News Releases
Highlights of Ameris's results for the first quarter of 2024 include the following:
- Net income of $74.3 million, or $1.08 per diluted share; Adjusted net income(1) of $75.6 million, or $1.10 per diluted share
- Return on average assets ("ROA") of 1.18%; Adjusted ROA(1) of 1.20%
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 1.89%
- Growth in tangible book value(1) of $0.88 per share, or 10.5% annualized, to $34.52 at March 31, 2024
- TCE ratio(1) of 9.71%, compared with 9.64% at December 31, 2023 and 8.55% one year ago
- Net interest margin of 3.51% for the first quarter of 2024
- Organic growth in loans of $331.0 million, or 6.5% annualized
- Growth in total deposits of $288.9 million, or 5.6% annualized
- Increase in the allowance for credit losses to 1.55% of loans, from 1.52% at December 31, 2023
- Adjusted efficiency ratio(1) of 54.56%
ATLANTA, April 25, 2024 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024, compared with $60.4 million, or $0.87 per diluted share, for the quarter ended March 31, 2023. Excluding the FDIC special assessment and gain on bank owned life insurance ("BOLI") proceeds, adjusted net income(1) was $75.6 million, or $1.10 per diluted share, for the quarter ended March 31, 2024, compared with $59.9 million, or $0.86 per diluted share, for the quarter ended March 31, 2023.
Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The first quarter results demonstrate another period of solid fundamental performance for Ameris. We maintain our disciplined approach, aiming to enhance shareholder value by consistently increasing tangible book value and sustained core profitability, as demonstrated by this quarter's financial performance. We are poised for a successful 2024, with our primary focus on core deposit growth and operating efficiency across our vibrant Southeastern operation."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $202.3 million in the first quarter of 2024, a decrease of $4.7 million, or 2.3%, from last quarter and $10.2 million, or 4.8%, compared with the first quarter of 2023. The Company's net interest margin was 3.51% for the first quarter of 2024, down from 3.54% reported for the fourth quarter of 2023 and 3.76% reported for the first quarter of 2023. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment. The rate of change in deposit costs continues to slow as market interest rates remain relatively stable.
Yields on earning assets increased four basis points during the quarter to 5.73%, compared with 5.69% in the fourth quarter of 2023, and increased 48 basis points from 5.25% in the first quarter of 2023. Yields on loans increased to 5.92% during the first quarter of 2024, compared with 5.83% for the fourth quarter of 2023 and 5.44% for the first quarter of 2023.
The Company's total cost of funds was 2.41% in the first quarter of 2024, an increase of nine basis points compared with the fourth quarter of 2023. Deposit costs increased 13 basis points during the first quarter of 2024 to 2.29%, compared with 2.16% in the fourth quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 3.17% in the fourth quarter of 2023 to 3.31% in the first quarter of 2024, reflecting a shift in mix to CDs and money market accounts.
Noninterest Income
Noninterest income increased $9.6 million, or 17.1%, in the first quarter of 2024 to $65.9 million, compared with $56.2 million for the fourth quarter of 2023, primarily as a result of increased mortgage banking activity, which increased by $8.0 million, or 25.3%, to $39.4 million in the first quarter of 2024, compared with $31.5 million for the fourth quarter of 2023. Gain on sale spreads increased to 2.49% in the first quarter of 2024 from 1.93% for the fourth quarter of 2023. Total production in the retail mortgage division increased $19.1 million, or 2.1%, to $910.2 million in the first quarter of 2024, compared with $891.1 million for the fourth quarter of 2023. The retail mortgage open pipeline was $606.7 million at the end of the first quarter of 2024, compared with $400.1 million for the fourth quarter of 2023. Also included in noninterest income was $998,000 of gain on BOLI proceeds during the quarter.
Noninterest Expense
Noninterest expense decreased $300,000, or 0.2%, to $148.7 million during the first quarter of 2024, compared with $149.0 million for the fourth quarter of 2023. During the first quarter of 2024, the Company recorded an additional $2.9 million related to the FDIC special assessment, compared with $11.6 million in the fourth quarter of 2023. The Company also recorded a gain on sale of bank premises of $1.9 million in the fourth quarter of 2023. Excluding those items, adjusted expenses(1) increased approximately $6.5 million, or 4.6%, to $145.8 million in the first quarter of 2024 from $139.3 million in the fourth quarter of 2023. The increase in adjusted expenses(1) resulted from a $7.0 million increase in salaries and employee benefits related primarily to cyclical payroll tax and 401(k) expenses and variable mortgage compensation. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 54.56% in the first quarter of 2024, compared with 52.87% in the fourth quarter of 2023, primarily as a result of the cyclical compensation expenses.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2024 was 23.7%, compared with 27.1% for the fourth quarter of 2023. The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment made when the Company filed its 2022 income tax returns in the fourth quarter of 2023.
Balance Sheet Trends
Total assets at March 31, 2024 were $25.66 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased slightly to $1.41 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $331.0 million, or 6.5% annualized, to $20.60 billion at March 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $364.3 million at March 31, 2024 from $281.3 million at December 31, 2023.
At March 31, 2024, total deposits amounted to $21.00 billion, compared with $20.71 billion at December 31, 2023. During the first quarter of 2024, deposits grew $288.9 million, with noninterest bearing accounts increasing $46.7 million, money market accounts increasing $164.6 million and CDs increasing $200.8 million, with such increases offset in part by a $103.5 million decrease in interest bearing demand accounts and a $19.7 million decrease in savings accounts. Noninterest bearing accounts as a percent of total deposits was minimally changed, such that at March 31, 2024, noninterest bearing deposit accounts represented $6.54 billion, or 31.1% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at December 31, 2023.
Shareholders' equity at March 31, 2024 totaled $3.48 billion, an increase of $58.0 million, or 1.7%, from December 31, 2023. The increase in shareholders' equity was primarily the result of earnings of $74.3 million during the first quarter of 2024, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $4.0 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $0.88 per share, or 10.5% annualized, during the first three months of 2024 to $34.52 at March 31, 2024. Tangible common equity as a percentage of tangible assets was 9.71% at March 31, 2024, compared with 9.64% at the end of 2023. The Company repurchased 45,174 of its shares in the quarter ending March 31, 2024 at an average cost of $46.58 per share, equating to approximately $2.1 million.
Credit Quality
Credit quality remains strong in the Company. During the first quarter of 2024, the Company recorded a provision for credit losses of $21.1 million, bringing the allowance for credit losses on loans to 1.55%, compared with a provision of $23.0 million in the fourth quarter of 2023. Nonperforming assets as a percentage of total assets were up two basis points to 0.71% during the quarter. Approximately $84.2 million, or 46.1%, of the nonperforming assets at March 31, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased five basis points to 0.38% at March 31, 2024, compared with 0.33% at the fourth quarter of 2023. The net charge-off ratio was 25 basis points for the first quarter of 2024, compared with 26 basis points in the fourth quarter of 2023.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until May 3, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 8309156. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP financial measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Financial Highlights | Table 1 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
EARNINGS | |||||||||
Net income | $ 74,312 | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | ||||
Adjusted net income(1) | $ 75,612 | $ 73,568 | $ 80,115 | $ 62,635 | $ 59,935 | ||||
COMMON SHARE DATA | |||||||||
Earnings per share available to common shareholders | |||||||||
Basic | $ 1.08 | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | ||||
Diluted | $ 1.08 | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | ||||
Adjusted diluted EPS(1) | $ 1.10 | $ 1.07 | $ 1.16 | $ 0.91 | $ 0.86 | ||||
Cash dividends per share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||||
Book value per share (period end) | $ 50.42 | $ 49.62 | $ 48.41 | $ 47.51 | $ 46.89 | ||||
Tangible book value per share (period end)(1) | $ 34.52 | $ 33.64 | $ 32.38 | $ 31.42 | $ 30.79 | ||||
Weighted average number of shares | |||||||||
Basic | 68,808,393 | 68,824,004 | 68,879,352 | 68,989,549 | 69,171,562 | ||||
Diluted | 69,014,116 | 69,014,793 | 68,994,247 | 69,034,763 | 69,322,664 | ||||
Period end number of shares | 69,115,263 | 69,053,341 | 69,138,461 | 69,139,783 | 69,373,863 | ||||
Market data | |||||||||
High intraday price | $ 53.99 | $ 53.84 | $ 45.34 | $ 37.18 | $ 50.54 | ||||
Low intraday price | $ 44.00 | $ 34.26 | $ 33.21 | $ 28.33 | $ 34.28 | ||||
Period end closing price | $ 48.38 | $ 53.05 | $ 38.39 | $ 34.21 | $ 36.58 | ||||
Average daily volume | 407,898 | 390,190 | 361,167 | 475,198 | 452,242 | ||||
PERFORMANCE RATIOS | |||||||||
Return on average assets | 1.18 % | 1.03 % | 1.25 % | 0.98 % | 0.98 % | ||||
Adjusted return on average assets(1) | 1.20 % | 1.15 % | 1.25 % | 0.98 % | 0.97 % | ||||
Return on average common equity | 8.63 % | 7.73 % | 9.56 % | 7.63 % | 7.54 % | ||||
Adjusted return on average tangible common equity(1) | 12.88 % | 12.81 % | 14.35 % | 11.53 % | 11.41 % | ||||
Earning asset yield (TE) | 5.73 % | 5.69 % | 5.62 % | 5.52 % | 5.25 % | ||||
Total cost of funds | 2.41 % | 2.32 % | 2.24 % | 2.05 % | 1.59 % | ||||
Net interest margin (TE) | 3.51 % | 3.54 % | 3.54 % | 3.60 % | 3.76 % | ||||
Efficiency ratio | 55.64 % | 56.80 % | 52.21 % | 53.60 % | 52.08 % | ||||
Adjusted efficiency ratio (TE)(1) | 54.56 % | 52.87 % | 52.02 % | 53.41 % | 51.99 % | ||||
CAPITAL ADEQUACY (period end) | |||||||||
Shareholders' equity to assets | 13.58 % | 13.60 % | 13.02 % | 12.73 % | 12.47 % | ||||
Tangible common equity to tangible assets(1) | 9.71 % | 9.64 % | 9.11 % | 8.80 % | 8.55 % | ||||
OTHER DATA (period end) | |||||||||
Full time equivalent employees | |||||||||
Banking Division | 2,082 | 2,088 | 2,082 | 2,104 | 2,132 | ||||
Retail Mortgage Division | 596 | 595 | 601 | 613 | 630 | ||||
Warehouse Lending Division | 8 | 7 | 8 | 8 | 8 | ||||
Premium Finance Division | 73 | 75 | 78 | 76 | 78 | ||||
Total Ameris Bancorp FTE headcount | 2,759 | 2,765 | 2,769 | 2,801 | 2,848 | ||||
Branch locations | 164 | 164 | 164 | 164 | 164 | ||||
Deposits per branch location | $ 128,033 | $ 126,271 | $ 125,551 | $ 124,653 | $ 121,326 | ||||
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Income Statement | Table 2 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Interest income | |||||||||
Interest and fees on loans | $ 303,393 | $ 303,487 | $ 304,699 | $ 292,012 | $ 271,964 | ||||
Interest on taxable securities | 13,092 | 14,033 | 14,754 | 15,915 | 14,300 | ||||
Interest on nontaxable securities | 330 | 326 | 331 | 339 | 339 | ||||
Interest on deposits in other banks | 12,637 | 14,368 | 10,769 | 13,686 | 9,113 | ||||
Total interest income | 329,452 | 332,214 | 330,553 | 321,952 | 295,716 | ||||
Interest expense | |||||||||
Interest on deposits | 118,174 | 111,749 | 102,999 | 88,087 | 53,182 | ||||
Interest on other borrowings | 9,890 | 14,364 | 19,803 | 24,325 | 30,882 | ||||
Total interest expense | 128,064 | 126,113 | 122,802 | 112,412 | 84,064 | ||||
Net interest income | 201,388 | 206,101 | 207,751 | 209,540 | 211,652 | ||||
Provision for loan losses | 25,523 | 30,401 | 30,095 | 43,643 | 49,376 | ||||
Provision for unfunded commitments | (4,422) | (7,438) | (5,634) | 1,873 | 346 | ||||
Provision for other credit losses | 4 | (11) | (2) | — | 7 | ||||
Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | ||||
Net interest income after provision for credit losses | 180,283 | 183,149 | 183,292 | 164,024 | 161,923 | ||||
Noninterest income | |||||||||
Service charges on deposit accounts | 11,759 | 12,252 | 12,092 | 11,295 | 10,936 | ||||
Mortgage banking activity | 39,430 | 31,461 | 36,290 | 40,742 | 31,392 | ||||
Other service charges, commissions and fees | 1,202 | 1,234 | 1,221 | 975 | 971 | ||||
Gain (loss) on securities | (7) | (288) | (16) | (6) | 6 | ||||
Other noninterest income | 13,494 | 11,589 | 13,594 | 14,343 | 12,745 | ||||
Total noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 82,930 | 75,966 | 81,898 | 81,336 | 80,910 | ||||
Occupancy and equipment | 12,885 | 13,197 | 12,745 | 12,522 | 12,986 | ||||
Data processing and communications expenses | 14,654 | 14,028 | 12,973 | 13,451 | 13,034 | ||||
Credit resolution-related expenses(1) | 486 | 157 | (1,360) | 848 | 435 | ||||
Advertising and marketing | 2,545 | 2,974 | 2,723 | 2,627 | 3,532 | ||||
Amortization of intangible assets | 4,422 | 4,425 | 4,425 | 4,688 | 4,706 | ||||
Other noninterest expenses | 30,789 | 38,264 | 28,042 | 32,931 | 23,818 | ||||
Total noninterest expense | 148,711 | 149,011 | 141,446 | 148,403 | 139,421 | ||||
Income before income tax expense | 97,450 | 90,386 | 105,027 | 82,970 | 78,552 | ||||
Income tax expense | 23,138 | 24,452 | 24,912 | 20,335 | 18,131 | ||||
Net income | $ 74,312 | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | ||||
Diluted earnings per common share | $ 1.08 | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | ||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Period End Balance Sheet | Table 3 | ||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Assets | |||||||||
Cash and due from banks | $ 235,931 | $ 230,470 | $ 241,137 | $ 284,552 | $ 266,400 | ||||
Interest-bearing deposits in banks | 975,321 | 936,834 | 1,304,636 | 1,034,578 | 1,754,453 | ||||
Debt securities available-for-sale, at fair value | 1,414,419 | 1,402,944 | 1,424,081 | 1,460,356 | 1,496,836 | ||||
Debt securities held-to-maturity, at amortized cost | 147,022 | 141,512 | 141,859 | 142,513 | 134,175 | ||||
Other investments | 77,480 | 71,794 | 104,957 | 109,656 | 146,715 | ||||
Loans held for sale | 364,332 | 281,332 | 381,466 | 391,472 | 395,096 | ||||
Loans, net of unearned income | 20,600,260 | 20,269,303 | 20,201,079 | 20,471,759 | 19,997,871 | ||||
Allowance for credit losses | (320,023) | (307,100) | (290,104) | (272,071) | (242,658) | ||||
Loans, net | 20,280,237 | 19,962,203 | 19,910,975 | 20,199,688 | 19,755,213 | ||||
Other real estate owned | 2,158 | 6,199 | 3,397 | 6,170 | 1,502 | ||||
Premises and equipment, net | 214,801 | 216,435 | 217,564 | 218,662 | 218,878 | ||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||
Other intangible assets, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | ||||
Cash value of bank owned life insurance | 396,804 | 395,778 | 393,769 | 391,483 | 389,201 | ||||
Other assets | 447,767 | 454,603 | 465,968 | 449,042 | 412,781 | ||||
Total assets | $ 25,655,445 | $ 25,203,699 | $ 25,697,830 | $ 25,800,618 | $ 26,088,384 | ||||
Liabilities | |||||||||
Deposits | |||||||||
Noninterest-bearing | $ 6,538,322 | $ 6,491,639 | $ 6,589,610 | $ 6,706,897 | $ 7,297,893 | ||||
Interest-bearing | 14,459,068 | 14,216,870 | 14,000,735 | 13,736,228 | 12,599,562 | ||||
Total deposits | 20,997,390 | 20,708,509 | 20,590,345 | 20,443,125 | 19,897,455 | ||||
Other borrowings | 631,380 | 509,586 | 1,209,553 | 1,536,989 | 2,401,327 | ||||
Subordinated deferrable interest debentures | 130,814 | 130,315 | 129,817 | 129,319 | 128,820 | ||||
Other liabilities | 411,123 | 428,542 | 421,046 | 406,555 | 407,587 | ||||
Total liabilities | 22,170,707 | 21,776,952 | 22,350,761 | 22,515,988 | 22,835,189 | ||||
Shareholders' Equity | |||||||||
Preferred stock | — | — | — | — | — | ||||
Common stock | 72,683 | 72,516 | 72,514 | 72,515 | 72,484 | ||||
Capital stock | 1,948,352 | 1,945,385 | 1,942,852 | 1,939,865 | 1,937,664 | ||||
Retained earnings | 1,603,832 | 1,539,957 | 1,484,424 | 1,414,742 | 1,362,512 | ||||
Accumulated other comprehensive loss, net of tax | (39,959) | (35,939) | (60,818) | (50,618) | (35,581) | ||||
Treasury stock | (100,170) | (95,172) | (91,903) | (91,874) | (83,884) | ||||
Total shareholders' equity | 3,484,738 | 3,426,747 | 3,347,069 | 3,284,630 | 3,253,195 | ||||
Total liabilities and shareholders' equity | $ 25,655,445 | $ 25,203,699 | $ 25,697,830 | $ 25,800,618 | $ 26,088,384 | ||||
Other Data | |||||||||
Earning assets | $ 23,578,834 | $ 23,103,719 | $ 23,558,078 | $ 23,610,334 | $ 23,925,146 | ||||
Intangible assets | 1,099,173 | 1,103,595 | 1,108,021 | 1,112,446 | 1,117,134 | ||||
Interest-bearing liabilities | 15,221,262 | 14,856,771 | 15,340,105 | 15,402,536 | 15,129,709 | ||||
Average assets | 25,295,088 | 25,341,990 | 25,525,913 | 25,631,846 | 25,115,927 | ||||
Average common shareholders' equity | 3,462,871 | 3,383,554 | 3,324,960 | 3,293,049 | 3,250,289 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Asset Quality Information | Table 4 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Allowance for Credit Losses | |||||||||
Balance at beginning of period | $ 348,727 | $ 339,180 | $ 326,783 | $ 295,497 | $ 258,163 | ||||
Adoption of ASU 2022-02 | — | — | — | — | (1,711) | ||||
Provision for loan losses | 25,523 | 30,401 | 30,095 | 43,643 | 49,376 | ||||
Provision for unfunded commitments | (4,422) | (7,438) | (5,634) | 1,873 | 346 | ||||
Provision for other credit losses | 4 | (11) | (2) | — | 7 | ||||
Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | ||||
Charge-offs | 18,457 | 20,104 | 19,488 | 20,670 | 14,956 | ||||
Recoveries | 5,857 | 6,699 | 7,426 | 6,440 | 4,272 | ||||
Net charge-offs (recoveries) | 12,600 | 13,405 | 12,062 | 14,230 | 10,684 | ||||
Ending balance | $ 357,232 | $ 348,727 | $ 339,180 | $ 326,783 | $ 295,497 | ||||
Allowance for loan losses | $ 320,023 | $ 307,100 | $ 290,104 | $ 272,071 | $ 242,658 | ||||
Allowance for unfunded commitments | 37,136 | 41,558 | 48,996 | 54,630 | 52,757 | ||||
Allowance for other credit losses | 73 | 69 | 80 | 82 | 82 | ||||
Total allowance for credit losses | $ 357,232 | $ 348,727 | $ 339,180 | $ 326,783 | $ 295,497 | ||||
Non-Performing Assets | |||||||||
Nonaccrual portfolio loans | $ 80,448 | $ 60,961 | $ 53,806 | $ 57,025 | $ 68,028 | ||||
Other real estate owned | 2,158 | 6,199 | 3,397 | 6,170 | 1,502 | ||||
Repossessed assets | 29 | 17 | 22 | 9 | 25 | ||||
Accruing loans delinquent 90 days or more | 15,811 | 16,988 | 11,891 | 13,424 | 15,792 | ||||
Non-performing portfolio assets | $ 98,446 | $ 84,165 | $ 69,116 | $ 76,628 | $ 85,347 | ||||
Serviced GNMA-guaranteed mortgage nonaccrual loans | 84,238 | 90,156 | 80,752 | 69,655 | 74,999 | ||||
Total non-performing assets | $ 182,684 | $ 174,321 | $ 149,868 | $ 146,283 | $ 160,346 | ||||
Asset Quality Ratios | |||||||||
Non-performing portfolio assets as a percent of total assets | 0.38 % | 0.33 % | 0.27 % | 0.30 % | 0.33 % | ||||
Total non-performing assets as a percent of total assets | 0.71 % | 0.69 % | 0.58 % | 0.57 % | 0.61 % | ||||
Net charge-offs as a percent of average loans (annualized) | 0.25 % | 0.26 % | 0.23 % | 0.28 % | 0.22 % | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Loan Information | Table 5 | ||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Loans by Type | |||||||||
Commercial, financial and agricultural | $ 2,758,716 | $ 2,688,929 | $ 2,632,836 | $ 2,718,831 | $ 2,722,180 | ||||
Consumer | 232,993 | 241,552 | 259,797 | 307,486 | 349,775 | ||||
Indirect automobile | 24,022 | 34,257 | 47,108 | 63,231 | 83,466 | ||||
Mortgage warehouse | 891,336 | 818,728 | 852,823 | 1,147,413 | 958,418 | ||||
Municipal | 477,567 | 492,668 | 497,093 | 510,410 | 505,515 | ||||
Premium Finance | 998,726 | 946,562 | 1,007,334 | 988,731 | 947,257 | ||||
Real estate - construction and development | 2,264,346 | 2,129,187 | 2,236,686 | 2,217,744 | 2,144,605 | ||||
Real estate - commercial and farmland | 8,131,248 | 8,059,754 | 7,865,389 | 7,815,779 | 7,721,732 | ||||
Real estate - residential | 4,821,306 | 4,857,666 | 4,802,013 | 4,702,134 | 4,564,923 | ||||
Total loans | $ 20,600,260 | $ 20,269,303 | $ 20,201,079 | $ 20,471,759 | $ 19,997,871 | ||||
Loans by Risk Grade | |||||||||
Grades 1 through 5 - Pass | $ 20,221,302 | $ 19,846,731 | $ 19,812,895 | $ 20,114,816 | $ 19,654,232 | ||||
Grade 6 - Other assets especially mentioned | 137,225 | 203,725 | 187,449 | 171,035 | 116,345 | ||||
Grade 7 - Substandard | 241,733 | 218,847 | 200,735 | 185,908 | 227,294 | ||||
Total loans | $ 20,600,260 | $ 20,269,303 | $ 20,201,079 | $ 20,471,759 | $ 19,997,871 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Average Balances | Table 6 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Earning Assets | |||||||||
Interest-bearing deposits in banks | $ 923,845 | $ 936,733 | $ 864,028 | $ 998,609 | $ 859,614 | ||||
Investment securities - taxable | 1,599,705 | 1,591,567 | 1,650,164 | 1,699,096 | 1,717,448 | ||||
Investment securities - nontaxable | 41,287 | 40,227 | 40,896 | 42,580 | 43,052 | ||||
Loans held for sale | 323,351 | 405,080 | 464,452 | 577,606 | 490,295 | ||||
Loans | 20,320,678 | 20,252,773 | 20,371,689 | 20,164,938 | 19,820,749 | ||||
Total Earning Assets | $ 23,208,866 | $ 23,226,380 | $ 23,391,229 | $ 23,482,829 | $ 22,931,158 | ||||
Deposits | |||||||||
Noninterest-bearing deposits | $ 6,403,300 | $ 6,572,190 | $ 6,655,191 | $ 6,729,789 | $ 7,136,373 | ||||
NOW accounts | 3,829,977 | 3,760,992 | 3,661,701 | 3,949,850 | 4,145,991 | ||||
MMDA | 5,952,389 | 5,994,361 | 5,527,731 | 5,002,590 | 4,994,195 | ||||
Savings accounts | 795,887 | 817,075 | 915,678 | 1,009,749 | 1,005,614 | ||||
Retail CDs | 2,378,678 | 2,281,357 | 2,200,413 | 2,024,014 | 1,612,325 | ||||
Brokered CDs | 1,381,382 | 1,122,684 | 1,441,854 | 1,393,206 | 125,133 | ||||
Total Deposits | 20,741,613 | 20,548,659 | 20,402,568 | 20,109,198 | 19,019,631 | ||||
Non-Deposit Funding | |||||||||
FHLB advances | 219,589 | 538,096 | 943,855 | 1,408,855 | 1,968,811 | ||||
Other borrowings | 308,210 | 311,091 | 312,572 | 316,626 | 361,445 | ||||
Subordinated deferrable interest debentures | 130,551 | 130,054 | 129,554 | 129,056 | 128,557 | ||||
Total Non-Deposit Funding | 658,350 | 979,241 | 1,385,981 | 1,854,537 | 2,458,813 | ||||
Total Funding | $ 21,399,963 | $ 21,527,900 | $ 21,788,549 | $ 21,963,735 | $ 21,478,444 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Interest Income and Interest Expense (TE) | Table 7 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Interest Income | |||||||||
Interest-bearing deposits in banks | $ 12,637 | $ 14,368 | $ 10,769 | $ 13,686 | $ 9,113 | ||||
Debt securities - taxable | 13,092 | 14,033 | 14,754 | 15,915 | 14,300 | ||||
Debt securities - nontaxable (TE) | 418 | 413 | 418 | 430 | 429 | ||||
Loans held for sale | 5,348 | 6,846 | 7,460 | 8,398 | 7,007 | ||||
Loans (TE) | 298,907 | 297,501 | 298,102 | 284,471 | 265,802 | ||||
Total Earning Assets | $ 330,402 | $ 333,161 | $ 331,503 | $ 322,900 | $ 296,651 | ||||
Interest Expense | |||||||||
Interest-Bearing Deposits | |||||||||
NOW accounts | $ 20,574 | $ 19,293 | $ 17,255 | $ 18,003 | $ 15,033 | ||||
MMDA | 53,953 | 54,002 | 45,683 | 35,224 | 27,809 | ||||
Savings accounts | 986 | 974 | 1,791 | 2,296 | 1,288 | ||||
Retail CDs | 24,576 | 22,257 | 19,013 | 14,751 | 7,629 | ||||
Brokered CDs | 18,085 | 15,223 | 19,257 | 17,813 | 1,423 | ||||
Total Interest-Bearing Deposits | 118,174 | 111,749 | 102,999 | 88,087 | 53,182 | ||||
Non-Deposit Funding | |||||||||
FHLB advances | 2,578 | 7,089 | 12,543 | 17,222 | 22,448 | ||||
Other borrowings | 3,879 | 3,798 | 3,821 | 3,902 | 5,349 | ||||
Subordinated deferrable interest debentures | 3,433 | 3,477 | 3,439 | 3,201 | 3,085 | ||||
Total Non-Deposit Funding | 9,890 | 14,364 | 19,803 | 24,325 | 30,882 | ||||
Total Interest-Bearing Funding | $ 128,064 | $ 126,113 | $ 122,802 | $ 112,412 | $ 84,064 | ||||
Net Interest Income (TE) | $ 202,338 | $ 207,048 | $ 208,701 | $ 210,488 | $ 212,587 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Yields(1) | Table 8 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||
Earning Assets | |||||||||
Interest-bearing deposits in banks | 5.50 % | 6.09 % | 4.94 % | 5.50 % | 4.30 % | ||||
Debt securities - taxable | 3.29 % | 3.50 % | 3.55 % | 3.76 % | 3.38 % | ||||
Debt securities - nontaxable (TE) | 4.07 % | 4.07 % | 4.06 % | 4.05 % | 4.04 % | ||||
Loans held for sale | 6.65 % | 6.71 % | 6.37 % | 5.83 % | 5.80 % | ||||
Loans (TE) | 5.92 % | 5.83 % | 5.81 % | 5.66 % | 5.44 % | ||||
Total Earning Assets | 5.73 % | 5.69 % | 5.62 % | 5.52 % | 5.25 % | ||||
Interest-Bearing Deposits | |||||||||
NOW accounts | 2.16 % | 2.04 % | 1.87 % | 1.83 % | 1.47 % | ||||
MMDA | 3.65 % | 3.57 % | 3.28 % | 2.82 % | 2.26 % | ||||
Savings accounts | 0.50 % | 0.47 % | 0.78 % | 0.91 % | 0.52 % | ||||
Retail CDs | 4.16 % | 3.87 % | 3.43 % | 2.92 % | 1.92 % | ||||
Brokered CDs | 5.27 % | 5.38 % | 5.30 % | 5.13 % | 4.61 % | ||||
Total Interest-Bearing Deposits | 3.31 % | 3.17 % | 2.97 % | 2.64 % | 1.82 % | ||||
Non-Deposit Funding | |||||||||
FHLB advances | 4.72 % | 5.23 % | 5.27 % | 4.90 % | 4.62 % | ||||
Other borrowings | 5.06 % | 4.84 % | 4.85 % | 4.94 % | 6.00 % | ||||
Subordinated deferrable interest debentures | 10.58 % | 10.61 % | 10.53 % | 9.95 % | 9.73 % | ||||
Total Non-Deposit Funding | 6.04 % | 5.82 % | 5.67 % | 5.26 % | 5.09 % | ||||
Total Interest-Bearing Liabilities | 3.43 % | 3.35 % | 3.22 % | 2.96 % | 2.38 % | ||||
Net Interest Spread | 2.30 % | 2.34 % | 2.40 % | 2.56 % | 2.87 % | ||||
Net Interest Margin(2) | 3.51 % | 3.54 % | 3.54 % | 3.60 % | 3.76 % | ||||
Total Cost of Funds(3) | 2.41 % | 2.32 % | 2.24 % | 2.05 % | 1.59 % | ||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. | |||||||||
(2) Rate calculated based on average earning assets. | |||||||||
(3) Rate calculated based on total average funding including noninterest-bearing deposits. | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Non-GAAP Reconciliations | |||||||||
Adjusted Net Income | Table 9A | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Net income available to common shareholders | $ 74,312 | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | ||||
Adjustment items: | |||||||||
Gain on BOLI proceeds | (998) | — | — | — | (486) | ||||
FDIC special assessment | 2,909 | 11,566 | — | — | — | ||||
(Gain) loss on bank premises | — | (1,903) | — | — | — | ||||
Tax effect of adjustment items (Note 1) | (611) | (2,029) | — | — | — | ||||
After tax adjustment items | 1,300 | 7,634 | — | — | (486) | ||||
Adjusted net income | $ 75,612 | $ 73,568 | $ 80,115 | $ 62,635 | $ 59,935 | ||||
Weighted average number of shares - diluted | 69,014,116 | 69,014,793 | 68,994,247 | 69,034,763 | 69,322,664 | ||||
Net income per diluted share | $ 1.08 | $ 0.96 | $ 1.16 | $ 0.91 | $ 0.87 | ||||
Adjusted net income per diluted share | $ 1.10 | $ 1.07 | $ 1.16 | $ 0.91 | $ 0.86 | ||||
Average assets | $ 25,295,088 | $ 25,341,990 | $ 25,525,913 | $ 25,631,846 | $ 25,115,927 | ||||
Return on average assets | 1.18 % | 1.03 % | 1.25 % | 0.98 % | 0.98 % | ||||
Adjusted return on average assets | 1.20 % | 1.15 % | 1.25 % | 0.98 % | 0.97 % | ||||
Average common equity | $ 3,462,871 | $ 3,383,554 | $ 3,324,960 | $ 3,293,049 | $ 3,250,289 | ||||
Average tangible common equity | $ 2,361,544 | $ 2,277,810 | $ 2,214,775 | $ 2,178,323 | $ 2,130,856 | ||||
Return on average common equity | 8.63 % | 7.73 % | 9.56 % | 7.63 % | 7.54 % | ||||
Adjusted return on average tangible common equity | 12.88 % | 12.81 % | 14.35 % | 11.53 % | 11.41 % | ||||
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Non-GAAP Reconciliations (continued) | |||||||||
Adjusted Efficiency Ratio (TE) | Table 9B | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Adjusted Noninterest Expense | |||||||||
Total noninterest expense | $ 148,711 | $ 149,011 | $ 141,446 | $ 148,403 | $ 139,421 | ||||
Adjustment items: | |||||||||
FDIC special assessment | (2,909) | (11,566) | — | — | — | ||||
Gain (loss) on bank premises | — | 1,903 | — | — | — | ||||
Adjusted noninterest expense | $ 145,802 | $ 139,348 | $ 141,446 | $ 148,403 | $ 139,421 | ||||
Total Revenue | |||||||||
Net interest income | $ 201,388 | $ 206,101 | $ 207,751 | $ 209,540 | $ 211,652 | ||||
Noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | ||||
Total revenue | $ 267,266 | $ 262,349 | $ 270,932 | $ 276,889 | $ 267,702 | ||||
Adjusted Total Revenue | |||||||||
Net interest income (TE) | $ 202,338 | $ 207,048 | $ 208,701 | $ 210,488 | $ 212,587 | ||||
Noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | ||||
Total revenue (TE) | 268,216 | 263,296 | 271,882 | 277,837 | 268,637 | ||||
Adjustment items: | |||||||||
(Gain) loss on securities | 7 | 288 | 16 | 6 | (6) | ||||
Gain on BOLI proceeds | (998) | — | — | — | (486) | ||||
Adjusted total revenue (TE) | $ 267,225 | $ 263,584 | $ 271,898 | $ 277,843 | $ 268,145 | ||||
Efficiency ratio | 55.64 % | 56.80 % | 52.21 % | 53.60 % | 52.08 % | ||||
Adjusted efficiency ratio (TE) | 54.56 % | 52.87 % | 52.02 % | 53.41 % | 51.99 % | ||||
Tangible Book Value Per Share | Table 9C | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Total shareholders' equity | $ 3,484,738 | $ 3,426,747 | $ 3,347,069 | $ 3,284,630 | $ 3,253,195 | ||||
Less: | |||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||
Other intangibles, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | ||||
Total tangible shareholders' equity | $ 2,385,565 | $ 2,323,152 | $ 2,239,048 | $ 2,172,184 | $ 2,136,061 | ||||
Period end number of shares | 69,115,263 | 69,053,341 | 69,138,461 | 69,139,783 | 69,373,863 | ||||
Book value per share (period end) | $ 50.42 | $ 49.62 | $ 48.41 | $ 47.51 | $ 46.89 | ||||
Tangible book value per share (period end) | $ 34.52 | $ 33.64 | $ 32.38 | $ 31.42 | $ 30.79 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Non-GAAP Reconciliations (continued) | |||||||||
Tangible Common Equity to Tangible Assets | Table 9D | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Total shareholders' equity | $ 3,484,738 | $ 3,426,747 | $ 3,347,069 | $ 3,284,630 | $ 3,253,195 | ||||
Less: | |||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||
Other intangibles, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | ||||
Total tangible shareholders' equity | $ 2,385,565 | $ 2,323,152 | $ 2,239,048 | $ 2,172,184 | $ 2,136,061 | ||||
Total assets | $ 25,655,445 | $ 25,203,699 | $ 25,697,830 | $ 25,800,618 | $ 26,088,384 | ||||
Less: | |||||||||
Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||
Other intangibles, net | 83,527 | 87,949 | 92,375 | 96,800 | 101,488 | ||||
Total tangible assets | $ 24,556,272 | $ 24,100,104 | $ 24,589,809 | $ 24,688,172 | $ 24,971,250 | ||||
Equity to Assets | 13.58 % | 13.60 % | 13.02 % | 12.73 % | 12.47 % | ||||
Tangible Common Equity to Tangible Assets | 9.71 % | 9.64 % | 9.11 % | 8.80 % | 8.55 % | ||||
PPNR ROA | Table 9E | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Net income | $ 74,312 | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | ||||
Plus: | |||||||||
Income taxes | 23,138 | 24,452 | 24,912 | 20,335 | 18,131 | ||||
Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | ||||
PPNR | $ 118,555 | $ 113,338 | $ 129,486 | $ 128,486 | $ 128,281 | ||||
Average Assets | $ 25,295,088 | $ 25,341,990 | $ 25,525,913 | $ 25,631,846 | $ 25,115,927 | ||||
Return on Average Assets (ROA) | 1.18 % | 1.03 % | 1.25 % | 0.98 % | 0.98 % | ||||
PPNR ROA | 1.89 % | 1.77 % | 2.01 % | 2.01 % | 2.07 % | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Segment Reporting | Table 10 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Retail Mortgage Division | |||||||||
Net interest income | $ 23,287 | $ 24,053 | $ 22,805 | $ 21,417 | $ 20,027 | ||||
Provision for credit losses | 2,332 | 1,005 | 2,399 | 3,278 | 2,853 | ||||
Noninterest income | 38,765 | 30,588 | 35,691 | 39,808 | 31,058 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 21,073 | 16,996 | 21,231 | 21,930 | 20,160 | ||||
Occupancy and equipment expenses | 1,049 | 1,210 | 1,182 | 1,224 | 1,283 | ||||
Data processing and telecommunications expenses | 1,366 | 1,318 | 1,052 | 1,397 | 1,069 | ||||
Other noninterest expenses | 12,530 | 11,634 | 12,153 | 11,859 | 11,747 | ||||
Total noninterest expense | 36,018 | 31,158 | 35,618 | 36,410 | 34,259 | ||||
Income before income tax expense | 23,702 | 22,478 | 20,479 | 21,537 | 13,973 | ||||
Income tax expense | 4,978 | 4,720 | 4,301 | 4,523 | 2,934 | ||||
Net income | $ 18,724 | $ 17,758 | $ 16,178 | $ 17,014 | $ 11,039 | ||||
Warehouse Lending Division | |||||||||
Net interest income | $ 6,028 | $ 5,965 | $ 6,008 | $ 6,166 | $ 5,700 | ||||
Provision for credit losses | 145 | (68) | (589) | 411 | (194) | ||||
Noninterest income | 740 | 929 | 662 | 1,404 | 480 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 888 | 296 | 924 | 772 | 802 | ||||
Occupancy and equipment expenses | 7 | 3 | 1 | — | 1 | ||||
Data processing and telecommunications expenses | 25 | 51 | 30 | 44 | 46 | ||||
Other noninterest expenses | 237 | 229 | 219 | 223 | 202 | ||||
Total noninterest expense | 1,157 | 579 | 1,174 | 1,039 | 1,051 | ||||
Income before income tax expense | 5,466 | 6,383 | 6,085 | 6,120 | 5,323 | ||||
Income tax expense | 1,148 | 1,340 | 1,278 | 1,285 | 1,118 | ||||
Net income | $ 4,318 | $ 5,043 | $ 4,807 | $ 4,835 | $ 4,205 | ||||
Premium Finance Division | |||||||||
Net interest income | $ 7,605 | $ 7,801 | $ 9,381 | $ 8,185 | $ 8,640 | ||||
Provision for credit losses | (499) | 27 | 139 | 572 | 34 | ||||
Noninterest income | 10 | 9 | 4 | 9 | 9 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 2,053 | 1,973 | 2,308 | 2,122 | 2,197 | ||||
Occupancy and equipment expenses | 76 | 83 | 89 | 83 | 59 | ||||
Data processing and telecommunications expenses | 79 | 100 | 73 | 66 | 85 | ||||
Other noninterest expenses | 1,028 | 1,057 | 1,027 | 1,036 | 1,097 | ||||
Total noninterest expense | 3,236 | 3,213 | 3,497 | 3,307 | 3,438 | ||||
Income before income tax expense | 4,878 | 4,570 | 5,749 | 4,315 | 5,177 | ||||
Income tax expense | 984 | 945 | 1,170 | 869 | 1,050 | ||||
Net income | $ 3,894 | $ 3,625 | $ 4,579 | $ 3,446 | $ 4,127 | ||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||
FINANCIAL TABLES | |||||||||
Segment Reporting (continued) | Table 10 | ||||||||
Three Months Ended | |||||||||
Mar | Dec | Sep | Jun | Mar | |||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||
Banking Division | |||||||||
Net interest income | $ 164,468 | $ 168,282 | $ 169,557 | $ 173,772 | $ 177,285 | ||||
Provision for credit losses | 19,127 | 21,988 | 22,510 | 41,255 | 47,036 | ||||
Noninterest income | 26,363 | 24,722 | 26,824 | 26,128 | 24,503 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 58,916 | 56,701 | 57,435 | 56,512 | 57,751 | ||||
Occupancy and equipment expenses | 11,753 | 11,901 | 11,473 | 11,215 | 11,643 | ||||
Data processing and telecommunications expenses | 13,184 | 12,559 | 11,818 | 11,944 | 11,834 | ||||
Other noninterest expenses | 24,447 | 32,900 | 20,431 | 27,976 | 19,445 | ||||
Total noninterest expense | 108,300 | 114,061 | 101,157 | 107,647 | 100,673 | ||||
Income before income tax expense | 63,404 | 56,955 | 72,714 | 50,998 | 54,079 | ||||
Income tax expense | 16,028 | 17,447 | 18,163 | 13,658 | 13,029 | ||||
Net income | $ 47,376 | $ 39,508 | $ 54,551 | $ 37,340 | $ 41,050 | ||||
Total Consolidated | |||||||||
Net interest income | $ 201,388 | $ 206,101 | $ 207,751 | $ 209,540 | $ 211,652 | ||||
Provision for credit losses | 21,105 | 22,952 | 24,459 | 45,516 | 49,729 | ||||
Noninterest income | 65,878 | 56,248 | 63,181 | 67,349 | 56,050 | ||||
Noninterest expense | |||||||||
Salaries and employee benefits | 82,930 | 75,966 | 81,898 | 81,336 | 80,910 | ||||
Occupancy and equipment expenses | 12,885 | 13,197 | 12,745 | 12,522 | 12,986 | ||||
Data processing and telecommunications expenses | 14,654 | 14,028 | 12,973 | 13,451 | 13,034 | ||||
Other noninterest expenses | 38,242 | 45,820 | 33,830 | 41,094 | 32,491 | ||||
Total noninterest expense | 148,711 | 149,011 | 141,446 | 148,403 | 139,421 | ||||
Income before income tax expense | 97,450 | 90,386 | 105,027 | 82,970 | 78,552 | ||||
Income tax expense | 23,138 | 24,452 | 24,912 | 20,335 | 18,131 | ||||
Net income | $ 74,312 | $ 65,934 | $ 80,115 | $ 62,635 | $ 60,421 | ||||
SOURCE Ameris Bancorp