Quick10K

Ameris Bancorp

Market

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$36.48	48	$1,740

Financials

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

Current Reports

8-K	2019-07-26	Earnings, Regulation FD, Exhibits
8-K	2019-06-27	M&A, Off-BS Arrangement, Officers, Amend Bylaw, Other Events, Exhibits
8-K	2019-06-10	Other Events
8-K	2019-05-14	Shareholder Vote
8-K	2019-05-06	Shareholder Vote
8-K	2019-05-06	Other Events, Exhibits
8-K	2019-04-23	Earnings, Regulation FD, Exhibits
8-K	2019-01-25	Earnings, Regulation FD, Exhibits
8-K	2019-01-25	Earnings, Regulation FD, Exhibits
8-K	2018-12-20	Leave Agreement, Officers
8-K	2018-12-17	Enter Agreement, Other Events, Exhibits
8-K	2018-10-25	Other Events, Exhibits
8-K	2018-10-19	Earnings, Regulation FD, Exhibits
8-K	2018-09-20	Regulation FD, Exhibits
8-K	2018-07-27	Earnings, Regulation FD, Exhibits
8-K	2018-07-05	Officers
8-K	2018-06-29	M&A, Off-BS Arrangement, Other Events, Exhibits
8-K	2018-06-06	Leave Agreement, Officers, Other Events, Exhibits
8-K	2018-05-25	M&A, Other Events, Exhibits
8-K	2018-05-15	Shareholder Vote
8-K	2018-04-25	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2018-04-20	Earnings, Regulation FD, Exhibits
8-K	2018-02-08	Regulation FD, Exhibits
8-K	2018-01-31	Enter Agreement, Leave Agreement, Exhibits
8-K	2018-01-25	Enter Agreement, Leave Agreement, Earnings, Sale of Shares, Regulation FD, Other Events, Exhibits
8-K	2018-01-16	Amend Bylaw, Exhibits
8-K	2017-12-31	Leave Agreement, Officers

Comparables

BAH	Booz Allen Hamilton Holding	8,440
BKE	Buckle	925
THFF	First Financial	504
CERC	Cerecor	206
TGEN	Tecogen	88
PBHC	Pathfinder Bancorp	59
IFMK	iFresh	17
AHPA	Avista Healthcare Public Acquisition	0
CETY	Clean Energy Technologies	0
OMCM	Omnicomm Systems	0

Ameris Bancorp Earnings 2019-06-30

ABCB 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



FORM	10-Q

(Mark One)



	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019



	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



Commission File Number:	001-13901

AMERIS BANCORP

(Exact name of registrant as specified in its charter)



Georgia	58-1456434
(State of incorporation)	(IRS Employer ID No.)



310 First Street, S.E.
Moultrie,	Georgia	31768
(Address of principal executive offices)



(229)	890-1111
(Registrant’s telephone number)

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	☐ (Do not check if a smaller reporting company)	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

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

There were 69,519,889 shares of Common Stock outstanding as of August 1, 2019.

AMERIS BANCORP

TABLE OF CONTENTS



		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements.

	Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018	1

	Consolidated Statements of Income and Comprehensive Income for the Three and Six-Month Periods Ended June 30, 2019 and 2018	2

	Consolidated Statements of Shareholders’ Equity for the Three and Six-Month Periods Ended June 30, 2019 and 2018	3

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018	5

	Notes to Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	47

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	74

Item 4.	Controls and Procedures.	75

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	75

Item 1A.	Risk Factors.	75

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	76

Item 3.	Defaults Upon Senior Securities.	76

Item 4.	Mine Safety Disclosures.	76

Item 5.	Other Information.	76

Item 6.	Exhibits.	77

Signatures		78

Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

(dollars in thousands, except per share data)



	June 30, 2019			December 31, 2018
Assets
Cash and due from banks	$	151,186		$	172,036
Federal funds sold and interest-bearing deposits in banks	186,969			507,491
Cash and cash equivalents	338,155			679,527

Time deposits in other banks	748			10,812
Investment securities available for sale, at fair value	1,273,244			1,192,423
Other investments	32,481			14,455
Loans held for sale (includes loans at fair value of $196,300 and $111,298, respectively)	261,073			111,298

Loans	6,522,448			5,660,457
Purchased loans	2,286,425			2,588,832
Purchased loan pools	240,997			262,625
Loans, net of unearned income	9,049,870			8,511,914
Allowance for loan losses	(31,793		)	(28,819		)
Loans, net	9,018,077			8,483,095

Other real estate owned, net	5,169			7,218
Purchased other real estate owned, net	9,506			9,535
Total other real estate owned, net	14,675			16,753

Premises and equipment, net	141,378			145,410
Goodwill	501,140			503,434
Other intangible assets, net	52,437			58,689
Cash value of bank owned life insurance	105,064			104,096
Deferred income taxes, net	30,812			35,126
Other assets	120,052			88,397
Total assets	$	11,889,336		$	11,443,515

Liabilities
Deposits:
Noninterest-bearing	$	2,771,443		$	2,520,016
Interest-bearing	6,810,927			7,129,297
Total deposits	9,582,370			9,649,313
Securities sold under agreements to repurchase	3,307			20,384
Other borrowings	564,636			151,774
Subordinated deferrable interest debentures	89,871			89,187
FDIC loss-share payable, net	20,596			19,487
Other liabilities	91,435			57,023
Total liabilities	10,352,215			9,987,168

Commitments and Contingencies (Note 14)

Shareholders’ Equity
Preferred stock, stated value $1,000 (5,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2019 and December 31, 2018)	—			—
Common stock, par value $1 (100,000,000 shares authorized; 49,099,332 and 49,014,925 shares issued at June 30, 2019 and December 31, 2018, respectively)	49,099			49,015
Capital surplus	1,053,500			1,051,584
Retained earnings	446,182			377,135
Accumulated other comprehensive income (loss), net of tax	16,462			(4,826		)
Treasury stock, at cost (1,837,748 shares and 1,514,984 shares at June 30, 2019 and December 31, 2018, respectively)	(28,122		)	(16,561		)
Total shareholders’ equity	1,537,121			1,456,347
Total liabilities and shareholders’ equity	$	11,889,336		$	11,443,515

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income (unaudited)

(dollars in thousands, except per share data)



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Interest income
Interest and fees on loans	$	117,010	$	82,723	$	229,411	$	155,990
Interest on taxable securities	9,383		6,321		18,426		11,528
Interest on nontaxable securities	102		179		258		501
Interest on deposits in other banks and federal funds sold	2,533		723		5,862		1,439
Total interest income	129,028		89,946		253,957		169,458

Interest expense
Interest on deposits	23,454		7,794		45,138		14,566
Interest on other borrowings	3,923		6,153		7,773		10,092
Total interest expense	27,377		13,947		52,911		24,658

Net interest income	101,651		75,999		201,046		144,800
Provision for loan losses	4,668		9,110		8,076		10,911
Net interest income after provision for loan losses	96,983		66,889		192,970		133,889

Noninterest income
Service charges on deposit accounts	12,168		10,613		23,814		20,841
Mortgage banking activity	18,523		15,403		33,200		27,689
Other service charges, commissions and fees	793		697		1,561		1,416
Net gain (loss) on securities

EX-10.1	exhibit101-milleremplo.htm
EX-10.2	exhibit102-proctorempl.htm
EX-10.3	exhibit103-amendmentto.htm
EX-31.1	abcbexhibit311x063019-.htm
EX-31.2	abcbexhibit312x063019-.htm
EX-32.1	abcbexhibit321-063019x.htm
EX-32.2	abcbexhibit322x063019-.htm