Highlights of Ameris’s results for the third quarter of 2025 include the following:
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Net income of $106.0 million, or $1.54 per diluted share
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Return on average assets of 1.56%
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Return on average tangible common equity(1) of 14.57%
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Tangible book value(1) growth of $1.58 per share, or 15.2% annualized, to $42.90 at September 30, 2025
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TCE ratio(1) increase to 11.31%, compared with 10.24% one year ago
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Net interest margin (TE) expansion of 3bps to 3.80% for the third quarter of 2025
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Efficiency ratio improvement to 49.19%
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Growth in net interest income of $6.2 million, or 10.5% annualized, from second quarter of 2025
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Growth in earning assets of $469.8 million, or 7.6% annualized
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Loan growth of $216.9 million, or 4.1% annualized
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Annualized net charge-offs stable at 0.14% of average total loans
ATLANTA--(BUSINESS WIRE)--
Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $106.0 million, or $1.54 per diluted share, for the quarter ended September 30, 2025, compared with $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024.
For the year-to-date period ending September 30, 2025, the Company reported net income of $303.8 million, or $4.41 per diluted share, compared with $264.3 million, or $3.83 per diluted share, for the same period in 2024.
Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our performance continues to be outstanding, with a third quarter return on assets of 1.56% and return on tangible common equity of 14.6%. Our focus on sustainable growth in both core deposits and tangible book value per share was again evident in the quarter. Deposits grew 5% annualized while our non-interest bearing deposit mix remained over 30%. Tangible book value grew by more than 15% annualized to almost $43 per share. Our net interest margin of 3.80% places us among the top performers across the industry. The efficiency ratio remained low, aided by approximately 18% annualized revenue growth. Given our robust capital levels and proven track record, we are well positioned to take advantage of the growth potential across our Southeast franchise in 2026 and beyond.”
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) grew to $238.9 million in the third quarter of 2025, an increase of $6.2 million, or 2.7%, from last quarter and an increase of $23.9 million, or 11.1%, compared with the third quarter of 2024. The Company's average earning assets increased during the quarter by $186.0 million, or 3.0% annualized, due to an increase of $168.4 million in the average balance of investment securities and an increase of $109.5 million in average portfolio loans outstanding.
The Company's net interest margin expanded to 3.80% for the third quarter of 2025, a three basis point increase from 3.77% reported for the second quarter of 2025 and a 29 basis point improvement from the 3.51% reported for the third quarter of 2024.
Yields on earning assets increased two basis points during the quarter to 5.66%, compared with 5.64% in the second quarter of 2025. This increase is primarily related to a 12 basis point increase in yield on taxable securities and a two basis point increase in yield on portfolio loans during the third quarter of 2025.
The Company’s total cost of funds decreased one basis point to 2.05% in the third quarter of 2025, compared with 2.06% in the second quarter of 2025, and improved 45 basis points compared with the third quarter of 2024. Deposit costs decreased one basis point during the third quarter of 2025 to 1.94%, compared with 1.95% in the second quarter of 2025. Costs of interest-bearing deposits during the quarter were 2.82%, a decrease of one basis point compared to the second quarter of 2025.
Noninterest Income
Noninterest income increased $7.4 million, or 10.7%, in the third quarter of 2025 to $76.3 million, compared with $68.9 million for the second quarter of 2025, driven primarily by increases of $2.3 million in equipment finance activity, $1.4 million in derivative fee income and a $1.6 million gain on the sale of securities. Mortgage banking activity increased $1.4 million, or 3.7%, to $40.7 million in the third quarter of 2025, compared with $39.2 million for the second quarter of 2025. Total production in the retail mortgage division decreased $173.2 million, or 13.7%, to $1.09 billion in the third quarter of 2025, compared with $1.27 billion for the second quarter of 2025. The retail mortgage open pipeline was $787.2 million at the end of the third quarter of 2025, compared with $719.1 million for the second quarter of 2025. Gain on sale spreads decreased to 2.20% in the third quarter of 2025 from 2.22% for the second quarter of 2025. Other noninterest income increased $1.6 million, or 19.5%, in the third quarter of 2025 to $10.1 million, compared with $8.5 million for the second quarter of 2025, primarily from derivative fee income.
Noninterest Expense
Noninterest expense decreased $694,000, or 0.4%, to $154.6 million during the third quarter of 2025, compared with $155.3 million for the second quarter of 2025. The decrease in noninterest expense primarily resulted from variable expenses tied to mortgage production levels. This decrease was partially offset by an increase in banking division expenses of $2.1 million driven by increases in incentive compensation and healthcare costs, offset by decreases in check card and fraud losses. Management continues to focus on operating efficiency, and the efficiency ratio improved to 49.19% in the third quarter of 2025, compared with 51.63% in the second quarter of 2025 and 53.49% in the third quarter of 2024.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2025 was 22.6%, compared with 23.0% for the second quarter of 2025. The decreased rate resulted primarily from a reduction in the impact of enacted state tax rate changes compared with the second quarter of 2025.
Balance Sheet Trends
Total assets at September 30, 2025 were $27.10 billion, compared with $26.68 billion at June 30, 2025 and $26.26 billion at December 31, 2024. During the third quarter of 2025, loans, net of unearned income, increased by $216.9 million, or 4.1% annualized, to end at $21.26 billion at September 30, 2025, compared with $21.04 billion at June 30, 2025 and $20.74 billion at December 31, 2024. Unfunded commitments increased $190.9 million during the third quarter of 2025, due to strong production during the quarter. Loans held for sale increased to $604.1 million at September 30, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale amounted to $2.13 billion, compared with $1.87 billion at June 30, 2025 and $1.67 billion at December 31, 2024.
At September 30, 2025, total deposits amounted to $22.23 billion, compared with $21.72 billion at December 31, 2024. During the third quarter of 2025, deposits grew $295.4 million, with money market accounts increasing $242.1 million, brokered CDs increasing $66.7 million and interest-bearing demand accounts increasing $58.8 million. Such increases were offset by decreases in noninterest-bearing accounts of $43.3 million, retail CDs of $19.5 million, and savings accounts of $9.4 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at September 30, 2025, noninterest-bearing deposit accounts represented $6.76 billion, or 30.4% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024.
Shareholders’ equity at September 30, 2025 totaled $4.02 billion, an increase of $265.2 million, or 7.1%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $303.8 million during the first nine months of 2025 and an improvement in other comprehensive income of $35.3 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $4.31 per share, or 14.9% annualized, during the first nine months of 2025 to $42.90 at September 30, 2025. Tangible common equity as a percentage of tangible assets was 11.31% at September 30, 2025, compared with 10.59% at the end of 2024. The Company repurchased 125,900 shares of its common stock in the quarter ending September 30, 2025.
Subordinated Debt
The Company redeemed its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 in full on the September 1, 2025 interest payment date. These notes, which totaled $74 million outstanding, bore interest at 8.22% and were redeemed at par.
On October 1, 2025, the Company redeemed in full its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030, which totaled $110 million outstanding, at par.
Share Repurchase Program
On October 20, 2025, the Company announced its board of directors authorized the Company to repurchase up to $200 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2026, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. The board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31, 2025 and under which the Company has repurchased $36.3 million of its outstanding common stock in the past 12 months.
Credit Quality
During the third quarter of 2025, the Company recorded a provision for credit losses of $22.6 million, compared with a provision of $2.8 million in the second quarter of 2025. Approximately $11.4 million, or 50.6% of the provision expense, was related to the increased unfunded commitments at September 30, 2025. The allowance for credit losses on loans was 1.62% of loans at September 30, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets increased four basis points to 0.40% during the quarter. Approximately $19.7 million, or 18.0%, of the nonperforming assets at September 30, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased one basis point to 0.33% at September 30, 2025, compared with 0.32% at the end of the second quarter of 2025. The net charge-off ratio was 14 basis points for the third quarter of 2025, unchanged from the second quarter of 2025.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, October 28, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until November 4, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 9368487. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.
About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates financial centers in five southeastern states and also serves consumer and business customers nationwide through select lending channels. Ameris manages $27.1 billion in assets as of September 30, 2025, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.
This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behavior of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; 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, 2024 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 |
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Financial Highlights | Table 1 |
| Three Months Ended | | Nine Months Ended |
| Sep | | Jun | | Mar | | Dec | | Sep | | Sep | | Sep |
(dollars in thousands except per share data) | | 2025 | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2024 | | | | 2025 | | | | 2024 | |
EARNINGS | | | | | | | | | | | | | |
Net income | $ | 106,029 | | | $ | 109,834 | | | $ | 87,935 | | | $ | 94,376 | | | $ | 99,212 | | | $ | 303,798 | | | $ | 264,309 | |
Adjusted net income(1) | $ | 105,289 | | | $ | 109,444 | | | $ | 88,044 | | | $ | 95,078 | | | $ | 95,187 | | | $ | 302,777 | | | $ | 251,562 | |
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COMMON SHARE DATA | | | | | | | | | | | | | |
Earnings per share available to common shareholders | | | | | | | | | | | | | |
Basic | $ | 1.55 | | | $ | 1.60 | | | $ | 1.28 | | | $ | 1.37 | | | $ | 1.44 | | | $ | 4.43 | | | $ | 3.84 | |
Diluted | $ | 1.54 | | | $ | 1.60 | | | $ | 1.27 | | | $ | 1.37 | | | $ | 1.44 | | | $ | 4.41 | | | $ | 3.83 | |
Adjusted diluted EPS(1) | $ | 1.53 | | | $ | 1.59 | | | $ | 1.28 | | | $ | 1.38 | | | $ | 1.38 | | | $ | 4.40 | | | $ | 3.64 | |
Cash dividends per share | $ | 0.20 | | | $ | 0.20 | | | $ | 0.20 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.60 | | | $ | 0.45 | |
Book value per share (period end) | $ | 58.56 | | | $ | 57.02 | | | $ | 55.49 | | | $ | 54.32 | | | $ | 53.30 | | | $ | 58.56 | | | $ | 53.30 | |
Tangible book value per share (period end)(1) | $ | 42.90 | | | $ | 41.32 | | | $ | 39.78 | | | $ | 38.59 | | | $ | 37.51 | | | $ | 42.90 | | | $ | 37.51 | |
Weighted average number of shares | | | | | | | | | | | | | |
Basic | | 68,401,737 | | | | 68,594,608 | | | | 68,785,458 | | | | 68,799,464 | | | | 68,798,093 | | | | 68,592,529 | | | | 68,811,727 | |
Diluted | | 68,665,669 | | | | 68,796,577 | | | | 69,030,331 | | | | 69,128,946 | | | | 69,066,298 | | | | 68,830,787 | | | | 69,031,666 | |
Period end number of shares | | 68,587,742 | | | | 68,711,043 | | | | 68,910,924 | | | | 69,068,609 | | | | 69,067,019 | | | | 68,587,742 | | | | 69,067,019 | |
Market data | | | | | | | | | | | | | |
High intraday price | $ | 76.58 | | | $ | 65.43 | | | $ | 68.85 | | | $ | 74.56 | | | $ | 65.40 | | | $ | 76.58 | | | $ | 65.40 | |
Low intraday price | $ | 64.30 | | | $ | 48.27 | | | $ | 55.32 | | | $ | 59.12 | | | $ | 48.21 | | | $ | 48.27 | | | $ | 44.00 | |
Period end closing price | $ | 73.31 | | | $ | 64.70 | | | $ | 57.57 | | | $ | 62.57 | | | $ | 62.39 | | | $ | 73.31 | | | $ | 62.39 | |
Average daily volume | | 435,766 | | | | 416,355 | | | | 430,737 | | | | 384,406 | | | | 379,896 | | | | 427,673 | | | | 362,808 | |
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PERFORMANCE RATIOS | | | | | | | | | | | | | |
Return on average assets | | 1.56 | % | | | 1.65 | % | | | 1.36 | % | | | 1.42 | % | | | 1.49 | % | | | 1.52 | % | | | 1.36 | % |
Adjusted return on average assets(1) | | 1.55 | % | | | 1.64 | % | | | 1.36 | % | | | 1.43 | % | | | 1.43 | % | | | 1.52 | % | | | 1.30 | % |
Return on average common equity | | 10.61 | % | | | 11.40 | % | | | 9.39 | % | | | 10.09 | % | | | 10.91 | % | | | 10.48 | % | | | 9.98 | % |
Adjusted return on average tangible common equity(1) | | 14.46 | % | | | 15.76 | % | | | 13.16 | % | | | 14.37 | % | | | 14.99 | % | | | 14.48 | % | | | 13.77 | % |
Earning asset yield (TE) | | 5.66 | % | | | 5.64 | % | | | 5.61 | % | | | 5.67 | % | | | 5.81 | % | | | 5.64 | % | | | 5.80 | % |
Total cost of funds | | 2.05 | % | | | 2.06 | % | | | 2.06 | % | | | 2.22 | % | | | 2.50 | % | | | 2.06 | % | | | 2.46 | % |
Net interest margin (TE) | | 3.80 | % | | | 3.77 | % | | | 3.73 | % | | | 3.64 | % | | | 3.51 | % | | | 3.77 | % | | | 3.53 | % |
Efficiency ratio | | 49.19 | % | | | 51.63 | % | | | 52.83 | % | | | 52.26 | % | | | 53.49 | % | | | 51.16 | % | | | 53.52 | % |
Adjusted efficiency ratio (TE)(1) | | 49.47 | % | | | 51.58 | % | | | 52.62 | % | | | 51.82 | % | | | 54.25 | % | | | 51.18 | % | | | 54.61 | % |
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CAPITAL ADEQUACY (period end) | | | | | | | | | | | | | |
Shareholders' equity to assets | | 14.82 | % | | | 14.68 | % | | | 14.42 | % | | | 14.28 | % | | | 13.94 | % | | | 14.82 | % | | | 13.94 | % |
Tangible common equity to tangible assets(1) | | 11.31 | % | | | 11.09 | % | | | 10.78 | % | | | 10.59 | % | | | 10.24 | % | | | 11.31 | % | | | 10.24 | % |
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OTHER DATA (period end) | | | | | | | | | | | | | |
Full time equivalent employees | | | | | | | | | | | | | |
Banking Division | | 2,068 | | | | 2,036 | | | | 2,045 | | | | 2,021 | | | | 2,056 | | | | 2,068 | | | | 2,056 | |
Retail Mortgage Division | | 546 | | | | 550 | | | | 577 | | | | 585 | | | | 592 | | | | 546 | | | | 592 | |
Warehouse Lending Division | | 8 | | | | 8 | | | | 7 | | | | 8 | | | | 9 | | | | 8 | | | | 9 | |
Premium Finance Division | | 78 | | | | 78 | | | | 81 | | | | 77 | | | | 76 | | | | 78 | | | | 76 | |
Total Ameris Bancorp FTE headcount | | 2,700 | | | | 2,672 | | | | 2,710 | | | | 2,691 | | | | 2,733 | | | | 2,700 | | | | 2,733 | |
| | | | | | | | | | | | | |
Branch locations | | 164 | | | | 164 | | | | 164 | | | | 164 | | | | 164 | | | | 164 | | | | 164 | |
Deposits per branch location | $ | 135,537 | | | $ | 133,736 | | | $ | 133,612 | | | $ | 132,454 | | | $ | 133,410 | | | $ | 135,537 | | | $ | 133,410 | |
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D |
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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) | 2025 | | | 2025 | | | 2025 | | | 2024 | | | | 2024 | | | 2025 | | | 2024 | |
Interest income | | | | | | | | | | | | | |
Interest and fees on loans | $ | 321,457 | | $ | 315,893 | | | $ | 304,168 | | $ | 318,843 | | | $ | 325,622 | | | $ | 941,518 | | $ | 946,679 | |
Interest on taxable securities | | 23,253 | | | 20,696 | | | | 18,492 | | | 15,923 | | | | 15,555 | | | | 62,441 | | | 45,595 | |
Interest on nontaxable securities | | 343 | | | 334 | | | | 329 | | | 337 | | | | 336 | | | | 1,006 | | | 1,001 | |
Interest on deposits in other banks | | 9,993 | | | 10,715 | | | | 10,789 | | | 11,260 | | | | 13,633 | | | | 31,497 | | | 38,646 | |
Total interest income | | 355,046 | | | 347,638 | | | | 333,778 | | | 346,363 | | | | 355,146 | | | | 1,036,462 | | | 1,031,921 | |
| | | | | | | | | | | | | |
Interest expense | | | | | | | | | | | | | |
Interest on deposits | | 106,851 | | | 106,796 | | | | 105,215 | | | 115,556 | | | | 129,698 | | | | 318,862 | | | 369,117 | |
Interest on other borrowings | | 10,231 | | | 9,029 | | | | 6,724 | | | 8,986 | | | | 11,388 | | | | 25,984 | | | 35,435 | |
Total interest expense | | 117,082 | | | 115,825 | | | | 111,939 | | | 124,542 | | | | 141,086 | | | | 344,846 | | | 404,552 | |
| | | | | | | | | | | | | |
Net interest income | | 237,964 | | | 231,813 | | | | 221,839 | | | 221,821 | | | | 214,060 | | | | 691,616 | | | 627,369 | |
| | | | | | | | | | | | | |
Provision for loan losses | | 11,176 | | | 3,110 | | | | 16,519 | | | 12,657 | | | | 6,313 | | | | 30,805 | | | 57,184 | |
Provision for unfunded commitments | | 11,446 | | | (335 | ) | | | 5,373 | | | 148 | | | | (204 | ) | | | 16,484 | | | (11,196 | ) |
Provision for other credit losses | | 8 | | | (3 | ) | | | — | | | 3 | | | | (2 | ) | | | 5 | | | (3 | ) |
Provision for credit losses | | 22,630 | | | 2,772 | | | | 21,892 | | | 12,808 | | | | 6,107 | | | | 47,294 | | | 45,985 | |
Net interest income after provision for credit losses | | 215,334 | | | 229,041 | | | | 199,947 | | | 209,013 | | | | 207,953 | | | | 644,322 | | | 581,384 | |
| | | | | | | | | | | | | |
Noninterest income | | | | | | | | | | | | | |
Service charges on deposit accounts | | 13,931 | | | 13,493 | | | | 13,133 | | | 13,544 | | | | 12,918 | | | | 40,557 | | | 37,349 | |
Mortgage banking activity | | 40,666 | | | 39,221 | | | | 35,254 | | | 36,699 | | | | 37,947 | | | | 115,141 | | | 123,776 | |
Other service charges, commissions and fees | | 1,124 | | | 1,158 | | | | 1,109 | | | 1,182 | | | | 1,163 | | | | 3,391 | | | 3,576 | |
Gain (loss) on securities | | 1,581 | | | — | | | | 40 | | | (16 | ) | | | (8 | ) | | | 1,621 | | | 12,320 | |
Equipment finance activity | | 8,858 | | | 6,572 | | | | 6,698 | | | 5,947 | | | | 5,398 | | | | 22,128 | | | 15,717 | |
Other noninterest income | | 10,114 | | | 8,467 | | | | 7,789 | | | 11,603 | | | | 12,291 | | | | 26,370 | | | 31,560 | |
Total noninterest income | | 76,274 | | | 68,911 | | | | 64,023 | | | 68,959 | | | | 69,709 | | | | 209,208 | | | 224,298 | |
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Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits | | 90,948 | | | 89,308 | | | | 86,615 | | | 87,810 | | | | 88,700 | | | | 266,871 | | | 259,831 | |
Occupancy and equipment | | 11,524 | | | 11,401 | | | | 10,677 | | | 11,624 | | | | 11,716 | | | | 33,602 | | | 37,160 | |
Data processing and communications expenses | | 16,058 | | | 15,366 | | | | 14,855 | | | 14,631 | | | | 15,221 | | | | 46,279 | | | 45,068 | |
Credit resolution-related expenses(1) | | 770 | | | 657 | | | | 765 | | | 1,271 | | | | (110 | ) | | | 2,192 | | | 1,216 | |
Advertising and marketing | | 3,377 | | | 3,745 | | | | 2,883 | | | 2,730 | | | | 3,959 | | | | 10,005 | | | 10,205 | |
Amortization of intangible assets | | 3,879 | | | 4,076 | | | | 4,103 | | | 4,180 | | | | 4,180 | | | | 12,058 | | | 13,009 | |
Other noninterest expenses | | 28,010 | | | 30,707 | | | | 31,136 | | | 29,703 | | | | 28,111 | | | | 89,853 | | | 89,356 | |
Total noninterest expense | | 154,566 | | | 155,260 | | | | 151,034 | | | 151,949 | | | | 151,777 | | | | 460,860 | | | 455,845 | |
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Income before income tax expense | | 137,042 | | | 142,692 | | | | 112,936 | | | 126,023 | | | | 125,885 | | | | 392,670 | | | 349,837 | |
Income tax expense | | 31,013 | | | 32,858 | | | | 25,001 | | | 31,647 | | | | 26,673 | | | | 88,872 | | | 85,528 | |
Net income | $ | 106,029 | | $ | 109,834 | | | $ | 87,935 | | $ | 94,376 | | | $ | 99,212 | | | $ | 303,798 | | $ | 264,309 | |
| | | | | | | | | | | | | |
Diluted earnings per common share | $ | 1.54 | | $ | 1.60 | | | $ | 1.27 | | $ | 1.37 | | | $ | 1.44 | | | $ | 4.41 | | $ | 3.83 | |
| | | | | | | | | | | | | |
(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 |
| Sep | | Jun | | Mar | | Dec | | Sep |
(dollars in thousands) | | 2025 | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2024 | |
Assets | | | | | | | | | |
Cash and due from banks | $ | 216,927 | | | $ | 249,676 | | | $ | 253,289 | | | $ | 244,980 | | | $ | 231,515 | |
Interest-bearing deposits in banks | | 826,237 | | | | 920,594 | | | | 1,039,111 | | | | 975,397 | | | | 1,127,641 | |
Debt securities available-for-sale, at fair value | | 2,131,671 | | | | 1,871,298 | | | | 1,943,011 | | | | 1,671,260 | | | | 1,441,552 | |
Debt securities held-to-maturity, at amortized cost | | 202,581 | | | | 176,487 | | | | 173,757 | | | | 164,677 | | | | 161,220 | |
Other investments | | 70,644 | | | | 69,910 | | | | 65,630 | | | | 66,298 | | | | 63,899 | |
Loans held for sale | | 604,136 | | | | 544,091 | | | | 545,388 | | | | 528,599 | | | | 553,379 | |
| | | | | | | | | |
Loans, net of unearned income | | 21,258,374 | | | | 21,041,497 | | | | 20,706,644 | | | | 20,739,906 | | | | 20,964,981 | |
Allowance for credit losses | | (345,294 | ) | | | (341,567 | ) | | | (345,555 | ) | | | (338,084 | ) | | | (334,457 | ) |
Loans, net | | 20,913,080 | | | | 20,699,930 | | | | 20,361,089 | | | | 20,401,822 | | | | 20,630,524 | |
| | | | | | | | | |
Other real estate owned | | 3,137 | | | | 1,825 | | | | 863 | | | | 2,433 | | | | 9,482 | |
Premises and equipment, net | | 211,567 | | | | 211,434 | | | | 207,895 | | | | 209,460 | | | | 210,931 | |
Goodwill | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | |
Other intangible assets, net | | 58,703 | | | | 62,582 | | | | 66,658 | | | | 70,761 | | | | 74,941 | |
Cash value of bank owned life insurance | | 417,096 | | | | 414,381 | | | | 410,890 | | | | 408,574 | | | | 460,699 | |
Other assets | | 428,404 | | | | 442,299 | | | | 431,713 | | | | 502,143 | | | | 418,353 | |
Total assets | $ | 27,099,829 | | | $ | 26,680,153 | | | $ | 26,514,940 | | | $ | 26,262,050 | | | $ | 26,399,782 | |
| | | | | | | | | |
Liabilities | | | | | | | | | |
Deposits | | | | | | | | | |
Noninterest-bearing | $ | 6,757,233 | | | $ | 6,800,519 | | | $ | 6,744,781 | | | $ | 6,498,293 | | | $ | 6,670,320 | |
Interest-bearing | | 15,470,845 | | | | 15,132,156 | | | | 15,167,628 | | | | 15,224,155 | | | | 15,208,945 | |
Total deposits | | 22,228,078 | | | | 21,932,675 | | | | 21,912,409 | | | | 21,722,448 | | | | 21,879,265 | |
Other borrowings | | 337,094 | | | | 376,700 | | | | 276,744 | | | | 291,788 | | | | 346,446 | |
Subordinated deferrable interest debentures | | 133,804 | | | | 133,306 | | | | 132,807 | | | | 132,309 | | | | 131,811 | |
Other liabilities | | 384,152 | | | | 319,794 | | | | 369,178 | | | | 363,983 | | | | 360,892 | |
Total liabilities | | 23,083,128 | | | | 22,762,475 | | | | 22,691,138 | | | | 22,510,528 | | | | 22,718,414 | |
| | | | | | | | | |
Shareholders' Equity | | | | | | | | | |
Preferred stock | | — | | | | — | | | | — | | | | — | | | | — | |
Common stock | | 72,900 | | | | 72,897 | | | | 72,885 | | | | 72,699 | | | | 72,698 | |
Capital stock | | 1,968,124 | | | | 1,964,896 | | | | 1,961,732 | | | | 1,958,642 | | | | 1,954,532 | |
Retained earnings | | 2,115,712 | | | | 2,023,493 | | | | 1,927,489 | | | | 1,853,428 | | | | 1,772,989 | |
Accumulated other comprehensive income (loss), net of tax | | 5,171 | | | | (6,886 | ) | | | (14,430 | ) | | | (30,119 | ) | | | (15,724 | ) |
Treasury stock | | (145,206 | ) | | | (136,722 | ) | | | (123,874 | ) | | | (103,128 | ) | | | (103,127 | ) |
Total shareholders' equity | | 4,016,701 | | | | 3,917,678 | | | | 3,823,802 | | | | 3,751,522 | | | | 3,681,368 | |
Total liabilities and shareholders' equity | $ | 27,099,829 | | | $ | 26,680,153 | | | $ | 26,514,940 | | | $ | 26,262,050 | | | $ | 26,399,782 | |
| | | | | | | | | |
Other Data | | | | | | | | | |
Earning assets | $ | 25,093,643 | | | $ | 24,623,877 | | | $ | 24,473,541 | | | $ | 24,146,137 | | | $ | 24,312,672 | |
Intangible assets | | 1,074,349 | | | | 1,078,228 | | | | 1,082,304 | | | | 1,086,407 | | | | 1,090,587 | |
Interest-bearing liabilities | | 15,941,743 | | | | 15,642,162 | | | | 15,577,179 | | | | 15,648,252 | | | | 15,687,202 | |
Average assets | | 26,972,134 | | | | 26,757,322 | | | | 26,229,423 | | | | 26,444,894 | | | | 26,442,984 | |
Average common shareholders' equity | | 3,964,207 | | | | 3,865,031 | | | | 3,798,149 | | | | 3,719,888 | | | | 3,618,052 | |
| | | | | | | | | | | | | | | | | | | |
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) | | 2025 | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2024 | | | | 2025 | | | | 2024 | |
Allowance for Credit Losses | | | | | | | | | | | | | |
Balance at beginning of period | $ | 377,181 | | | $ | 381,507 | | | $ | 368,663 | | | $ | 364,885 | | | $ | 366,852 | | | $ | 368,663 | | | $ | 348,727 | |
| | | | | | | | | | | | | |
Provision for loan losses | | 11,176 | | | | 3,110 | | | | 16,519 | | | | 12,657 | | | | 6,313 | | | | 30,805 | | | | 57,184 | |
Provision for unfunded commitments | | 11,446 | | | | (335 | ) | | | 5,373 | | | | 148 | | | | (204 | ) | | | 16,484 | | | | (11,196 | ) |
Provision for other credit losses | | 8 | | | | (3 | ) | | | — | | | | 3 | | | | (2 | ) | | | 5 | | | | (3 | ) |
Provision for credit losses | | 22,630 | | | | 2,772 | | | | 21,892 | | | | 12,808 | | | | 6,107 | | | | 47,294 | | | | 45,985 | |
| | | | | | | | | | | | | |
Charge-offs | | 13,631 | | | | 14,227 | | | | 15,383 | | | | 17,460 | | | | 15,352 | | | | 43,241 | | | | 50,654 | |
Recoveries | | 6,182 | | | | 7,129 | | | | 6,335 | | | | 8,430 | | | | 7,278 | | | | 19,646 | | | | 20,827 | |
Net charge-offs (recoveries) | | 7,449 | | | | 7,098 | | | | 9,048 | | | | 9,030 | | | | 8,074 | | | | 23,595 | | | | 29,827 | |
| | | | | | | | | | | | | |
Ending balance | $ | 392,362 | | | $ | 377,181 | | | $ | 381,507 | | | $ | 368,663 | | | $ | 364,885 | | | $ | 392,362 | | | $ | 364,885 | |
| | | | | | | | | | | | | |
Allowance for loan losses | $ | 345,294 | | | $ | 341,567 | | | $ | 345,555 | | | $ | 338,084 | | | $ | 334,457 | | | $ | 345,294 | | | $ | 334,457 | |
Allowance for unfunded commitments | | 46,994 | | | | 35,548 | | | | 35,883 | | | | 30,510 | | | | 30,362 | | | | 46,994 | | | | 30,362 | |
Allowance for other credit losses | | 74 | | | | 66 | | | | 69 | | | | 69 | | | | 66 | | | | 74 | | | | 66 | |
Total allowance for credit losses | $ | 392,362 | | | $ | 377,181 | | | $ | 381,507 | | | $ | 368,663 | | | $ | 364,885 | | | $ | 392,362 | | | $ | 364,885 | |
| | | | | | | | | | | | | |
Non-Performing Assets | | | | | | | | | | | | | |
Nonaccrual portfolio loans | $ | 77,257 | | | $ | 75,286 | | | $ | 86,229 | | | $ | 90,206 | | | $ | 87,339 | | | $ | 77,257 | | | $ | 87,339 | |
Other real estate owned | | 3,137 | | | | 1,825 | | | | 863 | | | | 2,433 | | | | 9,482 | | | | 3,137 | | | | 9,482 | |
Repossessed assets | | 3 | | | | 2 | | | | — | | | | 9 | | | | 19 | | | | 3 | | | | 19 | |
Accruing loans delinquent 90 days or more | | 9,325 | | | | 8,415 | | | | 14,930 | | | | 17,733 | | | | 12,234 | | | | 9,325 | | | | 12,234 | |
Non-performing portfolio assets | $ | 89,722 | | | $ | 85,528 | | | $ | 102,022 | | | $ | 110,381 | | | $ | 109,074 | | | $ | 89,722 | | | $ | 109,074 | |
Serviced GNMA-guaranteed mortgage nonaccrual loans | | 19,706 | | | | 11,733 | | | | 13,441 | | | | 12,012 | | | | 8,168 | | | | 19,706 | | | | 8,168 | |
Total non-performing assets | $ | 109,428 | | | $ | 97,261 | | | $ | 115,463 | | | $ | 122,393 | | | $ | 117,242 | | | $ | 109,428 | | | $ | 117,242 | |
| | | | | | | | | | | | | |
Asset Quality Ratios | | | | | | | | | | | | | |
Non-performing portfolio assets as a percent of total assets | | 0.33 | % | | | 0.32 | % | | | 0.38 | % | | | 0.42 | % | | | 0.41 | % | | | 0.33 | % | | | 0.41 | % |
Total non-performing assets as a percent of total assets | | 0.40 | % | | | 0.36 | % | | | 0.44 | % | | | 0.47 | % | | | 0.44 | % | | | 0.40 | % | | | 0.44 | % |
Net charge-offs as a percent of average loans (annualized) | | 0.14 | % | | | 0.14 | % | | | 0.18 | % | | | 0.17 | % | | | 0.15 | % | | | 0.15 | % | | | 0.19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
AMERIS BANCORP AND SUBSIDIARIES |
FINANCIAL TABLES |
|
Loan Information | Table 5 |
| Sep | | Jun | | Mar | | Dec | | Sep |
(dollars in thousands) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
Loans by Type | | | | | | | | | |
Commercial and industrial | $ | 3,299,269 | | $ | 3,184,211 | | $ | 3,075,971 | | $ | 2,953,135 | | $ | 2,949,957 |
Consumer | | 202,688 | | | 209,990 | | | 213,902 | | | 221,735 | | | 221,201 |
Mortgage warehouse | | 1,083,941 | | | 1,092,475 | | | 891,412 | | | 965,053 | | | 985,910 |
Municipal | | 437,823 | | | 436,759 | | | 429,227 | | | 441,408 | | | 449,561 |
Premium Finance | | 1,358,259 | | | 1,294,293 | | | 1,176,309 | | | 1,155,614 | | | 1,246,452 |
Real estate - construction and development | | 1,411,178 | | | 1,485,842 | | | 1,842,431 | | | 1,998,506 | | | 2,232,114 |
Real estate - commercial and farmland | | 9,054,927 | | | 8,877,750 | | | 8,574,626 | | | 8,445,958 | | | 8,249,981 |
Real estate - residential | | 4,410,289 | | | 4,460,177 | | | 4,502,766 | | | 4,558,497 | | | 4,629,805 |
Total loans | $ | 21,258,374 | | $ | 21,041,497 | | $ | 20,706,644 | | $ | 20,739,906 | | $ | 20,964,981 |
| | | | | | | | | |
Loans by Risk Grade | | | | | | | | | |
Pass | $ | 21,058,458 | | $ | 20,820,888 | | $ | 20,468,496 | | $ | 20,457,340 | | $ | 20,676,342 |
Other assets especially mentioned | | 37,236 | | | 66,677 | | | 73,783 | | | 110,936 | | | 124,479 |
Substandard | | 162,680 | | | 153,932 | | | 164,365 | | | 171,630 | | | 164,160 |
Total loans | $ | 21,258,374 | | $ | 21,041,497 | | $ | 20,706,644 | | $ | 20,739,906 | | $ | 20,964,981 |
| | | | | | | | | | | | | | |
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) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | 2025 | | 2024 |
Earning Assets | | | | | | | | | | | | | |
Interest-bearing deposits in banks | $ | 883,976 | | $ | 951,851 | | $ | 980,164 | | $ | 899,162 | | $ | 997,308 | | $ | 938,312 | | $ | 940,548 |
Debt securities - taxable | | 2,282,470 | | | 2,117,596 | | | 1,998,226 | | | 1,761,984 | | | 1,733,418 | | | 2,133,805 | | | 1,665,902 |
Debt securities - nontaxable | | 44,823 | | | 41,299 | | | 41,391 | | | 41,494 | | | 41,496 | | | 42,517 | | | 41,393 |
Loans held for sale | | 706,679 | | | 730,770 | | | 565,531 | | | 795,904 | | | 575,461 | | | 668,177 | | | 463,680 |
Loans | | 21,038,350 | | | 20,928,825 | | | 20,620,777 | | | 20,868,216 | | | 21,023,629 | | | 20,864,180 | | | 20,722,659 |
Total Earning Assets | $ | 24,956,298 | | $ | 24,770,341 | | $ | 24,206,089 | | $ | 24,366,760 | | $ | 24,371,312 | | $ | 24,646,991 | | $ | 23,834,182 |
| | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | |
Noninterest-bearing deposits | $ | 6,849,129 | | $ | 6,766,557 | | $ | 6,522,784 | | $ | 6,684,851 | | $ | 6,622,952 | | $ | 6,714,016 | | $ | 6,528,572 |
NOW accounts | | 3,900,999 | | | 3,939,802 | | | 3,988,458 | | | 3,888,404 | | | 3,753,528 | | | 3,942,766 | | | 3,802,501 |
MMDA | | 6,977,134 | | | 6,918,382 | | | 6,911,554 | | | 6,864,265 | | | 6,508,770 | | | 6,935,931 | | | 6,238,615 |
Savings accounts | | 756,383 | | | 766,331 | | | 767,148 | | | 761,980 | | | 765,909 | | | 763,248 | | | 781,072 |
Retail CDs | | 2,344,084 | | | 2,393,402 | | | 2,436,974 | | | 2,474,804 | | | 2,478,875 | | | 2,391,146 | | | 2,429,505 |
Brokered CDs | | 1,070,735 | | | 1,145,043 | | | 962,768 | | | 1,057,808 | | | 1,493,352 | | | 1,059,911 | | | 1,347,836 |
Total Deposits | | 21,898,464 | | | 21,929,517 | | | 21,589,686 | | | 21,732,112 | | | 21,623,386 | | | 21,807,018 | | | 21,128,101 |
Non-Deposit Funding | | | | | | | | | | | | | |
Federal funds purchased and securities sold under agreements to repurchase | | 1 | | | — | | | — | | | — | | | — | | | — | | | — |
FHLB advances | | 443,243 | | | 326,054 | | | 149,537 | | | 215,116 | | | 358,332 | | | 307,354 | | | 375,328 |
Other borrowings | | 169,994 | | | 193,492 | | | 193,494 | | | 279,961 | | | 298,073 | | | 185,574 | | | 304,554 |
Subordinated deferrable interest debentures | | 133,541 | | | 133,043 | | | 132,544 | | | 132,048 | | | 131,547 | | | 133,046 | | | 131,052 |
Total Non-Deposit Funding | | 746,779 | | | 652,589 | | | 475,575 | | | 627,125 | | | 787,952 | | | 625,974 | | | 810,934 |
Total Funding | $ | 22,645,243 | | $ | 22,582,106 | | $ | 22,065,261 | | $ | 22,359,237 | | $ | 22,411,338 | | $ | 22,432,992 | | $ | 21,939,035 |
| | | | | | | | | | | | | |
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) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | 2025 | | 2024 |
Interest Income | | | | | | | | | | | | | |
Interest-bearing deposits in banks | $ | 9,993 | | $ | 10,715 | | $ | 10,789 | | $ | 11,260 | | $ | 13,633 | | $ | 31,497 | | $ | 38,646 |
Debt securities - taxable | | 23,253 | | | 20,696 | | | 18,492 | | | 15,923 | | | 15,555 | | | 62,441 | | | 45,595 |
Debt securities - nontaxable (TE) | | 434 | | | 423 | | | 416 | | | 427 | | | 426 | | | 1,273 | | | 1,267 |
Loans held for sale | | 11,237 | | | 11,578 | | | 9,045 | | | 11,853 | | | 9,142 | | | 31,860 | | | 22,679 |
Loans (TE) | | 311,082 | | | 305,154 | | | 295,964 | | | 307,852 | | | 317,358 | | | 912,200 | | | 926,612 |
Total Earning Assets | $ | 355,999 | | $ | 348,566 | | $ | 334,706 | | $ | 347,315 | | $ | 356,114 | | $ | 1,039,271 | | $ | 1,034,799 |
| | | | | | | | | | | | | |
Interest Expense | | | | | | | | | | | | | |
Interest-Bearing Deposits | | | | | | | | | | | | | |
NOW accounts | $ | 18,230 | | $ | 18,144 | | $ | 18,306 | | $ | 19,099 | | $ | 20,535 | | $ | 54,680 | | $ | 62,129 |
MMDA | | 54,657 | | | 53,469 | | | 52,261 | | | 57,160 | | | 61,620 | | | 160,387 | | | 173,905 |
Savings accounts | | 813 | | | 826 | | | 830 | | | 850 | | | 960 | | | 2,469 | | | 2,930 |
Retail CDs | | 21,253 | | | 21,852 | | | 23,245 | | | 25,610 | | | 26,775 | | | 66,350 | | | 77,062 |
Brokered CDs | | 11,898 | | | 12,505 | | | 10,573 | | | 12,837 | | | 19,808 | | | 34,976 | | | 53,091 |
Total Interest-Bearing Deposits | | 106,851 | | | 106,796 | | | 105,215 | | | 115,556 | | | 129,698 | | | 318,862 | | | 369,117 |
Non-Deposit Funding | | | | | | | | | | | | | |
FHLB advances | | 4,863 | | | 3,508 | | | 1,362 | | | 2,393 | | | 4,443 | | | 9,733 | | | 14,188 |
Other borrowings | | 2,328 | | | 2,499 | | | 2,350 | | | 3,346 | | | 3,514 | | | 7,177 | | | 10,967 |
Subordinated deferrable interest debentures | | 3,040 | | | 3,022 | | | 3,012 | | | 3,247 | | | 3,431 | | | 9,074 | | | 10,280 |
Total Non-Deposit Funding | | 10,231 | | | 9,029 | | | 6,724 | | | 8,986 | | | 11,388 | | | 25,984 | | | 35,435 |
Total Interest-Bearing Funding | $ | 117,082 | | $ | 115,825 | | $ | 111,939 | | $ | 124,542 | | $ | 141,086 | | $ | 344,846 | | $ | 404,552 |
| | | | | | | | | | | | | |
Net Interest Income (TE) | $ | 238,917 | | $ | 232,741 | | $ | 222,767 | | $ | 222,773 | | $ | 215,028 | | $ | 694,425 | | $ | 630,247 |
| | | | | | | | | | | | | | | | | | | | |
AMERIS BANCORP AND SUBSIDIARIES |
FINANCIAL TABLES |
| | | | | | | | | | | | | |
Yields(1) | Table 8 |
| Three Months Ended | | Nine Months Ended |
| Sep | | Jun | | Mar | | Dec | | Sep | | Sep | | Sep |
| 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | 2025 | | 2024 |
Earning Assets | | | | | | | | | | | | | |
Interest-bearing deposits in banks | 4.48 | % | | 4.52 | % | | 4.46 | % | | 4.98 | % | | 5.44 | % | | 4.49 | % | | 5.49 | % |
Debt securities - taxable | 4.04 | % | | 3.92 | % | | 3.75 | % | | 3.60 | % | | 3.57 | % | | 3.91 | % | | 3.66 | % |
Debt securities - nontaxable (TE) | 3.84 | % | | 4.11 | % | | 4.08 | % | | 4.09 | % | | 4.08 | % | | 4.00 | % | | 4.09 | % |
Loans held for sale | 6.31 | % | | 6.35 | % | | 6.49 | % | | 5.92 | % | | 6.32 | % | | 6.38 | % | | 6.53 | % |
Loans (TE) | 5.87 | % | | 5.85 | % | | 5.82 | % | | 5.87 | % | | 6.01 | % | | 5.85 | % | | 5.97 | % |
Total Earning Assets | 5.66 | % | | 5.64 | % | | 5.61 | % | | 5.67 | % | | 5.81 | % | | 5.64 | % | | 5.80 | % |
| | | | | | | | | | | | | |
Interest-Bearing Deposits | | | | | | | | | | | | | |
NOW accounts | 1.85 | % | | 1.85 | % | | 1.86 | % | | 1.95 | % | | 2.18 | % | | 1.85 | % | | 2.18 | % |
MMDA | 3.11 | % | | 3.10 | % | | 3.07 | % | | 3.31 | % | | 3.77 | % | | 3.09 | % | | 3.72 | % |
Savings accounts | 0.43 | % | | 0.43 | % | | 0.44 | % | | 0.44 | % | | 0.50 | % | | 0.43 | % | | 0.50 | % |
Retail CDs | 3.60 | % | | 3.66 | % | | 3.87 | % | | 4.12 | % | | 4.30 | % | | 3.71 | % | | 4.24 | % |
Brokered CDs | 4.41 | % | | 4.38 | % | | 4.45 | % | | 4.83 | % | | 5.28 | % | | 4.41 | % | | 5.26 | % |
Total Interest-Bearing Deposits | 2.82 | % | | 2.83 | % | | 2.83 | % | | 3.06 | % | | 3.44 | % | | 2.82 | % | | 3.38 | % |
Non-Deposit Funding | | | | | | | | | | | | | |
Federal funds purchased and securities sold under agreements to repurchase | — | % | | — | % | | — | % | | — | % | | — | % | | — | % | | — | % |
FHLB advances | 4.35 | % | | 4.32 | % | | 3.69 | % | | 4.43 | % | | 4.93 | % | | 4.23 | % | | 5.05 | % |
Other borrowings | 5.43 | % | | 5.18 | % | | 4.93 | % | | 4.75 | % | | 4.69 | % | | 5.17 | % | | 4.81 | % |
Subordinated deferrable interest debentures | 9.03 | % | | 9.11 | % | | 9.22 | % | | 9.78 | % | | 10.38 | % | | 9.12 | % | | 10.48 | % |
Total Non-Deposit Funding | 5.44 | % | | 5.55 | % | | 5.73 | % | | 5.70 | % | | 5.75 | % | | 5.55 | % | | 5.84 | % |
Total Interest-Bearing Liabilities | 2.94 | % | | 2.94 | % | | 2.92 | % | | 3.16 | % | | 3.55 | % | | 2.93 | % | | 3.51 | % |
| | | | | | | | | | | | | |
Net Interest Spread | 2.72 | % | | 2.70 | % | | 2.69 | % | | 2.51 | % | | 2.26 | % | | 2.71 | % | | 2.29 | % |
| | | | | | | | | | | | | |
Net Interest Margin(2) | 3.80 | % | | 3.77 | % | | 3.73 | % | | 3.64 | % | | 3.51 | % | | 3.77 | % | | 3.53 | % |
| | | | | | | | | | | | | |
Total Cost of Funds(3) | 2.05 | % | | 2.06 | % | | 2.06 | % | | 2.22 | % | | 2.50 | % | | 2.06 | % | | 2.46 | % |
(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) | | 2025 | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2024 | | | | 2025 | | | | 2024 | |
Net income available to common shareholders | $ | 106,029 | | | $ | 109,834 | | | $ | 87,935 | | | $ | 94,376 | | | $ | 99,212 | | | $ | 303,798 | | | $ | 264,309 | |
| | | | | | | | | | | | | |
Adjustment items: | | | | | | | | | | | | | |
Gain on sale of MSR | | (125 | ) | | | (356 | ) | | | 14 | | | | (536 | ) | | | (5,245 | ) | | | (467 | ) | | | (9,958 | ) |
Gain on conversion of Visa Class B-1 stock | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (12,554 | ) |
Gain on BOLI proceeds | | (390 | ) | | | — | | | | (11 | ) | | | — | | | | — | | | | (401 | ) | | | (1,464 | ) |
FDIC special assessment | | (318 | ) | | | (138 | ) | | | 138 | | | | (559 | ) | | | — | | | | (318 | ) | | | 2,014 | |
Natural disaster expenses | | — | | | | — | | | | — | | | | 400 | | | | 150 | | | | — | | | | 150 | |
Loss on disposition of bank premises | | — | | | | — | | | | — | | | | 1,203 | | | | — | | | | — | | | | — | |
Tax effect of adjustment items (Note 1) | | 93 | | | | 104 | | | | (32 | ) | | | (107 | ) | | | 1,070 | | | | 165 | | | | 4,273 | |
After tax adjustment items | | (740 | ) | | | (390 | ) | | | 109 | | | | 401 | | | | (4,025 | ) | | | (1,021 | ) | | | (17,539 | ) |
Tax expense attributable to BOLI restructuring | | — | | | | — | | | | — | | | | 301 | | | | — | | | | — | | | | 4,792 | |
Adjusted net income | $ | 105,289 | | | $ | 109,444 | | | $ | 88,044 | | | $ | 95,078 | | | $ | 95,187 | | | $ | 302,777 | | | $ | 251,562 | |
| | | | | | | | | | | | | |
Weighted average number of shares - diluted | | 68,665,669 | | | | 68,796,577 | | | | 69,030,331 | | | | 69,128,946 | | | | 69,066,298 | | | | 68,830,787 | | | | 69,031,666 | |
Net income per diluted share | $ | 1.54 | | | $ | 1.60 | | | $ | 1.27 | | | $ | 1.37 | | | $ | 1.44 | | | $ | 4.41 | | | $ | 3.83 | |
Adjusted net income per diluted share | $ | 1.53 | | | $ | 1.59 | | | $ | 1.28 | | | $ | 1.38 | | | $ | 1.38 | | | $ | 4.40 | | | $ | 3.64 | |
| | | | | | | | | | | | | |
Average assets | $ | 26,972,134 | | | $ | 26,757,322 | | | $ | 26,229,423 | | | $ | 26,444,894 | | | $ | 26,442,984 | | | $ | 26,655,680 | | | $ | 25,899,617 | |
Return on average assets | | 1.56 | % | | | 1.65 | % | | | 1.36 | % | | | 1.42 | % | | | 1.49 | % | | | 1.52 | % | | | 1.36 | % |
Adjusted return on average assets | | 1.55 | % | | | 1.64 | % | | | 1.36 | % | | | 1.43 | % | | | 1.43 | % | | | 1.52 | % | | | 1.30 | % |
| | | | | | | | | | | | | |
Average common equity | $ | 3,964,207 | | | $ | 3,865,031 | | | $ | 3,798,149 | | | $ | 3,719,888 | | | $ | 3,618,052 | | | $ | 3,876,404 | | | $ | 3,537,559 | |
Average tangible common equity | $ | 2,887,961 | | | $ | 2,784,819 | | | $ | 2,713,847 | | | $ | 2,631,452 | | | $ | 2,525,421 | | | $ | 2,796,180 | | | $ | 2,440,619 | |
Return on average common equity | | 10.61 | % | | | 11.40 | % | | | 9.39 | % | | | 10.09 | % | | | 10.91 | % | | | 10.48 | % | | | 9.98 | % |
Return on average tangible common equity | | 14.57 | % | | | 15.82 | % | | | 13.14 | % | | | 14.27 | % | | | 15.63 | % | | | 14.53 | % | | | 14.47 | % |
Adjusted return on average tangible common equity | | 14.46 | % | | | 15.76 | % | | | 13.16 | % | | | 14.37 | % | | | 14.99 | % | | | 14.48 | % | | | 13.77 | % |
| | | | | | | | | | | | | |
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. |
|
AMERIS BANCORP AND SUBSIDIARIES |
FINANCIAL TABLES |
| | | | |
Non-GAAP Reconciliations (continued) | | |
| | |
Adjusted Efficiency Ratio (TE) | Table 9B |
| Three Months Ended | | Nine Months Ended |
| Sep | | Jun | | Mar | | Dec | | Sep | | Sep | | Sep |
(dollars in thousands) | | 2025 | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2024 | | | | 2025 | | | | 2024 | |
Adjusted Noninterest Expense | | | | | | | | | | | | | |
Total noninterest expense | $ | 154,566 | | | $ | 155,260 | | | $ | 151,034 | | | $ | 151,949 | | | $ | 151,777 | | | $ | 460,860 | | | $ | 455,845 | |
Adjustment items: | | | | | | | | | | | | | |
FDIC special assessment | | 318 | | | | 138 | | | | (138 | ) | | | 559 | | | | — | | | | 318 | | | | (2,014 | ) |
Natural disaster expenses | | — | | | | — | | | | — | | | | (400 | ) | | | (150 | ) | | | — | | | | (150 | ) |
Loss on disposition of bank premises | | — | | | | — | | | | — | | | | (1,203 | ) | | | — | | | | — | | | | — | |
Adjusted noninterest expense | $ | 154,884 | | | $ | 155,398 | | | $ | 150,896 | | | $ | 150,905 | | | $ | 151,627 | | | $ | 461,178 | | | $ | 453,681 | |
| | | | | | | | | | | | | |
Total Revenue | | | | | | | | | | | | | |
Net interest income | $ | 237,964 | | | $ | 231,813 | | | $ | 221,839 | | | $ | 221,821 | | | $ | 214,060 | | | $ | 691,616 | | | $ | 627,369 | |
Noninterest income | | 76,274 | | | | 68,911 | | | | 64,023 | | | | 68,959 | | | | 69,709 | | | | 209,208 | | | | 224,298 | |
Total revenue | $ | 314,238 | | | $ | 300,724 | | | $ | 285,862 | | | $ | 290,780 | | | $ | 283,769 | | | $ | 900,824 | | | $ | 851,667 | |
| | | | | | | | | | | | | |
Adjusted Total Revenue | | | | | | | | | | | | | |
Net interest income (TE) | $ | 238,917 | | | $ | 232,741 | | | $ | 222,767 | | | $ | 222,773 | | | $ | 215,028 | | | $ | 694,425 | | | $ | 630,247 | |
Noninterest income | | 76,274 | | | | 68,911 | | | | 64,023 | | | | 68,959 | | | | 69,709 | | | | 209,208 | | | | 224,298 | |
Total revenue (TE) | | 315,191 | | | | 301,652 | | | | 286,790 | | | | 291,732 | | | | 284,737 | | | | 903,633 | | | | 854,545 | |
Adjustment items: | | | | | | | | | | | | | |
(Gain) loss on securities | | (1,581 | ) | | | — | | | | (40 | ) | | | 16 | | | | 8 | | | | (1,621 | ) | | | (12,320 | ) |
Gain on sale of MSR | | (125 | ) | | | (356 | ) | | | 14 | | | | (536 | ) | | | (5,245 | ) | | | (467 | ) | | | (9,958 | ) |
Gain on BOLI proceeds | | (390 | ) | | | — | | | | (11 | ) | | | — | | | | — | | | | (401 | ) | | | (1,464 | ) |
Adjusted total revenue (TE) | $ | 313,095 | | | $ | 301,296 | | | $ | 286,753 | | | $ | 291,212 | | | $ | 279,500 | | | $ | 901,144 | | | $ | 830,803 | |
| | | | | | | | | | | | | |
Efficiency ratio | | 49.19 | % | | | 51.63 | % | | | 52.83 | % | | | 52.26 | % | | | 53.49 | % | | | 51.16 | % | | | 53.52 | % |
Adjusted efficiency ratio (TE) | | 49.47 | % | | | 51.58 | % | | | 52.62 | % | | | 51.82 | % | | | 54.25 | % | | | 51.18 | % | | | 54.61 | % |
| | | | | | | | | | | | | |
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) | | 2025 | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2024 | | | | 2025 | | | | 2024 | |
Total shareholders' equity | $ | 4,016,701 | | | $ | 3,917,678 | | | $ | 3,823,802 | | | $ | 3,751,522 | | | $ | 3,681,368 | | | $ | 4,016,701 | | | $ | 3,681,368 | |
Less: | | | | | | | | | | | | | |
Goodwill | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | |
Other intangibles, net | | 58,703 | | | | 62,582 | | | | 66,658 | | | | 70,761 | | | | 74,941 | | | | 58,703 | | | | 74,941 | |
Total tangible shareholders' equity | $ | 2,942,352 | | | $ | 2,839,450 | | | $ | 2,741,498 | | | $ | 2,665,115 | | | $ | 2,590,781 | | | $ | 2,942,352 | | | $ | 2,590,781 | |
| | | | | | | | | | | | | |
Period end number of shares | | 68,587,742 | | | | 68,711,043 | | | | 68,910,924 | | | | 69,068,609 | | | | 69,067,019 | | | | 68,587,742 | | | | 69,067,019 | |
Book value per share (period end) | $ | 58.56 | | | $ | 57.02 | | | $ | 55.49 | | | $ | 54.32 | | | $ | 53.30 | | | $ | 58.56 | | | $ | 53.30 | |
Tangible book value per share (period end) | $ | 42.90 | | | $ | 41.32 | | | $ | 39.78 | | | $ | 38.59 | | | $ | 37.51 | | | $ | 42.90 | | | $ | 37.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
AMERIS BANCORP AND SUBSIDIARIES |
FINANCIAL TABLES |
|
Non-GAAP Reconciliations (continued) |
|
Tangible Common Equity to Tangible Assets ("TCE Ratio") | Table 9D |
| Sep | | Jun | | Mar | | Dec | | Sep |
(dollars in thousands except per share data) | | 2025 | | | | 2025 | | | | 2025 | | | | 2024 | | | | 2024 | |
Total shareholders' equity | $ | 4,016,701 | | | $ | 3,917,678 | | | $ | 3,823,802 | | | $ | 3,751,522 | | | $ | 3,681,368 | |
Less: | | | | | | | | | |
Goodwill | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | |
Other intangibles, net | | 58,703 | | | | 62,582 | | | | 66,658 | | | | 70,761 | | | | 74,941 | |
Total tangible shareholders' equity | $ | 2,942,352 | | | $ | 2,839,450 | | | $ | 2,741,498 | | | $ | 2,665,115 | | | $ | 2,590,781 | |
| | | | | | | | | |
Total assets | $ | 27,099,829 | | | $ | 26,680,153 | | | $ | 26,514,940 | | | $ | 26,262,050 | | | $ | 26,399,782 | |
Less: | | | | | | | | | |
Goodwill | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | | | | 1,015,646 | |
Other intangibles, net | | 58,703 | | | | 62,582 | | | | 66,658 | | | | 70,761 | | | | 74,941 | |
Total tangible assets | $ | 26,025,480 | | | $ | 25,601,925 | | | $ | 25,432,636 | | | $ | 25,175,643 | | | $ | 25,309,195 | |
| | | | | | | | | |
Equity to Assets | | 14.82 | % | | | 14.68 | % | | | 14.42 | % | | | 14.28 | % | | | 13.94 | % |
Tangible Common Equity to Tangible Assets | | 11.31 | % | | | 11.09 | % | | | 10.78 | % | | | 10.59 | % | | | 10.24 | % |
| | | | | | | | | | | | | | | | | | | |
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) | 2025 | | 2025 | | | 2025 | | | | 2024 | | | | 2024 | | | 2025 | | | 2024 | |
Retail Mortgage Division | | | | | | | | | | | | | |
Net interest income | $ | 20,179 | | $ | 22,031 | | $ | 21,844 | | | $ | 23,714 | | | $ | 23,553 | | | $ | 64,054 | | $ | 70,582 | |
Provision for credit losses | | 529 | | | 1,010 | | | 5,191 | | | | (2,503 | ) | | | 254 | | | | 6,730 | | | (296 | ) |
Noninterest income | | 40,081 | | | 37,726 | | | 34,729 | | | | 36,623 | | | | 41,498 | | | | 112,536 | | | 130,408 | |
Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits | | 21,589 | | | 24,358 | | | 20,995 | | | | 22,876 | | | | 23,233 | | | | 66,942 | | | 69,560 | |
Occupancy and equipment expenses | | 760 | | | 811 | | | 829 | | | | 951 | | | | 957 | | | | 2,400 | | | 3,014 | |
Data processing and telecommunications expenses | | 1,232 | | | 1,391 | | | 1,297 | | | | 1,222 | | | | 1,184 | | | | 3,920 | | | 3,826 | |
Other noninterest expenses | | 12,480 | | | 12,496 | | | 11,963 | | | | 12,118 | | | | 12,164 | | | | 36,939 | | | 38,091 | |
Total noninterest expense | | 36,061 | | | 39,056 | | | 35,084 | | | | 37,167 | | | | 37,538 | | | | 110,201 | | | 114,491 | |
Income before income tax expense | | 23,670 | | | 19,691 | | | 16,298 | | | | 25,673 | | | | 27,259 | | | | 59,659 | | | 86,795 | |
Income tax expense | | 4,970 | | | 4,135 | | | 3,423 | | | | 5,391 | | | | 5,724 | | | | 12,528 | | | 18,227 | |
Net income | $ | 18,700 | | $ | 15,556 | | $ | 12,875 | | | $ | 20,282 | | | $ | 21,535 | | | $ | 47,131 | | $ | 68,568 | |
| | | | | | | | | | | | | |
Warehouse Lending Division | | | | | | | | | | | | | |
Net interest income | $ | 7,474 | | $ | 7,091 | | $ | 5,902 | | | $ | 6,640 | | | $ | 7,812 | | | $ | 20,467 | | $ | 20,132 | |
Provision for credit losses | | 23 | | | 369 | | | (175 | ) | | | (59 | ) | | | (170 | ) | | | 217 | | | 334 | |
Noninterest income | | 756 | | | 1,893 | | | 554 | | | | 676 | | | | 1,765 | | | | 3,203 | | | 3,533 | |
Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits | | 566 | | | 618 | | | 552 | | | | 583 | | | | 621 | | | | 1,736 | | | 2,633 | |
Occupancy and equipment expenses | | 7 | | | 7 | | | 7 | | | | 6 | | | | 6 | | | | 21 | | | 20 | |
Data processing and telecommunications expenses | | 57 | | | 59 | | | 38 | | | | 44 | | | | 32 | | | | 154 | | | 116 | |
Other noninterest expenses | | 195 | | | 96 | | | 270 | | | | 224 | | | | 217 | | | | 561 | | | 752 | |
Total noninterest expense | | 825 | | | 780 | | | 867 | | | | 857 | | | | 876 | | | | 2,472 | | | 3,521 | |
Income before income tax expense | | 7,382 | | | 7,835 | | | 5,764 | | | | 6,518 | | | | 8,871 | | | | 20,981 | | | 19,810 | |
Income tax expense | | 1,550 | | | 1,646 | | | 1,210 | | | | 1,369 | | | | 1,863 | | | | 4,406 | | | 4,160 | |
Net income | $ | 5,832 | | $ | 6,189 | | $ | 4,554 | | | $ | 5,149 | | | $ | 7,008 | | | $ | 16,575 | | $ | 15,650 | |
| | | | | | | | | | | | | |
Premium Finance Division | | | | | | | | | | | | | |
Net interest income | $ | 12,251 | | $ | 11,190 | | $ | 9,880 | | | $ | 10,390 | | | $ | 10,060 | | | $ | 33,321 | | $ | 26,015 | |
Provision for credit losses | | 461 | | | 716 | | | 456 | | | | 517 | | | | 457 | | | | 1,633 | | | 366 | |
Noninterest income | | 18 | | | 17 | | | 16 | | | | 13 | | | | 11 | | | | 51 | | | 32 | |
Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits | | 2,492 | | | 2,331 | | | 2,352 | | | | 2,029 | | | | 2,212 | | | | 7,175 | | | 6,165 | |
Occupancy and equipment expenses | | 39 | | | 36 | | | 37 | | | | 51 | | | | 28 | | | | 112 | | | 174 | |
Data processing and telecommunications expenses | | 101 | | | 91 | | | 129 | | | | 106 | | | | 83 | | | | 321 | | | 264 | |
Other noninterest expenses | | 1,075 | | | 1,115 | | | 969 | | | | 1,173 | | | | 1,140 | | | | 3,159 | | | 3,263 | |
Total noninterest expense | | 3,707 | | | 3,573 | | | 3,487 | | | | 3,359 | | | | 3,463 | | | | 10,767 | | | 9,866 | |
Income before income tax expense | | 8,101 | | | 6,918 | | | 5,953 | | | | 6,527 | | | | 6,151 | | | | 20,972 | | | 15,815 | |
Income tax expense | | 1,669 | | | 1,410 | | | 1,214 | | | | 1,334 | | | | 1,254 | | | | 4,293 | | | 3,191 | |
Net income | $ | 6,432 | | $ | 5,508 | | $ | 4,739 | | | $ | 5,193 | | | $ | 4,897 | | | $ | 16,679 | | $ | 12,624 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | 2025 | | 2024 |
Banking Division | | | | | | | | | | | | | |
Net interest income | $ | 198,060 | | $ | 191,501 | | $ | 184,213 | | $ | 181,077 | | $ | 172,635 | | $ | 573,774 | | $ | 510,640 |
Provision for credit losses | | 21,617 | | | 677 | | | 16,420 | | | 14,853 | | | 5,566 | | | 38,714 | | | 45,581 |
Noninterest income | | 35,419 | | | 29,275 | | | 28,724 | | | 31,647 | | | 26,435 | | | 93,418 | | | 90,325 |
Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits | | 66,301 | | | 62,001 | | | 62,716 | | | 62,322 | | | 62,634 | | | 191,018 | | | 181,473 |
Occupancy and equipment expenses | | 10,718 | | | 10,547 | | | 9,804 | | | 10,616 | | | 10,725 | | | 31,069 | | | 33,952 |
Data processing and telecommunications expenses | | 14,668 | | | 13,825 | | | 13,391 | | | 13,259 | | | 13,922 | | | 41,884 | | | 40,862 |
Other noninterest expenses | | 22,286 | | | 25,478 | | | 25,685 | | | 24,369 | | | 22,619 | | | 73,449 | | | 71,680 |
Total noninterest expense | | 113,973 | | | 111,851 | | | 111,596 | | | 110,566 | | | 109,900 | | | 337,420 | | | 327,967 |
Income before income tax expense | | 97,889 | | | 108,248 | | | 84,921 | | | 87,305 | | | 83,604 | | | 291,058 | | | 227,417 |
Income tax expense | | 22,824 | | | 25,667 | | | 19,154 | | | 23,553 | | | 17,832 | | | 67,645 | | | 59,950 |
Net income | $ | 75,065 | | $ | 82,581 | | $ | 65,767 | | $ | 63,752 | | $ | 65,772 | | $ | 223,413 | | $ | 167,467 |
| | | | | | | | | | | | | |
Total Consolidated | | | | | | | | | | | | | |
Net interest income | $ | 237,964 | | $ | 231,813 | | $ | 221,839 | | $ | 221,821 | | $ | 214,060 | | $ | 691,616 | | $ | 627,369 |
Provision for credit losses | | 22,630 | | | 2,772 | | | 21,892 | | | 12,808 | | | 6,107 | | | 47,294 | | | 45,985 |
Noninterest income | | 76,274 | | | 68,911 | | | 64,023 | | | 68,959 | | | 69,709 | | | 209,208 | | | 224,298 |
Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits | | 90,948 | | | 89,308 | | | 86,615 | | | 87,810 | | | 88,700 | | | 266,871 | | | 259,831 |
Occupancy and equipment expenses | | 11,524 | | | 11,401 | | | 10,677 | | | 11,624 | | | 11,716 | | | 33,602 | | | 37,160 |
Data processing and telecommunications expenses | | 16,058 | | | 15,366 | | | 14,855 | | | 14,631 | | | 15,221 | | | 46,279 | | | 45,068 |
Other noninterest expenses | | 36,036 | | | 39,185 | | | 38,887 | | | 37,884 | | | 36,140 | | | 114,108 | | | 113,786 |
Total noninterest expense | | 154,566 | | | 155,260 | | | 151,034 | | | 151,949 | | | 151,777 | | | 460,860 | | | 455,845 |
Income before income tax expense | | 137,042 | | | 142,692 | | | 112,936 | | | 126,023 | | | 125,885 | | | 392,670 | | | 349,837 |
Income tax expense | | 31,013 | | | 32,858 | | | 25,001 | | | 31,647 | | | 26,673 | | | 88,872 | | | 85,528 |
Net income | $ | 106,029 | | $ | 109,834 | | $ | 87,935 | | $ | 94,376 | | $ | 99,212 | | $ | 303,798 | | $ | 264,309 |
Category: Earnings
Source: Ameris Bancorp