|
|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
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GEORGIA
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58-1456434
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(State of incorporation)
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(IRS Employer ID No.)
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|
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Large accelerated filer
|
x
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Accelerated filer
|
¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
|
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Item 7.
|
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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•
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the risks of any acquisitions, mergers or divestitures which we may undertake in the future, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth, expense savings and/or other results from such transactions;
|
•
|
the effects of future economic, business and market conditions and changes, including seasonality;
|
•
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legislative and regulatory changes, including changes in banking, securities and tax laws, regulations and policies and their application by our regulators;
|
•
|
changes in accounting rules, practices and interpretations;
|
•
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the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand, and the values and liquidity of loan collateral, securities and interest-sensitive assets and liabilities;
|
•
|
changes in borrower credit risks and payment behaviors;
|
•
|
changes in the availability and cost of credit and capital in the financial markets;
|
•
|
changes in the prices, values and sales volumes of residential and commercial real estate;
|
•
|
the effects of concentrations in our loan portfolio;
|
•
|
our ability to resolve nonperforming assets;
|
•
|
the failure of assumptions and estimates underlying the establishment of reserves for possible loan losses and other estimates and valuations;
|
•
|
changes in technology or products that may be more difficult, costly or less effective than anticipated; and
|
•
|
the effects of war or other conflicts, acts of terrorism, hurricanes, floods, tornados or other catastrophic events that may affect economic conditions.
|
•
|
it may acquire direct or indirect ownership or control of any voting shares of any bank if, after the acquisition, the bank holding company will directly or indirectly own or control more than 5% of the voting shares of the bank;
|
•
|
it or any of its subsidiaries, other than a bank, may acquire all or substantially all of the assets of any bank; or
|
•
|
it may merge or consolidate with any other bank holding company.
|
•
|
the bank holding company has registered securities under Section 12 of the Exchange Act; or
|
•
|
no other person owns a greater percentage of that class of voting securities immediately after the transaction.
|
•
|
The final rule established a new capital measure called “Common Equity Tier 1 Capital” consisting of common stock and related surplus, retained earnings, accumulated other comprehensive income and, subject to certain adjustments, minority common equity interests in subsidiaries. Unlike prior rules which excluded unrealized gains and losses on available for sale debt securities from regulatory capital, the final rule generally requires accumulated other comprehensive income to flow through to regulatory capital; however, pursuant to a one-time, permanent election made available to most FDIC-supervised institutions, the Bank elected to opt out of the requirement to include most components of accumulated other comprehensive income in its regulatory capital. Depository institutions and their holding companies are now required to maintain Common Equity Tier 1 Capital equal to 4.5% of risk-weighted assets. Additionally, the regulations increased the required ratio of Tier 1 Capital to risk-weighted assets from 4% to 6%. Tier 1 Capital consists of Common Equity Tier 1 Capital plus Additional Tier 1 Capital which includes non-cumulative perpetual preferred stock. Neither cumulative preferred stock (other than certain preferred stock issued to the U.S. Treasury) nor trust preferred securities qualify as Additional Tier 1 Capital, but they may be included in Tier 2 Capital along with qualifying subordinated debt. The new regulations also require a minimum Tier 1 leverage ratio of 4% for all institutions, while the minimum required ratio of total capital to risk-weighted assets remains at 8%.
|
•
|
In addition to increased capital requirements, depository institutions and their holding companies will be required to maintain a capital conservation buffer of at least 2.5% of risk-weighted assets over and above the minimum risk-based capital requirements in order to avoid limitations on the payment of dividends, the repurchase of shares or the payment of discretionary bonuses. The capital conservation buffer requirement is being phased in, beginning January 1, 2016, requiring during 2016 a buffer amount greater than 0.625% in order to avoid these limitations, and increasing in amount each year (1.25% for 2017) until, beginning January 1, 2019, the buffer amount must be greater than 2.5% in order to avoid the limitations.
|
•
|
The prompt corrective action regulations, under the final rule, incorporate a Common Equity Tier 1 Capital requirement and raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action regulations, a banking organization is required to have at least an 8% Total Risk-Based Capital Ratio, a 6% Tier 1 Risk-Based Capital Ratio, a 4.5% Common Equity Tier 1 Risk Based Capital Ratio and a 4% Tier 1 Leverage Ratio. As of December 31, 2017, the minimum risk-based capital requirements including the 1.25% capital conservation buffer are as follows: 9.25% Total Risk-Based Capital Ratio, 7.25% Tier 1 Risk-Based Capital Ratio, and 5.75% Common Equity Tier 1 Risk Based Capital Ratio. To be well capitalized, a banking organization is required to have at least a 10% Total Risk-Based Capital Ratio, an 8% Tier 1 Risk-Based Capital Ratio, a 6.5% Common Equity Tier 1 Risk-Based Capital Ratio and a 5% Tier 1 Leverage Ratio.
|
•
|
“well capitalized” if it has a Total Capital ratio of 10% or greater, a Tier 1 Capital ratio of 8% or greater, a Common Equity Tier 1 Capital ratio of 6.5% or greater and a leverage ratio of 5% or greater and is not subject to any order or written directive by the appropriate regulatory authority to meet and maintain a specific capital level for any capital measure;
|
•
|
“adequately capitalized” if it has a Total Capital ratio of 8% or greater, a Tier 1 Capital ratio of 6% or greater, a Common Equity Tier 1 Capital ratio of 4.5% or greater and a leverage ratio of 4% or greater (3% in certain circumstances) and is not “well capitalized;”
|
•
|
“undercapitalized” if it has a Total Capital ratio of less than 8%, a Tier 1 Capital ratio of less than 6%, a Common Equity Tier 1 Capital ratio of less than 4.5% or a leverage ratio of less than 4%;
|
•
|
“significantly undercapitalized” if it has a Total Capital ratio of less than 6%, a Tier 1 Capital ratio of less than 4%, a Common Equity Tier 1 Capital ratio of less than 3% or a leverage ratio of less than 3%; and
|
•
|
“critically undercapitalized” if its tangible equity is equal to or less than 2% of average quarterly tangible assets.
|
•
|
total reported loans for construction, land development and other land (“C&D”) represent 100% or more of the institution’s total capital; or
|
•
|
total CRE loans represent 300% or more of the institution’s total capital, and the outstanding balance of the institution’s CRE loan portfolio has increased by 50% or more.
|
•
|
an increase in loan delinquencies;
|
•
|
an increase in problem assets and foreclosures;
|
•
|
a decrease in the demand for our products and services; and
|
•
|
a decrease in the value of collateral for loans, especially real estate, in turn reducing customers’ borrowing power, the value of assets associated with problem loans and collateral coverage.
|
•
|
our inability to sell mortgage loans on the secondary market, which could negatively impact our liquidity position;
|
•
|
declines in real estate values could decrease the potential of mortgage originations, which could negatively impact our earnings;
|
•
|
if it is determined that loans were made in breach of our representations and warranties to the secondary market, we could incur losses associated with the loans;
|
•
|
increased compliance requirements could result in higher compliance costs, higher foreclosure proceedings or lower loan origination volume, all which could negatively impact future earnings; and
|
•
|
a rise in interest rates could cause a decline in mortgage originations, which could negatively impact our earnings.
|
•
|
the inability to obtain all required regulatory approvals;
|
•
|
significant costs and anticipated operating losses associated with establishing a de novo branch or a new bank;
|
•
|
the inability to secure the services of qualified senior management;
|
•
|
the local market may not accept the services of a new bank owned and managed by a bank holding company headquartered outside of the market area of the new bank;
|
•
|
economic downturns in the new market;
|
•
|
the inability to obtain attractive locations within a new market at a reasonable cost; and
|
•
|
the additional strain on management resources and internal systems and controls.
|
•
|
actual or anticipated quarterly fluctuations in our operating results and financial condition;
|
•
|
changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other financial institutions;
|
•
|
failure to meet analysts’ revenue or earnings estimates;
|
•
|
speculation in the press or investment community;
|
•
|
strategic actions by us or our competitors, such as acquisitions or restructurings;
|
•
|
actions by institutional shareholders;
|
•
|
fluctuations in the stock price and operating results of our competitors;
|
•
|
general market conditions and, in particular, developments related to market conditions for the financial services industry;
|
•
|
proposed or adopted regulatory changes or developments, including changes in accounting policies;
|
•
|
proposed or adopted changes or developments in tax policies or rates;
|
•
|
anticipated or pending investigations, proceedings or litigation that involve or affect us; or
|
•
|
domestic and international economic factors unrelated to our performance.
|
Quarter Ended 2017
|
|
High
|
|
Low
|
|
Dividend
|
||||||
|
|
|
|
|
|
|
||||||
March 31
|
|
$
|
49.50
|
|
|
$
|
41.60
|
|
|
$
|
0.10
|
|
June 30
|
|
49.80
|
|
|
42.60
|
|
|
0.10
|
|
|||
September 30
|
|
51.28
|
|
|
41.05
|
|
|
0.10
|
|
|||
December 31
|
|
51.30
|
|
|
44.75
|
|
|
0.10
|
|
Quarter Ended 2016
|
|
High
|
|
Low
|
|
Dividend
|
||||||
|
|
|
|
|
|
|
||||||
March 31
|
|
$
|
33.81
|
|
|
$
|
24.96
|
|
|
$
|
0.05
|
|
June 30
|
|
32.76
|
|
|
27.73
|
|
|
0.05
|
|
|||
September 30
|
|
36.20
|
|
|
28.90
|
|
|
0.10
|
|
|||
December 31
|
|
47.70
|
|
|
34.61
|
|
|
0.10
|
|
|
|
Period Ending
|
||||||||||||||||
Index
|
|
12/31/2012
|
|
|
12/31/2013
|
|
|
12/31/2014
|
|
|
12/31/2015
|
|
|
12/31/2016
|
|
|
12/31/2017
|
|
Ameris Bancorp
|
|
100.00
|
|
|
169.02
|
|
|
206.61
|
|
|
275.83
|
|
|
356.87
|
|
|
397.87
|
|
NASDAQ Stock Market (US Companies)
|
|
100.00
|
|
|
140.12
|
|
|
160.78
|
|
|
171.97
|
|
|
187.22
|
|
|
242.71
|
|
SNL U.S. Bank NASDAQ
|
|
100.00
|
|
|
143.73
|
|
|
148.86
|
|
|
160.70
|
|
|
222.81
|
|
|
234.58
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(dollars in thousands, except per share data)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Selected Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
7,856,203
|
|
|
$
|
6,892,031
|
|
|
$
|
5,588,940
|
|
|
$
|
4,037,077
|
|
|
$
|
3,667,649
|
|
Earning assets
|
|
7,288,285
|
|
|
6,293,670
|
|
|
5,084,658
|
|
|
3,574,561
|
|
|
3,232,769
|
|
|||||
Loans held for sale
|
|
197,442
|
|
|
105,924
|
|
|
111,182
|
|
|
94,759
|
|
|
67,278
|
|
|||||
Loans
|
|
4,856,514
|
|
|
3,626,821
|
|
|
2,406,877
|
|
|
1,889,881
|
|
|
1,618,454
|
|
|||||
Purchased loans
|
|
861,595
|
|
|
1,069,191
|
|
|
909,083
|
|
|
945,518
|
|
|
838,990
|
|
|||||
Purchased loan pools
|
|
328,246
|
|
|
568,314
|
|
|
592,963
|
|
|
—
|
|
|
—
|
|
|||||
Investment securities
|
|
810,873
|
|
|
822,735
|
|
|
783,185
|
|
|
541,805
|
|
|
486,235
|
|
|||||
FDIC loss-share receivable, net of clawback
|
|
—
|
|
|
—
|
|
|
6,301
|
|
|
31,351
|
|
|
65,441
|
|
|||||
Total deposits
|
|
6,625,845
|
|
|
5,575,163
|
|
|
4,879,290
|
|
|
3,431,149
|
|
|
2,999,231
|
|
|||||
FDIC loss-share payable including clawback
|
|
8,803
|
|
|
6,313
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Shareholders’ equity
|
|
804,479
|
|
|
646,437
|
|
|
514,759
|
|
|
366,028
|
|
|
316,699
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Average Balances:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
7,330,974
|
|
|
$
|
6,166,714
|
|
|
$
|
4,804,245
|
|
|
$
|
3,731,281
|
|
|
$
|
2,848,529
|
|
Earning assets
|
|
6,759,509
|
|
|
5,598,077
|
|
|
4,320,948
|
|
|
3,303,467
|
|
|
2,472,704
|
|
|||||
Loans held for sale
|
|
113,657
|
|
|
97,995
|
|
|
87,952
|
|
|
71,231
|
|
|
110,542
|
|
|||||
Loans
|
|
4,188,378
|
|
|
2,777,505
|
|
|
2,161,726
|
|
|
1,753,013
|
|
|
1,478,816
|
|
|||||
Purchased loans
|
|
958,738
|
|
|
1,127,765
|
|
|
918,796
|
|
|
897,125
|
|
|
451,988
|
|
|||||
Purchased loan pools
|
|
496,844
|
|
|
619,440
|
|
|
201,689
|
|
|
—
|
|
|
—
|
|
|||||
Investment securities
|
|
861,189
|
|
|
842,886
|
|
|
731,165
|
|
|
508,383
|
|
|
332,413
|
|
|||||
Total deposits
|
|
5,845,430
|
|
|
5,200,241
|
|
|
4,126,885
|
|
|
3,200,622
|
|
|
2,487,901
|
|
|||||
Shareholders’ equity
|
|
770,296
|
|
|
613,435
|
|
|
492,242
|
|
|
316,400
|
|
|
277,173
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Income Statement Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
|
$
|
294,347
|
|
|
$
|
239,065
|
|
|
$
|
190,393
|
|
|
$
|
164,566
|
|
|
$
|
126,322
|
|
Interest expense
|
|
34,222
|
|
|
19,694
|
|
|
14,856
|
|
|
14,680
|
|
|
10,137
|
|
|||||
Net interest income
|
|
260,125
|
|
|
219,371
|
|
|
175,537
|
|
|
149,886
|
|
|
116,185
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
8,364
|
|
|
4,091
|
|
|
5,264
|
|
|
5,648
|
|
|
11,486
|
|
|||||
Noninterest income
|
|
104,457
|
|
|
105,801
|
|
|
85,586
|
|
|
62,836
|
|
|
46,549
|
|
|||||
Noninterest expense
|
|
231,936
|
|
|
215,835
|
|
|
199,115
|
|
|
150,869
|
|
|
121,945
|
|
|||||
Income before income taxes
|
|
124,282
|
|
|
105,246
|
|
|
56,744
|
|
|
56,205
|
|
|
29,303
|
|
|||||
Income tax expense
|
|
50,734
|
|
|
33,146
|
|
|
15,897
|
|
|
17,482
|
|
|
9,285
|
|
|||||
Net income
|
|
$
|
73,548
|
|
|
$
|
72,100
|
|
|
$
|
40,847
|
|
|
$
|
38,723
|
|
|
$
|
20,018
|
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286
|
|
|
1,738
|
|
|||||
Net income available to common shareholders
|
|
$
|
73,548
|
|
|
$
|
72,100
|
|
|
$
|
40,847
|
|
|
$
|
38,437
|
|
|
$
|
18,280
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(dollars in thousands, except per share data)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income – basic
|
|
$
|
2.00
|
|
|
$
|
2.10
|
|
|
$
|
1.29
|
|
|
$
|
1.48
|
|
|
$
|
0.76
|
|
Net income – diluted
|
|
1.98
|
|
|
2.08
|
|
|
1.27
|
|
|
1.46
|
|
|
0.75
|
|
|||||
Common book value
|
|
21.59
|
|
|
18.51
|
|
|
15.98
|
|
|
13.67
|
|
|
11.50
|
|
|||||
Tangible book value
|
|
17.86
|
|
|
14.42
|
|
|
12.65
|
|
|
10.99
|
|
|
9.87
|
|
|||||
Common dividends – cash
|
|
0.40
|
|
|
0.30
|
|
|
0.20
|
|
|
0.15
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profitability Ratios
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income to average total assets
|
|
1.00
|
%
|
|
1.17
|
%
|
|
0.85
|
%
|
|
1.08
|
%
|
|
0.70
|
%
|
|||||
Net income to average common shareholders’ equity
|
|
9.55
|
|
|
11.75
|
|
|
8.37
|
|
|
12.40
|
|
|
8.06
|
|
|||||
Net interest margin
|
|
3.95
|
|
|
3.99
|
|
|
4.12
|
|
|
4.59
|
|
|
4.74
|
|
|||||
Efficiency ratio
|
|
63.62
|
|
|
66.38
|
|
|
76.25
|
|
|
70.92
|
|
|
74.94
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan Quality Ratios
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs to average loans*
|
|
0.13
|
%
|
|
0.11
|
%
|
|
0.22
|
%
|
|
0.34
|
%
|
|
0.75
|
%
|
|||||
Allowance for loan losses to total loans *
|
|
0.44
|
|
|
0.56
|
|
|
0.85
|
|
|
1.12
|
|
|
1.38
|
|
|||||
Nonperforming assets to total loans and OREO**
|
|
0.85
|
|
|
1.12
|
|
|
1.60
|
|
|
3.35
|
|
|
3.49
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liquidity Ratios
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans to total deposits
|
|
91.25
|
%
|
|
94.42
|
%
|
|
80.11
|
%
|
|
82.64
|
%
|
|
81.94
|
%
|
|||||
Average loans to average earnings assets
|
|
83.50
|
|
|
80.83
|
|
|
75.96
|
|
|
80.22
|
|
|
78.08
|
|
|||||
Noninterest-bearing deposits to total deposits
|
|
26.82
|
|
|
28.22
|
|
|
27.26
|
|
|
24.46
|
|
|
22.29
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Adequacy Ratios
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders’ equity to total assets
|
|
10.24
|
%
|
|
9.38
|
%
|
|
9.21
|
%
|
|
9.07
|
%
|
|
8.63
|
%
|
|||||
Common stock dividend payout ratio
|
|
20.00
|
|
|
14.29
|
|
|
15.50
|
|
|
10.14
|
|
|
—
|
|
*
|
Excludes purchased non-covered and covered assets.
|
**
|
Excludes covered assets.
|
•
|
Total assets were $7.86 billion at December 31, 2017, an increase of $964.2 million, or 14.0%, from December 31, 2016.
|
•
|
Organic growth in loans amounted to $941.0 million for 2017, or 20.3% of December 31, 2016 loans excluding purchased loan pools and covered loans.
|
•
|
Total deposits were $6.63 billion at December 31, 2017, an increase of $1.05 billion, or 18.8%, from December 31, 2016.
Non-interest bearing demand deposits grew $203.8 million, or 12.9%, during 2017 to end the year at 26.8% of total deposits.
|
•
|
Total revenue increased 12.1% to $364.6 million.
|
•
|
The Company’s net interest margin decreased 4 basis point to 3.95% in 2017, from 3.99% in 2016. This decrease was primarily attributable to higher funding costs even though yields on substantially all earning asset classes increased. Deposit costs, the Company’s largest funding expense, increased from 0.24% in 2016 to 0.34% in 2017. Non-deposit funding yields decreased from 2.26% in 2016 to 2.11% in 2017.
|
•
|
Net income from retail mortgage, warehouse lending, SBA and premium finance lines of business increased 44.0% to $26.4 million, compared with $18.3 million in 2016.
|
•
|
Total non-accrual loans, decreased approximately $11.5 million, or 27.9%, to $29.6 million during 2017. Non-accrual loans, excluding purchased loans, decreased approximately $3.9 million, or 21.6%, to $14.2 million during 2017.
|
•
|
Legacy OREO (excluding purchased OREO and OREO sourced from purchased loans) decreased from $10.9 million at December 31, 2016 to $8.5 million at December 31, 2017.
|
•
|
Non-performing assets to total assets continued to improve during 2017, decreasing from 0.94% at December 31, 2016 to 0.68% at December 31, 2016.
|
•
|
Net charge-offs for 2017 remained low at 0.13% of average total legacy loans, compared with 0.11% for 2016. Net charge-offs for 2017 remained low at 0.12% of average total loans, compared with 0.03% for 2016.
|
•
|
Tangible common equity to tangible assets increased from 7.46% at December 31, 2016 to 8.62% at December 31, 2017. Tangible common book value per share increased 23.9% from $14.42 at December 31, 2016 to $17.86 at December 31, 2017.
|
|
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate Paid
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate Paid
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate Paid
|
|||||||||||||||
|
|
(dollars in thousands)
|
|||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Federal funds sold and interest-bearing deposits in banks
|
|
$
|
140,703
|
|
|
$
|
1,725
|
|
|
1.23
|
%
|
|
$
|
132,486
|
|
|
$
|
860
|
|
|
0.65
|
%
|
|
$
|
219,620
|
|
|
$
|
823
|
|
|
0.37
|
%
|
Investment securities
|
|
861,189
|
|
|
22,586
|
|
|
2.62
|
|
|
842,886
|
|
|
20,229
|
|
|
2.40
|
|
|
731,165
|
|
|
18,657
|
|
|
2.55
|
|
||||||
Loans held for sale
|
|
113,657
|
|
|
4,222
|
|
|
3.71
|
|
|
97,995
|
|
|
3,391
|
|
|
3.46
|
|
|
87,952
|
|
|
3,466
|
|
|
3.94
|
|
||||||
Loans
|
|
4,188,378
|
|
|
200,999
|
|
|
4.80
|
|
|
2,777,505
|
|
|
131,305
|
|
|
4.73
|
|
|
2,161,726
|
|
|
103,206
|
|
|
4.77
|
|
||||||
Purchased loans
|
|
958,738
|
|
|
57,136
|
|
|
5.96
|
|
|
1,127,765
|
|
|
70,363
|
|
|
6.24
|
|
|
918,796
|
|
|
60,336
|
|
|
6.57
|
|
||||||
Purchased loan pools
|
|
496,844
|
|
|
14,640
|
|
|
2.95
|
|
|
619,440
|
|
|
17,170
|
|
|
2.77
|
|
|
201,689
|
|
|
6,481
|
|
|
3.21
|
|
||||||
Total interest-earning assets
|
|
6,759,509
|
|
|
301,308
|
|
|
4.46
|
|
|
5,598,077
|
|
|
243,318
|
|
|
4.35
|
|
|
4,320,948
|
|
|
192,969
|
|
|
4.47
|
|
||||||
Noninterest-earning assets
|
|
571,465
|
|
|
|
|
|
|
568,637
|
|
|
|
|
|
|
483,297
|
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
7,330,974
|
|
|
|
|
|
|
$
|
6,166,714
|
|
|
|
|
|
|
$
|
4,804,245
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings and interest-bearing demand deposits
|
|
$
|
3,172,234
|
|
|
$
|
11,759
|
|
|
0.37
|
%
|
|
$
|
2,793,713
|
|
|
$
|
6,984
|
|
|
0.25
|
%
|
|
$
|
2,088,859
|
|
|
$
|
4,848
|
|
|
0.23
|
%
|
Time deposits
|
|
1,002,697
|
|
|
8,118
|
|
|
0.81
|
|
|
890,757
|
|
|
5,427
|
|
|
0.61
|
|
|
810,344
|
|
|
4,905
|
|
|
0.61
|
|
||||||
Federal funds purchased and securities sold under agreements to repurchase
|
|
28,694
|
|
|
56
|
|
|
0.20
|
|
|
44,324
|
|
|
98
|
|
|
0.22
|
|
|
50,988
|
|
|
173
|
|
|
0.34
|
|
||||||
FHLB advances
|
|
496,541
|
|
|
5,174
|
|
|
1.04
|
|
|
150,879
|
|
|
899
|
|
|
0.60
|
|
|
8,444
|
|
|
31
|
|
|
0.37
|
|
||||||
Other borrowings
|
|
68,726
|
|
|
4,044
|
|
|
5.88
|
|
|
45,526
|
|
|
1,765
|
|
|
3.88
|
|
|
40,931
|
|
|
1,363
|
|
|
3.33
|
|
||||||
Subordinated deferrable interest debentures
|
|
84,878
|
|
|
5,071
|
|
|
5.97
|
|
|
80,952
|
|
|
4,522
|
|
|
5.59
|
|
|
67,962
|
|
|
3,536
|
|
|
5.20
|
|
||||||
Total interest-bearing liabilities
|
|
4,853,770
|
|
|
34,222
|
|
|
0.71
|
|
|
4,006,151
|
|
|
19,695
|
|
|
0.49
|
|
|
3,067,528
|
|
|
14,856
|
|
|
0.48
|
|
||||||
Noninterest-bearing demand deposits
|
|
1,670,499
|
|
|
|
|
|
|
1,515,771
|
|
|
|
|
|
|
1,227,682
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
36,409
|
|
|
|
|
|
|
31,357
|
|
|
|
|
|
|
16,793
|
|
|
|
|
|
||||||||||||
Shareholders' equity
|
|
770,296
|
|
|
|
|
|
|
613,435
|
|
|
|
|
|
|
492,242
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity
|
|
$
|
7,330,974
|
|
|
|
|
|
|
$
|
6,166,714
|
|
|
|
|
|
|
$
|
4,804,245
|
|
|
|
|
|
|||||||||
Interest rate spread
|
|
|
|
|
|
3.75
|
%
|
|
|
|
|
|
3.86
|
%
|
|
|
|
|
|
3.99
|
%
|
||||||||||||
Net interest income
|
|
|
|
$
|
267,086
|
|
|
|
|
|
|
$
|
223,623
|
|
|
|
|
|
|
$
|
178,113
|
|
|
|
|||||||||
Net interest margin
|
|
|
|
|
|
3.95
|
%
|
|
|
|
|
|
3.99
|
%
|
|
|
|
|
|
4.12
|
%
|
|
|
2017 vs. 2016
|
|
2016 vs. 2015
|
||||||||||||||||||||
|
|
Increase
|
|
Changes Due To
|
|
Increase
|
|
Changes Due To
|
||||||||||||||||
(dollars in thousands)
|
|
(Decrease)
|
|
Rate
|
|
Volume
|
|
(Decrease)
|
|
Rate
|
|
Volume
|
||||||||||||
Increase (decrease) in:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest on federal funds sold and interest-bearing deposits in banks
|
|
$
|
865
|
|
|
$
|
812
|
|
|
$
|
53
|
|
|
$
|
37
|
|
|
$
|
364
|
|
|
$
|
(327
|
)
|
Interest on investment securities
|
|
2,357
|
|
|
1,918
|
|
|
439
|
|
|
1,572
|
|
|
(1,279
|
)
|
|
2,851
|
|
||||||
Interest on loans held for sale
|
|
831
|
|
|
289
|
|
|
542
|
|
|
(75
|
)
|
|
(471
|
)
|
|
396
|
|
||||||
Interest and fees on loans
|
|
69,694
|
|
|
2,996
|
|
|
66,698
|
|
|
28,099
|
|
|
(1,300
|
)
|
|
29,399
|
|
||||||
Interest on purchased loans
|
|
(13,227
|
)
|
|
(2,681
|
)
|
|
(10,546
|
)
|
|
10,027
|
|
|
(3,696
|
)
|
|
13,723
|
|
||||||
Interest on purchased loan pools
|
|
(2,530
|
)
|
|
868
|
|
|
(3,398
|
)
|
|
10,689
|
|
|
(2,735
|
)
|
|
13,424
|
|
||||||
Total interest income
|
|
57,990
|
|
|
4,202
|
|
|
53,788
|
|
|
50,349
|
|
|
(9,117
|
)
|
|
59,466
|
|
||||||
Expense from interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest on savings and interest-bearing demand deposits
|
|
4,775
|
|
|
3,829
|
|
|
946
|
|
|
2,136
|
|
|
500
|
|
|
1,636
|
|
||||||
Interest on time deposits
|
|
2,691
|
|
|
2,009
|
|
|
682
|
|
|
522
|
|
|
35
|
|
|
487
|
|
||||||
Interest on federal funds purchased and securities sold under agreements to repurchase
|
|
(42
|
)
|
|
(7
|
)
|
|
(35
|
)
|
|
(75
|
)
|
|
(52
|
)
|
|
(23
|
)
|
||||||
Interest on FHLB advances
|
|
4,275
|
|
|
2,215
|
|
|
2,060
|
|
|
868
|
|
|
345
|
|
|
523
|
|
||||||
Interest on other borrowings
|
|
2,279
|
|
|
1,380
|
|
|
899
|
|
|
402
|
|
|
249
|
|
|
153
|
|
||||||
Interest on trust preferred securities
|
|
549
|
|
|
330
|
|
|
219
|
|
|
986
|
|
|
310
|
|
|
676
|
|
||||||
Total interest expense
|
|
14,527
|
|
|
9,756
|
|
|
4,771
|
|
|
4,839
|
|
|
1,387
|
|
|
3,452
|
|
||||||
Net interest income
|
|
$
|
43,463
|
|
|
$
|
(5,554
|
)
|
|
$
|
49,017
|
|
|
$
|
45,510
|
|
|
$
|
(10,504
|
)
|
|
$
|
56,014
|
|
|
|
Years Ended December 31,
|
||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Service charges on deposit accounts
|
|
$
|
42,054
|
|
|
$
|
42,745
|
|
|
$
|
34,465
|
|
Mortgage banking activities
|
|
48,535
|
|
|
48,298
|
|
|
36,800
|
|
|||
Other service charges, commissions and fees
|
|
2,872
|
|
|
3,575
|
|
|
3,754
|
|
|||
Net gains on sales of securities
|
|
37
|
|
|
94
|
|
|
137
|
|
|||
Gain on sale of SBA loans
|
|
4,590
|
|
|
3,974
|
|
|
4,522
|
|
|||
Other noninterest income
|
|
6,369
|
|
|
7,115
|
|
|
5,908
|
|
|||
|
|
$
|
104,457
|
|
|
$
|
105,801
|
|
|
$
|
85,586
|
|
|
|
Years Ended December 31,
|
||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Salaries and employee benefits
|
|
$
|
120,016
|
|
|
$
|
106,837
|
|
|
$
|
94,003
|
|
Occupancy and equipment
|
|
24,069
|
|
|
24,397
|
|
|
21,195
|
|
|||
Amortization of intangible assets
|
|
3,932
|
|
|
4,376
|
|
|
3,741
|
|
|||
Data processing and communications expenses
|
|
27,869
|
|
|
24,591
|
|
|
19,849
|
|
|||
Advertising and public relations
|
|
5,131
|
|
|
4,181
|
|
|
3,312
|
|
|||
Postage & delivery
|
|
1,803
|
|
|
1,906
|
|
|
1,810
|
|
|||
Printing & supplies
|
|
2,047
|
|
|
2,158
|
|
|
2,554
|
|
|||
Legal fees
|
|
1,215
|
|
|
1,374
|
|
|
942
|
|
|||
Other professional fees
|
|
14,140
|
|
|
8,511
|
|
|
2,506
|
|
|||
Directors fees
|
|
908
|
|
|
1,060
|
|
|
1,203
|
|
|||
FDIC insurance
|
|
3,078
|
|
|
3,712
|
|
|
3,475
|
|
|||
Merger and conversion charges
|
|
915
|
|
|
6,376
|
|
|
7,980
|
|
|||
Credit resolution-related expenses
|
|
3,493
|
|
|
6,172
|
|
|
17,707
|
|
|||
Other noninterest expenses
|
|
23,320
|
|
|
20,184
|
|
|
18,838
|
|
|||
|
|
$
|
231,936
|
|
|
$
|
215,835
|
|
|
$
|
199,115
|
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Commercial, financial and agricultural
|
|
$
|
1,362,508
|
|
|
$
|
967,138
|
|
|
$
|
449,623
|
|
|
$
|
319,654
|
|
|
$
|
244,373
|
|
Real estate – construction and development
|
|
624,595
|
|
|
363,045
|
|
|
244,693
|
|
|
161,507
|
|
|
146,371
|
|
|||||
Real estate – commercial and farmland
|
|
1,535,439
|
|
|
1,406,219
|
|
|
1,104,991
|
|
|
907,524
|
|
|
808,323
|
|
|||||
Real estate – residential
|
|
1,009,461
|
|
|
781,018
|
|
|
570,430
|
|
|
456,106
|
|
|
351,886
|
|
|||||
Consumer installment
|
|
309,194
|
|
|
96,915
|
|
|
31,125
|
|
|
30,782
|
|
|
34,249
|
|
|||||
Other
|
|
15,317
|
|
|
12,486
|
|
|
6,015
|
|
|
14,308
|
|
|
33,252
|
|
|||||
Loans, net of unearned income
|
|
$
|
4,856,514
|
|
|
$
|
3,626,821
|
|
|
$
|
2,406,877
|
|
|
$
|
1,889,881
|
|
|
$
|
1,618,454
|
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Municipal loans
|
|
$
|
522,880
|
|
|
$
|
385,697
|
|
|
$
|
239,151
|
|
|
$
|
115,647
|
|
|
$
|
60,651
|
|
Premium finance loans
|
|
482,536
|
|
|
353,858
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other commercial, financial and agricultural loans
|
|
357,092
|
|
|
227,583
|
|
|
210,472
|
|
|
204,007
|
|
|
183,722
|
|
|||||
|
|
$
|
1,362,508
|
|
|
$
|
967,138
|
|
|
$
|
449,623
|
|
|
$
|
319,654
|
|
|
$
|
244,373
|
|
(dollars in thousands)
|
|
Outstanding
Balance
|
|
Average
Maturity
(Months)
|
|
Average Rate
|
|
% Nonaccrual
|
|||||
Owner-occupied
|
|
$
|
506,969
|
|
|
79
|
|
|
4.67
|
%
|
|
0.36
|
%
|
Farmland
|
|
143,345
|
|
|
36
|
|
|
4.74
|
%
|
|
0.06
|
%
|
|
Apartments
|
|
123,268
|
|
|
46
|
|
|
4.41
|
%
|
|
—
|
%
|
|
Hotels and motels
|
|
77,134
|
|
|
73
|
|
|
4.63
|
%
|
|
—
|
%
|
|
Offices and office buildings
|
|
222,943
|
|
|
66
|
|
|
4.23
|
%
|
|
0.11
|
%
|
|
Strip centers (anchored & non-anchored)
|
|
157,826
|
|
|
64
|
|
|
4.40
|
%
|
|
—
|
%
|
|
Convenience stores
|
|
9,560
|
|
|
41
|
|
|
4.48
|
%
|
|
—
|
%
|
|
Retail properties
|
|
169,389
|
|
|
63
|
|
|
4.45
|
%
|
|
0.12
|
%
|
|
Warehouse properties
|
|
94,935
|
|
|
68
|
|
|
4.48
|
%
|
|
0.23
|
%
|
|
All other
|
|
30,070
|
|
|
23
|
|
|
5.24
|
%
|
|
0.21
|
%
|
|
|
|
$
|
1,535,439
|
|
|
65
|
|
|
4.54
|
%
|
|
0.17
|
%
|
(dollars in thousands)
|
|
Committed
Amount
|
|
Average
Rate
|
|
Average
Maturity
(months)
|
|
%
Unsecured
|
|
% in
Nonaccrual
Status
|
||||||
Commercial, financial and agricultural
|
|
$
|
302,699
|
|
|
2.82
|
%
|
|
147
|
|
|
0.02
|
%
|
|
—
|
%
|
Real estate – construction and development
|
|
169,317
|
|
|
4.36
|
%
|
|
89
|
|
|
—
|
|
|
—
|
%
|
|
Real estate – commercial and farmland
|
|
90,578
|
|
|
4.28
|
%
|
|
62
|
|
|
—
|
|
|
—
|
%
|
|
Real estate – residential
|
|
23,209
|
|
|
4.34
|
%
|
|
29
|
|
|
—
|
|
|
—
|
%
|
|
Mortgage warehouse and mortgage servicing rights lines of credit
|
|
260,000
|
|
|
4.71
|
%
|
|
3
|
|
|
—
|
|
|
—
|
%
|
|
Total
|
|
$
|
845,803
|
|
|
3.91
|
%
|
|
79
|
|
|
0.01
|
%
|
|
—
|
%
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Commercial, financial and agricultural
|
|
$
|
74,378
|
|
|
$
|
96,537
|
|
|
$
|
51,008
|
|
|
$
|
59,508
|
|
|
$
|
58,691
|
|
Real estate – construction and development
|
|
65,513
|
|
|
81,368
|
|
|
79,692
|
|
|
81,809
|
|
|
74,355
|
|
|||||
Real estate – commercial and farmland
|
|
468,246
|
|
|
576,355
|
|
|
461,981
|
|
|
454,333
|
|
|
404,349
|
|
|||||
Real estate – residential
|
|
250,539
|
|
|
310,277
|
|
|
311,191
|
|
|
344,862
|
|
|
296,024
|
|
|||||
Consumer installment
|
|
2,919
|
|
|
4,654
|
|
|
5,211
|
|
|
5,006
|
|
|
5,571
|
|
|||||
Total purchased non-covered loans
|
|
$
|
861,595
|
|
|
$
|
1,069,191
|
|
|
$
|
909,083
|
|
|
$
|
945,518
|
|
|
$
|
838,990
|
|
|
|
Contractual Maturity in:
|
||||||||||||||
(dollars in thousands)
|
|
One Year
or Less |
|
Over
One Year through Five Years |
|
Over
Five Years |
|
Total
|
||||||||
Purchased loans
|
|
$
|
137,009
|
|
|
$
|
258,756
|
|
|
$
|
465,830
|
|
|
$
|
861,595
|
|
Purchased loan pools
|
|
19,225
|
|
|
35,762
|
|
|
273,259
|
|
|
328,246
|
|
||||
Total purchased loans
|
|
$
|
156,234
|
|
|
$
|
294,518
|
|
|
$
|
739,089
|
|
|
$
|
1,189,841
|
|
(dollars in thousands)
|
December 31,
2017
|
||
Predetermined interest rates
|
$
|
3,048,270
|
|
Floating or adjustable interest rates
|
1,650,286
|
|
|
|
$
|
4,698,556
|
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Commercial, financial and agricultural
|
|
$
|
140
|
|
|
$
|
794
|
|
|
$
|
5,546
|
|
|
$
|
21,467
|
|
|
$
|
26,550
|
|
Real estate – construction and development
|
|
195
|
|
|
2,992
|
|
|
7,612
|
|
|
23,447
|
|
|
43,179
|
|
|||||
Real estate – commercial and farmland
|
|
107
|
|
|
12,917
|
|
|
71,226
|
|
|
147,627
|
|
|
224,451
|
|
|||||
Real estate – residential
|
|
29,604
|
|
|
41,389
|
|
|
53,038
|
|
|
78,520
|
|
|
95,173
|
|
|||||
Consumer installment
|
|
107
|
|
|
68
|
|
|
107
|
|
|
218
|
|
|
884
|
|
|||||
Total covered loans
|
|
$
|
30,153
|
|
|
$
|
58,160
|
|
|
$
|
137,529
|
|
|
$
|
271,279
|
|
|
$
|
390,237
|
|
|
|
December 31,
|
|||||||||||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
(dollars in thousands)
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|||||||||||||||
Commercial, financial, and agricultural
|
|
$
|
3,631
|
|
|
14
|
%
|
|
$
|
2,192
|
|
|
9
|
%
|
|
$
|
1,144
|
|
|
5
|
%
|
|
$
|
2,004
|
|
|
9
|
%
|
|
$
|
1,823
|
|
|
8
|
%
|
Real estate construction & development
|
|
3,629
|
|
|
14
|
|
|
2,990
|
|
|
13
|
|
|
5,009
|
|
|
24
|
|
|
5,030
|
|
|
24
|
|
|
5,538
|
|
|
25
|
|
|||||
Real estate – commercial and farmland
|
|
7,501
|
|
|
29
|
|
|
7,662
|
|
|
32
|
|
|
7,994
|
|
|
38
|
|
|
8,823
|
|
|
42
|
|
|
8,393
|
|
|
37
|
|
|||||
Total Commercial
|
|
14,761
|
|
|
57
|
|
|
12,844
|
|
|
54
|
|
|
14,147
|
|
|
67
|
|
|
15,857
|
|
|
75
|
|
|
15,754
|
|
|
70
|
|
|||||
Real estate - residential
|
|
4,786
|
|
|
19
|
|
|
6,786
|
|
|
28
|
|
|
4,760
|
|
|
23
|
|
|
4,129
|
|
|
19
|
|
|
6,034
|
|
|
27
|
|
|||||
Consumer installment and Other
|
|
1,916
|
|
|
7
|
|
|
827
|
|
|
3
|
|
|
1,574
|
|
|
7
|
|
|
1,171
|
|
|
6
|
|
|
589
|
|
|
3
|
|
|||||
Total excluding purchased loans and purchased loan pools
|
|
21,463
|
|
|
83
|
|
|
20,457
|
|
|
85
|
|
|
20,481
|
|
|
97
|
|
|
21,157
|
|
|
100
|
|
|
22,377
|
|
|
100
|
|
|||||
Purchased loans
|
|
3,253
|
|
|
13
|
|
|
1,626
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased loan pools
|
|
1,075
|
|
|
4
|
|
|
1,837
|
|
|
8
|
|
|
581
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
25,791
|
|
|
100
|
%
|
|
$
|
23,920
|
|
|
100
|
%
|
|
$
|
21,062
|
|
|
100
|
%
|
|
$
|
21,157
|
|
|
100
|
%
|
|
$
|
22,377
|
|
|
100
|
%
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Balance of allowance for loan losses at beginning of period
|
|
$
|
23,920
|
|
|
$
|
21,062
|
|
|
$
|
21,157
|
|
|
$
|
22,377
|
|
|
$
|
23,593
|
|
Provision charged to operating expense
|
|
8,364
|
|
|
4,091
|
|
|
5,264
|
|
|
5,648
|
|
|
11,486
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial and agricultural
|
|
2,850
|
|
|
1,999
|
|
|
1,438
|
|
|
1,567
|
|
|
1,759
|
|
|||||
Real estate – construction and development
|
|
95
|
|
|
588
|
|
|
622
|
|
|
592
|
|
|
2,020
|
|
|||||
Real estate – commercial and farmland
|
|
853
|
|
|
708
|
|
|
2,367
|
|
|
3,288
|
|
|
3,571
|
|
|||||
Real estate - residential
|
|
2,151
|
|
|
1,122
|
|
|
1,587
|
|
|
1,707
|
|
|
5,215
|
|
|||||
Consumer installment and Other
|
|
1,618
|
|
|
351
|
|
|
410
|
|
|
471
|
|
|
719
|
|
|||||
Purchased loans
|
|
2,900
|
|
|
1,559
|
|
|
2,709
|
|
|
1,935
|
|
|
1,539
|
|
|||||
Purchased loan pools
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total charge-offs
|
|
10,467
|
|
|
6,327
|
|
|
9,133
|
|
|
9,560
|
|
|
14,823
|
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial and agricultural
|
|
1,270
|
|
|
400
|
|
|
651
|
|
|
321
|
|
|
432
|
|
|||||
Real estate – construction and development
|
|
246
|
|
|
490
|
|
|
323
|
|
|
349
|
|
|
473
|
|
|||||
Real estate – commercial and farmland
|
|
184
|
|
|
269
|
|
|
317
|
|
|
274
|
|
|
30
|
|
|||||
Real estate - residential
|
|
237
|
|
|
391
|
|
|
151
|
|
|
254
|
|
|
888
|
|
|||||
Consumer installment and Other
|
|
116
|
|
|
127
|
|
|
137
|
|
|
486
|
|
|
298
|
|
|||||
Purchased loans
|
|
1,921
|
|
|
3,417
|
|
|
2,195
|
|
|
1,008
|
|
|
—
|
|
|||||
Purchased loan pools
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total recoveries
|
|
3,974
|
|
|
5,094
|
|
|
3,774
|
|
|
2,692
|
|
|
2,121
|
|
|||||
Net charge-offs
|
|
6,493
|
|
|
1,233
|
|
|
5,359
|
|
|
6,868
|
|
|
12,702
|
|
|||||
Balance of allowance for loan losses at end of period
|
|
$
|
25,791
|
|
|
$
|
23,920
|
|
|
$
|
21,062
|
|
|
$
|
21,157
|
|
|
$
|
22,377
|
|
(dollars in thousands)
|
|
Legacy
Loans
|
|
Purchased
Loans
|
|
Purchased
Loan
Pools
|
|
Total
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Allowance for loan losses at end of period
|
|
$
|
21,463
|
|
|
$
|
3,253
|
|
|
$
|
1,075
|
|
|
$
|
25,791
|
|
Net charge-offs (recoveries) for the period
|
|
5,514
|
|
|
979
|
|
|
—
|
|
|
6,493
|
|
||||
Loan balances:
|
|
|
|
|
|
|
|
|
||||||||
End of period
|
|
4,856,514
|
|
|
861,595
|
|
|
328,246
|
|
|
6,046,355
|
|
||||
Average for the period
|
|
4,188,378
|
|
|
958,738
|
|
|
496,844
|
|
|
5,643,960
|
|
||||
Net charge-offs as a percentage of average loans
|
|
0.13
|
%
|
|
0.10
|
%
|
|
0.00
|
%
|
|
0.12
|
%
|
||||
Allowance for loan losses as a percentage of end of period loans
|
|
0.44
|
%
|
|
0.38
|
%
|
|
0.33
|
%
|
|
0.43
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Allowance for loan losses at end of period
|
|
$
|
20,457
|
|
|
$
|
1,626
|
|
|
$
|
1,837
|
|
|
$
|
23,920
|
|
Net charge-offs (recoveries) for the period
|
|
3,091
|
|
|
(1,858
|
)
|
|
—
|
|
|
1,233
|
|
||||
Loan balances:
|
|
|
|
|
|
|
|
|
||||||||
End of period
|
|
3,626,821
|
|
|
1,069,191
|
|
|
568,314
|
|
|
5,264,326
|
|
||||
Average for the period
|
|
2,777,505
|
|
|
1,127,765
|
|
|
619,440
|
|
|
4,524,710
|
|
||||
Net charge-offs as a percentage of average loans
|
|
0.11
|
%
|
|
(0.16
|
)%
|
|
0.00
|
%
|
|
0.03
|
%
|
||||
Allowance for loan losses as a percentage of end of period loans
|
|
0.56
|
%
|
|
0.15
|
%
|
|
0.32
|
%
|
|
0.45
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
Allowance for loan losses at end of period
|
|
$
|
20,481
|
|
|
$
|
—
|
|
|
$
|
581
|
|
|
$
|
21,062
|
|
Net charge-offs (recoveries) for the period
|
|
4,845
|
|
|
514
|
|
|
—
|
|
|
5,359
|
|
||||
Loan balances:
|
|
|
|
|
|
|
|
|
||||||||
End of period
|
|
2,406,877
|
|
|
909,083
|
|
|
592,963
|
|
|
3,908,923
|
|
||||
Average for the period
|
|
2,161,726
|
|
|
918,796
|
|
|
201,689
|
|
|
3,282,211
|
|
||||
Net charge-offs as a percentage of average loans
|
|
0.22
|
%
|
|
0.06
|
%
|
|
0.00
|
%
|
|
0.16
|
%
|
||||
Allowance for loan losses as a percentage of end of period loans
|
|
0.85
|
%
|
|
0.00
|
%
|
|
0.10
|
%
|
|
0.54
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
||||||||
Allowance for loan losses at end of period
|
|
$
|
21,157
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,157
|
|
Net charge-offs (recoveries) for the period
|
|
5,941
|
|
|
927
|
|
|
—
|
|
|
6,868
|
|
||||
Loan balances:
|
|
|
|
|
|
|
|
|
||||||||
End of period
|
|
1,889,881
|
|
|
945,518
|
|
|
—
|
|
|
2,835,399
|
|
||||
Average for the period
|
|
1,753,013
|
|
|
897,125
|
|
|
—
|
|
|
2,650,138
|
|
||||
Net charge-offs as a percentage of average loans
|
|
0.34
|
%
|
|
0.10
|
%
|
|
0.00
|
%
|
|
0.26
|
%
|
||||
Allowance for loan losses as a percentage of end of period loans
|
|
1.12
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.75
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
||||||||
Allowance for loan losses at end of period
|
|
$
|
22,377
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,377
|
|
Net charge-offs (recoveries) for the period
|
|
11,163
|
|
|
1,539
|
|
|
—
|
|
|
12,702
|
|
||||
Loan balances:
|
|
|
|
|
|
|
|
|
||||||||
End of period
|
|
1,618,454
|
|
|
838,990
|
|
|
—
|
|
|
2,457,444
|
|
||||
Average for the period
|
|
1,478,816
|
|
|
451,988
|
|
|
—
|
|
|
1,930,804
|
|
||||
Net charge-offs as a percentage of average loans
|
|
0.75
|
%
|
|
0.34
|
%
|
|
0.00
|
%
|
|
0.66
|
%
|
||||
Allowance for loan losses as a percentage of end of period loans
|
|
1.38
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.91
|
%
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Commercial, financial and agricultural
|
|
$
|
1,306
|
|
|
$
|
1,814
|
|
|
$
|
1,302
|
|
|
$
|
1,672
|
|
|
$
|
4,103
|
|
Real estate – construction and development
|
|
554
|
|
|
547
|
|
|
1,812
|
|
|
3,774
|
|
|
3,971
|
|
|||||
Real estate – commercial and farmland
|
|
2,665
|
|
|
8,757
|
|
|
7,019
|
|
|
8,141
|
|
|
8,566
|
|
|||||
Real estate – residential
|
|
9,194
|
|
|
6,401
|
|
|
6,278
|
|
|
7,663
|
|
|
12,152
|
|
|||||
Consumer installment
|
|
483
|
|
|
595
|
|
|
449
|
|
|
478
|
|
|
411
|
|
|||||
Total
|
|
$
|
14,202
|
|
|
$
|
18,114
|
|
|
$
|
16,860
|
|
|
$
|
21,728
|
|
|
$
|
29,203
|
|
Loans contractually past due ninety days or more as to interest or principal payments and still accruing
|
|
$
|
5,991
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Commercial, financial & agricultural
|
|
$
|
813
|
|
|
$
|
692
|
|
|
$
|
3,867
|
|
|
$
|
8,716
|
|
|
$
|
7,268
|
|
Real estate – construction and development
|
|
3,139
|
|
|
2,611
|
|
|
2,807
|
|
|
8,720
|
|
|
15,106
|
|
|||||
Real estate – commercial and farmland
|
|
5,685
|
|
|
10,174
|
|
|
9,954
|
|
|
22,826
|
|
|
35,148
|
|
|||||
Real estate – residential
|
|
5,743
|
|
|
9,476
|
|
|
9,831
|
|
|
13,239
|
|
|
17,936
|
|
|||||
Consumer installment
|
|
48
|
|
|
13
|
|
|
109
|
|
|
160
|
|
|
353
|
|
|||||
Total
|
|
$
|
15,428
|
|
|
$
|
22,966
|
|
|
$
|
26,568
|
|
|
$
|
53,661
|
|
|
$
|
75,811
|
|
Loans contractually past due ninety days or more as to interest or principal payments and still accruing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
4
|
|
$
|
41
|
|
|
12
|
|
$
|
120
|
|
Real estate – construction and development
|
|
6
|
|
417
|
|
|
2
|
|
34
|
|
||
Real estate – commercial and farmland
|
|
17
|
|
6,937
|
|
|
5
|
|
204
|
|
||
Real estate – residential
|
|
74
|
|
6,199
|
|
|
18
|
|
1,508
|
|
||
Consumer installment
|
|
4
|
|
5
|
|
|
33
|
|
98
|
|
||
Total
|
|
105
|
|
$
|
13,599
|
|
|
70
|
|
$
|
1,964
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||||
Loan class
|
|
#
|
|
Balance
(in thousands) |
|
#
|
|
Balance
(in thousands) |
||||||
Commercial, financial and agricultural
|
|
4
|
|
|
$
|
47
|
|
|
15
|
|
|
$
|
114
|
|
Real estate – construction and development
|
|
8
|
|
|
686
|
|
|
2
|
|
|
34
|
|
||
Real estate – commercial and farmland
|
|
16
|
|
|
4,119
|
|
|
5
|
|
|
2,970
|
|
||
Real estate – residential
|
|
82
|
|
|
9,340
|
|
|
15
|
|
|
739
|
|
||
Consumer installment
|
|
7
|
|
|
17
|
|
|
32
|
|
|
130
|
|
||
Total
|
|
117
|
|
|
$
|
14,209
|
|
|
69
|
|
|
$
|
3,987
|
|
As of December 31, 2017
|
|
Loans Currently
Paying Under
Restructured Terms
|
|
Loans that have
Defaulted Under
Restructured Terms
|
||||||||
Loan class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
9
|
|
$
|
55
|
|
|
7
|
|
$
|
106
|
|
Real estate – construction and development
|
|
4
|
|
156
|
|
|
4
|
|
295
|
|
||
Real estate – commercial and farmland
|
|
18
|
|
6,722
|
|
|
4
|
|
419
|
|
||
Real estate – residential
|
|
78
|
|
6,753
|
|
|
14
|
|
954
|
|
||
Consumer installment
|
|
24
|
|
59
|
|
|
13
|
|
44
|
|
||
Total
|
|
133
|
|
$
|
13,745
|
|
|
42
|
|
$
|
1,818
|
|
As of December 31, 2016
|
|
Loans Currently
Paying Under Restructured Terms |
|
Loans that have
Defaulted Under Restructured Terms |
||||||||
Loan class
|
|
#
|
|
Balance
(in thousands) |
|
#
|
|
Balance
(in thousands) |
||||
Commercial, financial and agricultural
|
|
12
|
|
$
|
82
|
|
|
7
|
|
$
|
79
|
|
Real estate – construction and development
|
|
8
|
|
686
|
|
|
2
|
|
34
|
|
||
Real estate – commercial and farmland
|
|
16
|
|
4,119
|
|
|
5
|
|
2,970
|
|
||
Real estate – residential
|
|
84
|
|
9,248
|
|
|
13
|
|
831
|
|
||
Consumer installment
|
|
25
|
|
76
|
|
|
14
|
|
71
|
|
||
Total
|
|
145
|
|
$
|
14,211
|
|
|
41
|
|
$
|
3,985
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Forbearance of interest
|
|
12
|
|
$
|
2,567
|
|
|
4
|
|
$
|
163
|
|
Forgiveness of principal
|
|
3
|
|
1,238
|
|
|
—
|
|
—
|
|
||
Forbearance of principal
|
|
5
|
|
2,299
|
|
|
6
|
|
657
|
|
||
Rate reduction only
|
|
12
|
|
1,366
|
|
|
1
|
|
29
|
|
||
Rate reduction, forbearance of interest
|
|
32
|
|
2,224
|
|
|
19
|
|
484
|
|
||
Rate reduction, forbearance of principal
|
|
6
|
|
1,192
|
|
|
33
|
|
216
|
|
||
Rate reduction, forgiveness of interest
|
|
35
|
|
2,713
|
|
|
4
|
|
408
|
|
||
Rate reduction, forgiveness of principal
|
|
—
|
|
—
|
|
|
3
|
|
7
|
|
||
Total
|
|
105
|
|
$
|
13,599
|
|
|
70
|
|
$
|
1,964
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
|
#
|
|
Balance
(in thousands) |
|
#
|
|
Balance
(in thousands) |
||||
Forbearance of interest
|
|
11
|
|
$
|
1,685
|
|
|
5
|
|
$
|
146
|
|
Forgiveness of principal
|
|
3
|
|
1,303
|
|
|
—
|
|
—
|
|
||
Forbearance of principal
|
|
8
|
|
2,210
|
|
|
9
|
|
315
|
|
||
Rate reduction only
|
|
12
|
|
1,573
|
|
|
1
|
|
29
|
|
||
Rate reduction, forbearance of interest
|
|
38
|
|
2,618
|
|
|
21
|
|
1,647
|
|
||
Rate reduction, forbearance of principal
|
|
8
|
|
1,734
|
|
|
29
|
|
1,506
|
|
||
Rate reduction, forgiveness of interest
|
|
37
|
|
3,086
|
|
|
3
|
|
341
|
|
||
Rate reduction, forgiveness of principal
|
|
—
|
|
—
|
|
|
1
|
|
3
|
|
||
Total
|
|
117
|
|
$
|
14,209
|
|
|
69
|
|
$
|
3,987
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Warehouse
|
|
4
|
|
$
|
2,697
|
|
|
1
|
|
$
|
79
|
|
Raw land
|
|
8
|
|
713
|
|
|
2
|
|
34
|
|
||
Hotel and motel
|
|
3
|
|
1,370
|
|
|
—
|
|
—
|
|
||
Office
|
|
4
|
|
656
|
|
|
—
|
|
—
|
|
||
Retail, including strip centers
|
|
5
|
|
2,159
|
|
|
3
|
|
80
|
|
||
1-4 family residential
|
|
74
|
|
5,992
|
|
|
20
|
|
1,553
|
|
||
Automobile/equipment/CD
|
|
6
|
|
11
|
|
|
43
|
|
216
|
|
||
Unsecured
|
|
1
|
|
1
|
|
|
1
|
|
2
|
|
||
Total
|
|
105
|
|
$
|
13,599
|
|
|
70
|
|
$
|
1,964
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
|
#
|
|
Balance
(in thousands) |
|
#
|
|
Balance
(in thousands) |
||||
Warehouse
|
|
5
|
|
$
|
763
|
|
|
—
|
|
$
|
—
|
|
Raw land
|
|
9
|
|
742
|
|
|
2
|
|
34
|
|
||
Apartment
|
|
—
|
|
—
|
|
|
3
|
|
1,505
|
|
||
Hotel and motel
|
|
3
|
|
1,525
|
|
|
—
|
|
—
|
|
||
Office
|
|
3
|
|
477
|
|
|
—
|
|
—
|
|
||
Retail, including strip centers
|
|
4
|
|
1,298
|
|
|
—
|
|
—
|
|
||
1-4 family residential
|
|
82
|
|
9,340
|
|
|
17
|
|
746
|
|
||
Church
|
|
—
|
|
—
|
|
|
2
|
|
1,465
|
|
||
Automobile/equipment/CD
|
|
10
|
|
61
|
|
|
44
|
|
233
|
|
||
Unsecured
|
|
1
|
|
3
|
|
|
1
|
|
4
|
|
||
Total
|
|
117
|
|
$
|
14,209
|
|
|
69
|
|
$
|
3,987
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
—
|
|
$
|
—
|
|
|
3
|
|
$
|
16
|
|
Real estate – construction and development
|
|
3
|
|
1,018
|
|
|
6
|
|
340
|
|
||
Real estate – commercial and farmland
|
|
14
|
|
6,713
|
|
|
10
|
|
2,582
|
|
||
Real estate – residential
|
|
117
|
|
12,741
|
|
|
25
|
|
1,462
|
|
||
Consumer installment
|
|
—
|
|
—
|
|
|
2
|
|
5
|
|
||
Total
|
|
134
|
|
$
|
20,472
|
|
|
46
|
|
$
|
4,405
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
1
|
|
$
|
1
|
|
|
4
|
|
$
|
91
|
|
Real estate – construction and development
|
|
6
|
|
1,358
|
|
|
3
|
|
30
|
|
||
Real estate – commercial and farmland
|
|
20
|
|
8,460
|
|
|
5
|
|
2,402
|
|
||
Real estate – residential
|
|
123
|
|
13,713
|
|
|
33
|
|
2,077
|
|
||
Consumer installment
|
|
3
|
|
11
|
|
|
1
|
|
—
|
|
||
Total
|
|
153
|
|
$
|
23,543
|
|
|
46
|
|
$
|
4,600
|
|
As of December 31, 2017
|
|
Loans Currently
Paying Under Restructured Terms |
|
Loans that have
Defaulted Under Restructured Terms |
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
1
|
|
$
|
11
|
|
|
2
|
|
$
|
5
|
|
Real estate – construction and development
|
|
8
|
|
1,352
|
|
|
1
|
|
6
|
|
||
Real estate – commercial and farmland
|
|
22
|
|
9,014
|
|
|
2
|
|
281
|
|
||
Real estate – residential
|
|
124
|
|
13,151
|
|
|
18
|
|
1,052
|
|
||
Consumer installment
|
|
1
|
|
2
|
|
|
1
|
|
3
|
|
||
Total
|
|
156
|
|
$
|
23,530
|
|
|
24
|
|
$
|
1,347
|
|
As of December 31, 2016
|
|
Loans Currently
Paying Under Restructured Terms |
|
Loans that have
Defaulted Under Restructured Terms |
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
3
|
|
$
|
16
|
|
|
2
|
|
$
|
76
|
|
Real estate – construction and development
|
|
8
|
|
1,378
|
|
|
1
|
|
9
|
|
||
Real estate – commercial and farmland
|
|
25
|
|
10,862
|
|
|
—
|
|
—
|
|
||
Real estate – residential
|
|
126
|
|
13,484
|
|
|
30
|
|
2,306
|
|
||
Consumer installment
|
|
4
|
|
11
|
|
|
—
|
|
—
|
|
||
Total
|
|
166
|
|
$
|
25,751
|
|
|
33
|
|
$
|
2,391
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Forbearance of interest
|
|
4
|
|
182
|
|
|
9
|
|
1,740
|
|
||
Forgiveness of principal
|
|
—
|
|
—
|
|
|
1
|
|
63
|
|
||
Forbearance of principal
|
|
5
|
|
2,363
|
|
|
4
|
|
406
|
|
||
Forbearance of principal, extended amortization
|
|
2
|
|
371
|
|
|
1
|
|
290
|
|
||
Rate reduction only
|
|
70
|
|
11,450
|
|
|
15
|
|
1,361
|
|
||
Rate reduction, forbearance of interest
|
|
22
|
|
2,211
|
|
|
9
|
|
257
|
|
||
Rate reduction, forbearance of principal
|
|
10
|
|
2,195
|
|
|
5
|
|
187
|
|
||
Rate reduction, forgiveness of interest
|
|
21
|
|
1,700
|
|
|
2
|
|
101
|
|
||
Total
|
|
134
|
|
$
|
20,472
|
|
|
46
|
|
$
|
4,405
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Forbearance of interest
|
|
12
|
|
$
|
3,553
|
|
|
4
|
|
$
|
207
|
|
Forbearance of principal
|
|
7
|
|
2,003
|
|
|
5
|
|
1,528
|
|
||
Forbearance of principal, extended amortization
|
|
1
|
|
78
|
|
|
1
|
|
323
|
|
||
Rate reduction only
|
|
78
|
|
12,710
|
|
|
13
|
|
1,385
|
|
||
Rate reduction, forbearance of interest
|
|
20
|
|
1,387
|
|
|
19
|
|
632
|
|
||
Rate reduction, forbearance of principal
|
|
11
|
|
1,617
|
|
|
3
|
|
231
|
|
||
Rate reduction, forgiveness of interest
|
|
24
|
|
2,195
|
|
|
1
|
|
294
|
|
||
Total
|
|
153
|
|
$
|
23,543
|
|
|
46
|
|
$
|
4,600
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Warehouse
|
|
2
|
|
$
|
368
|
|
|
—
|
|
$
|
—
|
|
Raw land
|
|
2
|
|
893
|
|
|
7
|
|
829
|
|
||
Hotel and motel
|
|
1
|
|
149
|
|
|
1
|
|
476
|
|
||
Office
|
|
2
|
|
460
|
|
|
2
|
|
494
|
|
||
Retail, including strip centers
|
|
7
|
|
4,407
|
|
|
1
|
|
160
|
|
||
1-4 family residential
|
|
119
|
|
12,958
|
|
|
28
|
|
2,161
|
|
||
Church
|
|
1
|
|
1,237
|
|
|
1
|
|
218
|
|
||
Automobile/equipment/CD
|
|
—
|
|
—
|
|
|
6
|
|
67
|
|
||
Total
|
|
134
|
|
$
|
20,472
|
|
|
46
|
|
$
|
4,405
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Warehouse
|
|
4
|
|
$
|
1,532
|
|
|
—
|
|
$
|
—
|
|
Raw land
|
|
7
|
|
1,919
|
|
|
4
|
|
86
|
|
||
Hotel and motel
|
|
1
|
|
154
|
|
|
1
|
|
558
|
|
||
Office
|
|
3
|
|
967
|
|
|
—
|
|
—
|
|
||
Retail, including strip centers
|
|
7
|
|
4,489
|
|
|
1
|
|
197
|
|
||
1-4 family residential
|
|
127
|
|
14,470
|
|
|
33
|
|
2,318
|
|
||
Church
|
|
—
|
|
—
|
|
|
1
|
|
1,298
|
|
||
Automobile/equipment/inventory
|
|
4
|
|
12
|
|
|
6
|
|
143
|
|
||
Total
|
|
153
|
|
$
|
23,543
|
|
|
46
|
|
$
|
4,600
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Maturing or Repricing Within
|
||||||||||||||||||
(dollars in thousands)
|
|
Zero to
Three
Months
|
|
Three
Months to
One Year
|
|
One to
Five
Years
|
|
Over
Five
Years
|
|
Total
|
||||||||||
|
|
|
||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal funds sold and interest-bearing deposits in banks
|
|
$
|
191,345
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
191,345
|
|
Investment securities
|
|
45,371
|
|
|
9,029
|
|
|
68,244
|
|
|
730,499
|
|
|
853,143
|
|
|||||
Loans held for sale
|
|
197,442
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
197,442
|
|
|||||
Loans
|
|
1,263,462
|
|
|
554,415
|
|
|
1,503,884
|
|
|
1,534,753
|
|
|
4,856,514
|
|
|||||
Purchased loans
|
|
182,437
|
|
|
119,206
|
|
|
323,007
|
|
|
236,945
|
|
|
861,595
|
|
|||||
Purchased loan pools
|
|
6,149
|
|
|
23,876
|
|
|
163,674
|
|
|
134,547
|
|
|
328,246
|
|
|||||
|
|
1,886,206
|
|
|
706,526
|
|
|
2,058,809
|
|
|
2,636,744
|
|
|
7,288,285
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand deposits
|
|
1,468,604
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,468,604
|
|
|||||
Money market deposit accounts
|
|
2,086,764
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,086,764
|
|
|||||
Savings
|
|
271,374
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
271,374
|
|
|||||
Time deposits
|
|
207,591
|
|
|
570,925
|
|
|
242,020
|
|
|
1,426
|
|
|
1,021,962
|
|
|||||
Federal funds purchased and securities sold under agreements to repurchase
|
|
30,638
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,638
|
|
|||||
FHLB advances
|
|
175,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175,000
|
|
|||||
Other borrowings
|
|
554
|
|
|
—
|
|
|
75,000
|
|
|
—
|
|
|
75,554
|
|
|||||
Trust preferred securities
|
|
48,436
|
|
|
—
|
|
|
—
|
|
|
37,114
|
|
|
85,550
|
|
|||||
|
|
4,288,961
|
|
|
570,925
|
|
|
317,020
|
|
|
38,540
|
|
|
5,215,446
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate sensitivity gap
|
|
$
|
(2,402,755
|
)
|
|
$
|
135,601
|
|
|
$
|
1,741,789
|
|
|
$
|
2,598,204
|
|
|
$
|
2,072,839
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cumulative interest rate sensitivity gap
|
|
$
|
(2,402,755
|
)
|
|
$
|
(2,267,154
|
)
|
|
$
|
(525,365
|
)
|
|
$
|
2,072,839
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate sensitivity gap ratio
|
|
0.44
|
|
|
1.24
|
|
|
6.49
|
|
|
68.42
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cumulative interest rate sensitivity gap ratio
|
|
0.44
|
|
|
0.53
|
|
|
0.90
|
|
|
1.40
|
|
|
|
|
|
December 31,
|
||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
U.S. government sponsored agencies
|
|
$
|
—
|
|
|
$
|
1,020
|
|
|
$
|
14,890
|
|
State, county and municipal securities
|
|
137,794
|
|
|
152,035
|
|
|
161,316
|
|
|||
Corporate debt securities
|
|
47,143
|
|
|
32,172
|
|
|
6,017
|
|
|||
Mortgage-backed securities
|
|
625,936
|
|
|
637,508
|
|
|
600,962
|
|
|||
|
|
$
|
810,873
|
|
|
$
|
822,735
|
|
|
$
|
783,185
|
|
|
|
State, County and
Municipal Securities
|
|
Corporate
Debt
Securities
|
|
Mortgage-Backed Securities
|
|||||||||||||||
(dollars in thousands)
|
|
Amount
|
|
Yield
(1)(2)
|
|
Amount
|
|
Yield
(1)
|
|
Amount
|
|
Yield
(1)
|
|||||||||
One year or less
|
|
$
|
10,050
|
|
|
3.10
|
%
|
|
$
|
1,513
|
|
|
5.39
|
%
|
|
$
|
—
|
|
|
—
|
%
|
After one year through five years
|
|
39,527
|
|
|
2.90
|
|
|
19,353
|
|
|
2.14
|
|
|
9,356
|
|
|
2.24
|
|
|||
After five years through ten years
|
|
50,525
|
|
|
2.76
|
|
|
24,336
|
|
|
5.56
|
|
|
157,036
|
|
|
2.25
|
|
|||
After ten years
|
|
37,692
|
|
|
2.84
|
|
|
1,941
|
|
|
4.41
|
|
|
459,544
|
|
|
2.37
|
|
|||
|
|
$
|
137,794
|
|
|
2.85
|
%
|
|
$
|
47,143
|
|
|
4.10
|
%
|
|
$
|
625,936
|
|
|
2.34
|
%
|
(1)
|
Yields were computed using coupon interest, adding discount accretion or subtracting premium amortization, as appropriate, on a ratable basis over the life of each security. The weighted average yield for each maturity range was computed using the amortized cost of each security in that range.
|
(2)
|
Yields on securities of state and political subdivisions are stated on a taxable-equivalent basis, using a tax rate of 35%.
|
|
|
Year Ended December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
||||||||||
(dollars in thousands)
|
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
||||||
Noninterest-bearing demand
|
|
$
|
1,670,499
|
|
|
—
|
%
|
|
$
|
1,515,771
|
|
|
—
|
%
|
NOW
|
|
1,207,024
|
|
|
0.20
|
|
|
1,141,206
|
|
|
0.17
|
|
||
Money market
|
|
1,690,091
|
|
|
0.54
|
|
|
1,390,948
|
|
|
0.35
|
|
||
Savings
|
|
275,119
|
|
|
0.07
|
|
|
261,559
|
|
|
0.07
|
|
||
Time
|
|
1,002,697
|
|
|
0.81
|
|
|
890,757
|
|
|
0.61
|
|
||
Total deposits
|
|
$
|
5,845,430
|
|
|
0.34
|
%
|
|
$
|
5,200,241
|
|
|
0.24
|
%
|
(dollars in thousands)
|
December 31,
2017
|
||
Three months or less
|
$
|
114,106
|
|
Three months to one year
|
339,781
|
|
|
One year or greater
|
139,295
|
|
|
Total
|
$
|
593,182
|
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
||||
Commitments to extend credit
|
|
$
|
1,109,806
|
|
|
$
|
1,101,257
|
|
Unused lines of credit
|
|
69,788
|
|
|
62,586
|
|
||
Financial standby letters of credit
|
|
11,389
|
|
|
14,257
|
|
||
Mortgage interest rate lock commitments
|
|
86,149
|
|
|
91,426
|
|
||
Mortgage forward contracts with positive fair value
|
|
31,500
|
|
|
150,000
|
|
||
|
|
$
|
1,308,632
|
|
|
$
|
1,419,526
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
(dollars in thousands)
|
|
Average
Balance
|
|
Average
Rate
|
|
Average
Balance
|
|
Average
Rate
|
|
Average
Balance
|
|
Average
Rate
|
|||||||||
Federal funds purchased and securities sold under agreement to repurchase
|
|
$
|
28,694
|
|
|
0.20
|
%
|
|
$
|
44,324
|
|
|
0.22
|
%
|
|
$
|
50,988
|
|
|
0.34
|
%
|
|
|
Year Ended December 31,
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
(dollars in thousands)
|
|
Total
Balance
|
|
|
|
Total
Balance
|
|
|
|
Total
Balance
|
|
|
||||||
Total maximum short-term borrowings outstanding at any month-end during the year
|
|
$
|
49,836
|
|
|
|
|
$
|
56,203
|
|
|
|
|
$
|
68,300
|
|
|
|
|
|
Payments Due After December 31, 2017
|
||||||||||||||||||
(dollars in thousands)
|
|
Total
|
|
1 Year
Or Less
|
|
1-3
Years
|
|
4-5
Years
|
|
>5
Years
|
||||||||||
Time certificates of deposit
|
|
$
|
1,021,962
|
|
|
$
|
778,527
|
|
|
$
|
211,870
|
|
|
$
|
30,154
|
|
|
$
|
1,411
|
|
Deposits without a stated maturity
|
|
5,603,883
|
|
|
5,603,883
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Repurchase agreements with customers
|
|
30,638
|
|
|
30,638
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating lease obligations
|
|
28,504
|
|
|
5,235
|
|
|
8,468
|
|
|
6,514
|
|
|
8,287
|
|
|||||
Other borrowings
|
|
251,759
|
|
|
175,000
|
|
|
49
|
|
|
—
|
|
|
76,710
|
|
|||||
Subordinated deferrable interest debentures
|
|
110,059
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110,059
|
|
|||||
Total contractual cash obligations
|
|
$
|
7,046,805
|
|
|
$
|
6,593,283
|
|
|
$
|
220,387
|
|
|
$
|
36,668
|
|
|
$
|
196,467
|
|
|
|
Actual
|
|
Required
|
|
Excess
|
|||||||||||||||
(dollars in thousands)
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
Tier 1 Leverage Ratio
(tier 1 capital to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
$
|
741,159
|
|
|
9.713
|
%
|
|
$
|
305,231
|
|
|
4.000
|
%
|
|
$
|
435,928
|
|
|
5.713
|
%
|
Ameris Bank
|
|
$
|
805,238
|
|
|
10.564
|
%
|
|
$
|
304,904
|
|
|
4.000
|
%
|
|
$
|
500,334
|
|
|
6.564
|
%
|
CET1 Ratio
(common equity tier 1 capital to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
$
|
658,529
|
|
|
10.291
|
%
|
|
$
|
367,940
|
|
|
5.750
|
%
|
|
$
|
290,589
|
|
|
4.541
|
%
|
Ameris Bank
|
|
$
|
805,238
|
|
|
12.644
|
%
|
|
$
|
366,186
|
|
|
5.750
|
%
|
|
$
|
439,052
|
|
|
6.894
|
%
|
Tier 1 Capital Ratio
(tier 1 capital to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
$
|
741,159
|
|
|
11.582
|
%
|
|
$
|
463,925
|
|
|
7.250
|
%
|
|
$
|
277,234
|
|
|
4.332
|
%
|
Ameris Bank
|
|
$
|
805,238
|
|
|
12.644
|
%
|
|
$
|
461,712
|
|
|
7.250
|
%
|
|
$
|
343,526
|
|
|
5.394
|
%
|
Total Capital Ratio
(total capital to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
$
|
840,745
|
|
|
13.139
|
%
|
|
$
|
591,904
|
|
|
9.250
|
%
|
|
$
|
248,841
|
|
|
3.889
|
%
|
Ameris Bank
|
|
$
|
831,029
|
|
|
13.049
|
%
|
|
$
|
589,081
|
|
|
9.250
|
%
|
|
$
|
241,948
|
|
|
3.799
|
%
|
|
|
Quarters Ended December 31, 2017
|
||||||||||||||
(dollars in thousands, except per share data)
|
|
4
|
|
3
|
|
2
|
|
1
|
||||||||
Selected Income Statement Data:
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
$
|
79,564
|
|
|
$
|
76,322
|
|
|
$
|
71,411
|
|
|
$
|
67,050
|
|
Interest expense
|
|
10,041
|
|
|
9,467
|
|
|
8,254
|
|
|
6,460
|
|
||||
Net interest income
|
|
69,523
|
|
|
66,855
|
|
|
63,157
|
|
|
60,590
|
|
||||
Provision for loan losses
|
|
2,536
|
|
|
1,787
|
|
|
2,205
|
|
|
1,836
|
|
||||
Net interest income after provision for loan losses
|
|
66,987
|
|
|
65,068
|
|
|
60,952
|
|
|
58,754
|
|
||||
Noninterest income
|
|
23,563
|
|
|
26,999
|
|
|
28,189
|
|
|
25,706
|
|
||||
Noninterest expense
|
|
58,916
|
|
|
63,675
|
|
|
55,739
|
|
|
52,691
|
|
||||
Merger and conversion charges
|
|
421
|
|
|
92
|
|
|
—
|
|
|
402
|
|
||||
Income before income taxes
|
|
31,213
|
|
|
28,300
|
|
|
33,402
|
|
|
31,367
|
|
||||
Income tax
|
|
22,063
|
|
|
8,142
|
|
|
10,315
|
|
|
10,214
|
|
||||
Net income
|
|
$
|
9,150
|
|
|
$
|
20,158
|
|
|
$
|
23,087
|
|
|
$
|
21,153
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
||||||||
Net income – basic
|
|
$
|
0.25
|
|
|
$
|
0.54
|
|
|
$
|
0.62
|
|
|
$
|
0.59
|
|
Net income – diluted
|
|
0.24
|
|
|
0.54
|
|
|
0.62
|
|
|
0.59
|
|
||||
Common dividends - cash
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
|
Quarters Ended December 31, 2016
|
||||||||||||||
(dollars in thousands)
|
|
4
|
|
3
|
|
2
|
|
1
|
||||||||
Selected Income Statement Data:
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
$
|
62,956
|
|
|
$
|
62,210
|
|
|
$
|
59,340
|
|
|
$
|
54,559
|
|
Interest expense
|
|
5,677
|
|
|
5,143
|
|
|
4,751
|
|
|
4,123
|
|
||||
Net interest income
|
|
57,279
|
|
|
57,067
|
|
|
54,589
|
|
|
50,436
|
|
||||
Provision for loan losses
|
|
1,710
|
|
|
811
|
|
|
889
|
|
|
681
|
|
||||
Net interest income after provision for loan losses
|
|
55,569
|
|
|
56,256
|
|
|
53,700
|
|
|
49,755
|
|
||||
Noninterest income
|
|
24,272
|
|
|
28,864
|
|
|
28,379
|
|
|
24,286
|
|
||||
Noninterest expense
|
|
54,660
|
|
|
53,199
|
|
|
52,359
|
|
|
49,241
|
|
||||
Merger and conversion charges
|
|
17
|
|
|
—
|
|
|
—
|
|
|
6,359
|
|
||||
Income before income taxes
|
|
25,164
|
|
|
31,921
|
|
|
29,720
|
|
|
18,441
|
|
||||
Income tax
|
|
6,987
|
|
|
10,364
|
|
|
9,671
|
|
|
6,124
|
|
||||
Net income
|
|
$
|
18,177
|
|
|
$
|
21,557
|
|
|
$
|
20,049
|
|
|
$
|
12,317
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
||||||||
Net income – basic
|
|
$
|
0.52
|
|
|
$
|
0.62
|
|
|
$
|
0.58
|
|
|
$
|
0.38
|
|
Net income – diluted
|
|
0.52
|
|
|
0.61
|
|
|
0.57
|
|
|
0.37
|
|
||||
Common dividends - cash
|
|
0.10
|
|
|
0.10
|
|
|
0.05
|
|
|
0.05
|
|
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
Weighted average exercise price of outstanding options, warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans
|
||||
Equity compensation plans approved by security holders (1)
|
|
84,307
|
|
|
$
|
11.51
|
|
|
884,602
|
|
(1)
|
Consists of (i) our 2014 Omnibus Equity Compensation Plan, which provides for the granting to directors, officers and certain other employees of qualified or nonqualified stock options, stock units, stock awards, stock appreciation rights, dividend equivalents and other stock-based awards; and (ii) the 2005 Omnibus Stock Ownership and Long-Term Incentive Plan and the ABC Bancorp Omnibus Stock Ownership and Long-Term incentive Plan that was adopted in 1997, both of which are now operative only with respect to the exercise of options that remain outstanding under such plans and under which no further awards may be granted. All securities remaining for future issuance represent awards that may be granted under the 2014 Omnibus Equity Compensation Plan.
|
1.
|
Financial statements:
|
(a)
|
Ameris Bancorp and Subsidiaries:
|
(i)
|
Consolidated Balance Sheets –
December 31, 2017
and
2016
;
|
(ii)
|
Consolidated Statements of Income – Years ended
December 31, 2017
,
2016
and
2015
;
|
(iii)
|
Consolidated Statements of Comprehensive Income – Years ended
December 31, 2017
,
2016
and
2015
;
|
(iv)
|
Consolidated Statements of Shareholders' Equity – Years ended
December 31, 2017
,
2016
and
2015
;
|
(v)
|
Consolidated Statements of Cash Flows – Years ended
December 31, 2017
,
2016
and
2015
; and
|
(vi)
|
Notes to Consolidated Financial Statements.
|
(b)
|
Ameris Bancorp (parent company only):
|
2.
|
Financial statement schedules:
|
3.
|
A list of the Exhibits required by Item 601 of Regulation S-K to be filed as a part of this Annual Report is shown on the “Exhibit Index” filed herewith.
|
Exhibit No.
|
|
Description
|
|
|
|
|
Agreement and Plan of Merger dated as of November 16, 2017 by and between Ameris Bancorp and Atlantic Coast Financial Corporation (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on November 17, 2017).
|
|
|
|
|
|
Stock Purchase Agreement dated as of December 29, 2017 by and between Ameris Bancorp and William J. Villari (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Registration Statement on Form S-3 (Registration No. 333-223080) filed with the SEC on February 16, 2018).
|
|
|
|
|
|
Agreement and Plan of Merger dated as of January 25, 2018 by and between Ameris Bancorp and Hamilton State Bancshares, Inc. (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on January 26, 2018).
|
|
|
|
|
|
Stock Purchase Agreement dated as of January 25, 2018 by and among Ameris Bancorp, Ameris Bank, William J. Villari and The Villari Family Gift Trust (incorporated by reference to Exhibit 2.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on January 26, 2018).
|
|
|
|
|
3.1
|
|
Articles of Incorporation of Ameris Bancorp, as amended (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Regulation A Offering Statement on Form 1-A filed with the SEC on August 14, 1987).
|
|
|
|
|
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 26, 1999).
|
|
|
|
|
|
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 31, 2003).
|
|
|
|
|
|
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 1, 2005).
|
|
|
|
|
|
Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on November 21, 2008).
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Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on June 1, 2011).
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Bylaws of Ameris Bancorp, as amended and restated effective January 16, 2018 (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on January 19, 2018).
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Indenture between Ameris Bancorp and Wilmington Trust Company dated September 20, 2006 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Registration Statement on Form S-4 (Registration No. 333-138252) filed with the SEC on October 27, 2006).
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Floating Rate Junior Subordinated Deferrable Interest Debenture dated September 20, 2006 to Ameris Statutory Trust I (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Registration Statement on Form S-4 (Registration No. 333-138252) filed with the SEC on October 27, 2006).
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Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and U.S. Bank National Association dated as of March 26, 2003 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and U.S. Bank National Association (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2033 (included as Exhibit A to the Indenture filed as Exhibit 4.3 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Deutsche Bank Trust Company Americas dated as of June 24, 2004 (incorporated by reference to Exhibit 4.6 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Form of Floating Rate Junior Subordinated Deferrable Interest Note Due 2034 (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Wilmington Trust Company dated as of January 31, 2006 (incorporated by reference to Exhibit 4.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Wilmington Trust Company (pertaining to Indenture dated as of January 31, 2006) (incorporated by reference to Exhibit 4.10 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Wilmington Trust Company dated as of September 20, 2007 (incorporated by reference to Exhibit 4.18 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Wilmington Trust Company (pertaining to Indenture dated as of September 20, 2007) (incorporated by reference to Exhibit 4.19 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2037 (included as Exhibit A to the Indenture filed as Exhibit 4.18 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014).
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Indenture between Ameris Bancorp (as successor to Coastal Bankshares, Inc.) and Wells Fargo Bank, National Association dated as of August 27, 2003 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014).
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First Supplemental Indenture dated as of June 30, 2014 by and among Ameris Bancorp and Wells Fargo Bank, National Association (pertaining to Indenture dated as of August 27, 2003) (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014).
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Form of Junior Subordinated Debt Security Due 2033 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014).
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Indenture between Ameris Bancorp (as successor to Coastal Bankshares, Inc.) and U.S. Bank National Association dated as of December 14, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014).
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First Supplemental Indenture dated as of June 30, 2014 by and among Ameris Bancorp, Coastal Bankshares, Inc. and U.S. Bank National Association (pertaining to Indenture dated as of December 14, 2005) (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014).
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Form of Junior Subordinated Debt Security Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014).
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Indenture between Ameris Bancorp (as successor to Merchants & Southern Banks of Florida, Incorporated) and Wilmington Trust Company dated as of March 17, 2005 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015).
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First Supplemental Indenture dated as of May 22, 2015 by and among Ameris Bancorp, Merchants & Southern Banks of Florida, Incorporated and Wilmington Trust Company (pertaining to Indenture dated as of March 17, 2005) (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015).
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Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015).
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Indenture between Ameris Bancorp (as successor to Merchants & Southern Banks of Florida, Incorporated) and Wilmington Trust Company dated as of March 30, 2006 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015).
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First Supplemental Indenture dated as of May 22, 2015 by and among Ameris Bancorp, Merchants & Southern Banks of Florida, Incorporated and Wilmington Trust Company (pertaining to Indenture dated as of March 30, 2006) (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015).
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Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015).
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Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of June 17, 2004 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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First Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2034 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of September 15, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Second Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of December 14, 2006 (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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First Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wells Fargo Bank, National Association dated as of June 20, 2008 (incorporated by reference to Exhibit 4.10 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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First Supplemental Indenture dated as of March 11, 2016 by and between Ameris Bancorp and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.11 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Form of Junior Subordinated Debt Security Due 2038 (included as Exhibit A to the Indenture filed as Exhibit 4.10 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016).
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Subordinated Debt Indenture dated as of March 13, 2017 by and between Ameris Bancorp and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017).
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First Supplemental Indenture, dated as of March 13, 2017, by and between Ameris Bancorp and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017).
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Form of 5.75% Fixed-to-Floating Rate Subordinated Note due 2027 (included as Exhibit A to the First Supplemental Indenture filed as Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017).
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Registration Rights Agreement dated as of January 3, 2018 by and between Ameris Bancorp and William J. Villari (incorporated by reference to Exhibit 4.9 to Ameris Bancorp’s Registration Statement on Form S-3 (Registration No. 333-223080) filed with the SEC on February 16, 2018).
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Registration Rights Agreement dated as of January 31, 2018 by and among Ameris Bancorp, William J. Villari and The Villari Family Gift Trust (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on February 6, 2018).
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Omnibus Stock Ownership and Long-Term Incentive Plan (incorporated by reference to Exhibit 10.17 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 25, 1998).
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ABC Bancorp 2000 Officer/Director Stock Bonus Plan (incorporated by reference to Exhibit 10.19 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 29, 2000).
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2005 Omnibus Stock Ownership and Long-Term Incentive Plan (incorporated by reference to Appendix A to Ameris Bancorp’s Definitive Proxy Statement filed with the SEC on April 18, 2005).
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Form of Incentive Stock Option Agreement (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on January 24, 2006).
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Form of Non-Qualified Stock Option Agreement (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on January 24, 2006).
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Form of Restricted Stock Agreement (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on January 24, 2006).
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Executive Employment Agreement with H. Richard Sturm dated as of May 31, 2007 (incorporated by reference to Exhibit 10.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on June 6, 2007).
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First Amendment to Executive Employment Agreement dated December 30, 2008, by and between Ameris Bancorp and H. Richard Sturm (incorporated by reference to Exhibit 10.6 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 30, 2008).
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Supplemental Executive Retirement Agreement with Edwin W. Hortman, Jr., dated as of November 7, 2012 (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2012).
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Supplemental Executive Retirement Agreement with Dennis J. Zember Jr., dated as of November 7, 2012 (incorporated by reference to Exhibit 10.2 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2012).
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Supplemental Executive Retirement Agreement with Jon S. Edwards, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.3 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2012).
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Supplemental Executive Retirement Agreement with Cindi H. Lewis, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.4 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2012).
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Supplemental Executive Retirement Agreement with Nicole S. Stokes, dated as of November 7, 2012.
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Loan Agreement dated as of August 28, 2013 by and between Ameris Bancorp and NexBank SSB (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on August 29, 2013).
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Pledge and Security Agreement dated as of August 28, 2013 by and between Ameris Bancorp and NexBank SSB (incorporated by reference to Exhibit 10.3 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on August 29, 2013).
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Executive Employment Agreement by and between Ameris Bancorp and James A. LaHaise dated as of June 30, 2014 (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Form 10-Q filed with the SEC on August 8, 2014).
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First Amendment to Loan Agreement dated as of September 26, 2014 by and between Ameris Bancorp and NexBank SSB (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on September 29, 2014).
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Ameris Bancorp 2014 Omnibus Equity Compensation Plan (incorporated by reference to Appendix A to Ameris Bancorp’s Definitive Proxy Statement filed with the SEC on April 17, 2014).
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Form of Incentive Stock Option Grant Agreement (incorporated by reference to Exhibit 99.2 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on November 26, 2014).
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Form of Nonqualified Stock Option Grant Agreement (incorporated by reference to Exhibit 99.3 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on November 26, 2014).
|
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|
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|
Form of Restricted Stock Grant Agreement (incorporated by reference to Exhibit 99.4 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on November 26, 2014).
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|
Executive Employment Agreement by and among Ameris Bancorp, Ameris Bank and Edwin W. Hortman, Jr. dated as of December 15, 2014 (incorporated by reference to Exhibit 99.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 18, 2014).
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|
|
|
|
|
Executive Employment Agreement by and among Ameris Bancorp, Ameris Bank and Dennis J. Zember Jr. dated as of December 15, 2014 (incorporated by reference to Exhibit 99.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 18, 2014).
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|
|
|
|
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Executive Employment Agreement by and among Ameris Bancorp, Ameris Bank and Jon S. Edwards dated as of December 15, 2014 (incorporated by reference to Exhibit 99.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 18, 2014).
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|
|
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|
Executive Employment Agreement by and among Ameris Bancorp, Ameris Bank and Stephen A. Melton dated as of December 15, 2014 (incorporated by reference to Exhibit 99.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 18, 2014).
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|
|
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|
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Executive Employment Agreement by and among Ameris Bancorp, Ameris Bank and Cindi H. Lewis dated as of December 15, 2014 (incorporated by reference to Exhibit 99.6 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 18, 2014).
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|
|
|
|
|
Executive Employment Agreement by and among Ameris Bancorp, Ameris Bank and Lawton Bassett, III dated as of December 15, 2014 (incorporated by reference to Exhibit 10.29 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on February 29, 2016).
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|
|
|
|
|
Supplemental Executive Retirement Agreement by and between Ameris Bank and Edwin W. Hortman, Jr. dated as of November 7, 2016 (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2016).
|
|
|
|
|
|
First Amendment to Supplemental Executive Retirement Agreement by and between Ameris Bank and Cindi H. Lewis dated as of November 7, 2016 (incorporated by reference to Exhibit 10.2 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2016).
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|
|
|
|
|
Executive Employment Agreement by and among Ameris Bancorp, Ameris Bank and Joseph B. Kissel dated as of July 25, 2016 (incorporated by reference to Exhibit 10.3 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2016).
|
|
|
|
|
|
Limited Waiver and Second Amendment to Loan Agreement dated as of December 28, 2016 by and between Ameris Bancorp and NexBank SSB (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 29, 2016).
|
|
|
|
|
|
Severance Protection and Restrictive Covenants Agreement by and among Ameris Bancorp, Ameris Bank and William D. McKendry dated as of October 3, 2017 (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on October 6, 2017).
|
|
|
|
|
|
Third Amendment to Loan Agreement dated October 20, 2017 by and between Ameris Bancorp and NexBank SSB (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on October 23, 2017).
|
|
|
|
|
|
Third Amended and Restated Revolving Promissory Note dated as of September 26, 2017 issued by Ameris Bancorp to NexBank SSB (incorporated by reference to Exhibit 10.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on October 23, 2017).
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|
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|
|
|
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends.
|
|
|
|
|
|
Schedule of Subsidiaries of Ameris Bancorp.
|
|
|
|
|
|
Consent of Crowe Horwath LLP.
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) Certification by Chief Executive Officer.
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) Certification by Chief Financial Officer.
|
|
|
|
|
|
Section 1350 Certification by Chief Executive Officer.
|
|
|
|
|
|
Section 1350 Certification by Chief Financial Officer.
|
|
|
|
|
101
|
|
The following financial statements from Ameris Bancorp’s Form 10-K for the year ended December 31, 2017, formatted as interactive data files in XBRL (eXtensible Business Reporting Language):
(i) Consolidated Balance Sheets; (ii) Consolidated Statements of Income; (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Shareholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements. |
|
AMERIS BANCORP
|
|
|
|
|
Date: March 1, 2018
|
By:
|
/s/ Edwin W. Hortman, Jr.
|
|
|
Edwin W. Hortman, Jr.,
|
|
|
Executive Chairman, President and Chief Executive Officer
(principal executive officer)
|
|
/s/ Edwin W. Hortman, Jr.
|
|
Edwin W. Hortman, Jr., Executive Chairman, President, Chief Executive Officer and Director
|
|
(principal executive officer)
|
|
|
|
/s/ Nicole S. Stokes
|
|
Nicole S. Stokes, Executive Vice President and Chief Financial Officer
|
|
(principal accounting and financial officer)
|
|
|
|
/s/ William I. Bowen, Jr.
|
|
William I. Bowen, Jr., Director
|
|
|
|
/s/ R. Dale Ezzell
|
|
R. Dale Ezzell, Director
|
|
|
|
/s/ Leo J. Hill
|
|
Leo J. Hill, Director
|
|
|
|
/s/ Daniel B. Jeter
|
|
Daniel B. Jeter, Director
|
|
|
|
/s/ Robert P. Lynch
|
|
Robert P. Lynch, Director
|
|
|
|
/s/ Elizabeth A. McCague
|
|
Elizabeth A. McCague, Director
|
|
|
|
/s/ William H. Stern
|
|
William H. Stern, Director
|
|
|
|
/s/ Jimmy D. Veal
|
|
Jimmy D. Veal, Director
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Edwin W. Hortman, Jr.
|
|
/s/ Nicole S. Stokes
|
Edwin W. Hortman, Jr.,
|
|
Nicole S. Stokes
|
Executive Chairman, President and Chief Executive Officer
|
|
Executive Vice President and Chief Financial Officer
|
(principal executive officer)
|
|
(principal accounting and financial officer)
|
|
|
|
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
139,313
|
|
|
$
|
127,164
|
|
Interest-bearing deposits in banks
|
191,335
|
|
|
71,221
|
|
||
Federal funds sold
|
10
|
|
|
—
|
|
||
Investment securities available for sale, at fair value
|
810,873
|
|
|
822,735
|
|
||
Other investments
|
42,270
|
|
|
29,464
|
|
||
Loans held for sale, at fair value
|
197,442
|
|
|
105,924
|
|
||
|
|
|
|
||||
Loans
|
4,856,514
|
|
|
3,626,821
|
|
||
Purchased loans
|
861,595
|
|
|
1,069,191
|
|
||
Purchased loan pools
|
328,246
|
|
|
568,314
|
|
||
Loans, net of unearned income
|
6,046,355
|
|
|
5,264,326
|
|
||
Allowance for loan losses
|
(25,791
|
)
|
|
(23,920
|
)
|
||
Loans, net
|
6,020,564
|
|
|
5,240,406
|
|
||
|
|
|
|
||||
Other real estate owned, net
|
8,464
|
|
|
10,874
|
|
||
Purchased other real estate owned, net
|
9,011
|
|
|
12,540
|
|
||
Total other real estate owned, net
|
17,475
|
|
|
23,414
|
|
||
|
|
|
|
||||
Premises and equipment, net
|
117,738
|
|
|
121,217
|
|
||
Goodwill
|
125,532
|
|
|
125,532
|
|
||
Other intangible assets, net
|
13,496
|
|
|
17,428
|
|
||
Cash value of bank owned life insurance
|
79,641
|
|
|
78,053
|
|
||
Deferred income taxes, net
|
28,320
|
|
|
40,776
|
|
||
Other assets
|
72,194
|
|
|
88,697
|
|
||
Total assets
|
$
|
7,856,203
|
|
|
$
|
6,892,031
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits
|
|
|
|
||||
Noninterest-bearing
|
$
|
1,777,141
|
|
|
$
|
1,573,389
|
|
Interest-bearing
|
4,848,704
|
|
|
4,001,774
|
|
||
Total deposits
|
6,625,845
|
|
|
5,575,163
|
|
||
Securities sold under agreements to repurchase
|
30,638
|
|
|
53,505
|
|
||
Other borrowings
|
250,554
|
|
|
492,321
|
|
||
Subordinated deferrable interest debentures, net
|
85,550
|
|
|
84,228
|
|
||
FDIC loss-share payable, net
|
8,803
|
|
|
6,313
|
|
||
Other liabilities
|
50,334
|
|
|
34,064
|
|
||
Total liabilities
|
7,051,724
|
|
|
6,245,594
|
|
||
|
|
|
|
||||
Commitments and Contingencies (Note 20)
|
|
|
|
|
|
||
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
||||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $1; 100,000,000 shares authorized; 38,734,873 and 36,377,807 shares issued
|
38,735
|
|
|
36,378
|
|
||
Capital surplus
|
508,404
|
|
|
410,276
|
|
||
Retained earnings
|
273,119
|
|
|
214,454
|
|
||
Accumulated other comprehensive income (loss), net of tax
|
(1,280
|
)
|
|
(1,058
|
)
|
||
Treasury stock, at cost, 1,474,861 and 1,456,333 shares
|
(14,499
|
)
|
|
(13,613
|
)
|
||
Total shareholders’ equity
|
804,479
|
|
|
646,437
|
|
||
Total liabilities and shareholders’ equity
|
$
|
7,856,203
|
|
|
$
|
6,892,031
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Interest income
|
|
|
|
|
|
||||||
Interest and fees on loans
|
$
|
270,887
|
|
|
$
|
218,659
|
|
|
$
|
171,567
|
|
Interest on taxable securities
|
20,154
|
|
|
17,824
|
|
|
16,134
|
|
|||
Interest on nontaxable securities
|
1,581
|
|
|
1,722
|
|
|
1,869
|
|
|||
Interest on deposits in other banks
|
1,725
|
|
|
827
|
|
|
790
|
|
|||
Interest on federal funds sold
|
—
|
|
|
33
|
|
|
33
|
|
|||
Total interest income
|
294,347
|
|
|
239,065
|
|
|
190,393
|
|
|||
|
|
|
|
|
|
||||||
Interest expense
|
|
|
|
|
|
||||||
Interest on deposits
|
19,877
|
|
|
12,410
|
|
|
9,752
|
|
|||
Interest on other borrowings
|
14,345
|
|
|
7,284
|
|
|
5,104
|
|
|||
Total interest expense
|
34,222
|
|
|
19,694
|
|
|
14,856
|
|
|||
|
|
|
|
|
|
||||||
Net interest income
|
260,125
|
|
|
219,371
|
|
|
175,537
|
|
|||
Provision for loan losses
|
8,364
|
|
|
4,091
|
|
|
5,264
|
|
|||
Net interest income after provision for loan losses
|
251,761
|
|
|
215,280
|
|
|
170,273
|
|
|||
|
|
|
|
|
|
||||||
Noninterest income
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
42,054
|
|
|
42,745
|
|
|
34,465
|
|
|||
Mortgage banking activity
|
48,535
|
|
|
48,298
|
|
|
36,800
|
|
|||
Other service charges, commissions and fees
|
2,872
|
|
|
3,575
|
|
|
3,754
|
|
|||
Net gains on sales of securities
|
37
|
|
|
94
|
|
|
137
|
|
|||
Gain on sale of SBA loans
|
4,590
|
|
|
3,974
|
|
|
4,522
|
|
|||
Other noninterest income
|
6,369
|
|
|
7,115
|
|
|
5,908
|
|
|||
Total noninterest income
|
104,457
|
|
|
105,801
|
|
|
85,586
|
|
|||
|
|
|
|
|
|
||||||
Noninterest expense
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
120,016
|
|
|
106,837
|
|
|
94,003
|
|
|||
Occupancy and equipment
|
24,069
|
|
|
24,397
|
|
|
21,195
|
|
|||
Advertising and marketing
|
5,131
|
|
|
4,181
|
|
|
3,312
|
|
|||
Amortization of intangible assets
|
3,932
|
|
|
4,376
|
|
|
3,741
|
|
|||
Data processing and communications expenses
|
27,869
|
|
|
24,591
|
|
|
19,849
|
|
|||
Legal and other professional fees
|
15,355
|
|
|
9,885
|
|
|
3,448
|
|
|||
Credit resolution-related expenses
|
3,493
|
|
|
6,172
|
|
|
17,707
|
|
|||
Merger and conversion charges
|
915
|
|
|
6,376
|
|
|
7,980
|
|
|||
FDIC insurance
|
3,078
|
|
|
3,712
|
|
|
3,475
|
|
|||
Other noninterest expenses
|
28,078
|
|
|
25,308
|
|
|
24,405
|
|
|||
Total noninterest expense
|
231,936
|
|
|
215,835
|
|
|
199,115
|
|
|||
|
|
|
|
|
|
||||||
Income before income tax expense
|
124,282
|
|
|
105,246
|
|
|
56,744
|
|
|||
Income tax expense
|
(50,734
|
)
|
|
(33,146
|
)
|
|
(15,897
|
)
|
|||
Net income
|
$
|
73,548
|
|
|
$
|
72,100
|
|
|
$
|
40,847
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
$
|
2.00
|
|
|
$
|
2.10
|
|
|
$
|
1.29
|
|
Diluted earnings per common share
|
$
|
1.98
|
|
|
$
|
2.08
|
|
|
$
|
1.27
|
|
Dividends declared per common share
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
$
|
0.20
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
||||||
Basic
|
36,828
|
|
|
34,347
|
|
|
31,762
|
|
|||
Diluted
|
37,144
|
|
|
34,702
|
|
|
32,127
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
73,548
|
|
|
$
|
72,100
|
|
|
$
|
40,847
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss)
|
|
|
|
|
|
||||||
Net unrealized holding gains (losses) arising during period on investment securities available for sale, net of tax expense (benefit) of $(169), ($2,355) and ($1,239)
|
(314
|
)
|
|
(4,374
|
)
|
|
(2,300
|
)
|
|||
Reclassification adjustment for gains on investment securities included in earnings, net of tax of $13, $33 and $48
|
(24
|
)
|
|
(61
|
)
|
|
(89
|
)
|
|||
Net unrealized gains (losses) on cash flow hedge during the period, net of tax expense (benefit) of $63, $13 and ($192)
|
116
|
|
|
24
|
|
|
(356
|
)
|
|||
Total other comprehensive income (loss)
|
(222
|
)
|
|
(4,411
|
)
|
|
(2,745
|
)
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
$
|
73,326
|
|
|
$
|
67,689
|
|
|
$
|
38,102
|
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
36,377,807
|
|
|
$
|
36,378
|
|
|
33,625,162
|
|
|
$
|
33,625
|
|
|
28,159,027
|
|
|
$
|
28,159
|
|
Issuance of common stock
|
2,141,072
|
|
|
2,141
|
|
|
2,549,469
|
|
|
2,549
|
|
|
5,320,000
|
|
|
5,320
|
|
|||
Exercise of stock options
|
132,319
|
|
|
132
|
|
|
54,510
|
|
|
55
|
|
|
75,135
|
|
|
75
|
|
|||
Issuance of restricted shares
|
84,147
|
|
|
84
|
|
|
155,751
|
|
|
156
|
|
|
71,000
|
|
|
71
|
|
|||
Forfeitures of restricted shares
|
(472
|
)
|
|
—
|
|
|
(7,085
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at end of period
|
38,734,873
|
|
|
38,735
|
|
|
36,377,807
|
|
|
$
|
36,378
|
|
|
33,625,162
|
|
|
$
|
33,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Capital Surplus
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
|
|
$
|
410,276
|
|
|
|
|
$
|
337,349
|
|
|
|
|
$
|
225,015
|
|
|||
Issuance of common stock, net of issuance cost of $4,925, $0 and $4,811
|
|
|
92,359
|
|
|
|
|
69,906
|
|
|
|
|
109,569
|
|
||||||
Share-based compensation
|
|
|
3,316
|
|
|
|
|
2,261
|
|
|
|
|
1,485
|
|
||||||
Share-based compensation net tax benefit
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
235
|
|
||||||
Exercise of stock options
|
|
|
2,537
|
|
|
|
|
909
|
|
|
|
|
1,116
|
|
||||||
Issuance of restricted shares
|
|
|
(84
|
)
|
|
|
|
(156
|
)
|
|
|
|
(71
|
)
|
||||||
Forfeitures of restricted shares
|
|
|
—
|
|
|
|
|
7
|
|
|
|
|
—
|
|
||||||
Balance at end of period
|
|
|
$
|
508,404
|
|
|
|
|
$
|
410,276
|
|
|
|
|
$
|
337,349
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
|
|
$
|
214,454
|
|
|
|
|
$
|
152,820
|
|
|
|
|
$
|
118,412
|
|
|||
Net income
|
|
|
73,548
|
|
|
|
|
72,100
|
|
|
|
|
40,847
|
|
||||||
Dividends on common shares
|
|
|
(14,883
|
)
|
|
|
|
(10,466
|
)
|
|
|
|
(6,439
|
)
|
||||||
Balance at end of period
|
|
|
$
|
273,119
|
|
|
|
|
$
|
214,454
|
|
|
|
|
$
|
152,820
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Unrealized gains (losses) on securities
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
|
|
$
|
(1,234
|
)
|
|
|
|
$
|
3,201
|
|
|
|
|
$
|
5,590
|
|
|||
Change during period
|
|
|
(338
|
)
|
|
|
|
(4,435
|
)
|
|
|
|
(2,389
|
)
|
||||||
Balance at end of period
|
|
|
$
|
(1,572
|
)
|
|
|
|
$
|
(1,234
|
)
|
|
|
|
$
|
3,201
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Unrealized gain (loss) on interest rate swap
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
|
|
$
|
176
|
|
|
|
|
$
|
152
|
|
|
|
|
$
|
508
|
|
|||
Change during period
|
|
|
116
|
|
|
|
|
24
|
|
|
|
|
(356
|
)
|
||||||
Balance at end of period
|
|
|
$
|
292
|
|
|
|
|
$
|
176
|
|
|
|
|
$
|
152
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at end of period
|
|
|
$
|
(1,280
|
)
|
|
|
|
$
|
(1,058
|
)
|
|
|
|
$
|
3,353
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
1,456,333
|
|
|
$
|
(13,613
|
)
|
|
1,413,777
|
|
|
$
|
(12,388
|
)
|
|
1,385,164
|
|
|
$
|
(11,656
|
)
|
Purchase of treasury shares
|
18,528
|
|
|
(886
|
)
|
|
42,556
|
|
|
(1,225
|
)
|
|
28,613
|
|
|
(732
|
)
|
|||
Balance at end of period
|
1,474,861
|
|
|
$
|
(14,499
|
)
|
|
1,456,333
|
|
|
$
|
(13,613
|
)
|
|
1,413,777
|
|
|
$
|
(12,388
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Shareholders' Equity
|
|
|
$
|
804,479
|
|
|
|
|
$
|
646,437
|
|
|
|
|
$
|
514,759
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating Activities
|
|
|
|
|
|
||||||
Net income
|
$
|
73,548
|
|
|
$
|
72,100
|
|
|
$
|
40,847
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
9,196
|
|
|
9,519
|
|
|
8,058
|
|
|||
Net losses (gains) on sale or disposal of premises and equipment
|
1,264
|
|
|
992
|
|
|
184
|
|
|||
Provision for loan losses
|
8,364
|
|
|
4,091
|
|
|
5,264
|
|
|||
Net write-downs and losses on sale of other real estate owned
|
500
|
|
|
1,953
|
|
|
15,696
|
|
|||
Share-based compensation expense
|
3,316
|
|
|
2,261
|
|
|
1,485
|
|
|||
Amortization of intangible assets
|
3,932
|
|
|
4,376
|
|
|
3,741
|
|
|||
Provision for deferred taxes
|
12,430
|
|
|
847
|
|
|
(344
|
)
|
|||
Net amortization of investment securities available for sale
|
6,384
|
|
|
7,057
|
|
|
5,881
|
|
|||
Net gains on securities available for sale
|
(37
|
)
|
|
(94
|
)
|
|
(137
|
)
|
|||
Accretion of discount on purchased loans
|
(11,308
|
)
|
|
(16,637
|
)
|
|
(20,248
|
)
|
|||
Amortization of premium on purchased loan pools
|
3,543
|
|
|
5,653
|
|
|
1,165
|
|
|||
Net amortization (accretion) on other borrowings
|
95
|
|
|
(76
|
)
|
|
—
|
|
|||
Amortization of subordinated deferrable interest debentures
|
1,322
|
|
|
1,453
|
|
|
1,043
|
|
|||
Originations of mortgage loans held for sale
|
(1,502,314
|
)
|
|
(1,403,954
|
)
|
|
(1,038,691
|
)
|
|||
Payments received on mortgage loans held for sale
|
1,238
|
|
|
1,390
|
|
|
1,331
|
|
|||
Proceeds from sales of mortgage loans held for sale
|
1,370,008
|
|
|
1,340,668
|
|
|
989,979
|
|
|||
Net gains on mortgage loans held for sale
|
(46,913
|
)
|
|
(52,198
|
)
|
|
(40,389
|
)
|
|||
Originations of SBA loans
|
(33,104
|
)
|
|
(69,512
|
)
|
|
(54,594
|
)
|
|||
Proceeds from sales of SBA loans
|
30,696
|
|
|
28,268
|
|
|
39,484
|
|
|||
Net gains on sales of SBA loans
|
(4,590
|
)
|
|
(3,974
|
)
|
|
(4,522
|
)
|
|||
Increase in cash surrender value of bank owned life insurance
|
(1,588
|
)
|
|
(1,734
|
)
|
|
(1,384
|
)
|
|||
Changes in FDIC loss-share receivable/payable, net of cash payments received
|
3,005
|
|
|
11,798
|
|
|
5,777
|
|
|||
Decrease (increase) in interest receivable
|
(3,728
|
)
|
|
(1,004
|
)
|
|
(4,251
|
)
|
|||
Increase (decrease) in interest payable
|
1,757
|
|
|
446
|
|
|
(327
|
)
|
|||
Increase (decrease) in taxes payable
|
(473
|
)
|
|
(8,328
|
)
|
|
9,033
|
|
|||
Change attributable to other operating activities
|
10,895
|
|
|
(5,128
|
)
|
|
10,696
|
|
|||
Net cash used in operating activities
|
(62,562
|
)
|
|
(69,767
|
)
|
|
(25,223
|
)
|
|||
|
|
|
|
|
|
||||||
Investing Activities, net of effects of business combinations
|
|
|
|
|
|
||||||
Purchases of securities available for sale
|
(113,261
|
)
|
|
(200,823
|
)
|
|
(249,115
|
)
|
|||
Proceeds from prepayments and maturities of securities available for sale
|
115,166
|
|
|
131,390
|
|
|
89,030
|
|
|||
Proceeds from sale of securities available for sale
|
3,090
|
|
|
75,990
|
|
|
72,528
|
|
|||
Net decrease (increase) in other investments
|
11,046
|
|
|
(17,936
|
)
|
|
1,824
|
|
|||
Net increase in loans, excluding purchased loans
|
(1,016,409
|
)
|
|
(1,063,345
|
)
|
|
(442,180
|
)
|
|||
Payments received on purchased loans
|
210,470
|
|
|
247,452
|
|
|
234,038
|
|
|||
Purchases of purchased loan pools
|
—
|
|
|
(152,091
|
)
|
|
(622,533
|
)
|
|||
Payments received on purchased loan pools
|
112,330
|
|
|
171,087
|
|
|
28,405
|
|
|||
Purchases of premises and equipment
|
(3,760
|
)
|
|
(10,977
|
)
|
|
(12,576
|
)
|
|||
Proceeds from sale of premises and equipment
|
16
|
|
|
295
|
|
|
244
|
|
|||
Proceeds from sales of other real estate owned
|
14,920
|
|
|
22,483
|
|
|
43,269
|
|
|||
Purchase of bank owned life insurance
|
—
|
|
|
—
|
|
|
(4,000
|
)
|
|||
Payments received from (paid to) FDIC under loss-sharing agreements
|
(515
|
)
|
|
816
|
|
|
19,273
|
|
|||
Net cash proceeds received from (paid in) acquisitions
|
—
|
|
|
(7,206
|
)
|
|
673,933
|
|
|||
Net cash used in investing activities
|
(666,907
|
)
|
|
(802,865
|
)
|
|
(167,860
|
)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Financing Activities, net of effects of business combinations
|
|
|
|
|
|
||||||
Net increase (decrease) in deposits
|
1,050,682
|
|
|
294,513
|
|
|
353,984
|
|
|||
Net increase (decrease) in securities sold under agreements to repurchase
|
(22,867
|
)
|
|
(10,080
|
)
|
|
(9,725
|
)
|
|||
Proceeds from other borrowings
|
1,837,692
|
|
|
635,886
|
|
|
—
|
|
|||
Repayment of other borrowings
|
(2,079,554
|
)
|
|
(231,020
|
)
|
|
(39,881
|
)
|
|||
Issuance of common stock
|
88,656
|
|
|
—
|
|
|
114,889
|
|
|||
Proceeds from exercise of stock options
|
2,669
|
|
|
964
|
|
|
1,191
|
|
|||
Dividends paid - common stock
|
(14,650
|
)
|
|
(8,584
|
)
|
|
(6,439
|
)
|
|||
Purchase of treasury shares
|
(886
|
)
|
|
(1,225
|
)
|
|
(732
|
)
|
|||
Net cash provided by financing activities
|
861,742
|
|
|
680,454
|
|
|
413,287
|
|
|||
|
|
|
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents
|
132,273
|
|
|
(192,178
|
)
|
|
220,204
|
|
|||
Cash and cash equivalents at beginning of period
|
198,385
|
|
|
390,563
|
|
|
170,359
|
|
|||
Cash and cash equivalents at end of period
|
$
|
330,658
|
|
|
$
|
198,385
|
|
|
$
|
390,563
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
32,465
|
|
|
$
|
19,248
|
|
|
$
|
15,183
|
|
Income taxes
|
$
|
38,939
|
|
|
$
|
40,575
|
|
|
$
|
5,828
|
|
Loans (excluding purchased loans) transferred to other real estate owned
|
$
|
4,372
|
|
|
$
|
3,203
|
|
|
$
|
11,261
|
|
Purchased loans transferred to other real estate owned
|
$
|
5,023
|
|
|
$
|
7,229
|
|
|
$
|
12,383
|
|
Loans transferred from loans held for sale to loans held for investment
|
$
|
212,850
|
|
|
$
|
119,352
|
|
|
$
|
71,347
|
|
Loans transferred from loans held for investment to loans held for sale
|
$
|
119,389
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Loans provided for the sales of other real estate owned
|
$
|
1,334
|
|
|
$
|
1,942
|
|
|
$
|
4,826
|
|
Assets acquired in business combinations
|
$
|
—
|
|
|
$
|
561,440
|
|
|
$
|
1,169,990
|
|
Liabilities assumed in business combinations
|
$
|
—
|
|
|
$
|
465,048
|
|
|
$
|
1,099,988
|
|
Issuance of common stock in acquisitions
|
$
|
—
|
|
|
$
|
72,455
|
|
|
$
|
—
|
|
Issuance of common stock in exchange for equity investment in US Premium Finance Holding Company
|
$
|
5,844
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in unrealized gain (loss) on securities available for sale, net of tax
|
$
|
(338
|
)
|
|
$
|
(4,435
|
)
|
|
$
|
(2,389
|
)
|
Change in unrealized gain (loss) on cash flow hedge, net of tax
|
$
|
116
|
|
|
$
|
24
|
|
|
$
|
(356
|
)
|
|
Years Ended December 31,
|
||||||||||
(dollars in thousands, shares in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Net income available to common shareholders
|
$
|
73,548
|
|
|
$
|
72,100
|
|
|
$
|
40,847
|
|
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding
|
36,828
|
|
|
34,347
|
|
|
31,762
|
|
|||
Effect of dilutive stock options
|
62
|
|
|
108
|
|
|
121
|
|
|||
Effect of dilutive restricted stock awards
|
254
|
|
|
247
|
|
|
244
|
|
|||
Weighted average number of common shares outstanding used to calculate diluted earnings per share
|
37,144
|
|
|
34,702
|
|
|
32,127
|
|
(dollars in thousands)
|
As Recorded by JAXB
|
|
Initial Fair Value Adjustments
|
|
Subsequent Fair Value Adjustments
|
|
As Recorded by Ameris
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
9,704
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,704
|
|
Federal funds sold and interest-bearing balances
|
7,027
|
|
|
—
|
|
|
—
|
|
|
7,027
|
|
||||
Investment securities
|
60,836
|
|
|
(942
|
)
|
(a)
|
—
|
|
|
59,894
|
|
||||
Other investments
|
2,458
|
|
|
—
|
|
|
—
|
|
|
2,458
|
|
||||
Loans
|
416,831
|
|
|
(15,746
|
)
|
(b)
|
553
|
|
(j)
|
401,638
|
|
||||
Less allowance for loan losses
|
(12,613
|
)
|
|
12,613
|
|
(c)
|
—
|
|
|
—
|
|
||||
Loans, net
|
404,218
|
|
|
(3,133
|
)
|
|
553
|
|
|
401,638
|
|
||||
Other real estate owned
|
2,873
|
|
|
(1,035
|
)
|
(d)
|
88
|
|
(k)
|
1,926
|
|
||||
Premises and equipment
|
4,798
|
|
|
—
|
|
|
(119
|
)
|
(l)
|
4,679
|
|
||||
Intangible assets
|
288
|
|
|
5,566
|
|
(e)
|
(1,108
|
)
|
(m)
|
4,746
|
|
||||
Other assets
|
14,141
|
|
|
23,266
|
|
(f)
|
(3,524
|
)
|
(n)
|
33,883
|
|
||||
Total assets
|
$
|
506,343
|
|
|
$
|
23,722
|
|
|
$
|
(4,110
|
)
|
|
$
|
525,955
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing
|
$
|
123,399
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
123,399
|
|
Interest-bearing
|
277,539
|
|
|
421
|
|
(g)
|
—
|
|
|
277,960
|
|
||||
Total deposits
|
400,938
|
|
|
421
|
|
|
—
|
|
|
401,359
|
|
||||
Other borrowings
|
48,350
|
|
|
84
|
|
(h)
|
—
|
|
|
48,434
|
|
||||
Subordinated deferrable interest debentures
|
16,294
|
|
|
(3,393
|
)
|
(i)
|
—
|
|
|
12,901
|
|
||||
Other liabilities
|
2,354
|
|
|
—
|
|
|
—
|
|
|
2,354
|
|
||||
Total liabilities
|
467,936
|
|
|
(2,888
|
)
|
|
—
|
|
|
465,048
|
|
||||
Net identifiable assets acquired over (under) liabilities assumed
|
38,407
|
|
|
26,610
|
|
|
(4,110
|
)
|
|
60,907
|
|
||||
Goodwill
|
—
|
|
|
31,375
|
|
|
4,110
|
|
|
35,485
|
|
||||
Net assets acquired over (under) liabilities assumed
|
$
|
38,407
|
|
|
$
|
57,985
|
|
|
$
|
—
|
|
|
$
|
96,392
|
|
Consideration:
|
|
|
|
|
|
|
|
||||||||
Ameris Bancorp common shares issued
|
2,549,469
|
|
|
|
|
|
|
|
|||||||
Price per share of the Company's common stock
|
$
|
28.42
|
|
|
|
|
|
|
|
||||||
Company common stock issued
|
$
|
72,455
|
|
|
|
|
|
|
|
||||||
Cash exchanged for shares
|
$
|
23,937
|
|
|
|
|
|
|
|
||||||
Fair value of total consideration transferred
|
$
|
96,392
|
|
|
|
|
|
|
|
(a)
|
Adjustment reflects the fair value adjustments of the portfolio of securities available for sale as of the acquisition date.
|
(b)
|
Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, net of the reversal of JAXB remaining fair value adjustments from their prior acquisitions.
|
(c)
|
Adjustment reflects the elimination of JAXB’s allowance for loan losses.
|
(d)
|
Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio, which is based largely on contracted sale prices.
|
(e)
|
Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts.
|
(f)
|
Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes and the reversal of JAXB valuation allowance established on their deferred tax assets.
|
(g)
|
Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired deposits.
|
(h)
|
Adjustment reflects the fair value adjustments based on the Company’s evaluation of the liability for other borrowings.
|
(i)
|
Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures at the acquisition date, net of the reversal of JAXB remaining fair value adjustments from their prior acquisitions.
|
(j)
|
Adjustment reflects additional recording of fair value adjustment of the acquired loan portfolio.
|
(k)
|
Adjustment reflects additional recording of fair value adjustment of other real estate owned.
|
(l)
|
Adjustment reflects recording of fair value adjustment of the premises and equipment.
|
(m)
|
Adjustment reflects adjustment to the core deposit intangible on the acquired core deposit accounts.
|
(n)
|
Adjustment reflects additional recording of deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes.
|
(dollars in thousands)
|
Fair Value of Acquired Loans at Acquisition Date
|
|
Gross Contractual Amounts Receivable at Acquisition Date
|
|
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected
|
||||||
Acquired receivables subject to ASC 310-30
|
$
|
26,951
|
|
|
$
|
42,314
|
|
|
$
|
9,181
|
|
Acquired receivables not subject to ASC 310-30
|
$
|
374,687
|
|
|
$
|
488,346
|
|
|
$
|
—
|
|
(dollars in thousands)
|
As Recorded by Bank of America
|
|
Initial Fair Value Adjustments
|
|
Subsequent Fair Value Adjustments
|
|
As Recorded by Ameris
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
630,220
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
630,220
|
|
Loans
|
4,363
|
|
|
—
|
|
|
(364
|
)
|
(d)
|
3,999
|
|
||||
Premises and equipment
|
10,348
|
|
|
1,060
|
|
(a)
|
(755
|
)
|
(e)
|
10,653
|
|
||||
Intangible assets
|
—
|
|
|
7,651
|
|
(b)
|
985
|
|
(f)
|
8,636
|
|
||||
Other assets
|
126
|
|
|
—
|
|
|
—
|
|
|
126
|
|
||||
Total assets
|
$
|
645,057
|
|
|
$
|
8,711
|
|
|
$
|
(134
|
)
|
|
$
|
653,634
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing
|
$
|
149,854
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149,854
|
|
Interest-bearing
|
495,110
|
|
|
(215
|
)
|
(c)
|
—
|
|
|
494,895
|
|
||||
Total deposits
|
644,964
|
|
|
(215
|
)
|
|
—
|
|
|
644,749
|
|
||||
Other liabilities
|
93
|
|
|
—
|
|
|
—
|
|
|
93
|
|
||||
Total liabilities
|
645,057
|
|
|
(215
|
)
|
|
—
|
|
|
644,842
|
|
||||
Net identifiable assets acquired over (under) liabilities assumed
|
—
|
|
|
8,926
|
|
|
(134
|
)
|
|
8,792
|
|
||||
Goodwill
|
—
|
|
|
11,076
|
|
|
134
|
|
|
11,210
|
|
||||
Net assets acquired over (under) liabilities assumed
|
$
|
—
|
|
|
$
|
20,002
|
|
|
$
|
—
|
|
|
$
|
20,002
|
|
Consideration:
|
|
|
|
|
|
|
|
||||||||
Cash paid as deposit premium
|
$
|
20,002
|
|
|
|
|
|
|
|
||||||
Fair value of total consideration transferred
|
$
|
20,002
|
|
|
|
|
|
|
|
(a)
|
Adjustment reflects the fair value adjustments of the premises and equipment as of the acquisition date.
|
(b)
|
Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts.
|
(c)
|
Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired deposits.
|
(d)
|
Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
|
(e)
|
Adjustment reflects additional recording of fair value adjustment of the premises and equipment.
|
(f)
|
Adjustment reflects additional recording of core deposit intangible on the acquired core deposit accounts.
|
(dollars in thousands)
|
As Recorded by Merchants
|
|
Initial Fair Value Adjustments
|
|
Subsequent Fair Value Adjustments
|
|
As Recorded by Ameris
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
7,527
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,527
|
|
Federal funds sold and interest-bearing balances
|
106,188
|
|
|
—
|
|
|
—
|
|
|
106,188
|
|
||||
Investment securities
|
164,421
|
|
|
(553
|
)
|
(a)
|
(639
|
)
|
(j)
|
163,229
|
|
||||
Other investments
|
872
|
|
|
—
|
|
|
(253
|
)
|
(k)
|
619
|
|
||||
Loans
|
199,955
|
|
|
(8,500
|
)
|
(b)
|
91
|
|
(l)
|
191,546
|
|
||||
Less allowance for loan losses
|
(3,354
|
)
|
|
3,354
|
|
(c)
|
—
|
|
|
—
|
|
||||
Loans, net
|
196,601
|
|
|
(5,146
|
)
|
|
91
|
|
|
191,546
|
|
||||
Other real estate owned
|
4,082
|
|
|
(1,115
|
)
|
(d)
|
—
|
|
|
2,967
|
|
||||
Premises and equipment
|
14,614
|
|
|
(3,680
|
)
|
(e)
|
—
|
|
|
10,934
|
|
||||
Intangible assets
|
—
|
|
|
4,577
|
|
(f)
|
(634
|
)
|
(m)
|
3,943
|
|
||||
Other assets
|
2,333
|
|
|
2,335
|
|
(g)
|
(1,109
|
)
|
(n)
|
3,559
|
|
||||
Total assets
|
$
|
496,638
|
|
|
$
|
(3,582
|
)
|
|
$
|
(2,544
|
)
|
|
$
|
490,512
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing
|
$
|
121,708
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
121,708
|
|
Interest-bearing
|
286,112
|
|
|
—
|
|
|
41,588
|
|
(o)
|
327,700
|
|
||||
Total deposits
|
407,820
|
|
|
—
|
|
|
41,588
|
|
|
449,408
|
|
||||
Federal funds purchased and securities sold under agreements to repurchase
|
41,588
|
|
|
—
|
|
|
(41,588
|
)
|
(o)
|
—
|
|
||||
Subordinated deferrable interest debentures
|
6,186
|
|
|
(2,680
|
)
|
(h)
|
—
|
|
|
3,506
|
|
||||
Other liabilities
|
2,151
|
|
|
81
|
|
(i)
|
—
|
|
|
2,232
|
|
||||
Total liabilities
|
457,745
|
|
|
(2,599
|
)
|
|
—
|
|
|
455,146
|
|
||||
Net identifiable assets acquired over (under) liabilities assumed
|
38,893
|
|
|
(983
|
)
|
|
(2,544
|
)
|
|
35,366
|
|
||||
Goodwill
|
—
|
|
|
12,090
|
|
|
2,544
|
|
|
14,634
|
|
||||
Net assets acquired over (under) liabilities assumed
|
$
|
38,893
|
|
|
$
|
11,107
|
|
|
$
|
—
|
|
|
$
|
50,000
|
|
Consideration:
|
|
|
|
|
|
|
|
||||||||
Cash exchanged for shares
|
$
|
50,000
|
|
|
|
|
|
|
|
||||||
Fair value of total consideration transferred
|
$
|
50,000
|
|
|
|
|
|
|
|
(a)
|
Adjustment reflects the fair value adjustments of the investment securities available for sale portfolio as of the acquisition date.
|
(b)
|
Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
|
(c)
|
Adjustment reflects the elimination of Merchants’ allowance for loan losses.
|
(d)
|
Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio.
|
(e)
|
Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired premises.
|
(f)
|
Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts.
|
(g)
|
Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes.
|
(h)
|
Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures at the acquisition date.
|
(i)
|
Adjustment reflects the fair value adjustments based on the Company’s evaluation of interest rate swap liabilities.
|
(j)
|
Adjustment reflects additional fair value adjustments of the investment securities available for sale portfolio as of the acquisition date.
|
(k)
|
Adjustment reflects the fair value adjustments of other investments as of the acquisition date.
|
(l)
|
Adjustment reflects additional recording of fair value adjustments of the acquired loan portfolio.
|
(m)
|
Adjustment reflects adjustment to the core deposit intangible on the acquired core deposit accounts.
|
(n)
|
Adjustment reflects additional recording of deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes.
|
(o)
|
Subsequent to acquisition, the acquired securities sold under agreements to repurchase were converted to deposit accounts.
|
(dollars in thousands)
|
Fair Value of Acquired Loans at Acquisition Date
|
|
Gross Contractual Amounts Receivable at Acquisition Date
|
|
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected
|
||||||
Acquired receivables subject to ASC 310-30
|
$
|
11,235
|
|
|
$
|
14,086
|
|
|
$
|
2,712
|
|
Acquired receivables not subject to ASC 310-30
|
$
|
180,311
|
|
|
$
|
184,906
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||
(dollars in thousands, except per share data)
|
2016
|
|
2015
|
||||
Net interest income and noninterest income
|
$
|
329,248
|
|
|
$
|
286,573
|
|
Net income
|
$
|
72,835
|
|
|
$
|
47,994
|
|
Net income available to common shareholders
|
$
|
72,835
|
|
|
$
|
47,994
|
|
Income per common share available to common shareholders – basic
|
$
|
2.09
|
|
|
$
|
1.40
|
|
Income per common share available to common shareholders – diluted
|
$
|
2.07
|
|
|
$
|
1.38
|
|
Average number of shares outstanding, basic
|
34,841
|
|
|
34,311
|
|
||
Average number of shares outstanding, diluted
|
35,196
|
|
|
34,676
|
|
Bank Acquired
|
|
Location
|
|
Branches
|
|
Date Acquired
|
American United Bank (“AUB”)
|
|
Lawrenceville, Ga.
|
|
1
|
|
October 23, 2009
|
United Security Bank (“USB”)
|
|
Sparta, Ga.
|
|
2
|
|
November 6, 2009
|
Satilla Community Bank (“SCB”)
|
|
St. Marys, Ga.
|
|
1
|
|
May 14, 2010
|
First Bank of Jacksonville (“FBJ”)
|
|
Jacksonville, Fl.
|
|
2
|
|
October 22, 2010
|
Tifton Banking Company (“TBC”)
|
|
Tifton, Ga.
|
|
1
|
|
November 12, 2010
|
Darby Bank & Trust (“DBT”)
|
|
Vidalia, Ga.
|
|
7
|
|
November 12, 2010
|
High Trust Bank (“HTB”)
|
|
Stockbridge, Ga.
|
|
2
|
|
July 15, 2011
|
One Georgia Bank (“OGB”)
|
|
Midtown Atlanta, Ga.
|
|
1
|
|
July 15, 2011
|
Central Bank of Georgia (“CBG”)
|
|
Ellaville, Ga.
|
|
5
|
|
February 24, 2012
|
Montgomery Bank & Trust (“MBT”)
|
|
Ailey, Ga.
|
|
2
|
|
July 6, 2012
|
(dollars in thousands)
|
|
Covered Loans
|
|
Less Fair Value Adjustments
|
|
Total Covered Loans
|
|
OREO
|
|
Less Fair Value Adjustments
|
|
Total Covered OREO
|
|
Total Covered Assets
|
|
FDIC Loss-Share Receivable (Payable)
|
||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
AUB
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
USB
|
|
2,626
|
|
|
11
|
|
|
2,615
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,615
|
|
|
(1,767
|
)
|
||||||||
SCB
|
|
2,237
|
|
|
24
|
|
|
2,213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,213
|
|
|
(229
|
)
|
||||||||
FBJ
|
|
3,634
|
|
|
375
|
|
|
3,259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,259
|
|
|
(330
|
)
|
||||||||
DBT
|
|
8,995
|
|
|
287
|
|
|
8,708
|
|
|
81
|
|
|
—
|
|
|
81
|
|
|
8,789
|
|
|
(4,651
|
)
|
||||||||
TBC
|
|
1,498
|
|
|
—
|
|
|
1,498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,498
|
|
|
(10
|
)
|
||||||||
HTB
|
|
1,844
|
|
|
27
|
|
|
1,817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,817
|
|
|
28
|
|
||||||||
OGB
|
|
920
|
|
|
30
|
|
|
890
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
890
|
|
|
(1,061
|
)
|
||||||||
CBG
|
|
9,767
|
|
|
614
|
|
|
9,153
|
|
|
106
|
|
|
—
|
|
|
106
|
|
|
9,259
|
|
|
(776
|
)
|
||||||||
Total
|
|
$
|
31,521
|
|
|
$
|
1,368
|
|
|
$
|
30,153
|
|
|
$
|
187
|
|
|
$
|
—
|
|
|
$
|
187
|
|
|
$
|
30,340
|
|
|
$
|
(8,803
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
AUB
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(27
|
)
|
USB
|
|
3,199
|
|
|
13
|
|
|
3,186
|
|
|
51
|
|
|
—
|
|
|
51
|
|
|
3,237
|
|
|
(1,642
|
)
|
||||||||
SCB
|
|
4,019
|
|
|
51
|
|
|
3,968
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,968
|
|
|
(32
|
)
|
||||||||
FBJ
|
|
3,767
|
|
|
452
|
|
|
3,315
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,315
|
|
|
(234
|
)
|
||||||||
DBT
|
|
12,166
|
|
|
565
|
|
|
11,601
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,601
|
|
|
(4,591
|
)
|
||||||||
TBC
|
|
1,679
|
|
|
—
|
|
|
1,679
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,679
|
|
|
(33
|
)
|
||||||||
HTB
|
|
1,913
|
|
|
33
|
|
|
1,880
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,880
|
|
|
734
|
|
||||||||
OGB
|
|
1,077
|
|
|
32
|
|
|
1,045
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,045
|
|
|
(993
|
)
|
||||||||
CBG
|
|
33,449
|
|
|
1,963
|
|
|
31,486
|
|
|
1,161
|
|
|
4
|
|
|
1,157
|
|
|
32,643
|
|
|
505
|
|
||||||||
Total
|
|
$
|
61,269
|
|
|
$
|
3,109
|
|
|
$
|
58,160
|
|
|
$
|
1,212
|
|
|
$
|
4
|
|
|
$
|
1,208
|
|
|
$
|
59,368
|
|
|
$
|
(6,313
|
)
|
|
For the Years Ended
December 31, |
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Balance, January 1
|
$
|
(6,313
|
)
|
|
$
|
6,301
|
|
Payments to (received from) FDIC
|
515
|
|
|
(816
|
)
|
||
Accretion, net
|
(864
|
)
|
|
(3,913
|
)
|
||
Change in clawback liability
|
(674
|
)
|
|
(1,056
|
)
|
||
Change in receivable due to:
|
|
|
|
||||
Net recoveries on covered loans
|
(1,563
|
)
|
|
(4,804
|
)
|
||
Loss (gain) on covered other real estate owned including writedowns
|
(86
|
)
|
|
233
|
|
||
Reimbursable expenses on covered assets
|
488
|
|
|
749
|
|
||
Other activity, net
|
(306
|
)
|
|
(3,007
|
)
|
||
Ending balance
|
$
|
(8,803
|
)
|
|
$
|
(6,313
|
)
|
(dollars in thousands)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
State, county and municipal securities
|
135,968
|
|
|
1,989
|
|
|
(163
|
)
|
|
137,794
|
|
||||
Corporate debt securities
|
46,659
|
|
|
721
|
|
|
(237
|
)
|
|
47,143
|
|
||||
Mortgage-backed securities
|
630,666
|
|
|
1,762
|
|
|
(6,492
|
)
|
|
625,936
|
|
||||
Total debt securities
|
$
|
813,293
|
|
|
$
|
4,472
|
|
|
$
|
(6,892
|
)
|
|
$
|
810,873
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
U.S. government sponsored agencies
|
$
|
999
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
1,020
|
|
State, county and municipal securities
|
149,899
|
|
|
2,605
|
|
|
(469
|
)
|
|
152,035
|
|
||||
Corporate debt securities
|
32,375
|
|
|
167
|
|
|
(370
|
)
|
|
32,172
|
|
||||
Mortgage-backed securities
|
641,362
|
|
|
2,700
|
|
|
(6,554
|
)
|
|
637,508
|
|
||||
Total debt securities
|
$
|
824,635
|
|
|
$
|
5,493
|
|
|
$
|
(7,393
|
)
|
|
$
|
822,735
|
|
|
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
(dollars in thousands)
|
|
Estimated
Fair
Value
|
|
Unrealized Losses
|
|
Estimated
Fair Value |
|
Unrealized Losses
|
|
Estimated
Fair Value |
|
Unrealized Losses
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
State, county and municipal securities
|
|
33,976
|
|
|
(115
|
)
|
|
4,725
|
|
|
(48
|
)
|
|
38,701
|
|
|
(163
|
)
|
||||||
Corporate debt securities
|
|
3,465
|
|
|
(35
|
)
|
|
18,853
|
|
|
(202
|
)
|
|
22,318
|
|
|
(237
|
)
|
||||||
Mortgage-backed securities
|
|
262,353
|
|
|
(2,401
|
)
|
|
190,368
|
|
|
(4,091
|
)
|
|
452,721
|
|
|
(6,492
|
)
|
||||||
Total debt securities
|
|
$
|
299,794
|
|
|
$
|
(2,551
|
)
|
|
$
|
213,946
|
|
|
$
|
(4,341
|
)
|
|
$
|
513,740
|
|
|
$
|
(6,892
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
State, county and municipal securities
|
|
47,647
|
|
|
(469
|
)
|
|
—
|
|
|
—
|
|
|
47,647
|
|
|
(469
|
)
|
||||||
Corporate debt securities
|
|
18,377
|
|
|
(363
|
)
|
|
493
|
|
|
(7
|
)
|
|
18,870
|
|
|
(370
|
)
|
||||||
Mortgage-backed securities
|
|
414,300
|
|
|
(6,177
|
)
|
|
11,791
|
|
|
(377
|
)
|
|
$
|
426,091
|
|
|
(6,554
|
)
|
|||||
Total debt securities
|
|
$
|
480,324
|
|
|
$
|
(7,009
|
)
|
|
$
|
12,284
|
|
|
$
|
(384
|
)
|
|
$
|
492,608
|
|
|
$
|
(7,393
|
)
|
(dollars in thousands)
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
||||
Due in one year or less
|
$
|
11,510
|
|
|
$
|
11,562
|
|
Due from one year to five years
|
58,549
|
|
|
58,881
|
|
||
Due from five to ten years
|
73,566
|
|
|
74,861
|
|
||
Due after ten years
|
39,002
|
|
|
39,633
|
|
||
Mortgage-backed securities
|
630,666
|
|
|
625,936
|
|
||
|
$
|
813,293
|
|
|
$
|
810,873
|
|
|
For the Years Ended
December 31, |
||||||||||
(dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Gross gains on sales of securities
|
$
|
38
|
|
|
$
|
312
|
|
|
$
|
396
|
|
Gross losses on sales of securities
|
(1
|
)
|
|
(218
|
)
|
|
(259
|
)
|
|||
Net realized gains on sales of securities available for sale
|
$
|
37
|
|
|
$
|
94
|
|
|
$
|
137
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Commercial, financial and agricultural
|
$
|
1,362,508
|
|
|
$
|
967,138
|
|
Real estate – construction and development
|
624,595
|
|
|
363,045
|
|
||
Real estate – commercial and farmland
|
1,535,439
|
|
|
1,406,219
|
|
||
Real estate – residential
|
1,009,461
|
|
|
781,018
|
|
||
Consumer installment
|
309,194
|
|
|
96,915
|
|
||
Other
|
15,317
|
|
|
12,486
|
|
||
|
$
|
4,856,514
|
|
|
$
|
3,626,821
|
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Minimum lease payments receivable
|
$
|
60,365
|
|
|
$
|
—
|
|
Residuals
|
7,205
|
|
|
—
|
|
||
Unearned income
|
(4,207
|
)
|
|
—
|
|
||
Deferred lease origination costs
|
69
|
|
|
—
|
|
||
Direct financing leases, net of unearned income
|
63,432
|
|
|
—
|
|
||
Allowance for lease losses
|
(317
|
)
|
|
—
|
|
||
Direct financing leases, net
|
$
|
63,115
|
|
|
$
|
—
|
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Commercial, financial and agricultural
|
$
|
74,378
|
|
|
$
|
96,537
|
|
Real estate – construction and development
|
65,513
|
|
|
81,368
|
|
||
Real estate – commercial and farmland
|
468,246
|
|
|
576,355
|
|
||
Real estate – residential
|
250,539
|
|
|
310,277
|
|
||
Consumer installment
|
2,919
|
|
|
4,654
|
|
||
|
$
|
861,595
|
|
|
$
|
1,069,191
|
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Balance, January 1
|
$
|
1,069,191
|
|
|
$
|
909,083
|
|
Charge-offs
|
(3,411
|
)
|
|
(3,576
|
)
|
||
Additions due to acquisitions
|
—
|
|
|
401,638
|
|
||
Accretion
|
11,308
|
|
|
16,637
|
|
||
Transfers to purchased other real estate owned
|
(5,023
|
)
|
|
(7,229
|
)
|
||
Payments received
|
(210,470
|
)
|
|
(247,452
|
)
|
||
Other
|
—
|
|
|
90
|
|
||
Ending balance
|
$
|
861,595
|
|
|
$
|
1,069,191
|
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Balance, January 1
|
$
|
30,624
|
|
|
$
|
33,848
|
|
Additions due to acquisitions
|
—
|
|
|
11,295
|
|
||
Accretion
|
(11,308
|
)
|
|
(16,637
|
)
|
||
Accretable discounts removed due to charge-offs
|
(17
|
)
|
|
(161
|
)
|
||
Transfers between non-accretable and accretable discounts, net
|
893
|
|
|
2,279
|
|
||
Ending balance
|
$
|
20,192
|
|
|
$
|
30,624
|
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Commercial, financial and agricultural
|
$
|
1,306
|
|
|
$
|
1,814
|
|
Real estate – construction and development
|
554
|
|
|
547
|
|
||
Real estate – commercial and farmland
|
2,665
|
|
|
8,757
|
|
||
Real estate – residential
|
9,194
|
|
|
6,401
|
|
||
Consumer installment
|
483
|
|
|
595
|
|
||
|
$
|
14,202
|
|
|
$
|
18,114
|
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Commercial, financial and agricultural
|
$
|
813
|
|
|
$
|
692
|
|
Real estate – construction and development
|
3,139
|
|
|
2,611
|
|
||
Real estate – commercial and farmland
|
5,685
|
|
|
10,174
|
|
||
Real estate – residential
|
5,743
|
|
|
9,476
|
|
||
Consumer installment
|
48
|
|
|
13
|
|
||
|
$
|
15,428
|
|
|
$
|
22,966
|
|
(dollars in thousands)
|
|
Loans 30-59 Days
Past Due
|
|
Loans 60-89 Days
Past Due
|
|
Loans 90 or More Days
Past Due
|
|
Total Loans Past Due
|
|
Current Loans
|
|
Total Loans
|
|
Loans 90 Days or More
Past Due and
Still Accruing
|
||||||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial, financial and agricultural
|
|
$
|
8,124
|
|
|
$
|
3,285
|
|
|
$
|
6,978
|
|
|
$
|
18,387
|
|
|
$
|
1,344,121
|
|
|
$
|
1,362,508
|
|
|
$
|
5,991
|
|
Real estate – construction and development
|
|
810
|
|
|
23
|
|
|
288
|
|
|
1,121
|
|
|
623,474
|
|
|
624,595
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
|
869
|
|
|
787
|
|
|
1,940
|
|
|
3,596
|
|
|
1,531,843
|
|
|
1,535,439
|
|
|
—
|
|
|||||||
Real estate – residential
|
|
8,772
|
|
|
2,941
|
|
|
7,041
|
|
|
18,754
|
|
|
990,707
|
|
|
1,009,461
|
|
|
—
|
|
|||||||
Consumer installment
|
|
1,556
|
|
|
472
|
|
|
329
|
|
|
2,357
|
|
|
306,837
|
|
|
309,194
|
|
|
—
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,317
|
|
|
15,317
|
|
|
—
|
|
|||||||
Total
|
|
$
|
20,131
|
|
|
$
|
7,508
|
|
|
$
|
16,576
|
|
|
$
|
44,215
|
|
|
$
|
4,812,299
|
|
|
$
|
4,856,514
|
|
|
$
|
5,991
|
|
(dollars in thousands)
|
|
Loans 30-59 Days
Past Due
|
|
Loans 60-89 Days
Past Due
|
|
Loans 90 or More Days
Past Due
|
|
Total Loans Past Due
|
|
Current Loans
|
|
Total Loans
|
|
Loans 90 Days or More
Past Due and
Still Accruing
|
||||||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial, financial and agricultural
|
|
$
|
565
|
|
|
$
|
82
|
|
|
$
|
1,293
|
|
|
$
|
1,940
|
|
|
$
|
965,198
|
|
|
$
|
967,138
|
|
|
$
|
—
|
|
Real estate – construction and development
|
|
908
|
|
|
446
|
|
|
439
|
|
|
1,793
|
|
|
361,252
|
|
|
363,045
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
|
6,329
|
|
|
1,711
|
|
|
6,945
|
|
|
14,985
|
|
|
1,391,234
|
|
|
1,406,219
|
|
|
—
|
|
|||||||
Real estate – residential
|
|
6,354
|
|
|
1,282
|
|
|
5,302
|
|
|
12,938
|
|
|
768,080
|
|
|
781,018
|
|
|
—
|
|
|||||||
Consumer installment
|
|
624
|
|
|
263
|
|
|
350
|
|
|
1,237
|
|
|
95,678
|
|
|
96,915
|
|
|
—
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,486
|
|
|
12,486
|
|
|
—
|
|
|||||||
Total
|
|
$
|
14,780
|
|
|
$
|
3,784
|
|
|
$
|
14,329
|
|
|
$
|
32,893
|
|
|
$
|
3,593,928
|
|
|
$
|
3,626,821
|
|
|
$
|
—
|
|
(dollars in thousands)
|
|
Loans 30-59 Days
Past Due
|
|
Loans 60-89 Days
Past Due
|
|
Loans 90 or More Days
Past Due
|
|
Total Loans Past Due
|
|
Current Loans
|
|
Total Loans
|
|
Loans 90 Days or More
Past Due and
Still Accruing
|
||||||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial, financial and agricultural
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
760
|
|
|
$
|
793
|
|
|
$
|
73,585
|
|
|
$
|
74,378
|
|
|
$
|
—
|
|
Real estate – construction and development
|
|
87
|
|
|
31
|
|
|
2,517
|
|
|
2,635
|
|
|
62,878
|
|
|
65,513
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
|
1,190
|
|
|
701
|
|
|
2,724
|
|
|
4,615
|
|
|
463,631
|
|
|
468,246
|
|
|
—
|
|
|||||||
Real estate – residential
|
|
2,722
|
|
|
1,585
|
|
|
2,320
|
|
|
6,627
|
|
|
243,912
|
|
|
250,539
|
|
|
—
|
|
|||||||
Consumer installment
|
|
57
|
|
|
4
|
|
|
43
|
|
|
104
|
|
|
2,815
|
|
|
2,919
|
|
|
—
|
|
|||||||
Total
|
|
$
|
4,056
|
|
|
$
|
2,354
|
|
|
$
|
8,364
|
|
|
$
|
14,774
|
|
|
$
|
846,821
|
|
|
$
|
861,595
|
|
|
$
|
—
|
|
(dollars in thousands)
|
|
Loans 30-59 Days
Past Due
|
|
Loans 60-89 Days
Past Due
|
|
Loans 90 or More Days
Past Due
|
|
Total Loans Past Due
|
|
Current Loans
|
|
Total Loans
|
|
Loans 90 Days or More
Past Due and
Still Accruing
|
||||||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial, financial and agricultural
|
|
$
|
113
|
|
|
$
|
18
|
|
|
$
|
593
|
|
|
$
|
724
|
|
|
$
|
95,813
|
|
|
$
|
96,537
|
|
|
$
|
—
|
|
Real estate – construction and development
|
|
161
|
|
|
11
|
|
|
2,518
|
|
|
2,690
|
|
|
78,678
|
|
|
81,368
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
|
2,034
|
|
|
326
|
|
|
7,152
|
|
|
9,512
|
|
|
566,843
|
|
|
576,355
|
|
|
—
|
|
|||||||
Real estate – residential
|
|
4,566
|
|
|
698
|
|
|
6,835
|
|
|
12,099
|
|
|
298,178
|
|
|
310,277
|
|
|
—
|
|
|||||||
Consumer installment
|
|
22
|
|
|
—
|
|
|
13
|
|
|
35
|
|
|
4,619
|
|
|
4,654
|
|
|
—
|
|
|||||||
Total
|
|
$
|
6,896
|
|
|
$
|
1,053
|
|
|
$
|
17,111
|
|
|
$
|
25,060
|
|
|
$
|
1,044,131
|
|
|
$
|
1,069,191
|
|
|
$
|
—
|
|
|
As of and For the Years Ended
December 31, |
||||||||||
(dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Nonaccrual loans
|
$
|
14,202
|
|
|
$
|
18,114
|
|
|
$
|
16,860
|
|
Troubled debt restructurings not included above
|
13,599
|
|
|
14,209
|
|
|
14,418
|
|
|||
Total impaired loans
|
$
|
27,801
|
|
|
$
|
32,323
|
|
|
$
|
31,278
|
|
|
|
|
|
|
|
||||||
Interest income recognized on impaired loans
|
$
|
1,867
|
|
|
$
|
1,033
|
|
|
$
|
909
|
|
Foregone interest income on impaired loans
|
$
|
950
|
|
|
$
|
977
|
|
|
$
|
1,204
|
|
(dollars in thousands)
|
|
Unpaid Contractual Principal Balance
|
|
Recorded Investment With No Allowance
|
|
Recorded Investment With Allowance
|
|
Total Recorded Investment
|
|
Related Allowance
|
|
Average Recorded Investment
|
||||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, financial and agricultural
|
|
$
|
1,453
|
|
|
$
|
734
|
|
|
$
|
613
|
|
|
$
|
1,347
|
|
|
$
|
145
|
|
|
$
|
2,173
|
|
Real estate – construction and development
|
|
1,467
|
|
|
471
|
|
|
500
|
|
|
971
|
|
|
48
|
|
|
1,122
|
|
||||||
Real estate – commercial and farmland
|
|
10,646
|
|
|
729
|
|
|
8,873
|
|
|
9,602
|
|
|
1,047
|
|
|
11,053
|
|
||||||
Real estate – residential
|
|
17,416
|
|
|
4,828
|
|
|
10,565
|
|
|
15,393
|
|
|
1,005
|
|
|
14,930
|
|
||||||
Consumer installment
|
|
523
|
|
|
488
|
|
|
—
|
|
|
488
|
|
|
—
|
|
|
541
|
|
||||||
Total
|
|
$
|
31,505
|
|
|
$
|
7,250
|
|
|
$
|
20,551
|
|
|
$
|
27,801
|
|
|
$
|
2,245
|
|
|
$
|
29,819
|
|
(dollars in thousands)
|
|
Unpaid Contractual Principal Balance
|
|
Recorded Investment With No Allowance
|
|
Recorded Investment With Allowance
|
|
Total Recorded Investment
|
|
Related Allowance
|
|
Average Recorded Investment
|
||||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, financial and agricultural
|
|
$
|
3,068
|
|
|
$
|
204
|
|
|
$
|
1,656
|
|
|
$
|
1,860
|
|
|
$
|
134
|
|
|
$
|
1,684
|
|
Real estate – construction and development
|
|
2,047
|
|
|
—
|
|
|
1,233
|
|
|
1,233
|
|
|
273
|
|
|
2,018
|
|
||||||
Real estate – commercial and farmland
|
|
13,906
|
|
|
6,811
|
|
|
6,065
|
|
|
12,876
|
|
|
1,503
|
|
|
12,845
|
|
||||||
Real estate – residential
|
|
15,482
|
|
|
2,238
|
|
|
13,503
|
|
|
15,741
|
|
|
3,080
|
|
|
14,453
|
|
||||||
Consumer installment
|
|
671
|
|
|
—
|
|
|
613
|
|
|
613
|
|
|
5
|
|
|
506
|
|
||||||
Total
|
|
$
|
35,174
|
|
|
$
|
9,253
|
|
|
$
|
23,070
|
|
|
$
|
32,323
|
|
|
$
|
4,995
|
|
|
$
|
31,506
|
|
|
As of and For the Years Ended
December 31, |
||||||||||
(dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Nonaccrual loans
|
$
|
15,428
|
|
|
$
|
22,966
|
|
|
$
|
26,568
|
|
Troubled debt restructurings not included above
|
20,472
|
|
|
23,543
|
|
|
22,656
|
|
|||
Total impaired loans
|
$
|
35,900
|
|
|
$
|
46,509
|
|
|
$
|
49,224
|
|
|
|
|
|
|
|
||||||
Interest income recognized on impaired loans
|
$
|
1,625
|
|
|
$
|
2,755
|
|
|
$
|
1,671
|
|
Foregone interest income on impaired loans
|
$
|
1,239
|
|
|
$
|
1,637
|
|
|
$
|
2,961
|
|
(dollars in thousands)
|
|
Unpaid Contractual Principal Balance
|
|
Recorded Investment With No Allowance
|
|
Recorded Investment With Allowance
|
|
Total Recorded Investment
|
|
Related Allowance
|
|
Average Recorded Investment
|
||||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, financial and agricultural
|
|
$
|
4,170
|
|
|
$
|
70
|
|
|
$
|
744
|
|
|
$
|
814
|
|
|
$
|
400
|
|
|
$
|
827
|
|
Real estate – construction and development
|
|
9,060
|
|
|
282
|
|
|
3,875
|
|
|
4,157
|
|
|
1,114
|
|
|
3,877
|
|
||||||
Real estate – commercial and farmland
|
|
14,596
|
|
|
1,224
|
|
|
11,173
|
|
|
12,397
|
|
|
906
|
|
|
15,329
|
|
||||||
Real estate – residential
|
|
20,867
|
|
|
6,574
|
|
|
11,910
|
|
|
18,484
|
|
|
821
|
|
|
20,743
|
|
||||||
Consumer installment
|
|
57
|
|
|
48
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
41
|
|
||||||
Total
|
|
$
|
48,750
|
|
|
$
|
8,198
|
|
|
$
|
27,702
|
|
|
$
|
35,900
|
|
|
$
|
3,241
|
|
|
$
|
40,817
|
|
(dollars in thousands)
|
|
Unpaid Contractual Principal Balance
|
|
Recorded Investment With No Allowance
|
|
Recorded Investment With Allowance
|
|
Total Recorded Investment
|
|
Related Allowance
|
|
Average Recorded Investment
|
||||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, financial and agricultural
|
|
$
|
5,031
|
|
|
$
|
370
|
|
|
$
|
322
|
|
|
$
|
692
|
|
|
$
|
—
|
|
|
$
|
2,206
|
|
Real estate – construction and development
|
|
24,566
|
|
|
493
|
|
|
3,477
|
|
|
3,970
|
|
|
153
|
|
|
4,279
|
|
||||||
Real estate – commercial and farmland
|
|
36,174
|
|
|
3,598
|
|
|
15,036
|
|
|
18,634
|
|
|
385
|
|
|
19,872
|
|
||||||
Real estate – residential
|
|
27,022
|
|
|
7,883
|
|
|
15,306
|
|
|
23,189
|
|
|
1,088
|
|
|
23,163
|
|
||||||
Consumer installment
|
|
37
|
|
|
24
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
96
|
|
||||||
Total
|
|
$
|
92,830
|
|
|
$
|
12,368
|
|
|
$
|
34,141
|
|
|
$
|
46,509
|
|
|
$
|
1,626
|
|
|
$
|
49,616
|
|
Risk Grade
|
|
Commercial, Financial and Agricultural
|
|
Real Estate - Construction and Development
|
|
Real Estate - Commercial and Farmland
|
|
Real Estate - Residential
|
|
Consumer Installment
|
|
Other
|
|
Total
|
||||||||||||||
10
|
|
$
|
539,899
|
|
|
$
|
—
|
|
|
$
|
5,790
|
|
|
$
|
47
|
|
|
$
|
9,243
|
|
|
$
|
—
|
|
|
$
|
554,979
|
|
15
|
|
568,557
|
|
|
1,005
|
|
|
68,507
|
|
|
49,742
|
|
|
670
|
|
|
—
|
|
|
688,481
|
|
|||||||
20
|
|
125,740
|
|
|
59,318
|
|
|
966,391
|
|
|
843,178
|
|
|
24,035
|
|
|
15,317
|
|
|
2,033,979
|
|
|||||||
23
|
|
330
|
|
|
4,474
|
|
|
6,408
|
|
|
5,781
|
|
|
3
|
|
|
—
|
|
|
16,996
|
|
|||||||
25
|
|
117,358
|
|
|
552,918
|
|
|
454,506
|
|
|
88,537
|
|
|
274,462
|
|
|
—
|
|
|
1,487,781
|
|
|||||||
30
|
|
5,236
|
|
|
4,207
|
|
|
15,108
|
|
|
5,339
|
|
|
185
|
|
|
—
|
|
|
30,075
|
|
|||||||
40
|
|
5,381
|
|
|
2,673
|
|
|
18,729
|
|
|
16,837
|
|
|
596
|
|
|
—
|
|
|
44,216
|
|
|||||||
50
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||||
60
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
1,362,508
|
|
|
$
|
624,595
|
|
|
$
|
1,535,439
|
|
|
$
|
1,009,461
|
|
|
$
|
309,194
|
|
|
$
|
15,317
|
|
|
$
|
4,856,514
|
|
Risk Grade
|
|
Commercial, Financial and Agricultural
|
|
Real Estate - Construction and Development
|
|
Real Estate - Commercial
and Farmland
|
|
Real Estate - Residential
|
|
Consumer Installment
|
|
Other
|
|
Total
|
||||||||||||||
10
|
|
$
|
397,093
|
|
|
$
|
—
|
|
|
$
|
8,814
|
|
|
$
|
125
|
|
|
$
|
8,532
|
|
|
$
|
—
|
|
|
$
|
414,564
|
|
15
|
|
376,323
|
|
|
5,390
|
|
|
102,893
|
|
|
54,136
|
|
|
405
|
|
|
—
|
|
|
539,147
|
|
|||||||
20
|
|
97,057
|
|
|
36,307
|
|
|
889,539
|
|
|
609,583
|
|
|
25,026
|
|
|
12,486
|
|
|
1,669,998
|
|
|||||||
23
|
|
366
|
|
|
6,803
|
|
|
8,533
|
|
|
7,470
|
|
|
14
|
|
|
—
|
|
|
23,186
|
|
|||||||
25
|
|
92,066
|
|
|
307,903
|
|
|
357,151
|
|
|
88,370
|
|
|
62,098
|
|
|
—
|
|
|
907,588
|
|
|||||||
30
|
|
144
|
|
|
719
|
|
|
22,986
|
|
|
5,197
|
|
|
126
|
|
|
—
|
|
|
29,172
|
|
|||||||
40
|
|
4,089
|
|
|
5,923
|
|
|
16,303
|
|
|
16,038
|
|
|
714
|
|
|
—
|
|
|
43,067
|
|
|||||||
50
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||||
60
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
967,138
|
|
|
$
|
363,045
|
|
|
$
|
1,406,219
|
|
|
$
|
781,018
|
|
|
$
|
96,915
|
|
|
$
|
12,486
|
|
|
$
|
3,626,821
|
|
Risk Grade
|
|
Commercial, Financial and Agricultural
|
|
Real Estate - Construction and Development
|
|
Real Estate - Commercial
and Farmland |
|
Real Estate - Residential
|
|
Consumer Installment
|
|
Other
|
|
Total
|
||||||||||||||
10
|
|
$
|
3,358
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
606
|
|
|
$
|
—
|
|
|
$
|
3,964
|
|
15
|
|
4,541
|
|
|
—
|
|
|
5,047
|
|
|
91,270
|
|
|
240
|
|
|
—
|
|
|
101,098
|
|
|||||||
20
|
|
8,517
|
|
|
13,014
|
|
|
186,187
|
|
|
50,988
|
|
|
1,166
|
|
|
—
|
|
|
259,872
|
|
|||||||
23
|
|
—
|
|
|
2,306
|
|
|
6,081
|
|
|
11,349
|
|
|
—
|
|
|
—
|
|
|
19,736
|
|
|||||||
25
|
|
43,085
|
|
|
39,877
|
|
|
230,570
|
|
|
70,837
|
|
|
711
|
|
|
—
|
|
|
385,080
|
|
|||||||
30
|
|
13,718
|
|
|
4,076
|
|
|
13,637
|
|
|
5,637
|
|
|
53
|
|
|
—
|
|
|
37,121
|
|
|||||||
40
|
|
1,159
|
|
|
6,240
|
|
|
26,724
|
|
|
20,458
|
|
|
143
|
|
|
—
|
|
|
54,724
|
|
|||||||
50
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
60
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
74,378
|
|
|
$
|
65,513
|
|
|
$
|
468,246
|
|
|
$
|
250,539
|
|
|
$
|
2,919
|
|
|
$
|
—
|
|
|
$
|
861,595
|
|
Risk Grade
|
|
Commercial, Financial and Agricultural
|
|
Real Estate - Construction and Development
|
|
Real Estate - Commercial
and Farmland |
|
Real Estate - Residential
|
|
Consumer Installment
|
|
Other
|
|
Total
|
||||||||||||||
10
|
|
$
|
5,722
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
814
|
|
|
$
|
—
|
|
|
$
|
6,536
|
|
15
|
|
1,266
|
|
|
—
|
|
|
7,619
|
|
|
31,331
|
|
|
570
|
|
|
—
|
|
|
40,786
|
|
|||||||
20
|
|
16,204
|
|
|
10,686
|
|
|
194,168
|
|
|
111,712
|
|
|
1,583
|
|
|
—
|
|
|
334,353
|
|
|||||||
23
|
|
22
|
|
|
3,643
|
|
|
9,019
|
|
|
14,791
|
|
|
—
|
|
|
—
|
|
|
27,475
|
|
|||||||
25
|
|
67,123
|
|
|
56,006
|
|
|
323,242
|
|
|
121,379
|
|
|
1,276
|
|
|
—
|
|
|
569,026
|
|
|||||||
30
|
|
5,072
|
|
|
7,271
|
|
|
15,039
|
|
|
7,605
|
|
|
45
|
|
|
—
|
|
|
35,032
|
|
|||||||
40
|
|
1,128
|
|
|
3,762
|
|
|
27,268
|
|
|
23,459
|
|
|
366
|
|
|
—
|
|
|
55,983
|
|
|||||||
50
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
60
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
96,537
|
|
|
$
|
81,368
|
|
|
$
|
576,355
|
|
|
$
|
310,277
|
|
|
$
|
4,654
|
|
|
$
|
—
|
|
|
$
|
1,069,191
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
2
|
|
$
|
7
|
|
|
6
|
|
$
|
58
|
|
Real estate – construction and development
|
|
—
|
|
—
|
|
|
2
|
|
250
|
|
||
Real estate – commercial and farmland
|
|
7
|
|
3,516
|
|
|
4
|
|
1,656
|
|
||
Real estate – residential
|
|
12
|
|
656
|
|
|
34
|
|
2,495
|
|
||
Consumer installment
|
|
11
|
|
33
|
|
|
12
|
|
63
|
|
||
Total
|
|
32
|
|
$
|
4,212
|
|
|
58
|
|
$
|
4,522
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
2
|
|
$
|
47
|
|
|
5
|
|
$
|
51
|
|
Real estate – construction and development
|
|
2
|
|
261
|
|
|
1
|
|
5
|
|
||
Real estate – commercial and farmland
|
|
4
|
|
419
|
|
|
5
|
|
2,970
|
|
||
Real estate – residential
|
|
12
|
|
838
|
|
|
5
|
|
460
|
|
||
Consumer installment
|
|
7
|
|
22
|
|
|
6
|
|
38
|
|
||
Total
|
|
27
|
|
$
|
1,587
|
|
|
22
|
|
$
|
3,524
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
4
|
|
$
|
41
|
|
|
12
|
|
$
|
120
|
|
Real estate – construction and development
|
|
6
|
|
417
|
|
|
2
|
|
34
|
|
||
Real estate – commercial and farmland
|
|
17
|
|
6,937
|
|
|
5
|
|
204
|
|
||
Real estate – residential
|
|
74
|
|
6,199
|
|
|
18
|
|
1,508
|
|
||
Consumer installment
|
|
4
|
|
5
|
|
|
33
|
|
98
|
|
||
Total
|
|
105
|
|
$
|
13,599
|
|
|
70
|
|
$
|
1,964
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
4
|
|
$
|
47
|
|
|
15
|
|
$
|
114
|
|
Real estate – construction and development
|
|
8
|
|
686
|
|
|
2
|
|
34
|
|
||
Real estate – commercial and farmland
|
|
16
|
|
4,119
|
|
|
5
|
|
2,970
|
|
||
Real estate – residential
|
|
82
|
|
9,340
|
|
|
15
|
|
739
|
|
||
Consumer installment
|
|
7
|
|
17
|
|
|
32
|
|
130
|
|
||
Total
|
|
117
|
|
$
|
14,209
|
|
|
69
|
|
$
|
3,987
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
1
|
|
$
|
5
|
|
|
1
|
|
$
|
76
|
|
Real estate – construction and development
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Real estate – commercial and farmland
|
|
4
|
|
1,311
|
|
|
6
|
|
2,789
|
|
||
Real estate – residential
|
|
18
|
|
2,319
|
|
|
28
|
|
3,091
|
|
||
Consumer installment
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Total
|
|
23
|
|
$
|
3,635
|
|
|
35
|
|
$
|
5,956
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
1
|
|
$
|
5
|
|
|
2
|
|
$
|
76
|
|
Real estate – construction and development
|
|
—
|
|
—
|
|
|
1
|
|
9
|
|
||
Real estate – commercial and farmland
|
|
2
|
|
282
|
|
|
—
|
|
—
|
|
||
Real estate – residential
|
|
9
|
|
452
|
|
|
18
|
|
910
|
|
||
Consumer installment
|
|
1
|
|
3
|
|
|
—
|
|
—
|
|
||
Total
|
|
13
|
|
$
|
742
|
|
|
21
|
|
$
|
995
|
|
As of December 31, 2017
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
—
|
|
$
|
—
|
|
|
3
|
|
$
|
16
|
|
Real estate – construction and development
|
|
3
|
|
1,018
|
|
|
6
|
|
340
|
|
||
Real estate – commercial and farmland
|
|
14
|
|
6,713
|
|
|
10
|
|
2,582
|
|
||
Real estate – residential
|
|
117
|
|
12,741
|
|
|
25
|
|
1,462
|
|
||
Consumer installment
|
|
—
|
|
—
|
|
|
2
|
|
5
|
|
||
Total
|
|
134
|
|
$
|
20,472
|
|
|
46
|
|
$
|
4,405
|
|
As of December 31, 2016
|
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
|
1
|
|
$
|
1
|
|
|
4
|
|
$
|
91
|
|
Real estate – construction and development
|
|
6
|
|
1,358
|
|
|
3
|
|
30
|
|
||
Real estate – commercial and farmland
|
|
20
|
|
8,460
|
|
|
5
|
|
2,402
|
|
||
Real estate – residential
|
|
123
|
|
13,713
|
|
|
33
|
|
2,077
|
|
||
Consumer installment
|
|
3
|
|
11
|
|
|
1
|
|
—
|
|
||
Total
|
|
153
|
|
$
|
23,543
|
|
|
46
|
|
$
|
4,600
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Balance, January 1
|
$
|
3,167
|
|
|
$
|
3,818
|
|
Advances
|
654
|
|
|
78
|
|
||
Repayments
|
(1,676
|
)
|
|
(729
|
)
|
||
Transactions due to changes in related parties
|
—
|
|
|
—
|
|
||
Ending balance
|
$
|
2,145
|
|
|
$
|
3,167
|
|
(dollars in thousands)
|
|
Commercial, Financial and Agricultural
|
|
Real Estate –
Construction and Development |
|
Real Estate – Commercial and Farmland
|
|
Real Estate - Residential
|
|
Consumer Installment and Other
|
|
Purchased Loans
|
|
Purchased Loan Pools
|
|
Total
|
||||||||||||||||
Twelve months ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, January 1, 2017
|
|
$
|
2,192
|
|
|
$
|
2,990
|
|
|
$
|
7,662
|
|
|
$
|
6,786
|
|
|
$
|
827
|
|
|
$
|
1,626
|
|
|
$
|
1,837
|
|
|
$
|
23,920
|
|
Provision for loan losses
|
|
3,019
|
|
|
488
|
|
|
508
|
|
|
(86
|
)
|
|
2,591
|
|
|
2,606
|
|
|
(762
|
)
|
|
8,364
|
|
||||||||
Loans charged off
|
|
(2,850
|
)
|
|
(95
|
)
|
|
(853
|
)
|
|
(2,151
|
)
|
|
(1,618
|
)
|
|
(2,900
|
)
|
|
—
|
|
|
(10,467
|
)
|
||||||||
Recoveries of loans previously charged off
|
|
1,270
|
|
|
246
|
|
|
184
|
|
|
237
|
|
|
116
|
|
|
1,921
|
|
|
—
|
|
|
3,974
|
|
||||||||
Balance, December 31, 2017
|
|
$
|
3,631
|
|
|
$
|
3,629
|
|
|
$
|
7,501
|
|
|
$
|
4,786
|
|
|
$
|
1,916
|
|
|
$
|
3,253
|
|
|
$
|
1,075
|
|
|
$
|
25,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans individually evaluated for impairment
(1)
|
|
$
|
465
|
|
|
$
|
48
|
|
|
$
|
1,047
|
|
|
$
|
1,028
|
|
|
$
|
—
|
|
|
$
|
3,253
|
|
|
$
|
177
|
|
|
$
|
6,018
|
|
Loans collectively evaluated for impairment
|
|
3,166
|
|
|
3,581
|
|
|
6,454
|
|
|
3,758
|
|
|
1,916
|
|
|
—
|
|
|
898
|
|
|
19,773
|
|
||||||||
Ending balance
|
|
$
|
3,631
|
|
|
$
|
3,629
|
|
|
$
|
7,501
|
|
|
$
|
4,786
|
|
|
$
|
1,916
|
|
|
$
|
3,253
|
|
|
$
|
1,075
|
|
|
$
|
25,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Individually evaluated for impairment
(1)
|
|
$
|
2,971
|
|
|
$
|
500
|
|
|
$
|
8,873
|
|
|
$
|
10,818
|
|
|
$
|
—
|
|
|
$
|
28,165
|
|
|
$
|
904
|
|
|
$
|
52,231
|
|
Collectively evaluated for impairment
|
|
1,359,537
|
|
|
624,095
|
|
|
1,526,566
|
|
|
998,643
|
|
|
324,511
|
|
|
718,447
|
|
|
327,342
|
|
|
5,879,141
|
|
||||||||
Acquired with deteriorated credit quality
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
114,983
|
|
|
—
|
|
|
114,983
|
|
||||||||
Ending balance
|
|
$
|
1,362,508
|
|
|
$
|
624,595
|
|
|
$
|
1,535,439
|
|
|
$
|
1,009,461
|
|
|
$
|
324,511
|
|
|
$
|
861,595
|
|
|
$
|
328,246
|
|
|
$
|
6,046,355
|
|
(1)
|
At
December 31, 2017
, loans individually evaluated for impairment includes all nonaccrual loans greater than
$100,000
and all troubled debt restructurings greater than
$100,000
, including all troubled debt restructurings and not only those currently classified as troubled debt restructurings.
|
(dollars in thousands)
|
|
Commercial, Financial and Agricultural
|
|
Real Estate –
Construction and Development |
|
Real Estate – Commercial and Farmland
|
|
Real Estate - Residential
|
|
Consumer Installment and Other
|
|
Purchased Loans
|
|
Purchased
Loan
Pools
|
|
Total
|
||||||||||||||||
Twelve months ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, January 1, 2016
|
|
$
|
1,144
|
|
|
$
|
5,009
|
|
|
$
|
7,994
|
|
|
$
|
4,760
|
|
|
$
|
1,574
|
|
|
$
|
—
|
|
|
$
|
581
|
|
|
$
|
21,062
|
|
Provision for loan losses
|
|
2,647
|
|
|
(1,921
|
)
|
|
107
|
|
|
2,757
|
|
|
(523
|
)
|
|
(232
|
)
|
|
1,256
|
|
|
4,091
|
|
||||||||
Loans charged off
|
|
(1,999
|
)
|
|
(588
|
)
|
|
(708
|
)
|
|
(1,122
|
)
|
|
(351
|
)
|
|
(1,559
|
)
|
|
—
|
|
|
(6,327
|
)
|
||||||||
Recoveries of loans previously charged off
|
|
400
|
|
|
490
|
|
|
269
|
|
|
391
|
|
|
127
|
|
|
3,417
|
|
|
—
|
|
|
5,094
|
|
||||||||
Balance, December 31, 2016
|
|
$
|
2,192
|
|
|
$
|
2,990
|
|
|
$
|
7,662
|
|
|
$
|
6,786
|
|
|
$
|
827
|
|
|
$
|
1,626
|
|
|
$
|
1,837
|
|
|
$
|
23,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans individually evaluated for impairment
(1)
|
|
$
|
120
|
|
|
$
|
266
|
|
|
$
|
1,502
|
|
|
$
|
2,893
|
|
|
$
|
—
|
|
|
$
|
1,626
|
|
|
$
|
—
|
|
|
$
|
6,407
|
|
Loans collectively evaluated for impairment
|
|
2,072
|
|
|
2,724
|
|
|
6,160
|
|
|
3,893
|
|
|
827
|
|
|
—
|
|
|
1,837
|
|
|
17,513
|
|
||||||||
Ending balance
|
|
$
|
2,192
|
|
|
$
|
2,990
|
|
|
$
|
7,662
|
|
|
$
|
6,786
|
|
|
$
|
827
|
|
|
$
|
1,626
|
|
|
$
|
1,837
|
|
|
$
|
23,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Individually evaluated for impairment
(1)
|
|
$
|
501
|
|
|
$
|
659
|
|
|
$
|
12,423
|
|
|
$
|
12,697
|
|
|
$
|
—
|
|
|
$
|
34,141
|
|
|
$
|
—
|
|
|
$
|
60,421
|
|
Collectively evaluated for impairment
|
|
966,637
|
|
|
362,386
|
|
|
1,393,796
|
|
|
768,321
|
|
|
109,401
|
|
|
886,516
|
|
|
568,314
|
|
|
5,055,371
|
|
||||||||
Acquired with deteriorated credit quality
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148,534
|
|
|
—
|
|
|
148,534
|
|
||||||||
Ending balance
|
|
$
|
967,138
|
|
|
$
|
363,045
|
|
|
$
|
1,406,219
|
|
|
$
|
781,018
|
|
|
$
|
109,401
|
|
|
$
|
1,069,191
|
|
|
$
|
568,314
|
|
|
$
|
5,264,326
|
|
(1)
|
At
December 31, 2016
, loans individually evaluated for impairment includes all nonaccrual loans greater than
$100,000
and all troubled debt restructurings greater than
$100,000
, including all troubled debt restructurings and not only those currently classified as troubled debt restructurings.
|
(dollars in thousands)
|
|
Commercial, Financial and Agricultural
|
|
Real Estate –
Construction and Development |
|
Real Estate – Commercial and Farmland
|
|
Real Estate - Residential
|
|
Consumer Installment and Other
|
|
Purchased Loans
|
|
Purchased
Loan
Pools
|
|
Total
|
||||||||||||||||
Twelve months ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, January 1, 2015
|
|
$
|
2,004
|
|
|
$
|
5,030
|
|
|
$
|
8,823
|
|
|
$
|
4,129
|
|
|
$
|
1,171
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,157
|
|
Provision for loan losses
|
|
(73
|
)
|
|
278
|
|
|
1,221
|
|
|
2,067
|
|
|
676
|
|
|
514
|
|
|
581
|
|
|
5,264
|
|
||||||||
Loans charged off
|
|
(1,438
|
)
|
|
(622
|
)
|
|
(2,367
|
)
|
|
(1,587
|
)
|
|
(410
|
)
|
|
(2,709
|
)
|
|
—
|
|
|
(9,133
|
)
|
||||||||
Recoveries of loans previously charged off
|
|
651
|
|
|
323
|
|
|
317
|
|
|
151
|
|
|
137
|
|
|
2,195
|
|
|
—
|
|
|
3,774
|
|
||||||||
Balance, December 31, 2015
|
|
$
|
1,144
|
|
|
$
|
5,009
|
|
|
$
|
7,994
|
|
|
$
|
4,760
|
|
|
$
|
1,574
|
|
|
$
|
—
|
|
|
$
|
581
|
|
|
$
|
21,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans individually evaluated for impairment
(1)
|
|
$
|
126
|
|
|
$
|
759
|
|
|
$
|
1,074
|
|
|
$
|
2,172
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,131
|
|
Loans collectively evaluated for impairment
|
|
1,018
|
|
|
4,250
|
|
|
6,920
|
|
|
2,588
|
|
|
1,574
|
|
|
—
|
|
|
581
|
|
|
16,931
|
|
||||||||
Ending balance
|
|
$
|
1,144
|
|
|
$
|
5,009
|
|
|
$
|
7,994
|
|
|
$
|
4,760
|
|
|
$
|
1,574
|
|
|
$
|
—
|
|
|
$
|
581
|
|
|
$
|
21,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Individually evaluated for impairment
(1)
|
|
$
|
323
|
|
|
$
|
1,958
|
|
|
$
|
11,877
|
|
|
$
|
9,554
|
|
|
$
|
—
|
|
|
$
|
44,989
|
|
|
$
|
—
|
|
|
$
|
68,701
|
|
Collectively evaluated for impairment
|
|
449,300
|
|
|
242,735
|
|
|
1,093,114
|
|
|
560,876
|
|
|
37,140
|
|
|
721,309
|
|
|
592,963
|
|
|
3,697,437
|
|
||||||||
Acquired with deteriorated credit quality
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142,785
|
|
|
—
|
|
|
142,785
|
|
||||||||
Ending balance
|
|
$
|
449,623
|
|
|
$
|
244,693
|
|
|
$
|
1,104,991
|
|
|
$
|
570,430
|
|
|
$
|
37,140
|
|
|
$
|
909,083
|
|
|
$
|
592,963
|
|
|
$
|
3,908,923
|
|
(1)
|
At
December 31, 2015
, loans individually evaluated for impairment includes all nonaccrual loans greater than
$200,000
and all troubled debt restructurings greater than
$100,000
, including all troubled debt restructurings and not only those currently classified as troubled debt restructurings.
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Balance, January 1
|
$
|
10,874
|
|
|
$
|
16,147
|
|
Loans transferred to other real estate owned
|
4,372
|
|
|
3,203
|
|
||
Net gains (losses) on sale and write-downs recorded in statement of income
|
(862
|
)
|
|
(1,338
|
)
|
||
Sales proceeds
|
(5,920
|
)
|
|
(7,138
|
)
|
||
Ending balance
|
$
|
8,464
|
|
|
$
|
10,874
|
|
(dollars in thousands)
|
2017
|
|
2016
|
||||
Balance, January 1
|
$
|
12,540
|
|
|
$
|
19,344
|
|
Loans transferred to other real estate owned
|
5,023
|
|
|
7,229
|
|
||
Acquired in acquisitions
|
—
|
|
|
1,927
|
|
||
Portion of gains (losses) on sale and write-downs payable to (receivable from) the FDIC under loss-sharing agreements
|
86
|
|
|
—
|
|
||
Net gains (losses) on sale and write-downs recorded in statement of income
|
362
|
|
|
(615
|
)
|
||
Sales proceeds
|
(9,000
|
)
|
|
(15,345
|
)
|
||
Ending balance
|
$
|
9,011
|
|
|
$
|
12,540
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Land
|
$
|
39,299
|
|
|
$
|
38,521
|
|
Buildings
|
95,771
|
|
|
94,533
|
|
||
Furniture and equipment
|
48,809
|
|
|
45,988
|
|
||
Construction in progress
|
757
|
|
|
1,533
|
|
||
|
184,636
|
|
|
180,575
|
|
||
Accumulated depreciation
|
(66,898
|
)
|
|
(59,358
|
)
|
||
|
$
|
117,738
|
|
|
$
|
121,217
|
|
2018
|
$
|
5,235
|
|
2019
|
4,602
|
|
|
2020
|
3,866
|
|
|
2021
|
3,419
|
|
|
2022
|
3,095
|
|
|
Thereafter
|
8,287
|
|
|
|
$
|
28,504
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Carrying amount of goodwill at beginning of year
|
$
|
125,532
|
|
|
$
|
90,082
|
|
Additions related to acquisitions in current year
|
—
|
|
|
35,485
|
|
||
Fair value adjustments related to acquisitions in prior year
|
—
|
|
|
(35
|
)
|
||
Carrying amount of goodwill at end of year
|
$
|
125,532
|
|
|
$
|
125,532
|
|
|
As of December 31, 2017
|
|
As of December 31, 2016
|
||||||||||||
(dollars in thousands)
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
||||||||
Amortized intangible assets - core deposit premiums
|
$
|
26,250
|
|
|
$
|
12,754
|
|
|
$
|
26,250
|
|
|
$
|
8,822
|
|
2018
|
$
|
3,697
|
|
2019
|
3,622
|
|
|
2020
|
2,915
|
|
|
2021
|
1,691
|
|
|
2022
|
653
|
|
|
Thereafter
|
918
|
|
|
|
$
|
13,496
|
|
(dollars in thousands)
|
|
||
2018
|
$
|
778,527
|
|
2019
|
153,269
|
|
|
2020
|
58,601
|
|
|
2021
|
11,302
|
|
|
2022
|
18,852
|
|
|
Thereafter
|
1,411
|
|
|
|
$
|
1,021,962
|
|
|
For the Years Ended December 31,
|
||||||||||
(dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Average daily balance during the year
|
$
|
28,694
|
|
|
$
|
44,324
|
|
|
$
|
50,988
|
|
Average interest rate during the year
|
0.20
|
%
|
|
0.22
|
%
|
|
0.34
|
%
|
|||
Maximum month-end balance during the year
|
$
|
49,836
|
|
|
$
|
56,203
|
|
|
$
|
68,300
|
|
Weighted average interest rate at year-end
|
0.18
|
%
|
|
0.19
|
%
|
|
0.30
|
%
|
(dollars in thousands)
|
December 31,
2017 |
|
December 31,
2016 |
||||
Securities sold under agreements to repurchase
|
$
|
30,638
|
|
|
$
|
53,505
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Federal Home Loan Bank ("FHLB") borrowings:
|
|
|
|
||||
Daily Rate Credit from FHLB with a variable interest rate (1.59% at December 31, 2017 and 0.80% at December 31, 2016)
|
$
|
25,000
|
|
|
$
|
150,000
|
|
Advance from FHLB due January 8, 2018; fixed interest rate of 1.39%
|
150,000
|
|
|
—
|
|
||
Advance from FHLB due January 6, 2017; fixed interest rate of 0.56%
|
—
|
|
|
292,500
|
|
||
Advance from FHLB due January 9, 2017; fixed interest rate of 1.40%
|
—
|
|
|
4,002
|
|
||
Advance from FHLB due May 30, 2017; fixed interest rate of 1.23%
|
—
|
|
|
5,006
|
|
||
Subordinated notes payable:
|
|
|
|
||||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $1,205; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616%
|
73,795
|
|
|
—
|
|
||
Other debt:
|
|
|
|
||||
Advance from correspondent bank due October 5, 2019; fixed interest rate of 4.25%
|
49
|
|
|
77
|
|
||
Advance from correspondent bank due September 5, 2026; secured by a loan receivable; fixed interest rate of 2.09%
|
1,710
|
|
|
1,886
|
|
||
Advances under revolving credit agreement with a regional bank due September 26, 2020; secured by subsidiary bank stock; variable interest rate at 90-day LIBOR plus 3.50% (4.43% at December 31, 2016)
|
—
|
|
|
38,000
|
|
||
Advances under revolving credit agreement with a regional bank due January 7, 2017; fixed interest rate of 8.00%
|
—
|
|
|
850
|
|
||
|
$
|
250,554
|
|
|
$
|
492,321
|
|
|
For the Years Ended December 31,
|
||||||||||
(dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Current – federal
|
$
|
33,074
|
|
|
$
|
28,749
|
|
|
$
|
15,215
|
|
Current - state
|
5,230
|
|
|
3,550
|
|
|
1,026
|
|
|||
Deferred - federal
|
3,874
|
|
|
2,460
|
|
|
(344
|
)
|
|||
Deferred - state
|
(5,069
|
)
|
|
(1,613
|
)
|
|
—
|
|
|||
Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate
|
$
|
13,625
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50,734
|
|
|
$
|
33,146
|
|
|
$
|
15,897
|
|
|
For the Years Ended December 31,
|
||||||||||
(dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Tax at federal income tax rate
|
$
|
43,499
|
|
|
$
|
36,836
|
|
|
$
|
19,860
|
|
Change resulting from:
|
|
|
|
|
|
||||||
Tax-exempt interest
|
(4,390
|
)
|
|
(3,916
|
)
|
|
(2,490
|
)
|
|||
Increase in cash value of bank owned life insurance
|
(556
|
)
|
|
(607
|
)
|
|
(484
|
)
|
|||
Excess tax benefit from stock compensation
|
(939
|
)
|
|
—
|
|
|
—
|
|
|||
State income tax, net of federal benefit
|
(680
|
)
|
|
695
|
|
|
667
|
|
|||
Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate
|
13,625
|
|
|
—
|
|
|
—
|
|
|||
Other
|
175
|
|
|
138
|
|
|
(1,656
|
)
|
|||
Provision for income taxes
|
$
|
50,734
|
|
|
$
|
33,146
|
|
|
$
|
15,897
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Deferred tax assets
|
|
|
|
||||
Allowance for loan losses
|
$
|
6,704
|
|
|
$
|
8,731
|
|
Deferred compensation
|
1,494
|
|
|
1,648
|
|
||
Deferred gain on interest rate swap
|
114
|
|
|
296
|
|
||
Unrealized loss on interest rate swap
|
80
|
|
|
342
|
|
||
Nonaccrual interest
|
5
|
|
|
17
|
|
||
Purchase accounting adjustments
|
5,631
|
|
|
13,444
|
|
||
Goodwill and intangible assets
|
4,909
|
|
|
7,488
|
|
||
Other real estate owned
|
3,203
|
|
|
6,244
|
|
||
Net operating loss tax carryforward
|
17,853
|
|
|
26,414
|
|
||
AMT credit carryforward
|
813
|
|
|
813
|
|
||
Unrealized loss on securities available for sale
|
508
|
|
|
665
|
|
||
Capitalized costs, accrued expenses and other
|
1,144
|
|
|
680
|
|
||
|
42,458
|
|
|
66,782
|
|
||
|
|
|
|
||||
Deferred tax liabilities
|
|
|
|
||||
Depreciation and amortization
|
4,064
|
|
|
6,188
|
|
||
Mortgage servicing rights
|
1,885
|
|
|
1,412
|
|
||
Subordinated debentures
|
5,147
|
|
|
9,428
|
|
||
FDIC-assisted transaction adjustments
|
3,042
|
|
|
8,978
|
|
||
|
14,138
|
|
|
26,006
|
|
||
|
|
|
|
||||
Net deferred tax asset
|
$
|
28,320
|
|
|
$
|
40,776
|
|
|
Non-Performance-Based
|
|
Performance-Based
|
||||||||||||||||||||||
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Term
|
|
Aggregate Intrinsic Value
$ (000)
|
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Term
|
|
Aggregate Intrinsic Value
$ (000)
|
||||||||||
Under option, beginning of year
|
58,603
|
|
|
$
|
14.76
|
|
|
|
|
|
|
142,910
|
|
|
$
|
15.06
|
|
|
|
|
|
||||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||
Exercised
|
(11,309
|
)
|
|
14.76
|
|
|
|
|
$
|
167
|
|
|
(102,309
|
)
|
|
17.62
|
|
|
|
|
$
|
1,803
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|
(3,588
|
)
|
|
21.35
|
|
|
|
|
|
||||||
Under option, end of year
|
47,294
|
|
|
$
|
14.76
|
|
|
0.14
|
|
$
|
1,519
|
|
|
37,013
|
|
|
$
|
7.36
|
|
|
1.07
|
|
$
|
1,463
|
|
Exercisable at end of year
|
47,294
|
|
|
$
|
14.76
|
|
|
0.14
|
|
$
|
1,519
|
|
|
37,013
|
|
|
$
|
7.36
|
|
|
1.07
|
|
$
|
1,463
|
|
|
Non-Performance-Based
|
|
Performance-Based
|
||||||||||||||||||||||
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Term
|
|
Aggregate Intrinsic Value
$ (000)
|
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Term
|
|
Aggregate Intrinsic Value
$ (000)
|
||||||||||
Under option, beginning of year
|
72,483
|
|
|
$
|
18.55
|
|
|
|
|
|
|
224,132
|
|
|
$
|
16.92
|
|
|
|
|
|
||||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||
Exercised
|
(13,880
|
)
|
|
14.38
|
|
|
|
|
$
|
200
|
|
|
(40,714
|
)
|
|
14.68
|
|
|
|
|
$
|
765
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|
(40,508
|
)
|
|
19.67
|
|
|
|
|
|
||||||
Under option, end of year
|
58,603
|
|
|
$
|
14.76
|
|
|
1.14
|
|
$
|
1,620
|
|
|
142,910
|
|
|
$
|
15.06
|
|
|
1.22
|
|
$
|
3,909
|
|
Exercisable at end of year
|
58,603
|
|
|
$
|
14.76
|
|
|
1.14
|
|
$
|
1,620
|
|
|
142,910
|
|
|
$
|
15.06
|
|
|
1.22
|
|
$
|
3,909
|
|
|
Non-Performance-Based
|
|
Performance-Based
|
||||||||||||||||||||||
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Term
|
|
Aggregate Intrinsic Value
$ (000)
|
|
Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Term
|
|
Aggregate Intrinsic Value
$ (000)
|
||||||||||
Under option, beginning of year
|
88,111
|
|
|
$
|
18.00
|
|
|
|
|
|
|
359,331
|
|
|
$
|
16.74
|
|
|
|
|
|
||||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||
Exercised
|
(15,628
|
)
|
|
15.47
|
|
|
|
|
$
|
242
|
|
|
(59,507
|
)
|
|
15.39
|
|
|
|
|
$
|
916
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|
(75,691
|
)
|
|
17.37
|
|
|
|
|
|
||||||
Under option, end of year
|
72,483
|
|
|
$
|
18.55
|
|
|
2.13
|
|
$
|
1,331
|
|
|
224,132
|
|
|
$
|
16.92
|
|
|
1.80
|
|
$
|
3,697
|
|
Exercisable at end of year
|
72,483
|
|
|
$
|
18.55
|
|
|
2.13
|
|
$
|
1,331
|
|
|
189,587
|
|
|
$
|
15.91
|
|
|
2.06
|
|
$
|
3,252
|
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||||||||
Nonvested shares at beginning of year
|
279,727
|
|
|
$
|
26.10
|
|
|
285,326
|
|
|
$
|
17.29
|
|
|
323,151
|
|
|
$
|
13.46
|
|
Granted
|
84,147
|
|
|
46.93
|
|
|
155,751
|
|
|
29.26
|
|
|
71,000
|
|
|
23.46
|
|
|||
Vested
|
(85,587
|
)
|
|
23.30
|
|
|
(154,350
|
)
|
|
13.10
|
|
|
(108,825
|
)
|
|
9.96
|
|
|||
Forfeited
|
(472
|
)
|
|
47.60
|
|
|
(7,000
|
)
|
|
23.80
|
|
|
—
|
|
|
—
|
|
|||
Nonvested shares at end of year
|
277,815
|
|
|
33.24
|
|
|
279,727
|
|
|
26.10
|
|
|
285,326
|
|
|
17.29
|
|
|
2017
|
|
2016
|
||||||||||||
(dollars in thousands)
|
Notional Amount
|
|
Fair Value
|
|
Notional Amount
|
|
Fair Value
|
||||||||
Included in other assets:
|
|
|
|
|
|
|
|
||||||||
Forward contracts related to mortgage loans held for sale
|
$
|
31,500
|
|
|
$
|
55
|
|
|
$
|
150,000
|
|
|
$
|
1,285
|
|
Interest rate lock commitments
|
86,149
|
|
|
2,833
|
|
|
91,426
|
|
|
3,029
|
|
||||
Total included in other assets
|
$
|
117,649
|
|
|
$
|
2,888
|
|
|
$
|
241,426
|
|
|
$
|
4,314
|
|
Included in other liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward contracts related to mortgage loans held for sale
|
$
|
126,750
|
|
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total included in other liabilities
|
$
|
126,750
|
|
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Commitments to extend credit
|
$
|
1,109,806
|
|
|
$
|
1,101,257
|
|
Unused home equity lines of credit
|
69,788
|
|
|
62,586
|
|
||
Financial standby letters of credit
|
11,389
|
|
|
14,257
|
|
||
Mortgage interest rate lock commitments
|
86,149
|
|
|
91,426
|
|
||
Mortgage forward contracts with positive fair value
|
31,500
|
|
|
150,000
|
|
|
Actual
|
|
For Capital Adequacy Purposes
|
|
To Be Well Capitalized Under Prompt Corrective Action Provisions
|
|||||||||||||||
(dollars in thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Leverage Ratio (tier 1 capital to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
741,159
|
|
|
9.713
|
%
|
|
$
|
305,231
|
|
|
4.000
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
805,238
|
|
|
10.564
|
%
|
|
$
|
304,904
|
|
|
4.000
|
%
|
|
$
|
381,131
|
|
|
5.00
|
%
|
CET1 Ratio (common equity tier 1 capital to risk weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
658,529
|
|
|
10.291
|
%
|
|
$
|
367,940
|
|
|
5.750
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
805,238
|
|
|
12.644
|
%
|
|
$
|
366,186
|
|
|
5.750
|
%
|
|
$
|
413,949
|
|
|
6.50
|
%
|
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
741,159
|
|
|
11.582
|
%
|
|
$
|
463,925
|
|
|
7.250
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
805,238
|
|
|
12.644
|
%
|
|
$
|
461,712
|
|
|
7.250
|
%
|
|
$
|
509,476
|
|
|
8.00
|
%
|
Total Capital Ratio (total capital to risk weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
840,745
|
|
|
13.139
|
%
|
|
$
|
591,904
|
|
|
9.250
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
831,029
|
|
|
13.049
|
%
|
|
$
|
589,081
|
|
|
9.250
|
%
|
|
$
|
636,845
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Leverage Ratio (tier 1 capital to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
555,447
|
|
|
8.675
|
%
|
|
$
|
256,106
|
|
|
4.000
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
592,641
|
|
|
9.266
|
%
|
|
$
|
255,828
|
|
|
4.000
|
%
|
|
$
|
319,785
|
|
|
5.00
|
%
|
CET1 Ratio (common equity tier 1 capital to risk weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
476,806
|
|
|
8.317
|
%
|
|
$
|
293,811
|
|
|
5.125
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
592,641
|
|
|
10.351
|
%
|
|
$
|
293,422
|
|
|
5.125
|
%
|
|
$
|
372,145
|
|
|
6.50
|
%
|
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
555,447
|
|
|
9.689
|
%
|
|
$
|
379,804
|
|
|
6.625
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
592,641
|
|
|
10.351
|
%
|
|
$
|
379,301
|
|
|
6.625
|
%
|
|
$
|
458,024
|
|
|
8.00
|
%
|
Total Capital Ratio (total capital to risk weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
579,367
|
|
|
10.106
|
%
|
|
$
|
494,462
|
|
|
8.625
|
%
|
|
|
|
—N/A—
|
|
||
Ameris Bank
|
$
|
616,561
|
|
|
10.769
|
%
|
|
$
|
493,807
|
|
|
8.625
|
%
|
|
$
|
572,530
|
|
|
10.00
|
%
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Mortgage loans held for sale
|
$
|
190,445
|
|
|
$
|
105,924
|
|
SBA loans held for sale
|
6,997
|
|
|
—
|
|
||
Total loans held for sale
|
$
|
197,442
|
|
|
$
|
105,924
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2017
|
|
2016
|
||||
Aggregate fair value of mortgage loans held for sale
|
$
|
190,445
|
|
|
$
|
105,924
|
|
Aggregate unpaid principal balance
|
$
|
185,814
|
|
|
$
|
103,691
|
|
Past due loans of 90 days or more
|
$
|
—
|
|
|
$
|
—
|
|
Nonaccrual loans
|
$
|
—
|
|
|
$
|
—
|
|
|
Recurring Basis
Fair Value Measurements
December 31, 2017
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
State, county and municipal securities
|
$
|
137,794
|
|
|
$
|
—
|
|
|
$
|
137,794
|
|
|
$
|
—
|
|
Corporate debt securities
|
47,143
|
|
|
—
|
|
|
45,643
|
|
|
1,500
|
|
||||
Mortgage-backed securities
|
625,936
|
|
|
—
|
|
|
625,936
|
|
|
—
|
|
||||
Loans held for sale
|
197,442
|
|
|
—
|
|
|
197,442
|
|
|
—
|
|
||||
Mortgage banking derivative instruments
|
2,888
|
|
|
—
|
|
|
2,888
|
|
|
—
|
|
||||
Total recurring assets at fair value
|
$
|
1,011,203
|
|
|
$
|
—
|
|
|
$
|
1,009,703
|
|
|
$
|
1,500
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
$
|
381
|
|
|
$
|
—
|
|
|
$
|
381
|
|
|
$
|
—
|
|
Mortgage banking derivative instruments
|
67
|
|
|
—
|
|
|
67
|
|
|
—
|
|
||||
Total recurring liabilities at fair value
|
$
|
448
|
|
|
$
|
—
|
|
|
$
|
448
|
|
|
$
|
—
|
|
|
Recurring Basis
Fair Value Measurements
December 31, 2016
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
U.S. government sponsored agencies
|
$
|
1,020
|
|
|
$
|
—
|
|
|
$
|
1,020
|
|
|
$
|
—
|
|
State, county and municipal securities
|
152,035
|
|
|
—
|
|
|
152,035
|
|
|
—
|
|
||||
Corporate debt securities
|
32,172
|
|
|
—
|
|
|
30,672
|
|
|
1,500
|
|
||||
Mortgage-backed securities
|
637,508
|
|
|
—
|
|
|
637,508
|
|
|
—
|
|
||||
Loans held for sale
|
105,924
|
|
|
—
|
|
|
105,924
|
|
|
—
|
|
||||
Mortgage banking derivative instruments
|
4,314
|
|
|
—
|
|
|
4,314
|
|
|
—
|
|
||||
Total recurring assets at fair value
|
$
|
932,973
|
|
|
$
|
—
|
|
|
$
|
931,473
|
|
|
$
|
1,500
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
$
|
978
|
|
|
$
|
—
|
|
|
$
|
978
|
|
|
$
|
—
|
|
Total recurring liabilities at fair value
|
$
|
978
|
|
|
$
|
—
|
|
|
$
|
978
|
|
|
$
|
—
|
|
|
Nonrecurring Basis
Fair Value Measurements
December 31, 2017
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans carried at fair value
|
$
|
27,684
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,684
|
|
Other real estate owned
|
323
|
|
|
—
|
|
|
—
|
|
|
323
|
|
||||
Purchased other real estate owned
|
9,011
|
|
|
—
|
|
|
—
|
|
|
9,011
|
|
||||
Total nonrecurring assets at fair value
|
$
|
37,018
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37,018
|
|
|
Nonrecurring Basis
Fair Value Measurements
December 31, 2016
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans carried at fair value
|
$
|
28,253
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,253
|
|
Other real estate owned
|
1,172
|
|
|
—
|
|
|
—
|
|
|
1,172
|
|
||||
Purchased other real estate owned
|
12,540
|
|
|
—
|
|
|
—
|
|
|
12,540
|
|
||||
Total nonrecurring assets at fair value
|
$
|
41,965
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,965
|
|
(dollars in thousands)
|
Fair Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range of Discounts
|
|
Weighted Average Discount
|
||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
||
Recurring:
|
|
|
|
|
|
|
|
|
|
||
Investment securities available for sale
|
$
|
1,500
|
|
|
Discounted par values
|
|
Credit quality of
underlying issuer |
|
0%
|
|
0%
|
Nonrecurring:
|
|
|
|
|
|
|
|
|
|
||
Impaired loans
|
$
|
27,684
|
|
|
Third party appraisals
and discounted cash flows |
|
Collateral
discounts and discount rates |
|
20% - 90%
|
|
24%
|
Other real estate owned
|
$
|
323
|
|
|
Third party appraisals
and sales contracts |
|
Collateral
discounts and estimated costs to sell |
|
15% - 15%
|
|
15%
|
Purchased other real estate owned
|
$
|
9,011
|
|
|
Third party appraisals
|
|
Collateral
discounts and estimated costs to sell |
|
10% to 74%
|
|
26%
|
|
|
|
|
|
|
|
|
|
|
||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
||
Recurring:
|
|
|
|
|
|
|
|
|
|
||
Investment securities available for sale
|
$
|
1,500
|
|
|
Discounted par values
|
|
Credit quality of
underlying issuer |
|
0%
|
|
0%
|
Nonrecurring:
|
|
|
|
|
|
|
|
|
|
||
Impaired loans
|
$
|
28,253
|
|
|
Third party appraisals
and discounted cash flows |
|
Collateral
discounts and discount rates |
|
15% - 100%
|
|
28%
|
Other real estate owned
|
$
|
1,172
|
|
|
Third party appraisals
and sales contracts |
|
Collateral
discounts and estimated costs to sell |
|
15% - 74%
|
|
22%
|
Purchased other real estate owned
|
$
|
12,540
|
|
|
Third party appraisals
|
|
Collateral
discounts and estimated costs to sell |
|
10% to 74%
|
|
15%
|
|
|
|
Fair Value Measurements
December 31, 2017
|
||||||||||||||||
(dollars in thousands)
|
Carrying Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
$
|
139,313
|
|
|
$
|
139,313
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139,313
|
|
Federal funds sold and interest-bearing accounts
|
191,345
|
|
|
191,345
|
|
|
—
|
|
|
—
|
|
|
191,345
|
|
|||||
Loans, net
|
5,992,880
|
|
|
—
|
|
|
—
|
|
|
5,960,963
|
|
|
5,960,963
|
|
|||||
Accrued interest receivable
|
26,005
|
|
|
26,005
|
|
|
—
|
|
|
—
|
|
|
26,005
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
6,625,845
|
|
|
—
|
|
|
6,627,773
|
|
|
—
|
|
|
6,627,773
|
|
|||||
Securities sold under agreements to repurchase
|
30,638
|
|
|
30,638
|
|
|
—
|
|
|
—
|
|
|
30,638
|
|
|||||
Other borrowings
|
250,554
|
|
|
—
|
|
|
271,759
|
|
|
—
|
|
|
251,759
|
|
|||||
Subordinated deferrable interest debentures
|
85,550
|
|
|
—
|
|
|
74,243
|
|
|
—
|
|
|
74,243
|
|
|||||
FDIC loss-share payable
|
8,803
|
|
|
—
|
|
|
—
|
|
|
9,548
|
|
|
9,548
|
|
|||||
Accrued interest payable
|
3,258
|
|
|
3,258
|
|
|
—
|
|
|
—
|
|
|
3,258
|
|
|
|
|
Fair Value Measurements
December 31, 2016
|
||||||||||||||||
(dollars in thousands)
|
Carrying Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
$
|
127,164
|
|
|
$
|
127,164
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
127,164
|
|
Federal funds sold and interest-bearing accounts
|
71,221
|
|
|
71,221
|
|
|
—
|
|
|
—
|
|
|
71,221
|
|
|||||
Loans, net
|
5,212,153
|
|
|
—
|
|
|
—
|
|
|
5,236,034
|
|
|
5,236,034
|
|
|||||
Accrued interest receivable
|
22,278
|
|
|
22,278
|
|
|
—
|
|
|
—
|
|
|
22,278
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
5,575,163
|
|
|
—
|
|
|
5,575,288
|
|
|
—
|
|
|
5,575,288
|
|
|||||
Securities sold under agreements to repurchase
|
53,505
|
|
|
53,505
|
|
|
—
|
|
|
—
|
|
|
53,505
|
|
|||||
Other borrowings
|
492,321
|
|
|
—
|
|
|
492,321
|
|
|
—
|
|
|
492,321
|
|
|||||
Subordinated deferrable interest debentures
|
84,228
|
|
|
—
|
|
|
67,321
|
|
|
—
|
|
|
67,321
|
|
|||||
FDIC loss-share payable
|
6,313
|
|
|
—
|
|
|
—
|
|
|
8,243
|
|
|
8,243
|
|
|||||
Accrued interest payable
|
1,501
|
|
|
1,501
|
|
|
—
|
|
|
—
|
|
|
1,501
|
|
(dollars in thousands)
|
Unrealized
Gain (Loss)
on Derivatives
|
|
Unrealized
Gain (Loss)
on Securities
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||
Balance, December 31, 2016
|
$
|
176
|
|
|
$
|
(1,234
|
)
|
|
$
|
(1,058
|
)
|
Reclassification for gains included in net income, net of tax
|
—
|
|
|
(24
|
)
|
|
(24
|
)
|
|||
Current year changes, net of tax
|
116
|
|
|
(314
|
)
|
|
(198
|
)
|
|||
Balance, December 31, 2017
|
$
|
292
|
|
|
$
|
(1,572
|
)
|
|
$
|
(1,280
|
)
|
(dollars in thousands)
|
Unrealized
Gain (Loss) on Derivatives |
|
Unrealized
Gain (Loss) on Securities |
|
Accumulated Other Comprehensive Income (Loss)
|
||||||
Balance, December 31, 2015
|
$
|
152
|
|
|
$
|
3,201
|
|
|
$
|
3,353
|
|
Reclassification for gains included in net income, net of tax
|
—
|
|
|
(61
|
)
|
|
(61
|
)
|
|||
Current year changes, net of tax
|
24
|
|
|
(4,374
|
)
|
|
(4,350
|
)
|
|||
Balance, December 31, 2016
|
$
|
176
|
|
|
$
|
(1,234
|
)
|
|
$
|
(1,058
|
)
|
(dollars in thousands)
|
Unrealized
Gain (Loss) on Derivatives |
|
Unrealized
Gain (Loss) on Securities |
|
Accumulated Other Comprehensive Income (Loss)
|
||||||
Balance, December 31, 2014
|
$
|
508
|
|
|
$
|
5,590
|
|
|
$
|
6,098
|
|
Reclassification for gains included in net income, net of tax
|
—
|
|
|
(89
|
)
|
|
(89
|
)
|
|||
Current year changes, net of tax
|
(356
|
)
|
|
(2,300
|
)
|
|
(2,656
|
)
|
|||
Balance, December 31, 2015
|
$
|
152
|
|
|
$
|
3,201
|
|
|
$
|
3,353
|
|
|
Year Ended
December 31, 2017 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking Division
|
|
Retail Mortgage Division
|
|
Warehouse Lending Division
|
|
SBA Division
|
|
Premium Finance Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
231,111
|
|
|
$
|
21,318
|
|
|
$
|
7,701
|
|
|
$
|
5,293
|
|
|
$
|
28,924
|
|
|
$
|
294,347
|
|
Interest expense
|
20,392
|
|
|
5,731
|
|
|
1,824
|
|
|
1,549
|
|
|
4,726
|
|
|
34,222
|
|
||||||
Net interest income
|
210,719
|
|
|
15,587
|
|
|
5,877
|
|
|
3,744
|
|
|
24,198
|
|
|
260,125
|
|
||||||
Provision for loan losses
|
6,787
|
|
|
771
|
|
|
186
|
|
|
(111
|
)
|
|
731
|
|
|
8,364
|
|
||||||
Noninterest income
|
51,416
|
|
|
44,913
|
|
|
1,739
|
|
|
6,277
|
|
|
112
|
|
|
104,457
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits
|
78,857
|
|
|
32,996
|
|
|
530
|
|
|
3,126
|
|
|
4,507
|
|
|
120,016
|
|
||||||
Occupancy and equipment expenses
|
21,436
|
|
|
2,217
|
|
|
4
|
|
|
215
|
|
|
197
|
|
|
24,069
|
|
||||||
Data processing and communications expenses
|
25,177
|
|
|
1,611
|
|
|
98
|
|
|
21
|
|
|
962
|
|
|
27,869
|
|
||||||
Other expenses
|
46,192
|
|
|
4,260
|
|
|
163
|
|
|
738
|
|
|
8,629
|
|
|
59,982
|
|
||||||
Total noninterest expense
|
171,662
|
|
|
41,084
|
|
|
795
|
|
|
4,100
|
|
|
14,295
|
|
|
231,936
|
|
||||||
Income before income tax expense
|
83,686
|
|
|
18,645
|
|
|
6,635
|
|
|
6,032
|
|
|
9,284
|
|
|
124,282
|
|
||||||
Income tax expense
|
36,518
|
|
|
6,526
|
|
|
2,322
|
|
|
2,111
|
|
|
3,257
|
|
|
50,734
|
|
||||||
Net income
|
$
|
47,168
|
|
|
$
|
12,119
|
|
|
$
|
4,313
|
|
|
$
|
3,921
|
|
|
$
|
6,027
|
|
|
$
|
73,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
6,431,151
|
|
|
$
|
598,355
|
|
|
$
|
238,561
|
|
|
$
|
101,737
|
|
|
$
|
486,399
|
|
|
$
|
7,856,203
|
|
Goodwill
|
$
|
125,532
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
125,532
|
|
Other intangible assets, net
|
$
|
13,496
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,496
|
|
|
Year Ended
December 31, 2016 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking Division
|
|
Retail Mortgage Division
|
|
Warehouse Lending Division
|
|
SBA Division
|
|
Premium Finance Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
213,246
|
|
|
$
|
14,110
|
|
|
$
|
6,686
|
|
|
$
|
3,959
|
|
|
$
|
1,064
|
|
|
$
|
239,065
|
|
Interest expense
|
14,762
|
|
|
3,469
|
|
|
724
|
|
|
739
|
|
|
—
|
|
|
19,694
|
|
||||||
Net interest income
|
198,484
|
|
|
10,641
|
|
|
5,962
|
|
|
3,220
|
|
|
1,064
|
|
|
219,371
|
|
||||||
Provision for loan losses
|
1,973
|
|
|
573
|
|
|
590
|
|
|
847
|
|
|
108
|
|
|
4,091
|
|
||||||
Noninterest income
|
53,168
|
|
|
45,162
|
|
|
1,790
|
|
|
5,681
|
|
|
—
|
|
|
105,801
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits
|
72,824
|
|
|
30,689
|
|
|
619
|
|
|
2,705
|
|
|
—
|
|
|
106,837
|
|
||||||
Occupancy and equipment expenses
|
22,209
|
|
|
1,928
|
|
|
4
|
|
|
254
|
|
|
2
|
|
|
24,397
|
|
||||||
Data processing and communications expenses
|
23,140
|
|
|
1,300
|
|
|
103
|
|
|
4
|
|
|
44
|
|
|
24,591
|
|
||||||
Other expenses
|
54,438
|
|
|
4,485
|
|
|
106
|
|
|
712
|
|
|
269
|
|
|
60,010
|
|
||||||
Total noninterest expense
|
172,611
|
|
|
38,402
|
|
|
832
|
|
|
3,675
|
|
|
315
|
|
|
215,835
|
|
||||||
Income before income tax expense
|
77,068
|
|
|
16,828
|
|
|
6,330
|
|
|
4,379
|
|
|
641
|
|
|
105,246
|
|
||||||
Income tax expense
|
23,283
|
|
|
5,891
|
|
|
2,215
|
|
|
1,533
|
|
|
224
|
|
|
33,146
|
|
||||||
Net income
|
$
|
53,785
|
|
|
$
|
10,937
|
|
|
$
|
4,115
|
|
|
$
|
2,846
|
|
|
$
|
417
|
|
|
$
|
72,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
5,879,859
|
|
|
$
|
358,497
|
|
|
$
|
189,670
|
|
|
$
|
90,908
|
|
|
$
|
373,097
|
|
|
$
|
6,892,031
|
|
Goodwill
|
$
|
125,532
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
125,532
|
|
Other intangible assets, net
|
$
|
17,428
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,428
|
|
|
Year Ended
December 31, 2015 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking Division
|
|
Retail Mortgage Division
|
|
Warehouse Lending Division
|
|
SBA Division
|
|
Premium Finance Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
174,162
|
|
|
$
|
8,821
|
|
|
$
|
4,137
|
|
|
$
|
3,273
|
|
|
$
|
—
|
|
|
$
|
190,393
|
|
Interest expense
|
12,742
|
|
|
1,484
|
|
|
159
|
|
|
471
|
|
|
—
|
|
|
14,856
|
|
||||||
Net interest income
|
161,420
|
|
|
7,337
|
|
|
3,978
|
|
|
2,802
|
|
|
—
|
|
|
175,537
|
|
||||||
Provision for loan losses
|
4,847
|
|
|
417
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,264
|
|
||||||
Noninterest income
|
44,251
|
|
|
34,498
|
|
|
1,364
|
|
|
5,473
|
|
|
—
|
|
|
85,586
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits
|
68,183
|
|
|
22,112
|
|
|
519
|
|
|
3,189
|
|
|
—
|
|
|
94,003
|
|
||||||
Occupancy and equipment expenses
|
19,320
|
|
|
1,674
|
|
|
7
|
|
|
194
|
|
|
—
|
|
|
21,195
|
|
||||||
Data processing and communications expenses
|
18,681
|
|
|
1,065
|
|
|
95
|
|
|
8
|
|
|
—
|
|
|
19,849
|
|
||||||
Other expenses
|
59,636
|
|
|
3,787
|
|
|
123
|
|
|
522
|
|
|
—
|
|
|
64,068
|
|
||||||
Total noninterest expense
|
165,820
|
|
|
28,638
|
|
|
744
|
|
|
3,913
|
|
|
—
|
|
|
199,115
|
|
||||||
Income before income tax expense
|
35,004
|
|
|
12,780
|
|
|
4,598
|
|
|
4,362
|
|
|
—
|
|
|
56,744
|
|
||||||
Income tax expense
|
8,257
|
|
|
4,504
|
|
|
1,609
|
|
|
1,527
|
|
|
—
|
|
|
15,897
|
|
||||||
Net income
|
26,747
|
|
|
8,276
|
|
|
2,989
|
|
|
2,835
|
|
|
—
|
|
|
40,847
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
5,166,045
|
|
|
$
|
246,730
|
|
|
$
|
101,893
|
|
|
$
|
74,272
|
|
|
$
|
—
|
|
|
$
|
5,588,940
|
|
Goodwill
|
$
|
90,082
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,082
|
|
Other intangible assets, net
|
$
|
17,058
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,058
|
|
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
4,409
|
|
|
$
|
457
|
|
Investment in subsidiaries
|
953,815
|
|
|
767,682
|
|
||
Other assets
|
31,221
|
|
|
7,706
|
|
||
Total assets
|
$
|
989,445
|
|
|
$
|
775,845
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Other liabilities
|
$
|
25,621
|
|
|
$
|
6,330
|
|
Other borrowings
|
73,795
|
|
|
38,850
|
|
||
Subordinated deferrable interest debentures
|
85,550
|
|
|
84,228
|
|
||
Total liabilities
|
184,966
|
|
|
129,408
|
|
||
Shareholders' equity
|
804,479
|
|
|
646,437
|
|
||
Total liabilities and shareholders' equity
|
$
|
989,445
|
|
|
$
|
775,845
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Income
|
|
|
|
|
|
||||||
Dividends from subsidiaries
|
$
|
—
|
|
|
$
|
34,631
|
|
|
$
|
10,000
|
|
Other income
|
132
|
|
|
208
|
|
|
59
|
|
|||
Total income
|
132
|
|
|
34,839
|
|
|
10,059
|
|
|||
|
|
|
|
|
|
||||||
Expense
|
|
|
|
|
|
||||||
Interest expense
|
9,065
|
|
|
6,280
|
|
|
4,813
|
|
|||
Other expense
|
4,612
|
|
|
2,825
|
|
|
1,521
|
|
|||
Total expense
|
13,677
|
|
|
9,105
|
|
|
6,334
|
|
|||
|
|
|
|
|
|
||||||
Income (loss) before taxes and equity in undistributed income of subsidiaries
|
(13,545
|
)
|
|
25,734
|
|
|
3,725
|
|
|||
Income tax benefit
|
10,622
|
|
|
2,972
|
|
|
2,382
|
|
|||
Income (loss) before equity in undistributed income of subsidiaries
|
(2,923
|
)
|
|
28,706
|
|
|
6,107
|
|
|||
Equity in undistributed income of subsidiaries
|
76,471
|
|
|
43,394
|
|
|
34,740
|
|
|||
Net income
|
$
|
73,548
|
|
|
$
|
72,100
|
|
|
$
|
40,847
|
|
|
Quarters Ended December 31, 2017
|
||||||||||||||
(dollars in thousands, except per share data)
|
4
|
|
3
|
|
2
|
|
1
|
||||||||
Selected Income Statement Data
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
79,564
|
|
|
$
|
76,322
|
|
|
$
|
71,411
|
|
|
$
|
67,050
|
|
Interest expense
|
10,041
|
|
|
9,467
|
|
|
8,254
|
|
|
6,460
|
|
||||
Net interest income
|
69,523
|
|
|
66,855
|
|
|
63,157
|
|
|
60,590
|
|
||||
Provision for loan losses
|
2,536
|
|
|
1,787
|
|
|
2,205
|
|
|
1,836
|
|
||||
Net interest income after provision for loan losses
|
66,987
|
|
|
65,068
|
|
|
60,952
|
|
|
58,754
|
|
||||
Noninterest income
|
23,563
|
|
|
26,999
|
|
|
28,189
|
|
|
25,706
|
|
||||
Noninterest expense
|
58,916
|
|
|
63,675
|
|
|
55,739
|
|
|
52,691
|
|
||||
Merger and conversion charges
|
421
|
|
|
92
|
|
|
—
|
|
|
402
|
|
||||
Income before income taxes
|
31,213
|
|
|
28,300
|
|
|
33,402
|
|
|
31,367
|
|
||||
Income tax
|
22,063
|
|
|
8,142
|
|
|
10,315
|
|
|
10,214
|
|
||||
Net income
|
$
|
9,150
|
|
|
$
|
20,158
|
|
|
$
|
23,087
|
|
|
$
|
21,153
|
|
|
|
|
|
|
|
|
|
||||||||
Per Share Data
|
|
|
|
|
|
|
|
||||||||
Net income – basic
|
$
|
0.25
|
|
|
$
|
0.54
|
|
|
$
|
0.62
|
|
|
$
|
0.59
|
|
Net income – diluted
|
0.24
|
|
|
0.54
|
|
|
0.62
|
|
|
0.59
|
|
||||
Common dividends - cash
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
Quarters Ended December 31, 2016
|
||||||||||||||
(dollars in thousands, except per share data)
|
4
|
|
3
|
|
2
|
|
1
|
||||||||
Selected Income Statement Data
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
62,956
|
|
|
$
|
62,210
|
|
|
$
|
59,340
|
|
|
$
|
54,559
|
|
Interest expense
|
5,677
|
|
|
5,143
|
|
|
4,751
|
|
|
4,123
|
|
||||
Net interest income
|
57,279
|
|
|
57,067
|
|
|
54,589
|
|
|
50,436
|
|
||||
Provision for loan losses
|
1,710
|
|
|
811
|
|
|
889
|
|
|
681
|
|
||||
Net interest income after provision for loan losses
|
55,569
|
|
|
56,256
|
|
|
53,700
|
|
|
49,755
|
|
||||
Noninterest income
|
24,272
|
|
|
28,864
|
|
|
28,379
|
|
|
24,286
|
|
||||
Noninterest expense
|
54,660
|
|
|
53,199
|
|
|
52,359
|
|
|
49,241
|
|
||||
Merger and conversion charges
|
17
|
|
|
—
|
|
|
—
|
|
|
6,359
|
|
||||
Income before income taxes
|
25,164
|
|
|
31,921
|
|
|
29,720
|
|
|
18,441
|
|
||||
Income tax
|
6,987
|
|
|
10,364
|
|
|
9,671
|
|
|
6,124
|
|
||||
Net income
|
$
|
18,177
|
|
|
$
|
21,557
|
|
|
$
|
20,049
|
|
|
$
|
12,317
|
|
|
|
|
|
|
|
|
|
||||||||
Per Share Data
|
|
|
|
|
|
|
|
||||||||
Net income – basic
|
$
|
0.52
|
|
|
$
|
0.62
|
|
|
$
|
0.58
|
|
|
$
|
0.38
|
|
Net income – diluted
|
0.52
|
|
|
0.61
|
|
|
0.57
|
|
|
0.37
|
|
||||
Common dividends - cash
|
0.10
|
|
|
0.10
|
|
|
0.05
|
|
|
0.05
|
|
A.
|
the commission of an act by the Employee involving gross negligence, willful misconduct or moral turpitude that is materially damaging to the business, customer relations, operations or prospects of the Bank or the Holding Company or that brings the Bank or the Holding Company into public disrepute or disgrace;
|
B.
|
the commission of an act by the Employee constituting dishonesty or fraud against the Bank or the Holding Company;
|
C.
|
the Employee is convicted of, or pleads guilty or nolo contendere to, any crime involving breach of trust or moral turpitude or any felony; or
|
D.
|
a consistent pattern of failure by the Employee to follow the reasonable written instructions or policies of the Employee’s supervisor or the Board.
|
A.
|
a material reduction in the Employee’s rate of regular compensation from the Bank;
|
B.
|
a relocation of the Employee’s principal place of employment by more than fifty (50) miles, other than to an office or location closer to the Employee’s home residence and except for
|
C.
|
a material reduction in the Employee’s authority, duties, title or responsibilities, other than any change resulting solely from a change in the publicly-traded status of the Bank or the Holding Company.
|
Years of Plan Service
|
Vested Percentage
|
10 or less
|
0%
|
Greater than 10
|
100%
|
4.2
|
Forfeitures
.
|
A.
|
Termination for Cause; Removal
.
If the Employee’s employment is terminated for Cause or the Employee becomes subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act, then the Employee shall forfeit all benefits (or the remainder thereof, if any) under this Agreement. Such forfeited amounts shall revert to the Bank and shall not be payable to, or for the benefit of, the Employee, any Beneficiary or any other person claiming benefits through such persons.
|
B.
|
Violation of Non-Competition and/or Nondisclosure Conditions
.
If the Employee (1) violates any non-competition, nondisclosure or similar restrictive covenant agreement, or similar covenants set forth in any employment agreement, then in effect between the Bank or the Holding Company and the Employee and to which the Employee is then subject, or (2) if no such agreement exists, engages in Prohibited Disclosure, whether before or after a Termination of Employment, then the Employee shall forfeit all unpaid benefits under this Agreement. The Employee’s compliance with the foregoing covenants and avoidance of Prohibited Disclosure is a pre-condition to the receipt of Plan Distributions prior to Retirement Age and to the continuation of any benefit payments under this Agreement after Plan Distributions have commenced (if payable in installments). Such forfeited amounts shall revert to the Bank and shall not be payable to, or for the benefit of, the Employee, any Beneficiary or any other person claiming benefits through such persons.
|
A.
|
Normal Retirement Benefit
.
Commencing the first day of the month following the Employee’s Retirement Age, the Bank shall pay the Employee the Normal Retirement Benefit in twelve (12) equal monthly installments. Such benefit shall continue to be paid annually for the period set forth in Section 3.1.
|
B.
|
Death of the Employee
.
|
1.
|
Death Prior to Retirement Age
.
In the event of the Employee’s death while the Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments or other Plan Distributions, the Bank shall pay the Employee’s Beneficiary the Normal Retirement Benefit in twelve (12) equal monthly installments, commencing within thirty (30) days after receipt by the Bank of the Employee’s death certificate (but in no event later than ninety (90) days after the date of the Employee’s death). Such benefit shall continue to be paid annually for the period set forth in Section 3.2.
|
2.
|
Death Following Commencement of Plan Distributions
.
In the event of the Employee’s death after the commencement of Plan Distributions but before receiving all such Plan Distributions, the Bank shall distribute to the Employee’s Beneficiary the remaining Plan Distributions at the same time and in the same amounts that such Plan Distributions would have been distributed to the Employee had the Employee survived.
|
3.
|
Death Before Plan Distributions Commence
.
If the Employee is entitled to Plan Distributions under this Agreement but dies prior to the commencement of such Plan Distributions, then the Bank shall distribute to the Employee’s Beneficiary the same Plan Distributions at the same time and in the same amounts that such Plan Distributions would have been distributed to the Employee had the Employee survived.
|
C.
|
Voluntary Termination of Employment Other Than for Good Reason
.
In the event the Employee incurs a voluntary Termination of Employment prior to Retirement Age for any reason other than Good Reason (or as a result of the Employee’s death or Disability), the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.3 in twelve (12) equal monthly installments, commencing upon the first day of the month following the Employee’s Retirement Age. Such benefit shall continue to be paid for the period set forth in Section 3.3.
|
D.
|
Involuntary Termination of Employment Other Than for Cause and Voluntary Termination for Good Reason
.
In the event the Employee incurs an involuntary Termination of Employment prior to Retirement Age for any reason other than Cause (or as a result of the Employee’s death or Disability), or a voluntary Termination of Employment for Good Reason, the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.4 in twelve (12) equal monthly installments, commencing upon the first day of the month following the Employee’s Retirement Age. Such benefit shall continue to be paid for the period set forth in Section 3.4.
|
E.
|
Plan Termination
.
Subject to the provisions of Section 409A of the Code, in the event the Bank terminates the Agreement while the Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments or other Plan Distributions, the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.5 in twelve (12) equal monthly installments, commencing upon the first day of the month following the Employee’s Retirement Age. Such benefit shall continue to be paid for the period set forth in Section 3.5. If the Employee or the Employee’s Beneficiary is already receiving Plan Distributions when the Agreement is terminated, then such termination shall have no impact on the continuation of such benefits pursuant to this Agreement nor shall it result in any incremental benefits being paid to the Employee over and above the then existing Plan Distributions.
|
F.
|
Disability
.
In the event of the Employee incurring a Disability while the Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments, the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.6 in twelve (12) equal monthly installments, commencing within sixty (60) days after the date of Disability. Such benefit shall continue to be paid for the period set forth in Section 3.6.
|
A.
|
Claim
.
Benefits shall be paid in accordance with the terms of this Agreement. The Employee, any Beneficiary or any person who believes that he or she is being denied a benefit to which he or she is entitled under this Agreement (a
“
Claimant
”
) may file a written request for such benefit with the Bank, setting forth his or her claim.
|
B.
|
Claim Decision
.
Upon the receipt of a claim, the Administrator shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. However, the Administrator may extend the reply period for an additional ninety (90) days for reasonable cause. Any claim not granted or denied within such time period shall be deemed to have been denied. If the claim is denied in whole or in part, then the Administrator shall provide written notice to the Claimant, setting forth:
|
1.
|
The reason or reasons for such denial;
|
2.
|
The reference to pertinent provisions of this Agreement on which such denial is based;
|
3.
|
A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation of why such material or such information is necessary;
|
4.
|
Steps to be taken if the Claimant wishes to submit the claim for review; and
|
5.
|
The time limits for requesting a review under subsequent provisions of this Section 6.7.
|
C.
|
Request for Review
.
Within sixty (60) days after the receipt by the Claimant of the Administrator’s written notice described above, the Claimant may request in writing that the Administrator review its prior determination. The Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Administrator. If the Claimant does not request a review of the Administrator’s determination within such sixty (60) day period, then such Claimant shall be barred and estopped from challenging the Administrator’s determination.
|
D.
|
Review of Decision
.
Within sixty (60) days after the Administrator’s receipt of a request for review, the Administrator shall review its prior determination. After considering all materials presented by the Claimant, the Administrator will render a written decision setting forth the reasons for the decision and containing references to the pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, then the Administrator will so notify the Claimant and shall render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review. Any claim not granted or denied within such time period will be deemed to have been denied.
|
A.
|
Benefits under this Agreement shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, nor shall any such benefits be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to them. Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge such benefits shall be void. This Section 8.2.A. shall also apply to the creation, assignment or recognition of a right to any benefit payable with respect to the Employee pursuant to a domestic relations order, including a qualified domestic relations order under Section 414(p) of the Code.
|
B.
|
The Bank may bring an action for a declaratory judgment if the Employee’s Beneficiary or any Beneficiary’s benefits hereunder are threatened to be attached by an order from any court. The Bank may seek such declaratory judgment in a court of competent jurisdiction to:
|
1.
|
Determine the proper recipient or recipients of the benefits to be paid under the Agreement;
|
2.
|
Protect the operation and consequences of the Agreement for the Bank and the Employee; and
|
3.
|
Request any other equitable relief the Bank in its sole judgment may feel appropriate.
|
A.
|
Any notices required or permitted hereunder shall be in writing and shall be deemed to be sufficiently given at the time when delivered personally or when mailed by certified or registered first class mail, postage prepaid, addressed to either party hereto as follows:
|
B.
|
Any communication, benefit payment, statement of notice addressed to the Employee or any Beneficiary at the last post office address as shown on the Bank’s records shall be binding on the Employee or such Beneficiary for all purposes of this Agreement. The Bank, and a Trustee, if applicable, shall not be obligated to search for any Employee or any Beneficiary beyond sending a registered letter to such last known address.
|
A.
|
The payments to the Employee or the Employee’s Beneficiary hereunder shall be made from assets that shall continue, for all purposes, to be a part of the general, unrestricted assets of the Bank, and no person shall have any interest in any such assets by virtue of the provisions of this Agreement. The Bank’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive a benefit from the Bank under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank, and no such person shall have nor acquire any legal or equitable right, or claim in or to any property or assets of the Bank. The Bank shall not be obligated under any circumstances to fund obligations under this Agreement.
|
B.
|
The Bank, in its sole discretion, may acquire and/or set aside assets or funds to support its financial obligations under this Agreement. No such acquisition or set-aside shall impair or derogate from the Bank’s direct obligation to the Employee or any Beneficiary under this Agreement. However, no Employee or Beneficiary shall be entitled to receive duplicate payments of any benefits provided hereunder because of the existence of such assets or funds.
|
C.
|
In the event that, in its discretion, the Bank purchases an asset(s) or insurance policy or policies insuring the life of the Employee to allow the Bank to recover the cost of providing benefits,
|
A.
|
Direct distribution of such benefits, in such proportions as the Bank may determine, to one or more or all, of the Employee’s next of kin, if the Bank knows their location; or
|
B.
|
Deem this benefit to be forfeited and paid to the Bank if the location of the Employee’s next of kin is not known. However, the Bank shall pay the benefit, unadjusted for gains or losses from the date of such forfeiture, to the Employee or Beneficiary who subsequently makes proper claim to the benefit.
|
A.
|
This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code. Nevertheless, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed, and neither the Bank nor its directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other amounts owed by the Employee as a result of the application of Section 409A of the Code.
|
B.
|
For purposes of Section 409A of the Code, (i) all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” within the meaning of such term under Section 409A of the Code, (ii) each payment made under this Agreement shall be treated as a separate payment and (iii) the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. In no event shall the Employee, directly or indirectly, designate the calendar year of payment.
|
C.
|
Notwithstanding any provision in this Agreement to the contrary, if, at the time of the Employee’s separation from service with the Bank, the Employee is a “specified employee” (as defined in Section 409A of the Code) and it is necessary to postpone the commencement of any severance payments otherwise payable pursuant to this Agreement as a result of such separation from service to prevent any accelerated or additional taxes, interest, penalties or other amounts under Section 409A of the Code, then the Bank will postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Employee) that are not otherwise exempt from Section 409A of the Code until the Bank’s first payroll date that is six (6) months following the Employee’s separation from service with the Bank. If any payments are postponed pursuant to this Section 8.14, then such postponed amounts will be paid in a lump sum to the Employee on the Bank’s first payroll date that occurs after the date that is six (6) months following the Employee’s separation from service. If the Employee dies during the postponement period prior to the payment of any postponed amount, then such amount shall be paid as provided herein within sixty (60) days after the date of the Employee’s death.
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Earnings
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax income from continuing operations
|
|
$
|
124,282
|
|
|
$
|
105,246
|
|
|
$
|
56,744
|
|
|
$
|
56,205
|
|
|
$
|
29,303
|
|
Fixed charges
|
|
35,936
|
|
|
21,256
|
|
|
15,879
|
|
|
15,436
|
|
|
10,756
|
|
|||||
Amortization of capitalized interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Capitalized interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total earnings
|
|
160,218
|
|
|
126,502
|
|
|
72,623
|
|
|
71,641
|
|
|
40,059
|
|
|||||
Less: Interest on deposits
|
|
19,877
|
|
|
12,410
|
|
|
9,752
|
|
|
9,488
|
|
|
8,400
|
|
|||||
Total earnings excluding deposit interest
|
|
$
|
140,341
|
|
|
$
|
114,092
|
|
|
$
|
62,871
|
|
|
$
|
62,153
|
|
|
$
|
31,659
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed Charges
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
$
|
34,222
|
|
|
$
|
19,694
|
|
|
$
|
14,856
|
|
|
$
|
14,680
|
|
|
$
|
10,137
|
|
Interest capitalized
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest included in rental expense
|
|
1,714
|
|
|
1,562
|
|
|
1,023
|
|
|
756
|
|
|
619
|
|
|||||
Total fixed charges
|
|
35,936
|
|
|
21,256
|
|
|
15,879
|
|
|
15,436
|
|
|
10,756
|
|
|||||
Less: Interest on deposits
|
|
19,877
|
|
|
12,410
|
|
|
9,752
|
|
|
9,488
|
|
|
8,400
|
|
|||||
Total fixed charges excluding deposit interest
|
|
$
|
16,059
|
|
|
$
|
8,846
|
|
|
$
|
6,127
|
|
|
$
|
5,948
|
|
|
$
|
2,356
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed Charges and Preferred Stock Dividends
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
$
|
34,222
|
|
|
$
|
19,694
|
|
|
$
|
14,856
|
|
|
$
|
14,680
|
|
|
$
|
10,137
|
|
Interest capitalized
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest included in rental expense
|
|
1,714
|
|
|
1,562
|
|
|
1,023
|
|
|
756
|
|
|
619
|
|
|||||
Preferred stock dividends (pre-tax equivalent)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286
|
|
|
1,738
|
|
|||||
Total fixed charges and preferred stock dividends
|
|
35,936
|
|
|
21,256
|
|
|
15,879
|
|
|
15,722
|
|
|
12,494
|
|
|||||
Less: Interest on deposits
|
|
19,877
|
|
|
12,410
|
|
|
9,752
|
|
|
9,488
|
|
|
8,400
|
|
|||||
Total fixed charges and preferred stock dividends excluding deposit interest
|
|
$
|
16,059
|
|
|
$
|
8,846
|
|
|
$
|
6,127
|
|
|
$
|
6,234
|
|
|
$
|
4,094
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Including interest on deposits
|
|
4.46
|
|
|
5.95
|
|
|
4.57
|
|
|
4.64
|
|
|
3.72
|
|
|||||
Excluding interest on deposits
|
|
8.74
|
|
|
12.90
|
|
|
10.26
|
|
|
10.45
|
|
|
13.44
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Including interest on deposits
|
|
4.46
|
|
|
5.95
|
|
|
4.57
|
|
|
4.56
|
|
|
3.21
|
|
|||||
Excluding interest on deposits
|
|
8.74
|
|
|
12.90
|
|
|
10.26
|
|
|
9.97
|
|
|
7.73
|
|
Name of Subsidiary
|
|
State of Incorporation
or Organization
|
|
|
|
|
|
Ameris Bank
|
|
Georgia
|
|
Ameris Statutory Trust I
|
|
Delaware
|
|
Ameris Sub Holding Company, Inc.
|
|
Delaware
|
|
Moultrie Real Estate Holdings, Inc.
|
|
Delaware
|
|
Quitman Real Estate Holdings, Inc.
|
|
Delaware
|
|
Thomas Real Estate Holdings, Inc.
|
|
Delaware
|
|
Citizens Real Estate Holdings, Inc.
|
|
Delaware
|
|
Cairo Real Estate Holdings, Inc.
|
|
Delaware
|
|
Southland Real Estate Holdings, Inc.
|
|
Alabama
|
|
Cordele Real Estate Holdings, Inc.
|
|
Delaware
|
|
First National Real Estate Holdings, Inc.
|
|
Delaware
|
|
M&F Real Estate Holdings, Inc.
|
|
Delaware
|
|
Tri-County Real Estate Holdings, Inc.
|
|
Delaware
|
|
First National Banc Statutory Trust I
|
|
Delaware
|
|
Prosperity Bank Statutory Trust II
|
|
Connecticut
|
|
Prosperity Bank Statutory Trust III
|
|
Delaware
|
|
Prosperity Bank Statutory Trust IV
|
|
Delaware
|
|
Prosperity Banking Capital Trust I
|
|
Delaware
|
|
Prosperity Land Holdings, LLC
|
|
Florida
|
|
Coastal Bankshares Statutory Trust I
|
|
Delaware
|
|
Coastal Bankshares Statutory Trust II
|
|
Connecticut
|
|
Merchants & Southern Statutory Trust I
|
|
Delaware
|
|
Merchants & Southern Statutory Trust II
|
|
Delaware
|
|
Atlantic BancGroup, Inc. Statutory Trust I
|
|
Delaware
|
|
Jacksonville Statutory Trust I
|
|
Delaware
|
|
Jacksonville Statutory Trust II
|
|
Delaware
|
|
Jacksonville Bancorp, Inc. Statutory Trust III
|
|
Delaware
|
|
East Arlington, Inc.
|
|
Florida
|
|
Fountain Financial, Inc.
|
|
Florida
|
|
Jarrett Point, LLC
|
|
Florida
|
|
Parman Place, Inc.
|
|
Florida
|
|
S. Pt. Properties, Inc.
|
|
Florida
|
|
TJB Properties, LLC
|
|
Florida
|
|
US Premium Finance Holding Company
|
|
Florida
|
|
US Premium Finance, Inc.
|
|
California
|
|
US Premium Finance Service Company, LLC
|
|
Georgia
|
|
1.
|
I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2017, of Ameris Bancorp;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
March 1, 2018
|
|
/s/ Edwin W. Hortman, Jr.
|
|
|
|
Edwin W. Hortman, Jr.,
|
|
|
Executive Chairman, President and Chief Executive Officer
(principal executive officer)
|
1.
|
I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2017, of Ameris Bancorp;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
March 1, 2018
|
|
/s/ Nicole S. Stokes
|
|
|
|
Nicole S. Stokes,
|
|
|
|
Executive Vice President and Chief Financial Officer
(principal accounting and financial officer)
|
1.
|
The Annual Report on Form 10-K of the Company for the year ended December 31, 2017 (the “Periodic Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated:
|
March 1, 2018
|
|
/s/ Edwin W. Hortman, Jr.
|
|
|
|
Edwin W. Hortman, Jr.,
|
|
|
|
Executive Chairman, President and Chief Executive Officer
(principal executive officer)
|
1.
|
The Annual Report on Form 10-K of the Company for the year ended December 31, 2017 (the “Periodic Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated:
|
March 1, 2018
|
|
/s/ Nicole S. Stokes
|
|
|
|
Nicole S. Stokes,
|
|
|
|
Executive Vice President and Chief Financial Officer
(principal accounting and financial officer)
|