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AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2024

Highlights of Ameris's results for the first quarter of 2024 include the following:

  • Net income of $74.3 million, or $1.08 per diluted share; Adjusted net income(1) of $75.6 million, or $1.10 per diluted share
  • Return on average assets ("ROA") of 1.18%; Adjusted ROA(1) of 1.20%
  • Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 1.89%
  • Growth in tangible book value(1) of $0.88 per share, or 10.5% annualized, to $34.52 at March 31, 2024
  • TCE ratio(1) of 9.71%, compared with 9.64% at December 31, 2023 and 8.55% one year ago
  • Net interest margin of 3.51% for the first quarter of 2024
  • Organic growth in loans of $331.0 million, or 6.5% annualized
  • Growth in total deposits of $288.9 million, or 5.6% annualized
  • Increase in the allowance for credit losses to 1.55% of loans, from 1.52% at December 31, 2023
  • Adjusted efficiency ratio(1) of 54.56%

ATLANTA, April 25, 2024 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024, compared with $60.4 million, or $0.87 per diluted share, for the quarter ended March 31, 2023.  Excluding the FDIC special assessment and gain on bank owned life insurance ("BOLI") proceeds, adjusted net income(1) was $75.6 million, or $1.10 per diluted share, for the quarter ended March 31, 2024, compared with $59.9 million, or $0.86 per diluted share, for the quarter ended March 31, 2023.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The first quarter results demonstrate another period of solid fundamental performance for Ameris.  We maintain our disciplined approach, aiming to enhance shareholder value by consistently increasing tangible book value and sustained core profitability, as demonstrated by this quarter's financial performance.  We are poised for a successful 2024, with our primary focus on core deposit growth and operating efficiency across our vibrant Southeastern operation."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $202.3 million in the first quarter of 2024, a decrease of $4.7 million, or 2.3%, from last quarter and $10.2 million, or 4.8%, compared with the first quarter of 2023. The Company's net interest margin was 3.51% for the first quarter of 2024, down from 3.54% reported for the fourth quarter of 2023 and 3.76% reported for the first quarter of 2023. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.  The rate of change in deposit costs continues to slow as market interest rates remain relatively stable.

Yields on earning assets increased four basis points during the quarter to 5.73%, compared with 5.69% in the fourth quarter of 2023, and increased 48 basis points from 5.25% in the first quarter of 2023.  Yields on loans increased to 5.92% during the first quarter of 2024, compared with 5.83% for the fourth quarter of 2023 and 5.44% for the first quarter of 2023.

The Company's total cost of funds was 2.41% in the first quarter of 2024, an increase of nine basis points compared with the fourth quarter of 2023.  Deposit costs increased 13 basis points during the first quarter of 2024 to 2.29%, compared with 2.16% in the fourth quarter of 2023.  Costs of interest-bearing deposits increased during the quarter from 3.17% in the fourth quarter of 2023 to 3.31% in the first quarter of 2024, reflecting a shift in mix to CDs and money market accounts.

Noninterest Income
Noninterest income increased $9.6 million, or 17.1%, in the first quarter of 2024 to $65.9 million, compared with $56.2 million for the fourth quarter of 2023, primarily as a result of increased mortgage banking activity, which increased by $8.0 million, or 25.3%, to $39.4 million in the first quarter of 2024, compared with $31.5 million for the fourth quarter of 2023.  Gain on sale spreads increased to 2.49% in the first quarter of 2024 from 1.93% for the fourth quarter of 2023. Total production in the retail mortgage division increased $19.1 million, or 2.1%, to $910.2 million in the first quarter of 2024, compared with $891.1 million for the fourth quarter of 2023. The retail mortgage open pipeline was $606.7 million at the end of the first quarter of 2024, compared with $400.1 million for the fourth quarter of 2023.  Also included in noninterest income was $998,000 of gain on BOLI proceeds during the quarter.

Noninterest Expense
Noninterest expense decreased $300,000, or 0.2%, to $148.7 million during the first quarter of 2024, compared with $149.0 million for the fourth quarter of 2023.  During the first quarter of 2024, the Company recorded an additional $2.9 million related to the FDIC special assessment, compared with $11.6 million in the fourth quarter of 2023.  The Company also recorded a gain on sale of bank premises of $1.9 million in the fourth quarter of 2023.  Excluding those items, adjusted expenses(1) increased approximately $6.5 million, or 4.6%, to $145.8 million in the first quarter of 2024 from $139.3 million in the fourth quarter of 2023.  The increase in adjusted expenses(1) resulted from a $7.0 million increase in salaries and employee benefits related primarily to cyclical payroll tax and 401(k) expenses and variable mortgage compensation. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 54.56% in the first quarter of 2024, compared with 52.87% in the fourth quarter of 2023, primarily as a result of the cyclical compensation expenses.

Income Tax Expense
The Company's effective tax rate for the first quarter of 2024 was 23.7%, compared with 27.1% for the fourth quarter of 2023.  The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment made when the Company filed its 2022 income tax returns in the fourth quarter of 2023.

Balance Sheet Trends
Total assets at March 31, 2024 were $25.66 billion, compared with $25.20 billion at December 31, 2023.  Debt securities available-for-sale increased slightly to $1.41 billion, compared with $1.40 billion at December 31, 2023.  Loans, net of unearned income, increased $331.0 million, or 6.5% annualized, to $20.60 billion at March 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $364.3 million at March 31, 2024 from $281.3 million at December 31, 2023.

At March 31, 2024, total deposits amounted to $21.00 billion, compared with $20.71 billion at December 31, 2023.  During the first quarter of 2024, deposits grew $288.9 million, with noninterest bearing accounts increasing $46.7 million, money market accounts increasing $164.6 million and CDs increasing $200.8 million, with such increases offset in part by a $103.5 million decrease in interest bearing demand accounts and a $19.7 million decrease in savings accounts.  Noninterest bearing accounts as a percent of total deposits was minimally changed, such that at March 31, 2024, noninterest bearing deposit accounts represented $6.54 billion, or 31.1% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at December 31, 2023.  

Shareholders' equity at March 31, 2024 totaled $3.48 billion, an increase of $58.0 million, or 1.7%, from December 31, 2023.  The increase in shareholders' equity was primarily the result of earnings of $74.3 million during the first quarter of 2024, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $4.0 million resulting from changes in interest rates on the Company's investment portfolio.  Tangible book value per share(1) increased $0.88 per share, or 10.5% annualized, during the first three months of 2024 to $34.52 at March 31, 2024.  Tangible common equity as a percentage of tangible assets was 9.71% at March 31, 2024, compared with 9.64% at the end of 2023. The Company repurchased 45,174 of its shares in the quarter ending March 31, 2024 at an average cost of $46.58 per share, equating to approximately $2.1 million.

Credit Quality
Credit quality remains strong in the Company.  During the first quarter of 2024, the Company recorded a provision for credit losses of $21.1 million, bringing the allowance for credit losses on loans to 1.55%, compared with a provision of $23.0 million in the fourth quarter of 2023.  Nonperforming assets as a percentage of total assets were up two basis points to 0.71% during the quarter.  Approximately $84.2 million, or 46.1%, of the nonperforming assets at March 31, 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 five basis points to 0.38% at March 31, 2024, compared with 0.33% at the fourth quarter of 2023. The net charge-off ratio was 25 basis points for the first quarter of 2024, compared with 26 basis points in the fourth quarter of 2023.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 26, 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 one hour after the end of the conference call until May 3, 2024.  To listen to the replay, dial 1-877-344-7529.  The conference replay access code is 8309156.  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 a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

Mar  

Dec  

Sep  

Jun  

Mar  

(dollars in thousands except per share data)

2024

2023

2023

2023

2023

EARNINGS

Net income

$    74,312

$    65,934

$    80,115

$    62,635

$    60,421

Adjusted net income(1)

$    75,612

$    73,568

$    80,115

$    62,635

$    59,935

COMMON SHARE DATA

Earnings per share available to common shareholders

 Basic

$        1.08

$        0.96

$        1.16

$        0.91

$        0.87

 Diluted

$        1.08

$        0.96

$        1.16

$        0.91

$        0.87

Adjusted diluted EPS(1)

$        1.10

$        1.07

$        1.16

$        0.91

$        0.86

Cash dividends per share

$        0.15

$        0.15

$        0.15

$        0.15

$        0.15

Book value per share (period end)

$      50.42

$      49.62

$      48.41

$      47.51

$      46.89

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

$      34.52

$      33.64

$      32.38

$      31.42

$      30.79

Weighted average number of shares

 Basic

68,808,393

68,824,004

68,879,352

68,989,549

69,171,562

Diluted

69,014,116

69,014,793

68,994,247

69,034,763

69,322,664

Period end number of shares

69,115,263

69,053,341

69,138,461

69,139,783

69,373,863

Market data

 High intraday price

$      53.99

$      53.84

$      45.34

$      37.18

$      50.54

 Low intraday price

$      44.00

$      34.26

$      33.21

$      28.33

$      34.28

 Period end closing price

$      48.38

$      53.05

$      38.39

$      34.21

$      36.58

 Average daily volume

407,898

390,190

361,167

475,198

452,242

PERFORMANCE RATIOS

Return on average assets

1.18 %

1.03 %

1.25 %

0.98 %

0.98 %

Adjusted return on average assets(1)

1.20 %

1.15 %

1.25 %

0.98 %

0.97 %

Return on average common equity

8.63 %

7.73 %

9.56 %

7.63 %

7.54 %

Adjusted return on average tangible common equity(1)

12.88 %

12.81 %

14.35 %

11.53 %

11.41 %

Earning asset yield (TE)

5.73 %

5.69 %

5.62 %

5.52 %

5.25 %

Total cost of funds

2.41 %

2.32 %

2.24 %

2.05 %

1.59 %

Net interest margin (TE)

3.51 %

3.54 %

3.54 %

3.60 %

3.76 %

Efficiency ratio

55.64 %

56.80 %

52.21 %

53.60 %

52.08 %

Adjusted efficiency ratio (TE)(1)

54.56 %

52.87 %

52.02 %

53.41 %

51.99 %

CAPITAL ADEQUACY (period end)

Shareholders' equity to assets

13.58 %

13.60 %

13.02 %

12.73 %

12.47 %

Tangible common equity to tangible assets(1)

9.71 %

9.64 %

9.11 %

8.80 %

8.55 %

OTHER DATA (period end)

Full time equivalent employees

 Banking Division

2,082

2,088

2,082

2,104

2,132

 Retail Mortgage Division

596

595

601

613

630

 Warehouse Lending Division

8

7

8

8

8

 Premium Finance Division

73

75

78

76

78

 Total Ameris Bancorp FTE headcount

2,759

2,765

2,769

2,801

2,848

Branch locations

164

164

164

164

164

Deposits per branch location

$  128,033

$  126,271

$  125,551

$  124,653

$  121,326

(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

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2024

2023

2023

2023

2023

Interest income

Interest and fees on loans

$     303,393

$     303,487

$     304,699

$     292,012

$     271,964

Interest on taxable securities

13,092

14,033

14,754

15,915

14,300

Interest on nontaxable securities

330

326

331

339

339

Interest on deposits in other banks

12,637

14,368

10,769

13,686

9,113

Total interest income

329,452

332,214

330,553

321,952

295,716

Interest expense

Interest on deposits

118,174

111,749

102,999

88,087

53,182

Interest on other borrowings

9,890

14,364

19,803

24,325

30,882

Total interest expense

128,064

126,113

122,802

112,412

84,064

Net interest income

201,388

206,101

207,751

209,540

211,652

Provision for loan losses

25,523

30,401

30,095

43,643

49,376

Provision for unfunded commitments

(4,422)

(7,438)

(5,634)

1,873

346

Provision for other credit losses

4

(11)

(2)

—

7

Provision for credit losses

21,105

22,952

24,459

45,516

49,729

Net interest income after provision for credit losses

180,283

183,149

183,292

164,024

161,923

Noninterest income

Service charges on deposit accounts

11,759

12,252

12,092

11,295

10,936

Mortgage banking activity

39,430

31,461

36,290

40,742

31,392

Other service charges, commissions and fees

1,202

1,234

1,221

975

971

Gain (loss) on securities

(7)

(288)

(16)

(6)

6

Other noninterest income

13,494

11,589

13,594

14,343

12,745

Total noninterest income

65,878

56,248

63,181

67,349

56,050

Noninterest expense

Salaries and employee benefits

82,930

75,966

81,898

81,336

80,910

Occupancy and equipment

12,885

13,197

12,745

12,522

12,986

Data processing and communications expenses

14,654

14,028

12,973

13,451

13,034

Credit resolution-related expenses(1)

486

157

(1,360)

848

435

Advertising and marketing

2,545

2,974

2,723

2,627

3,532

Amortization of intangible assets

4,422

4,425

4,425

4,688

4,706

Other noninterest expenses

30,789

38,264

28,042

32,931

23,818

Total noninterest expense

148,711

149,011

141,446

148,403

139,421

Income before income tax expense

97,450

90,386

105,027

82,970

78,552

Income tax expense

23,138

24,452

24,912

20,335

18,131

Net income

$       74,312

$       65,934

$       80,115

$       62,635

$       60,421

Diluted earnings per common share

$          1.08

$          0.96

$          1.16

$          0.91

$          0.87

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

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Period End Balance Sheet

Table 3

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2024

2023

2023

2023

2023

Assets

Cash and due from banks

$     235,931

$     230,470

$     241,137

$     284,552

$     266,400

Interest-bearing deposits in banks

975,321

936,834

1,304,636

1,034,578

1,754,453

Debt securities available-for-sale, at fair value

1,414,419

1,402,944

1,424,081

1,460,356

1,496,836

Debt securities held-to-maturity, at amortized cost

147,022

141,512

141,859

142,513

134,175

Other investments

77,480

71,794

104,957

109,656

146,715

Loans held for sale

364,332

281,332

381,466

391,472

395,096

Loans, net of unearned income

20,600,260

20,269,303

20,201,079

20,471,759

19,997,871

Allowance for credit losses

(320,023)

(307,100)

(290,104)

(272,071)

(242,658)

Loans, net

20,280,237

19,962,203

19,910,975

20,199,688

19,755,213

Other real estate owned

2,158

6,199

3,397

6,170

1,502

Premises and equipment, net

214,801

216,435

217,564

218,662

218,878

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangible assets, net

83,527

87,949

92,375

96,800

101,488

Cash value of bank owned life insurance

396,804

395,778

393,769

391,483

389,201

Other assets

447,767

454,603

465,968

449,042

412,781

Total assets

$ 25,655,445

$ 25,203,699

$ 25,697,830

$ 25,800,618

$ 26,088,384

Liabilities

Deposits

Noninterest-bearing

$  6,538,322

$  6,491,639

$  6,589,610

$  6,706,897

$  7,297,893

Interest-bearing

14,459,068

14,216,870

14,000,735

13,736,228

12,599,562

 Total deposits

20,997,390

20,708,509

20,590,345

20,443,125

19,897,455

Other borrowings

631,380

509,586

1,209,553

1,536,989

2,401,327

Subordinated deferrable interest debentures

130,814

130,315

129,817

129,319

128,820

Other liabilities

411,123

428,542

421,046

406,555

407,587

Total liabilities

22,170,707

21,776,952

22,350,761

22,515,988

22,835,189

Shareholders' Equity

Preferred stock

—

—

—

—

—

Common stock

72,683

72,516

72,514

72,515

72,484

Capital stock

1,948,352

1,945,385

1,942,852

1,939,865

1,937,664

Retained earnings

1,603,832

1,539,957

1,484,424

1,414,742

1,362,512

Accumulated other comprehensive loss, net of tax

(39,959)

(35,939)

(60,818)

(50,618)

(35,581)

Treasury stock

(100,170)

(95,172)

(91,903)

(91,874)

(83,884)

Total shareholders' equity

3,484,738

3,426,747

3,347,069

3,284,630

3,253,195

Total liabilities and shareholders' equity

$ 25,655,445

$ 25,203,699

$ 25,697,830

$ 25,800,618

$ 26,088,384

Other Data

Earning assets

$ 23,578,834

$ 23,103,719

$ 23,558,078

$ 23,610,334

$ 23,925,146

Intangible assets

1,099,173

1,103,595

1,108,021

1,112,446

1,117,134

Interest-bearing liabilities

15,221,262

14,856,771

15,340,105

15,402,536

15,129,709

Average assets

25,295,088

25,341,990

25,525,913

25,631,846

25,115,927

Average common shareholders' equity

3,462,871

3,383,554

3,324,960

3,293,049

3,250,289

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information

Table 4

Three Months Ended

Mar  

Dec  

Sep  

Jun  

Mar  

(dollars in thousands)

2024

2023

2023

2023

2023

Allowance for Credit Losses

Balance at beginning of period

$  348,727

$  339,180

$  326,783

$  295,497

$  258,163

Adoption of ASU 2022-02

—

—

—

—

(1,711)

Provision for loan losses

25,523

30,401

30,095

43,643

49,376

Provision for unfunded commitments

(4,422)

(7,438)

(5,634)

1,873

346

Provision for other credit losses

4

(11)

(2)

—

7

 Provision for credit losses

21,105

22,952

24,459

45,516

49,729

Charge-offs

18,457

20,104

19,488

20,670

14,956

Recoveries

5,857

6,699

7,426

6,440

4,272

 Net charge-offs (recoveries)

12,600

13,405

12,062

14,230

10,684

Ending balance

$  357,232

$  348,727

$  339,180

$  326,783

$  295,497

Allowance for loan losses

$  320,023

$  307,100

$  290,104

$  272,071

$  242,658

Allowance for unfunded commitments

37,136

41,558

48,996

54,630

52,757

Allowance for other credit losses

73

69

80

82

82

 Total allowance for credit losses

$  357,232

$  348,727

$  339,180

$  326,783

$  295,497

Non-Performing Assets

Nonaccrual portfolio loans

$    80,448

$    60,961

$    53,806

$    57,025

$    68,028

Other real estate owned

2,158

6,199

3,397

6,170

1,502

Repossessed assets

29

17

22

9

25

Accruing loans delinquent 90 days or more

15,811

16,988

11,891

13,424

15,792

  Non-performing portfolio assets

$    98,446

$    84,165

$    69,116

$    76,628

$    85,347

Serviced GNMA-guaranteed mortgage nonaccrual loans

84,238

90,156

80,752

69,655

74,999

  Total non-performing assets

$  182,684

$  174,321

$  149,868

$  146,283

$  160,346

Asset Quality Ratios

Non-performing portfolio assets as a percent of total assets

0.38 %

0.33 %

0.27 %

0.30 %

0.33 %

Total non-performing assets as a percent of total assets

0.71 %

0.69 %

0.58 %

0.57 %

0.61 %

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

0.25 %

0.26 %

0.23 %

0.28 %

0.22 %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2024

2023

2023

2023

2023

Loans by Type

Commercial, financial and agricultural

$  2,758,716

$  2,688,929

$  2,632,836

$  2,718,831

$  2,722,180

Consumer

232,993

241,552

259,797

307,486

349,775

Indirect automobile

24,022

34,257

47,108

63,231

83,466

Mortgage warehouse

891,336

818,728

852,823

1,147,413

958,418

Municipal

477,567

492,668

497,093

510,410

505,515

Premium Finance

998,726

946,562

1,007,334

988,731

947,257

Real estate - construction and development

2,264,346

2,129,187

2,236,686

2,217,744

2,144,605

Real estate - commercial and farmland

8,131,248

8,059,754

7,865,389

7,815,779

7,721,732

Real estate - residential

4,821,306

4,857,666

4,802,013

4,702,134

4,564,923

Total loans

$ 20,600,260

$ 20,269,303

$ 20,201,079

$ 20,471,759

$ 19,997,871

Loans by Risk Grade

Grades 1 through 5 - Pass

$ 20,221,302

$ 19,846,731

$ 19,812,895

$ 20,114,816

$ 19,654,232

Grade 6 - Other assets especially mentioned

137,225

203,725

187,449

171,035

116,345

Grade 7 - Substandard

241,733

218,847

200,735

185,908

227,294

Total loans

$ 20,600,260

$ 20,269,303

$ 20,201,079

$ 20,471,759

$ 19,997,871

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances

Table 6

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2024

2023

2023

2023

2023

Earning Assets

 Interest-bearing deposits in banks

$     923,845

$     936,733

$     864,028

$     998,609

$     859,614

 Investment securities - taxable

1,599,705

1,591,567

1,650,164

1,699,096

1,717,448

 Investment securities - nontaxable

41,287

40,227

40,896

42,580

43,052

 Loans held for sale

323,351

405,080

464,452

577,606

490,295

 Loans

20,320,678

20,252,773

20,371,689

20,164,938

19,820,749

Total Earning Assets

$ 23,208,866

$ 23,226,380

$ 23,391,229

$ 23,482,829

$ 22,931,158

Deposits

 Noninterest-bearing deposits

$  6,403,300

$  6,572,190

$  6,655,191

$  6,729,789

$  7,136,373

 NOW accounts

3,829,977

3,760,992

3,661,701

3,949,850

4,145,991

 MMDA

5,952,389

5,994,361

5,527,731

5,002,590

4,994,195

 Savings accounts

795,887

817,075

915,678

1,009,749

1,005,614

 Retail CDs

2,378,678

2,281,357

2,200,413

2,024,014

1,612,325

 Brokered CDs

1,381,382

1,122,684

1,441,854

1,393,206

125,133

Total Deposits

20,741,613

20,548,659

20,402,568

20,109,198

19,019,631

Non-Deposit Funding

 FHLB advances

219,589

538,096

943,855

1,408,855

1,968,811

 Other borrowings

308,210

311,091

312,572

316,626

361,445

 Subordinated deferrable interest debentures

130,551

130,054

129,554

129,056

128,557

Total Non-Deposit Funding

658,350

979,241

1,385,981

1,854,537

2,458,813

Total Funding

$ 21,399,963

$ 21,527,900

$ 21,788,549

$ 21,963,735

$ 21,478,444

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2024

2023

2023

2023

2023

Interest Income

Interest-bearing deposits in banks

$      12,637

$       14,368

$       10,769

$       13,686

$         9,113

Debt securities - taxable

13,092

14,033

14,754

15,915

14,300

Debt securities - nontaxable (TE)

418

413

418

430

429

Loans held for sale

5,348

6,846

7,460

8,398

7,007

Loans (TE)

298,907

297,501

298,102

284,471

265,802

Total Earning Assets

$    330,402

$     333,161

$     331,503

$     322,900

$     296,651

Interest Expense

Interest-Bearing Deposits

 NOW accounts

$      20,574

$       19,293

$       17,255

$       18,003

$       15,033

 MMDA

53,953

54,002

45,683

35,224

27,809

 Savings accounts

986

974

1,791

2,296

1,288

 Retail CDs

24,576

22,257

19,013

14,751

7,629

 Brokered CDs

18,085

15,223

19,257

17,813

1,423

Total Interest-Bearing Deposits

118,174

111,749

102,999

88,087

53,182

Non-Deposit Funding

 FHLB advances

2,578

7,089

12,543

17,222

22,448

 Other borrowings

3,879

3,798

3,821

3,902

5,349

 Subordinated deferrable interest debentures

3,433

3,477

3,439

3,201

3,085

Total Non-Deposit Funding

9,890

14,364

19,803

24,325

30,882

Total Interest-Bearing Funding

$    128,064

$     126,113

$     122,802

$     112,412

$       84,064

Net Interest Income (TE)

$    202,338

$     207,048

$     208,701

$     210,488

$     212,587

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields(1)

Table 8

Three Months Ended

Mar

Dec

Sep

Jun

Mar

2024

2023

2023

2023

2023

Earning Assets

Interest-bearing deposits in banks

5.50 %

6.09 %

4.94 %

5.50 %

4.30 %

Debt securities - taxable

3.29 %

3.50 %

3.55 %

3.76 %

3.38 %

Debt securities - nontaxable (TE)

4.07 %

4.07 %

4.06 %

4.05 %

4.04 %

Loans held for sale

6.65 %

6.71 %

6.37 %

5.83 %

5.80 %

Loans (TE)

5.92 %

5.83 %

5.81 %

5.66 %

5.44 %

Total Earning Assets

5.73 %

5.69 %

5.62 %

5.52 %

5.25 %

Interest-Bearing Deposits

NOW accounts

2.16 %

2.04 %

1.87 %

1.83 %

1.47 %

MMDA

3.65 %

3.57 %

3.28 %

2.82 %

2.26 %

Savings accounts

0.50 %

0.47 %

0.78 %

0.91 %

0.52 %

Retail CDs

4.16 %

3.87 %

3.43 %

2.92 %

1.92 %

Brokered CDs

5.27 %

5.38 %

5.30 %

5.13 %

4.61 %

Total Interest-Bearing Deposits

3.31 %

3.17 %

2.97 %

2.64 %

1.82 %

Non-Deposit Funding

FHLB advances

4.72 %

5.23 %

5.27 %

4.90 %

4.62 %

Other borrowings

5.06 %

4.84 %

4.85 %

4.94 %

6.00 %

Subordinated deferrable interest debentures

10.58 %

10.61 %

10.53 %

9.95 %

9.73 %

Total Non-Deposit Funding

6.04 %

5.82 %

5.67 %

5.26 %

5.09 %

Total Interest-Bearing Liabilities

3.43 %

3.35 %

3.22 %

2.96 %

2.38 %

Net Interest Spread

2.30 %

2.34 %

2.40 %

2.56 %

2.87 %

Net Interest Margin(2)

3.51 %

3.54 %

3.54 %

3.60 %

3.76 %

Total Cost of Funds(3)

2.41 %

2.32 %

2.24 %

2.05 %

1.59 %

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including noninterest-bearing deposits.

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations

Adjusted Net Income

Table 9A

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2024

2023

2023

2023

2023

Net income available to common shareholders

$     74,312

$     65,934

$     80,115

$    62,635

$     60,421

Adjustment items:

Gain on BOLI proceeds

(998)

—

—

—

(486)

FDIC special assessment

2,909

11,566

—

—

—

(Gain) loss on bank premises

—

(1,903)

—

—

—

Tax effect of adjustment items (Note 1)

(611)

(2,029)

—

—

—

After tax adjustment items

1,300

7,634

—

—

(486)

Adjusted net income

$     75,612

$     73,568

$     80,115

$    62,635

$     59,935

Weighted average number of shares - diluted

69,014,116

69,014,793

68,994,247

69,034,763

69,322,664

Net income per diluted share

$        1.08

$        0.96

$        1.16

$        0.91

$        0.87

Adjusted net income per diluted share

$        1.10

$        1.07

$        1.16

$        0.91

$        0.86

Average assets

$  25,295,088

$  25,341,990

$  25,525,913

$  25,631,846

$  25,115,927

Return on average assets

1.18 %

1.03 %

1.25 %

0.98 %

0.98 %

Adjusted return on average assets

1.20 %

1.15 %

1.25 %

0.98 %

0.97 %

Average common equity

$ 3,462,871

$ 3,383,554

$ 3,324,960

$                  3,293,049

$ 3,250,289

Average tangible common equity

$ 2,361,544

$ 2,277,810

$ 2,214,775

$                  2,178,323

$ 2,130,856

Return on average common equity

8.63 %

7.73 %

9.56 %

7.63 %

7.54 %

Adjusted return on average tangible common equity

12.88 %

12.81 %

14.35 %

11.53 %

11.41 %

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

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2024

2023

2023

2023

2023

Adjusted Noninterest Expense

Total noninterest expense

$  148,711

$  149,011

$  141,446

$  148,403

$  139,421

Adjustment items:

FDIC special assessment

(2,909)

(11,566)

—

—

—

Gain (loss) on bank premises

—

1,903

—

—

—

Adjusted noninterest expense

$  145,802

$  139,348

$  141,446

$  148,403

$  139,421

Total Revenue

Net interest income

$  201,388

$  206,101

$  207,751

$  209,540

$  211,652

Noninterest income

65,878

56,248

63,181

67,349

56,050

Total revenue

$  267,266

$  262,349

$  270,932

$  276,889

$  267,702

Adjusted Total Revenue

Net interest income (TE)

$  202,338

$  207,048

$  208,701

$  210,488

$  212,587

Noninterest income

65,878

56,248

63,181

67,349

56,050

Total revenue (TE)

268,216

263,296

271,882

277,837

268,637

Adjustment items:

(Gain) loss on securities

7

288

16

6

(6)

Gain on BOLI proceeds

(998)

—

—

—

(486)

Adjusted total revenue (TE)

$  267,225

$  263,584

$  271,898

$  277,843

$  268,145

Efficiency ratio

55.64 %

56.80 %

52.21 %

53.60 %

52.08 %

Adjusted efficiency ratio (TE)

54.56 %

52.87 %

52.02 %

53.41 %

51.99 %

Tangible Book Value Per Share

Table 9C

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2024

2023

2023

2023

2023

Total shareholders' equity

$                  3,484,738

$                  3,426,747

$                  3,347,069

$                  3,284,630

$                  3,253,195

Less:

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangibles, net

83,527

87,949

92,375

96,800

101,488

Total tangible shareholders' equity

$                  2,385,565

$                  2,323,152

$                  2,239,048

$                  2,172,184

$                  2,136,061

Period end number of shares

69,115,263

69,053,341

69,138,461

69,139,783

69,373,863

Book value per share (period end)

$     50.42

$     49.62

$      48.41

$     47.51

$     46.89

Tangible book value per share (period end)

$     34.52

$     33.64

$      32.38

$     31.42

$     30.79

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets

Table 9D

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2024

2023

2023

2023

2023

Total shareholders' equity

$ 3,484,738

$ 3,426,747

$ 3,347,069

$ 3,284,630

$ 3,253,195

Less:

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangibles, net

83,527

87,949

92,375

96,800

101,488

Total tangible shareholders' equity

$ 2,385,565

$ 2,323,152

$ 2,239,048

$ 2,172,184

$ 2,136,061

Total assets

$              25,655,445

$              25,203,699

$              25,697,830

$              25,800,618

$              26,088,384

Less:

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangibles, net

83,527

87,949

92,375

96,800

101,488

Total tangible assets

$              24,556,272

$              24,100,104

$              24,589,809

$              24,688,172

$              24,971,250

Equity to Assets

13.58 %

13.60 %

13.02 %

12.73 %

12.47 %

Tangible Common Equity to Tangible Assets

9.71 %

9.64 %

9.11 %

8.80 %

8.55 %

PPNR ROA

Table 9E

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2024

2023

2023

2023

2023

Net income

$    74,312

$    65,934

$    80,115

$    62,635

$    60,421

Plus:

Income taxes

23,138

24,452

24,912

20,335

18,131

Provision for credit losses

21,105

22,952

24,459

45,516

49,729

PPNR

$  118,555

$  113,338

$  129,486

$  128,486

$  128,281

Average Assets

$  25,295,088

$  25,341,990

$  25,525,913

$  25,631,846

$  25,115,927

Return on Average Assets (ROA)

1.18 %

1.03 %

1.25 %

0.98 %

0.98 %

PPNR ROA

1.89 %

1.77 %

2.01 %

2.01 %

2.07 %

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting

Table 10

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2024

2023

2023

2023

2023

Retail Mortgage Division

Net interest income

$    23,287

$    24,053

$    22,805

$    21,417

$    20,027

Provision for credit losses

2,332

1,005

2,399

3,278

2,853

Noninterest income

38,765

30,588

35,691

39,808

31,058

Noninterest expense

 Salaries and employee benefits

21,073

16,996

21,231

21,930

20,160

 Occupancy and equipment expenses

1,049

1,210

1,182

1,224

1,283

 Data processing and telecommunications expenses

1,366

1,318

1,052

1,397

1,069

 Other noninterest expenses

12,530

11,634

12,153

11,859

11,747

Total noninterest expense

36,018

31,158

35,618

36,410

34,259

Income before income tax expense

23,702

22,478

20,479

21,537

13,973

Income tax expense

4,978

4,720

4,301

4,523

2,934

Net income

$    18,724

$    17,758

$    16,178

$    17,014

$    11,039

Warehouse Lending Division

Net interest income

$      6,028

$      5,965

$      6,008

$      6,166

$      5,700

Provision for credit losses

145

(68)

(589)

411

(194)

Noninterest income

740

929

662

1,404

480

Noninterest expense

 Salaries and employee benefits

888

296

924

772

802

 Occupancy and equipment expenses

7

3

1

—

1

 Data processing and telecommunications expenses

25

51

30

44

46

 Other noninterest expenses

237

229

219

223

202

Total noninterest expense

1,157

579

1,174

1,039

1,051

Income before income tax expense

5,466

6,383

6,085

6,120

5,323

Income tax expense

1,148

1,340

1,278

1,285

1,118

Net income

$      4,318

$      5,043

$      4,807

$      4,835

$      4,205

Premium Finance Division

Net interest income

$      7,605

$      7,801

$      9,381

$      8,185

$      8,640

Provision for credit losses

(499)

27

139

572

34

Noninterest income

10

9

4

9

9

Noninterest expense

 Salaries and employee benefits

2,053

1,973

2,308

2,122

2,197

 Occupancy and equipment expenses

76

83

89

83

59

 Data processing and telecommunications expenses

79

100

73

66

85

 Other noninterest expenses

1,028

1,057

1,027

1,036

1,097

Total noninterest expense

3,236

3,213

3,497

3,307

3,438

Income before income tax expense

4,878

4,570

5,749

4,315

5,177

Income tax expense

984

945

1,170

869

1,050

Net income

$      3,894

$      3,625

$      4,579

$      3,446

$      4,127

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued)

Table 10

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2024

2023

2023

2023

2023

Banking Division

Net interest income

$  164,468

$  168,282

$  169,557

$  173,772

$  177,285

Provision for credit losses

19,127

21,988

22,510

41,255

47,036

Noninterest income

26,363

24,722

26,824

26,128

24,503

Noninterest expense

 Salaries and employee benefits

58,916

56,701

57,435

56,512

57,751

 Occupancy and equipment expenses

11,753

11,901

11,473

11,215

11,643

 Data processing and telecommunications expenses

13,184

12,559

11,818

11,944

11,834

 Other noninterest expenses

24,447

32,900

20,431

27,976

19,445

Total noninterest expense

108,300

114,061

101,157

107,647

100,673

Income before income tax expense

63,404

56,955

72,714

50,998

54,079

Income tax expense

16,028

17,447

18,163

13,658

13,029

Net income

$    47,376

$    39,508

$    54,551

$    37,340

$    41,050

Total Consolidated

Net interest income

$  201,388

$  206,101

$  207,751

$  209,540

$  211,652

Provision for credit losses

21,105

22,952

24,459

45,516

49,729

Noninterest income

65,878

56,248

63,181

67,349

56,050

Noninterest expense

 Salaries and employee benefits

82,930

75,966

81,898

81,336

80,910

 Occupancy and equipment expenses

12,885

13,197

12,745

12,522

12,986

 Data processing and telecommunications expenses

14,654

14,028

12,973

13,451

13,034

 Other noninterest expenses

38,242

45,820

33,830

41,094

32,491

Total noninterest expense

148,711

149,011

141,446

148,403

139,421

Income before income tax expense

97,450

90,386

105,027

82,970

78,552

Income tax expense

23,138

24,452

24,912

20,335

18,131

Net income

$    74,312

$    65,934

$    80,115

$    62,635

$    60,421

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ameris-bancorp-announces-financial-results-for-first-quarter-2024-302127994.html

SOURCE Ameris Bancorp

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