Financial Data and Key Metrics Changes - For 2021, the company reported a record net income of $368.7 million or $5.29 per diluted share, a 22% increase over 2020 [6][19] - The fourth quarter net income was $81.5 million or $1.17 per diluted share, with a return on average assets (ROA) of 1.40% and a return on tangible equity (ROTCE) of 16.88% [7][17] - The tangible book value increased by over 10% in 2021, ending at $26.26 [20] Business Line Data and Key Metrics Changes - Loan growth for the fourth quarter was over $383 million, representing over 10% annualized growth, with full-year loan growth at $1.4 billion or 10.5% excluding PPP runoff [7][40] - Noninterest income increased by $5.2 million for the quarter, with a significant recovery in servicing rights [31] - Retail mortgage originations as a percentage of pre-provision pre-tax income declined to 13%, down from 50% last year [32] Market Data and Key Metrics Changes - Total deposits approached $20 billion, with noninterest-bearing deposits accounting for over 39% of total deposits [8][41] - The company experienced a deposit growth of $832 million in the fourth quarter, with significant contributions from both noninterest-bearing and interest-bearing deposits [41] Company Strategy and Development Direction - The acquisition of Balboa Capital Corporation is expected to enhance the company's technology and revenue generation, targeting $70 million in revenue from Balboa [13][67] - The company aims to maintain a sub 55% efficiency ratio while focusing on organic growth and leveraging technology across its operations [36][66] - The company is positioned for loan growth in the upper single digits for 2022, with a strong loan pipeline and asset-sensitive balance sheet [8][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance in 2022, citing strong fundamentals and a robust loan pipeline [15][42] - The company anticipates net interest income (NII) to increase by 6% to 7% in a rising rate environment, with every 25 basis points of rate movement expected to increase NII by about $9.5 million to $10 million [28][74] - Management acknowledged competitive pressures on pricing but indicated a disciplined approach to maintaining margins [59][60] Other Important Information - The company repurchased 1.3 million shares during the fourth quarter, with approximately $78 million remaining on the share repurchase program [10] - The allowance for loan losses was $167.6 million at year-end, reflecting net recoveries for the second consecutive quarter [30] Q&A Session Summary Question: Outlook for mortgage volume and gain on sale - Management remains encouraged by the mortgage contribution, expecting normalization in seasonality and strong performance in subsequent quarters [45] Question: Plans for growing the bond book - The company has about $3 billion in excess liquidity and aims to increase its bond portfolio to around 7.5% of total assets [46] Question: Impact of NSF fees and overdraft - NSF fees accounted for about $16 million in 2021, with a budgeted decline of 25% anticipated [48] Question: Increase in problem loans - The increase was attributed to purchased credit deteriorated loans from Balboa and loans under CARES Act provisions [50] Question: Acquisition interest going forward - The company remains focused on integrating Balboa but is open to future acquisition opportunities [51] Question: Revenue expectations from Balboa - The anticipated revenue from Balboa includes both net interest income and fee income, with expectations of significant contributions [54]

PART I – FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements.) Presents Ameris Bancorp's unaudited consolidated financial statements, covering Balance Sheets, Income, Equity, and Cash Flows [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$22.53 billion** from **$20.44 billion**, driven by cash, with liabilities and equity also growing Consolidated Balance Sheets (Unaudited) | (dollars in thousands) | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$22,533,141** | **$20,438,638** | | Cash and cash equivalents | $3,752,440 | $2,117,306 | | Loans, net | $14,653,326 | $14,281,503 | | Goodwill | $928,005 | $928,005 | | **Total Liabilities** | **$19,632,371** | **$17,791,550** | | Total deposits | $18,833,489 | $16,957,823 | | **Total Shareholders' Equity** | **$2,900,770** | **$2,647,088** | [Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Q3 2021 net income decreased to **$81.7 million** due to lower mortgage banking income; nine-month net income rose to **$295.0 million** from credit loss reversal Key Income Statement Data (Unaudited) | (dollars in thousands, except per share data) | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $161,661 | $162,538 | $488,490 | $474,297 | | Provision for credit losses | $(9,675) | $17,682 | $(38,124) | $146,890 | | Noninterest income | $76,562 | $159,018 | $283,775 | $334,357 | | Noninterest expense | $137,196 | $153,692 | $421,755 | $447,513 | | **Net income** | **$81,680** | **$116,145** | **$294,969** | **$167,703** | | **Diluted earnings per common share** | **$1.17** | **$1.67** | **$4.23** | **$2.42** | [Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity increased from **$2.65 billion** to **$2.90 billion**, driven by net income, offset by dividends and share repurchases Changes in Shareholders' Equity (Nine Months Ended Sep 30, 2021) | (dollars in thousands) | Amount | | :--- | :--- | | **Balance, December 31, 2020** | **$2,647,088** | | Net income | $294,969 | | Dividends on common shares ($0.45 per share) | $(31,500) | | Purchase of treasury shares | $(8,108) | | Other comprehensive loss | $(11,620) | | Share-based compensation & option exercises | $9,448 | | **Balance, September 30, 2021** | **$2,900,770** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$1.64 billion**, driven by financing activities, offsetting operating cash outflow Cash Flow Summary (Nine Months Ended Sep 30) | (dollars in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(257,553) | $379,362 | | Net cash provided by (used in) investing activities | $59,233 | $(1,710,005) | | Net cash provided by financing activities | $1,833,454 | $1,460,585 | | **Net increase in cash and cash equivalents** | **$1,635,134** | **$129,942** | | Cash and cash equivalents at beginning of period | $2,117,306 | $621,849 | | **Cash and cash equivalents at end of period** | **$3,752,440** | **$751,791** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies and financial data, covering presentation, investments, loans, fair value, segments, and contingencies - Ameris Bancorp is a financial holding company headquartered in Atlanta, Georgia, operating through its subsidiary, Ameris Bank. As of September 30, 2021, the Bank operated 165 branches across Georgia, Alabama, Florida, North Carolina, and South Carolina[24](index=24&type=chunk) - The financial statements are prepared in accordance with U.S. GAAP for interim financial information and reflect all normal recurring adjustments necessary for a fair presentation[25](index=25&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses financial condition and results for Q3 and nine months 2021 vs 2020, covering earnings, net interest income, credit quality, noninterest income/expense, and balance sheet [Results of Operations (Q3 2021 vs. Q3 2020)](index=46&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20September%2030%2C%202021%20and%202020) Q3 2021 net income decreased to **$81.7 million** due to lower mortgage banking income, offset by reduced noninterest expense and credit loss reversal Q3 2021 vs Q3 2020 Performance | (in thousands, except per share data) | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net Income | $81,680 | $116,145 | | Diluted EPS | $1.17 | $1.67 | | Adjusted Net Income | $83,861 | $116,879 | | Adjusted Diluted EPS | $1.20 | $1.69 | - Net interest margin decreased to **3.22%** in Q3 2021 from **3.64%** in Q3 2020, attributed to a shift in asset mix to lower-yielding cash, despite disciplined deposit repricing[170](index=170&type=chunk) - Noninterest income fell by **51.9%** to **$76.6 million**, mainly due to an **$82.2 million** (**59.3%**) decrease in mortgage banking activity income[176](index=176&type=chunk) - Noninterest expense decreased by **10.7%** to **$137.2 million**, primarily from a **$17.0 million** reduction in salaries and benefits tied to lower mortgage production[178](index=178&type=chunk) [Results of Operations (Nine Months 2021 vs. 2020)](index=53&type=section&id=Results%20of%20Operations%20for%20the%20Nine%20Months%20Ended%20September%2030%2C%202021%20and%202020) Nine-month net income rose to **$295.0 million** from **$167.7 million**, driven by a **$38.1 million** credit loss reversal Nine Months 2021 vs 2020 Performance | (in thousands, except per share data) | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | | Net Income | $294,969 | $167,703 | | Diluted EPS | $4.23 | $2.42 | | Adjusted Net Income | $287,155 | $198,507 | | Adjusted Diluted EPS | $4.12 | $2.86 | - The provision for credit losses was a reversal of **$38.1 million** for the first nine months of 2021, compared to a provision of **$146.9 million** in the same period of 2020, driven by an improved economic forecast[197](index=197&type=chunk) - Noninterest income decreased by **15.1%** to **$283.8 million**, as a **$53.7 million** decline in mortgage banking income was partially offset by a recovery of mortgage servicing right impairment[198](index=198&type=chunk) [Financial Condition](index=59&type=section&id=Financial%20Condition%20as%20of%20September%2030%2C%202021) Total assets reached **$22.5 billion**, with gross loans at **$16.26 billion**; credit loss allowance decreased to **1.15%**, non-performing assets improved to **0.32%**, maintaining strong capital - Gross loans (including held for sale) grew by **$611.8 million** to **$16.26 billion** at September 30, 2021, from December 31, 2020[213](index=213&type=chunk) - Non-performing assets as a percentage of total assets decreased to **0.32%** at September 30, 2021, from **0.48%** at December 31, 2020, due to lower nonaccrual loans and OREO balances[229](index=229&type=chunk) - COVID-19 related loan deferrals decreased significantly to **$76.5 million** (**0.5%** of total loans) as of September 30, 2021, down from **$332.8 million** (**2.3%** of total loans) at December 31, 2020[241](index=241&type=chunk)[242](index=242&type=chunk) Regulatory Capital Ratios | Ratio | Consolidated (Sep 30, 2021) | Ameris Bank (Sep 30, 2021) | | :--- | :--- | :--- | | Tier 1 Leverage Ratio | 9.32% | 10.80% | | CET1 Ratio | 11.74% | 13.59% | | Tier 1 Capital Ratio | 11.74% | 13.59% | | Total Capital Ratio | 15.31% | 14.60% | [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's primary market risk is U.S. dollar interest rate risk, managed via simulation analysis with a **20%** net interest income change limit for a **200 basis point** rate shock - The Company's primary market risk exposure is U.S. dollar interest rate risk. It does not have trading instruments or exposure to foreign currency, commodity, or other market risks[263](index=263&type=chunk)[264](index=264&type=chunk) - The Company uses simulation modeling to measure interest rate risk, with an acceptable risk level defined as net interest income changing no more than **20%** given a **200 basis point** interest rate change over a **24-month** period[259](index=259&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures.) The CEO and CFO concluded disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal control - The CEO and CFO evaluated the Company's disclosure controls and procedures and concluded they were effective as of the end of the period covered by this report[266](index=266&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, the Company's internal controls[266](index=266&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings.) The company is subject to various legal proceedings in the ordinary course of business, not expected to materially affect financial condition or results - The Company is subject to various legal proceedings and regulatory matters in the ordinary course of business, but management does not expect them to have a material adverse effect on the Company's financial condition or results[126](index=126&type=chunk)[268](index=268&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - There have been no material changes to the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020[269](index=269&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During Q3 2021, the company repurchased **139,829** shares at **$47.58** per share, with **$79.2 million** remaining for repurchase under the program extended through **October 31, 2022** Issuer Purchases of Equity Securities (Q3 2021) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2021 | 85,091 | $47.20 | | August 2021 | 53,093 | $48.17 | | September 2021 | 1,645 | $47.83 | | **Total** | **139,829** | **$47.58** | - The share repurchase program, authorizing up to **$100.0 million** in repurchases, has been extended through **October 31, 2022**. As of September 30, 2021, **$20.8 million** worth of shares had been repurchased under the program[252](index=252&type=chunk)[271](index=271&type=chunk) [Defaults Upon Senior Securities](index=58&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) None reported - None[272](index=272&type=chunk) [Mine Safety Disclosures](index=58&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) Not applicable - Not applicable[272](index=272&type=chunk) [Other Information](index=58&type=section&id=Item%205.%20Other%20Information.) None reported - None[272](index=272&type=chunk) [Exhibits](index=59&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the report, including CEO and CFO certifications and XBRL data files - The report includes exhibits such as CEO and CFO certifications under Rule 13a-14(a)/15d-14(a) and Section 1350, as well as Inline XBRL documents[273](index=273&type=chunk)

Ameris Bancorp (NYSE:ABCB) Q3 2021 Earnings Conference Call October 29, 2021 9:00 AM ET Company Participants Nicole Stokes - Executive Vice President and Chief Financial Officer Palmer Proctor - Chief Executive Officer Jon Edwards - Executive Vice President and Chief Credit Officer Conference Call Participants Brady Gailey - KBW Casey Whitman - Piper Sandler Kevin Fitzsimmons - D.A. Davidson David Feaster - Raymond James Christopher Marinac - Janney Montgomery Scott Brody Preston - Stephens Inc. Operator Go ...

Ameris Bancorp (NYSE:ABCB) Q2 2021 Earnings Conference Call July 23, 2021 9:00 AM ET Company Participants Nicole Stokes - CFO Palmer Proctor - CEO Jon Edwards - Chief Credit Officer Conference Call Participants Brady Gailey - KBW Casey Whitman - Piper Sandler Jennifer Demba - Truist Securities Brody Preston - Stephens Inc. Christopher Marinac - Janney Montgomery Scott Operator Good day, and welcome to the Ameris Bank Second Quarter Earnings Conference Call. All participants will be in a listen-only mode. [O ...

Ameris Bancorp (NYSE:ABCB) Q1 2021 Results Earnings Conference Call April 23, 2021 9:00 AM ET Company Participants Palmer Proctor Jr. - Chief Executive Officer Nicole Stokes - Corporate Executive Vice President and Chief Financial Officer Jon Edwards - Corporate Executive Vice President and Chief Credit Officer Conference Call Participants Casey Whitman - Piper Sandler Brady Gailey - Keefe, Bruyette & Woods Jennifer Demba - Truist Securities Brody Preston - Stephens Inc David Feaster - Raymond James Christo ...