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

Exhibit 99.1

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2023

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

- Net income of $62.6 million, or $0.91 per diluted share
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 2.01%
- Growth in tangible book value(1) of $0.63 per share, or 8.2% annualized, to $31.42 at June 30, 2023
- Increase in the allowance for credit losses to 1.33% of loans, from 1.21% at March 31, 2023, due to forecasted economic conditions, particularly related to commercial real estate price levels
- Adjusted efficiency ratio(1) of 53.41%, compared with 53.66% in the second quarter of last year
- Nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis point to 0.30% at June 30, 2023, compared with 0.33% at March 31, 2023
- Net interest margin of 3.60% for the second quarter of 2023
- Organic growth in loans of $473.9 million, or 9.5% annualized
- Growth in total deposits of $545.7 million or 11.0% annualized
- TCE ratio(1) of 8.80%, compared with 8.55% at March 31, 2023 and 8.58% one year ago

ATLANTA, July 27, 2023 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $62.6 million, or $0.91 per diluted share, for the quarter ended June 30, 2023, compared with $90.1 million, or $1.30 per diluted share, for the quarter ended June 30, 2022. Included in the Company's second quarter results was a $45.5 million provision for credit losses related to the updated economic forecast, compared with $14.9 million in the second quarter of last year.

For the year-to-date period ending June 30, 2023, the Company reported net income of $123.1 million, or $1.78 per diluted share, compared with $171.8 million, or $2.47 per diluted share, for the same period in 2022. The year-to-date period ending June 30, 2023 included a provision for credit losses of $95.2 million, compared with $21.2 million for the same period in 2022. The year-to-date period ending June 30, 2022 included a recovery of servicing right impairment $20.5 million, with no such recovery in the same period in 2023.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are pleased with our second quarter financial results. We continue to operate at a PPNR ROA above 2% with an efficiency ratio of 53.4%, while growing tangible book value by over 8% annualized. We increased our allowance for credit losses to 1.33% of loans, all due to the economic modeling forecast. Our credit metrics improved this quarter such that nonperforming assets now represent only 0.30% of total assets. We also grew core deposits in one of the most competitive margin scenarios imaginable. The diversification in our loan portfolio, combined with the core funding of our liabilities and our multiple revenue streams, gives us momentum as we move into the second half of 2023."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $210.5 million in the second quarter of 2023, a decrease of $2.1 million, or 1.0%, from last quarter and an increase of $18.2 million, or 9.4%, compared with the second quarter of 2022. The Company's net interest margin was 3.60% for the second quarter of 2023, down from 3.76% reported for the first quarter of 2023 and 3.66% reported for the second 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 27 basis points during the quarter to 5.52%, compared with 5.25% in the first quarter of 2023, and increased 164 basis points from 3.88% in the second quarter of 2022. Yields on loans increased to 5.66% during the second quarter of 2023, compared with 5.44% for the first quarter of 2023 and 4.32% for the second quarter of 2022.

Loan production in the banking division during the second quarter of 2023 was $544.3 million, with weighted average yields of 9.35%, compared with $563.0 million and 8.72%, respectively, in the first quarter of 2023 and $1.07 billion and 5.24%, respectively, in the second quarter of 2022. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.7 billion during the second quarter of 2023, with weighted average yields of 6.83%, compared with $3.4 billion and 6.57%, respectively, during the first quarter of 2023 and $5.3 billion and 4.29%, respectively, during the second quarter of 2022.

The Company's total cost of funds was 2.05% in the second quarter of 2023, an increase of 46 basis points compared with the first quarter of 2023. Deposit costs increased 63 basis points during the second quarter of 2023 to 1.76%, compared with 1.13% in the first quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 1.82% in the first quarter of 2023 to 2.64% in the second quarter of 2023, reflecting a shift in mix to CDs in the rising rate environment.

Noninterest Income

Noninterest income increased $11.3 million, or 20.2%, in the second quarter of 2023 to $67.3 million, compared with $56.1 million for the first quarter of 2023, primarily as a result of increased mortgage banking activity, which increased by $9.4 million, or 29.8%, to $40.7 million in the second quarter of 2023, compared with $31.4 million for the first quarter of 2023. Gain on sale spreads increased to 2.18% in the second quarter of 2023 from 1.96% for the first quarter of 2023. Total production in the retail mortgage division increased $386.4 million, or 40.8%, to $1.33 billion in the second quarter of 2023, compared with $946.4 million for the first quarter of 2023. The retail mortgage open pipeline was $652.1 million at the end of the second quarter of 2023, compared with $725.9 million for the first quarter of 2023. Other noninterest income increased $1.6 million, or 12.5%, in the second quarter of 2023, compared with $12.7 million for the first quarter of 2023, primarily resulting from an increase in gain on sale of SBA loans of $880,000 and a gain on debt redemption of $1.0 million.

Noninterest Expense

Noninterest expense increased $9.0 million, or 6.4%, to $148.4 million during the second quarter of 2023, compared with $139.4 million for the first quarter of 2023. The increase in noninterest expenses was driven by a decrease in deferred loan origination costs of $2.5 million, a $2.2 million increase in variable compensation related to mortgage production and a $3.1 million increase in fraud/forgery and litigation resolution expenses. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 53.41% in the second quarter of 2023, compared with 51.99% in the first quarter of 2023.

Income Tax Expense

The Company's effective tax rate for the second quarter of 2023 was 24.5%, compared with 23.1% for the first quarter of 2023. The increased rate for the second quarter of 2023 was primarily a result of increased permanent differences related to nondeductible compensation and FDIC insurance premiums and a reduction in tax benefits related to stock compensation vesting, compared with the first quarter of 2023.

Balance Sheet Trends

Total assets at June 30, 2023 were $25.80 billion, compared with $25.05 billion at December 31, 2022. Cash and cash equivalents increased 18.0% to $1.32 billion at June 30, 2023, compared with $1.12 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.46 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $616.5 million, or 6.3% annualized, to $20.47 billion at June 30, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased slightly to $391.5 million at June 30, 2023 from $392.1 million at December 31, 2022.

Investment securities remained consistent at $1.60 billion, or 6.8% of earning assets at the end of the second quarter of 2023, compared with $1.63 billion, or 7.2% of earning assets at December 31, 2022. This compares with $1.16 billion, or 5.5% of earning assets at the end of the second quarter of 2022. The Company did not deploy excess liquidity into the securities portfolio until after rates began rising during 2022; as a result, the unrealized loss position in the Company's available-for-sale securities portfolio remains modest at just 4.2% of the portfolio.

At June 30, 2023, total deposits amounted to $20.44 billion, compared with $19.46 billion at December 31, 2022. During the second quarter of 2023, deposits grew $545.7 million, with interest bearing demand accounts increasing $358.0 million, retail CDs increasing $268.6 million and brokered CDs increasing $357.8 million, with such increases offset in part by a $591.0 million decrease in noninterest bearing accounts. Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at June 30, 2023, noninterest bearing deposit accounts represented $6.71 billion, or 32.8% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.

During the second quarter of 2023, utilizing existing liquidity, the Company reduced borrowings with the FHLB by $875.0 million and redeemed $9.5 million in principal amount, at a discount, of its 4.25% Fixed-to-Floating Rate Subordinated Notes Due 2029.

Shareholders' equity at June 30, 2023 totaled $3.28 billion, an increase of $87.2 million, or 2.7%, from December 31, 2022. The increase in shareholders' equity was primarily the result of earnings of $123.1 million during the first six months of 2023, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $4.1 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $1.50 per share, or 10.1% annualized, during the first six months of 2023 to $31.42 at June 30, 2023. The Company recorded dilution of $0.06 per share, or 0.2%, to tangible book value(1) from other comprehensive loss related to the increase in net unrealized losses on the securities portfolio during this same period. Tangible common equity as a percentage of tangible assets was 8.80% at June 30, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company. During the second quarter of 2023, the Company recorded a provision for credit losses of $45.5 million, compared with a provision of $49.7 million in the first quarter of 2023. The second quarter provision was primarily attributable to the updated economic forecast and loan growth of $473.9 million during the quarter. Nonperforming assets as a percentage of total assets were down four basis points to 0.57% during the quarter. Approximately $69.7 million, or 47.6%, of the nonperforming assets at June 30, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets improved three basis points to 0.30% at June 30, 2023, compared with 0.33% at the first quarter of 2023. The net charge-off ratio was 28 basis points for the second quarter of 2023, compared with 22 basis points in the first quarter of 2023.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 28, 2023, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-888-550-5279. The conference call access code is 9375737. A replay of the call will be available one hour after the end of the conference call until August 11, 2023. To listen to the replay, dial 1-800-770-2030. The conference replay access code is 9375737. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

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

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

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

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

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights | Table 1
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
EARNINGS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ 62,635 |  | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 123,056 |  | $ 171,764
Adjusted net income(1) | $ 62,635 |  | $ 59,935 |  | $ 81,086 |  | $ 91,817 |  | $ 81,473 |  | $ 122,570 |  | $ 156,512
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share available to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ 0.91 |  | $ 0.87 |  | $ 1.19 |  | $ 1.34 |  | $ 1.30 |  | $ 1.78 |  | $ 2.48
Diluted | $ 0.91 |  | $ 0.87 |  | $ 1.18 |  | $ 1.34 |  | $ 1.30 |  | $ 1.78 |  | $ 2.47
Adjusted diluted EPS(1) | $ 0.91 |  | $ 0.86 |  | $ 1.17 |  | $ 1.32 |  | $ 1.18 |  | $ 1.77 |  | $ 2.25
Cash dividends per share | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.15 |  | $ 0.30 |  | $ 0.30
Book value per share (period end) | $ 47.51 |  | $ 46.89 |  | $ 46.09 |  | $ 44.97 |  | $ 44.31 |  | $ 47.51 |  | $ 44.31
Tangible book value per share (period end)(1) | $ 31.42 |  | $ 30.79 |  | $ 29.92 |  | $ 28.62 |  | $ 27.89 |  | $ 31.42 |  | $ 27.89
Weighted average number of shares |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 68,989,549 |  | 69,171,562 |  | 69,138,431 |  | 69,124,855 |  | 69,136,046 |  | 69,084,746 |  | 69,246,084
Diluted | 69,034,763 |  | 69,322,664 |  | 69,395,224 |  | 69,327,414 |  | 69,316,258 |  | 69,191,512 |  | 69,484,508
Period end number of shares | 69,139,783 |  | 69,373,863 |  | 69,369,050 |  | 69,352,709 |  | 69,360,461 |  | 69,139,783 |  | 69,360,461
Market data |  |  |  |  |  |  |  |  |  |  |  |  |
High intraday price | $ 37.18 |  | $ 50.54 |  | $ 54.24 |  | $ 50.94 |  | $ 46.28 |  | $ 50.54 |  | $ 55.62
Low intraday price | $ 28.33 |  | $ 34.28 |  | $ 44.61 |  | $ 38.22 |  | $ 39.37 |  | $ 28.33 |  | $ 39.37
Period end closing price | $ 34.21 |  | $ 36.58 |  | $ 47.14 |  | $ 44.71 |  | $ 40.18 |  | $ 34.21 |  | $ 40.18
Average daily volume | $ 475,198 |  | $ 452,242 |  | $ 340,890 |  | $ 346,522 |  | $ 446,121 |  | $ 463,720 |  | 458,990
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets | 0.98 % |  | 0.98 % |  | 1.34 % |  | 1.56 % |  | 1.54 % |  | 0.98 % |  | 1.48 %
Adjusted return on average assets(1) | 0.98 % |  | 0.97 % |  | 1.32 % |  | 1.54 % |  | 1.40 % |  | 0.97 % |  | 1.35 %
Return on average common equity | 7.63 % |  | 7.54 % |  | 10.30 % |  | 11.76 % |  | 11.87 % |  | 7.58 % |  | 11.47 %
Adjusted return on average tangible common equity(1) | 11.53 % |  | 11.41 % |  | 15.78 % |  | 18.33 % |  | 17.18 % |  | 11.47 % |  | 16.79 %
Earning asset yield (TE) | 5.52 % |  | 5.25 % |  | 4.91 % |  | 4.37 % |  | 3.88 % |  | 5.38 % |  | 3.72 %
Total cost of funds | 2.05 % |  | 1.59 % |  | 0.94 % |  | 0.42 % |  | 0.22 % |  | 1.82 % |  | 0.22 %
Net interest margin (TE) | 3.60 % |  | 3.76 % |  | 4.03 % |  | 3.97 % |  | 3.66 % |  | 3.68 % |  | 3.51 %
Efficiency ratio | 53.60 % |  | 52.08 % |  | 49.57 % |  | 50.15 % |  | 51.67 % |  | 52.85 % |  | 53.49 %
Adjusted efficiency ratio (TE)(1) | 53.41 % |  | 51.99 % |  | 49.61 % |  | 50.12 % |  | 53.66 % |  | 52.72 % |  | 55.26 %
CAPITAL ADEQUACY (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity to assets | 12.73 % |  | 12.47 % |  | 12.76 % |  | 13.10 % |  | 12.97 % |  | 12.73 % |  | 12.97 %
Tangible common equity to tangible assets(1) | 8.80 % |  | 8.55 % |  | 8.67 % |  | 8.75 % |  | 8.58 % |  | 8.80 % |  | 8.58 %
OTHER DATA (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Full time equivalent employees |  |  |  |  |  |  |  |  |  |  |  |  |
Banking Division | 2,069 |  | 2,093 |  | 2,079 |  | 2,071 |  | 2,050 |  | 2,069 |  | 2,050
Retail Mortgage Division | 613 |  | 630 |  | 633 |  | 671 |  | 712 |  | 613 |  | 712
Warehouse Lending Division | 8 |  | 8 |  | 8 |  | 9 |  | 9 |  | 8 |  | 9
SBA Division | 35 |  | 39 |  | 39 |  | 40 |  | 36 |  | 35 |  | 36
Premium Finance Division | 76 |  | 78 |  | 76 |  | 77 |  | 78 |  | 76 |  | 78
Total Ameris Bancorp FTE headcount | 2,801 |  | 2,848 |  | 2,835 |  | 2,868 |  | 2,885 |  | 2,801 |  | 2,885
Branch locations | 164 |  | 164 |  | 164 |  | 164 |  | 164 |  | 164 |  | 164
Deposits per branch location | $ 124,653 |  | $ 121,326 |  | $ 118,675 |  | $ 118,701 |  | $ 120,030 |  | $ 124,653 |  | $ 120,030
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement | Table 2
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ 292,012 |  | $ 271,964 |  | $ 250,263 |  | $ 216,400 |  | $ 190,740 |  | $ 563,976 |  | $ 368,306
Interest on taxable securities | 15,915 |  | 14,300 |  | 13,029 |  | 10,324 |  | 7,064 |  | 30,215 |  | 11,303
Interest on nontaxable securities | 339 |  | 339 |  | 358 |  | 363 |  | 269 |  | 678 |  | 455
Interest on deposits in other banks | 13,686 |  | 9,113 |  | 9,984 |  | 7,188 |  | 4,463 |  | 22,799 |  | 5,836
Interest on federal funds sold | — |  | — |  | 8 |  | 27 |  | 32 |  | — |  | 42
Total interest income | 321,952 |  | 295,716 |  | 273,642 |  | 234,302 |  | 202,568 |  | 617,668 |  | 385,942
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposits | 88,087 |  | 53,182 |  | 33,071 |  | 14,034 |  | 4,908 |  | 141,269 |  | 9,000
Interest on other borrowings | 24,325 |  | 30,882 |  | 16,434 |  | 7,287 |  | 6,296 |  | 55,207 |  | 13,034
Total interest expense | 112,412 |  | 84,064 |  | 49,505 |  | 21,321 |  | 11,204 |  | 196,476 |  | 22,034
Net interest income | 209,540 |  | 211,652 |  | 224,137 |  | 212,981 |  | 191,364 |  | 421,192 |  | 363,908
Provision for loan losses | 43,643 |  | 49,376 |  | 24,648 |  | 17,469 |  | 13,227 |  | 93,019 |  | 10,493
Provision for unfunded commitments | 1,873 |  | 346 |  | 8,246 |  | 192 |  | 1,779 |  | 2,219 |  | 10,788
Provision for other credit losses | — |  | 7 |  | (4) |  | (9) |  | (82) |  | 7 |  | (126)
Provision for credit losses | 45,516 |  | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 95,245 |  | 21,155
Net interest income after provision for credit losses | 164,024 |  | 161,923 |  | 191,247 |  | 195,329 |  | 176,440 |  | 325,947 |  | 342,753
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts | 11,295 |  | 10,936 |  | 11,125 |  | 11,168 |  | 11,148 |  | 22,231 |  | 22,206
Mortgage banking activity | 40,742 |  | 31,392 |  | 22,855 |  | 40,350 |  | 58,761 |  | 72,134 |  | 121,699
Other service charges, commissions and fees | 975 |  | 971 |  | 968 |  | 970 |  | 998 |  | 1,946 |  | 1,937
Gain (loss) on securities | (6) |  | 6 |  | 3 |  | (21) |  | 248 |  | — |  | 221
Other noninterest income | 14,343 |  | 12,745 |  | 13,397 |  | 12,857 |  | 12,686 |  | 27,088 |  | 24,689
Total noninterest income | 67,349 |  | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 123,399 |  | 170,752
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 81,336 |  | 80,910 |  | 75,196 |  | 78,697 |  | 81,545 |  | 162,246 |  | 165,826
Occupancy and equipment | 12,522 |  | 12,986 |  | 12,905 |  | 12,983 |  | 12,746 |  | 25,508 |  | 25,473
Data processing and communications expenses | 13,451 |  | 13,034 |  | 12,486 |  | 12,015 |  | 12,155 |  | 26,485 |  | 24,727
Credit resolution-related expenses(1) | 848 |  | 435 |  | 372 |  | 126 |  | 496 |  | 1,283 |  | (469)
Advertising and marketing | 2,627 |  | 3,532 |  | 3,818 |  | 3,553 |  | 3,122 |  | 6,159 |  | 5,110
Amortization of intangible assets | 4,688 |  | 4,706 |  | 4,709 |  | 4,710 |  | 5,144 |  | 9,394 |  | 10,325
Merger and conversion charges | — |  | — |  | 235 |  | — |  | — |  | — |  | 977
Other noninterest expenses | 32,931 |  | 23,818 |  | 25,340 |  | 27,494 |  | 26,988 |  | 56,749 |  | 54,047
Total noninterest expense | 148,403 |  | 139,421 |  | 135,061 |  | 139,578 |  | 142,196 |  | 287,824 |  | 286,016
Income before income tax expense | 82,970 |  | 78,552 |  | 104,534 |  | 121,075 |  | 118,085 |  | 161,522 |  | 227,489
Income tax expense | 20,335 |  | 18,131 |  | 22,313 |  | 28,520 |  | 28,019 |  | 38,466 |  | 55,725
Net income | $ 62,635 |  | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 123,056 |  | $ 171,764
Diluted earnings per common share | $ 0.91 |  | $ 0.87 |  | $ 1.18 |  | $ 1.34 |  | $ 1.30 |  | $ 1.78 |  | $ 2.47
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |  |  |  |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet | Table 3
| Jun |  | Mar |  | Dec |  | Sep |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ 284,552 |  | $ 266,400 |  | $ 284,567 |  | $ 269,193 |  | $ 345,627
Federal funds sold and interest-bearing deposits in banks | 1,034,578 |  | 1,754,453 |  | 833,565 |  | 1,061,975 |  | 1,961,209
Debt securities available-for-sale, at fair value | 1,460,356 |  | 1,496,836 |  | 1,500,060 |  | 1,255,149 |  | 1,052,268
Debt securities held-to-maturity, at amortized cost | 142,513 |  | 134,175 |  | 134,864 |  | 130,214 |  | 111,654
Other investments | 109,656 |  | 146,715 |  | 110,992 |  | 60,560 |  | 49,500
Loans held for sale | 391,472 |  | 395,096 |  | 392,078 |  | 297,987 |  | 555,665
Loans, net of unearned income | 20,471,759 |  | 19,997,871 |  | 19,855,253 |  | 18,806,856 |  | 17,561,022
Allowance for credit losses | (272,071) |  | (242,658) |  | (205,677) |  | (184,891) |  | (172,642)
Loans, net | 20,199,688 |  | 19,755,213 |  | 19,649,576 |  | 18,621,965 |  | 17,388,380
Other real estate owned | 6,170 |  | 1,502 |  | 843 |  | 843 |  | 835
Premises and equipment, net | 218,662 |  | 218,878 |  | 220,283 |  | 222,694 |  | 224,249
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056
Other intangible assets, net | 96,800 |  | 101,488 |  | 106,194 |  | 110,903 |  | 115,613
Cash value of bank owned life insurance | 391,483 |  | 389,201 |  | 388,405 |  | 386,533 |  | 384,862
Other assets | 449,042 |  | 412,781 |  | 416,213 |  | 372,570 |  | 474,552
Total assets | $ 25,800,618 |  | $ 26,088,384 |  | $ 25,053,286 |  | $ 23,813,657 |  | $ 23,687,470
Liabilities |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |
Noninterest-bearing | $ 6,706,897 |  | $ 7,297,893 |  | $ 7,929,579 |  | $ 8,343,200 |  | $ 8,262,929
Interest-bearing | 13,736,228 |  | 12,599,562 |  | 11,533,159 |  | 11,123,719 |  | 11,422,053
Total deposits | 20,443,125 |  | 19,897,455 |  | 19,462,738 |  | 19,466,919 |  | 19,684,982
Federal funds purchased and securities sold under agreements to repurchase | — |  | — |  | — |  | — |  | 953
Other borrowings | 1,536,989 |  | 2,401,327 |  | 1,875,736 |  | 725,664 |  | 425,592
Subordinated deferrable interest debentures | 129,319 |  | 128,820 |  | 128,322 |  | 127,823 |  | 127,325
Other liabilities | 406,555 |  | 407,587 |  | 389,090 |  | 374,181 |  | 375,242
Total liabilities | 22,515,988 |  | 22,835,189 |  | 21,855,886 |  | 20,694,587 |  | 20,614,094
Shareholders' Equity |  |  |  |  |  |  |  |  |
Preferred stock | — |  | — |  | — |  | — |  | —
Common stock | 72,515 |  | 72,484 |  | 72,264 |  | 72,247 |  | 72,251
Capital stock | 1,939,865 |  | 1,937,664 |  | 1,935,211 |  | 1,932,906 |  | 1,931,088
Retained earnings | 1,414,742 |  | 1,362,512 |  | 1,311,258 |  | 1,239,477 |  | 1,157,359
Accumulated other comprehensive income (loss), net of tax | (50,618) |  | (35,581) |  | (46,507) |  | (50,734) |  | (12,635)
Treasury stock | (91,874) |  | (83,884) |  | (74,826) |  | (74,826) |  | (74,687)
Total shareholders' equity | 3,284,630 |  | 3,253,195 |  | 3,197,400 |  | 3,119,070 |  | 3,073,376
Total liabilities and shareholders' equity | $ 25,800,618 |  | $ 26,088,384 |  | $ 25,053,286 |  | $ 23,813,657 |  | $ 23,687,470
Other Data |  |  |  |  |  |  |  |  |
Earning assets | $ 23,610,334 |  | $ 23,925,146 |  | $ 22,826,812 |  | $ 21,612,741 |  | $ 21,291,318
Intangible assets | 1,112,446 |  | 1,117,134 |  | 1,121,840 |  | 1,133,974 |  | 1,138,669
Interest-bearing liabilities | 15,402,536 |  | 15,129,709 |  | 13,537,217 |  | 11,977,206 |  | 11,975,923
Average assets | 25,631,846 |  | 25,115,927 |  | 24,354,979 |  | 23,598,465 |  | 23,405,201
Average common shareholders' equity | 3,293,049 |  | 3,250,289 |  | 3,168,320 |  | 3,123,718 |  | 3,043,280

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information | Table 4
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ 295,497 |  | $ 258,163 |  | $ 229,135 |  | $ 216,703 |  | $ 203,615 |  | $ 258,163 |  | $ 200,981
Adoption of ASU 2022-02 | — |  | (1,711) |  | — |  | — |  | — |  | (1,711) |  | —
Provision for loan losses | 43,643 |  | 49,376 |  | 24,648 |  | 17,469 |  | 13,227 |  | 93,019 |  | 10,493
Provision for unfunded commitments | 1,873 |  | 346 |  | 8,246 |  | 192 |  | 1,779 |  | 2,219 |  | 10,788
Provision for other credit losses | — |  | 7 |  | (4) |  | (9) |  | (82) |  | 7 |  | (126)
Provision for credit losses | 45,516 |  | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 95,245 |  | 21,155
Charge-offs | 20,670 |  | 14,956 |  | 8,371 |  | 9,272 |  | 6,853 |  | 35,626 |  | 15,432
Recoveries | 6,440 |  | 4,272 |  | 4,509 |  | 4,052 |  | 5,017 |  | 10,712 |  | 9,999
Net charge-offs (recoveries) | 14,230 |  | 10,684 |  | 3,862 |  | 5,220 |  | 1,836 |  | 24,914 |  | 5,433
Ending balance | $ 326,783 |  | $ 295,497 |  | $ 258,163 |  | $ 229,135 |  | $ 216,703 |  | $ 326,783 |  | $ 216,703
Allowance for loan losses | $ 272,071 |  | $ 242,658 |  | $ 205,677 |  | $ 184,891 |  | $ 172,642 |  | $ 272,071 |  | $ 172,642
Allowance for unfunded commitments | 54,630 |  | 52,757 |  | 52,411 |  | 44,165 |  | 43,973 |  | 54,630 |  | 43,973
Allowance for other credit losses | 82 |  | 82 |  | 75 |  | 79 |  | 88 |  | 82 |  | 88
Total allowance for credit losses | $ 326,783 |  | $ 295,497 |  | $ 258,163 |  | $ 229,135 |  | $ 216,703 |  | $ 326,783 |  | $ 216,703
Net Charge-off Information |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 13,316 |  | $ 12,233 |  | $ 5,108 |  | $ 4,722 |  | $ 4,391 |  | $ 25,549 |  | $ 8,805
Consumer | 2,052 |  | 1,140 |  | 1,136 |  | 1,228 |  | 1,137 |  | 3,192 |  | 2,562
Indirect automobile | 65 |  | 34 |  | 86 |  | 50 |  | 41 |  | 99 |  | 129
Premium Finance | 1,848 |  | 1,421 |  | 1,812 |  | 1,205 |  | 1,066 |  | 3,269 |  | 2,435
Real estate - construction and development | — |  | — |  | 27 |  | — |  | — |  | — |  | —
Real estate - commercial and farmland | 3,320 |  | — |  | 196 |  | 2,014 |  | 81 |  | 3,320 |  | 1,364
Real estate - residential | 69 |  | 128 |  | 6 |  | 53 |  | 137 |  | 197 |  | 137
Total charge-offs | 20,670 |  | 14,956 |  | 8,371 |  | 9,272 |  | 6,853 |  | 35,626 |  | 15,432
Recoveries |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | 3,545 |  | 2,043 |  | 2,072 |  | 2,201 |  | 2,785 |  | 5,588 |  | 5,681
Consumer | 194 |  | 297 |  | 217 |  | 277 |  | 230 |  | 491 |  | 388
Indirect automobile | 225 |  | 216 |  | 229 |  | 276 |  | 265 |  | 441 |  | 540
Premium Finance | 1,680 |  | 1,382 |  | 1,682 |  | 1,023 |  | 1,113 |  | 3,062 |  | 2,360
Real estate - construction and development | 472 |  | 100 |  | 223 |  | 96 |  | 355 |  | 572 |  | 573
Real estate - commercial and farmland | 61 |  | 44 |  | 48 |  | 96 |  | 44 |  | 105 |  | 81
Real estate - residential | 263 |  | 190 |  | 38 |  | 83 |  | 225 |  | 453 |  | 376
Total recoveries | 6,440 |  | 4,272 |  | 4,509 |  | 4,052 |  | 5,017 |  | 10,712 |  | 9,999
Net charge-offs (recoveries) | $ 14,230 |  | $ 10,684 |  | $ 3,862 |  | $ 5,220 |  | $ 1,836 |  | $ 24,914 |  | $ 5,433
Non-Performing Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual portfolio loans | $ 57,025 |  | $ 68,028 |  | $ 65,221 |  | $ 64,055 |  | $ 72,352 |  | $ 57,025 |  | $ 72,352
Other real estate owned | 6,170 |  | 1,502 |  | 843 |  | 843 |  | 835 |  | 6,170 |  | 835
Repossessed assets | 9 |  | 25 |  | 28 |  | 60 |  | 122 |  | 9 |  | 122
Accruing loans delinquent 90 days or more | 13,424 |  | 15,792 |  | 17,865 |  | 12,378 |  | 8,542 |  | 13,424 |  | 8,542
Non-performing portfolio assets | $ 76,628 |  | $ 85,347 |  | $ 83,957 |  | $ 77,336 |  | $ 81,851 |  | $ 76,628 |  | $ 81,851
Serviced GNMA-guaranteed mortgage nonaccrual loans | 69,655 |  | 74,999 |  | 69,587 |  | 54,621 |  | 50,560 |  | 69,655 |  | 50,560
Total non-performing assets | $ 146,283 |  | $ 160,346 |  | $ 153,544 |  | $ 131,957 |  | $ 132,411 |  | $ 146,283 |  | $ 132,411
Asset Quality Ratios |  |  |  |  |  |  |  |  |  |  |  |  |
Non-performing portfolio assets as a percent of total assets | 0.30 % |  | 0.33 % |  | 0.34 % |  | 0.32 % |  | 0.35 % |  | 0.30 % |  | 0.35 %
Total non-performing assets as a percent of total assets | 0.57 % |  | 0.61 % |  | 0.61 % |  | 0.55 % |  | 0.56 % |  | 0.57 % |  | 0.56 %
Net charge-offs as a percent of average loans (annualized) | 0.28 % |  | 0.22 % |  | 0.08 % |  | 0.11 % |  | 0.04 % |  | 0.25 % |  | 0.07 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information | Table 5
| Jun |  | Mar |  | Dec |  | Sep |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022
Loans by Type |  |  |  |  |  |  |  |  |
Commercial, financial and agricultural | $ 2,718,831 |  | $ 2,722,180 |  | $ 2,679,403 |  | $ 2,245,287 |  | $ 2,022,845
Consumer | 307,486 |  | 349,775 |  | 384,037 |  | 162,345 |  | 167,237
Indirect automobile | 63,231 |  | 83,466 |  | 108,648 |  | 137,183 |  | 172,245
Mortgage warehouse | 1,147,413 |  | 958,418 |  | 1,038,924 |  | 980,342 |  | 949,191
Municipal | 510,410 |  | 505,515 |  | 509,151 |  | 516,797 |  | 529,268
Premium Finance | 988,731 |  | 947,257 |  | 1,023,479 |  | 1,062,724 |  | 942,357
Real estate - construction and development | 2,217,744 |  | 2,144,605 |  | 2,086,438 |  | 2,009,726 |  | 1,747,284
Real estate - commercial and farmland | 7,815,779 |  | 7,721,732 |  | 7,604,868 |  | 7,516,309 |  | 7,156,017
Real estate - residential | 4,702,134 |  | 4,564,923 |  | 4,420,305 |  | 4,176,143 |  | 3,874,578
Total loans | $ 20,471,759 |  | $ 19,997,871 |  | $ 19,855,253 |  | $ 18,806,856 |  | $ 17,561,022
Loans by Risk Grade |  |  |  |  |  |  |  |  |
Grades 1 through 5 - Pass | $ 20,114,816 |  | $ 19,654,232 |  | $ 19,513,726 |  | $ 18,483,046 |  | $ 17,296,520
Grade 6 - Other assets especially mentioned | 171,035 |  | 116,345 |  | 104,614 |  | 110,408 |  | 68,444
Grade 7 - Substandard | 185,908 |  | 227,294 |  | 236,913 |  | 213,402 |  | 196,058
Grade 8 - Doubtful | — |  | — |  | — |  | — |  | —
Grade 9 - Loss | — |  | — |  | — |  | — |  | —
Total loans | $ 20,471,759 |  | $ 19,997,871 |  | $ 19,855,253 |  | $ 18,806,856 |  | $ 17,561,022

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances | Table 6
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | $ — |  | $ — |  | $ 924 |  | $ 5,000 |  | $ 17,692 |  | $ — |  | $ 18,840
Interest-bearing deposits in banks | 998,609 |  | 859,614 |  | 1,009,935 |  | 1,394,529 |  | 2,209,761 |  | 929,496 |  | 2,798,231
Debt securities - taxable | 1,582,076 |  | 1,586,404 |  | 1,451,861 |  | 1,242,811 |  | 932,824 |  | 1,584,228 |  | 779,016
Debt securities - nontaxable | 42,580 |  | 43,052 |  | 44,320 |  | 45,730 |  | 39,236 |  | 42,814 |  | 34,446
Other investments | 117,020 |  | 131,044 |  | 83,730 |  | 51,209 |  | 49,550 |  | 123,994 |  | 48,716
Loans held for sale | 577,606 |  | 490,295 |  | 371,952 |  | 471,070 |  | 944,964 |  | 534,192 |  | 1,020,611
Loans | 20,164,938 |  | 19,820,749 |  | 19,212,560 |  | 18,146,083 |  | 16,861,674 |  | 19,993,794 |  | 16,344,409
Total Earning Assets | $ 23,482,829 |  | $ 22,931,158 |  | $ 22,175,282 |  | $ 21,356,432 |  | $ 21,055,701 |  | $ 23,208,518 |  | $ 21,044,269
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | $ 6,729,789 |  | $ 7,136,373 |  | $ 8,138,887 |  | $ 8,259,625 |  | $ 7,955,765 |  | $ 6,931,852 |  | $ 7,807,929
NOW accounts | 3,949,850 |  | 4,145,991 |  | 3,621,454 |  | 3,701,045 |  | 3,695,490 |  | 4,047,484 |  | 3,690,161
MMDA | 5,002,590 |  | 4,994,195 |  | 5,161,047 |  | 5,026,815 |  | 5,087,199 |  | 4,998,417 |  | 5,163,636
Savings accounts | 1,009,749 |  | 1,005,614 |  | 1,010,966 |  | 1,030,298 |  | 1,007,340 |  | 1,007,693 |  | 990,625
Retail CDs | 2,024,014 |  | 1,612,325 |  | 1,450,037 |  | 1,506,761 |  | 1,693,740 |  | 1,819,307 |  | 1,733,656
Brokered CDs | 1,393,206 |  | 125,133 |  | — |  | — |  | — |  | 762,672 |  | —
Total Deposits | 20,109,198 |  | 19,019,631 |  | 19,382,391 |  | 19,524,544 |  | 19,439,534 |  | 19,567,425 |  | 19,386,007
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — |  | — |  | 1 |  | 92 |  | 1,854 |  | — |  | 2,931
FHLB advances | 1,408,855 |  | 1,968,811 |  | 918,228 |  | 94,357 |  | 48,746 |  | 1,687,286 |  | 48,766
Other borrowings | 316,626 |  | 361,445 |  | 377,056 |  | 376,942 |  | 376,829 |  | 338,912 |  | 410,058
Subordinated deferrable interest debentures | 129,056 |  | 128,557 |  | 128,060 |  | 127,560 |  | 127,063 |  | 128,808 |  | 126,814
Total Non-Deposit Funding | 1,854,537 |  | 2,458,813 |  | 1,423,345 |  | 598,951 |  | 554,492 |  | 2,155,006 |  | 588,569
Total Funding | $ 21,963,735 |  | $ 21,478,444 |  | $ 20,805,736 |  | $ 20,123,495 |  | $ 19,994,026 |  | $ 21,722,431 |  | $ 19,974,576

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) | Table 7
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Interest Income |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | $ — |  | $ — |  | $ 8 |  | $ 27 |  | $ 32 |  | $ — |  | $ 42
Interest-bearing deposits in banks | 13,686 |  | 9,113 |  | 9,984 |  | 7,188 |  | 4,463 |  | 22,799 |  | 5,836
Debt securities - taxable | 15,915 |  | 14,300 |  | 13,029 |  | 10,324 |  | 7,064 |  | 30,215 |  | 11,303
Debt securities - nontaxable (TE) | 430 |  | 429 |  | 454 |  | 459 |  | 341 |  | 859 |  | 576
Loans held for sale | 8,398 |  | 7,007 |  | 5,519 |  | 6,012 |  | 10,036 |  | 15,405 |  | 18,168
Loans (TE) | 284,471 |  | 265,802 |  | 245,603 |  | 211,223 |  | 181,602 |  | 550,273 |  | 352,000
Total Earning Assets | $ 322,900 |  | $ 296,651 |  | $ 274,597 |  | $ 235,233 |  | $ 203,538 |  | $ 619,551 |  | $ 387,925
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | $ 18,003 |  | $ 15,033 |  | $ 8,564 |  | $ 3,733 |  | $ 1,246 |  | $ 33,036 |  | $ 2,070
MMDA | 35,224 |  | 27,809 |  | 20,683 |  | 8,613 |  | 2,204 |  | 63,033 |  | 3,847
Savings accounts | 2,296 |  | 1,288 |  | 654 |  | 360 |  | 140 |  | 3,584 |  | 273
Retail CDs | 14,751 |  | 7,629 |  | 3,170 |  | 1,328 |  | 1,318 |  | 22,380 |  | 2,810
Brokered CDs | 17,813 |  | 1,423 |  | — |  | — |  | — |  | 19,236 |  | —
Total Interest-Bearing Deposits | 88,087 |  | 53,182 |  | 33,071 |  | 14,034 |  | 4,908 |  | 141,269 |  | 9,000
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — |  | — |  | — |  | — |  | 1 |  | — |  | 4
FHLB advances | 17,222 |  | 22,448 |  | 8,801 |  | 527 |  | 192 |  | 39,670 |  | 382
Other borrowings | 3,902 |  | 5,349 |  | 4,953 |  | 4,655 |  | 4,437 |  | 9,251 |  | 9,601
Subordinated deferrable interest debentures | 3,201 |  | 3,085 |  | 2,680 |  | 2,105 |  | 1,666 |  | 6,286 |  | 3,047
Total Non-Deposit Funding | 24,325 |  | 30,882 |  | 16,434 |  | 7,287 |  | 6,296 |  | 55,207 |  | 13,034
Total Interest-Bearing Funding | $ 112,412 |  | $ 84,064 |  | $ 49,505 |  | $ 21,321 |  | $ 11,204 |  | $ 196,476 |  | $ 22,034
Net Interest Income (TE) | $ 210,488 |  | $ 212,587 |  | $ 225,092 |  | $ 213,912 |  | $ 192,334 |  | $ 423,075 |  | $ 365,891

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1) | Table 8
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
| 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold | — % |  | — % |  | 3.43 % |  | 2.14 % |  | 0.73 % |  | — % |  | 0.45 %
Interest-bearing deposits in banks | 5.50 % |  | 4.30 % |  | 3.92 % |  | 2.04 % |  | 0.81 % |  | 4.95 % |  | 0.42 %
Debt securities - taxable | 4.03 % |  | 3.66 % |  | 3.56 % |  | 3.30 % |  | 3.04 % |  | 3.85 % |  | 2.93 %
Debt securities - nontaxable (TE) | 4.05 % |  | 4.04 % |  | 4.06 % |  | 3.98 % |  | 3.49 % |  | 4.05 % |  | 3.37 %
Loans held for sale | 5.83 % |  | 5.80 % |  | 5.89 % |  | 5.06 % |  | 4.26 % |  | 5.82 % |  | 3.59 %
Loans (TE) | 5.66 % |  | 5.44 % |  | 5.07 % |  | 4.62 % |  | 4.32 % |  | 5.55 % |  | 4.34 %
Total Earning Assets | 5.52 % |  | 5.25 % |  | 4.91 % |  | 4.37 % |  | 3.88 % |  | 5.38 % |  | 3.72 %
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | 1.83 % |  | 1.47 % |  | 0.94 % |  | 0.40 % |  | 0.14 % |  | 1.65 % |  | 0.11 %
MMDA | 2.82 % |  | 2.26 % |  | 1.59 % |  | 0.68 % |  | 0.17 % |  | 2.54 % |  | 0.15 %
Savings accounts | 0.91 % |  | 0.52 % |  | 0.26 % |  | 0.14 % |  | 0.06 % |  | 0.72 % |  | 0.06 %
Retail CDs | 2.92 % |  | 1.92 % |  | 0.87 % |  | 0.35 % |  | 0.31 % |  | 2.48 % |  | 0.33 %
Brokered CDs | 5.13 % |  | 4.61 % |  | — % |  | — % |  | — % |  | 5.09 % |  | — %
Total Interest-Bearing Deposits | 2.64 % |  | 1.82 % |  | 1.17 % |  | 0.49 % |  | 0.17 % |  | 2.25 % |  | 0.16 %
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — % |  | — % |  | — % |  | — % |  | 0.22 % |  | — % |  | 0.28 %
FHLB advances | 4.90 % |  | 4.62 % |  | 3.80 % |  | 2.22 % |  | 1.58 % |  | 4.74 % |  | 1.58 %
Other borrowings | 4.94 % |  | 6.00 % |  | 5.21 % |  | 4.90 % |  | 4.72 % |  | 5.50 % |  | 4.72 %
Subordinated deferrable interest debentures | 9.95 % |  | 9.73 % |  | 8.30 % |  | 6.55 % |  | 5.26 % |  | 9.84 % |  | 4.85 %
Total Non-Deposit Funding | 5.26 % |  | 5.09 % |  | 4.58 % |  | 4.83 % |  | 4.55 % |  | 5.17 % |  | 4.47 %
Total Interest-Bearing Liabilities | 2.96 % |  | 2.38 % |  | 1.55 % |  | 0.71 % |  | 0.37 % |  | 2.68 % |  | 0.37 %
Net Interest Spread | 2.56 % |  | 2.87 % |  | 3.36 % |  | 3.66 % |  | 3.51 % |  | 2.70 % |  | 3.35 %
Net Interest Margin(2) | 3.60 % |  | 3.76 % |  | 4.03 % |  | 3.97 % |  | 3.66 % |  | 3.68 % |  | 3.51 %
Total Cost of Funds(3) | 2.05 % |  | 1.59 % |  | 0.94 % |  | 0.42 % |  | 0.22 % |  | 1.82 % |  | 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 |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Net income available to common shareholders | $ 62,635 |  | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 123,056 |  | $ 171,764
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) |  | — |  | (20,492)
Gain on BOLI proceeds | — |  | (486) |  | — |  | (55) |  | — |  | (486) |  | —
Natural disaster and pandemic charges | — |  | — |  | — |  | 151 |  | — |  | — |  | —
(Gain) loss on bank premises | — |  | — |  | — |  | — |  | (39) |  | — |  | (45)
Tax effect of adjustment items (Note 1) | — |  | — |  | 302 |  | 182 |  | 2,284 |  | — |  | 4,308
After tax adjustment items | — |  | (486) |  | (1,135) |  | (738) |  | (8,593) |  | (486) |  | (15,252)
Adjusted net income | $ 62,635 |  | $ 59,935 |  | $ 81,086 |  | $ 91,817 |  | $ 81,473 |  | $ 122,570 |  | $ 156,512
Weighted average number of shares - diluted | 69,034,763 |  | 69,322,664 |  | 69,395,224 |  | 69,327,414 |  | 69,316,258 |  | 69,191,512 |  | 69,484,508
Net income per diluted share | $ 0.91 |  | $ 0.87 |  | $ 1.18 |  | $ 1.34 |  | $ 1.30 |  | $ 1.78 |  | $ 2.47
Adjusted net income per diluted share | $ 0.91 |  | $ 0.86 |  | $ 1.17 |  | $ 1.32 |  | $ 1.18 |  | $ 1.77 |  | $ 2.25
Average assets | $ 25,631,846 |  | $ 25,115,927 |  | $ 24,354,979 |  | $ 23,598,465 |  | $ 23,405,201 |  | $ 25,375,312 |  | $ 23,340,785
Return on average assets | 0.98 % |  | 0.98 % |  | 1.34 % |  | 1.56 % |  | 1.54 % |  | 0.98 % |  | 1.48 %
Adjusted return on average assets | 0.98 % |  | 0.97 % |  | 1.32 % |  | 1.54 % |  | 1.40 % |  | 0.97 % |  | 1.35 %
Average common equity | $ 3,293,049 |  | $ 3,250,289 |  | $ 3,168,320 |  | $ 3,123,718 |  | $ 3,043,280 |  | $ 3,271,787 |  | $ 3,019,100
Average tangible common equity | $ 2,178,323 |  | $ 2,130,856 |  | $ 2,039,094 |  | $ 1,987,385 |  | $ 1,902,265 |  | $ 2,154,720 |  | $ 1,880,112
Return on average common equity | 7.63 % |  | 7.54 % |  | 10.30 % |  | 11.76 % |  | 11.87 % |  | 7.58 % |  | 11.47 %
Adjusted return on average tangible common equity | 11.53 % |  | 11.41 % |  | 15.78 % |  | 18.33 % |  | 17.18 % |  | 11.47 % |  | 16.79 %

Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. A portion of the merger and conversion charges for the six months ended June 2022 are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued) |  |
Adjusted Efficiency Ratio (TE) | Table 9B
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Adjusted Noninterest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest expense | $ 148,403 |  | $ 139,421 |  | $ 135,061 |  | $ 139,578 |  | $ 142,196 |  | $ 287,824 |  | $ 286,016
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
Merger and conversion charges | — |  | — |  | (235) |  | — |  | — |  | — |  | (977)
Natural disaster and pandemic charges | — |  | — |  | — |  | (151) |  | — |  | — |  | —
Gain (loss) on bank premises | — |  | — |  | — |  | — |  | 39 |  | — |  | 45
Adjusted noninterest expense | $ 148,403 |  | $ 139,421 |  | $ 134,826 |  | $ 139,427 |  | $ 142,235 |  | $ 287,824 |  | $ 285,084
Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 209,540 |  | $ 211,652 |  | $ 224,137 |  | $ 212,981 |  | $ 191,364 |  | $ 421,192 |  | $ 363,908
Noninterest income | 67,349 |  | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 123,399 |  | 170,752
Total revenue | $ 276,889 |  | $ 267,702 |  | $ 272,485 |  | $ 278,305 |  | $ 275,205 |  | $ 544,591 |  | $ 534,660
Adjusted Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (TE) | $ 210,488 |  | $ 212,587 |  | $ 225,092 |  | $ 213,912 |  | $ 192,334 |  | $ 423,075 |  | $ 365,891
Noninterest income | 67,349 |  | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 123,399 |  | 170,752
Total revenue (TE) | 277,837 |  | 268,637 |  | 273,440 |  | 279,236 |  | 276,175 |  | 546,474 |  | 536,643
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) loss on securities | 6 |  | (6) |  | (3) |  | 21 |  | (248) |  | — |  | (221)
(Gain) loss on sale of MSR | — |  | — |  | (1,672) |  | 316 |  | — |  | — |  | —
Gain on BOLI proceeds | — |  | (486) |  | — |  | (55) |  | — |  | (486) |  | —
Servicing right impairment (recovery) | — |  | — |  | — |  | (1,332) |  | (10,838) |  | — |  | (20,492)
Adjusted total revenue (TE) | $ 277,843 |  | $ 268,145 |  | $ 271,765 |  | $ 278,186 |  | $ 265,089 |  | $ 545,988 |  | $ 515,930
Efficiency ratio | 53.60 % |  | 52.08 % |  | 49.57 % |  | 50.15 % |  | 51.67 % |  | 52.85 % |  | 53.49 %
Adjusted efficiency ratio (TE) | 53.41 % |  | 51.99 % |  | 49.61 % |  | 50.12 % |  | 53.66 % |  | 52.72 % |  | 55.26 %
Tangible Book Value Per Share | Table 9C
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Total shareholders' equity | $ 3,284,630 |  | $ 3,253,195 |  | $ 3,197,400 |  | $ 3,119,070 |  | $ 3,073,376 |  | $ 3,284,630 |  | $ 3,073,376
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056 |  | 1,015,646 |  | 1,023,056
Other intangibles, net | 96,800 |  | 101,488 |  | 106,194 |  | 110,903 |  | 115,613 |  | 96,800 |  | 115,613
Total tangible shareholders' equity | $ 2,172,184 |  | $ 2,136,061 |  | $ 2,075,560 |  | $ 1,985,096 |  | $ 1,934,707 |  | $ 2,172,184 |  | $ 1,934,707
Period end number of shares | 69,139,783 |  | 69,373,863 |  | 69,369,050 |  | 69,352,709 |  | 69,360,461 |  | 69,139,783 |  | 69,360,461
Book value per share (period end) | $ 47.51 |  | $ 46.89 |  | $ 46.09 |  | $ 44.97 |  | $ 44.31 |  | $ 47.51 |  | $ 44.31
Tangible book value per share (period end) | $ 31.42 |  | $ 30.79 |  | $ 29.92 |  | $ 28.62 |  | $ 27.89 |  | $ 31.42 |  | $ 27.89

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued) |  |
Tangible Common Equity to Tangible Assets | Table 9D
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Total shareholders' equity | $ 3,284,630 |  | $ 3,253,195 |  | $ 3,197,400 |  | $ 3,119,070 |  | $ 3,073,376 |  | $ 3,284,630 |  | $ 3,073,376
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056 |  | 1,015,646 |  | 1,023,056
Other intangibles, net | 96,800 |  | 101,488 |  | 106,194 |  | 110,903 |  | 115,613 |  | 96,800 |  | 115,613
Total tangible shareholders' equity | $ 2,172,184 |  | $ 2,136,061 |  | $ 2,075,560 |  | $ 1,985,096 |  | $ 1,934,707 |  | $ 2,172,184 |  | $ 1,934,707
Total assets | $ 25,800,618 |  | $ 26,088,384 |  | $ 25,053,286 |  | $ 23,813,657 |  | $ 23,687,470 |  | $ 25,800,618 |  | $ 23,687,470
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,023,071 |  | 1,023,056 |  | 1,015,646 |  | 1,023,056
Other intangibles, net | 96,800 |  | 101,488 |  | 106,194 |  | 110,903 |  | 115,613 |  | 96,800 |  | 115,613
Total tangible assets | $ 24,688,172 |  | $ 24,971,250 |  | $ 23,931,446 |  | $ 22,679,683 |  | $ 22,548,801 |  | $ 24,688,172 |  | $ 22,548,801
Equity to Assets | 12.73 % |  | 12.47 % |  | 12.76 % |  | 13.10 % |  | 12.97 % |  | 12.73 % |  | 12.97 %
Tangible Common Equity to Tangible Assets | 8.80 % |  | 8.55 % |  | 8.67 % |  | 8.75 % |  | 8.58 % |  | 8.80 % |  | 8.58 %
PPNR ROA | Table 9E
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands except per share data) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Net income | $ 62,635 |  | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 123,056 |  | $ 171,764
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |
Income taxes | 20,335 |  | 18,131 |  | 22,313 |  | 28,520 |  | 28,019 |  | 38,466 |  | 55,725
Provision for credit losses | 45,516 |  | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 95,245 |  | 21,155
PPNR | $ 128,486 |  | $ 128,281 |  | $ 137,424 |  | $ 138,727 |  | $ 133,009 |  | $ 256,767 |  | $ 248,644
Average Assets | $ 25,631,846 |  | $ 25,115,927 |  | $ 24,354,979 |  | $ 23,598,465 |  | $ 23,405,201 |  | $ 25,375,312 |  | $ 23,340,785
Return on Average Assets (ROA) | 0.98 % |  | 0.98 % |  | 1.34 % |  | 1.56 % |  | 1.54 % |  | 0.98 % |  | 1.48 %
PPNR ROA | 2.01 % |  | 2.07 % |  | 2.24 % |  | 2.33 % |  | 2.28 % |  | 2.04 % |  | 2.15 %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting | Table 10
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
Banking Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 171,441 |  | $ 175,328 |  | $ 185,909 |  | $ 174,507 |  | $ 152,122 |  | $ 346,769 |  | $ 285,867
Provision for credit losses | 40,831 |  | 47,140 |  | 35,946 |  | 10,551 |  | 10,175 |  | 87,971 |  | 15,401
Noninterest income | 24,652 |  | 23,898 |  | 23,448 |  | 23,269 |  | 23,469 |  | 48,550 |  | 44,833
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 55,196 |  | 56,442 |  | 52,296 |  | 48,599 |  | 46,733 |  | 111,638 |  | 95,928
Occupancy and equipment expenses | 11,175 |  | 11,606 |  | 11,482 |  | 11,357 |  | 11,168 |  | 22,781 |  | 22,242
Data processing and telecommunications expenses | 11,898 |  | 11,797 |  | 11,085 |  | 10,779 |  | 10,863 |  | 23,695 |  | 22,093
Other noninterest expenses | 27,643 |  | 19,023 |  | 21,811 |  | 22,974 |  | 21,123 |  | 46,666 |  | 41,168
Total noninterest expense | 105,912 |  | 98,868 |  | 96,674 |  | 93,709 |  | 89,887 |  | 204,780 |  | 181,431
Income before income tax expense | 49,350 |  | 53,218 |  | 76,737 |  | 93,516 |  | 75,529 |  | 102,568 |  | 133,868
Income tax expense | 13,312 |  | 12,848 |  | 16,545 |  | 22,706 |  | 19,120 |  | 26,160 |  | 36,116
Net income | $ 36,038 |  | $ 40,370 |  | $ 60,192 |  | $ 70,810 |  | $ 56,409 |  | $ 76,408 |  | $ 97,752
Retail Mortgage Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 21,417 |  | $ 20,027 |  | $ 19,837 |  | $ 19,283 |  | $ 20,779 |  | $ 41,444 |  | $ 40,074
Provision for credit losses | 3,278 |  | 2,853 |  | (2,778) |  | 9,043 |  | 4,499 |  | 6,131 |  | 6,086
Noninterest income | 39,808 |  | 31,058 |  | 24,011 |  | 38,584 |  | 57,795 |  | 70,866 |  | 119,444
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 21,930 |  | 20,160 |  | 19,164 |  | 25,813 |  | 31,219 |  | 42,090 |  | 62,833
Occupancy and equipment expenses | 1,224 |  | 1,283 |  | 1,242 |  | 1,460 |  | 1,406 |  | 2,507 |  | 2,877
Data processing and telecommunications expenses | 1,397 |  | 1,069 |  | 1,203 |  | 1,082 |  | 1,123 |  | 2,466 |  | 2,295
Other noninterest expenses | 11,859 |  | 11,747 |  | 11,126 |  | 11,641 |  | 12,812 |  | 23,606 |  | 25,457
Total noninterest expense | 36,410 |  | 34,259 |  | 32,735 |  | 39,996 |  | 46,560 |  | 70,669 |  | 93,462
Income before income tax expense | 21,537 |  | 13,973 |  | 13,891 |  | 8,828 |  | 27,515 |  | 35,510 |  | 59,970
Income tax expense | 4,523 |  | 2,934 |  | 2,916 |  | 1,854 |  | 5,779 |  | 7,457 |  | 12,594
Net income | $ 17,014 |  | $ 11,039 |  | $ 10,975 |  | $ 6,974 |  | $ 21,736 |  | $ 28,053 |  | $ 47,376
Warehouse Lending Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 6,166 |  | $ 5,700 |  | $ 6,601 |  | $ 6,979 |  | $ 6,700 |  | $ 11,866 |  | $ 13,147
Provision for credit losses | 411 |  | (194) |  | 117 |  | (1,836) |  | 867 |  | 217 |  | 645
Noninterest income | 1,404 |  | 480 |  | 579 |  | 1,516 |  | 1,041 |  | 1,884 |  | 2,442
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 772 |  | 802 |  | 427 |  | 1,055 |  | 208 |  | 1,574 |  | 491
Occupancy and equipment expenses | — |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 2
Data processing and telecommunications expenses | 44 |  | 46 |  | 49 |  | 43 |  | 48 |  | 90 |  | 95
Other noninterest expenses | 223 |  | 202 |  | 191 |  | 209 |  | 212 |  | 425 |  | 430
Total noninterest expense | 1,039 |  | 1,051 |  | 668 |  | 1,308 |  | 469 |  | 2,090 |  | 1,018
Income before income tax expense | 6,120 |  | 5,323 |  | 6,395 |  | 9,023 |  | 6,405 |  | 11,443 |  | 13,926
Income tax expense | 1,285 |  | 1,118 |  | 1,342 |  | 1,895 |  | 1,346 |  | 2,403 |  | 2,925
Net income | $ 4,835 |  | $ 4,205 |  | $ 5,053 |  | $ 7,128 |  | $ 5,059 |  | $ 9,040 |  | $ 11,001

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) | Table 10
| Three Months Ended |  | Six Months Ended
| Jun |  | Mar |  | Dec |  | Sep |  | Jun |  | Jun |  | Jun
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2023 |  | 2022
SBA Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 2,331 |  | $ 1,957 |  | $ 2,491 |  | $ 2,424 |  | $ 3,798 |  | $ 4,288 |  | $ 9,809
Provision for credit losses | 424 |  | (104) |  | 265 |  | 52 |  | (523) |  | 320 |  | (666)
Noninterest income | 1,476 |  | 605 |  | 302 |  | 1,946 |  | 1,526 |  | 2,081 |  | 4,017
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 1,316 |  | 1,309 |  | 1,306 |  | 1,412 |  | 1,316 |  | 2,625 |  | 2,587
Occupancy and equipment expenses | 40 |  | 37 |  | 98 |  | 82 |  | 81 |  | 77 |  | 180
Data processing and telecommunications expenses | 46 |  | 37 |  | 30 |  | 29 |  | 29 |  | 83 |  | 57
Other noninterest expenses | 333 |  | 422 |  | 368 |  | 100 |  | 539 |  | 755 |  | 919
Total noninterest expense | 1,735 |  | 1,805 |  | 1,802 |  | 1,623 |  | 1,965 |  | 3,540 |  | 3,743
Income before income tax expense | 1,648 |  | 861 |  | 726 |  | 2,695 |  | 3,882 |  | 2,509 |  | 10,749
Income tax expense | 346 |  | 181 |  | 153 |  | 566 |  | 815 |  | 527 |  | 2,257
Net income | $ 1,302 |  | $ 680 |  | $ 573 |  | $ 2,129 |  | $ 3,067 |  | $ 1,982 |  | $ 8,492
Premium Finance Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 8,185 |  | $ 8,640 |  | $ 9,299 |  | $ 9,788 |  | $ 7,965 |  | $ 16,825 |  | $ 15,011
Provision for credit losses | 572 |  | 34 |  | (660) |  | (158) |  | (94) |  | 606 |  | (311)
Noninterest income | 9 |  | 9 |  | 8 |  | 9 |  | 10 |  | 18 |  | 16
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 2,122 |  | 2,197 |  | 2,003 |  | 1,818 |  | 2,069 |  | 4,319 |  | 3,987
Occupancy and equipment expenses | 83 |  | 59 |  | 82 |  | 83 |  | 90 |  | 142 |  | 172
Data processing and telecommunications expenses | 66 |  | 85 |  | 119 |  | 82 |  | 92 |  | 151 |  | 187
Other noninterest expenses | 1,036 |  | 1,097 |  | 978 |  | 959 |  | 1,064 |  | 2,133 |  | 2,016
Total noninterest expense | 3,307 |  | 3,438 |  | 3,182 |  | 2,942 |  | 3,315 |  | 6,745 |  | 6,362
Income before income tax expense | 4,315 |  | 5,177 |  | 6,785 |  | 7,013 |  | 4,754 |  | 9,492 |  | 8,976
Income tax expense | 869 |  | 1,050 |  | 1,357 |  | 1,499 |  | 959 |  | 1,919 |  | 1,833
Net income | $ 3,446 |  | $ 4,127 |  | $ 5,428 |  | $ 5,514 |  | $ 3,795 |  | $ 7,573 |  | $ 7,143
Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ 209,540 |  | $ 211,652 |  | $ 224,137 |  | $ 212,981 |  | $ 191,364 |  | $ 421,192 |  | $ 363,908
Provision for credit losses | 45,516 |  | 49,729 |  | 32,890 |  | 17,652 |  | 14,924 |  | 95,245 |  | 21,155
Noninterest income | 67,349 |  | 56,050 |  | 48,348 |  | 65,324 |  | 83,841 |  | 123,399 |  | 170,752
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 81,336 |  | 80,910 |  | 75,196 |  | 78,697 |  | 81,545 |  | 162,246 |  | 165,826
Occupancy and equipment expenses | 12,522 |  | 12,986 |  | 12,905 |  | 12,983 |  | 12,746 |  | 25,508 |  | 25,473
Data processing and telecommunications expenses | 13,451 |  | 13,034 |  | 12,486 |  | 12,015 |  | 12,155 |  | 26,485 |  | 24,727
Other noninterest expenses | 41,094 |  | 32,491 |  | 34,474 |  | 35,883 |  | 35,750 |  | 73,585 |  | 69,990
Total noninterest expense | 148,403 |  | 139,421 |  | 135,061 |  | 139,578 |  | 142,196 |  | 287,824 |  | 286,016
Income before income tax expense | 82,970 |  | 78,552 |  | 104,534 |  | 121,075 |  | 118,085 |  | 161,522 |  | 227,489
Income tax expense | 20,335 |  | 18,131 |  | 22,313 |  | 28,520 |  | 28,019 |  | 38,466 |  | 55,725
Net income | $ 62,635 |  | $ 60,421 |  | $ 82,221 |  | $ 92,555 |  | $ 90,066 |  | $ 123,056 |  | $ 171,764

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