Highlights of the Company's results for the full year 2023 include the following:
- Net income of $269.1 million, or $3.89 per diluted share
- Adjusted net income(1) of $276.3 million, or $4.00 per diluted share
- Growth in tangible book value(1) of $3.72 per share, or 12.4%, to $33.64 at December 31, 2023
- Increase in the allowance for credit losses to 1.52% of loans, from 1.04% at December 31, 2022, due to forecasted economic conditions, particularly related to commercial real estate price levels
- Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved to 0.33% at December 31, 2023, compared with 0.34% at December 31, 2022
- Adjusted efficiency ratio(1) of 52.58%
- Organic growth in loans of $414.1 million, or 2.1%
- Growth in total deposits of $1.25 billion, or 6.4%
- Growth in TCE ratio(1) of 97bps, or 11.2%, to 9.64% at December 31, 2023
Significant items from the Company's results for the fourth quarter of 2023 include the following:
- Net income of $65.9 million, or $0.96 per diluted share
- Adjusted net income(1) of $73.6 million, or $1.07 per diluted share
- Stable net interest margin of 3.54%
- Adjusted efficiency ratio(1) of 52.87%
- Growth in TCE ratio(1) of 53bps to 9.64% at December 31, 2023, compared with 9.11% last quarter
ATLANTA, Jan. 25, 2024 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023, compared with $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022 . The Company reported adjusted net income(1) of $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023, compared with $81.1 million, or $1.17 per diluted share, for the same period in 2022. Adjusted net income excludes after-tax merger and conversion charges, FDIC special assessment, natural disaster expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, gain on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.
For the year ended December 31, 2023, the Company reported net income of $269.1 million, or $3.89 per diluted share, compared with $346.5 million, or $4.99 per diluted share, for 2022. The Company reported adjusted net income(1) of $276.3 million, or $4.00 per diluted share, for the year ended December 31, 2023, compared with $329.4 million, or $4.75 per diluted share, for 2022. Adjusted net income for the year excludes the same items listed above for the fourth quarter.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The solid fourth quarter financial results were a successful way to end 2023 and have us well positioned for 2024. For the quarter and the full year, we continued to grow tangible book value and strengthened our balance sheet through strong deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses and robust capital growth. We continue to operate with discipline to execute our strategies and to produce strong financial results. Looking forward, we are focused on maintaining disciplined growth and top of peer group financial results in our strong Southeastern markets."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for 2023 increased to $838.8 million, compared with $804.9 million for 2022. The Company's net interest margin was 3.61% for 2023, compared with 3.76% for 2022. The Company recorded accretion income of $910,000 for 2023, compared with accretion expense of $285,000 for 2022. The increase in net interest income is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year.
Net interest income on a tax-equivalent basis (TE) was $207.0 million in the fourth quarter of 2023, a decrease of $1.7 million, or 0.8%, from last quarter and $18.0 million, or 8.0%, compared with the fourth quarter of 2022. The Company's net interest margin was stable at 3.54% for both the third and fourth quarters of 2023, while down from 4.03% reported for the fourth quarter of 2022.
Yields on earning assets increased seven basis points during the quarter to 5.69%, compared with 5.62% in the third quarter of 2023, and increased 78 basis points from 4.91% in the fourth quarter of 2022. Yields on loans increased to 5.83% during the fourth quarter of 2023, compared with 5.81% for the third quarter of 2023 and 5.07% for the fourth quarter of 2022.
Loan production in the banking division during the fourth quarter of 2023 was $417.4 million, with weighted average yields of 10.35%, compared with $621.0 million and 9.49%, respectively, in the third quarter of 2023 and $612.9 million and 7.92%, respectively, in the fourth quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.3 billion during the fourth quarter of 2023, with weighted average yields of 7.38%, compared with $4.2 billion and 7.28%, respectively, during the third quarter of 2023 and $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022.
The Company's total cost of funds was 2.32% in the fourth quarter of 2023, an increase of eight basis points compared with the third quarter of 2023. Deposit costs increased 16 basis points during the fourth quarter of 2023 to 2.16%, compared with 2.00% in the third quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 2.97% in the third quarter of 2023 to 3.17% in the fourth quarter of 2023, reflecting deposit beta catch-up in the current hold phase of the interest rate cycle.
Noninterest Income
Noninterest income decreased $6.9 million, or 11.0%, in the fourth quarter of 2023 to $56.2 million, compared with $63.2 million for the third quarter of 2023, primarily as a result of decreased mortgage banking activity, which declined by $4.8 million, or 13.3%, to $31.5 million in the fourth quarter of 2023, compared with $36.3 million for the third quarter of 2023. Gain on sale spreads decreased to 1.93% in the fourth quarter of 2023 from 2.15% for the third quarter of 2023. Total production in the retail mortgage division decreased to $891.1 million in the fourth quarter of 2023, compared with $1.18 billion for the third quarter of 2023. The retail mortgage open pipeline was $400.1 million at the end of the fourth quarter of 2023, compared with $623.9 million at September 30, 2023.
For the full year 2023, noninterest income decreased $41.6 million, or 14.6%, to $242.8 million, compared with $284.4 million for 2022, primarily as a result of decreased mortgage banking activity, which declined by $45.0 million, or 24.3%, to $139.9 million in 2023, compared with $184.9 million in 2022. Production in the retail mortgage division decreased to $4.3 billion in 2023, compared with $5.5 billion in 2022, while gain on sale spreads narrowed to 2.07% in 2023 from 2.27% in 2022.
Noninterest Expense
Noninterest expense increased $7.6 million, or 5.3%, to $149.0 million during the fourth quarter of 2023, compared with $141.4 million for the third quarter of 2023. During the fourth quarter of 2023, the Company recorded $11.6 million related to the FDIC special assessment and a $1.9 million gain on sale of bank premises. Excluding those charges, adjusted expenses(1) decreased approximately $2.1 million, or 1.5%, to $139.3 million in the fourth quarter of 2023, from $141.4 million in the third quarter of 2023. The decrease in adjusted expenses(1) resulted from a $4.5 million decline in mortgage expenses related to reduced production, offset by a $3.3 million increase in the banking division, the majority of which was related to increased legal and professional fees, data processing expenses and a decrease in the gain on sale of OREO properties. Management continues to deliver high performing operating efficiency, with an adjusted efficiency ratio(1) of 52.87% in the fourth quarter of 2023, compared with 52.02% in the third quarter of 2023.
For the full year 2023, noninterest expense increased $17.6 million, or 3.1%, to $578.3 million, compared with $560.7 million in 2022. Excluding adjustment items of $9.7 million in 2023 and $1.3 million in 2022, adjusted expenses increased $9.3 million, or 1.7% to $586.6 million in 2023, from $559.3 million in 2022. This increase is primarily attributable to a reduction in deferred loan origination costs, partially offset by a reduction in variable expenses related to mortgage production.
Income Tax Expense
The Company's effective tax rate for 2023 was 24.6%, compared with 23.5% in 2022. The Company's effective tax rate for the fourth quarter of 2023 was 27.1%, compared with 23.7% in the third quarter of 2023. The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment when the Company filed its 2022 income tax returns in the fourth quarter of 2023.
Balance Sheet Trends
Total assets at December 31, 2023 were $25.20 billion, compared with $25.05 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.40 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $414.1 million, or 2.1%, to $20.27 billion at December 31, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased $110.7 million from $392.1 million at December 31, 2022 to $281.3 million at December 31, 2023 due to a decline in mortgage activity resulting from the rising rate environment.
At December 31, 2023, total deposits amounted to $20.71 billion, or 97.0% of total funding, compared with $19.46 billion and 90.7%, respectively, at December 31, 2022. During the fourth quarter of 2023, deposits grew $118.2 million with NOW and money market accounts increasing $513.9 million and retail CD accounts increasing $48.5 million, with such increases being offset in part by a $98.0 million decrease in noninterest-bearing accounts and a $324.2 million decrease in brokered CDs. Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at December 31, 2023, noninterest-bearing deposit accounts were $6.49 billion, or 31.3% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.
During the fourth quarter of 2023, utilizing existing liquidity the Company reduced borrowings with the FHLB by $700.0 million .
Shareholders' equity at December 31, 2023 totaled $3.43 billion, an increase of $229.3 million, or 7.2%, from December 31, 2022. The increase in shareholders' equity was primarily the result of earnings of $269.1 million during 2023, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $1.26 per share, or 15.4% annualized, during the fourth quarter to $33.64 at December 31, 2023. The Company recorded an improvement of $0.36 per share of tangible book value(1) this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. For the year-to-date period, tangible book value per share(1) increased $3.72, or 12.4%, to $33.64 at December 31, 2023, compared with $29.92 at December 31, 2022. Tangible common equity as a percentage of tangible assets was 9.64% at December 31, 2023, compared with 8.67% at the end of 2022.
Credit Quality
Credit quality remains strong in the Company. During the fourth quarter of 2023, the Company recorded a provision for credit losses of $23.0 million, compared with a provision of $24.5 million in the third quarter of 2023. Nonperforming assets as a percentage of total assets increased 11 basis points to 0.69% during the quarter. Approximately $90.2 million, or 51.7%, of the nonperforming assets at December 31, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.33% at December 31, 2023, compared with 0.27% at September 30, 2023. The net charge-off ratio was 26 basis points for the fourth quarter of 2023, compared with 23 basis points in the third quarter of 2023.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-317-6789. The conference call access code is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until February 2, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 3003910. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D
About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $25.20 billion in assets as of December 31, 2023, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP financial measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Financial Highlights | Table 1 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands except per share data) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
EARNINGS | |||||||||||||
Net income | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | $ 82,221 | $ 269,105 | $ 346,540 | ||||||
Adjusted net income | $ 73,568 | $ 80,115 | $ 62,635 | $ 59,935 | $ 81,086 | $ 276,253 | $ 329,415 | ||||||
COMMON SHARE DATA | |||||||||||||
Earnings per share available to common shareholders | |||||||||||||
Basic | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | $ 1.19 | $ 3.90 | $ 5.01 | ||||||
Diluted | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | $ 1.18 | $ 3.89 | $ 4.99 | ||||||
Adjusted diluted EPS(1) | $ 1.07 | $ 1.16 | $ 0.91 | $ 0.86 | $ 1.17 | $ 4.00 | $ 4.75 | ||||||
Cash dividends per share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.60 | $ 0.60 | ||||||
Book value per share (period end) | $ 49.62 | $ 48.41 | $ 47.51 | $ 46.89 | $ 46.09 | $ 49.62 | $ 46.09 | ||||||
Tangible book value per share (period end)(1) | $ 33.64 | $ 32.38 | $ 31.42 | $ 30.79 | $ 29.92 | $ 33.64 | $ 29.92 | ||||||
Weighted average number of shares | |||||||||||||
Basic | 68,824,004 | 68,879,352 | 68,989,549 | 69,171,562 | 69,138,431 | 68,977,453 | 69,193,591 | ||||||
Diluted | 69,014,793 | 68,994,247 | 69,034,763 | 69,322,664 | 69,395,224 | 69,104,158 | 69,419,721 | ||||||
Period end number of shares | 69,053,341 | 69,138,461 | 69,139,783 | 69,373,863 | 69,369,050 | 69,053,341 | 69,369,050 | ||||||
Market data | |||||||||||||
High intraday price | $ 53.84 | $ 45.34 | $ 37.18 | $ 50.54 | $ 54.24 | $ 53.84 | $ 55.62 | ||||||
Low intraday price | $ 34.26 | $ 33.21 | $ 28.33 | $ 34.28 | $ 44.61 | $ 28.33 | $ 38.22 | ||||||
Period end closing price | $ 53.05 | $ 38.39 | $ 34.21 | $ 36.58 | $ 47.14 | $ 53.05 | $ 47.14 | ||||||
Average daily volume | 390,190 | 361,167 | 475,198 | 452,242 | 340,890 | 419,347 | 400,670 | ||||||
PERFORMANCE RATIOS | |||||||||||||
Return on average assets | 1.03 % | 1.25 % | 0.98 % | 0.98 % | 1.34 % | 1.06 % | 1.47 % | ||||||
Adjusted return on average assets(1) | 1.15 % | 1.25 % | 0.98 % | 0.97 % | 1.32 % | 1.09 % | 1.39 % | ||||||
Return on average common equity | 7.73 % | 9.56 % | 7.63 % | 7.54 % | 10.30 % | 8.12 % | 11.24 % | ||||||
Adjusted return on average tangible common equity(1) | 12.81 % | 14.35 % | 11.53 % | 11.41 % | 15.78 % | 12.55 % | 16.92 % | ||||||
Earning asset yield (TE) | 5.69 % | 5.62 % | 5.52 % | 5.25 % | 4.91 % | 5.52 % | 4.19 % | ||||||
Total cost of funds | 2.32 % | 2.24 % | 2.05 % | 1.59 % | 0.94 % | 2.05 % | 0.46 % | ||||||
Net interest margin (TE) | 3.54 % | 3.54 % | 3.60 % | 3.76 % | 4.03 % | 3.61 % | 3.76 % | ||||||
Efficiency ratio | 56.80 % | 52.21 % | 53.60 % | 52.08 % | 49.57 % | 53.65 % | 51.65 % | ||||||
Adjusted efficiency ratio (TE)(1) | 52.87 % | 52.02 % | 53.41 % | 51.99 % | 49.61 % | 52.58 % | 52.48 % | ||||||
CAPITAL ADEQUACY (period end) | |||||||||||||
Shareholders' equity to assets | 13.60 % | 13.02 % | 12.73 % | 12.47 % | 12.76 % | 13.60 % | 12.76 % | ||||||
Tangible common equity to tangible assets(1) | 9.64 % | 9.11 % | 8.80 % | 8.55 % | 8.67 % | 9.64 % | 8.67 % | ||||||
OTHER DATA (period end) | |||||||||||||
Full time equivalent employees | |||||||||||||
Banking Division | 2,060 | 2,049 | 2,069 | 2,093 | 2,079 | 2,060 | 2,079 | ||||||
Retail Mortgage Division | 595 | 601 | 613 | 630 | 633 | 595 | 633 | ||||||
Warehouse Lending Division | 7 | 8 | 8 | 8 | 8 | 7 | 8 | ||||||
SBA Division | 28 | 33 | 35 | 39 | 39 | 28 | 39 | ||||||
Premium Finance Division | 75 | 78 | 76 | 78 | 76 | 75 | 76 | ||||||
Total Ameris Bancorp FTE headcount | 2,765 | 2,769 | 2,801 | 2,848 | 2,835 | 2,765 | 2,835 | ||||||
Branch locations | 164 | 164 | 164 | 164 | 164 | 164 | 164 | ||||||
Deposits per branch location | $ 126,271 | $ 125,551 | $ 124,653 | $ 121,326 | $ 118,675 | $ 126,271 | $ 118,675 | ||||||
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D | |||||||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Income Statement | Table 2 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands except per share data) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Interest income | |||||||||||||
Interest and fees on loans | $ 303,487 | $ 304,699 | $ 292,012 | $ 271,964 | $ 250,263 | $ 1,172,162 | $ 834,969 | ||||||
Interest on taxable securities | 14,033 | 14,754 | 15,915 | 14,300 | 13,029 | 59,002 | 34,656 | ||||||
Interest on nontaxable securities | 326 | 331 | 339 | 339 | 358 | 1,335 | 1,176 | ||||||
Interest on deposits in other banks | 14,368 | 10,769 | 13,686 | 9,113 | 9,984 | 47,936 | 23,008 | ||||||
Interest on federal funds sold | - | - | - | - | 8 | - | 77 | ||||||
Total interest income | 332,214 | 330,553 | 321,952 | 295,716 | 273,642 | 1,280,435 | 893,886 | ||||||
Interest expense | |||||||||||||
Interest on deposits | 111,749 | 102,999 | 88,087 | 53,182 | 33,071 | 356,017 | 56,105 | ||||||
Interest on other borrowings | 14,364 | 19,803 | 24,325 | 30,882 | 16,434 | 89,374 | 36,755 | ||||||
Total interest expense | 126,113 | 122,802 | 112,412 | 84,064 | 49,505 | 445,391 | 92,860 | ||||||
Net interest income | 206,101 | 207,751 | 209,540 | 211,652 | 224,137 | 835,044 | 801,026 | ||||||
Provision for loan losses | 30,401 | 30,095 | 43,643 | 49,376 | 24,648 | 153,515 | 52,610 | ||||||
Provision for unfunded commitments | (7,438) | (5,634) | 1,873 | 346 | 8,246 | (10,853) | 19,226 | ||||||
Provision for other credit losses | (11) | (2) | - | 7 | (4) | (6) | (139) | ||||||
Provision for credit losses | 22,952 | 24,459 | 45,516 | 49,729 | 32,890 | 142,656 | 71,697 | ||||||
Net interest income after provision for credit losses | 183,149 | 183,292 | 164,024 | 161,923 | 191,247 | 692,388 | 729,329 | ||||||
Noninterest income | |||||||||||||
Service charges on deposit accounts | 12,252 | 12,092 | 11,295 | 10,936 | 11,125 | 46,575 | 44,499 | ||||||
Mortgage banking activity | 31,461 | 36,290 | 40,742 | 31,392 | 22,855 | 139,885 | 184,904 | ||||||
Other service charges, commissions and fees | 1,234 | 1,221 | 975 | 971 | 968 | 4,401 | 3,875 | ||||||
Gain (loss) on securities | (288) | (16) | (6) | 6 | 3 | (304) | 203 | ||||||
Other noninterest income | 11,589 | 13,594 | 14,343 | 12,745 | 13,397 | 52,271 | 50,943 | ||||||
Total noninterest income | 56,248 | 63,181 | 67,349 | 56,050 | 48,348 | 242,828 | 284,424 | ||||||
Noninterest expense | |||||||||||||
Salaries and employee benefits | 75,966 | 81,898 | 81,336 | 80,910 | 75,196 | 320,110 | 319,719 | ||||||
Occupancy and equipment | 13,197 | 12,745 | 12,522 | 12,986 | 12,905 | 51,450 | 51,361 | ||||||
Data processing and communications expenses | 14,028 | 12,973 | 13,451 | 13,034 | 12,486 | 53,486 | 49,228 | ||||||
Credit resolution-related expenses(1) | 157 | (1,360) | 848 | 435 | 372 | 80 | 29 | ||||||
Advertising and marketing | 2,974 | 2,723 | 2,627 | 3,532 | 3,818 | 11,856 | 12,481 | ||||||
Amortization of intangible assets | 4,425 | 4,425 | 4,688 | 4,706 | 4,709 | 18,244 | 19,744 | ||||||
Merger and conversion charges | - | - | - | - | 235 | - | 1,212 | ||||||
Other noninterest expenses | 38,264 | 28,042 | 32,931 | 23,818 | 25,340 | 123,055 | 106,881 | ||||||
Total noninterest expense | 149,011 | 141,446 | 148,403 | 139,421 | 135,061 | 578,281 | 560,655 | ||||||
Income before income tax expense | 90,386 | 105,027 | 82,970 | 78,552 | 104,534 | 356,935 | 453,098 | ||||||
Income tax expense | 24,452 | 24,912 | 20,335 | 18,131 | 22,313 | 87,830 | 106,558 | ||||||
Net income | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | $ 82,221 | $ 269,105 | $ 346,540 | ||||||
Diluted earnings per common share | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | $ 1.18 | $ 3.89 | $ 4.99 | ||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. | |||||||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Period End Balance Sheet | Table 3 | ||||||||
Dec | Sep | Jun | Mar | Dec | |||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | ||||
Assets | |||||||||
Cash and due from banks | $ 230,470 | $ 241,137 | $ 284,552 | $ 266,400 | $ 284,567 | ||||
Federal funds sold and interest-bearing deposits in banks | 936,834 | 1,304,636 | 1,034,578 | 1,754,453 | 833,565 | ||||
Debt securities available-for-sale, at fair value | 1,402,944 | 1,424,081 | 1,460,356 | 1,496,836 | 1,500,060 | ||||
Debt securities held-to-maturity, at amortized cost | 141,512 | 141,859 | 142,513 | 134,175 | 134,864 | ||||
Other investments | 71,794 | 104,957 | 109,656 | 146,715 | 110,992 | ||||
Loans held for sale | 281,332 | 381,466 | 391,472 | 395,096 | 392,078 | ||||
Loans, net of unearned income | 20,269,303 | 20,201,079 | 20,471,759 | 19,997,871 | 19,855,253 | ||||
Allowance for credit losses | (307,100) | (290,104) | (272,071) | (242,658) | (205,677) | ||||
Loans, net | 19,962,203 | 19,910,975 | 20,199,688 | 19,755,213 | 19,649,576 | ||||
Other real estate owned | 6,199 | 3,397 | 6,170 | 1,502 | 843 | ||||
Premises and equipment, net | 216,435 | 217,564 | 218,662 | 218,878 | 220,283 | ||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||
Other intangible assets, net | 87,949 | 92,375 | 96,800 | 101,488 | 106,194 | ||||
Cash value of bank owned life insurance | 395,778 | 393,769 | 391,483 | 389,201 | 388,405 | ||||
Other assets | 454,603 | 465,968 | 449,042 | 412,781 | 416,213 | ||||
Total assets | $ 25,203,699 | $ 25,697,830 | $ 25,800,618 | $ 26,088,384 | $ 25,053,286 | ||||
Liabilities | |||||||||
Deposits | |||||||||
Noninterest-bearing | $ 6,491,639 | $ 6,589,610 | $ 6,706,897 | $ 7,297,893 | $ 7,929,579 | ||||
Interest-bearing | 14,216,870 | 14,000,735 | 13,736,228 | 12,599,562 | 11,533,159 | ||||
Total deposits | 20,708,509 | 20,590,345 | 20,443,125 | 19,897,455 | 19,462,738 | ||||
Other borrowings | 509,586 | 1,209,553 | 1,536,989 | 2,401,327 | 1,875,736 | ||||
Subordinated deferrable interest debentures | 130,315 | 129,817 | 129,319 | 128,820 | 128,322 | ||||
Other liabilities | 428,542 | 421,046 | 406,555 | 407,587 | 389,090 | ||||
Total liabilities | 21,776,952 | 22,350,761 | 22,515,988 | 22,835,189 | 21,855,886 | ||||
Shareholders' Equity | |||||||||
Preferred stock | - | - | - | - | - | ||||
Common stock | 72,516 | 72,514 | 72,515 | 72,484 | 72,264 | ||||
Capital stock | 1,945,385 | 1,942,852 | 1,939,865 | 1,937,664 | 1,935,211 | ||||
Retained earnings | 1,539,957 | 1,484,424 | 1,414,742 | 1,362,512 | 1,311,258 | ||||
Accumulated other comprehensive income (loss), net of tax | (35,939) | (60,818) | (50,618) | (35,581) | (46,507) | ||||
Treasury stock | (95,172) | (91,903) | (91,874) | (83,884) | (74,826) | ||||
Total shareholders' equity | 3,426,747 | 3,347,069 | 3,284,630 | 3,253,195 | 3,197,400 | ||||
Total liabilities and shareholders' equity | $ 25,203,699 | $ 25,697,830 | $ 25,800,618 | $ 26,088,384 | $ 25,053,286 | ||||
Other Data | |||||||||
Earning assets | $ 23,103,719 | $ 23,558,078 | $ 23,610,334 | $ 23,925,146 | $ 22,826,812 | ||||
Intangible assets | 1,103,595 | 1,108,021 | 1,112,446 | 1,117,134 | 1,121,840 | ||||
Interest-bearing liabilities | 14,856,771 | 15,340,105 | 15,402,536 | 15,129,709 | 13,537,217 | ||||
Average assets | 25,341,990 | 25,525,913 | 25,631,846 | 25,115,927 | 24,354,979 | ||||
Average common shareholders' equity | 3,383,554 | 3,324,960 | 3,293,049 | 3,250,289 | 3,168,320 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Asset Quality Information | Table 4 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Allowance for Credit Losses | |||||||||||||
Balance at beginning of period | $ 339,180 | $ 326,783 | $ 295,497 | $ 258,163 | $ 229,135 | $ 258,163 | $ 200,981 | ||||||
Adoption of ASU 2022-02 | - | - | - | (1,711) | - | (1,711) | - | ||||||
Provision for loan losses | 30,401 | 30,095 | 43,643 | 49,376 | 24,648 | 153,515 | 52,610 | ||||||
Provision for unfunded commitments | (7,438) | (5,634) | 1,873 | 346 | 8,246 | (10,853) | 19,226 | ||||||
Provision for other credit losses | (11) | (2) | - | 7 | (4) | (6) | (139) | ||||||
Provision for credit losses | 22,952 | 24,459 | 45,516 | 49,729 | 32,890 | 142,656 | 71,697 | ||||||
Charge-offs | 20,104 | 19,488 | 20,670 | 14,956 | 8,371 | 75,218 | 33,075 | ||||||
Recoveries | 6,699 | 7,426 | 6,440 | 4,272 | 4,509 | 24,837 | 18,560 | ||||||
Net charge-offs (recoveries) | 13,405 | 12,062 | 14,230 | 10,684 | 3,862 | 50,381 | 14,515 | ||||||
Ending balance | $ 348,727 | $ 339,180 | $ 326,783 | $ 295,497 | $ 258,163 | $ 348,727 | $ 258,163 | ||||||
Allowance for loan losses | $ 307,100 | $ 290,104 | $ 272,071 | $ 242,658 | $ 205,677 | $ 307,100 | $ 205,677 | ||||||
Allowance for unfunded commitments | 41,558 | 48,996 | 54,630 | 52,757 | 52,411 | 41,558 | 52,411 | ||||||
Allowance for other credit losses | 69 | 80 | 82 | 82 | 75 | 69 | 75 | ||||||
Total allowance for credit losses | $ 348,727 | $ 339,180 | $ 326,783 | $ 295,497 | $ 258,163 | $ 348,727 | $ 258,163 | ||||||
Net Charge-off Information | |||||||||||||
Charge-offs | |||||||||||||
Commercial, financial and agricultural | $ 15,840 | $ 16,519 | $ 13,316 | $ 12,233 | $ 5,108 | $ 57,908 | $ 18,635 | ||||||
Consumer | 2,785 | 948 | 2,052 | 1,140 | 1,136 | 6,925 | 4,926 | ||||||
Indirect automobile | 20 | 36 | 65 | 34 | 86 | 155 | 265 | ||||||
Premium Finance | 1,347 | 1,951 | 1,848 | 1,421 | 1,812 | 6,567 | 5,452 | ||||||
Real estate - construction and development | - | - | - | - | 27 | - | 27 | ||||||
Real estate - commercial and farmland | 84 | - | 3,320 | - | 196 | 3,404 | 3,574 | ||||||
Real estate - residential | 28 | 34 | 69 | 128 | 6 | 259 | 196 | ||||||
Total charge-offs | 20,104 | 19,488 | 20,670 | 14,956 | 8,371 | 75,218 | 33,075 | ||||||
Recoveries | |||||||||||||
Commercial, financial and agricultural | 4,701 | 4,745 | 3,545 | 2,043 | 2,072 | 15,034 | 9,954 | ||||||
Consumer | 130 | 203 | 194 | 297 | 217 | 824 | 882 | ||||||
Indirect automobile | 177 | 158 | 225 | 216 | 229 | 776 | 1,045 | ||||||
Premium Finance | 1,100 | 1,639 | 1,680 | 1,382 | 1,682 | 5,801 | 5,065 | ||||||
Real estate - construction and development | 303 | 74 | 472 | 100 | 223 | 949 | 892 | ||||||
Real estate - commercial and farmland | 90 | 371 | 61 | 44 | 48 | 566 | 225 | ||||||
Real estate - residential | 198 | 236 | 263 | 190 | 38 | 887 | 497 | ||||||
Total recoveries | 6,699 | 7,426 | 6,440 | 4,272 | 4,509 | 24,837 | 18,560 | ||||||
Net charge-offs (recoveries) | $ 13,405 | $ 12,062 | $ 14,230 | $ 10,684 | $ 3,862 | $ 50,381 | $ 14,515 | ||||||
Non-Performing Assets | |||||||||||||
Nonaccrual portfolio loans | $ 60,961 | $ 53,806 | $ 57,025 | $ 68,028 | $ 65,221 | $ 60,961 | $ 65,221 | ||||||
Other real estate owned | 6,199 | 3,397 | 6,170 | 1,502 | 843 | 6,199 | 843 | ||||||
Repossessed assets | 17 | 22 | 9 | 25 | 28 | 17 | 28 | ||||||
Accruing loans delinquent 90 days or more | 16,988 | 11,891 | 13,424 | 15,792 | 17,865 | 16,988 | 17,865 | ||||||
Non-performing portfolio assets | $ 84,165 | $ 69,116 | $ 76,628 | $ 85,347 | $ 83,957 | $ 84,165 | $ 83,957 | ||||||
Serviced GNMA-guaranteed mortgage nonaccrual loans | 90,156 | 80,752 | 69,655 | 74,999 | 69,587 | 90,156 | 69,587 | ||||||
Total non-performing assets | $ 174,321 | $ 149,868 | $ 146,283 | $ 160,346 | $ 153,544 | $ 174,321 | $ 153,544 | ||||||
Asset Quality Ratios | |||||||||||||
Non-performing portfolio assets as a percent of total assets | 0.33 % | 0.27 % | 0.30 % | 0.33 % | 0.34 % | 0.33 % | 0.34 % | ||||||
Total non-performing assets as a percent of total assets | 0.69 % | 0.58 % | 0.57 % | 0.61 % | 0.61 % | 0.69 % | 0.61 % | ||||||
Net charge-offs as a percent of average loans (annualized) | 0.26 % | 0.23 % | 0.28 % | 0.22 % | 0.08 % | 0.25 % | 0.08 % | ||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Loan Information | Table 5 | ||||||||
Dec | Sep | Jun | Mar | Dec | |||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | ||||
Loans by Type | |||||||||
Commercial, financial and agricultural | $ 2,688,929 | $ 2,632,836 | $ 2,718,831 | $ 2,722,180 | $ 2,679,403 | ||||
Consumer | 241,552 | 259,797 | 307,486 | 349,775 | 384,037 | ||||
Indirect automobile | 34,257 | 47,108 | 63,231 | 83,466 | 108,648 | ||||
Mortgage warehouse | 818,728 | 852,823 | 1,147,413 | 958,418 | 1,038,924 | ||||
Municipal | 492,668 | 497,093 | 510,410 | 505,515 | 509,151 | ||||
Premium Finance | 946,562 | 1,007,334 | 988,731 | 947,257 | 1,023,479 | ||||
Real estate - construction and development | 2,129,187 | 2,236,686 | 2,217,744 | 2,144,605 | 2,086,438 | ||||
Real estate - commercial and farmland | 8,059,754 | 7,865,389 | 7,815,779 | 7,721,732 | 7,604,868 | ||||
Real estate - residential | 4,857,666 | 4,802,013 | 4,702,134 | 4,564,923 | 4,420,305 | ||||
Total loans | $ 20,269,303 | $ 20,201,079 | $ 20,471,759 | $ 19,997,871 | $ 19,855,253 | ||||
Loans by Risk Grade | |||||||||
Grades 1 through 5 - Pass | $ 19,846,731 | $ 19,812,895 | $ 20,114,816 | $ 19,654,232 | $ 19,513,726 | ||||
Grade 6 - Other assets especially mentioned | 203,725 | 187,449 | 171,035 | 116,345 | 104,614 | ||||
Grade 7 - Substandard | 218,847 | 200,735 | 185,908 | 227,294 | 236,913 | ||||
Grade 8 - Doubtful | - | - | - | - | - | ||||
Grade 9 - Loss | - | - | - | - | - | ||||
Total loans | $ 20,269,303 | $ 20,201,079 | $ 20,471,759 | $ 19,997,871 | $ 19,855,253 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Average Balances | Table 6 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Earning Assets | |||||||||||||
Federal funds sold | $ - | $ - | $ - | $ - | $ 924 | $ - | $ 10,836 | ||||||
Interest-bearing deposits in banks | 936,733 | 864,028 | 998,609 | 859,614 | 1,009,935 | 914,818 | 1,993,672 | ||||||
Debt securities - taxable | 1,503,889 | 1,548,647 | 1,582,076 | 1,586,404 | 1,451,861 | 1,555,009 | 1,065,511 | ||||||
Debt securities - nontaxable | 40,227 | 40,896 | 42,580 | 43,052 | 44,320 | 41,679 | 39,779 | ||||||
Other investments | 87,678 | 101,517 | 117,020 | 131,044 | 83,730 | 109,175 | 58,170 | ||||||
Loans held for sale | 405,080 | 464,452 | 577,606 | 490,295 | 371,952 | 484,070 | 718,599 | ||||||
Loans | 20,252,773 | 20,371,689 | 20,164,938 | 19,820,749 | 19,212,560 | 20,154,321 | 17,521,461 | ||||||
Total Earning Assets | $ 23,226,380 | $ 23,391,229 | $ 23,482,829 | $ 22,931,158 | $ 22,175,282 | $ 23,259,072 | $ 21,408,028 | ||||||
Deposits | |||||||||||||
Noninterest-bearing deposits | $ 6,572,190 | $ 6,655,191 | $ 6,729,789 | $ 7,136,373 | $ 8,138,887 | $ 6,771,464 | $ 8,005,201 | ||||||
NOW accounts | 3,760,992 | 3,661,701 | 3,949,850 | 4,145,991 | 3,621,454 | 3,878,034 | 3,675,586 | ||||||
MMDA | 5,994,361 | 5,527,731 | 5,002,590 | 4,994,195 | 5,161,047 | 5,382,865 | 5,128,497 | ||||||
Savings accounts | 817,075 | 915,678 | 1,009,749 | 1,005,614 | 1,010,966 | 936,454 | 1,005,752 | ||||||
Retail CDs | 2,281,357 | 2,200,413 | 2,024,014 | 1,612,325 | 1,450,037 | 2,031,828 | 1,604,978 | ||||||
Brokered CDs | 1,122,684 | 1,441,854 | 1,393,206 | 125,133 | - | 1,024,606 | - | ||||||
Total Deposits | 20,548,659 | 20,402,568 | 20,109,198 | 19,019,631 | 19,382,391 | 20,025,251 | 19,420,014 | ||||||
Non-Deposit Funding | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | - | - | - | - | 1 | - | 1,477 | ||||||
FHLB advances | 538,096 | 943,855 | 1,408,855 | 1,968,811 | 918,228 | 1,210,242 | 279,409 | ||||||
Other borrowings | 311,091 | 312,572 | 316,626 | 361,445 | 377,056 | 325,260 | 393,393 | ||||||
Subordinated deferrable interest debentures | 130,054 | 129,554 | 129,056 | 128,557 | 128,060 | 129,310 | 127,316 | ||||||
Total Non-Deposit Funding | 979,241 | 1,385,981 | 1,854,537 | 2,458,813 | 1,423,345 | 1,664,812 | 801,595 | ||||||
Total Funding | $ 21,527,900 | $ 21,788,549 | $ 21,963,735 | $ 21,478,444 | $ 20,805,736 | $ 21,690,063 | $ 20,221,609 | ||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Interest Income and Interest Expense (TE) | Table 7 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Interest Income | |||||||||||||
Federal funds sold | $ - | $ - | $ - | $ - | $ 8 | $ - | $ 77 | ||||||
Interest-bearing deposits in banks | 14,368 | 10,769 | 13,686 | 9,113 | 9,984 | 47,936 | 23,008 | ||||||
Debt securities - taxable | 14,033 | 14,754 | 15,915 | 14,300 | 13,029 | 59,002 | 34,656 | ||||||
Debt securities - nontaxable (TE) | 413 | 418 | 430 | 429 | 454 | 1,690 | 1,489 | ||||||
Loans held for sale | 6,846 | 7,460 | 8,398 | 7,007 | 5,519 | 29,711 | 29,699 | ||||||
Loans (TE) | 297,501 | 298,102 | 284,471 | 265,802 | 245,603 | 1,145,876 | 808,826 | ||||||
Total Earning Assets | $ 333,161 | $ 331,503 | $ 322,900 | $ 296,651 | $ 274,597 | $ 1,284,215 | $ 897,755 | ||||||
Interest Expense | |||||||||||||
Interest-Bearing Deposits | |||||||||||||
NOW accounts | $ 19,293 | $ 17,255 | $ 18,003 | $ 15,033 | $ 8,564 | $ 69,584 | $ 14,367 | ||||||
MMDA | 54,002 | 45,683 | 35,224 | 27,809 | 20,683 | 162,718 | 33,143 | ||||||
Savings accounts | 974 | 1,791 | 2,296 | 1,288 | 654 | 6,349 | 1,287 | ||||||
Retail CDs | 22,257 | 19,013 | 14,751 | 7,629 | 3,170 | 63,650 | 7,308 | ||||||
Brokered CDs | 15,223 | 19,257 | 17,813 | 1,423 | - | 53,716 | - | ||||||
Total Interest-Bearing Deposits | 111,749 | 102,999 | 88,087 | 53,182 | 33,071 | 356,017 | 56,105 | ||||||
Non-Deposit Funding | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | - | - | - | - | - | - | 4 | ||||||
FHLB advances | 7,089 | 12,543 | 17,222 | 22,448 | 8,801 | 59,302 | 9,710 | ||||||
Other borrowings | 3,798 | 3,821 | 3,902 | 5,349 | 4,953 | 16,870 | 19,209 | ||||||
Subordinated deferrable interest debentures | 3,477 | 3,439 | 3,201 | 3,085 | 2,680 | 13,202 | 7,832 | ||||||
Total Non-Deposit Funding | 14,364 | 19,803 | 24,325 | 30,882 | 16,434 | 89,374 | 36,755 | ||||||
Total Interest-Bearing Funding | $ 126,113 | $ 122,802 | $ 112,412 | $ 84,064 | $ 49,505 | $ 445,391 | $ 92,860 | ||||||
Net Interest Income (TE) | $ 207,048 | $ 208,701 | $ 210,488 | $ 212,587 | $ 225,092 | $ 838,824 | $ 804,895 | ||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Yields(1) | Table 8 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||
Earning Assets | |||||||||||||
Federal funds sold | - % | - % | - % | - % | 3.43 % | - % | 0.71 % | ||||||
Interest-bearing deposits in banks | 6.09 % | 4.94 % | 5.50 % | 4.30 % | 3.92 % | 5.24 % | 1.15 % | ||||||
Debt securities - taxable | 3.70 % | 3.78 % | 4.03 % | 3.66 % | 3.56 % | 3.79 % | 3.25 % | ||||||
Debt securities - nontaxable (TE) | 4.07 % | 4.06 % | 4.05 % | 4.04 % | 4.06 % | 4.05 % | 3.74 % | ||||||
Loans held for sale | 6.71 % | 6.37 % | 5.83 % | 5.80 % | 5.89 % | 6.14 % | 4.13 % | ||||||
Loans (TE) | 5.83 % | 5.81 % | 5.66 % | 5.44 % | 5.07 % | 5.69 % | 4.62 % | ||||||
Total Earning Assets | 5.69 % | 5.62 % | 5.52 % | 5.25 % | 4.91 % | 5.52 % | 4.19 % | ||||||
Interest-Bearing Deposits | |||||||||||||
NOW accounts | 2.04 % | 1.87 % | 1.83 % | 1.47 % | 0.94 % | 1.79 % | 0.39 % | ||||||
MMDA | 3.57 % | 3.28 % | 2.82 % | 2.26 % | 1.59 % | 3.02 % | 0.65 % | ||||||
Savings accounts | 0.47 % | 0.78 % | 0.91 % | 0.52 % | 0.26 % | 0.68 % | 0.13 % | ||||||
Retail CDs | 3.87 % | 3.43 % | 2.92 % | 1.92 % | 0.87 % | 3.13 % | 0.46 % | ||||||
Brokered CDs | 5.38 % | 5.30 % | 5.13 % | 4.61 % | - % | 5.24 % | - % | ||||||
Total Interest-Bearing Deposits | 3.17 % | 2.97 % | 2.64 % | 1.82 % | 1.17 % | 2.69 % | 0.49 % | ||||||
Non-Deposit Funding | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | - % | - % | - % | - % | - % | - % | 0.27 % | ||||||
FHLB advances | 5.23 % | 5.27 % | 4.90 % | 4.62 % | 3.80 % | 4.90 % | 3.48 % | ||||||
Other borrowings | 4.84 % | 4.85 % | 4.94 % | 6.00 % | 5.21 % | 5.19 % | 4.88 % | ||||||
Subordinated deferrable interest debentures | 10.61 % | 10.53 % | 9.95 % | 9.73 % | 8.30 % | 10.21 % | 6.15 % | ||||||
Total Non-Deposit Funding | 5.82 % | 5.67 % | 5.26 % | 5.09 % | 4.58 % | 5.37 % | 4.59 % | ||||||
Total Interest-Bearing Liabilities | 3.35 % | 3.22 % | 2.96 % | 2.38 % | 1.55 % | 2.99 % | 0.76 % | ||||||
Net Interest Spread | 2.34 % | 2.40 % | 2.56 % | 2.87 % | 3.36 % | 2.53 % | 3.43 % | ||||||
Net Interest Margin(2) | 3.54 % | 3.54 % | 3.60 % | 3.76 % | 4.03 % | 3.61 % | 3.76 % | ||||||
Total Cost of Funds(3) | 2.32 % | 2.24 % | 2.05 % | 1.59 % | 0.94 % | 2.05 % | 0.46 % | ||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. | |||||||||||||
(2) Rate calculated based on average earning assets. | |||||||||||||
(3) Rate calculated based on total average funding including noninterest-bearing deposits. | |||||||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Non-GAAP Reconciliations | |||||||||||||
Adjusted Net Income | Table 9A | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands except per share data) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Net income available to common shareholders | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | $ 82,221 | $ 269,105 | $ 346,540 | ||||||
Adjustment items: | |||||||||||||
Merger and conversion charges | - | - | - | - | 235 | - | 1,212 | ||||||
Gain on sale of MSR | - | - | - | - | (1,672) | - | (1,356) | ||||||
Servicing right impairment (recovery) | - | - | - | - | - | - | (21,824) | ||||||
Gain on BOLI proceeds | - | - | - | (486) | - | (486) | (55) | ||||||
FDIC special assessment | 11,566 | - | - | - | - | 11,566 | - | ||||||
Natural disaster expenses | - | - | - | - | - | - | 151 | ||||||
(Gain) loss on bank premises | (1,903) | - | - | - | - | (1,903) | (45) | ||||||
Tax effect of adjustment items (Note 1) | (2,029) | - | - | - | 302 | (2,029) | 4,792 | ||||||
After tax adjustment items | 7,634 | - | - | (486) | (1,135) | 7,148 | (17,125) | ||||||
Adjusted net income | $ 73,568 | $ 80,115 | $ 62,635 | $ 59,935 | $ 81,086 | $ 276,253 | $ 329,415 | ||||||
Weighted average number of shares - diluted | 69,014,793 | 68,994,247 | 69,034,763 | 69,322,664 | 69,395,224 | 69,104,158 | 69,419,721 | ||||||
Net income per diluted share | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | $ 1.18 | $ 3.89 | $ 4.99 | ||||||
Adjusted net income per diluted share | $ 1.07 | $ 1.16 | $ 0.91 | $ 0.86 | $ 1.17 | $ 4.00 | $ 4.75 | ||||||
Average assets | $ 25,341,990 | $ 25,525,913 | $ 25,631,846 | $ 25,115,927 | $ 24,354,979 | $ 25,404,873 | $ 23,644,754 | ||||||
Return on average assets | 1.03 % | 1.25 % | 0.98 % | 0.98 % | 1.34 % | 1.06 % | 1.47 % | ||||||
Adjusted return on average assets | 1.15 % | 1.25 % | 0.98 % | 0.97 % | 1.32 % | 1.09 % | 1.39 % | ||||||
Average common equity | $ 3,383,554 | $ 3,324,960 | $ 3,293,049 | $ 3,250,289 | $ 3,168,320 | $ 3,313,361 | $ 3,083,081 | ||||||
Average tangible common equity | $ 2,277,810 | $ 2,214,775 | $ 2,178,323 | $ 2,130,856 | $ 2,039,094 | $ 2,200,883 | $ 1,947,222 | ||||||
Return on average common equity | 7.73 % | 9.56 % | 7.63 % | 7.54 % | 10.30 % | 8.12 % | 11.24 % | ||||||
Adjusted return on average tangible common equity | 12.81 % | 14.35 % | 11.53 % | 11.41 % | 15.78 % | 12.55 % | 16.92 % | ||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the twelve months ended December 2022 are nondeductible for tax purposes. | |||||||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Non-GAAP Reconciliations (continued) | |||||||||||||
Adjusted Efficiency Ratio (TE) | Table 9B | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Adjusted Noninterest Expense | |||||||||||||
Total noninterest expense | $ 149,011 | $ 141,446 | $ 148.403 | $ 139,421 | $ 135,061 | $ 578,281 | $ 560,655 | ||||||
Adjustment items: | |||||||||||||
Merger and conversion charges | - | - | - | - | (235) | - | (1,212) | ||||||
FDIC special assessment | (11,566) | - | - | - | - | (11,566) | - | ||||||
Natural disaster expenses | - | - | - | - | - | - | (151) | ||||||
Gain (loss) on bank premises | 1,903 | - | - | - | - | 1,903 | 45 | ||||||
Adjusted noninterest expense | $ 139,348 | $ 141,446 | $ 148.403 | $ 139,421 | $ 134,826 | $ 568,618 | $ 559,337 | ||||||
Total Revenue | |||||||||||||
Net interest income | $ 206,101 | $ 207,751 | $ 209,540 | $ 211,652 | $ 224,137 | $ 835,044 | $ 801,026 | ||||||
Noninterest income | 56,248 | 63,181 | 67,349 | 56,050 | 48,348 | 242,828 | 284,424 | ||||||
Total revenue | $ 262,349 | $ 270,932 | $ 276,889 | $ 267,702 | $ 272,485 | $ 1,077,872 | $ 1,085,450 | ||||||
Adjusted Total Revenue | |||||||||||||
Net interest income (TE) | $ 207,048 | $ 208,701 | $ 210,488 | $ 212,587 | $ 225,092 | $ 838,824 | $ 804,895 | ||||||
Noninterest income | 56,248 | 63,181 | 67,349 | 56,050 | 48,348 | 242,828 | 284,424 | ||||||
Total revenue (TE) | 263,296 | 271,882 | 277,837 | 268,637 | 273,440 | 1,081,652 | 1,089,319 | ||||||
Adjustment items: | |||||||||||||
(Gain) loss on securities | 288 | 16 | 6 | (6) | (3) | 304 | (203) | ||||||
Gain on sale of MSR | - | - | - | - | (1,672) | - | (1,356) | ||||||
Gain on BOLI proceeds | - | - | - | (486) | - | (486) | (55) | ||||||
Servicing right impairment (recovery) | - | - | - | - | - | - | (21,824) | ||||||
Adjusted total revenue (TE) | $ 263,584 | $ 271,898 | $ 277,843 | $ 268,145 | $ 271,765 | $ 1,081,470 | $ 1,065,881 | ||||||
Efficiency ratio | 56.80 % | 52.21 % | 53.60 % | 52.08 % | 49.57 % | 53.65 % | 51.65 % | ||||||
Adjusted efficiency ratio (TE) | 52.87 % | 52.02 % | 53.41 % | 51.99 % | 49.61 % | 52.58 % | 52.48 % | ||||||
Tangible Book Value Per Share | Table 9C | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands except per share data) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Total shareholders' equity | $ 3,426,747 | $ 3,347,069 | $ 3,284,630 | $ 3,253,195 | $ 3,197,400 | $ 3,426,747 | $ 3,197,400 | ||||||
Less: | |||||||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||||
Other intangibles, net | 87,949 | 92,375 | 96,800 | 101,488 | 106,194 | 87,949 | 106,194 | ||||||
Total tangible shareholders' equity | $ 2,323,152 | $ 2,239,048 | $ 2,172,184 | $ 2,136,061 | $ 2,075,560 | $ 2,323,152 | $ 2,075,560 | ||||||
Period end number of shares | 69,053,341 | 69,138,461 | 69,139,783 | 69,373,863 | 69,369,050 | 69,053,341 | 69,369,050 | ||||||
Book value per share (period end) | $ 49.62 | $ 48.41 | $ 47.51 | $ 46.89 | $ 46.09 | $ 49.62 | $ 46.09 | ||||||
Tangible book value per share (period end) | $ 33.64 | $ 32.38 | $ 31.42 | $ 30.79 | $ 29.92 | $ 33.64 | $ 29.92 | ||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Non-GAAP Reconciliations (continued) | |||||||||||||
Tangible Common Equity to Tangible Assets | Table 9D | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands except per share data) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Total shareholders' equity | $ 3,426,747 | $ 3,347,069 | $ 3,284,630 | $ 3,253,195 | $ 3,197,400 | $ 3,426,747 | $ 3,197,400 | ||||||
Less: | |||||||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||||
Other intangibles, net | 87,949 | 92,375 | 96,800 | 101,488 | 106,194 | 87,949 | 106,194 | ||||||
Total tangible shareholders' equity | $ 2,323,152 | $ 2,239,048 | $ 2,172,184 | $ 2,136,061 | $ 2,075,560 | $ 2,323,152 | $ 2,075,560 | ||||||
Total assets | $ 25,203,699 | $ 25,697,830 | $ 25,800,618 | $ 26,088,384 | $ 25,053,286 | $ 25,203,699 | $ 25,053,286 | ||||||
Less: | |||||||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||||
Other intangibles, net | 87,949 | 92,375 | 96,800 | 101,488 | 106,194 | 87,949 | 106,194 | ||||||
Total tangible assets | $ 24,100,104 | $ 24,589,809 | $ 24,688,172 | $ 24,971,250 | $ 23,931,446 | $ 24,100,104 | $ 23,931,446 | ||||||
Equity to Assets | 13.60 % | 13.02 % | 12.73 % | 12.47 % | 12.76 % | 13.60 % | 12.76 % | ||||||
Tangible Common Equity to Tangible Assets | 9.64 % | 9.11 % | 8.80 % | 8.55 % | 8.67 % | 9.64 % | 8.67 % | ||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Segment Reporting | Table 10 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
Banking Division | |||||||||||||
Net interest income | $ 166,114 | $ 167,595 | $ 171,441 | $ 175,328 | $ 185,909 | $ 680,478 | $ 646,283 | ||||||
Provision for credit losses | 21,194 | 20,833 | 40,831 | 47,140 | 35,946 | 129,998 | 61,898 | ||||||
Noninterest income | 24,069 | 26,245 | 24,652 | 23,898 | 23,448 | 98,864 | 91,550 | ||||||
Noninterest expense | |||||||||||||
Salaries and employee benefits | 55,687 | 56,226 | 55,196 | 56,442 | 52,296 | 223,551 | 196,823 | ||||||
Occupancy and equipment expenses | 11,865 | 11,437 | 11,175 | 11,606 | 11,482 | 46,083 | 45,081 | ||||||
Data processing and telecommunications expenses | 12,540 | 11,786 | 11,898 | 11,797 | 11,085 | 48,021 | 43,957 | ||||||
Other noninterest expenses | 33,089 | 20,274 | 27,643 | 19,023 | 21,811 | 100,029 | 85,953 | ||||||
Total noninterest expense | 113,181 | 99,723 | 105,912 | 98,868 | 96,674 | 417,684 | 371,814 | ||||||
Income before income tax expense | 55,808 | 73,284 | 49,350 | 53,218 | 76,737 | 231,660 | 304,121 | ||||||
Income tax expense | 17,206 | 18,283 | 13,312 | 12,848 | 16,545 | 61,649 | 75,367 | ||||||
Net income | $ 38,602 | $ 55,001 | $ 36,038 | $ 40,370 | $ 60,192 | $ 170,011 | $ 228,754 | ||||||
Retail Mortgage Division | |||||||||||||
Net interest income | $ 24,053 | $ 22,805 | $ 21,417 | $ 20,027 | $ 19,837 | $ 88,302 | $ 79,194 | ||||||
Provision for credit losses | 1,005 | 2,399 | 3,278 | 2,853 | (2,778) | 9,535 | 12,351 | ||||||
Noninterest income | 30,588 | 35,691 | 39,808 | 31,058 | 24,011 | 137,145 | 182,039 | ||||||
Noninterest expense | |||||||||||||
Salaries and employee benefits | 16,996 | 21,231 | 21,930 | 20,160 | 19,164 | 80,317 | 107,810 | ||||||
Occupancy and equipment expenses | 1,210 | 1,182 | 1,224 | 1,283 | 1,242 | 4,899 | 5,579 | ||||||
Data processing and telecommunications expenses | 1,318 | 1,052 | 1,397 | 1,069 | 1,203 | 4,836 | 4,580 | ||||||
Other noninterest expenses | 11,634 | 12,153 | 11,859 | 11,747 | 11,126 | 47,393 | 48,224 | ||||||
Total noninterest expense | 31,158 | 35,618 | 36,410 | 34,259 | 32,735 | 137,445 | 166,193 | ||||||
Income before income tax expense | 22,478 | 20,479 | 21,537 | 13,973 | 13,891 | 78,467 | 82,689 | ||||||
Income tax expense | 4,720 | 4,301 | 4,523 | 2,934 | 2,916 | 16,478 | 17,364 | ||||||
Net income | $ 17,758 | $ 16,178 | $ 17,014 | $ 11,039 | $ 10,975 | $ 61,989 | $ 65,325 | ||||||
Warehouse Lending Division | |||||||||||||
Net interest income | $ 5,965 | $ 6,008 | $ 6,166 | $ 5,700 | $ 6,601 | $ 23,839 | $ 26,727 | ||||||
Provision for credit losses | (68) | (589) | 411 | (194) | 117 | (440) | (1,074) | ||||||
Noninterest income | 929 | 662 | 1,404 | 480 | 579 | 3,475 | 4,537 | ||||||
Noninterest expense | |||||||||||||
Salaries and employee benefits | 296 | 924 | 772 | 802 | 427 | 2,794 | 1,973 | ||||||
Occupancy and equipment expenses | 3 | 1 | - | 1 | 1 | 5 | 4 | ||||||
Data processing and telecommunications expenses | 51 | 30 | 44 | 46 | 49 | 171 | 187 | ||||||
Other noninterest expenses | 229 | 219 | 223 | 202 | 191 | 873 | 830 | ||||||
Total noninterest expense | 579 | 1,174 | 1,039 | 1,051 | 668 | 3,843 | 2,994 | ||||||
Income before income tax expense | 6,383 | 6,085 | 6,120 | 5,323 | 6,395 | 23,911 | 29,344 | ||||||
Income tax expense | 1,340 | 1,278 | 1,285 | 1,118 | 1,342 | 5,021 | 6,162 | ||||||
Net income | $ 5,043 | $ 4,807 | $ 4,835 | $ 4,205 | $ 5,053 | $ 18,890 | $ 23,182 | ||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||
FINANCIAL TABLES | |||||||||||||
Segment Reporting (continued) | Table 10 | ||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec | Sep | Jun | Mar | Dec | Dec | Dec | |||||||
(dollars in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||
SBA Division | |||||||||||||
Net interest income | $ 2,168 | $ 1,962 | $ 2,331 | $ 1,957 | $ 2,491 | $ 8,418 | $ 14,724 | ||||||
Provision for credit losses | 794 | 1,677 | 424 | (104) | 265 | 2,791 | (349) | ||||||
Noninterest income | 653 | 579 | 1,476 | 605 | 302 | 3,313 | 6,265 | ||||||
Noninterest expense | |||||||||||||
Salaries and employee benefits | 1,014 | 1,209 | 1,316 | 1,309 | 1,306 | 4,848 | 5,305 | ||||||
Occupancy and equipment expenses | 36 | 36 | 40 | 37 | 98 | 149 | 360 | ||||||
Data processing and telecommunications expenses | 19 | 32 | 46 | 37 | 30 | 134 | 116 | ||||||
Other noninterest expenses | (189) | 157 | 333 | 422 | 368 | 723 | 1,387 | ||||||
Total noninterest expense | 880 | 1,434 | 1,735 | 1,805 | 1,802 | 5,854 | 7,168 | ||||||
Income before income tax expense | 1,147 | (570) | 1,648 | 861 | 726 | 3,086 | 14,170 | ||||||
Income tax expense | 241 | (120) | 346 | 181 | 153 | 648 | 2,976 | ||||||
Net income | $ 906 | $ (450) | $ 1,302 | $ 680 | $ 573 | $ 2,438 | $ 11,194 | ||||||
Premium Finance Division | |||||||||||||
Net interest income | $ 7,801 | $ 9,381 | $ 8,185 | $ 8,640 | $ 9,299 | $ 34,007 | $ 34,098 | ||||||
Provision for credit losses | 27 | 139 | 572 | 34 | (660) | 772 | (1,129) | ||||||
Noninterest income | 9 | 4 | 9 | 9 | 8 | 31 | 33 | ||||||
Noninterest expense | |||||||||||||
Salaries and employee benefits | 1,973 | 2,308 | 2,122 | 2,197 | 2,003 | 8,600 | 7,808 | ||||||
Occupancy and equipment expenses | 83 | 89 | 83 | 59 | 82 | 314 | 337 | ||||||
Data processing and telecommunications expenses | 100 | 73 | 66 | 85 | 119 | 324 | 388 | ||||||
Other noninterest expenses | 1,057 | 1,027 | 1,036 | 1,097 | 978 | 4,217 | 3,953 | ||||||
Total noninterest expense | 3,213 | 3,497 | 3,307 | 3,438 | 3,182 | 13,455 | 12,486 | ||||||
Income before income tax expense | 4,570 | 5,749 | 4,315 | 5,177 | 6,785 | 19,811 | 22,774 | ||||||
Income tax expense | 945 | 1,170 | 869 | 1,050 | 1,357 | 4,034 | 4,689 | ||||||
Net income | $ 3,625 | $ 4,579 | $ 3,446 | $ 4,127 | $ 5,428 | $ 15,777 | $ 18,085 | ||||||
Total Consolidated | |||||||||||||
Net interest income | $ 206,101 | $ 207,751 | $ 209,540 | $ 211,652 | $ 224,137 | $ 835,044 | $ 801,026 | ||||||
Provision for credit losses | 22,952 | 24,459 | 45,516 | 49,729 | 32,890 | 142,656 | 71,697 | ||||||
Noninterest income | 56,248 | 63,181 | 67,349 | 56,050 | 48,348 | 242,828 | 284,424 | ||||||
Noninterest expense | |||||||||||||
Salaries and employee benefits | 75,966 | 81,898 | 81,336 | 80,910 | 75,196 | 320,110 | 319,719 | ||||||
Occupancy and equipment expenses | 13,197 | 12,745 | 12,522 | 12,986 | 12,905 | 51,450 | 51,361 | ||||||
Data processing and telecommunications expenses | 14,028 | 12,973 | 13,451 | 13,034 | 12,486 | 53,486 | 49,228 | ||||||
Other noninterest expenses | 45,820 | 33,830 | 41,094 | 32,491 | 34,474 | 153,235 | 140,347 | ||||||
Total noninterest expense | 149,011 | 141,446 | 148,403 | 139,421 | 135,061 | 578,281 | 560,655 | ||||||
Income before income tax expense | 90,386 | 105,027 | 82,970 | 78,552 | 104,534 | 356,935 | 453,098 | ||||||
Income tax expense | 24,452 | 24,912 | 20,335 | 18,131 | 22,313 | 87,830 | 106,558 | ||||||
Net income | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | $ 82,221 | $ 269,105 | $ 346,540 | ||||||
SOURCE Ameris Bancorp
