PR Newswire | Jan 28, 2021 04:26PM EST

01/28 15:25 CST

Ameris Bancorp Announces Fourth Quarter And Full Year 2020 Financial Results ATLANTA, Jan. 28, 2021

ATLANTA, Jan. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020, compared with $61.2 million, or $0.88 per diluted share, for the quarter ended December 31, 2019. The increase in net income is primarily attributable to increases in mortgage banking activity of $62.0 million and net interest income of $8.1 million, partially offset by an increase of $22.8 million in salaries and employee benefits, compared with the fourth quarter of 2019. The Company reported adjusted net income of $102.0 million, or $1.47 per diluted share, for the quarter ended December 31, 2020, compared with $66.6 million, or $0.96 per diluted share, for the same period in 2019. 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) loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.

For the year ended December 31, 2020, the Company reported net income of $262.0 million, or $3.77 per diluted share, compared with $161.4 million, or $2.75 per diluted share, for the year ended December 31, 2019. The Company reported adjusted net income of $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020, compared with $222.9 million, or $3.80 per diluted share, for the year ended December 31, 2019. Adjusted net income for the year excludes the same items listed above for the Company's fourth quarter.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Last quarter, I commented on the optimistic outlook for the remainder of 2020 and we delivered on that optimism this quarter. Our team remained focused and we had many successes during the quarter, including reducing our NPAs down to 48bps of total assets, maintaining our margin and continuing to safely grow the balance sheet to over $20 billion in assets for the first time in our history. While 2020 was not the year that we had anticipated, I am extremely pleased with the adaptability of our Ameris teammates, our ability to serve our customers and our record financial results this year. We are well positioned for 2021 and look forward to our continued success."

Significant items from the Company's results for the fourth quarter of 2020 include the following:

* Net income of $94.3 million, or $1.36 per diluted share, compared with $116.1 million, or $1.67 per diluted share, for the third quarter of 2020 * Tangible book value growth of $1.23 per share, or 5.5%, to $23.69 compared with $22.46 last quarter * Successfully negotiated the termination of our remaining loss-share agreements with the FDIC * Net interest margin stable at 3.64%, compared with the third quarter of 2020 * Reduced exposure to hotel industry by $87.5 million through the sale of selected notes * Non-performing assets decreased to 0.48% of total assets at December 31, 2020, compared with 0.82% at September 30, 2020

Highlights of the Company's results for the full year 2020 include the following:

* Growth in net income of $100.5 million, from $161.4 million in 2019 to $262.0 million in 2020 * Adjusted return on average assets of 1.56%, compared with 1.52% in 2019 * Improvement in adjusted efficiency ratio to 52.17% in 2020, compared with 55.67% in 2019 * Growth in tangible book value of 13.8%, from $20.81 at the end of 2019 to $23.69 at the end of 2020 * Organic growth in loans of $1.66 billion, or 13.0% (and $834.8 million, or 6.5%, exclusive of PPP loans) * Improvement in deposit mix such that noninterest bearing deposits represent 36.27% of total deposits, up from 29.94% at December 31, 2019

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

Adjusted Net Income Reconciliation

Three Months Ended Year Ended

December 31, December 31,

(dollars in thousands, except per share data) 2020 2019 2020 2019

Net income available to common shareholders $94,285 $61,248 $261,988 $161,441



Adjustment items:

Merger and conversion charges - 2,415 1,391 73,105

Restructuring charges - - 1,513 245

Servicing right impairment 9,501 366 40,067 507

Gain on BOLI proceeds - 752 (948) (3,583)

Expenses related to SEC and DOJ investigation 53 463 3,058 463

Natural disaster and pandemic charges (Note 1) 235 - 3,296 (39)

(Gain) loss on sale of premises (30) 1,413 624 6,021

Tax effect of adjustment items (Note 2) (2,049) (898) (10,488) (16,065)

After-tax adjustment items 7,710 4,511 38,513 60,654



Tax expense attributable to merger related compensation and- 849 - 849 acquired BOLI

Adjusted net income $101,995 $66,608 $300,501 $222,944



Reported net income per diluted share $1.36 $0.88 $3.77 $2.75

Adjusted net income per diluted share $1.47 $0.96 $4.33 $3.80



Reported return on average assets 1.89 %1.35 %1.36 %1.10 %

Adjusted return on average assets 2.04 %1.47 %1.56 %1.52 %



Reported return on average common equity 14.30 %9.97 %10.35 %8.19 %

Adjusted return on average tangible common equity 25.04 %18.45 %19.77 %18.74 %



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: A portion of the merger and conversion charges are nondeductible for tax purposes.

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2020 totaled $642.9 million, compared with $509.5 million for 2019. The Company's net interest margin was 3.70% for 2020, down from 3.88% reported for 2019. Accretion income for 2020 increased to $27.4 million, compared with $19.9 million for 2019. The decrease in net interest margin is primarily attributable to a decrease in the yield on earning assets resulting from declines in market interest rates, partially offset by a decrease in funding costs.

Net interest income on a tax-equivalent basis for the fourth quarter of 2020 totaled $164.8 million, compared with $163.9 million for the third quarter of 2020 and $156.5 million for the fourth quarter of 2019. The Company's net interest margin was 3.64% for the fourth quarter of 2020, flat compared with 3.64% reported for the third quarter of 2020 and down from 3.86% reported for the fourth quarter of 2019. The stability in net interest margin in the current quarter is primarily attributable to continued focus on management of cost of funds as yields on earning assets decline. Contributing to net interest income for the fourth quarter of 2020 was $6.3 million related to accelerated fee income on PPP loan forgiveness, partially offset by $2.3 million in interest reversals related to the sale of certain hotel loans. Accretion income for the fourth quarter of 2020 decreased to $4.7 million, compared with $6.5 million for the third quarter of 2020 and $9.7 million for the fourth quarter of 2019. The decrease in accretion income in the fourth quarter is primarily attributable to decreased accretion on payoffs compared with the third quarter of 2020.

Yields on loans decreased to 4.41% during the fourth quarter of 2020, compared with 4.42% for the third quarter of 2020 and 5.28% reported for the fourth quarter of 2019. Loan production in the banking division during the fourth quarter of 2020 totaled $784.9 million, with weighted average yields of 3.86%, compared with $869.0 million and 4.00%, respectively, in the third quarter of 2020 and $1.1 billion and 4.70%, respectively, in the fourth quarter of 2019. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.7 billion during the fourth quarter of 2020, with weighted average yields of 3.25%, compared with $7.7 billion and 3.33%, respectively, during the third quarter of 2020 and $4.1 billion and 4.29%, respectively, during the fourth quarter of 2019.

Interest expense during the fourth quarter of 2020 decreased to $15.3 million, compared with $17.4 million in the third quarter of 2020 and $38.7 million in the fourth quarter of 2019. The Company's total cost of funds moved five basis points lower to 0.36% in the fourth quarter of 2020 as compared with the third quarter of 2020. Deposit costs decreased eight basis points during the fourth quarter of 2020 to 0.22%, compared with 0.30% in the third quarter of 2020. Costs of interest-bearing deposits decreased during the quarter from 0.47% in the third quarter of 2020 to 0.34% in the fourth quarter of 2020.

Noninterest Income

Noninterest income increased $248.4 million, or 125.4%, to $446.5 million for 2020, compared with $198.1 million for 2019, as a result of increased mortgage banking activity. Mortgage banking activity increased $254.7 million, or 213.3%, to $374.1 million for 2020, compared with $119.4 million for 2019, as a result of a production increase of $5.44 billion, or 125.9%, over the same period. Gain on sale spreads increased to 3.79% in 2020 compared with 2.75% in 2019.

Noninterest income decreased $46.9 million, or 29.5%, in the fourth quarter of 2020 to $112.1 million, compared with $159.0 million for the third quarter of 2020, primarily as a result of decreased mortgage banking activity.

Mortgage banking activity decreased $43.4 million, or 31.3%, to $95.2 million in the fourth quarter of 2020, compared with $138.6 million for the third quarter of 2020. This decrease was a result of decreased production, increased servicing right impairment and a decline in the retail mortgage open pipeline, partially offset by an expansion in our gain on sale spread. Gain on sale spreads increased to 4.34% in the fourth quarter of 2020 from 3.92% for the third quarter of 2020. Total production in the retail mortgage division decreased to $2.81 billion in the fourth quarter of 2020, compared with $2.92 billion for the third quarter of 2020. Mortgage banking activity was negatively impacted during the fourth quarter of 2020 by a $9.1 million servicing right impairment, compared with an impairment of $1.1 million for the third quarter of 2020. The retail mortgage open pipeline was $2.00 billion at the end of the fourth quarter of 2020, compared with $2.71 billion at September 30, 2020.

Service charge revenue increased $551,000, or 5.0%, to $11.5 million in the fourth quarter of 2020, compared with $10.9 million for the third quarter of 2020, resulting from an increase in volume. Other noninterest income decreased $3.9 million, or 46.4%, to $4.5 million for the fourth quarter of 2020, compared with $8.4 million for the third quarter of 2020, primarily as a result of decreases in the gain on sales of SBA loans and SBA servicing right valuation adjustment of $2.7 million and $1.1 million, respectively.

Noninterest Expense

Noninterest expense increased $126.7 million, or 26.8%, to $598.6 million in 2020, compared with $471.9 million in 2019. During 2020, the Company recorded $9.9 million of charges to earnings, the majority of which related to natural disaster and pandemic charges and certain legal expenses, compared with $79.8 million in charges in 2019 that were principally related to merger and conversion charges and loss on sale of premises. Excluding these charges, adjusted expenses increased $196.6 million, or 50.1%, to $588.7 million in 2020, from $392.1 million in 2019. The majority of this increase is attributable to the acquisition of Fidelity Bank and variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio, such that the adjusted efficiency ratio improved from 55.67% in 2019 to 52.17% in 2020.

Noninterest expense decreased $2.6 million, or 1.7%, to $151.1 million during the fourth quarter of 2020, compared with $153.7 million for the third quarter of 2020. During the fourth quarter of 2020, the Company recorded $258,000 of charges to earnings, related to certain legal expenses, natural disaster and pandemic charges and (gain) loss on sale of premises, compared with $647,000 in charges in the third quarter of 2020 that were related to the same items, in addition to merger and conversion charges and restructuring charges associated with branch consolidations and efficiency initiatives. Excluding these charges, adjusted expenses decreased approximately $2.2 million, or 1.4%, to $150.9 million in the fourth quarter of 2020, from $153.0 million in the third quarter of 2020. The majority of this decrease is attributable to variable expenses related to decreased mortgage production. Also during the fourth quarter, the Company incurred a $765,000 expense related to the final termination of the remaining loss-share agreements with the FDIC. The Company made a $1.0 million donation to the Ameris Bank Foundation as well. The adjusted efficiency ratio was 52.67% in the fourth quarter of 2020, compared with 47.34% in the third quarter of 2020.

Income Tax Expense

The Company's effective tax rate for the fourth quarter of 2020 was 25.2%, compared with 22.7% in the third quarter of 2020. The increased rate for the fourth quarter of 2020 was primarily a result of a large return to provision adjustment when the Company filed its 2019 income tax returns in the fourth quarter of 2020.

Balance Sheet Trends

Total assets at December 31, 2020 were $20.44 billion, compared with $18.24 billion at December 31, 2019. Total loans, including loans held for sale, were $15.65 billion at December 31, 2020, compared with $14.48 billion at December 31, 2019. Total loans held for investment were $14.48 billion at December 31, 2020, compared with $12.82 billion at December 31, 2019, an increase of $1.66 billion, or 13.0%. Loan production in the banking division during the fourth quarter of 2020 was down 10% from the third quarter of 2020 and 28% from the fourth quarter of 2019. Loan growth for the year ended December 31, 2020 was driven by PPP loan originations, which totaled $827.6 million in outstanding balances at December 31, 2020, and increases in commercial real estate and warehouse lending.

At December 31, 2020, total deposits amounted to $16.96 billion, or 96.8% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019. At December 31, 2020, noninterest-bearing deposit accounts were $6.15 billion, or 36.3% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $10.23 billion at December 31, 2020, compared with $7.21 billion at December 31, 2019. These funds represented 60.3% of the Company's total deposits at December 31, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at December 31, 2020 totaled $2.65 billion, an increase of $177.5 million, or 7.2%, from December 31, 2019. The increase in shareholders' equity was primarily the result of earnings of $262.0 million during 2020, partially offset by the CECL adoption impact of $56.7 million and dividends declared. Tangible book value per share was $23.69 at December 31, 2020, compared with $20.81 at December 31, 2019. Tangible common equity as a percentage of tangible assets was 8.47% at December 31, 2020, compared with 8.40% at the end of the 2019.

Credit Quality

Credit quality remains strong in the Company. During the fourth quarter of 2020, the Company reversed provision for credit losses of $1.5 million, compared with a provision of $17.7 million in the third quarter of 2020. This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the third quarter of 2020. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the fourth quarter of 2020 equaled approximately 2.9% of total loans, down from approximately 19.0% of total loans at the end of the second quarter of 2020. Nonperforming assets as a percentage of total assets decreased by 34 basis points to 0.48% during the quarter. The decrease in nonperforming assets is primarily attributable to decreased nonaccrual loans in the residential real estate and commercial real estate loan categories. The net charge-off ratio was 70 basis points for the fourth quarter of 2020, compared with 10 basis points in the third quarter of 2020 and nine basis points in the fourth quarter of 2019. The increase in net charge-offs for the fourth quarter of 2020 was primarily attributable to approximately $17.2 million of charge-offs on certain hotel exposures sold during the quarter. The hotel loans sold were selected based on a number of factors, including the level of relationship with the borrower, tier of hotel brand underlying the property and market conditions in the area.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 29, 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 February 12, 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 10151038. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter.

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, including any changes that result from the recent U.S. elections; 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, 2019, as amended, 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 Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands except per share data) 2020 2020 2020 2020 2019 2020 2019

EARNINGS

Net income $ 94,285 $ 116,145 $ 32,236 $ 19,322 $ 61,248 $ 261,988 $ 161,441

Adjusted net income $ 101,995 $ 116,879 $ 42,423 $ 39,205 $ 66,608 $ 300,501 $ 222,944



COMMON SHARE DATA

Earnings per share available to common shareholders

Basic $ 1.36 $ 1.68 $ 0.47 $ 0.28 $ 0.88 $ 3.78 $ 2.76

Diluted $ 1.36 $ 1.67 $ 0.47 $ 0.28 $ 0.88 $ 3.77 $ 2.75

Adjusted diluted EPS $ 1.47 $ 1.69 $ 0.61 $ 0.56 $ 0.96 $ 4.33 $ 3.80

Cash dividends per share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.60 $ 0.50

Book value per share (period end) $ 38.07 $ 36.91 $ 35.42 $ 35.10 $ 35.53 $ 38.07 $ 35.53

Tangible book value per share (period end) $ 23.69 $ 22.46 $ 20.90 $ 20.44 $ 20.81 $ 23.69 $ 20.81

Weighted average number of shares

Basic 69,252,307 69,230,667 69,191,778 69,247,661 69,429,193 69,256,020 58,462,137

Diluted 69,493,105 69,346,141 69,292,972 69,502,022 69,683,999 69,426,185 58,614,151

Period end number of shares 69,541,481 69,490,546 69,462,782 69,441,274 69,503,833 69,541,481 69,503,833

Market data

High intraday price $ 39.53 $ 27.81 $ 29.82 $ 43.79 $ 44.90 $ 43.79 $ 44.90

Low intraday price $ 22.37 $ 19.91 $ 17.12 $ 17.89 $ 38.34 $ 17.12 $ 31.27

Period end closing price $ 38.07 $ 22.78 $ 23.59 $ 23.76 $ 42.54 $ 38.07 $ 42.54

Average daily volume 394,641 359,059 470,151 461,692 353,783 420,874 389,112



PERFORMANCE RATIOS

Return on average assets 1.89 %2.33 %0.67 %0.43 %1.35 %1.36 %1.10 %

Adjusted return on average assets 2.04 %2.35 %0.89 %0.87 %1.47 %1.56 %1.52 %

Return on average common equity 14.30 %18.27 %5.23 %3.16 %9.97 %10.35 %8.19 %

Adjusted return on average tangible common 25.04 %30.53 %11.66 %10.98 %18.45 %19.77 %18.74 %equity

Earning asset yield (TE) 3.98 %4.02 %4.32 %4.56 %4.82 %4.21 %4.88 %

Total cost of funds 0.36 %0.41 %0.52 %0.91 %1.00 %0.54 %1.05 %

Net interest margin (TE) 3.64 %3.64 %3.83 %3.70 %3.86 %3.70 %3.88 %

Noninterest income excluding securities 38.37 %46.72 %39.35 %22.83 %22.02 %37.90 %23.60 %transactions, as a percent of total revenue (TE)

Efficiency ratio 54.83 %47.80 %54.70 %68.23 %58.24 %55.21 %67.11 %

Adjusted efficiency ratio (TE) 52.67 %47.34 %51.08 %59.87 %55.61 %52.17 %55.67 %



CAPITAL ADEQUACY (period end)

Shareholders' equity to assets 12.95 %12.90 %12.38 %13.37 %13.54 %12.95 %13.54 %

Tangible common equity to tangible assets 8.47 %8.27 %7.70 %8.25 %8.40 %8.47 %8.40 %



EQUITY TO ASSETS RECONCILIATION

Tangible common equity to tangible assets 8.47 %8.27 %7.70 %8.25 %8.40 %8.47 %8.40 %

Effect of goodwill and other intangibles 4.48 %4.63 %4.68 %5.12 %5.14 %4.48 %5.14 %

Equity to assets (GAAP) 12.95 %12.90 %12.38 %13.37 %13.54 %12.95 %13.54 %



OTHER DATA (period end)

Full time equivalent employees

Banking Division 1,816 1,807 1,832 1,865 1,913 1,816 1,913

Retail Mortgage Division 748 734 692 689 690 748 690

Warehouse Lending Division 12 11 9 9 9 12 9

SBA Division 24 33 42 44 42 24 42

Premium Finance Division 71 71 70 72 68 71 68

Total Ameris Bancorp FTE headcount 2,671 2,656 2,645 2,679 2,722 2,671 2,722



Assets per Banking Division FTE $ 11,255 $ 10,998 $ 10,848 $ 9,772 $ 9,536 $ 11,255 $ 9,536

Branch locations 164 170 170 170 170 164 170

Deposits per branch location $ 103,401 $ 94,493 $ 91,705 $ 81,439 $ 82,512 $ 103,401 $ 82,512

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Income Statement Table 2

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands except per share data) 2020 2020 2020 2020 2019 2020 2019

Interest income

Interest and fees on loans $171,971$172,351$175,345$171,242$182,391$690,909$586,848

Interest on taxable securities 6,398 7,259 9,347 10,082 10,358 33,086 40,138

Interest on nontaxable securities 150 159 157 157 167 623 593

Interest on deposits in other banks 252 153 123 1,211 1,091 1,739 8,139

Interest on federal funds sold 12 12 46 76 69 146 676

Total interest income 178,783 179,934 185,018 182,768 194,076 726,503 636,394



Interest expense

Interest on deposits 8,870 11,822 14,273 24,102 27,970 59,067 102,533

Interest on other borrowings 6,457 5,574 6,931 10,721 10,755 29,683 28,695

Total interest expense 15,327 17,396 21,204 34,823 38,725 88,750 131,228



Net interest income 163,456 162,538 163,814 147,945 155,351 637,753 505,166



Provision for loan losses (6,700) 26,692 68,449 37,047 5,693 125,488 19,758

Provision for unfunded commitments 5,481 (10,131) 19,712 4,000 - 19,062 -

Provision for other credit losses (291) 1,121 - - - 830 -

Provision for credit losses (1,510) 17,682 88,161 41,047 5,693 145,380 19,758

Net interest income after provision for credit losses164,966 144,856 75,653 106,898 149,658 492,373 485,408



Noninterest income

Service charges on deposits accounts 11,465 10,914 9,922 11,844 13,567 44,145 50,792

Mortgage banking activity 95,192 138,627 104,925 35,333 33,168 374,077 119,409

Other service charges, commissions and fees 965 1,039 949 961 935 3,914 3,566

Gain (loss) on securities - - 14 (9) (1) 5 138

Other noninterest income 4,521 8,438 5,150 6,250 7,444 24,359 24,208

Total noninterest income 112,143 159,018 120,960 54,379 55,113 446,500 198,113



Noninterest expense

Salaries and employee benefits 92,466 96,698 95,168 75,946 69,642 360,278 223,938

Occupancy and equipment expenses 12,709 13,805 13,807 12,028 11,919 52,349 40,596

Data processing and telecommunications expenses 11,323 12,226 10,514 11,954 11,362 46,017 38,513

Credit resolution related expenses^(1) 1,156 802 950 2,198 1,098 5,106 4,082

Advertising and marketing expenses 3,267 966 1,455 2,358 2,250 8,046 7,927

Amortization of intangible assets 4,190 4,190 5,601 5,631 5,741 19,612 17,713

Merger and conversion charges - (44) 895 540 2,415 1,391 73,105

Other noninterest expenses 26,005 25,049 27,378 27,398 18,137 105,830 66,063

Total noninterest expense 151,116 153,692 155,768 138,053 122,564 598,629 471,937



Income before income tax expense 125,993 150,182 40,845 23,224 82,207 340,244 211,584

Income tax expense 31,708 34,037 8,609 3,902 20,959 78,256 50,143

Net income $94,285 $116,145$32,236 $19,322 $61,248 $261,988$161,441



Diluted earnings per common share $1.36 $1.67 $0.47 $0.28 $0.88 $3.77 $2.75



(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

Dec Sep Jun Mar Dec

(dollars in thousands) 2020 2020 2020 2020 2019

Assets

Cash and due from banks $203,349 $257,026 $292,899 $255,312 $246,234

Federal funds sold and interest-bearing deposits in banks 1,913,957 494,765 428,560 396,844 375,615

Time deposits in other banks 249 249 249 249 249

Investment securities available for sale, at fair value 982,879 1,117,436 1,238,896 1,353,040 1,403,403

Other investments 28,202 47,329 76,453 81,754 66,919

Loans held for sale, at fair value 1,167,659 1,414,889 1,736,397 1,398,229 1,656,711



Loans, net of unearned income 14,480,925 14,943,593 14,503,157 13,094,106 12,818,476

Allowance for credit losses (199,422) (231,924) (208,793) (149,524) (38,189)

Loans, net 14,281,503 14,711,669 14,294,364 12,944,582 12,780,287



Other real estate owned 11,880 17,969 23,563 21,027 19,500

Premises and equipment, net 222,890 231,278 230,118 231,347 233,102

Goodwill 928,005 928,005 928,005 931,947 931,637

Other intangible assets, net 71,974 76,164 80,354 85,955 91,586

Cash value of bank owned life insurance 176,467 175,605 175,011 176,239 175,270

Deferred income taxes, net 33,314 53,039 56,306 24,196 2,180

Other assets 416,310 348,428 311,454 323,827 259,886

Total assets $20,438,638$19,873,851$19,872,629$18,224,548$18,242,579



Liabilities

Deposits

Noninterest-bearing $6,151,070 $5,909,316 $5,595,868 $4,226,253 $4,199,448

Interest-bearing 10,806,753 10,154,490 9,993,950 9,618,365 9,827,625

Total deposits 16,957,823 16,063,806 15,589,818 13,844,618 14,027,073

Federal funds purchased and securities sold under agreements to repurchase11,641 9,103 12,879 15,160 20,635

Other borrowings 425,155 875,255 1,418,336 1,543,371 1,398,709

Subordinated deferrable interest debentures 124,345 123,860 123,375 122,890 127,560

FDIC loss-share payable, net - 19,476 18,903 18,111 19,642

Other liabilities 272,586 217,668 249,188 243,248 179,378

Total liabilities 17,791,550 17,309,168 17,412,499 15,787,398 15,772,997



Shareholders' Equity

Preferred stock - - - - -

Common stock 71,754 71,703 71,674 71,652 71,500

Capital stock 1,913,285 1,911,031 1,909,839 1,908,721 1,907,108

Retained earnings 671,510 587,657 481,948 460,153 507,950

Accumulated other comprehensive income, net of tax 33,505 37,252 39,613 39,551 17,995

Treasury stock (42,966) (42,960) (42,944) (42,927) (34,971)

Total shareholders' equity 2,647,088 2,564,683 2,460,130 2,437,150 2,469,582

Total liabilities and shareholders' equity $20,438,638$19,873,851$19,872,629$18,224,548$18,242,579



Other Data

Earning assets $18,573,871$18,018,261$17,983,712$16,324,222$16,321,373

Intangible assets 999,979 1,004,169 1,008,359 1,017,902 1,023,223

Interest-bearing liabilities 11,367,894 11,162,708 11,548,540 11,299,786 11,374,529

Average assets 19,876,338 19,810,084 19,222,181 18,056,445 17,998,494

Average common shareholders' equity 2,622,942 2,529,471 2,478,373 2,456,617 2,437,272

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Asset Quality Information Table 4

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019

Allowance for Credit Losses

Balance at beginning of period $260,417 $246,295 $167,315 $39,266 $36,607 $39,266 $28,819



CECL adoption impact on allowance for loan losses - - - 78,661 - 78,661 -

CECL adoption impact on allowance for unfunded - - - 12,714 - 12,714 - commitments

Total CECL adoption impact - - - 91,375 - 91,375 -



Acquired allowance for unfunded commitments - - - - - - 1,077



Provision for loan losses (6,700) 26,692 68,449 37,047 5,693 125,488 19,758

Provision for unfunded commitments 5,481 (10,131) 19,712 4,000 - 19,062 -

Provision for other credit losses (291) 1,121 - - - 830 -

Provision for credit losses (1,510) 17,682 88,161 41,047 5,693 145,380 19,758



Charge-offs 29,094 7,370 11,282 6,718 5,664 54,464 19,861

Recoveries 3,292 3,810 2,101 2,345 2,630 11,548 9,473

Net charge-offs 25,802 3,560 9,181 4,373 3,034 42,916 10,388



Ending balance $233,105 $260,417 $246,295 $167,315 $39,266 $233,105 $39,266



Allowance for loan losses $199,422 $231,924 $208,793 $149,524 $38,189 $199,422 $38,189

Allowance for unfunded commitments 32,853 27,372 37,502 17,791 1,077 32,853 1,077

Allowance for other credit losses 830 1,121 - - - 830 -

T otal allowance for credit losses $233,105 $260,417 $246,295 $167,315 $39,266 $233,105 $39,266



Net Charge-off Information

Charge-offs

Commercial, financial and agricultural $5,960 $1,715 $486 $2,486 $1,813 $10,647 $3,460

Consumer installment 2,861 677 962 1,142 1,586 5,642 5,899

Indirect automobile 658 697 1,016 1,231 939 3,602 1,904

Premium Finance 2,240 1,158 1,904 831 899 6,133 4,351

Real estate - construction and development - 9 74 - 146 83 414

Real estate - commercial and farmland 17,284 2,977 6,315 928 181 27,504 3,342

Real estate - residential 91 137 525 100 100 853 491

Total charge-offs 29,094 7,370 11,282 6,718 5,664 54,464 19,861



Recoveries

Commercial, financial and agricultural 754 470 303 362 934 1,889 1,838

Consumer installment 480 516 436 321 461 1,753 1,620

Indirect automobile 637 317 359 344 241 1,657 445

Premium Finance 605 1,224 676 684 358 3,189 2,754

Real estate - construction and development 125 182 168 342 430 817 1,745

Real estate - commercial and farmland 439 904 21 85 140 1,449 332

Real estate - residential 252 197 138 207 68 794 739

Total recoveries 3,292 3,810 2,101 2,345 2,632 11,548 9,473



Net charge-offs $25,802 $3,560 $9,181 $4,373 $3,032 $42,916 $10,388



Non-Performing Assets

Nonaccrual loans $76,457 $138,163 $77,745 $77,866 $75,124 $76,457 $75,124

Other real estate owned 11,880 17,969 23,563 21,027 19,500 11,880 19,500

Repossessed assets 544 258 1,348 783 939 544 939

Accruing loans delinquent 90 days or more 8,326 7,003 15,127 11,969 5,754 8,326 5,754

Total non-performing assets $97,207 $163,393 $117,783 $111,645 $101,317 $97,207 $101,317



Asset Quality Ratios

Non-performing assets as a percent of total assets0.48 %0.82 %0.59 %0.61 %0.56 %0.48 %0.56 %

Net charge-offs as a percent of average loans 0.70 %0.10 %0.27 %0.14 %0.09 %0.31 %0.10 %(annualized)

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Loan Information Table 5

Dec Sep Jun Mar Dec

(dollars in thousands) 2020 2020 2020 2020 2019

Loans by Type

Commercial, financial and agricultural $1,627,477 $1,879,788 $1,839,921 $827,392 $802,171

Consumer installment 306,995 450,810 575,782 520,592 498,577

Indirect automobile 580,083 682,396 739,543 937,736 1,061,824

Mortgage warehouse 916,353 995,942 748,853 547,328 526,369

Municipal 659,403 725,669 731,508 749,633 564,304

Premium Finance 687,841 710,890 690,584 661,845 654,669

Real estate - construction and development 1,606,710 1,628,255 1,641,744 1,628,367 1,549,062

Real estate - commercial and farmland 5,300,006 5,116,252 4,804,420 4,516,451 4,353,039

Real estate - residential 2,796,057 2,753,591 2,730,802 2,704,762 2,808,461

Total loans $14,480,925$14,943,593$14,503,157$13,094,106$12,818,476



Troubled Debt Restructurings

Accruing troubled debt restructurings

Commercial, financial and agricultural $521 $459 $591 $575 $516

Consumer installment 32 36 42 4 8

Indirect automobile 2,277 2,689 - - -

Mortgage warehouse - - - - -

Municipal - - - - -

Premium Finance - - - 159 156

Real estate - construction and development 506 510 919 925 936

Real estate - commercial and farmland 36,707 56,417 5,252 5,587 6,732

Real estate - residential 38,800 28,777 30,253 22,775 21,261

Total accruing troubled debt restructurings $78,843 $88,888 $37,057 $30,025 $29,609

Nonaccrual troubled debt restructurings

Commercial, financial and agricultural $849 $1,002 $1,034 $334 $335

Consumer installment 56 64 67 105 107

Indirect automobile 461 482 - - -

Mortgage warehouse - - - - -

Municipal - - - - -

Premium Finance - - - - -

Real estate - construction and development 707 709 307 289 253

Real estate - commercial and farmland 1,401 19,942 1,878 2,415 2,071

Real estate - residential 2,671 4,477 2,231 3,078 2,857

Total nonaccrual troubled debt restructurings$6,145 $26,676 $5,517 $6,221 $5,623

Total troubled debt restructurings $84,988 $115,564 $42,574 $36,246 $35,232



Loans by Risk Grade

Grade 1 - Prime credit $1,368,661 $1,845,900 $1,789,709 $774,956 $587,877

Grade 2 - Strong credit 869,581 838,267 801,273 785,770 840,372

Grade 3 - Good credit 6,624,154 6,189,269 5,784,754 5,772,834 6,034,398

Grade 4 - Satisfactory credit 4,794,672 4,989,617 5,643,133 4,353,733 4,884,541

Grade 5 - Fair credit 452,350 643,502 212,667 1,131,128 233,020

Grade 6 - Other assets especially mentioned 108,541 151,501 108,704 106,885 86,412

Grade 7 - Substandard 262,947 285,537 162,917 168,561 151,846

Grade 8 - Doubtful 19 - - 239 8

Grade 9 - Loss - - - - 2

Total loans $14,480,925$14,943,593$14,503,157$13,094,106$12,818,476

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Average Balances Table 6

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019

Earning Assets

Federal funds sold $20,000 $20,004 $24,265 $27,380 $23,104 $22,896 $31,104

Interest-bearing deposits in banks 879,481 467,188 398,284 419,260 304,427 541,776 358,924

Time deposits in other banks 249 249 249 249 401 249 3,705

Investment securities - taxable 1,024,335 1,160,585 1,281,980 1,359,651 1,426,062 1,206,014 1,341,330

Investment securities - nontaxable 20,112 21,619 21,576 22,839 23,580 21,533 21,695

Other investments 31,552 64,656 79,143 73,972 64,852 62,253 37,415

Loans held for sale 1,281,762 1,507,481 1,614,080 1,587,131 1,537,648 1,497,051 667,078

Loans 14,752,664 14,688,317 13,915,406 12,712,997 12,697,912 14,018,582 10,666,978

Total Earning Assets $18,010,155$17,930,099$17,334,983$16,203,479$16,077,986$17,370,354$13,128,229



Deposits

Noninterest-bearing deposits $5,970,672 $5,782,163 $5,061,578 $4,080,920 $4,124,872 $5,227,399 $3,364,785

NOW accounts 2,968,596 2,718,315 2,441,305 2,287,947 2,204,666 2,605,349 1,831,024

MMDA 4,534,243 4,273,899 4,221,906 4,004,644 3,953,717 4,259,467 3,280,233

Savings accounts 793,414 749,314 692,382 643,422 649,118 719,916 529,866

Retail CDs 2,109,600 2,274,150 2,471,134 2,624,209 2,721,829 2,368,802 2,348,689

Brokered CDs 1,140 1,933 2,043 61,190 249,644 16,494 347,844

Total Deposits 16,377,665 15,799,774 14,890,348 13,702,332 13,903,846 15,197,427 11,702,441

Non-Deposit Funding

Federal funds purchased and securities sold9,929 10,483 12,452 15,637 17,088 12,115 14,043 under agreements to repurchase

FHLB advances 127,797 799,034 1,212,537 1,267,303 1,080,516 849,546 483,735

Other borrowings 376,295 272,443 269,300 269,454 234,001 297,023 186,798

Subordinated deferrable interest debentures124,091 123,604 123,120 127,731 127,292 124,632 110,129

Total Non-Deposit Funding 638,112 1,205,564 1,617,409 1,680,125 1,458,897 1,283,316 794,705

Total Funding $17,015,777$17,005,338$16,507,757$15,382,457$15,362,743$16,480,743$12,497,146

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Interest Income and Interest Expense (TE) Table 7

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019

Interest Income

Federal funds sold $13 $13 $45 $76 $69 $147 $676

Interest-bearing deposits in banks 251 152 122 1,210 1,089 1,735 8,068

Time deposits in other banks 1 1 1 1 2 4 71

Investment securities - taxable 6,398 7,260 9,346 10,082 10,358 33,086 40,138

Investment securities - nontaxable (TE) 190 202 198 199 212 789 751

Loans held for sale 9,705 10,365 14,053 13,637 14,330 47,760 25,003

Loans (TE) 163,532 163,352 162,617 158,636 169,119 648,137 566,037

Total Earning Assets $180,090$181,345$186,382$183,841$195,179$731,658$640,744



Accretion income (included above) $4,688 $6,525 $9,576 $6,562 $9,727 $27,351 $19,935



Interest Expense

Interest-Bearing Deposits

NOW accounts $1,091 $1,394 $1,265 $2,774 $2,728 $6,524 $9,940

MMDA 2,326 2,823 3,764 9,748 11,311 18,661 42,439

Savings accounts 143 112 94 210 233 559 669

Retail CDs 5,301 7,484 9,136 11,064 12,220 32,985 41,040

Brokered CDs 9 9 14 306 1,478 338 8,445

Total Interest-Bearing Deposits 8,870 11,822 14,273 24,102 27,970 59,067 102,533

Non-Deposit Funding

Federal funds purchased and securities sold under8 9 25 40 41 82 86 agreements to repurchase

FHLB advances 245 661 1,686 5,109 5,241 7,701 10,044

Other borrowings 4,635 3,558 3,487 3,511 3,358 15,191 11,127

Subordinated deferrable interest debentures 1,569 1,346 1,733 2,061 2,115 6,709 7,438

Total Non-Deposit Funding 6,457 5,574 6,931 10,721 10,755 29,683 28,695

Total Interest-Bearing Funding $15,327 $17,396 $21,204 $34,823 $38,725 $88,750 $131,228



Net Interest Income (TE) $164,763$163,949$165,178$149,018$156,454$642,908$509,516

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Yields^(1) Table 8

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

2020 2020 2020 2020 2019 2020 2019

Earning Assets

Federal funds sold 0.26%0.26%0.75%1.12%1.18%0.64%2.17%

Interest-bearing deposits in banks 0.11%0.13%0.12%1.16%1.42%0.32%2.25%

Time deposits in other banks 1.60%1.60%1.62%1.62%1.98%1.61%1.92%

Investment securities - taxable 2.48%2.49%2.93%2.98%2.88%2.74%2.99%

Investment securities - nontaxable (TE) 3.76%3.72%3.69%3.50%3.57%3.66%3.46%

Loans held for sale 3.01%2.74%3.50%3.46%3.70%3.19%3.75%

Loans (TE) 4.41%4.42%4.70%5.02%5.28%4.62%5.31%

Total Earning Assets 3.98%4.02%4.32%4.56%4.82%4.21%4.88%



Interest-Bearing Deposits

NOW accounts 0.15%0.20%0.21%0.49%0.49%0.25%0.54%

MMDA 0.20%0.26%0.36%0.98%1.14%0.44%1.29%

Savings accounts 0.07%0.06%0.05%0.13%0.14%0.08%0.13%

Retail CDs 1.00%1.31%1.49%1.70%1.78%1.39%1.75%

Brokered CDs 3.14%1.85%2.76%2.01%2.35%2.05%2.43%

Total Interest-Bearing Deposits 0.34%0.47%0.58%1.01%1.13%0.59%1.23%

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to 0.32%0.34%0.81%1.03%0.95%0.68%0.61%repurchase

FHLB advances 0.76%0.33%0.56%1.62%1.92%0.91%2.08%

Other borrowings 4.90%5.20%5.21%5.24%5.69%5.11%5.96%

Subordinated deferrable interest debentures 5.03%4.33%5.66%6.49%6.59%5.38%6.75%

Total Non-Deposit Funding 4.03%1.84%1.72%2.57%2.92%2.31%3.61%

Total Interest-Bearing Liabilities 0.55%0.62%0.75%1.24%1.37%0.79%1.44%



Net Interest Spread 3.43%3.40%3.57%3.32%3.45%3.42%3.44%



Net Interest Margin^(2) 3.64%3.64%3.83%3.70%3.86%3.70%3.88%



Total Cost of Funds^(3) 0.36%0.41%0.52%0.91%1.00%0.54%1.05%

(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 Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands except per share data) 2020 2020 2020 2020 2019 2020 2019

Net income available to common shareholders $94,285 $116,145 $32,236 $19,322 $61,248 $261,988 $161,441



Adjustment items:

Merger and conversion charges - (44) 895 540 2,415 1,391 73,105

Restructuring charges - 50 1,463 - - 1,513 245

Servicing right impairment 9,501 412 7,989 22,165 366 40,067 507

(Gain) loss on BOLI proceeds - (103) (845) - 752 (948) (3,583)

Expenses related to SEC/DOJ Investigation 53 268 1,294 1,443 463 3,058 463

Natural disaster and pandemic charges (Note 1) 235 470 2,043 548 - 3,296 (39)

(Gain) loss on sale of premises (30) (97) 281 470 1,413 624 6,021

Tax effect of adjustment items (Note 2) (2,049) (222) (2,933) (5,283) (898) (10,488) (16,065)

After tax adjustment items 7,710 734 10,187 19,883 4,511 38,513 60,654



Tax expense attributable to acquisition related- - - - 849 - 849 compensation and acquired BOLI



Adjusted net income $101,995 $116,879 $42,423 $39,205 $66,608 $300,501 $222,944



Weighted average number of shares - diluted 69,493,105 69,346,141 69,292,972 69,502,022 69,683,999 69,426,185 58,614,151

Net income per diluted share $1.36 $1.67 $0.47 $0.28 $0.88 $3.77 $2.75

Adjusted net income per diluted share $1.47 $1.69 $0.61 $0.56 $0.96 $4.33 $3.80



Average assets $19,876,338 $19,810,084 $19,222,181 $18,056,445 $17,998,494 $19,240,493 $14,621,185

Return on average assets 1.89 %2.33 %0.67 %0.43 %1.35 %1.36 %1.10 %

Adjusted return on average assets 2.04 %2.35 %0.89 %0.87 %1.47 %1.56 %1.52 %



Average common equity $2,622,942 $2,529,471 $2,478,373 $2,456,617 $2,437,272 $2,531,419 $1,970,780

Average tangible common equity $1,620,742 $1,523,066 $1,462,871 $1,436,108 $1,432,081 $1,520,303 $1,189,493

Return on average common equity 14.30 %18.27 %5.23 %3.16 %9.97 %10.35 %8.19 %

Adjusted return on average tangible common 25.04 %30.53 %11.66 %10.98 %18.45 %19.77 %18.74 %equity



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: A portion of the merger and conversion charges for 1Q20, 4Q19 and both year-to-date periods are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Non-GAAP Reconciliations (continued)



Adjusted Efficiency Ratio (TE) Table 9B

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019

Adjusted Noninterest Expense

Total noninterest expense $151,116 $153,692 $155,768 $138,053 $122,564 $598,629 $471,937

Adjustment items:

Merger and conversion charges - 44 (895) (540) (2,415) (1,391) (73,105)

Restructuring charges - (50) (1,463) - - (1,513) (245)

Expenses related to SEC/DOJ Investigation (53) (268) (1,294) (1,443) (463) (3,058) (463)

Natural disaster and pandemic charges (235) (470) (2,043) (548) - (3,296) 39

Gain (loss) on sale of premises 30 97 (281) (470) (1,413) (624) (6,021)

Adjusted noninterest expense $150,858 $153,045 $149,792 $135,052 $118,273 $588,747 $392,142



Total Revenue

Net interest income $163,456 162,538 $163,814 $147,945 $155,351 $637,753 $505,166

Noninterest income 112,143 159,018 120,960 54,379 55,113 446,500 198,113

Total revenue $275,599 $321,556 $284,774 $202,324 $210,464 $1,084,253 $703,279



Adjusted Total Revenue

Net interest income (TE) $164,763 $163,949 $165,178 $149,018 $156,454 $642,908 $509,516

Noninterest income 112,143 $159,018 120,960 54,379 55,113 446,500 198,113

Total revenue (TE) 276,906 $322,967 286,138 203,397 211,567 1,089,408 707,629

Adjustment items:

(Gain) loss on securities - - (14) 9 (1) (5) (138)

(Gain) loss on BOLI proceeds - (103) (845) - 752 (948) (3,583)

Servicing right impairment 9,501 412 7,989 22,165 366 40,067 507

Adjusted total revenue (TE) $286,407 $323,276 $293,268 $225,571 $212,684 $1,128,522 $704,415



Efficiency ratio 54.83 %47.80 %54.70 %68.23 %58.24 %55.21 %67.11 %

Adjusted efficiency ratio (TE) 52.67 %47.34 %51.08 %59.87 %55.61 %52.17 %55.67 %



Tangible Book Value Per Share Table 9C

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands except per share data)2020 2020 2020 2020 2019 2020 2019

Total shareholders' equity $2,647,088 $2,564,683 $2,460,130 $2,437,150 $2,469,582 $2,647,088 $2,469,582

Less:

Goodwill 928,005 $928,005 928,005 931,947 931,637 928,005 931,637

Other intangibles, net 71,974 $76,164 80,354 85,955 91,586 71,974 91,586

Total tangible shareholders' equity $1,647,109 $1,560,514 $1,451,771 $1,419,248 $1,446,359 $1,647,109 $1,446,359



Period end number of shares 69,541,481 69,490,546 69,461,968 69,441,274 69,503,833 69,541,481 69,503,833

Book value per share (period end) $38.07 $36.91 $35.42 $35.10 $35.53 $38.07 $35.53

Tangible book value per share (period end) $23.69 $22.46 $20.90 $20.44 $20.81 $23.69 $20.81

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting Table 10

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019

Banking Division

Net interest income $112,964$119,562$120,330 $118,375$124,957$471,231$419,013

Provision for credit losses 1,847 487 86,805 35,997 4,741 125,136 12,654

Noninterest income 15,659 15,265 14,468 17,773 18,632 63,165 69,005

Noninterest expense

Salaries and employee benefits 38,668 39,718 40,423 41,621 38,180 160,430 130,134

Occupancy and equipment expenses 10,958 11,955 11,679 10,347 10,216 44,939 35,281

Data processing and telecommunications expenses9,608 9,716 8,919 10,797 10,156 39,040 34,934

Other noninterest expenses 25,806 21,517 27,997 30,645 23,176 105,965 149,919

Total noninterest expense 85,040 82,906 89,018 93,410 81,728 350,374 350,268

Income (loss) before income tax expense 41,736 51,434 (41,025) 6,741 57,120 58,886 125,096

Income tax expense (benefit) 13,992 13,453 (8,582) 275 15,412 19,138 31,609

Net income (loss) $27,744 $37,981 $(32,443)$6,466 $41,708 $39,748 $93,487



Retail Mortgage Division

Net interest income $19,908 $20,393 $24,302 $17,756 $18,223 $82,359 $44,552

Provision for credit losses (1,621) 15,051 423 1,997 1,237 15,850 3,472

Noninterest income 94,109 137,583 104,195 34,369 33,335 370,256 118,188

Noninterest expense

Salaries and employee benefits 50,165 53,500 50,003 31,097 28,233 184,765 82,470

Occupancy and equipment expenses 1,577 1,676 1,953 1,504 1,544 6,710 4,666

Data processing and telecommunications expenses1,534 2,349 1,406 986 1,034 6,275 2,418

Other noninterest expenses 7,442 7,889 6,949 5,875 4,553 28,155 12,536

Total noninterest expense 60,718 65,414 60,311 39,462 35,364 225,905 102,090

Income before income tax expense 54,920 77,511 67,763 10,666 14,957 210,860 57,178

Income tax expense 11,535 16,112 14,231 2,408 3,371 44,286 12,202

Net income $43,385 $61,399 $53,532 $8,258 $11,586 $166,574$44,976



Warehouse Lending Division

Net interest income $9,017 $6,546 $5,026 $3,302 $3,771 $23,891 $12,617

Provision for credit losses 1,673 495 403 (9) 67 2,562 67

Noninterest income 1,113 1,064 727 960 610 3,864 1,999

Noninterest expense

Salaries and employee benefits 296 266 209 210 325 981 934

Occupancy and equipment expenses 1 1 1 1 1 4 5

Data processing and telecommunications expenses101 73 55 41 47 270 156

Other noninterest expenses 26 28 88 34 53 176 223

Total noninterest expense 424 368 353 286 426 1,431 1,318

Income before income tax expense 8,033 6,747 4,997 3,985 3,888 23,762 13,231

Income tax expense 1,687 1,431 1,049 837 816 5,004 2,778

Net income $6,346 $5,316 $3,948 $3,148 $3,072 $18,758 $10,453

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting (continued) Table 10

Three Months Ended Year Ended

Dec Sep Jun Mar Dec Dec Dec

(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019

SBA Division

Net interest income $14,909 $8,966 $7,034 $2,181 $2,190 $33,090 $7,031

Provision for credit losses (2,997) 4,297 2,322 (903) 150 2,719 544

Noninterest income 1,247 5,106 1,570 1,277 2,536 9,200 8,915

Noninterest expense

Salaries and employee benefits 1,233 1,572 2,612 1,476 1,336 6,893 4,783

Occupancy and equipment expenses 100 97 97 97 79 391 269

Data processing and telecommunications expenses1 4 15 13 5 33 32

Other noninterest expenses 363 595 359 515 402 1,832 1,651

Total noninterest expense 1,697 2,268 3,083 2,101 1,822 9,149 6,735

Income before income tax expense 17,456 7,507 3,199 2,260 2,754 30,422 8,667

Income tax expense 3,666 1,577 671 475 578 6,389 1,820

Net income $13,790 $5,930 $2,528 $1,785 $2,176 $24,033 $6,847



Premium Finance Division

Net interest income $6,658 $7,071 $7,122 $6,331 $6,210 $27,182 $21,953

Provision for credit losses (412) (2,648) (1,792) 3,965 (502) (887) 3,021

Noninterest income 15 - - - - 15 6

Noninterest expense

Salaries and employee benefits 2,104 1,642 1,921 1,542 1,568 7,209 5,617

Occupancy and equipment expenses 73 76 77 79 79 305 375

Data processing and telecommunications expenses79 84 119 117 120 399 973

Other noninterest expenses 981 934 886 1,056 1,457 3,857 4,561

Total noninterest expense 3,237 2,736 3,003 2,794 3,224 11,770 11,526

Income (loss) before income tax expense 3,848 6,983 5,911 (428) 3,488 16,314 7,412

Income tax expense (benefit) 828 1,464 1,240 (93) 782 3,439 1,734

Net income (loss) $3,020 $5,519 $4,671 $(335) $2,706 $12,875 $5,678



Total Consolidated

Net interest income $163,456$162,538$163,814$147,945$155,351$637,753$505,166

Provision for credit losses (1,510) 17,682 88,161 41,047 5,693 145,380 19,758

Noninterest income 112,143 159,018 120,960 54,379 55,113 446,500 198,113

Noninterest expense

Salaries and employee benefits 92,466 96,698 95,168 75,946 69,642 360,278 223,938

Occupancy and equipment expenses 12,709 13,805 13,807 12,028 11,919 52,349 40,596

Data processing and telecommunications expenses11,323 12,226 10,514 11,954 11,362 46,017 38,513

Other noninterest expenses 34,618 30,963 36,279 38,125 29,641 139,985 168,890

Total noninterest expense 151,116 153,692 155,768 138,053 122,564 598,629 471,937

Income before income tax expense 125,993 150,182 40,845 23,224 82,207 340,244 211,584

Income tax expense 31,708 34,037 8,609 3,902 20,959 78,256 50,143

Net income $94,285 $116,145$32,236 $19,322 $61,248 $261,988$161,441

View original content to download multimedia: http://www.prnewswire.com/news-releases/ameris-bancorp-announces-fourth-quarter-and-full-year-2020-financial-results-301217726.html

SOURCE Ameris Bancorp