10-K
Annual Report
AMERIS BANCORP
ABCB
NYSE
CIK: 351569
File #: 001-13901
Balance Sheet
182 line items · 2 periods
XBRL
| Item | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Cash and due from banks | 244,980,000 | 230,470,000 |
Carrying Amount | 244,980,000 | 230,470,000 |
Level 1 - Fair Value | 244,980,000 | 230,470,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 244,980,000 | 230,470,000 |
Ameris Bancorp | 141,836,000 | 165,179,000 |
Interest-bearing deposits in banks | 975,397,000 | 936,834,000 |
Carrying Amount | 975,397,000 | 936,834,000 |
Level 1 - Fair Value | 975,397,000 | 936,834,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 975,397,000 | 936,834,000 |
Cash and cash equivalents | 1,220,377,000 | 1,167,304,000 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $69 and $69 | 1,671,260,000 | 1,402,944,000 |
U.S. Treasuries | 796,464,000 | 720,877,000 |
U.S. government-sponsored agencies | 994,000 | 985,000 |
State, county and municipal securities | 24,740,000 | 28,051,000 |
Corporate debt securities | 10,283,000 | 10,027,000 |
SBA pool securities | 70,482,000 | 51,516,000 |
Mortgage-backed securities | 768,297,000 | 591,488,000 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $144,028 and $122,731) | 164,677,000 | 141,512,000 |
State, county and municipal securities | 33,623,000 | 31,905,000 |
Mortgage-backed securities | 131,054,000 | 109,607,000 |
Other investments | 66,298,000 | 71,794,000 |
Visa Class B-2 Shares | 121,000 | — |
Loans held for sale, at fair value | 528,599,000 | 281,332,000 |
Loans, net of unearned income | 20,739,906,000 | 20,269,303,000 |
Commercial and Industrial | 2,953,135,000 | 2,688,929,000 |
Consumer | 221,735,000 | 275,809,000 |
Mortgage Warehouse | 965,053,000 | 818,728,000 |
Municipal | 441,408,000 | 492,668,000 |
Premium Finance | 1,155,614,000 | 946,562,000 |
Real Estate – Construction and Development | 1,998,506,000 | 2,129,187,000 |
Real Estate – Commercial and Farmland | 8,445,958,000 | 8,059,754,000 |
Real Estate - Residential | 4,558,497,000 | 4,857,666,000 |
Commercial and Industrial - Loans 30-59 Days Past Due | 12,300,000 | 11,023,000 |
Commercial and Industrial - Loans 60-89 Days Past Due | 5,908,000 | 5,439,000 |
Commercial and Industrial - Loans 90 or More Days Past Due | 12,849,000 | 9,733,000 |
Commercial and Industrial - Total Loans Past Due | 31,057,000 | 26,195,000 |
Commercial and Industrial - Current Loans | 2,922,078,000 | 2,662,734,000 |
Consumer - Loans 30-59 Days Past Due | 2,672,000 | 2,308,000 |
Consumer - Loans 60-89 Days Past Due | 557,000 | 1,054,000 |
Consumer - Loans 90 or More Days Past Due | 319,000 | 576,000 |
Consumer - Total Loans Past Due | 3,548,000 | 3,938,000 |
Consumer - Current Loans | 218,187,000 | 271,871,000 |
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 | 965,053,000 | 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 | 441,408,000 | 492,668,000 |
Premium Finance - Loans 30-59 Days Past Due | 15,068,000 | 12,379,000 |
Premium Finance - Loans 60-89 Days Past Due | 6,315,000 | 6,832,000 |
Premium Finance - Loans 90 or More Days Past Due | 12,485,000 | 11,678,000 |
Premium Finance - Total Loans Past Due | 33,868,000 | 30,889,000 |
Premium Finance - Current Loans | 1,121,746,000 | 915,673,000 |
Real Estate – Construction and Development - Loans 30-59 Days Past Due | 23,102,000 | 2,094,000 |
Real Estate – Construction and Development - Loans 60-89 Days Past Due | 461,000 | 0 |
Real Estate – Construction and Development - Loans 90 or More Days Past Due | 3,786,000 | 282,000 |
Real Estate – Construction and Development - Total Loans Past Due | 27,349,000 | 2,376,000 |
Real Estate – Construction and Development - Current Loans | 1,971,157,000 | 2,126,811,000 |
Real Estate – Commercial and Farmland - Loans 30-59 Days Past Due | 6,787,000 | 5,070,000 |
Real Estate – Commercial and Farmland - Loans 60-89 Days Past Due | 2,435,000 | 1,656,000 |
Real Estate – Commercial and Farmland - Loans 90 or More Days Past Due | 5,980,000 | 6,352,000 |
Real Estate – Commercial and Farmland - Total Loans Past Due | 15,202,000 | 13,078,000 |
Real Estate – Commercial and Farmland - Current Loans | 8,430,756,000 | 8,046,676,000 |
Real Estate - Residential - Loans 30-59 Days Past Due | 47,020,000 | 49,976,000 |
Real Estate - Residential - Loans 60-89 Days Past Due | 15,864,000 | 19,300,000 |
Real Estate - Residential - Loans 90 or More Days Past Due | 71,070,000 | 127,087,000 |
Real Estate - Residential - Total Loans Past Due | 133,954,000 | 196,363,000 |
Real Estate - Residential - Current Loans | 4,424,543,000 | 4,661,303,000 |
Loans 30-59 Days Past Due | 106,949,000 | 82,850,000 |
Loans 60-89 Days Past Due | 31,540,000 | 34,281,000 |
Loans 90 or More Days Past Due | 106,489,000 | 155,708,000 |
Total Loans Past Due | 244,978,000 | 272,839,000 |
Current Loans | 20,494,928,000 | 19,996,464,000 |
Risk Grade Nine | 0 | 0 |
Commercial and Industrial - Pass | 2,914,868,000 | 2,661,321,000 |
Commercial and Industrial - Special Mention | 11,225,000 | 7,512,000 |
Commercial and Industrial - Substandard | 27,042,000 | 20,096,000 |
Consumer - Pass | 220,253,000 | 273,650,000 |
Consumer - Special Mention | 92,000 | 31,000 |
Consumer - Substandard | 1,390,000 | 2,128,000 |
Mortgage Warehouse - Pass | 965,053,000 | 772,366,000 |
Municipal - Pass | 441,408,000 | 492,668,000 |
Premium Finance - Pass | 1,143,129,000 | 934,884,000 |
Premium Finance - Substandard | 12,485,000 | 11,678,000 |
Real Estate – Construction and Development - Pass | 1,993,947,000 | 2,126,430,000 |
Real Estate – Construction and Development - Special Mention | 500,000 | 479,000 |
Real Estate – Construction and Development - Substandard | 4,059,000 | 2,278,000 |
Real Estate – Commercial and Farmland - Pass | 8,304,349,000 | 7,868,550,000 |
Real Estate – Commercial and Farmland - Special Mention | 96,336,000 | 147,030,000 |
Real Estate – Commercial and Farmland - Substandard | 45,273,000 | 44,174,000 |
Real Estate - Residential - Pass | 4,474,333,000 | 4,716,862,000 |
Real Estate - Residential - Special Mention | 2,783,000 | 2,311,000 |
Real Estate - Residential - Substandard | 81,381,000 | 138,493,000 |
Pass | 20,457,340,000 | 19,846,731,000 |
Special Mention | 110,936,000 | 203,725,000 |
Substandard | 171,630,000 | 218,847,000 |
Mortgage Warehouse - Special Mention | — | 46,362,000 |
Allowance for credit losses | 338,084,000 | 307,100,000 |
Commercial and Industrial | 87,242,000 | 64,053,000 |
Consumer | 7,327,000 | 3,952,000 |
Mortgage Warehouse | 2,262,000 | 1,678,000 |
Municipal | 58,000 | 345,000 |
Premium Finance | 736,000 | 602,000 |
Real Estate – Construction and Development | 60,421,000 | 61,017,000 |
Real Estate – Commercial and Farmland | 118,377,000 | 110,097,000 |
Real Estate - Residential | 61,661,000 | 65,356,000 |
Loans, net | 20,401,822,000 | 19,962,203,000 |
Other real estate owned, net | 2,433,000 | 6,199,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 1,010,000 | 5,324,000 |
Premises and equipment, net | 209,460,000 | 216,435,000 |
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 |
Other intangible assets, net | 70,761,000 | 87,949,000 |
Banking Division | 67,721,000 | 81,959,000 |
Premium Finance Division | 3,040,000 | 5,990,000 |
Retail Mortgage Division | 0 | 0 |
Warehouse Lending Division | 0 | 0 |
Cash value of bank owned life insurance | 408,574,000 | 395,778,000 |
Other assets | 502,143,000 | 454,603,000 |
Ameris Bancorp | 29,920,000 | 29,898,000 |
Total assets | 26,262,050,000 | 25,203,699,000 |
Banking Division | 18,954,256,000 | 18,291,626,000 |
Premium Finance Division | 1,495,723,000 | 1,169,905,000 |
Retail Mortgage Division | 4,828,842,000 | 4,916,753,000 |
Warehouse Lending Division | 983,229,000 | 825,415,000 |
Ameris Bancorp | 4,029,553,000 | 3,806,170,000 |
Liabilities | ||
Deposits | ||
Noninterest-bearing | 6,498,293,000 | 6,491,639,000 |
Interest-bearing | 15,224,155,000 | 14,216,870,000 |
Total deposits | 21,722,448,000 | 20,708,509,000 |
Other borrowings | 291,788,000 | 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 | 291,788,000 | 509,586,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 291,213,000 | 501,723,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 291,213,000 | 501,723,000 |
Ameris Bancorp | 108,839,000 | 215,342,000 |
Subordinated deferrable interest debentures, net | 132,309,000 | 130,315,000 |
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $0 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% (2029 subordinated notes) | 0 | 106,704,000 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $653 and $784, 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) | 74,653,000 | 75,784,000 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,161 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% (2030 subordinated notes) | 108,839,000 | 108,638,000 |
Carrying Amount | 132,309,000 | 130,315,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 142,202,000 | 141,407,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 142,202,000 | 141,407,000 |
Ameris Bancorp | 132,309,000 | 130,315,000 |
Other liabilities | 363,983,000 | 428,542,000 |
Ameris Bancorp | 36,883,000 | 33,766,000 |
Total liabilities | 22,510,528,000 | 21,776,952,000 |
Ameris Bancorp | 278,031,000 | 379,423,000 |
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; 72,699,245 and 72,516,079 shares issued | 72,699,000 | 72,516,000 |
Capital surplus | 1,958,642,000 | 1,945,385,000 |
Retained earnings | 1,853,428,000 | 1,539,957,000 |
Accumulated other comprehensive income (loss), net of tax | (30,119,000) | (35,939,000) |
Treasury stock, at cost, 3,630,636 and 3,462,738 shares | 103,128,000 | 95,172,000 |
Total shareholders’ equity | 3,751,522,000 | 3,426,747,000 |
Common Stock | 72,699,000 | 72,516,000 |
Capital Surplus | 1,958,642,000 | 1,945,385,000 |
Retained Earnings | 1,853,428,000 | 1,539,957,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (30,119,000) | (35,939,000) |
Treasury Stock | (103,128,000) | (95,172,000) |
Ameris Bancorp | 3,751,522,000 | 3,426,747,000 |
Total liabilities and shareholders’ equity | 26,262,050,000 | 25,203,699,000 |
Ameris Bancorp | 4,029,553,000 | 3,806,170,000 |