Ameris Bancorp Announces Financial Results For Second Quarter 2021
07/22/2021 - 04:05 PM
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.
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
$
117,783
Asset Quality Ratios
Non-performing assets as a percent of total assets
0.32
%
0.40
%
0.48
%
0.82
%
0.59
%
0.32
%
0.59
%
Net charge-offs as a percent of average loans (annualized)
0.07
%
0.12
%
0.70
%
0.10
%
0.27
%
0.10
%
0.20
%
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information
Table 5
Jun
Mar
Dec
Sep
Jun
(dollars in thousands)
2021
2021
2020
2020
2020
Loans by Type
Commercial, financial and agricultural
$
1,406,421
$
1,611,029
$
1,627,477
$
1,879,788
$
1,839,921
Consumer installment
229,411
257,097
306,995
450,810
575,782
Indirect automobile
397,373
482,637
580,083
682,396
739,543
Mortgage warehouse
841,347
880,216
916,353
995,942
748,853
Municipal
647,578
659,228
659,403
725,669
731,508
Premium Finance
780,328
706,379
687,841
710,890
690,584
Real estate - construction and development
1,527,883
1,533,234
1,606,710
1,628,255
1,641,744
Real estate - commercial and farmland
6,051,472
5,616,826
5,300,006
5,116,252
4,804,420
Real estate - residential
2,898,978
2,853,159
2,796,057
2,753,591
2,730,802
Total loans
$
14,780,791
$
14,599,805
$
14,480,925
$
14,943,593
$
14,503,157
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural
$
1,038
$
930
$
521
$
459
$
592
Consumer installment
28
27
32
36
42
Indirect automobile
1,647
1,931
2,277
2,689
—
Real estate - construction and development
898
501
506
510
919
Real estate - commercial and farmland
46,025
43,398
36,707
73,763
5,252
Real estate - residential
31,570
33,324
38,800
28,777
29,935
Total accruing troubled debt restructurings
$
81,206
$
80,111
$
78,843
$
106,234
$
36,740
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural
$
805
$
854
$
849
$
1,002
$
1,034
Consumer installment
43
53
56
64
67
Indirect automobile
301
321
461
482
—
Real estate - construction and development
301
706
707
709
307
Real estate - commercial and farmland
7,103
2,233
1,401
19,942
1,878
Real estate - residential
2,515
2,818
2,671
4,477
2,231
Total nonaccrual troubled debt restructurings
$
11,068
$
6,985
$
6,145
$
26,676
$
5,517
Total troubled debt restructurings
$
92,274
$
87,096
$
84,988
$
132,910
$
42,257
Loans by Risk Grade
Grade 1 - Prime credit
$
1,147,589
$
1,381,205
$
1,368,661
$
1,845,900
$
1,789,709
Grade 2 - Strong credit
1,002,463
893,387
869,581
838,267
801,273
Grade 3 - Good credit
6,891,556
6,805,583
6,624,154
6,189,269
5,784,754
Grade 4 - Satisfactory credit
4,657,358
4,507,148
4,794,672
4,989,617
5,643,133
Grade 5 - Fair credit
778,939
616,896
452,350
643,502
212,667
Grade 6 - Other assets especially mentioned
100,750
135,213
108,541
151,501
108,704
Grade 7 - Substandard
202,134
260,369
262,947
285,537
162,917
Grade 8 - Doubtful
—
—
19
—
—
Grade 9 - Loss
2
4
—
—
—
Total loans
$
14,780,791
$
14,599,805
$
14,480,925
$
14,943,593
$
14,503,157
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances
Table 6
Three Months Ended
Six Months Ended
Jun
Mar
Dec
Sep
Jun
Jun
Jun
(dollars in thousands)
2021
2021
2020
2020
2020
2021
2020
Earning Assets
Federal funds sold
$
20,000
$
20,000
$
20,000
$
20,004
$
24,265
$
20,000
$
25,822
Interest-bearing deposits in banks
2,461,092
2,145,403
879,481
467,188
398,284
2,304,119
408,772
Time deposits in other banks
244
249
249
249
249
246
249
Investment securities - taxable
811,234
910,834
1,024,335
1,160,585
1,281,980
860,759
1,320,815
Investment securities - nontaxable
18,225
19,225
20,112
21,619
21,576
18,722
22,208
Other investments
27,620
27,516
31,552
64,656
79,143
27,568
76,557
Loans held for sale
1,705,167
1,284,821
1,281,762
1,507,481
1,614,080
1,496,155
1,600,606
Loans
14,549,104
14,453,975
14,752,664
14,688,317
13,915,406
14,501,802
13,308,960
Total Earning Assets
$
19,592,686
$
18,862,023
$
18,010,155
$
17,930,099
$
17,334,983
$
19,229,371
$
16,763,989
Deposits
Noninterest-bearing deposits
$
6,874,471
$
6,412,268
$
5,970,672
$
5,782,163
$
5,061,578
$
6,644,646
$
4,571,249
NOW accounts
3,314,334
3,182,245
2,968,596
2,718,315
2,441,305
3,248,655
2,364,626
MMDA
4,872,500
4,761,279
4,534,243
4,273,899
4,221,906
4,817,197
4,113,275
Savings accounts
876,887
823,039
793,414
749,314
692,382
850,112
667,902
Retail CDs
2,005,265
2,066,410
2,109,600
2,274,150
2,471,134
2,035,668
2,547,671
Brokered CDs
1,000
1,000
1,140
1,933
2,043
1,000
31,617
Total Deposits
17,944,457
17,246,241
16,377,665
15,799,774
14,890,348
17,597,278
14,296,340
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase
6,883
9,284
9,929
10,483
12,452
8,077
14,045
FHLB advances
48,910
48,951
127,797
799,034
1,212,537
48,931
1,239,920
Other borrowings
376,376
376,260
376,295
272,443
269,300
376,318
269,377
Subordinated deferrable interest debentures
125,068
124,574
124,091
123,604
123,120
124,823
125,426
Total Non-Deposit Funding
557,237
559,069
638,112
1,205,564
1,617,409
558,149
1,648,768
Total Funding
$
18,501,694
$
17,805,310
$
17,015,777
$
17,005,338
$
16,507,757
$
18,155,427
$
15,945,108
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)
Table 7
Three Months Ended
Six Months Ended
Jun
Mar
Dec
Sep
Jun
Jun
Jun
(dollars in thousands)
2021
2021
2020
2020
2020
2021
2020
Interest Income
Federal funds sold
$
12
$
12
$
13
$
13
$
45
$
24
$
121
Interest-bearing deposits in banks
594
521
251
152
122
1,115
1,332
Time deposits in other banks
1
1
1
1
1
2
2
Investment securities - taxable
5,244
6,118
6,398
7,260
9,346
11,362
19,428
Investment securities - nontaxable (TE)
176
178
190
202
198
354
397
Loans held for sale
11,773
10,827
9,705
10,365
14,053
22,600
27,690
Loans (TE)
157,112
161,473
163,532
163,352
162,617
318,585
321,253
Total Earning Assets
$
174,912
$
179,130
$
180,090
$
181,345
$
186,382
$
354,042
$
370,223
Accretion income (included above)
$
4,462
$
6,127
$
4,688
$
6,525
$
9,576
$
10,589
$
16,138
Interest Expense
Interest-Bearing Deposits
NOW accounts
$
816
$
926
$
1,091
$
1,394
$
1,265
$
1,742
$
4,039
MMDA
1,908
1,998
2,326
2,823
3,764
3,906
13,512
Savings accounts
122
124
143
112
94
246
304
Retail CDs
2,921
3,744
5,301
7,484
9,136
6,665
20,200
Brokered CDs
8
6
9
9
14
14
320
Total Interest-Bearing Deposits
5,775
6,798
8,870
11,822
14,273
12,573
38,375
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase
5
7
8
9
25
12
65
FHLB advances
193
192
245
661
1,686
385
6,795
Other borrowings
4,683
4,638
4,635
3,558
3,487
9,321
6,998
Subordinated deferrable interest debentures
1,243
1,338
1,569
1,346
1,733
2,581
3,794
Total Non-Deposit Funding
6,124
6,175
6,457
5,574
6,931
12,299
17,652
Total Interest-Bearing Funding
$
11,899
$
12,973
$
15,327
$
17,396
$
21,204
$
24,872
$
56,027
Net Interest Income (TE)
$
163,013
$
166,157
$
164,763
$
163,949
$
165,178
$
329,170
$
314,196
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months Ended
Six Months Ended
Jun
Mar
Dec
Sep
Jun
Jun
Jun
2021
2021
2020
2020
2020
2021
2020
Earning Assets
Federal funds sold
0.24
%
0.24
%
0.26
%
0.26
%
0.75
%
0.24
%
0.94
%
Interest-bearing deposits in banks
0.10
%
0.10
%
0.11
%
0.13
%
0.12
%
0.10
%
0.66
%
Time deposits in other banks
1.64
%
1.63
%
1.60
%
1.60
%
1.62
%
1.64
%
1.62
%
Investment securities - taxable
2.59
%
2.72
%
2.48
%
2.49
%
2.93
%
2.66
%
2.96
%
Investment securities - nontaxable (TE)
3.87
%
3.75
%
3.76
%
3.72
%
3.69
%
3.81
%
3.59
%
Loans held for sale
2.77
%
3.42
%
3.01
%
2.74
%
3.50
%
3.05
%
3.48
%
Loans (TE)
4.33
%
4.53
%
4.41
%
4.42
%
4.70
%
4.43
%
4.85
%
Total Earning Assets
3.58
%
3.85
%
3.98
%
4.02
%
4.32
%
3.71
%
4.44
%
Interest-Bearing Deposits
NOW accounts
0.10
%
0.12
%
0.15
%
0.20
%
0.21
%
0.11
%
0.34
%
MMDA
0.16
%
0.17
%
0.20
%
0.26
%
0.36
%
0.16
%
0.66
%
Savings accounts
0.06
%
0.06
%
0.07
%
0.06
%
0.05
%
0.06
%
0.09
%
Retail CDs
0.58
%
0.73
%
1.00
%
1.31
%
1.49
%
0.66
%
1.59
%
Brokered CDs
3.21
%
2.43
%
3.14
%
1.85
%
2.76
%
2.82
%
2.04
%
Total Interest-Bearing Deposits
0.21
%
0.25
%
0.34
%
0.47
%
0.58
%
0.23
%
0.79
%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase
0.29
%
0.31
%
0.32
%
0.34
%
0.81
%
0.30
%
0.93
%
FHLB advances
1.58
%
1.59
%
0.76
%
0.33
%
0.56
%
1.59
%
1.10
%
Other borrowings
4.99
%
5.00
%
4.90
%
5.20
%
5.21
%
4.99
%
5.22
%
Subordinated deferrable interest debentures
3.99
%
4.36
%
5.03
%
4.33
%
5.66
%
4.17
%
6.08
%
Total Non-Deposit Funding
4.41
%
4.48
%
4.03
%
1.84
%
1.72
%
4.44
%
2.15
%
Total Interest-Bearing Liabilities
0.41
%
0.46
%
0.55
%
0.62
%
0.75
%
0.44
%
0.99
%
Net Interest Spread
3.17
%
3.39
%
3.43
%
3.40
%
3.57
%
3.27
%
3.45
%
Net Interest Margin(2)
3.34
%
3.57
%
3.64
%
3.64
%
3.83
%
3.45
%
3.77
%
Total Cost of Funds(3)
0.26
%
0.30
%
0.36
%
0.41
%
0.52
%
0.28
%
0.71
%
(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
Six Months Ended
Jun
Mar
Dec
Sep
Jun
Jun
Jun
(dollars in thousands except per share data)
2021
2021
2020
2020
2020
2021
2020
Net income available to common shareholders
$
88,327
$
124,962
$
94,285
$
116,145
$
32,236
$
213,289
$
51,558
Adjustment items:
Merger and conversion charges
—
—
—
(44)
895
—
1,435
Restructuring charges
—
—
—
50
1,463
—
1,463
Servicing right impairment (recovery)
(749)
(10,639)
9,501
412
7,989
(11,388)
30,154
Gain on BOLI proceeds
—
(603)
—
(103)
(845)
(603)
(845)
Expenses related to SEC and DOJ Investigation
—
—
53
268
1,294
—
2,737
Natural disaster and pandemic charges (Note 1)
—
—
235
470
2,043
—
2,591
(Gain) loss on sale of premises
(236)
(264)
(30)
(97)
281
(500)
751
Tax effect of adjustment items (Note 2)
206
2,290
(2,049)
(222)
(2,933)
2,496
(8,216)
After tax adjustment items
(779)
(9,216)
7,710
734
10,187
(9,995)
30,070
Adjusted net income
$
87,548
$
115,746
$
101,995
$
116,879
$
42,423
$
203,294
$
81,628
Weighted average number of shares - diluted
69,791,670
69,740,860
69,493,105
69,346,141
69,292,972
69,764,923
69,413,027
Net income per diluted share
$
1.27
$
1.79
$
1.36
$
1.67
$
0.47
$
3.06
$
0.74
Adjusted net income per diluted share
$
1.25
$
1.66
$
1.47
$
1.69
$
0.61
$
2.91
$
1.18
Average assets
$
21,538,894
$
20,734,414
$
19,876,338
$
19,810,084
$
19,222,181
$
21,144,751
$
18,649,746
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
%
Average common equity
$
2,798,269
$
2,695,005
$
2,622,942
$
2,529,471
$
2,478,373
$
2,746,922
$
2,486,140
Average tangible common equity
$
1,804,324
$
1,696,946
$
1,620,742
$
1,523,066
$
1,462,871
$
1,750,931
$
1,468,135
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
%
Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.
Note 2: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for 2Q20 and year-to-date 2020 periods are nondeductible for tax purposes.
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE)
Table 9B
Three Months Ended
Six Months Ended
Jun
Mar
Dec
Sep
Jun
Jun
Jun
(dollars in thousands)
2021
2021
2020
2020
2020
2021
2020
Adjusted Noninterest Expense
Total noninterest expense
$
135,761
$
148,798
$
151,116
$
153,692
$
155,768
$
284,559
$
293,821
Adjustment items:
Merger and conversion charges
—
—
—
44
(895)
—
(1,435)
Restructuring charges
—
—
—
(50)
(1,463)
—
(1,463)
Expenses related to SEC and DOJ Investigation
—
—
(53)
(268)
(1,294)
—
(2,737)
Natural disaster and pandemic charges
—
—
(235)
(470)
(2,043)
—
(2,591)
Gain (loss) on sale of premises
236
264
30
97
(281)
500
(751)
Adjusted noninterest expense
$
135,997
$
149,062
$
150,858
$
153,045
$
149,792
$
285,059
$
284,844
Total Revenue
Net interest income
$
161,852
$
164,977
$
163,456
$
162,538
$
163,814
$
326,829
$
311,759
Noninterest income
89,240
117,973
112,143
159,018
120,960
207,213
175,339
Total revenue
$
251,092
$
282,950
$
275,599
$
321,556
$
284,774
$
534,042
$
487,098
Adjusted Total Revenue
Net interest income (TE)
$
163,013
$
166,157
$
164,763
$
163,949
$
165,178
$
329,170
$
314,196
Noninterest income
89,240
117,973
112,143
159,018
120,960
207,213
175,339
Total revenue (TE)
252,253
284,130
276,906
322,967
286,138
536,383
489,535
Adjustment items:
(Gain) loss on securities
(1)
12
—
—
(14)
11
(5)
Gain on BOLI proceeds
—
(603)
—
(103)
(845)
(603)
(845)
Servicing right impairment (recovery)
(749)
(10,639)
9,501
412
7,989
(11,388)
30,154
Adjusted total revenue (TE)
$
251,503
$
272,900
$
286,407
$
323,276
$
293,268
$
524,403
$
518,839
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
%
Tangible Book Value Per Share
Table 9C
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
Total shareholders' equity
$
2,837,004
$
2,757,596
$
2,647,088
$
2,564,683
$
2,460,130
$
2,837,004
$
2,460,130
Less:
Goodwill
928,005
928,005
928,005
928,005
928,005
928,005
928,005
Other intangibles, net
63,783
67,848
71,974
76,164
80,354
63,783
80,354
Total tangible shareholders' equity
$
1,845,216
$
1,761,743
$
1,647,109
$
1,560,514
$
1,451,771
$
1,845,216
$
1,451,771
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
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
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting
Table 10
Three Months Ended
Six Months Ended
Jun
Mar
Dec
Sep
Jun
Jun
Jun
(dollars in thousands)
2021
2021
2020
2020
2020
2021
2020
Banking Division
Net interest income
$
110,670
$
112,816
$
112,964
$
119,562
$
120,330
$
223,486
$
238,705
Provision for credit losses
(3,949)
(23,904)
1,847
487
86,805
(27,853)
122,802
Noninterest income
16,171
16,738
15,659
15,265
14,468
32,909
32,241
Noninterest expense
Salaries and employee benefits
37,814
42,723
38,668
39,718
40,423
80,537
82,044
Occupancy and equipment expenses
9,050
10,120
10,958
11,955
11,679
19,170
22,026
Data processing and telecommunications expenses
10,280
10,201
9,608
9,716
8,919
20,481
19,716
Other noninterest expenses
18,763
19,710
25,806
21,517
27,997
38,473
58,642
Total noninterest expense
75,907
82,754
85,040
82,906
89,018
158,661
182,428
Income (loss) before income tax expense
54,883
70,704
41,736
51,434
(41,025)
125,587
(34,284)
Income tax expense (benefit)
14,196
18,456
13,992
13,453
(8,582)
32,652
(8,307)
Net income (loss)
$
40,687
$
52,248
$
27,744
$
37,981
$
(32,443)
$
92,935
$
(25,977)
Retail Mortgage Division
Net interest income
$
22,533
$
18,984
$
19,908
$
20,393
$
24,302
$
41,517
$
42,058
Provision for credit losses
5,647
(4,553)
(1,621)
15,051
423
1,094
2,420
Noninterest income
69,055
97,640
94,109
137,583
104,195
166,695
138,564
Noninterest expense
Salaries and employee benefits
44,798
49,838
50,165
53,500
50,003
94,636
81,100
Occupancy and equipment expenses
1,553
1,476
1,577
1,676
1,953
3,029
3,457
Data processing and telecommunications expenses
1,435
1,546
1,534
2,349
1,406
2,981
2,392
Other noninterest expenses
7,638
8,189
7,442
7,889
6,949
15,827
12,824
Total noninterest expense
55,424
61,049
60,718
65,414
60,311
116,473
99,773
Income before income tax expense
30,517
60,128
54,920
77,511
67,763
90,645
78,429
Income tax expense
6,408
12,627
11,535
16,112
14,231
19,035
16,639
Net income
$
24,109
$
47,501
$
43,385
$
61,399
$
53,532
$
71,610
$
61,790
Warehouse Lending Division
Net interest income
$
8,720
$
9,906
$
9,017
$
6,546
$
5,026
$
18,626
$
8,328
Provision for credit losses
(155)
(145)
1,673
495
403
(300)
394
Noninterest income
1,333
980
1,113
1,064
727
2,313
1,687
Noninterest expense
Salaries and employee benefits
278
330
296
266
209
608
419
Occupancy and equipment expenses
1
1
1
1
1
2
2
Data processing and telecommunications expenses
68
49
101
73
55
117
96
Other noninterest expenses
30
33
26
28
88
63
122
Total noninterest expense
377
413
424
368
353
790
639
Income before income tax expense
9,831
10,618
8,033
6,747
4,997
20,449
8,982
Income tax expense
2,064
2,230
1,687
1,431
1,049
4,294
1,886
Net income
$
7,767
$
8,388
$
6,346
$
5,316
$
3,948
$
16,155
$
7,096
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)
Table 10
Three Months Ended
Six Months Ended
Jun
Mar
Dec
Sep
Jun
Jun
Jun
(dollars in thousands)
2021
2021
2020
2020
2020
2021
2020
SBA Division
Net interest income
$
12,882
$
16,635
$
14,909
$
8,966
$
7,034
$
29,517
$
9,215
Provision for credit losses
(607)
(547)
(2,997)
4,297
2,322
(1,154)
1,419
Noninterest income
2,677
2,611
1,247
5,106
1,570
5,288
2,847
Noninterest expense
Salaries and employee benefits
937
1,382
1,233
1,572
2,612
2,319
4,088
Occupancy and equipment expenses
132
106
100
97
97
238
194
Data processing and telecommunications expenses
—
1
1
4
15
1
28
Other noninterest expenses
284
295
363
595
359
579
874
Total noninterest expense
1,353
1,784
1,697
2,268
3,083
3,137
5,184
Income before income tax expense
14,813
18,009
17,456
7,507
3,199
32,822
5,459
Income tax expense
3,111
3,782
3,666
1,577
671
6,893
1,146
Net income
$
11,702
$
14,227
$
13,790
$
5,930
$
2,528
$
25,929
$
4,313
Premium Finance Division
Net interest income
$
7,047
$
6,636
$
6,658
$
7,071
$
7,122
$
13,683
$
13,453
Provision for credit losses
(794)
558
(412)
(2,648)
(1,792)
(236)
2,173
Noninterest income
4
4
15
—
—
8
—
Noninterest expense
Salaries and employee benefits
1,678
1,712
2,104
1,642
1,921
3,390
3,463
Occupancy and equipment expenses
76
78
73
76
77
154
156
Data processing and telecommunications expenses
94
87
79
84
119
181
236
Other noninterest expenses
852
921
981
934
886
1,773
1,942
Total noninterest expense
2,700
2,798
3,237
2,736
3,003
5,498
5,797
Income (loss) before income tax expense
5,145
3,284
3,848
6,983
5,911
8,429
5,483
Income tax expense (benefit)
1,083
686
828
1,464
1,240
1,769
1,147
Net income (loss)
$
4,062
$
2,598
$
3,020
$
5,519
$
4,671
$
6,660
$
4,336
Total Consolidated
Net interest income
$
161,852
$
164,977
$
163,456
$
162,538
$
163,814
$
326,829
$
311,759
Provision for credit losses
142
(28,591)
(1,510)
17,682
88,161
(28,449)
129,208
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 expenses
10,812
11,781
12,709
13,805
13,807
22,593
25,835
Data processing and telecommunications expenses
11,877
11,884
11,323
12,226
10,514
23,761
22,468
Other noninterest expenses
27,567
29,148
34,618
30,963
36,279
56,715
74,404
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
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SOURCE Ameris Bancorp