Ameris Bancorp Announces Financial Results For Second Quarter 2021

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ATLANTA, July 22, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021, compared with $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020. The Company reported adjusted net income of $87.5 million, or $1.25 per diluted share, for the quarter ended June 30, 2021, compared with $42.4 million, or $0.61 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 sale of bank premises and expenses related to the COVID-19 pandemic.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)
Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

For the year-to-date period ending June 30, 2021, the Company reported net income of $213.3 million, or $3.06 per diluted share, compared with $51.6 million, or $0.74 per diluted share, for the same period in 2020. The Company reported adjusted net income of $203.3 million, or $2.91 per diluted share, for the six months ended June 30, 2021, compared with $81.6 million, or $1.18 per diluted share, for the same period in 2020. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our positive second quarter results are a clear testament to our focus and discipline over the past year. I am proud of our bankers, being able to report 5% annualized net loan growth for the quarter, with the headwinds of PPP forgiveness, and 14% annualized loan growth exclusive of the PPP reductions. We are in some of the best markets in the Southeast, and we continue to see real organic opportunities within these markets. We are pleased with the disciplined improvement in our efficiency ratio compared to last quarter, and we are excited to report 4.7% growth in tangible book value for the quarter. We continue to remain focused on delivering top-of-class results and are optimistic about the remainder of 2021, and we look forward to 2022."

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

  • Net income of $88.3 million, or $1.27 per diluted share, compared with $125.0 million, or $1.79 per diluted share, in the first quarter of 2021

  • Growth in tangible book value of 4.7%, or $1.18 per share, to $26.45 at June 30, 2021, compared with $25.27 at March 31, 2021

  • Organic growth in loans of $181.0 million, or 5.0% annualized (and $485.1 million, or 14.1% annualized, exclusive of PPP loans), during the second quarter of 2021

  • Adjusted return on average assets of 1.63%, compared with 2.26% in the first quarter of 2021

  • Adjusted efficiency ratio of 54.07%, compared with 54.62% in the first quarter of 2021 and 51.08% in the second quarter of 2020

  • Net interest margin of 3.34%, compared with 3.57% in the first quarter of 2021

  • Continued growth in noninterest bearing deposits, representing 38.25% of total deposits, up from 36.27% at December 31, 2020 and 35.89% a year ago

  • Non-performing assets decreased eight basis points to 0.32% of total assets, compared with 0.40% at March 31, 2021

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the second quarter of 2021 totaled $163.0 million, compared with $166.2 million for the first quarter of 2021 and $165.2 million for the second quarter of 2020. The Company's net interest margin was 3.34% for the second quarter of 2021, down from 3.57% reported for the first quarter of 2021 and 3.83% reported for the second 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 27 basis points due to this excess liquidity, as well as declines in accretion income and Paycheck Protection Program ("PPP") loan fee income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of five basis points during the quarter and increases in average loans. Accretion income for the second quarter of 2021 decreased to $4.5 million, compared with $6.1 million for the first quarter of 2021, and $9.6 million for the second quarter of 2020. The decrease in accretion income for the second quarter is primarily attributable to decreased payoffs of acquired loans during the second quarter of 2021.

Yields on loans decreased to 4.33% during the second quarter of 2021, compared with 4.53% for the first quarter of 2021 and 4.70% reported for the second quarter of 2020. Contributing to interest income on loans for the second quarter of 2021 was $6.1 million related to accelerated fee income on PPP loan forgiveness, compared with $9.2 million in the first quarter of 2021. Loan production in the banking division during the second quarter of 2021 was $911.3 million, with weighted average yields of 3.75%, compared with $600.6 million and 3.80%, respectively, in the first quarter of 2021 and $472.1 million and 4.16%, respectively, in the second quarter of 2020. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $6.4 billion during the second quarter of 2021, with weighted average yields of 3.36%, compared with $7.5 billion and 3.15%, respectively, during the first quarter of 2021 and $7.2 billion and 3.17%, respectively, during the second quarter of 2020. Loan production yields in the lines of business were negatively impacted three basis points during the second quarter of 2021 by originations of PPP loans in our SBA division.

Interest expense during the second quarter of 2021 decreased to $11.9 million, compared with $13.0 million in the first quarter of 2021 and $21.2 million in the second quarter of 2020. The Company's total cost of funds moved four basis points lower to 0.26% in the second quarter of 2021 as compared with the first quarter of 2021. Deposit costs decreased three basis points during the second quarter of 2021 to 0.13%, compared with 0.16% in the first quarter of 2021. Costs of interest-bearing deposits decreased during the quarter from 0.25% in the first quarter of 2021 to 0.21% in the second quarter of 2021.

Noninterest Income
Noninterest income decreased $28.7 million, or 24.4%, in the second quarter of 2021 to $89.2 million, compared with $118.0 million for the first quarter of 2021, primarily as a result of decreased mortgage banking activity and other noninterest income, as further discussed below.

Mortgage banking activity decreased $28.3 million, or 28.7%, to $70.2 million in the second quarter of 2021, compared with $98.5 million for the first quarter of 2021. This decrease was the result of a reduced recovery of previously recorded servicing right impairment, reduced production and a reduction in gain on sale margins. Gain on sale spreads decreased to 2.77% in the second quarter of 2021 from 3.95% for the first quarter of 2021. Total production in the retail mortgage division decreased to $2.39 billion in the second quarter of 2021, compared with $2.64 billion for the first quarter of 2021. Mortgage banking activity was positively impacted during the second quarter of 2021 by a $749,000 servicing right recovery, compared with a recovery of $9.7 million for the first quarter of 2021. The retail mortgage open pipeline was $1.75 billion at the end of the second quarter of 2021, compared with $2.33 billion at March 31, 2021.

Service charge revenue increased $178,000, or 1.6%, to $11.0 million in the second quarter of 2021, compared with $10.8 million for the first quarter of 2021, resulting from an increase in interchange income. Other noninterest income decreased $709,000, or 9.3%, in the second quarter of 2021 to $6.9 million, compared with $7.7 million for the first quarter of 2021, primarily as a result of decreases in SBA servicing right recovery of $906,000 and gain on BOLI proceeds of $603,000, partially offset by an increase in BOLI income of $520,000.

Noninterest Expense
Noninterest expense decreased $13.0 million, or 8.8%, to $135.8 million during the second quarter of 2021, compared with $148.8 million for the first quarter of 2021. During the second quarter of 2021, the Company recorded a net gain of $236,000 related to sale of premises, compared to a net gain of $264,000 during the first quarter of 2021. Excluding these charges, adjusted expenses decreased approximately $13.1 million, or 8.8%, to $136.0 million in the second quarter of 2021, from $149.1 million in the first quarter of 2021. The majority of this decrease is attributable to a $10.5 million reduction in salaries and employee benefits including payroll taxes, variable compensation related to mortgage production and increased deferred costs related to loan originations in the banking division. Also contributing to the decrease were decreases in OREO losses, legal and other professional fees, and other variable expenses related to mortgage production. The adjusted efficiency ratio was 54.07% in the second quarter of 2021, compared with 54.62% in the first quarter of 2021.

Balance Sheet Trends
Total assets at June 30, 2021 were $21.89 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $15.99 billion at June 30, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $14.78 billion at June 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $299.9 million, or 2.1%. Loan production in the banking division during the second quarter of 2021 was up 52% from the first quarter of 2021 and 93% from the second quarter of 2020.

At June 30, 2021, total deposits amounted to $18.26 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At June 30, 2021, noninterest-bearing deposit accounts were $6.98 billion, or 38.3% 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 $11.39 billion at June 30, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 62.4% of the Company's total deposits at June 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at June 30, 2021 totaled $2.84 billion, an increase of $189.9 million, or 7.2%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $213.3 million during the first six months of 2021, partially offset by dividends declared. Tangible book value per share was $26.45 at June 30, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.83% at June 30, 2021, compared with 8.47% at the end of 2020.

Credit Quality
Credit quality remains strong in the Company. During the second quarter of 2021, the Company recorded a provision for credit losses of $142,000, compared with a provision reversal of $28.6 million in the first quarter of 2021. This provision was primarily attributable to growth in unfunded commitments compared with the first quarter of 2021, partially offset by improvements in forecast economic conditions, particularly levels of home prices, commercial real estate prices and retail sales, compared with forecast conditions during the first quarter of 2021. The Company has been prudently working with borrowers to support their credit needs during the 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 second quarter of 2021 equaled approximately 1.2% of total loans, down from approximately 1.9% and 19.0% of total loans at the end of the first quarter of 2021 and the second quarter of 2020, respectively. Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.32% during the quarter. The net charge-off ratio was seven basis points for the second quarter of 2021, compared with 12 basis points in the first quarter of 2021 and 27 basis points in the second quarter of 2020.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 23, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until August 6, 2021. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10158164. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 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 proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES















Financial Highlights

Table 1


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2021


2021


2020


2020


2020


2021


2020

EARNINGS














Net income

$

88,327



$

124,962



$

94,285



$

116,145



$

32,236



$

213,289



$

51,558


Adjusted net income

$

87,548



$

115,746



$

101,995



$

116,879



$

42,423



$

203,294



$

81,628
















COMMON SHARE DATA














Earnings per share available to common shareholders














Basic

$

1.27



$

1.80



$

1.36



$

1.68



$

0.47



$

3.07



$

0.74


Diluted

$

1.27



$

1.79



$

1.36



$

1.67



$

0.47



$

3.06



$

0.74


Adjusted diluted EPS

$

1.25



$

1.66



$

1.47



$

1.69



$

0.61



$

2.91



$

1.18


Cash dividends per share

$

0.15



$

0.15



$

0.15



$

0.15



$

0.15



$

0.30



$

0.30


Book value per share (period end)

$

40.66



$

39.56



$

38.07



$

36.91



$

35.42



$

40.66



$

35.42


Tangible book value per share (period end)

$

26.45



$

25.27



$

23.69



$

22.46



$

20.90



$

26.45



$

20.90


Weighted average number of shares














Basic

69,496,666



69,391,734



69,252,307



69,230,667



69,191,778



69,447,503



69,235,117


Diluted

69,791,670



69,740,860



69,493,105



69,346,141



69,292,972



69,764,923



69,413,027


Period end number of shares

69,767,209



69,713,426



69,541,481



69,490,546



69,462,782



69,767,209



69,462,782


Market data














High intraday price

$

59.85



$

57.81



$

39.53



$

27.81



$

29.82



$

59.85



$

43.79


Low intraday price

$

47.44



$

36.60



$

22.37



$

19.91



$

17.12



$

36.60



$

17.12


Period end closing price

$

50.63



$

52.51



$

38.07



$

22.78



$

23.59



$

50.63



$

23.59


Average daily volume

429,233



460,744



394,641



359,059



470,151



444,733



465,955
















PERFORMANCE RATIOS














Return on average assets

1.64

%


2.44

%


1.89

%


2.33

%


0.67

%


2.03

%


0.56

%

Adjusted return on average assets

1.63

%


2.26

%


2.04

%


2.35

%


0.89

%


1.94

%


0.88

%

Return on average common equity

12.66

%


18.80

%


14.30

%


18.27

%


5.23

%


15.66

%


4.17

%

Adjusted return on average tangible common equity

19.46

%


27.66

%


25.04

%


30.53

%


11.66

%


23.41

%


11.18

%

Earning asset yield (TE)

3.58

%


3.85

%


3.98

%


4.02

%


4.32

%


3.71

%


4.44

%

Total cost of funds

0.26

%


0.30

%


0.36

%


0.41

%


0.52

%


0.28

%


0.99

%

Net interest margin (TE)

3.34

%


3.57

%


3.64

%


3.64

%


3.83

%


3.45

%


3.77

%

Noninterest income excluding securities transactions, as a percent of total revenue (TE)

33.78

%


39.71

%


38.37

%


46.72

%


39.35

%


36.92

%


32.14

%

Efficiency ratio

54.07

%


52.59

%


54.83

%


47.80

%


54.70

%


53.28

%


60.32

%

Adjusted efficiency ratio (TE)

54.07

%


54.62

%


52.67

%


47.34

%


51.08

%


54.36

%


54.90

%















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

12.96

%


12.87

%


12.95

%


12.90

%


12.38

%


12.96

%


12.38

%

Tangible common equity to tangible assets

8.83

%


8.62

%


8.47

%


8.27

%


7.70

%


8.83

%


7.70

%















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.83

%


8.62

%


8.47

%


8.27

%


7.70

%


8.83

%


7.70

%

Effect of goodwill and other intangibles

4.13

%


4.25

%


4.48

%


4.63

%


4.68

%


4.13

%


4.68

%

Equity to assets (GAAP)

12.96

%


12.87

%


12.95

%


12.90

%


12.38

%


12.96

%


12.38

%















OTHER DATA (period end)














Full time equivalent employees














Banking Division

1,817



1,815



1,816



1,807



1,832



1,817



1,832


Retail Mortgage Division

759



765



748



734



692



759



692


Warehouse Lending Division

12



12



12



11



9



12



9


SBA Division

30



29



24



33



42



30



42


Premium Finance Division

68



70



71



71



70



68



70


Total Ameris Bancorp FTE headcount

2,686



2,691



2,671



2,656



2,645



2,686



2,645
















Assets per Banking Division FTE

$

12,046



$

11,806



$

11,255



$

10,998



$

10,848



$

12,046



$

10,848


Branch locations

165



165



164



170



170



165



170


Deposits per branch location

$

110,655



$

108,339



$

103,401


...

$

94,493



$

91,705



$

110,655



$

91,705


AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Income Statement

Table 2


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands except per share data)

2021


2021


2020


2020


2020


2021


2020

Interest income














Interest and fees on loans

$

167,761



$

171,157



$

171,971



$

172,351



$

175,345



$

338,918



$

346,587


Interest on taxable securities

5,244



6,118



6,398



7,259



9,347



11,362



19,429


Interest on nontaxable securities

139



141



150



159



157



280



314


Interest on deposits in other banks

595



522



252



153



123



1,117



1,334


Interest on federal funds sold

12



12



12



12



46



24



122


Total interest income

173,751



177,950



178,783



179,934



185,018



351,701



367,786
















Interest expense














Interest on deposits

5,775



6,798



8,870



11,822



14,273



12,573



38,375


Interest on other borrowings

6,124



6,175



6,457



5,574



6,931



12,299



17,652


Total interest expense

11,899



12,973



15,327



17,396



21,204



24,872



56,027
















Net interest income

161,852



164,977



163,456



162,538



163,814



326,829



311,759
















Provision for loan losses

(899)



(16,579)



(6,700)



26,692



68,449



(17,478)



105,496


Provision for unfunded commitments

1,299



(11,839)



5,481



(10,131)



19,712



(10,540)



23,712


Provision for other credit losses

(258)



(173)



(291)



1,121





(431)




Provision for credit losses

142



(28,591)



(1,510)



17,682



88,161



(28,449)



129,208


Net interest income after provision for credit losses

161,710



193,568



164,966



144,856



75,653



355,278



182,551
















Noninterest income














Service charges on deposit accounts

11,007



10,829



11,465



10,914



9,922



21,836



21,766


Mortgage banking activity

70,231



98,486



95,192



138,627



104,925



168,717



140,258


Other service charges, commissions and fees

1,056



1,016



965



1,039



949



2,072



1,910


Gain (loss) on securities

1



(12)







14



(11)



5


Other noninterest income

6,945



7,654



4,521



8,438



5,150



14,599



11,400


Total noninterest income

89,240



117,973



112,143



159,018



120,960



207,213



175,339
















Noninterest expense














Salaries and employee benefits

85,505



95,985



92,466



96,698



95,168



181,490



171,114


Occupancy and equipment

10,812



11,781



12,709



13,805



13,807



22,593



25,835


Data processing and communications expenses

11,877



11,884



11,323



12,226



10,514



23,761



22,468


Credit resolution-related expenses(1)

622



547



1,156



802



950



1,169



3,148


Advertising and marketing

1,946



1,431



3,267



966



1,455



3,377



3,813


Amortization of intangible assets

4,065



4,126



4,190



4,190



5,601



8,191



11,232


Merger and conversion charges







(44)



895





1,435


Other noninterest expenses

20,934



23,044



26,005



25,049



27,378



43,978



54,776


Total noninterest expense

135,761



148,798



151,116



153,692



155,768



284,559



293,821
















Income before income tax expense

115,189



162,743



125,993



150,182



40,845



277,932



64,069


Income tax expense

26,862



37,781



31,708



34,037



8,609



64,643



12,511


Net income

$

88,327



$

124,962



$

94,285



$

116,145



$

32,236



$

213,289



$

51,558
















Diluted earnings per common share

$

1.27



$

1.79



$

1.36



$

1.67



$

0.47



$

3.06



$

0.74
















(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.





AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Period End Balance Sheet

Table 3


Three Months Ended


Jun


Mar


Dec


Sep


Jun

(dollars in thousands)

2021


2021


2020


2020


2020

Assets










Cash and due from banks

$

259,729



$

224,159



$

203,349



$

257,026



$

292,899


Federal funds sold and interest-bearing deposits in banks

3,044,795



2,534,969



1,913,957



494,765



428,560


Time deposits in other banks



249



249



249



249


Investment securities available-for-sale, at fair value

778,167



859,652



982,879



1,117,436



1,238,896


Investment securities held-to-maturity, at amortized cost

29,055










Other investments

27,621



27,620



28,202



47,329



76,453


Loans held for sale

1,210,589



1,509,528



1,167,659



1,414,889



1,736,397












Loans, net of unearned income

14,780,791



14,599,805



14,480,925



14,943,593



14,503,157


Allowance for credit losses

(175,070)



(178,570)



(199,422)



(231,924)



(208,793)


Loans, net

14,605,721



14,421,235



14,281,503



14,711,669



14,294,364












Other real estate owned

5,775



8,841



11,880



17,969



23,563


Premises and equipment, net

229,994



231,550



222,890



231,278



230,118


Goodwill

928,005



928,005



928,005



928,005



928,005


Other intangible assets, net

63,783



67,848



71,974



76,164



80,354


Cash value of bank owned life insurance

277,839



176,575



176,467



175,605



175,011


Deferred income taxes, net

9,081



22,367



33,314



53,039



56,306


Other assets

416,777



414,529



416,310



348,428



311,454


Total assets

$

21,886,931



$

21,427,127



$

20,438,638



$

19,873,851



$

19,872,629












Liabilities










Deposits










Noninterest-bearing

$

6,983,761



$

6,804,776



$

6,151,070



$

5,909,316



$

5,595,868


Interest-bearing

11,274,236



11,071,097



10,806,753



10,154,490



9,993,950


Total deposits

18,257,997



17,875,873



16,957,823



16,063,806



15,589,818


Federal funds purchased and securities sold under agreements to repurchase

5,544



9,320



11,641



9,103



12,879


Other borrowings

425,303



425,231



425,155



875,255



1,418,336


Subordinated deferrable interest debentures

125,331



124,833



124,345



123,860



123,375


FDIC loss-share payable, net







19,476



18,903


Other liabilities

235,752



234,274



272,586



217,668



249,188


Total liabilities

19,049,927



18,669,531



17,791,550



17,309,168



17,412,499












Shareholders' Equity










Preferred stock










Common stock

72,008



71,954



71,754



71,703



71,674


Capital stock

1,920,566



1,917,990



1,913,285



1,911,031



1,909,839


Retained earnings

863,828



785,984



671,510



587,657



481,948


Accumulated other comprehensive income, net of tax

25,024



26,090



33,505



37,252



39,613


Treasury stock

(44,422)



(44,422)



(42,966)



(42,960)



(42,944)


Total shareholders' equity

2,837,004



2,757,596



2,647,088



2,564,683



2,460,130


Total liabilities and shareholders' equity

$

21,886,931



$

21,427,127



$

20,438,638



$

19,873,851



$

19,872,629












Other Data










Earning assets

$

19,871,018



$

19,531,823



$

18,573,871



$

18,018,261



$

17,983,712


Intangible assets

991,788



995,853



999,979



1,004,169



1,008,359


Interest-bearing liabilities

11,830,414



11,630,481



11,367,894



11,162,708



11,548,540


Average assets

21,538,894



20,734,414



19,876,338



19,810,084



19,222,181


Average common shareholders' equity

2,798,269



2,695,005



2,622,942



2,529,471



2,478,373


AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Asset Quality Information

Table 4


Three Months Ended


Six Months Ended


Jun


Mar


Dec


Sep


Jun


Jun


Jun

(dollars in thousands)

2021


2021


2020


2020


2020


2021


2020

Allowance for Credit Losses














Balance at beginning of period

$

200,241



$

233,105



$

260,417



$

246,295



$

167,315



$

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 unfunded commitments




























Provision for loan losses

(899)



(16,579)



(6,700)



26,692



68,449



(17,478)



105,496


Provision for unfunded commitments

1,299



(11,839)



5,481



(10,131)



19,712



(10,540)



23,712


Provision for other credit losses

(258)



(173)



(291)



1,121





(431)




Provision for credit losses

142



(28,591)



(1,510)



17,682



88,161



(28,449)



129,208
















Charge-offs

7,138



7,574



29,094



7,370



11,282



14,712



18,000


Recoveries

4,537



3,301



3,292



3,810



2,101



7,838



4,446


Net charge-offs

2,601



4,273



25,802



3,560



9,181



6,874



13,554
















Ending balance

$

197,782



$

200,241



$

233,105



$

260,417



$

246,295



$

197,782



$

246,295
















Allowance for loan losses

$

175,070



$

178,570



$

199,422



$

231,924



$

208,793



$

175,070



$

208,793


Allowance for unfunded commitments

22,313



21,014



32,853



27,372



37,502



22,313



37,502


Allowance for other credit losses

399



657



830



1,121





399




Total allowance for credit losses

$

197,782



$

200,241



$

233,105



$

260,417



$

246,295



$

197,782



$

246,295
















Net Charge-off Information














Charge-offs














Commercial, financial and agricultural

$

3,529



$

2,370



$

5,960



$

1,715



$

486



$

5,899



$

2,972


Consumer installment

1,669



1,448



2,861



677



962



3,117



2,104


Indirect automobile

141



829



658



697



1,016



970



2,247


Premium Finance

1,194



1,343



2,240



1,158



1,904



2,537



2,735


Real estate - construction and development

186



26





9



74



212



74


Real estate - commercial and farmland

27



1,395



17,284



2,977



6,315



1,422



7,243


Real estate - residential

392



163



91



137



525



555



625


Total charge-offs

7,138



7,574



29,094



7,370



11,282



14,712



18,000
















Recoveries














Commercial, financial and agricultural

625



727



754



470



303



1,352



665


Consumer installment

212



356



480



516



436



568



1,420


Indirect automobile

372



700



637



317



359



1,072



40


Premium Finance

2,466



1,122



605



1,224



676



3,588



1,360


Real estate - construction and development

84



167



125



182



168



251



510


Real estate - commercial and farmland

185



41



439



904



21



226



106


Real estate - residential

593



188



252



197



138



781



345


Total recoveries

4,537



3,301



3,292



3,810



2,101



7,838



4,446
















Net charge-offs

$

2,601



$

4,273



$

25,802



$

3,560



$

9,181



$

6,874



$

13,554
















Non-Performing Assets














Nonaccrual loans

$

59,921



$

71,189



$

76,457



$

138,163



$

77,745



$

59,921



$

77,745


Other real estate owned

5,775



8,841



11,880



17,969



23,563



5,775



23,563


Repossessed assets

226



840



544



258



1,348



226



1,348


Accruing loans delinquent 90 days or more

4,874



5,097



8,326



7,003



15,126



4,874



15,127


Total non-performing assets

$

70,796



$

85,967



$

97,207



$

163,393



$

117,782



$

70,796



$