PR Newswire | Jul 22, 2021 04:06PM EDT

07/22 15:05 CDT

Ameris Bancorp Announces Financial Results For Second Quarter 2021 ATLANTA, July 22, 2021

ATLANTA, July 22, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021, compared with $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020. The Company reported adjusted net income of $87.5 million, or $1.25 per diluted share, for the quarter ended June 30, 2021, compared with $42.4 million, or $0.61 per diluted share, for the same period in 2020. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on sale of bank premises and expenses related to the COVID-19 pandemic.

For the year-to-date period ending June 30, 2021, the Company reported net income of $213.3 million, or $3.06 per diluted share, compared with $51.6 million, or $0.74 per diluted share, for the same period in 2020. The Company reported adjusted net income of $203.3 million, or $2.91 per diluted share, for the six months ended June 30, 2021, compared with $81.6 million, or $1.18 per diluted share, for the same period in 2020. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our positive second quarter results are a clear testament to our focus and discipline over the past year. I am proud of our bankers, being able to report 5% annualized net loan growth for the quarter, with the headwinds of PPP forgiveness, and 14% annualized loan growth exclusive of the PPP reductions. We are in some of the best markets in the Southeast, and we continue to see real organic opportunities within these markets. We are pleased with the disciplined improvement in our efficiency ratio compared to last quarter, and we are excited to report 4.7% growth in tangible book value for the quarter. We continue to remain focused on delivering top-of-class results and are optimistic about the remainder of 2021, and we look forward to 2022."

Significant items from the Company's results for the second quarter of 2021 include the following:

* Net income of $88.3 million, or $1.27 per diluted share, compared with $125.0 million, or $1.79 per diluted share, in the first quarter of 2021 * Growth in tangible book value of 4.7%, or $1.18 per share, to $26.45 at June 30, 2021, compared with $25.27 at March 31, 2021 * Organic growth in loans of $181.0 million, or 5.0% annualized (and $485.1 million, or 14.1% annualized, exclusive of PPP loans), during the second quarter of 2021 * Adjusted return on average assets of 1.63%, compared with 2.26% in the first quarter of 2021 * Adjusted efficiency ratio of 54.07%, compared with 54.62% in the first quarter of 2021 and 51.08% in the second quarter of 2020 * Net interest margin of 3.34%, compared with 3.57% in the first quarter of 2021 * Continued growth in noninterest bearing deposits, representing 38.25% of total deposits, up from 36.27% at December 31, 2020 and 35.89% a year ago * Non-performing assets decreased eight basis points to 0.32% of total assets, compared with 0.40% at March 31, 2021

Net Interest Income and Net Interest MarginNet interest income on a tax-equivalent basis for the second quarter of 2021 totaled $163.0 million, compared with $166.2 million for the first quarter of 2021 and $165.2 million for the second quarter of 2020. The Company's net interest margin was 3.34% for the second quarter of 2021, down from 3.57% reported for the first quarter of 2021 and 3.83% reported for the second quarter of 2020. The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter. The yield on earning assets declined 27 basis points due to this excess liquidity, as well as declines in accretion income and Paycheck Protection Program ("PPP") loan fee income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of five basis points during the quarter and increases in average loans. Accretion income for the second quarter of 2021 decreased to $4.5 million, compared with $6.1 million for the first quarter of 2021, and $9.6 million for the second quarter of 2020. The decrease in accretion income for the second quarter is primarily attributable to decreased payoffs of acquired loans during the second quarter of 2021.

Yields on loans decreased to 4.33% during the second quarter of 2021, compared with 4.53% for the first quarter of 2021 and 4.70% reported for the second quarter of 2020. Contributing to interest income on loans for the second quarter of 2021 was $6.1 million related to accelerated fee income on PPP loan forgiveness, compared with $9.2 million in the first quarter of 2021. Loan production in the banking division during the second quarter of 2021 was $911.3 million, with weighted average yields of 3.75%, compared with $600.6 million and 3.80%, respectively, in the first quarter of 2021 and $472.1 million and 4.16%, respectively, in the second quarter of 2020. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $6.4 billion during the second quarter of 2021, with weighted average yields of 3.36%, compared with $7.5 billion and 3.15%, respectively, during the first quarter of 2021 and $7.2 billion and 3.17%, respectively, during the second quarter of 2020. Loan production yields in the lines of business were negatively impacted three basis points during the second quarter of 2021 by originations of PPP loans in our SBA division.

Interest expense during the second quarter of 2021 decreased to $11.9 million, compared with $13.0 million in the first quarter of 2021 and $21.2 million in the second quarter of 2020. The Company's total cost of funds moved four basis points lower to 0.26% in the second quarter of 2021 as compared with the first quarter of 2021. Deposit costs decreased three basis points during the second quarter of 2021 to 0.13%, compared with 0.16% in the first quarter of 2021. Costs of interest-bearing deposits decreased during the quarter from 0.25% in the first quarter of 2021 to 0.21% in the second quarter of 2021.

Noninterest IncomeNoninterest income decreased $28.7 million, or 24.4%, in the second quarter of 2021 to $89.2 million, compared with $118.0 million for the first quarter of 2021, primarily as a result of decreased mortgage banking activity and other noninterest income, as further discussed below.

Mortgage banking activity decreased $28.3 million, or 28.7%, to $70.2 million in the second quarter of 2021, compared with $98.5 million for the first quarter of 2021. This decrease was the result of a reduced recovery of previously recorded servicing right impairment, reduced production and a reduction in gain on sale margins. Gain on sale spreads decreased to 2.77% in the second quarter of 2021 from 3.95% for the first quarter of 2021. Total production in the retail mortgage division decreased to $2.39 billion in the second quarter of 2021, compared with $2.64 billion for the first quarter of 2021. Mortgage banking activity was positively impacted during the second quarter of 2021 by a $749,000 servicing right recovery, compared with a recovery of $9.7 million for the first quarter of 2021. The retail mortgage open pipeline was $1.75 billion at the end of the second quarter of 2021, compared with $2.33 billion at March 31, 2021.

Service charge revenue increased $178,000, or 1.6%, to $11.0 million in the second quarter of 2021, compared with $10.8 million for the first quarter of 2021, resulting from an increase in interchange income. Other noninterest income decreased $709,000, or 9.3%, in the second quarter of 2021 to $6.9 million, compared with $7.7 million for the first quarter of 2021, primarily as a result of decreases in SBA servicing right recovery of $906,000 and gain on BOLI proceeds of $603,000, partially offset by an increase in BOLI income of $520,000.

Noninterest ExpenseNoninterest expense decreased $13.0 million, or 8.8%, to $135.8 million during the second quarter of 2021, compared with $148.8 million for the first quarter of 2021. During the second quarter of 2021, the Company recorded a net gain of $236,000 related to sale of premises, compared to a net gain of $264,000 during the first quarter of 2021. Excluding these charges, adjusted expenses decreased approximately $13.1 million, or 8.8%, to $136.0 million in the second quarter of 2021, from $149.1 million in the first quarter of 2021. The majority of this decrease is attributable to a $10.5 million reduction in salaries and employee benefits including payroll taxes, variable compensation related to mortgage production and increased deferred costs related to loan originations in the banking division. Also contributing to the decrease were decreases in OREO losses, legal and other professional fees, and other variable expenses related to mortgage production. The adjusted efficiency ratio was 54.07% in the second quarter of 2021, compared with 54.62% in the first quarter of 2021.

Balance Sheet TrendsTotal assets at June 30, 2021 were $21.89 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $15.99 billion at June 30, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $14.78 billion at June 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $299.9 million, or 2.1%. Loan production in the banking division during the second quarter of 2021 was up 52% from the first quarter of 2021 and 93% from the second quarter of 2020.

At June 30, 2021, total deposits amounted to $18.26 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At June 30, 2021, noninterest-bearing deposit accounts were $6.98 billion, or 38.3% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $11.39 billion at June 30, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 62.4% of the Company's total deposits at June 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at June 30, 2021 totaled $2.84 billion, an increase of $189.9 million, or 7.2%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $213.3 million during the first six months of 2021, partially offset by dividends declared. Tangible book value per share was $26.45 at June 30, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.83% at June 30, 2021, compared with 8.47% at the end of 2020.

Credit QualityCredit quality remains strong in the Company. During the second quarter of 2021, the Company recorded a provision for credit losses of $142,000, compared with a provision reversal of $28.6 million in the first quarter of 2021. This provision was primarily attributable to growth in unfunded commitments compared with the first quarter of 2021, partially offset by improvements in forecast economic conditions, particularly levels of home prices, commercial real estate prices and retail sales, compared with forecast conditions during the first quarter of 2021. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the second quarter of 2021 equaled approximately 1.2% of total loans, down from approximately 1.9% and 19.0% of total loans at the end of the first quarter of 2021 and the second quarter of 2020, respectively. Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.32% during the quarter. The net charge-off ratio was seven basis points for the second quarter of 2021, compared with 12 basis points in the first quarter of 2021 and 27 basis points in the second quarter of 2020.

Conference CallThe Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 23, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until August 6, 2021. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10158164. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris BancorpAmeris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 165 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and its 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 Table 1 Highlights

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

(dollars in thousands except 2021 2021 2020 2020 2020 2021 2020 per share data)

EARNINGS

Net income $88,327 $124,962 $94,285 $116,145 $32,236 $213,289 $51,558

Adjusted net income$87,548 $115,746 $101,995 $116,879 $42,423 $203,294 $81,628



COMMON SHARE DATA

Earnings per share available to common shareholders

Basic $1.27 $1.80 $1.36 $1.68 $0.47 $3.07 $0.74

Diluted $1.27 $1.79 $1.36 $1.67 $0.47 $3.06 $0.74

Adjusted diluted $1.25 $1.66 $1.47 $1.69 $0.61 $2.91 $1.18 EPS

Cash dividends per $0.15 $0.15 $0.15 $0.15 $0.15 $0.30 $0.30 share

Book value per $40.66 $39.56 $38.07 $36.91 $35.42 $40.66 $35.42 share (period end)

Tangible book value per share (period $26.45 $25.27 $23.69 $22.46 $20.90 $26.45 $20.90 end)

Weighted average number of shares

Basic 69,496,666 69,391,734 69,252,307 69,230,667 69,191,778 69,447,503 69,235,117

Diluted 69,791,670 69,740,860 69,493,105 69,346,141 69,292,972 69,764,923 69,413,027

Period end number 69,767,209 69,713,426 69,541,481 69,490,546 69,462,782 69,767,209 69,462,782 of shares

Market data

High intraday price$59.85 $57.81 $39.53 $27.81 $29.82 $59.85 $43.79

Low intraday price $47.44 $36.60 $22.37 $19.91 $17.12 $36.60 $17.12

Period end closing $50.63 $52.51 $38.07 $22.78 $23.59 $50.63 $23.59 price

Average daily 429,233 460,744 394,641 359,059 470,151 444,733 465,955 volume



PERFORMANCE RATIOS

Return on average 1.64 %2.44 %1.89 %2.33 %0.67 %2.03 %0.56 %assets

Adjusted return on 1.63 %2.26 %2.04 %2.35 %0.89 %1.94 %0.88 %average assets

Return on average 12.66 %18.80 %14.30 %18.27 %5.23 %15.66 %4.17 %common equity

Adjusted return on average tangible 19.46 %27.66 %25.04 %30.53 %11.66 %23.41 %11.18 %common equity

Earning asset yield3.58 %3.85 %3.98 %4.02 %4.32 %3.71 %4.44 %(TE)

Total cost of funds0.26 %0.30 %0.36 %0.41 %0.52 %0.28 %0.99 %

Net interest margin3.34 %3.57 %3.64 %3.64 %3.83 %3.45 %3.77 %(TE)

Noninterest income excluding securities 33.78 %39.71 %38.37 %46.72 %39.35 %36.92 %32.14 %transactions, as a percent of total revenue (TE)

Efficiency ratio 54.07 %52.59 %54.83 %47.80 %54.70 %53.28 %60.32 %

Adjusted efficiency54.07 %54.62 %52.67 %47.34 %51.08 %54.36 %54.90 %ratio (TE)



CAPITAL ADEQUACY (period end)

Shareholders' 12.96 %12.87 %12.95 %12.90 %12.38 %12.96 %12.38 %equity to assets

Tangible common equity to tangible 8.83 %8.62 %8.47 %8.27 %7.70 %8.83 %7.70 %assets



EQUITY TO ASSETS RECONCILIATION

Tangible common equity to tangible 8.83 %8.62 %8.47 %8.27 %7.70 %8.83 %7.70 %assets

Effect of goodwill and other 4.13 %4.25 %4.48 %4.63 %4.68 %4.13 %4.68 %intangibles

Equity to assets 12.96 %12.87 %12.95 %12.90 %12.38 %12.96 %12.38 %(GAAP)



OTHER DATA (period end)

Full time equivalent employees

Banking Division 1,817 1,815 1,816 1,807 1,832 1,817 1,832

Retail Mortgage 759 765 748 734 692 759 692 Division

Warehouse Lending 12 12 12 11 9 12 9 Division

SBA Division 30 29 24 33 42 30 42

Premium Finance 68 70 71 71 70 68 70 Division

Total Ameris Bancorp FTE 2,686 2,691 2,671 2,656 2,645 2,686 2,645 headcount



Assets per Banking $12,046 $11,806 $11,255 $10,998 $10,848 $12,046 $10,848 Division FTE

Branch locations 165 165 164 170 170 165 170

Deposits per branch$110,655 $108,339 $103,401 $94,493 $91,705 $110,655 $91,705 location

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) 2021 2021 2020 2020 2020 2021 2020

Interest income

Interest and fees on loans $167,761$171,157$171,971$172,351$175,345$338,918$346,587

Interest on taxable securities 5,244 6,118 6,398 7,259 9,347 11,362 19,429

Interest on nontaxable securities 139 141 150 159 157 280 314

Interest on deposits in other banks 595 522 252 153 123 1,117 1,334

Interest on federal funds sold 12 12 12 12 46 24 122

Total interest income 173,751 177,950 178,783 179,934 185,018 351,701 367,786



Interest expense

Interest on deposits 5,775 6,798 8,870 11,822 14,273 12,573 38,375

Interest on other borrowings 6,124 6,175 6,457 5,574 6,931 12,299 17,652

Total interest expense 11,899 12,973 15,327 17,396 21,204 24,872 56,027



Net interest income 161,852 164,977 163,456 162,538 163,814 326,829 311,759



Provision for loan losses (899) (16,579) (6,700) 26,692 68,449 (17,478) 105,496

Provision for unfunded commitments 1,299 (11,839) 5,481 (10,131) 19,712 (10,540) 23,712

Provision for other credit losses (258) (173) (291) 1,121 - (431) -

Provision for credit losses 142 (28,591) (1,510) 17,682 88,161 (28,449) 129,208

Net interest income after provision for credit 161,710 193,568 164,966 144,856 75,653 355,278 182,551 losses



Noninterest income

Service charges on deposit accounts 11,007 10,829 11,465 10,914 9,922 21,836 21,766

Mortgage banking activity 70,231 98,486 95,192 138,627 104,925 168,717 140,258

Other service charges, commissions and fees 1,056 1,016 965 1,039 949 2,072 1,910

Gain (loss) on securities 1 (12) - - 14 (11) 5

Other noninterest income 6,945 7,654 4,521 8,438 5,150 14,599 11,400

Total noninterest income 89,240 117,973 112,143 159,018 120,960 207,213 175,339



Noninterest expense

Salaries and employee benefits 85,505 95,985 92,466 96,698 95,168 181,490 171,114

Occupancy and equipment 10,812 11,781 12,709 13,805 13,807 22,593 25,835

Data processing and communications expenses 11,877 11,884 11,323 12,226 10,514 23,761 22,468

Credit resolution-related expenses^(1) 622 547 1,156 802 950 1,169 3,148

Advertising and marketing 1,946 1,431 3,267 966 1,455 3,377 3,813

Amortization of intangible assets 4,065 4,126 4,190 4,190 5,601 8,191 11,232

Merger and conversion charges - - - (44) 895 - 1,435

Other noninterest expenses 20,934 23,044 26,005 25,049 27,378 43,978 54,776

Total noninterest expense 135,761 148,798 151,116 153,692 155,768 284,559 293,821



Income before income tax expense 115,189 162,743 125,993 150,182 40,845 277,932 64,069

Income tax expense 26,862 37,781 31,708 34,037 8,609 64,643 12,511

Net income $88,327 $124,962$94,285 $116,145$32,236 $213,289$51,558



Diluted earnings per common share $1.27 $1.79 $1.36 $1.67 $0.47 $3.06 $0.74



(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 Table 3 Sheet

Three Months Ended

Jun Mar Dec Sep Jun

(dollars in 2021 2021 2020 2020 2020 thousands)

Assets

Cash and due from $259,729 $224,159 $203,349 $257,026 $292,899 banks

Federal funds sold and 3,044,795 2,534,969 1,913,957 494,765 428,560 interest-bearing deposits in banks

Time deposits in - 249 249 249 249 other banks

Investment securities 778,167 859,652 982,879 1,117,436 1,238,896 available-for-sale, at fair value

Investment securities 29,055 - - - - held-to-maturity, at amortized cost

Other investments 27,621 27,620 28,202 47,329 76,453

Loans held for sale1,210,589 1,509,528 1,167,659 1,414,889 1,736,397



Loans, net of 14,780,791 14,599,805 14,480,925 14,943,593 14,503,157 unearned income

Allowance for (175,070) (178,570) (199,422) (231,924) (208,793) credit losses

Loans, net 14,605,721 14,421,235 14,281,503 14,711,669 14,294,364



Other real estate 5,775 8,841 11,880 17,969 23,563 owned

Premises and 229,994 231,550 222,890 231,278 230,118 equipment, net

Goodwill 928,005 928,005 928,005 928,005 928,005

Other intangible 63,783 67,848 71,974 76,164 80,354 assets, net

Cash value of bank owned life 277,839 176,575 176,467 175,605 175,011 insurance

Deferred income 9,081 22,367 33,314 53,039 56,306 taxes, net

Other assets 416,777 414,529 416,310 348,428 311,454

Total assets $21,886,931$21,427,127$20,438,638$19,873,851$19,872,629



Liabilities

Deposits

Noninterest-bearing$6,983,761 $6,804,776 $6,151,070 $5,909,316 $5,595,868

Interest-bearing 11,274,236 11,071,097 10,806,753 10,154,490 9,993,950

Total deposits 18,257,997 17,875,873 16,957,823 16,063,806 15,589,818

Federal funds purchased and securities sold 5,544 9,320 11,641 9,103 12,879 under agreements to repurchase

Other borrowings 425,303 425,231 425,155 875,255 1,418,336

Subordinated deferrable interest125,331 124,833 124,345 123,860 123,375 debentures

FDIC loss-share - - - 19,476 18,903 payable, net

Other liabilities 235,752 234,274 272,586 217,668 249,188

Total liabilities 19,049,927 18,669,531 17,791,550 17,309,168 17,412,499



Shareholders' Equity

Preferred stock - - - - -

Common stock 72,008 71,954 71,754 71,703 71,674

Capital stock 1,920,566 1,917,990 1,913,285 1,911,031 1,909,839

Retained earnings 863,828 785,984 671,510 587,657 481,948

Accumulated other comprehensive 25,024 26,090 33,505 37,252 39,613 income, net of tax

Treasury stock (44,422) (44,422) (42,966) (42,960) (42,944)

Total shareholders'2,837,004 2,757,596 2,647,088 2,564,683 2,460,130 equity

Total liabilities and shareholders' $21,886,931$21,427,127$20,438,638$19,873,851$19,872,629equity



Other Data

Earning assets $19,871,018$19,531,823$18,573,871$18,018,261$17,983,712

Intangible assets 991,788 995,853 999,979 1,004,169 1,008,359

Interest-bearing 11,830,414 11,630,481 11,367,894 11,162,708 11,548,540 liabilities

Average assets 21,538,894 20,734,414 19,876,338 19,810,084 19,222,181

Average common shareholders' 2,798,269 2,695,005 2,622,942 2,529,471 2,478,373 equity

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Asset Quality Table 4 Information

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

(dollars in 2021 2021 2020 2020 2020 2021 2020 thousands)

Allowance for Credit Losses

Balance at beginning $200,241 $233,105 $260,417 $246,295 $167,315 $233,105 $39,266 of period



CECL adoption impact on allowance for loan- - - - - - 78,661 losses

CECL adoption impact on allowance for - - - - - - 12,714 unfunded commitments

Total CECL adoption - - - - - - 91,375 impact



Acquired allowance for unfunded - - - - - - - commitments



Provision for loan (899) (16,579) (6,700) 26,692 68,449 (17,478) 105,496 losses

Provision for 1,299 (11,839) 5,481 (10,131) 19,712 (10,540) 23,712 unfunded commitments

Provision for other (258) (173) (291) 1,121 - (431) - credit losses

Provision for credit 142 (28,591) (1,510) 17,682 88,161 (28,449) 129,208 losses



Charge-offs 7,138 7,574 29,094 7,370 11,282 14,712 18,000

Recoveries 4,537 3,301 3,292 3,810 2,101 7,838 4,446

Net charge-offs 2,601 4,273 25,802 3,560 9,181 6,874 13,554



Ending balance $197,782 $200,241 $233,105 $260,417 $246,295 $197,782 $246,295



Allowance for loan $175,070 $178,570 $199,422 $231,924 $208,793 $175,070 $208,793 losses

Allowance for 22,313 21,014 32,853 27,372 37,502 22,313 37,502 unfunded commitments

Allowance for other 399 657 830 1,121 - 399 - credit losses

Total allowance for $197,782 $200,241 $233,105 $260,417 $246,295 $197,782 $246,295 credit losses



Net Charge-off Information

Charge-offs

Commercial, financial$3,529 $2,370 $5,960 $1,715 $486 $5,899 $2,972 and agricultural

Consumer installment 1,669 1,448 2,861 677 962 3,117 2,104

Indirect automobile 141 829 658 697 1,016 970 2,247

Premium Finance 1,194 1,343 2,240 1,158 1,904 2,537 2,735

Real estate - construction and 186 26 - 9 74 212 74 development

Real estate - commercial and 27 1,395 17,284 2,977 6,315 1,422 7,243 farmland

Real estate - 392 163 91 137 525 555 625 residential

Total charge-offs 7,138 7,574 29,094 7,370 11,282 14,712 18,000



Recoveries

Commercial, financial625 727 754 470 303 1,352 665 and agricultural

Consumer installment 212 356 480 516 436 568 1,420

Indirect automobile 372 700 637 317 359 1,072 40

Premium Finance 2,466 1,122 605 1,224 676 3,588 1,360

Real estate - construction and 84 167 125 182 168 251 510 development

Real estate - commercial and 185 41 439 904 21 226 106 farmland

Real estate - 593 188 252 197 138 781 345 residential

Total recoveries 4,537 3,301 3,292 3,810 2,101 7,838 4,446



Net charge-offs $2,601 $4,273 $25,802 $3,560 $9,181 $6,874 $13,554



Non-Performing Assets

Nonaccrual loans $59,921 $71,189 $76,457 $138,163 $77,745 $59,921 $77,745

Other real estate 5,775 8,841 11,880 17,969 23,563 5,775 23,563 owned

Repossessed assets 226 840 544 258 1,348 226 1,348

Accruing loans delinquent 90 days or4,874 5,097 8,326 7,003 15,126 4,874 15,127 more

Total non-performing $70,796 $85,967 $97,207 $163,393 $117,782 $70,796 $117,783 assets



Asset Quality Ratios

Non-performing assets as a percent of total0.32 %0.40 %0.48 %0.82 %0.59 %0.32 %0.59 %assets

Net charge-offs as a percent of average 0.07 %0.12 %0.70 %0.10 %0.27 %0.10 %0.20 %loans (annualized)

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Loan Table 5 Information

Jun Mar Dec Sep Jun

(dollars in 2021 2021 2020 2020 2020 thousands)

Loans by Type

Commercial, financial and $1,406,421 $1,611,029 $1,627,477 $1,879,788 $1,839,921 agricultural

Consumer 229,411 257,097 306,995 450,810 575,782 installment

Indirect 397,373 482,637 580,083 682,396 739,543 automobile

Mortgage 841,347 880,216 916,353 995,942 748,853 warehouse

Municipal 647,578 659,228 659,403 725,669 731,508

Premium Finance780,328 706,379 687,841 710,890 690,584

Real estate - construction 1,527,883 1,533,234 1,606,710 1,628,255 1,641,744 and development

Real estate - commercial and 6,051,472 5,616,826 5,300,006 5,116,252 4,804,420 farmland

Real estate - 2,898,978 2,853,159 2,796,057 2,753,591 2,730,802 residential

Total loans $14,780,791$14,599,805$14,480,925$14,943,593$14,503,157



Troubled Debt Restructurings

Accruing troubled debt restructurings

Commercial, financial and $1,038 $930 $521 $459 $592 agricultural

Consumer 28 27 32 36 42 installment

Indirect 1,647 1,931 2,277 2,689 - automobile

Real estate - construction 898 501 506 510 919 and development

Real estate - commercial and 46,025 43,398 36,707 73,763 5,252 farmland

Real estate - 31,570 33,324 38,800 28,777 29,935 residential

Total accruing troubled debt $81,206 $80,111 $78,843 $106,234 $36,740 restructurings

Nonaccrual troubled debt restructurings

Commercial, financial and $805 $854 $849 $1,002 $1,034 agricultural

Consumer 43 53 56 64 67 installment

Indirect 301 321 461 482 - automobile

Real estate - construction 301 706 707 709 307 and development

Real estate - commercial and 7,103 2,233 1,401 19,942 1,878 farmland

Real estate - 2,515 2,818 2,671 4,477 2,231 residential

Total nonaccrual $11,068 $6,985 $6,145 $26,676 $5,517 troubled debt restructurings

Total troubled debt $92,274 $87,096 $84,988 $132,910 $42,257 restructurings



Loans by Risk Grade

Grade 1 - Prime$1,147,589 $1,381,205 $1,368,661 $1,845,900 $1,789,709 credit

Grade 2 - 1,002,463 893,387 869,581 838,267 801,273 Strong credit

Grade 3 - Good 6,891,556 6,805,583 6,624,154 6,189,269 5,784,754 credit

Grade 4 - Satisfactory 4,657,358 4,507,148 4,794,672 4,989,617 5,643,133 credit

Grade 5 - Fair 778,939 616,896 452,350 643,502 212,667 credit

Grade 6 - Other assets 100,750 135,213 108,541 151,501 108,704 especially mentioned

Grade 7 - 202,134 260,369 262,947 285,537 162,917 Substandard

Grade 8 - - - 19 - - Doubtful

Grade 9 - Loss 2 4 - - -

Total loans $14,780,791$14,599,805$14,480,925$14,943,593$14,503,157

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) 2021 2021 2020 2020 2020 2021 2020

Earning Assets

Federal funds sold $20,000 $20,000 $20,000 $20,004 $24,265 $20,000 $25,822

Interest-bearing deposits 2,461,092 2,145,403 879,481 467,188 398,284 2,304,119 408,772 in banks

Time deposits in other 244 249 249 249 249 246 249 banks

Investment securities - 811,234 910,834 1,024,335 1,160,585 1,281,980 860,759 1,320,815 taxable

Investment securities - 18,225 19,225 20,112 21,619 21,576 18,722 22,208 nontaxable

Other investments 27,620 27,516 31,552 64,656 79,143 27,568 76,557

Loans held for sale 1,705,167 1,284,821 1,281,762 1,507,481 1,614,080 1,496,155 1,600,606

Loans 14,549,104 14,453,975 14,752,664 14,688,317 13,915,406 14,501,802 13,308,960

Total Earning Assets $19,592,686$18,862,023$18,010,155$17,930,099$17,334,983$19,229,371$16,763,989



Deposits

Noninterest-bearing $6,874,471 $6,412,268 $5,970,672 $5,782,163 $5,061,578 $6,644,646 $4,571,249 deposits

NOW accounts 3,314,334 3,182,245 2,968,596 2,718,315 2,441,305 3,248,655 2,364,626

MMDA 4,872,500 4,761,279 4,534,243 4,273,899 4,221,906 4,817,197 4,113,275

Savings accounts 876,887 823,039 793,414 749,314 692,382 850,112 667,902

Retail CDs 2,005,265 2,066,410 2,109,600 2,274,150 2,471,134 2,035,668 2,547,671

Brokered CDs 1,000 1,000 1,140 1,933 2,043 1,000 31,617

Total Deposits 17,944,457 17,246,241 16,377,665 15,799,774 14,890,348 17,597,278 14,296,340

Non-Deposit Funding

Federal funds purchased and securities sold under 6,883 9,284 9,929 10,483 12,452 8,077 14,045 agreements to repurchase

FHLB advances 48,910 48,951 127,797 799,034 1,212,537 48,931 1,239,920

Other borrowings 376,376 376,260 376,295 272,443 269,300 376,318 269,377

Subordinated deferrable 125,068 124,574 124,091 123,604 123,120 124,823 125,426 interest debentures

Total Non-Deposit Funding 557,237 559,069 638,112 1,205,564 1,617,409 558,149 1,648,768

Total Funding $18,501,694$17,805,310$17,015,777$17,005,338$16,507,757$18,155,427$15,945,108

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Interest Income and Interest Table 7 Expense (TE)

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

(dollars in 2021 2021 2020 2020 2020 2021 2020 thousands)

Interest Income

Federal funds $12 $12 $13 $13 $45 $24 $121 sold

Interest-bearing deposits in 594 521 251 152 122 1,115 1,332 banks

Time deposits in1 1 1 1 1 2 2 other banks

Investment securities - 5,244 6,118 6,398 7,260 9,346 11,362 19,428 taxable

Investment securities - 176 178 190 202 198 354 397 nontaxable (TE)

Loans held for 11,773 10,827 9,705 10,365 14,053 22,600 27,690 sale

Loans (TE) 157,112 161,473 163,532 163,352 162,617 318,585 321,253

Total Earning $174,912$179,130$180,090$181,345$186,382$354,042$370,223Assets



Accretion income$4,462 $6,127 $4,688 $6,525 $9,576 $10,589 $16,138 (included above)



Interest Expense

Interest-Bearing Deposits

NOW accounts $816 $926 $1,091 $1,394 $1,265 $1,742 $4,039

MMDA 1,908 1,998 2,326 2,823 3,764 3,906 13,512

Savings accounts122 124 143 112 94 246 304

Retail CDs 2,921 3,744 5,301 7,484 9,136 6,665 20,200

Brokered CDs 8 6 9 9 14 14 320

Total Interest-Bearing5,775 6,798 8,870 11,822 14,273 12,573 38,375 Deposits

Non-Deposit Funding

Federal funds purchased and securities sold 5 7 8 9 25 12 65 under agreements to repurchase

FHLB advances 193 192 245 661 1,686 385 6,795

Other borrowings4,683 4,638 4,635 3,558 3,487 9,321 6,998

Subordinated deferrable 1,243 1,338 1,569 1,346 1,733 2,581 3,794 interest debentures

Total Non-Deposit 6,124 6,175 6,457 5,574 6,931 12,299 17,652 Funding

Total Interest-Bearing$11,899 $12,973 $15,327 $17,396 $21,204 $24,872 $56,027 Funding



Net Interest $163,013$166,157$164,763$163,949$165,178$329,170$314,196Income (TE)

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Yields^(1) Table 8

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

2021 2021 2020 2020 2020 2021 2020

Earning Assets

Federal funds sold 0.24%0.24%0.26%0.26%0.75%0.24 %0.94 %

Interest-bearing deposits in banks 0.10%0.10%0.11%0.13%0.12%0.10 %0.66 %

Time deposits in other banks 1.64%1.63%1.60%1.60%1.62%1.64 %1.62 %

Investment securities - taxable 2.59%2.72%2.48%2.49%2.93%2.66 %2.96 %

Investment securities - nontaxable (TE) 3.87%3.75%3.76%3.72%3.69%3.81 %3.59 %

Loans held for sale 2.77%3.42%3.01%2.74%3.50%3.05 %3.48 %

Loans (TE) 4.33%4.53%4.41%4.42%4.70%4.43 %4.85 %

Total Earning Assets 3.58%3.85%3.98%4.02%4.32%3.71 %4.44 %



Interest-Bearing Deposits

NOW accounts 0.10%0.12%0.15%0.20%0.21%0.11 %0.34 %

MMDA 0.16%0.17%0.20%0.26%0.36%0.16 %0.66 %

Savings accounts 0.06%0.06%0.07%0.06%0.05%0.06 %0.09 %

Retail CDs 0.58%0.73%1.00%1.31%1.49%0.66 %1.59 %

Brokered CDs 3.21%2.43%3.14%1.85%2.76%2.82 %2.04 %

Total Interest-Bearing Deposits 0.21%0.25%0.34%0.47%0.58%0.23 %0.79 %

Non-Deposit Funding

Federal funds purchased and securities sold under 0.29%0.31%0.32%0.34%0.81%0.30 %0.93 %agreements to repurchase

FHLB advances 1.58%1.59%0.76%0.33%0.56%1.59 %1.10 %

Other borrowings 4.99%5.00%4.90%5.20%5.21%4.99 %5.22 %

Subordinated deferrable interest debentures 3.99%4.36%5.03%4.33%5.66%4.17 %6.08 %

Total Non-Deposit Funding 4.41%4.48%4.03%1.84%1.72%4.44 %2.15 %

Total Interest-Bearing Liabilities 0.41%0.46%0.55%0.62%0.75%0.44 %0.99 %



Net Interest Spread 3.17%3.39%3.43%3.40%3.57%3.27 %3.45 %



Net Interest Margin^(2) 3.34%3.57%3.64%3.64%3.83%3.45 %3.77 %



Total Cost of Funds^(3) 0.26%0.30%0.36%0.41%0.52%0.28 %0.71 %

(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 IncomeTable 9A

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

(dollars in thousands except 2021 2021 2020 2020 2020 2021 2020 per share data)

Net income available to common$88,327 $124,962 $94,285 $116,145 $32,236 $213,289 $51,558 shareholders



Adjustment items:

Merger and - - - (44) 895 - 1,435 conversion charges

Restructuring - - - 50 1,463 - 1,463 charges

Servicing right impairment (749) (10,639) 9,501 412 7,989 (11,388) 30,154 (recovery)

Gain on BOLI - (603) - (103) (845) (603) (845) proceeds

Expenses related to SEC and DOJ - - 53 268 1,294 - 2,737 Investigation

Natural disaster and pandemic - - 235 470 2,043 - 2,591 charges (Note 1)

(Gain) loss on sale(236) (264) (30) (97) 281 (500) 751 of premises

Tax effect of adjustment items 206 2,290 (2,049) (222) (2,933) 2,496 (8,216) (Note 2)

After tax (779) (9,216) 7,710 734 10,187 (9,995) 30,070 adjustment items

Adjusted net income$87,548 $115,746 $101,995 $116,879 $42,423 $203,294 $81,628



Weighted average number of shares - 69,791,670 69,740,860 69,493,105 69,346,141 69,292,972 69,764,923 69,413,027 diluted

Net income per $1.27 $1.79 $1.36 $1.67 $0.47 $3.06 $0.74 diluted share

Adjusted net income$1.25 $1.66 $1.47 $1.69 $0.61 $2.91 $1.18 per diluted share



Average assets $21,538,894 $20,734,414 $19,876,338 $19,810,084 $19,222,181 $21,144,751 $18,649,746

Return on average 1.64 %2.44 %1.89 %2.33 %0.67 %2.03 %0.56 %assets

Adjusted return on 1.63 %2.26 %2.04 %2.35 %0.89 %1.94 %0.88 %average assets



Average common $2,798,269 $2,695,005 $2,622,942 $2,529,471 $2,478,373 $2,746,922 $2,486,140 equity

Average tangible $1,804,324 $1,696,946 $1,620,742 $1,523,066 $1,462,871 $1,750,931 $1,468,135 common equity

Return on average 12.66 %18.80 %14.30 %18.27 %5.23 %15.66 %4.17 %common equity

Adjusted return on average tangible 19.46 %27.66 %25.04 %30.53 %11.66 %23.41 %11.18 %common equity



Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.

Note 2: 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 2Q20 and year-to-date 2020 periods are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Non-GAAP Reconciliations (continued)



Adjusted EfficiencyTable 9B Ratio (TE)

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

(dollars in 2021 2021 2020 2020 2020 2021 2020 thousands)

Adjusted Noninterest Expense

Total noninterest $135,761 $148,798 $151,116 $153,692 $155,768 $284,559 $293,821 expense

Adjustment items:

Merger and - - - 44 (895) - (1,435) conversion charges

Restructuring - - - (50) (1,463) - (1,463) charges

Expenses related to SEC and DOJ - - (53) (268) (1,294) - (2,737) Investigation

Natural disaster and pandemic - - (235) (470) (2,043) - (2,591) charges

Gain (loss) on sale236 264 30 97 (281) 500 (751) of premises

Adjusted $135,997 $149,062 $150,858 $153,045 $149,792 $285,059 $284,844 noninterest expense



Total Revenue

Net interest income$161,852 $164,977 $163,456 $162,538 $163,814 $326,829 $311,759

Noninterest income 89,240 117,973 112,143 159,018 120,960 207,213 175,339

Total revenue $251,092 $282,950 $275,599 $321,556 $284,774 $534,042 $487,098



Adjusted Total Revenue

Net interest income$163,013 $166,157 $164,763 $163,949 $165,178 $329,170 $314,196 (TE)

Noninterest income 89,240 117,973 112,143 159,018 120,960 207,213 175,339

Total revenue (TE) 252,253 284,130 276,906 322,967 286,138 536,383 489,535

Adjustment items:

(Gain) loss on (1) 12 - - (14) 11 (5) securities

Gain on BOLI - (603) - (103) (845) (603) (845) proceeds

Servicing right impairment (749) (10,639) 9,501 412 7,989 (11,388) 30,154 (recovery)

Adjusted total $251,503 $272,900 $286,407 $323,276 $293,268 $524,403 $518,839 revenue (TE)



Efficiency ratio 54.07 %52.59 %54.83 %47.80 %54.70 %53.28 %60.32 %

Adjusted efficiency54.07 %54.62 %52.67 %47.34 %51.08 %54.36 %54.90 %ratio (TE)



Tangible Book ValueTable 9C Per Share

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

(dollars in thousands except 2021 2021 2020 2020 2020 2021 2020 per share data)

Total shareholders'$2,837,004 $2,757,596 $2,647,088 $2,564,683 $2,460,130 $2,837,004 $2,460,130 equity

Less:

Goodwill 928,005 928,005 928,005 928,005 928,005 928,005 928,005

Other intangibles, 63,783 67,848 71,974 76,164 80,354 63,783 80,354 net

Total tangible shareholders' $1,845,216 $1,761,743 $1,647,109 $1,560,514 $1,451,771 $1,845,216 $1,451,771 equity



Period end number 69,767,209 69,713,426 69,541,481 69,490,546 69,462,782 69,767,209 69,462,782 of shares

Book value per $40.66 $39.56 $38.07 $36.91 $35.42 $40.66 $35.42 share (period end)

Tangible book value per share (period $26.45 $25.27 $23.69 $22.46 $20.90 $26.45 $20.90 end)

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)2021 2021 2020 2020 2020 2021 2020

Banking Division

Net interest income $110,670$112,816$112,964$119,562$120,330 $223,486$238,705

Provision for credit (3,949) (23,904) 1,847 487 86,805 (27,853) 122,802 losses

Noninterest income 16,171 16,738 15,659 15,265 14,468 32,909 32,241

Noninterest expense

Salaries and employee 37,814 42,723 38,668 39,718 40,423 80,537 82,044 benefits

Occupancy and 9,050 10,120 10,958 11,955 11,679 19,170 22,026 equipment expenses

Data processing and telecommunications 10,280 10,201 9,608 9,716 8,919 20,481 19,716 expenses

Other noninterest 18,763 19,710 25,806 21,517 27,997 38,473 58,642 expenses

Total noninterest 75,907 82,754 85,040 82,906 89,018 158,661 182,428 expense

Income (loss) before 54,883 70,704 41,736 51,434 (41,025) 125,587 (34,284) income tax expense

Income tax expense 14,196 18,456 13,992 13,453 (8,582) 32,652 (8,307) (benefit)

Net income (loss) $40,687 $52,248 $27,744 $37,981 $(32,443)$92,935 $(25,977)



Retail Mortgage Division

Net interest income $22,533 $18,984 $19,908 $20,393 $24,302 $41,517 $42,058

Provision for credit 5,647 (4,553) (1,621) 15,051 423 1,094 2,420 losses

Noninterest income 69,055 97,640 94,109 137,583 104,195 166,695 138,564

Noninterest expense

Salaries and employee 44,798 49,838 50,165 53,500 50,003 94,636 81,100 benefits

Occupancy and 1,553 1,476 1,577 1,676 1,953 3,029 3,457 equipment expenses

Data processing and telecommunications 1,435 1,546 1,534 2,349 1,406 2,981 2,392 expenses

Other noninterest 7,638 8,189 7,442 7,889 6,949 15,827 12,824 expenses

Total noninterest 55,424 61,049 60,718 65,414 60,311 116,473 99,773 expense

Income before income 30,517 60,128 54,920 77,511 67,763 90,645 78,429 tax expense

Income tax expense 6,408 12,627 11,535 16,112 14,231 19,035 16,639

Net income $24,109 $47,501 $43,385 $61,399 $53,532 $71,610 $61,790



Warehouse Lending Division

Net interest income $8,720 $9,906 $9,017 $6,546 $5,026 $18,626 $8,328

Provision for credit (155) (145) 1,673 495 403 (300) 394 losses

Noninterest income 1,333 980 1,113 1,064 727 2,313 1,687

Noninterest expense

Salaries and employee 278 330 296 266 209 608 419 benefits

Occupancy and 1 1 1 1 1 2 2 equipment expenses

Data processing and telecommunications 68 49 101 73 55 117 96 expenses

Other noninterest 30 33 26 28 88 63 122 expenses

Total noninterest 377 413 424 368 353 790 639 expense

Income before income 9,831 10,618 8,033 6,747 4,997 20,449 8,982 tax expense

Income tax expense 2,064 2,230 1,687 1,431 1,049 4,294 1,886

Net income $7,767 $8,388 $6,346 $5,316 $3,948 $16,155 $7,096

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting Table 10 (continued)

Three Months Ended Six Months Ended

Jun Mar Dec Sep Jun Jun Jun

(dollars in thousands)2021 2021 2020 2020 2020 2021 2020

SBA Division

Net interest income $12,882 $16,635 $14,909 $8,966 $7,034 $29,517 $9,215

Provision for credit (607) (547) (2,997) 4,297 2,322 (1,154) 1,419 losses

Noninterest income 2,677 2,611 1,247 5,106 1,570 5,288 2,847

Noninterest expense

Salaries and employee 937 1,382 1,233 1,572 2,612 2,319 4,088 benefits

Occupancy and 132 106 100 97 97 238 194 equipment expenses

Data processing and telecommunications - 1 1 4 15 1 28 expenses

Other noninterest 284 295 363 595 359 579 874 expenses

Total noninterest 1,353 1,784 1,697 2,268 3,083 3,137 5,184 expense

Income before income 14,813 18,009 17,456 7,507 3,199 32,822 5,459 tax expense

Income tax expense 3,111 3,782 3,666 1,577 671 6,893 1,146

Net income $11,702 $14,227 $13,790 $5,930 $2,528 $25,929 $4,313



Premium Finance Division

Net interest income $7,047 $6,636 $6,658 $7,071 $7,122 $13,683 $13,453

Provision for credit (794) 558 (412) (2,648) (1,792) (236) 2,173 losses

Noninterest income 4 4 15 - - 8 -

Noninterest expense

Salaries and employee 1,678 1,712 2,104 1,642 1,921 3,390 3,463 benefits

Occupancy and 76 78 73 76 77 154 156 equipment expenses

Data processing and telecommunications 94 87 79 84 119 181 236 expenses

Other noninterest 852 921 981 934 886 1,773 1,942 expenses

Total noninterest 2,700 2,798 3,237 2,736 3,003 5,498 5,797 expense

Income (loss) before 5,145 3,284 3,848 6,983 5,911 8,429 5,483 income tax expense

Income tax expense 1,083 686 828 1,464 1,240 1,769 1,147 (benefit)

Net income (loss) $4,062 $2,598 $3,020 $5,519 $4,671 $6,660 $4,336



Total Consolidated

Net interest income $161,852$164,977$163,456$162,538$163,814$326,829$311,759

Provision for credit 142 (28,591) (1,510) 17,682 88,161 (28,449) 129,208 losses

Noninterest income 89,240 117,973 112,143 159,018 120,960 207,213 175,339

Noninterest expense

Salaries and employee 85,505 95,985 92,466 96,698 95,168 181,490 171,114 benefits

Occupancy and 10,812 11,781 12,709 13,805 13,807 22,593 25,835 equipment expenses

Data processing and telecommunications 11,877 11,884 11,323 12,226 10,514 23,761 22,468 expenses

Other noninterest 27,567 29,148 34,618 30,963 36,279 56,715 74,404 expenses

Total noninterest 135,761 148,798 151,116 153,692 155,768 284,559 293,821 expense

Income before income 115,189 162,743 125,993 150,182 40,845 277,932 64,069 tax expense

Income tax expense 26,862 37,781 31,708 34,037 8,609 64,643 12,511

Net income $88,327 $124,962$94,285 $116,145$32,236 $213,289$51,558

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SOURCE Ameris Bancorp