Le Lézard
Classified in: Business
Subjects: ERN, CCA, DIV

Ameris Bancorp Announces Financial Results For Third Quarter 2019


ATLANTA, Oct. 18, 2019 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $21.4 million, or $0.31 per diluted share, for the quarter ended September 30, 2019, compared with $41.4 million, or $0.87 per diluted share, for the quarter ended September 30, 2018.  The Company reported adjusted net income of $68.5 million, or $0.98 per diluted share, for the quarter ended September 30, 2019, compared with $43.3 million, or $0.91 per diluted share, for the same period in 2018.  Adjusted net income excludes after-tax merger and conversion charges, executive retirement benefits, servicing right valuation adjustments, restructuring charges related to previously announced branch consolidations, gain on bank owned life insurance ("BOLI") proceeds, loss on sale of bank premises and expenses related to hurricanes.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

For the year-to-date period ending September 30, 2019, the Company reported net income of $100.2 million, or $1.83 per diluted share, compared with $77.5 million, or $1.85 per diluted share, for the same period in 2018.  The Company reported adjusted net income of $156.3 million, or $2.85 per diluted share, for the nine months ended September 30, 2019, compared with $100.3 million, or $2.40 per diluted share, for the same period in 2018.  Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period. 

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our third quarter results were solid.  I am proud of our team's focus on integration efforts while also executing the financial strategies as planned.  Producing an adjusted ROA of 1.57% while working through the Fidelity integration is a direct reflection of our team's hard work and dedication.  These results give us confidence in our ability to make 2020 a success."

Highlights of the Company's results for the third quarter of 2019 include the following:

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

Adjusted Net Income Reconciliation









Three Months Ended


Nine Months Ended


September 30,


September 30,

(dollars in thousands, except per share data)

2019


2018


2019


2018

Net income available to common shareholders

$

21,384



$

41,444



$

100,193



$

77,491










Adjustment items:








Merger and conversion charges

65,158



276



70,690



19,502


Executive retirement benefits

?



962



?



6,419


Restructuring charges

?



229



245



229


Servicing right impairment (recovery)

(1,319)



?



141



?


Financial impact of hurricanes

?



?



(39)



?


Gain on BOLI proceeds

(4,335)



?



(4,335)



?


Loss on sale of premises

889



4



4,608



783


Tax effect of adjustment items

(13,238)



377



(15,167)



(4,113)


After-tax adjustment items

47,155



1,848



56,143



22,820


Adjusted net income

$

68,539



$

43,292



$

156,336



$

100,311










Reported net income per diluted share

$

0.31



$

0.87



$

1.83



$

1.85


Adjusted net income per diluted share

$

0.98



$

0.91



$

2.85



$

2.40










Reported return on average assets

0.49

%


1.47

%


0.99

%


1.12

%

Adjusted return on average assets

1.57

%


1.53

%


1.55

%


1.46

%









Reported return on average common equity

3.49

%


11.78

%


7.39

%


9.47

%

Adjusted return on average tangible common equity

18.95

%


20.50

%


18.87

%


18.47

%

















 

Acquisition of Fidelity
On July 1, 2019, the Company completed its acquisition of Fidelity Southern Corporation ("Fidelity"), the parent company of Fidelity Bank, Atlanta, Georgia.  Fidelity operated 62 full-service banking locations, 46 of which were located in Georgia and 16 of which were located in Florida.  The acquisition further expands the Company's existing Southeastern footprint in the attractive Atlanta market, where the Company is the largest community bank by deposit share after the acquisition.  The acquisition added $5.2 billion in total assets, $3.8 billion in total loans and $4.0 billion in total deposits.  Ameris Bank relocated its charter to Atlanta simultaneously with the closing of the transaction.  On October 1, the Company relocated its corporate headquarters to Atlanta to create consistency with the Bank's relocation.  The conversion of Fidelity's systems to the Company's is scheduled to be completed during the fourth quarter of 2019, after which management expects to fully realize operating efficiencies from the acquisition.  The Company believes all significant merger and conversion charges have been recorded in the third quarter and no material additional expenses are anticipated going forward related to the Fidelity acquisition.

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the third quarter of 2019 totaled $149.9 million, compared with $102.7 million for the second quarter of 2019 and $100.1 million for third quarter of 2018.  The Company's net interest margin was 3.84% for the third quarter of 2019, down from 3.91% reported for the second quarter of 2019 and 3.92% reported for the third quarter of 2018.  Accretion income for the third quarter of 2019 increased to $4.2 million, compared with $3.1 million for the second quarter of 2019, and $3.7 million reported for the third quarter of 2018.  The linked quarter decrease in net interest margin was primarily attributable to the impact of the Fidelity acquisition and a decrease in the yield on total loans, partially offset by a decrease in deposit costs. 

Yields on all loans decreased to 5.16% during the third quarter of 2019, compared with 5.32% for the second quarter of 2019 and increased from 5.12% reported for the third quarter of 2018.  Loan production in the banking division during the third quarter of 2019 totaled $1.2 billion, with weighted average yields of 5.08%, compared with $854.7 million and 5.49%, respectively, in the second quarter of 2019 and $467.5 million and 5.51%, respectively, in the third quarter of 2018.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.2 billion during the third quarter of 2019, with weighted average yields of 4.51%, compared with $2.6 billion and 5.20%, respectively, during the second quarter of 2019 and $2.0 billion and 5.37%, respectively, during the third quarter of 2018.

Interest expense during the third quarter of 2019 increased to $39.6 million, compared with $27.4 million in the second quarter of 2019 and $22.1 million in the third quarter of 2018.  The Company's total cost of funds moved three basis points lower to 1.07% in the third quarter of 2019 as compared with the second quarter of 2019.  Deposit costs also decreased 11 basis points during the third quarter of 2019 to 0.86%, compared with 0.97% in the second quarter of 2019.  Costs of interest-bearing deposits decreased during the quarter from 1.34% in the second quarter of 2019 to 1.23% in the third quarter of 2019.

Noninterest Income
Noninterest income in the third quarter of 2019 was $77.0 million, compared with $35.2 million in the second quarter of 2019 and $30.2 million in the third quarter of 2018.  The increase for both the linked quarter and year over year is a result of increased service charges and mortgage banking activity.  In addition, other noninterest income increased during the quarter because the Company recorded a $4.3 million gain on BOLI proceeds during the quarter, due to the unfortunate death of a former officer of Fidelity.

Service charge revenue increased to $13.4 million in the third quarter of 2019, compared with $12.2 million in the second quarter of 2019 and $12.7 million in the third quarter of 2018 due to the Company's increased number of deposit accounts from organic growth and completion of the Fidelity acquisition.  The Fidelity acquisition added $3.6 million in service charge revenue, which was offset by approximately $2.7 million decline in revenue as a result of the Durbin Amendment.

Mortgage banking activity increased to $53.0 million in the third quarter of 2019, compared with $18.5 million for the second quarter of 2019 and $14.1 million for the third quarter of 2018.  This increase was a result of the Fidelity acquisition as well as additional growth from the low interest rate environment during the third quarter. Total production in the retail mortgage division increased to $1.8 billion for the third quarter of 2019, compared with $585.1 million for the second quarter of 2019 and $479.1 million for the third quarter of 2018.  Gain on sale spreads decreased in the third quarter of 2019 to 2.67% from 3.11% in the linked quarter and 3.00% for the third quarter of 2018. The gain on sale spread during the quarter was impacted by a shift in product mix and the transition of the pricing models through conversion. 

Noninterest income from the SBA division increased to $2.8 million in the third quarter of 2019, compared with $1.9 million in the second quarter of 2019 and $1.0 million in the third quarter of 2018.  Net income for the division increased over 60% from the second quarter of 2019 and over 83% from the third quarter of 2018 to $2.2 million in the third quarter of 2019.

Noninterest Expense
Noninterest expense increased $111.4 million, or 137.2%, to $192.7 million during the third quarter of 2019, compared with $81.3 million for the second quarter of 2019.  During the third quarter of 2019, the Company recorded $66.0 million of charges to earnings, the majority of which was related to merger and conversion activity and loss on sale of premises, compared with $6.3 million in charges in the second quarter of 2019 that were related principally to merger and conversion activity and loss on sale of premises.  Excluding these charges, adjusted expenses increased approximately $51.7 million, or 69.0%, to $126.7 million in the third quarter of 2019, from $74.9 million in the second quarter of 2019.  The majority of this increase is attributable to the acquisition of Fidelity and variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio. The Company's adjusted efficiency ratio increased from 54.42% in the third quarter of 2018 and 53.77% in the second quarter of 2019 to 57.25% in the third quarter of 2019.

Income Tax Expense
The Company's effective tax rate for the third quarter of 2019 was 21.0%, compared with 23.7% in the second quarter of 2019 and 24.3% for the third quarter of 2018. The decreased rate for the third quarter of 2019 was attributable to a non-taxable gain on BOLI proceeds and a reduction in the Florida corporate income tax rate  partially offset by certain non-deductible merger expenses.

Balance Sheet Trends
Total assets at September 30, 2019 were $17.8 billion, compared with $11.4 billion at December 31, 2018.  Total loans, including loans held for sale, purchased loans and purchased loan pools, were $14.01 billion at September 30, 2019, compared with $8.62 billion at December 31, 2018.  Strong loan production in the second and third quarters of 2019 helped offset the impact of strategic runoff of certain acquired portfolios and early paydowns and payoffs experienced during the first quarter of 2019.  Loan production in the banking division during the third quarter of 2019 was 37% higher than the second quarter of 2019 and was 151% higher than the third quarter of 2018. 

At September 30, 2019, total deposits amounted to $13.66 billion, or 90.1% of total funding, compared with $9.65 billion and 97.4%, respectively, at December 31, 2018.  The increase in total deposits in the third quarter was materially impacted by the Company's acquisition of Fidelity.  Excluding the acquisition, deposits increased $33.9 million, or 1.4% annualized, in the third quarter.  At September 30, 2019, noninterest-bearing deposit accounts were $4.08 billion, or 29.9% of total deposits, compared with $2.52 billion, or 26.1% of total deposits, at December 31, 2018.  Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $6.84 billion at September 30, 2019, compared with $4.60 billion at December 31, 2018.  These funds represented 50.1% of the Company's total deposits at September 30, 2019, compared with 47.6% at the end of 2018.

Shareholders' equity at September 30, 2019 totaled $2.42 billion, an increase of $964.4 million, or 66.2%, from December 31, 2018.  The increase in shareholders' equity was primarily the result of the issuance of shares of common stock in the Company's acquisition of Fidelity plus earnings of $100.2 million during the first nine months of 2019, offset by dividends declared of $19.9 million and treasury stock purchases of $11.6 million.  Tangible book value per share was $20.29 at September 30, 2019, up from $18.83 at December 31, 2018.  Tangible common equity as a percentage of tangible assets was 8.43% at September 30, 2019, compared with 8.22% at the end of the 2018.

Credit Quality
Credit quality remains strong in the Company.  During the third quarter of 2019, the Company recorded provision for loan loss expense of $6.0 million, compared with $4.7 million in the second quarter of 2019.  Nonperforming assets as a percentage of total assets increased by 22 basis points to 0.73% during the quarter.  The increase in nonperforming assets is primarily as result of the Fidelity acquisition.  The net charge-off ratio for non-purchased loans was nine basis points for the third quarter of 2019, compared with 11 basis points in the second quarter of 2019 and 44 basis points in the third quarter of 2018.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time today (October 18, 2019) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.   A replay of the call will be available one hour after the end of the conference call until November 1, 2019.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10135304.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 172 locations in Georgia, Alabama, Florida and South Carolina at the end of the most recent quarter.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals, and including statements about the benefits of the merger between the Company and Fidelity.  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, political and market conditions and fluctuations, including, without limitation, movements in interest rates; competitive pressures on product pricing and services; the businesses of the Company and Fidelity may not be integrated successfully or such integration may take longer to accomplish than expected following the parties' merger; the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes; disruption from the merger may make it more difficult to maintain relationships with customers, employees or others; diversion of management time to merger-related issues; and the success and timing of other business strategies.  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, 2018 and its subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  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)

2019


2019


2019


2018


2018


2019


2018

















EARNINGS















Net income

$

21,384



$

38,904



$

39,905



$

43,536



$

41,444



$

100,193



$

77,491



Adjusted net income

$

68,539



$

45,210



$

42,587



$

45,897



$

43,292



$

156,336



$

100,311


















COMMON SHARE DATA















Earnings per share available to common
shareholders















   Basic

$

0.31



$

0.82



$

0.84



$

0.92



$

0.87



$

1.83



$

1.86



   Diluted

$

0.31



$

0.82



$

0.84



$

0.91



$

0.87



$

1.83



$

1.85



Adjusted diluted EPS

$

0.98



$

0.96



$

0.90



$

0.96



$

0.91



$

2.85



$

2.40



Cash dividends per share

$

0.15



$

0.10



$

0.10



$

0.10



$

0.10



$

0.35



$

0.30



Book value per share (period end)

$

34.78



$

32.52



$

31.43



$

30.66



$

29.58



$

34.78



$

29.58



Tangible book value per share (period end)

$

20.29



$

20.81



$

19.73



$

18.83



$

17.78



$

20.29



$

17.78



Weighted average number of shares















   Basic

69,372,125



47,310,561



47,366,296



47,501,150



47,514,653



54,762,216



41,672,792



   Diluted

69,600,499



47,337,809



47,456,314



47,593,252



47,685,334



54,883,122



41,844,900



Period end number of shares

69,593,833



47,261,584



47,585,309



47,499,941



47,496,966



69,593,833



47,496,966



Market data















   High intraday price

$

40.65



$

39.60



$

42.01



$

47.25



$

54.35



$

42.01



$

59.05



   Low intraday price

$

33.71



$

33.57



$

31.27



$

29.97



$

45.15



$

31.27



$

45.15



   Period end closing price

$

40.24



$

39.19



$

34.35



$

31.67



$

45.70



$

40.24



$

45.70



   Average daily volume

461,289



352,684



387,800



375,773



382,622



401,050



291,061


















PERFORMANCE RATIOS















Return on average assets

0.49

%


1.34

%


1.42

%


1.53

%


1.47

%


0.99

%


1.12

%


Adjusted return on average assets

1.57

%


1.56

%


1.51

%


1.61

%


1.53

%


1.55

%


1.46

%


Return on average common equity

3.49

%


10.27

%


10.95

%


12.09

%


11.78

%


7.39

%


9.47

%


Adjusted return on average tangible
common equity

18.95

%


18.79

%


18.82

%


20.95

%


20.50

%


18.87

%


18.47

%


Earning asset yield (TE)

4.86

%


4.95

%


4.95

%


4.81

%


4.78

%


4.91

%


4.67

%


Total cost of funds

1.07

%


1.10

%


1.05

%


0.94

%


0.90

%


1.07

%


0.78

%


Net interest margin (TE)

3.84

%


3.91

%


3.95

%


3.91

%


3.92

%


3.89

%


3.93

%


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

28.89

%


21.27

%


19.59

%


19.75

%


19.77

%


24.27

%


23.06

%


Efficiency ratio

85.35

%


59.36

%


57.95

%


58.30

%


56.00

%


70.89

%


65.66

%


Adjusted efficiency ratio (TE)

57.25

%


53.77

%


55.12

%


54.10

%


54.42

%


55.70

%


57.02

%

















CAPITAL ADEQUACY (period end)















Shareholders' equity to assets

13.63

%


12.93

%


12.83

%


12.73

%


12.29

%


13.63

%


12.29

%


Tangible common equity to tangible assets

8.43

%


8.68

%


8.46

%


8.22

%


7.77

%


8.43

%


7.77

%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

8.43

%


8.68

%


8.46

%


8.22

%


7.77

%


8.43

%


7.77

%


Effect of goodwill and other intangibles

5.20

%


4.25

%


4.37

%


4.51

%


4.52

%


5.20

%


4.52

%


Equity to assets (GAAP)

13.63

%


12.93

%


12.83

%


12.73

%


12.29

%


13.63

%


12.29

%

















OTHER DATA (period end)















Full time equivalent employees















   Banking Division

2,001



1,336



1,343



1,370



1,432



2,001



1,432



   Retail Mortgage Division

785



348



328



332



317



785



317



   Warehouse Lending Division

9



10



9



8



8



9



8



   SBA Division

45



21



22



22



23



45



23



   Premium Finance Division

66



62



64



72



67



66



67



   Total Ameris Bancorp FTE headcount

2,906



1,777



1,766



1,804



1,847



2,906



1,847


















Assets per Banking Division FTE

$

8,878



$

8,889



$

8,679



$

8,353



$

7,981



$

8,878



$

7,981



Branch locations

172



114



114



125



125



172



125



Deposits per branch location

$

79,416



$

84,056



$

85,973



$

77,195



$

73,451



$

79,416



$

73,451



 

 

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)

2019


2019


2019


2018


2018


2019


2018















Interest income














Interest and fees on loans

$

175,046


$

117,010


$

112,401


$

111,749


$

110,470


$

404,457


$

266,460

Interest on taxable securities

11,354


9,383


9,043


8,686


8,792


29,780


20,320

Interest on nontaxable securities

168


102


156


195


204


426


705

Interest on deposits in other banks

1,622


2,276


3,150


1,964


1,581


7,048


3,020

Interest on federal funds sold

171


257


179


155


72


607


72

Total interest income

188,361


129,028


124,929


122,749


121,119


442,318


290,577















Interest expense














Interest on deposits

29,425


23,454


21,684


18,858


15,630


74,563


30,196

Interest on other borrowings

10,167


3,923


3,850


4,337


6,451


17,940


16,543

Total interest expense

39,592


27,377


25,534


23,195


22,081


92,503


46,739















Net interest income

148,769


101,651


99,395


99,554


99,038


349,815


243,838

Provision for loan losses

5,989


4,668


3,408


3,661


2,095


14,065


13,006

Net interest income after provision for loan
losses

142,780


96,983


95,987


95,893


96,943


335,750


230,832















Noninterest income














Service charges on deposits accounts

13,411


12,168


11,646


12,597


12,690


37,225


33,531

Mortgage banking activity

53,041


18,523


14,677


11,883


14,082


86,241


41,771

Other service charges, commissions and fees

1,236


803


789


824


820


2,828


2,236

Gain (loss) on securities

4


69


66


1


48


139


(38)

Other noninterest income

9,301


3,673


3,593


5,165


2,531


16,567


10,442

Total noninterest income

76,993


35,236


30,771


30,470


30,171


143,000


87,942















Noninterest expense














Salaries and employee benefits

77,633


38,331


38,332


38,969


38,414


154,296


110,163

Occupancy and equipment expenses

12,639


7,834


8,204


7,945


8,598


28,677


21,186

Data processing and telecommunications
expenses

10,372


8,388


8,391


8,293


8,518


27,151


22,092

Credit resolution related expenses(1)

1,094


979


911


1,174


1,248


2,984


2,842

Advertising and marketing expenses

1,949


1,987


1,741


1,633


1,453


5,677


3,938

Amortization of intangible assets

5,719


3,121


3,132


3,650


2,676


11,972


5,862

Merger and conversion charges

65,158


3,475


2,057


997


276


70,690


19,502

Other noninterest expenses

18,133


17,136


12,657


13,149


11,170


47,926


32,252

Total noninterest expense

192,697


81,251


75,425


75,810


72,353


349,373


217,837















Income before income tax expense

27,076


50,968


51,333


50,553


54,761


129,377


100,937

Income tax expense

5,692


12,064


11,428


7,017


13,317


29,184


23,446

Net income

$

21,384


$

38,904


$

39,905


$

43,536


$

41,444


$

100,193


$

77,491















Diluted earnings per common share

$

0.31


$

0.82


$

0.84


$

0.91


$

0.87


$

1.83


$

1.85















(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.




















































 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Period End Balance Sheet

Table 3


Three Months Ended


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2019


2019


2019


2018


2018











Assets










Cash and due from banks

$

193,976


$

151,186


$

144,801


$

172,036


$

158,453

Federal funds sold and interest-bearing deposits in banks

285,713


186,969


712,199


507,491


470,804

Time deposits in other banks

499


748


7,371


10,812


11,558

Investment securities available for sale, at fair value

1,491,207


1,273,244


1,234,435


1,192,423


1,162,570

Other investments

66,921


32,481


15,157


14,455


35,929

Loans held for sale, at fair value

1,187,551


261,073


112,070


111,298


130,179











Loans

7,208,816


6,522,448


5,756,358


5,660,457


5,543,306

Purchased loans

5,388,336


2,286,425


2,472,271


2,588,832


2,711,460

Purchased loan pools

229,132


240,997


253,710


262,625


274,752

Loans, net of unearned income

12,826,284


9,049,870


8,482,339


8,511,914


8,529,518

Allowance for loan losses

(35,530)


(31,793)


(28,659)


(28,819)


(28,116)

Loans, net

12,790,754


9,018,077


8,453,680


8,483,095


8,501,402











Other real estate owned

4,925


5,169


6,014


7,218


9,375

Purchased other real estate owned

15,785


9,506


10,857


9,535


7,692

Total other real estate owned

20,710


14,675


16,871


16,753


17,067











Premises and equipment, net

239,428


141,378


141,698


145,410


145,885

Goodwill

911,488


501,140


501,308


503,434


505,604

Other intangible assets, net

97,328


52,437


55,557


58,689


54,729

Cash value of bank owned life insurance

174,442


105,064


104,597


104,096


103,588

Deferred income taxes, net

22,111


30,812


33,295


35,126


38,217

Other assets

282,149


120,052


123,236


88,397


93,009

Total assets

$

17,764,277


$

11,889,336


$

11,656,275


$

11,443,515


$

11,428,994











Liabilities










Deposits










Noninterest-bearing

$

4,077,856


$

2,771,443


$

2,753,173


$

2,520,016


$

2,333,992

Interest-bearing

9,581,738


6,810,927


7,047,702


7,129,297


6,847,371

Total deposits

13,659,594


9,582,370


9,800,875


9,649,313


9,181,363

Federal funds purchased and securities sold under agreements to repurchase

17,744


3,307


4,259


20,384


14,071

Other borrowings

1,351,172


564,636


151,454


151,774


656,831

Subordinated deferrable interest debentures

127,075


89,871


89,529


89,187


88,986

FDIC loss-share payable, net

19,490


20,596


18,834


19,487


18,740

Other liabilities

168,479


91,435


95,740


57,023


64,026

Total liabilities

15,343,554


10,352,215


10,160,691


9,987,168


10,024,017











Shareholders' Equity










Preferred stock

?


?


?


?


?

Common stock

71,447


49,099


49,126


49,015


49,012

Capital stock

1,904,789


1,053,500


1,053,190


1,051,584


1,050,752

Retained earnings

457,127


446,182


412,005


377,135


338,350

Accumulated other comprehensive income (loss), net of tax

15,482


16,462


(1,178)


(4,826)


(16,576)

Treasury stock

(28,122)


(28,122)


(17,559)


(16,561)


(16,561)

Total shareholders' equity

2,420,723


1,537,121


1,495,584


1,456,347


1,404,977

Total liabilities and shareholders' equity

$

17,764,277


$

11,889,336


$

11,656,275


$

11,443,515


$

11,428,994











Other Data










Earning assets

$

15,858,175


$

10,804,385


$

10,563,571


$

10,348,393


$

10,340,558

Intangible assets

1,008,816


553,577


556,865


562,123


560,333

Interest-bearing liabilities

11,077,729


7,468,741


7,292,944


7,390,642


7,607,259

Average assets

17,340,387


11,625,344


11,423,677


11,307,980


11,204,504

Average common shareholders' equity

2,432,182


1,519,598


1,478,462


1,428,341


1,395,479

 

 

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)

2019


2019


2019


2018


2018


2019


2018















Allowance for Loan Losses














Balance at beginning of period

$

31,793


$

28,659


$

28,819


$

28,116


$

31,532


$

28,819


$

25,791















Provision for loan losses

5,989


4,668


3,408


3,661


2,095


14,065


13,006















Charge-offs

5,249


3,496


5,379


4,430


8,112


14,124


16,701

Recoveries

2,997


1,962


1,811


1,472


2,601


6,770


6,020

Net charge-offs (recoveries)

2,252


1,534


3,568


2,958


5,511


7,354


10,681















Ending balance

$

35,530


$

31,793


$

28,659


$

28,819


$

28,116


$

35,530


$

28,116















Net  Charge-off Information




























Charge-offs














Commercial, financial and agricultural

$

1,578


$

1,338


$

2,004


$

2,489


$

6,121


$

4,920


$

11,314

Real estate - construction and development

?


222


25


7


265


247


285

Real estate - commercial and farmland

14


100


1,253


169


27


1,367


169

Real estate - residential

20


40


20


76


293


80


695

Consumer installment

1,195


1,126


1,893


1,465


923


4,214


2,724

Purchased loans

2,442


670


184


224


483


3,296


1,514

Purchased loan pools

?


?


?


?


?


?


?

Total charge-offs

5,249


3,496


5,379


4,430


8,112


14,124


16,701















Recoveries














Commercial, financial and agricultural

845


742


1,065


927


939


2,652


2,842

Real estate - construction and development

2


19


1


3


1


22


117

Real estate - commercial and farmland

?


4


4


7


134


8


169

Real estate - residential

49


133


104


91


44


286


255

Consumer installment

269


242


164


137


178


675


362

Purchased loans

1,832


822


473


307


1,305


3,127


2,275

Purchased loan pools

?


?


?


?


?


?


?

Total recoveries

2,997


1,962


1,811


1,472


2,601


6,770


6,020















Net charge-offs (recoveries)

$

2,252


$

1,534


$

3,568


$

2,958


$

5,511


$

7,354


$

10,681















Non-Performing Assets














Nonaccrual loans (excluding purchased
loans)

$

21,739


$

18,129


$

17,633


$

17,952


$

15,986


$

21,739


$

15,986

Nonaccrual purchased loans

78,762


23,350


23,846


24,107


27,764


78,762


27,764

Nonaccrual purchased loan pools

?


?


400


?


4,696


?


4,696

Other real estate owned

4,925


5,169


6,014


7,218


9,375


4,925


9,375

Purchased other real estate owned

15,785


9,506


10,857


9,535


7,692


15,785


7,692

Repossessed assets

1,258


?


?


?


?


1,258


?

Accruing loans delinquent 90 days or more
(excluding purchased loans)

5,836


4,439


3,676


4,222


2,863


5,836


2,863

Accruing purchased loans delinquent 90
days or more

489


174


?


?


?


489


?

Total non-performing assets

$

128,794


$

60,767


$

62,426


$

63,034


$

68,376


$

128,794


$

68,376















Asset Quality Ratios














Non-performing assets as a percent of total
assets

0.73

%


0.51

%


0.54

%


0.55

%


0.60

%


0.73

%


0.60

%

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

0.07

%


0.07

%


0.17

%


0.14

%


0.26

%


0.10

%


0.20

%

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

0.09

%


0.11

%


0.27

%


0.21

%


0.44

%


0.15

%


0.29

%





























 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2019


2019


2019


2018


2018











Loans by Type










Legacy loans










   Commercial, financial and agricultural

$

1,781,237


$

1,648,190


$

1,382,907


$

1,316,359


$

1,422,152

   Real estate - construction and development

947,371


788,409


676,563


671,198


641,830

   Real estate - commercial and farmland

2,152,528


2,046,347


1,894,937


1,814,529


1,804,265

   Real estate - residential

1,866,128


1,589,646


1,365,482


1,403,000


1,275,201

   Consumer installment

461,552


449,856


436,469


455,371


399,858

   Total legacy loans

$

7,208,816


$

6,522,448


$

5,756,358


$

5,660,457


$

5,543,306

Purchased loans










   Commercial, financial and agricultural

$

385,355


$

252,621


$

327,972


$

372,686


$

413,365

   Real estate - construction and development

521,324


315,141


239,413


227,900


219,882

   Real estate - commercial and farmland

2,057,384


1,135,866


1,280,515


1,337,859


1,399,174

   Real estate - residential

1,285,096


558,458


597,735


623,199


649,352

   Consumer installment

1,139,177


24,339


26,636


27,188


29,687

   Total purchased loans

$

5,388,336


$

2,286,425


$

2,472,271


$

2,588,832


$

2,711,460

Purchased loan pools










   Real estate - residential

$

229,132


$

240,997


$

253,710


$

262,625


$

274,752

   Total purchased loan pools

$

229,132


$

240,997


$

253,710


$

262,625


$

274,752

Total loan portfolio










   Commercial, financial and agricultural

$

2,166,592


$

1,900,811


$

1,710,879


$

1,689,045


$

1,835,517

   Real estate - construction and development

1,468,695


1,103,550


915,976


899,098


861,712

   Real estate - commercial and farmland

4,209,912


3,182,213


3,175,452


3,152,388


3,203,439

   Real estate - residential

3,380,356


2,389,101


2,216,927


2,288,824


2,199,305

   Consumer installment

1,600,729


474,195


463,105


482,559


429,545

   Total loans

$

12,826,284


$

9,049,870


$

8,482,339


$

8,511,914


$

8,529,518











Troubled Debt Restructurings (excluding purchased loans)










Accruing troubled debt restructurings










   Commercial, financial and agricultural

$

649


$

300


$

116


$

256


$

180

   Real estate - construction and development

69


138


142


145


384

   Real estate - commercial and farmland

2,788


2,911


2,954


2,863


3,817

   Real estate - residential

9,915


9,593


8,240


6,043


6,558

   Consumer installment

9


10


11


16


4

   Total accruing troubled debt restructurings

$

13,430


$

12,952


$

11,463


$

9,323


$

10,943

Nonaccrual troubled debt restructurings










   Commercial, financial and agricultural

$

119


$

135


$

138


$

138


$

208

   Real estate - construction and development

1


2


2


2


6

   Real estate - commercial and farmland

530


576


450


426


306

   Real estate - residential

925


791


832


1,119


742

   Consumer installment

66


65


63


69


92

   Total nonaccrual troubled debt restructurings

$

1,641


$

1,569


$

1,485


$

1,754


$

1,354

   Total troubled debt restructurings (excluding purchased loans)

$

15,071


$

14,521


$

12,948


$

11,077


$

12,297

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information (continued)

Table 5


Sep


Jun


Mar


Dec


Sep

(dollars in thousands)

2019


2019


2019


2018


2018











Loans by Risk Grade










Legacy loans










   Grade 1 - Prime credit

$

533,058


$

543,786


$

540,646


$

542,164


$

550,020

   Grade 2 - Strong credit

748,511


730,621


587,622


523,101


645,612

   Grade 3 - Good credit

3,196,744


2,801,373


2,372,115


2,408,128


2,289,584

   Grade 4 - Satisfactory credit

2,503,781


2,225,083


2,088,813


2,047,688


1,939,518

   Grade 5 - Fair credit

135,179


139,936


87,785


59,054


40,041

   Grade 6 - Other assets especially mentioned

40,571


34,414


32,949


35,118


41,125

   Grade 7 - Substandard

50,956


47,232


46,428


45,204


37,406

   Grade 8 - Doubtful

14


?


?


?


?

   Grade 9 - Loss

2


3


?


?


?

   Total legacy loans

$

7,208,816


$

6,522,448


$

5,756,358


$

5,660,457


$

5,543,306

Purchased loans










   Grade 1 - Prime credit

$

80,223


$

78,248


$

80,682


$

90,775


$

54,840

   Grade 2 - Strong credit

108,107


81,069


84,904


84,617


132,454

   Grade 3 - Good credit

2,660,700


787,052


677,718


656,289


463,307

   Grade 4 - Satisfactory credit

2,242,239


1,176,182


1,428,353


1,586,377


1,828,090

   Grade 5 - Fair credit

117,245


71,293


90,391


63,613


133,653

   Grade 6 - Other assets especially mentioned

73,664


29,661


38,599


30,448


35,676

   Grade 7 - Substandard

106,158


62,920


71,618


76,713


63,440

   Grade 8 - Doubtful

?


?


?


?


?

   Grade 9 - Loss

?


?


6


?


?

   Total purchased loans

$

5,388,336


$

2,286,425


$

2,472,271


$

2,588,832


$

2,711,460

Purchased loan pools










   Grade 3 - Good credit

$

229,132


$

240,997


$

253,310


$

262,625


$

270,056

   Grade 7 - Substandard

?


?


400


?


4,696

   Total purchased loan pools

$

229,132


$

240,997


$

253,710


$

262,625


$

274,752

 

 

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)

2019


2019


2019


2018


2018


2019


2018















Earning Assets














Federal funds sold

$

28,459


$

41,683


$

31,291


$

28,755


$

15,074


$

33,800


$

5,150

Interest-bearing deposits in banks

324,127


341,937


467,379


373,068


283,604


377,290


196,145

Time deposits in other banks

548


3,792


10,221


10,961


11,557


4,818


3,979

Investment securities - taxable

1,514,534


1,233,297


1,186,896


1,138,981


1,117,517


1,312,776


912,820

Investment securities - nontaxable

23,759


15,288


24,136


29,962


31,641


21,060


35,512

Other investments

53,712


15,830


14,532


18,494


36,067


28,168


37,733

Loans held for sale

856,572


154,707


101,521


129,664


151,396


373,699


143,848

Loans

7,514,821


6,370,860


5,867,037


5,819,684


5,703,921


6,587,916


5,277,108

Purchased loans

4,927,839


2,123,754


2,359,280


2,402,610


2,499,393


3,148,726


1,483,029

Purchased loan pools

234,403


245,947


257,661


268,568


287,859


245,918


307,718

Total Earning Assets

$

15,478,774


$

10,547,095


$

10,319,954


$

10,220,747


$

10,138,029


$

12,134,171


$

8,403,042















Deposits














Noninterest-bearing deposits

$

4,040,592


$

2,723,843


$

2,545,043


$

2,570,783


$

2,320,851


$

3,108,638


$

2,027,145

NOW accounts

2,049,175


1,506,721


1,553,988


1,546,939


1,567,111


1,705,108


1,406,434

MMDA

3,815,185


2,655,108


2,677,015


2,590,194


2,440,086


3,053,272


2,122,138

Savings accounts

661,555


405,506


399,089


401,836


423,449


489,678


332,817

Retail CDs

2,804,243


1,962,422


1,892,138


1,832,529


1,722,987


2,222,942


1,269,586

Brokered CDs

150,176


486,292


510,301


510,663


487,686


380,937


169,059

Total Deposits

13,520,926


9,739,892


9,577,574


9,452,944


8,962,170


10,960,575


7,327,179

Non-Deposit Funding














Federal funds purchased and securities
sold under agreements to repurchase

19,914


3,213


15,879


14,670


12,529


13,017


16,036

FHLB advances

810,384


22,390


6,257


101,337


513,460


282,622


529,917

Other borrowings

220,918


145,453


145,473


145,494


145,513


170,891


102,713

Subordinated deferrable interest
debentures

133,519


89,686


89,343


89,135


88,801


104,345


86,874

Total Non-Deposit Funding

1,184,735


260,742


256,952


350,636


760,303


570,875


735,540

Total Funding

$

14,705,661


$

10,000,634


$

9,834,526


$

9,803,580


$

9,722,473


$

11,531,450


$

8,062,719

 

 

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)

2019


2019


2019


2018


2018


2019


2018















Interest Income














Federal funds sold

$

171


$

257


$

179


$

155


$

72


$

607


$

72

Interest-bearing deposits in banks

1,620


2,260


3,099


1,906


1,520


6,979


2,959

Time deposits in other banks

2


16


51


58


61


69


61

Investment securities - taxable

11,354


9,383


9,043


8,686


8,792


29,780


20,320

Investment securities - nontaxable (TE)

213


129


197


247


258


539


892

Loans held for sale

7,889


1,632


1,152


1,618


1,566


10,673


4,091

Loans (TE)

108,839


87,412


77,322


73,594


73,178


273,573


195,857

Purchased loans

57,661


27,154


33,011


35,413


34,692


117,826


62,584

Purchased loan pools

1,739


1,847


1,933


2,151


2,059


5,519


6,750

Total Earning Assets

$

189,488


$

130,090


$

125,987


$

123,828


$

122,198


$

445,565


$

293,586















Accretion income (included above)

$

4,222


$

3,103


$

2,883


$

4,077


$

3,656


$

10,208


$

7,752















Interest Expense














Interest-Bearing Deposits














   NOW accounts

$

2,843


$

2,260


$

2,109


$

1,736


$

1,142


$

7,212


$

3,237

   MMDA

12,593


9,488


9,047


7,991


5,885


31,128


13,364

   Savings accounts

274


85


77


83


82


436


183

   Retail CDs

12,905


8,585


7,330


5,858


5,470


28,820


10,293

   Brokered CDs

810


3,036


3,121


3,190


3,051


6,967


3,119

Total Interest-Bearing Deposits

29,425


23,454


21,684


18,858


15,630


74,563


30,196

Non-Deposit Funding














   Federal funds purchased and securities
   sold under agreements to repurchase

32


2


11


5


4


45


18

   FHLB advances

4,618


141


44


568


2,745


4,803


7,585

   Other borrowings

3,332


2,210


2,227


2,222


2,180


7,769


4,634

   Subordinated deferrable interest debentures

2,185


1,570


1,568


1,542


1,522


5,323


4,306

Total Non-Deposit Funding

10,167


3,923


3,850


4,337


6,451


17,940


16,543

Total Interest-Bearing Funding

$

39,592


$

27,377


$

25,534


$

23,195


$

22,081


$

92,503


$

46,739















Net Interest Income (TE)

$

149,896


$

102,713


$

100,453


$

100,633


$

100,117


$

353,062


$

246,847

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES






Yields(1)













Table 8


Three Months Ended


Nine Months Ended


Sep


Jun


Mar


Dec


Sep


Sep


Sep


2019


2019


2019


2018


2018


2019


2018















Earning Assets














Federal funds sold

2.38

%


2.47

%


2.32

%


2.14

%


1.89

%


2.40

%


1.87

%

Interest-bearing deposits in banks

1.98

%


2.65

%


2.69

%


2.03

%


2.13

%


2.47

%


2.02

%

Time deposits in other banks

1.45

%


1.69

%


2.02

%


2.10

%


2.09

%


1.91

%


2.05

%

Investment securities - taxable

2.97

%


3.05

%


3.09

%


3.03

%


3.12

%


3.03

%


2.98

%

Investment securities - nontaxable (TE)

3.56

%


3.38

%


3.31

%


3.27

%


3.24

%


3.42

%


3.36

%

Loans held for sale

3.65

%


4.23

%


4.60

%


4.95

%


4.10

%


3.82

%


3.80

%

Loans (TE)

5.75

%


5.50

%


5.34

%


5.02

%


5.09

%


5.55

%


4.96

%

Purchased loans

4.64

%


5.13

%


5.67

%


5.85

%


5.51

%


5.00

%


5.64

%

Purchased loan pools

2.94

%


3.01

%


3.04

%


3.18

%


2.84

%


3.00

%


2.93

%

Total Earning Assets

4.86

%


4.95

%


4.95

%


4.81

%


4.78

%


4.91

%


4.67

%















Interest-Bearing Deposits














NOW accounts

0.55

%


0.60

%


0.55

%


0.45

%


0.29

%


0.57

%


0.31

%

MMDA

1.31

%


1.43

%


1.37

%


1.22

%


0.96

%


1.36

%


0.84

%

Savings accounts

0.16

%


0.08

%


0.08

%


0.08

%


0.08

%


0.12

%


0.07

%

Retail CDs

1.83

%


1.75

%


1.57

%


1.27

%


1.26

%


1.73

%


1.08

%

Brokered CDs

2.14

%


2.50

%


2.48

%


2.48

%


2.48

%


2.45

%


2.47

%

Total Interest-Bearing Deposits

1.23

%


1.34

%


1.25

%


1.09

%


0.93

%


1.27

%


0.76

%

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to
repurchase

0.64

%


0.25

%


0.28

%


0.14

%


0.13

%


0.46

%


0.15

%

FHLB advances

2.26

%


2.53

%


2.85

%


2.22

%


2.12

%


2.27

%


1.91

%

Other borrowings

5.98

%


6.09

%


6.21

%


6.06

%


5.94

%


6.08

%


6.03

%

Subordinated deferrable interest debentures

6.49

%


7.02

%


7.12

%


6.86

%


6.80

%


6.82

%


6.63

%

Total Non-Deposit Funding

3.40

%


6.03

%


6.08

%


4.91

%


3.37

%


4.20

%


3.01

%

Total Interest-Bearing Liabilities

1.47

%


1.51

%


1.42

%


1.27

%


1.18

%


1.47

%


1.04

%















Net Interest Spread

3.39

%


3.44

%


3.53

%


3.54

%


3.60

%


3.44

%


3.63

%















Net Interest Margin(2)

3.84

%


3.91

%


3.95

%


3.91

%


3.92

%


3.89

%


3.93

%















Total Cost of Funds(3)

1.07

%


1.10

%


1.05

%


0.94

%


0.90

%


1.07

%


0.78

%

(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)

2019


2019


2019


2018


2018


2019


2018

Net income available to common shareholders

$

21,384



$

38,904



$

39,905



$

43,536



$

41,444



$

100,193



$

77,491
















Adjustment items:














Merger and conversion charges

65,158



3,475



2,057



997



276



70,690



19,502


Executive retirement benefits

?



?



?



2,005



962



?



6,419


Restructuring charges

?



?



245



754



229



245



229


Servicing right impairment (recovery)

(1,319)



1,460



?



?



?



141



?


Gain on BOLI proceeds

(4,335)



?



?



?



?



(4,335)



?


Financial impact of hurricanes

?



50



(89)



882



?



(39)



?


Loss on sale of premises

889



2,800



919



250



4



4,608



783


Tax effect of adjustment items (Note 1)

(13,238)



(1,479)



(450)



(810)



377



(15,167)



(4,113)


After tax adjustment items

47,155



6,306



2,682



4,078



1,848



56,143



22,820
















Reduction in state tax expense accrued in
prior year net of federal tax impact

?



?



?



(1,717)



?



?



?
















Adjusted net income

$

68,539



$

45,210



$

42,587



$

45,897



$

43,292



$

156,336



$

100,311
















Weighted average number of shares - diluted

69,600,499



47,337,809



47,456,314



47,593,252



47,685,334



54,883,122



41,844,900


Net income per diluted share

$

0.31



$

0.82



$

0.84



$

0.91



$

0.87



$

1.83



$

1.85


Adjusted net income per diluted share

$

0.98



$

0.96



$

0.90



$

0.96



$

0.91



$

2.85



$

2.40
















Average assets

$

17,340,387



$

11,625,344



$

11,423,677



$

11,307,980



$

11,204,504



$

13,483,044



$

9,217,174


Return on average assets

0.49

%


1.34

%


1.42

%


1.53

%


1.47

%


0.99

%


1.12

%

Adjusted return on average assets

1.57

%


1.56

%


1.51

%


1.61

%


1.53

%


1.55

%


1.46

%















Average common equity

$

2,432,182



$

1,519,598



$

1,478,462



$

1,428,341



$

1,395,479



$

1,813,575



$

1,094,233


Average tangible common equity

$

1,434,829



$

964,841



$

917,876



$

869,201



$

837,914



$

1,107,743



$

726,163


Return on average common equity

3.49

%


10.27

%


10.95

%


12.09

%


11.78

%


7.39

%


9.47

%

Adjusted return on average tangible common equity

18.95

%


18.79

%


18.82

%


20.95

%


20.50

%


18.87

%


18.47

%















Note 1:  A portion of the merger and conversion charges for all periods and the 2Q18 executive retirement benefits are nondeductible for tax purposes.





























 

 

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)

2019


2019


2019


2018


2018


2019


2018

Adjusted Noninterest Expense














Total noninterest expense

$

192,697



$

81,251



$

75,425



$

75,810



$

72,353



$

349,373



$

217,837


Adjustment items:















Merger and conversion charges

(65,158)



(3,475)



(2,057)



(997)



(276)



(70,690)



(19,502)


Executive retirement benefits

?



?



?



(2,005)



(962)



?



(6,419)


Restructuring charges

?



?



(245)



(754)



(229)



(245)



(229)


Financial impact of hurricanes

?



(50)



89



(882)



?



39



?


Loss on sale of premises

(889)



(2,800)



(919)



(250)



(4)



(4,608)



(783)


Adjusted noninterest expense

$

126,650



$

74,926



$

72,293



$

70,922



$

70,882



$

273,869



$

190,904
















Total Revenue














Net interest income

$

148,769



$

101,651



$

99,395



$

99,554



$

99,038



$

349,815



$

243,838


Noninterest income

76,993



35,236



30,771



30,470



30,171



143,000



87,942


Total revenue

$

225,762



$

136,887



$

130,166



$

130,024



$

129,209



$

492,815



$

331,780
















Adjusted Total Revenue














Net interest income (TE)

$

149,896



$

102,713



$

100,453



$

100,633



$

100,117



$

353,062



$

246,847


Noninterest income

76,993



35,236



30,771



30,470



30,171



143,000



87,942


Total revenue (TE)

226,889



137,949



131,224



131,103



130,288



496,062



334,789


Adjustment items:














(Gain) loss on securities

(4)



(69)



(66)



(1)



(48)



(139)



38


Gain on BOLI proceeds

(4,335)



?



?



?



?



(4,335)



?


Servicing right impairment (recovery)

(1,319)



1,460



?



?



?



141



?


Adjusted total revenue (TE)

$

221,231



$

139,340



$

131,158



$

131,102



$

130,240



$

491,729



$

334,827
















Efficiency ratio

85.35

%


59.36

%


57.95

%


58.30

%


56.00

%


70.89

%


65.66

%

Adjusted efficiency ratio (TE)

57.25

%


53.77

%


55.12

%


54.10

%


54.42

%


55.70

%


57.02

%















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)

2019


2019


2019


2018


2018


2019


2018

Total shareholders' equity

$

2,420,723



$

1,537,121



$

1,495,584



$

1,456,347



$

1,404,977



$

2,420,723



$

1,404,977


Less:














Goodwill

911,488



501,140



501,308



503,434



505,604



911,488



505,604


Other intangibles, net

97,328



52,437



55,557



58,689



54,729



97,328



54,729


Total tangible shareholders' equity

$

1,411,907



$

983,544



$

938,719



$

894,224



$

844,644



$

1,411,907



$

844,644
















Period end number of shares

69,593,833



47,261,584



47,585,309



47,499,941



47,496,966



69,593,833



47,496,966


Book value per share (period end)

$

34.78



$

32.52



$

31.43



$

30.66



$

29.58



$

34.78



$

29.58


Tangible book value per share (period end)

$

20.29



$

20.81



$

19.73



$

18.83



$

17.78



$

20.29



$

17.78






























 

 

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)

2019


2019


2019


2018


2018


2019


2018















Banking Division














Net interest income

$

124,262


$

84,755


$

85,039


$

84,399


$

84,041


$

294,056


$

201,159

Provision for loan losses

3,549


2,306


2,058


1,603


1,229


7,913


2,883

Noninterest income

21,173


14,830


14,370


15,784


16,524


50,373


42,910

Noninterest expense














   Salaries and employee benefits

39,794


24,228


27,932


25,882


26,120


91,954


74,834

   Occupancy and equipment expenses

10,750


7,034


7,281


7,080


7,871


25,065


19,032

   Data processing and telecommunications expenses

9,551


7,635


7,592


7,522


7,589


24,778


19,504

   Other noninterest expenses

87,059


22,728


16,956


17,310


13,461


126,743


54,478

Total noninterest expense

147,154


61,625


59,761


57,794


55,041


268,540


167,848

Income before income tax expense

(5,268)


35,654


37,590


40,786


44,295


67,976


73,338

Income tax expense (benefit)

(1,269)


8,691


8,775


5,493


11,156


16,197


18,114

Net income (loss)

$

(3,999)


$

26,963


$

28,815


$

35,293


$

33,139


$

51,779


$

55,224















Retail Mortgage Division














Net interest income

$

13,009


$

7,567


$

5,753


$

7,873


$

5,544


$

26,329


$

15,587

Provision for loan losses

1,490


609


136


(1)


122


2,235


585

Noninterest income

52,493


18,070


14,290


10,689


12,097


84,853


37,571

Noninterest expense














   Salaries and employee benefits

34,144


11,886


8,207


10,802


10,061


54,237


28,667

   Occupancy and equipment expenses

1,686


670


766


684


618


3,122


1,756

   Data processing and telecommunications expenses

660


394


330


306


347


1,384


1,119

   Other noninterest expenses

3,484


2,385


2,114


1,661


1,828


7,983


5,337

Total noninterest expense

39,974


15,335


11,417


13,453


12,854


66,726


36,879

Income before income tax expense

24,038


9,693


8,490


5,110


4,665


42,221


15,694

Income tax expense

5,048


2,170


1,613


1,073


943


8,831


3,262

Net income

$

18,990


$

7,523


$

6,877


$

4,037


$

3,722


$

33,390


$

12,432















Warehouse Lending Division














Net interest income

$

3,169


$

2,987


$

2,690


$

2,438


$

2,469


$

8,846


$

6,650

Provision for loan losses

?


?


?


?


?


?


?

Noninterest income

560


450


379


386


503


1,389


1,635

Noninterest expense














   Salaries and employee benefits

286


162


161


145


136


609


402

   Occupancy and equipment expenses

2


1


1


?


2


4


2

   Data processing and telecommunications expenses

41


38


30


29


30


109


93

   Other noninterest expenses

27


75


68


62


69


170


176

Total noninterest expense

356


276


260


236


237


892


673

Income before income tax expense

3,373


3,161


2,809


2,588


2,735


9,343


7,612

Income tax expense

708


664


590


544


574


1,962


1,598

Net income

$

2,665


$

2,497


$

2,219


$

2,044


$

2,161


$

7,381


$

6,014

 

 

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)

2019


2019


2019


2018


2018


2019


2018















SBA Division














Net interest income

$

2,573


$

1,182


$

1,086


$

1,352


$

1,459


$

4,841


$

3,703

Provision for loan losses

(15)


178


231


112


41


394


1,025

Noninterest income

2,766


1,883


1,730


1,094


1,045


6,379


3,764

Noninterest expense














   Salaries and employee benefits

1,985


735


727


699


650


3,447


2,010

   Occupancy and equipment expenses

66


65


59


63


58


190


171

   Data processing and telecommunications expenses

22


3


2


?


1


27


19

   Other noninterest expenses

503


359


387


414


242


1,249


884

Total noninterest expense

2,576


1,162


1,175


1,176


951


4,913


3,084

Income before income tax expense

2,778


1,725


1,410


1,158


1,512


5,913


3,358

Income tax expense

584


362


296


243


317


1,242


705

Net income

$

2,194


$

1,363


$

1,114


$

915


$

1,195


$

4,671


$

2,653















Premium Finance Division














Net interest income

$

5,756


$

5,160


$

4,827


$

3,492


$

5,525


$

15,743


$

16,739

Provision for loan losses

965


1,575


983


1,947


703


3,523


8,513

Noninterest income

1


3


2


2,517


2


6


2,062

Noninterest expense














   Salaries and employee benefits

1,424


1,320


1,305


1,441


1,447


4,049


4,250

   Occupancy and equipment expenses

135


64


97


118


49


296


225

   Data processing and telecommunications expenses

98


318


437


436


551


853


1,357

   Other noninterest expenses

980


1,151


973


1,156


1,223


3,104


3,521

Total noninterest expense

2,637


2,853


2,812


3,151


3,270


8,302


9,353

Income before income tax expense

2,155


735


1,034


911


1,554


3,924


935

Income tax expense (benefit)

621


177


154


(336)


327


952


(233)

Net income

$

1,534


$

558


$

880


$

1,247


$

1,227


$

2,972


$

1,168















Total Consolidated














Net interest income

$

148,769


$

101,651


$

99,395


$

99,554


$

99,038


$

349,815


$

243,838

Provision for loan losses

5,989


4,668


3,408


3,661


2,095


14,065


13,006

Noninterest income

76,993


35,236


30,771


30,470


30,171


143,000


87,942

Noninterest expense














   Salaries and employee benefits

77,633


38,331


38,332


38,969


38,414


154,296


110,163

   Occupancy and equipment expenses

12,639


7,834


8,204


7,945


8,598


28,677


21,186

   Data processing and telecommunications expenses

10,372


8,388


8,391


8,293


8,518


27,151


22,092

   Other noninterest expenses

92,053


26,698


20,498


20,603


16,823


139,249


64,396

Total noninterest expense

192,697


81,251


75,425


75,810


72,353


349,373


217,837

Income before income tax expense

27,076


50,968


51,333


50,553


54,761


129,377


100,937

Income tax expense

5,692


12,064


11,428


7,017


13,317


29,184


23,446

Net income

$

21,384


$

38,904


$

39,905


$

43,536


$

41,444


$

100,193


$

77,491

 

SOURCE Ameris Bancorp


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