10-K
Annual Report
AMERIS BANCORP
ABCB
NASDAQ
CIK: 351569
File #: 001-13901
Balance Sheet
203 line items · 2 periods
XBRL
| Item | Dec 31, 2023 | Dec 31, 2022 |
|---|---|---|
Assets | ||
Cash and due from banks | 230,470,000 | 284,567,000 |
Carrying Amount | 230,470,000 | 284,567,000 |
Level 1 - Fair Value | 230,470,000 | 284,567,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 230,470,000 | 284,567,000 |
Ameris Bancorp | 165,179,000 | 153,099,000 |
Interest-bearing deposits in banks | 936,834,000 | 833,565,000 |
Cash and cash equivalents | 1,167,304,000 | 1,118,132,000 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $69 and $75 | 1,402,944,000 | 1,500,060,000 |
U.S. Treasuries | 720,877,000 | 759,534,000 |
U.S. government-sponsored agencies | 985,000 | 979,000 |
State, county and municipal securities | 28,051,000 | 34,195,000 |
Corporate debt securities | 10,027,000 | 15,926,000 |
SBA pool securities | 51,516,000 | 27,398,000 |
Mortgage-backed securities | 591,488,000 | 662,028,000 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $122,731 and $114,538) | 141,512,000 | 134,864,000 |
State, county and municipal securities | 31,905,000 | 31,905,000 |
Mortgage-backed securities | 109,607,000 | 102,959,000 |
Other investments | 71,794,000 | 110,992,000 |
Visa Class B Shares | 242,000,000 | — |
Loans held for sale, at fair value | 281,332,000 | 392,078,000 |
Loans, net of unearned income | 20,269,303,000 | 19,855,253,000 |
Commercial, financial and agricultural | 2,688,929,000 | 2,679,403,000 |
Consumer | 241,552,000 | 384,037,000 |
Indirect automobile | 34,257,000 | 108,648,000 |
Mortgage warehouse | 818,728,000 | 1,038,924,000 |
Municipal | 492,668,000 | 509,151,000 |
Premium finance | 946,562,000 | 1,023,479,000 |
Real estate – construction and development | 2,129,187,000 | 2,086,438,000 |
Real estate – commercial and farmland | 8,059,754,000 | 7,604,867,000 |
Real estate – residential | 4,857,666,000 | 4,420,306,000 |
Commercial, financial and agricultural - Loans 30-59 Days Past Due | 11,023,000 | 16,219,000 |
Commercial, financial and agricultural - Loans 60-89 Days Past Due | 5,439,000 | 5,451,000 |
Commercial, financial and agricultural - Loans 90 or More Days Past Due | 9,733,000 | 11,632,000 |
Commercial, financial and agricultural - Total Loans Past Due | 26,195,000 | 33,302,000 |
Commercial, financial and agricultural - Current Loans | 2,662,734,000 | 2,646,101,000 |
Consumer - Loans 30-59 Days Past Due | 2,155,000 | 2,539,000 |
Consumer - Loans 60-89 Days Past Due | 1,037,000 | 3,163,000 |
Consumer - Loans 90 or More Days Past Due | 498,000 | 741,000 |
Consumer - Total Loans Past Due | 3,690,000 | 6,443,000 |
Consumer - Current Loans | 237,862,000 | 377,594,000 |
Indirect automobile - Loans 30-59 Days Past Due | 153,000 | 466,000 |
Indirect automobile - Loans 60-89 Days Past Due | 17,000 | 77,000 |
Indirect automobile - Loans 90 or More Days Past Due | 78,000 | 267,000 |
Indirect automobile - Total Loans Past Due | 248,000 | 810,000 |
Indirect automobile - Current Loans | 34,009,000 | 107,838,000 |
Mortgage warehouse - Loans 30-59 Days Past Due | 0 | 0 |
Mortgage warehouse - Loans 60-89 Days Past Due | 0 | 0 |
Mortgage warehouse - Loans 90 or More Days Past Due | 0 | 0 |
Mortgage warehouse - Total Loans Past Due | 0 | 0 |
Mortgage warehouse - Current Loans | 818,728,000 | 1,038,924,000 |
Municipal - Loans 30-59 Days Past Due | 0 | 0 |
Municipal - Loans 60-89 Days Past Due | 0 | 0 |
Municipal - Loans 90 or More Days Past Due | 0 | 0 |
Municipal - Total Loans Past Due | 0 | 0 |
Municipal - Current Loans | 492,668,000 | 509,151,000 |
Premium finance - Loans 30-59 Days Past Due | 12,379,000 | 13,859,000 |
Premium finance - Loans 60-89 Days Past Due | 6,832,000 | 10,620,000 |
Premium finance - Loans 90 or More Days Past Due | 11,678,000 | 13,626,000 |
Premium finance - Total Loans Past Due | 30,889,000 | 38,105,000 |
Premium finance - Current Loans | 915,673,000 | 985,374,000 |
Real estate – construction and development - Loans 30-59 Days Past Due | 2,094,000 | 25,367,000 |
Real estate – construction and development - Loans 60-89 Days Past Due | 0 | 3,829,000 |
Real estate – construction and development - Loans 90 or More Days Past Due | 282,000 | 966,000 |
Real estate – construction and development - Total Loans Past Due | 2,376,000 | 30,162,000 |
Real estate – construction and development - Current Loans | 2,126,811,000 | 2,056,276,000 |
Real estate – commercial and farmland - Loans 30-59 Days Past Due | 5,070,000 | 1,738,000 |
Real estate – commercial and farmland - Loans 60-89 Days Past Due | 1,656,000 | 168,000 |
Real estate – commercial and farmland - Loans 90 or More Days Past Due | 6,352,000 | 10,223,000 |
Real estate – commercial and farmland - Total Loans Past Due | 13,078,000 | 12,129,000 |
Real estate – commercial and farmland - Current Loans | 8,046,676,000 | 7,592,738,000 |
Real estate – residential - Loans 30-59 Days Past Due | 49,976,000 | 35,015,000 |
Real estate – residential - Loans 60-89 Days Past Due | 19,300,000 | 11,329,000 |
Real estate – residential - Loans 90 or More Days Past Due | 127,087,000 | 106,170,000 |
Real estate – residential - Total Loans Past Due | 196,363,000 | 152,514,000 |
Real estate – residential - Current Loans | 4,661,303,000 | 4,267,792,000 |
Loans 30-59 Days Past Due | 82,850,000 | 95,203,000 |
Loans 60-89 Days Past Due | 34,281,000 | 34,637,000 |
Loans 90 or More Days Past Due | 155,708,000 | 143,625,000 |
Total Loans Past Due | 272,839,000 | 273,465,000 |
Current Loans | 19,996,464,000 | 19,581,788,000 |
9 | 0 | 0 |
Commercial, financial and agricultural - Pass | 2,661,321,000 | 2,656,427,000 |
Commercial, financial and agricultural - 6 | 7,512,000 | 3,276,000 |
Commercial, financial and agricultural - 7 | 20,096,000 | 19,700,000 |
Consumer - Pass | 239,918,000 | 382,621,000 |
Consumer - 6 | 31,000 | 332,000 |
Consumer - 7 | 1,603,000 | 1,084,000 |
Indirect automobile - Pass | 33,732,000 | 107,769,000 |
Indirect automobile - 7 | 525,000 | 868,000 |
Mortgage warehouse - Pass | 772,366,000 | 990,106,000 |
Mortgage warehouse - 6 | 46,362,000 | 22,831,000 |
Municipal - Pass | 492,668,000 | 509,151,000 |
Premium finance - Pass | 934,884,000 | 1,009,893,000 |
Premium finance - 7 | 11,678,000 | 13,586,000 |
Real estate – construction and development - Pass | 2,126,430,000 | 2,071,132,000 |
Real estate – construction and development - 6 | 479,000 | 615,000 |
Real estate – construction and development - 7 | 2,278,000 | 14,691,000 |
Real estate – commercial and farmland - Pass | 7,868,550,000 | 7,486,148,000 |
Real estate – commercial and farmland - 6 | 147,030,000 | 72,512,000 |
Real estate – commercial and farmland - 7 | 44,174,000 | 46,207,000 |
Real estate – residential - Pass | 4,716,862,000 | 4,300,481,000 |
Real estate – residential - 6 | 2,311,000 | 5,037,000 |
Real estate – residential - 7 | 138,493,000 | 114,788,000 |
Pass | 19,846,731,000 | 19,513,728,000 |
6 | 203,725,000 | 104,614,000 |
7 | 218,847,000 | 236,911,000 |
Indirect automobile - 6 | — | 11,000 |
Mortgage warehouse - 7 | — | 25,987,000 |
Allowance for credit losses | 307,100,000 | 205,677,000 |
Commercial, financial and agricultural | 64,053,000 | 39,455,000 |
Consumer | 3,902,000 | 5,413,000 |
Indirect automobile | 50,000 | 174,000 |
Mortgage warehouse | 1,678,000 | 2,118,000 |
Municipal | 345,000 | 357,000 |
Premium finance | 602,000 | 1,025,000 |
Real estate – construction and development | 61,017,000 | 32,659,000 |
Real estate – commercial and farmland | 110,097,000 | 67,433,000 |
Real estate – residential | 65,356,000 | 57,043,000 |
Accounting Standards Update 2022-02 - Commercial, financial and agricultural | — | (105,000) |
Accounting Standards Update 2022-02 - Consumer | — | 0 |
Accounting Standards Update 2022-02 - Indirect automobile | — | 0 |
Accounting Standards Update 2022-02 - Mortgage warehouse | — | 0 |
Accounting Standards Update 2022-02 - Municipal | — | 0 |
Accounting Standards Update 2022-02 - Premium finance | — | 0 |
Accounting Standards Update 2022-02 - Real estate – construction and development | — | (37,000) |
Accounting Standards Update 2022-02 - Real estate – commercial and farmland | — | (722,000) |
Accounting Standards Update 2022-02 - Real estate – residential | — | (847,000) |
Accounting Standards Update 2022-02 | — | (1,711,000) |
Loans, net | 19,962,203,000 | 19,649,576,000 |
Other real estate owned, net | 6,199,000 | 843,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 5,324,000 | — |
Premises and equipment, net | 216,435,000 | 220,283,000 |
Goodwill | 1,015,646,000 | 1,015,646,000 |
Banking Division | 951,148,000 | 951,148,000 |
Premium Finance Division | 64,498,000 | 64,498,000 |
Retail Mortgage Division | 0 | 0 |
Warehouse Lending Division | 0 | 0 |
SBA Division | 0 | 0 |
Other intangible assets, net | 87,949,000 | 106,194,000 |
Banking Division | 81,959,000 | 97,254,000 |
Premium Finance Division | 5,990,000 | 8,940,000 |
Retail Mortgage Division | 0 | 0 |
Warehouse Lending Division | 0 | 0 |
SBA Division | 0 | 0 |
Cash value of bank owned life insurance | 395,778,000 | 388,405,000 |
Other assets | 454,603,000 | 416,213,000 |
Ameris Bancorp | 29,898,000 | 19,896,000 |
Total assets | 25,203,699,000 | 25,053,286,000 |
Banking Division | 18,041,865,000 | 17,848,972,000 |
Premium Finance Division | 1,169,905,000 | 1,192,433,000 |
Retail Mortgage Division | 4,916,753,000 | 4,739,612,000 |
Warehouse Lending Division | 825,415,000 | 1,016,192,000 |
SBA Division | 249,761,000 | 256,077,000 |
Ameris Bancorp | 3,806,170,000 | 3,650,912,000 |
Liabilities | ||
Deposits | ||
Noninterest-bearing | 6,491,639,000 | 7,929,579,000 |
Interest-bearing | 14,216,870,000 | 11,533,159,000 |
Total deposits | 20,708,509,000 | 19,462,738,000 |
Other borrowings | 509,586,000 | 1,875,736,000 |
Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50% | 10,000,000 | 0 |
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | 10,000,000 | 0 |
Carrying Amount | 509,586,000 | 1,875,736,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 501,723,000 | 1,861,850,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 501,723,000 | 1,861,850,000 |
Ameris Bancorp | 215,342,000 | 301,205,000 |
Subordinated deferrable interest debentures, net | 130,315,000 | 128,322,000 |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $0 and $551, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% (2027 subordinated notes) | 0 | 74,449,000 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,296 and $1,680, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% (2029 subordinated notes) | 106,704,000 | 118,320,000 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $784 and $906, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% (Bank subordinated notes) (1) | 75,784,000 | 75,906,000 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,362 and $1,564, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% (2030 subordinated notes) | 108,638,000 | 108,436,000 |
Carrying Amount | 130,315,000 | 128,322,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 141,407,000 | 125,988,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 141,407,000 | 125,988,000 |
Ameris Bancorp | 130,315,000 | 128,322,000 |
Other liabilities | 428,542,000 | 389,090,000 |
Ameris Bancorp | 33,766,000 | 23,985,000 |
Total liabilities | 21,776,952,000 | 21,855,886,000 |
Ameris Bancorp | 379,423,000 | 453,512,000 |
Shareholders’ Equity | ||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, par value $1; 200,000,000 shares authorized; 72,516,079 and 72,263,727 shares issued | 72,516,000 | 72,264,000 |
Capital surplus | 1,945,385,000 | 1,935,211,000 |
Retained earnings | 1,539,957,000 | 1,311,258,000 |
Accumulated other comprehensive income (loss), net of tax | (35,939,000) | (46,507,000) |
Treasury stock, at cost, 3,462,738 and 2,894,677 shares | 95,172,000 | 74,826,000 |
Total shareholders’ equity | 3,426,747,000 | 3,197,400,000 |
Common Stock | 72,516,000 | 72,264,000 |
Capital Surplus | 1,945,385,000 | 1,935,211,000 |
Retained Earnings | 1,539,957,000 | 1,311,258,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (35,939,000) | (46,507,000) |
Treasury Stock | (95,172,000) | (74,826,000) |
Unrealized Gain (Loss) on Securities | (35,939,000) | (46,507,000) |
Ameris Bancorp | 3,426,747,000 | 3,197,400,000 |
Total liabilities and shareholders’ equity | 25,203,699,000 | 25,053,286,000 |
Ameris Bancorp | 3,806,170,000 | 3,650,912,000 |