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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): | April 25, 2024 |
| 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 April 25, 2024, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended March 31, 2024. 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 April 26, 2024 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 April 25, 2024 |
| 99.2 | Investor Presentation re: 1st Quarter 2024 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: April 25, 2024 | ||
Exhibit 99.1
News Release
AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2024
Highlights of Ameris’s results for the first quarter of 2024 include the following:
| · | Net income of $74.3 million, or $1.08 per diluted share; Adjusted net income(1) of $75.6 million, or $1.10 per diluted share |
| · | Return on average assets ("ROA") of 1.18%; Adjusted ROA(1) of 1.20% |
| · | Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 1.89% |
| · | Growth in tangible book value(1) of $0.88 per share, or 10.5% annualized, to $34.52 at March 31, 2024 |
| · | TCE ratio(1) of 9.71%, compared with 9.64% at December 31, 2023 and 8.55% one year ago |
| · | Net interest margin of 3.51% for the first quarter of 2024 |
| · | Organic growth in loans of $331.0 million, or 6.5% annualized |
| · | Growth in total deposits of $288.9 million, or 5.6% annualized |
| · | Increase in the allowance for credit losses to 1.55% of loans, from 1.52% at December 31, 2023 |
| · | Adjusted efficiency ratio(1) of 54.56% |
ATLANTA, GA, April 25, 2024 - Ameris Bancorp (Nasdaq: ABCB) (the “Company”) today reported net income of $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024, compared with $60.4 million, or $0.87 per diluted share, for the quarter ended March 31, 2023. Excluding the FDIC special assessment and gain on bank owned life insurance ("BOLI") proceeds, adjusted net income(1) was $75.6 million, or $1.10 per diluted share, for the quarter ended March 31, 2024, compared with $59.9 million, or $0.86 per diluted share, for the quarter ended March 31, 2023.
Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “The first quarter results demonstrate another period of solid fundamental performance for Ameris. We maintain our disciplined approach, aiming to enhance shareholder value by consistently increasing tangible book value and sustained core profitability, as demonstrated by this quarter's financial performance. We are poised for a successful 2024, with our primary focus on core deposit growth and operating efficiency across our vibrant Southeastern operation."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $202.3 million in the first quarter of 2024, a decrease of $4.7 million, or 2.3%, from last quarter and $10.2 million, or 4.8%, compared with the first quarter of 2023. The Company's net interest margin was 3.51% for the first quarter of 2024, down from 3.54% reported for the fourth quarter of 2023 and 3.76% reported for the first quarter of 2023. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment. The rate of change in deposit costs continues to slow as market interest rates remain relatively stable.
Yields on earning assets increased four basis points during the quarter to 5.73%, compared with 5.69% in the fourth quarter of 2023, and increased 48 basis points from 5.25% in the first quarter of 2023. Yields on loans increased to 5.92% during the first quarter of 2024, compared with 5.83% for the fourth quarter of 2023 and 5.44% for the first quarter of 2023.
The Company’s total cost of funds was 2.41% in the first quarter of 2024, an increase of nine basis points compared with the fourth quarter of 2023. Deposit costs increased 13 basis points during the first quarter of 2024 to 2.29%, compared with 2.16% in the fourth quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 3.17% in the fourth quarter of 2023 to 3.31% in the first quarter of 2024, reflecting a shift in mix to CDs and money market accounts.
Noninterest Income
Noninterest income increased $9.6 million, or 17.1%, in the first quarter of 2024 to $65.9 million, compared with $56.2 million for the fourth quarter of 2023, primarily as a result of increased mortgage banking activity, which increased by $8.0 million, or 25.3%, to $39.4 million in the first quarter of 2024, compared with $31.5 million for the fourth quarter of 2023. Gain on sale spreads increased to 2.49% in the first quarter of 2024 from 1.93% for the fourth quarter of 2023. Total production in the retail mortgage division increased $19.1 million, or 2.1%, to $910.2 million in the first quarter of 2024, compared with $891.1 million for the fourth quarter of 2023. The retail mortgage open pipeline was $606.7 million at the end of the first quarter of 2024, compared with $400.1 million for the fourth quarter of 2023. Also included in noninterest income was $998,000 of gain on BOLI proceeds during the quarter.
Noninterest Expense
Noninterest expense decreased $300,000, or 0.2%, to $148.7 million during the first quarter of 2024, compared with $149.0 million for the fourth quarter of 2023. During the first quarter of 2024, the Company recorded an additional $2.9 million related to the FDIC special assessment, compared with $11.6 million in the fourth quarter of 2023. The Company also recorded a gain on sale of bank premises of $1.9 million in the fourth quarter of 2023. Excluding those items, adjusted expenses(1) increased approximately $6.5 million, or 4.6%, to $145.8 million in the first quarter of 2024 from $139.3 million in the fourth quarter of 2023. The increase in adjusted expenses(1) resulted from a $7.0 million increase in salaries and employee benefits related primarily to cyclical payroll tax and 401(k) expenses and variable mortgage compensation. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 54.56% in the first quarter of 2024, compared with 52.87% in the fourth quarter of 2023, primarily as a result of the cyclical compensation expenses.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2024 was 23.7%, compared with 27.1% for the fourth quarter of 2023. The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment made when the Company filed its 2022 income tax returns in the fourth quarter of 2023.
Balance Sheet Trends
Total assets at March 31, 2024 were $25.66 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased slightly to $1.41 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $331.0 million, or 6.5% annualized, to $20.60 billion at March 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $364.3 million at March 31, 2024 from $281.3 million at December 31, 2023.
At March 31, 2024, total deposits amounted to $21.00 billion, compared with $20.71 billion at December 31, 2023. During the first quarter of 2024, deposits grew $288.9 million, with noninterest bearing accounts increasing $46.7 million, money market accounts increasing $164.6 million and CDs increasing $200.8 million, with such increases offset in part by a $103.5 million decrease in interest bearing demand accounts and a $19.7 million decrease in savings accounts. Noninterest bearing accounts as a percent of total deposits was minimally changed, such that at March 31, 2024, noninterest bearing deposit accounts represented $6.54 billion, or 31.1% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at December 31, 2023.
Shareholders’ equity at March 31, 2024 totaled $3.48 billion, an increase of $58.0 million, or 1.7%, from December 31, 2023. The increase in shareholders’ equity was primarily the result of earnings of $74.3 million during the first quarter of 2024, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $4.0 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $0.88 per share, or 10.5% annualized, during the first three months of 2024 to $34.52 at March 31, 2024. Tangible common equity as a percentage of tangible assets was 9.71% at March 31, 2024, compared with 9.64% at the end of 2023. The Company repurchased 45,174 of its shares in the quarter ending March 31, 2024 at an average cost of $46.58 per share, equating to approximately $2.1 million.
Credit Quality
Credit quality remains strong in the Company. During the first quarter of 2024, the Company recorded a provision for credit losses of $21.1 million, bringing the allowance for credit losses on loans to 1.55%, compared with a provision of $23.0 million in the fourth quarter of 2023. Nonperforming assets as a percentage of total assets were up two basis points to 0.71% during the quarter. Approximately $84.2 million, or 46.1%, of the nonperforming assets at March 31, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased five basis points to 0.38% at March 31, 2024, compared with 0.33% at the fourth quarter of 2023. The net charge-off ratio was 25 basis points for the first quarter of 2024, compared with 26 basis points in the fourth quarter of 2023.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until May 3, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 8309156. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company’s banking subsidiary, Ameris Bank, had 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
For more information, contact:
Brady Gailey
Executive Director of Corporate Development (1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E
(404) 240-1517
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||
| FINANCIAL TABLES | |||||||||
| Financial Highlights | Table 1 | ||||||||
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| EARNINGS | ||||||||||||||||||||
| Net income | $ | 74,312 | $ | 65,934 | $ | 80,115 | $ | 62,635 | $ | 60,421 | ||||||||||
| Adjusted net income(1) | $ | 75,612 | $ | 73,568 | $ | 80,115 | $ | 62,635 | $ | 59,935 | ||||||||||
| COMMON SHARE DATA | ||||||||||||||||||||
| Earnings per share available to common shareholders | ||||||||||||||||||||
| Basic | $ | 1.08 | $ | 0.96 | $ | 1.16 | $ | 0.91 | $ | 0.87 | ||||||||||
| Diluted | $ | 1.08 | $ | 0.96 | $ | 1.16 | $ | 0.91 | $ | 0.87 | ||||||||||
| Adjusted diluted EPS(1) | $ | 1.10 | $ | 1.07 | $ | 1.16 | $ | 0.91 | $ | 0.86 | ||||||||||
| Cash dividends per share | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 | ||||||||||
| Book value per share (period end) | $ | 50.42 | $ | 49.62 | $ | 48.41 | $ | 47.51 | $ | 46.89 | ||||||||||
| Tangible book value per share (period end)(1) | $ | 34.52 | $ | 33.64 | $ | 32.38 | $ | 31.42 | $ | 30.79 | ||||||||||
| Weighted average number of shares | ||||||||||||||||||||
| Basic | 68,808,393 | 68,824,004 | 68,879,352 | 68,989,549 | 69,171,562 | |||||||||||||||
| Diluted | 69,014,116 | 69,014,793 | 68,994,247 | 69,034,763 | 69,322,664 | |||||||||||||||
| Period end number of shares | 69,115,263 | 69,053,341 | 69,138,461 | 69,139,783 | 69,373,863 | |||||||||||||||
| Market data | ||||||||||||||||||||
| High intraday price | $ | 53.99 | $ | 53.84 | $ | 45.34 | $ | 37.18 | $ | 50.54 | ||||||||||
| Low intraday price | $ | 44.00 | $ | 34.26 | $ | 33.21 | $ | 28.33 | $ | 34.28 | ||||||||||
| Period end closing price | $ | 48.38 | $ | 53.05 | $ | 38.39 | $ | 34.21 | $ | 36.58 | ||||||||||
| Average daily volume | 407,898 | 390,190 | 361,167 | 475,198 | 452,242 | |||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | 1.18 | % | 1.03 | % | 1.25 | % | 0.98 | % | 0.98 | % | ||||||||||
| Adjusted return on average assets(1) | 1.20 | % | 1.15 | % | 1.25 | % | 0.98 | % | 0.97 | % | ||||||||||
| Return on average common equity | 8.63 | % | 7.73 | % | 9.56 | % | 7.63 | % | 7.54 | % | ||||||||||
| Adjusted return on average tangible common equity(1) | 12.88 | % | 12.81 | % | 14.35 | % | 11.53 | % | 11.41 | % | ||||||||||
| Earning asset yield (TE) | 5.73 | % | 5.69 | % | 5.62 | % | 5.52 | % | 5.25 | % | ||||||||||
| Total cost of funds | 2.41 | % | 2.32 | % | 2.24 | % | 2.05 | % | 1.59 | % | ||||||||||
| Net interest margin (TE) | 3.51 | % | 3.54 | % | 3.54 | % | 3.60 | % | 3.76 | % | ||||||||||
| Efficiency ratio | 55.64 | % | 56.80 | % | 52.21 | % | 53.60 | % | 52.08 | % | ||||||||||
| Adjusted efficiency ratio (TE)(1) | 54.56 | % | 52.87 | % | 52.02 | % | 53.41 | % | 51.99 | % | ||||||||||
| CAPITAL ADEQUACY (period end) | ||||||||||||||||||||
| Shareholders' equity to assets | 13.58 | % | 13.60 | % | 13.02 | % | 12.73 | % | 12.47 | % | ||||||||||
| Tangible common equity to tangible assets(1) | 9.71 | % | 9.64 | % | 9.11 | % | 8.80 | % | 8.55 | % | ||||||||||
| OTHER DATA (period end) | ||||||||||||||||||||
| Full time equivalent employees | ||||||||||||||||||||
| Banking Division | 2,082 | 2,088 | 2,082 | 2,104 | 2,132 | |||||||||||||||
| Retail Mortgage Division | 596 | 595 | 601 | 613 | 630 | |||||||||||||||
| Warehouse Lending Division | 8 | 7 | 8 | 8 | 8 | |||||||||||||||
| Premium Finance Division | 73 | 75 | 78 | 76 | 78 | |||||||||||||||
| Total Ameris Bancorp FTE headcount | 2,759 | 2,765 | 2,769 | 2,801 | 2,848 | |||||||||||||||
| Branch locations | 164 | 164 | 164 | 164 | 164 | |||||||||||||||
| Deposits per branch location | $ | 128,033 | $ | 126,271 | $ | 125,551 | $ | 124,653 | $ | 121,326 | ||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Income Statement | Table 2 |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Interest income | ||||||||||||||||||||
| Interest and fees on loans | $ | 303,393 | $ | 303,487 | $ | 304,699 | $ | 292,012 | $ | 271,964 | ||||||||||
| Interest on taxable securities | 13,092 | 14,033 | 14,754 | 15,915 | 14,300 | |||||||||||||||
| Interest on nontaxable securities | 330 | 326 | 331 | 339 | 339 | |||||||||||||||
| Interest on deposits in other banks | 12,637 | 14,368 | 10,769 | 13,686 | 9,113 | |||||||||||||||
| Total interest income | 329,452 | 332,214 | 330,553 | 321,952 | 295,716 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Interest on deposits | 118,174 | 111,749 | 102,999 | 88,087 | 53,182 | |||||||||||||||
| Interest on other borrowings | 9,890 | 14,364 | 19,803 | 24,325 | 30,882 | |||||||||||||||
| Total interest expense | 128,064 | 126,113 | 122,802 | 112,412 | 84,064 | |||||||||||||||
| Net interest income | 201,388 | 206,101 | 207,751 | 209,540 | 211,652 | |||||||||||||||
| Provision for loan losses | 25,523 | 30,401 | 30,095 | 43,643 | 49,376 | |||||||||||||||
| Provision for unfunded commitments | (4,422 | ) | (7,438 | ) | (5,634 | ) | 1,873 | 346 | ||||||||||||
| Provision for other credit losses | 4 | (11 | ) | (2 | ) | — | 7 | |||||||||||||
| Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | |||||||||||||||
| Net interest income after provision for credit losses | 180,283 | 183,149 | 183,292 | 164,024 | 161,923 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Service charges on deposit accounts | 11,759 | 12,252 | 12,092 | 11,295 | 10,936 | |||||||||||||||
| Mortgage banking activity | 39,430 | 31,461 | 36,290 | 40,742 | 31,392 | |||||||||||||||
| Other service charges, commissions and fees | 1,202 | 1,234 | 1,221 | 975 | 971 | |||||||||||||||
| Gain (loss) on securities | (7 | ) | (288 | ) | (16 | ) | (6 | ) | 6 | |||||||||||
| Other noninterest income | 13,494 | 11,589 | 13,594 | 14,343 | 12,745 | |||||||||||||||
| Total noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 82,930 | 75,966 | 81,898 | 81,336 | 80,910 | |||||||||||||||
| Occupancy and equipment | 12,885 | 13,197 | 12,745 | 12,522 | 12,986 | |||||||||||||||
| Data processing and communications expenses | 14,654 | 14,028 | 12,973 | 13,451 | 13,034 | |||||||||||||||
| Credit resolution-related expenses(1) | 486 | 157 | (1,360 | ) | 848 | 435 | ||||||||||||||
| Advertising and marketing | 2,545 | 2,974 | 2,723 | 2,627 | 3,532 | |||||||||||||||
| Amortization of intangible assets | 4,422 | 4,425 | 4,425 | 4,688 | 4,706 | |||||||||||||||
| Other noninterest expenses | 30,789 | 38,264 | 28,042 | 32,931 | 23,818 | |||||||||||||||
| Total noninterest expense | 148,711 | 149,011 | 141,446 | 148,403 | 139,421 | |||||||||||||||
| Income before income tax expense | 97,450 | 90,386 | 105,027 | 82,970 | 78,552 | |||||||||||||||
| Income tax expense | 23,138 | 24,452 | 24,912 | 20,335 | 18,131 | |||||||||||||||
| Net income | $ | 74,312 | $ | 65,934 | $ | 80,115 | $ | 62,635 | $ | 60,421 | ||||||||||
| Diluted earnings per common share | $ | 1.08 | $ | 0.96 | $ | 1.16 | $ | 0.91 | $ | 0.87 | ||||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Period End Balance Sheet | Table 3 |
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 235,931 | $ | 230,470 | $ | 241,137 | $ | 284,552 | $ | 266,400 | ||||||||||
| Interest-bearing deposits in banks | 975,321 | 936,834 | 1,304,636 | 1,034,578 | 1,754,453 | |||||||||||||||
| Debt securities available-for-sale, at fair value | 1,414,419 | 1,402,944 | 1,424,081 | 1,460,356 | 1,496,836 | |||||||||||||||
| Debt securities held-to-maturity, at amortized cost | 147,022 | 141,512 | 141,859 | 142,513 | 134,175 | |||||||||||||||
| Other investments | 77,480 | 71,794 | 104,957 | 109,656 | 146,715 | |||||||||||||||
| Loans held for sale | 364,332 | 281,332 | 381,466 | 391,472 | 395,096 | |||||||||||||||
| Loans, net of unearned income | 20,600,260 | 20,269,303 | 20,201,079 | 20,471,759 | 19,997,871 | |||||||||||||||
| Allowance for credit losses | (320,023 | ) | (307,100 | ) | (290,104 | ) | (272,071 | ) | (242,658 | ) | ||||||||||
| Loans, net | 20,280,237 | 19,962,203 | 19,910,975 | 20,199,688 | 19,755,213 | |||||||||||||||
| Other real estate owned | 2,158 | 6,199 | 3,397 | 6,170 | 1,502 | |||||||||||||||
| Premises and equipment, net | 214,801 | 216,435 | 217,564 | 218,662 | 218,878 | |||||||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | |||||||||||||||
| Other intangible assets, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | |||||||||||||||
| Cash value of bank owned life insurance | 396,804 | 395,778 | 393,769 | 391,483 | 389,201 | |||||||||||||||
| Other assets | 447,767 | 454,603 | 465,968 | 449,042 | 412,781 | |||||||||||||||
| Total assets | $ | 25,655,445 | $ | 25,203,699 | $ | 25,697,830 | $ | 25,800,618 | $ | 26,088,384 | ||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Noninterest-bearing | $ | 6,538,322 | $ | 6,491,639 | $ | 6,589,610 | $ | 6,706,897 | $ | 7,297,893 | ||||||||||
| Interest-bearing | 14,459,068 | 14,216,870 | 14,000,735 | 13,736,228 | 12,599,562 | |||||||||||||||
| Total deposits | 20,997,390 | 20,708,509 | 20,590,345 | 20,443,125 | 19,897,455 | |||||||||||||||
| Other borrowings | 631,380 | 509,586 | 1,209,553 | 1,536,989 | 2,401,327 | |||||||||||||||
| Subordinated deferrable interest debentures | 130,814 | 130,315 | 129,817 | 129,319 | 128,820 | |||||||||||||||
| Other liabilities | 411,123 | 428,542 | 421,046 | 406,555 | 407,587 | |||||||||||||||
| Total liabilities | 22,170,707 | 21,776,952 | 22,350,761 | 22,515,988 | 22,835,189 | |||||||||||||||
| Shareholders' Equity | ||||||||||||||||||||
| Preferred stock | — | — | — | — | — | |||||||||||||||
| Common stock | 72,683 | 72,516 | 72,514 | 72,515 | 72,484 | |||||||||||||||
| Capital stock | 1,948,352 | 1,945,385 | 1,942,852 | 1,939,865 | 1,937,664 | |||||||||||||||
| Retained earnings | 1,603,832 | 1,539,957 | 1,484,424 | 1,414,742 | 1,362,512 | |||||||||||||||
| Accumulated other comprehensive loss, net of tax | (39,959 | ) | (35,939 | ) | (60,818 | ) | (50,618 | ) | (35,581 | ) | ||||||||||
| Treasury stock | (100,170 | ) | (95,172 | ) | (91,903 | ) | (91,874 | ) | (83,884 | ) | ||||||||||
| Total shareholders' equity | 3,484,738 | 3,426,747 | 3,347,069 | 3,284,630 | 3,253,195 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 25,655,445 | $ | 25,203,699 | $ | 25,697,830 | $ | 25,800,618 | $ | 26,088,384 | ||||||||||
| Other Data | ||||||||||||||||||||
| Earning assets | $ | 23,578,834 | $ | 23,103,719 | $ | 23,558,078 | $ | 23,610,334 | $ | 23,925,146 | ||||||||||
| Intangible assets | 1,099,173 | 1,103,595 | 1,108,021 | 1,112,446 | 1,117,134 | |||||||||||||||
| Interest-bearing liabilities | 15,221,262 | 14,856,771 | 15,340,105 | 15,402,536 | 15,129,709 | |||||||||||||||
| Average assets | 25,295,088 | 25,341,990 | 25,525,913 | 25,631,846 | 25,115,927 | |||||||||||||||
| Average common shareholders' equity | 3,462,871 | 3,383,554 | 3,324,960 | 3,293,049 | 3,250,289 | |||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Asset Quality Information | Table 4 |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Allowance for Credit Losses | ||||||||||||||||||||
| Balance at beginning of period | $ | 348,727 | $ | 339,180 | $ | 326,783 | $ | 295,497 | $ | 258,163 | ||||||||||
| Adoption of ASU 2022-02 | — | — | — | — | (1,711 | ) | ||||||||||||||
| Provision for loan losses | 25,523 | 30,401 | 30,095 | 43,643 | 49,376 | |||||||||||||||
| Provision for unfunded commitments | (4,422 | ) | (7,438 | ) | (5,634 | ) | 1,873 | 346 | ||||||||||||
| Provision for other credit losses | 4 | (11 | ) | (2 | ) | — | 7 | |||||||||||||
| Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | |||||||||||||||
| Charge-offs | 18,457 | 20,104 | 19,488 | 20,670 | 14,956 | |||||||||||||||
| Recoveries | 5,857 | 6,699 | 7,426 | 6,440 | 4,272 | |||||||||||||||
| Net charge-offs (recoveries) | 12,600 | 13,405 | 12,062 | 14,230 | 10,684 | |||||||||||||||
| Ending balance | $ | 357,232 | $ | 348,727 | $ | 339,180 | $ | 326,783 | $ | 295,497 | ||||||||||
| Allowance for loan losses | $ | 320,023 | $ | 307,100 | $ | 290,104 | $ | 272,071 | $ | 242,658 | ||||||||||
| Allowance for unfunded commitments | 37,136 | 41,558 | 48,996 | 54,630 | 52,757 | |||||||||||||||
| Allowance for other credit losses | 73 | 69 | 80 | 82 | 82 | |||||||||||||||
| Total allowance for credit losses | $ | 357,232 | $ | 348,727 | $ | 339,180 | $ | 326,783 | $ | 295,497 | ||||||||||
| Non-Performing Assets | ||||||||||||||||||||
| Nonaccrual portfolio loans | $ | 80,448 | $ | 60,961 | $ | 53,806 | $ | 57,025 | $ | 68,028 | ||||||||||
| Other real estate owned | 2,158 | 6,199 | 3,397 | 6,170 | 1,502 | |||||||||||||||
| Repossessed assets | 29 | 17 | 22 | 9 | 25 | |||||||||||||||
| Accruing loans delinquent 90 days or more | 15,811 | 16,988 | 11,891 | 13,424 | 15,792 | |||||||||||||||
| Non-performing portfolio assets | $ | 98,446 | $ | 84,165 | $ | 69,116 | $ | 76,628 | $ | 85,347 | ||||||||||
| Serviced GNMA-guaranteed mortgage nonaccrual loans | 84,238 | 90,156 | 80,752 | 69,655 | 74,999 | |||||||||||||||
| Total non-performing assets | $ | 182,684 | $ | 174,321 | $ | 149,868 | $ | 146,283 | $ | 160,346 | ||||||||||
| Asset Quality Ratios | ||||||||||||||||||||
| Non-performing portfolio assets as a percent of total assets | 0.38 | % | 0.33 | % | 0.27 | % | 0.30 | % | 0.33 | % | ||||||||||
| Total non-performing assets as a percent of total assets | 0.71 | % | 0.69 | % | 0.58 | % | 0.57 | % | 0.61 | % | ||||||||||
| Net charge-offs as a percent of average loans (annualized) | 0.25 | % | 0.26 | % | 0.23 | % | 0.28 | % | 0.22 | % | ||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Loan Information | Table 5 |
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Loans by Type | ||||||||||||||||||||
| Commercial, financial and agricultural | $ | 2,758,716 | $ | 2,688,929 | $ | 2,632,836 | $ | 2,718,831 | $ | 2,722,180 | ||||||||||
| Consumer | 232,993 | 241,552 | 259,797 | 307,486 | 349,775 | |||||||||||||||
| Indirect automobile | 24,022 | 34,257 | 47,108 | 63,231 | 83,466 | |||||||||||||||
| Mortgage warehouse | 891,336 | 818,728 | 852,823 | 1,147,413 | 958,418 | |||||||||||||||
| Municipal | 477,567 | 492,668 | 497,093 | 510,410 | 505,515 | |||||||||||||||
| Premium Finance | 998,726 | 946,562 | 1,007,334 | 988,731 | 947,257 | |||||||||||||||
| Real estate - construction and development | 2,264,346 | 2,129,187 | 2,236,686 | 2,217,744 | 2,144,605 | |||||||||||||||
| Real estate - commercial and farmland | 8,131,248 | 8,059,754 | 7,865,389 | 7,815,779 | 7,721,732 | |||||||||||||||
| Real estate - residential | 4,821,306 | 4,857,666 | 4,802,013 | 4,702,134 | 4,564,923 | |||||||||||||||
| Total loans | $ | 20,600,260 | $ | 20,269,303 | $ | 20,201,079 | $ | 20,471,759 | $ | 19,997,871 | ||||||||||
| Loans by Risk Grade | ||||||||||||||||||||
| Grades 1 through 5 - Pass | $ | 20,221,302 | $ | 19,846,731 | $ | 19,812,895 | $ | 20,114,816 | $ | 19,654,232 | ||||||||||
| Grade 6 - Other assets especially mentioned | 137,225 | 203,725 | 187,449 | 171,035 | 116,345 | |||||||||||||||
| Grade 7 - Substandard | 241,733 | 218,847 | 200,735 | 185,908 | 227,294 | |||||||||||||||
| Total loans | $ | 20,600,260 | $ | 20,269,303 | $ | 20,201,079 | $ | 20,471,759 | $ | 19,997,871 | ||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Average Balances | Table 6 |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Earning Assets | ||||||||||||||||||||
| Interest-bearing deposits in banks | $ | 923,845 | $ | 936,733 | $ | 864,028 | $ | 998,609 | $ | 859,614 | ||||||||||
| Investment securities - taxable | 1,599,705 | 1,591,567 | 1,650,164 | 1,699,096 | 1,717,448 | |||||||||||||||
| Investment securities - nontaxable | 41,287 | 40,227 | 40,896 | 42,580 | 43,052 | |||||||||||||||
| Loans held for sale | 323,351 | 405,080 | 464,452 | 577,606 | 490,295 | |||||||||||||||
| Loans | 20,320,678 | 20,252,773 | 20,371,689 | 20,164,938 | 19,820,749 | |||||||||||||||
| Total Earning Assets | $ | 23,208,866 | $ | 23,226,380 | $ | 23,391,229 | $ | 23,482,829 | $ | 22,931,158 | ||||||||||
| Deposits | ||||||||||||||||||||
| Noninterest-bearing deposits | $ | 6,403,300 | $ | 6,572,190 | $ | 6,655,191 | $ | 6,729,789 | $ | 7,136,373 | ||||||||||
| NOW accounts | 3,829,977 | 3,760,992 | 3,661,701 | 3,949,850 | 4,145,991 | |||||||||||||||
| MMDA | 5,952,389 | 5,994,361 | 5,527,731 | 5,002,590 | 4,994,195 | |||||||||||||||
| Savings accounts | 795,887 | 817,075 | 915,678 | 1,009,749 | 1,005,614 | |||||||||||||||
| Retail CDs | 2,378,678 | 2,281,357 | 2,200,413 | 2,024,014 | 1,612,325 | |||||||||||||||
| Brokered CDs | 1,381,382 | 1,122,684 | 1,441,854 | 1,393,206 | 125,133 | |||||||||||||||
| Total Deposits | 20,741,613 | 20,548,659 | 20,402,568 | 20,109,198 | 19,019,631 | |||||||||||||||
| Non-Deposit Funding | ||||||||||||||||||||
| FHLB advances | 219,589 | 538,096 | 943,855 | 1,408,855 | 1,968,811 | |||||||||||||||
| Other borrowings | 308,210 | 311,091 | 312,572 | 316,626 | 361,445 | |||||||||||||||
| Subordinated deferrable interest debentures | 130,551 | 130,054 | 129,554 | 129,056 | 128,557 | |||||||||||||||
| Total Non-Deposit Funding | 658,350 | 979,241 | 1,385,981 | 1,854,537 | 2,458,813 | |||||||||||||||
| Total Funding | $ | 21,399,963 | $ | 21,527,900 | $ | 21,788,549 | $ | 21,963,735 | $ | 21,478,444 | ||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Interest Income and Interest Expense (TE) | Table 7 |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Interest Income | ||||||||||||||||||||
| Interest-bearing deposits in banks | $ | 12,637 | $ | 14,368 | $ | 10,769 | $ | 13,686 | $ | 9,113 | ||||||||||
| Debt securities - taxable | 13,092 | 14,033 | 14,754 | 15,915 | 14,300 | |||||||||||||||
| Debt securities - nontaxable (TE) | 418 | 413 | 418 | 430 | 429 | |||||||||||||||
| Loans held for sale | 5,348 | 6,846 | 7,460 | 8,398 | 7,007 | |||||||||||||||
| Loans (TE) | 298,907 | 297,501 | 298,102 | 284,471 | 265,802 | |||||||||||||||
| Total Earning Assets | $ | 330,402 | $ | 333,161 | $ | 331,503 | $ | 322,900 | $ | 296,651 | ||||||||||
| Interest Expense | ||||||||||||||||||||
| Interest-Bearing Deposits | ||||||||||||||||||||
| NOW accounts | $ | 20,574 | $ | 19,293 | $ | 17,255 | $ | 18,003 | $ | 15,033 | ||||||||||
| MMDA | 53,953 | 54,002 | 45,683 | 35,224 | 27,809 | |||||||||||||||
| Savings accounts | 986 | 974 | 1,791 | 2,296 | 1,288 | |||||||||||||||
| Retail CDs | 24,576 | 22,257 | 19,013 | 14,751 | 7,629 | |||||||||||||||
| Brokered CDs | 18,085 | 15,223 | 19,257 | 17,813 | 1,423 | |||||||||||||||
| Total Interest-Bearing Deposits | 118,174 | 111,749 | 102,999 | 88,087 | 53,182 | |||||||||||||||
| Non-Deposit Funding | ||||||||||||||||||||
| FHLB advances | 2,578 | 7,089 | 12,543 | 17,222 | 22,448 | |||||||||||||||
| Other borrowings | 3,879 | 3,798 | 3,821 | 3,902 | 5,349 | |||||||||||||||
| Subordinated deferrable interest debentures | 3,433 | 3,477 | 3,439 | 3,201 | 3,085 | |||||||||||||||
| Total Non-Deposit Funding | 9,890 | 14,364 | 19,803 | 24,325 | 30,882 | |||||||||||||||
| Total Interest-Bearing Funding | $ | 128,064 | $ | 126,113 | $ | 122,802 | $ | 112,412 | $ | 84,064 | ||||||||||
| Net Interest Income (TE) | $ | 202,338 | $ | 207,048 | $ | 208,701 | $ | 210,488 | $ | 212,587 | ||||||||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||
| FINANCIAL TABLES | |||||||||
| Yields(1) | Table 8 | ||||||||
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
| Earning Assets | ||||||||||||||||||||
| Interest-bearing deposits in banks | 5.50 | % | 6.09 | % | 4.94 | % | 5.50 | % | 4.30 | % | ||||||||||
| Debt securities - taxable | 3.29 | % | 3.50 | % | 3.55 | % | 3.76 | % | 3.38 | % | ||||||||||
| Debt securities - nontaxable (TE) | 4.07 | % | 4.07 | % | 4.06 | % | 4.05 | % | 4.04 | % | ||||||||||
| Loans held for sale | 6.65 | % | 6.71 | % | 6.37 | % | 5.83 | % | 5.80 | % | ||||||||||
| Loans (TE) | 5.92 | % | 5.83 | % | 5.81 | % | 5.66 | % | 5.44 | % | ||||||||||
| Total Earning Assets | 5.73 | % | 5.69 | % | 5.62 | % | 5.52 | % | 5.25 | % | ||||||||||
| Interest-Bearing Deposits | ||||||||||||||||||||
| NOW accounts | 2.16 | % | 2.04 | % | 1.87 | % | 1.83 | % | 1.47 | % | ||||||||||
| MMDA | 3.65 | % | 3.57 | % | 3.28 | % | 2.82 | % | 2.26 | % | ||||||||||
| Savings accounts | 0.50 | % | 0.47 | % | 0.78 | % | 0.91 | % | 0.52 | % | ||||||||||
| Retail CDs | 4.16 | % | 3.87 | % | 3.43 | % | 2.92 | % | 1.92 | % | ||||||||||
| Brokered CDs | 5.27 | % | 5.38 | % | 5.30 | % | 5.13 | % | 4.61 | % | ||||||||||
| Total Interest-Bearing Deposits | 3.31 | % | 3.17 | % | 2.97 | % | 2.64 | % | 1.82 | % | ||||||||||
| Non-Deposit Funding | ||||||||||||||||||||
| FHLB advances | 4.72 | % | 5.23 | % | 5.27 | % | 4.90 | % | 4.62 | % | ||||||||||
| Other borrowings | 5.06 | % | 4.84 | % | 4.85 | % | 4.94 | % | 6.00 | % | ||||||||||
| Subordinated deferrable interest debentures | 10.58 | % | 10.61 | % | 10.53 | % | 9.95 | % | 9.73 | % | ||||||||||
| Total Non-Deposit Funding | 6.04 | % | 5.82 | % | 5.67 | % | 5.26 | % | 5.09 | % | ||||||||||
| Total Interest-Bearing Liabilities | 3.43 | % | 3.35 | % | 3.22 | % | 2.96 | % | 2.38 | % | ||||||||||
| Net Interest Spread | 2.30 | % | 2.34 | % | 2.40 | % | 2.56 | % | 2.87 | % | ||||||||||
| Net Interest Margin(2) | 3.51 | % | 3.54 | % | 3.54 | % | 3.60 | % | 3.76 | % | ||||||||||
| Total Cost of Funds(3) | 2.41 | % | 2.32 | % | 2.24 | % | 2.05 | % | 1.59 | % | ||||||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
| Adjusted Net Income | Table 9A |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Net income available to common shareholders | $ | 74,312 | $ | 65,934 | $ | 80,115 | $ | 62,635 | $ | 60,421 | ||||||||||
| Adjustment items: | ||||||||||||||||||||
| Gain on BOLI proceeds | (998 | ) | — | — | — | (486 | ) | |||||||||||||
| FDIC special assessment | 2,909 | 11,566 | — | — | — | |||||||||||||||
| (Gain) loss on bank premises | — | (1,903 | ) | — | — | — | ||||||||||||||
| Tax effect of adjustment items (Note 1) | (611 | ) | (2,029 | ) | — | — | — | |||||||||||||
| After tax adjustment items | 1,300 | 7,634 | — | — | (486 | ) | ||||||||||||||
| Adjusted net income | $ | 75,612 | $ | 73,568 | $ | 80,115 | $ | 62,635 | $ | 59,935 | ||||||||||
| Weighted average number of shares - diluted | 69,014,116 | 69,014,793 | 68,994,247 | 69,034,763 | 69,322,664 | |||||||||||||||
| Net income per diluted share | $ | 1.08 | $ | 0.96 | $ | 1.16 | $ | 0.91 | $ | 0.87 | ||||||||||
| Adjusted net income per diluted share | $ | 1.10 | $ | 1.07 | $ | 1.16 | $ | 0.91 | $ | 0.86 | ||||||||||
| Average assets | $ | 25,295,088 | $ | 25,341,990 | $ | 25,525,913 | $ | 25,631,846 | $ | 25,115,927 | ||||||||||
| Return on average assets | 1.18 | % | 1.03 | % | 1.25 | % | 0.98 | % | 0.98 | % | ||||||||||
| Adjusted return on average assets | 1.20 | % | 1.15 | % | 1.25 | % | 0.98 | % | 0.97 | % | ||||||||||
| Average common equity | $ | 3,462,871 | $ | 3,383,554 | $ | 3,324,960 | $ | 3,293,049 | $ | 3,250,289 | ||||||||||
| Average tangible common equity | $ | 2,361,544 | $ | 2,277,810 | $ | 2,214,775 | $ | 2,178,323 | $ | 2,130,856 | ||||||||||
| Return on average common equity | 8.63 | % | 7.73 | % | 9.56 | % | 7.63 | % | 7.54 | % | ||||||||||
| Adjusted return on average tangible common equity | 12.88 | % | 12.81 | % | 14.35 | % | 11.53 | % | 11.41 | % | ||||||||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
| Adjusted Efficiency Ratio (TE) | Table 9B |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Adjusted Noninterest Expense | ||||||||||||||||||||
| Total noninterest expense | $ | 148,711 | $ | 149,011 | $ | 141,446 | $ | 148,403 | $ | 139,421 | ||||||||||
| Adjustment items: | ||||||||||||||||||||
| FDIC special assessment | (2,909 | ) | (11,566 | ) | — | — | — | |||||||||||||
| Gain (loss) on bank premises | — | 1,903 | — | — | — | |||||||||||||||
| Adjusted noninterest expense | $ | 145,802 | $ | 139,348 | $ | 141,446 | $ | 148,403 | $ | 139,421 | ||||||||||
| Total Revenue | ||||||||||||||||||||
| Net interest income | $ | 201,388 | $ | 206,101 | $ | 207,751 | $ | 209,540 | $ | 211,652 | ||||||||||
| Noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | |||||||||||||||
| Total revenue | $ | 267,266 | $ | 262,349 | $ | 270,932 | $ | 276,889 | $ | 267,702 | ||||||||||
| Adjusted Total Revenue | ||||||||||||||||||||
| Net interest income (TE) | $ | 202,338 | $ | 207,048 | $ | 208,701 | $ | 210,488 | $ | 212,587 | ||||||||||
| Noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | |||||||||||||||
| Total revenue (TE) | 268,216 | 263,296 | 271,882 | 277,837 | 268,637 | |||||||||||||||
| Adjustment items: | ||||||||||||||||||||
| (Gain) loss on securities | 7 | 288 | 16 | 6 | (6 | ) | ||||||||||||||
| Gain on BOLI proceeds | (998 | ) | — | — | — | (486 | ) | |||||||||||||
| Adjusted total revenue (TE) | $ | 267,225 | $ | 263,584 | $ | 271,898 | $ | 277,843 | $ | 268,145 | ||||||||||
| Efficiency ratio | 55.64 | % | 56.80 | % | 52.21 | % | 53.60 | % | 52.08 | % | ||||||||||
| Adjusted efficiency ratio (TE) | 54.56 | % | 52.87 | % | 52.02 | % | 53.41 | % | 51.99 | % | ||||||||||
| Tangible Book Value Per Share | Table 9C |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Total shareholders' equity | $ | 3,484,738 | $ | 3,426,747 | $ | 3,347,069 | $ | 3,284,630 | $ | 3,253,195 | ||||||||||
| Less: | ||||||||||||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | |||||||||||||||
| Other intangibles, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | |||||||||||||||
| Total tangible shareholders' equity | $ | 2,385,565 | $ | 2,323,152 | $ | 2,239,048 | $ | 2,172,184 | $ | 2,136,061 | ||||||||||
| Period end number of shares | 69,115,263 | 69,053,341 | 69,138,461 | 69,139,783 | 69,373,863 | |||||||||||||||
| Book value per share (period end) | $ | 50.42 | $ | 49.62 | $ | 48.41 | $ | 47.51 | $ | 46.89 | ||||||||||
| Tangible book value per share (period end) | $ | 34.52 | $ | 33.64 | $ | 32.38 | $ | 31.42 | $ | 30.79 | ||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
| Tangible Common Equity to Tangible Assets | Table 9D |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Total shareholders' equity | $ | 3,484,738 | $ | 3,426,747 | $ | 3,347,069 | $ | 3,284,630 | $ | 3,253,195 | ||||||||||
| Less: | ||||||||||||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | |||||||||||||||
| Other intangibles, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | |||||||||||||||
| Total tangible shareholders' equity | $ | 2,385,565 | $ | 2,323,152 | $ | 2,239,048 | $ | 2,172,184 | $ | 2,136,061 | ||||||||||
| Total assets | $ | 25,655,445 | $ | 25,203,699 | $ | 25,697,830 | $ | 25,800,618 | $ | 26,088,384 | ||||||||||
| Less: | ||||||||||||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | |||||||||||||||
| Other intangibles, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | |||||||||||||||
| Total tangible assets | $ | 24,556,272 | $ | 24,100,104 | $ | 24,589,809 | $ | 24,688,172 | $ | 24,971,250 | ||||||||||
| Equity to Assets | 13.58 | % | 13.60 | % | 13.02 | % | 12.73 | % | 12.47 | % | ||||||||||
| Tangible Common Equity to Tangible Assets | 9.71 | % | 9.64 | % | 9.11 | % | 8.80 | % | 8.55 | % | ||||||||||
| PPNR ROA | Table 9E |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Net income | $ | 74,312 | $ | 65,934 | $ | 80,115 | $ | 62,635 | $ | 60,421 | ||||||||||
| Plus: | ||||||||||||||||||||
| Income taxes | 23,138 | 24,452 | 24,912 | 20,335 | 18,131 | |||||||||||||||
| Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | |||||||||||||||
| PPNR | $ | 118,555 | $ | 113,338 | $ | 129,486 | $ | 128,486 | $ | 128,281 | ||||||||||
| Average Assets | $ | 25,295,088 | $ | 25,341,990 | $ | 25,525,913 | $ | 25,631,846 | $ | 25,115,927 | ||||||||||
| Return on Average Assets (ROA) | 1.18 | % | 1.03 | % | 1.25 | % | 0.98 | % | 0.98 | % | ||||||||||
| PPNR ROA | 1.89 | % | 1.77 | % | 2.01 | % | 2.01 | % | 2.07 | % | ||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Segment Reporting | Table 10 |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Retail Mortgage Division | ||||||||||||||||||||
| Net interest income | $ | 23,287 | $ | 24,053 | $ | 22,805 | $ | 21,417 | $ | 20,027 | ||||||||||
| Provision for credit losses | 2,332 | 1,005 | 2,399 | 3,278 | 2,853 | |||||||||||||||
| Noninterest income | 38,765 | 30,588 | 35,691 | 39,808 | 31,058 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 21,073 | 16,996 | 21,231 | 21,930 | 20,160 | |||||||||||||||
| Occupancy and equipment expenses | 1,049 | 1,210 | 1,182 | 1,224 | 1,283 | |||||||||||||||
| Data processing and telecommunications expenses | 1,366 | 1,318 | 1,052 | 1,397 | 1,069 | |||||||||||||||
| Other noninterest expenses | 12,530 | 11,634 | 12,153 | 11,859 | 11,747 | |||||||||||||||
| Total noninterest expense | 36,018 | 31,158 | 35,618 | 36,410 | 34,259 | |||||||||||||||
| Income before income tax expense | 23,702 | 22,478 | 20,479 | 21,537 | 13,973 | |||||||||||||||
| Income tax expense | 4,978 | 4,720 | 4,301 | 4,523 | 2,934 | |||||||||||||||
| Net income | $ | 18,724 | $ | 17,758 | $ | 16,178 | $ | 17,014 | $ | 11,039 | ||||||||||
| Warehouse Lending Division | ||||||||||||||||||||
| Net interest income | $ | 6,028 | $ | 5,965 | $ | 6,008 | $ | 6,166 | $ | 5,700 | ||||||||||
| Provision for credit losses | 145 | (68 | ) | (589 | ) | 411 | (194 | ) | ||||||||||||
| Noninterest income | 740 | 929 | 662 | 1,404 | 480 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 888 | 296 | 924 | 772 | 802 | |||||||||||||||
| Occupancy and equipment expenses | 7 | 3 | 1 | — | 1 | |||||||||||||||
| Data processing and telecommunications expenses | 25 | 51 | 30 | 44 | 46 | |||||||||||||||
| Other noninterest expenses | 237 | 229 | 219 | 223 | 202 | |||||||||||||||
| Total noninterest expense | 1,157 | 579 | 1,174 | 1,039 | 1,051 | |||||||||||||||
| Income before income tax expense | 5,466 | 6,383 | 6,085 | 6,120 | 5,323 | |||||||||||||||
| Income tax expense | 1,148 | 1,340 | 1,278 | 1,285 | 1,118 | |||||||||||||||
| Net income | $ | 4,318 | $ | 5,043 | $ | 4,807 | $ | 4,835 | $ | 4,205 | ||||||||||
| Premium Finance Division | ||||||||||||||||||||
| Net interest income | $ | 7,605 | $ | 7,801 | $ | 9,381 | $ | 8,185 | $ | 8,640 | ||||||||||
| Provision for credit losses | (499 | ) | 27 | 139 | 572 | 34 | ||||||||||||||
| Noninterest income | 10 | 9 | 4 | 9 | 9 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 2,053 | 1,973 | 2,308 | 2,122 | 2,197 | |||||||||||||||
| Occupancy and equipment expenses | 76 | 83 | 89 | 83 | 59 | |||||||||||||||
| Data processing and telecommunications expenses | 79 | 100 | 73 | 66 | 85 | |||||||||||||||
| Other noninterest expenses | 1,028 | 1,057 | 1,027 | 1,036 | 1,097 | |||||||||||||||
| Total noninterest expense | 3,236 | 3,213 | 3,497 | 3,307 | 3,438 | |||||||||||||||
| Income before income tax expense | 4,878 | 4,570 | 5,749 | 4,315 | 5,177 | |||||||||||||||
| Income tax expense | 984 | 945 | 1,170 | 869 | 1,050 | |||||||||||||||
| Net income | $ | 3,894 | $ | 3,625 | $ | 4,579 | $ | 3,446 | $ | 4,127 | ||||||||||
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
| Segment Reporting (continued) | Table 10 |
| Three Months Ended | ||||||||||||||||||||
| Mar | Dec | Sep | Jun | Mar | ||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
| Banking Division | ||||||||||||||||||||
| Net interest income | $ | 164,468 | $ | 168,282 | $ | 169,557 | $ | 173,772 | $ | 177,285 | ||||||||||
| Provision for credit losses | 19,127 | 21,988 | 22,510 | 41,255 | 47,036 | |||||||||||||||
| Noninterest income | 26,363 | 24,722 | 26,824 | 26,128 | 24,503 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 58,916 | 56,701 | 57,435 | 56,512 | 57,751 | |||||||||||||||
| Occupancy and equipment expenses | 11,753 | 11,901 | 11,473 | 11,215 | 11,643 | |||||||||||||||
| Data processing and telecommunications expenses | 13,184 | 12,559 | 11,818 | 11,944 | 11,834 | |||||||||||||||
| Other noninterest expenses | 24,447 | 32,900 | 20,431 | 27,976 | 19,445 | |||||||||||||||
| Total noninterest expense | 108,300 | 114,061 | 101,157 | 107,647 | 100,673 | |||||||||||||||
| Income before income tax expense | 63,404 | 56,955 | 72,714 | 50,998 | 54,079 | |||||||||||||||
| Income tax expense | 16,028 | 17,447 | 18,163 | 13,658 | 13,029 | |||||||||||||||
| Net income | $ | 47,376 | $ | 39,508 | $ | 54,551 | $ | 37,340 | $ | 41,050 | ||||||||||
| Total Consolidated | ||||||||||||||||||||
| Net interest income | $ | 201,388 | $ | 206,101 | $ | 207,751 | $ | 209,540 | $ | 211,652 | ||||||||||
| Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | |||||||||||||||
| Noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 82,930 | 75,966 | 81,898 | 81,336 | 80,910 | |||||||||||||||
| Occupancy and equipment expenses | 12,885 | 13,197 | 12,745 | 12,522 | 12,986 | |||||||||||||||
| Data processing and telecommunications expenses | 14,654 | 14,028 | 12,973 | 13,451 | 13,034 | |||||||||||||||
| Other noninterest expenses | 38,242 | 45,820 | 33,830 | 41,094 | 32,491 | |||||||||||||||
| Total noninterest expense | 148,711 | 149,011 | 141,446 | 148,403 | 139,421 | |||||||||||||||
| Income before income tax expense | 97,450 | 90,386 | 105,027 | 82,970 | 78,552 | |||||||||||||||
| Income tax expense | 23,138 | 24,452 | 24,912 | 20,335 | 18,131 | |||||||||||||||
| Net income | $ | 74,312 | $ | 65,934 | $ | 80,115 | $ | 62,635 | $ | 60,421 | ||||||||||
Exhibit 99.2
1 st Quarter 2024 Results Investor Presentation 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, investment security valuations and other performance measures ; expectations on credit quality and performance ; legislative and regulatory changes ; changes in U . S . government monetary and fiscal policy ; competitive pressures on product pricing and services ; the success and timing of other business strategies ; our outlook and long - term goals for future growth ; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control . For a discussion of some of the other risks and other factors that may cause such forward - looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10 - K for the year ended December 31 , 2023 and the Company’s subsequently filed periodic reports and other filings . Forward - looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward - looking statements .
Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified loan portfolio among geographies and product lines • Strong Southeast markets • Stable core deposit base • Experienced executive team with skills and leadership to continue to grow organically Strong History of Earnings 2 Charlotte MSA Tampa MSA Orlando MSA $0.86 $0.91 $1.16 $1.07 $1.10 1.89% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 1Q23 2Q23 3Q23 4Q23 1Q24 Adjusted Diluted EPS PPNR ROA 1Q 2024 Operating Highlights 3 • Net income of $74.3 million, or $1.08 per diluted share • Adjusted net income (1) of $75.6 million, or $1.10 per diluted share • PPNR ROA (1) of 1.89% for 1Q24, which includes 4bps negative impact from FDIC special assessment • Adjusted efficiency ratio (1) of 54.56% • TCE ratio (1) of 9.71% • Increase in allowance for credit losses to 1.55% of total loans • Net interest margin of 3.51% • Noninterest bearing deposits representing 31.1% of total deposits at March 31, 2024 • Interest bearing deposit costs increased 14bps in 1Q24, compared with a 20bps increase in 4Q23 • Organic loan growth of $331.0 million, or 6.6% annualized • Total deposit growth of $288.9 million, or 5.6% annualized 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix Financial Highlights 4 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix (dollars in thousands, except per share data) Quarter to Date Results 1Q24 4Q23 Change 1Q23 Change Net Income $ 74,312 $ 65,934 13% $ 60,421 23% Adjusted Net Income (1) $ 75,612 $ 73,568 3% $ 59,935 26% Net Income Per Diluted Share $ 1.08 $ 0.96 13% $ 0.87 24% Adjusted Net Income Per Share (1) $ 1.10 $ 1.07 3% $ 0.86 28% Return on Assets 1.18% 1.03% 14% 0.98% 21% Adjusted Return on Assets (1) 1.20% 1.15% 4% 0.97% 24% Return on Equity 8.63% 7.73% 12% 7.54% 14% Return on TCE (1) 12.66% 11.48% 10% 11.50% 10% Adjusted Return on TCE (1) 12.88% 12.81% 0% 11.41% 13% Efficiency Ratio 55.64% 56.80% - 2% 52.08% 7% Adjusted Efficiency Ratio (1) 54.56% 52.87% 3% 51.99% 5% Net Interest Margin 3.51% 3.54% - 1% 3.76% - 7%
Strong Net Interest Margin 5 • Net interest income (TE) of $202.3 million in 1Q24, compared with $207.0 million in 4Q23 – Interest income (TE) decreased $2.8 million – Interest expense increased $2.0 million • Average earning assets stable at $23.2 billion • Total deposit costs up 13bp in 1Q24, compared with a 16bp increase in 4Q23 • Noninterest bearing deposits remain above historical levels and were 31.1% of total deposits at quarter end Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity is approaching neutrality in anticipation of a FOMC cut in rates: – - 1.0% asset sensitivity in - 100bps – - 0.5% asset sensitivity in - 50bps – +0.5% asset sensitivity in +50bps – +0.9% asset sensitivity in +100bps • Approximately $10.0 billion of total loans reprice within one year through either maturities or floating rate indices • Cumulative weighted - average beta for all non - maturity deposits through this cycle has been 33% $212.6 $210.5 $208.7 $207.0 $202.3 3.76% 3.60% 3.54% 3.54% 3.51% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% $180.0 $185.0 $190.0 $195.0 $200.0 $205.0 $210.0 $215.0 $220.0 $225.0 $230.0 1Q23 2Q23 3Q23 4Q23 1Q24 Net Interest Income (TE) (in millions) NIM Diversified Revenue Stream 6 • Strong revenue base of net interest income from core banking division • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Mortgage banking activity was 15% of total revenue in 1Q24 • Purchase business increased to 87% in 1Q24 due to strong core relationships with builders and realtors • Gain on sale margin improved to 2.49% in 1Q24 from 1.93% in 4Q23 Other Noninterest Income • Other Noninterest Income has been stable contributor to total revenue • Other Noninterest Income includes: • Fee income from equipment finance group • BOLI income • Gains on sales of SBA loans 79% 76% 77% 79% 75% 12% 15% 13% 12% 15% 9% 9% 10% 9% 10% $268.6 $277.8 $271.9 $263.3 $268.2 0% 20% 40% 60% 80% 100% 120% 1Q23 2Q23 3Q23 4Q23 1Q24 FTE Revenue Sources (in millions) FTE Net Interest Income Mortgage Banking Activity Other Noninterest Income 2.49% 0.00% 1.00% 2.00% 3.00% 1Q23 2Q23 3Q23 4Q23 1Q24 Mortgage Gain on Sale Margin
Disciplined Expense Control Adjusted Operating Expenses (1) and Efficiency Ratio (1) Expense Highlights 7 • Management continues to deliver high performing operating efficiency • Adjusted efficiency ratio of 54.56% in 1Q24, compared with 52.87% in 4Q23 • Total adjusted operating expenses increased $6.5 million in 1Q24 compared with 4Q23 ‒ Increase of $1.0 million in 1Q24 banking division operating expenses primarily due to cyclical payroll tax and 401(k) increase, partially offset by a decrease in incentive expense – Net increase of $5.5 million in 1Q24 lines of business operating expenses primarily due to variable and cyclical compensation increases • Disciplined expense control throughout the Company with identified reallocation of resources utilized to fund future technology and innovation costs 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix $100.7 $107.6 $101.2 $104.4 $105.4 $38.7 $40.8 $40.3 $35.0 $40.4 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 1Q23 2Q23 3Q23 4Q23 1Q24 Adjusted Operating Expenses (in millions) Banking LOBs 51.99% 53.41% 52.02% 52.87% 54.56% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 1Q23 2Q23 3Q23 4Q23 1Q24 Adjusted Efficiency Ratio Strong Core Deposit Base 8 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account (in 000’s) NIB 6,538,322 31.1% 301,275 21.7 NOW 3,868,998 18.4% 44,215 87.5 MMDA 6,132,745 29.2% 32,030 191.5 Savings 788,665 3.8% 64,427 12.2 CD 3,668,660 17.5% 41,129 89.2 Total 20,997,390 100% 483,076 43.5 Managed Uninsured Deposit Exposure Consumer 37% Commercial 42% Public 15% Brokered 6% Deposits by Customer 1Q24 $9.08 (43.0%) $6.16 (29.1%) $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 1Q23 2Q23 3Q23 4Q23 1Q24 Uninsured Deposits (in billions) Uninsured Deposits Uninsured Deposits Excl.
Municipal Deposits • Total deposits grew $288.9 million, or 5.6% annualized, during 1Q24 • Noninterest bearing deposits remained strong at 31.1% of total deposits • Uninsured and uncollateralized deposits represent 29.1% of total deposits 1Q24 Highlights 19.73 20.81 20.29 20.81 20.44 20.90 22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 34.52 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Tangible Book Value Capital and TBV Proven Stewards of Shareholder Value 9 • Management focused on long term growth in TBV (1) , such that over the past five years TBV has grown by 12% annualized • TBV increased $0.88 per share in 1Q24: – $0.93 from retained earnings – ($0.06) from impact of OCI – $0.01 from all other items including stock compensation and share repurchases • Repurchased 45,174 shares at an average cost of $46.58 during the quarter • TCE Ratio of 9.71% at March 31, 2024 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix Equipment Finance Acquisition LION Acquisition CECL Adoption Diversified Loan Portfolio 1 Q24 Loan Portfolio 10 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Asset quality metrics remain stable and better than historic averages • CRE and C&D concentrations were 281% and 76%, respectively, at 1Q24 • Non - owner - occupied office loans totaled $1.44 billion at 1Q24, or 7.0% of total loans • ACL increased to 1.55% of total loans during 1Q24, which allows the Bank to be well - positioned to address possible negative economic conditions • SNC exposure is limited to approximately 1.3% of loans Portfolio Highlights
Loan Balance Changes 1Q24 Loan Balance Changes 11 • Loan balances increased $331 million during 1Q24, or 6.5% annualized, the majority being the result of fundings on existing construction loans and seasonal funding of warehouse lines (in millions) $135 $73 $71 $70 $52 $(9) $(10) $(15) $(36) $(60) $(40) $(20) $- $20 $40 $60 $80 $100 $120 $140 $160 RE - C&D Warehouse Lending RE - CRE CFIA Premium Finance Consumer Indirect Municipal RE - RES Allowance for Credit Losses 12 • Increase in reserve during 1Q24 due to forecasted economic conditions • The ACL on loans equated to 1.55% of total loans at 1Q24, compared with 1.52% at 4 Q23 • The ACL on loans totaled $320.0 million at 1Q24, a net increase of $ 12.9 mil lion, or 4.2%, from 4Q23 • During 1Q24, a provision expense of $21.1 million was recorded 1 Q24 CECL Reserve Reserve Summary (in millions) 1Q24 Allowance Coverage Outstanding Balance (MM's) ALLL (MM's) % ALLL Gross Loans 20,600.3$ 320.0$ 1.55% Unfunded Commitments 4,231.5$ 37.1$ 0.88% ACL / Total Loans + Unfunded 24,831.7$ 357.2$ 1.44%
Allowance for Credit Losses 13 1Q24 CECL Reserve by Loan Type Reserve Methodology • Moody’s March 2024 Baseline forecast model provided material inputs into ACL • Primary model drivers included: • US and regional unemployment rates & home price indices • US GDP • US and state - level CRE price index for our five - state footprint • US & Regional multifamily vacancy rates Loan Type Net Outstanding (MM's) ALLL (MM's) % ALLL 12/31/23 ALLL (MM's) Change from 4Q23 CFIA 2,758.7$ 63.8$ 2.31% 64.1$ (0.3)$ Consumer 233.0$ 3.9$ 1.67% 3.9$ -$ Indirect 24.0$ -$ 0.00% 0.1$ (0.1)$ Municipal 477.6$ 0.1$ 0.02% 0.3$ (0.2)$ Premium Finance 998.7$ 0.6$ 0.06% 0.6$ -$ RE - C&D 2,264.3$ 72.1$ 3.18% 61.0$ 11.1$ RE - CRE 8,131.2$ 110.7$ 1.36% 110.1$ 0.6$ RE - RES 4,821.3$ 67.0$ 1.39% 65.3$ 1.7$ Warehouse Lending 891.3$ 1.8$ 0.20% 1.7$ 0.1$ Grand Total 20,600.3$ 320.0$ 1.55% 307.1$ 12.9$ NPA / Charge - Off Trend 14 • NPAs, as a percentage of total assets, continue to normalize and remain at an acceptable level • Total NPAs in creased $8.4 million, to $182.7 million, primarily a result of: • $5.6 million increase in commercial loans • $5.2 million net increase in mortgage loans • Offset by a $4.0 million decrease in OREO properties • Net charge - offs totaled $12.6 million, which equated to an annualized NCO ratio of 0.25% 1Q24 Credit Summary ($ in millions) 0.61% 0.57% 0.58% 0.69% 0.71% 0.33% 0.30% 0.27% 0.33% 0.38% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 1Q23 2Q23 3Q23 4Q23 1Q24 Non - Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.22% 0.28% 0.23% 0.26% 0.25% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 1Q23 2Q23 3Q23 4Q23 1Q24 Net Charge - Offs Net Charge-offs NCO Ratio (Annualized)
Criticized/Classified Loan Trends 15 • Total criticized loans (including special mention ), excluding GNMA - guaranteed mortgage loans, de creased $37.7 million in 1Q24 • For 1Q24, classified loans, excluding GNMA - guaranteed mortgage loans, in creased $28.8 million • The majority of criticized loans is comprised of residential mortgages and assisted living facilities Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA - guaranteed loans.
Ratios expressed as a percent of Total Loans Net of GNMA - backed Mortgage Loans 1.34% 1.40% 1.52% 1.64% 1.43% 0.76% 0.57% 0.59% 0.63% 0.76% 0.38% 0.34% 0.33% 0.38% 0.47% $0 $50 $100 $150 $200 $250 $300 $350 1Q23 2Q23 3Q23 4Q23 1Q24 Criticized Loans Classified Loans Nonperforming Loans Total Loans Criticized Loans Classified Loans Nonperforming Loans GNMA-guaranteed Loans $76.5 $70.4 $65.7 $77.9 $96.3 $75.0 $69.7 $80.8 $90.2 $84.2 $268.6 $287.3 $307.4 $332.4 $294.7 $152.3 $116.3 $120.0 $128.7 $157.5 1Q23 2Q23 3Q23 4Q23 1Q24 $19,997.9 $20,471.8 $20,201.1 $20,269.3 $20,600.3 Investor CRE Loans 16 Stratification of Investor CRE Portfolio • Non - Owner Occupied CRE portfolio is well diversified • Over 80% of CRE loans are located in MSAs in the Bank’s five - state footprint, which exhibit population growth forecasts exceeding the national average • Overall, past dues for investor CRE loans were 0.01% and NPLs 0.04% CRE Positioned in Growing Markets Outstanding Loans (MMs) 5-Yr Proj Population Growth Rate Atlanta-Sandy Springs-Alpharetta GA 2,287.2$ 4.4% Jacksonville FL 797.9$ 6.5% Orlando-Kissimmee-Sanford FL 674.2$ 6.3% Tampa-St Petersburg-Clearwater FL 344.7$ 5.5% Greenville-Anderson SC 283.7$ 5.2% Charleston-North Charleston SC 291.8$ 6.2% Columbia, SC 253.5$ 3.7% Charlotte-Concord-Gatonia NC 316.0$ 5.8% Miami-Ft Lauderdale-Pompano Beach FL 213.1$ 2.0% Tallahassee FL 134.0$ 3.2% U.S. National Average 2.4% Investor CRE 25% C&D 11% Multi - Family 5% Loan Type Outstanding (MM's) % NPL % PD Avg Size Commitment (000's) Construction Loans: RRE - Presold 313.9$ 0.09% 0.09% 457.5$ RRE - Spec & Models 206.4$ 0.00% 0.00% 446.1$ RRE - Lots & Land 111.6$ 0.00% 0.11% 457.1$ RRE - Subdivisions 16.2$ 0.00% 0.00% 2,088.6$ Sub-Total RRE Construction 648.1$ 0.04% 0.06% 447.4$ CML - Improved 1,572.8$ 0.00% 0.00% 15,586.7$ CML - Raw Land & Other 43.5$ 0.00% 0.75% 362.3$ Sub-Total CRE Construction 1,616.3$ 0.00% 0.02% 5,898.4$ Total Construction Loans 2,264.4$ 0.01% 0.03% 1,684.4$ Term Loans: Office 1,236.0$ 0.00% 0.00% 3,004.5$ Anchored Retail 1,128.9$ 0.00% 0.00% 5,424.7$ Multi-Family 1,025.2$ 0.00% 0.01% 6,182.9$ Warehouse / Industrial 692.9$ 0.00% 0.00% 3,124.7$ Strip Center, Non-Anchored 583.0$ 0.00% 0.06% 1,452.6$ Hotels / Motels 451.3$ 0.61% 0.00% 4,666.3$ General Retail 366.1$ 0.00% 0.00% 2,476.9$ Mini-Storage Warehouse 338.4$ 0.00% 0.00% 3,578.6$ Assisted Living Facilities 133.1$ 0.00% 0.00% 6,502.8$ Misc CRE (Church, etc) 121.6$ 0.00% 0.00% 1,253.5$ Sub-Total CRE Term Loans 6,076.5$ 0.05% 0.01% 3,249.3$ Grand Total Investor CRE Loans 8,340.9$ 0.04% 0.01% 2,196.0$ Office Portfolio • Central Business District (CBD) locations represented 8 % of Investor properties ; Charleston, SC, Orlando, FL and Tampa, FL represent the largest CBD MSAs ( 88 % of total CBD properties) • The portion of the ACL allocated to Investor office loans increased from 1 . 87 % to 2 . 81 % in 1 Q 24 * Results based on term loans > $ 1 million, or 95 % of total loans 17 $- $100 $200 $300 $400 $500 2024 2025 2026 2027 2028 and beyond Scheduled Investor Office Maturities Fixed Rate Variable Rate Construction , $333 Investor CRE $1,307 Owner - Occupied $542 Total Office Portfolio by Loan Type (Total Committed Exposure) Class A 32% Class B 30% Class C 3% Essential Use 17% MOB 18% Investor Office Portfolio by Property Class * Outstanding $1.44B Unfunded $0.20B Total Commited Exposure $1.64B Allowance Coverage 2.81% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 0.75% Criticized ACL Coverage 375% Average LTV* 57% Average DSC* 1.66 Class A, Essential Use, & MOB 67% Investor Office
Equipment Finance Portfolio 18 • Total loans were $1.35 billion, or 6.6% of the Bank’s total portfolio • The overall average loan size was $52,600 • Loan production totaled $181.8 million in 1Q24; the average FICO score on new loans was 749 • 30 - 89 day accruing past due loans were 1.11% of total loans • Non - performing loans improved to 0.29% of total loans • The portion of the ACL attributed to the Equipment Finance division totaled $50.2 million, or 3.72% of loans Highlights (in millions) $1,115 $1,175 $1,210 $1,287 $1,351 $197 $168 $157 $200 $182 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 1Q23 2Q23 3Q23 4Q23 1Q24 Total Loans (MM's) Quarterly Originations (MM's) 0.95% 1.03% 0.85% 1.01% 1.11% 0.87% 0.65% 0.39% 0.41% 0.29% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1Q23 2Q23 3Q23 4Q23 1Q24 30-89 days Accruing Past Dues Non-Performing Loans 20 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 1Q24 4Q23 1Q23 Net Income $ 74,312 $ 65,934 $ 60,421 Adjustment items Gain on BOLI proceeds (998) - (486) FDIC special assessment 2,909 11,566 - Gain on sale of premises - (1,903) - Tax effect of adjustment items (611) (2,029) - After tax adjustment items 1,300 7,634 (486) Adjusted Net Income $ 75,612 $ 73,568 $ 59,935 Weighted average number of shares - diluted 69,014,116 69,014,793 69,322,664 Net income per diluted share $ 1.08 $ 0.96 $ 0.87 Adjusted net income per diluted share $ 1.10 $ 1.07 $ 0.86 Average assets 25,295,088 25,341,990 25,115,927 Return on average assets 1.18% 1.03% 0.98% Adjusted return on average assets 1.20% 1.15% 0.97% Average common equity 3,462,871 3,383,554 3,250,289 Average tangible common equity 2,361,544 2,277,810 2,130,856 Return on average common equity 8.63% 7.73% 7.54% Return on average tangible common equity 12.66% 11.48% 11.50% Adjusted return on average tangible common equity 12.88% 12.81% 11.41% For the quarter
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21 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 Adjusted Noninterest Expense Total noninterest expense 148,711$ 149,011$ 141,446$ 148,403$ 139,421$ Adjustment items: FDIC special assessment (2,909) (11,566) - - - Gain on sale of premises - 1,903 - - - Adjusted noninterest expense 145,802$ 139,348$ 141,446$ 148,403$ 139,421$ Total Revenue Net interest income 201,388$ 206,101$ 207,751$ 209,540$ 211,652$ Noninterest income 65,878 56,248 63,181 67,349 56,050 Total revenue 267,266$ 262,349$ 270,932$ 276,889$ 267,702$ Adjusted Total Revenue Net interest income (TE) 202,338$ 207,048$ 208,701$ 210,488$ 212,587$ Noninterest income 65,878 56,248 63,181 67,349 56,050 Total revenue (TE) 268,216$ 263,296$ 271,882$ 277,837$ 268,637$ Adjustment items: (Gain) loss on securities 7 288 16 6 (6) Gain on BOLI proceeds (998) - - - (486) Adjusted total revenue (TE) 267,225$ 263,584$ 271,898$ 277,843$ 268,145$ Efficiency ratio 55.64% 56.80% 52.21% 53.60% 52.08% Adjusted efficiency ratio (TE) 54.56% 52.87% 52.02% 53.41% 51.99% Quarter to Date 22 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 Total shareholders' equity 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 83,527 87,949 92,375 96,800 101,488 Total tangible shareholders' equity 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ Period end number of shares 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 Book value per share (period end) 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ Tangible book value per share (period end) 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ Total assets $ 25,655,445 $ 25,203,699 $ 25,697,830 $ 25,800,618 $ 26,088,384 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 83,527 87,949 92,375 96,800 101,488 Total tangible assets 24,556,272$ 24,100,104$ 24,589,809$ 24,688,172$ 24,971,250$ Equity to Assets 13.58% 13.60% 13.02% 12.73% 12.47% Tangible Common Equity to Tangible Assets 9.71% 9.64% 9.11% 8.80% 8.55% Quarter to Date
23 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 Net income 74,312$ 65,934$ 80,115$ 62,635$ 60,421$ Plus: Income taxes 23,138 24,452 24,912 20,335 18,131 Provision for credit losses 21,105 22,952 24,459 45,516 49,729 Pre-tax pre-provision net revenue (PPNR) 118,555$ 113,338$ 129,486$ 128,486$ 128,281$ Average Assets $ 25,295,088 $ 25,341,990 $ 25,525,913 $ 25,631,846 $ 25,115,927 Return on Average Assets (ROA) 1.18% 1.03% 1.25% 0.98% 0.98% PPNR ROA 1.89% 1.77% 2.01% 2.01% 2.07% Quarter to Date 24 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Total shareholders' equity 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,023,071 1,023,056 1,022,345 1,012,620 928,005 Other intangibles, net 83,527 87,949 92,375 96,800 101,488 106,194 110,903 115,613 120,757 125,938 60,396 Total tangible shareholders' equity 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ Period end number of shares 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,352,709 69,360,461 69,439,084 69,609,228 69,635,435 Book value per share (period end) 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ 44.31$ 43.31$ 42.62$ 41.66$ Tangible book value per share (period end) 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 27.89$ 26.84$ 26.26$ 27.46$ 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 Total shareholders' equity 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ 2,437,150$ 2,469,582$ 2,420,723$ 1,537,121$ 1,495,584$ Less: Goodwill 928,005 928,005 928,005 928,005 928,005 931,947 931,637 911,488 501,140 501,308 Other intangibles, net 63,783 67,848 71,974 76,164 80,354 85,955 91,586 97,328 52,437 55,557 Total tangible shareholders' equity 1,845,216$ 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ 1,419,248$ 1,446,359$ 1,411,907$ 983,544$ 938,719$ Period end number of shares 69,767,209 69,713,426 69,541,481 69,490,546 69,461,968 69,441,274 69,503,833 69,593,833 47,261,584 47,585,309 Book value per share (period end) 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ 35.53$ 34.78$ 32.52$ 31.43$ Tangible book value per share (period end) 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ 20.81$ 20.29$ 20.81$ 19.73$ As of As of Ameris Bancorp Press Release & Financial Highlights March 31, 2024
