10-Q
Quarterly Report
AMERIS BANCORP
ABCB
NYSE
CIK: 351569
File #: 001-13901
Balance Sheet
170 line items · 2 periods
XBRL
| Item | Mar 31, 2025 | Dec 31, 2024 |
|---|---|---|
Assets | ||
Cash and due from banks | 253,289,000 | 244,980,000 |
Carrying Amount | 253,289,000 | 244,980,000 |
Level 1 - Fair Value | 253,289,000 | 244,980,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 253,289,000 | 244,980,000 |
Interest-bearing deposits in banks | 1,039,111,000 | 975,397,000 |
Carrying Amount | 1,039,111,000 | 975,397,000 |
Level 1 - Fair Value | 1,039,111,000 | 975,397,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 1,039,111,000 | 975,397,000 |
Cash and cash equivalents | 1,292,400,000 | 1,220,377,000 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $69 and $69 | 1,943,011,000 | 1,671,260,000 |
U.S. Treasuries | 929,918,000 | 796,464,000 |
U.S. government-sponsored agencies | 996,000 | 994,000 |
State, county and municipal securities | 24,763,000 | 24,740,000 |
Corporate debt securities | 10,442,000 | 10,283,000 |
SBA pool securities | 65,710,000 | 70,482,000 |
Mortgage-backed securities | 911,182,000 | 768,297,000 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $154,859 and $144,028) | 173,757,000 | 164,677,000 |
State, county and municipal securities | 33,597,000 | 33,623,000 |
Mortgage-backed securities | 140,160,000 | 131,054,000 |
Other investments | 65,630,000 | 66,298,000 |
Loans held for sale, at fair value | 545,388,000 | 528,599,000 |
Loans, net of unearned income | 20,706,644,000 | 20,739,906,000 |
Commercial and industrial | 3,075,971,000 | 2,953,135,000 |
Consumer | 213,902,000 | 221,735,000 |
Mortgage warehouse | 891,412,000 | 965,053,000 |
Municipal | 429,227,000 | 441,408,000 |
Premium finance | 1,176,309,000 | 1,155,614,000 |
Real estate – construction and development | 1,842,431,000 | 1,998,506,000 |
Real estate – commercial and farmland | 8,574,626,000 | 8,445,958,000 |
Real estate – residential | 4,502,766,000 | 4,558,497,000 |
Commercial and industrial - Loans 30-59 Days Past Due | 12,901,000 | 12,300,000 |
Commercial and industrial - Loans 60-89 Days Past Due | 6,429,000 | 5,908,000 |
Commercial and industrial - Loans 90 or More Days Past Due | 12,413,000 | 12,849,000 |
Commercial and industrial - Total Loans Past Due | 31,743,000 | 31,057,000 |
Commercial and industrial - Current Loans | 3,044,228,000 | 2,922,078,000 |
Consumer - Loans 30-59 Days Past Due | 1,124,000 | 2,672,000 |
Consumer - Loans 60-89 Days Past Due | 483,000 | 557,000 |
Consumer - Loans 90 or More Days Past Due | 317,000 | 319,000 |
Consumer - Total Loans Past Due | 1,924,000 | 3,548,000 |
Consumer - Current Loans | 211,978,000 | 218,187,000 |
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 | 891,412,000 | 965,053,000 |
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 | 429,227,000 | 441,408,000 |
Premium finance - Loans 30-59 Days Past Due | 12,085,000 | 15,068,000 |
Premium finance - Loans 60-89 Days Past Due | 6,286,000 | 6,315,000 |
Premium finance - Loans 90 or More Days Past Due | 10,152,000 | 12,485,000 |
Premium finance - Total Loans Past Due | 28,523,000 | 33,868,000 |
Premium finance - Current Loans | 1,147,786,000 | 1,121,746,000 |
Real estate – construction and development - Loans 30-59 Days Past Due | 5,803,000 | 23,102,000 |
Real estate – construction and development - Loans 60-89 Days Past Due | 1,076,000 | 461,000 |
Real estate – construction and development - Loans 90 or More Days Past Due | 2,645,000 | 3,786,000 |
Real estate – construction and development - Total Loans Past Due | 9,524,000 | 27,349,000 |
Real estate – construction and development - Current Loans | 1,832,907,000 | 1,971,157,000 |
Real estate – commercial and farmland - Loans 30-59 Days Past Due | 7,389,000 | 6,787,000 |
Real estate – commercial and farmland - Loans 60-89 Days Past Due | 973,000 | 2,435,000 |
Real estate – commercial and farmland - Loans 90 or More Days Past Due | 6,653,000 | 5,980,000 |
Real estate – commercial and farmland - Total Loans Past Due | 15,015,000 | 15,202,000 |
Real estate – commercial and farmland - Current Loans | 8,559,611,000 | 8,430,756,000 |
Real estate – residential - Loans 30-59 Days Past Due | 36,117,000 | 47,020,000 |
Real estate – residential - Loans 60-89 Days Past Due | 19,431,000 | 15,864,000 |
Real estate – residential - Loans 90 or More Days Past Due | 72,844,000 | 71,070,000 |
Real estate – residential - Total Loans Past Due | 128,392,000 | 133,954,000 |
Real estate – residential - Current Loans | 4,374,374,000 | 4,424,543,000 |
Loans 30-59 Days Past Due | 75,419,000 | 106,949,000 |
Loans 60-89 Days Past Due | 34,678,000 | 31,540,000 |
Loans 90 or More Days Past Due | 105,024,000 | 106,489,000 |
Total Loans Past Due | 215,121,000 | 244,978,000 |
Current Loans | 20,491,523,000 | 20,494,928,000 |
9 | 0 | 0 |
Commercial and industrial - Pass | 3,044,892,000 | 2,914,868,000 |
Commercial and industrial - Special mention | 6,368,000 | 11,225,000 |
Commercial and industrial - Substandard | 24,711,000 | 27,042,000 |
Consumer - Pass | 212,361,000 | 220,253,000 |
Consumer - Special mention | 83,000 | 92,000 |
Consumer - Substandard | 1,458,000 | 1,390,000 |
Mortgage warehouse - Pass | 890,508,000 | 965,053,000 |
Mortgage warehouse - Special mention | 904,000 | — |
Municipal - Pass | 429,227,000 | 441,408,000 |
Premium finance - Pass | 1,166,158,000 | 1,143,129,000 |
Premium finance - Substandard | 10,151,000 | 12,485,000 |
Real estate – construction and development - Pass | 1,839,106,000 | 1,993,947,000 |
Real estate – construction and development - Special mention | 422,000 | 500,000 |
Real estate – construction and development - Substandard | 2,903,000 | 4,059,000 |
Real estate – commercial and farmland - Pass | 8,467,915,000 | 8,304,349,000 |
Real estate – commercial and farmland - Special mention | 62,430,000 | 96,336,000 |
Real estate – commercial and farmland - Substandard | 44,281,000 | 45,273,000 |
Real estate – residential - Pass | 4,418,329,000 | 4,474,333,000 |
Real estate – residential - Special mention | 3,576,000 | 2,783,000 |
Real estate – residential - Substandard | 80,861,000 | 81,381,000 |
Pass | 20,468,496,000 | 20,457,340,000 |
Special mention | 73,783,000 | 110,936,000 |
Substandard | 164,365,000 | 171,630,000 |
Allowance for credit losses | 345,555,000 | 338,084,000 |
Commercial and industrial | 82,621,000 | 87,242,000 |
Consumer | 6,145,000 | 7,327,000 |
Mortgage warehouse | 1,824,000 | 2,262,000 |
Municipal | 57,000 | 58,000 |
Premium finance | 682,000 | 736,000 |
Real estate – construction and development | 69,086,000 | 60,421,000 |
Real estate – commercial and farmland | 118,392,000 | 118,377,000 |
Real estate – residential | 66,748,000 | 61,661,000 |
Loans, net | 20,361,089,000 | 20,401,822,000 |
Other real estate owned, net | 863,000 | 2,433,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 276,000 | 1,010,000 |
Premises and equipment, net | 207,895,000 | 209,460,000 |
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 | 66,658,000 | 70,761,000 |
Banking Division | 64,330,000 | — |
Retail Mortgage Division | 0 | — |
Warehouse Lending Division | 0 | — |
Premium Finance Division | 2,328,000 | — |
Cash value of bank owned life insurance | 410,890,000 | 408,574,000 |
Other assets | 431,713,000 | 502,143,000 |
Total assets | 26,514,940,000 | 26,262,050,000 |
Banking Division | 19,291,312,000 | — |
Retail Mortgage Division | 4,762,848,000 | — |
Warehouse Lending Division | 911,361,000 | — |
Premium Finance Division | 1,549,419,000 | — |
Liabilities | ||
Deposits: | ||
Noninterest-bearing | 6,744,781,000 | 6,498,293,000 |
Interest-bearing | 15,167,628,000 | 15,224,155,000 |
Total deposits | 21,912,409,000 | 21,722,448,000 |
Other borrowings | 276,744,000 | 291,788,000 |
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | 9,977,000 | 10,000,000 |
Carrying Amount | 276,744,000 | 291,788,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 272,495,000 | 291,213,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 272,495,000 | 291,213,000 |
Subordinated deferrable interest debentures | 132,807,000 | 132,309,000 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $623 and $653, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% | 74,623,000 | 74,653,000 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,110 and $1,161, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% | 108,890,000 | 108,839,000 |
Carrying Amount | 132,807,000 | 132,309,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 141,372,000 | 142,202,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 141,372,000 | 142,202,000 |
Other liabilities | 369,178,000 | 363,983,000 |
Total liabilities | 22,691,138,000 | 22,510,528,000 |
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; 72,884,780 and 72,699,245 shares issued, respectively | 72,885,000 | 72,699,000 |
Capital surplus | 1,961,732,000 | 1,958,642,000 |
Retained earnings | 1,927,489,000 | 1,853,428,000 |
Accumulated other comprehensive loss, net of tax | (14,430,000) | (30,119,000) |
Treasury stock, at cost, 3,973,856 and 3,630,636 shares, respectively | 123,874,000 | 103,128,000 |
Total shareholders’ equity | 3,823,802,000 | 3,751,522,000 |
Common Stock | 72,885,000 | 72,699,000 |
Capital Surplus | 1,961,732,000 | 1,958,642,000 |
Retained Earnings | 1,927,489,000 | 1,853,428,000 |
Accumulated Other Comprehensive Income (Loss) | (14,430,000) | (30,119,000) |
Treasury Stock | (123,874,000) | (103,128,000) |
Total liabilities and shareholders’ equity | 26,514,940,000 | 26,262,050,000 |