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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): January 30, 2025
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 January 30, 2025, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter and fiscal year ended December 31, 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 January 31, 2025 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.

Press release dated January 30, 2025
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: January 30, 2025



EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1 Document
bancorplionclean.jpg



News Release

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND
FULL YEAR 2024 FINANCIAL RESULTS

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

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

ATLANTA, GA, January 30, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024, compared with $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023. Excluding gain on sale of mortgage servicing rights (MSR), FDIC special assessment, natural disaster expenses and gain/loss of bank premises, adjusted net income(1) was $95.1 million, or $1.38 per diluted share, for the quarter ended December 31, 2024, compared with $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023.

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

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our fourth quarter performance reflects a strong finish to another successful year for Ameris. By prioritizing tangible book value growth, discipline in balance sheet management and operational efficiency, we have consistently delivered top-tier financial results and created meaningful shareholder value. Our robust balance sheet, focus on revenue growth, healthy net interest margin and commitment to efficiency, paired with the growth potential in our expanding Southeast markets, position us for continued success in the years ahead." Net interest income on a tax-equivalent basis (TE) was $222.8 million in the fourth quarter of 2024, an increase of $7.7 million, or 3.6%, from last quarter and $15.7 million, or 7.6%, compared with the fourth quarter of 2023.



Net Interest Income and Net Interest Margin
The Company's net interest margin expanded to 3.64% for the fourth quarter of 2024, a 13 basis point increase from 3.51% reported for the third quarter of 2024 and a 10 basis point improvement from the 3.54% reported for the fourth quarter of 2023. The increase in net interest margin is primarily attributable to decreased deposit costs.

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

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

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

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

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

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





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

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

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

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

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

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




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

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 31, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until February 7, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 2270789. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.3 billion in assets as of December 31, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently



filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

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 Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
EARNINGS
Net income $ 94,376  $ 99,212  $ 90,785  $ 74,312  $ 65,934  $ 358,685  $ 269,105 
Adjusted net income(1)
 $ 95,078  $ 95,187  $ 80,763  $ 75,612  $ 73,568  $ 346,640  $ 276,253 
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic $ 1.37  $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 5.21  $ 3.90 
Diluted $ 1.37  $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 5.19  $ 3.89 
Adjusted diluted EPS(1)
 $ 1.38  $ 1.38  $ 1.17  $ 1.10  $ 1.07  $ 5.02  $ 4.00 
Cash dividends per share $ 0.20  $ 0.15  $ 0.15  $ 0.15  $ 0.15  $ 0.65  $ 0.60 
Book value per share (period end) $ 54.32  $ 53.30  $ 51.64  $ 50.42  $ 49.62  $ 54.32  $ 49.62 
Tangible book value per share (period end)(1)
 $ 38.59  $ 37.51  $ 35.79  $ 34.52  $ 33.64  $ 38.59  $ 33.64 
Weighted average number of shares
Basic 68,799,464  68,798,093  68,824,150  68,808,393  68,824,004  68,808,830  68,977,453 
Diluted 69,128,946  69,066,298  69,013,834  69,014,116  69,014,793  69,061,832  69,104,158 
Period end number of shares 69,068,609  69,067,019  69,066,573  69,115,263  69,053,341  69,068,609  69,053,341 
Market data
High intraday price $ 74.56  $ 65.40  $ 51.18  $ 53.99  $ 53.84  $ 74.56  $ 53.84 
Low intraday price $ 59.12  $ 48.21  $ 44.23  $ 44.00  $ 34.26  $ 44.00  $ 28.33 
Period end closing price $ 62.57  $ 62.39  $ 50.35  $ 48.38  $ 53.05  $ 62.57  $ 53.05 
Average daily volume 384,406  379,896  301,784  407,898  390,190  368,293  419,347 
PERFORMANCE RATIOS
Return on average assets 1.42  % 1.49  % 1.41  % 1.18  % 1.03  % 1.38  % 1.06  %
Adjusted return on average assets(1)
 1.43  % 1.43  % 1.25  % 1.20  % 1.15  % 1.33  % 1.09  %
Return on average common equity 10.09  % 10.91  % 10.34  % 8.63  % 7.73  % 10.01  % 8.12  %
Adjusted return on average tangible common equity(1)
 14.37  % 14.99  % 13.35  % 12.88  % 12.81  % 13.93  % 12.55  %
Earning asset yield (TE) 5.67  % 5.81  % 5.86  % 5.73  % 5.69  % 5.77  % 5.52  %
Total cost of funds 2.22  % 2.50  % 2.48  % 2.41  % 2.32  % 2.40  % 2.05  %
Net interest margin (TE) 3.64  % 3.51  % 3.58  % 3.51  % 3.54  % 3.56  % 3.61  %
Efficiency ratio 52.26  % 53.49  % 51.68  % 55.64  % 56.80  % 53.20  % 53.65  %
Adjusted efficiency ratio (TE)(1)
 51.82  % 54.25  % 55.00  % 54.56  % 52.87  % 53.88  % 52.58  %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets 14.28  % 13.94  % 13.45  % 13.58  % 13.60  % 14.28  % 13.60  %
Tangible common equity to tangible assets(1)
 10.59  % 10.24  % 9.72  % 9.71  % 9.64  % 10.59  % 9.64  %
OTHER DATA (period end)
Full time equivalent employees
Banking Division 2,021  2,056  2,073  2,082  2,088  2,021  2,088 
Retail Mortgage Division 585  592  595  596  595  585  595 
Warehouse Lending Division 8  9  9  8  7  8  7 
Premium Finance Division 77  76  74  73  75  77  75 
Total Ameris Bancorp FTE headcount 2,691  2,733  2,751  2,759  2,765  2,691  2,765 
Branch locations 164  164  164  164  164  164  164 
Deposits per branch location $ 132,454  $ 133,410  $ 130,757  $ 128,033  $ 126,271  $ 132,454  $ 126,271 
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement Table 2
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
Interest income
Interest and fees on loans $ 318,843  $ 325,622  $ 317,664  $ 303,393  $ 303,487  $ 1,265,522  $ 1,172,162 
Interest on taxable securities 15,923  15,555  16,948  13,092  14,033  61,518  59,002 
Interest on nontaxable securities 337  336  335  330  326  1,338  1,335 
Interest on deposits in other banks 11,260  13,633  12,376  12,637  14,368  49,906  47,936 
Total interest income 346,363  355,146  347,323  329,452  332,214  1,378,284  1,280,435 
Interest expense
Interest on deposits 115,556  129,698  121,245  118,174  111,749  484,673  356,017 
Interest on other borrowings 8,986  11,388  14,157  9,890  14,364  44,421  89,374 
Total interest expense 124,542  141,086  135,402  128,064  126,113  529,094  445,391 
Net interest income 221,821  214,060  211,921  201,388  206,101  849,190  835,044 
Provision for loan losses 12,657  6,313  25,348  25,523  30,401  69,841  153,515 
Provision for unfunded commitments 148  (204) (6,570) (4,422) (7,438) (11,048) (10,853)
Provision for other credit losses 3  (2) (5) 4  (11) —  (6)
Provision for credit losses 12,808  6,107  18,773  21,105  22,952  58,793  142,656 
Net interest income after provision for credit losses 209,013  207,953  193,148  180,283  183,149  790,397  692,388 
Noninterest income
Service charges on deposit accounts 13,544  12,918  12,672  11,759  12,252  50,893  46,575 
Mortgage banking activity 36,699  37,947  46,399  39,430  31,461  160,475  139,885 
Other service charges, commissions and fees 1,182  1,163  1,211  1,202  1,234  4,758  4,401 
Gain (loss) on securities (16) (8) 12,335  (7) (288) 12,304  (304)
Equipment finance activity 5,947  5,398  4,983  5,336  5,748  21,664  23,349 
Other noninterest income 11,603  12,291  11,111  8,158  5,841  43,163  28,922 
Total noninterest income 68,959  69,709  88,711  65,878  56,248  293,257  242,828 
Noninterest expense
Salaries and employee benefits 87,810  88,700  88,201  82,930  75,966  347,641  320,110 
Occupancy and equipment 11,624  11,716  12,559  12,885  13,197  48,784  51,450 
Data processing and communications expenses 14,631  15,221  15,193  14,654  14,028  59,699  53,486 
Credit resolution-related expenses(1)
 1,271  (110) 840  486  157  2,487  80 
Advertising and marketing 2,407  4,089  3,571  2,545  2,937  12,612  11,638 
Amortization of intangible assets 4,180  4,180  4,407  4,422  4,425  17,189  18,244 
Other noninterest expenses 30,026  27,981  30,586  30,789  38,301  119,382  123,273 
Total noninterest expense 151,949  151,777  155,357  148,711  149,011  607,794  578,281 
Income before income tax expense 126,023  125,885  126,502  97,450  90,386  475,860  356,935 
Income tax expense 31,647  26,673  35,717  23,138  24,452  117,175  87,830 
Net income $ 94,376  $ 99,212  $ 90,785  $ 74,312  $ 65,934  $ 358,685  $ 269,105 
Diluted earnings per common share $ 1.37  $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 5.19  $ 3.89 
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.



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




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



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


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




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




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

























AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income Table 9A
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
Net income available to common shareholders $ 94,376  $ 99,212  $ 90,785  $ 74,312  $ 65,934  $ 358,685  $ 269,105 
Adjustment items:
Gain on sale of MSR (536) (5,245) (4,713) —  —  (10,494) — 
Gain on conversion of Visa Class B-1 stock —  —  (12,554) —  —  (12,554) — 
Gain on BOLI proceeds —  —  (466) (998) —  (1,464) (486)
FDIC special assessment (559) —  (895) 2,909  11,566  1,455  11,566 
Natural disaster expenses 400  150  —  —  —  550  — 
(Gain)/loss on bank premises 1,203  —  —  —  (1,903) 1,203  (1,903)
Tax effect of adjustment items (Note 1)
 (107) 1,070  3,814  (611) (2,029) 4,166  (2,029)
After tax adjustment items 401  (4,025) (14,814) 1,300  7,634  (17,138) 7,148 
Tax expense attributable to BOLI restructuring 301  —  4,792  —  —  5,093  — 
Adjusted net income $ 95,078  $ 95,187  $ 80,763  $ 75,612  $ 73,568  $ 346,640  $ 276,253 
Weighted average number of shares - diluted 69,128,946  69,066,298  69,013,834  69,014,116  69,014,793  69,061,832  69,104,158 
Net income per diluted share $ 1.37  $ 1.44  $ 1.32  $ 1.08  $ 0.96  $ 5.19  $ 3.89 
Adjusted net income per diluted share $ 1.38  $ 1.38  $ 1.17  $ 1.10  $ 1.07  $ 5.02  $ 4.00 
Average assets $ 26,444,894  $ 26,442,984  $ 25,954,808  $ 25,295,088  $ 25,341,990  $ 26,036,681  $ 25,404,873 
Return on average assets 1.42  % 1.49  % 1.41  % 1.18  % 1.03  % 1.38  % 1.06  %
Adjusted return on average assets 1.43  % 1.43  % 1.25  % 1.20  % 1.15  % 1.33  % 1.09  %
Average common equity $ 3,719,888  $ 3,618,052  $ 3,530,869  $ 3,462,871  $ 3,383,554  $ 3,583,390  $ 3,313,361 
Average tangible common equity $ 2,631,452  $ 2,525,421  $ 2,433,958  $ 2,361,544  $ 2,277,810  $ 2,488,588  $ 2,200,883 
Return on average common equity 10.09  % 10.91  % 10.34  % 8.63  % 7.73  % 10.01  % 8.12  %
Adjusted return on average tangible common equity 14.37  % 14.99  % 13.35  % 12.88  % 12.81  % 13.93  % 12.55  %
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE) Table 9B
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2024 2024 2024 2024 2023 2024 2023
Adjusted Noninterest Expense
Total noninterest expense $ 151,949  $ 151,777  $ 155,357  $ 148,711  $ 149,011  $ 607,794  $ 578,281 
Adjustment items:
FDIC special assessment 559  —  895  (2,909) (11,566) (1,455) (11,566)
Natural disaster expenses (400) (150) —  —  —  (550) — 
(Loss)/gain on bank premises (1,203) —  —  —  1,903  (1,203) 1,903 
Adjusted noninterest expense $ 150,905  $ 151,627  $ 156,252  $ 145,802  $ 139,348  $ 604,586  $ 568,618 
Total Revenue
Net interest income $ 221,821  $ 214,060  $ 211,921  $ 201,388  $ 206,101  $ 849,190  $ 835,044 
Noninterest income 68,959  69,709  88,711  65,878  56,248  293,257  242,828 
Total revenue $ 290,780  $ 283,769  $ 300,632  $ 267,266  $ 262,349  $ 1,142,447  $ 1,077,872 
Adjusted Total Revenue
Net interest income (TE) $ 222,773  $ 215,028  $ 212,881  $ 202,338  $ 207,048  $ 853,020  $ 838,824 
Noninterest income 68,959  69,709  88,711  65,878  56,248  293,257  242,828 
Total revenue (TE) 291,732  284,737  301,592  268,216  263,296  1,146,277  1,081,652 
Adjustment items:
(Gain) loss on securities 16  8  (12,335) 7  288  (12,304) 304 
Gain on sale of MSR (536) (5,245) (4,713) —  —  (10,494) — 
Gain on BOLI proceeds —  —  (466) (998) —  (1,464) (486)
Adjusted total revenue (TE) $ 291,212  $ 279,500  $ 284,078  $ 267,225  $ 263,584  $ 1,122,015  $ 1,081,470 
Efficiency ratio 52.26  % 53.49  % 51.68  % 55.64  % 56.80  % 53.20  % 53.65  %
Adjusted efficiency ratio (TE) 51.82  % 54.25  % 55.00  % 54.56  % 52.87  % 53.88  % 52.58  %
Tangible Book Value Per Share Table 9C
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
Total shareholders' equity $ 3,751,522  $ 3,681,368  $ 3,566,614  $ 3,484,738  $ 3,426,747  $ 3,751,522  $ 3,426,747 
Less:
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangibles, net 70,761  74,941  79,120  83,527  87,949  70,761  87,949 
Total tangible shareholders' equity $ 2,665,115  $ 2,590,781  $ 2,471,848  $ 2,385,565  $ 2,323,152  $ 2,665,115  $ 2,323,152 
Period end number of shares 69,068,609  69,067,019  69,066,573  69,115,263  69,053,341  69,068,609  69,053,341 
Book value per share (period end) $ 54.32  $ 53.30  $ 51.64  $ 50.42  $ 49.62  $ 54.32  $ 49.62 
Tangible book value per share (period end) $ 38.59  $ 37.51  $ 35.79  $ 34.52  $ 33.64  $ 38.59  $ 33.64 


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


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


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


EX-99.2 3 a4q24earningspresentatio.htm EX-99.2 a4q24earningspresentatio
4th 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 29.9% 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 $1.07 $1.10 $1.17 $1.38 $1.38 1.15% 1.20% 1.25% 1.43% 1.43% 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 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Diluted EPS Adjusted ROA

 
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 38.59 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Tangible Book Value Delivering Shareholder Value Capital and Tangible Book Value Growth 3 • Management remains laser focused on growing shareholder value • Over the past five year, TBV(1) has grown by 13% annualized • TBV increased $1.08 per share in 4Q24: • $1.17 from retained earnings • ($0.21) 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 CECL Adoption

 
4Q 2024 Operating Highlights 4 • Net income of $94.4 million, or $1.37 per diluted share • Adjusted net income(1) of $95.1 million, or $1.38 per diluted share • Total revenue growth of 9.8% annualized • Growth in tangible book value(1) of $1.08 per share, or 11.5% annualized • Net interest margin expansion of 13bps to 3.64% for the fourth quarter • Net interest income (TE) increased $7.7 million to $222.8 million • Adjusted efficiency ratio(1) improved to 51.82% • Noninterest-bearing deposits remain strong at 29.9% of total deposits at December 31, 2024 • Net reduction in wholesale funding (FHLB and brokered CDs) of $782.1 million, or 46.4% • Redeemed $105.8 million in subordinated notes due 2029 in December 2024 which were set to become floating rate • Increased quarterly dividend by $0.05, or 33.3%, to $0.20 per common share 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
2024 YTD Operating Highlights 5 • Net income of $358.7 million, or $5.19 per diluted share • Adjusted net income(1) of $346.6 million, or $5.02 per diluted share • Improvement in loan-to-deposit ratio to 95.5% • Growth in total deposits of $1.01 billion, or 4.9%; • Growth in non-brokered deposits of $1.35 billion, or 6.9% • Growth in tangible book value(1) of $4.95 per share, or 14.7% • TCE ratio(1) of 10.59% • Strong net interest margin of 3.56% • Allowance for credit losses increased to 1.63% of total loans • Total non-performing assets improved to 0.47% of total assets at 4Q24 from 0.69% at 4Q23 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
Financial Highlights 6 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 4Q24 3Q24 Change 4Q23 Change 2024 2023 Change Net Income $ 94,376 $ 99,212 -5% $ 65,934 43% $ 358,685 $ 269,105 33% Adjusted Net Income(1) $ 95,078 $ 95,187 0% $ 73,568 29% $ 346,640 $ 276,253 25% Net Income Per Diluted Share $ 1.37 $ 1.44 -5% $ 0.96 43% $ 5.19 $ 3.89 33% Adjusted Net Income Per Share(1) $ 1.38 $ 1.38 0% $ 1.07 29% $ 5.02 $ 4.00 26% Return on Assets 1.42% 1.49% -5% 1.03% 38% 1.38% 1.06% 30% Adjusted Return on Assets(1) 1.43% 1.43% 0% 1.15% 24% 1.33% 1.09% 22% Return on Equity 10.09% 10.91% -7% 7.73% 31% 10.01% 8.12% 23% Return on TCE(1) 14.27% 15.63% -9% 11.48% 24% 14.41% 12.23% 18% Adjusted Return on TCE(1) 14.37% 14.99% -4% 12.81% 12% 13.93% 12.55% 11% Efficiency Ratio 52.26% 53.49% -2% 56.80% -8% 53.20% 53.65% -1% Adjusted Efficiency Ratio(1) 51.82% 54.25% -4% 52.87% -2% 53.88% 52.58% 2% Net Interest Margin 3.64% 3.51% 4% 3.54% 3% 3.56% 3.61% -1%

 
Strong Net Interest Margin 7 • Net interest income (TE) increased $7.7 million to $222.8 million in 4Q24 • Interest income (TE) decreased $8.8 million • Interest expense decreased $16.5 million • 4Q24 margin was positively impacted by: • 7 basis points from shift in deposit mix • 5 basis points from rate curve and repricing lags • 1 basis point of asset mix Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity is approaching neutrality in preparation for further potential FOMC rate changes: • -0.7% asset sensitivity in -100bps • -0.3% asset sensitivity in -50bps • +0.4% asset sensitivity in +50bps • +0.8% asset sensitivity in +100bps • Approximately $11 billion of total loans reprice within one year through either maturities or floating rate indices $207.0 $202.3 $212.9 $215.0 $222.8 3.54% 3.51% 3.58% 3.51% 3.64% 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 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income (TE) (in millions) NIM 3.51% 0.01% 0.05% 0.07% 3.64% 3Q24 margin Asset mix Rate curve / repricing lags Funding mix 4Q24 margin 3.30% 3.35% 3.40% 3.45% 3.50% 3.55% 3.60% 3.65% 3.70% 4Q24 Margin Attribution

 
Diversified Revenue Stream 8 • 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 stable at 13% of total revenue in 4Q24 • Purchase business represented 80% in 4Q24 due to strong core relationships with builders and realtors • Gain on sale margin increased to 2.40% in 4Q24 from 2.17% in 3Q24 Other Noninterest Income • Other Noninterest Income has been a stable contributor to total revenue • 4Q24 reflects increases in gain on sale of SBA loans of $3.7 million • Other Noninterest Income includes: • Fee income from equipment finance group • Gains on sale of SBA loans • BOLI income 1.93% 2.49% 2.45% 2.17% 2.40% 0.00% 1.00% 2.00% 3.00% 4Q23 1Q24 2Q24 3Q24 4Q24 Mortgage Gain on Sale Margin Growing Revenue Stream 79% 75% 71% 76% 76% 12% 15% 15% 13% 13% 9% 10% 14% 11% 11% $263.3 $268.2 $301.6 $284.7 $291.7 0% 20% 40% 60% 80% 100% 120% 4Q23 1Q24 2Q24 3Q24 4Q24 Revenue Sources (Tax-Equivalent) (in millions) Net Interest Income (TE) Mortgage Banking Activity Other Noninterest Income

 
Disciplined Expense Control Adjusted Operating Expenses(1) and Efficiency Ratio(1) Expense Highlights 9 • Management continues to deliver high performing operating efficiency • Adjusted efficiency ratio of 51.82% in 4Q24, compared with 54.25% in 3Q24 • Adjusted efficiency ratio of 53.88% in 2024, compared with 52.58% in 2023 • Total adjusted operating expenses decreased $722,000 in 4Q24 compared with 3Q24 • Decrease of $228,000 in 4Q24 banking division operating expenses • Net decrease of $494,000 in 4Q24 lines of business operating expenses 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix $104.4 $105.4 $110.7 $109.8 $109.5 $35.0 $40.4 $45.6 $41.9 $41.4 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Operating Expenses (in millions) Banking LOBs 52.87% 54.56% 55.00% 54.25% 51.82% 50.00% 52.50% 55.00% 57.50% 60.00% 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Efficiency Ratio

 
Strong Core Deposit Base 10 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account (in 000’s) NIB 6,498,293 29.9% 307,398 21.1 NOW 4,083,818 18.8% 43,326 94.2 MMDA 7,143,306 32.9% 32,715 218.3 Savings 764,373 3.5% 63,843 12.0 CD 3,232,658 14.9% 40,434 79.9 Total 21,722,448 100% 487,716 44.5 • Total deposits decreased $156.8 million, or 0.7%, during 4Q24 • Non-brokered deposits increased $675.2 million, or 3.3% • Brokered CDs decreased $832.0 million, or 50.8% • Noninterest-bearing deposits remained strong at 29.9% of total deposits 4Q24 Highlights Consumer 35% Commercial 43% Public 18% Brokered 4% 4Q24 Deposits by Customer

 
Capital Strength 11 Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio • TCE Ratio of 10.59% at December 31, 2024 • CET1 ratio is strong at 12.6% • CET1, net of unrealized losses on bond portfolio, remains strong at 12.4% • Net unrealized losses in AFS portfolio were $36.9 million at December 31, 2024, representing approximately 2% of book value • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • Redeemed $105.8 million subordinated notes due 2029 in December 2024 while maintaining strong capital ratios Capital ratios are estimated for most recent period end 9.9% 10.2% 10.2% 10.4% 10.7% 11.2% 11.4% 11.7% 12.2% 12.6% 14.5% 14.6% 14.9% 15.4% 15.4% 4Q23 1Q24 2Q24 3Q24 4Q24 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio 12.6% -0.1% -0.1% 12.4% 4Q24 CET1/Tier 1 AFS Impact HTM Impact 4Q24 With Unrealized Losses 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Minimal unrealized losses

 
Loan Diversification and Credit Quality

 
Diversified Loan Portfolio 4Q24 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 historic averages • CRE concentration was 268% compared with 282% at 4Q23 • C&D concentration was 63% compared with 74% at 4Q23 • Non-owner-occupied office loans totaled $1.39 billion at 4Q24, or 6.7% of total loans • Allowance for Credit Losses (ACL) on loans increased to 1.63% of total loans during 4Q24 • 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 10% Multi-Family 7% SFR Mortgage & HELOC 22% Total Loans $20.7 Billion

 
Loan Balance Changes 4Q24 Loan Balance Changes 14 • Period end loan balances decreased $225 million during 4Q24 • Expected seasonal declines in Premium Finance, Mortgage, and Warehouse were approximately $183 million • Term CRE payoffs in 4Q24 were approximately $200 million greater than average payoffs over the last two years • Average loan balances were stable during 4Q24, including the anticipated seasonal declines • 4Q24 exhibited the highest loan production in the past two years, with a 14.8% increase from 3Q24 and a 40% increase from 4Q23 (in millions) $196 $3 $1 $(8) $(21) $(71) $(91) $(234) $(300) $(250) $(200) $(150) $(100) $(50) $- $50 $100 $150 $200 $250 RE - CRE C&I Consumer Municipal Warehouse Lending RE - RES Premium Finance RE - C&D

 
Allowance for Credit Losses 15 • The ACL on loans equated to 1.63% of total loans at 4Q24, compared with: • 1.60% at 3Q24 • 1.52% at 4Q23 • The ACL on loans totaled $338.1 million at 4Q24, a net increase of $3.6 million, or 1.1%, from 3Q24 and a net increase of $31.0 million, or 10.1% from 4Q23 • During 4Q24, a provision expense of $12.8 million was recorded 4Q24 CECL Reserve Reserve Summary (in millions) $334.5 $1.0 $(9.0) $(1.6) $13.2 $338.1 09/30/24 Loan Changes NCOs Specific Reserves Forecast and Q-Factor Changes 12/31/2024 $310.0 $315.0 $320.0 $325.0 $330.0 $335.0 $340.0 4Q24 Allowance Coverage Outstanding Balance (MM's) ACL (MM's) % ACL Gross Loans 20,739.9$ 338.1$ 1.63% Unfunded Commitments 4,009.2$ 30.5$ 0.76% ACL / Total Loans + Unfunded 24,749.1$ 368.6$ 1.49%

 
Allowance for Credit Losses 16 4Q24 ACL Reserve by Loan Type Reserve Methodology • Moody’s December 2024 Baseline (75%) and S2 adverse (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 9/30/24 ACL (MM's) % ACL Change from 3Q24 C&I 2,953.1$ 87.5$ 2.96% 67.9$ 2.30% 19.7$ Consumer 221.7$ 7.3$ 3.30% 4.1$ 1.96% 3.2$ Municipal 441.4$ 0.1$ 0.01% 0.2$ 0.04% (0.2)$ Premium Finance 1,155.6$ 0.7$ 0.06% 0.6$ 0.05% 0.1$ OOCRE 2,020.9$ 27.9$ 1.38% 28.8$ 1.41% (0.9)$ Investor CRE 8,423.5$ 150.9$ 1.79% 166.3$ 1.97% (15.4)$ RE - RES 4,558.5$ 61.7$ 1.35% 64.6$ 1.39% (2.9)$ Warehouse Lending 965.1$ 2.0$ 0.20% 2.0$ 0.20% 0.0$ Grand Total 20,739.9$ 338.1$ 1.63% 334.5$ 1.60% 3.6$

 
NPA / Charge-Off Trend 17 • NPAs, as a percentage of total assets was 0.47% at 4Q24 compared with 0.44% at 3Q24 due to an increase in government guaranteed mortgages • NPAs net of GNMA mortgages, as a percentage of total assets was 0.42% at 4Q24 compared with 0.41% at 3Q24 • Net charge-offs totaled $9.0 million in 4Q24, which equated to an annualized NCO ratio of 0.17% for the quarter • Net charge-offs for the full year of 2024 totaled 0.19%, down from 0.25% in 2023 4Q24 Credit Summary ($ in millions) 0.26% 0.25% 0.18% 0.15% 0.17% 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 4Q23 1Q24 2Q24 3Q24 4Q24 Net Charge-Offs Net Charge-offs NCO Ratio (Annualized) 0.69% 0.71% 0.74% 0.44% 0.47% 0.33% 0.38% 0.39% 0.41% 0.42% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 4Q23 1Q24 2Q24 3Q24 4Q24 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets

 
Problem Loan Trends 18 • Total criticized loans (including special mention), excluding GNMA- guaranteed mortgage loans, decreased $9.9 million in 4Q24 • For 4Q24, classified loans, excluding GNMA-guaranteed mortgage loans, increased $3.6 million • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, increased $8.4 million in 4Q24 • The largest component of classified and nonperforming loans at 4Q24 was residential mortgages including government guaranteed 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. 1.64% 1.43% 1.31% 1.34% 1.30% 0.63% 0.76% 0.76% 0.74% 0.77% 0.38% 0.47% 0.48% 0.47% 0.52% $0 $50 $100 $150 $200 $250 $300 $350 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized Loans Classified Loans Nonperforming Loans % Criticized ACL Coverage 125% Classified ACL Coverage 212% NPL ACL Coverage 313%

 
Term Investor CRE • Past dues for investor CRE loans were 0.04% and NPLs 0.06% at 4Q24 • Investor CRE portfolio is well diversified with over 80% of CRE loans located in MSAs in the Bank’s footprint, which exhibit population growth forecasts exceeding the national average 19 Retail $2,085 Multi-Family $1,483 Office $1,316 Industrial $733 Hotel $436 All Other CRE $588 Investor CRE by Property Type Highlights * Results based on stabilized term loans, or 72% of total Investor CRE loans Investor CRE Outstanding $6.43 B Unfunded $0.22 B Total Commited Exposure $6.64 B Average Loan Size $3.65 M Allowance Coverage 1.41% PD Ratio 0.04% NPL Ratio 0.06% Criticized Ratio 1.52% Criticized ACL Coverage 93% Average LTV* 59% Average DSC* 1.60 GA $2,341 FL $2,117 SC $919 NC $435 All Other $828 Investor CRE by Property Location

 
Office Portfolio • There were no past due and nonperforming loans within the investor office portfolio at 4Q24 • Investor office exposure decreased $52 million in 4Q24; CBD office remained at 8% of investor office 20 Construction $139 Investor CRE $1,247 Owner- Occupied $455 Total Office Portfolio by Loan Type Class A 51% Medical 19% Class B 28% Class C 2% Investor Office Portfolio by Property Class* Highlights * Results based on term loans > $1 million, or 86% of office loans Investor Office Outstanding $1.39 B Unfunded $0.15 B Total Commited Exposure $1.54 B Average Loan Size $3.57 M Allowance Coverage 2.61% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 1.62% Criticized ACL Coverage 161% Average LTV* 59% Average DSC* 1.60 Class A & Medical 70%

 
Equipment Finance Portfolio 21 • Total loans were $1.48 billion, or 7.1%, of the Bank’s total portfolio • The overall average loan size was $55,600 • Loan production totaled $156 million in 4Q24; the average FICO score on new loans was 750 • 30-89 day accruing past due loans were 0.90% of total loans • Non-performing loans were 0.35% of total loans • The portion of the ACL attributed to the Equipment Finance division totaled $75.6 million, or 5.10% of loans Highlights (in millions) 1.01% 1.11% 0.82% 0.70% 0.90% 0.41% 0.29% 0.29% 0.32% 0.35% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 4Q23 1Q24 2Q24 3Q24 4Q24 30-89 days Accruing Past Dues Non-Performing Loans $1,287 $1,351 $1,421 $1,475 $1,482 $200 $182 $188 $182 $156 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 4Q23 1Q24 2Q24 3Q24 4Q24 Total Loans (MM's) Quarterly Originations (MM's)

 
Appendix

 
23 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 4Q23 2024 2023 Net Income $ 94,376 $ 99,212 $ 65,934 $ 358,685 $ 269,105 Adjustment items Gain on sale of MSR (536) (5,245) - (10,494) - Gain on conversion of Visa Class B-1 stock - - - (12,554) - Gain on BOLI proceeds - - - (1,464) (486) FDIC special assessment (559) - 11,566 1,455 11,566 Natural disaster expenses 400 150 - 550 - (Gain)/Loss on bank premises 1,203 - (1,903) 1,203 (1,903) Tax effect of adjustment items (107) 1,070 (2,029) 4,166 (2,029) After tax adjustment items 401 (4,025) 7,634 (17,138) 7,148 Tax expense attributable to BOLI restructuring 301 - - 5,093 - Adjusted Net Income $ 95,078 $ 95,187 $ 73,568 $ 346,640 $ 276,253 Weighted average number of shares - diluted 69,128,946 69,066,298 69,014,793 69,061,832 69,104,158 Net income per diluted share $ 1.37 $ 1.44 $ 0.96 $ 5.19 $ 3.89 Adjusted net income per diluted share $ 1.38 $ 1.38 $ 1.07 $ 5.02 $ 4.00 Average assets 26,444,894 26,442,984 25,341,990 26,036,681 25,404,873 Return on average assets 1.42% 1.49% 1.03% 1.38% 1.06% Adjusted return on average assets 1.43% 1.43% 1.15% 1.33% 1.09% Average common equity 3,719,888 3,618,052 3,383,554 3,583,390 3,313,361 Average tangible common equity 2,631,452 2,525,421 2,277,810 2,488,588 2,200,883 Return on average common equity 10.09% 10.91% 7.73% 10.01% 8.12% Return on average tangible common equity 14.27% 15.63% 11.48% 14.41% 12.23% Adjusted return on average tangible common equity 14.37% 14.99% 12.81% 13.93% 12.55% Quarter to Date Year to Date

 
24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Adjusted Noninterest Expense Total noninterest expense 151,949$ 151,777$ 155,357$ 148,711$ 149,011$ 607,794$ 578,281$ Adjustment items: FDIC special assessment 559 - 895 (2,909) (11,566) (1,455) (11,566) Natural disaster expenses (400) (150) - - - (550) - Gain on sale of premises (1,203) - - - 1,903 (1,203) 1,903 Adjusted noninterest expense 150,905$ 151,627$ 156,252$ 145,802$ 139,348$ 604,586$ 568,618$ Total Revenue Net interest income 221,821$ 214,060$ 211,921$ 201,388$ 206,101$ 849,190$ 835,044$ Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Total revenue 290,780$ 283,769$ 300,632$ 267,266$ 262,349$ 1,142,447$ 1,077,872$ Adjusted Total Revenue Net interest income (TE) 222,773$ 215,028$ 212,881$ 202,338$ 207,048$ 853,020$ 838,824$ Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Total revenue (TE) 291,732$ 284,737$ 301,592$ 268,216$ 263,296$ 1,146,277$ 1,081,652$ Adjustment items: (Gain) loss on securities 16 8 (12,335) 7 288 (12,304) 304 Gain on BOLI proceeds - - (466) (998) - (1,464) (486) Gain on sale of mortgage servicing rights (536) (5,245) (4,713) - - (10,494) - Adjusted total revenue (TE) 291,212$ 279,500$ 284,078$ 267,225$ 263,584$ 1,122,015$ 1,081,470$ Efficiency ratio 52.26% 53.49% 51.68% 55.64% 56.80% 53.20% 53.65% Adjusted efficiency ratio (TE) 51.82% 54.25% 55.00% 54.56% 52.87% 53.88% 52.58% Year to DateQuarter to Date

 
25 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 Total shareholders' equity 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 Total tangible shareholders' equity 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ Period end number of shares 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 Book value per share (period end) 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ Tangible book value per share (period end) 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ Total assets $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 Total tangible assets 25,175,643$ 25,309,195$ 25,425,962$ 24,556,272$ 24,100,104$ Equity to Assets 14.28% 13.94% 13.45% 13.58% 13.60% Tangible Common Equity to Tangible Assets 10.59% 10.24% 9.72% 9.71% 9.64% Quarter to Date

 
26 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Total shareholders' equity 3,751,522$ 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$ 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 1,015,646 1,023,071 1,023,056 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 92,375 96,800 101,488 106,194 110,903 115,613 Total tangible shareholders' equity 2,665,115$ 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$ Period end number of shares 69,068,609 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 Book value per share (period end) 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ 44.31$ Tangible book value per share (period end) 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 27.89$ 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 Total shareholders' equity 3,007,159$ 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$ Less: Goodwill 1,022,345 1,012,620 928,005 928,005 928,005 928,005 928,005 928,005 931,947 931,637 Other intangibles, net 120,757 125,938 60,396 63,783 67,848 71,974 76,164 80,354 85,955 91,586 Total tangible shareholders' equity 1,864,057$ 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$ Period end number of shares 69,439,084 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 Book value per share (period end) 43.31$ 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ 35.53$ Tangible book value per share (period end) 26.84$ 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ 20.81$ As of As of