PR Newswire | Jul 27, 2020 06:02AM EDT

07/27 05:01 CDT

Ameris Bancorp Announces Financial Results For Second Quarter 2020 ATLANTA, July 27, 2020

ATLANTA, July 27, 2020 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020, compared with $38.9 million, or $0.82 per diluted share, for the quarter ended June 30, 2019. The decrease in net income is primarily attributable to increases in provision for credit loss expense of $83.5 million and salaries and employee benefits of $19.2 million, partially offset by an increase of $86.4 million in mortgage banking activity compared with the second quarter of 2019. The Company reported adjusted net income of $42.4 million, or $0.61 per diluted share, for the quarter ended June 30, 2020, compared with $45.2 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, loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.

For the year-to-date period ending June 30, 2020, the Company reported net income of $51.6 million, or $0.74 per diluted share, compared with $78.8 million, or $1.66 per diluted share, for the same period in 2019. The Company reported adjusted net income of $81.6 million, or $1.18 per diluted share, for the six months ended June 30, 2020, compared with $87.8 million, or $1.85 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, "The challenges of COVID-19 and the global economy certainly affect how we do business, but our bankers have quickly adapted to the new operating environment. We successfully managed deposit costs to improve the margin by 13 basis points, allowing us to fund over $1.4 billion in new loan growth (including PPP loans), and our mortgage division continued to see historic production and profitability. We increased our allowance for credit losses on loans to over $208 million, while still earning $32 million for the quarter. We believe we are properly positioned for the future."

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

* Net income of $32.2 million, or $0.47 per diluted share, compared with $19.3 million, or $0.28 per diluted share, in the first quarter of 2020 * Growth in adjusted total revenue of $67.7 million, or 30.0%, compared with the first quarter of 2020 * Increase in income from mortgage banking activity of $69.6 million compared with the first quarter of 2020 * Adjusted efficiency ratio of 51.08%, compared with 59.87% in the first quarter of 2020 * Net interest margin of 3.83%, compared with 3.70% in the first quarter of 2020 * Adjusted return on average assets of 0.89%, compared with 0.87% in the first quarter of 2020 * Improvement in deposit mix such that noninterest bearing deposits represent 35.89% of total deposits, up from 29.94% at December 31, 2019 and 28.92% a year ago * Annualized net charge-offs of 0.27% of average total loans * Non-performing assets of 0.59% of total assets, compared with 0.56% at the end of 2019

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

Adjusted Net Income Reconciliation

Three Months Ended Six Months Ended

June 30, June 30,

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

Net income available to common shareholders $32,236 $38,904 $51,558 $78,809



Adjustment items:

Merger and conversion charges 895 3,475 1,435 5,532

Restructuring charges 1,463 - 1,463 245

Servicing right impairment 7,989 1,460 30,154 1,460

Natural disaster and pandemic charges 2,043 50 2,591 (39)

Gain on BOLI proceeds (845) - (845) -

Expenses related to SEC and DOJ investigation 1,294 - 2,737 -

Loss on sale of premises 281 2,800 751 3,719

Tax effect of adjustment items (2,933) (1,479) (8,216) (1,929)

After-tax adjustment items 10,187 6,306 30,070 8,988



Adjusted net income $42,423 $45,210 $81,628 $87,797



Reported net income per diluted share $0.47 $0.82 $0.74 $1.66

Adjusted net income per diluted share $0.61 $0.96 $1.18 $1.85



Reported return on average assets 0.67 %1.34 %0.56 %1.38 %

Adjusted return on average assets 0.89 %1.56 %0.88 %1.54 %



Reported return on average common equity 5.23 %10.27 %4.17 %10.60 %

Adjusted return on average tangible common equity11.66 %18.79 %11.18 %18.81 %

Net Interest Income and Net Interest MarginNet interest income on a tax-equivalent basis for the second quarter of 2020 totaled $165.2 million, compared with $149.0 million for the first quarter of 2020 and $102.7 million for the second quarter of 2019. The Company's net interest margin was 3.83% for the second quarter of 2020, up from 3.70% reported for the first quarter of 2020 and down from 3.91% reported for the second quarter of 2019. The increase in net interest margin in the current quarter is primarily attributable to an increase in accretion income and a decrease in the cost of interest-bearing liabilities, partially offset by a decrease in the yield on loans as market interest rates declined. Accretion income for the second quarter of 2020 increased to $9.6 million, compared with $6.6 million for the first quarter of 2020, and increased from $3.1 million for the second quarter of 2019. The increase in accretion income in the second quarter is primarily attributable to payoffs of acquired loans.

Yields on all loans decreased to 4.70% during the second quarter of 2020, compared with 5.02% for the first quarter of 2020 and 5.34% reported for the second quarter of 2019. Loan production in the banking division during the second quarter of 2020 totaled $472.1 million, with weighted average yields of 4.16%, compared with $918.4 million and 4.55%, respectively, in the first quarter of 2020 and $854.7 million and 5.49%, respectively, in the second quarter of 2019. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.2 billion during the second quarter of 2020, with weighted average yields of 3.17%, compared with $3.9 billion and 4.15%, respectively, during the first quarter of 2020 and $2.6 billion and 5.20%, respectively, during the second quarter of 2019. Loan production yields in the lines of business were materially impacted 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 second quarter of 2020 decreased to $21.2 million, compared with $34.8 million in the first quarter of 2020, and $27.4 million in the second quarter of 2019. The Company's total cost of funds moved 39 basis points lower to 0.52% in the second quarter of 2020 as compared with the first quarter of 2020. Deposit costs decreased 32 basis points during the second quarter of 2020 to 0.39%, compared with 0.71% in the first quarter of 2020. Costs of interest-bearing deposits decreased during the quarter from 1.01% in the first quarter of 2020 to 0.58% in the second quarter of 2020.

Noninterest IncomeNoninterest income increased $66.6 million, or 122.4%, in the second quarter of 2020 to $121.0 million, compared with $54.4 million for the first quarter of 2020, primarily as a result of increased mortgage banking activity.

Mortgage banking activity increased $69.6 million, or 197.0%, to $104.9 million in the second quarter of 2020, compared with $35.3 million for the first 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 3.53% in the second quarter of 2020 from 2.88% for the first quarter of 2020. Total production in the retail mortgage division increased to $2.67 billion in the second quarter of 2020, compared with $1.36 billion for the first quarter of 2020. Mortgage banking activity was negatively impacted during the second quarter of 2020 by an $8.2 million servicing right impairment, compared with an impairment of $20.9 million for the first quarter of 2020. The retail mortgage open pipeline was $2.67 billion at the end of the second quarter of 2020, compared with $2.43 billion at March 31, 2020.

Service charge revenue decreased $1.9 million, or 16.2%, to $9.9 million in the second quarter of 2020, compared with $11.8 million for the first quarter of 2020. This decrease was primarily attributable to a decrease of $2.6 million in NSF income resulting from a decrease in volume, partially offset by an increase in interchange income of $743,000.

Other noninterest income decreased $1.1 million, or 18.3%, in the second quarter of 2020 to $4.9 million, compared with $6.1 million for the first quarter of 2020, primarily as a result of a decrease in the gain on sales of SBA loans of $1.0 million, as the SBA division shifted its focus temporarily to PPP loan production during the second quarter.

Noninterest ExpenseNoninterest expense increased $17.7 million, or 12.8%, to $155.8 million during the second quarter of 2020, compared with $138.1 million for the first quarter of 2020. During the second quarter of 2020, the Company recorded $6.0 million of charges to earnings, related to restructuring charges associated with branch consolidations and efficiency initiatives, charges related to the previously announced SEC/DOJ investigations, merger and conversion charges, natural disaster and pandemic charges and loss on sale of premises, compared with $3.0 million in charges in the first quarter of 2020 that were related principally to merger and conversion charges, the SEC/DOJ investigations, natural disaster and pandemic expenses and loss on sale of premises. Excluding these charges, adjusted expenses increased approximately $14.7 million, or 10.9%, to $149.8 million in the second quarter of 2020, from $135.1 million in the first 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 59.87% in the first quarter of 2020 to 51.08% in the second quarter of 2020.

Income Tax ExpenseThe Company's effective tax rate for the second quarter of 2020 was 21.1%, compared with 16.8% in the first quarter of 2020. The decreased rate for the first quarter of 2020 was primarily a result of loss carrybacks allowed as a result of the recently enacted CARES Act.

Balance Sheet TrendsTotal assets at June 30, 2020 were $19.87 billion, compared with $18.24 billion at December 31, 2019. Total loans, including loans held for sale, were $16.24 billion at June 30, 2020, compared with $14.48 billion at December 31, 2019. Total loans held for investment were $14.50 billion at June 30, 2020, compared with $12.82 billion at December 31, 2019, an increase of $1.68 billion, or 13.1%, compared with December 31, 2019. Loan production in the banking division during the second quarter of 2020 was down 49% from the first quarter of 2020 and 45% from the second quarter of 2019. Loan growth in the first half of 2020 was principally driven by PPP loan originations, which totaled $1.06 billion in outstanding balances at June 30, 2020.

At June 30, 2020, total deposits amounted to $15.59 billion, or 90.9% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019. At June 30, 2020, noninterest-bearing deposit accounts were $5.60 billion, or 35.9% 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 fundings during the quarter. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $9.02 billion at June 30, 2020, compared with $7.21 billion at December 31, 2019. These funds represented 57.9% of the Company's total deposits at June 30, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at June 30, 2020 totaled $2.46 billion, a decrease of $9.5 million, or 0.4%, from December 31, 2019. The decrease in shareholders' equity was primarily the result of the CECL adoption impact of $56.7 million and dividends declared, partially offset by earnings of $51.6 million during 2020. Tangible book value per share was $20.90 at June 30, 2020, compared with $20.81 at December 31, 2019. Tangible common equity as a percentage of tangible assets was 7.70% at June 30, 2020, compared with 8.40% at the end of the 2019.

Credit QualityCredit quality remains strong in the Company. During the second quarter of 2020, the Company recorded provision for credit losses of $88.2 million, compared with $41.0 million in the first quarter of 2020. This increase in provision was primarily attributable to declines in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the first 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 a daily basis. Nonperforming assets as a percentage of total assets decreased by two basis points to 0.59% during the quarter. The net charge-off ratio was 27 basis points for the second quarter of 2020, compared with 14 basis points in the first quarter of 2020 and seven basis points in the second quarter of 2019.

Conference CallThe Company will host a teleconference at 9:00 a.m. Eastern time Monday, July 27, 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 August 10, 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 10146087. 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 BancorpAmeris 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 Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

EARNINGS

Net income $ 32,236 $ 19,322 $ 61,248 $ 21,384 $ 38,904 $ 51,558 $ 78,809

Adjusted net income $ 42,423 $ 39,205 $ 66,608 $ 68,539 $ 45,210 $ 81,628 $ 87,797

COMMON SHARE DATA

Earnings per share available to commonshareholders

Basic $ 0.47 $ 0.28 $ 0.88 $ 0.31 $ 0.82 $ 0.74 $ 1.66

Diluted $ 0.47 $ 0.28 $ 0.88 $ 0.31 $ 0.82 $ 0.74 $ 1.66

Adjusted diluted EPS $ 0.61 $ 0.56 $ 0.96 $ 0.98 $ 0.96 $ 1.18 $ 1.85

Cash dividends per share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.10 $ 0.30 $ 0.20

Book value per share (period end) $ 35.42 $ 35.10 $ 35.53 $ 34.78 $ 32.52 $ 35.42 $ 32.52

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

Weighted average number of shares

Basic 69,191,778 69,247,661 69,429,193 69,372,125 47,310,561 69,235,117 47,353,678

Diluted 69,292,972 69,502,022 69,683,999 69,600,499 47,337,809 69,413,027 47,394,911

Period end number of shares 69,461,968 69,441,274 69,503,833 69,593,833 47,261,584 69,461,968 47,261,584

Market data

High intraday price $ 29.82 $ 43.79 $ 44.90 $ 40.65 $ 39.60 $ 43.79 $ 42.01

Low intraday price $ 17.12 $ 17.89 $ 38.34 $ 33.71 $ 33.57 $ 17.12 $ 31.27

Period end closing price $ 23.59 $ 23.76 $ 42.54 $ 40.24 $ 39.19 $ 23.59 $ 39.19

Average daily volume 470,151 461,692 353,783 461,289 352,684 465,955 369,959

PERFORMANCE RATIOS

1.38Return on average assets 0.67 % 0.43 % 1.35 % 0.49 % 1.34 % 0.56 % %

1.54Adjusted return on average assets 0.89 % 0.87 % 1.47 % 1.57 % 1.56 % 0.88 % %

10.60Return on average common equity 5.23 % 3.16 % 9.97 % 3.49 % 10.27 % 4.17 % %

Adjusted return on average tangible 18.81common equity 11.66 % 10.98 % 18.45 % 18.95 % 18.79 % 11.18 % %

4.95Earning asset yield (TE) 4.32 % 4.56 % 4.82 % 4.86 % 4.95 % 4.44 % %

1.08Total cost of funds 0.52 % 0.91 % 1.00 % 1.07 % 1.10 % 0.99 % %

3.93Net interest margin (TE) 3.83 % 3.70 % 3.86 % 3.84 % 3.91 % 3.77 % %

Noninterest income excluding securities 20.45transactions, as a percent of total revenue (TE) 39.35 % 22.83 % 22.02 % 28.89 % 21.27 % 32.14 % %

58.67Efficiency ratio 54.70 % 68.23 % 58.24 % 85.35 % 59.36 % 60.32 % %

54.43Adjusted efficiency ratio (TE) 51.08 % 59.87 % 55.61 % 57.25 % 53.77 % 54.90 % %

CAPITAL ADEQUACY (period end)

12.93Shareholders' equity to assets 12.38 % 13.37 % 13.54 % 13.63 % 12.93 % 12.38 % %

8.68Tangible common equity to tangible assets 7.70 % 8.25 % 8.40 % 8.43 % 8.68 % 7.70 % %

EQUITY TO ASSETS RECONCILIATION

8.68Tangible common equity to tangible assets 7.70 % 8.25 % 8.40 % 8.43 % 8.68 % 7.70 % %

4.25Effect of goodwill and other intangibles 4.68 % 5.12 % 5.14 % 5.20 % 4.25 % 4.68 % %

12.93Equity to assets (GAAP) 12.38 % 13.37 % 13.54 % 13.63 % 12.93 % 12.38 % %

OTHER DATA (period end)

Full time equivalent employees

Banking Division 1,832 1,865 1,913 2,001 1,336 1,832 1,336

Retail Mortgage Division 692 689 690 785 348 692 348

Warehouse Lending Division 9 9 9 9 10 9 10

SBA Division 42 44 42 45 21 42 21

Premium Finance Division 70 72 68 66 62 70 62

Total Ameris Bancorp FTE headcount 2,645 2,679 2,722 2,906 1,777 2,645 1,777

Assets per Banking Division FTE $ 10,848 $ 9,772 $ 9,536 $ 8,878 $ 8,889 $ 10,848 $ 8,889

Branch locations 170 170 170 172 114 170 114

Deposits per branch location $ 91,705 $ 81,439 $ 82,512 $ 79,416 $ 84,056 $ 91,705 $ 84,056

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Income Statement Table 2

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Interest income

$ Interest and fees on loans $175,345 $ 171,242 $ 182,391 $175,046 $117,010 $346,587 229,411

18,426 Interest on taxable securities 9,347 10,082 10,358 11,354 9,383 19,429

258 Interest on nontaxable securities 157 157 167 168 102 314

5,426 Interest on deposits in other banks 123 1,211 1,091 1,622 2,276 1,334

436 Interest on federal funds sold 46 76 69 171 257 122

253,957Total interest income 185,018 182,768 194,076 188,361 129,028 367,786



Interest expense

45,138 Interest on deposits 14,273 24,102 27,970 29,425 23,454 38,375

7,773 Interest on other borrowings 6,931 10,721 10,755 10,167 3,923 17,652

52,911 Total interest expense 21,204 34,823 38,725 39,592 27,377 56,027



201,046Net interest income 163,814 147,945 155,351 148,769 101,651 311,759



8,076 Provision for loan losses 68,449 37,047 5,693 5,989 4,668 105,496

- Provision for unfunded commitments 19,712 4,000 - - - 23,712

8,076 Provision for credit losses 88,161 41,047 5,693 5,989 4,668 129,208

Net interest income after provision for 192,970credit losses 75,653 106,898 149,658 142,780 96,983 182,551



Noninterest income

23,814 Service charges on deposits accounts 9,922 11,844 13,567 13,411 12,168 21,766

33,200 Mortgage banking activity 104,925 35,333 33,168 53,041 18,523 140,258

1,592 Other service charges, commissions and fees 1,130 1,128 1,085 1,236 803 2,258

135 Gain (loss) on securities 14 (9) (1) 4 69 5

7,266 Other noninterest income 4,969 6,083 7,294 9,301 3,673 11,052

66,007 Total noninterest income 120,960 54,379 55,113 76,993 35,236 175,339



Noninterest expense

76,663 Salaries and employee benefits 95,168 75,946 69,642 77,633 38,331 171,114

16,038 Occupancy and equipment expenses 13,807 12,028 11,919 12,639 7,834 25,835

Data processing and telecommunications 16,779 expenses 10,514 11,954 11,362 10,372 8,388 22,468

1,890 Credit resolution related expenses^(1) 950 2,198 1,098 1,094 979 3,148

3,728 Advertising and marketing expenses 1,455 2,358 2,250 1,949 1,987 3,813

6,253 Amortization of intangible assets 5,601 5,631 5,741 5,719 3,121 11,232

5,532 Merger and conversion charges 895 540 2,415 65,158 3,475 1,435

29,793 Other noninterest expenses 27,378 27,398 18,137 18,133 17,136 54,776

156,676Total noninterest expense 155,768 138,053 122,564 192,697 81,251 293,821



102,301Income before income tax expense 40,845 23,224 82,207 27,076 50,968 64,069

23,492 Income tax expense 8,609 3,902 20,959 5,692 12,064 12,511

$ Net income $32,236 $ 19,322 $ 61,248 $21,384 $38,904 $51,558 78,809



$ Diluted earnings per common share $0.47 $ 0.28 $ 0.88 $0.31 $0.82 $0.74 1.66



(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Period End Balance Sheet Table 3

Three Months Ended

Jun Mar Dec Sep Jun

(dollars in thousands) 2020 2020 2019 2019 2019

Assets

Cash and due from banks $292,899 $255,312 $246,234 $193,976 $151,186

Federal funds sold and interest-bearing deposits 428,560 396,844 375,615 285,713 186,969 in banks

Time deposits in other banks 249 249 249 499 748

Investment securities available for sale, at fair value1,238,896 1,353,040 1,403,403 1,491,207 1,273,244

Other investments 76,453 81,754 66,919 66,921 32,481

Loans held for sale, at fair value 1,736,397 1,398,229 1,656,711 1,187,551 261,073



Loans, net of unearned income 14,503,157 13,094,106 12,818,476 12,826,284 9,049,870

Allowance for loan losses (208,793) (149,524) (38,189) (35,530) (31,793)

Loans, net 14,294,364 12,944,582 12,780,287 12,790,754 9,018,077



Other real estate owned 23,563 21,027 19,500 20,710 14,675



Premises and equipment, net 230,118 231,347 233,102 239,428 141,378

Goodwill 928,005 931,947 931,637 911,488 501,140

Other intangible assets, net 80,354 85,955 91,586 97,328 52,437

Cash value of bank owned life insurance 175,011 176,239 175,270 174,442 105,064

Deferred income taxes, net 56,306 24,196 2,180 22,111 30,812

Other assets 311,454 323,827 259,886 282,149 120,052

Total assets $19,872,629$18,224,548$18,242,579$17,764,277$11,889,336



Liabilities

Deposits

Noninterest-bearing $5,595,868 $4,226,253 $4,199,448 $4,077,856 $2,771,443

Interest-bearing 9,993,950 9,618,365 9,827,625 9,581,738 6,810,927

Total deposits 15,589,818 13,844,618 14,027,073 13,659,594 9,582,370

Federal funds purchased and securities sold under 12,879 15,160 20,635 17,744 3,307 agreements to repurchase

Other borrowings 1,418,336 1,543,371 1,398,709 1,351,172 564,636

Subordinated deferrable interest debentures 123,375 122,890 127,560 127,075 89,871

FDIC loss-share payable, net 18,903 18,111 19,642 19,490 20,596

Other liabilities 249,188 243,248 179,378 168,479 91,435

Total liabilities 17,412,499 15,787,398 15,772,997 15,343,554 10,352,215



Shareholders' Equity

Preferred stock - - - - -

Common stock 71,674 71,652 71,500 71,447 49,099

Capital stock 1,909,839 1,908,721 1,907,108 1,904,789 1,053,500

Retained earnings 481,948 460,153 507,950 457,127 446,182

Accumulated other comprehensive income, net of tax 39,613 39,551 17,995 15,482 16,462

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

Total shareholders' equity 2,460,130 2,437,150 2,469,582 2,420,723 1,537,121

Total liabilities and shareholders' equity $19,872,629$18,224,548$18,242,579$17,764,277$11,889,336



Other Data

Earning assets $17,983,712$16,324,222$16,321,373$15,858,175$10,804,385

Intangible assets 1,008,359 1,017,902 1,023,223 1,008,816 553,577

Interest-bearing liabilities 11,548,540 11,299,786 11,374,529 11,077,729 7,468,741

Average assets 19,222,181 18,056,445 17,998,494 17,340,387 11,625,344

Average common shareholders' equity 2,478,373 2,456,617 2,437,272 2,432,182 1,519,598

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Asset Quality Information Table 4

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Allowance for Credit Losses

Balance at beginning of period $167,315 $39,266 $36,607 $31,793 $28,659 $39,266 $28,819



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

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

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



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



Provision for loan losses 68,449 37,047 5,693 5,989 4,668 105,496 8,076

Provision for unfunded commitments 19,712 4,000 - - - 23,712 -

Provision for credit losses 88,161 41,047 5,693 5,989 4,668 129,208 8,076



Charge-offs 11,282 6,718 5,664 5,249 3,496 18,000 8,875

Recoveries 2,101 2,345 2,630 2,997 1,962 4,446 3,773

Net charge-offs 9,181 4,373 3,034 2,252 1,534 13,554 5,102



Ending balance $246,295 $167,315 $39,266 $36,607 $31,793 $246,295 $31,793



Allowance for loan losses $208,793 $149,524 $38,189 $35,530 $31,793 $208,793 $31,793

Allowance for unfunded commitments 37,502 17,791 1,077 1,077 - 37,502 -

Total allowance for credit losses $246,295 $167,315 $39,266 $36,607 $31,793 $246,295 $31,793



Net Charge-off Information

Charge-offs

Commercial, financial and agricultural $486 $2,486 $1,813 $490 $473 $2,972 $1,157

Consumer installment 962 1,142 1,586 1,245 1,171 2,104 3,068

Indirect automobile 1,016 1,231 939 965 - 2,247 -

Mortgage warehouse - - - - - - -

Municipal - - - - - - -

Premium Finance 1,904 831 899 1,267 865 2,735 2,185

Real estate - construction and development 74 - 146 - 243 74 268

Real estate - commercial and farmland 6,315 928 181 1,318 589 7,243 1,843

Real estate - residential 525 100 100 37 155 625 354

Total charge-offs 11,282 6,718 5,664 5,322 3,496 18,000 8,875



Recoveries

Commercial, financial and agricultural 303 362 934 300 382 665 604

Consumer installment 777 643 640 476 289 1,420 504

Indirect automobile 18 22 60 385 - 40 -

Mortgage warehouse - - - - - - -

Municipal - - - - - - -

Premium Finance 676 684 358 736 650 1,360 1,660

Real estate - construction and development 168 342 430 930 268 510 385

Real estate - commercial and farmland 21 85 140 74 78 106 118

Real estate - residential 138 207 68 169 295 345 502

Total recoveries 2,101 2,345 2,630 3,070 1,962 4,446 3,773



Net charge-offs $9,181 $4,373 $3,034 $2,252 $1,534 $13,554 $5,102



Non-Performing Assets

Nonaccrual loans $77,745 $77,866 $75,124 $100,501 $41,479 $77,745 $41,479

Other real estate owned 23,563 21,027 19,500 20,710 14,675 23,563 14,675

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

Accruing loans delinquent 90 days or more 15,127 11,969 5,754 6,325 4,613 15,127 4,613

Total non-performing assets $117,783 $111,645 $101,317 $128,794 $60,767 $117,783 $60,767



Asset Quality Ratios

Non-performing assets as a percent of total 0.59 %0.61 %0.56 %0.73 %0.51 %0.59 %0.51 %assets

Net charge-offs as a percent of average loans0.27 %0.14 %0.09 %0.07 %0.07 %0.20 %0.12 %(annualized)

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Loan Information Table 5

Jun Mar Dec Sep Jun

(dollars in thousands) 2020 2020 2019 2019 2019

Loans by Type

Commercial, financial and agricultural $1,839,921 $827,392 $802,171 $931,755 $703,290

Consumer installment 575,782 520,592 498,577 500,067 474,195

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

Mortgage warehouse 748,853 547,328 526,369 562,598 462,481

Municipal 731,508 749,633 564,304 578,267 583,558

Premium Finance 690,584 661,845 654,669 656,570 613,964

Real estate - construction and development 1,641,744 1,628,367 1,549,062 1,468,696 1,103,550

Real estate - commercial and farmland 4,804,420 4,516,451 4,353,039 4,198,759 3,182,213

Real estate - residential 2,730,802 2,704,762 2,808,461 2,817,757 1,926,619

Total loans $14,503,157$13,094,106$12,818,476$12,826,284$9,049,870



Troubled Debt Restructurings

Accruing troubled debt restructurings

Commercial, financial and agricultural $591 $575 $516 $521 $140

Consumer installment 42 4 8 9 10

Indirect automobile - - - - -

Mortgage warehouse - - - - -

Municipal - - - - -

Premium Finance - 159 156 159 191

Real estate - construction and development 919 925 936 948 1,124

Real estate - commercial and farmland 5,252 5,587 6,732 8,616 8,793

Real estate - residential 30,253 22,775 21,261 21,472 21,124

Total accruing troubled debt restructurings $37,057 $30,025 $29,609 $31,725 $31,382

Nonaccrual troubled debt restructurings

Commercial, financial and agricultural $1,034 $334 $335 $144 $162

Consumer installment 67 105 107 120 123

Indirect automobile - - - - -

Mortgage warehouse - - - - -

Municipal - - - - -

Premium Finance - - - - -

Real estate - construction and development 307 289 253 258 265

Real estate - commercial and farmland 1,878 2,415 2,071 1,958 2,109

Real estate - residential 2,231 3,078 2,857 2,103 1,760

Total nonaccrual troubled debt restructurings$5,517 $6,221 $5,623 $4,583 $4,419

Total troubled debt restructurings $42,574 $36,246 $35,232 $36,308 $35,801



Loans by Risk Grade

Grade 1 - Prime credit $1,789,709 $774,956 $587,877 $613,281 $622,034

Grade 2 - Strong credit 801,273 785,770 840,372 856,618 811,690

Grade 3 - Good credit 5,784,754 5,772,834 6,034,398 6,086,576 3,829,422

Grade 4 - Satisfactory credit 5,643,133 4,353,733 4,884,541 4,746,020 3,401,265

Grade 5 - Fair credit 212,667 1,131,128 233,020 252,424 211,229

Grade 6 - Other assets especially mentioned 108,704 106,885 86,412 114,235 64,075

Grade 7 - Substandard 162,917 168,561 151,846 157,114 110,152

Grade 8 - Doubtful - 239 8 14 -

Grade 9 - Loss - - 2 2 3

Total loans $14,503,157$13,094,106$12,818,476$12,826,284$9,049,870

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Average Balances Table 6

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Earning Assets

Federal funds sold $24,265 $27,380 $23,104 $28,459 $41,683 $25,822 $36,515

Interest-bearing deposits in banks 398,284 419,260 304,427 324,127 341,937 408,772 404,311

Time deposits in other banks 249 249 401 548 3,792 249 6,989

Investment securities - taxable 1,281,980 1,359,651 1,426,062 1,514,534 1,233,297 1,320,815 1,210,225

Investment securities - nontaxable 21,576 22,839 23,580 23,759 15,288 22,208 19,688

Other investments 79,143 73,972 64,852 53,712 15,830 76,557 15,185

Loans held for sale 1,614,080 1,587,131 1,537,648 856,572 154,707 1,600,606 128,261

Loans 13,915,406 12,712,997 12,697,912 12,677,063 8,740,561 13,308,960 8,612,978

Total Earning Assets $17,334,983$16,203,479$16,077,986$15,478,774$10,547,095$16,763,989$10,434,152



Deposits

Noninterest-bearing deposits $5,061,578 $4,080,920 $4,124,872 $4,040,592 $2,723,843 $4,571,249 $2,634,937

NOW accounts 2,441,305 2,287,947 2,204,666 2,049,175 1,506,721 2,364,626 1,530,224

MMDA 4,221,906 4,004,644 3,953,717 3,815,185 2,655,108 4,113,275 2,666,001

Savings accounts 692,382 643,422 649,118 661,555 405,506 667,902 402,315

Retail CDs 2,471,134 2,624,209 2,721,829 2,804,243 1,962,422 2,547,671 1,927,474

Brokered CDs 2,043 61,190 249,644 150,176 486,292 31,617 498,230

Total Deposits 14,890,348 13,702,332 13,903,846 13,520,926 9,739,892 14,296,340 9,659,181

Non-Deposit Funding

Federal funds purchased and securities sold12,452 15,637 17,088 19,914 3,213 14,045 9,511 under agreements to repurchase

FHLB advances 1,212,537 1,267,303 1,080,516 810,384 22,390 1,239,920 14,368

Other borrowings 269,300 269,454 234,001 220,918 145,453 269,377 145,463

Subordinated deferrable interest debentures123,120 127,731 127,292 133,519 89,686 125,426 89,516

Total Non-Deposit Funding 1,617,409 1,680,125 1,458,897 1,184,735 260,742 1,648,768 258,858

Total Funding $16,507,757$15,382,457$15,362,743$14,705,661$10,000,634$15,945,108$9,918,039

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Interest Income and Interest Expense (TE) Table 7

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Interest Income

Federal funds sold $45 $76 $69 $171 $257 $121 $436

Interest-bearing deposits in banks 122 1,210 1,089 1,620 2,260 1,332 5,359

Time deposits in other banks 1 1 2 2 16 2 67

Investment securities - taxable 9,346 10,082 10,358 11,354 9,383 19,428 18,426

Investment securities - nontaxable (TE) 198 199 212 213 129 397 327

Loans held for sale 14,053 13,637 14,330 7,889 1,632 27,690 2,784

Loans (TE) 162,617 158,636 169,119 168,239 116,413 321,253 228,678

Total Earning Assets $186,382$183,841$195,179$189,488$130,090$370,223$256,077



Accretion income (included above) $9,576 $6,562 $9,727 $4,222 $3,103 $16,138 $5,986



Interest Expense

Interest-Bearing Deposits

NOW accounts $1,265 $2,774 $2,728 $2,843 $2,260 $4,039 $4,369

MMDA 3,764 9,748 11,311 12,593 9,488 13,512 18,535

Savings accounts 94 210 233 274 85 304 162

Retail CDs 9,136 11,064 12,220 12,905 8,585 20,200 15,915

Brokered CDs 14 306 1,478 810 3,036 320 6,157

Total Interest-Bearing Deposits 14,273 24,102 27,970 29,425 23,454 38,375 45,138

Non-Deposit Funding

Federal funds purchased and securities sold under25 40 41 32 2 65 13 agreements to repurchase

FHLB advances 1,686 5,109 5,241 4,618 141 6,795 185

Other borrowings 3,487 3,511 3,358 3,332 2,210 6,998 4,437

Subordinated deferrable interest debentures 1,733 2,061 2,115 2,185 1,570 3,794 3,138

Total Non-Deposit Funding 6,931 10,721 10,755 10,167 3,923 17,652 7,773

Total Interest-Bearing Funding $21,204 $34,823 $38,725 $39,592 $27,377 $56,027 $52,911



Net Interest Income (TE) $165,178$149,018$156,454$149,896$102,713$314,196$203,166

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Yields^(1) Table 8

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

2020 2020 2019 2019 2019 2020 2019

Earning Assets

Federal funds sold 0.75%1.12%1.18%2.38%2.47%0.94 %2.41 %

Interest-bearing deposits in banks 0.12%1.16%1.42%1.98%2.65%0.66 %2.67 %

Time deposits in other banks 1.62%1.62%1.98%1.45%1.69%1.62 %1.93 %

Investment securities - taxable 2.93%2.98%2.88%2.97%3.05%2.96 %3.07 %

Investment securities - nontaxable (TE) 3.69%3.50%3.57%3.56%3.38%3.59 %3.35 %

Loans held for sale 3.50%3.46%3.70%3.65%4.23%3.48 %4.38 %

Loans (TE) 4.70%5.02%5.28%5.27%5.34%4.85 %5.35 %

Total Earning Assets 4.32%4.56%4.82%4.86%4.95%4.44 %4.95 %



Interest-Bearing Deposits

NOW accounts 0.21%0.49%0.49%0.55%0.60%0.34 %0.58 %

MMDA 0.36%0.98%1.14%1.31%1.43%0.66 %1.40 %

Savings accounts 0.05%0.13%0.14%0.16%0.08%0.09 %0.08 %

Retail CDs 1.49%1.70%1.78%1.83%1.75%1.59 %1.67 %

Brokered CDs 2.76%2.01%2.35%2.14%2.50%2.04 %2.49 %

Total Interest-Bearing Deposits 0.58%1.01%1.13%1.23%1.34%0.79 %1.30 %

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to 0.81%1.03%0.95%0.64%0.25%0.93 %0.28 %repurchase

FHLB advances 0.56%1.62%1.92%2.26%2.53%1.10 %2.60 %

Other borrowings 5.21%5.24%5.69%5.98%6.09%5.22 %6.15 %

Subordinated deferrable interest debentures 5.66%6.49%6.59%6.49%7.02%6.08 %7.07 %

Total Non-Deposit Funding 1.72%2.57%2.92%3.40%6.03%2.15 %6.06 %

Total Interest-Bearing Liabilities 0.75%1.24%1.37%1.47%1.51%0.99 %1.47 %



Net Interest Spread 3.57%3.32%3.45%3.39%3.44%3.45 %3.48 %



Net Interest Margin^(2) 3.83%3.70%3.86%3.84%3.91%3.77 %3.93 %



Total Cost of Funds^(3) 0.52%0.91%1.00%1.07%1.10%0.71 %1.08 %

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including noninterest-bearing deposits.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Non-GAAP Reconciliations



Adjusted Net Income Table 9A

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Net income available to common $32,236 $19,322 $61,248 $21,384 $38,904 $51,558 $78,809 shareholders



Adjustment items:

Merger and conversion charges 895 540 2,415 65,158 3,475 1,435 5,532

Restructuring charges 1,463 - - - - 1,463 245

Servicing right impairment (recovery) 7,989 22,165 366 (1,319) 1,460 30,154 1,460

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

Expenses related to SEC/DOJ 1,294 1,443 463 - - 2,737 - Investigation

Natural disaster and pandemic charges 2,043 548 - - 50 2,591 (39) (Note 1)

Loss on sale of premises 281 470 1,413 889 2,800 751 3,719

Tax effect of adjustment items (Note 2) (2,933) (5,283) (898) (13,238) (1,479) (8,216) (1,929)

After tax adjustment items 10,187 19,883 4,511 47,155 6,306 30,070 8,988



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



Adjusted net income $42,423 $39,205 $66,608 $68,539 $45,210 $81,628 $87,797



Weighted average number of shares - 69,292,972 69,502,022 69,683,999 69,600,499 47,337,809 69,413,027 47,394,911 diluted

Net income per diluted share $0.47 $0.28 $0.88 $0.31 $0.82 $0.74 $1.66

Adjusted net income per diluted share $0.61 $0.56 $0.96 $0.98 $0.96 $1.18 $1.85



Average assets $19,222,181 $18,056,445 $17,998,494 $17,340,387 $11,625,344 $18,649,746 $11,525,068

Return on average assets 0.67 %0.43 %1.35 %0.49 %1.34 %0.56 %1.38 %

Adjusted return on average assets 0.89 %0.87 %1.47 %1.57 %1.56 %0.88 %1.54 %



Average common equity $2,478,373 $2,456,617 $2,437,272 $2,432,182 $1,519,598 $2,486,140 $1,499,144

Average tangible common equity $1,462,871 $1,436,108 $1,432,081 $1,434,829 $964,841 $1,468,135 $941,489

Return on average common equity 5.23 %3.16 %9.97 %3.49 %10.27 %4.17 %10.60 %

Adjusted return on average tangible 11.66 %10.98 %18.45 %18.95 %18.79 %11.18 %18.81 % common 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 all periods are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Non-GAAP Reconciliations (continued)



Adjusted Efficiency Ratio (TE) Table 9B

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Adjusted Noninterest Expense

Total noninterest expense $155,768 $138,053 $122,564 $192,697 $81,251 $293,821 $156,676

Adjustment items:

Merger and conversion charges (895) (540) (2,415) (65,158) (3,475) (1,435) (5,532)

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

Expenses related to SEC/DOJ Investigation (1,294) (1,443) (463) - - (2,737) -

Natural disaster and pandemic charges (2,043) (548) - - (50) (2,591) 39

Loss on sale of premises (281) (470) (1,413) (889) (2,800) (751) (3,719)

Adjusted noninterest expense $149,792 $135,052 $118,273 $126,650 $74,926 $284,844 $147,219



Total Revenue

Net interest income $163,814 $147,945 $155,351 $148,769 $101,651 $311,759 $201,046

Noninterest income 120,960 54,379 55,113 76,993 35,236 175,339 66,007

Total revenue $284,774 $202,324 $210,464 $225,762 $136,887 $487,098 $267,053



Adjusted Total Revenue

Net interest income (TE) $165,178 $149,018 $156,454 $149,896 $102,713 $314,196 $203,166

Noninterest income 120,960 54,379 55,113 76,993 35,236 175,339 66,007

Total revenue (TE) 286,138 203,397 211,567 226,889 137,949 489,535 269,173

Adjustment items:

(Gain) loss on securities (14) 9 (1) (4) (69) (5) (135)

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

Servicing right impairment (recovery) 7,989 22,165 366 (1,319) 1,460 30,154 1,460

Adjusted total revenue (TE) $293,268 $225,571 $212,684 $221,231 $139,340 $518,839 $270,498



Efficiency ratio 54.70 %68.23 %58.24 %85.35 %59.36 %60.32 %58.67 %

Adjusted efficiency ratio (TE) 51.08 %59.87 %55.61 %57.25 %53.77 %54.90 %54.43 %



Tangible Book Value Per Share Table 9C

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Total shareholders' equity $2,460,130 $2,437,150 $2,469,582 $2,420,723 $1,537,121 $2,460,130 $1,537,121

Less:

Goodwill 928,005 931,947 931,637 911,488 501,140 928,005 501,140

Other intangibles, net 80,354 85,955 91,586 97,328 52,437 80,354 52,437

Total tangible shareholders' equity $1,451,771 $1,419,248 $1,446,359 $1,411,907 $983,544 $1,451,771 $983,544



Period end number of shares 69,461,968 69,441,274 69,503,833 69,593,833 47,261,584 69,461,968 47,261,584

Book value per share (period end) $35.42 $35.10 $35.53 $34.78 $32.52 $35.42 $32.52

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting Table 10

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

Banking Division

Net interest income $120,330 $118,375$124,957$124,262$84,755$238,705 $169,794

Provision for credit losses 86,805 35,997 4,741 3,549 2,306 122,802 4,364

Noninterest income 14,468 17,773 18,632 21,173 14,830 32,241 29,200

Noninterest expense

Salaries and employee benefits 40,423 41,621 38,180 39,794 24,228 82,044 52,160

Occupancy and equipment expenses 11,679 10,347 10,216 10,750 7,034 22,026 14,315

Data processing and telecommunications expenses8,919 10,797 10,156 9,551 7,635 19,716 15,227

Other noninterest expenses 27,997 30,645 23,176 87,059 22,728 58,642 39,684

Total noninterest expense 89,018 93,410 81,728 147,154 61,625 182,428 121,386

Income before income tax expense (41,025) 6,741 57,120 (5,268) 35,654 (34,284) 73,244

Income tax expense (benefit) (8,582) 275 15,412 (1,269) 8,691 (8,307) 17,466

Net income (loss) $(32,443)$6,466 $41,708 $(3,999)$26,963$(25,977)$55,778



Retail Mortgage Division

Net interest income $24,302 $17,756 $18,223 $13,009 $7,567 $42,058 $13,320

Provision for credit losses 423 1,997 1,237 1,490 609 2,420 745

Noninterest income 104,195 34,369 33,335 52,493 18,070 138,564 32,360

Noninterest expense

Salaries and employee benefits 50,003 31,097 28,233 34,144 11,886 81,100 20,093

Occupancy and equipment expenses 1,953 1,504 1,544 1,686 670 3,457 1,436

Data processing and telecommunications expenses1,406 986 1,034 660 394 2,392 724

Other noninterest expenses 6,949 5,875 4,553 3,484 2,385 12,824 4,499

Total noninterest expense 60,311 39,462 35,364 39,974 15,335 99,773 26,752

Income before income tax expense 67,763 10,666 14,957 24,038 9,693 78,429 18,183

Income tax expense 14,231 2,408 3,371 5,048 2,170 16,639 3,783

Net income $53,532 $8,258 $11,586 $18,990 $7,523 $61,790 $14,400



Warehouse Lending Division

Net interest income $5,026 $3,302 $3,771 $3,169 $2,987 $8,328 $5,677

Provision for credit losses 403 (9) 67 - - 394 -

Noninterest income 727 960 610 560 450 1,687 829

Noninterest expense

Salaries and employee benefits 209 210 325 286 162 419 323

Occupancy and equipment expenses 1 1 1 2 1 2 2

Data processing and telecommunications expenses55 41 47 41 38 96 68

Other noninterest expenses 88 34 53 27 75 122 143

Total noninterest expense 353 286 426 356 276 639 536

Income before income tax expense 4,997 3,985 3,888 3,373 3,161 8,982 5,970

Income tax expense 1,049 837 816 708 664 1,886 1,254

Net income $3,948 $3,148 $3,072 $2,665 $2,497 $7,096 $4,716

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting (continued) Table 10

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

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

SBA Division

Net interest income $7,034 $2,181 $2,190 $2,573 $1,182 $9,215 $2,268

Provision for credit losses 2,322 (903) 150 (15) 178 1,419 409

Noninterest income 1,570 1,277 2,536 2,766 1,883 2,847 3,613

Noninterest expense

Salaries and employee benefits 2,612 1,476 1,336 1,985 735 4,088 1,462

Occupancy and equipment expenses 97 97 79 66 65 194 124

Data processing and telecommunications expenses15 13 5 22 3 28 5

Other noninterest expenses 359 515 402 503 359 874 746

Total noninterest expense 3,083 2,101 1,822 2,576 1,162 5,184 2,337

Income before income tax expense 3,199 2,260 2,754 2,778 1,725 5,459 3,135

Income tax expense 671 475 578 584 362 1,146 658

Net income $2,528 $1,785 $2,176 $2,194 $1,363 $4,313 $2,477



Premium Finance Division

Net interest income $7,122 $6,331 $6,210 $5,756 $5,160 $13,453 $9,987

Provision for credit losses (1,792) 3,965 (502) 965 1,575 2,173 2,558

Noninterest income - - - 1 3 - 5

Noninterest expense

Salaries and employee benefits 1,921 1,542 1,568 1,424 1,320 3,463 2,625

Occupancy and equipment expenses 77 79 79 135 64 156 161

Data processing and telecommunications expenses119 117 120 98 318 236 755

Other noninterest expenses 886 1,056 1,457 980 1,151 1,942 2,124

Total noninterest expense 3,003 2,794 3,224 2,637 2,853 5,797 5,665

(Loss) income before income tax expense 5,911 (428) 3,488 2,155 735 5,483 1,769

Income tax expense (benefit) 1,240 (93) 782 621 177 1,147 331

Net (loss) income $4,671 $(335) $2,706 $1,534 $558 $4,336 $1,438



Total Consolidated

Net interest income $163,814$147,945$155,351$148,769$101,651$311,759$201,046

Provision for credit losses 88,161 41,047 5,693 5,989 4,668 129,208 8,076

Noninterest income 120,960 54,379 55,113 76,993 35,236 175,339 66,007

Noninterest expense

Salaries and employee benefits 95,168 75,946 69,642 77,633 38,331 171,114 76,663

Occupancy and equipment expenses 13,807 12,028 11,919 12,639 7,834 25,835 16,038

Data processing and telecommunications expenses10,514 11,954 11,362 10,372 8,388 22,468 16,779

Other noninterest expenses 36,279 38,125 29,641 92,053 26,698 74,404 47,196

Total noninterest expense 155,768 138,053 122,564 192,697 81,251 293,821 156,676

Income before income tax expense 40,845 23,224 82,207 27,076 50,968 64,069 102,301

Income tax expense 8,609 3,902 20,959 5,692 12,064 12,511 23,492

Net income $32,236 $19,322 $61,248 $21,384 $38,904 $51,558 $78,809

View original content to download multimedia: http://www.prnewswire.com/news-releases/ameris-bancorp-announces-financial-results-for-second-quarter-2020-301099868.html

SOURCE Ameris Bancorp