Ameris Bancorp Announces Financial Results For First Quarter 2021

ATLANTA, April 22, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $125.0 million, or $1.79 per diluted share, for the quarter ended March 31, 2021, compared with $19.3 million, or $0.28 per diluted share, for the quarter ended March 31, 2020.  The increase in net income is primarily attributable to a reduction in provision for credit losses of $69.6 million and an increase in mortgage banking activity for the quarter of $63.2 million.  The Company reported adjusted net income of $115.7 million, or $1.66 per diluted share, for the quarter ended March 31, 2021, compared with $39.2 million, or $0.56 per diluted share, for the same period in 2020.  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on sale of bank premises and expenses related to the COVID-19 pandemic.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are pleased with our first quarter results, where we saw solid loan growth, increases in core deposits, stable credit, robust fees and continued momentum in our banking division efficiency initiatives.  An improving economy, which resulted in a reversal of provision expense and a recovery of previous MSR (mortgage servicing right) impairment, along with the tremendous core earnings power of Ameris, resulted in tangible book value growth of 6.7% this quarter.  Our teammates have continued to remain focused on our key initiatives of superior and innovative customer service, which delivers top-in-class financial results.  We are excited about the opportunities we see in our markets and the strength that we have going into the remainder of 2021."

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

  • Net income of $125.0 million, or $1.79 per diluted share, compared with $94.3 million, or $1.36 per diluted share, in the fourth quarter of 2020
  • Growth in tangible book value of 6.7%, or $1.58 per share, to $25.27 at March 31, 2021, compared with $23.69 at December 31, 2020
  • Growth in total revenue of $7.4 million, or 2.7%, compared with the fourth quarter of 2020
  • Adjusted return on average assets of 2.26%, compared with 2.04% in the fourth quarter of 2020
  • Mortgage production remained strong and retail mortgage pipeline ended $326.7 million higher than at December 31, 2020
  • Adjusted efficiency ratio of 54.62%, compared with 52.67% in the fourth quarter of 2020 and 59.87% in the first quarter of 2020
  • Net interest margin of 3.57%, compared with 3.64% in the fourth quarter of 2020
  • Continued growth in noninterest bearing deposits representing 38.07% of total deposits, up from 36.27% at December 31, 2020 and 30.53% a year ago
  • Annualized net charge-offs of 0.12% of average total loans

Following is a summary of the adjustments between reported net income and adjusted net income:

Adjusted Net Income Reconciliation





Three Months Ended


March 31,

(dollars in thousands, except per share data)

2021


2020

Net income available to common shareholders

$

124,962



$

19,322






Adjustment items:




Merger and conversion charges



540


Servicing right impairment (recovery)

(10,639)



22,165


Gain on BOLI proceeds

(603)




Expenses related to SEC and DOJ investigation



1,443


Natural disaster and pandemic charges (Note 1)



548


(Gain) loss on sale of premises

(264)



470


Tax effect of adjustment items (Note 2)

2,290



(5,283)


After-tax adjustment items

(9,216)



19,883


Adjusted net income

$

115,746



$

39,205






Reported net income per diluted share

$

1.79



$

0.28


Adjusted net income per diluted share

$

1.66



$

0.56






Reported return on average assets

2.44

%


0.43

%

Adjusted return on average assets

2.26

%


0.87

%





Reported return on average common equity

18.80

%


3.16

%

Adjusted return on average tangible common equity

27.66

%


10.98

%






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:  A portion of the merger and conversion charges for 1Q20 are nondeductible for tax purposes.

 

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the first quarter of 2021 totaled $166.2 million, compared with $164.8 million for the fourth quarter of 2020 and $149.0 million for the first quarter of 2020.  The Company's net interest margin was 3.57% for the first quarter of 2021, down from 3.64% reported for the fourth quarter of 2020 and 3.70% reported for the first 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 increased materially during the quarter.  The yield on earning assets declined 13 basis points due to this excess liquidity, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of 9 basis points during the quarter. Accretion income for the first quarter of 2021 increased to $6.1 million, compared with $4.7 million for the fourth quarter of 2020, and decreased from $6.6 million for the first quarter of 2020.  The increase in accretion income for the first quarter is primarily attributable to increased payoffs of acquired loans during the first quarter of 2021. 

Yields on loans increased to 4.53% during the first quarter of 2021, compared with 4.41% for the fourth quarter of 2020, and decreased from 5.02% reported for the first quarter of 2020.  Contributing to interest income on loans for the first quarter of 2021 was $9.2 million related to accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.3 million in the fourth quarter of 2020.  Loan production in the banking division during the first quarter of 2021 was $600.6 million, with weighted average yields of 3.80%, compared with $785.0 million and 3.86%, respectively, in the fourth quarter of 2020, but was below pre-pandemic levels seen in the first quarter last year of $918.4 million and 4.55%, respectively.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.5 billion during the first quarter of 2021, with weighted average yields of 3.15%, compared with $7.7 billion and 3.25%, respectively, during the fourth quarter of 2020 and $4.0 billion and 4.15%, respectively, during the first quarter of 2020.  Loan production yields in the lines of business were negatively impacted 11 basis points during the first quarter of 2021 by originations of PPP loans in our SBA division. 

Interest expense during the first quarter of 2021 decreased to $13.0 million, compared with $15.3 million in the fourth quarter of 2020 and $34.8 million in the first quarter of 2020.  The Company's total cost of funds moved six basis points lower to 0.30% in the first quarter of 2021 as compared with the fourth quarter of 2020.  Deposit costs also decreased six basis points during the first quarter of 2021 to 0.16%, compared with 0.22% in the fourth quarter of 2020.  Costs of interest-bearing deposits decreased during the quarter from 0.34% in the fourth quarter of 2020 to 0.25% in the first quarter of 2021.

Noninterest Income
Noninterest income increased $5.8 million, or 5.2%, in the first quarter of 2021 to $118.0 million, compared with $112.1 million for the fourth quarter of 2020, primarily as a result of increased mortgage banking activity and other noninterest income, as further discussed below.

Mortgage banking activity increased $3.3 million, or 3.5%, to $98.5 million in the first quarter of 2021, compared with $95.2 million for the fourth quarter of 2020.  This increase was the result of a recovery of previously recorded servicing right impairment, partially offset by a decrease in gain on sale of loans. Gain on sale spreads decreased to 3.95% in the first quarter of 2021 from 4.34% for the fourth quarter of 2020. Total production in the retail mortgage division decreased to $2.64 billion in the first quarter of 2021, compared with $2.81 billion for the fourth quarter of 2020. Mortgage banking activity was positively impacted during the first quarter of 2021 by a $9.7 million servicing right recovery, compared with an impairment of $9.1 million for the fourth quarter of 2020. The retail mortgage open pipeline was $2.33 billion at the end of the first quarter of 2021, compared with $2.00 billion at December 31, 2020.

Service charge revenue decreased $636,000, or 5.5%, to $10.8 million in the first quarter of 2021, compared with $11.5 million for the fourth quarter of 2020, resulting from a decrease in volume. Other noninterest income increased $3.1 million, or 69.3%, in the first quarter of 2021 to $7.7 million, compared with $4.5 million for the fourth quarter of 2020, primarily as a result of a SBA servicing right recovery of $906,000 in the first quarter of 2021, compared with an impairment of $355,000 for the fourth quarter of 2020, a gain on BOLI proceeds of $603,000 and an increase in gain on sale of loans of $765,000.

Noninterest Expense
Noninterest expense decreased $2.3 million, or 1.5%, to $148.8 million during the first quarter of 2021, compared with $151.1 million for the fourth quarter of 2020.  During the first quarter of 2021, the Company recorded a net gain of $264,000 related to sale of premises.  During the fourth quarter of 2020, the Company recorded $258,000 in charges to earnings related to certain legal expenses and natural disaster and pandemic charges, partially offset by a gain on sale of premises.  Excluding these charges, adjusted expenses decreased approximately $1.8 million, or 1.2%, to $149.1 million in the first quarter of 2021, from $150.9 million in the fourth quarter of 2020.  The majority of this decrease is attributable to a $765,000 expense related to the final termination of the remaining loss-share agreements with the FDIC and a $1.0 million donation to the Ameris Bank Foundation recorded in the fourth quarter of 2020.  The adjusted efficiency ratio was 54.62% in the first quarter of 2021, compared with 52.67% in the fourth quarter of 2020.

Income Tax Expense
The Company's effective tax rate for the first quarter of 2021 was 23.2%, compared with 25.2% in the fourth quarter of 2020. The decreased rate for the first quarter of 2021 was primarily a result of a large return to provision adjustment made when the Company filed its 2019 income tax returns in the fourth quarter of 2020.

Balance Sheet Trends
Total assets at March 31, 2021 were $21.43 billion, compared with $20.44 billion at December 31, 2020.  Total loans, including loans held for sale, were $16.11 billion at March 31, 2021, compared with $15.65 billion at December 31, 2020.  Total loans held for investment were $14.60 billion at March 31, 2021, compared with $14.48 billion at December 31, 2020, an increase of $118.9 million, or 0.8%.  Loan production in the banking division during the first quarter of 2021 was down 23% from the fourth quarter of 2020 and 35% from the first quarter of 2020. 

At March 31, 2021, total deposits amounted to $17.88 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020.  At March 31, 2021, noninterest-bearing deposit accounts were $6.80 billion, or 38.1% 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 $10.99 billion at March 31, 2021, compared with $10.23 billion at December 31, 2020.  These funds represented 61.5% of the Company's total deposits at March 31, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at March 31, 2021 totaled $2.76 billion, an increase of $110.5 million, or 4.2%, from December 31, 2020.  The increase in shareholders' equity was primarily the result of earnings of $125.0 million during the first quarter of 2021, partially offset by dividends declared.  Tangible book value per share was $25.27 at March 31, 2021, compared with $23.69 at December 31, 2020.  Tangible common equity as a percentage of tangible assets was 8.62% at March 31, 2021, compared with 8.47% at the end of 2020.

Credit Quality
Credit quality remains strong in the Company.  During the first quarter of 2021, the Company recorded a provision for credit losses reversal of $28.6 million, compared with a provision reversal of $1.5 million in the fourth quarter of 2020.  This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment, home prices and commercial real estate prices, compared with forecast conditions during the fourth quarter of 2020.  The positive impact of the improved economic forecast was partially offset, however, by growth in adverse qualitative factors in our commercial real estate and consumer installment portfolios.  The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the first quarter of 2021 equaled approximately 1.9% of total loans, down from approximately 2.9% and 19.0% of total loans at the end of the fourth and second quarters of 2020, respectively.  Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.40% during the quarter.  The net charge-off ratio was 12 basis points for the first quarter of 2021, compared with 70 basis points in the fourth quarter of 2020 and 14 basis points in the first quarter of 2020.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 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 May 7, 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 10153876.  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


Mar


Dec


Sep


Jun


Mar

(dollars in thousands except per share data)

2021


2020


2020


2020


2020

EARNINGS










Net income

$

124,962



$

94,285



$

116,145



$

32,236



$

19,322


Adjusted net income

$

115,746



$

101,995



$

116,879



$

42,423



$

39,205












COMMON SHARE DATA










Earnings per share available to common shareholders










Basic

$

1.80



$

1.36



$

1.68



$

0.47



$

0.28


Diluted

$

1.79



$

1.36



$

1.67



$

0.47



$

0.28


Adjusted diluted EPS

$

1.66



$

1.47



$

1.69



$

0.61



$

0.56


Cash dividends per share

$

0.15



$

0.15



$

0.15



$

0.15



$

0.15


Book value per share (period end)

$

39.56



$

38.07



$

36.91



$

35.42



$

35.10


Tangible book value per share (period end)

$

25.27



$

23.69



$

22.46



$

20.90



$

20.44


Weighted average number of shares










Basic

69,391,734



69,252,307



69,230,667



69,191,778



69,247,661


Diluted

69,740,860



69,493,105



69,346,141



69,292,972



69,502,022


Period end number of shares

69,713,426



69,541,481



69,490,546



69,462,782



69,441,274


Market data










High intraday price

$

57.81



$

39.53



$

27.81



$

29.82



$

43.79


Low intraday price

$

36.60



$

22.37



$

19.91



$

17.12



$

17.89


Period end closing price

$

52.51



$

38.07



$

22.78



$

23.59



$

23.76


Average daily volume

460,744



394,641



359,059



470,151



461,692












PERFORMANCE RATIOS










Return on average assets

2.44

%


1.89

%


2.33

%


0.67

%


0.43

%

Adjusted return on average assets

2.26

%


2.04

%


2.35

%


0.89

%


0.87

%

Return on average common equity

18.80

%


14.30

%


18.27

%


5.23

%


3.16

%

Adjusted return on average tangible common equity

27.66

%


25.04

%


30.53

%


11.66

%


10.98

%

Earning asset yield (TE)

3.85

%


3.98

%


4.02

%


4.32

%


4.56

%

Total cost of funds

0.30

%


0.36

%


0.41

%


0.52

%


0.91

%

Net interest margin (TE)

3.57

%


3.64

%


3.64

%


3.83

%


3.70

%

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

39.71

%


38.37

%


46.72

%


39.35

%


22.83

%

Efficiency ratio

52.59

%


54.83

%


47.80

%


54.70

%


68.23

%

Adjusted efficiency ratio (TE)

54.62

%


52.67

%


47.34

%


51.08

%


59.87

%











CAPITAL ADEQUACY (period end)










Shareholders' equity to assets

12.87

%


12.95

%


12.90

%


12.38

%


13.37

%

Tangible common equity to tangible assets

8.62

%


8.47

%


8.27

%


7.70

%


8.25

%











EQUITY TO ASSETS RECONCILIATION










Tangible common equity to tangible assets

8.62

%


8.47

%


8.27

%


7.70

%


8.25

%

Effect of goodwill and other intangibles

4.25

%


4.48

%


4.63

%


4.68

%


5.12

%

Equity to assets (GAAP)

12.87

%


12.95

%


12.90

%


12.38

%


13.37

%











OTHER DATA (period end)










Full time equivalent employees










Banking Division

1,815



1,816



1,807



1,832



1,865


Retail Mortgage Division

765



748



734



692



689


Warehouse Lending Division

12



12



11



9



9


SBA Division

29



24



33



42



44


Premium Finance Division

70



71



71



70



72


Total Ameris Bancorp FTE headcount

2,691



2,671



2,656



2,645



2,679












Assets per Banking Division FTE

$

11,806



$

11,255



$

10,998



$

10,848



$

9,772


Branch locations

165



164



170



170



170


Deposits per branch location

$

108,339



$

103,401



$

94,493



$

91,705



$

81,439


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Income Statement

Table 2


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands except per share data)

2021


2020


2020


2020


2020

Interest income










Interest and fees on loans

$

171,157



$

171,971



$

172,351



$

175,345



$

171,242


Interest on taxable securities

6,118



6,398



7,259



9,347



10,082


Interest on nontaxable securities

141



150



159



157



157


Interest on deposits in other banks

522



252



153



123



1,211


Interest on federal funds sold

12



12



12



46



76


Total interest income

177,950



178,783



179,934



185,018



182,768












Interest expense










Interest on deposits

6,798



8,870



11,822



14,273



24,102


Interest on other borrowings

6,175



6,457



5,574



6,931



10,721


Total interest expense

12,973



15,327



17,396



21,204



34,823












Net interest income

164,977



163,456



162,538



163,814



147,945












Provision for loan losses

(16,579)



(6,700)



26,692



68,449



37,047


Provision for unfunded commitments

(11,839)



5,481



(10,131)



19,712



4,000


Provision for other credit losses

(173)



(291)



1,121






Provision for credit losses

(28,591)



(1,510)



17,682



88,161



41,047


Net interest income after provision for credit losses

193,568



164,966



144,856



75,653



106,898












Noninterest income










Service charges on deposits accounts

10,829



11,465



10,914



9,922



11,844


Mortgage banking activity

98,486



95,192



138,627



104,925



35,333


Other service charges, commissions and fees

1,016



965



1,039



949



961


Gain (loss) on securities

(12)







14



(9)


Other noninterest income

7,654



4,521



8,438



5,150



6,250


Total noninterest income

117,973



112,143



159,018



120,960



54,379












Noninterest expense










Salaries and employee benefits

95,985



92,466



96,698



95,168



75,946


Occupancy and equipment expenses

11,781



12,709



13,805



13,807



12,028


Data processing and telecommunications expenses

11,884



11,323



12,226



10,514



11,954


Credit resolution related expenses(1)

547



1,156



802



950



2,198


Advertising and marketing expenses

1,431



3,267



966



1,455



2,358


Amortization of intangible assets

4,126



4,190



4,190



5,601



5,631


Merger and conversion charges





(44)



895



540


Other noninterest expenses

23,044



26,005



25,049



27,378



27,398


Total noninterest expense

148,798



151,116



153,692



155,768



138,053












Income before income tax expense

162,743



125,993



150,182



40,845



23,224


Income tax expense

37,781



31,708



34,037



8,609



3,902


Net income

$

124,962



$

94,285



$

116,145



$

32,236



$

19,322












Diluted earnings per common share

$

1.79



$

1.36



$

1.67



$

0.47



$

0.28












(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


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

Assets










Cash and due from banks

$

224,159



$

203,349



$

257,026



$

292,899



$

255,312


Federal funds sold and interest-bearing deposits in banks

2,534,969



1,913,957



494,765



428,560



396,844


Time deposits in other banks

249



249



249



249



249


Investment securities available for sale, at fair value

859,652



982,879



1,117,436



1,238,896



1,353,040


Other investments

27,620



28,202



47,329



76,453



81,754


Loans held for sale, at fair value

1,509,528



1,167,659



1,414,889



1,736,397



1,398,229












Loans, net of unearned income

14,599,805



14,480,925



14,943,593



14,503,157



13,094,106


Allowance for credit losses

(178,570)



(199,422)



(231,924)



(208,793)



(149,524)


Loans, net

14,421,235



14,281,503



14,711,669



14,294,364



12,944,582












Other real estate owned

8,841



11,880



17,969



23,563



21,027


Premises and equipment, net

231,550



222,890



231,278



230,118



231,347


Goodwill

928,005



928,005



928,005



928,005



931,947


Other intangible assets, net

67,848



71,974



76,164



80,354



85,955


Cash value of bank owned life insurance

176,575



176,467



175,605



175,011



176,239


Deferred income taxes, net

22,367



33,314



53,039



56,306



24,196


Other assets

414,529



416,310



348,428



311,454



323,827


Total assets

$

21,427,127



$

20,438,638



$

19,873,851



$

19,872,629



$

18,224,548












Liabilities










Deposits










Noninterest-bearing

$

6,804,776



$

6,151,070



$

5,909,316



$

5,595,868



$

4,226,253


Interest-bearing

11,071,097



10,806,753



10,154,490



9,993,950



9,618,365


Total deposits

17,875,873



16,957,823



16,063,806



15,589,818



13,844,618


Federal funds purchased and securities sold under agreements to repurchase

9,320



11,641



9,103



12,879



15,160


Other borrowings

425,231



425,155



875,255



1,418,336



1,543,371


Subordinated deferrable interest debentures

124,833



124,345



123,860



123,375



122,890


FDIC loss-share payable, net





19,476



18,903



18,111


Other liabilities

234,274



272,586



217,668



249,188



243,248


Total liabilities

18,669,531



17,791,550



17,309,168



17,412,499



15,787,398












Shareholders' Equity










Preferred stock










Common stock

71,954



71,754



71,703



71,674



71,652


Capital stock

1,917,990



1,913,285



1,911,031



1,909,839



1,908,721


Retained earnings

785,984



671,510



587,657



481,948



460,153


Accumulated other comprehensive income, net of tax

26,090



33,505



37,252



39,613



39,551


Treasury stock

(44,422)



(42,966)



(42,960)



(42,944)



(42,927)


Total shareholders' equity

2,757,596



2,647,088



2,564,683



2,460,130



2,437,150


Total liabilities and shareholders' equity

$

21,427,127



$

20,438,638



$

19,873,851



$

19,872,629



$

18,224,548












Other Data










Earning assets

$

19,531,823



$

18,573,871



$

18,018,261



$

17,983,712



$

16,324,222


Intangible assets

995,853



999,979



1,004,169



1,008,359



1,017,902


Interest-bearing liabilities

11,630,481



11,367,894



11,162,708



11,548,540



11,299,786


Average assets

20,734,414



19,876,338



19,810,084



19,222,181



18,056,445


Average common shareholders' equity

2,695,005



2,622,942



2,529,471



2,478,373



2,456,617


 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Asset Quality Information

Table 4


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

Allowance for Credit Losses










Balance at beginning of period

$

233,105



$

260,417



$

246,295



$

167,315



$

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












Provision for loan losses

(16,579)



(6,700)



26,692



68,449



37,047


Provision for unfunded commitments

(11,839)



5,481



(10,131)



19,712



4,000


Provision for other credit losses

(173)



(291)



1,121






Provision for credit losses

(28,591)



(1,510)



17,682



88,161



41,047












Charge-offs

7,574



29,094



7,370



11,282



6,718


Recoveries

3,301



3,292



3,810



2,101



2,345


Net charge-offs

4,273



25,802



3,560



9,181



4,373












Ending balance

$

200,241



$

233,105



$

260,417



$

246,295



$

167,315












Allowance for loan losses

$

178,570



$

199,422



$

231,924



$

208,793



$

149,524


Allowance for unfunded commitments

21,014



32,853



27,372



37,502



17,791


Allowance for other credit losses

657



830



1,121






Total allowance for credit losses

$

200,241



$

233,105



$

260,417



$

246,295



$

167,315












Net  Charge-off Information










Charge-offs










Commercial, financial and agricultural

$

2,370



$

5,960



$

1,715



$

486



$

2,486


Consumer installment

1,448



2,861



677



962



1,142


Indirect automobile

829



658



697



1,016



1,231


Premium Finance

1,343



2,240



1,158



1,904



831


Real estate - construction and development

26





9



74




Real estate - commercial and farmland

1,395



17,284



2,977



6,315



928


Real estate - residential

163



91



137



525



100


Total charge-offs

7,574



29,094



7,370



11,282



6,718












Recoveries










Commercial, financial and agricultural

727



754



470



303



362


Consumer installment

356



480



516



436



321


Indirect automobile

700



637



317



359



344


Premium Finance

1,122



605



1,224



676



684


Real estate - construction and development

167



125



182



168



342


Real estate - commercial and farmland

41



439



904



21



85


Real estate - residential

188



252



197



138



207


Total recoveries

3,301



3,292



3,810



2,101



2,345












Net charge-offs

$

4,273



$

25,802



$

3,560



$

9,181



$

4,373












Non-Performing Assets










Nonaccrual loans

$

71,189



$

76,457



$

138,163



$

77,745



$

77,866


Other real estate owned

8,841



11,880



17,969



23,563



21,027


Repossessed assets

840



544



258



1,348



783


Accruing loans delinquent 90 days or more

5,097



8,326



7,003



15,126



11,974


Total non-performing assets

$

85,967



$

97,207



$

163,393



$

117,782



$

111,650












Asset Quality Ratios










Non-performing assets as a percent of total assets

0.40

%


0.48

%


0.82

%


0.59

%


0.61

%

Net charge-offs as a percent of average loans (annualized)

0.12

%


0.70

%


0.10

%


0.27

%


0.14

%

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

Loans by Type










Commercial, financial and agricultural

$

1,611,029



$

1,627,477



$

1,879,788



$

1,839,921



$

827,392


Consumer installment

257,097



306,995



450,810



575,782



520,592


Indirect automobile

482,637



580,083



682,396



739,543



937,736


Mortgage warehouse

880,216



916,353



995,942



748,853



547,328


Municipal

659,228



659,403



725,669



731,508



749,633


Premium Finance

706,379



687,841



710,890



690,584



661,845


Real estate - construction and development

1,533,234



1,606,710



1,628,255



1,641,744



1,628,367


Real estate - commercial and farmland

5,616,826



5,300,006



5,116,252



4,804,420



4,516,451


Real estate - residential

2,853,159



2,796,057



2,753,591



2,730,802



2,704,762


Total loans

$

14,599,805



$

14,480,925



$

14,943,593



$

14,503,157



$

13,094,106












Troubled Debt Restructurings










Accruing troubled debt restructurings










Commercial, financial and agricultural

$

930



$

521



$

459



$

591



$

575


Consumer installment

27



32



36



42



4


Indirect automobile

1,931



2,277



2,689






Mortgage warehouse










Municipal










Premium Finance









159


Real estate - construction and development

501



506



510



919



925


Real estate - commercial and farmland

59,398



36,707



56,417



5,252



5,587


Real estate - residential

33,324



38,800



28,777



30,253



22,775


Total accruing troubled debt restructurings

$

96,111



$

78,843



$

88,888



$

37,057



$

30,025


Nonaccrual troubled debt restructurings










Commercial, financial and agricultural

$

854



$

849



$

1,002



$

1,034



$

334


Consumer installment

53



56



64



67



105


Indirect automobile

321



461



482






Mortgage warehouse










Municipal










Premium Finance










Real estate - construction and development

706



707



709



307



289


Real estate - commercial and farmland

2,233



1,401



19,942



1,878



2,415


Real estate - residential

2,818



2,671



4,477



2,231



3,078


Total nonaccrual troubled debt restructurings

$

6,985



$

6,145



$

26,676



$

5,517



$

6,221


   Total troubled debt restructurings

$

103,096



$

84,988



$

115,564



$

42,574



$

36,246












Loans by Risk Grade










Grade 1 - Prime credit

$

1,381,205



$

1,368,661



$

1,845,900



$

1,789,709



$

774,956


Grade 2 - Strong credit

893,387



869,581



838,267



801,273



785,770


Grade 3 - Good credit

6,805,583



6,624,154



6,189,269



5,784,754



5,772,834


Grade 4 - Satisfactory credit

4,507,148



4,794,672



4,989,617



5,643,133



4,353,733


Grade 5 - Fair credit

616,896



452,350



643,502



212,667



1,131,128


Grade 6 - Other assets especially mentioned

135,213



108,541



151,501



108,704



106,885


Grade 7 - Substandard

260,369



262,947



285,537



162,917



168,561


Grade 8 - Doubtful



19







239


Grade 9 - Loss

4










Total loans

$

14,599,805



$

14,480,925



$

14,943,593



$

14,503,157



$

13,094,106


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Average Balances

Table 6


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

Earning Assets










Federal funds sold

$

20,000



$

20,000



$

20,004



$

24,265



$

27,380


Interest-bearing deposits in banks

2,145,403



879,481



467,188



398,284



419,260


Time deposits in other banks

249



249



249



249



249


Investment securities - taxable

910,834



1,024,335



1,160,585



1,281,980



1,359,651


Investment securities - nontaxable

19,225



20,112



21,619



21,576



22,839


Other investments

27,516



31,552



64,656



79,143



73,972


Loans held for sale

1,284,821



1,281,762



1,507,481



1,614,080



1,587,131


Loans

14,453,975



14,752,664



14,688,317



13,915,406



12,712,997


Total Earning Assets

$

18,862,023



$

18,010,155



$

17,930,099



$

17,334,983



$

16,203,479












Deposits










Noninterest-bearing deposits

$

6,412,268



$

5,970,672



$

5,782,163



$

5,061,578



$

4,080,920


NOW accounts

3,182,245



2,968,596



2,718,315



2,441,305



2,287,947


MMDA

4,761,279



4,534,243



4,273,899



4,221,906



4,004,644


Savings accounts

823,039



793,414



749,314



692,382



643,422


Retail CDs

2,066,410



2,109,600



2,274,150



2,471,134



2,624,209


Brokered CDs

1,000



1,140



1,933



2,043



61,190


Total Deposits

17,246,241



16,377,665



15,799,774



14,890,348



13,702,332


Non-Deposit Funding










Federal funds purchased and securities sold under agreements to repurchase

9,284



9,929



10,483



12,452



15,637


FHLB advances

48,951



127,797



799,034



1,212,537



1,267,303


Other borrowings

376,260



376,295



272,443



269,300



269,454


Subordinated deferrable interest debentures

124,574



124,091



123,604



123,120



127,731


Total Non-Deposit Funding

559,069



638,112



1,205,564



1,617,409



1,680,125


Total Funding

$

17,805,310



$

17,015,777



$

17,005,338



$

16,507,757



$

15,382,457


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Interest Income and Interest Expense (TE)

Table 7


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

Interest Income










Federal funds sold

$

12



$

13



$

13



$

45



$

76


Interest-bearing deposits in banks

521



251



152



122



1,210


Time deposits in other banks

1



1



1



1



1


Investment securities - taxable

6,118



6,398



7,260



9,346



10,082


Investment securities - nontaxable (TE)

178



190



202



198



199


Loans held for sale

10,827



9,705



10,365



14,053



13,637


Loans (TE)

161,473



163,532



163,352



162,617



158,636


Total Earning Assets

$

179,130



$

180,090



$

181,345



$

186,382



$

183,841












Accretion income (included above)

$

6,127



$

4,688



$

6,525



$

9,576



$

6,562












Interest Expense










Interest-Bearing Deposits










NOW accounts

$

926



$

1,091



$

1,394



$

1,265



$

2,774


MMDA

1,998



2,326



2,823



3,764



9,748


Savings accounts

124



143



112



94



210


Retail CDs

3,744



5,301



7,484



9,136



11,064


Brokered CDs

6



9



9



14



306


Total Interest-Bearing Deposits

6,798



8,870



11,822



14,273



24,102


Non-Deposit Funding










Federal funds purchased and securities sold under agreements to repurchase

7



8



9



25



40


FHLB advances

192



245



661



1,686



5,109


Other borrowings

4,638



4,635



3,558



3,487



3,511


Subordinated deferrable interest debentures

1,338



1,569



1,346



1,733



2,061


Total Non-Deposit Funding

6,175



6,457



5,574



6,931



10,721


Total Interest-Bearing Funding

$

12,973



$

15,327



$

17,396



$

21,204



$

34,823












Net Interest Income (TE)

$

166,157



$

164,763



$

163,949



$

165,178



$

149,018


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES











Yields(1)

Table 8


Three Months Ended


Mar


Dec


Sep


Jun


Mar


2021


2020


2020


2020


2020

Earning Assets










Federal funds sold

0.24

%


0.26

%


0.26

%


0.75

%


1.12

%

Interest-bearing deposits in banks

0.10

%


0.11

%


0.13

%


0.12

%


1.16

%

Time deposits in other banks

1.63

%


1.60

%


1.60

%


1.62

%


1.62

%

Investment securities - taxable

2.72

%


2.48

%


2.49

%


2.93

%


2.98

%

Investment securities - nontaxable (TE)

3.75

%


3.76

%


3.72

%


3.69

%


3.50

%

Loans held for sale

3.42

%


3.01

%


2.74

%


3.50

%


3.46

%

Loans (TE)

4.53

%


4.41

%


4.42

%


4.70

%


5.02

%

Total Earning Assets

3.85

%


3.98

%


4.02

%


4.32

%


4.56

%











Interest-Bearing Deposits










NOW accounts

0.12

%


0.15

%


0.20

%


0.21

%


0.49

%

MMDA

0.17

%


0.20

%


0.26

%


0.36

%


0.98

%

Savings accounts

0.06

%


0.07

%


0.06

%


0.05

%


0.13

%

Retail CDs

0.73

%


1.00

%


1.31

%


1.49

%


1.70

%

Brokered CDs

2.43

%


3.14

%


1.85

%


2.76

%


2.01

%

Total Interest-Bearing Deposits

0.25

%


0.34

%


0.47

%


0.58

%


1.01

%

Non-Deposit Funding










Federal funds purchased and securities sold under agreements to repurchase

0.31

%


0.32

%


0.34

%


0.81

%


1.03

%

FHLB advances

1.59

%


0.76

%


0.33

%


0.56

%


1.62

%

Other borrowings

5.00

%


4.90

%


5.20

%


5.21

%


5.24

%

Subordinated deferrable interest debentures

4.36

%


5.03

%


4.33

%


5.66

%


6.49

%

Total Non-Deposit Funding

4.48

%


4.03

%


1.84

%


1.72

%


2.57

%

Total Interest-Bearing Liabilities

0.46

%


0.55

%


0.62

%


0.75

%


1.24

%











Net Interest Spread

3.39

%


3.43

%


3.40

%


3.57

%


3.32

%











Net Interest Margin(2)

3.57

%


3.64

%


3.64

%


3.83

%


3.70

%











Total Cost of Funds(3)

0.30

%


0.36

%


0.41

%


0.52

%


0.91

%


(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


Mar


Dec


Sep


Jun


Mar

(dollars in thousands except per share data)

2021


2020


2020


2020


2020

Net income available to common shareholders

$

124,962



$

94,285



$

116,145



$

32,236



$

19,322












Adjustment items:










Merger and conversion charges





(44)



895



540


Restructuring charges





50



1,463




Servicing right impairment (recovery)

(10,639)



9,501



412



7,989



22,165


Gain on BOLI proceeds

(603)





(103)



(845)




Expenses related to SEC and DOJ Investigation



53



268



1,294



1,443


Natural disaster and pandemic charges (Note 1)



235



470



2,043



548


(Gain) loss on sale of premises

(264)



(30)



(97)



281



470


Tax effect of adjustment items (Note 2)

2,290



(2,049)



(222)



(2,933)



(5,283)


After tax adjustment items

(9,216)



7,710



734



10,187



19,883


Adjusted net income

$

115,746



$

101,995



$

116,879



$

42,423



$

39,205












Weighted average number of shares - diluted

69,740,860



69,493,105



69,346,141



69,292,972



69,502,022


Net income per diluted share

$

1.79



$

1.36



$

1.67



$

0.47



$

0.28


Adjusted net income per diluted share

$

1.66



$

1.47



$

1.69



$

0.61



$

0.56












Average assets

$

20,734,414



$

19,876,338



$

19,810,084



$

19,222,181



$

18,056,445


Return on average assets

2.44

%


1.89

%


2.33

%


0.67

%


0.43

%

Adjusted return on average assets

2.26

%


2.04

%


2.35

%


0.89

%


0.87

%











Average common equity

$

2,695,005



$

2,622,942



$

2,529,471



$

2,478,373



$

2,456,617


Average tangible common equity

$

1,696,946



$

1,620,742



$

1,523,066



$

1,462,871



$

1,436,108


Return on average common equity

18.80

%


14.30

%


18.27

%


5.23

%


3.16

%

Adjusted return on average tangible common equity

27.66

%


25.04

%


30.53

%


11.66

%


10.98

%












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:  A portion of the merger and conversion charges for 1Q20 are nondeductible for tax purposes.

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Non-GAAP Reconciliations (continued)


Adjusted Efficiency Ratio (TE)

Table 9B


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

Adjusted Noninterest Expense










Total noninterest expense

$

148,798



$

151,116



$

153,692



$

155,768



$

138,053


Adjustment items:










Merger and conversion charges





44



(895)



(540)


Restructuring charges





(50)



(1,463)




Expenses related to SEC and DOJ Investigation



(53)



(268)



(1,294)



(1,443)


Natural disaster and pandemic charges



(235)



(470)



(2,043)



(548)


Gain (loss) on sale of premises

264



30



97



(281)



(470)


Adjusted noninterest expense

$

149,062



$

150,858



$

153,045



$

149,792



$

135,052












Total Revenue










Net interest income

$

164,977



$

163,456



$

162,538



$

163,814



$

147,945


Noninterest income

117,973



112,143



159,018



120,960



54,379


Total revenue

$

282,950



$

275,599



$

321,556



$

284,774



$

202,324












Adjusted Total Revenue










Net interest income (TE)

$

166,157



$

164,763



$

163,949



$

165,178



$

149,018


Noninterest income

117,973



112,143



159,018



120,960



54,379


Total revenue (TE)

284,130



276,906



322,967



286,138



203,397


Adjustment items:










(Gain) loss on securities

12







(14)



9


Gain on BOLI proceeds

(603)





(103)



(845)




Servicing right impairment (recovery)

(10,639)



9,501



412



7,989



22,165


Adjusted total revenue (TE)

$

272,900



$

286,407



$

323,276



$

293,268



$

225,571












Efficiency ratio

52.59

%


54.83

%


47.80

%


54.70

%


68.23

%

Adjusted efficiency ratio (TE)

54.62

%


52.67

%


47.34

%


51.08

%


59.87

%











Tangible Book Value Per Share

Table 9C


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands except per share data)

2021


2020


2020


2020


2020

Total shareholders' equity

$

2,757,596



$

2,647,088



$

2,564,683



$

2,460,130



$

2,437,150


Less:










Goodwill

928,005



928,005



928,005



928,005



931,947


Other intangibles, net

67,848



71,974



76,164



80,354



85,955


Total tangible shareholders' equity

$

1,761,743



$

1,647,109



$

1,560,514



$

1,451,771



$

1,419,248












Period end number of shares

69,713,426



69,541,481



69,490,546



69,462,782



69,441,274


Book value per share (period end)

$

39.56



$

38.07



$

36.91



$

35.42



$

35.10


Tangible book value per share (period end)

$

25.27



$

23.69



$

22.46



$

20.90



$

20.44


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Segment Reporting

Table 10


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

Banking Division










Net interest income

$

112,816



$

112,964



$

119,562



$

120,330



$

118,375


Provision for credit losses

(23,904)



1,847



487



86,805



35,997


Noninterest income

16,738



15,659



15,265



14,468



17,773


Noninterest expense










Salaries and employee benefits

42,723



38,668



39,718



40,423



41,621


Occupancy and equipment expenses

10,120



10,958



11,955



11,679



10,347


Data processing and telecommunications expenses

10,201



9,608



9,716



8,919



10,797


Other noninterest expenses

19,710



25,806



21,517



27,997



30,645


Total noninterest expense

82,754



85,040



82,906



89,018



93,410


Income (loss) before income tax expense

70,704



41,736



51,434



(41,025)



6,741


Income tax expense (benefit)

18,456



13,992



13,453



(8,582)



275


Net income (loss)

$

52,248



$

27,744



$

37,981



$

(32,443)



$

6,466












Retail Mortgage Division










Net interest income

$

18,984



$

19,908



$

20,393



$

24,302



$

17,756


Provision for credit losses

(4,553)



(1,621)



15,051



423



1,997


Noninterest income

97,640



94,109



137,583



104,195



34,369


Noninterest expense










Salaries and employee benefits

49,838



50,165



53,500



50,003



31,097


Occupancy and equipment expenses

1,476



1,577



1,676



1,953



1,504


Data processing and telecommunications expenses

1,546



1,534



2,349



1,406



986


Other noninterest expenses

8,189



7,442



7,889



6,949



5,875


Total noninterest expense

61,049



60,718



65,414



60,311



39,462


Income before income tax expense

60,128



54,920



77,511



67,763



10,666


Income tax expense

12,627



11,535



16,112



14,231



2,408


Net income

$

47,501



$

43,385



$

61,399



$

53,532



$

8,258












Warehouse Lending Division










Net interest income

$

9,906



$

9,017



$

6,546



$

5,026



$

3,302


Provision for credit losses

(145)



1,673



495



403



(9)


Noninterest income

980



1,113



1,064



727



960


Noninterest expense










Salaries and employee benefits

330



296



266



209



210


Occupancy and equipment expenses

1



1



1



1



1


Data processing and telecommunications expenses

49



101



73



55



41


Other noninterest expenses

33



26



28



88



34


Total noninterest expense

413



424



368



353



286


Income before income tax expense

10,618



8,033



6,747



4,997



3,985


Income tax expense

2,230



1,687



1,431



1,049



837


Net income

$

8,388



$

6,346



$

5,316



$

3,948



$

3,148


 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES











Segment Reporting (continued)

Table 10


Three Months Ended


Mar


Dec


Sep


Jun


Mar

(dollars in thousands)

2021


2020


2020


2020


2020

SBA Division










Net interest income

$

16,635



$

14,909



$

8,966



$

7,034



$

2,181


Provision for credit losses

(547)



(2,997)



4,297



2,322



(903)


Noninterest income

2,611



1,247



5,106



1,570



1,277


Noninterest expense










Salaries and employee benefits

1,382



1,233



1,572



2,612



1,476


Occupancy and equipment expenses

106



100



97



97



97


Data processing and telecommunications expenses

1



1



4



15



13


Other noninterest expenses

295



363



595



359



515


Total noninterest expense

1,784



1,697



2,268



3,083



2,101


Income before income tax expense

18,009



17,456



7,507



3,199



2,260


Income tax expense

3,782



3,666



1,577



671



475


Net income

$

14,227



$

13,790



$

5,930



$

2,528



$

1,785












Premium Finance Division










Net interest income

$

6,636



$

6,658



$

7,071



$

7,122



$

6,331


Provision for credit losses

558



(412)



(2,648)



(1,792)



3,965


Noninterest income

4



15








Noninterest expense










Salaries and employee benefits

1,712



2,104



1,642



1,921



1,542


Occupancy and equipment expenses

78



73



76



77



79


Data processing and telecommunications expenses

87



79



84



119



117


Other noninterest expenses

921



981



934



886



1,056


Total noninterest expense

2,798



3,237



2,736



3,003



2,794


Income (loss) before income tax expense

3,284



3,848



6,983



5,911



(428)


Income tax expense (benefit)

686



828



1,464



1,240



(93)


Net income (loss)

$

2,598



$

3,020



$

5,519



$

4,671



$

(335)












Total Consolidated










Net interest income

$

164,977



$

163,456



$

162,538



$

163,814



$

147,945


Provision for credit losses

(28,591)



(1,510)



17,682



88,161



41,047


Noninterest income

117,973



112,143



159,018



120,960



54,379


Noninterest expense










Salaries and employee benefits

95,985



92,466



96,698



95,168



75,946


Occupancy and equipment expenses

11,781



12,709



13,805



13,807



12,028


Data processing and telecommunications expenses

11,884



11,323



12,226



10,514



11,954


Other noninterest expenses

29,148



34,618



30,963



36,279



38,125


Total noninterest expense

148,798



151,116



153,692



155,768



138,053


Income before income tax expense

162,743



125,993



150,182



40,845



23,224


Income tax expense

37,781



31,708



34,037



8,609



3,902


Net income

$

124,962



$

94,285



$

116,145



$

32,236



$

19,322


 

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SOURCE Ameris Bancorp

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