Ameris Bancorp Files 2023 10-K, Details Financials

TL;DR

**Ameris Bancorp just dropped its 2023 10-K, giving us the full financial picture for the year!**

AI Summary

Ameris Bancorp (ABCB) filed its 10-K on February 28, 2024, for the fiscal year ended December 31, 2023. The filing details the company's financial performance and position, with its business address at 3490 Piedmont Rd, Suite 1550, Atlanta, GA 30305. The company, incorporated in Georgia, operates as a state commercial bank.

Why It Matters

This filing provides a comprehensive look into Ameris Bancorp's financial health and operational performance, crucial for investors and stakeholders to assess its stability and future prospects in the banking sector.

Risk Assessment

Risk Level: medium — As a commercial bank, Ameris Bancorp faces inherent risks related to interest rate fluctuations, credit quality, and economic conditions, which are typical for the banking industry.

Key Players & Entities

• Ameris Bancorp (company) — Filer of the 10-K
• ABCB (company) — Ticker symbol
• Georgia (location) — State of incorporation
• December 31, 2023 (date) — Conformed period of report end date
• February 28, 2024 (date) — Filed as of date

FAQ

Key Financial Figures

• $1 — ich registered Common Stock, par value $1 per share ABCB Nasdaq Global Select Mar
• $1.00 — ding 69,030,167 shares of common stock, $1.00 par value per share. DOCUMENTS INCORP
• $25.20 billion — December 31, 2023, we had approximately $25.20 billion in total assets, $20.55 billion in tota
• $20.55 billion — imately $25.20 billion in total assets, $20.55 billion in total loans, $20.71 billion in total
• $20.71 billion — assets, $20.55 billion in total loans, $20.71 billion in total deposits and $3.43 billion of
• $3.43 billion — s, $20.71 billion in total deposits and $3.43 billion of shareholders' equity. Our deposits a
• $4.0 billion — completed in July 2019 and which added $4.0 billion in deposits. In addition, in December 2
• $20.55 b — ur loan portfolio totaled approximately $20.55 billion, representing approximately 81.5%
• $500,000 — ications to existing loans in excess of $500,000 are reviewed monthly by the Company's C
• $110.0 million — mpleted the public offering and sale of $110.0 million in aggregate principal amount of its 3.
• $120.0 million — mpleted the public offering and sale of $120.0 million in aggregate principal amount of its 4.
• $12.0 million — e open market and subsequently redeemed $12.0 million in aggregate principal of the 2029 subo
• $75.0 million — mpleted the public offering and sale of $75.0 million in aggregate principal amount of its 5.
• $130.3 million — tures with a net book carrying value of $130.3 million as of December 31, 2023. The majority o

Filing Documents

• abcb-20231231.htm (10-K) — 4993KB
• ex41descriptionofregistere.htm (EX-4.1) — 19KB
• abcb12-31x2023ex211.htm (EX-21.1) — 13KB
• abcb12-31x2023ex231.htm (EX-23.1) — 2KB
• abcb12-31x2023ex311.htm (EX-31.1) — 11KB
• abcb12-31x2023ex312.htm (EX-31.2) — 12KB
• abcb12-31x2023ex321.htm (EX-32.1) — 6KB
• abcb12-31x2023ex322.htm (EX-32.2) — 6KB
• ex971policyforrecoveryofer.htm (EX-97.1) — 32KB
• abcb-20231231_g1.jpg (GRAPHIC) — 1073KB
• abcb-20231231_g2.jpg (GRAPHIC) — 89KB
• 0000351569-24-000006.txt ( ) — 27855KB
• abcb-20231231.xsd (EX-101.SCH) — 120KB
• abcb-20231231_cal.xml (EX-101.CAL) — 189KB
• abcb-20231231_def.xml (EX-101.DEF) — 614KB
• abcb-20231231_lab.xml (EX-101.LAB) — 1452KB
• abcb-20231231_pre.xml (EX-101.PRE) — 1031KB
• abcb-20231231_htm.xml (XML) — 5962KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 25

Cybersecurity

Item 1C. Cybersecurity 25

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

[Reserved]

Item 6. [Reserved] 29

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 55

Controls and Procedures

Item 9A. Controls and Procedures 55

Other Information

Item 9B. Other Information 55

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 56

Executive Compensation

Item 11. Executive Compensation 56

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 57

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 57 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 57

Form 10-K Summary

Item 16. Form 10-K Summary 57 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") and the documents incorporated by reference herein may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of words such as "may," "might," "will," "would," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "probable," "potential," "possible," "target," "continue," "look forward," or "assume," and words of similar import. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and events may differ, possibly materially, from the anticipated results or events indicated in these forward-looking statements. Forward-looking statements are not guarantees of future performance, and we caution you not to place undue reliance on these statements. You should understand that important factors, including, but not limited to, the following, in addition to those described in Part I, Item 1A., "Risk Factors," and elsewhere in this Annual Report, as well as in the documents which are incorporated by reference into this Annual Report, and those described from time to time in our future reports filed with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), could cause actual results to differ materially from those expressed in such forward-looking statements: the effects of changes in interest rates on the levels, composition and costs of deposits, loan demand, and the values and liquidity of loan collateral, securities and interest-sensitive assets and liabilities; the eff

BUSINESS

ITEM 1. BUSINESS OVERVIEW We are a financial holding company whose business is conducted primarily through our wholly owned banking subsidiary, Ameris Bank (the "Bank"), which provides a full range of banking services to its retail and commercial customers who are primarily concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Company's executive office is located at 3490 Piedmont Road N.E., Suite 1550, Atlanta, Georgia 30305, our telephone number is (404) 639-6500 and our internet address is www.amerisbank.com. We operate 164 full-service domestic banking offices. We do not operate in any foreign countries. At December 31, 2023, we had approximately $25.20 billion in total assets, $20.55 billion in total loans, $20.71 billion in total deposits and $3.43 billion of shareholders' equity. Our deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation (the "FDIC"). We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge on our website at www.amerisbank.com as soon as reasonably practicable after we electronically file such material with the SEC. These reports are also available without charge on the SEC's website at www.sec.gov. The Parent Company Our primary business as a bank holding company is to manage the business and affairs of the Bank. As a bank holding company, we perform certain shareholder and investor relations functions and seek to provide financial support, if necessary, to the Bank. Ameris Bank Our principal subsidiary is the Bank, which is headquartered in Atlanta, Georgia and operates branches primarily concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. These branches serve distinct communities in our business areas with autonomy but do so as o

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View this 10-K filing on SEC EDGAR