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8-K

Ameris Bancorp (ABCB)

8-K 2024-01-25 For: 2024-01-25
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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 25, 2024
Ameris Bancorp
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(Exact Name of Registrant as Specified in<br> Charter)
Georgia 001-13901 58-1456434
(State or Other Jurisdiction of<br><br> <br>Incorporation) (Commission File Number) (IRS Employer Identification No.)
3490 Piedmont Road N.E., Suite<br>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)
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¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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 25, 2024, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter and fiscal year ended December 31, 2023. 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 26, 2024 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.
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99.1 Press release dated January 25, 2024
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99.2 Investor Presentation re: 4^th^ Quarter 2023 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 25, 2024

Exhibit 99.1

News Release

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND

FULL YEAR 2023 FINANCIAL RESULTS

Highlights of the Company’s results for the full year 2023 include the following:

· Net income of $269.1 million, or $3.89 per diluted share
· Adjusted net income^(1)^ of $276.3 million, or $4.00 per diluted share
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· Growth in tangible book value^(1)^ of $3.72 per share, or 12.4%, to $33.64 at December 31,<br>2023
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· Increase in the allowance for credit losses to 1.52% of loans, from 1.04% at December 31, 2022, due<br>to forecasted economic conditions, particularly related to commercial real estate price levels
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· Nonperforming portfolio assets, excluding government-guaranteed loans, as a percentage of total assets<br>improved to 0.33% at December 31, 2023, compared with 0.34% at December 31, 2022
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· Adjusted efficiency ratio^(1)^ of 52.58%
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· Organic growth in loans of $414.1 million, or 2.1%
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· Growth in total deposits of $1.25 billion, or 6.4%
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· Growth in TCE ratio^(1)^ of 97bps, or 11.2%, to 9.64% at December 31, 2023
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Significant items from the Company’s results for the fourth quarter of 2023 include the following:

· Net income of $65.9 million, or $0.96 per diluted share
· Adjusted net income^(1)^ of $73.6 million, or $1.07 per diluted share
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· Stable net interest margin of 3.54%
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· Adjusted efficiency ratio^(1)^ of 52.87%
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· Growth in TCE ratio^(1)^ of 53bps to 9.64% at December 31, 2023, compared with 9.11%<br>last quarter
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ATLANTA,GA, January 25, 2024 - Ameris Bancorp (Nasdaq: ABCB) (the “Company”) today reported net income of $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023, compared with $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022. The Company reported adjusted net income^(1)^ of $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023, compared with $81.1 million, or $1.17 per diluted share, for the same period in 2022. Adjusted net income excludes after-tax merger and conversion charges, FDIC special assessment, natural disaster expenses, servicing right valuation adjustments, gain on bank owned life insurance (“BOLI”) proceeds, gain on sale of mortgage servicing rights (“MSR”) and gain/loss on sale of bank premises.

For the year ended December 31, 2023, the Company reported net income of $269.1 million, or $3.89 per diluted share, compared with $346.5 million, or $4.99 per diluted share, for 2022. The Company reported adjusted net income^(1)^ of $276.3 million, or $4.00 per diluted share, for the year ended December 31, 2023, compared with $329.4 million, or $4.75 per diluted share, for 2022. Adjusted net income for the year excludes the same items listed above for the fourth quarter.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “The solid fourth quarter financial results were a successful way to end 2023 and have us well positioned for 2024. For the quarter and the full year, we continued to grow tangible book value and strengthened our balance sheet through strong deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses and robust capital growth. We continue to operate with discipline to execute our strategies and to produce strong financial results. Looking forward, we are focused on maintaining disciplined growth and top of peer group financial results in our strong Southeastern markets.”

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

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for 2023 increased to $838.8 million, compared with $804.9 million for 2022. The Company's net interest margin was 3.61% for 2023, compared with 3.76% for 2022. The Company recorded accretion income of $910,000 for 2023, compared with accretion expense of $285,000 for 2022. The increase in net interest income is primarily attributable to deployment of excess liquidity in the loan and securities portfolios during the year.

Net interest income on a tax-equivalent basis (TE) was $207.0 million in the fourth quarter of 2023, a decrease of $1.7 million, or 0.8%, from last quarter and $18.0 million, or 8.0%, compared with the fourth quarter of 2022. The Company's net interest margin was stable at 3.54% for both the third and fourth quarters of 2023, while down from 4.03% reported for the fourth quarter of 2022.

Yields on earning assets increased seven basis points during the quarter to 5.69%, compared with 5.62% in the third quarter of 2023, and increased 78 basis points from 4.91% in the fourth quarter of 2022. Yields on loans increased to 5.83% during the fourth quarter of 2023, compared with 5.81% for the third quarter of 2023 and 5.07% for the fourth quarter of 2022.

Loan production in the banking division during the fourth quarter of 2023 was $417.4 million, with weighted average yields of 10.35%, compared with $621.0 million and 9.49%, respectively, in the third quarter of 2023 and $612.9 million and 7.92%, respectively, in the fourth quarter of 2022.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $3.3 billion during the fourth quarter of 2023, with weighted average yields of 7.38%, compared with $4.2 billion and 7.28%, respectively, during the third quarter of 2023 and $3.6 billion and 6.06%, respectively, during the fourth quarter of 2022.

The Company’s total cost of funds was 2.32% in the fourth quarter of 2023, an increase of eight basis points compared with the third quarter of 2023. Deposit costs increased 16 basis points during the fourth quarter of 2023 to 2.16%, compared with 2.00% in the third quarter of 2023. Costs of interest-bearing deposits increased during the quarter from 2.97% in the third quarter of 2023 to 3.17% in the fourth quarter of 2023, reflecting deposit beta catch-up in the current hold phase of the interest rate cycle.

Noninterest Income

Noninterest income decreased $6.9 million, or 11.0%, in the fourth quarter of 2023 to $56.2 million, compared with $63.2 million for the third quarter of 2023, primarily as a result of decreased mortgage banking activity, which declined by $4.8 million, or 13.3%, to $31.5 million in the fourth quarter of 2023, compared with $36.3 million for the third quarter of 2023. Gain on sale spreads decreased to 1.93% in the fourth quarter of 2023 from 2.15% for the third quarter of 2023. Total production in the retail mortgage division decreased to $891.1 million in the fourth quarter of 2023, compared with $1.18 billion for the third quarter of 2023. The retail mortgage open pipeline was $400.1 million at the end of the fourth quarter of 2023, compared with $623.9 million at September 30, 2023.

For the full year 2023, noninterest income decreased $41.6 million, or 14.6%, to $242.8 million, compared with $284.4 million for 2022, primarily as a result of decreased mortgage banking activity, which declined by $45.0 million, or 24.3%, to $139.9 million in 2023, compared with $184.9 million in 2022. Production in the retail mortgage division decreased to $4.3 billion in 2023, compared with $5.5 billion in 2022, while gain on sale spreads narrowed to 2.07% in 2023 from 2.27% in 2022.

Noninterest Expense

Noninterest expense increased $7.6 million, or 5.3%, to $149.0 million during the fourth quarter of 2023, compared with $141.4 million for the third quarter of 2023.  During the fourth quarter of 2023, the Company recorded $11.6 million related to the FDIC special assessment and a $1.9 million gain on sale of bank premises. Excluding those charges, adjusted expenses^(1)^ decreased approximately $2.1 million, or 1.5%, to $139.3 million in the fourth quarter of 2023, from $141.4 million in the third quarter of 2023. The decrease in adjusted expenses^(1)^ resulted from a $4.5 million decline in mortgage expenses related to reduced production, offset by a $3.3 million increase in the banking division, the majority of which was related to increased legal and professional fees, data processing expenses and a decrease in the gain on sale of OREO properties. Management continues to deliver high performing operating efficiency, with an adjusted efficiency ratio^(1)^ of 52.87% in the fourth quarter of 2023, compared with 52.02% in the third quarter of 2023.

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

For the full year 2023, noninterest expense increased $17.6 million, or 3.1%, to $578.3 million, compared with $560.7 million in 2022. Excluding adjustment items of $9.7 million in 2023 and $1.3 million in 2022, adjusted expenses increased $9.3 million, or 1.7% to $586.6 million in 2023, from $559.3 million in 2022. This increase is primarily attributable to a reduction in deferred loan origination costs, partially offset by a reduction in variable expenses related to mortgage production.

Income Tax Expense

The Company's effective tax rate for 2023 was 24.6%, compared with 23.5% in 2022. The Company's effective tax rate for the fourth quarter of 2023 was 27.1%, compared with 23.7% in the third quarter of 2023. The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment when the Company filed its 2022 income tax returns in the fourth quarter of 2023.

Balance Sheet Trends

Total assets at December 31, 2023 were $25.20 billion, compared with $25.05 billion at December 31, 2022. Debt securities available-for-sale decreased to $1.40 billion, compared with $1.50 billion at December 31, 2022. Loans, net of unearned income, increased $414.1 million, or 2.1%, to $20.27 billion at December 31, 2023, compared with $19.86 billion at December 31, 2022. Loans held for sale decreased $110.7 million from $392.1 million at December 31, 2022 to $281.3 million at December 31, 2023 due to a decline in mortgage activity resulting from the rising rate environment.

At December 31, 2023, total deposits amounted to $20.71 billion, or 97.0% of total funding, compared with $19.46 billion and 90.7%, respectively, at December 31, 2022. During the fourth quarter of 2023, deposits grew $118.2 million with NOW and money market accounts increasing $513.9 million and retail CD accounts increasing $48.5 million, with such increases being offset in part by a $98.0 million decrease in noninterest-bearing accounts and a $324.2 million decrease in brokered CDs. Due to the increased interest rate environment, the Company continued to see the shift of customer deposits from noninterest bearing accounts into interest bearing accounts, such that at December 31, 2023, noninterest-bearing deposit accounts were $6.49 billion, or 31.3% of total deposits, compared with $7.93 billion, or 40.7% of total deposits, at December 31, 2022.

During the fourth quarter of 2023, utilizing existing liquidity the Company reduced borrowings with the FHLB by $700.0 million.

Shareholders’ equity at December 31, 2023 totaled $3.43 billion, an increase of $229.3 million, or 7.2%, from December 31, 2022.  The increase in shareholders’ equity was primarily the result of earnings of $269.1 million during 2023, partially offset by dividends declared and share repurchases. Tangible book value per share^(1)^ increased $1.26 per share, or 15.4% annualized, during the fourth quarter to $33.64 at December 31, 2023. The Company recorded an improvement of $0.36 per share of tangible book value^(1)^ this quarter from other comprehensive income related to the decrease in net unrealized losses on the securities portfolio. For the year-to-date period, tangible book value per share^(1)^ increased $3.72, or 12.4%, to $33.64 at December 31, 2023, compared with $29.92 at December 31, 2022.  Tangible common equity as a percentage of tangible assets was 9.64% at December 31, 2023, compared with 8.67% at the end of 2022.

Credit Quality

Credit quality remains strong in the Company. During the fourth quarter of 2023, the Company recorded a provision for credit losses of $23.0 million, compared with a provision of $24.5 million in the third quarter of 2023. Nonperforming assets as a percentage of total assets increased 11 basis points to 0.69% during the quarter. Approximately $90.2 million, or 51.7%, of the nonperforming assets at December 31, 2023 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets were only 0.33% at December 31, 2023, compared with 0.27% at September 30, 2023. The net charge-off ratio was 26 basis points for the fourth quarter of 2023, compared with 23 basis points in the third quarter of 2023.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-317-6789. The conference call access code is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until February 2, 2024. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 3003910. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

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

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $25.20 billion in assets as of December 31, 2023, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

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

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

This news release contains forward-lookingstatements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations andgoals. 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-lookingstatements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understandingof potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may causeactual 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 andthe value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit qualityand performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on productpricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fullyrealized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goalsfor future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises andother catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-lookingstatements 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, 2022 and the Company's subsequentlyfiled periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakesno obligation to update or revise forward-looking statements.

For more information, contact:

Nicole S. Stokes

Chief Financial Officer

(404) 240-1514

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Financial Highlights Table 1
Three<br> Months Ended Twelve<br> Months Ended
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Dec Sep Jun Mar Dec Dec Dec
(dollars in<br> thousands except per share data) 2023 2023 2023 2023 2022 2023 2022
EARNINGS
Net<br> income $ 65,934 $ 80,115 $ 62,635 $ 60,421 $ 82,221 $ 269,105 $ 346,540
Adjusted<br> net income $ 73,568 $ 80,115 $ 62,635 $ 59,935 $ 81,086 $ 276,253 $ 329,415
COMMON SHARE DATA
Earnings<br> per share available to common shareholders
Basic $ 0.96 $ 1.16 $ 0.91 $ 0.87 $ 1.19 $ 3.90 $ 5.01
Diluted $ 0.96 $ 1.16 $ 0.91 $ 0.87 $ 1.18 $ 3.89 $ 4.99
Adjusted<br> diluted EPS^(1)^ $ 1.07 $ 1.16 $ 0.91 $ 0.86 $ 1.17 $ 4.00 $ 4.75
Cash dividends per share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.60 $ 0.60
Book value per share (period<br> end) $ 49.62 $ 48.41 $ 47.51 $ 46.89 $ 46.09 $ 49.62 $ 46.09
Tangible<br> book value per share (period end)^(1)^ $ 33.64 $ 32.38 $ 31.42 $ 30.79 $ 29.92 $ 33.64 $ 29.92
Weighted average number of<br> shares
Basic 68,824,004 68,879,352 68,989,549 69,171,562 69,138,431 68,977,453 69,193,591
Diluted 69,014,793 68,994,247 69,034,763 69,322,664 69,395,224 69,104,158 69,419,721
Period end number of shares 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,053,341 69,369,050
Market<br> data
High intraday price $ 53.84 $ 45.34 $ 37.18 $ 50.54 $ 54.24 $ 53.84 $ 55.62
Low intraday price $ 34.26 $ 33.21 $ 28.33 $ 34.28 $ 44.61 $ 28.33 $ 38.22
Period end closing price $ 53.05 $ 38.39 $ 34.21 $ 36.58 $ 47.14 $ 53.05 $ 47.14
Average daily volume 390,190 361,167 475,198 452,242 340,890 419,347 400,670
PERFORMANCE<br> RATIOS
Return<br> on average assets 1.03 % 1.25 % 0.98 % 0.98 % 1.34 % 1.06 % 1.47 %
Adjusted<br> return on average assets^(1)^ 1.15 % 1.25 % 0.98 % 0.97 % 1.32 % 1.09 % 1.39 %
Return<br> on average common equity 7.73 % 9.56 % 7.63 % 7.54 % 10.30 % 8.12 % 11.24 %
Adjusted<br> return on average tangible common equity^(1)^ 12.81 % 14.35 % 11.53 % 11.41 % 15.78 % 12.55 % 16.92 %
Earning<br> asset yield (TE) 5.69 % 5.62 % 5.52 % 5.25 % 4.91 % 5.52 % 4.19 %
Total cost<br> of funds 2.32 % 2.24 % 2.05 % 1.59 % 0.94 % 2.05 % 0.46 %
Net interest<br> margin (TE) 3.54 % 3.54 % 3.60 % 3.76 % 4.03 % 3.61 % 3.76 %
Efficiency<br> ratio 56.80 % 52.21 % 53.60 % 52.08 % 49.57 % 53.65 % 51.65 %
Adjusted<br> efficiency ratio (TE)^(1)^ 52.87 % 52.02 % 53.41 % 51.99 % 49.61 % 52.58 % 52.48 %
CAPITAL<br> ADEQUACY (period end)
Shareholders'<br> equity to assets 13.60 % 13.02 % 12.73 % 12.47 % 12.76 % 13.60 % 12.76 %
Tangible<br> common equity to tangible assets^(1)^ 9.64 % 9.11 % 8.80 % 8.55 % 8.67 % 9.64 % 8.67 %
OTHER<br> DATA (period end)
Full time<br> equivalent employees
Banking<br> Division 2,060 2,049 2,069 2,093 2,079 2,060 2,079
Retail<br> Mortgage Division 595 601 613 630 633 595 633
Warehouse<br> Lending Division 7 8 8 8 8 7 8
SBA Division 28 33 35 39 39 28 39
Premium<br> Finance Division 75 78 76 78 76 75 76
Total<br> Ameris Bancorp FTE headcount 2,765 2,769 2,801 2,848 2,835 2,765 2,835
Branch<br> locations 164 164 164 164 164 164 164
Deposits<br> per branch location $ 126,271 $ 125,551 $ 124,653 $ 121,326 $ 118,675 $ 126,271 $ 118,675

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Income Statement Table 2
Three Months Ended Twelve Months Ended
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Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2023 2023 2023 2023 2022 2023 2022
Interest income
Interest and fees on loans $ 303,487 $ 304,699 $ 292,012 $ 271,964 $ 250,263 $ 1,172,162 $ 834,969
Interest on taxable securities 14,033 14,754 15,915 14,300 13,029 59,002 34,656
Interest on nontaxable securities 326 331 339 339 358 1,335 1,176
Interest on deposits in other banks 14,368 10,769 13,686 9,113 9,984 47,936 23,008
Interest on federal funds sold — — — — 8 — 77
Total interest income 332,214 330,553 321,952 295,716 273,642 1,280,435 893,886
Interest expense
Interest on deposits 111,749 102,999 88,087 53,182 33,071 356,017 56,105
Interest on other borrowings 14,364 19,803 24,325 30,882 16,434 89,374 36,755
Total interest expense 126,113 122,802 112,412 84,064 49,505 445,391 92,860
Net interest income 206,101 207,751 209,540 211,652 224,137 835,044 801,026
Provision for loan losses 30,401 30,095 43,643 49,376 24,648 153,515 52,610
Provision for unfunded commitments (7,438 ) (5,634 ) 1,873 346 8,246 (10,853 ) 19,226
Provision for other credit losses (11 ) (2 ) — 7 (4 ) (6 ) (139 )
Provision for credit losses 22,952 24,459 45,516 49,729 32,890 142,656 71,697
Net interest income after provision for credit losses 183,149 183,292 164,024 161,923 191,247 692,388 729,329
Noninterest income
Service charges on deposit accounts 12,252 12,092 11,295 10,936 11,125 46,575 44,499
Mortgage banking activity 31,461 36,290 40,742 31,392 22,855 139,885 184,904
Other service charges, commissions and fees 1,234 1,221 975 971 968 4,401 3,875
Gain (loss) on securities (288 ) (16 ) (6 ) 6 3 (304 ) 203
Other noninterest income 11,589 13,594 14,343 12,745 13,397 52,271 50,943
Total noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424
Noninterest expense
Salaries and employee benefits 75,966 81,898 81,336 80,910 75,196 320,110 319,719
Occupancy and equipment 13,197 12,745 12,522 12,986 12,905 51,450 51,361
Data processing and communications expenses 14,028 12,973 13,451 13,034 12,486 53,486 49,228
Credit resolution-related expenses^(1)^ 157 (1,360 ) 848 435 372 80 29
Advertising and marketing 2,974 2,723 2,627 3,532 3,818 11,856 12,481
Amortization of intangible assets 4,425 4,425 4,688 4,706 4,709 18,244 19,744
Merger and conversion charges — — — — 235 — 1,212
Other noninterest expenses 38,264 28,042 32,931 23,818 25,340 123,055 106,881
Total noninterest expense 149,011 141,446 148,403 139,421 135,061 578,281 560,655
Income before income tax expense 90,386 105,027 82,970 78,552 104,534 356,935 453,098
Income tax expense 24,452 24,912 20,335 18,131 22,313 87,830 106,558
Net income $ 65,934 $ 80,115 $ 62,635 $ 60,421 $ 82,221 $ 269,105 $ 346,540
Diluted earnings per common share $ 0.96 $ 1.16 $ 0.91 $ 0.87 $ 1.18 $ 3.89 $ 4.99

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Period End Balance Sheet Table 3
Dec Sep Jun Mar Dec
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(dollars in thousands) 2023 2023 2023 2023 2022
Assets
Cash and due from banks $ 230,470 $ 241,137 $ 284,552 $ 266,400 $ 284,567
Federal funds sold and interest-bearing deposits in banks 936,834 1,304,636 1,034,578 1,754,453 833,565
Debt securities available-for-sale, at fair value 1,402,944 1,424,081 1,460,356 1,496,836 1,500,060
Debt securities held-to-maturity, at amortized cost 141,512 141,859 142,513 134,175 134,864
Other investments 71,794 104,957 109,656 146,715 110,992
Loans held for sale 281,332 381,466 391,472 395,096 392,078
Loans, net of unearned income 20,269,303 20,201,079 20,471,759 19,997,871 19,855,253
Allowance for credit losses (307,100 ) (290,104 ) (272,071 ) (242,658 ) (205,677 )
Loans, net 19,962,203 19,910,975 20,199,688 19,755,213 19,649,576
Other real estate owned 6,199 3,397 6,170 1,502 843
Premises and equipment, net 216,435 217,564 218,662 218,878 220,283
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangible assets, net 87,949 92,375 96,800 101,488 106,194
Cash value of bank owned life insurance 395,778 393,769 391,483 389,201 388,405
Other assets 454,603 465,968 449,042 412,781 416,213
Total assets $ 25,203,699 $ 25,697,830 $ 25,800,618 $ 26,088,384 $ 25,053,286
Liabilities
Deposits
Noninterest-bearing $ 6,491,639 $ 6,589,610 $ 6,706,897 $ 7,297,893 $ 7,929,579
Interest-bearing 14,216,870 14,000,735 13,736,228 12,599,562 11,533,159
Total deposits 20,708,509 20,590,345 20,443,125 19,897,455 19,462,738
Other borrowings 509,586 1,209,553 1,536,989 2,401,327 1,875,736
Subordinated deferrable interest debentures 130,315 129,817 129,319 128,820 128,322
Other liabilities 428,542 421,046 406,555 407,587 389,090
Total liabilities 21,776,952 22,350,761 22,515,988 22,835,189 21,855,886
Shareholders' Equity
Preferred stock — — — — —
Common stock 72,516 72,514 72,515 72,484 72,264
Capital stock 1,945,385 1,942,852 1,939,865 1,937,664 1,935,211
Retained earnings 1,539,957 1,484,424 1,414,742 1,362,512 1,311,258
Accumulated other comprehensive income (loss), net of tax (35,939 ) (60,818 ) (50,618 ) (35,581 ) (46,507 )
Treasury stock (95,172 ) (91,903 ) (91,874 ) (83,884 ) (74,826 )
Total shareholders' equity 3,426,747 3,347,069 3,284,630 3,253,195 3,197,400
Total liabilities and shareholders' equity $ 25,203,699 $ 25,697,830 $ 25,800,618 $ 26,088,384 $ 25,053,286
Other Data
Earning assets $ 23,103,719 $ 23,558,078 $ 23,610,334 $ 23,925,146 $ 22,826,812
Intangible assets 1,103,595 1,108,021 1,112,446 1,117,134 1,121,840
Interest-bearing liabilities 14,856,771 15,340,105 15,402,536 15,129,709 13,537,217
Average assets 25,341,990 25,525,913 25,631,846 25,115,927 24,354,979
Average common shareholders' equity 3,383,554 3,324,960 3,293,049 3,250,289 3,168,320

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information Table 4
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2023 2023 2023 2023 2022 2023 2022
Allowance for Credit Losses
Balance at beginning of period $ 339,180 $ 326,783 $ 295,497 $ 258,163 $ 229,135 $ 258,163 $ 200,981
Adoption of ASU 2022-02 — — — (1,711 ) — (1,711 ) —
Provision for loan losses 30,401 30,095 43,643 49,376 24,648 153,515 52,610
Provision for unfunded commitments (7,438 ) (5,634 ) 1,873 346 8,246 (10,853 ) 19,226
Provision for other credit losses (11 ) (2 ) — 7 (4 ) (6 ) (139 )
Provision for credit losses 22,952 24,459 45,516 49,729 32,890 142,656 71,697
Charge-offs 20,104 19,488 20,670 14,956 8,371 75,218 33,075
Recoveries 6,699 7,426 6,440 4,272 4,509 24,837 18,560
Net charge-offs (recoveries) 13,405 12,062 14,230 10,684 3,862 50,381 14,515
Ending balance $ 348,727 $ 339,180 $ 326,783 $ 295,497 $ 258,163 $ 348,727 $ 258,163
Allowance for loan losses $ 307,100 $ 290,104 $ 272,071 $ 242,658 $ 205,677 $ 307,100 $ 205,677
Allowance for unfunded commitments 41,558 48,996 54,630 52,757 52,411 41,558 52,411
Allowance for other credit losses 69 80 82 82 75 69 75
Total allowance for credit losses $ 348,727 $ 339,180 $ 326,783 $ 295,497 $ 258,163 $ 348,727 $ 258,163
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural $ 15,840 $ 16,519 $ 13,316 $ 12,233 $ 5,108 $ 57,908 $ 18,635
Consumer 2,785 948 2,052 1,140 1,136 6,925 4,926
Indirect automobile 20 36 65 34 86 155 265
Premium Finance 1,347 1,951 1,848 1,421 1,812 6,567 5,452
Real estate - construction and development — — — — 27 — 27
Real estate - commercial and farmland 84 — 3,320 — 196 3,404 3,574
Real estate - residential 28 34 69 128 6 259 196
Total charge-offs 20,104 19,488 20,670 14,956 8,371 75,218 33,075
Recoveries
Commercial, financial and agricultural 4,701 4,745 3,545 2,043 2,072 15,034 9,954
Consumer 130 203 194 297 217 824 882
Indirect automobile 177 158 225 216 229 776 1,045
Premium Finance 1,100 1,639 1,680 1,382 1,682 5,801 5,065
Real estate - construction and development 303 74 472 100 223 949 892
Real estate - commercial and farmland 90 371 61 44 48 566 225
Real estate - residential 198 236 263 190 38 887 497
Total recoveries 6,699 7,426 6,440 4,272 4,509 24,837 18,560
Net charge-offs (recoveries) $ 13,405 $ 12,062 $ 14,230 $ 10,684 $ 3,862 $ 50,381 $ 14,515
Non-Performing Assets
Nonaccrual portfolio loans $ 60,961 $ 53,806 $ 57,025 $ 68,028 $ 65,221 $ 60,961 $ 65,221
Other real estate owned 6,199 3,397 6,170 1,502 843 6,199 843
Repossessed assets 17 22 9 25 28 17 28
Accruing loans delinquent 90 days or more 16,988 11,891 13,424 15,792 17,865 16,988 17,865
Non-performing portfolio assets $ 84,165 $ 69,116 $ 76,628 $ 85,347 $ 83,957 $ 84,165 $ 83,957
Serviced GNMA-guaranteed mortgage nonaccrual loans 90,156 80,752 69,655 74,999 69,587 90,156 69,587
Total non-performing assets $ 174,321 $ 149,868 $ 146,283 $ 160,346 $ 153,544 $ 174,321 $ 153,544
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets 0.33 % 0.27 % 0.30 % 0.33 % 0.34 % 0.33 % 0.34 %
Total non-performing assets as a percent of total assets 0.69 % 0.58 % 0.57 % 0.61 % 0.61 % 0.69 % 0.61 %
Net charge-offs as a percent of average loans (annualized) 0.26 % 0.23 % 0.28 % 0.22 % 0.08 % 0.25 % 0.08 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information Table 5
Dec Sep Jun Mar Dec
--- --- --- --- --- --- --- --- --- --- ---
(dollars in thousands) 2023 2023 2023 2023 2022
Loans by Type
Commercial, financial and agricultural $ 2,688,929 $ 2,632,836 $ 2,718,831 $ 2,722,180 $ 2,679,403
Consumer 241,552 259,797 307,486 349,775 384,037
Indirect automobile 34,257 47,108 63,231 83,466 108,648
Mortgage warehouse 818,728 852,823 1,147,413 958,418 1,038,924
Municipal 492,668 497,093 510,410 505,515 509,151
Premium Finance 946,562 1,007,334 988,731 947,257 1,023,479
Real estate - construction and development 2,129,187 2,236,686 2,217,744 2,144,605 2,086,438
Real estate - commercial and farmland 8,059,754 7,865,389 7,815,779 7,721,732 7,604,868
Real estate - residential 4,857,666 4,802,013 4,702,134 4,564,923 4,420,305
Total loans $ 20,269,303 $ 20,201,079 $ 20,471,759 $ 19,997,871 $ 19,855,253
Loans by Risk Grade
Grades 1 through 5 - Pass $ 19,846,731 $ 19,812,895 $ 20,114,816 $ 19,654,232 $ 19,513,726
Grade 6 - Other assets especially mentioned 203,725 187,449 171,035 116,345 104,614
Grade 7 - Substandard 218,847 200,735 185,908 227,294 236,913
Grade 8 - Doubtful — — — — —
Grade 9 - Loss — — — — —
Total loans $ 20,269,303 $ 20,201,079 $ 20,471,759 $ 19,997,871 $ 19,855,253

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances Table 6
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2023 2023 2023 2023 2022 2023 2022
Earning Assets
Federal funds sold $ — $ — $ — $ — $ 924 $ — $ 10,836
Interest-bearing deposits in banks 936,733 864,028 998,609 859,614 1,009,935 914,818 1,993,672
Debt securities - taxable 1,503,889 1,548,647 1,582,076 1,586,404 1,451,861 1,555,009 1,065,511
Debt securities - nontaxable 40,227 40,896 42,580 43,052 44,320 41,679 39,779
Other investments 87,678 101,517 117,020 131,044 83,730 109,175 58,170
Loans held for sale 405,080 464,452 577,606 490,295 371,952 484,070 718,599
Loans 20,252,773 20,371,689 20,164,938 19,820,749 19,212,560 20,154,321 17,521,461
Total Earning Assets $ 23,226,380 $ 23,391,229 $ 23,482,829 $ 22,931,158 $ 22,175,282 $ 23,259,072 $ 21,408,028
Deposits
Noninterest-bearing deposits $ 6,572,190 $ 6,655,191 $ 6,729,789 $ 7,136,373 $ 8,138,887 $ 6,771,464 $ 8,005,201
NOW accounts 3,760,992 3,661,701 3,949,850 4,145,991 3,621,454 3,878,034 3,675,586
MMDA 5,994,361 5,527,731 5,002,590 4,994,195 5,161,047 5,382,865 5,128,497
Savings accounts 817,075 915,678 1,009,749 1,005,614 1,010,966 936,454 1,005,752
Retail CDs 2,281,357 2,200,413 2,024,014 1,612,325 1,450,037 2,031,828 1,604,978
Brokered CDs 1,122,684 1,441,854 1,393,206 125,133 — 1,024,606 —
Total Deposits 20,548,659 20,402,568 20,109,198 19,019,631 19,382,391 20,025,251 19,420,014
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase — — — — 1 — 1,477
FHLB advances 538,096 943,855 1,408,855 1,968,811 918,228 1,210,242 279,409
Other borrowings 311,091 312,572 316,626 361,445 377,056 325,260 393,393
Subordinated deferrable interest debentures 130,054 129,554 129,056 128,557 128,060 129,310 127,316
Total Non-Deposit Funding 979,241 1,385,981 1,854,537 2,458,813 1,423,345 1,664,812 801,595
Total Funding $ 21,527,900 $ 21,788,549 $ 21,963,735 $ 21,478,444 $ 20,805,736 $ 21,690,063 $ 20,221,609

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE) Table 7
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2023 2023 2023 2023 2022 2023 2022
Interest Income
Federal funds sold $ — $ — $ — $ — $ 8 $ — $ 77
Interest-bearing deposits in banks 14,368 10,769 13,686 9,113 9,984 47,936 23,008
Debt securities - taxable 14,033 14,754 15,915 14,300 13,029 59,002 34,656
Debt securities - nontaxable (TE) 413 418 430 429 454 1,690 1,489
Loans held for sale 6,846 7,460 8,398 7,007 5,519 29,711 29,699
Loans (TE) 297,501 298,102 284,471 265,802 245,603 1,145,876 808,826
Total Earning Assets $ 333,161 $ 331,503 $ 322,900 $ 296,651 $ 274,597 $ 1,284,215 $ 897,755
Interest Expense
Interest-Bearing Deposits
NOW accounts $ 19,293 $ 17,255 $ 18,003 $ 15,033 $ 8,564 $ 69,584 $ 14,367
MMDA 54,002 45,683 35,224 27,809 20,683 162,718 33,143
Savings accounts 974 1,791 2,296 1,288 654 6,349 1,287
Retail CDs 22,257 19,013 14,751 7,629 3,170 63,650 7,308
Brokered CDs 15,223 19,257 17,813 1,423 — 53,716 —
Total Interest-Bearing Deposits 111,749 102,999 88,087 53,182 33,071 356,017 56,105
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase — — — — — — 4
FHLB advances 7,089 12,543 17,222 22,448 8,801 59,302 9,710
Other borrowings 3,798 3,821 3,902 5,349 4,953 16,870 19,209
Subordinated deferrable interest debentures 3,477 3,439 3,201 3,085 2,680 13,202 7,832
Total Non-Deposit Funding 14,364 19,803 24,325 30,882 16,434 89,374 36,755
Total Interest-Bearing Funding $ 126,113 $ 122,802 $ 112,412 $ 84,064 $ 49,505 $ 445,391 $ 92,860
Net Interest Income (TE) $ 207,048 $ 208,701 $ 210,488 $ 212,587 $ 225,092 $ 838,824 $ 804,895

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields^(1)^ Table 8
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
2023 2023 2023 2023 2022 2023 2022
Earning Assets
Federal funds sold — % — % — % — % 3.43 % — % 0.71 %
Interest-bearing deposits in banks 6.09 % 4.94 % 5.50 % 4.30 % 3.92 % 5.24 % 1.15 %
Debt securities - taxable 3.70 % 3.78 % 4.03 % 3.66 % 3.56 % 3.79 % 3.25 %
Debt securities - nontaxable (TE) 4.07 % 4.06 % 4.05 % 4.04 % 4.06 % 4.05 % 3.74 %
Loans held for sale 6.71 % 6.37 % 5.83 % 5.80 % 5.89 % 6.14 % 4.13 %
Loans (TE) 5.83 % 5.81 % 5.66 % 5.44 % 5.07 % 5.69 % 4.62 %
Total Earning Assets 5.69 % 5.62 % 5.52 % 5.25 % 4.91 % 5.52 % 4.19 %
Interest-Bearing Deposits
NOW accounts 2.04 % 1.87 % 1.83 % 1.47 % 0.94 % 1.79 % 0.39 %
MMDA 3.57 % 3.28 % 2.82 % 2.26 % 1.59 % 3.02 % 0.65 %
Savings accounts 0.47 % 0.78 % 0.91 % 0.52 % 0.26 % 0.68 % 0.13 %
Retail CDs 3.87 % 3.43 % 2.92 % 1.92 % 0.87 % 3.13 % 0.46 %
Brokered CDs 5.38 % 5.30 % 5.13 % 4.61 % — % 5.24 % — %
Total Interest-Bearing Deposits 3.17 % 2.97 % 2.64 % 1.82 % 1.17 % 2.69 % 0.49 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase — % — % — % — % — % — % 0.27 %
FHLB advances 5.23 % 5.27 % 4.90 % 4.62 % 3.80 % 4.90 % 3.48 %
Other borrowings 4.84 % 4.85 % 4.94 % 6.00 % 5.21 % 5.19 % 4.88 %
Subordinated deferrable interest debentures 10.61 % 10.53 % 9.95 % 9.73 % 8.30 % 10.21 % 6.15 %
Total Non-Deposit Funding 5.82 % 5.67 % 5.26 % 5.09 % 4.58 % 5.37 % 4.59 %
Total Interest-Bearing Liabilities 3.35 % 3.22 % 2.96 % 2.38 % 1.55 % 2.99 % 0.76 %
Net Interest Spread 2.34 % 2.40 % 2.56 % 2.87 % 3.36 % 2.53 % 3.43 %
Net Interest Margin^(2)^ 3.54 % 3.54 % 3.60 % 3.76 % 4.03 % 3.61 % 3.76 %
Total Cost of Funds^(3)^ 2.32 % 2.24 % 2.05 % 1.59 % 0.94 % 2.05 % 0.46 %

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

(2) Rate calculated based on average earning assets.

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

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations

Adjusted Net Income Table 9A
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2023 2023 2023 2023 2022 2023 2022
Net income available to common shareholders $ 65,934 $ 80,115 $ 62,635 $ 60,421 $ 82,221 $ 269,105 $ 346,540
Adjustment items:
Merger and conversion charges — — — — 235 — 1,212
Gain on sale of MSR — — — — (1,672 ) — (1,356 )
Servicing right impairment (recovery) — — — — — — (21,824 )
Gain on BOLI proceeds — — — (486 ) — (486 ) (55 )
FDIC special assessment 11,566 — — — — 11,566 —
Natural disaster expenses — — — — — — 151
(Gain) loss on bank premises (1,903 ) — — — — (1,903 ) (45 )
Tax effect of adjustment items (Note 1) (2,029 ) — — — 302 (2,029 ) 4,792
After tax adjustment items 7,634 — — (486 ) (1,135 ) 7,148 (17,125 )
Adjusted net income $ 73,568 $ 80,115 $ 62,635 $ 59,935 $ 81,086 $ 276,253 $ 329,415
Weighted average number of shares - diluted 69,014,793 68,994,247 69,034,763 69,322,664 69,395,224 69,104,158 69,419,721
Net income per diluted share $ 0.96 $ 1.16 $ 0.91 $ 0.87 $ 1.18 $ 3.89 $ 4.99
Adjusted net income per diluted share $ 1.07 $ 1.16 $ 0.91 $ 0.86 $ 1.17 $ 4.00 $ 4.75
Average assets $ 25,341,990 $ 25,525,913 $ 25,631,846 $ 25,115,927 $ 24,354,979 $ 25,404,873 $ 23,644,754
Return on average assets 1.03 % 1.25 % 0.98 % 0.98 % 1.34 % 1.06 % 1.47 %
Adjusted return on average assets 1.15 % 1.25 % 0.98 % 0.97 % 1.32 % 1.09 % 1.39 %
Average common equity $ 3,383,554 $ 3,324,960 $ 3,293,049 $ 3,250,289 $ 3,168,320 $ 3,313,361 $ 3,083,081
Average tangible common equity $ 2,277,810 $ 2,214,775 $ 2,178,323 $ 2,130,856 $ 2,039,094 $ 2,200,883 $ 1,947,222
Return on average common equity 7.73 % 9.56 % 7.63 % 7.54 % 10.30 % 8.12 % 11.24 %
Adjusted return on average tangible common equity 12.81 % 14.35 % 11.53 % 11.41 % 15.78 % 12.55 % 16.92 %

Note 1:  Tax effect is calculated utilizing a 21% rate for taxable adjustments.  Gain on BOLI proceeds is non-taxable and no tax effect is included.  A portion of the merger and conversion charges for the twelve months ended December 2022 are nondeductible for tax purposes.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Adjusted Efficiency Ratio (TE) Table 9B
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2023 2023 2023 2023 2022 2023 2022
Adjusted Noninterest Expense
Total noninterest expense $ 149,011 $ 141,446 $ 148.403 $ 139,421 $ 135,061 $ 578,281 $ 560,655
Adjustment items:
Merger and conversion charges — — — — (235 ) — (1,212 )
FDIC special assessment (11,566 ) — — — — (11,566 ) —
Natural disaster expenses — — — — — — (151 )
Gain (loss) on bank premises 1,903 — — — — 1,903 45
Adjusted noninterest expense $ 139,348 $ 141,446 $ 148.403 $ 139,421 $ 134,826 $ 568,618 $ 559,337
Total Revenue
Net interest income $ 206,101 $ 207,751 $ 209,540 $ 211,652 $ 224,137 $ 835,044 $ 801,026
Noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424
Total revenue $ 262,349 $ 270,932 $ 276,889 $ 267,702 $ 272,485 $ 1,077,872 $ 1,085,450
Adjusted Total Revenue
Net interest income (TE) $ 207,048 $ 208,701 $ 210,488 $ 212,587 $ 225,092 $ 838,824 $ 804,895
Noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424
Total revenue (TE) 263,296 271,882 277,837 268,637 273,440 1,081,652 1,089,319
Adjustment items:
(Gain) loss on securities 288 16 6 (6 ) (3 ) 304 (203 )
Gain on sale of MSR — — — — (1,672 ) — (1,356 )
Gain on BOLI proceeds — — — (486 ) — (486 ) (55 )
Servicing right impairment (recovery) — — — — — — (21,824 )
Adjusted total revenue (TE) $ 263,584 $ 271,898 $ 277,843 $ 268,145 $ 271,765 $ 1,081,470 $ 1,065,881
Efficiency ratio 56.80 % 52.21 % 53.60 % 52.08 % 49.57 % 53.65 % 51.65 %
Adjusted efficiency ratio (TE) 52.87 % 52.02 % 53.41 % 51.99 % 49.61 % 52.58 % 52.48 %
Tangible Book Value Per Share Table 9C
--- ---
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2023 2023 2023 2023 2022 2023 2022
Total shareholders' equity $ 3,426,747 $ 3,347,069 $ 3,284,630 $ 3,253,195 $ 3,197,400 $ 3,426,747 $ 3,197,400
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 87,949 92,375 96,800 101,488 106,194 87,949 106,194
Total tangible shareholders' equity $ 2,323,152 $ 2,239,048 $ 2,172,184 $ 2,136,061 $ 2,075,560 $ 2,323,152 $ 2,075,560
Period end number of shares 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,053,341 69,369,050
Book value per share (period end) $ 49.62 $ 48.41 $ 47.51 $ 46.89 $ 46.09 $ 49.62 $ 46.09
Tangible book value per share (period end) $ 33.64 $ 32.38 $ 31.42 $ 30.79 $ 29.92 $ 33.64 $ 29.92

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets Table 9D
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2023 2023 2023 2023 2022 2023 2022
Total shareholders' equity $ 3,426,747 $ 3,347,069 $ 3,284,630 $ 3,253,195 $ 3,197,400 $ 3,426,747 $ 3,197,400
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 87,949 92,375 96,800 101,488 106,194 87,949 106,194
Total tangible shareholders' equity $ 2,323,152 $ 2,239,048 $ 2,172,184 $ 2,136,061 $ 2,075,560 $ 2,323,152 $ 2,075,560
Total assets $ 25,203,699 $ 25,697,830 $ 25,800,618 $ 26,088,384 $ 25,053,286 $ 25,203,699 $ 25,053,286
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 87,949 92,375 96,800 101,488 106,194 87,949 106,194
Total tangible assets $ 24,100,104 $ 24,589,809 $ 24,688,172 $ 24,971,250 $ 23,931,446 $ 24,100,104 $ 23,931,446
Equity to Assets 13.60 % 13.02 % 12.73 % 12.47 % 12.76 % 13.60 % 12.76 %
Tangible Common Equity to Tangible Assets 9.64 % 9.11 % 8.80 % 8.55 % 8.67 % 9.64 % 8.67 %

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting Table 10
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2023 2023 2023 2023 2022 2023 2022
Banking Division
Net interest income $ 166,114 $ 167,595 $ 171,441 $ 175,328 $ 185,909 $ 680,478 $ 646,283
Provision for credit losses 21,194 20,833 40,831 47,140 35,946 129,998 61,898
Noninterest income 24,069 26,245 24,652 23,898 23,448 98,864 91,550
Noninterest expense
Salaries and employee benefits 55,687 56,226 55,196 56,442 52,296 223,551 196,823
Occupancy and equipment expenses 11,865 11,437 11,175 11,606 11,482 46,083 45,081
Data processing and telecommunications expenses 12,540 11,786 11,898 11,797 11,085 48,021 43,957
Other noninterest expenses 33,089 20,274 27,643 19,023 21,811 100,029 85,953
Total noninterest expense 113,181 99,723 105,912 98,868 96,674 417,684 371,814
Income before income tax expense 55,808 73,284 49,350 53,218 76,737 231,660 304,121
Income tax expense 17,206 18,283 13,312 12,848 16,545 61,649 75,367
Net income $ 38,602 $ 55,001 $ 36,038 $ 40,370 $ 60,192 $ 170,011 $ 228,754
Retail Mortgage Division
Net interest income $ 24,053 $ 22,805 $ 21,417 $ 20,027 $ 19,837 $ 88,302 $ 79,194
Provision for credit losses 1,005 2,399 3,278 2,853 (2,778 ) 9,535 12,351
Noninterest income 30,588 35,691 39,808 31,058 24,011 137,145 182,039
Noninterest expense
Salaries and employee benefits 16,996 21,231 21,930 20,160 19,164 80,317 107,810
Occupancy and equipment expenses 1,210 1,182 1,224 1,283 1,242 4,899 5,579
Data processing and telecommunications expenses 1,318 1,052 1,397 1,069 1,203 4,836 4,580
Other noninterest expenses 11,634 12,153 11,859 11,747 11,126 47,393 48,224
Total noninterest expense 31,158 35,618 36,410 34,259 32,735 137,445 166,193
Income before income tax expense 22,478 20,479 21,537 13,973 13,891 78,467 82,689
Income tax expense 4,720 4,301 4,523 2,934 2,916 16,478 17,364
Net income $ 17,758 $ 16,178 $ 17,014 $ 11,039 $ 10,975 $ 61,989 $ 65,325
Warehouse Lending Division
Net interest income $ 5,965 $ 6,008 $ 6,166 $ 5,700 $ 6,601 $ 23,839 $ 26,727
Provision for credit losses (68 ) (589 ) 411 (194 ) 117 (440 ) (1,074 )
Noninterest income 929 662 1,404 480 579 3,475 4,537
Noninterest expense
Salaries and employee benefits 296 924 772 802 427 2,794 1,973
Occupancy and equipment expenses 3 1 — 1 1 5 4
Data processing and telecommunications expenses 51 30 44 46 49 171 187
Other noninterest expenses 229 219 223 202 191 873 830
Total noninterest expense 579 1,174 1,039 1,051 668 3,843 2,994
Income before income tax expense 6,383 6,085 6,120 5,323 6,395 23,911 29,344
Income tax expense 1,340 1,278 1,285 1,118 1,342 5,021 6,162
Net income $ 5,043 $ 4,807 $ 4,835 $ 4,205 $ 5,053 $ 18,890 $ 23,182

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued) Table 10
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2023 2023 2023 2023 2022 2023 2022
SBA Division
Net interest income $ 2,168 $ 1,962 $ 2,331 $ 1,957 $ 2,491 $ 8,418 $ 14,724
Provision for credit losses 794 1,677 424 (104 ) 265 2,791 (349 )
Noninterest income 653 579 1,476 605 302 3,313 6,265
Noninterest expense
Salaries and employee benefits 1,014 1,209 1,316 1,309 1,306 4,848 5,305
Occupancy and equipment expenses 36 36 40 37 98 149 360
Data processing and telecommunications expenses 19 32 46 37 30 134 116
Other noninterest expenses (189 ) 157 333 422 368 723 1,387
Total noninterest expense 880 1,434 1,735 1,805 1,802 5,854 7,168
Income before income tax expense 1,147 (570 ) 1,648 861 726 3,086 14,170
Income tax expense 241 (120 ) 346 181 153 648 2,976
Net income $ 906 $ (450 ) $ 1,302 $ 680 $ 573 $ 2,438 $ 11,194
Premium Finance Division
Net interest income $ 7,801 $ 9,381 $ 8,185 $ 8,640 $ 9,299 $ 34,007 $ 34,098
Provision for credit losses 27 139 572 34 (660 ) 772 (1,129 )
Noninterest income 9 4 9 9 8 31 33
Noninterest expense
Salaries and employee benefits 1,973 2,308 2,122 2,197 2,003 8,600 7,808
Occupancy and equipment expenses 83 89 83 59 82 314 337
Data processing and telecommunications expenses 100 73 66 85 119 324 388
Other noninterest expenses 1,057 1,027 1,036 1,097 978 4,217 3,953
Total noninterest expense 3,213 3,497 3,307 3,438 3,182 13,455 12,486
Income before income tax expense 4,570 5,749 4,315 5,177 6,785 19,811 22,774
Income tax expense 945 1,170 869 1,050 1,357 4,034 4,689
Net income $ 3,625 $ 4,579 $ 3,446 $ 4,127 $ 5,428 $ 15,777 $ 18,085
Total Consolidated
Net interest income $ 206,101 $ 207,751 $ 209,540 $ 211,652 $ 224,137 $ 835,044 $ 801,026
Provision for credit losses 22,952 24,459 45,516 49,729 32,890 142,656 71,697
Noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424
Noninterest expense
Salaries and employee benefits 75,966 81,898 81,336 80,910 75,196 320,110 319,719
Occupancy and equipment expenses 13,197 12,745 12,522 12,986 12,905 51,450 51,361
Data processing and telecommunications expenses 14,028 12,973 13,451 13,034 12,486 53,486 49,228
Other noninterest expenses 45,820 33,830 41,094 32,491 34,474 153,235 140,347
Total noninterest expense 149,011 141,446 148,403 139,421 135,061 578,281 560,655
Income before income tax expense 90,386 105,027 82,970 78,552 104,534 356,935 453,098
Income tax expense 24,452 24,912 20,335 18,131 22,313 87,830 106,558
Net income $ 65,934 $ 80,115 $ 62,635 $ 60,421 $ 82,221 $ 269,105 $ 346,540

Exhibit 99.2

4 th Quarter 2023 Results Investor Presentation

Cautionary Statements 1 This presentation contains forward - looking statements, as defined by federal securities laws, including, among other forward - looking statements, certain plans, expectations and goals . Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward - looking statements . The forward - looking statements in this presentation are based on current expectations and are provided to assist in the understanding of potential future performance . Such forward - looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following : general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities ; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures ; expectations on credit quality and performance ; legislative and regulatory changes ; changes in U . S . government monetary and fiscal policy ; competitive pressures on product pricing and services ; the success and timing of other business strategies ; our outlook and long - term goals for future growth ; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control . For a discussion of some of the other risks and other factors that may cause such forward - looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10 - K for the year ended December 31 , 2022 and the Company’s subsequently filed periodic reports and other filings . Forward - looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward - looking statements .

Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Proven liquidity management supported by strong, stable deposit base • Proven stewards of shareholder value – TBV has grown 12 % annualized over past five years • Experienced executive team with skills and leadership to continue to grow organically • Diversified loan portfolio among geographies and product lines • Diversified revenue streams with strong core bank and lines of business Strong Southeastern Markets • Atlanta’s premier independent banking franchise • Scarcity value in many of the fastest growing regions in nation • Stable core deposit base • Over 65% of our franchise is in MSAs which grew at least 2x the national average over the last 15 years 2 Charlotte MSA Tampa MSA Orlando MSA

Ameris Profile 4Q23 includes the impact of $11.6 million FDIC special assessment Focus on Shareholder Value 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix $29.92 $30.79 $31.42 $32.38 $33.64 $28.00 $29.00 $30.00 $31.00 $32.00 $33.00 $34.00 4Q22 1Q23 2Q23 3Q23 4Q23 Consistent Tangible Book Value (1) Growth 137,424 128,281 128,486 129,486 113,338 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 100,000 105,000 110,000 115,000 120,000 125,000 130,000 135,000 140,000 145,000 4Q22 1Q23 2Q23 3Q23 4Q23 Stable pre - tax pre - provision net revenue ROA (1) (in 000's) PPNR PPNR ROA $1.18 $0.87 $0.91 $1.16 $0.96 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 4Q22 1Q23 2Q23 3Q23 4Q23 Diluted EPS $19.5 $19.9 $20.4 $20.6 $20.7 $18.8 $19.0 $19.2 $19.4 $19.6 $19.8 $20.0 $20.2 $20.4 $20.6 $20.8 $21.0 4Q22 1Q23 2Q23 3Q23 4Q23 Total Deposits (in billions) 3

4 th Quarter 2023 Financial Results

4Q 2023 Operating Highlights 5 • Net income of $65.9 million, or $0.96 per diluted share • Adjusted net income (1) of $73.6 million, or $1.07 per diluted share • PPNR ROA (1) of 1.77% for 4Q23, which includes 19bps negative impact from FDIC special assessment • Adjusted efficiency ratio (1) of 52.87% • TCE ratio (1) of 9.64% • Increase in allowance for credit losses to 1.52% of total loans • Stable net interest margin of 3.54%, reflecting favorable deposit mix with noninterest bearing deposits representing 31.3% of total deposits at December 31, 2023, minimally changed from September 30, 2023 • Interest bearing deposit costs increased 20bps in 4Q23, compared with a 33bps increase in 3Q23 • Total deposit growth of $118.2 million, or 2.3% annualized • Reduction in wholesale funding of $1.02 billion, or 43.3%, during the quarter including: – FHLB advances of $700.0 million – Brokered CDs of $324.2 million • Repurchased 86,400 shares of ABCB common stock at an average cost of $37.46 during the quarter 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix

2023 Operating Highlights 6 • Net income of $269.1 million, or $3.89 per diluted share • Adjusted net income (1) of $276.3 million, or $4.00 per diluted share • PPNR ROA (1) of 1.97%, which includes 4bps negative impact from FDIC special assessment • Growth in tangible book value (1) of $3.72 per share, or 12.4%, to $33.64 • Adjusted efficiency ratio (1) of 52.58% • Net interest margin of 3.61% • Organic loan growth of $414.1 million, or 2.1% • Total deposit growth of $1.25 billion, or 6.4% • Reduction in FHLB Advances of $1.30 billion • Increase in allowance for credit losses to 1.52% of total loans at December 31, 2023, compared with 1.04% at December 31, 2022, due to economic forecast • Redemption of $75 million in floating rate (was 8.39%) subordinated notes due 2027 and repurchase (at a discount) and redemption of $12.0 million aggregate principal of 4.25% fixed - to - floating subordinated notes due 2029 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix

Financial Highlights 7 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix 2 – Growth rates are annualized for the applicable periods 3 – Excludes serviced GNMA - guaranteed mortgage loans (dollars in thousands, except per share data) Quarter to Date Results Year to Date Results 4Q23 3Q23 Change 4Q22 Change 2023 2022 Change Net Interest Income $ 206,101 $ 207,751 - 1% $ 224,137 - 8% $ 835,044 $ 801,026 4% Noninterest Income $ 56,248 $ 63,181 - 11% $ 48,348 16% $ 242,828 $ 284,424 - 15% Provision for Credit Losses $ 22,952 $ 24,459 - 6% $ 32,890 - 30% $ 142,656 $ 71,697 99% Noninterest Expense $ 149,011 $ 141,446 5% $ 135,061 10% $ 578,281 $ 560,655 3% Net Income $ 65,934 $ 80,115 - 18% $ 82,221 - 20% $ 269,105 $ 346,540 - 22% Net Income Per Diluted Share $ 0.96 $ 1.16 - 17% $ 1.18 - 19% $ 3.89 $ 4.99 - 22% Return on Average Assets 1.03% 1.25% - 17% 1.34% - 23% 1.06% 1.47% - 28% Return on Average Equity 7.73% 9.56% - 19% 10.30% - 25% 8.12% 11.24% - 28% Efficiency Ratio 56.80% 52.21% 9% 49.57% 15% 53.65% 51.65% 4% Net Interest Margin 3.54% 3.54% 0% 4.03% - 12% 3.61% 3.76% - 4% Adjusted Net Income (1) $ 73,568 $ 80,115 - 8% $ 81,086 - 9% $ 276,253 $ 329,415 - 16% Adjusted Net Income Per Diluted Share (1) $ 1.07 $ 1.16 - 8% $ 1.17 - 9% $ 4.00 $ 4.75 - 16% Adjusted Return on Assets (1) 1.15% 1.25% - 8% 1.32% - 13% 1.09% 1.39% - 22% Adjusted Return on TCE (1) 12.81% 14.35% - 11% 15.78% - 19% 12.55% 16.92% - 26% Adjusted Efficiency Ratio (1) 52.87% 52.02% 2% 49.61% 7% 52.58% 52.48% 0% Organic Loan Growth $ 68,224 $ (270,680) - 125% $ 576,131 - 88% $ 414,050 $ 3,508,729 - 88% Organic Loan Growth Rate (2) 1.35% - 5.29% - 126% 12.25% - 89% 2.09% 22.10% - 91% Portfolio NPAs/Assets (3) 0.33% 0.27% 24% 0.34% 0% 0.33% 0.34% 0% Total NPAs/Assets 0.69% 0.58% 19% 0.61% 13% 0.69% 0.61% 13%

Strong Net Interest Margin 8 • Above peer group margin at 3.54% • Net interest income (TE) of $207.0 million in 4Q23, compared with $208.7 million in 3Q23 – Interest income (TE) increased $1.7 million – Interest expense increased $3.3 million • Average earning assets decreased $164.8 million • Total deposit costs up 16bp in 4Q23, compared with a 24bp increase in 3Q23 • Noninterest bearing deposits remain above historic levels and were 31.3% of total deposits at quarter end • Average brokered CDs down $319.2 million during the quarter • Average FHLB advances down $405.8 million during the quarter Spread Income and Margin $225.1 $212.6 $210.5 $208.7 $207.0 4.03% 3.76% 3.60% 3.54% 3.54% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% $195.0 $200.0 $205.0 $210.0 $215.0 $220.0 $225.0 $230.0 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income (TE) (in millions) NIM

Diversified Revenue Stream 9 • Strong revenue base of net interest income from core banking division • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Retail mortgage activity has continued to stabilize back to pre - pandemic levels • Mortgage banking activity was 12% of total revenue in 4Q23 • Purchase business remained at 85% in 4Q23 due to strong core relationships with builders and realtors • Approximately 88% of the net interest income included in mortgage revenue is related to portfolio loans generated from the mortgage division • Gain on sale margin remains compressed at 1.93% in 4Q23 Other Noninterest Income • Other Noninterest Income has been stable contributor to total revenue • Other Noninterest Income includes: • Fee income from equipment finance group • BOLI income • Gains on sales of SBA loans 82% 79% 76% 77% 79% 9% 12% 15% 13% 12% 9% 9% 9% 10% 9% $273.4 $268.6 $277.8 $271.9 $263.3 0% 20% 40% 60% 80% 100% 120% 4Q22 1Q23 2Q23 3Q23 4Q23 FTE Revenue Sources (in millions) FTE Net Interest Income Mortgage Banking Activity Other Noninterest Income 1.93% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 4Q22 1Q23 2Q23 3Q23 4Q23 Mortgage Gain on Sale Margin

Disciplined Expense Control Adjusted Operating Expenses (1) and Efficiency Ratio (1) OPEX Highlights 10 • Management continues to deliver high performing operating efficiency • Adjusted efficiency ratio of 52.87% in 4Q23, compared with 52.02% in 3Q23 • Total adjusted operating expenses decreased $2.1 million in 4Q23 compared with 3Q23 ‒ Increase of $3.3 million in 4Q23 banking division operating expenses primarily due to: ‒ $1.1 million increase in credit resolution - related expenses primarily resulting from lower OREO gains ‒ $1.1 million increase in legal and professional fees ‒ $754,000 increase in data processing and communications expenses – Net decrease of $5.4 million in 4Q23 lines of business operating expenses due to variable compensation related to production decreases • Disciplined expense control throughout the Company with identified reallocation of resources utilized to fund future technology and innovation costs 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix $96.4 $98.9 $105.9 $99.7 $103.0 $38.4 $40.6 $42.5 $41.7 $36.3 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 4Q22 1Q23 2Q23 3Q23 4Q23 Adjusted Operating Expenses (in millions) Banking LOBs 49.61% 51.99% 53.41% 52.02% 52.87% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 4Q22 1Q23 2Q23 3Q23 4Q23 Adjusted Efficiency Ratio

Balance Sheet Trends 11 • Asset sensitivity is moderating as the FOMC nears the end of its tightening cycle: – - 1.0% asset sensitivity in - 100bps – - 0.5% asset sensitivity in - 50bps – +0.5% asset sensitivity in +50bps – +0.9% asset sensitivity in +100bps • Approximately $7.7 billion, or 38%, of loans are variable rate • Approximately $9.5 billion of total loans reprice within one year through either maturities or floating rate indices • Cumulative weighted - average beta for all non - maturity deposits through this cycle has been 32% Interest Rate Sensitivity Earning Assets Highlights • Available - for - sale (AFS) securities represent less than 6% of total assets, limiting potential tangible book value dilution from rising interest rates • Unrealized loss of AFS portfolio was $45 million at December 31, 2023, representing approximately 3% of book value, improving from $78 million at September 30, 2023 • No transfers to held - to - maturity (HTM) portfolio – all securities classified as HTM were previously purchased for CRA purposes Capital Highlights • Ameris is well capitalized with minimal unrealized losses in the investment portfolio • TCE Ratio of 9.64% at December 31, 2023 • Repurchased 86,400 shares at an average cost of $37.46 during the quarter • Earnings expected to add between 25 – 35bps to capital each quarter assuming flat balance sheet - 5,000 10,000 15,000 20,000 25,000 30,000 4Q22 1Q23 2Q23 3Q23 4Q23 Earning Assets (in millions) Loans Loans HFS Other Earning Assets Total Assets

Proven Liquidity Plan 12 At December 31, 2023 $ in millions Total Available Amount Used Net Availability Internal Sources Cash $ 1,167 $ - $ 1,167 Unpledged Securities 936 - 936 External Sources FHLB 5,424 1,148 4,276 FRB Discount Window 2,670 - 2,670 Brokered Deposits 2,935 1,145 1,790 Other 127 - 127 Total Liquidity $ 13,259 $ 2,293 $ 10,966 • Diverse sources of liquidity available to the Company • Minimal unrealized losses on unpledged securities due to disciplined investment strategy • Majority of funding used is short term to manage interest rate profile and provide flexibility as liquidity needs fluctuate • Have not accessed Bank Term Funding Program • Available liquidity sources provide approximately 120.1% coverage for uninsured deposits and approximately 169.1% coverage for non - collateralized uninsured deposits • No single depositor represents more than 1.3% of total deposits • Uninsured and uncollateralized deposits represent 31.1% of total deposits Sources of Liquidity Solid Liquidity Plan $9.13 (43.7%) $6.48 (31.1%) $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 4Q22 1Q23 2Q23 3Q23 4Q23 Uninsured Deposits (in billions) Uninsured Deposits Uninsured Deposits Excl. Municipal Deposits

Strong Core Deposit Base 13 Deposit Highlights • Noninterest bearing deposits remained strong at 31.3% of total deposits • Total deposits increased $118.2 million in 4Q23 compared with 3Q23 • MMDA and savings increased $127.2 million, or 1.9% • NOW accounts increased $364.6 million, or 10.1% • Noninterest - bearing deposits decreased $98.0 million, or 1.5% • Brokered CDs decreased $324.2 million, or 22.1% Deposit Type Balance (in 000s) Count Average per account (in 000’s) NIB 6,491,639 299,049 21.7 NOW 3,972,479 44,618 89.0 MMDA 5,968,135 31,697 188.3 Savings 808,350 64,560 12.5 CD 3,467,906 40,782 85.0 Total 20,708,509 480,706 43.1 Deposits by Product Type NIB 31% NOW 19% MMDA 29% Savings 4% CD 17% Deposits by Type 4Q23 Consumer 37% Commercial 43% Public 14% Brokered 6% Deposits by Customer 4Q23

18.83 19.73 20.81 20.29 20.81 20.44 20.90 22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Tangible Book Value Capital and TBV Proven Stewards of Shareholder Value 14 • Management focused on long term growth in TBV (1) , such that over the past five years TBV has grown by 12% annualized • TBV increased $1.26 per share in 4Q23: – $0.81 from retained earnings – $0.36 from impact of OCI – $0.09 from all other items including stock compensation and share repurchases 1 – Considered Non - GAAP measures – See reconciliation of GAAP to Non - GAAP measures in Appendix Equipment Finance Acquisition LION Acquisition CECL Adoption

Loan Diversification and Credit Quality

Diversified Loan Portfolio 4Q23 Loan Portfolio 16 • Loan portfolio is well diversified across loan types and geographies • CRE and C&D concentrations were 282% and 74%, respectively, at 4Q23 • Non - owner occupied office loans totaled $1.43 billion at 4Q23, or 7.0% of total loans • Continued strong asset quality metrics at 4Q23 as compared with 4Q22, as evidenced by a lower volume of Classified Loans and NPAs, net of GNMA - backed mortgage loans • ACL increased to 1.52% of total loans during 4Q23, which allows the Bank to be well - positioned to address forecasted negative economic conditions • Limited exposure in SNCs and syndications • Continued diligence by credit staff on portfolio reviews given the current economic environment, focused on maturing and floating - rate loans, particularly in C&D and investor CRE loans Portfolio Highlights Agriculture 1% C&I 22% Municipal 2% Consumer 1% Investor CRE 25% OO CRE 9% Construction 11% Multi - Family 5% SFR Mortgage & HELOC 24% Total Loans $20.3 Billion

Loan Production vs Growth 17 • 4Q23 loan production was spread across various product lines and maintained good diversification in the portfolio • The largest categories contributing to 4Q23 production were Premium Finance, Homebuilder and Equipment Finance • Overall, 4Q23 production exhibited an 11% decrease from 3Q23 (1) Loan P roduction reflects committed balance total, excluding Mortgage Warehouse production. (2) L oan G rowth reflects quarter - over - quarter loan portfolio ending balances. 4Q22 loan growth includes acquired loans of $472.3 million. (in millions) $3,192 $2,168 $1,509 $1,760 $1,424 $1,266 $1,246 $1,055 $143 $474 $(271) $68 $(500) $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Loan Production (1) Loan Growth (2)

Loan Balance Changes 4Q23 Loan Balance Changes 18 • Loan balances increased $68.3 million during 4Q23, primarily the result of increases in portfolio mortgages, commercial real estate and C&I loans; total loan growth was $414.1 million, or 2.1% annualized through 4Q23 • The decrease in C&D loans was primarily the result of projects completed, totaling $123.5 million, which transferred balances into other CRE categories; the difference represents primarily advances on existing loans (in millions) $194 $56 $56 $(4) $(13) $(18) $(34) $(61) $(108) $(125) $(75) $(25) $25 $75 $125 $175 $225 CRE SFR Mtgs C&I Municipal Indirect Consumer Mtg WHSE Premium Finance C&D

Allowance for Credit Losses 19 • Increase in reserve during 4Q23 due to forecasted economic conditions • The ACL on loans totaled $307.1 million at 4Q23, a net increase of $ 17.0 mil lion, or 5.9%, from 3Q23 • The reserve for unfunded commitments totaled $41.6 million, a decrease of $7.4 million, or 15.2%, primarily due to lower unfunded balances • During 4Q23, a provision expense of $23.0 million was recorded • The ACL on loans equated to 1.52% of total loans at 4Q23, compared with 1.44% at 3 Q23 • The total ACL on loans + unfunded commitments was $348.7 million, or 1.39% 4Q23 CECL Reserve Reserve Summary (in millions) 4Q23 Allowance Coverage Balance (MM's) ALLL (MM's) % ALLL Gross Loans 20,269.3$ 307.1$ 1.52% Unfunded Commitments 4,799.4$ 41.6$ 0.87% ACL / Total Loans + Unfunded 25,068.7$ 348.7$ 1.39%

Allowance for Credit Losses 20 • Results were primarily driven by negative forecasts for CRE and home prices over the next four quarters • The ALLL for the two CRE categories (RE – C&D, RE – CRE) exhibited the highest net increase from 3 Q23 of $5.9 million • The blended ALLL% fo r those two categories was 1.68% at 4Q23 • The increase in the CFIA category was primarily driven by a higher ALLL for the Equipment Finance division 4 Q23 CECL Reserve by Loan Type Reserve Summary Reserve Methodology • Moody’s December 2023 forecast model provided material inputs into ACL • Primary model drivers included: • US and regional unemployment rates • US GDP • US and regional home price indices • US and state - level CRE price index for our five - state footprint • Estimate derived utilizing Baseline scenario ; a pproximately 98% of the ACL was driven by model factors with less than 1% based on Q - Factors Loan Type Net Outstanding (MM's) ALLL (MM's) % ALLL 9/30/23 ALLL (MM's) Change from 3Q23 CFIA 2,688.9$ 64.1$ 2.38% 53.7$ 10.4$ Consumer 241.5$ 3.9$ 1.61% 4.1$ (0.2)$ Indirect 34.3$ 0.1$ 0.29% 0.1$ -$ Municipal 492.7$ 0.3$ 0.06% 0.3$ -$ Premium Finance 946.6$ 0.6$ 0.06% 0.6$ -$ RE - C&D 2,129.2$ 61.0$ 2.86% 63.2$ (2.2)$ RE - CRE 8,059.7$ 110.1$ 1.37% 102.0$ 8.1$ RE - RES 4,857.7$ 65.3$ 1.34% 64.4$ 0.9$ Warehouse Lending 818.7$ 1.7$ 0.20% 1.7$ -$ Grand Total 20,269.3$ 307.1$ 1.52% 290.1$ 17.0$

NPA / Charge - Off Trend 21 • Net of GNMA - guaranteed mortgage loans, NPAs increased as a percentage of total assets to 0.33% at 4Q23 vs 0.27% at 3Q23 • Total NPAs in creased $24.5 million, to $174.3 million, primarily as a result of: • $ 9.4 million increase in 90+ past due GNMA - guaranteed mortgage loans • $4.5 million increase in Premium Finance 90+ past due loans • $3.9 million increase in 90+ past due portfolio mortgage loans • Net charge - offs totaled $13.4 million, which equated to an annualized NCO ratio of 0.26% • Net charge - offs for 2023 totaled $50.4 million, or 0.25% of average loans • Included in 2023 charge - offs was a total of $5.5 million of pre - acquisition, non - performing loans in the Equipment Finance division that were 100% reserved at the acquisition date • Excluding those items, 2023 net charge - offs totaled $44.9 million, or 0.22% of average loans Non - Performing Assets (NPAs) Net Charge - Offs ($ in millions) 0.61% 0.61% 0.57% 0.58% 0.69% 0.34% 0.33% 0.30% 0.27% 0.33% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 4Q22 1Q23 2Q23 3Q23 4Q23 Non - Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.08% 0.22% 0.28% 0.23% 0.26% -0.03% 0.02% 0.07% 0.12% 0.17% 0.22% 0.27% 0.32% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 4Q22 1Q23 2Q23 3Q23 4Q23 Net Charge - Offs Net Charge-offs NCO Ratio (Annualized)

Problem Loan Trends 22 • Compared to 4Q22, classified loans decreased $38.7 million, or 23.1% • For 4Q23, t otal classified loans, excluding GNMA - guaranteed mortgage loans, in creased $8.6 million • Total criticized loans (including special mention ), excluding GNMA - guaranteed mortgage loans, increased $25.0 million in 4Q23 • Nonperforming l oans, excluding GNMA - guaranteed mortgage loans, increased $12.2 million in 4Q23 • The watch list is primarily comprised of the following loan types: Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA - guaranteed loans Total Loans Criticized Loans Classified Loans Nonperforming Loans GNMA-guaranteed Loans $65.7 4Q23 $332.4 $77.9 $120.0 $128.6 $307.4 4Q22 1Q23 2Q23 3Q23 $20,269.3$20,201.1$19,855.3 $19,997.9 $271.9 $83.1 $268.6 $83.8 $20,471.8 $287.2 $167.3 $152.3 $116.2 $70.4 $69.6 $75.0 $69.7 $80.8 $90.2 1.37% 1.34% 1.40% 1.52% 1.64% 0.84% 0.76% 0.57% 0.59% 0.63% 0.42% 0.42% 0.34% 0.33% 0.38% $0 $50 $100 $150 $200 $250 $300 $350 $400 4Q22 1Q23 2Q23 3Q23 4Q23 Criticized Loans Classified Loans Nonperforming Loans Expressed as a percent of Total Loans Net of GNMA - backed Mortgage Loans 33% Owner - Occupied RRE 14% Assisted Living 12% Multi - Family 11% Mortgage WHSE 6% Warehouse Retail 6%

Investor CRE Loans 23 Investor CRE 25% C&D 11% Multi - Family 5% Stratification of Investor CRE Portfolio • Non - Owner Occupied CRE portfolio is well diversified • Over 80% of CRE loans are located in MSAs in the Bank’s five - state footprint, which exhibit population growth forecasts exceeding the national average • Overall, past dues for investor CRE loans were 0.04% and NPAs 0.06% CRE Positioned in Growing Markets Outstanding Loans (MMs) 5-Yr Proj Population Growth Rate Atlanta-Sandy Springs-Alpharetta GA 2,257.2$ 4.7% Jacksonville FL 781.2$ 6.9% Orlando-Kissimmee-Sanford FL 646.9$ 6.4% Tampa-St Petersburg-Clearwater FL 310.6$ 5.2% Charlotte-Concord-Gatonia NC 288.2$ 5.8% Greenville-Anderson SC 284.9$ 4.7% Charleston-North Charleston SC 279.8$ 6.3% Columbia, SC 255.3$ 3.6% Miami-Ft Lauderdale-Pompano Beach FL 207.4$ 2.0% Tallahassee FL 135.2$ 2.8% U.S. National Average 2.2% Loan Type Outstanding (MM's) % NPL % PD Avg Size Commitment (000's) Construction Loans: RRE - Presold 288.5$ 0.10% 0.22% 461.3$ RRE - Spec & Models 241.6$ 0.00% 0.00% 426.0$ RRE - Lots & Land 106.0$ 0.00% 0.09% 434.2$ RRE - Subdivisions 20.8$ 0.00% 0.00% 2,126.2$ Sub-Total RRE Construction 656.9$ 0.04% 0.11% 459.9$ CML - Improved 1,414.0$ 0.00% 0.09% 14,867.5$ CML - Raw Land & Other 58.2$ 0.00% 0.05% 425.9$ Sub-Total CRE Construction 1,472.2$ 0.00% 0.09% 7,572.6$ Total Construction Loans 2,129.1$ 0.01% 0.10% 1,434.3$ Term Loans: Office 1,236.5$ 0.16% 0.00% 2,971.2$ General Retail 955.0$ 0.00% 0.08% 1,707.8$ Multi-Family 928.0$ 0.00% 0.00% 6,341.8$ Strip Center, Anchored 733.9$ 0.00% 0.00% 7,230.7$ Warehouse / Industrial 679.9$ 0.00% 0.00% 3,057.3$ Hotels / Motels 461.5$ 0.61% 0.00% 4,634.5$ Strip Center, Non-Anchored 410.8$ 0.00% 0.00% 3,667.7$ Mini-Storage Warehouse 337.7$ 0.00% 0.00% 3,587.8$ Assisted Living Facilities 133.1$ 0.00% 0.00% 6,050.5$ Misc CRE (Church, etc) 108.6$ 0.00% 0.09% 1,156.4$ Sub-Total CRE Term Loans 5,985.0$ 0.08% 0.01% 3,173.8$ Grand Total Investor CRE Loans 8,114.1$ 0.06% 0.04% 2,150.4$

Office Portfolio • 87% of non - owner occupied office loans are located in MSAs in the Bank’s primary footprint; overall, the average vacancy was ~7% • Central Business District (CBD) locations represented 8 % of non - owner occupied properties ; Charleston, SC, Orlando, FL and Tampa, FL represent the largest CBD MSAs ( 88 % of total CBD properties) • The portion of the ACL apportioned to non - owner occupied office loans was 1 . 87 % * Results based on loans > $ 1 million, or 95 % of total loans • Non - owner occupied office loans totaled $1.43 billion of outstanding balances and $1.64 billion of total committed exposure at 4Q23 • As a percentage of total loans outstanding and committed exposure, non - owner occupied office loans were 7.0% and 6.5%, respectively • 69% are comprised of Class A, Essential - Use Facility or Medical Office Building (MOB) Highlights 24 Construction , $325.6 Investor CRE , $1,311.2 Owner - Occupied , $547.8 Total Office Portfolio by Loan Type (Total Committed Exposure) Class A 34% Class B 28% Essential Use 17% MOB 18% Class C 3% Investor Office Portfolio by Property Class * 11% 17% 31% 14% 27% $- $100 $200 $300 $400 $500 2024 2025 2026 2027 2028 and beyond Scheduled Investor Office Maturities 7.5% 13.0% 6.5% 0.8% 4.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Class A Class B Class C Essential Use MOB Average Vacancy by Investor Office Property Class *

Commercial Real Estate Production 4Q23 Investor Commercial Real Estate Production Summary: 25 4Q23 Residential Construction Production Summary: • 4 Q23 production of C&D and CRE loans - $344.4 million in total committed exposure • Residential real estate construction: • Spec/model to pre - sold ratio of 0.65:1 • Investor CRE 4Q23 production: • Production totaled $64.6 million • Weighted average 1.60:1 debt service coverage • Weighted average 55.5% loan/value • Summary of CRE production by collateral state: Highlights Loan Type Outstanding (MM's) Committed Exposure (MM's) Avg Size Commitment (000's) RRE Construction - Pre-Sold 35.7$ 128.8$ 377.7$ RRE Construction - Spec 32.3$ 84.3$ 333.3$ A&D, RRE Lots, Other Land Loans 2.4$ 6.7$ 479.1$ RRE Construction - Model 0.1$ 0.9$ 457.5$ Total Construction Loans 70.5$ 220.7$ 361.9$ Loan Type Outstanding (MM's) Committed Exposure (MM's) Debt Service Coverage (DSC)* Loan / Value* Mini-Storage Warehouses 26.3$ 43.7$ 1.36 58.7% Other CRE Types 10.0$ 29.7$ 1.95 43.8% Retail (inc Single-Tenant) 11.8$ 18.3$ 1.32 67.0% Warehouse / Industrial 10.7$ 18.3$ 2.04 55.2% Office 3.0$ 8.7$ 1.43 66.8% Misc CRE (Church, etc.) 0.5$ 2.7$ 1.39 39.0% Multi-Family 2.3$ 2.3$ 1.40 32.5% Hotels -$ -$ 0.00 0.0% Strip Center, Non-Anchored -$ -$ 0.00 0.0% Strip Center, Anchored -$ -$ 0.00 0.0% Total Investor CRE Loans 64.6$ 123.7$ 1.60 55.5% FL 7% GA 35% SC 4% NC 19% Others 35%

Equipment Finance Portfolio 26 • Total loans were $1.29 billion, or 6.3% of the Bank’s total portfolio • The overall average loan size was $50.8 thousand • Loan production totaled $199.6 million in 4Q23. The average FICO score on new loans was 739 • 30 - 89 day accruing past due loans were 1.01% of total loans; non - performing loans were stable at 0.41% of total loans • The portion of the ACL attributed to the Equipment Finance division totaled $51.6 million, or 4.01% of loans • Continued tightening underwriting of certain products in an effort to lower loss exposure Highlights (in millions) $1,021 $1,115 $1,175 $1,210 $1,287 $189 $197 $168 $157 $200 $- $200 $400 $600 $800 $1,000 $1,200 4Q22 1Q23 2Q23 3Q23 4Q23 Total Loans (MM's) Quarterly Originations (MM's) 0.85% 0.95% 1.03% 0.85% 1.01% 0.92% 0.87% 0.65% 0.39% 0.41% 0.25% 0.35% 0.45% 0.55% 0.65% 0.75% 0.85% 0.95% 1.05% 1.15% 4Q22 1Q23 2Q23 3Q23 4Q23 30+ Accruing Past Dues Non-Performing Loans

Appendix

28 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 4Q22 2023 2022 Net Income $ 65,934 $ 80,115 $ 82,221 $ 269,105 346,540$ Adjustment items Merger and conversion charges - - 235 - 1,212 Gain on sale of mortgage servicing rights - - (1,672) - (1,356) Servicing right impairment (recovery) - - - - (21,824) Gain on BOLI proceeds - - - (486) (55) FDIC special assessment 11,566 - - 11,566 - Natural disaster expenses - - - - 151 Gain on sale of premises (1,903) - - (1,903) (45) Tax effect of adjustment items (2,029) - 302 (2,029) 4,792 After tax adjustment items 7,634 - (1,135) 7,148 (17,125) Adjusted Net Income $ 73,568 $ 80,115 $ 81,086 $ 276,253 $ 329,415 Weighted average number of shares - diluted 69,014,793 68,994,247 69,395,224 69,104,158 69,419,721 Net income per diluted share $ 0.96 $ 1.16 $ 1.18 $ 3.89 $ 4.99 Adjusted net income per diluted share $ 1.07 $ 1.16 $ 1.17 $ 4.00 $ 4.75 Average assets 25,341,990 25,525,913 24,354,979 25,404,873 23,644,754 Return on average assets 1.03% 1.25% 1.34% 1.06% 1.47% Adjusted return on average assets 1.15% 1.25% 1.32% 1.09% 1.39% Average common equity 3,383,554 3,324,960 3,168,320 3,313,361 3,083,081 Average tangible common equity 2,277,810 2,214,775 2,039,094 2,200,883 1,947,222 Return on average common equity 7.73% 9.56% 10.30% 8.12% 11.24% Adjusted return on average tangible common equity 12.81% 14.35% 15.78% 12.55% 16.92% For the quarter For the year to date period

29 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 2023 2022 Adjusted Noninterest Expense Total noninterest expense 149,011$ 141,446$ 148,403$ 139,421$ 135,061$ 578,281$ 560,655$ Adjustment items: Merger and conversion charges - - - - (235) - (1,212) FDIC special assessment (11,566) - - - - (11,566) - Natural disaster expenses - - - - - - (151) Gain on sale of premises 1,903 - - - - 1,903 45 Adjusted noninterest expense 139,348$ 141,446$ 148,403$ 139,421$ 134,826$ 568,618$ 559,337$ Total Revenue Net interest income 206,101$ 207,751$ 209,540$ 211,652$ 224,137$ 835,044$ 801,026$ Noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424 Total revenue 262,349$ 270,932$ 276,889$ 267,702$ 272,485$ 1,077,872$ 1,085,450$ Adjusted Total Revenue Net interest income (TE) 207,048$ 208,701$ 210,488$ 212,587$ 225,092$ 838,824$ 804,895$ Noninterest income 56,248 63,181 67,349 56,050 48,348 242,828 284,424 Total revenue (TE) 263,296$ 271,882$ 277,837$ 268,637$ 273,440$ 1,081,652$ 1,089,319$ Adjustment items: (Gain) loss on securities 288 16 6 (6) (3) 304 (203) Gain on BOLI proceeds - - - (486) - (486) (55) Gain on sale of mortgage servicing rights - - - - (1,672) - (1,356) Servicing right impairment (recovery) - - - - - - (21,824) Adjusted total revenue (TE) 263,584$ 271,898$ 277,843$ 268,145$ 271,765$ 1,081,470$ 1,065,881$ Efficiency ratio 56.80% 52.21% 53.60% 52.08% 49.57% 53.65% 51.65% Adjusted efficiency ratio (TE) 52.87% 52.02% 53.41% 51.99% 49.61% 52.58% 52.48% Year to DateQuarter to Date

30 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 Total shareholders' equity 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 87,949 92,375 96,800 101,488 106,194 Total tangible shareholders' equity 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ Period end number of shares 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 Book value per share (period end) 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ Tangible book value per share (period end) 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ Total assets $ 25,203,699 $ 25,697,830 $ 25,800,618 $ 26,088,384 $ 25,053,286 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 87,949 92,375 96,800 101,488 106,194 Total tangible assets 24,100,104$ 24,589,809$ 24,688,172$ 24,971,250$ 23,931,446$ Equity to Assets 13.60% 13.02% 12.73% 12.47% 12.76% Tangible Common Equity to Tangible Assets 9.64% 9.11% 8.80% 8.55% 8.67% Quarter to Date

31 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 4Q23 4Q22 Net income 65,934$ 80,115$ 62,635$ 60,421$ 82,221$ 269,105$ 346,540$ Plus: Income taxes 24,452 24,912 20,335 18,131 22,313 87,830 106,558 Provision for credit losses 22,952 24,459 45,516 49,729 32,890 142,656 71,697 Pre-tax pre-provision net revenue (PPNR) 113,338$ 129,486$ 128,486$ 128,281$ 137,424$ 499,591$ 524,795$ Average Assets $ 25,341,990 $ 25,525,913 $ 25,631,846 $ 25,115,927 $ 24,354,979 $25,404,873 $23,644,754 Return on Average Assets (ROA) 1.03% 1.25% 0.98% 0.98% 1.34% 1.06% 1.47% PPNR ROA 1.77% 2.01% 2.01% 2.07% 2.24% 1.97% 2.22% Quarter to Date Year to Date

32 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Total shareholders' equity 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,023,071 1,023,056 1,022,345 1,012,620 928,005 928,005 Other intangibles, net 87,949 92,375 96,800 101,488 106,194 110,903 115,613 120,757 125,938 60,396 63,783 Total tangible shareholders' equity 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ Period end number of shares 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,352,709 69,360,461 69,439,084 69,609,228 69,635,435 69,767,209 Book value per share (period end) 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ 44.31$ 43.31$ 42.62$ 41.66$ 40.66$ Tangible book value per share (period end) 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 27.89$ 26.84$ 26.26$ 27.46$ 26.45$ 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 4Q18 Total shareholders' equity 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ 2,437,150$ 2,469,582$ 2,420,723$ 1,537,121$ 1,495,584$ 1,456,347$ Less: Goodwill 928,005 928,005 928,005 928,005 931,947 931,637 911,488 501,140 501,308 503,434 Other intangibles, net 67,848 71,974 76,164 80,354 85,955 91,586 97,328 52,437 55,557 58,689 Total tangible shareholders' equity 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ 1,419,248$ 1,446,359$ 1,411,907$ 983,544$ 938,719$ 894,224$ Period end number of shares 69,713,426 69,541,481 69,490,546 69,461,968 69,441,274 69,503,833 69,593,833 47,261,584 47,585,309 47,499,941 Book value per share (period end) 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ 35.53$ 34.78$ 32.52$ 31.43$ 30.66$ Tangible book value per share (period end) 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ 20.81$ 20.29$ 20.81$ 19.73$ 18.83$ As of As of

Ameris Bancorp Press Release & Financial Highlights December 31, 2023

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