Georgia | 58-1456434 | ||||
(State of incorporation) | (IRS Employer ID No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1 per share | ABCB | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
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Period Ending | ||||||||||||||||||||||||||||||||||||||
Index | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | ||||||||||||||||||||||||||||||||
Ameris Bancorp | 100.00 | 66.31 | 90.22 | 82.73 | 109.23 | 105.04 | ||||||||||||||||||||||||||||||||
NASDAQ Stock Market (US Companies) | 100.00 | 97.16 | 132.81 | 192.47 | 235.15 | 158.65 | ||||||||||||||||||||||||||||||||
KBW NASDAQ Bank Stocks | 100.00 | 82.29 | 112.01 | 100.46 | 138.97 | 109.23 |
Adjusted Efficiency Ratio Reconciliation | |||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
(dollars in thousands except per share data) | 2022 | 2021 | |||||||||
Adjusted Noninterest Expense | |||||||||||
Total noninterest expense | $ | 560,655 | $ | 560,124 | |||||||
Adjustment items: | |||||||||||
Merger and conversion charges | (1,212) | (4,206) | |||||||||
Natural disaster expenses | (151) | — | |||||||||
Gain (loss) on sale of premises | 45 | (510) | |||||||||
Adjusted noninterest expense | $ | 559,337 | $ | 555,408 | |||||||
Total Revenue | |||||||||||
Net interest income | $ | 801,026 | $ | 655,327 | |||||||
Noninterest income | 284,424 | 365,544 | |||||||||
Total revenue | $ | 1,085,450 | $ | 1,020,871 | |||||||
Adjusted Total Revenue | |||||||||||
Net interest income (TE) | $ | 804,895 | $ | 659,903 | |||||||
Noninterest income | 284,424 | 365,544 | |||||||||
Total revenue (TE) | 1,089,319 | 1,025,447 | |||||||||
Adjustment items: | |||||||||||
Gain on securities | (203) | (515) | |||||||||
Gain on sale of mortgage servicing rights | (1,356) | — | |||||||||
Gain on BOLI proceeds | (55) | (603) | |||||||||
Servicing right impairment | (21,824) | (14,530) | |||||||||
Adjusted total revenue (TE) | $ | 1,065,881 | $ | 1,009,799 | |||||||
Efficiency ratio | 51.65 | % | 54.87 | % | |||||||
Adjusted efficiency ratio (TE) | 52.48 | % | 55.00 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | Average Balance | Interest Income/ Expense | Average Yield/ Rate Paid | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold, interest-bearing deposits in banks and time deposits in other banks | $ | 2,004,508 | $ | 23,085 | 1.15 | % | $ | 2,877,263 | $ | 3,924 | 0.14 | % | $ | 564,921 | $ | 1,886 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||
Investment securities | 1,163,460 | 36,145 | 3.11 | 842,201 | 23,252 | 2.76 | 1,289,800 | 33,875 | 2.63 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 718,599 | 29,699 | 4.13 | 1,463,614 | 42,651 | 2.91 | 1,497,051 | 47,760 | 3.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans | 17,521,461 | 808,826 | 4.62 | 14,703,956 | 637,861 | 4.34 | 14,018,582 | 648,137 | 4.62 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 21,408,028 | 897,755 | 4.19 | 19,887,034 | 707,688 | 3.56 | 17,370,354 | 731,658 | 4.21 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 2,236,726 | 1,960,697 | 1,870,139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 23,644,754 | $ | 21,847,731 | $ | 19,240,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 9,809,835 | $ | 48,797 | 0.50 | % | $ | 9,238,812 | $ | 11,764 | 0.13 | % | $ | 7,584,732 | $ | 25,744 | 0.34 | % | ||||||||||||||||||||||||||||||||||||||
Time deposits | 1,604,978 | 7,308 | 0.46 | 1,954,552 | 10,593 | 0.54 | 2,385,296 | 33,323 | 1.40 | |||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,477 | 4 | 0.27 | 6,700 | 20 | 0.30 | 12,115 | 82 | 0.68 | |||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | 279,409 | 9,710 | 3.48 | 48,888 | 775 | 1.59 | 849,546 | 7,701 | 0.91 | |||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 393,393 | 19,209 | 4.88 | 399,485 | 19,278 | 4.83 | 297,023 | 15,191 | 5.11 | |||||||||||||||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 127,316 | 7,832 | 6.15 | 125,324 | 5,355 | 4.27 | 124,632 | 6,709 | 5.38 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 12,216,408 | 92,860 | 0.76 | 11,773,761 | 47,785 | 0.41 | 11,253,344 | 88,750 | 0.79 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 8,005,201 | 7,017,614 | 5,227,399 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 340,064 | 228,687 | 228,331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 3,083,081 | 2,827,669 | 2,531,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 23,644,754 | $ | 21,847,731 | $ | 19,240,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.43 | % | 3.15 | % | 3.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 804,895 | $ | 659,903 | $ | 642,908 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.76 | % | 3.32 | % | 3.70 | % |
2022 vs. 2021 | 2021 vs. 2020 | |||||||||||||||||||||||||||||||||||||
Increase | Changes Due To | Increase | Changes Due To | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | (Decrease) | Rate | Volume | (Decrease) | Rate | Volume | ||||||||||||||||||||||||||||||||
Increase (decrease) in: | ||||||||||||||||||||||||||||||||||||||
Income from earning assets: | ||||||||||||||||||||||||||||||||||||||
Interest on federal funds sold, interest-bearing deposits in banks and time deposits in other banks | $ | 19,161 | $ | 20,351 | $ | (1,190) | $ | 2,038 | $ | (5,682) | $ | 7,720 | ||||||||||||||||||||||||||
Interest on investment securities | 12,893 | 4,023 | 8,870 | (10,623) | 1,133 | (11,756) | ||||||||||||||||||||||||||||||||
Interest on loans held for sale | (12,952) | 8,758 | (21,710) | (5,109) | (4,042) | (1,067) | ||||||||||||||||||||||||||||||||
Interest and fees on loans | 170,965 | 48,741 | 122,224 | (10,276) | (41,964) | 31,688 | ||||||||||||||||||||||||||||||||
Total interest income | 190,067 | 81,873 | 108,194 | (23,970) | (50,555) | 26,585 | ||||||||||||||||||||||||||||||||
Expense from interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest on savings and interest-bearing demand deposits | 37,033 | 36,306 | 727 | (13,980) | (19,594) | 5,614 | ||||||||||||||||||||||||||||||||
Interest on time deposits | (3,285) | (1,390) | (1,895) | (22,730) | (16,712) | (6,018) | ||||||||||||||||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | (16) | — | (16) | (62) | (25) | (37) | ||||||||||||||||||||||||||||||||
Interest on FHLB advances | 8,935 | 5,281 | 3,654 | (6,926) | 332 | (7,258) | ||||||||||||||||||||||||||||||||
Interest on other borrowings | (69) | 225 | (294) | 4,087 | (1,153) | 5,240 | ||||||||||||||||||||||||||||||||
Interest on trust preferred securities | 2,477 | 2,392 | 85 | (1,354) | (1,391) | 37 | ||||||||||||||||||||||||||||||||
Total interest expense | 45,075 | 42,814 | 2,261 | (40,965) | (38,543) | (2,422) | ||||||||||||||||||||||||||||||||
Net interest income | $ | 144,992 | $ | 39,059 | $ | 105,933 | $ | 16,995 | $ | (12,012) | $ | 29,007 |
Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Service charges on deposit accounts | $ | 44,499 | $ | 45,106 | $ | 44,145 | ||||||||||||||
Mortgage banking activity | 184,904 | 285,900 | 374,077 | |||||||||||||||||
Other service charges, commissions and fees | 3,875 | 4,188 | 3,914 | |||||||||||||||||
Net gain (loss) on securities | 203 | 515 | 5 | |||||||||||||||||
Gain on sale of SBA loans | 5,552 | 6,623 | 7,226 | |||||||||||||||||
Other noninterest income | 45,391 | 23,212 | 17,133 | |||||||||||||||||
$ | 284,424 | $ | 365,544 | $ | 446,500 |
Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Salaries and employee benefits | $ | 319,719 | $ | 337,776 | $ | 360,278 | ||||||||||||||
Occupancy and equipment | 51,361 | 48,066 | 52,349 | |||||||||||||||||
Advertising and marketing | 12,481 | 8,434 | 8,046 | |||||||||||||||||
Amortization of intangible assets | 19,744 | 14,965 | 19,612 | |||||||||||||||||
Data processing and communications expenses | 49,228 | 45,976 | 46,017 | |||||||||||||||||
Legal and other professional fees | 16,439 | 11,920 | 15,972 | |||||||||||||||||
Credit resolution-related expenses | 29 | 3,538 | 5,106 | |||||||||||||||||
Merger and conversion charges | 1,212 | 4,206 | 1,391 | |||||||||||||||||
FDIC insurance | 8,063 | 5,614 | 14,078 | |||||||||||||||||
Loan servicing expenses | 36,835 | 26,481 | 20,910 | |||||||||||||||||
Other noninterest expenses | 45,544 | 53,148 | 54,870 | |||||||||||||||||
$ | 560,655 | $ | 560,124 | $ | 598,629 |
December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Commercial, financial and agricultural | $ | 2,679,403 | $ | 1,875,993 | ||||||||||
Consumer | 384,037 | 191,298 | ||||||||||||
Indirect automobile | 108,648 | 265,779 | ||||||||||||
Mortgage warehouse | 1,038,924 | 787,837 | ||||||||||||
Municipal | 509,151 | 572,701 | ||||||||||||
Premium finance | 1,023,479 | 798,409 | ||||||||||||
Real estate - construction and development | 2,086,438 | 1,452,339 | ||||||||||||
Real estate - commercial and farmland | 7,604,867 | 6,834,917 | ||||||||||||
Real estate - residential | 4,420,306 | 3,094,985 | ||||||||||||
Loans, net of unearned income | $ | 19,855,253 | $ | 15,874,258 |
(dollars in thousands) | Committed Amount | Average Rate | Average Maturity (months) | % Unsecured | % in Nonaccrual Status | |||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 332,779 | 7.32 | % | 12 | 39.02 | % | — | % | |||||||||||||||||||||||
Mortgage warehouse | 582,500 | 5.33 | % | 3 | — | — | % | |||||||||||||||||||||||||
Real estate - construction and development | 948,399 | 6.20 | % | 42 | — | — | % | |||||||||||||||||||||||||
Real estate - commercial and farmland | 687,370 | 5.30 | % | 40 | — | — | % | |||||||||||||||||||||||||
Total | $ | 2,551,048 | 5.90 | % | 29 | 5.09 | % | — | % |
Contractual Maturity in: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | One Year or Less | Over One Year through Five Years | Over Five Years through Fifteen Years | Over Fifteen Years | Total | |||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 505,061 | $ | 1,520,026 | $ | 638,731 | $ | 15,585 | $ | 2,679,403 | ||||||||||||||||||||||
Consumer | 43,355 | 114,388 | 225,746 | 548 | 384,037 | |||||||||||||||||||||||||||
Indirect automobile | 16,576 | 92,072 | — | — | 108,648 | |||||||||||||||||||||||||||
Mortgage warehouse | 1,038,924 | — | — | — | 1,038,924 | |||||||||||||||||||||||||||
Municipal | 4,475 | 43,742 | 399,686 | 61,248 | 509,151 | |||||||||||||||||||||||||||
Premium finance | 1,003,342 | 20,137 | — | — | 1,023,479 | |||||||||||||||||||||||||||
Real estate - construction and development | 849,755 | 990,999 | 216,269 | 29,415 | 2,086,438 | |||||||||||||||||||||||||||
Real estate - commercial and farmland | 585,370 | 3,994,440 | 2,830,384 | 194,673 | 7,604,867 | |||||||||||||||||||||||||||
Real estate - residential | 69,581 | 161,227 | 424,186 | 3,765,312 | 4,420,306 | |||||||||||||||||||||||||||
$ | 4,116,439 | $ | 6,937,031 | $ | 4,735,002 | $ | 4,066,781 | $ | 19,855,253 |
(dollars in thousands) | December 31, 2022 | ||||
Predetermined interest rates | |||||
Commercial, financial and agricultural | $ | 1,505,537 | |||
Consumer | 134,682 | ||||
Indirect automobile | 92,072 | ||||
Municipal | 504,305 | ||||
Premium finance | 20,137 | ||||
Real estate - construction and development | 397,605 | ||||
Real estate - commercial and farmland | 5,632,119 | ||||
Real estate - residential | 2,814,812 | ||||
$ | 11,101,269 | ||||
Floating or adjustable interest rates | |||||
Commercial, financial and agricultural | $ | 668,805 | |||
Consumer | 206,000 | ||||
Municipal | 371 | ||||
Real estate - construction and development | 839,078 | ||||
Real estate - commercial and farmland | 1,387,378 | ||||
Real estate - residential | 1,535,913 | ||||
$ | 4,637,545 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 39,455 | 13 | % | $ | 26,829 | 12 | % | $ | 7,359 | 11 | % | ||||||||||||||||||||||||||
Consumer | 5,413 | 2 | 6,097 | 1 | 4,076 | 2 | ||||||||||||||||||||||||||||||||
Indirect automobile | 174 | 1 | 476 | 2 | 1,929 | 4 | ||||||||||||||||||||||||||||||||
Mortgage warehouse | 2,118 | 5 | 3,231 | 5 | 3,666 | 6 | ||||||||||||||||||||||||||||||||
Municipal | 357 | 3 | 401 | 4 | 791 | 5 | ||||||||||||||||||||||||||||||||
Premium finance | 1,025 | 5 | 2,729 | 5 | 3,879 | 5 | ||||||||||||||||||||||||||||||||
Real estate – construction and development | 32,659 | 11 | 22,045 | 9 | 45,304 | 11 | ||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | 67,433 | 38 | 77,831 | 43 | 88,894 | 37 | ||||||||||||||||||||||||||||||||
Real estate - residential | 57,043 | 22 | 27,943 | 19 | 43,524 | 19 | ||||||||||||||||||||||||||||||||
Total | $ | 205,677 | 100 | % | $ | 167,582 | 100 | % | $ | 199,422 | 100 | % |
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Average Balance | Rate | Net charge-offs (recoveries) | Average balance | Rate | Net charge-offs (recoveries) | Average balance | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 8,681 | $ | 2,116,723 | 0.41 | % | $ | 2,033 | $ | 1,526,100 | 0.13 | % | $ | 8,758 | $ | 1,400,398 | 0.63 | % | ||||||||||||||||||||||||||||||||||||||
Consumer | 4,044 | 214,162 | 1.89 | 5,309 | 235,056 | 2.26 | 3,889 | 472,253 | 0.82 | |||||||||||||||||||||||||||||||||||||||||||||||
Indirect automobile | (780) | 178,305 | (0.44) | (491) | 404,461 | (0.12) | 1,945 | 803,212 | 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | — | 891,285 | — | — | 827,159 | — | — | 749,671 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Municipal | — | 531,324 | — | — | 623,839 | — | — | 688,585 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Premium finance | 387 | 922,551 | 0.04 | (1,202) | 752,094 | (0.16) | 2,944 | 683,630 | 0.43 | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction and development | (865) | 1,761,853 | (0.05) | (273) | 1,493,855 | (0.02) | (734) | 1,616,655 | (0.05) | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial and farmland | 3,349 | 7,155,542 | 0.05 | 1,279 | 5,958,257 | 0.02 | 26,055 | 4,835,463 | 0.54 | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential | (301) | 3,749,716 | (0.01) | (464) | 2,883,135 | (0.02) | 59 | 2,768,715 | — | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 14,515 | $ | 17,521,461 | 0.08 | % | $ | 6,191 | $ | 14,703,956 | 0.04 | % | $ | 42,916 | $ | 14,018,582 | 0.31 | % |
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Allowance for credit losses on loans at end of period | $ | 205,677 | $ | 167,582 | $ | 199,422 | ||||||||||||||
Loan balances: | ||||||||||||||||||||
End of period | 19,855,253 | 15,874,258 | 14,480,925 | |||||||||||||||||
Allowance for credit losses on loans as a percentage of end of period loans | 1.04 | % | 1.06 | % | 1.38 | % | ||||||||||||||
Nonaccrual loans as a percentage of end of period loans | 0.68 | % | 0.54 | % | 0.53 | % | ||||||||||||||
Allowance for credit losses to nonaccrual loans at end of period | 152.57 | % | 196.54 | % | 260.83 | % |
December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Nonaccrual loans | ||||||||||||||
Commercial, financial and agricultural | $ | 11,094 | $ | 14,214 | ||||||||||
Consumer | 420 | 476 | ||||||||||||
Indirect automobile | 346 | 947 | ||||||||||||
Real estate - construction and development | 523 | 492 | ||||||||||||
Real estate - commercial and farmland | 13,203 | 15,365 | ||||||||||||
Real estate - residential | 109,222 | 53,772 | ||||||||||||
Total | $ | 134,808 | $ | 85,266 | ||||||||||
Loans contractually past due 90 days or more as to interest or principal payments and still accruing | $ | 17,865 | $ | 12,648 |
As of December 31, 2022 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Loan class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | 7 | $ | 835 | 3 | $ | 743 | ||||||||||||||||||||
Consumer | 3 | 3 | 8 | 11 | ||||||||||||||||||||||
Indirect automobile | 151 | 533 | 16 | 55 | ||||||||||||||||||||||
Premium finance | 4 | 171 | — | — | ||||||||||||||||||||||
Real estate - construction and development | 2 | 693 | 1 | 17 | ||||||||||||||||||||||
Real estate - commercial and farmland | 16 | 7,995 | 5 | 767 | ||||||||||||||||||||||
Real estate - residential | 205 | 24,166 | 30 | 4,181 | ||||||||||||||||||||||
Total | 388 | $ | 34,396 | 63 | $ | 5,774 |
As of December 31, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Loan class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | 12 | $ | 1,286 | 6 | $ | 83 | ||||||||||||||||||||
Consumer | 7 | 16 | 17 | 35 | ||||||||||||||||||||||
Indirect automobile | 233 | 1,037 | 52 | 273 | ||||||||||||||||||||||
Real estate - construction and development | 4 | 789 | 1 | 13 | ||||||||||||||||||||||
Real estate - commercial and farmland | 25 | 35,575 | 5 | 5,924 | ||||||||||||||||||||||
Real estate - residential | 213 | 26,879 | 39 | 4,678 | ||||||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
As of December 31, 2022 | 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 | 8 | $ | 837 | 2 | $ | 741 | ||||||||||||||||||||
Consumer | 4 | 3 | 7 | 11 | ||||||||||||||||||||||
Indirect automobile | 133 | 428 | 34 | 160 | ||||||||||||||||||||||
Premium finance | 4 | 171 | — | — | ||||||||||||||||||||||
Real estate - construction and development | 3 | 710 | — | — | ||||||||||||||||||||||
Real estate - commercial and farmland | 19 | 8,714 | 2 | 48 | ||||||||||||||||||||||
Real estate - residential | 179 | 20,356 | 56 | 7,991 | ||||||||||||||||||||||
Total | 350 | $ | 31,219 | 101 | $ | 8,951 |
As of December 31, 2021 | 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 | 11 | $ | 1,269 | 7 | $ | 100 | ||||||||||||||||||||
Consumer | 10 | 17 | 14 | 34 | ||||||||||||||||||||||
Indirect automobile | 233 | 1,052 | 52 | 258 | ||||||||||||||||||||||
Real estate - construction and development | 4 | 789 | 1 | 13 | ||||||||||||||||||||||
Real estate - commercial and farmland | 29 | 41,452 | 1 | 47 | ||||||||||||||||||||||
Real estate - residential | 215 | 26,956 | 37 | 4,601 | ||||||||||||||||||||||
Total | 502 | $ | 71,535 | 112 | $ | 5,053 |
As of December 31, 2022 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Forgiveness of interest | 3 | $ | 279 | 1 | $ | 54 | ||||||||||||||||||||
Forbearance of interest | 12 | 974 | 1 | 41 | ||||||||||||||||||||||
Forbearance of principal | 246 | 21,514 | 32 | 3,728 | ||||||||||||||||||||||
Forbearance of principal and interest | — | — | 1 | 402 | ||||||||||||||||||||||
Rate reduction only | 51 | 4,494 | 3 | 252 | ||||||||||||||||||||||
Rate reduction, forbearance of interest | 30 | 2,330 | 1 | 2 | ||||||||||||||||||||||
Rate reduction, forbearance of principal | 14 | 2,499 | 19 | 961 | ||||||||||||||||||||||
Rate reduction, forgiveness of interest | 32 | 2,306 | 5 | 334 | ||||||||||||||||||||||
Total | 388 | $ | 34,396 | 63 | $ | 5,774 |
As of December 31, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Type of Concession | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Forgiveness of interest | 3 | $ | 287 | — | $ | — | ||||||||||||||||||||
Forbearance of interest | 16 | 1,218 | 1 | 15 | ||||||||||||||||||||||
Forbearance of principal | 332 | 49,778 | 73 | 9,783 | ||||||||||||||||||||||
Rate reduction only | 55 | 6,321 | 4 | 200 | ||||||||||||||||||||||
Rate reduction, maturity extension | — | — | 1 | 1 | ||||||||||||||||||||||
Rate reduction, forbearance of interest | 33 | 2,296 | 6 | 319 | ||||||||||||||||||||||
Rate reduction, forbearance of principal | 18 | 2,694 | 29 | 363 | ||||||||||||||||||||||
Rate reduction, forgiveness of interest | 37 | 2,988 | 6 | 325 | ||||||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
As of December 31, 2022 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Warehouse | 2 | $ | 37 | 1 | $ | 7 | ||||||||||||||||||||
Raw land | 3 | 1,686 | 3 | 64 | ||||||||||||||||||||||
Hotel and motel | 1 | 127 | — | — | ||||||||||||||||||||||
Office | 3 | 509 | 2 | 703 | ||||||||||||||||||||||
Retail, including strip centers | 7 | 3,942 | 1 | 16 | ||||||||||||||||||||||
1-4 family residential | 205 | 24,166 | 29 | 4,175 | ||||||||||||||||||||||
Church | 2 | 2,387 | — | — | ||||||||||||||||||||||
Automobile/equipment/CD | 161 | 1,372 | 27 | 809 | ||||||||||||||||||||||
Unsecured | 4 | 170 | — | — | ||||||||||||||||||||||
Total | 388 | $ | 34,396 | 63 | $ | 5,774 |
As of December 31, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Collateral Type | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Warehouse | 3 | $ | 61 | 2 | $ | 272 | ||||||||||||||||||||
Raw land | 6 | 3,776 | 1 | 13 | ||||||||||||||||||||||
Hotel and motel | 4 | 22,069 | 1 | 4,798 | ||||||||||||||||||||||
Office | 5 | 710 | 1 | 485 | ||||||||||||||||||||||
Retail, including strip centers | 8 | 7,118 | 1 | 370 | ||||||||||||||||||||||
1-4 family residential | 215 | 27,129 | 39 | 4,678 | ||||||||||||||||||||||
Church | 2 | 2,393 | — | — | ||||||||||||||||||||||
Automobile/equipment/CD | 251 | 2,326 | 75 | 390 | ||||||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Maturing or Repricing Within | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Zero to Three Months | Three Months to One Year | One to Five Years | Over Five Years | Total | |||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | $ | 833,565 | $ | — | $ | — | $ | — | $ | 833,565 | ||||||||||||||||||||||
Investment securities | 8,759 | 90,449 | 993,185 | 542,531 | 1,634,924 | |||||||||||||||||||||||||||
Loans held for sale | 392,078 | — | — | — | 392,078 | |||||||||||||||||||||||||||
Loans | 5,316,775 | 4,294,667 | 6,859,658 | 3,384,153 | 19,855,253 | |||||||||||||||||||||||||||
6,551,177 | 4,385,116 | 7,852,843 | 3,926,684 | 22,715,820 | ||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 3,871,784 | — | — | — | 3,871,784 | |||||||||||||||||||||||||||
Money market deposit accounts | 5,198,165 | — | — | — | 5,198,165 | |||||||||||||||||||||||||||
Savings | 993,743 | — | — | — | 993,743 | |||||||||||||||||||||||||||
Time deposits | 300,405 | 932,618 | 235,583 | 861 | 1,469,467 | |||||||||||||||||||||||||||
FHLB advances | 1,450,000 | — | 30,000 | 18,625 | 1,498,625 | |||||||||||||||||||||||||||
Other borrowings | 74,449 | — | 302,662 | — | 377,111 | |||||||||||||||||||||||||||
Trust preferred securities | 128,322 | — | — | — | 128,322 | |||||||||||||||||||||||||||
12,016,868 | 932,618 | 568,245 | 19,486 | 13,537,217 | ||||||||||||||||||||||||||||
Interest rate sensitivity gap | $ | (5,465,691) | $ | 3,452,498 | $ | 7,284,598 | $ | 3,907,198 | $ | 9,178,603 | ||||||||||||||||||||||
Cumulative interest rate sensitivity gap | $ | (5,465,691) | $ | (2,013,193) | $ | 5,271,405 | $ | 9,178,603 | ||||||||||||||||||||||||
Interest rate sensitivity gap ratio | 0.55 | 4.70 | 13.82 | 203.39 | ||||||||||||||||||||||||||||
Cumulative interest rate sensitivity gap ratio | 0.55 | 0.84 | 1.39 | 1.68 |
December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
U.S. Treasuries | $ | 759,534 | $ | — | ||||||||||
U.S. government-sponsored agencies | 979 | 7,172 | ||||||||||||
State, county and municipal securities | 34,195 | 47,812 | ||||||||||||
Corporate debt securities | 15,926 | 28,496 | ||||||||||||
SBA pool securities | 27,398 | 45,201 | ||||||||||||
Mortgage-backed securities | 662,028 | 463,940 | ||||||||||||
Total debt securities available-for-sale | $ | 1,500,060 | $ | 592,621 |
December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
State, county and municipal securities | $ | 31,905 | $ | 8,905 | ||||||||||
Mortgage-backed securities | 102,959 | 70,945 | ||||||||||||
Total debt securities held-to-maturity | $ | 134,864 | $ | 79,850 | ||||||||||
Securities available-for-sale (1) | U.S. Treasuries | U.S. Government-sponsored Agencies | State, County and Municipal Securities | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Yield (2) | Amount | Yield (2) | Amount | Yield (2)(3) | ||||||||||||||||||||||||||||||||
One year or less | $ | 47,938 | 4.66 | % | $ | — | — | % | $ | 2,464 | 3.55 | % | ||||||||||||||||||||||||||
After one year through five years | 711,596 | 3.13 | % | 979 | 2.16 | % | 18,521 | 3.93 | % | |||||||||||||||||||||||||||||
After five years through ten years | — | — | % | — | — | % | 7,071 | 4.35 | % | |||||||||||||||||||||||||||||
After ten years | — | — | % | — | — | % | 6,139 | 3.63 | % | |||||||||||||||||||||||||||||
$ | 759,534 | 3.22 | % | $ | 979 | 2.16 | % | $ | 34,195 | 3.94 | % | |||||||||||||||||||||||||||
Securities available-for-sale (1) | Corporate Debt Securities | SBA Pool Securities | Mortgage-backed Securities | |||||||||||||||||||||||||||||||||||
Amount | Yield (2) | Amount | Yield (2) | Amount | Yield (2) | |||||||||||||||||||||||||||||||||
One year or less | $ | 500 | 3.88 | % | $ | 147 | 2.71 | % | $ | 20,756 | 2.80 | % | ||||||||||||||||||||||||||
After one year through five years | 1,496 | 3.04 | % | 6,922 | 2.09 | % | 182,602 | 3.15 | % | |||||||||||||||||||||||||||||
After five years through ten years | 12,395 | 4.87 | % | 5,213 | 2.56 | % | 193,944 | 3.13 | % | |||||||||||||||||||||||||||||
After ten years | 1,535 | 6.75 | % | 15,116 | 2.95 | % | 264,726 | 3.20 | % | |||||||||||||||||||||||||||||
$ | 15,926 | 4.89 | % | $ | 27,398 | 2.66 | % | $ | 662,028 | 3.15 | % | |||||||||||||||||||||||||||
Securities held-to-maturity (1) | State, County and Municipal Securities | Mortgage-backed Securities | ||||||||||||||||||||||||||||||||||||
Amount | Yield (2)(3) | Amount | Yield (2) | |||||||||||||||||||||||||||||||||||
One year or less | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||||||||
After one year through five years | — | — | % | 10,956 | 1.01 | % | ||||||||||||||||||||||||||||||||
After five years through ten years | — | — | % | 38,700 | 2.66 | % | ||||||||||||||||||||||||||||||||
After ten years | 31,905 | 3.93 | % | 53,303 | 2.21 | % | ||||||||||||||||||||||||||||||||
$ | 31,905 | 3.93 | % | $ | 102,959 | 2.26 | % |
Year Ended December 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | ||||||||||||||||||||||
Noninterest-bearing demand | $ | 8,005,201 | — | % | $ | 7,017,614 | — | % | ||||||||||||||||||
NOW | 3,675,586 | 0.39 | 3,400,441 | 0.10 | ||||||||||||||||||||||
Money market | 5,128,497 | 0.65 | 4,953,748 | 0.16 | ||||||||||||||||||||||
Savings | 1,005,752 | 0.13 | 884,623 | 0.06 | ||||||||||||||||||||||
Time | 1,604,978 | 0.46 | 1,954,552 | 0.54 | ||||||||||||||||||||||
Total deposits | $ | 19,420,014 | 0.29 | % | $ | 18,210,978 | 0.12 | % |
(dollars in thousands) | December 31, 2022 | ||||
Three months or less | $ | 68,318 | |||
Over three months through six months | 47,294 | ||||
Over six months through one year | 191,774 | ||||
Over one year | 49,459 | ||||
Total | $ | 356,845 |
December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Commitments to extend credit | $ | 6,318,039 | $ | 4,328,749 | ||||||||||
Unused lines of credit | 345,001 | 272,029 | ||||||||||||
Financial standby letters of credit | 33,557 | 36,184 | ||||||||||||
Mortgage interest rate lock commitments | 148,148 | 417,126 | ||||||||||||
Mortgage forward contracts with positive fair value - notional amount | 689,500 | — | ||||||||||||
Mortgage forward contracts with negative fair value - notional amount | — | 1,935,237 | ||||||||||||
$ | 7,534,245 | $ | 6,989,325 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Rate | Average Balance | Average Rate | Average Balance | Average Rate | ||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | $ | 1,477 | 0.27 | % | $ | 6,700 | 0.30 | % | $ | 12,115 | 0.68 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Total Balance | Total Balance | Total Balance | |||||||||||||||||||||||||||||||||||
Total maximum short-term borrowings outstanding at any month-end during the year | $ | 6,924 | $ | 9,320 | $ | 15,998 |
Payments Due After December 31, 2022 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Total | 1 Year or Less | 1-3 Years | 4-5 Years | >5 Years | |||||||||||||||||||||||||||
Deposits without a stated maturity | $ | 17,993,271 | $ | 17,993,271 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Time certificates of deposit | 1,469,467 | 1,233,023 | 199,564 | 36,019 | 861 | |||||||||||||||||||||||||||
Other borrowings | 1,878,469 | 1,525,000 | 15,000 | 15,000 | 323,469 | |||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 154,390 | — | — | — | 154,390 | |||||||||||||||||||||||||||
Operating lease obligations | 68,524 | 11,327 | 17,666 | 13,797 | 25,734 | |||||||||||||||||||||||||||
Total contractual cash obligations | $ | 21,564,121 | $ | 20,762,621 | $ | 232,230 | $ | 64,816 | $ | 504,454 |
Actual | Required | Excess | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Tier 1 Leverage Ratio (tier 1 capital to average assets) | ||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,185,694 | 9.36 | % | $ | 933,928 | 4.00 | % | $ | 1,251,766 | 5.36 | % | ||||||||||||||||||||||||||
Ameris Bank | $ | 2,464,589 | 10.56 | % | $ | 933,284 | 4.00 | % | $ | 1,531,305 | 6.56 | % | ||||||||||||||||||||||||||
CET1 Ratio (common equity tier 1 capital to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,185,694 | 9.86 | % | $ | 1,551,305 | 7.00 | % | $ | 634,389 | 2.86 | % | ||||||||||||||||||||||||||
Ameris Bank | $ | 2,464,589 | 11.12 | % | $ | 1,551,185 | 7.00 | % | $ | 913,404 | 4.12 | % | ||||||||||||||||||||||||||
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,185,694 | 9.86 | % | $ | 1,883,727 | 8.50 | % | $ | 301,967 | 1.36 | % | ||||||||||||||||||||||||||
Ameris Bank | $ | 2,464,589 | 11.12 | % | $ | 1,883,581 | 8.50 | % | $ | 581,008 | 2.62 | % | ||||||||||||||||||||||||||
Total Capital Ratio (total capital to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,859,680 | 12.90 | % | $ | 2,326,957 | 10.50 | % | $ | 532,723 | 2.40 | % | ||||||||||||||||||||||||||
Ameris Bank | $ | 2,720,253 | 12.28 | % | $ | 2,326,777 | 10.50 | % | $ | 393,476 | 1.78 | % |
Three Months Ended | ||||||||||||||||||||||||||
(dollars in thousands, except per share data) | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||
Selected Income Statement Data: | ||||||||||||||||||||||||||
Interest income | $ | 273,642 | $ | 234,302 | $ | 202,568 | $ | 183,374 | ||||||||||||||||||
Interest expense | 49,505 | 21,321 | 11,204 | 10,830 | ||||||||||||||||||||||
Net interest income | 224,137 | 212,981 | 191,364 | 172,544 | ||||||||||||||||||||||
Provision for credit losses | 32,890 | 17,652 | 14,924 | 6,231 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 191,247 | 195,329 | 176,440 | 166,313 | ||||||||||||||||||||||
Noninterest income | 48,348 | 65,324 | 83,841 | 86,911 | ||||||||||||||||||||||
Noninterest expense excluding merger and conversion charges | 134,826 | 139,578 | 142,196 | 142,843 | ||||||||||||||||||||||
Merger and conversion charges | 235 | — | — | 977 | ||||||||||||||||||||||
Income before income taxes | 104,534 | 121,075 | 118,085 | 109,404 | ||||||||||||||||||||||
Income tax | 22,313 | 28,520 | 28,019 | 27,706 | ||||||||||||||||||||||
Net income | $ | 82,221 | $ | 92,555 | $ | 90,066 | $ | 81,698 | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||
Basic earnings per common share | $ | 1.19 | $ | 1.34 | $ | 1.30 | $ | 1.18 | ||||||||||||||||||
Diluted earnings per common share | 1.18 | 1.34 | 1.30 | 1.17 | ||||||||||||||||||||||
Common dividends - cash | 0.15 | 0.15 | 0.15 | 0.15 |
Three Months Ended | ||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||
Selected Income Statement Data: | ||||||||||||||||||||||||||
Interest income | $ | 178,365 | $ | 173,046 | $ | 173,751 | $ | 177,950 | ||||||||||||||||||
Interest expense | 11,528 | 11,385 | 11,899 | 12,973 | ||||||||||||||||||||||
Net interest income | 166,837 | 161,661 | 161,852 | 164,977 | ||||||||||||||||||||||
Provision for credit losses | 2,759 | (9,675) | 142 | (28,591) | ||||||||||||||||||||||
Net interest income after provision for credit losses | 164,078 | 171,336 | 161,710 | 193,568 | ||||||||||||||||||||||
Noninterest income | 81,769 | 76,562 | 89,240 | 117,973 | ||||||||||||||||||||||
Noninterest expense excluding merger and conversion charges | 134,346 | 137,013 | 135,761 | 148,798 | ||||||||||||||||||||||
Merger and conversion charges | 4,023 | 183 | — | — | ||||||||||||||||||||||
Income before income taxes | 107,478 | 110,702 | 115,189 | 162,743 | ||||||||||||||||||||||
Income tax | 25,534 | 29,022 | 26,862 | 37,781 | ||||||||||||||||||||||
Net income | $ | 81,944 | $ | 81,680 | $ | 88,327 | $ | 124,962 | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||
Basic earnings per common share | $ | 1.18 | $ | 1.18 | $ | 1.27 | $ | 1.80 | ||||||||||||||||||
Diluted earnings per common share | 1.18 | 1.17 | 1.27 | 1.79 | ||||||||||||||||||||||
Common dividends - cash | 0.15 | 0.15 | 0.15 | 0.15 |
Earnings Simulation Model Results | ||||||||||||||
Change in | % Change in Projected Baseline | |||||||||||||
Interest Rates | Net Interest Income | |||||||||||||
(in bps) | 12 Months | 24 Months | ||||||||||||
400 | 3.7% | 14.9% | ||||||||||||
300 | 4.3% | 12.1% | ||||||||||||
200 | 3.5% | 8.4% | ||||||||||||
100 | 1.8% | 4.3% | ||||||||||||
(100) | (2.1)% | (4.8)% | ||||||||||||
(200) | (5.4)% | (10.9)% |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) | Weighted average exercise price of outstanding options, warrants and rights (1) | Number of securities remaining available for future issuance under equity compensation plans (2) | |||||||||||||||||
(a) | (b) | (c) | ||||||||||||||||||
Equity compensation plans approved by security holders | 126,254 | $ | 29.69 | 2,619,730 |
Exhibit No. | Description | |||||||
Agreement and Plan of Merger dated as of December 17, 2018 by and between Ameris Bancorp and Fidelity Southern Corporation (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 17, 2018). | ||||||||
Restated Articles of Incorporation of Ameris Bancorp. | ||||||||
Bylaws of Ameris Bancorp, as amended and restated through February 23, 2023. | ||||||||
Indenture between Ameris Bancorp and Wilmington Trust Company dated September 20, 2006 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Registration Statement on Form S-4 (Registration No. 333-138252) filed with the SEC on October 27, 2006). | ||||||||
Floating Rate Junior Subordinated Deferrable Interest Debenture dated September 20, 2006 to Ameris Statutory Trust I (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Registration Statement on Form S-4 (Registration No. 333-138252) filed with the SEC on October 27, 2006). | ||||||||
Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and U.S. Bank National Association dated as of March 26, 2003 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and U.S. Bank National Association (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2033 (included as Exhibit A to the Indenture filed as Exhibit 4.3 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Deutsche Bank Trust Company Americas dated as of June 24, 2004 (incorporated by reference to Exhibit 4.6 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Note Due 2034 (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Wilmington Trust Company dated as of January 31, 2006 (incorporated by reference to Exhibit 4.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Wilmington Trust Company (pertaining to Indenture dated as of January 31, 2006) (incorporated by reference to Exhibit 4.10 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Wilmington Trust Company dated as of September 20, 2007 (incorporated by reference to Exhibit 4.18 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Wilmington Trust Company (pertaining to Indenture dated as of September 20, 2007) (incorporated by reference to Exhibit 4.19 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2037 (included as Exhibit A to the Indenture filed as Exhibit 4.18 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
Indenture between Ameris Bancorp (as successor to Coastal Bankshares, Inc.) and Wells Fargo Bank, National Association dated as of August 27, 2003 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
First Supplemental Indenture dated as of June 30, 2014 by and among Ameris Bancorp and Wells Fargo Bank, National Association (pertaining to Indenture dated as of August 27, 2003) (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
Form of Junior Subordinated Debt Security Due 2033 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
Indenture between Ameris Bancorp (as successor to Coastal Bankshares, Inc.) and U.S. Bank National Association dated as of December 14, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
First Supplemental Indenture dated as of June 30, 2014 by and among Ameris Bancorp, Coastal Bankshares, Inc. and U.S. Bank National Association (pertaining to Indenture dated as of December 14, 2005) (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
Form of Junior Subordinated Debt Security Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
Indenture between Ameris Bancorp (as successor to Merchants & Southern Banks of Florida, Incorporated) and Wilmington Trust Company dated as of March 17, 2005 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
First Supplemental Indenture dated as of May 22, 2015 by and among Ameris Bancorp, Merchants & Southern Banks of Florida, Incorporated and Wilmington Trust Company (pertaining to Indenture dated as of March 17, 2005) (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
Indenture between Ameris Bancorp (as successor to Merchants & Southern Banks of Florida, Incorporated) and Wilmington Trust Company dated as of March 30, 2006 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
First Supplemental Indenture dated as of May 22, 2015 by and among Ameris Bancorp, Merchants & Southern Banks of Florida, Incorporated and Wilmington Trust Company (pertaining to Indenture dated as of March 30, 2006) (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of June 17, 2004 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). |
First Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2034 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of September 15, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Second Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of December 14, 2006 (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
First Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wells Fargo Bank, National Association dated as of June 20, 2008 (incorporated by reference to Exhibit 4.10 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
First Supplemental Indenture dated as of March 11, 2016 by and between Ameris Bancorp and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.11 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Form of Junior Subordinated Debt Security Due 2038 (included as Exhibit A to the Indenture filed as Exhibit 4.10 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
Subordinated Debt Indenture dated as of March 13, 2017 by and between Ameris Bancorp and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017). | ||||||||
First Supplemental Indenture, dated as of March 13, 2017, by and between Ameris Bancorp and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017). | ||||||||
Form of 5.75% Fixed-to-Floating Rate Subordinated Note due 2027 (included as Exhibit A to the First Supplemental Indenture filed as Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017). | ||||||||
Indenture dated as of November 10, 2005 by and between Ameris Bancorp (as successor to Hamilton State Bancshares, Inc.) and Wilmington Trust Company (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 2, 2018). | ||||||||
Second Supplemental Indenture dated as of June 29, 2018 by and among Ameris Bancorp, Hamilton State Bancshares, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 2, 2018). | ||||||||
Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 2, 2018). | ||||||||
Indenture between Ameris Bancorp (as successor to Fidelity Southern Corporation) and U.S. Bank National Association, dated as of June 26, 2003 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
First Supplemental Indenture, among Ameris Bancorp, Fidelity Southern Corporation and U.S. Bank National Association, dated as of July 1, 2019 (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debentures due 2033 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
Indenture between Ameris Bancorp (as successor to Fidelity Southern Corporation) and Wilmington Trust Company, dated as of March 17, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
First Supplemental Indenture, among Ameris Bancorp, Fidelity Southern Corporation and Wilmington Trust Company, dated as of July 1, 2019 (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
Form of Floating Rate Junior Subordinated Deferrable Interest Debentures due 2035 (incorporated by reference to Exhibit 4.6 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
Indenture between Ameris Bancorp (as successor to Fidelity Southern Corporation) and Wilmington Trust Company, dated as of August 20, 2007 (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
First Supplemental Indenture, among Ameris Bancorp, Fidelity Southern Corporation and Wilmington Trust Company, dated as of July 1, 2019 (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures due 2037 (incorporated by reference to Exhibit 4.9 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
Second Supplemental Indenture, dated as of December 6, 2019, by and between Ameris Bancorp and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Ameris Bancorp's Current Report on Form 8-K filed with the SEC on December 6, 2019). | ||||||||
Form of 4.25% Fixed-to-Floating Subordinated Notes due 2029 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 6, 2019). | ||||||||
Form of Global Note representing Fixed/Floating Rate Subordinated Notes due 2030 (incorporated by reference to Exhibit 4.56 to Ameris Bancorp's Annual Report on Form 10-K filed with the SEC on March 9, 2020). | ||||||||
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | ||||||||
Third Supplemental Indenture, dated as of September 28, 2020, by and between Ameris Bancorp and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Ameris Bancorp's Current Report on Form 8-K filed with the SEC on September 28, 2020). | ||||||||
Form of 3.875% Fixed-to-Floating Subordinated Notes due 2030 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp's Current Report on Form 8-K filed with the SEC on September 28, 2020). | ||||||||
Supplemental Executive Retirement Agreement with Jon S. Edwards, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.3 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2012). | ||||||||
Supplemental Executive Retirement Agreement with Nicole S. Stokes, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.13 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 1, 2018). | ||||||||
Ameris Bancorp 2014 Omnibus Equity Compensation Plan (incorporated by reference to Appendix A to Ameris Bancorp’s Definitive Proxy Statement filed with the SEC on April 17, 2014). | ||||||||
Form of Restricted Stock Grant Agreement (incorporated by reference to Exhibit 99.4 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on November 26, 2014). | ||||||||
Form of Severance Protection and Restrictive Covenants Agreement for executive officers (incorporated by reference to Exhibit 10.1 to Ameris Bancorp's Form 10-Q filed with the SEC on May 10, 2019). | ||||||||
Employment Agreement by and among Ameris Bancorp, Ameris Bank and James B. Miller, Jr. dated as of December 17, 2018 (incorporated by reference to Exhibit 10.1 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2019). | ||||||||
Employment Agreement by and among Ameris Bancorp, Ameris Bank and H. Palmer Proctor, Jr. dated as of December 17, 2018 (incorporated by reference to Exhibit 10.2 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2019). | ||||||||
Amendment to Employment Agreement by and among Ameris Bancorp, Ameris Bank and H. Palmer Proctor, Jr. dated as of June 30, 2019 (incorporated by reference to Exhibit 10.3 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2019). | ||||||||
Supplemental Executive Retirement Agreement with Lawton E. Bassett, III, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.16 to Ameris Bancorp's Form 10-K filed with the SEC on March 9, 2020). | ||||||||
Form of Performance Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.17 to Ameris Bancorp's Form 10-K filed with the SEC on March 9, 2020). | ||||||||
Supplemental Executive Retirement Agreement with James A. LaHaise, dated as of November 10, 2015 (incorporated by reference to Exhibit 10.15 to Ameris Bancorp's Form 10-K filed with the SEC on February 26, 2021). | ||||||||
Ameris Bancorp 2021 Omnibus Equity Incentive Plan, as amended and restated through July 26, 2022 (incorporated by reference to Exhibit 10.1 to Ameris Bancorp’s Form 10-Q filed with the SEC on August 5, 2022). | ||||||||
Form of Restricted Share Award Agreement under the 2021 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2021). | ||||||||
Form of Restricted Share Unit Award Agreement under the 2021 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2021). | ||||||||
Form of Performance Unit Award Agreement under the 2021 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.4 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2021). |
Summary of Director Compensation (incorporated by reference to Exhibit 10.2 to Ameris Bancorp's Form 10-Q filed with the SEC on August 5, 2022). | ||||||||
Schedule of Subsidiaries of Ameris Bancorp. | ||||||||
Consent of KPMG LLP. | ||||||||
Consent of Crowe LLP. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification by Chief Executive Officer. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification by Chief Financial Officer. | ||||||||
Section 1350 Certification by Chief Executive Officer. | ||||||||
Section 1350 Certification by Chief Financial Officer. | ||||||||
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Reports of Independent Registered Public Accounting Firm (KPMG LLP, Atlanta, GA, Auditor Firm ID: 185) | |||||
Report of Independent Registered Public Accounting Firm (Crowe LLP, Atlanta, GA, Auditor Firm ID: 173) | |||||
/s/ H. Palmer Proctor, Jr. | /s/ Nicole S. Stokes | |||||||
H. Palmer Proctor, Jr. | Nicole S. Stokes | |||||||
Chief Executive Officer | Corporate EVP and Chief Financial Officer | |||||||
(principal executive officer) | (principal accounting and financial officer) | |||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 284,567 | $ | 307,813 | |||||||
Interest-bearing deposits in banks | 833,565 | 3,736,844 | |||||||||
Federal funds sold | — | 20,000 | |||||||||
Cash and cash equivalents | 1,118,132 | 4,064,657 | |||||||||
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $75 and $— | 1,500,060 | 592,621 | |||||||||
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $114,538 and $78,206) | 134,864 | 79,850 | |||||||||
Other investments | 110,992 | 47,552 | |||||||||
Loans held for sale, at fair value | 392,078 | 1,254,632 | |||||||||
Loans, net of unearned income | 19,855,253 | 15,874,258 | |||||||||
Allowance for credit losses | (205,677) | (167,582) | |||||||||
Loans, net | 19,649,576 | 15,706,676 | |||||||||
Other real estate owned, net | 843 | 3,810 | |||||||||
Premises and equipment, net | 220,283 | 225,400 | |||||||||
Goodwill | 1,015,646 | 1,012,620 | |||||||||
Other intangible assets, net | 106,194 | 125,938 | |||||||||
Cash value of bank owned life insurance | 388,405 | 331,146 | |||||||||
Other assets | 416,213 | 413,419 | |||||||||
Total assets | $ | 25,053,286 | $ | 23,858,321 | |||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Noninterest-bearing | $ | 7,929,579 | $ | 7,774,823 | |||||||
Interest-bearing | 11,533,159 | 11,890,730 | |||||||||
Total deposits | 19,462,738 | 19,665,553 | |||||||||
Securities sold under agreements to repurchase | — | 5,845 | |||||||||
Other borrowings | 1,875,736 | 739,879 | |||||||||
Subordinated deferrable interest debentures, net | 128,322 | 126,328 | |||||||||
Other liabilities | 389,090 | 354,265 | |||||||||
Total liabilities | 21,855,886 | 20,891,870 | |||||||||
Commitments and Contingencies (Note 19) | |||||||||||
Shareholders’ Equity | |||||||||||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | — | — | |||||||||
Common stock, par value $1; 200,000,000 shares authorized; 72,263,727 and 72,017,126 shares issued | 72,264 | 72,017 | |||||||||
Capital surplus | 1,935,211 | 1,924,813 | |||||||||
Retained earnings | 1,311,258 | 1,006,436 | |||||||||
Accumulated other comprehensive income (loss), net of tax | (46,507) | 15,590 | |||||||||
Treasury stock, at cost, 2,894,677 and 2,407,898 shares | (74,826) | (52,405) | |||||||||
Total shareholders’ equity | 3,197,400 | 2,966,451 | |||||||||
Total liabilities and shareholders’ equity | $ | 25,053,286 | $ | 23,858,321 |
2022 | 2021 | 2020 | |||||||||||||||
Interest income | |||||||||||||||||
Interest and fees on loans | $ | 834,969 | $ | 676,089 | $ | 690,909 | |||||||||||
Interest on taxable securities | 34,656 | 22,524 | 33,086 | ||||||||||||||
Interest on nontaxable securities | 1,176 | 575 | 623 | ||||||||||||||
Interest on deposits in other banks | 23,008 | 3,882 | 1,739 | ||||||||||||||
Interest on federal funds sold | 77 | 42 | 146 | ||||||||||||||
Total interest income | 893,886 | 703,112 | 726,503 | ||||||||||||||
Interest expense | |||||||||||||||||
Interest on deposits | 56,105 | 22,357 | 59,067 | ||||||||||||||
Interest on other borrowings | 36,755 | 25,428 | 29,683 | ||||||||||||||
Total interest expense | 92,860 | 47,785 | 88,750 | ||||||||||||||
Net interest income | 801,026 | 655,327 | 637,753 | ||||||||||||||
Provision for loan losses | 52,610 | (35,081) | 125,488 | ||||||||||||||
Provision for unfunded commitments | 19,226 | 332 | 19,062 | ||||||||||||||
Provision for other credit losses | (139) | (616) | 830 | ||||||||||||||
Provision for credit losses | 71,697 | (35,365) | 145,380 | ||||||||||||||
Net interest income after provision for credit losses | 729,329 | 690,692 | 492,373 | ||||||||||||||
Noninterest income | |||||||||||||||||
Service charges on deposit accounts | 44,499 | 45,106 | 44,145 | ||||||||||||||
Mortgage banking activity | 184,904 | 285,900 | 374,077 | ||||||||||||||
Other service charges, commissions and fees | 3,875 | 4,188 | 3,914 | ||||||||||||||
Net gain on securities | 203 | 515 | 5 | ||||||||||||||
Gain on sale of SBA loans | 5,552 | 6,623 | 7,226 | ||||||||||||||
Other noninterest income | 45,391 | 23,212 | 17,133 | ||||||||||||||
Total noninterest income | 284,424 | 365,544 | 446,500 | ||||||||||||||
Noninterest expense | |||||||||||||||||
Salaries and employee benefits | 319,719 | 337,776 | 360,278 | ||||||||||||||
Occupancy and equipment | 51,361 | 48,066 | 52,349 | ||||||||||||||
Advertising and marketing | 12,481 | 8,434 | 8,046 | ||||||||||||||
Amortization of intangible assets | 19,744 | 14,965 | 19,612 | ||||||||||||||
Data processing and communications expenses | 49,228 | 45,976 | 46,017 | ||||||||||||||
Legal and other professional fees | 16,439 | 11,920 | 15,972 | ||||||||||||||
Credit resolution-related expenses | 29 | 3,538 | 5,106 | ||||||||||||||
Merger and conversion charges | 1,212 | 4,206 | 1,391 | ||||||||||||||
FDIC insurance | 8,063 | 5,614 | 14,078 | ||||||||||||||
Loan servicing expenses | 36,835 | 26,481 | 20,910 | ||||||||||||||
Other noninterest expenses | 45,544 | 53,148 | 54,870 | ||||||||||||||
Total noninterest expense | 560,655 | 560,124 | 598,629 | ||||||||||||||
Income before income tax expense | 453,098 | 496,112 | 340,244 | ||||||||||||||
Income tax expense | 106,558 | 119,199 | 78,256 | ||||||||||||||
Net income | $ | 346,540 | $ | 376,913 | $ | 261,988 | |||||||||||
Basic earnings per common share | $ | 5.01 | $ | 5.43 | $ | 3.78 | |||||||||||
Diluted earnings per common share | $ | 4.99 | $ | 5.40 | $ | 3.77 | |||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Basic | 69,194 | 69,432 | 69,256 | ||||||||||||||
Diluted | 69,420 | 69,761 | 69,426 |
2022 | 2021 | 2020 | |||||||||||||||
Net income | $ | 346,540 | $ | 376,913 | $ | 261,988 | |||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Net unrealized holding gains (losses) arising during period on investment securities available-for-sale, net of tax expense (benefit) of ($16,507), ($4,762) and $4,084 | (62,097) | (17,915) | 15,363 | ||||||||||||||
Net unrealized gains (losses) on cash flow hedge during the period, net of tax expense (benefit) of $—, $— and $39 | — | — | 147 | ||||||||||||||
Total other comprehensive income (loss) | (62,097) | (17,915) | 15,510 | ||||||||||||||
Comprehensive income | $ | 284,443 | $ | 358,998 | $ | 277,498 |
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2022, 2021 and 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital Surplus | Retained Earnings | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 71,499,829 | $ | 71,500 | $ | 1,907,108 | $ | 507,950 | $ | 17,995 | 1,995,996 | $ | (34,971) | $ | 2,469,582 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 164,476 | 164 | 125 | — | — | — | — | 289 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (12,250) | (12) | (209) | — | — | — | — | (221) | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 101,650 | 102 | 2,160 | — | — | — | — | 2,262 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 4,101 | — | — | — | — | 4,101 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 216,228 | (7,995) | (7,995) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 261,988 | — | — | — | 261,988 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.60 per share) | — | — | — | (41,724) | — | — | — | (41,724) | |||||||||||||||||||||||||||||||||||||||
— | — | — | (56,704) | — | — | — | (56,704) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) during the period | — | — | — | — | 15,510 | — | — | 15,510 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 71,753,705 | $ | 71,754 | $ | 1,913,285 | $ | 671,510 | $ | 33,505 | 2,212,224 | $ | (42,966) | $ | 2,647,088 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 99,308 | 99 | 500 | — | — | — | — | 599 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (2,695) | (3) | (50) | — | — | — | — | (53) | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 166,808 | 167 | 4,365 | — | — | — | — | 4,532 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 6,713 | — | — | — | — | 6,713 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 195,674 | (9,439) | (9,439) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 376,913 | — | — | — | 376,913 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.60 per share) | — | — | — | (41,987) | — | — | — | (41,987) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) during the period | — | — | — | (17,915) | — | — | (17,915) | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 72,017,126 | $ | 72,017 | $ | 1,924,813 | $ | 1,006,436 | $ | 15,590 | 2,407,898 | $ | (52,405) | $ | 2,966,451 |
Common Stock | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital Surplus | Retained Earnings | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | 72,017,126 | $ | 72,017 | $ | 1,924,813 | $ | 1,006,436 | $ | 15,590 | 2,407,898 | $ | (52,405) | $ | 2,966,451 | |||||||||||||||||||||||||||||||||
Issuance of restricted shares | 165,687 | 166 | 1,175 | — | — | — | — | 1,341 | |||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted shares | (14,889) | (15) | (128) | — | — | — | — | (143) | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 95,803 | 96 | 2,703 | — | — | — | — | 2,799 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 6,648 | — | — | — | — | 6,648 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | 486,779 | (22,421) | (22,421) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 346,540 | — | — | — | 346,540 | |||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.60 per share) | — | — | — | (41,718) | — | — | — | (41,718) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) during the period | — | — | — | — | (62,097) | — | — | (62,097) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 72,263,727 | $ | 72,264 | $ | 1,935,211 | $ | 1,311,258 | $ | (46,507) | 2,894,677 | $ | (74,826) | $ | 3,197,400 |
2022 | 2021 | 2020 | |||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 346,540 | $ | 376,913 | $ | 261,988 | |||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||||||
Depreciation | 18,416 | 17,225 | 15,759 | ||||||||||||||
Net losses on sale or disposal of premises and equipment | 156 | 2,882 | 777 | ||||||||||||||
Net write-downs on other assets | — | 260 | 1,715 | ||||||||||||||
Provision for credit losses | 71,697 | (35,365) | 145,380 | ||||||||||||||
Net write-downs and (gains) losses on sale of other real estate owned | (1,773) | 538 | 1,049 | ||||||||||||||
Share-based compensation expense | 6,706 | 7,948 | 3,810 | ||||||||||||||
Amortization of intangible assets | 19,744 | 14,965 | 19,612 | ||||||||||||||
Amortization of operating lease right of use assets | 12,639 | 15,739 | 19,740 | ||||||||||||||
Provision for deferred taxes | (35,677) | 38,411 | (7,929) | ||||||||||||||
Net amortization of debt securities available-for-sale | (644) | 2,786 | 6,153 | ||||||||||||||
Net amortization of debt securities held-to-maturity | 37 | 40 | — | ||||||||||||||
Net amortization of other investments | 722 | 62 | — | ||||||||||||||
Net gain on securities | (203) | (515) | (5) | ||||||||||||||
Accretion of discount on purchased loans, net | 285 | (16,349) | (27,351) | ||||||||||||||
Net amortization on other borrowings | 433 | 438 | 256 | ||||||||||||||
Amortization of subordinated deferrable interest debentures | 1,994 | 1,983 | 1,940 | ||||||||||||||
Loan servicing asset impairment (recovery) | (21,824) | (14,530) | 40,067 | ||||||||||||||
Originations of mortgage loans held for sale | (3,949,676) | (7,780,436) | (9,067,706) | ||||||||||||||
Payments received on mortgage loans held for sale | 23,324 | 53,313 | 43,663 | ||||||||||||||
Proceeds from sales of mortgage loans held for sale | 4,493,742 | 7,459,163 | 9,864,464 | ||||||||||||||
Net (gains) losses on mortgage loans held for sale | 93,133 | (152,422) | (387,124) | ||||||||||||||
Originations of SBA loans | (46,479) | (67,865) | (97,017) | ||||||||||||||
Proceeds from sales of SBA loans | 57,171 | 71,610 | 109,296 | ||||||||||||||
Net gains on sales of SBA loans | (5,552) | (6,623) | (7,226) | ||||||||||||||
Increase in cash surrender value of bank owned life insurance | (7,305) | (5,385) | (3,630) | ||||||||||||||
Gain on bank owned life insurance proceeds | (55) | (603) | (948) | ||||||||||||||
Gains on sale of other loans held for sale | — | (457) | — | ||||||||||||||
Loss on sale of loans | — | — | 386 | ||||||||||||||
Gain on sale of mortgage servicing rights | (1,356) | — | — | ||||||||||||||
Changes in FDIC loss-share receivable/payable, net of cash payments received | — | — | 997 | ||||||||||||||
(Increase) decrease in interest receivable | (20,125) | 19,337 | (23,892) | ||||||||||||||
Increase (decrease) in interest payable | 6,217 | (1,175) | (6,036) | ||||||||||||||
Increase (decrease) in taxes payable | 5,177 | 7,005 | (12,062) | ||||||||||||||
Change attributable to other operating activities | (4,991) | 247 | (97,730) | ||||||||||||||
Net cash provided by operating activities | 1,062,473 | 9,140 | 798,396 |
2022 | 2021 | 2020 | |||||||||||||||
Investing Activities, net of effects of business combinations | |||||||||||||||||
Proceeds from maturities of time deposits in other banks | $ | — | $ | 249 | $ | — | |||||||||||
Purchases of securities available-for-sale | (1,172,323) | — | — | ||||||||||||||
Purchases of securities held-to-maturity | (57,408) | (80,355) | — | ||||||||||||||
Proceeds from prepayments and maturities of securities available-for-sale | 186,849 | 364,907 | 435,204 | ||||||||||||||
Proceeds from prepayments and maturities of securities held-to-maturity | 2,357 | 465 | — | ||||||||||||||
Net (increase) decrease in other investments | (63,959) | (18,897) | 37,222 | ||||||||||||||
Net increase in loans | (3,345,287) | (566,237) | (1,733,057) | ||||||||||||||
Payments received on other loans held for sale | — | 9,136 | 12,954 | ||||||||||||||
Purchase of loan pool | (472,266) | — | — | ||||||||||||||
Proceeds from sale of mortgage servicing rights | 119,845 | — | — | ||||||||||||||
Purchases of premises and equipment | (13,568) | (25,448) | (18,116) | ||||||||||||||
Proceeds from sale of premises and equipment | 46 | 1,958 | 718 | ||||||||||||||
Proceeds from sales of other real estate owned | 5,086 | 11,790 | 14,059 | ||||||||||||||
Purchase of bank owned life insurance | (50,000) | (150,000) | — | ||||||||||||||
Payments paid to FDIC under loss-sharing agreements | — | — | (20,639) | ||||||||||||||
Proceeds from bank owned life insurance | 101 | 1,309 | 3,381 | ||||||||||||||
Proceeds from sales of other loans held for sale | — | 156,803 | — | ||||||||||||||
Proceeds from sales of loans | — | — | 69,965 | ||||||||||||||
Net cash proceeds received from (paid in) acquisitions | (14,003) | (126,664) | (2,417) | ||||||||||||||
Net cash used in investing activities | (4,874,530) | (420,984) | (1,200,726) | ||||||||||||||
Financing Activities, net of effects of business combinations | |||||||||||||||||
Net increase (decrease) in deposits | $ | (202,815) | $ | 2,708,021 | $ | 2,932,864 | |||||||||||
Net decrease in securities sold under agreements to repurchase | (5,845) | (5,796) | (8,994) | ||||||||||||||
Proceeds from other borrowings | 3,950,000 | — | 7,202,981 | ||||||||||||||
Repayment of other borrowings | (2,814,576) | (296,325) | (8,176,491) | ||||||||||||||
Repayment of subordinated deferrable interest debentures | — | — | (5,155) | ||||||||||||||
Proceeds from exercise of stock options | 2,799 | 4,532 | 2,262 | ||||||||||||||
Dividends paid - common stock | (41,610) | (41,798) | (41,685) | ||||||||||||||
Purchase of treasury shares | (22,421) | (9,439) | (7,995) | ||||||||||||||
Net cash provided by financing activities | 865,532 | 2,359,195 | 1,897,787 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,946,525) | 1,947,351 | 1,495,457 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 4,064,657 | 2,117,306 | 621,849 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,118,132 | $ | 4,064,657 | $ | 2,117,306 | |||||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||||||
Cash paid during the year for: | |||||||||||||||||
Interest | $ | 86,643 | $ | 48,960 | $ | 94,786 | |||||||||||
Income taxes | $ | 133,894 | $ | 71,807 | $ | 98,609 | |||||||||||
Loans transferred to other real estate owned | $ | 346 | $ | 4,258 | $ | 7,398 | |||||||||||
Loans transferred from loans held for sale to loans held for investment | $ | 196,891 | $ | 170,435 | $ | 196,804 | |||||||||||
Loans transferred from loans held for investment to loans held for sale | $ | — | $ | — | $ | 179,407 | |||||||||||
Loans provided for the sales of other real estate owned | $ | 2,288 | $ | 1,052 | $ | 767 | |||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 7,226 | $ | 12,792 | $ | 54,107 | |||||||||||
Assets acquired in business combination | $ | 3,216 | $ | 886,553 | $ | — | |||||||||||
Liabilities assumed in business combination | $ | (10,787) | $ | 690,116 | $ | — | |||||||||||
Change in unrealized gain (loss) on securities available-for-sale, net of tax | $ | (62,097) | $ | (17,915) | $ | 15,363 | |||||||||||
Change in unrealized gain on cash flow hedge, net of tax | $ | — | $ | — | $ | 147 |
Years Ended December 31, | |||||||||||||||||
(dollars and shares in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Net income available to common shareholders | $ | 346,540 | $ | 376,913 | $ | 261,988 | |||||||||||
Weighted average number of common shares outstanding | 69,194 | 69,432 | 69,256 | ||||||||||||||
Effect of dilutive stock options | 17 | 61 | 23 | ||||||||||||||
Effect of dilutive restricted stock awards | 80 | 143 | 129 | ||||||||||||||
Effect of performance stock units | 129 | 125 | 18 | ||||||||||||||
Weighted average number of common shares outstanding used to calculate diluted earnings per share | 69,420 | 69,761 | 69,426 |
(dollars in thousands) Securities available-for-sale | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
U.S. Treasuries | $ | 775,784 | $ | — | $ | 131 | $ | (16,381) | $ | 759,534 | |||||||||||||||||||
U.S. government-sponsored agencies | 1,036 | — | — | (57) | 979 | ||||||||||||||||||||||||
State, county and municipal securities | 35,358 | — | 17 | (1,180) | 34,195 | ||||||||||||||||||||||||
Corporate debt securities | 16,397 | (75) | — | (396) | 15,926 | ||||||||||||||||||||||||
SBA pool securities | 29,422 | — | 3 | (2,027) | 27,398 | ||||||||||||||||||||||||
Mortgage-backed securities | 701,008 | — | 113 | (39,093) | 662,028 | ||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 1,559,005 | $ | (75) | $ | 264 | $ | (59,134) | $ | 1,500,060 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 7,084 | $ | — | $ | 88 | $ | — | $ | 7,172 | |||||||||||||||||||
State, county and municipal securities | 45,470 | — | 2,342 | — | 47,812 | ||||||||||||||||||||||||
Corporate debt securities | 27,897 | — | 719 | (120) | 28,496 | ||||||||||||||||||||||||
SBA pool securities | 44,312 | — | 958 | (69) | 45,201 | ||||||||||||||||||||||||
Mortgage-backed securities | 448,124 | — | 15,822 | (6) | 463,940 | ||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 572,887 | $ | — | $ | 19,929 | $ | (195) | $ | 592,621 |
(dollars in thousands) Securities held-to-maturity | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
State, county and municipal securities | $ | 31,905 | $ | — | $ | (5,380) | $ | 26,525 | ||||||||||||||||||
Mortgage-backed securities | 102,959 | — | (14,946) | 88,013 | ||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 134,864 | $ | — | $ | (20,326) | $ | 114,538 | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
State, county and municipal securities | $ | 8,905 | $ | 4 | $ | (198) | $ | 8,711 | ||||||||||||||||||
Mortgage-backed securities | 70,945 | — | (1,450) | 69,495 | ||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 79,850 | $ | 4 | $ | (1,648) | $ | 78,206 | ||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in one year or less | $ | 51,085 | $ | 51,049 | $ | — | $ | — | |||||||||||||||
Due from one year to five years | 756,739 | 739,514 | — | — | |||||||||||||||||||
Due from five to ten years | 25,450 | 24,679 | — | — | |||||||||||||||||||
Due after ten years | 24,723 | 22,790 | 31,905 | 26,525 | |||||||||||||||||||
Mortgage-backed securities | 701,008 | 662,028 | 102,959 | 88,013 | |||||||||||||||||||
$ | 1,559,005 | $ | 1,500,060 | $ | 134,864 | $ | 114,538 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities available-for-sale | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 725,250 | $ | (16,381) | $ | — | $ | — | $ | 725,250 | $ | (16,381) | ||||||||||||||||||||||||||
U.S. government-sponsored agencies | 979 | (57) | — | — | 979 | (57) | ||||||||||||||||||||||||||||||||
State, county and municipal securities | 27,438 | (1,180) | — | — | 27,438 | (1,180) | ||||||||||||||||||||||||||||||||
Corporate debt securities | 13,271 | (126) | 1,155 | (270) | 14,426 | (396) | ||||||||||||||||||||||||||||||||
SBA pool securities | 17,806 | (1,298) | 9,329 | (729) | 27,135 | (2,027) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 620,544 | (37,774) | 16,847 | (1,319) | 637,391 | (39,093) | ||||||||||||||||||||||||||||||||
Total debt securities | $ | 1,405,288 | $ | (56,816) | $ | 27,331 | $ | (2,318) | $ | 1,432,619 | $ | (59,134) | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | — | $ | 1,380 | $ | (120) | $ | 1,380 | $ | (120) | ||||||||||||||||||||||||||
SBA pool securities | 1,312 | (6) | 2,572 | (63) | 3,884 | (69) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 5,514 | (6) | 1 | — | 5,515 | (6) | ||||||||||||||||||||||||||||||||
Total debt securities | $ | 6,826 | $ | (12) | $ | 3,953 | $ | (183) | $ | 10,779 | $ | (195) |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) Securities held-to-maturity | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | $ | 16,512 | $ | (1,488) | $ | 10,013 | $ | (3,892) | $ | 26,525 | $ | (5,380) | ||||||||||||||||||||||||||
Mortgage-backed securities | 32,471 | (1,925) | 55,542 | (13,021) | 88,013 | (14,946) | ||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 48,983 | $ | (3,413) | $ | 65,555 | $ | (16,913) | $ | 114,538 | $ | (20,326) | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
State, county and municipal securities | $ | 3,707 | $ | (198) | $ | — | $ | — | $ | 3,707 | $ | (198) | ||||||||||||||||||||||||||
Mortgage-backed securities | 69,495 | (1,450) | — | — | 69,495 | (1,450) | ||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 73,202 | $ | (1,648) | $ | — | $ | — | $ | 73,202 | $ | (1,648) |
For the Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Allowance for credit losses | |||||||||||||||||
Beginning balance | $ | — | $ | 112 | $ | — | |||||||||||
Current-period provision for expected credit losses | 75 | (112) | 112 | ||||||||||||||
Ending balance | $ | 75 | $ | — | $ | 112 |
For the Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Unrealized holding gains (losses) on equity securities | $ | (67) | $ | (17) | $ | 5 | |||||||||||
Net realized gains on sales of other investments | 270 | 532 | — | ||||||||||||||
Net gain on securities | $ | 203 | $ | 515 | $ | 5 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Commercial, financial and agricultural | $ | 2,679,403 | $ | 1,875,993 | |||||||
Consumer | 384,037 | 191,298 | |||||||||
Indirect automobile | 108,648 | 265,779 | |||||||||
Mortgage warehouse | 1,038,924 | 787,837 | |||||||||
Municipal | 509,151 | 572,701 | |||||||||
Premium finance | 1,023,479 | 798,409 | |||||||||
Real estate – construction and development | 2,086,438 | 1,452,339 | |||||||||
Real estate – commercial and farmland | 7,604,867 | 6,834,917 | |||||||||
Real estate – residential | 4,420,306 | 3,094,985 | |||||||||
$ | 19,855,253 | $ | 15,874,258 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Commercial, financial and agricultural | $ | 11,094 | $ | 14,214 | |||||||
Consumer | 420 | 476 | |||||||||
Indirect automobile | 346 | 947 | |||||||||
Real estate – construction and development | 523 | 492 | |||||||||
Real estate – commercial and farmland | 13,203 | 15,365 | |||||||||
Real estate – residential (1) | 109,222 | 53,772 | |||||||||
$ | 134,808 | $ | 85,266 |
(dollars in thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Commercial, financial and agricultural | $ | 33 | $ | 262 | |||||||
Real estate – construction and development | — | 209 | |||||||||
Real estate – commercial and farmland | 1,464 | 2,015 | |||||||||
Real estate – residential | 58,734 | 29,556 | |||||||||
$ | 60,231 | $ | 32,042 |
(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 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 16,219 | $ | 5,451 | $ | 11,632 | $ | 33,302 | $ | 2,646,101 | $ | 2,679,403 | $ | 3,267 | |||||||||||||||||||||||||||
Consumer | 2,539 | 3,163 | 741 | 6,443 | 377,594 | 384,037 | 472 | ||||||||||||||||||||||||||||||||||
Indirect automobile | 466 | 77 | 267 | 810 | 107,838 | 108,648 | — | ||||||||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 1,038,924 | 1,038,924 | — | ||||||||||||||||||||||||||||||||||
Municipal | — | — | — | — | 509,151 | 509,151 | — | ||||||||||||||||||||||||||||||||||
Premium finance | 13,859 | 10,620 | 13,626 | 38,105 | 985,374 | 1,023,479 | 13,626 | ||||||||||||||||||||||||||||||||||
Real estate – construction and development | 25,367 | 3,829 | 966 | 30,162 | 2,056,276 | 2,086,438 | 500 | ||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | 1,738 | 168 | 10,223 | 12,129 | 7,592,738 | 7,604,867 | — | ||||||||||||||||||||||||||||||||||
Real estate – residential | 35,015 | 11,329 | 106,170 | 152,514 | 4,267,792 | 4,420,306 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 95,203 | $ | 34,637 | $ | 143,625 | $ | 273,465 | $ | 19,581,788 | $ | 19,855,253 | $ | 17,865 |
(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 | ||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 3,431 | $ | 2,005 | $ | 12,017 | $ | 17,453 | $ | 1,858,540 | $ | 1,875,993 | $ | 1,165 | |||||||||||||||||||||||||||
Consumer | 1,786 | 871 | 891 | 3,548 | 187,750 | 191,298 | 584 | ||||||||||||||||||||||||||||||||||
Indirect automobile | 772 | 185 | 473 | 1,430 | 264,349 | 265,779 | — | ||||||||||||||||||||||||||||||||||
Mortgage warehouse | — | — | — | — | 787,837 | 787,837 | — | ||||||||||||||||||||||||||||||||||
Municipal | — | — | — | — | 572,701 | 572,701 | — | ||||||||||||||||||||||||||||||||||
Premium finance | 6,992 | 4,340 | 9,134 | 20,466 | 777,943 | 798,409 | 9,134 | ||||||||||||||||||||||||||||||||||
Real estate – construction and development | 16,601 | 1,398 | 2,190 | 20,189 | 1,432,150 | 1,452,339 | 1,758 | ||||||||||||||||||||||||||||||||||
Real estate – commercial and farmland | 6,713 | 1,150 | 5,924 | 13,787 | 6,821,130 | 6,834,917 | 7 | ||||||||||||||||||||||||||||||||||
Real estate – residential | 17,729 | 4,266 | 49,839 | 71,834 | 3,023,151 | 3,094,985 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 54,024 | $ | 14,215 | $ | 80,468 | $ | 148,707 | $ | 15,725,551 | $ | 15,874,258 | $ | 12,648 |
(dollars in thousands) | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||
Balance | Allowance for Credit Losses | Balance | Allowance for Credit Losses | ||||||||||||||||||||
Commercial, financial and agricultural | $ | 7,128 | $ | 6,294 | $ | 2,613 | $ | 723 | |||||||||||||||
Premium finance | 3,233 | — | 2,989 | 30 | |||||||||||||||||||
Real estate – construction and development | 780 | 13 | 1,432 | 45 | |||||||||||||||||||
Real estate – commercial and farmland | 15,168 | 1,428 | 33,332 | 6,646 | |||||||||||||||||||
Real estate – residential | 15,464 | 2,066 | 11,712 | 453 | |||||||||||||||||||
$ | 41,773 | $ | 9,801 | $ | 52,078 | $ | 7,897 |
Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,127,120 | $ | 526,043 | $ | 174,120 | $ | 109,091 | $ | 56,657 | $ | 41,612 | $ | 621,784 | $ | 2,656,427 | ||||||||||||||||||||||||||||||||||
6 | — | 13 | 94 | 183 | 895 | 1,774 | 317 | 3,276 | ||||||||||||||||||||||||||||||||||||||||||
7 | 8,565 | 1,214 | 1,182 | 3,314 | 545 | 2,759 | 2,121 | 19,700 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 1,135,685 | $ | 527,270 | $ | 175,396 | $ | 112,588 | $ | 58,097 | $ | 46,145 | $ | 624,222 | $ | 2,679,403 | ||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 41,487 | $ | 12,692 | $ | 37,906 | $ | 23,454 | $ | 17,144 | $ | 13,825 | $ | 236,113 | $ | 382,621 | ||||||||||||||||||||||||||||||||||
6 | 38 | — | — | — | — | 98 | 196 | 332 | ||||||||||||||||||||||||||||||||||||||||||
7 | 68 | 62 | 216 | 106 | 118 | 431 | 83 | 1,084 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 41,593 | $ | 12,754 | $ | 38,122 | $ | 23,560 | $ | 17,262 | $ | 14,354 | $ | 236,392 | $ | 384,037 | ||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 11,900 | $ | 50,749 | $ | 45,120 | $ | — | $ | 107,769 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | 41 | 149 | 678 | — | 868 | ||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | — | $ | 11,941 | $ | 50,898 | $ | 45,809 | $ | — | $ | 108,648 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 990,106 | $ | 990,106 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | — | 22,831 | 22,831 | ||||||||||||||||||||||||||||||||||||||||||
7 | — | — | — | — | — | — | 25,987 | 25,987 | ||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,038,924 | $ | 1,038,924 | ||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 18,074 | $ | 46,809 | $ | 188,507 | $ | 9,752 | $ | 4,358 | $ | 241,651 | $ | — | $ | 509,151 | ||||||||||||||||||||||||||||||||||
Total municipal | $ | 18,074 | $ | 46,809 | $ | 188,507 | $ | 9,752 | $ | 4,358 | $ | 241,651 | $ | — | $ | 509,151 | ||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,000,214 | $ | 9,667 | $ | 12 | $ | — | $ | — | $ | — | $ | 1,009,893 | ||||||||||||||||||||||||||||||||||||
7 | 13,051 | 535 | — | — | — | — | — | 13,586 | ||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 1,013,265 | $ | 10,202 | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | 1,023,479 | ||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 834,831 | $ | 793,723 | $ | 306,084 | $ | 69,596 | $ | 7,934 | $ | 31,490 | $ | 27,474 | $ | 2,071,132 | ||||||||||||||||||||||||||||||||||
6 | 277 | — | — | — | 173 | 165 | — | 615 | ||||||||||||||||||||||||||||||||||||||||||
7 | — | 783 | 164 | 5 | 13,159 | 580 | — | 14,691 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 835,108 | $ | 794,506 | $ | 306,248 | $ | 69,601 | $ | 21,266 | $ | 32,235 | $ | 27,474 | $ | 2,086,438 |
Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,739,021 | $ | 1,975,003 | $ | 1,085,086 | $ | 869,116 | $ | 447,311 | $ | 1,259,763 | $ | 110,848 | $ | 7,486,148 | ||||||||||||||||||||||||||||||||||
6 | 607 | 17,974 | — | 30,841 | 4,801 | 18,289 | — | 72,512 | ||||||||||||||||||||||||||||||||||||||||||
7 | 387 | 2,810 | 3,078 | 12,007 | 6,527 | 21,398 | — | 46,207 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 1,740,015 | $ | 1,995,787 | $ | 1,088,164 | $ | 911,964 | $ | 458,639 | $ | 1,299,450 | $ | 110,848 | $ | 7,604,867 | ||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,524,021 | $ | 1,214,724 | $ | 548,968 | $ | 268,821 | $ | 115,693 | $ | 393,570 | $ | 234,684 | $ | 4,300,481 | ||||||||||||||||||||||||||||||||||
6 | 236 | 145 | 94 | 688 | 364 | 2,910 | 600 | 5,037 | ||||||||||||||||||||||||||||||||||||||||||
7 | 6,735 | 21,283 | 25,860 | 27,173 | 14,396 | 17,665 | 1,676 | 114,788 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 1,530,992 | $ | 1,236,152 | $ | 574,922 | $ | 296,682 | $ | 130,453 | $ | 414,145 | $ | 236,960 | $ | 4,420,306 | ||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 6,284,768 | $ | 4,578,661 | $ | 2,340,683 | $ | 1,361,730 | $ | 699,846 | $ | 2,027,031 | $ | 2,221,009 | $ | 19,513,728 | ||||||||||||||||||||||||||||||||||
6 | 1,158 | 18,132 | 188 | 31,712 | 6,233 | 23,247 | 23,944 | 104,614 | ||||||||||||||||||||||||||||||||||||||||||
7 | 28,806 | 26,687 | 30,500 | 42,646 | 34,894 | 43,511 | 29,867 | 236,911 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 6,314,732 | $ | 4,623,480 | $ | 2,371,371 | $ | 1,436,088 | $ | 740,973 | $ | 2,093,789 | $ | 2,274,820 | $ | 19,855,253 |
Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 903,630 | $ | 279,037 | $ | 188,810 | $ | 118,613 | $ | 50,737 | $ | 40,376 | $ | 262,951 | $ | 1,844,154 | ||||||||||||||||||||||||||||||||||
6 | 190 | — | 393 | 427 | 368 | 1,832 | 1,961 | 5,171 | ||||||||||||||||||||||||||||||||||||||||||
7 | 9,216 | 1,268 | 4,098 | 1,472 | 2,566 | 6,019 | 2,029 | 26,668 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | $ | 913,036 | $ | 280,305 | $ | 193,301 | $ | 120,512 | $ | 53,671 | $ | 48,227 | $ | 266,941 | $ | 1,875,993 | ||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 35,781 | $ | 59,221 | $ | 37,195 | $ | 27,266 | $ | 9,787 | $ | 11,021 | $ | 9,437 | $ | 189,708 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | — | — | 135 | 5 | 140 | ||||||||||||||||||||||||||||||||||||||||||
7 | 59 | 283 | 290 | 216 | 103 | 405 | 94 | 1,450 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 35,840 | $ | 59,504 | $ | 37,485 | $ | 27,482 | $ | 9,890 | $ | 11,561 | $ | 9,536 | $ | 191,298 | ||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 20,276 | $ | 101,969 | $ | 90,294 | $ | 51,468 | $ | — | $ | 264,007 | ||||||||||||||||||||||||||||||||||
6 | — | — | — | 24 | 10 | 19 | — | 53 | ||||||||||||||||||||||||||||||||||||||||||
7 | — | — | 55 | 234 | 384 | 1,046 | — | 1,719 | ||||||||||||||||||||||||||||||||||||||||||
Total indirect automobile | $ | — | $ | — | $ | 20,331 | $ | 102,227 | $ | 90,688 | $ | 52,533 | $ | — | $ | 265,779 |
Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 787,837 | $ | 787,837 | ||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 787,837 | $ | 787,837 | ||||||||||||||||||||||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 44,727 | $ | 219,385 | $ | 14,831 | $ | 5,494 | $ | 109,040 | $ | 179,224 | $ | — | $ | 572,701 | ||||||||||||||||||||||||||||||||||
Total municipal | $ | 44,727 | $ | 219,385 | $ | 14,831 | $ | 5,494 | $ | 109,040 | $ | 179,224 | $ | — | $ | 572,701 | ||||||||||||||||||||||||||||||||||
Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 787,884 | $ | 1,059 | $ | 26 | $ | — | $ | 302 | $ | 4 | $ | — | $ | 789,275 | ||||||||||||||||||||||||||||||||||
7 | 9,039 | 95 | — | — | — | — | — | 9,134 | ||||||||||||||||||||||||||||||||||||||||||
Total premium finance | $ | 796,923 | $ | 1,154 | $ | 26 | $ | — | $ | 302 | $ | 4 | $ | — | $ | 798,409 | ||||||||||||||||||||||||||||||||||
Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 826,094 | $ | 290,814 | $ | 176,476 | $ | 35,773 | $ | 24,533 | $ | 44,514 | $ | 21,267 | $ | 1,419,471 | ||||||||||||||||||||||||||||||||||
6 | 6,527 | 549 | — | 15,260 | — | 2,101 | — | 24,437 | ||||||||||||||||||||||||||||||||||||||||||
7 | 1,143 | 678 | 7 | 2,476 | 57 | 1,011 | 3,059 | 8,431 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – construction and development | $ | 833,764 | $ | 292,041 | $ | 176,483 | $ | 53,509 | $ | 24,590 | $ | 47,626 | $ | 24,326 | $ | 1,452,339 | ||||||||||||||||||||||||||||||||||
Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,186,291 | $ | 1,205,578 | $ | 1,119,239 | $ | 542,295 | $ | 486,477 | $ | 1,103,675 | $ | 80,379 | $ | 6,723,934 | ||||||||||||||||||||||||||||||||||
6 | 416 | — | 1,036 | 14,760 | 5,334 | 21,665 | — | 43,211 | ||||||||||||||||||||||||||||||||||||||||||
7 | 4,709 | 2,682 | 11,109 | 9,076 | 4,861 | 35,315 | 20 | 67,772 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate – commercial and farmland | $ | 2,191,416 | $ | 1,208,260 | $ | 1,131,384 | $ | 566,131 | $ | 496,672 | $ | 1,160,655 | $ | 80,399 | $ | 6,834,917 | ||||||||||||||||||||||||||||||||||
Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,171,008 | $ | 638,232 | $ | 329,247 | $ | 149,990 | $ | 108,538 | $ | 408,240 | $ | 217,982 | $ | 3,023,237 | ||||||||||||||||||||||||||||||||||
6 | 145 | 66 | 1,106 | 505 | 356 | 3,717 | 49 | 5,944 | ||||||||||||||||||||||||||||||||||||||||||
7 | 2,405 | 10,167 | 21,239 | 11,376 | 4,597 | 13,970 | 2,050 | 65,804 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential | $ | 1,173,558 | $ | 648,465 | $ | 351,592 | $ | 161,871 | $ | 113,491 | $ | 425,927 | $ | 220,081 | $ | 3,094,985 | ||||||||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 5,955,415 | $ | 2,693,326 | $ | 1,886,100 | $ | 981,400 | $ | 879,708 | $ | 1,838,522 | $ | 1,379,853 | $ | 15,614,324 | ||||||||||||||||||||||||||||||||||
6 | 7,278 | 615 | 2,535 | 30,976 | 6,068 | 29,469 | 2,015 | 78,956 | ||||||||||||||||||||||||||||||||||||||||||
7 | 26,571 | 15,173 | 36,798 | 24,850 | 12,568 | 57,766 | 7,252 | 180,978 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 5,989,264 | $ | 2,709,114 | $ | 1,925,433 | $ | 1,037,226 | $ | 898,344 | $ | 1,925,757 | $ | 1,389,120 | $ | 15,874,258 |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | 3 | $ | 833 | 4 | $ | 401 | ||||||||||||||||||||
Consumer | — | — | 2 | 7 | ||||||||||||||||||||||
Premium finance | 4 | 171 | — | — | ||||||||||||||||||||||
Real estate – construction and development | 1 | 17 | — | — | ||||||||||||||||||||||
Real estate – commercial and farmland | 4 | 800 | 5 | 16,197 | ||||||||||||||||||||||
Real estate – residential | 12 | 2,801 | 23 | 3,056 | ||||||||||||||||||||||
Total | 24 | $ | 4,622 | 34 | $ | 19,661 |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | 4 | $ | 35 | ||||||||||||||||||||
Consumer | 2 | 2 | 2 | 5 | ||||||||||||||||||||||
Indirect automobile | 6 | 16 | 19 | 75 | ||||||||||||||||||||||
Real estate – commercial and farmland | 1 | 7 | — | — | ||||||||||||||||||||||
Real estate – residential | 30 | 4,103 | 21 | 2,177 | ||||||||||||||||||||||
Total | 39 | $ | 4,128 | 46 | $ | 2,292 |
As of December 31, 2022 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | 7 | $ | 835 | 3 | $ | 743 | ||||||||||||||||||||
Consumer | 3 | 3 | 8 | 11 | ||||||||||||||||||||||
Indirect automobile | 151 | 533 | 16 | 55 | ||||||||||||||||||||||
Premium finance | 4 | 171 | — | — | ||||||||||||||||||||||
Real estate – construction and development | 2 | 693 | 1 | 17 | ||||||||||||||||||||||
Real estate – commercial and farmland | 16 | 7,995 | 5 | 767 | ||||||||||||||||||||||
Real estate – residential | 205 | 24,166 | 30 | 4,181 | ||||||||||||||||||||||
Total | 388 | $ | 34,396 | 63 | $ | 5,774 |
As of December 31, 2021 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
Loan Class | # | Balance (in thousands) | # | Balance (in thousands) | ||||||||||||||||||||||
Commercial, financial and agricultural | 12 | $ | 1,286 | 6 | $ | 83 | ||||||||||||||||||||
Consumer | 7 | 16 | 17 | 35 | ||||||||||||||||||||||
Indirect automobile | 233 | 1,037 | 52 | 273 | ||||||||||||||||||||||
Real estate – construction and development | 4 | 789 | 1 | 13 | ||||||||||||||||||||||
Real estate – commercial and farmland | 25 | 35,575 | 5 | 5,924 | ||||||||||||||||||||||
Real estate – residential | 213 | 26,879 | 39 | 4,678 | ||||||||||||||||||||||
Total | 494 | $ | 65,582 | 120 | $ | 11,006 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Balance, January 1 | $ | 59,214 | $ | 69,395 | |||||||
Advances | 36,234 | 15,212 | |||||||||
Repayments | (14,702) | (25,393) | |||||||||
Ending balance | $ | 80,746 | $ | 59,214 |
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 26,829 | $ | 6,097 | $ | 476 | $ | 3,231 | $ | 401 | $ | 2,729 | |||||||||||||||||||||||
Provision for loan losses | 21,307 | 3,360 | (1,082) | (1,113) | (44) | (1,317) | |||||||||||||||||||||||||||||
Loans charged off | (18,635) | (4,926) | (265) | — | — | (5,452) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 9,954 | 882 | 1,045 | — | — | 5,065 | |||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 39,455 | $ | 5,413 | $ | 174 | $ | 2,118 | $ | 357 | $ | 1,025 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 22,045 | $ | 77,831 | $ | 27,943 | $ | 167,582 | |||||||||||||||||||||||||||
Provision for loan losses | 9,749 | (7,049) | 28,799 | 52,610 | |||||||||||||||||||||||||||||||
Loans charged off | (27) | (3,574) | (196) | (33,075) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 892 | 225 | 497 | 18,560 | |||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 32,659 | $ | 67,433 | $ | 57,043 | $ | 205,677 |
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | 7,359 | $ | 4,076 | $ | 1,929 | $ | 3,666 | $ | 791 | $ | 3,879 | |||||||||||||||||||||||
Initial allowance for PCD assets | 9,432 | — | — | — | — | — | |||||||||||||||||||||||||||||
Provision for loan losses | 12,071 | 7,330 | (1,944) | (435) | (390) | (2,352) | |||||||||||||||||||||||||||||
Loans charged off | (7,760) | (6,248) | (1,188) | — | — | (3,668) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 5,727 | 939 | 1,679 | — | — | 4,870 | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 26,829 | $ | 6,097 | $ | 476 | $ | 3,231 | $ | 401 | $ | 2,729 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | 45,304 | $ | 88,894 | $ | 43,524 | $ | 199,422 | |||||||||||||||||||||||||||
Initial allowance for PCD assets | — | — | — | 9,432 | |||||||||||||||||||||||||||||||
Provision for loan losses | (23,532) | (9,784) | (16,045) | (35,081) | |||||||||||||||||||||||||||||||
Loans charged off | (233) | (1,852) | (667) | (21,616) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 506 | 573 | 1,131 | 15,425 | |||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 22,045 | $ | 77,831 | $ | 27,943 | $ | 167,582 |
(dollars in thousands) | Commercial, Financial and Agricultural | Consumer | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | 4,567 | $ | 3,784 | $ | — | $ | 640 | $ | 484 | $ | 2,550 | |||||||||||||||||||||||
Adjustment to allowance for adoption of ASU 2016-13 | 2,587 | 8,012 | 4,109 | 463 | (92) | 4,471 | |||||||||||||||||||||||||||||
Provision for loan losses | 8,963 | (3,831) | (235) | 2,563 | 399 | (198) | |||||||||||||||||||||||||||||
Loans charged off | (10,647) | (5,642) | (3,602) | — | — | (6,133) | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,889 | 1,753 | 1,657 | — | — | 3,189 | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 7,359 | $ | 4,076 | $ | 1,929 | $ | 3,666 | $ | 791 | $ | 3,879 | |||||||||||||||||||||||
Real Estate – Construction and Development | Real Estate – Commercial and Farmland | Real Estate – Residential | Total | ||||||||||||||||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | 5,995 | $ | 9,666 | $ | 10,503 | $ | 38,189 | |||||||||||||||||||||||||||
Adjustment to allowance for adoption of ASU 2016-13 | 12,248 | 27,073 | 19,790 | 78,661 | |||||||||||||||||||||||||||||||
Provision for loan losses | 26,327 | 78,210 | 13,290 | 125,488 | |||||||||||||||||||||||||||||||
Loans charged off | (83) | (27,504) | (853) | (54,464) | |||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 817 | 1,449 | 794 | 11,548 | |||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 45,304 | $ | 88,894 | $ | 43,524 | $ | 199,422 | |||||||||||||||||||||||||||
(dollars in thousands) | Commercial, Financial and Agricultural | ||||
Par value (UPB) | $ | 10,505 | |||
Allowance for Credit Losses | (9,432) | ||||
Discount | (121) | ||||
Purchase Price | $ | 952 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Land | $ | 69,387 | $ | 69,038 | |||||||
Buildings and leasehold improvements | 176,153 | 173,456 | |||||||||
Furniture and equipment | 85,217 | 82,268 | |||||||||
Construction in progress | 2,343 | 995 | |||||||||
Premises and equipment, gross | 333,100 | 325,757 | |||||||||
Accumulated depreciation | (112,817) | (100,357) | |||||||||
Premises and equipment, net | $ | 220,283 | $ | 225,400 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Consolidated | |||||||||||
Carrying amount of goodwill at beginning of year | $ | 1,012,620 | $ | 928,005 | |||||||
Additions related to acquisitions in current year | — | 84,615 | |||||||||
Fair value adjustments related to acquisitions in prior year | 3,026 | — | |||||||||
Carrying amount of goodwill at end of year | $ | 1,015,646 | $ | 1,012,620 | |||||||
Banking | |||||||||||
Carrying amount of goodwill at beginning of year | $ | 948,122 | $ | 863,507 | |||||||
Additions related to acquisitions in current year | — | 84,615 | |||||||||
Fair value adjustments related to acquisitions in prior year | 3,026 | — | |||||||||
Carrying amount of goodwill at end of year | $ | 951,148 | $ | 948,122 | |||||||
Premium Finance Division | |||||||||||
Carrying amount of goodwill at beginning of year | $ | 64,498 | $ | 64,498 | |||||||
Carrying amount of goodwill at end of year | $ | 64,498 | $ | 64,498 |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||
Core deposit premiums | $ | 99,032 | $ | 63,518 | $ | 103,574 | $ | 58,456 | |||||||||||||||
Referral relationships | 88,651 | 20,367 | 88,651 | 10,943 | |||||||||||||||||||
Trade names | 2,734 | 1,096 | 2,734 | 612 | |||||||||||||||||||
Patent | 420 | 42 | 420 | — | |||||||||||||||||||
Non-compete agreements | 732 | 352 | 732 | 162 | |||||||||||||||||||
$ | 191,569 | $ | 85,375 | $ | 196,111 | $ | 70,173 |
2023 | $ | 18,244 | |||
2024 | 17,189 | ||||
2025 | 15,937 | ||||
2026 | 12,394 | ||||
2027 | 11,126 | ||||
Thereafter | 31,304 | ||||
$ | 106,194 |
(dollars in thousands) | |||||
2023 | $ | 1,233,023 | |||
2024 | 145,162 | ||||
2025 | 54,402 | ||||
2026 | 17,892 | ||||
2027 | 18,127 | ||||
Thereafter | 861 | ||||
$ | 1,469,467 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
FHLB borrowings: | |||||||||||
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.150% | $ | 300,000 | $ | — | |||||||
Fixed Rate Advance due January 9, 2023; fixed interest rate of 4.110% | 50,000 | — | |||||||||
Fixed Rate Advance due January 12, 2023; fixed interest rate of 4.140% | 50,000 | — | |||||||||
Fixed Rate Advance due January 13, 2023; fixed interest rate of 4.150% | 50,000 | — | |||||||||
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.170% | 350,000 | — | |||||||||
Fixed Rate Advance due January 17, 2023; fixed interest rate of 4.250% | 150,000 | — | |||||||||
Fixed Rate Advance due January 18, 2023; fixed interest rate of 4.260% | 200,000 | — | |||||||||
Fixed Rate Advance due January 19, 2023; fixed interest rate of 4.230% | 50,000 | — | |||||||||
Fixed Rate Advance due January 20, 2023; fixed interest rate of 4.220% | 150,000 | — | |||||||||
Fixed Rate Advance due January 27, 2023; fixed interest rate of 4.230% | 100,000 | — | |||||||||
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208% | 15,000 | 15,000 | |||||||||
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 | |||||||||
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 | |||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 1,389 | 1,400 | |||||||||
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | 961 | 969 | |||||||||
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 1,275 | 1,421 | |||||||||
Subordinated notes payable: | |||||||||||
Subordinated notes payable due June 1, 2026, net of unaccreted purchase accounting fair value adjustment of $— and $500, respectively; fixed interest rate of 5.50% (Balboa Note) | — | 50,500 | |||||||||
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $551 and $681, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% (2027 subordinated notes) | 74,449 | 74,319 | |||||||||
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,680 and $1,923, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94% (2029 subordinated notes) | 118,320 | 118,077 | |||||||||
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $906 and $1,028, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month LIBOR plus 3.63% (Bank subordinated notes) | 75,906 | 76,028 | |||||||||
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,564 and $1,766, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753% (2030 subordinated notes) | 108,436 | 108,234 | |||||||||
Securitization facilities: | |||||||||||
Equipment contract backed notes, Series 2018-1 (BCC XIV) due on various dates through 2025 and bear a weighted-average interest rate of 5.11% | — | 19,199 | |||||||||
Equipment contract backed notes, Series 2019-1 (BCC XVI) due on various dates through 2027 and bear a weighted-average interest rate of 2.84% | — | 139,329 | |||||||||
Equipment contract backed notes, Series 2020-1 (BCC XVII) due on various dates through 2027 and bear a weighted-average interest rate of 1.48% | — | 105,403 | |||||||||
$ | 1,875,736 | $ | 739,879 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) Name of Trust | Issuance Date | Rate | Rate at December 31, 2022 | Maturity Date | Issuance Amount | Unaccreted Purchase Discount | Carrying Value | |||||||||||||||||||||||||||||||||||||
Prosperity Bank Statutory Trust II | March 2003 | 3-month LIBOR plus 3.15% | 7.87% | March 26, 2033 | $ | 4,640 | $ | 811 | $ | 3,829 | ||||||||||||||||||||||||||||||||||
Fidelity Southern Statutory Trust I | June 2003 | 3-month LIBOR plus 3.10% | 7.82% | June 26, 2033 | 15,464 | 1,031 | 14,433 | |||||||||||||||||||||||||||||||||||||
Coastal Bankshares Statutory Trust I | August 2003 | 3-month LIBOR plus 3.15% | 7.23% | October 7, 2033 | 5,155 | 832 | 4,323 | |||||||||||||||||||||||||||||||||||||
Jacksonville Statutory Trust I | June 2004 | 3-month LIBOR plus 2.63% | 7.37% | June 17, 2034 | 4,124 | 691 | 3,433 | |||||||||||||||||||||||||||||||||||||
Prosperity Banking Capital Trust I | June 2004 | 3-month LIBOR plus 2.57% | 6.24% | June 30, 2034 | 5,155 | 1,177 | 3,978 | |||||||||||||||||||||||||||||||||||||
Merchants & Southern Statutory Trust I | March 2005 | 3-month LIBOR plus 1.90% | 6.64% | March 17, 2035 | 3,093 | 773 | 2,320 | |||||||||||||||||||||||||||||||||||||
Fidelity Southern Statutory Trust II | March 2005 | 3-month LIBOR plus 1.89% | 6.63% | March 17, 2035 | 10,310 | 1,759 | 8,551 | |||||||||||||||||||||||||||||||||||||
Atlantic BancGroup, Inc. Statutory Trust I | September 2005 | 3-month LIBOR plus 1.50% | 6.27% | September 15, 2035 | 3,093 | 983 | 2,110 | |||||||||||||||||||||||||||||||||||||
Coastal Bankshares Statutory Trust II | December 2005 | 3-month LIBOR plus 1.60% | 6.37% | December 15, 2035 | 10,310 | 2,969 | 7,341 | |||||||||||||||||||||||||||||||||||||
Cherokee Statutory Trust I | November 2005 | 3-month LIBOR plus 1.50% | 6.27% | December 15, 2035 | 3,093 | 594 | 2,499 | |||||||||||||||||||||||||||||||||||||
Prosperity Bank Statutory Trust III | January 2006 | 3-month LIBOR plus 1.60% | 6.37% | March 15, 2036 | 10,310 | 3,310 | 7,000 | |||||||||||||||||||||||||||||||||||||
Merchants & Southern Statutory Trust II | March 2006 | 3-month LIBOR plus 1.50% | 6.27% | June 15, 2036 | 3,093 | 909 | 2,184 | |||||||||||||||||||||||||||||||||||||
Jacksonville Statutory Trust II | December 2006 | 3-month LIBOR plus 1.73% | 6.50% | December 15, 2036 | 3,093 | 817 | 2,276 | |||||||||||||||||||||||||||||||||||||
Ameris Statutory Trust I | December 2006 | 3-month LIBOR plus 1.63% | 6.40% | December 15, 2036 | 37,114 | — | 37,114 | |||||||||||||||||||||||||||||||||||||
Fidelity Southern Statutory Trust III | August 2007 | 3-month LIBOR plus 1.40% | 6.17% | September 15, 2037 | 20,619 | 4,880 | 15,739 | |||||||||||||||||||||||||||||||||||||
Prosperity Bank Statutory Trust IV | September 2007 | 3-month LIBOR plus 1.54% | 6.31% | December 15, 2037 | 7,940 | 3,650 | 4,290 | |||||||||||||||||||||||||||||||||||||
Jacksonville Bancorp, Inc. Statutory Trust III | June 2008 | 3-month LIBOR plus 3.75% | 8.52% | September 15, 2038 | 7,784 | 882 | 6,902 | |||||||||||||||||||||||||||||||||||||
Total | $ | 154,390 | $ | 26,068 | $ | 128,322 |
(dollars in thousands) | Unrealized Gain (Loss) on Derivatives | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance, December 31, 2021 | $ | — | $ | 15,590 | $ | 15,590 | |||||||||||
Current year changes, net of tax | — | (62,097) | (62,097) | ||||||||||||||
Balance, December 31, 2022 | $ | — | $ | (46,507) | $ | (46,507) |
(dollars in thousands) | Unrealized Gain (Loss) on Derivatives | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance, December 31, 2020 | $ | — | $ | 33,505 | $ | 33,505 | |||||||||||
Current year changes, net of tax | — | (17,915) | (17,915) | ||||||||||||||
Balance, December 31, 2021 | $ | — | $ | 15,590 | $ | 15,590 |
(dollars in thousands) | Unrealized Gain (Loss) on Derivatives | Unrealized Gain (Loss) on Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance, December 31, 2019 | $ | (147) | $ | 18,142 | $ | 17,995 | |||||||||||
Current year changes, net of tax | 147 | 15,363 | 15,510 | ||||||||||||||
Balance, December 31, 2020 | $ | — | $ | 33,505 | $ | 33,505 |
For the Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Service charges on deposit accounts | |||||||||||||||||
ASC 606 revenue items | |||||||||||||||||
Debit card interchange fees | $ | 15,884 | $ | 16,798 | $ | 15,988 | |||||||||||
Overdraft fees | 15,813 | 16,113 | 17,903 | ||||||||||||||
Other service charges on deposit accounts | 12,802 | 12,195 | 10,254 | ||||||||||||||
Total ASC 606 revenue included in service charges on deposits accounts | 44,499 | 45,106 | 44,145 | ||||||||||||||
Total service charges on deposit accounts | $ | 44,499 | $ | 45,106 | $ | 44,145 | |||||||||||
Other service charges, commissions and fees | |||||||||||||||||
ASC 606 revenue items | |||||||||||||||||
ATM fees | $ | 3,508 | $ | 3,751 | $ | 3,633 | |||||||||||
Total ASC 606 revenue included in other service charges, commission and fees | 3,508 | 3,751 | 3,633 | ||||||||||||||
Other | 367 | 437 | 281 | ||||||||||||||
Total other service charges, commission and fees | $ | 3,875 | $ | 4,188 | $ | 3,914 |
For the Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Other noninterest income | |||||||||||||||||
ASC 606 revenue items | |||||||||||||||||
Trust and wealth management | $ | 4,554 | $ | 4,985 | $ | 3,142 | |||||||||||
Total ASC 606 revenue included in other noninterest income | 4,554 | 4,985 | 3,142 | ||||||||||||||
Other | 40,837 | 18,227 | 13,991 | ||||||||||||||
Total other noninterest income | $ | 45,391 | $ | 23,212 | $ | 17,133 |
For the Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Net gains recognized on sale of OREO | $ | 2,130 | $ | 131 | $ | 365 |
For the Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Current - federal | $ | 114,346 | $ | 67,076 | $ | 73,705 | |||||||||||
Current - state | 27,889 | 13,712 | 12,479 | ||||||||||||||
Deferred - federal | (27,408) | 30,321 | (7,881) | ||||||||||||||
Deferred - state | (8,269) | 8,090 | (47) | ||||||||||||||
$ | 106,558 | $ | 119,199 | $ | 78,256 |
For the Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Federal income statutory rate | 21 | % | 21 | % | 21 | % | |||||||||||
Tax at federal income tax rate | $ | 95,151 | $ | 104,166 | $ | 71,460 | |||||||||||
Change resulting from: | |||||||||||||||||
State income tax, net of federal benefit | 13,763 | 18,923 | 9,812 | ||||||||||||||
Tax-exempt interest | (2,775) | (3,479) | (3,726) | ||||||||||||||
Increase in cash value of bank owned life insurance | (1,399) | (997) | (594) | ||||||||||||||
Excess tax (benefit) deficiency from stock compensation | (510) | (277) | 371 | ||||||||||||||
Nondeductible merger expenses | 167 | 142 | 2 | ||||||||||||||
Other | 2,161 | 721 | 2,827 | ||||||||||||||
Benefit related to carryback claims resulting from the CARES Act | — | — | (1,896) | ||||||||||||||
Provision for income taxes | $ | 106,558 | $ | 119,199 | $ | 78,256 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Deferred tax assets | |||||||||||
Allowance for credit losses | $ | 64,742 | $ | 50,132 | |||||||
Deferred compensation | 13,287 | 7,816 | |||||||||
Deferred loan fees | 668 | 1,593 | |||||||||
Purchase accounting adjustments | 5,153 | 14,008 | |||||||||
Other real estate owned | 201 | 334 | |||||||||
Net operating loss tax carryforward | 14,070 | 35,082 | |||||||||
Tax credit carryforwards | 149 | 315 | |||||||||
Unrealized loss on securities available for sale | 14,635 | — | |||||||||
Capitalized costs, accrued expenses and other | 3,432 | 2,208 | |||||||||
Lease liability | 16,505 | 16,186 | |||||||||
132,842 | 127,674 | ||||||||||
Deferred tax liabilities | |||||||||||
Premises and equipment | 12,680 | 13,130 | |||||||||
Mortgage servicing rights | 30,903 | 52,076 | |||||||||
Subordinated debentures | 6,551 | 6,818 | |||||||||
Lease financing | 9,442 | 42,865 | |||||||||
Goodwill and intangible assets | 24,946 | 29,393 | |||||||||
Unrealized gain on securities available-for-sale | — | 4,498 | |||||||||
Origination costs | 6,239 | — | |||||||||
Right of use lease asset | 14,280 | 14,001 | |||||||||
105,041 | 162,781 | ||||||||||
Net deferred tax asset (liability) | $ | 27,801 | $ | (35,107) |
For the Years Ended December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Beginning Balance | $ | 1,903 | $ | — | |||||||
Current Activity: | |||||||||||
Additions for tax positions of prior years | 2,319 | 1,903 | |||||||||
Additions from acquisitions | 1,001 | — | |||||||||
Settlements | (4,222) | — | |||||||||
Ending Balance | $ | 1,001 | $ | 1,903 |
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Contractual Term | Aggregate Intrinsic Value $ (000) | Shares | Weighted Average Exercise Price | Weighted Average Contractual Term | Aggregate Intrinsic Value $ (000) | ||||||||||||||||||||||||||||||||||||||||
Under option, beginning of year | 117,135 | $ | 28.79 | 279,695 | $ | 28.13 | |||||||||||||||||||||||||||||||||||||||||
Exercised | (97,135) | 29.22 | $ | 1,936 | (160,960) | 27.35 | $ | 3,406 | |||||||||||||||||||||||||||||||||||||||
Forfeited | (4,000) | 29.31 | (1,600) | 22.34 | |||||||||||||||||||||||||||||||||||||||||||
Under option, end of year | 16,000 | $ | 29.69 | 0.05 | $ | 279 | 117,135 | $ | 28.79 | 0.66 | $ | 2,389 | |||||||||||||||||||||||||||||||||||
Exercisable at end of year | 16,000 | $ | 29.69 | 0.05 | $ | 279 | 117,135 | $ | 28.79 | 0.66 | $ | 2,389 |
2022 | 2021 | ||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Nonvested shares at beginning of year | 225,869 | $ | 38.06 | 258,753 | $ | 33.21 | |||||||||||||||||
Granted | 165,686 | 47.67 | 99,308 | 47.35 | |||||||||||||||||||
Vested | (154,386) | 40.72 | (129,497) | 35.85 | |||||||||||||||||||
Forfeited | (14,889) | 38.92 | (2,695) | 37.32 | |||||||||||||||||||
Nonvested shares at end of year | 222,280 | 43.31 | 225,869 | 38.06 |
2022 | 2021 | ||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Nonvested units at beginning of year | 121,270 | $ | 32.71 | 76,792 | $ | 25.19 | |||||||||||||||||
Granted | 70,216 | 48.12 | 48,580 | 47.53 | |||||||||||||||||||
Vested | (68,955) | 24.88 | — | — | |||||||||||||||||||
Forfeited | (12,277) | 35.19 | (4,102) | 35.80 | |||||||||||||||||||
Nonvested units at end of year | 110,254 | 47.15 | 121,270 | 32.71 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | |||||||||||||||||||||||||||||
Interest rate contracts(3) | $ | 244,422 | $ | 4,580 | $ | 4,574 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | 148,148 | 1,434 | — | 417,126 | 11,940 | — | |||||||||||||||||||||||||||||
Mortgage derivatives - forward contracts related to mortgage loans held for sale | 689,500 | 2,499 | — | 1,935,237 | — | 710 |
Year Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | Location | 2022 | 2021 | 2020 | |||||||||||||||||||
Interest rate contracts(1) | Other noninterest income | $ | 6 | $ | — | $ | — | ||||||||||||||||
Interest rate lock commitments | Mortgage banking activity | (10,506) | (39,816) | 43,942 | |||||||||||||||||||
Forward contracts related to mortgage loans held for sale | Mortgage banking activity | 3,209 | 15,705 | (11,944) |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Mortgage loans held for sale | $ | 390,583 | $ | 1,247,997 | |||||||
SBA loans held for sale | 1,495 | 6,635 | |||||||||
Total loans held for sale | $ | 392,078 | $ | 1,254,632 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Aggregate fair value of mortgage loans held for sale | $ | 390,583 | $ | 1,247,997 | |||||||
Aggregate unpaid principal balance of mortgage loans held for sale | 389,610 | 1,211,646 | |||||||||
Past due loans of 90 days or more | — | 746 | |||||||||
Nonaccrual loans | — | 746 | |||||||||
Unpaid principal balance of nonaccrual loans | — | 718 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Aggregate fair value of SBA loans held for sale | $ | 1,495 | $ | 6,635 | |||||||
Aggregate unpaid principal balance of SBA loans held for sale | 1,350 | 5,825 | |||||||||
Past due loans of 90 days or more | — | — | |||||||||
Nonaccrual loans | — | — |
Recurring Basis Fair Value Measurements December 31, 2022 | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
U.S. Treasuries | $ | 759,534 | $ | 759,534 | $ | — | $ | — | |||||||||||||||
U.S. government-sponsored agencies | 979 | — | 979 | — | |||||||||||||||||||
State, county and municipal securities | 34,195 | — | 34,195 | — | |||||||||||||||||||
Corporate debt securities | 15,926 | — | 14,771 | 1,155 | |||||||||||||||||||
SBA pool securities | 27,398 | — | 27,398 | — | |||||||||||||||||||
Mortgage-backed securities | 662,028 | — | 662,028 | — | |||||||||||||||||||
Loans held for sale | 392,078 | — | 392,078 | — | |||||||||||||||||||
Derivative financial instruments | 4,580 | — | 4,580 | — | |||||||||||||||||||
Mortgage banking derivative instruments | 3,933 | — | 3,933 | — | |||||||||||||||||||
Total recurring assets at fair value | $ | 1,900,651 | $ | 759,534 | $ | 1,139,962 | $ | 1,155 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivative financial instruments | $ | 4,574 | $ | — | $ | 4,574 | $ | — | |||||||||||||||
Total recurring liabilities at fair value | $ | 4,574 | $ | — | $ | 4,574 | $ | — |
Recurring Basis Fair Value Measurements December 31, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 7,172 | $ | — | $ | 7,172 | $ | — | |||||||||||||||
State, county and municipal securities | 47,812 | — | 47,812 | — | |||||||||||||||||||
Corporate debt securities | 28,496 | — | 27,116 | 1,380 | |||||||||||||||||||
SBA pool securities | 45,201 | — | 45,201 | — | |||||||||||||||||||
Mortgage-backed securities | 463,940 | — | 463,940 | — | |||||||||||||||||||
Loans held for sale | 1,254,632 | — | 1,254,632 | — | |||||||||||||||||||
Mortgage banking derivative instruments | 11,940 | — | 11,940 | — | |||||||||||||||||||
Total recurring assets at fair value | $ | 1,859,193 | $ | — | $ | 1,857,813 | $ | 1,380 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Mortgage banking derivative instruments | $ | 710 | $ | — | $ | 710 | $ | — | |||||||||||||||
Total recurring liabilities at fair value | $ | 710 | $ | — | $ | 710 | $ | — |
Nonrecurring Basis Fair Value Measurements | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Collateral-dependent loans | $ | 31,972 | $ | — | $ | — | $ | 31,972 | |||||||||||||||
Total nonrecurring assets at fair value | $ | 31,972 | $ | — | $ | — | $ | 31,972 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Collateral-dependent loans | $ | 44,181 | $ | — | $ | — | $ | 44,181 | |||||||||||||||
Mortgage servicing rights | 206,944 | — | — | 206,944 | |||||||||||||||||||
Total nonrecurring assets at fair value | $ | 251,125 | $ | — | $ | — | $ | 251,125 |
(dollars in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount | ||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||||
Debt securities available-for-sale | $ | 1,155 | Discounted cash flows | Probability of Default | 12.1% | 12.1% | |||||||||||||||||||||||
Loss Given Default | 41% | 41% | |||||||||||||||||||||||||||
Nonrecurring: | |||||||||||||||||||||||||||||
Collateral-dependent loans | $ | 31,972 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 48% | 27% | |||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||||
Debt securities available-for-sale | $ | 1,380 | Discounted par values | Discount rate | 8% | 8% | |||||||||||||||||||||||
Nonrecurring: | |||||||||||||||||||||||||||||
Collateral-dependent loans | $ | 44,181 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 0% - 50% | 39% | |||||||||||||||||||||||
Mortgage servicing rights | $ | 206,944 | Discounted cash flows | Discount rate | 9% - 10% | 9% | |||||||||||||||||||||||
Prepayment speed | 10% - 40% | 13% |
Fair Value Measurements December 31, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 284,567 | $ | 284,567 | $ | — | $ | — | $ | 284,567 | |||||||||||||||||||
Federal funds sold and interest-bearing accounts | 833,565 | 833,565 | — | — | 833,565 | ||||||||||||||||||||||||
Debt securities held-to-maturity | 134,864 | — | 114,538 | 114,538 | |||||||||||||||||||||||||
Loans, net | 19,617,604 | — | — | 19,067,612 | 19,067,612 | ||||||||||||||||||||||||
Accrued interest receivable | 77,042 | — | 7,694 | 69,348 | 77,042 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 19,462,738 | — | 19,455,187 | — | 19,455,187 | ||||||||||||||||||||||||
Other borrowings | 1,875,736 | — | 1,861,850 | — | 1,861,850 | ||||||||||||||||||||||||
Subordinated deferrable interest debentures | 128,322 | — | 125,988 | — | 125,988 | ||||||||||||||||||||||||
Accrued interest payable | 10,530 | — | 10,530 | — | 10,530 |
Fair Value Measurements December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 307,813 | $ | 307,813 | $ | — | $ | — | $ | 307,813 | |||||||||||||||||||
Federal funds sold and interest-bearing accounts | 3,756,844 | 3,756,844 | — | — | 3,756,844 | ||||||||||||||||||||||||
Time deposits in other banks | — | — | — | — | — | ||||||||||||||||||||||||
Loans, net | 15,662,495 | — | — | 15,509,410 | 15,509,410 | ||||||||||||||||||||||||
Accrued interest receivable | 56,917 | — | 2,373 | 54,544 | 56,917 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 19,665,553 | — | 19,667,612 | — | 19,667,612 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 5,845 | 5,845 | — | — | 5,845 | ||||||||||||||||||||||||
Other borrowings | 739,879 | — | 760,829 | — | 760,829 | ||||||||||||||||||||||||
Subordinated deferrable interest debentures | 126,328 | — | 117,764 | — | 117,764 | ||||||||||||||||||||||||
Accrued interest payable | 4,313 | — | 4,313 | — | 4,313 |
December 31, | |||||||||||||||||
(dollars in thousands) | Location | 2022 | 2021 | ||||||||||||||
Operating lease right-of-use assets | $ | 56,333 | $ | 56,070 | |||||||||||||
Operating lease liabilities | 65,088 | 64,823 |
(dollars in thousands) | December 31, | ||||||||||||||||
Supplemental lease information | 2022 | 2021 | 2020 | ||||||||||||||
Weighted-average remaining lease term (years) | 8.1 | 8.3 | 9.2 | ||||||||||||||
Weighted-average discount rate | 1.46 | % | 1.36 | % | 1.85 | % | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases (cash payments) | $ | 12,013 | $ | 12,334 | $ | 15,976 | |||||||||||
Operating cash flows from operating leases (lease liability reduction) | $ | 12,064 | $ | 12,563 | $ | 14,056 | |||||||||||
Operating lease right-of-use assets obtained in exchange for leases entered into during the year, net of business combinations | $ | 7,226 | $ | 10,426 | $ | 54,107 |
December 31, | |||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||
Commitments to extend credit | $ | 6,318,039 | $ | 4,328,749 | |||||||
Unused home equity lines of credit | 345,001 | 272,029 | |||||||||
Financial standby letters of credit | 33,557 | 36,184 | |||||||||
Mortgage interest rate lock commitments | 148,148 | 417,126 | |||||||||
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Balance at beginning of period | $ | 33,185 | $ | 32,853 | $ | 1,077 | |||||||||||
Adjustment to reflect adoption of ASU 2016-13 | — | — | 12,714 | ||||||||||||||
Provision for unfunded commitments | 19,226 | 332 | 19,062 | ||||||||||||||
Balance at end of period | $ | 52,411 | $ | 33,185 | $ | 32,853 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage Ratio (tier 1 capital to average assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 2,185,694 | 9.36 | % | $ | 933,928 | 4.00 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,464,589 | 10.56 | % | $ | 933,284 | 4.00 | % | $ | 1,166,605 | 5.00 | % | |||||||||||||||||||||||
CET1 Ratio (common equity tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 2,185,694 | 9.86 | % | $ | 1,551,305 | 7.00 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,464,589 | 11.12 | % | $ | 1,551,185 | 7.00 | % | $ | 1,440,386 | 6.50 | % | |||||||||||||||||||||||
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 2,185,694 | 9.86 | % | $ | 1,883,727 | 8.50 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,464,589 | 11.12 | % | $ | 1,883,581 | 8.50 | % | $ | 1,772,782 | 8.00 | % | |||||||||||||||||||||||
Total Capital Ratio (total capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 2,859,680 | 12.90 | % | $ | 2,326,957 | 10.50 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,720,253 | 12.28 | % | $ | 2,326,777 | 10.50 | % | $ | 2,215,978 | 10.00 | % | |||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage Ratio (tier 1 capital to average assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 1,897,725 | 8.63 | % | $ | 879,079 | 4.00 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,084,465 | 9.50 | % | $ | 877,891 | 4.00 | % | $ | 1,097,364 | 5.00 | % | |||||||||||||||||||||||
CET1 Ratio (common equity tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 1,897,725 | 10.46 | % | $ | 1,270,535 | 7.00 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,084,465 | 11.50 | % | $ | 1,268,622 | 7.00 | % | $ | 1,178,007 | 6.50 | % | |||||||||||||||||||||||
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 1,897,725 | 10.46 | % | $ | 1,542,792 | 8.50 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,084,465 | 11.50 | % | $ | 1,540,470 | 8.50 | % | $ | 1,449,854 | 8.00 | % | |||||||||||||||||||||||
Total Capital Ratio (total capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 2,500,287 | 13.78 | % | $ | 1,905,802 | 10.50 | % | —N/A— | ||||||||||||||||||||||||||
Bank | $ | 2,255,699 | 12.45 | % | $ | 1,902,934 | 10.50 | % | $ | 1,812,318 | 10.00 | % |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 628,459 | $ | 155,533 | $ | 43,521 | $ | 19,850 | $ | 46,523 | $ | 893,886 | |||||||||||||||||||||||
Interest expense | (17,824) | 76,339 | 16,794 | 5,126 | 12,425 | 92,860 | |||||||||||||||||||||||||||||
Net interest income | 646,283 | 79,194 | 26,727 | 14,724 | 34,098 | 801,026 | |||||||||||||||||||||||||||||
Provision for credit losses | 61,898 | 12,351 | (1,074) | (349) | (1,129) | 71,697 | |||||||||||||||||||||||||||||
Noninterest income | 91,550 | 182,039 | 4,537 | 6,265 | 33 | 284,424 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 196,823 | 107,810 | 1,973 | 5,305 | 7,808 | 319,719 | |||||||||||||||||||||||||||||
Occupancy and equipment expenses | 45,081 | 5,579 | 4 | 360 | 337 | 51,361 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 43,957 | 4,580 | 187 | 116 | 388 | 49,228 | |||||||||||||||||||||||||||||
Other expenses | 85,953 | 48,224 | 830 | 1,387 | 3,953 | 140,347 | |||||||||||||||||||||||||||||
Total noninterest expense | 371,814 | 166,193 | 2,994 | 7,168 | 12,486 | 560,655 | |||||||||||||||||||||||||||||
Income before income tax expense | 304,121 | 82,689 | 29,344 | 14,170 | 22,774 | 453,098 | |||||||||||||||||||||||||||||
Income tax expense | 75,367 | 17,364 | 6,162 | 2,976 | 4,689 | 106,558 | |||||||||||||||||||||||||||||
Net income | $ | 228,754 | $ | 65,325 | $ | 23,182 | $ | 11,194 | $ | 18,085 | $ | 346,540 | |||||||||||||||||||||||
Total assets | $ | 17,848,972 | $ | 4,739,612 | $ | 1,016,192 | $ | 256,077 | $ | 1,192,433 | $ | 25,053,286 | |||||||||||||||||||||||
Goodwill | $ | 951,148 | $ | — | $ | — | $ | — | $ | 64,498 | $ | 1,015,646 | |||||||||||||||||||||||
Other intangible assets, net | $ | 97,254 | $ | — | $ | — | $ | — | $ | 8,940 | $ | 106,194 |
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 449,955 | $ | 130,140 | $ | 36,784 | $ | 56,597 | $ | 29,636 | $ | 703,112 | |||||||||||||||||||||||
Interest expense | (7,627) | 47,422 | 1,383 | 5,062 | 1,545 | 47,785 | |||||||||||||||||||||||||||||
Net interest income | 457,582 | 82,718 | 35,401 | 51,535 | 28,091 | 655,327 | |||||||||||||||||||||||||||||
Provision for credit losses | (32,866) | 2,947 | (514) | (2,921) | (2,011) | (35,365) | |||||||||||||||||||||||||||||
Noninterest income | 69,664 | 281,900 | 4,603 | 9,360 | 17 | 365,544 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 157,079 | 167,796 | 1,130 | 4,856 | 6,915 | 337,776 | |||||||||||||||||||||||||||||
Occupancy and equipment expenses | 41,065 | 6,206 | 3 | 475 | 317 | 48,066 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 39,802 | 5,551 | 232 | 47 | 344 | 45,976 | |||||||||||||||||||||||||||||
Other expenses | 84,244 | 38,295 | 490 | 1,594 | 3,683 | 128,306 | |||||||||||||||||||||||||||||
Total noninterest expense | 322,190 | 217,848 | 1,855 | 6,972 | 11,259 | 560,124 | |||||||||||||||||||||||||||||
Income before income tax expense | 237,922 | 143,823 | 38,663 | 56,844 | 18,860 | 496,112 | |||||||||||||||||||||||||||||
Income tax expense | 64,446 | 30,203 | 8,120 | 11,937 | 4,493 | 119,199 | |||||||||||||||||||||||||||||
Net income | $ | 173,476 | $ | 113,620 | $ | 30,543 | $ | 44,907 | $ | 14,367 | $ | 376,913 | |||||||||||||||||||||||
Total assets | $ | 17,537,221 | $ | 4,231,767 | $ | 760,546 | $ | 419,040 | $ | 909,747 | $ | 23,858,321 | |||||||||||||||||||||||
Goodwill | $ | 948,122 | $ | — | $ | — | $ | — | $ | 64,498 | $ | 1,012,620 | |||||||||||||||||||||||
Other intangible assets, net | $ | 114,048 | $ | — | $ | — | $ | — | $ | 11,890 | $ | 125,938 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
Interest income | $ | 499,031 | $ | 129,951 | $ | 26,522 | $ | 40,334 | $ | 30,665 | $ | 726,503 | |||||||||||||||||||||||
Interest expense | 27,800 | 47,592 | 2,631 | 7,244 | 3,483 | 88,750 | |||||||||||||||||||||||||||||
Net interest income | 471,231 | 82,359 | 23,891 | 33,090 | 27,182 | 637,753 | |||||||||||||||||||||||||||||
Provision for credit losses | 125,136 | 15,850 | 2,562 | 2,719 | (887) | 145,380 | |||||||||||||||||||||||||||||
Noninterest income | 63,165 | 370,256 | 3,864 | 9,200 | 15 | 446,500 | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 160,430 | 184,765 | 981 | 6,893 | 7,209 | 360,278 | |||||||||||||||||||||||||||||
Occupancy and equipment expenses | 44,939 | 6,710 | 4 | 391 | 305 | 52,349 | |||||||||||||||||||||||||||||
Data processing and communications expenses | 39,040 | 6,275 | 270 | 33 | 399 | 46,017 | |||||||||||||||||||||||||||||
Other expenses | 105,965 | 28,155 | 176 | 1,832 | 3,857 | 139,985 | |||||||||||||||||||||||||||||
Total noninterest expense | 350,374 | 225,905 | 1,431 | 9,149 | 11,770 | 598,629 | |||||||||||||||||||||||||||||
Income before income tax expense | 58,886 | 210,860 | 23,762 | 30,422 | 16,314 | 340,244 | |||||||||||||||||||||||||||||
Income tax expense | 19,138 | 44,286 | 5,004 | 6,389 | 3,439 | 78,256 | |||||||||||||||||||||||||||||
Net income | $ | 39,748 | $ | 166,574 | $ | 18,758 | $ | 24,033 | $ | 12,875 | $ | 261,988 | |||||||||||||||||||||||
Total assets | $ | 14,250,780 | $ | 3,395,811 | $ | 922,071 | $ | 1,088,611 | $ | 781,365 | $ | 20,438,638 | |||||||||||||||||||||||
Goodwill | $ | 863,507 | $ | — | $ | — | $ | — | $ | 64,498 | $ | 928,005 | |||||||||||||||||||||||
Other intangible assets, net | $ | 57,129 | $ | — | $ | — | $ | — | $ | 14,845 | $ | 71,974 |
2022 | 2021 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 153,099 | $ | 239,822 | |||||||
Investment in subsidiaries | 3,477,917 | 3,154,148 | |||||||||
Other assets | 19,896 | 27,340 | |||||||||
Total assets | $ | 3,650,912 | $ | 3,421,310 | |||||||
Liabilities | |||||||||||
Other liabilities | $ | 23,985 | $ | 27,901 | |||||||
Other borrowings | 301,205 | 300,630 | |||||||||
Subordinated deferrable interest debentures | 128,322 | 126,328 | |||||||||
Total liabilities | 453,512 | 454,859 | |||||||||
Shareholders' equity | 3,197,400 | 2,966,451 | |||||||||
Total liabilities and shareholders' equity | $ | 3,650,912 | $ | 3,421,310 |
2022 | 2021 | 2020 | |||||||||||||||
Income | |||||||||||||||||
Dividends from subsidiaries | $ | 50,000 | $ | 142,000 | $ | 93,000 | |||||||||||
Other income | 175 | 101 | 910 | ||||||||||||||
Securities gains | 270 | — | — | ||||||||||||||
Total income | 50,445 | 142,101 | 93,910 | ||||||||||||||
Expense | |||||||||||||||||
Interest expense | 22,170 | 19,610 | 17,616 | ||||||||||||||
Other expense | 11,154 | 13,031 | 8,300 | ||||||||||||||
Total expense | 33,324 | 32,641 | 25,916 | ||||||||||||||
Income before taxes and equity in undistributed income of subsidiaries | 17,121 | 109,460 | 67,994 | ||||||||||||||
Income tax benefit | 8,553 | 6,878 | 5,225 | ||||||||||||||
Income before equity in undistributed income of subsidiaries | 25,674 | 116,338 | 73,219 | ||||||||||||||
Equity in undistributed income of subsidiaries | 320,866 | 260,575 | 188,769 | ||||||||||||||
Net income | $ | 346,540 | $ | 376,913 | $ | 261,988 |
2022 | 2021 | 2020 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 346,540 | $ | 376,913 | $ | 261,988 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Share-based compensation expense | 6,706 | 7,948 | 3,810 | ||||||||||||||
Undistributed earnings of subsidiaries | (320,866) | (260,575) | (188,769) | ||||||||||||||
(Decrease) increase in interest payable | (961) | (36) | 847 | ||||||||||||||
(Increase) decrease in tax receivable | 8,596 | (6,238) | 6,001 | ||||||||||||||
Provision for deferred taxes | (649) | 1,694 | (1,225) | ||||||||||||||
Gain on sale of other investments | (270) | — | — | ||||||||||||||
Change attributable to other operating activities | 200 | 3,678 | 7,652 | ||||||||||||||
Total adjustments | (307,244) | (253,529) | (171,684) | ||||||||||||||
Net cash provided by operating activities | 39,296 | 123,384 | 90,304 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Net (increase) decrease in other investments | 213 | (4,500) | (8,012) | ||||||||||||||
Investment in subsidiary | (65,000) | — | (75,000) | ||||||||||||||
Proceeds from bank owned life insurance | — | — | 2,383 | ||||||||||||||
Net cash (used in) provided by investing activities | (64,787) | (4,500) | (80,629) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Purchase of treasury shares | (22,421) | (9,439) | (7,995) | ||||||||||||||
Dividends paid - common stock | (41,610) | (41,798) | (41,685) | ||||||||||||||
Proceeds from other borrowings | — | — | 108,149 | ||||||||||||||
Repayment of other borrowings | — | — | (5,155) | ||||||||||||||
Proceeds from exercise of stock options | 2,799 | 4,532 | 2,262 | ||||||||||||||
Net cash (used in) provided by financing activities | (61,232) | (46,705) | 55,576 | ||||||||||||||
Net change in cash and cash equivalents | (86,723) | 72,179 | 65,251 | ||||||||||||||
Cash and cash equivalents at beginning of year | 239,822 | 167,643 | 102,392 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 153,099 | $ | 239,822 | $ | 167,643 | |||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||||||||
Cash paid during the year for interest | $ | 23,131 | $ | 19,646 | $ | 16,769 | |||||||||||
Cash received during the year for income taxes | $ | (16,499) | $ | (2,367) | $ | (10,000) |
(dollars in thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Loan Servicing Rights | |||||||||||
Residential mortgage | $ | 147,014 | $ | 206,944 | |||||||
SBA | 3,443 | 5,556 | |||||||||
Total loan servicing rights | $ | 150,457 | $ | 212,500 |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Residential mortgage servicing rights | |||||||||||||||||
Beginning carrying value, net | $ | 206,944 | $ | 130,630 | $ | 94,902 | |||||||||||
Additions | 64,020 | 93,229 | 98,182 | ||||||||||||||
Amortization | (24,995) | (30,540) | (23,151) | ||||||||||||||
(Impairment)/recoveries | 21,824 | 13,625 | (39,303) | ||||||||||||||
Disposals | (120,779) | — | — | ||||||||||||||
Ending carrying value, net | $ | 147,014 | $ | 206,944 | $ | 130,630 |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Residential mortgage servicing impairment | |||||||||||||||||
Beginning balance | $ | 25,782 | $ | 39,407 | $ | 104 | |||||||||||
Additions | — | 1,398 | 39,303 | ||||||||||||||
Recoveries | (21,824) | (15,023) | — | ||||||||||||||
Reduction due to disposal | (3,958) | — | — | ||||||||||||||
Ending balance | $ | — | $ | 25,782 | $ | 39,407 |
(dollars in thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Residential mortgage servicing rights | |||||||||||
Unpaid principal balance of loans serviced for others | $ | 10,046,052 | $ | 16,786,442 | |||||||
Composition of residential loans serviced for others: | |||||||||||
FHLMC | 16.80 | % | 21.88 | % | |||||||
FNMA | 50.09 | % | 60.26 | % | |||||||
GNMA | 33.11 | % | 17.86 | % | |||||||
Total | 100.00 | % | 100.00 | % | |||||||
Weighted average term (months) | 353 | 341 | |||||||||
Weighted average age (months) | 22 | 20 | |||||||||
Modeled prepayment speed | 8.22 | % | 12.96 | % | |||||||
Decline in fair value due to a 10% adverse change | (5,800) | (8,368) | |||||||||
Decline in fair value due to a 20% adverse change | (11,184) | (16,157) | |||||||||
Weighted average discount rate | 10.00 | % | 8.77 | % | |||||||
Decline in fair value due to a 10% adverse change | (6,413) | (6,984) | |||||||||
Decline in fair value due to a 20% adverse change | (12,330) | (13,504) |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
SBA servicing rights | |||||||||||||||||
Beginning carrying value, net | $ | 5,556 | $ | 5,839 | $ | 7,886 | |||||||||||
Additions | 889 | 954 | 1,571 | ||||||||||||||
Purchase accounting adjustment | — | — | (1,214) | ||||||||||||||
Amortization | (3,002) | (2,142) | (1,640) | ||||||||||||||
(Impairment)/recovery | — | 905 | (764) | ||||||||||||||
Ending carrying value, net | $ | 3,443 | $ | 5,556 | $ | 5,839 |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
SBA servicing impairment | |||||||||||||||||
Beginning balance | $ | — | $ | 905 | $ | 141 | |||||||||||
Additions | — | — | 1,645 | ||||||||||||||
Recoveries | — | (905) | (881) | ||||||||||||||
Ending balance | $ | — | $ | — | $ | 905 |
(dollars in thousands) | December 31, 2022 | December 31, 2021 | |||||||||
SBA servicing rights | |||||||||||
Unpaid principal balance of loans serviced for others | $ | 326,418 | $ | 410,167 | |||||||
Weighted average life (in years) | 3.69 | 3.65 | |||||||||
Modeled prepayment speed | 18.24 | % | 17.68 | % | |||||||
Decline in fair value due to a 10% adverse change | (177) | (291) | |||||||||
Decline in fair value due to a 20% adverse change | (340) | (557) | |||||||||
Weighted average discount rate | 19.57 | % | 11.92 | % | |||||||
Decline in fair value due to a 100 basis point adverse change | (83) | (144) | |||||||||
Decline in fair value due to a 200 basis point adverse change | (163) | (282) |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Indirect automobile servicing rights | |||||||||||||||||
Beginning carrying value, net | $ | — | $ | 73 | $ | 247 | |||||||||||
Addition due to acquisition | — | — | — | ||||||||||||||
Amortization | — | (73) | (174) | ||||||||||||||
Impairment | — | — | — | ||||||||||||||
Ending carrying value, net | $ | — | $ | — | $ | 73 |
AMERIS BANCORP | ||||||||
Date: February 28, 2023 | By: | /s/ H. Palmer Proctor, Jr. | ||||||
H. Palmer Proctor, Jr., | ||||||||
Chief Executive Officer (principal executive officer) |
/s/ H. Palmer Proctor, Jr. | |||||
H. Palmer Proctor, Jr., Chief Executive Officer | |||||
(principal executive officer) | |||||
/s/ Nicole S. Stokes | |||||
Nicole S. Stokes, Corporate EVP and Chief Financial Officer | |||||
(principal accounting and financial officer) | |||||
/s/ William I. Bowen, Jr. | |||||
William I. Bowen, Jr., Director | |||||
/s/ Rodney D. Bullard | |||||
Rodney D. Bullard, Director | |||||
/s/ Wm. Millard Choate | |||||
Wm. Millard Choate, Director | |||||
/s/ R. Dale Ezzell | |||||
R. Dale Ezzell, Director | |||||
/s/ Leo J. Hill | |||||
Leo J. Hill, Director | |||||
/s/ Daniel B. Jeter | |||||
Daniel B. Jeter, Director | |||||
/s/ Robert P. Lynch | |||||
Robert P. Lynch, Director | |||||
/s/ Elizabeth A. McCague | |||||
Elizabeth A. McCague, Director | |||||
(Continued) |
/s/ James B. Miller, Jr. | |||||
James B. Miller, Jr., Chairman | |||||
/s/ Gloria A. O'Neal | |||||
/ Gloria A. O'Neal, Director | |||||
/s/ William H. Stern | |||||
William H. Stern, Director | |||||
/s/ Jimmy D. Veal | |||||
Jimmy D. Veal, Director | |||||
(Concluded) |
Name of Subsidiary | State of Incorporation or Organization | ||||||||||
Ameris Bank | Georgia | ||||||||||
Balboa Capital Corporation | California | ||||||||||
BCC Funding II LLC | Delaware | ||||||||||
BCC Funding IX LLC | Delaware | ||||||||||
BCC Funding XII LLC | Delaware | ||||||||||
BCC Funding XIV LLC | Delaware | ||||||||||
BCC Funding XV LLC | Delaware | ||||||||||
BCC Funding XVI LLC | Delaware | ||||||||||
BCC Funding XVII LLC | Delaware | ||||||||||
BCC Funding XVIII LLC | Delaware | ||||||||||
BCC Titling Trust | Delaware | ||||||||||
Ameris Bank Mortgage Securities LLC | Georgia | ||||||||||
East Arlington, Inc. | Florida | ||||||||||
Fountain Financial, Inc. | Florida | ||||||||||
Jarrett Point, LLC | Florida | ||||||||||
Parman Place, Inc. | Florida | ||||||||||
S. Pt. Properties, Inc. | Florida | ||||||||||
TJB Properties, LLC | Florida | ||||||||||
210 South Oak Street, LLC | Georgia | ||||||||||
HSB Properties I, LLC | Georgia | ||||||||||
HSB Properties II, LLC | Georgia | ||||||||||
Decatur Properties, Inc. | Georgia | ||||||||||
Decatur Properties II, Inc. | Georgia | ||||||||||
Decatur Properties III, Inc. | Georgia | ||||||||||
Decatur Properties IV, Inc. | Georgia | ||||||||||
Decatur Properties V, Inc. | Georgia | ||||||||||
Decatur Properties Holdings, LLC | Georgia | ||||||||||
USPF Corporation | Georgia | ||||||||||
Prosperity Land Holdings, LLC | Florida | ||||||||||
LionMark Insurance Company | Georgia | ||||||||||
US Premium Finance Holding Company | Florida | ||||||||||
Ameris Statutory Trust I | Delaware | ||||||||||
Prosperity Bank Statutory Trust II | Connecticut | ||||||||||
Prosperity Bank Statutory Trust III | Delaware | ||||||||||
Prosperity Bank Statutory Trust IV | Delaware | ||||||||||
Prosperity Banking Capital Trust I | Delaware | ||||||||||
Coastal Bankshares Statutory Trust I | Delaware | ||||||||||
Coastal Bankshares Statutory Trust II | Connecticut | ||||||||||
Merchants & Southern Statutory Trust I | Delaware | ||||||||||
Merchants & Southern Statutory Trust II | Delaware |
Atlantic BancGroup, Inc. Statutory Trust I | Delaware | ||||||||||
Jacksonville Statutory Trust I | Delaware | ||||||||||
Jacksonville Statutory Trust II | Delaware | ||||||||||
Jacksonville Bancorp, Inc. Statutory Trust III | Delaware | ||||||||||
Cherokee Statutory Trust I | Delaware | ||||||||||
Fidelity Southern Statutory Trust I | Connecticut | ||||||||||
Fidelity Southern Statutory Trust II | Delaware | ||||||||||
Fidelity Southern Statutory Trust III | Delaware |
Dated: | February 28, 2023 | /s/ H. Palmer Proctor Jr. | |||||||||
H. Palmer Proctor Jr., | |||||||||||
Chief Executive Officer (principal executive officer) |
Dated: | February 28, 2023 | /s/ Nicole S. Stokes | |||||||||
Nicole S. Stokes, | |||||||||||
Corporate EVP and Chief Financial Officer (principal accounting and financial officer) |
Dated: | February 28, 2023 | /s/ H. Palmer Proctor Jr. | |||||||||
H. Palmer Proctor Jr., | |||||||||||
Chief Executive Officer (principal executive officer) |
Dated: | February 28, 2023 | /s/ Nicole S. Stokes | |||||||||
Nicole S. Stokes, | |||||||||||
Corporate EVP and Chief Financial Officer (principal accounting and financial officer) |