Ameris Bancorp Announces Fourth Quarter And Full Year 2020 Financial Results

Rhea-AI Summary

Ameris Bancorp (ABCB) reported a strong financial performance for Q4 2020, achieving net income of $94.3 million, or $1.36 per diluted share, up from $61.2 million or $0.88 per share a year earlier. Full-year net income reached $262.0 million, a $100.5 million increase compared to 2019. Adjusted net income for Q4 was $102.0 million ($1.47 per share), driven by robust mortgage banking activity, which rose 213.3% year-over-year. The company reduced non-performing assets to 0.48% of total assets and maintained a steady net interest margin at 3.64%.

Positive

• Q4 2020 net income increased by $33.1 million year-over-year.
• Mortgage banking income surged 213.3% in 2020, contributing significantly to revenue.
• Adjusted net income for 2020 rose to $300.5 million, up from $222.9 million in 2019.
• Tangible book value per share grew 5.5% to $23.69.
• Non-performing assets improved to 0.48% of total assets.

Negative

• Q4 net income declined $21.8 million from Q3 2020.

ATLANTA, Jan. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020, compared with $61.2 million, or $0.88 per diluted share, for the quarter ended December 31, 2019.  The increase in net income is primarily attributable to increases in mortgage banking activity of $62.0 million and net interest income of $8.1 million, partially offset by an increase of $22.8 million in salaries and employee benefits, compared with the fourth quarter of 2019.  The Company reported adjusted net income of $102.0 million, or $1.47 per diluted share, for the quarter ended December 31, 2020, compared with $66.6 million, or $0.96 per diluted share, for the same period in 2019.  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) loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.

For the year ended December 31, 2020, the Company reported net income of $262.0 million, or $3.77 per diluted share, compared with $161.4 million, or $2.75 per diluted share, for the year ended December 31, 2019.  The Company reported adjusted net income of $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020, compared with $222.9 million, or $3.80 per diluted share, for the year ended December 31, 2019.  Adjusted net income for the year excludes the same items listed above for the Company's fourth quarter.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Last quarter, I commented on the optimistic outlook for the remainder of 2020 and we delivered on that optimism this quarter.  Our team remained focused and we had many successes during the quarter, including reducing our NPAs down to 48bps of total assets, maintaining our margin and continuing to safely grow the balance sheet to over $20 billion in assets for the first time in our history.  While 2020 was not the year that we had anticipated, I am extremely pleased with the adaptability of our Ameris teammates, our ability to serve our customers and our record financial results this year.  We are well positioned for 2021 and look forward to our continued success."

Significant items from the Company's results for the fourth quarter of 2020 include the following:

• Net income of $94.3 million, or $1.36 per diluted share, compared with $116.1 million, or $1.67 per diluted share, for the third quarter of 2020
• Tangible book value growth of $1.23 per share, or 5.5%, to $23.69 compared with $22.46 last quarter
• Successfully negotiated the termination of our remaining loss-share agreements with the FDIC
• Net interest margin stable at 3.64%, compared with the third quarter of 2020
• Reduced exposure to hotel industry by $87.5 million through the sale of selected notes
• Non-performing assets decreased to 0.48% of total assets at December 31, 2020, compared with 0.82% at September 30, 2020

Highlights of the Company's results for the full year 2020 include the following:

• Growth in net income of $100.5 million, from $161.4 million in 2019 to $262.0 million in 2020
• Adjusted return on average assets of 1.56%, compared with 1.52% in 2019
• Improvement in adjusted efficiency ratio to 52.17% in 2020, compared with 55.67% in 2019
• Growth in tangible book value of 13.8%, from $20.81 at the end of 2019 to $23.69 at the end of 2020
• Organic growth in loans of $1.66 billion, or 13.0% (and $834.8 million, or 6.5%, exclusive of PPP loans)
• Improvement in deposit mix such that noninterest bearing deposits represent 36.27% of total deposits, up from 29.94% at December 31, 2019

Following is a summary of the adjustments between reported net income and adjusted net income:

Adjusted Net Income Reconciliation
	Three Months Ended								Year Ended
	December 31,								December 31,
(dollars in thousands, except per share data)	2020				2019				2020				2019
Net income available to common shareholders	$	94,285			$	61,248			$	261,988			$	161,441
Adjustment items:
Merger and conversion charges	—				2,415				1,391				73,105
Restructuring charges	—				—				1,513				245
Servicing right impairment	9,501				366				40,067				507
Gain on BOLI proceeds	—				752				(948)				(3,583)
Expenses related to SEC and DOJ investigation	53				463				3,058				463
Natural disaster and pandemic charges (Note 1)	235				—				3,296				(39)
(Gain) loss on sale of premises	(30)				1,413				624				6,021
Tax effect of adjustment items (Note 2)	(2,049)				(898)				(10,488)				(16,065)
After-tax adjustment items	7,710				4,511				38,513				60,654
Tax expense attributable to merger related compensation and acquired BOLI	—				849				—				849
Adjusted net income	$	101,995			$	66,608			$	300,501			$	222,944
Reported net income per diluted share	$	1.36			$	0.88			$	3.77			$	2.75
Adjusted net income per diluted share	$	1.47			$	0.96			$	4.33			$	3.80
Reported return on average assets	1.89		%		1.35		%		1.36		%		1.10		%
Adjusted return on average assets	2.04		%		1.47		%		1.56		%		1.52		%
Reported return on average common equity	14.30		%		9.97		%		10.35		%		8.19		%
Adjusted return on average tangible common equity	25.04		%		18.45		%		19.77		%		18.74		%
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:  A portion of the merger and conversion charges are nondeductible for tax purposes.

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2020 totaled $642.9 million, compared with $509.5 million for 2019.  The Company's net interest margin was 3.70% for 2020, down from 3.88% reported for 2019.  Accretion income for 2020 increased to $27.4 million, compared with $19.9 million for 2019.  The decrease in net interest margin is primarily attributable to a decrease in the yield on earning assets resulting from declines in market interest rates, partially offset by a decrease in funding costs.

Net interest income on a tax-equivalent basis for the fourth quarter of 2020 totaled $164.8 million, compared with $163.9 million for the third quarter of 2020 and $156.5 million for the fourth quarter of 2019.  The Company's net interest margin was 3.64% for the fourth quarter of 2020, flat compared with 3.64% reported for the third quarter of 2020 and down from 3.86% reported for the fourth quarter of 2019.  The stability in net interest margin in the current quarter is primarily attributable to continued focus on management of cost of funds as yields on earning assets decline.  Contributing to net interest income for the fourth quarter of 2020 was $6.3 million related to accelerated fee income on PPP loan forgiveness, partially offset by $2.3 million in interest reversals related to the sale of certain hotel loans.  Accretion income for the fourth quarter of 2020 decreased to $4.7 million, compared with $6.5 million for the third quarter of 2020 and $9.7 million for the fourth quarter of 2019.  The decrease in accretion income in the fourth quarter is primarily attributable to decreased accretion on payoffs compared with the third quarter of 2020. 

Yields on loans decreased to 4.41% during the fourth quarter of 2020, compared with 4.42% for the third quarter of 2020 and 5.28% reported for the fourth quarter of 2019.  Loan production in the banking division during the fourth quarter of 2020 totaled $784.9 million, with weighted average yields of 3.86%, compared with $869.0 million and 4.00%, respectively, in the third quarter of 2020 and $1.1 billion and 4.70%, respectively, in the fourth quarter of 2019.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.7 billion during the fourth quarter of 2020, with weighted average yields of 3.25%, compared with $7.7 billion and 3.33%, respectively, during the third quarter of 2020 and $4.1 billion and 4.29%, respectively, during the fourth quarter of 2019.

Interest expense during the fourth quarter of 2020 decreased to $15.3 million, compared with $17.4 million in the third quarter of 2020 and $38.7 million in the fourth quarter of 2019.  The Company's total cost of funds moved five basis points lower to 0.36% in the fourth quarter of 2020 as compared with the third quarter of 2020.  Deposit costs decreased eight basis points during the fourth quarter of 2020 to 0.22%, compared with 0.30% in the third quarter of 2020.  Costs of interest-bearing deposits decreased during the quarter from 0.47% in the third quarter of 2020 to 0.34% in the fourth quarter of 2020.

Noninterest Income

Noninterest income increased $248.4 million, or 125.4%, to $446.5 million for 2020, compared with $198.1 million for 2019, as a result of increased mortgage banking activity.  Mortgage banking activity increased $254.7 million, or 213.3%, to $374.1 million for 2020, compared with $119.4 million for 2019, as a result of a production increase of $5.44 billion, or 125.9%, over the same period.  Gain on sale spreads increased to 3.79% in 2020 compared with 2.75% in 2019.

Noninterest income decreased $46.9 million, or 29.5%, in the fourth quarter of 2020 to $112.1 million, compared with $159.0 million for the third quarter of 2020, primarily as a result of decreased mortgage banking activity. 

Mortgage banking activity decreased $43.4 million, or 31.3%, to $95.2 million in the fourth quarter of 2020, compared with $138.6 million for the third quarter of 2020.  This decrease was a result of decreased production, increased servicing right impairment and a decline in the retail mortgage open pipeline, partially offset by an expansion in our gain on sale spread. Gain on sale spreads increased to 4.34% in the fourth quarter of 2020 from 3.92% for the third quarter of 2020. Total production in the retail mortgage division decreased to $2.81 billion in the fourth quarter of 2020, compared with $2.92 billion for the third quarter of 2020. Mortgage banking activity was negatively impacted during the fourth quarter of 2020 by a $9.1 million servicing right impairment, compared with an impairment of $1.1 million for the third quarter of 2020. The retail mortgage open pipeline was $2.00 billion at the end of the fourth quarter of 2020, compared with $2.71 billion at September 30, 2020.

Service charge revenue increased $551,000, or 5.0%, to $11.5 million in the fourth quarter of 2020, compared with $10.9 million for the third quarter of 2020, resulting from an increase in volume. Other noninterest income decreased $3.9 million, or 46.4%, to $4.5 million for the fourth quarter of 2020, compared with $8.4 million for the third quarter of 2020, primarily as a result of decreases in the gain on sales of SBA loans and SBA servicing right valuation adjustment of $2.7 million and $1.1 million, respectively.

Noninterest Expense

Noninterest expense increased $126.7 million, or 26.8%, to $598.6 million in 2020, compared with $471.9 million in 2019.  During 2020, the Company recorded $9.9 million of charges to earnings, the majority of which related to natural disaster and pandemic charges and certain legal expenses, compared with $79.8 million in charges in 2019 that were principally related to merger and conversion charges and loss on sale of premises.  Excluding these charges, adjusted expenses increased $196.6 million, or 50.1%, to $588.7 million in 2020, from $392.1 million in 2019.  The majority of this increase is attributable to the acquisition of Fidelity Bank and variable expenses related to increased mortgage production.  The Company continues to focus on its operating efficiency ratio, such that the adjusted efficiency ratio improved from 55.67% in 2019 to 52.17% in 2020.

Noninterest expense decreased $2.6 million, or 1.7%, to $151.1 million during the fourth quarter of 2020, compared with $153.7 million for the third quarter of 2020.  During the fourth quarter of 2020, the Company recorded $258,000 of charges to earnings, related to certain legal expenses, natural disaster and pandemic charges and (gain) loss on sale of premises, compared with $647,000 in charges in the third quarter of 2020 that were related to the same items, in addition to merger and conversion charges and restructuring charges associated with branch consolidations and efficiency initiatives.  Excluding these charges, adjusted expenses decreased approximately $2.2 million, or 1.4%, to $150.9 million in the fourth quarter of 2020, from $153.0 million in the third quarter of 2020.  The majority of this decrease is attributable to variable expenses related to decreased mortgage production. Also during the fourth quarter, the Company incurred a $765,000 expense related to the final termination of the remaining loss-share agreements with the FDIC.  The Company made a $1.0 million donation to the Ameris Bank Foundation as well.  The adjusted efficiency ratio was 52.67% in the fourth quarter of 2020, compared with 47.34% in the third quarter of 2020.

Income Tax Expense

The Company's effective tax rate for the fourth quarter of 2020 was 25.2%, compared with 22.7% in the third quarter of 2020. The increased rate for the fourth quarter of 2020 was primarily a result of a large return to provision adjustment when the Company filed its 2019 income tax returns in the fourth quarter of 2020.

Balance Sheet Trends

Total assets at December 31, 2020 were $20.44 billion, compared with $18.24 billion at December 31, 2019.  Total loans, including loans held for sale, were $15.65 billion at December 31, 2020, compared with $14.48 billion at December 31, 2019.  Total loans held for investment were $14.48 billion at December 31, 2020, compared with $12.82 billion at December 31, 2019, an increase of $1.66 billion, or 13.0%.  Loan production in the banking division during the fourth quarter of 2020 was down 10% from the third quarter of 2020 and 28% from the fourth quarter of 2019.  Loan growth for the year ended December 31, 2020 was driven by PPP loan originations, which totaled $827.6 million in outstanding balances at December 31, 2020, and increases in commercial real estate and warehouse lending. 

At December 31, 2020, total deposits amounted to $16.96 billion, or 96.8% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019.  At December 31, 2020, noninterest-bearing deposit accounts were $6.15 billion, or 36.3% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $10.23 billion at December 31, 2020, compared with $7.21 billion at December 31, 2019.  These funds represented 60.3% of the Company's total deposits at December 31, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at December 31, 2020 totaled $2.65 billion, an increase of $177.5 million, or 7.2%, from December 31, 2019.  The increase in shareholders' equity was primarily the result of earnings of $262.0 million during 2020, partially offset by the CECL adoption impact of $56.7 million and dividends declared.  Tangible book value per share was $23.69 at December 31, 2020, compared with $20.81 at December 31, 2019.  Tangible common equity as a percentage of tangible assets was 8.47% at December 31, 2020, compared with 8.40% at the end of the 2019.

Credit Quality

Credit quality remains strong in the Company.  During the fourth quarter of 2020, the Company reversed provision for credit losses of $1.5 million, compared with a provision of $17.7 million in the third quarter of 2020.  This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the third quarter of 2020.  The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the fourth quarter of 2020 equaled approximately 2.9% of total loans, down from approximately 19.0% of total loans at the end of the second quarter of 2020.  Nonperforming assets as a percentage of total assets decreased by 34 basis points to 0.48% during the quarter.  The decrease in nonperforming assets is primarily attributable to decreased nonaccrual loans in the residential real estate and commercial real estate loan categories.  The net charge-off ratio was 70 basis points for the fourth quarter of 2020, compared with 10 basis points in the third quarter of 2020 and nine basis points in the fourth quarter of 2019.  The increase in net charge-offs for the fourth quarter of 2020 was primarily attributable to approximately $17.2 million of charge-offs on certain hotel exposures sold during the quarter.  The hotel loans sold were selected based on a number of factors, including the level of relationship with the borrower, tier of hotel brand underlying the property and market conditions in the area.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 29, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available one hour after the end of the conference call until February 12, 2021.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10151038.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.  

About Ameris Bancorp

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

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, including any changes that result from the recent U.S. elections; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control.  For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as amended, 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																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands except per share data)	2020				2020				2020				2020				2019				2020				2019
EARNINGS
Net income	$	94,285			$	116,145			$	32,236			$	19,322			$	61,248			$	261,988			$	161,441
Adjusted net income	$	101,995			$	116,879			$	42,423			$	39,205			$	66,608			$	300,501			$	222,944
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.36			$	1.68			$	0.47			$	0.28			$	0.88			$	3.78			$	2.76
Diluted	$	1.36			$	1.67			$	0.47			$	0.28			$	0.88			$	3.77			$	2.75
Adjusted diluted EPS	$	1.47			$	1.69			$	0.61			$	0.56			$	0.96			$	4.33			$	3.80
Cash dividends per share	$	0.15			$	0.15			$	0.15			$	0.15			$	0.15			$	0.60			$	0.50
Book value per share (period end)	$	38.07			$	36.91			$	35.42			$	35.10			$	35.53			$	38.07			$	35.53
Tangible book value per share (period end)	$	23.69			$	22.46			$	20.90			$	20.44			$	20.81			$	23.69			$	20.81
Weighted average number of shares
Basic	69,252,307				69,230,667				69,191,778				69,247,661				69,429,193				69,256,020				58,462,137
Diluted	69,493,105				69,346,141				69,292,972				69,502,022				69,683,999				69,426,185				58,614,151
Period end number of shares	69,541,481				69,490,546				69,462,782				69,441,274				69,503,833				69,541,481				69,503,833
Market data
High intraday price	$	39.53			$	27.81			$	29.82			$	43.79			$	44.90			$	43.79			$	44.90
Low intraday price	$	22.37			$	19.91			$	17.12			$	17.89			$	38.34			$	17.12			$	31.27
Period end closing price	$	38.07			$	22.78			$	23.59			$	23.76			$	42.54			$	38.07			$	42.54
Average daily volume	394,641				359,059				470,151				461,692				353,783				420,874				389,112
PERFORMANCE RATIOS
Return on average assets	1.89		%		2.33		%		0.67		%		0.43		%		1.35		%		1.36		%		1.10		%
Adjusted return on average assets	2.04		%		2.35		%		0.89		%		0.87		%		1.47		%		1.56		%		1.52		%
Return on average common equity	14.30		%		18.27		%		5.23		%		3.16		%		9.97		%		10.35		%		8.19		%
Adjusted return on average tangible common equity	25.04		%		30.53		%		11.66		%		10.98		%		18.45		%		19.77		%		18.74		%
Earning asset yield (TE)	3.98		%		4.02		%		4.32		%		4.56		%		4.82		%		4.21		%		4.88		%
Total cost of funds	0.36		%		0.41		%		0.52		%		0.91		%		1.00		%		0.54		%		1.05		%
Net interest margin (TE)	3.64		%		3.64		%		3.83		%		3.70		%		3.86		%		3.70		%		3.88		%
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	38.37		%		46.72		%		39.35		%		22.83		%		22.02		%		37.90		%		23.60		%
Efficiency ratio	54.83		%		47.80		%		54.70		%		68.23		%		58.24		%		55.21		%		67.11		%
Adjusted efficiency ratio (TE)	52.67		%		47.34		%		51.08		%		59.87		%		55.61		%		52.17		%		55.67		%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.95		%		12.90		%		12.38		%		13.37		%		13.54		%		12.95		%		13.54		%
Tangible common equity to tangible assets	8.47		%		8.27		%		7.70		%		8.25		%		8.40		%		8.47		%		8.40		%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.47		%		8.27		%		7.70		%		8.25		%		8.40		%		8.47		%		8.40		%
Effect of goodwill and other intangibles	4.48		%		4.63		%		4.68		%		5.12		%		5.14		%		4.48		%		5.14		%
Equity to assets (GAAP)	12.95		%		12.90		%		12.38		%		13.37		%		13.54		%		12.95		%		13.54		%
OTHER DATA (period end)
Full time equivalent employees
Banking Division	1,816				1,807				1,832				1,865				1,913				1,816				1,913
Retail Mortgage Division	748				734				692				689				690				748				690
Warehouse Lending Division	12				11				9				9				9				12				9
SBA Division	24				33				42				44				42				24				42
Premium Finance Division	71				71				70				72				68				71				68
Total Ameris Bancorp FTE headcount	2,671				2,656				2,645				2,679				2,722				2,671				2,722
Assets per Banking Division FTE	$	11,255			$	10,998			$	10,848			$	9,772			$	9,536			$	11,255			$	9,536
Branch locations	164				170				170				170				170				164				170
Deposits per branch location	$	103,401			$	94,493			$	91,705			$	81,439			$	82,512			$	103,401			$	82,512

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement	Table 2
	Three Months Ended																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands except per share data)	2020				2020				2020				2020				2019				2020				2019
Interest income
Interest and fees on loans	$	171,971			$	172,351			$	175,345			$	171,242			$	182,391			$	690,909			$	586,848
Interest on taxable securities	6,398				7,259				9,347				10,082				10,358				33,086				40,138
Interest on nontaxable securities	150				159				157				157				167				623				593
Interest on deposits in other banks	252				153				123				1,211				1,091				1,739				8,139
Interest on federal funds sold	12				12				46				76				69				146				676
Total interest income	178,783				179,934				185,018				182,768				194,076				726,503				636,394
Interest expense
Interest on deposits	8,870				11,822				14,273				24,102				27,970				59,067				102,533
Interest on other borrowings	6,457				5,574				6,931				10,721				10,755				29,683				28,695
Total interest expense	15,327				17,396				21,204				34,823				38,725				88,750				131,228
Net interest income	163,456				162,538				163,814				147,945				155,351				637,753				505,166
Provision for loan losses	(6,700)				26,692				68,449				37,047				5,693				125,488				19,758
Provision for unfunded commitments	5,481				(10,131)				19,712				4,000				—				19,062				—
Provision for other credit losses	(291)				1,121				—				—				—				830				—
Provision for credit losses	(1,510)				17,682				88,161				41,047				5,693				145,380				19,758
Net interest income after provision for credit losses	164,966				144,856				75,653				106,898				149,658				492,373				485,408
Noninterest income
Service charges on deposits accounts	11,465				10,914				9,922				11,844				13,567				44,145				50,792
Mortgage banking activity	95,192				138,627				104,925				35,333				33,168				374,077				119,409
Other service charges, commissions and fees	965				1,039				949				961				935				3,914				3,566
Gain (loss) on securities	—				—				14				(9)				(1)				5				138
Other noninterest income	4,521				8,438				5,150				6,250				7,444				24,359				24,208
Total noninterest income	112,143				159,018				120,960				54,379				55,113				446,500				198,113
Noninterest expense
Salaries and employee benefits	92,466				96,698				95,168				75,946				69,642				360,278				223,938
Occupancy and equipment expenses	12,709				13,805				13,807				12,028				11,919				52,349				40,596
Data processing and telecommunications expenses	11,323				12,226				10,514				11,954				11,362				46,017				38,513
Credit resolution related expenses(1)	1,156				802				950				2,198				1,098				5,106				4,082
Advertising and marketing expenses	3,267				966				1,455				2,358				2,250				8,046				7,927
Amortization of intangible assets	4,190				4,190				5,601				5,631				5,741				19,612				17,713
Merger and conversion charges	—				(44)				895				540				2,415				1,391				73,105
Other noninterest expenses	26,005				25,049				27,378				27,398				18,137				105,830				66,063
Total noninterest expense	151,116				153,692				155,768				138,053				122,564				598,629				471,937
Income before income tax expense	125,993				150,182				40,845				23,224				82,207				340,244				211,584
Income tax expense	31,708				34,037				8,609				3,902				20,959				78,256				50,143
Net income	$	94,285			$	116,145			$	32,236			$	19,322			$	61,248			$	261,988			$	161,441
Diluted earnings per common share	$	1.36			$	1.67			$	0.47			$	0.28			$	0.88			$	3.77			$	2.75
(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
	Dec				Sep				Jun				Mar				Dec
(dollars in thousands)	2020				2020				2020				2020				2019
Assets
Cash and due from banks	$	203,349			$	257,026			$	292,899			$	255,312			$	246,234
Federal funds sold and interest-bearing deposits in banks	1,913,957				494,765				428,560				396,844				375,615
Time deposits in other banks	249				249				249				249				249
Investment securities available for sale, at fair value	982,879				1,117,436				1,238,896				1,353,040				1,403,403
Other investments	28,202				47,329				76,453				81,754				66,919
Loans held for sale, at fair value	1,167,659				1,414,889				1,736,397				1,398,229				1,656,711
Loans, net of unearned income	14,480,925				14,943,593				14,503,157				13,094,106				12,818,476
Allowance for credit losses	(199,422)				(231,924)				(208,793)				(149,524)				(38,189)
Loans, net	14,281,503				14,711,669				14,294,364				12,944,582				12,780,287
Other real estate owned	11,880				17,969				23,563				21,027				19,500
Premises and equipment, net	222,890				231,278				230,118				231,347				233,102
Goodwill	928,005				928,005				928,005				931,947				931,637
Other intangible assets, net	71,974				76,164				80,354				85,955				91,586
Cash value of bank owned life insurance	176,467				175,605				175,011				176,239				175,270
Deferred income taxes, net	33,314				53,039				56,306				24,196				2,180
Other assets	416,310				348,428				311,454				323,827				259,886
Total assets	$	20,438,638			$	19,873,851			$	19,872,629			$	18,224,548			$	18,242,579
Liabilities
Deposits
Noninterest-bearing	$	6,151,070			$	5,909,316			$	5,595,868			$	4,226,253			$	4,199,448
Interest-bearing	10,806,753				10,154,490				9,993,950				9,618,365				9,827,625
Total deposits	16,957,823				16,063,806				15,589,818				13,844,618				14,027,073
Federal funds purchased and securities sold under agreements to repurchase	11,641				9,103				12,879				15,160				20,635
Other borrowings	425,155				875,255				1,418,336				1,543,371				1,398,709
Subordinated deferrable interest debentures	124,345				123,860				123,375				122,890				127,560
FDIC loss-share payable, net	—				19,476				18,903				18,111				19,642
Other liabilities	272,586				217,668				249,188				243,248				179,378
Total liabilities	17,791,550				17,309,168				17,412,499				15,787,398				15,772,997
Shareholders' Equity
Preferred stock	—				—				—				—				—
Common stock	71,754				71,703				71,674				71,652				71,500
Capital stock	1,913,285				1,911,031				1,909,839				1,908,721				1,907,108
Retained earnings	671,510				587,657				481,948				460,153				507,950
Accumulated other comprehensive income, net of tax	33,505				37,252				39,613				39,551				17,995
Treasury stock	(42,966)				(42,960)				(42,944)				(42,927)				(34,971)
Total shareholders' equity	2,647,088				2,564,683				2,460,130				2,437,150				2,469,582
Total liabilities and shareholders' equity	$	20,438,638			$	19,873,851			$	19,872,629			$	18,224,548			$	18,242,579
Other Data
Earning assets	$	18,573,871			$	18,018,261			$	17,983,712			$	16,324,222			$	16,321,373
Intangible assets	999,979				1,004,169				1,008,359				1,017,902				1,023,223
Interest-bearing liabilities	11,367,894				11,162,708				11,548,540				11,299,786				11,374,529
Average assets	19,876,338				19,810,084				19,222,181				18,056,445				17,998,494
Average common shareholders' equity	2,622,942				2,529,471				2,478,373				2,456,617				2,437,272

 

 

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)	2020				2020				2020				2020				2019				2020				2019
Allowance for Credit Losses
Balance at beginning of period	$	260,417			$	246,295			$	167,315			$	39,266			$	36,607			$	39,266			$	28,819
CECL adoption impact on allowance for loan losses	—				—				—				78,661				—				78,661				—
CECL adoption impact on allowance for unfunded commitments	—				—				—				12,714				—				12,714				—
Total CECL adoption impact	—				—				—				91,375				—				91,375				—
Acquired allowance for unfunded commitments	—				—				—				—				—				—				1,077
Provision for loan losses	(6,700)				26,692				68,449				37,047				5,693				125,488				19,758
Provision for unfunded commitments	5,481				(10,131)				19,712				4,000				—				19,062				—
Provision for other credit losses	(291)				1,121				—				—				—				830				—
Provision for credit losses	(1,510)				17,682				88,161				41,047				5,693				145,380				19,758
Charge-offs	29,094				7,370				11,282				6,718				5,664				54,464				19,861
Recoveries	3,292				3,810				2,101				2,345				2,630				11,548				9,473
Net charge-offs	25,802				3,560				9,181				4,373				3,034				42,916				10,388
Ending balance	$	233,105			$	260,417			$	246,295			$	167,315			$	39,266			$	233,105			$	39,266
Allowance for loan losses	$	199,422			$	231,924			$	208,793			$	149,524			$	38,189			$	199,422			$	38,189
Allowance for unfunded commitments	32,853				27,372				37,502				17,791				1,077				32,853				1,077
Allowance for other credit losses	830				1,121				—				—				—				830				—
T otal allowance for credit losses	$	233,105			$	260,417			$	246,295			$	167,315			$	39,266			$	233,105			$	39,266
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$	5,960			$	1,715			$	486			$	2,486			$	1,813			$	10,647			$	3,460
Consumer installment	2,861				677				962				1,142				1,586				5,642				5,899
Indirect automobile	658				697				1,016				1,231				939				3,602				1,904
Premium Finance	2,240				1,158				1,904				831				899				6,133				4,351
Real estate - construction and development	—				9				74				—				146				83				414
Real estate - commercial and farmland	17,284				2,977				6,315				928				181				27,504				3,342
Real estate - residential	91				137				525				100				100				853				491
Total charge-offs	29,094				7,370				11,282				6,718				5,664				54,464				19,861
Recoveries
Commercial, financial and agricultural	754				470				303				362				934				1,889				1,838
Consumer installment	480				516				436				321				461				1,753				1,620
Indirect automobile	637				317				359				344				241				1,657				445
Premium Finance	605				1,224				676				684				358				3,189				2,754
Real estate - construction and development	125				182				168				342				430				817				1,745
Real estate - commercial and farmland	439				904				21				85				140				1,449				332
Real estate - residential	252				197				138				207				68				794				739
Total recoveries	3,292				3,810				2,101				2,345				2,632				11,548				9,473
Net charge-offs	$	25,802			$	3,560			$	9,181			$	4,373			$	3,032			$	42,916			$	10,388
Non-Performing Assets
Nonaccrual loans	$	76,457			$	138,163			$	77,745			$	77,866			$	75,124			$	76,457			$	75,124
Other real estate owned	11,880				17,969				23,563				21,027				19,500				11,880				19,500
Repossessed assets	544				258				1,348				783				939				544				939
Accruing loans delinquent 90 days or more	8,326				7,003				15,127				11,969				5,754				8,326				5,754
Total non-performing assets	$	97,207			$	163,393			$	117,783			$	111,645			$	101,317			$	97,207			$	101,317
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.48		%		0.82		%		0.59		%		0.61		%		0.56		%		0.48		%		0.56		%
Net charge-offs as a percent of average loans (annualized)	0.70		%		0.10		%		0.27		%		0.14		%		0.09		%		0.31		%		0.10		%

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Dec				Sep				Jun				Mar				Dec
(dollars in thousands)	2020				2020				2020				2020				2019
Loans by Type
Commercial, financial and agricultural	$	1,627,477			$	1,879,788			$	1,839,921			$	827,392			$	802,171
Consumer installment	306,995				450,810				575,782				520,592				498,577
Indirect automobile	580,083				682,396				739,543				937,736				1,061,824
Mortgage warehouse	916,353				995,942				748,853				547,328				526,369
Municipal	659,403				725,669				731,508				749,633				564,304
Premium Finance	687,841				710,890				690,584				661,845				654,669
Real estate - construction and development	1,606,710				1,628,255				1,641,744				1,628,367				1,549,062
Real estate - commercial and farmland	5,300,006				5,116,252				4,804,420				4,516,451				4,353,039
Real estate - residential	2,796,057				2,753,591				2,730,802				2,704,762				2,808,461
Total loans	$	14,480,925			$	14,943,593			$	14,503,157			$	13,094,106			$	12,818,476
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$	521			$	459			$	591			$	575			$	516
Consumer installment	32				36				42				4				8
Indirect automobile	2,277				2,689				—				—				—
Mortgage warehouse	—				—				—				—				—
Municipal	—				—				—				—				—
Premium Finance	—				—				—				159				156
Real estate - construction and development	506				510				919				925				936
Real estate - commercial and farmland	36,707				56,417				5,252				5,587				6,732
Real estate - residential	38,800				28,777				30,253				22,775				21,261
Total accruing troubled debt restructurings	$	78,843			$	88,888			$	37,057			$	30,025			$	29,609
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$	849			$	1,002			$	1,034			$	334			$	335
Consumer installment	56				64				67				105				107
Indirect automobile	461				482				—				—				—
Mortgage warehouse	—				—				—				—				—
Municipal	—				—				—				—				—
Premium Finance	—				—				—				—				—
Real estate - construction and development	707				709				307				289				253
Real estate - commercial and farmland	1,401				19,942				1,878				2,415				2,071
Real estate - residential	2,671				4,477				2,231				3,078				2,857
Total nonaccrual troubled debt restructurings	$	6,145			$	26,676			$	5,517			$	6,221			$	5,623
Total troubled debt restructurings	$	84,988			$	115,564			$	42,574			$	36,246			$	35,232
Loans by Risk Grade
Grade 1 - Prime credit	$	1,368,661			$	1,845,900			$	1,789,709			$	774,956			$	587,877
Grade 2 - Strong credit	869,581				838,267				801,273				785,770				840,372
Grade 3 - Good credit	6,624,154				6,189,269				5,784,754				5,772,834				6,034,398
Grade 4 - Satisfactory credit	4,794,672				4,989,617				5,643,133				4,353,733				4,884,541
Grade 5 - Fair credit	452,350				643,502				212,667				1,131,128				233,020
Grade 6 - Other assets especially mentioned	108,541				151,501				108,704				106,885				86,412
Grade 7 - Substandard	262,947				285,537				162,917				168,561				151,846
Grade 8 - Doubtful	19				—				—				239				8
Grade 9 - Loss	—				—				—				—				2
Total loans	$	14,480,925			$	14,943,593			$	14,503,157			$	13,094,106			$	12,818,476

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)	2020				2020				2020				2020				2019				2020				2019
Earning Assets
Federal funds sold	$	20,000			$	20,004			$	24,265			$	27,380			$	23,104			$	22,896			$	31,104
Interest-bearing deposits in banks	879,481				467,188				398,284				419,260				304,427				541,776				358,924
Time deposits in other banks	249				249				249				249				401				249				3,705
Investment securities - taxable	1,024,335				1,160,585				1,281,980				1,359,651				1,426,062				1,206,014				1,341,330
Investment securities - nontaxable	20,112				21,619				21,576				22,839				23,580				21,533				21,695
Other investments	31,552				64,656				79,143				73,972				64,852				62,253				37,415
Loans held for sale	1,281,762				1,507,481				1,614,080				1,587,131				1,537,648				1,497,051				667,078
Loans	14,752,664				14,688,317				13,915,406				12,712,997				12,697,912				14,018,582				10,666,978
Total Earning Assets	$	18,010,155			$	17,930,099			$	17,334,983			$	16,203,479			$	16,077,986			$	17,370,354			$	13,128,229
Deposits
Noninterest-bearing deposits	$	5,970,672			$	5,782,163			$	5,061,578			$	4,080,920			$	4,124,872			$	5,227,399			$	3,364,785
NOW accounts	2,968,596				2,718,315				2,441,305				2,287,947				2,204,666				2,605,349				1,831,024
MMDA	4,534,243				4,273,899				4,221,906				4,004,644				3,953,717				4,259,467				3,280,233
Savings accounts	793,414				749,314				692,382				643,422				649,118				719,916				529,866
Retail CDs	2,109,600				2,274,150				2,471,134				2,624,209				2,721,829				2,368,802				2,348,689
Brokered CDs	1,140				1,933				2,043				61,190				249,644				16,494				347,844
Total Deposits	16,377,665				15,799,774				14,890,348				13,702,332				13,903,846				15,197,427				11,702,441
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	9,929				10,483				12,452				15,637				17,088				12,115				14,043
FHLB advances	127,797				799,034				1,212,537				1,267,303				1,080,516				849,546				483,735
Other borrowings	376,295				272,443				269,300				269,454				234,001				297,023				186,798
Subordinated deferrable interest debentures	124,091				123,604				123,120				127,731				127,292				124,632				110,129
Total Non-Deposit Funding	638,112				1,205,564				1,617,409				1,680,125				1,458,897				1,283,316				794,705
Total Funding	$	17,015,777			$	17,005,338			$	16,507,757			$	15,382,457			$	15,362,743			$	16,480,743			$	12,497,146

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)	2020				2020				2020				2020				2019				2020				2019
Interest Income
Federal funds sold	$	13			$	13			$	45			$	76			$	69			$	147			$	676
Interest-bearing deposits in banks	251				152				122				1,210				1,089				1,735				8,068
Time deposits in other banks	1				1				1				1				2				4				71
Investment securities - taxable	6,398				7,260				9,346				10,082				10,358				33,086				40,138
Investment securities - nontaxable (TE)	190				202				198				199				212				789				751
Loans held for sale	9,705				10,365				14,053				13,637				14,330				47,760				25,003
Loans (TE)	163,532				163,352				162,617				158,636				169,119				648,137				566,037
Total Earning Assets	$	180,090			$	181,345			$	186,382			$	183,841			$	195,179			$	731,658			$	640,744
Accretion income (included above)	$	4,688			$	6,525			$	9,576			$	6,562			$	9,727			$	27,351			$	19,935
Interest Expense
Interest-Bearing Deposits
NOW accounts	$	1,091			$	1,394			$	1,265			$	2,774			$	2,728			$	6,524			$	9,940
MMDA	2,326				2,823				3,764				9,748				11,311				18,661				42,439
Savings accounts	143				112				94				210				233				559				669
Retail CDs	5,301				7,484				9,136				11,064				12,220				32,985				41,040
Brokered CDs	9				9				14				306				1,478				338				8,445
Total Interest-Bearing Deposits	8,870				11,822				14,273				24,102				27,970				59,067				102,533
Non-Deposit Funding
Federal funds purchased and securities sold under   agreements to repurchase	8				9				25				40				41				82				86
FHLB advances	245				661				1,686				5,109				5,241				7,701				10,044
Other borrowings	4,635				3,558				3,487				3,511				3,358				15,191				11,127
Subordinated deferrable interest debentures	1,569				1,346				1,733				2,061				2,115				6,709				7,438
Total Non-Deposit Funding	6,457				5,574				6,931				10,721				10,755				29,683				28,695
Total Interest-Bearing Funding	$	15,327			$	17,396			$	21,204			$	34,823			$	38,725			$	88,750			$	131,228
Net Interest Income (TE)	$	164,763			$	163,949			$	165,178			$	149,018			$	156,454			$	642,908			$	509,516

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended															Year Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
	2020			2020			2020			2020			2019			2020			2019
Earning Assets
Federal funds sold	0.26	%		0.26	%		0.75	%		1.12	%		1.18	%		0.64	%		2.17	%
Interest-bearing deposits in banks	0.11	%		0.13	%		0.12	%		1.16	%		1.42	%		0.32	%		2.25	%
Time deposits in other banks	1.60	%		1.60	%		1.62	%		1.62	%		1.98	%		1.61	%		1.92	%
Investment securities - taxable	2.48	%		2.49	%		2.93	%		2.98	%		2.88	%		2.74	%		2.99	%
Investment securities - nontaxable (TE)	3.76	%		3.72	%		3.69	%		3.50	%		3.57	%		3.66	%		3.46	%
Loans held for sale	3.01	%		2.74	%		3.50	%		3.46	%		3.70	%		3.19	%		3.75	%
Loans (TE)	4.41	%		4.42	%		4.70	%		5.02	%		5.28	%		4.62	%		5.31	%
Total Earning Assets	3.98	%		4.02	%		4.32	%		4.56	%		4.82	%		4.21	%		4.88	%
Interest-Bearing Deposits
NOW accounts	0.15	%		0.20	%		0.21	%		0.49	%		0.49	%		0.25	%		0.54	%
MMDA	0.20	%		0.26	%		0.36	%		0.98	%		1.14	%		0.44	%		1.29	%
Savings accounts	0.07	%		0.06	%		0.05	%		0.13	%		0.14	%		0.08	%		0.13	%
Retail CDs	1.00	%		1.31	%		1.49	%		1.70	%		1.78	%		1.39	%		1.75	%
Brokered CDs	3.14	%		1.85	%		2.76	%		2.01	%		2.35	%		2.05	%		2.43	%
Total Interest-Bearing Deposits	0.34	%		0.47	%		0.58	%		1.01	%		1.13	%		0.59	%		1.23	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	0.32	%		0.34	%		0.81	%		1.03	%		0.95	%		0.68	%		0.61	%
FHLB advances	0.76	%		0.33	%		0.56	%		1.62	%		1.92	%		0.91	%		2.08	%
Other borrowings	4.90	%		5.20	%		5.21	%		5.24	%		5.69	%		5.11	%		5.96	%
Subordinated deferrable interest debentures	5.03	%		4.33	%		5.66	%		6.49	%		6.59	%		5.38	%		6.75	%
Total Non-Deposit Funding	4.03	%		1.84	%		1.72	%		2.57	%		2.92	%		2.31	%		3.61	%
Total Interest-Bearing Liabilities	0.55	%		0.62	%		0.75	%		1.24	%		1.37	%		0.79	%		1.44	%
Net Interest Spread	3.43	%		3.40	%		3.57	%		3.32	%		3.45	%		3.42	%		3.44	%
Net Interest Margin(2)	3.64	%		3.64	%		3.83	%		3.70	%		3.86	%		3.70	%		3.88	%
Total Cost of Funds(3)	0.36	%		0.41	%		0.52	%		0.91	%		1.00	%		0.54	%		1.05	%
(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																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands except per share data)	2020				2020				2020				2020				2019				2020				2019
Net income available to common shareholders	$	94,285			$	116,145			$	32,236			$	19,322			$	61,248			$	261,988			$	161,441
Adjustment items:
Merger and conversion charges	—				(44)				895				540				2,415				1,391				73,105
Restructuring charges	—				50				1,463				—				—				1,513				245
Servicing right impairment	9,501				412				7,989				22,165				366				40,067				507
(Gain) loss on BOLI proceeds	—				(103)				(845)				—				752				(948)				(3,583)
Expenses related to SEC/DOJ Investigation	53				268				1,294				1,443				463				3,058				463
Natural disaster and pandemic charges (Note 1)	235				470				2,043				548				—				3,296				(39)
(Gain) loss on sale of premises	(30)				(97)				281				470				1,413				624				6,021
Tax effect of adjustment items (Note 2)	(2,049)				(222)				(2,933)				(5,283)				(898)				(10,488)				(16,065)
After tax adjustment items	7,710				734				10,187				19,883				4,511				38,513				60,654
Tax expense attributable to acquisition related compensation and acquired BOLI	—				—				—				—				849				—				849
Adjusted net income	$	101,995			$	116,879			$	42,423			$	39,205			$	66,608			$	300,501			$	222,944
Weighted average number of shares - diluted	69,493,105				69,346,141				69,292,972				69,502,022				69,683,999				69,426,185				58,614,151
Net income per diluted share	$	1.36			$	1.67			$	0.47			$	0.28			$	0.88			$	3.77			$	2.75
Adjusted net income per diluted share	$	1.47			$	1.69			$	0.61			$	0.56			$	0.96			$	4.33			$	3.80
Average assets	$	19,876,338			$	19,810,084			$	19,222,181			$	18,056,445			$	17,998,494			$	19,240,493			$	14,621,185
Return on average assets	1.89		%		2.33		%		0.67		%		0.43		%		1.35		%		1.36		%		1.10		%
Adjusted return on average assets	2.04		%		2.35		%		0.89		%		0.87		%		1.47		%		1.56		%		1.52		%
Average common equity	$	2,622,942			$	2,529,471			$	2,478,373			$	2,456,617			$	2,437,272			$	2,531,419			$	1,970,780
Average tangible common equity	$	1,620,742			$	1,523,066			$	1,462,871			$	1,436,108			$	1,432,081			$	1,520,303			$	1,189,493
Return on average common equity	14.30		%		18.27		%		5.23		%		3.16		%		9.97		%		10.35		%		8.19		%
Adjusted return on average tangible common equity	25.04		%		30.53		%		11.66		%		10.98		%		18.45		%		19.77		%		18.74		%
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:  A portion of the merger and conversion charges for 1Q20, 4Q19 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																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)	2020				2020				2020				2020				2019				2020				2019
Adjusted Noninterest Expense
Total noninterest expense	$	151,116			$	153,692			$	155,768			$	138,053			$	122,564			$	598,629			$	471,937
Adjustment items:
Merger and conversion charges	—				44				(895)				(540)				(2,415)				(1,391)				(73,105)
Restructuring charges	—				(50)				(1,463)				—				—				(1,513)				(245)
Expenses related to SEC/DOJ Investigation	(53)				(268)				(1,294)				(1,443)				(463)				(3,058)				(463)
Natural disaster and pandemic charges	(235)				(470)				(2,043)				(548)				—				(3,296)				39
Gain (loss) on sale of premises	30				97				(281)				(470)				(1,413)				(624)				(6,021)
Adjusted noninterest expense	$	150,858			$	153,045			$	149,792			$	135,052			$	118,273			$	588,747			$	392,142
Total Revenue
Net interest income	$	163,456			162,538				$	163,814			$	147,945			$	155,351			$	637,753			$	505,166
Noninterest income	112,143				159,018				120,960				54,379				55,113				446,500				198,113
Total revenue	$	275,599			$	321,556			$	284,774			$	202,324			$	210,464			$	1,084,253			$	703,279
Adjusted Total Revenue
Net interest income (TE)	$	164,763			$	163,949			$	165,178			$	149,018			$	156,454			$	642,908			$	509,516
Noninterest income	112,143				$	159,018			120,960				54,379				55,113				446,500				198,113
Total revenue (TE)	276,906				$	322,967			286,138				203,397				211,567				1,089,408				707,629
Adjustment items:
(Gain) loss on securities	—				—				(14)				9				(1)				(5)				(138)
(Gain) loss on BOLI proceeds	—				(103)				(845)				—				752				(948)				(3,583)
Servicing right impairment	9,501				412				7,989				22,165				366				40,067				507
Adjusted total revenue (TE)	$	286,407			$	323,276			$	293,268			$	225,571			$	212,684			$	1,128,522			$	704,415
Efficiency ratio	54.83		%		47.80		%		54.70		%		68.23		%		58.24		%		55.21		%		67.11		%
Adjusted efficiency ratio (TE)	52.67		%		47.34		%		51.08		%		59.87		%		55.61		%		52.17		%		55.67		%
Tangible Book Value Per Share	Table 9C
	Three Months Ended																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands except per share data)	2020				2020				2020				2020				2019				2020				2019
Total shareholders' equity	$	2,647,088			$	2,564,683			$	2,460,130			$	2,437,150			$	2,469,582			$	2,647,088			$	2,469,582
Less:
Goodwill	928,005				$	928,005			928,005				931,947				931,637				928,005				931,637
Other intangibles, net	71,974				$	76,164			80,354				85,955				91,586				71,974				91,586
Total tangible shareholders' equity	$	1,647,109			$	1,560,514			$	1,451,771			$	1,419,248			$	1,446,359			$	1,647,109			$	1,446,359
Period end number of shares	69,541,481				69,490,546				69,461,968				69,441,274				69,503,833				69,541,481				69,503,833
Book value per share (period end)	$	38.07			$	36.91			$	35.42			$	35.10			$	35.53			$	38.07			$	35.53
Tangible book value per share (period end)	$	23.69			$	22.46			$	20.90			$	20.44			$	20.81			$	23.69			$	20.81

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)	2020				2020				2020				2020				2019				2020				2019
Banking Division
Net interest income	$	112,964			$	119,562			$	120,330			$	118,375			$	124,957			$	471,231			$	419,013
Provision for credit losses	1,847				487				86,805				35,997				4,741				125,136				12,654
Noninterest income	15,659				15,265				14,468				17,773				18,632				63,165				69,005
Noninterest expense
Salaries and employee benefits	38,668				39,718				40,423				41,621				38,180				160,430				130,134
Occupancy and equipment expenses	10,958				11,955				11,679				10,347				10,216				44,939				35,281
Data processing and telecommunications expenses	9,608				9,716				8,919				10,797				10,156				39,040				34,934
Other noninterest expenses	25,806				21,517				27,997				30,645				23,176				105,965				149,919
Total noninterest expense	85,040				82,906				89,018				93,410				81,728				350,374				350,268
Income (loss) before income tax expense	41,736				51,434				(41,025)				6,741				57,120				58,886				125,096
Income tax expense (benefit)	13,992				13,453				(8,582)				275				15,412				19,138				31,609
Net income (loss)	$	27,744			$	37,981			$	(32,443)			$	6,466			$	41,708			$	39,748			$	93,487
Retail Mortgage Division
Net interest income	$	19,908			$	20,393			$	24,302			$	17,756			$	18,223			$	82,359			$	44,552
Provision for credit losses	(1,621)				15,051				423				1,997				1,237				15,850				3,472
Noninterest income	94,109				137,583				104,195				34,369				33,335				370,256				118,188
Noninterest expense
Salaries and employee benefits	50,165				53,500				50,003				31,097				28,233				184,765				82,470
Occupancy and equipment expenses	1,577				1,676				1,953				1,504				1,544				6,710				4,666
Data processing and telecommunications expenses	1,534				2,349				1,406				986				1,034				6,275				2,418
Other noninterest expenses	7,442				7,889				6,949				5,875				4,553				28,155				12,536
Total noninterest expense	60,718				65,414				60,311				39,462				35,364				225,905				102,090
Income before income tax expense	54,920				77,511				67,763				10,666				14,957				210,860				57,178
Income tax expense	11,535				16,112				14,231				2,408				3,371				44,286				12,202
Net income	$	43,385			$	61,399			$	53,532			$	8,258			$	11,586			$	166,574			$	44,976
Warehouse Lending Division
Net interest income	$	9,017			$	6,546			$	5,026			$	3,302			$	3,771			$	23,891			$	12,617
Provision for credit losses	1,673				495				403				(9)				67				2,562				67
Noninterest income	1,113				1,064				727				960				610				3,864				1,999
Noninterest expense
Salaries and employee benefits	296				266				209				210				325				981				934
Occupancy and equipment expenses	1				1				1				1				1				4				5
Data processing and telecommunications expenses	101				73				55				41				47				270				156
Other noninterest expenses	26				28				88				34				53				176				223
Total noninterest expense	424				368				353				286				426				1,431				1,318
Income before income tax expense	8,033				6,747				4,997				3,985				3,888				23,762				13,231
Income tax expense	1,687				1,431				1,049				837				816				5,004				2,778
Net income	$	6,346			$	5,316			$	3,948			$	3,148			$	3,072			$	18,758			$	10,453

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended																				Year Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)	2020				2020				2020				2020				2019				2020				2019
SBA Division
Net interest income	$	14,909			$	8,966			$	7,034			$	2,181			$	2,190			$	33,090			$	7,031
Provision for credit losses	(2,997)				4,297				2,322				(903)				150				2,719				544
Noninterest income	1,247				5,106				1,570				1,277				2,536				9,200				8,915
Noninterest expense
Salaries and employee benefits	1,233				1,572				2,612				1,476				1,336				6,893				4,783
Occupancy and equipment expenses	100				97				97				97				79				391				269
Data processing and telecommunications expenses	1				4				15				13				5				33				32
Other noninterest expenses	363				595				359				515				402				1,832				1,651
Total noninterest expense	1,697				2,268				3,083				2,101				1,822				9,149				6,735
Income before income tax expense	17,456				7,507				3,199				2,260				2,754				30,422				8,667
Income tax expense	3,666				1,577				671				475				578				6,389				1,820
Net income	$	13,790			$	5,930			$	2,528			$	1,785			$	2,176			$	24,033			$	6,847
Premium Finance Division
Net interest income	$	6,658			$	7,071			$	7,122			$	6,331			$	6,210			$	27,182			$	21,953
Provision for credit losses	(412)				(2,648)				(1,792)				3,965				(502)				(887)				3,021
Noninterest income	15				—				—				—				—				15				6
Noninterest expense
Salaries and employee benefits	2,104				1,642				1,921				1,542				1,568				7,209				5,617
Occupancy and equipment expenses	73				76				77				79				79				305				375
Data processing and telecommunications expenses	79				84				119				117				120				399				973
Other noninterest expenses	981				934				886				1,056				1,457				3,857				4,561
Total noninterest expense	3,237				2,736				3,003				2,794				3,224				11,770				11,526
Income (loss) before income tax expense	3,848				6,983				5,911				(428)				3,488				16,314				7,412
Income tax expense (benefit)	828				1,464				1,240				(93)				782				3,439				1,734
Net income (loss)	$	3,020			$	5,519			$	4,671			$	(335)			$	2,706			$	12,875			$	5,678
Total Consolidated
Net interest income	$	163,456			$	162,538			$	163,814			$	147,945			$	155,351			$	637,753			$	505,166
Provision for credit losses	(1,510)				17,682				88,161				41,047				5,693				145,380				19,758
Noninterest income	112,143				159,018				120,960				54,379				55,113				446,500				198,113
Noninterest expense
Salaries and employee benefits	92,466				96,698				95,168				75,946				69,642				360,278				223,938
Occupancy and equipment expenses	12,709				13,805				13,807				12,028				11,919				52,349				40,596
Data processing and telecommunications expenses	11,323				12,226				10,514				11,954				11,362				46,017				38,513
Other noninterest expenses	34,618				30,963				36,279				38,125				29,641				139,985				168,890
Total noninterest expense	151,116				153,692				155,768				138,053				122,564				598,629				471,937
Income before income tax expense	125,993				150,182				40,845				23,224				82,207				340,244				211,584
Income tax expense	31,708				34,037				8,609				3,902				20,959				78,256				50,143
Net income	$	94,285			$	116,145			$	32,236			$	19,322			$	61,248			$	261,988			$	161,441

 

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SOURCE Ameris Bancorp

FAQ

What was Ameris Bancorp's Q4 2020 net income?

Ameris Bancorp reported a net income of $94.3 million for Q4 2020.

How much did Ameris Bancorp earn per diluted share in Q4 2020?

The earnings per diluted share for Q4 2020 were $1.36.

What is the adjusted net income for Ameris Bancorp for full year 2020?

The adjusted net income for 2020 was $300.5 million.

How did mortgage banking activity impact Ameris Bancorp's financials in 2020?

Mortgage banking income increased by 213.3% in 2020, significantly boosting revenue.

What is Ameris Bancorp's current net interest margin?

The net interest margin for the fourth quarter of 2020 was stable at 3.64%.