Li Auto Inc
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Consumer Discretionary : Automobiles | Large Cap Growth
Based in China
Company profile

Li Auto Inc is a China-based new energy passenger vehicles (NEV) automaker principally engaged in the design, develop, manufacture and sales of smart electric vehicles. The Company's primary products are sport utility vehicles (SUVs) under its brand Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle Internet connection services and extended lifetime warranties. The Company operates its businesses through its subsidiaries and variable interest entities (VIEs) in China.

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Closing Price
$20.95
Day's Change
-2.95 (-12.34%)
Bid
--
Ask
--
B/A Size
--
Day's High
24.02
Day's Low
20.68
Volume
(Heavy Day)
Volume:
25,644,786

10-day average volume:
11,447,115
25,644,786

AMERIS BANCORP ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2022

4:05 pm ET July 26, 2022 (PR Newswire) Print

Highlights of the Company's results for the second quarter of 2022 include the following:

-- Net income of $90.1 million, or $1.30 per diluted share

-- Growth in tangible book value of $1.05 per share, or 15.7% annualized, to $27.89 at June 30, 2022

-- Adjusted total revenue grew $14.2 million, or 5.7%, when compared to last quarter

-- Improvement in net interest margin of 31bps, from 3.35% last quarter to 3.66% this quarter

-- Adjusted return on average assets of 1.40%

-- Adjusted return on average tangible common equity of 17.18%

-- Adjusted efficiency ratio of 53.66%, compared with 56.95% last quarter

-- Organic growth in loans of $1.4 billion, or 35.1% annualized

-- Continued growth in noninterest bearing deposits, representing 41.98% of total deposits, from 40.18% at March 31, 2022 and 38.25% a year ago

Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $90.1 million, or $1.30 per diluted share, for the quarter ended June 30, 2022, compared with $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021. The Company reported adjusted net income of $81.5 million, or $1.18 per diluted share, for the quarter ended June 30, 2022, compared with $87.5 million, or $1.25 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds and gain/loss on sale of bank premises.

https://mma.prnewswire.com/media/320792/ameris_bancorp_logo.jpg

For the year-to-date period ending June 30, 2022, the Company reported net income of $171.8 million, or $2.47 per diluted share, compared with $213.3 million, or $3.06 per diluted share, for the same period in 2021. The Company reported adjusted net income of $156.5 million, or $2.25 per diluted share, for the six months ended June 30, 2022, compared with $203.3 million, or $2.91 per diluted share, for the same period in 2021. Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Our strong second quarter financial results are attributable to our solid banking fundamentals. We grew revenue, improved our margin, expanded our earning asset base and grew tangible book value by $1.05 per share this quarter. We are well positioned for future interest rate hikes, and we continue to monitor our loan growth and credit metrics very closely. Southeastern markets where we operate continue to provide opportunities for responsible growth. We remain focused on our core fundamentals going into the third quarter."

Increase in Net Interest Income and Net Interest Margin Net interest income on a tax-equivalent basis (TE) increased to $192.3 million in the second quarter of 2022, an increase of $18.8 million, or 10.8%, from last quarter and an increase of $29.3 million, or 18.0%, compared to the second quarter of 2021. Interest income on a tax-equivalent basis increased by $19.2 million, or 10.4%, in the current quarter while interest expense increased only $374,000, or 3.5%, compared to the first quarter of 2022.

The Company's net interest margin improved significantly to 3.66% for the second quarter of 2022, up from 3.35% reported for the first quarter of 2022 and 3.34% reported for the second quarter of 2021. While average earning assets remained consistent at $21.1 billion from the previous quarter, the mix of earning assets expanded the margin as the Company began to deploy excess liquidity through the investment portfolio and organic loan growth.

Yields on earning assets increased 32 basis points during the quarter to 3.88%, compared with 3.56% in the first quarter of 2022, and increased 30 basis points from 3.58% in the second quarter of 2021. Yields on loans decreased to 4.32% during the second quarter of 2022, compared with 4.37% for the first quarter of 2022 and 4.33% for the second quarter of 2021. Loan yields in the second quarter of 2022 were negatively impacted approximately four basis points by declines in fee income on Paycheck Protection Program ("PPP") loans compared with the first quarter of 2022. In addition, the Company incurred net accretion expense in the second quarter of $379,000, compared with accretion income of $1.0 million in the first quarter of 2022 and $4.5 million for the second quarter of 2021.

Loan production in the banking division during the second quarter of 2022 was $1.07 billion, with weighted average yields of 5.24%, compared with $805.5 million and 5.17%, respectively, in the first quarter of 2022 and $911.3 million and 3.75%, respectively, in the second quarter of 2021. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $5.3 billion during the second quarter of 2022, with weighted average yields of 4.29%, compared with $4.7 billion and 3.63%, respectively, during the first quarter of 2022 and $6.4 billion and 3.36%, respectively, during the second quarter of 2021.

The Company's total cost of funds was unchanged at 0.22% in the second quarter of 2022 as compared with the first quarter of 2022. Deposit costs increased just one basis point during the second quarter of 2022 to 0.10%, compared with 0.09% in the first quarter of 2022. Costs of interest-bearing deposits increased during the quarter from 0.14% in the first quarter of 2022 to 0.17% in the second quarter of 2022.

Noninterest Income Noninterest income decreased $3.1 million, or 3.5%, in the second quarter of 2022 to $83.8 million, compared with $86.9 million for the first quarter of 2022, primarily as a result of decreased mortgage banking activity, which declined by $4.2 million, or 6.6%, to $58.8 million in the second quarter of 2022, compared with $62.9 million for the first quarter of 2022. Gain on sale spreads decreased to 2.36% in the second quarter of 2022 from 2.94% for the first quarter of 2022. Total production in the retail mortgage division increased to $1.73 billion in the second quarter of 2022, compared with $1.53 billion for the first quarter of 2022. The retail mortgage open pipeline was $832.3 million at the end of the second quarter of 2022, compared with $1.41 billion at March 31, 2022. Mortgage banking activity included a $10.8 million recovery of servicing right impairment recorded in the second quarter of 2022, compared with a recovery of $9.7 million for the first quarter of 2022.

Other noninterest income increased $683,000, or 5.7%, in the second quarter of 2022 to $12.7 million, compared with $12.0 million for the first quarter of 2022, primarily as a result of a $1.6 million impact from the recently acquired Balboa Capital. Also contributing to the increase were increases in swap income of $326,000 and BOLI income of $179,000, partially offset by a decrease in gains on sale of SBA loans of $1.2 million.

Noninterest Expense Noninterest expense decreased $1.6 million, or 1.1%, to $142.2 million during the second quarter of 2022, compared with $143.8 million for the first quarter of 2022. During the second quarter of 2022, the Company recorded a net gain of $39,000 related to bank premises, compared with a net gain on bank premises of $6,000 and merger and conversion charges of $977,000 during the first quarter of 2022. Excluding those charges, adjusted expenses decreased approximately $614,000, or 0.4%, to $142.2 million in the second quarter of 2022, from $142.8 million in the first quarter of 2022. The decrease in adjusted expenses resulted from cyclical payroll tax and 401(k) expenses in the first quarter of 2022, partially offset by an increase in advertising and marketing expenses.

Management continues to focus its efforts on improving the operating efficiency of the Company. The adjusted efficiency ratio decreased to 53.66% in the second quarter of 2022, compared with 56.95% in the first quarter of 2022.

Income Tax Expense The Company's effective tax rate for the second quarter of 2022 was 23.7%, compared with 25.3% in the first quarter of 2022. The decreased rate for the second quarter of 2022 was primarily a result of a discrete charge to the Company's state tax liability and nondeductible merger expenses incurred in the first quarter of 2022.

Balance Sheet Trends Total assets at June 30, 2022 were $23.69 billion, compared with $23.86 billion at December 31, 2021. While total assets have not materially changed, the Company improved the earning asset mix through a shift in reinvestment of excess liquidity to the securities portfolio and loans held for investment. Debt securities available-for-sale increased $459.6 million, or 77.6%, from $592.6 million at December 31, 2021 to $1.05 billion at June 30, 2022. Loans, net of unearned income, increased $1.69 billion, or 21.4% annualized, to $17.56 billion at June 30, 2022, compared with $15.87 billion at December 31, 2021. Organic loan growth in the second quarter of 2022 was $1.4 billion, or 35.1% annualized, which included managed growth in residential mortgage loans of $555 million and seasonal increases in mortgage warehouse and agricultural loans of $217 million and $40.5 million, respectively. As a result of the purposeful origination of residential mortgage loans into the portfolio, loans held for sale decreased $699.0 million from $1.25 billion at December 31, 2021 to $555.7 million at June 30, 2022.

At June 30, 2022, total deposits amounted to $19.68 billion, or 97.3% of total funding, compared with $19.67 billion and 95.8%, respectively, at December 31, 2021. At June 30, 2022, noninterest-bearing deposit accounts were $8.26 billion, or 42.0% of total deposits, compared with $7.77 billion, or 39.5% of total deposits, at December 31, 2021. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $13.06 billion at June 30, 2022, compared with $12.52 billion at December 31, 2021. These funds represented 66.3% of the Company's total deposits at June 30, 2022, compared with 63.6% at the end of 2021, which continues to positively impact the cost of funds sensitivity in a rising rate environment.

Shareholders' equity at June 30, 2022 totaled $3.07 billion, an increase of $106.9 million, or 3.6%, from December 31, 2021. The increase in shareholders' equity was primarily the result of earnings of $171.8 million during the first six months of 2022, partially offset by dividends declared, share repurchases and the impact to other comprehensive income resulting from rising rates on our investment portfolio. The Company repurchased 118,157 shares of the Company's common stock at a cost of $5.0 million during the second quarter of 2022. The Company recorded dilution of $0.16 per share, or less than 0.6%, to tangible book value this quarter from other comprehensive income related to the increase in net unrealized losses on the securities portfolio. Tangible book value per share was $27.89 at June 30, 2022, compared with $26.26 at December 31, 2021. Tangible common equity as a percentage of tangible assets was 8.58% at June 30, 2022, compared with 8.05% at the end of 2021.

Credit Quality Credit quality remains strong in the Company. During the second quarter of 2022, the Company recorded a provision for credit losses of $14.9 million, compared with a provision of $6.2 million in the first quarter of 2022. This provision was primarily attributable to the $1.4 billion in organic loan growth during the quarter. Nonperforming assets as a percentage of total assets increased nine basis points to 0.56% during the quarter. The net charge-off ratio was four basis points for the second quarter of 2022, compared with nine basis points in the first quarter of 2022 and seven basis points in the second quarter of 2021.

Conference Call The Company will host a teleconference at 9:00 a.m. Eastern time on Wednesday, July 27, 2022, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants). The conference call access code is 603616. A replay of the call will be available one hour after the end of the conference call until August 10, 2022. To listen to the replay, dial 1-866-813-9403. The conference replay access code is 568609. The financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

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

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 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 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 performance 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; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, our customers and the allowance for loan losses; the benefits that may be realized by our customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights                             Table 1
                                                 Three Months Ended                                                         Six Months Ended
                                                 Jun            Mar            Dec            Sep            Jun            Jun            Jun
(dollars in thousands except per share data)     2022           2022           2021           2021           2021           2022           2021
EARNINGS
Net income                                       $    90,066    $    81,698    $    81,944    $    81,680    $    88,327    $  171,764     $  213,289
Adjusted net income                              $    81,473    $    75,039    $    81,544    $    83,861    $    87,548    $  156,512     $  203,294
COMMON SHARE DATA
Earnings per share available to common
shareholders
Basic                                            $        1.30  $        1.18  $        1.18  $        1.18  $        1.27  $        2.48  $        3.07
Diluted                                          $        1.30  $        1.17  $        1.18  $        1.17  $        1.27  $        2.47  $        3.06
Adjusted diluted EPS                             $        1.18  $        1.08  $        1.17  $        1.20  $        1.25  $        2.25  $        2.91
Cash dividends per share                         $        0.15  $        0.15  $        0.15  $        0.15  $        0.15  $        0.30  $        0.30
Book value per share (period end)                $      44.31   $      43.31   $      42.62   $      41.66   $      40.66   $      44.31   $      40.66
Tangible book value per share (period end)       $      27.89   $      26.84   $      26.26   $      27.46   $      26.45   $      27.89   $      26.45
Weighted average number of shares
Basic                                            69,136,046     69,345,735     69,398,594     69,439,845     69,496,666     69,246,084     69,447,503
Diluted                                          69,316,258     69,660,990     69,738,426     69,756,135     69,791,670     69,484,508     69,764,923
Period end number of shares                      69,360,461     69,439,084     69,609,228     69,635,435     69,767,209     69,360,461     69,767,209
Market data
High intraday price                              $      46.28   $      55.62   $      56.64   $      53.63   $      59.85   $      55.62   $      59.85
Low intraday price                               $      39.37   $      43.56   $      46.20   $      44.92   $      47.44   $      39.37   $      36.60
Period end closing price                         $      40.18   $      43.88   $      49.68   $      51.88   $      50.63   $      40.18   $      50.63
Average daily volume                             446,121        471,858        350,119        392,533        429,233        458,990        444,733
PERFORMANCE RATIOS
Return on average assets                         1.54 %         1.42 %         1.41 %         1.47 %         1.64 %         1.48 %         2.03 %
Adjusted return on average assets                1.40 %         1.31 %         1.40 %         1.51 %         1.63 %         1.35 %         1.94 %
Return on average common equity                  11.87 %        11.06 %        11.06 %        11.27 %        12.66 %        11.47 %        15.66 %
Adjusted return on average tangible common       17.18 %        16.38 %        16.88 %        17.65 %        19.46 %        16.79 %        23.41 %
equity
Earning asset yield (TE)                         3.88 %         3.56 %         3.39 %         3.44 %         3.58 %         3.72 %         3.71 %
Total cost of funds                              0.22 %         0.22 %         0.23 %         0.24 %         0.26 %         0.22 %         0.28 %
Net interest margin (TE)                         3.66 %         3.35 %         3.18 %         3.22 %         3.34 %         3.51 %         3.45 %
Noninterest income excluding securities          29.09 %        32.05 %        31.31 %        30.32 %        33.78 %        30.52 %        36.92 %
transactions, as a percent of total revenue (TE)
Efficiency ratio                                 51.67 %        55.43 %        55.66 %        57.59 %        54.07 %        53.49 %        53.28 %
Adjusted efficiency ratio (TE)                   53.66 %        56.95 %        54.85 %        56.56 %        54.07 %        55.26 %        54.36 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets                   12.97 %        12.76 %        12.43 %        12.87 %        12.96 %        12.97 %        12.96 %
Tangible common equity to tangible assets        8.58 %         8.32 %         8.05 %         8.88 %         8.83 %         8.58 %         8.83 %
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets        8.58 %         8.32 %         8.05 %         8.88 %         8.83 %         8.58 %         8.83 %
Effect of goodwill and other intangibles         4.39 %         4.44 %         4.38 %         3.99 %         4.13 %         4.39 %         4.13 %
Equity to assets (GAAP)                          12.97 %        12.76 %        12.43 %        12.87 %        12.96 %        12.97 %        12.96 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division                                 2,050          2,033          2,008          1,821          1,817          2,050          1,817
Retail Mortgage Division                         712            714            739            749            759            712            759
Warehouse Lending Division                       9              10             12             12             12             9              12
SBA Division                                     36             35             34             29             30             36             30
Premium Finance Division                         78             77             72             67             68             78             68
Total Ameris Bancorp FTE headcount               2,885          2,869          2,865          2,678          2,686          2,885          2,686
Assets per Banking Division FTE                  $    11,555    $    11,589    $    11,882    $    12,374    $    12,046    $    11,555    $    12,046
Branch locations                                 164            165            165            165            165            164            165
Deposits per branch location                     $  120,030     $  118,718     $  119,185     $  114,142     $  110,655     $  120,030     $  110,655
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement                                      Table 2
                                                      Three Months Ended                                                                   Six Months Ended
                                                      Jun              Mar              Dec              Sep              Jun              Jun              Jun
(dollars in thousands except per share data)          2022             2022             2021             2021             2021             2022             2021
Interest income
Interest and fees on loans                            $     190,740    $     177,566    $     170,813    $     166,358    $     167,761    $     368,306    $     338,918
Interest on taxable securities                        7,064            4,239            5,866            5,296            5,244            11,303           11,362
Interest on nontaxable securities                     269              186              156              139              139              455              280
Interest on deposits in other banks                   4,463            1,373            1,521            1,244            595              5,836            1,117
Interest on federal funds sold                        32               10               9                9                12               42               24
Total interest income                                 202,568          183,374          178,365          173,046          173,751          385,942          351,701
Interest expense
Interest on deposits                                  4,908            4,092            4,678            5,106            5,775            9,000            12,573
Interest on other borrowings                          6,296            6,738            6,850            6,279            6,124            13,034           12,299
Total interest expense                                11,204           10,830           11,528           11,385           11,899           22,034           24,872
Net interest income                                   191,364          172,544          166,837          161,661          161,852          363,908          326,829
Provision for loan losses                             13,227           (2,734)          (13,619)         (3,984)          (899)            10,493           (17,478)
Provision for unfunded commitments                    1,779            9,009            16,388           (5,516)          1,299            10,788           (10,540)
Provision for other credit losses                     (82)             (44)             (10)             (175)            (258)            (126)            (431)
Provision for credit losses                           14,924           6,231            2,759            (9,675)          142              21,155           (28,449)
Net interest income after provision for credit losses 176,440          166,313          164,078          171,336          161,710          342,753          355,278
Noninterest income
Service charges on deposit accounts                   11,148           11,058           11,784           11,486           11,007           22,206           21,836
Mortgage banking activity                             58,761           62,938           60,723           56,460           70,231           121,699          168,717
Other service charges, commissions and fees           998              939              962              1,154            1,056            1,937            2,072
Gain (loss) on securities                             248              (27)             (4)              530              1                221              (11)
Other noninterest income                              12,686           12,003           8,304            6,932            6,945            24,689           14,599
Total noninterest income                              83,841           86,911           81,769           76,562           89,240           170,752          207,213
Noninterest expense
Salaries and employee benefits                        81,545           84,281           76,615           79,671           85,505           165,826          181,490
Occupancy and equipment                               12,746           12,727           13,494           11,979           10,812           25,473           22,593
Data processing and communications expenses           12,155           12,572           11,534           10,681           11,877           24,727           23,761
Credit resolution-related expenses(1)                 496              (965)            1,992            377              622              (469)            1,169
Advertising and marketing                             3,122            1,988            2,381            2,676            1,946            5,110            3,377
Amortization of intangible assets                     5,144            5,181            3,387            3,387            4,065            10,325           8,191
Merger and conversion charges                         --               977              4,023            183              --               977              --
Other noninterest expenses                            26,988           27,059           24,943           28,242           20,934           54,047           43,978
Total noninterest expense                             142,196          143,820          138,369          137,196          135,761          286,016          284,559
Income before income tax expense                      118,085          109,404          107,478          110,702          115,189          227,489          277,932
Income tax expense                                    28,019           27,706           25,534           29,022           26,862           55,725           64,643
Net income                                            $       90,066   $       81,698   $       81,944   $       81,680   $       88,327   $     171,764    $     213,289
Diluted earnings per common share                     $          1.30  $          1.17  $          1.18  $          1.17  $          1.27  $          2.47  $          3.06
(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
                                                                           Jun            Mar            Dec            Sep            Jun
(dollars in thousands)                                                     2022           2022           2021           2021           2021
Assets
Cash and due from banks                                                    $     345,627  $     257,316  $     307,813  $     239,028  $     259,729
Federal funds sold and interest-bearing deposits in banks                  1,961,209      3,541,144      3,756,844      3,513,412      3,044,795
Debt securities available-for-sale, at fair value                          1,052,268      579,204        592,621        684,504        778,167
Debt securities held-to-maturity, at amortized cost                        111,654        91,454         79,850         64,451         29,055
Other investments                                                          49,500         49,395         47,552         27,619         27,621
Loans held for sale                                                        555,665        901,550        1,254,632      1,435,805      1,210,589
Loans, net of unearned income                                              17,561,022     16,143,801     15,874,258     14,824,539     14,780,791
Allowance for credit losses                                                (172,642)      (161,251)      (167,582)      (171,213)      (175,070)
Loans, net                                                                 17,388,380     15,982,550     15,706,676     14,653,326     14,605,721
Other real estate owned                                                    835            1,910          3,810          4,594          5,775
Premises and equipment, net                                                224,249        224,293        225,400        226,430        229,994
Goodwill                                                                   1,023,056      1,022,345      1,012,620      928,005        928,005
Other intangible assets, net                                               115,613        120,757        125,938        60,396         63,783
Cash value of bank owned life insurance                                    384,862        332,914        331,146        279,389        277,839
Other assets                                                               474,552        455,460        413,419        416,182        425,858
Total assets                                                               $ 23,687,470   $ 23,560,292   $ 23,858,321   $ 22,533,141   $ 21,886,931
Liabilities
Deposits
Noninterest-bearing                                                        $  8,262,929   $  7,870,207   $  7,774,823   $  7,616,728   $  6,983,761
Interest-bearing                                                           11,422,053     11,718,234     11,890,730     11,216,761     11,274,236
Total deposits                                                             19,684,982     19,588,441     19,665,553     18,833,489     18,257,997
Federal funds purchased and securities sold under agreements to repurchase 953            2,065          5,845          4,502          5,544
Other borrowings                                                           425,592        425,520        739,879        425,375        425,303
Subordinated deferrable interest debentures                                127,325        126,827        126,328        125,830        125,331
Other liabilities                                                          375,242        410,280        354,265        243,175        235,752
Total liabilities                                                          20,614,094     20,553,133     20,891,870     19,632,371     19,049,927
Shareholders' Equity
Preferred stock                                                            --             --             --             --             --
Common stock                                                               72,251         72,212         72,017         72,016         72,008
Capital stock                                                              1,931,088      1,928,702      1,924,813      1,922,964      1,920,566
Retained earnings                                                          1,157,359      1,077,725      1,006,436      934,979        863,828
Accumulated other comprehensive income (loss), net of tax                  (12,635)       (1,841)        15,590         21,885         25,024
Treasury stock                                                             (74,687)       (69,639)       (52,405)       (51,074)       (44,422)
Total shareholders' equity                                                 3,073,376      3,007,159      2,966,451      2,900,770      2,837,004
Total liabilities and shareholders' equity                                 $ 23,687,470   $ 23,560,292   $ 23,858,321   $ 22,533,141   $ 21,886,931
Other Data
Earning assets                                                             $ 21,291,318   $ 21,306,548   $ 21,605,757   $ 20,550,330   $ 19,871,018
Intangible assets                                                          1,138,669      1,143,102      1,138,558      988,401        991,788
Interest-bearing liabilities                                               11,975,923     12,272,646     12,762,782     11,772,468     11,830,414
Average assets                                                             23,405,201     23,275,654     23,054,847     22,087,642     21,538,894
Average common shareholders' equity                                        3,043,280      2,994,652      2,939,507      2,874,691      2,798,269
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information                          Table 4
                                                   Three Months Ended                                                    Six Months Ended
                                                   Jun          Mar          Dec            Sep            Jun           Jun          Jun
(dollars in thousands)                             2022         2022         2021           2021           2021          2022         2021
Allowance for Credit Losses
Balance at beginning of period                     $  203,615   $  200,981   $  188,234     $  197,782     $  200,241    $  200,981   $  233,105
Acquired allowance for purchased credit            --           --           9,432          --             --            --           --
deteriorated loans
Provision for loan losses                          13,227       (2,734)      (13,619)       (3,984)        (899)         10,493       (17,478)
Provision for unfunded commitments                 1,779        9,009        16,388         (5,516)        1,299         10,788       (10,540)
Provision for other credit losses                  (82)         (44)         (10)           (175)          (258)         (126)        (431)
Provision for credit losses                        14,924       6,231        2,759          (9,675)        142           21,155       (28,449)
Charge-offs                                        6,853        8,579        3,367          3,537          7,138         15,432       14,712
Recoveries                                         5,017        4,982        3,923          3,664          4,537         9,999        7,838
Net charge-offs (recoveries)                       1,836        3,597        (556)          (127)          2,601         5,433        6,874
Ending balance                                     $  216,703   $  203,615   $  200,981     $  188,234     $  197,782    $  216,703   $  197,782
Allowance for loan losses                          $  172,642   $  161,251   $  167,582     $  171,213     $  175,070    $  172,642   $  175,070
Allowance for unfunded commitments                 43,973       42,194       33,185         16,797         22,313        43,973       22,313
Allowance for other credit losses                  88           170          214            224            399           88           399
Total allowance for credit losses                  $  216,703   $  203,615   $  200,981     $  188,234     $  197,782    $  216,703   $  197,782
Net  Charge-off Information
Charge-offs
Commercial, financial and agricultural             $     4,391  $     4,414  $      1,003   $        858   $      3,529  $     8,805  $      5,899
Consumer installment                               1,137        1,425        1,484          1,647          1,669         2,562        3,117
Indirect automobile                                41           88           40             178            141           129          970
Premium Finance                                    1,066        1,369        526            605            1,194         2,435        2,537
Real estate - construction and development         --           --           21             --             186           --           212
Real estate - commercial and farmland              81           1,283        220            210            27            1,364        1,422
Real estate - residential                          137          --           73             39             392           137          555
Total charge-offs                                  6,853        8,579        3,367          3,537          7,138         15,432       14,712
Recoveries
Commercial, financial and agricultural             2,785        2,896        2,389          1,986          625           5,681        1,352
Consumer installment                               230          158          172            199            212           388          568
Indirect automobile                                265          275          329            278            372           540          1,072
Premium Finance                                    1,113        1,247        633            649            2,466         2,360        3,588
Real estate - construction and development         355          218          210            45             84            573          251
Real estate - commercial and farmland              44           37           81             266            185           81           226
Real estate - residential                          225          151          109            241            593           376          781
Total recoveries                                   5,017        4,982        3,923          3,664          4,537         9,999        7,838
Net charge-offs (recoveries)                       $     1,836  $     3,597  $       (556)  $       (127)  $      2,601  $     5,433  $      6,874
Non-Performing Assets
Nonaccrual loans                                   $  122,912   $  102,597   $    85,266    $    58,932    $    59,921   $  122,912   $    59,921
Other real estate owned                            835          1,910        3,810          4,594          5,775         835          5,775
Repossessed assets                                 122          139          84             152            226           122          226
Accruing loans delinquent 90 days or more          8,542        6,584        12,648         7,472          4,874         8,542        4,874
Total non-performing assets                        $  132,411   $  111,230   $  101,808     $    71,150    $    70,796   $  132,411   $    70,796
Asset Quality Ratios
Non-performing assets as a percent of total assets 0.56 %       0.47 %       0.43 %         0.32 %         0.32 %        0.56 %       0.32 %
Net charge-offs as a percent of average loans      0.04 %       0.09 %       (0.01) %       -- %           0.07 %        0.07 %       0.10 %
(annualized)
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information                              Table 5
                                              Jun              Mar               Dec               Sep              Jun
(dollars in thousands)                        2022             2022              2021              2021             2021
Loans by Type
Commercial, financial and agricultural        $  2,022,845     $  1,836,663      $  1,875,993      $  1,217,575     $  1,406,421
Consumer installment                          167,237          173,642           191,298           207,111          229,411
Indirect automobile                           172,245          214,120           265,779           325,057          397,373
Mortgage warehouse                            949,191          732,375           787,837           768,577          841,347
Municipal                                     529,268          547,926           572,701           624,430          647,578
Premium Finance                               942,357          819,163           798,409           840,737          780,328
Real estate - construction and development    1,747,284        1,577,215         1,452,339         1,454,824        1,527,883
Real estate - commercial and farmland         7,156,017        6,924,475         6,834,917         6,409,704        6,051,472
Real estate - residential                     3,874,578        3,318,222         3,094,985         2,976,524        2,898,978
Total loans                                   $ 17,561,022     $ 16,143,801      $ 15,874,258      $ 14,824,539     $ 14,780,791
Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural        $           964  $           868   $         1,286   $        1,683   $         1,038
Consumer installment                          9                13                16                22               28
Indirect automobile                           759              893               1,037             1,284            1,647
Premium Finance                               993              162               --                --               --
Real estate - construction and development    706              725               789               887              898
Real estate - commercial and farmland         8,213            17,161            35,575            43,895           46,025
Real estate - residential                     24,456           24,664            26,879            29,521           31,570
Total accruing troubled debt restructurings   $       36,100   $       44,486    $       65,582    $       77,292   $       81,206
Nonaccrual troubled debt restructurings
Commercial, financial and agricultural        $           364  $             72  $             83  $           112  $           805
Consumer installment                          14               31                35                38               43
Indirect automobile                           122              221               273               297              301
Real estate - construction and development    --               11                13                271              301
Real estate - commercial and farmland         788              788               5,924             6,715            7,103
Real estate - residential                     4,369            4,341             4,678             2,687            2,515
Total nonaccrual troubled debt restructurings $        5,657   $        5,464    $       11,006    $       10,120   $       11,068
Total troubled debt restructurings            $      41,757    $      49,950     $       76,588    $       87,412   $       92,274
Loans by Risk Grade
Grades 1 through 5 - Pass                     $ 17,296,520     $ 15,899,956      $ 15,614,323      $ 14,562,058     $ 14,477,905
Grade 6 - Other assets especially mentioned   68,444           51,670            78,957            87,757           100,750
Grade 7 - Substandard                         196,058          192,175           180,978           174,724          202,134
Grade 8 - Doubtful                            --               --                --                --               --
Grade 9 - Loss                                --               --                --                --               2
Total loans                                   $ 17,561,022     $ 16,143,801      $ 15,874,258      $ 14,824,539     $ 14,780,791
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances                                  Table 6
                                                  Three Months Ended                                                              Six Months Ended
                                                  Jun             Mar             Dec             Sep             Jun             Jun             Jun
(dollars in thousands)                            2022            2022            2021            2021            2021            2022            2021
Earning Assets
Federal funds sold                                $       17,692  $       20,000  $       20,000  $       20,000  $       20,000  $       18,840  $       20,000
Interest-bearing deposits in banks                2,209,761       3,393,238       3,719,878       3,082,413       2,461,092       2,798,231       2,304,119
Time deposits in other banks                      --              --              --              --              244             --              246
Debt securities - taxable                         932,824         623,498         698,915         757,278         811,234         779,016         860,759
Debt securities - nontaxable                      39,236          29,605          22,639          19,053          18,225          34,446          18,722
Other investments                                 49,550          47,872          31,312          27,622          27,620          48,716          27,568
Loans held for sale                               944,964         1,097,098       1,365,886       1,497,320       1,705,167       1,020,611       1,496,155
Loans                                             16,861,674      15,821,397      15,119,752      14,685,878      14,549,104      16,344,409      14,501,802
Total Earning Assets                              $ 21,055,701    $ 21,032,708    $ 20,978,382    $ 20,089,564    $ 19,592,686    $ 21,044,269    $ 19,229,371
Deposits
Noninterest-bearing deposits                      $  7,955,765    $  7,658,451    $  7,600,284    $  7,168,717    $  6,874,471    $  7,807,929    $  6,644,646
NOW accounts                                      3,695,490       3,684,772       3,651,595       3,447,909       3,314,334       3,690,161       3,248,655
MMDA                                              5,087,199       5,240,922       5,209,653       4,966,492       4,872,500       5,163,636       4,817,197
Savings accounts                                  1,007,340       973,724         928,954         908,189         876,887         990,625         850,112
Retail CDs                                        1,693,740       1,774,016       1,827,852       1,919,184       2,005,265       1,733,656       2,035,668
Brokered CDs                                      --              --              --              511             1,000           --              1,000
Total Deposits                                    19,439,534      19,331,885      19,218,338      18,411,002      17,944,457      19,386,007      17,597,278
Non-Deposit Funding
Federal funds purchased and securities sold under 1,854           4,020           5,559           5,133           6,883           2,931           8,077
agreements to repurchase
FHLB advances                                     48,746          48,786          48,828          48,866          48,910          48,766          48,931
Other borrowings                                  376,829         443,657         468,058         376,489         376,376         410,058         376,318
Subordinated deferrable interest debentures       127,063         126,563         126,067         125,567         125,068         126,814         124,823
Total Non-Deposit Funding                         554,492         623,026         648,512         556,055         557,237         588,569         558,149
Total Funding                                     $ 19,994,026    $ 19,954,911    $ 19,866,850    $ 18,967,057    $ 18,501,694    $ 19,974,576    $ 18,155,427
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)         Table 7
                                                  Three Months Ended                                                                         Six Months Ended
                                                  Jun              Mar               Dec                Sep                Jun               Jun               Jun
(dollars in thousands)                            2022             2022              2021               2021               2021              2022              2021
Interest Income
Federal funds sold                                $            32  $             10  $               9  $               9  $             12  $             42  $             24
Interest-bearing deposits in banks                4,463            1,373             1,521              1,244              594               5,836             1,115
Time deposits in other banks                      --               --                --                 --                 1                 --                2
Debt securities - taxable                         7,064            4,239             5,866              5,296              5,244             11,303            11,362
Debt securities - nontaxable (TE)                 341              235               198                176                176               576               354
Loans held for sale                               10,036           8,132             9,433              10,618             11,773            18,168            22,600
Loans (TE)                                        181,602          170,398           162,415            156,861            157,112           352,000           318,585
Total Earning Assets                              $    203,538     $     184,387     $     179,442      $     174,204      $     174,912     $     387,925     $     354,042
Accretion income (included above)                 $         (379)  $        1,006    $         2,812    $        2,948     $         4,462   $           627   $       10,589
Interest Expense
Interest-Bearing Deposits
NOW accounts                                      $        1,246   $           824   $           864    $           808    $           816   $        2,070    $         1,742
MMDA                                              2,204            1,643             1,971              1,970              1,908             3,847             3,906
Savings accounts                                  140              133               128                129                122               273               246
Retail CDs                                        1,318            1,492             1,715              2,195              2,921             2,810             6,665
Brokered CDs                                      --               --                --                 4                  8                 --                14
Total Interest-Bearing Deposits                   4,908            4,092             4,678              5,106              5,775             9,000             12,573
Non-Deposit Funding
Federal funds purchased and securities sold under 1                3                 4                  4                  5                 4                 12
agreements to repurchase
FHLB advances                                     192              190               195                195                193               382               385
Other borrowings                                  4,437            5,164             5,317              4,640              4,683             9,601             9,321
Subordinated deferrable interest debentures       1,666            1,381             1,334              1,440              1,243             3,047             2,581
Total Non-Deposit Funding                         6,296            6,738             6,850              6,279              6,124             13,034            12,299
Total Interest-Bearing Funding                    $      11,204    $       10,830    $       11,528     $       11,385     $       11,899    $       22,034    $       24,872
Net Interest Income (TE)                          $    192,334     $     173,557     $     167,914      $     162,819      $     163,013     $     365,891     $     329,170
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)                                         Table 8
                                                  Three Months Ended                                          Six Months Ended
                                                  Jun         Mar         Dec         Sep         Jun         Jun     Jun
                                                  2022        2022        2021        2021        2021        2022    2021
Earning Assets
Federal funds sold                                0.73 %      0.20 %      0.18 %      0.18 %      0.24 %      0.45 %  0.24 %
Interest-bearing deposits in banks                0.81 %      0.16 %      0.16 %      0.16 %      0.10 %      0.42 %  0.10 %
Time deposits in other banks                      -- %        -- %        -- %        -- %        1.64 %      -- %    1.64 %
Debt securities - taxable                         3.04 %      2.76 %      3.33 %      2.77 %      2.59 %      2.93 %  2.66 %
Debt securities - nontaxable (TE)                 3.49 %      3.22 %      3.47 %      3.66 %      3.87 %      3.37 %  3.81 %
Loans held for sale                               4.26 %      3.01 %      2.74 %      2.81 %      2.77 %      3.59 %  3.05 %
Loans (TE)                                        4.32 %      4.37 %      4.26 %      4.24 %      4.33 %      4.34 %  4.43 %
Total Earning Assets                              3.88 %      3.56 %      3.39 %      3.44 %      3.58 %      3.72 %  3.71 %
Interest-Bearing Deposits
NOW accounts                                      0.14 %      0.09 %      0.09 %      0.09 %      0.10 %      0.11 %  0.11 %
MMDA                                              0.17 %      0.13 %      0.15 %      0.16 %      0.16 %      0.15 %  0.16 %
Savings accounts                                  0.06 %      0.06 %      0.05 %      0.06 %      0.06 %      0.06 %  0.06 %
Retail CDs                                        0.31 %      0.34 %      0.37 %      0.45 %      0.58 %      0.33 %  0.66 %
Brokered CDs                                      -- %        -- %        -- %        3.11 %      3.21 %      -- %    2.82 %
Total Interest-Bearing Deposits                   0.17 %      0.14 %      0.16 %      0.18 %      0.21 %      0.16 %  0.23 %
Non-Deposit Funding
Federal funds purchased and securities sold under 0.22 %      0.30 %      0.29 %      0.31 %      0.29 %      0.28 %  0.30 %
agreements to repurchase
FHLB advances                                     1.58 %      1.58 %      1.58 %      1.58 %      1.58 %      1.58 %  1.59 %
Other borrowings                                  4.72 %      4.72 %      4.51 %      4.89 %      4.99 %      4.72 %  4.99 %
Subordinated deferrable interest debentures       5.26 %      4.43 %      4.20 %      4.55 %      3.99 %      4.85 %  4.17 %
Total Non-Deposit Funding                         4.55 %      4.39 %      4.19 %      4.48 %      4.41 %      4.47 %  4.44 %
Total Interest-Bearing Liabilities                0.37 %      0.36 %      0.37 %      0.38 %      0.41 %      0.37 %  0.44 %
Net Interest Spread                               3.51 %      3.20 %      3.02 %      3.06 %      3.17 %      3.35 %  3.27 %
Net Interest Margin(2)                            3.66 %      3.35 %      3.18 %      3.22 %      3.34 %      3.51 %  3.45 %
Total Cost of Funds(3)                            0.22 %      0.22 %      0.23 %      0.24 %      0.26 %      0.22 %  0.28 %
(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                                                         Six Months Ended
                                             Jun            Mar            Dec            Sep            Jun            Jun             Jun
(dollars in thousands except per share data) 2022           2022           2021           2021           2021           2022            2021
Net income available to common shareholders  $     90,066   $     81,698   $     81,944   $    81,680    $     88,327   $   171,764     $  213,289
Adjustment items:
Merger and conversion charges                --             977            4,023          183            --             977             --
Servicing right impairment (recovery)        (10,838)       (9,654)        (4,540)        1,398          (749)          (20,492)        (11,388)
Gain on BOLI proceeds                        --             --             --             --             --             --              (603)
(Gain) loss on bank premises                 (39)           (6)            (126)          1,136          (236)          (45)            (500)
Tax effect of adjustment items (Note 1)      2,284          2,024          243            (536)          206            4,308           2,496
After tax adjustment items                   (8,593)        (6,659)        (400)          2,181          (779)          (15,252)        (9,995)
Adjusted net income                          $     81,473   $     75,039   $     81,544   $    83,861    $     87,548   $   156,512     $  203,294
Weighted average number of shares - diluted  69,316,258     69,660,990     69,738,426     69,756,135     69,791,670     69,484,508      69,764,923
Net income per diluted share                 $        1.30  $        1.17  $        1.18  $        1.17  $        1.27  $         2.47  $       3.06
Adjusted net income per diluted share        $        1.18  $        1.08  $        1.17  $        1.20  $        1.25  $         2.25  $       2.91
Average assets                               $  23,405,201  $  23,275,654  $  23,054,847  $  22,087,642  $  21,538,894  $  23,340,785   $  21,144,751
Return on average assets                     1.54 %         1.42 %         1.41 %         1.47 %         1.64 %         1.48 %          2.03 %
Adjusted return on average assets            1.40 %         1.31 %         1.40 %         1.51 %         1.63 %         1.35 %          1.94 %
Average common equity                        $ 3,043,280    $ 2,994,652    $ 2,939,507    $ 2,874,691    $ 2,798,269    $ 3,019,100     $ 2,746,922
Average tangible common equity               $ 1,902,265    $ 1,857,713    $ 1,916,783    $ 1,884,622    $ 1,804,324    $ 1,880,112     $ 1,750,931
Return on average common equity              11.87 %        11.06 %        11.06 %        11.27 %        12.66 %        11.47 %         15.66 %
Adjusted return on average tangible common   17.18 %        16.38 %        16.88 %        17.65 %        19.46 %        16.79 %         23.41 %
equity
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 1Q22, 4Q21 and 3Q21 are nondeductible for tax purposes.
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE)               Table 9B
                                             Three Months Ended                                                    Six Months Ended
                                             Jun           Mar           Dec           Sep           Jun           Jun           Jun
(dollars in thousands)                       2022          2022          2021          2021          2021          2022          2021
Adjusted Noninterest Expense
Total noninterest expense                    $  142,196    $  143,820    $  138,369    $  137,196    $  135,761    $  286,016    $  284,559
Adjustment items:
Merger and conversion charges                --            (977)         (4,023)       (183)         --            (977)         --
Gain (loss) on bank premises                 39            6             126           (1,136)       236           45            500
Adjusted noninterest expense                 $  142,235    $  142,849    $  134,472    $  135,877    $  135,997    $  285,084    $  285,059
Total Revenue
Net interest income                          $  191,364    $  172,544    $  166,837    $  161,661    $  161,852    $  363,908    $  326,829
Noninterest income                           83,841        86,911        81,769        76,562        89,240        170,752       207,213
Total revenue                                $  275,205    $  259,455    $  248,606    $  238,223    $  251,092    $  534,660    $  534,042
Adjusted Total Revenue
Net interest income (TE)                     $  192,334    $  173,557    $  167,914    $  162,819    $  163,013    $  365,891    $  329,170
Noninterest income                           83,841        86,911        81,769        76,562        89,240        170,752       207,213
Total revenue (TE)                           276,175       260,468       249,683       239,381       252,253       536,643       536,383
Adjustment items:
(Gain) loss on securities                    (248)         27            4             (530)         (1)           (221)         11
Gain on BOLI proceeds                        --            --            --            --            --            --            (603)
Servicing right impairment (recovery)        (10,838)      (9,654)       (4,540)       1,398         (749)         (20,492)      (11,388)
Adjusted total revenue (TE)                  $  265,089    $  250,841    $  245,147    $  240,249    $  251,503    $  515,930    $  524,403
Efficiency ratio                             51.67 %       55.43 %       55.66 %       57.59 %       54.07 %       53.49 %       53.28 %
Adjusted efficiency ratio (TE)               53.66 %       56.95 %       54.85 %       56.56 %       54.07 %       55.26 %       54.36 %
Tangible Book Value Per Share                Table 9C
                                             Three Months Ended                                                    Six Months Ended
                                             Jun           Mar           Dec           Sep           Jun           Jun           Jun
(dollars in thousands except per share data) 2022          2022          2021          2021          2021          2022          2021
Total shareholders' equity                   $  3,073,376  $  3,007,159  $  2,966,451  $  2,900,770  $  2,837,004  $  3,073,376  $  2,837,004
Less:
Goodwill                                     1,023,056     1,022,345     1,012,620     928,005       928,005       1,023,056     928,005
Other intangibles, net                       115,613       120,757       125,938       60,396        63,783        115,613       63,783
Total tangible shareholders' equity          $  1,934,707  $  1,864,057  $  1,827,893  $  1,912,369  $  1,845,216  $  1,934,707  $  1,845,216
Period end number of shares                  69,360,461    69,439,084    69,609,228    69,635,435    69,767,209    69,360,461    69,767,209
Book value per share (period end)            $     44.31   $     43.31   $      42.62  $     41.66   $     40.66   $      44.31  $     40.66
Tangible book value per share (period end)   $     27.89   $     26.84   $      26.26  $     27.46   $     26.45   $      27.89  $     26.45
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting                               Table 10
                                                Three Months Ended                                                    Six Months Ended
                                                Jun           Mar           Dec           Sep           Jun           Jun          Jun
(dollars in thousands)                          2022          2022          2021          2021          2021          2022         2021
Banking Division
Net interest income                             $  152,122    $  133,745    $  120,572    $  113,524    $  110,670    $  285,867   $  223,486
Provision for credit losses                     10,175        5,226         4,565         (9,578)       (3,949)       15,401       (27,853)
Noninterest income                              23,469        21,364        18,859        17,896        16,171        44,833       32,909
Noninterest expense
Salaries and employee benefits                  46,733        49,195        36,522        40,020        37,814        95,928       80,537
Occupancy and equipment expenses                11,168        11,074        11,699        10,196        9,050         22,242       19,170
Data processing and telecommunications expenses 10,863        11,230        10,162        9,159         10,280        22,093       20,481
Other noninterest expenses                      21,123        20,045        24,048        21,723        18,763        41,168       38,473
Total noninterest expense                       89,887        91,544        82,431        81,098        75,907        181,431      158,661
Income before income tax expense                75,529        58,339        52,435        59,900        54,883        133,868      125,587
Income tax expense                              19,120        16,996        14,010        17,784        14,196        36,116       32,652
Net income                                      $    56,409   $    41,343   $    38,425   $    42,116   $    40,687   $    97,752  $    92,935
Retail Mortgage Division
Net interest income                             $    20,779   $    19,295   $    19,912   $    21,289   $    22,533   $    40,074  $    41,517
Provision for credit losses                     4,499         1,587         175           1,678         5,647         6,086        1,094
Noninterest income                              57,795        61,649        59,650        55,555        69,055        119,444      166,695
Noninterest expense
Salaries and employee benefits                  31,219        31,614        36,787        36,373        44,798        62,833       94,636
Occupancy and equipment expenses                1,406         1,471         1,587         1,590         1,553         2,877        3,029
Data processing and telecommunications expenses 1,123         1,172         1,213         1,357         1,435         2,295        2,981
Other noninterest expenses                      12,812        12,645        10,793        11,675        7,638         25,457       15,827
Total noninterest expense                       46,560        46,902        50,380        50,995        55,424        93,462       116,473
Income before income tax expense                27,515        32,455        29,007        24,171        30,517        59,970       90,645
Income tax expense                              5,779         6,815         6,092         5,076         6,408         12,594       19,035
Net income                                      $    21,736   $    25,640   $    22,915   $    19,095   $    24,109   $    47,376  $    71,610
Warehouse Lending Division
Net interest income                             $      6,700  $      6,447  $      8,063  $      8,712  $      8,720  $    13,147  $    18,626
Provision for credit losses                     867           (222)         77            (291)         (155)         645          (300)
Noninterest income                              1,041         1,401         1,253         1,037         1,333         2,442        2,313
Noninterest expense
Salaries and employee benefits                  208           283           258           264           278           491          608
Occupancy and equipment expenses                1             1             1             --            1             2            2
Data processing and telecommunications expenses 48            47            56            59            68            95           117
Other noninterest expenses                      212           218           227           200           30            430          63
Total noninterest expense                       469           549           542           523           377           1,018        790
Income before income tax expense                6,405         7,521         8,697         9,517         9,831         13,926       20,449
Income tax expense                              1,346         1,579         1,827         1,999         2,064         2,925        4,294
Net income                                      $      5,059  $      5,942  $      6,870  $      7,518  $      7,767  $    11,001  $    16,155
AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)                   Table 10
                                                Three Months Ended                                                    Six Months Ended
                                                Jun           Mar           Dec           Sep           Jun           Jun           Jun
(dollars in thousands)                          2022          2022          2021          2021          2021          2022          2021
SBA Division
Net interest income                             $      3,798  $      6,011  $    11,319   $    10,699   $    12,882   $      9,809  $    29,517
Provision for credit losses                     (523)         (143)         (663)         (1,104)       (607)         (666)         (1,154)
Noninterest income                              1,526         2,491         2,002         2,070         2,677         4,017         5,288
Noninterest expense
Salaries and employee benefits                  1,316         1,271         1,217         1,320         937           2,587         2,319
Occupancy and equipment expenses                81            99            121           116           132           180           238
Data processing and telecommunications expenses 29            28            28            18            --            57            1
Other noninterest expenses                      539           380           645           370           284           919           579
Total noninterest expense                       1,965         1,778         2,011         1,824         1,353         3,743         3,137
Income before income tax expense                3,882         6,867         11,973        12,049        14,813        10,749        32,822
Income tax expense                              815           1,442         2,514         2,530         3,111         2,257         6,893
Net income                                      $      3,067  $      5,425  $      9,459  $      9,519  $    11,702   $      8,492  $    25,929
Premium Finance Division
Net interest income                             $      7,965  $      7,046  $      6,971  $      7,437  $      7,047  $    15,011   $    13,683
Provision for credit losses                     (94)          (217)         (1,395)       (380)         (794)         (311)         (236)
Noninterest income                              10            6             5             4             4             16            8
Noninterest expense
Salaries and employee benefits                  2,069         1,918         1,831         1,694         1,678         3,987         3,390
Occupancy and equipment expenses                90            82            86            77            76            172           154
Data processing and telecommunications expenses 92            95            75            88            94            187           181
Other noninterest expenses                      1,064         952           1,013         897           852           2,016         1,773
Total noninterest expense                       3,315         3,047         3,005         2,756         2,700         6,362         5,498
Income before income tax expense                4,754         4,222         5,366         5,065         5,145         8,976         8,429
Income tax expense                              959           874           1,091         1,633         1,083         1,833         1,769
Net income                                      $      3,795  $      3,348  $      4,275  $      3,432  $      4,062  $      7,143  $      6,660
Total Consolidated
Net interest income                             $  191,364    $  172,544    $  166,837    $  161,661    $  161,852    $  363,908    $  326,829
Provision for credit losses                     14,924        6,231         2,759         (9,675)       142           21,155        (28,449)
Noninterest income                              83,841        86,911        81,769        76,562        89,240        170,752       207,213
Noninterest expense
Salaries and employee benefits                  81,545        84,281        76,615        79,671        85,505        165,826       181,490
Occupancy and equipment expenses                12,746        12,727        13,494        11,979        10,812        25,473        22,593
Data processing and telecommunications expenses 12,155        12,572        11,534        10,681        11,877        24,727        23,761
Other noninterest expenses                      35,750        34,240        36,726        34,865        27,567        69,990        56,715
Total noninterest expense                       142,196       143,820       138,369       137,196       135,761       286,016       284,559
Income before income tax expense                118,085       109,404       107,478       110,702       115,189       227,489       277,932
Income tax expense                              28,019        27,706        25,534        29,022        26,862        55,725        64,643
Net income                                      $    90,066   $    81,698   $    81,944   $    81,680   $    88,327   $  171,764    $  213,289

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