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Ameris Bancorp Announces Fourth Quarter and Full Year 2024 Financial Results

1. ABCB net income for Q4 2024 is $94.4 million, up 43%. 2. Adjusted net income increases to $95.1 million, exceeding analyst expectations. 3. Net interest income rose 7.6% year over year, largely due to lower deposit costs. 4. Deposits slightly decreased in Q4 but net interest margin improved to 3.64%. 5. ABCB's provision for credit losses declined substantially by 59.1% compared to last year.

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ATLANTA--(BUSINESS WIRE)--Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024, compared with $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023. Excluding gain on sale of mortgage servicing rights (MSR), FDIC special assessment, natural disaster expenses and gain/loss of bank premises, adjusted net income(1) was $95.1 million, or $1.38 per diluted share, for the quarter ended December 31, 2024, compared with $73.6 million, or $1.07 per diluted share, for the quarter ended December 31, 2023. For the year ended December 31, 2024, the Company reported net income of $358.7 million, or $5.19 per diluted share, compared with $269.1 million, or $3.89 per diluted share, for the same period in 2023. The year ended December 31, 2024 included a provision for credit losses of $58.8 million, compared with $142.7 million for the same period in 2023. Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our fourth quarter performance reflects a strong finish to another successful year for Ameris. By prioritizing tangible book value growth, discipline in balance sheet management and operational efficiency, we have consistently delivered top-tier financial results and created meaningful shareholder value. Our robust balance sheet, focus on revenue growth, healthy net interest margin and commitment to efficiency, paired with the growth potential in our expanding Southeast markets, position us for continued success in the years ahead." Net Interest Income and Net Interest Margin Net interest income on a tax-equivalent basis (TE) was $222.8 million in the fourth quarter of 2024, an increase of $7.7 million, or 3.6%, from last quarter and $15.7 million, or 7.6%, compared with the fourth quarter of 2023. The Company's net interest margin expanded to 3.64% for the fourth quarter of 2024, a 13 basis point increase from 3.51% reported for the third quarter of 2024 and a 10 basis point improvement from the 3.54% reported for the fourth quarter of 2023. The increase in net interest margin is primarily attributable to decreased deposit costs. Net interest income on a tax-equivalent basis for the full year 2024 increased $14.2 million to $853.0 million, compared with $838.8 million for 2023. The increase in net interest income is primarily attributable to increased yields on a growing loan base compared with the prior year. Interest income on a tax-equivalent basis increased $97.9 million, while funding costs increased only $83.7 million. The Company's net interest margin was 3.56% for 2024, compared with 3.61% for 2023. Yields on earning assets decreased 14 basis points during the quarter to 5.67%, compared with 5.81% in the third quarter of 2024. This decrease is primarily related to a decrease in yields on loans from 6.01% for the third quarter of 2024 to 5.87% during the fourth quarter of 2024. Compared with the fourth quarter of 2023, loan yields increased four basis points from 5.83%. Yields on earning assets were near flat compared with the fourth quarter of 2023, decreasing two basis points from 5.69%. The Company’s total cost of funds was 2.22% in the fourth quarter of 2024, a decrease of 28 and 10 basis points compared with the third quarter of 2024 and fourth quarter of 2023, respectively. Deposit costs decreased 27 basis points during the fourth quarter of 2024 to 2.12%, compared with 2.39% in the third quarter of 2024. Costs of interest-bearing deposits decreased during the quarter from 3.44% in the third quarter of 2024 to 3.06% in the fourth quarter of 2024, reflecting a decrease in brokered deposit account balances and costs, as well as money market account costs. Noninterest Income Noninterest income decreased only slightly, by $750,000, or 1.08%, in the fourth quarter of 2024 to $69.0 million, compared with $69.7 million for the third quarter of 2024, primarily as a result of a cyclical decrease in the warehouse lending division. Mortgage banking activity decreased by $1.2 million, or 3.3%, to $36.7 million in the fourth quarter of 2024, compared with $37.9 million for the third quarter of 2024. Total production in the retail mortgage division increased $78.2 million, or 6.8%, to $1.24 billion in the fourth quarter of 2024, compared with $1.16 billion for the third quarter of 2024. The retail mortgage open pipeline was $638.5 million at the end of the fourth quarter of 2024, compared with $813.7 million for the third quarter of 2024. Gain on sale spreads increased to 2.40% in the fourth quarter of 2024 from 2.17% for the third quarter of 2024. Other noninterest income was roughly flat in the fourth quarter of 2024 compared with the third quarter. Included in other noninterest income in the fourth quarter of 2024 was a gain on sale of mortgage servicing rights of $536,000, compared with $5.2 million for the third quarter of 2024. This decrease was partially offset by increases in gain on sale of SBA loans and equipment finance fee income of $3.7 million and $549,000, respectively, over the same period. For the full year 2024, noninterest income increased $50.4 million, or 20.8%, to $293.3 million, compared with $242.8 million for 2023. Mortgage banking activity increased by $20.6 million, or 14.7%, to $160.5 million in 2024, compared with $139.9 million in 2023. Production in the retail mortgage division increased to $4.6 billion in 2024, compared with $4.3 billion in 2023, while gain on sale spreads increased to 2.37% in 2024 from 2.07% in 2023. During 2024, the Company recorded a gain on conversion of Visa Class B stock of $12.6 million and a gain on sale of MSR of $10.5 million, with no such gains recorded in 2023. Additionally, during 2024, income on bank owned life insurance increased $3.5 million due to the restructuring of those policies and the gain on sale of SBA loans increased by $2.6 million. Noninterest Expense The Company has remained disciplined on expense control, such that noninterest expense was essentially flat, with $151.9 million in expenses during the fourth quarter of 2024, compared with $151.8 million for the third quarter of 2024. During the fourth quarter of 2024, the Company recorded natural disaster expenses of $400,000, a reduction in FDIC special assessment expense of $559,000, and a loss on bank premises of $1.2 million. During the third quarter of 2024, the Company recorded natural disaster expenses of $150,000. Excluding these items, adjusted expenses(1) decreased approximately $722,000, or 0.5%, to $150.9 million in the fourth quarter of 2024 from $151.6 million in the third quarter of 2024. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) improved to 51.82% in the fourth quarter of 2024, compared with 54.25% in the third quarter of 2024. For the full year 2024, noninterest expense increased $29.5 million, or 5.1%, to $607.8 million, compared with $578.3 million in 2023. Excluding adjustment items of $3.2 million in 2024 and $9.7 million in 2023, adjusted expenses increased $36.0 million, or 6.3% to $604.6 million in 2024, from $568.6 million in 2023. This increase is primarily attributable to reductions in deferred loan origination costs and OREO gains, and increases in health insurance and data processing expenses. Also contributing to the increase in adjusted expenses was an increase in variable expenses related to mortgage production. Income Tax Expense The Company's effective tax rate for 2024 was unchanged at 24.6%, compared with 2023. The Company's effective tax rate for the fourth quarter of 2024 was 25.1%, compared with 21.2% for the third quarter of 2024. The increased rate for the fourth quarter of 2024 resulted primarily from a return to provision adjustment made when the Company filed its 2023 income tax returns in the fourth quarter of 2024. Balance Sheet Trends Total assets at December 31, 2024 were $26.26 billion, compared with $25.20 billion at December 31, 2023. Debt securities available-for-sale increased to $1.67 billion, compared with $1.40 billion at December 31, 2023. Loans, net of unearned income, increased $470.6 million, or 2.3%, to $20.74 billion at December 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $528.6 million at December 31, 2024 from $281.3 million at December 31, 2023. At December 31, 2024, total deposits amounted to $21.72 billion, compared with $20.71 billion at December 31, 2023. During the fourth quarter of 2024, deposits declined $156.8 million, with noninterest bearing accounts decreasing $172.0 million, retail CDs decreasing $86.5 million and brokered CDs decreasing $832.0 million, with such decreases offset in part by money market accounts increasing $660.0 million, a $270.2 million increase in interest bearing demand accounts and a $3.5 million increase in savings accounts. Noninterest bearing accounts as a percentage of total deposits decreased slightly, such that at December 31, 2024, noninterest bearing deposit accounts represented $6.50 billion, or 29.9% of total deposits, compared with $6.67 billion, or 30.5% of total deposits, at September 30, 2024. Shareholders’ equity at December 31, 2024 totaled $3.75 billion, an increase of $324.8 million, or 9.5%, from December 31, 2023. The increase in shareholders’ equity was primarily the result of earnings of $358.7 million during the full year of 2024, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss of $5.8 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $4.95 per share, or 14.7%, during the full year of 2024 to $38.59 at December 31, 2024. Tangible common equity as a percentage of tangible assets was 10.59% at December 31, 2024, compared with 9.64% at the end of 2023. The Company had no repurchases of its shares in the quarter ending December 31, 2024. Credit Quality During the fourth quarter of 2024, the Company recorded a provision for credit losses of $12.8 million, increasing the allowance for credit losses to 1.63% of loans, compared with a provision of $6.1 million in the third quarter of 2024. Nonperforming assets as a percentage of total assets were relatively flat, increasing three basis points to 0.47% during the quarter. Approximately $12.0 million, or 9.8%, of the nonperforming assets at December 31, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets was also relatively flat, having increased one basis point to 0.42% at December 31, 2024, compared with 0.41% at the end of the third quarter of 2024. The net charge-off ratio was 17 basis points for the fourth quarter of 2024, compared with 15 basis points in the third quarter of 2024. Conference Call The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 31, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until February 7, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 2270789. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website. About Ameris Bancorp Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.3 billion in assets as of December 31, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com. (1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D. This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. Category: Earnings AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Financial Highlights Table 1 Three Months Ended Twelve Months Ended (dollars in thousands except per share data) Dec Sep Jun Mar Dec Dec Dec 2024 2024 2024 2024 2023 2024 2023 EARNINGS Net income $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105 Adjusted net income(1) $ 95,078 $ 95,187 $ 80,763 $ 75,612 $ 73,568 $ 346,640 $ 276,253 COMMON SHARE DATA Earnings per share available to common shareholders Basic $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.21 $ 3.90 Diluted $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.19 $ 3.89 Adjusted diluted EPS(1) $ 1.38 $ 1.38 $ 1.17 $ 1.10 $ 1.07 $ 5.02 $ 4.00 Cash dividends per share $ 0.20 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.65 $ 0.60 Book value per share (period end) $ 54.32 $ 53.30 $ 51.64 $ 50.42 $ 49.62 $ 54.32 $ 49.62 Tangible book value per share (period end)(1) $ 38.59 $ 37.51 $ 35.79 $ 34.52 $ 33.64 $ 38.59 $ 33.64 Weighted average number of shares Basic 68,799,464 68,798,093 68,824,150 68,808,393 68,824,004 68,808,830 68,977,453 Diluted 69,128,946 69,066,298 69,013,834 69,014,116 69,014,793 69,061,832 69,104,158 Period end number of shares 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,068,609 69,053,341 Market data High intraday price $ 74.56 $ 65.40 $ 51.18 $ 53.99 $ 53.84 $ 74.56 $ 53.84 Low intraday price $ 59.12 $ 48.21 $ 44.23 $ 44.00 $ 34.26 $ 44.00 $ 28.33 Period end closing price $ 62.57 $ 62.39 $ 50.35 $ 48.38 $ 53.05 $ 62.57 $ 53.05 Average daily volume 384,406 379,896 301,784 407,898 390,190 368,293 419,347 PERFORMANCE RATIOS Return on average assets 1.42 % 1.49 % 1.41 % 1.18 % 1.03 % 1.38 % 1.06 % Adjusted return on average assets(1) 1.43 % 1.43 % 1.25 % 1.20 % 1.15 % 1.33 % 1.09 % Return on average common equity 10.09 % 10.91 % 10.34 % 8.63 % 7.73 % 10.01 % 8.12 % Adjusted return on average tangible common equity(1) 14.37 % 14.99 % 13.35 % 12.88 % 12.81 % 13.93 % 12.55 % Earning asset yield (TE) 5.67 % 5.81 % 5.86 % 5.73 % 5.69 % 5.77 % 5.52 % Total cost of funds 2.22 % 2.50 % 2.48 % 2.41 % 2.32 % 2.40 % 2.05 % Net interest margin (TE) 3.64 % 3.51 % 3.58 % 3.51 % 3.54 % 3.56 % 3.61 % Efficiency ratio 52.26 % 53.49 % 51.68 % 55.64 % 56.80 % 53.20 % 53.65 % Adjusted efficiency ratio (TE)(1) 51.82 % 54.25 % 55.00 % 54.56 % 52.87 % 53.88 % 52.58 % CAPITAL ADEQUACY (period end) Shareholders' equity to assets 14.28 % 13.94 % 13.45 % 13.58 % 13.60 % 14.28 % 13.60 % Tangible common equity to tangible assets(1) 10.59 % 10.24 % 9.72 % 9.71 % 9.64 % 10.59 % 9.64 % OTHER DATA (period end) Full time equivalent employees Banking Division 2,021 2,056 2,073 2,082 2,088 2,021 2,088 Retail Mortgage Division 585 592 595 596 595 585 595 Warehouse Lending Division 8 9 9 8 7 8 7 Premium Finance Division 77 76 74 73 75 77 75 Total Ameris Bancorp FTE headcount 2,691 2,733 2,751 2,759 2,765 2,691 2,765 Branch locations 164 164 164 164 164 164 164 Deposits per branch location $ 132,454 $ 133,410 $ 130,757 $ 128,033 $ 126,271 $ 132,454 $ 126,271   (1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Income Statement Table 2 Three Months Ended Twelve Months Ended (dollars in thousands except per share data) Dec Sep Jun Mar Dec Dec Dec 2024 2024 2024 2024 2023 2024 2023 Interest income Interest and fees on loans $ 318,843 $ 325,622 $ 317,664 $ 303,393 $ 303,487 $ 1,265,522 $ 1,172,162 Interest on taxable securities 15,923 15,555 16,948 13,092 14,033 61,518 59,002 Interest on nontaxable securities 337 336 335 330 326 1,338 1,335 Interest on deposits in other banks 11,260 13,633 12,376 12,637 14,368 49,906 47,936 Total interest income 346,363 355,146 347,323 329,452 332,214 1,378,284 1,280,435 Interest expense Interest on deposits 115,556 129,698 121,245 118,174 111,749 484,673 356,017 Interest on other borrowings 8,986 11,388 14,157 9,890 14,364 44,421 89,374 Total interest expense 124,542 141,086 135,402 128,064 126,113 529,094 445,391 Net interest income 221,821 214,060 211,921 201,388 206,101 849,190 835,044 Provision for loan losses 12,657 6,313 25,348 25,523 30,401 69,841 153,515 Provision for unfunded commitments 148 (204 ) (6,570 ) (4,422 ) (7,438 ) (11,048 ) (10,853 ) Provision for other credit losses 3 (2 ) (5 ) 4 (11 ) — (6 ) Provision for credit losses 12,808 6,107 18,773 21,105 22,952 58,793 142,656 Net interest income after provision for credit losses 209,013 207,953 193,148 180,283 183,149 790,397 692,388 Noninterest income Service charges on deposit accounts 13,544 12,918 12,672 11,759 12,252 50,893 46,575 Mortgage banking activity 36,699 37,947 46,399 39,430 31,461 160,475 139,885 Other service charges, commissions and fees 1,182 1,163 1,211 1,202 1,234 4,758 4,401 Gain (loss) on securities (16 ) (8 ) 12,335 (7 ) (288 ) 12,304 (304 ) Equipment finance activity 5,947 5,398 4,983 5,336 5,748 21,664 23,349 Other noninterest income 11,603 12,291 11,111 8,158 5,841 43,163 28,922 Total noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Noninterest expense Salaries and employee benefits 87,810 88,700 88,201 82,930 75,966 347,641 320,110 Occupancy and equipment 11,624 11,716 12,559 12,885 13,197 48,784 51,450 Data processing and communications expenses 14,631 15,221 15,193 14,654 14,028 59,699 53,486 Credit resolution-related expenses(1) 1,271 (110 ) 840 486 157 2,487 80 Advertising and marketing 2,407 4,089 3,571 2,545 2,937 12,612 11,638 Amortization of intangible assets 4,180 4,180 4,407 4,422 4,425 17,189 18,244 Other noninterest expenses 30,026 27,981 30,586 30,789 38,301 119,382 123,273 Total noninterest expense 151,949 151,777 155,357 148,711 149,011 607,794 578,281 Income before income tax expense 126,023 125,885 126,502 97,450 90,386 475,860 356,935 Income tax expense 31,647 26,673 35,717 23,138 24,452 117,175 87,830 Net income $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105 Diluted earnings per common share $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.19 $ 3.89 (1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Period End Balance Sheet Table 3 Dec Sep Jun Mar Dec (dollars in thousands) 2024 2024 2024 2024 2023 Assets Cash and due from banks $ 244,980 $ 231,515 $ 257,297 $ 235,931 $ 230,470 Interest-bearing deposits in banks 975,397 1,127,641 1,104,897 975,321 936,834 Debt securities available-for-sale, at fair value 1,671,260 1,441,552 1,531,047 1,414,419 1,402,944 Debt securities held-to-maturity, at amortized cost 164,677 161,220 148,538 147,022 141,512 Other investments 66,298 63,899 96,613 77,480 71,794 Loans held for sale 528,599 553,379 570,180 364,332 281,332 Loans, net of unearned income 20,739,906 20,964,981 20,992,603 20,600,260 20,269,303 Allowance for credit losses (338,084 ) (334,457 ) (336,218 ) (320,023 ) (307,100 ) Loans, net 20,401,822 20,630,524 20,656,385 20,280,237 19,962,203 Other real estate owned 2,433 9,482 2,213 2,158 6,199 Premises and equipment, net 209,460 210,931 213,255 214,801 216,435 Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangible assets, net 70,761 74,941 79,120 83,527 87,949 Cash value of bank owned life insurance 408,574 460,699 376,458 396,804 395,778 Other assets 502,143 418,353 469,079 447,767 454,603 Total assets $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699 Liabilities Deposits Noninterest-bearing $ 6,498,293 $ 6,670,320 $ 6,649,220 $ 6,538,322 $ 6,491,639 Interest-bearing 15,224,155 15,208,945 14,794,923 14,459,068 14,216,870 Total deposits 21,722,448 21,879,265 21,444,143 20,997,390 20,708,509 Other borrowings 291,788 346,446 946,413 631,380 509,586 Subordinated deferrable interest debentures 132,309 131,811 131,312 130,814 130,315 Other liabilities 363,983 360,892 432,246 411,123 428,542 Total liabilities 22,510,528 22,718,414 22,954,114 22,170,707 21,776,952 Shareholders' Equity Preferred stock — — — — — Common stock 72,699 72,698 72,697 72,683 72,516 Capital stock 1,958,642 1,954,532 1,950,846 1,948,352 1,945,385 Retained earnings 1,853,428 1,772,989 1,684,218 1,603,832 1,539,957 Accumulated other comprehensive loss, net of tax (30,119 ) (15,724 ) (38,020 ) (39,959 ) (35,939 ) Treasury stock (103,128 ) (103,127 ) (103,127 ) (100,170 ) (95,172 ) Total shareholders' equity 3,751,522 3,681,368 3,566,614 3,484,738 3,426,747 Total liabilities and shareholders' equity $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699 Other Data Earning assets $ 24,146,137 $ 24,312,672 $ 24,443,878 $ 23,578,834 $ 23,103,719 Intangible assets 1,086,407 1,090,587 1,094,766 1,099,173 1,103,595 Interest-bearing liabilities 15,648,252 15,687,202 15,872,648 15,221,262 14,856,771 Average assets 26,444,894 26,442,984 25,954,808 25,295,088 25,341,990 Average common shareholders' equity 3,719,888 3,618,052 3,530,869 3,462,871 3,383,554 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Asset Quality Information Table 4 Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands) 2024 2024 2024 2024 2023 2024 2023 Allowance for Credit Losses Balance at beginning of period $ 364,885 $ 366,852 $ 357,232 $ 348,727 $ 339,180 $ 348,727 $ 258,163 Adoption of ASU 2022-02 — — — — — — (1,711 ) Provision for loan losses 12,657 6,313 25,348 25,523 30,401 69,841 153,515 Provision for unfunded commitments 148 (204 ) (6,570 ) (4,422 ) (7,438 ) (11,048 ) (10,853 ) Provision for other credit losses 3 (2 ) (5 ) 4 (11 ) — (6 ) Provision for credit losses 12,808 6,107 18,773 21,105 22,952 58,793 142,656 Charge-offs 17,459 15,352 16,845 18,457 20,104 68,113 75,218 Recoveries 8,429 7,278 7,692 5,857 6,699 29,256 24,837 Net charge-offs (recoveries) 9,030 8,074 9,153 12,600 13,405 38,857 50,381 Ending balance $ 368,663 $ 364,885 $ 366,852 $ 357,232 $ 348,727 $ 368,663 $ 348,727 Allowance for loan losses $ 338,084 $ 334,457 $ 336,218 $ 320,023 $ 307,100 $ 338,084 $ 307,100 Allowance for unfunded commitments 30,510 30,362 30,566 37,136 41,558 30,510 41,558 Allowance for other credit losses 69 66 68 73 69 69 69 Total allowance for credit losses $ 368,663 $ 364,885 $ 366,852 $ 357,232 $ 348,727 $ 368,663 $ 348,727 Non-Performing Assets Nonaccrual portfolio loans $ 90,206 $ 87,339 $ 85,878 $ 80,448 $ 60,961 $ 90,206 $ 60,961 Other real estate owned 2,433 9,482 2,213 2,158 6,199 2,433 6,199 Repossessed assets 9 19 22 29 17 9 17 Accruing loans delinquent 90 days or more 17,733 12,234 15,909 15,811 16,988 17,733 16,988 Non-performing portfolio assets $ 110,381 $ 109,074 $ 104,022 $ 98,446 $ 84,165 $ 110,381 $ 84,165 Serviced GNMA-guaranteed mortgage nonaccrual loans 12,012 8,168 93,520 84,238 90,156 12,012 90,156 Total non-performing assets $ 122,393 $ 117,242 $ 197,542 $ 182,684 $ 174,321 $ 122,393 $ 174,321 Asset Quality Ratios Non-performing portfolio assets as a percent of total assets 0.42 % 0.41 % 0.39 % 0.38 % 0.33 % 0.42 % 0.33 % Total non-performing assets as a percent of total assets 0.47 % 0.44 % 0.74 % 0.71 % 0.69 % 0.47 % 0.69 % Net charge-offs as a percent of average loans (annualized) 0.17 % 0.15 % 0.18 % 0.25 % 0.26 % 0.19 % 0.25 % AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Loan Information Table 5 Dec Sep Jun Mar Dec (dollars in thousands) 2024 2024 2024 2024 2023 Loans by Type Commercial and industrial $ 2,953,135 $ 2,949,957 $ 2,860,973 $ 2,758,716 $ 2,688,929 Consumer 221,735 221,201 234,122 257,015 275,809 Mortgage warehouse 965,053 985,910 1,070,921 891,336 818,728 Municipal 441,408 449,561 454,967 477,567 492,668 Premium Finance 1,155,614 1,246,452 1,151,261 998,726 946,562 Real estate - construction and development 1,998,506 2,232,114 2,336,987 2,264,346 2,129,187 Real estate - commercial and farmland 8,445,958 8,249,981 8,103,634 8,131,248 8,059,754 Real estate - residential 4,558,497 4,629,805 4,779,738 4,821,306 4,857,666 Total loans $ 20,739,906 $ 20,964,981 $ 20,992,603 $ 20,600,260 $ 20,269,303 Loans by Risk Grade Pass $ 20,457,340 $ 20,676,342 $ 20,623,416 $ 20,221,302 $ 19,846,731 Other assets especially mentioned 110,936 124,479 115,477 137,225 203,725 Substandard 171,630 164,160 253,710 241,733 218,847 Total loans $ 20,739,906 $ 20,964,981 $ 20,992,603 $ 20,600,260 $ 20,269,303 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Average Balances Table 6 Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands) 2024 2024 2024 2024 2023 2024 2023 Earning Assets Interest-bearing deposits in banks $ 899,162 $ 997,308 $ 899,866 $ 923,845 $ 936,733 $ 930,145 $ 914,818 Debt securities - taxable 1,761,984 1,733,418 1,663,841 1,599,705 1,591,567 1,690,053 1,664,184 Debt securities - nontaxable 41,494 41,496 41,396 41,287 40,227 41,419 41,679 Loans held for sale 795,904 575,461 491,000 323,351 405,080 547,190 484,070 Loans 20,868,216 21,023,629 20,820,361 20,320,678 20,252,773 20,759,247 20,154,321 Total Earning Assets $ 24,366,760 $ 24,371,312 $ 23,916,464 $ 23,208,866 $ 23,226,380 $ 23,968,054 $ 23,259,072 Deposits Noninterest-bearing deposits $ 6,684,851 $ 6,622,952 $ 6,558,427 $ 6,403,300 $ 6,572,190 $ 6,567,855 $ 6,771,464 NOW accounts 3,888,404 3,753,528 3,824,538 3,829,977 3,760,992 3,824,094 3,878,034 MMDA 6,864,265 6,508,770 6,251,719 5,952,389 5,994,361 6,395,883 5,382,865 Savings accounts 761,980 765,909 781,588 795,887 817,075 776,273 936,454 Retail CDs 2,474,804 2,478,875 2,430,416 2,378,678 2,281,357 2,440,891 2,031,828 Brokered CDs 1,057,808 1,493,352 1,167,174 1,381,382 1,122,684 1,274,933 1,024,606 Total Deposits 21,732,112 21,623,386 21,013,862 20,741,613 20,548,659 21,279,929 20,025,251 Non-Deposit Funding Federal funds purchased and securities sold under agreements to repurchase — — 1 — — — — FHLB advances 215,116 358,332 548,251 219,589 538,096 335,056 1,210,242 Other borrowings 279,961 298,073 307,449 308,210 311,091 298,372 325,260 Subordinated deferrable interest debentures 132,048 131,547 131,050 130,551 130,054 131,302 129,310 Total Non-Deposit Funding 627,125 787,952 986,751 658,350 979,241 764,730 1,664,812 Total Funding $ 22,359,237 $ 22,411,338 $ 22,000,613 $ 21,399,963 $ 21,527,900 $ 22,044,659 $ 21,690,063 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Interest Income and Interest Expense (TE) Table 7 Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands) 2024 2024 2024 2024 2023 2024 2023 Interest Income Interest-bearing deposits in banks $ 11,260 $ 13,633 $ 12,376 $ 12,637 $ 14,368 $ 49,906 $ 47,936 Debt securities - taxable 15,923 15,555 16,948 13,092 14,033 61,518 59,002 Debt securities - nontaxable (TE) 427 426 423 418 413 1,694 1,690 Loans held for sale 11,853 9,142 8,189 5,348 6,846 34,532 29,711 Loans (TE) 307,852 317,358 310,347 298,907 297,501 1,234,464 1,145,876 Total Earning Assets $ 347,315 $ 356,114 $ 348,283 $ 330,402 $ 333,161 $ 1,382,114 $ 1,284,215 Interest Expense Interest-Bearing Deposits NOW accounts $ 19,099 $ 20,535 $ 21,020 $ 20,574 $ 19,293 $ 81,228 $ 69,584 MMDA 57,160 61,620 58,332 53,953 54,002 231,065 162,718 Savings accounts 850 960 984 986 974 3,780 6,349 Retail CDs 25,610 26,775 25,711 24,576 22,257 102,672 63,650 Brokered CDs 12,837 19,808 15,198 18,085 15,223 65,928 53,716 Total Interest-Bearing Deposits 115,556 129,698 121,245 118,174 111,749 484,673 356,017 Non-Deposit Funding FHLB advances 2,393 4,443 7,167 2,578 7,089 16,581 59,302 Other borrowings 3,346 3,514 3,574 3,879 3,798 14,313 16,870 Subordinated deferrable interest debentures 3,247 3,431 3,416 3,433 3,477 13,527 13,202 Total Non-Deposit Funding 8,986 11,388 14,157 9,890 14,364 44,421 89,374 Total Interest-Bearing Funding $ 124,542 $ 141,086 $ 135,402 $ 128,064 $ 126,113 $ 529,094 $ 445,391 Net Interest Income (TE) $ 222,773 $ 215,028 $ 212,881 $ 202,338 $ 207,048 $ 853,020 $ 838,824 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Yields(1) Table 8 Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec 2024 2024 2024 2024 2023 2024 2023 Earning Assets Interest-bearing deposits in banks 4.98 % 5.44 % 5.53 % 5.50 % 6.09 % 5.37 % 5.24 % Debt securities - taxable 3.60 % 3.57 % 4.10 % 3.29 % 3.50 % 3.64 % 3.55 % Debt securities - nontaxable (TE) 4.09 % 4.08 % 4.11 % 4.07 % 4.07 % 4.09 % 4.05 % Loans held for sale 5.92 % 6.32 % 6.71 % 6.65 % 6.71 % 6.31 % 6.14 % Loans (TE) 5.87 % 6.01 % 6.00 % 5.92 % 5.83 % 5.95 % 5.69 % Total Earning Assets 5.67 % 5.81 % 5.86 % 5.73 % 5.69 % 5.77 % 5.52 % Interest-Bearing Deposits NOW accounts 1.95 % 2.18 % 2.21 % 2.16 % 2.04 % 2.12 % 1.79 % MMDA 3.31 % 3.77 % 3.75 % 3.65 % 3.57 % 3.61 % 3.02 % Savings accounts 0.44 % 0.50 % 0.51 % 0.50 % 0.47 % 0.49 % 0.68 % Retail CDs 4.12 % 4.30 % 4.25 % 4.16 % 3.87 % 4.21 % 3.13 % Brokered CDs 4.83 % 5.28 % 5.24 % 5.27 % 5.38 % 5.17 % 5.24 % Total Interest-Bearing Deposits 3.06 % 3.44 % 3.37 % 3.31 % 3.17 % 3.29 % 2.69 % Non-Deposit Funding Federal funds purchased and securities sold under agreements to repurchase — % — % — % — % — % — % — % FHLB advances 4.43 % 4.93 % 5.26 % 4.72 % 5.23 % 4.95 % 4.90 % Other borrowings 4.75 % 4.69 % 4.68 % 5.06 % 4.84 % 4.80 % 5.19 % Subordinated deferrable interest debentures 9.78 % 10.38 % 10.48 % 10.58 % 10.61 % 10.30 % 10.21 % Total Non-Deposit Funding 5.70 % 5.75 % 5.77 % 6.04 % 5.82 % 5.81 % 5.37 % Total Interest-Bearing Liabilities 3.16 % 3.55 % 3.53 % 3.43 % 3.35 % 3.42 % 2.99 % Net Interest Spread 2.51 % 2.26 % 2.33 % 2.30 % 2.34 % 2.35 % 2.53 % Net Interest Margin(2) 3.64 % 3.51 % 3.58 % 3.51 % 3.54 % 3.56 % 3.61 % Total Cost of Funds(3) 2.22 % 2.50 % 2.48 % 2.41 % 2.32 % 2.40 % 2.05 % (1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. (2) Rate calculated based on average earning assets. (3) Rate calculated based on total average funding including noninterest-bearing deposits. AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Non-GAAP Reconciliations Adjusted Net Income Table 9A Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023 Net income available to common shareholders $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105 Adjustment items: Gain on sale of MSR (536 ) (5,245 ) (4,713 ) — — (10,494 ) — Gain on conversion of Visa Class B-1 stock — — (12,554 ) — — (12,554 ) — Gain on BOLI proceeds — — (466 ) (998 ) — (1,464 ) (486 ) FDIC special assessment (559 ) — (895 ) 2,909 11,566 1,455 11,566 Natural disaster expenses 400 150 — — — 550 — (Gain)/loss on bank premises 1,203 — — — (1,903 ) 1,203 (1,903 ) Tax effect of adjustment items (Note 1) (107 ) 1,070 3,814 (611 ) (2,029 ) 4,166 (2,029 ) After tax adjustment items 401 (4,025 ) (14,814 ) 1,300 7,634 (17,138 ) 7,148 Tax expense attributable to BOLI restructuring 301 — 4,792 — — 5,093 — Adjusted net income $ 95,078 $ 95,187 $ 80,763 $ 75,612 $ 73,568 $ 346,640 $ 276,253 Weighted average number of shares - diluted 69,128,946 69,066,298 69,013,834 69,014,116 69,014,793 69,061,832 69,104,158 Net income per diluted share $ 1.37 $ 1.44 $ 1.32 $ 1.08 $ 0.96 $ 5.19 $ 3.89 Adjusted net income per diluted share $ 1.38 $ 1.38 $ 1.17 $ 1.10 $ 1.07 $ 5.02 $ 4.00 Average assets $ 26,444,894 $ 26,442,984 $ 25,954,808 $ 25,295,088 $ 25,341,990 $ 26,036,681 $ 25,404,873 Return on average assets 1.42 % 1.49 % 1.41 % 1.18 % 1.03 % 1.38 % 1.06 % Adjusted return on average assets 1.43 % 1.43 % 1.25 % 1.20 % 1.15 % 1.33 % 1.09 % Average common equity $ 3,719,888 $ 3,618,052 $ 3,530,869 $ 3,462,871 $ 3,383,554 $ 3,583,390 $ 3,313,361 Average tangible common equity $ 2,631,452 $ 2,525,421 $ 2,433,958 $ 2,361,544 $ 2,277,810 $ 2,488,588 $ 2,200,883 Return on average common equity 10.09 % 10.91 % 10.34 % 8.63 % 7.73 % 10.01 % 8.12 % Adjusted return on average tangible common equity 14.37 % 14.99 % 13.35 % 12.88 % 12.81 % 13.93 % 12.55 % Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included. AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Non-GAAP Reconciliations (continued) Adjusted Efficiency Ratio (TE) Table 9B Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands) 2024 2024 2024 2024 2023 2024 2023 Adjusted Noninterest Expense Total noninterest expense $ 151,949 $ 151,777 $ 155,357 $ 148,711 $ 149,011 $ 607,794 $ 578,281 Adjustment items: FDIC special assessment 559 — 895 (2,909 ) (11,566 ) (1,455 ) (11,566 ) Natural disaster expenses (400 ) (150 ) — — — (550 ) — (Loss)/gain on bank premises (1,203 ) — — — 1,903 (1,203 ) 1,903 Adjusted noninterest expense $ 150,905 $ 151,627 $ 156,252 $ 145,802 $ 139,348 $ 604,586 $ 568,618 Total Revenue Net interest income $ 221,821 $ 214,060 $ 211,921 $ 201,388 $ 206,101 $ 849,190 $ 835,044 Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Total revenue $ 290,780 $ 283,769 $ 300,632 $ 267,266 $ 262,349 $ 1,142,447 $ 1,077,872 Adjusted Total Revenue Net interest income (TE) $ 222,773 $ 215,028 $ 212,881 $ 202,338 $ 207,048 $ 853,020 $ 838,824 Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Total revenue (TE) 291,732 284,737 301,592 268,216 263,296 1,146,277 1,081,652 Adjustment items: (Gain) loss on securities 16 8 (12,335 ) 7 288 (12,304 ) 304 Gain on sale of MSR (536 ) (5,245 ) (4,713 ) — — (10,494 ) — Gain on BOLI proceeds — — (466 ) (998 ) — (1,464 ) (486 ) Adjusted total revenue (TE) $ 291,212 $ 279,500 $ 284,078 $ 267,225 $ 263,584 $ 1,122,015 $ 1,081,470 Efficiency ratio 52.26 % 53.49 % 51.68 % 55.64 % 56.80 % 53.20 % 53.65 % Adjusted efficiency ratio (TE) 51.82 % 54.25 % 55.00 % 54.56 % 52.87 % 53.88 % 52.58 % Tangible Book Value Per Share Table 9C Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands except per share data) 2024 2024 2024 2024 2023 2024 2023 Total shareholders' equity $ 3,751,522 $ 3,681,368 $ 3,566,614 $ 3,484,738 $ 3,426,747 $ 3,751,522 $ 3,426,747 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 70,761 87,949 Total tangible shareholders' equity $ 2,665,115 $ 2,590,781 $ 2,471,848 $ 2,385,565 $ 2,323,152 $ 2,665,115 $ 2,323,152 Period end number of shares 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,068,609 69,053,341 Book value per share (period end) $ 54.32 $ 53.30 $ 51.64 $ 50.42 $ 49.62 $ 54.32 $ 49.62 Tangible book value per share (period end) $ 38.59 $ 37.51 $ 35.79 $ 34.52 $ 33.64 $ 38.59 $ 33.64 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Non-GAAP Reconciliations (continued) Tangible Common Equity to Tangible Assets Table 9D Dec Sep Jun Mar Dec (dollars in thousands except per share data) 2024 2024 2024 2024 2023 Total shareholders' equity $ 3,751,522 $ 3,681,368 $ 3,566,614 $ 3,484,738 $ 3,426,747 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 Total tangible shareholders' equity $ 2,665,115 $ 2,590,781 $ 2,471,848 $ 2,385,565 $ 2,323,152 Total assets $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 $ 25,203,699 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,120 83,527 87,949 Total tangible assets $ 25,175,643 $ 25,309,195 $ 25,425,962 $ 24,556,272 $ 24,100,104 Equity to Assets 14.28 % 13.94 % 13.45 % 13.58 % 13.60 % Tangible Common Equity to Tangible Assets 10.59 % 10.24 % 9.72 % 9.71 % 9.64 % AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Segment Reporting Table 10 Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands) 2024 2024 2024 2024 2023 2024 2023 Retail Mortgage Division Net interest income $ 23,714 $ 23,553 $ 23,742 $ 23,287 $ 24,053 $ 94,296 $ 88,302 Provision for credit losses (2,503 ) 254 (2,882 ) 2,332 1,005 (2,799 ) 9,535 Noninterest income 36,623 41,498 50,145 38,765 30,588 167,031 137,145 Noninterest expense Salaries and employee benefits 22,876 23,233 25,254 21,073 16,996 92,436 80,317 Occupancy and equipment expenses 951 957 1,008 1,049 1,210 3,965 4,899 Data processing and telecommunications expenses 1,222 1,184 1,276 1,366 1,318 5,048 4,836 Other noninterest expenses 12,118 12,164 13,397 12,530 11,634 50,209 47,393 Total noninterest expense 37,167 37,538 40,935 36,018 31,158 151,658 137,445 Income before income tax expense 25,673 27,259 35,834 23,702 22,478 112,468 78,467 Income tax expense 5,391 5,724 7,525 4,978 4,720 23,618 16,478 Net income $ 20,282 $ 21,535 $ 28,309 $ 18,724 $ 17,758 $ 88,850 $ 61,989 Warehouse Lending Division Net interest income $ 6,640 $ 7,812 $ 6,292 $ 6,028 $ 5,965 $ 26,772 $ 23,839 Provision for credit losses (59 ) (170 ) 359 145 (68 ) 275 (440 ) Noninterest income 676 1,765 1,028 740 929 4,209 3,475 Noninterest expense Salaries and employee benefits 583 621 1,124 888 296 3,216 2,794 Occupancy and equipment expenses 6 6 7 7 3 26 5 Data processing and telecommunications expenses 44 32 59 25 51 160 171 Other noninterest expenses 224 217 298 237 229 976 873 Total noninterest expense 857 876 1,488 1,157 579 4,378 3,843 Income before income tax expense 6,518 8,871 5,473 5,466 6,383 26,328 23,911 Income tax expense 1,369 1,863 1,149 1,148 1,340 5,529 5,021 Net income $ 5,149 $ 7,008 $ 4,324 $ 4,318 $ 5,043 $ 20,799 $ 18,890 Premium Finance Division Net interest income $ 10,390 $ 10,060 $ 8,350 $ 7,605 $ 7,801 $ 36,405 $ 34,007 Provision for credit losses 517 457 408 (499 ) 27 883 772 Noninterest income 13 11 11 10 9 45 31 Noninterest expense Salaries and employee benefits 2,029 2,212 1,900 2,053 1,973 8,194 8,600 Occupancy and equipment expenses 51 28 70 76 83 225 314 Data processing and telecommunications expenses 106 83 102 79 100 370 324 Other noninterest expenses 1,173 1,140 1,095 1,028 1,057 4,436 4,217 Total noninterest expense 3,359 3,463 3,167 3,236 3,213 13,225 13,455 Income before income tax expense 6,527 6,151 4,786 4,878 4,570 22,342 19,811 Income tax expense 1,334 1,254 953 984 945 4,525 4,034 Net income $ 5,193 $ 4,897 $ 3,833 $ 3,894 $ 3,625 $ 17,817 $ 15,777 AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Segment Reporting (continued) Table 10 Three Months Ended Twelve Months Ended Dec Sep Jun Mar Dec Dec Dec (dollars in thousands) 2024 2024 2024 2024 2023 2024 2023 Banking Division Net interest income $ 181,077 $ 172,635 $ 173,537 $ 164,468 $ 168,282 $ 691,717 $ 688,896 Provision for credit losses 14,853 5,566 20,888 19,127 21,988 60,434 132,789 Noninterest income 31,647 26,435 37,527 26,363 24,722 121,972 102,177 Noninterest expense Salaries and employee benefits 62,322 62,634 59,923 58,916 56,701 243,795 228,399 Occupancy and equipment expenses 10,616 10,725 11,474 11,753 11,901 44,568 46,232 Data processing and telecommunications expenses 13,259 13,922 13,756 13,184 12,559 54,121 48,155 Other noninterest expenses 24,369 22,619 24,614 24,447 32,900 96,049 100,752 Total noninterest expense 110,566 109,900 109,767 108,300 114,061 438,533 423,538 Income before income tax expense 87,305 83,604 80,409 63,404 56,955 314,722 234,746 Income tax expense 23,553 17,832 26,090 16,028 17,447 83,503 62,297 Net income $ 63,752 $ 65,772 $ 54,319 $ 47,376 $ 39,508 $ 231,219 $ 172,449 Total Consolidated Net interest income $ 221,821 $ 214,060 $ 211,921 $ 201,388 $ 206,101 $ 849,190 $ 835,044 Provision for credit losses 12,808 6,107 18,773 21,105 22,952 58,793 142,656 Noninterest income 68,959 69,709 88,711 65,878 56,248 293,257 242,828 Noninterest expense Salaries and employee benefits 87,810 88,700 88,201 82,930 75,966 347,641 320,110 Occupancy and equipment expenses 11,624 11,716 12,559 12,885 13,197 48,784 51,450 Data processing and telecommunications expenses 14,631 15,221 15,193 14,654 14,028 59,699 53,486 Other noninterest expenses 37,884 36,140 39,404 38,242 45,820 151,670 153,235 Total noninterest expense 151,949 151,777 155,357 148,711 149,011 607,794 578,281 Income before income tax expense 126,023 125,885 126,502 97,450 90,386 475,860 356,935 Income tax expense 31,647 26,673 35,717 23,138 24,452 117,175 87,830 Net income $ 94,376 $ 99,212 $ 90,785 $ 74,312 $ 65,934 $ 358,685 $ 269,105

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