AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2024

Rhea-AI Summary

Ameris Bancorp (NYSE: ABCB) reported strong financial results for Q2 2024, with net income of $90.8 million ($1.32 per diluted share) and adjusted net income of $80.8 million ($1.17 per diluted share). Key highlights include:

- Net interest margin improved to 3.58% from 3.51% in Q1 2024
- Organic loan growth of $392.3 million (7.7% annualized)
- Total deposit growth of $446.8 million (8.6% annualized)
- Tangible book value increased by $1.27 per share (14.8% annualized) to $35.79
- TCE ratio improved to 9.72% from 8.80% a year ago
- Allowance for loan losses increased to 1.60% of loans

The company achieved margin expansion, growth in net interest income, and an increase in core deposits, resulting in a PPNR ROA exceeding 2%. Management remains optimistic about future performance, driven by a strong balance sheet and thriving Southeastern markets.

Positive

• Net income increased to $90.8 million, up from $62.6 million in Q2 2023
• Net interest margin improved to 3.58% from 3.51% in Q1 2024
• Organic loan growth of $392.3 million (7.7% annualized)
• Total deposit growth of $446.8 million (8.6% annualized)
• Tangible book value increased by 14.8% annualized to $35.79 per share
• TCE ratio improved to 9.72% from 8.80% a year ago
• PPNR ROA exceeded 2%
• Noninterest income increased 34.7% to $88.7 million

Negative

• Provision for credit losses of $18.8 million, up from $21.1 million in Q1 2024
• Nonperforming assets as a percentage of total assets increased by 3 basis points to 0.74%
• Effective tax rate increased to 28.2% from 23.7% in Q1 2024

Insights

Financial Analyst

Ameris Bancorp's Q2 2024 results demonstrate solid financial performance and growth. The bank reported $90.8 million in net income, or $1.32 per diluted share, a significant improvement from $62.6 million in Q2 2023. Adjusted net income, excluding one-time items, was $80.8 million or $1.17 per share.

Key highlights include:

• Net interest margin improved to 3.58%, up from 3.51% in Q1 2024
• Organic loan growth of $392.3 million, or 7.7% annualized
• Total deposit growth of $446.8 million, or 8.6% annualized
• Tangible book value grew 14.8% annualized to $35.79 per share

The bank's focus on margin expansion and deposit growth is paying off, with net interest income increasing 5.2% quarter-over-quarter. The improved net interest margin of 3.58% is particularly noteworthy in the current interest rate environment.

However, investors should note the increase in nonperforming assets to 0.74% of total assets, up 3 basis points. While this includes $93.5 million in GNMA-guaranteed loans with minimal loss exposure, it's a metric to monitor closely.

Overall, Ameris Bancorp's Q2 results reflect a well-managed institution navigating the challenges of the banking sector effectively.

Banking Industry Expert

Ameris Bancorp's Q2 2024 results reveal a bank adeptly managing its balance sheet and profitability in a complex economic environment. The 7.7% annualized organic loan growth and 8.6% annualized deposit growth are impressive, especially considering the competitive landscape for deposits.

The improvement in net interest margin to 3.58% is particularly noteworthy. This suggests the bank is successfully repricing its loan portfolio and managing deposit costs in a rising rate environment. The slight increase in interest-bearing deposit costs from 3.31% to 3.37% indicates disciplined pricing strategies.

The bank's capital position remains strong, with the TCE ratio improving to 9.72%. This provides a solid buffer against potential economic headwinds and supports future growth initiatives.

However, the increase in the allowance for loan losses to 1.60% of loans, up from 1.55% in Q1, suggests some caution regarding credit quality. While net charge-offs declined to 0.18% annualized, the increased provisioning warrants attention.

The reduction in CRE concentration from 281% to 274% of capital is a positive step towards risk management, though it remains elevated compared to regulatory guidance.

Overall, Ameris Bancorp demonstrates strong fundamentals and effective management in a challenging banking environment.

Market Research Analyst

Ameris Bancorp's Q2 2024 results offer several insights into broader market trends:

• Mortgage Market Resilience: The 45.8% increase in retail mortgage production to $1.33 billion suggests a rebound in housing market activity, despite higher interest rates. This could indicate pent-up demand or adaptation to the new rate environment.
• Deposit Competition: The $267 million growth in money market accounts reflects the ongoing battle for deposits. Banks are likely to continue offering competitive rates to attract and retain funds.
• Credit Quality Concerns: The increase in loan loss allowance to 1.60% of loans may signal growing caution about potential economic headwinds. This trend could be industry-wide as banks prepare for possible credit deterioration.
• Digital Banking Investments: The $1 million increase in advertising and marketing expenses for a new deposit campaign likely reflects ongoing industry efforts to enhance digital banking capabilities and attract tech-savvy customers.
• Noninterest Income Diversification: The $12.6 million gain from Visa Class B-1 share conversion highlights the importance of diverse revenue streams for banks in the current environment.

These trends suggest a banking sector navigating complex economic conditions, with a focus on risk management, deposit growth and diversified revenue streams. Ameris Bancorp's performance may be indicative of broader industry resilience and adaptation to challenging market conditions.

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

 

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FAQ

What was Ameris Bancorp's (ABCB) net income for Q2 2024?

Ameris Bancorp reported net income of $90.8 million, or $1.32 per diluted share, for Q2 2024.

How much did Ameris Bancorp's (ABCB) deposits grow in Q2 2024?

Ameris Bancorp's total deposits grew by $446.8 million, or 8.6% annualized, in Q2 2024.

What was Ameris Bancorp's (ABCB) net interest margin in Q2 2024?

Ameris Bancorp's net interest margin was 3.58% for Q2 2024, up from 3.51% in Q1 2024.

How much did Ameris Bancorp's (ABCB) tangible book value increase in Q2 2024?

Ameris Bancorp's tangible book value increased by $1.27 per share, or 14.8% annualized, to $35.79 in Q2 2024.