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ATLANTA, April 23, 2020 /PRNewswire/ --Ameris Bancorp (Nasdaq: ABCB) (the "Company")today reported net income of $19.3 million, or $0.28 per diluted share, for the quarter ended March 31, 2020, compared with $39.9 million, or $0.84 per diluted share, for the quarter ended March 31, 2019. The decline in net income is attributable to a $37.6 million increase in provision for loan loss expense and a $22.2 million servicing asset write-down in the first quarter of 2020. The Company reported adjusted net income of $39.2 million, or $0.56 per diluted share, for the quarter ended March31, 2020, compared with $42.6 million, or $0.90 per diluted share, for the same period in 2019. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to previously announced branch consolidations, certain legal expenses, loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic, but does not exclude the increased provision for credit losses. Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "While this has certainly been a historically unprecedented quarter, I am proud that our company could absorb over $41 million of provision for credit loss expense and a $22 million write-down of our servicing assets and still produce net income of over $19 million. Our current allowance for loan loss ended the quarter at over $149 million, up from $38 million at year end, and our capital levels remain strong. We have committed bankers who continue to serve our customers and our communities through the COVID-19 pandemic and have been successful in lending $685 million under the Paycheck Protection Program ("PPP") in April. We are prepared to face the challenges of today's environment and we remain confident in our position for the future in these uncertain times." On January 1, 2020, the Company adopted ASC 326, which provides for an expected credit loss model, referred to as the "Current Expected Credit Loss" ("CECL") model. The adoption of this standard resulted in the opening balances of the allowance for credit losses increasing $91.4 million and shareholders' equity decreasing $56.7 million. In addition, the Company recorded $41.0 million of provision for credit loss expense in the first quarter of 2020, of which $37.0 million was expense for loan credit losses and $4.0 million was for an increase in unfunded commitment reserve. Net charge-offs for the first quarter of 2020 were $4.4 million. As a result of these items, at March 31, 2020, the allowance for loan loss was $149.5 million, and the total allowance for credit losses was $167.3 million, compared with $38.2 million and $39.3 million, respectively, at December 31, 2019. Significant items from the Company's results for the first quarter of 2020 include the following: Net income of $19.3 million, after pre-tax provision for credit losses of $41.0 million and servicing asset write-downs of $22.2 million Growth in adjusted total revenue of $12.9 million, or 6.1% when compared with the fourth quarter of 2019 Adjusted efficiency ratio of 59.87%, compared with 55.61%, in the fourth quarter of 2019 Adjusted return on average assets of 0.87%, compared with 1.47% in the fourth quarter of 2019 Net interest margin of 3.70%, compared with 3.86% in the fourth quarter of 2019 Improvement in deposit mix such that noninterest bearing deposits represent 30.53% of total deposits, up from 29.94% at December 31, 2019 and 28.09% a year ago Annualized net charge-offs of 0.14% of average total loans Non-performing assets of 0.61% of total assets, compared with 0.56% at the end of 2019 Following is a summary of the adjustments between reported net income and adjusted net income: Adjusted Net Income Reconciliation Three Months Ended March 31, (dollars in thousands, except per share data) 2020 2019 Net income available to common shareholders $ 19,322 $ 39,905 Adjustment items: Merger and conversion charges 540 2,057 Restructuring charges 245 Servicing right impairment 22,165 Natural disaster and pandemic charges 548 (89) Expenses related to SEC and DOJ investigation 1,443 Loss on sale of premises 470 919 Tax effect of adjustment items (5,283) (450) After-tax adjustment items 19,883 2,682 Adjusted net income $ 39,205 $ 42,587 Reported net income per diluted share $ 0.28 $ 0.84 Adjusted net income per diluted share $ 0.56 $ 0.90 Reported return on average assets 0.43 % 1.42 % Adjusted return on average assets 0.87 % 1.51 % Reported return on average common equity 3.16 % 10.95 % Adjusted return on average tangible common equity 10.98 % 18.82 % Net Interest Income and Net Interest MarginNet interest income on a tax-equivalent basis for the first quarter of 2020 totaled $149.0 million, compared with $156.5 million for the fourth quarter of 2019 and $100.5 million for the first quarter of 2019. The Company's net interest margin was 3.70% for the first quarter of 2020, down from 3.86% reported for the fourth quarter of 2019 and 3.95% reported for the first quarter of 2019. The decrease in net interest margin in the current quarter is primarily attributable to decreases in accretion income and the yield on loans as market interest rates declined, partially offset by a decrease in the cost of interest-bearing liabilities. Accretion income for the first quarter of 2020 decreased to $6.6 million, compared with $9.7 million for the fourth quarter of 2019, and increased from $2.9 million for the first quarter of 2019. The decrease in accretion income in the first quarter is primarily attributable to the successful resolution of an acquired non-performing loan during the fourth quarter of 2019 that had a substantial discount and stabilization in the level of payoffs of acquired loans. Yields on all loans decreased to 5.02% during the first quarter of 2020, compared with 5.28% for the fourth quarter of 2019 and 5.37% reported for the first quarter of 2019. Loan production in the banking division during the first quarter of 2020 totaled $918.4 million, with weighted average yields of 4.55%, compared with $1.1 billion and 4.70%, respectively, in the fourth quarter of 2019 and $613.5 million and 5.78%, respectively, in the first quarter of 2019. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.9 billion during the first quarter of 2020, with weighted average yields of 4.15%, compared with $4.1 billion and 4.29%, respectively, during the fourth quarter of 2019 and $1.9 billion and 5.47%, respectively, during the first quarter of 2019. Interest expense during the first quarter of 2020 decreased to $34.8 million, compared with $38.7 million in the fourth quarter of 2019, and increased from $25.5 million in the first quarter of 2019. The Company's total cost of funds moved nine basis points lower to 0.91% in the first quarter of 2020 as compared with the fourth quarter of 2019. Deposit costs also decreased nine basis points during the first quarter of 2020 to 0.71%, compared with 0.80% in the fourth quarter of 2019. Costs of interest-bearing deposits decreased during the quarter from 1.13% in the fourth quarter of 2019 to 1.01% in the first quarter of 2020. Noninterest IncomeNoninterest income decreased $734,000, or 1.3%, in the first quarter of 2020 to $54.4 million, compared with $55.1 million for the fourth quarter of 2019, primarily as a result of decreased service charge revenue. Service charge revenue decreased $1.7 million, or 12.7%, to $11.8 million in the first quarter of 2020, compared with $13.6 million for the fourth quarter of 2019. This decrease was primarily attributable to a decline in interchange income of $626,000 and a decrease of $634,000 in NSF income resulting from a decrease in volume and a slight increase in waivers. Mortgage banking activity increased $2.2 million, or 6.5%, to $35.3 million in the first quarter of 2020, compared with $33.2 million for the fourth quarter of 2019. This increase was a result of expansion in our gain on sale spread. Gain on sale spreads increased to 2.88% in the first quarter of 2020 from 2.60% for the fourth quarter of 2019. Total production in the retail mortgage division decreased to $1.36 billion in the first quarter of 2020, compared with $1.57 billion for the fourth quarter of 2019. Mortgage banking activity was negatively impacted during the first quarter of 2020 by a $20.9 million servicing right impairment, compared with an impairment of $104,000 for the fourth quarter of 2019. The retail mortgage open pipeline finished the first quarter of 2020 at $2.43 billion, compared with $1.16 billion at December 31, 2019. Other noninterest income decreased $1.2 million, or 16.6%, in the first quarter of 2020 to $6.1 million, compared with $7.3 million for the fourth quarter of 2019, primarily as a result of an unfavorable fair value adjustment on our SBA servicing rights of $1.3 million for the first quarter of 2020. Noninterest ExpenseNoninterest expense increased $15.5 million, or 12.6%, to $138.1 million during the first quarter of 2020, compared with $122.6 million for the fourth quarter of 2019. During the first quarter of 2020, the Company recorded $3.0 million of charges to earnings, related to the previously announced SEC/DOJ investigations, merger and conversion charges, natural disaster and pandemic charges and loss on sale of premises, compared with $4.3 million in charges in the fourth quarter of 2019 that were related principally to merger and conversion charges and loss on sale of premises. Excluding these charges, adjusted expenses increased approximately $16.8 million, or 14.2%, to $135.1 million in the first quarter of 2020, from $118.3 million in the fourth quarter of 2019. The majority of this increase is attributable to variable expenses related to increased mortgage production and seasonal increase in payroll tax expense, as well as increases in credit resolution-related expenses, professional fees and FDIC insurance. The Company continues to focus on its operating efficiency ratio. The Company's adjusted efficiency ratio increased from 55.61% in the fourth quarter of 2019 to 59.87% in the first quarter of 2020. Income Tax ExpenseThe Company's effective tax rate for the first quarter of 2020 was 16.8%, compared with 25.5% in the fourth quarter of 2019. The decreased rate for the first quarter of 2020 was primarily a result of loss carrybacks allowed as a result of the recently enacted CARES Act. The elevated rate for the fourth quarter of 2019 resulted from a return to provision adjustment occurring when the Company filed its 2018 income tax returns during the fourth quarter of 2019 and additional tax expense in connection with merger-related compensation and acquired BOLI. Balance Sheet TrendsTotal assets at March31, 2020 were $18.2 billion, which is essentially unchanged from December 31, 2019. Total loans, including loans held for sale, were $14.49 billion at March31, 2020, compared with $14.48 billion at December 31, 2019. Total loans held for investment were $13.09 billion at March31, 2020, compared with $12.82 billion at December 31, 2019. Loans held for investment increased $275.6 million, or 8.6% annualized, compared with December 31, 2019. Loan production in the banking division during the first quarter of 2020 was down 16% from the fourth quarter of 2019, but was 50% higher than the first quarter of 2019. At March31, 2020, total deposits amounted to $13.84 billion, or 89.2% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019. At March31, 2020, noninterest-bearing deposit accounts were $4.23 billion, or 30.5% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019. Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $7.14 billion at March31, 2020, compared with $7.21 billion at December 31, 2019. These funds represented 51.6% of the Company's total deposits at March31, 2020, compared with 51.4% at the end of 2019. Shareholders' equity at March31, 2020 totaled $2.44 billion, a decrease of $32.4 million, or 1.3%, from December 31, 2019. The decrease in shareholders' equity was primarily the result of the CECL adoption impact of $56.7 million and dividends declared, partially offset by earnings of $19.3 million during the first quarter of 2020. Tangible book value per share was $20.44 at March31, 2020, compared with $20.81 at December 31, 2019. Tangible common equity as a percentage of tangible assets was 8.25% at March31, 2020, compared with 8.40% at the end of the 2019. Credit QualityCredit quality remains strong in the Company. During the first quarter of 2020, the Company recorded provision for credit losses of $41.0 million, compared with $5.7 million in the fourth quarter of 2019. This increase in provision was primarily attributable to declines in forecasted economic conditions, particularly levels of unemployment and GDP, compared with conditions at the adoption of CECL. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on a daily basis. Certain loans modified in response to the COVID-19 pandemic were downgraded to risk grade 5 out of an abundance of caution. Nonperforming assets as a percentage of total assets increased by five basis points to 0.61% during the quarter. The increase in nonperforming assets is primarily a result of the migration of a small number of credits to nonaccrual and OREO and an increase in accruing loans delinquent 90 days or more in our premium finance division. The net charge-off ratio was 14 basis points for the first quarter of 2020, compared with nine basis points in the fourth quarter of 2019 and 17 basis points in the first quarter of 2019. Conference CallThe Company will host a teleconference at 9:00 a.m. Eastern time Friday, April 24, 2020, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until May 8, 2020. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10142204. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. About Ameris BancorpAmeris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 170 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter. 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 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 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 performance 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, political and market conditions and fluctuations; movements in interest rates and our expectations regarding net interest margin; expectations on credit quality and performance; legislative and regulatory changes; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, 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, 2019, as amended, and its 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) 2020 2019 2019 2019 2019 EARNINGS Net income $ 19,322 $ 61,248 $ 21,384 $ 38,904 $ 39,905 Adjusted net income $ 39,205 $ 66,608 $ 68,539 $ 45,210 $ 42,587 COMMON SHARE DATA Earnings per share available to common shareholders Basic $ 0.28 $ 0.88 $ 0.31 $ 0.82 $ 0.84 Diluted $ 0.28 $ 0.88 $ 0.31 $ 0.82 $ 0.84 Adjusted diluted EPS $ 0.56 $ 0.96 $ 0.98 $ 0.96 $ 0.90 Cash dividends per share $ 0.15 $ 0.15 $ 0.15 $ 0.10 $ 0.10 Book value per share (period end) $ 35.10 $ 35.53 $ 34.78 $ 32.52 $ 31.43 Tangible book value per share (period end) $ 20.44 $ 20.81 $ 20.29 $ 20.81 $ 19.73 Weighted average number of shares Basic 69,247,661 69,429,193 69,372,125 47,310,561 47,366,296 Diluted 69,502,022 69,683,999 69,600,499 47,337,809 47,456,314 Period end number of shares 69,441,274 69,503,833 69,593,833 47,261,584 47,585,309 Market data High intraday price $ 43.79 $ 44.90 $ 40.65 $ 39.60 $ 42.01 Low intraday price $ 17.89 $ 38.34 $ 33.71 $ 33.57 $ 31.27 Period end closing price $ 23.76 $ 42.54 $ 40.24 $ 39.19 $ 34.35 Average daily volume 461,692 353,783 461,289 352,684 387,800 PERFORMANCE RATIOS Return on average assets 0.43 % 1.35 % 0.49 % 1.34 % 1.42 % Adjusted return on average assets 0.87 % 1.47 % 1.57 % 1.56 % 1.51 % Return on average common equity 3.16 % 9.97 % 3.49 % 10.27 % 10.95 % Adjusted return on average tangible common equity 10.98 % 18.45 % 18.95 % 18.79 % 18.82 % Earning asset yield (TE) 4.56 % 4.82 % 4.86 % 4.95 % 4.95 % Total cost of funds 0.91 % 1.00 % 1.07 % 1.10 % 1.05 % Net interest margin (TE) 3.70 % 3.86 % 3.84 % 3.91 % 3.95 % Noninterest income excluding securities transactions, as a percent of total revenue (TE) 22.83 % 22.02 % 28.89 % 21.27 % 19.59 % Efficiency ratio 68.23 % 58.24 % 85.35 % 59.36 % 57.95 % Adjusted efficiency ratio (TE) 59.87 % 55.61 % 57.25 % 53.77 % 55.12 % CAPITAL ADEQUACY (period end) Shareholders' equity to assets 13.37 % 13.54 % 13.63 % 12.93 % 12.83 % Tangible common equity to tangible assets 8.25 % 8.40 % 8.43 % 8.68 % 8.46 % EQUITY TO ASSETS RECONCILIATION Tangible common equity to tangible assets 8.25 % 8.40 % 8.43 % 8.68 % 8.46 % Effect of goodwill and other intangibles 5.12 % 5.14 % 5.20 % 4.25 % 4.37 % Equity to assets (GAAP) 13.37 % 13.54 % 13.63 % 12.93 % 12.83 % OTHER DATA (period end) Full time equivalent employees Banking Division 1,865 1,913 2,001 1,336 1,343 Retail Mortgage Division 689 690 785 348 328 Warehouse Lending Division 9 9 9 10 9 SBA Division 44 42 45 21 22 Premium Finance Division 72 68 66 62 64 Total Ameris Bancorp FTE headcount 2,679 2,722 2,906 1,777 1,766 Assets per Banking Division FTE $ 9,772 $ 9,536 $ 8,878 $ 8,889 $ 8,679 Branch locations 170 170 172 114 114 Deposits per branch location $ 81,439 $ 82,512 $ 79,416 $ 84,056 $ 85,973 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) 2020 2019 2019 2019 2019 Interest income Interest and fees on loans $ 171,242 $ 182,391 $ 175,046 $ 117,010 $ 112,401 Interest on taxable securities 10,082 10,358 11,354 9,383 9,043 Interest on nontaxable securities 157 167 168 102 156 Interest on deposits in other banks 1,211 1,091 1,622 2,276 3,150 Interest on federal funds sold 76 69 171 257 179 Total interest income 182,768 194,076 188,361 129,028 124,929 Interest expense Interest on deposits 24,102 27,970 29,425 23,454 21,684 Interest on other borrowings 10,721 10,755 10,167 3,923 3,850 Total interest expense 34,823 38,725 39,592 27,377 25,534 Net interest income 147,945 155,351 148,769 101,651 99,395 Provision for loan losses 37,047 5,693 5,989 4,668 3,408 Provision for unfunded commitments 4,000 Provision for credit losses 41,047 5,693 5,989 4,668 3,408 Net interest income after provision for credit losses 106,898 149,658 142,780 96,983 95,987 Noninterest income Service charges on deposits accounts 11,844 13,567 13,411 12,168 11,646 Mortgage banking activity 35,333 33,168 53,041 18,523 14,677 Other service charges, commissions and fees 1,128 1,085 1,236 803 789 Gain (loss) on securities (9) (1) 4 69 66 Other noninterest income 6,083 7,294 9,301 3,673 3,593 Total noninterest income 54,379 55,113 76,993 35,236 30,771 Noninterest expense Salaries and employee benefits 75,946 69,642 77,633 38,331 38,332 Occupancy and equipment expenses 12,028 11,919 12,639 7,834 8,204 Data processing and telecommunications expenses 11,954 11,362 10,372 8,388 8,391 Credit resolution related expenses(1) 2,198 1,098 1,094 979 911 Advertising and marketing expenses 2,358 2,250 1,949 1,987 1,741 Amortization of intangible assets 5,631 5,741 5,719 3,121 3,132 Merger and conversion charges 540 2,415 65,158 3,475 2,057 Other noninterest expenses 27,398 18,137 18,133 17,136 12,657 Total noninterest expense 138,053 122,564 192,697 81,251 75,425 Income before income tax expense 23,224 82,207 27,076 50,968 51,333 Income tax expense 3,902 20,959 5,692 12,064 11,428 Net income (loss) $ 19,322 $ 61,248 $ 21,384 $ 38,904 $ 39,905 Diluted earnings per common share $ 0.28 $ 0.88 $ 0.31 $ 0.82 $ 0.84 (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 Three Months Ended Mar Dec Sep Jun Mar (dollars in thousands) 2020 2019 2019 2019 2019 Assets Cash and due from banks $ 255,312 $ 246,234 $ 193,976 $ 151,186 $ 144,801 Federal funds sold and interest-bearing deposits in banks 396,844 375,615 285,713 186,969 712,199 Time deposits in other banks 249 249 499 748 7,371 Investment securities available for sale, at fair value 1,353,040 1,403,403 1,491,207 1,273,244 1,234,435 Other investments 81,754 66,919 66,921 32,481 15,157 Loans held for sale, at fair value 1,398,229 1,656,711 1,187,551 261,073 112,070 Loans, net of unearned income 13,094,106 12,818,476 12,826,284 9,049,870 8,482,339 Allowance for loan losses (149,524) (38,189) (35,530) (31,793) (28,659) Loans, net 12,944,582 12,780,287 12,790,754 9,018,077 8,453,680 Other real estate owned 21,027 19,500 20,710 14,675 16,871 Premises and equipment, net 231,347 233,102 239,428 141,378 141,698 Goodwill 931,947 931,637 911,488 501,140 501,308 Other intangible assets, net 85,955 91,586 97,328 52,437 55,557 Cash value of bank owned life insurance 176,239 175,270 174,442 105,064 104,597 Deferred income taxes, net 24,196 2,180 22,111 30,812 33,295 Other assets 323,827 259,886 282,149 120,052 123,236 Total assets $ 18,224,548 $ 18,242,579 $ 17,764,277 $ 11,889,336 $ 11,656,275 Liabilities Deposits Noninterest-bearing $ 4,226,253 $ 4,199,448 $ 4,077,856 $ 2,771,443 $ 2,753,173 Interest-bearing 9,618,365 9,827,625 9,581,738 6,810,927 7,047,702 Total deposits 13,844,618 14,027,073 13,659,594 9,582,370 9,800,875 Federal funds purchased and securities sold under agreements to repurchase 15,160 20,635 17,744 3,307 4,259 Other borrowings 1,543,371 1,398,709 1,351,172 564,636 151,454 Subordinated deferrable interest debentures 122,890 127,560 127,075 89,871 89,529 FDIC loss-share payable, net 18,111 19,642 19,490 20,596 18,834 Other liabilities 243,248 179,378 168,479 91,435 95,740 Total liabilities 15,787,398 15,772,997 15,343,554 10,352,215 10,160,691 Shareholders' Equity Preferred stock Common stock 71,652 71,500 71,447 49,099 49,126 Capital stock 1,908,721 1,907,108 1,904,789 1,053,500 1,053,190 Retained earnings 460,153 507,950 457,127 446,182 412,005 Accumulated other comprehensive income (loss), net of tax 39,551 17,995 15,482 16,462 (1,178) Treasury stock (42,927) (34,971) (28,122) (28,122) (17,559) Total shareholders' equity 2,437,150 2,469,582 2,420,723 1,537,121 1,495,584 Total liabilities and shareholders' equity $ 18,224,548 $ 18,242,579 $ 17,764,277 $ 11,889,336 $ 11,656,275 Other Data Earning assets $ 16,324,222 $ 16,321,373 $ 15,858,175 $ 10,804,385 $ 10,563,571 Intangible assets 1,017,902 1,023,223 1,008,816 553,577 556,865 Interest-bearing liabilities 11,299,786 11,374,529 11,077,729 7,468,741 7,292,944 Average assets 18,056,445 17,998,494 17,340,387 11,625,344 11,423,677 Average common shareholders' equity 2,456,617 2,437,272 2,432,182 1,519,598 1,478,462 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Asset Quality Information Table 4 Three Months Ended Mar Dec Sep Jun Mar (dollars in thousands) 2020 2019 2019 2019 2019 Allowance for Credit Losses Balance at beginning of period $ 39,266 $ 36,607 $ 31,793 $ 28,659 $ 28,819 CECL adoption impact on allowance for loan losses 78,660 CECL adoption impact on allowance for unfunded commitments 12,714 Total CECL adoption impact 91,374 Acquisition accounting impact 1,077 Provision for loan losses 37,047 5,693 5,989 4,668 3,408 Provision for unfunded commitments 4,000 Provision for credit losses 41,047 5,693 5,989 4,668 3,408 Charge-offs 6,717 5,664 5,249 3,496 5,379 Recoveries 2,345 2,630 2,997 1,962 1,811 Net charge-offs 4,372 3,034 2,252 1,534 3,568 Ending balance $ 167,315 $ 39,266 $ 36,607 $ 31,793 $ 28,659 Allowance for loan losses $ 149,524 $ 38,189 $ 35,530 $ 31,793 $ 28,659 Allowance for unfunded commitments 17,791 1,077 1,077 Total allowance for credit losses $ 167,315 $ 39,266 $ 36,607 $ 31,793 $ 28,659 Net Charge-off Information Charge-offs Commercial, financial and agricultural $ 3,316 $ 2,713 $ 1,757 $ 1,337 $ 2,004 Real estate - construction and development 145 244 25 Real estate - commercial and farmland 927 181 1,318 589 1,254 Real estate - residential 100 100 37 155 199 Consumer installment 2,374 2,525 2,210 1,171 1,897 Total charge-offs 6,717 5,664 5,322 3,496 5,379 Recoveries Commercial, financial and agricultural 1,046 1,293 1,036 1,032 1,233 Real estate - construction and development 342 429 930 269 117 Real estate - commercial and farmland 85 140 74 78 39 Real estate - residential 207 67 169 294 207 Consumer installment 665 701 861 289 215 Total recoveries 2,345 2,630 3,070 1,962 1,811 Net charge-offs $ 4,372 $ 3,034 $ 2,252 $ 1,534 $ 3,568 Non-Performing Assets Nonaccrual loans $ 77,866 $ 75,124 $ 100,501 $ 41,479 $ 41,879 Other real estate owned 21,027 19,500 20,710 14,675 16,871 Repossessed assets 783 939 1,258 Accruing loans delinquent 90 days or more 11,969 5,754 6,325 4,613 3,676 Total non-performing assets $ 111,645 $ 101,317 $ 128,794 $ 60,767 $ 62,426 Asset Quality Ratios Non-performing assets as a percent of total assets 0.61 % 0.56 % 0.73 % 0.51 % 0.54 % Net charge-offs as a percent of average loans (annualized) 0.14 % 0.09 % 0.07 % 0.07 % 0.17 % AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Loan Information Table 5 Mar Dec Sep Jun Mar (dollars in thousands) 2020 2019 2019 2019 2019 Loans by Type Commercial, financial and agricultural $ 2,246,927 $ 2,030,711 $ 2,166,592 $ 1,900,811 $ 1,710,879 Real estate - construction and development 1,628,367 1,549,061 1,468,695 1,103,550 915,976 Real estate - commercial and farmland 4,516,451 4,353,039 4,209,912 3,182,213 3,175,452 Real estate - residential 3,252,090 3,334,831 3,380,356 2,389,101 2,216,927 Consumer installment 1,450,271 1,550,834 1,600,729 474,195 463,105 Total loans $ 13,094,106 $ 12,818,476 $ 12,826,284 $ 9,049,870 $ 8,482,339 Troubled Debt Restructurings Accruing troubled debt restructurings Commercial, financial and agricultural $ 798 $ 672 $ 680 $ 331 $ 147 Real estate - construction and development 925 936 947 1,124 1,153 Real estate - commercial and farmland 5,587 6,732 8,617 8,793 9,058 Real estate - residential 29,021 21,261 21,472 21,124 20,537 Consumer installment 4 8 9 10 11 Total accruing troubled debt restructurings $ 36,335 $ 29,609 $ 31,725 $ 31,382 $ 30,906 Nonaccrual troubled debt restructurings Commercial, financial and agricultural $ 335 $ 335 $ 144 $ 162 $ 167 Real estate - construction and development 289 253 258 265 270 Real estate - commercial and farmland 2,415 2,071 1,958 2,109 2,027 Real estate - residential 3,992 2,857 2,103 1,760 1,749 Consumer installment 105 107 120 123 113 Total nonaccrual troubled debt restructurings $ 7,136 $ 5,623 $ 4,583 $ 4,419 $ 4,326 Total troubled debt restructurings $ 43,471 $ 35,232 $ 36,308 $ 35,801 $ 35,232 Loans by Risk Grade Grade 1 - Prime credit $ 774,956 $ 587,877 $ 613,281 $ 622,034 $ 621,328 Grade 2 - Strong credit 785,770 840,372 856,618 811,690 672,526 Grade 3 - Good credit 5,772,834 6,034,398 6,086,576 3,829,422 3,303,143 Grade 4 - Satisfactory credit 4,353,733 4,884,541 4,746,020 3,401,265 3,517,166 Grade 5 - Fair credit 1,131,128 233,020 252,424 211,229 178,176 Grade 6 - Other assets especially mentioned 106,885 86,412 114,235 64,075 71,548 Grade 7 - Substandard 168,561 151,846 157,114 110,152 118,446 Grade 8 - Doubtful 239 8 14 Grade 9 - Loss 2 2 3 6 Total loans $ 13,094,106 $ 12,818,476 $ 12,826,284 $ 9,049,870 $ 8,482,339 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Average Balances Table 6 Three Months Ended Mar Dec Sep Jun Mar (dollars in thousands) 2020 2019 2019 2019 2019 Earning Assets Federal funds sold $ 27,380 $ 23,104 $ 28,459 $ 41,683 $ 31,291 Interest-bearing deposits in banks 419,260 304,427 324,127 341,937 467,379 Time deposits in other banks 249 401 548 3,792 10,221 Investment securities - taxable 1,359,651 1,426,062 1,514,534 1,233,297 1,186,896 Investment securities - nontaxable 22,839 23,580 23,759 15,288 24,136 Other investments 73,972 64,852 53,712 15,830 14,532 Loans held for sale 1,587,131 1,537,648 856,572 154,707 101,521 Loans 12,712,997 12,697,912 12,677,063 8,740,561 8,483,978 Total Earning Assets $ 16,203,479 $ 16,077,986 $ 15,478,774 $ 10,547,095 $ 10,319,954 Deposits Noninterest-bearing deposits $ 4,080,920 $ 4,124,872 $ 4,040,592 $ 2,723,843 $ 2,545,043 NOW accounts 2,287,947 2,204,666 2,049,175 1,506,721 1,553,988 MMDA 4,004,644 3,953,717 3,815,185 2,655,108 2,677,015 Savings accounts 643,422 649,118 661,555 405,506 399,089 Retail CDs 2,624,209 2,721,829 2,804,243 1,962,422 1,892,138 Brokered CDs 61,190 249,644 150,176 486,292 510,301 Total Deposits 13,702,332 13,903,846 13,520,926 9,739,892 9,577,574 Non-Deposit Funding Federal funds purchased and securities sold under agreements to repurchase 15,637 17,088 19,914 3,213 15,879 FHLB advances 1,267,303 1,080,516 810,384 22,390 6,257 Other borrowings 269,454 234,001 220,918 145,453 145,473 Subordinated deferrable interest debentures 127,731 127,292 133,519 89,686 89,343 Total Non-Deposit Funding 1,680,125 1,458,897 1,184,735 260,742 256,952 Total Funding $ 15,382,457 $ 15,362,743 $ 14,705,661 $ 10,000,634 $ 9,834,526 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) 2020 2019 2019 2019 2019 Interest Income Federal funds sold $ 76 $ 69 $ 171 $ 257 $ 179 Interest-bearing deposits in banks 1,210 1,089 1,620 2,260 3,099 Time deposits in other banks 1 2 2 16 51 Investment securities - taxable 10,082 10,358 11,354 9,383 9,043 Investment securities - nontaxable (TE) 199 212 213 129 197 Loans held for sale 13,637 14,330 7,889 1,632 1,152 Loans (TE) 158,636 169,119 168,239 116,413 112,266 Total Earning Assets $ 183,841 $ 195,179 $ 189,488 $ 130,090 $ 125,987 Accretion income (included above) $ 6,562 $ 9,727 $ 4,222 $ 3,103 $ 2,883 Interest Expense Interest-Bearing Deposits NOW accounts $ 2,774 $ 2,728 $ 2,843 $ 2,260 $ 2,109 MMDA 9,748 11,311 12,593 9,488 9,047 Savings accounts 210 233 274 85 77 Retail CDs 11,064 12,220 12,905 8,585 7,330 Brokered CDs 306 1,478 810 3,036 3,121 Total Interest-Bearing Deposits 24,102 27,970 29,425 23,454 21,684 Non-Deposit Funding Federal funds purchased and securities sold under agreements to repurchase 40 41 32 2 11 FHLB advances 5,109 5,241 4,618 141 44 Other borrowings 3,511 3,358 3,332 2,210 2,227 Subordinated deferrable interest debentures 2,061 2,115 2,185 1,570 1,568 Total Non-Deposit Funding 10,721 10,755 10,167 3,923 3,850 Total Interest-Bearing Funding $ 34,823 $ 38,725 $ 39,592 $ 27,377 $ 25,534 Net Interest Income (TE) $ 149,018 $ 156,454 $ 149,896 $ 102,713 $ 100,453 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Yields(1) Table 8 Three Months Ended Mar Dec Sep Jun Mar 2020 2019 2019 2019 2019 Earning Assets Federal funds sold 1.12 % 1.18 % 2.38 % 2.47 % 2.32 % Interest-bearing deposits in banks 1.16 % 1.42 % 1.98 % 2.65 % 2.69 % Time deposits in other banks 1.62 % 1.98 % 1.45 % 1.69 % 2.02 % Investment securities - taxable 2.98 % 2.88 % 2.97 % 3.05 % 3.09 % Investment securities - nontaxable (TE) 3.50 % 3.57 % 3.56 % 3.38 % 3.31 % Loans held for sale 3.46 % 3.70 % 3.65 % 4.23 % 4.60 % Loans (TE) 5.02 % 5.28 % 5.16 % 5.32 % 5.37 % Total Earning Assets 4.56 % 4.82 % 4.86 % 4.95 % 4.95 % Interest-Bearing Deposits NOW accounts 0.49 % 0.49 % 0.55 % 0.60 % 0.55 % MMDA 0.98 % 1.14 % 1.31 % 1.43 % 1.37 % Savings accounts 0.13 % 0.14 % 0.16 % 0.08 % 0.08 % Retail CDs 1.70 % 1.78 % 1.83 % 1.75 % 1.57 % Brokered CDs 2.01 % 2.35 % 2.14 % 2.50 % 2.48 % Total Interest-Bearing Deposits 1.01 % 1.13 % 1.23 % 1.34 % 1.25 % Non-Deposit Funding Federal funds purchased and securities sold under agreements to repurchase 1.03 % 0.95 % 0.64 % 0.25 % 0.28 % FHLB advances 1.62 % 1.92 % 2.26 % 2.53 % 2.85 % Other borrowings 5.24 % 5.69 % 5.98 % 6.09 % 6.21 % Subordinated deferrable interest debentures 6.49 % 6.59 % 6.49 % 7.02 % 7.12 % Total Non-Deposit Funding 2.57 % 2.92 % 3.40 % 6.03 % 6.08 % Total Interest-Bearing Liabilities 1.24 % 1.37 % 1.47 % 1.51 % 1.42 % Net Interest Spread 3.32 % 3.45 % 3.39 % 3.44 % 3.53 % Net Interest Margin(2) 3.70 % 3.86 % 3.84 % 3.91 % 3.95 % Total Cost of Funds(3) 0.91 % 1.00 % 1.07 % 1.10 % 1.05 % (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) 2020 2019 2019 2019 2019 Net income available to common shareholders $ 19,322 $ 61,248 $ 21,384 $ 38,904 $ 39,905 Adjustment items: Merger and conversion charges 540 2,415 65,158 3,475 2,057 Restructuring charges 245 Servicing right impairment (recovery) 22,165 366 (1,319) 1,460 Gain on BOLI proceeds 752 (4,335) Expenses related to SEC/DOJ Investigation 1,443 463 Natural disaster and pandemic charges 548 50 (89) Loss on sale of premises 470 1,413 889 2,800 919 Tax effect of adjustment items (Note 1) (5,283) (898) (13,238) (1,479) (450) After tax adjustment items 19,883 4,511 47,155 6,306 2,682 Tax expense attributable to acquisition related compensation and acquired BOLI 849 Adjusted net income $ 39,205 $ 66,608 $ 68,539 $ 45,210 $ 42,587 Weighted average number of shares - diluted 69,502,022 69,683,999 69,600,499 47,337,809 47,456,314 Net income per diluted share $ 0.28 $ 0.88 $ 0.31 $ 0.82 $ 0.84 Adjusted net income per diluted share $ 0.56 $ 0.96 $ 0.98 $ 0.96 $ 0.90 Average assets $ 18,056,445 $ 17,998,494 $ 17,340,387 $ 11,625,344 $ 11,423,677 Return on average assets 0.43 % 1.35 % 0.49 % 1.34 % 1.42 % Adjusted return on average assets 0.87 % 1.47 % 1.57 % 1.56 % 1.51 % Average common equity $ 2,456,617 $ 2,437,272 $ 2,432,182 $ 1,519,598 $ 1,478,462 Average tangible common equity $ 1,436,108 $ 1,432,081 $ 1,434,829 $ 964,841 $ 917,876 Return on average common equity 3.16 % 9.97 % 3.49 % 10.27 % 10.95 % Adjusted return on average tangible common equity 10.98 % 18.45 % 18.95 % 18.79 % 18.82 % Note 1: A portion of the merger and conversion charges for all periods are nondeductible for tax purposes. 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) 2020 2019 2019 2019 2019 Adjusted Noninterest Expense Total noninterest expense $ 138,053 $ 122,564 $ 192,697 $ 81,251 $ 75,425 Adjustment items: Merger and conversion charges (540) (2,415) (65,158) (3,475) (2,057) Restructuring charges (245) Expenses related to SEC/DOJ Investigation (1,443) (463) Natural disaster and pandemic charges (548) (50) 89 Loss on sale of premises (470) (1,413) (889) (2,800) (919) Adjusted noninterest expense $ 135,052 $ 118,273 $ 126,650 $ 74,926 $ 72,293 Total Revenue Net interest income $ 147,945 $ 155,351 $ 148,769 $ 101,651 $ 99,395 Noninterest income 54,379 55,113 76,993 35,236 30,771 Total revenue $ 202,324 $ 210,464 $ 225,762 $ 136,887 $ 130,166 Adjusted Total Revenue Net interest income (TE) $ 149,018 $ 156,454 $ 149,896 $ 102,713 $ 100,453 Noninterest income 54,379 55,113 76,993 35,236 30,771 Total revenue (TE) 203,397 211,567 226,889 137,949 131,224 Adjustment items: (Gain) loss on securities 9 (1) (4) (69) (66) Loss (gain) on BOLI proceeds 752 (4,335) Servicing right impairment (recovery) 22,165 366 (1,319) 1,460 Adjusted total revenue (TE) $ 225,571 $ 212,684 $ 221,231 $ 139,340 $ 131,158 Efficiency ratio 68.23 % 58.24 % 85.35 % 59.36 % 57.95 % Adjusted efficiency ratio (TE) 59.87 % 55.61 % 57.25 % 53.77 % 55.12 % Tangible Book Value Per Share Table 9C Three Months Ended Mar Dec Sep Jun Mar (dollars in thousands except per share data) 2020 2019 2019 2019 2019 Total shareholders' equity $ 2,437,150 $ 2,469,582 $ 2,420,723 $ 1,537,121 $ 1,495,584 Less: Goodwill 931,947 931,637 911,488 501,140 501,308 Other intangibles, net 85,955 91,586 97,328 52,437 55,557 Total tangible shareholders' equity $ 1,419,248 $ 1,446,359 $ 1,411,907 $ 983,544 $ 938,719 Period end number of shares 69,441,274 69,503,833 69,593,833 47,261,584 47,585,309 Book value per share (period end) $ 35.10 $ 35.53 $ 34.78 $ 32.52 $ 31.43 Tangible book value per share (period end) $ 20.44 $ 20.81 $ 20.29 $ 20.81 $ 19.73 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Segment Reporting Table 10 Three Months Ended Mar Dec Sep Jun Mar (dollars in thousands) 2020 2019 2019 2019 2019 Banking Division Net interest income $ 118,375 $ 124,957 $ 124,262 $ 84,755 $ 85,039 Provision for loan losses 35,997 4,741 3,549 2,306 2,058 Noninterest income 17,773 18,632 21,173 14,830 14,370 Noninterest expense Salaries and employee benefits 41,621 38,180 39,794 24,228 27,932 Occupancy and equipment expenses 10,347 10,216 10,750 7,034 7,281 Data processing and telecommunications expenses 10,797 10,156 9,551 7,635 7,592 Other noninterest expenses 30,645 23,176 87,059 22,728 16,956 Total noninterest expense 93,410 81,728 147,154 61,625 59,761 Income before income tax expense 6,741 57,120 (5,268) 35,654 37,590 Income tax expense (benefit) 275 15,412 (1,269) 8,691 8,775 Net income (loss) $ 6,466 $ 41,708 $ (3,999) $ 26,963 $ 28,815 Retail Mortgage Division Net interest income $ 17,756 $ 18,223 $ 13,009 $ 7,567 $ 5,753 Provision for loan losses 1,997 1,237 1,490 609 136 Noninterest income 34,369 33,335 52,493 18,070 14,290 Noninterest expense Salaries and employee benefits 31,097 28,233 34,144 11,886 8,207 Occupancy and equipment expenses 1,504 1,544 1,686 670 766 Data processing and telecommunications expenses 986 1,034 660 394 330 Other noninterest expenses 5,875 4,553 3,484 2,385 2,114 Total noninterest expense 39,462 35,364 39,974 15,335 11,417 Income before income tax expense 10,666 14,957 24,038 9,693 8,490 Income tax expense 2,408 3,371 5,048 2,170 1,613 Net income $ 8,258 $ 11,586 $ 18,990 $ 7,523 $ 6,877 Warehouse Lending Division Net interest income $ 3,302 $ 3,771 $ 3,169 $ 2,987 $ 2,690 Provision for loan losses (9) 67 Noninterest income 960 610 560 450 379 Noninterest expense Salaries and employee benefits 210 325 286 162 161 Occupancy and equipment expenses 1 1 2 1 1 Data processing and telecommunications expenses 41 47 41 38 30 Other noninterest expenses 34 53 27 75 68 Total noninterest expense 286 426 356 276 260 Income before income tax expense 3,985 3,888 3,373 3,161 2,809 Income tax expense 837 816 708 664 590 Net income $ 3,148 $ 3,072 $ 2,665 $ 2,497 $ 2,219 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Segment Reporting (continued) Table 10 Three Months Ended Mar Dec Sep Jun Mar (dollars in thousands) 2020 2019 2019 2019 2019 SBA Division Net interest income $ 2,181 $ 2,190 $ 2,573 $ 1,182 $ 1,086 Provision for loan losses (903) 150 (15) 178 231 Noninterest income 1,277 2,536 2,766 1,883 1,730 Noninterest expense Salaries and employee benefits 1,476 1,336 1,985 735 727 Occupancy and equipment expenses 97 79 66 65 59 Data processing and telecommunications expenses 13 5 22 3 2 Other noninterest expenses 515 402 503 359 387 Total noninterest expense 2,101 1,822 2,576 1,162 1,175 Income before income tax expense 2,260 2,754 2,778 1,725 1,410 Income tax expense 475 578 584 362 296 Net income $ 1,785 $ 2,176 $ 2,194 $ 1,363 $ 1,114 Premium Finance Division Net interest income $ 6,331 $ 6,210 $ 5,756 $ 5,160 $ 4,827 Provision for loan losses 3,965 (502) 965 1,575 983 Noninterest income 1 3 2 Noninterest expense Salaries and employee benefits 1,542 1,568 1,424 1,320 1,305 Occupancy and equipment expenses 79 79 135 64 97 Data processing and telecommunications expenses 117 120 98 318 437 Other noninterest expenses 1,056 1,457 980 1,151 973 Total noninterest expense 2,794 3,224 2,637 2,853 2,812 (Loss) income before income tax expense (428) 3,488 2,155 735 1,034 Income tax expense (benefit) (93) 782 621 177 154 Net (loss) income $ (335) $ 2,706 $ 1,534 $ 558 $ 880 Total Consolidated Net interest income $ 147,945 $ 155,351 $ 148,769 $ 101,651 $ 99,395 Provision for loan losses 41,047 5,693 5,989 4,668 3,408 Noninterest income 54,379 55,113 76,993 35,236 30,771 Noninterest expense Salaries and employee benefits 75,946 69,642 77,633 38,331 38,332 Occupancy and equipment expenses 12,028 11,919 12,639 7,834 8,204 Data processing and telecommunications expenses 11,954 11,362 10,372 8,388 8,391 Other noninterest expenses 38,125 29,641 92,053 26,698 20,498 Total noninterest expense 138,053 122,564 192,697 81,251 75,425 Income before income tax expense 23,224 82,207 27,076 50,968 51,333 Income tax expense 3,902 20,959 5,692 12,064 11,428 Net income $ 19,322 $ 61,248 $ 21,384 $ 38,904 $ 39,905 SOURCE Ameris Bancorp Related Links http://www.amerisbank.com

Answer: Ameris Bancorp Announces Financial Results For First Quarter 2020