EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1
News Release
AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND
FULL YEAR 2024 FINANCIAL RESULTS
Highlights of Ameris’s results for the fourth quarter of 2024 include the following:
•Net income of $94.4 million, or $1.37 per diluted share;
•Adjusted net income(1) of $95.1 million, or $1.38 per diluted share
•Total revenue growth of 9.8% annualized
•Increase in net interest income (TE) of $7.7 million, to $222.8 million
•Positive operating leverage with efficiency ratio of 52.26% and adjusted efficiency ratio (TE)(1) of 51.82%
•Return on average assets ("ROA") of 1.42%; adjusted ROA(1) of 1.43%
•Tangible book value(1) growth of $1.08 per share, or 11.5% annualized, to $38.59 at December 31, 2024
•Net interest margin (TE) expansion of 13bps to 3.64% for the fourth quarter of 2024
•Annualized net charge-offs of 0.17% of average total loans
•Increase in dividend of $0.05, or 33.3%, to $0.20 per common share
Highlights of Ameris’s results for the full year of 2024 include the following:
•Net income of $358.7 million, or $5.19 per diluted share;
•Adjusted net income(1) of $346.6 million, or $5.02 per diluted share
•ROA of 1.38%; adjusted ROA(1) of 1.33%
•Tangible book value(1) growth of $4.95 per share, or 14.7%, to $38.59 at December 31, 2024
•TCE ratio(1) of 10.59%, compared with 9.64% one year ago
•Net in terest margin (TE) of 3.56% for the full year 2024
•Average earning assets growth of $709.0 million, or 3.0%
•Total deposits increase of $1.01 billion, or 4.9%, inclusive of reduction in brokered CDs of $339.7 million
•Increase in allowance for loan losses to 1.63% of loans at December 31, 2024 from 1.52% one year ago
•Decline in net charge-offs to 0.19% of average total loans
ATLANTA, GA, January 30, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024, compared with $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023. Excluding gain on sale of mortgage servicing rights (MSR), FDIC special assessment, natural disaster expenses and gain/loss of bank premises, adjusted net income(1) was $95.1 million, or $1.38 per diluted share, for the quarter ended December 31, 2024, compared with $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023.
For the year ended December 31, 2024, the Company reported net income of $358.7 million, or $5.19 per diluted share, compared with $269.1 million, or $3.89 per diluted share, for the same period in 2023. The year ended December 31, 2024 included a provision for credit losses of $58.8 million, compared with $142.7 million for the same period in 2023.
Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our fourth quarter performance reflects a strong finish to another successful year for Ameris. By prioritizing tangible book value growth, discipline in balance sheet management and operational efficiency, we have consistently delivered top-tier financial results and created meaningful shareholder value. Our robust balance sheet, focus on revenue growth, healthy net interest margin and commitment to efficiency, paired with the growth potential in our expanding Southeast markets, position us for continued success in the years ahead."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $222.8 million in the fourth quarter of 2024, an increase of $7.7 million, or 3.6%, f rom last quarter and $15.7 million, or 7.6%, compared with the fourth quarter of 2023. The Company's net interest margin expanded to 3.64% for the fourth quarter of 2024, a 13 basis point increase from 3.51% reported for the third quarter of 2024 and a 10 basis point improvement from the 3.54% reported for the fourth quarter of 2023. The increase in net interest margin is primarily attributable to decreased deposit costs.
Net interest income on a tax-equivalent basis for the full year 2024 increased $14.2 million to $853.0 million, compared with $838.8 million for 2023. The increase in net interest income is primarily attributable to increased yields on a growing loan base compared with the prior year. Interest income on a tax-equivalent basis increased $97.9 million, while funding costs increased only $83.7 million. The Company's net interest margin was 3.56% for 2024, compared with 3.61% for 2023.
Yields on earning assets decreased 14 basis points du ring the quarter t o 5.67%, compared with 5.81% in the third quarter of 2024. This decrease is primarily related to a decrease in yields on loans from 6.01% for the third quarter of 2024 to 5.87% during the fourth quarter of 2024. Compared with the fourth quarter of 2023, loan yields increased four basis points from 5.83%. Yields on earning assets were near flat compared with the fourth quarter of 2023, decreasing two basis points from 5.69%.
The Company’s total cost of funds was 2.22% in the fourth quarter of 2024, a decr ease of 28 and 10 basis points compared with the third quarter of 2024 and fourth quarter of 2023, respectively. Deposit costs decreased 27 basis points during the fourth quarter of 2024 to 2.12%, compared with 2.39% in the third quarter of 2024. Costs of interest-bearing deposits decreased during the quarter from 3.44% in the third quarter of 2024 to 3.06% in the fourth quarter of 2024, reflecting a decrease in brokered deposit account balances and costs, as well as money market account costs.
Noninterest Income
Noninterest income de creased only slightly, by $750,000, or 1.08%, in the fourth quarter of 2024 to $69.0 million, compared with $69.7 million for the third quarter of 2024, primarily as a result of a cyclical decrease in the warehouse lending division. Mortgage banking activity decreased by $1.2 million, or 3.3%, to $36.7 million in the fourth quarter of 2024, compared with $37.9 million for the third quarter of 2024. Total production in the retail mortgage division increased $78.2 million, or 6.8%, to $1.24 billion in the fourth quarter of 2024, compared with $1.16 billion for the third quarter of 2024. The retail mortgage open pipeline was $638.5 million at the end of the fourth quarter of 2024, compared with $813.7 million for the third quarter of 2024. Gain on sale spreads increased to 2.40% in the fourth quarter of 2024 from 2.17% for the third quarter of 2024.
Other noninterest income was roughly flat in the fourth quarter of 2024 compared with the third quarter. Included in other noninterest income in the fourth quarter of 2024 was a gain on sale of mortgage servicing rights of $536,000, compared with $5.2 million for the third quarter of 2024. This decrease was partially offset by increases in gain on sale of SBA loans and equipment finance fee income of $3.7 million and $549,000, respectively, over the same period.
For the full year 2024, noninterest income increased $50.4 million, or 20.8%, to $293.3 million, compared with $242.8 million for 2023. M ortgage banking activity increased by $20.6 million, or 14.7%, to $160.5 million in 2024, compared with $139.9 million in 2023. Production in the retail mortgage division increased to $4.6 billion in 2024, compared with $4.3 billion in 2023, while gain on sale spreads increased to 2.37% in 2024 from 2.07% in 2023. During 2024, the Company recorded a gain on conversion of Visa Class B stock of $12.6 million and a gain on sale of MSR of $10.5 million, with no such gains recorded in 2023. Additionally, during 2024, income on bank owned life insurance increased $3.5 million due to the restructuring of those policies and the gain on sale of SBA loans increased by $2.6 million.

Noninterest Expense
The Company has remained disciplined on expense control, such that noninterest expense was essentially flat, with $151.9 million in expenses during the fourth quarter of 2024, compared with $151.8 million for the third quarter of 2024. During the fourth quarter of 2024, the Company recorded natural disaster expenses of $400,000, a reduction in FDIC special assessment expense of $559,000, and a loss on bank premises of $1.2 million. During the third quarter of 2024, the Company recorded natural disaster expenses of $150,000. Excluding these items, adjusted expenses(1) decreased approximately $722,000, or 0.5%, to $150.9 million in the fourth quarter of 2024 from $151.6 million in the third quarter of 2024. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) improved to 51.82% in the fourth quarter of 2024, compared with 54.25% in the third quarter of 2024.
For the full year 2024, noninterest expense increased $29.5 million, or 5.1%, to $607.8 million, compared with $578.3 million in 2023. Excluding adjustment items of $3.2 million in 2024 and $9.7 million in 2023, adjusted expenses increased $36.0 million, or 6.3% to $604.6 million in 2024, from $568.6 million in 2023. This increase is primarily attributable to reductions in deferred loan origination costs and OREO gains, and increases in health insurance and data processing expenses. Also contributing to the increase in adjusted expenses was an increase in variable expenses related to mortgage production.
Income Tax Expense
The Company's effective tax rate for 2024 was unchanged at 24.6%, compared with 2023. The Company's effective tax rate for the fourth quarter of 2024 was 25.1%, compared with 21.2% for the third quarter of 2024. The increased rate for the fourth quarter of 2024 resulted primarily from a return to provision adjustment made when the Company filed its 2023 income tax returns in the fourth quarter of 2024.
Balance Sheet Trends
Total assets at December 31, 2024 were $26.26 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased to $1.67 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $470.6 million, or 2.3%, to $20.74 billion at December 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased t o $528.6 million at December 31, 2024 from $281.3 million at December 31, 2023.
At December 31, 2024, total deposits amounted to $21.72 billion, compared with $20.71 billion at December 31, 2023. During the fourth quarter of 2024, deposits declined $156.8 million, with noninterest bearing accounts decreasing $172.0 million, retail CDs decreasing $86.5 million and brokered CDs decreasing $832.0 million, with such decreases offset in part by m oney market accounts increasing $660.0 million, a $270.2 million increase in interest bearing demand accounts and a $3.5 million increase i n savings accounts. Noninterest bearing accounts as a percentage of total deposits decreased slightly, such that at December 31, 2024, noninterest bearing deposit accounts represented $6.50 billion, or 29.9% of total deposits, compared with $6.67 billion, or 30.5% of total deposits, at September 30, 2024.
Shareholders’ equity at December 31, 2024 totaled $3.75 billion, an increase of $324.8 million, or 9.5%, from December 31, 2023. The increase in shareholders’ equity was primarily the result of earnings of $358.7 million during the full year of 2024, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss o f $5.8 million r esulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $4.95 per share, or 14.7%, during the full year of 2024 to $38.59 at December 31, 2024. Tangible common equity as a percentage of tangible assets was 10.59% at December 31, 2024, compared with 9.64% at the end of 2023. The Company had no repurchases of its shares in the quarter ending December 31, 2024.

Credit Quality
During the fourth quarter of 2024, the Company recorded a provision for credit losses of $12.8 million, increasing the allowance for credit losses to 1.63% of loans, compared with a provision of $6.1 million in the third quarter of 2024. Nonperforming assets as a percentage of total assets were relatively flat, increasing three basis points to 0.47% during the quarter. Approximately $12.0 million, or 9.8%, of the nonperforming assets at December 31, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets was also relatively flat, having increased one basis point to 0.42% at December 31, 2024, compared with 0.41% at the end of the third quarter of 2024. The net charge-off ratio was 17 basis points for the fourth quarter of 2024, compared with 15 basis points in the third quarter of 2024.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 31, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until February 7, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 2270789. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.
About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.3 billion in assets as of December 31, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently

filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
For more information, contact:
Brady Gailey
Executive Director of Corporate Development
(404) 240-1517

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights | Table 1
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands except per share data) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
EARNINGS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 94,376 |  |  | $ | 99,212 |  |  | $ | 90,785 |  |  | $ | 74,312 |  |  | $ | 65,934 |  |  | $ | 358,685 |  |  | $ | 269,105 |
Adjusted net income(1) | $ | 95,078 |  |  | $ | 95,187 |  |  | $ | 80,763 |  |  | $ | 75,612 |  |  | $ | 73,568 |  |  | $ | 346,640 |  |  | $ | 276,253 |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share available to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.37 |  |  | $ | 1.44 |  |  | $ | 1.32 |  |  | $ | 1.08 |  |  | $ | 0.96 |  |  | $ | 5.21 |  |  | $ | 3.90 |
Diluted | $ | 1.37 |  |  | $ | 1.44 |  |  | $ | 1.32 |  |  | $ | 1.08 |  |  | $ | 0.96 |  |  | $ | 5.19 |  |  | $ | 3.89 |
Adjusted diluted EPS(1) | $ | 1.38 |  |  | $ | 1.38 |  |  | $ | 1.17 |  |  | $ | 1.10 |  |  | $ | 1.07 |  |  | $ | 5.02 |  |  | $ | 4.00 |
Cash dividends per share | $ | 0.20 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.65 |  |  | $ | 0.60 |
Book value per share (period end) | $ | 54.32 |  |  | $ | 53.30 |  |  | $ | 51.64 |  |  | $ | 50.42 |  |  | $ | 49.62 |  |  | $ | 54.32 |  |  | $ | 49.62 |
Tangible book value per share (period end)(1) | $ | 38.59 |  |  | $ | 37.51 |  |  | $ | 35.79 |  |  | $ | 34.52 |  |  | $ | 33.64 |  |  | $ | 38.59 |  |  | $ | 33.64 |
Weighted average number of shares |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 68,799,464 |  |  | 68,798,093 |  |  | 68,824,150 |  |  | 68,808,393 |  |  | 68,824,004 |  |  | 68,808,830 |  |  | 68,977,453 |
Diluted | 69,128,946 |  |  | 69,066,298 |  |  | 69,013,834 |  |  | 69,014,116 |  |  | 69,014,793 |  |  | 69,061,832 |  |  | 69,104,158 |
Period end number of shares | 69,068,609 |  |  | 69,067,019 |  |  | 69,066,573 |  |  | 69,115,263 |  |  | 69,053,341 |  |  | 69,068,609 |  |  | 69,053,341 |
Market data |  |  |  |  |  |  |  |  |  |  |  |  |
High intraday price | $ | 74.56 |  |  | $ | 65.40 |  |  | $ | 51.18 |  |  | $ | 53.99 |  |  | $ | 53.84 |  |  | $ | 74.56 |  |  | $ | 53.84 |
Low intraday price | $ | 59.12 |  |  | $ | 48.21 |  |  | $ | 44.23 |  |  | $ | 44.00 |  |  | $ | 34.26 |  |  | $ | 44.00 |  |  | $ | 28.33 |
Period end closing price | $ | 62.57 |  |  | $ | 62.39 |  |  | $ | 50.35 |  |  | $ | 48.38 |  |  | $ | 53.05 |  |  | $ | 62.57 |  |  | $ | 53.05 |
Average daily volume | 384,406 |  |  | 379,896 |  |  | 301,784 |  |  | 407,898 |  |  | 390,190 |  |  | 368,293 |  |  | 419,347 |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets | 1.42 | % |  | 1.49 | % |  | 1.41 | % |  | 1.18 | % |  | 1.03 | % |  | 1.38 | % |  | 1.06 | %
Adjusted return on average assets(1) | 1.43 | % |  | 1.43 | % |  | 1.25 | % |  | 1.20 | % |  | 1.15 | % |  | 1.33 | % |  | 1.09 | %
Return on average common equity | 10.09 | % |  | 10.91 | % |  | 10.34 | % |  | 8.63 | % |  | 7.73 | % |  | 10.01 | % |  | 8.12 | %
Adjusted return on average tangible common equity(1) | 14.37 | % |  | 14.99 | % |  | 13.35 | % |  | 12.88 | % |  | 12.81 | % |  | 13.93 | % |  | 12.55 | %
Earning asset yield (TE) | 5.67 | % |  | 5.81 | % |  | 5.86 | % |  | 5.73 | % |  | 5.69 | % |  | 5.77 | % |  | 5.52 | %
Total cost of funds | 2.22 | % |  | 2.50 | % |  | 2.48 | % |  | 2.41 | % |  | 2.32 | % |  | 2.40 | % |  | 2.05 | %
Net interest margin (TE) | 3.64 | % |  | 3.51 | % |  | 3.58 | % |  | 3.51 | % |  | 3.54 | % |  | 3.56 | % |  | 3.61 | %
Efficiency ratio | 52.26 | % |  | 53.49 | % |  | 51.68 | % |  | 55.64 | % |  | 56.80 | % |  | 53.20 | % |  | 53.65 | %
Adjusted efficiency ratio (TE)(1) | 51.82 | % |  | 54.25 | % |  | 55.00 | % |  | 54.56 | % |  | 52.87 | % |  | 53.88 | % |  | 52.58 | %
CAPITAL ADEQUACY (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity to assets | 14.28 | % |  | 13.94 | % |  | 13.45 | % |  | 13.58 | % |  | 13.60 | % |  | 14.28 | % |  | 13.60 | %
Tangible common equity to tangible assets(1) | 10.59 | % |  | 10.24 | % |  | 9.72 | % |  | 9.71 | % |  | 9.64 | % |  | 10.59 | % |  | 9.64 | %
OTHER DATA (period end) |  |  |  |  |  |  |  |  |  |  |  |  |
Full time equivalent employees |  |  |  |  |  |  |  |  |  |  |  |  |
Banking Division | 2,021 |  |  | 2,056 |  |  | 2,073 |  |  | 2,082 |  |  | 2,088 |  |  | 2,021 |  |  | 2,088 |
Retail Mortgage Division | 585 |  |  | 592 |  |  | 595 |  |  | 596 |  |  | 595 |  |  | 585 |  |  | 595 |
Warehouse Lending Division | 8 |  |  | 9 |  |  | 9 |  |  | 8 |  |  | 7 |  |  | 8 |  |  | 7 |
Premium Finance Division | 77 |  |  | 76 |  |  | 74 |  |  | 73 |  |  | 75 |  |  | 77 |  |  | 75 |
Total Ameris Bancorp FTE headcount | 2,691 |  |  | 2,733 |  |  | 2,751 |  |  | 2,759 |  |  | 2,765 |  |  | 2,691 |  |  | 2,765 |
Branch locations | 164 |  |  | 164 |  |  | 164 |  |  | 164 |  |  | 164 |  |  | 164 |  |  | 164 |
Deposits per branch location | $ | 132,454 |  |  | $ | 133,410 |  |  | $ | 130,757 |  |  | $ | 128,033 |  |  | $ | 126,271 |  |  | $ | 132,454 |  |  | $ | 126,271 |
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement | Table 2
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands except per share data) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 318,843 |  |  | $ | 325,622 |  |  | $ | 317,664 |  |  | $ | 303,393 |  |  | $ | 303,487 |  |  | $ | 1,265,522 |  |  | $ | 1,172,162 |
Interest on taxable securities | 15,923 |  |  | 15,555 |  |  | 16,948 |  |  | 13,092 |  |  | 14,033 |  |  | 61,518 |  |  | 59,002 |
Interest on nontaxable securities | 337 |  |  | 336 |  |  | 335 |  |  | 330 |  |  | 326 |  |  | 1,338 |  |  | 1,335 |
Interest on deposits in other banks | 11,260 |  |  | 13,633 |  |  | 12,376 |  |  | 12,637 |  |  | 14,368 |  |  | 49,906 |  |  | 47,936 |
Total interest income | 346,363 |  |  | 355,146 |  |  | 347,323 |  |  | 329,452 |  |  | 332,214 |  |  | 1,378,284 |  |  | 1,280,435 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposits | 115,556 |  |  | 129,698 |  |  | 121,245 |  |  | 118,174 |  |  | 111,749 |  |  | 484,673 |  |  | 356,017 |
Interest on other borrowings | 8,986 |  |  | 11,388 |  |  | 14,157 |  |  | 9,890 |  |  | 14,364 |  |  | 44,421 |  |  | 89,374 |
Total interest expense | 124,542 |  |  | 141,086 |  |  | 135,402 |  |  | 128,064 |  |  | 126,113 |  |  | 529,094 |  |  | 445,391 |
Net interest income | 221,821 |  |  | 214,060 |  |  | 211,921 |  |  | 201,388 |  |  | 206,101 |  |  | 849,190 |  |  | 835,044 |
Provision for loan losses | 12,657 |  |  | 6,313 |  |  | 25,348 |  |  | 25,523 |  |  | 30,401 |  |  | 69,841 |  |  | 153,515 |
Provision for unfunded commitments | 148 |  |  | (204) |  |  | (6,570) |  |  | (4,422) |  |  | (7,438) |  |  | (11,048) |  |  | (10,853) |
Provision for other credit losses | 3 |  |  | (2) |  |  | (5) |  |  | 4 |  |  | (11) |  |  | — |  |  | (6) |
Provision for credit losses | 12,808 |  |  | 6,107 |  |  | 18,773 |  |  | 21,105 |  |  | 22,952 |  |  | 58,793 |  |  | 142,656 |
Net interest income after provision for credit losses | 209,013 |  |  | 207,953 |  |  | 193,148 |  |  | 180,283 |  |  | 183,149 |  |  | 790,397 |  |  | 692,388 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts | 13,544 |  |  | 12,918 |  |  | 12,672 |  |  | 11,759 |  |  | 12,252 |  |  | 50,893 |  |  | 46,575 |
Mortgage banking activity | 36,699 |  |  | 37,947 |  |  | 46,399 |  |  | 39,430 |  |  | 31,461 |  |  | 160,475 |  |  | 139,885 |
Other service charges, commissions and fees | 1,182 |  |  | 1,163 |  |  | 1,211 |  |  | 1,202 |  |  | 1,234 |  |  | 4,758 |  |  | 4,401 |
Gain (loss) on securities | (16) |  |  | (8) |  |  | 12,335 |  |  | (7) |  |  | (288) |  |  | 12,304 |  |  | (304) |
Equipment finance activity | 5,947 |  |  | 5,398 |  |  | 4,983 |  |  | 5,336 |  |  | 5,748 |  |  | 21,664 |  |  | 23,349 |
Other noninterest income | 11,603 |  |  | 12,291 |  |  | 11,111 |  |  | 8,158 |  |  | 5,841 |  |  | 43,163 |  |  | 28,922 |
Total noninterest income | 68,959 |  |  | 69,709 |  |  | 88,711 |  |  | 65,878 |  |  | 56,248 |  |  | 293,257 |  |  | 242,828 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 87,810 |  |  | 88,700 |  |  | 88,201 |  |  | 82,930 |  |  | 75,966 |  |  | 347,641 |  |  | 320,110 |
Occupancy and equipment | 11,624 |  |  | 11,716 |  |  | 12,559 |  |  | 12,885 |  |  | 13,197 |  |  | 48,784 |  |  | 51,450 |
Data processing and communications expenses | 14,631 |  |  | 15,221 |  |  | 15,193 |  |  | 14,654 |  |  | 14,028 |  |  | 59,699 |  |  | 53,486 |
Credit resolution-related expenses(1) | 1,271 |  |  | (110) |  |  | 840 |  |  | 486 |  |  | 157 |  |  | 2,487 |  |  | 80 |
Advertising and marketing | 2,407 |  |  | 4,089 |  |  | 3,571 |  |  | 2,545 |  |  | 2,937 |  |  | 12,612 |  |  | 11,638 |
Amortization of intangible assets | 4,180 |  |  | 4,180 |  |  | 4,407 |  |  | 4,422 |  |  | 4,425 |  |  | 17,189 |  |  | 18,244 |
Other noninterest expenses | 30,026 |  |  | 27,981 |  |  | 30,586 |  |  | 30,789 |  |  | 38,301 |  |  | 119,382 |  |  | 123,273 |
Total noninterest expense | 151,949 |  |  | 151,777 |  |  | 155,357 |  |  | 148,711 |  |  | 149,011 |  |  | 607,794 |  |  | 578,281 |
Income before income tax expense | 126,023 |  |  | 125,885 |  |  | 126,502 |  |  | 97,450 |  |  | 90,386 |  |  | 475,860 |  |  | 356,935 |
Income tax expense | 31,647 |  |  | 26,673 |  |  | 35,717 |  |  | 23,138 |  |  | 24,452 |  |  | 117,175 |  |  | 87,830 |
Net income | $ | 94,376 |  |  | $ | 99,212 |  |  | $ | 90,785 |  |  | $ | 74,312 |  |  | $ | 65,934 |  |  | $ | 358,685 |  |  | $ | 269,105 |
Diluted earnings per common share | $ | 1.37 |  |  | $ | 1.44 |  |  | $ | 1.32 |  |  | $ | 1.08 |  |  | $ | 0.96 |  |  | $ | 5.19 |  |  | $ | 3.89 |
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |  |  |  |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet | Table 3
| Dec |  | Sep |  | Jun |  | Mar |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 244,980 |  |  | $ | 231,515 |  |  | $ | 257,297 |  |  | $ | 235,931 |  |  | $ | 230,470 |
Interest-bearing deposits in banks | 975,397 |  |  | 1,127,641 |  |  | 1,104,897 |  |  | 975,321 |  |  | 936,834 |
Debt securities available-for-sale, at fair value | 1,671,260 |  |  | 1,441,552 |  |  | 1,531,047 |  |  | 1,414,419 |  |  | 1,402,944 |
Debt securities held-to-maturity, at amortized cost | 164,677 |  |  | 161,220 |  |  | 148,538 |  |  | 147,022 |  |  | 141,512 |
Other investments | 66,298 |  |  | 63,899 |  |  | 96,613 |  |  | 77,480 |  |  | 71,794 |
Loans held for sale | 528,599 |  |  | 553,379 |  |  | 570,180 |  |  | 364,332 |  |  | 281,332 |
Loans, net of unearned income | 20,739,906 |  |  | 20,964,981 |  |  | 20,992,603 |  |  | 20,600,260 |  |  | 20,269,303 |
Allowance for credit losses | (338,084) |  |  | (334,457) |  |  | (336,218) |  |  | (320,023) |  |  | (307,100) |
Loans, net | 20,401,822 |  |  | 20,630,524 |  |  | 20,656,385 |  |  | 20,280,237 |  |  | 19,962,203 |
Other real estate owned | 2,433 |  |  | 9,482 |  |  | 2,213 |  |  | 2,158 |  |  | 6,199 |
Premises and equipment, net | 209,460 |  |  | 210,931 |  |  | 213,255 |  |  | 214,801 |  |  | 216,435 |
Goodwill | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |
Other intangible assets, net | 70,761 |  |  | 74,941 |  |  | 79,120 |  |  | 83,527 |  |  | 87,949 |
Cash value of bank owned life insurance | 408,574 |  |  | 460,699 |  |  | 376,458 |  |  | 396,804 |  |  | 395,778 |
Other assets | 502,143 |  |  | 418,353 |  |  | 469,079 |  |  | 447,767 |  |  | 454,603 |
Total assets | $ | 26,262,050 |  |  | $ | 26,399,782 |  |  | $ | 26,520,728 |  |  | $ | 25,655,445 |  |  | $ | 25,203,699 |
Liabilities |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |
Noninterest-bearing | $ | 6,498,293 |  |  | $ | 6,670,320 |  |  | $ | 6,649,220 |  |  | $ | 6,538,322 |  |  | $ | 6,491,639 |
Interest-bearing | 15,224,155 |  |  | 15,208,945 |  |  | 14,794,923 |  |  | 14,459,068 |  |  | 14,216,870 |
Total deposits | 21,722,448 |  |  | 21,879,265 |  |  | 21,444,143 |  |  | 20,997,390 |  |  | 20,708,509 |
Other borrowings | 291,788 |  |  | 346,446 |  |  | 946,413 |  |  | 631,380 |  |  | 509,586 |
Subordinated deferrable interest debentures | 132,309 |  |  | 131,811 |  |  | 131,312 |  |  | 130,814 |  |  | 130,315 |
Other liabilities | 363,983 |  |  | 360,892 |  |  | 432,246 |  |  | 411,123 |  |  | 428,542 |
Total liabilities | 22,510,528 |  |  | 22,718,414 |  |  | 22,954,114 |  |  | 22,170,707 |  |  | 21,776,952 |
Shareholders' Equity |  |  |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock | 72,699 |  |  | 72,698 |  |  | 72,697 |  |  | 72,683 |  |  | 72,516 |
Capital stock | 1,958,642 |  |  | 1,954,532 |  |  | 1,950,846 |  |  | 1,948,352 |  |  | 1,945,385 |
Retained earnings | 1,853,428 |  |  | 1,772,989 |  |  | 1,684,218 |  |  | 1,603,832 |  |  | 1,539,957 |
Accumulated other comprehensive loss, net of tax | (30,119) |  |  | (15,724) |  |  | (38,020) |  |  | (39,959) |  |  | (35,939) |
Treasury stock | (103,128) |  |  | (103,127) |  |  | (103,127) |  |  | (100,170) |  |  | (95,172) |
Total shareholders' equity | 3,751,522 |  |  | 3,681,368 |  |  | 3,566,614 |  |  | 3,484,738 |  |  | 3,426,747 |
Total liabilities and shareholders' equity | $ | 26,262,050 |  |  | $ | 26,399,782 |  |  | $ | 26,520,728 |  |  | $ | 25,655,445 |  |  | $ | 25,203,699 |
Other Data |  |  |  |  |  |  |  |  |
Earning assets | $ | 24,146,137 |  |  | $ | 24,312,672 |  |  | $ | 24,443,878 |  |  | $ | 23,578,834 |  |  | $ | 23,103,719 |
Intangible assets | 1,086,407 |  |  | 1,090,587 |  |  | 1,094,766 |  |  | 1,099,173 |  |  | 1,103,595 |
Interest-bearing liabilities | 15,648,252 |  |  | 15,687,202 |  |  | 15,872,648 |  |  | 15,221,262 |  |  | 14,856,771 |
Average assets | 26,444,894 |  |  | 26,442,984 |  |  | 25,954,808 |  |  | 25,295,088 |  |  | 25,341,990 |
Average common shareholders' equity | 3,719,888 |  |  | 3,618,052 |  |  | 3,530,869 |  |  | 3,462,871 |  |  | 3,383,554 |

2

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information | Table 4
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 364,885 |  |  | $ | 366,852 |  |  | $ | 357,232 |  |  | $ | 348,727 |  |  | $ | 339,180 |  |  | $ | 348,727 |  |  | $ | 258,163 |
Adoption of ASU 2022-02 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,711) |
Provision for loan losses | 12,657 |  |  | 6,313 |  |  | 25,348 |  |  | 25,523 |  |  | 30,401 |  |  | 69,841 |  |  | 153,515 |
Provision for unfunded commitments | 148 |  |  | (204) |  |  | (6,570) |  |  | (4,422) |  |  | (7,438) |  |  | (11,048) |  |  | (10,853) |
Provision for other credit losses | 3 |  |  | (2) |  |  | (5) |  |  | 4 |  |  | (11) |  |  | — |  |  | (6) |
Provision for credit losses | 12,808 |  |  | 6,107 |  |  | 18,773 |  |  | 21,105 |  |  | 22,952 |  |  | 58,793 |  |  | 142,656 |
Charge-offs | 17,459 |  |  | 15,352 |  |  | 16,845 |  |  | 18,457 |  |  | 20,104 |  |  | 68,113 |  |  | 75,218 |
Recoveries | 8,429 |  |  | 7,278 |  |  | 7,692 |  |  | 5,857 |  |  | 6,699 |  |  | 29,256 |  |  | 24,837 |
Net charge-offs (recoveries) | 9,030 |  |  | 8,074 |  |  | 9,153 |  |  | 12,600 |  |  | 13,405 |  |  | 38,857 |  |  | 50,381 |
Ending balance | $ | 368,663 |  |  | $ | 364,885 |  |  | $ | 366,852 |  |  | $ | 357,232 |  |  | $ | 348,727 |  |  | $ | 368,663 |  |  | $ | 348,727 |
Allowance for loan losses | $ | 338,084 |  |  | $ | 334,457 |  |  | $ | 336,218 |  |  | $ | 320,023 |  |  | $ | 307,100 |  |  | $ | 338,084 |  |  | $ | 307,100 |
Allowance for unfunded commitments | 30,510 |  |  | 30,362 |  |  | 30,566 |  |  | 37,136 |  |  | 41,558 |  |  | 30,510 |  |  | 41,558 |
Allowance for other credit losses | 69 |  |  | 66 |  |  | 68 |  |  | 73 |  |  | 69 |  |  | 69 |  |  | 69 |
Total allowance for credit losses | $ | 368,663 |  |  | $ | 364,885 |  |  | $ | 366,852 |  |  | $ | 357,232 |  |  | $ | 348,727 |  |  | $ | 368,663 |  |  | $ | 348,727 |
Non-Performing Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual portfolio loans | $ | 90,206 |  |  | $ | 87,339 |  |  | $ | 85,878 |  |  | $ | 80,448 |  |  | $ | 60,961 |  |  | $ | 90,206 |  |  | $ | 60,961 |
Other real estate owned | 2,433 |  |  | 9,482 |  |  | 2,213 |  |  | 2,158 |  |  | 6,199 |  |  | 2,433 |  |  | 6,199 |
Repossessed assets | 9 |  |  | 19 |  |  | 22 |  |  | 29 |  |  | 17 |  |  | 9 |  |  | 17 |
Accruing loans delinquent 90 days or more | 17,733 |  |  | 12,234 |  |  | 15,909 |  |  | 15,811 |  |  | 16,988 |  |  | 17,733 |  |  | 16,988 |
Non-performing portfolio assets | $ | 110,381 |  |  | $ | 109,074 |  |  | $ | 104,022 |  |  | $ | 98,446 |  |  | $ | 84,165 |  |  | $ | 110,381 |  |  | $ | 84,165 |
Serviced GNMA-guaranteed mortgage nonaccrual loans | 12,012 |  |  | 8,168 |  |  | 93,520 |  |  | 84,238 |  |  | 90,156 |  |  | 12,012 |  |  | 90,156 |
Total non-performing assets | $ | 122,393 |  |  | $ | 117,242 |  |  | $ | 197,542 |  |  | $ | 182,684 |  |  | $ | 174,321 |  |  | $ | 122,393 |  |  | $ | 174,321 |
Asset Quality Ratios |  |  |  |  |  |  |  |  |  |  |  |  |
Non-performing portfolio assets as a percent of total assets | 0.42 | % |  | 0.41 | % |  | 0.39 | % |  | 0.38 | % |  | 0.33 | % |  | 0.42 | % |  | 0.33 | %
Total non-performing assets as a percent of total assets | 0.47 | % |  | 0.44 | % |  | 0.74 | % |  | 0.71 | % |  | 0.69 | % |  | 0.47 | % |  | 0.69 | %
Net charge-offs as a percent of average loans (annualized) | 0.17 | % |  | 0.15 | % |  | 0.18 | % |  | 0.25 | % |  | 0.26 | % |  | 0.19 | % |  | 0.25 | %

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information | Table 5
| Dec |  | Sep |  | Jun |  | Mar |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023
Loans by Type |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 2,953,135 |  |  | $ | 2,949,957 |  |  | $ | 2,860,973 |  |  | $ | 2,758,716 |  |  | $ | 2,688,929 |
Consumer | 221,735 |  |  | 221,201 |  |  | 234,122 |  |  | 257,015 |  |  | 275,809 |
Mortgage warehouse | 965,053 |  |  | 985,910 |  |  | 1,070,921 |  |  | 891,336 |  |  | 818,728 |
Municipal | 441,408 |  |  | 449,561 |  |  | 454,967 |  |  | 477,567 |  |  | 492,668 |
Premium Finance | 1,155,614 |  |  | 1,246,452 |  |  | 1,151,261 |  |  | 998,726 |  |  | 946,562 |
Real estate - construction and development | 1,998,506 |  |  | 2,232,114 |  |  | 2,336,987 |  |  | 2,264,346 |  |  | 2,129,187 |
Real estate - commercial and farmland | 8,445,958 |  |  | 8,249,981 |  |  | 8,103,634 |  |  | 8,131,248 |  |  | 8,059,754 |
Real estate - residential | 4,558,497 |  |  | 4,629,805 |  |  | 4,779,738 |  |  | 4,821,306 |  |  | 4,857,666 |
Total loans | $ | 20,739,906 |  |  | $ | 20,964,981 |  |  | $ | 20,992,603 |  |  | $ | 20,600,260 |  |  | $ | 20,269,303 |
Loans by Risk Grade |  |  |  |  |  |  |  |  |
Pass | $ | 20,457,340 |  |  | $ | 20,676,342 |  |  | $ | 20,623,416 |  |  | $ | 20,221,302 |  |  | $ | 19,846,731 |
Other assets especially mentioned | 110,936 |  |  | 124,479 |  |  | 115,477 |  |  | 137,225 |  |  | 203,725 |
Substandard | 171,630 |  |  | 164,160 |  |  | 253,710 |  |  | 241,733 |  |  | 218,847 |
Total loans | $ | 20,739,906 |  |  | $ | 20,964,981 |  |  | $ | 20,992,603 |  |  | $ | 20,600,260 |  |  | $ | 20,269,303 |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances | Table 6
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits in banks | $ | 899,162 |  |  | $ | 997,308 |  |  | $ | 899,866 |  |  | $ | 923,845 |  |  | $ | 936,733 |  |  | $ | 930,145 |  |  | $ | 914,818 |
Debt securities - taxable | 1,761,984 |  |  | 1,733,418 |  |  | 1,663,841 |  |  | 1,599,705 |  |  | 1,591,567 |  |  | 1,690,053 |  |  | 1,664,184 |
Debt securities - nontaxable | 41,494 |  |  | 41,496 |  |  | 41,396 |  |  | 41,287 |  |  | 40,227 |  |  | 41,419 |  |  | 41,679 |
Loans held for sale | 795,904 |  |  | 575,461 |  |  | 491,000 |  |  | 323,351 |  |  | 405,080 |  |  | 547,190 |  |  | 484,070 |
Loans | 20,868,216 |  |  | 21,023,629 |  |  | 20,820,361 |  |  | 20,320,678 |  |  | 20,252,773 |  |  | 20,759,247 |  |  | 20,154,321 |
Total Earning Assets | $ | 24,366,760 |  |  | $ | 24,371,312 |  |  | $ | 23,916,464 |  |  | $ | 23,208,866 |  |  | $ | 23,226,380 |  |  | $ | 23,968,054 |  |  | $ | 23,259,072 |
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | $ | 6,684,851 |  |  | $ | 6,622,952 |  |  | $ | 6,558,427 |  |  | $ | 6,403,300 |  |  | $ | 6,572,190 |  |  | $ | 6,567,855 |  |  | $ | 6,771,464 |
NOW accounts | 3,888,404 |  |  | 3,753,528 |  |  | 3,824,538 |  |  | 3,829,977 |  |  | 3,760,992 |  |  | 3,824,094 |  |  | 3,878,034 |
MMDA | 6,864,265 |  |  | 6,508,770 |  |  | 6,251,719 |  |  | 5,952,389 |  |  | 5,994,361 |  |  | 6,395,883 |  |  | 5,382,865 |
Savings accounts | 761,980 |  |  | 765,909 |  |  | 781,588 |  |  | 795,887 |  |  | 817,075 |  |  | 776,273 |  |  | 936,454 |
Retail CDs | 2,474,804 |  |  | 2,478,875 |  |  | 2,430,416 |  |  | 2,378,678 |  |  | 2,281,357 |  |  | 2,440,891 |  |  | 2,031,828 |
Brokered CDs | 1,057,808 |  |  | 1,493,352 |  |  | 1,167,174 |  |  | 1,381,382 |  |  | 1,122,684 |  |  | 1,274,933 |  |  | 1,024,606 |
Total Deposits | 21,732,112 |  |  | 21,623,386 |  |  | 21,013,862 |  |  | 20,741,613 |  |  | 20,548,659 |  |  | 21,279,929 |  |  | 20,025,251 |
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
FHLB advances | 215,116 |  |  | 358,332 |  |  | 548,251 |  |  | 219,589 |  |  | 538,096 |  |  | 335,056 |  |  | 1,210,242 |
Other borrowings | 279,961 |  |  | 298,073 |  |  | 307,449 |  |  | 308,210 |  |  | 311,091 |  |  | 298,372 |  |  | 325,260 |
Subordinated deferrable interest debentures | 132,048 |  |  | 131,547 |  |  | 131,050 |  |  | 130,551 |  |  | 130,054 |  |  | 131,302 |  |  | 129,310 |
Total Non-Deposit Funding | 627,125 |  |  | 787,952 |  |  | 986,751 |  |  | 658,350 |  |  | 979,241 |  |  | 764,730 |  |  | 1,664,812 |
Total Funding | $ | 22,359,237 |  |  | $ | 22,411,338 |  |  | $ | 22,000,613 |  |  | $ | 21,399,963 |  |  | $ | 21,527,900 |  |  | $ | 22,044,659 |  |  | $ | 21,690,063 |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) | Table 7
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest Income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits in banks | $ | 11,260 |  |  | $ | 13,633 |  |  | $ | 12,376 |  |  | $ | 12,637 |  |  | $ | 14,368 |  |  | $ | 49,906 |  |  | $ | 47,936 |
Debt securities - taxable | 15,923 |  |  | 15,555 |  |  | 16,948 |  |  | 13,092 |  |  | 14,033 |  |  | 61,518 |  |  | 59,002 |
Debt securities - nontaxable (TE) | 427 |  |  | 426 |  |  | 423 |  |  | 418 |  |  | 413 |  |  | 1,694 |  |  | 1,690 |
Loans held for sale | 11,853 |  |  | 9,142 |  |  | 8,189 |  |  | 5,348 |  |  | 6,846 |  |  | 34,532 |  |  | 29,711 |
Loans (TE) | 307,852 |  |  | 317,358 |  |  | 310,347 |  |  | 298,907 |  |  | 297,501 |  |  | 1,234,464 |  |  | 1,145,876 |
Total Earning Assets | $ | 347,315 |  |  | $ | 356,114 |  |  | $ | 348,283 |  |  | $ | 330,402 |  |  | $ | 333,161 |  |  | $ | 1,382,114 |  |  | $ | 1,284,215 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | $ | 19,099 |  |  | $ | 20,535 |  |  | $ | 21,020 |  |  | $ | 20,574 |  |  | $ | 19,293 |  |  | $ | 81,228 |  |  | $ | 69,584 |
MMDA | 57,160 |  |  | 61,620 |  |  | 58,332 |  |  | 53,953 |  |  | 54,002 |  |  | 231,065 |  |  | 162,718 |
Savings accounts | 850 |  |  | 960 |  |  | 984 |  |  | 986 |  |  | 974 |  |  | 3,780 |  |  | 6,349 |
Retail CDs | 25,610 |  |  | 26,775 |  |  | 25,711 |  |  | 24,576 |  |  | 22,257 |  |  | 102,672 |  |  | 63,650 |
Brokered CDs | 12,837 |  |  | 19,808 |  |  | 15,198 |  |  | 18,085 |  |  | 15,223 |  |  | 65,928 |  |  | 53,716 |
Total Interest-Bearing Deposits | 115,556 |  |  | 129,698 |  |  | 121,245 |  |  | 118,174 |  |  | 111,749 |  |  | 484,673 |  |  | 356,017 |
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
FHLB advances | 2,393 |  |  | 4,443 |  |  | 7,167 |  |  | 2,578 |  |  | 7,089 |  |  | 16,581 |  |  | 59,302 |
Other borrowings | 3,346 |  |  | 3,514 |  |  | 3,574 |  |  | 3,879 |  |  | 3,798 |  |  | 14,313 |  |  | 16,870 |
Subordinated deferrable interest debentures | 3,247 |  |  | 3,431 |  |  | 3,416 |  |  | 3,433 |  |  | 3,477 |  |  | 13,527 |  |  | 13,202 |
Total Non-Deposit Funding | 8,986 |  |  | 11,388 |  |  | 14,157 |  |  | 9,890 |  |  | 14,364 |  |  | 44,421 |  |  | 89,374 |
Total Interest-Bearing Funding | $ | 124,542 |  |  | $ | 141,086 |  |  | $ | 135,402 |  |  | $ | 128,064 |  |  | $ | 126,113 |  |  | $ | 529,094 |  |  | $ | 445,391 |
Net Interest Income (TE) | $ | 222,773 |  |  | $ | 215,028 |  |  | $ | 212,881 |  |  | $ | 202,338 |  |  | $ | 207,048 |  |  | $ | 853,020 |  |  | $ | 838,824 |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1) | Table 8
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
| 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Earning Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits in banks | 4.98 | % |  | 5.44 | % |  | 5.53 | % |  | 5.50 | % |  | 6.09 | % |  | 5.37 | % |  | 5.24 | %
Debt securities - taxable | 3.60 | % |  | 3.57 | % |  | 4.10 | % |  | 3.29 | % |  | 3.50 | % |  | 3.64 | % |  | 3.55 | %
Debt securities - nontaxable (TE) | 4.09 | % |  | 4.08 | % |  | 4.11 | % |  | 4.07 | % |  | 4.07 | % |  | 4.09 | % |  | 4.05 | %
Loans held for sale | 5.92 | % |  | 6.32 | % |  | 6.71 | % |  | 6.65 | % |  | 6.71 | % |  | 6.31 | % |  | 6.14 | %
Loans (TE) | 5.87 | % |  | 6.01 | % |  | 6.00 | % |  | 5.92 | % |  | 5.83 | % |  | 5.95 | % |  | 5.69 | %
Total Earning Assets | 5.67 | % |  | 5.81 | % |  | 5.86 | % |  | 5.73 | % |  | 5.69 | % |  | 5.77 | % |  | 5.52 | %
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |
NOW accounts | 1.95 | % |  | 2.18 | % |  | 2.21 | % |  | 2.16 | % |  | 2.04 | % |  | 2.12 | % |  | 1.79 | %
MMDA | 3.31 | % |  | 3.77 | % |  | 3.75 | % |  | 3.65 | % |  | 3.57 | % |  | 3.61 | % |  | 3.02 | %
Savings accounts | 0.44 | % |  | 0.50 | % |  | 0.51 | % |  | 0.50 | % |  | 0.47 | % |  | 0.49 | % |  | 0.68 | %
Retail CDs | 4.12 | % |  | 4.30 | % |  | 4.25 | % |  | 4.16 | % |  | 3.87 | % |  | 4.21 | % |  | 3.13 | %
Brokered CDs | 4.83 | % |  | 5.28 | % |  | 5.24 | % |  | 5.27 | % |  | 5.38 | % |  | 5.17 | % |  | 5.24 | %
Total Interest-Bearing Deposits | 3.06 | % |  | 3.44 | % |  | 3.37 | % |  | 3.31 | % |  | 3.17 | % |  | 3.29 | % |  | 2.69 | %
Non-Deposit Funding |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | %
FHLB advances | 4.43 | % |  | 4.93 | % |  | 5.26 | % |  | 4.72 | % |  | 5.23 | % |  | 4.95 | % |  | 4.90 | %
Other borrowings | 4.75 | % |  | 4.69 | % |  | 4.68 | % |  | 5.06 | % |  | 4.84 | % |  | 4.80 | % |  | 5.19 | %
Subordinated deferrable interest debentures | 9.78 | % |  | 10.38 | % |  | 10.48 | % |  | 10.58 | % |  | 10.61 | % |  | 10.30 | % |  | 10.21 | %
Total Non-Deposit Funding | 5.70 | % |  | 5.75 | % |  | 5.77 | % |  | 6.04 | % |  | 5.82 | % |  | 5.81 | % |  | 5.37 | %
Total Interest-Bearing Liabilities | 3.16 | % |  | 3.55 | % |  | 3.53 | % |  | 3.43 | % |  | 3.35 | % |  | 3.42 | % |  | 2.99 | %
Net Interest Spread | 2.51 | % |  | 2.26 | % |  | 2.33 | % |  | 2.30 | % |  | 2.34 | % |  | 2.35 | % |  | 2.53 | %
Net Interest Margin(2) | 3.64 | % |  | 3.51 | % |  | 3.58 | % |  | 3.51 | % |  | 3.54 | % |  | 3.56 | % |  | 3.61 | %
Total Cost of Funds(3) | 2.22 | % |  | 2.50 | % |  | 2.48 | % |  | 2.41 | % |  | 2.32 | % |  | 2.40 | % |  | 2.05 | %
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. |  |  |  |
(2) Rate calculated based on average earning assets. |  |  |  |
(3) Rate calculated based on total average funding including noninterest-bearing deposits. |  |  |  |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted Net Income | Table 9A
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands except per share data) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Net income available to common shareholders | $ | 94,376 |  |  | $ | 99,212 |  |  | $ | 90,785 |  |  | $ | 74,312 |  |  | $ | 65,934 |  |  | $ | 358,685 |  |  | $ | 269,105 |
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of MSR | (536) |  |  | (5,245) |  |  | (4,713) |  |  | — |  |  | — |  |  | (10,494) |  |  | — |
Gain on conversion of Visa Class B-1 stock | — |  |  | — |  |  | (12,554) |  |  | — |  |  | — |  |  | (12,554) |  |  | — |
Gain on BOLI proceeds | — |  |  | — |  |  | (466) |  |  | (998) |  |  | — |  |  | (1,464) |  |  | (486) |
FDIC special assessment | (559) |  |  | — |  |  | (895) |  |  | 2,909 |  |  | 11,566 |  |  | 1,455 |  |  | 11,566 |
Natural disaster expenses | 400 |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | 550 |  |  | — |
(Gain)/loss on bank premises | 1,203 |  |  | — |  |  | — |  |  | — |  |  | (1,903) |  |  | 1,203 |  |  | (1,903) |
Tax effect of adjustment items (Note 1) | (107) |  |  | 1,070 |  |  | 3,814 |  |  | (611) |  |  | (2,029) |  |  | 4,166 |  |  | (2,029) |
After tax adjustment items | 401 |  |  | (4,025) |  |  | (14,814) |  |  | 1,300 |  |  | 7,634 |  |  | (17,138) |  |  | 7,148 |
Tax expense attributable to BOLI restructuring | 301 |  |  | — |  |  | 4,792 |  |  | — |  |  | — |  |  | 5,093 |  |  | — |
Adjusted net income | $ | 95,078 |  |  | $ | 95,187 |  |  | $ | 80,763 |  |  | $ | 75,612 |  |  | $ | 73,568 |  |  | $ | 346,640 |  |  | $ | 276,253 |
Weighted average number of shares - diluted | 69,128,946 |  |  | 69,066,298 |  |  | 69,013,834 |  |  | 69,014,116 |  |  | 69,014,793 |  |  | 69,061,832 |  |  | 69,104,158 |
Net income per diluted share | $ | 1.37 |  |  | $ | 1.44 |  |  | $ | 1.32 |  |  | $ | 1.08 |  |  | $ | 0.96 |  |  | $ | 5.19 |  |  | $ | 3.89 |
Adjusted net income per diluted share | $ | 1.38 |  |  | $ | 1.38 |  |  | $ | 1.17 |  |  | $ | 1.10 |  |  | $ | 1.07 |  |  | $ | 5.02 |  |  | $ | 4.00 |
Average assets | $ | 26,444,894 |  |  | $ | 26,442,984 |  |  | $ | 25,954,808 |  |  | $ | 25,295,088 |  |  | $ | 25,341,990 |  |  | $ | 26,036,681 |  |  | $ | 25,404,873 |
Return on average assets | 1.42 | % |  | 1.49 | % |  | 1.41 | % |  | 1.18 | % |  | 1.03 | % |  | 1.38 | % |  | 1.06 | %
Adjusted return on average assets | 1.43 | % |  | 1.43 | % |  | 1.25 | % |  | 1.20 | % |  | 1.15 | % |  | 1.33 | % |  | 1.09 | %
Average common equity | $ | 3,719,888 |  |  | $ | 3,618,052 |  |  | $ | 3,530,869 |  |  | $ | 3,462,871 |  |  | $ | 3,383,554 |  |  | $ | 3,583,390 |  |  | $ | 3,313,361 |
Average tangible common equity | $ | 2,631,452 |  |  | $ | 2,525,421 |  |  | $ | 2,433,958 |  |  | $ | 2,361,544 |  |  | $ | 2,277,810 |  |  | $ | 2,488,588 |  |  | $ | 2,200,883 |
Return on average common equity | 10.09 | % |  | 10.91 | % |  | 10.34 | % |  | 8.63 | % |  | 7.73 | % |  | 10.01 | % |  | 8.12 | %
Adjusted return on average tangible common equity | 14.37 | % |  | 14.99 | % |  | 13.35 | % |  | 12.88 | % |  | 12.81 | % |  | 13.93 | % |  | 12.55 | %
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued) |  |
Adjusted Efficiency Ratio (TE) | Table 9B
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Adjusted Noninterest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest expense | $ | 151,949 |  |  | $ | 151,777 |  |  | $ | 155,357 |  |  | $ | 148,711 |  |  | $ | 149,011 |  |  | $ | 607,794 |  |  | $ | 578,281 |
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
FDIC special assessment | 559 |  |  | — |  |  | 895 |  |  | (2,909) |  |  | (11,566) |  |  | (1,455) |  |  | (11,566) |
Natural disaster expenses | (400) |  |  | (150) |  |  | — |  |  | — |  |  | — |  |  | (550) |  |  | — |
(Loss)/gain on bank premises | (1,203) |  |  | — |  |  | — |  |  | — |  |  | 1,903 |  |  | (1,203) |  |  | 1,903 |
Adjusted noninterest expense | $ | 150,905 |  |  | $ | 151,627 |  |  | $ | 156,252 |  |  | $ | 145,802 |  |  | $ | 139,348 |  |  | $ | 604,586 |  |  | $ | 568,618 |
Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 221,821 |  |  | $ | 214,060 |  |  | $ | 211,921 |  |  | $ | 201,388 |  |  | $ | 206,101 |  |  | $ | 849,190 |  |  | $ | 835,044 |
Noninterest income | 68,959 |  |  | 69,709 |  |  | 88,711 |  |  | 65,878 |  |  | 56,248 |  |  | 293,257 |  |  | 242,828 |
Total revenue | $ | 290,780 |  |  | $ | 283,769 |  |  | $ | 300,632 |  |  | $ | 267,266 |  |  | $ | 262,349 |  |  | $ | 1,142,447 |  |  | $ | 1,077,872 |
Adjusted Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (TE) | $ | 222,773 |  |  | $ | 215,028 |  |  | $ | 212,881 |  |  | $ | 202,338 |  |  | $ | 207,048 |  |  | $ | 853,020 |  |  | $ | 838,824 |
Noninterest income | 68,959 |  |  | 69,709 |  |  | 88,711 |  |  | 65,878 |  |  | 56,248 |  |  | 293,257 |  |  | 242,828 |
Total revenue (TE) | 291,732 |  |  | 284,737 |  |  | 301,592 |  |  | 268,216 |  |  | 263,296 |  |  | 1,146,277 |  |  | 1,081,652 |
Adjustment items: |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) loss on securities | 16 |  |  | 8 |  |  | (12,335) |  |  | 7 |  |  | 288 |  |  | (12,304) |  |  | 304 |
Gain on sale of MSR | (536) |  |  | (5,245) |  |  | (4,713) |  |  | — |  |  | — |  |  | (10,494) |  |  | — |
Gain on BOLI proceeds | — |  |  | — |  |  | (466) |  |  | (998) |  |  | — |  |  | (1,464) |  |  | (486) |
Adjusted total revenue (TE) | $ | 291,212 |  |  | $ | 279,500 |  |  | $ | 284,078 |  |  | $ | 267,225 |  |  | $ | 263,584 |  |  | $ | 1,122,015 |  |  | $ | 1,081,470 |
Efficiency ratio | 52.26 | % |  | 53.49 | % |  | 51.68 | % |  | 55.64 | % |  | 56.80 | % |  | 53.20 | % |  | 53.65 | %
Adjusted efficiency ratio (TE) | 51.82 | % |  | 54.25 | % |  | 55.00 | % |  | 54.56 | % |  | 52.87 | % |  | 53.88 | % |  | 52.58 | %
Tangible Book Value Per Share | Table 9C
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands except per share data) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Total shareholders' equity | $ | 3,751,522 |  |  | $ | 3,681,368 |  |  | $ | 3,566,614 |  |  | $ | 3,484,738 |  |  | $ | 3,426,747 |  |  | $ | 3,751,522 |  |  | $ | 3,426,747 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |  |  | 1,015,646 |
Other intangibles, net | 70,761 |  |  | 74,941 |  |  | 79,120 |  |  | 83,527 |  |  | 87,949 |  |  | 70,761 |  |  | 87,949 |
Total tangible shareholders' equity | $ | 2,665,115 |  |  | $ | 2,590,781 |  |  | $ | 2,471,848 |  |  | $ | 2,385,565 |  |  | $ | 2,323,152 |  |  | $ | 2,665,115 |  |  | $ | 2,323,152 |
Period end number of shares | 69,068,609 |  |  | 69,067,019 |  |  | 69,066,573 |  |  | 69,115,263 |  |  | 69,053,341 |  |  | 69,068,609 |  |  | 69,053,341 |
Book value per share (period end) | $ | 54.32 |  |  | $ | 53.30 |  |  | $ | 51.64 |  |  | $ | 50.42 |  |  | $ | 49.62 |  |  | $ | 54.32 |  |  | $ | 49.62 |
Tangible book value per share (period end) | $ | 38.59 |  |  | $ | 37.51 |  |  | $ | 35.79 |  |  | $ | 34.52 |  |  | $ | 33.64 |  |  | $ | 38.59 |  |  | $ | 33.64 |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued) |  |
Tangible Common Equity to Tangible Assets | Table 9D
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  |  |  |
(dollars in thousands except per share data) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  |  |  |
Total shareholders' equity | $ | 3,751,522 |  | $ | 3,681,368 |  | $ | 3,566,614 |  | $ | 3,484,738 |  | $ | 3,426,747 |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  |  |  |
Other intangibles, net | 70,761 |  | 74,941 |  | 79,120 |  | 83,527 |  | 87,949 |  |  |  |
Total tangible shareholders' equity | $ | 2,665,115 |  | $ | 2,590,781 |  | $ | 2,471,848 |  | $ | 2,385,565 |  | $ | 2,323,152 |  |  |  |
Total assets | $ | 26,262,050 |  | $ | 26,399,782 |  | $ | 26,520,728 |  | $ | 25,655,445 |  | $ | 25,203,699 |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  | 1,015,646 |  |  |  |
Other intangibles, net | 70,761 |  | 74,941 |  | 79,120 |  | 83,527 |  | 87,949 |  |  |  |
Total tangible assets | $ | 25,175,643 |  | $ | 25,309,195 |  | $ | 25,425,962 |  | $ | 24,556,272 |  | $ | 24,100,104 |  |  |  |
Equity to Assets | 14.28 | % |  | 13.94 | % |  | 13.45 | % |  | 13.58 | % |  | 13.60 | % |  |  |  |
Tangible Common Equity to Tangible Assets | 10.59 | % |  | 10.24 | % |  | 9.72 | % |  | 9.71 | % |  | 9.64 | % |  |  |  |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting | Table 10
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Retail Mortgage Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 23,714 |  |  | $ | 23,553 |  |  | $ | 23,742 |  |  | $ | 23,287 |  |  | $ | 24,053 |  |  | $ | 94,296 |  |  | $ | 88,302 |
Provision for credit losses | (2,503) |  |  | 254 |  |  | (2,882) |  |  | 2,332 |  |  | 1,005 |  |  | (2,799) |  |  | 9,535 |
Noninterest income | 36,623 |  |  | 41,498 |  |  | 50,145 |  |  | 38,765 |  |  | 30,588 |  |  | 167,031 |  |  | 137,145 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 22,876 |  |  | 23,233 |  |  | 25,254 |  |  | 21,073 |  |  | 16,996 |  |  | 92,436 |  |  | 80,317 |
Occupancy and equipment expenses | 951 |  |  | 957 |  |  | 1,008 |  |  | 1,049 |  |  | 1,210 |  |  | 3,965 |  |  | 4,899 |
Data processing and telecommunications expenses | 1,222 |  |  | 1,184 |  |  | 1,276 |  |  | 1,366 |  |  | 1,318 |  |  | 5,048 |  |  | 4,836 |
Other noninterest expenses | 12,118 |  |  | 12,164 |  |  | 13,397 |  |  | 12,530 |  |  | 11,634 |  |  | 50,209 |  |  | 47,393 |
Total noninterest expense | 37,167 |  |  | 37,538 |  |  | 40,935 |  |  | 36,018 |  |  | 31,158 |  |  | 151,658 |  |  | 137,445 |
Income before income tax expense | 25,673 |  |  | 27,259 |  |  | 35,834 |  |  | 23,702 |  |  | 22,478 |  |  | 112,468 |  |  | 78,467 |
Income tax expense | 5,391 |  |  | 5,724 |  |  | 7,525 |  |  | 4,978 |  |  | 4,720 |  |  | 23,618 |  |  | 16,478 |
Net income | $ | 20,282 |  |  | $ | 21,535 |  |  | $ | 28,309 |  |  | $ | 18,724 |  |  | $ | 17,758 |  |  | $ | 88,850 |  |  | $ | 61,989 |
Warehouse Lending Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 6,640 |  |  | $ | 7,812 |  |  | $ | 6,292 |  |  | $ | 6,028 |  |  | $ | 5,965 |  |  | $ | 26,772 |  |  | $ | 23,839 |
Provision for credit losses | (59) |  |  | (170) |  |  | 359 |  |  | 145 |  |  | (68) |  |  | 275 |  |  | (440) |
Noninterest income | 676 |  |  | 1,765 |  |  | 1,028 |  |  | 740 |  |  | 929 |  |  | 4,209 |  |  | 3,475 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 583 |  |  | 621 |  |  | 1,124 |  |  | 888 |  |  | 296 |  |  | 3,216 |  |  | 2,794 |
Occupancy and equipment expenses | 6 |  |  | 6 |  |  | 7 |  |  | 7 |  |  | 3 |  |  | 26 |  |  | 5 |
Data processing and telecommunications expenses | 44 |  |  | 32 |  |  | 59 |  |  | 25 |  |  | 51 |  |  | 160 |  |  | 171 |
Other noninterest expenses | 224 |  |  | 217 |  |  | 298 |  |  | 237 |  |  | 229 |  |  | 976 |  |  | 873 |
Total noninterest expense | 857 |  |  | 876 |  |  | 1,488 |  |  | 1,157 |  |  | 579 |  |  | 4,378 |  |  | 3,843 |
Income before income tax expense | 6,518 |  |  | 8,871 |  |  | 5,473 |  |  | 5,466 |  |  | 6,383 |  |  | 26,328 |  |  | 23,911 |
Income tax expense | 1,369 |  |  | 1,863 |  |  | 1,149 |  |  | 1,148 |  |  | 1,340 |  |  | 5,529 |  |  | 5,021 |
Net income | $ | 5,149 |  |  | $ | 7,008 |  |  | $ | 4,324 |  |  | $ | 4,318 |  |  | $ | 5,043 |  |  | $ | 20,799 |  |  | $ | 18,890 |
Premium Finance Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 10,390 |  |  | $ | 10,060 |  |  | $ | 8,350 |  |  | $ | 7,605 |  |  | $ | 7,801 |  |  | $ | 36,405 |  |  | $ | 34,007 |
Provision for credit losses | 517 |  |  | 457 |  |  | 408 |  |  | (499) |  |  | 27 |  |  | 883 |  |  | 772 |
Noninterest income | 13 |  |  | 11 |  |  | 11 |  |  | 10 |  |  | 9 |  |  | 45 |  |  | 31 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 2,029 |  |  | 2,212 |  |  | 1,900 |  |  | 2,053 |  |  | 1,973 |  |  | 8,194 |  |  | 8,600 |
Occupancy and equipment expenses | 51 |  |  | 28 |  |  | 70 |  |  | 76 |  |  | 83 |  |  | 225 |  |  | 314 |
Data processing and telecommunications expenses | 106 |  |  | 83 |  |  | 102 |  |  | 79 |  |  | 100 |  |  | 370 |  |  | 324 |
Other noninterest expenses | 1,173 |  |  | 1,140 |  |  | 1,095 |  |  | 1,028 |  |  | 1,057 |  |  | 4,436 |  |  | 4,217 |
Total noninterest expense | 3,359 |  |  | 3,463 |  |  | 3,167 |  |  | 3,236 |  |  | 3,213 |  |  | 13,225 |  |  | 13,455 |
Income before income tax expense | 6,527 |  |  | 6,151 |  |  | 4,786 |  |  | 4,878 |  |  | 4,570 |  |  | 22,342 |  |  | 19,811 |
Income tax expense | 1,334 |  |  | 1,254 |  |  | 953 |  |  | 984 |  |  | 945 |  |  | 4,525 |  |  | 4,034 |
Net income | $ | 5,193 |  |  | $ | 4,897 |  |  | $ | 3,833 |  |  | $ | 3,894 |  |  | $ | 3,625 |  |  | $ | 17,817 |  |  | $ | 15,777 |

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) | Table 10
| Three Months Ended |  | Twelve Months Ended
| Dec |  | Sep |  | Jun |  | Mar |  | Dec |  | Dec |  | Dec
(dollars in thousands) | 2024 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Banking Division |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 181,077 |  |  | $ | 172,635 |  |  | $ | 173,537 |  |  | $ | 164,468 |  |  | $ | 168,282 |  |  | $ | 691,717 |  |  | $ | 688,896 |
Provision for credit losses | 14,853 |  |  | 5,566 |  |  | 20,888 |  |  | 19,127 |  |  | 21,988 |  |  | 60,434 |  |  | 132,789 |
Noninterest income | 31,647 |  |  | 26,435 |  |  | 37,527 |  |  | 26,363 |  |  | 24,722 |  |  | 121,972 |  |  | 102,177 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 62,322 |  |  | 62,634 |  |  | 59,923 |  |  | 58,916 |  |  | 56,701 |  |  | 243,795 |  |  | 228,399 |
Occupancy and equipment expenses | 10,616 |  |  | 10,725 |  |  | 11,474 |  |  | 11,753 |  |  | 11,901 |  |  | 44,568 |  |  | 46,232 |
Data processing and telecommunications expenses | 13,259 |  |  | 13,922 |  |  | 13,756 |  |  | 13,184 |  |  | 12,559 |  |  | 54,121 |  |  | 48,155 |
Other noninterest expenses | 24,369 |  |  | 22,619 |  |  | 24,614 |  |  | 24,447 |  |  | 32,900 |  |  | 96,049 |  |  | 100,752 |
Total noninterest expense | 110,566 |  |  | 109,900 |  |  | 109,767 |  |  | 108,300 |  |  | 114,061 |  |  | 438,533 |  |  | 423,538 |
Income before income tax expense | 87,305 |  |  | 83,604 |  |  | 80,409 |  |  | 63,404 |  |  | 56,955 |  |  | 314,722 |  |  | 234,746 |
Income tax expense | 23,553 |  |  | 17,832 |  |  | 26,090 |  |  | 16,028 |  |  | 17,447 |  |  | 83,503 |  |  | 62,297 |
Net income | $ | 63,752 |  |  | $ | 65,772 |  |  | $ | 54,319 |  |  | $ | 47,376 |  |  | $ | 39,508 |  |  | $ | 231,219 |  |  | $ | 172,449 |
Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 221,821 |  |  | $ | 214,060 |  |  | $ | 211,921 |  |  | $ | 201,388 |  |  | $ | 206,101 |  |  | $ | 849,190 |  |  | $ | 835,044 |
Provision for credit losses | 12,808 |  |  | 6,107 |  |  | 18,773 |  |  | 21,105 |  |  | 22,952 |  |  | 58,793 |  |  | 142,656 |
Noninterest income | 68,959 |  |  | 69,709 |  |  | 88,711 |  |  | 65,878 |  |  | 56,248 |  |  | 293,257 |  |  | 242,828 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 87,810 |  |  | 88,700 |  |  | 88,201 |  |  | 82,930 |  |  | 75,966 |  |  | 347,641 |  |  | 320,110 |
Occupancy and equipment expenses | 11,624 |  |  | 11,716 |  |  | 12,559 |  |  | 12,885 |  |  | 13,197 |  |  | 48,784 |  |  | 51,450 |
Data processing and telecommunications expenses | 14,631 |  |  | 15,221 |  |  | 15,193 |  |  | 14,654 |  |  | 14,028 |  |  | 59,699 |  |  | 53,486 |
Other noninterest expenses | 37,884 |  |  | 36,140 |  |  | 39,404 |  |  | 38,242 |  |  | 45,820 |  |  | 151,670 |  |  | 153,235 |
Total noninterest expense | 151,949 |  |  | 151,777 |  |  | 155,357 |  |  | 148,711 |  |  | 149,011 |  |  | 607,794 |  |  | 578,281 |
Income before income tax expense | 126,023 |  |  | 125,885 |  |  | 126,502 |  |  | 97,450 |  |  | 90,386 |  |  | 475,860 |  |  | 356,935 |
Income tax expense | 31,647 |  |  | 26,673 |  |  | 35,717 |  |  | 23,138 |  |  | 24,452 |  |  | 117,175 |  |  | 87,830 |
Net income | $ | 94,376 |  |  | $ | 99,212 |  |  | $ | 90,785 |  |  | $ | 74,312 |  |  | $ | 65,934 |  |  | $ | 358,685 |  |  | $ | 269,105 |