PR Newswire | Oct 22, 2020 04:31PM EDT

10/22 15:30 CDT

Ameris Bancorp Announces Financial Results For Third Quarter 2020 ATLANTA, Oct. 22, 2020

ATLANTA, Oct. 22, 2020 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $116.1 million, or $1.67 per diluted share, for the quarter ended September 30, 2020, compared with $21.4 million, or $0.31 per diluted share, for the quarter ended September 30, 2019. The increase in net income is primarily attributable to increases in mortgage banking activity of $85.6 million and net interest income of $13.8 million and a decrease of merger and conversion charges of $65.2 million, partially offset by an increase of $11.7 million in provision for credit losses compared with the third quarter of 2019. The Company reported adjusted net income of $116.9 million, or $1.69 per diluted share, for the quarter ended September 30, 2020, compared with $68.5 million, or $0.98 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-to-date period ending September 30, 2020, the Company reported net income of $167.7 million, or $2.42 per diluted share, compared with $100.2 million, or $1.83 per diluted share, for the same period in 2019. The Company reported adjusted net income of $198.5 million, or $2.86 per diluted share, for the nine months ended September 30, 2020, compared with $156.3 million, or $2.85 per diluted share, for the same period in 2019. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "I couldn't be more proud of our Company and the financial results we are reporting this quarter. Every division of our Company increased their financial performance in the third quarter, which resulted in record earnings and top of class results. Throughout this pandemic, Ameris teammates have remained focused on our customers and our communities. We continue to adapt to this new environment by offering innovative products and services which strengthens our relationships and our financial results. Our outlook remains optimistic for the remainder of 2020 and beyond."

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

* Net income of $116.1 million, or $1.67 per diluted share, compared with $32.2 million, or $0.47 per diluted share, in the second quarter of 2020 * Tangible book value growth of $1.56 per share, or 7.5%, to $22.46 compared with $20.90 at June 30, 2020 * Growth in adjusted total revenue of $30.0 million, or 10.2%, compared with the second quarter of 2020 * Increase in income from mortgage banking activity of $33.7 million compared with the second quarter of 2020 * Adjusted efficiency ratio of 47.34%, compared with 51.08% in the second quarter of 2020 * Net interest margin of 3.64%, compared with 3.83% in the second quarter of 2020 * Adjusted return on average assets of 2.35%, compared with 0.89% in the second quarter of 2020 * Improvement in deposit mix such that noninterest bearing deposits represent 36.79% of total deposits, up from 29.94% at December 31, 2019 and 29.85% a year ago * Annualized net charge-offs of 0.10% of average total loans * Completed issuance of $110 million of subordinated debt at 3.875% fixed for first five years

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

Adjusted Net Income Reconciliation

Three Months Ended Nine Months Ended

September 30, September 30,

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

Net income available to common shareholders $116,145 $21,384 $167,703 $100,193



Adjustment items:

Merger and conversion charges (44) 65,158 1,391 70,690

Restructuring charges 50 - 1,513 245

Servicing right impairment (recovery) 412 (1,319) 30,566 141

Gain on BOLI proceeds (103) (4,335) (948) (4,335)

Expenses related to SEC and DOJ investigation 268 - 3,005 -

Natural disaster and pandemic charges (Note 1) 470 - 3,061 (39)

(Gain) loss on sale of premises (97) 889 654 4,608

Tax effect of adjustment items (Note 2) (222) (13,238) (8,438) (15,167)

After-tax adjustment items 734 47,155 30,804 56,143

Adjusted net income $116,879 $68,539 $198,507 $156,336



Reported net income per diluted share $1.67 $0.31 $2.42 $1.83

Adjusted net income per diluted share $1.69 $0.98 $2.86 $2.85



Reported return on average assets 2.33 %0.49 %1.18 %0.99 %

Adjusted return on average assets 2.35 %1.57 %1.39 %1.55 %



Reported return on average common equity 18.27 %3.49 %8.96 %7.39 %

Adjusted return on average tangible common equity30.53 %18.95 %17.84 %18.87 %



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 3Q19 and both year-to-date periods are nondeductible for tax purposes.

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for the third quarter of 2020 totaled $163.9 million, compared with $165.2 million for the second quarter of 2020 and $149.9 million for the third quarter of 2019. The Company's net interest margin was 3.64% for the third quarter of 2020, down from 3.83% reported for the second quarter of 2020 and from 3.84% reported for the third quarter of 2019. The decrease in net interest margin in the current quarter is primarily attributable to a decrease in the yields on both loans and loans held for sale as market interest rates declined, partially offset by a decrease in the cost of interest-bearing liabilities. Accretion income for the third quarter of 2020 decreased to $6.5 million, compared with $9.6 million for the second quarter of 2020, and increased from $4.2 million for the third quarter of 2019. The decrease in accretion income in the third quarter is primarily attributable to increased payoffs of acquired loans during the second quarter of 2020.

Yields on loans decreased to 4.42% during the third quarter of 2020, compared with 4.70% for the second quarter of 2020 and 5.27% reported for the third quarter of 2019. Loan production in the banking division during the third quarter of 2020 totaled $869.0 million, with weighted average yields of 4.00%, compared with $472.1 million and 4.16%, respectively, in the second quarter of 2020 and $1.2 billion and 5.08%, respectively, in the third 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 third quarter of 2020, with weighted average yields of 3.33%, compared with $7.2 billion and 3.17%, respectively, during the second quarter of 2020 and $4.2 billion and 4.51%, respectively, during the third quarter of 2019. Loan production yields in the lines of business were materially impacted during the second quarter of 2020 by originations of Paycheck Protection Program ("PPP") loans in our SBA division. Excluding PPP loans, loan production in the lines of business amounted to $6.1 billion during the second quarter of 2020, with weighted average yields of 3.53%.

Interest expense during the third quarter of 2020 decreased to $17.4 million, compared with $21.2 million in the second quarter of 2020 and $39.6 million in the third quarter of 2019. The Company's total cost of funds moved 11 basis points lower to 0.41% in the third quarter of 2020 as compared with the second quarter of 2020. Deposit costs decreased nine basis points during the third quarter of 2020 to 0.30%, compared with 0.39% in the second quarter of 2020. Costs of interest-bearing deposits decreased during the quarter from 0.58% in the second quarter of 2020 to 0.47% in the third quarter of 2020.

Noninterest Income

Noninterest income increased $38.1 million, or 31.5%, in the third quarter of 2020 to $159.0 million, compared with $121.0 million for the second quarter of 2020, primarily as a result of increased mortgage banking activity.

Mortgage banking activity increased $33.7 million, or 32.1%, to $138.6 million in the third quarter of 2020, compared with $104.9 million for the second quarter of 2020. This increase was a result of both increased production and expansion in our gain on sale spread. Gain on sale spreads increased to 3.92% in the third quarter of 2020 from 3.53% for the second quarter of 2020. Total production in the retail mortgage division increased to $2.92 billion in the third quarter of 2020, compared with $2.67 billion for the second quarter of 2020. Mortgage banking activity was negatively impacted during the third quarter of 2020 by an $1.1 million servicing right impairment, compared with an impairment of $8.2 million for the second quarter of 2020. The retail mortgage open pipeline was $2.71 billion at the end of the third quarter of 2020, compared with $2.67 billion at June 30, 2020.

Service charge revenue increased $1.0 million, or 10.0%, to $10.9 million in the third quarter of 2020, compared with $9.9 million for the second quarter of 2020, resulting from an increase in volume. Other noninterest income increased $3.4 million, or 67.6%, in the third quarter of 2020 to $8.3 million, compared with $5.0 million for the second quarter of 2020, primarily as a result of an increase in the gain on sales of SBA loans of $2.8 million, as the SBA division shifted its focus from PPP loan production to its existing pipeline.

Noninterest Expense

Noninterest expense decreased $2.1 million, or 1.3%, to $153.7 million during the third quarter of 2020, compared with $155.8 million for the second quarter of 2020. During the third quarter of 2020, the Company recorded $647,000 of charges to earnings, related to restructuring charges associated with branch consolidations and efficiency initiatives, charges related to the previously announced SEC/DOJ investigation, merger and conversion charges, natural disaster and pandemic charges and (gain) loss on sale of premises, compared with $6.0 million in charges in the second quarter of 2020 that were related the same items. Excluding these charges, adjusted expenses increased approximately $3.3 million, or 2.2%, to $153.0 million in the third quarter of 2020, from $149.8 million in the second quarter of 2020. The majority of this increase is attributable to 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 51.08% in the second quarter of 2020 to 47.34% in the third quarter of 2020.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2020 was 22.7%, compared with 21.1% in the second quarter of 2020. The increased rate for the third quarter of 2020 was primarily a result of increased state tax expense as a result of increased pre-tax income.

Balance Sheet Trends

Total assets at September 30, 2020 were $19.87 billion, compared with $18.24 billion at December 31, 2019. Total loans, including loans held for sale, were $16.36 billion at September 30, 2020, compared with $14.48 billion at December 31, 2019. Total loans held for investment were $14.94 billion at September 30, 2020, compared with $12.82 billion at December 31, 2019, an increase of $2.13 billion, or 16.6%, compared with December 31, 2019. Loan production in the banking division during the third quarter of 2020 was up 84% from the second quarter of 2020 and down 26% from the third quarter of 2019. Loan growth in the first nine months of 2020 was driven by PPP loan originations, which totaled $1.10 billion in outstanding balances at September 30, 2020, and increases in warehouse lending and portfolio mortgage loans.

At September 30, 2020, total deposits amounted to $16.06 billion, or 94.1% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019. At September 30, 2020, noninterest-bearing deposit accounts were $5.91 billion, or 36.8% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019. Noninterest-bearing deposit growth was meaningfully impacted by PPP loan originations. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $9.56 billion at September 30, 2020, compared with $7.21 billion at December 31, 2019. These funds represented 59.5% of the Company's total deposits at September 30, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at September 30, 2020 totaled $2.56 billion, an increase of $95.1 million, or 3.9%, from December 31, 2019. The increase in shareholders' equity was primarily the result of earnings of $167.7 million during 2020, partially offset by the CECL adoption impact of $56.7 million and dividends declared. Tangible book value per share was $22.46 at September 30, 2020, compared with $20.81 at December 31, 2019. Tangible common equity as a percentage of tangible assets was 8.27% at September 30, 2020, compared with 8.40% at the end of the 2019.

Credit Quality

Credit quality remains strong in the Company. During the third quarter of 2020, the Company recorded provision for credit losses of $17.7 million, compared with $88.2 million in the second 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 second quarter of 2020. The improved economic forecast was partially offset by increased qualitative factors in our residential real estate, commercial real estate and hotel portfolios based principally on risk rating migrations, level of deferrals in the portfolio and expected collateral values. 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 third quarter of 2020 was approximately 4.3% 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 increased by 23 basis points to 0.82% during the quarter. The increase in nonperforming assets is primarily attributable to increased nonaccrual loans in the residential real estate and commercial real estate loan categories. The net charge-off ratio was 10 basis points for the third quarter of 2020, compared with 27 basis points in the second quarter of 2020 and seven basis points in the third quarter of 2019.

Share Repurchase Program

The Company's board of directors has also approved the extension of the share repurchase program authorized in September 2019, under which the Company was authorized to repurchase up to $100 million of its outstanding common stock. As extended, the program now allows for repurchases of shares to occur through October 31, 2021. Currently, $85,723,412 in aggregate value remains for repurchase under the program.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time Friday, October 23, 2020, 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 November 6, 2020. 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 10148491. 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 170 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, political and market conditions and fluctuations; movements in interest rates and our expectations regarding net interest margin; expectations on credit quality and performance; legislative and regulatory changes; 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; 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, 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 Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

EARNINGS

Net income $116,145 $32,236 $19,322 $61,248 $21,384 $167,703 $100,193

Adjusted net income $116,879 $42,423 $39,205 $66,608 $68,539 $198,507 $156,336



COMMON SHARE DATA

Earnings per share available to common shareholders

Basic $1.68 $0.47 $0.28 $0.88 $0.31 $2.42 $1.83

Diluted $1.67 $0.47 $0.28 $0.88 $0.31 $2.42 $1.83

Adjusted diluted EPS $1.69 $0.61 $0.56 $0.96 $0.98 $2.86 $2.85

Cash dividends per share $0.15 $0.15 $0.15 $0.15 $0.15 $0.45 $0.35

Book value per share (period end) $36.91 $35.42 $35.10 $35.53 $34.78 $36.91 $34.78

Tangible book value per share (period end) $22.46 $20.90 $20.44 $20.81 $20.29 $22.46 $20.29

Weighted average number of shares

Basic 69,230,667 69,191,778 69,247,661 69,429,193 69,372,125 69,243,280 54,762,216

Diluted 69,346,141 69,292,972 69,502,022 69,683,999 69,600,499 69,403,104 54,883,122

Period end number of shares 69,490,546 69,462,782 69,441,274 69,503,833 69,593,833 69,490,546 69,593,833

Market data

High intraday price $27.81 $29.82 $43.79 $44.90 $40.65 $43.79 $42.01

Low intraday price $19.91 $17.12 $17.89 $38.34 $33.71 $17.12 $31.27

Period end closing price $22.78 $23.59 $23.76 $42.54 $40.24 $22.78 $40.24

Average daily volume 359,059 470,151 461,692 353,783 461,289 429,758 401,050



PERFORMANCE RATIOS

Return on average assets 2.33 %0.67 %0.43 %1.35 %0.49 %1.18 %0.99 %

Adjusted return on average assets 2.35 %0.89 %0.87 %1.47 %1.57 %1.39 %1.55 %

Return on average common equity 18.27 %5.23 %3.16 %9.97 %3.49 %8.96 %7.39 %

Adjusted return on average tangible common 30.53 %11.66 %10.98 %18.45 %18.95 %17.84 %18.87 %equity

Earning asset yield (TE) 4.02 %4.32 %4.56 %4.82 %4.86 %4.29 %4.91 %

Total cost of funds 0.41 %0.52 %0.91 %1.00 %1.07 %0.60 %1.07 %

Net interest margin (TE) 3.64 %3.83 %3.70 %3.86 %3.84 %3.72 %3.89 %

Noninterest income excluding securities transactions, as a percent of total revenue 46.72 %39.35 %22.83 %22.02 %28.89 %37.74 %24.27 %(TE)

Efficiency ratio 47.80 %54.70 %68.23 %58.24 %85.35 %55.34 %70.89 %

Adjusted efficiency ratio (TE) 47.34 %51.08 %59.87 %55.61 %57.25 %52.00 %55.70 %



CAPITAL ADEQUACY (period end)

Shareholders' equity to assets 12.90 %12.38 %13.37 %13.54 %13.63 %12.90 %13.63 %

Tangible common equity to tangible assets 8.27 %7.70 %8.25 %8.40 %8.43 %8.27 %8.43 %



EQUITY TO ASSETS RECONCILIATION

Tangible common equity to tangible assets 8.27 %7.70 %8.25 %8.40 %8.43 %8.27 %8.43 %

Effect of goodwill and other intangibles 4.63 %4.68 %5.12 %5.14 %5.20 %4.63 %5.20 %

Equity to assets (GAAP) 12.90 %12.38 %13.37 %13.54 %13.63 %12.90 %13.63 %



OTHER DATA (period end)

Full time equivalent employees

Banking Division 1,807 1,832 1,865 1,913 2,001 1,807 2,001

Retail Mortgage Division 734 692 689 690 785 734 785

Warehouse Lending Division 11 9 9 9 9 11 9

SBA Division 33 42 44 42 45 33 45

Premium Finance Division 71 70 72 68 66 71 66

Total Ameris Bancorp FTE headcount 2,656 2,645 2,679 2,722 2,906 2,656 2,906



Assets per Banking Division FTE $10,998 $10,848 $9,772 $9,536 $8,878 $10,998 $8,878

Branch locations 170 170 170 170 172 170 172

Deposits per branch location $94,493 $91,705 $81,439 $82,512 $79,416 $94,493 $79,416

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Income Statement Table 2

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Interest income

Interest and fees on loans $172,351$175,345$171,242$182,391$175,046$518,938$404,457

Interest on taxable securities 7,259 9,347 10,082 10,358 11,354 26,688 29,780

Interest on nontaxable securities 159 157 157 167 168 473 426

Interest on deposits in other banks 153 123 1,211 1,091 1,622 1,487 7,048

Interest on federal funds sold 12 46 76 69 171 134 607

Total interest income 179,934 185,018 182,768 194,076 188,361 547,720 442,318



Interest expense

Interest on deposits 11,822 14,273 24,102 27,970 29,425 50,197 74,563

Interest on other borrowings 5,574 6,931 10,721 10,755 10,167 23,226 17,940

Total interest expense 17,396 21,204 34,823 38,725 39,592 73,423 92,503



Net interest income 162,538 163,814 147,945 155,351 148,769 474,297 349,815



Provision for loan losses 26,692 68,449 37,047 5,693 5,989 132,188 14,065

Provision for unfunded commitments (10,131) 19,712 4,000 - - 13,581 -

Provision for other credit losses 1,121 - - - - 1,121 -

Provision for credit losses 17,682 88,161 41,047 5,693 5,989 146,890 14,065

Net interest income after provision for credit losses144,856 75,653 106,898 149,658 142,780 327,407 335,750



Noninterest income

Service charges on deposits accounts 10,914 9,922 11,844 13,567 13,411 32,680 37,225

Mortgage banking activity 138,627 104,925 35,333 33,168 53,041 278,885 86,241

Other service charges, commissions and fees 1,151 1,130 1,128 1,085 1,236 3,409 2,828

Gain (loss) on securities - 14 (9) (1) 4 5 139

Other noninterest income 8,326 4,969 6,083 7,294 9,301 19,378 16,567

Total noninterest income 159,018 120,960 54,379 55,113 76,993 334,357 143,000



Noninterest expense

Salaries and employee benefits 96,698 95,168 75,946 69,642 77,633 267,812 154,296

Occupancy and equipment expenses 13,805 13,807 12,028 11,919 12,639 39,640 28,677

Data processing and telecommunications expenses 12,226 10,514 11,954 11,362 10,372 34,694 27,151

Credit resolution related expenses^(1) 802 950 2,198 1,098 1,094 3,950 2,984

Advertising and marketing expenses 966 1,455 2,358 2,250 1,949 4,779 5,677

Amortization of intangible assets 4,190 5,601 5,631 5,741 5,719 15,422 11,972

Merger and conversion charges (44) 895 540 2,415 65,158 1,391 70,690

Other noninterest expenses 25,049 27,378 27,398 18,137 18,133 79,825 47,926

Total noninterest expense 153,692 155,768 138,053 122,564 192,697 447,513 349,373



Income before income tax expense 150,182 40,845 23,224 82,207 27,076 214,251 129,377

Income tax expense 34,037 8,609 3,902 20,959 5,692 46,548 29,184

Net income $116,145$32,236 $19,322 $61,248 $21,384 $167,703$100,193



Diluted earnings per common share $1.67 $0.47 $0.28 $0.88 $0.31 $2.42 $1.83



(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

Sep Jun Mar Dec Sep

(dollars in thousands) 2020 2020 2020 2019 2019

Assets

Cash and due from banks $257,026 $292,899 $255,312 $246,234 $193,976

Federal funds sold and interest-bearing deposits in banks 494,765 428,560 396,844 375,615 285,713

Time deposits in other banks 249 249 249 249 499

Investment securities available for sale, at fair value 1,117,436 1,238,896 1,353,040 1,403,403 1,491,207

Other investments 47,329 76,453 81,754 66,919 66,921

Loans held for sale, at fair value 1,414,889 1,736,397 1,398,229 1,656,711 1,187,551



Loans, net of unearned income 14,943,593 14,503,157 13,094,106 12,818,476 12,826,284

Allowance for loan losses (231,924) (208,793) (149,524) (38,189) (35,530)

Loans, net 14,711,669 14,294,364 12,944,582 12,780,287 12,790,754



Other real estate owned 17,969 23,563 21,027 19,500 20,710



Premises and equipment, net 231,278 230,118 231,347 233,102 239,428

Goodwill 928,005 928,005 931,947 931,637 911,488

Other intangible assets, net 76,164 80,354 85,955 91,586 97,328

Cash value of bank owned life insurance 175,605 175,011 176,239 175,270 174,442

Deferred income taxes, net 53,039 56,306 24,196 2,180 22,111

Other assets 348,428 311,454 323,827 259,886 282,149

Total assets $19,873,851$19,872,629$18,224,548$18,242,579$17,764,277



Liabilities

Deposits

Noninterest-bearing $5,909,316 $5,595,868 $4,226,253 $4,199,448 $4,077,856

Interest-bearing 10,154,490 9,993,950 9,618,365 9,827,625 9,581,738

Total deposits 16,063,806 15,589,818 13,844,618 14,027,073 13,659,594

Federal funds purchased and securities sold under agreements to repurchase9,103 12,879 15,160 20,635 17,744

Other borrowings 875,255 1,418,336 1,543,371 1,398,709 1,351,172

Subordinated deferrable interest debentures 123,860 123,375 122,890 127,560 127,075

FDIC loss-share payable, net 19,476 18,903 18,111 19,642 19,490

Other liabilities 217,668 249,188 243,248 179,378 168,479

Total liabilities 17,309,168 17,412,499 15,787,398 15,772,997 15,343,554



Shareholders' Equity

Preferred stock - - - - -

Common stock 71,703 71,674 71,652 71,500 71,447

Capital stock 1,911,031 1,909,839 1,908,721 1,907,108 1,904,789

Retained earnings 587,657 481,948 460,153 507,950 457,127

Accumulated other comprehensive income, net of tax 37,252 39,613 39,551 17,995 15,482

Treasury stock (42,960) (42,944) (42,927) (34,971) (28,122)

Total shareholders' equity 2,564,683 2,460,130 2,437,150 2,469,582 2,420,723

Total liabilities and shareholders' equity $19,873,851$19,872,629$18,224,548$18,242,579$17,764,277



Other Data

Earning assets $18,018,261$17,983,712$16,324,222$16,321,373$15,858,175

Intangible assets 1,004,169 1,008,359 1,017,902 1,023,223 1,008,816

Interest-bearing liabilities 11,162,708 11,548,540 11,299,786 11,374,529 11,077,729

Average assets 19,810,084 19,222,181 18,056,445 17,998,494 17,340,387

Average common shareholders' equity 2,529,471 2,478,373 2,456,617 2,437,272 2,432,182

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Asset Quality Information Table 4

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Allowance for Credit Losses

Balance at beginning of period $246,295 $167,315 $39,266 $36,607 $31,793 $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 - 1,077



Provision for loan losses 26,692 68,449 37,047 5,693 5,989 132,188 14,065

Provision for unfunded commitments (10,131) 19,712 4,000 - - 13,581 -

Provision for other credit losses 1,121 - - - - 1,121 -

Provision for credit losses 17,682 88,161 41,047 5,693 5,989 146,890 14,065



Charge-offs 7,370 11,282 6,718 5,664 5,249 25,370 14,197

Recoveries 3,810 2,101 2,345 2,630 2,997 8,256 6,843

Net charge-offs 3,560 9,181 4,373 3,034 2,252 17,114 7,354



Ending balance $260,417 $246,295 $167,315 $39,266 $36,607 $260,417 $36,607



Allowance for loan losses $231,924 $208,793 $149,524 $38,189 $35,530 $231,924 $35,530

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

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

Total allowance for credit losses $260,417 $246,295 $167,315 $39,266 $36,607 $260,417 $36,607



Net Charge-off Information

Charge-offs

Commercial, financial and agricultural $1,715 $486 $2,486 $1,813 $490 $4,687 $1,647

Consumer installment 677 962 1,142 1,586 1,245 2,781 4,313

Indirect automobile 697 1,016 1,231 939 965 2,944 965

Premium Finance 1,158 1,904 831 899 1,267 3,893 3,452

Real estate - construction and development 9 74 - 146 - 83 268

Real estate - commercial and farmland 2,977 6,315 928 181 1,318 10,220 3,161

Real estate - residential 137 525 100 100 37 762 391

Total charge-offs 7,370 11,282 6,718 5,664 5,322 25,370 14,197



Recoveries

Commercial, financial and agricultural 470 303 362 934 300 1,135 904

Consumer installment 516 436 321 461 1590 1,273 1,094

Indirect automobile 317 359 344 241 271 1,020 271

Premium Finance 1,224 676 684 358 736 2,584 2,396

Real estate - construction and development 182 168 342 430 930 692 1,315

Real estate - commercial and farmland 904 21 85 140 74 1,010 192

Real estate - residential 197 138 207 68 169 542 671

Total recoveries 3,810 2,101 2,345 2,632 3,070 8,256 6,843



Net charge-offs $3,560 $9,181 $4,373 $3,032 $2,252 $17,114 $7,354



Non-Performing Assets

Nonaccrual loans $138,163 $77,745 $77,866 $75,124 $100,501 $138,163 $100,501

Other real estate owned 17,969 23,563 21,027 19,500 20,710 17,969 20,710

Repossessed assets 258 1,348 783 939 1,258 258 1,258

Accruing loans delinquent 90 days or more 7,003 15,127 11,969 5,754 6,325 7,003 6,325

Total non-performing assets $163,393 $117,783 $111,645 $101,317 $128,794 $163,393 $128,794



Asset Quality Ratios

Non-performing assets as a percent of total assets 0.82 %0.59 %0.61 %0.56 % 0.73 %0.82 %0.73 %

Net charge-offs as a percent of average loans 0.10 %0.27 %0.14 %0.09 % 0.07 %0.17 %0.10 %(annualized)

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Loan Information Table 5

Sep Jun Mar Dec Sep

(dollars in thousands) 2020 2020 2020 2019 2019

Loans by Type

Commercial, financial and agricultural $1,879,788 $1,839,921 $827,392 $802,171 $931,755

Consumer installment 450,810 575,782 520,592 498,577 500,067

Indirect automobile 682,396 739,543 937,736 1,061,824 1,111,815

Mortgage warehouse 995,942 748,853 547,328 526,369 562,598

Municipal 725,669 731,508 749,633 564,304 578,267

Premium Finance 710,890 690,584 661,845 654,669 656,570

Real estate - construction and development 1,628,255 1,641,744 1,628,367 1,549,062 1,468,696

Real estate - commercial and farmland 5,116,252 4,804,420 4,516,451 4,353,039 4,198,759

Real estate - residential 2,753,591 2,730,802 2,704,762 2,808,461 2,817,757

Total loans $14,943,593$14,503,157$13,094,106$12,818,476$12,826,284



Troubled Debt Restructurings

Accruing troubled debt restructurings

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

Consumer installment 36 42 4 8 9

Indirect automobile 2,689 - - - -

Mortgage warehouse - - - - -

Municipal - - - - -

Premium Finance - - 159 156 159

Real estate - construction and development 510 919 925 936 948

Real estate - commercial and farmland 56,417 5,252 5,587 6,732 8,616

Real estate - residential 28,777 30,253 22,775 21,261 21,472

Total accruing troubled debt restructurings $88,888 $37,057 $30,025 $29,609 $31,725

Nonaccrual troubled debt restructurings

Commercial, financial and agricultural $1,002 $1,034 $334 $335 $144

Consumer installment 64 67 105 107 120

Indirect automobile 482 - - - -

Mortgage warehouse - - - - -

Municipal - - - - -

Premium Finance - - - - -

Real estate - construction and development 709 307 289 253 258

Real estate - commercial and farmland 19,942 1,878 2,415 2,071 1,958

Real estate - residential 4,477 2,231 3,078 2,857 2,103

Total nonaccrual troubled debt restructurings$26,676 $5,517 $6,221 $5,623 $4,583

Total troubled debt restructurings $115,564 $42,574 $36,246 $35,232 $36,308



Loans by Risk Grade

Grade 1 - Prime credit $1,845,900 $1,789,709 $774,956 $587,877 $613,281

Grade 2 - Strong credit 838,267 801,273 785,770 840,372 856,618

Grade 3 - Good credit 6,189,269 5,784,754 5,772,834 6,034,398 6,086,576

Grade 4 - Satisfactory credit 4,989,617 5,643,133 4,353,733 4,884,541 4,746,020

Grade 5 - Fair credit 643,502 212,667 1,131,128 233,020 252,424

Grade 6 - Other assets especially mentioned 151,501 108,704 106,885 86,412 114,235

Grade 7 - Substandard 285,537 162,917 168,561 151,846 157,114

Grade 8 - Doubtful - - 239 8 14

Grade 9 - Loss - - - 2 2

Total loans $14,943,593$14,503,157$13,094,106$12,818,476$12,826,284

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Average Balances Table 6

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Earning Assets

Federal funds sold $20,004 $24,265 $27,380 $23,104 $28,459 $23,868 $33,800

Interest-bearing deposits in banks 467,188 398,284 419,260 304,427 324,127 428,386 377,290

Time deposits in other banks 249 249 249 401 548 249 4,818

Investment securities - taxable 1,160,585 1,281,980 1,359,651 1,426,062 1,514,534 1,267,015 1,312,776

Investment securities - nontaxable 21,619 21,576 22,839 23,580 23,759 22,010 21,060

Other investments 64,656 79,143 73,972 64,852 53,712 72,561 28,168

Loans held for sale 1,507,481 1,614,080 1,587,131 1,537,648 856,572 1,569,337 373,699

Loans 14,688,317 13,915,406 12,712,997 12,697,912 12,677,063 13,772,102 9,982,560

Total Earning Assets $17,930,099$17,334,983$16,203,479$16,077,986$15,478,774$17,155,528$12,134,171



Deposits

Noninterest-bearing deposits $5,782,163 $5,061,578 $4,080,920 $4,124,872 $4,040,592 $4,977,833 $3,108,638

NOW accounts 2,718,315 2,441,305 2,287,947 2,204,666 2,049,175 2,483,383 1,705,108

MMDA 4,273,899 4,221,906 4,004,644 3,953,717 3,815,185 4,167,207 3,053,272

Savings accounts 749,314 692,382 643,422 649,118 661,555 695,238 489,678

Retail CDs 2,274,150 2,471,134 2,624,209 2,721,829 2,804,243 2,455,833 2,222,942

Brokered CDs 1,933 2,043 61,190 249,644 150,176 21,650 380,937

Total Deposits 15,799,774 14,890,348 13,702,332 13,903,846 13,520,926 14,801,144 10,960,575

Non-Deposit Funding

Federal funds purchased and securities sold10,483 12,452 15,637 17,088 19,914 12,849 13,017 under agreements to repurchase

FHLB advances 799,034 1,212,537 1,267,303 1,080,516 810,384 1,091,885 282,622

Other borrowings 272,443 269,300 269,454 234,001 220,918 270,407 170,891

Subordinated deferrable interest debentures123,604 123,120 127,731 127,292 133,519 124,814 104,345

Total Non-Deposit Funding 1,205,564 1,617,409 1,680,125 1,458,897 1,184,735 1,499,955 570,875

Total Funding $17,005,338$16,507,757$15,382,457$15,362,743$14,705,661$16,301,099$11,531,450

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Interest Income and Interest Expense (TE) Table 7

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Interest Income

Federal funds sold $13 $45 $76 $69 $171 $134 $607

Interest-bearing deposits in banks 152 122 1,210 1,089 1,620 1,484 6,979

Time deposits in other banks 1 1 1 2 2 3 69

Investment securities - taxable 7,260 9,346 10,082 10,358 11,354 26,688 29,780

Investment securities - nontaxable (TE) 202 198 199 212 213 599 539

Loans held for sale 10,365 14,053 13,637 14,330 7,889 38,055 10,673

Loans (TE) 163,352 162,617 158,636 169,119 168,239 484,605 396,918

Total Earning Assets $181,345$186,382$183,841$195,179$189,488$551,568$445,565



Accretion income (included above) $6,525 $9,576 $6,562 $9,727 $4,222 $22,663 $10,208



Interest Expense

Interest-Bearing Deposits

NOW accounts $1,394 $1,265 $2,774 $2,728 $2,843 $5,433 $7,212

MMDA 2,823 3,764 9,748 11,311 12,593 16,335 31,128

Savings accounts 112 94 210 233 274 416 436

Retail CDs 7,484 9,136 11,064 12,220 12,905 27,684 28,820

Brokered CDs 9 14 306 1,478 810 329 6,967

Total Interest-Bearing Deposits 11,822 14,273 24,102 27,970 29,425 50,197 74,563

Non-Deposit Funding

Federal funds purchased and securities sold under9 25 40 41 32 74 45 agreements to repurchase

FHLB advances 661 1,686 5,109 5,241 4,618 7,456 4,803

Other borrowings 3,558 3,487 3,511 3,358 3,332 10,556 7,769

Subordinated deferrable interest debentures 1,346 1,733 2,061 2,115 2,185 5,140 5,323

Total Non-Deposit Funding 5,574 6,931 10,721 10,755 10,167 23,226 17,940

Total Interest-Bearing Funding $17,396 $21,204 $34,823 $38,725 $39,592 $73,423 $92,503



Net Interest Income (TE) $163,949$165,178$149,018$156,454$149,896$478,145$353,062

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Yields^(1) Table 8

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

2020 2020 2020 2019 2019 2020 2019

Earning Assets

Federal funds sold 0.26%0.75%1.12%1.18%2.38%0.75% 2.40 %

Interest-bearing deposits in banks 0.13%0.12%1.16%1.42%1.98%0.46% 2.47 %

Time deposits in other banks 1.60%1.62%1.62%1.98%1.45%1.61% 1.91 %

Investment securities - taxable 2.49%2.93%2.98%2.88%2.97%2.81% 3.03 %

Investment securities - nontaxable (TE) 3.72%3.69%3.50%3.57%3.56%3.64% 3.42 %

Loans held for sale 2.74%3.50%3.46%3.70%3.65%3.24% 3.82 %

Loans (TE) 4.42%4.70%5.02%5.28%5.27%4.70% 5.32 %

Total Earning Assets 4.02%4.32%4.56%4.82%4.86%4.29% 4.91 %



Interest-Bearing Deposits

NOW accounts 0.20%0.21%0.49%0.49%0.55%0.29% 0.57 %

MMDA 0.26%0.36%0.98%1.14%1.31%0.52% 1.36 %

Savings accounts 0.06%0.05%0.13%0.14%0.16%0.08% 0.12 %

Retail CDs 1.31%1.49%1.70%1.78%1.83%1.51% 1.73 %

Brokered CDs 1.85%2.76%2.01%2.35%2.14%2.03% 2.45 %

Total Interest-Bearing Deposits 0.47%0.58%1.01%1.13%1.23%0.68% 1.27 %

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to 0.34%0.81%1.03%0.95%0.64%0.77% 0.46 %repurchase

FHLB advances 0.33%0.56%1.62%1.92%2.26%0.91% 2.27 %

Other borrowings 5.20%5.21%5.24%5.69%5.98%5.21% 6.08 %

Subordinated deferrable interest debentures 4.33%5.66%6.49%6.59%6.49%5.50% 6.82 %

Total Non-Deposit Funding 1.84%1.72%2.57%2.92%3.40%2.07% 4.20 %

Total Interest-Bearing Liabilities 0.62%0.75%1.24%1.37%1.47%0.87% 1.47 %



Net Interest Spread 3.40%3.57%3.32%3.45%3.39%3.42% 3.44 %



Net Interest Margin^(2) 3.64%3.83%3.70%3.86%3.84%3.72% 3.89 %



Total Cost of Funds^(3) 0.41%0.52%0.91%1.00%1.07%0.60% 1.07 %

(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 Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Net income available to common shareholders $116,145 $32,236 $19,322 $61,248 $21,384 $167,703 $100,193



Adjustment items:

Merger and conversion charges (44) 895 540 2,415 65,158 1,391 70,690

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

Servicing right impairment (recovery) 412 7,989 22,165 366 (1,319) 30,566 141

Gain on BOLI proceeds (103) (845) - 752 (4,335) (948) (4,335)

Expenses related to SEC/DOJ Investigation 268 1,294 1,443 463 - 3,005 -

Natural disaster and pandemic charges (Note 1) 470 2,043 548 - - 3,061 (39)

Loss on sale of premises (97) 281 470 1,413 889 654 4,608

Tax effect of adjustment items (Note 2) (222) (2,933) (5,283) (898) (13,238) (8,438) (15,167)

After tax adjustment items 734 10,187 19,883 4,511 47,155 30,804 56,143



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



Adjusted net income $116,879 $42,423 $39,205 $66,608 $68,539 $198,507 $156,336



Weighted average number of shares - diluted 69,346,141 69,292,972 69,502,022 69,683,999 69,600,499 69,403,104 54,883,122

Net income per diluted share $1.67 $0.47 $0.28 $0.88 $0.31 $2.42 $1.83

Adjusted net income per diluted share $1.69 $0.61 $0.56 $0.96 $0.98 $2.86 $2.85



Average assets $19,810,084 $19,222,181 $18,056,445 $17,998,494 $17,340,387 $19,045,028 $13,483,044

Return on average assets 2.33 %0.67 %0.43 %1.35 %0.49 %1.18 %0.99 %

Adjusted return on average assets 2.35 %0.89 %0.87 %1.47 %1.57 %1.39 %1.55 %



Average common equity $2,529,471 $2,478,373 $2,456,617 $2,437,272 $2,432,182 $2,500,689 $1,813,575

Average tangible common equity $1,523,066 $1,462,871 $1,436,108 $1,432,081 $1,434,829 $1,486,579 $1,107,743

Return on average common equity 18.27 %5.23 %3.16 %9.97 %3.49 %8.96 %7.39 %

Adjusted return on average tangible common equity30.53 %11.66 %10.98 %18.45 %18.95 %17.84 %18.87 %



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 3Q19 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 Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Adjusted Noninterest Expense

Total noninterest expense $153,692 $155,768 $138,053 $122,564 $192,697 $447,513 $349,373

Adjustment items:

Merger and conversion charges 44 (895) (540) (2,415) (65,158) (1,391) (70,690)

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

Expenses related to SEC/DOJ Investigation (268) (1,294) (1,443) (463) - (3,005) -

Natural disaster and pandemic charges (470) (2,043) (548) - - (3,061) 39

(Gain) loss on sale of premises 97 (281) (470) (1,413) (889) (654) (4,608)

Adjusted noninterest expense $153,045 $149,792 $135,052 $118,273 $126,650 $437,889 $273,869



Total Revenue

Net interest income $162,538 $163,814 $147,945 $155,351 $148,769 $474,297 $349,815

Noninterest income 159,018 120,960 54,379 55,113 76,993 334,357 143,000

Total revenue $321,556 $284,774 $202,324 $210,464 $225,762 $808,654 $492,815



Adjusted Total Revenue

Net interest income (TE) $163,949 $165,178 $149,018 $156,454 $149,896 $478,145 $353,062

Noninterest income 159,018 120,960 54,379 55,113 76,993 334,357 143,000

Total revenue (TE) 322,967 286,138 203,397 211,567 226,889 812,502 496,062

Adjustment items:

(Gain) loss on securities - (14) 9 (1) (4) (5) (139)

Loss (gain) on BOLI proceeds (103) (845) - 752 (4,335) (948) (4,335)

Servicing right impairment (recovery) 412 7,989 22,165 366 (1,319) 30,566 141

Adjusted total revenue (TE) $323,276 $293,268 $225,571 $212,684 $221,231 $842,115 $491,729



Efficiency ratio 47.80 %54.70 %68.23 %58.24 %85.35 %55.34 %70.89 %

Adjusted efficiency ratio (TE) 47.34 %51.08 %59.87 %55.61 %57.25 %52.00 %55.70 %



Tangible Book Value Per Share Table 9C

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Total shareholders' equity $2,564,683 $2,460,130 $2,437,150 $2,469,582 $2,420,723 $2,564,683 $2,420,723

Less:

Goodwill 928,005 928,005 931,947 931,637 911,488 928,005 911,488

Other intangibles, net 76,164 80,354 85,955 91,586 97,328 76,164 97,328

Total tangible shareholders' equity $1,560,514 $1,451,771 $1,419,248 $1,446,359 $1,411,907 $1,560,514 $1,411,907



Period end number of shares 69,490,546 69,461,968 69,441,274 69,503,833 69,593,833 69,490,546 69,593,833

Book value per share (period end) $36.91 $35.42 $35.10 $35.53 $34.78 $36.91 $34.78

Tangible book value per share (period end) $22.46 $20.90 $20.44 $20.81 $20.29 $22.46 $20.29

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting Table 10

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Banking Division

Net interest income $119,562$120,330 $118,375$124,957$124,262$358,267$294,056

Provision for credit losses 487 86,805 35,997 4,741 3,549 123,289 7,913

Noninterest income 15,265 14,468 17,773 18,632 21,173 47,506 50,373

Noninterest expense

Salaries and employee benefits 39,718 40,423 41,621 38,180 39,794 121,762 91,954

Occupancy and equipment expenses 11,955 11,679 10,347 10,216 10,750 33,981 25,065

Data processing and telecommunications expenses9,716 8,919 10,797 10,156 9,551 29,432 24,778

Other noninterest expenses 21,517 27,997 30,645 23,176 87,059 80,159 126,743

Total noninterest expense 82,906 89,018 93,410 81,728 147,154 265,334 268,540

Income (loss) before income tax expense 51,434 (41,025) 6,741 57,120 (5,268) 17,150 67,976

Income tax expense (benefit) 13,453 (8,582) 275 15,412 (1,269) 5,146 16,197

Net income (loss) $37,981 $(32,443)$6,466 $41,708 $(3,999)$12,004 $51,779



Retail Mortgage Division

Net interest income $20,393 $24,302 $17,756 $18,223 $13,009 $62,451 $26,329

Provision for credit losses 15,051 423 1,997 1,237 1,490 17,471 2,235

Noninterest income 137,583 104,195 34,369 33,335 52,493 276,147 84,853

Noninterest expense

Salaries and employee benefits 53,500 50,003 31,097 28,233 34,144 134,600 54,237

Occupancy and equipment expenses 1,676 1,953 1,504 1,544 1,686 5,133 3,122

Data processing and telecommunications expenses2,349 1,406 986 1,034 660 4,741 1,384

Other noninterest expenses 7,889 6,949 5,875 4,553 3,484 20,713 7,983

Total noninterest expense 65,414 60,311 39,462 35,364 39,974 165,187 66,726

Income before income tax expense 77,511 67,763 10,666 14,957 24,038 155,940 42,221

Income tax expense 16,112 14,231 2,408 3,371 5,048 32,751 8,831

Net income $61,399 $53,532 $8,258 $11,586 $18,990 $123,189$33,390



Warehouse Lending Division

Net interest income $6,546 $5,026 $3,302 $3,771 $3,169 $14,874 $8,846

Provision for credit losses 495 403 (9) 67 - 889 -

Noninterest income 1,064 727 960 610 560 2,751 1,389

Noninterest expense

Salaries and employee benefits 266 209 210 325 286 685 609

Occupancy and equipment expenses 1 1 1 1 2 3 4

Data processing and telecommunications expenses73 55 41 47 41 169 109

Other noninterest expenses 28 88 34 53 27 150 170

Total noninterest expense 368 353 286 426 356 1,007 892

Income before income tax expense 6,747 4,997 3,985 3,888 3,373 15,729 9,343

Income tax expense 1,431 1,049 837 816 708 3,317 1,962

Net income $5,316 $3,948 $3,148 $3,072 $2,665 $12,412 $7,381

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting (continued) Table 10

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

SBA Division

Net interest income $8,966 $7,034 $2,181 $2,190 $2,573 $18,181 $4,841

Provision for credit losses 4,297 2,322 (903) 150 (15) 5,716 394

Noninterest income 5,106 1,570 1,277 2,536 2,766 7,953 6,379

Noninterest expense

Salaries and employee benefits 1,572 2,612 1,476 1,336 1,985 5,660 3,447

Occupancy and equipment expenses 97 97 97 79 66 291 190

Data processing and telecommunications expenses4 15 13 5 22 32 27

Other noninterest expenses 595 359 515 402 503 1,469 1,249

Total noninterest expense 2,268 3,083 2,101 1,822 2,576 7,452 4,913

Income before income tax expense 7,507 3,199 2,260 2,754 2,778 12,966 5,913

Income tax expense 1,577 671 475 578 584 2,723 1,242

Net income $5,930 $2,528 $1,785 $2,176 $2,194 $10,243 $4,671



Premium Finance Division

Net interest income $7,071 $7,122 $6,331 $6,210 $5,756 $20,524 $15,743

Provision for credit losses (2,648) (1,792) 3,965 (502) 965 (475) 3,523

Noninterest income - - - - 1 - 6

Noninterest expense

Salaries and employee benefits 1,642 1,921 1,542 1,568 1,424 5,105 4,049

Occupancy and equipment expenses 76 77 79 79 135 232 296

Data processing and telecommunications expenses84 119 117 120 98 320 853

Other noninterest expenses 934 886 1,056 1,457 980 2,876 3,104

Total noninterest expense 2,736 3,003 2,794 3,224 2,637 8,533 8,302

Income (loss) before income tax expense 6,983 5,911 (428) 3,488 2,155 12,466 3,924

Income tax expense (benefit) 1,464 1,240 (93) 782 621 2,611 952

Net income (loss) $5,519 $4,671 $(335) $2,706 $1,534 $9,855 $2,972



Total Consolidated

Net interest income $162,538$163,814$147,945$155,351$148,769$474,297$349,815

Provision for credit losses 17,682 88,161 41,047 5,693 5,989 146,890 14,065

Noninterest income 159,018 120,960 54,379 55,113 76,993 334,357 143,000

Noninterest expense

Salaries and employee benefits 96,698 95,168 75,946 69,642 77,633 267,812 154,296

Occupancy and equipment expenses 13,805 13,807 12,028 11,919 12,639 39,640 28,677

Data processing and telecommunications expenses12,226 10,514 11,954 11,362 10,372 34,694 27,151

Other noninterest expenses 30,963 36,279 38,125 29,641 92,053 105,367 139,249

Total noninterest expense 153,692 155,768 138,053 122,564 192,697 447,513 349,373

Income before income tax expense 150,182 40,845 23,224 82,207 27,076 214,251 129,377

Income tax expense 34,037 8,609 3,902 20,959 5,692 46,548 29,184

Net income $116,145$32,236 $19,322 $61,248 $21,384 $167,703$100,193

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SOURCE Ameris Bancorp