10-Q
Quarterly Report
AMERIS BANCORP
ABCB
NYSE
CIK: 351569
File #: 001-13901
Balance Sheet
182 line items · 2 periods
XBRL
| Item | Jun 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Cash and due from banks | 257,297,000 | 230,470,000 |
Carrying Amount | 257,297,000 | 230,470,000 |
Level 1 - Fair Value | 257,297,000 | 230,470,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 257,297,000 | 230,470,000 |
Interest-bearing deposits in banks | 1,104,897,000 | 936,834,000 |
Carrying Amount | 1,104,897,000 | 936,834,000 |
Level 1 - Fair Value | 1,104,897,000 | 936,834,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 1,104,897,000 | 936,834,000 |
Cash and cash equivalents | 1,362,194,000 | 1,167,304,000 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $68 and $69 | 1,531,047,000 | 1,402,944,000 |
U.S. Treasuries | 755,212,000 | 720,877,000 |
U.S. government-sponsored agencies | 981,000 | 985,000 |
State, county and municipal securities | 26,560,000 | 28,051,000 |
Corporate debt securities | 10,001,000 | 10,027,000 |
SBA pool securities | 76,265,000 | 51,516,000 |
Mortgage-backed securities | 662,028,000 | 591,488,000 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $128,298 and $122,731) | 148,538,000 | 141,512,000 |
State, county and municipal securities | 33,664,000 | 31,905,000 |
Mortgage-backed securities | 114,874,000 | 109,607,000 |
Other investments | 96,613,000 | 71,794,000 |
Loans held for sale, at fair value | 570,180,000 | 281,332,000 |
Loans, net of unearned income | 20,992,603,000 | 20,269,303,000 |
Commercial, financial and agricultural | 2,860,973,000 | 2,688,929,000 |
Consumer | 217,787,000 | 241,552,000 |
Indirect automobile | 16,335,000 | 34,257,000 |
Mortgage warehouse | 1,070,921,000 | 818,728,000 |
Municipal | 454,967,000 | 492,668,000 |
Premium finance | 1,151,261,000 | 946,562,000 |
Real estate – construction and development | 2,336,987,000 | 2,129,187,000 |
Real estate – commercial and farmland | 8,103,634,000 | 8,059,754,000 |
Real estate – residential | 4,779,738,000 | 4,857,666,000 |
Commercial, financial and agricultural - Loans 30-59 Days Past Due | 9,531,000 | 11,023,000 |
Commercial, financial and agricultural - Loans 60-89 Days Past Due | 6,182,000 | 5,439,000 |
Commercial, financial and agricultural - Loans 90 or More Days Past Due | 8,425,000 | 9,733,000 |
Commercial, financial and agricultural - Total Loans Past Due | 24,138,000 | 26,195,000 |
Commercial, financial and agricultural - Current Loans | 2,836,835,000 | 2,662,734,000 |
Consumer - Loans 30-59 Days Past Due | 1,251,000 | 2,155,000 |
Consumer - Loans 60-89 Days Past Due | 552,000 | 1,037,000 |
Consumer - Loans 90 or More Days Past Due | 225,000 | 498,000 |
Consumer - Total Loans Past Due | 2,028,000 | 3,690,000 |
Consumer - Current Loans | 215,759,000 | 237,862,000 |
Indirect automobile - Loans 30-59 Days Past Due | 70,000 | 153,000 |
Indirect automobile - Loans 60-89 Days Past Due | 15,000 | 17,000 |
Indirect automobile - Loans 90 or More Days Past Due | 63,000 | 78,000 |
Indirect automobile - Total Loans Past Due | 148,000 | 248,000 |
Indirect automobile - Current Loans | 16,187,000 | 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 | 1,070,921,000 | 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 | 454,967,000 | 492,668,000 |
Premium finance - Loans 30-59 Days Past Due | 8,773,000 | 12,379,000 |
Premium finance - Loans 60-89 Days Past Due | 8,158,000 | 6,832,000 |
Premium finance - Loans 90 or More Days Past Due | 11,415,000 | 11,678,000 |
Premium finance - Total Loans Past Due | 28,346,000 | 30,889,000 |
Premium finance - Current Loans | 1,122,915,000 | 915,673,000 |
Real estate – construction and development - Loans 30-59 Days Past Due | 562,000 | 2,094,000 |
Real estate – construction and development - Loans 60-89 Days Past Due | 337,000 | 0 |
Real estate – construction and development - Loans 90 or More Days Past Due | 3,565,000 | 282,000 |
Real estate – construction and development - Total Loans Past Due | 4,464,000 | 2,376,000 |
Real estate – construction and development - Current Loans | 2,332,523,000 | 2,126,811,000 |
Real estate – commercial and farmland - Loans 30-59 Days Past Due | 3,989,000 | 5,070,000 |
Real estate – commercial and farmland - Loans 60-89 Days Past Due | 1,999,000 | 1,656,000 |
Real estate – commercial and farmland - Loans 90 or More Days Past Due | 5,975,000 | 6,352,000 |
Real estate – commercial and farmland - Total Loans Past Due | 11,963,000 | 13,078,000 |
Real estate – commercial and farmland - Current Loans | 8,091,671,000 | 8,046,676,000 |
Real estate – residential - Loans 30-59 Days Past Due | 58,123,000 | 49,976,000 |
Real estate – residential - Loans 60-89 Days Past Due | 15,248,000 | 19,300,000 |
Real estate – residential - Loans 90 or More Days Past Due | 139,729,000 | 127,087,000 |
Real estate – residential - Total Loans Past Due | 213,100,000 | 196,363,000 |
Real estate – residential - Current Loans | 4,566,638,000 | 4,661,303,000 |
Loans 30-59 Days Past Due | 82,299,000 | 82,850,000 |
Loans 60-89 Days Past Due | 32,491,000 | 34,281,000 |
Loans 90 or More Days Past Due | 169,397,000 | 155,708,000 |
Total Loans Past Due | 284,187,000 | 272,839,000 |
Current Loans | 20,708,416,000 | 19,996,464,000 |
9 | 0 | 0 |
Commercial, financial and agricultural - Pass | 2,821,695,000 | 2,661,321,000 |
Commercial, financial and agricultural - Special mention | 10,015,000 | 7,512,000 |
Commercial, financial and agricultural - Substandard | 29,263,000 | 20,096,000 |
Consumer - Pass | 216,522,000 | 239,918,000 |
Consumer - Special mention | 79,000 | 31,000 |
Consumer - Substandard | 1,186,000 | 1,603,000 |
Indirect automobile - Pass | 16,002,000 | 33,732,000 |
Indirect automobile - Special mention | 29,000 | — |
Indirect automobile - Substandard | 304,000 | 525,000 |
Mortgage warehouse - Pass | 1,070,471,000 | 772,366,000 |
Mortgage warehouse - Special mention | 450,000 | 46,362,000 |
Municipal - Pass | 454,967,000 | 492,668,000 |
Premium finance - Pass | 1,139,845,000 | 934,884,000 |
Premium finance - Substandard | 11,416,000 | 11,678,000 |
Real estate – construction and development - Pass | 2,329,859,000 | 2,126,430,000 |
Real estate – construction and development - Special mention | 5,968,000 | 479,000 |
Real estate – construction and development - Substandard | 1,160,000 | 2,278,000 |
Real estate – commercial and farmland - Pass | 7,948,641,000 | 7,868,550,000 |
Real estate – commercial and farmland - Special mention | 95,924,000 | 147,030,000 |
Real estate – commercial and farmland - Substandard | 59,069,000 | 44,174,000 |
Real estate – residential - Pass | 4,625,414,000 | 4,716,862,000 |
Real estate – residential - Special mention | 3,012,000 | 2,311,000 |
Real estate – residential - Substandard | 151,312,000 | 138,493,000 |
Pass | 20,623,416,000 | 19,846,731,000 |
Special mention | 115,477,000 | 203,725,000 |
Substandard | 253,710,000 | 218,847,000 |
Allowance for credit losses | 336,218,000 | 307,100,000 |
Commercial, financial and agricultural | 66,542,000 | 64,053,000 |
Consumer | 3,451,000 | 3,902,000 |
Indirect automobile | 28,000 | 50,000 |
Mortgage warehouse | 2,142,000 | 1,678,000 |
Municipal | 60,000 | 345,000 |
Premium finance | 702,000 | 602,000 |
Real estate – construction and development | 77,482,000 | 61,017,000 |
Real estate – commercial and farmland | 121,963,000 | 110,097,000 |
Real estate – residential | 63,848,000 | 65,356,000 |
Loans, net | 20,656,385,000 | 19,962,203,000 |
Other real estate owned, net | 2,213,000 | 6,199,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 1,201,000 | 5,324,000 |
Premises and equipment, net | 213,255,000 | 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 | 79,120,000 | 87,949,000 |
Banking Division | 74,605,000 | — |
Retail Mortgage Division | 0 | — |
Warehouse Lending Division | 0 | — |
Premium Finance Division | 4,515,000 | — |
Cash value of bank owned life insurance | 376,458,000 | 395,778,000 |
Other assets | 469,079,000 | 454,603,000 |
Total assets | 26,520,728,000 | 25,203,699,000 |
Banking Division | 18,933,072,000 | — |
Retail Mortgage Division | 5,100,837,000 | — |
Warehouse Lending Division | 1,089,263,000 | — |
Premium Finance Division | 1,397,556,000 | — |
Liabilities | ||
Deposits: | ||
Noninterest-bearing | 6,649,220,000 | 6,491,639,000 |
Interest-bearing | 14,794,923,000 | 14,216,870,000 |
Total deposits | 21,444,143,000 | 20,708,509,000 |
Other borrowings | 946,413,000 | 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% | 0 | 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 | 946,413,000 | 509,586,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 936,511,000 | 501,723,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 936,511,000 | 501,723,000 |
Subordinated deferrable interest debentures | 131,312,000 | 130,315,000 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,166 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% | 104,584,000 | 106,704,000 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $713 and $784, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% | 74,713,000 | 75,784,000 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,262 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% | 108,738,000 | 108,638,000 |
Carrying Amount | 131,312,000 | 130,315,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 142,058,000 | 141,407,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 142,058,000 | 141,407,000 |
Other liabilities | 432,246,000 | 428,542,000 |
Total liabilities | 22,954,114,000 | 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; 72,697,209 and 72,516,079 shares issued, respectively | 72,697,000 | 72,516,000 |
Capital surplus | 1,950,846,000 | 1,945,385,000 |
Retained earnings | 1,684,218,000 | 1,539,957,000 |
Accumulated other comprehensive loss, net of tax | (38,020,000) | (35,939,000) |
Treasury stock, at cost, 3,630,636 and 3,462,738 shares, respectively | 103,127,000 | 95,172,000 |
Total shareholders’ equity | 3,566,614,000 | 3,426,747,000 |
Common Stock | 72,697,000 | 72,516,000 |
Capital Surplus | 1,950,846,000 | 1,945,385,000 |
Retained Earnings | 1,684,218,000 | 1,539,957,000 |
Accumulated Other Comprehensive Income (Loss) | (38,020,000) | (35,939,000) |
Treasury Stock | (103,127,000) | (95,172,000) |
Total liabilities and shareholders’ equity | 26,520,728,000 | 25,203,699,000 |