PR Newswire | Jan 27, 2022 04:06PM EST

01/27 15:05 CST

AMERIS BANCORP ANNOUNCES RECORD 2021 FINANCIAL RESULTS ATLANTA, Jan. 27, 2022

ATLANTA, Jan. 27, 2022 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported record 2021 net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, for the year ended December 31, 2020. The Company reported adjusted net income of $368.7 million, or $5.29 per diluted share, for the year ended December 31, 2021, compared with $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020.

The Company reported net income of $81.9 million, or $1.18 per diluted share, for the quarter ended December 31, 2021, compared with $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020. The Company reported adjusted net income of $81.5 million, or $1.17 per diluted share, for the quarter ended December 31, 2021, compared with $102.0 million, or $1.47 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.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The record earnings reported today are a culmination of efforts across our entire team. We remained focused this year and the success of our team was remarkable. Not only are we reporting record year to date earnings of $376.9 million, we are also reporting full year organic loan growth of 10.45% (excluding PPP loans), tangible book value growth of 10.8% and an ROA of 1.73%. In addition, we were able to maintain a 55% efficiency ratio in one of the tightest margin environments we've seen. We have positioned ourselves to be asset sensitive, we remain focused on expense control, and our credit quality remains strong. Add the growth opportunity from the recent acquisition of Balboa Capital, in addition to our strong Southeast markets, and you realize the level of momentum and enthusiasm around our Company as we look forward."

Highlights of the Company's results for the full year 2021 include the following:

* Net income of $376.9 million, or $5.40 per diluted share, compared with $262.0 million, or $3.77 per diluted share, in 2020 * Organic growth in loans of $727.5 million, or 5.0% (and $1.4 billion, or 10.5%, exclusive of PPP loans), during 2021 * Adjusted return on average assets of 1.69%, compared with 1.56% in 2020 * Adjusted return on average tangible common equity of 20.19%, compared with 19.77% last year * Growth in tangible book value of 10.8%, or $2.57 per share, to $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020 * Continued growth in noninterest bearing deposits, representing 39.54% of total deposits, up from 36.27% at December 31, 2020

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

* Net income of $81.9 million, or $1.18 per diluted share, compared with $81.7 million, or $1.17 per diluted share, in the third quarter of 2021 * Successfully completed the acquisition of Balboa Capital Corporation, a point of sale and direct online provider of lending solutions to small and mid-sized businesses nationwide, in December 2021 * Organic growth in loans of $383.9 million, or 10.4% annualized (and $536.6 million, or 14.8% annualized, exclusive of PPP loans), during the fourth quarter of 2021 * Increase in net interest income of $5.2 million, from $161.7 million in the third quarter of 2021 to $166.8 million in the fourth quarter of 2021 * Improvement in the adjusted efficiency ratio to 54.85% in the fourth quarter of 2021, from 56.56% in the third quarter of 2021 * Net recoveries during the fourth quarter of $556,000, or 0.01% of average loans, compared with net recoveries of $127,000, or 0.00% of average loans, in the third quarter of 2021 * Repurchased 25,859 shares of the Company's common stock at a cost of $1.3 million, or an average price of $48.47 per share

Net Interest Income and Net Interest MarginNet interest income on a tax-equivalent basis for 2021 increased to $659.9 million, compared with $642.9 million for 2020. The Company's net interest margin was 3.32% for 2021, down from 3.70% reported for 2020. Accretion income for 2021 decreased to $16.3 million, compared with $27.4 million for 2020. The decrease in net interest margin is primarily attributable to excess liquidity held on the balance sheet from deposit growth during the year.

Net interest income on a tax-equivalent basis for the fourth quarter of 2021 increased to $167.9 million, compared with $162.8 million for the third quarter of 2021 and $164.8 million for the fourth quarter of 2020. The Company's net interest margin was 3.18% for the fourth quarter of 2021, down from 3.22% reported for the third quarter of 2021 and 3.64% reported for the fourth 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 five basis points due to this excess liquidity, and the decline was partially offset by increases in average loans and improvement in the cost of interest-bearing liabilities of one basis point during the quarter. Accretion income for the fourth quarter of 2021 decreased to $2.8 million, compared with $2.9 million for the third quarter of 2021 and $4.7 million for the fourth quarter of 2020.

Yields on loans increased to 4.26% during the fourth quarter of 2021, compared with 4.24% for the third quarter of 2021 and 4.41% reported for the fourth quarter of 2020. Contributing to interest income on loans for the fourth quarter of 2021 was $4.8 million of interest income on loans from the recent Balboa Capital acquisition, as well as $8.2 million of accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $6.2 million in the third quarter of 2021. Loan production in the banking division during the fourth quarter of 2021 was $1.15 billion, with weighted average yields of 3.35%, compared with $913.3 million and 3.56%, respectively, in the third quarter of 2021 and $784.9 million and 3.86%, respectively, in the fourth quarter of 2020. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.5 billion during the fourth quarter of 2021, with weighted average yields of 3.43%, compared with $5.8 billion and 3.37%, respectively, during the third quarter of 2021 and $7.7 billion and 3.25%, respectively, during the fourth quarter of 2020.

Interest expense during the fourth quarter of 2021 increased to $11.5 million, compared with $11.4 million in the third quarter of 2021, but decreased from $15.3 million in the fourth quarter of 2020. The increase in interest expense was related to borrowings from the Balboa Capital acquisition, as the Company was not able to pay off all the debt until January 2022. The Company's total cost of funds moved one basis point lower to 0.23% in the fourth quarter of 2021 as compared with the third quarter of 2021. Deposit costs decreased one basis point during the fourth quarter of 2021 to 0.10%, compared with 0.11% in the third quarter of 2021. Costs of interest-bearing deposits decreased during the quarter from 0.18% in the third quarter of 2021 to 0.16% in the fourth quarter of 2021.

Noninterest IncomeNoninterest income increased $5.2 million, or 6.8%, in the fourth quarter of 2021 to $81.8 million, compared with $76.6 million for the third quarter of 2021, primarily as a result of increased mortgage banking activity, which increased by $4.3 million, or 7.6%, to $60.7 million in the fourth quarter of 2021, compared with $56.5 million for the third quarter of 2021. This increase was primarily the result of a net recovery of servicing right impairment of $4.5 million, compared with an impairment of $1.4 million for the third quarter of 2021. Gain on sale spreads increased to 3.27% in the fourth quarter of 2021 from 3.17% for the third quarter of 2021. Total production in the retail mortgage division decreased to $1.82 billion in the fourth quarter of 2021, compared with $2.06 billion for the third quarter of 2021. The retail mortgage open pipeline was $1.62 billion at the end of the fourth quarter of 2021, compared with $1.93 billion at September 30, 2021.

Service charge revenue increased $298,000, or 2.59%, to $11.8 million in the fourth quarter of 2021, compared with $11.5 million for the third quarter of 2021, resulting from an increase in volume. Other noninterest income increased $1.4 million, or 19.8%, in the fourth quarter of 2021 to $8.3 million, compared with $6.9 million for the third quarter of 2021, primarily as a result of noninterest income in our Balboa Capital division of $1.1 million. Also contributing to the increase were increases in trust services income of $167,000 and BOLI income of $207,000.

Noninterest income decreased $81.0 million, or 18.1%, to $365.5 million for 2021, compared with $446.5 million for 2020, primarily as a result of decreased mortgage banking activity, which declined by $88.2 million, or 23.6%, to $285.9 million in 2021, compared with $374.1 million in 2020. Production remained strong at $8.9 billion in 2021, compared with $9.8 billion in 2020, while gain on sale spreads narrowed to 3.31% in 2021 from 3.79% in 2020.

Noninterest ExpenseNoninterest expense increased $1.2 million, or 0.85%, to $138.4 million during the fourth quarter of 2021, compared with $137.2 million for the third quarter of 2021. During the fourth quarter of 2021, the Company recorded merger and conversion charges of $4.0 million and a net gain of $126,000 related to bank premises, compared with a net loss on bank premises of $1.1 million and merger and conversion charges of $183,000 during the third quarter of 2021. Excluding these charges, adjusted expenses decreased approximately $1.4 million, or 1.03%, to $134.5 million in the fourth quarter of 2021, from $135.9 million in the third quarter of 2021. Operating expenses in the newly acquired Balboa Capital division were $1.35 million in the fourth quarter of 2021. A driving factor in the overall decrease in expenses was a reduction in salaries and employee benefits in the banking division of $4.8 million, offset by the $1.3 million of salaries and employee benefits in the Balboa Capital division. The adjusted efficiency ratio was 54.85% in the fourth quarter of 2021, compared with 56.56% in the third quarter of 2021.

Noninterest expense decreased $38.5 million, or 6.4%, to $560.1 million in 2021, compared with $598.6 million in 2020. During 2021, the Company recorded $4.7 million of charges to earnings, the majority of which related to merger and conversion charges, compared with $9.9 million in charges in 2020 that were principally related to natural disaster and pandemic charges and certain legal expenses. Excluding these charges, adjusted expenses decreased $33.3 million, or 5.7%, to $555.4 million in 2021, from $588.7 million in 2020. The majority of this decrease is attributable to a $22.5 million reduction in salaries and employee benefits, primarily variable compensation related to mortgage production, and a $4.6 million reduction in amortization of intangible assets.

Income Tax ExpenseThe Company's effective tax rate for 2021 was 24.0%, compared with 23.0% in 2020. The Company's effective tax rate for the fourth quarter of 2021 was 23.8%, compared with 26.2% in the third quarter of 2021. The decreased rate for the fourth quarter of 2021 was primarily a result of a discrete charge to the Company's state tax liability in the third quarter of 2021.

Balance Sheet TrendsTotal assets at December 31, 2021 were $23.86 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $17.13 billion at December 31, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $15.87 billion at December 31, 2021, compared with $14.48 billion at December 31, 2020, an increase of $1.39 billion, or 9.6%. Loan production in the banking division during the fourth quarter of 2021 totaled $1.15 billion, up 26% from the third quarter of 2021 and 46% from the fourth quarter of 2020.

At December 31, 2021, total deposits amounted to $19.67 billion, or 95.8% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At December 31, 2021, noninterest-bearing deposit accounts were $7.77 billion, or 39.5% 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 $12.52 billion at December 31, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 63.6% of the Company's total deposits at December 31, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at December 31, 2021 totaled $2.97 billion, an increase of $319.4 million, or 12.1%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $376.9 million during 2021, partially offset by dividends declared and share repurchases. Tangible book value per share was $26.26 at December 31, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.05% at December 31, 2021, compared with 8.47% at the end of 2020.

Credit QualityCredit quality remains strong in the Company. During the fourth quarter of 2021, the Company recorded a provision for credit losses of $2.8 million, compared with a provision reversal of $9.7 million in the third quarter of 2021. This provision was primarily attributable to growth in unfunded commitments, partially offset by an improvement in expected credit losses on loans. The Company has been prudently working with borrowers to support their credit needs during the current 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 fourth quarter of 2021 equaled approximately 0.4% of total loans, down from approximately 0.6% and 2.9% of total loans at the end of the third quarter of 2021 and the fourth quarter of 2020, respectively. Nonperforming assets as a percentage of total assets increased 11 basis points to 0.43% during the quarter. This increase was primarily attributable to purchased credit deteriorated assets added from the Balboa Capital acquisition and certain GNMA and portfolio mortgages that completed COVID forbearances and the loan has not been either brought current or formally modified. The Company recorded net recoveries in the fourth quarter of 2021 of $556,000, such that the net charge-off ratio was negative one basis point for the quarter, compared with zero basis points in the third quarter of 2021 and 70 basis points in the fourth quarter of 2020.

Conference CallThe Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 28, 2022, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants). The conference call access code is 652601. A replay of the call will be available one hour after the end of the conference call until February 4, 2022. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 554920. 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 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 the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Financial Highlights Table 1

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

EARNINGS

Net income $ 81,944 $ 81,680 $ 88,327 $ 124,962 $ 94,285 $ 376,913 $ 261,988

Adjusted net income $ 81,544 $ 83,861 $ 87,548 $ 115,746 $ 101,995 $ 368,699 $ 300,501



COMMON SHARE DATA

Earnings per share available to common shareholders

Basic $ 1.18$ 1.18$ 1.27$ 1.80$ 1.36$ 5.43$ 3.78

Diluted $ 1.18$ 1.17$ 1.27$ 1.79$ 1.36$ 5.40$ 3.77

Adjusted diluted EPS $ 1.17$ 1.20$ 1.25$ 1.66$ 1.47$ 5.29$ 4.33

Cash dividends per share $ 0.15$ 0.15$ 0.15$ 0.15$ 0.15$ 0.60$ 0.60

Book value per share (period end) $ 42.62 $ 41.66 $ 40.66 $ 39.56 $ 38.07 $ 42.62 $ 38.07

Tangible book value per share (period end) $ 26.26 $ 27.46 $ 26.45 $ 25.27 $ 23.69 $ 26.26 $ 23.69

Weighted average number of shares

Basic 69,398,594 69,439,845 69,496,666 69,391,734 69,252,307 69,431,860 69,256,020

Diluted 69,738,426 69,756,135 69,791,670 69,740,860 69,493,105 69,761,394 69,426,185

Period end number of shares 69,608,228 69,635,435 69,767,209 69,713,426 69,541,481 69,608,228 69,541,481

Market data

High intraday price $ 56.64 $ 53.63 $ 59.85 $ 57.81 $ 39.53 $ 59.85 $ 43.79

Low intraday price $ 46.20 $ 44.92 $ 47.44 $ 36.60 $ 22.37 $ 36.60 $ 17.12

Period end closing price $ 49.68 $ 51.88 $ 50.63 $ 52.51 $ 38.07 $ 49.68 $ 38.07

Average daily volume 350,119 392,533 429,233 460,744 394,641 407,447 420,874



PERFORMANCE RATIOS

Return on average assets 1.41 % 1.47 % 1.64 % 2.44 % 1.89 % 1.73 % 1.36 %

Adjusted return on average assets 1.40 % 1.51 % 1.63 % 2.26 % 2.04 % 1.69 % 1.56 %

Return on average common equity 11.06 % 11.27 % 12.66 % 18.80 % 14.30 % 13.33 % 10.35 %

Adjusted return on average tangible common equity 16.88 % 17.65 % 19.46 % 27.66 % 25.04 % 20.19 % 19.77 %

Earning asset yield (TE) 3.39 % 3.44 % 3.58 % 3.85 % 3.98 % 3.56 % 4.21 %

Total cost of funds 0.23 % 0.24 % 0.26 % 0.30 % 0.36 % 0.25 % 0.54 %

Net interest margin (TE) 3.18 % 3.22 % 3.34 % 3.57 % 3.64 % 3.32 % 3.70 %

Noninterest income excluding securities transactions, as a percent of total 31.31 % 30.32 % 33.78 % 39.71 % 38.37 % 34.01 % 37.90 % revenue (TE)

Efficiency ratio 55.66 % 57.59 % 54.07 % 52.59 % 54.83 % 54.87 % 55.21 %

Adjusted efficiency ratio (TE) 54.85 % 56.56 % 54.07 % 54.62 % 52.67 % 55.00 % 52.17 %



CAPITAL ADEQUACY (period end)

Shareholders' equity to assets 12.43 % 12.87 % 12.96 % 12.87 % 12.95 % 12.43 % 12.95 %

Tangible common equity to tangible assets 8.05 % 8.88 % 8.83 % 8.62 % 8.47 % 8.05 % 8.47 %



EQUITY TO ASSETS RECONCILIATION

Tangible common equity to tangible assets 8.05 % 8.88 % 8.83 % 8.62 % 8.47 % 8.05 % 8.47 %

Effect of goodwill and other intangibles 4.38 % 3.99 % 4.13 % 4.25 % 4.48 % 4.38 % 4.48 %

Equity to assets (GAAP) 12.43 % 12.87 % 12.96 % 12.87 % 12.95 % 12.43 % 12.95 %



OTHER DATA (period end)

Full time equivalent employees

Banking Division 2,008 1,821 1,817 1,815 1,816 2,008 1,816

Retail Mortgage Division 739 749 759 765 748 739 748

Warehouse Lending Division 12 12 12 12 12 12 12

SBA Division 34 29 30 29 24 34 24

Premium Finance Division 72 67 68 70 71 72 71

Total Ameris Bancorp FTE headcount 2,865 2,678 2,686 2,691 2,671 2,865 2,671



Assets per Banking Division FTE $ 13,262 $ 12,374 $ 12,046 $ 11,806 $ 11,255 $ 13,262 $ 11,255

Branch locations 165 165 165 165 164 165 164

Deposits per branch location $ 119,185 $ 114,142 $ 110,655 $ 108,339 $ 103,401 $ 119,185 $ 103,401

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Income Statement Table 2

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Interest income

Interest and fees on loans $ 170,813 $ 166,358 $ 167,761 $ 171,157 $ 171,971 $ 676,089 $ 690,909

Interest on taxable securities 5,866 5,296 5,244 6,118 6,398 22,524 33,086

Interest on nontaxable securities 156 139 139 141 150 575 623

Interest on deposits in other banks 1,521 1,244 595 522 252 3,882 1,739

Interest on federal funds sold 9 9 12 12 12 42 146

Total interest income 178,365 173,046 173,751 177,950 178,783 703,112 726,503



Interest expense

Interest on deposits 4,678 5,106 5,775 6,798 8,870 22,357 59,067

Interest on other borrowings 6,850 6,279 6,124 6,175 6,457 25,428 29,683

Total interest expense 11,528 11,385 11,899 12,973 15,327 47,785 88,750



Net interest income 166,837 161,661 161,852 164,977 163,456 655,327 637,753



Provision for loan losses (13,619) (3,984) (899) (16,579) (6,700) (35,081) 125,488

Provision for unfunded commitments 16,388 (5,516) 1,299 (11,839) 5,481 332 19,062

Provision for other credit losses (10) (175) (258) (173) (291) (616) 830

Provision for credit losses 2,759 (9,675) 142 (28,591) (1,510) (35,365) 145,380

Net interest income after provision for credit losses164,078 171,336 161,710 193,568 164,966 690,692 492,373



Noninterest income

Service charges on deposit accounts 11,784 11,486 11,007 10,829 11,465 45,106 44,145

Mortgage banking activity 60,723 56,460 70,231 98,486 95,192 285,900 374,077

Other service charges, commissions and fees 962 1,154 1,056 1,016 965 4,188 3,914

Gain (loss) on securities (4) 530 1 (12) - 515 5

Other noninterest income 8,304 6,932 6,945 7,654 4,521 29,835 24,359

Total noninterest income 81,769 76,562 89,240 117,973 112,143 365,544 446,500



Noninterest expense

Salaries and employee benefits 76,615 79,671 85,505 95,985 92,466 337,776 360,278

Occupancy and equipment 13,494 11,979 10,812 11,781 12,709 48,066 52,349

Data processing and communications expenses 11,534 10,681 11,877 11,884 11,323 45,976 46,017

Credit resolution-related expenses^(1) 1,992 377 622 547 1,156 3,538 5,106

Advertising and marketing 2,381 2,676 1,946 1,431 3,267 8,434 8,046

Amortization of intangible assets 3,387 3,387 4,065 4,126 4,190 14,965 19,612

Merger and conversion charges 4,023 183 - - - 4,206 1,391

Other noninterest expenses 24,943 28,242 20,934 23,044 26,005 97,163 105,830

Total noninterest expense 138,369 137,196 135,761 148,798 151,116 560,124 598,629



Income before income tax expense 107,478 110,702 115,189 162,743 125,993 496,112 340,244

Income tax expense 25,534 29,022 26,862 37,781 31,708 119,199 78,256

Net income $ 81,944 $ 81,680 $ 88,327 $ 124,962 $ 94,285 $ 376,913 $ 261,988



Diluted earnings per common share $ 1.18$ 1.17$ 1.27$ 1.79$ 1.36$ 5.40$ 3.77



(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Period End Balance Sheet Table 3

Dec Sep Jun Mar Dec

(dollars in thousands) 2021 2021 2021 2021 2020

Assets

Cash and due from banks $ 264,807$ 239,028$ 259,729$ 224,159$ 203,349

Federal funds sold and interest-bearing deposits in banks 3,756,844 3,513,412 3,044,795 2,534,969 1,913,957

Restricted Cash 43,006 - - - -

Time deposits in other banks - - - 249 249

Investment securities available-for-sale, at fair value 592,621 684,504 778,167 859,652 982,879

Investment securities held-to-maturity, at amortized cost 79,850 64,451 29,055 - -

Other investments 47,552 27,619 27,621 27,620 28,202

Loans held for sale 1,254,632 1,435,805 1,210,589 1,509,528 1,167,659



Loans, net of unearned income 15,874,258 14,824,539 14,780,791 14,599,805 14,480,925

Allowance for credit losses (167,582) (171,213) (175,070) (178,570) (199,422)

Loans, net 15,706,676 14,653,326 14,605,721 14,421,235 14,281,503



Other real estate owned 3,810 4,594 5,775 8,841 11,880

Premises and equipment, net 225,400 226,430 229,994 231,550 222,890

Goodwill 1,012,620 928,005 928,005 928,005 928,005

Other intangible assets, net 125,938 60,396 63,783 67,848 71,974

Cash value of bank owned life insurance 331,146 279,389 277,839 176,575 176,467

Other assets 413,419 416,182 425,858 436,896 449,624

Total assets $ 23,858,321 $ 22,533,141 $ 21,886,931 $ 21,427,127 $ 20,438,638



Liabilities

Deposits

Noninterest-bearing $ 7,774,823 $ 7,616,728 $ 6,983,761 $ 6,804,776 $ 6,151,070

Interest-bearing 11,890,730 11,216,761 11,274,236 11,071,097 10,806,753

Total deposits 19,665,553 18,833,489 18,257,997 17,875,873 16,957,823

Federal funds purchased and securities sold under agreements to repurchase5,845 4,502 5,544 9,320 11,641

Other borrowings 739,879 425,375 425,303 425,231 425,155

Subordinated deferrable interest debentures 126,328 125,830 125,331 124,833 124,345

Other liabilities 354,265 243,175 235,752 234,274 272,586

Total liabilities 20,891,870 19,632,371 19,049,927 18,669,531 17,791,550



Shareholders' Equity

Preferred stock - - - - -

Common stock 72,017 72,016 72,008 71,954 71,754

Capital stock 1,924,813 1,922,964 1,920,566 1,917,990 1,913,285

Retained earnings 1,006,436 934,979 863,828 785,984 671,510

Accumulated other comprehensive income, net of tax 15,590 21,885 25,024 26,090 33,505

Treasury stock (52,405) (51,074) (44,422) (44,422) (42,966)

Total shareholders' equity 2,966,451 2,900,770 2,837,004 2,757,596 2,647,088

Total liabilities and shareholders' equity $ 23,858,321 $ 22,533,141 $ 21,886,931 $ 21,427,127 $ 20,438,638



Other Data

Earning assets $ 21,605,757 $ 20,550,330 $ 19,871,018 $ 19,531,823 $ 18,573,871

Intangible assets 1,138,558 988,401 991,788 995,853 999,979

Interest-bearing liabilities 12,762,782 11,772,468 11,830,414 11,630,481 11,367,894

Average assets 23,054,847 22,087,642 21,538,894 20,734,414 19,876,338

Average common shareholders' equity 2,939,507 2,874,691 2,798,269 2,695,005 2,622,942

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Asset Quality Information Table 4

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Allowance for Credit Losses

Balance at beginning of period $ 188,234 $ 197,782 $ 200,241 $ 233,105 $ 260,417 $ 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 purchased credit deteriorated loans9,432 - - - - 9,432 -



Provision for loan losses (13,619) (3,984) (899) (16,579) (6,700) (35,081) 125,488

Provision for unfunded commitments 16,388 (5,516) 1,299 (11,839) 5,481 332 19,062

Provision for other credit losses (10) (175) (258) (173) (291) (616) 830

Provision for credit losses 2,759 (9,675) 142 (28,591) (1,510) (35,365) 145,380



Charge-offs 3,367 3,537 7,138 7,574 29,094 21,616 54,464

Recoveries 3,923 3,664 4,537 3,301 3,292 15,425 11,548

Net charge-offs (556) (127) 2,601 4,273 25,802 6,191 42,916



Ending balance $ 200,981 $ 188,234 $ 197,782 $ 200,241 $ 233,105 $ 200,981 $ 233,105



Allowance for loan losses $ 167,582 $ 171,213 $ 175,070 $ 178,570 $ 199,422 $ 167,582 $ 199,422

Allowance for unfunded commitments 33,185 16,797 22,313 21,014 32,853 33,185 32,853

Allowance for other credit losses 214 224 399 657 830 214 830

Total allowance for credit losses $ 200,981 $ 188,234 $ 197,782 $ 200,241 $ 233,105 $ 200,981 $ 233,105



Net Charge-off Information

Charge-offs

Commercial, financial and agricultural $ 1,003 $ 858 $ 3,529$ 2,370$ 5,960$ 7,760$ 10,647

Consumer installment 1,484 1,647 1,669 1,448 2,861 6,248 5,642

Indirect automobile 40 178 141 829 658 1,188 3,602

Premium Finance 526 605 1,194 1,343 2,240 3,668 6,133

Real estate - construction and development 21 - 186 26 - 233 83

Real estate - commercial and farmland 220 210 27 1,395 17,284 1,852 27,504

Real estate - residential 73 39 392 163 91 667 853

Total charge-offs 3,367 3,537 7,138 7,574 29,094 21,616 54,464



Recoveries

Commercial, financial and agricultural 2,389 1,986 625 727 754 5,727 1,889

Consumer installment 172 199 212 356 480 939 1,753

Indirect automobile 329 278 372 700 637 1,679 1,657

Premium Finance 633 649 2,466 1,122 605 4,870 3,189

Real estate - construction and development 210 45 84 167 125 506 817

Real estate - commercial and farmland 81 266 185 41 439 573 1,449

Real estate - residential 109 241 593 188 252 1,131 794

Total recoveries 3,923 3,664 4,537 3,301 3,292 15,425 11,548



Net charge-offs $ (556)$ (127)$ 2,601$ 4,273$ 25,802 $ 6,191$ 42,916



Non-Performing Assets

Nonaccrual loans $ 85,266 $ 58,932 $ 59,921 $ 71,189$ 76,457 $ 85,266$ 76,457

Other real estate owned 3,810 4,594 5,775 8,841 11,880 3,810 11,880

Repossessed assets 84 152 226 840 544 84 544

Accruing loans delinquent 90 days or more 12,711 7,472 4,874 5,097 8,326 12,711 8,326

Total non-performing assets $ 101,871 $ 71,150 $ 70,796 $ 85,967$ 97,207 $ 101,871 $ 97,207



Asset Quality Ratios

Non-performing assets as a percent of total assets 0.43 % 0.32 % 0.32 % 0.40 % 0.48 % 0.43 % 0.48 %

Net charge-offs as a percent of average loans (annualized)(0.01) % - % 0.07 % 0.12 % 0.70 % 0.04 % 0.31 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Loan Information Table 5

Dec Sep Jun Mar Dec

(dollars in thousands) 2021 2021 2021 2021 2020

Loans by Type

Commercial, financial and agricultural $ 1,875,993 $ 1,217,575 $ 1,406,421 $ 1,611,029 $ 1,627,477

Consumer installment 191,298 207,111 229,411 257,097 306,995

Indirect automobile 265,779 325,057 397,373 482,637 580,083

Mortgage warehouse 787,837 768,577 841,347 880,216 916,353

Municipal 572,701 624,430 647,578 659,228 659,403

Premium Finance 798,409 840,737 780,328 706,379 687,841

Real estate - construction and development 1,452,339 1,454,824 1,527,883 1,533,234 1,606,710

Real estate - commercial and farmland 6,834,917 6,409,704 6,051,472 5,616,826 5,300,006

Real estate - residential 3,094,985 2,976,524 2,898,978 2,853,159 2,796,057

Total loans $ 15,874,258 $ 14,824,539 $ 14,780,791 $ 14,599,805 $ 14,480,925



Troubled Debt Restructurings

Accruing troubled debt restructurings

Commercial, financial and agricultural $ 1,286 $ 1,683 $ 1,038$ 930$ 521

Consumer installment 16 22 28 27 32

Indirect automobile 1,037 1,284 1,647 1,931 2,277

Real estate - construction and development 789 887 898 501 506

Real estate - commercial and farmland 35,575 43,895 46,025 43,398 36,707

Real estate - residential 26,879 29,521 31,570 33,324 38,800

Total accruing troubled debt restructurings $ 65,582 $ 77,292 $ 81,206 $ 80,111 $ 78,843

Nonaccrual troubled debt restructurings

Commercial, financial and agricultural $ 83$ 112$ 805$ 854$ 849

Consumer installment 35 38 43 53 56

Indirect automobile 273 297 301 321 461

Real estate - construction and development 13 271 301 706 707

Real estate - commercial and farmland 5,924 6,715 7,103 2,233 1,401

Real estate - residential 4,678 2,687 2,515 2,818 2,671

Total nonaccrual troubled debt restructurings$ 11,006 $ 10,120 $ 11,068 $ 6,985 $ 6,145

Total troubled debt restructurings $ 76,588 $ 87,412 $ 92,274 $ 87,096 $ 84,988



Loans by Risk Grade

Grades 1 through 5 - Pass $ 15,614,323 $ 14,562,058 $ 14,477,905 $ 14,204,219 $ 14,109,418

Grade 6 - Other assets especially mentioned 78,957 87,757 100,750 135,213 108,541

Grade 7 - Substandard 180,978 174,724 202,134 260,369 262,947

Grade 8 - Doubtful - - - - 19

Grade 9 - Loss - - 2 4 -

Total loans $ 15,874,258 $ 14,824,539 $ 14,780,791 $ 14,599,805 $ 14,480,925

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Average Balances Table 6

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Earning Assets

Federal funds sold $ 20,000$ 20,000$ 20,000$ 20,000$ 20,000$ 20,000$ 22,896

Interest-bearing deposits in banks 3,719,878 3,082,413 2,461,092 2,145,403 879,481 2,857,141 541,776

Time deposits in other banks - - 244 249 249 122 249

Investment securities - taxable 698,915 757,278 811,234 910,834 1,024,335 793,883 1,206,014

Investment securities - nontaxable 22,639 19,053 18,225 19,225 20,112 19,793 21,533

Other investments 31,312 27,622 27,620 27,516 31,552 28,525 62,253

Loans held for sale 1,365,886 1,497,320 1,705,167 1,284,821 1,281,762 1,463,614 1,497,051

Loans 15,119,752 14,685,878 14,549,104 14,453,975 14,752,664 14,703,957 14,018,582

Total Earning Assets $ 20,978,382 $ 20,089,564 $ 19,592,686 $ 18,862,023 $ 18,010,155 $ 19,887,035 $ 17,370,354



Deposits

Noninterest-bearing deposits $ 7,600,284 $ 7,168,717 $ 6,874,471 $ 6,412,268 $ 5,970,672 $ 7,017,614 $ 5,227,399

NOW accounts 3,651,595 3,447,909 3,314,334 3,182,245 2,968,596 3,400,441 2,605,349

MMDA 5,209,653 4,966,492 4,872,500 4,761,279 4,534,243 4,953,748 4,259,467

Savings accounts 928,954 908,189 876,887 823,039 793,414 884,623 719,916

Retail CDs 1,827,852 1,919,184 2,005,265 2,066,410 2,109,600 1,953,927 2,368,802

Brokered CDs - 511 1,000 1,000 1,140 625 16,494

Total Deposits 19,218,338 18,411,002 17,944,457 17,246,241 16,377,665 18,210,978 15,197,427

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase5,559 5,133 6,883 9,284 9,929 6,700 12,115

FHLB advances 48,828 48,866 48,910 48,951 127,797 48,888 849,546

Other borrowings 468,058 376,489 376,376 376,260 376,295 399,485 297,023

Subordinated deferrable interest debentures 126,067 125,567 125,068 124,574 124,091 125,324 124,632

Total Non-Deposit Funding 648,512 556,055 557,237 559,069 638,112 580,397 1,283,316

Total Funding $ 19,866,850 $ 18,967,057 $ 18,501,694 $ 17,805,310 $ 17,015,777 $ 18,791,375 $ 16,480,743

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Interest Income and Interest Expense (TE) Table 7

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Interest Income

Federal funds sold $ 9$ 9$ 12$ 12$ 13$ 42$ 147

Interest-bearing deposits in banks 1,521 1,244 594 521 251 3,880 1,735

Time deposits in other banks - - 1 1 1 2 4

Investment securities - taxable 5,866 5,296 5,244 6,118 6,398 22,524 33,086

Investment securities - nontaxable (TE) 198 176 176 178 190 728 789

Loans held for sale 9,433 10,618 11,773 10,827 9,705 42,651 47,760

Loans (TE) 162,415 156,861 157,112 161,473 163,532 637,861 648,137

Total Earning Assets $ 179,442 $ 174,204 $ 174,912 $ 179,130 $ 180,090 $ 707,688 $ 731,658



Accretion income (included above) $ 2,812 $ 2,948 $ 4,462 $ 6,127 $ 4,688 $ 16,349 $ 27,351



Interest Expense

Interest-Bearing Deposits

NOW accounts $ 864 $ 808 $ 816 $ 926 $ 1,091 $ 3,414 $ 6,524

MMDA 1,971 1,970 1,908 1,998 2,326 7,847 18,661

Savings accounts 128 129 122 124 143 503 559

Retail CDs 1,715 2,195 2,921 3,744 5,301 10,575 32,985

Brokered CDs - 4 8 6 9 18 338

Total Interest-Bearing Deposits 4,678 5,106 5,775 6,798 8,870 22,357 59,067

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase4 4 5 7 8 20 82

FHLB advances 195 195 193 192 245 775 7,701

Other borrowings 5,317 4,640 4,683 4,638 4,635 19,278 15,191

Subordinated deferrable interest debentures 1,334 1,440 1,243 1,338 1,569 5,355 6,709

Total Non-Deposit Funding 6,850 6,279 6,124 6,175 6,457 25,428 29,683

Total Interest-Bearing Funding $ 11,528 $ 11,385 $ 11,899 $ 12,973 $ 15,327 $ 47,785 $ 88,750



Net Interest Income (TE) $ 167,914 $ 162,819 $ 163,013 $ 166,157 $ 164,763 $ 659,903 $ 642,908

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Yields^(1) Table 8

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

2021 2021 2021 2021 2020 2021 2020

Earning Assets

Federal funds sold 0.18 %0.18 %0.24 %0.24 %0.26 %0.21 %0.64 %

Interest-bearing deposits in banks 0.16 %0.16 %0.10 %0.10 %0.11 %0.14 %0.32 %

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

Investment securities - taxable 3.33 %2.77 %2.59 %2.72 %2.48 %2.84 %2.74 %

Investment securities - nontaxable (TE) 3.47 %3.66 %3.87 %3.75 %3.76 %3.68 %3.66 %

Loans held for sale 2.74 %2.81 %2.77 %3.42 %3.01 %2.91 %3.19 %

Loans (TE) 4.26 %4.24 %4.33 %4.53 %4.41 %4.34 %4.62 %

Total Earning Assets 3.39 %3.44 %3.58 %3.85 %3.98 %3.56 %4.21 %



Interest-Bearing Deposits

NOW accounts 0.09 %0.09 %0.10 %0.12 %0.15 %0.10 %0.25 %

MMDA 0.15 %0.16 %0.16 %0.17 %0.20 %0.16 %0.44 %

Savings accounts 0.05 %0.06 %0.06 %0.06 %0.07 %0.06 %0.08 %

Retail CDs 0.37 %0.45 %0.58 %0.73 %1.00 %0.54 %1.39 %

Brokered CDs - % 3.11 %3.21 %2.43 %3.14 %2.88 %2.05 %

Total Interest-Bearing Deposits 0.16 %0.18 %0.21 %0.25 %0.34 %0.20 %0.59 %

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase0.29 %0.31 %0.29 %0.31 %0.32 %0.30 %0.68 %

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

Other borrowings 4.51 %4.89 %4.99 %5.00 %4.90 %4.83 %5.11 %

Subordinated deferrable interest debentures 4.20 %4.55 %3.99 %4.36 %5.03 %4.27 %5.38 %

Total Non-Deposit Funding 4.19 %4.48 %4.41 %4.48 %4.03 %4.38 %2.31 %

Total Interest-Bearing Liabilities 0.37 %0.38 %0.41 %0.46 %0.55 %0.41 %0.79 %



Net Interest Spread 3.02 %3.06 %3.17 %3.39 %3.43 %3.15 %3.42 %



Net Interest Margin^(2) 3.18 %3.22 %3.34 %3.57 %3.64 %3.32 %3.70 %



Total Cost of Funds^(3) 0.23 %0.24 %0.26 %0.30 %0.36 %0.25 %0.54 %

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

(2) Rate calculated based on average earning assets.

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Non-GAAP Reconciliations



Adjusted Net Income Table 9A

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Net income available to common shareholders $ 81,944 $ 81,680 $ 88,327 $ 124,962 $ 94,285 $ 376,913 $ 261,988



Adjustment items:

Merger and conversion charges 4,023 183 - - - 4,206 1,391

Restructuring charges - - - - - - 1,513

Servicing right impairment (recovery) (4,540) 1,398 (749) (10,639) 9,501 (14,530) 40,067

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

Expenses related to SEC and DOJ Investigation - - - - 53 - 3,058

Natural disaster and pandemic charges (Note 1) - - - - 235 - 3,296

(Gain) loss on bank premises (126) 1,136 (236) (264) (30) 510 624

Tax effect of adjustment items (Note 2) 243 (536) 206 2,290 (2,049) 2,203 (10,488)

After tax adjustment items (400) 2,181 (779) (9,216) 7,710 (8,214) 38,513

Adjusted net income $ 81,544 $ 83,861 $ 87,548 $ 115,746 $ 101,995 $ 368,699 $ 300,501



Weighted average number of shares - diluted 69,738,426 69,756,135 69,791,670 69,740,860 69,493,105 69,761,394 69,426,185

Net income per diluted share $ 1.18$ 1.17$ 1.27$ 1.79 $ 1.36$ 5.40$ 3.77

Adjusted net income per diluted share $ 1.17$ 1.20$ 1.25$ 1.66 $ 1.47$ 5.29$ 4.33



Average assets $ 23,054.847$ 22,087.642$ 21,538,894$ 20,734,414 $ 19,876,338$ 21,847,731 $ 19,240,493

Return on average assets 1.41 % 1.47 % 1.64 % 2.44 % 1.89 % 1.73 % 1.36 %

Adjusted return on average assets 1.40 % 1.51 % 1.63 % 2.26 % 2.04 % 1.69 % 1.56 %



Average common equity $ 2,939.507 $ 2,874.691 $ 2,798,269 $ 2,695,005$ 2,622,942 $ 2,827,669 $ 2,531,419

Average tangible common equity $ 1,916,783 $ 1,884,622 $ 1,804,324 $ 1,696,946$ 1,620,742 $ 1,826,433 $ 1,520,303

Return on average common equity 11.06 % 11.27 % 12.66 % 18.80 % 14.30 % 13.33 % 10.35 %

Adjusted return on average tangible common equity16.88 % 17.65 % 19.46 % 27.66 % 25.04 % 20.19 % 19.77 %



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 4Q21, 3Q21 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 Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Adjusted Noninterest Expense

Total noninterest expense $ 138,369 $ 137,196 $ 135,761 $ 148,798 $ 151,116 $ 560,124 $ 598,629

Adjustment items:

Merger and conversion charges (4,023) (183) - - - (4,206) (1,391)

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

Expenses related to SEC and DOJ Investigation- - - - (53) - (3,058)

Natural disaster and pandemic charges - - - - (235) - (3,296)

Gain (loss) on bank premises 126 (1,136) 236 264 30 (510) (624)

Adjusted noninterest expense $ 134,472 $ 135,877 $ 135,997 $ 149,062 $ 150,858 $ 555,408 $ 588,747



Total Revenue

Net interest income $ 166,837 $ 161,661 $ 161,852 $ 164,977 $ 163,456 $ 655,327 $ 637,753

Noninterest income 81,769 76,562 89,240 117,973 112,143 365,544 446,500

Total revenue $ 248,606 $ 238,223 $ 251,092 $ 282,950 $ 275,599 $ 1,020,871$ 1,084,253



Adjusted Total Revenue

Net interest income (TE) $ 167,914 $ 162,819 $ 163,013 $ 166,157 $ 164,763 $ 659,903 $ 642,908

Noninterest income 81,769 76,562 89,240 117,973 112,143 365,544 446,500

Total revenue (TE) 249,683 239,381 252,253 284,130 276,906 1,025,447 1,089,408

Adjustment items:

(Gain) loss on securities 4 (530) (1) 12 - (515) (5)

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

Servicing right impairment (recovery) (4,540) 1,398 (749) (10,639) 9,501 (14,530) 40,067

Adjusted total revenue (TE) $ 245,147 $ 240,249 $ 251,503 $ 272,900 $ 286,407 $ 1,009,799$ 1,128,522



Efficiency ratio 55.66 % 57.59 % 54.07 % 52.59 % 54.83 % 54.87 % 55.21 %

Adjusted efficiency ratio (TE) 54.85 % 56.56 % 54.07 % 54.62 % 52.67 % 55.00 % 52.17 %



Tangible Book Value Per Share Table 9C

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Total shareholders' equity $ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,966,451$ 2,647,088

Less:

Goodwill 1,012,620 928,005 928,005 928,005 928,005 1,012,620 928,005

Other intangibles, net 125,938 60,396 63,783 67,848 71,974 125,938 71,974

Total tangible shareholders' equity $ 1,827,893$ 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ 1,827,893$ 1,647,109



Period end number of shares 69,608,228 69,635,435 69,767,209 69,713,426 69,541,481 69,608,228 69,541,481

Book value per share (period end) $ 42.62 $ 41.66 $ 40.66 $ 39.56 $ 38.07 $ 42.62 $ 38.07

Tangible book value per share (period end) $ 26.26 $ 27.46 $ 26.45 $ 25.27 $ 23.69 $ 26.26 $ 23.69

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting Table 10

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

Banking Division

Net interest income $ 120,572 $ 113,524 $ 110,670 $ 112,816 $ 112,964 $ 457,582 $ 471,231

Provision for credit losses 4,565 (9,578) (3,949) (23,904) 1,847 (32,866) 125,136

Noninterest income 18,859 17,896 16,171 16,738 15,659 69,664 63,165

Noninterest expense

Salaries and employee benefits 36,522 40,020 37,814 42,723 38,668 157,079 160,430

Occupancy and equipment expenses 11,699 10,196 9,050 10,120 10,958 41,065 44,939

Data processing and telecommunications expenses10,162 9,159 10,280 10,201 9,608 39,802 39,040

Other noninterest expenses 24,048 21,723 18,763 19,710 25,806 84,244 105,965

Total noninterest expense 82,431 81,098 75,907 82,754 85,040 322,190 350,374

Income before income tax expense 52,435 59,900 54,883 70,704 41,736 237,922 58,886

Income tax expense 14,010 17,784 14,196 18,456 13,992 64,446 19,138

Net income $ 38,425 $ 42,116 $ 40,687 $ 52,248 $ 27,744 $ 173,476 $ 39,748



Retail Mortgage Division

Net interest income $ 19,912 $ 21,289 $ 22,533 $ 18,984 $ 19,908 $ 82,718$ 82,359

Provision for credit losses 175 1,678 5,647 (4,553) (1,621) 2,947 15,850

Noninterest income 59,650 55,555 69,055 97,640 94,109 281,900 370,256

Noninterest expense

Salaries and employee benefits 36,787 36,373 44,798 49,838 50,165 167,796 184,765

Occupancy and equipment expenses 1,587 1,590 1,553 1,476 1,577 6,206 6,710

Data processing and telecommunications expenses1,213 1,357 1,435 1,546 1,534 5,551 6,275

Other noninterest expenses 10,793 11,675 7,638 8,189 7,442 38,295 28,155

Total noninterest expense 50,380 50,995 55,424 61,049 60,718 217,848 225,905

Income before income tax expense 29,007 24,171 30,517 60,128 54,920 143,823 210,860

Income tax expense 6,092 5,076 6,408 12,627 11,535 30,203 44,286

Net income $ 22,915 $ 19,095 $ 24,109 $ 47,501 $ 43,385 $ 113,620 $ 166,574



Warehouse Lending Division

Net interest income $ 8,063$ 8,712$ 8,720$ 9,906$ 9,017$ 35,401$ 23,891

Provision for credit losses 77 (291) (155) (145) 1,673 (514) 2,562

Noninterest income 1,253 1,037 1,333 980 1,113 4,603 3,864

Noninterest expense

Salaries and employee benefits 258 264 278 330 296 1,130 981

Occupancy and equipment expenses 1 - 1 1 1 3 4

Data processing and telecommunications expenses56 59 68 49 101 232 270

Other noninterest expenses 227 200 30 33 26 490 176

Total noninterest expense 542 523 377 413 424 1,855 1,431

Income before income tax expense 8,697 9,517 9,831 10,618 8,033 38,663 23,762

Income tax expense 1,827 1,999 2,064 2,230 1,687 8,120 5,004

Net income $ 6,870$ 7,518$ 7,767$ 8,388$ 6,346$ 30,543$ 18,758

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES



Segment Reporting (continued) Table 10

Three Months Ended Twelve Months Ended

Dec Sep Jun Mar Dec Dec Dec

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

SBA Division

Net interest income $ 11,319 $ 10,699 $ 12,882 $ 16,635 $ 14,909 $ 51,535$ 33,090

Provision for credit losses (663) (1,104) (607) (547) (2,997) (2,921) 2,719

Noninterest income 2,002 2,070 2,677 2,611 1,247 9,360 9,200

Noninterest expense

Salaries and employee benefits 1,217 1,320 937 1,382 1,233 4,856 6,893

Occupancy and equipment expenses 121 116 132 106 100 475 391

Data processing and telecommunications expenses28 18 - 1 1 47 33

Other noninterest expenses 645 370 284 295 363 1,594 1,832

Total noninterest expense 2,011 1,824 1,353 1,784 1,697 6,972 9,149

Income before income tax expense 11,973 12,049 14,813 18,009 17,456 56,844 30,422

Income tax expense 2,514 2,530 3,111 3,782 3,666 11,937 6,389

Net income $ 9,459$ 9,519$ 11,702 $ 14,227 $ 13,790 $ 44,907$ 24,033



Premium Finance Division

Net interest income $ 6,971$ 7,437$ 7,047$ 6,636$ 6,658$ 28,091$ 27,182

Provision for credit losses (1,395) (380) (794) 558 (412) (2,011) (887)

Noninterest income 5 4 4 4 15 17 15

Noninterest expense

Salaries and employee benefits 1,831 1,694 1,678 1,712 2,104 6,915 7,209

Occupancy and equipment expenses 86 77 76 78 73 317 305

Data processing and telecommunications expenses75 88 94 87 79 344 399

Other noninterest expenses 1,013 897 852 921 981 3,683 3,857

Total noninterest expense 3,005 2,756 2,700 2,798 3,237 11,259 11,770

Income before income tax expense 5,366 5,065 5,145 3,284 3,848 18,860 16,314

Income tax expense 1,091 1,633 1,083 686 828 4,493 3,439

Net income $ 4,275$ 3,432$ 4,062$ 2,598$ 3,020$ 14,367$ 12,875



Total Consolidated

Net interest income $ 166,837 $ 161,661 $ 161,852 $ 164,977 $ 163,456 $ 655,327 $ 637,753

Provision for credit losses 2,759 (9,675) 142 (28,591) (1,510) (35,365) 145,380

Noninterest income 81,769 76,562 89,240 117,973 112,143 365,544 446,500

Noninterest expense

Salaries and employee benefits 76,615 79,671 85,505 95,985 92,466 337,776 360,278

Occupancy and equipment expenses 13,494 11,979 10,812 11,781 12,709 48,066 52,349

Data processing and telecommunications expenses11,534 10,681 11,877 11,884 11,323 45,976 46,017

Other noninterest expenses 36,726 34,865 27,567 29,148 34,618 128,306 139,985

Total noninterest expense 138,369 137,196 135,761 148,798 151,116 560,124 598,629

Income before income tax expense 107,478 110,702 115,189 162,743 125,993 496,112 340,244

Income tax expense 25,534 29,022 26,862 37,781 31,708 119,199 78,256

Net income $ 81,944 $ 81,680 $ 88,327 $ 124,962 $ 94,285 $ 376,913 $ 261,988

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SOURCE Ameris Bancorp