Ameris Bancorp Announces Financial Results for Third Quarter 2024

Rhea-AI Summary

Ameris Bancorp (NYSE: ABCB) reported strong Q3 2024 financial results with net income of $99.2 million, or $1.44 per diluted share, up from $80.1 million in Q3 2023. Key highlights include adjusted net income of $95.2 million ($1.38 per diluted share), net interest margin of 3.51%, and total deposits growth of $435.1 million (8.1% annualized). The company achieved a Return on Average Assets of 1.49% and grew tangible book value by 19.1% annualized to $37.51. Notable improvements include TCE ratio reaching 10.24% and reduced exposure to GNMA nonaccrual loans by $85.4 million through MSR sale.

Positive

• Net income increased 23.8% YoY to $99.2 million
• Total deposits grew by $435.1 million (8.1% annualized)
• Tangible book value grew 19.1% annualized to $37.51
• TCE ratio improved to 10.24% from 9.11% YoY
• Net charge-offs declined to 0.15% of average total loans
• Nonperforming assets improved 30 basis points to 0.44%

Negative

• Net interest margin declined to 3.51% from 3.58% QoQ
• Noninterest income decreased $19.0 million (21.4%) QoQ
• Mortgage banking activity decreased by $8.5 million (18.2%) QoQ
• Total mortgage production decreased $170.1 million (12.8%) QoQ

Insights

Financial Analyst

The Q3 2024 results demonstrate solid financial performance with $99.2 million in net income ($1.44 per share), up from $80.1 million year-over-year. Key strengths include:

• Strong deposit growth of 8.1% annualized with $435.1 million increase
• Improved asset quality with nonperforming assets dropping 30 basis points to 0.44%
• Robust capital position with TCE ratio at 10.24%
• Healthy net interest margin of 3.51%

The strategic sale of mortgage servicing rights generated a $5.2 million gain while reducing risk exposure. The new $100 million share buyback authorization signals management's confidence in the bank's financial position and commitment to shareholder returns.

Market Research Analyst

The bank's performance metrics reveal strong market positioning in the Southeast region. Tangible book value growth of 19.1% annualized demonstrates excellent value creation. The deposit mix remains favorable with 30.5% in noninterest-bearing accounts, though slightly down from year-end. The reduction in net charge-offs to 0.15% and stable loan loss allowance at 1.60% indicate prudent risk management in a challenging rate environment. The efficiency ratio improvement to 54.25% shows effective cost control despite inflationary pressures.

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

• Net income of $99.2 million, or $1.44 per diluted share;
• Adjusted net income⁽¹⁾ of $95.2 million, or $1.38 per diluted share
• Return on average assets ("ROA") of 1.49%; Adjusted ROA⁽¹⁾ of 1.43%
• Pre-tax, pre-provision net revenue (PPNR) ROA⁽¹⁾ of 1.99%;
• Growth in tangible book value⁽¹⁾ of $1.72 per share, or 19.1% annualized, to $37.51 at September 30, 2024
• TCE ratio⁽¹⁾ of 10.24%, compared with 9.11% one year ago
• Completed the sale of a pool of mortgage servicing rights ("MSR") recognizing a gain of $5.2 million and reducing exposure to GNMA nonaccrual loans by $85.4 million
• Net interest margin of 3.51% for the third quarter of 2024
• Growth in average earning assets of $454.8 million, or 7.6% annualized
• Growth in total deposits of $435.1 million, or 8.1% annualized
• Allowance for loan losses steady at 1.60% of loans at September 30, 2024
• Annualized net charge-offs declined to 0.15% of average total loans

ATLANTA--(BUSINESS WIRE)-- Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024, compared with $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023. Excluding the gain on sale of MSRs and natural disaster expenses, adjusted net income⁽¹⁾ was $95.2 million, or $1.38 per diluted share, for the quarter ended September 30, 2024, compared with $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023.

For the year-to-date period ending September 30, 2024, the Company reported net income of $264.3 million, or $3.83 per diluted share, compared with $203.2 million, or $2.94 per diluted share, for the same period in 2023. The year-to-date period ending September 30, 2024 included a provision for credit losses of $46.0 million, compared with $119.7 million for the same period in 2023.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “This quarter's strong financial performance reflects our core franchise value, disciplined focus on enhancing shareholder returns and commitment to our customers. We achieved core deposit growth, sold additional MSRs at a gain, reduced GNMA nonaccrual exposure and grew tangible book value by over 19% annualized this quarter. We are building capital at a strong pace, with our TCE ratio now over 10% and CET1 ratio at 12%. We remain dedicated to the Southeast markets, which continue to grow and thrive."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $215.0 million in the third quarter of 2024, an increase of $2.1 million, or 1.0%, from last quarter and $6.3 million, or 3.0%, compared with the third quarter of 2023. The Company's net interest margin was 3.51% for the third quarter of 2024, down from 3.58% reported for the second quarter of 2024 and from 3.54% reported for the third quarter of 2023. The decrease in net interest margin this quarter compared with the second quarter of 2024 is primarily attributable to decreased yield on securities during the period, in addition to an increase 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 yields on earning assets.

Yields on earning assets decreased five basis points during the quarter to 5.81%, compared with 5.86% in the second quarter of 2024. This decrease is primarily related to the $2.3 million in bond income recognized in the second quarter of 2024 noted above. Yields on earning assets increased 19 basis points compared with 5.62% for the third quarter of 2023. Yields on loans increased to 6.01% during the third quarter of 2024, compared with 6.00% for the second quarter of 2024 and 5.81% for the third quarter of 2023.

The Company’s total cost of funds was 2.50% in the third quarter of 2024, an increase of two and 26 basis points compared with the second quarter of 2024 and third quarter of 2023, respectively. Deposit costs increased only seven basis points during the third quarter of 2024 to 2.39%, compared with 2.32% in the second quarter of 2024. Costs of interest-bearing deposits increased during the quarter from 3.37% in the second quarter of 2024 to 3.44% in the third quarter of 2024, reflecting an increase in money market and brokered deposit account balances and costs.

Noninterest Income

Noninterest income decreased $19.0 million, or 21.4%, in the third quarter of 2024 to $69.7 million, compared with $88.7 million for the second quarter of 2024, primarily as a result of decreased gain on securities and mortgage revenue. The second quarter of 2024 included a gain on conversion of Visa Class B stock of $12.6 million, compared with no such gain in the third quarter of 2024. Mortgage banking activity decreased by $8.5 million, or 18.2%, to $37.9 million in the third quarter of 2024, compared with $46.4 million for the second quarter of 2024. Gain on sale spreads decreased to 2.17% in the third quarter of 2024 from 2.45% for the second quarter of 2024. Total production in the retail mortgage division decreased $170.1 million, or 12.8%, to $1.16 billion in the third quarter of 2024, compared with $1.33 billion for the second quarter of 2024. The retail mortgage open pipeline was $813.7 million at the end of the third quarter of 2024, compared with $802.2 million for the second quarter of 2024. Included in other noninterest income in the third quarter of 2024 was a $5.2 million gain from the sale of mortgage servicing rights, compared with $4.7 million for the second quarter of 2024.

Noninterest Expense

Noninterest expense decreased $3.6 million, or 2.3%, to $151.8 million during the third quarter of 2024, compared with $155.4 million for the second quarter of 2024. During the third quarter of 2024, the Company recorded natural disaster expenses of $150,000. During the second quarter of 2024, the Company recorded a reduction in FDIC special assessment expense of $895,000. Excluding these items, adjusted expenses⁽¹⁾ decreased approximately $4.6 million, or 3.0%, to $151.6 million in the third quarter of 2024 from $156.3 million in the second quarter of 2024. The decrease in adjusted expenses⁽¹⁾ resulted from a $1.2 million decrease in loan servicing expenses as a result of the sale of mortgage servicing rights beginning in the second quarter of 2024. Also contributing to the decrease in adjusted expenses were $1.0 million of additional deferred origination costs in our equipment finance division and a reduction of $1.0 million in problem loan expenses. Management continues to focus on operating efficiency, and the adjusted efficiency ratio⁽¹⁾ improved to 54.25% in the third quarter of 2024, compared with 55.00% in the second quarter of 2024.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2024 was 21.2%, compared with 28.2% for the second quarter of 2024. Tax expense during the second quarter of 2024 included a $4.8 million expense related to the termination of certain BOLI policies.

Balance Sheet Trends

Total assets at September 30, 2024 were $26.40 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased to $1.44 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $695.7 million, or 4.6% annualized, to $20.96 billion at September 30, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $553.4 million at September 30, 2024 from $281.3 million at December 31, 2023.

At September 30, 2024, total deposits amounted to $21.88 billion, compared with $20.71 billion at December 31, 2023. During the third quarter of 2024, deposits grew $435.1 million, with noninterest bearing accounts increasing $21.1 million, money market accounts increasing $83.6 million, retail CDs increasing $60.4 million and brokered CDs increasing $403.7 million, with such increases offset in part by a $12.6 million decrease in savings accounts and a 121.0 million decrease in interest bearing demand accounts. Noninterest bearing accounts as a percentage of total deposits was minimally changed, such that at September 30, 2024, noninterest bearing deposit accounts represented $6.67 billion, or 30.5% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at December 31, 2023.

Shareholders’ equity at September 30, 2024 totaled $3.68 billion, an increase of $254.6 million, or 7.4%, from December 31, 2023. The increase in shareholders’ equity was primarily the result of earnings of $264.3 million during the first nine months of 2024, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss of $20.2 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share⁽¹⁾ increased $3.87 per share, or 15.4% annualized, during the first nine months of 2024 to $37.51 at September 30, 2024. Tangible common equity as a percentage of tangible assets was 10.24% at September 30, 2024, compared with 9.64% at the end of 2023. The Company had no repurchases of its shares in the quarter ending September 30, 2024.

Credit Quality

During the third quarter of 2024, the Company recorded a provision for credit losses of $6.1 million, keeping the allowance for credit losses at 1.60% of loans, compared with a provision of $18.8 million in the second quarter of 2024. Nonperforming assets as a percentage of total assets improved 30 basis points to 0.44% during the quarter. Approximately $8.2 million, or 7.0%, of the nonperforming assets at September 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 two basis points to 0.41% at September 30, 2024, compared with 0.39% at the second quarter of 2024. The Company sold a pool of MSRs during the third quarter of 2024 which reduced exposure to nonperforming GNMA-guaranteed mortgage loans by $85.4 million. The net charge-off ratio improved to 15 basis points for the third quarter of 2024, from 18 basis points in the second quarter of 2024.

Share Repurchase Program

The Company's board of directors, on October 18, 2024, authorized the Company to repurchase up to $100.0 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2025, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. The board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31 and under which the Company has repurchased $8.3 million of its outstanding common stock in the past 12 months.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 25, 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 November 1, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 1525671. 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 $26.4 billion in assets as of September 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																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands except per share data)		2024				2024				2024				2023				2023				2024				2023
EARNINGS
Net income	$	99,212			$	90,785			$	74,312			$	65,934			$	80,115			$	264,309			$	203,171
Adjusted net income(1)	$	95,187			$	80,763			$	75,612			$	73,568			$	80,115			$	251,562			$	202,685
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.44			$	1.32			$	1.08			$	0.96			$	1.16			$	3.84			$	2.94
Diluted	$	1.44			$	1.32			$	1.08			$	0.96			$	1.16			$	3.83			$	2.94
Adjusted diluted EPS(1)	$	1.38			$	1.17			$	1.10			$	1.07			$	1.16			$	3.64			$	2.93
Cash dividends per share	$	0.15			$	0.15			$	0.15			$	0.15			$	0.15			$	0.45			$	0.45
Book value per share (period end)	$	53.30			$	51.64			$	50.42			$	49.62			$	48.41			$	53.30			$	48.41
Tangible book value per share (period end)(1)	$	37.51			$	35.79			$	34.52			$	33.64			$	32.38			$	37.51			$	32.38
Weighted average number of shares
Basic		68,798,093				68,824,150				68,808,393				68,824,004				68,879,352				68,811,727				69,023,201
Diluted		69,066,298				69,013,834				69,014,116				69,014,793				68,994,247				69,031,666				69,129,921
Period end number of shares		69,067,019				69,066,573				69,115,263				69,053,341				69,138,461				69,067,019				69,138,461
Market data
High intraday price	$	65.40			$	51.18			$	53.99			$	53.84			$	45.34			$	65.40			$	50.54
Low intraday price	$	48.21			$	44.23			$	44.00			$	34.26			$	33.21			$	44.00			$	28.33
Period end closing price	$	62.39			$	50.35			$	48.38			$	53.05			$	38.39			$	62.39			$	38.39
Average daily volume		379,896				301,784				407,898				390,190				361,167				362,808				429,170
PERFORMANCE RATIOS
Return on average assets		1.49	%			1.41	%			1.18	%			1.03	%			1.25	%			1.36	%			1.07	%
Adjusted return on average assets(1)		1.43	%			1.25	%			1.20	%			1.15	%			1.25	%			1.30	%			1.07	%
Return on average common equity		10.91	%			10.34	%			8.63	%			7.73	%			9.56	%			9.98	%			8.26	%
Adjusted return on average tangible common equity(1)		14.99	%			13.35	%			12.88	%			12.81	%			14.35	%			13.77	%			12.46	%
Earning asset yield (TE)		5.81	%			5.86	%			5.73	%			5.69	%			5.62	%			5.80	%			5.46	%
Total cost of funds		2.50	%			2.48	%			2.41	%			2.32	%			2.24	%			2.46	%			1.96	%
Net interest margin (TE)		3.51	%			3.58	%			3.51	%			3.54	%			3.54	%			3.53	%			3.63	%
Efficiency ratio		53.49	%			51.68	%			55.64	%			56.80	%			52.21	%			53.52	%			52.64	%
Adjusted efficiency ratio (TE)(1)		54.25	%			55.00	%			54.56	%			52.87	%			52.02	%			54.61	%			52.49	%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets		13.94	%			13.45	%			13.58	%			13.60	%			13.02	%			13.94	%			13.02	%
Tangible common equity to tangible assets(1)		10.24	%			9.72	%			9.71	%			9.64	%			9.11	%			10.24	%			9.11	%
OTHER DATA (period end)
Full time equivalent employees
Banking Division		2,056				2,073				2,082				2,088				2,082				2,056				2,082
Retail Mortgage Division		592				595				596				595				601				592				601
Warehouse Lending Division		9				9				8				7				8				9				8
Premium Finance Division		76				74				73				75				78				76				78
Total Ameris Bancorp FTE headcount		2,733				2,751				2,759				2,765				2,769				2,733				2,769
Branch locations		164				164				164				164				164				164				164
Deposits per branch location	$	133,410			$	130,757			$	128,033			$	126,271			$	125,551			$	133,410			$	125,551
(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																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands except per share data)		2024				2024				2024				2023				2023				2024				2023
Interest income
Interest and fees on loans	$	325,622			$	317,664			$	303,393			$	303,487			$	304,699			$	946,679			$	868,675
Interest on taxable securities		15,555				16,948				13,092				14,033				14,754				45,595				44,969
Interest on nontaxable securities		336				335				330				326				331				1,001				1,009
Interest on deposits in other banks		13,633				12,376				12,637				14,368				10,769				38,646				33,568
Total interest income		355,146				347,323				329,452				332,214				330,553				1,031,921				948,221
Interest expense
Interest on deposits		129,698				121,245				118,174				111,749				102,999				369,117				244,268
Interest on other borrowings		11,388				14,157				9,890				14,364				19,803				35,435				75,010
Total interest expense		141,086				135,402				128,064				126,113				122,802				404,552				319,278
Net interest income		214,060				211,921				201,388				206,101				207,751				627,369				628,943
Provision for loan losses		6,313				25,348				25,523				30,401				30,095				57,184				123,114
Provision for unfunded commitments		(204	)			(6,570	)			(4,422	)			(7,438	)			(5,634	)			(11,196	)			(3,415	)
Provision for other credit losses		(2	)			(5	)			4				(11	)			(2	)			(3	)			5
Provision for credit losses		6,107				18,773				21,105				22,952				24,459				45,985				119,704
Net interest income after provision for credit losses		207,953				193,148				180,283				183,149				183,292				581,384				509,239
Noninterest income
Service charges on deposit accounts		12,918				12,672				11,759				12,252				12,092				37,349				34,323
Mortgage banking activity		37,947				46,399				39,430				31,461				36,290				123,776				108,424
Other service charges, commissions and fees		1,163				1,211				1,202				1,234				1,221				3,576				3,167
Gain (loss) on securities		(8	)			12,335				(7	)			(288	)			(16	)			12,320				(16	)
Other noninterest income		17,689				16,094				13,494				11,589				13,594				47,277				40,682
Total noninterest income		69,709				88,711				65,878				56,248				63,181				224,298				186,580
Noninterest expense
Salaries and employee benefits		88,700				88,201				82,930				75,966				81,898				259,831				244,144
Occupancy and equipment		11,716				12,559				12,885				13,197				12,745				37,160				38,253
Data processing and communications expenses		15,221				15,193				14,654				14,028				12,973				45,068				39,458
Credit resolution-related expenses(1)		(110	)			840				486				157				(1,360	)			1,216				(77	)
Advertising and marketing		4,089				3,571				2,545				2,974				2,723				10,205				8,882
Amortization of intangible assets		4,180				4,407				4,422				4,425				4,425				13,009				13,819
Other noninterest expenses		27,981				30,586				30,789				38,264				28,042				89,356				84,791
Total noninterest expense		151,777				155,357				148,711				149,011				141,446				455,845				429,270
Income before income tax expense		125,885				126,502				97,450				90,386				105,027				349,837				266,549
Income tax expense		26,673				35,717				23,138				24,452				24,912				85,528				63,378
Net income	$	99,212			$	90,785			$	74,312			$	65,934			$	80,115			$	264,309			$	203,171
Diluted earnings per common share	$	1.44			$	1.32			$	1.08			$	0.96			$	1.16			$	3.83			$	2.94
(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
	Sep				Jun				Mar				Dec				Sep
(dollars in thousands)		2024				2024				2024				2023				2023
Assets
Cash and due from banks	$	231,515			$	257,297			$	235,931			$	230,470			$	241,137
Interest-bearing deposits in banks		1,127,641				1,104,897				975,321				936,834				1,304,636
Debt securities available-for-sale, at fair value		1,441,552				1,531,047				1,414,419				1,402,944				1,424,081
Debt securities held-to-maturity, at amortized cost		161,220				148,538				147,022				141,512				141,859
Other investments		63,899				96,613				77,480				71,794				104,957
Loans held for sale		553,379				570,180				364,332				281,332				381,466
Loans, net of unearned income		20,964,981				20,992,603				20,600,260				20,269,303				20,201,079
Allowance for credit losses		(334,457	)			(336,218	)			(320,023	)			(307,100	)			(290,104	)
Loans, net		20,630,524				20,656,385				20,280,237				19,962,203				19,910,975
Other real estate owned		9,482				2,213				2,158				6,199				3,397
Premises and equipment, net		210,931				213,255				214,801				216,435				217,564
Goodwill		1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangible assets, net		74,941				79,120				83,527				87,949				92,375
Cash value of bank owned life insurance		460,699				376,458				396,804				395,778				393,769
Other assets		418,353				469,079				447,767				454,603				465,968
Total assets	$	26,399,782			$	26,520,728			$	25,655,445			$	25,203,699			$	25,697,830
Liabilities
Deposits
Noninterest-bearing	$	6,670,320			$	6,649,220			$	6,538,322			$	6,491,639			$	6,589,610
Interest-bearing		15,208,945				14,794,923				14,459,068				14,216,870				14,000,735
Total deposits		21,879,265				21,444,143				20,997,390				20,708,509				20,590,345
Other borrowings		346,446				946,413				631,380				509,586				1,209,553
Subordinated deferrable interest debentures		131,811				131,312				130,814				130,315				129,817
Other liabilities		360,892				432,246				411,123				428,542				421,046
Total liabilities		22,718,414				22,954,114				22,170,707				21,776,952				22,350,761
Shareholders' Equity
Preferred stock		—				—				—				—				—
Common stock		72,698				72,697				72,683				72,516				72,514
Capital stock		1,954,532				1,950,846				1,948,352				1,945,385				1,942,852
Retained earnings		1,772,989				1,684,218				1,603,832				1,539,957				1,484,424
Accumulated other comprehensive loss, net of tax		(15,724	)			(38,020	)			(39,959	)			(35,939	)			(60,818	)
Treasury stock		(103,127	)			(103,127	)			(100,170	)			(95,172	)			(91,903	)
Total shareholders' equity		3,681,368				3,566,614				3,484,738				3,426,747				3,347,069
Total liabilities and shareholders' equity	$	26,399,782			$	26,520,728			$	25,655,445			$	25,203,699			$	25,697,830
Other Data
Earning assets	$	24,312,672			$	24,443,878			$	23,578,834			$	23,103,719			$	23,558,078
Intangible assets		1,090,587				1,094,766				1,099,173				1,103,595				1,108,021
Interest-bearing liabilities		15,687,202				15,872,648				15,221,262				14,856,771				15,340,105
Average assets		26,442,984				25,954,808				25,295,088				25,341,990				25,525,913
Average common shareholders' equity		3,618,052				3,530,869				3,462,871				3,383,554				3,324,960

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands)		2024				2024				2024				2023				2023				2024				2023
Allowance for Credit Losses
Balance at beginning of period	$	366,852			$	357,232			$	348,727			$	339,180			$	326,783			$	348,727			$	258,163
Adoption of ASU 2022-02		—				—				—				—				—				—				(1,711	)
Provision for loan losses		6,313				25,348				25,523				30,401				30,095				57,184				123,114
Provision for unfunded commitments		(204	)			(6,570	)			(4,422	)			(7,438	)			(5,634	)			(11,196	)			(3,415	)
Provision for other credit losses		(2	)			(5	)			4				(11	)			(2	)			(3	)			5
Provision for credit losses		6,107				18,773				21,105				22,952				24,459				45,985				119,704
Charge-offs		15,352				16,845				18,457				20,104				19,488				50,654				55,114
Recoveries		7,278				7,692				5,857				6,699				7,426				20,827				18,138
Net charge-offs (recoveries)		8,074				9,153				12,600				13,405				12,062				29,827				36,976
Ending balance	$	364,885			$	366,852			$	357,232			$	348,727			$	339,180			$	364,885			$	339,180
Allowance for loan losses	$	334,457			$	336,218			$	320,023			$	307,100			$	290,104			$	334,457			$	290,104
Allowance for unfunded commitments		30,362				30,566				37,136				41,558				48,996				30,362				48,996
Allowance for other credit losses		66				68				73				69				80				66				80
Total allowance for credit losses	$	364,885			$	366,852			$	357,232			$	348,727			$	339,180			$	364,885			$	339,180
Non-Performing Assets
Nonaccrual portfolio loans	$	87,339			$	85,878			$	80,448			$	60,961			$	53,806			$	87,339			$	53,806
Other real estate owned		9,482				2,213				2,158				6,199				3,397				9,482				3,397
Repossessed assets		19				22				29				17				22				19				22
Accruing loans delinquent 90 days or more		12,234				15,909				15,811				16,988				11,891				12,234				11,891
Non-performing portfolio assets	$	109,074			$	104,022			$	98,446			$	84,165			$	69,116			$	109,074			$	69,116
Serviced GNMA-guaranteed mortgage nonaccrual loans		8,168				93,520				84,238				90,156				80,752				8,168				80,752
Total non-performing assets	$	117,242			$	197,542			$	182,684			$	174,321			$	149,868			$	117,242			$	149,868
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets		0.41	%			0.39	%			0.38	%			0.33	%			0.27	%			0.41	%			0.27	%
Total non-performing assets as a percent of total assets		0.44	%			0.74	%			0.71	%			0.69	%			0.58	%			0.44	%			0.58	%
Net charge-offs as a percent of average loans (annualized)		0.15	%			0.18	%			0.25	%			0.26	%			0.23	%			0.19	%			0.25	%

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Sep			Jun			Mar			Dec			Sep
(dollars in thousands)	2024			2024			2024			2023			2023
Loans by Type
Commercial, financial and agricultural	$	2,949,957		$	2,860,973		$	2,758,716		$	2,688,929		$	2,632,836
Consumer		210,310			217,787			232,993			241,552			259,797
Indirect automobile		10,891			16,335			24,022			34,257			47,108
Mortgage warehouse		985,910			1,070,921			891,336			818,728			852,823
Municipal		449,561			454,967			477,567			492,668			497,093
Premium Finance		1,246,452			1,151,261			998,726			946,562			1,007,334
Real estate - construction and development		2,232,114			2,336,987			2,264,346			2,129,187			2,236,686
Real estate - commercial and farmland		8,249,981			8,103,634			8,131,248			8,059,754			7,865,389
Real estate - residential		4,629,805			4,779,738			4,821,306			4,857,666			4,802,013
Total loans	$	20,964,981		$	20,992,603		$	20,600,260		$	20,269,303		$	20,201,079
Loans by Risk Grade
Pass	$	20,676,342		$	20,623,416		$	20,221,302		$	19,846,731		$	19,812,895
Other assets especially mentioned		124,479			115,477			137,225			203,725			187,449
Substandard		164,160			253,710			241,733			218,847			200,735
Total loans	$	20,964,981		$	20,992,603		$	20,600,260		$	20,269,303		$	20,201,079

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended															Nine Months Ended
	Sep			Jun			Mar			Dec			Sep			Sep			Sep
(dollars in thousands)	2024			2024			2024			2023			2023			2024			2023
Earning Assets
Interest-bearing deposits in banks	$	997,308		$	899,866		$	923,845		$	936,733		$	864,028		$	940,548		$	907,433
Investment securities - taxable		1,733,418			1,663,841			1,599,705			1,591,567			1,650,164			1,665,902			1,688,656
Investment securities - nontaxable		41,496			41,396			41,287			40,227			40,896			41,393			42,168
Loans held for sale		575,461			491,000			323,351			405,080			464,452			463,680			510,690
Loans		21,023,629			20,820,361			20,320,678			20,252,773			20,371,689			20,722,659			20,121,143
Total Earning Assets	$	24,371,312		$	23,916,464		$	23,208,866		$	23,226,380		$	23,391,229		$	23,834,182		$	23,270,090
Deposits
Noninterest-bearing deposits	$	6,622,952		$	6,558,427		$	6,403,300		$	6,572,190		$	6,655,191		$	6,528,572		$	6,838,618
NOW accounts		3,753,528			3,824,538			3,829,977			3,760,992			3,661,701			3,802,501			3,917,476
MMDA		6,508,770			6,251,719			5,952,389			5,994,361			5,527,731			6,238,615			5,176,794
Savings accounts		765,909			781,588			795,887			817,075			915,678			781,072			976,684
Retail CDs		2,478,875			2,430,416			2,378,678			2,281,357			2,200,413			2,429,505			1,947,739
Brokered CDs		1,493,352			1,167,174			1,381,382			1,122,684			1,441,854			1,347,836			991,554
Total Deposits		21,623,386			21,013,862			20,741,613			20,548,659			20,402,568			21,128,101			19,848,865
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase		—			1			—			—			—			—			—
FHLB advances		358,332			548,251			219,589			538,096			943,855			375,328			1,436,753
Other borrowings		298,073			307,449			308,210			311,091			312,572			304,554			330,035
Subordinated deferrable interest debentures		131,547			131,050			130,551			130,054			129,554			131,052			129,059
Total Non-Deposit Funding		787,952			986,751			658,350			979,241			1,385,981			810,934			1,895,847
Total Funding	$	22,411,338		$	22,000,613		$	21,399,963		$	21,527,900		$	21,788,549		$	21,939,035		$	21,744,712

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended															Nine Months Ended
	Sep			Jun			Mar			Dec			Sep			Sep			Sep
(dollars in thousands)	2024			2024			2024			2023			2023			2024			2023
Interest Income
Interest-bearing deposits in banks	$	13,633		$	12,376		$	12,637		$	14,368		$	10,769		$	38,646		$	33,568
Debt securities - taxable		15,555			16,948			13,092			14,033			14,754			45,595			44,969
Debt securities - nontaxable (TE)		426			423			418			413			418			1,267			1,277
Loans held for sale		9,142			8,189			5,348			6,846			7,460			22,679			22,865
Loans (TE)		317,358			310,347			298,907			297,501			298,102			926,612			848,375
Total Earning Assets	$	356,114		$	348,283		$	330,402		$	333,161		$	331,503		$	1,034,799		$	951,054
Interest Expense
Interest-Bearing Deposits
NOW accounts	$	20,535		$	21,020		$	20,574		$	19,293		$	17,255		$	62,129		$	50,291
MMDA		61,620			58,332			53,953			54,002			45,683			173,905			108,716
Savings accounts		960			984			986			974			1,791			2,930			5,375
Retail CDs		26,775			25,711			24,576			22,257			19,013			77,062			41,393
Brokered CDs		19,808			15,198			18,085			15,223			19,257			53,091			38,493
Total Interest-Bearing Deposits		129,698			121,245			118,174			111,749			102,999			369,117			244,268
Non-Deposit Funding
FHLB advances		4,443			7,167			2,578			7,089			12,543			14,188			52,213
Other borrowings		3,514			3,574			3,879			3,798			3,821			10,967			13,072
Subordinated deferrable interest debentures		3,431			3,416			3,433			3,477			3,439			10,280			9,725
Total Non-Deposit Funding		11,388			14,157			9,890			14,364			19,803			35,435			75,010
Total Interest-Bearing Funding	$	141,086		$	135,402		$	128,064		$	126,113		$	122,802		$	404,552		$	319,278
Net Interest Income (TE)	$	215,028		$	212,881		$	202,338		$	207,048		$	208,701		$	630,247		$	631,776

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended															Nine Months Ended
	Sep			Jun			Mar			Dec			Sep			Sep			Sep
	2024			2024			2024			2023			2023			2024			2023
Earning Assets
Interest-bearing deposits in banks	5.44	%		5.53	%		5.50	%		6.09	%		4.94	%		5.49	%		4.95	%
Debt securities - taxable	3.57	%		4.10	%		3.29	%		3.50	%		3.55	%		3.66	%		3.82	%
Debt securities - nontaxable (TE)	4.08	%		4.11	%		4.07	%		4.07	%		4.06	%		4.09	%		4.05	%
Loans held for sale	6.32	%		6.71	%		6.65	%		6.71	%		6.37	%		6.53	%		5.99	%
Loans (TE)	6.01	%		6.00	%		5.92	%		5.83	%		5.81	%		5.97	%		5.64	%
Total Earning Assets	5.81	%		5.86	%		5.73	%		5.69	%		5.62	%		5.80	%		5.46	%
Interest-Bearing Deposits
NOW accounts	2.18	%		2.21	%		2.16	%		2.04	%		1.87	%		2.18	%		1.72	%
MMDA	3.77	%		3.75	%		3.65	%		3.57	%		3.28	%		3.72	%		2.81	%
Savings accounts	0.50	%		0.51	%		0.50	%		0.47	%		0.78	%		0.50	%		0.74	%
Retail CDs	4.30	%		4.25	%		4.16	%		3.87	%		3.43	%		4.24	%		2.84	%
Brokered CDs	5.28	%		5.24	%		5.27	%		5.38	%		5.30	%		5.26	%		5.19	%
Total Interest-Bearing Deposits	3.44	%		3.37	%		3.31	%		3.17	%		2.97	%		3.38	%		2.51	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—	%		—	%		—	%		—	%		—	%		—	%		—	%
FHLB advances	4.93	%		5.26	%		4.72	%		5.23	%		5.27	%		5.05	%		4.86	%
Other borrowings	4.69	%		4.68	%		5.06	%		4.84	%		4.85	%		4.81	%		5.30	%
Subordinated deferrable interest debentures	10.38	%		10.48	%		10.58	%		10.61	%		10.53	%		10.48	%		10.07	%
Total Non-Deposit Funding	5.75	%		5.77	%		6.04	%		5.82	%		5.67	%		5.84	%		5.29	%
Total Interest-Bearing Liabilities	3.55	%		3.53	%		3.43	%		3.35	%		3.22	%		3.51	%		2.86	%
Net Interest Spread	2.26	%		2.33	%		2.30	%		2.34	%		2.40	%		2.29	%		2.60	%
Net Interest Margin(2)	3.51	%		3.58	%		3.51	%		3.54	%		3.54	%		3.53	%		3.63	%
Total Cost of Funds(3)	2.50	%		2.48	%		2.41	%		2.32	%		2.24	%		2.46	%		1.96	%
(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																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands except per share data)		2024				2024				2024				2023				2023				2024				2023
Net income available to common shareholders	$	99,212			$	90,785			$	74,312			$	65,934			$	80,115			$	264,309			$	203,171
Adjustment items:
Gain on sale of MSR		(5,245	)			(4,713	)			—				—				—				(9,958	)			—
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				—
Natural disaster expenses		150				—				—				—				—				150				—
Gain on bank premises		—				—				—				(1,903	)			—				—				—
Tax effect of adjustment items (Note 1)		1,070				3,814				(611	)			(2,029	)			—				4,273				—
After tax adjustment items		(4,025	)			(14,814	)			1,300				7,634				—				(17,539	)			(486	)
Tax expense attributable to BOLI restructuring		—				4,792				—				—				—				4,792				—
Adjusted net income	$	95,187			$	80,763			$	75,612			$	73,568			$	80,115			$	251,562			$	202,685
Weighted average number of shares - diluted		69,066,298				69,013,834				69,014,116				69,014,793				68,994,247				69,031,666				69,129,921
Net income per diluted share	$	1.44			$	1.32			$	1.08			$	0.96			$	1.16			$	3.83			$	2.94
Adjusted net income per diluted share	$	1.38			$	1.17			$	1.10			$	1.07			$	1.16			$	3.64			$	2.93
Average assets	$	26,442,984			$	25,954,808			$	25,295,088			$	25,341,990			$	25,525,913			$	25,899,617			$	25,426,064
Return on average assets		1.49	%			1.41	%			1.18	%			1.03	%			1.25	%			1.36	%			1.07	%
Adjusted return on average assets		1.43	%			1.25	%			1.20	%			1.15	%			1.25	%			1.30	%			1.07	%
Average common equity	$	3,618,052			$	3,530,869			$	3,462,871			$	3,383,554			$	3,324,960			$	3,537,559			$	3,289,706
Average tangible common equity	$	2,525,421			$	2,433,958			$	2,361,544			$	2,277,810			$	2,214,775			$	2,440,619			$	2,174,958
Return on average common equity		10.91	%			10.34	%			8.63	%			7.73	%			9.56	%			9.98	%			8.26	%
Adjusted return on average tangible common equity		14.99	%			13.35	%			12.88	%			12.81	%			14.35	%			13.77	%			12.46	%
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																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands)		2024				2024				2024				2023				2023				2024				2023
Adjusted Noninterest Expense
Total noninterest expense	$	151,777			$	155,357			$	148,711			$	149,011			$	141,446			$	455,845			$	429,270
Adjustment items:
FDIC special assessment		—				895				(2,909	)			(11,566	)			—				(2,014	)			—
Natural disaster expenses		(150	)			—				—				—				—				(150	)			—
Gain on bank premises		—				—				—				1,903				—				—				—
Adjusted noninterest expense	$	151,627			$	156,252			$	145,802			$	139,348			$	141,446			$	453,681			$	429,270
Total Revenue
Net interest income	$	214,060			$	211,921			$	201,388			$	206,101			$	207,751			$	627,369			$	628,943
Noninterest income		69,709				88,711				65,878				56,248				63,181				224,298				186,580
Total revenue	$	283,769			$	300,632			$	267,266			$	262,349			$	270,932			$	851,667			$	815,523
Adjusted Total Revenue
Net interest income (TE)	$	215,028			$	212,881			$	202,338			$	207,048			$	208,701			$	630,247			$	631,776
Noninterest income		69,709				88,711				65,878				56,248				63,181				224,298				186,580
Total revenue (TE)		284,737				301,592				268,216				263,296				271,882				854,545				818,356
Adjustment items:
(Gain) loss on securities		8				(12,335	)			7				288				16				(12,320	)			16
Gain on sale of MSR		(5,245	)			(4,713	)			—				—				—				(9,958	)			—
Gain on BOLI proceeds		—				(466	)			(998	)			—				—				(1,464	)			(486	)
Adjusted total revenue (TE)	$	279,500			$	284,078			$	267,225			$	263,584			$	271,898			$	830,803			$	817,886
Efficiency ratio		53.49	%			51.68	%			55.64	%			56.80	%			52.21	%			53.52	%			52.64	%
Adjusted efficiency ratio (TE)		54.25	%			55.00	%			54.56	%			52.87	%			52.02	%			54.61	%			52.49	%
Tangible Book Value Per Share	Table 9C
	Three Months Ended																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands except per share data)		2024				2024				2024				2023				2023				2024				2023
Total shareholders' equity	$	3,681,368			$	3,566,614			$	3,484,738			$	3,426,747			$	3,347,069			$	3,681,368			$	3,347,069
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		74,941				79,120				83,527				87,949				92,375				74,941				92,375
Total tangible shareholders' equity	$	2,590,781			$	2,471,848			$	2,385,565			$	2,323,152			$	2,239,048			$	2,590,781			$	2,239,048
Period end number of shares		69,067,019				69,066,573				69,115,263				69,053,341				69,138,461				69,067,019				69,138,461
Book value per share (period end)	$	53.30			$	51.64			$	50.42			$	49.62			$	48.41			$	53.30			$	48.41
Tangible book value per share (period end)	$	37.51			$	35.79			$	34.52			$	33.64			$	32.38			$	37.51			$	32.38

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets	Table 9D
	Three Months Ended																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands except per share data)		2024				2024				2024				2023				2023				2024				2023
Total shareholders' equity	$	3,681,368			$	3,566,614			$	3,484,738			$	3,426,747			$	3,347,069			$	3,681,368			$	3,347,069
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		74,941				79,120				83,527				87,949				92,375				74,941				92,375
Total tangible shareholders' equity	$	2,590,781			$	2,471,848			$	2,385,565			$	2,323,152			$	2,239,048			$	2,590,781			$	2,239,048
Total assets	$	26,399,782			$	26,520,728			$	25,655,445			$	25,203,699			$	25,697,830			$	26,399,782			$	25,697,830
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		74,941				79,120				83,527				87,949				92,375				74,941				92,375
Total tangible assets	$	25,309,195			$	25,425,962			$	24,556,272			$	24,100,104			$	24,589,809			$	25,309,195			$	24,589,809
Equity to Assets		13.94	%			13.45	%			13.58	%			13.60	%			13.02	%			13.94	%			13.02	%
Tangible Common Equity to Tangible Assets		10.24	%			9.72	%			9.71	%			9.64	%			9.11	%			10.24	%			9.11	%
PPNR ROA	Table 9E
	Three Months Ended																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands except per share data)		2024				2024				2024				2023				2023				2024				2023
Net income	$	99,212			$	90,785			$	74,312			$	65,934			$	80,115			$	264,309			$	203,171
Plus:
Income taxes		26,673				35,717				23,138				24,452				24,912				85,528				63,378
Provision for credit losses		6,107				18,773				21,105				22,952				24,459				45,985				119,704
PPNR	$	131,992			$	145,275			$	118,555			$	113,338			$	129,486			$	395,822			$	386,253
Average Assets	$	26,442,984			$	25,954,808			$	25,295,088			$	25,341,990			$	25,525,913			$	25,899,617			$	25,426,064
Return on Average Assets (ROA)		1.49	%			1.41	%			1.18	%			1.03	%			1.25	%			1.36	%			1.07	%
PPNR ROA		1.99	%			2.25	%			1.89	%			1.77	%			2.01	%			2.04	%			2.03	%

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended																				Nine Months Ended
	Sep				Jun				Mar				Dec				Sep				Sep				Sep
(dollars in thousands)		2024				2024				2024				2023				2023				2024				2023
Retail Mortgage Division
Net interest income	$	23,553			$	23,742			$	23,287			$	24,053			$	22,805			$	70,582			$	64,249
Provision for credit losses		254				(2,882	)			2,332				1,005				2,399				(296	)			8,530
Noninterest income		41,498				50,145				38,765				30,588				35,691				130,408				106,557
Noninterest expense
Salaries and employee benefits		23,233				25,254				21,073				16,996				21,231				69,560				63,321
Occupancy and equipment expenses		957				1,008				1,049				1,210				1,182				3,014				3,689
Data processing and telecommunications expenses		1,184				1,276				1,366				1,318				1,052				3,826				3,518
Other noninterest expenses		12,164				13,397				12,530				11,634				12,153				38,091				35,759
Total noninterest expense		37,538				40,935				36,018				31,158				35,618				114,491				106,287
Income before income tax expense		27,259				35,834				23,702				22,478				20,479				86,795				55,989
Income tax expense		5,724				7,525				4,978				4,720				4,301				18,227				11,758
Net income	$	21,535			$	28,309			$	18,724			$	17,758			$	16,178			$	68,568			$	44,231
Warehouse Lending Division
Net interest income	$	3,653			$	6,292			$	6,028			$	5,965			$	6,008			$	15,973			$	17,874
Provision for credit losses		(170	)			359				145				(68	)			(589	)			334				(372	)
Noninterest income		400				1,028				740				929				662				2,168				2,546
Noninterest expense
Salaries and employee benefits		621				1,124				888				296				924				2,633				2,498
Occupancy and equipment expenses		6				7				7				3				1				20				2
Data processing and telecommunications expenses		32				59				25				51				30				116				120
Other noninterest expenses		217				298				237				229				219				752				644
Total noninterest expense		876				1,488				1,157				579				1,174				3,521				3,264
Income before income tax expense		3,347				5,473				5,466				6,383				6,085				14,286				17,528
Income tax expense		703				1,149				1,148				1,340				1,278				3,000				3,681
Net income	$	2,644			$	4,324			$	4,318			$	5,043			$	4,807			$	11,286			$	13,847
Premium Finance Division
Net interest income	$	10,060			$	8,350			$	7,605			$	7,801			$	9,381			$	26,015			$	26,206
Provision for credit losses		457				408				(499	)			27				139				366				745
Noninterest income		11				11				10				9				4				32				22
Noninterest expense
Salaries and employee benefits		2,212				1,900				2,053				1,973				2,308				6,165				6,627
Occupancy and equipment expenses		28				70				76				83				89				174				231
Data processing and telecommunications expenses		83				102				79				100				73				264				224
Other noninterest expenses		1,140				1,095				1,028				1,057				1,027				3,263				3,160
Total noninterest expense		3,463				3,167				3,236				3,213				3,497				9,866				10,242
Income before income tax expense		6,151				4,786				4,878				4,570				5,749				15,815				15,241
Income tax expense		1,254				953				984				945				1,170				3,191				3,089
Net income	$	4,897			$	3,833			$	3,894			$	3,625			$	4,579			$	12,624			$	12,152

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended															Nine Months Ended
	Sep			Jun			Mar			Dec			Sep			Sep			Sep
(dollars in thousands)	2024			2024			2024			2023			2023			2024			2023
Banking Division
Net interest income	$	176,794		$	173,537		$	164,468		$	168,282		$	169,557		$	514,799		$	520,614
Provision for credit losses		5,566			20,888			19,127			21,988			22,510			45,581			110,801
Noninterest income		27,800			37,527			26,363			24,722			26,824			91,690			77,455
Noninterest expense
Salaries and employee benefits		62,634			59,923			58,916			56,701			57,435			181,473			171,698
Occupancy and equipment expenses		10,725			11,474			11,753			11,901			11,473			33,952			34,331
Data processing and telecommunications expenses		13,922			13,756			13,184			12,559			11,818			40,862			35,596
Other noninterest expenses		22,619			24,614			24,447			32,900			20,431			71,680			67,852
Total noninterest expense		109,900			109,767			108,300			114,061			101,157			327,967			309,477
Income before income tax expense		89,128			80,409			63,404			56,955			72,714			232,941			177,791
Income tax expense		18,992			26,090			16,028			17,447			18,163			61,110			44,850
Net income	$	70,136		$	54,319		$	47,376		$	39,508		$	54,551		$	171,831		$	132,941
Total Consolidated
Net interest income	$	214,060		$	211,921		$	201,388		$	206,101		$	207,751		$	627,369		$	628,943
Provision for credit losses		6,107			18,773			21,105			22,952			24,459			45,985			119,704
Noninterest income		69,709			88,711			65,878			56,248			63,181			224,298			186,580
Noninterest expense
Salaries and employee benefits		88,700			88,201			82,930			75,966			81,898			259,831			244,144
Occupancy and equipment expenses		11,716			12,559			12,885			13,197			12,745			37,160			38,253
Data processing and telecommunications expenses		15,221			15,193			14,654			14,028			12,973			45,068			39,458
Other noninterest expenses		36,140			39,404			38,242			45,820			33,830			113,786			107,415
Total noninterest expense		151,777			155,357			148,711			149,011			141,446			455,845			429,270
Income before income tax expense		125,885			126,502			97,450			90,386			105,027			349,837			266,549
Income tax expense		26,673			35,717			23,138			24,452			24,912			85,528			63,378
Net income	$	99,212		$	90,785		$	74,312		$	65,934		$	80,115		$	264,309		$	203,171

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241024644537/en/

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

Source: Ameris Bancorp

FAQ

What was Ameris Bancorp's (ABCB) net income for Q3 2024?

Ameris Bancorp reported net income of $99.2 million, or $1.44 per diluted share, for Q3 2024.

How much did ABCB's deposits grow in Q3 2024?

Total deposits grew by $435.1 million, or 8.1% annualized, in Q3 2024.

What was ABCB's net interest margin in Q3 2024?

The net interest margin was 3.51% for Q3 2024, down from 3.58% in Q2 2024.

What was Ameris Bancorp's (ABCB) tangible book value growth in Q3 2024?

Tangible book value grew by $1.72 per share, or 19.1% annualized, to $37.51 in Q3 2024.