Tuesday, 27 July 2021 03:01 GMT

Ameris Bancorp Announces Financial Results For Second Quarter 2021


(MENAFN - PR Newswire) ATLANTA, July 22, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB ) (the "Company") today reported net income of $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021, compared with $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020. The Company reported adjusted net income of $87.5 million, or $1.25 per diluted share, for the quarter ended June 30, 2021, compared with $42.4 million, or $0.61 per diluted share, for the same period in 2020. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on sale of bank premises and expenses related to the COVID-19 pandemic.

For the year-to-date period ending June 30, 2021, the Company reported net income of $213.3 million, or $3.06 per diluted share, compared with $51.6 million, or $0.74 per diluted share, for the same period in 2020. The Company reported adjusted net income of $203.3 million, or $2.91 per diluted share, for the six months ended June 30, 2021, compared with $81.6 million, or $1.18 per diluted share, for the same period in 2020. 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 positive second quarter results are a clear testament to our focus and discipline over the past year. I am proud of our bankers, being able to report 5% annualized net loan growth for the quarter, with the headwinds of PPP forgiveness, and 14% annualized loan growth exclusive of the PPP reductions. We are in some of the best markets in the Southeast, and we continue to see real organic opportunities within these markets. We are pleased with the disciplined improvement in our efficiency ratio compared to last quarter, and we are excited to report 4.7% growth in tangible book value for the quarter. We continue to remain focused on delivering top-of-class results and are optimistic about the remainder of 2021, and we look forward to 2022."

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

  • Net income of $88.3 million, or $1.27 per diluted share, compared with $125.0 million, or $1.79 per diluted share, in the first quarter of 2021
  • Growth in tangible book value of 4.7%, or $1.18 per share, to $26.45 at June 30, 2021, compared with $25.27 at March 31, 2021
  • Organic growth in loans of $181.0 million, or 5.0% annualized (and $485.1 million, or 14.1% annualized, exclusive of PPP loans), during the second quarter of 2021
  • Adjusted return on average assets of 1.63%, compared with 2.26% in the first quarter of 2021
  • Adjusted efficiency ratio of 54.07%, compared with 54.62% in the first quarter of 2021 and 51.08% in the second quarter of 2020
  • Net interest margin of 3.34%, compared with 3.57% in the first quarter of 2021
  • Continued growth in noninterest bearing deposits, representing 38.25% of total deposits, up from 36.27% at December 31, 2020 and 35.89% a year ago
  • Non-performing assets decreased eight basis points to 0.32% of total assets, compared with 0.40% at March 31, 2021

Net Interest Income and Net Interest Margin Net interest income on a tax-equivalent basis for the second quarter of 2021 totaled $163.0 million, compared with $166.2 million for the first quarter of 2021 and $165.2 million for the second quarter of 2020. The Company's net interest margin was 3.34% for the second quarter of 2021, down from 3.57% reported for the first quarter of 2021 and 3.83% reported for the second quarter of 2020. The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter. The yield on earning assets declined 27 basis points due to this excess liquidity, as well as declines in accretion income and Paycheck Protection Program ("PPP") loan fee income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of five basis points during the quarter and increases in average loans. Accretion income for the second quarter of 2021 decreased to $4.5 million, compared with $6.1 million for the first quarter of 2021, and $9.6 million for the second quarter of 2020. The decrease in accretion income for the second quarter is primarily attributable to decreased payoffs of acquired loans during the second quarter of 2021.

Yields on loans decreased to 4.33% during the second quarter of 2021, compared with 4.53% for the first quarter of 2021 and 4.70% reported for the second quarter of 2020. Contributing to interest income on loans for the second quarter of 2021 was $6.1 million related to accelerated fee income on PPP loan forgiveness, compared with $9.2 million in the first quarter of 2021. Loan production in the banking division during the second quarter of 2021 was $911.3 million, with weighted average yields of 3.75%, compared with $600.6 million and 3.80%, respectively, in the first quarter of 2021 and $472.1 million and 4.16%, respectively, in the second quarter of 2020. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $6.4 billion during the second quarter of 2021, with weighted average yields of 3.36%, compared with $7.5 billion and 3.15%, respectively, during the first quarter of 2021 and $7.2 billion and 3.17%, respectively, during the second quarter of 2020. Loan production yields in the lines of business were negatively impacted three basis points during the second quarter of 2021 by originations of PPP loans in our SBA division.

Interest expense during the second quarter of 2021 decreased to $11.9 million, compared with $13.0 million in the first quarter of 2021 and $21.2 million in the second quarter of 2020. The Company's total cost of funds moved four basis points lower to 0.26% in the second quarter of 2021 as compared with the first quarter of 2021. Deposit costs decreased three basis points during the second quarter of 2021 to 0.13%, compared with 0.16% in the first quarter of 2021. Costs of interest-bearing deposits decreased during the quarter from 0.25% in the first quarter of 2021 to 0.21% in the second quarter of 2021.

Noninterest Income Noninterest income decreased $28.7 million, or 24.4%, in the second quarter of 2021 to $89.2 million, compared with $118.0 million for the first quarter of 2021, primarily as a result of decreased mortgage banking activity and other noninterest income, as further discussed below.

Mortgage banking activity decreased $28.3 million, or 28.7%, to $70.2 million in the second quarter of 2021, compared with $98.5 million for the first quarter of 2021. This decrease was the result of a reduced recovery of previously recorded servicing right impairment, reduced production and a reduction in gain on sale margins. Gain on sale spreads decreased to 2.77% in the second quarter of 2021 from 3.95% for the first quarter of 2021. Total production in the retail mortgage division decreased to $2.39 billion in the second quarter of 2021, compared with $2.64 billion for the first quarter of 2021. Mortgage banking activity was positively impacted during the second quarter of 2021 by a $749,000 servicing right recovery, compared with a recovery of $9.7 million for the first quarter of 2021. The retail mortgage open pipeline was $1.75 billion at the end of the second quarter of 2021, compared with $2.33 billion at March 31, 2021.

Service charge revenue increased $178,000, or 1.6%, to $11.0 million in the second quarter of 2021, compared with $10.8 million for the first quarter of 2021, resulting from an increase in interchange income. Other noninterest income decreased $709,000, or 9.3%, in the second quarter of 2021 to $6.9 million, compared with $7.7 million for the first quarter of 2021, primarily as a result of decreases in SBA servicing right recovery of $906,000 and gain on BOLI proceeds of $603,000, partially offset by an increase in BOLI income of $520,000.

Noninterest Expense Noninterest expense decreased $13.0 million, or 8.8%, to $135.8 million during the second quarter of 2021, compared with $148.8 million for the first quarter of 2021. During the second quarter of 2021, the Company recorded a net gain of $236,000 related to sale of premises, compared to a net gain of $264,000 during the first quarter of 2021. Excluding these charges, adjusted expenses decreased approximately $13.1 million, or 8.8%, to $136.0 million in the second quarter of 2021, from $149.1 million in the first quarter of 2021. The majority of this decrease is attributable to a $10.5 million reduction in salaries and employee benefits including payroll taxes, variable compensation related to mortgage production and increased deferred costs related to loan originations in the banking division. Also contributing to the decrease were decreases in OREO losses, legal and other professional fees, and other variable expenses related to mortgage production. The adjusted efficiency ratio was 54.07% in the second quarter of 2021, compared with 54.62% in the first quarter of 2021.

Balance Sheet Trends Total assets at June 30, 2021 were $21.89 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $15.99 billion at June 30, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $14.78 billion at June 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $299.9 million, or 2.1%. Loan production in the banking division during the second quarter of 2021 was up 52% from the first quarter of 2021 and 93% from the second quarter of 2020.

At June 30, 2021, total deposits amounted to $18.26 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At June 30, 2021, noninterest-bearing deposit accounts were $6.98 billion, or 38.3% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $11.39 billion at June 30, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 62.4% of the Company's total deposits at June 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at June 30, 2021 totaled $2.84 billion, an increase of $189.9 million, or 7.2%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $213.3 million during the first six months of 2021, partially offset by dividends declared. Tangible book value per share was $26.45 at June 30, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.83% at June 30, 2021, compared with 8.47% at the end of 2020.

Credit Quality Credit quality remains strong in the Company. During the second quarter of 2021, the Company recorded a provision for credit losses of $142,000, compared with a provision reversal of $28.6 million in the first quarter of 2021. This provision was primarily attributable to growth in unfunded commitments compared with the first quarter of 2021, partially offset by improvements in forecast economic conditions, particularly levels of home prices, commercial real estate prices and retail sales, compared with forecast conditions during the first quarter of 2021. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the second quarter of 2021 equaled approximately 1.2% of total loans, down from approximately 1.9% and 19.0% of total loans at the end of the first quarter of 2021 and the second quarter of 2020, respectively. Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.32% during the quarter. The net charge-off ratio was seven basis points for the second quarter of 2021, compared with 12 basis points in the first quarter of 2021 and 27 basis points in the second quarter of 2020.

Conference Call The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 23, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until August 6, 2021. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10158164. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Financial Highlights

Table 1

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2021

2021

2020

2020

2020

2021

2020

EARNINGS

Net income

$

88,327

$

124,962

$

94,285

$

116,145

$

32,236

$

213,289

$

51,558

Adjusted net income

$

87,548

$

115,746

$

101,995

$

116,879

$

42,423

$

203,294

$

81,628

COMMON SHARE DATA

Earnings per share available to common shareholders

Basic

$

1.27

$

1.80

$

1.36

$

1.68

$

0.47

$

3.07

$

0.74

Diluted

$

1.27

$

1.79

$

1.36

$

1.67

$

0.47

$

3.06

$

0.74

Adjusted diluted EPS

$

1.25

$

1.66

$

1.47

$

1.69

$

0.61

$

2.91

$

1.18

Cash dividends per share

$

0.15

$

0.15

$

0.15

$

0.15

$

0.15

$

0.30

$

0.30

Book value per share (period end)

$

40.66

$

39.56

$

38.07

$

36.91

$

35.42

$

40.66

$

35.42

Tangible book value per share (period end)

$

26.45

$

25.27

$

23.69

$

22.46

$

20.90

$

26.45

$

20.90

Weighted average number of shares

Basic

69,496,666

69,391,734

69,252,307

69,230,667

69,191,778

69,447,503

69,235,117

Diluted

69,791,670

69,740,860

69,493,105

69,346,141

69,292,972

69,764,923

69,413,027

Period end number of shares

69,767,209

69,713,426

69,541,481

69,490,546

69,462,782

69,767,209

69,462,782

Market data

High intraday price

$

59.85

$

57.81

$

39.53

$

27.81

$

29.82

$

59.85

$

43.79

Low intraday price

$

47.44

$

36.60

$

22.37

$

19.91

$

17.12

$

36.60

$

17.12

Period end closing price

$

50.63

$

52.51

$

38.07

$

22.78

$

23.59

$

50.63

$

23.59

Average daily volume

429,233

460,744

394,641

359,059

470,151

444,733

465,955

PERFORMANCE RATIOS

Return on average assets

1.64

%

2.44

%

1.89

%

2.33

%

0.67

%

2.03

%

0.56

%

Adjusted return on average assets

1.63

%

2.26

%

2.04

%

2.35

%

0.89

%

1.94

%

0.88

%

Return on average common equity

12.66

%

18.80

%

14.30

%

18.27

%

5.23

%

15.66

%

4.17

%

Adjusted return on average tangible common equity

19.46

%

27.66

%

25.04

%

30.53

%

11.66

%

23.41

%

11.18

%

Earning asset yield (TE)

3.58

%

3.85

%

3.98

%

4.02

%

4.32

%

3.71

%

4.44

%

Total cost of funds

0.26

%

0.30

%

0.36

%

0.41

%

0.52

%

0.28

%

0.99

%

Net interest margin (TE)

3.34

%

3.57

%

3.64

%

3.64

%

3.83

%

3.45

%

3.77

%

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

33.78

%

39.71

%

38.37

%

46.72

%

39.35

%

36.92

%

32.14

%

Efficiency ratio

54.07

%

52.59

%

54.83

%

47.80

%

54.70

%

53.28

%

60.32

%

Adjusted efficiency ratio (TE)

54.07

%

54.62

%

52.67

%

47.34

%

51.08

%

54.36

%

54.90

%

CAPITAL ADEQUACY (period end)

Shareholders' equity to assets

12.96

%

12.87

%

12.95

%

12.90

%

12.38

%

12.96

%

12.38

%

Tangible common equity to tangible assets

8.83

%

8.62

%

8.47

%

8.27

%

7.70

%

8.83

%

7.70

%

EQUITY TO ASSETS RECONCILIATION

Tangible common equity to tangible assets

8.83

%

8.62

%

8.47

%

8.27

%

7.70

%

8.83

%

7.70

%

Effect of goodwill and other intangibles

4.13

%

4.25

%

4.48

%

4.63

%

4.68

%

4.13

%

4.68

%

Equity to assets (GAAP)

12.96

%

12.87

%

12.95

%

12.90

%

12.38

%

12.96

%

12.38

%

OTHER DATA (period end)

Full time equivalent employees

Banking Division

1,817

1,815

1,816

1,807

1,832

1,817

1,832

Retail Mortgage Division

759

765

748

734

692

759

692

Warehouse Lending Division

12

12

12

11

9

12

9

SBA Division

30

29

24

33

42

30

42

Premium Finance Division

68

70

71

71

70

68

70

Total Ameris Bancorp FTE headcount

2,686

2,691

2,671

2,656

2,645

2,686

2,645

Assets per Banking Division FTE

$

12,046

$

11,806

$

11,255

$

10,998

$

10,848

$

12,046

$

10,848

Branch locations

165

165

164

170

170

165

170

Deposits per branch location

$

110,655

$

108,339

$

103,401

$

94,493

$

91,705

$

110,655

$

91,705

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Income Statement

Table 2

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2021

2021

2020

2020

2020

2021

2020

Interest income

Interest and fees on loans

$

167,761

$

171,157

$

171,971

$

172,351

$

175,345

$

338,918

$

346,587

Interest on taxable securities

5,244

6,118

6,398

7,259

9,347

11,362

19,429

Interest on nontaxable securities

139

141

150

159

157

280

314

Interest on deposits in other banks

595

522

252

153

123

1,117

1,334

Interest on federal funds sold

12

12

12

12

46

24

122

Total interest income

173,751

177,950

178,783

179,934

185,018

351,701

367,786

Interest expense

Interest on deposits

5,775

6,798

8,870

11,822

14,273

12,573

38,375

Interest on other borrowings

6,124

6,175

6,457

5,574

6,931

12,299

17,652

Total interest expense

11,899

12,973

15,327

17,396

21,204

24,872

56,027

Net interest income

161,852

164,977

163,456

162,538

163,814

326,829

311,759

Provision for loan losses

(899)

(16,579)

(6,700)

26,692

68,449

(17,478)

105,496

Provision for unfunded commitments

1,299

(11,839)

5,481

(10,131)

19,712

(10,540)

23,712

Provision for other credit losses

(258)

(173)

(291)

1,121

(431)

Provision for credit losses

142

(28,591)

(1,510)

17,682

88,161

(28,449)

129,208

Net interest income after provision for credit losses

161,710

193,568

164,966

144,856

75,653

355,278

182,551

Noninterest income

Service charges on deposit accounts

11,007

10,829

11,465

10,914

9,922

21,836

21,766

Mortgage banking activity

70,231

98,486

95,192

138,627

104,925

168,717

140,258

Other service charges, commissions and fees

1,056

1,016

965

1,039

949

2,072

1,910

Gain (loss) on securities

1

(12)

14

(11)

5

Other noninterest income

6,945

7,654

4,521

8,438

5,150

14,599

11,400

Total noninterest income

89,240

117,973

112,143

159,018

120,960

207,213

175,339

Noninterest expense

Salaries and employee benefits

85,505

95,985

92,466

96,698

95,168

181,490

171,114

Occupancy and equipment

10,812

11,781

12,709

13,805

13,807

22,593

25,835

Data processing and communications expenses

11,877

11,884

11,323

12,226

10,514

23,761

22,468

Credit resolution-related expenses(1)

622

547

1,156

802

950

1,169

3,148

Advertising and marketing

1,946

1,431

3,267

966

1,455

3,377

3,813

Amortization of intangible assets

4,065

4,126

4,190

4,190

5,601

8,191

11,232

Merger and conversion charges

(44)

895

1,435

Other noninterest expenses

20,934

23,044

26,005

25,049

27,378

43,978

54,776

Total noninterest expense

135,761

148,798

151,116

153,692

155,768

284,559

293,821

Income before income tax expense

115,189

162,743

125,993

150,182

40,845

277,932

64,069

Income tax expense

26,862

37,781

31,708

34,037

8,609

64,643

12,511

Net income

$

88,327

$

124,962

$

94,285

$

116,145

$

32,236

$

213,289

$

51,558

Diluted earnings per common share

$

1.27

$

1.79

$

1.36

$

1.67

$

0.47

$

3.06

$

0.74

(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

Jun

Mar

Dec

Sep

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

Assets

Cash and due from banks

$

259,729

$

224,159

$

203,349

$

257,026

$

292,899

Federal funds sold and interest-bearing deposits in banks

3,044,795

2,534,969

1,913,957

494,765

428,560

Time deposits in other banks

249

249

249

249

Investment securities available-for-sale, at fair value

778,167

859,652

982,879

1,117,436

1,238,896

Investment securities held-to-maturity, at amortized cost

29,055

Other investments

27,621

27,620

28,202

47,329

76,453

Loans held for sale

1,210,589

1,509,528

1,167,659

1,414,889

1,736,397

Loans, net of unearned income

14,780,791

14,599,805

14,480,925

14,943,593

14,503,157

Allowance for credit losses

(175,070)

(178,570)

(199,422)

(231,924)

(208,793)

Loans, net

14,605,721

14,421,235

14,281,503

14,711,669

14,294,364

Other real estate owned

5,775

8,841

11,880

17,969

23,563

Premises and equipment, net

229,994

231,550

222,890

231,278

230,118

Goodwill

928,005

928,005

928,005

928,005

928,005

Other intangible assets, net

63,783

67,848

71,974

76,164

80,354

Cash value of bank owned life insurance

277,839

176,575

176,467

175,605

175,011

Deferred income taxes, net

9,081

22,367

33,314

53,039

56,306

Other assets

416,777

414,529

416,310

348,428

311,454

Total assets

$

21,886,931

$

21,427,127

$

20,438,638

$

19,873,851

$

19,872,629

Liabilities

Deposits

Noninterest-bearing

$

6,983,761

$

6,804,776

$

6,151,070

$

5,909,316

$

5,595,868

Interest-bearing

11,274,236

11,071,097

10,806,753

10,154,490

9,993,950

Total deposits

18,257,997

17,875,873

16,957,823

16,063,806

15,589,818

Federal funds purchased and securities sold under agreements to repurchase

5,544

9,320

11,641

9,103

12,879

Other borrowings

425,303

425,231

425,155

875,255

1,418,336

Subordinated deferrable interest debentures

125,331

124,833

124,345

123,860

123,375

FDIC loss-share payable, net

19,476

18,903

Other liabilities

235,752

234,274

272,586

217,668

249,188

Total liabilities

19,049,927

18,669,531

17,791,550

17,309,168

17,412,499

Shareholders' Equity

Preferred stock

Common stock

72,008

71,954

71,754

71,703

71,674

Capital stock

1,920,566

1,917,990

1,913,285

1,911,031

1,909,839

Retained earnings

863,828

785,984

671,510

587,657

481,948

Accumulated other comprehensive income, net of tax

25,024

26,090

33,505

37,252

39,613

Treasury stock

(44,422)

(44,422)

(42,966)

(42,960)

(42,944)

Total shareholders' equity

2,837,004

2,757,596

2,647,088

2,564,683

2,460,130

Total liabilities and shareholders' equity

$

21,886,931

$

21,427,127

$

20,438,638

$

19,873,851

$

19,872,629

Other Data

Earning assets

$

19,871,018

$

19,531,823

$

18,573,871

$

18,018,261

$

17,983,712

Intangible assets

991,788

995,853

999,979

1,004,169

1,008,359

Interest-bearing liabilities

11,830,414

11,630,481

11,367,894

11,162,708

11,548,540

Average assets

21,538,894

20,734,414

19,876,338

19,810,084

19,222,181

Average common shareholders' equity

2,798,269

2,695,005

2,622,942

2,529,471

2,478,373

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information

Table 4

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

2021

2020

Allowance for Credit Losses

Balance at beginning of period

$

200,241

$

233,105

$

260,417

$

246,295

$

167,315

$

233,105

$

39,266

CECL adoption impact on allowance for loan losses

78,661

CECL adoption impact on allowance for unfunded commitments

12,714

Total CECL adoption impact

91,375

Acquired allowance for unfunded commitments

Provision for loan losses

(899)

(16,579)

(6,700)

26,692

68,449

(17,478)

105,496

Provision for unfunded commitments

1,299

(11,839)

5,481

(10,131)

19,712

(10,540)

23,712

Provision for other credit losses

(258)

(173)

(291)

1,121

(431)

Provision for credit losses

142

(28,591)

(1,510)

17,682

88,161

(28,449)

129,208

Charge-offs

7,138

7,574

29,094

7,370

11,282

14,712

18,000

Recoveries

4,537

3,301

3,292

3,810

2,101

7,838

4,446

Net charge-offs

2,601

4,273

25,802

3,560

9,181

6,874

13,554

Ending balance

$

197,782

$

200,241

$

233,105

$

260,417

$

246,295

$

197,782

$

246,295

Allowance for loan losses

$

175,070

$

178,570

$

199,422

$

231,924

$

208,793

$

175,070

$

208,793

Allowance for unfunded commitments

22,313

21,014

32,853

27,372

37,502

22,313

37,502

Allowance for other credit losses

399

657

830

1,121

399

Total allowance for credit losses

$

197,782

$

200,241

$

233,105

$

260,417

$

246,295

$

197,782

$

246,295

Net Charge-off Information

Charge-offs

Commercial, financial and agricultural

$

3,529

$

2,370

$

5,960

$

1,715

$

486

$

5,899

$

2,972

Consumer installment

1,669

1,448

2,861

677

962

3,117

2,104

Indirect automobile

141

829

658

697

1,016

970

2,247

Premium Finance

1,194

1,343

2,240

1,158

1,904

2,537

2,735

Real estate - construction and development

186

26

9

74

212

74

Real estate - commercial and farmland

27

1,395

17,284

2,977

6,315

1,422

7,243

Real estate - residential

392

163

91

137

525

555

625

Total charge-offs

7,138

7,574

29,094

7,370

11,282

14,712

18,000

Recoveries

Commercial, financial and agricultural

625

727

754

470

303

1,352

665

Consumer installment

212

356

480

516

436

568

1,420

Indirect automobile

372

700

637

317

359

1,072

40

Premium Finance

2,466

1,122

605

1,224

676

3,588

1,360

Real estate - construction and development

84

167

125

182

168

251

510

Real estate - commercial and farmland

185

41

439

904

21

226

106

Real estate - residential

593

188

252

197

138

781

345

Total recoveries

4,537

3,301

3,292

3,810

2,101

7,838

4,446

Net charge-offs

$

2,601

$

4,273

$

25,802

$

3,560

$

9,181

$

6,874

$

13,554

Non-Performing Assets

Nonaccrual loans

$

59,921

$

71,189

$

76,457

$

138,163

$

77,745

$

59,921

$

77,745

Other real estate owned

5,775

8,841

11,880

17,969

23,563

5,775

23,563

Repossessed assets

226

840

544

258

1,348

226

1,348

Accruing loans delinquent 90 days or more

4,874

5,097

8,326

7,003

15,126

4,874

15,127

Total non-performing assets

$

70,796

$

85,967

$

97,207

$

163,393

$

117,782

$

70,796

$

117,783

Asset Quality Ratios

Non-performing assets as a percent of total assets

0.32

%

0.40

%

0.48

%

0.82

%

0.59

%

0.32

%

0.59

%

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

0.07

%

0.12

%

0.70

%

0.10

%

0.27

%

0.10

%

0.20

%

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Jun

Mar

Dec

Sep

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

Loans by Type

Commercial, financial and agricultural

$

1,406,421

$

1,611,029

$

1,627,477

$

1,879,788

$

1,839,921

Consumer installment

229,411

257,097

306,995

450,810

575,782

Indirect automobile

397,373

482,637

580,083

682,396

739,543

Mortgage warehouse

841,347

880,216

916,353

995,942

748,853

Municipal

647,578

659,228

659,403

725,669

731,508

Premium Finance

780,328

706,379

687,841

710,890

690,584

Real estate - construction and development

1,527,883

1,533,234

1,606,710

1,628,255

1,641,744

Real estate - commercial and farmland

6,051,472

5,616,826

5,300,006

5,116,252

4,804,420

Real estate - residential

2,898,978

2,853,159

2,796,057

2,753,591

2,730,802

Total loans

$

14,780,791

$

14,599,805

$

14,480,925

$

14,943,593

$

14,503,157

Troubled Debt Restructurings

Accruing troubled debt restructurings

Commercial, financial and agricultural

$

1,038

$

930

$

521

$

459

$

592

Consumer installment

28

27

32

36

42

Indirect automobile

1,647

1,931

2,277

2,689

Real estate - construction and development

898

501

506

510

919

Real estate - commercial and farmland

46,025

43,398

36,707

73,763

5,252

Real estate - residential

31,570

33,324

38,800

28,777

29,935

Total accruing troubled debt restructurings

$

81,206

$

80,111

$

78,843

$

106,234

$

36,740

Nonaccrual troubled debt restructurings

Commercial, financial and agricultural

$

805

$

854

$

849

$

1,002

$

1,034

Consumer installment

43

53

56

64

67

Indirect automobile

301

321

461

482

Real estate - construction and development

301

706

707

709

307

Real estate - commercial and farmland

7,103

2,233

1,401

19,942

1,878

Real estate - residential

2,515

2,818

2,671

4,477

2,231

Total nonaccrual troubled debt restructurings

$

11,068

$

6,985

$

6,145

$

26,676

$

5,517

Total troubled debt restructurings

$

92,274

$

87,096

$

84,988

$

132,910

$

42,257

Loans by Risk Grade

Grade 1 - Prime credit

$

1,147,589

$

1,381,205

$

1,368,661

$

1,845,900

$

1,789,709

Grade 2 - Strong credit

1,002,463

893,387

869,581

838,267

801,273

Grade 3 - Good credit

6,891,556

6,805,583

6,624,154

6,189,269

5,784,754

Grade 4 - Satisfactory credit

4,657,358

4,507,148

4,794,672

4,989,617

5,643,133

Grade 5 - Fair credit

778,939

616,896

452,350

643,502

212,667

Grade 6 - Other assets especially mentioned

100,750

135,213

108,541

151,501

108,704

Grade 7 - Substandard

202,134

260,369

262,947

285,537

162,917

Grade 8 - Doubtful

19

Grade 9 - Loss

2

4

Total loans

$

14,780,791

$

14,599,805

$

14,480,925

$

14,943,593

$

14,503,157

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances

Table 6

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

2021

2020

Earning Assets

Federal funds sold

$

20,000

$

20,000

$

20,000

$

20,004

$

24,265

$

20,000

$

25,822

Interest-bearing deposits in banks

2,461,092

2,145,403

879,481

467,188

398,284

2,304,119

408,772

Time deposits in other banks

244

249

249

249

249

246

249

Investment securities - taxable

811,234

910,834

1,024,335

1,160,585

1,281,980

860,759

1,320,815

Investment securities - nontaxable

18,225

19,225

20,112

21,619

21,576

18,722

22,208

Other investments

27,620

27,516

31,552

64,656

79,143

27,568

76,557

Loans held for sale

1,705,167

1,284,821

1,281,762

1,507,481

1,614,080

1,496,155

1,600,606

Loans

14,549,104

14,453,975

14,752,664

14,688,317

13,915,406

14,501,802

13,308,960

Total Earning Assets

$

19,592,686

$

18,862,023

$

18,010,155

$

17,930,099

$

17,334,983

$

19,229,371

$

16,763,989

Deposits

Noninterest-bearing deposits

$

6,874,471

$

6,412,268

$

5,970,672

$

5,782,163

$

5,061,578

$

6,644,646

$

4,571,249

NOW accounts

3,314,334

3,182,245

2,968,596

2,718,315

2,441,305

3,248,655

2,364,626

MMDA

4,872,500

4,761,279

4,534,243

4,273,899

4,221,906

4,817,197

4,113,275

Savings accounts

876,887

823,039

793,414

749,314

692,382

850,112

667,902

Retail CDs

2,005,265

2,066,410

2,109,600

2,274,150

2,471,134

2,035,668

2,547,671

Brokered CDs

1,000

1,000

1,140

1,933

2,043

1,000

31,617

Total Deposits

17,944,457

17,246,241

16,377,665

15,799,774

14,890,348

17,597,278

14,296,340

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

6,883

9,284

9,929

10,483

12,452

8,077

14,045

FHLB advances

48,910

48,951

127,797

799,034

1,212,537

48,931

1,239,920

Other borrowings

376,376

376,260

376,295

272,443

269,300

376,318

269,377

Subordinated deferrable interest debentures

125,068

124,574

124,091

123,604

123,120

124,823

125,426

Total Non-Deposit Funding

557,237

559,069

638,112

1,205,564

1,617,409

558,149

1,648,768

Total Funding

$

18,501,694

$

17,805,310

$

17,015,777

$

17,005,338

$

16,507,757

$

18,155,427

$

15,945,108

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

2021

2020

Interest Income

Federal funds sold

$

12

$

12

$

13

$

13

$

45

$

24

$

121

Interest-bearing deposits in banks

594

521

251

152

122

1,115

1,332

Time deposits in other banks

1

1

1

1

1

2

2

Investment securities - taxable

5,244

6,118

6,398

7,260

9,346

11,362

19,428

Investment securities - nontaxable (TE)

176

178

190

202

198

354

397

Loans held for sale

11,773

10,827

9,705

10,365

14,053

22,600

27,690

Loans (TE)

157,112

161,473

163,532

163,352

162,617

318,585

321,253

Total Earning Assets

$

174,912

$

179,130

$

180,090

$

181,345

$

186,382

$

354,042

$

370,223

Accretion income (included above)

$

4,462

$

6,127

$

4,688

$

6,525

$

9,576

$

10,589

$

16,138

Interest Expense

Interest-Bearing Deposits

NOW accounts

$

816

$

926

$

1,091

$

1,394

$

1,265

$

1,742

$

4,039

MMDA

1,908

1,998

2,326

2,823

3,764

3,906

13,512

Savings accounts

122

124

143

112

94

246

304

Retail CDs

2,921

3,744

5,301

7,484

9,136

6,665

20,200

Brokered CDs

8

6

9

9

14

14

320

Total Interest-Bearing Deposits

5,775

6,798

8,870

11,822

14,273

12,573

38,375

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

5

7

8

9

25

12

65

FHLB advances

193

192

245

661

1,686

385

6,795

Other borrowings

4,683

4,638

4,635

3,558

3,487

9,321

6,998

Subordinated deferrable interest debentures

1,243

1,338

1,569

1,346

1,733

2,581

3,794

Total Non-Deposit Funding

6,124

6,175

6,457

5,574

6,931

12,299

17,652

Total Interest-Bearing Funding

$

11,899

$

12,973

$

15,327

$

17,396

$

21,204

$

24,872

$

56,027

Net Interest Income (TE)

$

163,013

$

166,157

$

164,763

$

163,949

$

165,178

$

329,170

$

314,196

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields(1)

Table 8

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

2021

2021

2020

2020

2020

2021

2020

Earning Assets

Federal funds sold

0.24

%

0.24

%

0.26

%

0.26

%

0.75

%

0.24

%

0.94

%

Interest-bearing deposits in banks

0.10

%

0.10

%

0.11

%

0.13

%

0.12

%

0.10

%

0.66

%

Time deposits in other banks

1.64

%

1.63

%

1.60

%

1.60

%

1.62

%

1.64

%

1.62

%

Investment securities - taxable

2.59

%

2.72

%

2.48

%

2.49

%

2.93

%

2.66

%

2.96

%

Investment securities - nontaxable (TE)

3.87

%

3.75

%

3.76

%

3.72

%

3.69

%

3.81

%

3.59

%

Loans held for sale

2.77

%

3.42

%

3.01

%

2.74

%

3.50

%

3.05

%

3.48

%

Loans (TE)

4.33

%

4.53

%

4.41

%

4.42

%

4.70

%

4.43

%

4.85

%

Total Earning Assets

3.58

%

3.85

%

3.98

%

4.02

%

4.32

%

3.71

%

4.44

%

Interest-Bearing Deposits

NOW accounts

0.10

%

0.12

%

0.15

%

0.20

%

0.21

%

0.11

%

0.34

%

MMDA

0.16

%

0.17

%

0.20

%

0.26

%

0.36

%

0.16

%

0.66

%

Savings accounts

0.06

%

0.06

%

0.07

%

0.06

%

0.05

%

0.06

%

0.09

%

Retail CDs

0.58

%

0.73

%

1.00

%

1.31

%

1.49

%

0.66

%

1.59

%

Brokered CDs

3.21

%

2.43

%

3.14

%

1.85

%

2.76

%

2.82

%

2.04

%

Total Interest-Bearing Deposits

0.21

%

0.25

%

0.34

%

0.47

%

0.58

%

0.23

%

0.79

%

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

0.29

%

0.31

%

0.32

%

0.34

%

0.81

%

0.30

%

0.93

%

FHLB advances

1.58

%

1.59

%

0.76

%

0.33

%

0.56

%

1.59

%

1.10

%

Other borrowings

4.99

%

5.00

%

4.90

%

5.20

%

5.21

%

4.99

%

5.22

%

Subordinated deferrable interest debentures

3.99

%

4.36

%

5.03

%

4.33

%

5.66

%

4.17

%

6.08

%

Total Non-Deposit Funding

4.41

%

4.48

%

4.03

%

1.84

%

1.72

%

4.44

%

2.15

%

Total Interest-Bearing Liabilities

0.41

%

0.46

%

0.55

%

0.62

%

0.75

%

0.44

%

0.99

%

Net Interest Spread

3.17

%

3.39

%

3.43

%

3.40

%

3.57

%

3.27

%

3.45

%

Net Interest Margin(2)

3.34

%

3.57

%

3.64

%

3.64

%

3.83

%

3.45

%

3.77

%

Total Cost of Funds(3)

0.26

%

0.30

%

0.36

%

0.41

%

0.52

%

0.28

%

0.71

%

(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

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2021

2021

2020

2020

2020

2021

2020

Net income available to common shareholders

$

88,327

$

124,962

$

94,285

$

116,145

$

32,236

$

213,289

$

51,558

Adjustment items:

Merger and conversion charges

(44)

895

1,435

Restructuring charges

50

1,463

1,463

Servicing right impairment (recovery)

(749)

(10,639)

9,501

412

7,989

(11,388)

30,154

Gain on BOLI proceeds

(603)

(103)

(845)

(603)

(845)

Expenses related to SEC and DOJ Investigation

53

268

1,294

2,737

Natural disaster and pandemic charges (Note 1)

235

470

2,043

2,591

(Gain) loss on sale of premises

(236)

(264)

(30)

(97)

281

(500)

751

Tax effect of adjustment items (Note 2)

206

2,290

(2,049)

(222)

(2,933)

2,496

(8,216)

After tax adjustment items

(779)

(9,216)

7,710

734

10,187

(9,995)

30,070

Adjusted net income

$

87,548

$

115,746

$

101,995

$

116,879

$

42,423

$

203,294

$

81,628

Weighted average number of shares - diluted

69,791,670

69,740,860

69,493,105

69,346,141

69,292,972

69,764,923

69,413,027

Net income per diluted share

$

1.27

$

1.79

$

1.36

$

1.67

$

0.47

$

3.06

$

0.74

Adjusted net income per diluted share

$

1.25

$

1.66

$

1.47

$

1.69

$

0.61

$

2.91

$

1.18

Average assets

$

21,538,894

$

20,734,414

$

19,876,338

$

19,810,084

$

19,222,181

$

21,144,751

$

18,649,746

Return on average assets

1.64

%

2.44

%

1.89

%

2.33

%

0.67

%

2.03

%

0.56

%

Adjusted return on average assets

1.63

%

2.26

%

2.04

%

2.35

%

0.89

%

1.94

%

0.88

%

Average common equity

$

2,798,269

$

2,695,005

$

2,622,942

$

2,529,471

$

2,478,373

$

2,746,922

$

2,486,140

Average tangible common equity

$

1,804,324

$

1,696,946

$

1,620,742

$

1,523,066

$

1,462,871

$

1,750,931

$

1,468,135

Return on average common equity

12.66

%

18.80

%

14.30

%

18.27

%

5.23

%

15.66

%

4.17

%

Adjusted return on average tangible common equity

19.46

%

27.66

%

25.04

%

30.53

%

11.66

%

23.41

%

11.18

%

Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for 2Q20 and year-to-date 2020 periods are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Adjusted Efficiency Ratio (TE)

Table 9B

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

2021

2020

Adjusted Noninterest Expense

Total noninterest expense

$

135,761

$

148,798

$

151,116

$

153,692

$

155,768

$

284,559

$

293,821

Adjustment items:

Merger and conversion charges

44

(895)

(1,435)

Restructuring charges

(50)

(1,463)

(1,463)

Expenses related to SEC and DOJ Investigation

(53)

(268)

(1,294)

(2,737)

Natural disaster and pandemic charges

(235)

(470)

(2,043)

(2,591)

Gain (loss) on sale of premises

236

264

30

97

(281)

500

(751)

Adjusted noninterest expense

$

135,997

$

149,062

$

150,858

$

153,045

$

149,792

$

285,059

$

284,844

Total Revenue

Net interest income

$

161,852

$

164,977

$

163,456

$

162,538

$

163,814

$

326,829

$

311,759

Noninterest income

89,240

117,973

112,143

159,018

120,960

207,213

175,339

Total revenue

$

251,092

$

282,950

$

275,599

$

321,556

$

284,774

$

534,042

$

487,098

Adjusted Total Revenue

Net interest income (TE)

$

163,013

$

166,157

$

164,763

$

163,949

$

165,178

$

329,170

$

314,196

Noninterest income

89,240

117,973

112,143

159,018

120,960

207,213

175,339

Total revenue (TE)

252,253

284,130

276,906

322,967

286,138

536,383

489,535

Adjustment items:

(Gain) loss on securities

(1)

12

(14)

11

(5)

Gain on BOLI proceeds

(603)

(103)

(845)

(603)

(845)

Servicing right impairment (recovery)

(749)

(10,639)

9,501

412

7,989

(11,388)

30,154

Adjusted total revenue (TE)

$

251,503

$

272,900

$

286,407

$

323,276

$

293,268

$

524,403

$

518,839

Efficiency ratio

54.07

%

52.59

%

54.83

%

47.80

%

54.70

%

53.28

%

60.32

%

Adjusted efficiency ratio (TE)

54.07

%

54.62

%

52.67

%

47.34

%

51.08

%

54.36

%

54.90

%

Tangible Book Value Per Share

Table 9C

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2021

2021

2020

2020

2020

2021

2020

Total shareholders' equity

$

2,837,004

$

2,757,596

$

2,647,088

$

2,564,683

$

2,460,130

$

2,837,004

$

2,460,130

Less:

Goodwill

928,005

928,005

928,005

928,005

928,005

928,005

928,005

Other intangibles, net

63,783

67,848

71,974

76,164

80,354

63,783

80,354

Total tangible shareholders' equity

$

1,845,216

$

1,761,743

$

1,647,109

$

1,560,514

$

1,451,771

$

1,845,216

$

1,451,771

Period end number of shares

69,767,209

69,713,426

69,541,481

69,490,546

69,462,782

69,767,209

69,462,782

Book value per share (period end)

$

40.66

$

39.56

$

38.07

$

36.91

$

35.42

$

40.66

$

35.42

Tangible book value per share (period end)

$

26.45

$

25.27

$

23.69

$

22.46

$

20.90

$

26.45

$

20.90

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting

Table 10

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

2021

2020

Banking Division

Net interest income

$

110,670

$

112,816

$

112,964

$

119,562

$

120,330

$

223,486

$

238,705

Provision for credit losses

(3,949)

(23,904)

1,847

487

86,805

(27,853)

122,802

Noninterest income

16,171

16,738

15,659

15,265

14,468

32,909

32,241

Noninterest expense

Salaries and employee benefits

37,814

42,723

38,668

39,718

40,423

80,537

82,044

Occupancy and equipment expenses

9,050

10,120

10,958

11,955

11,679

19,170

22,026

Data processing and telecommunications expenses

10,280

10,201

9,608

9,716

8,919

20,481

19,716

Other noninterest expenses

18,763

19,710

25,806

21,517

27,997

38,473

58,642

Total noninterest expense

75,907

82,754

85,040

82,906

89,018

158,661

182,428

Income (loss) before income tax expense

54,883

70,704

41,736

51,434

(41,025)

125,587

(34,284)

Income tax expense (benefit)

14,196

18,456

13,992

13,453

(8,582)

32,652

(8,307)

Net income (loss)

$

40,687

$

52,248

$

27,744

$

37,981

$

(32,443)

$

92,935

$

(25,977)

Retail Mortgage Division

Net interest income

$

22,533

$

18,984

$

19,908

$

20,393

$

24,302

$

41,517

$

42,058

Provision for credit losses

5,647

(4,553)

(1,621)

15,051

423

1,094

2,420

Noninterest income

69,055

97,640

94,109

137,583

104,195

166,695

138,564

Noninterest expense

Salaries and employee benefits

44,798

49,838

50,165

53,500

50,003

94,636

81,100

Occupancy and equipment expenses

1,553

1,476

1,577

1,676

1,953

3,029

3,457

Data processing and telecommunications expenses

1,435

1,546

1,534

2,349

1,406

2,981

2,392

Other noninterest expenses

7,638

8,189

7,442

7,889

6,949

15,827

12,824

Total noninterest expense

55,424

61,049

60,718

65,414

60,311

116,473

99,773

Income before income tax expense

30,517

60,128

54,920

77,511

67,763

90,645

78,429

Income tax expense

6,408

12,627

11,535

16,112

14,231

19,035

16,639

Net income

$

24,109

$

47,501

$

43,385

$

61,399

$

53,532

$

71,610

$

61,790

Warehouse Lending Division

Net interest income

$

8,720

$

9,906

$

9,017

$

6,546

$

5,026

$

18,626

$

8,328

Provision for credit losses

(155)

(145)

1,673

495

403

(300)

394

Noninterest income

1,333

980

1,113

1,064

727

2,313

1,687

Noninterest expense

Salaries and employee benefits

278

330

296

266

209

608

419

Occupancy and equipment expenses

1

1

1

1

1

2

2

Data processing and telecommunications expenses

68

49

101

73

55

117

96

Other noninterest expenses

30

33

26

28

88

63

122

Total noninterest expense

377

413

424

368

353

790

639

Income before income tax expense

9,831

10,618

8,033

6,747

4,997

20,449

8,982

Income tax expense

2,064

2,230

1,687

1,431

1,049

4,294

1,886

Net income

$

7,767

$

8,388

$

6,346

$

5,316

$

3,948

$

16,155

$

7,096

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued)

Table 10

Three Months Ended

Six Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2021

2021

2020

2020

2020

2021

2020

SBA Division

Net interest income

$

12,882

$

16,635

$

14,909

$

8,966

$

7,034

$

29,517

$

9,215

Provision for credit losses

(607)

(547)

(2,997)

4,297

2,322

(1,154)

1,419

Noninterest income

2,677

2,611

1,247

5,106

1,570

5,288

2,847

Noninterest expense

Salaries and employee benefits

937

1,382

1,233

1,572

2,612

2,319

4,088

Occupancy and equipment expenses

132

106

100

97

97

238

194

Data processing and telecommunications expenses

1

1

4

15

1

28

Other noninterest expenses

284

295

363

595

359

579

874

Total noninterest expense

1,353

1,784

1,697

2,268

3,083

3,137

5,184

Income before income tax expense

14,813

18,009

17,456

7,507

3,199

32,822

5,459

Income tax expense

3,111

3,782

3,666

1,577

671

6,893

1,146

Net income

$

11,702

$

14,227

$

13,790

$

5,930

$

2,528

$

25,929

$

4,313

Premium Finance Division

Net interest income

$

7,047

$

6,636

$

6,658

$

7,071

$

7,122

$

13,683

$

13,453

Provision for credit losses

(794)

558

(412)

(2,648)

(1,792)

(236)

2,173

Noninterest income

4

4

15

8

Noninterest expense

Salaries and employee benefits

1,678

1,712

2,104

1,642

1,921

3,390

3,463

Occupancy and equipment expenses

76

78

73

76

77

154

156

Data processing and telecommunications expenses

94

87

79

84

119

181

236

Other noninterest expenses

852

921

981

934

886

1,773

1,942

Total noninterest expense

2,700

2,798

3,237

2,736

3,003

5,498

5,797

Income (loss) before income tax expense

5,145

3,284

3,848

6,983

5,911

8,429

5,483

Income tax expense (benefit)

1,083

686

828

1,464

1,240

1,769

1,147

Net income (loss)

$

4,062

$

2,598

$

3,020

$

5,519

$

4,671

$

6,660

$

4,336

Total Consolidated

Net interest income

$

161,852

$

164,977

$

163,456

$

162,538

$

163,814

$

326,829

$

311,759

Provision for credit losses

142

(28,591)

(1,510)

17,682

88,161

(28,449)

129,208

Noninterest income

89,240

117,973

112,143

159,018

120,960

207,213

175,339

Noninterest expense

Salaries and employee benefits

85,505

95,985

92,466

96,698

95,168

181,490

171,114

Occupancy and equipment expenses

10,812

11,781

12,709

13,805

13,807

22,593

25,835

Data processing and telecommunications expenses

11,877

11,884

11,323

12,226

10,514

23,761

22,468

Other noninterest expenses

27,567

29,148

34,618

30,963

36,279

56,715

74,404

Total noninterest expense

135,761

148,798

151,116

153,692

155,768

284,559

293,821

Income before income tax expense

115,189

162,743

125,993

150,182

40,845

277,932

64,069

Income tax expense

26,862

37,781

31,708

34,037

8,609

64,643

12,511

Net income

$

88,327

$

124,962

$

94,285

$

116,145

$

32,236

$

213,289

$

51,558

SOURCE Ameris Bancorp

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