Highlights of Ameris’s results for the fourth quarter of 2024
include the following:
- Net income of $94.4 million, or $1.37 per diluted share;
- Adjusted net income(1) of $95.1 million, or $1.38 per diluted
share
- Total revenue growth of 9.8% annualized
- Increase in net interest income (TE) of $7.7 million, to $222.8
million
- Positive operating leverage with efficiency ratio of 52.26% and
adjusted efficiency ratio (TE)(1) of 51.82%
- Return on average assets ("ROA") of 1.42%; adjusted ROA(1) of
1.43%
- Tangible book value(1) growth of $1.08 per share, or 11.5%
annualized, to $38.59 at December 31, 2024
- Net interest margin (TE) expansion of 13bps to 3.64% for the
fourth quarter of 2024
- Annualized net charge-offs of 0.17% of average total loans
- Increase in dividend of $0.05, or 33.3%, to $0.20 per common
share
Highlights of Ameris’s results for the full year of 2024 include
the following:
- Net income of $358.7 million, or $5.19 per diluted share;
- Adjusted net income(1) of $346.6 million, or $5.02 per diluted
share
- ROA of 1.38%; adjusted ROA(1) of 1.33%
- Tangible book value(1) growth of $4.95 per share, or 14.7%, to
$38.59 at December 31, 2024
- TCE ratio(1) of 10.59%, compared with 9.64% one year ago
- Net interest margin (TE) of 3.56% for the full year 2024
- Average earning assets growth of $709.0 million, or 3.0%
- Total deposits increase of $1.01 billion, or 4.9%, inclusive of
reduction in brokered CDs of $339.7 million
- Increase in allowance for loan losses to 1.63% of loans at
December 31, 2024 from 1.52% one year ago
- Decline in net charge-offs to 0.19% of average total loans
Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net
income of $94.4 million, or $1.37 per diluted share, for the
quarter ended December 31, 2024, compared with $65.9 million, or
$0.96 per diluted share, for the quarter ended December 31, 2023.
Excluding gain on sale of mortgage servicing rights (MSR), FDIC
special assessment, natural disaster expenses and gain/loss of bank
premises, adjusted net income(1) was $95.1 million, or $1.38 per
diluted share, for the quarter ended December 31, 2024, compared
with $73.6 million, or $1.07 per diluted share, for the quarter
ended December 31, 2023.
For the year ended December 31, 2024, the Company reported net
income of $358.7 million, or $5.19 per diluted share, compared with
$269.1 million, or $3.89 per diluted share, for the same period in
2023. The year ended December 31, 2024 included a provision for
credit losses of $58.8 million, compared with $142.7 million for
the same period in 2023.
Commenting on the Company’s results, Palmer Proctor, the
Company’s Chief Executive Officer, said, “Our fourth quarter
performance reflects a strong finish to another successful year for
Ameris. By prioritizing tangible book value growth, discipline in
balance sheet management and operational efficiency, we have
consistently delivered top-tier financial results and created
meaningful shareholder value. Our robust balance sheet, focus on
revenue growth, healthy net interest margin and commitment to
efficiency, paired with the growth potential in our expanding
Southeast markets, position us for continued success in the years
ahead."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $222.8
million in the fourth quarter of 2024, an increase of $7.7 million,
or 3.6%, from last quarter and $15.7 million, or 7.6%, compared
with the fourth quarter of 2023. The Company's net interest margin
expanded to 3.64% for the fourth quarter of 2024, a 13 basis point
increase from 3.51% reported for the third quarter of 2024 and a 10
basis point improvement from the 3.54% reported for the fourth
quarter of 2023. The increase in net interest margin is primarily
attributable to decreased deposit costs.
Net interest income on a tax-equivalent basis for the full year
2024 increased $14.2 million to $853.0 million, compared with
$838.8 million for 2023. The increase in net interest income is
primarily attributable to increased yields on a growing loan base
compared with the prior year. Interest income on a tax-equivalent
basis increased $97.9 million, while funding costs increased only
$83.7 million. The Company's net interest margin was 3.56% for
2024, compared with 3.61% for 2023.
Yields on earning assets decreased 14 basis points during the
quarter to 5.67%, compared with 5.81% in the third quarter of 2024.
This decrease is primarily related to a decrease in yields on loans
from 6.01% for the third quarter of 2024 to 5.87% during the fourth
quarter of 2024. Compared with the fourth quarter of 2023, loan
yields increased four basis points from 5.83%. Yields on earning
assets were near flat compared with the fourth quarter of 2023,
decreasing two basis points from 5.69%.
The Company’s total cost of funds was 2.22% in the fourth
quarter of 2024, a decrease of 28 and 10 basis points compared with
the third quarter of 2024 and fourth quarter of 2023, respectively.
Deposit costs decreased 27 basis points during the fourth quarter
of 2024 to 2.12%, compared with 2.39% in the third quarter of 2024.
Costs of interest-bearing deposits decreased during the quarter
from 3.44% in the third quarter of 2024 to 3.06% in the fourth
quarter of 2024, reflecting a decrease in brokered deposit account
balances and costs, as well as money market account costs.
Noninterest Income
Noninterest income decreased only slightly, by $750,000, or
1.08%, in the fourth quarter of 2024 to $69.0 million, compared
with $69.7 million for the third quarter of 2024, primarily as a
result of a cyclical decrease in the warehouse lending division.
Mortgage banking activity decreased by $1.2 million, or 3.3%, to
$36.7 million in the fourth quarter of 2024, compared with $37.9
million for the third quarter of 2024. Total production in the
retail mortgage division increased $78.2 million, or 6.8%, to $1.24
billion in the fourth quarter of 2024, compared with $1.16 billion
for the third quarter of 2024. The retail mortgage open pipeline
was $638.5 million at the end of the fourth quarter of 2024,
compared with $813.7 million for the third quarter of 2024. Gain on
sale spreads increased to 2.40% in the fourth quarter of 2024 from
2.17% for the third quarter of 2024.
Other noninterest income was roughly flat in the fourth quarter
of 2024 compared with the third quarter. Included in other
noninterest income in the fourth quarter of 2024 was a gain on sale
of mortgage servicing rights of $536,000, compared with $5.2
million for the third quarter of 2024. This decrease was partially
offset by increases in gain on sale of SBA loans and equipment
finance fee income of $3.7 million and $549,000, respectively, over
the same period.
For the full year 2024, noninterest income increased $50.4
million, or 20.8%, to $293.3 million, compared with $242.8 million
for 2023. Mortgage banking activity increased by $20.6 million, or
14.7%, to $160.5 million in 2024, compared with $139.9 million in
2023. Production in the retail mortgage division increased to $4.6
billion in 2024, compared with $4.3 billion in 2023, while gain on
sale spreads increased to 2.37% in 2024 from 2.07% in 2023. During
2024, the Company recorded a gain on conversion of Visa Class B
stock of $12.6 million and a gain on sale of MSR of $10.5 million,
with no such gains recorded in 2023. Additionally, during 2024,
income on bank owned life insurance increased $3.5 million due to
the restructuring of those policies and the gain on sale of SBA
loans increased by $2.6 million.
Noninterest Expense
The Company has remained disciplined on expense control, such
that noninterest expense was essentially flat, with $151.9 million
in expenses during the fourth quarter of 2024, compared with $151.8
million for the third quarter of 2024. During the fourth quarter of
2024, the Company recorded natural disaster expenses of $400,000, a
reduction in FDIC special assessment expense of $559,000, and a
loss on bank premises of $1.2 million. During the third quarter of
2024, the Company recorded natural disaster expenses of $150,000.
Excluding these items, adjusted expenses(1) decreased approximately
$722,000, or 0.5%, to $150.9 million in the fourth quarter of 2024
from $151.6 million in the third quarter of 2024. Management
continues to focus on operating efficiency, and the adjusted
efficiency ratio(1) improved to 51.82% in the fourth quarter of
2024, compared with 54.25% in the third quarter of 2024.
For the full year 2024, noninterest expense increased $29.5
million, or 5.1%, to $607.8 million, compared with $578.3 million
in 2023. Excluding adjustment items of $3.2 million in 2024 and
$9.7 million in 2023, adjusted expenses increased $36.0 million, or
6.3% to $604.6 million in 2024, from $568.6 million in 2023. This
increase is primarily attributable to reductions in deferred loan
origination costs and OREO gains, and increases in health insurance
and data processing expenses. Also contributing to the increase in
adjusted expenses was an increase in variable expenses related to
mortgage production.
Income Tax Expense
The Company's effective tax rate for 2024 was unchanged at
24.6%, compared with 2023. The Company's effective tax rate for the
fourth quarter of 2024 was 25.1%, compared with 21.2% for the third
quarter of 2024. The increased rate for the fourth quarter of 2024
resulted primarily from a return to provision adjustment made when
the Company filed its 2023 income tax returns in the fourth quarter
of 2024.
Balance Sheet Trends
Total assets at December 31, 2024 were $26.26 billion, compared
with $25.20 billion at December 31, 2023. Debt securities
available-for-sale increased to $1.67 billion, compared with $1.40
billion at December 31, 2023. Loans, net of unearned income,
increased $470.6 million, or 2.3%, to $20.74 billion at December
31, 2024, compared with $20.27 billion at December 31, 2023. Loans
held for sale increased to $528.6 million at December 31, 2024 from
$281.3 million at December 31, 2023.
At December 31, 2024, total deposits amounted to $21.72 billion,
compared with $20.71 billion at December 31, 2023. During the
fourth quarter of 2024, deposits declined $156.8 million, with
noninterest bearing accounts decreasing $172.0 million, retail CDs
decreasing $86.5 million and brokered CDs decreasing $832.0
million, with such decreases offset in part by money market
accounts increasing $660.0 million, a $270.2 million increase in
interest bearing demand accounts and a $3.5 million increase in
savings accounts. Noninterest bearing accounts as a percentage of
total deposits decreased slightly, such that at December 31, 2024,
noninterest bearing deposit accounts represented $6.50 billion, or
29.9% of total deposits, compared with $6.67 billion, or 30.5% of
total deposits, at September 30, 2024.
Shareholders’ equity at December 31, 2024 totaled $3.75 billion,
an increase of $324.8 million, or 9.5%, from December 31, 2023. The
increase in shareholders’ equity was primarily the result of
earnings of $358.7 million during the full year of 2024, partially
offset by dividends declared, share repurchases and an improvement
in other comprehensive loss of $5.8 million resulting from changes
in interest rates on the Company's investment portfolio. Tangible
book value per share(1) increased $4.95 per share, or 14.7%, during
the full year of 2024 to $38.59 at December 31, 2024. Tangible
common equity as a percentage of tangible assets was 10.59% at
December 31, 2024, compared with 9.64% at the end of 2023. The
Company had no repurchases of its shares in the quarter ending
December 31, 2024.
Credit Quality
During the fourth quarter of 2024, the Company recorded a
provision for credit losses of $12.8 million, increasing the
allowance for credit losses to 1.63% of loans, compared with a
provision of $6.1 million in the third quarter of 2024.
Nonperforming assets as a percentage of total assets were
relatively flat, increasing three basis points to 0.47% during the
quarter. Approximately $12.0 million, or 9.8%, of the nonperforming
assets at December 31, 2024 were GNMA-guaranteed mortgage loans,
which have minimal loss exposure. Excluding these
government-guaranteed loans, nonperforming assets as a percentage
of total assets was also relatively flat, having increased one
basis point to 0.42% at December 31, 2024, compared with 0.41% at
the end of the third quarter of 2024. The net charge-off ratio was
17 basis points for the fourth quarter of 2024, compared with 15
basis points in the third quarter of 2024.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time
on Friday, January 31, 2025, to discuss the Company's results and
answer appropriate questions. The conference call can be accessed
by dialing 1-844-481-2939. The conference call ID is Ameris
Bancorp. A replay of the call will be available beginning one hour
after the end of the conference call until February 7, 2025. To
listen to the replay, dial 1-877-344-7529. The conference replay
access code is 2270789. The financial information discussed will be
available on the Investor Relations page of the Ameris Bank website
at ir.amerisbank.com. Participants also may listen to a live
webcast of the presentation by visiting the link on the Investor
Relations page of the Ameris Bank website.
About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered
bank headquartered in Atlanta, Georgia. Ameris operates 164
financial centers across the Southeast and also serves consumer and
business customers nationwide through select lending channels.
Ameris manages $26.3 billion in assets as of December 31, 2024, and
provides a full range of traditional banking and lending products,
treasury and cash management, insurance premium financing, and
mortgage and refinancing services. Learn more about Ameris at
www.amerisbank.com.
(1) Considered non-GAAP financial measure - See reconciliation
of GAAP to non-GAAP financial measures in tables 9A - 9D.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”). The Company’s management uses these non-GAAP financial
measures in its analysis of the Company’s performance. These
measures are useful when evaluating the underlying performance and
efficiency of the Company’s operations and balance sheet. The
Company’s management believes that these non-GAAP financial
measures provide a greater understanding of ongoing operations,
enhance comparability of results with prior periods and demonstrate
the effects of significant gains and charges in the current period.
The Company’s management believes that investors may use these
non-GAAP financial measures to evaluate the Company’s financial
performance without the impact of unusual items that may obscure
trends in the Company’s underlying performance. These disclosures
should not be viewed as a substitute for financial measures
determined in accordance with GAAP, nor are they necessarily
comparable to non-GAAP financial measures that may be presented by
other companies.
This news release contains forward-looking statements, as
defined by federal securities laws, including, among other
forward-looking statements, certain plans, expectations and goals.
Words such as “may,” “believe,” “expect,” “anticipate,” “intend,”
“will,” “should,” “plan,” “estimate,” “predict,” “continue” and
“potential” or the negative of these terms or other comparable
terminology, as well as similar expressions, are meant to identify
forward-looking statements. The forward-looking statements in this
news release are based on current expectations and are provided to
assist in the understanding of potential future performance. Such
forward-looking statements involve numerous assumptions, risks and
uncertainties that may cause actual results to differ materially
from those expressed or implied in any such statements, including,
without limitation, the following: general competitive, economic,
unemployment, political and market conditions and fluctuations,
including real estate market conditions, and the effects of such
conditions and fluctuations on the creditworthiness of borrowers,
collateral values, asset recovery values and the value of
investment securities; movements in interest rates and their
impacts on net interest margin, investment security valuations and
other performance measures; expectations on credit quality and
performance; legislative and regulatory changes; changes in U.S.
government monetary and fiscal policy; competitive pressures on
product pricing and services; the success and timing of other
business strategies; our outlook and long-term goals for future
growth; and natural disasters, geopolitical events, acts of war or
terrorism or other hostilities, public health crises and other
catastrophic events beyond our control. For a discussion of some of
the other risks and other factors that may cause such
forward-looking statements to differ materially from actual
results, please refer to the Company’s filings with the Securities
and Exchange Commission, including the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and the Company's
subsequently filed periodic reports and other filings.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update or revise
forward-looking statements.
Category: Earnings
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights
Table 1
Three Months Ended
Twelve Months Ended
(dollars in thousands except per share
data)
Dec
Sep
Jun
Mar
Dec
Dec
Dec
2024
2024
2024
2024
2023
2024
2023
EARNINGS
Net income
$
94,376
$
99,212
$
90,785
$
74,312
$
65,934
$
358,685
$
269,105
Adjusted net income(1)
$
95,078
$
95,187
$
80,763
$
75,612
$
73,568
$
346,640
$
276,253
COMMON SHARE DATA
Earnings per share available to common
shareholders
Basic
$
1.37
$
1.44
$
1.32
$
1.08
$
0.96
$
5.21
$
3.90
Diluted
$
1.37
$
1.44
$
1.32
$
1.08
$
0.96
$
5.19
$
3.89
Adjusted diluted EPS(1)
$
1.38
$
1.38
$
1.17
$
1.10
$
1.07
$
5.02
$
4.00
Cash dividends per share
$
0.20
$
0.15
$
0.15
$
0.15
$
0.15
$
0.65
$
0.60
Book value per share (period end)
$
54.32
$
53.30
$
51.64
$
50.42
$
49.62
$
54.32
$
49.62
Tangible book value per share (period
end)(1)
$
38.59
$
37.51
$
35.79
$
34.52
$
33.64
$
38.59
$
33.64
Weighted average number of shares
Basic
68,799,464
68,798,093
68,824,150
68,808,393
68,824,004
68,808,830
68,977,453
Diluted
69,128,946
69,066,298
69,013,834
69,014,116
69,014,793
69,061,832
69,104,158
Period end number of shares
69,068,609
69,067,019
69,066,573
69,115,263
69,053,341
69,068,609
69,053,341
Market data
High intraday price
$
74.56
$
65.40
$
51.18
$
53.99
$
53.84
$
74.56
$
53.84
Low intraday price
$
59.12
$
48.21
$
44.23
$
44.00
$
34.26
$
44.00
$
28.33
Period end closing price
$
62.57
$
62.39
$
50.35
$
48.38
$
53.05
$
62.57
$
53.05
Average daily volume
384,406
379,896
301,784
407,898
390,190
368,293
419,347
PERFORMANCE RATIOS
Return on average assets
1.42
%
1.49
%
1.41
%
1.18
%
1.03
%
1.38
%
1.06
%
Adjusted return on average assets(1)
1.43
%
1.43
%
1.25
%
1.20
%
1.15
%
1.33
%
1.09
%
Return on average common equity
10.09
%
10.91
%
10.34
%
8.63
%
7.73
%
10.01
%
8.12
%
Adjusted return on average tangible common
equity(1)
14.37
%
14.99
%
13.35
%
12.88
%
12.81
%
13.93
%
12.55
%
Earning asset yield (TE)
5.67
%
5.81
%
5.86
%
5.73
%
5.69
%
5.77
%
5.52
%
Total cost of funds
2.22
%
2.50
%
2.48
%
2.41
%
2.32
%
2.40
%
2.05
%
Net interest margin (TE)
3.64
%
3.51
%
3.58
%
3.51
%
3.54
%
3.56
%
3.61
%
Efficiency ratio
52.26
%
53.49
%
51.68
%
55.64
%
56.80
%
53.20
%
53.65
%
Adjusted efficiency ratio (TE)(1)
51.82
%
54.25
%
55.00
%
54.56
%
52.87
%
53.88
%
52.58
%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets
14.28
%
13.94
%
13.45
%
13.58
%
13.60
%
14.28
%
13.60
%
Tangible common equity to tangible
assets(1)
10.59
%
10.24
%
9.72
%
9.71
%
9.64
%
10.59
%
9.64
%
OTHER DATA (period end)
Full time equivalent employees
Banking Division
2,021
2,056
2,073
2,082
2,088
2,021
2,088
Retail Mortgage Division
585
592
595
596
595
585
595
Warehouse Lending Division
8
9
9
8
7
8
7
Premium Finance Division
77
76
74
73
75
77
75
Total Ameris Bancorp FTE headcount
2,691
2,733
2,751
2,759
2,765
2,691
2,765
Branch locations
164
164
164
164
164
164
164
Deposits per branch location
$
132,454
$
133,410
$
130,757
$
128,033
$
126,271
$
132,454
$
126,271
(1)Considered non-GAAP financial measure -
See reconciliation of GAAP to non-GAAP financial measures in tables
9A - 9E
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Income Statement
Table 2
Three Months Ended
Twelve Months Ended
(dollars in thousands except per share
data)
Dec
Sep
Jun
Mar
Dec
Dec
Dec
2024
2024
2024
2024
2023
2024
2023
Interest income
Interest and fees on loans
$
318,843
$
325,622
$
317,664
$
303,393
$
303,487
$
1,265,522
$
1,172,162
Interest on taxable securities
15,923
15,555
16,948
13,092
14,033
61,518
59,002
Interest on nontaxable securities
337
336
335
330
326
1,338
1,335
Interest on deposits in other banks
11,260
13,633
12,376
12,637
14,368
49,906
47,936
Total interest income
346,363
355,146
347,323
329,452
332,214
1,378,284
1,280,435
Interest expense
Interest on deposits
115,556
129,698
121,245
118,174
111,749
484,673
356,017
Interest on other borrowings
8,986
11,388
14,157
9,890
14,364
44,421
89,374
Total interest expense
124,542
141,086
135,402
128,064
126,113
529,094
445,391
Net interest income
221,821
214,060
211,921
201,388
206,101
849,190
835,044
Provision for loan losses
12,657
6,313
25,348
25,523
30,401
69,841
153,515
Provision for unfunded commitments
148
(204
)
(6,570
)
(4,422
)
(7,438
)
(11,048
)
(10,853
)
Provision for other credit losses
3
(2
)
(5
)
4
(11
)
—
(6
)
Provision for credit losses
12,808
6,107
18,773
21,105
22,952
58,793
142,656
Net interest income after provision for
credit losses
209,013
207,953
193,148
180,283
183,149
790,397
692,388
Noninterest income
Service charges on deposit accounts
13,544
12,918
12,672
11,759
12,252
50,893
46,575
Mortgage banking activity
36,699
37,947
46,399
39,430
31,461
160,475
139,885
Other service charges, commissions and
fees
1,182
1,163
1,211
1,202
1,234
4,758
4,401
Gain (loss) on securities
(16
)
(8
)
12,335
(7
)
(288
)
12,304
(304
)
Equipment finance activity
5,947
5,398
4,983
5,336
5,748
21,664
23,349
Other noninterest income
11,603
12,291
11,111
8,158
5,841
43,163
28,922
Total noninterest income
68,959
69,709
88,711
65,878
56,248
293,257
242,828
Noninterest expense
Salaries and employee benefits
87,810
88,700
88,201
82,930
75,966
347,641
320,110
Occupancy and equipment
11,624
11,716
12,559
12,885
13,197
48,784
51,450
Data processing and communications
expenses
14,631
15,221
15,193
14,654
14,028
59,699
53,486
Credit resolution-related expenses(1)
1,271
(110
)
840
486
157
2,487
80
Advertising and marketing
2,407
4,089
3,571
2,545
2,937
12,612
11,638
Amortization of intangible assets
4,180
4,180
4,407
4,422
4,425
17,189
18,244
Other noninterest expenses
30,026
27,981
30,586
30,789
38,301
119,382
123,273
Total noninterest expense
151,949
151,777
155,357
148,711
149,011
607,794
578,281
Income before income tax
expense
126,023
125,885
126,502
97,450
90,386
475,860
356,935
Income tax expense
31,647
26,673
35,717
23,138
24,452
117,175
87,830
Net income
$
94,376
$
99,212
$
90,785
$
74,312
$
65,934
$
358,685
$
269,105
Diluted earnings per common
share
$
1.37
$
1.44
$
1.32
$
1.08
$
0.96
$
5.19
$
3.89
(1) Includes expenses associated with
problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet
Table 3
Dec
Sep
Jun
Mar
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
Assets
Cash and due from banks
$
244,980
$
231,515
$
257,297
$
235,931
$
230,470
Interest-bearing deposits in banks
975,397
1,127,641
1,104,897
975,321
936,834
Debt securities available-for-sale, at
fair value
1,671,260
1,441,552
1,531,047
1,414,419
1,402,944
Debt securities held-to-maturity, at
amortized cost
164,677
161,220
148,538
147,022
141,512
Other investments
66,298
63,899
96,613
77,480
71,794
Loans held for sale
528,599
553,379
570,180
364,332
281,332
Loans, net of unearned income
20,739,906
20,964,981
20,992,603
20,600,260
20,269,303
Allowance for credit losses
(338,084
)
(334,457
)
(336,218
)
(320,023
)
(307,100
)
Loans, net
20,401,822
20,630,524
20,656,385
20,280,237
19,962,203
Other real estate owned
2,433
9,482
2,213
2,158
6,199
Premises and equipment, net
209,460
210,931
213,255
214,801
216,435
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangible assets, net
70,761
74,941
79,120
83,527
87,949
Cash value of bank owned life
insurance
408,574
460,699
376,458
396,804
395,778
Other assets
502,143
418,353
469,079
447,767
454,603
Total assets
$
26,262,050
$
26,399,782
$
26,520,728
$
25,655,445
$
25,203,699
Liabilities
Deposits
Noninterest-bearing
$
6,498,293
$
6,670,320
$
6,649,220
$
6,538,322
$
6,491,639
Interest-bearing
15,224,155
15,208,945
14,794,923
14,459,068
14,216,870
Total deposits
21,722,448
21,879,265
21,444,143
20,997,390
20,708,509
Other borrowings
291,788
346,446
946,413
631,380
509,586
Subordinated deferrable interest
debentures
132,309
131,811
131,312
130,814
130,315
Other liabilities
363,983
360,892
432,246
411,123
428,542
Total liabilities
22,510,528
22,718,414
22,954,114
22,170,707
21,776,952
Shareholders' Equity
Preferred stock
—
—
—
—
—
Common stock
72,699
72,698
72,697
72,683
72,516
Capital stock
1,958,642
1,954,532
1,950,846
1,948,352
1,945,385
Retained earnings
1,853,428
1,772,989
1,684,218
1,603,832
1,539,957
Accumulated other comprehensive loss, net
of tax
(30,119
)
(15,724
)
(38,020
)
(39,959
)
(35,939
)
Treasury stock
(103,128
)
(103,127
)
(103,127
)
(100,170
)
(95,172
)
Total shareholders' equity
3,751,522
3,681,368
3,566,614
3,484,738
3,426,747
Total liabilities and shareholders'
equity
$
26,262,050
$
26,399,782
$
26,520,728
$
25,655,445
$
25,203,699
Other Data
Earning assets
$
24,146,137
$
24,312,672
$
24,443,878
$
23,578,834
$
23,103,719
Intangible assets
1,086,407
1,090,587
1,094,766
1,099,173
1,103,595
Interest-bearing liabilities
15,648,252
15,687,202
15,872,648
15,221,262
14,856,771
Average assets
26,444,894
26,442,984
25,954,808
25,295,088
25,341,990
Average common shareholders' equity
3,719,888
3,618,052
3,530,869
3,462,871
3,383,554
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information
Table 4
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
2024
2023
Allowance for Credit Losses
Balance at beginning of period
$
364,885
$
366,852
$
357,232
$
348,727
$
339,180
$
348,727
$
258,163
Adoption of ASU 2022-02
—
—
—
—
—
—
(1,711
)
Provision for loan losses
12,657
6,313
25,348
25,523
30,401
69,841
153,515
Provision for unfunded commitments
148
(204
)
(6,570
)
(4,422
)
(7,438
)
(11,048
)
(10,853
)
Provision for other credit losses
3
(2
)
(5
)
4
(11
)
—
(6
)
Provision for credit losses
12,808
6,107
18,773
21,105
22,952
58,793
142,656
Charge-offs
17,459
15,352
16,845
18,457
20,104
68,113
75,218
Recoveries
8,429
7,278
7,692
5,857
6,699
29,256
24,837
Net charge-offs (recoveries)
9,030
8,074
9,153
12,600
13,405
38,857
50,381
Ending balance
$
368,663
$
364,885
$
366,852
$
357,232
$
348,727
$
368,663
$
348,727
Allowance for loan losses
$
338,084
$
334,457
$
336,218
$
320,023
$
307,100
$
338,084
$
307,100
Allowance for unfunded commitments
30,510
30,362
30,566
37,136
41,558
30,510
41,558
Allowance for other credit losses
69
66
68
73
69
69
69
Total allowance for credit losses
$
368,663
$
364,885
$
366,852
$
357,232
$
348,727
$
368,663
$
348,727
Non-Performing Assets
Nonaccrual portfolio loans
$
90,206
$
87,339
$
85,878
$
80,448
$
60,961
$
90,206
$
60,961
Other real estate owned
2,433
9,482
2,213
2,158
6,199
2,433
6,199
Repossessed assets
9
19
22
29
17
9
17
Accruing loans delinquent 90 days or
more
17,733
12,234
15,909
15,811
16,988
17,733
16,988
Non-performing portfolio assets
$
110,381
$
109,074
$
104,022
$
98,446
$
84,165
$
110,381
$
84,165
Serviced GNMA-guaranteed mortgage
nonaccrual loans
12,012
8,168
93,520
84,238
90,156
12,012
90,156
Total non-performing assets
$
122,393
$
117,242
$
197,542
$
182,684
$
174,321
$
122,393
$
174,321
Asset Quality Ratios
Non-performing portfolio assets as a
percent of total assets
0.42
%
0.41
%
0.39
%
0.38
%
0.33
%
0.42
%
0.33
%
Total non-performing assets as a percent
of total assets
0.47
%
0.44
%
0.74
%
0.71
%
0.69
%
0.47
%
0.69
%
Net charge-offs as a percent of average
loans (annualized)
0.17
%
0.15
%
0.18
%
0.25
%
0.26
%
0.19
%
0.25
%
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Loan Information
Table 5
Dec
Sep
Jun
Mar
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
Loans by Type
Commercial and industrial
$
2,953,135
$
2,949,957
$
2,860,973
$
2,758,716
$
2,688,929
Consumer
221,735
221,201
234,122
257,015
275,809
Mortgage warehouse
965,053
985,910
1,070,921
891,336
818,728
Municipal
441,408
449,561
454,967
477,567
492,668
Premium Finance
1,155,614
1,246,452
1,151,261
998,726
946,562
Real estate - construction and
development
1,998,506
2,232,114
2,336,987
2,264,346
2,129,187
Real estate - commercial and farmland
8,445,958
8,249,981
8,103,634
8,131,248
8,059,754
Real estate - residential
4,558,497
4,629,805
4,779,738
4,821,306
4,857,666
Total loans
$
20,739,906
$
20,964,981
$
20,992,603
$
20,600,260
$
20,269,303
Loans by Risk Grade
Pass
$
20,457,340
$
20,676,342
$
20,623,416
$
20,221,302
$
19,846,731
Other assets especially mentioned
110,936
124,479
115,477
137,225
203,725
Substandard
171,630
164,160
253,710
241,733
218,847
Total loans
$
20,739,906
$
20,964,981
$
20,992,603
$
20,600,260
$
20,269,303
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Average Balances
Table 6
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
2024
2023
Earning Assets
Interest-bearing deposits in banks
$
899,162
$
997,308
$
899,866
$
923,845
$
936,733
$
930,145
$
914,818
Debt securities - taxable
1,761,984
1,733,418
1,663,841
1,599,705
1,591,567
1,690,053
1,664,184
Debt securities - nontaxable
41,494
41,496
41,396
41,287
40,227
41,419
41,679
Loans held for sale
795,904
575,461
491,000
323,351
405,080
547,190
484,070
Loans
20,868,216
21,023,629
20,820,361
20,320,678
20,252,773
20,759,247
20,154,321
Total Earning Assets
$
24,366,760
$
24,371,312
$
23,916,464
$
23,208,866
$
23,226,380
$
23,968,054
$
23,259,072
Deposits
Noninterest-bearing deposits
$
6,684,851
$
6,622,952
$
6,558,427
$
6,403,300
$
6,572,190
$
6,567,855
$
6,771,464
NOW accounts
3,888,404
3,753,528
3,824,538
3,829,977
3,760,992
3,824,094
3,878,034
MMDA
6,864,265
6,508,770
6,251,719
5,952,389
5,994,361
6,395,883
5,382,865
Savings accounts
761,980
765,909
781,588
795,887
817,075
776,273
936,454
Retail CDs
2,474,804
2,478,875
2,430,416
2,378,678
2,281,357
2,440,891
2,031,828
Brokered CDs
1,057,808
1,493,352
1,167,174
1,381,382
1,122,684
1,274,933
1,024,606
Total Deposits
21,732,112
21,623,386
21,013,862
20,741,613
20,548,659
21,279,929
20,025,251
Non-Deposit Funding
Federal funds purchased and securities
sold under agreements to repurchase
—
—
1
—
—
—
—
FHLB advances
215,116
358,332
548,251
219,589
538,096
335,056
1,210,242
Other borrowings
279,961
298,073
307,449
308,210
311,091
298,372
325,260
Subordinated deferrable interest
debentures
132,048
131,547
131,050
130,551
130,054
131,302
129,310
Total Non-Deposit Funding
627,125
787,952
986,751
658,350
979,241
764,730
1,664,812
Total Funding
$
22,359,237
$
22,411,338
$
22,000,613
$
21,399,963
$
21,527,900
$
22,044,659
$
21,690,063
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense
(TE)
Table 7
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
2024
2023
Interest Income
Interest-bearing deposits in banks
$
11,260
$
13,633
$
12,376
$
12,637
$
14,368
$
49,906
$
47,936
Debt securities - taxable
15,923
15,555
16,948
13,092
14,033
61,518
59,002
Debt securities - nontaxable (TE)
427
426
423
418
413
1,694
1,690
Loans held for sale
11,853
9,142
8,189
5,348
6,846
34,532
29,711
Loans (TE)
307,852
317,358
310,347
298,907
297,501
1,234,464
1,145,876
Total Earning Assets
$
347,315
$
356,114
$
348,283
$
330,402
$
333,161
$
1,382,114
$
1,284,215
Interest Expense
Interest-Bearing Deposits
NOW accounts
$
19,099
$
20,535
$
21,020
$
20,574
$
19,293
$
81,228
$
69,584
MMDA
57,160
61,620
58,332
53,953
54,002
231,065
162,718
Savings accounts
850
960
984
986
974
3,780
6,349
Retail CDs
25,610
26,775
25,711
24,576
22,257
102,672
63,650
Brokered CDs
12,837
19,808
15,198
18,085
15,223
65,928
53,716
Total Interest-Bearing Deposits
115,556
129,698
121,245
118,174
111,749
484,673
356,017
Non-Deposit Funding
FHLB advances
2,393
4,443
7,167
2,578
7,089
16,581
59,302
Other borrowings
3,346
3,514
3,574
3,879
3,798
14,313
16,870
Subordinated deferrable interest
debentures
3,247
3,431
3,416
3,433
3,477
13,527
13,202
Total Non-Deposit Funding
8,986
11,388
14,157
9,890
14,364
44,421
89,374
Total Interest-Bearing Funding
$
124,542
$
141,086
$
135,402
$
128,064
$
126,113
$
529,094
$
445,391
Net Interest Income (TE)
$
222,773
$
215,028
$
212,881
$
202,338
$
207,048
$
853,020
$
838,824
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
2024
2024
2024
2024
2023
2024
2023
Earning Assets
Interest-bearing deposits in banks
4.98
%
5.44
%
5.53
%
5.50
%
6.09
%
5.37
%
5.24
%
Debt securities - taxable
3.60
%
3.57
%
4.10
%
3.29
%
3.50
%
3.64
%
3.55
%
Debt securities - nontaxable (TE)
4.09
%
4.08
%
4.11
%
4.07
%
4.07
%
4.09
%
4.05
%
Loans held for sale
5.92
%
6.32
%
6.71
%
6.65
%
6.71
%
6.31
%
6.14
%
Loans (TE)
5.87
%
6.01
%
6.00
%
5.92
%
5.83
%
5.95
%
5.69
%
Total Earning Assets
5.67
%
5.81
%
5.86
%
5.73
%
5.69
%
5.77
%
5.52
%
Interest-Bearing Deposits
NOW accounts
1.95
%
2.18
%
2.21
%
2.16
%
2.04
%
2.12
%
1.79
%
MMDA
3.31
%
3.77
%
3.75
%
3.65
%
3.57
%
3.61
%
3.02
%
Savings accounts
0.44
%
0.50
%
0.51
%
0.50
%
0.47
%
0.49
%
0.68
%
Retail CDs
4.12
%
4.30
%
4.25
%
4.16
%
3.87
%
4.21
%
3.13
%
Brokered CDs
4.83
%
5.28
%
5.24
%
5.27
%
5.38
%
5.17
%
5.24
%
Total Interest-Bearing Deposits
3.06
%
3.44
%
3.37
%
3.31
%
3.17
%
3.29
%
2.69
%
Non-Deposit Funding
Federal funds purchased and securities
sold under agreements to repurchase
—
%
—
%
—
%
—
%
—
%
—
%
—
%
FHLB advances
4.43
%
4.93
%
5.26
%
4.72
%
5.23
%
4.95
%
4.90
%
Other borrowings
4.75
%
4.69
%
4.68
%
5.06
%
4.84
%
4.80
%
5.19
%
Subordinated deferrable interest
debentures
9.78
%
10.38
%
10.48
%
10.58
%
10.61
%
10.30
%
10.21
%
Total Non-Deposit Funding
5.70
%
5.75
%
5.77
%
6.04
%
5.82
%
5.81
%
5.37
%
Total Interest-Bearing
Liabilities
3.16
%
3.55
%
3.53
%
3.43
%
3.35
%
3.42
%
2.99
%
Net Interest Spread
2.51
%
2.26
%
2.33
%
2.30
%
2.34
%
2.35
%
2.53
%
Net Interest Margin(2)
3.64
%
3.51
%
3.58
%
3.51
%
3.54
%
3.56
%
3.61
%
Total Cost of Funds(3)
2.22
%
2.50
%
2.48
%
2.41
%
2.32
%
2.40
%
2.05
%
(1) Interest and average rates are
calculated on a tax-equivalent basis using an effective tax rate of
21%.
(2) Rate calculated based on average
earning assets.
(3) Rate calculated based on total average
funding including noninterest-bearing deposits.
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income
Table 9A
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands except per share
data)
2024
2024
2024
2024
2023
2024
2023
Net income available to common
shareholders
$
94,376
$
99,212
$
90,785
$
74,312
$
65,934
$
358,685
$
269,105
Adjustment items:
Gain on sale of MSR
(536
)
(5,245
)
(4,713
)
—
—
(10,494
)
—
Gain on conversion of Visa Class B-1
stock
—
—
(12,554
)
—
—
(12,554
)
—
Gain on BOLI proceeds
—
—
(466
)
(998
)
—
(1,464
)
(486
)
FDIC special assessment
(559
)
—
(895
)
2,909
11,566
1,455
11,566
Natural disaster expenses
400
150
—
—
—
550
—
(Gain)/loss on bank premises
1,203
—
—
—
(1,903
)
1,203
(1,903
)
Tax effect of adjustment items (Note
1)
(107
)
1,070
3,814
(611
)
(2,029
)
4,166
(2,029
)
After tax adjustment items
401
(4,025
)
(14,814
)
1,300
7,634
(17,138
)
7,148
Tax expense attributable to BOLI
restructuring
301
—
4,792
—
—
5,093
—
Adjusted net income
$
95,078
$
95,187
$
80,763
$
75,612
$
73,568
$
346,640
$
276,253
Weighted average number of shares -
diluted
69,128,946
69,066,298
69,013,834
69,014,116
69,014,793
69,061,832
69,104,158
Net income per diluted share
$
1.37
$
1.44
$
1.32
$
1.08
$
0.96
$
5.19
$
3.89
Adjusted net income per diluted share
$
1.38
$
1.38
$
1.17
$
1.10
$
1.07
$
5.02
$
4.00
Average assets
$
26,444,894
$
26,442,984
$
25,954,808
$
25,295,088
$
25,341,990
$
26,036,681
$
25,404,873
Return on average assets
1.42
%
1.49
%
1.41
%
1.18
%
1.03
%
1.38
%
1.06
%
Adjusted return on average assets
1.43
%
1.43
%
1.25
%
1.20
%
1.15
%
1.33
%
1.09
%
Average common equity
$
3,719,888
$
3,618,052
$
3,530,869
$
3,462,871
$
3,383,554
$
3,583,390
$
3,313,361
Average tangible common equity
$
2,631,452
$
2,525,421
$
2,433,958
$
2,361,544
$
2,277,810
$
2,488,588
$
2,200,883
Return on average common equity
10.09
%
10.91
%
10.34
%
8.63
%
7.73
%
10.01
%
8.12
%
Adjusted return on average tangible common
equity
14.37
%
14.99
%
13.35
%
12.88
%
12.81
%
13.93
%
12.55
%
Note 1: Tax effect is calculated utilizing
a 21% rate for taxable adjustments. Gain on BOLI proceeds is
non-taxable and no tax effect is included.
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
(continued)
Adjusted Efficiency Ratio (TE)
Table 9B
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
2024
2023
Adjusted Noninterest Expense
Total noninterest expense
$
151,949
$
151,777
$
155,357
$
148,711
$
149,011
$
607,794
$
578,281
Adjustment items:
FDIC special assessment
559
—
895
(2,909
)
(11,566
)
(1,455
)
(11,566
)
Natural disaster expenses
(400
)
(150
)
—
—
—
(550
)
—
(Loss)/gain on bank premises
(1,203
)
—
—
—
1,903
(1,203
)
1,903
Adjusted noninterest expense
$
150,905
$
151,627
$
156,252
$
145,802
$
139,348
$
604,586
$
568,618
Total Revenue
Net interest income
$
221,821
$
214,060
$
211,921
$
201,388
$
206,101
$
849,190
$
835,044
Noninterest income
68,959
69,709
88,711
65,878
56,248
293,257
242,828
Total revenue
$
290,780
$
283,769
$
300,632
$
267,266
$
262,349
$
1,142,447
$
1,077,872
Adjusted Total Revenue
Net interest income (TE)
$
222,773
$
215,028
$
212,881
$
202,338
$
207,048
$
853,020
$
838,824
Noninterest income
68,959
69,709
88,711
65,878
56,248
293,257
242,828
Total revenue (TE)
291,732
284,737
301,592
268,216
263,296
1,146,277
1,081,652
Adjustment items:
(Gain) loss on securities
16
8
(12,335
)
7
288
(12,304
)
304
Gain on sale of MSR
(536
)
(5,245
)
(4,713
)
—
—
(10,494
)
—
Gain on BOLI proceeds
—
—
(466
)
(998
)
—
(1,464
)
(486
)
Adjusted total revenue (TE)
$
291,212
$
279,500
$
284,078
$
267,225
$
263,584
$
1,122,015
$
1,081,470
Efficiency ratio
52.26
%
53.49
%
51.68
%
55.64
%
56.80
%
53.20
%
53.65
%
Adjusted efficiency ratio (TE)
51.82
%
54.25
%
55.00
%
54.56
%
52.87
%
53.88
%
52.58
%
Tangible Book Value Per Share
Table 9C
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands except per share
data)
2024
2024
2024
2024
2023
2024
2023
Total shareholders' equity
$
3,751,522
$
3,681,368
$
3,566,614
$
3,484,738
$
3,426,747
$
3,751,522
$
3,426,747
Less:
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangibles, net
70,761
74,941
79,120
83,527
87,949
70,761
87,949
Total tangible shareholders' equity
$
2,665,115
$
2,590,781
$
2,471,848
$
2,385,565
$
2,323,152
$
2,665,115
$
2,323,152
Period end number of shares
69,068,609
69,067,019
69,066,573
69,115,263
69,053,341
69,068,609
69,053,341
Book value per share (period end)
$
54.32
$
53.30
$
51.64
$
50.42
$
49.62
$
54.32
$
49.62
Tangible book value per share (period
end)
$
38.59
$
37.51
$
35.79
$
34.52
$
33.64
$
38.59
$
33.64
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
(continued)
Tangible Common Equity to Tangible
Assets
Table 9D
Dec
Sep
Jun
Mar
Dec
(dollars in thousands except per share
data)
2024
2024
2024
2024
2023
Total shareholders' equity
$
3,751,522
$
3,681,368
$
3,566,614
$
3,484,738
$
3,426,747
Less:
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangibles, net
70,761
74,941
79,120
83,527
87,949
Total tangible shareholders' equity
$
2,665,115
$
2,590,781
$
2,471,848
$
2,385,565
$
2,323,152
Total assets
$
26,262,050
$
26,399,782
$
26,520,728
$
25,655,445
$
25,203,699
Less:
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangibles, net
70,761
74,941
79,120
83,527
87,949
Total tangible assets
$
25,175,643
$
25,309,195
$
25,425,962
$
24,556,272
$
24,100,104
Equity to Assets
14.28
%
13.94
%
13.45
%
13.58
%
13.60
%
Tangible Common Equity to Tangible
Assets
10.59
%
10.24
%
9.72
%
9.71
%
9.64
%
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting
Table 10
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
2024
2023
Retail Mortgage Division
Net interest income
$
23,714
$
23,553
$
23,742
$
23,287
$
24,053
$
94,296
$
88,302
Provision for credit losses
(2,503
)
254
(2,882
)
2,332
1,005
(2,799
)
9,535
Noninterest income
36,623
41,498
50,145
38,765
30,588
167,031
137,145
Noninterest expense
Salaries and employee benefits
22,876
23,233
25,254
21,073
16,996
92,436
80,317
Occupancy and equipment expenses
951
957
1,008
1,049
1,210
3,965
4,899
Data processing and telecommunications
expenses
1,222
1,184
1,276
1,366
1,318
5,048
4,836
Other noninterest expenses
12,118
12,164
13,397
12,530
11,634
50,209
47,393
Total noninterest expense
37,167
37,538
40,935
36,018
31,158
151,658
137,445
Income before income tax expense
25,673
27,259
35,834
23,702
22,478
112,468
78,467
Income tax expense
5,391
5,724
7,525
4,978
4,720
23,618
16,478
Net income
$
20,282
$
21,535
$
28,309
$
18,724
$
17,758
$
88,850
$
61,989
Warehouse Lending Division
Net interest income
$
6,640
$
7,812
$
6,292
$
6,028
$
5,965
$
26,772
$
23,839
Provision for credit losses
(59
)
(170
)
359
145
(68
)
275
(440
)
Noninterest income
676
1,765
1,028
740
929
4,209
3,475
Noninterest expense
Salaries and employee benefits
583
621
1,124
888
296
3,216
2,794
Occupancy and equipment expenses
6
6
7
7
3
26
5
Data processing and telecommunications
expenses
44
32
59
25
51
160
171
Other noninterest expenses
224
217
298
237
229
976
873
Total noninterest expense
857
876
1,488
1,157
579
4,378
3,843
Income before income tax expense
6,518
8,871
5,473
5,466
6,383
26,328
23,911
Income tax expense
1,369
1,863
1,149
1,148
1,340
5,529
5,021
Net income
$
5,149
$
7,008
$
4,324
$
4,318
$
5,043
$
20,799
$
18,890
Premium Finance Division
Net interest income
$
10,390
$
10,060
$
8,350
$
7,605
$
7,801
$
36,405
$
34,007
Provision for credit losses
517
457
408
(499
)
27
883
772
Noninterest income
13
11
11
10
9
45
31
Noninterest expense
Salaries and employee benefits
2,029
2,212
1,900
2,053
1,973
8,194
8,600
Occupancy and equipment expenses
51
28
70
76
83
225
314
Data processing and telecommunications
expenses
106
83
102
79
100
370
324
Other noninterest expenses
1,173
1,140
1,095
1,028
1,057
4,436
4,217
Total noninterest expense
3,359
3,463
3,167
3,236
3,213
13,225
13,455
Income before income tax expense
6,527
6,151
4,786
4,878
4,570
22,342
19,811
Income tax expense
1,334
1,254
953
984
945
4,525
4,034
Net income
$
5,193
$
4,897
$
3,833
$
3,894
$
3,625
$
17,817
$
15,777
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)
Table 10
Three Months Ended
Twelve Months Ended
Dec
Sep
Jun
Mar
Dec
Dec
Dec
(dollars in thousands)
2024
2024
2024
2024
2023
2024
2023
Banking Division
Net interest income
$
181,077
$
172,635
$
173,537
$
164,468
$
168,282
$
691,717
$
688,896
Provision for credit losses
14,853
5,566
20,888
19,127
21,988
60,434
132,789
Noninterest income
31,647
26,435
37,527
26,363
24,722
121,972
102,177
Noninterest expense
Salaries and employee benefits
62,322
62,634
59,923
58,916
56,701
243,795
228,399
Occupancy and equipment expenses
10,616
10,725
11,474
11,753
11,901
44,568
46,232
Data processing and telecommunications
expenses
13,259
13,922
13,756
13,184
12,559
54,121
48,155
Other noninterest expenses
24,369
22,619
24,614
24,447
32,900
96,049
100,752
Total noninterest expense
110,566
109,900
109,767
108,300
114,061
438,533
423,538
Income before income tax expense
87,305
83,604
80,409
63,404
56,955
314,722
234,746
Income tax expense
23,553
17,832
26,090
16,028
17,447
83,503
62,297
Net income
$
63,752
$
65,772
$
54,319
$
47,376
$
39,508
$
231,219
$
172,449
Total Consolidated
Net interest income
$
221,821
$
214,060
$
211,921
$
201,388
$
206,101
$
849,190
$
835,044
Provision for credit losses
12,808
6,107
18,773
21,105
22,952
58,793
142,656
Noninterest income
68,959
69,709
88,711
65,878
56,248
293,257
242,828
Noninterest expense
Salaries and employee benefits
87,810
88,700
88,201
82,930
75,966
347,641
320,110
Occupancy and equipment expenses
11,624
11,716
12,559
12,885
13,197
48,784
51,450
Data processing and telecommunications
expenses
14,631
15,221
15,193
14,654
14,028
59,699
53,486
Other noninterest expenses
37,884
36,140
39,404
38,242
45,820
151,670
153,235
Total noninterest expense
151,949
151,777
155,357
148,711
149,011
607,794
578,281
Income before income tax expense
126,023
125,885
126,502
97,450
90,386
475,860
356,935
Income tax expense
31,647
26,673
35,717
23,138
24,452
117,175
87,830
Net income
$
94,376
$
99,212
$
90,785
$
74,312
$
65,934
$
358,685
$
269,105
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250130340427/en/
Brady Gailey Executive Director of Corporate Development (404)
240-1517
Ameris Bancorp (NYSE:ABCB)
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