Form 8-K - Current report

Share Name	Share Symbol	Market	Type
Ameris Bancorp	NYSE:ABCB	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-1.42	-2.16%	64.23	64.97	62.40	64.40	517,651	00:50:41

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported):			January 30, 2025


Ameris Bancorp
(Exact Name of Registrant as Specified in Charter)


Georgia	001-13901	58-1456434
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


3490 Piedmont Road N.E., Suite 1550
Atlanta,	Georgia	30305
(Address of Principal Executive Offices)		(Zip Code)


Registrant’s telephone number, including area code:			(404)			639-6500



(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	ABCB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On January 30, 2025, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter and fiscal year ended December 31, 2024. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.

The information contained in this Item 2.02 and in Exhibit 99.1 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on January 31, 2025 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).

The information contained in this Item 7.01 and in Exhibit 99.2 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


99.1			Press release dated January 30, 2025
99.2			Investor Presentation re: 4t h Quarter 2024 Results
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

AMERIS BANCORP


By:			/s/ Nicole S. Stokes
			Nicole S. Stokes
			Chief Financial Officer

Date: January 30, 2025

News Release

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND

FULL YEAR 2024 FINANCIAL RESULTS

Highlights of Ameris’s results for the fourth quarter of 2024 include the following:

•Net income of $94.4 million, or $1.37 per diluted share;

•Adjusted net income(1) of $95.1 million, or $1.38 per diluted share

•Total revenue growth of 9.8% annualized

•Increase in net interest income (TE) of $7.7 million, to $222.8 million

•Positive operating leverage with efficiency ratio of 52.26% and adjusted efficiency ratio (TE)(1) of 51.82%

•Return on average assets ("ROA") of 1.42%; adjusted ROA(1) of 1.43%

•Tangible book value(1) growth of $1.08 per share, or 11.5% annualized, to $38.59 at December 31, 2024

•Net interest margin (TE) expansion of 13bps to 3.64% for the fourth quarter of 2024

•Annualized net charge-offs of 0.17% of average total loans

•Increase in dividend of $0.05, or 33.3%, to $0.20 per common share

Highlights of Ameris’s results for the full year of 2024 include the following:

•Net income of $358.7 million, or $5.19 per diluted share;

•Adjusted net income(1) of $346.6 million, or $5.02 per diluted share

•ROA of 1.38%; adjusted ROA(1) of 1.33%

•Tangible book value(1) growth of $4.95 per share, or 14.7%, to $38.59 at December 31, 2024

•TCE ratio(1) of 10.59%, compared with 9.64% one year ago

•Net interest margin (TE) of 3.56% for the full year 2024

•Average earning assets growth of $709.0 million, or 3.0%

•Total deposits increase of $1.01 billion, or 4.9%, inclusive of reduction in brokered CDs of $339.7 million

•Increase in allowance for loan losses to 1.63% of loans at December 31, 2024 from 1.52% one year ago

•Decline in net charge-offs to 0.19% of average total loans

ATLANTA, GA, January 30, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024, compared with $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023. Excluding gain on sale of mortgage servicing rights (MSR), FDIC special assessment, natural disaster expenses and gain/loss of bank premises, adjusted net income(1) was $95.1 million, or $1.38 per diluted share, for the quarter ended December 31, 2024, compared with $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023.

For the year ended December 31, 2024, the Company reported net income of $358.7 million, or $5.19 per diluted share, compared with $269.1 million, or $3.89 per diluted share, for the same period in 2023. The year ended December 31, 2024 included a provision for credit losses of $58.8 million, compared with $142.7 million for the same period in 2023.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our fourth quarter performance reflects a strong finish to another successful year for Ameris. By prioritizing tangible book value growth, discipline in balance sheet management and operational efficiency, we have consistently delivered top-tier financial results and created meaningful shareholder value. Our robust balance sheet, focus on revenue growth, healthy net interest margin and commitment to efficiency, paired with the growth potential in our expanding Southeast markets, position us for continued success in the years ahead."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $222.8 million in the fourth quarter of 2024, an increase of $7.7 million, or 3.6%, from last quarter and $15.7 million, or 7.6%, compared with the fourth quarter of 2023. The Company's net interest margin expanded to 3.64% for the fourth quarter of 2024, a 13 basis point increase from 3.51% reported for the third quarter of 2024 and a 10 basis point improvement from the 3.54% reported for the fourth quarter of 2023. The increase in net interest margin is primarily attributable to decreased deposit costs.

Net interest income on a tax-equivalent basis for the full year 2024 increased $14.2 million to $853.0 million, compared with $838.8 million for 2023. The increase in net interest income is primarily attributable to increased yields on a growing loan base compared with the prior year. Interest income on a tax-equivalent basis increased $97.9 million, while funding costs increased only $83.7 million. The Company's net interest margin was 3.56% for 2024, compared with 3.61% for 2023.

Yields on earning assets decreased 14 basis points during the quarter to 5.67%, compared with 5.81% in the third quarter of 2024. This decrease is primarily related to a decrease in yields on loans from 6.01% for the third quarter of 2024 to 5.87% during the fourth quarter of 2024. Compared with the fourth quarter of 2023, loan yields increased four basis points from 5.83%. Yields on earning assets were near flat compared with the fourth quarter of 2023, decreasing two basis points from 5.69%.

The Company’s total cost of funds was 2.22% in the fourth quarter of 2024, a decrease of 28 and 10 basis points compared with the third quarter of 2024 and fourth quarter of 2023, respectively. Deposit costs decreased 27 basis points during the fourth quarter of 2024 to 2.12%, compared with 2.39% in the third quarter of 2024. Costs of interest-bearing deposits decreased during the quarter from 3.44% in the third quarter of 2024 to 3.06% in the fourth quarter of 2024, reflecting a decrease in brokered deposit account balances and costs, as well as money market account costs.

Noninterest Income

Noninterest income decreased only slightly, by $750,000, or 1.08%, in the fourth quarter of 2024 to $69.0 million, compared with $69.7 million for the third quarter of 2024, primarily as a result of a cyclical decrease in the warehouse lending division. Mortgage banking activity decreased by $1.2 million, or 3.3%, to $36.7 million in the fourth quarter of 2024, compared with $37.9 million for the third quarter of 2024. Total production in the retail mortgage division increased $78.2 million, or 6.8%, to $1.24 billion in the fourth quarter of 2024, compared with $1.16 billion for the third quarter of 2024. The retail mortgage open pipeline was $638.5 million at the end of the fourth quarter of 2024, compared with $813.7 million for the third quarter of 2024. Gain on sale spreads increased to 2.40% in the fourth quarter of 2024 from 2.17% for the third quarter of 2024.

Other noninterest income was roughly flat in the fourth quarter of 2024 compared with the third quarter. Included in other noninterest income in the fourth quarter of 2024 was a gain on sale of mortgage servicing rights of $536,000, compared with $5.2 million for the third quarter of 2024. This decrease was partially offset by increases in gain on sale of SBA loans and equipment finance fee income of $3.7 million and $549,000, respectively, over the same period.

For the full year 2024, noninterest income increased $50.4 million, or 20.8%, to $293.3 million, compared with $242.8 million for 2023. Mortgage banking activity increased by $20.6 million, or 14.7%, to $160.5 million in 2024, compared with $139.9 million in 2023. Production in the retail mortgage division increased to $4.6 billion in 2024, compared with $4.3 billion in 2023, while gain on sale spreads increased to 2.37% in 2024 from 2.07% in 2023. During 2024, the Company recorded a gain on conversion of Visa Class B stock of $12.6 million and a gain on sale of MSR of $10.5 million, with no such gains recorded in 2023. Additionally, during 2024, income on bank owned life insurance increased $3.5 million due to the restructuring of those policies and the gain on sale of SBA loans increased by $2.6 million.

Noninterest Expense

The Company has remained disciplined on expense control, such that noninterest expense was essentially flat, with $151.9 million in expenses during the fourth quarter of 2024, compared with $151.8 million for the third quarter of 2024. During the fourth quarter of 2024, the Company recorded natural disaster expenses of $400,000, a reduction in FDIC special assessment expense of $559,000, and a loss on bank premises of $1.2 million. During the third quarter of 2024, the Company recorded natural disaster expenses of $150,000. Excluding these items, adjusted expenses(1) decreased approximately $722,000, or 0.5%, to $150.9 million in the fourth quarter of 2024 from $151.6 million in the third quarter of 2024. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) improved to 51.82% in the fourth quarter of 2024, compared with 54.25% in the third quarter of 2024.

For the full year 2024, noninterest expense increased $29.5 million, or 5.1%, to $607.8 million, compared with $578.3 million in 2023. Excluding adjustment items of $3.2 million in 2024 and $9.7 million in 2023, adjusted expenses increased $36.0 million, or 6.3% to $604.6 million in 2024, from $568.6 million in 2023. This increase is primarily attributable to reductions in deferred loan origination costs and OREO gains, and increases in health insurance and data processing expenses. Also contributing to the increase in adjusted expenses was an increase in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2024 was unchanged at 24.6%, compared with 2023. The Company's effective tax rate for the fourth quarter of 2024 was 25.1%, compared with 21.2% for the third quarter of 2024. The increased rate for the fourth quarter of 2024 resulted primarily from a return to provision adjustment made when the Company filed its 2023 income tax returns in the fourth quarter of 2024.

Balance Sheet Trends

Total assets at December 31, 2024 were $26.26 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased to $1.67 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $470.6 million, or 2.3%, to $20.74 billion at December 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $528.6 million at December 31, 2024 from $281.3 million at December 31, 2023.

At December 31, 2024, total deposits amounted to $21.72 billion, compared with $20.71 billion at December 31, 2023. During the fourth quarter of 2024, deposits declined $156.8 million, with noninterest bearing accounts decreasing $172.0 million, retail CDs decreasing $86.5 million and brokered CDs decreasing $832.0 million, with such decreases offset in part by money market accounts increasing $660.0 million, a $270.2 million increase in interest bearing demand accounts and a $3.5 million increase in savings accounts. Noninterest bearing accounts as a percentage of total deposits decreased slightly, such that at December 31, 2024, noninterest bearing deposit accounts represented $6.50 billion, or 29.9% of total deposits, compared with $6.67 billion, or 30.5% of total deposits, at September 30, 2024.

Shareholders’ equity at December 31, 2024 totaled $3.75 billion, an increase of $324.8 million, or 9.5%, from December 31, 2023. The increase in shareholders’ equity was primarily the result of earnings of $358.7 million during the full year of 2024, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss of $5.8 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $4.95 per share, or 14.7%, during the full year of 2024 to $38.59 at December 31, 2024. Tangible common equity as a percentage of tangible assets was 10.59% at December 31, 2024, compared with 9.64% at the end of 2023. The Company had no repurchases of its shares in the quarter ending December 31, 2024.

Credit Quality

During the fourth quarter of 2024, the Company recorded a provision for credit losses of $12.8 million, increasing the allowance for credit losses to 1.63% of loans, compared with a provision of $6.1 million in the third quarter of 2024. Nonperforming assets as a percentage of total assets were relatively flat, increasing three basis points to 0.47% during the quarter. Approximately $12.0 million, or 9.8%, of the nonperforming assets at December 31, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets was also relatively flat, having increased one basis point to 0.42% at December 31, 2024, compared with 0.41% at the end of the third quarter of 2024. The net charge-off ratio was 17 basis points for the fourth quarter of 2024, compared with 15 basis points in the third quarter of 2024.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 31, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until February 7, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 2270789. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.3 billion in assets as of December 31, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently

filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

For more information, contact:

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Financial Highlights	Table 1
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands except per share data)	2024			2024			2024			2024			2023			2024			2023
EARNINGS
Net income	$	94,376		$	99,212		$	90,785		$	74,312		$	65,934		$	358,685		$	269,105
Adjusted net income(1)	$	95,078		$	95,187		$	80,763		$	75,612		$	73,568		$	346,640		$	276,253

COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.37		$	1.44		$	1.32		$	1.08		$	0.96		$	5.21		$	3.90
Diluted	$	1.37		$	1.44		$	1.32		$	1.08		$	0.96		$	5.19		$	3.89
Adjusted diluted EPS(1)	$	1.38		$	1.38		$	1.17		$	1.10		$	1.07		$	5.02		$	4.00
Cash dividends per share	$	0.20		$	0.15		$	0.15		$	0.15		$	0.15		$	0.65		$	0.60
Book value per share (period end)	$	54.32		$	53.30		$	51.64		$	50.42		$	49.62		$	54.32		$	49.62
Tangible book value per share (period end)(1)	$	38.59		$	37.51		$	35.79		$	34.52		$	33.64		$	38.59		$	33.64
Weighted average number of shares
Basic	68,799,464			68,798,093			68,824,150			68,808,393			68,824,004			68,808,830			68,977,453
Diluted	69,128,946			69,066,298			69,013,834			69,014,116			69,014,793			69,061,832			69,104,158
Period end number of shares	69,068,609			69,067,019			69,066,573			69,115,263			69,053,341			69,068,609			69,053,341
Market data
High intraday price	$	74.56		$	65.40		$	51.18		$	53.99		$	53.84		$	74.56		$	53.84
Low intraday price	$	59.12		$	48.21		$	44.23		$	44.00		$	34.26		$	44.00		$	28.33
Period end closing price	$	62.57		$	62.39		$	50.35		$	48.38		$	53.05		$	62.57		$	53.05
Average daily volume	384,406			379,896			301,784			407,898			390,190			368,293			419,347

PERFORMANCE RATIOS
Return on average assets	1.42		%	1.49		%	1.41		%	1.18		%	1.03		%	1.38		%	1.06		%
Adjusted return on average assets(1)	1.43		%	1.43		%	1.25		%	1.20		%	1.15		%	1.33		%	1.09		%
Return on average common equity	10.09		%	10.91		%	10.34		%	8.63		%	7.73		%	10.01		%	8.12		%
Adjusted return on average tangible common equity(1)	14.37		%	14.99		%	13.35		%	12.88		%	12.81		%	13.93		%	12.55		%
Earning asset yield (TE)	5.67		%	5.81		%	5.86		%	5.73		%	5.69		%	5.77		%	5.52		%
Total cost of funds	2.22		%	2.50		%	2.48		%	2.41		%	2.32		%	2.40		%	2.05		%
Net interest margin (TE)	3.64		%	3.51		%	3.58		%	3.51		%	3.54		%	3.56		%	3.61		%

Efficiency ratio	52.26		%	53.49		%	51.68		%	55.64		%	56.80		%	53.20		%	53.65		%
Adjusted efficiency ratio (TE)(1)	51.82		%	54.25		%	55.00		%	54.56		%	52.87		%	53.88		%	52.58		%

CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	14.28		%	13.94		%	13.45		%	13.58		%	13.60		%	14.28		%	13.60		%
Tangible common equity to tangible assets(1)	10.59		%	10.24		%	9.72		%	9.71		%	9.64		%	10.59		%	9.64		%

OTHER DATA (period end)
Full time equivalent employees
Banking Division	2,021			2,056			2,073			2,082			2,088			2,021			2,088
Retail Mortgage Division	585			592			595			596			595			585			595
Warehouse Lending Division	8			9			9			8			7			8			7

Premium Finance Division	77			76			74			73			75			77			75
Total Ameris Bancorp FTE headcount	2,691			2,733			2,751			2,759			2,765			2,691			2,765


Branch locations	164			164			164			164			164			164			164
Deposits per branch location	$	132,454		$	133,410		$	130,757		$	128,033		$	126,271		$	132,454		$	126,271
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Income Statement	Table 2
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands except per share data)	2024		2024		2024		2024		2023		2024		2023
Interest income
Interest and fees on loans	$	318,843	$	325,622	$	317,664	$	303,393	$	303,487	$	1,265,522	$	1,172,162
Interest on taxable securities	15,923		15,555		16,948		13,092		14,033		61,518		59,002
Interest on nontaxable securities	337		336		335		330		326		1,338		1,335
Interest on deposits in other banks	11,260		13,633		12,376		12,637		14,368		49,906		47,936

Total interest income	346,363		355,146		347,323		329,452		332,214		1,378,284		1,280,435

Interest expense
Interest on deposits	115,556		129,698		121,245		118,174		111,749		484,673		356,017
Interest on other borrowings	8,986		11,388		14,157		9,890		14,364		44,421		89,374
Total interest expense	124,542		141,086		135,402		128,064		126,113		529,094		445,391

Net interest income	221,821		214,060		211,921		201,388		206,101		849,190		835,044

Provision for loan losses	12,657		6,313		25,348		25,523		30,401		69,841		153,515
Provision for unfunded commitments	148		(204)		(6,570)		(4,422)		(7,438)		(11,048)		(10,853)
Provision for other credit losses	3		(2)		(5)		4		(11)		—		(6)
Provision for credit losses	12,808		6,107		18,773		21,105		22,952		58,793		142,656
Net interest income after provision for credit losses	209,013		207,953		193,148		180,283		183,149		790,397		692,388

Noninterest income
Service charges on deposit accounts	13,544		12,918		12,672		11,759		12,252		50,893		46,575
Mortgage banking activity	36,699		37,947		46,399		39,430		31,461		160,475		139,885
Other service charges, commissions and fees	1,182		1,163		1,211		1,202		1,234		4,758		4,401
Gain (loss) on securities	(16)		(8)		12,335		(7)		(288)		12,304		(304)
Equipment finance activity	5,947		5,398		4,983		5,336		5,748		21,664		23,349
Other noninterest income	11,603		12,291		11,111		8,158		5,841		43,163		28,922
Total noninterest income	68,959		69,709		88,711		65,878		56,248		293,257		242,828

Noninterest expense
Salaries and employee benefits	87,810		88,700		88,201		82,930		75,966		347,641		320,110
Occupancy and equipment	11,624		11,716		12,559		12,885		13,197		48,784		51,450
Data processing and communications expenses	14,631		15,221		15,193		14,654		14,028		59,699		53,486
Credit resolution-related expenses(1)	1,271		(110)		840		486		157		2,487		80
Advertising and marketing	2,407		4,089		3,571		2,545		2,937		12,612		11,638
Amortization of intangible assets	4,180		4,180		4,407		4,422		4,425		17,189		18,244

Other noninterest expenses	30,026		27,981		30,586		30,789		38,301		119,382		123,273
Total noninterest expense	151,949		151,777		155,357		148,711		149,011		607,794		578,281

Income before income tax expense	126,023		125,885		126,502		97,450		90,386		475,860		356,935
Income tax expense	31,647		26,673		35,717		23,138		24,452		117,175		87,830
Net income	$	94,376	$	99,212	$	90,785	$	74,312	$	65,934	$	358,685	$	269,105

Diluted earnings per common share	$	1.37	$	1.44	$	1.32	$	1.08	$	0.96	$	5.19	$	3.89

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


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Period End Balance Sheet	Table 3
	Dec		Sep		Jun		Mar		Dec
(dollars in thousands)	2024		2024		2024		2024		2023
Assets
Cash and due from banks	$	244,980	$	231,515	$	257,297	$	235,931	$	230,470
Interest-bearing deposits in banks	975,397		1,127,641		1,104,897		975,321		936,834


Debt securities available-for-sale, at fair value	1,671,260		1,441,552		1,531,047		1,414,419		1,402,944
Debt securities held-to-maturity, at amortized cost	164,677		161,220		148,538		147,022		141,512
Other investments	66,298		63,899		96,613		77,480		71,794
Loans held for sale	528,599		553,379		570,180		364,332		281,332

Loans, net of unearned income	20,739,906		20,964,981		20,992,603		20,600,260		20,269,303
Allowance for credit losses	(338,084)		(334,457)		(336,218)		(320,023)		(307,100)
Loans, net	20,401,822		20,630,524		20,656,385		20,280,237		19,962,203

Other real estate owned	2,433		9,482		2,213		2,158		6,199
Premises and equipment, net	209,460		210,931		213,255		214,801		216,435
Goodwill	1,015,646		1,015,646		1,015,646		1,015,646		1,015,646
Other intangible assets, net	70,761		74,941		79,120		83,527		87,949
Cash value of bank owned life insurance	408,574		460,699		376,458		396,804		395,778

Other assets	502,143		418,353		469,079		447,767		454,603
Total assets	$	26,262,050	$	26,399,782	$	26,520,728	$	25,655,445	$	25,203,699

Liabilities
Deposits
Noninterest-bearing	$	6,498,293	$	6,670,320	$	6,649,220	$	6,538,322	$	6,491,639
Interest-bearing	15,224,155		15,208,945		14,794,923		14,459,068		14,216,870
Total deposits	21,722,448		21,879,265		21,444,143		20,997,390		20,708,509

Other borrowings	291,788		346,446		946,413		631,380		509,586
Subordinated deferrable interest debentures	132,309		131,811		131,312		130,814		130,315

Other liabilities	363,983		360,892		432,246		411,123		428,542
Total liabilities	22,510,528		22,718,414		22,954,114		22,170,707		21,776,952

Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,699		72,698		72,697		72,683		72,516
Capital stock	1,958,642		1,954,532		1,950,846		1,948,352		1,945,385
Retained earnings	1,853,428		1,772,989		1,684,218		1,603,832		1,539,957
Accumulated other comprehensive loss, net of tax	(30,119)		(15,724)		(38,020)		(39,959)		(35,939)
Treasury stock	(103,128)		(103,127)		(103,127)		(100,170)		(95,172)
Total shareholders' equity	3,751,522		3,681,368		3,566,614		3,484,738		3,426,747
Total liabilities and shareholders' equity	$	26,262,050	$	26,399,782	$	26,520,728	$	25,655,445	$	25,203,699

Other Data
Earning assets	$	24,146,137	$	24,312,672	$	24,443,878	$	23,578,834	$	23,103,719
Intangible assets	1,086,407		1,090,587		1,094,766		1,099,173		1,103,595
Interest-bearing liabilities	15,648,252		15,687,202		15,872,648		15,221,262		14,856,771
Average assets	26,444,894		26,442,984		25,954,808		25,295,088		25,341,990
Average common shareholders' equity	3,719,888		3,618,052		3,530,869		3,462,871		3,383,554


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Asset Quality Information	Table 4
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands)	2024			2024			2024			2024			2023			2024			2023
Allowance for Credit Losses
Balance at beginning of period	$	364,885		$	366,852		$	357,232		$	348,727		$	339,180		$	348,727		$	258,163

Adoption of ASU 2022-02	—			—			—			—			—			—			(1,711)





Provision for loan losses	12,657			6,313			25,348			25,523			30,401			69,841			153,515
Provision for unfunded commitments	148			(204)			(6,570)			(4,422)			(7,438)			(11,048)			(10,853)
Provision for other credit losses	3			(2)			(5)			4			(11)			—			(6)
Provision for credit losses	12,808			6,107			18,773			21,105			22,952			58,793			142,656

Charge-offs	17,459			15,352			16,845			18,457			20,104			68,113			75,218
Recoveries	8,429			7,278			7,692			5,857			6,699			29,256			24,837
Net charge-offs (recoveries)	9,030			8,074			9,153			12,600			13,405			38,857			50,381

Ending balance	$	368,663		$	364,885		$	366,852		$	357,232		$	348,727		$	368,663		$	348,727

Allowance for loan losses	$	338,084		$	334,457		$	336,218		$	320,023		$	307,100		$	338,084		$	307,100
Allowance for unfunded commitments	30,510			30,362			30,566			37,136			41,558			30,510			41,558
Allowance for other credit losses	69			66			68			73			69			69			69
Total allowance for credit losses	$	368,663		$	364,885		$	366,852		$	357,232		$	348,727		$	368,663		$	348,727


























Non-Performing Assets
Nonaccrual portfolio loans	$	90,206		$	87,339		$	85,878		$	80,448		$	60,961		$	90,206		$	60,961
Other real estate owned	2,433			9,482			2,213			2,158			6,199			2,433			6,199
Repossessed assets	9			19			22			29			17			9			17
Accruing loans delinquent 90 days or more	17,733			12,234			15,909			15,811			16,988			17,733			16,988
Non-performing portfolio assets	$	110,381		$	109,074		$	104,022		$	98,446		$	84,165		$	110,381		$	84,165
Serviced GNMA-guaranteed mortgage nonaccrual loans	12,012			8,168			93,520			84,238			90,156			12,012			90,156
Total non-performing assets	$	122,393		$	117,242		$	197,542		$	182,684		$	174,321		$	122,393		$	174,321

Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets	0.42		%	0.41		%	0.39		%	0.38		%	0.33		%	0.42		%	0.33		%
Total non-performing assets as a percent of total assets	0.47		%	0.44		%	0.74		%	0.71		%	0.69		%	0.47		%	0.69		%
Net charge-offs as a percent of average loans (annualized)	0.17		%	0.15		%	0.18		%	0.25		%	0.26		%	0.19		%	0.25		%


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Loan Information	Table 5
	Dec		Sep		Jun		Mar		Dec
(dollars in thousands)	2024		2024		2024		2024		2023
Loans by Type
Commercial and industrial	$	2,953,135	$	2,949,957	$	2,860,973	$	2,758,716	$	2,688,929
Consumer	221,735		221,201		234,122		257,015		275,809

Mortgage warehouse	965,053		985,910		1,070,921		891,336		818,728
Municipal	441,408		449,561		454,967		477,567		492,668
Premium Finance	1,155,614		1,246,452		1,151,261		998,726		946,562
Real estate - construction and development	1,998,506		2,232,114		2,336,987		2,264,346		2,129,187
Real estate - commercial and farmland	8,445,958		8,249,981		8,103,634		8,131,248		8,059,754
Real estate - residential	4,558,497		4,629,805		4,779,738		4,821,306		4,857,666
Total loans	$	20,739,906	$	20,964,981	$	20,992,603	$	20,600,260	$	20,269,303


























Loans by Risk Grade
Pass	$	20,457,340	$	20,676,342	$	20,623,416	$	20,221,302	$	19,846,731
Other assets especially mentioned	110,936		124,479		115,477		137,225		203,725
Substandard	171,630		164,160		253,710		241,733		218,847


Total loans	$	20,739,906	$	20,964,981	$	20,992,603	$	20,600,260	$	20,269,303


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Average Balances	Table 6
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2024		2024		2024		2024		2023		2024		2023
Earning Assets

Interest-bearing deposits in banks	$	899,162	$	997,308	$	899,866	$	923,845	$	936,733	$	930,145	$	914,818

Debt securities - taxable	1,761,984		1,733,418		1,663,841		1,599,705		1,591,567		1,690,053		1,664,184
Debt securities - nontaxable	41,494		41,496		41,396		41,287		40,227		41,419		41,679
Loans held for sale	795,904		575,461		491,000		323,351		405,080		547,190		484,070
Loans	20,868,216		21,023,629		20,820,361		20,320,678		20,252,773		20,759,247		20,154,321
Total Earning Assets	$	24,366,760	$	24,371,312	$	23,916,464	$	23,208,866	$	23,226,380	$	23,968,054	$	23,259,072

Deposits
Noninterest-bearing deposits	$	6,684,851	$	6,622,952	$	6,558,427	$	6,403,300	$	6,572,190	$	6,567,855	$	6,771,464
NOW accounts	3,888,404		3,753,528		3,824,538		3,829,977		3,760,992		3,824,094		3,878,034
MMDA	6,864,265		6,508,770		6,251,719		5,952,389		5,994,361		6,395,883		5,382,865
Savings accounts	761,980		765,909		781,588		795,887		817,075		776,273		936,454
Retail CDs	2,474,804		2,478,875		2,430,416		2,378,678		2,281,357		2,440,891		2,031,828
Brokered CDs	1,057,808		1,493,352		1,167,174		1,381,382		1,122,684		1,274,933		1,024,606
Total Deposits	21,732,112		21,623,386		21,013,862		20,741,613		20,548,659		21,279,929		20,025,251
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—		—		1		—		—		—		—
FHLB advances	215,116		358,332		548,251		219,589		538,096		335,056		1,210,242
Other borrowings	279,961		298,073		307,449		308,210		311,091		298,372		325,260
Subordinated deferrable interest debentures	132,048		131,547		131,050		130,551		130,054		131,302		129,310
Total Non-Deposit Funding	627,125		787,952		986,751		658,350		979,241		764,730		1,664,812
Total Funding	$	22,359,237	$	22,411,338	$	22,000,613	$	21,399,963	$	21,527,900	$	22,044,659	$	21,690,063


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Interest Income and Interest Expense (TE)	Table 7
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2024		2024		2024		2024		2023		2024		2023
Interest Income

Interest-bearing deposits in banks	$	11,260	$	13,633	$	12,376	$	12,637	$	14,368	$	49,906	$	47,936

Debt securities - taxable	15,923		15,555		16,948		13,092		14,033		61,518		59,002
Debt securities - nontaxable (TE)	427		426		423		418		413		1,694		1,690
Loans held for sale	11,853		9,142		8,189		5,348		6,846		34,532		29,711
Loans (TE)	307,852		317,358		310,347		298,907		297,501		1,234,464		1,145,876
Total Earning Assets	$	347,315	$	356,114	$	348,283	$	330,402	$	333,161	$	1,382,114	$	1,284,215



Interest Expense
Interest-Bearing Deposits
NOW accounts	$	19,099	$	20,535	$	21,020	$	20,574	$	19,293	$	81,228	$	69,584
MMDA	57,160		61,620		58,332		53,953		54,002		231,065		162,718
Savings accounts	850		960		984		986		974		3,780		6,349
Retail CDs	25,610		26,775		25,711		24,576		22,257		102,672		63,650
Brokered CDs	12,837		19,808		15,198		18,085		15,223		65,928		53,716
Total Interest-Bearing Deposits	115,556		129,698		121,245		118,174		111,749		484,673		356,017
Non-Deposit Funding

FHLB advances	2,393		4,443		7,167		2,578		7,089		16,581		59,302
Other borrowings	3,346		3,514		3,574		3,879		3,798		14,313		16,870
Subordinated deferrable interest debentures	3,247		3,431		3,416		3,433		3,477		13,527		13,202
Total Non-Deposit Funding	8,986		11,388		14,157		9,890		14,364		44,421		89,374
Total Interest-Bearing Funding	$	124,542	$	141,086	$	135,402	$	128,064	$	126,113	$	529,094	$	445,391

Net Interest Income (TE)	$	222,773	$	215,028	$	212,881	$	202,338	$	207,048	$	853,020	$	838,824


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Yields(1)	Table 8
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
	2024		2024		2024		2024		2023		2024		2023
Earning Assets

Interest-bearing deposits in banks	4.98	%	5.44	%	5.53	%	5.50	%	6.09	%	5.37	%	5.24	%

Debt securities - taxable	3.60	%	3.57	%	4.10	%	3.29	%	3.50	%	3.64	%	3.55	%
Debt securities - nontaxable (TE)	4.09	%	4.08	%	4.11	%	4.07	%	4.07	%	4.09	%	4.05	%
Loans held for sale	5.92	%	6.32	%	6.71	%	6.65	%	6.71	%	6.31	%	6.14	%
Loans (TE)	5.87	%	6.01	%	6.00	%	5.92	%	5.83	%	5.95	%	5.69	%
Total Earning Assets	5.67	%	5.81	%	5.86	%	5.73	%	5.69	%	5.77	%	5.52	%

Interest-Bearing Deposits
NOW accounts	1.95	%	2.18	%	2.21	%	2.16	%	2.04	%	2.12	%	1.79	%
MMDA	3.31	%	3.77	%	3.75	%	3.65	%	3.57	%	3.61	%	3.02	%
Savings accounts	0.44	%	0.50	%	0.51	%	0.50	%	0.47	%	0.49	%	0.68	%
Retail CDs	4.12	%	4.30	%	4.25	%	4.16	%	3.87	%	4.21	%	3.13	%
Brokered CDs	4.83	%	5.28	%	5.24	%	5.27	%	5.38	%	5.17	%	5.24	%
Total Interest-Bearing Deposits	3.06	%	3.44	%	3.37	%	3.31	%	3.17	%	3.29	%	2.69	%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase	—	%	—	%	—	%	—	%	—	%	—	%	—	%
FHLB advances	4.43	%	4.93	%	5.26	%	4.72	%	5.23	%	4.95	%	4.90	%
Other borrowings	4.75	%	4.69	%	4.68	%	5.06	%	4.84	%	4.80	%	5.19	%
Subordinated deferrable interest debentures	9.78	%	10.38	%	10.48	%	10.58	%	10.61	%	10.30	%	10.21	%
Total Non-Deposit Funding	5.70	%	5.75	%	5.77	%	6.04	%	5.82	%	5.81	%	5.37	%
Total Interest-Bearing Liabilities	3.16	%	3.55	%	3.53	%	3.43	%	3.35	%	3.42	%	2.99	%

Net Interest Spread	2.51	%	2.26	%	2.33	%	2.30	%	2.34	%	2.35	%	2.53	%

Net Interest Margin(2)	3.64	%	3.51	%	3.58	%	3.51	%	3.54	%	3.56	%	3.61	%

Total Cost of Funds(3)	2.22	%	2.50	%	2.48	%	2.41	%	2.32	%	2.40	%	2.05	%
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Non-GAAP Reconciliations

Adjusted Net Income	Table 9A
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands except per share data)	2024			2024			2024			2024			2023			2024			2023
Net income available to common shareholders	$	94,376		$	99,212		$	90,785		$	74,312		$	65,934		$	358,685		$	269,105

Adjustment items:

Gain on sale of MSR	(536)			(5,245)			(4,713)			—			—			(10,494)			—
Gain on conversion of Visa Class B-1 stock	—			—			(12,554)			—			—			(12,554)			—


Gain on BOLI proceeds	—			—			(466)			(998)			—			(1,464)			(486)
FDIC special assessment	(559)			—			(895)			2,909			11,566			1,455			11,566
Natural disaster expenses	400			150			—			—			—			550			—
(Gain)/loss on bank premises	1,203			—			—			—			(1,903)			1,203			(1,903)
Tax effect of adjustment items (Note 1)	(107)			1,070			3,814			(611)			(2,029)			4,166			(2,029)
After tax adjustment items	401			(4,025)			(14,814)			1,300			7,634			(17,138)			7,148
Tax expense attributable to BOLI restructuring	301			—			4,792			—			—			5,093			—
Adjusted net income	$	95,078		$	95,187		$	80,763		$	75,612		$	73,568		$	346,640		$	276,253

Weighted average number of shares - diluted	69,128,946			69,066,298			69,013,834			69,014,116			69,014,793			69,061,832			69,104,158
Net income per diluted share	$	1.37		$	1.44		$	1.32		$	1.08		$	0.96		$	5.19		$	3.89
Adjusted net income per diluted share	$	1.38		$	1.38		$	1.17		$	1.10		$	1.07		$	5.02		$	4.00

Average assets	$	26,444,894		$	26,442,984		$	25,954,808		$	25,295,088		$	25,341,990		$	26,036,681		$	25,404,873
Return on average assets	1.42		%	1.49		%	1.41		%	1.18		%	1.03		%	1.38		%	1.06		%
Adjusted return on average assets	1.43		%	1.43		%	1.25		%	1.20		%	1.15		%	1.33		%	1.09		%

Average common equity	$	3,719,888		$	3,618,052		$	3,530,869		$	3,462,871		$	3,383,554		$	3,583,390		$	3,313,361
Average tangible common equity	$	2,631,452		$	2,525,421		$	2,433,958		$	2,361,544		$	2,277,810		$	2,488,588		$	2,200,883
Return on average common equity	10.09		%	10.91		%	10.34		%	8.63		%	7.73		%	10.01		%	8.12		%
Adjusted return on average tangible common equity	14.37		%	14.99		%	13.35		%	12.88		%	12.81		%	13.93		%	12.55		%

Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Adjusted Efficiency Ratio (TE)	Table 9B
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands)	2024			2024			2024			2024			2023			2024			2023
Adjusted Noninterest Expense
Total noninterest expense	$	151,949		$	151,777		$	155,357		$	148,711		$	149,011		$	607,794		$	578,281
Adjustment items:


FDIC special assessment	559			—			895			(2,909)			(11,566)			(1,455)			(11,566)
Natural disaster expenses	(400)			(150)			—			—			—			(550)			—
(Loss)/gain on bank premises	(1,203)			—			—			—			1,903			(1,203)			1,903
Adjusted noninterest expense	$	150,905		$	151,627		$	156,252		$	145,802		$	139,348		$	604,586		$	568,618

Total Revenue
Net interest income	$	221,821		$	214,060		$	211,921		$	201,388		$	206,101		$	849,190		$	835,044
Noninterest income	68,959			69,709			88,711			65,878			56,248			293,257			242,828
Total revenue	$	290,780		$	283,769		$	300,632		$	267,266		$	262,349		$	1,142,447		$	1,077,872

Adjusted Total Revenue
Net interest income (TE)	$	222,773		$	215,028		$	212,881		$	202,338		$	207,048		$	853,020		$	838,824
Noninterest income	68,959			69,709			88,711			65,878			56,248			293,257			242,828
Total revenue (TE)	291,732			284,737			301,592			268,216			263,296			1,146,277			1,081,652
Adjustment items:
(Gain) loss on securities	16			8			(12,335)			7			288			(12,304)			304
Gain on sale of MSR	(536)			(5,245)			(4,713)			—			—			(10,494)			—
Gain on BOLI proceeds	—			—			(466)			(998)			—			(1,464)			(486)

Adjusted total revenue (TE)	$	291,212		$	279,500		$	284,078		$	267,225		$	263,584		$	1,122,015		$	1,081,470

Efficiency ratio	52.26		%	53.49		%	51.68		%	55.64		%	56.80		%	53.20		%	53.65		%
Adjusted efficiency ratio (TE)	51.82		%	54.25		%	55.00		%	54.56		%	52.87		%	53.88		%	52.58		%

Tangible Book Value Per Share	Table 9C
	Three Months Ended															Twelve Months Ended
	Dec			Sep			Jun			Mar			Dec			Dec			Dec
(dollars in thousands except per share data)	2024			2024			2024			2024			2023			2024			2023
Total shareholders' equity	$	3,751,522		$	3,681,368		$	3,566,614		$	3,484,738		$	3,426,747		$	3,751,522		$	3,426,747
Less:
Goodwill	1,015,646			1,015,646			1,015,646			1,015,646			1,015,646			1,015,646			1,015,646
Other intangibles, net	70,761			74,941			79,120			83,527			87,949			70,761			87,949
Total tangible shareholders' equity	$	2,665,115		$	2,590,781		$	2,471,848		$	2,385,565		$	2,323,152		$	2,665,115		$	2,323,152

Period end number of shares	69,068,609			69,067,019			69,066,573			69,115,263			69,053,341			69,068,609			69,053,341
Book value per share (period end)	$	54.32		$	53.30		$	51.64		$	50.42		$	49.62		$	54.32		$	49.62
Tangible book value per share (period end)	$	38.59		$	37.51		$	35.79		$	34.52		$	33.64		$	38.59		$	33.64


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets	Table 9D

	Dec			Sep			Jun			Mar			Dec
(dollars in thousands except per share data)	2024			2024			2024			2024			2023
Total shareholders' equity	$	3,751,522		$	3,681,368		$	3,566,614		$	3,484,738		$	3,426,747
Less:
Goodwill	1,015,646			1,015,646			1,015,646			1,015,646			1,015,646
Other intangibles, net	70,761			74,941			79,120			83,527			87,949
Total tangible shareholders' equity	$	2,665,115		$	2,590,781		$	2,471,848		$	2,385,565		$	2,323,152

Total assets	$	26,262,050		$	26,399,782		$	26,520,728		$	25,655,445		$	25,203,699
Less:
Goodwill	1,015,646			1,015,646			1,015,646			1,015,646			1,015,646
Other intangibles, net	70,761			74,941			79,120			83,527			87,949
Total tangible assets	$	25,175,643		$	25,309,195		$	25,425,962		$	24,556,272		$	24,100,104

Equity to Assets	14.28		%	13.94		%	13.45		%	13.58		%	13.60		%
Tangible Common Equity to Tangible Assets	10.59		%	10.24		%	9.72		%	9.71		%	9.64		%


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Segment Reporting	Table 10
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2024		2024		2024		2024		2023		2024		2023
Retail Mortgage Division
Net interest income	$	23,714	$	23,553	$	23,742	$	23,287	$	24,053	$	94,296	$	88,302
Provision for credit losses	(2,503)		254		(2,882)		2,332		1,005		(2,799)		9,535
Noninterest income	36,623		41,498		50,145		38,765		30,588		167,031		137,145
Noninterest expense
Salaries and employee benefits	22,876		23,233		25,254		21,073		16,996		92,436		80,317
Occupancy and equipment expenses	951		957		1,008		1,049		1,210		3,965		4,899
Data processing and telecommunications expenses	1,222		1,184		1,276		1,366		1,318		5,048		4,836
Other noninterest expenses	12,118		12,164		13,397		12,530		11,634		50,209		47,393
Total noninterest expense	37,167		37,538		40,935		36,018		31,158		151,658		137,445
Income before income tax expense	25,673		27,259		35,834		23,702		22,478		112,468		78,467
Income tax expense	5,391		5,724		7,525		4,978		4,720		23,618		16,478
Net income	$	20,282	$	21,535	$	28,309	$	18,724	$	17,758	$	88,850	$	61,989

Warehouse Lending Division
Net interest income	$	6,640	$	7,812	$	6,292	$	6,028	$	5,965	$	26,772	$	23,839
Provision for credit losses	(59)		(170)		359		145		(68)		275		(440)
Noninterest income	676		1,765		1,028		740		929		4,209		3,475
Noninterest expense
Salaries and employee benefits	583		621		1,124		888		296		3,216		2,794
Occupancy and equipment expenses	6		6		7		7		3		26		5
Data processing and telecommunications expenses	44		32		59		25		51		160		171
Other noninterest expenses	224		217		298		237		229		976		873
Total noninterest expense	857		876		1,488		1,157		579		4,378		3,843
Income before income tax expense	6,518		8,871		5,473		5,466		6,383		26,328		23,911
Income tax expense	1,369		1,863		1,149		1,148		1,340		5,529		5,021
Net income	$	5,149	$	7,008	$	4,324	$	4,318	$	5,043	$	20,799	$	18,890

Premium Finance Division
Net interest income	$	10,390	$	10,060	$	8,350	$	7,605	$	7,801	$	36,405	$	34,007
Provision for credit losses	517		457		408		(499)		27		883		772
Noninterest income	13		11		11		10		9		45		31
Noninterest expense
Salaries and employee benefits	2,029		2,212		1,900		2,053		1,973		8,194		8,600
Occupancy and equipment expenses	51		28		70		76		83		225		314
Data processing and telecommunications expenses	106		83		102		79		100		370		324
Other noninterest expenses	1,173		1,140		1,095		1,028		1,057		4,436		4,217
Total noninterest expense	3,359		3,463		3,167		3,236		3,213		13,225		13,455
Income before income tax expense	6,527		6,151		4,786		4,878		4,570		22,342		19,811
Income tax expense	1,334		1,254		953		984		945		4,525		4,034
Net income	$	5,193	$	4,897	$	3,833	$	3,894	$	3,625	$	17,817	$	15,777


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Segment Reporting (continued)	Table 10
	Three Months Ended										Twelve Months Ended
	Dec		Sep		Jun		Mar		Dec		Dec		Dec
(dollars in thousands)	2024		2024		2024		2024		2023		2024		2023
Banking Division
Net interest income	$	181,077	$	172,635	$	173,537	$	164,468	$	168,282	$	691,717	$	688,896
Provision for credit losses	14,853		5,566		20,888		19,127		21,988		60,434		132,789
Noninterest income	31,647		26,435		37,527		26,363		24,722		121,972		102,177
Noninterest expense
Salaries and employee benefits	62,322		62,634		59,923		58,916		56,701		243,795		228,399
Occupancy and equipment expenses	10,616		10,725		11,474		11,753		11,901		44,568		46,232
Data processing and telecommunications expenses	13,259		13,922		13,756		13,184		12,559		54,121		48,155
Other noninterest expenses	24,369		22,619		24,614		24,447		32,900		96,049		100,752
Total noninterest expense	110,566		109,900		109,767		108,300		114,061		438,533		423,538
Income before income tax expense	87,305		83,604		80,409		63,404		56,955		314,722		234,746
Income tax expense	23,553		17,832		26,090		16,028		17,447		83,503		62,297
Net income	$	63,752	$	65,772	$	54,319	$	47,376	$	39,508	$	231,219	$	172,449





























Total Consolidated
Net interest income	$	221,821	$	214,060	$	211,921	$	201,388	$	206,101	$	849,190	$	835,044
Provision for credit losses	12,808		6,107		18,773		21,105		22,952		58,793		142,656
Noninterest income	68,959		69,709		88,711		65,878		56,248		293,257		242,828
Noninterest expense
Salaries and employee benefits	87,810		88,700		88,201		82,930		75,966		347,641		320,110
Occupancy and equipment expenses	11,624		11,716		12,559		12,885		13,197		48,784		51,450
Data processing and telecommunications expenses	14,631		15,221		15,193		14,654		14,028		59,699		53,486
Other noninterest expenses	37,884		36,140		39,404		38,242		45,820		151,670		153,235
Total noninterest expense	151,949		151,777		155,357		148,711		149,011		607,794		578,281
Income before income tax expense	126,023		125,885		126,502		97,450		90,386		475,860		356,935
Income tax expense	31,647		26,673		35,717		23,138		24,452		117,175		87,830
Net income	$	94,376	$	99,212	$	90,785	$	74,312	$	65,934	$	358,685	$	269,105

4th Quarter 2024 Results Investor Presentation

Cautionary Statements 1 This presentation 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 presentation are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward- looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company’s subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward- looking statements.

Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified loan portfolio among geographies and product lines • Strong Southeast markets projected to grow faster than the national average(1) • Stable deposit base with 29.9% noninterest-bearing deposits • Experienced executive team with skills and leadership to continue to grow organically • Focus on shareholder value with 13% annualized tangible book value growth over the last five years Strong History of Earnings 2 Charlotte MSA Tampa MSA Orlando MSA 1 – Census data obtained from S&P Global Market Intelligence Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix $1.07 $1.10 $1.17 $1.38 $1.38 1.15% 1.20% 1.25% 1.43% 1.43% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Diluted EPS Adjusted ROA

20.81 20.44 20.90 22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 34.52 35.79 37.51 38.59 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Tangible Book Value Delivering Shareholder Value Capital and Tangible Book Value Growth 3 • Management remains laser focused on growing shareholder value • Over the past five year, TBV(1) has grown by 13% annualized • TBV increased $1.08 per share in 4Q24: • $1.17 from retained earnings • ($0.21) from impact of OCI • $0.12 from all other items including stock compensation • No shares were repurchased during the quarter 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix Equipment Finance Acquisition CECL Adoption

4Q 2024 Operating Highlights 4 • Net income of $94.4 million, or $1.37 per diluted share • Adjusted net income(1) of $95.1 million, or $1.38 per diluted share • Total revenue growth of 9.8% annualized • Growth in tangible book value(1) of $1.08 per share, or 11.5% annualized • Net interest margin expansion of 13bps to 3.64% for the fourth quarter • Net interest income (TE) increased $7.7 million to $222.8 million • Adjusted efficiency ratio(1) improved to 51.82% • Noninterest-bearing deposits remain strong at 29.9% of total deposits at December 31, 2024 • Net reduction in wholesale funding (FHLB and brokered CDs) of $782.1 million, or 46.4% • Redeemed $105.8 million in subordinated notes due 2029 in December 2024 which were set to become floating rate • Increased quarterly dividend by $0.05, or 33.3%, to $0.20 per common share 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

2024 YTD Operating Highlights 5 • Net income of $358.7 million, or $5.19 per diluted share • Adjusted net income(1) of $346.6 million, or $5.02 per diluted share • Improvement in loan-to-deposit ratio to 95.5% • Growth in total deposits of $1.01 billion, or 4.9%; • Growth in non-brokered deposits of $1.35 billion, or 6.9% • Growth in tangible book value(1) of $4.95 per share, or 14.7% • TCE ratio(1) of 10.59% • Strong net interest margin of 3.56% • Allowance for credit losses increased to 1.63% of total loans • Total non-performing assets improved to 0.47% of total assets at 4Q24 from 0.69% at 4Q23 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

Financial Highlights 6 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix (dollars in thousands, except per share data) Quarter to Date Results Year to Date Results 4Q24 3Q24 Change 4Q23 Change 2024 2023 Change Net Income $ 94,376 $ 99,212 -5% $ 65,934 43% $ 358,685 $ 269,105 33% Adjusted Net Income(1) $ 95,078 $ 95,187 0% $ 73,568 29% $ 346,640 $ 276,253 25% Net Income Per Diluted Share $ 1.37 $ 1.44 -5% $ 0.96 43% $ 5.19 $ 3.89 33% Adjusted Net Income Per Share(1) $ 1.38 $ 1.38 0% $ 1.07 29% $ 5.02 $ 4.00 26% Return on Assets 1.42% 1.49% -5% 1.03% 38% 1.38% 1.06% 30% Adjusted Return on Assets(1) 1.43% 1.43% 0% 1.15% 24% 1.33% 1.09% 22% Return on Equity 10.09% 10.91% -7% 7.73% 31% 10.01% 8.12% 23% Return on TCE(1) 14.27% 15.63% -9% 11.48% 24% 14.41% 12.23% 18% Adjusted Return on TCE(1) 14.37% 14.99% -4% 12.81% 12% 13.93% 12.55% 11% Efficiency Ratio 52.26% 53.49% -2% 56.80% -8% 53.20% 53.65% -1% Adjusted Efficiency Ratio(1) 51.82% 54.25% -4% 52.87% -2% 53.88% 52.58% 2% Net Interest Margin 3.64% 3.51% 4% 3.54% 3% 3.56% 3.61% -1%

Strong Net Interest Margin 7 • Net interest income (TE) increased $7.7 million to $222.8 million in 4Q24 • Interest income (TE) decreased $8.8 million • Interest expense decreased $16.5 million • 4Q24 margin was positively impacted by: • 7 basis points from shift in deposit mix • 5 basis points from rate curve and repricing lags • 1 basis point of asset mix Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity is approaching neutrality in preparation for further potential FOMC rate changes: • -0.7% asset sensitivity in -100bps • -0.3% asset sensitivity in -50bps • +0.4% asset sensitivity in +50bps • +0.8% asset sensitivity in +100bps • Approximately $11 billion of total loans reprice within one year through either maturities or floating rate indices $207.0 $202.3 $212.9 $215.0 $222.8 3.54% 3.51% 3.58% 3.51% 3.64% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% $180.0 $185.0 $190.0 $195.0 $200.0 $205.0 $210.0 $215.0 $220.0 $225.0 $230.0 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income (TE) (in millions) NIM 3.51% 0.01% 0.05% 0.07% 3.64% 3Q24 margin Asset mix Rate curve / repricing lags Funding mix 4Q24 margin 3.30% 3.35% 3.40% 3.45% 3.50% 3.55% 3.60% 3.65% 3.70% 4Q24 Margin Attribution

Diversified Revenue Stream 8 • Strong revenue base of net interest income from core banking division • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Mortgage banking activity was stable at 13% of total revenue in 4Q24 • Purchase business represented 80% in 4Q24 due to strong core relationships with builders and realtors • Gain on sale margin increased to 2.40% in 4Q24 from 2.17% in 3Q24 Other Noninterest Income • Other Noninterest Income has been a stable contributor to total revenue • 4Q24 reflects increases in gain on sale of SBA loans of $3.7 million • Other Noninterest Income includes: • Fee income from equipment finance group • Gains on sale of SBA loans • BOLI income 1.93% 2.49% 2.45% 2.17% 2.40% 0.00% 1.00% 2.00% 3.00% 4Q23 1Q24 2Q24 3Q24 4Q24 Mortgage Gain on Sale Margin Growing Revenue Stream 79% 75% 71% 76% 76% 12% 15% 15% 13% 13% 9% 10% 14% 11% 11% $263.3 $268.2 $301.6 $284.7 $291.7 0% 20% 40% 60% 80% 100% 120% 4Q23 1Q24 2Q24 3Q24 4Q24 Revenue Sources (Tax-Equivalent) (in millions) Net Interest Income (TE) Mortgage Banking Activity Other Noninterest Income

Disciplined Expense Control Adjusted Operating Expenses(1) and Efficiency Ratio(1) Expense Highlights 9 • Management continues to deliver high performing operating efficiency • Adjusted efficiency ratio of 51.82% in 4Q24, compared with 54.25% in 3Q24 • Adjusted efficiency ratio of 53.88% in 2024, compared with 52.58% in 2023 • Total adjusted operating expenses decreased $722,000 in 4Q24 compared with 3Q24 • Decrease of $228,000 in 4Q24 banking division operating expenses • Net decrease of $494,000 in 4Q24 lines of business operating expenses 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix $104.4 $105.4 $110.7 $109.8 $109.5 $35.0 $40.4 $45.6 $41.9 $41.4 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Operating Expenses (in millions) Banking LOBs 52.87% 54.56% 55.00% 54.25% 51.82% 50.00% 52.50% 55.00% 57.50% 60.00% 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Efficiency Ratio

Strong Core Deposit Base 10 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account (in 000’s) NIB 6,498,293 29.9% 307,398 21.1 NOW 4,083,818 18.8% 43,326 94.2 MMDA 7,143,306 32.9% 32,715 218.3 Savings 764,373 3.5% 63,843 12.0 CD 3,232,658 14.9% 40,434 79.9 Total 21,722,448 100% 487,716 44.5 • Total deposits decreased $156.8 million, or 0.7%, during 4Q24 • Non-brokered deposits increased $675.2 million, or 3.3% • Brokered CDs decreased $832.0 million, or 50.8% • Noninterest-bearing deposits remained strong at 29.9% of total deposits 4Q24 Highlights Consumer 35% Commercial 43% Public 18% Brokered 4% 4Q24 Deposits by Customer

Capital Strength 11 Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio • TCE Ratio of 10.59% at December 31, 2024 • CET1 ratio is strong at 12.6% • CET1, net of unrealized losses on bond portfolio, remains strong at 12.4% • Net unrealized losses in AFS portfolio were $36.9 million at December 31, 2024, representing approximately 2% of book value • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • Redeemed $105.8 million subordinated notes due 2029 in December 2024 while maintaining strong capital ratios Capital ratios are estimated for most recent period end 9.9% 10.2% 10.2% 10.4% 10.7% 11.2% 11.4% 11.7% 12.2% 12.6% 14.5% 14.6% 14.9% 15.4% 15.4% 4Q23 1Q24 2Q24 3Q24 4Q24 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio 12.6% -0.1% -0.1% 12.4% 4Q24 CET1/Tier 1 AFS Impact HTM Impact 4Q24 With Unrealized Losses 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Minimal unrealized losses

Loan Diversification and Credit Quality

Diversified Loan Portfolio 4Q24 Loan Portfolio 13 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Asset quality metrics remain stable and better than historic averages • CRE concentration was 268% compared with 282% at 4Q23 • C&D concentration was 63% compared with 74% at 4Q23 • Non-owner-occupied office loans totaled $1.39 billion at 4Q24, or 6.7% of total loans • Allowance for Credit Losses (ACL) on loans increased to 1.63% of total loans during 4Q24 • SNC exposure is limited to less than 2% of loans Portfolio Highlights Agriculture 1% C&I 24% Municipal 2% Consumer 1% Investor CRE 24%OO CRE 9% Construction 10% Multi-Family 7% SFR Mortgage & HELOC 22% Total Loans $20.7 Billion

Loan Balance Changes 4Q24 Loan Balance Changes 14 • Period end loan balances decreased $225 million during 4Q24 • Expected seasonal declines in Premium Finance, Mortgage, and Warehouse were approximately $183 million • Term CRE payoffs in 4Q24 were approximately $200 million greater than average payoffs over the last two years • Average loan balances were stable during 4Q24, including the anticipated seasonal declines • 4Q24 exhibited the highest loan production in the past two years, with a 14.8% increase from 3Q24 and a 40% increase from 4Q23 (in millions) $196 $3 $1 $(8) $(21) $(71) $(91) $(234) $(300) $(250) $(200) $(150) $(100) $(50) $- $50 $100 $150 $200 $250 RE - CRE C&I Consumer Municipal Warehouse Lending RE - RES Premium Finance RE - C&D

Allowance for Credit Losses 15 • The ACL on loans equated to 1.63% of total loans at 4Q24, compared with: • 1.60% at 3Q24 • 1.52% at 4Q23 • The ACL on loans totaled $338.1 million at 4Q24, a net increase of $3.6 million, or 1.1%, from 3Q24 and a net increase of $31.0 million, or 10.1% from 4Q23 • During 4Q24, a provision expense of $12.8 million was recorded 4Q24 CECL Reserve Reserve Summary (in millions) $334.5 $1.0 $(9.0) $(1.6) $13.2 $338.1 09/30/24 Loan Changes NCOs Specific Reserves Forecast and Q-Factor Changes 12/31/2024 $310.0 $315.0 $320.0 $325.0 $330.0 $335.0 $340.0 4Q24 Allowance Coverage Outstanding Balance (MM's) ACL (MM's) % ACL Gross Loans 20,739.9$ 338.1$ 1.63% Unfunded Commitments 4,009.2$ 30.5$ 0.76% ACL / Total Loans + Unfunded 24,749.1$ 368.6$ 1.49%

Allowance for Credit Losses 16 4Q24 ACL Reserve by Loan Type Reserve Methodology • Moody’s December 2024 Baseline (75%) and S2 adverse (25%) forecast models provided material inputs into ACL • Primary model drivers included: • US and regional unemployment rates and home price indices • US GDP • US and state-level CRE price index for our five-state footprint • US and Regional multifamily vacancy rates Note: OOCRE includes farmland. Investor CRE includes construction loans. Loan Type Net Outstanding (MM's) ACL (MM's) % ACL 9/30/24 ACL (MM's) % ACL Change from 3Q24 C&I 2,953.1$ 87.5$ 2.96% 67.9$ 2.30% 19.7$ Consumer 221.7$ 7.3$ 3.30% 4.1$ 1.96% 3.2$ Municipal 441.4$ 0.1$ 0.01% 0.2$ 0.04% (0.2)$ Premium Finance 1,155.6$ 0.7$ 0.06% 0.6$ 0.05% 0.1$ OOCRE 2,020.9$ 27.9$ 1.38% 28.8$ 1.41% (0.9)$ Investor CRE 8,423.5$ 150.9$ 1.79% 166.3$ 1.97% (15.4)$ RE - RES 4,558.5$ 61.7$ 1.35% 64.6$ 1.39% (2.9)$ Warehouse Lending 965.1$ 2.0$ 0.20% 2.0$ 0.20% 0.0$ Grand Total 20,739.9$ 338.1$ 1.63% 334.5$ 1.60% 3.6$

NPA / Charge-Off Trend 17 • NPAs, as a percentage of total assets was 0.47% at 4Q24 compared with 0.44% at 3Q24 due to an increase in government guaranteed mortgages • NPAs net of GNMA mortgages, as a percentage of total assets was 0.42% at 4Q24 compared with 0.41% at 3Q24 • Net charge-offs totaled $9.0 million in 4Q24, which equated to an annualized NCO ratio of 0.17% for the quarter • Net charge-offs for the full year of 2024 totaled 0.19%, down from 0.25% in 2023 4Q24 Credit Summary ($ in millions) 0.26% 0.25% 0.18% 0.15% 0.17% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 4Q23 1Q24 2Q24 3Q24 4Q24 Net Charge-Offs Net Charge-offs NCO Ratio (Annualized) 0.69% 0.71% 0.74% 0.44% 0.47% 0.33% 0.38% 0.39% 0.41% 0.42% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 4Q23 1Q24 2Q24 3Q24 4Q24 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets

Problem Loan Trends 18 • Total criticized loans (including special mention), excluding GNMA- guaranteed mortgage loans, decreased $9.9 million in 4Q24 • For 4Q24, classified loans, excluding GNMA-guaranteed mortgage loans, increased $3.6 million • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, increased $8.4 million in 4Q24 • The largest component of classified and nonperforming loans at 4Q24 was residential mortgages including government guaranteed Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA-guaranteed loans. Ratios expressed as a percent of Total Loans Net of GNMA-backed Mortgage Loans. 1.64% 1.43% 1.31% 1.34% 1.30% 0.63% 0.76% 0.76% 0.74% 0.77% 0.38% 0.47% 0.48% 0.47% 0.52% $0 $50 $100 $150 $200 $250 $300 $350 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized Loans Classified Loans Nonperforming Loans % Criticized ACL Coverage 125% Classified ACL Coverage 212% NPL ACL Coverage 313%

Term Investor CRE • Past dues for investor CRE loans were 0.04% and NPLs 0.06% at 4Q24 • Investor CRE portfolio is well diversified with over 80% of CRE loans located in MSAs in the Bank’s footprint, which exhibit population growth forecasts exceeding the national average 19 Retail $2,085 Multi-Family $1,483 Office $1,316 Industrial $733 Hotel $436 All Other CRE $588 Investor CRE by Property Type Highlights * Results based on stabilized term loans, or 72% of total Investor CRE loans Investor CRE Outstanding $6.43 B Unfunded $0.22 B Total Commited Exposure $6.64 B Average Loan Size $3.65 M Allowance Coverage 1.41% PD Ratio 0.04% NPL Ratio 0.06% Criticized Ratio 1.52% Criticized ACL Coverage 93% Average LTV* 59% Average DSC* 1.60 GA $2,341 FL $2,117 SC $919 NC $435 All Other $828 Investor CRE by Property Location

Office Portfolio • There were no past due and nonperforming loans within the investor office portfolio at 4Q24 • Investor office exposure decreased $52 million in 4Q24; CBD office remained at 8% of investor office 20 Construction $139 Investor CRE $1,247 Owner- Occupied $455 Total Office Portfolio by Loan Type Class A 51% Medical 19% Class B 28% Class C 2% Investor Office Portfolio by Property Class* Highlights * Results based on term loans > $1 million, or 86% of office loans Investor Office Outstanding $1.39 B Unfunded $0.15 B Total Commited Exposure $1.54 B Average Loan Size $3.57 M Allowance Coverage 2.61% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 1.62% Criticized ACL Coverage 161% Average LTV* 59% Average DSC* 1.60 Class A & Medical 70%

Equipment Finance Portfolio 21 • Total loans were $1.48 billion, or 7.1%, of the Bank’s total portfolio • The overall average loan size was $55,600 • Loan production totaled $156 million in 4Q24; the average FICO score on new loans was 750 • 30-89 day accruing past due loans were 0.90% of total loans • Non-performing loans were 0.35% of total loans • The portion of the ACL attributed to the Equipment Finance division totaled $75.6 million, or 5.10% of loans Highlights (in millions) 1.01% 1.11% 0.82% 0.70% 0.90% 0.41% 0.29% 0.29% 0.32% 0.35% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 4Q23 1Q24 2Q24 3Q24 4Q24 30-89 days Accruing Past Dues Non-Performing Loans $1,287 $1,351 $1,421 $1,475 $1,482 $200 $182 $188 $182 $156 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 4Q23 1Q24 2Q24 3Q24 4Q24 Total Loans (MM's) Quarterly Originations (MM's)

Appendix

23 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 4Q23 2024 2023 Net Income $ 94,376 $ 99,212 $ 65,934 $ 358,685 $ 269,105 Adjustment items Gain on sale of MSR (536) (5,245) - (10,494) - Gain on conversion of Visa Class B-1 stock - - - (12,554) - Gain on BOLI proceeds - - - (1,464) (486) FDIC special assessment (559) - 11,566 1,455 11,566 Natural disaster expenses 400 150 - 550 - (Gain)/Loss on bank premises 1,203 - (1,903) 1,203 (1,903) Tax effect of adjustment items (107) 1,070 (2,029) 4,166 (2,029) After tax adjustment items 401 (4,025) 7,634 (17,138) 7,148 Tax expense attributable to BOLI restructuring 301 - - 5,093 - Adjusted Net Income $ 95,078 $ 95,187 $ 73,568 $ 346,640 $ 276,253 Weighted average number of shares - diluted 69,128,946 69,066,298 69,014,793 69,061,832 69,104,158 Net income per diluted share $ 1.37 $ 1.44 $ 0.96 $ 5.19 $ 3.89 Adjusted net income per diluted share $ 1.38 $ 1.38 $ 1.07 $ 5.02 $ 4.00 Average assets 26,444,894 26,442,984 25,341,990 26,036,681 25,404,873 Return on average assets 1.42% 1.49% 1.03% 1.38% 1.06% Adjusted return on average assets 1.43% 1.43% 1.15% 1.33% 1.09% Average common equity 3,719,888 3,618,052 3,383,554 3,583,390 3,313,361 Average tangible common equity 2,631,452 2,525,421 2,277,810 2,488,588 2,200,883 Return on average common equity 10.09% 10.91% 7.73% 10.01% 8.12% Return on average tangible common equity 14.27% 15.63% 11.48% 14.41% 12.23% Adjusted return on average tangible common equity 14.37% 14.99% 12.81% 13.93% 12.55% Quarter to Date Year to Date

24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Adjusted Noninterest Expense Total noninterest expense 151,949$ 151,777$ 155,357$ 148,711$ 149,011$ 607,794$ 578,281$ Adjustment items: FDIC special assessment 559 - 895 (2,909) (11,566) (1,455) (11,566) Natural disaster expenses (400) (150) - - - (550) - Gain on sale of premises (1,203) - - - 1,903 (1,203) 1,903 Adjusted noninterest expense 150,905$ 151,627$ 156,252$ 145,802$ 139,348$ 604,586$ 568,618$ Total Revenue Net interest income 221,821$ 214,060$ 211,921$ 201,388$ 206,101$ 849,190$ 835,044$ Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Total revenue 290,780$ 283,769$ 300,632$ 267,266$ 262,349$ 1,142,447$ 1,077,872$ Adjusted Total Revenue Net interest income (TE) 222,773$ 215,028$ 212,881$ 202,338$ 207,048$ 853,020$ 838,824$ Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Total revenue (TE) 291,732$ 284,737$ 301,592$ 268,216$ 263,296$ 1,146,277$ 1,081,652$ Adjustment items: (Gain) loss on securities 16 8 (12,335) 7 288 (12,304) 304 Gain on BOLI proceeds - - (466) (998) - (1,464) (486) Gain on sale of mortgage servicing rights (536) (5,245) (4,713) - - (10,494) - Adjusted total revenue (TE) 291,212$ 279,500$ 284,078$ 267,225$ 263,584$ 1,122,015$ 1,081,470$ Efficiency ratio 52.26% 53.49% 51.68% 55.64% 56.80% 53.20% 53.65% Adjusted efficiency ratio (TE) 51.82% 54.25% 55.00% 54.56% 52.87% 53.88% 52.58% Year to DateQuarter to Date

25 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 Total shareholders' equity 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 Total tangible shareholders' equity 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ Period end number of shares 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 Book value per share (period end) 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ Tangible book value per share (period end) 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ Total assets $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 Total tangible assets 25,175,643$ 25,309,195$ 25,425,962$ 24,556,272$ 24,100,104$ Equity to Assets 14.28% 13.94% 13.45% 13.58% 13.60% Tangible Common Equity to Tangible Assets 10.59% 10.24% 9.72% 9.71% 9.64% Quarter to Date

26 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Total shareholders' equity 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ 3,119,070$ 3,073,376$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,023,071 1,023,056 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 92,375 96,800 101,488 106,194 110,903 115,613 Total tangible shareholders' equity 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ 1,985,096$ 1,934,707$ Period end number of shares 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,352,709 69,360,461 Book value per share (period end) 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ 44.31$ Tangible book value per share (period end) 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 27.89$ 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 Total shareholders' equity 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ 2,437,150$ 2,469,582$ Less: Goodwill 1,022,345 1,012,620 928,005 928,005 928,005 928,005 928,005 928,005 931,947 931,637 Other intangibles, net 120,757 125,938 60,396 63,783 67,848 71,974 76,164 80,354 85,955 91,586 Total tangible shareholders' equity 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ 1,419,248$ 1,446,359$ Period end number of shares 69,439,084 69,609,228 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 69,461,968 69,441,274 69,503,833 Book value per share (period end) 43.31$ 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ 35.53$ Tangible book value per share (period end) 26.84$ 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ 20.81$ As of As of

Cover Page	Jan. 30, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 30, 2025
Entity Registrant Name	Ameris Bancorp
Entity Incorporation, State or Country Code	GA
Entity File Number	001-13901
Entity Tax Identification Number	58-1456434
Entity Address, Address Line One	3490 Piedmont Road N.E., Suite 1550
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	(404)
Local Phone Number	639-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	ABCB
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000351569

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ABCB Ameris Bancorp