EX-99 2 abcb-ex99_1.htm EX-99.1

Exhibit 99.1

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2023

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

- Net income of $60.4 million, or $0.87 per diluted share
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.07%
- Growth in tangible book value(1) of $0.87 per share, or 11.6% annualized, to $30.79 at March 31, 2023
- Increased the allowance for credit losses to 1.21% of loans, from 1.04% at December 31, 2022, due to forecasted economic conditions
- Adjusted efficiency ratio(1) of 51.99%, compared with 56.95% in the first quarter of last year
- Nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved one basis point to 0.33% at March 31, 2023, compared with 0.34% at December 31, 2022.
- Net interest margin of 3.76% for the first quarter of 2023
- Organic growth in loans of $142.6 million, or 2.9% annualized
- Growth in total deposits of $434.7 million or 8.9% annualized
- TCE ratio(1) of 8.55%, compared with 8.67% at December 31, 2022 and 8.32% one year ago
- Redeemed $75 million floating rate (was 8.39%) subordinated notes due 2027 in March

ATLANTA, April 27, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $60.4 million, or $0.87 per diluted share, for the quarter ended March 31, 2023, compared with $81.7 million, or $1.17 per diluted share, for the quarter ended March 31, 2022. Included in the Company's first quarter results was a $49.7 million provision for credit losses related to the updated economic forecast, compared with $6.2 million in the first quarter of last year.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "While the recent events in the banking industry were unexpected, they have certainly given us an opportunity to highlight the importance of the strength and diversity reflected in our balance sheet. Not only do we have a diversified loan portfolio in product types, lines of business and geography, we also have a strong, stable core funding base that has taken years to build. Our focus on core banking and core fundamentals has never been more important. We have been good stewards of our capital, growing tangible book value by over 11% annualized, while also prudently increasing our allowance for loan losses. The increase in the allowance this quarter was driven by the economic forecast and was not due to any underlying credit issue. We believe the strength of our balance sheet and continued capital generation have us well positioned for the future."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $212.6 million in the first quarter of 2023, a decrease of $12.5 million, or 5.6%, from last quarter and an increase of $39.0 million, or 22.5%, compared with the first quarter of 2022. The Company's net interest margin was 3.76% for the first quarter of 2023, down from 4.03% reported for the fourth quarter of 2022 and up from 3.35% reported for the first quarter of 2022. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.

Yields on earning assets increased 34 basis points during the quarter to 5.25%, compared with 4.91% in the fourth quarter of 2022, and increased 169 basis points from 3.56% in the first quarter of 2022. Yields on loans increased to 5.44% during the first quarter of 2023, compared with 5.07% for the fourth quarter of 2022 and 4.37% for the first quarter of 2022.

Loan production in the banking division during the first quarter of 2023 was $563.0 million, with weighted average yields of 8.72%, compared with $612.9 million and 7.92%, respectively, in the fourth quarter of 2022 and $805.5 million and 5.17%, respectively, in the first quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.4 billion during the first quarter of 2023, with weighted average yields of 6.57%, compared with $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022 and $4.7 billion and 3.63%, respectively, during the first quarter of 2022.

The Company's total cost of funds was 1.59% in the first quarter of 2023, an increase of 65 basis points compared with the fourth quarter of 2022. Deposit costs increased 45 basis points during the first quarter of 2023 to 1.13%, compared with 0.68% in the fourth quarter of 2022. Costs of interest-bearing deposits increased during the quarter from 1.17% in the fourth quarter of 2022 to 1.82% in the first quarter of 2023, reflecting deposit pricing adjustments made during the fourth quarter of 2022 and first quarter of 2023.

Noninterest Income

Noninterest income increased $7.7 million, or 15.9%, in the first quarter of 2023 to $56.1 million, compared with $48.3 million for the fourth quarter of 2022, primarily as a result of increased mortgage banking activity, which increased by $8.5 million, or 37.4%, to $31.4 million in the first quarter of 2023, compared with $22.9 million for the fourth quarter of 2022. Gain on sale spreads increased to 1.96% in the first quarter of 2023 from 1.26% for the fourth quarter of 2022. Total production in the retail mortgage division was essentially flat at $946.4 million in the first quarter of 2023, compared with $947.3 million for the fourth quarter of 2022. The retail mortgage open pipeline was $725.9 million at the end of the first quarter of 2023, compared with $507.1 million at December 31, 2022.

Noninterest Expense

Noninterest expense increased $4.4 million, or 3.2%, to $139.4 million during the first quarter of 2023, compared with $135.1 million for the fourth quarter of 2022. During the fourth quarter of 2022, the Company recorded merger and conversion charges of $235,000, with no such charges recorded during the first quarter of 2023. Excluding those charges, adjusted expenses(1) increased approximately $4.6 million, or 3.4%, to $139.4 million in the first quarter of 2023, from $134.8 million in the fourth quarter of 2022. The increase in adjusted expenses(1) resulted from a $5.7 million increase in salaries and employee benefits primarily resulting from cyclical payroll tax and 401(k) expenses. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 51.99% in the first quarter of 2023, compared with 49.61% in the fourth quarter of 2022, primarily resulting from the cyclical compensation expenses.

Income Tax Expense

The Company's effective tax rate for the first quarter of 2023 was 23.1%, compared with 21.3% in the fourth quarter of 2022. The increased rate for the first quarter of 2023 was primarily a result of the impact of state rates applied to the Company's deferred tax asset during the fourth quarter of 2022.

Balance Sheet Trends

Total assets at March 31, 2023 were $26.09 billion, compared with $25.05 billion at December 31, 2022. Cash and cash equivalents increased 80.7% to $2.02 billion at March 31, 2023, compared with $1.12 billion at December 31, 2022. Debt securities available-for-sale were stable at $1.50 billion at both March 31, 2023 and December 31, 2022. Loans, net of unearned income, increased $142.6 million, or 2.9% annualized, to $20.00 billion at March 31, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale increased slightly to $395.1 million at March 31, 2023 from $392.1 million at December 31, 2022.

Investment securities remained consistent at $1.63 billion, or 6.8% of earning assets at the end of the first quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at the end of the 2022. This compares with $670.7 million, or 3.1% of earning assets at the end of the first quarter of 2022. The Company did not deploy excess liquidity into the securities portfolio until after rates starting rising during 2022; therefore, the unrealized loss position on the Company's available-for-sale securities portfolio is less than 3% of the portfolio.

At March 31, 2023, total deposits amounted to $19.90 billion, compared with $19.46 billion at December 31, 2022. At March 31, 2023, noninterest-bearing deposit accounts represented $7.30 billion, or 36.7% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $12.16 billion at March 31, 2023, compared with $12.80 billion at December 31, 2022. These funds represented 61.1% of the Company's total deposits at March 31, 2023, compared with 65.7% at the end of 2022, which has enabled the Company to prudently maintain its stable deposit customer base, while also managing its cost of funds sensitivity in a rising rate environment. During March, the Company redeemed its $75 million 5.75% Fixed-to-Floating Rate Subordinated Notes Due 2027 (which were at a current rate of 8.39%) with existing liquidity.

Shareholders' equity at March 31, 2023 totaled $3.25 billion, an increase of $55.8 million, or 1.7%, from December 31, 2022. The increase in shareholders' equity was primarily the result of earnings of $60.4 million during the first quarter of 2023 and improvement in other comprehensive income of $10.9 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $0.87 per share, or 11.6% annualized, during the first quarter to $30.79 at March 31, 2023. The Company recorded an improvement of $0.16 per share of tangible book value(1) this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. Tangible common equity as a percentage of tangible assets was 8.55% at March 31, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company. During the first quarter of 2023, the Company recorded a provision for credit losses of $49.7 million, compared with a provision of $32.9 million in the fourth quarter of 2022. The first quarter provision was primarily attributable to the updated economic forecast and loan growth of $142.6 million during the quarter. Nonperforming assets as a percentage of total assets were stable at 0.61% during the quarter. Approximately $75.0 million, or 46.8%, of the nonperforming assets at March 31, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets improved one basis point to 0.33% at March 31, 2023, compared with 0.34% at December 31, 2022. The net charge-off ratio was 22 basis points for the first quarter of 2023, compared with eight basis points in the fourth quarter of 2022 and nine basis points in the first quarter of 2022.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 28, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-833-470-1428. The conference call access code is 529368. A replay of the call will be available one hour after the end of the conference call until May 12, 2023. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 785707. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

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

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

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights | Table 1
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands except per share data) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
EARNINGS |  |  |  |  |  |  |  |  |
Net income | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 81,698
Adjusted net income(1) | $ 59,935 |  | $ 81,086 |  | $ 91,817 |  | $ 81,473 |  | $ 75,039
COMMON SHARE DATA |  |  |  |  |  |  |  |  |
Earnings per share available to common shareholders |  |  |  |  |  |  |  |  |
Basic | $ 0.87 |  | $ 1.19 |  | $ 1.34 |  | $ 1.30 |  | $ 1.18
Diluted | $ 0.87 |  | $ 1.18 |  | $ 1.34 |  | $ 1.30 |  | $ 1.17
Adjusted diluted EPS(1) | $ 0.86 |  | $ 1.17 |  | $ 1.32 |  | $ 1.18 |  | $ 1.08
Cash dividends per share | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15
Book value per share (period end) | $ 46.89 |  | $ 46.09 |  | $ 44.97 |  | $ 44.31 |  | $ 43.31
Tangible book value per share (period end)(1) | $ 30.79 |  | $ 29.92 |  | $ 28.62 |  | $ 27.89 |  | $ 26.84
Weighted average number of shares |  |  |  |  |  |  |  |  |
Basic | 69,171,562 |  | 69,138,431 |  | 69,124,855 |  | 69,136,046 |  | 69,345,735
Diluted | 69,322,664 |  | 69,395,224 |  | 69,327,414 |  | 69,316,258 |  | 69,660,990
Period end number of shares | 69,373,863 |  | 69,369,050 |  | 69,352,709 |  | 69,360,461 |  | 69,439,084
Market data |  |  |  |  |  |  |  |  |
High intraday price | $ 50.54 |  | $ 54.24 |  | $ 50.94 |  | $ 46.28 |  | $ 55.62
Low intraday price | $ 34.28 |  | $ 44.61 |  | $ 38.22 |  | $ 39.37 |  | $ 43.56
Period end closing price | $ 36.58 |  | $ 47.14 |  | $ 44.71 |  | $ 40.18 |  | $ 43.88
Average daily volume | $ 452,242 |  | $ 340,890 |  | $ 346,522 |  | $ 446,121 |  | $ 471,858
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |
Return on average assets | 0.98 % |  | 1.34 % |  | 1.56 % |  | 1.54 % |  | 1.42 %
Adjusted return on average assets(1) | 0.97 % |  | 1.32 % |  | 1.54 % |  | 1.40 % |  | 1.31 %
Return on average common equity | 7.54 % |  | 10.30 % |  | 11.76 % |  | 11.87 % |  | 11.06 %
Adjusted return on average tangible common equity(1) | 11.41 % |  | 15.78 % |  | 18.33 % |  | 17.18 % |  | 16.38 %
Earning asset yield (TE) | 5.25 % |  | 4.91 % |  | 4.37 % |  | 3.88 % |  | 3.56 %
Total cost of funds | 1.59 % |  | 0.94 % |  | 0.42 % |  | 0.22 % |  | 0.22 %
Net interest margin (TE) | 3.76 % |  | 4.03 % |  | 3.97 % |  | 3.66 % |  | 3.35 %
Efficiency ratio | 52.08 % |  | 49.57 % |  | 50.15 % |  | 51.67 % |  | 55.43 %
Adjusted efficiency ratio (TE)(1) | 51.99 % |  | 49.61 % |  | 50.12 % |  | 53.66 % |  | 56.95 %
CAPITAL ADEQUACY (period end) |  |  |  |  |  |  |  |  |
Shareholders' equity to assets | 12.47 % |  | 12.76 % |  | 13.10 % |  | 12.97 % |  | 12.76 %
Tangible common equity to tangible assets(1) | 8.55 % |  | 8.67 % |  | 8.75 % |  | 8.58 % |  | 8.32 %
OTHER DATA (period end) |  |  |  |  |  |  |  |  |
Full time equivalent employees |  |  |  |  |  |  |  |  |
Banking Division | 2,093 |  | 2,079 |  | 2,071 |  | 2,050 |  | 2,033
Retail Mortgage Division | 630 |  | 633 |  | 671 |  | 712 |  | 714
Warehouse Lending Division | 8 |  | 8 |  | 9 |  | 9 |  | 10
SBA Division | 39 |  | 39 |  | 40 |  | 36 |  | 35
Premium Finance Division | 78 |  | 76 |  | 77 |  | 78 |  | 77
Total Ameris Bancorp FTE headcount | 2,848 |  | 2,835 |  | 2,868 |  | 2,885 |  | 2,869
Branch locations | 164 |  | 164 |  | 164 |  | 164 |  | 165
Deposits per branch location | $ 121,326 |  | $ 118,675 |  | $ 118,701 |  | $ 120,030 |  | $ 118,718
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement | Table 2
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands except per share data) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Interest income |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ 271,964 |  | $ 250,263 |  | $ 216,400 |  | $ 190,740 |  | $ 177,566
Interest on taxable securities | 14,300 |  | 13,029 |  | 10,324 |  | 7,064 |  | 4,239
Interest on nontaxable securities | 339 |  | 358 |  | 363 |  | 269 |  | 186
Interest on deposits in other banks | 9,113 |  | 9,984 |  | 7,188 |  | 4,463 |  | 1,373
Interest on federal funds sold | — |  | 8 |  | 27 |  | 32 |  | 10
Total interest income | 295,716 |  | 273,642 |  | 234,302 |  | 202,568 |  | 183,374
Interest expense |  |  |  |  |  |  |  |  |
Interest on deposits | 53,182 |  | 33,071 |  | 14,034 |  | 4,908 |  | 4,092
Interest on other borrowings | 30,882 |  | 16,434 |  | 7,287 |  | 6,296 |  | 6,738
Total interest expense | 84,064 |  | 49,505 |  | 21,321 |  | 11,204 |  | 10,830
Net interest income | 211,652 |  | 224,137 |  | 212,981 |  | 191,364 |  | 172,544
Provision for loan losses | 49,376 |  | 24,648 |  | 17,469 |  | 13,227 |  | (2,734)
Provision for unfunded commitments | 346 |  | 8,246 |  | 192 |  | 1,779 |  | 9,009
Provision for other credit losses | 7 |  | (4) |  | (9) |  | (82) |  | (44)
Provision for credit losses | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 6,231
Net interest income after provision for credit losses | 161,923 |  | 191,247 |  | 195,329 |  | 176,440 |  | 166,313
Noninterest income |  |  |  |  |  |  |  |  |
Service charges on deposit accounts | 10,936 |  | 11,125 |  | 11,168 |  | 11,148 |  | 11,058
Mortgage banking activity | 31,392 |  | 22,855 |  | 40,350 |  | 58,761 |  | 62,938
Other service charges, commissions and fees | 971 |  | 968 |  | 970 |  | 998 |  | 939
Gain (loss) on securities | 6 |  | 3 |  | (21) |  | 248 |  | (27)
Other noninterest income | 12,745 |  | 13,397 |  | 12,857 |  | 12,686 |  | 12,003
Total noninterest income | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 86,911
Noninterest expense |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 80,910 |  | 75,196 |  | 78,697 |  | 81,545 |  | 84,281
Occupancy and equipment | 12,986 |  | 12,905 |  | 12,983 |  | 12,746 |  | 12,727
Data processing and communications expenses | 13,034 |  | 12,486 |  | 12,015 |  | 12,155 |  | 12,572
Credit resolution-related expenses(1) | 435 |  | 372 |  | 126 |  | 496 |  | (965)
Advertising and marketing | 3,532 |  | 3,818 |  | 3,553 |  | 3,122 |  | 1,988
Amortization of intangible assets | 4,706 |  | 4,709 |  | 4,710 |  | 5,144 |  | 5,181
Merger and conversion charges | — |  | 235 |  | — |  | — |  | 977
Other noninterest expenses | 23,818 |  | 25,340 |  | 27,494 |  | 26,988 |  | 27,059
Total noninterest expense | 139,421 |  | 135,061 |  | 139,578 |  | 142,196 |  | 143,820
Income before income tax expense | 78,552 |  | 104,534 |  | 121,075 |  | 118,085 |  | 109,404
Income tax expense | 18,131 |  | 22,313 |  | 28,520 |  | 28,019 |  | 27,706
Net income | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 81,698
Diluted earnings per common share | $ 0.87 |  | $ 1.18 |  | $ 1.34 |  | $ 1.30 |  | $ 1.17
(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
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ 266,400 |  | $ 284,567 |  | $ 269,193 |  | $ 345,627 |  | $ 257,316
Federal funds sold and interest-bearing deposits in banks | 1,754,453 |  | 833,565 |  | 1,061,975 |  | 1,961,209 |  | 3,541,144
Debt securities available-for-sale, at fair value | 1,496,836 |  | 1,500,060 |  | 1,255,149 |  | 1,052,268 |  | 579,204
Debt securities held-to-maturity, at amortized cost | 134,175 |  | 134,864 |  | 130,214 |  | 111,654 |  | 91,454
Other investments | 146,715 |  | 110,992 |  | 60,560 |  | 49,500 |  | 49,395
Loans held for sale | 395,096 |  | 392,078 |  | 297,987 |  | 555,665 |  | 901,550
Loans, net of unearned income | 19,997,871 |  | 19,855,253 |  | 18,806,856 |  | 17,561,022 |  | 16,143,801
Allowance for credit losses | (242,658) |  | (205,677) |  | (184,891) |  | (172,642) |  | (161,251)
Loans, net | 19,755,213 |  | 19,649,576 |  | 18,621,965 |  | 17,388,380 |  | 15,982,550
Other real estate owned | 1,502 |  | 843 |  | 843 |  | 835 |  | 1,910
Premises and equipment, net | 218,878 |  | 220,283 |  | 222,694 |  | 224,249 |  | 224,293
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056 |  | 1,022,345
Other intangible assets, net | 101,488 |  | 106,194 |  | 110,903 |  | 115,613 |  | 120,757
Cash value of bank owned life insurance | 389,201 |  | 388,405 |  | 386,533 |  | 384,862 |  | 332,914
Other assets | 412,781 |  | 416,213 |  | 372,570 |  | 474,552 |  | 455,460
Total assets | $ 26,088,384 |  | $ 25,053,286 |  | $ 23,813,657 |  | $ 23,687,470 |  | $ 23,560,292
Liabilities |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |
Noninterest-bearing | $ 7,297,893 |  | $ 7,929,579 |  | $ 8,343,200 |  | $ 8,262,929 |  | $ 7,870,207
Interest-bearing | 12,599,562 |  | 11,533,159 |  | 11,123,719 |  | 11,422,053 |  | 11,718,234
Total deposits | 19,897,455 |  | 19,462,738 |  | 19,466,919 |  | 19,684,982 |  | 19,588,441
Federal funds purchased and securities sold under agreements to repurchase | — |  | — |  | — |  | 953 |  | 2,065
Other borrowings | 2,401,327 |  | 1,875,736 |  | 725,664 |  | 425,592 |  | 425,520
Subordinated deferrable interest debentures | 128,820 |  | 128,322 |  | 127,823 |  | 127,325 |  | 126,827
Other liabilities | 407,587 |  | 389,090 |  | 374,181 |  | 375,242 |  | 410,280
Total liabilities | 22,835,189 |  | 21,855,886 |  | 20,694,587 |  | 20,614,094 |  | 20,553,133
Shareholders' Equity |  |  |  |  |  |  |  |  |
Preferred stock | — |  | — |  | — |  | — |  | —
Common stock | 72,484 |  | 72,264 |  | 72,247 |  | 72,251 |  | 72,212
Capital stock | 1,937,664 |  | 1,935,211 |  | 1,932,906 |  | 1,931,088 |  | 1,928,702
Retained earnings | 1,362,512 |  | 1,311,258 |  | 1,239,477 |  | 1,157,359 |  | 1,077,725
Accumulated other comprehensive income (loss), net of tax | (35,581) |  | (46,507) |  | (50,734) |  | (12,635) |  | (1,841)
Treasury stock | (83,884) |  | (74,826) |  | (74,826) |  | (74,687) |  | (69,639)
Total shareholders' equity | 3,253,195 |  | 3,197,400 |  | 3,119,070 |  | 3,073,376 |  | 3,007,159
Total liabilities and shareholders' equity | $ 26,088,384 |  | $ 25,053,286 |  | $ 23,813,657 |  | $ 23,687,470 |  | $ 23,560,292
Other Data |  |  |  |  |  |  |  |  |
Earning assets | $ 23,925,146 |  | $ 22,826,812 |  | $ 21,612,741 |  | $ 21,291,318 |  | $ 21,306,548
Intangible assets | 1,117,134 |  | 1,121,840 |  | 1,133,974 |  | 1,138,669 |  | 1,143,102
Interest-bearing liabilities | 15,129,709 |  | 13,537,217 |  | 11,977,206 |  | 11,975,923 |  | 12,272,646
Average assets | 25,115,927 |  | 24,354,979 |  | 23,598,465 |  | 23,405,201 |  | 23,275,654
Average common shareholders' equity | 3,250,289 |  | 3,168,320 |  | 3,123,718 |  | 3,043,280 |  | 2,994,652

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information | Table 4
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Allowance for Credit Losses |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ 258,163 |  | $ 229,135 |  | $ 216,703 |  | $ 203,615 |  | $ 200,981
Adoption of ASU 2022-02 | (1,711) |  | — |  | — |  | — |  | —
Provision for loan losses | 49,376 |  | 24,648 |  | 17,469 |  | 13,227 |  | (2,734)
Provision for unfunded commitments | 346 |  | 8,246 |  | 192 |  | 1,779 |  | 9,009
Provision for other credit losses | 7 |  | (4) |  | (9) |  | (82) |  | (44)
Provision for credit losses | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 6,231
Charge-offs | 14,956 |  | 8,371 |  | 9,272 |  | 6,853 |  | 8,579
Recoveries | 4,272 |  | 4,509 |  | 4,052 |  | 5,017 |  | 4,982
Net charge-offs (recoveries) | 10,684 |  | 3,862 |  | 5,220 |  | 1,836 |  | 3,597
Ending balance | $ 295,497 |  | $ 258,163 |  | $ 229,135 |  | $ 216,703 |  | $ 203,615
Allowance for loan losses | $ 242,658 |  | $ 205,677 |  | $ 184,891 |  | $ 172,642 |  | $ 161,251
Allowance for unfunded commitments | 52,757 |  | 52,411 |  | 44,165 |  | 43,973 |  | 42,194
Allowance for other credit losses | 82 |  | 75 |  | 79 |  | 88 |  | 170
Total allowance for credit losses | $ 295,497 |  | $ 258,163 |  | $ 229,135 |  | $ 216,703 |  | $ 203,615
Net Charge-off Information |  |  |  |  |  |  |  |  |
Charge-offs |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 12,233 |  | $ 5,108 |  | $ 4,722 |  | $ 4,391 |  | $ 4,414
Consumer | 1,140 |  | 1,136 |  | 1,228 |  | 1,137 |  | 1,425
Indirect automobile | 34 |  | 86 |  | 50 |  | 41 |  | 88
Premium Finance | 1,421 |  | 1,812 |  | 1,205 |  | 1,066 |  | 1,369
Real estate - construction and development | — |  | 27 |  | — |  | — |  | —
Real estate - commercial and farmland | — |  | 196 |  | 2,014 |  | 81 |  | 1,283
Real estate - residential | 128 |  | 6 |  | 53 |  | 137 |  | —
Total charge-offs | 14,956 |  | 8,371 |  | 9,272 |  | 6,853 |  | 8,579
Recoveries |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | 2,043 |  | 2,072 |  | 2,201 |  | 2,785 |  | 2,896
Consumer | 297 |  | 217 |  | 277 |  | 230 |  | 158
Indirect automobile | 216 |  | 229 |  | 276 |  | 265 |  | 275
Premium Finance | 1,382 |  | 1,682 |  | 1,023 |  | 1,113 |  | 1,247
Real estate - construction and development | 100 |  | 223 |  | 96 |  | 355 |  | 218
Real estate - commercial and farmland | 44 |  | 48 |  | 96 |  | 44 |  | 37
Real estate - residential | 190 |  | 38 |  | 83 |  | 225 |  | 151
Total recoveries | 4,272 |  | 4,509 |  | 4,052 |  | 5,017 |  | 4,982
Net charge-offs (recoveries) | $ 10,684 |  | $ 3,862 |  | $ 5,220 |  | $ 1,836 |  | $ 3,597
Non-Performing Assets |  |  |  |  |  |  |  |  |
Nonaccrual portfolio loans | $ 68,028 |  | $ 65,221 |  | $ 64,055 |  | $ 72,352 |  | $ 59,316
Other real estate owned | 1,502 |  | 843 |  | 843 |  | 835 |  | 1,910
Repossessed assets | 25 |  | 28 |  | 60 |  | 122 |  | 139
Accruing loans delinquent 90 days or more | 15,792 |  | 17,865 |  | 12,378 |  | 8,542 |  | 6,584
Non-performing portfolio assets | $ 85,347 |  | $ 83,957 |  | $ 77,336 |  | $ 81,851 |  | $ 67,949
Serviced GNMA-guaranteed mortgage nonaccrual loans | 74,999 |  | 69,587 |  | 54,621 |  | 50,560 |  | 43,281
Total non-performing assets | $ 160,346 |  | $ 153,544 |  | $ 131,957 |  | $ 132,411 |  | $ 111,230
Asset Quality Ratios |  |  |  |  |  |  |  |  |
Non-performing portfolio assets as a percent of total assets | 0.33 % |  | 0.34 % |  | 0.32 % |  | 0.35 % |  | 0.29 %
Total non-performing assets as a percent of total assets | 0.61 % |  | 0.61 % |  | 0.55 % |  | 0.56 % |  | 0.47 %
Net charge-offs as a percent of average loans (annualized) | 0.22 % |  | 0.08 % |  | 0.11 % |  | 0.04 % |  | 0.09 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information | Table 5
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Loans by Type |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 2,722,180 |  | $ 2,679,403 |  | $ 2,245,287 |  | $ 2,022,845 |  | $ 1,836,663
Consumer | 349,775 |  | 384,037 |  | 162,345 |  | 167,237 |  | 173,642
Indirect automobile | 83,466 |  | 108,648 |  | 137,183 |  | 172,245 |  | 214,120
Mortgage warehouse | 958,418 |  | 1,038,924 |  | 980,342 |  | 949,191 |  | 732,375
Municipal | 505,515 |  | 509,151 |  | 516,797 |  | 529,268 |  | 547,926
Premium Finance | 947,257 |  | 1,023,479 |  | 1,062,724 |  | 942,357 |  | 819,163
Real estate - construction and development | 2,144,605 |  | 2,086,438 |  | 2,009,726 |  | 1,747,284 |  | 1,577,215
Real estate - commercial and farmland | 7,721,732 |  | 7,604,868 |  | 7,516,309 |  | 7,156,017 |  | 6,924,475
Real estate - residential | 4,564,923 |  | 4,420,305 |  | 4,176,143 |  | 3,874,578 |  | 3,318,222
Total loans | $ 19,997,871 |  | $ 19,855,253 |  | $ 18,806,856 |  | $ 17,561,022 |  | $ 16,143,801
Loans by Risk Grade |  |  |  |  |  |  |  |  |
Grades 1 through 5 - Pass | $ 19,654,232 |  | $ 19,513,726 |  | $ 18,483,046 |  | $ 17,296,520 |  | $ 15,899,956
Grade 6 - Other assets especially mentioned | 116,345 |  | 104,614 |  | 110,408 |  | 68,444 |  | 51,670
Grade 7 - Substandard | 227,294 |  | 236,913 |  | 213,402 |  | 196,058 |  | 192,175
Grade 8 - Doubtful | — |  | — |  | — |  | — |  | —
Grade 9 - Loss | — |  | — |  | — |  | — |  | —
Total loans | $ 19,997,871 |  | $ 19,855,253 |  | $ 18,806,856 |  | $ 17,561,022 |  | $ 16,143,801

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances | Table 6
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Earning Assets |  |  |  |  |  |  |  |  |
Federal funds sold | $ — |  | $ 924 |  | $ 5,000 |  | $ 17,692 |  | $ 20,000
Interest-bearing deposits in banks | 859,614 |  | 1,009,935 |  | 1,394,529 |  | 2,209,761 |  | 3,393,238
Debt securities - taxable | 1,586,404 |  | 1,451,861 |  | 1,242,811 |  | 932,824 |  | 623,498
Debt securities - nontaxable | 43,052 |  | 44,320 |  | 45,730 |  | 39,236 |  | 29,605
Other investments | 131,044 |  | 83,730 |  | 51,209 |  | 49,550 |  | 47,872
Loans held for sale | 490,295 |  | 371,952 |  | 471,070 |  | 944,964 |  | 1,097,098
Loans | 19,820,749 |  | 19,212,560 |  | 18,146,083 |  | 16,861,674 |  | 15,821,397
Total Earning Assets | $ 22,931,158 |  | $ 22,175,282 |  | $ 21,356,432 |  | $ 21,055,701 |  | $ 21,032,708
Deposits |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | $ 7,136,373 |  | $ 8,138,887 |  | $ 8,259,625 |  | $ 7,955,765 |  | $ 7,658,451
NOW accounts | 4,145,991 |  | 3,621,454 |  | 3,701,045 |  | 3,695,490 |  | 3,684,772
MMDA | 4,994,195 |  | 5,161,047 |  | 5,026,815 |  | 5,087,199 |  | 5,240,922
Savings accounts | 1,005,614 |  | 1,010,966 |  | 1,030,298 |  | 1,007,340 |  | 973,724
Retail CDs | 1,612,325 |  | 1,450,037 |  | 1,506,761 |  | 1,693,740 |  | 1,774,016
Brokered CDs | 125,133 |  | — |  | — |  | — |  | —
Total Deposits | 19,019,631 |  | 19,382,391 |  | 19,524,544 |  | 19,439,534 |  | 19,331,885
Non-Deposit Funding |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — |  | 1 |  | 92 |  | 1,854 |  | 4,020
FHLB advances | 1,968,811 |  | 918,228 |  | 94,357 |  | 48,746 |  | 48,786
Other borrowings | 361,445 |  | 377,056 |  | 376,942 |  | 376,829 |  | 443,657
Subordinated deferrable interest debentures | 128,557 |  | 128,060 |  | 127,560 |  | 127,063 |  | 126,563
Total Non-Deposit Funding | 2,458,813 |  | 1,423,345 |  | 598,951 |  | 554,492 |  | 623,026
Total Funding | $ 21,478,444 |  | $ 20,805,736 |  | $ 20,123,495 |  | $ 19,994,026 |  | $ 19,954,911

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) | Table 7
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Interest Income |  |  |  |  |  |  |  |  |
Federal funds sold | $ — |  | $ 8 |  | $ 27 |  | $ 32 |  | $ 10
Interest-bearing deposits in banks | 9,113 |  | 9,984 |  | 7,188 |  | 4,463 |  | 1,373
Debt securities - taxable | 14,300 |  | 13,029 |  | 10,324 |  | 7,064 |  | 4,239
Debt securities - nontaxable (TE) | 429 |  | 454 |  | 459 |  | 341 |  | 235
Loans held for sale | 7,007 |  | 5,519 |  | 6,012 |  | 10,036 |  | 8,132
Loans (TE) | 265,802 |  | 245,603 |  | 211,223 |  | 181,602 |  | 170,398
Total Earning Assets | $ 296,651 |  | $ 274,597 |  | $ 235,233 |  | $ 203,538 |  | $ 184,387
Interest Expense |  |  |  |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |
NOW accounts | $ 15,033 |  | $ 8,564 |  | $ 3,733 |  | $ 1,246 |  | $ 824
MMDA | 27,809 |  | 20,683 |  | 8,613 |  | 2,204 |  | 1,643
Savings accounts | 1,288 |  | 654 |  | 360 |  | 140 |  | 133
Retail CDs | 7,629 |  | 3,170 |  | 1,328 |  | 1,318 |  | 1,492
Brokered CDs | 1,423 |  | — |  | — |  | — |  | —
Total Interest-Bearing Deposits | 53,182 |  | 33,071 |  | 14,034 |  | 4,908 |  | 4,092
Non-Deposit Funding |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — |  | — |  | — |  | 1 |  | 3
FHLB advances | 22,448 |  | 8,801 |  | 527 |  | 192 |  | 190
Other borrowings | 5,349 |  | 4,953 |  | 4,655 |  | 4,437 |  | 5,164
Subordinated deferrable interest debentures | 3,085 |  | 2,680 |  | 2,105 |  | 1,666 |  | 1,381
Total Non-Deposit Funding | 30,882 |  | 16,434 |  | 7,287 |  | 6,296 |  | 6,738
Total Interest-Bearing Funding | $ 84,064 |  | $ 49,505 |  | $ 21,321 |  | $ 11,204 |  | $ 10,830
Net Interest Income (TE) | $ 212,587 |  | $ 225,092 |  | $ 213,912 |  | $ 192,334 |  | $ 173,557

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1) | Table 8
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
| 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Earning Assets |  |  |  |  |  |  |  |  |
Federal funds sold | — % |  | 3.43 % |  | 2.14 % |  | 0.73 % |  | 0.20 %
Interest-bearing deposits in banks | 4.30 % |  | 3.92 % |  | 2.04 % |  | 0.81 % |  | 0.16 %
Debt securities - taxable | 3.66 % |  | 3.56 % |  | 3.30 % |  | 3.04 % |  | 2.76 %
Debt securities - nontaxable (TE) | 4.04 % |  | 4.06 % |  | 3.98 % |  | 3.49 % |  | 3.22 %
Loans held for sale | 5.80 % |  | 5.89 % |  | 5.06 % |  | 4.26 % |  | 3.01 %
Loans (TE) | 5.44 % |  | 5.07 % |  | 4.62 % |  | 4.32 % |  | 4.37 %
Total Earning Assets | 5.25 % |  | 4.91 % |  | 4.37 % |  | 3.88 % |  | 3.56 %
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |
NOW accounts | 1.47 % |  | 0.94 % |  | 0.40 % |  | 0.14 % |  | 0.09 %
MMDA | 2.26 % |  | 1.59 % |  | 0.68 % |  | 0.17 % |  | 0.13 %
Savings accounts | 0.52 % |  | 0.26 % |  | 0.14 % |  | 0.06 % |  | 0.06 %
Retail CDs | 1.92 % |  | 0.87 % |  | 0.35 % |  | 0.31 % |  | 0.34 %
Brokered CDs | 4.61 % |  | — % |  | — % |  | — % |  | — %
Total Interest-Bearing Deposits | 1.82 % |  | 1.17 % |  | 0.49 % |  | 0.17 % |  | 0.14 %
Non-Deposit Funding |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — % |  | — % |  | — % |  | 0.22 % |  | 0.30 %
FHLB advances | 4.62 % |  | 3.80 % |  | 2.22 % |  | 1.58 % |  | 1.58 %
Other borrowings | 6.00 % |  | 5.21 % |  | 4.90 % |  | 4.72 % |  | 4.72 %
Subordinated deferrable interest debentures | 9.73 % |  | 8.30 % |  | 6.55 % |  | 5.26 % |  | 4.43 %
Total Non-Deposit Funding | 5.09 % |  | 4.58 % |  | 4.83 % |  | 4.55 % |  | 4.39 %
Total Interest-Bearing Liabilities | 2.38 % |  | 1.55 % |  | 0.71 % |  | 0.37 % |  | 0.36 %
Net Interest Spread | 2.87 % |  | 3.36 % |  | 3.66 % |  | 3.51 % |  | 3.20 %
Net Interest Margin(2) | 3.76 % |  | 4.03 % |  | 3.97 % |  | 3.66 % |  | 3.35 %
Total Cost of Funds(3) | 1.59 % |  | 0.94 % |  | 0.42 % |  | 0.22 % |  | 0.22 %
(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
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands except per share data) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Net income available to common shareholders | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 81,698
Adjustment items: |  |  |  |  |  |  |  |  |
Merger and conversion charges | — |  | 235 |  | — |  | — |  | 977
(Gain) loss on sale of MSR | — |  | (1,672) |  | 316 |  | — |  | —
Servicing right impairment (recovery) | — |  | — |  | (1,332) |  | (10,838) |  | (9,654)
Gain on BOLI proceeds | (486) |  | — |  | (55) |  | — |  | —
Natural disaster and pandemic charges | — |  | — |  | 151 |  | — |  | —
(Gain) loss on bank premises | — |  | — |  | — |  | (39) |  | (6)
Tax effect of adjustment items (Note 1) | — |  | 302 |  | 182 |  | 2,284 |  | 2,024
After tax adjustment items | (486) |  | (1,135) |  | (738) |  | (8,593) |  | (6,659)
Adjusted net income | $ 59,935 |  | $ 81,086 |  | $ 91,817 |  | $ 81,473 |  | $ 75,039
Weighted average number of shares - diluted | 69,322,664 |  | 69,395,224 |  | 69,327,414 |  | 69,316,258 |  | 69,660,990
Net income per diluted share | $ 0.87 |  | $ 1.18 |  | $ 1.34 |  | $ 1.30 |  | $ 1.17
Adjusted net income per diluted share | $ 0.86 |  | $ 1.17 |  | $ 1.32 |  | $ 1.18 |  | $ 1.08
Average assets | $ 25,115,927 |  | $ 24,354,979 |  | $ 23,598,465 |  | $ 23,405,201 |  | $ 23,275,654
Return on average assets | 0.98 % |  | 1.34 % |  | 1.56 % |  | 1.54 % |  | 1.42 %
Adjusted return on average assets | 0.97 % |  | 1.32 % |  | 1.54 % |  | 1.40 % |  | 1.31 %
Average common equity | $ 3,250,289 |  | $ 3,168,320 |  | $ 3,123,718 |  | $ 3,043,280 |  | $ 2,994,652
Average tangible common equity | $ 2,130,856 |  | $ 2,039,094 |  | $ 1,987,385 |  | $ 1,902,265 |  | $ 1,857,713
Return on average common equity | 7.54 % |  | 10.30 % |  | 11.76 % |  | 11.87 % |  | 11.06 %
Adjusted return on average tangible common equity | 11.41 % |  | 15.78 % |  | 18.33 % |  | 17.18 % |  | 16.38 %

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 are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE) | Table 9B
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Adjusted Noninterest Expense |  |  |  |  |  |  |  |  |
Total noninterest expense | $ 139,421 |  | $ 135,061 |  | $ 139,578 |  | $ 142,196 |  | $ 143,820
Adjustment items: |  |  |  |  |  |  |  |  |
Merger and conversion charges | — |  | (235) |  | — |  | — |  | (977)
Natural disaster and pandemic charges | — |  | — |  | (151) |  | — |  | —
Gain (loss) on bank premises | — |  | — |  | — |  | 39 |  | 6
Adjusted noninterest expense | $ 139,421 |  | $ 134,826 |  | $ 139,427 |  | $ 142,235 |  | $ 142,849
Total Revenue |  |  |  |  |  |  |  |  |
Net interest income | $ 211,652 |  | $ 224,137 |  | $ 212,981 |  | $ 191,364 |  | $ 172,544
Noninterest income | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 86,911
Total revenue | $ 267,702 |  | $ 272,485 |  | $ 278,305 |  | $ 275,205 |  | $ 259,455
Adjusted Total Revenue |  |  |  |  |  |  |  |  |
Net interest income (TE) | $ 212,587 |  | $ 225,092 |  | $ 213,912 |  | $ 192,334 |  | $ 173,557
Noninterest income | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 86,911
Total revenue (TE) | 268,637 |  | 273,440 |  | 279,236 |  | 276,175 |  | 260,468
Adjustment items: |  |  |  |  |  |  |  |  |
(Gain) loss on securities | (6) |  | (3) |  | 21 |  | (248) |  | 27
(Gain) loss on sale of MSR | — |  | (1,672) |  | 316 |  | — |  | —
Gain on BOLI proceeds | (486) |  | — |  | (55) |  | — |  | —
Servicing right impairment (recovery) | — |  | — |  | (1,332) |  | (10,838) |  | (9,654)
Adjusted total revenue (TE) | $ 268,145 |  | $ 271,765 |  | $ 278,186 |  | $ 265,089 |  | $ 250,841
Efficiency ratio | 52.08 % |  | 49.57 % |  | 50.15 % |  | 51.67 % |  | 55.43 %
Adjusted efficiency ratio (TE) | 51.99 % |  | 49.61 % |  | 50.12 % |  | 53.66 % |  | 56.95 %
Tangible Book Value Per Share | Table 9C
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands except per share data) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Total shareholders' equity | $ 3,253,195 |  | $ 3,197,400 |  | $ 3,119,070 |  | $ 3,073,376 |  | $ 3,007,159
Less: |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056 |  | 1,022,345
Other intangibles, net | 101,488 |  | 106,194 |  | 110,903 |  | 115,613 |  | 120,757
Total tangible shareholders' equity | $ 2,136,061 |  | $ 2,075,560 |  | $ 1,985,096 |  | $ 1,934,707 |  | $ 1,864,057
Period end number of shares | 69,373,863 |  | 69,369,050 |  | 69,352,709 |  | 69,360,461 |  | 69,439,084
Book value per share (period end) | $ 46.89 |  | $ 46.09 |  | $ 44.97 |  | $ 44.31 |  | $ 43.31
Tangible book value per share (period end) | $ 30.79 |  | $ 29.92 |  | $ 28.62 |  | $ 27.89 |  | $ 26.84

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets | Table 9D
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands except per share data) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Total shareholders' equity | $ 3,253,195 |  | $ 3,197,400 |  | $ 3,119,070 |  | $ 3,073,376 |  | $ 3,007,159
Less: |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056 |  | 1,022,345
Other intangibles, net | 101,488 |  | 106,194 |  | 110,903 |  | 115,613 |  | 120,757
Total tangible shareholders' equity | $ 2,136,061 |  | $ 2,075,560 |  | $ 1,985,096 |  | $ 1,934,707 |  | $ 1,864,057
Total assets | $ 26,088,384 |  | $ 25,053,286 |  | $ 23,813,657 |  | $ 23,687,470 |  | $ 23,560,292
Less: |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056 |  | 1,022,345
Other intangibles, net | 101,488 |  | 106,194 |  | 110,903 |  | 115,613 |  | 120,757
Total tangible assets | $ 24,971,250 |  | $ 23,931,446 |  | $ 22,679,683 |  | $ 22,548,801 |  | $ 22,417,190
Equity to Assets | 12.47 % |  | 12.76 % |  | 13.10 % |  | 12.97 % |  | 12.76 %
Tangible Common Equity to Tangible Assets | 8.55 % |  | 8.67 % |  | 8.75 % |  | 8.58 % |  | 8.32 %
PPNR ROA | Table 9E
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands except per share data) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Net income | 60,421 |  | 82,221 |  | 92,555 |  | 90,066 |  | 81,698
Plus: |  |  |  |  |  |  |  |  |
Income taxes | 18,131 |  | 22,313 |  | 28,520 |  | 28,019 |  | 27,706
Provision for credit losses | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 6,231
PPNR | 128,281 |  | 137,424 |  | 138,727 |  | 133,009 |  | 115,635
Average Assets | 25,115,927 |  | 24,354,979 |  | 23,598,465 |  | 23,405,201 |  | 23,275,654
Return on Average Assets (ROA) | 0.98 % |  | 1.34 % |  | 1.56 % |  | 1.54 % |  | 1.42 %
PPNR ROA | 2.07 % |  | 2.24 % |  | 2.33 % |  | 2.28 % |  | 2.01 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting | Table 10
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Banking Division |  |  |  |  |  |  |  |  |
Net interest income | $ 175,340 |  | $ 185,909 |  | $ 174,507 |  | $ 152,122 |  | $ 133,745
Provision for credit losses | 47,140 |  | 35,946 |  | 10,551 |  | 10,175 |  | 5,226
Noninterest income | 23,898 |  | 23,448 |  | 23,269 |  | 23,469 |  | 21,364
Noninterest expense |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 56,454 |  | 52,296 |  | 48,599 |  | 46,733 |  | 49,195
Occupancy and equipment expenses | 11,606 |  | 11,482 |  | 11,357 |  | 11,168 |  | 11,074
Data processing and telecommunications expenses | 11,797 |  | 11,085 |  | 10,779 |  | 10,863 |  | 11,230
Other noninterest expenses | 19,023 |  | 21,811 |  | 22,974 |  | 21,123 |  | 20,045
Total noninterest expense | 98,880 |  | 96,674 |  | 93,709 |  | 89,887 |  | 91,544
Income before income tax expense | 53,218 |  | 76,737 |  | 93,516 |  | 75,529 |  | 58,339
Income tax expense | 12,850 |  | 16,545 |  | 22,706 |  | 19,120 |  | 16,996
Net income | $ 40,368 |  | $ 60,192 |  | $ 70,810 |  | $ 56,409 |  | $ 41,343
Retail Mortgage Division |  |  |  |  |  |  |  |  |
Net interest income | $ 20,027 |  | $ 19,837 |  | $ 19,283 |  | $ 20,779 |  | $ 19,295
Provision for credit losses | 2,853 |  | (2,778) |  | 9,043 |  | 4,499 |  | 1,587
Noninterest income | 31,058 |  | 24,011 |  | 38,584 |  | 57,795 |  | 61,649
Noninterest expense |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 20,160 |  | 19,164 |  | 25,813 |  | 31,219 |  | 31,614
Occupancy and equipment expenses | 1,283 |  | 1,242 |  | 1,460 |  | 1,406 |  | 1,471
Data processing and telecommunications expenses | 1,069 |  | 1,203 |  | 1,082 |  | 1,123 |  | 1,172
Other noninterest expenses | 11,747 |  | 11,126 |  | 11,641 |  | 12,812 |  | 12,645
Total noninterest expense | 34,259 |  | 32,735 |  | 39,996 |  | 46,560 |  | 46,902
Income before income tax expense | 13,973 |  | 13,891 |  | 8,828 |  | 27,515 |  | 32,455
Income tax expense | 2,934 |  | 2,916 |  | 1,854 |  | 5,779 |  | 6,815
Net income | $ 11,039 |  | $ 10,975 |  | $ 6,974 |  | $ 21,736 |  | $ 25,640
Warehouse Lending Division |  |  |  |  |  |  |  |  |
Net interest income | $ 5,700 |  | $ 6,601 |  | $ 6,979 |  | $ 6,700 |  | $ 6,447
Provision for credit losses | (194) |  | 117 |  | (1,836) |  | 867 |  | (222)
Noninterest income | 480 |  | 579 |  | 1,516 |  | 1,041 |  | 1,401
Noninterest expense |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 802 |  | 427 |  | 1,055 |  | 208 |  | 283
Occupancy and equipment expenses | 1 |  | 1 |  | 1 |  | 1 |  | 1
Data processing and telecommunications expenses | 46 |  | 49 |  | 43 |  | 48 |  | 47
Other noninterest expenses | 202 |  | 191 |  | 209 |  | 212 |  | 218
Total noninterest expense | 1,051 |  | 668 |  | 1,308 |  | 469 |  | 549
Income before income tax expense | 5,323 |  | 6,395 |  | 9,023 |  | 6,405 |  | 7,521
Income tax expense | 1,118 |  | 1,342 |  | 1,895 |  | 1,346 |  | 1,579
Net income | $ 4,205 |  | $ 5,053 |  | $ 7,128 |  | $ 5,059 |  | $ 5,942

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) | Table 10
| Three Months Ended
| Mar |  | Dec |  | Sep |  | Jun |  | Mar
(dollars in thousands) | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
SBA Division |  |  |  |  |  |  |  |  |
Net interest income | $ 1,945 |  | $ 2,491 |  | $ 2,424 |  | $ 3,798 |  | $ 6,011
Provision for credit losses | (104) |  | 265 |  | 52 |  | (523) |  | (143)
Noninterest income | 605 |  | 302 |  | 1,946 |  | 1,526 |  | 2,491
Noninterest expense |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 1,297 |  | 1,306 |  | 1,412 |  | 1,316 |  | 1,271
Occupancy and equipment expenses | 37 |  | 98 |  | 82 |  | 81 |  | 99
Data processing and telecommunications expenses | 37 |  | 30 |  | 29 |  | 29 |  | 28
Other noninterest expenses | 422 |  | 368 |  | 100 |  | 539 |  | 380
Total noninterest expense | 1,793 |  | 1,802 |  | 1,623 |  | 1,965 |  | 1,778
Income before income tax expense | 861 |  | 726 |  | 2,695 |  | 3,882 |  | 6,867
Income tax expense | 179 |  | 153 |  | 566 |  | 815 |  | 1,442
Net income | $ 682 |  | $ 573 |  | $ 2,129 |  | $ 3,067 |  | $ 5,425
Premium Finance Division |  |  |  |  |  |  |  |  |
Net interest income | $ 8,640 |  | $ 9,299 |  | $ 9,788 |  | $ 7,965 |  | $ 7,046
Provision for credit losses | 34 |  | (660) |  | (158) |  | (94) |  | (217)
Noninterest income | 9 |  | 8 |  | 9 |  | 10 |  | 6
Noninterest expense |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 2,197 |  | 2,003 |  | 1,818 |  | 2,069 |  | 1,918
Occupancy and equipment expenses | 59 |  | 82 |  | 83 |  | 90 |  | 82
Data processing and telecommunications expenses | 85 |  | 119 |  | 82 |  | 92 |  | 95
Other noninterest expenses | 1,097 |  | 978 |  | 959 |  | 1,064 |  | 952
Total noninterest expense | 3,438 |  | 3,182 |  | 2,942 |  | 3,315 |  | 3,047
Income before income tax expense | 5,177 |  | 6,785 |  | 7,013 |  | 4,754 |  | 4,222
Income tax expense | 1,050 |  | 1,357 |  | 1,499 |  | 959 |  | 874
Net income | $ 4,127 |  | $ 5,428 |  | $ 5,514 |  | $ 3,795 |  | $ 3,348
Total Consolidated |  |  |  |  |  |  |  |  |
Net interest income | $ 211,652 |  | $ 224,137 |  | $ 212,981 |  | $ 191,364 |  | $ 172,544
Provision for credit losses | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 6,231
Noninterest income | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 86,911
Noninterest expense |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 80,910 |  | 75,196 |  | 78,697 |  | 81,545 |  | 84,281
Occupancy and equipment expenses | 12,986 |  | 12,905 |  | 12,983 |  | 12,746 |  | 12,727
Data processing and telecommunications expenses | 13,034 |  | 12,486 |  | 12,015 |  | 12,155 |  | 12,572
Other noninterest expenses | 32,491 |  | 34,474 |  | 35,883 |  | 35,750 |  | 34,240
Total noninterest expense | 139,421 |  | 135,061 |  | 139,578 |  | 142,196 |  | 143,820
Income before income tax expense | 78,552 |  | 104,534 |  | 121,075 |  | 118,085 |  | 109,404
Income tax expense | 18,131 |  | 22,313 |  | 28,520 |  | 28,019 |  | 27,706
Net income | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 81,698

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