FORM
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10-Q
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☒
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QUARTERLY 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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Commission File Number:
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001-13901
|
AMERIS BANCORP
|
(Exact name of registrant as specified in its charter)
|
Georgia
|
58-1456434
|
(State of incorporation)
|
(IRS Employer ID No.)
|
310 First Street, S.E.
|
||
Moultrie,
|
Georgia
|
31768
|
(Address of principal executive offices)
|
(229)
|
890-1111
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(Registrant’s telephone number)
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Title of each class
|
Trading Symbol(s)
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Name of each exchange on which registered
|
Common Stock, par value $1 per share
|
ABCB
|
Nasdaq Global Select Market
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Page
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PART I – FINANCIAL INFORMATION
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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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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June 30,
2019 |
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December 31,
2018 |
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Assets
|
|
|
|
|
|
||
Cash and due from banks
|
$
|
151,186
|
|
|
$
|
172,036
|
|
Federal funds sold and interest-bearing deposits in banks
|
186,969
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507,491
|
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Cash and cash equivalents
|
338,155
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679,527
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Time deposits in other banks
|
748
|
|
|
10,812
|
|
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Investment securities available for sale, at fair value
|
1,273,244
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1,192,423
|
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Other investments
|
32,481
|
|
|
14,455
|
|
||
Loans held for sale (includes loans at fair value of $196,300 and $111,298, respectively)
|
261,073
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111,298
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Loans
|
6,522,448
|
|
|
5,660,457
|
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Purchased loans
|
2,286,425
|
|
|
2,588,832
|
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||
Purchased loan pools
|
240,997
|
|
|
262,625
|
|
||
Loans, net of unearned income
|
9,049,870
|
|
|
8,511,914
|
|
||
Allowance for loan losses
|
(31,793
|
)
|
|
(28,819
|
)
|
||
Loans, net
|
9,018,077
|
|
|
8,483,095
|
|
||
|
|
|
|
||||
Other real estate owned, net
|
5,169
|
|
|
7,218
|
|
||
Purchased other real estate owned, net
|
9,506
|
|
|
9,535
|
|
||
Total other real estate owned, net
|
14,675
|
|
|
16,753
|
|
||
|
|
|
|
||||
Premises and equipment, net
|
141,378
|
|
|
145,410
|
|
||
Goodwill
|
501,140
|
|
|
503,434
|
|
||
Other intangible assets, net
|
52,437
|
|
|
58,689
|
|
||
Cash value of bank owned life insurance
|
105,064
|
|
|
104,096
|
|
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Deferred income taxes, net
|
30,812
|
|
|
35,126
|
|
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Other assets
|
120,052
|
|
|
88,397
|
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Total assets
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$
|
11,889,336
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$
|
11,443,515
|
|
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Liabilities
|
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Deposits:
|
|
|
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|
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Noninterest-bearing
|
$
|
2,771,443
|
|
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$
|
2,520,016
|
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Interest-bearing
|
6,810,927
|
|
|
7,129,297
|
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Total deposits
|
9,582,370
|
|
|
9,649,313
|
|
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Securities sold under agreements to repurchase
|
3,307
|
|
|
20,384
|
|
||
Other borrowings
|
564,636
|
|
|
151,774
|
|
||
Subordinated deferrable interest debentures
|
89,871
|
|
|
89,187
|
|
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FDIC loss-share payable, net
|
20,596
|
|
|
19,487
|
|
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Other liabilities
|
91,435
|
|
|
57,023
|
|
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Total liabilities
|
10,352,215
|
|
|
9,987,168
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Commitments and Contingencies (Note 14)
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Shareholders’ Equity
|
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Preferred stock, stated value $1,000 (5,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2019 and December 31, 2018)
|
—
|
|
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—
|
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Common stock, par value $1 (100,000,000 shares authorized; 49,099,332 and 49,014,925 shares issued at June 30, 2019 and December 31, 2018, respectively)
|
49,099
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|
49,015
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|
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Capital surplus
|
1,053,500
|
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|
1,051,584
|
|
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Retained earnings
|
446,182
|
|
|
377,135
|
|
||
Accumulated other comprehensive income (loss), net of tax
|
16,462
|
|
|
(4,826
|
)
|
||
Treasury stock, at cost (1,837,748 shares and 1,514,984 shares at June 30, 2019 and December 31, 2018, respectively)
|
(28,122
|
)
|
|
(16,561
|
)
|
||
Total shareholders’ equity
|
1,537,121
|
|
|
1,456,347
|
|
||
Total liabilities and shareholders’ equity
|
$
|
11,889,336
|
|
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$
|
11,443,515
|
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
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2018
|
|
2019
|
|
2018
|
||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and fees on loans
|
$
|
117,010
|
|
|
$
|
82,723
|
|
|
$
|
229,411
|
|
|
$
|
155,990
|
|
Interest on taxable securities
|
9,383
|
|
|
6,321
|
|
|
18,426
|
|
|
11,528
|
|
||||
Interest on nontaxable securities
|
102
|
|
|
179
|
|
|
258
|
|
|
501
|
|
||||
Interest on deposits in other banks and federal funds sold
|
2,533
|
|
|
723
|
|
|
5,862
|
|
|
1,439
|
|
||||
Total interest income
|
129,028
|
|
|
89,946
|
|
|
253,957
|
|
|
169,458
|
|
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Interest expense
|
|
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Interest on deposits
|
23,454
|
|
|
7,794
|
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|
45,138
|
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|
14,566
|
|
||||
Interest on other borrowings
|
3,923
|
|
|
6,153
|
|
|
7,773
|
|
|
10,092
|
|
||||
Total interest expense
|
27,377
|
|
|
13,947
|
|
|
52,911
|
|
|
24,658
|
|
||||
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|
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|
||||||||
Net interest income
|
101,651
|
|
|
75,999
|
|
|
201,046
|
|
|
144,800
|
|
||||
Provision for loan losses
|
4,668
|
|
|
9,110
|
|
|
8,076
|
|
|
10,911
|
|
||||
Net interest income after provision for loan losses
|
96,983
|
|
|
66,889
|
|
|
192,970
|
|
|
133,889
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges on deposit accounts
|
12,168
|
|
|
10,613
|
|
|
23,814
|
|
|
20,841
|
|
||||
Mortgage banking activity
|
18,523
|
|
|
15,403
|
|
|
33,200
|
|
|
27,689
|
|
||||
Other service charges, commissions and fees
|
793
|
|
|
697
|
|
|
1,561
|
|
|
1,416
|
|
||||
Net gain (loss) on securities
|
69
|
|
|
(123
|
)
|
|
135
|
|
|
(86
|
)
|
||||
Other noninterest income
|
3,683
|
|
|
4,717
|
|
|
7,297
|
|
|
7,911
|
|
||||
Total noninterest income
|
35,236
|
|
|
31,307
|
|
|
66,007
|
|
|
57,771
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits
|
38,441
|
|
|
39,776
|
|
|
76,811
|
|
|
71,865
|
|
||||
Occupancy and equipment expense
|
7,834
|
|
|
6,390
|
|
|
16,038
|
|
|
12,588
|
|
||||
Data processing and communications expenses
|
8,388
|
|
|
6,439
|
|
|
16,779
|
|
|
13,574
|
|
||||
Credit resolution-related expenses
|
979
|
|
|
1,045
|
|
|
1,890
|
|
|
1,594
|
|
||||
Advertising and marketing expense
|
1,987
|
|
|
1,256
|
|
|
3,728
|
|
|
2,485
|
|
||||
Amortization of intangible assets
|
3,121
|
|
|
2,252
|
|
|
6,253
|
|
|
3,186
|
|
||||
Merger and conversion charges
|
3,475
|
|
|
18,391
|
|
|
5,532
|
|
|
19,226
|
|
||||
Other noninterest expenses
|
17,026
|
|
|
10,837
|
|
|
29,645
|
|
|
20,966
|
|
||||
Total noninterest expense
|
81,251
|
|
|
86,386
|
|
|
156,676
|
|
|
145,484
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income tax expense
|
50,968
|
|
|
11,810
|
|
|
102,301
|
|
|
46,176
|
|
||||
Income tax expense
|
12,064
|
|
|
2,423
|
|
|
23,492
|
|
|
10,129
|
|
||||
Net income
|
38,904
|
|
|
9,387
|
|
|
78,809
|
|
|
36,047
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net unrealized holding gains (losses) arising during period on investment securities available for sale, net of tax expense (benefit) of $4,765, ($482), $5,793 and ($2,982)
|
17,927
|
|
|
(1,814
|
)
|
|
21,794
|
|
|
(11,217
|
)
|
||||
Reclassification adjustment for gains on investment securities included in earnings, net of tax of $13, $0, $25 and $8
|
(48
|
)
|
|
—
|
|
|
(94
|
)
|
|
(29
|
)
|
||||
Unrealized gains (losses) on cash flow hedges arising during period, net of tax expense (benefit) of ($64), $17, ($110) and $92
|
(239
|
)
|
|
66
|
|
|
(412
|
)
|
|
347
|
|
||||
Other comprehensive income (loss)
|
17,640
|
|
|
(1,748
|
)
|
|
21,288
|
|
|
(10,899
|
)
|
||||
Total comprehensive income
|
$
|
56,544
|
|
|
$
|
7,639
|
|
|
$
|
100,097
|
|
|
$
|
25,148
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
0.82
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.93
|
|
Diluted earnings per common share
|
$
|
0.82
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.92
|
|
Weighted average common shares outstanding (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
47,311
|
|
|
39,432
|
|
|
47,354
|
|
|
38,703
|
|
||||
Diluted
|
47,338
|
|
|
39,710
|
|
|
47,395
|
|
|
38,981
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital Surplus
|
|
Retained Earnings
|
|
|
Shares
|
|
Amount
|
|
Total Shareholders' Equity
|
|||||||||||||||
Balance at beginning of period
|
49,126,427
|
|
|
$
|
49,126
|
|
|
$
|
1,053,190
|
|
|
$
|
412,005
|
|
|
$
|
(1,178
|
)
|
|
1,541,118
|
|
|
$
|
(17,559
|
)
|
|
$
|
1,495,584
|
|
Issuance of restricted shares
|
13,328
|
|
|
13
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeitures of restricted shares
|
(40,423
|
)
|
|
(40
|
)
|
|
(484
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(524
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
807
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
807
|
|
||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,630
|
|
|
(10,563
|
)
|
|
(10,563
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
38,904
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,904
|
|
||||||
Dividends on common shares ($0.10 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,727
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,727
|
)
|
||||||
Other comprehensive income (loss) during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,640
|
|
|
—
|
|
|
—
|
|
|
17,640
|
|
||||||
Balance at end of period
|
49,099,332
|
|
|
$
|
49,099
|
|
|
$
|
1,053,500
|
|
|
$
|
446,182
|
|
|
$
|
16,462
|
|
|
1,837,748
|
|
|
$
|
(28,122
|
)
|
|
$
|
1,537,121
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital Surplus
|
|
Retained Earnings
|
|
|
Shares
|
|
Amount
|
|
Total Shareholders' Equity
|
|||||||||||||||
Balance at beginning of period
|
49,014,925
|
|
|
$
|
49,015
|
|
|
$
|
1,051,584
|
|
|
$
|
377,135
|
|
|
$
|
(4,826
|
)
|
|
1,514,984
|
|
|
$
|
(16,561
|
)
|
|
$
|
1,456,347
|
|
Issuance of restricted shares
|
117,122
|
|
|
116
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
915
|
|
||||||
Forfeitures of restricted shares
|
(40,423
|
)
|
|
(40
|
)
|
|
(484
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(524
|
)
|
||||||
Proceeds from exercise of stock options
|
7,708
|
|
|
8
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
1,555
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,555
|
|
||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
322,764
|
|
|
(11,561
|
)
|
|
(11,561
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
78,809
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78,809
|
|
||||||
Dividends on common shares ($0.20 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,486
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,486
|
)
|
||||||
Cumulative effect of change in accounting for leases
|
—
|
|
|
—
|
|
|
—
|
|
|
(276
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(276
|
)
|
||||||
Other comprehensive income (loss) during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,288
|
|
|
—
|
|
|
—
|
|
|
21,288
|
|
||||||
Balance at end of period
|
49,099,332
|
|
|
$
|
49,099
|
|
|
$
|
1,053,500
|
|
|
$
|
446,182
|
|
|
$
|
16,462
|
|
|
1,837,748
|
|
|
$
|
(28,122
|
)
|
|
$
|
1,537,121
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital Surplus
|
|
Retained Earnings
|
|
|
Shares
|
|
Amount
|
|
Total Shareholders' Equity
|
|||||||||||||||
Balance at beginning of period
|
39,819,918
|
|
|
$
|
39,820
|
|
|
$
|
559,040
|
|
|
$
|
296,366
|
|
|
$
|
(10,823
|
)
|
|
1,492,837
|
|
|
$
|
(15,459
|
)
|
|
$
|
868,944
|
|
Issuance of common stock for acquisitions
|
9,179,905
|
|
|
9,180
|
|
|
487,936
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
497,116
|
|
||||||
Issuance of restricted shares
|
8,100
|
|
|
8
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeitures of restricted shares
|
(472
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from exercise of stock options
|
4,499
|
|
|
4
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
2,286
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,286
|
|
||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
451
|
|
|
(25
|
)
|
|
(25
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
9,387
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,387
|
|
||||||
Dividends on common shares ($0.10 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,097
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,097
|
)
|
||||||
Other comprehensive income (loss) during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,748
|
)
|
|
—
|
|
|
—
|
|
|
(1,748
|
)
|
||||||
Balance at end of period
|
49,011,950
|
|
|
$
|
49,012
|
|
|
$
|
1,049,283
|
|
|
$
|
301,656
|
|
|
$
|
(12,571
|
)
|
|
1,493,288
|
|
|
$
|
(15,484
|
)
|
|
$
|
1,371,896
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital Surplus
|
|
Retained Earnings
|
|
|
Shares
|
|
Amount
|
|
Total Shareholders' Equity
|
|||||||||||||||
Balance at beginning of period
|
38,734,873
|
|
|
$
|
38,735
|
|
|
$
|
508,404
|
|
|
$
|
273,119
|
|
|
$
|
(1,280
|
)
|
|
1,474,861
|
|
|
$
|
(14,499
|
)
|
|
$
|
804,479
|
|
Issuance of common stock for acquisitions
|
10,124,491
|
|
|
10,124
|
|
|
537,003
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
547,127
|
|
||||||
Issuance of restricted shares
|
85,855
|
|
|
86
|
|
|
(86
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeitures of restricted shares
|
(472
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from exercise of stock options
|
67,203
|
|
|
67
|
|
|
779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
846
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
3,183
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,183
|
|
||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,427
|
|
|
(985
|
)
|
|
(985
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
36,047
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,047
|
|
||||||
Dividends on common shares ($0.20 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,930
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,930
|
)
|
||||||
Reclassification of stranded income tax effects
|
—
|
|
|
—
|
|
|
—
|
|
|
392
|
|
|
(392
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cumulative effect of change in accounting for derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||||
Other comprehensive income (loss) during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,899
|
)
|
|
—
|
|
|
—
|
|
|
(10,899
|
)
|
||||||
Balance at end of period
|
49,011,950
|
|
|
$
|
49,012
|
|
|
$
|
1,049,283
|
|
|
$
|
301,656
|
|
|
$
|
(12,571
|
)
|
|
1,493,288
|
|
|
$
|
(15,484
|
)
|
|
$
|
1,371,896
|
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
|
|
|
||
Net income
|
|
$
|
78,809
|
|
|
$
|
36,047
|
|
Adjustments reconciling net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
||
Depreciation
|
|
5,292
|
|
|
4,546
|
|
||
Net losses on sale or disposal of premises and equipment including write-downs
|
|
70
|
|
|
91
|
|
||
Net write-downs on other assets
|
|
3,580
|
|
|
—
|
|
||
Provision for loan losses
|
|
8,076
|
|
|
10,911
|
|
||
Net losses on sale of other real estate owned including write-downs
|
|
84
|
|
|
385
|
|
||
Share-based compensation expense
|
|
1,514
|
|
|
4,151
|
|
||
Amortization of intangible assets
|
|
6,253
|
|
|
3,186
|
|
||
Amortization of operating lease right-of-use assets
|
|
3,029
|
|
|
—
|
|
||
Provision for deferred taxes
|
|
3,962
|
|
|
(1,448
|
)
|
||
Net amortization of investment securities available for sale
|
|
1,653
|
|
|
2,896
|
|
||
Net (gain) loss on securities
|
|
(135
|
)
|
|
86
|
|
||
Accretion of discount on purchased loans
|
|
(6,125
|
)
|
|
(4,340
|
)
|
||
Amortization of premium on purchased loan pools
|
|
673
|
|
|
1,016
|
|
||
Accretion on other borrowings
|
|
41
|
|
|
65
|
|
||
Accretion on subordinated deferrable interest debentures
|
|
684
|
|
|
661
|
|
||
Originations of mortgage loans held for sale
|
|
(798,429
|
)
|
|
(882,484
|
)
|
||
Payments received on mortgage loans held for sale
|
|
488
|
|
|
773
|
|
||
Proceeds from sales of mortgage loans held for sale
|
|
745,876
|
|
|
778,216
|
|
||
Net gains on sale of mortgage loans held for sale
|
|
(27,222
|
)
|
|
(16,860
|
)
|
||
Originations of SBA loans
|
|
(33,191
|
)
|
|
(16,246
|
)
|
||
Proceeds from sales of SBA loans
|
|
29,952
|
|
|
21,038
|
|
||
Net gains on sale of SBA loans
|
|
(2,476
|
)
|
|
(1,840
|
)
|
||
Increase in cash surrender value of bank owned life insurance
|
|
(968
|
)
|
|
(782
|
)
|
||
Changes in FDIC loss-share payable, net of cash payments
|
|
3,431
|
|
|
1,611
|
|
||
Change attributable to other operating activities
|
|
3,955
|
|
|
2,856
|
|
||
Net cash provided by (used in) operating activities
|
|
28,876
|
|
|
(55,465
|
)
|
||
|
|
|
|
|
||||
Investing Activities, net of effects of business combinations
|
|
|
|
|
|
|
||
Proceeds from maturities of time deposits in other banks
|
|
10,064
|
|
|
—
|
|
||
Purchases of securities available for sale
|
|
(219,352
|
)
|
|
(155,476
|
)
|
||
Proceeds from prepayments and maturities of securities available for sale
|
|
99,408
|
|
|
69,948
|
|
||
Proceeds from sales of securities available for sale
|
|
64,995
|
|
|
46,437
|
|
||
Net (increase) decrease in other investments
|
|
(17,949
|
)
|
|
9,171
|
|
||
Net increase in loans, excluding purchased loans
|
|
(880,247
|
)
|
|
(361,575
|
)
|
||
Payments received on purchased loans
|
|
245,411
|
|
|
108,727
|
|
||
Payments received on purchased loan pools
|
|
20,955
|
|
|
37,742
|
|
||
Purchases of premises and equipment
|
|
(4,610
|
)
|
|
(3,066
|
)
|
||
Proceeds from sales of premises and equipment
|
|
762
|
|
|
507
|
|
||
Proceeds from sales of other real estate owned
|
|
4,854
|
|
|
5,875
|
|
||
Payments paid to FDIC under loss-share agreements
|
|
(2,322
|
)
|
|
(1,017
|
)
|
||
Net cash and cash equivalents received in acquisitions
|
|
—
|
|
|
52,016
|
|
||
Net cash used in investing activities
|
|
(678,031
|
)
|
|
(190,711
|
)
|
||
|
|
|
|
|
||||
|
|
|
|
|
(Continued)
|
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2019
|
|
2018
|
||||
Financing Activities, net of effects of business combinations
|
|
|
|
|
|
|
||
Net decrease in deposits
|
|
$
|
(66,943
|
)
|
|
$
|
(28,861
|
)
|
Net decrease in securities sold under agreements to repurchase
|
|
(17,077
|
)
|
|
(19,636
|
)
|
||
Proceeds from other borrowings
|
|
415,000
|
|
|
1,150,000
|
|
||
Repayment of other borrowings
|
|
(2,179
|
)
|
|
(753,579
|
)
|
||
Proceeds from exercise of stock options
|
|
54
|
|
|
846
|
|
||
Dividends paid - common stock
|
|
(9,511
|
)
|
|
(7,558
|
)
|
||
Purchase of treasury shares
|
|
(11,561
|
)
|
|
(985
|
)
|
||
Net cash provided by financing activities
|
|
307,783
|
|
|
340,227
|
|
||
|
|
|
|
|
||||
Net (decrease) increase in cash and cash equivalents
|
|
(341,372
|
)
|
|
94,051
|
|
||
Cash and cash equivalents at beginning of period
|
|
679,527
|
|
|
330,658
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
338,155
|
|
|
$
|
424,709
|
|
|
|
|
|
|
||||
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
|
||
Interest
|
|
$
|
51,250
|
|
|
$
|
23,213
|
|
Income taxes
|
|
21,377
|
|
|
4,018
|
|
||
Loans (excluding purchased loans) transferred to other real estate owned
|
|
443
|
|
|
1,691
|
|
||
Purchased loans transferred to other real estate owned
|
|
2,432
|
|
|
536
|
|
||
Loans transferred from loans held for sale to loans held for investment
|
|
—
|
|
|
180,750
|
|
||
Loans transferred from loans held for investment to loans held for sale
|
|
64,773
|
|
|
2,796
|
|
||
Loans provided for the sales of other real estate owned
|
|
144
|
|
|
53
|
|
||
Initial recognition of operating lease right-of-use assets
|
|
27,286
|
|
|
—
|
|
||
Initial recognition of operating lease liabilities
|
|
29,651
|
|
|
—
|
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
|
262
|
|
|
—
|
|
||
Assets acquired in business acquisitions
|
|
373
|
|
|
3,058,197
|
|
||
Liabilities assumed in business acquisitions
|
|
(1,922
|
)
|
|
2,408,837
|
|
||
Issuance of common stock in acquisitions
|
|
—
|
|
|
547,127
|
|
||
Change in unrealized gain (loss) on securities available for sale, net of tax
|
|
21,700
|
|
|
(11,585
|
)
|
||
Change in unrealized gain (loss) on cash flow hedge, net of tax
|
|
(412
|
)
|
|
294
|
|
||
|
|
|
|
|
||||
|
|
|
|
|
(Concluded)
|
|
(dollars in thousands)
|
As Recorded
by Hamilton
|
|
Initial
Fair Value
Adjustments
|
|
|
Subsequent
Adjustments
|
|
|
As Recorded
by Ameris
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
14,405
|
|
|
$
|
—
|
|
|
|
$
|
(478
|
)
|
(j)
|
|
$
|
13,927
|
|
Federal funds sold and interest-bearing deposits in banks
|
102,156
|
|
|
—
|
|
|
|
—
|
|
|
|
102,156
|
|
||||
Time deposits in other banks
|
11,558
|
|
|
—
|
|
|
|
—
|
|
|
|
11,558
|
|
||||
Investment securities
|
288,206
|
|
|
(2,376
|
)
|
(a)
|
|
—
|
|
|
|
285,830
|
|
||||
Other investments
|
2,094
|
|
|
—
|
|
|
|
—
|
|
|
|
2,094
|
|
||||
Loans
|
1,314,264
|
|
|
(15,528
|
)
|
(b)
|
|
(5,550
|
)
|
(k)
|
|
1,293,186
|
|
||||
Less allowance for loan losses
|
(11,183
|
)
|
|
11,183
|
|
(c)
|
|
—
|
|
|
|
—
|
|
||||
Loans, net
|
1,303,081
|
|
|
(4,345
|
)
|
|
|
(5,550
|
)
|
|
|
1,293,186
|
|
||||
Other real estate owned
|
847
|
|
|
—
|
|
|
|
—
|
|
|
|
847
|
|
||||
Premises and equipment
|
27,483
|
|
|
—
|
|
|
|
1,488
|
|
(l)
|
|
28,971
|
|
||||
Other intangible assets, net
|
18,755
|
|
|
(2,755
|
)
|
(d)
|
|
7,610
|
|
(m)
|
|
23,610
|
|
||||
Cash value of bank owned life insurance
|
4,454
|
|
|
—
|
|
|
|
—
|
|
|
|
4,454
|
|
||||
Deferred income taxes, net
|
12,445
|
|
|
(6,308
|
)
|
(e)
|
|
3,942
|
|
(n)
|
|
10,079
|
|
||||
Other assets
|
13,053
|
|
|
—
|
|
|
|
(2,098
|
)
|
(o)
|
|
10,955
|
|
||||
Total assets
|
$
|
1,798,537
|
|
|
$
|
(15,784
|
)
|
|
|
$
|
4,914
|
|
|
|
$
|
1,787,667
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing
|
$
|
381,039
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
381,039
|
|
Interest-bearing
|
1,201,324
|
|
|
(1,896
|
)
|
(f)
|
|
4,783
|
|
(p)
|
|
1,204,211
|
|
||||
Total deposits
|
1,582,363
|
|
|
(1,896
|
)
|
|
|
4,783
|
|
|
|
1,585,250
|
|
||||
Other borrowings
|
10,687
|
|
|
(66
|
)
|
(g)
|
|
286
|
|
(q)
|
|
10,907
|
|
||||
Subordinated deferrable interest debenture
|
3,093
|
|
|
(658
|
)
|
(h)
|
|
(143
|
)
|
(r)
|
|
2,292
|
|
||||
Other liabilities
|
10,460
|
|
|
2,391
|
|
(i)
|
|
—
|
|
|
|
12,851
|
|
||||
Total liabilities
|
1,606,603
|
|
|
(229
|
)
|
|
|
4,926
|
|
|
|
1,611,300
|
|
||||
Net identifiable assets acquired over (under) liabilities assumed
|
191,934
|
|
|
(15,555
|
)
|
|
|
(12
|
)
|
|
|
176,367
|
|
||||
Goodwill
|
—
|
|
|
220,713
|
|
|
|
55
|
|
|
|
220,768
|
|
||||
Net assets acquired over liabilities assumed
|
$
|
191,934
|
|
|
$
|
205,158
|
|
|
|
$
|
43
|
|
|
|
$
|
397,135
|
|
Consideration:
|
|
|
|
|
|
|
|
|
|
||||||||
Ameris Bancorp common shares issued
|
6,548,385
|
|
|
|
|
|
|
|
|
|
|||||||
Price per share of the Company's common stock
|
$
|
53.35
|
|
|
|
|
|
|
|
|
|
||||||
Company common stock issued
|
$
|
349,356
|
|
|
|
|
|
|
|
|
|
||||||
Cash exchanged for shares
|
$
|
47,779
|
|
|
|
|
|
|
|
|
|
||||||
Fair value of total consideration transferred
|
$
|
397,135
|
|
|
|
|
|
|
|
|
|
(a)
|
Adjustment reflects the fair value adjustments of the portfolio of investment securities 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 Hamilton's unamortized accounting adjustments from their prior acquisitions, loan premiums, loan discounts, deferred loan origination costs and deferred loan origination fees.
|
(c)
|
Adjustment reflects the elimination of Hamilton's allowance for loan losses.
|
(d)
|
Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts, net of reversal of Hamilton's remaining intangible assets from its past acquisitions.
|
(e)
|
Adjustment reflects the deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes.
|
(f)
|
Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired deposits.
|
(g)
|
Adjustment reflects the reversal of Hamilton's unamortized accounting adjustments for other borrowings from its past acquisitions.
|
(h)
|
Adjustment reflects the fair value adjustment to the subordinated deferrable interest debenture at the acquisition date.
|
(i)
|
Adjustment reflects the fair value adjustment to the FDIC loss-share clawback liability included in other liabilities.
|
(j)
|
Subsequent to acquisition, cash and due from banks were adjusted for Hamilton reconciling items.
|
(k)
|
Adjustment reflects additional recording of fair value adjustments to the acquired loan portfolio.
|
(l)
|
Adjustment reflects the recording of fair value adjustment to premises and equipment.
|
(m)
|
Adjustment reflects additional recording of fair value adjustments to the core deposit intangible on the acquired core deposit accounts.
|
(n)
|
Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes.
|
(o)
|
Adjustment reflects the fair value adjustment to other assets.
|
(p)
|
Adjustment reflects additional recording of fair value adjustments on the acquired deposits.
|
(q)
|
Adjustment reflects the fair value adjustment to other borrowings.
|
(r)
|
Adjustment reflects additional recording of fair value adjustments to the subordinated deferrable interest debenture.
|
(dollars in thousands)
|
|
||
Contractually required principal and interest
|
$
|
21,223
|
|
Non-accretable difference
|
(5,062
|
)
|
|
Cash flows expected to be collected
|
16,161
|
|
|
Accretable yield
|
(794
|
)
|
|
Total purchased credit-impaired loans acquired
|
$
|
15,367
|
|
(dollars in thousands)
|
Fair Value of
Acquired Loans at
Acquisition Date
|
|
Gross Contractual
Amounts Receivable
at Acquisition Date
|
|
Estimate at
Acquisition Date of
Contractual Cash
Flows Not Expected
to be Collected
|
||||||
Acquired receivables subject to ASC 310-30
|
$
|
15,367
|
|
|
$
|
21,223
|
|
|
$
|
5,062
|
|
Acquired receivables not subject to ASC 310-30
|
$
|
1,277,819
|
|
|
$
|
1,441,534
|
|
|
$
|
—
|
|
(dollars in thousands)
|
As Recorded
by Atlantic
|
|
Initial
Fair Value
Adjustments
|
|
|
Subsequent
Adjustments
|
|
|
As Recorded
by Ameris
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
3,990
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
3,990
|
|
Federal funds sold and interest-bearing deposits in banks
|
22,149
|
|
|
—
|
|
|
|
—
|
|
|
|
22,149
|
|
||||
Investment securities
|
35,186
|
|
|
(60
|
)
|
(a)
|
|
—
|
|
|
|
35,126
|
|
||||
Other investments
|
9,576
|
|
|
—
|
|
|
|
—
|
|
|
|
9,576
|
|
||||
Loans held for sale
|
358
|
|
|
—
|
|
|
|
—
|
|
|
|
358
|
|
||||
Loans
|
777,605
|
|
|
(19,423
|
)
|
(b)
|
|
(2,478
|
)
|
(k)
|
|
755,704
|
|
||||
Less allowance for loan losses
|
(8,573
|
)
|
|
8,573
|
|
(c)
|
|
—
|
|
|
|
—
|
|
||||
Loans, net
|
769,032
|
|
|
(10,850
|
)
|
|
|
(2,478
|
)
|
|
|
755,704
|
|
||||
Other real estate owned
|
1,837
|
|
|
(796
|
)
|
(d)
|
|
—
|
|
|
|
1,041
|
|
||||
Premises and equipment
|
12,591
|
|
|
(1,695
|
)
|
(e)
|
|
(161
|
)
|
(l)
|
|
10,735
|
|
||||
Other intangible assets, net
|
—
|
|
|
5,937
|
|
(f)
|
|
1,551
|
|
(m)
|
|
7,488
|
|
||||
Cash value of bank owned life insurance
|
18,182
|
|
|
—
|
|
|
|
—
|
|
|
|
18,182
|
|
||||
Deferred income taxes, net
|
5,782
|
|
|
709
|
|
(g)
|
|
1,220
|
|
(n)
|
|
7,711
|
|
||||
Other assets
|
3,604
|
|
|
(634
|
)
|
(h)
|
|
(11
|
)
|
(o)
|
|
2,959
|
|
||||
Total assets
|
$
|
882,287
|
|
|
$
|
(7,389
|
)
|
|
|
$
|
121
|
|
|
|
$
|
875,019
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing
|
$
|
69,761
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
69,761
|
|
Interest-bearing
|
514,935
|
|
|
(554
|
)
|
(i)
|
|
1,025
|
|
(p)
|
|
515,406
|
|
||||
Total deposits
|
584,696
|
|
|
(554
|
)
|
|
|
1,025
|
|
|
|
585,167
|
|
||||
Other borrowings
|
204,475
|
|
|
—
|
|
|
|
—
|
|
|
|
204,475
|
|
||||
Other liabilities
|
8,367
|
|
|
(13
|
)
|
(j)
|
|
(1,922
|
)
|
(q)
|
|
6,432
|
|
||||
Total liabilities
|
797,538
|
|
|
(567
|
)
|
|
|
(897
|
)
|
|
|
796,074
|
|
||||
Net identifiable assets acquired over (under) liabilities assumed
|
84,749
|
|
|
(6,822
|
)
|
|
|
1,018
|
|
|
|
78,945
|
|
||||
Goodwill
|
—
|
|
|
91,360
|
|
|
|
(1,018
|
)
|
|
|
90,342
|
|
||||
Net assets acquired over liabilities assumed
|
$
|
84,749
|
|
|
$
|
84,538
|
|
|
|
$
|
—
|
|
|
|
$
|
169,287
|
|
Consideration:
|
|
|
|
|
|
|
|
|
|
||||||||
Ameris Bancorp common shares issued
|
2,631,520
|
|
|
|
|
|
|
|
|
|
|||||||
Price per share of the Company's common stock
|
$
|
56.15
|
|
|
|
|
|
|
|
|
|
||||||
Company common stock issued
|
$
|
147,760
|
|
|
|
|
|
|
|
|
|
||||||
Cash exchanged for shares
|
$
|
21,527
|
|
|
|
|
|
|
|
|
|
||||||
Fair value of total consideration transferred
|
$
|
169,287
|
|
|
|
|
|
|
|
|
|
(a)
|
Adjustment reflects the fair value adjustments of the portfolio of investment securities 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 Atlantic's unamortized accounting adjustments from loan premiums, loan discounts, deferred loan origination costs and deferred loan origination fees.
|
(c)
|
Adjustment reflects the elimination of Atlantic's 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 adjustments based on the Company's evaluation of the acquired premises and equipment.
|
(f)
|
Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts.
|
(g)
|
Adjustment reflects the deferred taxes on the differences 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 adjustments based on the Company's evaluation of the acquired other assets.
|
(i)
|
Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired deposits.
|
(j)
|
Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired other liabilities.
|
(k)
|
Adjustment reflects additional recording of fair value adjustments of the acquired loan portfolio.
|
(l)
|
Adjustment reflects additional recording of fair value adjustment to premises and equipment.
|
(m)
|
Adjustment reflects additional recording of fair value adjustments to the core deposit intangible on the acquired core deposit accounts.
|
(n)
|
Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes.
|
(o)
|
Adjustment reflects additional fair value adjustments on acquired other assets.
|
(p)
|
Adjustment reflects additional fair value adjustments on the acquired deposits.
|
(q)
|
Adjustment reflects additional fair value adjustments on acquired other liabilities.
|
(dollars in thousands)
|
|
||
Contractually required principal and interest
|
$
|
16,077
|
|
Non-accretable difference
|
(4,115
|
)
|
|
Cash flows expected to be collected
|
11,962
|
|
|
Accretable yield
|
(1,199
|
)
|
|
Total purchased credit-impaired loans acquired
|
$
|
10,763
|
|
(dollars in thousands)
|
Fair Value of
Acquired Loans at
Acquisition Date
|
|
Gross Contractual
Amounts Receivable
at Acquisition Date
|
|
Estimate at
Acquisition Date of
Contractual Cash
Flows Not Expected
to be Collected
|
||||||
Acquired receivables subject to ASC 310-30
|
$
|
10,763
|
|
|
$
|
16,077
|
|
|
$
|
4,115
|
|
Acquired receivables not subject to ASC 310-30
|
$
|
744,941
|
|
|
$
|
1,041,768
|
|
|
$
|
—
|
|
(dollars in thousands)
|
As Recorded
by USPF
|
|
Initial
Fair Value
Adjustments
|
|
|
Subsequent
Adjustments
|
|
|
As Recorded
by Ameris
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||
Intangible asset - insurance agent relationships
|
$
|
—
|
|
|
$
|
20,000
|
|
(a)
|
|
$
|
2,351
|
|
(e)
|
|
$
|
22,351
|
|
Intangible asset - US Premium Finance trade name
|
—
|
|
|
1,136
|
|
(b)
|
|
(42
|
)
|
(f)
|
|
1,094
|
|
||||
Intangible asset - non-compete agreement
|
—
|
|
|
178
|
|
(c)
|
|
(16
|
)
|
(g)
|
|
162
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
21,314
|
|
|
|
$
|
2,293
|
|
|
|
$
|
23,607
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||
Deferred tax liability
|
$
|
—
|
|
|
$
|
5,492
|
|
(d)
|
|
$
|
(368
|
)
|
(h)
|
|
$
|
5,124
|
|
Total liabilities
|
—
|
|
|
5,492
|
|
|
|
(368
|
)
|
|
|
5,124
|
|
||||
Net identifiable assets acquired over liabilities assumed
|
—
|
|
|
15,822
|
|
|
|
2,661
|
|
|
|
18,483
|
|
||||
Goodwill
|
—
|
|
|
67,159
|
|
|
|
(2,661
|
)
|
|
|
64,498
|
|
||||
Net assets acquired over liabilities assumed
|
$
|
—
|
|
|
$
|
82,981
|
|
|
|
$
|
—
|
|
|
|
$
|
82,981
|
|
Consideration:
|
|
|
|
|
|
|
|
|
|
||||||||
Ameris Bancorp common shares issued
|
1,073,158
|
|
|
|
|
|
|
|
|
|
|||||||
Price per share of the Company's common stock
(weighted average)
|
$
|
52.047
|
|
|
|
|
|
|
|
|
|
||||||
Company common stock issued
|
$
|
55,855
|
|
|
|
|
|
|
|
|
|
||||||
Cash exchanged for shares
|
$
|
21,421
|
|
|
|
|
|
|
|
|
|
||||||
Present value of contingent earn-out consideration
expected to be paid
|
$
|
5,705
|
|
|
|
|
|
|
|
|
|
||||||
Fair value of total consideration transferred
|
$
|
82,981
|
|
|
|
|
|
|
|
|
|
(a)
|
Adjustment reflects the recording of the fair value of the insurance agent relationships intangible.
|
(b)
|
Adjustment reflect the recording of the fair value of the trade name intangible.
|
(c)
|
Adjustment reflects the recording of the fair value of the non-compete agreement intangible.
|
(d)
|
Adjustment reflects the deferred taxes on the differences in the carrying values of acquired intangible assets for financial reporting purposes and their basis for federal income tax purposes.
|
(e)
|
Adjustment reflects additional fair value adjustment for the insurance agent relationships intangible.
|
(f)
|
Adjustment reflects additional fair value adjustment for the trade name intangible.
|
(g)
|
Adjustment reflects additional fair value adjustment for the non-compete agreement intangible.
|
(h)
|
Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired intangible assets for financial reporting purposes and their basis for federal income tax purposes.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||
(dollars in thousands, except per share data; shares in thousands)
|
2018
|
|
2018
|
||||
Net interest income and noninterest income
|
$
|
132,540
|
|
|
$
|
255,652
|
|
Net income
|
$
|
14,603
|
|
|
$
|
49,506
|
|
Net income available to common shareholders
|
$
|
14,603
|
|
|
$
|
49,506
|
|
Income per common share available to common shareholders – basic
|
$
|
0.31
|
|
|
$
|
1.04
|
|
Income per common share available to common shareholders – diluted
|
$
|
0.31
|
|
|
$
|
1.04
|
|
Average number of shares outstanding, basic
|
47,398
|
|
|
47,412
|
|
||
Average number of shares outstanding, diluted
|
47,676
|
|
|
47,689
|
|
(dollars in thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
State, county and municipal securities
|
|
$
|
99,888
|
|
|
$
|
2,148
|
|
|
$
|
(3
|
)
|
|
$
|
102,033
|
|
Corporate debt securities
|
|
56,876
|
|
|
1,009
|
|
|
(39
|
)
|
|
57,846
|
|
||||
Mortgage-backed securities
|
|
1,095,566
|
|
|
19,637
|
|
|
(1,838
|
)
|
|
1,113,365
|
|
||||
Total debt securities
|
|
$
|
1,252,330
|
|
|
$
|
22,794
|
|
|
$
|
(1,880
|
)
|
|
$
|
1,273,244
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
State, county and municipal securities
|
|
$
|
149,670
|
|
|
$
|
1,367
|
|
|
$
|
(304
|
)
|
|
$
|
150,733
|
|
Corporate debt securities
|
|
67,123
|
|
|
718
|
|
|
(527
|
)
|
|
67,314
|
|
||||
Mortgage-backed securities
|
|
982,183
|
|
|
4,172
|
|
|
(11,979
|
)
|
|
974,376
|
|
||||
Total debt securities
|
|
$
|
1,198,976
|
|
|
$
|
6,257
|
|
|
$
|
(12,810
|
)
|
|
$
|
1,192,423
|
|
(dollars in thousands)
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
||||
Due in one year or less
|
|
$
|
12,583
|
|
|
$
|
12,627
|
|
Due from one year to five years
|
|
64,555
|
|
|
65,511
|
|
||
Due from five to ten years
|
|
60,791
|
|
|
62,583
|
|
||
Due after ten years
|
|
18,835
|
|
|
19,158
|
|
||
Mortgage-backed securities
|
|
1,095,566
|
|
|
1,113,365
|
|
||
|
|
$
|
1,252,330
|
|
|
$
|
1,273,244
|
|
|
|
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
|
||||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
State, county and municipal securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,830
|
|
|
$
|
(3
|
)
|
|
$
|
3,830
|
|
|
$
|
(3
|
)
|
Corporate debt securities
|
|
1,476
|
|
|
(24
|
)
|
|
8,615
|
|
|
(15
|
)
|
|
10,091
|
|
|
(39
|
)
|
||||||
Mortgage-backed securities
|
|
29,924
|
|
|
(38
|
)
|
|
191,516
|
|
|
(1,800
|
)
|
|
221,440
|
|
|
(1,838
|
)
|
||||||
Total debt securities
|
|
$
|
31,400
|
|
|
$
|
(62
|
)
|
|
$
|
203,961
|
|
|
$
|
(1,818
|
)
|
|
$
|
235,361
|
|
|
$
|
(1,880
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
State, county and municipal securities
|
|
$
|
23,784
|
|
|
$
|
(52
|
)
|
|
$
|
33,873
|
|
|
$
|
(252
|
)
|
|
$
|
57,657
|
|
|
$
|
(304
|
)
|
Corporate debt securities
|
|
17,291
|
|
|
(111
|
)
|
|
17,952
|
|
|
(416
|
)
|
|
35,243
|
|
|
(527
|
)
|
||||||
Mortgage-backed securities
|
|
119,745
|
|
|
(580
|
)
|
|
435,749
|
|
|
(11,399
|
)
|
|
555,494
|
|
|
(11,979
|
)
|
||||||
Total debt securities
|
|
$
|
160,820
|
|
|
$
|
(743
|
)
|
|
$
|
487,574
|
|
|
$
|
(12,067
|
)
|
|
$
|
648,394
|
|
|
$
|
(12,810
|
)
|
(dollars in thousands)
|
|
June 30,
2019 |
|
June 30,
2018 |
||||
Gross gains on sales of securities
|
|
$
|
522
|
|
|
$
|
332
|
|
Gross losses on sales of securities
|
|
(464
|
)
|
|
(295
|
)
|
||
Net realized gains on sales of securities available for sale
|
|
$
|
58
|
|
|
$
|
37
|
|
|
|
|
|
|
||||
Sales proceeds
|
|
$
|
64,995
|
|
|
$
|
46,437
|
|
(dollars in thousands)
|
|
June 30,
2019 |
|
June 30,
2018 |
||||
Net realized gains on sales of securities available for sale
|
|
$
|
58
|
|
|
$
|
37
|
|
Unrealized holding gains on equity securities
|
|
15
|
|
|
(123
|
)
|
||
Net realized gains on sales of other investments
|
|
62
|
|
|
—
|
|
||
Total gain on securities
|
|
$
|
135
|
|
|
$
|
(86
|
)
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Commercial, financial and agricultural
|
$
|
1,648,190
|
|
|
$
|
1,316,359
|
|
Real estate – construction and development
|
788,409
|
|
|
671,198
|
|
||
Real estate – commercial and farmland
|
2,046,347
|
|
|
1,814,529
|
|
||
Real estate – residential
|
1,589,646
|
|
|
1,403,000
|
|
||
Consumer installment
|
449,856
|
|
|
455,371
|
|
||
|
$
|
6,522,448
|
|
|
$
|
5,660,457
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Commercial, financial and agricultural
|
$
|
252,621
|
|
|
$
|
372,686
|
|
Real estate – construction and development
|
315,141
|
|
|
227,900
|
|
||
Real estate – commercial and farmland
|
1,135,866
|
|
|
1,337,859
|
|
||
Real estate – residential
|
558,458
|
|
|
623,199
|
|
||
Consumer installment
|
24,339
|
|
|
27,188
|
|
||
|
$
|
2,286,425
|
|
|
$
|
2,588,832
|
|
(dollars in thousands)
|
June 30,
2019 |
|
June 30,
2018 |
||||
Balance, January 1
|
$
|
2,588,832
|
|
|
$
|
861,595
|
|
Charge-offs
|
(1,079
|
)
|
|
(1,060
|
)
|
||
Additions due to acquisitions
|
—
|
|
|
2,056,918
|
|
||
Accretion
|
6,125
|
|
|
4,340
|
|
||
Subsequent fair value adjustments recorded to goodwill
|
(4,854
|
)
|
|
—
|
|
||
Transfers to loans held for sale
|
(54,981
|
)
|
|
—
|
|
||
Transfers to purchased other real estate owned
|
(2,432
|
)
|
|
(556
|
)
|
||
Payments received, net of principal advances
|
(245,190
|
)
|
|
(108,727
|
)
|
||
Other
|
4
|
|
|
—
|
|
||
Ending balance
|
$
|
2,286,425
|
|
|
$
|
2,812,510
|
|
(dollars in thousands)
|
June 30,
2019 |
|
June 30,
2018 |
||||
Balance, January 1
|
$
|
40,496
|
|
|
$
|
20,192
|
|
Additions due to acquisitions
|
—
|
|
|
29,318
|
|
||
Accretion
|
(6,125
|
)
|
|
(4,340
|
)
|
||
Accretable discounts removed due to charge-offs
|
—
|
|
|
(4
|
)
|
||
Transfers between non-accretable and accretable discounts, net
|
(2,291
|
)
|
|
1,332
|
|
||
Ending balance
|
$
|
32,080
|
|
|
$
|
46,498
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Commercial, financial and agricultural
|
$
|
3,396
|
|
|
$
|
1,412
|
|
Real estate – construction and development
|
1,136
|
|
|
892
|
|
||
Real estate – commercial and farmland
|
3,184
|
|
|
4,654
|
|
||
Real estate – residential
|
9,996
|
|
|
10,465
|
|
||
Consumer installment
|
417
|
|
|
529
|
|
||
|
$
|
18,129
|
|
|
$
|
17,952
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Commercial, financial and agricultural
|
$
|
2,415
|
|
|
$
|
1,199
|
|
Real estate – construction and development
|
7,078
|
|
|
6,119
|
|
||
Real estate – commercial and farmland
|
6,100
|
|
|
5,534
|
|
||
Real estate – residential
|
7,252
|
|
|
10,769
|
|
||
Consumer installment
|
505
|
|
|
486
|
|
||
|
$
|
23,350
|
|
|
$
|
24,107
|
|
(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
|
||||||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
5,645
|
|
|
$
|
8,033
|
|
|
$
|
6,981
|
|
|
$
|
20,659
|
|
|
$
|
1,627,531
|
|
|
$
|
1,648,190
|
|
|
$
|
4,180
|
|
Real estate – construction and development
|
6,177
|
|
|
418
|
|
|
920
|
|
|
7,515
|
|
|
780,894
|
|
|
788,409
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
865
|
|
|
1,032
|
|
|
2,172
|
|
|
4,069
|
|
|
2,042,278
|
|
|
2,046,347
|
|
|
—
|
|
|||||||
Real estate – residential
|
14,194
|
|
|
2,370
|
|
|
8,721
|
|
|
25,285
|
|
|
1,564,361
|
|
|
1,589,646
|
|
|
—
|
|
|||||||
Consumer installment
|
1,842
|
|
|
972
|
|
|
527
|
|
|
3,341
|
|
|
446,515
|
|
|
449,856
|
|
|
259
|
|
|||||||
Total
|
$
|
28,723
|
|
|
$
|
12,825
|
|
|
$
|
19,321
|
|
|
$
|
60,869
|
|
|
$
|
6,461,579
|
|
|
$
|
6,522,448
|
|
|
$
|
4,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
6,479
|
|
|
$
|
5,295
|
|
|
$
|
4,763
|
|
|
$
|
16,537
|
|
|
$
|
1,299,822
|
|
|
$
|
1,316,359
|
|
|
$
|
3,808
|
|
Real estate – construction and development
|
1,218
|
|
|
481
|
|
|
725
|
|
|
2,424
|
|
|
668,774
|
|
|
671,198
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
1,625
|
|
|
530
|
|
|
3,645
|
|
|
5,800
|
|
|
1,808,729
|
|
|
1,814,529
|
|
|
—
|
|
|||||||
Real estate – residential
|
11,423
|
|
|
4,631
|
|
|
8,923
|
|
|
24,977
|
|
|
1,378,023
|
|
|
1,403,000
|
|
|
—
|
|
|||||||
Consumer installment
|
2,344
|
|
|
1,167
|
|
|
735
|
|
|
4,246
|
|
|
451,125
|
|
|
455,371
|
|
|
414
|
|
|||||||
Total
|
$
|
23,089
|
|
|
$
|
12,104
|
|
|
$
|
18,791
|
|
|
$
|
53,984
|
|
|
$
|
5,606,473
|
|
|
$
|
5,660,457
|
|
|
$
|
4,222
|
|
(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
|
||||||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
27
|
|
|
$
|
1,670
|
|
|
$
|
495
|
|
|
$
|
2,192
|
|
|
$
|
250,429
|
|
|
$
|
252,621
|
|
|
$
|
—
|
|
Real estate – construction and development
|
40
|
|
|
2
|
|
|
6,665
|
|
|
6,707
|
|
|
308,434
|
|
|
315,141
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
2,494
|
|
|
921
|
|
|
3,448
|
|
|
6,863
|
|
|
1,129,003
|
|
|
1,135,866
|
|
|
1
|
|
|||||||
Real estate – residential
|
7,327
|
|
|
2,093
|
|
|
4,186
|
|
|
13,606
|
|
|
544,852
|
|
|
558,458
|
|
|
173
|
|
|||||||
Consumer installment
|
420
|
|
|
58
|
|
|
244
|
|
|
722
|
|
|
23,617
|
|
|
24,339
|
|
|
—
|
|
|||||||
Total
|
$
|
10,308
|
|
|
$
|
4,744
|
|
|
$
|
15,038
|
|
|
$
|
30,090
|
|
|
$
|
2,256,335
|
|
|
$
|
2,286,425
|
|
|
$
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
421
|
|
|
$
|
416
|
|
|
$
|
1,015
|
|
|
$
|
1,852
|
|
|
$
|
370,834
|
|
|
$
|
372,686
|
|
|
$
|
—
|
|
Real estate – construction and development
|
627
|
|
|
370
|
|
|
5,273
|
|
|
6,270
|
|
|
221,630
|
|
|
227,900
|
|
|
—
|
|
|||||||
Real estate – commercial and farmland
|
1,935
|
|
|
736
|
|
|
1,698
|
|
|
4,369
|
|
|
1,333,490
|
|
|
1,337,859
|
|
|
—
|
|
|||||||
Real estate – residential
|
12,531
|
|
|
2,407
|
|
|
7,005
|
|
|
21,943
|
|
|
601,256
|
|
|
623,199
|
|
|
—
|
|
|||||||
Consumer installment
|
679
|
|
|
237
|
|
|
249
|
|
|
1,165
|
|
|
26,023
|
|
|
27,188
|
|
|
—
|
|
|||||||
Total
|
$
|
16,193
|
|
|
$
|
4,166
|
|
|
$
|
15,240
|
|
|
$
|
35,599
|
|
|
$
|
2,553,233
|
|
|
$
|
2,588,832
|
|
|
$
|
—
|
|
|
As of and for the Period Ended
|
||||||||||
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
|
June 30,
2018 |
||||||
Nonaccrual loans
|
$
|
18,129
|
|
|
$
|
17,952
|
|
|
$
|
16,813
|
|
Troubled debt restructurings not included above
|
12,952
|
|
|
9,323
|
|
|
11,023
|
|
|||
Total impaired loans
|
$
|
31,081
|
|
|
$
|
27,275
|
|
|
$
|
27,836
|
|
|
|
|
|
|
|
||||||
Quarter-to-date interest income recognized on impaired loans
|
$
|
282
|
|
|
$
|
202
|
|
|
$
|
185
|
|
Year-to-date interest income recognized on impaired loans
|
$
|
464
|
|
|
$
|
827
|
|
|
$
|
424
|
|
Quarter-to-date foregone interest income on impaired loans
|
$
|
199
|
|
|
$
|
217
|
|
|
$
|
221
|
|
Year-to-date foregone interest income on impaired loans
|
$
|
407
|
|
|
$
|
853
|
|
|
$
|
411
|
|
(dollars in thousands)
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With No
Allowance
|
|
Recorded
Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
|
Three
Month
Average
Recorded
Investment
|
|
Six
Month Average Recorded Investment |
||||||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
3,992
|
|
|
$
|
1,881
|
|
|
$
|
1,815
|
|
|
$
|
3,696
|
|
|
$
|
644
|
|
|
$
|
2,580
|
|
|
$
|
2,276
|
|
Real estate – construction and development
|
1,866
|
|
|
700
|
|
|
573
|
|
|
1,273
|
|
|
4
|
|
|
1,330
|
|
|
1,232
|
|
|||||||
Real estate – commercial and farmland
|
6,710
|
|
|
662
|
|
|
5,433
|
|
|
6,095
|
|
|
577
|
|
|
6,273
|
|
|
6,688
|
|
|||||||
Real estate – residential
|
19,924
|
|
|
5,305
|
|
|
14,285
|
|
|
19,590
|
|
|
1,339
|
|
|
19,474
|
|
|
17,621
|
|
|||||||
Consumer installment
|
435
|
|
|
427
|
|
|
—
|
|
|
427
|
|
|
—
|
|
|
432
|
|
|
470
|
|
|||||||
Total
|
$
|
32,927
|
|
|
$
|
8,975
|
|
|
$
|
22,106
|
|
|
$
|
31,081
|
|
|
$
|
2,564
|
|
|
$
|
30,089
|
|
|
$
|
28,287
|
|
(dollars in thousands)
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With No
Allowance
|
|
Recorded
Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
|
Three
Month
Average
Recorded
Investment
|
|
Twelve
Month
Average
Recorded
Investment
|
||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
1,902
|
|
|
$
|
1,155
|
|
|
$
|
513
|
|
|
$
|
1,668
|
|
|
$
|
4
|
|
|
$
|
1,736
|
|
|
$
|
1,637
|
|
Real estate – construction and development
|
1,378
|
|
|
613
|
|
|
424
|
|
|
1,037
|
|
|
3
|
|
|
1,229
|
|
|
984
|
|
|||||||
Real estate – commercial and farmland
|
8,950
|
|
|
867
|
|
|
6,649
|
|
|
7,516
|
|
|
1,591
|
|
|
7,537
|
|
|
7,879
|
|
|||||||
Real estate – residential
|
16,885
|
|
|
5,144
|
|
|
11,365
|
|
|
16,509
|
|
|
867
|
|
|
14,719
|
|
|
15,029
|
|
|||||||
Consumer installment
|
561
|
|
|
545
|
|
|
—
|
|
|
545
|
|
|
—
|
|
|
584
|
|
|
534
|
|
|||||||
Total
|
$
|
29,676
|
|
|
$
|
8,324
|
|
|
$
|
18,951
|
|
|
$
|
27,275
|
|
|
$
|
2,465
|
|
|
$
|
25,805
|
|
|
$
|
26,063
|
|
(dollars in thousands)
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With No
Allowance
|
|
Recorded
Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
|
Three
Month
Average
Recorded
Investment
|
|
Six
Month Average Recorded Investment |
||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
2,297
|
|
|
$
|
1,210
|
|
|
$
|
568
|
|
|
$
|
1,778
|
|
|
$
|
87
|
|
|
$
|
1,683
|
|
|
$
|
1,571
|
|
Real estate – construction and development
|
850
|
|
|
679
|
|
|
119
|
|
|
798
|
|
|
1
|
|
|
746
|
|
|
821
|
|
|||||||
Real estate – commercial and farmland
|
10,168
|
|
|
665
|
|
|
8,149
|
|
|
8,814
|
|
|
1,526
|
|
|
8,488
|
|
|
8,107
|
|
|||||||
Real estate – residential
|
16,340
|
|
|
5,088
|
|
|
10,840
|
|
|
15,928
|
|
|
1,056
|
|
|
15,158
|
|
|
15,236
|
|
|||||||
Consumer installment
|
548
|
|
|
518
|
|
|
—
|
|
|
518
|
|
|
—
|
|
|
507
|
|
|
500
|
|
|||||||
Total
|
$
|
30,203
|
|
|
$
|
8,160
|
|
|
$
|
19,676
|
|
|
$
|
27,836
|
|
|
$
|
2,670
|
|
|
$
|
26,582
|
|
|
$
|
26,235
|
|
|
As of and for the Period Ended
|
||||||||||
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
|
June 30,
2018 |
||||||
Nonaccrual loans
|
$
|
23,350
|
|
|
$
|
24,107
|
|
|
$
|
33,557
|
|
Troubled debt restructurings not included above
|
18,430
|
|
|
18,740
|
|
|
20,607
|
|
|||
Total impaired loans
|
$
|
41,780
|
|
|
$
|
42,847
|
|
|
$
|
54,164
|
|
|
|
|
|
|
|
||||||
Quarter-to-date interest income recognized on impaired loans
|
$
|
889
|
|
|
$
|
918
|
|
|
$
|
280
|
|
Year-to-date interest income recognized on impaired loans
|
$
|
1,561
|
|
|
$
|
2,203
|
|
|
$
|
976
|
|
Quarter-to-date foregone interest income on impaired loans
|
$
|
551
|
|
|
$
|
451
|
|
|
$
|
280
|
|
Year-to-date foregone interest income on impaired loans
|
$
|
1,071
|
|
|
$
|
1,483
|
|
|
$
|
525
|
|
(dollars in thousands)
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With No
Allowance
|
|
Recorded
Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
|
Three
Month
Average
Recorded
Investment
|
|
Six
Month Average Recorded Investment |
||||||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
10,209
|
|
|
$
|
663
|
|
|
$
|
1,783
|
|
|
$
|
2,446
|
|
|
$
|
—
|
|
|
$
|
3,168
|
|
|
$
|
2,522
|
|
Real estate – construction and development
|
14,353
|
|
|
1,359
|
|
|
6,706
|
|
|
8,065
|
|
|
494
|
|
|
7,504
|
|
|
7,381
|
|
|||||||
Real estate – commercial and farmland
|
13,365
|
|
|
1,289
|
|
|
10,692
|
|
|
11,981
|
|
|
1,407
|
|
|
11,573
|
|
|
11,614
|
|
|||||||
Real estate – residential
|
21,100
|
|
|
6,916
|
|
|
11,867
|
|
|
18,783
|
|
|
541
|
|
|
19,741
|
|
|
20,594
|
|
|||||||
Consumer installment
|
599
|
|
|
505
|
|
|
—
|
|
|
505
|
|
|
—
|
|
|
549
|
|
|
528
|
|
|||||||
Total
|
$
|
59,626
|
|
|
$
|
10,732
|
|
|
$
|
31,048
|
|
|
$
|
41,780
|
|
|
$
|
2,442
|
|
|
$
|
42,535
|
|
|
$
|
42,639
|
|
(dollars in thousands)
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With No
Allowance
|
|
Recorded
Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
|
Three
Month
Average
Recorded
Investment
|
|
Twelve
Month
Average
Recorded
Investment
|
||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
5,717
|
|
|
$
|
473
|
|
|
$
|
757
|
|
|
$
|
1,230
|
|
|
$
|
—
|
|
|
$
|
1,101
|
|
|
$
|
836
|
|
Real estate – construction and development
|
13,714
|
|
|
623
|
|
|
6,511
|
|
|
7,134
|
|
|
476
|
|
|
7,240
|
|
|
5,712
|
|
|||||||
Real estate – commercial and farmland
|
14,766
|
|
|
1,115
|
|
|
10,581
|
|
|
11,696
|
|
|
684
|
|
|
13,514
|
|
|
12,349
|
|
|||||||
Real estate – residential
|
24,839
|
|
|
8,185
|
|
|
14,116
|
|
|
22,301
|
|
|
773
|
|
|
23,146
|
|
|
21,433
|
|
|||||||
Consumer installment
|
526
|
|
|
486
|
|
|
—
|
|
|
486
|
|
|
—
|
|
|
487
|
|
|
229
|
|
|||||||
Total
|
$
|
59,562
|
|
|
$
|
10,882
|
|
|
$
|
31,965
|
|
|
$
|
42,847
|
|
|
$
|
1,933
|
|
|
$
|
45,488
|
|
|
$
|
40,559
|
|
(dollars in thousands)
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With No
Allowance
|
|
Recorded
Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
|
Three
Month
Average
Recorded
Investment
|
|
Six
Month Average Recorded Investment |
||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial, financial and agricultural
|
$
|
5,945
|
|
|
$
|
1,522
|
|
|
$
|
80
|
|
|
$
|
1,602
|
|
|
$
|
1
|
|
|
$
|
582
|
|
|
$
|
659
|
|
Real estate – construction and development
|
16,715
|
|
|
7,210
|
|
|
3,359
|
|
|
10,569
|
|
|
521
|
|
|
4,962
|
|
|
4,693
|
|
|||||||
Real estate – commercial and farmland
|
17,039
|
|
|
4,298
|
|
|
10,705
|
|
|
15,003
|
|
|
1,088
|
|
|
11,161
|
|
|
11,573
|
|
|||||||
Real estate – residential
|
29,145
|
|
|
12,017
|
|
|
14,789
|
|
|
26,806
|
|
|
728
|
|
|
21,196
|
|
|
20,292
|
|
|||||||
Consumer installment
|
232
|
|
|
184
|
|
|
—
|
|
|
184
|
|
|
—
|
|
|
62
|
|
|
57
|
|
|||||||
Total
|
$
|
69,076
|
|
|
$
|
25,231
|
|
|
$
|
28,933
|
|
|
$
|
54,164
|
|
|
$
|
2,338
|
|
|
$
|
37,963
|
|
|
$
|
37,274
|
|
Risk
Grade |
|
Commercial,
Financial and Agricultural |
|
Real Estate -
Construction and Development |
|
Real Estate -
Commercial and Farmland |
|
Real Estate -
Residential |
|
Consumer
Installment |
|
Total
|
||||||||||||
June 30, 2019
|
||||||||||||||||||||||||
1
|
|
$
|
522,356
|
|
|
$
|
—
|
|
|
$
|
9,179
|
|
|
$
|
671
|
|
|
$
|
11,580
|
|
|
$
|
543,786
|
|
2
|
|
642,419
|
|
|
18,169
|
|
|
34,661
|
|
|
35,354
|
|
|
18
|
|
|
730,621
|
|
||||||
3
|
|
153,181
|
|
|
92,379
|
|
|
1,104,632
|
|
|
1,426,987
|
|
|
24,194
|
|
|
2,801,373
|
|
||||||
4
|
|
305,158
|
|
|
639,722
|
|
|
766,726
|
|
|
100,068
|
|
|
413,409
|
|
|
2,225,083
|
|
||||||
5
|
|
18,592
|
|
|
33,688
|
|
|
80,389
|
|
|
7,218
|
|
|
49
|
|
|
139,936
|
|
||||||
6
|
|
971
|
|
|
1,416
|
|
|
28,510
|
|
|
3,456
|
|
|
61
|
|
|
34,414
|
|
||||||
7
|
|
5,513
|
|
|
3,035
|
|
|
22,250
|
|
|
15,892
|
|
|
542
|
|
|
47,232
|
|
||||||
8
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
9
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||
Total
|
|
$
|
1,648,190
|
|
|
$
|
788,409
|
|
|
$
|
2,046,347
|
|
|
$
|
1,589,646
|
|
|
$
|
449,856
|
|
|
$
|
6,522,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
1
|
|
$
|
530,864
|
|
|
$
|
40
|
|
|
$
|
500
|
|
|
$
|
16
|
|
|
$
|
10,744
|
|
|
$
|
542,164
|
|
2
|
|
452,250
|
|
|
681
|
|
|
37,079
|
|
|
33,043
|
|
|
48
|
|
|
523,101
|
|
||||||
3
|
|
174,811
|
|
|
74,657
|
|
|
888,433
|
|
|
1,246,383
|
|
|
23,844
|
|
|
2,408,128
|
|
||||||
4
|
|
137,038
|
|
|
582,456
|
|
|
814,068
|
|
|
94,143
|
|
|
419,983
|
|
|
2,047,688
|
|
||||||
5
|
|
13,714
|
|
|
6,264
|
|
|
30,364
|
|
|
8,634
|
|
|
78
|
|
|
59,054
|
|
||||||
6
|
|
5,130
|
|
|
4,091
|
|
|
20,959
|
|
|
4,881
|
|
|
57
|
|
|
35,118
|
|
||||||
7
|
|
2,552
|
|
|
3,009
|
|
|
23,126
|
|
|
15,900
|
|
|
617
|
|
|
45,204
|
|
||||||
8
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
9
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
1,316,359
|
|
|
$
|
671,198
|
|
|
$
|
1,814,529
|
|
|
$
|
1,403,000
|
|
|
$
|
455,371
|
|
|
$
|
5,660,457
|
|
Risk
Grade
|
|
Commercial,
Financial and
Agricultural
|
|
Real Estate -
Construction and
Development
|
|
Real Estate -
Commercial and
Farmland
|
|
Real Estate -
Residential
|
|
Consumer
Installment
|
|
Total
|
||||||||||||
June 30, 2019
|
||||||||||||||||||||||||
1
|
|
$
|
77,725
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
523
|
|
|
$
|
78,248
|
|
2
|
|
5,113
|
|
|
—
|
|
|
9,254
|
|
|
66,593
|
|
|
109
|
|
|
81,069
|
|
||||||
3
|
|
18,275
|
|
|
21,211
|
|
|
397,977
|
|
|
347,811
|
|
|
1,778
|
|
|
787,052
|
|
||||||
4
|
|
119,108
|
|
|
273,958
|
|
|
654,571
|
|
|
107,495
|
|
|
21,050
|
|
|
1,176,182
|
|
||||||
5
|
|
11,124
|
|
|
6,248
|
|
|
40,127
|
|
|
13,760
|
|
|
34
|
|
|
71,293
|
|
||||||
6
|
|
3,974
|
|
|
6,309
|
|
|
12,607
|
|
|
6,644
|
|
|
127
|
|
|
29,661
|
|
||||||
7
|
|
17,302
|
|
|
7,415
|
|
|
21,330
|
|
|
16,155
|
|
|
718
|
|
|
62,920
|
|
||||||
8
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
9
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
252,621
|
|
|
$
|
315,141
|
|
|
$
|
1,135,866
|
|
|
$
|
558,458
|
|
|
$
|
24,339
|
|
|
$
|
2,286,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
1
|
|
$
|
90,205
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
570
|
|
|
$
|
90,775
|
|
2
|
|
2,648
|
|
|
—
|
|
|
7,407
|
|
|
74,398
|
|
|
164
|
|
|
84,617
|
|
||||||
3
|
|
20,489
|
|
|
18,022
|
|
|
230,089
|
|
|
385,279
|
|
|
2,410
|
|
|
656,289
|
|
||||||
4
|
|
215,096
|
|
|
195,079
|
|
|
1,034,943
|
|
|
118,082
|
|
|
23,177
|
|
|
1,586,377
|
|
||||||
5
|
|
14,445
|
|
|
2,728
|
|
|
29,468
|
|
|
16,937
|
|
|
35
|
|
|
63,613
|
|
||||||
6
|
|
11,601
|
|
|
1,459
|
|
|
10,063
|
|
|
7,231
|
|
|
94
|
|
|
30,448
|
|
||||||
7
|
|
18,202
|
|
|
10,612
|
|
|
25,889
|
|
|
21,272
|
|
|
738
|
|
|
76,713
|
|
||||||
8
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
9
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
372,686
|
|
|
$
|
227,900
|
|
|
$
|
1,337,859
|
|
|
$
|
623,199
|
|
|
$
|
27,188
|
|
|
$
|
2,588,832
|
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
2
|
|
$
|
197
|
|
|
6
|
|
$
|
238
|
|
Real estate – construction and development
|
—
|
|
—
|
|
|
1
|
|
3
|
|
||
Real estate – commercial and farmland
|
2
|
|
214
|
|
|
1
|
|
302
|
|
||
Real estate – residential
|
16
|
|
3,560
|
|
|
8
|
|
1,189
|
|
||
Consumer installment
|
5
|
|
20
|
|
|
6
|
|
38
|
|
||
Total
|
25
|
|
$
|
3,991
|
|
|
22
|
|
$
|
1,770
|
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
1
|
|
$
|
3
|
|
|
—
|
|
$
|
—
|
|
Real estate – construction and development
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Real estate – commercial and farmland
|
—
|
|
—
|
|
|
4
|
|
11
|
|
||
Real estate – residential
|
4
|
|
857
|
|
|
18
|
|
1,081
|
|
||
Consumer installment
|
3
|
|
9
|
|
|
—
|
|
—
|
|
||
Total
|
8
|
|
$
|
869
|
|
|
22
|
|
$
|
1,092
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
4
|
|
$
|
300
|
|
|
14
|
|
$
|
136
|
|
Real estate – construction and development
|
4
|
|
138
|
|
|
1
|
|
2
|
|
||
Real estate – commercial and farmland
|
13
|
|
2,911
|
|
|
4
|
|
576
|
|
||
Real estate – residential
|
85
|
|
9,593
|
|
|
20
|
|
791
|
|
||
Consumer installment
|
5
|
|
10
|
|
|
22
|
|
65
|
|
||
Total
|
111
|
|
$
|
12,952
|
|
|
61
|
|
$
|
1,570
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
5
|
|
$
|
256
|
|
|
14
|
|
$
|
138
|
|
Real estate – construction and development
|
5
|
|
145
|
|
|
1
|
|
2
|
|
||
Real estate – commercial and farmland
|
12
|
|
2,863
|
|
|
3
|
|
426
|
|
||
Real estate – residential
|
71
|
|
6,043
|
|
|
20
|
|
1,119
|
|
||
Consumer installment
|
6
|
|
16
|
|
|
24
|
|
69
|
|
||
Total
|
99
|
|
$
|
9,323
|
|
|
62
|
|
$
|
1,754
|
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
—
|
|
$
|
—
|
|
|
1
|
|
$
|
6
|
|
Real estate – construction and development
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Real estate – commercial and farmland
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Real estate – residential
|
18
|
|
1,234
|
|
|
11
|
|
985
|
|
||
Consumer installment
|
4
|
|
43
|
|
|
—
|
|
—
|
|
||
Total
|
22
|
|
$
|
1,277
|
|
|
12
|
|
$
|
991
|
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
1
|
|
$
|
1
|
|
|
—
|
|
$
|
—
|
|
Real estate – construction and development
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Real estate – commercial and farmland
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Real estate – residential
|
15
|
|
976
|
|
|
21
|
|
1,580
|
|
||
Consumer installment
|
1
|
|
15
|
|
|
—
|
|
—
|
|
||
Total
|
17
|
|
$
|
992
|
|
|
21
|
|
$
|
1,580
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
1
|
|
$
|
31
|
|
|
3
|
|
$
|
26
|
|
Real estate – construction and development
|
4
|
|
986
|
|
|
3
|
|
263
|
|
||
Real estate – commercial and farmland
|
11
|
|
5,882
|
|
|
6
|
|
1,533
|
|
||
Real estate – residential
|
115
|
|
11,531
|
|
|
19
|
|
969
|
|
||
Consumer installment
|
—
|
|
—
|
|
|
7
|
|
58
|
|
||
Total
|
131
|
|
$
|
18,430
|
|
|
38
|
|
$
|
2,849
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
1
|
|
$
|
31
|
|
|
3
|
|
$
|
32
|
|
Real estate – construction and development
|
4
|
|
1,015
|
|
|
5
|
|
293
|
|
||
Real estate – commercial and farmland
|
12
|
|
6,162
|
|
|
7
|
|
1,685
|
|
||
Real estate – residential
|
115
|
|
11,532
|
|
|
24
|
|
1,424
|
|
||
Consumer installment
|
—
|
|
—
|
|
|
4
|
|
17
|
|
||
Total
|
132
|
|
$
|
18,740
|
|
|
43
|
|
$
|
3,451
|
|
(dollars in thousands)
|
Commercial,
Financial and
Agricultural
|
|
Real Estate –
Construction and
Development
|
|
Real Estate –
Commercial and
Farmland
|
|
Real Estate –
Residential
|
|
Consumer
Installment
|
|
Purchased
Loans
|
|
Purchased
Loan
Pools
|
|
Total
|
||||||||||||||||
Three Months Ended
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance, March 31, 2019
|
$
|
4,528
|
|
|
$
|
3,928
|
|
|
$
|
8,567
|
|
|
$
|
5,207
|
|
|
$
|
3,936
|
|
|
$
|
1,796
|
|
|
$
|
697
|
|
|
$
|
28,659
|
|
Provision for loan losses
|
2,370
|
|
|
544
|
|
|
(1,202
|
)
|
|
2,151
|
|
|
336
|
|
|
495
|
|
|
(26
|
)
|
|
4,668
|
|
||||||||
Loans charged off
|
(1,338
|
)
|
|
(222
|
)
|
|
(100
|
)
|
|
(40
|
)
|
|
(1,126
|
)
|
|
(670
|
)
|
|
—
|
|
|
(3,496
|
)
|
||||||||
Recoveries of loans previously charged off
|
742
|
|
|
19
|
|
|
4
|
|
|
133
|
|
|
242
|
|
|
822
|
|
|
—
|
|
|
1,962
|
|
||||||||
Balance, June 30, 2019
|
$
|
6,302
|
|
|
$
|
4,269
|
|
|
$
|
7,269
|
|
|
$
|
7,451
|
|
|
$
|
3,388
|
|
|
$
|
2,443
|
|
|
$
|
671
|
|
|
$
|
31,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Six Months Ended
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance, December 31, 2018
|
$
|
4,287
|
|
|
$
|
3,734
|
|
|
$
|
8,975
|
|
|
$
|
5,363
|
|
|
$
|
3,795
|
|
|
$
|
1,933
|
|
|
$
|
732
|
|
|
$
|
28,819
|
|
Provision for loan losses
|
3,550
|
|
|
762
|
|
|
(361
|
)
|
|
1,911
|
|
|
2,206
|
|
|
69
|
|
|
(61
|
)
|
|
8,076
|
|
||||||||
Loans charged off
|
(3,342
|
)
|
|
(247
|
)
|
|
(1,353
|
)
|
|
(60
|
)
|
|
(3,019
|
)
|
|
(854
|
)
|
|
—
|
|
|
(8,875
|
)
|
||||||||
Recoveries of loans previously charged off
|
1,807
|
|
|
20
|
|
|
8
|
|
|
237
|
|
|
406
|
|
|
1,295
|
|
|
—
|
|
|
3,773
|
|
||||||||
Balance, June 30, 2019
|
$
|
6,302
|
|
|
$
|
4,269
|
|
|
$
|
7,269
|
|
|
$
|
7,451
|
|
|
$
|
3,388
|
|
|
$
|
2,443
|
|
|
$
|
671
|
|
|
$
|
31,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Period-end allocation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans individually evaluated for impairment (1)
|
$
|
2,026
|
|
|
$
|
4
|
|
|
$
|
577
|
|
|
$
|
1,339
|
|
|
$
|
—
|
|
|
$
|
2,443
|
|
|
$
|
—
|
|
|
$
|
6,389
|
|
Loans collectively evaluated for impairment
|
4,276
|
|
|
4,265
|
|
|
6,692
|
|
|
6,112
|
|
|
3,388
|
|
|
—
|
|
|
671
|
|
|
25,404
|
|
||||||||
Ending balance
|
$
|
6,302
|
|
|
$
|
4,269
|
|
|
$
|
7,269
|
|
|
$
|
7,451
|
|
|
$
|
3,388
|
|
|
$
|
2,443
|
|
|
$
|
671
|
|
|
$
|
31,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment (1)
|
$
|
4,620
|
|
|
$
|
574
|
|
|
$
|
5,433
|
|
|
$
|
14,285
|
|
|
$
|
—
|
|
|
$
|
32,549
|
|
|
$
|
—
|
|
|
$
|
57,461
|
|
Collectively evaluated for impairment
|
1,643,570
|
|
|
787,835
|
|
|
2,040,914
|
|
|
1,575,361
|
|
|
449,856
|
|
|
2,181,538
|
|
|
240,997
|
|
|
8,920,071
|
|
||||||||
Acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72,338
|
|
|
—
|
|
|
72,338
|
|
||||||||
Ending balance
|
$
|
1,648,190
|
|
|
$
|
788,409
|
|
|
$
|
2,046,347
|
|
|
$
|
1,589,646
|
|
|
$
|
449,856
|
|
|
$
|
2,286,425
|
|
|
$
|
240,997
|
|
|
$
|
9,049,870
|
|
(dollars in thousands)
|
Commercial,
Financial and Agricultural |
|
Real Estate –
Construction and Development |
|
Real Estate –
Commercial and Farmland |
|
Real Estate –
Residential |
|
Consumer
Installment |
|
Purchased
Loans |
|
Purchased
Loan Pools |
|
Total
|
||||||||||||||||
Twelve Months Ended
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance, December 31, 2017
|
$
|
3,631
|
|
|
$
|
3,629
|
|
|
$
|
7,501
|
|
|
$
|
4,786
|
|
|
$
|
1,916
|
|
|
$
|
3,253
|
|
|
$
|
1,075
|
|
|
$
|
25,791
|
|
Provision for loan losses
|
10,690
|
|
|
277
|
|
|
1,636
|
|
|
1,002
|
|
|
5,569
|
|
|
(2,164
|
)
|
|
(343
|
)
|
|
16,667
|
|
||||||||
Loans charged off
|
(13,803
|
)
|
|
(292
|
)
|
|
(338
|
)
|
|
(771
|
)
|
|
(4,189
|
)
|
|
(1,738
|
)
|
|
—
|
|
|
(21,131
|
)
|
||||||||
Recoveries of loans previously charged off
|
3,769
|
|
|
120
|
|
|
176
|
|
|
346
|
|
|
499
|
|
|
2,582
|
|
|
—
|
|
|
7,492
|
|
||||||||
Balance, December 31, 2018
|
$
|
4,287
|
|
|
$
|
3,734
|
|
|
$
|
8,975
|
|
|
$
|
5,363
|
|
|
$
|
3,795
|
|
|
$
|
1,933
|
|
|
$
|
732
|
|
|
$
|
28,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Period-end allocation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans individually evaluated for impairment (1)
|
$
|
570
|
|
|
$
|
3
|
|
|
$
|
1,591
|
|
|
$
|
867
|
|
|
$
|
—
|
|
|
$
|
1,933
|
|
|
$
|
—
|
|
|
$
|
4,964
|
|
Loans collectively evaluated for impairment
|
3,717
|
|
|
3,731
|
|
|
7,384
|
|
|
4,496
|
|
|
3,795
|
|
|
—
|
|
|
732
|
|
|
23,855
|
|
||||||||
Ending balance
|
$
|
4,287
|
|
|
$
|
3,734
|
|
|
$
|
8,975
|
|
|
$
|
5,363
|
|
|
$
|
3,795
|
|
|
$
|
1,933
|
|
|
$
|
732
|
|
|
$
|
28,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment (1)
|
$
|
3,211
|
|
|
$
|
424
|
|
|
$
|
6,649
|
|
|
$
|
11,364
|
|
|
$
|
—
|
|
|
$
|
32,244
|
|
|
$
|
—
|
|
|
$
|
53,892
|
|
Collectively evaluated for impairment
|
1,313,148
|
|
|
670,774
|
|
|
1,807,880
|
|
|
1,391,636
|
|
|
455,371
|
|
|
2,468,996
|
|
|
262,625
|
|
|
8,370,430
|
|
||||||||
Acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,592
|
|
|
—
|
|
|
87,592
|
|
||||||||
Ending balance
|
$
|
1,316,359
|
|
|
$
|
671,198
|
|
|
$
|
1,814,529
|
|
|
$
|
1,403,000
|
|
|
$
|
455,371
|
|
|
$
|
2,588,832
|
|
|
$
|
262,625
|
|
|
$
|
8,511,914
|
|
(dollars in thousands)
|
Commercial,
Financial and Agricultural |
|
Real Estate –
Construction and Development |
|
Real Estate –
Commercial and Farmland |
|
Real Estate –
Residential |
|
Consumer
Installment |
|
Purchased
Loans |
|
Purchased
Loan Pools |
|
Total
|
||||||||||||||||
Three Months Ended
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance, March 31, 2018
|
$
|
3,621
|
|
|
$
|
3,572
|
|
|
$
|
8,072
|
|
|
$
|
4,947
|
|
|
$
|
2,172
|
|
|
$
|
2,822
|
|
|
$
|
994
|
|
|
$
|
26,200
|
|
Provision for loan losses
|
7,276
|
|
|
235
|
|
|
132
|
|
|
364
|
|
|
1,427
|
|
|
(106
|
)
|
|
(218
|
)
|
|
9,110
|
|
||||||||
Loans charged off
|
(3,744
|
)
|
|
(20
|
)
|
|
—
|
|
|
(204
|
)
|
|
(839
|
)
|
|
(910
|
)
|
|
—
|
|
|
(5,717
|
)
|
||||||||
Recoveries of loans previously charged off
|
1,247
|
|
|
2
|
|
|
11
|
|
|
29
|
|
|
117
|
|
|
533
|
|
|
—
|
|
|
1,939
|
|
||||||||
Balance, June 30, 2018
|
$
|
8,400
|
|
|
$
|
3,789
|
|
|
$
|
8,215
|
|
|
$
|
5,136
|
|
|
$
|
2,877
|
|
|
$
|
2,339
|
|
|
$
|
776
|
|
|
$
|
31,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Six Months Ended
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance, December 31, 2017
|
$
|
3,631
|
|
|
$
|
3,629
|
|
|
$
|
7,501
|
|
|
$
|
4,786
|
|
|
$
|
1,916
|
|
|
$
|
3,253
|
|
|
$
|
1,075
|
|
|
$
|
25,791
|
|
Provision for loan losses
|
8,059
|
|
|
64
|
|
|
821
|
|
|
541
|
|
|
2,578
|
|
|
(853
|
)
|
|
(299
|
)
|
|
10,911
|
|
||||||||
Loans charged off
|
(5,193
|
)
|
|
(20
|
)
|
|
(142
|
)
|
|
(402
|
)
|
|
(1,801
|
)
|
|
(1,031
|
)
|
|
—
|
|
|
(8,589
|
)
|
||||||||
Recoveries of loans previously charged off
|
1,903
|
|
|
116
|
|
|
35
|
|
|
211
|
|
|
184
|
|
|
970
|
|
|
—
|
|
|
3,419
|
|
||||||||
Balance, June 30, 2018
|
$
|
8,400
|
|
|
$
|
3,789
|
|
|
$
|
8,215
|
|
|
$
|
5,136
|
|
|
$
|
2,877
|
|
|
$
|
2,339
|
|
|
$
|
776
|
|
|
$
|
31,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Period-end allocation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans individually evaluated for impairment (1)
|
$
|
5,003
|
|
|
$
|
1
|
|
|
$
|
1,526
|
|
|
$
|
1,056
|
|
|
$
|
—
|
|
|
$
|
2,339
|
|
|
$
|
1
|
|
|
$
|
9,926
|
|
Loans collectively evaluated for impairment
|
3,397
|
|
|
3,788
|
|
|
6,689
|
|
|
4,080
|
|
|
2,877
|
|
|
—
|
|
|
775
|
|
|
21,606
|
|
||||||||
Ending balance
|
$
|
8,400
|
|
|
$
|
3,789
|
|
|
$
|
8,215
|
|
|
$
|
5,136
|
|
|
$
|
2,877
|
|
|
$
|
2,339
|
|
|
$
|
776
|
|
|
$
|
31,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment (1)
|
$
|
10,881
|
|
|
$
|
119
|
|
|
$
|
8,149
|
|
|
$
|
10,840
|
|
|
$
|
—
|
|
|
$
|
29,041
|
|
|
$
|
2,196
|
|
|
$
|
61,226
|
|
Collectively evaluated for impairment
|
1,435,976
|
|
|
672,036
|
|
|
1,632,262
|
|
|
1,234,530
|
|
|
375,722
|
|
|
2,656,722
|
|
|
295,313
|
|
|
8,302,561
|
|
||||||||
Acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,747
|
|
|
—
|
|
|
126,747
|
|
||||||||
Ending balance
|
$
|
1,446,857
|
|
|
$
|
672,155
|
|
|
$
|
1,640,411
|
|
|
$
|
1,245,370
|
|
|
$
|
375,722
|
|
|
$
|
2,812,510
|
|
|
$
|
297,509
|
|
|
$
|
8,490,534
|
|
(dollars in thousands)
|
June 30,
2019 |
|
June 30,
2018 |
||||
Beginning balance, January 1
|
$
|
7,218
|
|
|
$
|
8,464
|
|
Loans transferred to other real estate owned
|
443
|
|
|
1,691
|
|
||
Net gains (losses) on sale and write-downs recorded in statement of income
|
(327
|
)
|
|
(154
|
)
|
||
Sales proceeds
|
(2,165
|
)
|
|
(1,923
|
)
|
||
Other
|
—
|
|
|
(75
|
)
|
||
Ending balance
|
$
|
5,169
|
|
|
$
|
8,003
|
|
(dollars in thousands)
|
June 30,
2019 |
|
June 30,
2018 |
||||
Beginning balance, January 1
|
$
|
9,535
|
|
|
$
|
9,011
|
|
Loans transferred to other real estate owned
|
2,432
|
|
|
556
|
|
||
Acquired in acquisitions
|
—
|
|
|
1,888
|
|
||
Portion of gains (losses) on sale and write-downs payable to (receivable from) the FDIC under loss-sharing agreements
|
(15
|
)
|
|
—
|
|
||
Net gains (losses) on sale and write-downs recorded in statement of income
|
243
|
|
|
(231
|
)
|
||
Sales proceeds
|
(2,689
|
)
|
|
(3,952
|
)
|
||
Ending balance
|
$
|
9,506
|
|
|
$
|
7,272
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31, 2018
|
||||
Securities sold under agreements to repurchase
|
$
|
3,307
|
|
|
$
|
20,384
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
FHLB borrowings:
|
|
|
|
|
|
||
Convertible Flipper Advance due May 22, 2019; fixed interest rate of 4.68%
|
$
|
—
|
|
|
$
|
1,514
|
|
Principal Reducing Advance due June 20, 2019; fixed interest rate of 1.274%
|
—
|
|
|
500
|
|
||
Fixed Rate Advance due July 29, 2019; fixed interest rate of 2.36%
|
310,000
|
|
|
—
|
|
||
Fixed Rate Advance due July 29, 2019; fixed interest rate of 2.33%
|
105,000
|
|
|
—
|
|
||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%
|
1,428
|
|
|
1,434
|
|
||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%
|
989
|
|
|
993
|
|
||
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%
|
1,785
|
|
|
1,858
|
|
||
Subordinated notes payable:
|
|
|
|
|
|
||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $1,009 and $1,074, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616%
|
73,991
|
|
|
73,926
|
|
||
Other debt:
|
|
|
|
|
|
||
Advance from correspondent bank due October 5, 2019; secured by a loan receivable; fixed interest rate of 4.25%
|
5
|
|
|
20
|
|
||
Advance from correspondent bank due September 5, 2026; secured by a loan receivable; fixed interest rate of 2.09%
|
1,438
|
|
|
1,529
|
|
||
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% (6.02% at June 30, 2019)
|
70,000
|
|
|
70,000
|
|
||
Total
|
$
|
564,636
|
|
|
$
|
151,774
|
|
(dollars in thousands)
|
|
Unrealized
Gain (Loss)
on Derivatives
|
|
Unrealized
Gain (Loss)
on Securities
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
||||||
Balance, January 1, 2019
|
|
$
|
351
|
|
|
$
|
(5,177
|
)
|
|
$
|
(4,826
|
)
|
Reclassification for gains included in net income, net of tax
|
|
—
|
|
|
(94
|
)
|
|
(94
|
)
|
|||
Current year changes, net of tax
|
|
(412
|
)
|
|
21,794
|
|
|
21,382
|
|
|||
Balance, June 30, 2019
|
|
$
|
(61
|
)
|
|
$
|
16,523
|
|
|
$
|
16,462
|
|
(dollars in thousands)
|
|
Unrealized
Gain (Loss)
on Derivatives
|
|
Unrealized
Gain (Loss)
on Securities
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
||||||
Balance, December 31, 2017
|
|
$
|
292
|
|
|
$
|
(1,572
|
)
|
|
$
|
(1,280
|
)
|
Reclassification to retained earnings due to change in federal corporate tax rate
|
|
(53
|
)
|
|
(339
|
)
|
|
(392
|
)
|
|||
Adjusted balance, January 1, 2018
|
|
239
|
|
|
(1,911
|
)
|
|
(1,672
|
)
|
|||
Reclassification for gains included in net income, net of tax
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|||
Current year changes, net of tax
|
|
347
|
|
|
(11,217
|
)
|
|
(10,870
|
)
|
|||
Balance, June 30, 2018
|
|
$
|
586
|
|
|
$
|
(13,157
|
)
|
|
$
|
(12,571
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
(share data in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Average common shares outstanding
|
47,311
|
|
|
39,432
|
|
|
47,354
|
|
|
38,703
|
|
Common share equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
Stock options
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
Nonvested restricted share grants
|
27
|
|
|
263
|
|
|
41
|
|
|
263
|
|
Average common shares outstanding, assuming dilution
|
47,338
|
|
|
39,710
|
|
|
47,395
|
|
|
38,981
|
|
(dollars in thousands)
|
Location
|
|
June 30, 2019
|
||
Operating lease right-of-use assets
|
Other assets
|
|
$
|
24,519
|
|
Operating lease liabilities
|
Other liabilities
|
|
26,832
|
|
Supplemental lease information
|
|
||
(dollars in thousands)
|
June 30, 2019
|
||
Weighted-average remaining lease term (years)
|
6.2
|
|
|
Weighted-average discount rate
|
2.93
|
%
|
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases (cash payments)
|
$
|
3,482
|
|
Operating cash flows from operating leases (lease liability reduction)
|
$
|
3,081
|
|
Operating lease right-of-use assets obtained in exchange for leases entered into during the period
|
$
|
262
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Mortgage loans held for sale
|
$
|
186,715
|
|
|
$
|
107,428
|
|
SBA loans held for sale
|
9,585
|
|
|
3,870
|
|
||
Total loans held for sale under the fair value option
|
$
|
196,300
|
|
|
$
|
111,298
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Aggregate fair value of mortgage loans held for sale
|
$
|
186,715
|
|
|
$
|
107,428
|
|
Aggregate unpaid principal balance of mortgage loans held for sale
|
179,950
|
|
|
103,319
|
|
||
Past-due loans of 90 days or more
|
—
|
|
|
—
|
|
||
Nonaccrual loans
|
—
|
|
|
—
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Aggregate fair value of SBA loans held for sale
|
$
|
9,585
|
|
|
$
|
3,870
|
|
Aggregate unpaid principal balance of SBA loans held for sale
|
8,934
|
|
|
3,581
|
|
||
Past-due loans of 90 days or more
|
—
|
|
|
—
|
|
||
Nonaccrual loans
|
—
|
|
|
—
|
|
|
Recurring Basis
Fair Value Measurements
|
||||||||||||||
|
June 30, 2019
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
State, county and municipal securities
|
$
|
102,033
|
|
|
$
|
—
|
|
|
$
|
102,033
|
|
|
$
|
—
|
|
Corporate debt securities
|
57,846
|
|
|
—
|
|
|
56,346
|
|
|
1,500
|
|
||||
Mortgage-backed securities
|
1,113,365
|
|
|
—
|
|
|
1,113,365
|
|
|
—
|
|
||||
Loans held for sale
|
196,300
|
|
|
—
|
|
|
196,300
|
|
|
—
|
|
||||
Mortgage banking derivative instruments
|
6,165
|
|
|
—
|
|
|
6,165
|
|
|
—
|
|
||||
Total recurring assets at fair value
|
$
|
1,475,709
|
|
|
$
|
—
|
|
|
$
|
1,474,209
|
|
|
$
|
1,500
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative financial instruments
|
$
|
249
|
|
|
$
|
—
|
|
|
$
|
249
|
|
|
$
|
—
|
|
Mortgage banking derivative instruments
|
1,760
|
|
|
—
|
|
|
1,760
|
|
|
—
|
|
||||
Total recurring liabilities at fair value
|
$
|
2,009
|
|
|
$
|
—
|
|
|
$
|
2,009
|
|
|
$
|
—
|
|
|
Recurring Basis
Fair Value Measurements |
||||||||||||||
|
December 31, 2018
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
State, county and municipal securities
|
$
|
150,733
|
|
|
$
|
—
|
|
|
$
|
150,733
|
|
|
$
|
—
|
|
Corporate debt securities
|
67,314
|
|
|
—
|
|
|
65,814
|
|
|
1,500
|
|
||||
Mortgage-backed securities
|
974,376
|
|
|
—
|
|
|
974,376
|
|
|
—
|
|
||||
Loans held for sale
|
111,298
|
|
|
—
|
|
|
111,298
|
|
|
—
|
|
||||
Derivative financial instruments
|
102
|
|
|
—
|
|
|
102
|
|
|
—
|
|
||||
Mortgage banking derivative instruments
|
2,537
|
|
|
—
|
|
|
2,537
|
|
|
—
|
|
||||
Total recurring assets at fair value
|
$
|
1,306,360
|
|
|
$
|
—
|
|
|
$
|
1,304,860
|
|
|
$
|
1,500
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage banking derivative instruments
|
$
|
1,276
|
|
|
$
|
—
|
|
|
$
|
1,276
|
|
|
$
|
—
|
|
Total recurring liabilities at fair value
|
$
|
1,276
|
|
|
$
|
—
|
|
|
$
|
1,276
|
|
|
$
|
—
|
|
|
Nonrecurring Basis
Fair Value Measurements
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other loans held for sale
|
$
|
64,773
|
|
|
$
|
—
|
|
|
$
|
64,773
|
|
|
$
|
—
|
|
Impaired loans carried at fair value
|
30,986
|
|
|
—
|
|
|
—
|
|
|
30,986
|
|
||||
Other real estate owned
|
407
|
|
|
—
|
|
|
—
|
|
|
407
|
|
||||
Purchased other real estate owned
|
9,506
|
|
|
—
|
|
|
—
|
|
|
9,506
|
|
||||
Total nonrecurring assets at fair value
|
$
|
105,672
|
|
|
$
|
—
|
|
|
$
|
64,773
|
|
|
$
|
40,899
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans carried at fair value
|
$
|
28,653
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,653
|
|
Other real estate owned
|
408
|
|
|
—
|
|
|
—
|
|
|
408
|
|
||||
Purchased other real estate owned
|
9,535
|
|
|
—
|
|
|
—
|
|
|
9,535
|
|
||||
Total nonrecurring assets at fair value
|
$
|
38,596
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38,596
|
|
(dollars in thousands)
|
|
Fair Value
|
|
Valuation
Technique
|
|
Unobservable Inputs
|
|
Range of
Discounts
|
|
Weighted
Average
Discount
|
||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale
|
|
$
|
1,500
|
|
|
Discounted par values
|
|
Credit quality of underlying issuer
|
|
0%
|
|
0%
|
Nonrecurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
30,986
|
|
|
Third-party appraisals and discounted cash flows
|
|
Collateral discounts and
discount rates |
|
10% - 92%
|
|
26%
|
Other real estate owned
|
|
$
|
407
|
|
|
Third-party appraisals and sales contracts
|
|
Collateral discounts and estimated
costs to sell |
|
15% - 65%
|
|
24%
|
Purchased other real estate owned
|
|
$
|
9,506
|
|
|
Third-party appraisals
|
|
Collateral discounts and estimated
costs to sell |
|
10% - 75%
|
|
33%
|
|
|
|
|
|
|
|
|
|
|
|
||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale
|
|
$
|
1,500
|
|
|
Discounted par values
|
|
Credit quality of underlying issuer
|
|
0%
|
|
0%
|
Nonrecurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
28,653
|
|
|
Third-party appraisals and discounted cash flows
|
|
Collateral discounts and
discount rates |
|
3% - 53%
|
|
30%
|
Other real estate owned
|
|
$
|
408
|
|
|
Third-party appraisals and sales contracts
|
|
Collateral discounts and estimated
costs to sell |
|
15% - 69%
|
|
31%
|
Purchased other real estate owned
|
|
$
|
9,535
|
|
|
Third-party appraisals
|
|
Collateral discounts and estimated
costs to sell |
|
6% - 74%
|
|
39%
|
|
|
|
Fair Value Measurements
|
||||||||||||||||
|
|
|
June 30, 2019
|
||||||||||||||||
(dollars in thousands)
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks
|
$
|
151,186
|
|
|
$
|
151,186
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
151,186
|
|
Federal funds sold and interest-bearing deposits in banks
|
186,969
|
|
|
186,969
|
|
|
—
|
|
|
—
|
|
|
186,969
|
|
|||||
Time deposits in other banks
|
748
|
|
|
—
|
|
|
748
|
|
|
—
|
|
|
748
|
|
|||||
Loans held for sale
|
64,773
|
|
|
—
|
|
|
64,773
|
|
|
—
|
|
|
64,773
|
|
|||||
Loans, net
|
8,987,091
|
|
|
—
|
|
|
—
|
|
|
9,011,842
|
|
|
9,011,842
|
|
|||||
Accrued interest receivable
|
36,719
|
|
|
—
|
|
|
4,849
|
|
|
31,870
|
|
|
36,719
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
9,582,370
|
|
|
$
|
—
|
|
|
$
|
9,580,642
|
|
|
$
|
—
|
|
|
$
|
9,580,642
|
|
Securities sold under agreements to repurchase
|
3,307
|
|
|
3,307
|
|
|
—
|
|
|
—
|
|
|
3,307
|
|
|||||
Other borrowings
|
564,636
|
|
|
—
|
|
|
565,992
|
|
|
—
|
|
|
565,992
|
|
|||||
Subordinated deferrable interest debentures
|
89,871
|
|
|
—
|
|
|
86,744
|
|
|
—
|
|
|
86,744
|
|
|||||
FDIC loss-share payable
|
20,596
|
|
|
—
|
|
|
—
|
|
|
20,590
|
|
|
20,590
|
|
|||||
Accrued interest payable
|
7,330
|
|
|
—
|
|
|
7,330
|
|
|
—
|
|
|
7,330
|
|
|
|
|
Fair Value Measurements
|
||||||||||||||||
|
|
|
December 31, 2018
|
||||||||||||||||
(dollars in thousands)
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks
|
$
|
172,036
|
|
|
$
|
172,036
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
172,036
|
|
Federal funds sold and interest-bearing deposits in banks
|
507,491
|
|
|
507,491
|
|
|
—
|
|
|
—
|
|
|
507,491
|
|
|||||
Time deposits in other banks
|
10,812
|
|
|
—
|
|
|
10,812
|
|
|
—
|
|
|
10,812
|
|
|||||
Loans, net
|
8,454,442
|
|
|
—
|
|
|
—
|
|
|
8,365,293
|
|
|
8,365,293
|
|
|||||
Accrued interest receivable
|
36,970
|
|
|
—
|
|
|
5,456
|
|
|
31,514
|
|
|
36,970
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
9,649,313
|
|
|
$
|
—
|
|
|
$
|
9,645,617
|
|
|
$
|
—
|
|
|
$
|
9,645,617
|
|
Securities sold under agreements to repurchase
|
20,384
|
|
|
20,384
|
|
|
—
|
|
|
—
|
|
|
20,384
|
|
|||||
Other borrowings
|
151,774
|
|
|
—
|
|
|
152,873
|
|
|
—
|
|
|
152,873
|
|
|||||
Subordinated deferrable interest debentures
|
89,187
|
|
|
—
|
|
|
90,180
|
|
|
—
|
|
|
90,180
|
|
|||||
FDIC loss-share payable
|
19,487
|
|
|
—
|
|
|
—
|
|
|
19,576
|
|
|
19,576
|
|
|||||
Accrued interest payable
|
5,669
|
|
|
—
|
|
|
5,669
|
|
|
—
|
|
|
5,669
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Commitments to extend credit
|
$
|
1,722,454
|
|
|
$
|
1,671,419
|
|
Unused home equity lines of credit
|
108,910
|
|
|
112,310
|
|
||
Financial standby letters of credit
|
25,419
|
|
|
24,596
|
|
||
Mortgage interest rate lock commitments
|
204,087
|
|
|
81,833
|
|
|
Three Months Ended
June 30, 2019 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division |
|
Retail
Mortgage Division |
|
Warehouse
Lending Division |
|
SBA
Division |
|
Premium
Finance Division |
|
Total
|
||||||||||||
Interest income
|
$
|
98,892
|
|
|
$
|
13,633
|
|
|
$
|
5,550
|
|
|
$
|
2,287
|
|
|
$
|
8,666
|
|
|
$
|
129,028
|
|
Interest expense
|
14,137
|
|
|
6,066
|
|
|
2,563
|
|
|
1,105
|
|
|
3,506
|
|
|
27,377
|
|
||||||
Net interest income
|
84,755
|
|
|
7,567
|
|
|
2,987
|
|
|
1,182
|
|
|
5,160
|
|
|
101,651
|
|
||||||
Provision for loan losses
|
2,306
|
|
|
609
|
|
|
—
|
|
|
178
|
|
|
1,575
|
|
|
4,668
|
|
||||||
Noninterest income
|
14,830
|
|
|
18,070
|
|
|
450
|
|
|
1,883
|
|
|
3
|
|
|
35,236
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
24,228
|
|
|
11,886
|
|
|
162
|
|
|
845
|
|
|
1,320
|
|
|
38,441
|
|
||||||
Equipment and occupancy expenses
|
7,034
|
|
|
670
|
|
|
1
|
|
|
65
|
|
|
64
|
|
|
7,834
|
|
||||||
Data processing and telecommunications expenses
|
7,635
|
|
|
394
|
|
|
38
|
|
|
3
|
|
|
318
|
|
|
8,388
|
|
||||||
Other expenses
|
22,728
|
|
|
2,385
|
|
|
75
|
|
|
249
|
|
|
1,151
|
|
|
26,588
|
|
||||||
Total noninterest expense
|
61,625
|
|
|
15,335
|
|
|
276
|
|
|
1,162
|
|
|
2,853
|
|
|
81,251
|
|
||||||
Income before income tax expense
|
35,654
|
|
|
9,693
|
|
|
3,161
|
|
|
1,725
|
|
|
735
|
|
|
50,968
|
|
||||||
Income tax expense
|
8,691
|
|
|
2,170
|
|
|
664
|
|
|
362
|
|
|
177
|
|
|
12,064
|
|
||||||
Net income
|
$
|
26,963
|
|
|
$
|
7,523
|
|
|
$
|
2,497
|
|
|
$
|
1,363
|
|
|
$
|
558
|
|
|
$
|
38,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
9,208,685
|
|
|
$
|
1,306,063
|
|
|
$
|
462,780
|
|
|
$
|
211,433
|
|
|
$
|
700,375
|
|
|
$
|
11,889,336
|
|
Goodwill
|
436,642
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,498
|
|
|
501,140
|
|
||||||
Other intangible assets, net
|
33,086
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,351
|
|
|
52,437
|
|
|
Three Months Ended
June 30, 2018 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division
|
|
Retail
Mortgage
Division
|
|
Warehouse
Lending
Division
|
|
SBA
Division
|
|
Premium
Finance
Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
68,398
|
|
|
$
|
7,973
|
|
|
$
|
3,641
|
|
|
$
|
1,907
|
|
|
$
|
8,027
|
|
|
$
|
89,946
|
|
Interest expense
|
6,639
|
|
|
2,927
|
|
|
1,315
|
|
|
587
|
|
|
2,479
|
|
|
13,947
|
|
||||||
Net interest income
|
61,759
|
|
|
5,046
|
|
|
2,326
|
|
|
1,320
|
|
|
5,548
|
|
|
75,999
|
|
||||||
Provision for loan losses
|
766
|
|
|
246
|
|
|
—
|
|
|
447
|
|
|
7,651
|
|
|
9,110
|
|
||||||
Noninterest income
|
13,287
|
|
|
13,889
|
|
|
735
|
|
|
1,349
|
|
|
2,047
|
|
|
31,307
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
26,646
|
|
|
10,864
|
|
|
128
|
|
|
736
|
|
|
1,402
|
|
|
39,776
|
|
||||||
Equipment and occupancy expenses
|
5,684
|
|
|
545
|
|
|
—
|
|
|
55
|
|
|
106
|
|
|
6,390
|
|
||||||
Data processing and telecommunications expenses
|
5,611
|
|
|
383
|
|
|
30
|
|
|
9
|
|
|
406
|
|
|
6,439
|
|
||||||
Other expenses
|
29,937
|
|
|
1,778
|
|
|
55
|
|
|
290
|
|
|
1,721
|
|
|
33,781
|
|
||||||
Total noninterest expense
|
67,878
|
|
|
13,570
|
|
|
213
|
|
|
1,090
|
|
|
3,635
|
|
|
86,386
|
|
||||||
Income before income tax expense
|
6,402
|
|
|
5,119
|
|
|
2,848
|
|
|
1,132
|
|
|
(3,691
|
)
|
|
11,810
|
|
||||||
Income tax expense
|
1,716
|
|
|
1,075
|
|
|
598
|
|
|
238
|
|
|
(1,204
|
)
|
|
2,423
|
|
||||||
Net income
|
$
|
4,686
|
|
|
$
|
4,044
|
|
|
$
|
2,250
|
|
|
$
|
894
|
|
|
$
|
(2,487
|
)
|
|
$
|
9,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
9,380,969
|
|
|
$
|
727,639
|
|
|
$
|
324,706
|
|
|
$
|
142,116
|
|
|
$
|
615,267
|
|
|
$
|
11,190,697
|
|
Goodwill
|
437,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,159
|
|
|
504,764
|
|
||||||
Other intangible assets, net
|
33,507
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,054
|
|
|
53,561
|
|
|
Six Months Ended
June 30, 2019 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division
|
|
Retail
Mortgage
Division
|
|
Warehouse
Lending
Division
|
|
SBA
Division
|
|
Premium
Finance
Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
196,766
|
|
|
$
|
26,145
|
|
|
$
|
10,354
|
|
|
$
|
4,461
|
|
|
$
|
16,231
|
|
|
$
|
253,957
|
|
Interest expense
|
26,972
|
|
|
12,825
|
|
|
4,677
|
|
|
2,193
|
|
|
6,244
|
|
|
52,911
|
|
||||||
Net interest income
|
169,794
|
|
|
13,320
|
|
|
5,677
|
|
|
2,268
|
|
|
9,987
|
|
|
201,046
|
|
||||||
Provision for loan losses
|
4,364
|
|
|
745
|
|
|
—
|
|
|
409
|
|
|
2,558
|
|
|
8,076
|
|
||||||
Noninterest income
|
29,200
|
|
|
32,360
|
|
|
829
|
|
|
3,613
|
|
|
5
|
|
|
66,007
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits
|
52,160
|
|
|
20,093
|
|
|
323
|
|
|
1,610
|
|
|
2,625
|
|
|
76,811
|
|
||||||
Equipment and occupancy expenses
|
14,315
|
|
|
1,436
|
|
|
2
|
|
|
124
|
|
|
161
|
|
|
16,038
|
|
||||||
Data processing and telecommunications expenses
|
15,227
|
|
|
724
|
|
|
68
|
|
|
5
|
|
|
755
|
|
|
16,779
|
|
||||||
Other expenses
|
39,684
|
|
|
4,499
|
|
|
143
|
|
|
598
|
|
|
2,124
|
|
|
47,048
|
|
||||||
Total noninterest expense
|
121,386
|
|
|
26,752
|
|
|
536
|
|
|
2,337
|
|
|
5,665
|
|
|
156,676
|
|
||||||
Income before income tax expense
|
73,244
|
|
|
18,183
|
|
|
5,970
|
|
|
3,135
|
|
|
1,769
|
|
|
102,301
|
|
||||||
Income tax expense
|
17,466
|
|
|
3,783
|
|
|
1,254
|
|
|
658
|
|
|
331
|
|
|
23,492
|
|
||||||
Net income
|
$
|
55,778
|
|
|
$
|
14,400
|
|
|
$
|
4,716
|
|
|
$
|
2,477
|
|
|
$
|
1,438
|
|
|
$
|
78,809
|
|
|
Six Months Ended
June 30, 2018 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division
|
|
Retail
Mortgage
Division
|
|
Warehouse
Lending
Division
|
|
SBA
Division
|
|
Premium
Finance
Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
129,294
|
|
|
$
|
14,795
|
|
|
$
|
6,393
|
|
|
$
|
3,338
|
|
|
$
|
15,638
|
|
|
$
|
169,458
|
|
Interest expense
|
12,176
|
|
|
4,752
|
|
|
2,212
|
|
|
1,094
|
|
|
4,424
|
|
|
24,658
|
|
||||||
Net interest income
|
117,118
|
|
|
10,043
|
|
|
4,181
|
|
|
2,244
|
|
|
11,214
|
|
|
144,800
|
|
||||||
Provision for loan losses
|
1,654
|
|
|
463
|
|
|
—
|
|
|
984
|
|
|
7,810
|
|
|
10,911
|
|
||||||
Noninterest income
|
26,386
|
|
|
25,474
|
|
|
1,132
|
|
|
2,719
|
|
|
2,060
|
|
|
57,771
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
48,714
|
|
|
18,606
|
|
|
266
|
|
|
1,476
|
|
|
2,803
|
|
|
71,865
|
|
||||||
Equipment and occupancy expenses
|
11,161
|
|
|
1,138
|
|
|
—
|
|
|
113
|
|
|
176
|
|
|
12,588
|
|
||||||
Data processing and telecommunications expenses
|
11,915
|
|
|
772
|
|
|
63
|
|
|
18
|
|
|
806
|
|
|
13,574
|
|
||||||
Other expenses
|
41,017
|
|
|
3,509
|
|
|
107
|
|
|
526
|
|
|
2,298
|
|
|
47,457
|
|
||||||
Total noninterest expense
|
112,807
|
|
|
24,025
|
|
|
436
|
|
|
2,133
|
|
|
6,083
|
|
|
145,484
|
|
||||||
Income before income tax expense
|
29,043
|
|
|
11,029
|
|
|
4,877
|
|
|
1,846
|
|
|
(619
|
)
|
|
46,176
|
|
||||||
Income tax expense
|
6,958
|
|
|
2,319
|
|
|
1,024
|
|
|
388
|
|
|
(560
|
)
|
|
10,129
|
|
||||||
Net income
|
$
|
22,085
|
|
|
$
|
8,710
|
|
|
$
|
3,853
|
|
|
$
|
1,458
|
|
|
$
|
(59
|
)
|
|
$
|
36,047
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
||||||||||||||||
(in thousands, except share and per share data)
|
Second
Quarter 2019 |
|
First
Quarter 2019 |
|
Fourth
Quarter 2018 |
|
Third
Quarter 2018 |
|
Second
Quarter 2018 |
|
2019
|
|
2018
|
||||||||||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income
|
$
|
101,651
|
|
|
$
|
99,395
|
|
|
$
|
99,554
|
|
|
$
|
99,038
|
|
|
$
|
75,999
|
|
|
$
|
201,046
|
|
|
$
|
144,800
|
|
Net interest income (tax equivalent)
|
102,714
|
|
|
100,453
|
|
|
100,633
|
|
|
100,117
|
|
|
76,943
|
|
|
203,166
|
|
|
146,730
|
|
|||||||
Provision for loan losses
|
4,668
|
|
|
3,408
|
|
|
3,661
|
|
|
2,095
|
|
|
9,110
|
|
|
8,076
|
|
|
10,911
|
|
|||||||
Noninterest income
|
35,236
|
|
|
30,771
|
|
|
30,470
|
|
|
30,171
|
|
|
31,307
|
|
|
66,007
|
|
|
57,771
|
|
|||||||
Noninterest expense
|
81,251
|
|
|
75,425
|
|
|
75,810
|
|
|
72,353
|
|
|
86,386
|
|
|
156,676
|
|
|
145,484
|
|
|||||||
Income tax expense
|
12,064
|
|
|
11,428
|
|
|
7,017
|
|
|
13,317
|
|
|
2,423
|
|
|
23,492
|
|
|
10,129
|
|
|||||||
Net income available to common shareholders
|
38,904
|
|
|
39,905
|
|
|
43,536
|
|
|
41,444
|
|
|
9,387
|
|
|
78,809
|
|
|
36,047
|
|
|||||||
Selected Average Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment securities
|
$
|
1,264,415
|
|
|
$
|
1,225,564
|
|
|
$
|
1,187,437
|
|
|
$
|
1,185,225
|
|
|
$
|
908,782
|
|
|
$
|
1,245,098
|
|
|
$
|
884,856
|
|
Loans held for sale
|
154,707
|
|
|
101,521
|
|
|
129,664
|
|
|
151,396
|
|
|
141,875
|
|
|
128,261
|
|
|
140,012
|
|
|||||||
Loans
|
6,370,860
|
|
|
5,867,037
|
|
|
5,819,684
|
|
|
5,703,921
|
|
|
5,198,301
|
|
|
6,138,749
|
|
|
5,051,742
|
|
|||||||
Purchased loans
|
2,123,754
|
|
|
2,359,280
|
|
|
2,402,610
|
|
|
2,499,393
|
|
|
1,107,184
|
|
|
2,222,457
|
|
|
974,846
|
|
|||||||
Purchased loan pools
|
245,947
|
|
|
257,661
|
|
|
268,568
|
|
|
287,859
|
|
|
310,594
|
|
|
251,772
|
|
|
317,813
|
|
|||||||
Earning assets
|
10,547,095
|
|
|
10,319,954
|
|
|
10,220,747
|
|
|
10,138,029
|
|
|
7,818,525
|
|
|
10,434,152
|
|
|
7,521,195
|
|
|||||||
Assets
|
11,625,344
|
|
|
11,423,677
|
|
|
11,307,980
|
|
|
11,204,504
|
|
|
8,529,035
|
|
|
11,525,068
|
|
|
8,207,704
|
|
|||||||
Deposits
|
9,739,892
|
|
|
9,577,574
|
|
|
9,452,944
|
|
|
8,962,170
|
|
|
6,607,518
|
|
|
9,659,181
|
|
|
6,496,134
|
|
|||||||
Shareholders’ equity
|
1,519,598
|
|
|
1,478,462
|
|
|
1,428,341
|
|
|
1,395,479
|
|
|
974,494
|
|
|
1,499,144
|
|
|
941,778
|
|
|||||||
Period-End Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment securities
|
$
|
1,305,725
|
|
|
$
|
1,249,592
|
|
|
$
|
1,206,878
|
|
|
$
|
1,198,499
|
|
|
$
|
1,198,472
|
|
|
$
|
1,305,725
|
|
|
$
|
1,198,472
|
|
Loans held for sale
|
261,073
|
|
|
112,070
|
|
|
111,298
|
|
|
130,179
|
|
|
137,249
|
|
|
261,073
|
|
|
137,249
|
|
|||||||
Loans
|
6,522,448
|
|
|
5,756,358
|
|
|
5,660,457
|
|
|
5,543,306
|
|
|
5,380,515
|
|
|
6,522,448
|
|
|
5,380,515
|
|
|||||||
Purchased loans
|
2,286,425
|
|
|
2,472,271
|
|
|
2,588,832
|
|
|
2,711,460
|
|
|
2,812,510
|
|
|
2,286,425
|
|
|
2,812,510
|
|
|||||||
Purchased loan pools
|
240,997
|
|
|
253,710
|
|
|
262,625
|
|
|
274,752
|
|
|
297,509
|
|
|
240,997
|
|
|
297,509
|
|
|||||||
Earning assets
|
10,804,385
|
|
|
10,563,571
|
|
|
10,348,393
|
|
|
10,340,558
|
|
|
10,110,983
|
|
|
10,804,385
|
|
|
10,110,983
|
|
|||||||
Total assets
|
11,889,336
|
|
|
11,656,275
|
|
|
11,443,515
|
|
|
11,428,994
|
|
|
11,190,697
|
|
|
11,889,336
|
|
|
11,190,697
|
|
|||||||
Deposits
|
9,582,370
|
|
|
9,800,875
|
|
|
9,649,313
|
|
|
9,181,363
|
|
|
8,761,593
|
|
|
9,582,370
|
|
|
8,761,593
|
|
|||||||
Shareholders’ equity
|
1,537,121
|
|
|
1,495,584
|
|
|
1,456,347
|
|
|
1,404,977
|
|
|
1,371,896
|
|
|
1,537,121
|
|
|
1,371,896
|
|
|||||||
Per Common Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings per share - basic
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.92
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.93
|
|
Earnings per share - diluted
|
$
|
0.82
|
|
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
$
|
0.87
|
|
|
$
|
0.24
|
|
|
$
|
1.66
|
|
|
$
|
0.92
|
|
Book value per common share
|
$
|
32.52
|
|
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
32.52
|
|
|
$
|
28.87
|
|
Tangible book value per common share
|
$
|
20.81
|
|
|
$
|
19.73
|
|
|
$
|
18.83
|
|
|
$
|
17.78
|
|
|
$
|
17.12
|
|
|
$
|
20.81
|
|
|
$
|
17.12
|
|
End of period shares outstanding
|
47,261,584
|
|
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
47,261,584
|
|
|
47,518,662
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
||||||||||||||||
(in thousands, except share and per share data)
|
Second
Quarter 2019 |
|
First
Quarter 2019 |
|
Fourth
Quarter 2018 |
|
Third
Quarter 2018 |
|
Second
Quarter 2018 |
|
2019
|
|
2018
|
||||||||||||||
Weighted Average Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
47,310,561
|
|
|
47,366,296
|
|
|
47,501,150
|
|
|
47,514,653
|
|
|
39,432,021
|
|
|
47,353,678
|
|
|
38,703,449
|
|
|||||||
Diluted
|
47,337,809
|
|
|
47,456,314
|
|
|
47,593,252
|
|
|
47,685,334
|
|
|
39,709,503
|
|
|
47,394,911
|
|
|
38,980,754
|
|
|||||||
Market Price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
High intraday price
|
$
|
39.60
|
|
|
$
|
42.01
|
|
|
$
|
47.25
|
|
|
$
|
54.35
|
|
|
$
|
58.10
|
|
|
$
|
42.01
|
|
|
$
|
59.05
|
|
Low intraday price
|
$
|
33.57
|
|
|
$
|
31.27
|
|
|
$
|
29.97
|
|
|
$
|
45.15
|
|
|
$
|
50.20
|
|
|
$
|
31.27
|
|
|
$
|
47.90
|
|
Closing price for quarter
|
$
|
39.19
|
|
|
$
|
34.35
|
|
|
$
|
31.67
|
|
|
$
|
45.70
|
|
|
$
|
53.35
|
|
|
$
|
39.19
|
|
|
$
|
53.35
|
|
Average daily trading volume
|
352,684
|
|
|
387,800
|
|
|
375,773
|
|
|
382,622
|
|
|
253,413
|
|
|
369,959
|
|
|
244,914
|
|
|||||||
Cash dividends declared per share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
Closing price to book value
|
1.21
|
|
|
1.09
|
|
|
1.03
|
|
|
1.54
|
|
|
1.85
|
|
|
1.21
|
|
|
1.85
|
|
|||||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Return on average assets
|
1.34
|
%
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.47
|
%
|
|
0.44
|
%
|
|
1.38
|
%
|
|
0.89
|
%
|
|||||||
Return on average common equity
|
10.27
|
%
|
|
10.95
|
%
|
|
12.09
|
%
|
|
11.78
|
%
|
|
3.86
|
%
|
|
10.60
|
%
|
|
7.72
|
%
|
|||||||
Average loans to average deposits
|
91.33
|
%
|
|
89.64
|
%
|
|
91.19
|
%
|
|
96.43
|
%
|
|
102.28
|
%
|
|
90.50
|
%
|
|
99.82
|
%
|
|||||||
Average equity to average assets
|
13.07
|
%
|
|
12.94
|
%
|
|
12.63
|
%
|
|
12.45
|
%
|
|
11.43
|
%
|
|
13.01
|
%
|
|
11.47
|
%
|
|||||||
Net interest margin (tax equivalent)
|
3.91
|
%
|
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.93
|
%
|
|
3.93
|
%
|
|||||||
Efficiency ratio
|
59.36
|
%
|
|
57.95
|
%
|
|
58.30
|
%
|
|
56.00
|
%
|
|
80.50
|
%
|
|
58.67
|
%
|
|
71.82
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-GAAP Measures Reconciliation -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible book value per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total shareholders’ equity
|
$
|
1,537,121
|
|
|
$
|
1,495,584
|
|
|
$
|
1,456,347
|
|
|
$
|
1,404,977
|
|
|
$
|
1,371,896
|
|
|
$
|
1,537,121
|
|
|
$
|
1,371,896
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Goodwill
|
501,140
|
|
|
501,308
|
|
|
503,434
|
|
|
505,604
|
|
|
504,764
|
|
|
501,140
|
|
|
504,764
|
|
|||||||
Other intangible assets, net
|
52,437
|
|
|
55,557
|
|
|
58,689
|
|
|
54,729
|
|
|
53,561
|
|
|
52,437
|
|
|
53,561
|
|
|||||||
Tangible common equity
|
$
|
983,544
|
|
|
$
|
938,719
|
|
|
$
|
894,224
|
|
|
$
|
844,644
|
|
|
$
|
813,571
|
|
|
$
|
983,544
|
|
|
$
|
813,571
|
|
End of period shares outstanding
|
47,261,584
|
|
|
47,585,309
|
|
|
47,499,941
|
|
|
47,496,966
|
|
|
47,518,662
|
|
|
47,261,584
|
|
|
47,518,662
|
|
|||||||
Book value per common share
|
$
|
32.52
|
|
|
$
|
31.43
|
|
|
$
|
30.66
|
|
|
$
|
29.58
|
|
|
$
|
28.87
|
|
|
$
|
32.52
|
|
|
$
|
28.87
|
|
Tangible book value per common share
|
20.81
|
|
|
19.73
|
|
|
18.83
|
|
|
17.78
|
|
|
17.12
|
|
|
20.81
|
|
|
17.12
|
|
|
Three Months Ended
June 30, 2019 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division
|
|
Retail
Mortgage
Division
|
|
Warehouse
Lending
Division
|
|
SBA
Division
|
|
Premium
Finance
Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
98,892
|
|
|
$
|
13,633
|
|
|
$
|
5,550
|
|
|
$
|
2,287
|
|
|
$
|
8,666
|
|
|
$
|
129,028
|
|
Interest expense
|
14,137
|
|
|
6,066
|
|
|
2,563
|
|
|
1,105
|
|
|
3,506
|
|
|
27,377
|
|
||||||
Net interest income
|
84,755
|
|
|
7,567
|
|
|
2,987
|
|
|
1,182
|
|
|
5,160
|
|
|
101,651
|
|
||||||
Provision for loan losses
|
2,306
|
|
|
609
|
|
|
—
|
|
|
178
|
|
|
1,575
|
|
|
4,668
|
|
||||||
Noninterest income
|
14,830
|
|
|
18,070
|
|
|
450
|
|
|
1,883
|
|
|
3
|
|
|
35,236
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
24,228
|
|
|
11,886
|
|
|
162
|
|
|
845
|
|
|
1,320
|
|
|
38,441
|
|
||||||
Equipment and occupancy expenses
|
7,034
|
|
|
670
|
|
|
1
|
|
|
65
|
|
|
64
|
|
|
7,834
|
|
||||||
Data processing and telecommunications expenses
|
7,635
|
|
|
394
|
|
|
38
|
|
|
3
|
|
|
318
|
|
|
8,388
|
|
||||||
Other expenses
|
22,728
|
|
|
2,385
|
|
|
75
|
|
|
249
|
|
|
1,151
|
|
|
26,588
|
|
||||||
Total noninterest expense
|
61,625
|
|
|
15,335
|
|
|
276
|
|
|
1,162
|
|
|
2,853
|
|
|
81,251
|
|
||||||
Income before income tax expense
|
35,654
|
|
|
9,693
|
|
|
3,161
|
|
|
1,725
|
|
|
735
|
|
|
50,968
|
|
||||||
Income tax expense
|
8,691
|
|
|
2,170
|
|
|
664
|
|
|
362
|
|
|
177
|
|
|
12,064
|
|
||||||
Net income
|
$
|
26,963
|
|
|
$
|
7,523
|
|
|
$
|
2,497
|
|
|
$
|
1,363
|
|
|
$
|
558
|
|
|
$
|
38,904
|
|
|
Three Months Ended
June 30, 2018 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division
|
|
Retail
Mortgage
Division
|
|
Warehouse
Lending
Division
|
|
SBA
Division
|
|
Premium
Finance
Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
68,398
|
|
|
$
|
7,973
|
|
|
$
|
3,641
|
|
|
$
|
1,907
|
|
|
$
|
8,027
|
|
|
$
|
89,946
|
|
Interest expense
|
6,639
|
|
|
2,927
|
|
|
1,315
|
|
|
587
|
|
|
2,479
|
|
|
13,947
|
|
||||||
Net interest income
|
61,759
|
|
|
5,046
|
|
|
2,326
|
|
|
1,320
|
|
|
5,548
|
|
|
75,999
|
|
||||||
Provision for loan losses
|
766
|
|
|
246
|
|
|
—
|
|
|
447
|
|
|
7,651
|
|
|
9,110
|
|
||||||
Noninterest income
|
13,287
|
|
|
13,889
|
|
|
735
|
|
|
1,349
|
|
|
2,047
|
|
|
31,307
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
26,646
|
|
|
10,864
|
|
|
128
|
|
|
736
|
|
|
1,402
|
|
|
39,776
|
|
||||||
Equipment and occupancy expenses
|
5,684
|
|
|
545
|
|
|
—
|
|
|
55
|
|
|
106
|
|
|
6,390
|
|
||||||
Data processing and telecommunications expenses
|
5,611
|
|
|
383
|
|
|
30
|
|
|
9
|
|
|
406
|
|
|
6,439
|
|
||||||
Other expenses
|
29,937
|
|
|
1,778
|
|
|
55
|
|
|
290
|
|
|
1,721
|
|
|
33,781
|
|
||||||
Total noninterest expense
|
67,878
|
|
|
13,570
|
|
|
213
|
|
|
1,090
|
|
|
3,635
|
|
|
86,386
|
|
||||||
Income before income tax expense
|
6,402
|
|
|
5,119
|
|
|
2,848
|
|
|
1,132
|
|
|
(3,691
|
)
|
|
11,810
|
|
||||||
Income tax expense
|
1,716
|
|
|
1,075
|
|
|
598
|
|
|
238
|
|
|
(1,204
|
)
|
|
2,423
|
|
||||||
Net income
|
$
|
4,686
|
|
|
$
|
4,044
|
|
|
$
|
2,250
|
|
|
$
|
894
|
|
|
$
|
(2,487
|
)
|
|
$
|
9,387
|
|
|
Quarter Ended
June 30, |
||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate Paid
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate Paid
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks
|
$
|
387,412
|
|
|
$
|
2,533
|
|
|
2.62%
|
|
$
|
151,789
|
|
|
$
|
723
|
|
|
1.91%
|
Investment securities
|
1,264,415
|
|
|
9,512
|
|
|
3.02%
|
|
908,782
|
|
|
6,547
|
|
|
2.89%
|
||||
Loans held for sale
|
154,707
|
|
|
1,632
|
|
|
4.23%
|
|
141,875
|
|
|
1,315
|
|
|
3.72%
|
||||
Loans
|
6,370,860
|
|
|
87,412
|
|
|
5.50%
|
|
5,198,301
|
|
|
63,908
|
|
|
4.93%
|
||||
Purchased loans
|
2,123,754
|
|
|
27,154
|
|
|
5.13%
|
|
1,107,184
|
|
|
16,130
|
|
|
5.84%
|
||||
Purchased loan pools
|
245,947
|
|
|
1,847
|
|
|
3.01%
|
|
310,594
|
|
|
2,267
|
|
|
2.93%
|
||||
Total interest-earning assets
|
10,547,095
|
|
|
130,090
|
|
|
4.95%
|
|
7,818,525
|
|
|
90,890
|
|
|
4.66%
|
||||
Noninterest-earning assets
|
1,078,249
|
|
|
|
|
|
|
|
710,510
|
|
|
|
|
|
|
||||
Total assets
|
$
|
11,625,344
|
|
|
|
|
|
|
|
$
|
8,529,035
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Savings and interest-bearing demand deposits
|
$
|
4,567,335
|
|
|
$
|
11,833
|
|
|
1.04%
|
|
$
|
3,557,879
|
|
|
$
|
5,149
|
|
|
0.58%
|
Time deposits
|
2,448,714
|
|
|
11,621
|
|
|
1.90%
|
|
1,075,729
|
|
|
2,645
|
|
|
0.99%
|
||||
Federal funds purchased and securities sold under agreements to repurchase
|
3,213
|
|
|
2
|
|
|
0.25%
|
|
14,762
|
|
|
5
|
|
|
0.14%
|
||||
FHLB advances
|
22,390
|
|
|
141
|
|
|
2.53%
|
|
703,177
|
|
|
3,383
|
|
|
1.93%
|
||||
Other borrowings
|
145,453
|
|
|
2,210
|
|
|
6.09%
|
|
86,302
|
|
|
1,320
|
|
|
6.13%
|
||||
Subordinated deferrable interest debentures
|
89,686
|
|
|
1,570
|
|
|
7.02%
|
|
86,085
|
|
|
1,445
|
|
|
6.73%
|
||||
Total interest-bearing liabilities
|
7,276,791
|
|
|
27,377
|
|
|
1.51%
|
|
5,523,934
|
|
|
13,947
|
|
|
1.01%
|
||||
Demand deposits
|
2,723,843
|
|
|
|
|
|
|
|
1,973,910
|
|
|
|
|
|
|
||||
Other liabilities
|
105,112
|
|
|
|
|
|
|
|
56,697
|
|
|
|
|
|
|
||||
Shareholders’ equity
|
1,519,598
|
|
|
|
|
|
|
|
974,494
|
|
|
|
|
|
|
||||
Total liabilities and shareholders’ equity
|
$
|
11,625,344
|
|
|
|
|
|
|
|
$
|
8,529,035
|
|
|
|
|
|
|
||
Interest rate spread
|
|
|
|
|
|
|
3.44%
|
|
|
|
|
|
|
|
3.65%
|
||||
Net interest income
|
|
|
|
$
|
102,713
|
|
|
|
|
|
|
|
$
|
76,943
|
|
|
|
||
Net interest margin
|
|
|
|
|
|
|
3.91%
|
|
|
|
|
|
|
|
3.95%
|
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
||||||||
(dollars in thousands)
|
Average
Balance
|
|
Average
Cost
|
|
Average
Balance
|
|
Average
Cost
|
||||
NOW
|
$
|
1,506,721
|
|
|
0.60%
|
|
$
|
1,311,952
|
|
|
0.35%
|
MMDA
|
2,655,108
|
|
|
1.43%
|
|
1,950,601
|
|
|
0.81%
|
||
Savings
|
405,506
|
|
|
0.08%
|
|
295,326
|
|
|
0.07%
|
||
Retail CDs < $100,000
|
778,957
|
|
|
1.41%
|
|
475,965
|
|
|
0.76%
|
||
Retail CDs > $100,000
|
1,183,465
|
|
|
1.98%
|
|
585,632
|
|
|
1.14%
|
||
Brokered CDs
|
486,292
|
|
|
2.50%
|
|
14,132
|
|
|
1.93%
|
||
Interest-bearing deposits
|
$
|
7,016,049
|
|
|
1.34%
|
|
$
|
4,633,608
|
|
|
0.67%
|
|
Six Months Ended
June 30, 2019 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division
|
|
Retail
Mortgage
Division
|
|
Warehouse
Lending
Division
|
|
SBA
Division
|
|
Premium
Finance
Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
196,766
|
|
|
$
|
26,145
|
|
|
$
|
10,354
|
|
|
$
|
4,461
|
|
|
$
|
16,231
|
|
|
$
|
253,957
|
|
Interest expense
|
26,972
|
|
|
12,825
|
|
|
4,677
|
|
|
2,193
|
|
|
6,244
|
|
|
52,911
|
|
||||||
Net interest income
|
169,794
|
|
|
13,320
|
|
|
5,677
|
|
|
2,268
|
|
|
9,987
|
|
|
201,046
|
|
||||||
Provision for loan losses
|
4,364
|
|
|
745
|
|
|
—
|
|
|
409
|
|
|
2,558
|
|
|
8,076
|
|
||||||
Noninterest income
|
29,200
|
|
|
32,360
|
|
|
829
|
|
|
3,613
|
|
|
5
|
|
|
66,007
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits
|
52,160
|
|
|
20,093
|
|
|
323
|
|
|
1,610
|
|
|
2,625
|
|
|
76,811
|
|
||||||
Equipment and occupancy expenses
|
14,315
|
|
|
1,436
|
|
|
2
|
|
|
124
|
|
|
161
|
|
|
16,038
|
|
||||||
Data processing and telecommunications expenses
|
15,227
|
|
|
724
|
|
|
68
|
|
|
5
|
|
|
755
|
|
|
16,779
|
|
||||||
Other expenses
|
39,684
|
|
|
4,499
|
|
|
143
|
|
|
598
|
|
|
2,124
|
|
|
47,048
|
|
||||||
Total noninterest expense
|
121,386
|
|
|
26,752
|
|
|
536
|
|
|
2,337
|
|
|
5,665
|
|
|
156,676
|
|
||||||
Income before income tax expense
|
73,244
|
|
|
18,183
|
|
|
5,970
|
|
|
3,135
|
|
|
1,769
|
|
|
102,301
|
|
||||||
Income tax expense
|
17,466
|
|
|
3,783
|
|
|
1,254
|
|
|
658
|
|
|
331
|
|
|
23,492
|
|
||||||
Net income
|
$
|
55,778
|
|
|
$
|
14,400
|
|
|
$
|
4,716
|
|
|
$
|
2,477
|
|
|
$
|
1,438
|
|
|
$
|
78,809
|
|
|
Six Months Ended
June 30, 2018 |
||||||||||||||||||||||
(dollars in thousands)
|
Banking
Division
|
|
Retail
Mortgage
Division
|
|
Warehouse
Lending
Division
|
|
SBA
Division
|
|
Premium
Finance
Division
|
|
Total
|
||||||||||||
Interest income
|
$
|
129,294
|
|
|
$
|
14,795
|
|
|
$
|
6,393
|
|
|
$
|
3,338
|
|
|
$
|
15,638
|
|
|
$
|
169,458
|
|
Interest expense
|
12,176
|
|
|
4,752
|
|
|
2,212
|
|
|
1,094
|
|
|
4,424
|
|
|
24,658
|
|
||||||
Net interest income
|
117,118
|
|
|
10,043
|
|
|
4,181
|
|
|
2,244
|
|
|
11,214
|
|
|
144,800
|
|
||||||
Provision for loan losses
|
1,654
|
|
|
463
|
|
|
—
|
|
|
984
|
|
|
7,810
|
|
|
10,911
|
|
||||||
Noninterest income
|
26,386
|
|
|
25,474
|
|
|
1,132
|
|
|
2,719
|
|
|
2,060
|
|
|
57,771
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits
|
48,714
|
|
|
18,606
|
|
|
266
|
|
|
1,476
|
|
|
2,803
|
|
|
71,865
|
|
||||||
Equipment and occupancy expenses
|
11,161
|
|
|
1,138
|
|
|
—
|
|
|
113
|
|
|
176
|
|
|
12,588
|
|
||||||
Data processing and telecommunications expenses
|
11,915
|
|
|
772
|
|
|
63
|
|
|
18
|
|
|
806
|
|
|
13,574
|
|
||||||
Other expenses
|
41,017
|
|
|
3,509
|
|
|
107
|
|
|
526
|
|
|
2,298
|
|
|
47,457
|
|
||||||
Total noninterest expense
|
112,807
|
|
|
24,025
|
|
|
436
|
|
|
2,133
|
|
|
6,083
|
|
|
145,484
|
|
||||||
Income before income tax expense
|
29,043
|
|
|
11,029
|
|
|
4,877
|
|
|
1,846
|
|
|
(619
|
)
|
|
46,176
|
|
||||||
Income tax expense
|
6,958
|
|
|
2,319
|
|
|
1,024
|
|
|
388
|
|
|
(560
|
)
|
|
10,129
|
|
||||||
Net income
|
$
|
22,085
|
|
|
$
|
8,710
|
|
|
$
|
3,853
|
|
|
$
|
1,458
|
|
|
$
|
(59
|
)
|
|
$
|
36,047
|
|
|
Six Months Ended
June 30, |
||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate Paid
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate Paid
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal funds sold, interest-bearing deposits in banks, and time deposits in other banks
|
$
|
447,815
|
|
|
$
|
5,862
|
|
|
2.64%
|
|
$
|
151,926
|
|
|
$
|
1,439
|
|
|
1.91%
|
Investment securities
|
1,245,098
|
|
|
18,753
|
|
|
3.04%
|
|
884,856
|
|
|
12,162
|
|
|
2.77%
|
||||
Loans held for sale
|
128,261
|
|
|
2,784
|
|
|
4.38%
|
|
140,012
|
|
|
2,525
|
|
|
3.64%
|
||||
Loans
|
6,138,749
|
|
|
164,733
|
|
|
5.41%
|
|
5,051,742
|
|
|
122,679
|
|
|
4.90%
|
||||
Purchased loans
|
2,222,457
|
|
|
60,165
|
|
|
5.46%
|
|
974,846
|
|
|
27,892
|
|
|
5.77%
|
||||
Purchased loan pools
|
251,772
|
|
|
3,780
|
|
|
3.03%
|
|
317,813
|
|
|
4,691
|
|
|
2.98%
|
||||
Total interest-earning assets
|
10,434,152
|
|
|
256,077
|
|
|
4.95%
|
|
7,521,195
|
|
|
171,388
|
|
|
4.60%
|
||||
Noninterest-earning assets
|
1,090,916
|
|
|
|
|
|
|
|
686,509
|
|
|
|
|
|
|
||||
Total assets
|
$
|
11,525,068
|
|
|
|
|
|
|
|
$
|
8,207,704
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Savings and interest-bearing demand deposits
|
$
|
4,598,540
|
|
|
$
|
23,066
|
|
|
1.01%
|
|
$
|
3,572,045
|
|
|
$
|
9,675
|
|
|
0.55%
|
Time deposits
|
2,425,704
|
|
|
22,072
|
|
|
1.83%
|
|
1,046,231
|
|
|
4,891
|
|
|
0.94%
|
||||
Federal funds purchased and securities sold under agreements to repurchase
|
9,511
|
|
|
13
|
|
|
0.28%
|
|
17,819
|
|
|
14
|
|
|
0.16%
|
||||
FHLB advances
|
14,368
|
|
|
185
|
|
|
2.60%
|
|
538,282
|
|
|
4,840
|
|
|
1.81%
|
||||
Other borrowings
|
145,463
|
|
|
4,437
|
|
|
6.15%
|
|
80,957
|
|
|
2,454
|
|
|
6.11%
|
||||
Subordinated deferrable interest debentures
|
89,516
|
|
|
3,138
|
|
|
7.07%
|
|
85,894
|
|
|
2,784
|
|
|
6.54%
|
||||
Total interest-bearing liabilities
|
7,283,102
|
|
|
52,911
|
|
|
1.47%
|
|
5,341,228
|
|
|
24,658
|
|
|
0.93%
|
||||
Demand deposits
|
2,634,937
|
|
|
|
|
|
|
|
1,877,858
|
|
|
|
|
|
|
||||
Other liabilities
|
107,885
|
|
|
|
|
|
|
|
46,840
|
|
|
|
|
|
|
||||
Shareholders’ equity
|
1,499,144
|
|
|
|
|
|
|
|
941,778
|
|
|
|
|
|
|
||||
Total liabilities and shareholders’ equity
|
$
|
11,525,068
|
|
|
|
|
|
|
|
$
|
8,207,704
|
|
|
|
|
|
|
||
Interest rate spread
|
|
|
|
|
|
|
3.48%
|
|
|
|
|
|
|
|
3.67%
|
||||
Net interest income
|
|
|
|
$
|
203,166
|
|
|
|
|
|
|
|
$
|
146,730
|
|
|
|
||
Net interest margin
|
|
|
|
|
|
|
3.93%
|
|
|
|
|
|
|
|
3.93%
|
|
Six Months Ended
June 30, 2019 |
|
Six Months Ended
June 30, 2018 |
||||||||
(dollars in thousands)
|
Average
Balance
|
|
Average
Cost
|
|
Average
Balance
|
|
Average
Cost
|
||||
NOW
|
$
|
1,530,224
|
|
|
0.58%
|
|
$
|
1,324,764
|
|
|
0.32%
|
MMDA
|
2,666,001
|
|
|
1.40%
|
|
1,960,531
|
|
|
0.77%
|
||
Savings
|
402,315
|
|
|
0.08%
|
|
286,750
|
|
|
0.07%
|
||
Retail CDs < $100,000
|
773,213
|
|
|
1.32%
|
|
449,515
|
|
|
0.71%
|
||
Retail CDs > $100,000
|
1,154,261
|
|
|
1.90%
|
|
589,611
|
|
|
1.11%
|
||
Brokered CDs
|
498,230
|
|
|
2.49%
|
|
7,105
|
|
|
1.93%
|
||
Interest-bearing deposits
|
$
|
7,024,244
|
|
|
1.30%
|
|
$
|
4,618,276
|
|
|
0.64%
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
(dollars in thousands)
|
Amortized Cost
|
|
Fair
Value
|
|
Amortized Cost
|
|
Fair
Value |
||||||||
June 30, 2019
|
|
|
|
|
|
|
|
||||||||
State, county and municipal securities
|
$
|
99,888
|
|
|
$
|
102,033
|
|
|
$
|
149,670
|
|
|
$
|
150,733
|
|
Corporate debt securities
|
56,876
|
|
|
57,846
|
|
|
67,123
|
|
|
67,314
|
|
||||
Mortgage-backed securities
|
1,095,566
|
|
|
1,113,365
|
|
|
982,183
|
|
|
974,376
|
|
||||
Total debt securities
|
$
|
1,252,330
|
|
|
$
|
1,273,244
|
|
|
$
|
1,198,976
|
|
|
$
|
1,192,423
|
|
|
|
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
|
|
$
|
12,627
|
|
|
3.17
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
After one year through five years
|
|
45,625
|
|
|
3.36
|
|
|
19,887
|
|
|
4.16
|
|
|
32,838
|
|
|
3.05
|
|
|||
After five years through ten years
|
|
26,578
|
|
|
3.36
|
|
|
36,004
|
|
|
5.40
|
|
|
340,356
|
|
|
2.85
|
|
|||
After ten years
|
|
17,203
|
|
|
3.15
|
|
|
1,955
|
|
|
6.05
|
|
|
740,171
|
|
|
2.84
|
|
|||
|
|
$
|
102,033
|
|
|
3.30
|
%
|
|
$
|
57,846
|
|
|
4.99
|
%
|
|
$
|
1,113,365
|
|
|
2.85
|
%
|
(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 21%.
|
|
Six Months Ended
June 30, |
||||||
(dollars in thousands)
|
2019
|
|
2018
|
||||
Balance of allowance for loan losses at beginning of period
|
$
|
28,819
|
|
|
$
|
25,791
|
|
Provision charged to operating expense
|
8,076
|
|
|
10,911
|
|
||
Charge-offs:
|
|
|
|
|
|
||
Commercial, financial and agricultural
|
3,342
|
|
|
5,193
|
|
||
Real estate – construction and development
|
247
|
|
|
20
|
|
||
Real estate – commercial and farmland
|
1,353
|
|
|
142
|
|
||
Real estate – residential
|
60
|
|
|
402
|
|
||
Consumer installment
|
3,019
|
|
|
1,801
|
|
||
Purchased loans
|
854
|
|
|
1,031
|
|
||
Total charge-offs
|
8,875
|
|
|
8,589
|
|
||
Recoveries:
|
|
|
|
|
|
||
Commercial, financial and agricultural
|
1,807
|
|
|
1,903
|
|
||
Real estate – construction and development
|
20
|
|
|
116
|
|
||
Real estate – commercial and farmland
|
8
|
|
|
35
|
|
||
Real estate – residential
|
237
|
|
|
211
|
|
||
Consumer installment
|
406
|
|
|
184
|
|
||
Purchased loans
|
1,295
|
|
|
970
|
|
||
Total recoveries
|
3,773
|
|
|
3,419
|
|
||
Net charge-offs
|
5,102
|
|
|
5,170
|
|
||
Balance of allowance for loan losses at end of period
|
$
|
31,793
|
|
|
$
|
31,532
|
|
|
As of and for the
Six Months Ended June 30, 2019 |
||||||||||||||
(dollars in thousands)
|
Legacy
Loans
|
|
Purchased
Loans
|
|
Purchased
Loan
Pools
|
|
Total
|
||||||||
Allowance for loan losses at end of period
|
$
|
28,679
|
|
|
$
|
2,443
|
|
|
$
|
671
|
|
|
$
|
31,793
|
|
Net charge-offs (recoveries) for the period
|
5,543
|
|
|
(441
|
)
|
|
—
|
|
|
5,102
|
|
||||
Loan balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||
End of period
|
6,522,448
|
|
|
2,286,425
|
|
|
240,997
|
|
|
9,049,870
|
|
||||
Average for the period
|
6,138,749
|
|
|
2,222,457
|
|
|
251,772
|
|
|
8,612,978
|
|
||||
Net charge-offs as a percentage of average loans
|
0.18
|
%
|
|
(0.04
|
)%
|
|
0.00
|
%
|
|
0.12
|
%
|
||||
Allowance for loan losses as a percentage of end of period loans
|
0.44
|
%
|
|
0.11
|
%
|
|
0.28
|
%
|
|
0.35
|
%
|
|
As of and for the
Six Months Ended June 30, 2018 |
||||||||||||||
(dollars in thousands)
|
Legacy
Loans
|
|
Purchased
Loans
|
|
Purchased
Loan
Pools
|
|
Total
|
||||||||
Allowance for loan losses at end of period
|
$
|
28,417
|
|
|
$
|
2,339
|
|
|
$
|
776
|
|
|
$
|
31,532
|
|
Net charge-offs (recoveries) for the period
|
5,109
|
|
|
61
|
|
|
—
|
|
|
5,170
|
|
||||
Loan balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||
End of period
|
5,380,515
|
|
|
2,812,510
|
|
|
297,509
|
|
|
8,490,534
|
|
||||
Average for the period
|
5,051,742
|
|
|
974,846
|
|
|
317,813
|
|
|
6,344,401
|
|
||||
Net charge-offs as a percentage of average loans
|
0.20
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.16
|
%
|
||||
Allowance for loan losses as a percentage of end of period loans
|
0.53
|
%
|
|
0.08
|
%
|
|
0.26
|
%
|
|
0.37
|
%
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Commercial, financial and agricultural
|
$
|
1,648,190
|
|
|
$
|
1,316,359
|
|
Real estate – construction and development
|
788,409
|
|
|
671,198
|
|
||
Real estate – commercial and farmland
|
2,046,347
|
|
|
1,814,529
|
|
||
Real estate – residential
|
1,589,646
|
|
|
1,403,000
|
|
||
Consumer installment
|
449,856
|
|
|
455,371
|
|
||
|
$
|
6,522,448
|
|
|
$
|
5,660,457
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31,
2018 |
||||
Municipal loans
|
$
|
504,547
|
|
|
$
|
510,600
|
|
Premium finance loans
|
529,680
|
|
|
410,381
|
|
||
Other commercial, financial and agricultural loans
|
613,963
|
|
|
395,378
|
|
||
|
$
|
1,648,190
|
|
|
$
|
1,316,359
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31, 2018
|
||||
Commercial, financial and agricultural
|
$
|
252,621
|
|
|
$
|
372,686
|
|
Real estate – construction and development
|
315,141
|
|
|
227,900
|
|
||
Real estate – commercial and farmland
|
1,135,866
|
|
|
1,337,859
|
|
||
Real estate – residential
|
558,458
|
|
|
623,199
|
|
||
Consumer installment
|
24,339
|
|
|
27,188
|
|
||
|
$
|
2,286,425
|
|
|
$
|
2,588,832
|
|
(dollars in thousands)
|
June 30,
2019 |
|
December 31, 2018
|
||||
Nonaccrual loans, excluding purchased loans
|
$
|
18,129
|
|
|
$
|
17,952
|
|
Nonaccrual purchased loans
|
23,350
|
|
|
24,107
|
|
||
Nonaccrual purchased loan pools
|
—
|
|
|
—
|
|
||
Accruing loans delinquent 90 days or more, excluding purchased loans
|
4,439
|
|
|
4,222
|
|
||
Accruing purchased loans delinquent 90 days or more
|
174
|
|
|
—
|
|
||
Foreclosed assets, excluding purchased assets
|
5,169
|
|
|
7,218
|
|
||
Purchased other real estate owned
|
9,506
|
|
|
9,535
|
|
||
Total non-performing assets
|
$
|
60,767
|
|
|
$
|
63,034
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
4
|
|
$
|
300
|
|
|
14
|
|
$
|
136
|
|
Real estate – construction and development
|
4
|
|
138
|
|
|
1
|
|
2
|
|
||
Real estate – commercial and farmland
|
13
|
|
2,911
|
|
|
4
|
|
576
|
|
||
Real estate – residential
|
85
|
|
9,593
|
|
|
20
|
|
791
|
|
||
Consumer installment
|
5
|
|
10
|
|
|
22
|
|
65
|
|
||
Total
|
111
|
|
$
|
12,952
|
|
|
61
|
|
$
|
1,570
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
5
|
|
$
|
256
|
|
|
14
|
|
$
|
138
|
|
Real estate – construction and development
|
5
|
|
145
|
|
|
1
|
|
2
|
|
||
Real estate – commercial and farmland
|
12
|
|
2,863
|
|
|
3
|
|
426
|
|
||
Real estate – residential
|
71
|
|
6,043
|
|
|
20
|
|
1,119
|
|
||
Consumer installment
|
6
|
|
16
|
|
|
24
|
|
69
|
|
||
Total
|
99
|
|
$
|
9,323
|
|
|
62
|
|
$
|
1,754
|
|
June 30, 2019
|
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
|
10
|
|
$
|
327
|
|
|
8
|
|
$
|
108
|
|
Real estate – construction and development
|
5
|
|
140
|
|
|
—
|
|
—
|
|
||
Real estate – commercial and farmland
|
16
|
|
3,247
|
|
|
1
|
|
241
|
|
||
Real estate – residential
|
88
|
|
8,858
|
|
|
17
|
|
1,526
|
|
||
Consumer installment
|
15
|
|
35
|
|
|
12
|
|
40
|
|
||
Total
|
134
|
|
$
|
12,607
|
|
|
38
|
|
$
|
1,915
|
|
December 31, 2018
|
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
|
10
|
|
$
|
282
|
|
|
9
|
|
$
|
112
|
|
Real estate – construction and development
|
5
|
|
147
|
|
|
1
|
|
—
|
|
||
Real estate – commercial and farmland
|
14
|
|
3,043
|
|
|
1
|
|
246
|
|
||
Real estate – residential
|
65
|
|
5,756
|
|
|
26
|
|
1,406
|
|
||
Consumer installment
|
18
|
|
36
|
|
|
12
|
|
49
|
|
||
Total
|
112
|
|
$
|
9,264
|
|
|
49
|
|
$
|
1,813
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Forgiveness of interest
|
—
|
|
$
|
—
|
|
|
1
|
|
$
|
55
|
|
Forbearance of interest
|
8
|
|
1,299
|
|
|
6
|
|
537
|
|
||
Forgiveness of principal
|
1
|
|
674
|
|
|
—
|
|
—
|
|
||
Forbearance of principal
|
20
|
|
3,799
|
|
|
6
|
|
249
|
|
||
Rate reduction only
|
12
|
|
1,161
|
|
|
1
|
|
53
|
|
||
Rate reduction, forbearance of interest
|
27
|
|
2,361
|
|
|
13
|
|
321
|
|
||
Rate reduction, forbearance of principal
|
13
|
|
1,327
|
|
|
28
|
|
158
|
|
||
Rate reduction, forgiveness of interest
|
30
|
|
2,331
|
|
|
5
|
|
195
|
|
||
Rate reduction, forgiveness of principal
|
—
|
|
—
|
|
|
1
|
|
1
|
|
||
Total
|
111
|
|
$
|
12,952
|
|
|
61
|
|
$
|
1,569
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Forgiveness of interest
|
—
|
|
$
|
—
|
|
|
1
|
|
$
|
55
|
|
Forbearance of interest
|
9
|
|
1,361
|
|
|
5
|
|
509
|
|
||
Forgiveness of principal
|
1
|
|
686
|
|
|
—
|
|
—
|
|
||
Forbearance of principal
|
6
|
|
360
|
|
|
4
|
|
75
|
|
||
Rate reduction only
|
11
|
|
1,155
|
|
|
1
|
|
56
|
|
||
Rate reduction, forbearance of interest
|
27
|
|
2,149
|
|
|
13
|
|
618
|
|
||
Rate reduction, forbearance of principal
|
15
|
|
1,384
|
|
|
32
|
|
175
|
|
||
Rate reduction, forgiveness of interest
|
30
|
|
2,228
|
|
|
5
|
|
264
|
|
||
Rate reduction, forgiveness of principal
|
—
|
|
—
|
|
|
1
|
|
2
|
|
||
Total
|
99
|
|
$
|
9,323
|
|
|
62
|
|
$
|
1,754
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Warehouse
|
4
|
|
$
|
522
|
|
|
2
|
|
$
|
152
|
|
Raw land
|
6
|
|
427
|
|
|
1
|
|
2
|
|
||
Hotel and motel
|
1
|
|
243
|
|
|
1
|
|
241
|
|
||
Office
|
1
|
|
158
|
|
|
—
|
|
—
|
|
||
Retail, including strip centers
|
6
|
|
1,935
|
|
|
1
|
|
183
|
|
||
1-4 family residential
|
85
|
|
9,385
|
|
|
20
|
|
791
|
|
||
Automobile/equipment/CD
|
7
|
|
91
|
|
|
34
|
|
185
|
|
||
Livestock
|
—
|
|
—
|
|
|
1
|
|
14
|
|
||
Unsecured
|
1
|
|
191
|
|
|
1
|
|
1
|
|
||
Total
|
111
|
|
$
|
12,952
|
|
|
61
|
|
$
|
1,569
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Warehouse
|
5
|
|
$
|
544
|
|
|
1
|
|
$
|
137
|
|
Raw land
|
7
|
|
435
|
|
|
1
|
|
2
|
|
||
Hotel and motel
|
1
|
|
260
|
|
|
1
|
|
246
|
|
||
Office
|
1
|
|
161
|
|
|
—
|
|
—
|
|
||
Retail, including strip centers
|
6
|
|
1,980
|
|
|
—
|
|
—
|
|
||
1-4 family residential
|
71
|
|
5,835
|
|
|
21
|
|
1,161
|
|
||
Automobile/equipment/CD
|
8
|
|
108
|
|
|
36
|
|
188
|
|
||
Livestock
|
—
|
|
—
|
|
|
1
|
|
18
|
|
||
Unsecured
|
—
|
|
—
|
|
|
1
|
|
2
|
|
||
Total
|
99
|
|
$
|
9,323
|
|
|
62
|
|
$
|
1,754
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
1
|
|
$
|
31
|
|
|
3
|
|
$
|
26
|
|
Real estate – construction and development
|
4
|
|
986
|
|
|
3
|
|
263
|
|
||
Real estate – commercial and farmland
|
11
|
|
5,882
|
|
|
6
|
|
1,533
|
|
||
Real estate – residential
|
115
|
|
11,531
|
|
|
19
|
|
969
|
|
||
Consumer installment
|
—
|
|
—
|
|
|
7
|
|
58
|
|
||
Total
|
131
|
|
$
|
18,430
|
|
|
38
|
|
$
|
2,849
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Loan Class
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Commercial, financial and agricultural
|
1
|
|
$
|
31
|
|
|
3
|
|
$
|
32
|
|
Real estate – construction and development
|
4
|
|
1,015
|
|
|
5
|
|
293
|
|
||
Real estate – commercial and farmland
|
12
|
|
6,162
|
|
|
7
|
|
1,685
|
|
||
Real estate – residential
|
115
|
|
11,532
|
|
|
24
|
|
1,424
|
|
||
Consumer installment
|
—
|
|
—
|
|
|
4
|
|
17
|
|
||
Total
|
132
|
|
$
|
18,740
|
|
|
43
|
|
$
|
3,451
|
|
June 30, 2019
|
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
|
|
$
|
56
|
|
|
1
|
|
$
|
1
|
|
Real estate – construction and development
|
6
|
|
1,248
|
|
|
1
|
|
1
|
|
||
Real estate – commercial and farmland
|
15
|
|
7,157
|
|
|
2
|
|
258
|
|
||
Real estate – residential
|
104
|
|
9,933
|
|
|
30
|
|
2,567
|
|
||
Consumer installment
|
5
|
|
40
|
|
|
2
|
|
18
|
|
||
Total
|
133
|
|
$
|
18,434
|
|
|
36
|
|
$
|
2,845
|
|
December 31, 2018
|
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
|
4
|
|
$
|
63
|
|
|
—
|
|
$
|
—
|
|
Real estate – construction and development
|
8
|
|
1,305
|
|
|
1
|
|
3
|
|
||
Real estate – commercial and farmland
|
17
|
|
7,576
|
|
|
2
|
|
271
|
|
||
Real estate – residential
|
106
|
|
10,040
|
|
|
33
|
|
2,916
|
|
||
Consumer installment
|
3
|
|
14
|
|
|
1
|
|
3
|
|
||
Total
|
138
|
|
$
|
18,998
|
|
|
37
|
|
$
|
3,193
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Forbearance of interest
|
5
|
|
$
|
450
|
|
|
9
|
|
$
|
1,357
|
|
Forbearance of principal
|
6
|
|
2,286
|
|
|
4
|
|
228
|
|
||
Forbearance of principal, extended amortization
|
—
|
|
—
|
|
|
1
|
|
242
|
|
||
Rate reduction only
|
64
|
|
9,769
|
|
|
6
|
|
401
|
|
||
Rate reduction, forbearance of interest
|
25
|
|
2,401
|
|
|
12
|
|
326
|
|
||
Rate reduction, forbearance of principal
|
8
|
|
1,728
|
|
|
5
|
|
254
|
|
||
Rate reduction, forgiveness of interest
|
23
|
|
1,796
|
|
|
1
|
|
41
|
|
||
Total
|
131
|
|
$
|
18,430
|
|
|
38
|
|
$
|
2,849
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Type of Concession
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Forbearance of interest
|
5
|
|
$
|
224
|
|
|
10
|
|
$
|
1,751
|
|
Forbearance of principal
|
6
|
|
2,368
|
|
|
3
|
|
226
|
|
||
Forbearance of principal, extended amortization
|
—
|
|
—
|
|
|
1
|
|
258
|
|
||
Rate reduction only
|
73
|
|
10,911
|
|
|
6
|
|
285
|
|
||
Rate reduction, forbearance of interest
|
24
|
|
2,304
|
|
|
14
|
|
356
|
|
||
Rate reduction, forbearance of principal
|
8
|
|
1,635
|
|
|
6
|
|
368
|
|
||
Rate reduction, forgiveness of interest
|
16
|
|
1,298
|
|
|
3
|
|
207
|
|
||
Total
|
132
|
|
$
|
18,740
|
|
|
43
|
|
$
|
3,451
|
|
June 30, 2019
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Warehouse
|
2
|
|
$
|
350
|
|
|
—
|
|
$
|
—
|
|
Raw land
|
2
|
|
866
|
|
|
4
|
|
639
|
|
||
Hotel and motel
|
1
|
|
143
|
|
|
—
|
|
—
|
|
||
Office
|
2
|
|
400
|
|
|
2
|
|
430
|
|
||
Retail, including strip centers
|
5
|
|
3,814
|
|
|
—
|
|
—
|
|
||
1-4 family residential
|
117
|
|
11,651
|
|
|
20
|
|
1,490
|
|
||
Church
|
1
|
|
1,175
|
|
|
1
|
|
193
|
|
||
Automobile/equipment/CD
|
1
|
|
31
|
|
|
11
|
|
97
|
|
||
Total
|
131
|
|
$
|
18,430
|
|
|
38
|
|
$
|
2,849
|
|
December 31, 2018
|
Accruing Loans
|
|
Non-Accruing Loans
|
||||||||
Collateral Type
|
#
|
|
Balance
(in thousands)
|
|
#
|
|
Balance
(in thousands)
|
||||
Warehouse
|
2
|
|
$
|
356
|
|
|
—
|
|
$
|
—
|
|
Raw land
|
2
|
|
873
|
|
|
6
|
|
718
|
|
||
Hotel and motel
|
1
|
|
145
|
|
|
—
|
|
—
|
|
||
Office
|
2
|
|
419
|
|
|
2
|
|
457
|
|
||
Retail, including strip centers
|
5
|
|
3,882
|
|
|
—
|
|
—
|
|
||
1-4 family residential
|
118
|
|
11,837
|
|
|
26
|
|
2,009
|
|
||
Church
|
1
|
|
1,197
|
|
|
1
|
|
201
|
|
||
Automobile/equipment/CD
|
1
|
|
31
|
|
|
8
|
|
65
|
|
||
Total
|
132
|
|
$
|
18,740
|
|
|
43
|
|
$
|
3,450
|
|
(1)
|
total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a bank’s total risk-based capital; or
|
(2)
|
total loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land, net of owner-occupied loans, represent 300% or more of a bank’s total risk-based capital.
|
(1)
|
within CRE loans, construction and development loans are somewhat dependent upon continued strength in demand for residential real estate, which is reliant on favorable real estate mortgage rates and changing population demographics;
|
(2)
|
on average, CRE loan sizes are generally larger than non-CRE loan types; and
|
(3)
|
certain construction and development loans may be less predictable and more difficult to evaluate and monitor.
|
|
June 30,
2019 |
|
December 31,
2018 |
||||||||
(dollars in thousands)
|
Balance
|
|
% of Total
Loans
|
|
Balance
|
|
% of Total
Loans
|
||||
Construction and development loans
|
$
|
1,103,550
|
|
|
12%
|
|
$
|
899,097
|
|
|
11%
|
Multi-family loans
|
304,587
|
|
|
3%
|
|
276,528
|
|
|
3%
|
||
Nonfarm non-residential loans (excluding owner-occupied)
|
1,651,155
|
|
|
18%
|
|
1,694,267
|
|
|
20%
|
||
Total CRE Loans (excluding owner-occupied)
|
3,059,292
|
|
|
34%
|
|
2,869,892
|
|
|
34%
|
||
All other loan types
|
5,990,578
|
|
|
66%
|
|
5,642,022
|
|
|
66%
|
||
Total Loans
|
$
|
9,049,870
|
|
|
100%
|
|
$
|
8,511,914
|
|
|
100%
|
|
Internal
Limit
|
|
Actual
|
||
|
|
June 30,
2019 |
|
December 31,
2018 |
|
Construction and development loans
|
100%
|
|
91%
|
|
78%
|
Total CRE loans (excluding owner-occupied)
|
300%
|
|
253%
|
|
249%
|
|
June 30,
2019 |
|
December 31, 2018
|
Tier 1 Leverage Ratio (tier 1 capital to average assets)
|
|
|
|
Consolidated
|
9.47%
|
|
9.17%
|
Ameris Bank
|
10.66%
|
|
10.46%
|
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
|
|
|
|
Consolidated
|
9.75%
|
|
10.07%
|
Ameris Bank
|
12.00%
|
|
12.66%
|
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
|
|
|
|
Consolidated
|
10.66%
|
|
11.07%
|
Ameris Bank
|
12.00%
|
|
12.66%
|
Total Capital Ratio (total capital to risk weighted assets)
|
|
|
|
Consolidated
|
11.74%
|
|
12.23%
|
Ameris Bank
|
12.32%
|
|
12.98%
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
|
June 30, 2018
|
Investment securities available for sale to total deposits
|
13.29%
|
|
12.60%
|
|
12.36%
|
|
12.66%
|
|
13.17%
|
Loans (net of unearned income) to total deposits
|
94.44%
|
|
86.55%
|
|
88.21%
|
|
92.90%
|
|
96.91%
|
Interest-earning assets to total assets
|
90.87%
|
|
90.63%
|
|
90.43%
|
|
90.48%
|
|
90.35%
|
Interest-bearing deposits to total deposits
|
71.08%
|
|
71.91%
|
|
73.88%
|
|
74.58%
|
|
73.11%
|
Period
|
|
Total
Number of
Shares
Purchased
|
|
Average Price
Paid Per Share
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
|
Approximate
Dollar Value of
Shares That
May Yet be
Purchased
Under the Plans
or Programs(2)
|
||||||
April 1, 2019 through April 30, 2019(1)
|
|
295
|
|
|
$
|
35.17
|
|
|
—
|
|
|
$
|
100,000,000
|
|
May 1, 2019 through May 31, 2019
|
|
288,809
|
|
|
$
|
35.60
|
|
|
288,809
|
|
|
$
|
89,717,203
|
|
June 1, 2019 through June 30, 2019
|
|
7,526
|
|
|
$
|
35.85
|
|
|
7,526
|
|
|
$
|
89,447,425
|
|
Total
|
|
296,630
|
|
|
$
|
35.61
|
|
|
296,335
|
|
|
$
|
89,447,425
|
|
(1)
|
The shares purchased from April 1, 2019 through April 30, 2019 consist of shares of common stock surrendered to the Company in payment of the income tax withholding obligations relating to the vesting of shares of restricted stock.
|
(2)
|
On October 25, 2018, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock. Repurchases of shares, which are authorized to occur within the succeeding twelve months, must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of June 30, 2019, $10.6 million, or 296,335 shares of the Company's common stock, had been repurchased under the program.
|
Exhibit
Number
|
|
Description
|
|
|
|
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).
|
|
|
|
|
|
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).
|
|
|
|
|
|
Bylaws of Ameris Bancorp, as amended and restated through July 1, 2019 (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019).
|
|
|
|
|
|
Employment Agreement by and among Ameris Bancorp, Ameris Bank and James B. Miller, Jr. dated as of December 17, 2018.
|
|
|
|
|
|
Employment Agreement by and among Ameris Bancorp, Ameris Bank and H. Palmer Proctor, Jr. dated as of December 17, 2018.
|
|
|
|
|
|
Amendment to Employment Agreement by and among Ameris Bancorp, Ameris Bank and H. Palmer Proctor, Jr. dated as of June 30, 2019.
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer.
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer.
|
|
|
|
|
|
Section 1350 Certification by the Company’s Chief Executive Officer.
|
|
|
|
|
|
Section 1350 Certification by the Company’s Chief Financial Officer.
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
104
|
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
Dated: August 9, 2019
|
AMERIS BANCORP
|
|
|
|
/s/ Nicole S. Stokes
|
|
Nicole S. Stokes
|
|
Executive Vice President and Chief Financial Officer
(duly authorized signatory and principal accounting and financial officer)
|
By:
|
/s/ Dennis J. Zember Jr.
Name: Dennis J. Zember Jr. Title: President and Chief Executive Officer |
By:
|
/s/ Dennis J. Zember Jr.
Name: Dennis J. Zember Jr. Title: Chief Executive Officer |
By:
|
Name: Title: |
By:
|
N |
By:
|
/s/ Dennis J. Zember Jr.
Name: Dennis J. Zember Jr. Title: President and Chief Executive Officer |
By:
|
/s/ Dennis J. Zember Jr.
Name: Dennis J. Zember Jr. Title: Chief Executive Officer |
By:
|
Name: Title: |
By:
|
Name: Title: |
By:
|
/s/ Daniel B. Jeter
Name: Daniel B. Jeter Title: Chairman |
By:
|
/s/ Daniel B. Jeter
Name: Daniel B. Jeter Title: Chairman |
1.
|
I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2019, 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.
|
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: August 9, 2019
|
/s/ H. Palmer Proctor, Jr.
|
|
H. Palmer Proctor, Jr.
|
|
Chief Executive Officer
|
|
(principal executive officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2019, 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.
|
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: August 9, 2019
|
/s/ Nicole S. Stokes
|
|
Nicole S. Stokes,
Executive Vice President and Chief Financial Officer
|
|
(principal accounting and financial officer)
|
1.
|
The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2019 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) 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: August 9, 2019
|
/s/ H. Palmer Proctor, Jr.
|
|
H. Palmer Proctor, Jr.,
Chief Executive Officer
|
|
(principal executive officer)
|
1.
|
The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2019 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) 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: August 9, 2019
|
/s/ Nicole S. Stokes
|
|
Nicole S. Stokes,
|
|
Executive Vice President and Chief Financial Officer
|
|
(principal accounting and financial officer)
|