577,215		1,452,339		1,454,824		1,527,883
Real estate - commercial and farmland	7,156,017		6,924,475		6,834,917		6,409,704		6,051,472
Real estate - residential	3,874,578		3,318,222		3,094,985		2,976,524		2,898,978
Total loans	$ 17,561,022		$ 16,143,801		$ 15,874,258		$ 14,824,539		$ 14,780,791
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$           964		$           868		$         1,286		$        1,683		$         1,038
Consumer installment	9		13		16		22		28
Indirect automobile	759		893		1,037		1,284		1,647
Premium Finance	993		162		—		—		—
Real estate - construction and development	706		725		789		887		898
Real estate - commercial and farmland	8,213		17,161		35,575		43,895		46,025
Real estate - residential	24,456		24,664		26,879		29,521		31,570
Total accruing troubled debt restructurings	$       36,100		$       44,486		$       65,582		$       77,292		$       81,206
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$           364		$             72		$             83		$           112		$           805
Consumer installment	14		31		35		38		43
Indirect automobile	122		221		273		297		301
Real estate - construction and development	—		11		13		271		301
Real estate - commercial and farmland	788		788		5,924		6,715		7,103
Real estate - residential	4,369		4,341		4,678		2,687		2,515
Total nonaccrual troubled debt restructurings	$        5,657		$        5,464		$       11,006		$       10,120		$       11,068
Total troubled debt restructurings	$      41,757		$      49,950		$       76,588		$       87,412		$       92,274
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 17,296,520		$ 15,899,956		$ 15,614,323		$ 14,562,058		$ 14,477,905
Grade 6 - Other assets especially mentioned	68,444		51,670		78,957		87,757		100,750
Grade 7 - Substandard	196,058		192,175		180,978		174,724		202,134
Grade 8 - Doubtful	—		—		—		—		—
Grade 9 - Loss	—		—		—		—		2
Total loans	$ 17,561,022		$ 16,143,801		$ 15,874,258		$ 14,824,539		$ 14,780,791

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands)	2022		2022		2021		2021		2021		2022		2021
Earning Assets
Federal funds sold	$       17,692		$       20,000		$       20,000		$       20,000		$       20,000		$       18,840		$       20,000
Interest-bearing deposits in banks	2,209,761		3,393,238		3,719,878		3,082,413		2,461,092		2,798,231		2,304,119
Time deposits in other banks	—		—		—		—		244		—		246
Debt securities - taxable	932,824		623,498		698,915		757,278		811,234		779,016		860,759
Debt securities - nontaxable	39,236		29,605		22,639		19,053		18,225		34,446		18,722
Other investments	49,550		47,872		31,312		27,622		27,620		48,716		27,568
Loans held for sale	944,964		1,097,098		1,365,886		1,497,320		1,705,167		1,020,611		1,496,155
Loans	16,861,674		15,821,397		15,119,752		14,685,878		14,549,104		16,344,409		14,501,802
Total Earning Assets	$ 21,055,701		$ 21,032,708		$ 20,978,382		$ 20,089,564		$ 19,592,686		$ 21,044,269		$ 19,229,371
Deposits
Noninterest-bearing deposits	$  7,955,765		$  7,658,451		$  7,600,284		$  7,168,717		$  6,874,471		$  7,807,929		$  6,644,646
NOW accounts	3,695,490		3,684,772		3,651,595		3,447,909		3,314,334		3,690,161		3,248,655
MMDA	5,087,199		5,240,922		5,209,653		4,966,492		4,872,500		5,163,636		4,817,197
Savings accounts	1,007,340		973,724		928,954		908,189		876,887		990,625		850,112
Retail CDs	1,693,740		1,774,016		1,827,852		1,919,184		2,005,265		1,733,656		2,035,668
Brokered CDs	—		—		—		511		1,000		—		1,000
Total Deposits	19,439,534		19,331,885		19,218,338		18,411,002		17,944,457		19,386,007		17,597,278
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	1,854		4,020		5,559		5,133		6,883		2,931		8,077
FHLB advances	48,746		48,786		48,828		48,866		48,910		48,766		48,931
Other borrowings	376,829		443,657		468,058		376,489		376,376		410,058		376,318
Subordinated deferrable interest debentures	127,063		126,563		126,067		125,567		125,068		126,814		124,823
Total Non-Deposit Funding	554,492		623,026		648,512		556,055		557,237		588,569		558,149
Total Funding	$ 19,994,026		$ 19,954,911		$ 19,866,850		$ 18,967,057		$ 18,501,694		$ 19,974,576		$ 18,155,427

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands)	2022		2022		2021		2021		2021		2022		2021
Interest Income
Federal funds sold	$            32		$             10		$               9		$               9		$             12		$             42		$             24
Interest-bearing deposits in banks	4,463		1,373		1,521		1,244		594		5,836		1,115
Time deposits in other banks	—		—		—		—		1		—		2
Debt securities - taxable	7,064		4,239		5,866		5,296		5,244		11,303		11,362
Debt securities - nontaxable (TE)	341		235		198		176		176		576		354
Loans held for sale	10,036		8,132		9,433		10,618		11,773		18,168		22,600
Loans (TE)	181,602		170,398		162,415		156,861		157,112		352,000		318,585
Total Earning Assets	$    203,538		$     184,387		$     179,442		$     174,204		$     174,912		$     387,925		$     354,042
Accretion income (included above)	$         (379)		$        1,006		$         2,812		$        2,948		$         4,462		$           627		$       10,589
Interest Expense
Interest-Bearing Deposits
NOW accounts	$        1,246		$           824		$           864		$           808		$           816		$        2,070		$         1,742
MMDA	2,204		1,643		1,971		1,970		1,908		3,847		3,906
Savings accounts	140		133		128		129		122		273		246
Retail CDs	1,318		1,492		1,715		2,195		2,921		2,810		6,665
Brokered CDs	—		—		—		4		8		—		14
Total Interest-Bearing Deposits	4,908		4,092		4,678		5,106		5,775		9,000		12,573
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	1		3		4		4		5		4		12
FHLB advances	192		190		195		195		193		382		385
Other borrowings	4,437		5,164		5,317		4,640		4,683		9,601		9,321
Subordinated deferrable interest debentures	1,666		1,381		1,334		1,440		1,243		3,047		2,581
Total Non-Deposit Funding	6,296		6,738		6,850		6,279		6,124		13,034		12,299
Total Interest-Bearing Funding	$      11,204		$       10,830		$       11,528		$       11,385		$       11,899		$       22,034		$       24,872
Net Interest Income (TE)	$    192,334		$     173,557		$     167,914		$     162,819		$     163,013		$     365,891		$     329,170

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
	2022		2022		2021		2021		2021		2022		2021
Earning Assets
Federal funds sold	0.73 %		0.20 %		0.18 %		0.18 %		0.24 %		0.45 %		0.24 %
Interest-bearing deposits in banks	0.81 %		0.16 %		0.16 %		0.16 %		0.10 %		0.42 %		0.10 %
Time deposits in other banks	— %		— %		— %		— %		1.64 %		— %		1.64 %
Debt securities - taxable	3.04 %		2.76 %		3.33 %		2.77 %		2.59 %		2.93 %		2.66 %
Debt securities - nontaxable (TE)	3.49 %		3.22 %		3.47 %		3.66 %		3.87 %		3.37 %		3.81 %
Loans held for sale	4.26 %		3.01 %		2.74 %		2.81 %		2.77 %		3.59 %		3.05 %
Loans (TE)	4.32 %		4.37 %		4.26 %		4.24 %		4.33 %		4.34 %		4.43 %
Total Earning Assets	3.88 %		3.56 %		3.39 %		3.44 %		3.58 %		3.72 %		3.71 %
Interest-Bearing Deposits
NOW accounts	0.14 %		0.09 %		0.09 %		0.09 %		0.10 %		0.11 %		0.11 %
MMDA	0.17 %		0.13 %		0.15 %		0.16 %		0.16 %		0.15 %		0.16 %
Savings accounts	0.06 %		0.06 %		0.05 %		0.06 %		0.06 %		0.06 %		0.06 %
Retail CDs	0.31 %		0.34 %		0.37 %		0.45 %		0.58 %		0.33 %		0.66 %
Brokered CDs	— %		— %		— %		3.11 %		3.21 %		— %		2.82 %
Total Interest-Bearing Deposits	0.17 %		0.14 %		0.16 %		0.18 %		0.21 %		0.16 %		0.23 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	0.22 %		0.30 %		0.29 %		0.31 %		0.29 %		0.28 %		0.30 %
FHLB advances	1.58 %		1.58 %		1.58 %		1.58 %		1.58 %		1.58 %		1.59 %
Other borrowings	4.72 %		4.72 %		4.51 %		4.89 %		4.99 %		4.72 %		4.99 %
Subordinated deferrable interest debentures	5.26 %		4.43 %		4.20 %		4.55 %		3.99 %		4.85 %		4.17 %
Total Non-Deposit Funding	4.55 %		4.39 %		4.19 %		4.48 %		4.41 %		4.47 %		4.44 %
Total Interest-Bearing Liabilities	0.37 %		0.36 %		0.37 %		0.38 %		0.41 %		0.37 %		0.44 %
Net Interest Spread	3.51 %		3.20 %		3.02 %		3.06 %		3.17 %		3.35 %		3.27 %
Net Interest Margin(2)	3.66 %		3.35 %		3.18 %		3.22 %		3.34 %		3.51 %		3.45 %
Total Cost of Funds(3)	0.22 %		0.22 %		0.23 %		0.24 %		0.26 %		0.22 %		0.28 %
(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										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands except per share data)	2022		2022		2021		2021		2021		2022		2021
Net income available to common shareholders	$     90,066		$     81,698		$     81,944		$    81,680		$     88,327		$   171,764		$  213,289
Adjustment items:
Merger and conversion charges	—		977		4,023		183		—		977		—
Servicing right impairment (recovery)	(10,838)		(9,654)		(4,540)		1,398		(749)		(20,492)		(11,388)
Gain on BOLI proceeds	—		—		—		—		—		—		(603)
(Gain) loss on bank premises	(39)		(6)		(126)		1,136		(236)		(45)		(500)
Tax effect of adjustment items (Note 1)	2,284		2,024		243		(536)		206		4,308		2,496
After tax adjustment items	(8,593)		(6,659)		(400)		2,181		(779)		(15,252)		(9,995)
Adjusted net income	$     81,473		$     75,039		$     81,544		$    83,861		$     87,548		$   156,512		$  203,294
Weighted average number of shares - diluted	69,316,258		69,660,990		69,738,426		69,756,135		69,791,670		69,484,508		69,764,923
Net income per diluted share	$        1.30		$        1.17		$        1.18		$        1.17		$        1.27		$         2.47		$       3.06
Adjusted net income per diluted share	$        1.18		$        1.08		$        1.17		$        1.20		$        1.25		$         2.25		$       2.91
Average assets	$  23,405,201		$  23,275,654		$  23,054,847		$  22,087,642		$  21,538,894		$  23,340,785		$  21,144,751
Return on average assets	1.54 %		1.42 %		1.41 %		1.47 %		1.64 %		1.48 %		2.03 %
Adjusted return on average assets	1.40 %		1.31 %		1.40 %		1.51 %		1.63 %		1.35 %		1.94 %
Average common equity	$ 3,043,280		$ 2,994,652		$ 2,939,507		$ 2,874,691		$ 2,798,269		$ 3,019,100		$ 2,746,922
Average tangible common equity	$ 1,902,265		$ 1,857,713		$ 1,916,783		$ 1,884,622		$ 1,804,324		$ 1,880,112		$ 1,750,931
Return on average common equity	11.87 %		11.06 %		11.06 %		11.27 %		12.66 %		11.47 %		15.66 %
Adjusted return on average tangible common equity	17.18 %		16.38 %		16.88 %		17.65 %		19.46 %		16.79 %		23.41 %
Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  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										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands)	2022		2022		2021		2021		2021		2022		2021
Adjusted Noninterest Expense
Total noninterest expense	$  142,196		$  143,820		$  138,369		$  137,196		$  135,761		$  286,016		$  284,559
Adjustment items:
Merger and conversion charges	—		(977)		(4,023)		(183)		—		(977)		—
Gain (loss) on bank premises	39		6		126		(1,136)		236		45		500
Adjusted noninterest expense	$  142,235		$  142,849		$  134,472		$  135,877		$  135,997		$  285,084		$  285,059
Total Revenue
Net interest income	$  191,364		$  172,544		$  166,837		$  161,661		$  161,852		$  363,908		$  326,829
Noninterest income	83,841		86,911		81,769		76,562		89,240		170,752		207,213
Total revenue	$  275,205		$  259,455		$  248,606		$  238,223		$  251,092		$  534,660		$  534,042
Adjusted Total Revenue
Net interest income (TE)	$  192,334		$  173,557		$  167,914		$  162,819		$  163,013		$  365,891		$  329,170
Noninterest income	83,841		86,911		81,769		76,562		89,240		170,752		207,213
Total revenue (TE)	276,175		260,468		249,683		239,381		252,253		536,643		536,383
Adjustment items:
(Gain) loss on securities	(248)		27		4		(530)		(1)		(221)		11
Gain on BOLI proceeds	—		—		—		—		—		—		(603)
Servicing right impairment (recovery)	(10,838)		(9,654)		(4,540)		1,398		(749)		(20,492)		(11,388)
Adjusted total revenue (TE)	$  265,089		$  250,841		$  245,147		$  240,249		$  251,503		$  515,930		$  524,403
Efficiency ratio	51.67 %		55.43 %		55.66 %		57.59 %		54.07 %		53.49 %		53.28 %
Adjusted efficiency ratio (TE)	53.66 %		56.95 %		54.85 %		56.56 %		54.07 %		55.26 %		54.36 %
Tangible Book Value Per Share	Table 9C
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands except per share data)	2022		2022		2021		2021		2021		2022		2021
Total shareholders' equity	$  3,073,376		$  3,007,159		$  2,966,451		$  2,900,770		$  2,837,004		$  3,073,376		$  2,837,004
Less:
Goodwill	1,023,056		1,022,345		1,012,620		928,005		928,005		1,023,056		928,005
Other intangibles, net	115,613		120,757		125,938		60,396		63,783		115,613		63,783
Total tangible shareholders' equity	$  1,934,707		$  1,864,057		$  1,827,893		$  1,912,369		$  1,845,216		$  1,934,707		$  1,845,216
Period end number of shares	69,360,461		69,439,084		69,609,228		69,635,435		69,767,209		69,360,461		69,767,209
Book value per share (period end)	$     44.31		$     43.31		$      42.62		$     41.66		$     40.66		$      44.31		$     40.66
Tangible book value per share (period end)	$     27.89		$     26.84		$      26.26		$     27.46		$     26.45		$      27.89		$     26.45

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands)	2022		2022		2021		2021		2021		2022		2021
Banking Division
Net interest income	$  152,122		$  133,745		$  120,572		$  113,524		$  110,670		$  285,867		$  223,486
Provision for credit losses	10,175		5,226		4,565		(9,578)		(3,949)		15,401		(27,853)
Noninterest income	23,469		21,364		18,859		17,896		16,171		44,833		32,909
Noninterest expense
Salaries and employee benefits	46,733		49,195		36,522		40,020		37,814		95,928		80,537
Occupancy and equipment expenses	11,168		11,074		11,699		10,196		9,050		22,242		19,170
Data processing and telecommunications expenses	10,863		11,230		10,162		9,159		10,280		22,093		20,481
Other noninterest expenses	21,123		20,045		24,048		21,723		18,763		41,168		38,473
Total noninterest expense	89,887		91,544		82,431		81,098		75,907		181,431		158,661
Income before income tax expense	75,529		58,339		52,435		59,900		54,883		133,868		125,587
Income tax expense	19,120		16,996		14,010		17,784		14,196		36,116		32,652
Net income	$    56,409		$    41,343		$    38,425		$    42,116		$    40,687		$    97,752		$    92,935
Retail Mortgage Division
Net interest income	$    20,779		$    19,295		$    19,912		$    21,289		$    22,533		$    40,074		$    41,517
Provision for credit losses	4,499		1,587		175		1,678		5,647		6,086		1,094
Noninterest income	57,795		61,649		59,650		55,555		69,055		119,444		166,695
Noninterest expense
Salaries and employee benefits	31,219		31,614		36,787		36,373		44,798		62,833		94,636
Occupancy and equipment expenses	1,406		1,471		1,587		1,590		1,553		2,877		3,029
Data processing and telecommunications expenses	1,123		1,172		1,213		1,357		1,435		2,295		2,981
Other noninterest expenses	12,812		12,645		10,793		11,675		7,638		25,457		15,827
Total noninterest expense	46,560		46,902		50,380		50,995		55,424		93,462		116,473
Income before income tax expense	27,515		32,455		29,007		24,171		30,517		59,970		90,645
Income tax expense	5,779		6,815		6,092		5,076		6,408		12,594		19,035
Net income	$    21,736		$    25,640		$    22,915		$    19,095		$    24,109		$    47,376		$    71,610
Warehouse Lending Division
Net interest income	$      6,700		$      6,447		$      8,063		$      8,712		$      8,720		$    13,147		$    18,626
Provision for credit losses	867		(222)		77		(291)		(155)		645		(300)
Noninterest income	1,041		1,401		1,253		1,037		1,333		2,442		2,313
Noninterest expense
Salaries and employee benefits	208		283		258		264		278		491		608
Occupancy and equipment expenses	1		1		1		—		1		2		2
Data processing and telecommunications expenses	48		47		56		59		68		95		117
Other noninterest expenses	212		218		227		200		30		430		63
Total noninterest expense	469		549		542		523		377		1,018		790
Income before income tax expense	6,405		7,521		8,697		9,517		9,831		13,926		20,449
Income tax expense	1,346		1,579		1,827		1,999		2,064		2,925		4,294
Net income	$      5,059		$      5,942		$      6,870		$      7,518		$      7,767		$    11,001		$    16,155

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended										Six Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands)	2022		2022		2021		2021		2021		2022		2021
SBA Division
Net interest income	$      3,798		$      6,011		$    11,319		$    10,699		$    12,882		$      9,809		$    29,517
Provision for credit losses	(523)		(143)		(663)		(1,104)		(607)		(666)		(1,154)
Noninterest income	1,526		2,491		2,002		2,070		2,677		4,017		5,288
Noninterest expense
Salaries and employee benefits	1,316		1,271		1,217		1,320		937		2,587		2,319
Occupancy and equipment expenses	81		99		121		116		132		180		238
Data processing and telecommunications expenses	29		28		28		18		—		57		1
Other noninterest expenses	539		380		645		370		284		919		579
Total noninterest expense	1,965		1,778		2,011		1,824		1,353		3,743		3,137
Income before income tax expense	3,882		6,867		11,973		12,049		14,813		10,749		32,822
Income tax expense	815		1,442		2,514		2,530		3,111		2,257		6,893
Net income	$      3,067		$      5,425		$      9,459		$      9,519		$    11,702		$      8,492		$    25,929
Premium Finance Division
Net interest income	$      7,965		$      7,046		$      6,971		$      7,437		$      7,047		$    15,011		$    13,683
Provision for credit losses	(94)		(217)		(1,395)		(380)		(794)		(311)		(236)
Noninterest income	10		6		5		4		4		16		8
Noninterest expense
Salaries and employee benefits	2,069		1,918		1,831		1,694		1,678		3,987		3,390
Occupancy and equipment expenses	90		82		86		77		76		172		154
Data processing and telecommunications expenses	92		95		75		88		94		187		181
Other noninterest expenses	1,064		952		1,013		897		852		2,016		1,773
Total noninterest expense	3,315		3,047		3,005		2,756		2,700		6,362		5,498
Income before income tax expense	4,754		4,222		5,366		5,065		5,145		8,976		8,429
Income tax expense	959		874		1,091		1,633		1,083		1,833		1,769
Net income	$      3,795		$      3,348		$      4,275		$      3,432		$      4,062		$      7,143		$      6,660
Total Consolidated
Net interest income	$  191,364		$  172,544		$  166,837		$  161,661		$  161,852		$  363,908		$  326,829
Provision for credit losses	14,924		6,231		2,759		(9,675)		142		21,155		(28,449)
Noninterest income	83,841		86,911		81,769		76,562		89,240		170,752		207,213
Noninterest expense
Salaries and employee benefits	81,545		84,281		76,615		79,671		85,505		165,826		181,490
Occupancy and equipment expenses	12,746		12,727		13,494		11,979		10,812		25,473		22,593
Data processing and telecommunications expenses	12,155		12,572		11,534		10,681		11,877		24,727		23,761
Other noninterest expenses	35,750		34,240		36,726		34,865		27,567		69,990		56,715
Total noninterest expense	142,196		143,820		138,369		137,196		135,761		286,016		284,559
Income before income tax expense	118,085		109,404		107,478		110,702		115,189		227,489		277,932
Income tax expense	28,019		27,706		25,534		29,022		26,862		55,725		64,643
Net income	$    90,066		$    81,698		$    81,944		$    81,680		$    88,327		$  171,764		$  213,289

 

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SOURCE Ameris Bancorp

FAQ

What were Ameris Bancorp's earnings for Q2 2022?

Ameris Bancorp reported net income of $90.1 million, or $1.30 per diluted share, for Q2 2022.

How did Ameris Bancorp's tangible book value change?

Tangible book value increased by $1.05 per share to $27.89 in Q2 2022.

What is the status of Ameris Bancorp's loan growth?

Organic loan growth for Q2 2022 was $1.4 billion, reflecting a 35.1% annualized growth rate.

What were the challenges faced by Ameris Bancorp in Q2 2022?

The company faced a $3.1 million decline in noninterest income and an increase in the provision for credit losses to $14.9 million.

When will the next conference call for Ameris Bancorp take place?

The conference call to discuss results was scheduled for July 27, 2022.