EX-99.1 2 d369989dex991.htm EX-99.1

Exhibit 99.1

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2022

Highlights of the Company's results for the second quarter of 2022 include the following:

- Net income of $90.1 million, or $1.30 per diluted share
- Growth in tangible book value of $1.05 per share, or 15.7% annualized, to $27.89 at June 30, 2022
- Adjusted total revenue grew $14.2 million, or 5.7%, when compared to last quarter
- Improvement in net interest margin of 31bps, from 3.35% last quarter to 3.66% this quarter
- Adjusted return on average assets of 1.40%
- Adjusted return on average tangible common equity of 17.18%
- Adjusted efficiency ratio of 53.66%, compared with 56.95% last quarter
- Organic growth in loans of $1.4 billion, or 35.1% annualized
- Continued growth in noninterest bearing deposits, representing 41.98% of total deposits, from 40.18% at March 31, 2022 and 38.25% a year ago

ATLANTA, July 26, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $90.1 million, or $1.30 per diluted share, for the quarter ended June 30, 2022, compared with $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021. The Company reported adjusted net income of $81.5 million, or $1.18 per diluted share, for the quarter ended June 30, 2022, compared with $87.5 million, or $1.25 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds and gain/loss on sale of bank premises.

For the year-to-date period ending June 30, 2022, the Company reported net income of $171.8 million, or $2.47 per diluted share, compared with $213.3 million, or $3.06 per diluted share, for the same period in 2021. The Company reported adjusted net income of $156.5 million, or $2.25 per diluted share, for the six months ended June 30, 2022, compared with $203.3 million, or $2.91 per diluted share, for the same period in 2021. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our strong second quarter financial results are attributable to our solid banking fundamentals. We grew revenue, improved our margin, expanded our earning asset base and grew tangible book value by $1.05 per share this quarter. We are well positioned for future interest rate hikes, and we continue to monitor our loan growth and credit metrics very closely. Southeastern markets where we operate continue to provide opportunities for responsible growth. We remain focused on our core fundamentals going into the third quarter."

Increase in Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) increased to $192.3 million in the second quarter of 2022, an increase of $18.8 million, or 10.8%, from last quarter and an increase of $29.3 million, or 18.0%, compared to the second quarter of 2021. Interest income on a tax-equivalent basis increased by $19.2 million, or 10.4%, in the current quarter while interest expense increased only $374,000, or 3.5%, compared to the first quarter of 2022.

The Company's net interest margin improved significantly to 3.66% for the second quarter of 2022, up from 3.35% reported for the first quarter of 2022 and 3.34% reported for the second quarter of 2021. While average earning assets remained consistent at $21.1 billion from the previous quarter, the mix of earning assets expanded the margin as the Company began to deploy excess liquidity through the investment portfolio and organic loan growth.

Yields on earning assets increased 32 basis points during the quarter to 3.88%, compared with 3.56% in the first quarter of 2022, and increased 30 basis points from 3.58% in the second quarter of 2021. Yields on loans decreased to 4.32% during the second quarter of 2022, compared with 4.37% for the first quarter of 2022 and 4.33% for the second quarter of 2021. Loan yields in the second quarter of 2022 were negatively impacted approximately four basis points by declines in fee income on Paycheck Protection Program ("PPP") loans compared with the first quarter of 2022. In addition, the Company incurred net accretion expense in the second quarter of $379,000, compared with accretion income of $1.0 million in the first quarter of 2022 and $4.5 million for the second quarter of 2021.

Loan production in the banking division during the second quarter of 2022 was $1.07 billion, with weighted average yields of 5.24%, compared with $805.5 million and 5.17%, respectively, in the first quarter of 2022 and $911.3 million and 3.75%, respectively, in the second quarter of 2021. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.3 billion during the second quarter of 2022, with weighted average yields of 4.29%, compared with $4.7 billion and 3.63%, respectively, during the first quarter of 2022 and $6.4 billion and 3.36%, respectively, during the second quarter of 2021.

The Company's total cost of funds was unchanged at 0.22% in the second quarter of 2022 as compared with the first quarter of 2022. Deposit costs increased just one basis point during the second quarter of 2022 to 0.10%, compared with 0.09% in the first quarter of 2022. Costs of interest-bearing deposits increased during the quarter from 0.14% in the first quarter of 2022 to 0.17% in the second quarter of 2022.

Noninterest Income
Noninterest income decreased $3.1 million, or 3.5%, in the second quarter of 2022 to $83.8 million, compared with $86.9 million for the first quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $4.2 million, or 6.6%, to $58.8 million in the second quarter of 2022, compared with $62.9 million for the first quarter of 2022. Gain on sale spreads decreased to 2.36% in the second quarter of 2022 from 2.94% for the first quarter of 2022. Total production in the retail mortgage division increased to $1.73 billion in the second quarter of 2022, compared with $1.53 billion for the first quarter of 2022. The retail mortgage open pipeline was $832.3 million at the end of the second quarter of 2022, compared with $1.41 billion at March 31, 2022. Mortgage banking activity included a $10.8 million recovery of servicing right impairment recorded in the second quarter of 2022, compared with a recovery of $9.7 million for the first quarter of 2022.

Other noninterest income increased $683,000, or 5.7%, in the second quarter of 2022 to $12.7 million, compared with $12.0 million for the first quarter of 2022, primarily as a result of a $1.6 million impact from the recently acquired Balboa Capital. Also contributing to the increase were increases in swap income of $326,000 and BOLI income of $179,000, partially offset by a decrease in gains on sale of SBA loans of $1.2 million.

Noninterest Expense
Noninterest expense decreased $1.6 million, or 1.1%, to $142.2 million during the second quarter of 2022, compared with $143.8 million for the first quarter of 2022. During the second quarter of 2022, the Company recorded a net gain of $39,000 related to bank premises, compared with a net gain on bank premises of $6,000 and merger and conversion charges of $977,000 during the first quarter of 2022. Excluding those charges, adjusted expenses decreased approximately $614,000, or 0.4%, to $142.2 million in the second quarter of 2022, from $142.8 million in the first quarter of 2022. The decrease in adjusted expenses resulted from cyclical payroll tax and 401(k) expenses in the first quarter of 2022, partially offset by an increase in advertising and marketing expenses.

Management continues to focus its efforts on improving the operating efficiency of the Company. The adjusted efficiency ratio decreased to 53.66% in the second quarter of 2022, compared with 56.95% in the first quarter of 2022.

Income Tax Expense
The Company's effective tax rate for the second quarter of 2022 was 23.7%, compared with 25.3% in the first quarter of 2022. The decreased rate for the second quarter of 2022 was primarily a result of a discrete charge to the Company's state tax liability and nondeductible merger expenses incurred in the first quarter of 2022.

Balance Sheet Trends
Total assets at June 30, 2022 were $23.69 billion, compared with $23.86 billion at December 31, 2021. While total assets have not materially changed, the Company improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $459.6 million, or 77.6%, from $592.6 million at December 31, 2021 to $1.05 billion at June 30, 2022. Loans, net of unearned income, increased $1.69 billion, or 21.4% annualized, to $17.56 billion at June 30, 2022, compared with $15.87 billion at December 31, 2021. Organic loan growth in the second quarter of 2022 was $1.4 billion, or 35.1% annualized, which included managed growth in residential mortgage loans of $555 million and seasonal increases in mortgage warehouse and agricultural loans of $217 million and $40.5 million, respectively. As a result of the purposeful origination of residential mortgage loans into the portfolio, loans held for sale decreased $699.0 million from $1.25 billion at December 31, 2021 to $555.7 million at June 30, 2022.

At June 30, 2022, total deposits amounted to $19.68 billion, or 97.3% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021. At June 30, 2022, noninterest-bearing deposit accounts were $8.26 billion, or 42.0% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $13.06 billion at June 30, 2022, compared with $12.52 billion at December 31, 2021. These funds represented 66.3% of the Company's total deposits at June 30, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.

Shareholders' equity at June 30, 2022 totaled $3.07 billion, an increase of $106.9 million, or 3.6%, from December 31, 2021. The increase in shareholders' equity was primarily the result of earnings of $171.8 million during the first six months of 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio. The Company repurchased 118,157 shares of the Company's common stock at a cost of $5.0 million during the second quarter of 2022. The Company recorded dilution of $0.16 per share, or less than 0.6%, to tangible book value this quarter from other comprehensive income related to the increase in net unrealized losses on the securities portfolio. Tangible book value per share was $27.89 at June 30, 2022, compared with $26.26 at December 31, 2021. Tangible common equity as a percentage of tangible assets was 8.58% at June 30, 2022, compared with 8.05% at the end of 2021.

Credit Quality
Credit quality remains strong in the Company. During the second quarter of 2022, the Company recorded a provision for credit losses of $14.9 million, compared with a provision of $6.2 million in the first quarter of 2022. This provision was primarily attributable to the $1.4 billion in organic loan growth during the quarter. Nonperforming assets as a percentage of total assets increased nine basis points to 0.56% during the quarter. The net charge-off ratio was four basis points for the second quarter of 2022, compared with nine basis points in the first quarter of 2022 and seven basis points in the second quarter of 2021.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Wednesday, July 27, 2022, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants). The conference call access code is 603616. A replay of the call will be available one hour after the end of the conference call until August 10, 2022. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 568609. 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.

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 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 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 performance measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; 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, 2021 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 |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
EARNINGS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 88,327 |  | $ 171,764 |  | $ 213,289
Adjusted net income | $ 81,473 |  | $ 75,039 |  | $ 81,544 |  | $ 83,861 |  | $ 87,548 |  | $ 156,512 |  | $ 203,294
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share available to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ 1.30 |  | $ 1.18 |  | $ 1.18 |  | $ 1.18 |  | $ 1.27 |  | $ 2.48 |  | $ 3.07
Diluted | $ 1.30 |  | $ 1.17 |  | $ 1.18 |  | $ 1.17 |  | $ 1.27 |  | $ 2.47 |  | $ 3.06
Adjusted diluted EPS | $ 1.18 |  | $ 1.08 |  | $ 1.17 |  | $ 1.20 |  | $ 1.25 |  | $ 2.25 |  | $ 2.91
Cash dividends per share | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.30 |  | $ 0.30
Book value per share (period end) | $ 44.31 |  | $ 43.31 |  | $ 42.62 |  | $ 41.66 |  | $ 40.66 |  | $ 44.31 |  | $ 40.66
Tangible book value per share (period end) | $ 27.89 |  | $ 26.84 |  | $ 26.26 |  | $ 27.46 |  | $ 26.45 |  | $ 27.89 |  | $ 26.45
Weighted average number of shares |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 69,136,046 |  | 69,345,735 |  | 69,398,594 |  | 69,439,845 |  | 69,496,666 |  | 69,246,084 |  | 69,447,503
Diluted | 69,316,258 |  | 69,660,990 |  | 69,738,426 |  | 69,756,135 |  | 69,791,670 |  | 69,484,508 |  | 69,764,923
Period end number of shares | 69,360,461 |  | 69,439,084 |  | 69,609,228 |  | 69,635,435 |  | 69,767,209 |  | 69,360,461 |  | 69,767,209
Market data |  |  |  |  |  |  |  |  |  |  |  |  |
High intraday price | $ 46.28 |  | $ 55.62 |  | $ 56.64 |  | $ 53.63 |  | $ 59.85 |  | $ 55.62 |  | $ 59.85
Low intraday price | $ 39.37 |  | $ 43.56 |  | $ 46.20 |  | $ 44.92 |  | $ 47.44 |  | $ 39.37 |  | $ 36.60
Period end closing price | $ 40.18 |  | $ 43.88 |  | $ 49.68 |  | $ 51.88 |  | $ 50.63 |  | $ 40.18 |  | $ 50.63
Average daily volume | 446,121 |  | 471,858 |  | 350,119 |  | 392,533 |  | 429,233 |  | 458,990 |  | 444,733
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets | 1.54 % |  | 1.42 % |  | 1.41 % |  | 1.47 % |  | 1.64 % |  | 1.48 % |  | 2.03 %
Adjusted return on average assets | 1.40 % |  | 1.31 % |  | 1.40 % |  | 1.51 % |  | 1.63 % |  | 1.35 % |  | 1.94 %
Return on average common equity | 11.87 % |  | 11.06 % |  | 11.06 % |  | 11.27 % |  | 12.66 % |  | 11.47 % |  | 15.66 %
Adjusted return on average tangible common equity | 17.18 % |  | 16.38 % |  | 16.88 % |  | 17.65 % |  | 19.46 % |  | 16.79 % |  | 23.41 %
Earning asset yield (TE) | 3.88 % |  | 3.56 % |  | 3.39 % |  | 3.44 % |  | 3.58 % |  | 3.72 % |  | 3.71 %
Total cost of funds | 0.22 % |  | 0.22 % |  | 0.23 % |  | 0.24 % |  | 0.26 % |  | 0.22 % |  | 0.28 %
Net interest margin (TE) | 3.66 % |  | 3.35 % |  | 3.18 % |  | 3.22 % |  | 3.34 % |  | 3.51 % |  | 3.45 %
Noninterest income excluding securities transactions, as a percent of total revenue (TE) | 29.09 % |  | 32.05 % |  | 31.31 % |  | 30.32 % |  | 33.78 % |  | 30.52 % |  | 36.92 %
Efficiency ratio | 51.67 % |  | 55.43 % |  | 55.66 % |  | 57.59 % |  | 54.07 % |  | 53.49 % |  | 53.28 %
Adjusted efficiency ratio (TE) | 53.66 % |  | 56.95 % |  | 54.85 % |  | 56.56 % |  | 54.07 % |  | 55.26 % |  | 54.36 %
CAPITAL ADEQUACY (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity to assets | 12.97 % |  | 12.76 % |  | 12.43 % |  | 12.87 % |  | 12.96 % |  | 12.97 % |  | 12.96 %
Tangible common equity to tangible assets | 8.58 % |  | 8.32 % |  | 8.05 % |  | 8.88 % |  | 8.83 % |  | 8.58 % |  | 8.83 %
EQUITY TO ASSETS RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |
Tangible common equity to tangible assets | 8.58 % |  | 8.32 % |  | 8.05 % |  | 8.88 % |  | 8.83 % |  | 8.58 % |  | 8.83 %
Effect of goodwill and other intangibles | 4.39 % |  | 4.44 % |  | 4.38 % |  | 3.99 % |  | 4.13 % |  | 4.39 % |  | 4.13 %
Equity to assets (GAAP) | 12.97 % |  | 12.76 % |  | 12.43 % |  | 12.87 % |  | 12.96 % |  | 12.97 % |  | 12.96 %
OTHER DATA (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Full time equivalent employees |  |  |  |  |  |  |  |  |  |  |  |  |
Banking Division | 2,050 |  | 2,033 |  | 2,008 |  | 1,821 |  | 1,817 |  | 2,050 |  | 1,817
Retail Mortgage Division | 712 |  | 714 |  | 739 |  | 749 |  | 759 |  | 712 |  | 759
Warehouse Lending Division | 9 |  | 10 |  | 12 |  | 12 |  | 12 |  | 9 |  | 12
SBA Division | 36 |  | 35 |  | 34 |  | 29 |  | 30 |  | 36 |  | 30
Premium Finance Division | 78 |  | 77 |  | 72 |  | 67 |  | 68 |  | 78 |  | 68
Total Ameris Bancorp FTE headcount | 2,885 |  | 2,869 |  | 2,865 |  | 2,678 |  | 2,686 |  | 2,885 |  | 2,686
Assets per Banking Division FTE | $ 11,555 |  | $ 11,589 |  | $ 11,882 |  | $ 12,374 |  | $ 12,046 |  | $ 11,555 |  | $ 12,046
Branch locations | 164 |  | 165 |  | 165 |  | 165 |  | 165 |  | 164 |  | 165
Deposits per branch location | $ 120,030 |  | $ 118,718 |  | $ 119,185 |  | $ 114,142 |  | $ 110,655 |  | $ 120,030 |  | $ 110,655

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement | Table 2
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ 190,740 |  | $ 177,566 |  | $ 170,813 |  | $ 166,358 |  | $ 167,761 |  | $ 368,306 |  | $ 338,918
Interest on taxable securities | 7,064 |  | 4,239 |  | 5,866 |  | 5,296 |  | 5,244 |  | 11,303 |  | 11,362
Interest on nontaxable securities | 269 |  | 186 |  | 156 |  | 139 |  | 139 |  | 455 |  | 280
Interest on deposits in other banks | 4,463 |  | 1,373 |  | 1,521 |  | 1,244 |  | 595 |  | 5,836 |  | 1,117
Interest on federal funds sold | 32 |  | 10 |  | 9 |  | 9 |  | 12 |  | 42 |  | 24
Total interest income | 202,568 |  | 183,374 |  | 178,365 |  | 173,046 |  | 173,751 |  | 385,942 |  | 351,701
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposits | 4,908 |  | 4,092 |  | 4,678 |  | 5,106 |  | 5,775 |  | 9,000 |  | 12,573
Interest on other borrowings | 6,296 |  | 6,738 |  | 6,850 |  | 6,279 |  | 6,124 |  | 13,034 |  | 12,299
Total interest expense | 11,204 |  | 10,830 |  | 11,528 |  | 11,385 |  | 11,899 |  | 22,034 |  | 24,872
Net interest income | 191,364 |  | 172,544 |  | 166,837 |  | 161,661 |  | 161,852 |  | 363,908 |  | 326,829
Provision for loan losses | 13,227 |  | (2,734) |  | (13,619) |  | (3,984) |  | (899) |  | 10,493 |  | (17,478)
Provision for unfunded commitments | 1,779 |  | 9,009 |  | 16,388 |  | (5,516) |  | 1,299 |  | 10,788 |  | (10,540)
Provision for other credit losses | (82) |  | (44) |  | (10) |  | (175) |  | (258) |  | (126) |  | (431)
Provision for credit losses | 14,924 |  | 6,231 |  | 2,759 |  | (9,675) |  | 142 |  | 21,155 |  | (28,449)
Net interest income after provision for credit losses | 176,440 |  | 166,313 |  | 164,078 |  | 171,336 |  | 161,710 |  | 342,753 |  | 355,278
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts | 11,148 |  | 11,058 |  | 11,784 |  | 11,486 |  | 11,007 |  | 22,206 |  | 21,836
Mortgage banking activity | 58,761 |  | 62,938 |  | 60,723 |  | 56,460 |  | 70,231 |  | 121,699 |  | 168,717
Other service charges, commissions and fees | 998 |  | 939 |  | 962 |  | 1,154 |  | 1,056 |  | 1,937 |  | 2,072
Gain (loss) on securities | 248 |  | (27) |  | (4) |  | 530 |  | 1 |  | 221 |  | (11)
Other noninterest income | 12,686 |  | 12,003 |  | 8,304 |  | 6,932 |  | 6,945 |  | 24,689 |  | 14,599
Total noninterest income | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 89,240 |  | 170,752 |  | 207,213
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 81,545 |  | 84,281 |  | 76,615 |  | 79,671 |  | 85,505 |  | 165,826 |  | 181,490
Occupancy and equipment | 12,746 |  | 12,727 |  | 13,494 |  | 11,979 |  | 10,812 |  | 25,473 |  | 22,593
Data processing and communications expenses | 12,155 |  | 12,572 |  | 11,534 |  | 10,681 |  | 11,877 |  | 24,727 |  | 23,761
Credit resolution-related expenses(1) | 496 |  | (965) |  | 1,992 |  | 377 |  | 622 |  | (469) |  | 1,169
Advertising and marketing | 3,122 |  | 1,988 |  | 2,381 |  | 2,676 |  | 1,946 |  | 5,110 |  | 3,377
Amortization of intangible assets | 5,144 |  | 5,181 |  | 3,387 |  | 3,387 |  | 4,065 |  | 10,325 |  | 8,191
Merger and conversion charges | — |  | 977 |  | 4,023 |  | 183 |  | — |  | 977 |  | —
Other noninterest expenses | 26,988 |  | 27,059 |  | 24,943 |  | 28,242 |  | 20,934 |  | 54,047 |  | 43,978
Total noninterest expense | 142,196 |  | 143,820 |  | 138,369 |  | 137,196 |  | 135,761 |  | 286,016 |  | 284,559
Income before income tax expense | 118,085 |  | 109,404 |  | 107,478 |  | 110,702 |  | 115,189 |  | 227,489 |  | 277,932
Income tax expense | 28,019 |  | 27,706 |  | 25,534 |  | 29,022 |  | 26,862 |  | 55,725 |  | 64,643
Net income | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 88,327 |  | $ 171,764 |  | $ 213,289
Diluted earnings per common share | $ 1.30 |  | $ 1.17 |  | $ 1.18 |  | $ 1.17 |  | $ 1.27 |  | $ 2.47 |  | $ 3.06
(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
| Jun |  | Mar |  | Dec |  | Sep |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ 345,627 |  | $ 257,316 |  | $ 307,813 |  | $ 239,028 |  | $ 259,729
Federal funds sold and interest-bearing deposits in banks | 1,961,209 |  | 3,541,144 |  | 3,756,844 |  | 3,513,412 |  | 3,044,795
Debt securities available-for-sale, at fair value | 1,052,268 |  | 579,204 |  | 592,621 |  | 684,504 |  | 778,167
Debt securities held-to-maturity, at amortized cost | 111,654 |  | 91,454 |  | 79,850 |  | 64,451 |  | 29,055
Other investments | 49,500 |  | 49,395 |  | 47,552 |  | 27,619 |  | 27,621
Loans held for sale | 555,665 |  | 901,550 |  | 1,254,632 |  | 1,435,805 |  | 1,210,589
Loans, net of unearned income | 17,561,022 |  | 16,143,801 |  | 15,874,258 |  | 14,824,539 |  | 14,780,791
Allowance for credit losses | (172,642) |  | (161,251) |  | (167,582) |  | (171,213) |  | (175,070)
Loans, net | 17,388,380 |  | 15,982,550 |  | 15,706,676 |  | 14,653,326 |  | 14,605,721
Other real estate owned | 835 |  | 1,910 |  | 3,810 |  | 4,594 |  | 5,775
Premises and equipment, net | 224,249 |  | 224,293 |  | 225,400 |  | 226,430 |  | 229,994
Goodwill | 1,023,056 |  | 1,022,345 |  | 1,012,620 |  | 928,005 |  | 928,005
Other intangible assets, net | 115,613 |  | 120,757 |  | 125,938 |  | 60,396 |  | 63,783
Cash value of bank owned life insurance | 384,862 |  | 332,914 |  | 331,146 |  | 279,389 |  | 277,839
Other assets | 474,552 |  | 455,460 |  | 413,419 |  | 416,182 |  | 425,858
Total assets | $ 23,687,470 |  | $ 23,560,292 |  | $ 23,858,321 |  | $ 22,533,141 |  | $ 21,886,931
Liabilities |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |
Noninterest-bearing | $ 8,262,929 |  | $ 7,870,207 |  | $ 7,774,823 |  | $ 7,616,728 |  | $ 6,983,761
Interest-bearing | 11,422,053 |  | 11,718,234 |  | 11,890,730 |  | 11,216,761 |  | 11,274,236
Total deposits | 19,684,982 |  | 19,588,441 |  | 19,665,553 |  | 18,833,489 |  | 18,257,997
Federal funds purchased and securities sold under agreements to repurchase | 953 |  | 2,065 |  | 5,845 |  | 4,502 |  | 5,544
Other borrowings | 425,592 |  | 425,520 |  | 739,879 |  | 425,375 |  | 425,303
Subordinated deferrable interest debentures | 127,325 |  | 126,827 |  | 126,328 |  | 125,830 |  | 125,331
Other liabilities | 375,242 |  | 410,280 |  | 354,265 |  | 243,175 |  | 235,752
Total liabilities | 20,614,094 |  | 20,553,133 |  | 20,891,870 |  | 19,632,371 |  | 19,049,927
Shareholders' Equity |  |  |  |  |  |  |  |  |
Preferred stock | — |  | — |  | — |  | — |  | —
Common stock | 72,251 |  | 72,212 |  | 72,017 |  | 72,016 |  | 72,008
Capital stock | 1,931,088 |  | 1,928,702 |  | 1,924,813 |  | 1,922,964 |  | 1,920,566
Retained earnings | 1,157,359 |  | 1,077,725 |  | 1,006,436 |  | 934,979 |  | 863,828
Accumulated other comprehensive income (loss), net of tax | (12,635) |  | (1,841) |  | 15,590 |  | 21,885 |  | 25,024
Treasury stock | (74,687) |  | (69,639) |  | (52,405) |  | (51,074) |  | (44,422)
Total shareholders' equity | 3,073,376 |  | 3,007,159 |  | 2,966,451 |  | 2,900,770 |  | 2,837,004
Total liabilities and shareholders' equity | $ 23,687,470 |  | $ 23,560,292 |  | $ 23,858,321 |  | $ 22,533,141 |  | $ 21,886,931
Other Data |  |  |  |  |  |  |  |  |
Earning assets | $ 21,291,318 |  | $ 21,306,548 |  | $ 21,605,757 |  | $ 20,550,330 |  | $ 19,871,018
Intangible assets | 1,138,669 |  | 1,143,102 |  | 1,138,558 |  | 988,401 |  | 991,788
Interest-bearing liabilities | 11,975,923 |  | 12,272,646 |  | 12,762,782 |  | 11,772,468 |  | 11,830,414
Average assets | 23,405,201 |  | 23,275,654 |  | 23,054,847 |  | 22,087,642 |  | 21,538,894
Average common shareholders' equity | 3,043,280 |  | 2,994,652 |  | 2,939,507 |  | 2,874,691 |  | 2,798,269

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information | Table 4
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ 203,615 |  | $ 200,981 |  | $ 188,234 |  | $ 197,782 |  | $ 200,241 |  | $ 200,981 |  | $ 233,105
Acquired allowance for purchased credit deteriorated loans | — |  | — |  | 9,432 |  | — |  | — |  | — |  | —
Provision for loan losses | 13,227 |  | (2,734) |  | (13,619) |  | (3,984) |  | (899) |  | 10,493 |  | (17,478)
Provision for unfunded commitments | 1,779 |  | 9,009 |  | 16,388 |  | (5,516) |  | 1,299 |  | 10,788 |  | (10,540)
Provision for other credit losses | (82) |  | (44) |  | (10) |  | (175) |  | (258) |  | (126) |  | (431)
Provision for credit losses | 14,924 |  | 6,231 |  | 2,759 |  | (9,675) |  | 142 |  | 21,155 |  | (28,449)
Charge-offs | 6,853 |  | 8,579 |  | 3,367 |  | 3,537 |  | 7,138 |  | 15,432 |  | 14,712
Recoveries | 5,017 |  | 4,982 |  | 3,923 |  | 3,664 |  | 4,537 |  | 9,999 |  | 7,838
Net charge-offs (recoveries) | 1,836 |  | 3,597 |  | (556) |  | (127) |  | 2,601 |  | 5,433 |  | 6,874
Ending balance | $ 216,703 |  | $ 203,615 |  | $ 200,981 |  | $ 188,234 |  | $ 197,782 |  | $ 216,703 |  | $ 197,782
Allowance for loan losses | $ 172,642 |  | $ 161,251 |  | $ 167,582 |  | $ 171,213 |  | $ 175,070 |  | $ 172,642 |  | $ 175,070
Allowance for unfunded commitments | 43,973 |  | 42,194 |  | 33,185 |  | 16,797 |  | 22,313 |  | 43,973 |  | 22,313
Allowance for other credit losses | 88 |  | 170 |  | 214 |  | 224 |  | 399 |  | 88 |  | 399
Total allowance for credit losses | $ 216,703 |  | $ 203,615 |  | $ 200,981 |  | $ 188,234 |  | $ 197,782 |  | $ 216,703 |  | $ 197,782
Net Charge-off Information |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 4,391 |  | $ 4,414 |  | $ 1,003 |  | $ 858 |  | $ 3,529 |  | $ 8,805 |  | $ 5,899
Consumer installment | 1,137 |  | 1,425 |  | 1,484 |  | 1,647 |  | 1,669 |  | 2,562 |  | 3,117
Indirect automobile | 41 |  | 88 |  | 40 |  | 178 |  | 141 |  | 129 |  | 970
Premium Finance | 1,066 |  | 1,369 |  | 526 |  | 605 |  | 1,194 |  | 2,435 |  | 2,537
Real estate - construction and development | — |  | — |  | 21 |  | — |  | 186 |  | — |  | 212
Real estate - commercial and farmland | 81 |  | 1,283 |  | 220 |  | 210 |  | 27 |  | 1,364 |  | 1,422
Real estate - residential | 137 |  | — |  | 73 |  | 39 |  | 392 |  | 137 |  | 555
Total charge-offs | 6,853 |  | 8,579 |  | 3,367 |  | 3,537 |  | 7,138 |  | 15,432 |  | 14,712
Recoveries |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | 2,785 |  | 2,896 |  | 2,389 |  | 1,986 |  | 625 |  | 5,681 |  | 1,352
Consumer installment | 230 |  | 158 |  | 172 |  | 199 |  | 212 |  | 388 |  | 568
Indirect automobile | 265 |  | 275 |  | 329 |  | 278 |  | 372 |  | 540 |  | 1,072
Premium Finance | 1,113 |  | 1,247 |  | 633 |  | 649 |  | 2,466 |  | 2,360 |  | 3,588
Real estate - construction and development | 355 |  | 218 |  | 210 |  | 45 |  | 84 |  | 573 |  | 251
Real estate - commercial and farmland | 44 |  | 37 |  | 81 |  | 266 |  | 185 |  | 81 |  | 226
Real estate - residential | 225 |  | 151 |  | 109 |  | 241 |  | 593 |  | 376 |  | 781
Total recoveries | 5,017 |  | 4,982 |  | 3,923 |  | 3,664 |  | 4,537 |  | 9,999 |  | 7,838
Net charge-offs (recoveries) | $ 1,836 |  | $ 3,597 |  | $ (556) |  | $ (127) |  | $ 2,601 |  | $ 5,433 |  | $ 6,874
Non-Performing Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans | $ 122,912 |  | $ 102,597 |  | $ 85,266 |  | $ 58,932 |  | $ 59,921 |  | $ 122,912 |  | $ 59,921
Other real estate owned | 835 |  | 1,910 |  | 3,810 |  | 4,594 |  | 5,775 |  | 835 |  | 5,775
Repossessed assets | 122 |  | 139 |  | 84 |  | 152 |  | 226 |  | 122 |  | 226
Accruing loans delinquent 90 days or more | 8,542 |  | 6,584 |  | 12,648 |  | 7,472 |  | 4,874 |  | 8,542 |  | 4,874
Total non-performing assets | $ 132,411 |  | $ 111,230 |  | $ 101,808 |  | $ 71,150 |  | $ 70,796 |  | $ 132,411 |  | $ 70,796
Asset Quality Ratios |  |  |  |  |  |  |  |  |  |  |  |  |
Non-performing assets as a percent of total assets | 0.56 % |  | 0.47 % |  | 0.43 % |  | 0.32 % |  | 0.32 % |  | 0.56 % |  | 0.32 %
Net charge-offs as a percent of average loans (annualized) | 0.04 % |  | 0.09 % |  | (0.01) % |  | — % |  | 0.07 % |  | 0.07 % |  | 0.10 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information | Table 5
| Jun |  | Mar |  | Dec |  | Sep |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021
Loans by Type |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 2,022,845 |  | $ 1,836,663 |  | $ 1,875,993 |  | $ 1,217,575 |  | $ 1,406,421
Consumer installment | 167,237 |  | 173,642 |  | 191,298 |  | 207,111 |  | 229,411
Indirect automobile | 172,245 |  | 214,120 |  | 265,779 |  | 325,057 |  | 397,373
Mortgage warehouse | 949,191 |  | 732,375 |  | 787,837 |  | 768,577 |  | 841,347
Municipal | 529,268 |  | 547,926 |  | 572,701 |  | 624,430 |  | 647,578
Premium Finance | 942,357 |  | 819,163 |  | 798,409 |  | 840,737 |  | 780,328
Real estate - construction and development | 1,747,284 |  | 1,577,215 |  | 1,452,339 |  | 1,454,824 |  | 1,527,883
Real estate - commercial and farmland | 7,156,017 |  | 6,924,475 |  | 6,834,917 |  | 6,409,704 |  | 6,051,472
Real estate - residential | 3,874,578 |  | 3,318,222 |  | 3,094,985 |  | 2,976,524 |  | 2,898,978
Total loans | $ 17,561,022 |  | $ 16,143,801 |  | $ 15,874,258 |  | $ 14,824,539 |  | $ 14,780,791
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Accruing troubled debt restructurings |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 964 |  | $ 868 |  | $ 1,286 |  | $ 1,683 |  | $ 1,038
Consumer installment | 9 |  | 13 |  | 16 |  | 22 |  | 28
Indirect automobile | 759 |  | 893 |  | 1,037 |  | 1,284 |  | 1,647
Premium Finance | 993 |  | 162 |  | — |  | — |  | —
Real estate - construction and development | 706 |  | 725 |  | 789 |  | 887 |  | 898
Real estate - commercial and farmland | 8,213 |  | 17,161 |  | 35,575 |  | 43,895 |  | 46,025
Real estate - residential | 24,456 |  | 24,664 |  | 26,879 |  | 29,521 |  | 31,570
Total accruing troubled debt restructurings | $ 36,100 |  | $ 44,486 |  | $ 65,582 |  | $ 77,292 |  | $ 81,206
Nonaccrual troubled debt restructurings |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 364 |  | $ 72 |  | $ 83 |  | $ 112 |  | $ 805
Consumer installment | 14 |  | 31 |  | 35 |  | 38 |  | 43
Indirect automobile | 122 |  | 221 |  | 273 |  | 297 |  | 301
Real estate - construction and development | — |  | 11 |  | 13 |  | 271 |  | 301
Real estate - commercial and farmland | 788 |  | 788 |  | 5,924 |  | 6,715 |  | 7,103
Real estate - residential | 4,369 |  | 4,341 |  | 4,678 |  | 2,687 |  | 2,515
Total nonaccrual troubled debt restructurings | $ 5,657 |  | $ 5,464 |  | $ 11,006 |  | $ 10,120 |  | $ 11,068
Total troubled debt restructurings | $ 41,757 |  | $ 49,950 |  | $ 76,588 |  | $ 87,412 |  | $ 92,274
Loans by Risk Grade |  |  |  |  |  |  |  |  |
Grades 1 through 5 - Pass | $ 17,296,520 |  | $ 15,899,956 |  | $ 15,614,323 |  | $ 14,562,058 |  | $ 14,477,905
Grade 6 - Other assets especially mentioned | 68,444 |  | 51,670 |  | 78,957 |  | 87,757 |  | 100,750
Grade 7 - Substandard | 196,058 |  | 192,175 |  | 180,978 |  | 174,724 |  | 202,134
Grade 8 - Doubtful | — |  | — |  | — |  | — |  | —
Grade 9 - Loss | — |  | — |  | — |  | — |  | 2
Total loans | $ 17,561,022 |  | $ 16,143,801 |  | $ 15,874,258 |  | $ 14,824,539 |  | $ 14,780,791

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances | Table 6
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | $ 17,692 |  | $ 20,000 |  | $ 20,000 |  | $ 20,000 |  | $ 20,000 |  | $ 18,840 |  | $ 20,000
Interest-bearing deposits in banks | 2,209,761 |  | 3,393,238 |  | 3,719,878 |  | 3,082,413 |  | 2,461,092 |  | 2,798,231 |  | 2,304,119
Time deposits in other banks | — |  | — |  | — |  | — |  | 244 |  | — |  | 246
Debt securities - taxable | 932,824 |  | 623,498 |  | 698,915 |  | 757,278 |  | 811,234 |  | 779,016 |  | 860,759
Debt securities - nontaxable | 39,236 |  | 29,605 |  | 22,639 |  | 19,053 |  | 18,225 |  | 34,446 |  | 18,722
Other investments | 49,550 |  | 47,872 |  | 31,312 |  | 27,622 |  | 27,620 |  | 48,716 |  | 27,568
Loans held for sale | 944,964 |  | 1,097,098 |  | 1,365,886 |  | 1,497,320 |  | 1,705,167 |  | 1,020,611 |  | 1,496,155
Loans | 16,861,674 |  | 15,821,397 |  | 15,119,752 |  | 14,685,878 |  | 14,549,104 |  | 16,344,409 |  | 14,501,802
Total Earning Assets | $ 21,055,701 |  | $ 21,032,708 |  | $ 20,978,382 |  | $ 20,089,564 |  | $ 19,592,686 |  | $ 21,044,269 |  | $ 19,229,371
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | $ 7,955,765 |  | $ 7,658,451 |  | $ 7,600,284 |  | $ 7,168,717 |  | $ 6,874,471 |  | $ 7,807,929 |  | $ 6,644,646
NOW accounts | 3,695,490 |  | 3,684,772 |  | 3,651,595 |  | 3,447,909 |  | 3,314,334 |  | 3,690,161 |  | 3,248,655
MMDA | 5,087,199 |  | 5,240,922 |  | 5,209,653 |  | 4,966,492 |  | 4,872,500 |  | 5,163,636 |  | 4,817,197
Savings accounts | 1,007,340 |  | 973,724 |  | 928,954 |  | 908,189 |  | 876,887 |  | 990,625 |  | 850,112
Retail CDs | 1,693,740 |  | 1,774,016 |  | 1,827,852 |  | 1,919,184 |  | 2,005,265 |  | 1,733,656 |  | 2,035,668
Brokered CDs | — |  | — |  | — |  | 511 |  | 1,000 |  | — |  | 1,000
Total Deposits | 19,439,534 |  | 19,331,885 |  | 19,218,338 |  | 18,411,002 |  | 17,944,457 |  | 19,386,007 |  | 17,597,278
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 1,854 |  | 4,020 |  | 5,559 |  | 5,133 |  | 6,883 |  | 2,931 |  | 8,077
FHLB advances | 48,746 |  | 48,786 |  | 48,828 |  | 48,866 |  | 48,910 |  | 48,766 |  | 48,931
Other borrowings | 376,829 |  | 443,657 |  | 468,058 |  | 376,489 |  | 376,376 |  | 410,058 |  | 376,318
Subordinated deferrable interest debentures | 127,063 |  | 126,563 |  | 126,067 |  | 125,567 |  | 125,068 |  | 126,814 |  | 124,823
Total Non-Deposit Funding | 554,492 |  | 623,026 |  | 648,512 |  | 556,055 |  | 557,237 |  | 588,569 |  | 558,149
Total Funding | $ 19,994,026 |  | $ 19,954,911 |  | $ 19,866,850 |  | $ 18,967,057 |  | $ 18,501,694 |  | $ 19,974,576 |  | $ 18,155,427

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) | Table 7
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Interest Income |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | $ 32 |  | $ 10 |  | $ 9 |  | $ 9 |  | $ 12 |  | $ 42 |  | $ 24
Interest-bearing deposits in banks | 4,463 |  | 1,373 |  | 1,521 |  | 1,244 |  | 594 |  | 5,836 |  | 1,115
Time deposits in other banks | — |  | — |  | — |  | — |  | 1 |  | — |  | 2
Debt securities - taxable | 7,064 |  | 4,239 |  | 5,866 |  | 5,296 |  | 5,244 |  | 11,303 |  | 11,362
Debt securities - nontaxable (TE) | 341 |  | 235 |  | 198 |  | 176 |  | 176 |  | 576 |  | 354
Loans held for sale | 10,036 |  | 8,132 |  | 9,433 |  | 10,618 |  | 11,773 |  | 18,168 |  | 22,600
Loans (TE) | 181,602 |  | 170,398 |  | 162,415 |  | 156,861 |  | 157,112 |  | 352,000 |  | 318,585
Total Earning Assets | $ 203,538 |  | $ 184,387 |  | $ 179,442 |  | $ 174,204 |  | $ 174,912 |  | $ 387,925 |  | $ 354,042
Accretion income (included above) | $ (379) |  | $ 1,006 |  | $ 2,812 |  | $ 2,948 |  | $ 4,462 |  | $ 627 |  | $ 10,589
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | $ 1,246 |  | $ 824 |  | $ 864 |  | $ 808 |  | $ 816 |  | $ 2,070 |  | $ 1,742
MMDA | 2,204 |  | 1,643 |  | 1,971 |  | 1,970 |  | 1,908 |  | 3,847 |  | 3,906
Savings accounts | 140 |  | 133 |  | 128 |  | 129 |  | 122 |  | 273 |  | 246
Retail CDs | 1,318 |  | 1,492 |  | 1,715 |  | 2,195 |  | 2,921 |  | 2,810 |  | 6,665
Brokered CDs | — |  | — |  | — |  | 4 |  | 8 |  | — |  | 14
Total Interest-Bearing Deposits | 4,908 |  | 4,092 |  | 4,678 |  | 5,106 |  | 5,775 |  | 9,000 |  | 12,573
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 1 |  | 3 |  | 4 |  | 4 |  | 5 |  | 4 |  | 12
FHLB advances | 192 |  | 190 |  | 195 |  | 195 |  | 193 |  | 382 |  | 385
Other borrowings | 4,437 |  | 5,164 |  | 5,317 |  | 4,640 |  | 4,683 |  | 9,601 |  | 9,321
Subordinated deferrable interest debentures | 1,666 |  | 1,381 |  | 1,334 |  | 1,440 |  | 1,243 |  | 3,047 |  | 2,581
Total Non-Deposit Funding | 6,296 |  | 6,738 |  | 6,850 |  | 6,279 |  | 6,124 |  | 13,034 |  | 12,299
Total Interest-Bearing Funding | $ 11,204 |  | $ 10,830 |  | $ 11,528 |  | $ 11,385 |  | $ 11,899 |  | $ 22,034 |  | $ 24,872
Net Interest Income (TE) | $ 192,334 |  | $ 173,557 |  | $ 167,914 |  | $ 162,819 |  | $ 163,013 |  | $ 365,891 |  | $ 329,170

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1) | Table 8
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
| 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | 0.73 % |  | 0.20 % |  | 0.18 % |  | 0.18 % |  | 0.24 % |  | 0.45 % |  | 0.24 %
Interest-bearing deposits in banks | 0.81 % |  | 0.16 % |  | 0.16 % |  | 0.16 % |  | 0.10 % |  | 0.42 % |  | 0.10 %
Time deposits in other banks | — % |  | — % |  | — % |  | — % |  | 1.64 % |  | — % |  | 1.64 %
Debt securities - taxable | 3.04 % |  | 2.76 % |  | 3.33 % |  | 2.77 % |  | 2.59 % |  | 2.93 % |  | 2.66 %
Debt securities - nontaxable (TE) | 3.49 % |  | 3.22 % |  | 3.47 % |  | 3.66 % |  | 3.87 % |  | 3.37 % |  | 3.81 %
Loans held for sale | 4.26 % |  | 3.01 % |  | 2.74 % |  | 2.81 % |  | 2.77 % |  | 3.59 % |  | 3.05 %
Loans (TE) | 4.32 % |  | 4.37 % |  | 4.26 % |  | 4.24 % |  | 4.33 % |  | 4.34 % |  | 4.43 %
Total Earning Assets | 3.88 % |  | 3.56 % |  | 3.39 % |  | 3.44 % |  | 3.58 % |  | 3.72 % |  | 3.71 %
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | 0.14 % |  | 0.09 % |  | 0.09 % |  | 0.09 % |  | 0.10 % |  | 0.11 % |  | 0.11 %
MMDA | 0.17 % |  | 0.13 % |  | 0.15 % |  | 0.16 % |  | 0.16 % |  | 0.15 % |  | 0.16 %
Savings accounts | 0.06 % |  | 0.06 % |  | 0.05 % |  | 0.06 % |  | 0.06 % |  | 0.06 % |  | 0.06 %
Retail CDs | 0.31 % |  | 0.34 % |  | 0.37 % |  | 0.45 % |  | 0.58 % |  | 0.33 % |  | 0.66 %
Brokered CDs | — % |  | — % |  | — % |  | 3.11 % |  | 3.21 % |  | — % |  | 2.82 %
Total Interest-Bearing Deposits | 0.17 % |  | 0.14 % |  | 0.16 % |  | 0.18 % |  | 0.21 % |  | 0.16 % |  | 0.23 %
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 0.22 % |  | 0.30 % |  | 0.29 % |  | 0.31 % |  | 0.29 % |  | 0.28 % |  | 0.30 %
FHLB advances | 1.58 % |  | 1.58 % |  | 1.58 % |  | 1.58 % |  | 1.58 % |  | 1.58 % |  | 1.59 %
Other borrowings | 4.72 % |  | 4.72 % |  | 4.51 % |  | 4.89 % |  | 4.99 % |  | 4.72 % |  | 4.99 %
Subordinated deferrable interest debentures | 5.26 % |  | 4.43 % |  | 4.20 % |  | 4.55 % |  | 3.99 % |  | 4.85 % |  | 4.17 %
Total Non-Deposit Funding | 4.55 % |  | 4.39 % |  | 4.19 % |  | 4.48 % |  | 4.41 % |  | 4.47 % |  | 4.44 %
Total Interest-Bearing Liabilities | 0.37 % |  | 0.36 % |  | 0.37 % |  | 0.38 % |  | 0.41 % |  | 0.37 % |  | 0.44 %
Net Interest Spread | 3.51 % |  | 3.20 % |  | 3.02 % |  | 3.06 % |  | 3.17 % |  | 3.35 % |  | 3.27 %
Net Interest Margin(2) | 3.66 % |  | 3.35 % |  | 3.18 % |  | 3.22 % |  | 3.34 % |  | 3.51 % |  | 3.45 %
Total Cost of Funds(3) | 0.22 % |  | 0.22 % |  | 0.23 % |  | 0.24 % |  | 0.26 % |  | 0.22 % |  | 0.28 %
(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 |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Net income available to common shareholders | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 88,327 |  | $ 171,764 |  | $ 213,289
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
Merger and conversion charges | — |  | 977 |  | 4,023 |  | 183 |  | — |  | 977 |  | —
Servicing right impairment (recovery) | (10,838) |  | (9,654) |  | (4,540) |  | 1,398 |  | (749) |  | (20,492) |  | (11,388)
Gain on BOLI proceeds | — |  | — |  | — |  | — |  | — |  | — |  | (603)
(Gain) loss on bank premises | (39) |  | (6) |  | (126) |  | 1,136 |  | (236) |  | (45) |  | (500)
Tax effect of adjustment items (Note 1) | 2,284 |  | 2,024 |  | 243 |  | (536) |  | 206 |  | 4,308 |  | 2,496
After tax adjustment items | (8,593) |  | (6,659) |  | (400) |  | 2,181 |  | (779) |  | (15,252) |  | (9,995)
Adjusted net income | $ 81,473 |  | $ 75,039 |  | $ 81,544 |  | $ 83,861 |  | $ 87,548 |  | $ 156,512 |  | $ 203,294
Weighted average number of shares - diluted | 69,316,258 |  | 69,660,990 |  | 69,738,426 |  | 69,756,135 |  | 69,791,670 |  | 69,484,508 |  | 69,764,923
Net income per diluted share | $ 1.30 |  | $ 1.17 |  | $ 1.18 |  | $ 1.17 |  | $ 1.27 |  | $ 2.47 |  | $ 3.06
Adjusted net income per diluted share | $ 1.18 |  | $ 1.08 |  | $ 1.17 |  | $ 1.20 |  | $ 1.25 |  | $ 2.25 |  | $ 2.91
Average assets | $ 23,405,201 |  | $ 23,275,654 |  | $ 23,054,847 |  | $ 22,087,642 |  | $ 21,538,894 |  | $ 23,340,785 |  | $ 21,144,751
Return on average assets | 1.54 % |  | 1.42 % |  | 1.41 % |  | 1.47 % |  | 1.64 % |  | 1.48 % |  | 2.03 %
Adjusted return on average assets | 1.40 % |  | 1.31 % |  | 1.40 % |  | 1.51 % |  | 1.63 % |  | 1.35 % |  | 1.94 %
Average common equity | $ 3,043,280 |  | $ 2,994,652 |  | $ 2,939,507 |  | $ 2,874,691 |  | $ 2,798,269 |  | $ 3,019,100 |  | $ 2,746,922
Average tangible common equity | $ 1,902,265 |  | $ 1,857,713 |  | $ 1,916,783 |  | $ 1,884,622 |  | $ 1,804,324 |  | $ 1,880,112 |  | $ 1,750,931
Return on average common equity | 11.87 % |  | 11.06 % |  | 11.06 % |  | 11.27 % |  | 12.66 % |  | 11.47 % |  | 15.66 %
Adjusted return on average tangible common equity | 17.18 % |  | 16.38 % |  | 16.88 % |  | 17.65 % |  | 19.46 % |  | 16.79 % |  | 23.41 %
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 1Q22, 4Q21 and 3Q21 are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued) |  |
Adjusted Efficiency Ratio (TE) | Table 9B
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Adjusted Noninterest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest expense | $ 142,196 |  | $ 143,820 |  | $ 138,369 |  | $ 137,196 |  | $ 135,761 |  | $ 286,016 |  | $ 284,559
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
Merger and conversion charges | — |  | (977) |  | (4,023) |  | (183) |  | — |  | (977) |  | —
Gain (loss) on bank premises | 39 |  | 6 |  | 126 |  | (1,136) |  | 236 |  | 45 |  | 500
Adjusted noninterest expense | $ 142,235 |  | $ 142,849 |  | $ 134,472 |  | $ 135,877 |  | $ 135,997 |  | $ 285,084 |  | $ 285,059
Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 191,364 |  | $ 172,544 |  | $ 166,837 |  | $ 161,661 |  | $ 161,852 |  | $ 363,908 |  | $ 326,829
Noninterest income | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 89,240 |  | 170,752 |  | 207,213
Total revenue | $ 275,205 |  | $ 259,455 |  | $ 248,606 |  | $ 238,223 |  | $ 251,092 |  | $ 534,660 |  | $ 534,042
Adjusted Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (TE) | $ 192,334 |  | $ 173,557 |  | $ 167,914 |  | $ 162,819 |  | $ 163,013 |  | $ 365,891 |  | $ 329,170
Noninterest income | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 89,240 |  | 170,752 |  | 207,213
Total revenue (TE) | 276,175 |  | 260,468 |  | 249,683 |  | 239,381 |  | 252,253 |  | 536,643 |  | 536,383
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) loss on securities | (248) |  | 27 |  | 4 |  | (530) |  | (1) |  | (221) |  | 11
Gain on BOLI proceeds | — |  | — |  | — |  | — |  | — |  | — |  | (603)
Servicing right impairment (recovery) | (10,838) |  | (9,654) |  | (4,540) |  | 1,398 |  | (749) |  | (20,492) |  | (11,388)
Adjusted total revenue (TE) | $ 265,089 |  | $ 250,841 |  | $ 245,147 |  | $ 240,249 |  | $ 251,503 |  | $ 515,930 |  | $ 524,403
Efficiency ratio | 51.67 % |  | 55.43 % |  | 55.66 % |  | 57.59 % |  | 54.07 % |  | 53.49 % |  | 53.28 %
Adjusted efficiency ratio (TE) | 53.66 % |  | 56.95 % |  | 54.85 % |  | 56.56 % |  | 54.07 % |  | 55.26 % |  | 54.36 %
Tangible Book Value Per Share | Table 9C
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Total shareholders' equity | $ 3,073,376 |  | $ 3,007,159 |  | $ 2,966,451 |  | $ 2,900,770 |  | $ 2,837,004 |  | $ 3,073,376 |  | $ 2,837,004
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,023,056 |  | 1,022,345 |  | 1,012,620 |  | 928,005 |  | 928,005 |  | 1,023,056 |  | 928,005
Other intangibles, net | 115,613 |  | 120,757 |  | 125,938 |  | 60,396 |  | 63,783 |  | 115,613 |  | 63,783
Total tangible shareholders' equity | $ 1,934,707 |  | $ 1,864,057 |  | $ 1,827,893 |  | $ 1,912,369 |  | $ 1,845,216 |  | $ 1,934,707 |  | $ 1,845,216
Period end number of shares | 69,360,461 |  | 69,439,084 |  | 69,609,228 |  | 69,635,435 |  | 69,767,209 |  | 69,360,461 |  | 69,767,209
Book value per share (period end) | $ 44.31 |  | $ 43.31 |  | $ 42.62 |  | $ 41.66 |  | $ 40.66 |  | $ 44.31 |  | $ 40.66
Tangible book value per share (period end) | $ 27.89 |  | $ 26.84 |  | $ 26.26 |  | $ 27.46 |  | $ 26.45 |  | $ 27.89 |  | $ 26.45

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting | Table 10
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Banking Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 152,122 |  | $ 133,745 |  | $ 120,572 |  | $ 113,524 |  | $ 110,670 |  | $ 285,867 |  | $ 223,486
Provision for credit losses | 10,175 |  | 5,226 |  | 4,565 |  | (9,578) |  | (3,949) |  | 15,401 |  | (27,853)
Noninterest income | 23,469 |  | 21,364 |  | 18,859 |  | 17,896 |  | 16,171 |  | 44,833 |  | 32,909
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 46,733 |  | 49,195 |  | 36,522 |  | 40,020 |  | 37,814 |  | 95,928 |  | 80,537
Occupancy and equipment expenses | 11,168 |  | 11,074 |  | 11,699 |  | 10,196 |  | 9,050 |  | 22,242 |  | 19,170
Data processing and telecommunications expenses | 10,863 |  | 11,230 |  | 10,162 |  | 9,159 |  | 10,280 |  | 22,093 |  | 20,481
Other noninterest expenses | 21,123 |  | 20,045 |  | 24,048 |  | 21,723 |  | 18,763 |  | 41,168 |  | 38,473
Total noninterest expense | 89,887 |  | 91,544 |  | 82,431 |  | 81,098 |  | 75,907 |  | 181,431 |  | 158,661
Income before income tax expense | 75,529 |  | 58,339 |  | 52,435 |  | 59,900 |  | 54,883 |  | 133,868 |  | 125,587
Income tax expense | 19,120 |  | 16,996 |  | 14,010 |  | 17,784 |  | 14,196 |  | 36,116 |  | 32,652
Net income | $ 56,409 |  | $ 41,343 |  | $ 38,425 |  | $ 42,116 |  | $ 40,687 |  | $ 97,752 |  | $ 92,935
Retail Mortgage Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 20,779 |  | $ 19,295 |  | $ 19,912 |  | $ 21,289 |  | $ 22,533 |  | $ 40,074 |  | $ 41,517
Provision for credit losses | 4,499 |  | 1,587 |  | 175 |  | 1,678 |  | 5,647 |  | 6,086 |  | 1,094
Noninterest income | 57,795 |  | 61,649 |  | 59,650 |  | 55,555 |  | 69,055 |  | 119,444 |  | 166,695
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 31,219 |  | 31,614 |  | 36,787 |  | 36,373 |  | 44,798 |  | 62,833 |  | 94,636
Occupancy and equipment expenses | 1,406 |  | 1,471 |  | 1,587 |  | 1,590 |  | 1,553 |  | 2,877 |  | 3,029
Data processing and telecommunications expenses | 1,123 |  | 1,172 |  | 1,213 |  | 1,357 |  | 1,435 |  | 2,295 |  | 2,981
Other noninterest expenses | 12,812 |  | 12,645 |  | 10,793 |  | 11,675 |  | 7,638 |  | 25,457 |  | 15,827
Total noninterest expense | 46,560 |  | 46,902 |  | 50,380 |  | 50,995 |  | 55,424 |  | 93,462 |  | 116,473
Income before income tax expense | 27,515 |  | 32,455 |  | 29,007 |  | 24,171 |  | 30,517 |  | 59,970 |  | 90,645
Income tax expense | 5,779 |  | 6,815 |  | 6,092 |  | 5,076 |  | 6,408 |  | 12,594 |  | 19,035
Net income | $ 21,736 |  | $ 25,640 |  | $ 22,915 |  | $ 19,095 |  | $ 24,109 |  | $ 47,376 |  | $ 71,610
Warehouse Lending Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 6,700 |  | $ 6,447 |  | $ 8,063 |  | $ 8,712 |  | $ 8,720 |  | $ 13,147 |  | $ 18,626
Provision for credit losses | 867 |  | (222) |  | 77 |  | (291) |  | (155) |  | 645 |  | (300)
Noninterest income | 1,041 |  | 1,401 |  | 1,253 |  | 1,037 |  | 1,333 |  | 2,442 |  | 2,313
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 208 |  | 283 |  | 258 |  | 264 |  | 278 |  | 491 |  | 608
Occupancy and equipment expenses | 1 |  | 1 |  | 1 |  | — |  | 1 |  | 2 |  | 2
Data processing and telecommunications expenses | 48 |  | 47 |  | 56 |  | 59 |  | 68 |  | 95 |  | 117
Other noninterest expenses | 212 |  | 218 |  | 227 |  | 200 |  | 30 |  | 430 |  | 63
Total noninterest expense | 469 |  | 549 |  | 542 |  | 523 |  | 377 |  | 1,018 |  | 790
Income before income tax expense | 6,405 |  | 7,521 |  | 8,697 |  | 9,517 |  | 9,831 |  | 13,926 |  | 20,449
Income tax expense | 1,346 |  | 1,579 |  | 1,827 |  | 1,999 |  | 2,064 |  | 2,925 |  | 4,294
Net income | $ 5,059 |  | $ 5,942 |  | $ 6,870 |  | $ 7,518 |  | $ 7,767 |  | $ 11,001 |  | $ 16,155

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) | Table 10
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2021
SBA Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 3,798 |  | $ 6,011 |  | $ 11,319 |  | $ 10,699 |  | $ 12,882 |  | $ 9,809 |  | $ 29,517
Provision for credit losses | (523) |  | (143) |  | (663) |  | (1,104) |  | (607) |  | (666) |  | (1,154)
Noninterest income | 1,526 |  | 2,491 |  | 2,002 |  | 2,070 |  | 2,677 |  | 4,017 |  | 5,288
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 1,316 |  | 1,271 |  | 1,217 |  | 1,320 |  | 937 |  | 2,587 |  | 2,319
Occupancy and equipment expenses | 81 |  | 99 |  | 121 |  | 116 |  | 132 |  | 180 |  | 238
Data processing and telecommunications expenses | 29 |  | 28 |  | 28 |  | 18 |  | — |  | 57 |  | 1
Other noninterest expenses | 539 |  | 380 |  | 645 |  | 370 |  | 284 |  | 919 |  | 579
Total noninterest expense | 1,965 |  | 1,778 |  | 2,011 |  | 1,824 |  | 1,353 |  | 3,743 |  | 3,137
Income before income tax expense | 3,882 |  | 6,867 |  | 11,973 |  | 12,049 |  | 14,813 |  | 10,749 |  | 32,822
Income tax expense | 815 |  | 1,442 |  | 2,514 |  | 2,530 |  | 3,111 |  | 2,257 |  | 6,893
Net income | $ 3,067 |  | $ 5,425 |  | $ 9,459 |  | $ 9,519 |  | $ 11,702 |  | $ 8,492 |  | $ 25,929
Premium Finance Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 7,965 |  | $ 7,046 |  | $ 6,971 |  | $ 7,437 |  | $ 7,047 |  | $ 15,011 |  | $ 13,683
Provision for credit losses | (94) |  | (217) |  | (1,395) |  | (380) |  | (794) |  | (311) |  | (236)
Noninterest income | 10 |  | 6 |  | 5 |  | 4 |  | 4 |  | 16 |  | 8
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 2,069 |  | 1,918 |  | 1,831 |  | 1,694 |  | 1,678 |  | 3,987 |  | 3,390
Occupancy and equipment expenses | 90 |  | 82 |  | 86 |  | 77 |  | 76 |  | 172 |  | 154
Data processing and telecommunications expenses | 92 |  | 95 |  | 75 |  | 88 |  | 94 |  | 187 |  | 181
Other noninterest expenses | 1,064 |  | 952 |  | 1,013 |  | 897 |  | 852 |  | 2,016 |  | 1,773
Total noninterest expense | 3,315 |  | 3,047 |  | 3,005 |  | 2,756 |  | 2,700 |  | 6,362 |  | 5,498
Income before income tax expense | 4,754 |  | 4,222 |  | 5,366 |  | 5,065 |  | 5,145 |  | 8,976 |  | 8,429
Income tax expense | 959 |  | 874 |  | 1,091 |  | 1,633 |  | 1,083 |  | 1,833 |  | 1,769
Net income | $ 3,795 |  | $ 3,348 |  | $ 4,275 |  | $ 3,432 |  | $ 4,062 |  | $ 7,143 |  | $ 6,660
Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 191,364 |  | $ 172,544 |  | $ 166,837 |  | $ 161,661 |  | $ 161,852 |  | $ 363,908 |  | $ 326,829
Provision for credit losses | 14,924 |  | 6,231 |  | 2,759 |  | (9,675) |  | 142 |  | 21,155 |  | (28,449)
Noninterest income | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 89,240 |  | 170,752 |  | 207,213
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 81,545 |  | 84,281 |  | 76,615 |  | 79,671 |  | 85,505 |  | 165,826 |  | 181,490
Occupancy and equipment expenses | 12,746 |  | 12,727 |  | 13,494 |  | 11,979 |  | 10,812 |  | 25,473 |  | 22,593
Data processing and telecommunications expenses | 12,155 |  | 12,572 |  | 11,534 |  | 10,681 |  | 11,877 |  | 24,727 |  | 23,761
Other noninterest expenses | 35,750 |  | 34,240 |  | 36,726 |  | 34,865 |  | 27,567 |  | 69,990 |  | 56,715
Total noninterest expense | 142,196 |  | 143,820 |  | 138,369 |  | 137,196 |  | 135,761 |  | 286,016 |  | 284,559
Income before income tax expense | 118,085 |  | 109,404 |  | 107,478 |  | 110,702 |  | 115,189 |  | 227,489 |  | 277,932
Income tax expense | 28,019 |  | 27,706 |  | 25,534 |  | 29,022 |  | 26,862 |  | 55,725 |  | 64,643
Net income | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 88,327 |  | $ 171,764 |  | $ 213,289

For more information, contact: Nicole S. Stokes, Chief Financial Officer, (404) 240-1514