Ameris Bancorp Announces Financial Results For Third Quarter 2021

Rhea-AI Summary

Ameris Bancorp (Nasdaq: ABCB) reported net income of $81.7 million or $1.17 per diluted share for Q3 2021, down from $116.1 million or $1.67 per diluted share year-over-year. Adjusted net income was $83.9 million compared to $116.9 million in 2020. Year-to-date, net income reached $295.0 million, an increase from $167.7 million in 2020. Loans grew by 7% annualized, and tangible book value per share increased 3.8%. However, noninterest income decreased by 14.2%, primarily due to reduced mortgage banking activity.

Positive

• Net income increased by $127.3 million year-to-date.
• Tangible book value per share grew by 3.8% to $27.46.
• Loans increased by 7% annualized, excluding PPP loans.
• Noninterest-bearing deposits rose to 40.44% of total deposits.

Negative

• Net income decreased from $116.1 million to $81.7 million year-over-year.
• Noninterest income fell by $12.7 million or 14.2% due to reduced mortgage activity.
• Net interest margin declined from 3.34% to 3.22% quarter-over-quarter.

ATLANTA, Oct. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $81.7 million, or $1.17 per diluted share, for the quarter ended September 30, 2021, compared with $116.1 million, or $1.67 per diluted share, for the quarter ended September 30, 2020.  The Company reported adjusted net income of $83.9 million, or $1.20 per diluted share, for the quarter ended September 30, 2021, compared with $116.9 million, or $1.69 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 bank premises and expenses related to the COVID-19 pandemic.

For the year-to-date period ending September 30, 2021, the Company reported net income of $295.0 million, or $4.23 per diluted share, compared with $167.7 million, or $2.42 per diluted share, for the same period in 2020. The Company reported adjusted net income of $287.2 million, or $4.12 per diluted share, for the nine months ended September 30, 2021, compared with $198.5 million, or $2.86 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 continued organic success and strong third quarter results show the strength and focus of our team of bankers.  We grew loans 7% annualized, exclusive of PPP loans, while growing low cost deposits at the same pace.  In addition, we had another solid quarter of tangible book value growth at 3.8% for the quarter due to the core earnings power of our Company.  We remain focused on growth opportunities in the premier markets in the Southeast, which we are confident will lead us to continue to deliver top financial results.  I am energized by our momentum and look forward to a strong 2022."

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

• Net income of $81.7 million, or $1.17 per diluted share, compared with $88.3 million, or $1.27 per diluted share, in the second quarter of 2021
• Growth in tangible book value of 3.8%, or $1.01 per share, to $27.46 at September 30, 2021, compared with $26.45 at June 30, 2021
• Organic growth in loans of $43.7 million, or 1.2% annualized (and $251.3 million, or 7.0% annualized, exclusive of PPP loans), during the third quarter of 2021
• Increase in net interest income, excluding accretion, of $1.3 million, from $157.4 million in the second quarter of 2021 to $158.7 million in the third quarter of 2021
• Adjusted return on average assets of 1.51%, compared with 1.63% in the second quarter of 2021
• Continued growth in noninterest bearing deposits, representing 40.44% of total deposits, up from 36.27% at December 31, 2020 and 36.79% a year ago
• Net recoveries during the third quarter of $127,000, compared to net charge-offs of $2.6 million, or 0.07% of loans, in the second quarter of 2021
• Repurchased 137,370 shares of the Company's common stock at a cost of $6.5 million, or an average price of $47.56 per share

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for the third quarter of 2021 totaled $162.8 million, compared with $163.0 million for the second quarter of 2021 and $163.9 million for the third quarter of 2020.  The Company's net interest margin was 3.22% for the third quarter of 2021, down from 3.34% reported for the second quarter of 2021 and 3.64% reported for the third 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 14 basis points due to this excess liquidity, as well as a decline in accretion income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of three basis points during the quarter and increases in average loans. Accretion income for the third quarter of 2021 decreased to $2.9 million, compared with $4.5 million for the second quarter of 2021, and $6.5 million for the third quarter of 2020.  The decrease in accretion income for the third quarter is primarily attributable to decreased accelerated income related to payoffs of acquired loans during the third quarter of 2021 and continued attrition of the purchased portfolio. 

Yields on loans decreased to 4.24% during the third quarter of 2021, compared with 4.33% for the second quarter of 2021 and 4.42% reported for the third quarter of 2020.  Contributing to interest income on loans for the third quarter of 2021 was $6.2 million related to accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.1 million in the second quarter of 2021.  Loan production in the banking division during the third quarter of 2021 was $913.3 million, with weighted average yields of 3.56%, compared with $911.3 million and 3.75%, respectively, in the second quarter of 2021 and $869.0 million and 4.00%, respectively, in the third quarter of 2020.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.8 billion during the third quarter of 2021, with weighted average yields of 3.37%, compared with $6.4 billion and 3.36%, respectively, during the second quarter of 2021 and $7.7 billion and 3.33%, respectively, during the third quarter of 2020.   

Interest expense during the third quarter of 2021 decreased to $11.4 million, compared with $11.9 million in the second quarter of 2021 and $17.4 million in the third quarter of 2020.  The Company's total cost of funds moved two basis points lower to 0.24% in the third quarter of 2021 as compared with the second quarter of 2021.  Deposit costs decreased two basis points during the third quarter of 2021 to 0.11%, compared with 0.13% in the second quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.21% in the second quarter of 2021 to 0.18% in the third quarter of 2021.

Noninterest Income

Noninterest income decreased $12.7 million, or 14.2%, in the third quarter of 2021 to $76.6 million, compared with $89.2 million for the second quarter of 2021, primarily as a result of decreased mortgage banking activity, which declined by $13.8 million, or 19.6%, to $56.5 million in the third quarter of 2021, compared with $70.2 million for the second quarter of 2021.  This decrease was primarily the result of a $18.5 million reduction in mortgage pair-off fees compared with the second quarter of 2021.  Gain on sale spreads increased to 3.17% in the third quarter of 2021 from 2.77% for the second quarter of 2021. Total production in the retail mortgage division decreased to $2.06 billion in the third quarter of 2021, compared with $2.39 billion for the second quarter of 2021. Mortgage banking activity was negatively impacted during the third quarter of 2021 by a $1.4 million servicing right impairment, compared with a recovery of $749,000 for the second quarter of 2021. The retail mortgage open pipeline was $1.93 billion at the end of the third quarter of 2021, compared with $1.75 billion at June 30, 2021.

Service charge revenue increased $479,000, or 4.4%, to $11.5 million in the third quarter of 2021, compared with $11.0 million for the second quarter of 2021, resulting from an increase in volume. Other noninterest income was flat in the third quarter of 2021 at $6.9 million, compared with the second quarter of 2021, primarily as a result of increases in trust services income of $260,000, BOLI income of $217,000 and merchant fee income of $130,000, offset by a decrease in gain on sale of SBA loans of $654,000.

Noninterest Expense

Noninterest expense increased $1.4 million, or 1.1%, to $137.2 million during the third quarter of 2021, compared with $135.8 million for the second quarter of 2021.  During the third quarter of 2021, the Company recorded a net loss of $1.1 million related to bank premises and merger and conversion charges of $183,000, compared with a net gain on bank premises of $236,000 during the second quarter of 2021.  Excluding these charges, adjusted expenses decreased approximately $120,000, or 0.1%, to $135.9 million in the third quarter of 2021, from $136.0 million in the second quarter of 2021.  The majority of this decrease is attributable to a $5.8 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $1.2 million decrease in data processing and telecommunications expense.  These decreases were offset by increases in legal and other professional fees, loan servicing expenses and other mortgage expenses that are not expected to be recurring.   The adjusted efficiency ratio was 56.56% in the third quarter of 2021, compared with 54.07% in the second quarter of 2021.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2021 was 26.2%, compared with 23.3% in the second quarter of 2021.  The increased rate for the third quarter of 2021 was primarily a result of an adjustment to the Company's state tax liability.  The Company's future effective rate is expected to be between 23% and 24%.

Balance Sheet Trends

Total assets at September 30, 2021 were $22.53 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $16.26 billion at September 30, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $14.82 billion at September 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $343.6 million, or 2.4%.  Loan production in the banking division during the third quarter of 2021 remained strong at $913.3 million, which was consistent with the second quarter of 2021 and up 5% from the third quarter of 2020. 

At September 30, 2021, total deposits amounted to $18.83 billion, or 97.1% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At September 30, 2021, noninterest-bearing deposit accounts were $7.62 billion, or 40.4% 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 $12.01 billion at September 30, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 63.8% of the Company's total deposits at September 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at September 30, 2021 totaled $2.90 billion, an increase of $253.7 million, or 9.6%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $295.0 million during the first nine months of 2021, partially offset by dividends declared.  Tangible book value per share was $27.46 at September 30, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.88% at September 30, 2021, compared with 8.47% at the end of 2020.

Credit Quality

Credit quality remains strong in the Company.  During the third quarter of 2021, the Company recorded a provision for credit losses reversal of $9.7 million, compared with a provision of $142,000 in the second quarter of 2021.  This provision reversal was primarily attributable to improvements in forecast economic conditions, particularly levels of home prices and commercial real estate prices, compared with forecast conditions during the second 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 third quarter of 2021 equaled approximately 0.6% of total loans, down from approximately 1.2% and 4.3% of total loans at the end of the second quarter of 2021 and the third quarter of 2020, respectively.  Nonperforming assets as a percentage of total assets was stable at 0.32% during the quarter.  The Company recorded net recoveries in the third quarter of 2021 of $127,000, such that the net charge-off ratio was zero basis points for the quarter, compared with seven basis points in the second quarter of 2021 and 10 basis points in the third quarter of 2020.

Share Repurchase Program

The Company's board of directors has also approved the extension of the share repurchase program authorized in September 2019, under which the Company was authorized to repurchase up to $100 million of its outstanding common stock.  As extended, the program now allows for repurchases of shares to occur through October 31, 2022.  Currently, $79,190,199 in aggregate value remains for repurchase under the program.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 29, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-833-950-0062 for participants in Canada and 1-929-526-1599 for other international participants).  The conference call access code is 162447.  A replay of the call will be available one hour after the end of the conference call until November 5, 2021.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 133904.  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 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																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands except per share data)	2021				2021				2021				2020				2020				2021				2020
EARNINGS
Net income	$	81,680			$	88,327			$	124,962			$	94,285			$	116,145			$	294,969			$	167,703
Adjusted net income	$	83,861			$	87,548			$	115,746			$	101,995			$	116,879			$	287,155			$	198,507
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.18			$	1.27			$	1.80			$	1.36			$	1.68			$	4.25			$	2.42
Diluted	$	1.17			$	1.27			$	1.79			$	1.36			$	1.67			$	4.23			$	2.42
Adjusted diluted EPS	$	1.20			$	1.25			$	1.66			$	1.47			$	1.69			$	4.12			$	2.86
Cash dividends per share	$	0.15			$	0.15			$	0.15			$	0.15			$	0.15			$	0.45			$	0.45
Book value per share (period end)	$	41.66			$	40.66			$	39.56			$	38.07			$	36.91			$	41.66			$	36.91
Tangible book value per share (period end)	$	27.46			$	26.45			$	25.27			$	23.69			$	22.46			$	27.46			$	22.46
Weighted average number of shares
Basic	69,439,845				69,496,666				69,391,734				69,252,307				69,230,667				69,445,270				69,243,280
Diluted	69,756,135				69,791,670				69,740,860				69,493,105				69,346,141				69,772,084				69,403,104
Period end number of shares	69,635,435				69,767,209				69,713,426				69,541,481				69,490,546				69,635,435				69,490,546
Market data
High intraday price	$	53.63			$	59.85			$	57.81			$	39.53			$	27.81			$	59.85			$	43.79
Low intraday price	$	44.92			$	47.44			$	36.60			$	22.37			$	19.91			$	36.60			$	17.12
Period end closing price	$	51.88			$	50.63			$	52.51			$	38.07			$	22.78			$	51.88			$	22.78
Average daily volume	392,533				429,233				460,744				394,641				359,059				426,963				429,758
PERFORMANCE RATIOS
Return on average assets	1.47		%		1.64		%		2.44		%		1.89		%		2.33		%		1.84		%		1.18		%
Adjusted return on average assets	1.51		%		1.63		%		2.26		%		2.04		%		2.35		%		1.79		%		1.39		%
Return on average common equity	11.27		%		12.66		%		18.80		%		14.30		%		18.27		%		14.14		%		8.96		%
Adjusted return on average tangible common equity	17.65		%		19.46		%		27.66		%		25.04		%		30.53		%		21.38		%		17.84		%
Earning asset yield (TE)	3.44		%		3.58		%		3.85		%		3.98		%		4.02		%		3.62		%		4.29		%
Total cost of funds	0.24		%		0.26		%		0.30		%		0.36		%		0.41		%		0.26		%		0.60		%
Net interest margin (TE)	3.22		%		3.34		%		3.57		%		3.64		%		3.64		%		3.37		%		3.72		%
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	30.32		%		33.78		%		39.71		%		38.37		%		46.72		%		34.88		%		37.74		%
Efficiency ratio	57.59		%		54.07		%		52.59		%		54.83		%		47.80		%		54.61		%		55.34		%
Adjusted efficiency ratio (TE)	56.56		%		54.07		%		54.62		%		52.67		%		47.34		%		55.05		%		52.00		%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.87		%		12.96		%		12.87		%		12.95		%		12.90		%		12.87		%		12.90		%
Tangible common equity to tangible assets	8.88		%		8.83		%		8.62		%		8.47		%		8.27		%		8.88		%		8.27		%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.88		%		8.83		%		8.62		%		8.47		%		8.27		%		8.88		%		8.27		%
Effect of goodwill and other intangibles	3.99		%		4.13		%		4.25		%		4.48		%		4.63		%		3.99		%		4.63		%
Equity to assets (GAAP)	12.87		%		12.96		%		12.87		%		12.95		%		12.90		%		12.87		%		12.90		%
OTHER DATA (period end)
Full time equivalent employees
Banking Division	1,821				1,817				1,815				1,816				1,807				1,821				1,807
Retail Mortgage Division	749				759				765				748				734				749				734
Warehouse Lending Division	12				12				12				12				11				12				11
SBA Division	29				30				29				24				33				29				33
Premium Finance Division	67				68				70				71				71				67				71
Total Ameris Bancorp FTE headcount	2,678				2,686				2,691				2,671				2,656				2,678				2,656
Assets per Banking Division FTE	$	12,374			$	12,046			$	11,806			$	11,255			$	10,998			$	12,374			$	10,998
Branch locations	165				165				165				164				170				165				170
Deposits per branch location	$	114,142			$	110,655			$	108,339			$	103,401			$	94,493			$	114,142			$	94,493

 

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)	2021				2021				2021				2020				2020				2021				2020
Interest income
Interest and fees on loans	$	166,358			$	167,761			$	171,157			$	171,971			$	172,351			$	505,276			$	518,938
Interest on taxable securities	5,296				5,244				6,118				6,398				7,259				16,658				26,688
Interest on nontaxable securities	139				139				141				150				159				419				473
Interest on deposits in other banks	1,244				595				522				252				153				2,361				1,487
Interest on federal funds sold	9				12				12				12				12				33				134
Total interest income	173,046				173,751				177,950				178,783				179,934				524,747				547,720
Interest expense
Interest on deposits	5,106				5,775				6,798				8,870				11,822				17,679				50,197
Interest on other borrowings	6,279				6,124				6,175				6,457				5,574				18,578				23,226
Total interest expense	11,385				11,899				12,973				15,327				17,396				36,257				73,423
Net interest income	161,661				161,852				164,977				163,456				162,538				488,490				474,297
Provision for loan losses	(3,984)				(899)				(16,579)				(6,700)				26,692				(21,462)				132,188
Provision for unfunded commitments	(5,516)				1,299				(11,839)				5,481				(10,131)				(16,056)				13,581
Provision for other credit losses	(175)				(258)				(173)				(291)				1,121				(606)				1,121
Provision for credit losses	(9,675)				142				(28,591)				(1,510)				17,682				(38,124)				146,890
Net interest income after provision for credit losses	171,336				161,710				193,568				164,966				144,856				526,614				327,407
Noninterest income
Service charges on deposit accounts	11,486				11,007				10,829				11,465				10,914				33,322				32,680
Mortgage banking activity	56,460				70,231				98,486				95,192				138,627				225,177				278,885
Other service charges, commissions and fees	1,154				1,056				1,016				965				1,039				3,226				2,949
Gain (loss) on securities	530				1				(12)				—				—				519				5
Other noninterest income	6,932				6,945				7,654				4,521				8,438				21,531				19,838
Total noninterest income	76,562				89,240				117,973				112,143				159,018				283,775				334,357
Noninterest expense
Salaries and employee benefits	79,671				85,505				95,985				92,466				96,698				261,161				267,812
Occupancy and equipment	11,979				10,812				11,781				12,709				13,805				34,572				39,640
Data processing and communications expenses	10,681				11,877				11,884				11,323				12,226				34,442				34,694
Credit resolution-related expenses(1)	377				622				547				1,156				802				1,546				3,950
Advertising and marketing	2,676				1,946				1,431				3,267				966				6,053				4,779
Amortization of intangible assets	3,387				4,065				4,126				4,190				4,190				11,578				15,422
Merger and conversion charges	183				—				—				—				(44)				183				1,391
Other noninterest expenses	28,242				20,934				23,044				26,005				25,049				72,220				79,825
Total noninterest expense	137,196				135,761				148,798				151,116				153,692				421,755				447,513
Income before income tax expense	110,702				115,189				162,743				125,993				150,182				388,634				214,251
Income tax expense	29,022				26,862				37,781				31,708				34,037				93,665				46,548
Net income	$	81,680			$	88,327			$	124,962			$	94,285			$	116,145			$	294,969			$	167,703
Diluted earnings per common share	$	1.17			$	1.27			$	1.79			$	1.36			$	1.67			$	4.23			$	2.42
(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
	Sep				Jun				Mar				Dec				Sep
(dollars in thousands)	2021				2021				2021				2020				2020
Assets
Cash and due from banks	$	239,028			$	259,729			$	224,159			$	203,349			$	257,026
Federal funds sold and interest-bearing deposits in banks	3,513,412				3,044,795				2,534,969				1,913,957				494,765
Time deposits in other banks	—				—				249				249				249
Investment securities available-for-sale, at fair value	684,504				778,167				859,652				982,879				1,117,436
Investment securities held-to-maturity, at amortized cost	64,451				29,055				—				—				—
Other investments	27,619				27,621				27,620				28,202				47,329
Loans held for sale	1,435,805				1,210,589				1,509,528				1,167,659				1,414,889
Loans, net of unearned income	14,824,539				14,780,791				14,599,805				14,480,925				14,943,593
Allowance for credit losses	(171,213)				(175,070)				(178,570)				(199,422)				(231,924)
Loans, net	14,653,326				14,605,721				14,421,235				14,281,503				14,711,669
Other real estate owned	4,594				5,775				8,841				11,880				17,969
Premises and equipment, net	226,430				229,994				231,550				222,890				231,278
Goodwill	928,005				928,005				928,005				928,005				928,005
Other intangible assets, net	60,396				63,783				67,848				71,974				76,164
Cash value of bank owned life insurance	279,389				277,839				176,575				176,467				175,605
Deferred income taxes, net	4,329				9,081				22,367				33,314				53,039
Other assets	411,853				416,777				414,529				416,310				348,428
Total assets	$	22,533,141			$	21,886,931			$	21,427,127			$	20,438,638			$	19,873,851
Liabilities
Deposits
Noninterest-bearing	$	7,616,728			$	6,983,761			$	6,804,776			$	6,151,070			$	5,909,316
Interest-bearing	11,216,761				11,274,236				11,071,097				10,806,753				10,154,490
Total deposits	18,833,489				18,257,997				17,875,873				16,957,823				16,063,806
Federal funds purchased and securities sold under agreements to repurchase	4,502				5,544				9,320				11,641				9,103
Other borrowings	425,375				425,303				425,231				425,155				875,255
Subordinated deferrable interest debentures	125,830				125,331				124,833				124,345				123,860
FDIC loss-share payable, net	—				—				—				—				19,476
Other liabilities	243,175				235,752				234,274				272,586				217,668
Total liabilities	19,632,371				19,049,927				18,669,531				17,791,550				17,309,168
Shareholders' Equity
Preferred stock	—				—				—				—				—
Common stock	72,016				72,008				71,954				71,754				71,703
Capital stock	1,922,964				1,920,566				1,917,990				1,913,285				1,911,031
Retained earnings	934,979				863,828				785,984				671,510				587,657
Accumulated other comprehensive income, net of tax	21,885				25,024				26,090				33,505				37,252
Treasury stock	(51,074)				(44,422)				(44,422)				(42,966)				(42,960)
Total shareholders' equity	2,900,770				2,837,004				2,757,596				2,647,088				2,564,683
Total liabilities and shareholders' equity	$	22,533,141			$	21,886,931			$	21,427,127			$	20,438,638			$	19,873,851
Other Data
Earning assets	$	20,550,330			$	19,871,018			$	19,531,823			$	18,573,871			$	18,018,261
Intangible assets	988,401				991,788				995,853				999,979				1,004,169
Interest-bearing liabilities	11,772,468				11,830,414				11,630,481				11,367,894				11,162,708
Average assets	22,087,642				21,538,894				20,734,414				19,876,338				19,810,084
Average common shareholders' equity	2,874,691				2,798,269				2,695,005				2,622,942				2,529,471

 

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)	2021				2021				2021				2020				2020				2021				2020
Allowance for Credit Losses
Balance at beginning of period	$	197,782			$	200,241			$	233,105			$	260,417			$	246,295			$	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	(3,984)				(899)				(16,579)				(6,700)				26,692				(21,462)				132,188
Provision for unfunded commitments	(5,516)				1,299				(11,839)				5,481				(10,131)				(16,056)				13,581
Provision for other credit losses	(175)				(258)				(173)				(291)				1,121				(606)				1,121
Provision for credit losses	(9,675)				142				(28,591)				(1,510)				17,682				(38,124)				146,890
Charge-offs	3,537				7,138				7,574				29,094				7,370				18,249				25,370
Recoveries	3,664				4,537				3,301				3,292				3,810				11,502				8,256
Net charge-offs	(127)				2,601				4,273				25,802				3,560				6,747				17,114
Ending balance	$	188,234			$	197,782			$	200,241			$	233,105			$	260,417			$	188,234			$	260,417
Allowance for loan losses	$	171,213			$	175,070			$	178,570			$	199,422			$	231,924			$	171,213			$	231,924
Allowance for unfunded commitments	16,797				22,313				21,014				32,853				27,372				16,797				27,372
Allowance for other credit losses	224				399				657				830				1,121				224				1,121
Total allowance for credit losses	$	188,234			$	197,782			$	200,241			$	233,105			$	260,417			$	188,234			$	260,417
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$	858			$	3,529			$	2,370			$	5,960			$	1,715			$	6,757			$	4,687
Consumer installment	1,647				1,669				1,448				2,861				677				4,764				2,781
Indirect automobile	178				141				829				658				697				1,148				2,944
Premium Finance	605				1,194				1,343				2,240				1,158				3,142				3,893
Real estate - construction and development	—				186				26				—				9				212				83
Real estate - commercial and farmland	210				27				1,395				17,284				2,977				1,632				10,220
Real estate - residential	39				392				163				91				137				594				762
Total charge-offs	3,537				7,138				7,574				29,094				7,370				18,249				25,370
Recoveries
Commercial, financial and agricultural	1,986				625				727				754				470				3,338				1,135
Consumer installment	199				212				356				480				516				767				1,273
Indirect automobile	278				372				700				637				317				1,350				1,020
Premium Finance	649				2,466				1,122				605				1,224				4,237				2,584
Real estate - construction and development	45				84				167				125				182				296				692
Real estate - commercial and farmland	266				185				41				439				904				492				1,010
Real estate - residential	241				593				188				252				197				1,022				542
Total recoveries	3,664				4,537				3,301				3,292				3,810				11,502				8,256
Net charge-offs	$	(127)			$	2,601			$	4,273			$	25,802			$	3,560			$	6,747			$	17,114
Non-Performing Assets
Nonaccrual loans	$	58,932			$	59,921			$	71,189			$	76,457			$	138,163			$	58,932			$	138,163
Other real estate owned	4,594				5,775				8,841				11,880				17,969				4,594				17,969
Repossessed assets	152				226				840				544				258				152				258
Accruing loans delinquent 90 days or more	7,472				4,874				5,097				8,326				7,003				7,472				7,003
Total non-performing assets	$	71,150			$	70,796			$	85,967			$	97,207			$	163,393			$	71,150			$	163,393
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.32		%		0.32		%		0.40		%		0.48		%		0.82		%		0.32		%		0.82		%
Net charge-offs as a percent of average loans (annualized)	—		%		0.07		%		0.12		%		0.70		%		0.10		%		0.06		%		0.17		%

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Sep				Jun				Mar				Dec				Sep
(dollars in thousands)	2021				2021				2021				2020				2020
Loans by Type
Commercial, financial and agricultural	$	1,217,575			$	1,406,421			$	1,611,029			$	1,627,477			$	1,879,788
Consumer installment	207,111				229,411				257,097				306,995				450,810
Indirect automobile	325,057				397,373				482,637				580,083				682,396
Mortgage warehouse	768,577				841,347				880,216				916,353				995,942
Municipal	624,430				647,578				659,228				659,403				725,669
Premium Finance	840,737				780,328				706,379				687,841				710,890
Real estate - construction and development	1,454,824				1,527,883				1,533,234				1,606,710				1,628,255
Real estate - commercial and farmland	6,409,704				6,051,472				5,616,826				5,300,006				5,116,252
Real estate - residential	2,976,524				2,898,978				2,853,159				2,796,057				2,753,591
Total loans	$	14,824,539			$	14,780,791			$	14,599,805			$	14,480,925			$	14,943,593
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$	1,683			$	1,038			$	930			$	521			$	459
Consumer installment	22				28				27				32				36
Indirect automobile	1,284				1,647				1,931				2,277				2,689
Real estate - construction and development	887				898				501				506				510
Real estate - commercial and farmland	43,895				46,025				43,398				36,707				73,763
Real estate - residential	29,521				31,570				33,324				38,800				28,777
Total accruing troubled debt restructurings	$	77,292			$	81,206			$	80,111			$	78,843			$	106,234
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$	112			$	805			$	854			$	849			$	1,002
Consumer installment	38				43				53				56				64
Indirect automobile	297				301				321				461				482
Real estate - construction and development	271				301				706				707				709
Real estate - commercial and farmland	6,715				7,103				2,233				1,401				19,942
Real estate - residential	2,687				2,515				2,818				2,671				4,477
Total nonaccrual troubled debt restructurings	$	10,120			$	11,068			$	6,985			$	6,145			$	26,676
Total troubled debt restructurings	$	87,412			$	92,274			$	87,096			$	84,988			$	132,910
Loans by Risk Grade
Grades 1 through 5 - Pass	$	14,562,058			$	14,477,905			$	14,204,219			$	14,109,418			$	14,506,555
Grade 6 - Other assets especially mentioned	87,757				100,750				135,213				108,541				151,501
Grade 7 - Substandard	174,724				202,134				260,369				262,947				285,537
Grade 8 - Doubtful	—				—				—				19				—
Grade 9 - Loss	—				2				4				—				—
Total loans	$	14,824,539			$	14,780,791			$	14,599,805			$	14,480,925			$	14,943,593

 

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)	2021				2021				2021				2020				2020				2021				2020
Earning Assets
Federal funds sold	$	20,000			$	20,000			$	20,000			$	20,000			$	20,004			$	20,000			$	23,868
Interest-bearing deposits in banks	3,082,413				2,461,092				2,145,403				879,481				467,188				2,566,401				428,386
Time deposits in other banks	—				244				249				249				249				163				249
Investment securities - taxable	757,278				811,234				910,834				1,024,335				1,160,585				825,886				1,267,015
Investment securities - nontaxable	19,053				18,225				19,225				20,112				21,619				18,834				22,010
Other investments	27,622				27,620				27,516				31,552				64,656				27,586				72,561
Loans held for sale	1,497,320				1,705,167				1,284,821				1,281,762				1,507,481				1,496,548				1,569,337
Loans	14,685,878				14,549,104				14,453,975				14,752,664				14,688,317				14,563,835				13,772,102
Total Earning Assets	$	20,089,564			$	19,592,686			$	18,862,023			$	18,010,155			$	17,930,099			$	19,519,253			$	17,155,528
Deposits
Noninterest-bearing deposits	$	7,168,717			$	6,874,471			$	6,412,268			$	5,970,672			$	5,782,163			$	6,821,256			$	4,977,833
NOW accounts	3,447,909				3,314,334				3,182,245				2,968,596				2,718,315				3,315,803				2,483,383
MMDA	4,966,492				4,872,500				4,761,279				4,534,243				4,273,899				4,867,509				4,167,207
Savings accounts	908,189				876,887				823,039				793,414				749,314				869,684				695,238
Retail CDs	1,919,184				2,005,265				2,066,410				2,109,600				2,274,150				1,996,413				2,455,833
Brokered CDs	511				1,000				1,000				1,140				1,933				835				21,650
Total Deposits	18,411,002				17,944,457				17,246,241				16,377,665				15,799,774				17,871,500				14,801,144
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	5,133				6,883				9,284				9,929				10,483				7,085				12,849
FHLB advances	48,866				48,910				48,951				127,797				799,034				48,909				1,091,885
Other borrowings	376,489				376,376				376,260				376,295				272,443				376,376				270,407
Subordinated deferrable interest debentures	125,567				125,068				124,574				124,091				123,604				125,073				124,814
Total Non-Deposit Funding	556,055				557,237				559,069				638,112				1,205,564				557,443				1,499,955
Total Funding	$	18,967,057			$	18,501,694			$	17,805,310			$	17,015,777			$	17,005,338			$	18,428,943			$	16,301,099

 

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)	2021				2021				2021				2020				2020				2021				2020
Interest Income
Federal funds sold	$	9			$	12			$	12			$	13			$	13			$	33			$	134
Interest-bearing deposits in banks	1,244				594				521				251				152				2,359				1,484
Time deposits in other banks	—				1				1				1				1				2				3
Investment securities - taxable	5,296				5,244				6,118				6,398				7,260				16,658				26,688
Investment securities - nontaxable (TE)	176				176				178				190				202				530				599
Loans held for sale	10,618				11,773				10,827				9,705				10,365				33,218				38,055
Loans (TE)	156,861				157,112				161,473				163,532				163,352				475,446				484,605
Total Earning Assets	$	174,204			$	174,912			$	179,130			$	180,090			$	181,345			$	528,246			$	551,568
Accretion income (included above)	$	2,948			$	4,462			$	6,127			$	4,688			$	6,525			$	13,537			$	22,663
Interest Expense
Interest-Bearing Deposits
NOW accounts	$	808			$	816			$	926			$	1,091			$	1,394			$	2,550			$	5,433
MMDA	1,970				1,908				1,998				2,326				2,823				5,876				16,335
Savings accounts	129				122				124				143				112				375				416
Retail CDs	2,195				2,921				3,744				5,301				7,484				8,860				27,684
Brokered CDs	4				8				6				9				9				18				329
Total Interest-Bearing Deposits	5,106				5,775				6,798				8,870				11,822				17,679				50,197
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	4				5				7				8				9				16				74
FHLB advances	195				193				192				245				661				580				7,456
Other borrowings	4,640				4,683				4,638				4,635				3,558				13,961				10,556
Subordinated deferrable interest debentures	1,440				1,243				1,338				1,569				1,346				4,021				5,140
Total Non-Deposit Funding	6,279				6,124				6,175				6,457				5,574				18,578				23,226
Total Interest-Bearing Funding	$	11,385			$	11,899			$	12,973			$	15,327			$	17,396			$	36,257			$	73,423
Net Interest Income (TE)	$	162,819			$	163,013			$	166,157			$	164,763			$	163,949			$	491,989			$	478,145

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended															Nine Months Ended
	Sep			Jun			Mar			Dec			Sep			Sep			Sep
	2021			2021			2021			2020			2020			2021			2020
Earning Assets
Federal funds sold	0.18	%		0.24	%		0.24	%		0.26	%		0.26	%		0.22	%		0.75	%
Interest-bearing deposits in banks	0.16	%		0.10	%		0.10	%		0.11	%		0.13	%		0.12	%		0.46	%
Time deposits in other banks	—	%		1.64	%		1.63	%		1.60	%		1.60	%		1.64	%		1.61	%
Investment securities - taxable	2.77	%		2.59	%		2.72	%		2.48	%		2.49	%		2.70	%		2.81	%
Investment securities - nontaxable (TE)	3.66	%		3.87	%		3.75	%		3.76	%		3.72	%		3.76	%		3.64	%
Loans held for sale	2.81	%		2.77	%		3.42	%		3.01	%		2.74	%		2.97	%		3.24	%
Loans (TE)	4.24	%		4.33	%		4.53	%		4.41	%		4.42	%		4.36	%		4.70	%
Total Earning Assets	3.44	%		3.58	%		3.85	%		3.98	%		4.02	%		3.62	%		4.29	%
Interest-Bearing Deposits
NOW accounts	0.09	%		0.10	%		0.12	%		0.15	%		0.20	%		0.10	%		0.29	%
MMDA	0.16	%		0.16	%		0.17	%		0.20	%		0.26	%		0.16	%		0.52	%
Savings accounts	0.06	%		0.06	%		0.06	%		0.07	%		0.06	%		0.06	%		0.08	%
Retail CDs	0.45	%		0.58	%		0.73	%		1.00	%		1.31	%		0.59	%		1.51	%
Brokered CDs	3.11	%		3.21	%		2.43	%		3.14	%		1.85	%		2.88	%		2.03	%
Total Interest-Bearing Deposits	0.18	%		0.21	%		0.25	%		0.34	%		0.47	%		0.21	%		0.68	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	0.31	%		0.29	%		0.31	%		0.32	%		0.34	%		0.30	%		0.77	%
FHLB advances	1.58	%		1.58	%		1.59	%		0.76	%		0.33	%		1.59	%		0.91	%
Other borrowings	4.89	%		4.99	%		5.00	%		4.90	%		5.20	%		4.96	%		5.21	%
Subordinated deferrable interest debentures	4.55	%		3.99	%		4.36	%		5.03	%		4.33	%		4.30	%		5.50	%
Total Non-Deposit Funding	4.48	%		4.41	%		4.48	%		4.03	%		1.84	%		4.46	%		2.07	%
Total Interest-Bearing Liabilities	0.38	%		0.41	%		0.46	%		0.55	%		0.62	%		0.42	%		0.87	%
Net Interest Spread	3.06	%		3.17	%		3.39	%		3.43	%		3.40	%		3.20	%		3.42	%
Net Interest Margin(2)	3.22	%		3.34	%		3.57	%		3.64	%		3.64	%		3.37	%		3.72	%
Total Cost of Funds(3)	0.24	%		0.26	%		0.30	%		0.36	%		0.41	%		0.26	%		0.60	%
(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)	2021				2021				2021				2020				2020				2021				2020
Net income available to common shareholders	$	81,680			$	88,327			$	124,962			$	94,285			$	116,145			$	294,969			$	167,703
Adjustment items:
Merger and conversion charges	183				—				—				—				(44)				183				1,391
Restructuring charges	—				—				—				—				50				—				1,513
Servicing right impairment (recovery)	1,398				(749)				(10,639)				9,501				412				(9,990)				30,566
Gain on BOLI proceeds	—				—				(603)				—				(103)				(603)				(948)
Expenses related to SEC and DOJ Investigation	—				—				—				53				268				—				3,005
Natural disaster and pandemic charges (Note 1)	—				—				—				235				470				—				3,061
(Gain) loss on bank premises	1,136				(236)				(264)				(30)				(97)				636				654
Tax effect of adjustment items (Note 2)	(536)				206				2,290				(2,049)				(222)				1,960				(8,438)
After tax adjustment items	2,181				(779)				(9,216)				7,710				734				(7,814)				30,804
Adjusted net income	$	83,861			$	87,548			$	115,746			$	101,995			$	116,879			$	287,155			$	198,507
Weighted average number of shares - diluted	69,756,135				69,791,670				69,740,860				69,493,105				69,346,141				69,772,084				69,403,104
Net income per diluted share	$	1.17			$	1.27			$	1.79			$	1.36			$	1.67			$	4.23			$	2.42
Adjusted net income per diluted share	$	1.20			$	1.25			$	1.66			$	1.47			$	1.69			$	4.12			$	2.86
Average assets	$	22,087,642			$	21,538,894			$	20,734,414			$	19,876,338			$	19,810,084			$	21,462,501			$	19,045,028
Return on average assets	1.47		%		1.64		%		2.44		%		1.89		%		2.33		%		1.84		%		1.18		%
Adjusted return on average assets	1.51		%		1.63		%		2.26		%		2.04		%		2.35		%		1.79		%		1.39		%
Average common equity	$	2,874,691			$	2,798,269			$	2,695,005			$	2,622,942			$	2,529,471			$	2,789,979			$	2,500,689
Average tangible common equity	$	1,884,622			$	1,804,324			$	1,696,946			$	1,620,742			$	1,523,066			$	1,795,984			$	1,486,579
Return on average common equity	11.27		%		12.66		%		18.80		%		14.30		%		18.27		%		14.14		%		8.96		%
Adjusted return on average tangible common equity	17.65		%		19.46		%		27.66		%		25.04		%		30.53		%		21.38		%		17.84		%
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 3Q21, 3Q20 and both year-to-date 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																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands)	2021				2021				2021				2020				2020				2021				2020
Adjusted Noninterest Expense
Total noninterest expense	$	137,196			$	135,761			$	148,798			$	151,116			$	153,692			$	421,755			$	447,513
Adjustment items:
Merger and conversion charges	(183)				—				—				—				44				(183)				(1,391)
Restructuring charges	—				—				—				—				(50)				—				(1,513)
Expenses related to SEC and DOJ Investigation	—				—				—				(53)				(268)				—				(3,005)
Natural disaster and pandemic charges	—				—				—				(235)				(470)				—				(3,061)
Gain (loss) on bank premises	(1,136)				236				264				30				97				(636)				(654)
Adjusted noninterest expense	$	135,877			$	135,997			$	149,062			$	150,858			$	153,045			$	420,936			$	437,889
Total Revenue
Net interest income	$	161,661			$	161,852			$	164,977			$	163,456			$	162,538			$	488,490			$	474,297
Noninterest income	76,562				89,240				117,973				112,143				159,018				283,775				334,357
Total revenue	$	238,223			$	251,092			$	282,950			$	275,599			$	321,556			$	772,265			$	808,654
Adjusted Total Revenue
Net interest income (TE)	$	162,819			$	163,013			$	166,157			$	164,763			$	163,949			$	491,989			$	478,145
Noninterest income	76,562				89,240				117,973				112,143				159,018				283,775				334,357
Total revenue (TE)	239,381				252,253				284,130				276,906				322,967				775,764				812,502
Adjustment items:
(Gain) loss on securities	(530)				(1)				12				—				—				(519)				(5)
Gain on BOLI proceeds	—				—				(603)				—				(103)				(603)				(948)
Servicing right impairment (recovery)	1,398				(749)				(10,639)				9,501				412				(9,990)				30,566
Adjusted total revenue (TE)	$	240,249			$	251,503			$	272,900			$	286,407			$	323,276			$	764,652			$	842,115
Efficiency ratio	57.59		%		54.07		%		52.59		%		54.83		%		47.80		%		54.61		%		55.34		%
Adjusted efficiency ratio (TE)	56.56		%		54.07		%		54.62		%		52.67		%		47.34		%		55.05		%		52.00		%
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)	2021				2021				2021				2020				2020				2021				2020
Total shareholders' equity	$	2,900,770			$	2,837,004			$	2,757,596			$	2,647,088			$	2,564,683			$	2,900,770			$	2,564,683
Less:
Goodwill	928,005				928,005				928,005				928,005				928,005				928,005				928,005
Other intangibles, net	60,396				63,783				67,848				71,974				76,164				60,396				76,164
Total tangible shareholders' equity	$	1,912,369			$	1,845,216			$	1,761,743			$	1,647,109			$	1,560,514			$	1,912,369			$	1,560,514
Period end number of shares	69,635,435				69,767,209				69,713,426				69,541,481				69,490,546				69,635,435				69,490,546
Book value per share (period end)	$	41.66			$	40.66			$	39.56			$	38.07			$	36.91			$	41.66			$	36.91
Tangible book value per share (period end)	$	27.46			$	26.45			$	25.27			$	23.69			$	22.46			$	27.46			$	22.46

 

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)	2021				2021				2021				2020				2020				2021				2020
Banking Division
Net interest income	$	113,524			$	110,670			$	112,816			$	112,964			$	119,562			$	337,010			$	358,267
Provision for credit losses	(9,578)				(3,949)				(23,904)				1,847				487				(37,431)				123,289
Noninterest income	17,896				16,171				16,738				15,659				15,265				50,805				47,506
Noninterest expense
Salaries and employee benefits	40,020				37,814				42,723				38,668				39,718				120,557				121,762
Occupancy and equipment expenses	10,196				9,050				10,120				10,958				11,955				29,366				33,981
Data processing and telecommunications expenses	9,159				10,280				10,201				9,608				9,716				29,640				29,432
Other noninterest expenses	21,723				18,763				19,710				25,806				21,517				60,196				80,159
Total noninterest expense	81,098				75,907				82,754				85,040				82,906				239,759				265,334
Income before income tax expense	59,900				54,883				70,704				41,736				51,434				185,487				17,150
Income tax expense	17,784				14,196				18,456				13,992				13,453				50,436				5,146
Net income	$	42,116			$	40,687			$	52,248			$	27,744			$	37,981			$	135,051			$	12,004
Retail Mortgage Division
Net interest income	$	21,289			$	22,533			$	18,984			$	19,908			$	20,393			$	62,806			$	62,451
Provision for credit losses	1,678				5,647				(4,553)				(1,621)				15,051				2,772				17,471
Noninterest income	55,555				69,055				97,640				94,109				137,583				222,250				276,147
Noninterest expense
Salaries and employee benefits	36,373				44,798				49,838				50,165				53,500				131,009				134,600
Occupancy and equipment expenses	1,590				1,553				1,476				1,577				1,676				4,619				5,133
Data processing and telecommunications expenses	1,357				1,435				1,546				1,534				2,349				4,338				4,741
Other noninterest expenses	11,675				7,638				8,189				7,442				7,889				27,502				20,713
Total noninterest expense	50,995				55,424				61,049				60,718				65,414				167,468				165,187
Income before income tax expense	24,171				30,517				60,128				54,920				77,511				114,816				155,940
Income tax expense	5,076				6,408				12,627				11,535				16,112				24,111				32,751
Net income	$	19,095			$	24,109			$	47,501			$	43,385			$	61,399			$	90,705			$	123,189
Warehouse Lending Division
Net interest income	$	8,712			$	8,720			$	9,906			$	9,017			$	6,546			$	27,338			$	14,874
Provision for credit losses	(291)				(155)				(145)				1,673				495				(591)				889
Noninterest income	1,037				1,333				980				1,113				1,064				3,350				2,751
Noninterest expense
Salaries and employee benefits	264				278				330				296				266				872				685
Occupancy and equipment expenses	—				1				1				1				1				2				3
Data processing and telecommunications expenses	59				68				49				101				73				176				169
Other noninterest expenses	200				30				33				26				28				263				150
Total noninterest expense	523				377				413				424				368				1,313				1,007
Income before income tax expense	9,517				9,831				10,618				8,033				6,747				29,966				15,729
Income tax expense	1,999				2,064				2,230				1,687				1,431				6,293				3,317
Net income	$	7,518			$	7,767			$	8,388			$	6,346			$	5,316			$	23,673			$	12,412

 

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)	2021				2021				2021				2020				2020				2021				2020
SBA Division
Net interest income	$	10,699			$	12,882			$	16,635			$	14,909			$	8,966			$	40,216			$	18,181
Provision for credit losses	(1,104)				(607)				(547)				(2,997)				4,297				(2,258)				5,716
Noninterest income	2,070				2,677				2,611				1,247				5,106				7,358				7,953
Noninterest expense
Salaries and employee benefits	1,320				937				1,382				1,233				1,572				3,639				5,660
Occupancy and equipment expenses	116				132				106				100				97				354				291
Data processing and telecommunications expenses	18				—				1				1				4				19				32
Other noninterest expenses	370				284				295				363				595				949				1,469
Total noninterest expense	1,824				1,353				1,784				1,697				2,268				4,961				7,452
Income before income tax expense	12,049				14,813				18,009				17,456				7,507				44,871				12,966
Income tax expense	2,530				3,111				3,782				3,666				1,577				9,423				2,723
Net income	$	9,519			$	11,702			$	14,227			$	13,790			$	5,930			$	35,448			$	10,243
Premium Finance Division
Net interest income	$	7,437			$	7,047			$	6,636			$	6,658			$	7,071			$	21,120			$	20,524
Provision for credit losses	(380)				(794)				558				(412)				(2,648)				(616)				(475)
Noninterest income	4				4				4				15				—				12				—
Noninterest expense
Salaries and employee benefits	1,694				1,678				1,712				2,104				1,642				5,084				5,105
Occupancy and equipment expenses	77				76				78				73				76				231				232
Data processing and telecommunications expenses	88				94				87				79				84				269				320
Other noninterest expenses	897				852				921				981				934				2,670				2,876
Total noninterest expense	2,756				2,700				2,798				3,237				2,736				8,254				8,533
Income before income tax expense	5,065				5,145				3,284				3,848				6,983				13,494				12,466
Income tax expense	1,633				1,083				686				828				1,464				3,402				2,611
Net income	$	3,432			$	4,062			$	2,598			$	3,020			$	5,519			$	10,092			$	9,855
Total Consolidated
Net interest income	$	161,661			$	161,852			$	164,977			$	163,456			$	162,538			$	488,490			$	474,297
Provision for credit losses	(9,675)				142				(28,591)				(1,510)				17,682				(38,124)				146,890
Noninterest income	76,562				89,240				117,973				112,143				159,018				283,775				334,357
Noninterest expense
Salaries and employee benefits	79,671				85,505				95,985				92,466				96,698				261,161				267,812
Occupancy and equipment expenses	11,979				10,812				11,781				12,709				13,805				34,572				39,640
Data processing and telecommunications expenses	10,681				11,877				11,884				11,323				12,226				34,442				34,694
Other noninterest expenses	34,865				27,567				29,148				34,618				30,963				91,580				105,367
Total noninterest expense	137,196				135,761				148,798				151,116				153,692				421,755				447,513
Income before income tax expense	110,702				115,189				162,743				125,993				150,182				388,634				214,251
Income tax expense	29,022				26,862				37,781				31,708				34,037				93,665				46,548
Net income	$	81,680			$	88,327			$	124,962			$	94,285			$	116,145			$	294,969			$	167,703

 

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SOURCE Ameris Bancorp

FAQ

What are Ameris Bancorp's Q3 2021 earnings results?

Ameris Bancorp reported Q3 2021 net income of $81.7 million or $1.17 per diluted share, down from $116.1 million or $1.67 per diluted share in Q3 2020.

How much did Ameris Bancorp's net interest margin change in Q3 2021?

The net interest margin decreased to 3.22% in Q3 2021 from 3.34% in the previous quarter.

What is the loan growth percentage for Ameris Bancorp in Q3 2021?

Ameris Bancorp experienced a loan growth of 7% annualized, excluding PPP loans, in Q3 2021.

What was the decline in noninterest income for Ameris Bancorp in Q3 2021?

Noninterest income decreased by $12.7 million or 14.2% in Q3 2021, largely due to a decline in mortgage banking activity.

What is Ameris Bancorp's tangible book value per share as of September 30, 2021?

The tangible book value per share increased by 3.8% to $27.46 as of September 30, 2021.