Ameris Bancorp (ABCB) presents a recovery posture consistent with a well-capitalized regional bank operating as a going concern, but under a liquidation lens the equity cushion is materially thinner than the $4.1B book equity suggests. Total assets of $28.1B are funded by $24.0B in liabilities at face value. Under liquidation, haircuts to the asset side compress recovery significantly. The $1.33B cash and cash equivalents recovers at par. The $21.8B gross loan portfolio (net $21.5B after ACL) would require a haircut to reflect forced-sale dynamics and realized credit losses—at even a 5-10% discount on the $21.5B net loan book, that alone eliminates $1.1B-$2.2B of equity. Goodwill of $1.02B and other intangibles of $51.4M receive zero recovery under the liquidation lens, eliminating roughly $1.07B. Mortgage servicing rights of $121.9M in ServicingAssetAtFairValueAmount carry significant duration and prepayment sensitivity and would recover at a substantial discount in a distressed sale; their liquidation value is uncertain but materially below carrying value. The $2.35B AFS securities portfolio carries only a modest net unrealized loss ($0.9M net, given $20.1M gross gain vs. $19.1M gross loss), and HTM securities of $202.6M carry amortized cost vs. fair value of $187.2M—a $15.3M discount relevant at liquidation if forced sale of HTM is required. The $887.9M in other borrowings (FHLB and other) and $134.8M subordinated debt remain at face value on the liability side. Deposits of $22.6B are full face-value obligations. The filing discloses $10.56B in estimated uninsured deposits as of March 31, 2026 (down from $10.67B at December 31, 2025), a structurally elevated run-risk liability in any liquidation scenario. Net nonaccrual loans increased QoQ to $116.5M from $109.1M, and consumer charge-offs accelerated sharply (Q1 2026: $4.8M vs. $0.9M Q1 2025), indicating credit quality deterioration at the margin. The company repurchased $83.6M of stock in Q1 2026, reducing tangible equity. Other borrowings grew to $888M at March 31, 2026 from $558M at December 31, 2025, a $330M increase that expands the face-value liability stack. The prior filing (10-K, December 31, 2025) serves as the comparison baseline.
▼ Community Notes