ATLANTA, July 22, 2021 /PRNewswire/ -- Ameris Bancorp (NASDAQ:ABCB) (the "Company") today reported net income of $88.3 million, or $1.27 per diluted share, for the quarter ended June 30, 2021, compared with $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020. The Company reported adjusted net income of $87.5 million, or $1.25 per diluted share, for the quarter ended June 30, 2021, compared with $42.4 million, or $0.61 per diluted share, for the same period in 2020. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, gain on bank owned life insurance ("BOLI") proceeds, (gain)/loss on sale of bank premises and expenses related to the COVID-19 pandemic.

For the year-to-date period ending June 30, 2021, the Company reported net income of $213.3 million, or $3.06 per diluted share, compared with $51.6 million, or $0.74 per diluted share, for the same period in 2020. The Company reported adjusted net income of $203.3 million, or $2.91 per diluted share, for the six months ended June 30, 2021, compared with $81.6 million, or $1.18 per diluted share, for the same period in 2020. 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 positive second quarter results are a clear testament to our focus and discipline over the past year. I am proud of our bankers, being able to report 5% annualized net loan growth for the quarter, with the headwinds of PPP forgiveness, and 14% annualized loan growth exclusive of the PPP reductions. We are in some of the best markets in the Southeast, and we continue to see real organic opportunities within these markets. We are pleased with the disciplined improvement in our efficiency ratio compared to last quarter, and we are excited to report 4.7% growth in tangible book value for the quarter. We continue to remain focused on delivering top-of-class results and are optimistic about the remainder of 2021, and we look forward to 2022."

Significant items from the Company's results for the second quarter of 2021 include the following:

Net income of $88.3 million, or $1.27 per diluted share, compared with $125.0 million, or $1.79 per diluted share, in the first quarter of 2021
Growth in tangible book value of 4.7%, or $1.18 per share, to $26.45 at June 30, 2021, compared with $25.27 at March 31, 2021
Organic growth in loans of $181.0 million, or 5.0% annualized (and $485.1 million, or 14.1% annualized, exclusive of PPP loans), during the second quarter of 2021
Adjusted return on average assets of 1.63%, compared with 2.26% in the first quarter of 2021
Adjusted efficiency ratio of 54.07%, compared with 54.62% in the first quarter of 2021 and 51.08% in the second quarter of 2020
Net interest margin of 3.34%, compared with 3.57% in the first quarter of 2021
Continued growth in noninterest bearing deposits, representing 38.25% of total deposits, up from 36.27% at December 31, 2020 and 35.89% a year ago
Non-performing assets decreased eight basis points to 0.32% of total assets, compared with 0.40% at March 31, 2021

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis for the second quarter of 2021 totaled $163.0 million, compared with $166.2 million for the first quarter of 2021 and $165.2 million for the second quarter of 2020. The Company's net interest margin was 3.34% for the second quarter of 2021, down from 3.57% reported for the first quarter of 2021 and 3.83% reported for the second quarter of 2020. The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet, as the average balance in interest-bearing deposits in banks continued to increase during the quarter. The yield on earning assets declined 27 basis points due to this excess liquidity, as well as declines in accretion income and Paycheck Protection Program ("PPP") loan fee income, and the decline was partially offset by improvement in the cost of interest-bearing liabilities of five basis points during the quarter and increases in average loans. Accretion income for the second quarter of 2021 decreased to $4.5 million, compared with $6.1 million for the first quarter of 2021, and $9.6 million for the second quarter of 2020. The decrease in accretion income for the second quarter is primarily attributable to decreased payoffs of acquired loans during the second quarter of 2021.

Yields on loans decreased to 4.33% during the second quarter of 2021, compared with 4.53% for the first quarter of 2021 and 4.70% reported for the second quarter of 2020. Contributing to interest income on loans for the second quarter of 2021 was $6.1 million related to accelerated fee income on PPP loan forgiveness, compared with $9.2 million in the first quarter of 2021. Loan production in the banking division during the second quarter of 2021 was $911.3 million, with weighted average yields of 3.75%, compared with $600.6 million and 3.80%, respectively, in the first quarter of 2021 and $472.1 million and 4.16%, respectively, in the second quarter of 2020. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $6.4 billion during the second quarter of 2021, with weighted average yields of 3.36%, compared with $7.5 billion and 3.15%, respectively, during the first quarter of 2021 and $7.2 billion and 3.17%, respectively, during the second quarter of 2020. Loan production yields in the lines of business were negatively impacted three basis points during the second quarter of 2021 by originations of PPP loans in our SBA division.

Interest expense during the second quarter of 2021 decreased to $11.9 million, compared with $13.0 million in the first quarter of 2021 and $21.2 million in the second quarter of 2020. The Company's total cost of funds moved four basis points lower to 0.26% in the second quarter of 2021 as compared with the first quarter of 2021. Deposit costs decreased three basis points during the second quarter of 2021 to 0.13%, compared with 0.16% in the first quarter of 2021. Costs of interest-bearing deposits decreased during the quarter from 0.25% in the first quarter of 2021 to 0.21% in the second quarter of 2021.

Noninterest Income

Noninterest income decreased $28.7 million, or 24.4%, in the second quarter of 2021 to $89.2 million, compared with $118.0 million for the first quarter of 2021, primarily as a result of decreased mortgage banking activity and other noninterest income, as further discussed below.

Mortgage banking activity decreased $28.3 million, or 28.7%, to $70.2 million in the second quarter of 2021, compared with $98.5 million for the first quarter of 2021. This decrease was the result of a reduced recovery of previously recorded servicing right impairment, reduced production and a reduction in gain on sale margins. Gain on sale spreads decreased to 2.77% in the second quarter of 2021 from 3.95% for the first quarter of 2021. Total production in the retail mortgage division decreased to $2.39 billion in the second quarter of 2021, compared with $2.64 billion for the first quarter of 2021. Mortgage banking activity was positively impacted during the second quarter of 2021 by a $749,000 servicing right recovery, compared with a recovery of $9.7 million for the first quarter of 2021. The retail mortgage open pipeline was $1.75 billion at the end of the second quarter of 2021, compared with $2.33 billion at March 31, 2021.

Service charge revenue increased $178,000, or 1.6%, to $11.0 million in the second quarter of 2021, compared with $10.8 million for the first quarter of 2021, resulting from an increase in interchange income. Other noninterest income decreased $709,000, or 9.3%, in the second quarter of 2021 to $6.9 million, compared with $7.7 million for the first quarter of 2021, primarily as a result of decreases in SBA servicing right recovery of $906,000 and gain on BOLI proceeds of $603,000, partially offset by an increase in BOLI income of $520,000.

Noninterest Expense

Noninterest expense decreased $13.0 million, or 8.8%, to $135.8 million during the second quarter of 2021, compared with $148.8 million for the first quarter of 2021. During the second quarter of 2021, the Company recorded a net gain of $236,000 related to sale of premises, compared to a net gain of $264,000 during the first quarter of 2021. Excluding these charges, adjusted expenses decreased approximately $13.1 million, or 8.8%, to $136.0 million in the second quarter of 2021, from $149.1 million in the first quarter of 2021. The majority of this decrease is attributable to a $10.5 million reduction in salaries and employee benefits including payroll taxes, variable compensation related to mortgage production and increased deferred costs related to loan originations in the banking division. Also contributing to the decrease were decreases in OREO losses, legal and other professional fees, and other variable expenses related to mortgage production. The adjusted efficiency ratio was 54.07% in the second quarter of 2021, compared with 54.62% in the first quarter of 2021.

Balance Sheet Trends

Total assets at June 30, 2021 were $21.89 billion, compared with $20.44 billion at December 31, 2020. Total loans, including loans held for sale, were $15.99 billion at June 30, 2021, compared with $15.65 billion at December 31, 2020. Total loans held for investment were $14.78 billion at June 30, 2021, compared with $14.48 billion at December 31, 2020, an increase of $299.9 million, or 2.1%. Loan production in the banking division during the second quarter of 2021 was up 52% from the first quarter of 2021 and 93% from the second quarter of 2020.

At June 30, 2021, total deposits amounted to $18.26 billion, or 97.0% of total funding, compared with $16.96 billion and 96.8%, respectively, at December 31, 2020. At June 30, 2021, noninterest-bearing deposit accounts were $6.98 billion, or 38.3% of total deposits, compared with $6.15 billion, or 36.3% of total deposits, at December 31, 2020. Non-rate sensitive deposits (including noninterest-bearing, NOW and savings) totaled $11.39 billion at June 30, 2021, compared with $10.23 billion at December 31, 2020. These funds represented 62.4% of the Company's total deposits at June 30, 2021, compared with 60.3% at the end of 2020.

Shareholders' equity at June 30, 2021 totaled $2.84 billion, an increase of $189.9 million, or 7.2%, from December 31, 2020. The increase in shareholders' equity was primarily the result of earnings of $213.3 million during the first six months of 2021, partially offset by dividends declared. Tangible book value per share was $26.45 at June 30, 2021, compared with $23.69 at December 31, 2020. Tangible common equity as a percentage of tangible assets was 8.83% at June 30, 2021, compared with 8.47% at the end of 2020.

Credit Quality

Credit quality remains strong in the Company. During the second quarter of 2021, the Company recorded a provision for credit losses of $142,000, compared with a provision reversal of $28.6 million in the first quarter of 2021. This provision was primarily attributable to growth in unfunded commitments compared with the first quarter of 2021, partially offset by improvements in forecast economic conditions, particularly levels of home prices, commercial real estate prices and retail sales, compared with forecast conditions during the first quarter of 2021. The Company has been prudently working with borrowers to support their credit needs during the challenging economic conditions and is monitoring the level of modifications on an ongoing basis, such that loans remaining on deferral at the end of the second quarter of 2021 equaled approximately 1.2% of total loans, down from approximately 1.9% and 19.0% of total loans at the end of the first quarter of 2021 and the second quarter of 2020, respectively. Nonperforming assets as a percentage of total assets decreased by eight basis points to 0.32% during the quarter. The net charge-off ratio was seven basis points for the second quarter of 2021, compared with 12 basis points in the first quarter of 2021 and 27 basis points in the second quarter of 2020.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 23, 2021, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until August 6, 2021. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10158164. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank, had 165 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 proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; competitive pressures on product pricing and services; the cost savings and any revenue synergies expected to result from acquisition transactions, which may not be fully realized within the expected timeframes if at all; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP 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)	2021			2021			2020			2020			2020			2021			2020
EARNINGS
Net income	$	88,327		$	124,962		$	94,285		$	116,145		$	32,236		$	213,289		$	51,558
Adjusted net income	$	87,548		$	115,746		$	101,995		$	116,879		$	42,423		$	203,294		$	81,628

COMMON SHARE DATA
Earnings per share available to common shareholders
Basic	$	1.27		$	1.80		$	1.36		$	1.68		$	0.47		$	3.07		$	0.74
Diluted	$	1.27		$	1.79		$	1.36		$	1.67		$	0.47		$	3.06		$	0.74
Adjusted diluted EPS	$	1.25		$	1.66		$	1.47		$	1.69		$	0.61		$	2.91		$	1.18
Cash dividends per share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	0.30		$	0.30
Book value per share (period end)	$	40.66		$	39.56		$	38.07		$	36.91		$	35.42		$	40.66		$	35.42
Tangible book value per share (period end)	$	26.45		$	25.27		$	23.69		$	22.46		$	20.90		$	26.45		$	20.90
Weighted average number of shares
Basic	69,496,666			69,391,734			69,252,307			69,230,667			69,191,778			69,447,503			69,235,117
Diluted	69,791,670			69,740,860			69,493,105			69,346,141			69,292,972			69,764,923			69,413,027
Period end number of shares	69,767,209			69,713,426			69,541,481			69,490,546			69,462,782			69,767,209			69,462,782
Market data
High intraday price	$	59.85		$	57.81		$	39.53		$	27.81		$	29.82		$	59.85		$	43.79
Low intraday price	$	47.44		$	36.60		$	22.37		$	19.91		$	17.12		$	36.60		$	17.12
Period end closing price	$	50.63		$	52.51		$	38.07		$	22.78		$	23.59		$	50.63		$	23.59
Average daily volume	429,233			460,744			394,641			359,059			470,151			444,733			465,955

PERFORMANCE RATIOS
Return on average assets	1.64		%	2.44		%	1.89		%	2.33		%	0.67		%	2.03		%	0.56		%
Adjusted return on average assets	1.63		%	2.26		%	2.04		%	2.35		%	0.89		%	1.94		%	0.88		%
Return on average common equity	12.66		%	18.80		%	14.30		%	18.27		%	5.23		%	15.66		%	4.17		%
Adjusted return on average tangible common equity	19.46		%	27.66		%	25.04		%	30.53		%	11.66		%	23.41		%	11.18		%
Earning asset yield (TE)	3.58		%	3.85		%	3.98		%	4.02		%	4.32		%	3.71		%	4.44		%
Total cost of funds	0.26		%	0.30		%	0.36		%	0.41		%	0.52		%	0.28		%	0.99		%
Net interest margin (TE)	3.34		%	3.57		%	3.64		%	3.64		%	3.83		%	3.45		%	3.77		%
Noninterest income excluding securities transactions, as a percent of total revenue (TE)	33.78		%	39.71		%	38.37		%	46.72		%	39.35		%	36.92		%	32.14		%
Efficiency ratio	54.07		%	52.59		%	54.83		%	47.80		%	54.70		%	53.28		%	60.32		%
Adjusted efficiency ratio (TE)	54.07		%	54.62		%	52.67		%	47.34		%	51.08		%	54.36		%	54.90		%

CAPITAL ADEQUACY (period end)
Shareholders' equity to assets	12.96		%	12.87		%	12.95		%	12.90		%	12.38		%	12.96		%	12.38		%
Tangible common equity to tangible assets	8.83		%	8.62		%	8.47		%	8.27		%	7.70		%	8.83		%	7.70		%

EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets	8.83		%	8.62		%	8.47		%	8.27		%	7.70		%	8.83		%	7.70		%
Effect of goodwill and other intangibles	4.13		%	4.25		%	4.48		%	4.63		%	4.68		%	4.13		%	4.68		%
Equity to assets (GAAP)	12.96		%	12.87		%	12.95		%	12.90		%	12.38		%	12.96		%	12.38		%

OTHER DATA (period end)
Full time equivalent employees
Banking Division	1,817			1,815			1,816			1,807			1,832			1,817			1,832
Retail Mortgage Division	759			765			748			734			692			759			692
Warehouse Lending Division	12			12			12			11			9			12			9
SBA Division	30			29			24			33			42			30			42
Premium Finance Division	68			70			71			71			70			68			70
Total Ameris Bancorp FTE headcount	2,686			2,691			2,671			2,656			2,645			2,686			2,645

Assets per Banking Division FTE	$	12,046		$	11,806		$	11,255		$	10,998		$	10,848		$	12,046		$	10,848
Branch locations	165			165			164			170			170			165			170
Deposits per branch location	$	110,655		$	108,339		$	103,401		$	94,493		$	91,705		$	110,655		$	91,705

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)	2021		2021		2020		2020		2020		2021		2020
Interest income
Interest and fees on loans	$	167,761	$	171,157	$	171,971	$	172,351	$	175,345	$	338,918	$	346,587
Interest on taxable securities	5,244		6,118		6,398		7,259		9,347		11,362		19,429
Interest on nontaxable securities	139		141		150		159		157		280		314
Interest on deposits in other banks	595		522		252		153		123		1,117		1,334
Interest on federal funds sold	12		12		12		12		46		24		122
Total interest income	173,751		177,950		178,783		179,934		185,018		351,701		367,786

Interest expense
Interest on deposits	5,775		6,798		8,870		11,822		14,273		12,573		38,375
Interest on other borrowings	6,124		6,175		6,457		5,574		6,931		12,299		17,652
Total interest expense	11,899		12,973		15,327		17,396		21,204		24,872		56,027

Net interest income	161,852		164,977		163,456		162,538		163,814		326,829		311,759

Provision for loan losses	(899)		(16,579)		(6,700)		26,692		68,449		(17,478)		105,496
Provision for unfunded commitments	1,299		(11,839)		5,481		(10,131)		19,712		(10,540)		23,712
Provision for other credit losses	(258)		(173)		(291)		1,121		—		(431)		—
Provision for credit losses	142		(28,591)		(1,510)		17,682		88,161		(28,449)		129,208
Net interest income after provision for credit losses	161,710		193,568		164,966		144,856		75,653		355,278		182,551

Noninterest income
Service charges on deposit accounts	11,007		10,829		11,465		10,914		9,922		21,836		21,766
Mortgage banking activity	70,231		98,486		95,192		138,627		104,925		168,717		140,258
Other service charges, commissions and fees	1,056		1,016		965		1,039		949		2,072		1,910
Gain (loss) on securities	1		(12)		—		—		14		(11)		5
Other noninterest income	6,945		7,654		4,521		8,438		5,150		14,599		11,400
Total noninterest income	89,240		117,973		112,143		159,018		120,960		207,213		175,339

Noninterest expense
Salaries and employee benefits	85,505		95,985		92,466		96,698		95,168		181,490		171,114
Occupancy and equipment	10,812		11,781		12,709		13,805		13,807		22,593		25,835
Data processing and communications expenses	11,877		11,884		11,323		12,226		10,514		23,761		22,468
Credit resolution-related expenses⁽¹⁾	622		547		1,156		802		950		1,169		3,148
Advertising and marketing	1,946		1,431		3,267		966		1,455		3,377		3,813
Amortization of intangible assets	4,065		4,126		4,190		4,190		5,601		8,191		11,232
Merger and conversion charges	—		—		—		(44)		895		—		1,435
Other noninterest expenses	20,934		23,044		26,005		25,049		27,378		43,978		54,776
Total noninterest expense	135,761		148,798		151,116		153,692		155,768		284,559		293,821

Income before income tax expense	115,189		162,743		125,993		150,182		40,845		277,932		64,069
Income tax expense	26,862		37,781		31,708		34,037		8,609		64,643		12,511
Net income	$	88,327	$	124,962	$	94,285	$	116,145	$	32,236	$	213,289	$	51,558

Diluted earnings per common share	$	1.27	$	1.79	$	1.36	$	1.67	$	0.47	$	3.06	$	0.74

(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
	Three Months Ended
	Jun		Mar		Dec		Sep		Jun
(dollars in thousands)	2021		2021		2020		2020		2020
Assets
Cash and due from banks	$	259,729	$	224,159	$	203,349	$	257,026	$	292,899
Federal funds sold and interest-bearing deposits in banks	3,044,795		2,534,969		1,913,957		494,765		428,560
Time deposits in other banks	—		249		249		249		249
Investment securities available-for-sale, at fair value	778,167		859,652		982,879		1,117,436		1,238,896
Investment securities held-to-maturity, at amortized cost	29,055		—		—		—		—
Other investments	27,621		27,620		28,202		47,329		76,453
Loans held for sale	1,210,589		1,509,528		1,167,659		1,414,889		1,736,397

Loans, net of unearned income	14,780,791		14,599,805		14,480,925		14,943,593		14,503,157
Allowance for credit losses	(175,070)		(178,570)		(199,422)		(231,924)		(208,793)
Loans, net	14,605,721		14,421,235		14,281,503		14,711,669		14,294,364

Other real estate owned	5,775		8,841		11,880		17,969		23,563
Premises and equipment, net	229,994		231,550		222,890		231,278		230,118
Goodwill	928,005		928,005		928,005		928,005		928,005
Other intangible assets, net	63,783		67,848		71,974		76,164		80,354
Cash value of bank owned life insurance	277,839		176,575		176,467		175,605		175,011
Deferred income taxes, net	9,081		22,367		33,314		53,039		56,306
Other assets	416,777		414,529		416,310		348,428		311,454
Total assets	$	21,886,931	$	21,427,127	$	20,438,638	$	19,873,851	$	19,872,629

Liabilities
Deposits
Noninterest-bearing	$	6,983,761	$	6,804,776	$	6,151,070	$	5,909,316	$	5,595,868
Interest-bearing	11,274,236		11,071,097		10,806,753		10,154,490		9,993,950
Total deposits	18,257,997		17,875,873		16,957,823		16,063,806		15,589,818
Federal funds purchased and securities sold under agreements to repurchase	5,544		9,320		11,641		9,103		12,879
Other borrowings	425,303		425,231		425,155		875,255		1,418,336
Subordinated deferrable interest debentures	125,331		124,833		124,345		123,860		123,375
FDIC loss-share payable, net	—		—		—		19,476		18,903
Other liabilities	235,752		234,274		272,586		217,668		249,188
Total liabilities	19,049,927		18,669,531		17,791,550		17,309,168		17,412,499

Shareholders' Equity
Preferred stock	—		—		—		—		—
Common stock	72,008		71,954		71,754		71,703		71,674
Capital stock	1,920,566		1,917,990		1,913,285		1,911,031		1,909,839
Retained earnings	863,828		785,984		671,510		587,657		481,948
Accumulated other comprehensive income, net of tax	25,024		26,090		33,505		37,252		39,613
Treasury stock	(44,422)		(44,422)		(42,966)		(42,960)		(42,944)
Total shareholders' equity	2,837,004		2,757,596		2,647,088		2,564,683		2,460,130
Total liabilities and shareholders' equity	$	21,886,931	$	21,427,127	$	20,438,638	$	19,873,851	$	19,872,629

Other Data
Earning assets	$	19,871,018	$	19,531,823	$	18,573,871	$	18,018,261	$	17,983,712
Intangible assets	991,788		995,853		999,979		1,004,169		1,008,359
Interest-bearing liabilities	11,830,414		11,630,481		11,367,894		11,162,708		11,548,540
Average assets	21,538,894		20,734,414		19,876,338		19,810,084		19,222,181
Average common shareholders' equity	2,798,269		2,695,005		2,622,942		2,529,471		2,478,373

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)	2021			2021			2020			2020			2020			2021			2020
Allowance for Credit Losses
Balance at beginning of period	$	200,241		$	233,105		$	260,417		$	246,295		$	167,315		$	233,105		$	39,266

CECL adoption impact on allowance for loan losses	—			—			—			—			—			—			78,661
CECL adoption impact on allowance for unfunded commitments	—			—			—			—			—			—			12,714
Total CECL adoption impact	—			—			—			—			—			—			91,375

Acquired allowance for unfunded commitments	—			—			—			—			—			—			—

Provision for loan losses	(899)			(16,579)			(6,700)			26,692			68,449			(17,478)			105,496
Provision for unfunded commitments	1,299			(11,839)			5,481			(10,131)			19,712			(10,540)			23,712
Provision for other credit losses	(258)			(173)			(291)			1,121			—			(431)			—
Provision for credit losses	142			(28,591)			(1,510)			17,682			88,161			(28,449)			129,208

Charge-offs	7,138			7,574			29,094			7,370			11,282			14,712			18,000
Recoveries	4,537			3,301			3,292			3,810			2,101			7,838			4,446
Net charge-offs	2,601			4,273			25,802			3,560			9,181			6,874			13,554

Ending balance	$	197,782		$	200,241		$	233,105		$	260,417		$	246,295		$	197,782		$	246,295

Allowance for loan losses	$	175,070		$	178,570		$	199,422		$	231,924		$	208,793		$	175,070		$	208,793
Allowance for unfunded commitments	22,313			21,014			32,853			27,372			37,502			22,313			37,502
Allowance for other credit losses	399			657			830			1,121			—			399			—
Total allowance for credit losses	$	197,782		$	200,241		$	233,105		$	260,417		$	246,295		$	197,782		$	246,295

Net Charge-off Information
Charge-offs
Commercial, financial and agricultural	$	3,529		$	2,370		$	5,960		$	1,715		$	486		$	5,899		$	2,972
Consumer installment	1,669			1,448			2,861			677			962			3,117			2,104
Indirect automobile	141			829			658			697			1,016			970			2,247
Premium Finance	1,194			1,343			2,240			1,158			1,904			2,537			2,735
Real estate - construction and development	186			26			—			9			74			212			74
Real estate - commercial and farmland	27			1,395			17,284			2,977			6,315			1,422			7,243
Real estate - residential	392			163			91			137			525			555			625
Total charge-offs	7,138			7,574			29,094			7,370			11,282			14,712			18,000

Recoveries
Commercial, financial and agricultural	625			727			754			470			303			1,352			665
Consumer installment	212			356			480			516			436			568			1,420
Indirect automobile	372			700			637			317			359			1,072			40
Premium Finance	2,466			1,122			605			1,224			676			3,588			1,360
Real estate - construction and development	84			167			125			182			168			251			510
Real estate - commercial and farmland	185			41			439			904			21			226			106
Real estate - residential	593			188			252			197			138			781			345
Total recoveries	4,537			3,301			3,292			3,810			2,101			7,838			4,446

Net charge-offs	$	2,601		$	4,273		$	25,802		$	3,560		$	9,181		$	6,874		$	13,554

Non-Performing Assets
Nonaccrual loans	$	59,921		$	71,189		$	76,457		$	138,163		$	77,745		$	59,921		$	77,745
Other real estate owned	5,775			8,841			11,880			17,969			23,563			5,775			23,563
Repossessed assets	226			840			544			258			1,348			226			1,348
Accruing loans delinquent 90 days or more	4,874			5,097			8,326			7,003			15,126			4,874			15,127
Total non-performing assets	$	70,796		$	85,967		$	97,207		$	163,393		$	117,782		$	70,796		$	117,783

Asset Quality Ratios
Non-performing assets as a percent of total assets	0.32		%	0.40		%	0.48		%	0.82		%	0.59		%	0.32		%	0.59		%
Net charge-offs as a percent of average loans (annualized)	0.07		%	0.12		%	0.70		%	0.10		%	0.27		%	0.10		%	0.20		%

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES

Loan Information	Table 5
	Jun		Mar		Dec		Sep		Jun
(dollars in thousands)	2021		2021		2020		2020		2020
Loans by Type
Commercial, financial and agricultural	$	1,406,421	$	1,611,029	$	1,627,477	$	1,879,788	$	1,839,921
Consumer installment	229,411		257,097		306,995		450,810		575,782
Indirect automobile	397,373		482,637		580,083		682,396		739,543
Mortgage warehouse	841,347		880,216		916,353		995,942		748,853
Municipal	647,578		659,228		659,403		725,669		731,508
Premium Finance	780,328		706,379		687,841		710,890		690,584
Real estate - construction and development	1,527,883		1,533,234		1,606,710		1,628,255		1,641,744
Real estate - commercial and farmland	6,051,472		5,616,826		5,300,006		5,116,252		4,804,420
Real estate - residential	2,898,978		2,853,159		2,796,057		2,753,591		2,730,802
Total loans	$	14,780,791	$	14,599,805	$	14,480,925	$	14,943,593	$	14,503,157

Troubled Debt Restructurings
Accruing troubled debt restructurings
Commercial, financial and agricultural	$	1,038	$	930	$	521	$	459	$	592
Consumer installment	28		27		32		36		42
Indirect automobile	1,647		1,931		2,277		2,689		—
Real estate - construction and development	898		501		506		510		919
Real estate - commercial and farmland	46,025		43,398		36,707		73,763		5,252
Real estate - residential	31,570		33,324		38,800		28,777		29,935
Total accruing troubled debt restructurings	$	81,206	$	80,111	$	78,843	$	106,234	$	36,740

Ameris Bancorp Announces Financial Results For Second Quarter 2021