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AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS
PR Newswire
ATLANTA, Jan. 26, 2023

Highlights of the Company’s results for the full year 2022 include the following:
Net income of $346.5 million, or $4.99 per diluted sha…

Published

1 year ago

January 26, 2023

Invesbrain Aggregator

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS

PR Newswire

ATLANTA, Jan. 26, 2023

Highlights of the Company's results for the full year 2022 include the following:

Net income of $346.5 million, or $4.99 per diluted share
Growth in tangible book value⁽¹⁾ of $3.66 per share, or 13.9%, to $29.92 at December 31, 2022
Improvement in net interest margin of 44bps, from 3.32% for 2021 to 3.76% for 2022
Growth in total revenue of $64.6 million, or 6.3%, to $1.09 billion this year
Adjusted efficiency ratio⁽¹⁾ of 52.54%, compared with 55.00% last year
Organic growth in loans of $3.51 billion, or 22.1%
Growth in TCE ratio⁽¹⁾ of 62bps, or 7.7%, to 8.67% at December 31, 2022
Growth in noninterest-bearing deposits, representing 40.74% of total deposits, from 39.54% a year ago

Significant items from the Company's results for the fourth quarter of 2022 include the following:

Net income of $82.2 million, or $1.18 per diluted share
Growth in tangible book value⁽¹⁾ of $1.30 per share, or 18.0% annualized, to $29.92 at December 31, 2022
Improvement in net interest margin of 6bps, from 3.97% last quarter to 4.03% this quarter
Growth in net interest income of $11.2 million, or 5.2%, to $224.1 million for the fourth quarter of 2022
Adjusted return on average assets⁽¹⁾ of 1.32%
Adjusted return on average tangible common equity⁽¹⁾ of 15.78%

ATLANTA, Jan. 26, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022, compared with $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021. The Company reported adjusted net income⁽¹⁾ of $81.1 million, or $1.17 per diluted share, for the quarter ended December 31, 2022, compared with $81.5 million, or $1.17 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, natural disaster and pandemic expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, gain/loss on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.

For the year ended December 31, 2022, the Company reported net income of $346.5 million, or $4.99 per diluted share, compared with $376.9 million, or $5.40 per diluted share, for 2021. The Company reported adjusted net income⁽¹⁾ of $329.4 million, or $4.75 per diluted share, for the year ended December 31, 2022, compared with $368.7 million, or $5.29 per diluted share, for 2021. Adjusted net income for the year excludes the same items listed above for the fourth quarter.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The strong financial results we are reporting today are a direct result of our team's continued focus and discipline. The fourth quarter was another strong quarter where we grew tangible book value, expanded the margin, protected our balance sheet and improved our efficiency ratio. The additional provision for credit losses we recorded this quarter is attributable to loan growth and the economic forecast and strengthens our position as we move into 2023. Despite forecasted challenging economic conditions and potential market volatility, we are well positioned for 2023 as we focus on core fundamentals in our strong Southeastern markets."

Increase in Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2022 increased to $804.9 million, compared with $659.9 million for 2021. The Company's net interest margin was 3.76% for 2022, an increase from 3.32% reported for 2021. The Company recorded accretion expense of $285,000 for 2022, compared with accretion income of $16.3 million for 2021. The increase in net interest margin is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year, along with the rising interest rate environment.

Net interest income on a tax-equivalent basis (TE) grew to $225.1 million in the fourth quarter of 2022, an increase of $11.2 million, or 5.2%, from last quarter and $57.2 million, or 34.1%, compared with the fourth quarter of 2021. The Company's net interest margin improved to 4.03% for the fourth quarter of 2022, up from 3.97% reported for the third quarter of 2022 and 3.18% reported for the fourth quarter of 2021.

Yields on earning assets increased 54 basis points during the quarter to 4.91%, compared with 4.37% in the third quarter of 2022, and increased 152 basis points from 3.39% in the fourth quarter of 2021. Yields on loans increased to 5.07% during the fourth quarter of 2022, compared with 4.62% for the third quarter of 2022 and 4.26% for the fourth quarter of 2021. In addition, the Company incurred net accretion expense in the fourth quarter of $315,000, compared with $597,000 in the third quarter of 2022 and accretion income of $2.8 million for the fourth quarter of 2021.

Loan production in the banking division during the fourth quarter of 2022 was $612.9 million, with weighted average yields of 7.92%, compared with $1.12 billion and 6.26%, respectively, in the third quarter of 2022 and $1.15 billion and 3.35%, respectively, in the fourth quarter of 2021. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.6 billion during the fourth quarter of 2022, with weighted average yields of 6.06%, compared with $4.6 billion and 5.29%, respectively, during the third quarter of 2022 and $5.5 billion and 3.43%, respectively, during the fourth quarter of 2021.

The Company's total cost of funds was 0.94% in the fourth quarter of 2022, an increase of 52 basis points compared with the third quarter of 2022. Deposit costs increased 39 basis point during the fourth quarter of 2022 to 0.68%, compared with 0.29% in the third quarter of 2022. Costs of interest-bearing deposits increased during the quarter from 0.49% in the third quarter of 2022 to 1.17% in the fourth quarter of 2022, reflecting deposit pricing adjustments made at the end of the third quarter and during the fourth quarter.

Noninterest Income

Noninterest income decreased $17.0 million, or 26.0%, in the fourth quarter of 2022 to $48.3 million, compared with $65.3 million for the third quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $17.5 million, or 43.4%, to $22.9 million in the fourth quarter of 2022, compared with $40.4 million for the third quarter of 2022. Gain on sale spreads decreased to 1.26% in the fourth quarter of 2022 from 2.10% for the third quarter of 2022. Total production in the retail mortgage division decreased to $947.3 million in the fourth quarter of 2022, compared with $1.26 billion for the third quarter of 2022. The retail mortgage open pipeline was $507.1 million at the end of the fourth quarter of 2022, compared with $520.0 million at September 30, 2022. Mortgage banking activity included a $1.3 million recovery of servicing right impairment and a $316,000 loss on sale of MSR recorded in the third quarter of 2022, compared with a $1.7 million gain on sale of MSR for the fourth quarter of 2022.

For the full year 2022, noninterest income decreased $81.1 million, or 22.2%, to $284.4 million, compared with $365.5 million for 2021, primarily as a result of decreased mortgage banking activity, which declined by $101.0 million, or 35.3%, to $184.9 million in 2022, compared with $285.9 million in 2021. Production in the retail mortgage division decreased to $5.5 billion in 2022, compared with $8.9 billion in 2021, while gain on sale spreads narrowed to 2.27% in 2022 from 3.31% in 2021. Other noninterest income increased $21.1 million, or 70.7%, to $50.9 million for 2022, compared with $29.8 million for 2021, primarily as a result of an $18.1 million increase in noninterest income in our equipment finance division of the bank. Also contributing to the increase were increases of $1.9 million in both BOLI income and swap fee income.

Noninterest Expense

Noninterest expense decreased $4.5 million, or 3.2%, to $135.1 million during the fourth quarter of 2022, compared with $139.6 million for the third quarter of 2022. During the fourth quarter of 2022, the Company recorded merger and conversion charges of $235,000, compared with natural disaster and pandemic charges of $151,000 during the third quarter of 2022. Excluding those charges, adjusted expenses⁽¹⁾ decreased approximately $4.6 million, or 3.3%, to $134.8 million in the fourth quarter of 2022, from $139.4 million in the third quarter of 2022. The decrease in adjusted expenses⁽¹⁾ resulted from a $7.3 million decline in mortgage expenses related to reduced production, offset by a $3.0 million increase in the banking division, the majority of which was related to compensation, incentives and benefits. Management continues to deliver high performing operating efficiency, as the adjusted efficiency ratio⁽¹⁾ decreased to 49.92% in the fourth quarter of 2022, compared with 50.06% in the third quarter of 2022.

For the full year 2022, noninterest expense increased $531,000 to $560.7 million, compared with $560.1 million in 2021. During 2022, the Company recorded $1.3 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $4.7 million in charges in 2021 that were principally related to merger and conversion charges. Excluding these charges, adjusted expenses increased $3.9 million, or 0.7%, to $559.3 million in 2022, from $555.4 million in 2021. This increase is primarily attributable to expansion of our equipment finance division in December 2021, partially offset by a reduction in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2022 was 23.5%, compared with 24.0% in 2021. The Company's effective tax rate for the fourth quarter of 2022 was 21.3%, compared with 23.6% in the third quarter of 2022. The decreased rate for the fourth quarter of 2022 was primarily a result of the impact of state rates applied to the Company's deferred tax asset.

Balance Sheet Trends

Total assets at December 31, 2022 were $25.05 billion, compared with $23.86 billion at December 31, 2021. The Company has improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $907.4 million, or 153.1%, from $592.6 million at December 31, 2021 to $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $3.98 billion, or 25.1%, to $19.86 billion at December 31, 2022, compared with $15.87 billion at December 31, 2021. Organic loan growth in the fourth quarter of 2022 was $576.1 million, or 12.3% annualized, which was diversified across the portfolio, including commercial and industrial, residential mortgages, construction and mortgage warehouse. The Company purchased approximately $472 million of cash value life insurance secured loans during the fourth quarter of 2022, complementing our existing offerings of this product. Loans held for sale decreased $862.6 million from $1.25 billion at December 31, 2021 to $392.1 million at December 31, 2022 due to a decline in mortgage activity resulting from the rising rate environment.

At December 31, 2022, total deposits amounted to $19.46 billion, or 90.7% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021. At December 31, 2022, noninterest-bearing deposit accounts were $7.93 billion, or 40.7% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.80 billion at December 31, 2022, compared with $12.52 billion at December 31, 2021. These funds represented 65.7% of the Company's total deposits at December 31, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.

Shareholders' equity at December 31, 2022 totaled $3.20 billion, an increase of $230.9 million, or 7.8%, from December 31, 2021. The increase in shareholders' equity was primarily the result of earnings of $346.5 million during 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio. Tangible book value per share⁽¹⁾ increased $1.30 per share, or 18.0% annualized, during the fourth quarter to $29.92 at December 31, 2022. The Company recorded an improvement of $0.06 per share of tangible book value⁽¹⁾ this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. For the year-to-date period, tangible book value per share⁽¹⁾ increased $3.66, or 13.9%, to $29.92 at December 31, 2022, compared with $26.26 at December 31, 2021. Tangible common equity as a percentage of tangible assets was 8.67% at December 31, 2022, compared with 8.05% at the end of 2021.

Credit Quality

Credit quality remains strong in the Company. During the fourth quarter of 2022, the Company recorded a provision for credit losses of $32.9 million, compared with a provision of $17.7 million in the third quarter of 2022. The fourth quarter provision was primarily attributable to loan growth of $1.05 billion during the quarter, the updated economic forecast and the related impacts to unfunded commitments. Nonperforming assets as a percentage of total assets increased six basis points to 0.61% during the quarter. Approximately $69.6 million, or 45.3%, of the nonperforming assets at December 31, 2022 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.34% at December 31, 2022, compared with 0.32% at September 30, 2022. The net charge-off ratio was eight basis points for the fourth quarter of 2022, compared with 11 basis points in the third quarter of 2022 and a net recovery of one basis point in the fourth quarter of 2021.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 27, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants). The conference call access code is 929912. A replay of the call will be available one hour after the end of the conference call until February 10, 2023. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 597631. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

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; 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 cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; 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, 2021 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.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Financial Highlights	Table 1
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands except per share data)	2022	2022	2022	2022	2021	2022	2021
EARNINGS
Net income	$ 82,221	$ 92,555	$ 90,066	$ 81,698	$ 81,944	$ 346,540	$ 376,913
Adjusted net income	$ 81,086	$ 91,817	$ 81,473	$ 75,039	$ 81,544	$ 329,415	$ 368,699

COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$ 1.19	$ 1.34	$ 1.30	$ 1.18	$ 1.18	$ 5.01	$ 5.43
Diluted	$ 1.18	$ 1.34	$ 1.30	$ 1.17	$ 1.18	$ 4.99	$ 5.40
Adjusted diluted EPS⁽¹⁾	$ 1.17	$ 1.32	$ 1.18	$ 1.08	$ 1.17	$ 4.75	$ 5.29
Cash dividends per share	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.60	$ 0.60
Book value per share (period end)	$ 46.09	$ 44.97	$ 44.31	$ 43.31	$ 42.62	$ 46.09	$ 42.62
Tangible book value per share (period end)⁽¹⁾	$ 29.92	$ 28.62	$ 27.89	$ 26.84	$ 26.26	$ 29.92	$ 26.26
Weighted average number of shares
Basic	69,138,431	69,124,855	69,136,046	69,345,735	69,398,594	69,193,591	69,431,860
Diluted	69,395,224	69,327,414	69,316,258	69,660,990	69,738,426	69,419,721	69,761,394
Period end number of shares	69,369,050	69,352,709	69,360,461	69,439,084	69,609,228	69,369,050	69,608,228
Market data
High intraday price	$ 54.24	$ 50.94	$ 46.28	$ 55.62	$ 56.64	$ 55.62	$ 59.85
Low intraday price	$ 44.61	$ 38.22	$ 39.37	$ 43.56	$ 46.20	$ 38.22	$ 36.60
Period end closing price	$ 47.14	$ 44.71	$ 40.18	$ 43.88	$ 49.68	$ 47.14	$ 49.68
Average daily volume	$ 340,890	$ 346,522	$ 446,121	$ 471,858	$ 350,119	$ 400,670	$ 407,447

PERFORMANCE RATIOS
Return on average assets	1.34 %	1.56 %	1.54 %	1.42 %	1.41 %	1.47 %	1.73 %
Adjusted return on average assets⁽¹⁾	1.32 %	1.54 %	1.40 %	1.31 %	1.40 %	1.39 %	1.69 %
Return on average common equity	10.30 %	11.76 %	11.87 %	11.06 %	11.06 %	11.24 %	13.33 %
Adjusted return on average tangible common equity⁽¹⁾	15.78 %	18.33 %	17.18 %	16.38 %	16.88 %	16.92 %	20.19 %
Earning asset yield (TE)	4.91 %	4.37 %	3.88 %	3.56 %	3.39 %	4.19 %	3.56 %
Total cost of funds	0.94 %	0.42 %	0.22 %	0.22 %	0.23 %	0.46 %	0.25 %
Net interest margin (TE)	4.03 %	3.97 %	3.66 %	3.35 %	3.18 %	3.76 %	3.32 %
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	14.97 %	21.74 %	29.09 %	32.05 %	31.31 %	24.04 %	34.01 %
Efficiency ratio	49.57 %	50.15 %	51.67 %	55.43 %	55.66 %	51.65 %	54.87 %
Adjusted efficiency ratio (TE)⁽¹⁾	49.92 %	50.06 %	53.66 %	56.95 %	54.85 %	52.54 %	55.00 %

CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.76 %	13.10 %	12.97 %	12.76 %	12.43 %	12.76 %	12.43 %
Tangible common equity to tangible assets⁽¹⁾	8.67 %	8.75 %	8.58 %	8.32 %	8.05 %	8.67 %	8.05 %

OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,079	2,071	2,050	2,033	2,008	2,079	2,008
Retail Mortgage Division	633	671	712	714	739	633	739
Warehouse Lending Division	8	9	9	10	12	8	12
SBA Division	39	40	36	35	34	39	34
Premium Finance Division	76	77	78	77	72	76	72
Total Ameris Bancorp FTE headcount	2,835	2,868	2,885	2,869	2,865	2,835	2,865

Assets per Banking Division FTE	$ 12,051	$ 11,499	$ 11,555	$ 11,589	$ 11,882	$ 12,051	$ 11,882
Branch locations	164	164	164	165	165	164	165
Deposits per branch location	$ 118,675	$ 118,701	$ 120,030	$ 118,718	$ 119,185	$ 118,675	$ 119,185

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Income Statement	Table 2
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands except per share data)	2022	2022	2022	2022	2021	2022	2021
Interest income
Interest and fees on loans	$ 250,263	$ 216,400	$ 190,740	$ 177,566	$ 170,813	$ 834,969	$ 676,089
Interest on taxable securities	13,029	10,324	7,064	4,239	5,866	34,656	22,524
Interest on nontaxable securities	358	363	269	186	156	1,176	575
Interest on deposits in other banks	9,984	7,188	4,463	1,373	1,521	23,008	3,882
Interest on federal funds sold	8	27	32	10	9	77	42
Total interest income	273,642	234,302	202,568	183,374	178,365	893,886	703,112

Interest expense
Interest on deposits	33,071	14,034	4,908	4,092	4,678	56,105	22,357
Interest on other borrowings	16,434	7,287	6,296	6,738	6,850	36,755	25,428
Total interest expense	49,505	21,321	11,204	10,830	11,528	92,860	47,785

Net interest income	224,137	212,981	191,364	172,544	166,837	801,026	655,327

Provision for loan losses	24,648	17,469	13,227	(2,734)	(13,619)	52,610	(35,081)
Provision for unfunded commitments	8,246	192	1,779	9,009	16,388	19,226	332
Provision for other credit losses	(4)	(9)	(82)	(44)	(10)	(139)	(616)
Provision for credit losses	32,890	17,652	14,924	6,231	2,759	71,697	(35,365)
Net interest income after provision for credit losses	191,247	195,329	176,440	166,313	164,078	729,329	690,692

Noninterest income
Service charges on deposit accounts	11,125	11,168	11,148	11,058	11,784	44,499	45,106
Mortgage banking activity	22,855	40,350	58,761	62,938	60,723	184,904	285,900
Other service charges, commissions and fees	968	970	998	939	962	3,875	4,188
Gain (loss) on securities	3	(21)	248	(27)	(4)	203	515
Other noninterest income	13,397	12,857	12,686	12,003	8,304	50,943	29,835
Total noninterest income	48,348	65,324	83,841	86,911	81,769	284,424	365,544

Noninterest expense
Salaries and employee benefits	75,196	78,697	81,545	84,281	76,615	319,719	337,776
Occupancy and equipment	12,905	12,983	12,746	12,727	13,494	51,361	48,066
Data processing and communications expenses	12,486	12,015	12,155	12,572	11,534	49,228	45,976
Credit resolution-related expenses⁽¹⁾	372	126	496	(965)	1,992	29	3,538
Advertising and marketing	3,818	3,553	3,122	1,988	2,381	12,481	8,434
Amortization of intangible assets	4,709	4,710	5,144	5,181	3,387	19,744	14,965
Merger and conversion charges	235	—	—	977	4,023	1,212	4,206
Other noninterest expenses	25,340	27,494	26,988	27,059	24,943	106,881	97,163
Total noninterest expense	135,061	139,578	142,196	143,820	138,369	560,655	560,124

Income before income tax expense	104,534	121,075	118,085	109,404	107,478	453,098	496,112
Income tax expense	22,313	28,520	28,019	27,706	25,534	106,558	119,199
Net income	$ 82,221	$ 92,555	$ 90,066	$ 81,698	$ 81,944	$ 346,540	$ 376,913

Diluted earnings per common share	$ 1.18	$ 1.34	$ 1.30	$ 1.17	$ 1.18	$ 4.99	$ 5.40

(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
	Dec	Sep	Jun	Mar	Dec
(dollars in thousands)	2022	2022	2022	2022	2021
Assets
Cash and due from banks	$ 284,567	$ 269,193	$ 345,627	$ 257,316	$ 307,813
Federal funds sold and interest-bearing deposits in banks	833,565	1,061,975	1,961,209	3,541,144	3,756,844
Debt securities available-for-sale, at fair value	1,500,060	1,255,149	1,052,268	579,204	592,621
Debt securities held-to-maturity, at amortized cost	134,864	130,214	111,654	91,454	79,850
Other investments	110,992	60,560	49,500	49,395	47,552
Loans held for sale	392,078	297,987	555,665	901,550	1,254,632

Loans, net of unearned income	19,855,253	18,806,856	17,561,022	16,143,801	15,874,258
Allowance for credit losses	(205,677)	(184,891)	(172,642)	(161,251)	(167,582)
Loans, net	19,649,576	18,621,965	17,388,380	15,982,550	15,706,676

Other real estate owned	843	843	835	1,910	3,810
Premises and equipment, net	220,283	222,694	224,249	224,293	225,400
Goodwill	1,015,646	1,023,071	1,023,056	1,022,345	1,012,620
Other intangible assets, net	106,194	110,903	115,613	120,757	125,938
Cash value of bank owned life insurance	388,405	386,533	384,862	332,914	331,146
Other assets	416,213	372,570	474,552	455,460	413,419
Total assets	$ 25,053,286	$ 23,813,657	$ 23,687,470	$ 23,560,292	$ 23,858,321

Liabilities
Deposits
Noninterest-bearing	$ 7,929,579	$ 8,343,200	$ 8,262,929	$ 7,870,207	$ 7,774,823
Interest-bearing	11,533,159	11,123,719	11,422,053	11,718,234	11,890,730
Total deposits	19,462,738	19,466,919	19,684,982	19,588,441	19,665,553
Federal funds purchased and securities sold under agreements to repurchase	—	—	953	2,065	5,845
Other borrowings	1,875,736	725,664	425,592	425,520	739,879
Subordinated deferrable interest debentures	128,322	127,823	127,325	126,827	126,328
Other liabilities	389,090	374,181	375,242	410,280	354,265
Total liabilities	21,855,886	20,694,587	20,614,094	20,553,133	20,891,870

Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	72,264	72,247	72,251	72,212	72,017
Capital stock	1,935,211	1,932,906	1,931,088	1,928,702	1,924,813
Retained earnings	1,311,258	1,239,477	1,157,359	1,077,725	1,006,436
Accumulated other comprehensive income (loss), net of tax	(46,507)	(50,734)	(12,635)	(1,841)	15,590
Treasury stock	(74,826)	(74,826)	(74,687)	(69,639)	(52,405)
Total shareholders' equity	3,197,400	3,119,070	3,073,376	3,007,159	2,966,451
Total liabilities and shareholders' equity	$ 25,053,286	$ 23,813,657	$ 23,687,470	$ 23,560,292	$ 23,858,321

Other Data
Earning assets	$ 22,826,812	$ 21,612,741	$ 21,291,318	$ 21,306,548	$ 21,605,757
Intangible assets	1,121,840	1,133,974	1,138,669	1,143,102	1,138,558
Interest-bearing liabilities	13,537,217	11,977,206	11,975,923	12,272,646	12,762,782
Average assets	24,354,979	23,598,465	23,405,201	23,275,654	23,054,847
Average common shareholders' equity	3,168,320	3,123,718	3,043,280	2,994,652	2,939,507

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Asset Quality Information	Table 4
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands)	2022	2022	2022	2022	2021	2022	2021
Allowance for Credit Losses
Balance at beginning of period	$ 229,135	$ 216,703	$ 203,615	$ 200,981	$ 188,234	$ 200,981	$ 233,105


Acquired allowance for purchased credit deteriorated loans	—	—	—	—	9,432	—	9,432

Provision for loan losses	24,648	17,469	13,227	(2,734)	(13,619)	52,610	(35,081)
Provision for unfunded commitments	8,246	192	1,779	9,009	16,388	19,226	332
Provision for other credit losses	(4)	(9)	(82)	(44)	(10)	(139)	(616)
Provision for credit losses	32,890	17,652	14,924	6,231	2,759	71,697	(35,365)

Charge-offs	8,371	9,272	6,853	8,579	3,367	33,075	21,616
Recoveries	4,509	4,052	5,017	4,982	3,923	18,560	15,425
Net charge-offs (recoveries)	3,862	5,220	1,836	3,597	(556)	14,515	6,191

Ending balance	$ 258,163	$ 229,135	$ 216,703	$ 203,615	$ 200,981	$ 258,163	$ 200,981

Allowance for loan losses	$ 205,677	$ 184,891	$ 172,642	$ 161,251	$ 167,582	$ 205,677	$ 167,582
Allowance for unfunded commitments	52,411	44,165	43,973	42,194	33,185	52,411	33,185
Allowance for other credit losses	75	79	88	170	214	75	214
Total allowance for credit losses	$ 258,163	$ 229,135	$ 216,703	$ 203,615	$ 200,981	$ 258,163	$ 200,981

Net Charge-off Information
Charge-offs
Commercial, financial and agricultural	$ 5,108	$ 4,722	$ 4,391	$ 4,414	$ 1,003	$ 18,635	$ 7,760
Consumer	1,136	1,228	1,137	1,425	1,484	4,926	6,248
Indirect automobile	86	50	41	88	40	265	1,188
Premium Finance	1,812	1,205	1,066	1,369	526	5,452	3,668
Real estate - construction and development	27	—	—	—	21	27	233
Real estate - commercial and farmland	196	2,014	81	1,283	220	3,574	1,852
Real estate - residential	6	53	137	—	73	196	667
Total charge-offs	8,371	9,272	6,853	8,579	3,367	33,075	21,616
Recoveries
Commercial, financial and agricultural	2,072	2,201	2,785	2,896	2,389	9,954	5,727
Consumer	217	277	230	158	172	882	939
Indirect automobile	229	276	265	275	329	1,045	1,679
Premium Finance	1,682	1,023	1,113	1,247	633	5,065	4,870
Real estate - construction and development	223	96	355	218	210	892	506
Real estate - commercial and farmland	48	96	44	37	81	225	573
Real estate - residential	38	83	225	151	109	497	1,131
Total recoveries	4,509	4,052	5,017	4,982	3,923	18,560	15,425
Net charge-offs (recoveries)	$ 3,862	$ 5,220	$ 1,836	$ 3,597	$ (556)	$ 14,515	$ 6,191

Non-Performing Assets
Nonaccrual portfolio loans	$ 65,221	$ 64,055	$ 72,352	$ 59,316	$ 54,905	$ 65,221	$ 54,905
Other real estate owned	843	843	835	1,910	3,810	843	3,810
Repossessed assets	28	60	122	139	84	28	84
Accruing loans delinquent 90 days or more	17,865	12,378	8,542	6,584	12,648	17,865	12,648
Non-performing portfolio assets	$ 83,957	$ 77,336	$ 81,851	$ 67,949	$ 71,447	$ 83,957	$ 71,447
Serviced GNMA-guaranteed mortgage nonaccrual loans	69,587	54,621	50,560	43,281	30,361	69,587	30,361
Total non-performing assets	$ 153,544	$ 131,957	$ 132,411	$ 111,230	$ 101,808	$ 153,544	$ 101,808

Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets	0.34 %	0.32 %	0.35 %	0.29 %	0.30 %	0.34 %	0.30 %
Total non-performing assets as a percent of total assets	0.61 %	0.55 %	0.56 %	0.47 %	0.43 %	0.61 %	0.43 %
Net charge-offs as a percent of average loans (annualized)	0.08 %	0.11 %	0.04 %	0.09 %	(0.01) %	0.08 %	0.04 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Loan Information	Table 5
	Dec	Sep	Jun	Mar	Dec
(dollars in thousands)	2022	2022	2022	2022	2021
Loans by Type
Commercial, financial and agricultural	$ 2,679,403	$ 2,245,287	$ 2,022,845	$ 1,836,663	$ 1,875,993
Consumer	384,037	162,345	167,237	173,642	191,298
Indirect automobile	108,648	137,183	172,245	214,120	265,779
Mortgage warehouse	1,038,924	980,342	949,191	732,375	787,837
Municipal	509,151	516,797	529,268	547,926	572,701
Premium Finance	1,023,479	1,062,724	942,357	819,163	798,409
Real estate - construction and development	2,086,438	2,009,726	1,747,284	1,577,215	1,452,339
Real estate - commercial and farmland	7,604,868	7,516,309	7,156,017	6,924,475	6,834,917
Real estate - residential	4,420,305	4,176,143	3,874,578	3,318,222	3,094,985
Total loans	$ 19,855,253	$ 18,806,856	$ 17,561,022	$ 16,143,801	$ 15,874,258

Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$ 835	$ 1,342	$ 964	$ 868	$ 1,286
Consumer	3	6	9	13	16
Indirect automobile	533	595	759	893	1,037
Premium Finance	171	455	993	162	—
Real estate - construction and development	693	698	706	725	789
Real estate - commercial and farmland	7,995	8,091	8,213	17,161	35,575
Real estate - residential	24,166	24,516	24,456	24,664	26,879
Total accruing troubled debt restructurings	$ 34,396	$ 35,703	$ 36,100	$ 44,486	$ 65,582
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural	$ 743	$ 353	$ 364	$ 72	$ 83
Consumer	11	12	14	31	35
Indirect automobile	55	101	122	221	273
Real estate - construction and development	17	24	—	11	13
Real estate - commercial and farmland	767	66	788	788	5,924
Real estate - residential	4,181	3,494	4,369	4,341	4,678
Total nonaccrual troubled debt restructurings	$ 5,774	$ 4,050	$ 5,657	$ 5,464	$ 11,006
Total troubled debt restructurings	$ 40,170	$ 39,753	$ 41,757	$ 49,950	$ 76,588

Loans by Risk Grade
Grades 1 through 5 - Pass	$ 19,513,726	$ 18,483,046	$ 17,296,520	$ 15,899,956	$ 15,614,323
Grade 6 - Other assets especially mentioned	104,614	110,408	68,444	51,670	78,957
Grade 7 - Substandard	236,913	213,402	196,058	192,175	180,978
Grade 8 - Doubtful	—	—	—	—	—
Grade 9 - Loss	—	—	—	—	—
Total loans	$ 19,855,253	$ 18,806,856	$ 17,561,022	$ 16,143,801	$ 15,874,258

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Average Balances	Table 6
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands)	2022	2022	2022	2022	2021	2022	2021
Earning Assets
Federal funds sold	$ 924	$ 5,000	$ 17,692	$ 20,000	$ 20,000	$ 10,836	$ 20,000
Interest-bearing deposits in banks	1,009,935	1,394,529	2,209,761	3,393,238	3,719,878	1,993,672	2,857,141
Time deposits in other banks	—	—	—	—	—	—	122
Debt securities - taxable	1,451,861	1,242,811	932,824	623,498	698,915	1,065,511	793,883
Debt securities - nontaxable	44,320	45,730	39,236	29,605	22,639	39,779	19,793
Other investments	83,730	51,209	49,550	47,872	31,312	58,170	28,525
Loans held for sale	371,952	471,070	944,964	1,097,098	1,365,886	718,599	1,463,614
Loans	19,212,560	18,146,083	16,861,674	15,821,397	15,119,752	17,521,461	14,703,957
Total Earning Assets	$ 22,175,282	$ 21,356,432	$ 21,055,701	$ 21,032,708	$ 20,978,382	$ 21,408,028	$ 19,887,035

Deposits
Noninterest-bearing deposits	$ 8,138,887	$ 8,259,625	$ 7,955,765	$ 7,658,451	$ 7,600,284	$ 8,005,201	$ 7,017,614
NOW accounts	3,621,454	3,701,045	3,695,490	3,684,772	3,651,595	3,675,586	3,400,441
MMDA	5,161,047	5,026,815	5,087,199	5,240,922	5,209,653	5,128,497	4,953,748
Savings accounts	1,010,966	1,030,298	1,007,340	973,724	928,954	1,005,752	884,623
Retail CDs	1,450,037	1,506,761	1,693,740	1,774,016	1,827,852	1,604,978	1,953,927
Brokered CDs	—	—	—	—	—	—	625
Total Deposits	19,382,391	19,524,544	19,439,534	19,331,885	19,218,338	19,420,014	18,210,978
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	1	92	1,854	4,020	5,559	1,477	6,700
FHLB advances	918,228	94,357	48,746	48,786	48,828	279,409	48,888
Other borrowings	377,056	376,942	376,829	443,657	468,058	393,393	399,485
Subordinated deferrable interest debentures	128,060	127,560	127,063	126,563	126,067	127,316	125,324
Total Non-Deposit Funding	1,423,345	598,951	554,492	623,026	648,512	801,595	580,397
Total Funding	$ 20,805,736	$ 20,123,495	$ 19,994,026	$ 19,954,911	$ 19,866,850	$ 20,221,609	$ 18,791,375

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands)	2022	2022	2022	2022	2021	2022	2021
Interest Income
Federal funds sold	$ 8	$ 27	$ 32	$ 10	$ 9	$ 77	$ 42
Interest-bearing deposits in banks	9,984	7,188	4,463	1,373	1,521	23,008	3,880
Time deposits in other banks	—	—	—	—	—	—	2
Debt securities - taxable	13,029	10,324	7,064	4,239	5,866	34,656	22,524
Debt securities - nontaxable (TE)	454	459	341	235	198	1,489	728
Loans held for sale	5,519	6,012	10,036	8,132	9,433	29,699	42,651
Loans (TE)	245,603	211,223	181,602	170,398	162,415	808,826	637,861
Total Earning Assets	$ 274,597	$ 235,233	$ 203,538	$ 184,387	$ 179,442	$ 897,755	$ 707,688

Accretion income (included above)	$ (315)	$ (597)	$ (379)	$ 1,006	$ 2,812	$ (285)	$ 16,349

Interest Expense
Interest-Bearing Deposits
NOW accounts	$ 8,564	$ 3,733	$ 1,246	$ 824	$ 864	$ 14,367	$ 3,414
MMDA	20,683	8,613	2,204	1,643	1,971	33,143	7,847
Savings accounts	654	360	140	133	128	1,287	503
Retail CDs	3,170	1,328	1,318	1,492	1,715	7,308	10,575
Brokered CDs	—	—	—	—	—	—	18
Total Interest-Bearing Deposits	33,071	14,034	4,908	4,092	4,678	56,105	22,357
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—	—	1	3	4	4	20
FHLB advances	8,801	527	192	190	195	9,710	775
Other borrowings	4,953	4,655	4,437	5,164	5,317	19,209	19,278
Subordinated deferrable interest debentures	2,680	2,105	1,666	1,381	1,334	7,832	5,355
Total Non-Deposit Funding	16,434	7,287	6,296	6,738	6,850	36,755	25,428
Total Interest-Bearing Funding	$ 49,505	$ 21,321	$ 11,204	$ 10,830	$ 11,528	$ 92,860	$ 47,785

Net Interest Income (TE)	$ 225,092	$ 213,912	$ 192,334	$ 173,557	$ 167,914	$ 804,895	$ 659,903

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Yields⁽¹⁾	Table 8
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
	2022	2022	2022	2022	2021	2022	2021
Earning Assets
Federal funds sold	3.43 %	2.14 %	0.73 %	0.20 %	0.18 %	0.71 %	0.21 %
Interest-bearing deposits in banks	3.92 %	2.04 %	0.81 %	0.16 %	0.16 %	1.15 %	0.14 %
Time deposits in other banks	— %	— %	— %	— %	— %	— %	1.64 %
Debt securities - taxable	3.56 %	3.30 %	3.04 %	2.76 %	3.33 %	3.25 %	2.84 %
Debt securities - nontaxable (TE)	4.06 %	3.98 %	3.49 %	3.22 %	3.47 %	3.74 %	3.68 %
Loans held for sale	5.89 %	5.06 %	4.26 %	3.01 %	2.74 %	4.13 %	2.91 %
Loans (TE)	5.07 %	4.62 %	4.32 %	4.37 %	4.26 %	4.62 %	4.34 %
Total Earning Assets	4.91 %	4.37 %	3.88 %	3.56 %	3.39 %	4.19 %	3.56 %

Interest-Bearing Deposits
NOW accounts	0.94 %	0.40 %	0.14 %	0.09 %	0.09 %	0.39 %	0.10 %
MMDA	1.59 %	0.68 %	0.17 %	0.13 %	0.15 %	0.65 %	0.16 %
Savings accounts	0.26 %	0.14 %	0.06 %	0.06 %	0.05 %	0.13 %	0.06 %
Retail CDs	0.87 %	0.35 %	0.31 %	0.34 %	0.37 %	0.46 %	0.54 %
Brokered CDs	— %	— %	— %	— %	— %	— %	2.88 %
Total Interest-Bearing Deposits	1.17 %	0.49 %	0.17 %	0.14 %	0.16 %	0.49 %	0.20 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	— %	— %	0.22 %	0.30 %	0.29 %	0.27 %	0.30 %
FHLB advances	3.80 %	2.22 %	1.58 %	1.58 %	1.58 %	3.48 %	1.59 %
Other borrowings	5.21 %	4.90 %	4.72 %	4.72 %	4.51 %	4.88 %	4.83 %
Subordinated deferrable interest debentures	8.30 %	6.55 %	5.26 %	4.43 %	4.20 %	6.15 %	4.27 %
Total Non-Deposit Funding	4.58 %	4.83 %	4.55 %	4.39 %	4.19 %	4.59 %	4.38 %
Total Interest-Bearing Liabilities	1.55 %	0.71 %	0.37 %	0.36 %	0.37 %	0.76 %	0.41 %

Net Interest Spread	3.36 %	3.66 %	3.51 %	3.20 %	3.02 %	3.43 %	3.15 %

Net Interest Margin⁽²⁾	4.03 %	3.97 %	3.66 %	3.35 %	3.18 %	3.76 %	3.32 %

Total Cost of Funds⁽³⁾	0.94 %	0.42 %	0.22 %	0.22 %	0.23 %	0.46 %	0.25 %
(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					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands except per share data)	2022	2022	2022	2022	2021	2022	2021
Net income available to common shareholders	$ 82,221	$ 92,555	$ 90,066	$ 81,698	$ 81,944	$ 346,540	$ 376,913

Adjustment items:
Merger and conversion charges	235	—	—	977	4,023	1,212	4,206
(Gain) loss on sale of MSR	(1,672)	316	—	—	—	(1,356)	—
Servicing right impairment (recovery)	—	(1,332)	(10,838)	(9,654)	(4,540)	(21,824)	(14,530)
Gain on BOLI proceeds	—	(55)	—	—	—	(55)	(603)
Natural disaster and pandemic charges	—	151	—	—	—	151	—
(Gain) loss on bank premises	—	—	(39)	(6)	(126)	(45)	510
Tax effect of adjustment items (Note 1)	302	182	2,284	2,024	243	4,792	2,203
After tax adjustment items	(1,135)	(738)	(8,593)	(6,659)	(400)	(17,125)	(8,214)
Adjusted net income	$ 81,086	$ 91,817	$ 81,473	$ 75,039	$ 81,544	$ 329,415	$ 368,699

Weighted average number of shares - diluted	69,395,224	69,327,414	69,316,258	69,660,990	69,738,426	69,419,721	69,761,394
Net income per diluted share	$ 1.18	$ 1.34	$ 1.30	$ 1.17	$ 1.18	$ 4.99	$ 5.40
Adjusted net income per diluted share	$ 1.17	$ 1.32	$ 1.18	$ 1.08	$ 1.17	$ 4.75	$ 5.29

Average assets	$ 24,354,979	$ 23,598,465	$ 23,405,201	$ 23,275,654	$ 23,054,847	$ 23,644,754	$ 21,847,731
Return on average assets	1.34 %	1.56 %	1.54 %	1.42 %	1.41 %	1.47 %	1.73 %
Adjusted return on average assets	1.32 %	1.54 %	1.40 %	1.31 %	1.40 %	1.39 %	1.69 %

Average common equity	$ 3,168,320	$ 3,123,718	$ 3,043,280	$ 2,994,652	$ 2,939,507	$ 3,083,081	$ 2,827,669
Average tangible common equity	$ 2,039,094	$ 1,987,385	$ 1,902,265	$ 1,857,713	$ 1,916,783	$ 1,947,222	$ 1,826,433
Return on average common equity	10.30 %	11.76 %	11.87 %	11.06 %	11.06 %	11.24 %	13.33 %
Adjusted return on average tangible common equity	15.78 %	18.33 %	17.18 %	16.38 %	16.88 %	16.92 %	20.19 %

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. A portion of the merger and conversion charges for 1Q22, 4Q21 and both annual periods are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Adjusted Efficiency Ratio (TE)	Table 9B
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands)	2022	2022	2022	2022	2021	2022	2021
Adjusted Noninterest Expense
Total noninterest expense	$ 135,061	$ 139,578	$ 142,196	$ 143,820	$ 138,369	$ 560,655	$ 560,124
Adjustment items:
Merger and conversion charges	(235)	—	—	(977)	(4,023)	(1,212)	(4,206)
Natural disaster and pandemic charges	—	(151)	—	—	—	(151)	—
Gain (loss) on bank premises	—	—	39	6	126	45	(510)
Adjusted noninterest expense	$ 134,826	$ 139,427	$ 142,235	$ 142,849	$ 134,472	$ 559,337	$ 555,408

Total Revenue
Net interest income	$ 224,137	$ 212,981	$ 191,364	$ 172,544	$ 166,837	$ 801,026	$ 655,327
Noninterest income	48,348	65,324	83,841	86,911	81,769	284,424	365,544
Total revenue	$ 272,485	$ 278,305	$ 275,205	$ 259,455	$ 248,606	$ 1,085,450	$ 1,020,871

Adjusted Total Revenue
Net interest income (TE)	$ 225,092	$ 213,912	$ 192,334	$ 173,557	$ 167,914	$ 804,895	$ 659,903
Noninterest income	48,348	65,324	83,841	86,911	81,769	284,424	365,544
Total revenue (TE)	273,440	279,236	276,175	260,468	249,683	1,089,319	1,025,447
Adjustment items:
(Gain) loss on securities	(3)	21	(248)	27	4	(203)	(515)
(Gain) loss on sale of MSR	(1,672)	316	—	—	—	(1,356)	—
Gain on BOLI proceeds	—	(55)	—	—	—	(55)	(603)
Servicing right impairment (recovery)	—	(1,332)	(10,838)	(9,654)	(4,540)	(21,824)	(14,530)
Adjusted total revenue (TE)	$ 271,765	$ 278,186	$ 265,089	$ 250,841	$ 245,147	$ 1,065,881	$ 1,009,799

Efficiency ratio	49.57 %	50.15 %	51.67 %	55.43 %	55.66 %	51.65 %	54.87 %
Adjusted efficiency ratio (TE)	49.92 %	50.06 %	53.66 %	56.95 %	54.85 %	52.54 %	55.00 %

Tangible Book Value Per Share	Table 9C
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands except per share data)	2022	2022	2022	2022	2021	2022	2021
Total shareholders' equity	$ 3,197,400	$ 3,119,070	$ 3,073,376	$ 3,007,159	$ 2,966,451	$ 3,197,400	$ 2,966,451
Less:
Goodwill	1,015,646	1,023,071	1,023,056	1,022,345	1,012,620	1,015,646	1,012,620
Other intangibles, net	106,194	110,903	115,613	120,757	125,938	106,194	125,938
Total tangible shareholders' equity	$ 2,075,560	$ 1,985,096	$ 1,934,707	$ 1,864,057	$ 1,827,893	$ 2,075,560	$ 1,827,893

Period end number of shares	69,369,050	69,352,709	69,360,461	69,439,084	69,609,228	69,369,050	69,608,228
Book value per share (period end)	$ 46.09	$ 44.97	$ 44.31	$ 43.31	$ 42.62	$ 46.09	$ 42.62
Tangible book value per share (period end)	$ 29.92	$ 28.62	$ 27.89	$ 26.84	$ 26.26	$ 29.92	$ 26.26

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets	Table 9D
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands except per share data)	2022	2022	2022	2022	2021	2022	2021
Total shareholders' equity	$ 3,197,400	$ 3,119,070	$ 3,073,376	$ 3,007,159	$ 2,966,451	$ 3,197,400	$ 2,966,451
Less:
Goodwill	1,015,646	1,023,071	1,023,056	1,022,345	1,012,620	1,015,646	1,012,620
Other intangibles, net	106,194	110,903	115,613	120,757	125,938	106,194	125,938
Total tangible shareholders' equity	$ 2,075,560	$ 1,985,096	$ 1,934,707	$ 1,864,057	$ 1,827,893	$ 2,075,560	$ 1,827,893

Total assets	$ 25,053,286	$ 23,813,657	$ 23,687,470	$ 23,560,292	$ 23,858,321	$ 25,053,286	$ 23,858,321
Less:
Goodwill	1,015,646	1,023,071	1,023,056	1,022,345	1,012,620	1,015,646	1,012,620
Other intangibles, net	106,194	110,903	115,613	120,757	125,938	106,194	125,938
Total tangible assets	$ 23,931,446	$ 22,679,683	$ 22,548,801	$ 22,417,190	$ 22,719,763	$ 23,931,446	$ 22,719,763

Equity to Assets	12.76 %	13.10 %	12.97 %	12.76 %	12.43 %	12.76 %	12.43 %
Tangible Common Equity to Tangible Assets	8.67 %	8.75 %	8.58 %	8.32 %	8.05 %	8.67 %	8.05 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Segment Reporting	Table 10
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands)	2022	2022	2022	2022	2021	2022	2021
Banking Division
Net interest income	$ 185,909	$ 174,507	$ 152,122	$ 133,745	$ 120,572	$ 646,283	$ 457,582
Provision for credit losses	35,946	10,551	10,175	5,226	4,565	61,898	(32,866)
Noninterest income	23,448	23,269	23,469	21,364	18,859	91,550	69,664
Noninterest expense
Salaries and employee benefits	52,296	48,599	46,733	49,195	36,522	196,823	157,079
Occupancy and equipment expenses	11,482	11,357	11,168	11,074	11,699	45,081	41,065
Data processing and telecommunications expenses	11,085	10,779	10,863	11,230	10,162	43,957	39,802
Other noninterest expenses	21,811	22,974	21,123	20,045	24,048	85,953	84,244
Total noninterest expense	96,674	93,709	89,887	91,544	82,431	371,814	322,190
Income before income tax expense	76,737	93,516	75,529	58,339	52,435	304,121	237,922
Income tax expense	16,545	22,706	19,120	16,996	14,010	75,367	64,446
Net income	$ 60,192	$ 70,810	$ 56,409	$ 41,343	$ 38,425	$ 228,754	$ 173,476

Retail Mortgage Division
Net interest income	$ 19,837	$ 19,283	$ 20,779	$ 19,295	$ 19,912	$ 79,194	$ 82,718
Provision for credit losses	(2,778)	9,043	4,499	1,587	175	12,351	2,947
Noninterest income	24,011	38,584	57,795	61,649	59,650	182,039	281,900
Noninterest expense
Salaries and employee benefits	19,164	25,813	31,219	31,614	36,787	107,810	167,796
Occupancy and equipment expenses	1,242	1,460	1,406	1,471	1,587	5,579	6,206
Data processing and telecommunications expenses	1,203	1,082	1,123	1,172	1,213	4,580	5,551
Other noninterest expenses	11,126	11,641	12,812	12,645	10,793	48,224	38,295
Total noninterest expense	32,735	39,996	46,560	46,902	50,380	166,193	217,848
Income before income tax expense	13,891	8,828	27,515	32,455	29,007	82,689	143,823
Income tax expense	2,916	1,854	5,779	6,815	6,092	17,364	30,203
Net income	$ 10,975	$ 6,974	$ 21,736	$ 25,640	$ 22,915	$ 65,325	$ 113,620

Warehouse Lending Division
Net interest income	$ 6,601	$ 6,979	$ 6,700	$ 6,447	$ 8,063	$ 26,727	$ 35,401
Provision for credit losses	117	(1,836)	867	(222)	77	(1,074)	(514)
Noninterest income	579	1,516	1,041	1,401	1,253	4,537	4,603
Noninterest expense
Salaries and employee benefits	427	1,055	208	283	258	1,973	1,130
Occupancy and equipment expenses	1	1	1	1	1	4	3
Data processing and telecommunications expenses	49	43	48	47	56	187	232
Other noninterest expenses	191	209	212	218	227	830	490
Total noninterest expense	668	1,308	469	549	542	2,994	1,855
Income before income tax expense	6,395	9,023	6,405	7,521	8,697	29,344	38,663
Income tax expense	1,342	1,895	1,346	1,579	1,827	6,162	8,120
Net income	$ 5,053	$ 7,128	$ 5,059	$ 5,942	$ 6,870	$ 23,182	$ 30,543

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Segment Reporting (continued)	Table 10
	Three Months Ended					Twelve Months Ended
	Dec	Sep	Jun	Mar	Dec	Dec	Dec
(dollars in thousands)	2022	2022	2022	2022	2021	2022	2021
SBA Division
Net interest income	$ 2,491	$ 2,424	$ 3,798	$ 6,011	$ 11,319	$ 14,724	$ 51,535
Provision for credit losses	265	52	(523)	(143)	(663)	(349)	(2,921)
Noninterest income	302	1,946	1,526	2,491	2,002	6,265	9,360
Noninterest expense
Salaries and employee benefits	1,306	1,412	1,316	1,271	1,217	5,305	4,856
Occupancy and equipment expenses	98	82	81	99	121	360	475
Data processing and telecommunications expenses	30	29	29	28	28	116	47
Other noninterest expenses	368	100	539	380	645	1,387	1,594
Total noninterest expense	1,802	1,623	1,965	1,778	2,011	7,168	6,972
Income before income tax expense	726	2,695	3,882	6,867	11,973	14,170	56,844
Income tax expense	153	566	815	1,442	2,514	2,976	11,937
Net income	$ 573	$ 2,129	$ 3,067	$ 5,425	$ 9,459	$ 11,194	$ 44,907

Premium Finance Division
Net interest income	$ 9,299	$ 9,788	$ 7,965	$ 7,046	$ 6,971	$ 34,098	$ 28,091
Provision for credit losses	(660)	(158)	(94)	(217)	(1,395)	(1,129)	(2,011)
Noninterest income	8	9	10	6	5	33	17
Noninterest expense
Salaries and employee benefits	2,003	1,818	2,069	1,918	1,831	7,808	6,915
Occupancy and equipment expenses	82	83	90	82	86	337	317
Data processing and telecommunications expenses	119	82	92	95	75	388	344
Other noninterest expenses	978	959	1,064	952	1,013	3,953	3,683
Total noninterest expense	3,182	2,942	3,315	3,047	3,005	12,486	11,259
Income before income tax expense	6,785	7,013	4,754	4,222	5,366	22,774	18,860
Income tax expense	1,357	1,499	959	874	1,091	4,689	4,493
Net income	$ 5,428	$ 5,514	$ 3,795	$ 3,348	$ 4,275	$ 18,085	$ 14,367

Total Consolidated
Net interest income	$ 224,137	$ 212,981	$ 191,364	$ 172,544	$ 166,837	$ 801,026	$ 655,327
Provision for credit losses	32,890	17,652	14,924	6,231	2,759	71,697	(35,365)
Noninterest income	48,348	65,324	83,841	86,911	81,769	284,424	365,544
Noninterest expense
Salaries and employee benefits	75,196	78,697	81,545	84,281	76,615	319,719	337,776
Occupancy and equipment expenses	12,905	12,983	12,746	12,727	13,494	51,361	48,066
Data processing and telecommunications expenses	12,486	12,015	12,155	12,572	11,534	49,228	45,976
Other noninterest expenses	34,474	35,883	35,750	34,240	36,726	140,347	128,306
Total noninterest expense	135,061	139,578	142,196	143,820	138,369	560,655	560,124
Income before income tax expense	104,534	121,075	118,085	109,404	107,478	453,098	496,112
Income tax expense	22,313	28,520	28,019	27,706	25,534	106,558	119,199
Net income	$ 82,221	$ 92,555	$ 90,066	$ 81,698	$ 81,944	$ 346,540	$ 376,913

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SOURCE Ameris Bancorp

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Futures, Global Stocks Soar After Dovish Powell Greenlights Meltup

Futures and global stocks are soaring and building on Wednesday’s powerful…

Published

3 hours ago

March 21, 2024

Tyler Durden

Futures, Global Stocks Soar After Dovish Powell Greenlights Meltup

Futures and global stocks are soaring and building on Wednesday’s powerful gains after the Fed signaled expectations for three rate cuts this year and said inflation eased substantially while Powell greenlit the next big pre-election leg to the rally with dovish press conference comments that suggested the Fed has all but raised its inflation target to 3%. Both Tech and Small-caps are outperforming; while all of the Mag 7 are higher pre-mkt ex-AAPL which was hit on some negative regulatory headlines (AAPL shares have been a funding short for the group). As of 8:00am, S&P futures were 0.4% higher, trading just above 5,300 while Nasdaq futures up 0.8%, both in record territory. 10Y Treasury yields are lower, trading around 4.22% are the curve bull flattens while the USD trades higher after a shock rate cut by the SNB sent the swiss franc plunging. Today’s macro data focus includes flash PMIs, leading index, existing home sales, and jobless data. Powell flagged that a weakening labor market is cue for when to cut rates but did not indicate which data release is the most impactful but in the 5 years leading into COVID, weekly claims averaged 244k and today consensus is 213k.

In premarket trading, Micron shares surged 18%, lifting peers with it, after the maker of computer memory chips gave a 3Q forecast that was much stronger than expected. Chip equipment makers also gain after Micron said it plans to boost capital spending in fiscal 2025: Western Digital (WDC US) +6.7%, Seagate Technology (STX US) +1.2%; chip equipment makers Applied Materials (AMAT US) +3.4%, Lam Research (LRCX US) +3.1%. Here are some other notable premarket movers:

Astera Labs shares rise 5.6%, set to extend Wednesday’s 72% gain. The semiconductor connectivity company’s initial public offering topped expectations to raise $713 million, adding momentum to AI-related stocks and a listings rebound.
Broadcom shares gain 2.7% as analysts were positive about the chipmaker’s opportunities following its AI event. Cowen raised its rating to outperform from market perform.
Guess shares advance 12% after the clothing company reported 4Q adjusted earnings per share and sales above consensus estimates.
Li Auto ADRs fall 6.8% after the Chinese EV maker reduced its 1Q vehicle deliveries target, citing lower-than-expected order intake. CEO Li Xiang said the firm’s operating strategy for its newly launched Mega model was “mis-paced.”

Stock optimism was reignited after Federal Reserve policymakers kept their outlook for three cuts this year, despite a recent rebound in price pressures. While Chair Jerome Powell continued to highlight that officials would like to see more evidence prices are coming down, he also said it will be appropriate to start easing “at some point this year.” As part of the dovish hurricane response, treasuries advanced, lowering the 10-year yield by four basis points, while the dollar posted small moves. Brent crude traded around $86 a barrel and Bitcoin held at about $67,000. Gold rallied above $2,200 an ounce for the first time and a gauge of emerging-market stocks climbed the most since December.

While the Fed decision surprised some - especially the bears - there were more central bank shockers overnight, notably Taiwan which unexpected hiked 25bps to 2.00% and from the SNB which shockingly cut rates, sending the Swiss franc tumbling. The franc fell more than 1% against the dollar after the SNB lowered its key rate by 25 basis points in a move only a small minority of economists anticipated.

The decision to cut by Swiss policymakers was the first such reduction for one of the world’s 10 most-traded currencies since the pandemic abated.

“This signals to the world that we have turned a corner,” said Philipp Hildebrand, vice chairman at BlackRock and former Chairman of the SNB. “Central banks are easing and the question is where does all this settle in the long term.”

The Stoxx 600 traded up 0.4% after hitting a record earlier in the session. Mining and real estate stocks lead gains, while the health care sector lags. Equities in Europe paired some of their gains after euro-area manufacturing data missed estimates. S&P Global’s purchasing managers’ index showed sustained weakness in Germany and France — the bloc’s top two economies — even as overall private-sector activity for the euro-area rose to a nine-month high in March. Here are some of the most notable premarket movers:

Chip equipment stocks lead a rally in European tech stocks after the US Fed maintained its outlook for interest-rate cuts, and US firm Micron signaled it will increase capex next year
Glencore rises as much as 4% as it eyes a stake in Indonesian miner Harita Nickel, a sign of growing interest in the country’s fast-expanding nickel sector
Argenx gains as much as 12% after a rival for the biotech firm said a phase 3 Luminesce study of Enspryng as an investigational treatment for generalized myasthenia gravis failed
Remy Cointreau rises as much as 6.1% after Deutsche Bank lifts its recommendation on the stock to buy from hold, with inventory levels seen materially ahead of current market value
3i Group shares gain as much as 4.4%, reaching record highs, after its Action unit reported 21% like-for-like sales growth vs. a year earlier, which analysts note shows continued strength
Energean rises as much as 6.1% as the company reiterated its guidance for this year. Analysts say markets are pleased that operations in Israel have so far not been disrupted
Esso surged as much as 23%, its biggest intraday gain since April 2022, after the French unit of Exxon Mobil announced a €12-a-share special dividend as part of its full-year report
Pernod Ricard rises as much as 2.9% as Deutsche Bank upgrades to hold from sell, saying the cognac maker is now “broadly fairly valued,” also seeing a fairly evenly balanced risk profile
M&G gains as much as 4.2% as the pension fund and asset manager sees better-than-expected institutional flows and operating profit for the full year period
Next gains as much as 5.9% after full-year results beat estimates and 2025 guidance was maintained. Analysts described the earnings as “pleasing”
Douglas falls as much against its IPO price as the German perfume retailer began trading in Frankfurt, trading at €23.8 as of 11am, down from the IPO price of €26.
Nemetschek falls as much as 5.4% after refining its 2024 guidance first proposed in March last year. Analysts deemed Ebitda margin and revenue growth targets cautious

Earlier in the session, the MSCI Asia Pacific Index advanced as much as 2.2%, the most since Nov. 15, with Taiwan Semiconductor, Toyota and Samsung among the biggest contributors to the move. The bullish session echoes US gains after Fed policymakers kept their outlook for three cuts in 2024 and moved toward slowing the pace of reducing their bond holdings, suggesting they aren’t alarmed by a recent rebound in price pressures. Sentiment on Chinese tech stocks got a lift after Tencent Holdings Ltd. announced plans to more than double its stock buyback program and boosted dividends. The region’s semiconductor shares gained after Micron Technology Inc. gave a surprisingly strong revenue forecast for the current quarter, buoyed by demand for memory chips used in artificial intelligence applications.

“With the FOMC event risk out and market pricing roughly in line with dot plots, we think focus of Asian equity investors should return to earlier themes of AI momentum,” Chetan Seth, a strategist at Nomura Holdings Inc., wrote in a note. “We still expect a US soft landing.”

In FX,the Swiss franc sits at the bottom of the G-10 FX pile, falling 0.7% against the dollar after the Swiss National Bank surprised with a 25bps interest rate cut. The Norges Bank stood pat, as expected, prompting an uptick in the krone. The pound is little changed as investors now turn their attention to the Bank of England decision at noon UK time.

In rates, treasuries extended Wednesday’s post-Fed rally, supported by gains in UK front-end as traders fully price in 75bps of easing by Bank of England easing this year for first time since March 12. Treasury yields richer by 3bp to 5bp across the curve with gains led by belly, steepening 5s30s spread by around 1.5bp and adding to Wednesday’s sharp steepening move as additional easing was priced back into the front-end; 10-year trades around 4.23% with bunds lagging by 1bp in the sector, gilts trading broadly in line. European bonds are firmly in the green, with rate markets drawing additional support from SNB’s surprise cut. US session includes several economic indicators and 10Y TIPS auction.

In commodities, oil prices decline, with WTI falling 0.3% to trade near $81. Spot gold rises 1%.

Bitcoin climbed back to best levels at USD 68k, before paring back to around the USD 66k level.

Looking at today's calendar, economic data calendar includes 4Q current account balance, March Philadelphia Fed business outlook and weekly jobless claims (8:30am), March preliminary S&P Global manufacturing and services PMIs (9:45am), February leading index and existing home sales (10am). Fed members scheduled to speak include Barr at 12pmTo contact the reporter on this story:

Market Snapshot

S&P 500 futures up 0.5% to 5,311.25
STOXX Europe 600 up 0.8% to 509.14
MXAP up 2.0% to 178.40
MXAPJ up 1.9% to 540.84
Nikkei up 2.0% to 40,815.66
Topix up 1.6% to 2,796.21
Hang Seng Index up 1.9% to 16,863.10
Shanghai Composite little changed at 3,077.11
Sensex up 0.7% to 72,624.50
Australia S&P/ASX 200 up 1.1% to 7,781.97
Kospi up 2.4% to 2,754.86
German 10Y yield little changed at 2.41%
Euro down 0.2% to $1.0901
Brent Futures up 0.5% to $86.36/bbl
Gold spot up 0.7% to $2,202.16
US Dollar Index up 0.19% to 103.58

Top Overnight News

Taiwan’s central bank unexpectedly raises rates from 1.875% to 2% (the consensus was looking for rates to be unchanged). WSJ
China’s PBOC signals an openness to additional bank reserve requirement ratio (RRR) cuts, but sounds reluctant about lowering interest rates until the Fed begins easing. BBG
BOJ Governor Kazuo Ueda said the central bank scrapped its massive easing program this week partly to avoid the need for aggressive action later, a comment that may help market players judge his next moves. BBG
SNB unexpectedly lowers its policy rate from 1.75% to 1.5% (the Street was looking for rates to stay unchanged) as the central bank highlights progress in the battle against inflation. RTRS
Eurozone flash PMIs are mixed, with a soft manufacturing figure (45.7, down from 46.5 in Feb and below the Street’s 47 forecast) and a decent services number (51.1, up from 50.2 in Feb and above the Street’s 50.5 forecast). BBG
AMZN is focusing its attention on combating Shein and Temu as the firm views both as larger competitive threats than Walmart and Target. WSJ
Korean Air Lines passed Boeing over to order 33 Airbus SE A350 wide-body jets in a $14 billion deal. And Japan Airlines said it’ll buy 11 Airbus A321neos — alongside some Boeings — breaking the US planemaker’s hold as its sole single-aisle supplier. BBG
The DOJ will sue Apple in federal court as soon as today for alleged antitrust violations, people familiar said, escalating the crackdown on Big Tech by regulators in the US and abroad. Apple is accused of blocking rivals from accessing hardware and software features of its iPhones. Shares slipped premarket. BBG
MU +17% pre mkt after reporting strong EPS upside in FQ2/Feb at 42c (the Street was looking for a 24c loss), w/the beat driven by better sales ($5.82B vs. the Street $5.35B), higher gross margins (20% vs. the Street 13/5%), and superior operating margins (pos. 3.5% vs. the Street’s neg. 4.4% forecast). The FQ3 guide was very. Mgmt said supply/demand conditions are improving thanks to a “confluence of factors”, including strong AI server demand, a healthier demand backdrop in most other end markets (it sees PCs growing in the low-single digits this year, w/AI PCs becoming a larger factor in 2025, while smartphones grow in the low/mid-single digits), and supply reductions across the industry. RTRS

Central Banks

SNB cut its Policy Rate by 25bps to 1.50% (exp. 1.75%); FX language reiterated "willing to be active in the foreign exchange market as necessary", Ready to intervene in FX; Loosening permitted by inflation progress.
SNB Chairman Jordan says that rates were able to be lowered as the fight against inflation has been effective. Says we give no forward guidance on future interest rates and will see where we are in 3 months time. Says we remain willing to sue balance to be active on forex market and could be sales of purchases; situation in ME is tricky; neither sales of forex are in focus at the moment
Norges Bank maintains its Key Policy Rate at 4.50% as expected; reiterates guidance that "policy rate will likely need to be maintained at the current level for some time ahead".
Norges Bank Governor Bache says the rate path indicates a cut is most likely in September, second rate cut indicated by end of Q1'25
Taiwan hikes its benchmark interest rate to 2.0% from 1.875%

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly underpinned after the fresh record levels on Wall St post-dovish FOMC where the Fed maintained the projection for 3 rate cuts in 2024 and Powell downplayed recent hot inflation data. ASX 200 strengthened with sentiment also helped by a stellar jobs report and a fall in unemployment, while gold miners outperformed after the precious metal rose above USD 2,200/oz to a new all-time high. Nikkei 225 rallied from the open to unprecedented levels north of 40,800 despite recent hawkish source reports. Hang Seng and Shanghai Comp. were mixed in which the Hong Kong benchmark rallied to just shy of the 17,000 level amid strength in the property sector and as the Fed projection for three rate cuts keeps similar action on the table for the HKMA. Conversely, the mainland lagged as the PBoC injected the least amount of funds in its open market operations since August last year despite the PBoC's Deputy Governor reaffirming that China's monetary policy has ample room and there is still room for cutting RRR

Top Asian News

HKMA maintained its base rate unchanged at 5.75%, as expected. HKMA said financial and monetary markets in Hong Kong continue to operate in a smooth and orderly manner, while it added that the HKD exchange rate remains stable and Hong Kong dollar interbank rates might remain high for some time.
PBoC Deputy Governor Changneng Xuan said they will promote effective investment and help resolve excess capacity, while he added that China's monetary policy has ample room and there is still room for cutting RRR. PBoC Deputy said he expects China's nominal economic growth to be around 8% in 2024 and will maintain appropriate growth in credit and total social financing, while they will guide banks to lower deposit rates and lower financing costs, support consumption and investment, as well as promote a rebound in prices.
China's Vice Finance Minister said fiscal policy will provide the necessary support for achieving the 2024 growth target and China's government debt is at an appropriate level, while he said China has continued to reduce the overall level of tariffs, which has now been reduced to 7.3% and is relatively low in the world, according to Reuters and Global Times.
China state planner vice chair said they will speed up approval for investment projects and that total bond funds for government investment will exceed CNY 6tln, while they will step up support for private investment and encourage private firms to participate in infrastructure investment projects, according to Reuters.
BoJ Governor Ueda said the BoJ is expected to maintain an accommodative monetary policy for the time being and accommodative monetary policy is likely to underpin the economy, while he added that cost-push pressure on inflation is dissipating but service prices continue to rise moderately and the preliminary wage negotiation outcome tends to be revised down but even so, they thought the final outcome would be a fairly strong number. BoJ Governor Ueda said as they end massive stimulus, they will likely gradually shrink the balance sheet and at some point reduce JGB purchases but at present, they have no clear idea regarding the timing of reducing JGB buying and scaling back the size of the balance sheet. Furthermore, he said they are not immediately thinking of selling BoJ's ETF holdings and will take plenty of time examining how to reduce ETF holdings.
BoJ is reportedly seen weighing the next rate hike in July or October as the Yen weakens, according to Nikkei. A source noted that additional hikes are of course on the table and that an early hike leaves room for the BoJ to consider rolling out another increase before the end of the year, while the timeline would keep the BoJ coming off like they are rushing to hike rates. Furthermore, it was stated that a growing number see a July rate boost as another possibility if a weak yen raises the price of imports and accelerates inflation, forcing the BoJ to step in. It was earlier reported that the Yen's decline appears to be raising little alarm at the BoJ for now which was to be expected given that Governor Ueda is maintaining an accommodative stance on policy, according to a source at the BoJ cited by Nikkei. However, it was noted that some at Japan's Finance Ministry are wary of rapid fluctuations in the currency market driven by speculative trades.
Fitch expects BoJ to raise policy rate to 0.25% by 2025.
CNOOC (600938 CH) FY (CNY) IFRS Net 123.84bln (exp. 130.33bln); In 2024, will insist on increasing oil and gas reserves and production; ongoing recovery trajectory in China will support demand for oil and gas

European equities, Stoxx600 (+0.4%) are entirely in the green, with sentiment lifted following a post-FOMC equity rally in the US & APAC. Following the release of poor French PMIs and bleak German commentary, equities have edged off best levels. European sectors are firmer; Tech takes the top spot, with optimism permeating within the sector after strong Micron results and Basic Resources benefits from broader strength in base metal prices. US equity futures (ES +0.4%, NQ +0.7%, RTY +0.6%) are stronger, in a continuation of the prior day's post-FOMC rally; Micron (+16% pre-market) is soaring after beating on EPS/Revenue and lifting guidance.

Top European News

EU New car registrations (Feb): +10.1% (prev. 12.1%); battery electric market share 12% (prev. 10.9%). EU27 New Car Registrations by Manufacturer (Y/Y). Volkswagen (VOW3 GY) +8.7%; Stellantis (STLAM IM/STLAP FP) +11.2%; Renault (RNO FP) +5.9%; BMW (BMW GY) +7.0%; Mercedes Benz Group (MBG GY) -2.1%; Volvo Cars (VOLCAR SS) +33.9%. (acea)
Portugal's President named centre-right democratic alliance leader Luis Montenegro as the new PM, according to Reuters.

USD is attempting to claw back post-FOMC losses with some help via EZ-PMI releases. DXY still has some way to go to close the gap to yesterday's best at 104.14. High print for today at 103.66 coincides with the 200DMA.
EUR has been dragged lower by EZ PMIs which were indicative of the composite figure approaching neutral territory; EUR/USD on a 1.09 handle after slipping to a low of 1.0888.
GBP is a touch softer vs. the USD but near post-FOMC highs which saw Cable peak at 1.2803. UK PMIs saw services and composite miss but the manufacturing print edge closer to neutral. Focus ahead is firmly on the BoE.
JPY pausing for breath vs. the USD after vaulting to a high of 151.81 yesterday, which saw the pair stop shy of the 2023 high at 151.91 and 2022 peak at 151.94.
AUD the best performer across the majors following encouraging jobs metrics. AUD/USD as high as 0.6634 but unable to breach last week's best at 0.6638. NZD marginally higher vs. USD despite the surprise contraction in Q4 GDP data.
CHF is the clear laggard across the majors as the SNB surprises with a 25bps rate cut and reiterates a willingness to intervene in the FX market. EUR/CHF as been as high as 0.9782 to its highest level since July last year; 0.9842 was the high that year.
An unchanged announcement from the Norges Bank but one which sparked NOK strength given the repo path has not formalised a Q4-2024 rate cut as some were hoping for. As such, EUR/NOK slipped from 11.5300 to 11.4857. However, a modest dovish move was seen on Governor Bache indicating the first cut is "likely" in September.
PBoC set USD/CNY mid-point at 7.0942 vs exp. 7.1792 (prev. 7.0968).

Fixed Income

Choppy price action for Bunds owing to varied PMIs from France and Germany. The former sparked a dovish reaction with Bunds lifting from 131.90 to 132.72, whilst the German metrics sent Bunds back down to 131.85, though downside was shortlived given the Manuf. miss and SNB rate cut.
USTs are underpinned by the dovish fixed narrative which is dictating EGBs/Gilts into the BoE post-SNB/PMIs. Action which has taken USTs to a 110-24+ high, eclipsing the post-FOMC 110-22 peak.
Gilt price action is in-fitting with EGBs and as such approached their own PMIs with gains of around 30 ticks on the session. A release which saw two-way action with Gilts initially slipping to 99.24 (strong Manuf.) before rebounding to 99.46 (Comp. & Serv. miss); BoE up next.
Spain sells EUR vs exp. EUR 5.5-6.5bln 2.50% 2027, 5.75% 2032, 3.45% 2043 Bono
France sells EUR 12.498bln vs exp. EUR 11-12.5bln 2.50% 2027, 2.75% 2029, and 1.50% 2031 OAT

Commodities

Crude was initially firmer after the Fed-induced Dollar decline coupled with broader risk appetite, and geopolitics. However, the complex then trimmed gains after PMIs for France and Germany painted a bleak economic recovery picture; Brent is now lower on the session and just shy of USD 86/bbl.
Precious metals extend on post-Powell gains despite an attempted recovery in the Dollar, with spot gold topping USD 2,200/oz to fresh ATHs in APAC trade while spot silver gained status above USD 25.50/oz.
Base metals are higher across the board in the after-math of the FOMC which boosted broader market sentiment.

Geopolitics

US military said coalition forces destroyed an unmanned aerial vehicle fired by Yemen's Houthis in the Red Sea and destroyed an unmanned surface vessel on March 20th, according to Reuters.
Australia and Britain signed a defence pact which includes a status of forces agreement and makes it easier for the respective forces to operate together in each other’s countries, while the agreement also formalises the established practice of consulting on issues that affect our sovereignty and regional security.
"Al-Arabiya sources: Pressure on Israel to postpone the Rafah operation for at least 45 days", according to Al Arabiya; "The mediators and America rejected a preliminary Israeli proposal on the military operation in Rafah"

US Event Calendar

08:30: March Initial Jobless Claims, est. 213,000, prior 209,000
- March Continuing Claims, est. 1.82m, prior 1.81m
08:30: 4Q Current Account Balance, est. -$209b, prior -$200.3b
08:30: March Philadelphia Fed Business Outl, est. -2.5, prior 5.2
09:45: March S&P Global US Manufacturing PM, est. 51.8, prior 52.2
- March S&P Global US Services PMI, est. 52.0, prior 52.3
- March S&P Global US Composite PMI, est. 52.2, prior 52.5
10:00: Feb. Existing Home Sales MoM, est. -1.3%, prior 3.1%
10:00: Feb. Leading Index, est. -0.1%, prior -0.4%

DB's Jim Reid concludes the overnight wrap

Considering that US inflation has surprised notably on the upside this year, last night saw a remarkably relaxed Fed as Chair Powell indicated that January’s higher inflation could have been seasonal, and that February’s print had already seen improvements. The dots continued to show three cuts for 2024 and alongside a dovish-leaning press conference, this drove equities higher and yields lower, especially at the front end.

In terms of the details, the statement was little changed as the FOMC continued to see that “ it will likely be appropriate to begin dialing back policy restraint at some point this yea r” while wanting to gain “greater confidence that inflation is moving sustainably toward 2%”.

The dot plot showed the median 2024 dot unchanged at three cuts this year. This came even as 2024’s economic projections were revised higher, with real GDP growth revised up from 1.4% to 2.1%, core PCE inflation up two-tenths to 2.6%, and unemployment a tenth lower to 4.0%. Our US economists note that this forecast implies core PCE averaging 19bps a month for the rest of the year – only a little above the 2% target run rate. So a pretty Goldilocks take for now even if this was accompanied by 25bp upward revisions to the 2025-26 median dots, and a larger share of FOMC members seeing inflation risks as tilted to the upside.

Powell’s press conference also erred on the dovish side, with his comments notably suggesting that the upside inflation data for January and February did not alter the Fed’s baseline, with the inflation story “essentially the same”. He also mentioned a couple of times that unexpected labor market weakening could warrant a policy response (though the FOMC did not see this currently), while expressing no concern about the ongoing easing in financial conditions.

When asked about rate cut timing, Powell made no effort to rule out the possibility of a May move, saying the FOMC “didn't make any decisions about future meetings”. Our US economists continue to expect the first rate cut to come in June with 100bps of cuts in total this year, but with risks skewed to a more hawkish outcome. See their full reaction here.

On the balance sheet side, Powell indicated that a decision on slowing the pace of QT would come “fairly soon”. He emphasized that slowing QT did not equate to stopping it, noting that moving to a slower run-off pace could actually allow for a greater reduction in the balance sheet over time by reducing the risk of liquidity problems emerging.

Following the FOMC, futures dialled up the probability of a June cut to 84% from 66% the previous day, with 84bps of cuts now priced by year-end (+10.7bps on the day). This backdrop saw a bull steepening of the Treasury curve, as 2yr yields fell by -8.1bps while 10yr yields were down -2.0bps on the day to 4.27% (and closing near their pre-FOMC levels). This came as higher breakevens offset most of a -5.9bps decline in 10yr real yields. The 2s10s slope reached its steepest level in over month at -33.2bps. And overnight, there’s been a further decline in yields, with those on 10yr Treasuries down another -0.8bps.

Equities basked in a risk-on mood following the Fed, with the S&P 500 (+0.89%), NASDAQ (+1.25%) and Dow Jones (+1.03%) all reaching new records. Small-caps led the gains, with the Russell 2000 up +1.92%, whilst the VIX index of volatility fell to its lowest since early February (-0.78pts to 13.04).

That rally has continued in Asia overnight, with strong advances for the Nikkei (+1.97%), the Hang Seng (+1.80%) and the KOSPI (+2.18%). Moreover, US equity futures are pointing to further gains, with those on the S&P 500 up +0.40%. That comes amidst some strong data releases, as we’ve started to get the March flash PMI releases from around the world. For instance in Japan, the composite PMI rose to 52.3 in March, which is the highest it’s been since August. Likewise in Australia, the composite PMI was up to 52.4, the highest since April. And Australia also had some strong employment data for February as well, with employment up by +116.5k (vs. +40.0k expected). However, even as markets have been positive for the most part, there have been losses for Chinese equities, with the CSI 300 (-0.11%) and the Shanghai Comp (-0.14%) both seeing modest declines.

In FX, the Japanese yen (+0.32%) has strengthened against the dollar, trading at 150.90 this morning after the Nikkei newspaper reported that investors were speculating about another hike in July or October. Before the news broke out, the Japanese yen was trading at 151.91, within a whisker of its post-1990 low.

Before the Fed, European markets had struggled to gain much traction yesterday, with the STOXX 600 unchanged (-0.00%) by the close. That came as ECB President Lagarde stuck to her previous message on monetary policy, saying that “when it comes to the data that is relevant for our policy decisions, we will know a bit more by April and a lot more by June.” That’s meant investors continue to see the June meeting as the most likely for an initial rate cut, and sovereign bonds were also fairly subdued in response. So there was only a modest decline in yields across most of the continent, with those 10yr bunds (-1.8bps) and OATs (-1.1bps) falling slightly.

The main exception to that pattern was in the UK, where 10yr gilts fell by a larger -4.6bps after the latest CPI release surprised on the downside. That showed headline CPI falling to +3.4% in February (vs. +3.5% expected), which is the lowest since September 2021. Moreover, core CPI fell to a two-year low of +4.5% (vs. +4.6% expected). In turn, that led investors to dial up the chance of rate cuts this year, and the chance of a cut by the June meeting moved up from 52% on Tuesday to 58% by the close yesterday.

That inflation release comes ahead of the Bank of England’s latest policy decision today, where they’re widely expected to keep rates on hold as well. So the focus will instead be on any signals about the timing of future rate cuts, along with the vote split. In his preview (link here), our UK economist Sanjay Raja sees the risks skewed towards a dovish surprise, but thinks that the MPC will stick to its February guidance that Bank Rate is restrictive and "will need to remain restrictive for sufficiently long to return inflation to the 2% target".

Lastly, there was some marginally brighter data from the Euro Area, as the European Commission’s preliminary consumer confidence indicator rose to -14.9 in March (vs. -15.0 expected). That was the highest reading since February 2022, just before Russia’s invasion of Ukraine began.

To the day ahead now, and the main data highlight will be the flash PMIs for March. Alongside that, we’ll get the US weekly initial jobless claims, the Conference Board’s leading index for February, existing home sales for February, the Philadelphia Fed’s business outlook for March, and the Q4 current account balance. From central banks, there’s a policy decision from the Bank of England, and we’ll hear from Fed Vice Chair for Supervision Barr. Today’s earnings releases include Nike and FedEx. And in the political sphere, a summit of EU leaders is taking place in Brussels.

Tyler Durden Thu, 03/21/2024 - 08:16 bonds pandemic dow jones sp 500 nasdaq shanghai composite equities stocks bitcoin link home sales real estate etf currencies pound us dollar euro russell 2000 commodities gold oil

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Did You Spot The Gorilla In The Fed’s Meeting Room?

Authored by Simon White, Bloomberg macro strategist,

Monetary policy remains exceptionally…

Published

3 hours ago

March 21, 2024

Tyler Durden

Did You Spot The Gorilla In The Fed's Meeting Room?

Authored by Simon White, Bloomberg macro strategist,

Monetary policy remains exceptionally loose given one of the fastest rate-hiking cycles seen. Pressure is likely to remain on rate expectations to move higher as the Federal Reserve reluctantly eases back on its December pivot, with the fed funds and SOFR futures curves continuing to steepen.

A famous experiment asks volunteers to watch a video of a basketball game and count the passes. Half way through, a gorilla strolls through the action. Almost no-one spots it, so focused they are on the game. As we count the dots and parse the language at this week’s Fed meeting, it’s easy miss the fact that policy overall remains very loose despite over 500 bps of rate hikes. The gorilla has gone by largely unnoticed.

The Fed held rates steady at 5.5% as expected and continued to project three rate cuts this year. But standing back and looking at the totality of monetary policy in this cycle, we can see that - far from conditions tightening - we have instead seen one of the biggest loosening of them in decades.

The chart below shows the Effective Fed Rate: the policy rate, plus its expected change over the next year, plus the one-year change in Goldman Sachs’ Financial Conditions Index, which is calibrated to convert the move in stocks, equity volatility, credit spreads and so on to an equivalent change in the Fed’s rate.

As we can see, in the three prior rate-hiking cycles the Effective Rate tightened; this time the rate has loosened, by more than it has done in at least 30 years.

It is against this backdrop the Fed’s pivot in December is even more inexplicable. By then it had become clear that a US recession was not imminent. Yet Jay Powell did not push back on the over six cuts that were priced in for 2024.

*POWELL: WE THINK FINANCIAL CONDITIONS ARE WEIGHING ON ECONOMY

dude, financial conditions are easier than when you started hiking
— zerohedge (@zerohedge) March 20, 2024

Since then inflation and growth data have come in better than expected. Still, though, the Fed may cut rates even if there is a smidge of an opening to do so. That would likely prove to be a mistake.

Typically the Effective Rate starts falling before the Fed makes its first cut and continues to fall after. This time around, the Effective Rate’s fall is already considerably steeper than normal – even before a cut is made. The Fed may end up spiking the punch bowl with more booze when the party is already quite tipsy.

The gorilla can be spotted in a number of different ways. Inflation has fallen, but it has done so largely despite the actions of the central bank, not because of them.

The San Francisco Fed splits core PCE inflation into a cyclical and an acyclical component. Cyclical inflation is made up of the PCE sub-components most sensitive to Fed interest rates, and acyclical is compiled from what’s left over, i.e. inflation that’s more influenced by non-Fed factors.

While acyclical inflation has fallen all the way back to its pre-pandemic average, cyclical PCE remains at its 40-year highs. The Wizard of the Fed has been pulling the rate-hiking levers, but they have done little to directly quell inflation.

It’s even worse if we account for borrowing costs. Mortgage costs were taken out of CPI in 1983 and car repayments in 1998. In a recent NBER paper by Larry Summers et al, the authors reconstruct CPI to take account of housing borrowing costs.

Inflation on this measure not only peaked much higher than it did in the 1970s, it is still running at 8%. Again, the question lingering in the air is: … and the Fed is considering cutting rates?

Source: NBER Working Paper 32163

(The main point of the paper is that the reason consumer sentiment indices have been depressed despite falling inflation is that they do include the impact of higher borrowing costs.)

If monetary policy was operating in the way expected, we would expect to see more slack in the economy. Yet this has signally failed to happen. The index of spare labor capacity – composed of the unemployment rate and productivity - has fallen only marginally, and remains stuck at 50-year highs.

Other measures of slack, including capacity utilization and job openings as a percentage of the unemployed are still near highs or remain historically very elevated. Under this backdrop, a Fed cut looks distinctly unwise.

Why did we not see a bigger rise in unemployment or drop in job openings despite the steep rate-hiking cycle? In short, massive government deficits allowed job hoarding.

The Kalecki-Levy equation illustrates the link between corporate profits and private and foreign-sector savings. Simply put, the more the household or government sectors dissave, i.e. spend, the higher are profit margins.

In this cycle, it has been the government’s dissaving that has allowed the corporate sector in aggregate to grow profits and - capitalizing on monopolization and on the unique economic disruption seen in the wake of the pandemic - expand profit margins.

It’s for the same reason that EPS growth has bounced back. (Buybacks also play a part here, but they too tend to happen when companies’ profits are growing, which is much easier when the government is spending like a drunken sailor.) As the chart below shows, there is a strong relationship between EPS and job openings, with EPS growth recently turning back up.

With such little movement on slack, no wonder the fall in inflation was due to factors outside of the Fed’s direct influence, most notably China’s glacial recovery. But that leaves markets in an increasingly precarious spot.

Inflation likely lulled the Fed into a false in of security when it performed its policy pirouette in December. But as was clear then and is clear now, this CPI movie isn’t over yet. Furthermore, any recession the Fed may have been wanting to circumvent continues to look off the cards for the next 3-6 months.

Yet the bank may still cut rates, on limited pretext, so confident they sounded last year that they would. That will inflame stock and other asset-bubble risks even more, at a time when we already have bitcoin making new highs and a dog “wif” a hat buying ad space on the Las Vegas Sphere.

Gorillas playing basketball is a very odd thing; the Fed cutting rates before the last quarter of this year would be even odder. Before then, though, markets are likely to try to re-impose some sobriety by reducing or eliminating the number of rate cuts priced in.

Tyler Durden Thu, 03/21/2024 - 08:25 stocks pandemic bitcoin link

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The positive streak of news from initial and continuing jobless claims continues

– by New Deal democratInitial and continuing claims once again continued their recent good streak. Initial claims declined -2,000 to 210,000, while…

Published

3 hours ago

March 21, 2024

noreply@blogger.com (New Deal democrat)

- by New Deal democrat

Initial and continuing claims once again continued their recent good streak.

Initial claims declined -2,000 to 210,000, while the four week moving average rose 2,500 to 211,250. Continuing claims, with the typical one week delay, increased 4,000 to 1.807 million:

While these aren’t the 50+ year lows we saw 18 months ago, they’re not far off.

For forecasting purposes, the YoY% change for initial claims is -15.0%, while the four week average is down -10.4%. Continuing claims are now only up 0.2%:

Needless to say, these strongly indicate no recession in the next few months.

Because jobless claims can be used to forecast the “Sahm rule” for recessions, let’s update that as well.

With last month’s 2 year high in the unemployment rate, last week I write that U wondered whether, because unemployment includes both new and existing job losses, it followed continuing claims more than initial claims (although initial claims lead both). The historical graph, which I won’t repost this week, indicated that continuing claims also lead the unemployment rate, although with much less of a lead time.

Here is this week’s update of the post-pandemic record for the past two years on a monthly YoY% basis (unemployment rate YoY shown in red):

Since both initial and continuing claims YoY are virtually unchanged, or even lower, I expect the unemployment rate to recede to at least unchanged YoY in the next several months. This would take it back down to the 3.7% or 3.6% area.

Here’s the same comparison on an absolute rather than YoY basis:

This also suggests a lowering at least back down to 3.8%.

The bottom line: no triggering of the Sahm rule.

recession unemployment pandemic recession unemployment

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