Ameris Bancorp Announces Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Ameris Bancorp (NYSE: ABCB) reported strong Q4 2024 financial results with net income of $94.4 million, or $1.37 per diluted share, up from $65.9 million in Q4 2023. Key highlights include:

- Total revenue growth of 9.8% annualized
- Net interest income increase of $7.7 million to $222.8 million
- Net interest margin expansion to 3.64%
- Efficiency ratio of 52.26%
- 33.3% dividend increase to $0.20 per share

For full-year 2024, the company achieved:
- Net income of $358.7 million ($5.19 per diluted share)
- ROA of 1.38%
- Total deposits increase of $1.01 billion (4.9%)
- Tangible book value growth of 14.7% to $38.59
- Net charge-offs declined to 0.19% of average total loans

Positive

• Net income increased 43.2% YoY to $94.4 million in Q4 2024
• Net interest margin expanded 13 basis points QoQ to 3.64%
• 33.3% dividend increase to $0.20 per share
• Total deposits grew $1.01 billion (4.9%) YoY
• Tangible book value increased 14.7% YoY to $38.59
• Efficiency ratio improved to 52.26%

Negative

• Noninterest income decreased 1.08% QoQ to $69.0 million
• Nonperforming assets ratio increased 3 basis points QoQ to 0.47%
• Net charge-offs increased to 17 basis points in Q4 from 15 basis points in Q3

Insights

Financial Analyst

Ameris Bancorp delivered exceptional Q4 2024 results that underscore its robust financial health and strategic execution. The 43.2% year-over-year increase in net income reflects successful balance sheet management and revenue diversification strategies.

Three key developments warrant attention:

• Margin Management Excellence: The 13 basis points sequential expansion in net interest margin to 3.64% is particularly impressive, driven by decreasing deposit costs from 2.39% to 2.12%. This demonstrates strong pricing power and deposit relationship management.
• Capital Generation & Return: The 14.7% growth in tangible book value to $38.59 per share, coupled with a 33.3% dividend increase, reflects robust internal capital generation and shareholder-friendly capital allocation.
• Asset Quality Resilience: Despite increasing the allowance for credit losses to 1.63% of loans, net charge-offs remained low at 0.17%, indicating prudent risk management amid economic uncertainties.

The bank's efficiency initiatives are bearing fruit, with the adjusted efficiency ratio improving to 51.82%. The $1.01 billion increase in total deposits, while reducing expensive brokered CDs by $339.7 million, demonstrates successful core deposit gathering strategies.

The mortgage banking segment shows resilience with $1.24 billion in Q4 production and improved gain-on-sale margins of 2.40%, though the declining pipeline ($638.5 million vs. $813.7 million) suggests potential headwinds in early 2025.

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

• Net income of $94.4 million, or $1.37 per diluted share;
• Adjusted net income⁽¹⁾ of $95.1 million, or $1.38 per diluted share
• Total revenue growth of 9.8% annualized
• Increase in net interest income (TE) of $7.7 million, to $222.8 million
• Positive operating leverage with efficiency ratio of 52.26% and adjusted efficiency ratio (TE)⁽¹⁾ of 51.82%
• Return on average assets ("ROA") of 1.42%; adjusted ROA⁽¹⁾ of 1.43%
• Tangible book value⁽¹⁾ growth of $1.08 per share, or 11.5% annualized, to $38.59 at December 31, 2024
• Net interest margin (TE) expansion of 13bps to 3.64% for the fourth quarter of 2024
• Annualized net charge-offs of 0.17% of average total loans
• Increase in dividend of $0.05, or 33.3%, to $0.20 per common share

Highlights of Ameris’s results for the full year of 2024 include the following:

• Net income of $358.7 million, or $5.19 per diluted share;
• Adjusted net income⁽¹⁾ of $346.6 million, or $5.02 per diluted share
• ROA of 1.38%; adjusted ROA⁽¹⁾ of 1.33%
• Tangible book value⁽¹⁾ growth of $4.95 per share, or 14.7%, to $38.59 at December 31, 2024
• TCE ratio⁽¹⁾ of 10.59%, compared with 9.64% one year ago
• Net interest margin (TE) of 3.56% for the full year 2024
• Average earning assets growth of $709.0 million, or 3.0%
• Total deposits increase of $1.01 billion, or 4.9%, inclusive of reduction in brokered CDs of $339.7 million
• Increase in allowance for loan losses to 1.63% of loans at December 31, 2024 from 1.52% one year ago
• Decline in net charge-offs to 0.19% of average total loans

ATLANTA--(BUSINESS WIRE)-- Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024, compared with $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023. Excluding gain on sale of mortgage servicing rights (MSR), FDIC special assessment, natural disaster expenses and gain/loss of bank premises, adjusted net income⁽¹⁾ was $95.1 million, or $1.38 per diluted share, for the quarter ended December 31, 2024, compared with $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023.

For the year ended December 31, 2024, the Company reported net income of $358.7 million, or $5.19 per diluted share, compared with $269.1 million, or $3.89 per diluted share, for the same period in 2023. The year ended December 31, 2024 included a provision for credit losses of $58.8 million, compared with $142.7 million for the same period in 2023.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our fourth quarter performance reflects a strong finish to another successful year for Ameris. By prioritizing tangible book value growth, discipline in balance sheet management and operational efficiency, we have consistently delivered top-tier financial results and created meaningful shareholder value. Our robust balance sheet, focus on revenue growth, healthy net interest margin and commitment to efficiency, paired with the growth potential in our expanding Southeast markets, position us for continued success in the years ahead."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $222.8 million in the fourth quarter of 2024, an increase of $7.7 million, or 3.6%, from last quarter and $15.7 million, or 7.6%, compared with the fourth quarter of 2023. The Company's net interest margin expanded to 3.64% for the fourth quarter of 2024, a 13 basis point increase from 3.51% reported for the third quarter of 2024 and a 10 basis point improvement from the 3.54% reported for the fourth quarter of 2023. The increase in net interest margin is primarily attributable to decreased deposit costs.

Net interest income on a tax-equivalent basis for the full year 2024 increased $14.2 million to $853.0 million, compared with $838.8 million for 2023. The increase in net interest income is primarily attributable to increased yields on a growing loan base compared with the prior year. Interest income on a tax-equivalent basis increased $97.9 million, while funding costs increased only $83.7 million. The Company's net interest margin was 3.56% for 2024, compared with 3.61% for 2023.

Yields on earning assets decreased 14 basis points during the quarter to 5.67%, compared with 5.81% in the third quarter of 2024. This decrease is primarily related to a decrease in yields on loans from 6.01% for the third quarter of 2024 to 5.87% during the fourth quarter of 2024. Compared with the fourth quarter of 2023, loan yields increased four basis points from 5.83%. Yields on earning assets were near flat compared with the fourth quarter of 2023, decreasing two basis points from 5.69%.

The Company’s total cost of funds was 2.22% in the fourth quarter of 2024, a decrease of 28 and 10 basis points compared with the third quarter of 2024 and fourth quarter of 2023, respectively. Deposit costs decreased 27 basis points during the fourth quarter of 2024 to 2.12%, compared with 2.39% in the third quarter of 2024. Costs of interest-bearing deposits decreased during the quarter from 3.44% in the third quarter of 2024 to 3.06% in the fourth quarter of 2024, reflecting a decrease in brokered deposit account balances and costs, as well as money market account costs.

Noninterest Income

Noninterest income decreased only slightly, by $750,000, or 1.08%, in the fourth quarter of 2024 to $69.0 million, compared with $69.7 million for the third quarter of 2024, primarily as a result of a cyclical decrease in the warehouse lending division. Mortgage banking activity decreased by $1.2 million, or 3.3%, to $36.7 million in the fourth quarter of 2024, compared with $37.9 million for the third quarter of 2024. Total production in the retail mortgage division increased $78.2 million, or 6.8%, to $1.24 billion in the fourth quarter of 2024, compared with $1.16 billion for the third quarter of 2024. The retail mortgage open pipeline was $638.5 million at the end of the fourth quarter of 2024, compared with $813.7 million for the third quarter of 2024. Gain on sale spreads increased to 2.40% in the fourth quarter of 2024 from 2.17% for the third quarter of 2024.

Other noninterest income was roughly flat in the fourth quarter of 2024 compared with the third quarter. Included in other noninterest income in the fourth quarter of 2024 was a gain on sale of mortgage servicing rights of $536,000, compared with $5.2 million for the third quarter of 2024. This decrease was partially offset by increases in gain on sale of SBA loans and equipment finance fee income of $3.7 million and $549,000, respectively, over the same period.

For the full year 2024, noninterest income increased $50.4 million, or 20.8%, to $293.3 million, compared with $242.8 million for 2023. Mortgage banking activity increased by $20.6 million, or 14.7%, to $160.5 million in 2024, compared with $139.9 million in 2023. Production in the retail mortgage division increased to $4.6 billion in 2024, compared with $4.3 billion in 2023, while gain on sale spreads increased to 2.37% in 2024 from 2.07% in 2023. During 2024, the Company recorded a gain on conversion of Visa Class B stock of $12.6 million and a gain on sale of MSR of $10.5 million, with no such gains recorded in 2023. Additionally, during 2024, income on bank owned life insurance increased $3.5 million due to the restructuring of those policies and the gain on sale of SBA loans increased by $2.6 million.

Noninterest Expense

The Company has remained disciplined on expense control, such that noninterest expense was essentially flat, with $151.9 million in expenses during the fourth quarter of 2024, compared with $151.8 million for the third quarter of 2024. During the fourth quarter of 2024, the Company recorded natural disaster expenses of $400,000, a reduction in FDIC special assessment expense of $559,000, and a loss on bank premises of $1.2 million. During the third quarter of 2024, the Company recorded natural disaster expenses of $150,000. Excluding these items, adjusted expenses⁽¹⁾ decreased approximately $722,000, or 0.5%, to $150.9 million in the fourth quarter of 2024 from $151.6 million in the third quarter of 2024. Management continues to focus on operating efficiency, and the adjusted efficiency ratio⁽¹⁾ improved to 51.82% in the fourth quarter of 2024, compared with 54.25% in the third quarter of 2024.

For the full year 2024, noninterest expense increased $29.5 million, or 5.1%, to $607.8 million, compared with $578.3 million in 2023. Excluding adjustment items of $3.2 million in 2024 and $9.7 million in 2023, adjusted expenses increased $36.0 million, or 6.3% to $604.6 million in 2024, from $568.6 million in 2023. This increase is primarily attributable to reductions in deferred loan origination costs and OREO gains, and increases in health insurance and data processing expenses. Also contributing to the increase in adjusted expenses was an increase in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2024 was unchanged at 24.6%, compared with 2023. The Company's effective tax rate for the fourth quarter of 2024 was 25.1%, compared with 21.2% for the third quarter of 2024. The increased rate for the fourth quarter of 2024 resulted primarily from a return to provision adjustment made when the Company filed its 2023 income tax returns in the fourth quarter of 2024.

Balance Sheet Trends

Total assets at December 31, 2024 were $26.26 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased to $1.67 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $470.6 million, or 2.3%, to $20.74 billion at December 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $528.6 million at December 31, 2024 from $281.3 million at December 31, 2023.

At December 31, 2024, total deposits amounted to $21.72 billion, compared with $20.71 billion at December 31, 2023. During the fourth quarter of 2024, deposits declined $156.8 million, with noninterest bearing accounts decreasing $172.0 million, retail CDs decreasing $86.5 million and brokered CDs decreasing $832.0 million, with such decreases offset in part by money market accounts increasing $660.0 million, a $270.2 million increase in interest bearing demand accounts and a $3.5 million increase in savings accounts. Noninterest bearing accounts as a percentage of total deposits decreased slightly, such that at December 31, 2024, noninterest bearing deposit accounts represented $6.50 billion, or 29.9% of total deposits, compared with $6.67 billion, or 30.5% of total deposits, at September 30, 2024.

Shareholders’ equity at December 31, 2024 totaled $3.75 billion, an increase of $324.8 million, or 9.5%, from December 31, 2023. The increase in shareholders’ equity was primarily the result of earnings of $358.7 million during the full year of 2024, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss of $5.8 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share⁽¹⁾ increased $4.95 per share, or 14.7%, during the full year of 2024 to $38.59 at December 31, 2024. Tangible common equity as a percentage of tangible assets was 10.59% at December 31, 2024, compared with 9.64% at the end of 2023. The Company had no repurchases of its shares in the quarter ending December 31, 2024.

Credit Quality

During the fourth quarter of 2024, the Company recorded a provision for credit losses of $12.8 million, increasing the allowance for credit losses to 1.63% of loans, compared with a provision of $6.1 million in the third quarter of 2024. Nonperforming assets as a percentage of total assets were relatively flat, increasing three basis points to 0.47% during the quarter. Approximately $12.0 million, or 9.8%, of the nonperforming assets at December 31, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets was also relatively flat, having increased one basis point to 0.42% at December 31, 2024, compared with 0.41% at the end of the third quarter of 2024. The net charge-off ratio was 17 basis points for the fourth quarter of 2024, compared with 15 basis points in the third quarter of 2024.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 31, 2025, 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 February 7, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 2270789. 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 $26.3 billion in assets as of December 31, 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 - 9D.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, 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.

Category: Earnings

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights	Table 1
	Three Months Ended																				Twelve Months Ended
(dollars in thousands except per share data)	Dec				Sep				Jun				Mar				Dec				Dec				Dec
		2024				2024				2024				2024				2023				2024				2023
EARNINGS
Net income	$	94,376			$	99,212			$	90,785			$	74,312			$	65,934			$	358,685			$	269,105
Adjusted net income(1)	$	95,078			$	95,187			$	80,763			$	75,612			$	73,568			$	346,640			$	276,253
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.37			$	1.44			$	1.32			$	1.08			$	0.96			$	5.21			$	3.90
Diluted	$	1.37			$	1.44			$	1.32			$	1.08			$	0.96			$	5.19			$	3.89
Adjusted diluted EPS(1)	$	1.38			$	1.38			$	1.17			$	1.10			$	1.07			$	5.02			$	4.00
Cash dividends per share	$	0.20			$	0.15			$	0.15			$	0.15			$	0.15			$	0.65			$	0.60
Book value per share (period end)	$	54.32			$	53.30			$	51.64			$	50.42			$	49.62			$	54.32			$	49.62
Tangible book value per share (period end)(1)	$	38.59			$	37.51			$	35.79			$	34.52			$	33.64			$	38.59			$	33.64
Weighted average number of shares
Basic		68,799,464				68,798,093				68,824,150				68,808,393				68,824,004				68,808,830				68,977,453
Diluted		69,128,946				69,066,298				69,013,834				69,014,116				69,014,793				69,061,832				69,104,158
Period end number of shares		69,068,609				69,067,019				69,066,573				69,115,263				69,053,341				69,068,609				69,053,341
Market data
High intraday price	$	74.56			$	65.40			$	51.18			$	53.99			$	53.84			$	74.56			$	53.84
Low intraday price	$	59.12			$	48.21			$	44.23			$	44.00			$	34.26			$	44.00			$	28.33
Period end closing price	$	62.57			$	62.39			$	50.35			$	48.38			$	53.05			$	62.57			$	53.05
Average daily volume		384,406				379,896				301,784				407,898				390,190				368,293				419,347
PERFORMANCE RATIOS
Return on average assets		1.42	%			1.49	%			1.41	%			1.18	%			1.03	%			1.38	%			1.06	%
Adjusted return on average assets(1)		1.43	%			1.43	%			1.25	%			1.20	%			1.15	%			1.33	%			1.09	%
Return on average common equity		10.09	%			10.91	%			10.34	%			8.63	%			7.73	%			10.01	%			8.12	%
Adjusted return on average tangible common equity(1)		14.37	%			14.99	%			13.35	%			12.88	%			12.81	%			13.93	%			12.55	%
Earning asset yield (TE)		5.67	%			5.81	%			5.86	%			5.73	%			5.69	%			5.77	%			5.52	%
Total cost of funds		2.22	%			2.50	%			2.48	%			2.41	%			2.32	%			2.40	%			2.05	%
Net interest margin (TE)		3.64	%			3.51	%			3.58	%			3.51	%			3.54	%			3.56	%			3.61	%
Efficiency ratio		52.26	%			53.49	%			51.68	%			55.64	%			56.80	%			53.20	%			53.65	%
Adjusted efficiency ratio (TE)(1)		51.82	%			54.25	%			55.00	%			54.56	%			52.87	%			53.88	%			52.58	%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets		14.28	%			13.94	%			13.45	%			13.58	%			13.60	%			14.28	%			13.60	%
Tangible common equity to tangible assets(1)		10.59	%			10.24	%			9.72	%			9.71	%			9.64	%			10.59	%			9.64	%
OTHER DATA (period end)
Full time equivalent employees
Banking Division		2,021				2,056				2,073				2,082				2,088				2,021				2,088
Retail Mortgage Division		585				592				595				596				595				585				595
Warehouse Lending Division		8				9				9				8				7				8				7
Premium Finance Division		77				76				74				73				75				77				75
Total Ameris Bancorp FTE headcount		2,691				2,733				2,751				2,759				2,765				2,691				2,765
Branch locations		164				164				164				164				164				164				164
Deposits per branch location	$	132,454			$	133,410			$	130,757			$	128,033			$	126,271			$	132,454			$	126,271
(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																				Twelve Months Ended
(dollars in thousands except per share data)	Dec				Sep				Jun				Mar				Dec				Dec				Dec
		2024				2024				2024				2024				2023				2024				2023
Interest income
Interest and fees on loans	$	318,843			$	325,622			$	317,664			$	303,393			$	303,487			$	1,265,522			$	1,172,162
Interest on taxable securities		15,923				15,555				16,948				13,092				14,033				61,518				59,002
Interest on nontaxable securities		337				336				335				330				326				1,338				1,335
Interest on deposits in other banks		11,260				13,633				12,376				12,637				14,368				49,906				47,936
Total interest income		346,363				355,146				347,323				329,452				332,214				1,378,284				1,280,435
Interest expense
Interest on deposits		115,556				129,698				121,245				118,174				111,749				484,673				356,017
Interest on other borrowings		8,986				11,388				14,157				9,890				14,364				44,421				89,374
Total interest expense		124,542				141,086				135,402				128,064				126,113				529,094				445,391
Net interest income		221,821				214,060				211,921				201,388				206,101				849,190				835,044
Provision for loan losses		12,657				6,313				25,348				25,523				30,401				69,841				153,515
Provision for unfunded commitments		148				(204	)			(6,570	)			(4,422	)			(7,438	)			(11,048	)			(10,853	)
Provision for other credit losses		3				(2	)			(5	)			4				(11	)			—				(6	)
Provision for credit losses		12,808				6,107				18,773				21,105				22,952				58,793				142,656
Net interest income after provision for credit losses		209,013				207,953				193,148				180,283				183,149				790,397				692,388
Noninterest income
Service charges on deposit accounts		13,544				12,918				12,672				11,759				12,252				50,893				46,575
Mortgage banking activity		36,699				37,947				46,399				39,430				31,461				160,475				139,885
Other service charges, commissions and fees		1,182				1,163				1,211				1,202				1,234				4,758				4,401
Gain (loss) on securities		(16	)			(8	)			12,335				(7	)			(288	)			12,304				(304	)
Equipment finance activity		5,947				5,398				4,983				5,336				5,748				21,664				23,349
Other noninterest income		11,603				12,291				11,111				8,158				5,841				43,163				28,922
Total noninterest income		68,959				69,709				88,711				65,878				56,248				293,257				242,828
Noninterest expense
Salaries and employee benefits		87,810				88,700				88,201				82,930				75,966				347,641				320,110
Occupancy and equipment		11,624				11,716				12,559				12,885				13,197				48,784				51,450
Data processing and communications expenses		14,631				15,221				15,193				14,654				14,028				59,699				53,486
Credit resolution-related expenses(1)		1,271				(110	)			840				486				157				2,487				80
Advertising and marketing		2,407				4,089				3,571				2,545				2,937				12,612				11,638
Amortization of intangible assets		4,180				4,180				4,407				4,422				4,425				17,189				18,244
Other noninterest expenses		30,026				27,981				30,586				30,789				38,301				119,382				123,273
Total noninterest expense		151,949				151,777				155,357				148,711				149,011				607,794				578,281
Income before income tax expense		126,023				125,885				126,502				97,450				90,386				475,860				356,935
Income tax expense		31,647				26,673				35,717				23,138				24,452				117,175				87,830
Net income	$	94,376			$	99,212			$	90,785			$	74,312			$	65,934			$	358,685			$	269,105
Diluted earnings per common share	$	1.37			$	1.44			$	1.32			$	1.08			$	0.96			$	5.19			$	3.89
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet	Table 3
	Dec				Sep				Jun				Mar				Dec
(dollars in thousands)		2024				2024				2024				2024				2023
Assets
Cash and due from banks	$	244,980			$	231,515			$	257,297			$	235,931			$	230,470
Interest-bearing deposits in banks		975,397				1,127,641				1,104,897				975,321				936,834
Debt securities available-for-sale, at fair value		1,671,260				1,441,552				1,531,047				1,414,419				1,402,944
Debt securities held-to-maturity, at amortized cost		164,677				161,220				148,538				147,022				141,512
Other investments		66,298				63,899				96,613				77,480				71,794
Loans held for sale		528,599				553,379				570,180				364,332				281,332
Loans, net of unearned income		20,739,906				20,964,981				20,992,603				20,600,260				20,269,303
Allowance for credit losses		(338,084	)			(334,457	)			(336,218	)			(320,023	)			(307,100	)
Loans, net		20,401,822				20,630,524				20,656,385				20,280,237				19,962,203
Other real estate owned		2,433				9,482				2,213				2,158				6,199
Premises and equipment, net		209,460				210,931				213,255				214,801				216,435
Goodwill		1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangible assets, net		70,761				74,941				79,120				83,527				87,949
Cash value of bank owned life insurance		408,574				460,699				376,458				396,804				395,778
Other assets		502,143				418,353				469,079				447,767				454,603
Total assets	$	26,262,050			$	26,399,782			$	26,520,728			$	25,655,445			$	25,203,699
Liabilities
Deposits
Noninterest-bearing	$	6,498,293			$	6,670,320			$	6,649,220			$	6,538,322			$	6,491,639
Interest-bearing		15,224,155				15,208,945				14,794,923				14,459,068				14,216,870
Total deposits		21,722,448				21,879,265				21,444,143				20,997,390				20,708,509
Other borrowings		291,788				346,446				946,413				631,380				509,586
Subordinated deferrable interest debentures		132,309				131,811				131,312				130,814				130,315
Other liabilities		363,983				360,892				432,246				411,123				428,542
Total liabilities		22,510,528				22,718,414				22,954,114				22,170,707				21,776,952
Shareholders' Equity
Preferred stock		—				—				—				—				—
Common stock		72,699				72,698				72,697				72,683				72,516
Capital stock		1,958,642				1,954,532				1,950,846				1,948,352				1,945,385
Retained earnings		1,853,428				1,772,989				1,684,218				1,603,832				1,539,957
Accumulated other comprehensive loss, net of tax		(30,119	)			(15,724	)			(38,020	)			(39,959	)			(35,939	)
Treasury stock		(103,128	)			(103,127	)			(103,127	)			(100,170	)			(95,172	)
Total shareholders' equity		3,751,522				3,681,368				3,566,614				3,484,738				3,426,747
Total liabilities and shareholders' equity	$	26,262,050			$	26,399,782			$	26,520,728			$	25,655,445			$	25,203,699
Other Data
Earning assets	$	24,146,137			$	24,312,672			$	24,443,878			$	23,578,834			$	23,103,719
Intangible assets		1,086,407				1,090,587				1,094,766				1,099,173				1,103,595
Interest-bearing liabilities		15,648,252				15,687,202				15,872,648				15,221,262				14,856,771
Average assets		26,444,894				26,442,984				25,954,808				25,295,088				25,341,990
Average common shareholders' equity		3,719,888				3,618,052				3,530,869				3,462,871				3,383,554

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information	Table 4
	Three Months Ended																				Twelve Months Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)		2024				2024				2024				2024				2023				2024				2023
Allowance for Credit Losses
Balance at beginning of period	$	364,885			$	366,852			$	357,232			$	348,727			$	339,180			$	348,727			$	258,163
Adoption of ASU 2022-02		—				—				—				—				—				—				(1,711	)
Provision for loan losses		12,657				6,313				25,348				25,523				30,401				69,841				153,515
Provision for unfunded commitments		148				(204	)			(6,570	)			(4,422	)			(7,438	)			(11,048	)			(10,853	)
Provision for other credit losses		3				(2	)			(5	)			4				(11	)			—				(6	)
Provision for credit losses		12,808				6,107				18,773				21,105				22,952				58,793				142,656
Charge-offs		17,459				15,352				16,845				18,457				20,104				68,113				75,218
Recoveries		8,429				7,278				7,692				5,857				6,699				29,256				24,837
Net charge-offs (recoveries)		9,030				8,074				9,153				12,600				13,405				38,857				50,381
Ending balance	$	368,663			$	364,885			$	366,852			$	357,232			$	348,727			$	368,663			$	348,727
Allowance for loan losses	$	338,084			$	334,457			$	336,218			$	320,023			$	307,100			$	338,084			$	307,100
Allowance for unfunded commitments		30,510				30,362				30,566				37,136				41,558				30,510				41,558
Allowance for other credit losses		69				66				68				73				69				69				69
Total allowance for credit losses	$	368,663			$	364,885			$	366,852			$	357,232			$	348,727			$	368,663			$	348,727
Non-Performing Assets
Nonaccrual portfolio loans	$	90,206			$	87,339			$	85,878			$	80,448			$	60,961			$	90,206			$	60,961
Other real estate owned		2,433				9,482				2,213				2,158				6,199				2,433				6,199
Repossessed assets		9				19				22				29				17				9				17
Accruing loans delinquent 90 days or more		17,733				12,234				15,909				15,811				16,988				17,733				16,988
Non-performing portfolio assets	$	110,381			$	109,074			$	104,022			$	98,446			$	84,165			$	110,381			$	84,165
Serviced GNMA-guaranteed mortgage nonaccrual loans		12,012				8,168				93,520				84,238				90,156				12,012				90,156
Total non-performing assets	$	122,393			$	117,242			$	197,542			$	182,684			$	174,321			$	122,393			$	174,321
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets		0.42	%			0.41	%			0.39	%			0.38	%			0.33	%			0.42	%			0.33	%
Total non-performing assets as a percent of total assets		0.47	%			0.44	%			0.74	%			0.71	%			0.69	%			0.47	%			0.69	%
Net charge-offs as a percent of average loans (annualized)		0.17	%			0.15	%			0.18	%			0.25	%			0.26	%			0.19	%			0.25	%

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information	Table 5
	Dec			Sep			Jun			Mar			Dec
(dollars in thousands)		2024			2024			2024			2024			2023
Loans by Type
Commercial and industrial	$	2,953,135		$	2,949,957		$	2,860,973		$	2,758,716		$	2,688,929
Consumer		221,735			221,201			234,122			257,015			275,809
Mortgage warehouse		965,053			985,910			1,070,921			891,336			818,728
Municipal		441,408			449,561			454,967			477,567			492,668
Premium Finance		1,155,614			1,246,452			1,151,261			998,726			946,562
Real estate - construction and development		1,998,506			2,232,114			2,336,987			2,264,346			2,129,187
Real estate - commercial and farmland		8,445,958			8,249,981			8,103,634			8,131,248			8,059,754
Real estate - residential		4,558,497			4,629,805			4,779,738			4,821,306			4,857,666
Total loans	$	20,739,906		$	20,964,981		$	20,992,603		$	20,600,260		$	20,269,303
Loans by Risk Grade
Pass	$	20,457,340		$	20,676,342		$	20,623,416		$	20,221,302		$	19,846,731
Other assets especially mentioned		110,936			124,479			115,477			137,225			203,725
Substandard		171,630			164,160			253,710			241,733			218,847
Total loans	$	20,739,906		$	20,964,981		$	20,992,603		$	20,600,260		$	20,269,303

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances	Table 6
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands)		2024			2024			2024			2024			2023			2024			2023
Earning Assets
Interest-bearing deposits in banks	$	899,162		$	997,308		$	899,866		$	923,845		$	936,733		$	930,145		$	914,818
Debt securities - taxable		1,761,984			1,733,418			1,663,841			1,599,705			1,591,567			1,690,053			1,664,184
Debt securities - nontaxable		41,494			41,496			41,396			41,287			40,227			41,419			41,679
Loans held for sale		795,904			575,461			491,000			323,351			405,080			547,190			484,070
Loans		20,868,216			21,023,629			20,820,361			20,320,678			20,252,773			20,759,247			20,154,321
Total Earning Assets	$	24,366,760		$	24,371,312		$	23,916,464		$	23,208,866		$	23,226,380		$	23,968,054		$	23,259,072
Deposits
Noninterest-bearing deposits	$	6,684,851		$	6,622,952		$	6,558,427		$	6,403,300		$	6,572,190		$	6,567,855		$	6,771,464
NOW accounts		3,888,404			3,753,528			3,824,538			3,829,977			3,760,992			3,824,094			3,878,034
MMDA		6,864,265			6,508,770			6,251,719			5,952,389			5,994,361			6,395,883			5,382,865
Savings accounts		761,980			765,909			781,588			795,887			817,075			776,273			936,454
Retail CDs		2,474,804			2,478,875			2,430,416			2,378,678			2,281,357			2,440,891			2,031,828
Brokered CDs		1,057,808			1,493,352			1,167,174			1,381,382			1,122,684			1,274,933			1,024,606
Total Deposits		21,732,112			21,623,386			21,013,862			20,741,613			20,548,659			21,279,929			20,025,251
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase		—			—			1			—			—			—			—
FHLB advances		215,116			358,332			548,251			219,589			538,096			335,056			1,210,242
Other borrowings		279,961			298,073			307,449			308,210			311,091			298,372			325,260
Subordinated deferrable interest debentures		132,048			131,547			131,050			130,551			130,054			131,302			129,310
Total Non-Deposit Funding		627,125			787,952			986,751			658,350			979,241			764,730			1,664,812
Total Funding	$	22,359,237		$	22,411,338		$	22,000,613		$	21,399,963		$	21,527,900		$	22,044,659		$	21,690,063

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands)		2024			2024			2024			2024			2023			2024			2023
Interest Income
Interest-bearing deposits in banks	$	11,260		$	13,633		$	12,376		$	12,637		$	14,368		$	49,906		$	47,936
Debt securities - taxable		15,923			15,555			16,948			13,092			14,033			61,518			59,002
Debt securities - nontaxable (TE)		427			426			423			418			413			1,694			1,690
Loans held for sale		11,853			9,142			8,189			5,348			6,846			34,532			29,711
Loans (TE)		307,852			317,358			310,347			298,907			297,501			1,234,464			1,145,876
Total Earning Assets	$	347,315		$	356,114		$	348,283		$	330,402		$	333,161		$	1,382,114		$	1,284,215
Interest Expense
Interest-Bearing Deposits
NOW accounts	$	19,099		$	20,535		$	21,020		$	20,574		$	19,293		$	81,228		$	69,584
MMDA		57,160			61,620			58,332			53,953			54,002			231,065			162,718
Savings accounts		850			960			984			986			974			3,780			6,349
Retail CDs		25,610			26,775			25,711			24,576			22,257			102,672			63,650
Brokered CDs		12,837			19,808			15,198			18,085			15,223			65,928			53,716
Total Interest-Bearing Deposits		115,556			129,698			121,245			118,174			111,749			484,673			356,017
Non-Deposit Funding
FHLB advances		2,393			4,443			7,167			2,578			7,089			16,581			59,302
Other borrowings		3,346			3,514			3,574			3,879			3,798			14,313			16,870
Subordinated deferrable interest debentures		3,247			3,431			3,416			3,433			3,477			13,527			13,202
Total Non-Deposit Funding		8,986			11,388			14,157			9,890			14,364			44,421			89,374
Total Interest-Bearing Funding	$	124,542		$	141,086		$	135,402		$	128,064		$	126,113		$	529,094		$	445,391
Net Interest Income (TE)	$	222,773		$	215,028		$	212,881		$	202,338		$	207,048		$	853,020		$	838,824

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)	Table 8
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
	2024			2024			2024			2024			2023			2024			2023
Earning Assets
Interest-bearing deposits in banks	4.98	%		5.44	%		5.53	%		5.50	%		6.09	%		5.37	%		5.24	%
Debt securities - taxable	3.60	%		3.57	%		4.10	%		3.29	%		3.50	%		3.64	%		3.55	%
Debt securities - nontaxable (TE)	4.09	%		4.08	%		4.11	%		4.07	%		4.07	%		4.09	%		4.05	%
Loans held for sale	5.92	%		6.32	%		6.71	%		6.65	%		6.71	%		6.31	%		6.14	%
Loans (TE)	5.87	%		6.01	%		6.00	%		5.92	%		5.83	%		5.95	%		5.69	%
Total Earning Assets	5.67	%		5.81	%		5.86	%		5.73	%		5.69	%		5.77	%		5.52	%
Interest-Bearing Deposits
NOW accounts	1.95	%		2.18	%		2.21	%		2.16	%		2.04	%		2.12	%		1.79	%
MMDA	3.31	%		3.77	%		3.75	%		3.65	%		3.57	%		3.61	%		3.02	%
Savings accounts	0.44	%		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%		0.68	%
Retail CDs	4.12	%		4.30	%		4.25	%		4.16	%		3.87	%		4.21	%		3.13	%
Brokered CDs	4.83	%		5.28	%		5.24	%		5.27	%		5.38	%		5.17	%		5.24	%
Total Interest-Bearing Deposits	3.06	%		3.44	%		3.37	%		3.31	%		3.17	%		3.29	%		2.69	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—	%		—	%		—	%		—	%		—	%		—	%		—	%
FHLB advances	4.43	%		4.93	%		5.26	%		4.72	%		5.23	%		4.95	%		4.90	%
Other borrowings	4.75	%		4.69	%		4.68	%		5.06	%		4.84	%		4.80	%		5.19	%
Subordinated deferrable interest debentures	9.78	%		10.38	%		10.48	%		10.58	%		10.61	%		10.30	%		10.21	%
Total Non-Deposit Funding	5.70	%		5.75	%		5.77	%		6.04	%		5.82	%		5.81	%		5.37	%
Total Interest-Bearing Liabilities	3.16	%		3.55	%		3.53	%		3.43	%		3.35	%		3.42	%		2.99	%
Net Interest Spread	2.51	%		2.26	%		2.33	%		2.30	%		2.34	%		2.35	%		2.53	%
Net Interest Margin(2)	3.64	%		3.51	%		3.58	%		3.51	%		3.54	%		3.56	%		3.61	%
Total Cost of Funds(3)	2.22	%		2.50	%		2.48	%		2.41	%		2.32	%		2.40	%		2.05	%
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income	Table 9A
	Three Months Ended																				Twelve Months Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands except per share data)		2024				2024				2024				2024				2023				2024				2023
Net income available to common shareholders	$	94,376			$	99,212			$	90,785			$	74,312			$	65,934			$	358,685			$	269,105
Adjustment items:
Gain on sale of MSR		(536	)			(5,245	)			(4,713	)			—				—				(10,494	)			—
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		(559	)			—				(895	)			2,909				11,566				1,455				11,566
Natural disaster expenses		400				150				—				—				—				550				—
(Gain)/loss on bank premises		1,203				—				—				—				(1,903	)			1,203				(1,903	)
Tax effect of adjustment items (Note 1)		(107	)			1,070				3,814				(611	)			(2,029	)			4,166				(2,029	)
After tax adjustment items		401				(4,025	)			(14,814	)			1,300				7,634				(17,138	)			7,148
Tax expense attributable to BOLI restructuring		301				—				4,792				—				—				5,093				—
Adjusted net income	$	95,078			$	95,187			$	80,763			$	75,612			$	73,568			$	346,640			$	276,253
Weighted average number of shares - diluted		69,128,946				69,066,298				69,013,834				69,014,116				69,014,793				69,061,832				69,104,158
Net income per diluted share	$	1.37			$	1.44			$	1.32			$	1.08			$	0.96			$	5.19			$	3.89
Adjusted net income per diluted share	$	1.38			$	1.38			$	1.17			$	1.10			$	1.07			$	5.02			$	4.00
Average assets	$	26,444,894			$	26,442,984			$	25,954,808			$	25,295,088			$	25,341,990			$	26,036,681			$	25,404,873
Return on average assets		1.42	%			1.49	%			1.41	%			1.18	%			1.03	%			1.38	%			1.06	%
Adjusted return on average assets		1.43	%			1.43	%			1.25	%			1.20	%			1.15	%			1.33	%			1.09	%
Average common equity	$	3,719,888			$	3,618,052			$	3,530,869			$	3,462,871			$	3,383,554			$	3,583,390			$	3,313,361
Average tangible common equity	$	2,631,452			$	2,525,421			$	2,433,958			$	2,361,544			$	2,277,810			$	2,488,588			$	2,200,883
Return on average common equity		10.09	%			10.91	%			10.34	%			8.63	%			7.73	%			10.01	%			8.12	%
Adjusted return on average tangible common equity		14.37	%			14.99	%			13.35	%			12.88	%			12.81	%			13.93	%			12.55	%
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																				Twelve Months Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)		2024				2024				2024				2024				2023				2024				2023
Adjusted Noninterest Expense
Total noninterest expense	$	151,949			$	151,777			$	155,357			$	148,711			$	149,011			$	607,794			$	578,281
Adjustment items:
FDIC special assessment		559				—				895				(2,909	)			(11,566	)			(1,455	)			(11,566	)
Natural disaster expenses		(400	)			(150	)			—				—				—				(550	)			—
(Loss)/gain on bank premises		(1,203	)			—				—				—				1,903				(1,203	)			1,903
Adjusted noninterest expense	$	150,905			$	151,627			$	156,252			$	145,802			$	139,348			$	604,586			$	568,618
Total Revenue
Net interest income	$	221,821			$	214,060			$	211,921			$	201,388			$	206,101			$	849,190			$	835,044
Noninterest income		68,959				69,709				88,711				65,878				56,248				293,257				242,828
Total revenue	$	290,780			$	283,769			$	300,632			$	267,266			$	262,349			$	1,142,447			$	1,077,872
Adjusted Total Revenue
Net interest income (TE)	$	222,773			$	215,028			$	212,881			$	202,338			$	207,048			$	853,020			$	838,824
Noninterest income		68,959				69,709				88,711				65,878				56,248				293,257				242,828
Total revenue (TE)		291,732				284,737				301,592				268,216				263,296				1,146,277				1,081,652
Adjustment items:
(Gain) loss on securities		16				8				(12,335	)			7				288				(12,304	)			304
Gain on sale of MSR		(536	)			(5,245	)			(4,713	)			—				—				(10,494	)			—
Gain on BOLI proceeds		—				—				(466	)			(998	)			—				(1,464	)			(486	)
Adjusted total revenue (TE)	$	291,212			$	279,500			$	284,078			$	267,225			$	263,584			$	1,122,015			$	1,081,470
Efficiency ratio		52.26	%			53.49	%			51.68	%			55.64	%			56.80	%			53.20	%			53.65	%
Adjusted efficiency ratio (TE)		51.82	%			54.25	%			55.00	%			54.56	%			52.87	%			53.88	%			52.58	%
Tangible Book Value Per Share	Table 9C
	Three Months Ended																				Twelve Months Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands except per share data)		2024				2024				2024				2024				2023				2024				2023
Total shareholders' equity	$	3,751,522			$	3,681,368			$	3,566,614			$	3,484,738			$	3,426,747			$	3,751,522			$	3,426,747
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		70,761				74,941				79,120				83,527				87,949				70,761				87,949
Total tangible shareholders' equity	$	2,665,115			$	2,590,781			$	2,471,848			$	2,385,565			$	2,323,152			$	2,665,115			$	2,323,152
Period end number of shares		69,068,609				69,067,019				69,066,573				69,115,263				69,053,341				69,068,609				69,053,341
Book value per share (period end)	$	54.32			$	53.30			$	51.64			$	50.42			$	49.62			$	54.32			$	49.62
Tangible book value per share (period end)	$	38.59			$	37.51			$	35.79			$	34.52			$	33.64			$	38.59			$	33.64

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets	Table 9D
	Dec				Sep				Jun				Mar				Dec
(dollars in thousands except per share data)		2024				2024				2024				2024				2023
Total shareholders' equity	$	3,751,522			$	3,681,368			$	3,566,614			$	3,484,738			$	3,426,747
Less:
Goodwill		1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangibles, net		70,761				74,941				79,120				83,527				87,949
Total tangible shareholders' equity	$	2,665,115			$	2,590,781			$	2,471,848			$	2,385,565			$	2,323,152
Total assets	$	26,262,050			$	26,399,782			$	26,520,728			$	25,655,445			$	25,203,699
Less:
Goodwill		1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangibles, net		70,761				74,941				79,120				83,527				87,949
Total tangible assets	$	25,175,643			$	25,309,195			$	25,425,962			$	24,556,272			$	24,100,104
Equity to Assets		14.28	%			13.94	%			13.45	%			13.58	%			13.60	%
Tangible Common Equity to Tangible Assets		10.59	%			10.24	%			9.72	%			9.71	%			9.64	%

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting	Table 10
	Three Months Ended																				Twelve Months Ended
	Dec				Sep				Jun				Mar				Dec				Dec				Dec
(dollars in thousands)		2024				2024				2024				2024				2023				2024				2023
Retail Mortgage Division
Net interest income	$	23,714			$	23,553			$	23,742			$	23,287			$	24,053			$	94,296			$	88,302
Provision for credit losses		(2,503	)			254				(2,882	)			2,332				1,005				(2,799	)			9,535
Noninterest income		36,623				41,498				50,145				38,765				30,588				167,031				137,145
Noninterest expense
Salaries and employee benefits		22,876				23,233				25,254				21,073				16,996				92,436				80,317
Occupancy and equipment expenses		951				957				1,008				1,049				1,210				3,965				4,899
Data processing and telecommunications expenses		1,222				1,184				1,276				1,366				1,318				5,048				4,836
Other noninterest expenses		12,118				12,164				13,397				12,530				11,634				50,209				47,393
Total noninterest expense		37,167				37,538				40,935				36,018				31,158				151,658				137,445
Income before income tax expense		25,673				27,259				35,834				23,702				22,478				112,468				78,467
Income tax expense		5,391				5,724				7,525				4,978				4,720				23,618				16,478
Net income	$	20,282			$	21,535			$	28,309			$	18,724			$	17,758			$	88,850			$	61,989
Warehouse Lending Division
Net interest income	$	6,640			$	7,812			$	6,292			$	6,028			$	5,965			$	26,772			$	23,839
Provision for credit losses		(59	)			(170	)			359				145				(68	)			275				(440	)
Noninterest income		676				1,765				1,028				740				929				4,209				3,475
Noninterest expense
Salaries and employee benefits		583				621				1,124				888				296				3,216				2,794
Occupancy and equipment expenses		6				6				7				7				3				26				5
Data processing and telecommunications expenses		44				32				59				25				51				160				171
Other noninterest expenses		224				217				298				237				229				976				873
Total noninterest expense		857				876				1,488				1,157				579				4,378				3,843
Income before income tax expense		6,518				8,871				5,473				5,466				6,383				26,328				23,911
Income tax expense		1,369				1,863				1,149				1,148				1,340				5,529				5,021
Net income	$	5,149			$	7,008			$	4,324			$	4,318			$	5,043			$	20,799			$	18,890
Premium Finance Division
Net interest income	$	10,390			$	10,060			$	8,350			$	7,605			$	7,801			$	36,405			$	34,007
Provision for credit losses		517				457				408				(499	)			27				883				772
Noninterest income		13				11				11				10				9				45				31
Noninterest expense
Salaries and employee benefits		2,029				2,212				1,900				2,053				1,973				8,194				8,600
Occupancy and equipment expenses		51				28				70				76				83				225				314
Data processing and telecommunications expenses		106				83				102				79				100				370				324
Other noninterest expenses		1,173				1,140				1,095				1,028				1,057				4,436				4,217
Total noninterest expense		3,359				3,463				3,167				3,236				3,213				13,225				13,455
Income before income tax expense		6,527				6,151				4,786				4,878				4,570				22,342				19,811
Income tax expense		1,334				1,254				953				984				945				4,525				4,034
Net income	$	5,193			$	4,897			$	3,833			$	3,894			$	3,625			$	17,817			$	15,777

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)	Table 10
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands)		2024			2024			2024			2024			2023			2024			2023
Banking Division
Net interest income	$	181,077		$	172,635		$	173,537		$	164,468		$	168,282		$	691,717		$	688,896
Provision for credit losses		14,853			5,566			20,888			19,127			21,988			60,434			132,789
Noninterest income		31,647			26,435			37,527			26,363			24,722			121,972			102,177
Noninterest expense
Salaries and employee benefits		62,322			62,634			59,923			58,916			56,701			243,795			228,399
Occupancy and equipment expenses		10,616			10,725			11,474			11,753			11,901			44,568			46,232
Data processing and telecommunications expenses		13,259			13,922			13,756			13,184			12,559			54,121			48,155
Other noninterest expenses		24,369			22,619			24,614			24,447			32,900			96,049			100,752
Total noninterest expense		110,566			109,900			109,767			108,300			114,061			438,533			423,538
Income before income tax expense		87,305			83,604			80,409			63,404			56,955			314,722			234,746
Income tax expense		23,553			17,832			26,090			16,028			17,447			83,503			62,297
Net income	$	63,752		$	65,772		$	54,319		$	47,376		$	39,508		$	231,219		$	172,449
Total Consolidated
Net interest income	$	221,821		$	214,060		$	211,921		$	201,388		$	206,101		$	849,190		$	835,044
Provision for credit losses		12,808			6,107			18,773			21,105			22,952			58,793			142,656
Noninterest income		68,959			69,709			88,711			65,878			56,248			293,257			242,828
Noninterest expense
Salaries and employee benefits		87,810			88,700			88,201			82,930			75,966			347,641			320,110
Occupancy and equipment expenses		11,624			11,716			12,559			12,885			13,197			48,784			51,450
Data processing and telecommunications expenses		14,631			15,221			15,193			14,654			14,028			59,699			53,486
Other noninterest expenses		37,884			36,140			39,404			38,242			45,820			151,670			153,235
Total noninterest expense		151,949			151,777			155,357			148,711			149,011			607,794			578,281
Income before income tax expense		126,023			125,885			126,502			97,450			90,386			475,860			356,935
Income tax expense		31,647			26,673			35,717			23,138			24,452			117,175			87,830
Net income	$	94,376		$	99,212		$	90,785		$	74,312		$	65,934		$	358,685		$	269,105

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130340427/en/

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

Source: Ameris Bancorp

FAQ

What was Ameris Bancorp's (ABCB) Q4 2024 earnings per share?

Ameris Bancorp reported earnings of $1.37 per diluted share for Q4 2024, with adjusted earnings of $1.38 per diluted share.

How much did ABCB increase its dividend in Q4 2024?

Ameris Bancorp increased its dividend by $0.05, or 33.3%, to $0.20 per common share.

What was ABCB's net interest margin in Q4 2024?

ABCB's net interest margin expanded to 3.64% in Q4 2024, a 13 basis point increase from 3.51% in Q3 2024.

How much did Ameris Bancorp's deposits grow in 2024?

Total deposits increased by $1.01 billion, or 4.9%, in 2024, despite a reduction in brokered CDs of $339.7 million.

What was ABCB's full-year 2024 net income?

Ameris Bancorp reported full-year 2024 net income of $358.7 million, or $5.19 per diluted share.