EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1

News Release

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND

FULL YEAR 2024 FINANCIAL RESULTS

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, GA, January 30, 2025 - 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."

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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.

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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.

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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

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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.

For more information, contact:

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights			Table 1
			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
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

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement			Table 2
			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
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.

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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

2

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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		%

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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

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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

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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.

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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.

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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

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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		%

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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

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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