Skip to main content
Equibles

8-K

Ameris Bancorp (ABCB)

8-K 2025-01-30 For: 2025-01-30
View Original
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 30, 2025 | | --- | --- || Ameris Bancorp | | --- | | (Exact Name of Registrant as Specified in Charter) || Georgia | 001-13901 | 58-1456434 | | --- | --- | --- | | (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | | 3490 Piedmont Road N.E., Suite 1550 | | | | --- | --- | --- | | Atlanta, | Georgia | 30305 | | (Address of Principal Executive Offices) | | (Zip Code) | | Registrant’s telephone number, including area code: | (404) | 639-6500 | | --- | --- | --- || (Former Name or Former Address, if Changed Since Last Report) | | --- |

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

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

Item 7.01 Regulation FD Disclosure.

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

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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

SIGNATURE

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

AMERIS BANCORP

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

Date: January 30, 2025

Document

bancorplionclean.jpg

News Release

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND

FULL YEAR 2024 FINANCIAL RESULTS

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

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

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

•Total revenue growth of 9.8% annualized

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Net Interest Income and Net Interest Margin

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

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

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

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

Noninterest Income

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

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

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

Noninterest Expense

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

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

Income Tax Expense

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

Balance Sheet Trends

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

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

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

Credit Quality

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

Conference Call

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

About Ameris Bancorp

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

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

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

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

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

For more information, contact:

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights Table 1
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
EARNINGS
Net income $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105
Adjusted net income(1) $ 95,078 $ 95,187 $ 80,763 $ 75,612 $ 73,568 $ 346,640 $ 276,253
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.21 $ 3.90
Diluted $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.19 $ 3.89
Adjusted diluted EPS(1) $ 1.38 $ 1.38 $ 1.17 $ 1.10 $ 1.07 $ 5.02 $ 4.00
Cash dividends per share $ 0.20 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.65 $ 0.60
Book value per share (period end) $ 54.32 $ 53.30 $ 51.64 $ 50.42 $ 49.62 $ 54.32 $ 49.62
Tangible book value per share (period end)(1) $ 38.59 $ 37.51 $ 35.79 $ 34.52 $ 33.64 $ 38.59 $ 33.64
Weighted average number of shares
Basic 68,799,464 68,798,093 68,824,150 68,808,393 68,824,004 68,808,830 68,977,453
Diluted 69,128,946 69,066,298 69,013,834 69,014,116 69,014,793 69,061,832 69,104,158
Period end number of shares 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,068,609 69,053,341
Market data
High intraday price $ 74.56 $ 65.40 $ 51.18 $ 53.99 $ 53.84 $ 74.56 $ 53.84
Low intraday price $ 59.12 $ 48.21 $ 44.23 $ 44.00 $ 34.26 $ 44.00 $ 28.33
Period end closing price $ 62.57 $ 62.39 $ 50.35 $ 48.38 $ 53.05 $ 62.57 $ 53.05
Average daily volume 384,406 379,896 301,784 407,898 390,190 368,293 419,347
PERFORMANCE RATIOS
Return on average assets 1.42 % 1.49 % 1.41 % 1.18 % 1.03 % 1.38 % 1.06 %
Adjusted return on average assets(1) 1.43 % 1.43 % 1.25 % 1.20 % 1.15 % 1.33 % 1.09 %
Return on average common equity 10.09 % 10.91 % 10.34 % 8.63 % 7.73 % 10.01 % 8.12 %
Adjusted return on average tangible common equity(1) 14.37 % 14.99 % 13.35 % 12.88 % 12.81 % 13.93 % 12.55 %
Earning asset yield (TE) 5.67 % 5.81 % 5.86 % 5.73 % 5.69 % 5.77 % 5.52 %
Total cost of funds 2.22 % 2.50 % 2.48 % 2.41 % 2.32 % 2.40 % 2.05 %
Net interest margin (TE) 3.64 % 3.51 % 3.58 % 3.51 % 3.54 % 3.56 % 3.61 %
Efficiency ratio 52.26 % 53.49 % 51.68 % 55.64 % 56.80 % 53.20 % 53.65 %
Adjusted efficiency ratio (TE)(1) 51.82 % 54.25 % 55.00 % 54.56 % 52.87 % 53.88 % 52.58 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets 14.28 % 13.94 % 13.45 % 13.58 % 13.60 % 14.28 % 13.60 %
Tangible common equity to tangible assets(1) 10.59 % 10.24 % 9.72 % 9.71 % 9.64 % 10.59 % 9.64 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division 2,021 2,056 2,073 2,082 2,088 2,021 2,088
Retail Mortgage Division 585 592 595 596 595 585 595
Warehouse Lending Division 8 9 9 8 7 8 7
Premium Finance Division 77 76 74 73 75 77 75
Total Ameris Bancorp FTE headcount 2,691 2,733 2,751 2,759 2,765 2,691 2,765
Branch locations 164 164 164 164 164 164 164
Deposits per branch location $ 132,454 $ 133,410 $ 130,757 $ 128,033 $ 126,271 $ 132,454 $ 126,271
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Income Statement Table 2
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
Interest income
Interest and fees on loans $ 318,843 $ 325,622 $ 317,664 $ 303,393 $ 303,487 $ 1,265,522 $ 1,172,162
Interest on taxable securities 15,923 15,555 16,948 13,092 14,033 61,518 59,002
Interest on nontaxable securities 337 336 335 330 326 1,338 1,335
Interest on deposits in other banks 11,260 13,633 12,376 12,637 14,368 49,906 47,936
Total interest income 346,363 355,146 347,323 329,452 332,214 1,378,284 1,280,435
Interest expense
Interest on deposits 115,556 129,698 121,245 118,174 111,749 484,673 356,017
Interest on other borrowings 8,986 11,388 14,157 9,890 14,364 44,421 89,374
Total interest expense 124,542 141,086 135,402 128,064 126,113 529,094 445,391
Net interest income 221,821 214,060 211,921 201,388 206,101 849,190 835,044
Provision for loan losses 12,657 6,313 25,348 25,523 30,401 69,841 153,515
Provision for unfunded commitments 148 (204) (6,570) (4,422) (7,438) (11,048) (10,853)
Provision for other credit losses 3 (2) (5) 4 (11) — (6)
Provision for credit losses 12,808 6,107 18,773 21,105 22,952 58,793 142,656
Net interest income after provision for credit losses 209,013 207,953 193,148 180,283 183,149 790,397 692,388
Noninterest income
Service charges on deposit accounts 13,544 12,918 12,672 11,759 12,252 50,893 46,575
Mortgage banking activity 36,699 37,947 46,399 39,430 31,461 160,475 139,885
Other service charges, commissions and fees 1,182 1,163 1,211 1,202 1,234 4,758 4,401
Gain (loss) on securities (16) (8) 12,335 (7) (288) 12,304 (304)
Equipment finance activity 5,947 5,398 4,983 5,336 5,748 21,664 23,349
Other noninterest income 11,603 12,291 11,111 8,158 5,841 43,163 28,922
Total noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828
Noninterest expense
Salaries and employee benefits 87,810 88,700 88,201 82,930 75,966 347,641 320,110
Occupancy and equipment 11,624 11,716 12,559 12,885 13,197 48,784 51,450
Data processing and communications expenses 14,631 15,221 15,193 14,654 14,028 59,699 53,486
Credit resolution-related expenses(1) 1,271 (110) 840 486 157 2,487 80
Advertising and marketing 2,407 4,089 3,571 2,545 2,937 12,612 11,638
Amortization of intangible assets 4,180 4,180 4,407 4,422 4,425 17,189 18,244
Other noninterest expenses 30,026 27,981 30,586 30,789 38,301 119,382 123,273
Total noninterest expense 151,949 151,777 155,357 148,711 149,011 607,794 578,281
Income before income tax expense 126,023 125,885 126,502 97,450 90,386 475,860 356,935
Income tax expense 31,647 26,673 35,717 23,138 24,452 117,175 87,830
Net income $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105
Diluted earnings per common share $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.19 $ 3.89
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Period End Balance Sheet Table 3
Dec Sep Jun Mar Dec
(dollars in thousands) 2024 2024 2024 2024 2023
Assets
Cash and due from banks $ 244,980 $ 231,515 $ 257,297 $ 235,931 $ 230,470
Interest-bearing deposits in banks 975,397 1,127,641 1,104,897 975,321 936,834
Debt securities available-for-sale, at fair value 1,671,260 1,441,552 1,531,047 1,414,419 1,402,944
Debt securities held-to-maturity, at amortized cost 164,677 161,220 148,538 147,022 141,512
Other investments 66,298 63,899 96,613 77,480 71,794
Loans held for sale 528,599 553,379 570,180 364,332 281,332
Loans, net of unearned income 20,739,906 20,964,981 20,992,603 20,600,260 20,269,303
Allowance for credit losses (338,084) (334,457) (336,218) (320,023) (307,100)
Loans, net 20,401,822 20,630,524 20,656,385 20,280,237 19,962,203
Other real estate owned 2,433 9,482 2,213 2,158 6,199
Premises and equipment, net 209,460 210,931 213,255 214,801 216,435
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangible assets, net 70,761 74,941 79,120 83,527 87,949
Cash value of bank owned life insurance 408,574 460,699 376,458 396,804 395,778
Other assets 502,143 418,353 469,079 447,767 454,603
Total assets $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699
Liabilities
Deposits
Noninterest-bearing $ 6,498,293 $ 6,670,320 $ 6,649,220 $ 6,538,322 $ 6,491,639
Interest-bearing 15,224,155 15,208,945 14,794,923 14,459,068 14,216,870
Total deposits 21,722,448 21,879,265 21,444,143 20,997,390 20,708,509
Other borrowings 291,788 346,446 946,413 631,380 509,586
Subordinated deferrable interest debentures 132,309 131,811 131,312 130,814 130,315
Other liabilities 363,983 360,892 432,246 411,123 428,542
Total liabilities 22,510,528 22,718,414 22,954,114 22,170,707 21,776,952
Shareholders' Equity
Preferred stock — — — — —
Common stock 72,699 72,698 72,697 72,683 72,516
Capital stock 1,958,642 1,954,532 1,950,846 1,948,352 1,945,385
Retained earnings 1,853,428 1,772,989 1,684,218 1,603,832 1,539,957
Accumulated other comprehensive loss, net of tax (30,119) (15,724) (38,020) (39,959) (35,939)
Treasury stock (103,128) (103,127) (103,127) (100,170) (95,172)
Total shareholders' equity 3,751,522 3,681,368 3,566,614 3,484,738 3,426,747
Total liabilities and shareholders' equity $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699
Other Data
Earning assets $ 24,146,137 $ 24,312,672 $ 24,443,878 $ 23,578,834 $ 23,103,719
Intangible assets 1,086,407 1,090,587 1,094,766 1,099,173 1,103,595
Interest-bearing liabilities 15,648,252 15,687,202 15,872,648 15,221,262 14,856,771
Average assets 26,444,894 26,442,984 25,954,808 25,295,088 25,341,990
Average common shareholders' equity 3,719,888 3,618,052 3,530,869 3,462,871 3,383,554

2

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information Table 4
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2024 2024 2024 2024 2023 2024 2023
Allowance for Credit Losses
Balance at beginning of period $ 364,885 $ 366,852 $ 357,232 $ 348,727 $ 339,180 $ 348,727 $ 258,163
Adoption of ASU 2022-02 — — — — — — (1,711)
Provision for loan losses 12,657 6,313 25,348 25,523 30,401 69,841 153,515
Provision for unfunded commitments 148 (204) (6,570) (4,422) (7,438) (11,048) (10,853)
Provision for other credit losses 3 (2) (5) 4 (11) — (6)
Provision for credit losses 12,808 6,107 18,773 21,105 22,952 58,793 142,656
Charge-offs 17,459 15,352 16,845 18,457 20,104 68,113 75,218
Recoveries 8,429 7,278 7,692 5,857 6,699 29,256 24,837
Net charge-offs (recoveries) 9,030 8,074 9,153 12,600 13,405 38,857 50,381
Ending balance $ 368,663 $ 364,885 $ 366,852 $ 357,232 $ 348,727 $ 368,663 $ 348,727
Allowance for loan losses $ 338,084 $ 334,457 $ 336,218 $ 320,023 $ 307,100 $ 338,084 $ 307,100
Allowance for unfunded commitments 30,510 30,362 30,566 37,136 41,558 30,510 41,558
Allowance for other credit losses 69 66 68 73 69 69 69
Total allowance for credit losses $ 368,663 $ 364,885 $ 366,852 $ 357,232 $ 348,727 $ 368,663 $ 348,727
Non-Performing Assets
Nonaccrual portfolio loans $ 90,206 $ 87,339 $ 85,878 $ 80,448 $ 60,961 $ 90,206 $ 60,961
Other real estate owned 2,433 9,482 2,213 2,158 6,199 2,433 6,199
Repossessed assets 9 19 22 29 17 9 17
Accruing loans delinquent 90 days or more 17,733 12,234 15,909 15,811 16,988 17,733 16,988
Non-performing portfolio assets $ 110,381 $ 109,074 $ 104,022 $ 98,446 $ 84,165 $ 110,381 $ 84,165
Serviced GNMA-guaranteed mortgage nonaccrual loans 12,012 8,168 93,520 84,238 90,156 12,012 90,156
Total non-performing assets $ 122,393 $ 117,242 $ 197,542 $ 182,684 $ 174,321 $ 122,393 $ 174,321
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets 0.42 % 0.41 % 0.39 % 0.38 % 0.33 % 0.42 % 0.33 %
Total non-performing assets as a percent of total assets 0.47 % 0.44 % 0.74 % 0.71 % 0.69 % 0.47 % 0.69 %
Net charge-offs as a percent of average loans (annualized) 0.17 % 0.15 % 0.18 % 0.25 % 0.26 % 0.19 % 0.25 %
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Loan Information Table 5
Dec Sep Jun Mar Dec
(dollars in thousands) 2024 2024 2024 2024 2023
Loans by Type
Commercial and industrial $ 2,953,135 $ 2,949,957 $ 2,860,973 $ 2,758,716 $ 2,688,929
Consumer 221,735 221,201 234,122 257,015 275,809
Mortgage warehouse 965,053 985,910 1,070,921 891,336 818,728
Municipal 441,408 449,561 454,967 477,567 492,668
Premium Finance 1,155,614 1,246,452 1,151,261 998,726 946,562
Real estate - construction and development 1,998,506 2,232,114 2,336,987 2,264,346 2,129,187
Real estate - commercial and farmland 8,445,958 8,249,981 8,103,634 8,131,248 8,059,754
Real estate - residential 4,558,497 4,629,805 4,779,738 4,821,306 4,857,666
Total loans $ 20,739,906 $ 20,964,981 $ 20,992,603 $ 20,600,260 $ 20,269,303
Loans by Risk Grade
Pass $ 20,457,340 $ 20,676,342 $ 20,623,416 $ 20,221,302 $ 19,846,731
Other assets especially mentioned 110,936 124,479 115,477 137,225 203,725
Substandard 171,630 164,160 253,710 241,733 218,847
Total loans $ 20,739,906 $ 20,964,981 $ 20,992,603 $ 20,600,260 $ 20,269,303
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Average Balances Table 6
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2024 2024 2024 2024 2023 2024 2023
Earning Assets
Interest-bearing deposits in banks $ 899,162 $ 997,308 $ 899,866 $ 923,845 $ 936,733 $ 930,145 $ 914,818
Debt securities - taxable 1,761,984 1,733,418 1,663,841 1,599,705 1,591,567 1,690,053 1,664,184
Debt securities - nontaxable 41,494 41,496 41,396 41,287 40,227 41,419 41,679
Loans held for sale 795,904 575,461 491,000 323,351 405,080 547,190 484,070
Loans 20,868,216 21,023,629 20,820,361 20,320,678 20,252,773 20,759,247 20,154,321
Total Earning Assets $ 24,366,760 $ 24,371,312 $ 23,916,464 $ 23,208,866 $ 23,226,380 $ 23,968,054 $ 23,259,072
Deposits
Noninterest-bearing deposits $ 6,684,851 $ 6,622,952 $ 6,558,427 $ 6,403,300 $ 6,572,190 $ 6,567,855 $ 6,771,464
NOW accounts 3,888,404 3,753,528 3,824,538 3,829,977 3,760,992 3,824,094 3,878,034
MMDA 6,864,265 6,508,770 6,251,719 5,952,389 5,994,361 6,395,883 5,382,865
Savings accounts 761,980 765,909 781,588 795,887 817,075 776,273 936,454
Retail CDs 2,474,804 2,478,875 2,430,416 2,378,678 2,281,357 2,440,891 2,031,828
Brokered CDs 1,057,808 1,493,352 1,167,174 1,381,382 1,122,684 1,274,933 1,024,606
Total Deposits 21,732,112 21,623,386 21,013,862 20,741,613 20,548,659 21,279,929 20,025,251
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase — — 1 — — — —
FHLB advances 215,116 358,332 548,251 219,589 538,096 335,056 1,210,242
Other borrowings 279,961 298,073 307,449 308,210 311,091 298,372 325,260
Subordinated deferrable interest debentures 132,048 131,547 131,050 130,551 130,054 131,302 129,310
Total Non-Deposit Funding 627,125 787,952 986,751 658,350 979,241 764,730 1,664,812
Total Funding $ 22,359,237 $ 22,411,338 $ 22,000,613 $ 21,399,963 $ 21,527,900 $ 22,044,659 $ 21,690,063
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Interest Income and Interest Expense (TE) Table 7
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2024 2024 2024 2024 2023 2024 2023
Interest Income
Interest-bearing deposits in banks $ 11,260 $ 13,633 $ 12,376 $ 12,637 $ 14,368 $ 49,906 $ 47,936
Debt securities - taxable 15,923 15,555 16,948 13,092 14,033 61,518 59,002
Debt securities - nontaxable (TE) 427 426 423 418 413 1,694 1,690
Loans held for sale 11,853 9,142 8,189 5,348 6,846 34,532 29,711
Loans (TE) 307,852 317,358 310,347 298,907 297,501 1,234,464 1,145,876
Total Earning Assets $ 347,315 $ 356,114 $ 348,283 $ 330,402 $ 333,161 $ 1,382,114 $ 1,284,215
Interest Expense
Interest-Bearing Deposits
NOW accounts $ 19,099 $ 20,535 $ 21,020 $ 20,574 $ 19,293 $ 81,228 $ 69,584
MMDA 57,160 61,620 58,332 53,953 54,002 231,065 162,718
Savings accounts 850 960 984 986 974 3,780 6,349
Retail CDs 25,610 26,775 25,711 24,576 22,257 102,672 63,650
Brokered CDs 12,837 19,808 15,198 18,085 15,223 65,928 53,716
Total Interest-Bearing Deposits 115,556 129,698 121,245 118,174 111,749 484,673 356,017
Non-Deposit Funding
FHLB advances 2,393 4,443 7,167 2,578 7,089 16,581 59,302
Other borrowings 3,346 3,514 3,574 3,879 3,798 14,313 16,870
Subordinated deferrable interest debentures 3,247 3,431 3,416 3,433 3,477 13,527 13,202
Total Non-Deposit Funding 8,986 11,388 14,157 9,890 14,364 44,421 89,374
Total Interest-Bearing Funding $ 124,542 $ 141,086 $ 135,402 $ 128,064 $ 126,113 $ 529,094 $ 445,391
Net Interest Income (TE) $ 222,773 $ 215,028 $ 212,881 $ 202,338 $ 207,048 $ 853,020 $ 838,824
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Yields(1) Table 8
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
2024 2024 2024 2024 2023 2024 2023
Earning Assets
Interest-bearing deposits in banks 4.98 % 5.44 % 5.53 % 5.50 % 6.09 % 5.37 % 5.24 %
Debt securities - taxable 3.60 % 3.57 % 4.10 % 3.29 % 3.50 % 3.64 % 3.55 %
Debt securities - nontaxable (TE) 4.09 % 4.08 % 4.11 % 4.07 % 4.07 % 4.09 % 4.05 %
Loans held for sale 5.92 % 6.32 % 6.71 % 6.65 % 6.71 % 6.31 % 6.14 %
Loans (TE) 5.87 % 6.01 % 6.00 % 5.92 % 5.83 % 5.95 % 5.69 %
Total Earning Assets 5.67 % 5.81 % 5.86 % 5.73 % 5.69 % 5.77 % 5.52 %
Interest-Bearing Deposits
NOW accounts 1.95 % 2.18 % 2.21 % 2.16 % 2.04 % 2.12 % 1.79 %
MMDA 3.31 % 3.77 % 3.75 % 3.65 % 3.57 % 3.61 % 3.02 %
Savings accounts 0.44 % 0.50 % 0.51 % 0.50 % 0.47 % 0.49 % 0.68 %
Retail CDs 4.12 % 4.30 % 4.25 % 4.16 % 3.87 % 4.21 % 3.13 %
Brokered CDs 4.83 % 5.28 % 5.24 % 5.27 % 5.38 % 5.17 % 5.24 %
Total Interest-Bearing Deposits 3.06 % 3.44 % 3.37 % 3.31 % 3.17 % 3.29 % 2.69 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase — % — % — % — % — % — % — %
FHLB advances 4.43 % 4.93 % 5.26 % 4.72 % 5.23 % 4.95 % 4.90 %
Other borrowings 4.75 % 4.69 % 4.68 % 5.06 % 4.84 % 4.80 % 5.19 %
Subordinated deferrable interest debentures 9.78 % 10.38 % 10.48 % 10.58 % 10.61 % 10.30 % 10.21 %
Total Non-Deposit Funding 5.70 % 5.75 % 5.77 % 6.04 % 5.82 % 5.81 % 5.37 %
Total Interest-Bearing Liabilities 3.16 % 3.55 % 3.53 % 3.43 % 3.35 % 3.42 % 2.99 %
Net Interest Spread 2.51 % 2.26 % 2.33 % 2.30 % 2.34 % 2.35 % 2.53 %
Net Interest Margin(2) 3.64 % 3.51 % 3.58 % 3.51 % 3.54 % 3.56 % 3.61 %
Total Cost of Funds(3) 2.22 % 2.50 % 2.48 % 2.41 % 2.32 % 2.40 % 2.05 %
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income Table 9A
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
Net income available to common shareholders $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105
Adjustment items:
Gain on sale of MSR (536) (5,245) (4,713) — — (10,494) —
Gain on conversion of Visa Class B-1 stock — — (12,554) — — (12,554) —
Gain on BOLI proceeds — — (466) (998) — (1,464) (486)
FDIC special assessment (559) — (895) 2,909 11,566 1,455 11,566
Natural disaster expenses 400 150 — — — 550 —
(Gain)/loss on bank premises 1,203 — — — (1,903) 1,203 (1,903)
Tax effect of adjustment items (Note 1) (107) 1,070 3,814 (611) (2,029) 4,166 (2,029)
After tax adjustment items 401 (4,025) (14,814) 1,300 7,634 (17,138) 7,148
Tax expense attributable to BOLI restructuring 301 — 4,792 — — 5,093 —
Adjusted net income $ 95,078 $ 95,187 $ 80,763 $ 75,612 $ 73,568 $ 346,640 $ 276,253
Weighted average number of shares - diluted 69,128,946 69,066,298 69,013,834 69,014,116 69,014,793 69,061,832 69,104,158
Net income per diluted share $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.19 $ 3.89
Adjusted net income per diluted share $ 1.38 $ 1.38 $ 1.17 $ 1.10 $ 1.07 $ 5.02 $ 4.00
Average assets $ 26,444,894 $ 26,442,984 $ 25,954,808 $ 25,295,088 $ 25,341,990 $ 26,036,681 $ 25,404,873
Return on average assets 1.42 % 1.49 % 1.41 % 1.18 % 1.03 % 1.38 % 1.06 %
Adjusted return on average assets 1.43 % 1.43 % 1.25 % 1.20 % 1.15 % 1.33 % 1.09 %
Average common equity $ 3,719,888 $ 3,618,052 $ 3,530,869 $ 3,462,871 $ 3,383,554 $ 3,583,390 $ 3,313,361
Average tangible common equity $ 2,631,452 $ 2,525,421 $ 2,433,958 $ 2,361,544 $ 2,277,810 $ 2,488,588 $ 2,200,883
Return on average common equity 10.09 % 10.91 % 10.34 % 8.63 % 7.73 % 10.01 % 8.12 %
Adjusted return on average tangible common equity 14.37 % 14.99 % 13.35 % 12.88 % 12.81 % 13.93 % 12.55 %
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE) Table 9B
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2024 2024 2024 2024 2023 2024 2023
Adjusted Noninterest Expense
Total noninterest expense $ 151,949 $ 151,777 $ 155,357 $ 148,711 $ 149,011 $ 607,794 $ 578,281
Adjustment items:
FDIC special assessment 559 — 895 (2,909) (11,566) (1,455) (11,566)
Natural disaster expenses (400) (150) — — — (550) —
(Loss)/gain on bank premises (1,203) — — — 1,903 (1,203) 1,903
Adjusted noninterest expense $ 150,905 $ 151,627 $ 156,252 $ 145,802 $ 139,348 $ 604,586 $ 568,618
Total Revenue
Net interest income $ 221,821 $ 214,060 $ 211,921 $ 201,388 $ 206,101 $ 849,190 $ 835,044
Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828
Total revenue $ 290,780 $ 283,769 $ 300,632 $ 267,266 $ 262,349 $ 1,142,447 $ 1,077,872
Adjusted Total Revenue
Net interest income (TE) $ 222,773 $ 215,028 $ 212,881 $ 202,338 $ 207,048 $ 853,020 $ 838,824
Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828
Total revenue (TE) 291,732 284,737 301,592 268,216 263,296 1,146,277 1,081,652
Adjustment items:
(Gain) loss on securities 16 8 (12,335) 7 288 (12,304) 304
Gain on sale of MSR (536) (5,245) (4,713) — — (10,494) —
Gain on BOLI proceeds — — (466) (998) — (1,464) (486)
Adjusted total revenue (TE) $ 291,212 $ 279,500 $ 284,078 $ 267,225 $ 263,584 $ 1,122,015 $ 1,081,470
Efficiency ratio 52.26 % 53.49 % 51.68 % 55.64 % 56.80 % 53.20 % 53.65 %
Adjusted efficiency ratio (TE) 51.82 % 54.25 % 55.00 % 54.56 % 52.87 % 53.88 % 52.58 %
Tangible Book Value Per Share Table 9C
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023
Total shareholders' equity $ 3,751,522 $ 3,681,368 $ 3,566,614 $ 3,484,738 $ 3,426,747 $ 3,751,522 $ 3,426,747
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 70,761 74,941 79,120 83,527 87,949 70,761 87,949
Total tangible shareholders' equity $ 2,665,115 $ 2,590,781 $ 2,471,848 $ 2,385,565 $ 2,323,152 $ 2,665,115 $ 2,323,152
Period end number of shares 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,068,609 69,053,341
Book value per share (period end) $ 54.32 $ 53.30 $ 51.64 $ 50.42 $ 49.62 $ 54.32 $ 49.62
Tangible book value per share (period end) $ 38.59 $ 37.51 $ 35.79 $ 34.52 $ 33.64 $ 38.59 $ 33.64
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets Table 9D
Dec Sep Jun Mar Dec
(dollars in thousands except per share data) 2024 2024 2024 2024 2023
Total shareholders' equity $ 3,751,522 $ 3,681,368 $ 3,566,614 $ 3,484,738 $ 3,426,747
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 70,761 74,941 79,120 83,527 87,949
Total tangible shareholders' equity $ 2,665,115 $ 2,590,781 $ 2,471,848 $ 2,385,565 $ 2,323,152
Total assets $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 70,761 74,941 79,120 83,527 87,949
Total tangible assets $ 25,175,643 $ 25,309,195 $ 25,425,962 $ 24,556,272 $ 24,100,104
Equity to Assets 14.28 % 13.94 % 13.45 % 13.58 % 13.60 %
Tangible Common Equity to Tangible Assets 10.59 % 10.24 % 9.72 % 9.71 % 9.64 %
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Segment Reporting Table 10
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2024 2024 2024 2024 2023 2024 2023
Retail Mortgage Division
Net interest income $ 23,714 $ 23,553 $ 23,742 $ 23,287 $ 24,053 $ 94,296 $ 88,302
Provision for credit losses (2,503) 254 (2,882) 2,332 1,005 (2,799) 9,535
Noninterest income 36,623 41,498 50,145 38,765 30,588 167,031 137,145
Noninterest expense
Salaries and employee benefits 22,876 23,233 25,254 21,073 16,996 92,436 80,317
Occupancy and equipment expenses 951 957 1,008 1,049 1,210 3,965 4,899
Data processing and telecommunications expenses 1,222 1,184 1,276 1,366 1,318 5,048 4,836
Other noninterest expenses 12,118 12,164 13,397 12,530 11,634 50,209 47,393
Total noninterest expense 37,167 37,538 40,935 36,018 31,158 151,658 137,445
Income before income tax expense 25,673 27,259 35,834 23,702 22,478 112,468 78,467
Income tax expense 5,391 5,724 7,525 4,978 4,720 23,618 16,478
Net income $ 20,282 $ 21,535 $ 28,309 $ 18,724 $ 17,758 $ 88,850 $ 61,989
Warehouse Lending Division
Net interest income $ 6,640 $ 7,812 $ 6,292 $ 6,028 $ 5,965 $ 26,772 $ 23,839
Provision for credit losses (59) (170) 359 145 (68) 275 (440)
Noninterest income 676 1,765 1,028 740 929 4,209 3,475
Noninterest expense
Salaries and employee benefits 583 621 1,124 888 296 3,216 2,794
Occupancy and equipment expenses 6 6 7 7 3 26 5
Data processing and telecommunications expenses 44 32 59 25 51 160 171
Other noninterest expenses 224 217 298 237 229 976 873
Total noninterest expense 857 876 1,488 1,157 579 4,378 3,843
Income before income tax expense 6,518 8,871 5,473 5,466 6,383 26,328 23,911
Income tax expense 1,369 1,863 1,149 1,148 1,340 5,529 5,021
Net income $ 5,149 $ 7,008 $ 4,324 $ 4,318 $ 5,043 $ 20,799 $ 18,890
Premium Finance Division
Net interest income $ 10,390 $ 10,060 $ 8,350 $ 7,605 $ 7,801 $ 36,405 $ 34,007
Provision for credit losses 517 457 408 (499) 27 883 772
Noninterest income 13 11 11 10 9 45 31
Noninterest expense
Salaries and employee benefits 2,029 2,212 1,900 2,053 1,973 8,194 8,600
Occupancy and equipment expenses 51 28 70 76 83 225 314
Data processing and telecommunications expenses 106 83 102 79 100 370 324
Other noninterest expenses 1,173 1,140 1,095 1,028 1,057 4,436 4,217
Total noninterest expense 3,359 3,463 3,167 3,236 3,213 13,225 13,455
Income before income tax expense 6,527 6,151 4,786 4,878 4,570 22,342 19,811
Income tax expense 1,334 1,254 953 984 945 4,525 4,034
Net income $ 5,193 $ 4,897 $ 3,833 $ 3,894 $ 3,625 $ 17,817 $ 15,777
AMERIS BANCORP AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL TABLES
Segment Reporting (continued) Table 10
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2024 2024 2024 2024 2023 2024 2023
Banking Division
Net interest income $ 181,077 $ 172,635 $ 173,537 $ 164,468 $ 168,282 $ 691,717 $ 688,896
Provision for credit losses 14,853 5,566 20,888 19,127 21,988 60,434 132,789
Noninterest income 31,647 26,435 37,527 26,363 24,722 121,972 102,177
Noninterest expense
Salaries and employee benefits 62,322 62,634 59,923 58,916 56,701 243,795 228,399
Occupancy and equipment expenses 10,616 10,725 11,474 11,753 11,901 44,568 46,232
Data processing and telecommunications expenses 13,259 13,922 13,756 13,184 12,559 54,121 48,155
Other noninterest expenses 24,369 22,619 24,614 24,447 32,900 96,049 100,752
Total noninterest expense 110,566 109,900 109,767 108,300 114,061 438,533 423,538
Income before income tax expense 87,305 83,604 80,409 63,404 56,955 314,722 234,746
Income tax expense 23,553 17,832 26,090 16,028 17,447 83,503 62,297
Net income $ 63,752 $ 65,772 $ 54,319 $ 47,376 $ 39,508 $ 231,219 $ 172,449
Total Consolidated
Net interest income $ 221,821 $ 214,060 $ 211,921 $ 201,388 $ 206,101 $ 849,190 $ 835,044
Provision for credit losses 12,808 6,107 18,773 21,105 22,952 58,793 142,656
Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828
Noninterest expense
Salaries and employee benefits 87,810 88,700 88,201 82,930 75,966 347,641 320,110
Occupancy and equipment expenses 11,624 11,716 12,559 12,885 13,197 48,784 51,450
Data processing and telecommunications expenses 14,631 15,221 15,193 14,654 14,028 59,699 53,486
Other noninterest expenses 37,884 36,140 39,404 38,242 45,820 151,670 153,235
Total noninterest expense 151,949 151,777 155,357 148,711 149,011 607,794 578,281
Income before income tax expense 126,023 125,885 126,502 97,450 90,386 475,860 356,935
Income tax expense 31,647 26,673 35,717 23,138 24,452 117,175 87,830
Net income $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105

a4q24earningspresentatio

4th Quarter 2024 Results Investor Presentation

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

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

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

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

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

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

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

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

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

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

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

Loan Diversification and Credit Quality

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

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

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

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

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

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

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

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

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

Appendix

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

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

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

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

Report a Problem

Category
Description
Email (optional, for follow-up)