Highlights of Ameris's results for the first quarter of 2023 include the following:
- Net income of $60.4 million, or $0.87 per diluted share
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.07%
- Growth in tangible book value(1) of $0.87 per share, or 11.6% annualized, to $30.79 at March 31, 2023
- Increased the allowance for credit losses to 1.21% of loans, from 1.04% at December 31, 2022, due to forecasted economic conditions
- Adjusted efficiency ratio(1) of 51.99%, compared with 56.95% in the first quarter of last year
- Nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved one basis point to 0.33% at March 31, 2023, compared with 0.34% at December 31, 2022.
- Net interest margin of 3.76% for the first quarter of 2023
- Organic growth in loans of $142.6 million, or 2.9% annualized
- Growth in total deposits of $434.7 million or 8.9% annualized
- TCE ratio(1) of 8.55%, compared with 8.67% at December 31, 2022 and 8.32% one year ago
- Redeemed $75 million floating rate (was 8.39%) subordinated notes due 2027 in March
ATLANTA, April 27, 2023 /PRNewswire/ -- Ameris Bancorp (NASDAQ:ABCB) (the "Company") today reported net income of $60.4 million, or $0.87 per diluted share, for the quarter ended March 31, 2023, compared with $81.7 million, or $1.17 per diluted share, for the quarter ended March 31, 2022. Included in the Company's first quarter results was a $49.7 million provision for credit losses related to the updated economic forecast, compared with $6.2 million in the first quarter of last year.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "While the recent events in the banking industry were unexpected, they have certainly given us an opportunity to highlight the importance of the strength and diversity reflected in our balance sheet. Not only do we have a diversified loan portfolio in product types, lines of business and geography, we also have a strong, stable core funding base that has taken years to build. Our focus on core banking and core fundamentals has never been more important. We have been good stewards of our capital, growing tangible book value by over 11% annualized, while also prudently increasing our allowance for loan losses. The increase in the allowance this quarter was driven by the economic forecast and was not due to any underlying credit issue. We believe the strength of our balance sheet and continued capital generation have us well positioned for the future."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $212.6 million in the first quarter of 2023, a decrease of $12.5 million, or 5.6%, from last quarter and an increase of $39.0 million, or 22.5%, compared with the first quarter of 2022. The Company's net interest margin was 3.76% for the first quarter of 2023, down from 4.03% reported for the fourth quarter of 2022 and up from 3.35% reported for the first quarter of 2022. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.
Yields on earning assets increased 34 basis points during the quarter to 5.25%, compared with 4.91% in the fourth quarter of 2022, and increased 169 basis points from 3.56% in the first quarter of 2022. Yields on loans increased to 5.44% during the first quarter of 2023, compared with 5.07% for the fourth quarter of 2022 and 4.37% for the first quarter of 2022.
Loan production in the banking division during the first quarter of 2023 was $563.0 million, with weighted average yields of 8.72%, compared with $612.9 million and 7.92%, respectively, in the fourth quarter of 2022 and $805.5 million and 5.17%, respectively, in the first quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.4 billion during the first quarter of 2023, with weighted average yields of 6.57%, compared with $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022 and $4.7 billion and 3.63%, respectively, during the first quarter of 2022.
The Company's total cost of funds was 1.59% in the first quarter of 2023, an increase of 65 basis points compared with the fourth quarter of 2022. Deposit costs increased 45 basis points during the first quarter of 2023 to 1.13%, compared with 0.68% in the fourth quarter of 2022. Costs of interest-bearing deposits increased during the quarter from 1.17% in the fourth quarter of 2022 to 1.82% in the first quarter of 2023, reflecting deposit pricing adjustments made during the fourth quarter of 2022 and first quarter of 2023.
Noninterest Income
Noninterest income increased $7.7 million, or 15.9%, in the first quarter of 2023 to $56.1 million, compared with $48.3 million for the fourth quarter of 2022, primarily as a result of increased mortgage banking activity, which increased by $8.5 million, or 37.4%, to $31.4 million in the first quarter of 2023, compared with $22.9 million for the fourth quarter of 2022. Gain on sale spreads increased to 1.96% in the first quarter of 2023 from 1.26% for the fourth quarter of 2022. Total production in the retail mortgage division was essentially flat at $946.4 million in the first quarter of 2023, compared with $947.3 million for the fourth quarter of 2022. The retail mortgage open pipeline was $725.9 million at the end of the first quarter of 2023, compared with $507.1 million at December 31, 2022.
Noninterest Expense
Noninterest expense increased $4.4 million, or 3.2%, to $139.4 million during the first quarter of 2023, compared with $135.1 million for the fourth quarter of 2022. During the fourth quarter of 2022, the Company recorded merger and conversion charges of $235,000, with no such charges recorded during the first quarter of 2023. Excluding those charges, adjusted expenses(1) increased approximately $4.6 million, or 3.4%, to $139.4 million in the first quarter of 2023, from $134.8 million in the fourth quarter of 2022. The increase in adjusted expenses(1) resulted from a $5.7 million increase in salaries and employee benefits primarily resulting from cyclical payroll tax and 401(k) expenses. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 51.99% in the first quarter of 2023, compared with 49.61% in the fourth quarter of 2022, primarily resulting from the cyclical compensation expenses.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2023 was 23.1%, compared with 21.3% in the fourth quarter of 2022. The increased rate for the first quarter of 2023 was primarily a result of the impact of state rates applied to the Company's deferred tax asset during the fourth quarter of 2022.
Balance Sheet Trends
Total assets at March 31, 2023 were $26.09 billion, compared with $25.05 billion at December 31, 2022. Cash and cash equivalents increased 80.7% to $2.02 billion at March 31, 2023, compared with $1.12 billion at December 31, 2022. Debt securities available-for-sale were stable at $1.50 billion at both March 31, 2023 and December 31, 2022. Loans, net of unearned income, increased $142.6 million, or 2.9% annualized, to $20.00 billion at March 31, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale increased slightly to $395.1 million at March 31, 2023 from $392.1 million at December 31, 2022.
Investment securities remained consistent at $1.63 billion, or 6.8% of earning assets at the end of the first quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at the end of the 2022. This compares with $670.7 million, or 3.1% of earning assets at the end of the first quarter of 2022. The Company did not deploy excess liquidity into the securities portfolio until after rates starting rising during 2022; therefore, the unrealized loss position on the Company's available-for-sale securities portfolio is less than 3% of the portfolio.
At March 31, 2023, total deposits amounted to $19.90 billion, compared with $19.46 billion at December 31, 2022. At March 31, 2023, noninterest-bearing deposit accounts represented $7.30 billion, or 36.7% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.16 billion at March 31, 2023, compared with $12.80 billion at December 31, 2022. These funds represented 61.1% of the Company's total deposits at March 31, 2023, compared with 65.7% at the end of 2022, which has enabled the Company to prudently maintain its stable deposit customer base, while also managing its cost of funds sensitivity in a rising rate environment. During March, the Company redeemed its $75 million 5.75% Fixed-to-Floating Rate Subordinated Notes Due 2027 (which were at a current rate of 8.39%) with existing liquidity.
Shareholders' equity at March 31, 2023 totaled $3.25 billion, an increase of $55.8 million, or 1.7%, from December 31, 2022. The increase in shareholders' equity was primarily the result of earnings of $60.4 million during the first quarter of 2023 and improvement in other comprehensive income of $10.9 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $0.87 per share, or 11.6% annualized, during the first quarter to $30.79 at March 31, 2023. The Company recorded an improvement of $0.16 per share of tangible book value(1) this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. Tangible common equity as a percentage of tangible assets was 8.55% at March 31, 2023, compared with 8.67% at the end of 2022.
Credit Quality
Credit quality remains strong in the Company. During the first quarter of 2023, the Company recorded a provision for credit losses of $49.7 million, compared with a provision of $32.9 million in the fourth quarter of 2022. The first quarter provision was primarily attributable to the updated economic forecast and loan growth of $142.6 million during the quarter. Nonperforming assets as a percentage of total assets were stable at 0.61% during the quarter. Approximately $75.0 million, or 46.8%, of the nonperforming assets at March 31, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets improved one basis point to 0.33% at March 31, 2023, compared with 0.34% at December 31, 2022. The net charge-off ratio was 22 basis points for the first quarter of 2023, compared with eight basis points in the fourth quarter of 2022 and nine basis points in the first quarter of 2022.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 28, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-833-470-1428. The conference call access code is 529368. A replay of the call will be available one hour after the end of the conference call until May 12, 2023. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 785707. 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 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP financial measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Financial Highlights | Table 1 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
EARNINGS | |||||||||
Net income | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 | ||||
Adjusted net income(1) | $ 59,935 | $ 81,086 | $ 91,817 | $ 81,473 | $ 75,039 | ||||
COMMON SHARE DATA | |||||||||
Earnings per share available to common shareholders | |||||||||
Basic | $ 0.87 | $ 1.19 | $ 1.34 | $ 1.30 | $ 1.18 | ||||
Diluted | $ 0.87 | $ 1.18 | $ 1.34 | $ 1.30 | $ 1.17 | ||||
Adjusted diluted EPS(1) | $ 0.86 | $ 1.17 | $ 1.32 | $ 1.18 | $ 1.08 | ||||
Cash dividends per share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||||
Book value per share (period end) | $ 46.89 | $ 46.09 | $ 44.97 | $ 44.31 | $ 43.31 | ||||
Tangible book value per share (period end)(1) | $ 30.79 | $ 29.92 | $ 28.62 | $ 27.89 | $ 26.84 | ||||
Weighted average number of shares | |||||||||
Basic | 69,171,562 | 69,138,431 | 69,124,855 | 69,136,046 | 69,345,735 | ||||
Diluted | 69,322,664 | 69,395,224 | 69,327,414 | 69,316,258 | 69,660,990 | ||||
Period end number of shares | 69,373,863 | 69,369,050 | 69,352,709 | 69,360,461 | 69,439,084 | ||||
Market data | |||||||||
High intraday price | $ 50.54 | $ 54.24 | $ 50.94 | $ 46.28 | $ 55.62 | ||||
Low intraday price | $ 34.28 | $ 44.61 | $ 38.22 | $ 39.37 | $ 43.56 | ||||
Period end closing price | $ 36.58 | $ 47.14 | $ 44.71 | $ 40.18 | $ 43.88 | ||||
Average daily volume | $ 452,242 | $ 340,890 | $ 346,522 | $ 446,121 | $ 471,858 | ||||
PERFORMANCE RATIOS | |||||||||
Return on average assets | 0.98 % | 1.34 % | 1.56 % | 1.54 % | 1.42 % | ||||
Adjusted return on average assets(1) | 0.97 % | 1.32 % | 1.54 % | 1.40 % | 1.31 % | ||||
Return on average common equity | 7.54 % | 10.30 % | 11.76 % | 11.87 % | 11.06 % | ||||
Adjusted return on average tangible common equity(1) | 11.41 % | 15.78 % | 18.33 % | 17.18 % | 16.38 % | ||||
Earning asset yield (TE) | 5.25 % | 4.91 % | 4.37 % | 3.88 % | 3.56 % | ||||
Total cost of funds | 1.59 % | 0.94 % | 0.42 % | 0.22 % | 0.22 % | ||||
Net interest margin (TE) | 3.76 % | 4.03 % | 3.97 % | 3.66 % | 3.35 % | ||||
Efficiency ratio | 52.08 % | 49.57 % | 50.15 % | 51.67 % | 55.43 % | ||||
Adjusted efficiency ratio (TE)(1) | 51.99 % | 49.61 % | 50.12 % | 53.66 % | 56.95 % | ||||
CAPITAL ADEQUACY (period end) | |||||||||
Shareholders' equity to assets | 12.47 % | 12.76 % | 13.10 % | 12.97 % | 12.76 % | ||||
Tangible common equity to tangible assets(1) | 8.55 % | 8.67 % | 8.75 % | 8.58 % | 8.32 % | ||||
OTHER DATA (period end) | |||||||||
Full time equivalent employees | |||||||||
Banking Division | 2,093 | 2,079 | 2,071 | 2,050 | 2,033 | ||||
Retail Mortgage Division | 630 | 633 | 671 | 712 | 714 | ||||
Warehouse Lending Division | 8 | 8 | 9 | 9 | 10 | ||||
SBA Division | 39 | 39 | 40 | 36 | 35 | ||||
Premium Finance Division | 78 | 76 | 77 | 78 | 77 | ||||
Total Ameris Bancorp FTE headcount | 2,848 | 2,835 | 2,868 | 2,885 | 2,869 | ||||
Branch locations | 164 | 164 | 164 | 164 | 165 | ||||
Deposits per branch location | $ 121,326 | $ 118,675 | $ 118,701 | $ 120,030 | $ 118,718 | ||||
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Income Statement | Table 2 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Interest income | |||||||||
Interest and fees on loans | $ 271,964 | $ 250,263 | $ 216,400 | $ 190,740 | $ 177,566 | ||||
Interest on taxable securities | 14,300 | 13,029 | 10,324 | 7,064 | 4,239 | ||||
Interest on nontaxable securities | 339 | 358 | 363 | 269 | 186 | ||||
Interest on deposits in other banks | 9,113 | 9,984 | 7,188 | 4,463 | 1,373 | ||||
Interest on federal funds sold | — | 8 | 27 | 32 | 10 | ||||
Total interest income | 295,716 | 273,642 | 234,302 | 202,568 | 183,374 | ||||
Interest expense | |||||||||
Interest on deposits | 53,182 | 33,071 | 14,034 | 4,908 | 4,092 | ||||
Interest on other borrowings | 30,882 | 16,434 | 7,287 | 6,296 | 6,738 | ||||
Total interest expense | 84,064 | 49,505 | 21,321 | 11,204 | 10,830 | ||||
Net interest income | 211,652 | 224,137 | 212,981 | 191,364 | 172,544 | ||||
Provision for loan losses | 49,376 | 24,648 | 17,469 | 13,227 | (2,734) | ||||
Provision for unfunded commitments | 346 | 8,246 | 192 | 1,779 | 9,009 | ||||
Provision for other credit losses | 7 | (4) | (9) | (82) | (44) | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
Net interest income after provision for credit losses | 161,923 | 191,247 | 195,329 | 176,440 | 166,313 | ||||
Noninterest income | |||||||||
Service charges on deposit accounts | 10,936 | 11,125 | 11,168 | 11,148 | 11,058 | ||||
Mortgage banking activity | 31,392 | 22,855 | 40,350 | 58,761 | 62,938 | ||||
Other service charges, commissions and fees | 971 | 968 | 970 | 998 | 939 | ||||
Gain (loss) on securities | 6 | 3 | (21) | 248 | (27) | ||||
Other noninterest income | 12,745 | 13,397 | 12,857 | 12,686 | 12,003 | ||||
Total noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 80,910 | 75,196 | 78,697 | 81,545 | 84,281 | ||||
Occupancy and equipment | 12,986 | 12,905 | 12,983 | 12,746 | 12,727 | ||||
Data processing and communications expenses | 13,034 | 12,486 | 12,015 | 12,155 | 12,572 | ||||
Credit resolution-related expenses(1) | 435 | 372 | 126 | 496 | (965) | ||||
Advertising and marketing | 3,532 | 3,818 | 3,553 | 3,122 | 1,988 | ||||
Amortization of intangible assets | 4,706 | 4,709 | 4,710 | 5,144 | 5,181 | ||||
Merger and conversion charges | — | 235 | — | — | 977 | ||||
Other noninterest expenses | 23,818 | 25,340 | 27,494 | 26,988 | 27,059 | ||||
Total noninterest expense | 139,421 | 135,061 | 139,578 | 142,196 | 143,820 | ||||
Income before income tax expense | 78,552 | 104,534 | 121,075 | 118,085 | 109,404 | ||||
Income tax expense | 18,131 | 22,313 | 28,520 | 28,019 | 27,706 | ||||
Net income | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 | ||||
Diluted earnings per common share | $ 0.87 | $ 1.18 | $ 1.34 | $ 1.30 | $ 1.17 | ||||
(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 | ||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Assets | |||||||||
Cash and due from banks | $ 266,400 | $ 284,567 | $ 269,193 | $ 345,627 | $ 257,316 | ||||
Federal funds sold and interest-bearing deposits in banks | 1,754,453 | 833,565 | 1,061,975 | 1,961,209 | 3,541,144 | ||||
Debt securities available-for-sale, at fair value | 1,496,836 | 1,500,060 | 1,255,149 | 1,052,268 | 579,204 | ||||
Debt securities held-to-maturity, at amortized cost | 134,175 | 134,864 | 130,214 | 111,654 | 91,454 | ||||
Other investments | 146,715 | 110,992 | 60,560 | 49,500 | 49,395 | ||||
Loans held for sale | 395,096 | 392,078 | 297,987 | 555,665 | 901,550 | ||||
Loans, net of unearned income | 19,997,871 | 19,855,253 | 18,806,856 | 17,561,022 | 16,143,801 | ||||
Allowance for credit losses | (242,658) | (205,677) | (184,891) | (172,642) | (161,251) | ||||
Loans, net | 19,755,213 | 19,649,576 | 18,621,965 | 17,388,380 | 15,982,550 | ||||
Other real estate owned | 1,502 | 843 | 843 | 835 | 1,910 | ||||
Premises and equipment, net | 218,878 | 220,283 | 222,694 | 224,249 | 224,293 | ||||
Goodwill | 1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | ||||
Other intangible assets, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Cash value of bank owned life insurance | 389,201 | 388,405 | 386,533 | 384,862 | 332,914 | ||||
Other assets | 412,781 | 416,213 | 372,570 | 474,552 | 455,460 | ||||
Total assets | $ 26,088,384 | $ 25,053,286 | $ 23,813,657 | $ 23,687,470 | $ 23,560,292 | ||||
Liabilities | |||||||||
Deposits | |||||||||
Noninterest-bearing | $ 7,297,893 | $ 7,929,579 | $ 8,343,200 | $ 8,262,929 | $ 7,870,207 | ||||
Interest-bearing | 12,599,562 | 11,533,159 | 11,123,719 | 11,422,053 | 11,718,234 | ||||
Total deposits | 19,897,455 | 19,462,738 | 19,466,919 | 19,684,982 | 19,588,441 | ||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 953 | 2,065 | ||||
Other borrowings | 2,401,327 | 1,875,736 | 725,664 | 425,592 | 425,520 | ||||
Subordinated deferrable interest debentures | 128,820 | 128,322 | 127,823 | 127,325 | 126,827 | ||||
Other liabilities | 407,587 | 389,090 | 374,181 | 375,242 | 410,280 | ||||
Total liabilities | 22,835,189 | 21,855,886 | 20,694,587 | 20,614,094 | 20,553,133 | ||||
Shareholders' Equity | |||||||||
Preferred stock | — | — | — | — | — | ||||
Common stock | 72,484 | 72,264 | 72,247 | 72,251 | 72,212 | ||||
Capital stock | 1,937,664 | 1,935,211 | 1,932,906 | 1,931,088 | 1,928,702 | ||||
Retained earnings | 1,362,512 | 1,311,258 | 1,239,477 | 1,157,359 | 1,077,725 | ||||
Accumulated other comprehensive income (loss), net of tax | (35,581) | (46,507) | (50,734) | (12,635) | (1,841) | ||||
Treasury stock | (83,884) | (74,826) | (74,826) | (74,687) | (69,639) | ||||
Total shareholders' equity | 3,253,195 | 3,197,400 | 3,119,070 | 3,073,376 | 3,007,159 | ||||
Total liabilities and shareholders' equity | $ 26,088,384 | $ 25,053,286 | $ 23,813,657 | $ 23,687,470 | $ 23,560,292 | ||||
Other Data | |||||||||
Earning assets | $ 23,925,146 | $ 22,826,812 | $ 21,612,741 | $ 21,291,318 | $ 21,306,548 | ||||
Intangible assets | 1,117,134 | 1,121,840 | 1,133,974 | 1,138,669 | 1,143,102 | ||||
Interest-bearing liabilities | 15,129,709 | 13,537,217 | 11,977,206 | 11,975,923 | 12,272,646 | ||||
Average assets | 25,115,927 | 24,354,979 | 23,598,465 | 23,405,201 | 23,275,654 | ||||
Average common shareholders' equity | 3,250,289 | 3,168,320 | 3,123,718 | 3,043,280 | 2,994,652 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Asset Quality Information | Table 4 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Allowance for Credit Losses | |||||||||
Balance at beginning of period | $ 258,163 | $ 229,135 | $ 216,703 | $ 203,615 | $ 200,981 | ||||
Adoption of ASU 2022-02 | (1,711) | — | — | — | — | ||||
Provision for loan losses | 49,376 | 24,648 | 17,469 | 13,227 | (2,734) | ||||
Provision for unfunded commitments | 346 | 8,246 | 192 | 1,779 | 9,009 | ||||
Provision for other credit losses | 7 | (4) | (9) | (82) | (44) | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
Charge-offs | 14,956 | 8,371 | 9,272 | 6,853 | 8,579 | ||||
Recoveries | 4,272 | 4,509 | 4,052 | 5,017 | 4,982 | ||||
Net charge-offs (recoveries) | 10,684 | 3,862 | 5,220 | 1,836 | 3,597 | ||||
Ending balance | $ 295,497 | $ 258,163 | $ 229,135 | $ 216,703 | $ 203,615 | ||||
Allowance for loan losses | $ 242,658 | $ 205,677 | $ 184,891 | $ 172,642 | $ 161,251 | ||||
Allowance for unfunded commitments | 52,757 | 52,411 | 44,165 | 43,973 | 42,194 | ||||
Allowance for other credit losses | 82 | 75 | 79 | 88 | 170 | ||||
Total allowance for credit losses | $ 295,497 | $ 258,163 | $ 229,135 | $ 216,703 | $ 203,615 | ||||
Net Charge-off Information | |||||||||
Charge-offs | |||||||||
Commercial, financial and agricultural | $ 12,233 | $ 5,108 | $ 4,722 | $ 4,391 | $ 4,414 | ||||
Consumer | 1,140 | 1,136 | 1,228 | 1,137 | 1,425 | ||||
Indirect automobile | 34 | 86 | 50 | 41 | 88 | ||||
Premium Finance | 1,421 | 1,812 | 1,205 | 1,066 | 1,369 | ||||
Real estate - construction and development | — | 27 | — | — | — | ||||
Real estate - commercial and farmland | — | 196 | 2,014 | 81 | 1,283 | ||||
Real estate - residential | 128 | 6 | 53 | 137 | — | ||||
Total charge-offs | 14,956 | 8,371 | 9,272 | 6,853 | 8,579 | ||||
Recoveries | |||||||||
Commercial, financial and agricultural | 2,043 | 2,072 | 2,201 | 2,785 | 2,896 | ||||
Consumer | 297 | 217 | 277 | 230 | 158 | ||||
Indirect automobile | 216 | 229 | 276 | 265 | 275 | ||||
Premium Finance | 1,382 | 1,682 | 1,023 | 1,113 | 1,247 | ||||
Real estate - construction and development | 100 | 223 | 96 | 355 | 218 | ||||
Real estate - commercial and farmland | 44 | 48 | 96 | 44 | 37 | ||||
Real estate - residential | 190 | 38 | 83 | 225 | 151 | ||||
Total recoveries | 4,272 | 4,509 | 4,052 | 5,017 | 4,982 | ||||
Net charge-offs (recoveries) | $ 10,684 | $ 3,862 | $ 5,220 | $ 1,836 | $ 3,597 | ||||
Non-Performing Assets | |||||||||
Nonaccrual portfolio loans | $ 68,028 | $ 65,221 | $ 64,055 | $ 72,352 | $ 59,316 | ||||
Other real estate owned | 1,502 | 843 | 843 | 835 | 1,910 | ||||
Repossessed assets | 25 | 28 | 60 | 122 | 139 | ||||
Accruing loans delinquent 90 days or more | 15,792 | 17,865 | 12,378 | 8,542 | 6,584 | ||||
Non-performing portfolio assets | $ 85,347 | $ 83,957 | $ 77,336 | $ 81,851 | $ 67,949 | ||||
Serviced GNMA-guaranteed mortgage nonaccrual loans | 74,999 | 69,587 | 54,621 | 50,560 | 43,281 | ||||
Total non-performing assets | $ 160,346 | $ 153,544 | $ 131,957 | $ 132,411 | $ 111,230 | ||||
Asset Quality Ratios | |||||||||
Non-performing portfolio assets as a percent of total assets | 0.33 % | 0.34 % | 0.32 % | 0.35 % | 0.29 % | ||||
Total non-performing assets as a percent of total assets | 0.61 % | 0.61 % | 0.55 % | 0.56 % | 0.47 % | ||||
Net charge-offs as a percent of average loans (annualized) | 0.22 % | 0.08 % | 0.11 % | 0.04 % | 0.09 % | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Loan Information | Table 5 | ||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Loans by Type | |||||||||
Commercial, financial and agricultural | $ 2,722,180 | $ 2,679,403 | $ 2,245,287 | $ 2,022,845 | $ 1,836,663 | ||||
Consumer | 349,775 | 384,037 | 162,345 | 167,237 | 173,642 | ||||
Indirect automobile | 83,466 | 108,648 | 137,183 | 172,245 | 214,120 | ||||
Mortgage warehouse | 958,418 | 1,038,924 | 980,342 | 949,191 | 732,375 | ||||
Municipal | 505,515 | 509,151 | 516,797 | 529,268 | 547,926 | ||||
Premium Finance | 947,257 | 1,023,479 | 1,062,724 | 942,357 | 819,163 | ||||
Real estate - construction and development | 2,144,605 | 2,086,438 | 2,009,726 | 1,747,284 | 1,577,215 | ||||
Real estate - commercial and farmland | 7,721,732 | 7,604,868 | 7,516,309 | 7,156,017 | 6,924,475 | ||||
Real estate - residential | 4,564,923 | 4,420,305 | 4,176,143 | 3,874,578 | 3,318,222 | ||||
Total loans | $ 19,997,871 | $ 19,855,253 | $ 18,806,856 | $ 17,561,022 | $ 16,143,801 | ||||
Loans by Risk Grade | |||||||||
Grades 1 through 5 - Pass | $ 19,654,232 | $ 19,513,726 | $ 18,483,046 | $ 17,296,520 | $ 15,899,956 | ||||
Grade 6 - Other assets especially mentioned | 116,345 | 104,614 | 110,408 | 68,444 | 51,670 | ||||
Grade 7 - Substandard | 227,294 | 236,913 | 213,402 | 196,058 | 192,175 | ||||
Grade 8 - Doubtful | — | — | — | — | — | ||||
Grade 9 - Loss | — | — | — | — | — | ||||
Total loans | $ 19,997,871 | $ 19,855,253 | $ 18,806,856 | $ 17,561,022 | $ 16,143,801 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Average Balances | Table 6 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Earning Assets | |||||||||
Federal funds sold | $ — | $ 924 | $ 5,000 | $ 17,692 | $ 20,000 | ||||
Interest-bearing deposits in banks | 859,614 | 1,009,935 | 1,394,529 | 2,209,761 | 3,393,238 | ||||
Debt securities - taxable | 1,586,404 | 1,451,861 | 1,242,811 | 932,824 | 623,498 | ||||
Debt securities - nontaxable | 43,052 | 44,320 | 45,730 | 39,236 | 29,605 | ||||
Other investments | 131,044 | 83,730 | 51,209 | 49,550 | 47,872 | ||||
Loans held for sale | 490,295 | 371,952 | 471,070 | 944,964 | 1,097,098 | ||||
Loans | 19,820,749 | 19,212,560 | 18,146,083 | 16,861,674 | 15,821,397 | ||||
Total Earning Assets | $ 22,931,158 | $ 22,175,282 | $ 21,356,432 | $ 21,055,701 | $ 21,032,708 | ||||
Deposits | |||||||||
Noninterest-bearing deposits | $ 7,136,373 | $ 8,138,887 | $ 8,259,625 | $ 7,955,765 | $ 7,658,451 | ||||
NOW accounts | 4,145,991 | 3,621,454 | 3,701,045 | 3,695,490 | 3,684,772 | ||||
MMDA | 4,994,195 | 5,161,047 | 5,026,815 | 5,087,199 | 5,240,922 | ||||
Savings accounts | 1,005,614 | 1,010,966 | 1,030,298 | 1,007,340 | 973,724 | ||||
Retail CDs | 1,612,325 | 1,450,037 | 1,506,761 | 1,693,740 | 1,774,016 | ||||
Brokered CDs | 125,133 | — | — | — | — | ||||
Total Deposits | 19,019,631 | 19,382,391 | 19,524,544 | 19,439,534 | 19,331,885 | ||||
Non-Deposit Funding | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | 1 | 92 | 1,854 | 4,020 | ||||
FHLB advances | 1,968,811 | 918,228 | 94,357 | 48,746 | 48,786 | ||||
Other borrowings | 361,445 | 377,056 | 376,942 | 376,829 | 443,657 | ||||
Subordinated deferrable interest debentures | 128,557 | 128,060 | 127,560 | 127,063 | 126,563 | ||||
Total Non-Deposit Funding | 2,458,813 | 1,423,345 | 598,951 | 554,492 | 623,026 | ||||
Total Funding | $ 21,478,444 | $ 20,805,736 | $ 20,123,495 | $ 19,994,026 | $ 19,954,911 | ||||
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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Interest Income | |||||||||
Federal funds sold | $ — | $ 8 | $ 27 | $ 32 | $ 10 | ||||
Interest-bearing deposits in banks | 9,113 | 9,984 | 7,188 | 4,463 | 1,373 | ||||
Debt securities - taxable | 14,300 | 13,029 | 10,324 | 7,064 | 4,239 | ||||
Debt securities - nontaxable (TE) | 429 | 454 | 459 | 341 | 235 | ||||
Loans held for sale | 7,007 | 5,519 | 6,012 | 10,036 | 8,132 | ||||
Loans (TE) | 265,802 | 245,603 | 211,223 | 181,602 | 170,398 | ||||
Total Earning Assets | $ 296,651 | $ 274,597 | $ 235,233 | $ 203,538 | $ 184,387 | ||||
Interest Expense | |||||||||
Interest-Bearing Deposits | |||||||||
NOW accounts | $ 15,033 | $ 8,564 | $ 3,733 | $ 1,246 | $ 824 | ||||
MMDA | 27,809 | 20,683 | 8,613 | 2,204 | 1,643 | ||||
Savings accounts | 1,288 | 654 | 360 | 140 | 133 | ||||
Retail CDs | 7,629 | 3,170 | 1,328 | 1,318 | 1,492 | ||||
Brokered CDs | 1,423 | — | — | — | — | ||||
Total Interest-Bearing Deposits | 53,182 | 33,071 | 14,034 | 4,908 | 4,092 | ||||
Non-Deposit Funding | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 1 | 3 | ||||
FHLB advances | 22,448 | 8,801 | 527 | 192 | 190 | ||||
Other borrowings | 5,349 | 4,953 | 4,655 | 4,437 | 5,164 | ||||
Subordinated deferrable interest debentures | 3,085 | 2,680 | 2,105 | 1,666 | 1,381 | ||||
Total Non-Deposit Funding | 30,882 | 16,434 | 7,287 | 6,296 | 6,738 | ||||
Total Interest-Bearing Funding | $ 84,064 | $ 49,505 | $ 21,321 | $ 11,204 | $ 10,830 | ||||
Net Interest Income (TE) | $ 212,587 | $ 225,092 | $ 213,912 | $ 192,334 | $ 173,557 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Yields(1) | Table 8 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||
Earning Assets | |||||||||
Federal funds sold | — % | 3.43 % | 2.14 % | 0.73 % | 0.20 % | ||||
Interest-bearing deposits in banks | 4.30 % | 3.92 % | 2.04 % | 0.81 % | 0.16 % | ||||
Debt securities - taxable | 3.66 % | 3.56 % | 3.30 % | 3.04 % | 2.76 % | ||||
Debt securities - nontaxable (TE) | 4.04 % | 4.06 % | 3.98 % | 3.49 % | 3.22 % | ||||
Loans held for sale | 5.80 % | 5.89 % | 5.06 % | 4.26 % | 3.01 % | ||||
Loans (TE) | 5.44 % | 5.07 % | 4.62 % | 4.32 % | 4.37 % | ||||
Total Earning Assets | 5.25 % | 4.91 % | 4.37 % | 3.88 % | 3.56 % | ||||
Interest-Bearing Deposits | |||||||||
NOW accounts | 1.47 % | 0.94 % | 0.40 % | 0.14 % | 0.09 % | ||||
MMDA | 2.26 % | 1.59 % | 0.68 % | 0.17 % | 0.13 % | ||||
Savings accounts | 0.52 % | 0.26 % | 0.14 % | 0.06 % | 0.06 % | ||||
Retail CDs | 1.92 % | 0.87 % | 0.35 % | 0.31 % | 0.34 % | ||||
Brokered CDs | 4.61 % | — % | — % | — % | — % | ||||
Total Interest-Bearing Deposits | 1.82 % | 1.17 % | 0.49 % | 0.17 % | 0.14 % | ||||
Non-Deposit Funding | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | — % | — % | — % | 0.22 % | 0.30 % | ||||
FHLB advances | 4.62 % | 3.80 % | 2.22 % | 1.58 % | 1.58 % | ||||
Other borrowings | 6.00 % | 5.21 % | 4.90 % | 4.72 % | 4.72 % | ||||
Subordinated deferrable interest debentures | 9.73 % | 8.30 % | 6.55 % | 5.26 % | 4.43 % | ||||
Total Non-Deposit Funding | 5.09 % | 4.58 % | 4.83 % | 4.55 % | 4.39 % | ||||
Total Interest-Bearing Liabilities | 2.38 % | 1.55 % | 0.71 % | 0.37 % | 0.36 % | ||||
Net Interest Spread | 2.87 % | 3.36 % | 3.66 % | 3.51 % | 3.20 % | ||||
Net Interest Margin(2) | 3.76 % | 4.03 % | 3.97 % | 3.66 % | 3.35 % | ||||
Total Cost of Funds(3) | 1.59 % | 0.94 % | 0.42 % | 0.22 % | 0.22 % | ||||
(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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Net income available to common shareholders | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 | ||||
Adjustment items: | |||||||||
Merger and conversion charges | — | 235 | — | — | 977 | ||||
(Gain) loss on sale of MSR | — | (1,672) | 316 | — | — | ||||
Servicing right impairment (recovery) | — | — | (1,332) | (10,838) | (9,654) | ||||
Gain on BOLI proceeds | (486) | — | (55) | — | — | ||||
Natural disaster and pandemic charges | — | — | 151 | — | — | ||||
(Gain) loss on bank premises | — | — | — | (39) | (6) | ||||
Tax effect of adjustment items (Note 1) | — | 302 | 182 | 2,284 | 2,024 | ||||
After tax adjustment items | (486) | (1,135) | (738) | (8,593) | (6,659) | ||||
Adjusted net income | $ 59,935 | $ 81,086 | $ 91,817 | $ 81,473 | $ 75,039 | ||||
Weighted average number of shares - diluted | 69,322,664 | 69,395,224 | 69,327,414 | 69,316,258 | 69,660,990 | ||||
Net income per diluted share | $ 0.87 | $ 1.18 | $ 1.34 | $ 1.30 | $ 1.17 | ||||
Adjusted net income per diluted share | $ 0.86 | $ 1.17 | $ 1.32 | $ 1.18 | $ 1.08 | ||||
Average assets | $ 25,115,927 | $ 24,354,979 | $ 23,598,465 | $ 23,405,201 | $ 23,275,654 | ||||
Return on average assets | 0.98 % | 1.34 % | 1.56 % | 1.54 % | 1.42 % | ||||
Adjusted return on average assets | 0.97 % | 1.32 % | 1.54 % | 1.40 % | 1.31 % | ||||
Average common equity | $ 3,250,289 | $ 3,168,320 | $ 3,123,718 | $ 3,043,280 | $ 2,994,652 | ||||
Average tangible common equity | $ 2,130,856 | $ 2,039,094 | $ 1,987,385 | $ 1,902,265 | $ 1,857,713 | ||||
Return on average common equity | 7.54 % | 10.30 % | 11.76 % | 11.87 % | 11.06 % | ||||
Adjusted return on average tangible common equity | 11.41 % | 15.78 % | 18.33 % | 17.18 % | 16.38 % | ||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for 1Q22 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) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Adjusted Noninterest Expense | |||||||||
Total noninterest expense | $ 139,421 | $ 135,061 | $ 139,578 | $ 142,196 | $ 143,820 | ||||
Adjustment items: | |||||||||
Merger and conversion charges | — | (235) | — | — | (977) | ||||
Natural disaster and pandemic charges | — | — | (151) | — | — | ||||
Gain (loss) on bank premises | — | — | — | 39 | 6 | ||||
Adjusted noninterest expense | $ 139,421 | $ 134,826 | $ 139,427 | $ 142,235 | $ 142,849 | ||||
Total Revenue | |||||||||
Net interest income | $ 211,652 | $ 224,137 | $ 212,981 | $ 191,364 | $ 172,544 | ||||
Noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Total revenue | $ 267,702 | $ 272,485 | $ 278,305 | $ 275,205 | $ 259,455 | ||||
Adjusted Total Revenue | |||||||||
Net interest income (TE) | $ 212,587 | $ 225,092 | $ 213,912 | $ 192,334 | $ 173,557 | ||||
Noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Total revenue (TE) | 268,637 | 273,440 | 279,236 | 276,175 | 260,468 | ||||
Adjustment items: | |||||||||
(Gain) loss on securities | (6) | (3) | 21 | (248) | 27 | ||||
(Gain) loss on sale of MSR | — | (1,672) | 316 | — | — | ||||
Gain on BOLI proceeds | (486) | — | (55) | — | — | ||||
Servicing right impairment (recovery) | — | — | (1,332) | (10,838) | (9,654) | ||||
Adjusted total revenue (TE) | $ 268,145 | $ 271,765 | $ 278,186 | $ 265,089 | $ 250,841 | ||||
Efficiency ratio | 52.08 % | 49.57 % | 50.15 % | 51.67 % | 55.43 % | ||||
Adjusted efficiency ratio (TE) | 51.99 % | 49.61 % | 50.12 % | 53.66 % | 56.95 % | ||||
Tangible Book Value Per Share | Table 9C | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Total shareholders' equity | $ 3,253,195 | $ 3,197,400 | $ 3,119,070 | $ 3,073,376 | $ 3,007,159 | ||||
Less: | |||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | ||||
Other intangibles, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Total tangible shareholders' equity | $ 2,136,061 | $ 2,075,560 | $ 1,985,096 | $ 1,934,707 | $ 1,864,057 | ||||
Period end number of shares | 69,373,863 | 69,369,050 | 69,352,709 | 69,360,461 | 69,439,084 | ||||
Book value per share (period end) | $ 46.89 | $ 46.09 | $ 44.97 | $ 44.31 | $ 43.31 | ||||
Tangible book value per share (period end) | $ 30.79 | $ 29.92 | $ 28.62 | $ 27.89 | $ 26.84 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Non-GAAP Reconciliations (continued) | |||||||||
Tangible Common Equity to Tangible Assets | Table 9D | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Total shareholders' equity | $ 3,253,195 | $ 3,197,400 | $ 3,119,070 | $ 3,073,376 | $ 3,007,159 | ||||
Less: | |||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | ||||
Other intangibles, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Total tangible shareholders' equity | $ 2,136,061 | $ 2,075,560 | $ 1,985,096 | $ 1,934,707 | $ 1,864,057 | ||||
Total assets | $ 26,088,384 | $ 25,053,286 | $ 23,813,657 | $ 23,687,470 | $ 23,560,292 | ||||
Less: | |||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,023,071 | 1,023,056 | 1,022,345 | ||||
Other intangibles, net | 101,488 | 106,194 | 110,903 | 115,613 | 120,757 | ||||
Total tangible assets | $ 24,971,250 | $ 23,931,446 | $ 22,679,683 | $ 22,548,801 | $ 22,417,190 | ||||
Equity to Assets | 12.47 % | 12.76 % | 13.10 % | 12.97 % | 12.76 % | ||||
Tangible Common Equity to Tangible Assets | 8.55 % | 8.67 % | 8.75 % | 8.58 % | 8.32 % | ||||
PPNR ROA | Table 9E | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Net income | 60,421 | 82,221 | 92,555 | 90,066 | 81,698 | ||||
Plus: | |||||||||
Income taxes | 18,131 | 22,313 | 28,520 | 28,019 | 27,706 | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
PPNR | 128,281 | 137,424 | 138,727 | 133,009 | 115,635 | ||||
Average Assets | 25,115,927 | 24,354,979 | 23,598,465 | 23,405,201 | 23,275,654 | ||||
Return on Average Assets (ROA) | 0.98 % | 1.34 % | 1.56 % | 1.54 % | 1.42 % | ||||
PPNR ROA | 2.07 % | 2.24 % | 2.33 % | 2.28 % | 2.01 % | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Segment Reporting | Table 10 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
Banking Division | |||||||||
Net interest income | $ 175,340 | $ 185,909 | $ 174,507 | $ 152,122 | $ 133,745 | ||||
Provision for credit losses | 47,140 | 35,946 | 10,551 | 10,175 | 5,226 | ||||
Noninterest income | 23,898 | 23,448 | 23,269 | 23,469 | 21,364 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 56,454 | 52,296 | 48,599 | 46,733 | 49,195 | ||||
Occupancy and equipment expenses | 11,606 | 11,482 | 11,357 | 11,168 | 11,074 | ||||
Data processing and telecommunications expenses | 11,797 | 11,085 | 10,779 | 10,863 | 11,230 | ||||
Other noninterest expenses | 19,023 | 21,811 | 22,974 | 21,123 | 20,045 | ||||
Total noninterest expense | 98,880 | 96,674 | 93,709 | 89,887 | 91,544 | ||||
Income before income tax expense | 53,218 | 76,737 | 93,516 | 75,529 | 58,339 | ||||
Income tax expense | 12,850 | 16,545 | 22,706 | 19,120 | 16,996 | ||||
Net income | $ 40,368 | $ 60,192 | $ 70,810 | $ 56,409 | $ 41,343 | ||||
Retail Mortgage Division | |||||||||
Net interest income | $ 20,027 | $ 19,837 | $ 19,283 | $ 20,779 | $ 19,295 | ||||
Provision for credit losses | 2,853 | (2,778) | 9,043 | 4,499 | 1,587 | ||||
Noninterest income | 31,058 | 24,011 | 38,584 | 57,795 | 61,649 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 20,160 | 19,164 | 25,813 | 31,219 | 31,614 | ||||
Occupancy and equipment expenses | 1,283 | 1,242 | 1,460 | 1,406 | 1,471 | ||||
Data processing and telecommunications expenses | 1,069 | 1,203 | 1,082 | 1,123 | 1,172 | ||||
Other noninterest expenses | 11,747 | 11,126 | 11,641 | 12,812 | 12,645 | ||||
Total noninterest expense | 34,259 | 32,735 | 39,996 | 46,560 | 46,902 | ||||
Income before income tax expense | 13,973 | 13,891 | 8,828 | 27,515 | 32,455 | ||||
Income tax expense | 2,934 | 2,916 | 1,854 | 5,779 | 6,815 | ||||
Net income | $ 11,039 | $ 10,975 | $ 6,974 | $ 21,736 | $ 25,640 | ||||
Warehouse Lending Division | |||||||||
Net interest income | $ 5,700 | $ 6,601 | $ 6,979 | $ 6,700 | $ 6,447 | ||||
Provision for credit losses | (194) | 117 | (1,836) | 867 | (222) | ||||
Noninterest income | 480 | 579 | 1,516 | 1,041 | 1,401 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 802 | 427 | 1,055 | 208 | 283 | ||||
Occupancy and equipment expenses | 1 | 1 | 1 | 1 | 1 | ||||
Data processing and telecommunications expenses | 46 | 49 | 43 | 48 | 47 | ||||
Other noninterest expenses | 202 | 191 | 209 | 212 | 218 | ||||
Total noninterest expense | 1,051 | 668 | 1,308 | 469 | 549 | ||||
Income before income tax expense | 5,323 | 6,395 | 9,023 | 6,405 | 7,521 | ||||
Income tax expense | 1,118 | 1,342 | 1,895 | 1,346 | 1,579 | ||||
Net income | $ 4,205 | $ 5,053 | $ 7,128 | $ 5,059 | $ 5,942 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Segment Reporting (continued) | Table 10 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||
SBA Division | |||||||||
Net interest income | $ 1,945 | $ 2,491 | $ 2,424 | $ 3,798 | $ 6,011 | ||||
Provision for credit losses | (104) | 265 | 52 | (523) | (143) | ||||
Noninterest income | 605 | 302 | 1,946 | 1,526 | 2,491 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 1,297 | 1,306 | 1,412 | 1,316 | 1,271 | ||||
Occupancy and equipment expenses | 37 | 98 | 82 | 81 | 99 | ||||
Data processing and telecommunications expenses | 37 | 30 | 29 | 29 | 28 | ||||
Other noninterest expenses | 422 | 368 | 100 | 539 | 380 | ||||
Total noninterest expense | 1,793 | 1,802 | 1,623 | 1,965 | 1,778 | ||||
Income before income tax expense | 861 | 726 | 2,695 | 3,882 | 6,867 | ||||
Income tax expense | 179 | 153 | 566 | 815 | 1,442 | ||||
Net income | $ 682 | $ 573 | $ 2,129 | $ 3,067 | $ 5,425 | ||||
Premium Finance Division | |||||||||
Net interest income | $ 8,640 | $ 9,299 | $ 9,788 | $ 7,965 | $ 7,046 | ||||
Provision for credit losses | 34 | (660) | (158) | (94) | (217) | ||||
Noninterest income | 9 | 8 | 9 | 10 | 6 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 2,197 | 2,003 | 1,818 | 2,069 | 1,918 | ||||
Occupancy and equipment expenses | 59 | 82 | 83 | 90 | 82 | ||||
Data processing and telecommunications expenses | 85 | 119 | 82 | 92 | 95 | ||||
Other noninterest expenses | 1,097 | 978 | 959 | 1,064 | 952 | ||||
Total noninterest expense | 3,438 | 3,182 | 2,942 | 3,315 | 3,047 | ||||
Income before income tax expense | 5,177 | 6,785 | 7,013 | 4,754 | 4,222 | ||||
Income tax expense | 1,050 | 1,357 | 1,499 | 959 | 874 | ||||
Net income | $ 4,127 | $ 5,428 | $ 5,514 | $ 3,795 | $ 3,348 | ||||
Total Consolidated | |||||||||
Net interest income | $ 211,652 | $ 224,137 | $ 212,981 | $ 191,364 | $ 172,544 | ||||
Provision for credit losses | 49,729 | 32,890 | 17,652 | 14,924 | 6,231 | ||||
Noninterest income | 56,050 | 48,348 | 65,324 | 83,841 | 86,911 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 80,910 | 75,196 | 78,697 | 81,545 | 84,281 | ||||
Occupancy and equipment expenses | 12,986 | 12,905 | 12,983 | 12,746 | 12,727 | ||||
Data processing and telecommunications expenses | 13,034 | 12,486 | 12,015 | 12,155 | 12,572 | ||||
Other noninterest expenses | 32,491 | 34,474 | 35,883 | 35,750 | 34,240 | ||||
Total noninterest expense | 139,421 | 135,061 | 139,578 | 142,196 | 143,820 | ||||
Income before income tax expense | 78,552 | 104,534 | 121,075 | 118,085 | 109,404 | ||||
Income tax expense | 18,131 | 22,313 | 28,520 | 28,019 | 27,706 | ||||
Net income | $ 60,421 | $ 82,221 | $ 92,555 | $ 90,066 | $ 81,698 | ||||
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SOURCE Ameris Bancorp