EX-99.1 2 tm2420215d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

News Release

 

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2024

 

Highlights of Ameris’s results for the second quarter of 2024 include the following:

 

·Net income of $90.8 million, or $1.32 per diluted share;

 

·Adjusted net income(1) of $80.8 million, or $1.17 per diluted share

 

·Return on average assets ("ROA") of 1.41%; Adjusted ROA(1) of 1.25%

 

·Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.25%; Adjustment items positively impacted PPNR ROA by 29 basis points

 

·Growth in tangible book value(1) of $1.27 per share, or 14.8% annualized, to $35.79 at June 30, 2024

 

·TCE ratio(1) of 9.72%, compared with 8.80% one year ago

 

·Net interest margin of 3.58% for the second quarter of 2024, compared with 3.51% in the prior quarter

 

·Organic growth in loans of $392.3 million, or 7.7% annualized

 

·Growth in total deposits of $446.8 million, or 8.6% annualized

 

·Increase in the allowance for loan losses to 1.60% of loans, from 1.55% at March 31, 2024

 

·CRE concentration improved to 274% of capital, from 281% at March 31, 2024

 

·Annualized net charge-offs declined to 0.18% of average total loans

 

ATLANTA, GA, July 25, 2024 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $90.8 million, or $1.32 per diluted share, for the quarter ended June 30, 2024, compared with $62.6 million, or $0.91 per diluted share, for the quarter ended June 30, 2023. Excluding the gain on sale of mortgage servicing rights, gain on conversion of Visa Class B-1 stock, FDIC special assessment, gain on bank owned life insurance ("BOLI") proceeds and tax expense attributable to BOLI restructuring, adjusted net income(1) was $80.8 million, or $1.17 per diluted share, for the quarter ended June 30, 2024, compared with $62.6 million, or $0.91 per diluted share, for the quarter ended June 30, 2023.

 

For the year-to-date period ending June 30, 2024, the Company reported net income of $165.1 million, or $2.39 per diluted share, compared with $123.1 million, or $1.78 per diluted share, for the same period in 2023. The year-to-date period ending June 30, 2024 included a provision for credit losses of $39.9 million, compared with $95.2 million for the same period in 2023.

 

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “This quarter we achieved outstanding financial performance, marked by margin expansion, growth in net interest income, and an increase in core deposits, resulting in a PPNR ROA exceeding 2%. We enhanced shareholder value, with tangible book value and earning assets both growing over 14% annualized. Looking ahead, we remain optimistic about the rest of 2024 and beyond, driven by our strong balance sheet, thriving Southeastern markets, and disciplined focus on continuous improvement."

 

 

 

 

Net Interest Income and Net Interest Margin

 

Net interest income on a tax-equivalent basis (TE) was $212.9 million in the second quarter of 2024, an increase of $10.5 million, or 5.2%, from last quarter and $2.4 million, or 1.1%, compared with the second quarter of 2023. The Company's net interest margin was 3.58% for the second quarter of 2024, up from 3.51% reported for the first quarter of 2024 and down slightly from 3.60% reported for the second quarter of 2023. The increase in net interest margin this quarter compared with the first quarter of 2024 is primarily attributable to improved yield on loans and securities during the period, partially offset by increases in funding costs. During the second quarter of 2024, the Company recognized approximately $2.3 million, or 0.04% to margin, related to positive inflation adjustments on Treasury Inflation-Protected Securities and accelerated accretion on an early bond payoff. The decrease in net interest margin compared with the same period in 2023 is due to the effect of overall increases in deposit costs over the last year, partially offset by increased loan yields. The rate of change in deposit costs continues to slow as market interest rates stabilize.

 

Yields on earning assets increased 13 basis points during the quarter to 5.86%, compared with 5.73% in the first quarter of 2024, and increased 34 basis points from 5.52% in the second quarter of 2023. Yields on loans increased to 6.00% during the second quarter of 2024, compared with 5.92% for the first quarter of 2024 and 5.66% for the second quarter of 2023.

 

The Company’s total cost of funds was 2.48% in the second quarter of 2024, an increase of seven and 43 basis points compared with the first quarter of 2024 and second quarter of 2023, respectively. Deposit costs increased only three basis points during the second quarter of 2024 to 2.32%, compared with 2.29% in the first quarter of 2024. Costs of interest-bearing deposits increased during the quarter from 3.31% in the first quarter of 2024 to 3.37% in the second quarter of 2024, reflecting an increase in money market account balances and costs.

 

Noninterest Income

 

Noninterest income increased $22.8 million, or 34.7%, in the second quarter of 2024 to $88.7 million, compared with $65.9 million for the first quarter of 2024, primarily as a result of mortgage revenue and gain on securities. Mortgage banking activity increased by $7.0 million, or 17.7%, to $46.4 million in the second quarter of 2024, compared with $39.4 million for the first quarter of 2024. Gain on sale spreads decreased slightly to 2.45% in the second quarter of 2024 from 2.49% for the first quarter of 2024. Total production in the retail mortgage division increased $417.1 million, or 45.8%, to $1.33 billion in the second quarter of 2024, compared with $910.2 million for the first quarter of 2024. The retail mortgage open pipeline was $802.2 million at the end of the second quarter of 2024, compared with $606.7 million for the first quarter of 2024. Also included in noninterest income was a $4.7 million gain from the sale of mortgage servicing rights and a $12.6 million gain on the conversion of Visa Class B-1 shares during the quarter.

 

Noninterest Expense

 

Noninterest expense increased $6.6 million, or 4.5%, to $155.4 million during the second quarter of 2024, compared with $148.7 million for the first quarter of 2024. During the second quarter of 2024, the Company recorded an adjustment of ($895,000) related to the FDIC special assessment, compared with $2.9 million in the first quarter of 2024. Excluding this item, adjusted expenses(1) increased approximately $10.5 million, or 7.2%, to $156.3 million in the second quarter of 2024 from $145.8 million in the first quarter of 2024. The increase in adjusted expenses(1) resulted from a $5.3 million increase in salaries and employee benefits primarily in variable compensation related to mortgage production. Also contributing to the increase in adjusted expenses was $2.6 million of less deferred origination costs in our equipment finance division. Advertising and marketing expense increased $1.0 million due to a new deposit marketing campaign initiated in the second quarter. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 55.00% in the second quarter of 2024, compared with 54.56% in the first quarter of 2024.

 

 

 

 

Income Tax Expense

 

The Company's effective tax rate for the second quarter of 2024 was 28.2%, compared with 23.7% for the first quarter of 2024. Tax expense for the second quarter of 2024 included a $4.8 million expense related to the termination of certain BOLI policies during the quarter, the proceeds of which the Company will reinvest in higher yielding policies.

 

Balance Sheet Trends

 

Total assets at June 30, 2024 were $26.52 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased to $1.53 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $723.3 million, or 7.2% annualized, to $20.99 billion at June 30, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $570.2 million at June 30, 2024 from $281.3 million at December 31, 2023.

 

At June 30, 2024, total deposits amounted to $21.44 billion, compared with $20.71 billion at December 31, 2023. During the second quarter of 2024, deposits grew $446.8 million, with noninterest bearing accounts increasing $110.9 million, money market accounts increasing $267.0 million, retail CDs increasing $23.6 million and interest bearing demand accounts increasing $65.6 million, with such increases offset in part by a $15.2 million decrease in savings accounts and a $5.2 million decrease in brokered CDs. Noninterest bearing accounts as a percentage of total deposits was minimally changed, such that at June 30, 2024, noninterest bearing deposit accounts represented $6.65 billion, or 31.0% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at December 31, 2023.

 

Shareholders’ equity at June 30, 2024 totaled $3.57 billion, an increase of $139.9 million, or 4.1%, from December 31, 2023.  The increase in shareholders’ equity was primarily the result of earnings of $165.1 million during the first six months of 2024, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $2.1 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $2.15 per share, or 12.9% annualized, during the first six months of 2024 to $35.79 at June 30, 2024. Tangible common equity as a percentage of tangible assets was 9.72% at June 30, 2024, compared with 9.64% at the end of 2023. The Company repurchased 62,700 of its shares in the quarter ending June 30, 2024 at an average cost of $47.12 per share, equating to approximately $3.0 million.

 

Credit Quality

 

During the second quarter of 2024, the Company recorded a provision for credit losses of $18.8 million, bringing the allowance for credit losses on loans to a 1.60%, compared with a provision of $21.1 million in the first quarter of 2024. Nonperforming assets as a percentage of total assets were up three basis points to 0.74% during the quarter. Approximately $93.5 million, or 47.3%, of the nonperforming assets at June 30, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased only one basis point to 0.39% at June 30, 2024, compared with 0.38% at the first quarter of 2024. The net charge-off ratio improved to 18 basis points for the second quarter of 2024, from 25 basis points in the first quarter of 2024.

 

Conference Call

 

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until August 2, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 8113235. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

 

About Ameris Bancorp

 

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.5 billion in assets as of June 30, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

 

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E.

 

 

 

 

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.

 

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 

For more information, contact:

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Financial Highlights  Table 1 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands except per share data)  2024   2024   2023   2023   2023   2024   2023 
EARNINGS                            
Net income  $90,785   $74,312   $65,934   $80,115   $62,635   $165,097   $123,056 
Adjusted net income(1)  $80,763   $75,612   $73,568   $80,115   $62,635   $156,375   $122,570 
                                    
COMMON SHARE DATA                                   
Earnings per share available to common shareholders                                   
Basic  $1.32   $1.08   $0.96   $1.16   $0.91   $2.40   $1.78 
Diluted  $1.32   $1.08   $0.96   $1.16   $0.91   $2.39   $1.78 
Adjusted diluted EPS(1)  $1.17   $1.10   $1.07   $1.16   $0.91   $2.27   $1.77 
Cash dividends per share  $0.15   $0.15   $0.15   $0.15   $0.15   $0.30   $0.30 
Book value per share (period end)  $51.64   $50.42   $49.62   $48.41   $47.51   $51.64   $47.51 
Tangible book value per share (period end)(1)  $35.79   $34.52   $33.64   $32.38   $31.42   $35.79   $31.42 
Weighted average number of shares                                   
Basic   68,824,150    68,808,393    68,824,004    68,879,352    68,989,549    68,818,618    69,084,746 
Diluted   69,013,834    69,014,116    69,014,793    68,994,247    69,034,763    69,010,010    69,191,512 
Period end number of shares   69,066,573    69,115,263    69,053,341    69,138,461    69,139,783    69,066,573    69,139,783 
Market data                                   
High intraday price  $51.18   $53.99   $53.84   $45.34   $37.18   $53.99   $50.54 
Low intraday price  $44.23   $44.00   $34.26   $33.21   $28.33   $44.00   $28.33 
Period end closing price  $50.35   $48.38   $53.05   $38.39   $34.21   $50.35   $34.21 
Average daily volume   301,784    407,898    390,190    361,167    475,198    353,985    463,720 
                                    
PERFORMANCE RATIOS                                   
Return on average assets   1.41%   1.18%   1.03%   1.25%   0.98%   1.30%   0.98%
Adjusted return on average assets(1)   1.25%   1.20%   1.15%   1.25%   0.98%   1.23%   0.97%
Return on average common equity   10.34%   8.63%   7.73%   9.56%   7.63%   9.49%   7.58%
Adjusted return on average tangible common equity(1)   13.35%   12.88%   12.81%   14.35%   11.53%   13.12%   11.47%
Earning asset yield (TE)   5.86%   5.73%   5.69%   5.62%   5.52%   5.79%   5.38%
Total cost of funds   2.48%   2.41%   2.32%   2.24%   2.05%   2.44%   1.82%
Net interest margin (TE)   3.58%   3.51%   3.54%   3.54%   3.60%   3.54%   3.68%
Efficiency ratio   51.68%   55.64%   56.80%   52.21%   53.60%   53.54%   52.85%
Adjusted efficiency ratio (TE)(1)   55.00%   54.56%   52.87%   52.02%   53.41%   54.79%   52.72%
                                    
CAPITAL ADEQUACY (period end)                                   
Shareholders' equity to assets   13.45%   13.58%   13.60%   13.02%   12.73%   13.45%   12.73%
Tangible common equity to tangible assets(1)   9.72%   9.71%   9.64%   9.11%   8.80%   9.72%   8.80%
                                    
OTHER DATA (period end)                                   
Full time equivalent employees                                   
Banking Division   2,073    2,082    2,088    2,082    2,104    2,073    2,104 
Retail Mortgage Division   595    596    595    601    613    595    613 
Warehouse Lending Division   9    8    7    8    8    9    8 
Premium Finance Division   74    73    75    78    76    74    76 
Total Ameris Bancorp FTE headcount   2,751    2,759    2,765    2,769    2,801    2,751    2,801 
                                    
Branch locations   164    164    164    164    164    164    164 
Deposits per branch location  $130,757   $128,033   $126,271   $125,551   $124,653   $130,757   $124,653 

 

(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Income Statement  Table 2 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands except per share data)  2024   2024   2023   2023   2023   2024   2023 
Interest income                                   
Interest and fees on loans  $317,664   $303,393   $303,487   $304,699   $292,012   $621,057   $563,976 
Interest on taxable securities   16,948    13,092    14,033    14,754    15,915    30,040    30,215 
Interest on nontaxable securities   335    330    326    331    339    665    678 
Interest on deposits in other banks   12,376    12,637    14,368    10,769    13,686    25,013    22,799 
Total interest income   347,323    329,452    332,214    330,553    321,952    676,775    617,668 
                                    
Interest expense                                   
Interest on deposits   121,245    118,174    111,749    102,999    88,087    239,419    141,269 
Interest on other borrowings   14,157    9,890    14,364    19,803    24,325    24,047    55,207 
Total interest expense   135,402    128,064    126,113    122,802    112,412    263,466    196,476 
                                    
Net interest income   211,921    201,388    206,101    207,751    209,540    413,309    421,192 
                                    
Provision for loan losses   25,348    25,523    30,401    30,095    43,643    50,871    93,019 
Provision for unfunded commitments   (6,570)   (4,422)   (7,438)   (5,634)   1,873    (10,992)   2,219 
Provision for other credit losses   (5)   4    (11)   (2)   —    (1)   7 
Provision for credit losses   18,773    21,105    22,952    24,459    45,516    39,878    95,245 
Net interest income after provision for credit losses   193,148    180,283    183,149    183,292    164,024    373,431    325,947 
                                    
Noninterest income                                   
Service charges on deposit accounts   12,672    11,759    12,252    12,092    11,295    24,431    22,231 
Mortgage banking activity   46,399    39,430    31,461    36,290    40,742    85,829    72,134 
Other service charges, commissions and fees   1,211    1,202    1,234    1,221    975    2,413    1,946 
Gain (loss) on securities   12,335    (7)   (288)   (16)   (6)   12,328    — 
Other noninterest income   16,094    13,494    11,589    13,594    14,343    29,588    27,088 
Total noninterest income   88,711    65,878    56,248    63,181    67,349    154,589    123,399 
                                    
Noninterest expense                                   
Salaries and employee benefits   88,201    82,930    75,966    81,898    81,336    171,131    162,246 
Occupancy and equipment   12,559    12,885    13,197    12,745    12,522    25,444    25,508 
Data processing and communications expenses   15,193    14,654    14,028    12,973    13,451    29,847    26,485 
Credit resolution-related expenses(1)   840    486    157    (1,360)   848    1,326    1,283 
Advertising and marketing   3,571    2,545    2,974    2,723    2,627    6,116    6,159 
Amortization of intangible assets   4,407    4,422    4,425    4,425    4,688    8,829    9,394 
Other noninterest expenses   30,586    30,789    38,264    28,042    32,931    61,375    56,749 
Total noninterest expense   155,357    148,711    149,011    141,446    148,403    304,068    287,824 
                                    
Income before income tax expense   126,502    97,450    90,386    105,027    82,970    223,952    161,522 
Income tax expense   35,717    23,138    24,452    24,912    20,335    58,855    38,466 
Net income  $90,785   $74,312   $65,934   $80,115   $62,635   $165,097   $123,056 
                                    
Diluted earnings per common share  $1.32   $1.08   $0.96   $1.16   $0.91   $2.39   $1.78 

 

(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Period End Balance Sheet  Table 3 
   Jun   Mar   Dec   Sep   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023 
Assets                    
Cash and due from banks  $257,297   $235,931   $230,470   $241,137   $284,552 
Interest-bearing deposits in banks   1,104,897    975,321    936,834    1,304,636    1,034,578 
Debt securities available-for-sale, at fair value   1,531,047    1,414,419    1,402,944    1,424,081    1,460,356 
Debt securities held-to-maturity, at amortized cost   148,538    147,022    141,512    141,859    142,513 
Other investments   96,613    77,480    71,794    104,957    109,656 
Loans held for sale   570,180    364,332    281,332    381,466    391,472 
                          
Loans, net of unearned income   20,992,603    20,600,260    20,269,303    20,201,079    20,471,759 
Allowance for credit losses   (336,218)   (320,023)   (307,100)   (290,104)   (272,071)
Loans, net   20,656,385    20,280,237    19,962,203    19,910,975    20,199,688 
                          
Other real estate owned   2,213    2,158    6,199    3,397    6,170 
Premises and equipment, net   213,255    214,801    216,435    217,564    218,662 
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangible assets, net   79,120    83,527    87,949    92,375    96,800 
Cash value of bank owned life insurance   376,458    396,804    395,778    393,769    391,483 
Other assets   469,079    447,767    454,603    465,968    449,042 
Total assets  $26,520,728   $25,655,445   $25,203,699   $25,697,830   $25,800,618 
                          
Liabilities                         
Deposits                         
Noninterest-bearing  $6,649,220   $6,538,322   $6,491,639   $6,589,610   $6,706,897 
Interest-bearing   14,794,923    14,459,068    14,216,870    14,000,735    13,736,228 
Total deposits   21,444,143    20,997,390    20,708,509    20,590,345    20,443,125 
Other borrowings   946,413    631,380    509,586    1,209,553    1,536,989 
Subordinated deferrable interest debentures   131,312    130,814    130,315    129,817    129,319 
Other liabilities   432,246    411,123    428,542    421,046    406,555 
Total liabilities   22,954,114    22,170,707    21,776,952    22,350,761    22,515,988 
                          
Shareholders' Equity                         
Preferred stock   —    —    —    —    — 
Common stock   72,697    72,683    72,516    72,514    72,515 
Capital stock   1,950,846    1,948,352    1,945,385    1,942,852    1,939,865 
Retained earnings   1,684,218    1,603,832    1,539,957    1,484,424    1,414,742 
Accumulated other comprehensive loss, net of tax   (38,020)   (39,959)   (35,939)   (60,818)   (50,618)
Treasury stock   (103,127)   (100,170)   (95,172)   (91,903)   (91,874)
Total shareholders' equity   3,566,614    3,484,738    3,426,747    3,347,069    3,284,630 
Total liabilities and shareholders' equity  $26,520,728   $25,655,445   $25,203,699   $25,697,830   $25,800,618 
                          
Other Data                         
Earning assets  $24,443,878   $23,578,834   $23,103,719   $23,558,078   $23,610,334 
Intangible assets   1,094,766    1,099,173    1,103,595    1,108,021    1,112,446 
Interest-bearing liabilities   15,872,648    15,221,262    14,856,771    15,340,105    15,402,536 
Average assets   25,954,808    25,295,088    25,341,990    25,525,913    25,631,846 
Average common shareholders' equity   3,530,869    3,462,871    3,383,554    3,324,960    3,293,049 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Asset Quality Information  Table 4 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023   2024   2023 
Allowance for Credit Losses                                   
Balance at beginning of period  $357,232   $348,727   $339,180   $326,783   $295,497   $348,727   $258,163 
                                    
Adoption of ASU 2022-02   —    —    —    —    —    —    (1,711)
                                    
Provision for loan losses   25,348    25,523    30,401    30,095    43,643    50,871    93,019 
Provision for unfunded commitments   (6,570)   (4,422)   (7,438)   (5,634)   1,873    (10,992)   2,219 
Provision for other credit losses   (5)   4    (11)   (2)   —    (1)   7 
Provision for credit losses   18,773    21,105    22,952    24,459    45,516    39,878    95,245 
                                    
Charge-offs   16,845    18,457    20,104    19,488    20,670    35,302    35,626 
Recoveries   7,692    5,857    6,699    7,426    6,440    13,549    10,712 
Net charge-offs (recoveries)   9,153    12,600    13,405    12,062    14,230    21,753    24,914 
                                    
Ending balance  $366,852   $357,232   $348,727   $339,180   $326,783   $366,852   $326,783 
                                    
Allowance for loan losses  $336,218   $320,023   $307,100   $290,104   $272,071   $336,218   $272,071 
Allowance for unfunded commitments   30,566    37,136    41,558    48,996    54,630    30,566    54,630 
Allowance for other credit losses   68    73    69    80    82    68    82 
Total allowance for credit losses  $366,852   $357,232   $348,727   $339,180   $326,783   $366,852   $326,783 
                                    
Non-Performing Assets                                   
Nonaccrual portfolio loans  $85,878   $80,448   $60,961   $53,806   $57,025   $85,878   $57,025 
Other real estate owned   2,213    2,158    6,199    3,397    6,170    2,213    6,170 
Repossessed assets   22    29    17    22    9    22    9 
Accruing loans delinquent 90 days or more   15,909    15,811    16,988    11,891    13,424    15,909    13,424 
Non-performing portfolio assets  $104,022   $98,446   $84,165   $69,116   $76,628   $104,022   $76,628 
Serviced GNMA-guaranteed mortgage nonaccrual loans   93,520    84,238    90,156    80,752    69,655    93,520    69,655 
Total non-performing assets  $197,542   $182,684   $174,321   $149,868   $146,283   $197,542   $146,283 
                                    
Asset Quality Ratios                                   
Non-performing portfolio assets as a percent of total assets   0.39%   0.38%   0.33%   0.27%   0.30%   0.39%   0.30%
Total non-performing assets as a percent of total assets   0.74%   0.71%   0.69%   0.58%   0.57%   0.74%   0.57%
Net charge-offs as a percent of average loans (annualized)   0.18%   0.25%   0.26%   0.23%   0.28%   0.21%   0.25%

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Loan Information  Table 5 
   Jun   Mar   Dec   Sep   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023 
Loans by Type                         
Commercial, financial and agricultural  $2,860,973   $2,758,716   $2,688,929   $2,632,836   $2,718,831 
Consumer   217,787    232,993    241,552    259,797    307,486 
Indirect automobile   16,335    24,022    34,257    47,108    63,231 
Mortgage warehouse   1,070,921    891,336    818,728    852,823    1,147,413 
Municipal   454,967    477,567    492,668    497,093    510,410 
Premium Finance   1,151,261    998,726    946,562    1,007,334    988,731 
Real estate - construction and development   2,336,987    2,264,346    2,129,187    2,236,686    2,217,744 
Real estate - commercial and farmland   8,103,634    8,131,248    8,059,754    7,865,389    7,815,779 
Real estate - residential   4,779,738    4,821,306    4,857,666    4,802,013    4,702,134 
Total loans  $20,992,603   $20,600,260   $20,269,303   $20,201,079   $20,471,759 
                          
Loans by Risk Grade                         
Pass  $20,623,416   $20,221,302   $19,846,731   $19,812,895   $20,114,816 
Other assets especially mentioned   115,477    137,225    203,725    187,449    171,035 
Substandard   253,710    241,733    218,847    200,735    185,908 
Total loans  $20,992,603   $20,600,260   $20,269,303   $20,201,079   $20,471,759 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Average Balances  Table 6 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023   2024   2023 
Earning Assets                                   
Interest-bearing deposits in banks  $899,866   $923,845   $936,733   $864,028   $998,609   $911,855   $929,496 
Investment securities - taxable   1,663,841    1,599,705    1,591,567    1,650,164    1,699,096    1,631,773    1,708,222 
Investment securities - nontaxable   41,396    41,287    40,227    40,896    42,580    41,341    42,814 
Loans held for sale   491,000    323,351    405,080    464,452    577,606    407,175    534,192 
Loans   20,820,361    20,320,678    20,252,773    20,371,689    20,164,938    20,570,520    19,993,794 
Total Earning Assets  $23,916,464   $23,208,866   $23,226,380   $23,391,229   $23,482,829   $23,562,664   $23,208,518 
                                    
Deposits                                   
Noninterest-bearing deposits  $6,558,427   $6,403,300   $6,572,190   $6,655,191   $6,729,789   $6,480,864   $6,931,852 
NOW accounts   3,824,538    3,829,977    3,760,992    3,661,701    3,949,850    3,827,257    4,047,484 
MMDA   6,251,719    5,952,389    5,994,361    5,527,731    5,002,590    6,102,054    4,998,417 
Savings accounts   781,588    795,887    817,075    915,678    1,009,749    788,738    1,007,693 
Retail CDs   2,430,416    2,378,678    2,281,357    2,200,413    2,024,014    2,404,547    1,819,307 
Brokered CDs   1,167,174    1,381,382    1,122,684    1,441,854    1,393,206    1,274,278    762,672 
Total Deposits   21,013,862    20,741,613    20,548,659    20,402,568    20,109,198    20,877,738    19,567,425 
Non-Deposit Funding                                   
Federal funds purchased and securities sold under agreements to repurchase   1    —    —    —    —    —    — 
FHLB advances   548,251    219,589    538,096    943,855    1,408,855    383,920    1,687,286 
Other borrowings   307,449    308,210    311,091    312,572    316,626    307,829    338,912 
Subordinated deferrable interest debentures   131,050    130,551    130,054    129,554    129,056    130,801    128,808 
Total Non-Deposit Funding   986,751    658,350    979,241    1,385,981    1,854,537    822,550    2,155,006 
Total Funding  $22,000,613   $21,399,963   $21,527,900   $21,788,549   $21,963,735   $21,700,288   $21,722,431 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Interest Income and Interest Expense (TE)  Table 7 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023   2024   2023 
Interest Income                                   
Interest-bearing deposits in banks  $12,376   $12,637   $14,368   $10,769   $13,686   $25,013   $22,799 
Debt securities - taxable   16,948    13,092    14,033    14,754    15,915    30,040    30,215 
Debt securities - nontaxable (TE)   423    418    413    418    430    841    859 
Loans held for sale   8,189    5,348    6,846    7,460    8,398    13,537    15,405 
Loans (TE)   310,347    298,907    297,501    298,102    284,471    609,254    550,273 
Total Earning Assets  $348,283   $330,402   $333,161   $331,503   $322,900   $678,685   $619,551 
                                    
Interest Expense                                   
Interest-Bearing Deposits                                   
NOW accounts  $21,020   $20,574   $19,293   $17,255   $18,003   $41,594   $33,036 
MMDA   58,332    53,953    54,002    45,683    35,224    112,285    63,033 
Savings accounts   984    986    974    1,791    2,296    1,970    3,584 
Retail CDs   25,711    24,576    22,257    19,013    14,751    50,287    22,380 
Brokered CDs   15,198    18,085    15,223    19,257    17,813    33,283    19,236 
Total Interest-Bearing Deposits   121,245    118,174    111,749    102,999    88,087    239,419    141,269 
Non-Deposit Funding                                   
FHLB advances   7,167    2,578    7,089    12,543    17,222    9,745    39,670 
Other borrowings   3,574    3,879    3,798    3,821    3,902    7,453    9,251 
Subordinated deferrable interest debentures   3,416    3,433    3,477    3,439    3,201    6,849    6,286 
Total Non-Deposit Funding   14,157    9,890    14,364    19,803    24,325    24,047    55,207 
Total Interest-Bearing Funding  $135,402   $128,064   $126,113   $122,802   $112,412   $263,466   $196,476 
                                    
Net Interest Income (TE)  $212,881   $202,338   $207,048   $208,701   $210,488   $415,219   $423,075 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Yields(1)   Table 8 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
   2024   2024   2023   2023   2023   2024   2023 
Earning Assets                                   
Interest-bearing deposits in banks   5.53%   5.50%   6.09%   4.94%   5.50%   5.52%   4.95%
Debt securities - taxable   4.10%   3.29%   3.50%   3.55%   3.76%   3.70%   3.57%
Debt securities - nontaxable (TE)   4.11%   4.07%   4.07%   4.06%   4.05%   4.09%   4.05%
Loans held for sale   6.71%   6.65%   6.71%   6.37%   5.83%   6.69%   5.82%
Loans (TE)   6.00%   5.92%   5.83%   5.81%   5.66%   5.96%   5.55%
Total Earning Assets   5.86%   5.73%   5.69%   5.62%   5.52%   5.79%   5.38%
                                    
Interest-Bearing Deposits                                   
NOW accounts   2.21%   2.16%   2.04%   1.87%   1.83%   2.19%   1.65%
MMDA   3.75%   3.65%   3.57%   3.28%   2.82%   3.70%   2.54%
Savings accounts   0.51%   0.50%   0.47%   0.78%   0.91%   0.50%   0.72%
Retail CDs   4.25%   4.16%   3.87%   3.43%   2.92%   4.21%   2.48%
Brokered CDs   5.24%   5.27%   5.38%   5.30%   5.13%   5.25%   5.09%
Total Interest-Bearing Deposits   3.37%   3.31%   3.17%   2.97%   2.64%   3.34%   2.25%
Non-Deposit Funding                                   
Federal funds purchased and securities sold under agreements to repurchase   —%   —%   —%   —%   —%   —%   —%
FHLB advances   5.26%   4.72%   5.23%   5.27%   4.90%   5.10%   4.74%
Other borrowings   4.68%   5.06%   4.84%   4.85%   4.94%   4.87%   5.50%
Subordinated deferrable interest debentures   10.48%   10.58%   10.61%   10.53%   9.95%   10.53%   9.84%
Total Non-Deposit Funding   5.77%   6.04%   5.82%   5.67%   5.26%   5.88%   5.17%
Total Interest-Bearing Liabilities   3.53%   3.43%   3.35%   3.22%   2.96%   3.48%   2.68%
                                    
Net Interest Spread   2.33%   2.30%   2.34%   2.40%   2.56%   2.31%   2.70%
                                    
Net Interest Margin(2)   3.58%   3.51%   3.54%   3.54%   3.60%   3.54%   3.68%
                                    
Total Cost of Funds(3)   2.48%   2.41%   2.32%   2.24%   2.05%   2.44%   1.82%

 

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including noninterest-bearing deposits.

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations

 

Adjusted Net Income  Table 9A 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands except per share data)  2024   2024   2023   2023   2023   2024   2023 
Net income available to common shareholders  $90,785   $74,312   $65,934   $80,115   $62,635   $165,097   $123,056 
                                    
Adjustment items:                                   
Gain on sale of MSR   (4,713)   —    —    —    —    (4,713)   — 
Gain on conversion of Visa Class B-1 stock   (12,554)   —    —    —    —    (12,554)   — 
Gain on BOLI proceeds   (466)   (998)   —    —    —    (1,464)   (486)
FDIC special assessment   (895)   2,909    11,566    —    —    2,014    — 
Gain on bank premises   —    —    (1,903)   —    —    —    — 
Tax effect of adjustment items (Note 1)   3,814    (611)   (2,029)   —    —    3,203    — 
After tax adjustment items   (14,814)   1,300    7,634    —    —    (13,514)   (486)
Tax expense attributable to BOLI restructuring   4,792    —    —    —    —    4,792    — 
Adjusted net income  $80,763   $75,612   $73,568   $80,115   $62,635   $156,375   $122,570 
                                    
Weighted average number of shares - diluted   69,013,834    69,014,116    69,014,793    68,994,247    69,034,763    69,010,010    69,191,512 
Net income per diluted share  $1.32   $1.08   $0.96   $1.16   $0.91   $2.39   $1.78 
Adjusted net income per diluted share  $1.17   $1.10   $1.07   $1.16   $0.91   $2.27   $1.77 
                                    
Average assets  $25,954,808   $25,295,088   $25,341,990   $25,525,913   $25,631,846   $25,624,948   $25,375,312 
Return on average assets   1.41%   1.18%   1.03%   1.25%   0.98%   1.30%   0.98%
Adjusted return on average assets   1.25%   1.20%   1.15%   1.25%   0.98%   1.23%   0.97%
                                    
Average common equity  $3,530,869   $3,462,871   $3,383,554   $3,324,960   $3,293,049   $3,496,870   $3,271,787 
Average tangible common equity  $2,433,958   $2,361,544   $2,277,810   $2,214,775   $2,178,323   $2,397,751   $2,154,720 
Return on average common equity   10.34%   8.63%   7.73%   9.56%   7.63%   9.49%   7.58%
Adjusted return on average tangible common equity   13.35%   12.88%   12.81%   14.35%   11.53%   13.12%   11.47%
                                    
Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations (continued)

 

Adjusted Efficiency Ratio (TE)  Table 9B 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023   2024   2023 
Adjusted Noninterest Expense                                   
Total noninterest expense  $155,357   $148,711   $149,011   $141,446   $148,403   $304,068   $287,824 
Adjustment items:                                   
FDIC special assessment   895    (2,909)   (11,566)   —    —    (2,014)   — 
Gain on bank premises   —    —    1,903    —    —    —    — 
Adjusted noninterest expense  $156,252   $145,802   $139,348   $141,446   $148,403   $302,054   $287,824 
                                    
Total Revenue                                   
Net interest income  $211,921   $201,388   $206,101   $207,751   $209,540   $413,309   $421,192 
Noninterest income   88,711    65,878    56,248    63,181    67,349    154,589    123,399 
Total revenue  $300,632   $267,266   $262,349   $270,932   $276,889   $567,898   $544,591 
                                    
Adjusted Total Revenue                                   
Net interest income (TE)  $212,881   $202,338   $207,048   $208,701   $210,488   $415,219   $423,075 
Noninterest income   88,711    65,878    56,248    63,181    67,349    154,589    123,399 
Total revenue (TE)   301,592    268,216    263,296    271,882    277,837    569,808    546,474 
Adjustment items:                                   
(Gain) loss on securities   (12,335)   7    288    16    6    (12,328)   — 
Gain on sale of MSR   (4,713)   —    —    —    —    (4,713)   — 
Gain on BOLI proceeds   (466)   (998)   —    —    —    (1,464)   (486)
Adjusted total revenue (TE)  $284,078   $267,225   $263,584   $271,898   $277,843   $551,303   $545,988 
                                    
Efficiency ratio   51.68%   55.64%   56.80%   52.21%   53.60%   53.54%   52.85%
Adjusted efficiency ratio (TE)   55.00%   54.56%   52.87%   52.02%   53.41%   54.79%   52.72%

 

Tangible Book Value Per Share  Table 9C 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands except per share data)  2024   2024   2023   2023   2023   2024   2023 
Total shareholders' equity  $3,566,614   $3,484,738   $3,426,747   $3,347,069   $3,284,630   $3,566,614   $3,284,630 
Less:                                   
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangibles, net   79,120    83,527    87,949    92,375    96,800    79,120    96,800 
Total tangible shareholders' equity  $2,471,848   $2,385,565   $2,323,152   $2,239,048   $2,172,184   $2,471,848   $2,172,184 
                                    
Period end number of shares   69,066,573    69,115,263    69,053,341    69,138,461    69,139,783    69,066,573    69,139,783 
Book value per share (period end)  $51.64   $50.42   $49.62   $48.41   $47.51   $51.64   $47.51 
Tangible book value per share (period end)  $35.79   $34.52   $33.64   $32.38   $31.42   $35.79   $31.42 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations (continued)

 

Tangible Common Equity to Tangible Assets Table 9D 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands except per share data)  2024   2024   2023   2023   2023   2024   2023 
Total shareholders' equity  $3,566,614   $3,484,738   $3,426,747   $3,347,069   $3,284,630   $3,566,614   $3,284,630 
Less:                                   
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangibles, net   79,120    83,527    87,949    92,375    96,800    79,120    96,800 
Total tangible shareholders' equity  $2,471,848   $2,385,565   $2,323,152   $2,239,048   $2,172,184   $2,471,848   $2,172,184 
                                    
Total assets  $26,520,728   $25,655,445   $25,203,699   $25,697,830   $25,800,618   $26,520,728   $25,800,618 
Less:                                   
Goodwill   1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646    1,015,646 
Other intangibles, net   79,120    83,527    87,949    92,375    96,800    79,120    96,800 
Total tangible assets  $25,425,962   $24,556,272   $24,100,104   $24,589,809   $24,688,172   $25,425,962   $24,688,172 
                                    
Equity to Assets   13.45%   13.58%   13.60%   13.02%   12.73%   13.45%   12.73%
Tangible Common Equity to Tangible Assets   9.72%   9.71%   9.64%   9.11%   8.80%   9.72%   8.80%

 

PPNR ROA  Table 9E 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands except per share data)  2024   2024   2023   2023   2023   2024   2023 
Net income  $90,785   $74,312   $65,934   $80,115   $62,635   $165,097   $123,056 
Plus:                                   
Income taxes   35,717    23,138    24,452    24,912    20,335    58,855    38,466 
Provision for credit losses   18,773    21,105    22,952    24,459    45,516    39,878    95,245 
PPNR  $145,275   $118,555   $113,338   $129,486   $128,486   $263,830   $256,767 
                                    
Average Assets  $25,954,808   $25,295,088   $25,341,990   $25,525,913   $25,631,846   $25,624,948   $25,375,312 
                                    
Return on Average Assets (ROA)   1.41%   1.18%   1.03%   1.25%   0.98%   1.30%   0.98%
PPNR ROA   2.25%   1.89%   1.77%   2.01%   2.01%   2.07%   2.04%

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Segment Reporting  Table 10 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023   2024   2023 
Retail Mortgage Division                                   
Net interest income  $23,742   $23,287   $24,053   $22,805   $21,417   $47,029   $41,444 
Provision for credit losses   (2,882)   2,332    1,005    2,399    3,278    (550)   6,131 
Noninterest income   50,145    38,765    30,588    35,691    39,808    88,910    70,866 
Noninterest expense                                   
Salaries and employee benefits   25,254    21,073    16,996    21,231    21,930    46,327    42,090 
Occupancy and equipment expenses   1,008    1,049    1,210    1,182    1,224    2,057    2,507 
Data processing and telecommunications expenses   1,276    1,366    1,318    1,052    1,397    2,642    2,466 
Other noninterest expenses   13,397    12,530    11,634    12,153    11,859    25,927    23,606 
Total noninterest expense   40,935    36,018    31,158    35,618    36,410    76,953    70,669 
Income before income tax expense   35,834    23,702    22,478    20,479    21,537    59,536    35,510 
Income tax expense   7,525    4,978    4,720    4,301    4,523    12,503    7,457 
Net income  $28,309   $18,724   $17,758   $16,178   $17,014   $47,033   $28,053 
                                    
Warehouse Lending Division                                   
Net interest income  $6,292   $6,028   $5,965   $6,008   $6,166   $12,320   $11,866 
Provision for credit losses   359    145    (68)   (589)   411    504    217 
Noninterest income   1,028    740    929    662    1,404    1,768    1,884 
Noninterest expense                                   
Salaries and employee benefits   1,124    888    296    924    772    2,012    1,574 
Occupancy and equipment expenses   7    7    3    1    —    14    1 
Data processing and telecommunications expenses   59    25    51    30    44    84    90 
Other noninterest expenses   298    237    229    219    223    535    425 
Total noninterest expense   1,488    1,157    579    1,174    1,039    2,645    2,090 
Income before income tax expense   5,473    5,466    6,383    6,085    6,120    10,939    11,443 
Income tax expense   1,149    1,148    1,340    1,278    1,285    2,297    2,403 
Net income  $4,324   $4,318   $5,043   $4,807   $4,835   $8,642   $9,040 
                                    
Premium Finance Division                                   
Net interest income  $8,350   $7,605   $7,801   $9,381   $8,185   $15,955   $16,825 
Provision for credit losses   408    (499)   27    139    572    (91)   606 
Noninterest income   11    10    9    4    9    21    18 
Noninterest expense                                   
Salaries and employee benefits   1,900    2,053    1,973    2,308    2,122    3,953    4,319 
Occupancy and equipment expenses   70    76    83    89    83    146    142 
Data processing and telecommunications expenses   102    79    100    73    66    181    151 
Other noninterest expenses   1,095    1,028    1,057    1,027    1,036    2,123    2,133 
Total noninterest expense   3,167    3,236    3,213    3,497    3,307    6,403    6,745 
Income before income tax expense   4,786    4,878    4,570    5,749    4,315    9,664    9,492 
Income tax expense   953    984    945    1,170    869    1,937    1,919 
Net income  $3,833   $3,894   $3,625   $4,579   $3,446   $7,727   $7,573 

 

 

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Segment Reporting (continued)  Table 10 
   Three Months Ended   Six  Months Ended 
   Jun   Mar   Dec   Sep   Jun   Jun   Jun 
(dollars in thousands)  2024   2024   2023   2023   2023   2024   2023 
Banking Division                                   
Net interest income  $173,537   $164,468   $168,282   $169,557   $173,772   $338,005   $351,057 
Provision for credit losses   20,888    19,127    21,988    22,510    41,255    40,015    88,291 
Noninterest income   37,527    26,363    24,722    26,824    26,128    63,890    50,631 
Noninterest expense                                   
Salaries and employee benefits   59,923    58,916    56,701    57,435    56,512    118,839    114,263 
Occupancy and equipment expenses   11,474    11,753    11,901    11,473    11,215    23,227    22,858 
Data processing and telecommunications expenses   13,756    13,184    12,559    11,818    11,944    26,940    23,778 
Other noninterest expenses   24,614    24,447    32,900    20,431    27,976    49,061    47,421 
Total noninterest expense   109,767    108,300    114,061    101,157    107,647    218,067    208,320 
Income before income tax expense   80,409    63,404    56,955    72,714    50,998    143,813    105,077 
Income tax expense   26,090    16,028    17,447    18,163    13,658    42,118    26,687 
Net income  $54,319   $47,376   $39,508   $54,551   $37,340   $101,695   $78,390 
                                    
Total Consolidated                                   
Net interest income  $211,921   $201,388   $206,101   $207,751   $209,540   $413,309   $421,192 
Provision for credit losses   18,773    21,105    22,952    24,459    45,516    39,878    95,245 
Noninterest income   88,711    65,878    56,248    63,181    67,349    154,589    123,399 
Noninterest expense                                   
Salaries and employee benefits   88,201    82,930    75,966    81,898    81,336    171,131    162,246 
Occupancy and equipment expenses   12,559    12,885    13,197    12,745    12,522    25,444    25,508 
Data processing and telecommunications expenses   15,193    14,654    14,028    12,973    13,451    29,847    26,485 
Other noninterest expenses   39,404    38,242    45,820    33,830    41,094    77,646    73,585 
Total noninterest expense   155,357    148,711    149,011    141,446    148,403    304,068    287,824 
Income before income tax expense   126,502    97,450    90,386    105,027    82,970    223,952    161,522 
Income tax expense   35,717    23,138    24,452    24,912    20,335    58,855    38,466 
Net income  $90,785   $74,312   $65,934   $80,115   $62,635   $165,097   $123,056