AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2023

Highlights of Ameris's results for the second quarter of 2023 include the following:

• Net income of $62.6 million, or $0.91 per diluted share
• Pre-tax, pre-provision net revenue (PPNR) ROA⁽¹⁾ of 2.01%
• Growth in tangible book value⁽¹⁾ of $0.63 per share, or 8.2% annualized, to $31.42 at June 30, 2023
• Increase in the allowance for credit losses to 1.33% of loans, from 1.21% at March 31, 2023, due to forecasted economic conditions, particularly related to commercial real estate price levels
• Adjusted efficiency ratio⁽¹⁾ of 53.41%, compared with 53.66% in the second quarter of last year
• Nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis point to 0.30% at June 30, 2023, compared with 0.33% at March 31, 2023
• Net interest margin of 3.60% for the second quarter of 2023
• Organic growth in loans of $473.9 million, or 9.5% annualized
• Growth in total deposits of $545.7 million or 11.0% annualized
• TCE ratio⁽¹⁾ of 8.80%, compared with 8.55% at March 31, 2023 and 8.58% one year ago

ATLANTA, July 27, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $62.6 million, or $0.91 per diluted share, for the quarter ended June 30, 2023, compared with $90.1 million, or $1.30 per diluted share, for the quarter ended  June 30, 2022. Included in the Company's second quarter results was a $45.5 million provision for credit losses related to the updated economic forecast, compared with $14.9 million in the second quarter of last year.

For the year-to-date period ending June 30, 2023, the Company reported net income of $123.1 million, or $1.78 per diluted share, compared with $171.8 million, or $2.47 per diluted share, for the same period in 2022. The year-to-date period ending June 30, 2023 included a provision for credit losses of $95.2 million, compared with $21.2 million for the same period in 2022.  The year-to-date period ending June 30, 2022 included a recovery of servicing right impairment $20.5 million, with no such recovery in the same period in 2023.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are pleased with our second quarter financial results.  We continue to operate at a PPNR ROA above 2% with an efficiency ratio of 53.4%, while growing tangible book value by over 8% annualized.  We increased our allowance for credit losses to 1.33% of loans, all due to the economic modeling forecast.  Our credit metrics improved this quarter such that nonperforming assets now represent only 0.30% of total assets. We also grew core deposits in one of the most competitive margin scenarios imaginable.  The diversification in our loan portfolio, combined with the core funding of our liabilities and our multiple revenue streams, gives us momentum as we move into the second half of 2023."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $210.5 million in the second quarter of 2023, a decrease of $2.1 million, or 1.0%, from last quarter and an increase of $18.2 million, or 9.4%, compared with the second quarter of 2022.  The Company's net interest margin was 3.60% for the second quarter of 2023, down from 3.76% reported for the first quarter of 2023 and 3.66% reported for the second quarter of 2022. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.

Yields on earning assets increased 27 basis points during the quarter to 5.52%, compared with 5.25% in the first quarter of 2023, and increased 164 basis points from 3.88% in the second quarter of 2022.  Yields on loans increased to 5.66% during the second quarter of 2023, compared with 5.44% for the first quarter of 2023 and 4.32% for the second quarter of 2022.

Loan production in the banking division during the second quarter of 2023 was $544.3 million, with weighted average yields of 9.35%, compared with $563.0 million and 8.72%, respectively, in the first quarter of 2023 and $1.07 billion and 5.24%, respectively, in the second quarter of 2022.  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 second quarter of 2023, with weighted average yields of 6.83%, compared with $3.4 billion and 6.57%, respectively, during the first quarter of 2023 and $5.3 billion and 4.29%, respectively, during the second quarter of 2022.   

The Company's total cost of funds was 2.05% in the second quarter of 2023, an increase of 46 basis points compared with the first quarter of 2023.  Deposit costs increased 63 basis points during the second quarter of 2023 to 1.76%, compared with 1.13% in the first quarter of 2023.  Costs of interest-bearing deposits increased during the quarter from 1.82% in the first quarter of 2023 to 2.64% in the second quarter of 2023, reflecting a shift in mix to CDs in the rising rate environment.

Noninterest Income

Noninterest income increased $11.3 million, or 20.2%, in the second quarter of 2023 to $67.3 million, compared with $56.1 million for the first quarter of 2023, primarily as a result of increased mortgage banking activity, which increased by $9.4 million, or 29.8%, to $40.7 million in the second quarter of 2023, compared with $31.4 million for the first quarter of 2023.  Gain on sale spreads increased to 2.18% in the second quarter of 2023 from 1.96% for the first quarter of 2023. Total production in the retail mortgage division increased $386.4 million, or 40.8%, to $1.33 billion in the second quarter of 2023, compared with $946.4 million for the first quarter of 2023. The retail mortgage open pipeline was $652.1 million at the end of the second quarter of 2023, compared with $725.9 million for the first quarter of 2023.  Other noninterest income increased $1.6 million, or 12.5%, in the second quarter of 2023, compared with $12.7 million for the first quarter of 2023, primarily resulting from an increase in gain on sale of SBA loans of $880,000 and a gain on debt redemption of $1.0 million. 

Noninterest Expense

Noninterest expense increased $9.0 million, or 6.4%, to $148.4 million during the second quarter of 2023, compared with $139.4 million for the first quarter of 2023. The increase in noninterest expenses was driven by a decrease in deferred loan origination costs of $2.5 million, a $2.2 million increase in variable compensation related to mortgage production and a $3.1 million increase in fraud/forgery and litigation resolution expenses.  Management continues to focus on operating efficiency, and the adjusted efficiency ratio⁽¹⁾ increased to 53.41% in the second quarter of 2023, compared with 51.99% in the first quarter of 2023.

Income Tax Expense

The Company's effective tax rate for the second quarter of 2023 was 24.5%, compared with 23.1% for the first quarter of 2023.  The increased rate for the second quarter of 2023 was primarily a result of increased permanent differences related to nondeductible compensation and FDIC insurance premiums and a reduction in tax benefits related to stock compensation vesting, compared with the first quarter of 2023.

Balance Sheet Trends

Total assets at June 30, 2023 were $25.80 billion, compared with $25.05 billion at December 31, 2022.  Cash and cash equivalents increased 18.0% to $1.32 billion at June 30, 2023, compared with $1.12 billion at December 31, 2022.  Debt securities available-for-sale decreased to $1.46 billion, compared with $1.50 billion at December 31, 2022.  Loans, net of unearned income, increased $616.5 million, or 6.3% annualized, to $20.47 billion at June 30, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased slightly to $391.5 million at June 30, 2023 from $392.1 million at December 31, 2022.

Investment securities remained consistent at $1.60 billion, or 6.8% of earning assets at the end of the second quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at December 31, 2022.  This compares with $1.16 billion, or 5.5% of earning assets at the end of the second quarter of 2022.  The Company did not deploy excess liquidity into the securities portfolio until after rates began rising during 2022; as a result, the unrealized loss position in the Company's available-for-sale securities portfolio remains modest at just 4.2% of the portfolio.

At June 30, 2023, total deposits amounted to $20.44 billion, compared with $19.46 billion at December 31, 2022.  During the second quarter of 2023, deposits grew $545.7 million, with interest bearing demand accounts increasing $358.0 million, retail CDs increasing $268.6 million and brokered CDs increasing $357.8 million, with such increases offset in part by a $591.0 million decrease in noninterest bearing accounts.  Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at June 30, 2023, noninterest bearing deposit accounts represented $6.71 billion, or 32.8% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.  

During the second quarter of 2023, utilizing existing liquidity, the Company reduced borrowings with the FHLB by $875.0 million and redeemed $9.5 million in principal amount, at a discount, of its 4.25% Fixed-to-Floating Rate Subordinated Notes Due 2029.

Shareholders' equity at June 30, 2023 totaled $3.28 billion, an increase of $87.2 million, or 2.7%, from December 31, 2022.  The increase in shareholders' equity was primarily the result of earnings of $123.1 million during the first six months of 2023, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $4.1 million resulting from changes in interest rates on the Company's investment portfolio.  Tangible book value per share⁽¹⁾ increased $1.50 per share, or 10.1% annualized, during the first six months of 2023 to $31.42 at June 30, 2023.  The Company recorded dilution of $0.06 per share, or 0.2%, to tangible book value⁽¹⁾ from other comprehensive loss related to the increase in net unrealized losses on the securities portfolio during this same period.  Tangible common equity as a percentage of tangible assets was 8.80% at June 30, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company.  During the second quarter of 2023, the Company recorded a provision for credit losses of $45.5 million, compared with a provision of $49.7 million in the first quarter of 2023.  The second quarter provision was primarily attributable to the updated economic forecast and loan growth of $473.9 million during the quarter.  Nonperforming assets as a percentage of total assets were down four basis points to 0.57% during the quarter.  Approximately $69.7 million, or 47.6%, of the nonperforming assets at June 30, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure.  Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets improved three basis points to 0.30% at June 30, 2023, compared with 0.33% at the first quarter of 2023. The net charge-off ratio was 28 basis points for the second quarter of 2023, compared with 22 basis points in the first quarter of 2023.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 28, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-888-550-5279.  The conference call access code is 9375737.  A replay of the call will be available one hour after the end of the conference call until August 11, 2023.  To listen to the replay, dial 1-800-770-2030.  The conference replay access code is 9375737.  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.

⁽¹⁾ Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E.

 

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 financial 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 financial 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 financial 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, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; 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, 2022 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)	2023		2023		2022		2022		2022		2023		2022
EARNINGS
Net income	$    62,635		$    60,421		$    82,221		$    92,555		$    90,066		$  123,056		$  171,764
Adjusted net income(1)	$    62,635		$    59,935		$    81,086		$    91,817		$    81,473		$  122,570		$  156,512
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        0.91		$        0.87		$        1.19		$        1.34		$        1.30		$        1.78		$        2.48
Diluted	$        0.91		$        0.87		$        1.18		$        1.34		$        1.30		$        1.78		$        2.47
Adjusted diluted EPS(1)	$        0.91		$        0.86		$        1.17		$        1.32		$        1.18		$        1.77		$        2.25
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15		$        0.30		$        0.30
Book value per share (period end)	$      47.51		$      46.89		$      46.09		$      44.97		$      44.31		$      47.51		$      44.31
Tangible book value per share (period end)(1)	$      31.42		$      30.79		$      29.92		$      28.62		$      27.89		$      31.42		$      27.89
Weighted average number of shares
Basic	68,989,549		69,171,562		69,138,431		69,124,855		69,136,046		69,084,746		69,246,084
Diluted	69,034,763		69,322,664		69,395,224		69,327,414		69,316,258		69,191,512		69,484,508
Period end number of shares	69,139,783		69,373,863		69,369,050		69,352,709		69,360,461		69,139,783		69,360,461
Market data
High intraday price	$      37.18		$      50.54		$      54.24		$      50.94		$      46.28		$      50.54		$      55.62
Low intraday price	$      28.33		$      34.28		$      44.61		$      38.22		$      39.37		$      28.33		$      39.37
Period end closing price	$      34.21		$      36.58		$      47.14		$      44.71		$      40.18		$      34.21		$      40.18
Average daily volume	$  475,198		$  452,242		$  340,890		$  346,522		$  446,121		$  463,720		458,990
PERFORMANCE RATIOS
Return on average assets	0.98 %		0.98 %		1.34 %		1.56 %		1.54 %		0.98 %		1.48 %
Adjusted return on average assets(1)	0.98 %		0.97 %		1.32 %		1.54 %		1.40 %		0.97 %		1.35 %
Return on average common equity	7.63 %		7.54 %		10.30 %		11.76 %		11.87 %		7.58 %		11.47 %
Adjusted return on average tangible common equity(1)	11.53 %		11.41 %		15.78 %		18.33 %		17.18 %		11.47 %		16.79 %
Earning asset yield (TE)	5.52 %		5.25 %		4.91 %		4.37 %		3.88 %		5.38 %		3.72 %
Total cost of funds	2.05 %		1.59 %		0.94 %		0.42 %		0.22 %		1.82 %		0.22 %
Net interest margin (TE)	3.60 %		3.76 %		4.03 %		3.97 %		3.66 %		3.68 %		3.51 %
Efficiency ratio	53.60 %		52.08 %		49.57 %		50.15 %		51.67 %		52.85 %		53.49 %
Adjusted efficiency ratio (TE)(1)	53.41 %		51.99 %		49.61 %		50.12 %		53.66 %		52.72 %		55.26 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.73 %		12.47 %		12.76 %		13.10 %		12.97 %		12.73 %		12.97 %
Tangible common equity to tangible assets(1)	8.80 %		8.55 %		8.67 %		8.75 %		8.58 %		8.80 %		8.58 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,069		2,093		2,079		2,071		2,050		2,069		2,050
Retail Mortgage Division	613		630		633		671		712		613		712
Warehouse Lending Division	8		8		8		9		9		8		9
SBA Division	35		39		39		40		36		35		36
Premium Finance Division	76		78		76		77		78		76		78
Total Ameris Bancorp FTE headcount	2,801		2,848		2,835		2,868		2,885		2,801		2,885
Branch locations	164		164		164		164		164		164		164
Deposits per branch location	$  124,653		$  121,326		$  118,675		$  118,701		$  120,030		$  124,653		$  120,030
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E

 

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)	2023		2023		2022		2022		2022		2023		2022
Interest income
Interest and fees on loans	$     292,012		$     271,964		$     250,263		$     216,400		$     190,740		$     563,976		$     368,306
Interest on taxable securities	15,915		14,300		13,029		10,324		7,064		30,215		11,303
Interest on nontaxable securities	339		339		358		363		269		678		455
Interest on deposits in other banks	13,686		9,113		9,984		7,188		4,463		22,799		5,836
Interest on federal funds sold	—		—		8		27		32		—		42
Total interest income	321,952		295,716		273,642		234,302		202,568		617,668		385,942
Interest expense
Interest on deposits	88,087		53,182		33,071		14,034		4,908		141,269		9,000
Interest on other borrowings	24,325		30,882		16,434		7,287		6,296		55,207		13,034
Total interest expense	112,412		84,064		49,505		21,321		11,204		196,476		22,034
Net interest income	209,540		211,652		224,137		212,981		191,364		421,192		363,908
Provision for loan losses	43,643		49,376		24,648		17,469		13,227		93,019		10,493
Provision for unfunded commitments	1,873		346		8,246		192		1,779		2,219		10,788
Provision for other credit losses	—		7		(4)		(9)		(82)		7		(126)
Provision for credit losses	45,516		49,729		32,890		17,652		14,924		95,245		21,155
Net interest income after provision for credit losses	164,024		161,923		191,247		195,329		176,440		325,947		342,753
Noninterest income
Service charges on deposit accounts	11,295		10,936		11,125		11,168		11,148		22,231		22,206
Mortgage banking activity	40,742		31,392		22,855		40,350		58,761		72,134		121,699
Other service charges, commissions and fees	975		971		968		970		998		1,946		1,937
Gain (loss) on securities	(6)		6		3		(21)		248		—		221
Other noninterest income	14,343		12,745		13,397		12,857		12,686		27,088		24,689
Total noninterest income	67,349		56,050		48,348		65,324		83,841		123,399		170,752
Noninterest expense
Salaries and employee benefits	81,336		80,910		75,196		78,697		81,545		162,246		165,826
Occupancy and equipment	12,522		12,986		12,905		12,983		12,746		25,508		25,473
Data processing and communications expenses	13,451		13,034		12,486		12,015		12,155		26,485		24,727
Credit resolution-related expenses(1)	848		435		372		126		496		1,283		(469)
Advertising and marketing	2,627		3,532		3,818		3,553		3,122		6,159		5,110
Amortization of intangible assets	4,688		4,706		4,709		4,710		5,144		9,394		10,325
Merger and conversion charges	—		—		235		—		—		—		977
Other noninterest expenses	32,931		23,818		25,340		27,494		26,988		56,749		54,047
Total noninterest expense	148,403		139,421		135,061		139,578		142,196		287,824		286,016
Income before income tax expense	82,970		78,552		104,534		121,075		118,085		161,522		227,489
Income tax expense	20,335		18,131		22,313		28,520		28,019		38,466		55,725
Net income	$       62,635		$       60,421		$       82,221		$       92,555		$       90,066		$     123,056		$     171,764
Diluted earnings per common share	$          0.91		$          0.87		$          1.18		$          1.34		$          1.30		$          1.78		$          2.47
(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)	2023		2023		2022		2022		2022
Assets
Cash and due from banks	$     284,552		$     266,400		$     284,567		$     269,193		$     345,627
Federal funds sold and interest-bearing deposits in banks	1,034,578		1,754,453		833,565		1,061,975		1,961,209
Debt securities available-for-sale, at fair value	1,460,356		1,496,836		1,500,060		1,255,149		1,052,268
Debt securities held-to-maturity, at amortized cost	142,513		134,175		134,864		130,214		111,654
Other investments	109,656		146,715		110,992		60,560		49,500
Loans held for sale	391,472		395,096		392,078		297,987		555,665
Loans, net of unearned income	20,471,759		19,997,871		19,855,253		18,806,856		17,561,022
Allowance for credit losses	(272,071)		(242,658)		(205,677)		(184,891)		(172,642)
Loans, net	20,199,688		19,755,213		19,649,576		18,621,965		17,388,380
Other real estate owned	6,170		1,502		843		843		835
Premises and equipment, net	218,662		218,878		220,283		222,694		224,249
Goodwill	1,015,646		1,015,646		1,015,646		1,023,071		1,023,056
Other intangible assets, net	96,800		101,488		106,194		110,903		115,613
Cash value of bank owned life insurance	391,483		389,201		388,405		386,533		384,862
Other assets	449,042		412,781		416,213		372,570		474,552
Total assets	$ 25,800,618		$ 26,088,384		$ 25,053,286		$ 23,813,657		$ 23,687,470
Liabilities
Deposits
Noninterest-bearing	$  6,706,897		$  7,297,893		$  7,929,579		$  8,343,200		$  8,262,929
Interest-bearing	13,736,228		12,599,562		11,533,159		11,123,719		11,422,053
Total deposits	20,443,125		19,897,455		19,462,738		19,466,919		19,684,982
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		—		953
Other borrowings	1,536,989		2,401,327		1,875,736		725,664		425,592
Subordinated deferrable interest debentures	129,319		128,820		128,322		127,823		127,325
Other liabilities	406,555		407,587		389,090		374,181		375,242
Total liabilities	22,515,988		22,835,189		21,855,886		20,694,587		20,614,094
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,515		72,484		72,264		72,247		72,251
Capital stock	1,939,865		1,937,664		1,935,211		1,932,906		1,931,088
Retained earnings	1,414,742		1,362,512		1,311,258		1,239,477		1,157,359
Accumulated other comprehensive income (loss), net of tax	(50,618)		(35,581)		(46,507)		(50,734)		(12,635)
Treasury stock	(91,874)		(83,884)		(74,826)		(74,826)		(74,687)
Total shareholders' equity	3,284,630		3,253,195		3,197,400		3,119,070		3,073,376
Total liabilities and shareholders' equity	$ 25,800,618		$ 26,088,384		$ 25,053,286		$ 23,813,657		$ 23,687,470
Other Data
Earning assets	$ 23,610,334		$ 23,925,146		$ 22,826,812		$ 21,612,741		$ 21,291,318
Intangible assets	1,112,446		1,117,134		1,121,840		1,133,974		1,138,669
Interest-bearing liabilities	15,402,536		15,129,709		13,537,217		11,977,206		11,975,923
Average assets	25,631,846		25,115,927		24,354,979		23,598,465		23,405,201
Average common shareholders' equity	3,293,049		3,250,289		3,168,320		3,123,718		3,043,280

 

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)	2023		2023		2022		2022		2022		2023		2022
Allowance for Credit Losses
Balance at beginning of period	$  295,497		$  258,163		$  229,135		$  216,703		$  203,615		$  258,163		$  200,981
Adoption of ASU 2022-02	—		(1,711)		—		—		—		(1,711)		—
Provision for loan losses	43,643		49,376		24,648		17,469		13,227		93,019		10,493
Provision for unfunded commitments	1,873		346		8,246		192		1,779		2,219		10,788
Provision for other credit losses	—		7		(4)		(9)		(82)		7		(126)
Provision for credit losses	45,516		49,729		32,890		17,652		14,924		95,245		21,155
Charge-offs	20,670		14,956		8,371		9,272		6,853		35,626		15,432
Recoveries	6,440		4,272		4,509		4,052		5,017		10,712		9,999
Net charge-offs (recoveries)	14,230		10,684		3,862		5,220		1,836		24,914		5,433
Ending balance	$  326,783		$  295,497		$  258,163		$  229,135		$  216,703		$  326,783		$  216,703
Allowance for loan losses	$  272,071		$  242,658		$  205,677		$  184,891		$  172,642		$  272,071		$  172,642
Allowance for unfunded commitments	54,630		52,757		52,411		44,165		43,973		54,630		43,973
Allowance for other credit losses	82		82		75		79		88		82		88
Total allowance for credit losses	$  326,783		$  295,497		$  258,163		$  229,135		$  216,703		$  326,783		$  216,703
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$    13,316		$    12,233		$      5,108		$     4,722		$      4,391		$    25,549		$      8,805
Consumer	2,052		1,140		1,136		1,228		1,137		3,192		2,562
Indirect automobile	65		34		86		50		41		99		129
Premium Finance	1,848		1,421		1,812		1,205		1,066		3,269		2,435
Real estate - construction and development	—		—		27		—		—		—		—
Real estate - commercial and farmland	3,320		—		196		2,014		81		3,320		1,364
Real estate - residential	69		128		6		53		137		197		137
Total charge-offs	20,670		14,956		8,371		9,272		6,853		35,626		15,432
Recoveries
Commercial, financial and agricultural	3,545		2,043		2,072		2,201		2,785		5,588		5,681
Consumer	194		297		217		277		230		491		388
Indirect automobile	225		216		229		276		265		441		540
Premium Finance	1,680		1,382		1,682		1,023		1,113		3,062		2,360
Real estate - construction and development	472		100		223		96		355		572		573
Real estate - commercial and farmland	61		44		48		96		44		105		81
Real estate - residential	263		190		38		83		225		453		376
Total recoveries	6,440		4,272		4,509		4,052		5,017		10,712		9,999
Net charge-offs (recoveries)	$    14,230		$    10,684		$      3,862		$     5,220		$      1,836		$    24,914		$      5,433
Non-Performing Assets
Nonaccrual portfolio loans	$    57,025		$    68,028		$    65,221		$    64,055		$    72,352		$    57,025		$    72,352
Other real estate owned	6,170		1,502		843		843		835		6,170		835
Repossessed assets	9		25		28		60		122		9		122
Accruing loans delinquent 90 days or more	13,424		15,792		17,865		12,378		8,542		13,424		8,542
Non-performing portfolio assets	$    76,628		$    85,347		$    83,957		$    77,336		$    81,851		$    76,628		$    81,851
Serviced GNMA-guaranteed mortgage nonaccrual loans	69,655		74,999		69,587		54,621		50,560		69,655		50,560
Total non-performing assets	$  146,283		$  160,346		$  153,544		$  131,957		$  132,411		$  146,283		$  132,411
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets	0.30 %		0.33 %		0.34 %		0.32 %		0.35 %		0.30 %		0.35 %
Total non-performing assets as a percent of total assets	0.57 %		0.61 %		0.61 %		0.55 %		0.56 %		0.57 %		0.56 %
Net charge-offs as a percent of average loans (annualized)	0.28 %		0.22 %		0.08 %		0.11 %		0.04 %		0.25 %		0.07 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Jun		Mar		Dec		Sep		Jun
(dollars in thousands)	2023		2023		2022		2022		2022
Loans by Type
Commercial, financial and agricultural	$  2,718,831		$  2,722,180		$  2,679,403		$  2,245,287		$  2,022,845
Consumer	307,486		349,775		384,037		162,345		167,237
Indirect automobile	63,231		83,466		108,648		137,183		172,245
Mortgage warehouse	1,147,413		958,418		1,038,924		980,342		949,191
Municipal	510,410		505,515		509,151		516,797		529,268
Premium Finance	988,731		947,257		1,023,479		1,062,724		942,357
Real estate - construction and development	2,217,744		2,144,605		2,086,438		2,009,726		1,747,284
Real estate - commercial and farmland	7,815,779		7,721,732		7,604,868		7,516,309		7,156,017
Real estate - residential	4,702,134		4,564,923		4,420,305		4,176,143		3,874,578
Total loans	$ 20,471,759		$ 19,997,871		$ 19,855,253		$ 18,806,856		$ 17,561,022
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 20,114,816		$ 19,654,232		$ 19,513,726		$ 18,483,046		$ 17,296,520
Grade 6 - Other assets especially mentioned	171,035		116,345		104,614		110,408		68,444
Grade 7 - Substandard	185,908		227,294		236,913		213,402		196,058
Grade 8 - Doubtful	—		—		—		—		—
Grade 9 - Loss	—		—		—		—		—
Total loans	$ 20,471,759		$ 19,997,871		$ 19,855,253		$ 18,806,856		$ 17,561,022

 

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)	2023		2023		2022		2022		2022		2023		2022
Earning Assets
Federal funds sold	$             —		$             —		$           924		$         5,000		$       17,692		$             —		$       18,840
Interest-bearing deposits in banks	998,609		859,614		1,009,935		1,394,529		2,209,761		929,496		2,798,231
Debt securities - taxable	1,582,076		1,586,404		1,451,861		1,242,811		932,824		1,584,228		779,016
Debt securities - nontaxable	42,580		43,052		44,320		45,730		39,236		42,814		34,446
Other investments	117,020		131,044		83,730		51,209		49,550		123,994		48,716
Loans held for sale	577,606		490,295		371,952		471,070		944,964		534,192		1,020,611
Loans	20,164,938		19,820,749		19,212,560		18,146,083		16,861,674		19,993,794		16,344,409
Total Earning Assets	$ 23,482,829		$ 22,931,158		$ 22,175,282		$ 21,356,432		$ 21,055,701		$ 23,208,518		$ 21,044,269
Deposits
Noninterest-bearing deposits	$  6,729,789		$  7,136,373		$  8,138,887		$  8,259,625		$  7,955,765		$  6,931,852		$  7,807,929
NOW accounts	3,949,850		4,145,991		3,621,454		3,701,045		3,695,490		4,047,484		3,690,161
MMDA	5,002,590		4,994,195		5,161,047		5,026,815		5,087,199		4,998,417		5,163,636
Savings accounts	1,009,749		1,005,614		1,010,966		1,030,298		1,007,340		1,007,693		990,625
Retail CDs	2,024,014		1,612,325		1,450,037		1,506,761		1,693,740		1,819,307		1,733,656
Brokered CDs	1,393,206		125,133		—		—		—		762,672		—
Total Deposits	20,109,198		19,019,631		19,382,391		19,524,544		19,439,534		19,567,425		19,386,007
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		1		92		1,854		—		2,931
FHLB advances	1,408,855		1,968,811		918,228		94,357		48,746		1,687,286		48,766
Other borrowings	316,626		361,445		377,056		376,942		376,829		338,912		410,058
Subordinated deferrable interest debentures	129,056		128,557		128,060		127,560		127,063		128,808		126,814
Total Non-Deposit Funding	1,854,537		2,458,813		1,423,345		598,951		554,492		2,155,006		588,569
Total Funding	$ 21,963,735		$ 21,478,444		$ 20,805,736		$ 20,123,495		$ 19,994,026		$ 21,722,431		$ 19,974,576

 

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)	2023		2023		2022		2022		2022		2023		2022
Interest Income
Federal funds sold	$            —		$             —		$               8		$             27		$             32		$             —		$             42
Interest-bearing deposits in banks	13,686		9,113		9,984		7,188		4,463		22,799		5,836
Debt securities - taxable	15,915		14,300		13,029		10,324		7,064		30,215		11,303
Debt securities - nontaxable (TE)	430		429		454		459		341		859		576
Loans held for sale	8,398		7,007		5,519		6,012		10,036		15,405		18,168
Loans (TE)	284,471		265,802		245,603		211,223		181,602		550,273		352,000
Total Earning Assets	$    322,900		$     296,651		$     274,597		$     235,233		$     203,538		$     619,551		$     387,925
Interest Expense
Interest-Bearing Deposits
NOW accounts	$      18,003		$       15,033		$         8,564		$        3,733		$         1,246		$       33,036		$         2,070
MMDA	35,224		27,809		20,683		8,613		2,204		63,033		3,847
Savings accounts	2,296		1,288		654		360		140		3,584		273
Retail CDs	14,751		7,629		3,170		1,328		1,318		22,380		2,810
Brokered CDs	17,813		1,423		—		—		—		19,236		—
Total Interest-Bearing Deposits	88,087		53,182		33,071		14,034		4,908		141,269		9,000
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		—		1		—		4
FHLB advances	17,222		22,448		8,801		527		192		39,670		382
Other borrowings	3,902		5,349		4,953		4,655		4,437		9,251		9,601
Subordinated deferrable interest debentures	3,201		3,085		2,680		2,105		1,666		6,286		3,047
Total Non-Deposit Funding	24,325		30,882		16,434		7,287		6,296		55,207		13,034
Total Interest-Bearing Funding	$    112,412		$       84,064		$       49,505		$       21,321		$       11,204		$     196,476		$       22,034
Net Interest Income (TE)	$    210,488		$     212,587		$     225,092		$     213,912		$     192,334		$     423,075		$     365,891

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended										Six  Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
	2023		2023		2022		2022		2022		2023		2022
Earning Assets
Federal funds sold	— %		— %		3.43 %		2.14 %		0.73 %		— %		0.45 %
Interest-bearing deposits in banks	5.50 %		4.30 %		3.92 %		2.04 %		0.81 %		4.95 %		0.42 %
Debt securities - taxable	4.03 %		3.66 %		3.56 %		3.30 %		3.04 %		3.85 %		2.93 %
Debt securities - nontaxable (TE)	4.05 %		4.04 %		4.06 %		3.98 %		3.49 %		4.05 %		3.37 %
Loans held for sale	5.83 %		5.80 %		5.89 %		5.06 %		4.26 %		5.82 %		3.59 %
Loans (TE)	5.66 %		5.44 %		5.07 %		4.62 %		4.32 %		5.55 %		4.34 %
Total Earning Assets	5.52 %		5.25 %		4.91 %		4.37 %		3.88 %		5.38 %		3.72 %
Interest-Bearing Deposits
NOW accounts	1.83 %		1.47 %		0.94 %		0.40 %		0.14 %		1.65 %		0.11 %
MMDA	2.82 %		2.26 %		1.59 %		0.68 %		0.17 %		2.54 %		0.15 %
Savings accounts	0.91 %		0.52 %		0.26 %		0.14 %		0.06 %		0.72 %		0.06 %
Retail CDs	2.92 %		1.92 %		0.87 %		0.35 %		0.31 %		2.48 %		0.33 %
Brokered CDs	5.13 %		4.61 %		— %		— %		— %		5.09 %		— %
Total Interest-Bearing Deposits	2.64 %		1.82 %		1.17 %		0.49 %		0.17 %		2.25 %		0.16 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	— %		— %		— %		— %		0.22 %		— %		0.28 %
FHLB advances	4.90 %		4.62 %		3.80 %		2.22 %		1.58 %		4.74 %		1.58 %
Other borrowings	4.94 %		6.00 %		5.21 %		4.90 %		4.72 %		5.50 %		4.72 %
Subordinated deferrable interest debentures	9.95 %		9.73 %		8.30 %		6.55 %		5.26 %		9.84 %		4.85 %
Total Non-Deposit Funding	5.26 %		5.09 %		4.58 %		4.83 %		4.55 %		5.17 %		4.47 %
Total Interest-Bearing Liabilities	2.96 %		2.38 %		1.55 %		0.71 %		0.37 %		2.68 %		0.37 %
Net Interest Spread	2.56 %		2.87 %		3.36 %		3.66 %		3.51 %		2.70 %		3.35 %
Net Interest Margin(2)	3.60 %		3.76 %		4.03 %		3.97 %		3.66 %		3.68 %		3.51 %
Total Cost of Funds(3)	2.05 %		1.59 %		0.94 %		0.42 %		0.22 %		1.82 %		0.22 %
(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)	2023		2023		2022		2022		2022		2023		2022
Net income available to common shareholders	$     62,635		$     60,421		$     82,221		$    92,555		$     90,066		$   123,056		$  171,764
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)		—		(20,492)
Gain on BOLI proceeds	—		(486)		—		(55)		—		(486)		—
Natural disaster and pandemic charges	—		—		—		151		—		—		—
(Gain) loss on bank premises	—		—		—		—		(39)		—		(45)
Tax effect of adjustment items (Note 1)	—		—		302		182		2,284		—		4,308
After tax adjustment items	—		(486)		(1,135)		(738)		(8,593)		(486)		(15,252)
Adjusted net income	$     62,635		$     59,935		$     81,086		$    91,817		$     81,473		$   122,570		$  156,512
Weighted average number of shares - diluted	69,034,763		69,322,664		69,395,224		69,327,414		69,316,258		69,191,512		69,484,508
Net income per diluted share	$        0.91		$        0.87		$        1.18		$        1.34		$        1.30		$         1.78		$       2.47
Adjusted net income per diluted share	$        0.91		$        0.86		$        1.17		$        1.32		$        1.18		$         1.77		$       2.25
Average assets	$  25,631,846		$  25,115,927		$  24,354,979		$  23,598,465		$  23,405,201		$  25,375,312		$  23,340,785
Return on average assets	0.98 %		0.98 %		1.34 %		1.56 %		1.54 %		0.98 %		1.48 %
Adjusted return on average assets	0.98 %		0.97 %		1.32 %		1.54 %		1.40 %		0.97 %		1.35 %
Average common equity	$ 3,293,049		$ 3,250,289		$ 3,168,320		$                  3,123,718		$ 3,043,280		$ 3,271,787		$                  3,019,100
Average tangible common equity	$ 2,178,323		$ 2,130,856		$ 2,039,094		$                  1,987,385		$ 1,902,265		$ 2,154,720		$                  1,880,112
Return on average common equity	7.63 %		7.54 %		10.30 %		11.76 %		11.87 %		7.58 %		11.47 %
Adjusted return on average tangible common equity	11.53 %		11.41 %		15.78 %		18.33 %		17.18 %		11.47 %		16.79 %

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 the six months ended June 2022 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)	2023		2023		2022		2022		2022		2023		2022
Adjusted Noninterest Expense
Total noninterest expense	$  148,403		$  139,421		$  135,061		$  139,578		$  142,196		$  287,824		$  286,016
Adjustment items:
Merger and conversion charges	—		—		(235)		—		—		—		(977)
Natural disaster and pandemic charges	—		—		—		(151)		—		—		—
Gain (loss) on bank premises	—		—		—		—		39		—		45
Adjusted noninterest expense	$  148,403		$  139,421		$  134,826		$  139,427		$  142,235		$  287,824		$  285,084
Total Revenue
Net interest income	$  209,540		$  211,652		$  224,137		$  212,981		$  191,364		$  421,192		$  363,908
Noninterest income	67,349		56,050		48,348		65,324		83,841		123,399		170,752
Total revenue	$  276,889		$  267,702		$  272,485		$  278,305		$  275,205		$  544,591		$  534,660
Adjusted Total Revenue
Net interest income (TE)	$  210,488		$  212,587		$  225,092		$  213,912		$  192,334		$  423,075		$  365,891
Noninterest income	67,349		56,050		48,348		65,324		83,841		123,399		170,752
Total revenue (TE)	277,837		268,637		273,440		279,236		276,175		546,474		536,643
Adjustment items:
(Gain) loss on securities	6		(6)		(3)		21		(248)		—		(221)
(Gain) loss on sale of MSR	—		—		(1,672)		316		—		—		—
Gain on BOLI proceeds	—		(486)		—		(55)		—		(486)		—
Servicing right impairment (recovery)	—		—		—		(1,332)		(10,838)		—		(20,492)
Adjusted total revenue (TE)	$  277,843		$  268,145		$  271,765		$  278,186		$  265,089		$  545,988		$  515,930
Efficiency ratio	53.60 %		52.08 %		49.57 %		50.15 %		51.67 %		52.85 %		53.49 %
Adjusted efficiency ratio (TE)	53.41 %		51.99 %		49.61 %		50.12 %		53.66 %		52.72 %		55.26 %
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)	2023		2023		2022		2022		2022		2023		2022
Total shareholders' equity	$                  3,284,630		$                  3,253,195		$                  3,197,400		$                  3,119,070		$                  3,073,376		$                  3,284,630		$                  3,073,376
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,023,071		1,023,056		1,015,646		1,023,056
Other intangibles, net	96,800		101,488		106,194		110,903		115,613		96,800		115,613
Total tangible shareholders' equity	$                  2,172,184		$                  2,136,061		$                  2,075,560		$                  1,985,096		$                  1,934,707		$                  2,172,184		$                  1,934,707
Period end number of shares	69,139,783		69,373,863		69,369,050		69,352,709		69,360,461		69,139,783		69,360,461
Book value per share (period end)	$     47.51		$     46.89		$      46.09		$     44.97		$     44.31		$      47.51		$     44.31
Tangible book value per share (period end)	$     31.42		$     30.79		$      29.92		$     28.62		$     27.89		$      31.42		$     27.89

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets	Table 9D
	Three Months Ended										Six  Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands except per share data)	2023		2023		2022		2022		2022		2023		2022
Total shareholders' equity	$ 3,284,630		$ 3,253,195		$ 3,197,400		$ 3,119,070		$ 3,073,376		$ 3,284,630		$ 3,073,376
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,023,071		1,023,056		1,015,646		1,023,056
Other intangibles, net	96,800		101,488		106,194		110,903		115,613		96,800		115,613
Total tangible shareholders' equity	$ 2,172,184		$ 2,136,061		$ 2,075,560		$ 1,985,096		$ 1,934,707		$ 2,172,184		$ 1,934,707
Total assets	$              25,800,618		$              26,088,384		$              25,053,286		$              23,813,657		$              23,687,470		$              25,800,618		$              23,687,470
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,023,071		1,023,056		1,015,646		1,023,056
Other intangibles, net	96,800		101,488		106,194		110,903		115,613		96,800		115,613
Total tangible assets	$              24,688,172		$              24,971,250		$              23,931,446		$              22,679,683		$              22,548,801		$              24,688,172		$              22,548,801
Equity to Assets	12.73 %		12.47 %		12.76 %		13.10 %		12.97 %		12.73 %		12.97 %
Tangible Common Equity to Tangible Assets	8.80 %		8.55 %		8.67 %		8.75 %		8.58 %		8.80 %		8.58 %
PPNR ROA	Table 9E
	Three Months Ended										Six  Months Ended
	Jun		Mar		Dec		Sep		Jun		Jun		Jun
(dollars in thousands except per share data)	2023		2023		2022		2022		2022		2023		2022
Net income	$    62,635		$    60,421		$    82,221		$    92,555		$    90,066		$  123,056		$  171,764
Plus:
Income taxes	20,335		18,131		22,313		28,520		28,019		38,466		55,725
Provision for credit losses	45,516		49,729		32,890		17,652		14,924		95,245		21,155
PPNR	$  128,486		$  128,281		$  137,424		$  138,727		$  133,009		$  256,767		$  248,644
Average Assets	$  25,631,846		$  25,115,927		$  24,354,979		$  23,598,465		$  23,405,201		$  25,375,312		$  23,340,785
Return on Average Assets (ROA)	0.98 %		0.98 %		1.34 %		1.56 %		1.54 %		0.98 %		1.48 %
PPNR ROA	2.01 %		2.07 %		2.24 %		2.33 %		2.28 %		2.04 %		2.15 %

 

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)	2023		2023		2022		2022		2022		2023		2022
Banking Division
Net interest income	$  171,441		$  175,328		$  185,909		$  174,507		$  152,122		$  346,769		$  285,867
Provision for credit losses	40,831		47,140		35,946		10,551		10,175		87,971		15,401
Noninterest income	24,652		23,898		23,448		23,269		23,469		48,550		44,833
Noninterest expense
Salaries and employee benefits	55,196		56,442		52,296		48,599		46,733		111,638		95,928
Occupancy and equipment expenses	11,175		11,606		11,482		11,357		11,168		22,781		22,242
Data processing and telecommunications expenses	11,898		11,797		11,085		10,779		10,863		23,695		22,093
Other noninterest expenses	27,643		19,023		21,811		22,974		21,123		46,666		41,168
Total noninterest expense	105,912		98,868		96,674		93,709		89,887		204,780		181,431
Income before income tax expense	49,350		53,218		76,737		93,516		75,529		102,568		133,868
Income tax expense	13,312		12,848		16,545		22,706		19,120		26,160		36,116
Net income	$    36,038		$    40,370		$    60,192		$    70,810		$    56,409		$    76,408		$    97,752
Retail Mortgage Division
Net interest income	$    21,417		$    20,027		$    19,837		$    19,283		$    20,779		$    41,444		$    40,074
Provision for credit losses	3,278		2,853		(2,778)		9,043		4,499		6,131		6,086
Noninterest income	39,808		31,058		24,011		38,584		57,795		70,866		119,444
Noninterest expense
Salaries and employee benefits	21,930		20,160		19,164		25,813		31,219		42,090		62,833
Occupancy and equipment expenses	1,224		1,283		1,242		1,460		1,406		2,507		2,877
Data processing and telecommunications expenses	1,397		1,069		1,203		1,082		1,123		2,466		2,295
Other noninterest expenses	11,859		11,747		11,126		11,641		12,812		23,606		25,457
Total noninterest expense	36,410		34,259		32,735		39,996		46,560		70,669		93,462
Income before income tax expense	21,537		13,973		13,891		8,828		27,515		35,510		59,970
Income tax expense	4,523		2,934		2,916		1,854		5,779		7,457		12,594
Net income	$    17,014		$    11,039		$    10,975		$      6,974		$    21,736		$    28,053		$    47,376
Warehouse Lending Division
Net interest income	$      6,166		$      5,700		$      6,601		$      6,979		$      6,700		$    11,866		$    13,147
Provision for credit losses	411		(194)		117		(1,836)		867		217		645
Noninterest income	1,404		480		579		1,516		1,041		1,884		2,442
Noninterest expense
Salaries and employee benefits	772		802		427		1,055		208		1,574		491
Occupancy and equipment expenses	—		1		1		1		1		1		2
Data processing and telecommunications expenses	44		46		49		43		48		90		95
Other noninterest expenses	223		202		191		209		212		425		430
Total noninterest expense	1,039		1,051		668		1,308		469		2,090		1,018
Income before income tax expense	6,120		5,323		6,395		9,023		6,405		11,443		13,926
Income tax expense	1,285		1,118		1,342		1,895		1,346		2,403		2,925
Net income	$      4,835		$      4,205		$      5,053		$      7,128		$      5,059		$      9,040		$    11,001

 

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)	2023		2023		2022		2022		2022		2023		2022
SBA Division
Net interest income	$      2,331		$      1,957		$      2,491		$      2,424		$      3,798		$      4,288		$      9,809
Provision for credit losses	424		(104)		265		52		(523)		320		(666)
Noninterest income	1,476		605		302		1,946		1,526		2,081		4,017
Noninterest expense
Salaries and employee benefits	1,316		1,309		1,306		1,412		1,316		2,625		2,587
Occupancy and equipment expenses	40		37		98		82		81		77		180
Data processing and telecommunications expenses	46		37		30		29		29		83		57
Other noninterest expenses	333		422		368		100		539		755		919
Total noninterest expense	1,735		1,805		1,802		1,623		1,965		3,540		3,743
Income before income tax expense	1,648		861		726		2,695		3,882		2,509		10,749
Income tax expense	346		181		153		566		815		527		2,257
Net income	$      1,302		$         680		$         573		$      2,129		$      3,067		$      1,982		$      8,492
Premium Finance Division
Net interest income	$      8,185		$      8,640		$      9,299		$      9,788		$      7,965		$    16,825		$    15,011
Provision for credit losses	572		34		(660)		(158)		(94)		606		(311)
Noninterest income	9		9		8		9		10		18		16
Noninterest expense
Salaries and employee benefits	2,122		2,197		2,003		1,818		2,069		4,319		3,987
Occupancy and equipment expenses	83		59		82		83		90		142		172
Data processing and telecommunications expenses	66		85		119		82		92		151		187
Other noninterest expenses	1,036		1,097		978		959		1,064		2,133		2,016
Total noninterest expense	3,307		3,438		3,182		2,942		3,315		6,745		6,362
Income before income tax expense	4,315		5,177		6,785		7,013		4,754		9,492		8,976
Income tax expense	869		1,050		1,357		1,499		959		1,919		1,833
Net income	$      3,446		$      4,127		$      5,428		$      5,514		$      3,795		$      7,573		$      7,143
Total Consolidated
Net interest income	$  209,540		$  211,652		$  224,137		$  212,981		$  191,364		$  421,192		$  363,908
Provision for credit losses	45,516		49,729		32,890		17,652		14,924		95,245		21,155
Noninterest income	67,349		56,050		48,348		65,324		83,841		123,399		170,752
Noninterest expense
Salaries and employee benefits	81,336		80,910		75,196		78,697		81,545		162,246		165,826
Occupancy and equipment expenses	12,522		12,986		12,905		12,983		12,746		25,508		25,473
Data processing and telecommunications expenses	13,451		13,034		12,486		12,015		12,155		26,485		24,727
Other noninterest expenses	41,094		32,491		34,474		35,883		35,750		73,585		69,990
Total noninterest expense	148,403		139,421		135,061		139,578		142,196		287,824		286,016
Income before income tax expense	82,970		78,552		104,534		121,075		118,085		161,522		227,489
Income tax expense	20,335		18,131		22,313		28,520		28,019		38,466		55,725
Net income	$    62,635		$    60,421		$    82,221		$    92,555		$    90,066		$  123,056		$  171,764

 

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SOURCE Ameris Bancorp