アメリスバンコープの適時開示・決算・その他

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 25, 2024

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

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

Registrant’s telephone number, including area code:

(404) 639-6500

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

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

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	ABCB	Nasdaq Global Select Market

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 25, 2024, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter and fiscal year ended December 31, 2023. 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 26, 2024 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).

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

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

99.1	Press release dated January 25, 2024

99.2	Investor Presentation re: 4th Quarter 2023 Results

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

	AMERIS BANCORP

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


Date: January 25, 2024

EX-99.1 2 tm244153d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

News Release

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND

FULL YEAR 2023 FINANCIAL RESULTS

Highlights of the Company’s results for the full year 2023 include the following:

Net income of $269.1 million, or $3.89 per diluted share

Adjusted net income(1) of $276.3 million, or $4.00 per diluted share

Growth in tangible book value(1) of $3.72 per share, or 12.4%, to $33.64 at December 31, 2023

Increase in the allowance for credit losses to 1.52% of loans, from 1.04% at December 31, 2022, due to forecasted economic conditions, particularly related to commercial real estate price levels

Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved to 0.33% at December 31, 2023, compared with 0.34% at December 31, 2022

Adjusted efficiency ratio(1) of 52.58%

Organic growth in loans of $414.1 million, or 2.1%

Growth in total deposits of $1.25 billion, or 6.4%

Growth in TCE ratio(1) of 97bps, or 11.2%, to 9.64% at December 31, 2023

Significant items from the Company’s results for the fourth quarter of 2023 include the following:

Net income of $65.9 million, or $0.96 per diluted share

Adjusted net income(1) of $73.6 million, or $1.07 per diluted share

Stable net interest margin of 3.54%

Adjusted efficiency ratio(1) of 52.87%

Growth in TCE ratio(1) of 53bps to 9.64% at December 31, 2023, compared with 9.11% last quarter

ATLANTA, GA, January 25, 2024 - Ameris Bancorp (Nasdaq: ABCB) (the “Company”) today reported net income of $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023, compared with $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022. The Company reported adjusted net income(1) of $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023, compared with $81.1 million, or $1.17 per diluted share, for the same period in 2022. Adjusted net income excludes after-tax merger and conversion charges, FDIC special assessment, natural disaster expenses, servicing right valuation adjustments, gain on bank owned life insurance (“BOLI”) proceeds, gain on sale of mortgage servicing rights (“MSR”) and gain/loss on sale of bank premises.

For the year ended December 31, 2023, the Company reported net income of $269.1 million, or $3.89 per diluted share, compared with $346.5 million, or $4.99 per diluted share, for 2022. The Company reported adjusted net income(1) of $276.3 million, or $4.00 per diluted share, for the year ended December 31, 2023, compared with $329.4 million, or $4.75 per diluted share, for 2022. Adjusted net income for the year excludes the same items listed above for the fourth quarter.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “The solid fourth quarter financial results were a successful way to end 2023 and have us well positioned for 2024. For the quarter and the full year, we continued to grow tangible book value and strengthened our balance sheet through strong deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses and robust capital growth. We continue to operate with discipline to execute our strategies and to produce strong financial results. Looking forward, we are focused on maintaining disciplined growth and top of peer group financial results in our strong Southeastern markets.”

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

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2023 increased to $838.8 million, compared with $804.9 million for 2022. The Company's net interest margin was 3.61% for 2023, compared with 3.76% for 2022. The Company recorded accretion income of $910,000 for 2023, compared with accretion expense of $285,000 for 2022. The increase in net interest income is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year.

Net interest income on a tax-equivalent basis (TE) was $207.0 million in the fourth quarter of 2023, a decrease of $1.7 million, or 0.8%, from last quarter and $18.0 million, or 8.0%, compared with the fourth quarter of 2022. The Company's net interest margin was stable at 3.54% for both the third and fourth quarters of 2023, while down from 4.03% reported for the fourth quarter of 2022.

Yields on earning assets increased seven basis points during the quarter to 5.69%, compared with 5.62% in the third quarter of 2023, and increased 78 basis points from 4.91% in the fourth quarter of 2022. Yields on loans increased to 5.83% during the fourth quarter of 2023, compared with 5.81% for the third quarter of 2023 and 5.07% for the fourth quarter of 2022.

Loan production in the banking division during the fourth quarter of 2023 was $417.4 million, with weighted average yields of 10.35%, compared with $621.0 million and 9.49%, respectively, in the third quarter of 2023 and $612.9 million and 7.92%, respectively, in the fourth quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.3 billion during the fourth quarter of 2023, with weighted average yields of 7.38%, compared with $4.2 billion and 7.28%, respectively, during the third quarter of 2023 and $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022.

The Company’s total cost of funds was 2.32% in the fourth quarter of 2023, an increase of eight basis points compared with the third quarter of 2023. Deposit costs increased 16 basis points during the fourth quarter of 2023 to 2.16%, compared with 2.00% in the third quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 2.97% in the third quarter of 2023 to 3.17% in the fourth quarter of 2023, reflecting deposit beta catch-up in the current hold phase of the interest rate cycle.

Noninterest Income

Noninterest income decreased $6.9 million, or 11.0%, in the fourth quarter of 2023 to $56.2 million, compared with $63.2 million for the third quarter of 2023, primarily as a result of decreased mortgage banking activity, which declined by $4.8 million, or 13.3%, to $31.5 million in the fourth quarter of 2023, compared with $36.3 million for the third quarter of 2023. Gain on sale spreads decreased to 1.93% in the fourth quarter of 2023 from 2.15% for the third quarter of 2023. Total production in the retail mortgage division decreased to $891.1 million in the fourth quarter of 2023, compared with $1.18 billion for the third quarter of 2023. The retail mortgage open pipeline was $400.1 million at the end of the fourth quarter of 2023, compared with $623.9 million at September 30, 2023.

For the full year 2023, noninterest income decreased $41.6 million, or 14.6%, to $242.8 million, compared with $284.4 million for 2022, primarily as a result of decreased mortgage banking activity, which declined by $45.0 million, or 24.3%, to $139.9 million in 2023, compared with $184.9 million in 2022. Production in the retail mortgage division decreased to $4.3 billion in 2023, compared with $5.5 billion in 2022, while gain on sale spreads narrowed to 2.07% in 2023 from 2.27% in 2022.

Noninterest Expense

Noninterest expense increased $7.6 million, or 5.3%, to $149.0 million during the fourth quarter of 2023, compared with $141.4 million for the third quarter of 2023. During the fourth quarter of 2023, the Company recorded $11.6 million related to the FDIC special assessment and a $1.9 million gain on sale of bank premises. Excluding those charges, adjusted expenses(1) decreased approximately $2.1 million, or 1.5%, to $139.3 million in the fourth quarter of 2023, from $141.4 million in the third quarter of 2023. The decrease in adjusted expenses(1) resulted from a $4.5 million decline in mortgage expenses related to reduced production, offset by a $3.3 million increase in the banking division, the majority of which was related to increased legal and professional fees, data processing expenses and a decrease in the gain on sale of OREO properties. Management continues to deliver high performing operating efficiency, with an adjusted efficiency ratio(1) of 52.87% in the fourth quarter of 2023, compared with 52.02% in the third quarter of 2023.

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

For the full year 2023, noninterest expense increased $17.6 million, or 3.1%, to $578.3 million, compared with $560.7 million in 2022. Excluding adjustment items of $9.7 million in 2023 and $1.3 million in 2022, adjusted expenses increased $9.3 million, or 1.7% to $586.6 million in 2023, from $559.3 million in 2022. This increase is primarily attributable to a reduction in deferred loan origination costs, partially offset by a reduction in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2023 was 24.6%, compared with 23.5% in 2022. The Company's effective tax rate for the fourth quarter of 2023 was 27.1%, compared with 23.7% in the third quarter of 2023. The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment when the Company filed its 2022 income tax returns in the fourth quarter of 2023.

Balance Sheet Trends

Total assets at December 31, 2023 were $25.20 billion, compared with $25.05 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.40 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $414.1 million, or 2.1%, to $20.27 billion at December 31, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased $110.7 million from $392.1 million at December 31, 2022 to $281.3 million at December 31, 2023 due to a decline in mortgage activity resulting from the rising rate environment.

At December 31, 2023, total deposits amounted to $20.71 billion, or 97.0% of total funding, compared with $19.46 billion and 90.7%, respectively, at December 31, 2022. During the fourth quarter of 2023, deposits grew $118.2 million with NOW and money market accounts increasing $513.9 million and retail CD accounts increasing $48.5 million, with such increases being offset in part by a $98.0 million decrease in noninterest-bearing accounts and a $324.2 million decrease in brokered CDs. Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at December 31, 2023, noninterest-bearing deposit accounts were $6.49 billion, or 31.3% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.

During the fourth quarter of 2023, utilizing existing liquidity the Company reduced borrowings with the FHLB by $700.0 million.

Shareholders’ equity at December 31, 2023 totaled $3.43 billion, an increase of $229.3 million, or 7.2%, from December 31, 2022. The increase in shareholders’ equity was primarily the result of earnings of $269.1 million during 2023, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $1.26 per share, or 15.4% annualized, during the fourth quarter to $33.64 at December 31, 2023. The Company recorded an improvement of $0.36 per share of tangible book value(1) this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. For the year-to-date period, tangible book value per share(1) increased $3.72, or 12.4%, to $33.64 at December 31, 2023, compared with $29.92 at December 31, 2022. Tangible common equity as a percentage of tangible assets was 9.64% at December 31, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company. During the fourth quarter of 2023, the Company recorded a provision for credit losses of $23.0 million, compared with a provision of $24.5 million in the third quarter of 2023. Nonperforming assets as a percentage of total assets increased 11 basis points to 0.69% during the quarter. Approximately $90.2 million, or 51.7%, of the nonperforming assets at December 31, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.33% at December 31, 2023, compared with 0.27% at September 30, 2023. The net charge-off ratio was 26 basis points for the fourth quarter of 2023, compared with 23 basis points in the third quarter of 2023.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-317-6789. The conference call access code is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until February 2, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 3003910. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

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

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 $25.20 billion in assets as of December 31, 2023, 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; 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 cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; 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, 2022 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:

Nicole S. Stokes

Chief Financial Officer

(404) 240-1514

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)	2023			2023			2023			2023			2022			2023			2022
EARNINGS
Net income	$	65,934		$	80,115		$	62,635		$	60,421		$	82,221		$	269,105		$	346,540
Adjusted net income	$	73,568		$	80,115		$	62,635		$	59,935		$	81,086		$	276,253		$	329,415

COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	0.96		$	1.16		$	0.91		$	0.87		$	1.19		$	3.90		$	5.01
Diluted	$	0.96		$	1.16		$	0.91		$	0.87		$	1.18		$	3.89		$	4.99
Adjusted diluted EPS(1)	$	1.07		$	1.16		$	0.91		$	0.86		$	1.17		$	4.00		$	4.75
Cash dividends per share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	0.60		$	0.60
Book value per share (period end)	$	49.62		$	48.41		$	47.51		$	46.89		$	46.09		$	49.62		$	46.09
Tangible book value per share (period end)(1)	$	33.64		$	32.38		$	31.42		$	30.79		$	29.92		$	33.64		$	29.92
Weighted average number of shares
Basic		68,824,004			68,879,352			68,989,549			69,171,562			69,138,431			68,977,453			69,193,591
Diluted		69,014,793			68,994,247			69,034,763			69,322,664			69,395,224			69,104,158			69,419,721
Period end number of shares		69,053,341			69,138,461			69,139,783			69,373,863			69,369,050			69,053,341			69,369,050
Market data
High intraday price	$	53.84		$	45.34		$	37.18		$	50.54		$	54.24		$	53.84		$	55.62
Low intraday price	$	34.26		$	33.21		$	28.33		$	34.28		$	44.61		$	28.33		$	38.22
Period end closing price	$	53.05		$	38.39		$	34.21		$	36.58		$	47.14		$	53.05		$	47.14
Average daily volume		390,190			361,167			475,198			452,242			340,890			419,347			400,670

PERFORMANCE RATIOS
Return on average assets		1.03	%		1.25	%		0.98	%		0.98	%		1.34	%		1.06	%		1.47	%
Adjusted return on average assets(1)		1.15	%		1.25	%		0.98	%		0.97	%		1.32	%		1.09	%		1.39	%
Return on average common equity		7.73	%		9.56	%		7.63	%		7.54	%		10.30	%		8.12	%		11.24	%
Adjusted return on average tangible common equity(1)		12.81	%		14.35	%		11.53	%		11.41	%		15.78	%		12.55	%		16.92	%
Earning asset yield (TE)		5.69	%		5.62	%		5.52	%		5.25	%		4.91	%		5.52	%		4.19	%
Total cost of funds		2.32	%		2.24	%		2.05	%		1.59	%		0.94	%		2.05	%		0.46	%
Net interest margin (TE)		3.54	%		3.54	%		3.60	%		3.76	%		4.03	%		3.61	%		3.76	%
Efficiency ratio		56.80	%		52.21	%		53.60	%		52.08	%		49.57	%		53.65	%		51.65	%
Adjusted efficiency ratio (TE)(1)		52.87	%		52.02	%		53.41	%		51.99	%		49.61	%		52.58	%		52.48	%

CAPITAL ADEQUACY (period end)
Shareholders' equity to assets		13.60	%		13.02	%		12.73	%		12.47	%		12.76	%		13.60	%		12.76	%
Tangible common equity to tangible assets(1)		9.64	%		9.11	%		8.80	%		8.55	%		8.67	%		9.64	%		8.67	%

OTHER DATA (period end)
Full time equivalent employees
Banking Division		2,060			2,049			2,069			2,093			2,079			2,060			2,079
Retail Mortgage Division		595			601			613			630			633			595			633
Warehouse Lending Division		7			8			8			8			8			7			8
SBA Division		28			33			35			39			39			28			39
Premium Finance Division		75			78			76			78			76			75			76
Total Ameris Bancorp FTE headcount		2,765			2,769			2,801			2,848			2,835			2,765			2,835

Branch locations		164			164			164			164			164			164			164
Deposits per branch location	$	126,271		$	125,551		$	124,653		$	121,326		$	118,675		$	126,271		$	118,675

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

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)	2023			2023			2023			2023		2022			2023			2022
Interest income
Interest and fees on loans	$	303,487		$	304,699		$	292,012		$	271,964	$	250,263		$	1,172,162		$	834,969
Interest on taxable securities		14,033			14,754			15,915			14,300		13,029			59,002			34,656
Interest on nontaxable securities		326			331			339			339		358			1,335			1,176
Interest on deposits in other banks		14,368			10,769			13,686			9,113		9,984			47,936			23,008
Interest on federal funds sold		—			—			—			—		8			—			77
Total interest income		332,214			330,553			321,952			295,716		273,642			1,280,435			893,886

Interest expense
Interest on deposits		111,749			102,999			88,087			53,182		33,071			356,017			56,105
Interest on other borrowings		14,364			19,803			24,325			30,882		16,434			89,374			36,755
Total interest expense		126,113			122,802			112,412			84,064		49,505			445,391			92,860

Net interest income		206,101			207,751			209,540			211,652		224,137			835,044			801,026

Provision for loan losses		30,401			30,095			43,643			49,376		24,648			153,515			52,610
Provision for unfunded commitments		(7,438	)		(5,634	)		1,873			346		8,246			(10,853	)		19,226
Provision for other credit losses		(11	)		(2	)		—			7		(4	)		(6	)		(139	)
Provision for credit losses		22,952			24,459			45,516			49,729		32,890			142,656			71,697
Net interest income after provision for credit losses		183,149			183,292			164,024			161,923		191,247			692,388			729,329

Noninterest income
Service charges on deposit accounts		12,252			12,092			11,295			10,936		11,125			46,575			44,499
Mortgage banking activity		31,461			36,290			40,742			31,392		22,855			139,885			184,904
Other service charges, commissions and fees		1,234			1,221			975			971		968			4,401			3,875
Gain (loss) on securities		(288	)		(16	)		(6	)		6		3			(304	)		203
Other noninterest income		11,589			13,594			14,343			12,745		13,397			52,271			50,943
Total noninterest income		56,248			63,181			67,349			56,050		48,348			242,828			284,424

Noninterest expense
Salaries and employee benefits		75,966			81,898			81,336			80,910		75,196			320,110			319,719
Occupancy and equipment		13,197			12,745			12,522			12,986		12,905			51,450			51,361
Data processing and communications expenses		14,028			12,973			13,451			13,034		12,486			53,486			49,228
Credit resolution-related expenses(1)		157			(1,360	)		848			435		372			80			29
Advertising and marketing		2,974			2,723			2,627			3,532		3,818			11,856			12,481
Amortization of intangible assets		4,425			4,425			4,688			4,706		4,709			18,244			19,744
Merger and conversion charges		—			—			—			—		235			—			1,212
Other noninterest expenses		38,264			28,042			32,931			23,818		25,340			123,055			106,881
Total noninterest expense		149,011			141,446			148,403			139,421		135,061			578,281			560,655

Income before income tax expense		90,386			105,027			82,970			78,552		104,534			356,935			453,098
Income tax expense		24,452			24,912			20,335			18,131		22,313			87,830			106,558
Net income	$	65,934		$	80,115		$	62,635		$	60,421	$	82,221		$	269,105		$	346,540

Diluted earnings per common share	$	0.96		$	1.16		$	0.91		$	0.87	$	1.18		$	3.89		$	4.99

(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)	2023			2023			2023			2023			2022
Assets
Cash and due from banks	$	230,470		$	241,137		$	284,552		$	266,400		$	284,567
Federal funds sold and interest-bearing deposits in banks		936,834			1,304,636			1,034,578			1,754,453			833,565
Debt securities available-for-sale, at fair value		1,402,944			1,424,081			1,460,356			1,496,836			1,500,060
Debt securities held-to-maturity, at amortized cost		141,512			141,859			142,513			134,175			134,864
Other investments		71,794			104,957			109,656			146,715			110,992
Loans held for sale		281,332			381,466			391,472			395,096			392,078

Loans, net of unearned income		20,269,303			20,201,079			20,471,759			19,997,871			19,855,253
Allowance for credit losses		(307,100	)		(290,104	)		(272,071	)		(242,658	)		(205,677	)
Loans, net		19,962,203			19,910,975			20,199,688			19,755,213			19,649,576

Other real estate owned		6,199			3,397			6,170			1,502			843
Premises and equipment, net		216,435			217,564			218,662			218,878			220,283
Goodwill		1,015,646			1,015,646			1,015,646			1,015,646			1,015,646
Other intangible assets, net		87,949			92,375			96,800			101,488			106,194
Cash value of bank owned life insurance		395,778			393,769			391,483			389,201			388,405
Other assets		454,603			465,968			449,042			412,781			416,213
Total assets	$	25,203,699		$	25,697,830		$	25,800,618		$	26,088,384		$	25,053,286

Liabilities
Deposits
Noninterest-bearing	$	6,491,639		$	6,589,610		$	6,706,897		$	7,297,893		$	7,929,579
Interest-bearing		14,216,870			14,000,735			13,736,228			12,599,562			11,533,159
Total deposits		20,708,509			20,590,345			20,443,125			19,897,455			19,462,738
Other borrowings		509,586			1,209,553			1,536,989			2,401,327			1,875,736
Subordinated deferrable interest debentures		130,315			129,817			129,319			128,820			128,322
Other liabilities		428,542			421,046			406,555			407,587			389,090
Total liabilities		21,776,952			22,350,761			22,515,988			22,835,189			21,855,886

Shareholders' Equity
Preferred stock		—			—			—			—			—
Common stock		72,516			72,514			72,515			72,484			72,264
Capital stock		1,945,385			1,942,852			1,939,865			1,937,664			1,935,211
Retained earnings		1,539,957			1,484,424			1,414,742			1,362,512			1,311,258
Accumulated other comprehensive income (loss), net of tax		(35,939	)		(60,818	)		(50,618	)		(35,581	)		(46,507	)
Treasury stock		(95,172	)		(91,903	)		(91,874	)		(83,884	)		(74,826	)
Total shareholders' equity		3,426,747			3,347,069			3,284,630			3,253,195			3,197,400
Total liabilities and shareholders' equity	$	25,203,699		$	25,697,830		$	25,800,618		$	26,088,384		$	25,053,286

Other Data
Earning assets	$	23,103,719		$	23,558,078		$	23,610,334		$	23,925,146		$	22,826,812
Intangible assets		1,103,595			1,108,021			1,112,446			1,117,134			1,121,840
Interest-bearing liabilities		14,856,771			15,340,105			15,402,536			15,129,709			13,537,217
Average assets		25,341,990			25,525,913			25,631,846			25,115,927			24,354,979
Average common shareholders' equity		3,383,554			3,324,960			3,293,049			3,250,289			3,168,320

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)	2023			2023			2023			2023			2022			2023			2022
Allowance for Credit Losses
Balance at beginning of period	$	339,180		$	326,783		$	295,497		$	258,163		$	229,135		$	258,163		$	200,981

Adoption of ASU 2022-02		—			—			—			(1,711	)		—			(1,711	)		—

Provision for loan losses		30,401			30,095			43,643			49,376			24,648			153,515			52,610
Provision for unfunded commitments		(7,438	)		(5,634	)		1,873			346			8,246			(10,853	)		19,226
Provision for other credit losses		(11	)		(2	)		—			7			(4	)		(6	)		(139	)
Provision for credit losses		22,952			24,459			45,516			49,729			32,890			142,656			71,697

Charge-offs		20,104			19,488			20,670			14,956			8,371			75,218			33,075
Recoveries		6,699			7,426			6,440			4,272			4,509			24,837			18,560
Net charge-offs (recoveries)		13,405			12,062			14,230			10,684			3,862			50,381			14,515

Ending balance	$	348,727		$	339,180		$	326,783		$	295,497		$	258,163		$	348,727		$	258,163

Allowance for loan losses	$	307,100		$	290,104		$	272,071		$	242,658		$	205,677		$	307,100		$	205,677
Allowance for unfunded commitments		41,558			48,996			54,630			52,757			52,411			41,558			52,411
Allowance for other credit losses		69			80			82			82			75			69			75
Total allowance for credit losses	$	348,727		$	339,180		$	326,783		$	295,497		$	258,163		$	348,727		$	258,163

Net Charge-off Information
Charge-offs
Commercial, financial and agricultural	$	15,840		$	16,519		$	13,316		$	12,233		$	5,108		$	57,908		$	18,635
Consumer		2,785			948			2,052			1,140			1,136			6,925			4,926
Indirect automobile		20			36			65			34			86			155			265
Premium Finance		1,347			1,951			1,848			1,421			1,812			6,567			5,452
Real estate - construction and development		—			—			—			—			27			—			27
Real estate - commercial and farmland		84			—			3,320			—			196			3,404			3,574
Real estate - residential		28			34			69			128			6			259			196
Total charge-offs		20,104			19,488			20,670			14,956			8,371			75,218			33,075
Recoveries
Commercial, financial and agricultural		4,701			4,745			3,545			2,043			2,072			15,034			9,954
Consumer		130			203			194			297			217			824			882
Indirect automobile		177			158			225			216			229			776			1,045
Premium Finance		1,100			1,639			1,680			1,382			1,682			5,801			5,065
Real estate - construction and development		303			74			472			100			223			949			892
Real estate - commercial and farmland		90			371			61			44			48			566			225
Real estate - residential		198			236			263			190			38			887			497
Total recoveries		6,699			7,426			6,440			4,272			4,509			24,837			18,560
Net charge-offs (recoveries)	$	13,405		$	12,062		$	14,230		$	10,684		$	3,862		$	50,381		$	14,515

Non-Performing Assets
Nonaccrual portfolio loans	$	60,961		$	53,806		$	57,025		$	68,028		$	65,221		$	60,961		$	65,221
Other real estate owned		6,199			3,397			6,170			1,502			843			6,199			843
Repossessed assets		17			22			9			25			28			17			28
Accruing loans delinquent 90 days or more		16,988			11,891			13,424			15,792			17,865			16,988			17,865
Non-performing portfolio assets	$	84,165		$	69,116		$	76,628		$	85,347		$	83,957		$	84,165		$	83,957
Serviced GNMA-guaranteed mortgage nonaccrual loans		90,156			80,752			69,655			74,999			69,587			90,156			69,587
Total non-performing assets	$	174,321		$	149,868		$	146,283		$	160,346		$	153,544		$	174,321		$	153,544

Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets		0.33	%		0.27	%		0.30	%		0.33	%		0.34	%		0.33	%		0.34	%
Total non-performing assets as a percent of total assets		0.69	%		0.58	%		0.57	%		0.61	%		0.61	%		0.69	%		0.61	%
Net charge-offs as a percent of average loans (annualized)		0.26	%		0.23	%		0.28	%		0.22	%		0.08	%		0.25	%		0.08	%

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

	Dec		Sep		Jun		Mar		Dec
(dollars in thousands)	2023		2023		2023		2023		2022
Loans by Type
Commercial, financial and agricultural	$	2,688,929	$	2,632,836	$	2,718,831	$	2,722,180	$	2,679,403
Consumer		241,552		259,797		307,486		349,775		384,037
Indirect automobile		34,257		47,108		63,231		83,466		108,648
Mortgage warehouse		818,728		852,823		1,147,413		958,418		1,038,924
Municipal		492,668		497,093		510,410		505,515		509,151
Premium Finance		946,562		1,007,334		988,731		947,257		1,023,479
Real estate - construction and development		2,129,187		2,236,686		2,217,744		2,144,605		2,086,438
Real estate - commercial and farmland		8,059,754		7,865,389		7,815,779		7,721,732		7,604,868
Real estate - residential		4,857,666		4,802,013		4,702,134		4,564,923		4,420,305
Total loans	$	20,269,303	$	20,201,079	$	20,471,759	$	19,997,871	$	19,855,253

Loans by Risk Grade
Grades 1 through 5 - Pass	$	19,846,731	$	19,812,895	$	20,114,816	$	19,654,232	$	19,513,726
Grade 6 - Other assets especially mentioned		203,725		187,449		171,035		116,345		104,614
Grade 7 - Substandard		218,847		200,735		185,908		227,294		236,913
Grade 8 - Doubtful		—		—		—		—		—
Grade 9 - Loss		—		—		—		—		—
Total loans	$	20,269,303	$	20,201,079	$	20,471,759	$	19,997,871	$	19,855,253

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)	2023		2023		2023		2023		2022		2023		2022
Earning Assets
Federal funds sold	$	—	$	—	$	—	$	—	$	924	$	—	$	10,836
Interest-bearing deposits in banks		936,733		864,028		998,609		859,614		1,009,935		914,818		1,993,672
Debt securities - taxable		1,503,889		1,548,647		1,582,076		1,586,404		1,451,861		1,555,009		1,065,511
Debt securities - nontaxable		40,227		40,896		42,580		43,052		44,320		41,679		39,779
Other investments		87,678		101,517		117,020		131,044		83,730		109,175		58,170
Loans held for sale		405,080		464,452		577,606		490,295		371,952		484,070		718,599
Loans		20,252,773		20,371,689		20,164,938		19,820,749		19,212,560		20,154,321		17,521,461
Total Earning Assets	$	23,226,380	$	23,391,229	$	23,482,829	$	22,931,158	$	22,175,282	$	23,259,072	$	21,408,028

Deposits
Noninterest-bearing deposits	$	6,572,190	$	6,655,191	$	6,729,789	$	7,136,373	$	8,138,887	$	6,771,464	$	8,005,201
NOW accounts		3,760,992		3,661,701		3,949,850		4,145,991		3,621,454		3,878,034		3,675,586
MMDA		5,994,361		5,527,731		5,002,590		4,994,195		5,161,047		5,382,865		5,128,497
Savings accounts		817,075		915,678		1,009,749		1,005,614		1,010,966		936,454		1,005,752
Retail CDs		2,281,357		2,200,413		2,024,014		1,612,325		1,450,037		2,031,828		1,604,978
Brokered CDs		1,122,684		1,441,854		1,393,206		125,133		—		1,024,606		—
Total Deposits		20,548,659		20,402,568		20,109,198		19,019,631		19,382,391		20,025,251		19,420,014
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase		—		—		—		—		1		—		1,477
FHLB advances		538,096		943,855		1,408,855		1,968,811		918,228		1,210,242		279,409
Other borrowings		311,091		312,572		316,626		361,445		377,056		325,260		393,393
Subordinated deferrable interest debentures		130,054		129,554		129,056		128,557		128,060		129,310		127,316
Total Non-Deposit Funding		979,241		1,385,981		1,854,537		2,458,813		1,423,345		1,664,812		801,595
Total Funding	$	21,527,900	$	21,788,549	$	21,963,735	$	21,478,444	$	20,805,736	$	21,690,063	$	20,221,609

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)	2023		2023		2023		2023		2022		2023		2022
Interest Income
Federal funds sold	$	—	$	—	$	—	$	—	$	8	$	—	$	77
Interest-bearing deposits in banks		14,368		10,769		13,686		9,113		9,984		47,936		23,008
Debt securities - taxable		14,033		14,754		15,915		14,300		13,029		59,002		34,656
Debt securities - nontaxable (TE)		413		418		430		429		454		1,690		1,489
Loans held for sale		6,846		7,460		8,398		7,007		5,519		29,711		29,699
Loans (TE)		297,501		298,102		284,471		265,802		245,603		1,145,876		808,826
Total Earning Assets	$	333,161	$	331,503	$	322,900	$	296,651	$	274,597	$	1,284,215	$	897,755

Interest Expense
Interest-Bearing Deposits
NOW accounts	$	19,293	$	17,255	$	18,003	$	15,033	$	8,564	$	69,584	$	14,367
MMDA		54,002		45,683		35,224		27,809		20,683		162,718		33,143
Savings accounts		974		1,791		2,296		1,288		654		6,349		1,287
Retail CDs		22,257		19,013		14,751		7,629		3,170		63,650		7,308
Brokered CDs		15,223		19,257		17,813		1,423		—		53,716		—
Total Interest-Bearing Deposits		111,749		102,999		88,087		53,182		33,071		356,017		56,105
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase		—		—		—		—		—		—		4
FHLB advances		7,089		12,543		17,222		22,448		8,801		59,302		9,710
Other borrowings		3,798		3,821		3,902		5,349		4,953		16,870		19,209
Subordinated deferrable interest debentures		3,477		3,439		3,201		3,085		2,680		13,202		7,832
Total Non-Deposit Funding		14,364		19,803		24,325		30,882		16,434		89,374		36,755
Total Interest-Bearing Funding	$	126,113	$	122,802	$	112,412	$	84,064	$	49,505	$	445,391	$	92,860

Net Interest Income (TE)	$	207,048	$	208,701	$	210,488	$	212,587	$	225,092	$	838,824	$	804,895

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields(1)

Table 8

	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
	2023			2023			2023			2023			2022			2023			2022
Earning Assets
Federal funds sold		—	%		—	%		—	%		—	%		3.43	%		—	%		0.71	%
Interest-bearing deposits in banks		6.09	%		4.94	%		5.50	%		4.30	%		3.92	%		5.24	%		1.15	%
Debt securities - taxable		3.70	%		3.78	%		4.03	%		3.66	%		3.56	%		3.79	%		3.25	%
Debt securities - nontaxable (TE)		4.07	%		4.06	%		4.05	%		4.04	%		4.06	%		4.05	%		3.74	%
Loans held for sale		6.71	%		6.37	%		5.83	%		5.80	%		5.89	%		6.14	%		4.13	%
Loans (TE)		5.83	%		5.81	%		5.66	%		5.44	%		5.07	%		5.69	%		4.62	%
Total Earning Assets		5.69	%		5.62	%		5.52	%		5.25	%		4.91	%		5.52	%		4.19	%

Interest-Bearing Deposits
NOW accounts		2.04	%		1.87	%		1.83	%		1.47	%		0.94	%		1.79	%		0.39	%
MMDA		3.57	%		3.28	%		2.82	%		2.26	%		1.59	%		3.02	%		0.65	%
Savings accounts		0.47	%		0.78	%		0.91	%		0.52	%		0.26	%		0.68	%		0.13	%
Retail CDs		3.87	%		3.43	%		2.92	%		1.92	%		0.87	%		3.13	%		0.46	%
Brokered CDs		5.38	%		5.30	%		5.13	%		4.61	%		—	%		5.24	%		—	%
Total Interest-Bearing Deposits		3.17	%		2.97	%		2.64	%		1.82	%		1.17	%		2.69	%		0.49	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase		—	%		—	%		—	%		—	%		—	%		—	%		0.27	%
FHLB advances		5.23	%		5.27	%		4.90	%		4.62	%		3.80	%		4.90	%		3.48	%
Other borrowings		4.84	%		4.85	%		4.94	%		6.00	%		5.21	%		5.19	%		4.88	%
Subordinated deferrable interest debentures		10.61	%		10.53	%		9.95	%		9.73	%		8.30	%		10.21	%		6.15	%
Total Non-Deposit Funding		5.82	%		5.67	%		5.26	%		5.09	%		4.58	%		5.37	%		4.59	%
Total Interest-Bearing Liabilities		3.35	%		3.22	%		2.96	%		2.38	%		1.55	%		2.99	%		0.76	%

Net Interest Spread		2.34	%		2.40	%		2.56	%		2.87	%		3.36	%		2.53	%		3.43	%

Net Interest Margin(2)		3.54	%		3.54	%		3.60	%		3.76	%		4.03	%		3.61	%		3.76	%

Total Cost of Funds(3)		2.32	%		2.24	%		2.05	%		1.59	%		0.94	%		2.05	%		0.46	%

(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)	2023			2023			2023			2023			2022			2023			2022
Net income available to common shareholders	$	65,934		$	80,115		$	62,635		$	60,421		$	82,221		$	269,105		$	346,540

Adjustment items:
Merger and conversion charges		—			—			—			—			235			—			1,212
Gain on sale of MSR		—			—			—			—			(1,672	)		—			(1,356	)
Servicing right impairment (recovery)		—			—			—			—			—			—			(21,824	)
Gain on BOLI proceeds		—			—			—			(486	)		—			(486	)		(55	)
FDIC special assessment		11,566			—			—			—			—			11,566			—
Natural disaster expenses		—			—			—			—			—			—			151
(Gain) loss on bank premises		(1,903	)		—			—			—			—			(1,903	)		(45	)
Tax effect of adjustment items (Note 1)		(2,029	)		—			—			—			302			(2,029	)		4,792
After tax adjustment items		7,634			—			—			(486	)		(1,135	)		7,148			(17,125	)
Adjusted net income	$	73,568		$	80,115		$	62,635		$	59,935		$	81,086		$	276,253		$	329,415

Weighted average number of shares - diluted		69,014,793			68,994,247			69,034,763			69,322,664			69,395,224			69,104,158			69,419,721
Net income per diluted share	$	0.96		$	1.16		$	0.91		$	0.87		$	1.18		$	3.89		$	4.99
Adjusted net income per diluted share	$	1.07		$	1.16		$	0.91		$	0.86		$	1.17		$	4.00		$	4.75

Average assets	$	25,341,990		$	25,525,913		$	25,631,846		$	25,115,927		$	24,354,979		$	25,404,873		$	23,644,754
Return on average assets		1.03	%		1.25	%		0.98	%		0.98	%		1.34	%		1.06	%		1.47	%
Adjusted return on average assets		1.15	%		1.25	%		0.98	%		0.97	%		1.32	%		1.09	%		1.39	%

Average common equity	$	3,383,554		$	3,324,960		$	3,293,049		$	3,250,289		$	3,168,320		$	3,313,361		$	3,083,081
Average tangible common equity	$	2,277,810		$	2,214,775		$	2,178,323		$	2,130,856		$	2,039,094		$	2,200,883		$	1,947,222
Return on average common equity		7.73	%		9.56	%		7.63	%		7.54	%		10.30	%		8.12	%		11.24	%
Adjusted return on average tangible common equity		12.81	%		14.35	%		11.53	%		11.41	%		15.78	%		12.55	%		16.92	%

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. A portion of the merger and conversion charges for the twelve months ended December 2022 are nondeductible for tax purposes.

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)	2023			2023			2023			2023			2022			2023			2022
Adjusted Noninterest Expense
Total noninterest expense	$	149,011		$	141,446		$	148.403		$	139,421		$	135,061		$	578,281		$	560,655
Adjustment items:
Merger and conversion charges		—			—			—			—			(235	)		—			(1,212	)
FDIC special assessment		(11,566	)		—			—			—			—			(11,566	)		—
Natural disaster expenses		—			—			—			—			—			—			(151	)
Gain (loss) on bank premises		1,903			—			—			—			—			1,903			45
Adjusted noninterest expense	$	139,348		$	141,446		$	148.403		$	139,421		$	134,826		$	568,618		$	559,337

Total Revenue
Net interest income	$	206,101		$	207,751		$	209,540		$	211,652		$	224,137		$	835,044		$	801,026
Noninterest income		56,248			63,181			67,349			56,050			48,348			242,828			284,424
Total revenue	$	262,349		$	270,932		$	276,889		$	267,702		$	272,485		$	1,077,872		$	1,085,450

Adjusted Total Revenue
Net interest income (TE)	$	207,048		$	208,701		$	210,488		$	212,587		$	225,092		$	838,824		$	804,895
Noninterest income		56,248			63,181			67,349			56,050			48,348			242,828			284,424
Total revenue (TE)		263,296			271,882			277,837			268,637			273,440			1,081,652			1,089,319
Adjustment items:
(Gain) loss on securities		288			16			6			(6	)		(3	)		304			(203	)
Gain on sale of MSR		—			—			—			—			(1,672	)		—			(1,356	)
Gain on BOLI proceeds		—			—			—			(486	)		—			(486	)		(55	)
Servicing right impairment (recovery)		—			—			—			—			—			—			(21,824	)
Adjusted total revenue (TE)	$	263,584		$	271,898		$	277,843		$	268,145		$	271,765		$	1,081,470		$	1,065,881

Efficiency ratio		56.80	%		52.21	%		53.60	%		52.08	%		49.57	%		53.65	%		51.65	%
Adjusted efficiency ratio (TE)		52.87	%		52.02	%		53.41	%		51.99	%		49.61	%		52.58	%		52.48	%

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)	2023		2023		2023		2023		2022		2023		2022
Total shareholders' equity	$	3,426,747	$	3,347,069	$	3,284,630	$	3,253,195	$	3,197,400	$	3,426,747	$	3,197,400
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		87,949		92,375		96,800		101,488		106,194		87,949		106,194
Total tangible shareholders' equity	$	2,323,152	$	2,239,048	$	2,172,184	$	2,136,061	$	2,075,560	$	2,323,152	$	2,075,560

Period end number of shares		69,053,341		69,138,461		69,139,783		69,373,863		69,369,050		69,053,341		69,369,050
Book value per share (period end)	$	49.62	$	48.41	$	47.51	$	46.89	$	46.09	$	49.62	$	46.09
Tangible book value per share (period end)	$	33.64	$	32.38	$	31.42	$	30.79	$	29.92	$	33.64	$	29.92

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets

Table 9D

	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands except per share data)	2023			2023			2023			2023			2022			2023			2022
Total shareholders' equity	$	3,426,747		$	3,347,069		$	3,284,630		$	3,253,195		$	3,197,400		$	3,426,747		$	3,197,400
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		87,949			92,375			96,800			101,488			106,194			87,949			106,194
Total tangible shareholders' equity	$	2,323,152		$	2,239,048		$	2,172,184		$	2,136,061		$	2,075,560		$	2,323,152		$	2,075,560

Total assets	$	25,203,699		$	25,697,830		$	25,800,618		$	26,088,384		$	25,053,286		$	25,203,699		$	25,053,286
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		87,949			92,375			96,800			101,488			106,194			87,949			106,194
Total tangible assets	$	24,100,104		$	24,589,809		$	24,688,172		$	24,971,250		$	23,931,446		$	24,100,104		$	23,931,446

Equity to Assets		13.60	%		13.02	%		12.73	%		12.47	%		12.76	%		13.60	%		12.76	%
Tangible Common Equity to Tangible Assets		9.64	%		9.11	%		8.80	%		8.55	%		8.67	%		9.64	%		8.67	%

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)	2023			2023			2023		2023			2022			2023			2022
Banking Division
Net interest income	$	166,114		$	167,595		$	171,441	$	175,328		$	185,909		$	680,478		$	646,283
Provision for credit losses		21,194			20,833			40,831		47,140			35,946			129,998			61,898
Noninterest income		24,069			26,245			24,652		23,898			23,448			98,864			91,550
Noninterest expense
Salaries and employee benefits		55,687			56,226			55,196		56,442			52,296			223,551			196,823
Occupancy and equipment expenses		11,865			11,437			11,175		11,606			11,482			46,083			45,081
Data processing and telecommunications expenses		12,540			11,786			11,898		11,797			11,085			48,021			43,957
Other noninterest expenses		33,089			20,274			27,643		19,023			21,811			100,029			85,953
Total noninterest expense		113,181			99,723			105,912		98,868			96,674			417,684			371,814
Income before income tax expense		55,808			73,284			49,350		53,218			76,737			231,660			304,121
Income tax expense		17,206			18,283			13,312		12,848			16,545			61,649			75,367
Net income	$	38,602		$	55,001		$	36,038	$	40,370		$	60,192		$	170,011		$	228,754

Retail Mortgage Division
Net interest income	$	24,053		$	22,805		$	21,417	$	20,027		$	19,837		$	88,302		$	79,194
Provision for credit losses		1,005			2,399			3,278		2,853			(2,778	)		9,535			12,351
Noninterest income		30,588			35,691			39,808		31,058			24,011			137,145			182,039
Noninterest expense
Salaries and employee benefits		16,996			21,231			21,930		20,160			19,164			80,317			107,810
Occupancy and equipment expenses		1,210			1,182			1,224		1,283			1,242			4,899			5,579
Data processing and telecommunications expenses		1,318			1,052			1,397		1,069			1,203			4,836			4,580
Other noninterest expenses		11,634			12,153			11,859		11,747			11,126			47,393			48,224
Total noninterest expense		31,158			35,618			36,410		34,259			32,735			137,445			166,193
Income before income tax expense		22,478			20,479			21,537		13,973			13,891			78,467			82,689
Income tax expense		4,720			4,301			4,523		2,934			2,916			16,478			17,364
Net income	$	17,758		$	16,178		$	17,014	$	11,039		$	10,975		$	61,989		$	65,325

Warehouse Lending Division
Net interest income	$	5,965		$	6,008		$	6,166	$	5,700		$	6,601		$	23,839		$	26,727
Provision for credit losses		(68	)		(589	)		411		(194	)		117			(440	)		(1,074	)
Noninterest income		929			662			1,404		480			579			3,475			4,537
Noninterest expense
Salaries and employee benefits		296			924			772		802			427			2,794			1,973
Occupancy and equipment expenses		3			1			—		1			1			5			4
Data processing and telecommunications expenses		51			30			44		46			49			171			187
Other noninterest expenses		229			219			223		202			191			873			830
Total noninterest expense		579			1,174			1,039		1,051			668			3,843			2,994
Income before income tax expense		6,383			6,085			6,120		5,323			6,395			23,911			29,344
Income tax expense		1,340			1,278			1,285		1,118			1,342			5,021			6,162
Net income	$	5,043		$	4,807		$	4,835	$	4,205		$	5,053		$	18,890		$	23,182

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)	2023			2023			2023		2023			2022			2023		2022
SBA Division
Net interest income	$	2,168		$	1,962		$	2,331	$	1,957		$	2,491		$	8,418	$	14,724
Provision for credit losses		794			1,677			424		(104	)		265			2,791		(349	)
Noninterest income		653			579			1,476		605			302			3,313		6,265
Noninterest expense
Salaries and employee benefits		1,014			1,209			1,316		1,309			1,306			4,848		5,305
Occupancy and equipment expenses		36			36			40		37			98			149		360
Data processing and telecommunications expenses		19			32			46		37			30			134		116
Other noninterest expenses		(189	)		157			333		422			368			723		1,387
Total noninterest expense		880			1,434			1,735		1,805			1,802			5,854		7,168
Income before income tax expense		1,147			(570	)		1,648		861			726			3,086		14,170
Income tax expense		241			(120	)		346		181			153			648		2,976
Net income	$	906		$	(450	)	$	1,302	$	680		$	573		$	2,438	$	11,194

Premium Finance Division
Net interest income	$	7,801		$	9,381		$	8,185	$	8,640		$	9,299		$	34,007	$	34,098
Provision for credit losses		27			139			572		34			(660	)		772		(1,129	)
Noninterest income		9			4			9		9			8			31		33
Noninterest expense
Salaries and employee benefits		1,973			2,308			2,122		2,197			2,003			8,600		7,808
Occupancy and equipment expenses		83			89			83		59			82			314		337
Data processing and telecommunications expenses		100			73			66		85			119			324		388
Other noninterest expenses		1,057			1,027			1,036		1,097			978			4,217		3,953
Total noninterest expense		3,213			3,497			3,307		3,438			3,182			13,455		12,486
Income before income tax expense		4,570			5,749			4,315		5,177			6,785			19,811		22,774
Income tax expense		945			1,170			869		1,050			1,357			4,034		4,689
Net income	$	3,625		$	4,579		$	3,446	$	4,127		$	5,428		$	15,777	$	18,085

Total Consolidated
Net interest income	$	206,101		$	207,751		$	209,540	$	211,652		$	224,137		$	835,044	$	801,026
Provision for credit losses		22,952			24,459			45,516		49,729			32,890			142,656		71,697
Noninterest income		56,248			63,181			67,349		56,050			48,348			242,828		284,424
Noninterest expense
Salaries and employee benefits		75,966			81,898			81,336		80,910			75,196			320,110		319,719
Occupancy and equipment expenses		13,197			12,745			12,522		12,986			12,905			51,450		51,361
Data processing and telecommunications expenses		14,028			12,973			13,451		13,034			12,486			53,486		49,228
Other noninterest expenses		45,820			33,830			41,094		32,491			34,474			153,235		140,347
Total noninterest expense		149,011			141,446			148,403		139,421			135,061			578,281		560,655
Income before income tax expense		90,386			105,027			82,970		78,552			104,534			356,935		453,098
Income tax expense		24,452			24,912			20,335		18,131			22,313			87,830		106,558
Net income	$	65,934		$	80,115		$	62,635	$	60,421		$	82,221		$	269,105	$	346,540

EX-99.2 3 tm244153d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

4 th Quarter 2023 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 , 2022 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 • Proven liquidity management supported by strong, stable deposit base • Proven stewards of shareholder value – TBV has grown 12 % annualized over past five years • Experienced executive team with skills and leadership to continue to grow organically • Diversified loan portfolio among geographies and product lines • Diversified revenue streams with strong core bank and lines of business Strong Southeastern Markets • Atlanta’s premier independent banking franchise • Scarcity value in many of the fastest growing regions in nation • Stable core deposit base • Over 65% of our franchise is in MSAs which grew at least 2x the national average over the last 15 years 2 Charlotte MSA Tampa MSA Orlando MSA Ameris Profile 4Q23 includes the impact of $11.6 million FDIC special assessment Focus on Shareholder Value 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix $29.92 $30.79 $31.42 $32.38 $33.64 $28.00 $29.00 $30.00 $31.00 $32.00 $33.00 $34.00 4Q22 1Q23 2Q23 3Q23 4Q23 Consistent Tangible Book Value (1) Growth 137,424 128,281 128,486 129,486 113,338 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 100,000 105,000 110,000 115,000 120,000 125,000 130,000 135,000 140,000 145,000 4Q22 1Q23 2Q23 3Q23 4Q23 Stable pre - tax pre - provision net revenue ROA (1) (in 000's) PPNR PPNR ROA $1.18 $0.87 $0.91 $1.16 $0.96 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 4Q22 1Q23 2Q23 3Q23 4Q23 Diluted EPS $19.5 $19.9 $20.4 $20.6 $20.7 $18.8 $19.0 $19.2 $19.4 $19.6 $19.8 $20.0 $20.2 $20.4 $20.6 $20.8 $21.0 4Q22 1Q23 2Q23 3Q23 4Q23 Total Deposits (in billions) 3

4 th Quarter 2023 Financial Results 4Q 2023 Operating Highlights 5 • Net income of $65.9 million, or $0.96 per diluted share • Adjusted net income (1) of $73.6 million, or $1.07 per diluted share • PPNR ROA (1) of 1.77% for 4Q23, which includes 19bps negative impact from FDIC special assessment • Adjusted efficiency ratio (1) of 52.87% • TCE ratio (1) of 9.64% • Increase in allowance for credit losses to 1.52% of total loans • Stable net interest margin of 3.54%, reflecting favorable deposit mix with noninterest bearing deposits representing 31.3% of total deposits at December 31, 2023, minimally changed from September 30, 2023 • Interest bearing deposit costs increased 20bps in 4Q23, compared with a 33bps increase in 3Q23 • Total deposit growth of $118.2 million, or 2.3% annualized • Reduction in wholesale funding of $1.02 billion, or 43.3%, during the quarter including: – FHLB advances of $700.0 million – Brokered CDs of $324.2 million • Repurchased 86,400 shares of ABCB common stock at an average cost of $37.46 during the quarter 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix 2023 Operating Highlights 6 • Net income of $269.1 million, or $3.89 per diluted share • Adjusted net income (1) of $276.3 million, or $4.00 per diluted share • PPNR ROA (1) of 1.97%, which includes 4bps negative impact from FDIC special assessment • Growth in tangible book value (1) of $3.72 per share, or 12.4%, to $33.64 • Adjusted efficiency ratio (1) of 52.58% • Net interest margin of 3.61% • Organic loan growth of $414.1 million, or 2.1% • Total deposit growth of $1.25 billion, or 6.4% • Reduction in FHLB Advances of $1.30 billion • Increase in allowance for credit losses to 1.52% of total loans at December 31, 2023, compared with 1.04% at December 31, 2022, due to economic forecast • Redemption of $75 million in floating rate (was 8.39%) subordinated notes due 2027 and repurchase (at a discount) and redemption of $12.0 million aggregate principal of 4.25% fixed - to - floating subordinated notes due 2029 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix

Financial Highlights 7 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix 2 – Growth rates are annualized for the applicable periods 3 – Excludes serviced GNMA - guaranteed mortgage loans (dollars in thousands, except per share data) Quarter to Date Results Year to Date Results 4Q23 3Q23 Change 4Q22 Change 2023 2022 Change Net Interest Income $ 206,101 $ 207,751 - 1% $ 224,137 - 8% $ 835,044 $ 801,026 4% Noninterest Income $ 56,248 $ 63,181 - 11% $ 48,348 16% $ 242,828 $ 284,424 - 15% Provision for Credit Losses $ 22,952 $ 24,459 - 6% $ 32,890 - 30% $ 142,656 $ 71,697 99% Noninterest Expense $ 149,011 $ 141,446 5% $ 135,061 10% $ 578,281 $ 560,655 3% Net Income $ 65,934 $ 80,115 - 18% $ 82,221 - 20% $ 269,105 $ 346,540 - 22% Net Income Per Diluted Share $ 0.96 $ 1.16 - 17% $ 1.18 - 19% $ 3.89 $ 4.99 - 22% Return on Average Assets 1.03% 1.25% - 17% 1.34% - 23% 1.06% 1.47% - 28% Return on Average Equity 7.73% 9.56% - 19% 10.30% - 25% 8.12% 11.24% - 28% Efficiency Ratio 56.80% 52.21% 9% 49.57% 15% 53.65% 51.65% 4% Net Interest Margin 3.54% 3.54% 0% 4.03% - 12% 3.61% 3.76% - 4% Adjusted Net Income (1) $ 73,568 $ 80,115 - 8% $ 81,086 - 9% $ 276,253 $ 329,415 - 16% Adjusted Net Income Per Diluted Share (1) $ 1.07 $ 1.16 - 8% $ 1.17 - 9% $ 4.00 $ 4.75 - 16% Adjusted Return on Assets (1) 1.15% 1.25% - 8% 1.32% - 13% 1.09% 1.39% - 22% Adjusted Return on TCE (1) 12.81% 14.35% - 11% 15.78% - 19% 12.55% 16.92% - 26% Adjusted Efficiency Ratio (1) 52.87% 52.02% 2% 49.61% 7% 52.58% 52.48% 0% Organic Loan Growth $ 68,224 $ (270,680) - 125% $ 576,131 - 88% $ 414,050 $ 3,508,729 - 88% Organic Loan Growth Rate (2) 1.35% - 5.29% - 126% 12.25% - 89% 2.09% 22.10% - 91% Portfolio NPAs/Assets (3) 0.33% 0.27% 24% 0.34% 0% 0.33% 0.34% 0% Total NPAs/Assets 0.69% 0.58% 19% 0.61% 13% 0.69% 0.61% 13% Strong Net Interest Margin 8 • Above peer group margin at 3.54% • Net interest income (TE) of $207.0 million in 4Q23, compared with $208.7 million in 3Q23 – Interest income (TE) increased $1.7 million – Interest expense increased $3.3 million • Average earning assets decreased $164.8 million • Total deposit costs up 16bp in 4Q23, compared with a 24bp increase in 3Q23 • Noninterest bearing deposits remain above historic levels and were 31.3% of total deposits at quarter end • Average brokered CDs down $319.2 million during the quarter • Average FHLB advances down $405.8 million during the quarter Spread Income and Margin $225.1 $212.6 $210.5 $208.7 $207.0 4.03% 3.76% 3.60% 3.54% 3.54% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% $195.0 $200.0 $205.0 $210.0 $215.0 $220.0 $225.0 $230.0 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income (TE) (in millions) NIM

Diversified Revenue Stream 9 • Strong revenue base of net interest income from core banking division • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Retail mortgage activity has continued to stabilize back to pre - pandemic levels • Mortgage banking activity was 12% of total revenue in 4Q23 • Purchase business remained at 85% in 4Q23 due to strong core relationships with builders and realtors • Approximately 88% of the net interest income included in mortgage revenue is related to portfolio loans generated from the mortgage division • Gain on sale margin remains compressed at 1.93% in 4Q23 Other Noninterest Income • Other Noninterest Income has been stable contributor to total revenue • Other Noninterest Income includes: • Fee income from equipment finance group • BOLI income • Gains on sales of SBA loans 82% 79% 76% 77% 79% 9% 12% 15% 13% 12% 9% 9% 9% 10% 9% $273.4 $268.6 $277.8 $271.9 $263.3 0% 20% 40% 60% 80% 100% 120% 4Q22 1Q23 2Q23 3Q23 4Q23 FTE Revenue Sources (in millions) FTE Net Interest Income Mortgage Banking Activity Other Noninterest Income 1.93% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 4Q22 1Q23 2Q23 3Q23 4Q23 Mortgage Gain on Sale Margin Disciplined Expense Control Adjusted Operating Expenses (1) and Efficiency Ratio (1) OPEX Highlights 10 • Management continues to deliver high performing operating efficiency • Adjusted efficiency ratio of 52.87% in 4Q23, compared with 52.02% in 3Q23 • Total adjusted operating expenses decreased $2.1 million in 4Q23 compared with 3Q23 ‒ Increase of $3.3 million in 4Q23 banking division operating expenses primarily due to: ‒ $1.1 million increase in credit resolution - related expenses primarily resulting from lower OREO gains ‒ $1.1 million increase in legal and professional fees ‒ $754,000 increase in data processing and communications expenses – Net decrease of $5.4 million in 4Q23 lines of business operating expenses due to variable compensation related to production decreases • Disciplined expense control throughout the Company with identified reallocation of resources utilized to fund future technology and innovation costs 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix $96.4 $98.9 $105.9 $99.7 $103.0 $38.4 $40.6 $42.5 $41.7 $36.3 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 4Q22 1Q23 2Q23 3Q23 4Q23 Adjusted Operating Expenses (in millions) Banking LOBs 49.61% 51.99% 53.41% 52.02% 52.87% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 4Q22 1Q23 2Q23 3Q23 4Q23 Adjusted Efficiency Ratio

Balance Sheet Trends 11 • Asset sensitivity is moderating as the FOMC nears the end of its tightening cycle: – - 1.0% asset sensitivity in - 100bps – - 0.5% asset sensitivity in - 50bps – +0.5% asset sensitivity in +50bps – +0.9% asset sensitivity in +100bps • Approximately $7.7 billion, or 38%, of loans are variable rate • Approximately $9.5 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 32% Interest Rate Sensitivity Earning Assets Highlights • Available - for - sale (AFS) securities represent less than 6% of total assets, limiting potential tangible book value dilution from rising interest rates • Unrealized loss of AFS portfolio was $45 million at December 31, 2023, representing approximately 3% of book value, improving from $78 million at September 30, 2023 • No transfers to held - to - maturity (HTM) portfolio – all securities classified as HTM were previously purchased for CRA purposes Capital Highlights • Ameris is well capitalized with minimal unrealized losses in the investment portfolio • TCE Ratio of 9.64% at December 31, 2023 • Repurchased 86,400 shares at an average cost of $37.46 during the quarter • Earnings expected to add between 25 – 35bps to capital each quarter assuming flat balance sheet - 5,000 10,000 15,000 20,000 25,000 30,000 4Q22 1Q23 2Q23 3Q23 4Q23 Earning Assets (in millions) Loans Loans HFS Other Earning Assets Total Assets Proven Liquidity Plan 12 At December 31, 2023 $ in millions Total Available Amount Used Net Availability Internal Sources Cash $ 1,167 $ - $ 1,167 Unpledged Securities 936 - 936 External Sources FHLB 5,424 1,148 4,276 FRB Discount Window 2,670 - 2,670 Brokered Deposits 2,935 1,145 1,790 Other 127 - 127 Total Liquidity $ 13,259 $ 2,293 $ 10,966 • Diverse sources of liquidity available to the Company • Minimal unrealized losses on unpledged securities due to disciplined investment strategy • Majority of funding used is short term to manage interest rate profile and provide flexibility as liquidity needs fluctuate • Have not accessed Bank Term Funding Program • Available liquidity sources provide approximately 120.1% coverage for uninsured deposits and approximately 169.1% coverage for non - collateralized uninsured deposits • No single depositor represents more than 1.3% of total deposits • Uninsured and uncollateralized deposits represent 31.1% of total deposits Sources of Liquidity Solid Liquidity Plan $9.13 (43.7%) $6.48 (31.1%) $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 4Q22 1Q23 2Q23 3Q23 4Q23 Uninsured Deposits (in billions) Uninsured Deposits Uninsured Deposits Excl.

Municipal Deposits

Strong Core Deposit Base 13 Deposit Highlights • Noninterest bearing deposits remained strong at 31.3% of total deposits • Total deposits increased $118.2 million in 4Q23 compared with 3Q23 • MMDA and savings increased $127.2 million, or 1.9% • NOW accounts increased $364.6 million, or 10.1% • Noninterest - bearing deposits decreased $98.0 million, or 1.5% • Brokered CDs decreased $324.2 million, or 22.1% Deposit Type Balance (in 000s) Count Average per account (in 000’s) NIB 6,491,639 299,049 21.7 NOW 3,972,479 44,618 89.0 MMDA 5,968,135 31,697 188.3 Savings 808,350 64,560 12.5 CD 3,467,906 40,782 85.0 Total 20,708,509 480,706 43.1 Deposits by Product Type NIB 31% NOW 19% MMDA 29% Savings 4% CD 17% Deposits by Type 4Q23 Consumer 37% Commercial 43% Public 14% Brokered 6% Deposits by Customer 4Q23 18.83 19.73 20.81 20.29 20.81 20.44 20.90 22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Tangible Book Value Capital and TBV Proven Stewards of Shareholder Value 14 • Management focused on long term growth in TBV (1) , such that over the past five years TBV has grown by 12% annualized • TBV increased $1.26 per share in 4Q23: – $0.81 from retained earnings – $0.36 from impact of OCI – $0.09 from all other items including stock compensation and share repurchases 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 4Q23 Loan Portfolio 16 • Loan portfolio is well diversified across loan types and geographies • CRE and C&D concentrations were 282% and 74%, respectively, at 4Q23 • Non - owner occupied office loans totaled $1.43 billion at 4Q23, or 7.0% of total loans • Continued strong asset quality metrics at 4Q23 as compared with 4Q22, as evidenced by a lower volume of Classified Loans and NPAs, net of GNMA - backed mortgage loans • ACL increased to 1.52% of total loans during 4Q23, which allows the Bank to be well - positioned to address forecasted negative economic conditions • Limited exposure in SNCs and syndications • Continued diligence by credit staff on portfolio reviews given the current economic environment, focused on maturing and floating - rate loans, particularly in C&D and investor CRE loans Portfolio Highlights Agriculture 1% C&I 22% Municipal 2% Consumer 1% Investor CRE 25% OO CRE 9% Construction 11% Multi - Family 5% SFR Mortgage & HELOC 24% Total Loans $20.3 Billion Loan Production vs Growth 17 • 4Q23 loan production was spread across various product lines and maintained good diversification in the portfolio • The largest categories contributing to 4Q23 production were Premium Finance, Homebuilder and Equipment Finance • Overall, 4Q23 production exhibited an 11% decrease from 3Q23 (1) Loan P roduction reflects committed balance total, excluding Mortgage Warehouse production.

(2) L oan G rowth reflects quarter - over - quarter loan portfolio ending balances. 4Q22 loan growth includes acquired loans of $472.3 million. (in millions) $3,192 $2,168 $1,509 $1,760 $1,424 $1,266 $1,246 $1,055 $143 $474 $(271) $68 $(500) $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Loan Production (1) Loan Growth (2)

Loan Balance Changes 4Q23 Loan Balance Changes 18 • Loan balances increased $68.3 million during 4Q23, primarily the result of increases in portfolio mortgages, commercial real estate and C&I loans; total loan growth was $414.1 million, or 2.1% annualized through 4Q23 • The decrease in C&D loans was primarily the result of projects completed, totaling $123.5 million, which transferred balances into other CRE categories; the difference represents primarily advances on existing loans (in millions) $194 $56 $56 $(4) $(13) $(18) $(34) $(61) $(108) $(125) $(75) $(25) $25 $75 $125 $175 $225 CRE SFR Mtgs C&I Municipal Indirect Consumer Mtg WHSE Premium Finance C&D Allowance for Credit Losses 19 • Increase in reserve during 4Q23 due to forecasted economic conditions • The ACL on loans totaled $307.1 million at 4Q23, a net increase of $ 17.0 mil lion, or 5.9%, from 3Q23 • The reserve for unfunded commitments totaled $41.6 million, a decrease of $7.4 million, or 15.2%, primarily due to lower unfunded balances • During 4Q23, a provision expense of $23.0 million was recorded • The ACL on loans equated to 1.52% of total loans at 4Q23, compared with 1.44% at 3 Q23 • The total ACL on loans + unfunded commitments was $348.7 million, or 1.39% 4Q23 CECL Reserve Reserve Summary (in millions) 4Q23 Allowance Coverage Balance (MM's) ALLL (MM's) % ALLL Gross Loans 20,269.3$ 307.1$ 1.52% Unfunded Commitments 4,799.4$ 41.6$ 0.87% ACL / Total Loans + Unfunded 25,068.7$ 348.7$ 1.39%

Allowance for Credit Losses 20 • Results were primarily driven by negative forecasts for CRE and home prices over the next four quarters • The ALLL for the two CRE categories (RE – C&D, RE – CRE) exhibited the highest net increase from 3 Q23 of $5.9 million • The blended ALLL% fo r those two categories was 1.68% at 4Q23 • The increase in the CFIA category was primarily driven by a higher ALLL for the Equipment Finance division 4 Q23 CECL Reserve by Loan Type Reserve Summary Reserve Methodology • Moody’s December 2023 forecast model provided material inputs into ACL • Primary model drivers included: • US and regional unemployment rates • US GDP • US and regional home price indices • US and state - level CRE price index for our five - state footprint • Estimate derived utilizing Baseline scenario ; a pproximately 98% of the ACL was driven by model factors with less than 1% based on Q - Factors Loan Type Net Outstanding (MM's) ALLL (MM's) % ALLL 9/30/23 ALLL (MM's) Change from 3Q23 CFIA 2,688.9$ 64.1$ 2.38% 53.7$ 10.4$ Consumer 241.5$ 3.9$ 1.61% 4.1$ (0.2)$ Indirect 34.3$ 0.1$ 0.29% 0.1$ -$ Municipal 492.7$ 0.3$ 0.06% 0.3$ -$ Premium Finance 946.6$ 0.6$ 0.06% 0.6$ -$ RE - C&D 2,129.2$ 61.0$ 2.86% 63.2$ (2.2)$ RE - CRE 8,059.7$ 110.1$ 1.37% 102.0$ 8.1$ RE - RES 4,857.7$ 65.3$ 1.34% 64.4$ 0.9$ Warehouse Lending 818.7$ 1.7$ 0.20% 1.7$ -$ Grand Total 20,269.3$ 307.1$ 1.52% 290.1$ 17.0$ NPA / Charge - Off Trend 21 • Net of GNMA - guaranteed mortgage loans, NPAs increased as a percentage of total assets to 0.33% at 4Q23 vs 0.27% at 3Q23 • Total NPAs in creased $24.5 million, to $174.3 million, primarily as a result of: • $ 9.4 million increase in 90+ past due GNMA - guaranteed mortgage loans • $4.5 million increase in Premium Finance 90+ past due loans • $3.9 million increase in 90+ past due portfolio mortgage loans • Net charge - offs totaled $13.4 million, which equated to an annualized NCO ratio of 0.26% • Net charge - offs for 2023 totaled $50.4 million, or 0.25% of average loans • Included in 2023 charge - offs was a total of $5.5 million of pre - acquisition, non - performing loans in the Equipment Finance division that were 100% reserved at the acquisition date • Excluding those items, 2023 net charge - offs totaled $44.9 million, or 0.22% of average loans Non - Performing Assets (NPAs) Net Charge - Offs ($ in millions) 0.61% 0.61% 0.57% 0.58% 0.69% 0.34% 0.33% 0.30% 0.27% 0.33% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 4Q22 1Q23 2Q23 3Q23 4Q23 Non - Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.08% 0.22% 0.28% 0.23% 0.26% -0.03% 0.02% 0.07% 0.12% 0.17% 0.22% 0.27% 0.32% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 4Q22 1Q23 2Q23 3Q23 4Q23 Net Charge - Offs Net Charge-offs NCO Ratio (Annualized)

Problem Loan Trends 22 • Compared to 4Q22, classified loans decreased $38.7 million, or 23.1% • For 4Q23, t otal classified loans, excluding GNMA - guaranteed mortgage loans, in creased $8.6 million • Total criticized loans (including special mention ), excluding GNMA - guaranteed mortgage loans, increased $25.0 million in 4Q23 • Nonperforming l oans, excluding GNMA - guaranteed mortgage loans, increased $12.2 million in 4Q23 • The watch list is primarily comprised of the following loan types: Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA - guaranteed loans Total Loans Criticized Loans Classified Loans Nonperforming Loans GNMA-guaranteed Loans $65.7 4Q23 $332.4 $77.9 $120.0 $128.6 $307.4 4Q22 1Q23 2Q23 3Q23 $20,269.3$20,201.1$19,855.3 $19,997.9 $271.9 $83.1 $268.6 $83.8 $20,471.8 $287.2 $167.3 $152.3 $116.2 $70.4 $69.6 $75.0 $69.7 $80.8 $90.2 1.37% 1.34% 1.40% 1.52% 1.64% 0.84% 0.76% 0.57% 0.59% 0.63% 0.42% 0.42% 0.34% 0.33% 0.38% $0 $50 $100 $150 $200 $250 $300 $350 $400 4Q22 1Q23 2Q23 3Q23 4Q23 Criticized Loans Classified Loans Nonperforming Loans Expressed as a percent of Total Loans Net of GNMA - backed Mortgage Loans 33% Owner - Occupied RRE 14% Assisted Living 12% Multi - Family 11% Mortgage WHSE 6% Warehouse Retail 6% Investor CRE Loans 23 Investor CRE 25% C&D 11% Multi - Family 5% Stratification of Investor CRE Portfolio • Non - Owner Occupied CRE portfolio is well diversified • Over 80% of CRE loans are located in MSAs in the Bank’s five - state footprint, which exhibit population growth forecasts exceeding the national average • Overall, past dues for investor CRE loans were 0.04% and NPAs 0.06% CRE Positioned in Growing Markets Outstanding Loans (MMs) 5-Yr Proj Population Growth Rate Atlanta-Sandy Springs-Alpharetta GA 2,257.2$ 4.7% Jacksonville FL 781.2$ 6.9% Orlando-Kissimmee-Sanford FL 646.9$ 6.4% Tampa-St Petersburg-Clearwater FL 310.6$ 5.2% Charlotte-Concord-Gatonia NC 288.2$ 5.8% Greenville-Anderson SC 284.9$ 4.7% Charleston-North Charleston SC 279.8$ 6.3% Columbia, SC 255.3$ 3.6% Miami-Ft Lauderdale-Pompano Beach FL 207.4$ 2.0% Tallahassee FL 135.2$ 2.8% U.S.

National Average 2.2% Loan Type Outstanding (MM's) % NPL % PD Avg Size Commitment (000's) Construction Loans: RRE - Presold 288.5$ 0.10% 0.22% 461.3$ RRE - Spec & Models 241.6$ 0.00% 0.00% 426.0$ RRE - Lots & Land 106.0$ 0.00% 0.09% 434.2$ RRE - Subdivisions 20.8$ 0.00% 0.00% 2,126.2$ Sub-Total RRE Construction 656.9$ 0.04% 0.11% 459.9$ CML - Improved 1,414.0$ 0.00% 0.09% 14,867.5$ CML - Raw Land & Other 58.2$ 0.00% 0.05% 425.9$ Sub-Total CRE Construction 1,472.2$ 0.00% 0.09% 7,572.6$ Total Construction Loans 2,129.1$ 0.01% 0.10% 1,434.3$ Term Loans: Office 1,236.5$ 0.16% 0.00% 2,971.2$ General Retail 955.0$ 0.00% 0.08% 1,707.8$ Multi-Family 928.0$ 0.00% 0.00% 6,341.8$ Strip Center, Anchored 733.9$ 0.00% 0.00% 7,230.7$ Warehouse / Industrial 679.9$ 0.00% 0.00% 3,057.3$ Hotels / Motels 461.5$ 0.61% 0.00% 4,634.5$ Strip Center, Non-Anchored 410.8$ 0.00% 0.00% 3,667.7$ Mini-Storage Warehouse 337.7$ 0.00% 0.00% 3,587.8$ Assisted Living Facilities 133.1$ 0.00% 0.00% 6,050.5$ Misc CRE (Church, etc) 108.6$ 0.00% 0.09% 1,156.4$ Sub-Total CRE Term Loans 5,985.0$ 0.08% 0.01% 3,173.8$ Grand Total Investor CRE Loans 8,114.1$ 0.06% 0.04% 2,150.4$ Office Portfolio • 87% of non - owner occupied office loans are located in MSAs in the Bank’s primary footprint; overall, the average vacancy was ~7% • Central Business District (CBD) locations represented 8 % of non - owner occupied properties ; Charleston, SC, Orlando, FL and Tampa, FL represent the largest CBD MSAs ( 88 % of total CBD properties) • The portion of the ACL apportioned to non - owner occupied office loans was 1 .

87 % * Results based on loans > $ 1 million, or 95 % of total loans • Non - owner occupied office loans totaled $1.43 billion of outstanding balances and $1.64 billion of total committed exposure at 4Q23 • As a percentage of total loans outstanding and committed exposure, non - owner occupied office loans were 7.0% and 6.5%, respectively • 69% are comprised of Class A, Essential - Use Facility or Medical Office Building (MOB) Highlights 24 Construction , $325.6 Investor CRE , $1,311.2 Owner - Occupied , $547.8 Total Office Portfolio by Loan Type (Total Committed Exposure) Class A 34% Class B 28% Essential Use 17% MOB 18% Class C 3% Investor Office Portfolio by Property Class * 11% 17% 31% 14% 27% $- $100 $200 $300 $400 $500 2024 2025 2026 2027 2028 and beyond Scheduled Investor Office Maturities 7.5% 13.0% 6.5% 0.8% 4.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Class A Class B Class C Essential Use MOB Average Vacancy by Investor Office Property Class * Commercial Real Estate Production 4Q23 Investor Commercial Real Estate Production Summary: 25 4Q23 Residential Construction Production Summary: • 4 Q23 production of C&D and CRE loans - $344.4 million in total committed exposure • Residential real estate construction: • Spec/model to pre - sold ratio of 0.65:1 • Investor CRE 4Q23 production: • Production totaled $64.6 million • Weighted average 1.60:1 debt service coverage • Weighted average 55.5% loan/value • Summary of CRE production by collateral state: Highlights Loan Type Outstanding (MM's) Committed Exposure (MM's) Avg Size Commitment (000's) RRE Construction - Pre-Sold 35.7$ 128.8$ 377.7$ RRE Construction - Spec 32.3$ 84.3$ 333.3$ A&D, RRE Lots, Other Land Loans 2.4$ 6.7$ 479.1$ RRE Construction - Model 0.1$ 0.9$ 457.5$ Total Construction Loans 70.5$ 220.7$ 361.9$ Loan Type Outstanding (MM's) Committed Exposure (MM's) Debt Service Coverage (DSC)* Loan / Value* Mini-Storage Warehouses 26.3$ 43.7$ 1.36 58.7% Other CRE Types 10.0$ 29.7$ 1.95 43.8% Retail (inc Single-Tenant) 11.8$ 18.3$ 1.32 67.0% Warehouse / Industrial 10.7$ 18.3$ 2.04 55.2% Office 3.0$ 8.7$ 1.43 66.8% Misc CRE (Church, etc.) 0.5$ 2.7$ 1.39 39.0% Multi-Family 2.3$ 2.3$ 1.40 32.5% Hotels -$ -$ 0.00 0.0% Strip Center, Non-Anchored -$ -$ 0.00 0.0% Strip Center, Anchored -$ -$ 0.00 0.0% Total Investor CRE Loans 64.6$ 123.7$ 1.60 55.5% FL 7% GA 35% SC 4% NC 19% Others 35% Equipment Finance Portfolio 26 • Total loans were $1.29 billion, or 6.3% of the Bank’s total portfolio • The overall average loan size was $50.8 thousand • Loan production totaled $199.6 million in 4Q23.

Appendix

The average FICO score on new loans was 739 • 30 - 89 day accruing past due loans were 1.01% of total loans; non - performing loans were stable at 0.41% of total loans • The portion of the ACL attributed to the Equipment Finance division totaled $51.6 million, or 4.01% of loans • Continued tightening underwriting of certain products in an effort to lower loss exposure Highlights (in millions) $1,021 $1,115 $1,175 $1,210 $1,287 $189 $197 $168 $157 $200 $- $200 $400 $600 $800 $1,000 $1,200 4Q22 1Q23 2Q23 3Q23 4Q23 Total Loans (MM's) Quarterly Originations (MM's) 0.85% 0.95% 1.03% 0.85% 1.01% 0.92% 0.87% 0.65% 0.39% 0.41% 0.25% 0.35% 0.45% 0.55% 0.65% 0.75% 0.85% 0.95% 1.05% 1.15% 4Q22 1Q23 2Q23 3Q23 4Q23 30+ Accruing Past Dues Non-Performing Loans 28 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 4Q22 2023 2022 Net Income $ 65,934 $ 80,115 $ 82,221 $ 269,105 346,540$ Adjustment items Merger and conversion charges - - 235 - 1,212 Gain on sale of mortgage servicing rights - - (1,672) - (1,356) Servicing right impairment (recovery) - - - - (21,824) Gain on BOLI proceeds - - - (486) (55) FDIC special assessment 11,566 - - 11,566 - Natural disaster expenses - - - - 151 Gain on sale of premises (1,903) - - (1,903) (45) Tax effect of adjustment items (2,029) - 302 (2,029) 4,792 After tax adjustment items 7,634 - (1,135) 7,148 (17,125) Adjusted Net Income $ 73,568 $ 80,115 $ 81,086 $ 276,253 $ 329,415 Weighted average number of shares - diluted 69,014,793 68,994,247 69,395,224 69,104,158 69,419,721 Net income per diluted share $ 0.96 $ 1.16 $ 1.18 $ 3.89 $ 4.99 Adjusted net income per diluted share $ 1.07 $ 1.16 $ 1.17 $ 4.00 $ 4.75 Average assets 25,341,990 25,525,913 24,354,979 25,404,873 23,644,754 Return on average assets 1.03% 1.25% 1.34% 1.06% 1.47% Adjusted return on average assets 1.15% 1.25% 1.32% 1.09% 1.39% Average common equity 3,383,554 3,324,960 3,168,320 3,313,361 3,083,081 Average tangible common equity 2,277,810 2,214,775 2,039,094 2,200,883 1,947,222 Return on average common equity 7.73% 9.56% 10.30% 8.12% 11.24% Adjusted return on average tangible common equity 12.81% 14.35% 15.78% 12.55% 16.92% For the quarter For the year to date period 29 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 2023 2022 Adjusted Noninterest Expense Total noninterest expense 149,011$ 141,446$ 148,403$ 139,421$ 135,061$ 578,281$ 560,655$ Adjustment items: Merger and conversion charges - - - - (235) - (1,212) FDIC special assessment (11,566) - - - - (11,566) - Natural disaster expenses - - - - - - (151) Gain on sale of premises 1,903 - - - - 1,903 45 Adjusted noninterest expense 139,348$ 141,446$ 148,403$ 139,421$ 134,826$ 568,618$ 559,337$ Total Revenue Net interest income 206,101$ 207,751$ 209,540$ 211,652$ 224,137$ 835,044$ 801,026$ Noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424 Total revenue 262,349$ 270,932$ 276,889$ 267,702$ 272,485$ 1,077,872$ 1,085,450$ Adjusted Total Revenue Net interest income (TE) 207,048$ 208,701$ 210,488$ 212,587$ 225,092$ 838,824$ 804,895$ Noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424 Total revenue (TE) 263,296$ 271,882$ 277,837$ 268,637$ 273,440$ 1,081,652$ 1,089,319$ Adjustment items: (Gain) loss on securities 288 16 6 (6) (3) 304 (203) Gain on BOLI proceeds - - - (486) - (486) (55) Gain on sale of mortgage servicing rights - - - - (1,672) - (1,356) Servicing right impairment (recovery) - - - - - - (21,824) Adjusted total revenue (TE) 263,584$ 271,898$ 277,843$ 268,145$ 271,765$ 1,081,470$ 1,065,881$ Efficiency ratio 56.80% 52.21% 53.60% 52.08% 49.57% 53.65% 51.65% Adjusted efficiency ratio (TE) 52.87% 52.02% 53.41% 51.99% 49.61% 52.58% 52.48% Year to DateQuarter to Date

30 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 Total shareholders' equity 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 87,949 92,375 96,800 101,488 106,194 Total tangible shareholders' equity 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ Period end number of shares 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 Book value per share (period end) 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ Tangible book value per share (period end) 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ Total assets $ 25,203,699 $ 25,697,830 $ 25,800,618 $ 26,088,384 $ 25,053,286 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 87,949 92,375 96,800 101,488 106,194 Total tangible assets 24,100,104$ 24,589,809$ 24,688,172$ 24,971,250$ 23,931,446$ Equity to Assets 13.60% 13.02% 12.73% 12.47% 12.76% Tangible Common Equity to Tangible Assets 9.64% 9.11% 8.80% 8.55% 8.67% Quarter to Date 31 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 4Q23 4Q22 Net income 65,934$ 80,115$ 62,635$ 60,421$ 82,221$ 269,105$ 346,540$ Plus: Income taxes 24,452 24,912 20,335 18,131 22,313 87,830 106,558 Provision for credit losses 22,952 24,459 45,516 49,729 32,890 142,656 71,697 Pre-tax pre-provision net revenue (PPNR) 113,338$ 129,486$ 128,486$ 128,281$ 137,424$ 499,591$ 524,795$ Average Assets $ 25,341,990 $ 25,525,913 $ 25,631,846 $ 25,115,927 $ 24,354,979 $25,404,873 $23,644,754 Return on Average Assets (ROA) 1.03% 1.25% 0.98% 0.98% 1.34% 1.06% 1.47% PPNR ROA 1.77% 2.01% 2.01% 2.07% 2.24% 1.97% 2.22% Quarter to Date Year to Date

32 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Total shareholders' equity 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,023,071 1,023,056 1,022,345 1,012,620 928,005 928,005 Other intangibles, net 87,949 92,375 96,800 101,488 106,194 110,903 115,613 120,757 125,938 60,396 63,783 Total tangible shareholders' equity 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ Period end number of shares 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,352,709 69,360,461 69,439,084 69,609,228 69,635,435 69,767,209 Book value per share (period end) 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ 44.31$ 43.31$ 42.62$ 41.66$ 40.66$ Tangible book value per share (period end) 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 27.89$ 26.84$ 26.26$ 27.46$ 26.45$ 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 4Q18 Total shareholders' equity 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ 2,437,150$ 2,469,582$ 2,420,723$ 1,537,121$ 1,495,584$ 1,456,347$ Less: Goodwill 928,005 928,005 928,005 928,005 931,947 931,637 911,488 501,140 501,308 503,434 Other intangibles, net 67,848 71,974 76,164 80,354 85,955 91,586 97,328 52,437 55,557 58,689 Total tangible shareholders' equity 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ 1,419,248$ 1,446,359$ 1,411,907$ 983,544$ 938,719$ 894,224$ Period end number of shares 69,713,426 69,541,481 69,490,546 69,461,968 69,441,274 69,503,833 69,593,833 47,261,584 47,585,309 47,499,941 Book value per share (period end) 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ 35.53$ 34.78$ 32.52$ 31.43$ 30.66$ Tangible book value per share (period end) 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ 20.81$ 20.29$ 20.81$ 19.73$ 18.83$ As of As of Ameris Bancorp Press Release & Financial Highlights December 31, 2023