Skip to main content

Ameris Bancorp Announces Financial Results for Third Quarter 2024

Highlights of Ameris’s results for the third quarter of 2024 include the following:

  • Net income of $99.2 million, or $1.44 per diluted share;
  • Adjusted net income(1) of $95.2 million, or $1.38 per diluted share
  • Return on average assets ("ROA") of 1.49%; Adjusted ROA(1) of 1.43%
  • Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 1.99%;
  • Growth in tangible book value(1) of $1.72 per share, or 19.1% annualized, to $37.51 at September 30, 2024
  • TCE ratio(1) of 10.24%, compared with 9.11% one year ago
  • Completed the sale of a pool of mortgage servicing rights ("MSR") recognizing a gain of $5.2 million and reducing exposure to GNMA nonaccrual loans by $85.4 million
  • Net interest margin of 3.51% for the third quarter of 2024
  • Growth in average earning assets of $454.8 million, or 7.6% annualized
  • Growth in total deposits of $435.1 million, or 8.1% annualized
  • Allowance for loan losses steady at 1.60% of loans at September 30, 2024
  • Annualized net charge-offs declined to 0.15% of average total loans

Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024, compared with $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023. Excluding the gain on sale of MSRs and natural disaster expenses, adjusted net income(1) was $95.2 million, or $1.38 per diluted share, for the quarter ended September 30, 2024, compared with $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023.

For the year-to-date period ending September 30, 2024, the Company reported net income of $264.3 million, or $3.83 per diluted share, compared with $203.2 million, or $2.94 per diluted share, for the same period in 2023. The year-to-date period ending September 30, 2024 included a provision for credit losses of $46.0 million, compared with $119.7 million for the same period in 2023.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “This quarter's strong financial performance reflects our core franchise value, disciplined focus on enhancing shareholder returns and commitment to our customers. We achieved core deposit growth, sold additional MSRs at a gain, reduced GNMA nonaccrual exposure and grew tangible book value by over 19% annualized this quarter. We are building capital at a strong pace, with our TCE ratio now over 10% and CET1 ratio at 12%. We remain dedicated to the Southeast markets, which continue to grow and thrive."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $215.0 million in the third quarter of 2024, an increase of $2.1 million, or 1.0%, from last quarter and $6.3 million, or 3.0%, compared with the third quarter of 2023. The Company's net interest margin was 3.51% for the third quarter of 2024, down from 3.58% reported for the second quarter of 2024 and from 3.54% reported for the third quarter of 2023. The decrease in net interest margin this quarter compared with the second quarter of 2024 is primarily attributable to decreased yield on securities during the period, in addition to an increase in funding costs. During the second quarter of 2024, the Company recognized approximately $2.3 million, or 0.04% to margin, related to positive inflation adjustments on Treasury Inflation-Protected Securities and accelerated accretion on an early bond payoff. The decrease in net interest margin compared with the same period in 2023 is due to the effect of overall increases in deposit costs over the last year, partially offset by increased yields on earning assets.

Yields on earning assets decreased five basis points during the quarter to 5.81%, compared with 5.86% in the second quarter of 2024. This decrease is primarily related to the $2.3 million in bond income recognized in the second quarter of 2024 noted above. Yields on earning assets increased 19 basis points compared with 5.62% for the third quarter of 2023. Yields on loans increased to 6.01% during the third quarter of 2024, compared with 6.00% for the second quarter of 2024 and 5.81% for the third quarter of 2023.

The Company’s total cost of funds was 2.50% in the third quarter of 2024, an increase of two and 26 basis points compared with the second quarter of 2024 and third quarter of 2023, respectively. Deposit costs increased only seven basis points during the third quarter of 2024 to 2.39%, compared with 2.32% in the second quarter of 2024. Costs of interest-bearing deposits increased during the quarter from 3.37% in the second quarter of 2024 to 3.44% in the third quarter of 2024, reflecting an increase in money market and brokered deposit account balances and costs.

Noninterest Income

Noninterest income decreased $19.0 million, or 21.4%, in the third quarter of 2024 to $69.7 million, compared with $88.7 million for the second quarter of 2024, primarily as a result of decreased gain on securities and mortgage revenue. The second quarter of 2024 included a gain on conversion of Visa Class B stock of $12.6 million, compared with no such gain in the third quarter of 2024. Mortgage banking activity decreased by $8.5 million, or 18.2%, to $37.9 million in the third quarter of 2024, compared with $46.4 million for the second quarter of 2024. Gain on sale spreads decreased to 2.17% in the third quarter of 2024 from 2.45% for the second quarter of 2024. Total production in the retail mortgage division decreased $170.1 million, or 12.8%, to $1.16 billion in the third quarter of 2024, compared with $1.33 billion for the second quarter of 2024. The retail mortgage open pipeline was $813.7 million at the end of the third quarter of 2024, compared with $802.2 million for the second quarter of 2024. Included in other noninterest income in the third quarter of 2024 was a $5.2 million gain from the sale of mortgage servicing rights, compared with $4.7 million for the second quarter of 2024.

Noninterest Expense

Noninterest expense decreased $3.6 million, or 2.3%, to $151.8 million during the third quarter of 2024, compared with $155.4 million for the second quarter of 2024. During the third quarter of 2024, the Company recorded natural disaster expenses of $150,000. During the second quarter of 2024, the Company recorded a reduction in FDIC special assessment expense of $895,000. Excluding these items, adjusted expenses(1) decreased approximately $4.6 million, or 3.0%, to $151.6 million in the third quarter of 2024 from $156.3 million in the second quarter of 2024. The decrease in adjusted expenses(1) resulted from a $1.2 million decrease in loan servicing expenses as a result of the sale of mortgage servicing rights beginning in the second quarter of 2024. Also contributing to the decrease in adjusted expenses were $1.0 million of additional deferred origination costs in our equipment finance division and a reduction of $1.0 million in problem loan expenses. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) improved to 54.25% in the third quarter of 2024, compared with 55.00% in the second quarter of 2024.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2024 was 21.2%, compared with 28.2% for the second quarter of 2024. Tax expense during the second quarter of 2024 included a $4.8 million expense related to the termination of certain BOLI policies.

Balance Sheet Trends

Total assets at September 30, 2024 were $26.40 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased to $1.44 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $695.7 million, or 4.6% annualized, to $20.96 billion at September 30, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $553.4 million at September 30, 2024 from $281.3 million at December 31, 2023.

At September 30, 2024, total deposits amounted to $21.88 billion, compared with $20.71 billion at December 31, 2023. During the third quarter of 2024, deposits grew $435.1 million, with noninterest bearing accounts increasing $21.1 million, money market accounts increasing $83.6 million, retail CDs increasing $60.4 million and brokered CDs increasing $403.7 million, with such increases offset in part by a $12.6 million decrease in savings accounts and a 121.0 million decrease in interest bearing demand accounts. Noninterest bearing accounts as a percentage of total deposits was minimally changed, such that at September 30, 2024, noninterest bearing deposit accounts represented $6.67 billion, or 30.5% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at December 31, 2023.

Shareholders’ equity at September 30, 2024 totaled $3.68 billion, an increase of $254.6 million, or 7.4%, from December 31, 2023. The increase in shareholders’ equity was primarily the result of earnings of $264.3 million during the first nine months of 2024, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss of $20.2 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $3.87 per share, or 15.4% annualized, during the first nine months of 2024 to $37.51 at September 30, 2024. Tangible common equity as a percentage of tangible assets was 10.24% at September 30, 2024, compared with 9.64% at the end of 2023. The Company had no repurchases of its shares in the quarter ending September 30, 2024.

Credit Quality

During the third quarter of 2024, the Company recorded a provision for credit losses of $6.1 million, keeping the allowance for credit losses at 1.60% of loans, compared with a provision of $18.8 million in the second quarter of 2024. Nonperforming assets as a percentage of total assets improved 30 basis points to 0.44% during the quarter. Approximately $8.2 million, or 7.0%, of the nonperforming assets at September 30, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased two basis points to 0.41% at September 30, 2024, compared with 0.39% at the second quarter of 2024. The Company sold a pool of MSRs during the third quarter of 2024 which reduced exposure to nonperforming GNMA-guaranteed mortgage loans by $85.4 million. The net charge-off ratio improved to 15 basis points for the third quarter of 2024, from 18 basis points in the second quarter of 2024.

Share Repurchase Program

The Company's board of directors, on October 18, 2024, authorized the Company to repurchase up to $100.0 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2025, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. The board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31 and under which the Company has repurchased $8.3 million of its outstanding common stock in the past 12 months.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 25, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until November 1, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 1525671. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.4 billion in assets as of September 30, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

(1)

Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E. 

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 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, 2023 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

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands except per share data)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

99,212

 

 

$

90,785

 

 

$

74,312

 

 

$

65,934

 

 

$

80,115

 

 

$

264,309

 

 

$

203,171

 

Adjusted net income(1)

$

95,187

 

 

$

80,763

 

 

$

75,612

 

 

$

73,568

 

 

$

80,115

 

 

$

251,562

 

 

$

202,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.44

 

 

$

1.32

 

 

$

1.08

 

 

$

0.96

 

 

$

1.16

 

 

$

3.84

 

 

$

2.94

 

Diluted

$

1.44

 

 

$

1.32

 

 

$

1.08

 

 

$

0.96

 

 

$

1.16

 

 

$

3.83

 

 

$

2.94

 

Adjusted diluted EPS(1)

$

1.38

 

 

$

1.17

 

 

$

1.10

 

 

$

1.07

 

 

$

1.16

 

 

$

3.64

 

 

$

2.93

 

Cash dividends per share

$

0.15

 

 

$

0.15

 

 

$

0.15

 

 

$

0.15

 

 

$

0.15

 

 

$

0.45

 

 

$

0.45

 

Book value per share (period end)

$

53.30

 

 

$

51.64

 

 

$

50.42

 

 

$

49.62

 

 

$

48.41

 

 

$

53.30

 

 

$

48.41

 

Tangible book value per share (period end)(1)

$

37.51

 

 

$

35.79

 

 

$

34.52

 

 

$

33.64

 

 

$

32.38

 

 

$

37.51

 

 

$

32.38

 

Weighted average number of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

68,798,093

 

 

 

68,824,150

 

 

 

68,808,393

 

 

 

68,824,004

 

 

 

68,879,352

 

 

 

68,811,727

 

 

 

69,023,201

 

Diluted

 

69,066,298

 

 

 

69,013,834

 

 

 

69,014,116

 

 

 

69,014,793

 

 

 

68,994,247

 

 

 

69,031,666

 

 

 

69,129,921

 

Period end number of shares

 

69,067,019

 

 

 

69,066,573

 

 

 

69,115,263

 

 

 

69,053,341

 

 

 

69,138,461

 

 

 

69,067,019

 

 

 

69,138,461

 

Market data

 

 

 

 

 

 

 

 

 

 

 

 

 

High intraday price

$

65.40

 

 

$

51.18

 

 

$

53.99

 

 

$

53.84

 

 

$

45.34

 

 

$

65.40

 

 

$

50.54

 

Low intraday price

$

48.21

 

 

$

44.23

 

 

$

44.00

 

 

$

34.26

 

 

$

33.21

 

 

$

44.00

 

 

$

28.33

 

Period end closing price

$

62.39

 

 

$

50.35

 

 

$

48.38

 

 

$

53.05

 

 

$

38.39

 

 

$

62.39

 

 

$

38.39

 

Average daily volume

 

379,896

 

 

 

301,784

 

 

 

407,898

 

 

 

390,190

 

 

 

361,167

 

 

 

362,808

 

 

 

429,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.49

%

 

 

1.41

%

 

 

1.18

%

 

 

1.03

%

 

 

1.25

%

 

 

1.36

%

 

 

1.07

%

Adjusted return on average assets(1)

 

1.43

%

 

 

1.25

%

 

 

1.20

%

 

 

1.15

%

 

 

1.25

%

 

 

1.30

%

 

 

1.07

%

Return on average common equity

 

10.91

%

 

 

10.34

%

 

 

8.63

%

 

 

7.73

%

 

 

9.56

%

 

 

9.98

%

 

 

8.26

%

Adjusted return on average tangible common equity(1)

 

14.99

%

 

 

13.35

%

 

 

12.88

%

 

 

12.81

%

 

 

14.35

%

 

 

13.77

%

 

 

12.46

%

Earning asset yield (TE)

 

5.81

%

 

 

5.86

%

 

 

5.73

%

 

 

5.69

%

 

 

5.62

%

 

 

5.80

%

 

 

5.46

%

Total cost of funds

 

2.50

%

 

 

2.48

%

 

 

2.41

%

 

 

2.32

%

 

 

2.24

%

 

 

2.46

%

 

 

1.96

%

Net interest margin (TE)

 

3.51

%

 

 

3.58

%

 

 

3.51

%

 

 

3.54

%

 

 

3.54

%

 

 

3.53

%

 

 

3.63

%

Efficiency ratio

 

53.49

%

 

 

51.68

%

 

 

55.64

%

 

 

56.80

%

 

 

52.21

%

 

 

53.52

%

 

 

52.64

%

Adjusted efficiency ratio (TE)(1)

 

54.25

%

 

 

55.00

%

 

 

54.56

%

 

 

52.87

%

 

 

52.02

%

 

 

54.61

%

 

 

52.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL ADEQUACY (period end)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity to assets

 

13.94

%

 

 

13.45

%

 

 

13.58

%

 

 

13.60

%

 

 

13.02

%

 

 

13.94

%

 

 

13.02

%

Tangible common equity to tangible assets(1)

 

10.24

%

 

 

9.72

%

 

 

9.71

%

 

 

9.64

%

 

 

9.11

%

 

 

10.24

%

 

 

9.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER DATA (period end)

 

 

 

 

 

 

 

 

 

 

 

 

 

Full time equivalent employees

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking Division

 

2,056

 

 

 

2,073

 

 

 

2,082

 

 

 

2,088

 

 

 

2,082

 

 

 

2,056

 

 

 

2,082

 

Retail Mortgage Division

 

592

 

 

 

595

 

 

 

596

 

 

 

595

 

 

 

601

 

 

 

592

 

 

 

601

 

Warehouse Lending Division

 

9

 

 

 

9

 

 

 

8

 

 

 

7

 

 

 

8

 

 

 

9

 

 

 

8

 

Premium Finance Division

 

76

 

 

 

74

 

 

 

73

 

 

 

75

 

 

 

78

 

 

 

76

 

 

 

78

 

Total Ameris Bancorp FTE headcount

 

2,733

 

 

 

2,751

 

 

 

2,759

 

 

 

2,765

 

 

 

2,769

 

 

 

2,733

 

 

 

2,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Branch locations

 

164

 

 

 

164

 

 

 

164

 

 

 

164

 

 

 

164

 

 

 

164

 

 

 

164

 

Deposits per branch location

$

133,410

 

 

$

130,757

 

 

$

128,033

 

 

$

126,271

 

 

$

125,551

 

 

$

133,410

 

 

$

125,551

 

 

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

Income Statement

Table 2

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands except per share data)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

$

325,622

 

 

$

317,664

 

 

$

303,393

 

 

$

303,487

 

 

$

304,699

 

 

$

946,679

 

 

$

868,675

 

Interest on taxable securities

 

15,555

 

 

 

16,948

 

 

 

13,092

 

 

 

14,033

 

 

 

14,754

 

 

 

45,595

 

 

 

44,969

 

Interest on nontaxable securities

 

336

 

 

 

335

 

 

 

330

 

 

 

326

 

 

 

331

 

 

 

1,001

 

 

 

1,009

 

Interest on deposits in other banks

 

13,633

 

 

 

12,376

 

 

 

12,637

 

 

 

14,368

 

 

 

10,769

 

 

 

38,646

 

 

 

33,568

 

Total interest income

 

355,146

 

 

 

347,323

 

 

 

329,452

 

 

 

332,214

 

 

 

330,553

 

 

 

1,031,921

 

 

 

948,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

129,698

 

 

 

121,245

 

 

 

118,174

 

 

 

111,749

 

 

 

102,999

 

 

 

369,117

 

 

 

244,268

 

Interest on other borrowings

 

11,388

 

 

 

14,157

 

 

 

9,890

 

 

 

14,364

 

 

 

19,803

 

 

 

35,435

 

 

 

75,010

 

Total interest expense

 

141,086

 

 

 

135,402

 

 

 

128,064

 

 

 

126,113

 

 

 

122,802

 

 

 

404,552

 

 

 

319,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

214,060

 

 

 

211,921

 

 

 

201,388

 

 

 

206,101

 

 

 

207,751

 

 

 

627,369

 

 

 

628,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

6,313

 

 

 

25,348

 

 

 

25,523

 

 

 

30,401

 

 

 

30,095

 

 

 

57,184

 

 

 

123,114

 

Provision for unfunded commitments

 

(204

)

 

 

(6,570

)

 

 

(4,422

)

 

 

(7,438

)

 

 

(5,634

)

 

 

(11,196

)

 

 

(3,415

)

Provision for other credit losses

 

(2

)

 

 

(5

)

 

 

4

 

 

 

(11

)

 

 

(2

)

 

 

(3

)

 

 

5

 

Provision for credit losses

 

6,107

 

 

 

18,773

 

 

 

21,105

 

 

 

22,952

 

 

 

24,459

 

 

 

45,985

 

 

 

119,704

 

Net interest income after provision for credit losses

 

207,953

 

 

 

193,148

 

 

 

180,283

 

 

 

183,149

 

 

 

183,292

 

 

 

581,384

 

 

 

509,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

12,918

 

 

 

12,672

 

 

 

11,759

 

 

 

12,252

 

 

 

12,092

 

 

 

37,349

 

 

 

34,323

 

Mortgage banking activity

 

37,947

 

 

 

46,399

 

 

 

39,430

 

 

 

31,461

 

 

 

36,290

 

 

 

123,776

 

 

 

108,424

 

Other service charges, commissions and fees

 

1,163

 

 

 

1,211

 

 

 

1,202

 

 

 

1,234

 

 

 

1,221

 

 

 

3,576

 

 

 

3,167

 

Gain (loss) on securities

 

(8

)

 

 

12,335

 

 

 

(7

)

 

 

(288

)

 

 

(16

)

 

 

12,320

 

 

 

(16

)

Other noninterest income

 

17,689

 

 

 

16,094

 

 

 

13,494

 

 

 

11,589

 

 

 

13,594

 

 

 

47,277

 

 

 

40,682

 

Total noninterest income

 

69,709

 

 

 

88,711

 

 

 

65,878

 

 

 

56,248

 

 

 

63,181

 

 

 

224,298

 

 

 

186,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

88,700

 

 

 

88,201

 

 

 

82,930

 

 

 

75,966

 

 

 

81,898

 

 

 

259,831

 

 

 

244,144

 

Occupancy and equipment

 

11,716

 

 

 

12,559

 

 

 

12,885

 

 

 

13,197

 

 

 

12,745

 

 

 

37,160

 

 

 

38,253

 

Data processing and communications expenses

 

15,221

 

 

 

15,193

 

 

 

14,654

 

 

 

14,028

 

 

 

12,973

 

 

 

45,068

 

 

 

39,458

 

Credit resolution-related expenses(1)

 

(110

)

 

 

840

 

 

 

486

 

 

 

157

 

 

 

(1,360

)

 

 

1,216

 

 

 

(77

)

Advertising and marketing

 

4,089

 

 

 

3,571

 

 

 

2,545

 

 

 

2,974

 

 

 

2,723

 

 

 

10,205

 

 

 

8,882

 

Amortization of intangible assets

 

4,180

 

 

 

4,407

 

 

 

4,422

 

 

 

4,425

 

 

 

4,425

 

 

 

13,009

 

 

 

13,819

 

Other noninterest expenses

 

27,981

 

 

 

30,586

 

 

 

30,789

 

 

 

38,264

 

 

 

28,042

 

 

 

89,356

 

 

 

84,791

 

Total noninterest expense

 

151,777

 

 

 

155,357

 

 

 

148,711

 

 

 

149,011

 

 

 

141,446

 

 

 

455,845

 

 

 

429,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

125,885

 

 

 

126,502

 

 

 

97,450

 

 

 

90,386

 

 

 

105,027

 

 

 

349,837

 

 

 

266,549

 

Income tax expense

 

26,673

 

 

 

35,717

 

 

 

23,138

 

 

 

24,452

 

 

 

24,912

 

 

 

85,528

 

 

 

63,378

 

Net income

$

99,212

 

 

$

90,785

 

 

$

74,312

 

 

$

65,934

 

 

$

80,115

 

 

$

264,309

 

 

$

203,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

1.44

 

 

$

1.32

 

 

$

1.08

 

 

$

0.96

 

 

$

1.16

 

 

$

3.83

 

 

$

2.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

(dollars in thousands)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

Assets

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

231,515

 

 

$

257,297

 

 

$

235,931

 

 

$

230,470

 

 

$

241,137

 

Interest-bearing deposits in banks

 

1,127,641

 

 

 

1,104,897

 

 

 

975,321

 

 

 

936,834

 

 

 

1,304,636

 

Debt securities available-for-sale, at fair value

 

1,441,552

 

 

 

1,531,047

 

 

 

1,414,419

 

 

 

1,402,944

 

 

 

1,424,081

 

Debt securities held-to-maturity, at amortized cost

 

161,220

 

 

 

148,538

 

 

 

147,022

 

 

 

141,512

 

 

 

141,859

 

Other investments

 

63,899

 

 

 

96,613

 

 

 

77,480

 

 

 

71,794

 

 

 

104,957

 

Loans held for sale

 

553,379

 

 

 

570,180

 

 

 

364,332

 

 

 

281,332

 

 

 

381,466

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

20,964,981

 

 

 

20,992,603

 

 

 

20,600,260

 

 

 

20,269,303

 

 

 

20,201,079

 

Allowance for credit losses

 

(334,457

)

 

 

(336,218

)

 

 

(320,023

)

 

 

(307,100

)

 

 

(290,104

)

Loans, net

 

20,630,524

 

 

 

20,656,385

 

 

 

20,280,237

 

 

 

19,962,203

 

 

 

19,910,975

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

9,482

 

 

 

2,213

 

 

 

2,158

 

 

 

6,199

 

 

 

3,397

 

Premises and equipment, net

 

210,931

 

 

 

213,255

 

 

 

214,801

 

 

 

216,435

 

 

 

217,564

 

Goodwill

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

Other intangible assets, net

 

74,941

 

 

 

79,120

 

 

 

83,527

 

 

 

87,949

 

 

 

92,375

 

Cash value of bank owned life insurance

 

460,699

 

 

 

376,458

 

 

 

396,804

 

 

 

395,778

 

 

 

393,769

 

Other assets

 

418,353

 

 

 

469,079

 

 

 

447,767

 

 

 

454,603

 

 

 

465,968

 

Total assets

$

26,399,782

 

 

$

26,520,728

 

 

$

25,655,445

 

 

$

25,203,699

 

 

$

25,697,830

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

6,670,320

 

 

$

6,649,220

 

 

$

6,538,322

 

 

$

6,491,639

 

 

$

6,589,610

 

Interest-bearing

 

15,208,945

 

 

 

14,794,923

 

 

 

14,459,068

 

 

 

14,216,870

 

 

 

14,000,735

 

Total deposits

 

21,879,265

 

 

 

21,444,143

 

 

 

20,997,390

 

 

 

20,708,509

 

 

 

20,590,345

 

Other borrowings

 

346,446

 

 

 

946,413

 

 

 

631,380

 

 

 

509,586

 

 

 

1,209,553

 

Subordinated deferrable interest debentures

 

131,811

 

 

 

131,312

 

 

 

130,814

 

 

 

130,315

 

 

 

129,817

 

Other liabilities

 

360,892

 

 

 

432,246

 

 

 

411,123

 

 

 

428,542

 

 

 

421,046

 

Total liabilities

 

22,718,414

 

 

 

22,954,114

 

 

 

22,170,707

 

 

 

21,776,952

 

 

 

22,350,761

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

72,698

 

 

 

72,697

 

 

 

72,683

 

 

 

72,516

 

 

 

72,514

 

Capital stock

 

1,954,532

 

 

 

1,950,846

 

 

 

1,948,352

 

 

 

1,945,385

 

 

 

1,942,852

 

Retained earnings

 

1,772,989

 

 

 

1,684,218

 

 

 

1,603,832

 

 

 

1,539,957

 

 

 

1,484,424

 

Accumulated other comprehensive loss, net of tax

 

(15,724

)

 

 

(38,020

)

 

 

(39,959

)

 

 

(35,939

)

 

 

(60,818

)

Treasury stock

 

(103,127

)

 

 

(103,127

)

 

 

(100,170

)

 

 

(95,172

)

 

 

(91,903

)

Total shareholders' equity

 

3,681,368

 

 

 

3,566,614

 

 

 

3,484,738

 

 

 

3,426,747

 

 

 

3,347,069

 

Total liabilities and shareholders' equity

$

26,399,782

 

 

$

26,520,728

 

 

$

25,655,445

 

 

$

25,203,699

 

 

$

25,697,830

 

 

 

 

 

 

 

 

 

 

 

Other Data

 

 

 

 

 

 

 

 

 

Earning assets

$

24,312,672

 

 

$

24,443,878

 

 

$

23,578,834

 

 

$

23,103,719

 

 

$

23,558,078

 

Intangible assets

 

1,090,587

 

 

 

1,094,766

 

 

 

1,099,173

 

 

 

1,103,595

 

 

 

1,108,021

 

Interest-bearing liabilities

 

15,687,202

 

 

 

15,872,648

 

 

 

15,221,262

 

 

 

14,856,771

 

 

 

15,340,105

 

Average assets

 

26,442,984

 

 

 

25,954,808

 

 

 

25,295,088

 

 

 

25,341,990

 

 

 

25,525,913

 

Average common shareholders' equity

 

3,618,052

 

 

 

3,530,869

 

 

 

3,462,871

 

 

 

3,383,554

 

 

 

3,324,960

 

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

Asset Quality Information

Table 4

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Allowance for Credit Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

366,852

 

 

$

357,232

 

 

$

348,727

 

 

$

339,180

 

 

$

326,783

 

 

$

348,727

 

 

$

258,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adoption of ASU 2022-02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,711

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

6,313

 

 

 

25,348

 

 

 

25,523

 

 

 

30,401

 

 

 

30,095

 

 

 

57,184

 

 

 

123,114

 

Provision for unfunded commitments

 

(204

)

 

 

(6,570

)

 

 

(4,422

)

 

 

(7,438

)

 

 

(5,634

)

 

 

(11,196

)

 

 

(3,415

)

Provision for other credit losses

 

(2

)

 

 

(5

)

 

 

4

 

 

 

(11

)

 

 

(2

)

 

 

(3

)

 

 

5

 

Provision for credit losses

 

6,107

 

 

 

18,773

 

 

 

21,105

 

 

 

22,952

 

 

 

24,459

 

 

 

45,985

 

 

 

119,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs

 

15,352

 

 

 

16,845

 

 

 

18,457

 

 

 

20,104

 

 

 

19,488

 

 

 

50,654

 

 

 

55,114

 

Recoveries

 

7,278

 

 

 

7,692

 

 

 

5,857

 

 

 

6,699

 

 

 

7,426

 

 

 

20,827

 

 

 

18,138

 

Net charge-offs (recoveries)

 

8,074

 

 

 

9,153

 

 

 

12,600

 

 

 

13,405

 

 

 

12,062

 

 

 

29,827

 

 

 

36,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance

$

364,885

 

 

$

366,852

 

 

$

357,232

 

 

$

348,727

 

 

$

339,180

 

 

$

364,885

 

 

$

339,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses

$

334,457

 

 

$

336,218

 

 

$

320,023

 

 

$

307,100

 

 

$

290,104

 

 

$

334,457

 

 

$

290,104

 

Allowance for unfunded commitments

 

30,362

 

 

 

30,566

 

 

 

37,136

 

 

 

41,558

 

 

 

48,996

 

 

 

30,362

 

 

 

48,996

 

Allowance for other credit losses

 

66

 

 

 

68

 

 

 

73

 

 

 

69

 

 

 

80

 

 

 

66

 

 

 

80

 

Total allowance for credit losses

$

364,885

 

 

$

366,852

 

 

$

357,232

 

 

$

348,727

 

 

$

339,180

 

 

$

364,885

 

 

$

339,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Performing Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual portfolio loans

$

87,339

 

 

$

85,878

 

 

$

80,448

 

 

$

60,961

 

 

$

53,806

 

 

$

87,339

 

 

$

53,806

 

Other real estate owned

 

9,482

 

 

 

2,213

 

 

 

2,158

 

 

 

6,199

 

 

 

3,397

 

 

 

9,482

 

 

 

3,397

 

Repossessed assets

 

19

 

 

 

22

 

 

 

29

 

 

 

17

 

 

 

22

 

 

 

19

 

 

 

22

 

Accruing loans delinquent 90 days or more

 

12,234

 

 

 

15,909

 

 

 

15,811

 

 

 

16,988

 

 

 

11,891

 

 

 

12,234

 

 

 

11,891

 

Non-performing portfolio assets

$

109,074

 

 

$

104,022

 

 

$

98,446

 

 

$

84,165

 

 

$

69,116

 

 

$

109,074

 

 

$

69,116

 

Serviced GNMA-guaranteed mortgage nonaccrual loans

 

8,168

 

 

 

93,520

 

 

 

84,238

 

 

 

90,156

 

 

 

80,752

 

 

 

8,168

 

 

 

80,752

 

Total non-performing assets

$

117,242

 

 

$

197,542

 

 

$

182,684

 

 

$

174,321

 

 

$

149,868

 

 

$

117,242

 

 

$

149,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing portfolio assets as a percent of total assets

 

0.41

%

 

 

0.39

%

 

 

0.38

%

 

 

0.33

%

 

 

0.27

%

 

 

0.41

%

 

 

0.27

%

Total non-performing assets as a percent of total assets

 

0.44

%

 

 

0.74

%

 

 

0.71

%

 

 

0.69

%

 

 

0.58

%

 

 

0.44

%

 

 

0.58

%

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

 

0.15

%

 

 

0.18

%

 

 

0.25

%

 

 

0.26

%

 

 

0.23

%

 

 

0.19

%

 

 

0.25

%

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Loan Information

Table 5

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

(dollars in thousands)

2024

 

2024

 

2024

 

2023

 

2023

Loans by Type

 

 

 

 

 

 

 

 

 

Commercial, financial and agricultural

$

2,949,957

 

$

2,860,973

 

$

2,758,716

 

$

2,688,929

 

$

2,632,836

Consumer

 

210,310

 

 

217,787

 

 

232,993

 

 

241,552

 

 

259,797

Indirect automobile

 

10,891

 

 

16,335

 

 

24,022

 

 

34,257

 

 

47,108

Mortgage warehouse

 

985,910

 

 

1,070,921

 

 

891,336

 

 

818,728

 

 

852,823

Municipal

 

449,561

 

 

454,967

 

 

477,567

 

 

492,668

 

 

497,093

Premium Finance

 

1,246,452

 

 

1,151,261

 

 

998,726

 

 

946,562

 

 

1,007,334

Real estate - construction and development

 

2,232,114

 

 

2,336,987

 

 

2,264,346

 

 

2,129,187

 

 

2,236,686

Real estate - commercial and farmland

 

8,249,981

 

 

8,103,634

 

 

8,131,248

 

 

8,059,754

 

 

7,865,389

Real estate - residential

 

4,629,805

 

 

4,779,738

 

 

4,821,306

 

 

4,857,666

 

 

4,802,013

Total loans

$

20,964,981

 

$

20,992,603

 

$

20,600,260

 

$

20,269,303

 

$

20,201,079

 

 

 

 

 

 

 

 

 

 

Loans by Risk Grade

 

 

 

 

 

 

 

 

 

Pass

$

20,676,342

 

$

20,623,416

 

$

20,221,302

 

$

19,846,731

 

$

19,812,895

Other assets especially mentioned

 

124,479

 

 

115,477

 

 

137,225

 

 

203,725

 

 

187,449

Substandard

 

164,160

 

 

253,710

 

 

241,733

 

 

218,847

 

 

200,735

Total loans

$

20,964,981

 

$

20,992,603

 

$

20,600,260

 

$

20,269,303

 

$

20,201,079

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

Average Balances

Table 6

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands)

2024

 

2024

 

2024

 

2023

 

2023

 

2024

 

2023

Earning Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits in banks

$

997,308

 

$

899,866

 

$

923,845

 

$

936,733

 

$

864,028

 

$

940,548

 

$

907,433

Investment securities - taxable

 

1,733,418

 

 

1,663,841

 

 

1,599,705

 

 

1,591,567

 

 

1,650,164

 

 

1,665,902

 

 

1,688,656

Investment securities - nontaxable

 

41,496

 

 

41,396

 

 

41,287

 

 

40,227

 

 

40,896

 

 

41,393

 

 

42,168

Loans held for sale

 

575,461

 

 

491,000

 

 

323,351

 

 

405,080

 

 

464,452

 

 

463,680

 

 

510,690

Loans

 

21,023,629

 

 

20,820,361

 

 

20,320,678

 

 

20,252,773

 

 

20,371,689

 

 

20,722,659

 

 

20,121,143

Total Earning Assets

$

24,371,312

 

$

23,916,464

 

$

23,208,866

 

$

23,226,380

 

$

23,391,229

 

$

23,834,182

 

$

23,270,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

6,622,952

 

$

6,558,427

 

$

6,403,300

 

$

6,572,190

 

$

6,655,191

 

$

6,528,572

 

$

6,838,618

NOW accounts

 

3,753,528

 

 

3,824,538

 

 

3,829,977

 

 

3,760,992

 

 

3,661,701

 

 

3,802,501

 

 

3,917,476

MMDA

 

6,508,770

 

 

6,251,719

 

 

5,952,389

 

 

5,994,361

 

 

5,527,731

 

 

6,238,615

 

 

5,176,794

Savings accounts

 

765,909

 

 

781,588

 

 

795,887

 

 

817,075

 

 

915,678

 

 

781,072

 

 

976,684

Retail CDs

 

2,478,875

 

 

2,430,416

 

 

2,378,678

 

 

2,281,357

 

 

2,200,413

 

 

2,429,505

 

 

1,947,739

Brokered CDs

 

1,493,352

 

 

1,167,174

 

 

1,381,382

 

 

1,122,684

 

 

1,441,854

 

 

1,347,836

 

 

991,554

Total Deposits

 

21,623,386

 

 

21,013,862

 

 

20,741,613

 

 

20,548,659

 

 

20,402,568

 

 

21,128,101

 

 

19,848,865

Non-Deposit Funding

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under agreements to repurchase

 

 

 

1

 

 

 

 

 

 

 

 

 

 

FHLB advances

 

358,332

 

 

548,251

 

 

219,589

 

 

538,096

 

 

943,855

 

 

375,328

 

 

1,436,753

Other borrowings

 

298,073

 

 

307,449

 

 

308,210

 

 

311,091

 

 

312,572

 

 

304,554

 

 

330,035

Subordinated deferrable interest debentures

 

131,547

 

 

131,050

 

 

130,551

 

 

130,054

 

 

129,554

 

 

131,052

 

 

129,059

Total Non-Deposit Funding

 

787,952

 

 

986,751

 

 

658,350

 

 

979,241

 

 

1,385,981

 

 

810,934

 

 

1,895,847

Total Funding

$

22,411,338

 

$

22,000,613

 

$

21,399,963

 

$

21,527,900

 

$

21,788,549

 

$

21,939,035

 

$

21,744,712

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

Interest Income and Interest Expense (TE)

Table 7

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands)

2024

 

2024

 

2024

 

2023

 

2023

 

2024

 

2023

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits in banks

$

13,633

 

$

12,376

 

$

12,637

 

$

14,368

 

$

10,769

 

$

38,646

 

$

33,568

Debt securities - taxable

 

15,555

 

 

16,948

 

 

13,092

 

 

14,033

 

 

14,754

 

 

45,595

 

 

44,969

Debt securities - nontaxable (TE)

 

426

 

 

423

 

 

418

 

 

413

 

 

418

 

 

1,267

 

 

1,277

Loans held for sale

 

9,142

 

 

8,189

 

 

5,348

 

 

6,846

 

 

7,460

 

 

22,679

 

 

22,865

Loans (TE)

 

317,358

 

 

310,347

 

 

298,907

 

 

297,501

 

 

298,102

 

 

926,612

 

 

848,375

Total Earning Assets

$

356,114

 

$

348,283

 

$

330,402

 

$

333,161

 

$

331,503

 

$

1,034,799

 

$

951,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

$

20,535

 

$

21,020

 

$

20,574

 

$

19,293

 

$

17,255

 

$

62,129

 

$

50,291

MMDA

 

61,620

 

 

58,332

 

 

53,953

 

 

54,002

 

 

45,683

 

 

173,905

 

 

108,716

Savings accounts

 

960

 

 

984

 

 

986

 

 

974

 

 

1,791

 

 

2,930

 

 

5,375

Retail CDs

 

26,775

 

 

25,711

 

 

24,576

 

 

22,257

 

 

19,013

 

 

77,062

 

 

41,393

Brokered CDs

 

19,808

 

 

15,198

 

 

18,085

 

 

15,223

 

 

19,257

 

 

53,091

 

 

38,493

Total Interest-Bearing Deposits

 

129,698

 

 

121,245

 

 

118,174

 

 

111,749

 

 

102,999

 

 

369,117

 

 

244,268

Non-Deposit Funding

 

 

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

 

4,443

 

 

7,167

 

 

2,578

 

 

7,089

 

 

12,543

 

 

14,188

 

 

52,213

Other borrowings

 

3,514

 

 

3,574

 

 

3,879

 

 

3,798

 

 

3,821

 

 

10,967

 

 

13,072

Subordinated deferrable interest debentures

 

3,431

 

 

3,416

 

 

3,433

 

 

3,477

 

 

3,439

 

 

10,280

 

 

9,725

Total Non-Deposit Funding

 

11,388

 

 

14,157

 

 

9,890

 

 

14,364

 

 

19,803

 

 

35,435

 

 

75,010

Total Interest-Bearing Funding

$

141,086

 

$

135,402

 

$

128,064

 

$

126,113

 

$

122,802

 

$

404,552

 

$

319,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (TE)

$

215,028

 

$

212,881

 

$

202,338

 

$

207,048

 

$

208,701

 

$

630,247

 

$

631,776

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yields(1)

Table 8

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

 

2024

 

2024

 

2024

 

2023

 

2023

 

2024

 

2023

Earning Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits in banks

5.44

%

 

5.53

%

 

5.50

%

 

6.09

%

 

4.94

%

 

5.49

%

 

4.95

%

Debt securities - taxable

3.57

%

 

4.10

%

 

3.29

%

 

3.50

%

 

3.55

%

 

3.66

%

 

3.82

%

Debt securities - nontaxable (TE)

4.08

%

 

4.11

%

 

4.07

%

 

4.07

%

 

4.06

%

 

4.09

%

 

4.05

%

Loans held for sale

6.32

%

 

6.71

%

 

6.65

%

 

6.71

%

 

6.37

%

 

6.53

%

 

5.99

%

Loans (TE)

6.01

%

 

6.00

%

 

5.92

%

 

5.83

%

 

5.81

%

 

5.97

%

 

5.64

%

Total Earning Assets

5.81

%

 

5.86

%

 

5.73

%

 

5.69

%

 

5.62

%

 

5.80

%

 

5.46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

2.18

%

 

2.21

%

 

2.16

%

 

2.04

%

 

1.87

%

 

2.18

%

 

1.72

%

MMDA

3.77

%

 

3.75

%

 

3.65

%

 

3.57

%

 

3.28

%

 

3.72

%

 

2.81

%

Savings accounts

0.50

%

 

0.51

%

 

0.50

%

 

0.47

%

 

0.78

%

 

0.50

%

 

0.74

%

Retail CDs

4.30

%

 

4.25

%

 

4.16

%

 

3.87

%

 

3.43

%

 

4.24

%

 

2.84

%

Brokered CDs

5.28

%

 

5.24

%

 

5.27

%

 

5.38

%

 

5.30

%

 

5.26

%

 

5.19

%

Total Interest-Bearing Deposits

3.44

%

 

3.37

%

 

3.31

%

 

3.17

%

 

2.97

%

 

3.38

%

 

2.51

%

Non-Deposit Funding

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under agreements to repurchase

%

 

%

 

%

 

%

 

%

 

%

 

%

FHLB advances

4.93

%

 

5.26

%

 

4.72

%

 

5.23

%

 

5.27

%

 

5.05

%

 

4.86

%

Other borrowings

4.69

%

 

4.68

%

 

5.06

%

 

4.84

%

 

4.85

%

 

4.81

%

 

5.30

%

Subordinated deferrable interest debentures

10.38

%

 

10.48

%

 

10.58

%

 

10.61

%

 

10.53

%

 

10.48

%

 

10.07

%

Total Non-Deposit Funding

5.75

%

 

5.77

%

 

6.04

%

 

5.82

%

 

5.67

%

 

5.84

%

 

5.29

%

Total Interest-Bearing Liabilities

3.55

%

 

3.53

%

 

3.43

%

 

3.35

%

 

3.22

%

 

3.51

%

 

2.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Spread

2.26

%

 

2.33

%

 

2.30

%

 

2.34

%

 

2.40

%

 

2.29

%

 

2.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin(2)

3.51

%

 

3.58

%

 

3.51

%

 

3.54

%

 

3.54

%

 

3.53

%

 

3.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cost of Funds(3)

2.50

%

 

2.48

%

 

2.41

%

 

2.32

%

 

2.24

%

 

2.46

%

 

1.96

%

 

(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

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands except per share data)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net income available to common shareholders

$

99,212

 

 

$

90,785

 

 

$

74,312

 

 

$

65,934

 

 

$

80,115

 

 

$

264,309

 

 

$

203,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of MSR

 

(5,245

)

 

 

(4,713

)

 

 

 

 

 

 

 

 

 

 

 

(9,958

)

 

 

 

Gain on conversion of Visa Class B-1 stock

 

 

 

 

(12,554

)

 

 

 

 

 

 

 

 

 

 

 

(12,554

)

 

 

 

Gain on BOLI proceeds

 

 

 

 

(466

)

 

 

(998

)

 

 

 

 

 

 

 

 

(1,464

)

 

 

(486

)

FDIC special assessment

 

 

 

 

(895

)

 

 

2,909

 

 

 

11,566

 

 

 

 

 

 

2,014

 

 

 

 

Natural disaster expenses

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150

 

 

 

 

Gain on bank premises

 

 

 

 

 

 

 

 

 

 

(1,903

)

 

 

 

 

 

 

 

 

 

Tax effect of adjustment items (Note 1)

 

1,070

 

 

 

3,814

 

 

 

(611

)

 

 

(2,029

)

 

 

 

 

 

4,273

 

 

 

 

After tax adjustment items

 

(4,025

)

 

 

(14,814

)

 

 

1,300

 

 

 

7,634

 

 

 

 

 

 

(17,539

)

 

 

(486

)

Tax expense attributable to BOLI restructuring

 

 

 

 

4,792

 

 

 

 

 

 

 

 

 

 

 

 

4,792

 

 

 

 

Adjusted net income

$

95,187

 

 

$

80,763

 

 

$

75,612

 

 

$

73,568

 

 

$

80,115

 

 

$

251,562

 

 

$

202,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares - diluted

 

69,066,298

 

 

 

69,013,834

 

 

 

69,014,116

 

 

 

69,014,793

 

 

 

68,994,247

 

 

 

69,031,666

 

 

 

69,129,921

 

Net income per diluted share

$

1.44

 

 

$

1.32

 

 

$

1.08

 

 

$

0.96

 

 

$

1.16

 

 

$

3.83

 

 

$

2.94

 

Adjusted net income per diluted share

$

1.38

 

 

$

1.17

 

 

$

1.10

 

 

$

1.07

 

 

$

1.16

 

 

$

3.64

 

 

$

2.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

$

26,442,984

 

 

$

25,954,808

 

 

$

25,295,088

 

 

$

25,341,990

 

 

$

25,525,913

 

 

$

25,899,617

 

 

$

25,426,064

 

Return on average assets

 

1.49

%

 

 

1.41

%

 

 

1.18

%

 

 

1.03

%

 

 

1.25

%

 

 

1.36

%

 

 

1.07

%

Adjusted return on average assets

 

1.43

%

 

 

1.25

%

 

 

1.20

%

 

 

1.15

%

 

 

1.25

%

 

 

1.30

%

 

 

1.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common equity

$

3,618,052

 

 

$

3,530,869

 

 

$

3,462,871

 

 

$

3,383,554

 

 

$

3,324,960

 

 

$

3,537,559

 

 

$

3,289,706

 

Average tangible common equity

$

2,525,421

 

 

$

2,433,958

 

 

$

2,361,544

 

 

$

2,277,810

 

 

$

2,214,775

 

 

$

2,440,619

 

 

$

2,174,958

 

Return on average common equity

 

10.91

%

 

 

10.34

%

 

 

8.63

%

 

 

7.73

%

 

 

9.56

%

 

 

9.98

%

 

 

8.26

%

Adjusted return on average tangible common equity

 

14.99

%

 

 

13.35

%

 

 

12.88

%

 

 

12.81

%

 

 

14.35

%

 

 

13.77

%

 

 

12.46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

Non-GAAP Reconciliations (continued)

 

 

 

 

 

Adjusted Efficiency Ratio (TE)

Table 9B

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Adjusted Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest expense

$

151,777

 

 

$

155,357

 

 

$

148,711

 

 

$

149,011

 

 

$

141,446

 

 

$

455,845

 

 

$

429,270

 

Adjustment items:

 

 

 

 

 

 

 

 

 

 

 

 

 

FDIC special assessment

 

 

 

 

895

 

 

 

(2,909

)

 

 

(11,566

)

 

 

 

 

 

(2,014

)

 

 

 

Natural disaster expenses

 

(150

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(150

)

 

 

 

Gain on bank premises

 

 

 

 

 

 

 

 

 

 

1,903

 

 

 

 

 

 

 

 

 

 

Adjusted noninterest expense

$

151,627

 

 

$

156,252

 

 

$

145,802

 

 

$

139,348

 

 

$

141,446

 

 

$

453,681

 

 

$

429,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

214,060

 

 

$

211,921

 

 

$

201,388

 

 

$

206,101

 

 

$

207,751

 

 

$

627,369

 

 

$

628,943

 

Noninterest income

 

69,709

 

 

 

88,711

 

 

 

65,878

 

 

 

56,248

 

 

 

63,181

 

 

 

224,298

 

 

 

186,580

 

Total revenue

$

283,769

 

 

$

300,632

 

 

$

267,266

 

 

$

262,349

 

 

$

270,932

 

 

$

851,667

 

 

$

815,523

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Total Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (TE)

$

215,028

 

 

$

212,881

 

 

$

202,338

 

 

$

207,048

 

 

$

208,701

 

 

$

630,247

 

 

$

631,776

 

Noninterest income

 

69,709

 

 

 

88,711

 

 

 

65,878

 

 

 

56,248

 

 

 

63,181

 

 

 

224,298

 

 

 

186,580

 

Total revenue (TE)

 

284,737

 

 

 

301,592

 

 

 

268,216

 

 

 

263,296

 

 

 

271,882

 

 

 

854,545

 

 

 

818,356

 

Adjustment items:

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on securities

 

8

 

 

 

(12,335

)

 

 

7

 

 

 

288

 

 

 

16

 

 

 

(12,320

)

 

 

16

 

Gain on sale of MSR

 

(5,245

)

 

 

(4,713

)

 

 

 

 

 

 

 

 

 

 

 

(9,958

)

 

 

 

Gain on BOLI proceeds

 

 

 

 

(466

)

 

 

(998

)

 

 

 

 

 

 

 

 

(1,464

)

 

 

(486

)

Adjusted total revenue (TE)

$

279,500

 

 

$

284,078

 

 

$

267,225

 

 

$

263,584

 

 

$

271,898

 

 

$

830,803

 

 

$

817,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

53.49

%

 

 

51.68

%

 

 

55.64

%

 

 

56.80

%

 

 

52.21

%

 

 

53.52

%

 

 

52.64

%

Adjusted efficiency ratio (TE)

 

54.25

%

 

 

55.00

%

 

 

54.56

%

 

 

52.87

%

 

 

52.02

%

 

 

54.61

%

 

 

52.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Book Value Per Share

Table 9C

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands except per share data)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Total shareholders' equity

$

3,681,368

 

 

$

3,566,614

 

 

$

3,484,738

 

 

$

3,426,747

 

 

$

3,347,069

 

 

$

3,681,368

 

 

$

3,347,069

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

Other intangibles, net

 

74,941

 

 

 

79,120

 

 

 

83,527

 

 

 

87,949

 

 

 

92,375

 

 

 

74,941

 

 

 

92,375

 

Total tangible shareholders' equity

$

2,590,781

 

 

$

2,471,848

 

 

$

2,385,565

 

 

$

2,323,152

 

 

$

2,239,048

 

 

$

2,590,781

 

 

$

2,239,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period end number of shares

 

69,067,019

 

 

 

69,066,573

 

 

 

69,115,263

 

 

 

69,053,341

 

 

 

69,138,461

 

 

 

69,067,019

 

 

 

69,138,461

 

Book value per share (period end)

$

53.30

 

 

$

51.64

 

 

$

50.42

 

 

$

49.62

 

 

$

48.41

 

 

$

53.30

 

 

$

48.41

 

Tangible book value per share (period end)

$

37.51

 

 

$

35.79

 

 

$

34.52

 

 

$

33.64

 

 

$

32.38

 

 

$

37.51

 

 

$

32.38

 

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

Non-GAAP Reconciliations (continued)

 

 

 

 

 

Tangible Common Equity to Tangible Assets

Table 9D

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands except per share data)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Total shareholders' equity

$

3,681,368

 

 

$

3,566,614

 

 

$

3,484,738

 

 

$

3,426,747

 

 

$

3,347,069

 

 

$

3,681,368

 

 

$

3,347,069

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

Other intangibles, net

 

74,941

 

 

 

79,120

 

 

 

83,527

 

 

 

87,949

 

 

 

92,375

 

 

 

74,941

 

 

 

92,375

 

Total tangible shareholders' equity

$

2,590,781

 

 

$

2,471,848

 

 

$

2,385,565

 

 

$

2,323,152

 

 

$

2,239,048

 

 

$

2,590,781

 

 

$

2,239,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

26,399,782

 

 

$

26,520,728

 

 

$

25,655,445

 

 

$

25,203,699

 

 

$

25,697,830

 

 

$

26,399,782

 

 

$

25,697,830

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

 

 

1,015,646

 

Other intangibles, net

 

74,941

 

 

 

79,120

 

 

 

83,527

 

 

 

87,949

 

 

 

92,375

 

 

 

74,941

 

 

 

92,375

 

Total tangible assets

$

25,309,195

 

 

$

25,425,962

 

 

$

24,556,272

 

 

$

24,100,104

 

 

$

24,589,809

 

 

$

25,309,195

 

 

$

24,589,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to Assets

 

13.94

%

 

 

13.45

%

 

 

13.58

%

 

 

13.60

%

 

 

13.02

%

 

 

13.94

%

 

 

13.02

%

Tangible Common Equity to Tangible Assets

 

10.24

%

 

 

9.72

%

 

 

9.71

%

 

 

9.64

%

 

 

9.11

%

 

 

10.24

%

 

 

9.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPNR ROA

Table 9E

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands except per share data)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net income

$

99,212

 

 

$

90,785

 

 

$

74,312

 

 

$

65,934

 

 

$

80,115

 

 

$

264,309

 

 

$

203,171

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

26,673

 

 

 

35,717

 

 

 

23,138

 

 

 

24,452

 

 

 

24,912

 

 

 

85,528

 

 

 

63,378

 

Provision for credit losses

 

6,107

 

 

 

18,773

 

 

 

21,105

 

 

 

22,952

 

 

 

24,459

 

 

 

45,985

 

 

 

119,704

 

PPNR

$

131,992

 

 

$

145,275

 

 

$

118,555

 

 

$

113,338

 

 

$

129,486

 

 

$

395,822

 

 

$

386,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Assets

$

26,442,984

 

 

$

25,954,808

 

 

$

25,295,088

 

 

$

25,341,990

 

 

$

25,525,913

 

 

$

25,899,617

 

 

$

25,426,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets (ROA)

 

1.49

%

 

 

1.41

%

 

 

1.18

%

 

 

1.03

%

 

 

1.25

%

 

 

1.36

%

 

 

1.07

%

PPNR ROA

 

1.99

%

 

 

2.25

%

 

 

1.89

%

 

 

1.77

%

 

 

2.01

%

 

 

2.04

%

 

 

2.03

%

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

Segment Reporting

Table 10

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands)

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Retail Mortgage Division

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

23,553

 

 

$

23,742

 

 

$

23,287

 

 

$

24,053

 

 

$

22,805

 

 

$

70,582

 

 

$

64,249

 

Provision for credit losses

 

254

 

 

 

(2,882

)

 

 

2,332

 

 

 

1,005

 

 

 

2,399

 

 

 

(296

)

 

 

8,530

 

Noninterest income

 

41,498

 

 

 

50,145

 

 

 

38,765

 

 

 

30,588

 

 

 

35,691

 

 

 

130,408

 

 

 

106,557

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

23,233

 

 

 

25,254

 

 

 

21,073

 

 

 

16,996

 

 

 

21,231

 

 

 

69,560

 

 

 

63,321

 

Occupancy and equipment expenses

 

957

 

 

 

1,008

 

 

 

1,049

 

 

 

1,210

 

 

 

1,182

 

 

 

3,014

 

 

 

3,689

 

Data processing and telecommunications expenses

 

1,184

 

 

 

1,276

 

 

 

1,366

 

 

 

1,318

 

 

 

1,052

 

 

 

3,826

 

 

 

3,518

 

Other noninterest expenses

 

12,164

 

 

 

13,397

 

 

 

12,530

 

 

 

11,634

 

 

 

12,153

 

 

 

38,091

 

 

 

35,759

 

Total noninterest expense

 

37,538

 

 

 

40,935

 

 

 

36,018

 

 

 

31,158

 

 

 

35,618

 

 

 

114,491

 

 

 

106,287

 

Income before income tax expense

 

27,259

 

 

 

35,834

 

 

 

23,702

 

 

 

22,478

 

 

 

20,479

 

 

 

86,795

 

 

 

55,989

 

Income tax expense

 

5,724

 

 

 

7,525

 

 

 

4,978

 

 

 

4,720

 

 

 

4,301

 

 

 

18,227

 

 

 

11,758

 

Net income

$

21,535

 

 

$

28,309

 

 

$

18,724

 

 

$

17,758

 

 

$

16,178

 

 

$

68,568

 

 

$

44,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warehouse Lending Division

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

3,653

 

 

$

6,292

 

 

$

6,028

 

 

$

5,965

 

 

$

6,008

 

 

$

15,973

 

 

$

17,874

 

Provision for credit losses

 

(170

)

 

 

359

 

 

 

145

 

 

 

(68

)

 

 

(589

)

 

 

334

 

 

 

(372

)

Noninterest income

 

400

 

 

 

1,028

 

 

 

740

 

 

 

929

 

 

 

662

 

 

 

2,168

 

 

 

2,546

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

621

 

 

 

1,124

 

 

 

888

 

 

 

296

 

 

 

924

 

 

 

2,633

 

 

 

2,498

 

Occupancy and equipment expenses

 

6

 

 

 

7

 

 

 

7

 

 

 

3

 

 

 

1

 

 

 

20

 

 

 

2

 

Data processing and telecommunications expenses

 

32

 

 

 

59

 

 

 

25

 

 

 

51

 

 

 

30

 

 

 

116

 

 

 

120

 

Other noninterest expenses

 

217

 

 

 

298

 

 

 

237

 

 

 

229

 

 

 

219

 

 

 

752

 

 

 

644

 

Total noninterest expense

 

876

 

 

 

1,488

 

 

 

1,157

 

 

 

579

 

 

 

1,174

 

 

 

3,521

 

 

 

3,264

 

Income before income tax expense

 

3,347

 

 

 

5,473

 

 

 

5,466

 

 

 

6,383

 

 

 

6,085

 

 

 

14,286

 

 

 

17,528

 

Income tax expense

 

703

 

 

 

1,149

 

 

 

1,148

 

 

 

1,340

 

 

 

1,278

 

 

 

3,000

 

 

 

3,681

 

Net income

$

2,644

 

 

$

4,324

 

 

$

4,318

 

 

$

5,043

 

 

$

4,807

 

 

$

11,286

 

 

$

13,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premium Finance Division

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

10,060

 

 

$

8,350

 

 

$

7,605

 

 

$

7,801

 

 

$

9,381

 

 

$

26,015

 

 

$

26,206

 

Provision for credit losses

 

457

 

 

 

408

 

 

 

(499

)

 

 

27

 

 

 

139

 

 

 

366

 

 

 

745

 

Noninterest income

 

11

 

 

 

11

 

 

 

10

 

 

 

9

 

 

 

4

 

 

 

32

 

 

 

22

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

2,212

 

 

 

1,900

 

 

 

2,053

 

 

 

1,973

 

 

 

2,308

 

 

 

6,165

 

 

 

6,627

 

Occupancy and equipment expenses

 

28

 

 

 

70

 

 

 

76

 

 

 

83

 

 

 

89

 

 

 

174

 

 

 

231

 

Data processing and telecommunications expenses

 

83

 

 

 

102

 

 

 

79

 

 

 

100

 

 

 

73

 

 

 

264

 

 

 

224

 

Other noninterest expenses

 

1,140

 

 

 

1,095

 

 

 

1,028

 

 

 

1,057

 

 

 

1,027

 

 

 

3,263

 

 

 

3,160

 

Total noninterest expense

 

3,463

 

 

 

3,167

 

 

 

3,236

 

 

 

3,213

 

 

 

3,497

 

 

 

9,866

 

 

 

10,242

 

Income before income tax expense

 

6,151

 

 

 

4,786

 

 

 

4,878

 

 

 

4,570

 

 

 

5,749

 

 

 

15,815

 

 

 

15,241

 

Income tax expense

 

1,254

 

 

 

953

 

 

 

984

 

 

 

945

 

 

 

1,170

 

 

 

3,191

 

 

 

3,089

 

Net income

$

4,897

 

 

$

3,833

 

 

$

3,894

 

 

$

3,625

 

 

$

4,579

 

 

$

12,624

 

 

$

12,152

 

 
 
 
 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Reporting (continued)

Table 10

 

Three Months Ended

 

Nine Months Ended

 

Sep

 

Jun

 

Mar

 

Dec

 

Sep

 

Sep

 

Sep

(dollars in thousands)

2024

 

2024

 

2024

 

2023

 

2023

 

2024

 

2023

Banking Division

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

176,794

 

$

173,537

 

$

164,468

 

$

168,282

 

$

169,557

 

$

514,799

 

$

520,614

Provision for credit losses

 

5,566

 

 

20,888

 

 

19,127

 

 

21,988

 

 

22,510

 

 

45,581

 

 

110,801

Noninterest income

 

27,800

 

 

37,527

 

 

26,363

 

 

24,722

 

 

26,824

 

 

91,690

 

 

77,455

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

62,634

 

 

59,923

 

 

58,916

 

 

56,701

 

 

57,435

 

 

181,473

 

 

171,698

Occupancy and equipment expenses

 

10,725

 

 

11,474

 

 

11,753

 

 

11,901

 

 

11,473

 

 

33,952

 

 

34,331

Data processing and telecommunications expenses

 

13,922

 

 

13,756

 

 

13,184

 

 

12,559

 

 

11,818

 

 

40,862

 

 

35,596

Other noninterest expenses

 

22,619

 

 

24,614

 

 

24,447

 

 

32,900

 

 

20,431

 

 

71,680

 

 

67,852

Total noninterest expense

 

109,900

 

 

109,767

 

 

108,300

 

 

114,061

 

 

101,157

 

 

327,967

 

 

309,477

Income before income tax expense

 

89,128

 

 

80,409

 

 

63,404

 

 

56,955

 

 

72,714

 

 

232,941

 

 

177,791

Income tax expense

 

18,992

 

 

26,090

 

 

16,028

 

 

17,447

 

 

18,163

 

 

61,110

 

 

44,850

Net income

$

70,136

 

$

54,319

 

$

47,376

 

$

39,508

 

$

54,551

 

$

171,831

 

$

132,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

214,060

 

$

211,921

 

$

201,388

 

$

206,101

 

$

207,751

 

$

627,369

 

$

628,943

Provision for credit losses

 

6,107

 

 

18,773

 

 

21,105

 

 

22,952

 

 

24,459

 

 

45,985

 

 

119,704

Noninterest income

 

69,709

 

 

88,711

 

 

65,878

 

 

56,248

 

 

63,181

 

 

224,298

 

 

186,580

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

88,700

 

 

88,201

 

 

82,930

 

 

75,966

 

 

81,898

 

 

259,831

 

 

244,144

Occupancy and equipment expenses

 

11,716

 

 

12,559

 

 

12,885

 

 

13,197

 

 

12,745

 

 

37,160

 

 

38,253

Data processing and telecommunications expenses

 

15,221

 

 

15,193

 

 

14,654

 

 

14,028

 

 

12,973

 

 

45,068

 

 

39,458

Other noninterest expenses

 

36,140

 

 

39,404

 

 

38,242

 

 

45,820

 

 

33,830

 

 

113,786

 

 

107,415

Total noninterest expense

 

151,777

 

 

155,357

 

 

148,711

 

 

149,011

 

 

141,446

 

 

455,845

 

 

429,270

Income before income tax expense

 

125,885

 

 

126,502

 

 

97,450

 

 

90,386

 

 

105,027

 

 

349,837

 

 

266,549

Income tax expense

 

26,673

 

 

35,717

 

 

23,138

 

 

24,452

 

 

24,912

 

 

85,528

 

 

63,378

Net income

$

99,212

 

$

90,785

 

$

74,312

 

$

65,934

 

$

80,115

 

$

264,309

 

$

203,171

 
 

 

Contacts

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.