AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2022

Rhea-AI Summary

Ameris Bancorp (Nasdaq: ABCB) reported a net income of $92.6 million, or $1.34 per diluted share for Q3 2022, compared to $81.7 million or $1.17 per share in Q3 2021. Adjusted net income was $91.8 million ($1.32 per share). The company saw tangible book value increase by 10.4% to $28.62 per share. Net interest income rose by 11.2% to $213.9 million, while net interest margin improved to 3.97%. However, noninterest income fell by 22.1% due to decreased mortgage banking activity.

Positive

• Net income increased by 13.5% year-over-year to $92.6 million.
• Adjusted net income rose to $91.8 million, excluding exceptional costs.
• Tangible book value per share grew by 10.4% to $28.62.
• Net interest income increased by 31.4% compared to Q3 2021.
• Loan production in Q3 was $1.12 billion, up from $913.3 million a year ago.
• Adjusted efficiency ratio improved to 50.06%.

Negative

• Noninterest income decreased by 22.1% to $65.3 million primarily due to a 31.3% decline in mortgage banking activity.
• Provision for credit losses increased to $17.7 million due to organic loan growth.
• Total assets slightly decreased from $23.86 billion at year-end 2021 to $23.81 billion.

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

• Net income of $92.6 million, or $1.34 per diluted share
• Growth in tangible book value⁽¹⁾ of $0.73 per share, or 10.4% annualized, to $28.62 at September 30, 2022
• Adjusted total revenue⁽¹⁾ grew $13.1 million, or 4.9%, when compared with last quarter
• Improvement in net interest margin of 31bps, from 3.66% last quarter to 3.97% this quarter
• Adjusted return on average assets⁽¹⁾ of 1.54%
• Adjusted return on average tangible common equity⁽¹⁾ of 18.33%
• Adjusted efficiency ratio⁽¹⁾ of 50.06%, compared with 53.66% last quarter
• Organic growth in loans of $1.25 billion, or 28.4% annualized
• Continued growth in noninterest bearing deposits, representing 42.86% of total deposits, from 41.98% at June 30, 2022 and 40.44% a year ago

ATLANTA, Oct. 27, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $92.6 million, or $1.34 per diluted share, for the quarter ended September 30, 2022, compared with $81.7 million, or $1.17 per diluted share, for the quarter ended September 30, 2021. The Company reported adjusted net income⁽¹⁾ of $91.8 million, or $1.32 per diluted share, for the quarter ended September 30, 2022, compared with $83.9 million, or $1.20 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, natural disaster and pandemic expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, loss on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.

For the year-to-date period ending September 30, 2022, the Company reported net income of $264.3 million, or $3.81 per diluted share, compared with $295.0 million, or $4.23 per diluted share, for the same period in 2021.  The Company reported adjusted net income⁽¹⁾ of $248.3 million, or $3.58 per diluted share, for the nine months ended September 30, 2022, compared with $287.2 million, or $4.12 per diluted share, for the same period in 2021.  Adjusted net income for the year-to-date period excludes the same items listed above for the third quarter. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We had an outstanding third quarter where we saw significant expansion in our margin to 3.97%, continued improvement in our efficiency ratio to just over 50%, strengthening in our balance sheet and earning asset mix and tangible book value growth of more than 10%, annualized.  I am proud of the work our team has done and this quarter's solid results.  We remain focused on core fundamentals.  Our momentum and discipline have positioned us well for the remainder of this year and for entering 2023."

Increase in Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) grew to $213.9 million in the third quarter of 2022, an increase of $21.6 million, or 11.2%, from last quarter and $51.1 million, or 31.4%, compared with the third quarter of 2021.  Interest income on a tax-equivalent basis increased by $31.7 million, or 15.6%, in the current quarter while interest expense increased $10.1 million, or 90.3%, compared with the second quarter of 2022. 

The Company's net interest margin improved significantly to 3.97% for the third quarter of 2022, up from 3.66% reported for the second quarter of 2022 and 3.22% reported for the third quarter of 2021.  Average earning assets increased $300.7 million, or 1.4%, from the previous quarter, and the mix of earning assets continued to expand the margin as the Company deployed excess liquidity through the investment portfolio and organic loan growth. 

Yields on earning assets increased 49 basis points during the quarter to 4.37%, compared with 3.88% in the second quarter of 2022, and increased 93 basis points from 3.44% in the third quarter of 2021.  Yields on loans increased to 4.62% during the third quarter of 2022, compared with 4.32% for the second quarter of 2022 and 4.24% for the third quarter of 2021. In addition, the Company incurred net accretion expense in the third quarter of $597,000, compared with $379,000 in the second quarter of 2022 and accretion income of $2.9 million for the third quarter of 2021.

Loan production in the banking division during the third quarter of 2022 was $1.12 billion, with weighted average yields of 6.26%, compared with $1.07 billion and 5.24%, respectively, in the second quarter of 2022 and $913.3 million and 3.56%, respectively, in the third quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.6 billion during the third quarter of 2022, with weighted average yields of 5.29%, compared with $5.3 billion and 4.29%, respectively, during the second quarter of 2022 and $5.8 billion and 3.37%, respectively, during the third quarter of 2021.   

The Company's total cost of funds was 0.42% in the third quarter of 2022, an increase of 20 basis points compared with the second quarter of 2022.  Deposit costs increased 19 basis point during the third quarter of 2022 to 0.29%, compared with 0.10% in the second quarter of 2022.  Costs of interest-bearing deposits increased during the quarter from 0.17% in the second quarter of 2022 to 0.49% in the third quarter of 2022, reflecting deposit pricing adjustments made at the end of the second quarter.

Noninterest Income

Noninterest income decreased $18.5 million, or 22.1%, in the third quarter of 2022 to $65.3 million, compared with $83.8 million for the second quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $18.4 million, or 31.3%, to $40.4 million in the third quarter of 2022, compared with $58.8 million for the second quarter of 2022.  Gain on sale spreads decreased to 2.10% in the third quarter of 2022 from 2.36% for the second quarter of 2022. Total production in the retail mortgage division decreased to $1.26 billion in the third quarter of 2022, compared with $1.73 billion for the second quarter of 2022. The retail mortgage open pipeline was $520.0 million at the end of the third quarter of 2022, compared with $832.3 million at June 30, 2022.  Mortgage banking activity included a $1.3 million recovery of servicing right impairment recorded in the third quarter of 2022, compared with a recovery of $10.8 million for the second quarter of 2022. 

Noninterest Expense

Noninterest expense decreased $2.6 million, or 1.8%, to $139.6 million during the third quarter of 2022, compared with $142.2 million for the second quarter of 2022.  During the third quarter of 2022, the Company recorded natural disaster and pandemic charges of $151,000, compared with a net gain on bank premises of $39,000 during the second quarter of 2022.  Excluding those charges, adjusted expenses⁽¹⁾ decreased approximately $2.8 million, or 2.0%, to $139.4 million in the third quarter of 2022, from $142.2 million in the second quarter of 2022.  The decrease in adjusted expenses⁽¹⁾ resulted from a $6.6 million decline in mortgage expenses related to reduced production, offset by a $3.7 million increase in the banking division, the majority of which was related to compensation, incentives and benefits.  Management continues to deliver high performing operating efficiency, as the adjusted efficiency ratio⁽¹⁾ decreased to 50.06% in the third quarter of 2022, compared with 53.66% in the second quarter of 2022.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2022 was 23.6%, compared with 23.7% in the second quarter of 2022. 

Balance Sheet Trends

Total assets at September 30, 2022 were $23.81 billion, compared with $23.86 billion at December 31, 2021.  While total assets have not materially changed, the Company has improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $662.5 million, or 111.8%, from $592.6 million at December 31, 2021 to $1.26 billion at September 30, 2022.  Loans, net of unearned income, increased $2.93 billion, or 24.6% annualized, to $18.81 billion at September 30, 2022, compared with $15.87 billion at December 31, 2021.  Organic loan growth in the third quarter of 2022 was $1.25 billion, or 28.4% annualized, which was diversified across the portfolio, including commercial real estate, residential mortgages, construction, premium finance and small business.  Loans held for sale decreased $956.6 million from $1.25 billion at December 31, 2021 to $298.0 million at September 30, 2022 due to a decline in mortgage activity resulting from the rising rate environment. 

At September 30, 2022, total deposits amounted to $19.47 billion, or 95.8% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021.  At September 30, 2022, noninterest-bearing deposit accounts were $8.34 billion, or 42.9% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.99 billion at September 30, 2022, compared with $12.52 billion at December 31, 2021.  These funds represented 66.7% of the Company's total deposits at September 30, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.

Shareholders' equity at September 30, 2022 totaled $3.12 billion, an increase of $152.6 million, or 5.1%, from December 31, 2021.  The increase in shareholders' equity was primarily the result of earnings of $264.3 million during the first nine months of 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio.  Tangible book value per share⁽¹⁾ increased $0.73 per share, or 10.4% annualized, during the third quarter to $28.62 at September 30, 2022.  The Company recorded dilution of $0.55 per share, or less than 2.0%, of tangible book value⁽¹⁾ this quarter from other comprehensive income related to the increase in net unrealized losses on the securities portfolio.  For the year-to-date period, tangible book value per share⁽¹⁾ increased $2.36, or 12% annualized, to $28.62 at September 30, 2022, compared with $26.26 at December 31, 2021.  Tangible common equity as a percentage of tangible assets was 8.75% at September 30, 2022, compared with 8.05% at the end of 2021.

Credit Quality

Credit quality remains strong in the Company.  During the third quarter of 2022, the Company recorded a provision for credit losses of $17.7 million, compared with a provision of $14.9 million in the second quarter of 2022.  This provision was primarily attributable to organic loan growth of $1.25 billion during the quarter.  Nonperforming assets as a percentage of total assets decreased one basis point to 0.55% during the quarter.  The net charge-off ratio was 11 basis points for the third quarter of 2022, compared with four basis points in the second quarter of 2022 and zero basis points in the third quarter of 2021.

Share Repurchase Program

The Company's board of directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock.  Repurchases of shares, which are authorized to occur through October 31, 2023, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares.  The authorization is a continuation of and increase in the Company's preciously announced share repurchase program which was set to expire on October 31 and under which the Company has repurchased $41.7 million of its outstanding common stock.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 28, 2022, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants).  The conference call access code is 690943.  A replay of the call will be available one hour after the end of the conference call until November 11, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 970912.  The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights	Table 1
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2022		2022		2022		2021		2021		2022		2021
EARNINGS
Net income	$    92,555		$    90,066		$    81,698		$    81,944		$    81,680		$  264,319		$  294,969
Adjusted net income	$    91,817		$    81,473		$    75,039		$    81,544		$    83,861		$  248,329		$  287,155
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        1.34		$        1.30		$        1.18		$        1.18		$        1.18		$        3.82		$        4.25
Diluted	$        1.34		$        1.30		$        1.17		$        1.18		$        1.17		$        3.81		$        4.23
Adjusted diluted EPS(1)	$        1.32		$        1.18		$        1.08		$        1.17		$        1.20		$        3.58		$        4.12
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15		$        0.45		$        0.45
Book value per share (period end)	$      44.97		$      44.31		$      43.31		$      42.62		$      41.66		$      44.97		$      41.66
Tangible book value per share (period end)(1)	$      28.62		$      27.89		$      26.84		$      26.26		$      27.46		$      28.62		$      27.46
Weighted average number of shares
Basic	69,124,855		69,136,046		69,345,735		69,398,594		69,439,845		69,213,012		69,445,270
Diluted	69,327,414		69,316,258		69,660,990		69,738,426		69,756,135		69,427,522		69,772,084
Period end number of shares	69,352,709		69,360,461		69,439,084		69,609,228		69,635,435		69,352,709		69,635,435
Market data
High intraday price	$      50.94		$      46.28		$      55.62		$      56.64		$      53.63		$      55.62		$      59.85
Low intraday price	$      38.22		$      39.37		$      43.56		$      46.20		$      44.92		$      38.22		$      36.60
Period end closing price	$      44.71		$      40.18		$      43.88		$      49.68		$      51.88		$      44.71		$      51.88
Average daily volume	$  346,522		$  446,121		$  471,858		$  350,119		$  392,533		$  420,703		$  426,963
PERFORMANCE RATIOS
Return on average assets	1.56 %		1.54 %		1.42 %		1.41 %		1.47 %		1.51 %		1.84 %
Adjusted return on average assets(1)	1.54 %		1.40 %		1.31 %		1.40 %		1.51 %		1.42 %		1.79 %
Return on average common equity	11.76 %		11.87 %		11.06 %		11.06 %		11.27 %		11.57 %		14.14 %
Adjusted return on average tangible common equity(1)	18.33 %		17.18 %		16.38 %		16.88 %		17.65 %		17.33 %		21.38 %
Earning asset yield (TE)	4.37 %		3.88 %		3.56 %		3.39 %		3.44 %		3.94 %		3.62 %
Total cost of funds	0.42 %		0.22 %		0.22 %		0.23 %		0.24 %		0.29 %		0.26 %
Net interest margin (TE)	3.97 %		3.66 %		3.35 %		3.18 %		3.22 %		3.67 %		3.37 %
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	21.74 %		29.09 %		32.05 %		31.31 %		30.32 %		27.45 %		34.88 %
Efficiency ratio	50.15 %		51.67 %		55.43 %		55.66 %		57.59 %		52.35 %		54.61 %
Adjusted efficiency ratio (TE)(1)	50.06 %		53.66 %		56.95 %		54.85 %		56.56 %		53.44 %		55.05 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	13.10 %		12.97 %		12.76 %		12.43 %		12.87 %		13.10 %		12.87 %
Tangible common equity to tangible assets	8.75 %		8.58 %		8.32 %		8.05 %		8.88 %		8.75 %		8.88 %
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.75 %		8.58 %		8.32 %		8.05 %		8.88 %		8.75 %		8.88 %
Effect of goodwill and other intangibles	4.35 %		4.39 %		4.44 %		4.38 %		3.99 %		4.35 %		3.99 %
Equity to assets (GAAP)	13.10 %		12.97 %		12.76 %		12.43 %		12.87 %		13.10 %		12.87 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,071		2,050		2,033		2,008		1,821		2,071		1,821
Retail Mortgage Division	671		712		714		739		749		671		749
Warehouse Lending Division	9		9		10		12		12		9		12
SBA Division	40		36		35		34		29		40		29
Premium Finance Division	77		78		77		72		67		77		67
Total Ameris Bancorp FTE headcount	2,868		2,885		2,869		2,865		2,678		2,868		2,678
Assets per Banking Division FTE	$    11,499		$    11,555		$    11,589		$    11,882		$    12,374		$    11,499		$    12,374
Branch locations	164		164		165		165		165		164		165
Deposits per branch location	$  118,701		$  120,030		$  118,718		$  119,185		$  114,142		$  118,701		$  114,142

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement	Table 2
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2022		2022		2022		2021		2021		2022		2021
Interest income
Interest and fees on loans	$     216,400		$     190,740		$     177,566		$     170,813		$     166,358		$     584,706		$     505,276
Interest on taxable securities	10,324		7,064		4,239		5,866		5,296		21,627		16,658
Interest on nontaxable securities	363		269		186		156		139		818		419
Interest on deposits in other banks	7,188		4,463		1,373		1,521		1,244		13,024		2,361
Interest on federal funds sold	27		32		10		9		9		69		33
Total interest income	234,302		202,568		183,374		178,365		173,046		620,244		524,747
Interest expense
Interest on deposits	14,034		4,908		4,092		4,678		5,106		23,034		17,679
Interest on other borrowings	7,287		6,296		6,738		6,850		6,279		20,321		18,578
Total interest expense	21,321		11,204		10,830		11,528		11,385		43,355		36,257
Net interest income	212,981		191,364		172,544		166,837		161,661		576,889		488,490
Provision for loan losses	17,469		13,227		(2,734)		(13,619)		(3,984)		27,962		(21,462)
Provision for unfunded commitments	192		1,779		9,009		16,388		(5,516)		10,980		(16,056)
Provision for other credit losses	(9)		(82)		(44)		(10)		(175)		(135)		(606)
Provision for credit losses	17,652		14,924		6,231		2,759		(9,675)		38,807		(38,124)
Net interest income after provision for credit losses	195,329		176,440		166,313		164,078		171,336		538,082		526,614
Noninterest income
Service charges on deposit accounts	11,168		11,148		11,058		11,784		11,486		33,374		33,322
Mortgage banking activity	40,350		58,761		62,938		60,723		56,460		162,049		225,177
Other service charges, commissions and fees	970		998		939		962		1,154		2,907		3,226
Gain (loss) on securities	(21)		248		(27)		(4)		530		200		519
Other noninterest income	12,857		12,686		12,003		8,304		6,932		37,546		21,531
Total noninterest income	65,324		83,841		86,911		81,769		76,562		236,076		283,775
Noninterest expense
Salaries and employee benefits	78,697		81,545		84,281		76,615		79,671		244,523		261,161
Occupancy and equipment	12,983		12,746		12,727		13,494		11,979		38,456		34,572
Data processing and communications expenses	12,015		12,155		12,572		11,534		10,681		36,742		34,442
Credit resolution-related expenses(1)	126		496		(965)		1,992		377		(343)		1,546
Advertising and marketing	3,553		3,122		1,988		2,381		2,676		8,663		6,053
Amortization of intangible assets	4,710		5,144		5,181		3,387		3,387		15,035		11,578
Merger and conversion charges	—		—		977		4,023		183		977		183
Other noninterest expenses	27,494		26,988		27,059		24,943		28,242		81,541		72,220
Total noninterest expense	139,578		142,196		143,820		138,369		137,196		425,594		421,755
Income before income tax expense	121,075		118,085		109,404		107,478		110,702		348,564		388,634
Income tax expense	28,520		28,019		27,706		25,534		29,022		84,245		93,665
Net income	$       92,555		$       90,066		$       81,698		$       81,944		$       81,680		$     264,319		$     294,969
Diluted earnings per common share	$          1.34		$          1.30		$          1.17		$          1.18		$          1.17		$          3.81		$          4.23
(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
	Sep		Jun		Mar		Dec		Sep
(dollars in thousands)	2022		2022		2022		2021		2021
Assets
Cash and due from banks	$     269,193		$     345,627		$     257,316		$     307,813		$     239,028
Federal funds sold and interest-bearing deposits in banks	1,061,975		1,961,209		3,541,144		3,756,844		3,513,412
Debt securities available-for-sale, at fair value	1,255,149		1,052,268		579,204		592,621		684,504
Debt securities held-to-maturity, at amortized cost	130,214		111,654		91,454		79,850		64,451
Other investments	60,560		49,500		49,395		47,552		27,619
Loans held for sale	297,987		555,665		901,550		1,254,632		1,435,805
Loans, net of unearned income	18,806,856		17,561,022		16,143,801		15,874,258		14,824,539
Allowance for credit losses	(184,891)		(172,642)		(161,251)		(167,582)		(171,213)
Loans, net	18,621,965		17,388,380		15,982,550		15,706,676		14,653,326
Other real estate owned	843		835		1,910		3,810		4,594
Premises and equipment, net	222,694		224,249		224,293		225,400		226,430
Goodwill	1,023,071		1,023,056		1,022,345		1,012,620		928,005
Other intangible assets, net	110,903		115,613		120,757		125,938		60,396
Cash value of bank owned life insurance	386,533		384,862		332,914		331,146		279,389
Other assets	372,570		474,552		455,460		413,419		416,182
Total assets	$ 23,813,657		$ 23,687,470		$ 23,560,292		$ 23,858,321		$ 22,533,141
Liabilities
Deposits
Noninterest-bearing	$  8,343,200		$  8,262,929		$  7,870,207		$  7,774,823		$  7,616,728
Interest-bearing	11,123,719		11,422,053		11,718,234		11,890,730		11,216,761
Total deposits	19,466,919		19,684,982		19,588,441		19,665,553		18,833,489
Federal funds purchased and securities sold under agreements to repurchase	—		953		2,065		5,845		4,502
Other borrowings	725,664		425,592		425,520		739,879		425,375
Subordinated deferrable interest debentures	127,823		127,325		126,827		126,328		125,830
Other liabilities	374,181		375,242		410,280		354,265		243,175
Total liabilities	20,694,587		20,614,094		20,553,133		20,891,870		19,632,371
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,247		72,251		72,212		72,017		72,016
Capital stock	1,932,906		1,931,088		1,928,702		1,924,813		1,922,964
Retained earnings	1,239,477		1,157,359		1,077,725		1,006,436		934,979
Accumulated other comprehensive income (loss), net of tax	(50,734)		(12,635)		(1,841)		15,590		21,885
Treasury stock	(74,826)		(74,687)		(69,639)		(52,405)		(51,074)
Total shareholders' equity	3,119,070		3,073,376		3,007,159		2,966,451		2,900,770
Total liabilities and shareholders' equity	$ 23,813,657		$ 23,687,470		$ 23,560,292		$ 23,858,321		$ 22,533,141
Other Data
Earning assets	$ 21,612,741		$ 21,291,318		$ 21,306,548		$ 21,605,757		$ 20,550,330
Intangible assets	1,133,974		1,138,669		1,143,102		1,138,558		988,401
Interest-bearing liabilities	11,977,206		11,975,923		12,272,646		12,762,782		11,772,468
Average assets	23,598,465		23,405,201		23,275,654		23,054,847		22,087,642
Average common shareholders' equity	3,123,718		3,043,280		2,994,652		2,939,507		2,874,691

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands)	2022		2022		2022		2021		2021		2022		2021
Allowance for Credit Losses
Balance at beginning of period	$  216,703		$  203,615		$  200,981		$  188,234		$  197,782		$  200,981		$  233,105
Acquired allowance for purchased credit deteriorated loans	—		—		—		9,432		—		—		—
Provision for loan losses	17,469		13,227		(2,734)		(13,619)		(3,984)		27,962		(21.462)
Provision for unfunded commitments	192		1,779		9,009		16,388		(5,516)		10,980		(16.056)
Provision for other credit losses	(9)		(82)		(44)		(10)		(175)		(135)		(606)
Provision for credit losses	17,652		14,924		6,231		2,759		(9,675)		38,807		(38,124)
Charge-offs	9,272		6,853		8,579		3,367		3,537		24,704		18,249
Recoveries	4,052		5,017		4,982		3,923		3,664		14,051		11,502
Net charge-offs (recoveries)	5,220		1,836		3,597		(556)		(127)		10,653		6,747
Ending balance	$  229,135		$  216,703		$  203,615		$  200,981		$  188,234		$  229,135		$  188,234
Allowance for loan losses	$  184,891		$  172,642		$  161,251		$  167,582		$  171,213		$  184,891		$  171,213
Allowance for unfunded commitments	44,165		43,973		42,194		33,185		16,797		44,165		16,797
Allowance for other credit losses	79		88		170		214		224		79		224
Total allowance for credit losses	$  229,135		$  216,703		$  203,615		$  200,981		$  188,234		$  229,135		$  188,234
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$     4,722		$     4,391		$      4,414		$     1,003		$        858		$    13,527		$      6,757
Consumer installment	1,228		1,137		1,425		1,484		1,647		3,790		4,764
Indirect automobile	50		41		88		40		178		179		1,148
Premium Finance	1,205		1,066		1,369		526		605		3,640		3,142
Real estate - construction and development	—		—		—		21		—		—		212
Real estate - commercial and farmland	2,014		81		1,283		220		210		3,378		1,632
Real estate - residential	53		137		—		73		39		190		594
Total charge-offs	9,272		6,853		8,579		3,367		3,537		24,704		18,249
Recoveries
Commercial, financial and agricultural	2,201		2,785		2,896		2,389		1,986		7,882		3,338
Consumer installment	277		230		158		172		199		665		767
Indirect automobile	276		265		275		329		278		816		1,350
Premium Finance	1,023		1,113		1,247		633		649		3,383		4,237
Real estate - construction and development	96		355		218		210		45		669		296
Real estate - commercial and farmland	96		44		37		81		266		177		492
Real estate - residential	83		225		151		109		241		459		1,022
Total recoveries	4,052		5,017		4,982		3,923		3,664		14,051		11,502
Net charge-offs (recoveries)	$     5,220		$     1,836		$      3,597		$       (556)		$       (127)		$    10,653		$      6,747
Non-Performing Assets
Nonaccrual loans	$  118,676		$  122,912		$  102,597		$    85,266		$    58,932		$  118,676		$    58,932
Other real estate owned	843		835		1,910		3,810		4,594		843		4,594
Repossessed assets	60		122		139		84		152		60		152
Accruing loans delinquent 90 days or more	12,378		8,542		6,584		12,648		7,472		12,378		7,472
Total non-performing assets	$  131,957		$  132,411		$  111,230		$ 101,808		$   71,150		$  131,957		$    71,150
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.55 %		0.56 %		0.47 %		0.43 %		0.32 %		0.55 %		0.32 %
Net charge-offs as a percent of average loans (annualized)	0.11 %		0.04 %		0.09 %		(0.01) %		— %		0.08 %		0.06 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Sep		Jun		Mar		Dec		Sep
(dollars in thousands)	2022		2022		2022		2021		2021
Loans by Type
Commercial, financial and agricultural	$  2,245,287		$  2,022,845		$  1,836,663		$  1,875,993		$  1,217,575
Consumer installment	162,345		167,237		173,642		191,298		207,111
Indirect automobile	137,183		172,245		214,120		265,779		325,057
Mortgage warehouse	980,342		949,191		732,375		787,837		768,577
Municipal	516,797		529,268		547,926		572,701		624,430
Premium Finance	1,062,724		942,357		819,163		798,409		840,737
Real estate - construction and development	2,009,726		1,747,284		1,577,215		1,452,339		1,454,824
Real estate - commercial and farmland	7,516,309		7,156,017		6,924,475		6,834,917		6,409,704
Real estate - residential	4,176,143		3,874,578		3,318,222		3,094,985		2,976,524
Total loans	$ 18,806,856		$ 17,561,022		$ 16,143,801		$ 15,874,258		$ 14,824,539
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$        1,342		$           964		$           868		$        1,286		$         1,683
Consumer installment	6		9		13		16		22
Indirect automobile	595		759		893		1,037		1,284
Premium Finance	455		993		162		—		—
Real estate - construction and development	698		706		725		789		887
Real estate - commercial and farmland	8,091		8,213		17,161		35,575		43,895
Real estate - residential	24,516		24,456		24,664		26,879		29,521
Total accruing troubled debt restructurings	$       35,703		$       36,100		$       44,486		$       65,582		$       77,292
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$           353		$           364		$             72		$             83		$           112
Consumer installment	12		14		31		35		38
Indirect automobile	101		122		221		273		297
Real estate - construction and development	24		—		11		13		271
Real estate - commercial and farmland	66		788		788		5,924		6,715
Real estate - residential	3,494		4,369		4,341		4,678		2,687
Total nonaccrual troubled debt restructurings	$        4,050		$        5,657		$         5,464		$       11,006		$       10,120
Total troubled debt restructurings	$       39,753		$       41,757		$       49,950		$       76,588		$       87,412
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 18,483,046		$ 17,296,520		$ 15,899,956		$ 15,614,323		$ 14,562,058
Grade 6 - Other assets especially mentioned	110,408		68,444		51,670		78,957		87,757
Grade 7 - Substandard	213,402		196,058		192,175		180,978		174,724
Grade 8 - Doubtful	—		—		—		—		—
Grade 9 - Loss	—		—		—		—		—
Total loans	$ 18,806,856		$ 17,561,022		$ 16,143,801		$ 15,874,258		$ 14,824,539

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands)	2022		2022		2022		2021		2021		2022		2021
Earning Assets
Federal funds sold	$        5,000		$       17,692		$       20,000		$       20,000		$       20,000		$       14,176		$       20,000
Interest-bearing deposits in banks	1,394,529		2,209,761		3,393,238		3,719,878		3,082,413		2,325,188		2,566,401
Time deposits in other banks	—		—		—		—		—		—		163
Debt securities - taxable	1,242,811		932,824		623,498		698,915		757,278		935,313		825,886
Debt securities - nontaxable	45,730		39,236		29,605		22,639		19,053		38,249		18,834
Other investments	51,209		49,550		47,872		31,312		27,622		49,556		27,586
Loans held for sale	471,070		944,964		1,097,098		1,365,886		1,497,320		835,418		1,496,548
Loans	18,146,083		16,861,674		15,821,397		15,119,752		14,685,878		16,951,566		14,563,835
Total Earning Assets	$ 21,356,432		$ 21,055,701		$ 21,032,708		$ 20,978,382		$ 20,089,564		$ 21,149,466		$ 19,519,253
Deposits
Noninterest-bearing deposits	$  8,259,625		$  7,955,765		$  7,658,451		$  7,600,284		$  7,168,717		$  7,960,149		$  6,821,256
NOW accounts	3,701,045		3,695,490		3,684,772		3,651,595		3,447,909		3,693,828		3,315,803
MMDA	5,026,815		5,087,199		5,240,922		5,209,653		4,966,492		5,117,528		4,867,509
Savings accounts	1,030,298		1,007,340		973,724		928,954		908,189		1,003,995		869,684
Retail CDs	1,506,761		1,693,740		1,774,016		1,827,852		1,919,184		1,657,193		1,996,413
Brokered CDs	—		—		—		—		511		—		835
Total Deposits	19,524,544		19,439,534		19,331,885		19,218,338		18,411,002		19,432,693		17,871,500
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	92		1,854		4,020		5,559		5,133		1,974		7,085
FHLB advances	94,357		48,746		48,786		48,828		48,866		64,130		48,909
Other borrowings	376,942		376,829		443,657		468,058		376,489		398,898		376,376
Subordinated deferrable interest debentures	127,560		127,063		126,563		126,067		125,567		127,066		125,073
Total Non-Deposit Funding	598,951		554,492		623,026		648,512		556,055		592,068		557,443
Total Funding	$ 20,123,495		$ 19,994,026		$ 19,954,911		$ 19,866,850		$ 18,967,057		$ 20,024,761		$ 18,428,943

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands)	2022		2022		2022		2021		2021		2022		2021
Interest Income
Federal funds sold	$            27		$             32		$             10		$               9		$               9		$             69		$             33
Interest-bearing deposits in banks	7,188		4,463		1,373		1,521		1,244		13,024		2,359
Time deposits in other banks	—		—		—		—		—		—		2
Debt securities - taxable	10,324		7,064		4,239		5,866		5,296		21,627		16,658
Debt securities - nontaxable (TE)	459		341		235		198		176		1,035		530
Loans held for sale	6,012		10,036		8,132		9,433		10,618		24,180		33,218
Loans (TE)	211,223		181,602		170,398		162,415		156,861		563,223		475,446
Total Earning Assets	$    235,233		$     203,538		$     184,387		$     179,442		$     174,204		$     623,158		$     528,246
Accretion income (included above)	$         (597)		$         (379)		$         1,006		$        2,812		$         2,948		$             30		$       13,537
Interest Expense
Interest-Bearing Deposits
NOW accounts	$        3,733		$        1,246		$           824		$           864		$           808		$        5,803		$         2,550
MMDA	8,613		2,204		1,643		1,971		1,970		12,460		5,876
Savings accounts	360		140		133		128		129		633		375
Retail CDs	1,328		1,318		1,492		1,715		2,195		4,138		8,860
Brokered CDs	—		—		—		—		4		—		18
Total Interest-Bearing Deposits	14,034		4,908		4,092		4,678		5,106		23,034		17,679
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		1		3		4		4		4		16
FHLB advances	527		192		190		195		195		909		580
Other borrowings	4,655		4,437		5,164		5,317		4,640		14,256		13,961
Subordinated deferrable interest debentures	2,105		1,666		1,381		1,334		1,440		5,152		4,021
Total Non-Deposit Funding	7,287		6,296		6,738		6,850		6,279		20,321		18,578
Total Interest-Bearing Funding	$      21,321		$       11,204		$       10,830		$       11,528		$       11,385		$       43,355		$       36,257
Net Interest Income (TE)	$    213,912		$     192,334		$     173,557		$     167,914		$     162,819		$     579,803		$     491,989

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
	2022		2022		2022		2021		2021		2022		2021
Earning Assets
Federal funds sold	2.14 %		0.73 %		0.20 %		0.18 %		0.18 %		0.65 %		0.22 %
Interest-bearing deposits in banks	2.04 %		0.81 %		0.16 %		0.16 %		0.16 %		0.75 %		0.12 %
Time deposits in other banks	— %		— %		— %		— %		— %		— %		1.64 %
Debt securities - taxable	3.30 %		3.04 %		2.76 %		3.33 %		2.77 %		3.09 %		2.70 %
Debt securities - nontaxable (TE)	3.98 %		3.49 %		3.22 %		3.47 %		3.66 %		3.62 %		3.76 %
Loans held for sale	5.06 %		4.26 %		3.01 %		2.74 %		2.81 %		3.87 %		2.97 %
Loans (TE)	4.62 %		4.32 %		4.37 %		4.26 %		4.24 %		4.44 %		4.36 %
Total Earning Assets	4.37 %		3.88 %		3.56 %		3.39 %		3.44 %		3.94 %		3.62 %
Interest-Bearing Deposits
NOW accounts	0.40 %		0.14 %		0.09 %		0.09 %		0.09 %		0.21 %		0.10 %
MMDA	0.68 %		0.17 %		0.13 %		0.15 %		0.16 %		0.33 %		0.16 %
Savings accounts	0.14 %		0.06 %		0.06 %		0.05 %		0.06 %		0.08 %		0.06 %
Retail CDs	0.35 %		0.31 %		0.34 %		0.37 %		0.45 %		0.33 %		0.59 %
Brokered CDs	— %		— %		— %		— %		3.11 %		— %		2.88 %
Total Interest-Bearing Deposits	0.49 %		0.17 %		0.14 %		0.16 %		0.18 %		0.27 %		0.21 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	— %		0.22 %		0.30 %		0.29 %		0.31 %		0.27 %		0.30 %
FHLB advances	2.22 %		1.58 %		1.58 %		1.58 %		1.58 %		1.90 %		1.59 %
Other borrowings	4.90 %		4.72 %		4.72 %		4.51 %		4.89 %		4.78 %		4.96 %
Subordinated deferrable interest debentures	6.55 %		5.26 %		4.43 %		4.20 %		4.55 %		5.42 %		4.30 %
Total Non-Deposit Funding	4.83 %		4.55 %		4.39 %		4.19 %		4.48 %		4.59 %		4.46 %
Total Interest-Bearing Liabilities	0.71 %		0.37 %		0.36 %		0.37 %		0.38 %		0.48 %		0.42 %
Net Interest Spread	3.66 %		3.51 %		3.20 %		3.02 %		3.06 %		3.46 %		3.20 %
Net Interest Margin(2)	3.97 %		3.66 %		3.35 %		3.18 %		3.22 %		3.67 %		3.37 %
Total Cost of Funds(3)	0.42 %		0.22 %		0.22 %		0.23 %		0.24 %		0.29 %		0.26 %
(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										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2022		2022		2022		2021		2021		2022		2021
Net income available to common shareholders	$     92,555		$     90,066		$     81,698		$    81,944		$     81,680		$   264,319		$  294,969
Adjustment items:
Merger and conversion charges	—		—		977		4,023		183		977		183
Loss on sale of MSR	316		—		—		—		—		316		—
Servicing right impairment (recovery)	(1,332)		(10,838)		(9,654)		(4,540)		1,398		(21,824)		(9,990)
Gain on BOLI proceeds	(55)		—		—		—		—		(55)		(603)
Natural disaster and pandemic charges	151		—		—		—		—		151		—
(Gain) loss on bank premises	—		(39)		(6)		(126)		1,136		(45)		636
Tax effect of adjustment items (Note 1)	182		2,284		2,024		243		(536)		4,490		1,960
After tax adjustment items	(738)		(8,593)		(6,659)		(400)		2,181		(15,990)		(7,814)
Adjusted net income	$     91,817		$     81,473		$     75,039		$    81,544		$    83,861		$   248,329		$  287,155
Weighted average number of shares - diluted	69,327,414		69,316,258		69,660,990		69,738,426		69,756,135		69,427,522		69,772,084
Net income per diluted share	$        1.34		$        1.30		$        1.17		$        1.18		$        1.17		$         3.81		$       4.23
Adjusted net income per diluted share	$        1.32		$        1.18		$        1.08		$        1.17		$        1.20		$         3.58		$       4.12
Average assets	$  23,598,465		$  23,405,201		$  23,275,654		$  23,054,847		$  22,087,642		$  23,405,411		$  21,462,501
Return on average assets	1.56 %		1.54 %		1.42 %		1.41 %		1.47 %		1.51 %		1.84 %
Adjusted return on average assets	1.54 %		1.40 %		1.31 %		1.40 %		1.51 %		1.42 %		1.79 %
Average common equity	$ 3,123,718		$ 3,043,280		$ 2,994,652		$                  2,939,507		$ 2,874,691		$ 3,054,356		$                  2,789,979
Average tangible common equity	$ 1,987,385		$ 1,902,265		$ 1,857,713		$                  1,916,783		$ 1,884,622		$ 1,916,262		$                  1,795,984
Return on average common equity	11.76 %		11.87 %		11.06 %		11.06 %		11.27 %		11.57 %		14.14 %
Adjusted return on average tangible common equity	18.33 %		17.18 %		16.38 %		16.88 %		17.65 %		17.33 %		21.38 %
Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for 1Q22, 4Q21 and 3Q21 are nondeductible for tax purposes.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE)	Table 9B
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands)	2022		2022		2022		2021		2021		2022		2021
Adjusted Noninterest Expense
Total noninterest expense	$  139,578		$  142,196		$  143,820		$  138,369		$  137,196		$  425,594		$  421,755
Adjustment items:
Merger and conversion charges	—		—		(977)		(4,023)		(183)		(977)		(183)
Natural disaster and pandemic charges	(151)		—		—		—		—		(151)		—
Gain (loss) on bank premises	—		39		6		126		(1,136)		45		(636)
Adjusted noninterest expense	$  139,427		$  142,235		$  142,849		$  134,472		$  135,877		$  424,511		$  420,936
Total Revenue
Net interest income	$  212,981		$  191,364		$  172,544		$  166,837		$  161,661		$  576,889		$  488,490
Noninterest income	65,324		83,841		86,911		81,769		76,562		236,076		283,775
Total revenue	$  278,305		$  275,205		$  259,455		$  248,606		$  238,223		$  812,965		$  772,265
Adjusted Total Revenue
Net interest income (TE)	$  213,912		$  192,334		$  173,557		$  167,914		$  162,819		$  579,803		$  491,989
Noninterest income	65,324		83,841		86,911		81,769		76,562		236,076		283,775
Total revenue (TE)	279,236		276,175		260,468		249,683		239,381		815,879		775,764
Adjustment items:
(Gain) loss on securities	21		(248)		27		4		(530)		(200)		(519)
Loss on sale of MSR	316		—		—		—		—		316		—
Gain on BOLI proceeds	(55)		—		—		—		—		(55)		(603)
Servicing right impairment (recovery)	(1,332)		(10,838)		(9,654)		(4,540)		1,398		(21,824)		(9,990)
Adjusted total revenue (TE)	$  278,186		$  265,089		$  250,841		$  245,147		$  240,249		$  794,116		$  764,652
Efficiency ratio	50.15 %		51.67 %		55.43 %		55.66 %		57.59 %		52.35 %		54.61 %
Adjusted efficiency ratio (TE)	50.06 %		53.66 %		56.95 %		54.85 %		56.56 %		53.44 %		55.05 %
Tangible Book Value Per Share	Table 9C
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2022		2022		2022		2021		2021		2022		2021
Total shareholders' equity	$                  3,119,070		$                  3,073,376		$                  3,007,159		$                  2,966,451		$                  2,900,770		$                  3,119,070		$                  2,900,770
Less:
Goodwill	1,023,071		1,023,056		1,022,345		1,012,620		928,005		1,023,071		928,005
Other intangibles, net	110,903		115,613		120,757		125,938		60,396		110,903		60,396
Total tangible shareholders' equity	$                  1,985,096		$                  1,934,707		$                  1,864,057		$                  1,827,893		$                  1,912,369		$                  1,985,096		$                  1,912,369
Period end number of shares	69,352,709		69,360,461		69,439,084		69,609,228		69,635,435		69,352,709		69,635,435
Book value per share (period end)	$     44.97		$     44.31		$      43.31		$     42.62		$     41.66		$      44.97		$     41.66
Tangible book value per share (period end)	$     28.62		$     27.89		$      26.84		$     26.26		$     27.46		$      28.62		$     27.46

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands)	2022		2022		2022		2021		2021		2022		2021
Banking Division
Net interest income	$  174,507		$  152,122		$  133,745		$  120,572		$  113,524		$  460,374		$  337,010
Provision for credit losses	10,551		10,175		5,226		4,565		(9,578)		25,952		(37,431)
Noninterest income	23,269		23,469		21,364		18,859		17,896		68,102		50,805
Noninterest expense
Salaries and employee benefits	48,599		46,733		49,195		36,522		40,020		144,527		120,557
Occupancy and equipment expenses	11,357		11,168		11,074		11,699		10,196		33,599		29,366
Data processing and telecommunications expenses	10,779		10,863		11,230		10,162		9,159		32,872		29,640
Other noninterest expenses	22,974		21,123		20,045		24,048		21,723		64,142		60,196
Total noninterest expense	93,709		89,887		91,544		82,431		81,098		275,140		239,759
Income before income tax expense	93,516		75,529		58,339		52,435		59,900		227,384		185,487
Income tax expense	22,706		19,120		16,996		14,010		17,784		58,822		50,436
Net income	$    70,810		$    56,409		$    41,343		$    38,425		$    42,116		$  168,562		$  135,051
Retail Mortgage Division
Net interest income	$    19,283		$    20,779		$    19,295		$    19,912		$    21,289		$    59,357		$    62,806
Provision for credit losses	9,043		4,499		1,587		175		1,678		15,129		2,772
Noninterest income	38,584		57,795		61,649		59,650		55,555		158,028		222,250
Noninterest expense
Salaries and employee benefits	25,813		31,219		31,614		36,787		36,373		88,646		131,009
Occupancy and equipment expenses	1,460		1,406		1,471		1,587		1,590		4,337		4,619
Data processing and telecommunications expenses	1,082		1,123		1,172		1,213		1,357		3,377		4,338
Other noninterest expenses	11,641		12,812		12,645		10,793		11,675		37,098		27,502
Total noninterest expense	39,996		46,560		46,902		50,380		50,995		133,458		167,468
Income before income tax expense	8,828		27,515		32,455		29,007		24,171		68,798		114,816
Income tax expense	1,854		5,779		6,815		6,092		5,076		14,448		24,111
Net income	$      6,974		$    21,736		$    25,640		$    22,915		$    19,095		$    54,350		$    90,705
Warehouse Lending Division
Net interest income	$      6,979		$      6,700		$      6,447		$      8,063		$      8,712		$    20,126		$    27,338
Provision for credit losses	(1,836)		867		(222)		77		(291)		(1,191)		(591)
Noninterest income	1,516		1,041		1,401		1,253		1,037		3,958		3,350
Noninterest expense
Salaries and employee benefits	1,055		208		283		258		264		1,546		872
Occupancy and equipment expenses	1		1		1		1		—		3		2
Data processing and telecommunications expenses	43		48		47		56		59		138		176
Other noninterest expenses	209		212		218		227		200		639		263
Total noninterest expense	1,308		469		549		542		523		2,326		1,313
Income before income tax expense	9,023		6,405		7,521		8,697		9,517		22,949		29,966
Income tax expense	1,895		1,346		1,579		1,827		1,999		4,820		6,293
Net income	$      7,128		$      5,059		$      5,942		$      6,870		$      7,518		$    18,129		$    23,673

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended										Nine Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands)	2022		2022		2022		2021		2021		2022		2021
SBA Division
Net interest income	$      2,424		$      3,798		$      6,011		$    11,319		$    10,699		$    12,233		$    40,216
Provision for credit losses	52		(523)		(143)		(663)		(1,104)		(614)		(2,258)
Noninterest income	1,946		1,526		2,491		2,002		2,070		5,963		7,358
Noninterest expense
Salaries and employee benefits	1,412		1,316		1,271		1,217		1,320		3,999		3,639
Occupancy and equipment expenses	82		81		99		121		116		262		354
Data processing and telecommunications expenses	29		29		28		28		18		86		19
Other noninterest expenses	100		539		380		645		370		1,019		949
Total noninterest expense	1,623		1,965		1,778		2,011		1,824		5,366		4,961
Income before income tax expense	2,695		3,882		6,867		11,973		12,049		13,444		44,871
Income tax expense	566		815		1,442		2,514		2,530		2,823		9,423
Net income	$      2,129		$      3,067		$      5,425		$      9,459		$      9,519		$    10,621		$    35,448
Premium Finance Division
Net interest income	$      9,788		$      7,965		$      7,046		$      6,971		$      7,437		$    24,799		$    21,120
Provision for credit losses	(158)		(94)		(217)		(1,395)		(380)		(469)		(616)
Noninterest income	9		10		6		5		4		25		12
Noninterest expense
Salaries and employee benefits	1,818		2,069		1,918		1,831		1,694		5,805		5,084
Occupancy and equipment expenses	83		90		82		86		77		255		231
Data processing and telecommunications expenses	82		92		95		75		88		269		269
Other noninterest expenses	959		1,064		952		1,013		897		2,975		2,670
Total noninterest expense	2,942		3,315		3,047		3,005		2,756		9,304		8,254
Income before income tax expense	7,013		4,754		4,222		5,366		5,065		15,989		13,494
Income tax expense	1,499		959		874		1,091		1,633		3,332		3,402
Net income	$      5,514		$      3,795		$      3,348		$      4,275		$      3,432		$    12,657		$    10,092
Total Consolidated
Net interest income	$  212,981		$  191,364		$  172,544		$  166,837		$  161,661		$  576,889		$  488,490
Provision for credit losses	17,652		14,924		6,231		2,759		(9,675)		38,807		(38,124)
Noninterest income	65,324		83,841		86,911		81,769		76,562		236,076		283,775
Noninterest expense
Salaries and employee benefits	78,697		81,545		84,281		76,615		79,671		244,523		261,161
Occupancy and equipment expenses	12,983		12,746		12,727		13,494		11,979		38,456		34,572
Data processing and telecommunications expenses	12,015		12,155		12,572		11,534		10,681		36,742		34,442
Other noninterest expenses	35,883		35,750		34,240		36,726		34,865		105,873		91,580
Total noninterest expense	139,578		142,196		143,820		138,369		137,196		425,594		421,755
Income before income tax expense	121,075		118,085		109,404		107,478		110,702		348,564		388,634
Income tax expense	28,520		28,019		27,706		25,534		29,022		84,245		93,665
Net income	$    92,555		$    90,066		$    81,698		$    81,944		$    81,680		$  264,319		$  294,969

 

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SOURCE Ameris Bancorp

FAQ

What are the earnings results of Ameris Bancorp (ABCB) for Q3 2022?

Ameris Bancorp reported net income of $92.6 million, or $1.34 per diluted share for Q3 2022.

How did the net interest margin change for Ameris Bancorp in Q3 2022?

The net interest margin improved to 3.97% in Q3 2022, up from 3.66% in the previous quarter.

What was the adjusted net income for Ameris Bancorp in Q3 2022?

The adjusted net income for Q3 2022 was $91.8 million, or $1.32 per diluted share.

How much did noninterest income decrease in Q3 2022 for Ameris Bancorp?

Noninterest income decreased by 22.1% to $65.3 million in Q3 2022.

What is the tangible book value per share for Ameris Bancorp as of September 30, 2022?

The tangible book value per share increased to $28.62 as of September 30, 2022.