AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2023

Rhea-AI Summary

Ameris Bancorp reports net income of $80.1 million for Q3 2023

Positive

• Net income of $80.1 million, or $1.16 per diluted share, for Q3 2023
• ROA of 1.25% and PPNR ROA of 2.01%
• Growth in tangible book value of $0.96 per share, or 12.2% annualized
• Increase in allowance for credit losses to 1.44% of loans
• Adjusted efficiency ratio of 52.02%
• Nonperforming portfolio assets improved to 0.27% of total assets
• Net interest margin of 3.54%
• Growth in total deposits of $147.2 million, or 2.9% annualized
• TCE ratio of 9.11%

Negative

• Net income decreased compared to Q3 2022
• Decrease in net interest margin
• Decreased noninterest income
• Decrease in problem loan expense
• Decreased variable compensation related to mortgage production

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

• Net income of $80.1 million, or $1.16 per diluted share
• Return on average assets ("ROA") of 1.25%
• Pre-tax, pre-provision net revenue (PPNR) ROA⁽¹⁾ of 2.01%
• Growth in tangible book value⁽¹⁾ of $0.96 per share, or 12.2% annualized, to $32.38 at September 30, 2023
• Increase in the allowance for credit losses to 1.44% of loans, from 1.33% at June 30, 2023, due to forecasted economic conditions, particularly related to commercial real estate price levels
• Adjusted efficiency ratio⁽¹⁾ of 52.02%, compared with 53.41% in the second quarter of 2023
• Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis points to 0.27% at September 30, 2023, compared with 0.30% at June 30, 2023
• Net interest margin of 3.54% for the third quarter of 2023
• Cyclical decline in loans of $270.7 million, with the loan to deposit ratio improving to 98%
• Growth in total deposits of $147.2 million, or 2.9% annualized
• TCE ratio⁽¹⁾ of 9.11%, compared with 8.80% at June 30, 2023 and 8.75% one year ago

ATLANTA, Oct. 26, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023, compared with $92.6 million, or $1.34 per diluted share, for the quarter ended September 30, 2022.

For the year-to-date period ending September 30, 2023, the Company reported net income of $203.2 million, or $2.94 per diluted share, compared with $264.3 million, or $3.81 per diluted share, for the same period in 2022. The year-to-date period ending September 30, 2023 included a provision for credit losses of $119.7 million, compared with $38.8 million for the same period in 2022.  The year-to-date period ending September 30, 2022 included a recovery of servicing right impairment of $21.8 million, with no such recovery in the same period in 2023.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are proud of another strong quarter, highlighted by core fundamentals and capital growth, which will continue to serve us well as we move into 2024.  The profitability of our Company remains solid with an ROA of 1.25%, PPNR ROA of over 2%, net interest margin of 3.54% and efficiency ratio of just over 52%.  We grew core deposits, tangible book value and improved our allowance for loan loss coverage ratio, all of which strengthened our balance sheet during the quarter.  All of these things, combined with our focus on controlled growth, position us well for the remainder of 2023 and moving into 2024."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $208.7 million in the third quarter of 2023, a decrease of $1.8 million, or 0.8%, from last quarter and $5.2 million, or 2.4%, compared with the third quarter of 2022.  The Company's net interest margin was 3.54% for the third quarter of 2023, down from 3.60% reported for the second quarter of 2023 and 3.97% reported for the third quarter of 2022. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.

Yields on earning assets increased ten basis points during the quarter to 5.62%, compared with 5.52% in the second quarter of 2023, and increased 125 basis points from 4.37% in the third quarter of 2022.  Yields on loans increased to 5.81% during the third quarter of 2023, compared with 5.66% for the second quarter of 2023 and 4.62% for the third quarter of 2022.

Loan production in the banking division during the third quarter of 2023 was $621.0 million, with weighted average yields of 9.49%, compared with $544.3 million and 9.35%, respectively, in the second quarter of 2023 and $1.12 billion and 6.26%, respectively, in the third quarter of 2022.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.2 billion during the third quarter of 2023, with weighted average yields of 7.28%, compared with $4.7 billion and 6.83%, respectively, during the second quarter of 2023 and $4.6 billion and 5.29%, respectively, during the third quarter of 2022.   

The Company's total cost of funds was 2.24% in the third quarter of 2023, an increase of 19 basis points compared with the second quarter of 2023.  Deposit costs increased 24 basis points during the third quarter of 2023 to 2.00%, compared with 1.76% in the second quarter of 2023.  Costs of interest-bearing deposits increased during the quarter from 2.64% in the second quarter of 2023 to 2.97% in the third quarter of 2023, reflecting a shift in mix to CDs and money market accounts in the rising rate environment.

Noninterest Income
Noninterest income decreased $4.2 million, or 6.2%, in the third quarter of 2023 to $63.2 million, compared with $67.3 million for the second quarter of 2023, primarily as a result of decreased mortgage banking activity, which decreased by $4.5 million, or 10.9%, to $36.3 million in the third quarter of 2023, compared with $40.7 million for the second quarter of 2023.  Gain on sale spreads decreased slightly to 2.15% in the third quarter of 2023 from 2.18% for the second quarter of 2023. Total production in the retail mortgage division decreased $157.2 million, or 11.8%, to $1.18 billion in the third quarter of 2023, compared with $1.33 billion for the second quarter of 2023. The retail mortgage open pipeline was $623.9 million at the end of the third quarter of 2023, compared with $652.1 million for the second quarter of 2023.  Other noninterest income decreased $749,000, or 5.2%, to $13.6 million in the third quarter of 2023, compared with $14.3 million for the second quarter of 2023, primarily resulting from a decrease in gain on debt redemption of $905,000. 

Noninterest Expense
Noninterest expense decreased $7.0 million, or 4.7%, to $141.4 million during the third quarter of 2023, compared with $148.4 million for the second quarter of 2023. The decrease in noninterest expense was driven by a decrease in problem loan expense of $2.2 million, a $1.0 million decrease in FDIC insurance costs, a $1.4 million decrease in legal and professional fees, a $1.1 million decrease in fraud/forgery and litigation resolution expenses and a decrease in variable compensation related to mortgage production of $965,000.  Management continues to focus on operating efficiency, and the adjusted efficiency ratio⁽¹⁾ decreased to 52.02% in the third quarter of 2023, compared with 53.41% in the second quarter of 2023.

Income Tax Expense
The Company's effective tax rate for the third quarter of 2023 was 23.7%, compared with 24.5% for the second quarter of 2023.  The decreased rate for the third quarter of 2023 was primarily a result of decreased permanent differences related to nondeductible compensation and FDIC insurance premiums, compared with the second quarter of 2023.

Balance Sheet Trends
Total assets at September 30, 2023 were $25.70 billion, compared with $25.05 billion at December 31, 2022.  Cash and cash equivalents increased 38.2% to $1.55 billion at September 30, 2023, compared with $1.12 billion at December 31, 2022.  Debt securities available-for-sale decreased to $1.42 billion, compared with $1.50 billion at December 31, 2022.  Loans, net of unearned income, increased $345.8 million, or 2.3% annualized, to $20.20 billion at September 30, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased slightly to $381.5 million at September 30, 2023 from $392.1 million at December 31, 2022.

Investment securities decreased to $1.57 billion, or 6.6% of earning assets at the end of the third quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at December 31, 2022.  The Company did not deploy excess liquidity into the securities portfolio until after rates began rising during 2022; as a result, the unrealized loss position in the Company's available-for-sale securities portfolio remains modest at just 5.2% of the portfolio.

At September 30, 2023, total deposits amounted to $20.59 billion, compared with $19.46 billion at December 31, 2022.  During the third quarter of 2023, deposits grew $147.2 million, with money market and savings accounts increasing $359.6 million and retail CDs increasing $156.8 million, with such increases offset in part by a $117.3 million decrease in noninterest bearing accounts and a $252.9 million decrease in interest bearing demand accounts.  Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at September 30, 2023, noninterest bearing deposit accounts represented $6.59 billion, or 32.0% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.  

During the third quarter of 2023, utilizing existing liquidity, the Company reduced borrowings with the FHLB by $325.0 million and redeemed, at a discount, $2.5 million in principal amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes Due 2029.

Shareholders' equity at September 30, 2023 totaled $3.35 billion, an increase of $149.7 million, or 4.7%, from December 31, 2022.  The increase in shareholders' equity was primarily the result of earnings of $203.2 million during the first nine months of 2023, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $14.3 million resulting from changes in interest rates on the Company's investment portfolio.  Tangible book value per share⁽¹⁾ increased $2.46 per share, or 11.0% annualized, during the first nine months of 2023 to $32.38 at September 30, 2023.  The Company recorded dilution of $0.21 per share, or 0.7%, to tangible book value⁽¹⁾ from other comprehensive loss related to the increase in net unrealized losses on the securities portfolio during this same period.  Tangible common equity as a percentage of tangible assets was 9.11% at September 30, 2023, compared with 8.67% at the end of 2022.

Credit Quality
Credit quality remains strong in the Company.  During the third quarter of 2023, the Company recorded a provision for credit losses of $24.5 million, compared with a provision of $45.5 million in the second quarter of 2023.  The third quarter provision was primarily attributable to the updated economic forecast, partially offset by a decline in loans of $270.7 million during the quarter.  Nonperforming assets as a percentage of total assets were up one basis point to 0.58% during the quarter.  Approximately $80.8 million, or 53.9%, of the nonperforming assets at September 30, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure.  Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets improved three basis points to 0.27% at September 30, 2023, compared with 0.30% at the second quarter of 2023. The net charge-off ratio was 23 basis points for the third quarter of 2023, compared with 28 basis points in the second quarter of 2023.

Share Repurchase Program
The Company's board of directors, on October 26, 2023, 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, 2024, 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 board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31 and under which the Company has repurchased $13.5 million of its outstanding common stock in the past 12 months.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 27, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-317-6789.  The conference call ID is Ameris Bancorp.  A replay of the call will be available one hour after the end of the conference call until November 10, 2023.  To listen to the replay, dial 1-877-344-7529.  The conference replay access code is 1921240.  The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

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

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

 

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the Company's subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights	Table 1
	Three Months Ended										Nine  Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2023		2023		2023		2022		2022		2023		2022
EARNINGS
Net income	$    80,115		$    62,635		$    60,421		$    82,221		$    92,555		$  203,171		$  264,319
Adjusted net income(1)	$    80,115		$    62,635		$    59,935		$    81,086		$    91,817		$  202,685		$  248,329
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        1.16		$        0.91		$        0.87		$        1.19		$        1.34		$        2.94		$        3.82
Diluted	$        1.16		$        0.91		$        0.87		$        1.18		$        1.34		$        2.94		$        3.81
Adjusted diluted EPS(1)	$        1.16		$        0.91		$        0.86		$        1.17		$        1.32		$        2.93		$        3.58
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15		$        0.45		$        0.45
Book value per share (period end)	$      48.41		$      47.51		$      46.89		$      46.09		$      44.97		$      48.41		$      44.97
Tangible book value per share (period end)(1)	$      32.38		$      31.42		$      30.79		$      29.92		$      28.62		$      32.38		$      28.62
Weighted average number of shares
Basic	68,879,352		68,989,549		69,171,562		69,138,431		69,124,855		69,023,201		69,213,012
Diluted	68,994,247		69,034,763		69,322,664		69,395,224		69,327,414		69,129,921		69,427,522
Period end number of shares	69,138,461		69,139,783		69,373,863		69,369,050		69,352,709		69,138,461		69,352,709
Market data
High intraday price	$      45.34		$      37.18		$      50.54		$      54.24		$      50.94		$      50.54		$      55.62
Low intraday price	$      33.21		$      28.33		$      34.28		$      44.61		$      38.22		$      28.33		$      38.22
Period end closing price	$      38.39		$      34.21		$      36.58		$      47.14		$      44.71		$      38.39		$      44.71
Average daily volume	$  361,167		$  475,198		$  452,242		$  340,890		$  346,522		$  429,170		420,703
PERFORMANCE RATIOS
Return on average assets	1.25 %		0.98 %		0.98 %		1.34 %		1.56 %		1.07 %		1.51 %
Adjusted return on average assets(1)	1.25 %		0.98 %		0.97 %		1.32 %		1.54 %		1.07 %		1.42 %
Return on average common equity	9.56 %		7.63 %		7.54 %		10.30 %		11.76 %		8.26 %		11.57 %
Adjusted return on average tangible common equity(1)	14.35 %		11.53 %		11.41 %		15.78 %		18.33 %		12.46 %		17.33 %
Earning asset yield (TE)	5.62 %		5.52 %		5.25 %		4.91 %		4.37 %		5.46 %		3.94 %
Total cost of funds	2.24 %		2.05 %		1.59 %		0.94 %		0.42 %		1.96 %		0.29 %
Net interest margin (TE)	3.54 %		3.60 %		3.76 %		4.03 %		3.97 %		3.63 %		3.67 %
Efficiency ratio	52.21 %		53.60 %		52.08 %		49.57 %		50.15 %		52.64 %		52.35 %
Adjusted efficiency ratio (TE)(1)	52.02 %		53.41 %		51.99 %		49.61 %		50.12 %		52.49 %		53.46 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	13.02 %		12.73 %		12.47 %		12.76 %		13.10 %		13.02 %		13.10 %
Tangible common equity to tangible assets(1)	9.11 %		8.80 %		8.55 %		8.67 %		8.75 %		9.11 %		8.75 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,049		2,069		2,093		2,079		2,071		2,049		2,071
Retail Mortgage Division	601		613		630		633		671		601		671
Warehouse Lending Division	8		8		8		8		9		8		9
SBA Division	33		35		39		39		40		33		40
Premium Finance Division	78		76		78		76		77		78		77
Total Ameris Bancorp FTE headcount	2,769		2,801		2,848		2,835		2,868		2,769		2,868
Branch locations	164		164		164		164		164		164		164
Deposits per branch location	$  125,551		$  124,653		$  121,326		$  118,675		$  118,701		$  125,551		$  118,701
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement	Table 2
	Three Months Ended										Nine  Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2023		2023		2023		2022		2022		2023		2022
Interest income
Interest and fees on loans	$     304,699		$     292,012		$     271,964		$     250,263		$     216,400		$     868,675		$     584,706
Interest on taxable securities	14,754		15,915		14,300		13,029		10,324		44,969		21,627
Interest on nontaxable securities	331		339		339		358		363		1,009		818
Interest on deposits in other banks	10,769		13,686		9,113		9,984		7,188		33,568		13,024
Interest on federal funds sold	—		—		—		8		27		—		69
Total interest income	330,553		321,952		295,716		273,642		234,302		948,221		620,244
Interest expense
Interest on deposits	102,999		88,087		53,182		33,071		14,034		244,268		23,034
Interest on other borrowings	19,803		24,325		30,882		16,434		7,287		75,010		20,321
Total interest expense	122,802		112,412		84,064		49,505		21,321		319,278		43,355
Net interest income	207,751		209,540		211,652		224,137		212,981		628,943		576,889
Provision for loan losses	30,095		43,643		49,376		24,648		17,469		123,114		27,962
Provision for unfunded commitments	(5,634)		1,873		346		8,246		192		(3,415)		10,980
Provision for other credit losses	(2)		—		7		(4)		(9)		5		(135)
Provision for credit losses	24,459		45,516		49,729		32,890		17,652		119,704		38,807
Net interest income after provision for credit losses	183,292		164,024		161,923		191,247		195,329		509,239		538,082
Noninterest income
Service charges on deposit accounts	12,092		11,295		10,936		11,125		11,168		34,323		33,374
Mortgage banking activity	36,290		40,742		31,392		22,855		40,350		108,424		162,049
Other service charges, commissions and fees	1,221		975		971		968		970		3,167		2,907
Gain (loss) on securities	(16)		(6)		6		3		(21)		(16)		200
Other noninterest income	13,594		14,343		12,745		13,397		12,857		40,682		37,546
Total noninterest income	63,181		67,349		56,050		48,348		65,324		186,580		236,076
Noninterest expense
Salaries and employee benefits	81,898		81,336		80,910		75,196		78,697		244,144		244,523
Occupancy and equipment	12,745		12,522		12,986		12,905		12,983		38,253		38,456
Data processing and communications expenses	12,973		13,451		13,034		12,486		12,015		39,458		36,742
Credit resolution-related expenses(1)	(1,360)		848		435		372		126		(77)		(343)
Advertising and marketing	2,723		2,627		3,532		3,818		3,553		8,882		8,663
Amortization of intangible assets	4,425		4,688		4,706		4,709		4,710		13,819		15,035
Merger and conversion charges	—		—		—		235		—		—		977
Other noninterest expenses	28,042		32,931		23,818		25,340		27,494		84,791		81,541
Total noninterest expense	141,446		148,403		139,421		135,061		139,578		429,270		425,594
Income before income tax expense	105,027		82,970		78,552		104,534		121,075		266,549		348,564
Income tax expense	24,912		20,335		18,131		22,313		28,520		63,378		84,245
Net income	$       80,115		$       62,635		$       60,421		$       82,221		$       92,555		$     203,171		$     264,319
Diluted earnings per common share	$          1.16		$          0.91		$          0.87		$          1.18		$          1.34		$          2.94		$          3.81
(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)	2023		2023		2023		2022		2022
Assets
Cash and due from banks	$     241,137		$     284,552		$     266,400		$     284,567		$     269,193
Federal funds sold and interest-bearing deposits in banks	1,304,636		1,034,578		1,754,453		833,565		1,061,975
Debt securities available-for-sale, at fair value	1,424,081		1,460,356		1,496,836		1,500,060		1,255,149
Debt securities held-to-maturity, at amortized cost	141,859		142,513		134,175		134,864		130,214
Other investments	104,957		109,656		146,715		110,992		60,560
Loans held for sale	381,466		391,472		395,096		392,078		297,987
Loans, net of unearned income	20,201,079		20,471,759		19,997,871		19,855,253		18,806,856
Allowance for credit losses	(290,104)		(272,071)		(242,658)		(205,677)		(184,891)
Loans, net	19,910,975		20,199,688		19,755,213		19,649,576		18,621,965
Other real estate owned	3,397		6,170		1,502		843		843
Premises and equipment, net	217,564		218,662		218,878		220,283		222,694
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,023,071
Other intangible assets, net	92,375		96,800		101,488		106,194		110,903
Cash value of bank owned life insurance	393,769		391,483		389,201		388,405		386,533
Other assets	465,968		449,042		412,781		416,213		372,570
Total assets	$ 25,697,830		$ 25,800,618		$ 26,088,384		$ 25,053,286		$ 23,813,657
Liabilities
Deposits
Noninterest-bearing	$  6,589,610		$  6,706,897		$  7,297,893		$  7,929,579		$  8,343,200
Interest-bearing	14,000,735		13,736,228		12,599,562		11,533,159		11,123,719
Total deposits	20,590,345		20,443,125		19,897,455		19,462,738		19,466,919
Other borrowings	1,209,553		1,536,989		2,401,327		1,875,736		725,664
Subordinated deferrable interest debentures	129,817		129,319		128,820		128,322		127,823
Other liabilities	421,046		406,555		407,587		389,090		374,181
Total liabilities	22,350,761		22,515,988		22,835,189		21,855,886		20,694,587
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,514		72,515		72,484		72,264		72,247
Capital stock	1,942,852		1,939,865		1,937,664		1,935,211		1,932,906
Retained earnings	1,484,424		1,414,742		1,362,512		1,311,258		1,239,477
Accumulated other comprehensive income (loss), net of tax	(60,818)		(50,618)		(35,581)		(46,507)		(50,734)
Treasury stock	(91,903)		(91,874)		(83,884)		(74,826)		(74,826)
Total shareholders' equity	3,347,069		3,284,630		3,253,195		3,197,400		3,119,070
Total liabilities and shareholders' equity	$ 25,697,830		$ 25,800,618		$ 26,088,384		$ 25,053,286		$ 23,813,657
Other Data
Earning assets	$ 23,558,078		$ 23,610,334		$ 23,925,146		$ 22,826,812		$ 21,612,741
Intangible assets	1,108,021		1,112,446		1,117,134		1,121,840		1,133,974
Interest-bearing liabilities	15,340,105		15,402,536		15,129,709		13,537,217		11,977,206
Average assets	25,525,913		25,631,846		25,115,927		24,354,979		23,598,465
Average common shareholders' equity	3,324,960		3,293,049		3,250,289		3,168,320		3,123,718

 

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)	2023		2023		2023		2022		2022		2023		2022
Allowance for Credit Losses
Balance at beginning of period	$  326,783		$  295,497		$  258,163		$  229,135		$  216,703		$  258,163		$  200,981
Adoption of ASU 2022-02	—		—		(1,711)		—		—		(1,711)		—
Provision for loan losses	30,095		43,643		49,376		24,648		17,469		123,114		27,962
Provision for unfunded commitments	(5,634)		1,873		346		8,246		192		(3,415)		10,980
Provision for other credit losses	(2)		—		7		(4)		(9)		5		(135)
Provision for credit losses	24,459		45,516		49,729		32,890		17,652		119,704		38,807
Charge-offs	19,488		20,670		14,956		8,371		9,272		55,114		24,704
Recoveries	7,426		6,440		4,272		4,509		4,052		18,138		14,051
Net charge-offs (recoveries)	12,062		14,230		10,684		3,862		5,220		36,976		10,653
Ending balance	$  339,180		$  326,783		$  295,497		$  258,163		$  229,135		$  339,180		$  229,135
Allowance for loan losses	$  290,104		$  272,071		$  242,658		$  205,677		$  184,891		$  290,104		$  184,891
Allowance for unfunded commitments	48,996		54,630		52,757		52,411		44,165		48,996		44,165
Allowance for other credit losses	80		82		82		75		79		80		79
Total allowance for credit losses	$  339,180		$  326,783		$  295,497		$  258,163		$  229,135		$  339,180		$  229,135
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$    16,519		$    13,316		$    12,233		$     5,108		$      4,722		$    42,068		$    13,527
Consumer	948		2,052		1,140		1,136		1,228		4,140		3,790
Indirect automobile	36		65		34		86		50		135		179
Premium Finance	1,951		1,848		1,421		1,812		1,205		5,220		3,640
Real estate - construction and development	—		—		—		27		—		—		—
Real estate - commercial and farmland	—		3,320		—		196		2,014		3,320		3,378
Real estate - residential	34		69		128		6		53		231		190
Total charge-offs	19,488		20,670		14,956		8,371		9,272		55,114		24,704
Recoveries
Commercial, financial and agricultural	4,745		3,545		2,043		2,072		2,201		10,333		7,882
Consumer	203		194		297		217		277		694		665
Indirect automobile	158		225		216		229		276		599		816
Premium Finance	1,639		1,680		1,382		1,682		1,023		4,701		3,383
Real estate - construction and development	74		472		100		223		96		646		669
Real estate - commercial and farmland	371		61		44		48		96		476		177
Real estate - residential	236		263		190		38		83		689		459
Total recoveries	7,426		6,440		4,272		4,509		4,052		18,138		14,051
Net charge-offs (recoveries)	$    12,062		$    14,230		$    10,684		$     3,862		$      5,220		$    36,976		$    10,653
Non-Performing Assets
Nonaccrual portfolio loans	$    53,806		$    57,025		$    68,028		$    65,221		$    64,055		$    53,806		$    64,055
Other real estate owned	3,397		6,170		1,502		843		843		3,397		843
Repossessed assets	22		9		25		28		60		22		60
Accruing loans delinquent 90 days or more	11,891		13,424		15,792		17,865		12,378		11,891		12,378
Non-performing portfolio assets	$    69,116		$    76,628		$    85,347		$    83,957		$    77,336		$    69,116		$    77,336
Serviced GNMA-guaranteed mortgage nonaccrual loans	80,752		69,655		74,999		69,587		54,621		80,752		54,621
Total non-performing assets	$  149,868		$  146,283		$  160,346		$  153,544		$  131,957		$  149,868		$  131,957
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets	0.27 %		0.30 %		0.33 %		0.34 %		0.32 %		0.27 %		0.32 %
Total non-performing assets as a percent of total assets	0.58 %		0.57 %		0.61 %		0.61 %		0.55 %		0.58 %		0.55 %
Net charge-offs as a percent of average loans (annualized)	0.23 %		0.28 %		0.22 %		0.08 %		0.11 %		0.25 %		0.08 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Sep		Jun		Mar		Dec		Sep
(dollars in thousands)	2023		2023		2023		2022		2022
Loans by Type
Commercial, financial and agricultural	$  2,632,836		$  2,718,831		$  2,722,180		$  2,679,403		$  2,245,287
Consumer	259,797		307,486		349,775		384,037		162,345
Indirect automobile	47,108		63,231		83,466		108,648		137,183
Mortgage warehouse	852,823		1,147,413		958,418		1,038,924		980,342
Municipal	497,093		510,410		505,515		509,151		516,797
Premium Finance	1,007,334		988,731		947,257		1,023,479		1,062,724
Real estate - construction and development	2,236,686		2,217,744		2,144,605		2,086,438		2,009,726
Real estate - commercial and farmland	7,865,389		7,815,779		7,721,732		7,604,868		7,516,309
Real estate - residential	4,802,013		4,702,134		4,564,923		4,420,305		4,176,143
Total loans	$ 20,201,079		$ 20,471,759		$ 19,997,871		$ 19,855,253		$ 18,806,856
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 19,812,895		$ 20,114,816		$ 19,654,232		$ 19,513,726		$ 18,483,046
Grade 6 - Other assets especially mentioned	187,449		171,035		116,345		104,614		110,408
Grade 7 - Substandard	200,735		185,908		227,294		236,913		213,402
Grade 8 - Doubtful	—		—		—		—		—
Grade 9 - Loss	—		—		—		—		—
Total loans	$ 20,201,079		$ 20,471,759		$ 19,997,871		$ 19,855,253		$ 18,806,856

 

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)	2023		2023		2023		2022		2022		2023		2022
Earning Assets
Federal funds sold	$             —		$             —		$             —		$           924		$         5,000		$             —		$       14,176
Interest-bearing deposits in banks	864,028		998,609		859,614		1,009,935		1,394,529		907,433		2,325,188
Debt securities - taxable	1,548,647		1,582,076		1,586,404		1,451,861		1,242,811		1,572,237		935,313
Debt securities - nontaxable	40,896		42,580		43,052		44,320		45,730		42,168		38,249
Other investments	101,517		117,020		131,044		83,730		51,209		116,419		49,556
Loans held for sale	464,452		577,606		490,295		371,952		471,070		510,690		835,418
Loans	20,371,689		20,164,938		19,820,749		19,212,560		18,146,083		20,121,143		16,951,566
Total Earning Assets	$ 23,391,229		$ 23,482,829		$ 22,931,158		$ 22,175,282		$ 21,356,432		$ 23,270,090		$ 21,149,466
Deposits
Noninterest-bearing deposits	$  6,655,191		$  6,729,789		$  7,136,373		$  8,138,887		$  8,259,625		$  6,838,618		$  7,960,149
NOW accounts	3,661,701		3,949,850		4,145,991		3,621,454		3,701,045		3,917,476		3,693,828
MMDA	5,527,731		5,002,590		4,994,195		5,161,047		5,026,815		5,176,794		5,117,528
Savings accounts	915,678		1,009,749		1,005,614		1,010,966		1,030,298		976,684		1,003,995
Retail CDs	2,200,413		2,024,014		1,612,325		1,450,037		1,506,761		1,947,739		1,657,193
Brokered CDs	1,441,854		1,393,206		125,133		—		—		991,554		—
Total Deposits	20,402,568		20,109,198		19,019,631		19,382,391		19,524,544		19,848,865		19,432,693
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		1		92		—		1,974
FHLB advances	943,855		1,408,855		1,968,811		918,228		94,357		1,436,753		64,130
Other borrowings	312,572		316,626		361,445		377,056		376,942		330,035		398,898
Subordinated deferrable interest debentures	129,554		129,056		128,557		128,060		127,560		129,059		127,066
Total Non-Deposit Funding	1,385,981		1,854,537		2,458,813		1,423,345		598,951		1,895,847		592,068
Total Funding	$ 21,788,549		$ 21,963,735		$ 21,478,444		$ 20,805,736		$ 20,123,495		$ 21,744,712		$ 20,024,761

 

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)	2023		2023		2023		2022		2022		2023		2022
Interest Income
Federal funds sold	$            —		$             —		$             —		$               8		$             27		$             —		$             69
Interest-bearing deposits in banks	10,769		13,686		9,113		9,984		7,188		33,568		13,024
Debt securities - taxable	14,754		15,915		14,300		13,029		10,324		44,969		21,627
Debt securities - nontaxable (TE)	418		430		429		454		459		1,277		1,035
Loans held for sale	7,460		8,398		7,007		5,519		6,012		22,865		24,180
Loans (TE)	298,102		284,471		265,802		245,603		211,223		848,375		563,223
Total Earning Assets	$    331,503		$     322,900		$     296,651		$     274,597		$     235,233		$     951,054		$     623,158
Interest Expense
Interest-Bearing Deposits
NOW accounts	$      17,255		$       18,003		$       15,033		$        8,564		$         3,733		$       50,291		$         5,803
MMDA	45,683		35,224		27,809		20,683		8,613		108,716		12,460
Savings accounts	1,791		2,296		1,288		654		360		5,375		633
Retail CDs	19,013		14,751		7,629		3,170		1,328		41,393		4,138
Brokered CDs	19,257		17,813		1,423		—		—		38,493		—
Total Interest-Bearing Deposits	102,999		88,087		53,182		33,071		14,034		244,268		23,034
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		—		—		—		4
FHLB advances	12,543		17,222		22,448		8,801		527		52,213		909
Other borrowings	3,821		3,902		5,349		4,953		4,655		13,072		14,256
Subordinated deferrable interest debentures	3,439		3,201		3,085		2,680		2,105		9,725		5,152
Total Non-Deposit Funding	19,803		24,325		30,882		16,434		7,287		75,010		20,321
Total Interest-Bearing Funding	$    122,802		$     112,412		$       84,064		$       49,505		$       21,321		$     319,278		$       43,355
Net Interest Income (TE)	$    208,701		$     210,488		$     212,587		$     225,092		$     213,912		$     631,776		$     579,803

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended										Nine  Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
	2023		2023		2023		2022		2022		2023		2022
Earning Assets
Federal funds sold	— %		— %		— %		3.43 %		2.14 %		— %		0.65 %
Interest-bearing deposits in banks	4.94 %		5.50 %		4.30 %		3.92 %		2.04 %		4.95 %		0.75 %
Debt securities - taxable	3.78 %		4.03 %		3.66 %		3.56 %		3.30 %		3.82 %		3.09 %
Debt securities - nontaxable (TE)	4.06 %		4.05 %		4.04 %		4.06 %		3.98 %		4.05 %		3.62 %
Loans held for sale	6.37 %		5.83 %		5.80 %		5.89 %		5.06 %		5.99 %		3.87 %
Loans (TE)	5.81 %		5.66 %		5.44 %		5.07 %		4.62 %		5.64 %		4.44 %
Total Earning Assets	5.62 %		5.52 %		5.25 %		4.91 %		4.37 %		5.46 %		3.94 %
Interest-Bearing Deposits
NOW accounts	1.87 %		1.83 %		1.47 %		0.94 %		0.40 %		1.72 %		0.21 %
MMDA	3.28 %		2.82 %		2.26 %		1.59 %		0.68 %		2.81 %		0.33 %
Savings accounts	0.78 %		0.91 %		0.52 %		0.26 %		0.14 %		0.74 %		0.08 %
Retail CDs	3.43 %		2.92 %		1.92 %		0.87 %		0.35 %		2.84 %		0.33 %
Brokered CDs	5.30 %		5.13 %		4.61 %		— %		— %		5.19 %		— %
Total Interest-Bearing Deposits	2.97 %		2.64 %		1.82 %		1.17 %		0.49 %		2.51 %		0.27 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	— %		— %		— %		— %		— %		— %		0.27 %
FHLB advances	5.27 %		4.90 %		4.62 %		3.80 %		2.22 %		4.86 %		1.90 %
Other borrowings	4.85 %		4.94 %		6.00 %		5.21 %		4.90 %		5.30 %		4.78 %
Subordinated deferrable interest debentures	10.53 %		9.95 %		9.73 %		8.30 %		6.55 %		10.07 %		5.42 %
Total Non-Deposit Funding	5.67 %		5.26 %		5.09 %		4.58 %		4.83 %		5.29 %		4.59 %
Total Interest-Bearing Liabilities	3.22 %		2.96 %		2.38 %		1.55 %		0.71 %		2.86 %		0.48 %
Net Interest Spread	2.40 %		2.56 %		2.87 %		3.36 %		3.66 %		2.60 %		3.46 %
Net Interest Margin(2)	3.54 %		3.60 %		3.76 %		4.03 %		3.97 %		3.63 %		3.67 %
Total Cost of Funds(3)	2.24 %		2.05 %		1.59 %		0.94 %		0.42 %		1.96 %		0.29 %
(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)	2023		2023		2023		2022		2022		2023		2022
Net income available to common shareholders	$     80,115		$     62,635		$     60,421		$    82,221		$     92,555		$   203,171		$  264,319
Adjustment items:
Merger and conversion charges	—		—		—		235		—		—		977
(Gain) loss on sale of MSR	—		—		—		(1,672)		316		—		316
Servicing right impairment (recovery)	—		—		—		—		(1,332)		—		(21,824)
Gain on BOLI proceeds	—		—		(486)		—		(55)		(486)		(55)
Natural disaster expenses	—		—		—		—		151		—		151
(Gain) loss on bank premises	—		—		—		—		—		—		(45)
Tax effect of adjustment items (Note 1)	—		—		—		302		182		—		4,490
After tax adjustment items	—		—		(486)		(1,135)		(738)		(486)		(15,990)
Adjusted net income	$     80,115		$     62,635		$     59,935		$    81,086		$     91,817		$   202,685		$  248,329
Weighted average number of shares - diluted	68,994,247		69,034,763		69,322,664		69,395,224		69,327,414		69,129,921		69,427,522
Net income per diluted share	$        1.16		$        0.91		$        0.87		$        1.18		$        1.34		$         2.94		$       3.81
Adjusted net income per diluted share	$        1.16		$        0.91		$        0.86		$        1.17		$        1.32		$         2.93		$       3.58
Average assets	$  25,525,913		$  25,631,846		$  25,115,927		$  24,354,979		$  23,598,465		$  25,426,064		$  23,405,411
Return on average assets	1.25 %		0.98 %		0.98 %		1.34 %		1.56 %		1.07 %		1.51 %
Adjusted return on average assets	1.25 %		0.98 %		0.97 %		1.32 %		1.54 %		1.07 %		1.42 %
Average common equity	$ 3,324,960		$ 3,293,049		$ 3,250,289		$   3,168,320		$ 3,123,718		$ 3,289,706		$   3,054,356
Average tangible common equity	$ 2,214,775		$ 2,178,323		$ 2,130,856		$   2,039,094		$ 1,987,385		$ 2,174,958		$   1,916,262
Return on average common equity	9.56 %		7.63 %		7.54 %		10.30 %		11.76 %		8.26 %		11.57 %
Adjusted return on average tangible common equity	14.35 %		11.53 %		11.41 %		15.78 %		18.33 %		12.46 %		17.33 %
Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for the nine months ended September 2022 are nondeductible for tax purposes.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE)	Table 9B
	Three Months Ended										Nine  Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands)	2023		2023		2023		2022		2022		2023		2022
Adjusted Noninterest Expense
Total noninterest expense	$  141,446		$  148.403		$  139,421		$  135,061		$  139,578		$  429,270		$  425,594
Adjustment items:
Merger and conversion charges	—		—		—		(235)		—		—		(977)
Natural disaster expenses	—		—		—		—		(151)		—		(151)
Gain (loss) on bank premises	—		—		—		—		—		—		45
Adjusted noninterest expense	$  141,446		$  148.403		$  139,421		$  134,826		$  139,427		$  429,270		$  424,511
Total Revenue
Net interest income	$  207,751		$  209,540		$  211,652		$  224,137		$  212,981		$  628,943		$  576,889
Noninterest income	63,181		67,349		56,050		48,348		65,324		186,580		236,076
Total revenue	$  270,932		$  276,889		$  267,702		$  272,485		$  278,305		$  815,523		$  812,965
Adjusted Total Revenue
Net interest income (TE)	$  208,701		$  210,488		$  212,587		$  225,092		$  213,912		$  631,776		$  579,803
Noninterest income	63,181		67,349		56,050		48,348		65,324		186,580		236,076
Total revenue (TE)	271,882		277,837		268,637		273,440		279,236		818,356		815,879
Adjustment items:
(Gain) loss on securities	16		6		(6)		(3)		21		16		(200)
(Gain) loss on sale of MSR	—		—		—		(1,672)		316		—		316
Gain on BOLI proceeds	—		—		(486)		—		(55)		(486)		(55)
Servicing right impairment (recovery)	—		—		—		—		(1,332)		—		(21,824)
Adjusted total revenue (TE)	$  271,898		$  277,843		$  268,145		$  271,765		$  278,186		$  817,886		$  794,116
Efficiency ratio	52.21 %		53.60 %		52.08 %		49.57 %		50.15 %		52.64 %		52.35 %
Adjusted efficiency ratio (TE)	52.02 %		53.41 %		51.99 %		49.61 %		50.12 %		52.49 %		53.46 %
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)	2023		2023		2023		2022		2022		2023		2022
Total shareholders' equity	$    3,347,069		$   3,284,630		$    3,253,195		$   3,197,400		$    3,119,070		$     3,347,069		$     3,119,070
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,023,071		1,015,646		1,023,071
Other intangibles, net	92,375		96,800		101,488		106,194		110,903		92,375		110,903
Total tangible shareholders' equity	$     2,239,048		$    2,172,184		$     2,136,061		$    2,075,560		$    1,985,096		$    2,239,048		$     1,985,096
Period end number of shares	69,138,461		69,139,783		69,373,863		69,369,050		69,352,709		69,138,461		69,352,709
Book value per share (period end)	$     48.41		$     47.51		$      46.89		$     46.09		$     44.97		$      48.41		$     44.97
Tangible book value per share (period end)	$     32.38		$     31.42		$      30.79		$     29.92		$     28.62		$      32.38		$     28.62

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets	Table 9D
	Three Months Ended										Nine  Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2023		2023		2023		2022		2022		2023		2022
Total shareholders' equity	$ 3,347,069		$ 3,284,630		$ 3,253,195		$ 3,197,400		$ 3,119,070		$ 3,347,069		$ 3,119,070
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,023,071		1,015,646		1,023,071
Other intangibles, net	92,375		96,800		101,488		106,194		110,903		92,375		110,903
Total tangible shareholders' equity	$ 2,239,048		$ 2,172,184		$ 2,136,061		$ 2,075,560		$ 1,985,096		$ 2,239,048		$ 1,985,096
Total assets	$ 25,697,830		$  25,800,618		$  26,088,384		$  25,053,286		$  23,813,657		$   25,697,830		$   23,813,657
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,023,071		1,015,646		1,023,071
Other intangibles, net	92,375		96,800		101,488		106,194		110,903		92,375		110,903
Total tangible assets	$  24,589,809		$  24,688,172		$  24,971,250		$   23,931,446		$   22,679,683		$   24,589,809		$   22,679,683
Equity to Assets	13.02 %		12.73 %		12.47 %		12.76 %		13.10 %		13.02 %		13.10 %
Tangible Common Equity to Tangible Assets	9.11 %		8.80 %		8.55 %		8.67 %		8.75 %		9.11 %		8.75 %
PPNR ROA	Table 9E
	Three Months Ended										Nine  Months Ended
	Sep		Jun		Mar		Dec		Sep		Sep		Sep
(dollars in thousands except per share data)	2023		2023		2023		2022		2022		2023		2022
Net income	$    80,115		$    62,635		$    60,421		$    82,221		$    92,555		$  203,171		$  264,319
Plus:
Income taxes	24,912		20,335		18,131		22,313		28,520		63,378		84,245
Provision for credit losses	24,459		45,516		49,729		32,890		17,652		119,704		38,807
PPNR	$  129,486		$  128,486		$  128,281		$  137,424		$  138,727		$  386,253		$  387,371
Average Assets	$  25,525,913		$  25,631,846		$  25,115,927		$  24,354,979		$  23,598,465		$  25,426,064		$  23,405,411
Return on Average Assets (ROA)	1.25 %		0.98 %		0.98 %		1.34 %		1.56 %		1.07 %		1.51 %
PPNR ROA	2.01 %		2.01 %		2.07 %		2.24 %		2.33 %		2.03 %		2.21 %

 

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)	2023		2023		2023		2022		2022		2023		2022
Banking Division
Net interest income	$  167,595		$  171,441		$  175,328		$  185,909		$  174,507		$  514,364		$  460,374
Provision for credit losses	20,833		40,831		47,140		35,946		10,551		108,804		25,952
Noninterest income	26,245		24,652		23,898		23,448		23,269		74,795		68,102
Noninterest expense
Salaries and employee benefits	56,226		55,196		56,442		52,296		48,599		167,864		144,527
Occupancy and equipment expenses	11,437		11,175		11,606		11,482		11,357		34,218		33,599
Data processing and telecommunications expenses	11,786		11,898		11,797		11,085		10,779		35,481		32,872
Other noninterest expenses	20,274		27,643		19,023		21,811		22,974		66,940		64,142
Total noninterest expense	99,723		105,912		98,868		96,674		93,709		304,503		275,140
Income before income tax expense	73,284		49,350		53,218		76,737		93,516		175,852		227,384
Income tax expense	18,283		13,312		12,848		16,545		22,706		44,443		58,822
Net income	$    55,001		$    36,038		$    40,370		$    60,192		$    70,810		$  131,409		$  168,562
Retail Mortgage Division
Net interest income	$    22,805		$    21,417		$    20,027		$    19,837		$    19,283		$    64,249		$    59,357
Provision for credit losses	2,399		3,278		2,853		(2,778)		9,043		8,530		15,129
Noninterest income	35,691		39,808		31,058		24,011		38,584		106,557		158,028
Noninterest expense
Salaries and employee benefits	21,231		21,930		20,160		19,164		25,813		63,321		88,646
Occupancy and equipment expenses	1,182		1,224		1,283		1,242		1,460		3,689		4,337
Data processing and telecommunications expenses	1,052		1,397		1,069		1,203		1,082		3,518		3,377
Other noninterest expenses	12,153		11,859		11,747		11,126		11,641		35,759		37,098
Total noninterest expense	35,618		36,410		34,259		32,735		39,996		106,287		133,458
Income before income tax expense	20,479		21,537		13,973		13,891		8,828		55,989		68,798
Income tax expense	4,301		4,523		2,934		2,916		1,854		11,758		14,448
Net income	$    16,178		$    17,014		$    11,039		$    10,975		$      6,974		$    44,231		$    54,350
Warehouse Lending Division
Net interest income	$      6,008		$      6,166		$      5,700		$      6,601		$      6,979		$    17,874		$    20,126
Provision for credit losses	(589)		411		(194)		117		(1,836)		(372)		(1,191)
Noninterest income	662		1,404		480		579		1,516		2,546		3,958
Noninterest expense
Salaries and employee benefits	924		772		802		427		1,055		2,498		1,546
Occupancy and equipment expenses	1		—		1		1		1		2		3
Data processing and telecommunications expenses	30		44		46		49		43		120		138
Other noninterest expenses	219		223		202		191		209		644		639
Total noninterest expense	1,174		1,039		1,051		668		1,308		3,264		2,326
Income before income tax expense	6,085		6,120		5,323		6,395		9,023		17,528		22,949
Income tax expense	1,278		1,285		1,118		1,342		1,895		3,681		4,820
Net income	$      4,807		$      4,835		$      4,205		$      5,053		$      7,128		$    13,847		$    18,129

 

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)	2023		2023		2023		2022		2022		2023		2022
SBA Division
Net interest income	$      1,962		$      2,331		$      1,957		$      2,491		$      2,424		$      6,250		$    12,233
Provision for credit losses	1,677		424		(104)		265		52		1,997		(614)
Noninterest income	579		1,476		605		302		1,946		2,660		5,963
Noninterest expense
Salaries and employee benefits	1,209		1,316		1,309		1,306		1,412		3,834		3,999
Occupancy and equipment expenses	36		40		37		98		82		113		262
Data processing and telecommunications expenses	32		46		37		30		29		115		86
Other noninterest expenses	157		333		422		368		100		912		1,019
Total noninterest expense	1,434		1,735		1,805		1,802		1,623		4,974		5,366
Income before income tax expense	(570)		1,648		861		726		2,695		1,939		13,444
Income tax expense	(120)		346		181		153		566		407		2,823
Net income	$       (450)		$      1,302		$         680		$         573		$      2,129		$      1,532		$    10,621
Premium Finance Division
Net interest income	$      9,381		$      8,185		$      8,640		$      9,299		$      9,788		$    26,206		$    24,799
Provision for credit losses	139		572		34		(660)		(158)		745		(469)
Noninterest income	4		9		9		8		9		22		25
Noninterest expense
Salaries and employee benefits	2,308		2,122		2,197		2,003		1,818		6,627		5,805
Occupancy and equipment expenses	89		83		59		82		83		231		255
Data processing and telecommunications expenses	73		66		85		119		82		224		269
Other noninterest expenses	1,027		1,036		1,097		978		959		3,160		2,975
Total noninterest expense	3,497		3,307		3,438		3,182		2,942		10,242		9,304
Income before income tax expense	5,749		4,315		5,177		6,785		7,013		15,241		15,989
Income tax expense	1,170		869		1,050		1,357		1,499		3,089		3,332
Net income	$      4,579		$      3,446		$      4,127		$      5,428		$      5,514		$    12,152		$    12,657
Total Consolidated
Net interest income	$  207,751		$  209,540		$  211,652		$  224,137		$  212,981		$  628,943		$  576,889
Provision for credit losses	24,459		45,516		49,729		32,890		17,652		119,704		38,807
Noninterest income	63,181		67,349		56,050		48,348		65,324		186,580		236,076
Noninterest expense
Salaries and employee benefits	81,898		81,336		80,910		75,196		78,697		244,144		244,523
Occupancy and equipment expenses	12,745		12,522		12,986		12,905		12,983		38,253		38,456
Data processing and telecommunications expenses	12,973		13,451		13,034		12,486		12,015		39,458		36,742
Other noninterest expenses	33,830		41,094		32,491		34,474		35,883		107,415		105,873
Total noninterest expense	141,446		148,403		139,421		135,061		139,578		429,270		425,594
Income before income tax expense	105,027		82,970		78,552		104,534		121,075		266,549		348,564
Income tax expense	24,912		20,335		18,131		22,313		28,520		63,378		84,245
Net income	$    80,115		$    62,635		$    60,421		$    82,221		$    92,555		$  203,171		$  264,319

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ameris-bancorp-announces-financial-results-for-third-quarter-2023-301969353.html

SOURCE Ameris Bancorp

FAQ

What is Ameris Bancorp's net income for Q3 2023?

Ameris Bancorp reported net income of $80.1 million for Q3 2023.

What is the return on average assets (ROA) for Ameris Bancorp?

Ameris Bancorp's ROA is 1.25%.

What is the adjusted efficiency ratio for Ameris Bancorp?

Ameris Bancorp's adjusted efficiency ratio is 52.02%.

What is the nonperforming portfolio assets as a percentage of total assets for Ameris Bancorp?

Ameris Bancorp's nonperforming portfolio assets improved to 0.27% of total assets.

What is Ameris Bancorp's net interest margin for Q3 2023?

Ameris Bancorp's net interest margin is 3.54% for Q3 2023.

What is the TCE ratio for Ameris Bancorp?

Ameris Bancorp's TCE ratio is 9.11%.