10-Q
Quarterly Report
AMERIS BANCORP
ABCB
NASDAQ
CIK: 351569
File #: 001-13901
Balance Sheet
177 line items · 2 periods
XBRL
| Item | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Cash and due from banks | 235,931,000 | 230,470,000 |
Carrying Amount | 235,931,000 | 230,470,000 |
Level 1 - Fair Value | 235,931,000 | 230,470,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 235,931,000 | 230,470,000 |
Interest-bearing deposits in banks | 975,321,000 | 936,834,000 |
Cash and cash equivalents | 1,211,252,000 | 1,167,304,000 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $73 and $69 | 1,414,419,000 | 1,402,944,000 |
U.S. Treasuries | 701,296,000 | 720,877,000 |
U.S. government-sponsored agencies | 980,000 | 985,000 |
State, county and municipal securities | 27,004,000 | 28,051,000 |
Corporate debt securities | 10,014,000 | 10,027,000 |
SBA pool securities | 78,429,000 | 51,516,000 |
Mortgage-backed securities | 596,696,000 | 591,488,000 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $126,581 and $122,731) | 147,022,000 | 141,512,000 |
State, county and municipal securities | 33,668,000 | 31,905,000 |
Mortgage-backed securities | 113,354,000 | 109,607,000 |
Other investments | 77,480,000 | 71,794,000 |
Loans held for sale, at fair value | 364,332,000 | 281,332,000 |
Loans, net of unearned income | 20,600,260,000 | 20,269,303,000 |
Commercial, financial and agricultural | 2,758,716,000 | 2,688,929,000 |
Consumer | 232,993,000 | 241,552,000 |
Indirect automobile | 24,022,000 | 34,257,000 |
Mortgage warehouse | 891,336,000 | 818,728,000 |
Municipal | 477,567,000 | 492,668,000 |
Premium finance | 998,726,000 | 946,562,000 |
Real estate – construction and development | 2,264,346,000 | 2,129,187,000 |
Real estate – commercial and farmland | 8,131,248,000 | 8,059,754,000 |
Real estate – residential | 4,821,306,000 | 4,857,666,000 |
Commercial, financial and agricultural - Loans 30-59 Days Past Due | 15,809,000 | 11,023,000 |
Commercial, financial and agricultural - Loans 60-89 Days Past Due | 8,410,000 | 5,439,000 |
Commercial, financial and agricultural - Loans 90 or More Days Past Due | 6,437,000 | 9,733,000 |
Commercial, financial and agricultural - Total Loans Past Due | 30,656,000 | 26,195,000 |
Commercial, financial and agricultural - Current Loans | 2,728,060,000 | 2,662,734,000 |
Consumer - Loans 30-59 Days Past Due | 2,341,000 | 2,155,000 |
Consumer - Loans 60-89 Days Past Due | 1,548,000 | 1,037,000 |
Consumer - Loans 90 or More Days Past Due | 362,000 | 498,000 |
Consumer - Total Loans Past Due | 4,251,000 | 3,690,000 |
Consumer - Current Loans | 228,742,000 | 237,862,000 |
Indirect automobile - Loans 30-59 Days Past Due | 82,000 | 153,000 |
Indirect automobile - Loans 60-89 Days Past Due | 60,000 | 17,000 |
Indirect automobile - Loans 90 or More Days Past Due | 118,000 | 78,000 |
Indirect automobile - Total Loans Past Due | 260,000 | 248,000 |
Indirect automobile - Current Loans | 23,762,000 | 34,009,000 |
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 | 891,336,000 | 818,728,000 |
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 | 477,567,000 | 492,668,000 |
Premium finance - Loans 30-59 Days Past Due | 14,166,000 | 12,379,000 |
Premium finance - Loans 60-89 Days Past Due | 6,139,000 | 6,832,000 |
Premium finance - Loans 90 or More Days Past Due | 11,886,000 | 11,678,000 |
Premium finance - Total Loans Past Due | 32,191,000 | 30,889,000 |
Premium finance - Current Loans | 966,535,000 | 915,673,000 |
Real estate – construction and development - Loans 30-59 Days Past Due | 732,000 | 2,094,000 |
Real estate – construction and development - Loans 60-89 Days Past Due | 0 | 0 |
Real estate – construction and development - Loans 90 or More Days Past Due | 282,000 | 282,000 |
Real estate – construction and development - Total Loans Past Due | 1,014,000 | 2,376,000 |
Real estate – construction and development - Current Loans | 2,263,332,000 | 2,126,811,000 |
Real estate – commercial and farmland - Loans 30-59 Days Past Due | 1,858,000 | 5,070,000 |
Real estate – commercial and farmland - Loans 60-89 Days Past Due | 429,000 | 1,656,000 |
Real estate – commercial and farmland - Loans 90 or More Days Past Due | 7,138,000 | 6,352,000 |
Real estate – commercial and farmland - Total Loans Past Due | 9,425,000 | 13,078,000 |
Real estate – commercial and farmland - Current Loans | 8,121,823,000 | 8,046,676,000 |
Real estate – residential - Loans 30-59 Days Past Due | 45,648,000 | 49,976,000 |
Real estate – residential - Loans 60-89 Days Past Due | 14,427,000 | 19,300,000 |
Real estate – residential - Loans 90 or More Days Past Due | 132,284,000 | 127,087,000 |
Real estate – residential - Total Loans Past Due | 192,359,000 | 196,363,000 |
Real estate – residential - Current Loans | 4,628,947,000 | 4,661,303,000 |
Loans 30-59 Days Past Due | 80,636,000 | 82,850,000 |
Loans 60-89 Days Past Due | 31,013,000 | 34,281,000 |
Loans 90 or More Days Past Due | 158,507,000 | 155,708,000 |
Total Loans Past Due | 270,156,000 | 272,839,000 |
Current Loans | 20,330,104,000 | 19,996,464,000 |
9 | 0 | 0 |
Commercial, financial and agricultural - Pass | 2,718,919,000 | 2,661,321,000 |
Commercial, financial and agricultural - 6 | 15,380,000 | 7,512,000 |
Commercial, financial and agricultural - 7 | 24,417,000 | 20,096,000 |
Consumer - Pass | 231,216,000 | 239,918,000 |
Consumer - 6 | 28,000 | 31,000 |
Consumer - 7 | 1,749,000 | 1,603,000 |
Indirect automobile - Pass | 23,584,000 | 33,732,000 |
Indirect automobile - 7 | 438,000 | 525,000 |
Mortgage warehouse - Pass | 863,383,000 | 772,366,000 |
Mortgage warehouse - 6 | 27,953,000 | 46,362,000 |
Municipal - Pass | 477,567,000 | 492,668,000 |
Premium finance - Pass | 986,840,000 | 934,884,000 |
Premium finance - 7 | 11,886,000 | 11,678,000 |
Real estate – construction and development - Pass | 2,262,822,000 | 2,126,430,000 |
Real estate – construction and development - 6 | 650,000 | 479,000 |
Real estate – construction and development - 7 | 874,000 | 2,278,000 |
Real estate – commercial and farmland - Pass | 7,982,395,000 | 7,868,550,000 |
Real estate – commercial and farmland - 6 | 90,523,000 | 147,030,000 |
Real estate – commercial and farmland - 7 | 58,330,000 | 44,174,000 |
Real estate – residential - Pass | 4,674,576,000 | 4,716,862,000 |
Real estate – residential - 6 | 2,691,000 | 2,311,000 |
Real estate – residential - 7 | 144,039,000 | 138,493,000 |
Pass | 20,221,302,000 | 19,846,731,000 |
6 | 137,225,000 | 203,725,000 |
7 | 241,733,000 | 218,847,000 |
Allowance for credit losses | 320,023,000 | 307,100,000 |
Commercial, financial and agricultural | 63,804,000 | 64,053,000 |
Consumer | 3,903,000 | 3,902,000 |
Indirect automobile | 36,000 | 50,000 |
Mortgage warehouse | 1,823,000 | 1,678,000 |
Municipal | 63,000 | 345,000 |
Premium finance | 616,000 | 602,000 |
Real estate – construction and development | 72,168,000 | 61,017,000 |
Real estate – commercial and farmland | 110,656,000 | 110,097,000 |
Real estate – residential | 66,954,000 | 65,356,000 |
Loans, net | 20,280,237,000 | 19,962,203,000 |
Other real estate owned, net | 2,158,000 | 6,199,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 560,000 | 5,324,000 |
Premises and equipment, net | 214,801,000 | 216,435,000 |
Goodwill | 1,015,646,000 | 1,015,646,000 |
Banking Division | 951,148,000 | — |
Retail Mortgage Division | 0 | — |
Warehouse Lending Division | 0 | — |
Premium Finance Division | 64,498,000 | — |
Other intangible assets, net | 83,527,000 | 87,949,000 |
Banking Division | 78,275,000 | — |
Retail Mortgage Division | 0 | — |
Warehouse Lending Division | 0 | — |
Premium Finance Division | 5,252,000 | — |
Cash value of bank owned life insurance | 396,804,000 | 395,778,000 |
Other assets | 447,767,000 | 454,603,000 |
Total assets | 25,655,445,000 | 25,203,699,000 |
Banking Division | 18,553,964,000 | — |
Retail Mortgage Division | 4,971,058,000 | — |
Warehouse Lending Division | 897,460,000 | — |
Premium Finance Division | 1,232,963,000 | — |
Liabilities | ||
Deposits: | ||
Noninterest-bearing | 6,538,322,000 | 6,491,639,000 |
Interest-bearing | 14,459,068,000 | 14,216,870,000 |
Total deposits | 20,997,390,000 | 20,708,509,000 |
Other borrowings | 631,380,000 | 509,586,000 |
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 | 10,000,000 |
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 | 10,000,000 |
Carrying Amount | 631,380,000 | 509,586,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 617,432,000 | 501,723,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 617,432,000 | 501,723,000 |
Subordinated deferrable interest debentures | 130,814,000 | 130,315,000 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,220 and $1,296, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% | 104,530,000 | 106,704,000 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $743 and $784, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% | 74,743,000 | 75,784,000 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,312 and $1,362, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | 108,688,000 | 108,638,000 |
Carrying Amount | 130,814,000 | 130,315,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 141,659,000 | 141,407,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 141,659,000 | 141,407,000 |
Other liabilities | 411,123,000 | 428,542,000 |
Total liabilities | 22,170,707,000 | 21,776,952,000 |
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; 72,683,199 and 72,516,079 shares issued | 72,683,000 | 72,516,000 |
Capital surplus | 1,948,352,000 | 1,945,385,000 |
Retained earnings | 1,603,832,000 | 1,539,957,000 |
Accumulated other comprehensive loss, net of tax | (39,959,000) | (35,939,000) |
Treasury stock, at cost, 3,567,936 and 3,462,738 shares | 100,170,000 | 95,172,000 |
Total shareholders’ equity | 3,484,738,000 | 3,426,747,000 |
Common Stock | 72,683,000 | 72,516,000 |
Capital Surplus | 1,948,352,000 | 1,945,385,000 |
Retained Earnings | 1,603,832,000 | 1,539,957,000 |
Accumulated Other Comprehensive Income (Loss) | (39,959,000) | (35,939,000) |
Treasury Stock | (100,170,000) | (95,172,000) |
Unrealized Gain (Loss) on Securities | (39,959,000) | (35,939,000) |
Total liabilities and shareholders’ equity | 25,655,445,000 | 25,203,699,000 |