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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 March 31, 2024
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-13901
bancorplionclean.jpg
AMERIS BANCORP
(Exact name of registrant as specified in its charter)
Georgia58-1456434
(State of incorporation)(IRS Employer ID No.)
3490 Piedmont Rd N.E., Suite 1550
AtlantaGeorgia30305
(Address of principal executive offices)
(404)639-6500
(Registrant’s telephone number) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per shareABCBNasdaq 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 filerýAccelerated 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 69,107,260 shares of Common Stock outstanding as of May 3, 2024.



AMERIS BANCORP
TABLE OF CONTENTS
  Page
   
PART I – FINANCIAL INFORMATION 
   
Item 1. 
   
 
   
 
   
 
   
 
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
 
   
Item 1.
   
Item 1A.
   
Item 2.
   
Item 3.
   
Item 4.
   
Item 5.
   
Item 6.
   





Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands, except per share data)
 March 31, 2024 (unaudited)December 31, 2023
Assets  
Cash and due from banks$235,931 $230,470 
Interest-bearing deposits in banks975,321 936,834 
Cash and cash equivalents1,211,252 1,167,304 
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $73 and $69
1,414,419 1,402,944 
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ and $ (fair value of $126,581 and $122,731)
147,022 141,512 
Other investments77,480 71,794 
Loans held for sale, at fair value 364,332 281,332 
Loans, net of unearned income20,600,260 20,269,303 
Allowance for credit losses(320,023)(307,100)
Loans, net20,280,237 19,962,203 
Other real estate owned, net2,158 6,199 
Premises and equipment, net214,801 216,435 
Goodwill1,015,646 1,015,646 
Other intangible assets, net83,527 87,949 
Cash value of bank owned life insurance396,804 395,778 
Other assets447,767 454,603 
Total assets$25,655,445 $25,203,699 
Liabilities  
Deposits:  
Noninterest-bearing$6,538,322 $6,491,639 
Interest-bearing14,459,068 14,216,870 
Total deposits20,997,390 20,708,509 
Other borrowings631,380 509,586 
Subordinated deferrable interest debentures130,814 130,315 
Other liabilities411,123 428,542 
Total liabilities22,170,707 21,776,952 
Commitments and Contingencies (Note 8)
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; 72,683,199 and 72,516,079 shares issued
72,683 72,516 
Capital surplus1,948,352 1,945,385 
Retained earnings1,603,832 1,539,957 
Accumulated other comprehensive loss, net of tax(39,959)(35,939)
Treasury stock, at cost, 3,567,936 and 3,462,738 shares
(100,170)(95,172)
Total shareholders’ equity3,484,738 3,426,747 
Total liabilities and shareholders’ equity$25,655,445 $25,203,699 

 See notes to unaudited consolidated financial statements.
1


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (unaudited)
(dollars in thousands, except per share data)
 Three Months Ended
March 31,
 20242023
Interest income  
Interest and fees on loans$303,393 $271,964 
Interest on taxable securities13,092 14,300 
Interest on nontaxable securities330 339 
Interest on deposits in other banks and federal funds sold12,637 9,113 
Total interest income329,452 295,716 
Interest expense  
Interest on deposits118,174 53,182 
Interest on other borrowings9,890 30,882 
Total interest expense128,064 84,064 
Net interest income201,388 211,652 
Provision for loan losses25,523 49,376 
Provision for unfunded commitments(4,422)346 
Provision for other credit losses4 7 
Provision for credit losses21,105 49,729 
Net interest income after provision for credit losses180,283 161,923 
Noninterest income  
Service charges on deposit accounts11,759 10,936 
Mortgage banking activity39,430 31,392 
Other service charges, commissions and fees1,202 971 
Net gain (loss) on securities(7)6 
Other noninterest income13,494 12,745 
Total noninterest income65,878 56,050 
Noninterest expense  
Salaries and employee benefits82,930 80,910 
Occupancy and equipment12,885 12,986 
Data processing and communications expenses14,654 13,034 
Credit resolution-related expenses486 435 
Advertising and marketing2,545 3,532 
Amortization of intangible assets4,422 4,706 
Loan servicing expense9,439 8,331 
Other noninterest expenses21,350 15,487 
Total noninterest expense148,711 139,421 
Income before income tax expense97,450 78,552 
Income tax expense23,138 18,131 
Net income74,312 60,421 
Other comprehensive income (loss)  
Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $(1,399) and $3,719
(4,020)10,926 
Total other comprehensive income (loss)(4,020)10,926 
Comprehensive income$70,292 $71,347 
Basic earnings per common share$1.08 $0.87 
Diluted earnings per common share$1.08 $0.87 
Weighted average common shares outstanding  
Basic68,808,393 69,171,562 
Diluted69,014,116 69,322,664 
See notes to unaudited consolidated financial statements.
2


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands)

Three Months Ended March 31, 2024
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202372,516,079 $72,516 $1,945,385 $1,539,957 $(35,939)3,462,738 $(95,172)$3,426,747 
Issuance of restricted shares103,819 104 (104)— — — —  
Issuance of common shares pursuant to PSU agreements63,301 63 (63)— — — —  
Share-based compensation— — 3,134 — — — — 3,134 
Purchase of treasury shares— — — — — 105,198 (4,998)(4,998)
Net income— — — 74,312 — — — 74,312 
Dividends on common shares ($0.15 per share)
— — — (10,437)— — — (10,437)
Other comprehensive loss during the period— — — — (4,020)— — (4,020)
Balance, March 31, 202472,683,199 $72,683 $1,948,352 $1,603,832 $(39,959)3,567,936 $(100,170)$3,484,738 


Three Months Ended March 31, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202272,263,727 $72,264 $1,935,211 $1,311,258 $(46,507)2,894,677 $(74,826)$3,197,400 
Issuance of common shares pursuant to PSU agreements102,973 103 (103)— — — —  
Issuance of restricted shares101,510 101 (101)— — — —  
Proceeds from exercise of stock options16,000 16 460 — — — — 476 
Share-based compensation— — 2,197 — — — — 2,197 
Purchase of treasury shares— — — — — 215,670 (9,058)(9,058)
Net income— — — 60,421 — — — 60,421 
Dividends on common shares ($0.15 per share)
— — — (10,444)— — — (10,444)
Cumulative effect of change in accounting principle for ASU 2022-02— — — 1,277 — — — 1,277 
Other comprehensive loss during the period— — — — 10,926 — — 10,926 
Balance, March 31, 202372,484,210 $72,484 $1,937,664 $1,362,512 $(35,581)3,110,347 $(83,884)$3,253,195 

See notes to unaudited consolidated financial statements. 
3


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Three Months Ended
March 31,
 20242023
Operating Activities  
Net income$74,312 $60,421 
Adjustments reconciling net income to net cash provided by operating activities:  
Depreciation4,842 4,648 
Net losses on sale or disposal of premises and equipment15 15 
Provision for credit losses21,105 49,729 
Net write-downs and (gains) losses on sale of other real estate owned(177)(49)
Share-based compensation expense3,134 2,197 
Amortization of intangible assets4,422 4,706 
Amortization of operating lease right of use assets2,606 2,872 
Provision for deferred taxes(644)(2,807)
Net accretion of debt securities available-for-sale(924)(1,417)
Net accretion of debt securities held-to-maturity(49)(39)
Net amortization of other investments394 388 
Net (gain) loss on securities7 (6)
Accretion of discount on purchased loans, net184 (420)
Net amortization on other borrowings68 627 
Amortization of subordinated deferrable interest debentures499 498 
Originations of mortgage loans held for sale(858,557)(754,727)
Payments received on mortgage loans held for sale2,167 3,661 
Proceeds from sales of mortgage loans held for sale778,499 748,633 
Net gains on sale of mortgage loans held for sale(9,868)(2,919)
Originations of SBA loans(3,538)(8,873)
Proceeds from sales of SBA loans2,432 5,648 
Net gains on sale of SBA loans(223)(175)
Increase in cash surrender value of bank owned life insurance(2,568)(2,200)
Gain on bank owned life insurance proceeds(998)(486)
Gain on debt redemption(169) 
Change attributable to other operating activities1,609 21,776 
Net cash provided by operating activities18,580 131,701 
Investing Activities  
Purchases of debt securities available-for-sale(58,809) 
Purchases of debt securities held-to-maturity(6,321) 
Proceeds from maturities and paydowns of debt securities available-for-sale42,835 19,280 
Proceeds from maturities and paydowns of debt securities held-to-maturity860 728 
Net increase in other investments(6,087)(36,105)
Net increase in loans(345,953)(153,072)
Purchases of premises and equipment(3,437)(3,258)
Proceeds from sale of premises and equipment 214  
Proceeds from sales of other real estate owned6,661 1,042 
Proceeds from bank owned life insurance 1,890 
Net cash used in investing activities(370,037)(169,495)
  (Continued)

4


AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Three Months Ended
March 31,
 20242023
Financing Activities  
Net increase in deposits$288,881 $434,717 
Proceeds from other borrowings983,000 6,655,000 
Repayment of other borrowings(861,105)(6,130,036)
Proceeds from exercise of stock options 476 
Dividends paid - common stock(10,477)(10,584)
Purchase of treasury shares(4,894)(9,058)
Net cash provided by financing activities395,405 940,515 
Net increase in cash and cash equivalents43,948 902,721 
Cash and cash equivalents at beginning of period1,167,304 1,118,132 
Cash and cash equivalents at end of period$1,211,252 $2,020,853 
Supplemental Disclosures of Cash Flow Information  
Cash paid (received) during the period for:  
Interest$130,031 $76,589 
Income taxes398 (1)
Loans transferred to other real estate owned2,443 1,652 
Loans transferred from loans held for sale to loans held for investment6,088 5,734 
Right-of-use assets obtained in exchange for new operating lease liabilities982 1,942 
Change in unrealized loss on securities available-for-sale, net of tax(4,020)10,926 
  (Concluded)

See notes to unaudited consolidated financial statements.

5


AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
March 31, 2024
 
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 March 31, 2024, 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 months ended March 31, 2024 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, 2023.

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 and federal funds sold.

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 2024

ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credit. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. The Company adopted ASU 2023-02 on January 1, 2024 and adoption did not have a significant impact on the Company's financial position or results of operations.


6


ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 enhances segment disclosures by requiring inclusion of significant segment expenses, disclosure of the amount and composition of other segment items, previous annual disclosures in interim periods and identification of the position and title of the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard effective January 1, 2024 and adoption did not have a significant impact on the Company's financial position or results of operations. The adoption will enhance disclosures of reporting segments beginning with the Company's Annual Report on Form 10-K and will be applied on a retrospective basis.

Accounting Standards Pending Adoption

ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU No. 2023-09 provides for enhanced income tax disclosures by, among other things, requiring specific breakout of certain categories in the reconciliation of statutory income tax rate to effective rate, establishing a quantitative threshold for further breakout of reconciling items exceeding the threshold and not already required to be separately disclosed, requiring a qualitative description of the state and local jurisdictions making up the majority (greater than 50%) of the effect of state and local income taxes category, and provide further disaggregation of income taxes paid (net of refunds received) by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and it is not expected to have a significant impact on the Company's financial position or results of operations but will increase disclosures of income taxes.

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 LossesGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
March 31, 2024
U.S. Treasuries$712,985 $ $8 $(11,697)$701,296 
U.S. government-sponsored agencies1,020   (40)980 
State, county and municipal securities28,136  5 (1,137)27,004 
Corporate debt securities10,946 (73) (859)10,014 
SBA pool securities80,164  2 (1,737)78,429 
Mortgage-backed securities631,284  24 (34,612)596,696 
Total debt securities available-for-sale$1,464,535 $(73)$39 $(50,082)$1,414,419 
December 31, 2023
U.S. Treasuries$732,636 $ $34 $(11,793)$720,877 
U.S. government-sponsored agencies1,023   (38)985 
State, county and municipal securities28,986  9 (944)28,051 
Corporate debt securities10,946 (69) (850)10,027 
SBA pool securities53,033  2 (1,519)51,516 
Mortgage-backed securities621,013  67 (29,592)591,488 
Total debt securities available-for-sale$1,447,637 $(69)$112 $(44,736)$1,402,944 

7


The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities held-to-maturity
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
March 31, 2024
State, county and municipal securities$33,668 $2 $(5,693)$27,977 
Mortgage-backed securities113,354 29 (14,779)98,604 
Total debt securities held-to-maturity$147,022 $31 $(20,472)$126,581 
December 31, 2023
State, county and municipal securities$31,905 $ $(5,051)$26,854 
Mortgage-backed securities109,607  (13,730)95,877 
Total debt securities held-to-maturity$141,512 $ $(18,781)$122,731 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2024, 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-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost
Estimated Fair ValueAmortized
Cost
Estimated Fair Value
Due in one year or less$306,980 $305,330 $ $ 
Due from one year to five years440,409 429,292   
Due from five to ten years73,709 72,350   
Due after ten years12,153 10,751 33,668 27,977 
Mortgage-backed securities631,284 596,696 113,354 98,604 
 $1,464,535 $1,414,419 $147,022 $126,581 

Securities with a carrying value of approximately $459.4 million and $532.6 million at March 31, 2024 and December 31, 2023, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
March 31, 2024      
U.S. Treasuries$133,526 $(1,129)$562,763 $(10,568)$696,289 $(11,697)
U.S. government-sponsored agencies  980 (40)980 (40)
State, county and municipal securities5,362 (10)19,502 (1,127)24,864 (1,137)
Corporate debt securities499 (1)8,515 (858)9,014 (859)
SBA pool securities58,947 (147)19,333 (1,590)78,280 (1,737)
Mortgage-backed securities47,179 (289)548,200 (34,323)595,379 (34,612)
Total debt securities available-for-sale$245,513 $(1,576)$1,159,293 $(48,506)$1,404,806 $(50,082)
December 31, 2023      
U.S. Treasuries$159,667 $(827)$537,313 $(10,966)$696,980 $(11,793)
U.S. government sponsored agencies  985 (38)985 (38)
State, county and municipal securities1,923  19,754 (944)21,677 (944)
Corporate debt securities500  8,527 (850)9,027 (850)
SBA pool securities42  21,267 (1,519)21,309 (1,519)
Mortgage-backed securities126  566,707 (29,592)566,833 (29,592)
Total debt securities available-for-sale$162,258 $(827)$1,154,553 $(43,909)$1,316,811 $(44,736)
8


As of March 31, 2024, the Company’s available-for-sale security portfolio consisted of 409 securities, 400 of which were in an unrealized loss position. At March 31, 2024, the Company held 309 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At March 31, 2024, the Company held 33 U.S. Small Business Administration (“SBA”) pool securities, 24 state, county and municipal securities, seven corporate securities, one U.S. government-sponsored agency security, and 26 U.S. Treasury securities that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities held-to-maturity
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
March 31, 2024
State, county and municipal securities$453 $(6)$26,217 $(5,687)$26,670 $(5,693)
Mortgage-backed securities8,282 (266)85,738 (14,513)94,020 (14,779)
Total debt securities held-to-maturity$8,735 $(272)$111,955 $(20,200)$120,690 $(20,472)
December 31, 2023
State, county and municipal securities$ $ $26,854 $(5,051)$26,854 $(5,051)
Mortgage-backed securities13,612 (227)82,265 (13,503)95,877 (13,730)
Total debt securities held-to-maturity$13,612 $(227)$109,119 $(18,554)$122,731 $(18,781)

As of March 31, 2024, the Company’s held-to-maturity security portfolio consisted of 30 securities, 28 of which were in an unrealized loss position. At March 31, 2024, the Company held 21 mortgage-backed securities and seven state, county and municipal securities that were in an unrealized loss position.

At March 31, 2024 and December 31, 2023, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at March 31, 2024, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at March 31, 2024, management determined that $73,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $50.1 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)Three Months Ended March 31,
Allowance for credit losses
20242023
Beginning balance$69 $75 
Provision for other credit losses4 7 
Ending balance$73 $82 

The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established.

9


Total net gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,
(dollars in thousands)20242023
Unrealized holding gains (losses) on equity securities$(7)$6 
Net gain (loss) on securities$(7)$6 

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

(dollars in thousands)March 31, 2024December 31, 2023
Commercial, financial and agricultural$2,758,716 $2,688,929 
Consumer232,993 241,552 
Indirect automobile24,022 34,257 
Mortgage warehouse891,336 818,728 
Municipal477,567 492,668 
Premium finance998,726 946,562 
Real estate – construction and development2,264,346 2,129,187 
Real estate – commercial and farmland8,131,248 8,059,754 
Real estate – residential4,821,306 4,857,666 
 $20,600,260 $20,269,303 

Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $77.4 million and $79.2 million and at March 31, 2024 and December 31, 2023, respectively. The Company had no recorded allowance for credit losses related to accrued interest on loans at both March 31, 2024 and December 31, 2023.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

The following table presents an analysis of loans accounted for on a nonaccrual basis:

(dollars in thousands)March 31, 2024December 31, 2023
Commercial, financial and agricultural$16,760 $8,059 
Consumer 1,306 1,153 
Indirect automobile309 299 
Real estate – construction and development282 282 
Real estate – commercial and farmland10,777 11,295 
Real estate – residential(1)
135,252 130,029 
$164,686 $151,117 
(1) Included in real estate - residential were $84.2 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at March 31, 2024 and December 31, 2023, respectively.
10


Interest income recognized on nonaccrual loans during the three months ended March 31, 2024 and 2023 was not material.

The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

(dollars in thousands)March 31, 2024December 31, 2023
Commercial, financial and agricultural$4,874 $2,049 
Real estate – commercial and farmland5,412 9,109 
Real estate – residential79,326 75,419 
$89,612 $86,577 

The following table presents an analysis of past-due loans as of March 31, 2024 and December 31, 2023:

(dollars in thousands)Loans
30-59
Days Past
Due
Loans
60-89
Days
Past Due
Loans 90
or More
Days Past
Due