Ameris Bancorp Announces Financial Results for Third Quarter 2024

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

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

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

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

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

Net Interest Income and Net Interest Margin

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

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

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

Noninterest Income

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

Noninterest Expense

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

Income Tax Expense

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

Balance Sheet Trends

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

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

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

Credit Quality

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

Share Repurchase Program

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

Conference Call

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

About Ameris Bancorp

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

(1)

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

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

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Financial Highlights

Table 1

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2024

2023

2024

2023

EARNINGS

Net income

99,212

90,785

74,312

65,934

80,115

264,309

203,171

Adjusted net income(1)

95,187

80,763

75,612

73,568

80,115

251,562

202,685

COMMON SHARE DATA

Earnings per share available to common shareholders

Basic

1.44

1.32

1.08

0.96

1.16

3.84

2.94

Diluted

1.44

1.32

1.08

0.96

1.16

3.83

2.94

Adjusted diluted EPS(1)

1.38

1.17

1.10

1.07

1.16

3.64

2.93

Cash dividends per share

0.15

0.45

Book value per share (period end)

53.30

51.64

50.42

49.62

48.41

53.30

48.41

Tangible book value per share (period end)(1)

37.51

35.79

34.52

33.64

32.38

37.51

32.38

Weighted average number of shares

Basic

68,798,093

68,824,150

68,808,393

68,824,004

68,879,352

68,811,727

69,023,201

Diluted

69,066,298

69,013,834

69,014,116

69,014,793

68,994,247

69,031,666

69,129,921

Period end number of shares

69,067,019

69,066,573

69,115,263

69,053,341

69,138,461

69,067,019

69,138,461

Market data

High intraday price

65.40

51.18

53.99

53.84

45.34

65.40

50.54

Low intraday price

48.21

44.23

44.00

34.26

33.21

44.00

28.33

Period end closing price

62.39

50.35

48.38

53.05

38.39

62.39

38.39

Average daily volume

379,896

301,784

407,898

390,190

361,167

362,808

429,170

PERFORMANCE RATIOS

Return on average assets

1.49

1.41

1.18

1.03

1.25

1.36

1.07

Adjusted return on average assets(1)

1.43

1.25

1.20

1.15

1.25

1.30

1.07

Return on average common equity

10.91

10.34

8.63

7.73

9.56

9.98

8.26

Adjusted return on average tangible common equity(1)

14.99

13.35

12.88

12.81

14.35

13.77

12.46

Earning asset yield (TE)

5.81

5.86

5.73

5.69

5.62

5.80

5.46

Total cost of funds

2.50

2.48

2.41

2.32

2.24

2.46

1.96

Net interest margin (TE)

3.51

3.58

3.51

3.54

3.53

3.63

Efficiency ratio

53.49

51.68

55.64

56.80

52.21

53.52

52.64

Adjusted efficiency ratio (TE)(1)

54.25

55.00

54.56

52.87

52.02

54.61

52.49

CAPITAL ADEQUACY (period end)

Shareholders' equity to assets

13.94

13.45

13.58

13.60

13.02

13.94

13.02

Tangible common equity to tangible assets(1)

10.24

9.72

9.71

9.64

9.11

10.24

9.11

OTHER DATA (period end)

Full time equivalent employees

Banking Division

2,056

2,073

2,082

2,088

2,082

2,056

2,082

Retail Mortgage Division

592

595

596

595

601

592

601

Warehouse Lending Division

Premium Finance Division

Total Ameris Bancorp FTE headcount

2,733

2,751

2,759

2,765

2,769

2,733

2,769

Branch locations

164

Deposits per branch location

133,410

130,757

128,033

126,271

125,551

133,410

125,551

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Income Statement

Table 2

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2024

2023

2024

2023

Interest income

Interest and fees on loans

325,622

317,664

303,393

303,487

304,699

946,679

868,675

Interest on taxable securities

15,555

16,948

13,092

14,033

14,754

45,595

44,969

Interest on nontaxable securities

336

335

330

326

331

1,001

1,009

Interest on deposits in other banks

13,633

12,376

12,637

14,368

10,769

38,646

33,568

Total interest income

355,146

347,323

329,452

332,214

330,553

1,031,921

948,221

Interest expense

Interest on deposits

129,698

121,245

118,174

111,749

102,999

369,117

244,268

Interest on other borrowings

11,388

14,157

9,890

14,364

19,803

35,435

75,010

Total interest expense

141,086

135,402

128,064

126,113

122,802

404,552

319,278

Net interest income

214,060

211,921

201,388

206,101

207,751

627,369

628,943

Provision for loan losses

6,313

25,348

25,523

30,401

30,095

57,184

123,114

Provision for unfunded commitments

(204

)

(6,570

)

(4,422

)

(7,438

)

(5,634

)

(11,196

)

(3,415

)

Provision for other credit losses

)

(11

)

Provision for credit losses

6,107

18,773

21,105

22,952

24,459

45,985

119,704

Net interest income after provision for credit losses

207,953

193,148

180,283

183,149

183,292

581,384

509,239

Noninterest income

Service charges on deposit accounts

12,918

12,672

11,759

12,252

12,092

37,349

34,323

Mortgage banking activity

37,947

46,399

39,430

31,461

36,290

123,776

108,424

Other service charges, commissions and fees

1,163

1,211

1,202

1,234

1,221

3,576

3,167

Gain (loss) on securities

)

12,335

)

(288

)

(16

)

12,320

(16

)

Other noninterest income

17,689

16,094

13,494

11,589

13,594

47,277

40,682

Total noninterest income

69,709

88,711

65,878

56,248

63,181

224,298

186,580

Noninterest expense

Salaries and employee benefits

88,700

88,201

82,930

75,966

81,898

259,831

244,144

Occupancy and equipment

11,716

12,559

12,885

13,197

12,745

37,160

38,253

Data processing and communications expenses

15,221

15,193

14,654

14,028

12,973

45,068

39,458

Credit resolution-related expenses(1)

(110

)

840

486

157

(1,360

)

1,216

(77

)

Advertising and marketing

4,089

3,571

2,545

2,974

2,723

10,205

8,882

Amortization of intangible assets

4,180

4,407

4,422

4,425

13,009

13,819

Other noninterest expenses

27,981

30,586

30,789

38,264

28,042

89,356

84,791

Total noninterest expense

151,777

155,357

148,711

149,011

141,446

455,845

429,270

Income before income tax expense

125,885

126,502

97,450

90,386

105,027

349,837

266,549

Income tax expense

26,673

35,717

23,138

24,452

24,912

85,528

63,378

Net income

99,212

90,785

74,312

65,934

80,115

264,309

203,171

Diluted earnings per common share

1.44

1.32

1.08

0.96

1.16

3.83

2.94

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Period End Balance Sheet

Table 3

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

Assets

Cash and due from banks

231,515

257,297

235,931

230,470

241,137

Interest-bearing deposits in banks

1,127,641

1,104,897

975,321

936,834

1,304,636

Debt securities available-for-sale, at fair value

1,441,552

1,531,047

1,414,419

1,402,944

1,424,081

Debt securities held-to-maturity, at amortized cost

161,220

148,538

147,022

141,512

141,859

Other investments

63,899

96,613

77,480

71,794

104,957

Loans held for sale

553,379

570,180

364,332

281,332

381,466

Loans, net of unearned income

20,964,981

20,992,603

20,600,260

20,269,303

20,201,079

Allowance for credit losses

(334,457

)

(336,218

)

(320,023

)

(307,100

)

(290,104

)

Loans, net

20,630,524

20,656,385

20,280,237

19,962,203

19,910,975

Other real estate owned

9,482

2,213

2,158

6,199

3,397

Premises and equipment, net

210,931

213,255

214,801

216,435

217,564

Goodwill

1,015,646

Other intangible assets, net

74,941

79,120

83,527

87,949

92,375

Cash value of bank owned life insurance

460,699

376,458

396,804

395,778

393,769

Other assets

418,353

469,079

447,767

454,603

465,968

Total assets

26,399,782

26,520,728

25,655,445

25,203,699

25,697,830

Liabilities

Deposits

Noninterest-bearing

6,670,320

6,649,220

6,538,322

6,491,639

6,589,610

Interest-bearing

15,208,945

14,794,923

14,459,068

14,216,870

14,000,735

Total deposits

21,879,265

21,444,143

20,997,390

20,708,509

20,590,345

Other borrowings

346,446

946,413

631,380

509,586

1,209,553

Subordinated deferrable interest debentures

131,811

131,312

130,814

130,315

129,817

Other liabilities

360,892

432,246

411,123

428,542

421,046

Total liabilities

22,718,414

22,954,114

22,170,707

21,776,952

22,350,761

Shareholders' Equity

Preferred stock

—

Common stock

72,698

72,697

72,683

72,516

72,514

Capital stock

1,954,532

1,950,846

1,948,352

1,945,385

1,942,852

Retained earnings

1,772,989

1,684,218

1,603,832

1,539,957

1,484,424

Accumulated other comprehensive loss, net of tax

(15,724

)

(38,020

)

(39,959

)

(35,939

)

(60,818

)

Treasury stock

(103,127

)

(103,127

)

(100,170

)

(95,172

)

(91,903

)

Total shareholders' equity

3,681,368

3,566,614

3,484,738

3,426,747

3,347,069

Total liabilities and shareholders' equity

26,399,782

26,520,728

25,655,445

25,203,699

25,697,830

Other Data

Earning assets

24,312,672

24,443,878

23,578,834

23,103,719

23,558,078

Intangible assets

1,090,587

1,094,766

1,099,173

1,103,595

1,108,021

Interest-bearing liabilities

15,687,202

15,872,648

15,221,262

14,856,771

15,340,105

Average assets

26,442,984

25,954,808

25,295,088

25,341,990

25,525,913

Average common shareholders' equity

3,618,052

3,530,869

3,462,871

3,383,554

3,324,960

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information

Table 4

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

2024

2023

Allowance for Credit Losses

Balance at beginning of period

366,852

357,232

348,727

339,180

326,783

348,727

258,163

Adoption of ASU 2022-02

—

(1,711

)

Provision for loan losses

6,313

25,348

25,523

30,401

30,095

57,184

123,114

Provision for unfunded commitments

(204

)

(6,570

)

(4,422

)

(7,438

)

(5,634

)

(11,196

)

(3,415

)

Provision for other credit losses

)

(11

)

Provision for credit losses

6,107

18,773

21,105

22,952

24,459

45,985

119,704

Charge-offs

15,352

16,845

18,457

20,104

19,488

50,654

55,114

Recoveries

7,278

7,692

5,857

6,699

7,426

20,827

18,138

Net charge-offs (recoveries)

8,074

9,153

12,600

13,405

12,062

29,827

36,976

Ending balance

364,885

366,852

357,232

348,727

339,180

364,885

339,180

Allowance for loan losses

334,457

336,218

320,023

307,100

290,104

334,457

290,104

Allowance for unfunded commitments

30,362

30,566

37,136

41,558

48,996

30,362

48,996

Allowance for other credit losses

Total allowance for credit losses

364,885

366,852

357,232

348,727

339,180

364,885

339,180

Non-Performing Assets

Nonaccrual portfolio loans

87,339

85,878

80,448

60,961

53,806

87,339

53,806

Other real estate owned

9,482

2,213

2,158

6,199

3,397

9,482

3,397

Repossessed assets

Accruing loans delinquent 90 days or more

12,234

15,909

15,811

16,988

11,891

12,234

11,891

Non-performing portfolio assets

109,074

104,022

98,446

84,165

69,116

109,074

69,116

Serviced GNMA-guaranteed mortgage nonaccrual loans

8,168

93,520

84,238

90,156

80,752

8,168

80,752

Total non-performing assets

117,242

197,542

182,684

174,321

149,868

117,242

149,868

Asset Quality Ratios

Non-performing portfolio assets as a percent of total assets

0.41

0.39

0.38

0.33

0.27

0.41

0.27

Total non-performing assets as a percent of total assets

0.44

0.74

0.71

0.69

0.58

0.44

0.58

Net charge-offs as a percent of average loans (annualized)

0.15

0.18

0.25

0.26

0.23

0.19

0.25

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

Loans by Type

Commercial, financial and agricultural

2,949,957

2,860,973

2,758,716

2,688,929

2,632,836

Consumer

210,310

217,787

232,993

241,552

259,797

Indirect automobile

10,891

16,335

24,022

34,257

47,108

Mortgage warehouse

985,910

1,070,921

891,336

818,728

852,823

Municipal

449,561

454,967

477,567

492,668

497,093

Premium Finance

1,246,452

1,151,261

998,726

946,562

1,007,334

Real estate - construction and development

2,232,114

2,336,987

2,264,346

2,129,187

2,236,686

Real estate - commercial and farmland

8,249,981

8,103,634

8,131,248

8,059,754

7,865,389

Real estate - residential

4,629,805

4,779,738

4,821,306

4,857,666

4,802,013

Total loans

20,964,981

20,992,603

20,600,260

20,269,303

20,201,079

Loans by Risk Grade

Pass

20,676,342

20,623,416

20,221,302

19,846,731

19,812,895

Other assets especially mentioned

124,479

115,477

137,225

203,725

187,449

Substandard

164,160

253,710

241,733

218,847

200,735

Total loans

20,964,981

20,992,603

20,600,260

20,269,303

20,201,079

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances

Table 6

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

2024

2023

Earning Assets

Interest-bearing deposits in banks

997,308

899,866

923,845

936,733

864,028

940,548

907,433

Investment securities - taxable

1,733,418

1,663,841

1,599,705

1,591,567

1,650,164

1,665,902

1,688,656

Investment securities - nontaxable

41,496

41,396

41,287

40,227

40,896

41,393

42,168

Loans held for sale

575,461

491,000

323,351

405,080

464,452

463,680

510,690

Loans

21,023,629

20,820,361

20,320,678

20,252,773

20,371,689

20,722,659

20,121,143

Total Earning Assets

24,371,312

23,916,464

23,208,866

23,226,380

23,391,229

23,834,182

23,270,090

Deposits

Noninterest-bearing deposits

6,622,952

6,558,427

6,403,300

6,572,190

6,655,191

6,528,572

6,838,618

NOW accounts

3,753,528

3,824,538

3,829,977

3,760,992

3,661,701

3,802,501

3,917,476

MMDA

6,508,770

6,251,719

5,952,389

5,994,361

5,527,731

6,238,615

5,176,794

Savings accounts

765,909

781,588

795,887

817,075

915,678

781,072

976,684

Retail CDs

2,478,875

2,430,416

2,378,678

2,281,357

2,200,413

2,429,505

1,947,739

Brokered CDs

1,493,352

1,167,174

1,381,382

1,122,684

1,441,854

1,347,836

991,554

Total Deposits

21,623,386

21,013,862

20,741,613

20,548,659

20,402,568

21,128,101

19,848,865

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

358,332

548,251

219,589

538,096

943,855

375,328

1,436,753

Other borrowings

298,073

307,449

308,210

311,091

312,572

304,554

330,035

Subordinated deferrable interest debentures

131,547

131,050

130,551

130,054

129,554

131,052

129,059

Total Non-Deposit Funding

787,952

986,751

658,350

979,241

1,385,981

810,934

1,895,847

Total Funding

22,411,338

22,000,613

21,399,963

21,527,900

21,788,549

21,939,035

21,744,712

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

2024

2023

Interest Income

Interest-bearing deposits in banks

13,633

12,376

12,637

14,368

10,769

38,646

33,568

Debt securities - taxable

15,555

16,948

13,092

14,033

14,754

45,595

44,969

Debt securities - nontaxable (TE)

426

423

418

413

418

1,267

1,277

Loans held for sale

9,142

8,189

5,348

6,846

7,460

22,679

22,865

Loans (TE)

317,358

310,347

298,907

297,501

298,102

926,612

848,375

Total Earning Assets

356,114

348,283

330,402

333,161

331,503

1,034,799

951,054

Interest Expense

Interest-Bearing Deposits

NOW accounts

20,535

21,020

20,574

19,293

17,255

62,129

50,291

MMDA

61,620

58,332

53,953

54,002

45,683

173,905

108,716

Savings accounts

960

984

986

974

1,791

2,930

5,375

Retail CDs

26,775

25,711

24,576

22,257

19,013

77,062

41,393

Brokered CDs

19,808

15,198

18,085

15,223

19,257

53,091

38,493

Total Interest-Bearing Deposits

129,698

121,245

118,174

111,749

102,999

369,117

244,268

Non-Deposit Funding

FHLB advances

4,443

7,167

2,578

7,089

12,543

14,188

52,213

Other borrowings

3,514

3,574

3,879

3,798

3,821

10,967

13,072

Subordinated deferrable interest debentures

3,431

3,416

3,433

3,477

3,439

10,280

9,725

Total Non-Deposit Funding

11,388

14,157

9,890

14,364

19,803

35,435

75,010

Total Interest-Bearing Funding

141,086

135,402

128,064

126,113

122,802

404,552

319,278

Net Interest Income (TE)

215,028

212,881

202,338

207,048

208,701

630,247

631,776

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields(1)

Table 8

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

2024

2023

2024

2023

Earning Assets

Interest-bearing deposits in banks

5.44

5.53

5.50

6.09

4.94

5.49

4.95

Debt securities - taxable

3.57

4.10

3.29

3.50

3.55

3.66

3.82

Debt securities - nontaxable (TE)

4.08

4.11

4.07

4.06

4.09

4.05

Loans held for sale

6.32

6.71

6.65

6.71

6.37

6.53

5.99

Loans (TE)

6.01

6.00

5.92

5.83

5.81

5.97

5.64

Total Earning Assets

5.81

5.86

5.73

5.69

5.62

5.80

5.46

Interest-Bearing Deposits

NOW accounts

2.18

2.21

2.16

2.04

1.87

2.18

1.72

MMDA

3.77

3.75

3.65

3.57

3.28

3.72

2.81

Savings accounts

0.50

0.51

0.50

0.47

0.78

0.50

0.74

Retail CDs

4.30

4.25

4.16

3.87

3.43

4.24

2.84

Brokered CDs

5.28

5.24

5.27

5.38

5.30

5.26

5.19

Total Interest-Bearing Deposits

3.44

3.37

3.31

3.17

2.97

3.38

2.51

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

4.93

5.26

4.72

5.23

5.27

5.05

4.86

Other borrowings

4.69

4.68

5.06

4.84

4.85

4.81

5.30

Subordinated deferrable interest debentures

10.38

10.48

10.58

10.61

10.53

10.48

10.07

Total Non-Deposit Funding

5.75

5.77

6.04

5.82

5.67

5.84

5.29

Total Interest-Bearing Liabilities

3.55

3.53

3.43

3.35

3.22

3.51

2.86

Net Interest Spread

2.26

2.33

2.30

2.34

2.40

2.29

2.60

Net Interest Margin(2)

3.51

3.58

3.51

3.54

3.53

3.63

Total Cost of Funds(3)

2.50

2.48

2.41

2.32

2.24

2.46

1.96

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

(2) Rate calculated based on average earning assets.

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations

Adjusted Net Income

Table 9A

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2024

2023

2024

2023

Net income available to common shareholders

99,212

90,785

74,312

65,934

80,115

264,309

203,171

Adjustment items:

Gain on sale of MSR

(5,245

)

(4,713

)

—

(9,958

)

—

Gain on conversion of Visa Class B-1 stock

—

(12,554

)

—

(12,554

)

—

Gain on BOLI proceeds

—

(466

)

(998

)

—

(1,464

)

(486

)

FDIC special assessment

—

(895

)

2,909

11,566

—

2,014

—

Natural disaster expenses

150

—

150

—

Gain on bank premises

—

(1,903

)

—

Tax effect of adjustment items (Note 1)

1,070

3,814

(611

)

(2,029

)

—

4,273

—

After tax adjustment items

(4,025

)

(14,814

)

1,300

7,634

—

(17,539

)

(486

)

Tax expense attributable to BOLI restructuring

—

4,792

—

4,792

—

Adjusted net income

95,187

80,763

75,612

73,568

80,115

251,562

202,685

Weighted average number of shares - diluted

69,066,298

69,013,834

69,014,116

69,014,793

68,994,247

69,031,666

69,129,921

Net income per diluted share

1.44

1.32

1.08

0.96

1.16

3.83

2.94

Adjusted net income per diluted share

1.38

1.17

1.10

1.07

1.16

3.64

2.93

Average assets

26,442,984

25,954,808

25,295,088

25,341,990

25,525,913

25,899,617

25,426,064

Return on average assets

1.49

1.41

1.18

1.03

1.25

1.36

1.07

Adjusted return on average assets

1.43

1.25

1.20

1.15

1.25

1.30

1.07

Average common equity

3,618,052

3,530,869

3,462,871

3,383,554

3,324,960

3,537,559

3,289,706

Average tangible common equity

2,525,421

2,433,958

2,361,544

2,277,810

2,214,775

2,440,619

2,174,958

Return on average common equity

10.91

10.34

8.63

7.73

9.56

9.98

8.26

Adjusted return on average tangible common equity

14.99

13.35

12.88

12.81

14.35

13.77

12.46

Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Adjusted Efficiency Ratio (TE)

Table 9B

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

2024

2023

Adjusted Noninterest Expense

Total noninterest expense

151,777

155,357

148,711

149,011

141,446

455,845

429,270

Adjustment items:

FDIC special assessment

—

895

(2,909

)

(11,566

)

—

(2,014

)

—

Natural disaster expenses

(150

)

—

(150

)

—

Gain on bank premises

—

1,903

—

Adjusted noninterest expense

151,627

156,252

145,802

139,348

141,446

453,681

429,270

Total Revenue

Net interest income

214,060

211,921

201,388

206,101

207,751

627,369

628,943

Noninterest income

69,709

88,711

65,878

56,248

63,181

224,298

186,580

Total revenue

283,769

300,632

267,266

262,349

270,932

851,667

815,523

Adjusted Total Revenue

Net interest income (TE)

215,028

212,881

202,338

207,048

208,701

630,247

631,776

Noninterest income

69,709

88,711

65,878

56,248

63,181

224,298

186,580

Total revenue (TE)

284,737

301,592

268,216

263,296

271,882

854,545

818,356

Adjustment items:

(Gain) loss on securities

(12,335

)

288

(12,320

)

Gain on sale of MSR

(5,245

)

(4,713

)

—

(9,958

)

—

Gain on BOLI proceeds

—

(466

)

(998

)

—

(1,464

)

(486

)

Adjusted total revenue (TE)

279,500

284,078

267,225

263,584

271,898

830,803

817,886

Efficiency ratio

53.49

51.68

55.64

56.80

52.21

53.52

52.64

Adjusted efficiency ratio (TE)

54.25

55.00

54.56

52.87

52.02

54.61

52.49

Tangible Book Value Per Share

Table 9C

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2024

2023

2024

2023

Total shareholders' equity

3,681,368

3,566,614

3,484,738

3,426,747

3,347,069

3,681,368

3,347,069

Less:

Goodwill

1,015,646

Other intangibles, net

74,941

79,120

83,527

87,949

92,375

74,941

92,375

Total tangible shareholders' equity

2,590,781

2,471,848

2,385,565

2,323,152

2,239,048

2,590,781

2,239,048

Period end number of shares

69,067,019

69,066,573

69,115,263

69,053,341

69,138,461

69,067,019

69,138,461

Book value per share (period end)

53.30

51.64

50.42

49.62

48.41

53.30

48.41

Tangible book value per share (period end)

37.51

35.79

34.52

33.64

32.38

37.51

32.38

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets

Table 9D

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2024

2023

2024

2023

Total shareholders' equity

3,681,368

3,566,614

3,484,738

3,426,747

3,347,069

3,681,368

3,347,069

Less:

Goodwill

1,015,646

Other intangibles, net

74,941

79,120

83,527

87,949

92,375

74,941

92,375

Total tangible shareholders' equity

2,590,781

2,471,848

2,385,565

2,323,152

2,239,048

2,590,781

2,239,048

Total assets

26,399,782

26,520,728

25,655,445

25,203,699

25,697,830

26,399,782

25,697,830

Less:

Goodwill

1,015,646

Other intangibles, net

74,941

79,120

83,527

87,949

92,375

74,941

92,375

Total tangible assets

25,309,195

25,425,962

24,556,272

24,100,104

24,589,809

25,309,195

24,589,809

Equity to Assets

13.94

13.45

13.58

13.60

13.02

13.94

13.02

Tangible Common Equity to Tangible Assets

10.24

9.72

9.71

9.64

9.11

10.24

9.11

PPNR ROA

Table 9E

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2024

2023

2024

2023

Net income

99,212

90,785

74,312

65,934

80,115

264,309

203,171

Plus:

Income taxes

26,673

35,717

23,138

24,452

24,912

85,528

63,378

Provision for credit losses

6,107

18,773

21,105

22,952

24,459

45,985

119,704

PPNR

131,992

145,275

118,555

113,338

129,486

395,822

386,253

Average Assets

26,442,984

25,954,808

25,295,088

25,341,990

25,525,913

25,899,617

25,426,064

Return on Average Assets (ROA)

1.49

1.41

1.18

1.03

1.25

1.36

1.07

PPNR ROA

1.99

2.25

1.89

1.77

2.01

2.04

2.03

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting

Table 10

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

2024

2023

Retail Mortgage Division

Net interest income

23,553

23,742

23,287

24,053

22,805

70,582

64,249

Provision for credit losses

254

(2,882

)

2,332

1,005

2,399

(296

)

8,530

Noninterest income

41,498

50,145

38,765

30,588

35,691

130,408

106,557

Noninterest expense

Salaries and employee benefits

23,233

25,254

21,073

16,996

21,231

69,560

63,321

Occupancy and equipment expenses

957

1,008

1,049

1,210

1,182

3,014

3,689

Data processing and telecommunications expenses

1,184

1,276

1,366

1,318

1,052

3,826

3,518

Other noninterest expenses

12,164

13,397

12,530

11,634

12,153

38,091

35,759

Total noninterest expense

37,538

40,935

36,018

31,158

35,618

114,491

106,287

Income before income tax expense

27,259

35,834

23,702

22,478

20,479

86,795

55,989

Income tax expense

5,724

7,525

4,978

4,720

4,301

18,227

11,758

Net income

21,535

28,309

18,724

17,758

16,178

68,568

44,231

Warehouse Lending Division

Net interest income

3,653

6,292

6,028

5,965

6,008

15,973

17,874

Provision for credit losses

(170

)

359

145

(68

)

(589

)

334

(372

)

Noninterest income

400

1,028

740

929

662

2,168

2,546

Noninterest expense

Salaries and employee benefits

621

1,124

888

296

924

2,633

2,498

Occupancy and equipment expenses

Data processing and telecommunications expenses

116

120

Other noninterest expenses

217

298

237

229

219

752

644

Total noninterest expense

876

1,488

1,157

579

1,174

3,521

3,264

Income before income tax expense

3,347

5,473

5,466

6,383

6,085

14,286

17,528

Income tax expense

703

1,149

1,148

1,340

1,278

3,000

3,681

Net income

2,644

4,324

4,318

5,043

4,807

11,286

13,847

Premium Finance Division

Net interest income

10,060

8,350

7,605

7,801

9,381

26,015

26,206

Provision for credit losses

457

408

(499

)

139

366

745

Noninterest income

Noninterest expense

Salaries and employee benefits

2,212

1,900

2,053

1,973

2,308

6,165

6,627

Occupancy and equipment expenses

174

231

Data processing and telecommunications expenses

102

100

264

224

Other noninterest expenses

1,140

1,095

1,028

1,057

1,027

3,263

3,160

Total noninterest expense

3,463

3,167

3,236

3,213

3,497

9,866

10,242

Income before income tax expense

6,151

4,786

4,878

4,570

5,749

15,815

15,241

Income tax expense

1,254

953

984

945

1,170

3,191

3,089

Net income

4,897

3,833

3,894

3,625

4,579

12,624

12,152

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued)

Table 10

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2024

2023

2024

2023

Banking Division

Net interest income

176,794

173,537

164,468

168,282

169,557

514,799

520,614

Provision for credit losses

5,566

20,888

19,127

21,988

22,510

45,581

110,801

Noninterest income

27,800

37,527

26,363

24,722

26,824

91,690

77,455

Noninterest expense

Salaries and employee benefits

62,634

59,923

58,916

56,701

57,435

181,473

171,698

Occupancy and equipment expenses

10,725

11,474

11,753

11,901

11,473

33,952

34,331

Data processing and telecommunications expenses

13,922

13,756

13,184

12,559

11,818

40,862

35,596

Other noninterest expenses

22,619

24,614

24,447

32,900

20,431

71,680

67,852

Total noninterest expense

109,900

109,767

108,300

114,061

101,157

327,967

309,477

Income before income tax expense

89,128

80,409

63,404

56,955

72,714

232,941

177,791

Income tax expense

18,992

26,090

16,028

17,447

18,163

61,110

44,850

Net income

70,136

54,319

47,376

39,508

54,551

171,831

132,941

Total Consolidated

Net interest income

214,060

211,921

201,388

206,101

207,751

627,369

628,943

Provision for credit losses

6,107

18,773

21,105

22,952

24,459

45,985

119,704

Noninterest income

69,709

88,711

65,878

56,248

63,181

224,298

186,580

Noninterest expense

Salaries and employee benefits

88,700

88,201

82,930

75,966

81,898

259,831

244,144

Occupancy and equipment expenses

11,716

12,559

12,885

13,197

12,745

37,160

38,253

Data processing and telecommunications expenses

15,221

15,193

14,654

14,028

12,973

45,068

39,458

Other noninterest expenses

36,140

39,404

38,242

45,820

33,830

113,786

107,415

Total noninterest expense

151,777

155,357

148,711

149,011

141,446

455,845

429,270

Income before income tax expense

125,885

126,502

97,450

90,386

105,027

349,837

266,549

Income tax expense

26,673

35,717

23,138

24,452

24,912

85,528

63,378

Net income

99,212

90,785

74,312

65,934

80,115

264,309

203,171

View source version on businesswire.com: https://www.businesswire.com/news/home/20241024644537/en/

Brady Gailey Executive Director of Corporate Development (404) 240-1517

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