PR Newswire | Oct 28, 2021 04:06PM EDT

10/28 15:05 CDT

Ameris Bancorp Announces Financial Results For Third Quarter 2021 ATLANTA, Oct. 28, 2021

ATLANTA, Oct. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $81.7 million, or $1.17 per diluted share, for the quarter ended September 30, 2021, compared with $116.1 million, or $1.67 per diluted share, for the quarter ended September 30, 2020. The Company reported adjusted net income of $83.9 million, or $1.20 per diluted share, for the quarter ended September 30, 2021, compared with $116.9 million, or $1.69 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 bank premises and expenses related to the COVID-19 pandemic.

For the year-to-date period ending September 30, 2021, the Company reported net income of $295.0 million, or $4.23 per diluted share, compared with $167.7 million, or $2.42 per diluted share, for the same period in 2020. The Company reported adjusted net income of $287.2 million, or $4.12 per diluted share, for the nine months ended September 30, 2021, compared with $198.5 million, or $2.86 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 continued organic success and strong third quarter results show the strength and focus of our team of bankers. We grew loans 7% annualized, exclusive of PPP loans, while growing low cost deposits at the same pace. In addition, we had another solid quarter of tangible book value growth at 3.8% for the quarter due to the core earnings power of our Company. We remain focused on growth opportunities in the premier markets in the Southeast, which we are confident will lead us to continue to deliver top financial results. I am energized by our momentum and look forward to a strong 2022."

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

* Net income of $81.7 million, or $1.17 per diluted share, compared with $88.3 million, or $1.27 per diluted share, in the second quarter of 2021 * Growth in tangible book value of 3.8%, or $1.01 per share, to $27.46 at September 30, 2021, compared with $26.45 at June 30, 2021 * Organic growth in loans of $43.7 million, or 1.2% annualized (and $251.3 million, or 7.0% annualized, exclusive of PPP loans), during the third quarter of 2021 * Increase in net interest income, excluding accretion, of $1.3 million, from $157.4 million in the second quarter of 2021 to $158.7 million in the third quarter of 2021 * Adjusted return on average assets of 1.51%, compared with 1.63% in the second quarter of 2021 * Continued growth in noninterest bearing deposits, representing 40.44% of total deposits, up from 36.27% at December 31, 2020 and 36.79% a year ago * Net recoveries during the third quarter of $127,000, compared to net charge-offs of $2.6 million, or 0.07% of loans, in the second quarter of 2021 * Repurchased 137,370 shares of the Company's common stock at a cost of $6.5 million, or an average price of $47.56 per share

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for the third quarter of 2021 totaled $162.8 million, compared with $163.0 million for the second quarter of 2021 and $163.9 million for the third quarter of 2020. The Company's net interest margin was 3.22% for the third quarter of 2021, down from 3.34% reported for the second quarter of 2021 and 3.64% reported for the third 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 14 basis points due to this excess liquidity, as well as a decline in accretion income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of three basis points during the quarter and increases in average loans. Accretion income for the third quarter of 2021 decreased to $2.9 million, compared with $4.5 million for the second quarter of 2021, and $6.5 million for the third quarter of 2020. The decrease in accretion income for the third quarter is primarily attributable to decreased accelerated income related to payoffs of acquired loans during the third quarter of 2021 and continued attrition of the purchased portfolio.

Yields on loans decreased to 4.24% during the third quarter of 2021, compared with 4.33% for the second quarter of 2021 and 4.42% reported for the third quarter of 2020. Contributing to interest income on loans for the third quarter of 2021 was $6.2 million related to accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.1 million in the second quarter of 2021. Loan production in the banking division during the third quarter of 2021 was $913.3 million, with weighted average yields of 3.56%, compared with $911.3 million and 3.75%, respectively, in the second quarter of 2021 and $869.0 million and 4.00%, respectively, in the third quarter of 2020. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.8 billion during the third quarter of 2021, with weighted average yields of 3.37%, compared with $6.4 billion and 3.36%, respectively, during the second quarter of 2021 and $7.7 billion and 3.33%, respectively, during the third quarter of 2020.

Interest expense during the third quarter of 2021 decreased to $11.4 million, compared with $11.9 million in the second quarter of 2021 and $17.4 million in the third quarter of 2020. The Company's total cost of funds moved two basis points lower to 0.24% in the third quarter of 2021 as compared with the second quarter of 2021. Deposit costs decreased two basis points during the third quarter of 2021 to 0.11%, compared with 0.13% in the second quarter of 2021. Costs of interest-bearing deposits decreased during the quarter from 0.21% in the second quarter of 2021 to 0.18% in the third quarter of 2021.

Noninterest Income

Noninterest income decreased $12.7 million, or 14.2%, in the third quarter of 2021 to $76.6 million, compared with $89.2 million for the second quarter of 2021, primarily as a result of decreased mortgage banking activity, which declined by $13.8 million, or 19.6%, to $56.5 million in the third quarter of 2021, compared with $70.2 million for the second quarter of 2021. This decrease was primarily the result of a $18.5 million reduction in mortgage pair-off fees compared with the second quarter of 2021. Gain on sale spreads increased to 3.17% in the third quarter of 2021 from 2.77% for the second quarter of 2021. Total production in the retail mortgage division decreased to $2.06 billion in the third quarter of 2021, compared with $2.39 billion for the second quarter of 2021. Mortgage banking activity was negatively impacted during the third quarter of 2021 by a $1.4 million servicing right impairment, compared with a recovery of $749,000 for the second quarter of 2021. The retail mortgage open pipeline was $1.93 billion at the end of the third quarter of 2021, compared with $1.75 billion at June 30, 2021.

Service charge revenue increased $479,000, or 4.4%, to $11.5 million in the third quarter of 2021, compared with $11.0 million for the second quarter of 2021, resulting from an increase in volume. Other noninterest income was flat in the third quarter of 2021 at $6.9 million, compared with the second quarter of 2021, primarily as a result of increases in trust services income of $260,000, BOLI income of $217,000 and merchant fee income of $130,000, offset by a decrease in gain on sale of SBA loans of $654,000.

Noninterest Expense

Noninterest expense increased $1.4 million, or 1.1%, to $137.2 million during the third quarter of 2021, compared with $135.8 million for the second quarter of 2021. During the third quarter of 2021, the Company recorded a net loss of $1.1 million related to bank premises and merger and conversion charges of $183,000, compared with a net gain on bank premises of $236,000 during the second quarter of 2021. Excluding these charges, adjusted expenses decreased approximately $120,000, or 0.1%, to $135.9 million in the third quarter of 2021, from $136.0 million in the second quarter of 2021. The majority of this decrease is attributable to a $5.8 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $1.2 million decrease in data processing and telecommunications expense. These decreases were offset by increases in legal and other professional fees, loan servicing expenses and other mortgage expenses that are not expected to be recurring. The adjusted efficiency ratio was 56.56% in the third quarter of 2021, compared with 54.07% in the second quarter of 2021.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2021 was 26.2%, compared with 23.3% in the second quarter of 2021. The increased rate for the third quarter of 2021 was primarily a result of an adjustment to the Company's state tax liability. The Company's future effective rate is expected to be between 23% and 24%.

Balance Sheet Trends

Total assets at September 30, 2021 were $22.53 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $16.26 billion at September 30, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $14.82 billion at September 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $343.6 million, or 2.4%. Loan production in the banking division during the third quarter of 2021 remained strong at $913.3 million, which was consistent with the second quarter of 2021 and up 5% from the third quarter of 2020.

At September 30, 2021, total deposits amounted to $18.83 billion, or 97.1% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At September 30, 2021, noninterest-bearing deposit accounts were $7.62 billion, or 40.4% 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 $12.01 billion at September 30, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 63.8% of the Company's total deposits at September 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at September 30, 2021 totaled $2.90 billion, an increase of $253.7 million, or 9.6%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $295.0 million during the first nine months of 2021, partially offset by dividends declared. Tangible book value per share was $27.46 at September 30, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.88% at September 30, 2021, compared with 8.47% at the end of 2020.

Credit Quality

Credit quality remains strong in the Company. During the third quarter of 2021, the Company recorded a provision for credit losses reversal of $9.7 million, compared with a provision of $142,000 in the second quarter of 2021. This provision reversal was primarily attributable to improvements in forecast economic conditions, particularly levels of home prices and commercial real estate prices, compared with forecast conditions during the second 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 third quarter of 2021 equaled approximately 0.6% of total loans, down from approximately 1.2% and 4.3% of total loans at the end of the second quarter of 2021 and the third quarter of 2020, respectively. Nonperforming assets as a percentage of total assets was stable at 0.32% during the quarter. The Company recorded net recoveries in the third quarter of 2021 of $127,000, such that the net charge-off ratio was zero basis points for the quarter, compared with seven basis points in the second quarter of 2021 and 10 basis points in the third quarter of 2020.

Share Repurchase Program

The Company's board of directors has also approved the extension of the share repurchase program authorized in September 2019, under which the Company was authorized to repurchase up to $100 million of its outstanding common stock. As extended, the program now allows for repurchases of shares to occur through October 31, 2022. Currently, $79,190,199 in aggregate value remains for repurchase under the program.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, October 29, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-833-950-0062 for participants in Canada and 1-929-526-1599 for other international participants). The conference call access code is 162447. A replay of the call will be available one hour after the end of the conference call until November 5, 2021. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 133904. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 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 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 Highlights Table 1

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

EARNINGS

Net income $81,680 $88,327 $124,962 $94,285 $116,145 $294,969 $167,703

Adjusted net income $83,861 $87,548 $115,746 $101,995 $116,879 $287,155 $198,507



COMMON SHARE DATA

Earnings per share available to common shareholders

Basic $1.18 $1.27 $1.80 $1.36 $1.68 $4.25 $2.42

Diluted $1.17 $1.27 $1.79 $1.36 $1.67 $4.23 $2.42

Adjusted diluted EPS $1.20 $1.25 $1.66 $1.47 $1.69 $4.12 $2.86

Cash dividends per share $0.15 $0.15 $0.15 $0.15 $0.15 $0.45 $0.45

Book value per share (period end) $41.66 $40.66 $39.56 $38.07 $36.91 $41.66 $36.91

Tangible book value per share (period end) $27.46 $26.45 $25.27 $23.69 $22.46 $27.46 $22.46

Weighted average number of shares

Basic 69,439,845 69,496,666 69,391,734 69,252,307 69,230,667 69,445,270 69,243,280

Diluted 69,756,135 69,791,670 69,740,860 69,493,105 69,346,141 69,772,084 69,403,104

Period end number of shares 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 69,635,435 69,490,546

Market data

High intraday price $53.63 $59.85 $57.81 $39.53 $27.81 $59.85 $43.79

Low intraday price $44.92 $47.44 $36.60 $22.37 $19.91 $36.60 $17.12

Period end closing price $51.88 $50.63 $52.51 $38.07 $22.78 $51.88 $22.78

Average daily volume 392,533 429,233 460,744 394,641 359,059 426,963 429,758



PERFORMANCE RATIOS

Return on average assets 1.47 %1.64 %2.44 %1.89 %2.33 %1.84 %1.18 %

Adjusted return on average assets 1.51 %1.63 %2.26 %2.04 %2.35 %1.79 %1.39 %

Return on average common equity 11.27 %12.66 %18.80 %14.30 %18.27 %14.14 %8.96 %

Adjusted return on average tangible common equity 17.65 %19.46 %27.66 %25.04 %30.53 %21.38 %17.84 %

Earning asset yield (TE) 3.44 %3.58 %3.85 %3.98 %4.02 %3.62 %4.29 %

Total cost of funds 0.24 %0.26 %0.30 %0.36 %0.41 %0.26 %0.60 %

Net interest margin (TE) 3.22 %3.34 %3.57 %3.64 %3.64 %3.37 %3.72 %

Noninterest income excluding securities transactions,30.32 %33.78 %39.71 %38.37 %46.72 %34.88 %37.74 %as a percent of total revenue (TE)

Efficiency ratio 57.59 %54.07 %52.59 %54.83 %47.80 %54.61 %55.34 %

Adjusted efficiency ratio (TE) 56.56 %54.07 %54.62 %52.67 %47.34 %55.05 %52.00 %



CAPITAL ADEQUACY (period end)

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

Tangible common equity to tangible assets 8.88 %8.83 %8.62 %8.47 %8.27 %8.88 %8.27 %



EQUITY TO ASSETS RECONCILIATION

Tangible common equity to tangible assets 8.88 %8.83 %8.62 %8.47 %8.27 %8.88 %8.27 %

Effect of goodwill and other intangibles 3.99 %4.13 %4.25 %4.48 %4.63 %3.99 %4.63 %

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



OTHER DATA (period end)

Full time equivalent employees

Banking Division 1,821 1,817 1,815 1,816 1,807 1,821 1,807

Retail Mortgage Division 749 759 765 748 734 749 734

Warehouse Lending Division 12 12 12 12 11 12 11

SBA Division 29 30 29 24 33 29 33

Premium Finance Division 67 68 70 71 71 67 71

Total Ameris Bancorp FTE headcount 2,678 2,686 2,691 2,671 2,656 2,678 2,656



Assets per Banking Division FTE $12,374 $12,046 $11,806 $11,255 $10,998 $12,374 $10,998

Branch locations 165 165 165 164 170 165 170

Deposits per branch location $114,142 $110,655 $108,339 $103,401 $94,493 $114,142 $94,493

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Income Statement Table 2

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Interest income

Interest and fees on loans $166,358$167,761$171,157$171,971$172,351$505,276$518,938

Interest on taxable securities 5,296 5,244 6,118 6,398 7,259 16,658 26,688

Interest on nontaxable securities 139 139 141 150 159 419 473

Interest on deposits in other banks 1,244 595 522 252 153 2,361 1,487

Interest on federal funds sold 9 12 12 12 12 33 134

Total interest income 173,046 173,751 177,950 178,783 179,934 524,747 547,720



Interest expense

Interest on deposits 5,106 5,775 6,798 8,870 11,822 17,679 50,197

Interest on other borrowings 6,279 6,124 6,175 6,457 5,574 18,578 23,226

Total interest expense 11,385 11,899 12,973 15,327 17,396 36,257 73,423



Net interest income 161,661 161,852 164,977 163,456 162,538 488,490 474,297



Provision for loan losses (3,984) (899) (16,579) (6,700) 26,692 (21,462) 132,188

Provision for unfunded commitments (5,516) 1,299 (11,839) 5,481 (10,131) (16,056) 13,581

Provision for other credit losses (175) (258) (173) (291) 1,121 (606) 1,121

Provision for credit losses (9,675) 142 (28,591) (1,510) 17,682 (38,124) 146,890

Net interest income after provision for credit losses171,336 161,710 193,568 164,966 144,856 526,614 327,407



Noninterest income

Service charges on deposit accounts 11,486 11,007 10,829 11,465 10,914 33,322 32,680

Mortgage banking activity 56,460 70,231 98,486 95,192 138,627 225,177 278,885

Other service charges, commissions and fees 1,154 1,056 1,016 965 1,039 3,226 2,949

Gain (loss) on securities 530 1 (12) - - 519 5

Other noninterest income 6,932 6,945 7,654 4,521 8,438 21,531 19,838

Total noninterest income 76,562 89,240 117,973 112,143 159,018 283,775 334,357



Noninterest expense

Salaries and employee benefits 79,671 85,505 95,985 92,466 96,698 261,161 267,812

Occupancy and equipment 11,979 10,812 11,781 12,709 13,805 34,572 39,640

Data processing and communications expenses 10,681 11,877 11,884 11,323 12,226 34,442 34,694

Credit resolution-related expenses^(1) 377 622 547 1,156 802 1,546 3,950

Advertising and marketing 2,676 1,946 1,431 3,267 966 6,053 4,779

Amortization of intangible assets 3,387 4,065 4,126 4,190 4,190 11,578 15,422

Merger and conversion charges 183 - - - (44) 183 1,391

Other noninterest expenses 28,242 20,934 23,044 26,005 25,049 72,220 79,825

Total noninterest expense 137,196 135,761 148,798 151,116 153,692 421,755 447,513



Income before income tax expense 110,702 115,189 162,743 125,993 150,182 388,634 214,251

Income tax expense 29,022 26,862 37,781 31,708 34,037 93,665 46,548

Net income $81,680 $88,327 $124,962$94,285 $116,145$294,969$167,703



Diluted earnings per common share $1.17 $1.27 $1.79 $1.36 $1.67 $4.23 $2.42



(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

Three Months Ended

Sep Jun Mar Dec Sep

(dollars in thousands) 2021 2021 2021 2020 2020

Assets

Cash and due from banks $239,028 $259,729 $224,159 $203,349 $257,026

Federal funds sold and interest-bearing deposits in banks 3,513,412 3,044,795 2,534,969 1,913,957 494,765

Time deposits in other banks - - 249 249 249

Investment securities available-for-sale, at fair value 684,504 778,167 859,652 982,879 1,117,436

Investment securities held-to-maturity, at amortized cost 64,451 29,055 - - -

Other investments 27,619 27,621 27,620 28,202 47,329

Loans held for sale 1,435,805 1,210,589 1,509,528 1,167,659 1,414,889



Loans, net of unearned income 14,824,539 14,780,791 14,599,805 14,480,925 14,943,593

Allowance for credit losses (171,213) (175,070) (178,570) (199,422) (231,924)

Loans, net 14,653,326 14,605,721 14,421,235 14,281,503 14,711,669



Other real estate owned 4,594 5,775 8,841 11,880 17,969

Premises and equipment, net 226,430 229,994 231,550 222,890 231,278

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

Other intangible assets, net 60,396 63,783 67,848 71,974 76,164

Cash value of bank owned life insurance 279,389 277,839 176,575 176,467 175,605

Deferred income taxes, net 4,329 9,081 22,367 33,314 53,039

Other assets 411,853 416,777 414,529 416,310 348,428

Total assets $22,533,141$21,886,931$21,427,127$20,438,638$19,873,851



Liabilities

Deposits

Noninterest-bearing $7,616,728 $6,983,761 $6,804,776 $6,151,070 $5,909,316

Interest-bearing 11,216,761 11,274,236 11,071,097 10,806,753 10,154,490

Total deposits 18,833,489 18,257,997 17,875,873 16,957,823 16,063,806

Federal funds purchased and securities sold under agreements to repurchase4,502 5,544 9,320 11,641 9,103

Other borrowings 425,375 425,303 425,231 425,155 875,255

Subordinated deferrable interest debentures 125,830 125,331 124,833 124,345 123,860

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

Other liabilities 243,175 235,752 234,274 272,586 217,668

Total liabilities 19,632,371 19,049,927 18,669,531 17,791,550 17,309,168



Shareholders' Equity

Preferred stock - - - - -

Common stock 72,016 72,008 71,954 71,754 71,703

Capital stock 1,922,964 1,920,566 1,917,990 1,913,285 1,911,031

Retained earnings 934,979 863,828 785,984 671,510 587,657

Accumulated other comprehensive income, net of tax 21,885 25,024 26,090 33,505 37,252

Treasury stock (51,074) (44,422) (44,422) (42,966) (42,960)

Total shareholders' equity 2,900,770 2,837,004 2,757,596 2,647,088 2,564,683

Total liabilities and shareholders' equity $22,533,141$21,886,931$21,427,127$20,438,638$19,873,851



Other Data

Earning assets $20,550,330$19,871,018$19,531,823$18,573,871$18,018,261

Intangible assets 988,401 991,788 995,853 999,979 1,004,169

Interest-bearing liabilities 11,772,468 11,830,414 11,630,481 11,367,894 11,162,708

Average assets 22,087,642 21,538,894 20,734,414 19,876,338 19,810,084

Average common shareholders' equity 2,874,691 2,798,269 2,695,005 2,622,942 2,529,471

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Asset Quality Information Table 4

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Allowance for Credit Losses

Balance at beginning of period $197,782 $200,241 $233,105 $260,417 $246,295 $233,105 $39,266



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

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

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



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



Provision for loan losses (3,984) (899) (16,579) (6,700) 26,692 (21,462) 132,188

Provision for unfunded commitments (5,516) 1,299 (11,839) 5,481 (10,131) (16,056) 13,581

Provision for other credit losses (175) (258) (173) (291) 1,121 (606) 1,121

Provision for credit losses (9,675) 142 (28,591) (1,510) 17,682 (38,124) 146,890



Charge-offs 3,537 7,138 7,574 29,094 7,370 18,249 25,370

Recoveries 3,664 4,537 3,301 3,292 3,810 11,502 8,256

Net charge-offs (127) 2,601 4,273 25,802 3,560 6,747 17,114



Ending balance $188,234 $197,782 $200,241 $233,105 $260,417 $188,234 $260,417



Allowance for loan losses $171,213 $175,070 $178,570 $199,422 $231,924 $171,213 $231,924

Allowance for unfunded commitments 16,797 22,313 21,014 32,853 27,372 16,797 27,372

Allowance for other credit losses 224 399 657 830 1,121 224 1,121

Total allowance for credit losses $188,234 $197,782 $200,241 $233,105 $260,417 $188,234 $260,417



Net Charge-off Information

Charge-offs

Commercial, financial and agricultural $858 $3,529 $2,370 $5,960 $1,715 $6,757 $4,687

Consumer installment 1,647 1,669 1,448 2,861 677 4,764 2,781

Indirect automobile 178 141 829 658 697 1,148 2,944

Premium Finance 605 1,194 1,343 2,240 1,158 3,142 3,893

Real estate - construction and development - 186 26 - 9 212 83

Real estate - commercial and farmland 210 27 1,395 17,284 2,977 1,632 10,220

Real estate - residential 39 392 163 91 137 594 762

Total charge-offs 3,537 7,138 7,574 29,094 7,370 18,249 25,370



Recoveries

Commercial, financial and agricultural 1,986 625 727 754 470 3,338 1,135

Consumer installment 199 212 356 480 516 767 1,273

Indirect automobile 278 372 700 637 317 1,350 1,020

Premium Finance 649 2,466 1,122 605 1,224 4,237 2,584

Real estate - construction and development 45 84 167 125 182 296 692

Real estate - commercial and farmland 266 185 41 439 904 492 1,010

Real estate - residential 241 593 188 252 197 1,022 542

Total recoveries 3,664 4,537 3,301 3,292 3,810 11,502 8,256



Net charge-offs $(127) $2,601 $4,273 $25,802 $3,560 $6,747 $17,114



Non-Performing Assets

Nonaccrual loans $58,932 $59,921 $71,189 $76,457 $138,163 $58,932 $138,163

Other real estate owned 4,594 5,775 8,841 11,880 17,969 4,594 17,969

Repossessed assets 152 226 840 544 258 152 258

Accruing loans delinquent 90 days or more 7,472 4,874 5,097 8,326 7,003 7,472 7,003

Total non-performing assets $71,150 $70,796 $85,967 $97,207 $163,393 $71,150 $163,393



Asset Quality Ratios

Non-performing assets as a percent of total assets 0.32 %0.32 %0.40 %0.48 %0.82 %0.32 %0.82 %

Net charge-offs as a percent of average loans (annualized)- %0.07 %0.12 %0.70 %0.10 %0.06 %0.17 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Loan Information Table 5

Sep Jun Mar Dec Sep

(dollars in thousands) 2021 2021 2021 2020 2020

Loans by Type

Commercial, financial and agricultural $1,217,575 $1,406,421 $1,611,029 $1,627,477 $1,879,788

Consumer installment 207,111 229,411 257,097 306,995 450,810

Indirect automobile 325,057 397,373 482,637 580,083 682,396

Mortgage warehouse 768,577 841,347 880,216 916,353 995,942

Municipal 624,430 647,578 659,228 659,403 725,669

Premium Finance 840,737 780,328 706,379 687,841 710,890

Real estate - construction and development 1,454,824 1,527,883 1,533,234 1,606,710 1,628,255

Real estate - commercial and farmland 6,409,704 6,051,472 5,616,826 5,300,006 5,116,252

Real estate - residential 2,976,524 2,898,978 2,853,159 2,796,057 2,753,591

Total loans $14,824,539$14,780,791$14,599,805$14,480,925$14,943,593



Troubled Debt Restructurings

Accruing troubled debt restructurings

Commercial, financial and agricultural $1,683 $1,038 $930 $521 $459

Consumer installment 22 28 27 32 36

Indirect automobile 1,284 1,647 1,931 2,277 2,689

Real estate - construction and development 887 898 501 506 510

Real estate - commercial and farmland 43,895 46,025 43,398 36,707 73,763

Real estate - residential 29,521 31,570 33,324 38,800 28,777

Total accruing troubled debt restructurings $77,292 $81,206 $80,111 $78,843 $106,234

Nonaccrual troubled debt restructurings

Commercial, financial and agricultural $112 $805 $854 $849 $1,002

Consumer installment 38 43 53 56 64

Indirect automobile 297 301 321 461 482

Real estate - construction and development 271 301 706 707 709

Real estate - commercial and farmland 6,715 7,103 2,233 1,401 19,942

Real estate - residential 2,687 2,515 2,818 2,671 4,477

Total nonaccrual troubled debt restructurings$10,120 $11,068 $6,985 $6,145 $26,676

Total troubled debt restructurings $87,412 $92,274 $87,096 $84,988 $132,910



Loans by Risk Grade

Grades 1 through 5 - Pass $14,562,058$14,477,905$14,204,219$14,109,418$14,506,555

Grade 6 - Other assets especially mentioned 87,757 100,750 135,213 108,541 151,501

Grade 7 - Substandard 174,724 202,134 260,369 262,947 285,537

Grade 8 - Doubtful - - - 19 -

Grade 9 - Loss - 2 4 - -

Total loans $14,824,539$14,780,791$14,599,805$14,480,925$14,943,593

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Average Balances Table 6

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Earning Assets

Federal funds sold $20,000 $20,000 $20,000 $20,000 $20,004 $20,000 $23,868

Interest-bearing deposits in banks 3,082,413 2,461,092 2,145,403 879,481 467,188 2,566,401 428,386

Time deposits in other banks - 244 249 249 249 163 249

Investment securities - taxable 757,278 811,234 910,834 1,024,335 1,160,585 825,886 1,267,015

Investment securities - nontaxable 19,053 18,225 19,225 20,112 21,619 18,834 22,010

Other investments 27,622 27,620 27,516 31,552 64,656 27,586 72,561

Loans held for sale 1,497,320 1,705,167 1,284,821 1,281,762 1,507,481 1,496,548 1,569,337

Loans 14,685,878 14,549,104 14,453,975 14,752,664 14,688,317 14,563,835 13,772,102

Total Earning Assets $20,089,564$19,592,686$18,862,023$18,010,155$17,930,099$19,519,253$17,155,528



Deposits

Noninterest-bearing deposits $7,168,717 $6,874,471 $6,412,268 $5,970,672 $5,782,163 $6,821,256 $4,977,833

NOW accounts 3,447,909 3,314,334 3,182,245 2,968,596 2,718,315 3,315,803 2,483,383

MMDA 4,966,492 4,872,500 4,761,279 4,534,243 4,273,899 4,867,509 4,167,207

Savings accounts 908,189 876,887 823,039 793,414 749,314 869,684 695,238

Retail CDs 1,919,184 2,005,265 2,066,410 2,109,600 2,274,150 1,996,413 2,455,833

Brokered CDs 511 1,000 1,000 1,140 1,933 835 21,650

Total Deposits 18,411,002 17,944,457 17,246,241 16,377,665 15,799,774 17,871,500 14,801,144

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase5,133 6,883 9,284 9,929 10,483 7,085 12,849

FHLB advances 48,866 48,910 48,951 127,797 799,034 48,909 1,091,885

Other borrowings 376,489 376,376 376,260 376,295 272,443 376,376 270,407

Subordinated deferrable interest debentures 125,567 125,068 124,574 124,091 123,604 125,073 124,814

Total Non-Deposit Funding 556,055 557,237 559,069 638,112 1,205,564 557,443 1,499,955

Total Funding $18,967,057$18,501,694$17,805,310$17,015,777$17,005,338$18,428,943$16,301,099

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Interest Income and Interest Expense (TE) Table 7

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Interest Income

Federal funds sold $9 $12 $12 $13 $13 $33 $134

Interest-bearing deposits in banks 1,244 594 521 251 152 2,359 1,484

Time deposits in other banks - 1 1 1 1 2 3

Investment securities - taxable 5,296 5,244 6,118 6,398 7,260 16,658 26,688

Investment securities - nontaxable (TE) 176 176 178 190 202 530 599

Loans held for sale 10,618 11,773 10,827 9,705 10,365 33,218 38,055

Loans (TE) 156,861 157,112 161,473 163,532 163,352 475,446 484,605

Total Earning Assets $174,204$174,912$179,130$180,090$181,345$528,246$551,568



Accretion income (included above) $2,948 $4,462 $6,127 $4,688 $6,525 $13,537 $22,663



Interest Expense

Interest-Bearing Deposits

NOW accounts $808 $816 $926 $1,091 $1,394 $2,550 $5,433

MMDA 1,970 1,908 1,998 2,326 2,823 5,876 16,335

Savings accounts 129 122 124 143 112 375 416

Retail CDs 2,195 2,921 3,744 5,301 7,484 8,860 27,684

Brokered CDs 4 8 6 9 9 18 329

Total Interest-Bearing Deposits 5,106 5,775 6,798 8,870 11,822 17,679 50,197

Non-Deposit Funding

Federal funds purchased and securities sold under 4 5 7 8 9 16 74 agreements to repurchase

FHLB advances 195 193 192 245 661 580 7,456

Other borrowings 4,640 4,683 4,638 4,635 3,558 13,961 10,556

Subordinated deferrable interest debentures 1,440 1,243 1,338 1,569 1,346 4,021 5,140

Total Non-Deposit Funding 6,279 6,124 6,175 6,457 5,574 18,578 23,226

Total Interest-Bearing Funding $11,385 $11,899 $12,973 $15,327 $17,396 $36,257 $73,423



Net Interest Income (TE) $162,819$163,013$166,157$164,763$163,949$491,989$478,145

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Yields^(1) Table 8

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

2021 2021 2021 2020 2020 2021 2020

Earning Assets

Federal funds sold 0.18%0.24%0.24%0.26%0.26%0.22 %0.75 %

Interest-bearing deposits in banks 0.16%0.10%0.10%0.11%0.13%0.12 %0.46 %

Time deposits in other banks - %1.64%1.63%1.60%1.60%1.64 %1.61 %

Investment securities - taxable 2.77%2.59%2.72%2.48%2.49%2.70 %2.81 %

Investment securities - nontaxable (TE) 3.66%3.87%3.75%3.76%3.72%3.76 %3.64 %

Loans held for sale 2.81%2.77%3.42%3.01%2.74%2.97 %3.24 %

Loans (TE) 4.24%4.33%4.53%4.41%4.42%4.36 %4.70 %

Total Earning Assets 3.44%3.58%3.85%3.98%4.02%3.62 %4.29 %



Interest-Bearing Deposits

NOW accounts 0.09%0.10%0.12%0.15%0.20%0.10 %0.29 %

MMDA 0.16%0.16%0.17%0.20%0.26%0.16 %0.52 %

Savings accounts 0.06%0.06%0.06%0.07%0.06%0.06 %0.08 %

Retail CDs 0.45%0.58%0.73%1.00%1.31%0.59 %1.51 %

Brokered CDs 3.11%3.21%2.43%3.14%1.85%2.88 %2.03 %

Total Interest-Bearing Deposits 0.18%0.21%0.25%0.34%0.47%0.21 %0.68 %

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase0.31%0.29%0.31%0.32%0.34%0.30 %0.77 %

FHLB advances 1.58%1.58%1.59%0.76%0.33%1.59 %0.91 %

Other borrowings 4.89%4.99%5.00%4.90%5.20%4.96 %5.21 %

Subordinated deferrable interest debentures 4.55%3.99%4.36%5.03%4.33%4.30 %5.50 %

Total Non-Deposit Funding 4.48%4.41%4.48%4.03%1.84%4.46 %2.07 %

Total Interest-Bearing Liabilities 0.38%0.41%0.46%0.55%0.62%0.42 %0.87 %



Net Interest Spread 3.06%3.17%3.39%3.43%3.40%3.20 %3.42 %



Net Interest Margin^(2) 3.22%3.34%3.57%3.64%3.64%3.37 %3.72 %



Total Cost of Funds^(3) 0.24%0.26%0.30%0.36%0.41%0.26 %0.60 %

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including noninterest-bearing deposits.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Non-GAAP Reconciliations



Adjusted Net Income Table 9A

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Net income available to common shareholders $ 81,680 $ 88,327 $ 124,962 $ 94,285 $ 116,145 $ 294,969 $ 167,703



Adjustment items:

Merger and conversion charges 183 - - - (44) 183 1,391

Restructuring charges - - - - 50 - 1,513

Servicing right impairment (recovery) 1,398 (749) (10,639) 9,501 412 (9,990) 30,566

Gain on BOLI proceeds - - (603) - (103) (603) (948)

Expenses related to SEC and DOJ Investigation - - - 53 268 - 3,005

Natural disaster and pandemic charges (Note 1) - - - 235 470 - 3,061

(Gain) loss on bank premises 1,136 (236) (264) (30) (97) 636 654

Tax effect of adjustment items (Note 2) (536) 206 2,290 (2,049) (222) 1,960 (8,438)

After tax adjustment items 2,181 (779) (9,216) 7,710 734 (7,814) 30,804

Adjusted net income $ 83,861 $ 87,548 $ 115,746 $ 101,995 $ 116,879 $ 287,155 $ 198,507



Weighted average number of shares - diluted 69,756,135 69,791,670 69,740,860 69,493,105 69,346,141 69,772,084 69,403,104

Net income per diluted share $ 1.17 $ 1.27 $ 1.79 $ 1.36 $ 1.67 $ 4.23 $ 2.42

Adjusted net income per diluted share $ 1.20 $ 1.25 $ 1.66 $ 1.47 $ 1.69 $ 4.12 $ 2.86



Average assets $ 22,087,642 $ 21,538,894 $ 20,734,414 $ 19,876,338 $ 19,810,084 $ 21,462,501 $ 19,045,028

Return on average assets 1.47 % 1.64 % 2.44 % 1.89 % 2.33 % 1.84 % 1.18 %

Adjusted return on average assets 1.51 % 1.63 % 2.26 % 2.04 % 2.35 % 1.79 % 1.39 %



Average common equity $ 2,874,691 $ 2,798,269 $ 2,695,005 $ 2,622,942 $ 2,529,471 $ 2,789,979 $ 2,500,689

Average tangible common equity $ 1,884,622 $ 1,804,324 $ 1,696,946 $ 1,620,742 $ 1,523,066 $ 1,795,984 $ 1,486,579

Return on average common equity 11.27 % 12.66 % 18.80 % 14.30 % 18.27 % 14.14 % 8.96 %

Adjusted return on average tangible common equity 17.65 % 19.46 % 27.66 % 25.04 % 30.53 % 21.38 % 17.84 %



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 3Q21, 3Q20 and both year-to-date periods are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Non-GAAP Reconciliations (continued)



Adjusted Efficiency Ratio (TE) Table 9B

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Adjusted Noninterest Expense

Total noninterest expense $137,196 $135,761 $148,798 $151,116 $153,692 $421,755 $447,513

Adjustment items:

Merger and conversion charges (183) - - - 44 (183) (1,391)

Restructuring charges - - - - (50) - (1,513)

Expenses related to SEC and DOJ Investigation- - - (53) (268) - (3,005)

Natural disaster and pandemic charges - - - (235) (470) - (3,061)

Gain (loss) on bank premises (1,136) 236 264 30 97 (636) (654)

Adjusted noninterest expense $135,877 $135,997 $149,062 $150,858 $153,045 $420,936 $437,889



Total Revenue

Net interest income $161,661 $161,852 $164,977 $163,456 $162,538 $488,490 $474,297

Noninterest income 76,562 89,240 117,973 112,143 159,018 283,775 334,357

Total revenue $238,223 $251,092 $282,950 $275,599 $321,556 $772,265 $808,654



Adjusted Total Revenue

Net interest income (TE) $162,819 $163,013 $166,157 $164,763 $163,949 $491,989 $478,145

Noninterest income 76,562 89,240 117,973 112,143 159,018 283,775 334,357

Total revenue (TE) 239,381 252,253 284,130 276,906 322,967 775,764 812,502

Adjustment items:

(Gain) loss on securities (530) (1) 12 - - (519) (5)

Gain on BOLI proceeds - - (603) - (103) (603) (948)

Servicing right impairment (recovery) 1,398 (749) (10,639) 9,501 412 (9,990) 30,566

Adjusted total revenue (TE) $240,249 $251,503 $272,900 $286,407 $323,276 $764,652 $842,115



Efficiency ratio 57.59 %54.07 %52.59 %54.83 %47.80 %54.61 %55.34 %

Adjusted efficiency ratio (TE) 56.56 %54.07 %54.62 %52.67 %47.34 %55.05 %52.00 %



Tangible Book Value Per Share Table 9C

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Total shareholders' equity $2,900,770 $2,837,004 $2,757,596 $2,647,088 $2,564,683 $2,900,770 $2,564,683

Less:

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

Other intangibles, net 60,396 63,783 67,848 71,974 76,164 60,396 76,164

Total tangible shareholders' equity $1,912,369 $1,845,216 $1,761,743 $1,647,109 $1,560,514 $1,912,369 $1,560,514



Period end number of shares 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 69,635,435 69,490,546

Book value per share (period end) $41.66 $40.66 $39.56 $38.07 $36.91 $41.66 $36.91

Tangible book value per share (period end) $27.46 $26.45 $25.27 $23.69 $22.46 $27.46 $22.46

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting Table 10

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

Banking Division

Net interest income $113,524$110,670$112,816$112,964$119,562$337,010$358,267

Provision for credit losses (9,578) (3,949) (23,904) 1,847 487 (37,431) 123,289

Noninterest income 17,896 16,171 16,738 15,659 15,265 50,805 47,506

Noninterest expense

Salaries and employee benefits 40,020 37,814 42,723 38,668 39,718 120,557 121,762

Occupancy and equipment expenses 10,196 9,050 10,120 10,958 11,955 29,366 33,981

Data processing and telecommunications expenses9,159 10,280 10,201 9,608 9,716 29,640 29,432

Other noninterest expenses 21,723 18,763 19,710 25,806 21,517 60,196 80,159

Total noninterest expense 81,098 75,907 82,754 85,040 82,906 239,759 265,334

Income before income tax expense 59,900 54,883 70,704 41,736 51,434 185,487 17,150

Income tax expense 17,784 14,196 18,456 13,992 13,453 50,436 5,146

Net income $42,116 $40,687 $52,248 $27,744 $37,981 $135,051$12,004



Retail Mortgage Division

Net interest income $21,289 $22,533 $18,984 $19,908 $20,393 $62,806 $62,451

Provision for credit losses 1,678 5,647 (4,553) (1,621) 15,051 2,772 17,471

Noninterest income 55,555 69,055 97,640 94,109 137,583 222,250 276,147

Noninterest expense

Salaries and employee benefits 36,373 44,798 49,838 50,165 53,500 131,009 134,600

Occupancy and equipment expenses 1,590 1,553 1,476 1,577 1,676 4,619 5,133

Data processing and telecommunications expenses1,357 1,435 1,546 1,534 2,349 4,338 4,741

Other noninterest expenses 11,675 7,638 8,189 7,442 7,889 27,502 20,713

Total noninterest expense 50,995 55,424 61,049 60,718 65,414 167,468 165,187

Income before income tax expense 24,171 30,517 60,128 54,920 77,511 114,816 155,940

Income tax expense 5,076 6,408 12,627 11,535 16,112 24,111 32,751

Net income $19,095 $24,109 $47,501 $43,385 $61,399 $90,705 $123,189



Warehouse Lending Division

Net interest income $8,712 $8,720 $9,906 $9,017 $6,546 $27,338 $14,874

Provision for credit losses (291) (155) (145) 1,673 495 (591) 889

Noninterest income 1,037 1,333 980 1,113 1,064 3,350 2,751

Noninterest expense

Salaries and employee benefits 264 278 330 296 266 872 685

Occupancy and equipment expenses - 1 1 1 1 2 3

Data processing and telecommunications expenses59 68 49 101 73 176 169

Other noninterest expenses 200 30 33 26 28 263 150

Total noninterest expense 523 377 413 424 368 1,313 1,007

Income before income tax expense 9,517 9,831 10,618 8,033 6,747 29,966 15,729

Income tax expense 1,999 2,064 2,230 1,687 1,431 6,293 3,317

Net income $7,518 $7,767 $8,388 $6,346 $5,316 $23,673 $12,412

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting (continued) Table 10

Three Months Ended Nine Months Ended

Sep Jun Mar Dec Sep Sep Sep

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

SBA Division

Net interest income $10,699 $12,882 $16,635 $14,909 $8,966 $40,216 $18,181

Provision for credit losses (1,104) (607) (547) (2,997) 4,297 (2,258) 5,716

Noninterest income 2,070 2,677 2,611 1,247 5,106 7,358 7,953

Noninterest expense

Salaries and employee benefits 1,320 937 1,382 1,233 1,572 3,639 5,660

Occupancy and equipment expenses 116 132 106 100 97 354 291

Data processing and telecommunications expenses18 - 1 1 4 19 32

Other noninterest expenses 370 284 295 363 595 949 1,469

Total noninterest expense 1,824 1,353 1,784 1,697 2,268 4,961 7,452

Income before income tax expense 12,049 14,813 18,009 17,456 7,507 44,871 12,966

Income tax expense 2,530 3,111 3,782 3,666 1,577 9,423 2,723

Net income $9,519 $11,702 $14,227 $13,790 $5,930 $35,448 $10,243



Premium Finance Division

Net interest income $7,437 $7,047 $6,636 $6,658 $7,071 $21,120 $20,524

Provision for credit losses (380) (794) 558 (412) (2,648) (616) (475)

Noninterest income 4 4 4 15 - 12 -

Noninterest expense

Salaries and employee benefits 1,694 1,678 1,712 2,104 1,642 5,084 5,105

Occupancy and equipment expenses 77 76 78 73 76 231 232

Data processing and telecommunications expenses88 94 87 79 84 269 320

Other noninterest expenses 897 852 921 981 934 2,670 2,876

Total noninterest expense 2,756 2,700 2,798 3,237 2,736 8,254 8,533

Income before income tax expense 5,065 5,145 3,284 3,848 6,983 13,494 12,466

Income tax expense 1,633 1,083 686 828 1,464 3,402 2,611

Net income $3,432 $4,062 $2,598 $3,020 $5,519 $10,092 $9,855



Total Consolidated

Net interest income $161,661$161,852$164,977$163,456$162,538$488,490$474,297

Provision for credit losses (9,675) 142 (28,591) (1,510) 17,682 (38,124) 146,890

Noninterest income 76,562 89,240 117,973 112,143 159,018 283,775 334,357

Noninterest expense

Salaries and employee benefits 79,671 85,505 95,985 92,466 96,698 261,161 267,812

Occupancy and equipment expenses 11,979 10,812 11,781 12,709 13,805 34,572 39,640

Data processing and telecommunications expenses10,681 11,877 11,884 11,323 12,226 34,442 34,694

Other noninterest expenses 34,865 27,567 29,148 34,618 30,963 91,580 105,367

Total noninterest expense 137,196 135,761 148,798 151,116 153,692 421,755 447,513

Income before income tax expense 110,702 115,189 162,743 125,993 150,182 388,634 214,251

Income tax expense 29,022 26,862 37,781 31,708 34,037 93,665 46,548

Net income $81,680 $88,327 $124,962$94,285 $116,145$294,969$167,703

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SOURCE Ameris Bancorp