AMERIS BANCORP ANNOUNCES RECORD 2021 FINANCIAL RESULTS

Rhea-AI Summary

Ameris Bancorp (Nasdaq: ABCB) reported record net income of $376.9 million, or $5.40 per diluted share, for 2021, a significant increase from $262.0 million, or $3.77 per diluted share, in 2020. Adjusted net income for the year was $368.7 million, or $5.29 per diluted share. For Q4 2021, net income was $81.9 million, down from $94.3 million in Q4 2020. Loan growth reached 10.5% excluding PPP loans, with a 10.8% growth in tangible book value. The efficiency ratio improved to 54.85%.

Positive

• Record net income of $376.9 million for 2021, a 43.9% increase year-over-year.
• Adjusted net income increased to $368.7 million, up from $300.5 million in 2020.
• Organic loan growth of 10.5% (excluding PPP loans) with $1.39 billion growth in total loans.
• Tangible book value grew by 10.8%, reaching $26.26 per share.
• Efficient management reflected in a 54.85% efficiency ratio for Q4 2021.

Negative

• Q4 2021 net income decreased to $81.9 million from $94.3 million in Q4 2020, representing a decline of 13.8%.
• Net interest margin decreased from 3.70% in 2020 to 3.32% in 2021 due to excess liquidity.

ATLANTA, Jan. 27, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported record  2021 net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, for the year ended December 31, 2020.  The Company reported adjusted net income of $368.7 million, or $5.29 per diluted share, for the year ended December 31, 2021, compared with $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020.

The Company reported net income of $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021, compared with $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020.  The Company reported adjusted net income of $81.5 million, or $1.17 per diluted share, for the quarter ended December 31, 2021, compared with $102.0 million, or $1.47 per diluted share, for the same period in 2020.

Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on bank premises and expenses related to the COVID-19 pandemic.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The record earnings reported today are a culmination of efforts across our entire team.  We remained focused this year and the success of our team was remarkable.  Not only are we reporting record year to date earnings of $376.9 million, we are also reporting full year organic loan growth of 10.45% (excluding PPP loans), tangible book value growth of 10.8% and an ROA of 1.73%.  In addition, we were able to maintain a 55% efficiency ratio in one of the tightest margin environments we've seen.  We have positioned ourselves to be asset sensitive, we remain focused on expense control, and our credit quality remains strong.  Add the growth opportunity from the recent acquisition of Balboa Capital, in addition to our strong Southeast markets, and you realize the level of momentum and enthusiasm around our Company as we look forward."

Highlights of the Company's results for the full year 2021 include the following:

• Net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, in 2020
• Organic growth in loans of $727.5 million, or 5.0% (and $1.4 billion, or 10.5%, exclusive of PPP loans), during 2021
• Adjusted return on average assets of 1.69%, compared with 1.56% in 2020
• Adjusted return on average tangible common equity of 20.19%, compared with 19.77% last year
• Growth in tangible book value of 10.8%, or $2.57 per share, to $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020
• Continued growth in noninterest bearing deposits, representing 39.54% of total deposits, up from 36.27% at December 31, 2020

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

• Net income of $81.9 million, or $1.18 per diluted share, compared with $81.7 million, or $1.17 per diluted share, in the third quarter of 2021
• Successfully completed the acquisition of Balboa Capital Corporation, a point of sale and direct online provider of lending solutions to small and mid-sized businesses nationwide, in December 2021
• Organic growth in loans of $383.9 million, or 10.4% annualized (and $536.6 million, or 14.8% annualized, exclusive of PPP loans), during the fourth quarter of 2021
• Increase in net interest income of $5.2 million, from $161.7 million in the third quarter of 2021 to $166.8 million in the fourth quarter of 2021
• Improvement in the adjusted efficiency ratio to 54.85% in the fourth quarter of 2021, from 56.56% in the third quarter of 2021
• Net recoveries during the fourth quarter of $556,000, or 0.01% of average loans, compared with net recoveries of $127,000, or 0.00% of average loans, in the third quarter of 2021
• Repurchased 25,859 shares of the Company's common stock at a cost of $1.3 million, or an average price of $48.47 per share

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2021 increased to $659.9 million, compared with $642.9 million for 2020.  The Company's net interest margin was 3.32% for 2021, down from 3.70% reported for 2020.  Accretion income for 2021 decreased to $16.3 million, compared with $27.4 million for 2020.  The decrease in net interest margin is primarily attributable to excess liquidity held on the balance sheet from deposit growth during the year.

Net interest income on a tax-equivalent basis for the fourth quarter of 2021 increased to $167.9 million, compared with $162.8 million for the third quarter of 2021 and $164.8 million for the fourth quarter of 2020.  The Company's net interest margin was 3.18% for the fourth quarter of 2021, down from 3.22% reported for the third quarter of 2021 and 3.64% reported for the fourth quarter of 2020.  The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter.  The yield on earning assets declined five basis points due to this excess liquidity, and the decline was partially offset by increases in average loans and improvement in the cost of interest-bearing liabilities of one basis point during the quarter. Accretion income for the fourth quarter of 2021 decreased to $2.8 million, compared with $2.9 million for the third quarter of 2021 and $4.7 million for the fourth quarter of 2020. 

Yields on loans increased to 4.26% during the fourth quarter of 2021, compared with 4.24% for the third quarter of 2021 and 4.41% reported for the fourth quarter of 2020.  Contributing to interest income on loans for the fourth quarter of 2021 was $4.8 million of interest income on loans from the recent Balboa Capital acquisition, as well as $8.2 million of accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.2 million in the third quarter of 2021.  Loan production in the banking division during the fourth quarter of 2021 was $1.15 billion, with weighted average yields of 3.35%, compared with $913.3 million and 3.56%, respectively, in the third quarter of 2021 and $784.9 million and 3.86%, respectively, in the fourth quarter of 2020.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.5 billion during the fourth quarter of 2021, with weighted average yields of 3.43%, compared with $5.8 billion and 3.37%, respectively, during the third quarter of 2021 and $7.7 billion and 3.25%, respectively, during the fourth quarter of 2020.   

Interest expense during the fourth quarter of 2021 increased to $11.5 million, compared with $11.4 million in the third quarter of 2021, but decreased from $15.3 million in the fourth quarter of 2020.  The increase in interest expense was related to borrowings from the Balboa Capital acquisition, as the Company was not able to pay off all the debt until January 2022.  The Company's total cost of funds moved one basis point lower to 0.23% in the fourth quarter of 2021 as compared with the third quarter of 2021.  Deposit costs decreased one basis point during the fourth quarter of 2021 to 0.10%, compared with 0.11% in the third quarter of 2021.  Costs of interest-bearing deposits decreased during the quarter from 0.18% in the third quarter of 2021 to 0.16% in the fourth quarter of 2021.

Noninterest Income
Noninterest income increased $5.2 million, or 6.8%, in the fourth quarter of 2021 to $81.8 million, compared with $76.6 million for the third quarter of 2021, primarily as a result of increased mortgage banking activity, which increased by $4.3 million, or 7.6%, to $60.7 million in the fourth quarter of 2021, compared with $56.5 million for the third quarter of 2021.  This increase was primarily the result of a net recovery of servicing right impairment of $4.5 million, compared with an impairment of $1.4 million for the third quarter of 2021.  Gain on sale spreads increased to 3.27% in the fourth quarter of 2021 from 3.17% for the third quarter of 2021. Total production in the retail mortgage division decreased to $1.82 billion in the fourth quarter of 2021, compared with $2.06 billion for the third quarter of 2021. The retail mortgage open pipeline was $1.62 billion at the end of the fourth quarter of 2021, compared with $1.93 billion at September 30, 2021.

Service charge revenue increased $298,000, or 2.59%, to $11.8 million in the fourth quarter of 2021, compared with $11.5 million for the third quarter of 2021, resulting from an increase in volume. Other noninterest income increased $1.4 million, or 19.8%, in the fourth quarter of 2021 to $8.3 million, compared with $6.9 million for the third quarter of 2021, primarily as a result of noninterest income in our Balboa Capital division of $1.1 million. Also contributing to the increase were increases in trust services income of $167,000 and BOLI income of $207,000.

Noninterest income decreased $81.0 million, or 18.1%, to $365.5 million for 2021, compared with $446.5 million for 2020, primarily as a result of decreased mortgage banking activity, which declined by $88.2 million, or 23.6%, to $285.9 million in 2021, compared with $374.1 million in 2020.  Production remained strong at $8.9 billion in 2021, compared with $9.8 billion in 2020, while gain on sale spreads narrowed to 3.31% in 2021 from 3.79% in 2020.

Noninterest Expense
Noninterest expense increased $1.2 million, or 0.85%, to $138.4 million during the fourth quarter of 2021, compared with $137.2 million for the third quarter of 2021.  During the fourth quarter of 2021, the Company recorded merger and conversion charges of $4.0 million and a net gain of $126,000 related to bank premises, compared with a net loss on bank premises of $1.1 million and merger and conversion charges of $183,000 during the third quarter of 2021.  Excluding these charges, adjusted expenses decreased approximately $1.4 million, or 1.03%, to $134.5 million in the fourth quarter of 2021, from $135.9 million in the third quarter of 2021.  Operating expenses in the newly acquired Balboa Capital division were $1.35 million in the fourth quarter of 2021.   A driving factor in the overall decrease in expenses was a reduction in salaries and employee benefits in the banking division of $4.8 million, offset by the $1.3 million of salaries and employee benefits in the Balboa Capital division.  The adjusted efficiency ratio was 54.85% in the fourth quarter of 2021, compared with 56.56% in the third quarter of 2021.

Noninterest expense decreased $38.5 million, or 6.4%, to $560.1 million in 2021, compared with $598.6 million in 2020.  During 2021, the Company recorded $4.7 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $9.9 million in charges in 2020 that were principally related to natural disaster and pandemic charges and certain legal expenses.  Excluding these charges, adjusted expenses decreased $33.3 million, or 5.7%, to $555.4 million in 2021, from $588.7 million in 2020.  The majority of this decrease is attributable to a $22.5 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $4.6 million reduction in amortization of intangible assets.

Income Tax Expense
The Company's effective tax rate for 2021 was 24.0%, compared with 23.0% in 2020.  The Company's effective tax rate for the fourth quarter of 2021 was 23.8%, compared with 26.2% in the third quarter of 2021.  The decreased rate for the fourth quarter of 2021 was primarily a result of a discrete charge to the Company's state tax liability in the third quarter of 2021.  

Balance Sheet Trends
Total assets at December 31, 2021 were $23.86 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $17.13 billion at December 31, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $15.87 billion at December 31, 2021, compared with $14.48 billion at December 31, 2020, an increase of $1.39 billion, or 9.6%.  Loan production in the banking division during the fourth quarter of 2021 totaled $1.15 billion, up 26% from the third quarter of 2021 and 46% from the fourth quarter of 2020. 

At December 31, 2021, total deposits amounted to $19.67 billion, or 95.8% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At December 31, 2021, noninterest-bearing deposit accounts were $7.77 billion, or 39.5% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020.  Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.52 billion at December 31, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 63.6% of the Company's total deposits at December 31, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at December 31, 2021 totaled $2.97 billion, an increase of $319.4 million, or 12.1%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $376.9 million during 2021, partially offset by dividends declared and share repurchases.  Tangible book value per share was $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.05% at December 31, 2021, compared with 8.47% at the end of 2020.

Credit Quality
Credit quality remains strong in the Company.  During the fourth quarter of 2021, the Company recorded a provision for credit losses of $2.8 million, compared with a provision reversal of $9.7 million in the third quarter of 2021.  This provision was primarily attributable to growth in unfunded commitments, partially offset by an improvement in expected credit losses on loans.  The Company has been prudently working with borrowers to support their credit needs during the current challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the fourth quarter of 2021 equaled approximately 0.4% of total loans, down from approximately 0.6% and 2.9% of total loans at the end of the third quarter of 2021 and the fourth quarter of 2020, respectively.  Nonperforming assets as a percentage of total assets increased 11 basis points to 0.43% during the quarter.  This increase was primarily attributable to purchased credit deteriorated assets added from the Balboa Capital acquisition and certain GNMA and portfolio mortgages that completed COVID forbearances and the loan has not been either brought current or formally modified. The Company recorded net recoveries in the fourth quarter of 2021 of $556,000, such that the net charge-off ratio was negative one basis point for the quarter, compared with zero basis points in the third quarter of 2021 and 70 basis points in the fourth quarter of 2020.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 28, 2022, 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 652601.  A replay of the call will be available one hour after the end of the conference call until February 4, 2022.  To listen to the replay, dial 1-866-813-9403.  The conference replay access code is 554920.  The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and 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)	2021		2021		2021		2021		2020		2021		2020
EARNINGS
Net income	$    81,944		$    81,680		$    88,327		$  124,962		$    94,285		$  376,913		$  261,988
Adjusted net income	$    81,544		$    83,861		$    87,548		$  115,746		$  101,995		$  368,699		$  300,501
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$        1.18		$        1.18		$        1.27		$        1.80		$        1.36		$        5.43		$        3.78
Diluted	$        1.18		$        1.17		$        1.27		$        1.79		$        1.36		$        5.40		$        3.77
Adjusted diluted EPS	$        1.17		$        1.20		$        1.25		$        1.66		$        1.47		$        5.29		$        4.33
Cash dividends per share	$        0.15		$        0.15		$        0.15		$        0.15		$        0.15		$        0.60		$        0.60
Book value per share (period end)	$      42.62		$      41.66		$      40.66		$      39.56		$      38.07		$      42.62		$      38.07
Tangible book value per share (period end)	$      26.26		$      27.46		$      26.45		$      25.27		$      23.69		$      26.26		$      23.69
Weighted average number of shares
Basic	69,398,594		69,439,845		69,496,666		69,391,734		69,252,307		69,431,860		69,256,020
Diluted	69,738,426		69,756,135		69,791,670		69,740,860		69,493,105		69,761,394		69,426,185
Period end number of shares	69,608,228		69,635,435		69,767,209		69,713,426		69,541,481		69,608,228		69,541,481
Market data
High intraday price	$      56.64		$      53.63		$      59.85		$      57.81		$      39.53		$      59.85		$      43.79
Low intraday price	$      46.20		$      44.92		$      47.44		$      36.60		$      22.37		$      36.60		$      17.12
Period end closing price	$      49.68		$      51.88		$      50.63		$      52.51		$      38.07		$      49.68		$      38.07
Average daily volume	350,119		392,533		429,233		460,744		394,641		407,447		420,874
PERFORMANCE RATIOS
Return on average assets	1.41  %		1.47  %		1.64  %		2.44  %		1.89  %		1.73  %		1.36  %
Adjusted return on average assets	1.40  %		1.51  %		1.63  %		2.26  %		2.04  %		1.69  %		1.56  %
Return on average common equity	11.06  %		11.27  %		12.66  %		18.80  %		14.30  %		13.33  %		10.35  %
Adjusted return on average tangible common equity	16.88  %		17.65  %		19.46  %		27.66  %		25.04  %		20.19  %		19.77  %
Earning asset yield (TE)	3.39  %		3.44  %		3.58  %		3.85  %		3.98  %		3.56  %		4.21  %
Total cost of funds	0.23  %		0.24  %		0.26  %		0.30  %		0.36  %		0.25  %		0.54  %
Net interest margin (TE)	3.18  %		3.22  %		3.34  %		3.57  %		3.64  %		3.32  %		3.70  %
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	31.31  %		30.32  %		33.78   %		39.71  %		38.37  %		34.01  %		37.90  %
Efficiency ratio	55.66  %		57.59  %		54.07  %		52.59  %		54.83  %		54.87  %		55.21  %
Adjusted efficiency ratio (TE)	54.85  %		56.56  %		54.07  %		54.62  %		52.67  %		55.00  %		52.17  %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.43  %		12.87  %		12.96  %		12.87  %		12.95  %		12.43  %		12.95  %
Tangible common equity to tangible assets	8.05  %		8.88  %		8.83  %		8.62  %		8.47  %		8.05  %		8.47  %
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.05  %		8.88  %		8.83  %		8.62  %		8.47  %		8.05  %		8.47  %
Effect of goodwill and other intangibles	4.38  %		3.99  %		4.13  %		4.25  %		4.48  %		4.38  %		4.48  %
Equity to assets (GAAP)	12.43  %		12.87  %		12.96  %		12.87  %		12.95  %		12.43  %		12.95  %
OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,008		1,821		1,817		1,815		1,816		2,008		1,816
Retail Mortgage Division	739		749		759		765		748		739		748
Warehouse Lending Division	12		12		12		12		12		12		12
SBA Division	34		29		30		29		24		34		24
Premium Finance Division	72		67		68		70		71		72		71
Total Ameris Bancorp FTE headcount	2,865		2,678		2,686		2,691		2,671		2,865		2,671
Assets per Banking Division FTE	$    13,262		$    12,374		$    12,046		$    11,806		$    11,255		$    13,262		$    11,255
Branch locations	165		165		165		165		164		165		164
Deposits per branch location	$  119,185		$  114,142		$  110,655		$  108,339		$  103,401		$  119,185		$  103,401

 

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)	2021		2021		2021		2021		2020		2021		2020
Interest income
Interest and fees on loans	$     170,813		$     166,358		$     167,761		$     171,157		$     171,971		$     676,089		$     690,909
Interest on taxable securities	5,866		5,296		5,244		6,118		6,398		22,524		33,086
Interest on nontaxable securities	156		139		139		141		150		575		623
Interest on deposits in other banks	1,521		1,244		595		522		252		3,882		1,739
Interest on federal funds sold	9		9		12		12		12		42		146
Total interest income	178,365		173,046		173,751		177,950		178,783		703,112		726,503
Interest expense
Interest on deposits	4,678		5,106		5,775		6,798		8,870		22,357		59,067
Interest on other borrowings	6,850		6,279		6,124		6,175		6,457		25,428		29,683
Total interest expense	11,528		11,385		11,899		12,973		15,327		47,785		88,750
Net interest income	166,837		161,661		161,852		164,977		163,456		655,327		637,753
Provision for loan losses	(13,619)		(3,984)		(899)		(16,579)		(6,700)		(35,081)		125,488
Provision for unfunded commitments	16,388		(5,516)		1,299		(11,839)		5,481		332		19,062
Provision for other credit losses	(10)		(175)		(258)		(173)		(291)		(616)		830
Provision for credit losses	2,759		(9,675)		142		(28,591)		(1,510)		(35,365)		145,380
Net interest income after provision for credit losses	164,078		171,336		161,710		193,568		164,966		690,692		492,373
Noninterest income
Service charges on deposit accounts	11,784		11,486		11,007		10,829		11,465		45,106		44,145
Mortgage banking activity	60,723		56,460		70,231		98,486		95,192		285,900		374,077
Other service charges, commissions and fees	962		1,154		1,056		1,016		965		4,188		3,914
Gain (loss) on securities	(4)		530		1		(12)		—		515		5
Other noninterest income	8,304		6,932		6,945		7,654		4,521		29,835		24,359
Total noninterest income	81,769		76,562		89,240		117,973		112,143		365,544		446,500
Noninterest expense
Salaries and employee benefits	76,615		79,671		85,505		95,985		92,466		337,776		360,278
Occupancy and equipment	13,494		11,979		10,812		11,781		12,709		48,066		52,349
Data processing and communications expenses	11,534		10,681		11,877		11,884		11,323		45,976		46,017
Credit resolution-related expenses(1)	1,992		377		622		547		1,156		3,538		5,106
Advertising and marketing	2,381		2,676		1,946		1,431		3,267		8,434		8,046
Amortization of intangible assets	3,387		3,387		4,065		4,126		4,190		14,965		19,612
Merger and conversion charges	4,023		183		—		—		—		4,206		1,391
Other noninterest expenses	24,943		28,242		20,934		23,044		26,005		97,163		105,830
Total noninterest expense	138,369		137,196		135,761		148,798		151,116		560,124		598,629
Income before income tax expense	107,478		110,702		115,189		162,743		125,993		496,112		340,244
Income tax expense	25,534		29,022		26,862		37,781		31,708		119,199		78,256
Net income	$       81,944		$       81,680		$       88,327		$     124,962		$       94,285		$     376,913		$     261,988
Diluted earnings per common share	$          1.18		$          1.17		$          1.27		$          1.79		$          1.36		$          5.40		$          3.77
(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)	2021		2021		2021		2021		2020
Assets
Cash and due from banks	$     264,807		$     239,028		$     259,729		$     224,159		$     203,349
Federal funds sold and interest-bearing deposits in banks	3,756,844		3,513,412		3,044,795		2,534,969		1,913,957
Restricted Cash	43,006		—		—		—		—
Time deposits in other banks	—		—		—		249		249
Investment securities available-for-sale, at fair value	592,621		684,504		778,167		859,652		982,879
Investment securities held-to-maturity, at amortized cost	79,850		64,451		29,055		—		—
Other investments	47,552		27,619		27,621		27,620		28,202
Loans held for sale	1,254,632		1,435,805		1,210,589		1,509,528		1,167,659
Loans, net of unearned income	15,874,258		14,824,539		14,780,791		14,599,805		14,480,925
Allowance for credit losses	(167,582)		(171,213)		(175,070)		(178,570)		(199,422)
Loans, net	15,706,676		14,653,326		14,605,721		14,421,235		14,281,503
Other real estate owned	3,810		4,594		5,775		8,841		11,880
Premises and equipment, net	225,400		226,430		229,994		231,550		222,890
Goodwill	1,012,620		928,005		928,005		928,005		928,005
Other intangible assets, net	125,938		60,396		63,783		67,848		71,974
Cash value of bank owned life insurance	331,146		279,389		277,839		176,575		176,467
Other assets	413,419		416,182		425,858		436,896		449,624
Total assets	$ 23,858,321		$ 22,533,141		$ 21,886,931		$ 21,427,127		$ 20,438,638
Liabilities
Deposits
Noninterest-bearing	$  7,774,823		$  7,616,728		$  6,983,761		$  6,804,776		$  6,151,070
Interest-bearing	11,890,730		11,216,761		11,274,236		11,071,097		10,806,753
Total deposits	19,665,553		18,833,489		18,257,997		17,875,873		16,957,823
Federal funds purchased and securities sold under agreements to repurchase	5,845		4,502		5,544		9,320		11,641
Other borrowings	739,879		425,375		425,303		425,231		425,155
Subordinated deferrable interest debentures	126,328		125,830		125,331		124,833		124,345
Other liabilities	354,265		243,175		235,752		234,274		272,586
Total liabilities	20,891,870		19,632,371		19,049,927		18,669,531		17,791,550
Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,017		72,016		72,008		71,954		71,754
Capital stock	1,924,813		1,922,964		1,920,566		1,917,990		1,913,285
Retained earnings	1,006,436		934,979		863,828		785,984		671,510
Accumulated other comprehensive income, net of tax	15,590		21,885		25,024		26,090		33,505
Treasury stock	(52,405)		(51,074)		(44,422)		(44,422)		(42,966)
Total shareholders' equity	2,966,451		2,900,770		2,837,004		2,757,596		2,647,088
Total liabilities and shareholders' equity	$ 23,858,321		$ 22,533,141		$ 21,886,931		$ 21,427,127		$ 20,438,638
Other Data
Earning assets	$ 21,605,757		$ 20,550,330		$ 19,871,018		$ 19,531,823		$ 18,573,871
Intangible assets	1,138,558		988,401		991,788		995,853		999,979
Interest-bearing liabilities	12,762,782		11,772,468		11,830,414		11,630,481		11,367,894
Average assets	23,054,847		22,087,642		21,538,894		20,734,414		19,876,338
Average common shareholders' equity	2,939,507		2,874,691		2,798,269		2,695,005		2,622,942

 

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)	2021		2021		2021		2021		2020		2021		2020
Allowance for Credit Losses
Balance at beginning of period	$  188,234		$  197,782		$  200,241		$  233,105		$  260,417		$  233,105		$    39,266
CECL adoption impact on allowance for loan losses	—		—		—		—		—		—		78,661
CECL adoption impact on allowance for unfunded commitments	—		—		—		—		—		—		12,714
Total CECL adoption impact	—		—		—		—		—		—		91,375
Acquired allowance for purchased credit deteriorated loans	9,432		—		—		—		—		9,432		—
Provision for loan losses	(13,619)		(3,984)		(899)		(16,579)		(6,700)		(35,081)		125,488
Provision for unfunded commitments	16,388		(5,516)		1,299		(11,839)		5,481		332		19,062
Provision for other credit losses	(10)		(175)		(258)		(173)		(291)		(616)		830
Provision for credit losses	2,759		(9,675)		142		(28,591)		(1,510)		(35,365)		145,380
Charge-offs	3,367		3,537		7,138		7,574		29,094		21,616		54,464
Recoveries	3,923		3,664		4,537		3,301		3,292		15,425		11,548
Net charge-offs	(556)		(127)		2,601		4,273		25,802		6,191		42,916
Ending balance	$  200,981		$  188,234		$  197,782		$  200,241		$  233,105		$  200,981		$  233,105
Allowance for loan losses	$  167,582		$  171,213		$  175,070		$  178,570		$  199,422		$  167,582		$  199,422
Allowance for unfunded commitments	33,185		16,797		22,313		21,014		32,853		33,185		32,853
Allowance for other credit losses	214		224		399		657		830		214		830
Total allowance for credit losses	$  200,981		$  188,234		$  197,782		$  200,241		$  233,105		$  200,981		$  233,105
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural	$     1,003		$        858		$      3,529		$     2,370		$      5,960		$     7,760		$    10,647
Consumer installment	1,484		1,647		1,669		1,448		2,861		6,248		5,642
Indirect automobile	40		178		141		829		658		1,188		3,602
Premium Finance	526		605		1,194		1,343		2,240		3,668		6,133
Real estate - construction and development	21		—		186		26		—		233		83
Real estate - commercial and farmland	220		210		27		1,395		17,284		1,852		27,504
Real estate - residential	73		39		392		163		91		667		853
Total charge-offs	3,367		3,537		7,138		7,574		29,094		21,616		54,464
Recoveries
Commercial, financial and agricultural	2,389		1,986		625		727		754		5,727		1,889
Consumer installment	172		199		212		356		480		939		1,753
Indirect automobile	329		278		372		700		637		1,679		1,657
Premium Finance	633		649		2,466		1,122		605		4,870		3,189
Real estate - construction and development	210		45		84		167		125		506		817
Real estate - commercial and farmland	81		266		185		41		439		573		1,449
Real estate - residential	109		241		593		188		252		1,131		794
Total recoveries	3,923		3,664		4,537		3,301		3,292		15,425		11,548
Net charge-offs	$       (556)		$       (127)		$      2,601		$     4,273		$    25,802		$     6,191		$    42,916
Non-Performing Assets
Nonaccrual loans	$    85,266		$    58,932		$    59,921		$    71,189		$    76,457		$    85,266		$    76,457
Other real estate owned	3,810		4,594		5,775		8,841		11,880		3,810		11,880
Repossessed assets	84		152		226		840		544		84		544
Accruing loans delinquent 90 days or more	12,711		7,472		4,874		5,097		8,326		12,711		8,326
Total non-performing assets	$  101,871		$    71,150		$    70,796		$    85,967		$    97,207		$  101,871		$    97,207
Asset Quality Ratios
Non-performing assets as a percent of total assets	0.43  %		0.32  %		0.32  %		0.40  %		0.48  %		0.43  %		0.48  %
Net charge-offs as a percent of average loans (annualized)	(0.01)  %		—        %		0.07  %		0.12  %		0.70  %		0.04  %		0.31  %

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Dec		Sep		Jun		Mar		Dec
(dollars in thousands)	2021		2021		2021		2021		2020
Loans by Type
Commercial, financial and agricultural	$  1,875,993		$  1,217,575		$  1,406,421		$  1,611,029		$  1,627,477
Consumer installment	191,298		207,111		229,411		257,097		306,995
Indirect automobile	265,779		325,057		397,373		482,637		580,083
Mortgage warehouse	787,837		768,577		841,347		880,216		916,353
Municipal	572,701		624,430		647,578		659,228		659,403
Premium Finance	798,409		840,737		780,328		706,379		687,841
Real estate - construction and development	1,452,339		1,454,824		1,527,883		1,533,234		1,606,710
Real estate - commercial and farmland	6,834,917		6,409,704		6,051,472		5,616,826		5,300,006
Real estate - residential	3,094,985		2,976,524		2,898,978		2,853,159		2,796,057
Total loans	$ 15,874,258		$ 14,824,539		$ 14,780,791		$ 14,599,805		$ 14,480,925
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$        1,286		$        1,683		$         1,038		$           930		$           521
Consumer installment	16		22		28		27		32
Indirect automobile	1,037		1,284		1,647		1,931		2,277
Real estate - construction and development	789		887		898		501		506
Real estate - commercial and farmland	35,575		43,895		46,025		43,398		36,707
Real estate - residential	26,879		29,521		31,570		33,324		38,800
Total accruing troubled debt restructurings	$       65,582		$       77,292		$       81,206		$       80,111		$       78,843
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$             83		$           112		$           805		$           854		$           849
Consumer installment	35		38		43		53		56
Indirect automobile	273		297		301		321		461
Real estate - construction and development	13		271		301		706		707
Real estate - commercial and farmland	5,924		6,715		7,103		2,233		1,401
Real estate - residential	4,678		2,687		2,515		2,818		2,671
Total nonaccrual troubled debt restructurings	$       11,006		$       10,120		$       11,068		$        6,985		$         6,145
Total troubled debt restructurings	$       76,588		$       87,412		$       92,274		$       87,096		$       84,988
Loans by Risk Grade
Grades 1 through 5 - Pass	$ 15,614,323		$ 14,562,058		$ 14,477,905		$ 14,204,219		$ 14,109,418
Grade 6 - Other assets especially mentioned	78,957		87,757		100,750		135,213		108,541
Grade 7 - Substandard	180,978		174,724		202,134		260,369		262,947
Grade 8 - Doubtful	—		—		—		—		19
Grade 9 - Loss	—		—		2		4		—
Total loans	$ 15,874,258		$ 14,824,539		$ 14,780,791		$ 14,599,805		$ 14,480,925

 

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)	2021		2021		2021		2021		2020		2021		2020
Earning Assets
Federal funds sold	$       20,000		$       20,000		$       20,000		$       20,000		$       20,000		$       20,000		$       22,896
Interest-bearing deposits in banks	3,719,878		3,082,413		2,461,092		2,145,403		879,481		2,857,141		541,776
Time deposits in other banks	—		—		244		249		249		122		249
Investment securities - taxable	698,915		757,278		811,234		910,834		1,024,335		793,883		1,206,014
Investment securities - nontaxable	22,639		19,053		18,225		19,225		20,112		19,793		21,533
Other investments	31,312		27,622		27,620		27,516		31,552		28,525		62,253
Loans held for sale	1,365,886		1,497,320		1,705,167		1,284,821		1,281,762		1,463,614		1,497,051
Loans	15,119,752		14,685,878		14,549,104		14,453,975		14,752,664		14,703,957		14,018,582
Total Earning Assets	$ 20,978,382		$ 20,089,564		$ 19,592,686		$ 18,862,023		$ 18,010,155		$ 19,887,035		$ 17,370,354
Deposits
Noninterest-bearing deposits	$  7,600,284		$  7,168,717		$  6,874,471		$  6,412,268		$  5,970,672		$  7,017,614		$  5,227,399
NOW accounts	3,651,595		3,447,909		3,314,334		3,182,245		2,968,596		3,400,441		2,605,349
MMDA	5,209,653		4,966,492		4,872,500		4,761,279		4,534,243		4,953,748		4,259,467
Savings accounts	928,954		908,189		876,887		823,039		793,414		884,623		719,916
Retail CDs	1,827,852		1,919,184		2,005,265		2,066,410		2,109,600		1,953,927		2,368,802
Brokered CDs	—		511		1,000		1,000		1,140		625		16,494
Total Deposits	19,218,338		18,411,002		17,944,457		17,246,241		16,377,665		18,210,978		15,197,427
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	5,559		5,133		6,883		9,284		9,929		6,700		12,115
FHLB advances	48,828		48,866		48,910		48,951		127,797		48,888		849,546
Other borrowings	468,058		376,489		376,376		376,260		376,295		399,485		297,023
Subordinated deferrable interest debentures	126,067		125,567		125,068		124,574		124,091		125,324		124,632
Total Non-Deposit Funding	648,512		556,055		557,237		559,069		638,112		580,397		1,283,316
Total Funding	$ 19,866,850		$ 18,967,057		$ 18,501,694		$ 17,805,310		$ 17,015,777		$ 18,791,375		$ 16,480,743

 

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)	2021		2021		2021		2021		2020		2021		2020
Interest Income
Federal funds sold	$              9		$               9		$             12		$             12		$             13		$             42		$           147
Interest-bearing deposits in banks	1,521		1,244		594		521		251		3,880		1,735
Time deposits in other banks	—		—		1		1		1		2		4
Investment securities - taxable	5,866		5,296		5,244		6,118		6,398		22,524		33,086
Investment securities - nontaxable (TE)	198		176		176		178		190		728		789
Loans held for sale	9,433		10,618		11,773		10,827		9,705		42,651		47,760
Loans (TE)	162,415		156,861		157,112		161,473		163,532		637,861		648,137
Total Earning Assets	$    179,442		$     174,204		$     174,912		$     179,130		$     180,090		$     707,688		$     731,658
Accretion income (included above)	$        2,812		$        2,948		$         4,462		$        6,127		$         4,688		$       16,349		$       27,351
Interest Expense
Interest-Bearing Deposits
NOW accounts	$          864		$           808		$           816		$           926		$         1,091		$        3,414		$         6,524
MMDA	1,971		1,970		1,908		1,998		2,326		7,847		18,661
Savings accounts	128		129		122		124		143		503		559
Retail CDs	1,715		2,195		2,921		3,744		5,301		10,575		32,985
Brokered CDs	—		4		8		6		9		18		338
Total Interest-Bearing Deposits	4,678		5,106		5,775		6,798		8,870		22,357		59,067
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	4		4		5		7		8		20		82
FHLB advances	195		195		193		192		245		775		7,701
Other borrowings	5,317		4,640		4,683		4,638		4,635		19,278		15,191
Subordinated deferrable interest debentures	1,334		1,440		1,243		1,338		1,569		5,355		6,709
Total Non-Deposit Funding	6,850		6,279		6,124		6,175		6,457		25,428		29,683
Total Interest-Bearing Funding	$      11,528		$       11,385		$       11,899		$       12,973		$       15,327		$       47,785		$       88,750
Net Interest Income (TE)	$    167,914		$     162,819		$     163,013		$     166,157		$     164,763		$     659,903		$     642,908

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
	2021		2021		2021		2021		2020		2021		2020
Earning Assets
Federal funds sold	0.18       %		0.18       %		0.24       %		0.24       %		0.26       %		0.21       %		0.64       %
Interest-bearing deposits in banks	0.16       %		0.16       %		0.10       %		0.10       %		0.11       %		0.14       %		0.32       %
Time deposits in other banks	—     %		—     %		1.64       %		1.63       %		1.60       %		1.64       %		1.61       %
Investment securities - taxable	3.33       %		2.77       %		2.59       %		2.72       %		2.48       %		2.84       %		2.74       %
Investment securities - nontaxable (TE)	3.47       %		3.66       %		3.87       %		3.75       %		3.76       %		3.68       %		3.66       %
Loans held for sale	2.74       %		2.81       %		2.77       %		3.42       %		3.01       %		2.91       %		3.19       %
Loans (TE)	4.26       %		4.24       %		4.33       %		4.53       %		4.41       %		4.34       %		4.62       %
Total Earning Assets	3.39       %		3.44       %		3.58       %		3.85       %		3.98       %		3.56       %		4.21       %
Interest-Bearing Deposits
NOW accounts	0.09       %		0.09       %		0.10       %		0.12       %		0.15       %		0.10       %		0.25       %
MMDA	0.15       %		0.16       %		0.16       %		0.17       %		0.20       %		0.16       %		0.44       %
Savings accounts	0.05       %		0.06       %		0.06       %		0.06       %		0.07       %		0.06       %		0.08       %
Retail CDs	0.37       %		0.45       %		0.58       %		0.73       %		1.00       %		0.54       %		1.39       %
Brokered CDs	—     %		3.11       %		3.21       %		2.43       %		3.14       %		2.88       %		2.05       %
Total Interest-Bearing Deposits	0.16       %		0.18       %		0.21       %		0.25       %		0.34       %		0.20       %		0.59       %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	0.29       %		0.31       %		0.29       %		0.31       %		0.32       %		0.30       %		0.68       %
FHLB advances	1.58       %		1.58       %		1.58       %		1.59       %		0.76       %		1.59       %		0.91       %
Other borrowings	4.51       %		4.89       %		4.99       %		5.00       %		4.90       %		4.83       %		5.11       %
Subordinated deferrable interest debentures	4.20       %		4.55       %		3.99       %		4.36       %		5.03       %		4.27       %		5.38       %
Total Non-Deposit Funding	4.19       %		4.48       %		4.41       %		4.48       %		4.03       %		4.38       %		2.31       %
Total Interest-Bearing Liabilities	0.37       %		0.38       %		0.41       %		0.46       %		0.55       %		0.41       %		0.79       %
Net Interest Spread	3.02       %		3.06       %		3.17       %		3.39       %		3.43       %		3.15       %		3.42       %
Net Interest Margin(2)	3.18       %		3.22       %		3.34       %		3.57       %		3.64       %		3.32       %		3.70       %
Total Cost of Funds(3)	0.23       %		0.24       %		0.26       %		0.30       %		0.36       %		0.25       %		0.54       %
(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)	2021		2021		2021		2021		2020		2021		2020
Net income available to common shareholders	$     81,944		$     81,680		$     88,327		$  124,962		$     94,285		$   376,913		$  261,988
Adjustment items:
Merger and conversion charges	4,023		183		—		—		—		4,206		1,391
Restructuring charges	—		—		—		—		—		—		1,513
Servicing right impairment (recovery)	(4,540)		1,398		(749)		(10,639)		9,501		(14,530)		40,067
Gain on BOLI proceeds	—		—		—		(603)		—		(603)		(948)
Expenses related to SEC and DOJ Investigation	—		—		—		—		53		—		3,058
Natural disaster and pandemic charges (Note 1)	—		—		—		—		235		—		3,296
(Gain) loss on bank premises	(126)		1,136		(236)		(264)		(30)		510		624
Tax effect of adjustment items (Note 2)	243		(536)		206		2,290		(2,049)		2,203		(10,488)
After tax adjustment items	(400)		2,181		(779)		(9,216)		7,710		(8,214)		38,513
Adjusted net income	$     81,544		$     83,861		$     87,548		$  115,746		$   101,995		$   368,699		$  300,501
Weighted average number of shares - diluted	69,738,426		69,756,135		69,791,670		69,740,860		69,493,105		69,761,394		69,426,185
Net income per diluted share	$        1.18		$        1.17		$        1.27		$        1.79		$        1.36		$         5.40		$       3.77
Adjusted net income per diluted share	$        1.17		$        1.20		$        1.25		$        1.66		$        1.47		$         5.29		$       4.33
Average assets	$  23,054.847		$  22,087.642		$  21,538,894		$  20,734,414		$  19,876,338		$  21,847,731		$  19,240,493
Return on average assets	1.41  %		1.47  %		1.64  %		2.44  %		1.89  %		1.73  %		1.36  %
Adjusted return on average assets	1.40  %		1.51  %		1.63  %		2.26  %		2.04  %		1.69  %		1.56  %
Average common equity	$ 2,939.507		$ 2,874.691		$ 2,798,269		$                  2,695,005		$ 2,622,942		$ 2,827,669		$                  2,531,419
Average tangible common equity	$ 1,916,783		$ 1,884,622		$ 1,804,324		$                  1,696,946		$ 1,620,742		$ 1,826,433		$                  1,520,303
Return on average common equity	11.06  %		11.27  %		12.66  %		18.80   %		14.30  %		13.33  %		10.35  %
Adjusted return on average tangible common equity	16.88  %		17.65  %		19.46   %		27.66  %		25.04  %		20.19  %		19.77  %

Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for 4Q21, 3Q21 and both year-to-date periods are nondeductible for tax purposes.

 

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE)	Table 9B
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2021		2021		2021		2021		2020		2021		2020
Adjusted Noninterest Expense
Total noninterest expense	$  138,369		$  137,196		$  135,761		$  148,798		$  151,116		$  560,124		$  598,629
Adjustment items:
Merger and conversion charges	(4,023)		(183)		—		—		—		(4,206)		(1,391)
Restructuring charges	—		—		—		—		—		—		(1,513)
Expenses related to SEC and DOJ Investigation	—		—		—		—		(53)		—		(3,058)
Natural disaster and pandemic charges	—		—		—		—		(235)		—		(3,296)
Gain (loss) on bank premises	126		(1,136)		236		264		30		(510)		(624)
Adjusted noninterest expense	$  134,472		$  135,877		$  135,997		$  149,062		$  150,858		$  555,408		$  588,747
Total Revenue
Net interest income	$  166,837		$  161,661		$  161,852		$  164,977		$  163,456		$  655,327		$  637,753
Noninterest income	81,769		76,562		89,240		117,973		112,143		365,544		446,500
Total revenue	$  248,606		$  238,223		$  251,092		$  282,950		$  275,599		$                  1,020,871		$                  1,084,253
Adjusted Total Revenue
Net interest income (TE)	$  167,914		$  162,819		$  163,013		$  166,157		$  164,763		$  659,903		$  642,908
Noninterest income	81,769		76,562		89,240		117,973		112,143		365,544		446,500
Total revenue (TE)	249,683		239,381		252,253		284,130		276,906		1,025,447		1,089,408
Adjustment items:
(Gain) loss on securities	4		(530)		(1)		12		—		(515)		(5)
Gain on BOLI proceeds	—		—		—		(603)		—		(603)		(948)
Servicing right impairment (recovery)	(4,540)		1,398		(749)		(10,639)		9,501		(14,530)		40,067
Adjusted total revenue (TE)	$  245,147		$  240,249		$  251,503		$  272,900		$  286,407		$                  1,009,799		$                  1,128,522
Efficiency ratio	55.66              %		57.59              %		54.07              %		52.59              %		54.83              %		54.87              %		55.21              %
Adjusted efficiency ratio (TE)	54.85              %		56.56              %		54.07              %		54.62              %		52.67              %		55.00              %		52.17              %
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)	2021		2021		2021		2021		2020		2021		2020
Total shareholders' equity	$                  2,966,451		$                  2,900,770		$                  2,837,004		$                  2,757,596		$                  2,647,088		$                  2,966,451		$                  2,647,088
Less:
Goodwill	1,012,620		928,005		928,005		928,005		928,005		1,012,620		928,005
Other intangibles, net	125,938		60,396		63,783		67,848		71,974		125,938		71,974
Total tangible shareholders' equity	$                  1,827,893		$                  1,912,369		$                  1,845,216		$                  1,761,743		$                  1,647,109		$                  1,827,893		$                  1,647,109
Period end number of shares	69,608,228		69,635,435		69,767,209		69,713,426		69,541,481		69,608,228		69,541,481
Book value per share (period end)	$     42.62		$     41.66		$      40.66		$     39.56		$     38.07		$      42.62		$     38.07
Tangible book value per share (period end)	$     26.26		$     27.46		$      26.45		$     25.27		$     23.69		$      26.26		$     23.69

 

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)	2021		2021		2021		2021		2020		2021		2020
Banking Division
Net interest income	$  120,572		$  113,524		$  110,670		$  112,816		$  112,964		$  457,582		$  471,231
Provision for credit losses	4,565		(9,578)		(3,949)		(23,904)		1,847		(32,866)		125,136
Noninterest income	18,859		17,896		16,171		16,738		15,659		69,664		63,165
Noninterest expense
Salaries and employee benefits	36,522		40,020		37,814		42,723		38,668		157,079		160,430
Occupancy and equipment expenses	11,699		10,196		9,050		10,120		10,958		41,065		44,939
Data processing and telecommunications expenses	10,162		9,159		10,280		10,201		9,608		39,802		39,040
Other noninterest expenses	24,048		21,723		18,763		19,710		25,806		84,244		105,965
Total noninterest expense	82,431		81,098		75,907		82,754		85,040		322,190		350,374
Income before income tax expense	52,435		59,900		54,883		70,704		41,736		237,922		58,886
Income tax expense	14,010		17,784		14,196		18,456		13,992		64,446		19,138
Net income	$    38,425		$    42,116		$    40,687		$    52,248		$    27,744		$  173,476		$    39,748
Retail Mortgage Division
Net interest income	$    19,912		$    21,289		$    22,533		$    18,984		$    19,908		$    82,718		$    82,359
Provision for credit losses	175		1,678		5,647		(4,553)		(1,621)		2,947		15,850
Noninterest income	59,650		55,555		69,055		97,640		94,109		281,900		370,256
Noninterest expense
Salaries and employee benefits	36,787		36,373		44,798		49,838		50,165		167,796		184,765
Occupancy and equipment expenses	1,587		1,590		1,553		1,476		1,577		6,206		6,710
Data processing and telecommunications expenses	1,213		1,357		1,435		1,546		1,534		5,551		6,275
Other noninterest expenses	10,793		11,675		7,638		8,189		7,442		38,295		28,155
Total noninterest expense	50,380		50,995		55,424		61,049		60,718		217,848		225,905
Income before income tax expense	29,007		24,171		30,517		60,128		54,920		143,823		210,860
Income tax expense	6,092		5,076		6,408		12,627		11,535		30,203		44,286
Net income	$    22,915		$    19,095		$    24,109		$    47,501		$    43,385		$  113,620		$  166,574
Warehouse Lending Division
Net interest income	$      8,063		$      8,712		$      8,720		$      9,906		$      9,017		$    35,401		$    23,891
Provision for credit losses	77		(291)		(155)		(145)		1,673		(514)		2,562
Noninterest income	1,253		1,037		1,333		980		1,113		4,603		3,864
Noninterest expense
Salaries and employee benefits	258		264		278		330		296		1,130		981
Occupancy and equipment expenses	1		—		1		1		1		3		4
Data processing and telecommunications expenses	56		59		68		49		101		232		270
Other noninterest expenses	227		200		30		33		26		490		176
Total noninterest expense	542		523		377		413		424		1,855		1,431
Income before income tax expense	8,697		9,517		9,831		10,618		8,033		38,663		23,762
Income tax expense	1,827		1,999		2,064		2,230		1,687		8,120		5,004
Net income	$      6,870		$      7,518		$      7,767		$      8,388		$      6,346		$    30,543		$    18,758

 

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)	2021		2021		2021		2021		2020		2021		2020
SBA Division
Net interest income	$    11,319		$    10,699		$    12,882		$    16,635		$    14,909		$    51,535		$    33,090
Provision for credit losses	(663)		(1,104)		(607)		(547)		(2,997)		(2,921)		2,719
Noninterest income	2,002		2,070		2,677		2,611		1,247		9,360		9,200
Noninterest expense
Salaries and employee benefits	1,217		1,320		937		1,382		1,233		4,856		6,893
Occupancy and equipment expenses	121		116		132		106		100		475		391
Data processing and telecommunications expenses	28		18		—		1		1		47		33
Other noninterest expenses	645		370		284		295		363		1,594		1,832
Total noninterest expense	2,011		1,824		1,353		1,784		1,697		6,972		9,149
Income before income tax expense	11,973		12,049		14,813		18,009		17,456		56,844		30,422
Income tax expense	2,514		2,530		3,111		3,782		3,666		11,937		6,389
Net income	$      9,459		$      9,519		$    11,702		$    14,227		$    13,790		$    44,907		$    24,033
Premium Finance Division
Net interest income	$      6,971		$      7,437		$      7,047		$      6,636		$      6,658		$    28,091		$    27,182
Provision for credit losses	(1,395)		(380)		(794)		558		(412)		(2,011)		(887)
Noninterest income	5		4		4		4		15		17		15
Noninterest expense
Salaries and employee benefits	1,831		1,694		1,678		1,712		2,104		6,915		7,209
Occupancy and equipment expenses	86		77		76		78		73		317		305
Data processing and telecommunications expenses	75		88		94		87		79		344		399
Other noninterest expenses	1,013		897		852		921		981		3,683		3,857
Total noninterest expense	3,005		2,756		2,700		2,798		3,237		11,259		11,770
Income before income tax expense	5,366		5,065		5,145		3,284		3,848		18,860		16,314
Income tax expense	1,091		1,633		1,083		686		828		4,493		3,439
Net income	$      4,275		$      3,432		$      4,062		$      2,598		$      3,020		$    14,367		$    12,875
Total Consolidated
Net interest income	$  166,837		$  161,661		$  161,852		$  164,977		$  163,456		$  655,327		$  637,753
Provision for credit losses	2,759		(9,675)		142		(28,591)		(1,510)		(35,365)		145,380
Noninterest income	81,769		76,562		89,240		117,973		112,143		365,544		446,500
Noninterest expense
Salaries and employee benefits	76,615		79,671		85,505		95,985		92,466		337,776		360,278
Occupancy and equipment expenses	13,494		11,979		10,812		11,781		12,709		48,066		52,349
Data processing and telecommunications expenses	11,534		10,681		11,877		11,884		11,323		45,976		46,017
Other noninterest expenses	36,726		34,865		27,567		29,148		34,618		128,306		139,985
Total noninterest expense	138,369		137,196		135,761		148,798		151,116		560,124		598,629
Income before income tax expense	107,478		110,702		115,189		162,743		125,993		496,112		340,244
Income tax expense	25,534		29,022		26,862		37,781		31,708		119,199		78,256
Net income	$    81,944		$    81,680		$    88,327		$  124,962		$    94,285		$  376,913		$  261,988

 

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SOURCE Ameris Bancorp

FAQ

What were Ameris Bancorp's earnings for 2021?

Ameris Bancorp reported record earnings of $376.9 million, or $5.40 per diluted share, for the year ended December 31, 2021.

How did Ameris Bancorp perform in Q4 2021?

In Q4 2021, Ameris Bancorp reported net income of $81.9 million, or $1.18 per diluted share.

What is the loan growth for Ameris Bancorp in 2021?

Ameris Bancorp achieved organic loan growth of 10.5% in 2021, excluding PPP loans.

What was the tangible book value per share for Ameris Bancorp at the end of 2021?

As of December 31, 2021, the tangible book value per share was $26.26.

How did the efficiency ratio change for Ameris Bancorp?

The efficiency ratio improved to 54.85% in Q4 2021, from 56.56% in Q3 2021.