10-Q
Quarterly Report
AMERIS BANCORP
ABCB
NYSE
CIK: 351569
File #: 001-13901
Balance Sheet
169 line items · 2 periods
XBRL
| Item | Jun 30, 2025 | Dec 31, 2024 |
|---|---|---|
Assets | ||
Cash and due from banks | 249,676,000 | 244,980,000 |
Carrying Amount | 249,676,000 | 244,980,000 |
Level 1 - Fair Value | 249,676,000 | 244,980,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 249,676,000 | 244,980,000 |
Interest-bearing deposits in banks | 920,594,000 | 975,397,000 |
Carrying Amount | 920,594,000 | 975,397,000 |
Level 1 - Fair Value | 920,594,000 | 975,397,000 |
Level 2 - Fair Value | 0 | 0 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 920,594,000 | 975,397,000 |
Cash and cash equivalents | 1,170,270,000 | 1,220,377,000 |
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $66 and $69 | 1,871,298,000 | 1,671,260,000 |
U.S. Treasuries | 707,813,000 | 796,464,000 |
U.S. government-sponsored agencies | 997,000 | 994,000 |
State, county and municipal securities | 21,667,000 | 24,740,000 |
Corporate debt securities | 10,381,000 | 10,283,000 |
SBA pool securities | 60,719,000 | 70,482,000 |
Mortgage-backed securities | 1,069,721,000 | 768,297,000 |
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $159,144 and $144,028) | 176,487,000 | 164,677,000 |
State, county and municipal securities | 33,573,000 | 33,623,000 |
Mortgage-backed securities | 142,914,000 | 131,054,000 |
Other investments | 69,910,000 | 66,298,000 |
Loans held for sale, at fair value | 544,091,000 | 528,599,000 |
Loans, net of unearned income | 21,041,497,000 | 20,739,906,000 |
Commercial and industrial | 3,184,211,000 | 2,953,135,000 |
Consumer | 209,990,000 | 221,735,000 |
Mortgage warehouse | 1,092,475,000 | 965,053,000 |
Municipal | 436,759,000 | 441,408,000 |
Premium finance | 1,294,293,000 | 1,155,614,000 |
Real estate – construction and development | 1,485,842,000 | 1,998,506,000 |
Real estate – commercial and farmland | 8,877,750,000 | 8,445,958,000 |
Real estate – residential | 4,460,177,000 | 4,558,497,000 |
Commercial and industrial - Loans 30-59 Days Past Due | 7,134,000 | 12,300,000 |
Commercial and industrial - Loans 60-89 Days Past Due | 6,912,000 | 5,908,000 |
Commercial and industrial - Loans 90 or More Days Past Due | 12,396,000 | 12,849,000 |
Commercial and industrial - Total Loans Past Due | 26,442,000 | 31,057,000 |
Commercial and industrial - Current Loans | 3,157,769,000 | 2,922,078,000 |
Consumer - Loans 30-59 Days Past Due | 1,009,000 | 2,672,000 |
Consumer - Loans 60-89 Days Past Due | 332,000 | 557,000 |
Consumer - Loans 90 or More Days Past Due | 478,000 | 319,000 |
Consumer - Total Loans Past Due | 1,819,000 | 3,548,000 |
Consumer - Current Loans | 208,171,000 | 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 | 1,092,475,000 | 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 | 436,759,000 | 441,408,000 |
Premium finance - Loans 30-59 Days Past Due | 11,511,000 | 15,068,000 |
Premium finance - Loans 60-89 Days Past Due | 6,437,000 | 6,315,000 |
Premium finance - Loans 90 or More Days Past Due | 8,340,000 | 12,485,000 |
Premium finance - Total Loans Past Due | 26,288,000 | 33,868,000 |
Premium finance - Current Loans | 1,268,005,000 | 1,121,746,000 |
Real estate – construction and development - Loans 30-59 Days Past Due | 5,447,000 | 23,102,000 |
Real estate – construction and development - Loans 60-89 Days Past Due | 53,000 | 461,000 |
Real estate – construction and development - Loans 90 or More Days Past Due | 1,508,000 | 3,786,000 |
Real estate – construction and development - Total Loans Past Due | 7,008,000 | 27,349,000 |
Real estate – construction and development - Current Loans | 1,478,834,000 | 1,971,157,000 |
Real estate – commercial and farmland - Loans 30-59 Days Past Due | 1,251,000 | 6,787,000 |
Real estate – commercial and farmland - Loans 60-89 Days Past Due | 3,955,000 | 2,435,000 |
Real estate – commercial and farmland - Loans 90 or More Days Past Due | 6,420,000 | 5,980,000 |
Real estate – commercial and farmland - Total Loans Past Due | 11,626,000 | 15,202,000 |
Real estate – commercial and farmland - Current Loans | 8,866,124,000 | 8,430,756,000 |
Real estate – residential - Loans 30-59 Days Past Due | 49,751,000 | 47,020,000 |
Real estate – residential - Loans 60-89 Days Past Due | 20,913,000 | 15,864,000 |
Real estate – residential - Loans 90 or More Days Past Due | 56,184,000 | 71,070,000 |
Real estate – residential - Total Loans Past Due | 126,848,000 | 133,954,000 |
Real estate – residential - Current Loans | 4,333,329,000 | 4,424,543,000 |
Loans 30-59 Days Past Due | 76,103,000 | 106,949,000 |
Loans 60-89 Days Past Due | 38,602,000 | 31,540,000 |
Loans 90 or More Days Past Due | 85,326,000 | 106,489,000 |
Total Loans Past Due | 200,031,000 | 244,978,000 |
Current Loans | 20,841,466,000 | 20,494,928,000 |
9 | 0 | 0 |
Commercial and industrial - Pass | 3,152,774,000 | 2,914,868,000 |
Commercial and industrial - Special mention | 7,132,000 | 11,225,000 |
Commercial and industrial - Substandard | 24,305,000 | 27,042,000 |
Consumer - Pass | 207,300,000 | 220,253,000 |
Consumer - Special mention | 1,113,000 | 92,000 |
Consumer - Substandard | 1,577,000 | 1,390,000 |
Mortgage warehouse - Pass | 1,092,475,000 | 965,053,000 |
Municipal - Pass | 436,759,000 | 441,408,000 |
Premium finance - Pass | 1,285,953,000 | 1,143,129,000 |
Premium finance - Substandard | 8,340,000 | 12,485,000 |
Real estate – construction and development - Pass | 1,483,713,000 | 1,993,947,000 |
Real estate – construction and development - Special mention | 414,000 | 500,000 |
Real estate – construction and development - Substandard | 1,715,000 | 4,059,000 |
Real estate – commercial and farmland - Pass | 8,770,694,000 | 8,304,349,000 |
Real estate – commercial and farmland - Special mention | 55,858,000 | 96,336,000 |
Real estate – commercial and farmland - Substandard | 51,198,000 | 45,273,000 |
Real estate – residential - Pass | 4,391,220,000 | 4,474,333,000 |
Real estate – residential - Special mention | 2,160,000 | 2,783,000 |
Real estate – residential - Substandard | 66,797,000 | 81,381,000 |
Pass | 20,820,888,000 | 20,457,340,000 |
Special mention | 66,677,000 | 110,936,000 |
Substandard | 153,932,000 | 171,630,000 |
Allowance for credit losses | 341,567,000 | 338,084,000 |
Commercial and industrial | 88,985,000 | 87,242,000 |
Consumer | 6,573,000 | 7,327,000 |
Mortgage warehouse | 2,280,000 | 2,262,000 |
Municipal | 58,000 | 58,000 |
Premium finance | 783,000 | 736,000 |
Real estate – construction and development | 47,306,000 | 60,421,000 |
Real estate – commercial and farmland | 127,794,000 | 118,377,000 |
Real estate – residential | 67,788,000 | 61,661,000 |
Loans, net | 20,699,930,000 | 20,401,822,000 |
Other real estate owned, net | 1,825,000 | 2,433,000 |
Level 3 - Fair Value, Measurements, Nonrecurring | 1,017,000 | 1,010,000 |
Premises and equipment, net | 211,434,000 | 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 | 62,582,000 | 70,761,000 |
Banking Division | 60,952,000 | — |
Retail Mortgage Division | 0 | — |
Warehouse Lending Division | 0 | — |
Premium Finance Division | 1,630,000 | — |
Cash value of bank owned life insurance | 414,381,000 | 408,574,000 |
Other assets | 442,299,000 | 502,143,000 |
Total assets | 26,680,153,000 | 26,262,050,000 |
Banking Division | 19,143,429,000 | — |
Retail Mortgage Division | 4,723,883,000 | — |
Warehouse Lending Division | 1,114,158,000 | — |
Premium Finance Division | 1,698,683,000 | — |
Liabilities | ||
Deposits: | ||
Noninterest-bearing | 6,800,519,000 | 6,498,293,000 |
Interest-bearing | 15,132,156,000 | 15,224,155,000 |
Total deposits | 21,932,675,000 | 21,722,448,000 |
Other borrowings | 376,700,000 | 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% | 9,954,000 | 10,000,000 |
Carrying Amount | 376,700,000 | 291,788,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 379,646,000 | 291,213,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 379,646,000 | 291,213,000 |
Subordinated deferrable interest debentures | 133,306,000 | 132,309,000 |
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $592 and $653, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63% | 74,592,000 | 74,653,000 |
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,060 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% | 108,940,000 | 108,839,000 |
Carrying Amount | 133,306,000 | 132,309,000 |
Level 1 - Fair Value | 0 | 0 |
Level 2 - Fair Value | 142,254,000 | 142,202,000 |
Level 3 - Fair Value | 0 | 0 |
Fair Value | 142,254,000 | 142,202,000 |
Other liabilities | 319,794,000 | 363,983,000 |
Total liabilities | 22,762,475,000 | 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; 72,897,371 and 72,699,245 shares issued, respectively | 72,897,000 | 72,699,000 |
Capital surplus | 1,964,896,000 | 1,958,642,000 |
Retained earnings | 2,023,493,000 | 1,853,428,000 |
Accumulated other comprehensive loss, net of tax | (6,886,000) | (30,119,000) |
Treasury stock, at cost, 4,186,328 and 3,630,636 shares, respectively | 136,722,000 | 103,128,000 |
Total shareholders’ equity | 3,917,678,000 | 3,751,522,000 |
Common Stock | 72,897,000 | 72,699,000 |
Capital Surplus | 1,964,896,000 | 1,958,642,000 |
Retained Earnings | 2,023,493,000 | 1,853,428,000 |
Accumulated Other Comprehensive Loss | (6,886,000) | (30,119,000) |
Treasury Stock | (136,722,000) | (103,128,000) |
Total liabilities and shareholders’ equity | 26,680,153,000 | 26,262,050,000 |