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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, 2022
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 | ☐ |
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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 69,351,709 shares of Common Stock outstanding as of October 31, 2022.
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, 2022 (unaudited) | | December 31, 2021 |
Assets | | | |
Cash and due from banks | $ | 269,193 | | | $ | 307,813 | |
Federal funds sold and interest-bearing deposits in banks | 1,061,975 | | | 3,756,844 | |
Cash and cash equivalents | 1,331,168 | | | 4,064,657 | |
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Debt securities available-for-sale, at fair value, net of allowance for credit losses of $79 and $— | 1,255,149 | | | 592,621 | |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $107,814 and $78,206) | 130,214 | | | 79,850 | |
Other investments | 60,560 | | | 47,552 | |
Loans held for sale, at fair value | 297,987 | | | 1,254,632 | |
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Loans, net of unearned income | 18,806,856 | | | 15,874,258 | |
Allowance for credit losses | (184,891) | | | (167,582) | |
Loans, net | 18,621,965 | | | 15,706,676 | |
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Other real estate owned, net | 843 | | | 3,810 | |
Premises and equipment, net | 222,694 | | | 225,400 | |
Goodwill | 1,023,071 | | | 1,012,620 | |
Other intangible assets, net | 110,903 | | | 125,938 | |
Cash value of bank owned life insurance | 386,533 | | | 331,146 | |
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Other assets | 372,570 | | | 413,419 | |
Total assets | $ | 23,813,657 | | | $ | 23,858,321 | |
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Liabilities | | | |
Deposits: | | | |
Noninterest-bearing | $ | 8,343,200 | | | $ | 7,774,823 | |
Interest-bearing | 11,123,719 | | | 11,890,730 | |
Total deposits | 19,466,919 | | | 19,665,553 | |
Securities sold under agreements to repurchase | — | | | 5,845 | |
Other borrowings | 725,664 | | | 739,879 | |
Subordinated deferrable interest debentures | 127,823 | | | 126,328 | |
Other liabilities | 374,181 | | | 354,265 | |
Total liabilities | 20,694,587 | | | 20,891,870 | |
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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; 72,247,386 and 72,017,126 shares issued | 72,247 | | | 72,017 | |
Capital surplus | 1,932,906 | | | 1,924,813 | |
Retained earnings | 1,239,477 | | | 1,006,436 | |
Accumulated other comprehensive income, net of tax | (50,734) | | | 15,590 | |
Treasury stock, at cost, 2,894,677 and 2,407,898 shares | (74,826) | | | (52,405) | |
Total shareholders’ equity | 3,119,070 | | | 2,966,451 | |
Total liabilities and shareholders’ equity | $ | 23,813,657 | | | $ | 23,858,321 | |
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, |
| 2022 | | 2021 | | 2022 | | 2021 |
Interest income | | | | | | | |
Interest and fees on loans | $ | 216,400 | | | $ | 166,358 | | | $ | 584,706 | | | $ | 505,276 | |
Interest on taxable securities | 10,324 | | | 5,296 | | | 21,627 | | | 16,658 | |
Interest on nontaxable securities | 363 | | | 139 | | | 818 | | | 419 | |
Interest on deposits in other banks and federal funds sold | 7,215 | | | 1,253 | | | 13,093 | | | 2,394 | |
Total interest income | 234,302 | | | 173,046 | | | 620,244 | | | 524,747 | |
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Interest expense | | | | | | | |
Interest on deposits | 14,034 | | | 5,106 | | | 23,034 | | | 17,679 | |
Interest on other borrowings | 7,287 | | | 6,279 | | | 20,321 | | | 18,578 | |
Total interest expense | 21,321 | | | 11,385 | | | 43,355 | | | 36,257 | |
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Net interest income | 212,981 | | | 161,661 | | | 576,889 | | | 488,490 | |
Provision for loan losses | 17,469 | | | (3,984) | | | 27,962 | | | (21,462) | |
Provision for unfunded commitments | 192 | | | (5,516) | | | 10,980 | | | (16,056) | |
Provision for other credit losses | (9) | | | (175) | | | (135) | | | (606) | |
Provision for credit losses | 17,652 | | | (9,675) | | | 38,807 | | | (38,124) | |
Net interest income after provision for credit losses | 195,329 | | | 171,336 | | | 538,082 | | | 526,614 | |
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Noninterest income | | | | | | | |
Service charges on deposit accounts | 11,168 | | | 11,486 | | | 33,374 | | | 33,322 | |
Mortgage banking activity | 40,350 | | | 56,460 | | | 162,049 | | | 225,177 | |
Other service charges, commissions and fees | 970 | | | 1,154 | | | 2,907 | | | 3,226 | |
Net gain (loss) on securities | (21) | | | 530 | | | 200 | | | 519 | |
Other noninterest income | 12,857 | | | 6,932 | | | 37,546 | | | 21,531 | |
Total noninterest income | 65,324 | | | 76,562 | | | 236,076 | | | 283,775 | |
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Noninterest expense | | | | | | | |
Salaries and employee benefits | 78,697 | | | 79,671 | | | 244,523 | | | 261,161 | |
Occupancy and equipment | 12,983 | | | 11,979 | | | 38,456 | | | 34,572 | |
Data processing and communications expenses | 12,015 | | | 10,681 | | | 36,742 | | | 34,442 | |
Credit resolution-related expenses | 126 | | | 377 | | | (343) | | | 1,546 | |
Advertising and marketing | 3,553 | | | 2,676 | | | 8,663 | | | 6,053 | |
Amortization of intangible assets | 4,710 | | | 3,387 | | | 15,035 | | | 11,578 | |
Merger and conversion charges | — | | | 183 | | | 977 | | | 183 | |
Loan servicing expense | 9,613 | | | 7,400 | | | 28,452 | | | 18,214 | |
Other noninterest expenses | 17,881 | | | 20,842 | | | 53,089 | | | 54,006 | |
Total noninterest expense | 139,578 | | | 137,196 | | | 425,594 | | | 421,755 | |
| | | | | | | |
Income before income tax expense | 121,075 | | | 110,702 | | | 348,564 | | | 388,634 | |
Income tax expense | 28,520 | | | 29,022 | | | 84,245 | | | 93,665 | |
Net income | 92,555 | | | 81,680 | | | 264,319 | | | 294,969 | |
| | | | | | | |
Other comprehensive loss | | | | | | | |
Net unrealized holding losses arising during period on investment securities available-for-sale, net of tax benefit of $(10,128), $(834), $(17,631) and $(3,089) | (38,099) | | | (3,139) | | | (66,324) | | | (11,620) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total other comprehensive loss | (38,099) | | | (3,139) | | | (66,324) | | | (11,620) | |
Comprehensive income | $ | 54,456 | | | $ | 78,541 | | | $ | 197,995 | | | $ | 283,349 | |
| | | | | | | |
Basic earnings per common share | $ | 1.34 | | | $ | 1.18 | | | $ | 3.82 | | | $ | 4.25 | |
Diluted earnings per common share | $ | 1.34 | | | $ | 1.17 | | | $ | 3.81 | | | $ | 4.23 | |
Weighted average common shares outstanding | | | | | | | |
Basic | 69,125 | | | 69,440 | | | 69,213 | | | 69,445 | |
Diluted | 69,327 | | | 69,756 | | | 69,428 | | | 69,772 | |
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, 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2021 |
| | | | | | | | | | | |
| Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income, Net of Tax | | Treasury Stock | | Total Shareholders' Equity |
| Shares | | Amount | | | | | Shares | | Amount | |
Balance, June 30, 2021 | 72,007,871 | | | $ | 72,008 | | | $ | 1,920,566 | | | $ | 863,828 | | | $ | 25,024 | | | 2,240,662 | | | $ | (44,422) | | | $ | 2,837,004 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Forfeitures of restricted shares | (1,945) | | | (2) | | | (31) | | | — | | | — | | | — | | | — | | | (33) | |
Proceeds from exercise of stock options | 10,000 | | | 10 | | | 278 | | | — | | | — | | | — | | | — | | | 288 | |
Share-based compensation | — | | | — | | | 2,151 | | | — | | | — | | | — | | | — | | | 2,151 | |
Purchase of treasury shares | — | | | — | | | — | | | — | | | — | | | 139,829 | | | (6,652) | | | (6,652) | |
Net income | — | | | — | | | — | | | 81,680 | | | — | | | — | | | — | | | 81,680 | |
Dividends on common shares ($0.15 per share) | — | | | — | | | — | | | (10,529) | | | — | | | — | | | — | | | (10,529) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other comprehensive loss during the period | — | | | — | | | — | | | — | | | (3,139) | | | — | | | — | | | (3,139) | |
Balance, September 30, 2021 | 72,015,926 | | | $ | 72,016 | | | $ | 1,922,964 | | | $ | 934,979 | | | $ | 21,885 | | | 2,380,491 | | | $ | (51,074) | | | $ | 2,900,770 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2021 |
| | | | | | | | | | | |
| Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income, Net of Tax | | Treasury Stock | | Total Shareholders' Equity |
| Shares | | Amount | | | | | Shares | | Amount | |
Balance, December 31, 2020 | 71,753,705 | | | $ | 71,754 | | | $ | 1,913,285 | | | $ | 671,510 | | | $ | 33,505 | | | 2,212,224 | | | $ | (42,966) | | | $ | 2,647,088 | |
| | | | | | | | | | | | | | | |
Issuance of restricted shares | 99,308 | | | 99 | | | 500 | | | — | | | — | | | — | | | — | | | 599 | |
Forfeitures of restricted shares | (2,695) | | | (3) | | | (50) | | | — | | | — | | | — | | | — | | | (53) | |
Proceeds from exercise of stock options | 165,608 | | | 166 | | | 4,333 | | | — | | | — | | | — | | | — | | | 4,499 | |
Share-based compensation | — | | | — | | | 4,896 | | | — | | | — | | | — | | | — | | | 4,896 | |
Purchase of treasury shares | — | | | — | | | — | | | — | | | — | | | 168,267 | | | (8,108) | | | (8,108) | |
Net income | — | | | — | | | — | | | 294,969 | | | — | | | — | | | — | | | 294,969 | |
Dividends on common shares ($0.45 per share) | — | | | — | | | — | | | (31,500) | | | — | | | — | | | — | | | (31,500) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other comprehensive loss during the period | — | | | — | | | — | | | — | | | (11,620) | | | — | | | — | | | (11,620) | |
Balance, September 30, 2021 | 72,015,926 | | | $ | 72,016 | | | $ | 1,922,964 | | | $ | 934,979 | | | $ | 21,885 | | | 2,380,491 | | | $ | (51,074) | | | $ | 2,900,770 | |
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, |
| | 2022 | | 2021 |
Operating Activities | | | | |
Net income | | $ | 264,319 | | | $ | 294,969 | |
Adjustments reconciling net income to net cash provided by (used in) operating activities: | | | | |
Depreciation | | 13,808 | | | 12,864 | |
Net losses on sale or disposal of premises and equipment | | 92 | | | 3,200 | |
Net write-downs on other assets | | — | | | 260 | |
Provision for credit losses | | 38,807 | | | ( |