Ameris Bancorp Announces Financial Results For Second Quarter 2021

Rhea-AI Summary

Ameris Bancorp (ABCB) reported net income of $88.3 million, or $1.27 per diluted share, for Q2 2021, up from $32.2 million or $0.47 per diluted share in Q2 2020. Adjusted net income reached $87.5 million, compared to $42.4 million a year earlier. Loan growth was strong, with 5% annualized growth, plus 14% excluding PPP loans. Total assets increased to $21.89 billion from $20.44 billion at year-end 2020. The tangible book value per share rose 4.7% to $26.45. Despite positives, net interest margin fell to 3.34% from 3.57% in Q1 2021.

Positive

• Net income of $88.3 million, a 174% increase YoY.
• Adjusted net income of $87.5 million, up 106% YoY.
• 5% annualized loan growth, 14% growth excluding PPP loans.
• Tangible book value increased by 4.7% to $26.45.
• Total assets rose to $21.89 billion from $20.44 billion at year-end 2020.

Negative

• Net interest margin declined to 3.34% from 3.57% in Q1 2021.
• Noninterest income decreased by 24.4% from Q1 2021.
• Mortgage banking activity fell 28.7% from Q1 2021.

ATLANTA, July 22, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021, compared with $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020.  The Company reported adjusted net income of $87.5 million, or $1.25 per diluted share, for the quarter ended June 30, 2021, compared with $42.4 million, or $0.61 per diluted share, for the same period in 2020.  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on sale of bank premises and expenses related to the COVID-19 pandemic.

For the year-to-date period ending June 30, 2021, the Company reported net income of $213.3 million, or $3.06 per diluted share, compared with $51.6 million, or $0.74 per diluted share, for the same period in 2020. The Company reported adjusted net income of $203.3 million, or $2.91 per diluted share, for the six months ended June 30, 2021, compared with $81.6 million, or $1.18 per diluted share, for the same period in 2020. 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 positive second quarter results are a clear testament to our focus and discipline over the past year.  I am proud of our  bankers, being able to report 5% annualized net loan growth for the quarter, with the headwinds of PPP forgiveness, and 14% annualized loan growth exclusive of the PPP reductions.  We are in some of the best markets in the Southeast, and we continue to see real organic opportunities within these markets.  We are pleased with the disciplined improvement in our efficiency ratio compared to last quarter, and we are excited to report 4.7% growth in tangible book value for the quarter.  We continue to remain focused on delivering top-of-class results and are optimistic about the remainder of 2021, and we look forward to 2022."

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

• Net income of $88.3 million, or $1.27 per diluted share, compared with $125.0 million, or $1.79 per diluted share, in the first quarter of 2021
• Growth in tangible book value of 4.7%, or $1.18 per share, to $26.45 at June 30, 2021, compared with $25.27 at March 31, 2021
• Organic growth in loans of $181.0 million, or 5.0% annualized (and $485.1 million, or 14.1% annualized, exclusive of PPP loans), during the second quarter of 2021
• Adjusted return on average assets of 1.63%, compared with 2.26% in the first quarter of 2021
• Adjusted efficiency ratio of 54.07%, compared with 54.62% in the first quarter of 2021 and 51.08% in the second quarter of 2020
• Net interest margin of 3.34%, compared with 3.57% in the first quarter of 2021
• Continued growth in noninterest bearing deposits, representing 38.25% of total deposits, up from 36.27% at December 31, 2020 and 35.89% a year ago
• Non-performing assets decreased eight basis points to 0.32% of total assets, compared with 0.40% at March 31, 2021

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the second quarter of 2021 totaled $163.0 million, compared with $166.2 million for the first quarter of 2021 and $165.2 million for the second quarter of 2020.  The Company's net interest margin was 3.34% for the second quarter of 2021, down from 3.57% reported for the first quarter of 2021 and 3.83% reported for the second quarter of 2020.  The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter.  The yield on earning assets declined 27 basis points due to this excess liquidity, as well as declines in accretion income and Paycheck Protection Program ("PPP") loan fee income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of five basis points during the quarter and increases in average loans. Accretion income for the second quarter of 2021 decreased to $4.5 million, compared with $6.1 million for the first quarter of 2021, and $9.6 million for the second quarter of 2020.  The decrease in accretion income for the second quarter is primarily attributable to decreased payoffs of acquired loans during the second quarter of 2021. 

Yields on loans decreased to 4.33% during the second quarter of 2021, compared with 4.53% for the first quarter of 2021 and 4.70% reported for the second quarter of 2020.  Contributing to interest income on loans for the second quarter of 2021 was $6.1 million related to accelerated fee income on PPP loan forgiveness, compared with $9.2 million in the first quarter of 2021.  Loan production in the banking division during the second quarter of 2021 was $911.3 million, with weighted average yields of 3.75%, compared with $600.6 million and 3.80%, respectively, in the first quarter of 2021 and $472.1 million and 4.16%, respectively, in the second quarter of 2020.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $6.4 billion during the second quarter of 2021, with weighted average yields of 3.36%, compared with $7.5 billion and 3.15%, respectively, during the first quarter of 2021 and $7.2 billion and 3.17%, respectively, during the second quarter of 2020.  Loan production yields in the lines of business were negatively impacted three basis points during the second quarter of 2021 by originations of PPP loans in our SBA division. 

Interest expense during the second quarter of 2021 decreased to $11.9 million, compared with $13.0 million in the first quarter of 2021 and $21.2 million in the second quarter of 2020.  The Company's total cost of funds moved four basis points lower to 0.26% in the second quarter of 2021 as compared with the first quarter of 2021.  Deposit costs decreased three basis points during the second quarter of 2021 to 0.13%, compared with 0.16% in the first quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.25% in the first quarter of 2021 to 0.21% in the second quarter of 2021.

Noninterest Income
Noninterest income decreased $28.7 million, or 24.4%, in the second quarter of 2021 to $89.2 million, compared with $118.0 million for the first quarter of 2021, primarily as a result of decreased mortgage banking activity and other noninterest income, as further discussed below.

Mortgage banking activity decreased $28.3 million, or 28.7%, to $70.2 million in the second quarter of 2021, compared with $98.5 million for the first quarter of 2021.  This decrease was the result of a reduced recovery of previously recorded servicing right impairment, reduced production and a reduction in gain on sale margins.  Gain on sale spreads decreased to 2.77% in the second quarter of 2021 from 3.95% for the first quarter of 2021. Total production in the retail mortgage division decreased to $2.39 billion in the second quarter of 2021, compared with $2.64 billion for the first quarter of 2021. Mortgage banking activity was positively impacted during the second quarter of 2021 by a $749,000 servicing right recovery, compared with a recovery of $9.7 million for the first quarter of 2021. The retail mortgage open pipeline was $1.75 billion at the end of the second quarter of 2021, compared with $2.33 billion at March 31, 2021.

Service charge revenue increased $178,000, or 1.6%, to $11.0 million in the second quarter of 2021, compared with $10.8 million for the first quarter of 2021, resulting from an increase in interchange income. Other noninterest income decreased $709,000, or 9.3%, in the second quarter of 2021 to $6.9 million, compared with $7.7 million for the first quarter of 2021, primarily as a result of decreases in SBA servicing right recovery of $906,000 and gain on BOLI proceeds of $603,000, partially offset by an increase in BOLI income of $520,000.

Noninterest Expense
Noninterest expense decreased $13.0 million, or 8.8%, to $135.8 million during the second quarter of 2021, compared with $148.8 million for the first quarter of 2021.  During the second quarter of 2021, the Company recorded a net gain of $236,000 related to sale of premises, compared to a net gain of $264,000 during the first quarter of 2021.  Excluding these charges, adjusted expenses decreased approximately $13.1 million, or 8.8%, to $136.0 million in the second quarter of 2021, from $149.1 million in the first quarter of 2021.  The majority of this decrease is attributable to a $10.5 million reduction in salaries and employee benefits including payroll taxes, variable compensation related to mortgage production and increased deferred costs related to loan originations in the banking division.  Also contributing to the decrease were decreases in OREO losses, legal and other professional fees, and other variable expenses related to mortgage production.  The adjusted efficiency ratio was 54.07% in the second quarter of 2021, compared with 54.62% in the first quarter of 2021.

Balance Sheet Trends
Total assets at June 30, 2021 were $21.89 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $15.99 billion at June 30, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $14.78 billion at June 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $299.9 million, or 2.1%.  Loan production in the banking division during the second quarter of 2021 was up 52% from the first quarter of 2021 and 93% from the second quarter of 2020. 

At June 30, 2021, total deposits amounted to $18.26 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At June 30, 2021, noninterest-bearing deposit accounts were $6.98 billion, or 38.3% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $11.39 billion at June 30, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 62.4% of the Company's total deposits at June 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at June 30, 2021 totaled $2.84 billion, an increase of $189.9 million, or 7.2%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $213.3 million during the first six months of 2021, partially offset by dividends declared.  Tangible book value per share was $26.45 at June 30, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.83% at June 30, 2021, compared with 8.47% at the end of 2020.

Credit Quality
Credit quality remains strong in the Company.  During the second quarter of 2021, the Company recorded a provision for credit losses of $142,000, compared with a provision reversal of $28.6 million in the first quarter of 2021.  This provision was primarily attributable to growth in unfunded commitments compared with the first quarter of 2021, partially offset by improvements in forecast economic conditions, particularly levels of home prices, commercial real estate prices and retail sales, compared with forecast conditions during the first quarter of 2021.  The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the second quarter of 2021 equaled approximately 1.2% of total loans, down from approximately 1.9% and 19.0% of total loans at the end of the first quarter of 2021 and the second quarter of 2020, respectively.  Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.32% during the quarter.  The net charge-off ratio was seven basis points for the second quarter of 2021, compared with 12 basis points in the first quarter of 2021 and 27 basis points in the second quarter of 2020.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 23, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available one hour after the end of the conference call until August 6, 2021.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10158164.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights	Table 1
	Three Months Ended																				Six Months Ended
	Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands except per share data)	2021				2021				2020				2020				2020				2021				2020
EARNINGS
Net income	$	88,327			$	124,962			$	94,285			$	116,145			$	32,236			$	213,289			$	51,558
Adjusted net income	$	87,548			$	115,746			$	101,995			$	116,879			$	42,423			$	203,294			$	81,628
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.27			$	1.80			$	1.36			$	1.68			$	0.47			$	3.07			$	0.74
Diluted	$	1.27			$	1.79			$	1.36			$	1.67			$	0.47			$	3.06			$	0.74
Adjusted diluted EPS	$	1.25			$	1.66			$	1.47			$	1.69			$	0.61			$	2.91			$	1.18
Cash dividends per share	$	0.15			$	0.15			$	0.15			$	0.15			$	0.15			$	0.30			$	0.30
Book value per share (period end)	$	40.66			$	39.56			$	38.07			$	36.91			$	35.42			$	40.66			$	35.42
Tangible book value per share (period end)	$	26.45			$	25.27			$	23.69			$	22.46			$	20.90			$	26.45			$	20.90
Weighted average number of shares
Basic	69,496,666				69,391,734				69,252,307				69,230,667				69,191,778				69,447,503				69,235,117
Diluted	69,791,670				69,740,860				69,493,105				69,346,141				69,292,972				69,764,923				69,413,027
Period end number of shares	69,767,209				69,713,426				69,541,481				69,490,546				69,462,782				69,767,209				69,462,782
Market data
High intraday price	$	59.85			$	57.81			$	39.53			$	27.81			$	29.82			$	59.85			$	43.79
Low intraday price	$	47.44			$	36.60			$	22.37			$	19.91			$	17.12			$	36.60			$	17.12
Period end closing price	$	50.63			$	52.51			$	38.07			$	22.78			$	23.59			$	50.63			$	23.59
Average daily volume	429,233				460,744				394,641				359,059				470,151				444,733				465,955
PERFORMANCE RATIOS
Return on average assets	1.64		%		2.44		%		1.89		%		2.33		%		0.67		%		2.03		%		0.56		%
Adjusted return on average assets	1.63		%		2.26		%		2.04		%		2.35		%		0.89		%		1.94		%		0.88		%
Return on average common equity	12.66		%		18.80		%		14.30		%		18.27		%		5.23		%		15.66		%		4.17		%
Adjusted return on average tangible common equity	19.46		%		27.66		%		25.04		%		30.53		%		11.66		%		23.41		%		11.18		%
Earning asset yield (TE)	3.58		%		3.85		%		3.98		%		4.02		%		4.32		%		3.71		%		4.44		%
Total cost of funds	0.26		%		0.30		%		0.36		%		0.41		%		0.52		%		0.28		%		0.99		%
Net interest margin (TE)	3.34		%		3.57		%		3.64		%		3.64		%		3.83		%		3.45		%		3.77		%
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	33.78		%		39.71		%		38.37		%		46.72		%		39.35		%		36.92		%		32.14		%
Efficiency ratio	54.07		%		52.59		%		54.83		%		47.80		%		54.70		%		53.28		%		60.32		%
Adjusted efficiency ratio (TE)	54.07		%		54.62		%		52.67		%		47.34		%		51.08		%		54.36		%		54.90		%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.96		%		12.87		%		12.95		%		12.90		%		12.38		%		12.96		%		12.38		%
Tangible common equity to tangible assets	8.83		%		8.62		%		8.47		%		8.27		%		7.70		%		8.83		%		7.70		%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.83		%		8.62		%		8.47		%		8.27		%		7.70		%		8.83		%		7.70		%
Effect of goodwill and other intangibles	4.13		%		4.25		%		4.48		%		4.63		%		4.68		%		4.13		%		4.68		%
Equity to assets (GAAP)	12.96		%		12.87		%		12.95		%		12.90		%		12.38		%		12.96		%		12.38		%
OTHER DATA (period end)
Full time equivalent employees
Banking Division	1,817				1,815				1,816				1,807				1,832				1,817				1,832
Retail Mortgage Division	759				765				748				734				692				759				692
Warehouse Lending Division	12				12				12				11				9				12				9
SBA Division	30				29				24				33				42				30				42
Premium Finance Division	68				70				71				71				70				68				70
Total Ameris Bancorp FTE headcount	2,686				2,691				2,671				2,656				2,645				2,686				2,645
Assets per Banking Division FTE	$	12,046			$	11,806			$	11,255			$	10,998			$	10,848			$	12,046			$	10,848
Branch locations	165				165				164				170				170				165				170
Deposits per branch location	$	110,655			$	108,339			$	103,401			$	94,493			$	91,705			$	110,655			$	91,705

 

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)	2021				2021				2020				2020				2020				2021				2020
Interest income
Interest and fees on loans	$	167,761			$	171,157			$	171,971			$	172,351			$	175,345			$	338,918			$	346,587
Interest on taxable securities	5,244				6,118				6,398				7,259				9,347				11,362				19,429
Interest on nontaxable securities	139				141				150				159				157				280				314
Interest on deposits in other banks	595				522				252				153				123				1,117				1,334
Interest on federal funds sold	12				12				12				12				46				24				122
Total interest income	173,751				177,950				178,783				179,934				185,018				351,701				367,786
Interest expense
Interest on deposits	5,775				6,798				8,870				11,822				14,273				12,573				38,375
Interest on other borrowings	6,124				6,175				6,457				5,574				6,931				12,299				17,652
Total interest expense	11,899				12,973				15,327				17,396				21,204				24,872				56,027
Net interest income	161,852				164,977				163,456				162,538				163,814				326,829				311,759
Provision for loan losses	(899)				(16,579)				(6,700)				26,692				68,449				(17,478)				105,496
Provision for unfunded commitments	1,299				(11,839)				5,481				(10,131)				19,712				(10,540)				23,712
Provision for other credit losses	(258)				(173)				(291)				1,121				—				(431)				—
Provision for credit losses	142				(28,591)				(1,510)				17,682				88,161				(28,449)				129,208
Net interest income after provision for credit losses	161,710				193,568				164,966				144,856				75,653				355,278				182,551
Noninterest income
Service charges on deposit accounts	11,007				10,829				11,465				10,914				9,922				21,836				21,766
Mortgage banking activity	70,231				98,486				95,192				138,627				104,925				168,717				140,258
Other service charges, commissions and fees	1,056				1,016				965				1,039				949				2,072				1,910
Gain (loss) on securities	1				(12)				—				—				14				(11)				5
Other noninterest income	6,945				7,654				4,521				8,438				5,150				14,599				11,400
Total noninterest income	89,240				117,973				112,143				159,018				120,960				207,213				175,339
Noninterest expense
Salaries and employee benefits	85,505				95,985				92,466				96,698				95,168				181,490				171,114
Occupancy and equipment	10,812				11,781				12,709				13,805				13,807				22,593				25,835
Data processing and communications expenses	11,877				11,884				11,323				12,226				10,514				23,761				22,468
Credit resolution-related expenses(1)	622				547				1,156				802				950				1,169				3,148
Advertising and marketing	1,946				1,431				3,267				966				1,455				3,377				3,813
Amortization of intangible assets	4,065				4,126				4,190				4,190				5,601				8,191				11,232
Merger and conversion charges	—				—				—				(44)				895				—				1,435
Other noninterest expenses	20,934				23,044				26,005				25,049				27,378				43,978				54,776
Total noninterest expense	135,761				148,798				151,116				153,692				155,768				284,559				293,821
Income before income tax expense	115,189				162,743				125,993				150,182				40,845				277,932				64,069
Income tax expense	26,862				37,781				31,708				34,037				8,609				64,643				12,511
Net income	$	88,327			$	124,962			$	94,285			$	116,145			$	32,236			$	213,289			$	51,558
Diluted earnings per common share	$	1.27			$	1.79			$	1.36			$	1.67			$	0.47			$	3.06			$	0.74
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet	Table 3
	Three Months Ended
	Jun				Mar				Dec				Sep				Jun
(dollars in thousands)	2021				2021				2020				2020				2020
Assets
Cash and due from banks	$	259,729			$	224,159			$	203,349			$	257,026			$	292,899
Federal funds sold and interest-bearing deposits in banks	3,044,795				2,534,969				1,913,957				494,765				428,560
Time deposits in other banks	—				249				249				249				249
Investment securities available-for-sale, at fair value	778,167				859,652				982,879				1,117,436				1,238,896
Investment securities held-to-maturity, at amortized cost	29,055				—				—				—				—
Other investments	27,621				27,620				28,202				47,329				76,453
Loans held for sale	1,210,589				1,509,528				1,167,659				1,414,889				1,736,397
Loans, net of unearned income	14,780,791				14,599,805				14,480,925				14,943,593				14,503,157
Allowance for credit losses	(175,070)				(178,570)				(199,422)				(231,924)				(208,793)
Loans, net	14,605,721				14,421,235				14,281,503				14,711,669				14,294,364
Other real estate owned	5,775				8,841				11,880				17,969				23,563
Premises and equipment, net	229,994				231,550				222,890				231,278				230,118
Goodwill	928,005				928,005				928,005				928,005				928,005
Other intangible assets, net	63,783				67,848				71,974				76,164				80,354
Cash value of bank owned life insurance	277,839				176,575				176,467				175,605				175,011
Deferred income taxes, net	9,081				22,367				33,314				53,039				56,306
Other assets	416,777				414,529				416,310				348,428				311,454
Total assets	$	21,886,931			$	21,427,127			$	20,438,638			$	19,873,851			$	19,872,629
Liabilities
Deposits
Noninterest-bearing	$	6,983,761			$	6,804,776			$	6,151,070			$	5,909,316			$	5,595,868
Interest-bearing	11,274,236				11,071,097				10,806,753				10,154,490				9,993,950
Total deposits	18,257,997				17,875,873				16,957,823				16,063,806				15,589,818
Federal funds purchased and securities sold under agreements to repurchase	5,544				9,320				11,641				9,103				12,879
Other borrowings	425,303				425,231				425,155				875,255				1,418,336
Subordinated deferrable interest debentures	125,331				124,833				124,345				123,860				123,375
FDIC loss-share payable, net	—				—				—				19,476				18,903
Other liabilities	235,752				234,274				272,586				217,668				249,188
Total liabilities	19,049,927				18,669,531				17,791,550				17,309,168				17,412,499
Shareholders' Equity
Preferred stock	—				—				—				—				—
Common stock	72,008				71,954				71,754				71,703				71,674
Capital stock	1,920,566				1,917,990				1,913,285				1,911,031				1,909,839
Retained earnings	863,828				785,984				671,510				587,657				481,948
Accumulated other comprehensive income, net of tax	25,024				26,090				33,505				37,252				39,613
Treasury stock	(44,422)				(44,422)				(42,966)				(42,960)				(42,944)
Total shareholders' equity	2,837,004				2,757,596				2,647,088				2,564,683				2,460,130
Total liabilities and shareholders' equity	$	21,886,931			$	21,427,127			$	20,438,638			$	19,873,851			$	19,872,629
Other Data
Earning assets	$	19,871,018			$	19,531,823			$	18,573,871			$	18,018,261			$	17,983,712
Intangible assets	991,788				995,853				999,979				1,004,169				1,008,359
Interest-bearing liabilities	11,830,414				11,630,481				11,367,894				11,162,708				11,548,540
Average assets	21,538,894				20,734,414				19,876,338				19,810,084				19,222,181
Average common shareholders' equity	2,798,269				2,695,005				2,622,942				2,529,471				2,478,373

 

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)	2021				2021				2020				2020				2020				2021				2020
Allowance for Credit Losses
Balance at beginning of period	$	200,241			$	233,105			$	260,417			$	246,295			$	167,315			$	233,105			$	39,266
CECL adoption impact on allowance for loan losses	—				—				—				—				—				—				78,661
CECL adoption impact on allowance for unfunded commitments	—				—				—				—				—				—				12,714
Total CECL adoption impact	—				—				—				—				—				—				91,375
Acquired allowance for unfunded commitments	—				—				—				—				—				—				—
Provision for loan losses	(899)				(16,579)				(6,700)				26,692				68,449				(17,478)				105,496
Provision for unfunded commitments	1,299				(11,839)				5,481				(10,131)				19,712				(10,540)				23,712
Provision for other credit losses	(258)				(173)				(291)				1,121				—				(431)				—
Provision for credit losses	142				(28,591)				(1,510)				17,682				88,161				(28,449)				129,208
Charge-offs	7,138				7,574				29,094				7,370				11,282				14,712				18,000
Recoveries	4,537				3,301				3,292				3,810				2,101				7,838				4,446
Net charge-offs	2,601				4,273				25,802				3,560				9,181				6,874				13,554
Ending balance	$	197,782			$	200,241			$	233,105			$	260,417			$	246,295			$	197,782			$	246,295
Allowance for loan losses	$	175,070			$	178,570			$	199,422			$	231,924			$	208,793			$	175,070			$	208,793
Allowance for unfunded commitments	22,313				21,014				32,853				27,372				37,502				22,313				37,502
Allowance for other credit losses	399				657				830				1,121				—				399				—
Total allowance for credit losses	$	197,782			$	200,241			$	233,105			$	260,417			$	246,295			$	197,782			$	246,295
Net Charge-off Information
Charge-offs
Commercial, financial and agricultural	$	3,529			$	2,370			$	5,960			$	1,715			$	486			$	5,899			$	2,972
Consumer installment	1,669				1,448				2,861				677				962				3,117				2,104
Indirect automobile	141				829				658				697				1,016				970				2,247
Premium Finance	1,194				1,343				2,240				1,158				1,904				2,537				2,735
Real estate - construction and development	186				26				—				9				74				212				74
Real estate - commercial and farmland	27				1,395				17,284				2,977				6,315				1,422				7,243
Real estate - residential	392				163				91				137				525				555				625
Total charge-offs	7,138				7,574				29,094				7,370				11,282				14,712				18,000
Recoveries
Commercial, financial and agricultural	625				727				754				470				303				1,352				665
Consumer installment	212				356				480				516				436				568				1,420
Indirect automobile	372				700				637				317				359				1,072				40
Premium Finance	2,466				1,122				605				1,224				676				3,588				1,360
Real estate - construction and development	84				167				125				182				168				251				510
Real estate - commercial and farmland	185				41				439				904				21				226				106
Real estate - residential	593				188				252				197				138				781				345
Total recoveries	4,537				3,301				3,292				3,810				2,101				7,838				4,446
Net charge-offs	$	2,601			$	4,273			$	25,802			$	3,560			$	9,181			$	6,874			$	13,554
Non-Performing Assets
Nonaccrual loans	$	59,921			$	71,189			$	76,457			$	138,163			$	77,745			$	59,921			$	77,745
Other real estate owned	5,775				8,841				11,880				17,969				23,563				5,775				23,563
Repossessed assets	226				840				544				258				1,348				226				1,348
Accruing loans delinquent 90 days or more	4,874				5,097				8,326				7,003				15,126				4,874				15,127
Total non-performing assets	$	70,796			$	85,967			$	97,207			$	163,393			$	117,782			$	70,796			$	117,783
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.32		%		0.40		%		0.48		%		0.82		%		0.59		%		0.32		%		0.59		%
Net charge-offs as a percent of average loans (annualized)	0.07		%		0.12		%		0.70		%		0.10		%		0.27		%		0.10		%		0.20		%

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Jun				Mar				Dec				Sep				Jun
(dollars in thousands)	2021				2021				2020				2020				2020
Loans by Type
Commercial, financial and agricultural	$	1,406,421			$	1,611,029			$	1,627,477			$	1,879,788			$	1,839,921
Consumer installment	229,411				257,097				306,995				450,810				575,782
Indirect automobile	397,373				482,637				580,083				682,396				739,543
Mortgage warehouse	841,347				880,216				916,353				995,942				748,853
Municipal	647,578				659,228				659,403				725,669				731,508
Premium Finance	780,328				706,379				687,841				710,890				690,584
Real estate - construction and development	1,527,883				1,533,234				1,606,710				1,628,255				1,641,744
Real estate - commercial and farmland	6,051,472				5,616,826				5,300,006				5,116,252				4,804,420
Real estate - residential	2,898,978				2,853,159				2,796,057				2,753,591				2,730,802
Total loans	$	14,780,791			$	14,599,805			$	14,480,925			$	14,943,593			$	14,503,157
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$	1,038			$	930			$	521			$	459			$	592
Consumer installment	28				27				32				36				42
Indirect automobile	1,647				1,931				2,277				2,689				—
Real estate - construction and development	898				501				506				510				919
Real estate - commercial and farmland	46,025				43,398				36,707				73,763				5,252
Real estate - residential	31,570				33,324				38,800				28,777				29,935
Total accruing troubled debt restructurings	$	81,206			$	80,111			$	78,843			$	106,234			$	36,740
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$	805			$	854			$	849			$	1,002			$	1,034
Consumer installment	43				53				56				64				67
Indirect automobile	301				321				461				482				—
Real estate - construction and development	301				706				707				709				307
Real estate - commercial and farmland	7,103				2,233				1,401				19,942				1,878
Real estate - residential	2,515				2,818				2,671				4,477				2,231
Total nonaccrual troubled debt restructurings	$	11,068			$	6,985			$	6,145			$	26,676			$	5,517
Total troubled debt restructurings	$	92,274			$	87,096			$	84,988			$	132,910			$	42,257
Loans by Risk Grade
Grade 1 - Prime credit	$	1,147,589			$	1,381,205			$	1,368,661			$	1,845,900			$	1,789,709
Grade 2 - Strong credit	1,002,463				893,387				869,581				838,267				801,273
Grade 3 - Good credit	6,891,556				6,805,583				6,624,154				6,189,269				5,784,754
Grade 4 - Satisfactory credit	4,657,358				4,507,148				4,794,672				4,989,617				5,643,133
Grade 5 - Fair credit	778,939				616,896				452,350				643,502				212,667
Grade 6 - Other assets especially mentioned	100,750				135,213				108,541				151,501				108,704
Grade 7 - Substandard	202,134				260,369				262,947				285,537				162,917
Grade 8 - Doubtful	—				—				19				—				—
Grade 9 - Loss	2				4				—				—				—
Total loans	$	14,780,791			$	14,599,805			$	14,480,925			$	14,943,593			$	14,503,157

 

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)	2021				2021				2020				2020				2020				2021				2020
Earning Assets
Federal funds sold	$	20,000			$	20,000			$	20,000			$	20,004			$	24,265			$	20,000			$	25,822
Interest-bearing deposits in banks	2,461,092				2,145,403				879,481				467,188				398,284				2,304,119				408,772
Time deposits in other banks	244				249				249				249				249				246				249
Investment securities - taxable	811,234				910,834				1,024,335				1,160,585				1,281,980				860,759				1,320,815
Investment securities - nontaxable	18,225				19,225				20,112				21,619				21,576				18,722				22,208
Other investments	27,620				27,516				31,552				64,656				79,143				27,568				76,557
Loans held for sale	1,705,167				1,284,821				1,281,762				1,507,481				1,614,080				1,496,155				1,600,606
Loans	14,549,104				14,453,975				14,752,664				14,688,317				13,915,406				14,501,802				13,308,960
Total Earning Assets	$	19,592,686			$	18,862,023			$	18,010,155			$	17,930,099			$	17,334,983			$	19,229,371			$	16,763,989
Deposits
Noninterest-bearing deposits	$	6,874,471			$	6,412,268			$	5,970,672			$	5,782,163			$	5,061,578			$	6,644,646			$	4,571,249
NOW accounts	3,314,334				3,182,245				2,968,596				2,718,315				2,441,305				3,248,655				2,364,626
MMDA	4,872,500				4,761,279				4,534,243				4,273,899				4,221,906				4,817,197				4,113,275
Savings accounts	876,887				823,039				793,414				749,314				692,382				850,112				667,902
Retail CDs	2,005,265				2,066,410				2,109,600				2,274,150				2,471,134				2,035,668				2,547,671
Brokered CDs	1,000				1,000				1,140				1,933				2,043				1,000				31,617
Total Deposits	17,944,457				17,246,241				16,377,665				15,799,774				14,890,348				17,597,278				14,296,340
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	6,883				9,284				9,929				10,483				12,452				8,077				14,045
FHLB advances	48,910				48,951				127,797				799,034				1,212,537				48,931				1,239,920
Other borrowings	376,376				376,260				376,295				272,443				269,300				376,318				269,377
Subordinated deferrable interest debentures	125,068				124,574				124,091				123,604				123,120				124,823				125,426
Total Non-Deposit Funding	557,237				559,069				638,112				1,205,564				1,617,409				558,149				1,648,768
Total Funding	$	18,501,694			$	17,805,310			$	17,015,777			$	17,005,338			$	16,507,757			$	18,155,427			$	15,945,108

 

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)	2021				2021				2020				2020				2020				2021				2020
Interest Income
Federal funds sold	$	12			$	12			$	13			$	13			$	45			$	24			$	121
Interest-bearing deposits in banks	594				521				251				152				122				1,115				1,332
Time deposits in other banks	1				1				1				1				1				2				2
Investment securities - taxable	5,244				6,118				6,398				7,260				9,346				11,362				19,428
Investment securities - nontaxable (TE)	176				178				190				202				198				354				397
Loans held for sale	11,773				10,827				9,705				10,365				14,053				22,600				27,690
Loans (TE)	157,112				161,473				163,532				163,352				162,617				318,585				321,253
Total Earning Assets	$	174,912			$	179,130			$	180,090			$	181,345			$	186,382			$	354,042			$	370,223
Accretion income (included above)	$	4,462			$	6,127			$	4,688			$	6,525			$	9,576			$	10,589			$	16,138
Interest Expense
Interest-Bearing Deposits
NOW accounts	$	816			$	926			$	1,091			$	1,394			$	1,265			$	1,742			$	4,039
MMDA	1,908				1,998				2,326				2,823				3,764				3,906				13,512
Savings accounts	122				124				143				112				94				246				304
Retail CDs	2,921				3,744				5,301				7,484				9,136				6,665				20,200
Brokered CDs	8				6				9				9				14				14				320
Total Interest-Bearing Deposits	5,775				6,798				8,870				11,822				14,273				12,573				38,375
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	5				7				8				9				25				12				65
FHLB advances	193				192				245				661				1,686				385				6,795
Other borrowings	4,683				4,638				4,635				3,558				3,487				9,321				6,998
Subordinated deferrable interest debentures	1,243				1,338				1,569				1,346				1,733				2,581				3,794
Total Non-Deposit Funding	6,124				6,175				6,457				5,574				6,931				12,299				17,652
Total Interest-Bearing Funding	$	11,899			$	12,973			$	15,327			$	17,396			$	21,204			$	24,872			$	56,027
Net Interest Income (TE)	$	163,013			$	166,157			$	164,763			$	163,949			$	165,178			$	329,170			$	314,196

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended															Six Months Ended
	Jun			Mar			Dec			Sep			Jun			Jun			Jun
	2021			2021			2020			2020			2020			2021			2020
Earning Assets
Federal funds sold	0.24	%		0.24	%		0.26	%		0.26	%		0.75	%		0.24	%		0.94	%
Interest-bearing deposits in banks	0.10	%		0.10	%		0.11	%		0.13	%		0.12	%		0.10	%		0.66	%
Time deposits in other banks	1.64	%		1.63	%		1.60	%		1.60	%		1.62	%		1.64	%		1.62	%
Investment securities - taxable	2.59	%		2.72	%		2.48	%		2.49	%		2.93	%		2.66	%		2.96	%
Investment securities - nontaxable (TE)	3.87	%		3.75	%		3.76	%		3.72	%		3.69	%		3.81	%		3.59	%
Loans held for sale	2.77	%		3.42	%		3.01	%		2.74	%		3.50	%		3.05	%		3.48	%
Loans (TE)	4.33	%		4.53	%		4.41	%		4.42	%		4.70	%		4.43	%		4.85	%
Total Earning Assets	3.58	%		3.85	%		3.98	%		4.02	%		4.32	%		3.71	%		4.44	%
Interest-Bearing Deposits
NOW accounts	0.10	%		0.12	%		0.15	%		0.20	%		0.21	%		0.11	%		0.34	%
MMDA	0.16	%		0.17	%		0.20	%		0.26	%		0.36	%		0.16	%		0.66	%
Savings accounts	0.06	%		0.06	%		0.07	%		0.06	%		0.05	%		0.06	%		0.09	%
Retail CDs	0.58	%		0.73	%		1.00	%		1.31	%		1.49	%		0.66	%		1.59	%
Brokered CDs	3.21	%		2.43	%		3.14	%		1.85	%		2.76	%		2.82	%		2.04	%
Total Interest-Bearing Deposits	0.21	%		0.25	%		0.34	%		0.47	%		0.58	%		0.23	%		0.79	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	0.29	%		0.31	%		0.32	%		0.34	%		0.81	%		0.30	%		0.93	%
FHLB advances	1.58	%		1.59	%		0.76	%		0.33	%		0.56	%		1.59	%		1.10	%
Other borrowings	4.99	%		5.00	%		4.90	%		5.20	%		5.21	%		4.99	%		5.22	%
Subordinated deferrable interest debentures	3.99	%		4.36	%		5.03	%		4.33	%		5.66	%		4.17	%		6.08	%
Total Non-Deposit Funding	4.41	%		4.48	%		4.03	%		1.84	%		1.72	%		4.44	%		2.15	%
Total Interest-Bearing Liabilities	0.41	%		0.46	%		0.55	%		0.62	%		0.75	%		0.44	%		0.99	%
Net Interest Spread	3.17	%		3.39	%		3.43	%		3.40	%		3.57	%		3.27	%		3.45	%
Net Interest Margin(2)	3.34	%		3.57	%		3.64	%		3.64	%		3.83	%		3.45	%		3.77	%
Total Cost of Funds(3)	0.26	%		0.30	%		0.36	%		0.41	%		0.52	%		0.28	%		0.71	%
(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)	2021				2021				2020				2020				2020				2021				2020
Net income available to common shareholders	$	88,327			$	124,962			$	94,285			$	116,145			$	32,236			$	213,289			$	51,558
Adjustment items:
Merger and conversion charges	—				—				—				(44)				895				—				1,435
Restructuring charges	—				—				—				50				1,463				—				1,463
Servicing right impairment (recovery)	(749)				(10,639)				9,501				412				7,989				(11,388)				30,154
Gain on BOLI proceeds	—				(603)				—				(103)				(845)				(603)				(845)
Expenses related to SEC and DOJ Investigation	—				—				53				268				1,294				—				2,737
Natural disaster and pandemic charges (Note 1)	—				—				235				470				2,043				—				2,591
(Gain) loss on sale of premises	(236)				(264)				(30)				(97)				281				(500)				751
Tax effect of adjustment items (Note 2)	206				2,290				(2,049)				(222)				(2,933)				2,496				(8,216)
After tax adjustment items	(779)				(9,216)				7,710				734				10,187				(9,995)				30,070
Adjusted net income	$	87,548			$	115,746			$	101,995			$	116,879			$	42,423			$	203,294			$	81,628
Weighted average number of shares - diluted	69,791,670				69,740,860				69,493,105				69,346,141				69,292,972				69,764,923				69,413,027
Net income per diluted share	$	1.27			$	1.79			$	1.36			$	1.67			$	0.47			$	3.06			$	0.74
Adjusted net income per diluted share	$	1.25			$	1.66			$	1.47			$	1.69			$	0.61			$	2.91			$	1.18
Average assets	$	21,538,894			$	20,734,414			$	19,876,338			$	19,810,084			$	19,222,181			$	21,144,751			$	18,649,746
Return on average assets	1.64		%		2.44		%		1.89		%		2.33		%		0.67		%		2.03		%		0.56		%
Adjusted return on average assets	1.63		%		2.26		%		2.04		%		2.35		%		0.89		%		1.94		%		0.88		%
Average common equity	$	2,798,269			$	2,695,005			$	2,622,942			$	2,529,471			$	2,478,373			$	2,746,922			$	2,486,140
Average tangible common equity	$	1,804,324			$	1,696,946			$	1,620,742			$	1,523,066			$	1,462,871			$	1,750,931			$	1,468,135
Return on average common equity	12.66		%		18.80		%		14.30		%		18.27		%		5.23		%		15.66		%		4.17		%
Adjusted return on average tangible common equity	19.46		%		27.66		%		25.04		%		30.53		%		11.66		%		23.41		%		11.18		%
Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.
Note 2:  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 2Q20 and year-to-date 2020 periods 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)	2021				2021				2020				2020				2020				2021				2020
Adjusted Noninterest Expense
Total noninterest expense	$	135,761			$	148,798			$	151,116			$	153,692			$	155,768			$	284,559			$	293,821
Adjustment items:
Merger and conversion charges	—				—				—				44				(895)				—				(1,435)
Restructuring charges	—				—				—				(50)				(1,463)				—				(1,463)
Expenses related to SEC and DOJ Investigation	—				—				(53)				(268)				(1,294)				—				(2,737)
Natural disaster and pandemic charges	—				—				(235)				(470)				(2,043)				—				(2,591)
Gain (loss) on sale of premises	236				264				30				97				(281)				500				(751)
Adjusted noninterest expense	$	135,997			$	149,062			$	150,858			$	153,045			$	149,792			$	285,059			$	284,844
Total Revenue
Net interest income	$	161,852			$	164,977			$	163,456			$	162,538			$	163,814			$	326,829			$	311,759
Noninterest income	89,240				117,973				112,143				159,018				120,960				207,213				175,339
Total revenue	$	251,092			$	282,950			$	275,599			$	321,556			$	284,774			$	534,042			$	487,098
Adjusted Total Revenue
Net interest income (TE)	$	163,013			$	166,157			$	164,763			$	163,949			$	165,178			$	329,170			$	314,196
Noninterest income	89,240				117,973				112,143				159,018				120,960				207,213				175,339
Total revenue (TE)	252,253				284,130				276,906				322,967				286,138				536,383				489,535
Adjustment items:
(Gain) loss on securities	(1)				12				—				—				(14)				11				(5)
Gain on BOLI proceeds	—				(603)				—				(103)				(845)				(603)				(845)
Servicing right impairment (recovery)	(749)				(10,639)				9,501				412				7,989				(11,388)				30,154
Adjusted total revenue (TE)	$	251,503			$	272,900			$	286,407			$	323,276			$	293,268			$	524,403			$	518,839
Efficiency ratio	54.07		%		52.59		%		54.83		%		47.80		%		54.70		%		53.28		%		60.32		%
Adjusted efficiency ratio (TE)	54.07		%		54.62		%		52.67		%		47.34		%		51.08		%		54.36		%		54.90		%
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)	2021				2021				2020				2020				2020				2021				2020
Total shareholders' equity	$	2,837,004			$	2,757,596			$	2,647,088			$	2,564,683			$	2,460,130			$	2,837,004			$	2,460,130
Less:
Goodwill	928,005				928,005				928,005				928,005				928,005				928,005				928,005
Other intangibles, net	63,783				67,848				71,974				76,164				80,354				63,783				80,354
Total tangible shareholders' equity	$	1,845,216			$	1,761,743			$	1,647,109			$	1,560,514			$	1,451,771			$	1,845,216			$	1,451,771
Period end number of shares	69,767,209				69,713,426				69,541,481				69,490,546				69,462,782				69,767,209				69,462,782
Book value per share (period end)	$	40.66			$	39.56			$	38.07			$	36.91			$	35.42			$	40.66			$	35.42
Tangible book value per share (period end)	$	26.45			$	25.27			$	23.69			$	22.46			$	20.90			$	26.45			$	20.90

 

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)	2021				2021				2020				2020				2020				2021				2020
Banking Division
Net interest income	$	110,670			$	112,816			$	112,964			$	119,562			$	120,330			$	223,486			$	238,705
Provision for credit losses	(3,949)				(23,904)				1,847				487				86,805				(27,853)				122,802
Noninterest income	16,171				16,738				15,659				15,265				14,468				32,909				32,241
Noninterest expense
Salaries and employee benefits	37,814				42,723				38,668				39,718				40,423				80,537				82,044
Occupancy and equipment expenses	9,050				10,120				10,958				11,955				11,679				19,170				22,026
Data processing and telecommunications expenses	10,280				10,201				9,608				9,716				8,919				20,481				19,716
Other noninterest expenses	18,763				19,710				25,806				21,517				27,997				38,473				58,642
Total noninterest expense	75,907				82,754				85,040				82,906				89,018				158,661				182,428
Income (loss) before income tax expense	54,883				70,704				41,736				51,434				(41,025)				125,587				(34,284)
Income tax expense (benefit)	14,196				18,456				13,992				13,453				(8,582)				32,652				(8,307)
Net income (loss)	$	40,687			$	52,248			$	27,744			$	37,981			$	(32,443)			$	92,935			$	(25,977)
Retail Mortgage Division
Net interest income	$	22,533			$	18,984			$	19,908			$	20,393			$	24,302			$	41,517			$	42,058
Provision for credit losses	5,647				(4,553)				(1,621)				15,051				423				1,094				2,420
Noninterest income	69,055				97,640				94,109				137,583				104,195				166,695				138,564
Noninterest expense
Salaries and employee benefits	44,798				49,838				50,165				53,500				50,003				94,636				81,100
Occupancy and equipment expenses	1,553				1,476				1,577				1,676				1,953				3,029				3,457
Data processing and telecommunications expenses	1,435				1,546				1,534				2,349				1,406				2,981				2,392
Other noninterest expenses	7,638				8,189				7,442				7,889				6,949				15,827				12,824
Total noninterest expense	55,424				61,049				60,718				65,414				60,311				116,473				99,773
Income before income tax expense	30,517				60,128				54,920				77,511				67,763				90,645				78,429
Income tax expense	6,408				12,627				11,535				16,112				14,231				19,035				16,639
Net income	$	24,109			$	47,501			$	43,385			$	61,399			$	53,532			$	71,610			$	61,790
Warehouse Lending Division
Net interest income	$	8,720			$	9,906			$	9,017			$	6,546			$	5,026			$	18,626			$	8,328
Provision for credit losses	(155)				(145)				1,673				495				403				(300)				394
Noninterest income	1,333				980				1,113				1,064				727				2,313				1,687
Noninterest expense
Salaries and employee benefits	278				330				296				266				209				608				419
Occupancy and equipment expenses	1				1				1				1				1				2				2
Data processing and telecommunications expenses	68				49				101				73				55				117				96
Other noninterest expenses	30				33				26				28				88				63				122
Total noninterest expense	377				413				424				368				353				790				639
Income before income tax expense	9,831				10,618				8,033				6,747				4,997				20,449				8,982
Income tax expense	2,064				2,230				1,687				1,431				1,049				4,294				1,886
Net income	$	7,767			$	8,388			$	6,346			$	5,316			$	3,948			$	16,155			$	7,096

 

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)	2021				2021				2020				2020				2020				2021				2020
SBA Division
Net interest income	$	12,882			$	16,635			$	14,909			$	8,966			$	7,034			$	29,517			$	9,215
Provision for credit losses	(607)				(547)				(2,997)				4,297				2,322				(1,154)				1,419
Noninterest income	2,677				2,611				1,247				5,106				1,570				5,288				2,847
Noninterest expense
Salaries and employee benefits	937				1,382				1,233				1,572				2,612				2,319				4,088
Occupancy and equipment expenses	132				106				100				97				97				238				194
Data processing and telecommunications expenses	—				1				1				4				15				1				28
Other noninterest expenses	284				295				363				595				359				579				874
Total noninterest expense	1,353				1,784				1,697				2,268				3,083				3,137				5,184
Income before income tax expense	14,813				18,009				17,456				7,507				3,199				32,822				5,459
Income tax expense	3,111				3,782				3,666				1,577				671				6,893				1,146
Net income	$	11,702			$	14,227			$	13,790			$	5,930			$	2,528			$	25,929			$	4,313
Premium Finance Division
Net interest income	$	7,047			$	6,636			$	6,658			$	7,071			$	7,122			$	13,683			$	13,453
Provision for credit losses	(794)				558				(412)				(2,648)				(1,792)				(236)				2,173
Noninterest income	4				4				15				—				—				8				—
Noninterest expense
Salaries and employee benefits	1,678				1,712				2,104				1,642				1,921				3,390				3,463
Occupancy and equipment expenses	76				78				73				76				77				154				156
Data processing and telecommunications expenses	94				87				79				84				119				181				236
Other noninterest expenses	852				921				981				934				886				1,773				1,942
Total noninterest expense	2,700				2,798				3,237				2,736				3,003				5,498				5,797
Income (loss) before income tax expense	5,145				3,284				3,848				6,983				5,911				8,429				5,483
Income tax expense (benefit)	1,083				686				828				1,464				1,240				1,769				1,147
Net income (loss)	$	4,062			$	2,598			$	3,020			$	5,519			$	4,671			$	6,660			$	4,336
Total Consolidated
Net interest income	$	161,852			$	164,977			$	163,456			$	162,538			$	163,814			$	326,829			$	311,759
Provision for credit losses	142				(28,591)				(1,510)				17,682				88,161				(28,449)				129,208
Noninterest income	89,240				117,973				112,143				159,018				120,960				207,213				175,339
Noninterest expense
Salaries and employee benefits	85,505				95,985				92,466				96,698				95,168				181,490				171,114
Occupancy and equipment expenses	10,812				11,781				12,709				13,805				13,807				22,593				25,835
Data processing and telecommunications expenses	11,877				11,884				11,323				12,226				10,514				23,761				22,468
Other noninterest expenses	27,567				29,148				34,618				30,963				36,279				56,715				74,404
Total noninterest expense	135,761				148,798				151,116				153,692				155,768				284,559				293,821
Income before income tax expense	115,189				162,743				125,993				150,182				40,845				277,932				64,069
Income tax expense	26,862				37,781				31,708				34,037				8,609				64,643				12,511
Net income	$	88,327			$	124,962			$	94,285			$	116,145			$	32,236			$	213,289			$	51,558

 

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FAQ

What were Ameris Bancorp's net income results for Q2 2021?

Ameris Bancorp reported a net income of $88.3 million, or $1.27 per diluted share, for Q2 2021.

How did the adjusted net income of Ameris Bancorp change in Q2 2021?

The adjusted net income for Q2 2021 was $87.5 million, compared to $42.4 million in Q2 2020.

What was the loan growth percentage for Ameris Bancorp in Q2 2021?

Ameris Bancorp achieved a 5% annualized net loan growth in Q2 2021.

What is the current tangible book value per share for Ameris Bancorp?

As of June 30, 2021, the tangible book value per share for Ameris Bancorp is $26.45.

How did Ameris Bancorp's net interest margin change in Q2 2021?

The net interest margin for Ameris Bancorp fell to 3.34% in Q2 2021 from 3.57% in Q1 2021.