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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): October 24, 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 October 24, 2024, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended September 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 October 25, 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.

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: October 24, 2024



EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1 Document

bancorplionclean.jpg
News Release

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2024

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

ATLANTA, GA, October 24, 2024 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024, compared with $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023. Excluding the gain on sale of MSRs and natural disaster expenses, adjusted net income(1) was $95.2 million, or $1.38 per diluted share, for the quarter ended September 30, 2024, compared with $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023.

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

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

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $215.0 million in the third quarter of 2024, an increase of $2.1 million, or 1.0%, from last quarter and $6.3 million, or 3.0%, compared with the third quarter of 2023. The Company's net interest margin was 3.51% for the third quarter of 2024, down from 3.58% reported for the second quarter of 2024 and from 3.54% reported for the third quarter of 2023. The decrease in net interest margin this quarter compared with the second quarter of 2024 is primarily attributable to decreased yield on securities during the period, in addition to an increase in funding costs. During the second quarter of 2024, the Company recognized approximately $2.3 million, or 0.04% to margin, related to positive inflation adjustments on Treasury Inflation-Protected Securities and accelerated accretion on an early bond payoff.


The decrease in net interest margin compared with the same period in 2023 is due to the effect of overall increases in deposit costs over the last year, partially offset by increased yields on earning assets.

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

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

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

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

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

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




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

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

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

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

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 25, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until November 1, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 1525671. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.4 billion in assets as of September 30, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.



(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.

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

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 Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2024 2024 2024 2023 2023 2024 2023
EARNINGS
Net income $ 99,212  $ 90,785  $ 74,312  $ 65,934  $ 80,115  $ 264,309  $ 203,171 
Adjusted net income(1)
 $ 95,187  $ 80,763  $ 75,612  $ 73,568  $ 80,115  $ 251,562  $ 202,685 
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 1.16  $ 3.84  $ 2.94 
Diluted $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 1.16  $ 3.83  $ 2.94 
Adjusted diluted EPS(1)
 $ 1.38  $ 1.17  $ 1.10  $ 1.07  $ 1.16  $ 3.64  $ 2.93 
Cash dividends per share $ 0.15  $ 0.15  $ 0.15  $ 0.15  $ 0.15  $ 0.45  $ 0.45 
Book value per share (period end) $ 53.30  $ 51.64  $ 50.42  $ 49.62  $ 48.41  $ 53.30  $ 48.41 
Tangible book value per share (period end)(1)
 $ 37.51  $ 35.79  $ 34.52  $ 33.64  $ 32.38  $ 37.51  $ 32.38 
Weighted average number of shares
Basic 68,798,093  68,824,150  68,808,393  68,824,004  68,879,352  68,811,727  69,023,201 
Diluted 69,066,298  69,013,834  69,014,116  69,014,793  68,994,247  69,031,666  69,129,921 
Period end number of shares 69,067,019  69,066,573  69,115,263  69,053,341  69,138,461  69,067,019  69,138,461 
Market data
High intraday price $ 65.40  $ 51.18  $ 53.99  $ 53.84  $ 45.34  $ 65.40  $ 50.54 
Low intraday price $ 48.21  $ 44.23  $ 44.00  $ 34.26  $ 33.21  $ 44.00  $ 28.33 
Period end closing price $ 62.39  $ 50.35  $ 48.38  $ 53.05  $ 38.39  $ 62.39  $ 38.39 
Average daily volume 379,896  301,784  407,898  390,190  361,167  362,808  429,170 
PERFORMANCE RATIOS
Return on average assets 1.49  % 1.41  % 1.18  % 1.03  % 1.25  % 1.36  % 1.07  %
Adjusted return on average assets(1)
 1.43  % 1.25  % 1.20  % 1.15  % 1.25  % 1.30  % 1.07  %
Return on average common equity 10.91  % 10.34  % 8.63  % 7.73  % 9.56  % 9.98  % 8.26  %
Adjusted return on average tangible common equity(1)
 14.99  % 13.35  % 12.88  % 12.81  % 14.35  % 13.77  % 12.46  %
Earning asset yield (TE) 5.81  % 5.86  % 5.73  % 5.69  % 5.62  % 5.80  % 5.46  %
Total cost of funds 2.50  % 2.48  % 2.41  % 2.32  % 2.24  % 2.46  % 1.96  %
Net interest margin (TE) 3.51  % 3.58  % 3.51  % 3.54  % 3.54  % 3.53  % 3.63  %
Efficiency ratio 53.49  % 51.68  % 55.64  % 56.80  % 52.21  % 53.52  % 52.64  %
Adjusted efficiency ratio (TE)(1)
 54.25  % 55.00  % 54.56  % 52.87  % 52.02  % 54.61  % 52.49  %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets 13.94  % 13.45  % 13.58  % 13.60  % 13.02  % 13.94  % 13.02  %
Tangible common equity to tangible assets(1)
 10.24  % 9.72  % 9.71  % 9.64  % 9.11  % 10.24  % 9.11  %
OTHER DATA (period end)
Full time equivalent employees
Banking Division 2,056  2,073  2,082  2,088  2,082  2,056  2,082 
Retail Mortgage Division 592  595  596  595  601  592  601 
Warehouse Lending Division 9  9  8  7  8  9  8 
Premium Finance Division 76  74  73  75  78  76  78 
Total Ameris Bancorp FTE headcount 2,733  2,751  2,759  2,765  2,769  2,733  2,769 
Branch locations 164  164  164  164  164  164  164 
Deposits per branch location $ 133,410  $ 130,757  $ 128,033  $ 126,271  $ 125,551  $ 133,410  $ 125,551 
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement Table 2
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2024 2024 2024 2023 2023 2024 2023
Interest income
Interest and fees on loans $ 325,622  $ 317,664  $ 303,393  $ 303,487  $ 304,699  $ 946,679  $ 868,675 
Interest on taxable securities 15,555  16,948  13,092  14,033  14,754  45,595  44,969 
Interest on nontaxable securities 336  335  330  326  331  1,001  1,009 
Interest on deposits in other banks 13,633  12,376  12,637  14,368  10,769  38,646  33,568 
Total interest income 355,146  347,323  329,452  332,214  330,553  1,031,921  948,221 
Interest expense
Interest on deposits 129,698  121,245  118,174  111,749  102,999  369,117  244,268 
Interest on other borrowings 11,388  14,157  9,890  14,364  19,803  35,435  75,010 
Total interest expense 141,086  135,402  128,064  126,113  122,802  404,552  319,278 
Net interest income 214,060  211,921  201,388  206,101  207,751  627,369  628,943 
Provision for loan losses 6,313  25,348  25,523  30,401  30,095  57,184  123,114 
Provision for unfunded commitments (204) (6,570) (4,422) (7,438) (5,634) (11,196) (3,415)
Provision for other credit losses (2) (5) 4  (11) (2) (3) 5 
Provision for credit losses 6,107  18,773  21,105  22,952  24,459  45,985  119,704 
Net interest income after provision for credit losses 207,953  193,148  180,283  183,149  183,292  581,384  509,239 
Noninterest income
Service charges on deposit accounts 12,918  12,672  11,759  12,252  12,092  37,349  34,323 
Mortgage banking activity 37,947  46,399  39,430  31,461  36,290  123,776  108,424 
Other service charges, commissions and fees 1,163  1,211  1,202  1,234  1,221  3,576  3,167 
Gain (loss) on securities (8) 12,335  (7) (288) (16) 12,320  (16)
Other noninterest income 17,689  16,094  13,494  11,589  13,594  47,277  40,682 
Total noninterest income 69,709  88,711  65,878  56,248  63,181  224,298  186,580 
Noninterest expense
Salaries and employee benefits 88,700  88,201  82,930  75,966  81,898  259,831  244,144 
Occupancy and equipment 11,716  12,559  12,885  13,197  12,745  37,160  38,253 
Data processing and communications expenses 15,221  15,193  14,654  14,028  12,973  45,068  39,458 
Credit resolution-related expenses(1)
 (110) 840  486  157  (1,360) 1,216  (77)
Advertising and marketing 4,089  3,571  2,545  2,974  2,723  10,205  8,882 
Amortization of intangible assets 4,180  4,407  4,422  4,425  4,425  13,009  13,819 
Other noninterest expenses 27,981  30,586  30,789  38,264  28,042  89,356  84,791 
Total noninterest expense 151,777  155,357  148,711  149,011  141,446  455,845  429,270 
Income before income tax expense 125,885  126,502  97,450  90,386  105,027  349,837  266,549 
Income tax expense 26,673  35,717  23,138  24,452  24,912  85,528  63,378 
Net income $ 99,212  $ 90,785  $ 74,312  $ 65,934  $ 80,115  $ 264,309  $ 203,171 
Diluted earnings per common share $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 1.16  $ 3.83  $ 2.94 
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet Table 3
Sep Jun Mar Dec Sep
(dollars in thousands) 2024 2024 2024 2023 2023
Assets
Cash and due from banks $ 231,515  $ 257,297  $ 235,931  $ 230,470  $ 241,137 
Interest-bearing deposits in banks 1,127,641  1,104,897  975,321  936,834  1,304,636 
Debt securities available-for-sale, at fair value 1,441,552  1,531,047  1,414,419  1,402,944  1,424,081 
Debt securities held-to-maturity, at amortized cost 161,220  148,538  147,022  141,512  141,859 
Other investments 63,899  96,613  77,480  71,794  104,957 
Loans held for sale 553,379  570,180  364,332  281,332  381,466 
Loans, net of unearned income 20,964,981  20,992,603  20,600,260  20,269,303  20,201,079 
Allowance for credit losses (334,457) (336,218) (320,023) (307,100) (290,104)
Loans, net 20,630,524  20,656,385  20,280,237  19,962,203  19,910,975 
Other real estate owned 9,482  2,213  2,158  6,199  3,397 
Premises and equipment, net 210,931  213,255  214,801  216,435  217,564 
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangible assets, net 74,941  79,120  83,527  87,949  92,375 
Cash value of bank owned life insurance 460,699  376,458  396,804  395,778  393,769 
Other assets 418,353  469,079  447,767  454,603  465,968 
Total assets $ 26,399,782  $ 26,520,728  $ 25,655,445  $ 25,203,699  $ 25,697,830 
Liabilities
Deposits
Noninterest-bearing $ 6,670,320  $ 6,649,220  $ 6,538,322  $ 6,491,639  $ 6,589,610 
Interest-bearing 15,208,945  14,794,923  14,459,068  14,216,870  14,000,735 
Total deposits 21,879,265  21,444,143  20,997,390  20,708,509  20,590,345 
Other borrowings 346,446  946,413  631,380  509,586  1,209,553 
Subordinated deferrable interest debentures 131,811  131,312  130,814  130,315  129,817 
Other liabilities 360,892  432,246  411,123  428,542  421,046 
Total liabilities 22,718,414  22,954,114  22,170,707  21,776,952  22,350,761 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock 72,698  72,697  72,683  72,516  72,514 
Capital stock 1,954,532  1,950,846  1,948,352  1,945,385  1,942,852 
Retained earnings 1,772,989  1,684,218  1,603,832  1,539,957  1,484,424 
Accumulated other comprehensive loss, net of tax (15,724) (38,020) (39,959) (35,939) (60,818)
Treasury stock (103,127) (103,127) (100,170) (95,172) (91,903)
Total shareholders' equity 3,681,368  3,566,614  3,484,738  3,426,747  3,347,069 
Total liabilities and shareholders' equity $ 26,399,782  $ 26,520,728  $ 25,655,445  $ 25,203,699  $ 25,697,830 
Other Data
Earning assets $ 24,312,672  $ 24,443,878  $ 23,578,834  $ 23,103,719  $ 23,558,078 
Intangible assets 1,090,587  1,094,766  1,099,173  1,103,595  1,108,021 
Interest-bearing liabilities 15,687,202  15,872,648  15,221,262  14,856,771  15,340,105 
Average assets 26,442,984  25,954,808  25,295,088  25,341,990  25,525,913 
Average common shareholders' equity 3,618,052  3,530,869  3,462,871  3,383,554  3,324,960 




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



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


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




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




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
2024 2024 2024 2023 2023 2024 2023
Earning Assets
Interest-bearing deposits in banks 5.44  % 5.53  % 5.50  % 6.09  % 4.94  % 5.49  % 4.95  %
Debt securities - taxable 3.57  % 4.10  % 3.29  % 3.50  % 3.55  % 3.66  % 3.82  %
Debt securities - nontaxable (TE) 4.08  % 4.11  % 4.07  % 4.07  % 4.06  % 4.09  % 4.05  %
Loans held for sale 6.32  % 6.71  % 6.65  % 6.71  % 6.37  % 6.53  % 5.99  %
Loans (TE) 6.01  % 6.00  % 5.92  % 5.83  % 5.81  % 5.97  % 5.64  %
Total Earning Assets 5.81  % 5.86  % 5.73  % 5.69  % 5.62  % 5.80  % 5.46  %
Interest-Bearing Deposits
NOW accounts 2.18  % 2.21  % 2.16  % 2.04  % 1.87  % 2.18  % 1.72  %
MMDA 3.77  % 3.75  % 3.65  % 3.57  % 3.28  % 3.72  % 2.81  %
Savings accounts 0.50  % 0.51  % 0.50  % 0.47  % 0.78  % 0.50  % 0.74  %
Retail CDs 4.30  % 4.25  % 4.16  % 3.87  % 3.43  % 4.24  % 2.84  %
Brokered CDs 5.28  % 5.24  % 5.27  % 5.38  % 5.30  % 5.26  % 5.19  %
Total Interest-Bearing Deposits 3.44  % 3.37  % 3.31  % 3.17  % 2.97  % 3.38  % 2.51  %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase —  % —  % —  % —  % —  % —  % —  %
FHLB advances 4.93  % 5.26  % 4.72  % 5.23  % 5.27  % 5.05  % 4.86  %
Other borrowings 4.69  % 4.68  % 5.06  % 4.84  % 4.85  % 4.81  % 5.30  %
Subordinated deferrable interest debentures 10.38  % 10.48  % 10.58  % 10.61  % 10.53  % 10.48  % 10.07  %
Total Non-Deposit Funding 5.75  % 5.77  % 6.04  % 5.82  % 5.67  % 5.84  % 5.29  %
Total Interest-Bearing Liabilities
 3.55  % 3.53  % 3.43  % 3.35  % 3.22  % 3.51  % 2.86  %
Net Interest Spread 2.26  % 2.33  % 2.30  % 2.34  % 2.40  % 2.29  % 2.60  %
Net Interest Margin(2)
 3.51  % 3.58  % 3.51  % 3.54  % 3.54  % 3.53  % 3.63  %
Total Cost of Funds(3)
 2.50  % 2.48  % 2.41  % 2.32  % 2.24  % 2.46  % 1.96  %
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.

























AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income Table 9A
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2024 2024 2024 2023 2023 2024 2023
Net income available to common shareholders $ 99,212  $ 90,785  $ 74,312  $ 65,934  $ 80,115  $ 264,309  $ 203,171 
Adjustment items:
Gain on sale of MSR (5,245) (4,713) —  —  —  (9,958) — 
Gain on conversion of Visa Class B-1 stock —  (12,554) —  —  —  (12,554) — 
Gain on BOLI proceeds —  (466) (998) —  —  (1,464) (486)
FDIC special assessment —  (895) 2,909  11,566  —  2,014  — 
Natural disaster expenses 150  —  —  —  —  150  — 
Gain on bank premises —  —  —  (1,903) —  —  — 
Tax effect of adjustment items (Note 1)
 1,070  3,814  (611) (2,029) —  4,273  — 
After tax adjustment items (4,025) (14,814) 1,300  7,634  —  (17,539) (486)
Tax expense attributable to BOLI restructuring —  4,792  —  —  —  4,792  — 
Adjusted net income $ 95,187  $ 80,763  $ 75,612  $ 73,568  $ 80,115  $ 251,562  $ 202,685 
Weighted average number of shares - diluted 69,066,298  69,013,834  69,014,116  69,014,793  68,994,247  69,031,666  69,129,921 
Net income per diluted share $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 1.16  $ 3.83  $ 2.94 
Adjusted net income per diluted share $ 1.38  $ 1.17  $ 1.10  $ 1.07  $ 1.16  $ 3.64  $ 2.93 
Average assets $ 26,442,984  $ 25,954,808  $ 25,295,088  $ 25,341,990  $ 25,525,913  $ 25,899,617  $ 25,426,064 
Return on average assets 1.49  % 1.41  % 1.18  % 1.03  % 1.25  % 1.36  % 1.07  %
Adjusted return on average assets 1.43  % 1.25  % 1.20  % 1.15  % 1.25  % 1.30  % 1.07  %
Average common equity $ 3,618,052  $ 3,530,869  $ 3,462,871  $ 3,383,554  $ 3,324,960  $ 3,537,559  $ 3,289,706 
Average tangible common equity $ 2,525,421  $ 2,433,958  $ 2,361,544  $ 2,277,810  $ 2,214,775  $ 2,440,619  $ 2,174,958 
Return on average common equity 10.91  % 10.34  % 8.63  % 7.73  % 9.56  % 9.98  % 8.26  %
Adjusted return on average tangible common equity 14.99  % 13.35  % 12.88  % 12.81  % 14.35  % 13.77  % 12.46  %
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE) Table 9B
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands) 2024 2024 2024 2023 2023 2024 2023
Adjusted Noninterest Expense
Total noninterest expense $ 151,777  $ 155,357  $ 148,711  $ 149,011  $ 141,446  $ 455,845  $ 429,270 
Adjustment items:
FDIC special assessment —  895  (2,909) (11,566) —  (2,014) — 
Natural disaster expenses (150) —  —  —  —  (150) — 
Gain on bank premises —  —  —  1,903  —  —  — 
Adjusted noninterest expense $ 151,627  $ 156,252  $ 145,802  $ 139,348  $ 141,446  $ 453,681  $ 429,270 
Total Revenue
Net interest income $ 214,060  $ 211,921  $ 201,388  $ 206,101  $ 207,751  $ 627,369  $ 628,943 
Noninterest income 69,709  88,711  65,878  56,248  63,181  224,298  186,580 
Total revenue $ 283,769  $ 300,632  $ 267,266  $ 262,349  $ 270,932  $ 851,667  $ 815,523 
Adjusted Total Revenue
Net interest income (TE) $ 215,028  $ 212,881  $ 202,338  $ 207,048  $ 208,701  $ 630,247  $ 631,776 
Noninterest income 69,709  88,711  65,878  56,248  63,181  224,298  186,580 
Total revenue (TE) 284,737  301,592  268,216  263,296  271,882  854,545  818,356 
Adjustment items:
(Gain) loss on securities 8  (12,335) 7  288  16  (12,320) 16 
Gain on sale of MSR (5,245) (4,713) —  —  —  (9,958) — 
Gain on BOLI proceeds —  (466) (998) —  —  (1,464) (486)
Adjusted total revenue (TE) $ 279,500  $ 284,078  $ 267,225  $ 263,584  $ 271,898  $ 830,803  $ 817,886 
Efficiency ratio 53.49  % 51.68  % 55.64  % 56.80  % 52.21  % 53.52  % 52.64  %
Adjusted efficiency ratio (TE) 54.25  % 55.00  % 54.56  % 52.87  % 52.02  % 54.61  % 52.49  %
Tangible Book Value Per Share Table 9C
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2024 2024 2024 2023 2023 2024 2023
Total shareholders' equity $ 3,681,368  $ 3,566,614  $ 3,484,738  $ 3,426,747  $ 3,347,069  $ 3,681,368  $ 3,347,069 
Less:
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangibles, net 74,941  79,120  83,527  87,949  92,375  74,941  92,375 
Total tangible shareholders' equity $ 2,590,781  $ 2,471,848  $ 2,385,565  $ 2,323,152  $ 2,239,048  $ 2,590,781  $ 2,239,048 
Period end number of shares 69,067,019  69,066,573  69,115,263  69,053,341  69,138,461  69,067,019  69,138,461 
Book value per share (period end) $ 53.30  $ 51.64  $ 50.42  $ 49.62  $ 48.41  $ 53.30  $ 48.41 
Tangible book value per share (period end) $ 37.51  $ 35.79  $ 34.52  $ 33.64  $ 32.38  $ 37.51  $ 32.38 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets Table 9D
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2024 2024 2024 2023 2023 2024 2023
Total shareholders' equity $ 3,681,368 $ 3,566,614 $ 3,484,738 $ 3,426,747 $ 3,347,069 $ 3,681,368 $ 3,347,069
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 74,941 79,120 83,527 87,949 92,375 74,941 92,375
Total tangible shareholders' equity $ 2,590,781 $ 2,471,848 $ 2,385,565 $ 2,323,152 $ 2,239,048 $ 2,590,781 $ 2,239,048
Total assets $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699 $ 25,697,830 $ 26,399,782 $ 25,697,830
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 74,941 79,120 83,527 87,949 92,375 74,941 92,375
Total tangible assets $ 25,309,195 $ 25,425,962 $ 24,556,272 $ 24,100,104 $ 24,589,809 $ 25,309,195 $ 24,589,809
Equity to Assets 13.94  % 13.45  % 13.58  % 13.60  % 13.02  % 13.94  % 13.02  %
Tangible Common Equity to Tangible Assets 10.24  % 9.72  % 9.71  % 9.64  % 9.11  % 10.24  % 9.11  %
PPNR ROA Table 9E
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2024 2024 2024 2023 2023 2024 2023
Net income $ 99,212  $ 90,785  $ 74,312  $ 65,934  $ 80,115  $ 264,309  $ 203,171 
Plus:
Income taxes 26,673  35,717  23,138  24,452  24,912  85,528  63,378 
Provision for credit losses 6,107  18,773  21,105  22,952  24,459  45,985  119,704 
PPNR $ 131,992  $ 145,275  $ 118,555  $ 113,338  $ 129,486  $ 395,822  $ 386,253 
Average Assets $ 26,442,984  $ 25,954,808  $ 25,295,088  $ 25,341,990  $ 25,525,913  $ 25,899,617  $ 25,426,064 
Return on Average Assets (ROA) 1.49  % 1.41  % 1.18  % 1.03  % 1.25  % 1.36  % 1.07  %
PPNR ROA 1.99  % 2.25  % 1.89  % 1.77  % 2.01  % 2.04  % 2.03  %


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


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


EX-99.2 3 q324earningspres.htm EX-99.2 q324earningspres
3rd 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 faster than the national average(1) • Stable deposit base with 30.5% noninterest-bearing deposits • Experienced executive team with skills and leadership to continue to grow organically • Focus on shareholder value with 13% annualized tangible book value growth over the last five years Strong History of Earnings 2 Charlotte MSA Tampa MSA Orlando MSA 1 – Census data obtained from S&P Global Market Intelligence Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix $1.16 $1.07 $1.10 $1.17 $1.38 2.01% 1.77% 1.89% 2.25% 1.99% 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 $1.60 3Q23 4Q23 1Q24 2Q24 3Q24 Adjusted Diluted EPS PPNR ROA

 
3Q 2024 Operating Highlights 3 • Net income of $99.2 million, or $1.44 per diluted share; Adjusted net income (1) of $95.2 million, or $1.38 per diluted share • Net interest income (TE) increased $2.1 million to $215.0 million • PPNR ROA(1) of 1.99% for 3Q24, which includes 8bps positive impact from adjustment items • Growth in tangible book value of $1.72 per share, or 19.1% annualized • TCE ratio(1) of 10.24% • Allowance for credit losses steady at 1.60% of total loans • Net interest margin of 3.51% • Growth in average earning assets of $454.8 million, or 7.6% annualized • Noninterest bearing deposits remain strong at 30.5% of total deposits at September 30, 2024 • Net reduction in wholesale funding (FHLB and brokered) of $196.4 million, or 10.4% • Completed the sale of a pool of mortgage servicing rights recognizing a gain of $5.2 million and reducing exposure to GNMA nonaccrual loans by $85.4 million 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
Financial Highlights 4 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 3Q24 2Q24 Change 3Q23 Change 2024 2023 Change Net Income $ 99,212 $ 90,785 9% $ 80,115 24% $ 264,309 $ 203,171 30% Adjusted Net Income(1) $ 95,187 $ 80,763 18% $ 80,115 19% $ 251,562 $ 202,685 24% Net Income Per Diluted Share $ 1.44 $ 1.32 9% $ 1.16 24% $ 3.83 $ 2.94 30% Adjusted Net Income Per Share(1) $ 1.38 $ 1.17 18% $ 1.16 19% $ 3.64 $ 2.93 24% Return on Assets 1.49% 1.41% 6% 1.25% 20% 1.36% 1.07% 28% Adjusted Return on Assets(1) 1.43% 1.25% 14% 1.25% 15% 1.30% 1.07% 22% Return on Equity 10.91% 10.34% 5% 9.56% 14% 9.98% 8.26% 21% Return on TCE(1) 15.63% 15.00% 4% 14.35% 9% 14.47% 12.49% 16% Adjusted Return on TCE(1) 14.99% 13.35% 12% 14.35% 4% 13.77% 12.46% 11% Efficiency Ratio 53.49% 51.68% 4% 52.21% 2% 53.52% 52.64% 2% Adjusted Efficiency Ratio(1) 54.25% 55.00% -1% 52.02% 4% 54.61% 52.49% 4% Net Interest Margin 3.51% 3.58% -2% 3.54% -1% 3.53% 3.63% -3%

 
Strong Net Interest Margin 5 • Net interest income (TE) of $215.0 million in 3Q24, compared with $212.9 million in 2Q24 – Interest income (TE) increased $7.8 million – Interest expense increased $5.7 million • 2Q24 margin was positively impacted 0.04% by positive inflation adjustments on TIPS and accelerated accretion on an early bond payoff of $2.3 million • Noninterest bearing deposits remain above historical levels and were 30.5% of total deposits at quarter end Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity is approaching neutrality in anticipation of further FOMC cut in rates: – -0.8% asset sensitivity in -100bps – -0.4% asset sensitivity in -50bps – +0.4% asset sensitivity in +50bps – +0.7% asset sensitivity in +100bps • Approximately $11 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 35% $208.7 $207.0 $202.3 $212.9 $215.0 3.54% 3.54% 3.51% 3.58% 3.51% 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 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Income (TE) (in millions) NIM

 
Diversified Revenue Stream 6 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 13% of total revenue in 3Q24 • Purchase business represented 84% in 3Q24 due to strong core relationships with builders and realtors • Gain on sale margin decreased to 2.17% in 3Q24 from 2.45% in 2Q24 Other Noninterest Income • Other Noninterest Income has been a stable contributor to total revenue • 3Q24 includes a $5.2 million gain on sale of MSRs; 2Q24 included a $12.6 million gain on conversion of Visa stock and a $4.7 million gain on sale of MSRs • Other Noninterest Income includes: • Fee income from equipment finance group • Gains on sales of SBA loans • BOLI income 77% 79% 75% 71% 76% 13% 12% 15% 15% 13% 10% 9% 10% 14% 11% $271.9 $263.3 $268.2 $301.6 $284.7 0% 20% 40% 60% 80% 100% 120% 3Q23 4Q23 1Q24 2Q24 3Q24 FTE Revenue Sources (in millions) FTE Net Interest Income Mortgage Banking Activity Other Noninterest Income 2.15% 1.93% 2.49% 2.45% 2.17% 0.00% 1.00% 2.00% 3.00% 3Q23 4Q23 1Q24 2Q24 3Q24 Mortgage Gain on Sale Margin

 
Disciplined Expense Control Adjusted Operating Expenses(1) and Efficiency Ratio(1) Expense Highlights 7 • Management continues to deliver high performing operating efficiency • Adjusted efficiency ratio of 54.25% in 3Q24, compared with 55.00% in 2Q24 • Total adjusted operating expenses decreased $4.6 million in 3Q24 compared with 2Q24 ‒ Decrease of $912,000 in 3Q24 banking division operating expenses primarily due to: ‒ $1.0 million increase in deferred origination costs in our equipment finance division ‒ $749,000 reduction in occupancy and equipment expenses ‒ Offset by a $1.2 million increase in stock- based compensation for performance awards – Net decrease of $3.7 million in 3Q24 lines of business primarily due to variable compensation related to production decreases 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix $101.2 $104.4 $105.4 $110.7 $109.8 $40.3 $35.0 $40.4 $45.6 $41.9 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 3Q23 4Q23 1Q24 2Q24 3Q24 Adjusted Operating Expenses (in millions) Banking LOBs 52.02% 52.87% 54.56% 55.00% 54.25% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 3Q23 4Q23 1Q24 2Q24 3Q24 Adjusted Efficiency Ratio

 
Strong Core Deposit Base 8 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account (in 000’s) NIB 6,670,320 30.5% 306,991 21.7 NOW 3,813,587 17.4% 43,309 88.1 MMDA 6,483,316 29.6% 32,713 198.2 Savings 760,886 3.5% 64,180 11.9 CD 4,151,156 19.0% 41,428 100.2 Total 21,879,265 100% 488,621 44.8 Managed Uninsured Deposit Exposure • Total deposits grew $435.1 million, or 8.1% annualized, during 3Q24 • Brokered deposits increased $403.7 million due to favorable pricing • Noninterest bearing deposits remained strong at 30.5% of total deposits • Uninsured and uncollateralized deposits represent 31.0% of total deposits 3Q24 Highlights Consumer 35% Commercial 44% Public 14% Brokered 7% Deposits by Customer 3Q24 $9.47 (42.9%) $6.82 (31.0%) $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 3Q23 4Q23 1Q24 2Q24 3Q24 Uninsured Deposits (in billions) Uninsured Deposits Uninsured Deposits Excl. Municipal Deposits

 
Capital Strength 9 Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio • TCE Ratio of 10.24% at September 30, 2024 • CET1 ratio is strong at 12.1% • CET1, net of unrealized losses on bond portfolio, remains strong at 12.0% • Net unrealized losses in AFS portfolio were $17.7 million at September 30, 2024, representing approximately 1% 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 2024 of $100 million Capital ratios are estimated for most recent period end 9.6% 9.9% 10.2% 10.2% 10.4% 10.8% 11.2% 11.4% 11.7% 12.1% 14.0% 14.5% 14.6% 14.9% 15.3% 3Q23 4Q23 1Q24 2Q24 3Q24 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio

 
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 37.51 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Tangible Book Value Capital and TBV Proven Stewards of Shareholder Value 10 • Management focused on long term growth in TBV(1), such that over the past five years TBV has grown by 13% annualized • TBV increased $1.72 per share in 3Q24: – $1.28 from retained earnings – $0.32 from impact of OCI – $0.12 from all other items including stock compensation • No shares were repurchased 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 3Q24 Loan Portfolio 12 • 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 historic averages • CRE concentrations declined 4% to 270% in 3Q24 • C&D concentrations declined 5% to 71% in 3Q24 • Non-owner-occupied office loans totaled $1.43 billion at 3Q24, or 6.8% of total loans • Allowance for Credit Losses (ACL) remained steady at 1.60% of total loans during 3Q24 • SNC exposure is limited to less than 2% of loans Portfolio Highlights Agriculture 1% C&I 24% Municipal 2% Consumer 1% Investor CRE 24%OO CRE 9% Construction 11% Multi-Family 6% SFR Mortgage & HELOC 22% Total Loans $21.0 Billion

 
Loan Balance Changes 3Q24 Loan Balance Changes 13 • Loan balances decreased $28 million during 3Q24, or -0.5% annualized. • Excluding the GNMA MSR sale, loan balances increased 1.5% annualized over 2Q24 • For the year-to-date period, loans increased $695.7 million, or 4.6% annualized (in millions) 1 – Commercial, Financial. Industrial and Agricultural $146 $95 $89 $(5) $(5) $(7) $(85) $(105) $(150) $(200) $(150) $(100) $(50) $- $50 $100 $150 $200 RE - CRE Premium Finance CFIA (1) Municipal Indirect Consumer Warehouse Lending RE - C&D RE - RES GNMA MSR Sale: • Gain of $5.2 million • Sale reduced GNMA nonaccrual mortgages by $85.4 million

 
Allowance for Credit Losses 14 • The ACL on loans equated to 1.60% of total loans at both 3Q24 and 2Q24 • The ACL on loans totaled $334.5 million at 3Q24, a net decrease of $1.8 million, or -0.5%, from 2Q24 • During 3Q24, a provision expense of $6.1 million was recorded 3Q24 CECL Reserve Reserve Summary (in millions) 3Q24 Allowance Coverage Outstanding Balance (MM's) ACL (MM's) % ACL Gross Loans 20,965.0$ 334.5$ 1.60% Unfunded Commitments 3,469.8$ 30.4$ 0.88% ACL / Total Loans + Unfunded 24,435.0$ 364.8$ 1.49%

 
Allowance for Credit Losses 15 3Q24 ACL Reserve by Loan Type Reserve Methodology • Moody’s September 2024 Baseline (65%) & S2 adverse (35%) forecast models provided material inputs into ACL • Primary model drivers included: • US and regional unemployment rates & home price indices • US GDP • US and state-level CRE price index for our five-state footprint • US & Regional multifamily vacancy rates Note: OOCRE includes farmland. Investor CRE includes construction loans. Loan Type Net Outstanding (MM's) ACL (MM's) % ACL 6/30/24 ACL (MM's) % ACL Change from 2Q24 CFIA 2,950.0$ 67.9$ 2.30% 66.5$ 2.33% 1.3$ Consumer 210.3$ 4.1$ 1.96% 3.5$ 1.58% 0.7$ Indirect 10.9$ 0.0$ 0.28% 0.0$ 0.17% 0.0$ Municipal 449.6$ 0.2$ 0.04% 0.1$ 0.01% 0.1$ Premium Finance 1,246.5$ 0.6$ 0.05% 0.7$ 0.06% (0.1)$ OOCRE 2,036.8$ 28.8$ 1.41% 29.7$ 1.46% (0.9)$ Investor CRE 8,445.3$ 166.3$ 1.97% 169.8$ 2.02% (3.5)$ RE - RES 4,629.8$ 64.6$ 1.39% 63.8$ 1.34% 0.7$ Warehouse Lending 985.9$ 2.0$ 0.20% 2.1$ 0.20% (0.2)$ Grand Total 20,965.0$ 334.5$ 1.60% 336.2$ 1.60% (1.8)$

 
NPA / Charge-Off Trend 16 • NPAs, as a percentage of total assets, decreased 30 bps to 0.44% at 3Q24 compared with 0.74% at 2Q24 • Total NPAs decreased $80.3 million, to $117.2 million, primarily a result of the sale of an MSR portfolio which reduced nonaccrual GNMA mortgages by $85.4 million from 2Q24 • Net charge-offs improved to $8.1 million in 3Q24, which equated to an annualized NCO ratio of 0.15% for the quarter 3Q24 Credit Summary ($ in millions) 0.58% 0.69% 0.71% 0.74% 0.44% 0.27% 0.33% 0.38% 0.39% 0.41% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 3Q23 4Q23 1Q24 2Q24 3Q24 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.23% 0.26% 0.25% 0.18% 0.15% 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 3Q23 4Q23 1Q24 2Q24 3Q24 Net Charge-Offs Net Charge-offs NCO Ratio (Annualized)

 
Problem Loan Trends 17 • Total criticized loans (including special mention), excluding GNMA- guaranteed mortgage loans, increased $4.8 million in 3Q24 • For 3Q24, classified loans, excluding GNMA-guaranteed mortgage loans, decreased $4.2 million • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, decreased $2.2 million in 3Q24 • The largest components of criticized loans at 3Q24 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 percent of Total Loans Net of GNMA-backed Mortgage Loans 1.52% 1.64% 1.43% 1.31% 1.34% 0.59% 0.63% 0.76% 0.76% 0.74% 0.33% 0.38% 0.47% 0.48% 0.47% $0 $50 $100 $150 $200 $250 $300 $350 3Q23 4Q23 1Q24 2Q24 3Q24 Criticized Loans Classified Loans Nonperforming Loans % Criticized ACL Coverage 119% Classified ACL Coverage 214% NPL ACL Coverage 336%

 
Investor CRE Loans 18 • Non-Owner Occupied CRE portfolio is well diversified • Over 80% of CRE loans are located in MSAs in the Bank’s five-state footprint, which exhibit population growth forecasts exceeding the national average • Overall, past dues for investor CRE loans were 0.17% and NPLs 0.09% at 3Q24 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 289.5$ 1.19% 3.62% 262.9$ RRE - Spec & Models 217.6$ 0.00% 0.00% 251.8$ RRE - Lots & Land 119.0$ 0.01% 0.37% 461.1$ RRE - Subdivisions 26.6$ 0.00% 0.00% 1,264.7$ Sub-Total RRE Construction 652.6$ 0.53% 1.67% 290.8$ CML - Improved 1,531.1$ 0.01% 0.00% 8,650.5$ CML - Raw Land & Other 48.3$ 0.66% 0.31% 284.0$ Sub-Total CRE Construction 1,579.4$ 0.03% 0.01% 4,700.6$ Total Construction Loans 2,232.0$ 0.18% 0.50% 861.1$ Term Loans: Office 1,187.6$ 0.05% 0.26% 2,918.0$ Multi-Family 1,297.4$ 0.00% 0.00% 6,619.6$ Anchored Retail 1,092.4$ 0.00% 0.00% 5,573.3$ Warehouse / Industrial 711.9$ 0.00% 0.00% 3,149.9$ Hotels / Motels 432.6$ 0.60% 0.00% 4,505.8$ General Retail 926.4$ 0.01% 0.01% 1,722.0$ Mini-Storage Warehouse 339.0$ 0.00% 0.00% 3,606.2$ Assisted Living Facilities 115.0$ 0.00% 0.00% 6,767.5$ Misc CRE (Church, etc) 110.9$ 0.00% 0.00% 1,143.2$ Sub-Total CRE Term Loans 6,213.2$ 0.05% 0.05% 3,380.4$ Grand Total Investor CRE Loans 8,445.2$ 0.09% 0.17% 1,906.4$

 
Office Portfolio • Central Business District (CBD) locations represented 8% of Investor properties; Charleston, SC, Orlando, FL and Tampa, FL represent the largest CBD MSAs (83% of total CBD properties) • The portion of the ACL allocated to Investor office loans decreased from 2.84% to 2.75% * Results based on term loans > $1 million, or 90% of total loans19 Construction $246.3 Investor CRE $1,188.0 Owner- Occupied $459.2 Total Office Portfolio by Loan Type $- $100 $200 $300 $400 $500 2024 2025 2026 2027 2028 and beyond Scheduled Investor Office Maturities Fixed Rate Variable Rate Outstanding 1.43B Unfunded 0.16B Total Commited Exposure 1.59B Allowance Coverage 2.75% PD Ratio 0.22% NPL Ratio 0.04% Criticized Ratio 0.95% Criticized ACL Coverage 288% Average LTV* 60% Average DSC* 1.62 Class A, Essential Use, & Medical 69% Investor Office Class A 32% Essential Use 19% Medical 19% Class B 28% Class C 2% Investor Office Portfolio by Property Class *

 
Equipment Finance Portfolio 20 • Total loans were $1.48 billion, or 7.0% of the Bank’s total portfolio • The overall average loan size was $55,400 • Loan production totaled $181.9 million in 3Q24; the average FICO score on new loans was 748 • 30-89 day accruing past due loans improved to 0.70% of total loans • Non-performing loans were 0.32% of total loans • The portion of the ACL attributed to the Equipment Finance division totaled $53.2 million, or 3.61% of loans Highlights (in millions) 0.85% 1.01% 1.11% 0.82% 0.70% 0.39% 0.41% 0.29% 0.29% 0.32% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 3Q23 4Q23 1Q24 2Q24 3Q24 30-89 days Accruing Past Dues Non-Performing Loans $1,210 $1,287 $1,351 $1,421 $1,475 $157 $200 $182 $188 $182 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 3Q23 4Q23 1Q24 2Q24 3Q24 Total Loans (MM's) Quarterly Originations (MM's)

 
Appendix

 
22 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q24 2Q24 3Q23 2024 2023 Net Income $ 99,212 $ 90,785 $ 80,115 $ 264,309 $ 203,171 Adjustment items Gain on sale of MSR (5,245) (4,713) - (9,958) - Gain on conversion of Visa Class B-1 stock - (12,554) - (12,554) - Gain on BOLI proceeds - (466) - (1,464) (486) FDIC special assessment - (895) - 2,014 - Natural disaster expenses 150 - - 150 - Tax effect of adjustment items 1,070 3,814 - 4,273 - After tax adjustment items (4,025) (14,814) - (17,539) (486) Tax expense attributable to BOLI restructuring - 4,792 - 4,792 - Adjusted Net Income $ 95,187 $ 80,763 $ 80,115 $ 251,562 $ 202,685 Weighted average number of shares - diluted 69,066,298 69,013,834 68,994,247 69,031,666 69,129,921 Net income per diluted share $ 1.44 $ 1.32 $ 1.16 $ 3.83 $ 2.94 Adjusted net income per diluted share $ 1.38 $ 1.17 $ 1.16 $ 3.64 $ 2.93 Average assets 26,442,984 25,954,808 25,525,913 25,899,617 25,426,064 Return on average assets 1.49% 1.41% 1.25% 1.36% 1.07% Adjusted return on average assets 1.43% 1.25% 1.25% 1.30% 1.07% Average common equity 3,618,052 3,530,869 3,324,960 3,537,559 3,289,706 Average tangible common equity 2,525,421 2,433,958 2,214,775 2,440,619 2,174,958 Return on average common equity 10.91% 10.34% 9.56% 9.98% 8.26% Return on average tangible common equity 15.63% 15.00% 14.35% 14.47% 12.49% Adjusted return on average tangible common equity 14.99% 13.35% 14.35% 13.77% 12.46% Quarter to Date Year to Date

 
23 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q24 2Q24 1Q24 4Q23 3Q23 2024 2023 Adjusted Noninterest Expense Total noninterest expense 151,777$ 155,357$ 148,711$ 149,011$ 141,446$ 455,845$ 429,270$ Adjustment items: FDIC special assessment - 895 (2,909) (11,566) - (2,014) - Natural disaster expenses (150) - - - - (150) - Gain on sale of premises - - - 1,903 - - - Adjusted noninterest expense 151,627$ 156,252$ 145,802$ 139,348$ 141,446$ 453,681$ 429,270$ Total Revenue Net interest income 214,060$ 211,921$ 201,388$ 206,101$ 207,751$ 627,369$ 628,943$ Noninterest income 69,709 88,711 65,878 56,248 63,181 224,298 186,580 Total revenue 283,769$ 300,632$ 267,266$ 262,349$ 270,932$ 851,667$ 815,523$ Adjusted Total Revenue Net interest income (TE) 215,028$ 212,881$ 202,338$ 207,048$ 208,701$ 630,247$ 631,776$ Noninterest income 69,709 88,711 65,878 56,248 63,181 224,298 186,580 Total revenue (TE) 284,737$ 301,592$ 268,216$ 263,296$ 271,882$ 854,545$ 818,356$ Adjustment items: (Gain) loss on securities 8 (12,335) 7 288 16 (12,320) 16 Gain on BOLI proceeds (5,245) (4,713) - - - (9,958) - Gain on sale of mortgage servicing rights - (466) (998) - - (1,464) (486) Adjusted total revenue (TE) 279,500$ 284,078$ 267,225$ 263,584$ 271,898$ 830,803$ 817,886$ Efficiency ratio 53.49% 51.68% 55.64% 56.80% 52.21% 53.52% 52.64% Adjusted efficiency ratio (TE) 54.25% 55.00% 54.56% 52.87% 52.02% 54.61% 52.49% Year to DateQuarter to Date

 
24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q24 2Q24 1Q24 4Q23 3Q23 Total shareholders' equity 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 74,941 79,120 83,527 87,949 92,375 Total tangible shareholders' equity 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ Period end number of shares 69,067,019 69,066,573 69,115,263 69,053,341 69,138,461 Book value per share (period end) 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ Tangible book value per share (period end) 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ Total assets $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699 $ 25,697,830 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 74,941 79,120 83,527 87,949 92,375 Total tangible assets 25,309,195$ 25,425,962$ 24,556,272$ 24,100,104$ 24,589,809$ Equity to Assets 13.94% 13.45% 13.58% 13.60% 13.02% Tangible Common Equity to Tangible Assets 10.24% 9.72% 9.71% 9.64% 9.11% Quarter to Date

 
25 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q24 2Q24 1Q24 4Q23 3Q23 2024 2023 Net income 99,212$ 90,785$ 74,312$ 65,934$ 80,115$ 264,309$ 203,171$ Plus: Income taxes 26,673 35,717 23,138 24,452 24,912 85,528 63,378 Provision for credit losses 6,107 18,773 21,105 22,952 24,459 45,985 119,704 Pre-tax pre-provision net revenue (PPNR) 131,992$ 145,275$ 118,555$ 113,338$ 129,486$ 395,822$ 386,253$ Average Assets $ 26,442,984 $ 25,954,808 $ 25,295,088 $ 25,341,990 $ 25,525,913 $25,899,617 $25,426,064 Return on Average Assets (ROA) 1.49% 1.41% 1.18% 1.03% 1.25% 1.36% 1.07% PPNR ROA 1.99% 2.25% 1.89% 1.77% 2.01% 2.04% 2.03% Quarter to Date Year to Date

 
26 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Total shareholders' equity 3,681,368$ 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$ Less: Goodwill 1,015,646 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 Other intangibles, net 74,941 79,120 83,527 87,949 92,375 96,800 101,488 106,194 110,903 115,613 120,757 Total tangible shareholders' equity 2,590,781$ 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$ Period end number of shares 69,067,019 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 Book value per share (period end) 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ 44.31$ 43.31$ Tangible book value per share (period end) 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 27.89$ 26.84$ 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 Total shareholders' equity 2,966,451$ 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$ Less: Goodwill 1,012,620 928,005 928,005 928,005 928,005 928,005 928,005 931,947 931,637 911,488 Other intangibles, net 125,938 60,396 63,783 67,848 71,974 76,164 80,354 85,955 91,586 97,328 Total tangible shareholders' equity 1,827,893$ 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$ Period end number of shares 69,609,228 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 Book value per share (period end) 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ 35.53$ 34.78$ Tangible book value per share (period end) 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ 20.81$ 20.29$ As of As of

 
Ameris Bancorp Press Release & Financial Highlights September 30, 2024