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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One) | | | | | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
OR | | | | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Commission File Number: | 001-13901 |
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AMERIS BANCORP |
(Exact name of registrant as specified in its charter) |
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Georgia | 58-1456434 |
(State of incorporation) | (IRS Employer ID No.) |
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3490 Piedmont Rd N.E., Suite 1550 |
Atlanta | Georgia | 30305 |
(Address of principal executive offices) |
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(404) | 639-6500 |
(Registrant’s telephone number) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $1 per share | ABCB | Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | |
Large accelerated filer | ý | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý
There were 69,052,061 shares of Common Stock outstanding as of November 3, 2023.
AMERIS BANCORP
TABLE OF CONTENTS
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PART I – FINANCIAL INFORMATION | |
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 5. | | |
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Item 6. | | |
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Item 1. Financial Statements.
AMERIS BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands, except per share data) | | | | | | | | | | | |
| September 30, 2023 (unaudited) | | December 31, 2022 |
Assets | | | |
Cash and due from banks | $ | 241,137 | | | $ | 284,567 | |
Federal funds sold and interest-bearing deposits in banks | 1,304,636 | | | 833,565 | |
Cash and cash equivalents | 1,545,773 | | | 1,118,132 | |
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Debt securities available-for-sale, at fair value, net of allowance for credit losses of $80 and $75 | 1,424,081 | | | 1,500,060 | |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $115,689 and $114,538) | 141,859 | | | 134,864 | |
Other investments | 104,957 | | | 110,992 | |
Loans held for sale, at fair value | 381,466 | | | 392,078 | |
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Loans, net of unearned income | 20,201,079 | | | 19,855,253 | |
Allowance for credit losses | (290,104) | | | (205,677) | |
Loans, net | 19,910,975 | | | 19,649,576 | |
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Other real estate owned, net | 3,397 | | | 843 | |
Premises and equipment, net | 217,564 | | | 220,283 | |
Goodwill | 1,015,646 | | | 1,015,646 | |
Other intangible assets, net | 92,375 | | | 106,194 | |
Cash value of bank owned life insurance | 393,769 | | | 388,405 | |
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Other assets | 465,968 | | | 416,213 | |
Total assets | $ | 25,697,830 | | | $ | 25,053,286 | |
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Liabilities | | | |
Deposits: | | | |
Noninterest-bearing | $ | 6,589,610 | | | $ | 7,929,579 | |
Interest-bearing | 14,000,735 | | | 11,533,159 | |
Total deposits | 20,590,345 | | | 19,462,738 | |
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Other borrowings | 1,209,553 | | | 1,875,736 | |
Subordinated deferrable interest debentures | 129,817 | | | 128,322 | |
Other liabilities | 421,046 | | | 389,090 | |
Total liabilities | 22,350,761 | | | 21,855,886 | |
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Commitments and Contingencies (Note 8) | | | |
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Shareholders’ Equity | | | |
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | — | | | — | |
Common stock, par value $1; 200,000,000 shares authorized; 72,514,047 and 72,263,727 shares issued | 72,514 | | | 72,264 | |
Capital surplus | 1,942,852 | | | 1,935,211 | |
Retained earnings | 1,484,424 | | | 1,311,258 | |
Accumulated other comprehensive loss, net of tax | (60,818) | | | (46,507) | |
Treasury stock, at cost, 3,375,586 and 2,894,677 shares | (91,903) | | | (74,826) | |
Total shareholders’ equity | 3,347,069 | | | 3,197,400 | |
Total liabilities and shareholders’ equity | $ | 25,697,830 | | | $ | 25,053,286 | |
See notes to unaudited consolidated financial statements.
AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (unaudited)
(dollars and shares in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest income | | | | | | | |
Interest and fees on loans | $ | 304,699 | | | $ | 216,400 | | | $ | 868,675 | | | $ | 584,706 | |
Interest on taxable securities | 14,754 | | | 10,324 | | | 44,969 | | | 21,627 | |
Interest on nontaxable securities | 331 | | | 363 | | | 1,009 | | | 818 | |
Interest on deposits in other banks and federal funds sold | 10,769 | | | 7,215 | | | 33,568 | | | 13,093 | |
Total interest income | 330,553 | | | 234,302 | | | 948,221 | | | 620,244 | |
| | | | | | | |
Interest expense | | | | | | | |
Interest on deposits | 102,999 | | | 14,034 | | | 244,268 | | | 23,034 | |
Interest on other borrowings | 19,803 | | | 7,287 | | | 75,010 | | | 20,321 | |
Total interest expense | 122,802 | | | 21,321 | | | 319,278 | | | 43,355 | |
| | | | | | | |
Net interest income | 207,751 | | | 212,981 | | | 628,943 | | | 576,889 | |
Provision for loan losses | 30,095 | | | 17,469 | | | 123,114 | | | 27,962 | |
Provision for unfunded commitments | (5,634) | | | 192 | | | (3,415) | | | 10,980 | |
Provision for other credit losses | (2) | | | (9) | | | 5 | | | (135) | |
Provision for credit losses | 24,459 | | | 17,652 | | | 119,704 | | | 38,807 | |
Net interest income after provision for credit losses | 183,292 | | | 195,329 | | | 509,239 | | | 538,082 | |
| | | | | | | |
Noninterest income | | | | | | | |
Service charges on deposit accounts | 12,092 | | | 11,168 | | | 34,323 | | | 33,374 | |
Mortgage banking activity | 36,290 | | | 40,350 | | | 108,424 | | | 162,049 | |
Other service charges, commissions and fees | 1,221 | | | 970 | | | 3,167 | | | 2,907 | |
Net gain (loss) on securities | (16) | | | (21) | | | (16) | | | 200 | |
Other noninterest income | 13,594 | | | 12,857 | | | 40,682 | | | 37,546 | |
Total noninterest income | 63,181 | | | 65,324 | | | 186,580 | | | 236,076 | |
| | | | | | | |
Noninterest expense | | | | | | | |
Salaries and employee benefits | 81,898 | | | 78,697 | | | 244,144 | | | 244,523 | |
Occupancy and equipment | 12,745 | | | 12,983 | | | 38,253 | | | 38,456 | |
Data processing and communications expenses | 12,973 | | | 12,015 | | | 39,458 | | | 36,742 | |
Credit resolution-related expenses | (1,360) | | | 126 | | | (77) | | | (343) | |
Advertising and marketing | 2,723 | | | 3,553 | | | 8,882 | | | 8,663 | |
Amortization of intangible assets | 4,425 | | | 4,710 | | | 13,819 | | | 15,035 | |
Merger and conversion charges | — | | | — | | | — | | | 977 | |
Loan servicing expense | 9,290 | | | 9,613 | | | 26,392 | | | 28,452 | |
Other noninterest expenses | 18,752 | | | 17,881 | | | 58,399 | | | 53,089 | |
Total noninterest expense | 141,446 | | | 139,578 | | | 429,270 | | | 425,594 | |
| | | | | | | |
Income before income tax expense | 105,027 | | | 121,075 | | | 266,549 | | | 348,564 | |
Income tax expense | 24,912 | | | 28,520 | | | 63,378 | | | 84,245 | |
Net income | 80,115 | | | 92,555 | | | 203,171 | | | 264,319 | |
| | | | | | | |
Other comprehensive loss | | | | | | | |
Net unrealized holding losses arising during period on debt securities available-for-sale, net of tax benefit of $(3,472), $(10,128), $(4,871) and $(17,631) | (10,200) | | | (38,099) | | | (14,311) | | | (66,324) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total other comprehensive loss | (10,200) | | | (38,099) | | | (14,311) | | | (66,324) | |
Comprehensive income | $ | 69,915 | | | $ | 54,456 | | | $ | 188,860 | | | $ | 197,995 | |
| | | | | | | |
Basic earnings per common share | $ | 1.16 | | | $ | 1.34 | | | $ | 2.94 | | | $ | 3.82 | |
Diluted earnings per common share | $ | 1.16 | | | $ | 1.34 | | | $ | 2.94 | | | $ | 3.81 | |
Weighted average common shares outstanding | | | | | | | |
Basic | 68,879 | | | 69,125 | | | 69,023 | | | 69,213 | |
Diluted | 68,994 | | | 69,327 | | | 69,130 | | | 69,428 | |
See notes to unaudited consolidated financial statements.
AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| | | | | | | | | | | |
| Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss), Net of Tax | | Treasury Stock | | Total Shareholders' Equity |
| Shares | | Amount | | | | | Shares | | Amount | |
Balance, June 30, 2023 | 72,514,630 | | | $ | 72,515 | | | $ | 1,939,865 | | | $ | 1,414,742 | | | $ | (50,618) | | | 3,374,847 | | | $ | (91,874) | | | $ | 3,284,630 | |
| | | | | | | | | | | | | | | |
Issuance of restricted shares | 1,500 | | | 2 | | | (2) | | | — | | | — | | | — | | | — | | | — | |
Forfeitures of restricted shares | (2,083) | | | (3) | | | (30) | | | — | | | — | | | — | | | — | | | (33) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Share-based compensation | — | | | — | | | 3,019 | | | — | | | — | | | — | | | — | | | 3,019 | |
Purchase of treasury shares | — | | | — | | | — | | | — | | | — | | | 739 | | | (29) | | | (29) | |
Net income | — | | | — | | | — | | | 80,115 | | | — | | | — | | | — | | | 80,115 | |
Dividends on common shares ($0.15 per share) | — | | | — | | | — | | | (10,433) | | | — | | | — | | | — | | | (10,433) | |
| | | | | | | | | | | | | | | |
Other comprehensive loss during the period | — | | | — | | | — | | | — | | | (10,200) | | | — | | | — | | | (10,200) | |
Balance, September 30, 2023 | 72,514,047 | | | $ | 72,514 | | | $ | 1,942,852 | | | $ | 1,484,424 | | | $ | (60,818) | | | 3,375,586 | | | $ | (91,903) | | | $ | 3,347,069 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| | | | | | | | | | | |
| Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss), Net of Tax | | Treasury Stock | | Total Shareholders' Equity |
| Shares | | Amount | | | | | Shares | | Amount | |
Balance, December 31, 2022 | 72,263,727 | | | $ | 72,264 | | | $ | 1,935,211 | | | $ | 1,311,258 | | | $ | (46,507) | | | 2,894,677 | | | $ | (74,826) | | | $ | 3,197,400 | |
| | | | | | | | | | | | | | | |
Issuance of restricted shares | 133,430 | | | 134 | | | (134) | | | — | | | — | | | — | | | — | | | — | |
Issuance of common shares pursuant to PSU agreements | 102,973 | | | 103 | | | (103) | | | — | | | — | | | — | | | — | | | — | |
Forfeitures of restricted shares | (2,083) | | | (3) | | | (30) | | | — | | | — | | | — | | | — | | | (33) | |
Proceeds from exercise of stock options | 16,000 | | | 16 | | | 460 | | | — | | | — | | | — | | | — | | | 476 | |
Share-based compensation | — | | | — | | | 7,448 | | | — | | | — | | | — | | | — | | | 7,448 | |
Purchase of treasury shares | — | | | — | | | — | | | — | | | — | | | 480,909 | | | (17,077) | | | (17,077) | |
Net income | — | | | — | | | — | | | 203,171 | | | — | | | — | | | — | | | 203,171 | |
Dividends on common shares ($0.45 per share) | — | | | — | | | — | | | (31,282) | | | — | | | — | | | — | | | (31,282) | |
Cumulative effect of change in accounting principle for ASU 2022-02 | — | | | — | | | — | | | 1,277 | | | — | | | — | | | — | | | 1,277 | |
Other comprehensive loss during the period | — | | | — | | | — | | | — | | | (14,311) | | | — | | | — | | | (14,311) | |
Balance, September 30, 2023 | 72,514,047 | | | $ | 72,514 | | | $ | 1,942,852 | | | $ | 1,484,424 | | | $ | (60,818) | | | 3,375,586 | | | $ | (91,903) | | | $ | 3,347,069 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| | | | | | | | | | | |
| Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss), Net of Tax | | Treasury Stock | | Total Shareholders' Equity |
| Shares | | Amount | | | | | Shares | | Amount | |
Balance, June 30, 2022 | 72,251,856 | | | $ | 72,251 | | | $ | 1,931,088 | | | $ | 1,157,359 | | | $ | (12,635) | | | 2,891,395 | | | $ | (74,687) | | | $ | 3,073,376 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Forfeitures of restricted shares | (4,470) | | | (4) | | | (38) | | | — | | | — | | | — | | | — | | | (42) | |
| | | | | | | | | | | | | | | |
Share-based compensation | — | | | — | | | 1,856 | | | — | | | — | | | — | | | — | | | 1,856 | |
Purchase of treasury shares | — | | | — | | | — | | | — | | | — | | | 3,282 | | | (139) | | | (139) | |
Net income | — | | | — | | | — | | | 92,555 | | | — | | | — | | | — | | | 92,555 | |
Dividends on common shares ($0.15 per share) | — | | | — | | | — | | | (10,437) | | | — | | | — | | | — | | | (10,437) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other comprehensive loss during the period | — | | | — | | | — | | | — | | | (38,099) | | | — | | | — | | | (38,099) | |
Balance, September 30, 2022 | 72,247,386 | | | $ | 72,247 | | | $ | 1,932,906 | | | $ | 1,239,477 | | | $ | (50,734) | | | 2,894,677 | | | $ | (74,826) | | | $ | 3,119,070 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| | | | | | | | | | | |
| Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss), Net of Tax | | Treasury Stock | | Total Shareholders' Equity |
| Shares | | Amount | | | | | Shares | | Amount | |
Balance, December 31, 2021 | 72,017,126 | | | $ | 72,017 | | | $ | 1,924,813 | | | $ | 1,006,436 | | | $ | 15,590 | | | 2,407,898 | | | $ | (52,405) | | | $ | 2,966,451 | |
| | | | | | | | | | | | | | | |
Issuance of restricted shares | 164,346 | | | 164 | | | 1,177 | | | — | | | — | | | — | | | — | | | 1,341 | |
Forfeitures of restricted shares | (13,889) | | | (14) | | | (119) | | | — | | | — | | | — | | | — | | | (133) | |
Proceeds from exercise of stock options | 79,803 | | | 80 | | | 2,244 | | | — | | | — | | | — | | | — | | | 2,324 | |
Share-based compensation | — | | | — | | | 4,791 | | | — | | | — | | | — | | | — | | | 4,791 | |
Purchase of treasury shares | — | | | — | | | — | | | — | | | — | | | 486,779 | | | (22,421) | | | (22,421) | |
Net income | — | | | — | | | — | | | 264,319 | | | — | | | — | | | — | | | 264,319 | |
Dividends on common shares ($0.45 per share) | — | | | — | | | — | | | (31,278) | | | — | | | — | | | — | | | (31,278) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other comprehensive loss during the period | — | | | — | | | — | | | — | | | (66,324) | | | — | | | — | | | (66,324) | |
Balance, September 30, 2022 | 72,247,386 | | | $ | 72,247 | | | $ | 1,932,906 | | | $ | 1,239,477 | | | $ | (50,734) | | | 2,894,677 | | | $ | (74,826) | | | $ | 3,119,070 | |
See notes to unaudited consolidated financial statements.
AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands) | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2023 | | 2022 |
Operating Activities | | | | |
Net income | | $ | 203,171 | | | $ | 264,319 | |
Adjustments reconciling net income to net cash provided by (used in) operating activities: | | | | |
Depreciation | | 14,260 | | | 13,808 | |
Net losses on sale or disposal of premises and equipment | | 97 | | | 92 | |
| | | | |
Provision for credit losses | | 119,704 | | | 38,807 | |
Net write-downs and (gains) losses on sale of other real estate owned | | (1,597) | | | (1,773) | |
Share-based compensation expense | | 7,415 | | | 4,859 | |
Amortization of intangible assets | | 13,819 | | | 15,035 | |
Amortization of operating lease right of use assets | | 8,440 | | | 8,783 | |
Provision for deferred taxes | | (13,382) | | | (21,699) | |
Net (accretion) amortization of debt securities available-for-sale | | (4,316) | | | 407 | |
Net (accretion) amortization of debt securities held-to-maturity | | (136) | | | 71 | |
Net amortization of other investments | | 1,108 | | | 556 | |
Net (gain) loss on securities | | 16 | | | (200) | |
Accretion of discount on purchased loans, net | | (1,361) | | | (30) | |
Net amortization on other borrowings | | 774 | | | 324 | |
Amortization of subordinated deferrable interest debentures | | 1,495 | | | 1,495 | |
Loan servicing asset recovery | | — | | | (21,824) | |
Originations of mortgage loans held for sale | | (2,818,898) | | | (3,265,190) | |
Payments received on mortgage loans held for sale | | 11,806 | | | 21,657 | |
Proceeds from sales of mortgage loans held for sale | | 2,802,956 | | | 3,919,672 | |
Net losses on sale of mortgage loans held for sale | | 4,447 | | | 83,975 | |
Originations of SBA loans | | (24,252) | | | (44,664) | |
Proceeds from sales of SBA loans | | 27,129 | | | 53,961 | |
Net gains on sale of SBA loans | | (1,382) | | | (5,191) | |
Increase in cash surrender value of bank owned life insurance | | (6,768) | | | (5,433) | |
Gain on bank owned life insurance proceeds | | (486) | | | (55) | |
| | | | |
| | | | |
Loss on sale of mortgage servicing rights | | — | | | 316 | |
Gain on debt redemption | | (1,148) | | | — | |
Change attributable to other operating activities | | 13,157 | | | 711 | |
Net cash provided by operating activities | | 356,068 | | | 1,062,789 | |
| | | | |
Investing Activities, net of effects of business combinations | | | | |
| | | | |
Purchases of debt securities available-for-sale | | (500) | | | (894,260) | |
Purchases of debt securities held-to-maturity | | (8,543) | | | (52,111) | |
Proceeds from maturities and paydowns of debt securities available-for-sale | | 61,394 | | | 147,291 | |
Proceeds from sales of debt securities available-for-sale | | 216 | | | — | |
Proceeds from maturities and paydowns of debt securities held-to-maturity | | 1,684 | | | 1,676 | |
Net (increase) decrease in other investments | | 4,911 | | | (13,364) | |
Net increase in loans | | (400,486) | | | (2,764,936) | |
Purchases of premises and equipment | | (11,680) | | | (11,307) | |
Proceeds from sale of premises and equipment | | 42 | | | 46 | |
Proceeds from sales of other real estate owned | | 8,756 | | | 5,086 | |
Proceeds from sale of mortgage servicing rights | | — | | | 119,845 | |
Purchases of bank owned life insurance | | — | | | (50,000) | |
Proceeds from bank owned life insurance | | 1,890 | | | 101 | |
| | | | |
| | | | |
Net cash and cash equivalents paid in acquisitions | | — | | | (14,003) | |
Net cash used in investing activities | | (342,316) | | | (3,525,936) | |
| | | | |
| | | | (Continued) |
AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands) | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2023 | | 2022 |
Financing Activities, net of effects of business combinations | | | | |
Net increase (decrease) in deposits | | $ | 1,127,607 | | | $ | (198,634) | |
Net decrease in securities sold under agreements to repurchase | | — | | | (5,845) | |
Proceeds from other borrowings | | 13,837,000 | | | 350,000 | |
Repayment of other borrowings | | (14,502,809) | | | (364,539) | |
| | | | |
| | | | |
Proceeds from exercise of stock options | | 476 | | | 2,324 | |
Dividends paid - common stock | | (31,308) | | | (31,227) | |
Purchase of treasury shares | | (17,077) | | | (22,421) | |
Net cash provided by (used in) financing activities | | 413,889 | | | (270,342) | |
| | | | |
Net increase (decrease) in cash, cash equivalents and restricted cash | | 427,641 | | | (2,733,489) | |
Cash, cash equivalents and restricted cash at beginning of period | | 1,118,132 | | | 4,064,657 | |
Cash, cash equivalents and restricted cash at end of period | | $ | 1,545,773 | | | $ | 1,331,168 | |
| | | | |
Supplemental Disclosures of Cash Flow Information | | | | |
Cash paid (received) during the period for: | | | | |
Interest | | $ | 290,972 | | | $ | 42,040 | |
Income taxes | | 88,353 | | | 82,551 | |
Loans transferred to other real estate owned | | 9,713 | | | 346 | |
Loans transferred from loans held for sale to loans held for investment | | 8,806 | | | 192,425 | |
| | | | |
Loans provided for the sales of other real estate owned | | — | | | 2,288 | |
| | | | |
| | | | |
Right-of-use assets obtained in exchange for new operating lease liabilities | | 2,678 | | | 1,537 | |
Assets acquired in business acquisitions | | — | | | 10,641 | |
Liabilities assumed in business acquisitions | | — | | | (3,362) | |
| | | | |
| | | | |
Change in unrealized loss on securities available-for-sale, net of tax | | (14,311) | | | (66,324) | |
| | | | |
| | | | |
| | | | |
| | | | (Concluded) |
See notes to unaudited consolidated financial statements.
AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
September 30, 2023
NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Nature of Business
Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At September 30, 2023, the Bank operated 164 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market.
Basis of Presentation
The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks, federal funds sold and restricted cash. There was no restricted cash held at both September 30, 2023 and December 31, 2022.
Reclassifications
Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.
Accounting Standards Adopted in 2023
ASU No. 2022-02 – Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). ASU 2022-02 eliminates the troubled debt restructuring ("TDR") measurement and recognition guidance and requires that entities evaluate whether the modification represents a new loan or a continuation of an existing loan consistent with the accounting for other loan modifications. Additional disclosures relating to modifications to borrowers experiencing financial difficulty are required under ASU 2022-02. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination. The Company adopted this ASU effective January 1, 2023 on a prospective basis, except for the amendments related to recognition and measurement of TDRs, which were adopted using the modified retrospective method. The adoption was not material and resulted in a reduction to the allowance for credit losses of $1.7 million and an increase to retained earnings of $1.3 million.
ASU No. 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU No. 2022-06 extends the temporary relief in Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The objective of this guidance is to provide temporary relief during the transition period away from LIBOR toward new interest rate benchmarks. This update was effective upon issuance. The Company adopted the guidance in Topic 848 effective January 1, 2023 and the adoption was not material to the consolidated financial statements.
NOTE 2 – INVESTMENT SECURITIES
The amortized cost and estimated fair value of securities available-for-sale along with gross unrealized gains and losses are summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(dollars in thousands) Securities available-for-sale | | Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
September 30, 2023 | | | | | | | | | | |
U.S. Treasuries | | $ | 781,154 | | | $ | — | | | $ | — | | | $ | (20,558) | | | $ | 760,596 | |
U.S. government-sponsored agencies | | 1,026 | | | — | | | — | | | (57) | | | 969 | |
State, county and municipal securities | | 29,492 | | | — | | | — | | | (1,789) | | | 27,703 | |
Corporate debt securities | | 16,171 | | | (80) | | | — | | | (1,055) | | | 15,036 | |
SBA pool securities | | 23,834 | | | — | | | 2 | | | (2,085) | | | 21,751 | |
Mortgage-backed securities | | 650,535 | | | — | | | 16 | | | (52,525) | | | 598,026 | |
Total debt securities available-for-sale | | $ | 1,502,212 | | | $ | (80) | | | $ | 18 | | | $ | (78,069) | | | $ | 1,424,081 | |
| | | | | | | | | | |
December 31, 2022 | | | | | | | | | | |
U.S. Treasuries | | $ | 775,784 | | | $ | — | | | $ | 131 | | | $ | (16,381) | | | $ | 759,534 | |
U.S. government-sponsored agencies | | 1,036 | | | — | | | — | | | (57) | | | 979 | |
State, county and municipal securities | | 35,358 | | | — | | | 17 | | | (1,180) | | | 34,195 | |
Corporate debt securities | | 16,397 | | | (75) | | | — | | | (396) | | | 15,926 | |
SBA pool securities | | 29,422 | | | — | | | 3 | | | (2,027) | | | 27,398 | |
Mortgage-backed securities | | 701,008 | | | — | | | 113 | | | (39,093) | | | 662,028 | |
Total debt securities available-for-sale | | $ | 1,559,005 | | | $ | (75) | | | $ | 264 | | | $ | (59,134) | | | $ | 1,500,060 | |
The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:
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(dollars in thousands) Securities held-to-maturity | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
September 30, 2023 | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
State, county and municipal securities | | $ | 31,905 | | | $ | — | | | $ | (7,350) | | | $ | 24,555 | |
| | | | | | | | |
| | | | | | | | |
Mortgage-backed securities | | 109,954 | | | — | | | (18,820) | | | 91,134 | |
Total debt securities held-to-maturity | | $ | 141,859 | | | $ | — | | | $ | (26,170) | | | $ | 115,689 | |
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| | | | | | | | |
| | | | | | | | |
December 31, 2022 | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
State, county and municipal securities | | $ | 31,905 | | | $ | — | | | $ | (5,380) | | | $ | 26,525 | |
| | | | | | | | |
| | | | | | | | |
Mortgage-backed securities | | 102,959 | | | — | | | (14,946) | | | 88,013 | |
Total debt securities held-to-maturity | | $ | 134,864 | | | $ | — | | | $ | (20,326) | | | $ | 114,538 | |
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| | | | | | | | |
The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of September 30, 2023, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities
because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:
| | | | | | | | | | | | | | | | | | | | | | | |
| Available-for-Sale | | Held-to-Maturity |
(dollars in thousands) | Amortized Cost | | Estimated Fair Value | | Amortized Cost | | Estimated Fair Value |
Due in one year or less | $ | 380,435 | | | $ | 375,844 | | | $ | — | | | $ | — | |
Due from one year to five years | 439,956 | | | 422,385 | | | — | | | — | |
Due from five to ten years | 10,753 | | | 9,897 | | | — | | | — | |
Due after ten years | 20,533 | | | 17,929 | | | |