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8-K

Ameris Bancorp (ABCB)

8-K 2021-01-28 For: 2021-01-28
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Added on April 12, 2026

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 28, 2021
Ameris Bancorp
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(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
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(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (404) 639-6500
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(Former Name or Former Address, if Changed Since Last Report)
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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 Nasdaq Global Select Market

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 28, 2021, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter and fiscal year ended December 31, 2020. 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 29, 2021 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 28, 2021
99.2 Investor Presentation re: 4^th^ Quarter 2020 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 28, 2021

Exhibit 99.1

Ameris Bancorp Announces Fourth Quarter And Full Year 2020 Financial Results

ATLANTA, Jan. 28, 2021 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $94.3 million, or $1.36 per diluted share, for the quarter ended December 31, 2020, compared with $61.2 million, or $0.88 per diluted share, for the quarter ended December 31, 2019. The increase in net income is primarily attributable to increases in mortgage banking activity of $62.0 million and net interest income of $8.1 million, partially offset by an increase of $22.8 million in salaries and employee benefits, compared with the fourth quarter of 2019. The Company reported adjusted net income of $102.0 million, or $1.47 per diluted share, for the quarter ended December 31, 2020, compared with $66.6 million, or $0.96 per diluted share, for the same period in 2019. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, (gain) loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.

For the year ended December 31, 2020, the Company reported net income of $262.0 million, or $3.77 per diluted share, compared with $161.4 million, or $2.75 per diluted share, for the year ended December 31, 2019. The Company reported adjusted net income of $300.5 million, or $4.33 per diluted share, for the year ended December 31, 2020, compared with $222.9 million, or $3.80 per diluted share, for the year ended December 31, 2019. Adjusted net income for the year excludes the same items listed above for the Company's fourth quarter.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Last quarter, I commented on the optimistic outlook for the remainder of 2020 and we delivered on that optimism this quarter. Our team remained focused and we had many successes during the quarter, including reducing our NPAs down to 48bps of total assets, maintaining our margin and continuing to safely grow the balance sheet to over $20 billion in assets for the first time in our history. While 2020 was not the year that we had anticipated, I am extremely pleased with the adaptability of our Ameris teammates, our ability to serve our customers and our record financial results this year. We are well positioned for 2021 and look forward to our continued success."

Significant items from the Company's results for the fourth quarter of 2020 include the following:

  • Net income of $94.3 million, or $1.36 per diluted share, compared with $116.1 million, or $1.67 per diluted share, for the third quarter of 2020
  • Tangible book value growth of $1.23 per share, or 5.5%, to $23.69 compared with $22.46 last quarter
  • Successfully negotiated the termination of our remaining loss-share agreements with the FDIC
  • Net interest margin stable at 3.64%, compared with the third quarter of 2020
  • Reduced exposure to hotel industry by $87.5 million through the sale of selected notes
  • Non-performing assets decreased to 0.48% of total assets at December 31, 2020, compared with 0.82% at September 30, 2020

Highlights of the Company's results for the full year 2020 include the following:

  • Growth in net income of $100.5 million, from $161.4 million in 2019 to $262.0 million in 2020
  • Adjusted return on average assets of 1.56%, compared with 1.52% in 2019
  • Improvement in adjusted efficiency ratio to 52.17% in 2020, compared with 55.67% in 2019
  • Growth in tangible book value of 13.8%, from $20.81 at the end of 2019 to $23.69 at the end of 2020
  • Organic growth in loans of $1.66 billion, or 13.0% (and $834.8 million, or 6.5%, exclusive of PPP loans)
  • Improvement in deposit mix such that noninterest bearing deposits represent 36.27% of total deposits, up from 29.94% at December 31, 2019

Following is a summary of the adjustments between reported net income and adjusted net income:

Adjusted Net Income Reconciliation
Three Months Ended Year Ended
December 31, December 31,
(dollars in thousands, except per share data) 2020 2019 2020 2019
Net income available to common<br>shareholders $ 94,285 $ 61,248 $ 261,988 $ 161,441
Adjustment items:
Merger and conversion charges — 2,415 1,391 73,105
Restructuring charges — — 1,513 245
Servicing right impairment 9,501 366 40,067 507
Gain on BOLI proceeds — 752 (948) (3,583)
Expenses related to SEC and DOJ investigation 53 463 3,058 463
Natural disaster and pandemic charges (Note 1) 235 — 3,296 (39)
(Gain) loss on sale of premises (30) 1,413 624 6,021
Tax effect of adjustment items (Note 2) (2,049) (898) (10,488) (16,065)
After-tax adjustment items 7,710 4,511 38,513 60,654
Tax expense attributable to merger related compensation and<br><br>acquired BOLI — 849 — 849
Adjusted net income $ 101,995 $ 66,608 $ 300,501 $ 222,944
Reported net income per diluted share $ 1.36 $ 0.88 $ 3.77 $ 2.75
Adjusted net income per diluted share $ 1.47 $ 0.96 $ 4.33 $ 3.80
Reported return on average assets 1.89 % 1.35 % 1.36 % 1.10 %
Adjusted return on average assets 2.04 % 1.47 % 1.56 % 1.52 %
Reported return on average common equity 14.30 % 9.97 % 10.35 % 8.19 %
Adjusted return on average tangible common equity 25.04 % 18.45 % 19.77 % 18.74 %
Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.
Note 2:  A portion of the merger and conversion charges are nondeductible for tax purposes.

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2020 totaled $642.9 million, compared with $509.5 million for 2019. The Company's net interest margin was 3.70% for 2020, down from 3.88% reported for 2019. Accretion income for 2020 increased to $27.4 million, compared with $19.9 million for 2019. The decrease in net interest margin is primarily attributable to a decrease in the yield on earning assets resulting from declines in market interest rates, partially offset by a decrease in funding costs.

Net interest income on a tax-equivalent basis for the fourth quarter of 2020 totaled $164.8 million, compared with $163.9 million for the third quarter of 2020 and $156.5 million for the fourth quarter of 2019. The Company's net interest margin was 3.64% for the fourth quarter of 2020, flat compared with 3.64% reported for the third quarter of 2020 and down from 3.86% reported for the fourth quarter of 2019. The stability in net interest margin in the current quarter is primarily attributable to continued focus on management of cost of funds as yields on earning assets decline. Contributing to net interest income for the fourth quarter of 2020 was $6.3 million related to accelerated fee income on PPP loan forgiveness, partially offset by $2.3 million in interest reversals related to the sale of certain hotel loans. Accretion income for the fourth quarter of 2020 decreased to $4.7 million, compared with $6.5 million for the third quarter of 2020 and $9.7 million for the fourth quarter of 2019. The decrease in accretion income in the fourth quarter is primarily attributable to decreased accretion on payoffs compared with the third quarter of 2020.

Yields on loans decreased to 4.41% during the fourth quarter of 2020, compared with 4.42% for the third quarter of 2020 and 5.28% reported for the fourth quarter of 2019. Loan production in the banking division during the fourth quarter of 2020 totaled $784.9 million, with weighted average yields of 3.86%, compared with $869.0 million and 4.00%, respectively, in the third quarter of 2020 and $1.1 billion and 4.70%, respectively, in the fourth quarter of 2019. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $7.7 billion during the fourth quarter of 2020, with weighted average yields of 3.25%, compared with $7.7 billion and 3.33%, respectively, during the third quarter of 2020 and $4.1 billion and 4.29%, respectively, during the fourth quarter of 2019.

Interest expense during the fourth quarter of 2020 decreased to $15.3 million, compared with $17.4 million in the third quarter of 2020 and $38.7 million in the fourth quarter of 2019. The Company's total cost of funds moved five basis points lower to 0.36% in the fourth quarter of 2020 as compared with the third quarter of 2020. Deposit costs decreased eight basis points during the fourth quarter of 2020 to 0.22%, compared with 0.30% in the third quarter of 2020. Costs of interest-bearing deposits decreased during the quarter from 0.47% in the third quarter of 2020 to 0.34% in the fourth quarter of 2020.

NoninterestIncome

Noninterest income increased $248.4 million, or 125.4%, to $446.5 million for 2020, compared with $198.1 million for 2019, as a result of increased mortgage banking activity. Mortgage banking activity increased $254.7 million, or 213.3%, to $374.1 million for 2020, compared with $119.4 million for 2019, as a result of a production increase of $5.44 billion, or 125.9%, over the same period. Gain on sale spreads increased to 3.79% in 2020 compared with 2.75% in 2019.

Noninterest income decreased $46.9 million, or 29.5%, in the fourth quarter of 2020 to $112.1 million, compared with $159.0 million for the third quarter of 2020, primarily as a result of decreased mortgage banking activity.

Mortgage banking activity decreased $43.4 million, or 31.3%, to $95.2 million in the fourth quarter of 2020, compared with $138.6 million for the third quarter of 2020. This decrease was a result of decreased production, increased servicing right impairment and a decline in the retail mortgage open pipeline, partially offset by an expansion in our gain on sale spread. Gain on sale spreads increased to 4.34% in the fourth quarter of 2020 from 3.92% for the third quarter of 2020. Total production in the retail mortgage division decreased to $2.81 billion in the fourth quarter of 2020, compared with $2.92 billion for the third quarter of 2020. Mortgage banking activity was negatively impacted during the fourth quarter of 2020 by a $9.1 million servicing right impairment, compared with an impairment of $1.1 million for the third quarter of 2020. The retail mortgage open pipeline was $2.00 billion at the end of the fourth quarter of 2020, compared with $2.71 billion at September 30, 2020.

Service charge revenue increased $551,000, or 5.0%, to $11.5 million in the fourth quarter of 2020, compared with $10.9 million for the third quarter of 2020, resulting from an increase in volume. Other noninterest income decreased $3.9 million, or 46.4%, to $4.5 million for the fourth quarter of 2020, compared with $8.4 million for the third quarter of 2020, primarily as a result of decreases in the gain on sales of SBA loans and SBA servicing right valuation adjustment of $2.7 million and $1.1 million, respectively.

Noninterest Expense

Noninterest expense increased $126.7 million, or 26.8%, to $598.6 million in 2020, compared with $471.9 million in 2019. During 2020, the Company recorded $9.9 million of charges to earnings, the majority of which related to natural disaster and pandemic charges and certain legal expenses, compared with $79.8 million in charges in 2019 that were principally related to merger and conversion charges and loss on sale of premises. Excluding these charges, adjusted expenses increased $196.6 million, or 50.1%, to $588.7 million in 2020, from $392.1 million in 2019. The majority of this increase is attributable to the acquisition of Fidelity Bank and variable expenses related to increased mortgage production. The Company continues to focus on its operating efficiency ratio, such that the adjusted efficiency ratio improved from 55.67% in 2019 to 52.17% in 2020.

Noninterest expense decreased $2.6 million, or 1.7%, to $151.1 million during the fourth quarter of 2020, compared with $153.7 million for the third quarter of 2020. During the fourth quarter of 2020, the Company recorded $258,000 of charges to earnings, related to certain legal expenses, natural disaster and pandemic charges and (gain) loss on sale of premises, compared with $647,000 in charges in the third quarter of 2020 that were related to the same items, in addition to merger and conversion charges and restructuring charges associated with branch consolidations and efficiency initiatives. Excluding these charges, adjusted expenses decreased approximately $2.2 million, or 1.4%, to $150.9 million in the fourth quarter of 2020, from $153.0 million in the third quarter of 2020. The majority of this decrease is attributable to variable expenses related to decreased mortgage production. Also during the fourth quarter, the Company incurred a $765,000 expense related to the final termination of the remaining loss-share agreements with the FDIC. The Company made a $1.0 million donation to the Ameris Bank Foundation as well. The adjusted efficiency ratio was 52.67% in the fourth quarter of 2020, compared with 47.34% in the third quarter of 2020.

Income TaxExpense

The Company's effective tax rate for the fourth quarter of 2020 was 25.2%, compared with 22.7% in the third quarter of 2020. The increased rate for the fourth quarter of 2020 was primarily a result of a large return to provision adjustment when the Company filed its 2019 income tax returns in the fourth quarter of 2020.

Balance Sheet Trends

Total assets at December 31, 2020 were $20.44 billion, compared with $18.24 billion at December 31, 2019. Total loans, including loans held for sale, were $15.65 billion at December 31, 2020, compared with $14.48 billion at December 31, 2019. Total loans held for investment were $14.48 billion at December 31, 2020, compared with $12.82 billion at December 31, 2019, an increase of $1.66 billion, or 13.0%. Loan production in the banking division during the fourth quarter of 2020 was down 10% from the third quarter of 2020 and 28% from the fourth quarter of 2019. Loan growth for the year ended December 31, 2020 was driven by PPP loan originations, which totaled $827.6 million in outstanding balances at December 31, 2020, and increases in commercial real estate and warehouse lending.

At December 31, 2020, total deposits amounted to $16.96 billion, or 96.8% of total funding, compared with $14.03 billion and 90.1%, respectively, at December 31, 2019. At December 31, 2020, noninterest-bearing deposit accounts were $6.15 billion, or 36.3% of total deposits, compared with $4.20 billion, or 29.9% of total deposits, at December 31, 2019. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $10.23 billion at December 31, 2020, compared with $7.21 billion at December 31, 2019. These funds represented 60.3% of the Company's total deposits at December 31, 2020, compared with 51.4% at the end of 2019.

Shareholders' equity at December 31, 2020 totaled $2.65 billion, an increase of $177.5 million, or 7.2%, from December 31, 2019. The increase in shareholders' equity was primarily the result of earnings of $262.0 million during 2020, partially offset by the CECL adoption impact of $56.7 million and dividends declared. Tangible book value per share was $23.69 at December 31, 2020, compared with $20.81 at December 31, 2019. Tangible common equity as a percentage of tangible assets was 8.47% at December 31, 2020, compared with 8.40% at the end of the 2019.

Credit Quality

Credit quality remains strong in the Company. During the fourth quarter of 2020, the Company reversed provision for credit losses of $1.5 million, compared with a provision of $17.7 million in the third quarter of 2020. This decrease in provision was primarily attributable to improvements in forecast economic conditions, particularly levels of unemployment and GDP, compared with forecast conditions during the third quarter of 2020. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the fourth quarter of 2020 equaled approximately 2.9% of total loans, down from approximately 19.0% of total loans at the end of the second quarter of 2020. Nonperforming assets as a percentage of total assets decreased by 34 basis points to 0.48% during the quarter. The decrease in nonperforming assets is primarily attributable to decreased nonaccrual loans in the residential real estate and commercial real estate loan categories. The net charge-off ratio was 70 basis points for the fourth quarter of 2020, compared with 10 basis points in the third quarter of 2020 and nine basis points in the fourth quarter of 2019. The increase in net charge-offs for the fourth quarter of 2020 was primarily attributable to approximately $17.2 million of charge-offs on certain hotel exposures sold during the quarter. The hotel loans sold were selected based on a number of factors, including the level of relationship with the borrower, tier of hotel brand underlying the property and market conditions in the area.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 29, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until February 12, 2021. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10151038. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Florida, South Carolina and Alabama at the end of the most recent quarter.

This news releasecontains 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 anysuch statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy, including any changes that result from the recent U.S. elections; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic;the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's AnnualReport on Form 10-K for the year ended December 31, 2019, as amended, and its subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP ANDSUBSIDIARIES
FINANCIAL TABLES
Financial Highlights Table 1
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2020 2020 2020 2020 2019 2020 2019
EARNINGS
Net income $ 94,285 $ 116,145 $ 32,236 $ 19,322 $ 61,248 $ 261,988 $ 161,441
Adjusted net income $ 101,995 $ 116,879 $ 42,423 $ 39,205 $ 66,608 $ 300,501 $ 222,944
COMMON SHARE DATA
Earnings per share available to common<br><br>shareholders
Basic $ 1.36 $ 1.68 $ 0.47 $ 0.28 $ 0.88 $ 3.78 $ 2.76
Diluted $ 1.36 $ 1.67 $ 0.47 $ 0.28 $ 0.88 $ 3.77 $ 2.75
Adjusted diluted EPS $ 1.47 $ 1.69 $ 0.61 $ 0.56 $ 0.96 $ 4.33 $ 3.80
Cash dividends per share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.60 $ 0.50
Book value per share (period end) $ 38.07 $ 36.91 $ 35.42 $ 35.10 $ 35.53 $ 38.07 $ 35.53
Tangible book value per share (period end) $ 23.69 $ 22.46 $ 20.90 $ 20.44 $ 20.81 $ 23.69 $ 20.81
Weighted average number of shares
Basic 69,252,307 69,230,667 69,191,778 69,247,661 69,429,193 69,256,020 58,462,137
Diluted 69,493,105 69,346,141 69,292,972 69,502,022 69,683,999 69,426,185 58,614,151
Period end number of shares 69,541,481 69,490,546 69,462,782 69,441,274 69,503,833 69,541,481 69,503,833
Market data
High intraday price $ 39.53 $ 27.81 $ 29.82 $ 43.79 $ 44.90 $ 43.79 $ 44.90
Low intraday price $ 22.37 $ 19.91 $ 17.12 $ 17.89 $ 38.34 $ 17.12 $ 31.27
Period end closing price $ 38.07 $ 22.78 $ 23.59 $ 23.76 $ 42.54 $ 38.07 $ 42.54
Average daily volume 394,641 359,059 470,151 461,692 353,783 420,874 389,112
PERFORMANCE RATIOS
Return on average assets 1.89 % 2.33 % 0.67 % 0.43 % 1.35 % 1.36 % 1.10 %
Adjusted return on average assets 2.04 % 2.35 % 0.89 % 0.87 % 1.47 % 1.56 % 1.52 %
Return on average common equity 14.30 % 18.27 % 5.23 % 3.16 % 9.97 % 10.35 % 8.19 %
Adjusted return on average tangible common<br><br>equity 25.04 % 30.53 % 11.66 % 10.98 % 18.45 % 19.77 % 18.74 %
Earning asset yield (TE) 3.98 % 4.02 % 4.32 % 4.56 % 4.82 % 4.21 % 4.88 %
Total cost of funds 0.36 % 0.41 % 0.52 % 0.91 % 1.00 % 0.54 % 1.05 %
Net interest margin (TE) 3.64 % 3.64 % 3.83 % 3.70 % 3.86 % 3.70 % 3.88 %
Noninterest income excluding securities<br><br>transactions, as a percent of total revenue (TE) 38.37 % 46.72 % 39.35 % 22.83 % 22.02 % 37.90 % 23.60 %
Efficiency ratio 54.83 % 47.80 % 54.70 % 68.23 % 58.24 % 55.21 % 67.11 %
Adjusted efficiency ratio (TE) 52.67 % 47.34 % 51.08 % 59.87 % 55.61 % 52.17 % 55.67 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets 12.95 % 12.90 % 12.38 % 13.37 % 13.54 % 12.95 % 13.54 %
Tangible common equity to tangible assets 8.47 % 8.27 % 7.70 % 8.25 % 8.40 % 8.47 % 8.40 %
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 8.47 % 8.27 % 7.70 % 8.25 % 8.40 % 8.47 % 8.40 %
Effect of goodwill and other intangibles 4.48 % 4.63 % 4.68 % 5.12 % 5.14 % 4.48 % 5.14 %
Equity to assets (GAAP) 12.95 % 12.90 % 12.38 % 13.37 % 13.54 % 12.95 % 13.54 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division 1,816 1,807 1,832 1,865 1,913 1,816 1,913
Retail Mortgage Division 748 734 692 689 690 748 690
Warehouse Lending Division 12 11 9 9 9 12 9
SBA Division 24 33 42 44 42 24 42
Premium Finance Division 71 71 70 72 68 71 68
Total Ameris Bancorp FTE headcount 2,671 2,656 2,645 2,679 2,722 2,671 2,722
Assets per Banking Division FTE $ 11,255 $ 10,998 $ 10,848 $ 9,772 $ 9,536 $ 11,255 $ 9,536
Branch locations 164 170 170 170 170 164 170
Deposits per branch location $ 103,401 $ 94,493 $ 91,705 $ 81,439 $ 82,512 $ 103,401 $ 82,512
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Income Statement Table 2
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2020 2020 2020 2020 2019 2020 2019
Interest income
Interest and fees on loans $ 171,971 $ 172,351 $ 175,345 $ 171,242 $ 182,391 $ 690,909 $ 586,848
Interest on taxable securities 6,398 7,259 9,347 10,082 10,358 33,086 40,138
Interest on nontaxable securities 150 159 157 157 167 623 593
Interest on deposits in other banks 252 153 123 1,211 1,091 1,739 8,139
Interest on federal funds sold 12 12 46 76 69 146 676
Total interest income 178,783 179,934 185,018 182,768 194,076 726,503 636,394
Interest expense
Interest on deposits 8,870 11,822 14,273 24,102 27,970 59,067 102,533
Interest on other borrowings 6,457 5,574 6,931 10,721 10,755 29,683 28,695
Total interest expense 15,327 17,396 21,204 34,823 38,725 88,750 131,228
Net interest income 163,456 162,538 163,814 147,945 155,351 637,753 505,166
Provision for loan losses (6,700) 26,692 68,449 37,047 5,693 125,488 19,758
Provision for unfunded commitments 5,481 (10,131) 19,712 4,000 — 19,062 —
Provision for other credit losses (291) 1,121 — — — 830 —
Provision for credit losses (1,510) 17,682 88,161 41,047 5,693 145,380 19,758
Net interest income after provision for credit losses 164,966 144,856 75,653 106,898 149,658 492,373 485,408
Noninterest income
Service charges on deposits accounts 11,465 10,914 9,922 11,844 13,567 44,145 50,792
Mortgage banking activity 95,192 138,627 104,925 35,333 33,168 374,077 119,409
Other service charges, commissions and fees 965 1,039 949 961 935 3,914 3,566
Gain (loss) on securities — — 14 (9) (1) 5 138
Other noninterest income 4,521 8,438 5,150 6,250 7,444 24,359 24,208
Total noninterest income 112,143 159,018 120,960 54,379 55,113 446,500 198,113
Noninterest expense
Salaries and employee benefits 92,466 96,698 95,168 75,946 69,642 360,278 223,938
Occupancy and equipment expenses 12,709 13,805 13,807 12,028 11,919 52,349 40,596
Data processing and telecommunications expenses 11,323 12,226 10,514 11,954 11,362 46,017 38,513
Credit resolution related expenses^(1)^ 1,156 802 950 2,198 1,098 5,106 4,082
Advertising and marketing expenses 3,267 966 1,455 2,358 2,250 8,046 7,927
Amortization of intangible assets 4,190 4,190 5,601 5,631 5,741 19,612 17,713
Merger and conversion charges — (44) 895 540 2,415 1,391 73,105
Other noninterest expenses 26,005 25,049 27,378 27,398 18,137 105,830 66,063
Total noninterest expense 151,116 153,692 155,768 138,053 122,564 598,629 471,937
Income before income tax expense 125,993 150,182 40,845 23,224 82,207 340,244 211,584
Income tax expense 31,708 34,037 8,609 3,902 20,959 78,256 50,143
Net income $ 94,285 $ 116,145 $ 32,236 $ 19,322 $ 61,248 $ 261,988 $ 161,441
Diluted earnings per common share $ 1.36 $ 1.67 $ 0.47 $ 0.28 $ 0.88 $ 3.77 $ 2.75
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Period End Balance Sheet Table 3
Three Months Ended
Dec Sep Jun Mar Dec
(dollars in thousands) 2020 2020 2020 2020 2019
Assets
Cash and due from banks $ 203,349 $ 257,026 $ 292,899 $ 255,312 $ 246,234
Federal funds sold and interest-bearing deposits in banks 1,913,957 494,765 428,560 396,844 375,615
Time deposits in other banks 249 249 249 249 249
Investment securities available for sale, at fair value 982,879 1,117,436 1,238,896 1,353,040 1,403,403
Other investments 28,202 47,329 76,453 81,754 66,919
Loans held for sale, at fair value 1,167,659 1,414,889 1,736,397 1,398,229 1,656,711
Loans, net of unearned income 14,480,925 14,943,593 14,503,157 13,094,106 12,818,476
Allowance for credit losses (199,422) (231,924) (208,793) (149,524) (38,189)
Loans, net 14,281,503 14,711,669 14,294,364 12,944,582 12,780,287
Other real estate owned 11,880 17,969 23,563 21,027 19,500
Premises and equipment, net 222,890 231,278 230,118 231,347 233,102
Goodwill 928,005 928,005 928,005 931,947 931,637
Other intangible assets, net 71,974 76,164 80,354 85,955 91,586
Cash value of bank owned life insurance 176,467 175,605 175,011 176,239 175,270
Deferred income taxes, net 33,314 53,039 56,306 24,196 2,180
Other assets 416,310 348,428 311,454 323,827 259,886
Total assets $ 20,438,638 $ 19,873,851 $ 19,872,629 $ 18,224,548 $ 18,242,579
Liabilities
Deposits
Noninterest-bearing $ 6,151,070 $ 5,909,316 $ 5,595,868 $ 4,226,253 $ 4,199,448
Interest-bearing 10,806,753 10,154,490 9,993,950 9,618,365 9,827,625
Total deposits 16,957,823 16,063,806 15,589,818 13,844,618 14,027,073
Federal funds purchased and securities sold under agreements to repurchase 11,641 9,103 12,879 15,160 20,635
Other borrowings 425,155 875,255 1,418,336 1,543,371 1,398,709
Subordinated deferrable interest debentures 124,345 123,860 123,375 122,890 127,560
FDIC loss-share payable, net — 19,476 18,903 18,111 19,642
Other liabilities 272,586 217,668 249,188 243,248 179,378
Total liabilities 17,791,550 17,309,168 17,412,499 15,787,398 15,772,997
Shareholders' Equity
Preferred stock — — — — —
Common stock 71,754 71,703 71,674 71,652 71,500
Capital stock 1,913,285 1,911,031 1,909,839 1,908,721 1,907,108
Retained earnings 671,510 587,657 481,948 460,153 507,950
Accumulated other comprehensive income, net of tax 33,505 37,252 39,613 39,551 17,995
Treasury stock (42,966) (42,960) (42,944) (42,927) (34,971)
Total shareholders' equity 2,647,088 2,564,683 2,460,130 2,437,150 2,469,582
Total liabilities and shareholders' equity $ 20,438,638 $ 19,873,851 $ 19,872,629 $ 18,224,548 $ 18,242,579
Other Data
Earning assets $ 18,573,871 $ 18,018,261 $ 17,983,712 $ 16,324,222 $ 16,321,373
Intangible assets 999,979 1,004,169 1,008,359 1,017,902 1,023,223
Interest-bearing liabilities 11,367,894 11,162,708 11,548,540 11,299,786 11,374,529
Average assets 19,876,338 19,810,084 19,222,181 18,056,445 17,998,494
Average common shareholders' equity 2,622,942 2,529,471 2,478,373 2,456,617 2,437,272
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Asset Quality Information Table 4
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019
Allowance for Credit Losses
Balance at beginning of period $ 260,417 $ 246,295 $ 167,315 $ 39,266 $ 36,607 $ 39,266 $ 28,819
CECL adoption impact on allowance for loan losses — — — 78,661 — 78,661 —
CECL adoption impact on allowance for unfunded<br><br>commitments — — — 12,714 — 12,714 —
Total CECL adoption impact — — — 91,375 — 91,375 —
Acquired allowance for unfunded commitments — — — — — — 1,077
Provision for loan losses (6,700) 26,692 68,449 37,047 5,693 125,488 19,758
Provision for unfunded commitments 5,481 (10,131) 19,712 4,000 — 19,062 —
Provision for other credit losses (291) 1,121 — — — 830 —
Provision for credit losses (1,510) 17,682 88,161 41,047 5,693 145,380 19,758
Charge-offs 29,094 7,370 11,282 6,718 5,664 54,464 19,861
Recoveries 3,292 3,810 2,101 2,345 2,630 11,548 9,473
Net charge-offs 25,802 3,560 9,181 4,373 3,034 42,916 10,388
Ending balance $ 233,105 $ 260,417 $ 246,295 $ 167,315 $ 39,266 $ 233,105 $ 39,266
Allowance for loan losses $ 199,422 $ 231,924 $ 208,793 $ 149,524 $ 38,189 $ 199,422 $ 38,189
Allowance for unfunded commitments 32,853 27,372 37,502 17,791 1,077 32,853 1,077
Allowance for other credit losses 830 1,121 — — — 830 —
T otal allowance for credit losses $ 233,105 $ 260,417 $ 246,295 $ 167,315 $ 39,266 $ 233,105 $ 39,266
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural $ 5,960 $ 1,715 $ 486 $ 2,486 $ 1,813 $ 10,647 $ 3,460
Consumer installment 2,861 677 962 1,142 1,586 5,642 5,899
Indirect automobile 658 697 1,016 1,231 939 3,602 1,904
Premium Finance 2,240 1,158 1,904 831 899 6,133 4,351
Real estate - construction and development — 9 74 — 146 83 414
Real estate - commercial and farmland 17,284 2,977 6,315 928 181 27,504 3,342
Real estate - residential 91 137 525 100 100 853 491
Total charge-offs 29,094 7,370 11,282 6,718 5,664 54,464 19,861
Recoveries
Commercial, financial and agricultural 754 470 303 362 934 1,889 1,838
Consumer installment 480 516 436 321 461 1,753 1,620
Indirect automobile 637 317 359 344 241 1,657 445
Premium Finance 605 1,224 676 684 358 3,189 2,754
Real estate - construction and development 125 182 168 342 430 817 1,745
Real estate - commercial and farmland 439 904 21 85 140 1,449 332
Real estate - residential 252 197 138 207 68 794 739
Total recoveries 3,292 3,810 2,101 2,345 2,632 11,548 9,473
Net charge-offs $ 25,802 $ 3,560 $ 9,181 $ 4,373 $ 3,032 $ 42,916 $ 10,388
Non-Performing Assets
Nonaccrual loans $ 76,457 $ 138,163 $ 77,745 $ 77,866 $ 75,124 $ 76,457 $ 75,124
Other real estate owned 11,880 17,969 23,563 21,027 19,500 11,880 19,500
Repossessed assets 544 258 1,348 783 939 544 939
Accruing loans delinquent 90 days or more 8,326 7,003 15,127 11,969 5,754 8,326 5,754
Total non-performing assets $ 97,207 $ 163,393 $ 117,783 $ 111,645 $ 101,317 $ 97,207 $ 101,317
Asset Quality Ratios
Non-performing assets as a percent of total assets 0.48 % 0.82 % 0.59 % 0.61 % 0.56 % 0.48 % 0.56 %
Net charge-offs as a percent of average loans<br><br>(annualized) 0.70 % 0.10 % 0.27 % 0.14 % 0.09 % 0.31 % 0.10 %
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Loan Information Table 5
Dec Sep Jun Mar Dec
(dollars in thousands) 2020 2020 2020 2020 2019
Loans by Type
Commercial, financial and agricultural $ 1,627,477 $ 1,879,788 $ 1,839,921 $ 827,392 $ 802,171
Consumer installment 306,995 450,810 575,782 520,592 498,577
Indirect automobile 580,083 682,396 739,543 937,736 1,061,824
Mortgage warehouse 916,353 995,942 748,853 547,328 526,369
Municipal 659,403 725,669 731,508 749,633 564,304
Premium Finance 687,841 710,890 690,584 661,845 654,669
Real estate - construction and development 1,606,710 1,628,255 1,641,744 1,628,367 1,549,062
Real estate - commercial and farmland 5,300,006 5,116,252 4,804,420 4,516,451 4,353,039
Real estate - residential 2,796,057 2,753,591 2,730,802 2,704,762 2,808,461
Total loans $ 14,480,925 $ 14,943,593 $ 14,503,157 $ 13,094,106 $ 12,818,476
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural $ 521 $ 459 $ 591 $ 575 $ 516
Consumer installment 32 36 42 4 8
Indirect automobile 2,277 2,689 — — —
Mortgage warehouse — — — — —
Municipal — — — — —
Premium Finance — — — 159 156
Real estate - construction and development 506 510 919 925 936
Real estate - commercial and farmland 36,707 56,417 5,252 5,587 6,732
Real estate - residential 38,800 28,777 30,253 22,775 21,261
Total accruing troubled debt restructurings $ 78,843 $ 88,888 $ 37,057 $ 30,025 $ 29,609
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural $ 849 $ 1,002 $ 1,034 $ 334 $ 335
Consumer installment 56 64 67 105 107
Indirect automobile 461 482 — — —
Mortgage warehouse — — — — —
Municipal — — — — —
Premium Finance — — — — —
Real estate - construction and development 707 709 307 289 253
Real estate - commercial and farmland 1,401 19,942 1,878 2,415 2,071
Real estate - residential 2,671 4,477 2,231 3,078 2,857
Total nonaccrual troubled debt restructurings $ 6,145 $ 26,676 $ 5,517 $ 6,221 $ 5,623
Total troubled debt restructurings $ 84,988 $ 115,564 $ 42,574 $ 36,246 $ 35,232
Loans by Risk Grade
Grade 1 - Prime credit $ 1,368,661 $ 1,845,900 $ 1,789,709 $ 774,956 $ 587,877
Grade 2 - Strong credit 869,581 838,267 801,273 785,770 840,372
Grade 3 - Good credit 6,624,154 6,189,269 5,784,754 5,772,834 6,034,398
Grade 4 - Satisfactory credit 4,794,672 4,989,617 5,643,133 4,353,733 4,884,541
Grade 5 - Fair credit 452,350 643,502 212,667 1,131,128 233,020
Grade 6 - Other assets especially mentioned 108,541 151,501 108,704 106,885 86,412
Grade 7 - Substandard 262,947 285,537 162,917 168,561 151,846
Grade 8 - Doubtful 19 — — 239 8
Grade 9 - Loss — — — — 2
Total loans $ 14,480,925 $ 14,943,593 $ 14,503,157 $ 13,094,106 $ 12,818,476
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Average Balances Table 6
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019
Earning Assets
Federal funds sold $ 20,000 $ 20,004 $ 24,265 $ 27,380 $ 23,104 $ 22,896 $ 31,104
Interest-bearing deposits in banks 879,481 467,188 398,284 419,260 304,427 541,776 358,924
Time deposits in other banks 249 249 249 249 401 249 3,705
Investment securities - taxable 1,024,335 1,160,585 1,281,980 1,359,651 1,426,062 1,206,014 1,341,330
Investment securities - nontaxable 20,112 21,619 21,576 22,839 23,580 21,533 21,695
Other investments 31,552 64,656 79,143 73,972 64,852 62,253 37,415
Loans held for sale 1,281,762 1,507,481 1,614,080 1,587,131 1,537,648 1,497,051 667,078
Loans 14,752,664 14,688,317 13,915,406 12,712,997 12,697,912 14,018,582 10,666,978
Total Earning Assets $ 18,010,155 $ 17,930,099 $ 17,334,983 $ 16,203,479 $ 16,077,986 $ 17,370,354 $ 13,128,229
Deposits
Noninterest-bearing deposits $ 5,970,672 $ 5,782,163 $ 5,061,578 $ 4,080,920 $ 4,124,872 $ 5,227,399 $ 3,364,785
NOW accounts 2,968,596 2,718,315 2,441,305 2,287,947 2,204,666 2,605,349 1,831,024
MMDA 4,534,243 4,273,899 4,221,906 4,004,644 3,953,717 4,259,467 3,280,233
Savings accounts 793,414 749,314 692,382 643,422 649,118 719,916 529,866
Retail CDs 2,109,600 2,274,150 2,471,134 2,624,209 2,721,829 2,368,802 2,348,689
Brokered CDs 1,140 1,933 2,043 61,190 249,644 16,494 347,844
Total Deposits 16,377,665 15,799,774 14,890,348 13,702,332 13,903,846 15,197,427 11,702,441
Non-Deposit Funding
Federal funds purchased and securities sold<br><br>under agreements to repurchase 9,929 10,483 12,452 15,637 17,088 12,115 14,043
FHLB advances 127,797 799,034 1,212,537 1,267,303 1,080,516 849,546 483,735
Other borrowings 376,295 272,443 269,300 269,454 234,001 297,023 186,798
Subordinated deferrable interest debentures 124,091 123,604 123,120 127,731 127,292 124,632 110,129
Total Non-Deposit Funding 638,112 1,205,564 1,617,409 1,680,125 1,458,897 1,283,316 794,705
Total Funding $ 17,015,777 $ 17,005,338 $ 16,507,757 $ 15,382,457 $ 15,362,743 $ 16,480,743 $ 12,497,146
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Interest Income and Interest Expense (TE) Table7
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019
Interest Income
Federal funds sold $ 13 $ 13 $ 45 $ 76 $ 69 $ 147 $ 676
Interest-bearing deposits in banks 251 152 122 1,210 1,089 1,735 8,068
Time deposits in other banks 1 1 1 1 2 4 71
Investment securities - taxable 6,398 7,260 9,346 10,082 10,358 33,086 40,138
Investment securities - nontaxable (TE) 190 202 198 199 212 789 751
Loans held for sale 9,705 10,365 14,053 13,637 14,330 47,760 25,003
Loans (TE) 163,532 163,352 162,617 158,636 169,119 648,137 566,037
Total Earning Assets $ 180,090 $ 181,345 $ 186,382 $ 183,841 $ 195,179 $ 731,658 $ 640,744
Accretion income (included above) $ 4,688 $ 6,525 $ 9,576 $ 6,562 $ 9,727 $ 27,351 $ 19,935
Interest Expense
Interest-Bearing Deposits
NOW accounts $ 1,091 $ 1,394 $ 1,265 $ 2,774 $ 2,728 $ 6,524 $ 9,940
MMDA 2,326 2,823 3,764 9,748 11,311 18,661 42,439
Savings accounts 143 112 94 210 233 559 669
Retail CDs 5,301 7,484 9,136 11,064 12,220 32,985 41,040
Brokered CDs 9 9 14 306 1,478 338 8,445
Total Interest-Bearing Deposits 8,870 11,822 14,273 24,102 27,970 59,067 102,533
Non-Deposit Funding
Federal funds purchased and securities sold under<br><br>  agreements to repurchase 8 9 25 40 41 82 86
FHLB advances 245 661 1,686 5,109 5,241 7,701 10,044
Other borrowings 4,635 3,558 3,487 3,511 3,358 15,191 11,127
Subordinated deferrable interest debentures 1,569 1,346 1,733 2,061 2,115 6,709 7,438
Total Non-Deposit Funding 6,457 5,574 6,931 10,721 10,755 29,683 28,695
Total Interest-Bearing Funding $ 15,327 $ 17,396 $ 21,204 $ 34,823 $ 38,725 $ 88,750 $ 131,228
Net Interest Income (TE) $ 164,763 $ 163,949 $ 165,178 $ 149,018 $ 156,454 $ 642,908 $ 509,516
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Yields^(1)^ Table 8
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
2020 2020 2020 2020 2019 2020 2019
Earning Assets
Federal funds sold 0.26 % 0.26 % 0.75 % 1.12 % 1.18 % 0.64 % 2.17 %
Interest-bearing deposits in banks 0.11 % 0.13 % 0.12 % 1.16 % 1.42 % 0.32 % 2.25 %
Time deposits in other banks 1.60 % 1.60 % 1.62 % 1.62 % 1.98 % 1.61 % 1.92 %
Investment securities - taxable 2.48 % 2.49 % 2.93 % 2.98 % 2.88 % 2.74 % 2.99 %
Investment securities - nontaxable (TE) 3.76 % 3.72 % 3.69 % 3.50 % 3.57 % 3.66 % 3.46 %
Loans held for sale 3.01 % 2.74 % 3.50 % 3.46 % 3.70 % 3.19 % 3.75 %
Loans (TE) 4.41 % 4.42 % 4.70 % 5.02 % 5.28 % 4.62 % 5.31 %
Total Earning Assets 3.98 % 4.02 % 4.32 % 4.56 % 4.82 % 4.21 % 4.88 %
Interest-Bearing Deposits
NOW accounts 0.15 % 0.20 % 0.21 % 0.49 % 0.49 % 0.25 % 0.54 %
MMDA 0.20 % 0.26 % 0.36 % 0.98 % 1.14 % 0.44 % 1.29 %
Savings accounts 0.07 % 0.06 % 0.05 % 0.13 % 0.14 % 0.08 % 0.13 %
Retail CDs 1.00 % 1.31 % 1.49 % 1.70 % 1.78 % 1.39 % 1.75 %
Brokered CDs 3.14 % 1.85 % 2.76 % 2.01 % 2.35 % 2.05 % 2.43 %
Total Interest-Bearing Deposits 0.34 % 0.47 % 0.58 % 1.01 % 1.13 % 0.59 % 1.23 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to<br><br>repurchase 0.32 % 0.34 % 0.81 % 1.03 % 0.95 % 0.68 % 0.61 %
FHLB advances 0.76 % 0.33 % 0.56 % 1.62 % 1.92 % 0.91 % 2.08 %
Other borrowings 4.90 % 5.20 % 5.21 % 5.24 % 5.69 % 5.11 % 5.96 %
Subordinated deferrable interest debentures 5.03 % 4.33 % 5.66 % 6.49 % 6.59 % 5.38 % 6.75 %
Total Non-Deposit Funding 4.03 % 1.84 % 1.72 % 2.57 % 2.92 % 2.31 % 3.61 %
Total Interest-Bearing Liabilities 0.55 % 0.62 % 0.75 % 1.24 % 1.37 % 0.79 % 1.44 %
Net Interest Spread 3.43 % 3.40 % 3.57 % 3.32 % 3.45 % 3.42 % 3.44 %
Net Interest Margin^(2)^ 3.64 % 3.64 % 3.83 % 3.70 % 3.86 % 3.70 % 3.88 %
Total Cost of Funds^(3)^ 0.36 % 0.41 % 0.52 % 0.91 % 1.00 % 0.54 % 1.05 %
(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
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FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income Table 9A
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2020 2020 2020 2020 2019 2020 2019
Net income available to common<br>shareholders $ 94,285 $ 116,145 $ 32,236 $ 19,322 $ 61,248 $ 261,988 $ 161,441
Adjustment items:
Merger and conversion charges — (44) 895 540 2,415 1,391 73,105
Restructuring charges — 50 1,463 — — 1,513 245
Servicing right impairment 9,501 412 7,989 22,165 366 40,067 507
(Gain) loss on BOLI proceeds — (103) (845) — 752 (948) (3,583)
Expenses related to SEC/DOJ Investigation 53 268 1,294 1,443 463 3,058 463
Natural disaster and pandemic charges (Note 1) 235 470 2,043 548 — 3,296 (39)
(Gain) loss on sale of premises (30) (97) 281 470 1,413 624 6,021
Tax effect of adjustment items (Note 2) (2,049) (222) (2,933) (5,283) (898) (10,488) (16,065)
After tax adjustment items 7,710 734 10,187 19,883 4,511 38,513 60,654
Tax expense attributable to acquisition related<br><br>compensation and acquired BOLI — — — — 849 — 849
Adjusted net income $ 101,995 $ 116,879 $ 42,423 $ 39,205 $ 66,608 $ 300,501 $ 222,944
Weighted average number of shares - diluted 69,493,105 69,346,141 69,292,972 69,502,022 69,683,999 69,426,185 58,614,151
Net income per diluted share $ 1.36 $ 1.67 $ 0.47 $ 0.28 $ 0.88 $ 3.77 $ 2.75
Adjusted net income per diluted share $ 1.47 $ 1.69 $ 0.61 $ 0.56 $ 0.96 $ 4.33 $ 3.80
Average assets $ 19,876,338 $ 19,810,084 $ 19,222,181 $ 18,056,445 $ 17,998,494 $ 19,240,493 $ 14,621,185
Return on average assets 1.89 % 2.33 % 0.67 % 0.43 % 1.35 % 1.36 % 1.10 %
Adjusted return on average assets 2.04 % 2.35 % 0.89 % 0.87 % 1.47 % 1.56 % 1.52 %
Average common equity $ 2,622,942 $ 2,529,471 $ 2,478,373 $ 2,456,617 $ 2,437,272 $ 2,531,419 $ 1,970,780
Average tangible common equity $ 1,620,742 $ 1,523,066 $ 1,462,871 $ 1,436,108 $ 1,432,081 $ 1,520,303 $ 1,189,493
Return on average common equity 14.30 % 18.27 % 5.23 % 3.16 % 9.97 % 10.35 % 8.19 %
Adjusted return on average tangible common<br><br>equity 25.04 % 30.53 % 11.66 % 10.98 % 18.45 % 19.77 % 18.74 %
Note 1:  Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce.
Note 2:  A portion of the merger and conversion charges for 1Q20, 4Q19 and both year-to-date periods are nondeductible for tax purposes.
AMERIS BANCORP AND SUBSIDIARIES
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FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE) Table9B
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019
Adjusted Noninterest Expense
Total noninterest expense $ 151,116 $ 153,692 $ 155,768 $ 138,053 $ 122,564 $ 598,629 $ 471,937
Adjustment items:
Merger and conversion charges — 44 (895) (540) (2,415) (1,391) (73,105)
Restructuring charges — (50) (1,463) — — (1,513) (245)
Expenses related to SEC/DOJ Investigation (53) (268) (1,294) (1,443) (463) (3,058) (463)
Natural disaster and pandemic charges (235) (470) (2,043) (548) — (3,296) 39
Gain (loss) on sale of premises 30 97 (281) (470) (1,413) (624) (6,021)
Adjusted noninterest expense $ 150,858 $ 153,045 $ 149,792 $ 135,052 $ 118,273 $ 588,747 $ 392,142
Total Revenue
Net interest income $ 163,456 162,538 $ 163,814 $ 147,945 $ 155,351 $ 637,753 $ 505,166
Noninterest income 112,143 159,018 120,960 54,379 55,113 446,500 198,113
Total revenue $ 275,599 $ 321,556 $ 284,774 $ 202,324 $ 210,464 $ 1,084,253 $ 703,279
Adjusted Total Revenue
Net interest income (TE) $ 164,763 $ 163,949 $ 165,178 $ 149,018 $ 156,454 $ 642,908 $ 509,516
Noninterest income 112,143 $ 159,018 120,960 54,379 55,113 446,500 198,113
Total revenue (TE) 276,906 $ 322,967 286,138 203,397 211,567 1,089,408 707,629
Adjustment items:
(Gain) loss on securities — — (14) 9 (1) (5) (138)
(Gain) loss on BOLI proceeds — (103) (845) — 752 (948) (3,583)
Servicing right impairment 9,501 412 7,989 22,165 366 40,067 507
Adjusted total revenue (TE) $ 286,407 $ 323,276 $ 293,268 $ 225,571 $ 212,684 $ 1,128,522 $ 704,415
Efficiency ratio 54.83 % 47.80 % 54.70 % 68.23 % 58.24 % 55.21 % 67.11 %
Adjusted efficiency ratio (TE) 52.67 % 47.34 % 51.08 % 59.87 % 55.61 % 52.17 % 55.67 %
Tangible Book Value Per Share Table9C
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2020 2020 2020 2020 2019 2020 2019
Total shareholders' equity $ 2,647,088 $ 2,564,683 $ 2,460,130 $ 2,437,150 $ 2,469,582 $ 2,647,088 $ 2,469,582
Less:
Goodwill 928,005 $ 928,005 928,005 931,947 931,637 928,005 931,637
Other intangibles, net 71,974 $ 76,164 80,354 85,955 91,586 71,974 91,586
Total tangible shareholders' equity $ 1,647,109 $ 1,560,514 $ 1,451,771 $ 1,419,248 $ 1,446,359 $ 1,647,109 $ 1,446,359
Period end number of shares 69,541,481 69,490,546 69,461,968 69,441,274 69,503,833 69,541,481 69,503,833
Book value per share (period end) $ 38.07 $ 36.91 $ 35.42 $ 35.10 $ 35.53 $ 38.07 $ 35.53
Tangible book value per share (period end) $ 23.69 $ 22.46 $ 20.90 $ 20.44 $ 20.81 $ 23.69 $ 20.81
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Segment Reporting Table 10
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019
Banking Division
Net interest income $ 112,964 $ 119,562 $ 120,330 $ 118,375 $ 124,957 $ 471,231 $ 419,013
Provision for credit losses 1,847 487 86,805 35,997 4,741 125,136 12,654
Noninterest income 15,659 15,265 14,468 17,773 18,632 63,165 69,005
Noninterest expense
Salaries and employee benefits 38,668 39,718 40,423 41,621 38,180 160,430 130,134
Occupancy and equipment expenses 10,958 11,955 11,679 10,347 10,216 44,939 35,281
Data processing and telecommunications expenses 9,608 9,716 8,919 10,797 10,156 39,040 34,934
Other noninterest expenses 25,806 21,517 27,997 30,645 23,176 105,965 149,919
Total noninterest expense 85,040 82,906 89,018 93,410 81,728 350,374 350,268
Income (loss) before income tax expense 41,736 51,434 (41,025) 6,741 57,120 58,886 125,096
Income tax expense (benefit) 13,992 13,453 (8,582) 275 15,412 19,138 31,609
Net income (loss) $ 27,744 $ 37,981 $ (32,443) $ 6,466 $ 41,708 $ 39,748 $ 93,487
Retail Mortgage Division
Net interest income $ 19,908 $ 20,393 $ 24,302 $ 17,756 $ 18,223 $ 82,359 $ 44,552
Provision for credit losses (1,621) 15,051 423 1,997 1,237 15,850 3,472
Noninterest income 94,109 137,583 104,195 34,369 33,335 370,256 118,188
Noninterest expense
Salaries and employee benefits 50,165 53,500 50,003 31,097 28,233 184,765 82,470
Occupancy and equipment expenses 1,577 1,676 1,953 1,504 1,544 6,710 4,666
Data processing and telecommunications expenses 1,534 2,349 1,406 986 1,034 6,275 2,418
Other noninterest expenses 7,442 7,889 6,949 5,875 4,553 28,155 12,536
Total noninterest expense 60,718 65,414 60,311 39,462 35,364 225,905 102,090
Income before income tax expense 54,920 77,511 67,763 10,666 14,957 210,860 57,178
Income tax expense 11,535 16,112 14,231 2,408 3,371 44,286 12,202
Net income $ 43,385 $ 61,399 $ 53,532 $ 8,258 $ 11,586 $ 166,574 $ 44,976
Warehouse Lending Division
Net interest income $ 9,017 $ 6,546 $ 5,026 $ 3,302 $ 3,771 $ 23,891 $ 12,617
Provision for credit losses 1,673 495 403 (9) 67 2,562 67
Noninterest income 1,113 1,064 727 960 610 3,864 1,999
Noninterest expense
Salaries and employee benefits 296 266 209 210 325 981 934
Occupancy and equipment expenses 1 1 1 1 1 4 5
Data processing and telecommunications expenses 101 73 55 41 47 270 156
Other noninterest expenses 26 28 88 34 53 176 223
Total noninterest expense 424 368 353 286 426 1,431 1,318
Income before income tax expense 8,033 6,747 4,997 3,985 3,888 23,762 13,231
Income tax expense 1,687 1,431 1,049 837 816 5,004 2,778
Net income $ 6,346 $ 5,316 $ 3,948 $ 3,148 $ 3,072 $ 18,758 $ 10,453
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Segment Reporting (continued) Table10
Three Months Ended Year Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2020 2020 2020 2020 2019 2020 2019
SBA Division
Net interest income $ 14,909 $ 8,966 $ 7,034 $ 2,181 $ 2,190 $ 33,090 $ 7,031
Provision for credit losses (2,997) 4,297 2,322 (903) 150 2,719 544
Noninterest income 1,247 5,106 1,570 1,277 2,536 9,200 8,915
Noninterest expense
Salaries and employee benefits 1,233 1,572 2,612 1,476 1,336 6,893 4,783
Occupancy and equipment expenses 100 97 97 97 79 391 269
Data processing and telecommunications expenses 1 4 15 13 5 33 32
Other noninterest expenses 363 595 359 515 402 1,832 1,651
Total noninterest expense 1,697 2,268 3,083 2,101 1,822 9,149 6,735
Income before income tax expense 17,456 7,507 3,199 2,260 2,754 30,422 8,667
Income tax expense 3,666 1,577 671 475 578 6,389 1,820
Net income $ 13,790 $ 5,930 $ 2,528 $ 1,785 $ 2,176 $ 24,033 $ 6,847
Premium Finance Division
Net interest income $ 6,658 $ 7,071 $ 7,122 $ 6,331 $ 6,210 $ 27,182 $ 21,953
Provision for credit losses (412) (2,648) (1,792) 3,965 (502) (887) 3,021
Noninterest income 15 — — — — 15 6
Noninterest expense
Salaries and employee benefits 2,104 1,642 1,921 1,542 1,568 7,209 5,617
Occupancy and equipment expenses 73 76 77 79 79 305 375
Data processing and telecommunications expenses 79 84 119 117 120 399 973
Other noninterest expenses 981 934 886 1,056 1,457 3,857 4,561
Total noninterest expense 3,237 2,736 3,003 2,794 3,224 11,770 11,526
Income (loss) before income tax expense 3,848 6,983 5,911 (428) 3,488 16,314 7,412
Income tax expense (benefit) 828 1,464 1,240 (93) 782 3,439 1,734
Net income (loss) $ 3,020 $ 5,519 $ 4,671 $ (335) $ 2,706 $ 12,875 $ 5,678
Total Consolidated
Net interest income $ 163,456 $ 162,538 $ 163,814 $ 147,945 $ 155,351 $ 637,753 $ 505,166
Provision for credit losses (1,510) 17,682 88,161 41,047 5,693 145,380 19,758
Noninterest income 112,143 159,018 120,960 54,379 55,113 446,500 198,113
Noninterest expense
Salaries and employee benefits 92,466 96,698 95,168 75,946 69,642 360,278 223,938
Occupancy and equipment expenses 12,709 13,805 13,807 12,028 11,919 52,349 40,596
Data processing and telecommunications expenses 11,323 12,226 10,514 11,954 11,362 46,017 38,513
Other noninterest expenses 34,618 30,963 36,279 38,125 29,641 139,985 168,890
Total noninterest expense 151,116 153,692 155,768 138,053 122,564 598,629 471,937
Income before income tax expense 125,993 150,182 40,845 23,224 82,207 340,244 211,584
Income tax expense 31,708 34,037 8,609 3,902 20,959 78,256 50,143
Net income $ 94,285 $ 116,145 $ 32,236 $ 19,322 $ 61,248 $ 261,988 $ 161,441

CONTACT: Nicole S. Stokes, Chief Financial Officer, (404) 240-1514

abcb-ex992_185.pptx.htm

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4th Quarter 2020 Results Investor Presentation Exhibit 99.2

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Cautionary Statements 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; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy, including any changes that result from recent U.S. elections; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the proposed phase-out of the London Interbank Offered Rate (“LIBOR”) or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as amended, and its subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

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Risk Management Operating Strength Diversification Entered pandemic in position of strength and forward momentum: Well capitalized Strong liquidity and continued funding opportunities Premier Southeastern markets Historically top quartile return on assets (≥1.50% ROA for last three years) Disciplined rate cuts on funding side while growing core deposits Focus on expense control and improved operating efficiency Culture of discipline Geographic Diversification Balance Sheet Diversification: CRE concentrations are moderate Diversified loan portfolio across geography and product lines

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4th Quarter 2020 Financial Results

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Earnings Summary – Adjusted Basis (dollars in thousands, except per share data) Quarter to Date Results Year To Date Results 4Q20 4Q19 Change 2020 2019 Change Adjusted Net Income $ 101,995 $ 66,608 53% $ 300,501 $ 222,944 35% Adjusted Net Income Per Share $ 1.47 $ 0.96 53% $ 4.33 $ 3.80 14% Adjusted Return on Assets 2.04% 1.47% 39% 1.56% 1.52% 2% Adjusted Return on TCE 25.04% 18.45% 36% 19.77% 18.74% 5% Net Interest Margin 3.64% 3.86% -6% 3.70% 3.88% -5% Adjusted Efficiency Ratio 52.67% 55.61% -5% 52.17% 55.67% -6% Adjusted Net Overhead Ratio 0.77% 1.39% -44% 0.74% 1.33% -44%

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4Q 2020 Operating Highlights Net income of $94.3 million, or $1.36 per diluted share Adjusted net income of $102.0 million, or $1.47 per diluted share Adjusted efficiency ratio of 52.67%, compared with 47.34% in 3Q20 Adjusted ROA of 2.04%, compared with 2.35% in 3Q20 Adjusted ROTCE of 25.04%, compared with 30.53% in 3Q20 Net interest margin of 3.64%, flat compared with 3Q20 TBV increased $1.23 per share to $23.69 per share, compared with $22.46 at the end of 3Q20 Non-performing assets decreased 34 basis points to 0.48% of total assets, compared with 0.82% at September 30, 2020

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2020 YTD Operating Highlights Net income of $262.0 million, or $3.77 per diluted shares, after pre-tax provision for credit losses of $145.4 million Adjusted net income of $300.5 million, or $4.33 per diluted share Growth in adjusted total revenue of $424.1 million, or 60.2% when compared with 2019 Adjusted efficiency ratio of 52.17%, compared with 55.67% for 2019 Adjusted ROA of 1.56%, compared with 1.52% for 2019 Adjusted ROTCE of 19.77%, compared with 18.74% for 2019 Net interest margin of 3.70%, compared with 3.88% for 2019 Total loan growth of $1.7 billion including PPP loans; Organic loan growth of 6.5% annualized, excluding PPP loans Improvement in deposit mix such that noninterest bearing deposits represent 36.27% of total deposits, up from 29.94% at 4Q19

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Operating Highlights (dollars in thousands) For the quarter For the year to date period 4Q20 4Q19 2020 2019 Asset Growth (1) 564,787 478,302 2,196,059 6,799,064 Asset Growth Rate 11.37% 10.77% 12.04% 59.41% Organic Loan Growth (462,668) (95,095) 1,662,449 751,811 Organic Loan Growth Rate -12.38% -3.03% 12.97% 9.16% Organic Loan Growth Ex. PPP (225,091) (95,095) 834,848 751,811 Organic Loan Growth Rate Ex. PPP -6.70% -3.03% 6.51% 9.16% Total Revenue 275,599 210,464 1,084,253 703,279 Total Revenue Growth -57.17% -27.10% 54.17% 52.29% Adjusted Operating Expenses (2) 150,858 118,273 588,747 392,142 Adjusted OPEX Growth -5.72% -26.46% 50.14% 49.77% Adjusted Efficiency (3) 52.67% 55.61% 52.17% 55.67% Asset growth is materially impacted in 2019 by the acquisition of Fidelity Bank Adjusted Operating Expenses exclude merger and conversion charges, restructuring charges related to branch consolidation plan and efficiency initiatives, natural disaster and pandemic charges, expenses related to SEC and DOJ investigation and (gain) loss on sale of premises. Adjusted Efficiency ratio is Adjusted Operating Expenses divided by Net Interest Income (TE) plus Non-Interest Income, excluding gain/loss on securities, gain on BOLI proceeds and servicing right impairment/recovery Growth rates are annualized for the applicable periods

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Total Revenue Spread Revenues Quarterly growth in average earning assets of $80.1 million, or 0.4%, from 3Q20 to 4Q20 Net Interest Margin of 3.64% in 4Q20, flat compared with 3Q20, and down from 3.86% in 4Q19 Continued focus on cost of funds led to stable margin quarter over quarter Downward repricing on deposits lowered cost of interest-bearing deposits 13 bps during the quarter Noninterest Income Mortgage banking Revenue increased $59.9 million, or 180.5%, in 4Q20 compared with 4Q19 Production increased $1.24 billion, or 79.4%, over the same period. SBA revenues – noninterest income decreased 50.8%, compared with 4Q19 due to decreased volume of loans sold.

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Net Interest Margin Loan Production Details Period Fixed Rate Variable Rate Total 4Q20 $ 588.4 3.77% $ 196.5 4.14% $ 784.9 3.86% 3Q20 $ 474.9 3.78% $ 394.1 4.27% $ 869.0 4.00% 2Q20 $ 275.4 3.88% $ 196.7 4.55% $ 472.1 4.16% Spread Income and Margin: Average earning assets were up $80.1 million, while spread income increased $814,000 Margin flat from 3Q20 and down 22bps from 4Q19 Decrease in accretion income due to decline in payoff accretion compared with both 3Q20 and 4Q19 PPP income of $13.8 million, including $6.3 million related to acceleration of fee income on PPP forgiveness Deposit costs decreased by 8bps Growth in noninterest bearing deposits during the fourth quarter such that noninterest bearing deposits are over 36% of total deposits at quarter end Accretion income as a part of our revenues: 2.5% of revenue in 2020 2.8% of revenue in 2019 2.6% of revenue in 2018 2.9% of revenue in 2017

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Expenses Steady, Adjusted Operating Expenses(1) OPEX Highlights: Total adjusted operating expenses decreased $2.2 million in 4Q20 compared with 3Q20 Increase of $2.5 million in Q4 20 Banking division operating expenses primarily due to: $1.0 million contribution to Ameris Bank Foundation $765,000 related to termination of remaining loss share agreements with the FDIC $532,000 in OREO write-downs Decrease in lines of business operating expenses is due to decreased variable costs (primarily incentives) driven by decreased production and revenue levels $4.7 million decrease in retail mortgage $571,000 decrease in SBA Continue to drive expense control behaviors throughout the Company to fund future technology and innovation costs 1 – Adjusted Operating Expenses exclude merger and conversion charges, restructuring charges related to branch consolidation plan and efficiency initiatives, natural disaster and pandemic charges, expenses related to SEC and DOJ investigation and (gain) loss on sale of premises.

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Capital and TBV Consistent Growth in TBV Steady Capital Levels Support Growth Rate Historically, consistent growth in TBV TBV increased $1.23 per share in 4Q20: $1.20 from retained earnings $0.03 from all other items including treasury stock transactions TBV negatively impacted $0.82 by adoption of CECL in 1Q20 TCE / TA at quarter end of 8.47%, up from 8.27% at the end of 3Q20 primarily due to retained earnings PPP loans impacted TCE/TA by 38bps at quarter end 4Q20 Adjusted ROTCE of 25.04%

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Loan Diversification and Credit Quality

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Diversified Loan Portfolio 4Q20 Loan Portfolio Loan portfolio is well-diversified across all loan types C&I loans represent the largest category of loans PPP loans totaled $848.2 million at YE20, which added ~5% to this category Only 11% of total loans are construction or A&D loans Average loan size is $73.2 thousand across all loan types CRE and C&D concentrations are 253% and 78%, respectively, at YE20 Linked-quarter EOP loan growth was ($462.7) million, primarily the result of a net reduction in PPP loans of $251.4 million and the designation of a consumer loan portfolio as HFS totaling $119.0 million Annualized loan growth for 2020 was 13.0%. Net of PPP loans, growth was 6.5% for 2020.

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Diversified Loan Portfolio In-house lending limit is $50.0 million versus our legal lending limit of $536.7 million Largest commitment of $100.0 million represents Mortgage Warehouse line of credit comprised of well diversified, individual mortgage loans Largest single commercial loan is $60.4 million committed exposure that is fully secured by cash in Ameris Bank Total participations purchased are less than 1% of outstanding balances Updated as of: 44196 BASED ON SUPER TRIAL RELATIONSHIPS Relationship Summary Relationship Groupings Total Committed Exposure (MM's) % of Total Legacy (FIS) Portfolio Top 25 Relationships $1,629.5 9.3% Total Super Trial Loans - TCE Top 50 Relationships $2,594 0.14733362489563395 $17,606.3 Top 100 Relationships $4,019.9 0.22832168030761718 Top 250 Relationships $6,315.9 0.35872954567399168 Top 300 Relationships $6,776.8 0.38490767509357449 Individual Groupings Total Committed Exposure (MM's) Largest Relationship $100 10th Largest $67.5 50th Largest $34 100th Largest $24.6 200th Largest $12.7 300th Largest $8.1999999999999993 # of Relationships Relationship Size (MM's) 1 $100 50 $34 100 $24.6 150 $16.3 200 $12.7 250 $10.199999999999999 300 $8.1999999999999993

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COVID-19 Response 4Q20 COVID-related Payment Extensions As a % of Portfolio Volume Our COVID-19 disaster program included an initial payment extension for up to 90-days. Additional deferrals were available for customers that continued to be impacted by the pandemic since that time Through YE20, we had provided payment relief to > 11,000 customers totaling $2.4 billion across all loan products, which equated to 18% of Total Loans, excluding PPP loans Customers who reverted to pre-COVID payments totaled $2.1 billion, or 84% of total deferrals Customers that remain on deferral totaled $391.4 million, which equated to 2.9% of Total Loans SBA’s Paycheck Protection Program – at YE20, 7,620 customers & balances totaling $848.2 million Of the total PPP loans, 6,417 loans (84% of total) for $254.1 million were < $150,000, which is currently the SBA’s threshold for the streamlined PPP forgiveness process Updated as of: 44196 Break at $350M SBA Fee Category Count Dollars Approved (MM's) Avg Size (MM's) Loan Size Category Count Dollars Approved (MM's) Avg Size (MM's) NAICS Code Total (MM's) % of Total NAICS Description 0.01 35 $120.8 $3.4514285714285715 < $50M 4,463 $84 $1.8821420569123906E-2 722511 $43.8 5.2% Full-Service Restaurants 0.03 422 $305.3 $0.72345971563981049 $50M - $150M 1,954 $170.5 $8.7256908904810651E-2 621111 $34.1 4.3% Offices of Physicians (except Mental Health Specialists) 0.05 7,173 $422.1 $5.8845671267252202E-2 $150M - $500M 915 $235.1 $0.25693989071038253 541110 $32.799999999999997 3.9% Offices of Lawyers Totals 7,630 $848.2 $0.11116644823066842 $500M - $2MM 263 $237.8 $0.90418250950570345 238220 $29.7 3.5% Plumbing, Heating, and Air-Conditioning Contractors > $2MM 35 $120.8 $3.4514285714285715 721110 $25.4 3.3% Hotels (except Casino Hotels) and Motels Totals 7,630 $848.2 $0.11116644823066842 722513 $19.5 2.3% Limited-Service Restaurants 44104 813110 $17.100000000000001 2.2% Religious Organizations Dollars 236115 $16.7 1.9744620477654292 New Single-Family Housing Construction (except For-Sale Builders) Number of Approved 611110 $14.6 1.7% Elementary and Secondary Schools Loans (MM's) 622110 $14.3 1.7% General Medical and Surgical Hospitals 8140 $526.29999999999995 Total Top 10 $248 0.29321352565618353 607 $447.9 36 $123 Total PPP $845.8 8783 $1,097.1999999999998 Change Dollars Number of Approved Loans (MM's) -967 $-,104.19999999999993 -185 $-,142.59999999999997 -1 $-2.2000000000000028 -1153 $-,248.99999999999977

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Allowance for Loan Losses The ALLL totaled $199.4 million at YE20, a net decrease of $32.5 million, or 14% from 3Q20 The reserve for unfunded commitments totaled $32.9 million, an increase of $5.5 million, or 20% from 3Q20 During 4Q20, $1.5 million of prior provision expense was reversed, primarily the result of an improving forecast model Certain Q-Factor overlays accounted for an increase in the ALLL of $30.9 million The YE20 ALLL equated to 1.38% of Gross Loans and 1.46%, net of PPP Loans 4Q20 CECL Reserve Updated as of: 44196 ALLL Summary Reserve Change due to Loan Growth ALLL at 9/30/2020 Loan Growth Net Charge-Offs Specific Reserves Q-Factor Changes Model Changes ALLL at 12/31/2020 9/30/2020 Portfolio x PPP % LLR 12/31/2020 Portfolio x PPP % LLR Change Reserve impact 4Q20 Allowance Coverage Outstanding Balance (MM's) ALLL (MM's) % ALLL 4Q20 Allowance Coverage Outstanding Balance (MM's) ALLL (MM's) % ALLL Agriculture $2.2000000000000002 $-0.37145405887600347 $0 $0.4 $0.7 $-0.52854594112399655 $2.4 $258.89999999999998 8.4974893781382781E-3 $224.2 1.0704727921498663E-2 $-34.699999999999989 $-0.37145405887600347 Total Loans $14,480.9 $199.4 1.3769862370432777E-2 Gross Loans $14,470.3 $199.4 1.3779949275412397E-2 CFIA $15.1 $-0.33302081143577794 $-5.1999999999999993 $0 $1.6 $0.53302081143577551 $11.7 $2,446.1999999999998 6.17283950617284E-3 $2,378.5 4.9190666386377969E-3 $-67.699999999999818 $-0.33302081143577794 less: PPP Loans $-,848.2 Unfunded Commitments $3,090.3 $32.9 1.064621557777562E-2 Real Estate - Investor CRE $124.5 $2.4562571888658762 $-16.599999999999998 $13.799999999999999 $26.7 $-31.556257188865882 $119.3 $5,109 2.4368761009982386E-2 $5,216.3999999999996 2.2870178667280118E-2 $107.39999999999964 $2.4562571888658762 Net Loans $13,632.699999999999 $199.4 1.4626596345551506E-2 Reserves / Total Loans + Unfunded $17,560.599999999999 $232.3 1.3228477386877444E-2 Real Estate - Owner Occupied $17.7 $0.59443347808922264 $-0.1 $0.6 $0 $-6.1944334780892216 $12.6 $1,448.1 1.2222912782266419E-2 $1,519.8 8.2905645479668371E-3 $71.700000000000045 $0.59443347808922264 Unfunded Commitments $3,085.7 $32.9 1.0662086398548142E-2 Real Estate - Residential $47.1 $-0.14741464125641807 $0.1 $0.6 $0.8 $-4.952585358743586 $43.5 $2,753.6 1.7104880883207437E-2 $2,744.3 1.5851036694238967E-2 $-9.2999999999997272 $-0.14741464125641807 Reserves / Total Loans + Unfunded $17,566.599999999999 $232.3 1.3223959104209126E-2 Consumer $19.399999999999999 $-1.726708074534161 $-2.4 $0 $1.1000000000000001 $-10.373291925465837 $6 $1,119.5999999999999 1.7327617006073597E-2 $869.4 6.901311249137336E-3 $-,250.19999999999993 $-1.726708074534161 US Premium Finance $5.9 $9.213020189534428E-2 $-1.6 $-1.5 $0 $1.0078697981046556 $3.9 $710.9 8.299338866225912E-3 $728.1 5.356407086938607E-3 $17.200000000000045 $9.213020189534428E-2 Other $0 $0 $0 $0 $0 $0 $0 Inc / (Dec) $0 0 $-56.3 0 $-56.3 $0 $231.9 $0.56422328274808264 $-25.799999999999997 $13.899999999999999 $30.900000000000002 $-52.064223282748088 $199.4 $-32.5 $13,846.300000000001 1.6748156547236444E-2 $13,624.400000000001 1.4635506884706849E-2 $-,221.89999999999975 $0.56422328274808264 Unfunded Commitments $27.4 $0 $0 $0 $0 $5.5 $32.9 $5.5 PPP $1,097.2 $845.9 Other Loans $0 $0 $14,943.500000000002 $14,470.300000000001 1.3779949275412396E-2 ALLL at 9/30/2020 Loan Growth Net Charge-Offs Specific Reserves Q-Factor Changes Model Changes ALLL at 12/31/2020 $231.9 $0.56422328274808264 $-25.799999999999997 $13.899999999999999 $30.900000000000002 $-52.064223282748088 $199.4

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NPA / Charge-Off Trend Non-Performing Assets (“NPA”) decreased to $97.2 million at YE20, primarily as a result of: $23.8 million decrease in hotel nonaccrual loans as a result of the note sale Decrease in portfolio mortgage nonaccrual loans of $31.7 million, as borrowers were placed in new CARES Act deferral programs Net OREO reduction of $6.4 million. As a percentage of Total Assets, Total NPAs decreased to 0.48%. Net Charge-Offs (“NCO”) totaled $25.8 million in 4Q20, which equated to an annualized NCO ratio of 0.70% NCOs as a result of the hotel note sale totaled $17.2 million YTD NCOs totaled $43.0 million, which equated to an annualized NCO ratio of 0.31%. Net of the hotel note sale, the YTD NCO ratio was 0.18%.

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Investor CRE Loans ~ 94% of CRE loans are concentrated within our four-state footprint, primarily in the Bank’s primary MSAs of Atlanta, Jacksonville, Orlando, Tallahassee, Columbia, Savannah and Charleston Loans outside the Bank’s footprint are generally acquired loans or SBA guaranteed Updated as of: 44196 Excludes Service Director CONST Loans Investor CRE Portfolio (CRE, MULTI, CONST) Investor CRE by MSA Loan Type Outstanding (MM's) % NPL % PD Avg Size Commitment (000's) MSA Outstanding (MM's) % of Total Construction Loans: Atlanta GA $1,534.9 0.30114383252565285 RRE - Spec & Models $200.1 3.5000000000000001E-3 2.5999999999999999E-3 $377.4 Jacksonville FL $708.9 0.13908454158410011 RRE - Presold $187.6 1.7000000000000001E-2 0 $273.7 Orlando FL $322.89999999999998 6.3% RRE - Subdivisions $34.5 2.8999999999999998E-3 0 $1,455.6 Charleston SC $250.8 4.9% RRE - Lots & Land $86.2 1.44E-2 4.4000000000000003E-3 $139.4 Greenville SC $149.4 2.9% Sub-Total RRE Construction $508.4 1.03E-2 1.8E-3 $291.8 Tampa FL $149.1 2.9% CML - Improved $877.3 0 0 $7,594.6 Columbia SC $145.1 2.8% CML - Raw Land & Other $90.4 6.1000000000000004E-3 5.0000000000000001E-4 $360 Tallahassee FL $140.30000000000001 2.8% Sub-Total CRE Construction $967.69999999999993 5.9999999999999995E-4 0 $3,615.6 Savannah GA $133 2.6% Total Construction Loans $1,476.1 3.8999999999999998E-3 5.9999999999999995E-4 $760.2 Gainesville FL $101.2 1.9855206105672072 All Other MSAs $698.6 0.13706370538955051 Term Loans: Non-MSAs w/in Footprint $441.8 8.7% Office $825.2 2.0000000000000001E-4 1.2999999999999999E-3 $1,657.2 Other Markets $320.89999999999998 6.3% General Retail $571.5 1.1000000000000001E-3 5.9999999999999995E-4 $1,059.5 Grand Total $5,096.9000000000005 0.99999999999999978 Hotels / Motels $429.3 1.5E-3 6.9999999999999999E-4 $2,894.2 Strip Center, Anchored $443.7 0 0 $5,770.2 Multi-Family $362.5 5.9999999999999995E-4 0 $2,195.6999999999998 Warehouse / Industrial $285.2 2.7000000000000001E-3 8.9999999999999998E-4 $1,153.5999999999999 Strip Center, Non-Anchored $323.7 0 0 $1,957.4 Assisted Living Facilities $126.8 4.0000000000000002E-4 0 $3,308 Mini-Storage Warehouse $166.4 0 0 $1,875 Misc CRE (Church, etc) $86.5 2.9999999999999997E-4 2.9999999999999997E-4 $830.1 Other $0 0 0 $0 Sub-Total CRE Term Loans $3,620.7999999999997 6.9999999999999999E-4 5.9999999999999995E-4 $1,740.9 Grand Total Investor CRE Loans $5,096.8999999999996 1.5E-3 5.9999999999999995E-4 $1,130 CML-Improved Construction Loan Breakdown Collateral Type TCE Office $257.60000000000002 0.15074906367041196 General Retail $153.30000000000001 8.9712078651685373E-2 Hotels $117.5 6.8761704119850164E-2 Strip Center, Anchored $155.1 9.0765449438202223E-2 Multi-Family $674.2 0.39454588014981268 Warehouse / Industrial $97.5 5.7057584269662905E-2 Strip Center, Non-Anchored $74.8 4.3773408239700363E-2 Assisted Living $59.7 3.493679775280898E-2 Mini-Storage $71.2 4.1666666666666657E-2 Misc CRE $47.9 2.8031367041198494E-2 $1,708.8000000000004 0.99999999999999978

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Hotel Exposure Hotel exposure totaled $515.6 million at YE20, or 3.8% of Total Loans (excluding PPP loans). Approximately 14% of total committed exposure guaranteed by US Government Agencies (SBA or USDA). Top-Tier brands represent > 82% of exposure. All National brands totaled > 95% of committed balances. Approximately 80% of exposure located within the Bank’s primary MSAs. At YE20, $93.0 million, or 18% of outstanding loans remained under some form of payment deferral In 4Q20, we sold $87.5 million of the hotel portfolio (25 loans) for 82% of book value: $55.6 million (57% of total) were classified loans $39.7 million (41% of total) were TDRs $23.8 million (25% of total) were nonaccrual loans Hotels by Product # $$ Committed Balance (MM's) $$ Outstanding (MM's) $$ Avg Committed Balance (M's) Term CRE 94 $378.4 $375.1 $4.0255319148936168 In-Process Construction 7 $96.3 $69.599999999999994 $13.757142857142856 Government Guaranteed (SBA, USDA) 62 $77 $70.900000000000006 $1.2419354838709677 Totals 163 $551.70000000000005 $515.6 $3.3846625766871168 TCE Hotel Portfolio by Brands # Net FMV TCE Avg FMV Avg TCE $$ GGL % GGL National Economy 55 $68.3 $69.3 $1.2418181818181817 $1.26 24.5 0.35353535353535354 Non-Flagged 38 $26.7 $27 $0.70263157894736838 $0.71052631578947367 4.7 0.17407407407407408 Top Tier 70 $420.6 $455.3 $6.0085714285714289 $6.5042857142857144 47.8 0.10498572369866022 Grand Total 163 $515.6 $551.6 $3.1631901840490797 $3.3840490797546012 $77 0.13959390862944163 Top Tier + Nat Eco $524.6 % 0.95105148658448146 MSA # Net FMV TCE Avg FMV Avg TCE Atlanta, GA 18 $98.2 $105.8 $5.4555555555555557 $5.8777777777777773 Jacksonville, FL 19 $88.2 $110.6 $4.6421052631578945 $5.8210526315789473 Orlando, FL 14 $65.2 $65.2 $4.6571428571428575 $4.6571428571428575 Columbia, SC 4 $44.7 $44.7 $11.175000000000001 $11.175000000000001 Tampa, FL 3 $25.3 $25.4 $8.4333333333333336 $8.4666666666666668 Savannah, GA 15 $22 $22.3 $1.4666666666666666 $1.4866666666666668 All Other MSAs 28 $98.3 $101.5 $3.5107142857142857 $3.625 No MSA 62 $73.7 $76.2 $1.1887096774193548 $1.2290322580645161 Grand Total 163 $515.6 $551.69999999999993 $3.1631901840490797 $3.3846625766871163

Slide 20

Commercial Real Estate Production 4Q20 Commercial Real Estate Production Summary: 4Q20 Construction and Development Loan Production Summary: 4Q20 production of C&D and CRE loans - $1.05 billion committed exposure Residential Real Estate Construction: Spec & model to pre-sold ratio of 0.7:1 RRE construction portfolio global spec to pre-sold ratio was 1.1:1 Total spec loans at low average loan size of $263.9 thousand Investor CRE 4Q20 production: Production totaled $752.3 million, a 65% increase over 3Q20 production Weighted Average 1.69:1 debt service coverage Weighted Average 61.4% loan/value Updated as of: 44196 Production New CRE Guaranty Structure Loan Type Outstanding (MM's) Committed Exposure (MM's) Debt Service Coverage (DSC)* Loan / Value* Guaranty Structure Outstanding (MM's) Committed Exposure (MM's) Debt Service Coverage (DSC)* Loan / Value* From Super Trial Office $142.5 $199.4 1.85 0.63400000000000001 Non-Recourse $235.1 $295.39999999999998 1.77 0.57799999999999996 Mortgages $0 Multi-Family $10.3 $150.69999999999999 1.71 0.52700000000000002 Burn Off Guaranty $17.899999999999999 $191.4 1.72 0.622 Legacy $0 Strip Center, Anchored $108.5 $149.4 1.68 0.61199999999999999 Full Guaranty $112.2 $142.6 1.61 0.64500000000000002 USPF $0 Retail (inc Single-Tenant) $78.5 $97.9 1.51 0.70499999999999996 Limited Guaranty - By % $44.1 $50.1 1.39 0.73560000000000003 WHSE $0 Warehouse / Industrial $13.1 $48.3 1.82 0.59599999999999997 Limited Guaranty - By $$ $0 $33.799999999999997 1.64 0.59699999999999998 PPP $0 Strip Center, Non-Anchored $28.1 $41.1 1.63 0.67800000000000005 Exempt / Direct Debt $10.9 $23.3 1.89 0.65500000000000003 INST Purchases $0 Misc CRE (Church, etc.) $15.7 $28.2 1.24 0.72699999999999998 Burn Down Guaranty $9 $15.7 1.45 0.53680000000000005 Mini-Storage Warehouses $17.899999999999999 $18.5 1.6 0.36199999999999999 Total CRE Loans $429.2 $752.3 0 0.0% $0 Other CRE Types $8.6 $12.2 1.71 0.54900000000000004 *Based on the average of all loans in that category > $250M Committed Exposure Hotels $6 $6.6 1 0.8 Total CRE Loans $429.20000000000005 $752.30000000000007 1.69 0.61399999999999999 *Based on the average of all loans in that category > $250M Committed Exposure New C&D Loan Type Outstanding (MM's) Committed Exposure (MM's) Avg Size Commitment (000's) RRE Construction - Pre-Sold $59.1 $162.80000000000001 $272.60000000000002 RRE Construction - Spec $37.5 $120.1 $263.89999999999998 A&D, RRE Lots, Other Land Loans $11.5 $13.7 $319.60000000000002 RRE Construction - Model $0.5 $0.8 $283 Total Construction Loans $108.6 $297.39999999999998 $270.89999999999998 Updated as of: 44196 Production New CRE Guaranty Structure Loan Type Outstanding (MM's) Committed Exposure (MM's) Debt Service Coverage (DSC)* Loan / Value* Guaranty Structure Outstanding (MM's) Committed Exposure (MM's) Debt Service Coverage (DSC)* Loan / Value* From Super Trial Office $142.5 $199.4 1.85 0.63400000000000001 Non-Recourse $235.1 $295.39999999999998 1.77 0.57799999999999996 Mortgages $0 Multi-Family $10.3 $150.69999999999999 1.71 0.52700000000000002 Burn Off Guaranty $17.899999999999999 $191.4 1.72 0.622 Legacy $0 Strip Center, Anchored $108.5 $149.4 1.68 0.61199999999999999 Full Guaranty $112.2 $142.6 1.61 0.64500000000000002 USPF $0 Retail (inc Single-Tenant) $78.5 $97.9 1.51 0.70499999999999996 Limited Guaranty - By % $44.1 $50.1 1.39 0.73560000000000003 WHSE $0 Warehouse / Industrial $13.1 $48.3 1.82 0.59599999999999997 Limited Guaranty - By $$ $0 $33.799999999999997 1.64 0.59699999999999998 PPP $0 Strip Center, Non-Anchored $28.1 $41.1 1.63 0.67800000000000005 Exempt / Direct Debt $10.9 $23.3 1.89 0.65500000000000003 INST Purchases $0 Misc CRE (Church, etc.) $15.7 $28.2 1.24 0.72699999999999998 Burn Down Guaranty $9 $15.7 1.45 0.53680000000000005 Mini-Storage Warehouses $17.899999999999999 $18.5 1.6 0.36199999999999999 Total CRE Loans $429.2 $752.3 0 0.0% $0 Other CRE Types $8.6 $12.2 1.71 0.54900000000000004 *Based on the average of all loans in that category > $250M Committed Exposure Hotels $6 $6.6 1 0.8 Total CRE Loans $429.20000000000005 $752.30000000000007 1.69 0.61399999999999999 *Based on the average of all loans in that category > $250M Committed Exposure New C&D Loan Type Outstanding (MM's) Committed Exposure (MM's) Avg Size Commitment (000's) RRE Construction - Pre-Sold $59.1 $162.80000000000001 $272.60000000000002 RRE Construction - Spec $37.5 $120.1 $263.89999999999998 A&D, RRE Lots, Other Land Loans $11.5 $13.7 $319.60000000000002 RRE Construction - Model $0.5 $0.8 $283 Total Construction Loans $108.6 $297.39999999999998 $270.89999999999998

Slide 21

C&I Loans US Premium Finance 4Q20 production statistics: Mortgage Warehouse Division funded $4.6 billion in 4Q20, a 100% increase over 4Q19 YTD, total loans funded were $14.6 billion 4Q20 Statistics: Total approved guidance lines = $1.6 billion Average days on line = 14 days No losses since 2016 Updated as of: 44196 BASED ON SUPER TRIAL CFIA LOANS USPF Production CFIA Loans Current Year Loan Type Outstanding (MM's) % of Portfolio % NPL % PD Avg Loan Size (000's) 4Q20 Rolling 12-mos Avg of Workdays from Trailing: 12 Months MTD QTD YTD PPP Loans $0 #DIV/0! 0 0 $0 New Production ($MM's) $428.7 $1,693.6 Average AR ,728,568,849.4023778 ,725,872,439.10333312 ,736,827,497.7099998 ,728,206,566.23157442 Mortgage Warehouse / MSR $0 #DIV/0! 0 0 $0 Weighted-Avg Down Payment 0.23400000000000001 0.22800000000000001 Total AF 1,693,635,920.1300004 ,165,918,415.44999999 ,428,677,860.47999984 1,705,989,547.1600006 US Premium Finance $0 #DIV/0! 0 0 $0 Weighted-Avg # Instalments 9.6999999999999993 9.6999999999999993 Total Units ,102,607 8,164 25,061 ,103,298 Equipment $0 #DIV/0! 0 0 $0 Avg Loan Size 16,506.46567290734 20,323.176806712396 17,105.377298591429 16,515.223403744512 Ameris Equipment Finance (AEF) $0 #DIV/0! 0 0 $0 Wtd Avg DP % 0.2283325323285624 0.23258572043703804 0.23387327987377607 0.22708259999309333 Patriot Capital $0 #DIV/0! 0 0 $0 Wtd Avg Maturity (Months) 9.6559321470592838 9.6720283997111594 9.6748876911484434 9.6550952158519756 A/R & Inventory $0 #DIV/0! 0 0 $0 Avg Daily # of Quotes 808.03174603174602 798.04761904761904 795 807.66929133858264 Government Guaranteed Lending $0 #DIV/0! 0 0 $0 Avg Daily AF 6,720,777.4608333344 7,900,876.9261904759 6,914,159.399999972 6,716,494.2801574823 Other $0 #DIV/0! 0 0 $0 Avg Daily Units 407.17063492063494 388.76190476190476 404.20967741935482 406.68503937007875 Totals $0 100.0% 0 0 $0 Avg Daily Deposits 6,938,936.3142460342 8,067,458.8919047611 7,613,741.4424193548 6,975,587.7245669309 Avg Exposure % of AR 4.1778381735255547E-2 5.1526485346526853E-2 5.2581367304792556E-2 4.168686183975933E-2 C&I Total from page 1 $3,528.2130000000002 Avg Cxld $ Ratio 3.4239739623238542E-2 2.8980202385959612E-2 3.0072307946487069E-2 3.4253767324098156E-2 Avg Cxld Units Ratio 4.7790982562861239E-2 3.5720663276960898E-2 3.4634328424707692E-2 4.7820290358765741E-2 Difference $-3,528.2130000000002 Wtd Avg APR 7.6684401505416305E-2 7.0028410424008106E-2 7.5957784202258266E-2 7.67695221831632E-2 APP 1.6103505520476617E-2 1.5691227524286089E-2 1.6860137502925317E-2 1.6158772678699564E-2 WA Agent Buy Rate 6.0580895984939688E-2 5.4337182899722017E-2 5.9097646699332949E-2 6.0610749504463636E-2 Ameris Wtd Avg Buy Rate 3.6250669781978863E-2 3.1629855616578717E-2 3.3161970585463885E-2 3.6322849989510179E-2 Wtd Avg 6 Mo FHLB Rate 5.2075589898630727E-3 2.3933110199552592E-3 2.4754588309267478E-3 5.2951034528377332E-3 Est. Net Interest Margin % 3.1043110792115788E-2 2.9236544596623459E-2 3.0686511754537137E-2 3.1027746536672444E-2 Average 1 Mo FHLB Rate 5.0297619047619032E-3 2.2000000000000001E-3 2.2435483870967723E-3 5.1220472440944862E-3 Updated as of: 44196 BASED ON SUPER TRIAL CFIA LOANS USPF Production CFIA Loans Current Year Loan Type Outstanding (MM's) % of Portfolio % NPL % PD Avg Loan Size (000's) 4Q20 Rolling 12-mos Avg of Workdays from Trailing: 12 Months MTD QTD YTD PPP Loans $848.19999999999993 0.26173357607924219 0 1E-4 $111 New Production ($MM's) $428.7 $1,693.6 Average AR ,728,568,849.4023778 ,725,872,439.10333312 ,736,827,497.7099998 ,728,206,566.23157442 Mortgage Warehouse / MSR $994.4 0.30684728608016792 0 0 $9,845.6 Weighted-Avg Down Payment 0.23400000000000001 0.22800000000000001 Total AF 1,693,635,920.1300004 ,165,918,415.44999999 ,428,677,860.47999984 1,705,989,547.1600006 US Premium Finance $690.8 0.2131638226309131 9.5999999999999992E-3 1.61E-2 $10.1 Weighted-Avg # Instalments 9.6999999999999993 9.6999999999999993 Total Units ,102,607 8,164 25,061 ,103,298 Equipment $148.1 4.6% 1.15E-2 1.4E-3 $66.400000000000006 Avg Loan Size 16,506.46567290734 20,323.176806712396 17,105.377298591429 16,515.223403744512 Ameris Equipment Finance (AEF) $79.099999999999994 2.4% 1.77E-2 5.1000000000000004E-3 $218.6 Wtd Avg DP % 0.2283325323285624 0.23258572043703804 0.23387327987377607 0.22708259999309333 Patriot Capital $68.599999999999994 2.1% 7.3000000000000001E-3 2.4799999999999999E-2 $64.599999999999994 Wtd Avg Maturity (Months) 9.6559321470592838 9.6720283997111594 9.6748876911484434 9.6550952158519756 A/R & Inventory $84.7 2.6% 2.1299999999999999E-2 3.5000000000000001E-3 $152.30000000000001 Avg Daily # of Quotes 808.03174603174602 798.04761904761904 795 807.66929133858264 Government Guaranteed Lending $41.4 1.3% 0.1014 1.21E-2 $108.4 Avg Daily AF 6,720,777.4608333344 7,900,876.9261904759 6,914,159.399999972 6,716,494.2801574823 Other $285.39999999999998 8.8% 3.5000000000000001E-3 3.8E-3 $157.9 Avg Daily Units 407.17063492063494 388.76190476190476 404.20967741935482 406.68503937007875 Totals $3,240.6999999999994 100.0% 5.3E-3 4.7999999999999996E-3 $39.4 Avg Daily Deposits 6,938,936.3142460342 8,067,458.8919047611 7,613,741.4424193548 6,975,587.7245669309 Avg Exposure % of AR 4.1778381735255547E-2 5.1526485346526853E-2 5.2581367304792556E-2 4.168686183975933E-2 C&I Total from page 1 $3,190.2350000000001 Avg Cxld $ Ratio 3.4239739623238542E-2 2.8980202385959612E-2 3.0072307946487069E-2 3.4253767324098156E-2 Avg Cxld Units Ratio 4.7790982562861239E-2 3.5720663276960898E-2 3.4634328424707692E-2 4.7820290358765741E-2 Difference $50.464999999999236 Wtd Avg APR 7.6684401505416305E-2 7.0028410424008106E-2 7.5957784202258266E-2 7.67695221831632E-2 APP 1.6103505520476617E-2 1.5691227524286089E-2 1.6860137502925317E-2 1.6158772678699564E-2 WA Agent Buy Rate 6.0580895984939688E-2 5.4337182899722017E-2 5.9097646699332949E-2 6.0610749504463636E-2 Ameris Wtd Avg Buy Rate 3.6250669781978863E-2 3.1629855616578717E-2 3.3161970585463885E-2 3.6322849989510179E-2 Wtd Avg 6 Mo FHLB Rate 5.2075589898630727E-3 2.3933110199552592E-3 2.4754588309267478E-3 5.2951034528377332E-3 Est. Net Interest Margin % 3.1043110792115788E-2 2.9236544596623459E-2 3.0686511754537137E-2 3.1027746536672444E-2 Average 1 Mo FHLB Rate 5.0297619047619032E-3 2.2000000000000001E-3 2.2435483870967723E-3 5.1220472440944862E-3

Slide 22

Ameris Bancorp Press Release & Financial Highlights December 31, 2020

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