false000035156900003515692023-10-262023-10-26

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2023

 

 

Ameris Bancorp

(Exact name of Registrant as Specified in Its 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:

☐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

 

The Nasdaq Global 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 October 26, 2023, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended September 30, 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 October 27, 2023 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 October 26, 2023

 

 

99.2

Investor Presentation re: 3rd Quarter 2023 Results

 

 

104

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

 

 

 

SIGNATURES

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

 

 

 

 

Date:

October 26, 2023

By:

/s/ Nicole S. Stokes

 

 

 

Nicole S. Stokes

 

 

 

Chief Financial Officer

 

 

Exhibit 99.1 

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2023

Highlights of Ameris's results for the third quarter of 2023 include the following:

  • Net income of $80.1 million, or $1.16 per diluted share
  • Return on average assets ("ROA") of 1.25%
  • Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.01%
  • Growth in tangible book value(1) of $0.96 per share, or 12.2% annualized, to $32.38 at September 30, 2023
  • Increase in the allowance for credit losses to 1.44% of loans, from 1.33% at June 30, 2023, due to forecasted economic conditions, particularly related to commercial real estate price levels
  • Adjusted efficiency ratio(1) of 52.02%, compared with 53.41% in the second quarter of 2023
  • Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis points to 0.27% at September 30, 2023, compared with 0.30% at June 30, 2023
  • Net interest margin of 3.54% for the third quarter of 2023
  • Cyclical decline in loans of $270.7 million, with the loan to deposit ratio improving to 98%
  • Growth in total deposits of $147.2 million, or 2.9% annualized
  • TCE ratio(1) of 9.11%, compared with 8.80% at June 30, 2023 and 8.75% one year ago

ATLANTA, Oct. 26, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $80.1 million, or $1.16 per diluted share, for the quarter ended September 30, 2023, compared with $92.6 million, or $1.34 per diluted share, for the quarter ended September 30, 2022.

For the year-to-date period ending September 30, 2023, the Company reported net income of $203.2 million, or $2.94 per diluted share, compared with $264.3 million, or $3.81 per diluted share, for the same period in 2022. The year-to-date period ending September 30, 2023 included a provision for credit losses of $119.7 million, compared with $38.8 million for the same period in 2022. The year-to-date period ending September 30, 2022 included a recovery of servicing right impairment of $21.8 million, with no such recovery in the same period in 2023.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are proud of another strong quarter, highlighted by core fundamentals and capital growth, which will continue to serve us well as we move into 2024. The profitability of our Company remains solid with an ROA of 1.25%, PPNR ROA of over 2%, net interest margin of 3.54% and efficiency ratio of just over 52%. We grew core deposits, tangible book value and improved our allowance for loan loss coverage ratio, all of which strengthened our balance sheet during the quarter. All of these things, combined with our focus on controlled growth, position us well for the remainder of 2023 and moving into 2024."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $208.7 million in the third quarter of 2023, a decrease of $1.8 million, or 0.8%, from last quarter and $5.2 million, or 2.4%, compared with the third quarter of 2022. The Company's net interest margin was 3.54% for the third quarter of 2023, down from 3.60% reported for the second quarter of 2023 and 3.97% reported for the third quarter of 2022. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.

Yields on earning assets increased ten basis points during the quarter to 5.62%, compared with 5.52% in the second quarter of 2023, and increased 125 basis points from 4.37% in the third quarter of 2022. Yields on loans increased to 5.81% during the third quarter of 2023, compared with 5.66% for the second quarter of 2023 and 4.62% for the third quarter of 2022.

Loan production in the banking division during the third quarter of 2023 was $621.0 million, with weighted average yields of 9.49%, compared with $544.3 million and 9.35%, respectively, in the second quarter of 2023 and $1.12 billion and 6.26%, respectively, in the third quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.2 billion during the third quarter of 2023, with weighted average yields of 7.28%, compared with $4.7 billion and 6.83%, respectively, during the second quarter of 2023 and $4.6 billion and 5.29%, respectively, during the third quarter of 2022.

The Company's total cost of funds was 2.24% in the third quarter of 2023, an increase of 19 basis points compared with the second quarter of 2023. Deposit costs increased 24 basis points during the third quarter of 2023 to 2.00%, compared with 1.76% in the second quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 2.64% in the second quarter of 2023 to 2.97% in the third quarter of 2023, reflecting a shift in mix to CDs and money market accounts in the rising rate environment.

Noninterest Income
Noninterest income decreased $4.2 million, or 6.2%, in the third quarter of 2023 to $63.2 million, compared with $67.3 million for the second quarter of 2023, primarily as a result of decreased mortgage banking activity, which decreased by $4.5 million, or 10.9%, to $36.3 million in the third quarter of 2023, compared with $40.7 million for the second quarter of 2023. Gain on sale spreads decreased slightly to 2.15% in the third quarter of 2023 from 2.18% for the second quarter of 2023. Total production in the retail mortgage division decreased $157.2 million, or 11.8%, to $1.18 billion in the third quarter of 2023, compared with $1.33 billion for the second quarter of 2023. The retail mortgage open pipeline was $623.9 million at the end of the third quarter of 2023, compared with $652.1 million for the second quarter of 2023. Other noninterest income decreased $749,000, or 5.2%, to $13.6 million in the third quarter of 2023, compared with $14.3 million for the second quarter of 2023, primarily resulting from a decrease in gain on debt redemption of $905,000.

Noninterest Expense
Noninterest expense decreased $7.0 million, or 4.7%, to $141.4 million during the third quarter of 2023, compared with $148.4 million for the second quarter of 2023. The decrease in noninterest expense was driven by a decrease in problem loan expense of $2.2 million, a $1.0 million decrease in FDIC insurance costs, a $1.4 million decrease in legal and professional fees, a $1.1 million decrease in fraud/forgery and litigation resolution expenses and a decrease in variable compensation related to mortgage production of $965,000. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) decreased to 52.02% in the third quarter of 2023, compared with 53.41% in the second quarter of 2023.

Income Tax Expense
The Company's effective tax rate for the third quarter of 2023 was 23.7%, compared with 24.5% for the second quarter of 2023. The decreased rate for the third quarter of 2023 was primarily a result of decreased permanent differences related to nondeductible compensation and FDIC insurance premiums, compared with the second quarter of 2023.

Balance Sheet Trends
Total assets at September 30, 2023 were $25.70 billion, compared with $25.05 billion at December 31, 2022. Cash and cash equivalents increased 38.2% to $1.55 billion at September 30, 2023, compared with $1.12 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.42 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $345.8 million, or 2.3% annualized, to $20.20 billion at September 30, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased slightly to $381.5 million at September 30, 2023 from $392.1 million at December 31, 2022.

Investment securities decreased to $1.57 billion, or 6.6% of earning assets at the end of the third quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at December 31, 2022. The Company did not deploy excess liquidity into the securities portfolio until after rates began rising during 2022; as a result, the unrealized loss position in the Company's available-for-sale securities portfolio remains modest at just 5.2% of the portfolio.

At September 30, 2023, total deposits amounted to $20.59 billion, compared with $19.46 billion at December 31, 2022. During the third quarter of 2023, deposits grew $147.2 million, with money market and savings accounts increasing $359.6 million and retail CDs increasing $156.8 million, with such increases offset in part by a $117.3 million decrease in noninterest bearing accounts and a $252.9 million decrease in interest bearing demand accounts. 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 September 30, 2023, noninterest bearing deposit accounts represented $6.59 billion, or 32.0% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.

During the third quarter of 2023, utilizing existing liquidity, the Company reduced borrowings with the FHLB by $325.0 million and redeemed, at a discount, $2.5 million in principal amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes Due 2029.

Shareholders' equity at September 30, 2023 totaled $3.35 billion, an increase of $149.7 million, or 4.7%, from December 31, 2022. The increase in shareholders' equity was primarily the result of earnings of $203.2 million during the first nine months of 2023, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $14.3 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $2.46 per share, or 11.0% annualized, during the first nine months of 2023 to $32.38 at September 30, 2023. The Company recorded dilution of $0.21 per share, or 0.7%, to tangible book value(1) from other comprehensive loss related to the increase in net unrealized losses on the securities portfolio during this same period. Tangible common equity as a percentage of tangible assets was 9.11% at September 30, 2023, compared with 8.67% at the end of 2022.

Credit Quality
Credit quality remains strong in the Company. During the third quarter of 2023, the Company recorded a provision for credit losses of $24.5 million, compared with a provision of $45.5 million in the second quarter of 2023. The third quarter provision was primarily attributable to the updated economic forecast, partially offset by a decline in loans of $270.7 million during the quarter. Nonperforming assets as a percentage of total assets were up one basis point to 0.58% during the quarter. Approximately $80.8 million, or 53.9%, of the nonperforming assets at September 30, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets improved three basis points to 0.27% at September 30, 2023, compared with 0.30% at the second quarter of 2023. The net charge-off ratio was 23 basis points for the third quarter of 2023, compared with 28 basis points in the second quarter of 2023.

Share Repurchase Program
The Company's board of directors, on October 26, 2023, 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, 2024, 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 $13.5 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 27, 2023, 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 ID is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until November 10, 2023. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 1921240. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

(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 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.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES














Financial Highlights

Table 1

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands except per share data)

2023

2023

2023

2022

2022

2023

2022

EARNINGS












Net income

$    80,115

$    62,635

$    60,421

$    82,221

$    92,555

$  203,171

$  264,319

Adjusted net income(1)

$    80,115

$    62,635

$    59,935

$    81,086

$    91,817

$  202,685

$  248,329














COMMON SHARE DATA












Earnings per share available to common shareholders












Basic

$        1.16

$        0.91

$        0.87

$        1.19

$        1.34

$        2.94

$        3.82

Diluted

$        1.16

$        0.91

$        0.87

$        1.18

$        1.34

$        2.94

$        3.81

Adjusted diluted EPS(1)

$        1.16

$        0.91

$        0.86

$        1.17

$        1.32

$        2.93

$        3.58

Cash dividends per share

$        0.15

$        0.15

$        0.15

$        0.15

$        0.15

$        0.45

$        0.45

Book value per share (period end)

$      48.41

$      47.51

$      46.89

$      46.09

$      44.97

$      48.41

$      44.97

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

$      32.38

$      31.42

$      30.79

$      29.92

$      28.62

$      32.38

$      28.62

Weighted average number of shares












Basic

68,879,352

68,989,549

69,171,562

69,138,431

69,124,855

69,023,201

69,213,012

Diluted

68,994,247

69,034,763

69,322,664

69,395,224

69,327,414

69,129,921

69,427,522

Period end number of shares

69,138,461

69,139,783

69,373,863

69,369,050

69,352,709

69,138,461

69,352,709

Market data












High intraday price

$      45.34

$      37.18

$      50.54

$      54.24

$      50.94

$      50.54

$      55.62

Low intraday price

$      33.21

$      28.33

$      34.28

$      44.61

$      38.22

$      28.33

$      38.22

Period end closing price

$      38.39

$      34.21

$      36.58

$      47.14

$      44.71

$      38.39

$      44.71

Average daily volume

$  361,167

$  475,198

$  452,242

$  340,890

$  346,522

$  429,170

420,703














PERFORMANCE RATIOS












Return on average assets

1.25 %

0.98 %

0.98 %

1.34 %

1.56 %

1.07 %

1.51 %

Adjusted return on average assets(1)

1.25 %

0.98 %

0.97 %

1.32 %

1.54 %

1.07 %

1.42 %

Return on average common equity

9.56 %

7.63 %

7.54 %

10.30 %

11.76 %

8.26 %

11.57 %

Adjusted return on average tangible common equity(1)

14.35 %

11.53 %

11.41 %

15.78 %

18.33 %

12.46 %

17.33 %

Earning asset yield (TE)

5.62 %

5.52 %

5.25 %

4.91 %

4.37 %

5.46 %

3.94 %

Total cost of funds

2.24 %

2.05 %

1.59 %

0.94 %

0.42 %

1.96 %

0.29 %

Net interest margin (TE)

3.54 %

3.60 %

3.76 %

4.03 %

3.97 %

3.63 %

3.67 %

Efficiency ratio

52.21 %

53.60 %

52.08 %

49.57 %

50.15 %

52.64 %

52.35 %

Adjusted efficiency ratio (TE)(1)

52.02 %

53.41 %

51.99 %

49.61 %

50.12 %

52.49 %

53.46 %














CAPITAL ADEQUACY (period end)












Shareholders' equity to assets

13.02 %

12.73 %

12.47 %

12.76 %

13.10 %

13.02 %

13.10 %

Tangible common equity to tangible assets(1)

9.11 %

8.80 %

8.55 %

8.67 %

8.75 %

9.11 %

8.75 %














OTHER DATA (period end)












Full time equivalent employees












Banking Division

2,049

2,069

2,093

2,079

2,071

2,049

2,071

Retail Mortgage Division

601

613

630

633

671

601

671

Warehouse Lending Division

8

8

8

8

9

8

9

SBA Division

33

35

39

39

40

33

40

Premium Finance Division

78

76

78

76

77

78

77

Total Ameris Bancorp FTE headcount

2,769

2,801

2,848

2,835

2,868

2,769

2,868














Branch locations

164

164

164

164

164

164

164

Deposits per branch location

$  125,551

$  124,653

$  121,326

$  118,675

$  118,701

$  125,551

$  118,701

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES





Income Statement

Table 2

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands except per share data)

2023

2023

2023

2022

2022

2023

2022

Interest income












Interest and fees on loans

$     304,699

$     292,012

$     271,964

$     250,263

$     216,400

$     868,675

$     584,706

Interest on taxable securities

14,754

15,915

14,300

13,029

10,324

44,969

21,627

Interest on nontaxable securities

331

339

339

358

363

1,009

818

Interest on deposits in other banks

10,769

13,686

9,113

9,984

7,188

33,568

13,024

Interest on federal funds sold

—

—

—

8

27

—

69

Total interest income

330,553

321,952

295,716

273,642

234,302

948,221

620,244














Interest expense












Interest on deposits

102,999

88,087

53,182

33,071

14,034

244,268

23,034

Interest on other borrowings

19,803

24,325

30,882

16,434

7,287

75,010

20,321

Total interest expense

122,802

112,412

84,064

49,505

21,321

319,278

43,355














Net interest income

207,751

209,540

211,652

224,137

212,981

628,943

576,889














Provision for loan losses

30,095

43,643

49,376

24,648

17,469

123,114

27,962

Provision for unfunded commitments

(5,634)

1,873

346

8,246

192

(3,415)

10,980

Provision for other credit losses

(2)

—

7

(4)

(9)

5

(135)

Provision for credit losses

24,459

45,516

49,729

32,890

17,652

119,704

38,807

Net interest income after provision for credit losses

183,292

164,024

161,923

191,247

195,329

509,239

538,082














Noninterest income












Service charges on deposit accounts

12,092

11,295

10,936

11,125

11,168

34,323

33,374

Mortgage banking activity

36,290

40,742

31,392

22,855

40,350

108,424

162,049

Other service charges, commissions and fees

1,221

975

971

968

970

3,167

2,907

Gain (loss) on securities

(16)

(6)

6

3

(21)

(16)

200

Other noninterest income

13,594

14,343

12,745

13,397

12,857

40,682

37,546

Total noninterest income

63,181

67,349

56,050

48,348

65,324

186,580

236,076














Noninterest expense












Salaries and employee benefits

81,898

81,336

80,910

75,196

78,697

244,144

244,523

Occupancy and equipment

12,745

12,522

12,986

12,905

12,983

38,253

38,456

Data processing and communications expenses

12,973

13,451

13,034

12,486

12,015

39,458

36,742

Credit resolution-related expenses(1)

(1,360)

848

435

372

126

(77)

(343)

Advertising and marketing

2,723

2,627

3,532

3,818

3,553

8,882

8,663

Amortization of intangible assets

4,425

4,688

4,706

4,709

4,710

13,819

15,035

Merger and conversion charges

—

—

—

235

—

—

977

Other noninterest expenses

28,042

32,931

23,818

25,340

27,494

84,791

81,541

Total noninterest expense

141,446

148,403

139,421

135,061

139,578

429,270

425,594














Income before income tax expense

105,027

82,970

78,552

104,534

121,075

266,549

348,564

Income tax expense

24,912

20,335

18,131

22,313

28,520

63,378

84,245

Net income

$       80,115

$       62,635

$       60,421

$       82,221

$       92,555

$     203,171

$     264,319














Diluted earnings per common share

$          1.16

$          0.91

$          0.87

$          1.18

$          1.34

$          2.94

$          3.81














(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)

2023

2023

2023

2022

2022

Assets








Cash and due from banks

$     241,137

$     284,552

$     266,400

$     284,567

$     269,193

Federal funds sold and interest-bearing deposits in banks

1,304,636

1,034,578

1,754,453

833,565

1,061,975

Debt securities available-for-sale, at fair value

1,424,081

1,460,356

1,496,836

1,500,060

1,255,149

Debt securities held-to-maturity, at amortized cost

141,859

142,513

134,175

134,864

130,214

Other investments

104,957

109,656

146,715

110,992

60,560

Loans held for sale

381,466

391,472

395,096

392,078

297,987










Loans, net of unearned income

20,201,079

20,471,759

19,997,871

19,855,253

18,806,856

Allowance for credit losses

(290,104)

(272,071)

(242,658)

(205,677)

(184,891)

Loans, net

19,910,975

20,199,688

19,755,213

19,649,576

18,621,965










Other real estate owned

3,397

6,170

1,502

843

843

Premises and equipment, net

217,564

218,662

218,878

220,283

222,694

Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,023,071

Other intangible assets, net

92,375

96,800

101,488

106,194

110,903

Cash value of bank owned life insurance

393,769

391,483

389,201

388,405

386,533

Other assets

465,968

449,042

412,781

416,213

372,570

Total assets

$ 25,697,830

$ 25,800,618

$ 26,088,384

$ 25,053,286

$ 23,813,657










Liabilities








Deposits








Noninterest-bearing

$  6,589,610

$  6,706,897

$  7,297,893

$  7,929,579

$  8,343,200

Interest-bearing

14,000,735

13,736,228

12,599,562

11,533,159

11,123,719

Total deposits

20,590,345

20,443,125

19,897,455

19,462,738

19,466,919

Other borrowings

1,209,553

1,536,989

2,401,327

1,875,736

725,664

Subordinated deferrable interest debentures

129,817

129,319

128,820

128,322

127,823

Other liabilities

421,046

406,555

407,587

389,090

374,181

Total liabilities

22,350,761

22,515,988

22,835,189

21,855,886

20,694,587










Shareholders' Equity








Preferred stock

—

—

—

—

—

Common stock

72,514

72,515

72,484

72,264

72,247

Capital stock

1,942,852

1,939,865

1,937,664

1,935,211

1,932,906

Retained earnings

1,484,424

1,414,742

1,362,512

1,311,258

1,239,477

Accumulated other comprehensive income (loss), net of tax

(60,818)

(50,618)

(35,581)

(46,507)

(50,734)

Treasury stock

(91,903)

(91,874)

(83,884)

(74,826)

(74,826)

Total shareholders' equity

3,347,069

3,284,630

3,253,195

3,197,400

3,119,070

Total liabilities and shareholders' equity

$ 25,697,830

$ 25,800,618

$ 26,088,384

$ 25,053,286

$ 23,813,657










Other Data








Earning assets

$ 23,558,078

$ 23,610,334

$ 23,925,146

$ 22,826,812

$ 21,612,741

Intangible assets

1,108,021

1,112,446

1,117,134

1,121,840

1,133,974

Interest-bearing liabilities

15,340,105

15,402,536

15,129,709

13,537,217

11,977,206

Average assets

25,525,913

25,631,846

25,115,927

24,354,979

23,598,465

Average common shareholders' equity

3,324,960

3,293,049

3,250,289

3,168,320

3,123,718

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES





Asset Quality Information

Table 4

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands)

2023

2023

2023

2022

2022

2023

2022

Allowance for Credit Losses












Balance at beginning of period

$  326,783

$  295,497

$  258,163

$  229,135

$  216,703

$  258,163

$  200,981














Adoption of ASU 2022-02

—

—

(1,711)

—

—

(1,711)

—














Provision for loan losses

30,095

43,643

49,376

24,648

17,469

123,114

27,962

Provision for unfunded commitments

(5,634)

1,873

346

8,246

192

(3,415)

10,980

Provision for other credit losses

(2)

—

7

(4)

(9)

5

(135)

Provision for credit losses

24,459

45,516

49,729

32,890

17,652

119,704

38,807














Charge-offs

19,488

20,670

14,956

8,371

9,272

55,114

24,704

Recoveries

7,426

6,440

4,272

4,509

4,052

18,138

14,051

Net charge-offs (recoveries)

12,062

14,230

10,684

3,862

5,220

36,976

10,653














Ending balance

$  339,180

$  326,783

$  295,497

$  258,163

$  229,135

$  339,180

$  229,135














Allowance for loan losses

$  290,104

$  272,071

$  242,658

$  205,677

$  184,891

$  290,104

$  184,891

Allowance for unfunded commitments

48,996

54,630

52,757

52,411

44,165

48,996

44,165

Allowance for other credit losses

80

82

82

75

79

80

79

Total allowance for credit losses

$  339,180

$  326,783

$  295,497

$  258,163

$  229,135

$  339,180

$  229,135














Net  Charge-off Information












Charge-offs












Commercial, financial and agricultural

$    16,519

$    13,316

$    12,233

$     5,108

$      4,722

$    42,068

$    13,527

Consumer

948

2,052

1,140

1,136

1,228

4,140

3,790

Indirect automobile

36

65

34

86

50

135

179

Premium Finance

1,951

1,848

1,421

1,812

1,205

5,220

3,640

Real estate - construction and development

—

—

—

27

—

—

—

Real estate - commercial and farmland

—

3,320

—

196

2,014

3,320

3,378

Real estate - residential

34

69

128

6

53

231

190

Total charge-offs

19,488

20,670

14,956

8,371

9,272

55,114

24,704

Recoveries












Commercial, financial and agricultural

4,745

3,545

2,043

2,072

2,201

10,333

7,882

Consumer

203

194

297

217

277

694

665

Indirect automobile

158

225

216

229

276

599

816

Premium Finance

1,639

1,680

1,382

1,682

1,023

4,701

3,383

Real estate - construction and development

74

472

100

223

96

646

669

Real estate - commercial and farmland

371

61

44

48

96

476

177

Real estate - residential

236

263

190

38

83

689

459

Total recoveries

7,426

6,440

4,272

4,509

4,052

18,138

14,051

Net charge-offs (recoveries)

$    12,062

$    14,230

$    10,684

$     3,862

$      5,220

$    36,976

$    10,653














Non-Performing Assets












Nonaccrual portfolio loans

$    53,806

$    57,025

$    68,028

$    65,221

$    64,055

$    53,806

$    64,055

Other real estate owned

3,397

6,170

1,502

843

843

3,397

843

Repossessed assets

22

9

25

28

60

22

60

Accruing loans delinquent 90 days or more

11,891

13,424

15,792

17,865

12,378

11,891

12,378

Non-performing portfolio assets

$    69,116

$    76,628

$    85,347

$    83,957

$    77,336

$    69,116

$    77,336

Serviced GNMA-guaranteed mortgage nonaccrual loans

80,752

69,655

74,999

69,587

54,621

80,752

54,621

Total non-performing assets

$  149,868

$  146,283

$  160,346

$  153,544

$  131,957

$  149,868

$  131,957














Asset Quality Ratios












Non-performing portfolio assets as a percent of total assets

0.27 %

0.30 %

0.33 %

0.34 %

0.32 %

0.27 %

0.32 %

Total non-performing assets as a percent of total assets

0.58 %

0.57 %

0.61 %

0.61 %

0.55 %

0.58 %

0.55 %

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

0.23 %

0.28 %

0.22 %

0.08 %

0.11 %

0.25 %

0.08 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2023

2023

2023

2022

2022

Loans by Type








Commercial, financial and agricultural

$  2,632,836

$  2,718,831

$  2,722,180

$  2,679,403

$  2,245,287

Consumer

259,797

307,486

349,775

384,037

162,345

Indirect automobile

47,108

63,231

83,466

108,648

137,183

Mortgage warehouse

852,823

1,147,413

958,418

1,038,924

980,342

Municipal

497,093

510,410

505,515

509,151

516,797

Premium Finance

1,007,334

988,731

947,257

1,023,479

1,062,724

Real estate - construction and development

2,236,686

2,217,744

2,144,605

2,086,438

2,009,726

Real estate - commercial and farmland

7,865,389

7,815,779

7,721,732

7,604,868

7,516,309

Real estate - residential

4,802,013

4,702,134

4,564,923

4,420,305

4,176,143

Total loans

$ 20,201,079

$ 20,471,759

$ 19,997,871

$ 19,855,253

$ 18,806,856










Loans by Risk Grade








Grades 1 through 5 - Pass

$ 19,812,895

$ 20,114,816

$ 19,654,232

$ 19,513,726

$ 18,483,046

Grade 6 - Other assets especially mentioned

187,449

171,035

116,345

104,614

110,408

Grade 7 - Substandard

200,735

185,908

227,294

236,913

213,402

Grade 8 - Doubtful

—

—

—

—

—

Grade 9 - Loss

—

—

—

—

—

Total loans

$ 20,201,079

$ 20,471,759

$ 19,997,871

$ 19,855,253

$ 18,806,856

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES





Average Balances

Table 6

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands)

2023

2023

2023

2022

2022

2023

2022

Earning Assets












Federal funds sold

$             —

$             —

$             —

$           924

$         5,000

$             —

$       14,176

Interest-bearing deposits in banks

864,028

998,609

859,614

1,009,935

1,394,529

907,433

2,325,188

Debt securities - taxable

1,548,647

1,582,076

1,586,404

1,451,861

1,242,811

1,572,237

935,313

Debt securities - nontaxable

40,896

42,580

43,052

44,320

45,730

42,168

38,249

Other investments

101,517

117,020

131,044

83,730

51,209

116,419

49,556

Loans held for sale

464,452

577,606

490,295

371,952

471,070

510,690

835,418

Loans

20,371,689

20,164,938

19,820,749

19,212,560

18,146,083

20,121,143

16,951,566

Total Earning Assets

$ 23,391,229

$ 23,482,829

$ 22,931,158

$ 22,175,282

$ 21,356,432

$ 23,270,090

$ 21,149,466














Deposits












Noninterest-bearing deposits

$  6,655,191

$  6,729,789

$  7,136,373

$  8,138,887

$  8,259,625

$  6,838,618

$  7,960,149

NOW accounts

3,661,701

3,949,850

4,145,991

3,621,454

3,701,045

3,917,476

3,693,828

MMDA

5,527,731

5,002,590

4,994,195

5,161,047

5,026,815

5,176,794

5,117,528

Savings accounts

915,678

1,009,749

1,005,614

1,010,966

1,030,298

976,684

1,003,995

Retail CDs

2,200,413

2,024,014

1,612,325

1,450,037

1,506,761

1,947,739

1,657,193

Brokered CDs

1,441,854

1,393,206

125,133

—

—

991,554

—

Total Deposits

20,402,568

20,109,198

19,019,631

19,382,391

19,524,544

19,848,865

19,432,693

Non-Deposit Funding












Federal funds purchased and securities sold under agreements to repurchase

—

—

—

1

92

—

1,974

FHLB advances

943,855

1,408,855

1,968,811

918,228

94,357

1,436,753

64,130

Other borrowings

312,572

316,626

361,445

377,056

376,942

330,035

398,898

Subordinated deferrable interest debentures

129,554

129,056

128,557

128,060

127,560

129,059

127,066

Total Non-Deposit Funding

1,385,981

1,854,537

2,458,813

1,423,345

598,951

1,895,847

592,068

Total Funding

$ 21,788,549

$ 21,963,735

$ 21,478,444

$ 20,805,736

$ 20,123,495

$ 21,744,712

$ 20,024,761

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES





Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands)

2023

2023

2023

2022

2022

2023

2022

Interest Income












Federal funds sold

$            —

$             —

$             —

$               8

$             27

$             —

$             69

Interest-bearing deposits in banks

10,769

13,686

9,113

9,984

7,188

33,568

13,024

Debt securities - taxable

14,754

15,915

14,300

13,029

10,324

44,969

21,627

Debt securities - nontaxable (TE)

418

430

429

454

459

1,277

1,035

Loans held for sale

7,460

8,398

7,007

5,519

6,012

22,865

24,180

Loans (TE)

298,102

284,471

265,802

245,603

211,223

848,375

563,223

Total Earning Assets

$    331,503

$     322,900

$     296,651

$     274,597

$     235,233

$     951,054

$     623,158














Interest Expense












Interest-Bearing Deposits












NOW accounts

$      17,255

$       18,003

$       15,033

$        8,564

$         3,733

$       50,291

$         5,803

MMDA

45,683

35,224

27,809

20,683

8,613

108,716

12,460

Savings accounts

1,791

2,296

1,288

654

360

5,375

633

Retail CDs

19,013

14,751

7,629

3,170

1,328

41,393

4,138

Brokered CDs

19,257

17,813

1,423

—

—

38,493

—

Total Interest-Bearing Deposits

102,999

88,087

53,182

33,071

14,034

244,268

23,034

Non-Deposit Funding












Federal funds purchased and securities sold under agreements to repurchase

—

—

—

—

—

—

4

FHLB advances

12,543

17,222

22,448

8,801

527

52,213

909

Other borrowings

3,821

3,902

5,349

4,953

4,655

13,072

14,256

Subordinated deferrable interest debentures

3,439

3,201

3,085

2,680

2,105

9,725

5,152

Total Non-Deposit Funding

19,803

24,325

30,882

16,434

7,287

75,010

20,321

Total Interest-Bearing Funding

$    122,802

$     112,412

$       84,064

$       49,505

$       21,321

$     319,278

$       43,355














Net Interest Income (TE)

$    208,701

$     210,488

$     212,587

$     225,092

$     213,912

$     631,776

$     579,803

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES














Yields(1)

Table 8

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

2023

2023

2023

2022

2022

2023

2022

Earning Assets












Federal funds sold

— %

— %

— %

3.43 %

2.14 %

— %

0.65 %

Interest-bearing deposits in banks

4.94 %

5.50 %

4.30 %

3.92 %

2.04 %

4.95 %

0.75 %

Debt securities - taxable

3.78 %

4.03 %

3.66 %

3.56 %

3.30 %

3.82 %

3.09 %

Debt securities - nontaxable (TE)

4.06 %

4.05 %

4.04 %

4.06 %

3.98 %

4.05 %

3.62 %

Loans held for sale

6.37 %

5.83 %

5.80 %

5.89 %

5.06 %

5.99 %

3.87 %

Loans (TE)

5.81 %

5.66 %

5.44 %

5.07 %

4.62 %

5.64 %

4.44 %

Total Earning Assets

5.62 %

5.52 %

5.25 %

4.91 %

4.37 %

5.46 %

3.94 %














Interest-Bearing Deposits












NOW accounts

1.87 %

1.83 %

1.47 %

0.94 %

0.40 %

1.72 %

0.21 %

MMDA

3.28 %

2.82 %

2.26 %

1.59 %

0.68 %

2.81 %

0.33 %

Savings accounts

0.78 %

0.91 %

0.52 %

0.26 %

0.14 %

0.74 %

0.08 %

Retail CDs

3.43 %

2.92 %

1.92 %

0.87 %

0.35 %

2.84 %

0.33 %

Brokered CDs

5.30 %

5.13 %

4.61 %

— %

— %

5.19 %

— %

Total Interest-Bearing Deposits

2.97 %

2.64 %

1.82 %

1.17 %

0.49 %

2.51 %

0.27 %

Non-Deposit Funding












Federal funds purchased and securities sold under agreements to repurchase

— %

— %

— %

— %

— %

— %

0.27 %

FHLB advances

5.27 %

4.90 %

4.62 %

3.80 %

2.22 %

4.86 %

1.90 %

Other borrowings

4.85 %

4.94 %

6.00 %

5.21 %

4.90 %

5.30 %

4.78 %

Subordinated deferrable interest debentures

10.53 %

9.95 %

9.73 %

8.30 %

6.55 %

10.07 %

5.42 %

Total Non-Deposit Funding

5.67 %

5.26 %

5.09 %

4.58 %

4.83 %

5.29 %

4.59 %

Total Interest-Bearing Liabilities

3.22 %

2.96 %

2.38 %

1.55 %

0.71 %

2.86 %

0.48 %














Net Interest Spread

2.40 %

2.56 %

2.87 %

3.36 %

3.66 %

2.60 %

3.46 %














Net Interest Margin(2)

3.54 %

3.60 %

3.76 %

4.03 %

3.97 %

3.63 %

3.67 %














Total Cost of Funds(3)

2.24 %

2.05 %

1.59 %

0.94 %

0.42 %

1.96 %

0.29 %

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



(2) Rate calculated based on average earning assets.



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



AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES














Non-GAAP Reconciliations


























Adjusted Net Income

Table 9A

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands except per share data)

2023

2023

2023

2022

2022

2023

2022

Net income available to common shareholders

$     80,115

$     62,635

$     60,421

$    82,221

$     92,555

$   203,171

$  264,319














Adjustment items:












Merger and conversion charges

—

—

—

235

—

—

977

(Gain) loss on sale of MSR

—

—

—

(1,672)

316

—

316

Servicing right impairment (recovery)

—

—

—

—

(1,332)

—

(21,824)

Gain on BOLI proceeds

—

—

(486)

—

(55)

(486)

(55)

Natural disaster expenses

—

—

—

—

151

—

151

(Gain) loss on bank premises

—

—

—

—

—

—

(45)

Tax effect of adjustment items (Note 1)

—

—

—

302

182

—

4,490

After tax adjustment items

—

—

(486)

(1,135)

(738)

(486)

(15,990)

Adjusted net income

$     80,115

$     62,635

$     59,935

$    81,086

$     91,817

$   202,685

$  248,329














Weighted average number of shares - diluted

68,994,247

69,034,763

69,322,664

69,395,224

69,327,414

69,129,921

69,427,522

Net income per diluted share

$        1.16

$        0.91

$        0.87

$        1.18

$        1.34

$         2.94

$       3.81

Adjusted net income per diluted share

$        1.16

$        0.91

$        0.86

$        1.17

$        1.32

$         2.93

$       3.58














Average assets

$  25,525,913

$  25,631,846

$  25,115,927

$  24,354,979

$  23,598,465

$  25,426,064

$  23,405,411

Return on average assets

1.25 %

0.98 %

0.98 %

1.34 %

1.56 %

1.07 %

1.51 %

Adjusted return on average assets

1.25 %

0.98 %

0.97 %

1.32 %

1.54 %

1.07 %

1.42 %














Average common equity

$ 3,324,960

$ 3,293,049

$ 3,250,289

$   3,168,320

$ 3,123,718

$ 3,289,706

$   3,054,356

Average tangible common equity

$ 2,214,775

$ 2,178,323

$ 2,130,856

$   2,039,094

$ 1,987,385

$ 2,174,958

$   1,916,262

Return on average common equity

9.56 %

7.63 %

7.54 %

10.30 %

11.76 %

8.26 %

11.57 %

Adjusted return on average tangible common equity

14.35 %

11.53 %

11.41 %

15.78 %

18.33 %

12.46 %

17.33 %














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 nine months ended September 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

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands)

2023

2023

2023

2022

2022

2023

2022

Adjusted Noninterest Expense












Total noninterest expense

$  141,446

$  148.403

$  139,421

$  135,061

$  139,578

$  429,270

$  425,594

Adjustment items:












Merger and conversion charges

—

—

—

(235)

—

—

(977)

Natural disaster expenses

—

—

—

—

(151)

—

(151)

Gain (loss) on bank premises

—

—

—

—

—

—

45

Adjusted noninterest expense

$  141,446

$  148.403

$  139,421

$  134,826

$  139,427

$  429,270

$  424,511














Total Revenue












Net interest income

$  207,751

$  209,540

$  211,652

$  224,137

$  212,981

$  628,943

$  576,889

Noninterest income

63,181

67,349

56,050

48,348

65,324

186,580

236,076

Total revenue

$  270,932

$  276,889

$  267,702

$  272,485

$  278,305

$  815,523

$  812,965














Adjusted Total Revenue












Net interest income (TE)

$  208,701

$  210,488

$  212,587

$  225,092

$  213,912

$  631,776

$  579,803

Noninterest income

63,181

67,349

56,050

48,348

65,324

186,580

236,076

Total revenue (TE)

271,882

277,837

268,637

273,440

279,236

818,356

815,879

Adjustment items:












(Gain) loss on securities

16

6

(6)

(3)

21

16

(200)

(Gain) loss on sale of MSR

—

—

—

(1,672)

316

—

316

Gain on BOLI proceeds

—

—

(486)

—

(55)

(486)

(55)

Servicing right impairment (recovery)

—

—

—

—

(1,332)

—

(21,824)

Adjusted total revenue (TE)

$  271,898

$  277,843

$  268,145

$  271,765

$  278,186

$  817,886

$  794,116














Efficiency ratio

52.21 %

53.60 %

52.08 %

49.57 %

50.15 %

52.64 %

52.35 %

Adjusted efficiency ratio (TE)

52.02 %

53.41 %

51.99 %

49.61 %

50.12 %

52.49 %

53.46 %














Tangible Book Value Per Share

Table 9C

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands except per share data)

2023

2023

2023

2022

2022

2023

2022

Total shareholders' equity

$    3,347,069

$   3,284,630

$    3,253,195

$   3,197,400

$    3,119,070

$     3,347,069

$     3,119,070

Less:












Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,023,071

1,015,646

1,023,071

Other intangibles, net

92,375

96,800

101,488

106,194

110,903

92,375

110,903

Total tangible shareholders' equity

$     2,239,048

$    2,172,184

$     2,136,061

$    2,075,560

$    1,985,096

$    2,239,048

$     1,985,096














Period end number of shares

69,138,461

69,139,783

69,373,863

69,369,050

69,352,709

69,138,461

69,352,709

Book value per share (period end)

$     48.41

$     47.51

$      46.89

$     46.09

$     44.97

$      48.41

$     44.97

Tangible book value per share (period end)

$     32.38

$     31.42

$      30.79

$     29.92

$     28.62

$      32.38

$     28.62

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES





Non-GAAP Reconciliations (continued)




Tangible Common Equity to Tangible Assets

Table 9D

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands except per share data)

2023

2023

2023

2022

2022

2023

2022

Total shareholders' equity

$ 3,347,069

$ 3,284,630

$ 3,253,195

$ 3,197,400

$ 3,119,070

$ 3,347,069

$ 3,119,070

Less:












Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,023,071

1,015,646

1,023,071

Other intangibles, net

92,375

96,800

101,488

106,194

110,903

92,375

110,903

Total tangible shareholders' equity

$ 2,239,048

$ 2,172,184

$ 2,136,061

$ 2,075,560

$ 1,985,096

$ 2,239,048

$ 1,985,096














Total assets

$ 25,697,830

$  25,800,618

$  26,088,384

$  25,053,286

$  23,813,657

$   25,697,830

$   23,813,657

Less:












Goodwill

1,015,646

1,015,646

1,015,646

1,015,646

1,023,071

1,015,646

1,023,071

Other intangibles, net

92,375

96,800

101,488

106,194

110,903

92,375

110,903

Total tangible assets

$  24,589,809

$  24,688,172

$  24,971,250

$   23,931,446

$   22,679,683

$   24,589,809

$   22,679,683














Equity to Assets

13.02 %

12.73 %

12.47 %

12.76 %

13.10 %

13.02 %

13.10 %

Tangible Common Equity to Tangible Assets

9.11 %

8.80 %

8.55 %

8.67 %

8.75 %

9.11 %

8.75 %














PPNR ROA

Table 9E

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands except per share data)

2023

2023

2023

2022

2022

2023

2022

Net income

$    80,115

$    62,635

$    60,421

$    82,221

$    92,555

$  203,171

$  264,319

Plus:












Income taxes

24,912

20,335

18,131

22,313

28,520

63,378

84,245

Provision for credit losses

24,459

45,516

49,729

32,890

17,652

119,704

38,807

PPNR

$  129,486

$  128,486

$  128,281

$  137,424

$  138,727

$  386,253

$  387,371














Average Assets

$  25,525,913

$  25,631,846

$  25,115,927

$  24,354,979

$  23,598,465

$  25,426,064

$  23,405,411














Return on Average Assets (ROA)

1.25 %

0.98 %

0.98 %

1.34 %

1.56 %

1.07 %

1.51 %

PPNR ROA

2.01 %

2.01 %

2.07 %

2.24 %

2.33 %

2.03 %

2.21 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES





Segment Reporting

Table 10

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands)

2023

2023

2023

2022

2022

2023

2022

Banking Division












Net interest income

$  167,595

$  171,441

$  175,328

$  185,909

$  174,507

$  514,364

$  460,374

Provision for credit losses

20,833

40,831

47,140

35,946

10,551

108,804

25,952

Noninterest income

26,245

24,652

23,898

23,448

23,269

74,795

68,102

Noninterest expense












Salaries and employee benefits

56,226

55,196

56,442

52,296

48,599

167,864

144,527

Occupancy and equipment expenses

11,437

11,175

11,606

11,482

11,357

34,218

33,599

Data processing and telecommunications expenses

11,786

11,898

11,797

11,085

10,779

35,481

32,872

Other noninterest expenses

20,274

27,643

19,023

21,811

22,974

66,940

64,142

Total noninterest expense

99,723

105,912

98,868

96,674

93,709

304,503

275,140

Income before income tax expense

73,284

49,350

53,218

76,737

93,516

175,852

227,384

Income tax expense

18,283

13,312

12,848

16,545

22,706

44,443

58,822

Net income

$    55,001

$    36,038

$    40,370

$    60,192

$    70,810

$  131,409

$  168,562














Retail Mortgage Division












Net interest income

$    22,805

$    21,417

$    20,027

$    19,837

$    19,283

$    64,249

$    59,357

Provision for credit losses

2,399

3,278

2,853

(2,778)

9,043

8,530

15,129

Noninterest income

35,691

39,808

31,058

24,011

38,584

106,557

158,028

Noninterest expense












Salaries and employee benefits

21,231

21,930

20,160

19,164

25,813

63,321

88,646

Occupancy and equipment expenses

1,182

1,224

1,283

1,242

1,460

3,689

4,337

Data processing and telecommunications expenses

1,052

1,397

1,069

1,203

1,082

3,518

3,377

Other noninterest expenses

12,153

11,859

11,747

11,126

11,641

35,759

37,098

Total noninterest expense

35,618

36,410

34,259

32,735

39,996

106,287

133,458

Income before income tax expense

20,479

21,537

13,973

13,891

8,828

55,989

68,798

Income tax expense

4,301

4,523

2,934

2,916

1,854

11,758

14,448

Net income

$    16,178

$    17,014

$    11,039

$    10,975

$      6,974

$    44,231

$    54,350














Warehouse Lending Division












Net interest income

$      6,008

$      6,166

$      5,700

$      6,601

$      6,979

$    17,874

$    20,126

Provision for credit losses

(589)

411

(194)

117

(1,836)

(372)

(1,191)

Noninterest income

662

1,404

480

579

1,516

2,546

3,958

Noninterest expense












Salaries and employee benefits

924

772

802

427

1,055

2,498

1,546

Occupancy and equipment expenses

1

—

1

1

1

2

3

Data processing and telecommunications expenses

30

44

46

49

43

120

138

Other noninterest expenses

219

223

202

191

209

644

639

Total noninterest expense

1,174

1,039

1,051

668

1,308

3,264

2,326

Income before income tax expense

6,085

6,120

5,323

6,395

9,023

17,528

22,949

Income tax expense

1,278

1,285

1,118

1,342

1,895

3,681

4,820

Net income

$      4,807

$      4,835

$      4,205

$      5,053

$      7,128

$    13,847

$    18,129

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES














Segment Reporting (continued)

Table 10

Three Months Ended

Nine  Months Ended

Sep

Jun

Mar

Dec

Sep

Sep

Sep

(dollars in thousands)

2023

2023

2023

2022

2022

2023

2022

SBA Division












Net interest income

$      1,962

$      2,331

$      1,957

$      2,491

$      2,424

$      6,250

$    12,233

Provision for credit losses

1,677

424

(104)

265

52

1,997

(614)

Noninterest income

579

1,476

605

302

1,946

2,660

5,963

Noninterest expense












Salaries and employee benefits

1,209

1,316

1,309

1,306

1,412

3,834

3,999

Occupancy and equipment expenses

36

40

37

98

82

113

262

Data processing and telecommunications expenses

32

46

37

30

29

115

86

Other noninterest expenses

157

333

422

368

100

912

1,019

Total noninterest expense

1,434

1,735

1,805

1,802

1,623

4,974

5,366

Income before income tax expense

(570)

1,648

861

726

2,695

1,939

13,444

Income tax expense

(120)

346

181

153

566

407

2,823

Net income

$       (450)

$      1,302

$         680

$         573

$      2,129

$      1,532

$    10,621














Premium Finance Division












Net interest income

$      9,381

$      8,185

$      8,640

$      9,299

$      9,788

$    26,206

$    24,799

Provision for credit losses

139

572

34

(660)

(158)

745

(469)

Noninterest income

4

9

9

8

9

22

25

Noninterest expense












Salaries and employee benefits

2,308

2,122

2,197

2,003

1,818

6,627

5,805

Occupancy and equipment expenses

89

83

59

82

83

231

255

Data processing and telecommunications expenses

73

66

85

119

82

224

269

Other noninterest expenses

1,027

1,036

1,097

978

959

3,160

2,975

Total noninterest expense

3,497

3,307

3,438

3,182

2,942

10,242

9,304

Income before income tax expense

5,749

4,315

5,177

6,785

7,013

15,241

15,989

Income tax expense

1,170

869

1,050

1,357

1,499

3,089

3,332

Net income

$      4,579

$      3,446

$      4,127

$      5,428

$      5,514

$    12,152

$    12,657














Total Consolidated












Net interest income

$  207,751

$  209,540

$  211,652

$  224,137

$  212,981

$  628,943

$  576,889

Provision for credit losses

24,459

45,516

49,729

32,890

17,652

119,704

38,807

Noninterest income

63,181

67,349

56,050

48,348

65,324

186,580

236,076

Noninterest expense












Salaries and employee benefits

81,898

81,336

80,910

75,196

78,697

244,144

244,523

Occupancy and equipment expenses

12,745

12,522

12,986

12,905

12,983

38,253

38,456

Data processing and telecommunications expenses

12,973

13,451

13,034

12,486

12,015

39,458

36,742

Other noninterest expenses

33,830

41,094

32,491

34,474

35,883

107,415

105,873

Total noninterest expense

141,446

148,403

139,421

135,061

139,578

429,270

425,594

Income before income tax expense

105,027

82,970

78,552

104,534

121,075

266,549

348,564

Income tax expense

24,912

20,335

18,131

22,313

28,520

63,378

84,245

Net income

$    80,115

$    62,635

$    60,421

$    82,221

$    92,555

$  203,171

$  264,319



CONTACT: Nicole S. Stokes, Chief Financial Officer, (404) 240-1514

Slide 1

3rd Quarter 2023 Results Investor Presentation Exhibit 99.2

Slide 2

Cautionary Statements 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 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.  

Slide 3

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 13% 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 are in MSAs which grew at least 2x the national average over the last 15 years Charlotte MSA Tampa MSA Orlando MSA

Slide 4

Ameris Profile Focus on Shareholder Value 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

Slide 5

3rd Quarter 2023 Financial Results

Slide 6

3Q 2023 Operating Highlights Net income of $80.1 million, or $1.16 per diluted share PPNR ROA(1) of 2.01% for 3Q23 Adjusted efficiency ratio(1) of 52.02% TCE ratio(1) of 9.11% Nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis points to 0.27% Increase in allowance for credit losses to 1.44% of total loans due to economic model, particularly forecasted future declines in commercial real estate pricing Net interest margin of 3.54% reflecting favorable deposit mix with noninterest bearing deposits representing 32.0% of total deposits at September 30, 2023 Interest bearing deposit costs increased 33 basis points in 3Q23, compared with an 82 basis point increase in 2Q23 Total deposit growth of $147.2 million, or 2.9% annualized Reduction in FHLB advances of $325.0 million, or 26.6%, during the quarter 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

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2023 YTD Operating Highlights Net income of $203.2 million, or $2.94 per diluted share PPNR ROA(1) of 2.03% Growth in tangible book value(1) of $2.46 per share, or 11.0% annualized, to $32.38 Adjusted efficiency ratio(1) of 52.49% Net interest margin of 3.63% Organic loan growth of $345.8 million, or 2.3% annualized Total deposit growth of $1.13 billion, or 7.7% annualized Reduction in FHLB Advances of $600.1 million Increase in allowance for credit losses to 1.44% of total loans at September 30, 2023, compared with 1.04% at December 31, 2022, due to economic forecast, particularly commercial real estate price levels Redemption of $75 million in floating rate (was 8.39%) subordinated notes due 2027 and repurchase (at a discount) and redemption of $11.0 million aggregate principal of 4.25% fixed-to-floating subordinated notes due 2029 YTD 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

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Financial Highlights 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 3Q23 2Q23 Change   3Q22 Change 2023 2022 Change Net Interest Income $ 207,751 $ 209,540 -1% $ 212,981 -2% $ 628,943 $ 576,889 9% Noninterest Income $ 63,181 $ 67,349 -6% $ 65,324 -3% $ 186,580 $ 236,076 -21% Provision for Credit Losses $ 24,459 $ 45,516 -46% $ 17,652 39% $ 119,704 $ 38,807 208% Noninterest Expense $ 141,446 $ 148,403 -5% $ 139,578 1% $ 429,270 $ 425,594 1% Net Income $ 80,115 $ 62,635 28% $ 92,555 -13% $ 203,171 $ 264,319 -23% Net Income Per Diluted Share $ 1.16 $ 0.91 27% $ 1.34 -13% $ 2.94 $ 3.81 -23% Return on Average Assets 1.25% 0.98% 27% 1.56% -20% 1.07% 1.51% -29% Return on Average Equity 9.56% 7.63% 25% 11.76% -19% 8.26% 11.57% -29% Efficiency Ratio 52.21% 53.60% -3% 50.15% 4% 52.64% 52.35% 1% Net Interest Margin 3.54% 3.60% -2% 3.97% -11% 3.63% 3.67% -1% Adjusted Net Income(1) $ 80,115 $ 62,635 28% $ 91,817 -13% $ 202,685 $ 248,329 -18% Adjusted Net Income Per Diluted Share(1) $ 1.16 $ 0.91 27% $ 1.32 -12% $ 2.93 $ 3.58 -18% Adjusted Return on Assets(1) 1.25% 0.98% 27% 1.54% -19% 1.07% 1.42% -25% Adjusted Return on TCE(1) 14.35% 11.53% 24% 18.33% -22% 12.46% 17.33% -28% Adjusted Efficiency Ratio(1) 52.02% 53.41% -3% 50.12% 4% 52.49% 53.46% -2% Organic Loan Growth $ (270,680) $ 473,888 -157% $ 1,245,834 -122% $ 345,826 $ 2,932,598 -88% Organic Loan Growth Rate(2) -5.29% 9.48% -156% 28.38% -119% 2.32% 24.63% -91% Portfolio NPAs/Assets(3) 0.27% 0.30% -9% 0.32% -17% 0.27% 0.32% -17% Total NPAs/Assets 0.58% 0.57% 3% 0.55% 5% 0.58% 0.55% 5%

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Strong Net Interest Margin Banking Division Loan Production Details Period Fixed Rate Variable Rate Total 3Q23 $ 247.0 10.69% $ 374.0 8.69% $621.0 9.49% 2Q23 $ 341.7 9.87% $ 202.5 8.47% $554.3 9.35% 1Q23 $ 339.8 9.40% $ 223.2 7.68% $563.0 8.72% Above peer group margin at 3.54% Net interest income (TE) of $208.7 million in 3Q23, compared with $210.5 million in 2Q23: Interest income (TE) increased $8.6 million Interest expense increased $10.4 million Average earning assets decreased $91.6 million Total deposit costs up 24bp in 3Q23, compared with a 63bp increase in 2Q23 Noninterest bearing deposits remain above historic levels and were 32.0% of total deposits at quarter end Average FHLB advances down $465.0 million during the quarter Spread Income and Margin

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Diversified Revenue Stream 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 13% of total revenue in 3Q23 Purchase business remained at 85% in 3Q23 due to strong core relationships with builders and realtors Approximately 86% of the net interest income included in mortgage revenue is related to portfolio loans generated from the mortgage division Gain on sale margin continues to improve from historic low in 4Q22 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 sale of SBA Loans

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Disciplined Expense Control Adjusted Operating Expenses(1) and Efficiency Ratio(1) OPEX Highlights Management continues to deliver high performing operating efficiency Adjusted efficiency ratio of 52.02% in 3Q23, compared with 53.41% in 2Q23 Total adjusted operating expenses decreased $7.0 million in 3Q23 compared with 2Q23: Decrease of $6.2 million in 3Q23 banking division operating expenses primarily due to: $2.1 million decrease in credit resolution-related expenses $1.6 million decrease in legal and professional fees $1.0 million decrease in FDIC insurance $1.5 million net decrease in fraud/forgery and litigation resolution expenses Net decrease of $768,000 in 3Q23 lines of business operating expenses due to variable compensation related to production increases Disciplined expense control throughout the Company with identified cost savings utilized to fund future technology and innovation costs 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

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Balance Sheet Trends Asset sensitivity is moderating as the FOMC nears the end of its tightening cycle: -0.3% asset sensitivity in -100bps -0.1% asset sensitivity in -50bps 0.1% asset sensitivity in +50bps 0.2% asset sensitivity in +100bps Approximately $7.2 billion, or 35%, of loans are variable rate Approximately $9.7 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 29% 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 $78 million at September 30, 2023, representing approximately 5% of book value 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 9.11% at September 30, 2023 Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet Repurchase plan announced in October 2023 of $100 million

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Proven Liquidity Plan At September 30, 2023 $ in millions Total Available Amount Used Net Availability Internal Sources Cash $ 1,546 $ - $ 1,546 Unpledged Securities 677 - 677 External Sources FHLB 5,421 1,798 3,623 FRB Discount Window 2,635 - 2,635 Brokered Deposits 2,853 1,567 1,286 Other 127 - 127 Total Liquidity $ 13,259 $ 3,365 $ 9,894 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 117% coverage for uninsured deposits and approximately 161% coverage for non-collateralized uninsured deposits No single depositor represents more than 1% of total deposits Uninsured and uncollateralized deposits represent 29.7% of total deposits Sources of Liquidity Solid Liquidity Plan

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Strong Core Deposit Base Deposit Highlights Noninterest bearing deposits remained strong at 32% of total deposits Total deposits increased $147.2 million in 3Q23 compared with 2Q23 Noninterest-bearing deposits decreased $117.3 million, or 1.7% MMDA and savings increased $359.6 million, or 5.7% CDs increased $157.8 million, or 4.4% Brokered CDs were minimally changed during the quarter Deposit Type Balance (in 000s) Count Average per account (in 000’s) NIB 6,589,610 297,584 22.1 NOW 3,607,856 44,984 80.2 MMDA 5,818,896 31,177 186.6 Savings 830,402 65,249 12.7 CD 3,743,581 41,018 91.3 Total 20,590,345 480,012 42.9 Deposits by Product Type

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Capital and TBV CAGR 13% Proven Stewards of Shareholder Value Management focused on long term growth in TBV(1), such that over the past five years TBV has grown by 13% annualized TBV increased $0.96 per share in 3Q23: $1.01 from retained earnings ($0.15) from impact of OCI $0.10 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 CAGR 13% Equipment Finance Acquisition LION Acquisition CECL Adoption

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Loan Diversification and Credit Quality

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Diversified Loan Portfolio 3Q23 Loan Portfolio Loan portfolio is well diversified across loan types and geographies CRE and C&D concentrations were 283% and 79%, respectively, at 3Q23 Non-owner occupied office loans totaled $1.45 billion at 3Q23, or 7.2% of total loans Continued strong asset quality metrics during 3Q23 as evidenced by a lower volume of Non-Performing loans, net of GNMA-backed mortgage loans Reserve increased to 1.44% of total loans during 3Q23 to account for forecasted 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 Total Loans $20.2 Billion

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Loan Production vs Growth 3Q23 loan production was spread across many product lines, continuing to contribute to portfolio diversification Overall, 3Q23 production exhibited a 19% decrease from 2Q23. Loan balance decline in 3Q23 was primarily driven by lower seasonal volume of Mortgage Warehouse loans *Loan production reflects committed balance total, excluding Mortgage Warehouse production; loan portfolio growth reflects quarter-over-quarter loan ending balances. 4Q22 loan growth includes acquired loans of $472.3 million. (in millions)

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Loan Balance Changes 3Q23 Loan Balance Changes Loan balances were $270.7 million lower in 3Q23, primarily the result of a $294.6 million decrease in Mortgage Warehouse loans YTD, total loan growth was $345.8 million, or 2.3% annualized through 3Q23 C&D growth was primarily driven by advances on existing commercial construction loans (in millions)

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Allowance for Credit Losses Increase in reserve during 3Q23 due to forecasted economic conditions The ACL on loans totaled $290.1 million at 3Q23, a net increase of $18.0 million, or 6.6% from 2Q23 The reserve for unfunded commitments totaled $49.0 million, a decrease of $5.6 million, or 10.3%, primarily due to lower unfunded balances During 3Q23, recorded a provision expense of $24.5 million The ACL on loans equated to 1.44% of total loans at 3Q23, compared with 1.33% at 2Q23 The total ACL on loans + unfunded commitments was $339.1 million, or 1.33% 3Q23 CECL Reserve Reserve Summary (in millions)

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Allowance for Credit Losses 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 increase from 2Q23 of $14.5 million The blended ALLL % for those two categories was 1.64% at 3Q23 The negative forecast for home prices resulted in a $2.0 million increase in the ALLL for residential mortgage loans (RE – RES) 3Q23 CECL Reserve by Loan Type Reserve Summary Reserve Methodology Moody’s September 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 using Baseline scenario

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NPA / Charge-Off Trend Net of GNMA-guaranteed mortgage loans, NPAs declined as a percentage of total assets to 0.27% at 3Q23 vs 0.30% at 2Q23 Total NPAs increased $3.6 million, to $149.9 million, primarily as a result of: $11.1 million increase in 90+ past due GNMA-guaranteed mortgage loans Charge-off of $3.2 million in remaining pre-acquisition nonaccrual loans in the Equipment Finance division $2.8 million net decrease in OREO due to the sale of our largest OREO property Net charge-offs totaled $12.1 million, which equated to an annualized NCO ratio of 0.23% Included in 3Q23 charge-offs were $3.2 million of pre-acquisition, nonaccrual loans in the Equipment Finance division that were 100% reserved at the acquisition date Excluding those acquired loans, net charge-offs totaled $8.9 million, or 0.17% annualized Non-Performing Assets (NPAs) Net Charge-Offs ($ in millions)

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Problem Loan Trends Total classified loans, excluding GNMA-guaranteed mortgage loans, increased $3.8 million Total criticized loans (including special mention), excluding GNMA-guaranteed mortgage loans, increased $20.2 million Nonperforming loans, excluding GNMA-guaranteed mortgage loans, decreased $4.7 million, primarily the result of collection efforts and upgrades The watch list totaling $388.2 million is primarily comprised of the following loan types: Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA-guaranteed loans

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Investor CRE Loans 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 0.15% and NPAs 0.07%

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Office Portfolio 86% of non-owner occupied office loans are located in MSAs in the Bank’s primary footprint; overall, the average vacancy was ~10% Central Business District (CBD) locations represent 7% of non-owner occupied properties; Charleston, SC and Tampa, FL represent the two largest CBD MSAs (66% of total CBD properties) The portion of the ACL apportioned to non-owner occupied office loans was 1.52% * Results based on loans > $1 million, or 95% of total loans Non-owner occupied office loans totaled $1.45 billion of outstanding balances and $1.68 billion of total committed exposure at 3Q23 As a percentage of total loans outstanding and committed exposure, non-owner occupied office loans were 7.2% and 6.6%, respectively 66% are comprised of Class A, Essential-Use Facility or Medical Office Building (MOB) Highlights 24

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Commercial Real Estate Production 3Q23 Commercial Real Estate Production Summary: 3Q23 Residential Construction Production Summary: 3Q23 production of C&D and CRE loans - $381.8 million in total committed exposure Residential real estate construction: Spec/model to pre-sold ratio of 0.5:1 Investor CRE 3Q23 production: Production totaled $58.1 million Weighted average 1.55:1 debt service coverage Weighted average 52.4% loan/value Summary of CRE production by collateral state: Highlights

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Equipment Finance Portfolio Total loans were $1.2 billion, or 6.0% of Ameris’s total portfolio The overall average loan size was $48.3 thousand Loan production totaled $156.7 million in 3Q23. The average FICO score for new production in 3Q23 was 738 30-89 day accruing past due loans were 0.85% of total loans; non-performing loans continue to decline and totaled 0.39% of total loans The remaining pre-acquisition, fully reserved non-performing loans, totaling $3.2 million, were charged-off during 3Q23 The portion of the ACL attributed to the Equipment Finance division totaled $40.1 million, or 3.30% of loans Highlights (in millions)

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Appendix

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Reconciliation of GAAP to Non-GAAP Measures

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Reconciliation of GAAP to Non-GAAP Measures

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Reconciliation of GAAP to Non-GAAP Measures

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Reconciliation of GAAP to Non-GAAP Measures

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Ameris Bancorp Press Release & Financial Highlights September 30, 2023

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Oct. 26, 2023
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Document Period End Date Oct. 26, 2023
Entity Registrant Name Ameris Bancorp
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Entity Tax Identification Number 58-1456434
Entity Address, Address Line One 3490 Piedmont Road N.E.
Entity Address, Address Line Two Suite 1550
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Entity Address, State or Province GA
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Local Phone Number 639-6500
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Title of 12(b) Security Common Stock, par value $1.00 per share
Trading Symbol ABCB
Security Exchange Name NASDAQ
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