AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS

Rhea-AI Summary

Ameris Bancorp (ABCB) reported net income of $65.9 million for Q4 2023, a decrease from $82.2 million in Q4 2022. For the full year 2023, net income was $269.1 million, compared to $346.5 million in 2022. Adjusted net income for 2023 was $276.3 million. The net interest margin was 3.54% in Q4 2023, down from 4.03% in Q4 2022. Noninterest income decreased by 11.0% in Q4 2023. The Company's total deposits amounted to $20.71 billion at the end of 2023, with total assets at $25.20 billion. The Company's effective tax rate for 2023 was 24.6%, compared with 23.5% in 2022. Credit quality remains strong, with nonperforming assets as a percentage of total assets at 0.33% at the end of 2023.

Positive

• Net income of $276.3 million for 2023
• Stable net interest margin of 3.54% in Q4 2023
• Total deposits amounted to $20.71 billion at the end of 2023
• Effective tax rate for 2023 was 24.6%
• Credit quality remains strong

Negative

• Net income decrease in Q4 2023 compared to Q4 2022
• Net interest margin decrease from 4.03% in Q4 2022 to 3.54% in Q4 2023
• Noninterest income decreased by 11.0% in Q4 2023

Insights

Financial Analyst

The reported net income of $269.1 million, representing a decrease from the previous year's $346.5 million, indicates a contraction in profitability for Ameris Bancorp. This decline is significant as it reflects a 22.3% drop in annual net income, which can influence investor sentiment and impact the bank's valuation. The reduction in net interest margin from 3.76% to 3.61% suggests compressed interest income relative to earning assets, a trend that is concerning in a rising rate environment where banks typically benefit from wider margins.

Furthermore, the increase in the allowance for credit losses to 1.52% from 1.04% highlights a more conservative stance by the bank in anticipation of potential loan defaults, particularly in commercial real estate, potentially due to economic headwinds. This move could be viewed as prudent risk management but also signals expected volatility in loan quality, which could affect future earnings.

The growth in tangible book value per share and total deposits indicates a stronger balance sheet, which could be a positive signal for investors looking for stability. However, the decline in noninterest income, primarily from decreased mortgage banking activity, points to vulnerabilities in revenue diversification and the impact of rising interest rates on mortgage demand.

Market Research Analyst

From a market perspective, Ameris Bancorp's financial results reflect broader industry trends, such as the impact of interest rate hikes on mortgage banking and loan origination activities. The reported decrease in loan production and mortgage activity aligns with the national slowdown in the housing market, driven by higher borrowing costs. This slowdown could have long-term implications for the bank's revenue mix and necessitate strategic adjustments to maintain profitability.

The company's stable net interest margin in the face of a declining trend year-over-year demonstrates resilience in maintaining profitability from core banking operations, which is critical for investor confidence. The shift in customer deposits from noninterest-bearing to interest-bearing accounts is a natural response to higher rates, affecting the bank's cost of funds and net interest income.

Lastly, the bank's focus on disciplined growth and maintaining top peer group financial results suggests a strategic approach to navigating economic challenges. This strategy could be reassuring to investors, as it implies a commitment to prudent growth and risk management.

Economist

Analyzing the economic implications of Ameris Bancorp's year-end financials, the increased reserves for credit losses and growth in tangible book value per share can be seen as a reflection of the bank's response to the economic forecast and asset valuation concerns. The bank's ability to grow deposits in a competitive interest rate environment suggests effective liquidity management, which is essential for maintaining lending operations and financial stability.

The increased effective tax rate from 23.5% to 24.6% could marginally affect net income, but it is within a normal range of corporate tax fluctuations. The increase in shareholders' equity is a positive indicator of the bank's financial health and capacity to absorb potential losses.

Overall, the financial statements of Ameris Bancorp provide insights into how regional banks are adjusting their balance sheets and income statements in response to macroeconomic factors, such as interest rate changes and real estate market conditions. These adjustments will be crucial for the bank's performance in the upcoming fiscal year.

Highlights of the Company's results for the full year 2023 include the following:

• Net income of $269.1 million, or $3.89 per diluted share
• Adjusted net income⁽¹⁾ of $276.3 million, or $4.00 per diluted share
• Growth in tangible book value⁽¹⁾ of $3.72 per share, or 12.4%, to $33.64 at December 31, 2023
• Increase in the allowance for credit losses to 1.52% of loans, from 1.04% at December 31, 2022, due to forecasted economic conditions, particularly related to commercial real estate price levels
• Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved to 0.33% at December 31, 2023, compared with 0.34% at December 31, 2022
• Adjusted efficiency ratio⁽¹⁾ of 52.58%
• Organic growth in loans of $414.1 million, or 2.1%
• Growth in total deposits of $1.25 billion, or 6.4%
• Growth in TCE ratio⁽¹⁾ of 97bps, or 11.2%, to 9.64% at December 31, 2023

Significant items from the Company's results for the fourth quarter of 2023 include the following:

• Net income of $65.9 million, or $0.96 per diluted share
• Adjusted net income⁽¹⁾ of $73.6 million, or $1.07 per diluted share
• Stable net interest margin of 3.54%
• Adjusted efficiency ratio⁽¹⁾ of 52.87%
• Growth in TCE ratio⁽¹⁾ of 53bps to 9.64% at December 31, 2023, compared with 9.11% last quarter

ATLANTA, Jan. 25, 2024 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023, compared with $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022. The Company reported adjusted net income⁽¹⁾ of $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023, compared with $81.1 million, or $1.17 per diluted share, for the same period in 2022. Adjusted net income excludes after-tax merger and conversion charges, FDIC special assessment, natural disaster expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, gain on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.

For the year ended December 31, 2023, the Company reported net income of $269.1 million, or $3.89 per diluted share, compared with $346.5 million, or $4.99 per diluted share, for 2022.  The Company reported adjusted net income⁽¹⁾ of $276.3 million, or $4.00 per diluted share, for the year ended December 31, 2023, compared with $329.4 million, or $4.75 per diluted share, for 2022.  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 solid fourth quarter financial results were a successful way to end 2023 and have us well positioned for 2024.  For the quarter and the full year, we continued to grow tangible book value and strengthened our balance sheet through strong deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses and robust capital growth.   We continue to operate with discipline to execute our strategies and to produce strong financial results.  Looking forward, we are focused on maintaining disciplined growth and top of peer group financial results in our strong Southeastern markets."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2023 increased to $838.8 million, compared with $804.9 million for 2022. The Company's net interest margin was 3.61% for 2023, compared with 3.76% for 2022. The Company recorded accretion income of $910,000 for 2023, compared with accretion expense of $285,000 for 2022. The increase in net interest income is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year.

Net interest income on a tax-equivalent basis (TE) was $207.0 million in the fourth quarter of 2023, a decrease of $1.7 million, or 0.8%, from last quarter and $18.0 million, or 8.0%, compared with the fourth quarter of 2022.  The Company's net interest margin was stable at 3.54% for both the third and fourth quarters of 2023, while down from 4.03% reported for the fourth quarter of 2022.  

Yields on earning assets increased seven basis points during the quarter to 5.69%, compared with 5.62% in the third quarter of 2023, and increased 78 basis points from 4.91% in the fourth quarter of 2022.  Yields on loans increased to 5.83% during the fourth quarter of 2023, compared with 5.81% for the third quarter of 2023 and 5.07% for the fourth quarter of 2022.

Loan production in the banking division during the fourth quarter of 2023 was $417.4 million, with weighted average yields of 10.35%, compared with $621.0 million and 9.49%, respectively, in the third quarter of 2023 and $612.9 million and 7.92%, respectively, in the fourth quarter of 2022.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.3 billion during the fourth quarter of 2023, with weighted average yields of 7.38%, compared with $4.2 billion and 7.28%, respectively, during the third quarter of 2023 and $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022.   

The Company's total cost of funds was 2.32% in the fourth quarter of 2023, an increase of eight basis points compared with the third quarter of 2023.  Deposit costs increased 16 basis points during the fourth quarter of 2023 to 2.16%, compared with 2.00% in the third quarter of 2023.  Costs of interest-bearing deposits increased during the quarter from 2.97% in the third quarter of 2023 to 3.17% in the fourth quarter of 2023, reflecting deposit beta catch-up in the current hold phase of the interest rate cycle.

Noninterest Income

Noninterest income decreased $6.9 million, or 11.0%, in the fourth quarter of 2023 to $56.2 million, compared with $63.2 million for the third quarter of 2023, primarily as a result of decreased mortgage banking activity, which declined by $4.8 million, or 13.3%, to $31.5 million in the fourth quarter of 2023, compared with $36.3 million for the third quarter of 2023.  Gain on sale spreads decreased to 1.93% in the fourth quarter of 2023 from 2.15% for the third quarter of 2023. Total production in the retail mortgage division decreased to $891.1 million in the fourth quarter of 2023, compared with $1.18 billion for the third quarter of 2023. The retail mortgage open pipeline was $400.1 million at the end of the fourth quarter of 2023, compared with $623.9 million at September 30, 2023. 

For the full year 2023, noninterest income decreased $41.6 million, or 14.6%, to $242.8 million, compared with $284.4 million for 2022, primarily as a result of decreased mortgage banking activity, which declined by $45.0 million, or 24.3%, to $139.9 million in 2023, compared with $184.9 million in 2022.  Production in the retail mortgage division decreased to $4.3 billion in 2023, compared with $5.5 billion in 2022, while gain on sale spreads narrowed to 2.07% in 2023 from 2.27% in 2022. 

Noninterest Expense

Noninterest expense increased $7.6 million, or 5.3%, to $149.0 million during the fourth quarter of 2023, compared with $141.4 million for the third quarter of 2023.  During the fourth quarter of 2023, the Company recorded $11.6 million related to the FDIC special assessment and a $1.9 million gain on sale of bank premises.  Excluding those charges, adjusted expenses⁽¹⁾ decreased approximately $2.1 million, or 1.5%, to $139.3 million in the fourth quarter of 2023, from $141.4 million in the third quarter of 2023.  The decrease in adjusted expenses⁽¹⁾ resulted from a $4.5 million decline in mortgage expenses related to reduced production, offset by a $3.3 million increase in the banking division, the majority of which was related to increased legal and professional fees, data processing expenses and a decrease in the gain on sale of OREO properties.  Management continues to deliver high performing operating efficiency, with an adjusted efficiency ratio⁽¹⁾ of 52.87% in the fourth quarter of 2023, compared with 52.02% in the third quarter of 2023.

For the full year 2023, noninterest expense increased $17.6 million, or 3.1%, to $578.3 million, compared with $560.7 million in 2022. Excluding adjustment items of $9.7 million in 2023 and $1.3 million in 2022, adjusted expenses increased $9.3 million, or 1.7% to $586.6 million in 2023, from $559.3 million in 2022.  This increase is primarily attributable to a reduction in deferred loan origination costs, partially offset by a reduction in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2023 was 24.6%, compared with 23.5% in 2022.  The Company's effective tax rate for the fourth quarter of 2023 was 27.1%, compared with 23.7% in the third quarter of 2023.  The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment when the Company filed its 2022 income tax returns in the fourth quarter of 2023.

Balance Sheet Trends

Total assets at December 31, 2023 were $25.20 billion, compared with $25.05 billion at December 31, 2022.  Debt securities available-for-sale decreased to $1.40 billion, compared with $1.50 billion at December 31, 2022.  Loans, net of unearned income, increased $414.1 million, or 2.1%, to $20.27 billion at December 31, 2023, compared with $19.86 billion at December 31, 2022.  Loans held for sale decreased $110.7 million from $392.1 million at December 31, 2022 to $281.3 million at December 31, 2023 due to a decline in mortgage activity resulting from the rising rate environment.

At December 31, 2023, total deposits amounted to $20.71 billion, or 97.0% of total funding, compared with $19.46 billion and 90.7%, respectively, at December 31, 2022.  During the fourth quarter of 2023, deposits grew $118.2 million with NOW and money market accounts increasing $513.9 million and retail CD accounts increasing $48.5 million, with such increases being offset in part by a $98.0 million decrease in noninterest-bearing accounts and a $324.2 million decrease in brokered CDs.  Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at December 31, 2023, noninterest-bearing deposit accounts were $6.49 billion, or 31.3% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022. 

During the fourth quarter of 2023, utilizing existing liquidity the Company reduced borrowings with the FHLB by $700.0 million. 

Shareholders' equity at December 31, 2023 totaled $3.43 billion, an increase of $229.3 million, or 7.2%, from December 31, 2022.  The increase in shareholders' equity was primarily the result of earnings of $269.1 million during 2023, partially offset by dividends declared and share repurchases.  Tangible book value per share⁽¹⁾ increased $1.26 per share, or 15.4% annualized, during the fourth quarter to $33.64 at December 31, 2023.  The Company recorded an improvement of $0.36 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 $3.72, or 12.4%, to $33.64 at December 31, 2023, compared with $29.92 at December 31, 2022.  Tangible common equity as a percentage of tangible assets was 9.64% at December 31, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company.  During the fourth quarter of 2023, the Company recorded a provision for credit losses of $23.0 million, compared with a provision of $24.5 million in the third quarter of 2023.  Nonperforming assets as a percentage of total assets increased 11 basis points to 0.69% during the quarter.  Approximately $90.2 million, or 51.7%, of the nonperforming assets at December 31, 2023 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 0.33% at December 31, 2023, compared with 0.27% at September 30, 2023.   The net charge-off ratio was 26 basis points for the fourth quarter of 2023, compared with 23 basis points in the third quarter of 2023.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-317-6789.  The conference call access code is Ameris Bancorp.  A replay of the call will be available one hour after the end of the conference call until February 2, 2024.  To listen to the replay, dial 1-877-344-7529.  The conference replay access code is 3003910.  The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

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

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia.  Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $25.20 billion in assets as of December 31, 2023, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

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, 2022 and the Company's subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights	Table 1
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands except per share data)	2023		2023		2023		2023		2022		2023		2022
EARNINGS
Net income	$    65,934		$    80,115		$    62,635		$    60,421		$    82,221		$  269,105		$  346,540
Adjusted net income	$    73,568		$    80,115		$    62,635		$    59,935		$    81,086		$  276,253		$  329,415
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        0.96		$        1.16		$        0.91		$        0.87		$        1.19		$        3.90		$        5.01
Diluted	$        0.96		$        1.16		$        0.91		$        0.87		$        1.18		$        3.89		$        4.99
Adjusted diluted EPS(1)	$        1.07		$        1.16		$        0.91		$        0.86		$        1.17		$        4.00		$        4.75
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15		$        0.60		$        0.60
Book value per share (period end)	$      49.62		$      48.41		$      47.51		$      46.89		$      46.09		$      49.62		$      46.09
Tangible book value per share (period end)(1)	$      33.64		$      32.38		$      31.42		$      30.79		$      29.92		$      33.64		$      29.92
Weighted average number of shares
Basic	68,824,004		68,879,352		68,989,549		69,171,562		69,138,431		68,977,453		69,193,591
Diluted	69,014,793		68,994,247		69,034,763		69,322,664		69,395,224		69,104,158		69,419,721
Period end number of shares	69,053,341		69,138,461		69,139,783		69,373,863		69,369,050		69,053,341		69,369,050
Market data
High intraday price	$      53.84		$      45.34		$      37.18		$      50.54		$      54.24		$      53.84		$      55.62
Low intraday price	$      34.26		$      33.21		$      28.33		$      34.28		$      44.61		$      28.33		$      38.22
Period end closing price	$      53.05		$      38.39		$      34.21		$      36.58		$      47.14		$      53.05		$      47.14
Average daily volume	390,190		361,167		475,198		452,242		340,890		419,347		400,670
PERFORMANCE RATIOS
Return on average assets	1.03 %		1.25 %		0.98 %		0.98 %		1.34 %		1.06 %		1.47 %
Adjusted return on average assets(1)	1.15 %		1.25 %		0.98 %		0.97 %		1.32 %		1.09 %		1.39 %
Return on average common equity	7.73 %		9.56 %		7.63 %		7.54 %		10.30 %		8.12 %		11.24 %
Adjusted return on average tangible common equity(1)	12.81 %		14.35 %		11.53 %		11.41 %		15.78 %		12.55 %		16.92 %
Earning asset yield (TE)	5.69 %		5.62 %		5.52 %		5.25 %		4.91 %		5.52 %		4.19 %
Total cost of funds	2.32 %		2.24 %		2.05 %		1.59 %		0.94 %		2.05 %		0.46 %
Net interest margin (TE)	3.54 %		3.54 %		3.60 %		3.76 %		4.03 %		3.61 %		3.76 %
Efficiency ratio	56.80 %		52.21 %		53.60 %		52.08 %		49.57 %		53.65 %		51.65 %
Adjusted efficiency ratio (TE)(1)	52.87 %		52.02 %		53.41 %		51.99 %		49.61 %		52.58 %		52.48 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	13.60 %		13.02 %		12.73 %		12.47 %		12.76 %		13.60 %		12.76 %
Tangible common equity to tangible assets(1)	9.64 %		9.11 %		8.80 %		8.55 %		8.67 %		9.64 %		8.67 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,060		2,049		2,069		2,093		2,079		2,060		2,079
Retail Mortgage Division	595		601		613		630		633		595		633
Warehouse Lending Division	7		8		8		8		8		7		8
SBA Division	28		33		35		39		39		28		39
Premium Finance Division	75		78		76		78		76		75		76
Total Ameris Bancorp FTE headcount	2,765		2,769		2,801		2,848		2,835		2,765		2,835
Branch locations	164		164		164		164		164		164		164
Deposits per branch location	$  126,271		$  125,551		$  124,653		$  121,326		$  118,675		$  126,271		$  118,675
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D

 

 

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)	2023		2023		2023		2023		2022		2023		2022
Interest income
Interest and fees on loans	$     303,487		$     304,699		$     292,012		$     271,964		$     250,263		$  1,172,162		$     834,969
Interest on taxable securities	14,033		14,754		15,915		14,300		13,029		59,002		34,656
Interest on nontaxable securities	326		331		339		339		358		1,335		1,176
Interest on deposits in other banks	14,368		10,769		13,686		9,113		9,984		47,936		23,008
Interest on federal funds sold	—		—		—		—		8		—		77
Total interest income	332,214		330,553		321,952		295,716		273,642		1,280,435		893,886
Interest expense
Interest on deposits	111,749		102,999		88,087		53,182		33,071		356,017		56,105
Interest on other borrowings	14,364		19,803		24,325		30,882		16,434		89,374		36,755
Total interest expense	126,113		122,802		112,412		84,064		49,505		445,391		92,860
Net interest income	206,101		207,751		209,540		211,652		224,137		835,044		801,026
Provision for loan losses	30,401		30,095		43,643		49,376		24,648		153,515		52,610
Provision for unfunded commitments	(7,438)		(5,634)		1,873		346		8,246		(10,853)		19,226
Provision for other credit losses	(11)		(2)		—		7		(4)		(6)		(139)
Provision for credit losses	22,952		24,459		45,516		49,729		32,890		142,656		71,697
Net interest income after provision for credit losses	183,149		183,292		164,024		161,923		191,247		692,388		729,329
Noninterest income
Service charges on deposit accounts	12,252		12,092		11,295		10,936		11,125		46,575		44,499
Mortgage banking activity	31,461		36,290		40,742		31,392		22,855		139,885		184,904
Other service charges, commissions and fees	1,234		1,221		975		971		968		4,401		3,875
Gain (loss) on securities	(288)		(16)		(6)		6		3		(304)		203
Other noninterest income	11,589		13,594		14,343		12,745		13,397		52,271		50,943
Total noninterest income	56,248		63,181		67,349		56,050		48,348		242,828		284,424
Noninterest expense
Salaries and employee benefits	75,966		81,898		81,336		80,910		75,196		320,110		319,719
Occupancy and equipment	13,197		12,745		12,522		12,986		12,905		51,450		51,361
Data processing and communications expenses	14,028		12,973		13,451		13,034		12,486		53,486		49,228
Credit resolution-related expenses(1)	157		(1,360)		848		435		372		80		29
Advertising and marketing	2,974		2,723		2,627		3,532		3,818		11,856		12,481
Amortization of intangible assets	4,425		4,425		4,688		4,706		4,709		18,244		19,744
Merger and conversion charges	—		—		—		—		235		—		1,212
Other noninterest expenses	38,264		28,042		32,931		23,818		25,340		123,055		106,881
Total noninterest expense	149,011		141,446		148,403		139,421		135,061		578,281		560,655
Income before income tax expense	90,386		105,027		82,970		78,552		104,534		356,935		453,098
Income tax expense	24,452		24,912		20,335		18,131		22,313		87,830		106,558
Net income	$       65,934		$       80,115		$       62,635		$       60,421		$       82,221		$     269,105		$     346,540
Diluted earnings per common share	$          0.96		$          1.16		$          0.91		$          0.87		$          1.18		$          3.89		$          4.99
(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)	2023		2023		2023		2023		2022
Assets
Cash and due from banks	$     230,470		$     241,137		$     284,552		$     266,400		$     284,567
Federal funds sold and interest-bearing deposits in banks	936,834		1,304,636		1,034,578		1,754,453		833,565
Debt securities available-for-sale, at fair value	1,402,944		1,424,081		1,460,356		1,496,836		1,500,060
Debt securities held-to-maturity, at amortized cost	141,512		141,859		142,513		134,175		134,864
Other investments	71,794		104,957		109,656		146,715		110,992
Loans held for sale	281,332		381,466		391,472		395,096		392,078
Loans, net of unearned income	20,269,303		20,201,079		20,471,759		19,997,871		19,855,253
Allowance for credit losses	(307,100)		(290,104)		(272,071)		(242,658)		(205,677)
Loans, net	19,962,203		19,910,975		20,199,688		19,755,213		19,649,576
Other real estate owned	6,199		3,397		6,170		1,502		843
Premises and equipment, net	216,435		217,564		218,662		218,878		220,283
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,015,646
Other intangible assets, net	87,949		92,375		96,800		101,488		106,194
Cash value of bank owned life insurance	395,778		393,769		391,483		389,201		388,405
Other assets	454,603		465,968		449,042		412,781		416,213
Total assets	$ 25,203,699		$ 25,697,830		$ 25,800,618		$ 26,088,384		$ 25,053,286
Liabilities
Deposits
Noninterest-bearing	$  6,491,639		$  6,589,610		$  6,706,897		$  7,297,893		$  7,929,579
Interest-bearing	14,216,870		14,000,735		13,736,228		12,599,562		11,533,159
Total deposits	20,708,509		20,590,345		20,443,125		19,897,455		19,462,738
Other borrowings	509,586		1,209,553		1,536,989		2,401,327		1,875,736
Subordinated deferrable interest debentures	130,315		129,817		129,319		128,820		128,322
Other liabilities	428,542		421,046		406,555		407,587		389,090
Total liabilities	21,776,952		22,350,761		22,515,988		22,835,189		21,855,886
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,516		72,514		72,515		72,484		72,264
Capital stock	1,945,385		1,942,852		1,939,865		1,937,664		1,935,211
Retained earnings	1,539,957		1,484,424		1,414,742		1,362,512		1,311,258
Accumulated other comprehensive income (loss), net of tax	(35,939)		(60,818)		(50,618)		(35,581)		(46,507)
Treasury stock	(95,172)		(91,903)		(91,874)		(83,884)		(74,826)
Total shareholders' equity	3,426,747		3,347,069		3,284,630		3,253,195		3,197,400
Total liabilities and shareholders' equity	$ 25,203,699		$ 25,697,830		$ 25,800,618		$ 26,088,384		$ 25,053,286
Other Data
Earning assets	$ 23,103,719		$ 23,558,078		$ 23,610,334		$ 23,925,146		$ 22,826,812
Intangible assets	1,103,595		1,108,021		1,112,446		1,117,134		1,121,840
Interest-bearing liabilities	14,856,771		15,340,105		15,402,536		15,129,709		13,537,217
Average assets	25,341,990		25,525,913		25,631,846		25,115,927		24,354,979
Average common shareholders' equity	3,383,554		3,324,960		3,293,049		3,250,289		3,168,320

 

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)	2023		2023		2023		2023		2022		2023		2022
Allowance for Credit Losses
Balance at beginning of period	$  339,180		$  326,783		$  295,497		$  258,163		$  229,135		$  258,163		$  200,981
Adoption of ASU 2022-02	—		—		—		(1,711)		—		(1,711)		—
Provision for loan losses	30,401		30,095		43,643		49,376		24,648		153,515		52,610
Provision for unfunded commitments	(7,438)		(5,634)		1,873		346		8,246		(10,853)		19,226
Provision for other credit losses	(11)		(2)		—		7		(4)		(6)		(139)
Provision for credit losses	22,952		24,459		45,516		49,729		32,890		142,656		71,697
Charge-offs	20,104		19,488		20,670		14,956		8,371		75,218		33,075
Recoveries	6,699		7,426		6,440		4,272		4,509		24,837		18,560
Net charge-offs (recoveries)	13,405		12,062		14,230		10,684		3,862		50,381		14,515
Ending balance	$  348,727		$  339,180		$  326,783		$  295,497		$  258,163		$  348,727		$  258,163
Allowance for loan losses	$  307,100		$  290,104		$  272,071		$  242,658		$  205,677		$  307,100		$  205,677
Allowance for unfunded commitments	41,558		48,996		54,630		52,757		52,411		41,558		52,411
Allowance for other credit losses	69		80		82		82		75		69		75
Total allowance for credit losses	$  348,727		$  339,180		$  326,783		$  295,497		$  258,163		$  348,727		$  258,163
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$    15,840		$    16,519		$    13,316		$    12,233		$      5,108		$    57,908		$    18,635
Consumer	2,785		948		2,052		1,140		1,136		6,925		4,926
Indirect automobile	20		36		65		34		86		155		265
Premium Finance	1,347		1,951		1,848		1,421		1,812		6,567		5,452
Real estate - construction and development	—		—		—		—		27		—		27
Real estate - commercial and farmland	84		—		3,320		—		196		3,404		3,574
Real estate - residential	28		34		69		128		6		259		196
Total charge-offs	20,104		19,488		20,670		14,956		8,371		75,218		33,075
Recoveries
Commercial, financial and agricultural	4,701		4,745		3,545		2,043		2,072		15,034		9,954
Consumer	130		203		194		297		217		824		882
Indirect automobile	177		158		225		216		229		776		1,045
Premium Finance	1,100		1,639		1,680		1,382		1,682		5,801		5,065
Real estate - construction and development	303		74		472		100		223		949		892
Real estate - commercial and farmland	90		371		61		44		48		566		225
Real estate - residential	198		236		263		190		38		887		497
Total recoveries	6,699		7,426		6,440		4,272		4,509		24,837		18,560
Net charge-offs (recoveries)	$    13,405		$    12,062		$    14,230		$    10,684		$      3,862		$    50,381		$    14,515
Non-Performing Assets
Nonaccrual portfolio loans	$    60,961		$    53,806		$    57,025		$    68,028		$    65,221		$    60,961		$    65,221
Other real estate owned	6,199		3,397		6,170		1,502		843		6,199		843
Repossessed assets	17		22		9		25		28		17		28
Accruing loans delinquent 90 days or more	16,988		11,891		13,424		15,792		17,865		16,988		17,865
Non-performing portfolio assets	$    84,165		$    69,116		$    76,628		$    85,347		$    83,957		$    84,165		$    83,957
Serviced GNMA-guaranteed mortgage nonaccrual loans	90,156		80,752		69,655		74,999		69,587		90,156		69,587
Total non-performing assets	$  174,321		$  149,868		$  146,283		$  160,346		$  153,544		$  174,321		$  153,544
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets	0.33 %		0.27 %		0.30 %		0.33 %		0.34 %		0.33 %		0.34 %
Total non-performing assets as a percent of total assets	0.69 %		0.58 %		0.57 %		0.61 %		0.61 %		0.69 %		0.61 %
Net charge-offs as a percent of average loans (annualized)	0.26 %		0.23 %		0.28 %		0.22 %		0.08 %		0.25 %		0.08 %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Dec		Sep		Jun		Mar		Dec
(dollars in thousands)	2023		2023		2023		2023		2022
Loans by Type
Commercial, financial and agricultural	$  2,688,929		$  2,632,836		$  2,718,831		$  2,722,180		$  2,679,403
Consumer	241,552		259,797		307,486		349,775		384,037
Indirect automobile	34,257		47,108		63,231		83,466		108,648
Mortgage warehouse	818,728		852,823		1,147,413		958,418		1,038,924
Municipal	492,668		497,093		510,410		505,515		509,151
Premium Finance	946,562		1,007,334		988,731		947,257		1,023,479
Real estate - construction and development	2,129,187		2,236,686		2,217,744		2,144,605		2,086,438
Real estate - commercial and farmland	8,059,754		7,865,389		7,815,779		7,721,732		7,604,868
Real estate - residential	4,857,666		4,802,013		4,702,134		4,564,923		4,420,305
Total loans	$ 20,269,303		$ 20,201,079		$ 20,471,759		$ 19,997,871		$ 19,855,253
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 19,846,731		$ 19,812,895		$ 20,114,816		$ 19,654,232		$ 19,513,726
Grade 6 - Other assets especially mentioned	203,725		187,449		171,035		116,345		104,614
Grade 7 - Substandard	218,847		200,735		185,908		227,294		236,913
Grade 8 - Doubtful	—		—		—		—		—
Grade 9 - Loss	—		—		—		—		—
Total loans	$ 20,269,303		$ 20,201,079		$ 20,471,759		$ 19,997,871		$ 19,855,253

 

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)	2023		2023		2023		2023		2022		2023		2022
Earning Assets
Federal funds sold	$             —		$             —		$             —		$             —		$           924		$             —		$       10,836
Interest-bearing deposits in banks	936,733		864,028		998,609		859,614		1,009,935		914,818		1,993,672
Debt securities - taxable	1,503,889		1,548,647		1,582,076		1,586,404		1,451,861		1,555,009		1,065,511
Debt securities - nontaxable	40,227		40,896		42,580		43,052		44,320		41,679		39,779
Other investments	87,678		101,517		117,020		131,044		83,730		109,175		58,170
Loans held for sale	405,080		464,452		577,606		490,295		371,952		484,070		718,599
Loans	20,252,773		20,371,689		20,164,938		19,820,749		19,212,560		20,154,321		17,521,461
Total Earning Assets	$ 23,226,380		$ 23,391,229		$ 23,482,829		$ 22,931,158		$ 22,175,282		$ 23,259,072		$ 21,408,028
Deposits
Noninterest-bearing deposits	$  6,572,190		$  6,655,191		$  6,729,789		$  7,136,373		$  8,138,887		$  6,771,464		$  8,005,201
NOW accounts	3,760,992		3,661,701		3,949,850		4,145,991		3,621,454		3,878,034		3,675,586
MMDA	5,994,361		5,527,731		5,002,590		4,994,195		5,161,047		5,382,865		5,128,497
Savings accounts	817,075		915,678		1,009,749		1,005,614		1,010,966		936,454		1,005,752
Retail CDs	2,281,357		2,200,413		2,024,014		1,612,325		1,450,037		2,031,828		1,604,978
Brokered CDs	1,122,684		1,441,854		1,393,206		125,133		—		1,024,606		—
Total Deposits	20,548,659		20,402,568		20,109,198		19,019,631		19,382,391		20,025,251		19,420,014
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		—		1		—		1,477
FHLB advances	538,096		943,855		1,408,855		1,968,811		918,228		1,210,242		279,409
Other borrowings	311,091		312,572		316,626		361,445		377,056		325,260		393,393
Subordinated deferrable interest debentures	130,054		129,554		129,056		128,557		128,060		129,310		127,316
Total Non-Deposit Funding	979,241		1,385,981		1,854,537		2,458,813		1,423,345		1,664,812		801,595
Total Funding	$ 21,527,900		$ 21,788,549		$ 21,963,735		$ 21,478,444		$ 20,805,736		$ 21,690,063		$ 20,221,609

 

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)	2023		2023		2023		2023		2022		2023		2022
Interest Income
Federal funds sold	$            —		$             —		$             —		$             —		$               8		$             —		$             77
Interest-bearing deposits in banks	14,368		10,769		13,686		9,113		9,984		47,936		23,008
Debt securities - taxable	14,033		14,754		15,915		14,300		13,029		59,002		34,656
Debt securities - nontaxable (TE)	413		418		430		429		454		1,690		1,489
Loans held for sale	6,846		7,460		8,398		7,007		5,519		29,711		29,699
Loans (TE)	297,501		298,102		284,471		265,802		245,603		1,145,876		808,826
Total Earning Assets	$    333,161		$     331,503		$     322,900		$     296,651		$     274,597		$  1,284,215		$     897,755
Interest Expense
Interest-Bearing Deposits
NOW accounts	$      19,293		$       17,255		$       18,003		$       15,033		$         8,564		$       69,584		$       14,367
MMDA	54,002		45,683		35,224		27,809		20,683		162,718		33,143
Savings accounts	974		1,791		2,296		1,288		654		6,349		1,287
Retail CDs	22,257		19,013		14,751		7,629		3,170		63,650		7,308
Brokered CDs	15,223		19,257		17,813		1,423		—		53,716		—
Total Interest-Bearing Deposits	111,749		102,999		88,087		53,182		33,071		356,017		56,105
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		—		—		—		—		4
FHLB advances	7,089		12,543		17,222		22,448		8,801		59,302		9,710
Other borrowings	3,798		3,821		3,902		5,349		4,953		16,870		19,209
Subordinated deferrable interest debentures	3,477		3,439		3,201		3,085		2,680		13,202		7,832
Total Non-Deposit Funding	14,364		19,803		24,325		30,882		16,434		89,374		36,755
Total Interest-Bearing Funding	$    126,113		$     122,802		$     112,412		$       84,064		$       49,505		$     445,391		$       92,860
Net Interest Income (TE)	$    207,048		$     208,701		$     210,488		$     212,587		$     225,092		$     838,824		$     804,895

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
	2023		2023		2023		2023		2022		2023		2022
Earning Assets
Federal funds sold	— %		— %		— %		— %		3.43 %		— %		0.71 %
Interest-bearing deposits in banks	6.09 %		4.94 %		5.50 %		4.30 %		3.92 %		5.24 %		1.15 %
Debt securities - taxable	3.70 %		3.78 %		4.03 %		3.66 %		3.56 %		3.79 %		3.25 %
Debt securities - nontaxable (TE)	4.07 %		4.06 %		4.05 %		4.04 %		4.06 %		4.05 %		3.74 %
Loans held for sale	6.71 %		6.37 %		5.83 %		5.80 %		5.89 %		6.14 %		4.13 %
Loans (TE)	5.83 %		5.81 %		5.66 %		5.44 %		5.07 %		5.69 %		4.62 %
Total Earning Assets	5.69 %		5.62 %		5.52 %		5.25 %		4.91 %		5.52 %		4.19 %
Interest-Bearing Deposits
NOW accounts	2.04 %		1.87 %		1.83 %		1.47 %		0.94 %		1.79 %		0.39 %
MMDA	3.57 %		3.28 %		2.82 %		2.26 %		1.59 %		3.02 %		0.65 %
Savings accounts	0.47 %		0.78 %		0.91 %		0.52 %		0.26 %		0.68 %		0.13 %
Retail CDs	3.87 %		3.43 %		2.92 %		1.92 %		0.87 %		3.13 %		0.46 %
Brokered CDs	5.38 %		5.30 %		5.13 %		4.61 %		— %		5.24 %		— %
Total Interest-Bearing Deposits	3.17 %		2.97 %		2.64 %		1.82 %		1.17 %		2.69 %		0.49 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	— %		— %		— %		— %		— %		— %		0.27 %
FHLB advances	5.23 %		5.27 %		4.90 %		4.62 %		3.80 %		4.90 %		3.48 %
Other borrowings	4.84 %		4.85 %		4.94 %		6.00 %		5.21 %		5.19 %		4.88 %
Subordinated deferrable interest debentures	10.61 %		10.53 %		9.95 %		9.73 %		8.30 %		10.21 %		6.15 %
Total Non-Deposit Funding	5.82 %		5.67 %		5.26 %		5.09 %		4.58 %		5.37 %		4.59 %
Total Interest-Bearing Liabilities	3.35 %		3.22 %		2.96 %		2.38 %		1.55 %		2.99 %		0.76 %
Net Interest Spread	2.34 %		2.40 %		2.56 %		2.87 %		3.36 %		2.53 %		3.43 %
Net Interest Margin(2)	3.54 %		3.54 %		3.60 %		3.76 %		4.03 %		3.61 %		3.76 %
Total Cost of Funds(3)	2.32 %		2.24 %		2.05 %		1.59 %		0.94 %		2.05 %		0.46 %
(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)	2023		2023		2023		2023		2022		2023		2022
Net income available to common shareholders	$     65,934		$     80,115		$     62,635		$    60,421		$     82,221		$   269,105		$  346,540
Adjustment items:
Merger and conversion charges	—		—		—		—		235		—		1,212
Gain on sale of MSR	—		—		—		—		(1,672)		—		(1,356)
Servicing right impairment (recovery)	—		—		—		—		—		—		(21,824)
Gain on BOLI proceeds	—		—		—		(486)		—		(486)		(55)
FDIC special assessment	11,566		—		—		—		—		11,566		—
Natural disaster expenses	—		—		—		—		—		—		151
(Gain) loss on bank premises	(1,903)		—		—		—		—		(1,903)		(45)
Tax effect of adjustment items (Note 1)	(2,029)		—		—		—		302		(2,029)		4,792
After tax adjustment items	7,634		—		—		(486)		(1,135)		7,148		(17,125)
Adjusted net income	$     73,568		$     80,115		$     62,635		$    59,935		$     81,086		$   276,253		$  329,415
Weighted average number of shares - diluted	69,014,793		68,994,247		69,034,763		69,322,664		69,395,224		69,104,158		69,419,721
Net income per diluted share	$        0.96		$        1.16		$        0.91		$        0.87		$        1.18		$         3.89		$       4.99
Adjusted net income per diluted share	$        1.07		$        1.16		$        0.91		$        0.86		$        1.17		$         4.00		$       4.75
Average assets	$  25,341,990		$  25,525,913		$  25,631,846		$  25,115,927		$  24,354,979		$  25,404,873		$  23,644,754
Return on average assets	1.03 %		1.25 %		0.98 %		0.98 %		1.34 %		1.06 %		1.47 %
Adjusted return on average assets	1.15 %		1.25 %		0.98 %		0.97 %		1.32 %		1.09 %		1.39 %
Average common equity	$ 3,383,554		$ 3,324,960		$ 3,293,049		$                  3,250,289		$ 3,168,320		$ 3,313,361		$                  3,083,081
Average tangible common equity	$ 2,277,810		$ 2,214,775		$ 2,178,323		$                  2,130,856		$ 2,039,094		$ 2,200,883		$                  1,947,222
Return on average common equity	7.73 %		9.56 %		7.63 %		7.54 %		10.30 %		8.12 %		11.24 %
Adjusted return on average tangible common equity	12.81 %		14.35 %		11.53 %		11.41 %		15.78 %		12.55 %		16.92 %
Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for the twelve months ended December 2022 are nondeductible for tax purposes.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE)	Table 9B
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2023		2023		2023		2023		2022		2023		2022
Adjusted Noninterest Expense
Total noninterest expense	$  149,011		$  141,446		$  148.403		$  139,421		$  135,061		$  578,281		$  560,655
Adjustment items:
Merger and conversion charges	—		—		—		—		(235)		—		(1,212)
FDIC special assessment	(11,566)		—		—		—		—		(11,566)		—
Natural disaster expenses	—		—		—		—		—		—		(151)
Gain (loss) on bank premises	1,903		—		—		—		—		1,903		45
Adjusted noninterest expense	$  139,348		$  141,446		$  148.403		$  139,421		$  134,826		$  568,618		$  559,337
Total Revenue
Net interest income	$  206,101		$  207,751		$  209,540		$  211,652		$  224,137		$  835,044		$  801,026
Noninterest income	56,248		63,181		67,349		56,050		48,348		242,828		284,424
Total revenue	$  262,349		$  270,932		$  276,889		$  267,702		$  272,485		$                  1,077,872		$                  1,085,450
Adjusted Total Revenue
Net interest income (TE)	$  207,048		$  208,701		$  210,488		$  212,587		$  225,092		$  838,824		$  804,895
Noninterest income	56,248		63,181		67,349		56,050		48,348		242,828		284,424
Total revenue (TE)	263,296		271,882		277,837		268,637		273,440		1,081,652		1,089,319
Adjustment items:
(Gain) loss on securities	288		16		6		(6)		(3)		304		(203)
Gain on sale of MSR	—		—		—		—		(1,672)		—		(1,356)
Gain on BOLI proceeds	—		—		—		(486)		—		(486)		(55)
Servicing right impairment (recovery)	—		—		—		—		—		—		(21,824)
Adjusted total revenue (TE)	$  263,584		$  271,898		$  277,843		$  268,145		$  271,765		$                  1,081,470		$                  1,065,881
Efficiency ratio	56.80 %		52.21 %		53.60 %		52.08 %		49.57 %		53.65 %		51.65 %
Adjusted efficiency ratio (TE)	52.87 %		52.02 %		53.41 %		51.99 %		49.61 %		52.58 %		52.48 %
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)	2023		2023		2023		2023		2022		2023		2022
Total shareholders' equity	$                  3,426,747		$                  3,347,069		$                  3,284,630		$                  3,253,195		$                  3,197,400		$                  3,426,747		$                  3,197,400
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,015,646		1,015,646		1,015,646
Other intangibles, net	87,949		92,375		96,800		101,488		106,194		87,949		106,194
Total tangible shareholders' equity	$                  2,323,152		$                  2,239,048		$                  2,172,184		$                  2,136,061		$                  2,075,560		$                  2,323,152		$                  2,075,560
Period end number of shares	69,053,341		69,138,461		69,139,783		69,373,863		69,369,050		69,053,341		69,369,050
Book value per share (period end)	$     49.62		$     48.41		$      47.51		$     46.89		$     46.09		$      49.62		$     46.09
Tangible book value per share (period end)	$     33.64		$     32.38		$      31.42		$     30.79		$     29.92		$      33.64		$     29.92

 

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)	2023		2023		2023		2023		2022		2023		2022
Total shareholders' equity	$ 3,426,747		$ 3,347,069		$ 3,284,630		$ 3,253,195		$ 3,197,400		$ 3,426,747		$ 3,197,400
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,015,646		1,015,646		1,015,646
Other intangibles, net	87,949		92,375		96,800		101,488		106,194		87,949		106,194
Total tangible shareholders' equity	$ 2,323,152		$ 2,239,048		$ 2,172,184		$ 2,136,061		$ 2,075,560		$ 2,323,152		$ 2,075,560
Total assets	$  25,203,699		$  25,697,830		$  25,800,618		$  26,088,384		$  25,053,286		$  25,203,699		$  25,053,286
Less:
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,015,646		1,015,646		1,015,646
Other intangibles, net	87,949		92,375		96,800		101,488		106,194		87,949		106,194
Total tangible assets	$  24,100,104		$  24,589,809		$  24,688,172		$  24,971,250		$  23,931,446		$  24,100,104		$  23,931,446
Equity to Assets	13.60 %		13.02 %		12.73 %		12.47 %		12.76 %		13.60 %		12.76 %
Tangible Common Equity to Tangible Assets	9.64 %		9.11 %		8.80 %		8.55 %		8.67 %		9.64 %		8.67 %

 

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)	2023		2023		2023		2023		2022		2023		2022
Banking Division
Net interest income	$  166,114		$  167,595		$  171,441		$  175,328		$  185,909		$  680,478		$  646,283
Provision for credit losses	21,194		20,833		40,831		47,140		35,946		129,998		61,898
Noninterest income	24,069		26,245		24,652		23,898		23,448		98,864		91,550
Noninterest expense
Salaries and employee benefits	55,687		56,226		55,196		56,442		52,296		223,551		196,823
Occupancy and equipment expenses	11,865		11,437		11,175		11,606		11,482		46,083		45,081
Data processing and telecommunications expenses	12,540		11,786		11,898		11,797		11,085		48,021		43,957
Other noninterest expenses	33,089		20,274		27,643		19,023		21,811		100,029		85,953
Total noninterest expense	113,181		99,723		105,912		98,868		96,674		417,684		371,814
Income before income tax expense	55,808		73,284		49,350		53,218		76,737		231,660		304,121
Income tax expense	17,206		18,283		13,312		12,848		16,545		61,649		75,367
Net income	$    38,602		$    55,001		$    36,038		$    40,370		$    60,192		$  170,011		$  228,754
Retail Mortgage Division
Net interest income	$    24,053		$    22,805		$    21,417		$    20,027		$    19,837		$    88,302		$    79,194
Provision for credit losses	1,005		2,399		3,278		2,853		(2,778)		9,535		12,351
Noninterest income	30,588		35,691		39,808		31,058		24,011		137,145		182,039
Noninterest expense
Salaries and employee benefits	16,996		21,231		21,930		20,160		19,164		80,317		107,810
Occupancy and equipment expenses	1,210		1,182		1,224		1,283		1,242		4,899		5,579
Data processing and telecommunications expenses	1,318		1,052		1,397		1,069		1,203		4,836		4,580
Other noninterest expenses	11,634		12,153		11,859		11,747		11,126		47,393		48,224
Total noninterest expense	31,158		35,618		36,410		34,259		32,735		137,445		166,193
Income before income tax expense	22,478		20,479		21,537		13,973		13,891		78,467		82,689
Income tax expense	4,720		4,301		4,523		2,934		2,916		16,478		17,364
Net income	$    17,758		$    16,178		$    17,014		$    11,039		$    10,975		$    61,989		$    65,325
Warehouse Lending Division
Net interest income	$      5,965		$      6,008		$      6,166		$      5,700		$      6,601		$    23,839		$    26,727
Provision for credit losses	(68)		(589)		411		(194)		117		(440)		(1,074)
Noninterest income	929		662		1,404		480		579		3,475		4,537
Noninterest expense
Salaries and employee benefits	296		924		772		802		427		2,794		1,973
Occupancy and equipment expenses	3		1		—		1		1		5		4
Data processing and telecommunications expenses	51		30		44		46		49		171		187
Other noninterest expenses	229		219		223		202		191		873		830
Total noninterest expense	579		1,174		1,039		1,051		668		3,843		2,994
Income before income tax expense	6,383		6,085		6,120		5,323		6,395		23,911		29,344
Income tax expense	1,340		1,278		1,285		1,118		1,342		5,021		6,162
Net income	$      5,043		$      4,807		$      4,835		$      4,205		$      5,053		$    18,890		$    23,182

 

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)	2023		2023		2023		2023		2022		2023		2022
SBA Division
Net interest income	$      2,168		$      1,962		$      2,331		$      1,957		$      2,491		$      8,418		$    14,724
Provision for credit losses	794		1,677		424		(104)		265		2,791		(349)
Noninterest income	653		579		1,476		605		302		3,313		6,265
Noninterest expense
Salaries and employee benefits	1,014		1,209		1,316		1,309		1,306		4,848		5,305
Occupancy and equipment expenses	36		36		40		37		98		149		360
Data processing and telecommunications expenses	19		32		46		37		30		134		116
Other noninterest expenses	(189)		157		333		422		368		723		1,387
Total noninterest expense	880		1,434		1,735		1,805		1,802		5,854		7,168
Income before income tax expense	1,147		(570)		1,648		861		726		3,086		14,170
Income tax expense	241		(120)		346		181		153		648		2,976
Net income	$         906		$       (450)		$      1,302		$         680		$         573		$      2,438		$    11,194
Premium Finance Division
Net interest income	$      7,801		$      9,381		$      8,185		$      8,640		$      9,299		$    34,007		$    34,098
Provision for credit losses	27		139		572		34		(660)		772		(1,129)
Noninterest income	9		4		9		9		8		31		33
Noninterest expense
Salaries and employee benefits	1,973		2,308		2,122		2,197		2,003		8,600		7,808
Occupancy and equipment expenses	83		89		83		59		82		314		337
Data processing and telecommunications expenses	100		73		66		85		119		324		388
Other noninterest expenses	1,057		1,027		1,036		1,097		978		4,217		3,953
Total noninterest expense	3,213		3,497		3,307		3,438		3,182		13,455		12,486
Income before income tax expense	4,570		5,749		4,315		5,177		6,785		19,811		22,774
Income tax expense	945		1,170		869		1,050		1,357		4,034		4,689
Net income	$      3,625		$      4,579		$      3,446		$      4,127		$      5,428		$    15,777		$    18,085
Total Consolidated
Net interest income	$  206,101		$  207,751		$  209,540		$  211,652		$  224,137		$  835,044		$  801,026
Provision for credit losses	22,952		24,459		45,516		49,729		32,890		142,656		71,697
Noninterest income	56,248		63,181		67,349		56,050		48,348		242,828		284,424
Noninterest expense
Salaries and employee benefits	75,966		81,898		81,336		80,910		75,196		320,110		319,719
Occupancy and equipment expenses	13,197		12,745		12,522		12,986		12,905		51,450		51,361
Data processing and telecommunications expenses	14,028		12,973		13,451		13,034		12,486		53,486		49,228
Other noninterest expenses	45,820		33,830		41,094		32,491		34,474		153,235		140,347
Total noninterest expense	149,011		141,446		148,403		139,421		135,061		578,281		560,655
Income before income tax expense	90,386		105,027		82,970		78,552		104,534		356,935		453,098
Income tax expense	24,452		24,912		20,335		18,131		22,313		87,830		106,558
Net income	$    65,934		$    80,115		$    62,635		$    60,421		$    82,221		$  269,105		$  346,540

 

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SOURCE Ameris Bancorp

FAQ

What was Ameris Bancorp's net income for Q4 2023?

Ameris Bancorp reported net income of $65.9 million for Q4 2023.

What was the net interest margin for Q4 2023?

The net interest margin was 3.54% in Q4 2023.

What was the effective tax rate for 2023?

The effective tax rate for 2023 was 24.6%.

How much were the total deposits at the end of 2023?

Total deposits amounted to $20.71 billion at the end of 2023.

What was the credit quality like for Ameris Bancorp at the end of 2023?

Credit quality remains strong, with nonperforming assets as a percentage of total assets at 0.33% at the end of 2023.