AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2024

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

Net income of $90.8 million, or $1.32 per diluted share;
Adjusted net income(1) of $80.8 million, or $1.17 per diluted share
Return on average assets (“ROA”) of 1.41%; Adjusted ROA(1) of 1.25%
Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.25%; Adjustment items positively impacted PPNR ROA by 29 basis points
Growth in tangible book value(1) of $1.27 per share, or 14.8% annualized, to $35.79 at June 30, 2024
TCE ratio(1) of 9.72%, compared with 8.80% one year ago
Net interest margin of 3.58% for the second quarter of 2024, compared with 3.51% in the prior quarter
Organic growth in loans of $392.3 million, or 7.7% annualized
Growth in total deposits of $446.8 million, or 8.6% annualized
Increase in the allowance for loan losses to 1.60% of loans, from 1.55% at March 31, 2024
CRE concentration improved to 274% of capital, from 281% at March 31, 2024
Annualized net charge-offs declined to 0.18% of average total loans

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

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

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

Net Interest Income and Net Interest Margin

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

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

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

Noninterest Income

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

Noninterest Expense

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

Income Tax Expense

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

Balance Sheet Trends

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

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

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

Credit Quality

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

Conference Call

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

About Ameris Bancorp

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

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

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

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Financial Highlights

Table 1

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2024

2024

2023

2023

2023

2024

2023

EARNINGS

Net income

$    90,785

$    74,312

$    65,934

$    80,115

$    62,635

$  165,097

$  123,056

Adjusted net income(1)

$    80,763

$    75,612

$    73,568

$    80,115

$    62,635

$  156,375

$  122,570

COMMON SHARE DATA

Earnings per share available to common shareholders

Basic

$        1.32

$        1.08

$        0.96

$        1.16

$        0.91

$        2.40

$        1.78

Diluted

$        1.32

$        1.08

$        0.96

$        1.16

$        0.91

$        2.39

$        1.78

Adjusted diluted EPS(1)

$        1.17

$        1.10

$        1.07

$        1.16

$        0.91

$        2.27

$        1.77

Cash dividends per share

$        0.15

$        0.15

$        0.15

$        0.15

$        0.15

$        0.30

$        0.30

Book value per share (period end)

$      51.64

$      50.42

$      49.62

$      48.41

$      47.51

$      51.64

$      47.51

Tangible book value per share (period end)(1)

$      35.79

$      34.52

$      33.64

$      32.38

$      31.42

$      35.79

$      31.42

Weighted average number of shares

Basic

68,824,150

68,808,393

68,824,004

68,879,352

68,989,549

68,818,618

69,084,746

Diluted

69,013,834

69,014,116

69,014,793

68,994,247

69,034,763

69,010,010

69,191,512

Period end number of shares

69,066,573

69,115,263

69,053,341

69,138,461

69,139,783

69,066,573

69,139,783

Market data

High intraday price

$      51.18

$      53.99

$      53.84

$      45.34

$      37.18

$      53.99

$      50.54

Low intraday price

$      44.23

$      44.00

$      34.26

$      33.21

$      28.33

$      44.00

$      28.33

Period end closing price

$      50.35

$      48.38

$      53.05

$      38.39

$      34.21

$      50.35

$      34.21

Average daily volume

301,784

407,898

390,190

361,167

475,198

353,985

463,720

PERFORMANCE RATIOS

Return on average assets

1.41 %

1.18 %

1.03 %

1.25 %

0.98 %

1.30 %

0.98 %

Adjusted return on average assets(1)

1.25 %

1.20 %

1.15 %

1.25 %

0.98 %

1.23 %

0.97 %

Return on average common equity

10.34 %

8.63 %

7.73 %

9.56 %

7.63 %

9.49 %

7.58 %

Adjusted return on average tangible common equity(1)

13.35 %

12.88 %

12.81 %

14.35 %

11.53 %

13.12 %

11.47 %

Earning asset yield (TE)

5.86 %

5.73 %

5.69 %

5.62 %

5.52 %

5.79 %

5.38 %

Total cost of funds

2.48 %

2.41 %

2.32 %

2.24 %

2.05 %

2.44 %

1.82 %

Net interest margin (TE)

3.58 %

3.51 %

3.54 %

3.54 %

3.60 %

3.54 %

3.68 %

Efficiency ratio

51.68 %

55.64 %

56.80 %

52.21 %

53.60 %

53.54 %

52.85 %

Adjusted efficiency ratio (TE)(1)

55.00 %

54.56 %

52.87 %

52.02 %

53.41 %

54.79 %

52.72 %

CAPITAL ADEQUACY (period end)

Shareholders’ equity to assets

13.45 %

13.58 %

13.60 %

13.02 %

12.73 %

13.45 %

12.73 %

Tangible common equity to tangible assets(1)

9.72 %

9.71 %

9.64 %

9.11 %

8.80 %

9.72 %

8.80 %

OTHER DATA (period end)

Full time equivalent employees

Banking Division

2,073

2,082

2,088

2,082

2,104

2,073

2,104

Retail Mortgage Division

595

596

595

601

613

595

613

Warehouse Lending Division

9

8

7

8

8

9

8

Premium Finance Division

74

73

75

78

76

74

76

Total Ameris Bancorp FTE headcount

2,751

2,759

2,765

2,769

2,801

2,751

2,801

Branch locations

164

164

164

164

164

164

164

Deposits per branch location

$  130,757

$  128,033

$  126,271

$  125,551

$  124,653

$  130,757

$  124,653

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Income Statement

Table 2

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2024

2024

2023

2023

2023

2024

2023

Interest income

Interest and fees on loans

$     317,664

$     303,393

$     303,487

$     304,699

$     292,012

$     621,057

$     563,976

Interest on taxable securities

16,948

13,092

14,033

14,754

15,915

30,040

30,215

Interest on nontaxable securities

335

330

326

331

339

665

678

Interest on deposits in other banks

12,376

12,637

14,368

10,769

13,686

25,013

22,799

Total interest income

347,323

329,452

332,214

330,553

321,952

676,775

617,668

Interest expense

Interest on deposits

121,245

118,174

111,749

102,999

88,087

239,419

141,269

Interest on other borrowings

14,157

9,890

14,364

19,803

24,325

24,047

55,207

Total interest expense

135,402

128,064

126,113

122,802

112,412

263,466

196,476

Net interest income

211,921

201,388

206,101

207,751

209,540

413,309

421,192

Provision for loan losses

25,348

25,523

30,401

30,095

43,643

50,871

93,019

Provision for unfunded commitments

(6,570)

(4,422)

(7,438)

(5,634)

1,873

(10,992)

2,219

Provision for other credit losses

(5)

4

(11)

(2)

(1)

7

Provision for credit losses

18,773

21,105

22,952

24,459

45,516

39,878

95,245

Net interest income after provision for credit losses

193,148

180,283

183,149

183,292

164,024

373,431

325,947

Noninterest income

Service charges on deposit accounts

12,672

11,759

12,252

12,092

11,295

24,431

22,231

Mortgage banking activity

46,399

39,430

31,461

36,290

40,742

85,829

72,134

Other service charges, commissions and fees

1,211

1,202

1,234

1,221

975

2,413

1,946

Gain (loss) on securities

12,335

(7)

(288)

(16)

(6)

12,328

Other noninterest income

16,094

13,494

11,589

13,594

14,343

29,588

27,088

Total noninterest income

88,711

65,878

56,248

63,181

67,349

154,589

123,399

Noninterest expense

Salaries and employee benefits

88,201

82,930

75,966

81,898

81,336

171,131

162,246

Occupancy and equipment

12,559

12,885

13,197

12,745

12,522

25,444

25,508

Data processing and communications expenses

15,193

14,654

14,028

12,973

13,451

29,847

26,485

Credit resolution-related expenses(1)

840

486

157

(1,360)

848

1,326

1,283

Advertising and marketing

3,571

2,545

2,974

2,723

2,627

6,116

6,159

Amortization of intangible assets

4,407

4,422

4,425

4,425

4,688

8,829

9,394

Other noninterest expenses

30,586

30,789

38,264

28,042

32,931

61,375

56,749

Total noninterest expense

155,357

148,711

149,011

141,446

148,403

304,068

287,824

Income before income tax expense

126,502

97,450

90,386

105,027

82,970

223,952

161,522

Income tax expense

35,717

23,138

24,452

24,912

20,335

58,855

38,466

Net income

$       90,785

$       74,312

$       65,934

$       80,115

$       62,635

$     165,097

$     123,056

Diluted earnings per common share

$          1.32

$          1.08

$          0.96

$          1.16

$          0.91

$          2.39

$          1.78

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Period End Balance Sheet

Table 3

Jun

Mar

Dec

Sep

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

Assets

Cash and due from banks

$     257,297

$     235,931

$     230,470

$     241,137

$     284,552

Interest-bearing deposits in banks

1,104,897

975,321

936,834

1,304,636

1,034,578

Debt securities available-for-sale, at fair value

1,531,047

1,414,419

1,402,944

1,424,081

1,460,356

Debt securities held-to-maturity, at amortized cost

148,538

147,022

141,512

141,859

142,513

Other investments

96,613

77,480

71,794

104,957

109,656

Loans held for sale

570,180

364,332

281,332

381,466

391,472

Loans, net of unearned income

20,992,603

20,600,260

20,269,303

20,201,079

20,471,759

Allowance for credit losses

(336,218)

(320,023)

(307,100)

(290,104)

(272,071)

Loans, net

20,656,385

20,280,237

19,962,203

19,910,975

20,199,688

Other real estate owned

2,213

2,158

6,199

3,397

6,170

Premises and equipment, net

213,255

214,801

216,435

217,564

218,662

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangible assets, net

79,120

83,527

87,949

92,375

96,800

Cash value of bank owned life insurance

376,458

396,804

395,778

393,769

391,483

Other assets

469,079

447,767

454,603

465,968

449,042

Total assets

$ 26,520,728

$ 25,655,445

$ 25,203,699

$ 25,697,830

$ 25,800,618

Liabilities

Deposits

Noninterest-bearing

$  6,649,220

$  6,538,322

$  6,491,639

$  6,589,610

$  6,706,897

Interest-bearing

14,794,923

14,459,068

14,216,870

14,000,735

13,736,228

Total deposits

21,444,143

20,997,390

20,708,509

20,590,345

20,443,125

Other borrowings

946,413

631,380

509,586

1,209,553

1,536,989

Subordinated deferrable interest debentures

131,312

130,814

130,315

129,817

129,319

Other liabilities

432,246

411,123

428,542

421,046

406,555

Total liabilities

22,954,114

22,170,707

21,776,952

22,350,761

22,515,988

Shareholders’ Equity

Preferred stock

Common stock

72,697

72,683

72,516

72,514

72,515

Capital stock

1,950,846

1,948,352

1,945,385

1,942,852

1,939,865

Retained earnings

1,684,218

1,603,832

1,539,957

1,484,424

1,414,742

Accumulated other comprehensive loss, net of tax

(38,020)

(39,959)

(35,939)

(60,818)

(50,618)

Treasury stock

(103,127)

(100,170)

(95,172)

(91,903)

(91,874)

Total shareholders’ equity

3,566,614

3,484,738

3,426,747

3,347,069

3,284,630

Total liabilities and shareholders’ equity

$ 26,520,728

$ 25,655,445

$ 25,203,699

$ 25,697,830

$ 25,800,618

Other Data

Earning assets

$ 24,443,878

$ 23,578,834

$ 23,103,719

$ 23,558,078

$ 23,610,334

Intangible assets

1,094,766

1,099,173

1,103,595

1,108,021

1,112,446

Interest-bearing liabilities

15,872,648

15,221,262

14,856,771

15,340,105

15,402,536

Average assets

25,954,808

25,295,088

25,341,990

25,525,913

25,631,846

Average common shareholders’ equity

3,530,869

3,462,871

3,383,554

3,324,960

3,293,049

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information

Table 4

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

2024

2023

Allowance for Credit Losses

Balance at beginning of period

$  357,232

$  348,727

$  339,180

$  326,783

$  295,497

$  348,727

$  258,163

Adoption of ASU 2022-02

(1,711)

Provision for loan losses

25,348

25,523

30,401

30,095

43,643

50,871

93,019

Provision for unfunded commitments

(6,570)

(4,422)

(7,438)

(5,634)

1,873

(10,992)

2,219

Provision for other credit losses

(5)

4

(11)

(2)

(1)

7

Provision for credit losses

18,773

21,105

22,952

24,459

45,516

39,878

95,245

Charge-offs

16,845

18,457

20,104

19,488

20,670

35,302

35,626

Recoveries

7,692

5,857

6,699

7,426

6,440

13,549

10,712

Net charge-offs (recoveries)

9,153

12,600

13,405

12,062

14,230

21,753

24,914

Ending balance

$  366,852

$  357,232

$  348,727

$  339,180

$  326,783

$  366,852

$  326,783

Allowance for loan losses

$  336,218

$  320,023

$  307,100

$  290,104

$  272,071

$  336,218

$  272,071

Allowance for unfunded commitments

30,566

37,136

41,558

48,996

54,630

30,566

54,630

Allowance for other credit losses

68

73

69

80

82

68

82

Total allowance for credit losses

$  366,852

$  357,232

$  348,727

$  339,180

$  326,783

$  366,852

$  326,783

Non-Performing Assets

Nonaccrual portfolio loans

$    85,878

$    80,448

$    60,961

$    53,806

$    57,025

$    85,878

$    57,025

Other real estate owned

2,213

2,158

6,199

3,397

6,170

2,213

6,170

Repossessed assets

22

29

17

22

9

22

9

Accruing loans delinquent 90 days or more

15,909

15,811

16,988

11,891

13,424

15,909

13,424

Non-performing portfolio assets

$  104,022

$    98,446

$    84,165

$    69,116

$    76,628

$  104,022

$    76,628

Serviced GNMA-guaranteed mortgage nonaccrual loans

93,520

84,238

90,156

80,752

69,655

93,520

69,655

Total non-performing assets

$  197,542

$  182,684

$  174,321

$  149,868

$  146,283

$  197,542

$  146,283

Asset Quality Ratios

Non-performing portfolio assets as a percent of total assets

0.39 %

0.38 %

0.33 %

0.27 %

0.30 %

0.39 %

0.30 %

Total non-performing assets as a percent of total assets

0.74 %

0.71 %

0.69 %

0.58 %

0.57 %

0.74 %

0.57 %

Net charge-offs as a percent of average loans (annualized)

0.18 %

0.25 %

0.26 %

0.23 %

0.28 %

0.21 %

0.25 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Jun

Mar

Dec

Sep

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

Loans by Type

Commercial, financial and agricultural

$  2,860,973

$  2,758,716

$  2,688,929

$  2,632,836

$  2,718,831

Consumer

217,787

232,993

241,552

259,797

307,486

Indirect automobile

16,335

24,022

34,257

47,108

63,231

Mortgage warehouse

1,070,921

891,336

818,728

852,823

1,147,413

Municipal

454,967

477,567

492,668

497,093

510,410

Premium Finance

1,151,261

998,726

946,562

1,007,334

988,731

Real estate – construction and development

2,336,987

2,264,346

2,129,187

2,236,686

2,217,744

Real estate – commercial and farmland

8,103,634

8,131,248

8,059,754

7,865,389

7,815,779

Real estate – residential

4,779,738

4,821,306

4,857,666

4,802,013

4,702,134

Total loans

$ 20,992,603

$ 20,600,260

$ 20,269,303

$ 20,201,079

$ 20,471,759

Loans by Risk Grade

Pass

$ 20,623,416

$ 20,221,302

$ 19,846,731

$ 19,812,895

$ 20,114,816

Other assets especially mentioned

115,477

137,225

203,725

187,449

171,035

Substandard

253,710

241,733

218,847

200,735

185,908

Total loans

$ 20,992,603

$ 20,600,260

$ 20,269,303

$ 20,201,079

$ 20,471,759

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances

Table 6

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

2024

2023

Earning Assets

Interest-bearing deposits in banks

$     899,866

$     923,845

$     936,733

$     864,028

$     998,609

$     911,855

$     929,496

Investment securities – taxable

1,663,841

1,599,705

1,591,567

1,650,164

1,699,096

1,631,773

1,708,222

Investment securities – nontaxable

41,396

41,287

40,227

40,896

42,580

41,341

42,814

Loans held for sale

491,000

323,351

405,080

464,452

577,606

407,175

534,192

Loans

20,820,361

20,320,678

20,252,773

20,371,689

20,164,938

20,570,520

19,993,794

Total Earning Assets

$ 23,916,464

$ 23,208,866

$ 23,226,380

$ 23,391,229

$ 23,482,829

$ 23,562,664

$ 23,208,518

Deposits

Noninterest-bearing deposits

$  6,558,427

$  6,403,300

$  6,572,190

$  6,655,191

$  6,729,789

$  6,480,864

$  6,931,852

NOW accounts

3,824,538

3,829,977

3,760,992

3,661,701

3,949,850

3,827,257

4,047,484

MMDA

6,251,719

5,952,389

5,994,361

5,527,731

5,002,590

6,102,054

4,998,417

Savings accounts

781,588

795,887

817,075

915,678

1,009,749

788,738

1,007,693

Retail CDs

2,430,416

2,378,678

2,281,357

2,200,413

2,024,014

2,404,547

1,819,307

Brokered CDs

1,167,174

1,381,382

1,122,684

1,441,854

1,393,206

1,274,278

762,672

Total Deposits

21,013,862

20,741,613

20,548,659

20,402,568

20,109,198

20,877,738

19,567,425

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

1

FHLB advances

548,251

219,589

538,096

943,855

1,408,855

383,920

1,687,286

Other borrowings

307,449

308,210

311,091

312,572

316,626

307,829

338,912

Subordinated deferrable interest debentures

131,050

130,551

130,054

129,554

129,056

130,801

128,808

Total Non-Deposit Funding

986,751

658,350

979,241

1,385,981

1,854,537

822,550

2,155,006

Total Funding

$ 22,000,613

$ 21,399,963

$ 21,527,900

$ 21,788,549

$ 21,963,735

$ 21,700,288

$ 21,722,431

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

2024

2023

Interest Income

Interest-bearing deposits in banks

$      12,376

$       12,637

$       14,368

$       10,769

$       13,686

$       25,013

$       22,799

Debt securities – taxable

16,948

13,092

14,033

14,754

15,915

30,040

30,215

Debt securities – nontaxable (TE)

423

418

413

418

430

841

859

Loans held for sale

8,189

5,348

6,846

7,460

8,398

13,537

15,405

Loans (TE)

310,347

298,907

297,501

298,102

284,471

609,254

550,273

Total Earning Assets

$    348,283

$     330,402

$     333,161

$     331,503

$     322,900

$     678,685

$     619,551

Interest Expense

Interest-Bearing Deposits

NOW accounts

$      21,020

$       20,574

$       19,293

$       17,255

$       18,003

$       41,594

$       33,036

MMDA

58,332

53,953

54,002

45,683

35,224

112,285

63,033

Savings accounts

984

986

974

1,791

2,296

1,970

3,584

Retail CDs

25,711

24,576

22,257

19,013

14,751

50,287

22,380

Brokered CDs

15,198

18,085

15,223

19,257

17,813

33,283

19,236

Total Interest-Bearing Deposits

121,245

118,174

111,749

102,999

88,087

239,419

141,269

Non-Deposit Funding

FHLB advances

7,167

2,578

7,089

12,543

17,222

9,745

39,670

Other borrowings

3,574

3,879

3,798

3,821

3,902

7,453

9,251

Subordinated deferrable interest debentures

3,416

3,433

3,477

3,439

3,201

6,849

6,286

Total Non-Deposit Funding

14,157

9,890

14,364

19,803

24,325

24,047

55,207

Total Interest-Bearing Funding

$    135,402

$     128,064

$     126,113

$     122,802

$     112,412

$     263,466

$     196,476

Net Interest Income (TE)

$    212,881

$     202,338

$     207,048

$     208,701

$     210,488

$     415,219

$     423,075

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields(1)

Table 8

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

2024

2024

2023

2023

2023

2024

2023

Earning Assets

Interest-bearing deposits in banks

5.53 %

5.50 %

6.09 %

4.94 %

5.50 %

5.52 %

4.95 %

Debt securities – taxable

4.10 %

3.29 %

3.50 %

3.55 %

3.76 %

3.70 %

3.57 %

Debt securities – nontaxable (TE)

4.11 %

4.07 %

4.07 %

4.06 %

4.05 %

4.09 %

4.05 %

Loans held for sale

6.71 %

6.65 %

6.71 %

6.37 %

5.83 %

6.69 %

5.82 %

Loans (TE)

6.00 %

5.92 %

5.83 %

5.81 %

5.66 %

5.96 %

5.55 %

Total Earning Assets

5.86 %

5.73 %

5.69 %

5.62 %

5.52 %

5.79 %

5.38 %

Interest-Bearing Deposits

NOW accounts

2.21 %

2.16 %

2.04 %

1.87 %

1.83 %

2.19 %

1.65 %

MMDA

3.75 %

3.65 %

3.57 %

3.28 %

2.82 %

3.70 %

2.54 %

Savings accounts

0.51 %

0.50 %

0.47 %

0.78 %

0.91 %

0.50 %

0.72 %

Retail CDs

4.25 %

4.16 %

3.87 %

3.43 %

2.92 %

4.21 %

2.48 %

Brokered CDs

5.24 %

5.27 %

5.38 %

5.30 %

5.13 %

5.25 %

5.09 %

Total Interest-Bearing Deposits

3.37 %

3.31 %

3.17 %

2.97 %

2.64 %

3.34 %

2.25 %

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

— %

— %

— %

— %

— %

— %

— %

FHLB advances

5.26 %

4.72 %

5.23 %

5.27 %

4.90 %

5.10 %

4.74 %

Other borrowings

4.68 %

5.06 %

4.84 %

4.85 %

4.94 %

4.87 %

5.50 %

Subordinated deferrable interest debentures

10.48 %

10.58 %

10.61 %

10.53 %

9.95 %

10.53 %

9.84 %

Total Non-Deposit Funding

5.77 %

6.04 %

5.82 %

5.67 %

5.26 %

5.88 %

5.17 %

Total Interest-Bearing Liabilities

3.53 %

3.43 %

3.35 %

3.22 %

2.96 %

3.48 %

2.68 %

Net Interest Spread

2.33 %

2.30 %

2.34 %

2.40 %

2.56 %

2.31 %

2.70 %

Net Interest Margin(2)

3.58 %

3.51 %

3.54 %

3.54 %

3.60 %

3.54 %

3.68 %

Total Cost of Funds(3)

2.48 %

2.41 %

2.32 %

2.24 %

2.05 %

2.44 %

1.82 %

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

(2) Rate calculated based on average earning assets.

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations

Adjusted Net Income

Table 9A

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2024

2024

2023

2023

2023

2024

2023

Net income available to common shareholders

$     90,785

$     74,312

$     65,934

$    80,115

$     62,635

$   165,097

$  123,056

Adjustment items:

Gain on sale of MSR

(4,713)

(4,713)

Gain on conversion of Visa Class B-1 stock

(12,554)

(12,554)

Gain on BOLI proceeds

(466)

(998)

(1,464)

(486)

FDIC special assessment

(895)

2,909

11,566

2,014

Gain on bank premises

(1,903)

Tax effect of adjustment items (Note 1)

3,814

(611)

(2,029)

3,203

After tax adjustment items

(14,814)

1,300

7,634

(13,514)

(486)

Tax expense attributable to BOLI restructuring

4,792

4,792

Adjusted net income

$     80,763

$     75,612

$     73,568

$    80,115

$     62,635

$   156,375

$  122,570

Weighted average number of shares – diluted

69,013,834

69,014,116

69,014,793

68,994,247

69,034,763

69,010,010

69,191,512

Net income per diluted share

$        1.32

$        1.08

$        0.96

$        1.16

$        0.91

$         2.39

$       1.78

Adjusted net income per diluted share

$        1.17

$        1.10

$        1.07

$        1.16

$        0.91

$         2.27

$       1.77

Average assets

$  25,954,808

$  25,295,088

$  25,341,990

$  25,525,913

$  25,631,846

$  25,624,948

$  25,375,312

Return on average assets

1.41 %

1.18 %

1.03 %

1.25 %

0.98 %

1.30 %

0.98 %

Adjusted return on average assets

1.25 %

1.20 %

1.15 %

1.25 %

0.98 %

1.23 %

0.97 %

Average common equity

$ 3,530,869

$ 3,462,871

$ 3,383,554

$                  3,324,960

$ 3,293,049

$ 3,496,870

$                  3,271,787

Average tangible common equity

$ 2,433,958

$ 2,361,544

$ 2,277,810

$                  2,214,775

$ 2,178,323

$ 2,397,751

$                  2,154,720

Return on average common equity

10.34 %

8.63 %

7.73 %

9.56 %

7.63 %

9.49 %

7.58 %

Adjusted return on average tangible common equity

13.35 %

12.88 %

12.81 %

14.35 %

11.53 %

13.12 %

11.47 %

Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Adjusted Efficiency Ratio (TE)

Table 9B

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

2024

2023

Adjusted Noninterest Expense

Total noninterest expense

$  155,357

$  148,711

$  149,011

$  141,446

$  148,403

$  304,068

$  287,824

Adjustment items:

FDIC special assessment

895

(2,909)

(11,566)

(2,014)

Gain on bank premises

1,903

Adjusted noninterest expense

$  156,252

$  145,802

$  139,348

$  141,446

$  148,403

$  302,054

$  287,824

Total Revenue

Net interest income

$  211,921

$  201,388

$  206,101

$  207,751

$  209,540

$  413,309

$  421,192

Noninterest income

88,711

65,878

56,248

63,181

67,349

154,589

123,399

Total revenue

$  300,632

$  267,266

$  262,349

$  270,932

$  276,889

$  567,898

$  544,591

Adjusted Total Revenue

Net interest income (TE)

$  212,881

$  202,338

$  207,048

$  208,701

$  210,488

$  415,219

$  423,075

Noninterest income

88,711

65,878

56,248

63,181

67,349

154,589

123,399

Total revenue (TE)

301,592

268,216

263,296

271,882

277,837

569,808

546,474

Adjustment items:

(Gain) loss on securities

(12,335)

7

288

16

6

(12,328)

Gain on sale of MSR

(4,713)

(4,713)

Gain on BOLI proceeds

(466)

(998)

(1,464)

(486)

Adjusted total revenue (TE)

$  284,078

$  267,225

$  263,584

$  271,898

$  277,843

$  551,303

$  545,988

Efficiency ratio

51.68 %

55.64 %

56.80 %

52.21 %

53.60 %

53.54 %

52.85 %

Adjusted efficiency ratio (TE)

55.00 %

54.56 %

52.87 %

52.02 %

53.41 %

54.79 %

52.72 %

Tangible Book Value Per Share

Table 9C

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2024

2024

2023

2023

2023

2024

2023

Total shareholders’ equity

$                  3,566,614

$                  3,484,738

$                  3,426,747

$                  3,347,069

$                  3,284,630

$                  3,566,614

$                  3,284,630

Less:

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangibles, net

79,120

83,527

87,949

92,375

96,800

79,120

96,800

Total tangible shareholders’ equity

$                  2,471,848

$                  2,385,565

$                  2,323,152

$                  2,239,048

$                  2,172,184

$                  2,471,848

$                  2,172,184

Period end number of shares

69,066,573

69,115,263

69,053,341

69,138,461

69,139,783

69,066,573

69,139,783

Book value per share (period end)

$     51.64

$     50.42

$      49.62

$     48.41

$     47.51

$      51.64

$     47.51

Tangible book value per share (period end)

$     35.79

$     34.52

$      33.64

$     32.38

$     31.42

$      35.79

$     31.42

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets

Table 9D

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2024

2024

2023

2023

2023

2024

2023

Total shareholders’ equity

$ 3,566,614

$ 3,484,738

$ 3,426,747

$ 3,347,069

$ 3,284,630

$ 3,566,614

$ 3,284,630

Less:

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangibles, net

79,120

83,527

87,949

92,375

96,800

79,120

96,800

Total tangible shareholders’ equity

$ 2,471,848

$ 2,385,565

$ 2,323,152

$ 2,239,048

$ 2,172,184

$ 2,471,848

$ 2,172,184

Total assets

$              26,520,728

$              25,655,445

$              25,203,699

$              25,697,830

$              25,800,618

$              26,520,728

$              25,800,618

Less:

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

1,015,646

Other intangibles, net

79,120

83,527

87,949

92,375

96,800

79,120

96,800

Total tangible assets

$              25,425,962

$              24,556,272

$              24,100,104

$              24,589,809

$              24,688,172

$              25,425,962

$              24,688,172

Equity to Assets

13.45 %

13.58 %

13.60 %

13.02 %

12.73 %

13.45 %

12.73 %

Tangible Common Equity to Tangible Assets

9.72 %

9.71 %

9.64 %

9.11 %

8.80 %

9.72 %

8.80 %

PPNR ROA

Table 9E

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands except per share data)

2024

2024

2023

2023

2023

2024

2023

Net income

$    90,785

$    74,312

$    65,934

$    80,115

$    62,635

$  165,097

$  123,056

Plus:

Income taxes

35,717

23,138

24,452

24,912

20,335

58,855

38,466

Provision for credit losses

18,773

21,105

22,952

24,459

45,516

39,878

95,245

PPNR

$  145,275

$  118,555

$  113,338

$  129,486

$  128,486

$  263,830

$  256,767

Average Assets

$  25,954,808

$  25,295,088

$  25,341,990

$  25,525,913

$  25,631,846

$  25,624,948

$  25,375,312

Return on Average Assets (ROA)

1.41 %

1.18 %

1.03 %

1.25 %

0.98 %

1.30 %

0.98 %

PPNR ROA

2.25 %

1.89 %

1.77 %

2.01 %

2.01 %

2.07 %

2.04 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting

Table 10

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

2024

2023

Retail Mortgage Division

Net interest income

$    23,742

$    23,287

$    24,053

$    22,805

$    21,417

$    47,029

$    41,444

Provision for credit losses

(2,882)

2,332

1,005

2,399

3,278

(550)

6,131

Noninterest income

50,145

38,765

30,588

35,691

39,808

88,910

70,866

Noninterest expense

Salaries and employee benefits

25,254

21,073

16,996

21,231

21,930

46,327

42,090

Occupancy and equipment expenses

1,008

1,049

1,210

1,182

1,224

2,057

2,507

Data processing and telecommunications expenses

1,276

1,366

1,318

1,052

1,397

2,642

2,466

Other noninterest expenses

13,397

12,530

11,634

12,153

11,859

25,927

23,606

Total noninterest expense

40,935

36,018

31,158

35,618

36,410

76,953

70,669

Income before income tax expense

35,834

23,702

22,478

20,479

21,537

59,536

35,510

Income tax expense

7,525

4,978

4,720

4,301

4,523

12,503

7,457

Net income

$    28,309

$    18,724

$    17,758

$    16,178

$    17,014

$    47,033

$    28,053

Warehouse Lending Division

Net interest income

$      6,292

$      6,028

$      5,965

$      6,008

$      6,166

$    12,320

$    11,866

Provision for credit losses

359

145

(68)

(589)

411

504

217

Noninterest income

1,028

740

929

662

1,404

1,768

1,884

Noninterest expense

Salaries and employee benefits

1,124

888

296

924

772

2,012

1,574

Occupancy and equipment expenses

7

7

3

1

14

1

Data processing and telecommunications expenses

59

25

51

30

44

84

90

Other noninterest expenses

298

237

229

219

223

535

425

Total noninterest expense

1,488

1,157

579

1,174

1,039

2,645

2,090

Income before income tax expense

5,473

5,466

6,383

6,085

6,120

10,939

11,443

Income tax expense

1,149

1,148

1,340

1,278

1,285

2,297

2,403

Net income

$      4,324

$      4,318

$      5,043

$      4,807

$      4,835

$      8,642

$      9,040

Premium Finance Division

Net interest income

$      8,350

$      7,605

$      7,801

$      9,381

$      8,185

$    15,955

$    16,825

Provision for credit losses

408

(499)

27

139

572

(91)

606

Noninterest income

11

10

9

4

9

21

18

Noninterest expense

Salaries and employee benefits

1,900

2,053

1,973

2,308

2,122

3,953

4,319

Occupancy and equipment expenses

70

76

83

89

83

146

142

Data processing and telecommunications expenses

102

79

100

73

66

181

151

Other noninterest expenses

1,095

1,028

1,057

1,027

1,036

2,123

2,133

Total noninterest expense

3,167

3,236

3,213

3,497

3,307

6,403

6,745

Income before income tax expense

4,786

4,878

4,570

5,749

4,315

9,664

9,492

Income tax expense

953

984

945

1,170

869

1,937

1,919

Net income

$      3,833

$      3,894

$      3,625

$      4,579

$      3,446

$      7,727

$      7,573

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued)

Table 10

Three Months Ended

Six  Months Ended

Jun

Mar

Dec

Sep

Jun

Jun

Jun

(dollars in thousands)

2024

2024

2023

2023

2023

2024

2023

Banking Division

Net interest income

$  173,537

$  164,468

$  168,282

$  169,557

$  173,772

$  338,005

$  351,057

Provision for credit losses

20,888

19,127

21,988

22,510

41,255

40,015

88,291

Noninterest income

37,527

26,363

24,722

26,824

26,128

63,890

50,631

Noninterest expense

Salaries and employee benefits

59,923

58,916

56,701

57,435

56,512

118,839

114,263

Occupancy and equipment expenses

11,474

11,753

11,901

11,473

11,215

23,227

22,858

Data processing and telecommunications expenses

13,756

13,184

12,559

11,818

11,944

26,940

23,778

Other noninterest expenses

24,614

24,447

32,900

20,431

27,976

49,061

47,421

Total noninterest expense

109,767

108,300

114,061

101,157

107,647

218,067

208,320

Income before income tax expense

80,409

63,404

56,955

72,714

50,998

143,813

105,077

Income tax expense

26,090

16,028

17,447

18,163

13,658

42,118

26,687

Net income

$    54,319

$    47,376

$    39,508

$    54,551

$    37,340

$  101,695

$    78,390

Total Consolidated

Net interest income

$  211,921

$  201,388

$  206,101

$  207,751

$  209,540

$  413,309

$  421,192

Provision for credit losses

18,773

21,105

22,952

24,459

45,516

39,878

95,245

Noninterest income

88,711

65,878

56,248

63,181

67,349

154,589

123,399

Noninterest expense

Salaries and employee benefits

88,201

82,930

75,966

81,898

81,336

171,131

162,246

Occupancy and equipment expenses

12,559

12,885

13,197

12,745

12,522

25,444

25,508

Data processing and telecommunications expenses

15,193

14,654

14,028

12,973

13,451

29,847

26,485

Other noninterest expenses

39,404

38,242

45,820

33,830

41,094

77,646

73,585

Total noninterest expense

155,357

148,711

149,011

141,446

148,403

304,068

287,824

Income before income tax expense

126,502

97,450

90,386

105,027

82,970

223,952

161,522

Income tax expense

35,717

23,138

24,452

24,912

20,335

58,855

38,466

Net income

$    90,785

$    74,312

$    65,934

$    80,115

$    62,635

$  165,097

$  123,056

SOURCE Ameris Bancorp


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