8-K
Ameris Bancorp (ABCB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
| Date of report (Date of earliest event reported): | July 22, 2021 | |
|---|---|---|
| Ameris Bancorp | ||
| --- | --- | --- |
| (Exact Name of Registrant as Specified in Charter) | ||
| Georgia | 001-13901 | 58-1456434 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 3490 Piedmont Road N.E., Suite 1550, Atlanta, Georgia | 30305 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s telephone number, including area code: | (404) 639-6500 | |
| --- | --- | |
| (Former Name or Former Address, if Changed Since Last Report) | ||
| --- |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $1.00 per share | ABCB | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 22, 2021, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2021. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.
The information contained in this Item 2.02 and in Exhibit 99.1 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 7.01 Regulation FD Disclosure.
A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on July 23, 2021 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).
The information contained in this Item 7.01 and in Exhibit 99.2 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
|---|---|
| 99.1 | Press release dated July 22, 2021 |
| 99.2 | Investor Presentation re: 2^nd^ Quarter 2021 Results |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| AMERIS BANCORP | |
|---|---|
| By: | /s/ Nicole S. Stokes |
| Nicole S. Stokes | |
| Chief Financial Officer |
Date: July 22, 2021
Exhibit 99.1
Ameris Bancorp Announces Financial Results For Second Quarter 2021
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 MarginNet 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 IncomeNoninterest 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 ExpenseNoninterest 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 TrendsTotal 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 QualityCredit 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 CallThe 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 AmerisBancorpAmeris 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 anddemonstrate 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 andtiming 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) | Table7 | ||||||||||||||||||||
| 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<br>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<br>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) | Table9B | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| Jun | Mar | Dec | Sep | Jun | Jun | Jun | |||||||||||||||
| (dollars in thousands) | 2021 | 2021 | 2020 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||
| Adjusted NoninterestExpense | |||||||||||||||||||||
| 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 | Table9C | ||||||||||||||||||||
| 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) | Table10 | ||||||||||||||||||||
| 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 |
Contact: Nicole S. Stokes, Chief Financial Officer, (404) 240-1514
2nd Quarter 2021 Results Investor Presentation Exhibit 99.2 Exhibit 99.2
Cautionary Statements 1 This presentation 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 presentation 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 Profile Operating Strength Diversification Historically top quartile return on assets (> 1.50% ROA for last three years) Focus on expense control and improved operating efficiency Strong liquidity and continued funding opportunities Culture of disciplined banking Summary Experienced executive team with an average of 27 years banking experience in our market area Largest publicly traded bank headquartered in Atlanta, Georgia Premier Southeastern markets with attractive core deposit base Skills and leadership to continue to grow organically Capital levels to support opportunistic transactions Geographic diversification Diversified loan portfolio across product lines CRE concentrations are moderate Conservative credit culture with low levels of NPAs 2
2nd Quarter 2021 Financial Results
Earnings Summary 4 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix
2Q 2021 Operating Highlights 5 Net income of $88.3 million, or $1.27 per diluted share Adjusted net income(1) of $87.5 million, or $1.25 per diluted share Organic loan growth of $181.0 million, or 5% annualized (and $485.1 million, or 14.1% annualized, exclusive of PPP loans), during 2Q21
Adjusted efficiency ratio(1) of 54.07%, compared with 54.62% in 1Q21
Adjusted ROA(1) of 1.63%, compared with 2.26% in 1Q21
Adjusted ROTCE(1) of 19.46%, compared with 27.66% in 1Q21
Net interest margin of 3.34%, compared with 3.57% in 1Q21; decrease attributable to declines in income on PPP loan forgiveness and accretion income
TBV (1) increased $1.18 per share to $26.45 per share, compared with $25.27 at the end of 1Q21
Non-performing assets decreased eight basis points to 0.32% of total assets, compared with 0.40% at March 31, 2021
1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix
2021 YTD Operating Highlights 6 Net income of $213.3 million, or $3.06 per diluted share
Adjusted net income(1) of $203.3 million, or $2.91 per diluted share
Adjusted efficiency ratio(1) of 54.36%, compared with 54.90% for YTD 2020
Adjusted ROA(1) of 1.94%, compared with 0.88% for YTD 2020
Adjusted ROTCE(1) of 23.41%, compared with 11.18% for YTD 2020
Net interest margin of 3.45%, compared with 3.77% for YTD 2020; decrease attributable to excess liquidity held on the balance sheet YTD 2021
Organic loan growth of $299.9 million, or 4.1% annualized (and $534.0 million, or 9.4%, exclusive of PPP loans),YTD 2021
Non-performing assets decreased 16 basis points to 0.32% of total assets, compared with 0.48% at December 31, 2020
Improvement in deposit mix such that noninterest-bearing deposits represent 38.25% of total deposits, up from 36.27% at 4Q20
1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix
Operating Highlights 7 Considered a Non-GAAP measure – See reconciliation of GAAP to Non-GAAP measures in Appendix
Growth rates are annualized for the applicable periods
Net Interest Margin 8
Average earning assets up $730.7 million, while spread income decreased $3.1 million compared with 1Q21 Margin down 23bps from 1Q21: 8bps from $4 million decline in PPP income ($10.7 million in 2Q21 compared with $14.7 million in 1Q21) 5bps from decrease in accretion income 5bps from non-recurring revenue in 1Q21 related to sale of consumer portfolio 4bps due to growth in excess liquidity 5bps from loan yield compression (2bps from mortgage portfolio, 1bps from HFS and 2bps from Bank segment) Offset by 4bps improvement in funding costs Excess liquidity negatively impacted margin as average interest-bearing deposits in banks increased approximately 15% and 518% compared with 1Q21 and 2Q20, respectively Growth in noninterest bearing deposits during the first quarter such that noninterest bearing deposits are over 38% of total deposits at quarter end Excludes the impact of excess liquidity (average interest-bearing cash balances above $500 million) Spread Income and Margin: Barchart
Noninterest Income 9 Noninterest Income Mortgage banking Revenue decreased $28.3 million, or 28.7%, in 2Q21 compared with 1Q21 Production decreased $243.3 million, or 9.2%, over the same period Gain on sale margin decreased to 2.77% in 2Q21 compared with 3.95% in 1Q21 SBA Gain on sale of loans increased 89.6% in 2Q21 compared with 1Q21 due to increase in volume of loans sold Noninterest income was positively impacted by servicing right recovery of $906,000 in 1Q21 with no such recovery in 2Q21 Other noninterest income Increase in BOLI income of $520,000 partially offset decrease in gain on BOLI proceeds of $603,000 compared with 1Q21 Decrease in gain on sale of loans compared with 1Q21 related to $457,000 gain on sale of a consumer portfolio in 1Q21 Noninterest Income Highlights: Noninterest Income Trends Barchart
Expenses Adjusted Operating Expenses and Efficiency Ratio(1) OPEX Highlights: 10 Total adjusted operating expenses decreased $13.1 million in 2Q21 compared with 1Q21 Decrease of $6.8 million in 2Q21 Banking division operating expenses primarily due to $4.9 million reduction in salaries and employee benefits primarily related to payroll taxes and incentives Lines of business operating expenses decreased $6.2 million primarily due to variable costs (primarily commissions and incentives) driven by decreased mortgage production Continue to drive expense control behaviors throughout the Company to fund future technology and innovation costs 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix Barchart Line Chart
Retail Mortgage Division Details 11 Rationalization and Stabilization of Mortgage Operations:
Retail mortgage originations represents 22% of the Company’s adjusted pre-provision, pre-tax income for 2Q21, down from 46% this time last year Approximately 80% of costs are variable costs relative to production: 9% reduction in production from 1Q21 to 2Q21 coincides with 9% reduction in noninterest expense over the same time period Gain on sale margins returned to normal levels during 2Q21 – no further reduction is anticipated at this time this reduction does not impact variable costs full impact of gain on sale contraction was absorbed in 2Q21 efficiency ratio Purchase % is returning closer to normal levels Historically ran 85-90% purchase activity Two most recent quarters are 61% and 74% as refi boom is slowing, compared with 44% this time last year Consistent purchase business due to strong core relationships with builders and realtors
Balance Sheet Trends 12 Barchart
Capital and TBV Consistent Growth in TBV Steady Capital Levels Support Growth Rate 13 Management remains focused on growth in TBV TBV increased $1.18 per share in 1Q21: $1.12 from retained earnings $0.06 from all other items including stock compensation transactions and OCI TBV increased $5.55 per share, or 26.6%, compared with 2Q20 TCE / TA at quarter end of 8.83%, up from 8.62% at the end of 1Q21 primarily due to retained earnings PPP loans impacted TCE/TA by 35bps at quarter end; Excess liquidity impacted TCE/TA by 120bps at quarter end Proforma TCE/TA excluding PPP and excess liquidity of 10.30% 2Q21 Adjusted ROTCE of 19.46% 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix Barchart
Loan Diversification and Credit Quality
Diversified Loan Portfolio 15 Pie chart
Loan Growth 2Q21 Loan Balance Changes 16 2Q21 net loan growth was $181.0 million, even as PPP loan forgiveness ($304 million) and Indirect amortization ($85 million) produced headwinds to growth.
Annualized loan growth for 2Q21 was 5.0%. YTD, the annualized growth rate was 4.1%.
Growth was primarily driven by Investor CRE and C&I loans, with the latter confirming that our C&I strategy is producing positive momentum. Almost 40% ($178.8 million) of CRE growth was attributable to a change from the Construction category (C&D) as projects were completed during the quarter. Bar chart
Allowance for Loan Losses 17 The ALL totaled $175.1 million at 2Q21, a net decrease of $3.5 million, or 2% from 1Q21
The reserve for unfunded commitments totaled $22.3 million, an increase of $1.3 million, or 6% from 1Q21
A provision expense of $142 thousand was recorded during 2Q21, primarily the result of loan growth and stabilizing forecast models
The 2Q21 ALL equated to 1.18% of total loans and 1.23%, net of PPP loans. The ACL totaled $197.4 million, or 1.09% of total loans plus unfunded commitments 2Q21 CECL Reserve Bar chart
18 COVID-19 Response 2Q21 COVID-related Payment Extensions
As a % of Portfolio Volume Active COVID deferrals totaled $172.2 million, or 1.2% of Total Loans
The largest remaining categories of active deferrals are SFR Mortgages ($63.5 million, 37% of active deferrals) and Hotel Loans ($63.1 million, 37%) SBA’s Paycheck Protection Program – 6,707 total customers with balances totaling $510.2 million, excluding unearned fees
During 2Q21, we received $361.2 million in forgiveness proceeds on existing PPP loans and extended $53.5 million in new loans under PPP2
Of the total PPP loans, 5,927 loans (88% of total) for $193.8 million were < $150,000, which is currently the SBA’s threshold for the streamlined forgiveness process Paycheck Protection Program
NPA / Charge-Off Trend 19 Non-Performing Assets (“NPAs”) decreased $15.2 million, to $70.8 million at 2Q21, primarily as a result of: $11.6 million decrease in nonaccrual loans as a result of collection activities Continued success with OREO sales, resulting in a net reduction of $3.0 million
As a percentage of Total Assets, Total NPAs decreased to 0.32% Net Charge-Offs (“NCOs”) totaled $2.6 million in 2Q21, which equated to an annualized NCO ratio of 0.07% for the quarter and 0.10% YTD Decreasing Non-Performing Assets Low Net Charge-Offs Barchart
Problem Loan Trends 20 Non-Performing Loans decreased $11.6 million in 2Q21 to $64.8 million, primarily as a result of: $9.9 million decrease in nonaccrual loans, including legacy and portfolio mortgage loans $1.4 million decrease in 90+ days past due loans in the Premium Finance Division
Total Criticized Loans (Special Mention + Classified) decreased $92.7 million during 2Q21 primarily as a result of improved operating performance in certain hotel loans; Classified Loans decreased $58.3 million Barchart
Hotel Exposure 21 Hotel exposure totaled $517.3 million at 2Q21, or 3.5% of Total Loans. Approximately 14% of total committed exposure was guaranteed by US Government Agencies (SBA or USDA)
Top-Tier brands represent > 81% of exposure. All National brands totaled > 94% of committed balances. Approximately 77% of exposure was located within the Bank’s primary MSAs
Loans that remained under some form of active payment deferral totaled $63.1 million, or 12% of outstanding loans
Approximately $87.2 million in loans are on the Bank’s watch list due to continued weakness in the sector, including active COVID deferrals
The portion of the ALL attributable to the hotel portfolio totaled $24.5 million, or 4.7% of the outstanding balance Pie chart
Investor CRE Loans 22 Pie chart
Commercial Real Estate Production 2Q21 Commercial Real Estate Production Summary: 23 2Q21 Construction and Development Loan Production Summary: 2Q21 production of C&D and CRE loans - $1.29 billion in total committed exposure
Residential Real Estate Construction: Spec/model to pre-sold ratio of 0.5:1
Total spec loans at low average loan size of $276.0 thousand
Investor CRE 2Q21 production: Production totaled $906.2 million Weighted Average 1.73:1 debt service coverage Weighted Average 61.2% loan/value
Summary of CRE Production by Collateral State Pie chart
Appendix
25 Reconciliation of GAAP to Non-GAAP Measures
26 Reconciliation of GAAP to Non-GAAP Measures
27 Reconciliation of GAAP to Non-GAAP Measures
Ameris Bancorp Press Release & Financial Highlights June 30, 2021