ABCB Ameris Bancorp

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported):

July 25, 2024

  

Ameris Bancorp
(Exact Name of Registrant as Specified in Charter)
Georgia	001-13901	58-1456434
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

	3490 Piedmont Road N.E., Suite 1550, Atlanta, Georgia	30305
	(Address of Principal Executive Offices)	(Zip Code)

 

Registrant’s telephone number, including area code:

(404)  639-6500

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	ABCB	New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

Item 2.02

Results of Operations and Financial Condition.

 

On July 25, 2024, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2024. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.

 

The information contained in this Item 2.02 and in Exhibit 99.1 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

 

Item 7.01

Regulation FD Disclosure.

 

A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on July 26, 2024 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).

 

The information contained in this Item 7.01 and in Exhibit 99.2 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)       Exhibits.

 

99.1	Press release dated July 25, 2024
99.2	Investor Presentation re: 2nd Quarter 2024 Results
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

	AMERIS BANCORP
	By:	/s/ Nicole S. Stokes
		Nicole S. Stokes
		Chief Financial Officer

 

 

Date: July 25, 2024

 

 

Exhibit 99.1

 

 

News Release

 

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2024

 

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

 

·

Net income of $90.8 million, or $1.32 per diluted share;

 

·

Adjusted net income(1) of $80.8 million, or $1.17 per diluted share

 

·

Return on average assets ("ROA") of 1.41%; Adjusted ROA(1) of 1.25%

 

·

Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.25%; Adjustment items positively impacted PPNR ROA by 29 basis points

 

·

Growth in tangible book value(1) of $1.27 per share, or 14.8% annualized, to $35.79 at June 30, 2024

 

·

TCE ratio(1) of 9.72%, compared with 8.80% one year ago

 

·

Net interest margin of 3.58% for the second quarter of 2024, compared with 3.51% in the prior quarter

 

·

Organic growth in loans of $392.3 million, or 7.7% annualized

 

·

Growth in total deposits of $446.8 million, or 8.6% annualized

 

·

Increase in the allowance for loan losses to 1.60% of loans, from 1.55% at March 31, 2024

 

·

CRE concentration improved to 274% of capital, from 281% at March 31, 2024

 

·

Annualized net charge-offs declined to 0.18% of average total loans

 

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

 

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

 

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

 

 

Net Interest Income and Net Interest Margin

 

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

 

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

 

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

 

Noninterest Income

 

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

 

Noninterest Expense

 

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

 

 

Income Tax Expense

 

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

 

Balance Sheet Trends

 

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

 

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

 

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

 

Credit Quality

 

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

 

Conference Call

 

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

 

About Ameris Bancorp

 

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

 

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

 

 

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

 

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

 

For more information, contact:

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Financial Highlights		Table 1
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands except per share data)		2024				2024				2023				2023				2023				2024				2023
EARNINGS
Net income		$	90,785			$	74,312			$	65,934			$	80,115			$	62,635			$	165,097			$	123,056
Adjusted net income(1)		$	80,763			$	75,612			$	73,568			$	80,115			$	62,635			$	156,375			$	122,570
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic		$	1.32			$	1.08			$	0.96			$	1.16			$	0.91			$	2.40			$	1.78
Diluted		$	1.32			$	1.08			$	0.96			$	1.16			$	0.91			$	2.39			$	1.78
Adjusted diluted EPS(1)		$	1.17			$	1.10			$	1.07			$	1.16			$	0.91			$	2.27			$	1.77
Cash dividends per share		$	0.15			$	0.15			$	0.15			$	0.15			$	0.15			$	0.30			$	0.30
Book value per share (period end)		$	51.64			$	50.42			$	49.62			$	48.41			$	47.51			$	51.64			$	47.51
Tangible book value per share (period end)(1)		$	35.79			$	34.52			$	33.64			$	32.38			$	31.42			$	35.79			$	31.42
Weighted average number of shares
Basic			68,824,150				68,808,393				68,824,004				68,879,352				68,989,549				68,818,618				69,084,746
Diluted			69,013,834				69,014,116				69,014,793				68,994,247				69,034,763				69,010,010				69,191,512
Period end number of shares			69,066,573				69,115,263				69,053,341				69,138,461				69,139,783				69,066,573				69,139,783
Market data
High intraday price		$	51.18			$	53.99			$	53.84			$	45.34			$	37.18			$	53.99			$	50.54
Low intraday price		$	44.23			$	44.00			$	34.26			$	33.21			$	28.33			$	44.00			$	28.33
Period end closing price		$	50.35			$	48.38			$	53.05			$	38.39			$	34.21			$	50.35			$	34.21
Average daily volume			301,784				407,898				390,190				361,167				475,198				353,985				463,720
PERFORMANCE RATIOS
Return on average assets			1.41	%			1.18	%			1.03	%			1.25	%			0.98	%			1.30	%			0.98	%
Adjusted return on average assets(1)			1.25	%			1.20	%			1.15	%			1.25	%			0.98	%			1.23	%			0.97	%
Return on average common equity			10.34	%			8.63	%			7.73	%			9.56	%			7.63	%			9.49	%			7.58	%
Adjusted return on average tangible common equity(1)			13.35	%			12.88	%			12.81	%			14.35	%			11.53	%			13.12	%			11.47	%
Earning asset yield (TE)			5.86	%			5.73	%			5.69	%			5.62	%			5.52	%			5.79	%			5.38	%
Total cost of funds			2.48	%			2.41	%			2.32	%			2.24	%			2.05	%			2.44	%			1.82	%
Net interest margin (TE)			3.58	%			3.51	%			3.54	%			3.54	%			3.60	%			3.54	%			3.68	%
Efficiency ratio			51.68	%			55.64	%			56.80	%			52.21	%			53.60	%			53.54	%			52.85	%
Adjusted efficiency ratio (TE)(1)			55.00	%			54.56	%			52.87	%			52.02	%			53.41	%			54.79	%			52.72	%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets			13.45	%			13.58	%			13.60	%			13.02	%			12.73	%			13.45	%			12.73	%
Tangible common equity to tangible assets(1)			9.72	%			9.71	%			9.64	%			9.11	%			8.80	%			9.72	%			8.80	%
OTHER DATA (period end)
Full time equivalent employees
Banking Division			2,073				2,082				2,088				2,082				2,104				2,073				2,104
Retail Mortgage Division			595				596				595				601				613				595				613
Warehouse Lending Division			9				8				7				8				8				9				8
Premium Finance Division			74				73				75				78				76				74				76
Total Ameris Bancorp FTE headcount			2,751				2,759				2,765				2,769				2,801				2,751				2,801
Branch locations			164				164				164				164				164				164				164
Deposits per branch location		$	130,757			$	128,033			$	126,271			$	125,551			$	124,653			$	130,757			$	124,653

 

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

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Income Statement		Table 2
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands except per share data)		2024				2024				2023				2023				2023				2024				2023
Interest income
Interest and fees on loans		$	317,664			$	303,393			$	303,487			$	304,699			$	292,012			$	621,057			$	563,976
Interest on taxable securities			16,948				13,092				14,033				14,754				15,915				30,040				30,215
Interest on nontaxable securities			335				330				326				331				339				665				678
Interest on deposits in other banks			12,376				12,637				14,368				10,769				13,686				25,013				22,799
Total interest income			347,323				329,452				332,214				330,553				321,952				676,775				617,668
Interest expense
Interest on deposits			121,245				118,174				111,749				102,999				88,087				239,419				141,269
Interest on other borrowings			14,157				9,890				14,364				19,803				24,325				24,047				55,207
Total interest expense			135,402				128,064				126,113				122,802				112,412				263,466				196,476
Net interest income			211,921				201,388				206,101				207,751				209,540				413,309				421,192
Provision for loan losses			25,348				25,523				30,401				30,095				43,643				50,871				93,019
Provision for unfunded commitments			(6,570	)			(4,422	)			(7,438	)			(5,634	)			1,873				(10,992	)			2,219
Provision for other credit losses			(5	)			4				(11	)			(2	)			—				(1	)			7
Provision for credit losses			18,773				21,105				22,952				24,459				45,516				39,878				95,245
Net interest income after provision for credit losses			193,148				180,283				183,149				183,292				164,024				373,431				325,947
Noninterest income
Service charges on deposit accounts			12,672				11,759				12,252				12,092				11,295				24,431				22,231
Mortgage banking activity			46,399				39,430				31,461				36,290				40,742				85,829				72,134
Other service charges, commissions and fees			1,211				1,202				1,234				1,221				975				2,413				1,946
Gain (loss) on securities			12,335				(7	)			(288	)			(16	)			(6	)			12,328				—
Other noninterest income			16,094				13,494				11,589				13,594				14,343				29,588				27,088
Total noninterest income			88,711				65,878				56,248				63,181				67,349				154,589				123,399
Noninterest expense
Salaries and employee benefits			88,201				82,930				75,966				81,898				81,336				171,131				162,246
Occupancy and equipment			12,559				12,885				13,197				12,745				12,522				25,444				25,508
Data processing and communications expenses			15,193				14,654				14,028				12,973				13,451				29,847				26,485
Credit resolution-related expenses(1)			840				486				157				(1,360	)			848				1,326				1,283
Advertising and marketing			3,571				2,545				2,974				2,723				2,627				6,116				6,159
Amortization of intangible assets			4,407				4,422				4,425				4,425				4,688				8,829				9,394
Other noninterest expenses			30,586				30,789				38,264				28,042				32,931				61,375				56,749
Total noninterest expense			155,357				148,711				149,011				141,446				148,403				304,068				287,824
Income before income tax expense			126,502				97,450				90,386				105,027				82,970				223,952				161,522
Income tax expense			35,717				23,138				24,452				24,912				20,335				58,855				38,466
Net income		$	90,785			$	74,312			$	65,934			$	80,115			$	62,635			$	165,097			$	123,056
Diluted earnings per common share		$	1.32			$	1.08			$	0.96			$	1.16			$	0.91			$	2.39			$	1.78

 

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

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Period End Balance Sheet		Table 3
		Jun				Mar				Dec				Sep				Jun
(dollars in thousands)		2024				2024				2023				2023				2023
Assets
Cash and due from banks		$	257,297			$	235,931			$	230,470			$	241,137			$	284,552
Interest-bearing deposits in banks			1,104,897				975,321				936,834				1,304,636				1,034,578
Debt securities available-for-sale, at fair value			1,531,047				1,414,419				1,402,944				1,424,081				1,460,356
Debt securities held-to-maturity, at amortized cost			148,538				147,022				141,512				141,859				142,513
Other investments			96,613				77,480				71,794				104,957				109,656
Loans held for sale			570,180				364,332				281,332				381,466				391,472
Loans, net of unearned income			20,992,603				20,600,260				20,269,303				20,201,079				20,471,759
Allowance for credit losses			(336,218	)			(320,023	)			(307,100	)			(290,104	)			(272,071	)
Loans, net			20,656,385				20,280,237				19,962,203				19,910,975				20,199,688
Other real estate owned			2,213				2,158				6,199				3,397				6,170
Premises and equipment, net			213,255				214,801				216,435				217,564				218,662
Goodwill			1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangible assets, net			79,120				83,527				87,949				92,375				96,800
Cash value of bank owned life insurance			376,458				396,804				395,778				393,769				391,483
Other assets			469,079				447,767				454,603				465,968				449,042
Total assets		$	26,520,728			$	25,655,445			$	25,203,699			$	25,697,830			$	25,800,618
Liabilities
Deposits
Noninterest-bearing		$	6,649,220			$	6,538,322			$	6,491,639			$	6,589,610			$	6,706,897
Interest-bearing			14,794,923				14,459,068				14,216,870				14,000,735				13,736,228
Total deposits			21,444,143				20,997,390				20,708,509				20,590,345				20,443,125
Other borrowings			946,413				631,380				509,586				1,209,553				1,536,989
Subordinated deferrable interest debentures			131,312				130,814				130,315				129,817				129,319
Other liabilities			432,246				411,123				428,542				421,046				406,555
Total liabilities			22,954,114				22,170,707				21,776,952				22,350,761				22,515,988
Shareholders' Equity
Preferred stock			—				—				—				—				—
Common stock			72,697				72,683				72,516				72,514				72,515
Capital stock			1,950,846				1,948,352				1,945,385				1,942,852				1,939,865
Retained earnings			1,684,218				1,603,832				1,539,957				1,484,424				1,414,742
Accumulated other comprehensive loss, net of tax			(38,020	)			(39,959	)			(35,939	)			(60,818	)			(50,618	)
Treasury stock			(103,127	)			(100,170	)			(95,172	)			(91,903	)			(91,874	)
Total shareholders' equity			3,566,614				3,484,738				3,426,747				3,347,069				3,284,630
Total liabilities and shareholders' equity		$	26,520,728			$	25,655,445			$	25,203,699			$	25,697,830			$	25,800,618
Other Data
Earning assets		$	24,443,878			$	23,578,834			$	23,103,719			$	23,558,078			$	23,610,334
Intangible assets			1,094,766				1,099,173				1,103,595				1,108,021				1,112,446
Interest-bearing liabilities			15,872,648				15,221,262				14,856,771				15,340,105				15,402,536
Average assets			25,954,808				25,295,088				25,341,990				25,525,913				25,631,846
Average common shareholders' equity			3,530,869				3,462,871				3,383,554				3,324,960				3,293,049

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Asset Quality Information		Table 4
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands)		2024				2024				2023				2023				2023				2024				2023
Allowance for Credit Losses
Balance at beginning of period		$	357,232			$	348,727			$	339,180			$	326,783			$	295,497			$	348,727			$	258,163
Adoption of ASU 2022-02			—				—				—				—				—				—				(1,711	)
Provision for loan losses			25,348				25,523				30,401				30,095				43,643				50,871				93,019
Provision for unfunded commitments			(6,570	)			(4,422	)			(7,438	)			(5,634	)			1,873				(10,992	)			2,219
Provision for other credit losses			(5	)			4				(11	)			(2	)			—				(1	)			7
Provision for credit losses			18,773				21,105				22,952				24,459				45,516				39,878				95,245
Charge-offs			16,845				18,457				20,104				19,488				20,670				35,302				35,626
Recoveries			7,692				5,857				6,699				7,426				6,440				13,549				10,712
Net charge-offs (recoveries)			9,153				12,600				13,405				12,062				14,230				21,753				24,914
Ending balance		$	366,852			$	357,232			$	348,727			$	339,180			$	326,783			$	366,852			$	326,783
Allowance for loan losses		$	336,218			$	320,023			$	307,100			$	290,104			$	272,071			$	336,218			$	272,071
Allowance for unfunded commitments			30,566				37,136				41,558				48,996				54,630				30,566				54,630
Allowance for other credit losses			68				73				69				80				82				68				82
Total allowance for credit losses		$	366,852			$	357,232			$	348,727			$	339,180			$	326,783			$	366,852			$	326,783
Non-Performing Assets
Nonaccrual portfolio loans		$	85,878			$	80,448			$	60,961			$	53,806			$	57,025			$	85,878			$	57,025
Other real estate owned			2,213				2,158				6,199				3,397				6,170				2,213				6,170
Repossessed assets			22				29				17				22				9				22				9
Accruing loans delinquent 90 days or more			15,909				15,811				16,988				11,891				13,424				15,909				13,424
Non-performing portfolio assets		$	104,022			$	98,446			$	84,165			$	69,116			$	76,628			$	104,022			$	76,628
Serviced GNMA-guaranteed mortgage nonaccrual loans			93,520				84,238				90,156				80,752				69,655				93,520				69,655
Total non-performing assets		$	197,542			$	182,684			$	174,321			$	149,868			$	146,283			$	197,542			$	146,283
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets			0.39	%			0.38	%			0.33	%			0.27	%			0.30	%			0.39	%			0.30	%
Total non-performing assets as a percent of total assets			0.74	%			0.71	%			0.69	%			0.58	%			0.57	%			0.74	%			0.57	%
Net charge-offs as a percent of average loans (annualized)			0.18	%			0.25	%			0.26	%			0.23	%			0.28	%			0.21	%			0.25	%

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Loan Information		Table 5
		Jun				Mar				Dec				Sep				Jun
(dollars in thousands)		2024				2024				2023				2023				2023
Loans by Type
Commercial, financial and agricultural		$	2,860,973			$	2,758,716			$	2,688,929			$	2,632,836			$	2,718,831
Consumer			217,787				232,993				241,552				259,797				307,486
Indirect automobile			16,335				24,022				34,257				47,108				63,231
Mortgage warehouse			1,070,921				891,336				818,728				852,823				1,147,413
Municipal			454,967				477,567				492,668				497,093				510,410
Premium Finance			1,151,261				998,726				946,562				1,007,334				988,731
Real estate - construction and development			2,336,987				2,264,346				2,129,187				2,236,686				2,217,744
Real estate - commercial and farmland			8,103,634				8,131,248				8,059,754				7,865,389				7,815,779
Real estate - residential			4,779,738				4,821,306				4,857,666				4,802,013				4,702,134
Total loans		$	20,992,603			$	20,600,260			$	20,269,303			$	20,201,079			$	20,471,759
Loans by Risk Grade
Pass		$	20,623,416			$	20,221,302			$	19,846,731			$	19,812,895			$	20,114,816
Other assets especially mentioned			115,477				137,225				203,725				187,449				171,035
Substandard			253,710				241,733				218,847				200,735				185,908
Total loans		$	20,992,603			$	20,600,260			$	20,269,303			$	20,201,079			$	20,471,759

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Average Balances		Table 6
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands)		2024				2024				2023				2023				2023				2024				2023
Earning Assets
Interest-bearing deposits in banks		$	899,866			$	923,845			$	936,733			$	864,028			$	998,609			$	911,855			$	929,496
Investment securities - taxable			1,663,841				1,599,705				1,591,567				1,650,164				1,699,096				1,631,773				1,708,222
Investment securities - nontaxable			41,396				41,287				40,227				40,896				42,580				41,341				42,814
Loans held for sale			491,000				323,351				405,080				464,452				577,606				407,175				534,192
Loans			20,820,361				20,320,678				20,252,773				20,371,689				20,164,938				20,570,520				19,993,794
Total Earning Assets		$	23,916,464			$	23,208,866			$	23,226,380			$	23,391,229			$	23,482,829			$	23,562,664			$	23,208,518
Deposits
Noninterest-bearing deposits		$	6,558,427			$	6,403,300			$	6,572,190			$	6,655,191			$	6,729,789			$	6,480,864			$	6,931,852
NOW accounts			3,824,538				3,829,977				3,760,992				3,661,701				3,949,850				3,827,257				4,047,484
MMDA			6,251,719				5,952,389				5,994,361				5,527,731				5,002,590				6,102,054				4,998,417
Savings accounts			781,588				795,887				817,075				915,678				1,009,749				788,738				1,007,693
Retail CDs			2,430,416				2,378,678				2,281,357				2,200,413				2,024,014				2,404,547				1,819,307
Brokered CDs			1,167,174				1,381,382				1,122,684				1,441,854				1,393,206				1,274,278				762,672
Total Deposits			21,013,862				20,741,613				20,548,659				20,402,568				20,109,198				20,877,738				19,567,425
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase			1				—				—				—				—				—				—
FHLB advances			548,251				219,589				538,096				943,855				1,408,855				383,920				1,687,286
Other borrowings			307,449				308,210				311,091				312,572				316,626				307,829				338,912
Subordinated deferrable interest debentures			131,050				130,551				130,054				129,554				129,056				130,801				128,808
Total Non-Deposit Funding			986,751				658,350				979,241				1,385,981				1,854,537				822,550				2,155,006
Total Funding		$	22,000,613			$	21,399,963			$	21,527,900			$	21,788,549			$	21,963,735			$	21,700,288			$	21,722,431

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Interest Income and Interest Expense (TE)		Table 7
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands)		2024				2024				2023				2023				2023				2024				2023
Interest Income
Interest-bearing deposits in banks		$	12,376			$	12,637			$	14,368			$	10,769			$	13,686			$	25,013			$	22,799
Debt securities - taxable			16,948				13,092				14,033				14,754				15,915				30,040				30,215
Debt securities - nontaxable (TE)			423				418				413				418				430				841				859
Loans held for sale			8,189				5,348				6,846				7,460				8,398				13,537				15,405
Loans (TE)			310,347				298,907				297,501				298,102				284,471				609,254				550,273
Total Earning Assets		$	348,283			$	330,402			$	333,161			$	331,503			$	322,900			$	678,685			$	619,551
Interest Expense
Interest-Bearing Deposits
NOW accounts		$	21,020			$	20,574			$	19,293			$	17,255			$	18,003			$	41,594			$	33,036
MMDA			58,332				53,953				54,002				45,683				35,224				112,285				63,033
Savings accounts			984				986				974				1,791				2,296				1,970				3,584
Retail CDs			25,711				24,576				22,257				19,013				14,751				50,287				22,380
Brokered CDs			15,198				18,085				15,223				19,257				17,813				33,283				19,236
Total Interest-Bearing Deposits			121,245				118,174				111,749				102,999				88,087				239,419				141,269
Non-Deposit Funding
FHLB advances			7,167				2,578				7,089				12,543				17,222				9,745				39,670
Other borrowings			3,574				3,879				3,798				3,821				3,902				7,453				9,251
Subordinated deferrable interest debentures			3,416				3,433				3,477				3,439				3,201				6,849				6,286
Total Non-Deposit Funding			14,157				9,890				14,364				19,803				24,325				24,047				55,207
Total Interest-Bearing Funding		$	135,402			$	128,064			$	126,113			$	122,802			$	112,412			$	263,466			$	196,476
Net Interest Income (TE)		$	212,881			$	202,338			$	207,048			$	208,701			$	210,488			$	415,219			$	423,075

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Yields(1)		Table 8
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
		2024				2024				2023				2023				2023				2024				2023
Earning Assets
Interest-bearing deposits in banks			5.53	%			5.50	%			6.09	%			4.94	%			5.50	%			5.52	%			4.95	%
Debt securities - taxable			4.10	%			3.29	%			3.50	%			3.55	%			3.76	%			3.70	%			3.57	%
Debt securities - nontaxable (TE)			4.11	%			4.07	%			4.07	%			4.06	%			4.05	%			4.09	%			4.05	%
Loans held for sale			6.71	%			6.65	%			6.71	%			6.37	%			5.83	%			6.69	%			5.82	%
Loans (TE)			6.00	%			5.92	%			5.83	%			5.81	%			5.66	%			5.96	%			5.55	%
Total Earning Assets			5.86	%			5.73	%			5.69	%			5.62	%			5.52	%			5.79	%			5.38	%
Interest-Bearing Deposits
NOW accounts			2.21	%			2.16	%			2.04	%			1.87	%			1.83	%			2.19	%			1.65	%
MMDA			3.75	%			3.65	%			3.57	%			3.28	%			2.82	%			3.70	%			2.54	%
Savings accounts			0.51	%			0.50	%			0.47	%			0.78	%			0.91	%			0.50	%			0.72	%
Retail CDs			4.25	%			4.16	%			3.87	%			3.43	%			2.92	%			4.21	%			2.48	%
Brokered CDs			5.24	%			5.27	%			5.38	%			5.30	%			5.13	%			5.25	%			5.09	%
Total Interest-Bearing Deposits			3.37	%			3.31	%			3.17	%			2.97	%			2.64	%			3.34	%			2.25	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase			—	%			—	%			—	%			—	%			—	%			—	%			—	%
FHLB advances			5.26	%			4.72	%			5.23	%			5.27	%			4.90	%			5.10	%			4.74	%
Other borrowings			4.68	%			5.06	%			4.84	%			4.85	%			4.94	%			4.87	%			5.50	%
Subordinated deferrable interest debentures			10.48	%			10.58	%			10.61	%			10.53	%			9.95	%			10.53	%			9.84	%
Total Non-Deposit Funding			5.77	%			6.04	%			5.82	%			5.67	%			5.26	%			5.88	%			5.17	%
Total Interest-Bearing Liabilities			3.53	%			3.43	%			3.35	%			3.22	%			2.96	%			3.48	%			2.68	%
Net Interest Spread			2.33	%			2.30	%			2.34	%			2.40	%			2.56	%			2.31	%			2.70	%
Net Interest Margin(2)			3.58	%			3.51	%			3.54	%			3.54	%			3.60	%			3.54	%			3.68	%
Total Cost of Funds(3)			2.48	%			2.41	%			2.32	%			2.24	%			2.05	%			2.44	%			1.82	%

 

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

(2) Rate calculated based on average earning assets.

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

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations

 

Adjusted Net Income		Table 9A
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands except per share data)		2024				2024				2023				2023				2023				2024				2023
Net income available to common shareholders		$	90,785			$	74,312			$	65,934			$	80,115			$	62,635			$	165,097			$	123,056
Adjustment items:
Gain on sale of MSR			(4,713	)			—				—				—				—				(4,713	)			—
Gain on conversion of Visa Class B-1 stock			(12,554	)			—				—				—				—				(12,554	)			—
Gain on BOLI proceeds			(466	)			(998	)			—				—				—				(1,464	)			(486	)
FDIC special assessment			(895	)			2,909				11,566				—				—				2,014				—
Gain on bank premises			—				—				(1,903	)			—				—				—				—
Tax effect of adjustment items (Note 1)			3,814				(611	)			(2,029	)			—				—				3,203				—
After tax adjustment items			(14,814	)			1,300				7,634				—				—				(13,514	)			(486	)
Tax expense attributable to BOLI restructuring			4,792				—				—				—				—				4,792				—
Adjusted net income		$	80,763			$	75,612			$	73,568			$	80,115			$	62,635			$	156,375			$	122,570
Weighted average number of shares - diluted			69,013,834				69,014,116				69,014,793				68,994,247				69,034,763				69,010,010				69,191,512
Net income per diluted share		$	1.32			$	1.08			$	0.96			$	1.16			$	0.91			$	2.39			$	1.78
Adjusted net income per diluted share		$	1.17			$	1.10			$	1.07			$	1.16			$	0.91			$	2.27			$	1.77
Average assets		$	25,954,808			$	25,295,088			$	25,341,990			$	25,525,913			$	25,631,846			$	25,624,948			$	25,375,312
Return on average assets			1.41	%			1.18	%			1.03	%			1.25	%			0.98	%			1.30	%			0.98	%
Adjusted return on average assets			1.25	%			1.20	%			1.15	%			1.25	%			0.98	%			1.23	%			0.97	%
Average common equity		$	3,530,869			$	3,462,871			$	3,383,554			$	3,324,960			$	3,293,049			$	3,496,870			$	3,271,787
Average tangible common equity		$	2,433,958			$	2,361,544			$	2,277,810			$	2,214,775			$	2,178,323			$	2,397,751			$	2,154,720
Return on average common equity			10.34	%			8.63	%			7.73	%			9.56	%			7.63	%			9.49	%			7.58	%
Adjusted return on average tangible common equity			13.35	%			12.88	%			12.81	%			14.35	%			11.53	%			13.12	%			11.47	%
Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations (continued)

 

Adjusted Efficiency Ratio (TE)		Table 9B
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands)		2024				2024				2023				2023				2023				2024				2023
Adjusted Noninterest Expense
Total noninterest expense		$	155,357			$	148,711			$	149,011			$	141,446			$	148,403			$	304,068			$	287,824
Adjustment items:
FDIC special assessment			895				(2,909	)			(11,566	)			—				—				(2,014	)			—
Gain on bank premises			—				—				1,903				—				—				—				—
Adjusted noninterest expense		$	156,252			$	145,802			$	139,348			$	141,446			$	148,403			$	302,054			$	287,824
Total Revenue
Net interest income		$	211,921			$	201,388			$	206,101			$	207,751			$	209,540			$	413,309			$	421,192
Noninterest income			88,711				65,878				56,248				63,181				67,349				154,589				123,399
Total revenue		$	300,632			$	267,266			$	262,349			$	270,932			$	276,889			$	567,898			$	544,591
Adjusted Total Revenue
Net interest income (TE)		$	212,881			$	202,338			$	207,048			$	208,701			$	210,488			$	415,219			$	423,075
Noninterest income			88,711				65,878				56,248				63,181				67,349				154,589				123,399
Total revenue (TE)			301,592				268,216				263,296				271,882				277,837				569,808				546,474
Adjustment items:
(Gain) loss on securities			(12,335	)			7				288				16				6				(12,328	)			—
Gain on sale of MSR			(4,713	)			—				—				—				—				(4,713	)			—
Gain on BOLI proceeds			(466	)			(998	)			—				—				—				(1,464	)			(486	)
Adjusted total revenue (TE)		$	284,078			$	267,225			$	263,584			$	271,898			$	277,843			$	551,303			$	545,988
Efficiency ratio			51.68	%			55.64	%			56.80	%			52.21	%			53.60	%			53.54	%			52.85	%
Adjusted efficiency ratio (TE)			55.00	%			54.56	%			52.87	%			52.02	%			53.41	%			54.79	%			52.72	%

 

Tangible Book Value Per Share		Table 9C
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands except per share data)		2024				2024				2023				2023				2023				2024				2023
Total shareholders' equity		$	3,566,614			$	3,484,738			$	3,426,747			$	3,347,069			$	3,284,630			$	3,566,614			$	3,284,630
Less:
Goodwill			1,015,646				1,015,646				1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangibles, net			79,120				83,527				87,949				92,375				96,800				79,120				96,800
Total tangible shareholders' equity		$	2,471,848			$	2,385,565			$	2,323,152			$	2,239,048			$	2,172,184			$	2,471,848			$	2,172,184
Period end number of shares			69,066,573				69,115,263				69,053,341				69,138,461				69,139,783				69,066,573				69,139,783
Book value per share (period end)		$	51.64			$	50.42			$	49.62			$	48.41			$	47.51			$	51.64			$	47.51
Tangible book value per share (period end)		$	35.79			$	34.52			$	33.64			$	32.38			$	31.42			$	35.79			$	31.42

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Non-GAAP Reconciliations (continued)

 

Tangible Common Equity to Tangible Assets		Table 9D
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands except per share data)		2024				2024				2023				2023				2023				2024				2023
Total shareholders' equity		$	3,566,614			$	3,484,738			$	3,426,747			$	3,347,069			$	3,284,630			$	3,566,614			$	3,284,630
Less:
Goodwill			1,015,646				1,015,646				1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangibles, net			79,120				83,527				87,949				92,375				96,800				79,120				96,800
Total tangible shareholders' equity		$	2,471,848			$	2,385,565			$	2,323,152			$	2,239,048			$	2,172,184			$	2,471,848			$	2,172,184
Total assets		$	26,520,728			$	25,655,445			$	25,203,699			$	25,697,830			$	25,800,618			$	26,520,728			$	25,800,618
Less:
Goodwill			1,015,646				1,015,646				1,015,646				1,015,646				1,015,646				1,015,646				1,015,646
Other intangibles, net			79,120				83,527				87,949				92,375				96,800				79,120				96,800
Total tangible assets		$	25,425,962			$	24,556,272			$	24,100,104			$	24,589,809			$	24,688,172			$	25,425,962			$	24,688,172
Equity to Assets			13.45	%			13.58	%			13.60	%			13.02	%			12.73	%			13.45	%			12.73	%
Tangible Common Equity to Tangible Assets			9.72	%			9.71	%			9.64	%			9.11	%			8.80	%			9.72	%			8.80	%

 

PPNR ROA		Table 9E
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands except per share data)		2024				2024				2023				2023				2023				2024				2023
Net income		$	90,785			$	74,312			$	65,934			$	80,115			$	62,635			$	165,097			$	123,056
Plus:
Income taxes			35,717				23,138				24,452				24,912				20,335				58,855				38,466
Provision for credit losses			18,773				21,105				22,952				24,459				45,516				39,878				95,245
PPNR		$	145,275			$	118,555			$	113,338			$	129,486			$	128,486			$	263,830			$	256,767
Average Assets		$	25,954,808			$	25,295,088			$	25,341,990			$	25,525,913			$	25,631,846			$	25,624,948			$	25,375,312
Return on Average Assets (ROA)			1.41	%			1.18	%			1.03	%			1.25	%			0.98	%			1.30	%			0.98	%
PPNR ROA			2.25	%			1.89	%			1.77	%			2.01	%			2.01	%			2.07	%			2.04	%

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Segment Reporting		Table 10
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands)		2024				2024				2023				2023				2023				2024				2023
Retail Mortgage Division
Net interest income		$	23,742			$	23,287			$	24,053			$	22,805			$	21,417			$	47,029			$	41,444
Provision for credit losses			(2,882	)			2,332				1,005				2,399				3,278				(550	)			6,131
Noninterest income			50,145				38,765				30,588				35,691				39,808				88,910				70,866
Noninterest expense
Salaries and employee benefits			25,254				21,073				16,996				21,231				21,930				46,327				42,090
Occupancy and equipment expenses			1,008				1,049				1,210				1,182				1,224				2,057				2,507
Data processing and telecommunications expenses			1,276				1,366				1,318				1,052				1,397				2,642				2,466
Other noninterest expenses			13,397				12,530				11,634				12,153				11,859				25,927				23,606
Total noninterest expense			40,935				36,018				31,158				35,618				36,410				76,953				70,669
Income before income tax expense			35,834				23,702				22,478				20,479				21,537				59,536				35,510
Income tax expense			7,525				4,978				4,720				4,301				4,523				12,503				7,457
Net income		$	28,309			$	18,724			$	17,758			$	16,178			$	17,014			$	47,033			$	28,053
Warehouse Lending Division
Net interest income		$	6,292			$	6,028			$	5,965			$	6,008			$	6,166			$	12,320			$	11,866
Provision for credit losses			359				145				(68	)			(589	)			411				504				217
Noninterest income			1,028				740				929				662				1,404				1,768				1,884
Noninterest expense
Salaries and employee benefits			1,124				888				296				924				772				2,012				1,574
Occupancy and equipment expenses			7				7				3				1				—				14				1
Data processing and telecommunications expenses			59				25				51				30				44				84				90
Other noninterest expenses			298				237				229				219				223				535				425
Total noninterest expense			1,488				1,157				579				1,174				1,039				2,645				2,090
Income before income tax expense			5,473				5,466				6,383				6,085				6,120				10,939				11,443
Income tax expense			1,149				1,148				1,340				1,278				1,285				2,297				2,403
Net income		$	4,324			$	4,318			$	5,043			$	4,807			$	4,835			$	8,642			$	9,040
Premium Finance Division
Net interest income		$	8,350			$	7,605			$	7,801			$	9,381			$	8,185			$	15,955			$	16,825
Provision for credit losses			408				(499	)			27				139				572				(91	)			606
Noninterest income			11				10				9				4				9				21				18
Noninterest expense
Salaries and employee benefits			1,900				2,053				1,973				2,308				2,122				3,953				4,319
Occupancy and equipment expenses			70				76				83				89				83				146				142
Data processing and telecommunications expenses			102				79				100				73				66				181				151
Other noninterest expenses			1,095				1,028				1,057				1,027				1,036				2,123				2,133
Total noninterest expense			3,167				3,236				3,213				3,497				3,307				6,403				6,745
Income before income tax expense			4,786				4,878				4,570				5,749				4,315				9,664				9,492
Income tax expense			953				984				945				1,170				869				1,937				1,919
Net income		$	3,833			$	3,894			$	3,625			$	4,579			$	3,446			$	7,727			$	7,573

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

 

Segment Reporting (continued)		Table 10
		Three Months Ended																				Six  Months Ended
		Jun				Mar				Dec				Sep				Jun				Jun				Jun
(dollars in thousands)		2024				2024				2023				2023				2023				2024				2023
Banking Division
Net interest income		$	173,537			$	164,468			$	168,282			$	169,557			$	173,772			$	338,005			$	351,057
Provision for credit losses			20,888				19,127				21,988				22,510				41,255				40,015				88,291
Noninterest income			37,527				26,363				24,722				26,824				26,128				63,890				50,631
Noninterest expense
Salaries and employee benefits			59,923				58,916				56,701				57,435				56,512				118,839				114,263
Occupancy and equipment expenses			11,474				11,753				11,901				11,473				11,215				23,227				22,858
Data processing and telecommunications expenses			13,756				13,184				12,559				11,818				11,944				26,940				23,778
Other noninterest expenses			24,614				24,447				32,900				20,431				27,976				49,061				47,421
Total noninterest expense			109,767				108,300				114,061				101,157				107,647				218,067				208,320
Income before income tax expense			80,409				63,404				56,955				72,714				50,998				143,813				105,077
Income tax expense			26,090				16,028				17,447				18,163				13,658				42,118				26,687
Net income		$	54,319			$	47,376			$	39,508			$	54,551			$	37,340			$	101,695			$	78,390
Total Consolidated
Net interest income		$	211,921			$	201,388			$	206,101			$	207,751			$	209,540			$	413,309			$	421,192
Provision for credit losses			18,773				21,105				22,952				24,459				45,516				39,878				95,245
Noninterest income			88,711				65,878				56,248				63,181				67,349				154,589				123,399
Noninterest expense
Salaries and employee benefits			88,201				82,930				75,966				81,898				81,336				171,131				162,246
Occupancy and equipment expenses			12,559				12,885				13,197				12,745				12,522				25,444				25,508
Data processing and telecommunications expenses			15,193				14,654				14,028				12,973				13,451				29,847				26,485
Other noninterest expenses			39,404				38,242				45,820				33,830				41,094				77,646				73,585
Total noninterest expense			155,357				148,711				149,011				141,446				148,403				304,068				287,824
Income before income tax expense			126,502				97,450				90,386				105,027				82,970				223,952				161,522
Income tax expense			35,717				23,138				24,452				24,912				20,335				58,855				38,466
Net income		$	90,785			$	74,312			$	65,934			$	80,115			$	62,635			$	165,097			$	123,056

 

Exhibit 99.2

 

2 nd Quarter 2024 Results Investor Presentation

Cautionary Statements 1 This presentation 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 presentation are based on current expectations and are provided to assist in the understanding of potential future performance . Such forward - looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following : general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities ; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures ; expectations on credit quality and performance ; legislative and regulatory changes ; changes in U . S . government monetary and fiscal policy ; competitive pressures on product pricing and services ; the success and timing of other business strategies ; our outlook and long - term goals for future growth ; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control . For a discussion of some of the other risks and other factors that may cause such forward - looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10 - K for the year ended December 31 , 2023 and the Company’s subsequently filed periodic reports and other filings . Forward - looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward - looking statements .

Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified loan portfolio among geographies and product lines • Strong Southeast markets projected to grow approximately 1 . 7 x the national average over the next five years ( 1 ) • Stable core deposit base with 31 % noninterest - bearing deposits • Experienced executive team with skills and leadership to continue to grow organically Strong History of Earnings 2 Charlotte MSA Tampa MSA Orlando MSA $0.91 $1.16 $1.07 $1.10 $1.17 2.25% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2Q23 3Q23 4Q23 1Q24 2Q24 Adjusted Diluted EPS PPNR ROA 1 – Census data obtained from S&P Global Market Intelligence Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix

2Q 2024 Operating Highlights 3 • Net income of $90.8 million, or $1.32 per diluted share; Adjusted net income (1) of $80.8 million, or $1.17 per diluted share • Strong deposit growth of $446.8 million, or 8.6% annualized – Brokered CDs decreased $5.2 million • Net interest income (TE) increased $10.5 million to $212.9 million • PPNR ROA (1) of 2.25% for 2Q24, which includes 29bps positive impact from adjustment items • Growth in tangible book value of $1.27 per share, or 14.8% annualized • TCE ratio (1) of 9.72% • Increase in allowance for credit losses to 1.60% of total loans • Net interest margin improved to 3.58% • Noninterest bearing deposits remain strong at 31.0% of total deposits at June 30, 2024 • Interest - bearing deposit costs increased only 6bps in 2Q24, compared with a 14bps increase in 1Q24 • Organic loan growth of $392.3 million, or 7.7% annualized 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix

2Q 2024 Strategic Transactions 4 During the second quarter of 2024, the Company executed several strategic transactions: • The Company recognized a $4.7 million gain on sale of mortgage servicing rights – Sale represented approximately 18% of the Company’s MSR portfolio, targeting the most rate sensitive loans – Loss of servicing income will be offset by increased BOLI income from BOLI restructure – Accretive to risk - based capital ratios by approximately 6bps – Sale reduced exposure to fair value fluctuations in down rate scenarios – Provides additional capacity for the Company to add to MSR portfolio through origination activities • The Company recognized $4.8 million in additional tax expense relating to the restructuring of certain BOLI policies – Approximately $110 million in existing policies were surrendered (yield 2.41%) – Proceeds will be reinvested into higher yielding (4.50%) policies which will offset loss of servicing income from MSR sale and improve noninterest income • Ameris participated in the exchange offer by Visa to convert its Class B - 1 shares into Class B - 2 and Class C shares resulting in a gain of $12.6 million upon conversion – Class C shares received can be liquidated by the Company, subject to temporary transfer restrictions

Financial Highlights 5 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix (dollars in thousands, except per share data) Quarter to Date Results Year to Date Results 2Q24 1Q24 Change 2Q23 Change 2024 2023 Change Net Income $ 90,785 $ 74,312 22% $ 62,635 45% $ 165,097 $ 123,056 34% Adjusted Net Income (1) $ 80,763 $ 75,612 7% $ 62,635 29% $ 156,375 $ 122,570 28% Net Income Per Diluted Share $ 1.32 $ 1.08 22% $ 0.91 45% $ 2.39 $ 1.78 34% Adjusted Net Income Per Share (1) $ 1.17 $ 1.10 6% $ 0.91 29% $ 2.27 $ 1.77 28% Return on Assets 1.41% 1.18% 19% 0.98% 44% 1.30% 0.98% 32% Adjusted Return on Assets (1) 1.25% 1.20% 4% 0.98% 28% 1.23% 0.97% 26% Return on Equity 10.34% 8.63% 20% 7.63% 36% 9.49% 7.58% 25% Return on TCE (1) 15.00% 12.66% 19% 11.53% 30% 13.85% 11.52% 20% Adjusted Return on TCE (1) 13.35% 12.88% 4% 11.53% 16% 13.12% 11.47% 14% Efficiency Ratio 51.68% 55.64% - 7% 53.60% - 4% 53.54% 52.85% 1% Adjusted Efficiency Ratio (1) 55.00% 54.56% 1% 53.41% 3% 54.79% 52.72% 4% Net Interest Margin 3.58% 3.51% 2% 3.60% - 1% 3.54% 3.68% - 4%

Strong Net Interest Margin 6 • Net interest income (TE) of $212.9 million in 2Q24, compared with $202.3 million in 1Q24 – Interest income (TE) increased $17.9 million – Interest expense increased $7.3 million • Average earning assets increased $707.6 million • Positive inflation adjustments on TIPS and accelerated accretion on an early bond payoff of $2.3 million positively impacted margin by 0.04% • Noninterest bearing deposits remain above historical levels and were 31.0% of total deposits at quarter end Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity is approaching neutrality in anticipation of a FOMC cut in rates: – - 0.9% asset sensitivity in - 100bps – - 0.4% asset sensitivity in - 50bps – +0.4% asset sensitivity in +50bps – +0.8% asset sensitivity in +100bps • Approximately $10.8 billion of total loans reprice within one year through either maturities or floating rate indices • Cumulative weighted - average beta for all non - maturity deposits through this cycle has been 34% $210.5 $208.7 $207.0 $202.3 $212.9 3.60% 3.54% 3.54% 3.51% 3.58% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% $180.0 $185.0 $190.0 $195.0 $200.0 $205.0 $210.0 $215.0 $220.0 $225.0 $230.0 2Q23 3Q23 4Q23 1Q24 2Q24 Net Interest Income (TE) (in millions) NIM

Diversified Revenue Stream 7 • Strong revenue base of net interest income from core banking division • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Mortgage banking activity was 15% of total revenue in 2Q24 • Purchase business increased to 89% in 2Q24 due to strong core relationships with builders and realtors • Gain on sale margin decreased slightly to 2.45% in 2Q24 from 2.49% in 1Q24 Other Noninterest Income • Other Noninterest Income has been a stable contributor to total revenue • 2Q24 includes: – $4.7 million gain on sale of MSRs – $12.6 million gain on conversion of Visa stock • Other Noninterest Income includes: • Fee income from equipment finance group • Gains on sales of SBA loans • BOLI income 76% 77% 79% 75% 71% 15% 13% 12% 15% 15% 9% 10% 9% 10% 14% $277.8 $271.9 $263.3 $268.2 $301.6 0% 20% 40% 60% 80% 100% 120% 2Q23 3Q23 4Q23 1Q24 2Q24 FTE Revenue Sources (in millions) FTE Net Interest Income Mortgage Banking Activity Other Noninterest Income 2.18% 2.15% 1.93% 2.49% 2.45% 0.00% 1.00% 2.00% 3.00% 2Q23 3Q23 4Q23 1Q24 2Q24 Mortgage Gain on Sale Margin

Disciplined Expense Control Adjusted Operating Expenses (1) and Efficiency Ratio (1) Expense Highlights 8 • Management continues to deliver high performing operating efficiency • Adjusted efficiency ratio of 55.00% in 2Q24, compared with 54.56% in 1Q24 • Total adjusted operating expenses increased $10.5 million in 2Q24 compared with 1Q24 ‒ Increase of $5.3 million in 2Q24 banking division operating expenses primarily due to: ‒ $2.6 million reduction in deferred origination costs in our equipment finance division ‒ $1.0 million increase in advertising and marketing expense for new deposit campaign ‒ $1.0 million increase in fraud/forgery expense – Net increase of $5.2 million in 2Q24 lines of business primarily due to variable compensation related to production increases 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix $107.6 $101.2 $104.4 $105.4 $110.7 $40.8 $40.3 $35.0 $40.4 $45.6 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2Q23 3Q23 4Q23 1Q24 2Q24 Adjusted Operating Expenses (in millions) Banking LOBs 53.41% 52.02% 52.87% 54.56% 55.00% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 2Q23 3Q23 4Q23 1Q24 2Q24 Adjusted Efficiency Ratio

Strong Core Deposit Base 9 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account (in 000’s) NIB 6,649,220 31.0% 304,119 21.9 NOW 3,934,596 18.4% 43,732 90.0 MMDA 6,399,701 29.8% 32,404 197.5 Savings 773,512 3.6% 64,261 12.0 CD 3,687,114 17.2% 41,350 89.2 Total 21,444,143 100% 485,866 44.1 Managed Uninsured Deposit Exposure • Total deposits grew $446.8 million, or 8.6% annualized, during 2Q24 • Brokered deposits decreased $5.2 million • Noninterest bearing deposits remained strong at 31.0% of total deposits • Uninsured and uncollateralized deposits represent 30.5% of total deposits 2Q24 Highlights Consumer 36% Commercial 43% Public 15% Brokered 6% Deposits by Customer 2Q24 $9.46 (43.9%) $6.58 (30.5%) $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 2Q23 3Q23 4Q23 1Q24 2Q24 Uninsured Deposits (in billions) Uninsured Deposits Uninsured Deposits Excl. Municipal Deposits

Capital Strength 10 Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio • CET1 ratio is strong at 11.4% • CET1, net of unrealized losses on bond portfolio, remains strong at 11.2% • Net unrealized losses in AFS portfolio were $47 million at June 30, 2024, representing approximately 3% of book value • No transfers to held - to - maturity (HTM) portfolio – all securities classified as HTM were previously purchased for CRA purposes • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • Repurchase plan announced in October 2023 of $100 million with approximately $91.7 million remaining at June 30, 2024 • TCE Ratio of 9.72% at June 30, 2024 Capital ratios are estimated for most recent period end 9.3% 9.6% 9.9% 10.2% 10.2% 10.3% 10.8% 11.2% 11.4% 11.4% 13.4% 14.0% 14.5% 14.6% 14.6% 2Q23 3Q23 4Q23 1Q24 2Q24 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio

20.81 20.29 20.81 20.44 20.90 22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 34.52 35.79 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Tangible Book Value Capital and TBV Proven Stewards of Shareholder Value 11 • Management focused on long term growth in TBV (1) , such that over the past five years TBV has grown by 11% annualized • TBV increased $1.27 per share in 2Q24: – $1.16 from retained earnings – $0.03 from impact of OCI – $0.08 from all other items including stock compensation and share repurchases • Repurchased 62,700 shares at an average cost of $47.12 during the quarter 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix Equipment Finance Acquisition LION Acquisition CECL Adoption

Loan Diversification and Credit Quality

Diversified Loan Portfolio 2Q24 Loan Portfolio 13 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Asset quality metrics remain stable and better than historical averages • CRE concentration declined 7 % to 274% in 2Q24 from 281% in 1Q24 • C&D concentration remained steady at 76% • Non - owner - occupied office loans totaled $1.43 billion at 2Q24, or 6.8% of total loans • Allowance for Credit Losses (ACL) increased to 1.60% of total loans during 2Q24 • SNC exposure is limited to less than 2% of loans Portfolio Highlights Agriculture 1% C&I 24% Municipal 2% Consumer 1% Investor CRE 23% OO CRE 9% Construction 11% Multi - Family 6% SFR Mortgage & HELOC 23%

Loan Balance Changes 2Q24 Loan Balance Changes 14 • Loan balances increased $392 million during 2Q24, or 7.7% annualized, the majority being the result of seasonal funding of warehouse lines and increased Premium Finance production (in millions) $180 $153 $102 $73 $(8) $(15) $(23) $(28) $(42) $(100) $(50) $- $50 $100 $150 $200 Warehouse Lending Premium Finance CFIA (1) RE - C&D Indirect Consumer Municipal RE - CRE RE - RES 1 – Commercial, Financial. Industrial and Agricultural

Allowance for Credit Losses 15 • Increase in reserve during 2Q24 due to potential for negative economic conditions • The ACL on loans equated to 1.60% of total loans at 2Q24, compared with 1.55% at 1Q24 • The ACL on loans totaled $336.2 million at 2Q24, a net increase of $ 16.2 mil lion, or 5.1 %, from 1Q24 • During 2Q24, a provision expense of $18.8 million was recorded 2Q24 CECL Reserve Reserve Summary (in millions) 2Q24 Allowance Coverage Outstanding Balance (MM's) ACL (MM's) % ACL Gross Loans 20,992.6$ 336.2$ 1.60% Unfunded Commitments 3,920.9$ 30.6$ 0.78% ACL / Total Loans + Unfunded 24,913.5$ 366.8$ 1.47%

Allowance for Credit Losses 16 2 Q24 A CL Reserve by Loan Type Reserve Methodology • Moody’s June 2024 Baseline (75%) and S2 downside (25%) forecast models provided material inputs into ACL • Primary model drivers included: • US and regional unemployment rates and home price indices • US GDP • US and state - level CRE price index for our five - state footprint • US and regional multifamily vacancy rates Note: OOCRE includes farmland . Investor CRE includes construction loans. Loan Type Net Outstanding (MM's) ACL (MM's) % ACL 3/31/24 ACL (MM's) Change from 1Q24 CFIA 2,861.0$ 66.5$ 2.33% 63.8$ 2.7$ Consumer Installment 217.8$ 3.5$ 1.58% 3.9$ (0.5)$ Indirect 16.3$ 0.0$ 0.17% 0.0$ (0.0)$ Municipal 455.0$ 0.1$ 0.01% 0.1$ (0.0)$ Premium Finance 1,151.3$ 0.7$ 0.06% 0.6$ 0.1$ OOCRE 2,037.4$ 29.7$ 1.46% 20.4$ 9.3$ Investor CRE 8,403.2$ 169.8$ 2.02% 162.4$ 7.4$ RE - RES 4,779.7$ 63.8$ 1.34% 67.0$ (3.1)$ Warehouse Lending 1,070.9$ 2.1$ 0.20% 1.8$ 0.3$ Grand Total 20,992.6$ 336.2$ 1.60% 320.0$ 16.2$

NPA / Charge - Off Trend 17 • NPAs, as a percentage of total assets and net of GNMA - guaranteed mortgage loans, remained stable at 0.39% at 2Q24 compared with 0.38% at 1Q24 • Total NPAs in creased $14.9 million, to $197.5 million, primarily a result of: • $9.3 million increase in 90+ past due GNMA - guaranteed mortgage loans • $6.6 million downgrade of an investor office loan • Net charge - offs declined to $9.2 million, which equated to an annualized NCO ratio of 0.18% for the quarter 2Q24 Credit Summary ($ in millions) 0.57% 0.58% 0.69% 0.71% 0.74% 0.30% 0.27% 0.33% 0.38% 0.39% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 2Q23 3Q23 4Q23 1Q24 2Q24 Non - Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.28% 0.23% 0.26% 0.25% 0.18% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 2Q23 3Q23 4Q23 1Q24 2Q24 Net Charge - Offs Net Charge-offs NCO Ratio (Annualized)

Problem Loan Trends 18 • Total criticized loans (including special mention ), excluding GNMA - guaranteed mortgage loans, de creased $19.1 million in 2Q24 • For 2Q24, classified loans, excluding GNMA - guaranteed mortgage loans, in creased $2.7 million • Nonperforming loans, excluding GNMA - guaranteed mortgage loans, increased $5.5 million in 2Q24 • The largest components of criticized loans at 2Q24 were residential mortgages and assisted living facilities Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA - guaranteed loans. Ratios expressed as a percentage of Total Loans Net of GNMA - backed Mortgage Loans. 1.40% 1.52% 1.64% 1.43% 1.31% 0.57% 0.59% 0.63% 0.76% 0.76% 0.34% 0.33% 0.38% 0.47% 0.48% $0 $50 $100 $150 $200 $250 $300 $350 2Q23 3Q23 4Q23 1Q24 2Q24 Criticized Loans Classified Loans Nonperforming Loans

Investor CRE Loans 19 • Non - Owner Occupied CRE portfolio is well diversified • Over 80% of CRE loans are located in MSAs in the Company’s five - state footprint, which exhibit population growth forecasts exceeding the national average • Overall, past dues for investor CRE loans were 0.01% and NPLs 0.16% at 2Q24 Investor CRE 23% Construction 11% Multi - Family 6% Highlights Loan Type Outstanding (MM's) % NPL % PD Avg Size Commitment (000's) Construction Loans: RRE - Presold 308.9$ 1.15% 0.14% 257.4$ RRE - Spec & Models 220.0$ 0.00% 0.00% 250.0$ RRE - Lots & Land 119.6$ 0.01% 0.00% 446.2$ RRE - Subdivisions 20.6$ 0.00% 0.00% 1,084.9$ Sub-Total RRE Construction 669.2$ 0.54% 0.06% 282.7$ CML - Improved 1,620.6$ 0.00% 0.01% 9,704.1$ CML - Raw Land & Other 47.3$ 0.00% 0.71% 264.0$ Sub-Total CRE Construction 1,667.8$ 0.00% 0.03% 4,963.8$ Total Construction Loans 2,337.0$ 0.15% 0.04% 861.4$ Term Loans: Office 1,187.4$ 0.56% 0.00% 2,847.6$ Multi-Family 1,177.0$ 0.00% 0.00% 5,944.3$ Anchored Retail 1,064.8$ 0.00% 0.00% 5,377.7$ Warehouse / Industrial 687.3$ 0.00% 0.01% 2,949.9$ Strip Center, Non-Anchored 560.4$ 0.06% 0.03% 1,451.8$ Hotels / Motels 436.4$ 0.62% 0.00% 4,546.2$ General Retail 361.0$ 0.00% 0.00% 2,359.2$ Mini-Storage Warehouse 353.7$ 0.00% 0.00% 3,608.8$ Assisted Living Facilities 128.8$ 0.00% 0.00% 6,777.9$ Misc CRE (Church, etc) 109.5$ 0.00% 0.00% 1,042.5$ Sub-Total CRE Term Loans 6,066.2$ 0.16% 0.00% 3,249.2$ Grand Total Investor CRE Loans 8,403.2$ 0.16% 0.01% 1,834.8$

Office Portfolio • Central Business District (CBD) locations represented 8 % of Investor properties ; Charleston, SC, Orlando, FL and Tampa, FL represent the largest CBD MSAs ( 87 % of total CBD properties) • The portion of the ACL allocated to Investor office loans increased from 2 . 81 % to 2 . 84 % * Results based on term loans > $ 1 million, or 90 % of total loans 20 $- $100 $200 $300 $400 $500 2024 2025 2026 2027 2028 and beyond Scheduled Investor Office Maturities Fixed Rate Variable Rate Construction $239.6 Investor CRE $1,187.4 Owner - Occupied $522.1 Total Office Portfolio by Loan Type Class A 33% Essential Use 18% MOB 18% Class B 29% Class C 2% Investor Office Portfolio by Property Class * Outstanding 1.43B Unfunded 0.17B Total Commited Exposure 1.59B Allowance Coverage 2.84% PD Ratio 0.00% NPL Ratio 0.46% Criticized Ratio 1.27% Criticized ACL Coverage 224% Average LTV* 60% Average DSC* 1.60 Class A, Essential Use, & MOB 69% Investor Office

Equipment Finance Portfolio 21 • Total loans were $1.42 billion, or 6.8% of the Company’s total portfolio • The overall average loan size was $54,200 • Loan production totaled $187.7 million in 2Q24; the average FICO score on new loans was 755 • 30 - 89 day accruing past due loans improved to 0.82% of total loans • Non - performing loans were stable at 0.29% of total loans • The portion of the ACL attributed to the Equipment Finance division totaled $52.9 million, or 3.72% of loans Highlights (in millions) 1.03% 0.85% 1.01% 1.11% 0.82% 0.65% 0.39% 0.41% 0.29% 0.29% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 2Q23 3Q23 4Q23 1Q24 2Q24 30-89 days Accruing Past Dues Non-Performing Loans $1,175 $1,210 $1,287 $1,351 $1,421 $168 $157 $200 $182 $188 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 2Q23 3Q23 4Q23 1Q24 2Q24 Total Loans (MM's) Quarterly Originations (MM's)

Appendix

23 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 2Q24 1Q24 2Q23 2024 2023 Net Income $ 90,785 $ 74,312 $ 62,635 $ 165,097 $ 123,056 Adjustment items Gain on sale of MSR (4,713) - - (4,713) - Gain on conversion of Visa Class B-1 stock (12,554) - - (12,554) - Gain on BOLI proceeds (466) (998) - (1,464) (486) FDIC special assessment (895) 2,909 - 2,014 - Tax effect of adjustment items 3,814 (611) - 3,203 - After tax adjustment items (14,814) 1,300 - (13,514) (486) Tax expense attributable to BOLI restructuring 4,792 - - 4,792 - Adjusted Net Income $ 80,763 $ 75,612 $ 62,635 $ 156,375 $ 122,570 Weighted average number of shares - diluted 69,013,834 69,014,116 69,034,763 69,010,010 69,191,512 Net income per diluted share $ 1.32 $ 1.08 $ 0.91 $ 2.39 $ 1.78 Adjusted net income per diluted share $ 1.17 $ 1.10 $ 0.91 $ 2.27 $ 1.77 Average assets 25,954,808 25,295,088 25,631,846 25,624,948 25,375,312 Return on average assets 1.41% 1.18% 0.98% 1.30% 0.98% Adjusted return on average assets 1.25% 1.20% 0.98% 1.23% 0.97% Average common equity 3,530,869 3,462,871 3,293,049 3,496,870 3,271,787 Average tangible common equity 2,433,958 2,361,544 2,178,323 2,397,751 2,154,720 Return on average common equity 10.34% 8.63% 7.63% 9.49% 7.58% Return on average tangible common equity 15.00% 12.66% 11.53% 13.85% 11.52% Adjusted return on average tangible common equity 13.35% 12.88% 11.53% 13.12% 11.47% Quarter to Date Year to Date

24 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 2Q24 1Q24 4Q23 3Q23 2Q23 2024 2023 Adjusted Noninterest Expense Total noninterest expense 155,357$ 148,711$ 149,011$ 141,446$ 148,403$ 304,068$ 287,824$ Adjustment items: FDIC special assessment 895 (2,909) (11,566) - - (2,014) - Gain on sale of premises - - 1,903 - - - - Adjusted noninterest expense 156,252$ 145,802$ 139,348$ 141,446$ 148,403$ 302,054$ 287,824$ Total Revenue Net interest income 211,921$ 201,388$ 206,101$ 207,751$ 209,540$ 413,309$ 421,192$ Noninterest income 88,711 65,878 56,248 63,181 67,349 154,589 123,399 Total revenue 300,632$ 267,266$ 262,349$ 270,932$ 276,889$ 567,898$ 544,591$ Adjusted Total Revenue Net interest income (TE) 212,881$ 202,338$ 207,048$ 208,701$ 210,488$ 415,219$ 423,075$ Noninterest income 88,711 65,878 56,248 63,181 67,349 154,589 123,399 Total revenue (TE) 301,592$ 268,216$ 263,296$ 271,882$ 277,837$ 569,808$ 546,474$ Adjustment items: (Gain) loss on securities (12,335) 7 288 16 6 (12,328) - Gain on BOLI proceeds (4,713) - - - - (4,713) - Gain on sale of mortgage servicing rights (466) (998) - - - (1,464) (486) Adjusted total revenue (TE) 284,078$ 267,225$ 263,584$ 271,898$ 277,843$ 551,303$ 545,988$ Efficiency ratio 51.68% 55.64% 56.80% 52.21% 53.60% 53.54% 52.85% Adjusted efficiency ratio (TE) 55.00% 54.56% 52.87% 52.02% 53.41% 54.79% 52.72% Year to DateQuarter to Date

25 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 2Q24 1Q24 4Q23 3Q23 2Q23 Total shareholders' equity 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 79,120 83,527 87,949 92,375 96,800 Total tangible shareholders' equity 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ Period end number of shares 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 Book value per share (period end) 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ Tangible book value per share (period end) 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ Total assets $ 26,520,728 $ 25,655,445 $ 25,203,699 $ 25,697,830 $ 25,800,618 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 79,120 83,527 87,949 92,375 96,800 Total tangible assets 25,425,962$ 24,556,272$ 24,100,104$ 24,589,809$ 24,688,172$ Equity to Assets 13.45% 13.58% 13.60% 13.02% 12.73% Tangible Common Equity to Tangible Assets 9.72% 9.71% 9.64% 9.11% 8.80% Quarter to Date

26 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 2Q24 1Q24 4Q23 3Q23 2Q23 2024 2023 Net income 90,785$ 74,312$ 65,934$ 80,115$ 62,635$ 165,097$ 123,056$ Plus: Income taxes 35,717 23,138 24,452 24,912 20,335 58,855 38,466 Provision for credit losses 18,773 21,105 22,952 24,459 45,516 39,878 95,245 Pre-tax pre-provision net revenue (PPNR) 145,275$ 118,555$ 113,338$ 129,486$ 128,486$ 263,830$ 256,767$ Average Assets $ 25,954,808 $ 25,295,088 $ 25,341,990 $ 25,525,913 $ 25,631,846 $25,624,948 $25,375,312 Return on Average Assets (ROA) 1.41% 1.18% 1.03% 1.25% 0.98% 1.30% 0.98% PPNR ROA 2.25% 1.89% 1.77% 2.01% 2.01% 2.07% 2.04% Quarter to Date Year to Date

27 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Total shareholders' equity 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,023,071 1,023,056 1,022,345 1,012,620 Other intangibles, net 79,120 83,527 87,949 92,375 96,800 101,488 106,194 110,903 115,613 120,757 125,938 Total tangible shareholders' equity 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ Period end number of shares 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,352,709 69,360,461 69,439,084 69,609,228 Book value per share (period end) 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ 44.31$ 43.31$ 42.62$ Tangible book value per share (period end) 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 27.89$ 26.84$ 26.26$ 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Total shareholders' equity 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ 2,437,150$ 2,469,582$ 2,420,723$ 1,537,121$ Less: Goodwill 928,005 928,005 928,005 928,005 928,005 928,005 931,947 931,637 911,488 501,140 Other intangibles, net 60,396 63,783 67,848 71,974 76,164 80,354 85,955 91,586 97,328 52,437 Total tangible shareholders' equity 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ 1,419,248$ 1,446,359$ 1,411,907$ 983,544$ Period end number of shares 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 69,461,968 69,441,274 69,503,833 69,593,833 47,261,584 Book value per share (period end) 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ 35.53$ 34.78$ 32.52$ Tangible book value per share (period end) 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ 20.81$ 20.29$ 20.81$ As of As of

Ameris Bancorp Press Release & Financial Highlights June 30, 2024

 

 

v3.24.2

Cover	Jul. 25, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 25, 2024
Entity File Number	001-13901
Entity Registrant Name	Ameris Bancorp
Entity Central Index Key	0000351569
Entity Tax Identification Number	58-1456434
Entity Incorporation, State or Country Code	GA
Entity Address, Address Line One	3490 Piedmont Road N.E.
Entity Address, Address Line Two	Suite 1550
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	404
Local Phone Number	639-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	ABCB
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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