10-Q
Quarterly Report
AMERIS BANCORP
ABCB
NYSE
CIK: 351569
File #: 001-13901
Balance Sheet
182 line items · 2 periods
XBRL
| Item | Sep 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Cash and due from banks | 231,515,000 | 230,470,000 |
Carrying Amount | 231,515,000 | 230,470,000 |
Level 1 - Fair Value | 231,515,000 | 230,470,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 231,515,000 | 230,470,000 |
Interest-bearing deposits in banks | 1,127,641,000 | 936,834,000 |
Carrying Amount | 1,127,641,000 | 936,834,000 |
Level 1 - Fair Value | 1,127,641,000 | 936,834,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 1,127,641,000 | 936,834,000 |
Cash and cash equivalents | 1,359,156,000 | 1,167,304,000 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $66 and $69 | 1,441,552,000 | 1,402,944,000 |
U.S. Treasuries | 630,671,000 | 720,877,000 |
U.S. government-sponsored agencies | 995,000 | 985,000 |
State, county and municipal securities | 25,929,000 | 28,051,000 |
Corporate debt securities | 10,226,000 | 10,027,000 |
SBA pool securities | 74,192,000 | 51,516,000 |
Mortgage-backed securities | 699,539,000 | 591,488,000 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $145,714 and $122,731) | 161,220,000 | 141,512,000 |
State, county and municipal securities | 33,648,000 | 31,905,000 |
Mortgage-backed securities | 127,572,000 | 109,607,000 |
Other investments | 63,899,000 | 71,794,000 |
Loans held for sale, at fair value | 553,379,000 | 281,332,000 |
Loans, net of unearned income | 20,964,981,000 | 20,269,303,000 |
Commercial, financial and agricultural | 2,949,957,000 | 2,688,929,000 |
Consumer | 210,310,000 | 241,552,000 |
Indirect automobile | 10,891,000 | 34,257,000 |
Mortgage warehouse | 985,910,000 | 818,728,000 |
Municipal | 449,561,000 | 492,668,000 |
Premium finance | 1,246,452,000 | 946,562,000 |
Real estate – construction and development | 2,232,114,000 | 2,129,187,000 |
Real estate – commercial and farmland | 8,249,981,000 | 8,059,754,000 |
Real estate – residential | 4,629,805,000 | 4,857,666,000 |
Commercial, financial and agricultural - Loans 30-59 Days Past Due | 20,313,000 | 11,023,000 |
Commercial, financial and agricultural - Loans 60-89 Days Past Due | 6,299,000 | 5,439,000 |
Commercial, financial and agricultural - Loans 90 or More Days Past Due | 8,907,000 | 9,733,000 |
Commercial, financial and agricultural - Total Loans Past Due | 35,519,000 | 26,195,000 |
Commercial, financial and agricultural - Current Loans | 2,914,438,000 | 2,662,734,000 |
Consumer - Loans 30-59 Days Past Due | 1,911,000 | 2,155,000 |
Consumer - Loans 60-89 Days Past Due | 512,000 | 1,037,000 |
Consumer - Loans 90 or More Days Past Due | 366,000 | 498,000 |
Consumer - Total Loans Past Due | 2,789,000 | 3,690,000 |
Consumer - Current Loans | 207,521,000 | 237,862,000 |
Indirect automobile - Loans 30-59 Days Past Due | 51,000 | 153,000 |
Indirect automobile - Loans 60-89 Days Past Due | 24,000 | 17,000 |
Indirect automobile - Loans 90 or More Days Past Due | 51,000 | 78,000 |
Indirect automobile - Total Loans Past Due | 126,000 | 248,000 |
Indirect automobile - Current Loans | 10,765,000 | 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 | 985,910,000 | 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 | 449,561,000 | 492,668,000 |
Premium finance - Loans 30-59 Days Past Due | 13,246,000 | 12,379,000 |
Premium finance - Loans 60-89 Days Past Due | 5,880,000 | 6,832,000 |
Premium finance - Loans 90 or More Days Past Due | 7,502,000 | 11,678,000 |
Premium finance - Total Loans Past Due | 26,628,000 | 30,889,000 |
Premium finance - Current Loans | 1,219,824,000 | 915,673,000 |
Real estate – construction and development - Loans 30-59 Days Past Due | 10,411,000 | 2,094,000 |
Real estate – construction and development - Loans 60-89 Days Past Due | 3,687,000 | 0 |
Real estate – construction and development - Loans 90 or More Days Past Due | 584,000 | 282,000 |
Real estate – construction and development - Total Loans Past Due | 14,682,000 | 2,376,000 |
Real estate – construction and development - Current Loans | 2,217,432,000 | 2,126,811,000 |
Real estate – commercial and farmland - Loans 30-59 Days Past Due | 4,514,000 | 5,070,000 |
Real estate – commercial and farmland - Loans 60-89 Days Past Due | 3,133,000 | 1,656,000 |
Real estate – commercial and farmland - Loans 90 or More Days Past Due | 7,562,000 | 6,352,000 |
Real estate – commercial and farmland - Total Loans Past Due | 15,209,000 | 13,078,000 |
Real estate – commercial and farmland - Current Loans | 8,234,772,000 | 8,046,676,000 |
Real estate – residential - Loans 30-59 Days Past Due | 46,039,000 | 49,976,000 |
Real estate – residential - Loans 60-89 Days Past Due | 14,823,000 | 19,300,000 |
Real estate – residential - Loans 90 or More Days Past Due | 60,788,000 | 127,087,000 |
Real estate – residential - Total Loans Past Due | 121,650,000 | 196,363,000 |
Real estate – residential - Current Loans | 4,508,155,000 | 4,661,303,000 |
Loans 30-59 Days Past Due | 96,485,000 | 82,850,000 |
Loans 60-89 Days Past Due | 34,358,000 | 34,281,000 |
Loans 90 or More Days Past Due | 85,760,000 | 155,708,000 |
Total Loans Past Due | 216,603,000 | 272,839,000 |
Current Loans | 20,748,378,000 | 19,996,464,000 |
9 | 0 | 0 |
Commercial, financial and agricultural - Pass | 2,910,045,000 | 2,661,321,000 |
Commercial, financial and agricultural - Special mention | 10,022,000 | 7,512,000 |
Commercial, financial and agricultural - Substandard | 29,890,000 | 20,096,000 |
Consumer - Pass | 208,966,000 | 239,918,000 |
Consumer - Special mention | 59,000 | 31,000 |
Consumer - Substandard | 1,285,000 | 1,603,000 |
Indirect automobile - Pass | 10,625,000 | 33,732,000 |
Indirect automobile - Special mention | 26,000 | — |
Indirect automobile - Substandard | 240,000 | 525,000 |
Mortgage warehouse - Pass | 976,092,000 | 772,366,000 |
Mortgage warehouse - Special mention | 9,818,000 | 46,362,000 |
Municipal - Pass | 449,561,000 | 492,668,000 |
Premium finance - Pass | 1,238,950,000 | 934,884,000 |
Premium finance - Substandard | 7,502,000 | 11,678,000 |
Real estate – construction and development - Pass | 2,222,531,000 | 2,126,430,000 |
Real estate – construction and development - Special mention | 5,185,000 | 479,000 |
Real estate – construction and development - Substandard | 4,398,000 | 2,278,000 |
Real estate – commercial and farmland - Pass | 8,106,093,000 | 7,868,550,000 |
Real estate – commercial and farmland - Special mention | 94,235,000 | 147,030,000 |
Real estate – commercial and farmland - Substandard | 49,653,000 | 44,174,000 |
Real estate – residential - Pass | 4,553,479,000 | 4,716,862,000 |
Real estate – residential - Special mention | 5,134,000 | 2,311,000 |
Real estate – residential - Substandard | 71,192,000 | 138,493,000 |
Pass | 20,676,342,000 | 19,846,731,000 |
Special mention | 124,479,000 | 203,725,000 |
Substandard | 164,160,000 | 218,847,000 |
Allowance for credit losses | 334,457,000 | 307,100,000 |
Commercial, financial and agricultural | 67,668,000 | 64,053,000 |
Consumer | 4,127,000 | 3,902,000 |
Indirect automobile | 30,000 | 50,000 |
Mortgage warehouse | 2,172,000 | 1,678,000 |
Municipal | 197,000 | 345,000 |
Premium finance | 640,000 | 602,000 |
Real estate – construction and development | 74,982,000 | 61,017,000 |
Real estate – commercial and farmland | 120,081,000 | 110,097,000 |
Real estate – residential | 64,560,000 | 65,356,000 |
Loans, net | 20,630,524,000 | 19,962,203,000 |
Other real estate owned, net | 9,482,000 | 6,199,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 7,537,000 | 5,324,000 |
Premises and equipment, net | 210,931,000 | 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 | 74,941,000 | 87,949,000 |
Banking Division | 71,164,000 | — |
Retail Mortgage Division | 0 | — |
Warehouse Lending Division | 0 | — |
Premium Finance Division | 3,777,000 | — |
Cash value of bank owned life insurance | 460,699,000 | 395,778,000 |
Other assets | 418,353,000 | 454,603,000 |
Total assets | 26,399,782,000 | 25,203,699,000 |
Banking Division | 19,387,331,000 | — |
Retail Mortgage Division | 4,899,282,000 | — |
Warehouse Lending Division | 597,670,000 | — |
Premium Finance Division | 1,515,499,000 | — |
Liabilities | ||
Deposits: | ||
Noninterest-bearing | 6,670,320,000 | 6,491,639,000 |
Interest-bearing | 15,208,945,000 | 14,216,870,000 |
Total deposits | 21,879,265,000 | 20,708,509,000 |
Other borrowings | 346,446,000 | 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 | 346,446,000 | 509,586,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 339,973,000 | 501,723,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 339,973,000 | 501,723,000 |
Subordinated deferrable interest debentures | 131,811,000 | 130,315,000 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,113 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% | 104,637,000 | 106,704,000 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $683 and $784, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% | 74,683,000 | 75,784,000 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,211 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% | 108,789,000 | 108,638,000 |
Carrying Amount | 131,811,000 | 130,315,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 144,819,000 | 141,407,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 144,819,000 | 141,407,000 |
Other liabilities | 360,892,000 | 428,542,000 |
Total liabilities | 22,718,414,000 | 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; 72,697,655 and 72,516,079 shares issued, respectively | 72,698,000 | 72,516,000 |
Capital surplus | 1,954,532,000 | 1,945,385,000 |
Retained earnings | 1,772,989,000 | 1,539,957,000 |
Accumulated other comprehensive loss, net of tax | (15,724,000) | (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 | 3,681,368,000 | 3,426,747,000 |
Common Stock | 72,698,000 | 72,516,000 |
Capital Surplus | 1,954,532,000 | 1,945,385,000 |
Retained Earnings | 1,772,989,000 | 1,539,957,000 |
Accumulated Other Comprehensive Income (Loss) | (15,724,000) | (35,939,000) |
Treasury Stock | (103,127,000) | (95,172,000) |
Total liabilities and shareholders’ equity | 26,399,782,000 | 25,203,699,000 |