EX-99.1 2 d369989dex991.htm EX-99.1

> Exhibit 99.1

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2022

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

- Net income of $92.6 million, or $1.34 per diluted share
- Growth in tangible book value(1) of $0.73 per share, or 10.4% annualized, to $28.62 at September 30, 2022
- Adjusted total revenue(1) grew $13.1 million, or 4.9%, when compared with last quarter
- Improvement in net interest margin of 31bps, from 3.66% last quarter to 3.97% this quarter
- Adjusted return on average assets(1) of 1.54%
- Adjusted return on average tangible common equity(1) of 18.33%
- Adjusted efficiency ratio(1) of 50.06%, compared with 53.66% last quarter
- Organic growth in loans of $1.25 billion, or 28.4% annualized
- Continued growth in noninterest bearing deposits, representing 42.86% of total deposits, from 41.98% at June 30, 2022 and 40.44% a year ago

ATLANTA, Oct. 27, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $92.6 million, or $1.34 per diluted share, for the quarter ended September 30, 2022, compared with $81.7 million, or $1.17 per diluted share, for the quarter ended September 30, 2021. The Company reported adjusted net income(1) of $91.8 million, or $1.32 per diluted share, for the quarter ended September 30, 2022, compared with $83.9 million, or $1.20 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, natural disaster and pandemic expenses, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds, loss on sale of mortgage servicing rights ("MSR") and gain/loss on sale of bank premises.

For the year-to-date period ending September 30, 2022, the Company reported net income of $264.3 million, or $3.81 per diluted share, compared with $295.0 million, or $4.23 per diluted share, for the same period in 2021. The Company reported adjusted net income(1) of $248.3 million, or $3.58 per diluted share, for the nine months ended September 30, 2022, compared with $287.2 million, or $4.12 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 third quarter.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We had an outstanding third quarter where we saw significant expansion in our margin to 3.97%, continued improvement in our efficiency ratio to just over 50%, strengthening in our balance sheet and earning asset mix and tangible book value growth of more than 10%, annualized. I am proud of the work our team has done and this quarter's solid results. We remain focused on core fundamentals. Our momentum and discipline have positioned us well for the remainder of this year and for entering 2023."

Increase in Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) grew to $213.9 million in the third quarter of 2022, an increase of $21.6 million, or 11.2%, from last quarter and $51.1 million, or 31.4%, compared with the third quarter of 2021. Interest income on a tax-equivalent basis increased by $31.7 million, or 15.6%, in the current quarter while interest expense increased $10.1 million, or 90.3%, compared with the second quarter of 2022.

The Company's net interest margin improved significantly to 3.97% for the third quarter of 2022, up from 3.66% reported for the second quarter of 2022 and 3.22% reported for the third quarter of 2021. Average earning assets increased $300.7 million, or 1.4%, from the previous quarter, and the mix of earning assets continued to expand the margin as the Company deployed excess liquidity through the investment portfolio and organic loan growth.

Yields on earning assets increased 49 basis points during the quarter to 4.37%, compared with 3.88% in the second quarter of 2022, and increased 93 basis points from 3.44% in the third quarter of 2021. Yields on loans increased to 4.62% during the third quarter of 2022, compared with 4.32% for the second quarter of 2022 and 4.24% for the third quarter of 2021. In addition, the Company incurred net accretion expense in the third quarter of $597,000, compared with $379,000 in the second quarter of 2022 and accretion income of $2.9 million for the third quarter of 2021.

Loan production in the banking division during the third quarter of 2022 was $1.12 billion, with weighted average yields of 6.26%, compared with $1.07 billion and 5.24%, respectively, in the second quarter of 2022 and $913.3 million and 3.56%, respectively, in the third quarter of 2021. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.6 billion during the third quarter of 2022, with weighted average yields of 5.29%, compared with $5.3 billion and 4.29%, respectively, during the second quarter of 2022 and $5.8 billion and 3.37%, respectively, during the third quarter of 2021.

The Company's total cost of funds was 0.42% in the third quarter of 2022, an increase of 20 basis points compared with the second quarter of 2022. Deposit costs increased 19 basis point during the third quarter of 2022 to 0.29%, compared with 0.10% in the second quarter of 2022. Costs of interest-bearing deposits increased during the quarter from 0.17% in the second quarter of 2022 to 0.49% in the third quarter of 2022, reflecting deposit pricing adjustments made at the end of the second quarter.

Noninterest Income

Noninterest income decreased $18.5 million, or 22.1%, in the third quarter of 2022 to $65.3 million, compared with $83.8 million for the second quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $18.4 million, or 31.3%, to $40.4 million in the third quarter of 2022, compared with $58.8 million for the second quarter of 2022. Gain on sale spreads decreased to 2.10% in the third quarter of 2022 from 2.36% for the second quarter of 2022. Total production in the retail mortgage division decreased to $1.26 billion in the third quarter of 2022, compared with $1.73 billion for the second quarter of 2022. The retail mortgage open pipeline was $520.0 million at the end of the third quarter of 2022, compared with $832.3 million at June 30, 2022. Mortgage banking activity included a $1.3 million recovery of servicing right impairment recorded in the third quarter of 2022, compared with a recovery of $10.8 million for the second quarter of 2022.

Noninterest Expense

Noninterest expense decreased $2.6 million, or 1.8%, to $139.6 million during the third quarter of 2022, compared with $142.2 million for the second quarter of 2022. During the third quarter of 2022, the Company recorded natural disaster and pandemic charges of $151,000, compared with a net gain on bank premises of $39,000 during the second quarter of 2022. Excluding those charges, adjusted expenses(1) decreased approximately $2.8 million, or 2.0%, to $139.4 million in the third quarter of 2022, from $142.2 million in the second quarter of 2022. The decrease in adjusted expenses(1) resulted from a $6.6 million decline in mortgage expenses related to reduced production, offset by a $3.7 million increase in the banking division, the majority of which was related to compensation, incentives and benefits. Management continues to deliver high performing operating efficiency, as the adjusted efficiency ratio(1) decreased to 50.06% in the third quarter of 2022, compared with 53.66% in the second quarter of 2022.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2022 was 23.6%, compared with 23.7% in the second quarter of 2022.

Balance Sheet Trends

Total assets at September 30, 2022 were $23.81 billion, compared with $23.86 billion at December 31, 2021. While total assets have not materially changed, the Company has 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 $662.5 million, or 111.8%, from $592.6 million at December 31, 2021 to $1.26 billion at September 30, 2022. Loans, net of unearned income, increased $2.93 billion, or 24.6% annualized, to $18.81 billion at September 30, 2022, compared with $15.87 billion at December 31, 2021. Organic loan growth in the third quarter of 2022 was $1.25 billion, or 28.4% annualized, which was diversified across the portfolio, including commercial real estate, residential mortgages, construction, premium finance and small business. Loans held for sale decreased $956.6 million from $1.25 billion at December 31, 2021 to $298.0 million at September 30, 2022 due to a decline in mortgage activity resulting from the rising rate environment.

At September 30, 2022, total deposits amounted to $19.47 billion, or 95.8% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021. At September 30, 2022, noninterest-bearing deposit accounts were $8.34 billion, or 42.9% 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 $12.99 billion at September 30, 2022, compared with $12.52 billion at December 31, 2021. These funds represented 66.7% of the Company's total deposits at September 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 September 30, 2022 totaled $3.12 billion, an increase of $152.6 million, or 5.1%, from December 31, 2021. The increase in shareholders' equity was primarily the result of earnings of $264.3 million during the first nine 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. Tangible book value per share(1) increased $0.73 per share, or 10.4% annualized, during the third quarter to $28.62 at September 30, 2022. The Company recorded dilution of $0.55 per share, or less than 2.0%, of tangible book value(1) this quarter from other comprehensive income related to the increase in net unrealized losses on the securities portfolio. For the year-to-date period, tangible book value per share(1) increased $2.36, or 12% annualized, to $28.62 at September 30, 2022, compared with $26.26 at December 31, 2021. Tangible common equity as a percentage of tangible assets was 8.75% at September 30, 2022, compared with 8.05% at the end of 2021.

Credit Quality

Credit quality remains strong in the Company. During the third quarter of 2022, the Company recorded a provision for credit losses of $17.7 million, compared with a provision of $14.9 million in the second quarter of 2022. This provision was primarily attributable to organic loan growth of $1.25 billion during the quarter. Nonperforming assets as a percentage of total assets decreased one basis point to 0.55% during the quarter. The net charge-off ratio was 11 basis points for the third quarter of 2022, compared with four basis points in the second quarter of 2022 and zero basis points in the third quarter of 2021.

Share Repurchase Program

The Company's board of directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2023, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. The authorization is a continuation of and increase in the Company's preciously announced share repurchase program which was set to expire on October 31 and under which the Company has repurchased $41.7 million of its outstanding common stock.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 28, 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 690943. A replay of the call will be available one hour after the end of the conference call until November 11, 2022. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 970912. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

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

(1)Considered Non-GAAP Measures - See reconciliation of GAAP to Non-GAAP measures in tables 9A - 9C

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; 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 |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
EARNINGS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ 92,555 |  | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 264,319 |  | $ 294,969
Adjusted net income | $ 91,817 |  | $ 81,473 |  | $ 75,039 |  | $ 81,544 |  | $ 83,861 |  | $ 248,329 |  | $ 287,155
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share available to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ 1.34 |  | $ 1.30 |  | $ 1.18 |  | $ 1.18 |  | $ 1.18 |  | $ 3.82 |  | $ 4.25
Diluted | $ 1.34 |  | $ 1.30 |  | $ 1.17 |  | $ 1.18 |  | $ 1.17 |  | $ 3.81 |  | $ 4.23
Adjusted diluted EPS(1) | $ 1.32 |  | $ 1.18 |  | $ 1.08 |  | $ 1.17 |  | $ 1.20 |  | $ 3.58 |  | $ 4.12
Cash dividends per share | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.45 |  | $ 0.45
Book value per share (period end) | $ 44.97 |  | $ 44.31 |  | $ 43.31 |  | $ 42.62 |  | $ 41.66 |  | $ 44.97 |  | $ 41.66
Tangible book value per share (period end)(1) | $ 28.62 |  | $ 27.89 |  | $ 26.84 |  | $ 26.26 |  | $ 27.46 |  | $ 28.62 |  | $ 27.46
Weighted average number of shares |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 69,124,855 |  | 69,136,046 |  | 69,345,735 |  | 69,398,594 |  | 69,439,845 |  | 69,213,012 |  | 69,445,270
Diluted | 69,327,414 |  | 69,316,258 |  | 69,660,990 |  | 69,738,426 |  | 69,756,135 |  | 69,427,522 |  | 69,772,084
Period end number of shares | 69,352,709 |  | 69,360,461 |  | 69,439,084 |  | 69,609,228 |  | 69,635,435 |  | 69,352,709 |  | 69,635,435
Market data |  |  |  |  |  |  |  |  |  |  |  |  |
High intraday price | $ 50.94 |  | $ 46.28 |  | $ 55.62 |  | $ 56.64 |  | $ 53.63 |  | $ 55.62 |  | $ 59.85
Low intraday price | $ 38.22 |  | $ 39.37 |  | $ 43.56 |  | $ 46.20 |  | $ 44.92 |  | $ 38.22 |  | $ 36.60
Period end closing price | $ 44.71 |  | $ 40.18 |  | $ 43.88 |  | $ 49.68 |  | $ 51.88 |  | $ 44.71 |  | $ 51.88
Average daily volume | $ 346,522 |  | $ 446,121 |  | $ 471,858 |  | $ 350,119 |  | $ 392,533 |  | $ 420,703 |  | $ 426,963
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets | 1.56 % |  | 1.54 % |  | 1.42 % |  | 1.41 % |  | 1.47 % |  | 1.51 % |  | 1.84 %
Adjusted return on average assets(1) | 1.54 % |  | 1.40 % |  | 1.31 % |  | 1.40 % |  | 1.51 % |  | 1.42 % |  | 1.79 %
Return on average common equity | 11.76 % |  | 11.87 % |  | 11.06 % |  | 11.06 % |  | 11.27 % |  | 11.57 % |  | 14.14 %
Adjusted return on average tangible common equity(1) | 18.33 % |  | 17.18 % |  | 16.38 % |  | 16.88 % |  | 17.65 % |  | 17.33 % |  | 21.38 %
Earning asset yield (TE) | 4.37 % |  | 3.88 % |  | 3.56 % |  | 3.39 % |  | 3.44 % |  | 3.94 % |  | 3.62 %
Total cost of funds | 0.42 % |  | 0.22 % |  | 0.22 % |  | 0.23 % |  | 0.24 % |  | 0.29 % |  | 0.26 %
Net interest margin (TE) | 3.97 % |  | 3.66 % |  | 3.35 % |  | 3.18 % |  | 3.22 % |  | 3.67 % |  | 3.37 %
Noninterest income excluding securities transactions, as a percent of total revenue (TE) | 21.74 % |  | 29.09 % |  | 32.05 % |  | 31.31 % |  | 30.32 % |  | 27.45 % |  | 34.88 %
Efficiency ratio | 50.15 % |  | 51.67 % |  | 55.43 % |  | 55.66 % |  | 57.59 % |  | 52.35 % |  | 54.61 %
Adjusted efficiency ratio (TE)(1) | 50.06 % |  | 53.66 % |  | 56.95 % |  | 54.85 % |  | 56.56 % |  | 53.44 % |  | 55.05 %
CAPITAL ADEQUACY (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity to assets | 13.10 % |  | 12.97 % |  | 12.76 % |  | 12.43 % |  | 12.87 % |  | 13.10 % |  | 12.87 %
Tangible common equity to tangible assets | 8.75 % |  | 8.58 % |  | 8.32 % |  | 8.05 % |  | 8.88 % |  | 8.75 % |  | 8.88 %
EQUITY TO ASSETS RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |
Tangible common equity to tangible assets | 8.75 % |  | 8.58 % |  | 8.32 % |  | 8.05 % |  | 8.88 % |  | 8.75 % |  | 8.88 %
Effect of goodwill and other intangibles | 4.35 % |  | 4.39 % |  | 4.44 % |  | 4.38 % |  | 3.99 % |  | 4.35 % |  | 3.99 %
Equity to assets (GAAP) | 13.10 % |  | 12.97 % |  | 12.76 % |  | 12.43 % |  | 12.87 % |  | 13.10 % |  | 12.87 %
OTHER DATA (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Full time equivalent employees |  |  |  |  |  |  |  |  |  |  |  |  |
Banking Division | 2,071 |  | 2,050 |  | 2,033 |  | 2,008 |  | 1,821 |  | 2,071 |  | 1,821
Retail Mortgage Division | 671 |  | 712 |  | 714 |  | 739 |  | 749 |  | 671 |  | 749
Warehouse Lending Division | 9 |  | 9 |  | 10 |  | 12 |  | 12 |  | 9 |  | 12
SBA Division | 40 |  | 36 |  | 35 |  | 34 |  | 29 |  | 40 |  | 29
Premium Finance Division | 77 |  | 78 |  | 77 |  | 72 |  | 67 |  | 77 |  | 67
Total Ameris Bancorp FTE headcount | 2,868 |  | 2,885 |  | 2,869 |  | 2,865 |  | 2,678 |  | 2,868 |  | 2,678
Assets per Banking Division FTE | $ 11,499 |  | $ 11,555 |  | $ 11,589 |  | $ 11,882 |  | $ 12,374 |  | $ 11,499 |  | $ 12,374
Branch locations | 164 |  | 164 |  | 165 |  | 165 |  | 165 |  | 164 |  | 165
Deposits per branch location | $ 118,701 |  | $ 120,030 |  | $ 118,718 |  | $ 119,185 |  | $ 114,142 |  | $ 118,701 |  | $ 114,142

(1)Considered Non-GAAP Measures - See reconciliation of GAAP to Non-GAAP measures in tables 9A - 9C

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement | Table 2
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ 216,400 |  | $ 190,740 |  | $ 177,566 |  | $ 170,813 |  | $ 166,358 |  | $ 584,706 |  | $ 505,276
Interest on taxable securities | 10,324 |  | 7,064 |  | 4,239 |  | 5,866 |  | 5,296 |  | 21,627 |  | 16,658
Interest on nontaxable securities | 363 |  | 269 |  | 186 |  | 156 |  | 139 |  | 818 |  | 419
Interest on deposits in other banks | 7,188 |  | 4,463 |  | 1,373 |  | 1,521 |  | 1,244 |  | 13,024 |  | 2,361
Interest on federal funds sold | 27 |  | 32 |  | 10 |  | 9 |  | 9 |  | 69 |  | 33
Total interest income | 234,302 |  | 202,568 |  | 183,374 |  | 178,365 |  | 173,046 |  | 620,244 |  | 524,747
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposits | 14,034 |  | 4,908 |  | 4,092 |  | 4,678 |  | 5,106 |  | 23,034 |  | 17,679
Interest on other borrowings | 7,287 |  | 6,296 |  | 6,738 |  | 6,850 |  | 6,279 |  | 20,321 |  | 18,578
Total interest expense | 21,321 |  | 11,204 |  | 10,830 |  | 11,528 |  | 11,385 |  | 43,355 |  | 36,257
Net interest income | 212,981 |  | 191,364 |  | 172,544 |  | 166,837 |  | 161,661 |  | 576,889 |  | 488,490
Provision for loan losses | 17,469 |  | 13,227 |  | (2,734) |  | (13,619) |  | (3,984) |  | 27,962 |  | (21,462)
Provision for unfunded commitments | 192 |  | 1,779 |  | 9,009 |  | 16,388 |  | (5,516) |  | 10,980 |  | (16,056)
Provision for other credit losses | (9) |  | (82) |  | (44) |  | (10) |  | (175) |  | (135) |  | (606)
Provision for credit losses | 17,652 |  | 14,924 |  | 6,231 |  | 2,759 |  | (9,675) |  | 38,807 |  | (38,124)
Net interest income after provision for credit losses | 195,329 |  | 176,440 |  | 166,313 |  | 164,078 |  | 171,336 |  | 538,082 |  | 526,614
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts | 11,168 |  | 11,148 |  | 11,058 |  | 11,784 |  | 11,486 |  | 33,374 |  | 33,322
Mortgage banking activity | 40,350 |  | 58,761 |  | 62,938 |  | 60,723 |  | 56,460 |  | 162,049 |  | 225,177
Other service charges, commissions and fees | 970 |  | 998 |  | 939 |  | 962 |  | 1,154 |  | 2,907 |  | 3,226
Gain (loss) on securities | (21) |  | 248 |  | (27) |  | (4) |  | 530 |  | 200 |  | 519
Other noninterest income | 12,857 |  | 12,686 |  | 12,003 |  | 8,304 |  | 6,932 |  | 37,546 |  | 21,531
Total noninterest income | 65,324 |  | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 236,076 |  | 283,775
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 78,697 |  | 81,545 |  | 84,281 |  | 76,615 |  | 79,671 |  | 244,523 |  | 261,161
Occupancy and equipment | 12,983 |  | 12,746 |  | 12,727 |  | 13,494 |  | 11,979 |  | 38,456 |  | 34,572
Data processing and communications expenses | 12,015 |  | 12,155 |  | 12,572 |  | 11,534 |  | 10,681 |  | 36,742 |  | 34,442
Credit resolution-related expenses(1) | 126 |  | 496 |  | (965) |  | 1,992 |  | 377 |  | (343) |  | 1,546
Advertising and marketing | 3,553 |  | 3,122 |  | 1,988 |  | 2,381 |  | 2,676 |  | 8,663 |  | 6,053
Amortization of intangible assets | 4,710 |  | 5,144 |  | 5,181 |  | 3,387 |  | 3,387 |  | 15,035 |  | 11,578
Merger and conversion charges | — |  | — |  | 977 |  | 4,023 |  | 183 |  | 977 |  | 183
Other noninterest expenses | 27,494 |  | 26,988 |  | 27,059 |  | 24,943 |  | 28,242 |  | 81,541 |  | 72,220
Total noninterest expense | 139,578 |  | 142,196 |  | 143,820 |  | 138,369 |  | 137,196 |  | 425,594 |  | 421,755
Income before income tax expense | 121,075 |  | 118,085 |  | 109,404 |  | 107,478 |  | 110,702 |  | 348,564 |  | 388,634
Income tax expense | 28,520 |  | 28,019 |  | 27,706 |  | 25,534 |  | 29,022 |  | 84,245 |  | 93,665
Net income | $ 92,555 |  | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 264,319 |  | $ 294,969
Diluted earnings per common share | $ 1.34 |  | $ 1.30 |  | $ 1.17 |  | $ 1.18 |  | $ 1.17 |  | $ 3.81 |  | $ 4.23
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |  |  |  |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet | Table 3
| Sep |  | Jun |  | Mar |  | Dec |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ 269,193 |  | $ 345,627 |  | $ 257,316 |  | $ 307,813 |  | $ 239,028
Federal funds sold and interest-bearing deposits in banks | 1,061,975 |  | 1,961,209 |  | 3,541,144 |  | 3,756,844 |  | 3,513,412
Debt securities available-for-sale, at fair value | 1,255,149 |  | 1,052,268 |  | 579,204 |  | 592,621 |  | 684,504
Debt securities held-to-maturity, at amortized cost | 130,214 |  | 111,654 |  | 91,454 |  | 79,850 |  | 64,451
Other investments | 60,560 |  | 49,500 |  | 49,395 |  | 47,552 |  | 27,619
Loans held for sale | 297,987 |  | 555,665 |  | 901,550 |  | 1,254,632 |  | 1,435,805
Loans, net of unearned income | 18,806,856 |  | 17,561,022 |  | 16,143,801 |  | 15,874,258 |  | 14,824,539
Allowance for credit losses | (184,891) |  | (172,642) |  | (161,251) |  | (167,582) |  | (171,213)
Loans, net | 18,621,965 |  | 17,388,380 |  | 15,982,550 |  | 15,706,676 |  | 14,653,326
Other real estate owned | 843 |  | 835 |  | 1,910 |  | 3,810 |  | 4,594
Premises and equipment, net | 222,694 |  | 224,249 |  | 224,293 |  | 225,400 |  | 226,430
Goodwill | 1,023,071 |  | 1,023,056 |  | 1,022,345 |  | 1,012,620 |  | 928,005
Other intangible assets, net | 110,903 |  | 115,613 |  | 120,757 |  | 125,938 |  | 60,396
Cash value of bank owned life insurance | 386,533 |  | 384,862 |  | 332,914 |  | 331,146 |  | 279,389
Other assets | 372,570 |  | 474,552 |  | 455,460 |  | 413,419 |  | 416,182
Total assets | $ 23,813,657 |  | $ 23,687,470 |  | $ 23,560,292 |  | $ 23,858,321 |  | $ 22,533,141
Liabilities |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |
Noninterest-bearing | $ 8,343,200 |  | $ 8,262,929 |  | $ 7,870,207 |  | $ 7,774,823 |  | $ 7,616,728
Interest-bearing | 11,123,719 |  | 11,422,053 |  | 11,718,234 |  | 11,890,730 |  | 11,216,761
Total deposits | 19,466,919 |  | 19,684,982 |  | 19,588,441 |  | 19,665,553 |  | 18,833,489
Federal funds purchased and securities sold under agreements to repurchase | — |  | 953 |  | 2,065 |  | 5,845 |  | 4,502
Other borrowings | 725,664 |  | 425,592 |  | 425,520 |  | 739,879 |  | 425,375
Subordinated deferrable interest debentures | 127,823 |  | 127,325 |  | 126,827 |  | 126,328 |  | 125,830
Other liabilities | 374,181 |  | 375,242 |  | 410,280 |  | 354,265 |  | 243,175
Total liabilities | 20,694,587 |  | 20,614,094 |  | 20,553,133 |  | 20,891,870 |  | 19,632,371
Shareholders' Equity |  |  |  |  |  |  |  |  |
Preferred stock | — |  | — |  | — |  | — |  | —
Common stock | 72,247 |  | 72,251 |  | 72,212 |  | 72,017 |  | 72,016
Capital stock | 1,932,906 |  | 1,931,088 |  | 1,928,702 |  | 1,924,813 |  | 1,922,964
Retained earnings | 1,239,477 |  | 1,157,359 |  | 1,077,725 |  | 1,006,436 |  | 934,979
Accumulated other comprehensive income (loss), net of tax | (50,734) |  | (12,635) |  | (1,841) |  | 15,590 |  | 21,885
Treasury stock | (74,826) |  | (74,687) |  | (69,639) |  | (52,405) |  | (51,074)
Total shareholders' equity | 3,119,070 |  | 3,073,376 |  | 3,007,159 |  | 2,966,451 |  | 2,900,770
Total liabilities and shareholders' equity | $ 23,813,657 |  | $ 23,687,470 |  | $ 23,560,292 |  | $ 23,858,321 |  | $ 22,533,141
Other Data |  |  |  |  |  |  |  |  |
Earning assets | $ 21,612,741 |  | $ 21,291,318 |  | $ 21,306,548 |  | $ 21,605,757 |  | $ 20,550,330
Intangible assets | 1,133,974 |  | 1,138,669 |  | 1,143,102 |  | 1,138,558 |  | 988,401
Interest-bearing liabilities | 11,977,206 |  | 11,975,923 |  | 12,272,646 |  | 12,762,782 |  | 11,772,468
Average assets | 23,598,465 |  | 23,405,201 |  | 23,275,654 |  | 23,054,847 |  | 22,087,642
Average common shareholders' equity | 3,123,718 |  | 3,043,280 |  | 2,994,652 |  | 2,939,507 |  | 2,874,691

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information | Table 4
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ 216,703 |  | $ 203,615 |  | $ 200,981 |  | $ 188,234 |  | $ 197,782 |  | $ 200,981 |  | $ 233,105
Acquired allowance for purchased credit deteriorated loans | — |  | — |  | — |  | 9,432 |  | — |  | — |  | —
Provision for loan losses | 17,469 |  | 13,227 |  | (2,734) |  | (13,619) |  | (3,984) |  | 27,962 |  | (21.462)
Provision for unfunded commitments | 192 |  | 1,779 |  | 9,009 |  | 16,388 |  | (5,516) |  | 10,980 |  | (16.056)
Provision for other credit losses | (9) |  | (82) |  | (44) |  | (10) |  | (175) |  | (135) |  | (606)
Provision for credit losses | 17,652 |  | 14,924 |  | 6,231 |  | 2,759 |  | (9,675) |  | 38,807 |  | (38,124)
Charge-offs | 9,272 |  | 6,853 |  | 8,579 |  | 3,367 |  | 3,537 |  | 24,704 |  | 18,249
Recoveries | 4,052 |  | 5,017 |  | 4,982 |  | 3,923 |  | 3,664 |  | 14,051 |  | 11,502
Net charge-offs (recoveries) | 5,220 |  | 1,836 |  | 3,597 |  | (556) |  | (127) |  | 10,653 |  | 6,747
Ending balance | $ 229,135 |  | $ 216,703 |  | $ 203,615 |  | $ 200,981 |  | $ 188,234 |  | $ 229,135 |  | $ 188,234
Allowance for loan losses | $ 184,891 |  | $ 172,642 |  | $ 161,251 |  | $ 167,582 |  | $ 171,213 |  | $ 184,891 |  | $ 171,213
Allowance for unfunded commitments | 44,165 |  | 43,973 |  | 42,194 |  | 33,185 |  | 16,797 |  | 44,165 |  | 16,797
Allowance for other credit losses | 79 |  | 88 |  | 170 |  | 214 |  | 224 |  | 79 |  | 224
Total allowance for credit losses | $ 229,135 |  | $ 216,703 |  | $ 203,615 |  | $ 200,981 |  | $ 188,234 |  | $ 229,135 |  | $ 188,234
Net Charge-off Information |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 4,722 |  | $ 4,391 |  | $ 4,414 |  | $ 1,003 |  | $ 858 |  | $ 13,527 |  | $ 6,757
Consumer installment | 1,228 |  | 1,137 |  | 1,425 |  | 1,484 |  | 1,647 |  | 3,790 |  | 4,764
Indirect automobile | 50 |  | 41 |  | 88 |  | 40 |  | 178 |  | 179 |  | 1,148
Premium Finance | 1,205 |  | 1,066 |  | 1,369 |  | 526 |  | 605 |  | 3,640 |  | 3,142
Real estate - construction and development | — |  | — |  | — |  | 21 |  | — |  | — |  | 212
Real estate - commercial and farmland | 2,014 |  | 81 |  | 1,283 |  | 220 |  | 210 |  | 3,378 |  | 1,632
Real estate - residential | 53 |  | 137 |  | — |  | 73 |  | 39 |  | 190 |  | 594
Total charge-offs | 9,272 |  | 6,853 |  | 8,579 |  | 3,367 |  | 3,537 |  | 24,704 |  | 18,249
Recoveries |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | 2,201 |  | 2,785 |  | 2,896 |  | 2,389 |  | 1,986 |  | 7,882 |  | 3,338
Consumer installment | 277 |  | 230 |  | 158 |  | 172 |  | 199 |  | 665 |  | 767
Indirect automobile | 276 |  | 265 |  | 275 |  | 329 |  | 278 |  | 816 |  | 1,350
Premium Finance | 1,023 |  | 1,113 |  | 1,247 |  | 633 |  | 649 |  | 3,383 |  | 4,237
Real estate - construction and development | 96 |  | 355 |  | 218 |  | 210 |  | 45 |  | 669 |  | 296
Real estate - commercial and farmland | 96 |  | 44 |  | 37 |  | 81 |  | 266 |  | 177 |  | 492
Real estate - residential | 83 |  | 225 |  | 151 |  | 109 |  | 241 |  | 459 |  | 1,022
Total recoveries | 4,052 |  | 5,017 |  | 4,982 |  | 3,923 |  | 3,664 |  | 14,051 |  | 11,502
Net charge-offs (recoveries) | $ 5,220 |  | $ 1,836 |  | $ 3,597 |  | $ (556) |  | $ (127) |  | $ 10,653 |  | $ 6,747
Non-Performing Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans | $ 118,676 |  | $ 122,912 |  | $ 102,597 |  | $ 85,266 |  | $ 58,932 |  | $ 118,676 |  | $ 58,932
Other real estate owned | 843 |  | 835 |  | 1,910 |  | 3,810 |  | 4,594 |  | 843 |  | 4,594
Repossessed assets | 60 |  | 122 |  | 139 |  | 84 |  | 152 |  | 60 |  | 152
Accruing loans delinquent 90 days or more | 12,378 |  | 8,542 |  | 6,584 |  | 12,648 |  | 7,472 |  | 12,378 |  | 7,472
Total non-performing assets | $ 131,957 |  | $ 132,411 |  | $ 111,230 |  | $ 101,808 |  | $ 71,150 |  | $ 131,957 |  | $ 71,150
Asset Quality Ratios |  |  |  |  |  |  |  |  |  |  |  |  |
Non-performing assets as a percent of total assets | 0.55 % |  | 0.56 % |  | 0.47 % |  | 0.43 % |  | 0.32 % |  | 0.55 % |  | 0.32 %
Net charge-offs as a percent of average loans (annualized) | 0.11 % |  | 0.04 % |  | 0.09 % |  | (0.01) % |  | — % |  | 0.08 % |  | 0.06 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information | Table 5
| Sep |  | Jun |  | Mar |  | Dec |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021
Loans by Type |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 2,245,287 |  | $ 2,022,845 |  | $ 1,836,663 |  | $ 1,875,993 |  | $ 1,217,575
Consumer installment | 162,345 |  | 167,237 |  | 173,642 |  | 191,298 |  | 207,111
Indirect automobile | 137,183 |  | 172,245 |  | 214,120 |  | 265,779 |  | 325,057
Mortgage warehouse | 980,342 |  | 949,191 |  | 732,375 |  | 787,837 |  | 768,577
Municipal | 516,797 |  | 529,268 |  | 547,926 |  | 572,701 |  | 624,430
Premium Finance | 1,062,724 |  | 942,357 |  | 819,163 |  | 798,409 |  | 840,737
Real estate - construction and development | 2,009,726 |  | 1,747,284 |  | 1,577,215 |  | 1,452,339 |  | 1,454,824
Real estate - commercial and farmland | 7,516,309 |  | 7,156,017 |  | 6,924,475 |  | 6,834,917 |  | 6,409,704
Real estate - residential | 4,176,143 |  | 3,874,578 |  | 3,318,222 |  | 3,094,985 |  | 2,976,524
Total loans | $ 18,806,856 |  | $ 17,561,022 |  | $ 16,143,801 |  | $ 15,874,258 |  | $ 14,824,539
Troubled Debt Restructurings |  |  |  |  |  |  |  |  |
Accruing troubled debt restructurings |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 1,342 |  | $ 964 |  | $ 868 |  | $ 1,286 |  | $ 1,683
Consumer installment | 6 |  | 9 |  | 13 |  | 16 |  | 22
Indirect automobile | 595 |  | 759 |  | 893 |  | 1,037 |  | 1,284
Premium Finance | 455 |  | 993 |  | 162 |  | — |  | —
Real estate - construction and development | 698 |  | 706 |  | 725 |  | 789 |  | 887
Real estate - commercial and farmland | 8,091 |  | 8,213 |  | 17,161 |  | 35,575 |  | 43,895
Real estate - residential | 24,516 |  | 24,456 |  | 24,664 |  | 26,879 |  | 29,521
Total accruing troubled debt restructurings | $ 35,703 |  | $ 36,100 |  | $ 44,486 |  | $ 65,582 |  | $ 77,292
Nonaccrual troubled debt restructurings |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 353 |  | $ 364 |  | $ 72 |  | $ 83 |  | $ 112
Consumer installment | 12 |  | 14 |  | 31 |  | 35 |  | 38
Indirect automobile | 101 |  | 122 |  | 221 |  | 273 |  | 297
Real estate - construction and development | 24 |  | — |  | 11 |  | 13 |  | 271
Real estate - commercial and farmland | 66 |  | 788 |  | 788 |  | 5,924 |  | 6,715
Real estate - residential | 3,494 |  | 4,369 |  | 4,341 |  | 4,678 |  | 2,687
Total nonaccrual troubled debt restructurings | $ 4,050 |  | $ 5,657 |  | $ 5,464 |  | $ 11,006 |  | $ 10,120
Total troubled debt restructurings | $ 39,753 |  | $ 41,757 |  | $ 49,950 |  | $ 76,588 |  | $ 87,412
Loans by Risk Grade |  |  |  |  |  |  |  |  |
Grades 1 through 5 - Pass | $ 18,483,046 |  | $ 17,296,520 |  | $ 15,899,956 |  | $ 15,614,323 |  | $ 14,562,058
Grade 6 - Other assets especially mentioned | 110,408 |  | 68,444 |  | 51,670 |  | 78,957 |  | 87,757
Grade 7 - Substandard | 213,402 |  | 196,058 |  | 192,175 |  | 180,978 |  | 174,724
Grade 8 - Doubtful | — |  | — |  | — |  | — |  | —
Grade 9 - Loss | — |  | — |  | — |  | — |  | —
Total loans | $ 18,806,856 |  | $ 17,561,022 |  | $ 16,143,801 |  | $ 15,874,258 |  | $ 14,824,539

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances | Table 6
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | $ 5,000 |  | $ 17,692 |  | $ 20,000 |  | $ 20,000 |  | $ 20,000 |  | $ 14,176 |  | $ 20,000
Interest-bearing deposits in banks | 1,394,529 |  | 2,209,761 |  | 3,393,238 |  | 3,719,878 |  | 3,082,413 |  | 2,325,188 |  | 2,566,401
Time deposits in other banks | — |  | — |  | — |  | — |  | — |  | — |  | 163
Debt securities - taxable | 1,242,811 |  | 932,824 |  | 623,498 |  | 698,915 |  | 757,278 |  | 935,313 |  | 825,886
Debt securities - nontaxable | 45,730 |  | 39,236 |  | 29,605 |  | 22,639 |  | 19,053 |  | 38,249 |  | 18,834
Other investments | 51,209 |  | 49,550 |  | 47,872 |  | 31,312 |  | 27,622 |  | 49,556 |  | 27,586
Loans held for sale | 471,070 |  | 944,964 |  | 1,097,098 |  | 1,365,886 |  | 1,497,320 |  | 835,418 |  | 1,496,548
Loans | 18,146,083 |  | 16,861,674 |  | 15,821,397 |  | 15,119,752 |  | 14,685,878 |  | 16,951,566 |  | 14,563,835
Total Earning Assets | $ 21,356,432 |  | $ 21,055,701 |  | $ 21,032,708 |  | $ 20,978,382 |  | $ 20,089,564 |  | $ 21,149,466 |  | $ 19,519,253
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | $ 8,259,625 |  | $ 7,955,765 |  | $ 7,658,451 |  | $ 7,600,284 |  | $ 7,168,717 |  | $ 7,960,149 |  | $ 6,821,256
NOW accounts | 3,701,045 |  | 3,695,490 |  | 3,684,772 |  | 3,651,595 |  | 3,447,909 |  | 3,693,828 |  | 3,315,803
MMDA | 5,026,815 |  | 5,087,199 |  | 5,240,922 |  | 5,209,653 |  | 4,966,492 |  | 5,117,528 |  | 4,867,509
Savings accounts | 1,030,298 |  | 1,007,340 |  | 973,724 |  | 928,954 |  | 908,189 |  | 1,003,995 |  | 869,684
Retail CDs | 1,506,761 |  | 1,693,740 |  | 1,774,016 |  | 1,827,852 |  | 1,919,184 |  | 1,657,193 |  | 1,996,413
Brokered CDs | — |  | — |  | — |  | — |  | 511 |  | — |  | 835
Total Deposits | 19,524,544 |  | 19,439,534 |  | 19,331,885 |  | 19,218,338 |  | 18,411,002 |  | 19,432,693 |  | 17,871,500
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 92 |  | 1,854 |  | 4,020 |  | 5,559 |  | 5,133 |  | 1,974 |  | 7,085
FHLB advances | 94,357 |  | 48,746 |  | 48,786 |  | 48,828 |  | 48,866 |  | 64,130 |  | 48,909
Other borrowings | 376,942 |  | 376,829 |  | 443,657 |  | 468,058 |  | 376,489 |  | 398,898 |  | 376,376
Subordinated deferrable interest debentures | 127,560 |  | 127,063 |  | 126,563 |  | 126,067 |  | 125,567 |  | 127,066 |  | 125,073
Total Non-Deposit Funding | 598,951 |  | 554,492 |  | 623,026 |  | 648,512 |  | 556,055 |  | 592,068 |  | 557,443
Total Funding | $ 20,123,495 |  | $ 19,994,026 |  | $ 19,954,911 |  | $ 19,866,850 |  | $ 18,967,057 |  | $ 20,024,761 |  | $ 18,428,943

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) | Table 7
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Interest Income |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | $ 27 |  | $ 32 |  | $ 10 |  | $ 9 |  | $ 9 |  | $ 69 |  | $ 33
Interest-bearing deposits in banks | 7,188 |  | 4,463 |  | 1,373 |  | 1,521 |  | 1,244 |  | 13,024 |  | 2,359
Time deposits in other banks | — |  | — |  | — |  | — |  | — |  | — |  | 2
Debt securities - taxable | 10,324 |  | 7,064 |  | 4,239 |  | 5,866 |  | 5,296 |  | 21,627 |  | 16,658
Debt securities - nontaxable (TE) | 459 |  | 341 |  | 235 |  | 198 |  | 176 |  | 1,035 |  | 530
Loans held for sale | 6,012 |  | 10,036 |  | 8,132 |  | 9,433 |  | 10,618 |  | 24,180 |  | 33,218
Loans (TE) | 211,223 |  | 181,602 |  | 170,398 |  | 162,415 |  | 156,861 |  | 563,223 |  | 475,446
Total Earning Assets | $ 235,233 |  | $ 203,538 |  | $ 184,387 |  | $ 179,442 |  | $ 174,204 |  | $ 623,158 |  | $ 528,246
Accretion income (included above) | $ (597) |  | $ (379) |  | $ 1,006 |  | $ 2,812 |  | $ 2,948 |  | $ 30 |  | $ 13,537
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | $ 3,733 |  | $ 1,246 |  | $ 824 |  | $ 864 |  | $ 808 |  | $ 5,803 |  | $ 2,550
MMDA | 8,613 |  | 2,204 |  | 1,643 |  | 1,971 |  | 1,970 |  | 12,460 |  | 5,876
Savings accounts | 360 |  | 140 |  | 133 |  | 128 |  | 129 |  | 633 |  | 375
Retail CDs | 1,328 |  | 1,318 |  | 1,492 |  | 1,715 |  | 2,195 |  | 4,138 |  | 8,860
Brokered CDs | — |  | — |  | — |  | — |  | 4 |  | — |  | 18
Total Interest-Bearing Deposits | 14,034 |  | 4,908 |  | 4,092 |  | 4,678 |  | 5,106 |  | 23,034 |  | 17,679
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — |  | 1 |  | 3 |  | 4 |  | 4 |  | 4 |  | 16
FHLB advances | 527 |  | 192 |  | 190 |  | 195 |  | 195 |  | 909 |  | 580
Other borrowings | 4,655 |  | 4,437 |  | 5,164 |  | 5,317 |  | 4,640 |  | 14,256 |  | 13,961
Subordinated deferrable interest debentures | 2,105 |  | 1,666 |  | 1,381 |  | 1,334 |  | 1,440 |  | 5,152 |  | 4,021
Total Non-Deposit Funding | 7,287 |  | 6,296 |  | 6,738 |  | 6,850 |  | 6,279 |  | 20,321 |  | 18,578
Total Interest-Bearing Funding | $ 21,321 |  | $ 11,204 |  | $ 10,830 |  | $ 11,528 |  | $ 11,385 |  | $ 43,355 |  | $ 36,257
Net Interest Income (TE) | $ 213,912 |  | $ 192,334 |  | $ 173,557 |  | $ 167,914 |  | $ 162,819 |  | $ 579,803 |  | $ 491,989

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1) | Table 8
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
| 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | 2.14 % |  | 0.73 % |  | 0.20 % |  | 0.18 % |  | 0.18 % |  | 0.65 % |  | 0.22 %
Interest-bearing deposits in banks | 2.04 % |  | 0.81 % |  | 0.16 % |  | 0.16 % |  | 0.16 % |  | 0.75 % |  | 0.12 %
Time deposits in other banks | — % |  | — % |  | — % |  | — % |  | — % |  | — % |  | 1.64 %
Debt securities - taxable | 3.30 % |  | 3.04 % |  | 2.76 % |  | 3.33 % |  | 2.77 % |  | 3.09 % |  | 2.70 %
Debt securities - nontaxable (TE) | 3.98 % |  | 3.49 % |  | 3.22 % |  | 3.47 % |  | 3.66 % |  | 3.62 % |  | 3.76 %
Loans held for sale | 5.06 % |  | 4.26 % |  | 3.01 % |  | 2.74 % |  | 2.81 % |  | 3.87 % |  | 2.97 %
Loans (TE) | 4.62 % |  | 4.32 % |  | 4.37 % |  | 4.26 % |  | 4.24 % |  | 4.44 % |  | 4.36 %
Total Earning Assets | 4.37 % |  | 3.88 % |  | 3.56 % |  | 3.39 % |  | 3.44 % |  | 3.94 % |  | 3.62 %
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | 0.40 % |  | 0.14 % |  | 0.09 % |  | 0.09 % |  | 0.09 % |  | 0.21 % |  | 0.10 %
MMDA | 0.68 % |  | 0.17 % |  | 0.13 % |  | 0.15 % |  | 0.16 % |  | 0.33 % |  | 0.16 %
Savings accounts | 0.14 % |  | 0.06 % |  | 0.06 % |  | 0.05 % |  | 0.06 % |  | 0.08 % |  | 0.06 %
Retail CDs | 0.35 % |  | 0.31 % |  | 0.34 % |  | 0.37 % |  | 0.45 % |  | 0.33 % |  | 0.59 %
Brokered CDs | — % |  | — % |  | — % |  | — % |  | 3.11 % |  | — % |  | 2.88 %
Total Interest-Bearing Deposits | 0.49 % |  | 0.17 % |  | 0.14 % |  | 0.16 % |  | 0.18 % |  | 0.27 % |  | 0.21 %
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — % |  | 0.22 % |  | 0.30 % |  | 0.29 % |  | 0.31 % |  | 0.27 % |  | 0.30 %
FHLB advances | 2.22 % |  | 1.58 % |  | 1.58 % |  | 1.58 % |  | 1.58 % |  | 1.90 % |  | 1.59 %
Other borrowings | 4.90 % |  | 4.72 % |  | 4.72 % |  | 4.51 % |  | 4.89 % |  | 4.78 % |  | 4.96 %
Subordinated deferrable interest debentures | 6.55 % |  | 5.26 % |  | 4.43 % |  | 4.20 % |  | 4.55 % |  | 5.42 % |  | 4.30 %
Total Non-Deposit Funding | 4.83 % |  | 4.55 % |  | 4.39 % |  | 4.19 % |  | 4.48 % |  | 4.59 % |  | 4.46 %
Total Interest-Bearing Liabilities | 0.71 % |  | 0.37 % |  | 0.36 % |  | 0.37 % |  | 0.38 % |  | 0.48 % |  | 0.42 %
Net Interest Spread | 3.66 % |  | 3.51 % |  | 3.20 % |  | 3.02 % |  | 3.06 % |  | 3.46 % |  | 3.20 %
Net Interest Margin(2) | 3.97 % |  | 3.66 % |  | 3.35 % |  | 3.18 % |  | 3.22 % |  | 3.67 % |  | 3.37 %
Total Cost of Funds(3) | 0.42 % |  | 0.22 % |  | 0.22 % |  | 0.23 % |  | 0.24 % |  | 0.29 % |  | 0.26 %
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. |  |  |  |
(2) Rate calculated based on average earning assets. |  |  |  |
(3) Rate calculated based on total average funding including noninterest-bearing deposits. |  |  |  |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted Net Income | Table 9A
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Net income available to common shareholders | $ 92,555 |  | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 264,319 |  | $ 294,969
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
Merger and conversion charges | — |  | — |  | 977 |  | 4,023 |  | 183 |  | 977 |  | 183
Loss on sale of MSR | 316 |  | — |  | — |  | — |  | — |  | 316 |  | —
Servicing right impairment (recovery) | (1,332) |  | (10,838) |  | (9,654) |  | (4,540) |  | 1,398 |  | (21,824) |  | (9,990)
Gain on BOLI proceeds | (55) |  | — |  | — |  | — |  | — |  | (55) |  | (603)
Natural disaster and pandemic charges | 151 |  | — |  | — |  | — |  | — |  | 151 |  | —
(Gain) loss on bank premises | — |  | (39) |  | (6) |  | (126) |  | 1,136 |  | (45) |  | 636
Tax effect of adjustment items (Note 1) | 182 |  | 2,284 |  | 2,024 |  | 243 |  | (536) |  | 4,490 |  | 1,960
After tax adjustment items | (738) |  | (8,593) |  | (6,659) |  | (400) |  | 2,181 |  | (15,990) |  | (7,814)
Adjusted net income | $ 91,817 |  | $ 81,473 |  | $ 75,039 |  | $ 81,544 |  | $ 83,861 |  | $ 248,329 |  | $ 287,155
Weighted average number of shares - diluted | 69,327,414 |  | 69,316,258 |  | 69,660,990 |  | 69,738,426 |  | 69,756,135 |  | 69,427,522 |  | 69,772,084
Net income per diluted share | $ 1.34 |  | $ 1.30 |  | $ 1.17 |  | $ 1.18 |  | $ 1.17 |  | $ 3.81 |  | $ 4.23
Adjusted net income per diluted share | $ 1.32 |  | $ 1.18 |  | $ 1.08 |  | $ 1.17 |  | $ 1.20 |  | $ 3.58 |  | $ 4.12
Average assets | $ 23,598,465 |  | $ 23,405,201 |  | $ 23,275,654 |  | $ 23,054,847 |  | $ 22,087,642 |  | $ 23,405,411 |  | $ 21,462,501
Return on average assets | 1.56 % |  | 1.54 % |  | 1.42 % |  | 1.41 % |  | 1.47 % |  | 1.51 % |  | 1.84 %
Adjusted return on average assets | 1.54 % |  | 1.40 % |  | 1.31 % |  | 1.40 % |  | 1.51 % |  | 1.42 % |  | 1.79 %
Average common equity | $ 3,123,718 |  | $ 3,043,280 |  | $ 2,994,652 |  | $ 2,939,507 |  | $ 2,874,691 |  | $ 3,054,356 |  | $ 2,789,979
Average tangible common equity | $ 1,987,385 |  | $ 1,902,265 |  | $ 1,857,713 |  | $ 1,916,783 |  | $ 1,884,622 |  | $ 1,916,262 |  | $ 1,795,984
Return on average common equity | 11.76 % |  | 11.87 % |  | 11.06 % |  | 11.06 % |  | 11.27 % |  | 11.57 % |  | 14.14 %
Adjusted return on average tangible common equity | 18.33 % |  | 17.18 % |  | 16.38 % |  | 16.88 % |  | 17.65 % |  | 17.33 % |  | 21.38 %
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 |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Adjusted Noninterest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest expense | $ 139,578 |  | $ 142,196 |  | $ 143,820 |  | $ 138,369 |  | $ 137,196 |  | $ 425,594 |  | $ 421,755
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
Merger and conversion charges | — |  | — |  | (977) |  | (4,023) |  | (183) |  | (977) |  | (183)
Natural disaster and pandemic charges | (151) |  | — |  | — |  | — |  | — |  | (151) |  | —
Gain (loss) on bank premises | — |  | 39 |  | 6 |  | 126 |  | (1,136) |  | 45 |  | (636)
Adjusted noninterest expense | $ 139,427 |  | $ 142,235 |  | $ 142,849 |  | $ 134,472 |  | $ 135,877 |  | $ 424,511 |  | $ 420,936
Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 212,981 |  | $ 191,364 |  | $ 172,544 |  | $ 166,837 |  | $ 161,661 |  | $ 576,889 |  | $ 488,490
Noninterest income | 65,324 |  | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 236,076 |  | 283,775
Total revenue | $ 278,305 |  | $ 275,205 |  | $ 259,455 |  | $ 248,606 |  | $ 238,223 |  | $ 812,965 |  | $ 772,265
Adjusted Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (TE) | $ 213,912 |  | $ 192,334 |  | $ 173,557 |  | $ 167,914 |  | $ 162,819 |  | $ 579,803 |  | $ 491,989
Noninterest income | 65,324 |  | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 236,076 |  | 283,775
Total revenue (TE) | 279,236 |  | 276,175 |  | 260,468 |  | 249,683 |  | 239,381 |  | 815,879 |  | 775,764
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) loss on securities | 21 |  | (248) |  | 27 |  | 4 |  | (530) |  | (200) |  | (519)
Loss on sale of MSR | 316 |  | — |  | — |  | — |  | — |  | 316 |  | —
Gain on BOLI proceeds | (55) |  | — |  | — |  | — |  | — |  | (55) |  | (603)
Servicing right impairment (recovery) | (1,332) |  | (10,838) |  | (9,654) |  | (4,540) |  | 1,398 |  | (21,824) |  | (9,990)
Adjusted total revenue (TE) | $ 278,186 |  | $ 265,089 |  | $ 250,841 |  | $ 245,147 |  | $ 240,249 |  | $ 794,116 |  | $ 764,652
Efficiency ratio | 50.15 % |  | 51.67 % |  | 55.43 % |  | 55.66 % |  | 57.59 % |  | 52.35 % |  | 54.61 %
Adjusted efficiency ratio (TE) | 50.06 % |  | 53.66 % |  | 56.95 % |  | 54.85 % |  | 56.56 % |  | 53.44 % |  | 55.05 %
Tangible Book Value Per Share | Table 9C
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands except per share data) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Total shareholders' equity | $ 3,119,070 |  | $ 3,073,376 |  | $ 3,007,159 |  | $ 2,966,451 |  | $ 2,900,770 |  | $ 3,119,070 |  | $ 2,900,770
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,023,071 |  | 1,023,056 |  | 1,022,345 |  | 1,012,620 |  | 928,005 |  | 1,023,071 |  | 928,005
Other intangibles, net | 110,903 |  | 115,613 |  | 120,757 |  | 125,938 |  | 60,396 |  | 110,903 |  | 60,396
Total tangible shareholders' equity | $ 1,985,096 |  | $ 1,934,707 |  | $ 1,864,057 |  | $ 1,827,893 |  | $ 1,912,369 |  | $ 1,985,096 |  | $ 1,912,369
Period end number of shares | 69,352,709 |  | 69,360,461 |  | 69,439,084 |  | 69,609,228 |  | 69,635,435 |  | 69,352,709 |  | 69,635,435
Book value per share (period end) | $ 44.97 |  | $ 44.31 |  | $ 43.31 |  | $ 42.62 |  | $ 41.66 |  | $ 44.97 |  | $ 41.66
Tangible book value per share (period end) | $ 28.62 |  | $ 27.89 |  | $ 26.84 |  | $ 26.26 |  | $ 27.46 |  | $ 28.62 |  | $ 27.46

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting | Table 10
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
Banking Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 174,507 |  | $ 152,122 |  | $ 133,745 |  | $ 120,572 |  | $ 113,524 |  | $ 460,374 |  | $ 337,010
Provision for credit losses | 10,551 |  | 10,175 |  | 5,226 |  | 4,565 |  | (9,578) |  | 25,952 |  | (37,431)
Noninterest income | 23,269 |  | 23,469 |  | 21,364 |  | 18,859 |  | 17,896 |  | 68,102 |  | 50,805
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 48,599 |  | 46,733 |  | 49,195 |  | 36,522 |  | 40,020 |  | 144,527 |  | 120,557
Occupancy and equipment expenses | 11,357 |  | 11,168 |  | 11,074 |  | 11,699 |  | 10,196 |  | 33,599 |  | 29,366
Data processing and telecommunications expenses | 10,779 |  | 10,863 |  | 11,230 |  | 10,162 |  | 9,159 |  | 32,872 |  | 29,640
Other noninterest expenses | 22,974 |  | 21,123 |  | 20,045 |  | 24,048 |  | 21,723 |  | 64,142 |  | 60,196
Total noninterest expense | 93,709 |  | 89,887 |  | 91,544 |  | 82,431 |  | 81,098 |  | 275,140 |  | 239,759
Income before income tax expense | 93,516 |  | 75,529 |  | 58,339 |  | 52,435 |  | 59,900 |  | 227,384 |  | 185,487
Income tax expense | 22,706 |  | 19,120 |  | 16,996 |  | 14,010 |  | 17,784 |  | 58,822 |  | 50,436
Net income | $ 70,810 |  | $ 56,409 |  | $ 41,343 |  | $ 38,425 |  | $ 42,116 |  | $ 168,562 |  | $ 135,051
Retail Mortgage Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 19,283 |  | $ 20,779 |  | $ 19,295 |  | $ 19,912 |  | $ 21,289 |  | $ 59,357 |  | $ 62,806
Provision for credit losses | 9,043 |  | 4,499 |  | 1,587 |  | 175 |  | 1,678 |  | 15,129 |  | 2,772
Noninterest income | 38,584 |  | 57,795 |  | 61,649 |  | 59,650 |  | 55,555 |  | 158,028 |  | 222,250
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 25,813 |  | 31,219 |  | 31,614 |  | 36,787 |  | 36,373 |  | 88,646 |  | 131,009
Occupancy and equipment expenses | 1,460 |  | 1,406 |  | 1,471 |  | 1,587 |  | 1,590 |  | 4,337 |  | 4,619
Data processing and telecommunications expenses | 1,082 |  | 1,123 |  | 1,172 |  | 1,213 |  | 1,357 |  | 3,377 |  | 4,338
Other noninterest expenses | 11,641 |  | 12,812 |  | 12,645 |  | 10,793 |  | 11,675 |  | 37,098 |  | 27,502
Total noninterest expense | 39,996 |  | 46,560 |  | 46,902 |  | 50,380 |  | 50,995 |  | 133,458 |  | 167,468
Income before income tax expense | 8,828 |  | 27,515 |  | 32,455 |  | 29,007 |  | 24,171 |  | 68,798 |  | 114,816
Income tax expense | 1,854 |  | 5,779 |  | 6,815 |  | 6,092 |  | 5,076 |  | 14,448 |  | 24,111
Net income | $ 6,974 |  | $ 21,736 |  | $ 25,640 |  | $ 22,915 |  | $ 19,095 |  | $ 54,350 |  | $ 90,705
Warehouse Lending Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 6,979 |  | $ 6,700 |  | $ 6,447 |  | $ 8,063 |  | $ 8,712 |  | $ 20,126 |  | $ 27,338
Provision for credit losses | (1,836) |  | 867 |  | (222) |  | 77 |  | (291) |  | (1,191) |  | (591)
Noninterest income | 1,516 |  | 1,041 |  | 1,401 |  | 1,253 |  | 1,037 |  | 3,958 |  | 3,350
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 1,055 |  | 208 |  | 283 |  | 258 |  | 264 |  | 1,546 |  | 872
Occupancy and equipment expenses | 1 |  | 1 |  | 1 |  | 1 |  | — |  | 3 |  | 2
Data processing and telecommunications expenses | 43 |  | 48 |  | 47 |  | 56 |  | 59 |  | 138 |  | 176
Other noninterest expenses | 209 |  | 212 |  | 218 |  | 227 |  | 200 |  | 639 |  | 263
Total noninterest expense | 1,308 |  | 469 |  | 549 |  | 542 |  | 523 |  | 2,326 |  | 1,313
Income before income tax expense | 9,023 |  | 6,405 |  | 7,521 |  | 8,697 |  | 9,517 |  | 22,949 |  | 29,966
Income tax expense | 1,895 |  | 1,346 |  | 1,579 |  | 1,827 |  | 1,999 |  | 4,820 |  | 6,293
Net income | $ 7,128 |  | $ 5,059 |  | $ 5,942 |  | $ 6,870 |  | $ 7,518 |  | $ 18,129 |  | $ 23,673

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) | Table 10
| Three Months Ended |  | Nine Months Ended
| Sep |  | Jun |  | Mar |  | Dec |  | Sep |  | Sep |  | Sep
(dollars in thousands) | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2022 |  | 2021
SBA Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 2,424 |  | $ 3,798 |  | $ 6,011 |  | $ 11,319 |  | $ 10,699 |  | $ 12,233 |  | $ 40,216
Provision for credit losses | 52 |  | (523) |  | (143) |  | (663) |  | (1,104) |  | (614) |  | (2,258)
Noninterest income | 1,946 |  | 1,526 |  | 2,491 |  | 2,002 |  | 2,070 |  | 5,963 |  | 7,358
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 1,412 |  | 1,316 |  | 1,271 |  | 1,217 |  | 1,320 |  | 3,999 |  | 3,639
Occupancy and equipment expenses | 82 |  | 81 |  | 99 |  | 121 |  | 116 |  | 262 |  | 354
Data processing and telecommunications expenses | 29 |  | 29 |  | 28 |  | 28 |  | 18 |  | 86 |  | 19
Other noninterest expenses | 100 |  | 539 |  | 380 |  | 645 |  | 370 |  | 1,019 |  | 949
Total noninterest expense | 1,623 |  | 1,965 |  | 1,778 |  | 2,011 |  | 1,824 |  | 5,366 |  | 4,961
Income before income tax expense | 2,695 |  | 3,882 |  | 6,867 |  | 11,973 |  | 12,049 |  | 13,444 |  | 44,871
Income tax expense | 566 |  | 815 |  | 1,442 |  | 2,514 |  | 2,530 |  | 2,823 |  | 9,423
Net income | $ 2,129 |  | $ 3,067 |  | $ 5,425 |  | $ 9,459 |  | $ 9,519 |  | $ 10,621 |  | $ 35,448
Premium Finance Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 9,788 |  | $ 7,965 |  | $ 7,046 |  | $ 6,971 |  | $ 7,437 |  | $ 24,799 |  | $ 21,120
Provision for credit losses | (158) |  | (94) |  | (217) |  | (1,395) |  | (380) |  | (469) |  | (616)
Noninterest income | 9 |  | 10 |  | 6 |  | 5 |  | 4 |  | 25 |  | 12
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 1,818 |  | 2,069 |  | 1,918 |  | 1,831 |  | 1,694 |  | 5,805 |  | 5,084
Occupancy and equipment expenses | 83 |  | 90 |  | 82 |  | 86 |  | 77 |  | 255 |  | 231
Data processing and telecommunications expenses | 82 |  | 92 |  | 95 |  | 75 |  | 88 |  | 269 |  | 269
Other noninterest expenses | 959 |  | 1,064 |  | 952 |  | 1,013 |  | 897 |  | 2,975 |  | 2,670
Total noninterest expense | 2,942 |  | 3,315 |  | 3,047 |  | 3,005 |  | 2,756 |  | 9,304 |  | 8,254
Income before income tax expense | 7,013 |  | 4,754 |  | 4,222 |  | 5,366 |  | 5,065 |  | 15,989 |  | 13,494
Income tax expense | 1,499 |  | 959 |  | 874 |  | 1,091 |  | 1,633 |  | 3,332 |  | 3,402
Net income | $ 5,514 |  | $ 3,795 |  | $ 3,348 |  | $ 4,275 |  | $ 3,432 |  | $ 12,657 |  | $ 10,092
Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 212,981 |  | $ 191,364 |  | $ 172,544 |  | $ 166,837 |  | $ 161,661 |  | $ 576,889 |  | $ 488,490
Provision for credit losses | 17,652 |  | 14,924 |  | 6,231 |  | 2,759 |  | (9,675) |  | 38,807 |  | (38,124)
Noninterest income | 65,324 |  | 83,841 |  | 86,911 |  | 81,769 |  | 76,562 |  | 236,076 |  | 283,775
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 78,697 |  | 81,545 |  | 84,281 |  | 76,615 |  | 79,671 |  | 244,523 |  | 261,161
Occupancy and equipment expenses | 12,983 |  | 12,746 |  | 12,727 |  | 13,494 |  | 11,979 |  | 38,456 |  | 34,572
Data processing and telecommunications expenses | 12,015 |  | 12,155 |  | 12,572 |  | 11,534 |  | 10,681 |  | 36,742 |  | 34,442
Other noninterest expenses | 35,883 |  | 35,750 |  | 34,240 |  | 36,726 |  | 34,865 |  | 105,873 |  | 91,580
Total noninterest expense | 139,578 |  | 142,196 |  | 143,820 |  | 138,369 |  | 137,196 |  | 425,594 |  | 421,755
Income before income tax expense | 121,075 |  | 118,085 |  | 109,404 |  | 107,478 |  | 110,702 |  | 348,564 |  | 388,634
Income tax expense | 28,520 |  | 28,019 |  | 27,706 |  | 25,534 |  | 29,022 |  | 84,245 |  | 93,665
Net income | $ 92,555 |  | $ 90,066 |  | $ 81,698 |  | $ 81,944 |  | $ 81,680 |  | $ 264,319 |  | $ 294,969

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