AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS

Rhea-AI Summary

Ameris Bancorp (ABCB) reported strong financial results for the year ended December 31, 2022, with a net income of $346.5 million, or $4.99 per diluted share. The company's tangible book value rose by 13.9% to $29.92 per share. Total revenue increased 6.3% to $1.09 billion, driven by a 22.1% organic growth in loans, totaling $3.51 billion. Additionally, net interest margin improved by 44bps to 3.76%. However, noninterest income fell 22.2% year-over-year, largely due to decreased mortgage banking activity. Despite economic challenges, the company is well-positioned for growth moving forward.

Positive

• Net income of $346.5 million for 2022, down 8% from 2021
• Tangible book value increased by 13.9% to $29.92 per share
• Total revenue growth of 6.3% to $1.09 billion
• Organic loan growth of $3.51 billion, up 22.1%
• Net interest margin improved by 44bps to 3.76%

Negative

• Noninterest income decreased by 22.2% to $284.4 million
• Mortgage banking activity fell by 35.3% year-over-year

Highlights of the Company's results for the full year 2022 include the following:

• Net income of $346.5 million, or $4.99 per diluted share
• Growth in tangible book value⁽¹⁾ of $3.66 per share, or 13.9%, to $29.92 at December 31, 2022
• Improvement in net interest margin of 44bps, from 3.32% for 2021 to 3.76% for 2022
• Growth in total revenue of $64.6 million, or 6.3%, to $1.09 billion this year
• Adjusted efficiency ratio⁽¹⁾ of 52.54%, compared with 55.00% last year
• Organic growth in loans of $3.51 billion, or 22.1%
• Growth in TCE ratio⁽¹⁾ of 62bps, or 7.7%, to 8.67% at December 31, 2022
• Growth in noninterest-bearing deposits, representing 40.74% of total deposits, from 39.54% a year ago

Significant items from the Company's results for the fourth quarter of 2022 include the following:

• Net income of $82.2 million, or $1.18 per diluted share
• Growth in tangible book value⁽¹⁾ of $1.30 per share, or 18.0% annualized, to $29.92 at December 31, 2022
• Improvement in net interest margin of 6bps, from 3.97% last quarter to 4.03% this quarter
• Growth in net interest income of $11.2 million, or 5.2%, to $224.1 million for the fourth quarter of 2022
• Adjusted return on average assets⁽¹⁾ of 1.32%
• Adjusted return on average tangible common equity⁽¹⁾ of 15.78%

ATLANTA, Jan. 26, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022, compared with $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021. The Company reported adjusted net income⁽¹⁾ of $81.1 million, or $1.17 per diluted share, for the quarter ended December 31, 2022, compared with $81.5 million, or $1.17 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, natural disaster and pandemic expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, gain/loss on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.

For the year ended December 31, 2022, the Company reported net income of $346.5 million, or $4.99 per diluted share, compared with $376.9 million, or $5.40 per diluted share, for 2021.  The Company reported adjusted net income⁽¹⁾ of $329.4 million, or $4.75 per diluted share, for the year ended December 31, 2022, compared with $368.7 million, or $5.29 per diluted share, for 2021.  Adjusted net income for the year excludes the same items listed above for the fourth quarter. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The strong financial results we are reporting today are a direct result of our team's continued focus and discipline.  The fourth quarter was another strong quarter where we grew tangible book value, expanded the margin, protected our balance sheet and improved our efficiency ratio.  The additional provision for credit losses we recorded this quarter is attributable to loan growth and the economic forecast and strengthens our position as we move into 2023.  Despite forecasted challenging economic conditions and potential market volatility, we are well positioned for 2023 as we focus on core fundamentals in our strong Southeastern markets."

Increase in Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2022 increased to $804.9 million, compared with $659.9 million for 2021. The Company's net interest margin was 3.76% for 2022, an increase from 3.32% reported for 2021. The Company recorded accretion expense of $285,000 for 2022, compared with accretion income of $16.3 million for 2021. The increase in net interest margin is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year, along with the rising interest rate environment.

Net interest income on a tax-equivalent basis (TE) grew to $225.1 million in the fourth quarter of 2022, an increase of $11.2 million, or 5.2%, from last quarter and $57.2 million, or 34.1%, compared with the fourth quarter of 2021.  The Company's net interest margin improved to 4.03% for the fourth quarter of 2022, up from 3.97% reported for the third quarter of 2022 and 3.18% reported for the fourth quarter of 2021. 

Yields on earning assets increased 54 basis points during the quarter to 4.91%, compared with 4.37% in the third quarter of 2022, and increased 152 basis points from 3.39% in the fourth quarter of 2021.  Yields on loans increased to 5.07% during the fourth quarter of 2022, compared with 4.62% for the third quarter of 2022 and 4.26% for the fourth quarter of 2021. In addition, the Company incurred net accretion expense in the fourth quarter of $315,000, compared with $597,000 in the third quarter of 2022 and accretion income of $2.8 million for the fourth quarter of 2021.

Loan production in the banking division during the fourth quarter of 2022 was $612.9 million, with weighted average yields of 7.92%, compared with $1.12 billion and 6.26%, respectively, in the third quarter of 2022 and $1.15 billion and 3.35%, respectively, in the fourth quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.6 billion during the fourth quarter of 2022, with weighted average yields of 6.06%, compared with $4.6 billion and 5.29%, respectively, during the third quarter of 2022 and $5.5 billion and 3.43%, respectively, during the fourth quarter of 2021.   

The Company's total cost of funds was 0.94% in the fourth quarter of 2022, an increase of 52 basis points compared with the third quarter of 2022.  Deposit costs increased 39 basis point during the fourth quarter of 2022 to 0.68%, compared with 0.29% in the third quarter of 2022.  Costs of interest-bearing deposits increased during the quarter from 0.49% in the third quarter of 2022 to 1.17% in the fourth quarter of 2022, reflecting deposit pricing adjustments made at the end of the third quarter and during the fourth quarter.

Noninterest Income

Noninterest income decreased $17.0 million, or 26.0%, in the fourth quarter of 2022 to $48.3 million, compared with $65.3 million for the third quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $17.5 million, or 43.4%, to $22.9 million in the fourth quarter of 2022, compared with $40.4 million for the third quarter of 2022.  Gain on sale spreads decreased to 1.26% in the fourth quarter of 2022 from 2.10% for the third quarter of 2022. Total production in the retail mortgage division decreased to $947.3 million in the fourth quarter of 2022, compared with $1.26 billion for the third quarter of 2022. The retail mortgage open pipeline was $507.1 million at the end of the fourth quarter of 2022, compared with $520.0 million at September 30, 2022.  Mortgage banking activity included a $1.3 million recovery of servicing right impairment and a $316,000 loss on sale of MSR recorded in the third quarter of 2022, compared with a $1.7 million gain on sale of MSR for the fourth quarter of 2022. 

For the full year 2022, noninterest income decreased $81.1 million, or 22.2%, to $284.4 million, compared with $365.5 million for 2021, primarily as a result of decreased mortgage banking activity, which declined by $101.0 million, or 35.3%, to $184.9 million in 2022, compared with $285.9 million in 2021.  Production in the retail mortgage division decreased to $5.5 billion in 2022, compared with $8.9 billion in 2021, while gain on sale spreads narrowed to 2.27% in 2022 from 3.31% in 2021.  Other noninterest income increased $21.1 million, or 70.7%, to $50.9 million for 2022, compared with $29.8 million for 2021, primarily as a result of an $18.1 million increase in noninterest income in our equipment finance division of the bank.  Also contributing to the increase were increases of $1.9 million in both BOLI income and swap fee income.

Noninterest Expense

Noninterest expense decreased $4.5 million, or 3.2%, to $135.1 million during the fourth quarter of 2022, compared with $139.6 million for the third quarter of 2022.  During the fourth quarter of 2022, the Company recorded merger and conversion charges of $235,000, compared with natural disaster and pandemic charges of $151,000 during the third quarter of 2022.  Excluding those charges, adjusted expenses⁽¹⁾ decreased approximately $4.6 million, or 3.3%, to $134.8 million in the fourth quarter of 2022, from $139.4 million in the third quarter of 2022.  The decrease in adjusted expenses⁽¹⁾ resulted from a $7.3 million decline in mortgage expenses related to reduced production, offset by a $3.0 million increase in the banking division, the majority of which was related to compensation, incentives and benefits.  Management continues to deliver high performing operating efficiency, as the adjusted efficiency ratio⁽¹⁾ decreased to 49.92% in the fourth quarter of 2022, compared with 50.06% in the third quarter of 2022.

For the full year 2022, noninterest expense increased $531,000 to $560.7 million, compared with $560.1 million in 2021. During 2022, the Company recorded $1.3 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $4.7 million in charges in 2021 that were principally related to merger and conversion charges. Excluding these charges, adjusted expenses increased $3.9 million, or 0.7%, to $559.3 million in 2022, from $555.4 million in 2021. This increase is primarily attributable to expansion of our equipment finance division in December 2021, partially offset by a reduction in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2022 was 23.5%, compared with 24.0% in 2021.  The Company's effective tax rate for the fourth quarter of 2022 was 21.3%, compared with 23.6% in the third quarter of 2022.  The decreased rate for the fourth quarter of 2022 was primarily a result of the impact of state rates applied to the Company's deferred tax asset.

Balance Sheet Trends

Total assets at December 31, 2022 were $25.05 billion, compared with $23.86 billion at December 31, 2021.  The Company has improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $907.4 million, or 153.1%, from $592.6 million at December 31, 2021 to $1.50 billion at December 31, 2022.  Loans, net of unearned income, increased $3.98 billion, or 25.1%, to $19.86 billion at December 31, 2022, compared with $15.87 billion at December 31, 2021.  Organic loan growth in the fourth quarter of 2022 was $576.1 million, or 12.3% annualized, which was diversified across the portfolio, including commercial and industrial, residential mortgages, construction and mortgage warehouse.  The Company purchased approximately $472 million of cash value life insurance secured loans during the fourth quarter of 2022, complementing our existing offerings of this product.  Loans held for sale decreased $862.6 million from $1.25 billion at December 31, 2021 to $392.1 million at December 31, 2022 due to a decline in mortgage activity resulting from the rising rate environment.

At December 31, 2022, total deposits amounted to $19.46 billion, or 90.7% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021.  At December 31, 2022, noninterest-bearing deposit accounts were $7.93 billion, or 40.7% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.80 billion at December 31, 2022, compared with $12.52 billion at December 31, 2021.  These funds represented 65.7% of the Company's total deposits at December 31, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.

Shareholders' equity at December 31, 2022 totaled $3.20 billion, an increase of $230.9 million, or 7.8%, from December 31, 2021.  The increase in shareholders' equity was primarily the result of earnings of $346.5 million during 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio.  Tangible book value per share⁽¹⁾ increased $1.30 per share, or 18.0% annualized, during the fourth quarter to $29.92 at December 31, 2022.  The Company recorded an improvement of $0.06 per share of tangible book value⁽¹⁾ this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio.  For the year-to-date period, tangible book value per share⁽¹⁾ increased $3.66, or 13.9%, to $29.92 at December 31, 2022, compared with $26.26 at December 31, 2021.  Tangible common equity as a percentage of tangible assets was 8.67% at December 31, 2022, compared with 8.05% at the end of 2021.

Credit Quality

Credit quality remains strong in the Company.  During the fourth quarter of 2022, the Company recorded a provision for credit losses of $32.9 million, compared with a provision of $17.7 million in the third quarter of 2022.  The fourth quarter provision was primarily attributable to loan growth of $1.05 billion during the quarter, the updated economic forecast and the related impacts to unfunded commitments.  Nonperforming assets as a percentage of total assets increased six basis points to 0.61% during the quarter.  Approximately $69.6 million, or 45.3%, of the nonperforming assets at December 31, 2022 were GNMA-guaranteed mortgage loans, which have minimal loss exposure.  Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.34% at December 31, 2022, compared with 0.32% at September 30, 2022.   The net charge-off ratio was eight basis points for the fourth quarter of 2022, compared with 11 basis points in the third quarter of 2022 and a net recovery of one basis point in the fourth quarter of 2021.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 27, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants).  The conference call access code is 929912.  A replay of the call will be available one hour after the end of the conference call until February 10, 2023.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 597631.  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 - 9D

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; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights	Table 1
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands except per share data)	2022		2022		2022		2022		2021		2022		2021
EARNINGS
Net income	$    82,221		$    92,555		$    90,066		$    81,698		$    81,944		$  346,540		$  376,913
Adjusted net income	$    81,086		$    91,817		$    81,473		$    75,039		$    81,544		$  329,415		$  368,699
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        1.19		$        1.34		$        1.30		$        1.18		$        1.18		$        5.01		$        5.43
Diluted	$        1.18		$        1.34		$        1.30		$        1.17		$        1.18		$        4.99		$        5.40
Adjusted diluted EPS(1)	$        1.17		$        1.32		$        1.18		$        1.08		$        1.17		$        4.75		$        5.29
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15		$        0.60		$        0.60
Book value per share (period end)	$      46.09		$      44.97		$      44.31		$      43.31		$      42.62		$      46.09		$      42.62
Tangible book value per share (period end)(1)	$      29.92		$      28.62		$      27.89		$      26.84		$      26.26		$      29.92		$      26.26
Weighted average number of shares
Basic	69,138,431		69,124,855		69,136,046		69,345,735		69,398,594		69,193,591		69,431,860
Diluted	69,395,224		69,327,414		69,316,258		69,660,990		69,738,426		69,419,721		69,761,394
Period end number of shares	69,369,050		69,352,709		69,360,461		69,439,084		69,609,228		69,369,050		69,608,228
Market data
High intraday price	$      54.24		$      50.94		$      46.28		$      55.62		$      56.64		$      55.62		$      59.85
Low intraday price	$      44.61		$      38.22		$      39.37		$      43.56		$      46.20		$      38.22		$      36.60
Period end closing price	$      47.14		$      44.71		$      40.18		$      43.88		$      49.68		$      47.14		$      49.68
Average daily volume	$  340,890		$  346,522		$  446,121		$  471,858		$  350,119		$  400,670		$  407,447
PERFORMANCE RATIOS
Return on average assets	1.34 %		1.56 %		1.54 %		1.42 %		1.41 %		1.47 %		1.73 %
Adjusted return on average assets(1)	1.32 %		1.54 %		1.40 %		1.31 %		1.40 %		1.39 %		1.69 %
Return on average common equity	10.30 %		11.76 %		11.87 %		11.06 %		11.06 %		11.24 %		13.33 %
Adjusted return on average tangible common equity(1)	15.78 %		18.33 %		17.18 %		16.38 %		16.88 %		16.92 %		20.19 %
Earning asset yield (TE)	4.91 %		4.37 %		3.88 %		3.56 %		3.39 %		4.19 %		3.56 %
Total cost of funds	0.94 %		0.42 %		0.22 %		0.22 %		0.23 %		0.46 %		0.25 %
Net interest margin (TE)	4.03 %		3.97 %		3.66 %		3.35 %		3.18 %		3.76 %		3.32 %
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	14.97 %		21.74 %		29.09 %		32.05 %		31.31 %		24.04 %		34.01 %
Efficiency ratio	49.57 %		50.15 %		51.67 %		55.43 %		55.66 %		51.65 %		54.87 %
Adjusted efficiency ratio (TE)(1)	49.92 %		50.06 %		53.66 %		56.95 %		54.85 %		52.54 %		55.00 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.76 %		13.10 %		12.97 %		12.76 %		12.43 %		12.76 %		12.43 %
Tangible common equity to tangible assets(1)	8.67 %		8.75 %		8.58 %		8.32 %		8.05 %		8.67 %		8.05 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,079		2,071		2,050		2,033		2,008		2,079		2,008
Retail Mortgage Division	633		671		712		714		739		633		739
Warehouse Lending Division	8		9		9		10		12		8		12
SBA Division	39		40		36		35		34		39		34
Premium Finance Division	76		77		78		77		72		76		72
Total Ameris Bancorp FTE headcount	2,835		2,868		2,885		2,869		2,865		2,835		2,865
Assets per Banking Division FTE	$    12,051		$    11,499		$    11,555		$    11,589		$    11,882		$    12,051		$    11,882
Branch locations	164		164		164		165		165		164		165
Deposits per branch location	$  118,675		$  118,701		$  120,030		$  118,718		$  119,185		$  118,675		$  119,185

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement	Table 2
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands except per share data)	2022		2022		2022		2022		2021		2022		2021
Interest income
Interest and fees on loans	$     250,263		$     216,400		$     190,740		$     177,566		$     170,813		$     834,969		$     676,089
Interest on taxable securities	13,029		10,324		7,064		4,239		5,866		34,656		22,524
Interest on nontaxable securities	358		363		269		186		156		1,176		575
Interest on deposits in other banks	9,984		7,188		4,463		1,373		1,521		23,008		3,882
Interest on federal funds sold	8		27		32		10		9		77		42
Total interest income	273,642		234,302		202,568		183,374		178,365		893,886		703,112
Interest expense
Interest on deposits	33,071		14,034		4,908		4,092		4,678		56,105		22,357
Interest on other borrowings	16,434		7,287		6,296		6,738		6,850		36,755		25,428
Total interest expense	49,505		21,321		11,204		10,830		11,528		92,860		47,785
Net interest income	224,137		212,981		191,364		172,544		166,837		801,026		655,327
Provision for loan losses	24,648		17,469		13,227		(2,734)		(13,619)		52,610		(35,081)
Provision for unfunded commitments	8,246		192		1,779		9,009		16,388		19,226		332
Provision for other credit losses	(4)		(9)		(82)		(44)		(10)		(139)		(616)
Provision for credit losses	32,890		17,652		14,924		6,231		2,759		71,697		(35,365)
Net interest income after provision for credit losses	191,247		195,329		176,440		166,313		164,078		729,329		690,692
Noninterest income
Service charges on deposit accounts	11,125		11,168		11,148		11,058		11,784		44,499		45,106
Mortgage banking activity	22,855		40,350		58,761		62,938		60,723		184,904		285,900
Other service charges, commissions and fees	968		970		998		939		962		3,875		4,188
Gain (loss) on securities	3		(21)		248		(27)		(4)		203		515
Other noninterest income	13,397		12,857		12,686		12,003		8,304		50,943		29,835
Total noninterest income	48,348		65,324		83,841		86,911		81,769		284,424		365,544
Noninterest expense
Salaries and employee benefits	75,196		78,697		81,545		84,281		76,615		319,719		337,776
Occupancy and equipment	12,905		12,983		12,746		12,727		13,494		51,361		48,066
Data processing and communications expenses	12,486		12,015		12,155		12,572		11,534		49,228		45,976
Credit resolution-related expenses(1)	372		126		496		(965)		1,992		29		3,538
Advertising and marketing	3,818		3,553		3,122		1,988		2,381		12,481		8,434
Amortization of intangible assets	4,709		4,710		5,144		5,181		3,387		19,744		14,965
Merger and conversion charges	235		—		—		977		4,023		1,212		4,206
Other noninterest expenses	25,340		27,494		26,988		27,059		24,943		106,881		97,163
Total noninterest expense	135,061		139,578		142,196		143,820		138,369		560,655		560,124
Income before income tax expense	104,534		121,075		118,085		109,404		107,478		453,098		496,112
Income tax expense	22,313		28,520		28,019		27,706		25,534		106,558		119,199
Net income	$       82,221		$       92,555		$       90,066		$       81,698		$       81,944		$     346,540		$     376,913
Diluted earnings per common share	$          1.18		$          1.34		$          1.30		$          1.17		$          1.18		$          4.99		$          5.40
(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
	Dec		Sep		Jun		Mar		Dec
(dollars in thousands)	2022		2022		2022		2022		2021
Assets
Cash and due from banks	$     284,567		$     269,193		$     345,627		$     257,316		$     307,813
Federal funds sold and interest-bearing deposits in banks	833,565		1,061,975		1,961,209		3,541,144		3,756,844
Debt securities available-for-sale, at fair value	1,500,060		1,255,149		1,052,268		579,204		592,621
Debt securities held-to-maturity, at amortized cost	134,864		130,214		111,654		91,454		79,850
Other investments	110,992		60,560		49,500		49,395		47,552
Loans held for sale	392,078		297,987		555,665		901,550		1,254,632
Loans, net of unearned income	19,855,253		18,806,856		17,561,022		16,143,801		15,874,258
Allowance for credit losses	(205,677)		(184,891)		(172,642)		(161,251)		(167,582)
Loans, net	19,649,576		18,621,965		17,388,380		15,982,550		15,706,676
Other real estate owned	843		843		835		1,910		3,810
Premises and equipment, net	220,283		222,694		224,249		224,293		225,400
Goodwill	1,015,646		1,023,071		1,023,056		1,022,345		1,012,620
Other intangible assets, net	106,194		110,903		115,613		120,757		125,938
Cash value of bank owned life insurance	388,405		386,533		384,862		332,914		331,146
Other assets	416,213		372,570		474,552		455,460		413,419
Total assets	$ 25,053,286		$ 23,813,657		$ 23,687,470		$ 23,560,292		$ 23,858,321
Liabilities
Deposits
Noninterest-bearing	$  7,929,579		$  8,343,200		$  8,262,929		$  7,870,207		$  7,774,823
Interest-bearing	11,533,159		11,123,719		11,422,053		11,718,234		11,890,730
Total deposits	19,462,738		19,466,919		19,684,982		19,588,441		19,665,553
Federal funds purchased and securities sold under agreements to repurchase	—		—		953		2,065		5,845
Other borrowings	1,875,736		725,664		425,592		425,520		739,879
Subordinated deferrable interest debentures	128,322		127,823		127,325		126,827		126,328
Other liabilities	389,090		374,181		375,242		410,280		354,265
Total liabilities	21,855,886		20,694,587		20,614,094		20,553,133		20,891,870
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,264		72,247		72,251		72,212		72,017
Capital stock	1,935,211		1,932,906		1,931,088		1,928,702		1,924,813
Retained earnings	1,311,258		1,239,477		1,157,359		1,077,725		1,006,436
Accumulated other comprehensive income (loss), net of tax	(46,507)		(50,734)		(12,635)		(1,841)		15,590
Treasury stock	(74,826)		(74,826)		(74,687)		(69,639)		(52,405)
Total shareholders' equity	3,197,400		3,119,070		3,073,376		3,007,159		2,966,451
Total liabilities and shareholders' equity	$ 25,053,286		$ 23,813,657		$ 23,687,470		$ 23,560,292		$ 23,858,321
Other Data
Earning assets	$ 22,826,812		$ 21,612,741		$ 21,291,318		$ 21,306,548		$ 21,605,757
Intangible assets	1,121,840		1,133,974		1,138,669		1,143,102		1,138,558
Interest-bearing liabilities	13,537,217		11,977,206		11,975,923		12,272,646		12,762,782
Average assets	24,354,979		23,598,465		23,405,201		23,275,654		23,054,847
Average common shareholders' equity	3,168,320		3,123,718		3,043,280		2,994,652		2,939,507

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2022		2022		2022		2022		2021		2022		2021
Allowance for Credit Losses
Balance at beginning of period	$  229,135		$  216,703		$  203,615		$  200,981		$  188,234		$  200,981		$  233,105
Acquired allowance for purchased credit deteriorated loans	—		—		—		—		9,432		—		9,432
Provision for loan losses	24,648		17,469		13,227		(2,734)		(13,619)		52,610		(35,081)
Provision for unfunded commitments	8,246		192		1,779		9,009		16,388		19,226		332
Provision for other credit losses	(4)		(9)		(82)		(44)		(10)		(139)		(616)
Provision for credit losses	32,890		17,652		14,924		6,231		2,759		71,697		(35,365)
Charge-offs	8,371		9,272		6,853		8,579		3,367		33,075		21,616
Recoveries	4,509		4,052		5,017		4,982		3,923		18,560		15,425
Net charge-offs (recoveries)	3,862		5,220		1,836		3,597		(556)		14,515		6,191
Ending balance	$  258,163		$  229,135		$  216,703		$  203,615		$  200,981		$  258,163		$  200,981
Allowance for loan losses	$  205,677		$  184,891		$  172,642		$  161,251		$  167,582		$  205,677		$  167,582
Allowance for unfunded commitments	52,411		44,165		43,973		42,194		33,185		52,411		33,185
Allowance for other credit losses	75		79		88		170		214		75		214
Total allowance for credit losses	$  258,163		$  229,135		$  216,703		$  203,615		$  200,981		$  258,163		$  200,981
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$     5,108		$     4,722		$      4,391		$     4,414		$      1,003		$    18,635		$      7,760
Consumer	1,136		1,228		1,137		1,425		1,484		4,926		6,248
Indirect automobile	86		50		41		88		40		265		1,188
Premium Finance	1,812		1,205		1,066		1,369		526		5,452		3,668
Real estate - construction and development	27		—		—		—		21		27		233
Real estate - commercial and farmland	196		2,014		81		1,283		220		3,574		1,852
Real estate - residential	6		53		137		—		73		196		667
Total charge-offs	8,371		9,272		6,853		8,579		3,367		33,075		21,616
Recoveries
Commercial, financial and agricultural	2,072		2,201		2,785		2,896		2,389		9,954		5,727
Consumer	217		277		230		158		172		882		939
Indirect automobile	229		276		265		275		329		1,045		1,679
Premium Finance	1,682		1,023		1,113		1,247		633		5,065		4,870
Real estate - construction and development	223		96		355		218		210		892		506
Real estate - commercial and farmland	48		96		44		37		81		225		573
Real estate - residential	38		83		225		151		109		497		1,131
Total recoveries	4,509		4,052		5,017		4,982		3,923		18,560		15,425
Net charge-offs (recoveries)	$     3,862		$     5,220		$      1,836		$     3,597		$       (556)		$    14,515		$      6,191
Non-Performing Assets
Nonaccrual portfolio loans	$    65,221		$    64,055		$    72,352		$    59,316		$    54,905		$    65,221		$    54,905
Other real estate owned	843		843		835		1,910		3,810		843		3,810
Repossessed assets	28		60		122		139		84		28		84
Accruing loans delinquent 90 days or more	17,865		12,378		8,542		6,584		12,648		17,865		12,648
Non-performing portfolio assets	$    83,957		$    77,336		$    81,851		$    67,949		$    71,447		$    83,957		$    71,447
Serviced GNMA-guaranteed mortgage nonaccrual loans	69,587		54,621		50,560		43,281		30,361		69,587		30,361
Total non-performing assets	$  153,544		$  131,957		$  132,411		$  111,230		$  101,808		$  153,544		$  101,808
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets	0.34 %		0.32 %		0.35 %		0.29 %		0.30 %		0.34 %		0.30 %
Total non-performing assets as a percent of total assets	0.61 %		0.55 %		0.56 %		0.47 %		0.43 %		0.61 %		0.43 %
Net charge-offs as a percent of average loans (annualized)	0.08 %		0.11 %		0.04 %		0.09 %		(0.01) %		0.08 %		0.04 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Dec		Sep		Jun		Mar		Dec
(dollars in thousands)	2022		2022		2022		2022		2021
Loans by Type
Commercial, financial and agricultural	$  2,679,403		$  2,245,287		$  2,022,845		$  1,836,663		$  1,875,993
Consumer	384,037		162,345		167,237		173,642		191,298
Indirect automobile	108,648		137,183		172,245		214,120		265,779
Mortgage warehouse	1,038,924		980,342		949,191		732,375		787,837
Municipal	509,151		516,797		529,268		547,926		572,701
Premium Finance	1,023,479		1,062,724		942,357		819,163		798,409
Real estate - construction and development	2,086,438		2,009,726		1,747,284		1,577,215		1,452,339
Real estate - commercial and farmland	7,604,868		7,516,309		7,156,017		6,924,475		6,834,917
Real estate - residential	4,420,305		4,176,143		3,874,578		3,318,222		3,094,985
Total loans	$ 19,855,253		$ 18,806,856		$ 17,561,022		$ 16,143,801		$ 15,874,258
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$           835		$        1,342		$           964		$           868		$         1,286
Consumer	3		6		9		13		16
Indirect automobile	533		595		759		893		1,037
Premium Finance	171		455		993		162		—
Real estate - construction and development	693		698		706		725		789
Real estate - commercial and farmland	7,995		8,091		8,213		17,161		35,575
Real estate - residential	24,166		24,516		24,456		24,664		26,879
Total accruing troubled debt restructurings	$       34,396		$       35,703		$       36,100		$       44,486		$       65,582
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$           743		$           353		$           364		$             72		$             83
Consumer	11		12		14		31		35
Indirect automobile	55		101		122		221		273
Real estate - construction and development	17		24		—		11		13
Real estate - commercial and farmland	767		66		788		788		5,924
Real estate - residential	4,181		3,494		4,369		4,341		4,678
Total nonaccrual troubled debt restructurings	$        5,774		$        4,050		$         5,657		$        5,464		$       11,006
Total troubled debt restructurings	$       40,170		$       39,753		$       41,757		$       49,950		$       76,588
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 19,513,726		$ 18,483,046		$ 17,296,520		$ 15,899,956		$ 15,614,323
Grade 6 - Other assets especially mentioned	104,614		110,408		68,444		51,670		78,957
Grade 7 - Substandard	236,913		213,402		196,058		192,175		180,978
Grade 8 - Doubtful	—		—		—		—		—
Grade 9 - Loss	—		—		—		—		—
Total loans	$ 19,855,253		$ 18,806,856		$ 17,561,022		$ 16,143,801		$ 15,874,258

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2022		2022		2022		2022		2021		2022		2021
Earning Assets
Federal funds sold	$           924		$         5,000		$       17,692		$       20,000		$       20,000		$       10,836		$       20,000
Interest-bearing deposits in banks	1,009,935		1,394,529		2,209,761		3,393,238		3,719,878		1,993,672		2,857,141
Time deposits in other banks	—		—		—		—		—		—		122
Debt securities - taxable	1,451,861		1,242,811		932,824		623,498		698,915		1,065,511		793,883
Debt securities - nontaxable	44,320		45,730		39,236		29,605		22,639		39,779		19,793
Other investments	83,730		51,209		49,550		47,872		31,312		58,170		28,525
Loans held for sale	371,952		471,070		944,964		1,097,098		1,365,886		718,599		1,463,614
Loans	19,212,560		18,146,083		16,861,674		15,821,397		15,119,752		17,521,461		14,703,957
Total Earning Assets	$ 22,175,282		$ 21,356,432		$ 21,055,701		$ 21,032,708		$ 20,978,382		$ 21,408,028		$ 19,887,035
Deposits
Noninterest-bearing deposits	$  8,138,887		$  8,259,625		$  7,955,765		$  7,658,451		$  7,600,284		$  8,005,201		$  7,017,614
NOW accounts	3,621,454		3,701,045		3,695,490		3,684,772		3,651,595		3,675,586		3,400,441
MMDA	5,161,047		5,026,815		5,087,199		5,240,922		5,209,653		5,128,497		4,953,748
Savings accounts	1,010,966		1,030,298		1,007,340		973,724		928,954		1,005,752		884,623
Retail CDs	1,450,037		1,506,761		1,693,740		1,774,016		1,827,852		1,604,978		1,953,927
Brokered CDs	—		—		—		—		—		—		625
Total Deposits	19,382,391		19,524,544		19,439,534		19,331,885		19,218,338		19,420,014		18,210,978
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	1		92		1,854		4,020		5,559		1,477		6,700
FHLB advances	918,228		94,357		48,746		48,786		48,828		279,409		48,888
Other borrowings	377,056		376,942		376,829		443,657		468,058		393,393		399,485
Subordinated deferrable interest debentures	128,060		127,560		127,063		126,563		126,067		127,316		125,324
Total Non-Deposit Funding	1,423,345		598,951		554,492		623,026		648,512		801,595		580,397
Total Funding	$ 20,805,736		$ 20,123,495		$ 19,994,026		$ 19,954,911		$ 19,866,850		$ 20,221,609		$ 18,791,375

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2022		2022		2022		2022		2021		2022		2021
Interest Income
Federal funds sold	$              8		$             27		$             32		$             10		$               9		$             77		$             42
Interest-bearing deposits in banks	9,984		7,188		4,463		1,373		1,521		23,008		3,880
Time deposits in other banks	—		—		—		—		—		—		2
Debt securities - taxable	13,029		10,324		7,064		4,239		5,866		34,656		22,524
Debt securities - nontaxable (TE)	454		459		341		235		198		1,489		728
Loans held for sale	5,519		6,012		10,036		8,132		9,433		29,699		42,651
Loans (TE)	245,603		211,223		181,602		170,398		162,415		808,826		637,861
Total Earning Assets	$    274,597		$     235,233		$     203,538		$     184,387		$     179,442		$     897,755		$     707,688
Accretion income (included above)	$         (315)		$         (597)		$          (379)		$        1,006		$         2,812		$         (285)		$       16,349
Interest Expense
Interest-Bearing Deposits
NOW accounts	$        8,564		$        3,733		$         1,246		$           824		$           864		$       14,367		$         3,414
MMDA	20,683		8,613		2,204		1,643		1,971		33,143		7,847
Savings accounts	654		360		140		133		128		1,287		503
Retail CDs	3,170		1,328		1,318		1,492		1,715		7,308		10,575
Brokered CDs	—		—		—		—		—		—		18
Total Interest-Bearing Deposits	33,071		14,034		4,908		4,092		4,678		56,105		22,357
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		1		3		4		4		20
FHLB advances	8,801		527		192		190		195		9,710		775
Other borrowings	4,953		4,655		4,437		5,164		5,317		19,209		19,278
Subordinated deferrable interest debentures	2,680		2,105		1,666		1,381		1,334		7,832		5,355
Total Non-Deposit Funding	16,434		7,287		6,296		6,738		6,850		36,755		25,428
Total Interest-Bearing Funding	$      49,505		$       21,321		$       11,204		$       10,830		$       11,528		$       92,860		$       47,785
Net Interest Income (TE)	$    225,092		$     213,912		$     192,334		$     173,557		$     167,914		$     804,895		$     659,903

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
	2022		2022		2022		2022		2021		2022		2021
Earning Assets
Federal funds sold	3.43 %		2.14 %		0.73 %		0.20 %		0.18 %		0.71 %		0.21 %
Interest-bearing deposits in banks	3.92 %		2.04 %		0.81 %		0.16 %		0.16 %		1.15 %		0.14 %
Time deposits in other banks	— %		— %		— %		— %		— %		— %		1.64 %
Debt securities - taxable	3.56 %		3.30 %		3.04 %		2.76 %		3.33 %		3.25 %		2.84 %
Debt securities - nontaxable (TE)	4.06 %		3.98 %		3.49 %		3.22 %		3.47 %		3.74 %		3.68 %
Loans held for sale	5.89 %		5.06 %		4.26 %		3.01 %		2.74 %		4.13 %		2.91 %
Loans (TE)	5.07 %		4.62 %		4.32 %		4.37 %		4.26 %		4.62 %		4.34 %
Total Earning Assets	4.91 %		4.37 %		3.88 %		3.56 %		3.39 %		4.19 %		3.56 %
Interest-Bearing Deposits
NOW accounts	0.94 %		0.40 %		0.14 %		0.09 %		0.09 %		0.39 %		0.10 %
MMDA	1.59 %		0.68 %		0.17 %		0.13 %		0.15 %		0.65 %		0.16 %
Savings accounts	0.26 %		0.14 %		0.06 %		0.06 %		0.05 %		0.13 %		0.06 %
Retail CDs	0.87 %		0.35 %		0.31 %		0.34 %		0.37 %		0.46 %		0.54 %
Brokered CDs	— %		— %		— %		— %		— %		— %		2.88 %
Total Interest-Bearing Deposits	1.17 %		0.49 %		0.17 %		0.14 %		0.16 %		0.49 %		0.20 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	— %		— %		0.22 %		0.30 %		0.29 %		0.27 %		0.30 %
FHLB advances	3.80 %		2.22 %		1.58 %		1.58 %		1.58 %		3.48 %		1.59 %
Other borrowings	5.21 %		4.90 %		4.72 %		4.72 %		4.51 %		4.88 %		4.83 %
Subordinated deferrable interest debentures	8.30 %		6.55 %		5.26 %		4.43 %		4.20 %		6.15 %		4.27 %
Total Non-Deposit Funding	4.58 %		4.83 %		4.55 %		4.39 %		4.19 %		4.59 %		4.38 %
Total Interest-Bearing Liabilities	1.55 %		0.71 %		0.37 %		0.36 %		0.37 %		0.76 %		0.41 %
Net Interest Spread	3.36 %		3.66 %		3.51 %		3.20 %		3.02 %		3.43 %		3.15 %
Net Interest Margin(2)	4.03 %		3.97 %		3.66 %		3.35 %		3.18 %		3.76 %		3.32 %
Total Cost of Funds(3)	0.94 %		0.42 %		0.22 %		0.22 %		0.23 %		0.46 %		0.25 %
(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										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands except per share data)	2022		2022		2022		2022		2021		2022		2021
Net income available to common shareholders	$     82,221		$     92,555		$     90,066		$    81,698		$     81,944		$   346,540		$  376,913
Adjustment items:
Merger and conversion charges	235		—		—		977		4,023		1,212		4,206
(Gain) loss on sale of MSR	(1,672)		316		—		—		—		(1,356)		—
Servicing right impairment (recovery)	—		(1,332)		(10,838)		(9,654)		(4,540)		(21,824)		(14,530)
Gain on BOLI proceeds	—		(55)		—		—		—		(55)		(603)
Natural disaster and pandemic charges	—		151		—		—		—		151		—
(Gain) loss on bank premises	—		—		(39)		(6)		(126)		(45)		510
Tax effect of adjustment items (Note 1)	302		182		2,284		2,024		243		4,792		2,203
After tax adjustment items	(1,135)		(738)		(8,593)		(6,659)		(400)		(17,125)		(8,214)
Adjusted net income	$     81,086		$     91,817		$     81,473		$    75,039		$     81,544		$   329,415		$  368,699
Weighted average number of shares - diluted	69,395,224		69,327,414		69,316,258		69,660,990		69,738,426		69,419,721		69,761,394
Net income per diluted share	$        1.18		$        1.34		$        1.30		$        1.17		$        1.18		$         4.99		$       5.40
Adjusted net income per diluted share	$        1.17		$        1.32		$        1.18		$        1.08		$        1.17		$         4.75		$       5.29
Average assets	$  24,354,979		$  23,598,465		$  23,405,201		$  23,275,654		$  23,054,847		$  23,644,754		$  21,847,731
Return on average assets	1.34 %		1.56 %		1.54 %		1.42 %		1.41 %		1.47 %		1.73 %
Adjusted return on average assets	1.32 %		1.54 %		1.40 %		1.31 %		1.40 %		1.39 %		1.69 %
Average common equity	$ 3,168,320		$ 3,123,718		$ 3,043,280		$   2,994,652		$ 2,939,507		$ 3,083,081		$    2,827,669
Average tangible common equity	$ 2,039,094		$ 1,987,385		$ 1,902,265		$   1,857,713		$ 1,916,783		$ 1,947,222		$    1,826,433
Return on average common equity	10.30 %		11.76 %		11.87 %		11.06 %		11.06 %		11.24 %		13.33 %
Adjusted return on average tangible common equity	15.78 %		18.33 %		17.18 %		16.38 %		16.88 %		16.92 %		20.19 %
Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for 1Q22, 4Q21 and both annual 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										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2022		2022		2022		2022		2021		2022		2021
Adjusted Noninterest Expense
Total noninterest expense	$  135,061		$  139,578		$  142,196		$  143,820		$  138,369		$  560,655		$  560,124
Adjustment items:
Merger and conversion charges	(235)		—		—		(977)		(4,023)		(1,212)		(4,206)
Natural disaster and pandemic charges	—		(151)		—		—		—		(151)		—
Gain (loss) on bank premises	—		—		39		6		126		45		(510)
Adjusted noninterest expense	$  134,826		$  139,427		$  142,235		$  142,849		$  134,472		$  559,337		$  555,408
Total Revenue
Net interest income	$  224,137		$  212,981		$  191,364		$  172,544		$  166,837		$  801,026		$  655,327
Noninterest income	48,348		65,324		83,841		86,911		81,769		284,424		365,544
Total revenue	$  272,485		$  278,305		$  275,205		$  259,455		$  248,606		$                  1,085,450		$                  1,020,871
Adjusted Total Revenue
Net interest income (TE)	$  225,092		$  213,912		$  192,334		$  173,557		$  167,914		$  804,895		$  659,903
Noninterest income	48,348		65,324		83,841		86,911		81,769		284,424		365,544
Total revenue (TE)	273,440		279,236		276,175		260,468		249,683		1,089,319		1,025,447
Adjustment items:
(Gain) loss on securities	(3)		21		(248)		27		4		(203)		(515)
(Gain) loss on sale of MSR	(1,672)		316		—		—		—		(1,356)		—
Gain on BOLI proceeds	—		(55)		—		—		—		(55)		(603)
Servicing right impairment (recovery)	—		(1,332)		(10,838)		(9,654)		(4,540)		(21,824)		(14,530)
Adjusted total revenue (TE)	$  271,765		$  278,186		$  265,089		$  250,841		$  245,147		$                  1,065,881		$                  1,009,799
Efficiency ratio	49.57 %		50.15 %		51.67 %		55.43 %		55.66 %		51.65 %		54.87 %
Adjusted efficiency ratio (TE)	49.92 %		50.06 %		53.66 %		56.95 %		54.85 %		52.54 %		55.00 %
Tangible Book Value Per Share	Table 9C
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands except per share data)	2022		2022		2022		2022		2021		2022		2021
Total shareholders' equity	$                  3,197,400		$                  3,119,070		$                  3,073,376		$                  3,007,159		$                  2,966,451		$                  3,197,400		$                  2,966,451
Less:
Goodwill	1,015,646		1,023,071		1,023,056		1,022,345		1,012,620		1,015,646		1,012,620
Other intangibles, net	106,194		110,903		115,613		120,757		125,938		106,194		125,938
Total tangible shareholders' equity	$                  2,075,560		$                  1,985,096		$                  1,934,707		$                  1,864,057		$                  1,827,893		$                  2,075,560		$                  1,827,893
Period end number of shares	69,369,050		69,352,709		69,360,461		69,439,084		69,609,228		69,369,050		69,608,228
Book value per share (period end)	$     46.09		$     44.97		$      44.31		$     43.31		$     42.62		$      46.09		$     42.62
Tangible book value per share (period end)	$     29.92		$     28.62		$      27.89		$     26.84		$     26.26		$      29.92		$     26.26

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets	Table 9D
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands except per share data)	2022		2022		2022		2022		2021		2022		2021
Total shareholders' equity	$ 3,197,400		$ 3,119,070		$ 3,073,376		$ 3,007,159		$ 2,966,451		$ 3,197,400		$ 2,966,451
Less:
Goodwill	1,015,646		1,023,071		1,023,056		1,022,345		1,012,620		1,015,646		1,012,620
Other intangibles, net	106,194		110,903		115,613		120,757		125,938		106,194		125,938
Total tangible shareholders' equity	$ 2,075,560		$ 1,985,096		$ 1,934,707		$ 1,864,057		$ 1,827,893		$ 2,075,560		$ 1,827,893
Total assets	$  25,053,286		$  23,813,657		$  23,687,470		$  23,560,292		$  23,858,321		$  25,053,286		$  23,858,321
Less:
Goodwill	1,015,646		1,023,071		1,023,056		1,022,345		1,012,620		1,015,646		1,012,620
Other intangibles, net	106,194		110,903		115,613		120,757		125,938		106,194		125,938
Total tangible assets	$  23,931,446		$  22,679,683		$  22,548,801		$  22,417,190		$  22,719,763		$  23,931,446		$  22,719,763
Equity to Assets	12.76 %		13.10 %		12.97 %		12.76 %		12.43 %		12.76 %		12.43 %
Tangible Common Equity to Tangible Assets	8.67 %		8.75 %		8.58 %		8.32 %		8.05 %		8.67 %		8.05 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2022		2022		2022		2022		2021		2022		2021
Banking Division
Net interest income	$  185,909		$  174,507		$  152,122		$  133,745		$  120,572		$  646,283		$  457,582
Provision for credit losses	35,946		10,551		10,175		5,226		4,565		61,898		(32,866)
Noninterest income	23,448		23,269		23,469		21,364		18,859		91,550		69,664
Noninterest expense
Salaries and employee benefits	52,296		48,599		46,733		49,195		36,522		196,823		157,079
Occupancy and equipment expenses	11,482		11,357		11,168		11,074		11,699		45,081		41,065
Data processing and telecommunications expenses	11,085		10,779		10,863		11,230		10,162		43,957		39,802
Other noninterest expenses	21,811		22,974		21,123		20,045		24,048		85,953		84,244
Total noninterest expense	96,674		93,709		89,887		91,544		82,431		371,814		322,190
Income before income tax expense	76,737		93,516		75,529		58,339		52,435		304,121		237,922
Income tax expense	16,545		22,706		19,120		16,996		14,010		75,367		64,446
Net income	$    60,192		$    70,810		$    56,409		$    41,343		$    38,425		$  228,754		$  173,476
Retail Mortgage Division
Net interest income	$    19,837		$    19,283		$    20,779		$    19,295		$    19,912		$    79,194		$    82,718
Provision for credit losses	(2,778)		9,043		4,499		1,587		175		12,351		2,947
Noninterest income	24,011		38,584		57,795		61,649		59,650		182,039		281,900
Noninterest expense
Salaries and employee benefits	19,164		25,813		31,219		31,614		36,787		107,810		167,796
Occupancy and equipment expenses	1,242		1,460		1,406		1,471		1,587		5,579		6,206
Data processing and telecommunications expenses	1,203		1,082		1,123		1,172		1,213		4,580		5,551
Other noninterest expenses	11,126		11,641		12,812		12,645		10,793		48,224		38,295
Total noninterest expense	32,735		39,996		46,560		46,902		50,380		166,193		217,848
Income before income tax expense	13,891		8,828		27,515		32,455		29,007		82,689		143,823
Income tax expense	2,916		1,854		5,779		6,815		6,092		17,364		30,203
Net income	$    10,975		$      6,974		$    21,736		$    25,640		$    22,915		$    65,325		$  113,620
Warehouse Lending Division
Net interest income	$      6,601		$      6,979		$      6,700		$      6,447		$      8,063		$    26,727		$    35,401
Provision for credit losses	117		(1,836)		867		(222)		77		(1,074)		(514)
Noninterest income	579		1,516		1,041		1,401		1,253		4,537		4,603
Noninterest expense
Salaries and employee benefits	427		1,055		208		283		258		1,973		1,130
Occupancy and equipment expenses	1		1		1		1		1		4		3
Data processing and telecommunications expenses	49		43		48		47		56		187		232
Other noninterest expenses	191		209		212		218		227		830		490
Total noninterest expense	668		1,308		469		549		542		2,994		1,855
Income before income tax expense	6,395		9,023		6,405		7,521		8,697		29,344		38,663
Income tax expense	1,342		1,895		1,346		1,579		1,827		6,162		8,120
Net income	$      5,053		$      7,128		$      5,059		$      5,942		$      6,870		$    23,182		$    30,543

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2022		2022		2022		2022		2021		2022		2021
SBA Division
Net interest income	$      2,491		$      2,424		$      3,798		$      6,011		$    11,319		$    14,724		$    51,535
Provision for credit losses	265		52		(523)		(143)		(663)		(349)		(2,921)
Noninterest income	302		1,946		1,526		2,491		2,002		6,265		9,360
Noninterest expense
Salaries and employee benefits	1,306		1,412		1,316		1,271		1,217		5,305		4,856
Occupancy and equipment expenses	98		82		81		99		121		360		475
Data processing and telecommunications expenses	30		29		29		28		28		116		47
Other noninterest expenses	368		100		539		380		645		1,387		1,594
Total noninterest expense	1,802		1,623		1,965		1,778		2,011		7,168		6,972
Income before income tax expense	726		2,695		3,882		6,867		11,973		14,170		56,844
Income tax expense	153		566		815		1,442		2,514		2,976		11,937
Net income	$         573		$      2,129		$      3,067		$      5,425		$      9,459		$    11,194		$    44,907
Premium Finance Division
Net interest income	$      9,299		$      9,788		$      7,965		$      7,046		$      6,971		$    34,098		$    28,091
Provision for credit losses	(660)		(158)		(94)		(217)		(1,395)		(1,129)		(2,011)
Noninterest income	8		9		10		6		5		33		17
Noninterest expense
Salaries and employee benefits	2,003		1,818		2,069		1,918		1,831		7,808		6,915
Occupancy and equipment expenses	82		83		90		82		86		337		317
Data processing and telecommunications expenses	119		82		92		95		75		388		344
Other noninterest expenses	978		959		1,064		952		1,013		3,953		3,683
Total noninterest expense	3,182		2,942		3,315		3,047		3,005		12,486		11,259
Income before income tax expense	6,785		7,013		4,754		4,222		5,366		22,774		18,860
Income tax expense	1,357		1,499		959		874		1,091		4,689		4,493
Net income	$      5,428		$      5,514		$      3,795		$      3,348		$      4,275		$    18,085		$    14,367
Total Consolidated
Net interest income	$  224,137		$  212,981		$  191,364		$  172,544		$  166,837		$  801,026		$  655,327
Provision for credit losses	32,890		17,652		14,924		6,231		2,759		71,697		(35,365)
Noninterest income	48,348		65,324		83,841		86,911		81,769		284,424		365,544
Noninterest expense
Salaries and employee benefits	75,196		78,697		81,545		84,281		76,615		319,719		337,776
Occupancy and equipment expenses	12,905		12,983		12,746		12,727		13,494		51,361		48,066
Data processing and telecommunications expenses	12,486		12,015		12,155		12,572		11,534		49,228		45,976
Other noninterest expenses	34,474		35,883		35,750		34,240		36,726		140,347		128,306
Total noninterest expense	135,061		139,578		142,196		143,820		138,369		560,655		560,124
Income before income tax expense	104,534		121,075		118,085		109,404		107,478		453,098		496,112
Income tax expense	22,313		28,520		28,019		27,706		25,534		106,558		119,199
Net income	$    82,221		$    92,555		$    90,066		$    81,698		$    81,944		$  346,540		$  376,913

 

 

 

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FAQ

What were Ameris Bancorp's earnings for the fourth quarter of 2022?

Ameris Bancorp reported net income of $82.2 million, or $1.18 per diluted share, for the fourth quarter of 2022.

How did Ameris Bancorp's tangible book value change in 2022?

Tangible book value increased by 13.9% to $29.92 per share at the end of 2022.

What was the total revenue for Ameris Bancorp in 2022?

The total revenue for Ameris Bancorp in 2022 was $1.09 billion, reflecting a growth of 6.3%.

What contributed to the increase in net interest income for Ameris Bancorp?

The increase was primarily driven by the deployment of excess liquidity in loans and the rising interest rate environment.

What is the loan growth figure for Ameris Bancorp in 2022?

Ameris Bancorp achieved organic loan growth of $3.51 billion, or 22.1%, in 2022.