Companies: 10,793     total market cap: $134.237 T
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Ameris Bancorp
ABCB
#2963
Rank
$5.35 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$78.40
Share price
-0.13%
Change (1 day)
51.06%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Ameris Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

Ameris Bancorp - 10-Q quarterly report FY2024 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2024
 
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-13901
bancorplionclean.jpg
AMERIS BANCORP
(Exact name of registrant as specified in its charter)
Georgia58-1456434
(State of incorporation)(IRS Employer ID No.)
3490 Piedmont Rd N.E., Suite 1550
AtlantaGeorgia30305
(Address of principal executive offices)
(404)639-6500
(Registrant’s telephone number) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per shareABCBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No   ¨
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No   ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer☐
    
Non-accelerated filer
☐ 
Smaller reporting company☐
    
 Emerging growth company☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ý

 There were 69,067,019 shares of Common Stock outstanding as of August 2, 2024.


AMERIS BANCORP
TABLE OF CONTENTS
  Page
   
PART I – FINANCIAL INFORMATION 
   
Item 1. 
   
 
1
   
 
2
   
 
3
   
 
5
   
 
7
   
Item 2.
37
   
Item 3.
57
   
Item 4.
58
   
 
   
Item 1.
59
   
Item 1A.
59
   
Item 2.
59
   
Item 3.
59
   
Item 4.
59
   
Item 5.
59
   
Item 6.
60
   
61




Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands, except per share data)
 June 30, 2024 (unaudited)December 31, 2023
Assets  
Cash and due from banks$257,297 $230,470 
Interest-bearing deposits in banks1,104,897 936,834 
Cash and cash equivalents1,362,194 1,167,304 
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $68 and $69
1,531,047 1,402,944 
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $128,298 and $122,731)
148,538 141,512 
Other investments96,613 71,794 
Loans held for sale, at fair value 570,180 281,332 
Loans, net of unearned income20,992,603 20,269,303 
Allowance for credit losses(336,218)(307,100)
Loans, net20,656,385 19,962,203 
Other real estate owned, net2,213 6,199 
Premises and equipment, net213,255 216,435 
Goodwill1,015,646 1,015,646 
Other intangible assets, net79,120 87,949 
Cash value of bank owned life insurance376,458 395,778 
Other assets469,079 454,603 
Total assets$26,520,728 $25,203,699 
Liabilities  
Deposits:  
Noninterest-bearing$6,649,220 $6,491,639 
Interest-bearing14,794,923 14,216,870 
Total deposits21,444,143 20,708,509 
Other borrowings946,413 509,586 
Subordinated deferrable interest debentures131,312 130,315 
Other liabilities432,246 428,542 
Total liabilities22,954,114 21,776,952 
Commitments and Contingencies (Note 8)
Shareholders’ Equity  
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding
— — 
Common stock, par value $1; 200,000,000 shares authorized; 72,697,209 and 72,516,079 shares issued, respectively
72,697 72,516 
Capital surplus1,950,846 1,945,385 
Retained earnings1,684,218 1,539,957 
Accumulated other comprehensive loss, net of tax(38,020)(35,939)
Treasury stock, at cost, 3,630,636 and 3,462,738 shares, respectively
(103,127)(95,172)
Total shareholders’ equity3,566,614 3,426,747 
Total liabilities and shareholders’ equity$26,520,728 $25,203,699 

 See notes to unaudited consolidated financial statements.
1

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (unaudited)
(dollars in thousands, except per share data)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Interest income    
Interest and fees on loans$317,664 $292,012 $621,057 $563,976 
Interest on taxable securities16,948 15,915 30,040 30,215 
Interest on nontaxable securities335 339 665 678 
Interest on deposits in other banks and federal funds sold12,376 13,686 25,013 22,799 
Total interest income347,323 321,952 676,775 617,668 
Interest expense    
Interest on deposits121,245 88,087 239,419 141,269 
Interest on other borrowings14,157 24,325 24,047 55,207 
Total interest expense135,402 112,412 263,466 196,476 
Net interest income211,921 209,540 413,309 421,192 
Provision for loan losses25,348 43,643 50,871 93,019 
Provision for unfunded commitments(6,570)1,873 (10,992)2,219 
Provision for other credit losses(5)— (1)7 
Provision for credit losses18,773 45,516 39,878 95,245 
Net interest income after provision for credit losses193,148 164,024 373,431 325,947 
Noninterest income    
Service charges on deposit accounts12,672 11,295 24,431 22,231 
Mortgage banking activity46,399 40,742 85,829 72,134 
Other service charges, commissions and fees1,211 975 2,413 1,946 
Net gain (loss) on securities12,335 (6)12,328 — 
Other noninterest income16,094 14,343 29,588 27,088 
Total noninterest income88,711 67,349 154,589 123,399 
Noninterest expense    
Salaries and employee benefits88,201 81,336 171,131 162,246 
Occupancy and equipment12,559 12,522 25,444 25,508 
Data processing and communications expenses15,193 13,451 29,847 26,485 
Credit resolution-related expenses840 848 1,326 1,283 
Advertising and marketing3,571 2,627 6,116 6,159 
Amortization of intangible assets4,407 4,688 8,829 9,394 
Loan servicing expense9,792 8,771 19,231 17,102 
Other noninterest expenses20,794 24,160 42,144 39,647 
Total noninterest expense155,357 148,403 304,068 287,824 
Income before income tax expense126,502 82,970 223,952 161,522 
Income tax expense35,717 20,335 58,855 38,466 
Net income90,785 62,635 165,097 123,056 
Other comprehensive income (loss)    
Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $682, $(5,118), $(717) and $(1,399)
1,939 (15,037)(2,081)(4,111)
Total other comprehensive income (loss)1,939 (15,037)(2,081)(4,111)
Comprehensive income$92,724 $47,598 $163,016 $118,945 
Basic earnings per common share$1.32 $0.91 $2.40 $1.78 
Diluted earnings per common share$1.32 $0.91 $2.39 $1.78 
Weighted average common shares outstanding    
Basic68,824,150 68,989,549 68,818,618 69,084,746 
Diluted69,013,834 69,034,762 69,010,010 69,191,512 
See notes to unaudited consolidated financial statements.
2

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands)

Three Months Ended June 30, 2024
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, March 31, 202472,683,199 $72,683 $1,948,352 $1,603,832 $(39,959)3,567,936 $(100,170)$3,484,738 
Issuance of restricted shares22,013 22 (22)— — — — — 
Forfeitures of restricted shares(8,003)(8)(173)— — — — (181)
Share-based compensation— — 2,689 — — — — 2,689 
Purchase of treasury shares— — — — — 62,700 (2,957)(2,957)
Net income— — — 90,785 — — — 90,785 
Dividends on common shares ($0.15 per share)
— — — (10,399)— — — (10,399)
Other comprehensive income during the period— — — — 1,939 — — 1,939 
Balance, June 30, 202472,697,209 $72,697 $1,950,846 $1,684,218 $(38,020)3,630,636 $(103,127)$3,566,614 
Six Months Ended June 30, 2024
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202372,516,079 $72,516 $1,945,385 $1,539,957 $(35,939)3,462,738 $(95,172)$3,426,747 
Issuance of restricted shares125,832 126 (126)— — — — — 
Issuance of common shares pursuant to PSU agreements63,301 63 (63)— — — — — 
Forfeitures of restricted shares(8,003)(8)(173)— — — — (181)
Share-based compensation— — 5,823 — — — — 5,823 
Purchase of treasury shares— — — — — 167,898 (7,955)(7,955)
Net income— — — 165,097 — — — 165,097 
Dividends on common shares ($0.30 per share)
— — — (20,836)— — — (20,836)
Other comprehensive loss during the period— — — — (2,081)— — (2,081)
Balance, June 30, 202472,697,209 $72,697 $1,950,846 $1,684,218 $(38,020)3,630,636 $(103,127)$3,566,614 


3

Three Months Ended June 30, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, March 31, 202372,484,210 $72,484 $1,937,664 $1,362,512 $(35,581)3,110,347 $(83,884)$3,253,195 
Issuance of restricted shares30,420 31 (31)— — — — — 
Share-based compensation— — 2,232 — — — — 2,232 
Purchase of treasury shares— — — — — 264,500 (7,990)(7,990)
Net income— — — 62,635 — — — 62,635 
Dividends on common shares ($0.15 per share)
— — — (10,405)— — — (10,405)
Other comprehensive loss during the period— — — — (15,037)— — (15,037)
Balance, June 30, 202372,514,630 $72,515 $1,939,865 $1,414,742 $(50,618)3,374,847 $(91,874)$3,284,630 
Six Months Ended June 30, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202272,263,727 $72,264 $1,935,211 $1,311,258 $(46,507)2,894,677 $(74,826)$3,197,400 
Issuance of restricted shares131,930 132 (132)— — — — — 
Issuance of common shares pursuant to PSU agreements102,973 103 (103)— — — — — 
Proceeds from exercise of stock options16,000 16 460 — — — — 476 
Share-based compensation— — 4,429 — — — — 4,429 
Purchase of treasury shares— — — — — 480,170 (17,048)(17,048)
Net income— — — 123,056 — — — 123,056 
Dividends on common shares ($0.30 per share)
— — — (20,849)— — — (20,849)
Cumulative effect of change in accounting for credit losses— — — 1,277 — — — 1,277 
Other comprehensive loss during the period— — — — (4,111)— — (4,111)
Balance, June 30, 202372,514,630 $72,515 $1,939,865 $1,414,742 $(50,618)3,374,847 $(91,874)$3,284,630 

See notes to unaudited consolidated financial statements. 
4

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Six Months Ended
June 30,
 20242023
Operating Activities  
Net income$165,097 $123,056 
Adjustments reconciling net income to net cash (used in) provided by operating activities:  
Depreciation9,640 9,409 
Net losses on sale or disposal of premises and equipment9 74 
Provision for credit losses39,878 95,245 
Net write-downs and (gains) losses on sale of other real estate owned(25)37 
Share-based compensation expense5,642 4,429 
Amortization of intangible assets8,829 9,394 
Amortization of operating lease right of use assets5,037 5,672 
Provision for deferred taxes(10,652)(10,507)
Net accretion of debt securities available-for-sale(2,276)(2,834)
Net accretion of debt securities held-to-maturity(87)(88)
Net amortization of other investments571 753 
Net (gain) loss on securities(12,328)— 
Net amortization (accretion) of fair value marks on purchased loans648 (464)
Net amortization on other borrowings137 703 
Amortization of subordinated deferrable interest debentures997 997 
Originations of mortgage loans held for sale(2,115,354)(1,839,990)
Payments received on mortgage loans held for sale7,220 8,629 
Proceeds from sales of mortgage loans held for sale1,834,290 1,826,177 
Net gains on mortgage loans held for sale(22,359)(819)
Originations of SBA loans(5,364)(22,506)
Proceeds from sales of SBA loans5,096 24,972 
Net gains on sale of SBA loans(435)(1,231)
Increase in cash surrender value of bank owned life insurance(4,727)(4,482)
Gain on bank owned life insurance proceeds(1,464)(486)
Gain on sale of mortgage servicing rights(4,713)— 
Gain on debt redemption(169)(1,027)
Change attributable to other operating activities18,380 (949)
Net cash (used in) provided by operating activities(78,482)224,164 
Investing Activities  
Purchases of debt securities available-for-sale(239,657)— 
Purchases of debt securities held-to-maturity(8,857)(8,543)
Proceeds from maturities and paydowns of debt securities available-for-sale109,314 37,021 
Proceeds from maturities and paydowns of debt securities held-to-maturity1,918 982 
Net (increase) decrease in other investments(13,062)583 
Net increase in loans(754,421)(653,613)
Purchases of premises and equipment(6,712)(7,881)
Proceeds from sale of premises and equipment 243 19 
Proceeds from sales of other real estate owned7,240 1,955 
Proceeds from sale of mortgage servicing rights30,969 — 
Proceeds from bank owned life insurance2,576 1,890 
Net cash used in investing activities(870,449)(627,587)
  (Continued)

5

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Six Months Ended
June 30,
 20242023
Financing Activities  
Net increase in deposits$735,634 $980,387 
Proceeds from other borrowings3,353,000 10,625,000 
Repayment of other borrowings(2,916,141)(10,963,423)
Proceeds from exercise of stock options— 476 
Dividends paid - common stock(20,821)(20,971)
Purchase of treasury shares(7,851)(17,048)
Net cash provided by financing activities1,143,821 604,421 
Net increase in cash and cash equivalents194,890 200,998 
Cash and cash equivalents at beginning of period1,167,304 1,118,132 
Cash and cash equivalents at end of period$1,362,194 $1,319,130 
Supplemental Disclosures of Cash Flow Information  
Cash paid (received) during the period for:  
Interest$268,051 $182,077 
Income taxes56,060 62,186 
Loans transferred to other real estate owned3,229 7,319 
Loans transferred from loans held for sale to loans held for investment8,058 5,374 
Right-of-use assets obtained in exchange for new operating lease liabilities2,376 2,022 
Change in unrealized loss on securities available-for-sale, net of tax(2,081)(4,111)
  (Concluded)

See notes to unaudited consolidated financial statements.

6

AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
June 30, 2024
 
NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At June 30, 2024, the Bank operated 164 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market.

Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Adopted in 2024

ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credit. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. The Company adopted ASU 2023-02 on January 1, 2024 and adoption did not have a significant impact on the Company's financial position or results of operations.


7

ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 enhances segment disclosures by requiring inclusion of significant segment expenses, disclosure of the amount and composition of other segment items, previous annual disclosures in interim periods and identification of the position and title of the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard effective January 1, 2024 and adoption did not have a significant impact on the Company's financial position or results of operations. The adoption will enhance disclosures of reporting segments beginning with the Company's Annual Report on Form 10-K and will be applied on a retrospective basis.

Accounting Standards Pending Adoption

ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU No. 2023-09 provides for enhanced income tax disclosures by, among other things, requiring specific breakout of certain categories in the reconciliation of statutory income tax rate to effective rate, establishing a quantitative threshold for further breakout of reconciling items exceeding the threshold and not already required to be separately disclosed, requiring a qualitative description of the state and local jurisdictions making up the majority (greater than 50%) of the effect of state and local income taxes category, and provide further disaggregation of income taxes paid (net of refunds received) by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and it is not expected to have a significant impact on the Company's financial position or results of operations but will increase disclosures of income taxes.

NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities available-for-sale
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2024
U.S. Treasuries$765,274 $— $142 $(10,204)$755,212 
U.S. government-sponsored agencies1,016 — — (35)981 
State, county and municipal securities27,848 — — (1,288)26,560 
Corporate debt securities10,946 (68)— (877)10,001 
SBA pool securities77,850 — 2 (1,587)76,265 
Mortgage-backed securities695,603 — 605 (34,180)662,028 
Total debt securities available-for-sale$1,578,537 $(68)$749 $(48,171)$1,531,047 
December 31, 2023
U.S. Treasuries$732,636 $— $34 $(11,793)$720,877 
U.S. government-sponsored agencies1,023 — — (38)985 
State, county and municipal securities28,986 — 9 (944)28,051 
Corporate debt securities10,946 (69)— (850)10,027 
SBA pool securities53,033 — 2 (1,519)51,516 
Mortgage-backed securities621,013 — 67 (29,592)591,488 
Total debt securities available-for-sale$1,447,637 $(69)$112 $(44,736)$1,402,944 

8

The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities held-to-maturity
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2024
State, county and municipal securities$33,664 $— $(5,784)$27,880 
Mortgage-backed securities114,874 41 (14,497)100,418 
Total debt securities held-to-maturity$148,538 $41 $(20,281)$128,298 
December 31, 2023
State, county and municipal securities$31,905 $— $(5,051)$26,854 
Mortgage-backed securities109,607 — (13,730)95,877 
Total debt securities held-to-maturity$141,512 $— $(18,781)$122,731 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2024, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost		Estimated Fair ValueAmortized
Cost		Estimated Fair Value
Due in one year or less$540,310 $534,603 $— $— 
Due from one year to five years259,375 253,938 — — 
Due from five to ten years71,452 70,068 — — 
Due after ten years11,797 10,410 33,664 27,880 
Mortgage-backed securities695,603 662,028 114,874 100,418 
 $1,578,537 $1,531,047 $148,538 $128,298 

Securities with a carrying value of approximately $452.4 million and $532.6 million at June 30, 2024 and December 31, 2023, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
June 30, 2024      
U.S. Treasuries$28,673 $(354)$656,429 $(9,850)$685,102 $(10,204)
U.S. government-sponsored agencies— — 981 (35)981 (35)
State, county and municipal securities5,930 (31)19,545 (1,257)25,475 (1,288)
Corporate debt securities499 (1)8,502 (876)9,001 (877)
SBA pool securities57,303 (68)18,815 (1,519)76,118 (1,587)
Mortgage-backed securities60,096 (433)504,072 (33,747)564,168 (34,180)
Total debt securities available-for-sale$152,501 $(887)$1,208,344 $(47,284)$1,360,845 $(48,171)
December 31, 2023      
U.S. Treasuries$159,667 $(827)$537,313 $(10,966)$696,980 $(11,793)
U.S. government sponsored agencies— — 985 (38)985 (38)
State, county and municipal securities1,923 — 19,754 (944)21,677 (944)
Corporate debt securities500 — 8,527 (850)9,027 (850)
SBA pool securities42 — 21,267 (1,519)21,309 (1,519)
Mortgage-backed securities126 — 566,707 (29,592)566,833 (29,592)
Total debt securities available-for-sale$162,258 $(827)$1,154,553 $(43,909)$1,316,811 $(44,736)
9

As of June 30, 2024, the Company’s available-for-sale security portfolio consisted of 410 securities, 394 of which were in an unrealized loss position. At June 30, 2024, the Company held 303 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At June 30, 2024, the Company held 33 U.S. Small Business Administration (“SBA”) pool securities, 25 state, county and municipal securities, seven corporate securities, one U.S. government-sponsored agency security, and 25 U.S. Treasury securities that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities held-to-maturity
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
June 30, 2024
State, county and municipal securities$1,714 $(45)$26,166 $(5,739)$27,880 $(5,784)
Mortgage-backed securities2,528 (8)88,019 (14,489)90,547 (14,497)
Total debt securities held-to-maturity$4,242 $(53)$114,185 $(20,228)$118,427 $(20,281)
December 31, 2023
State, county and municipal securities$— $— $26,854 $(5,051)$26,854 $(5,051)
Mortgage-backed securities13,612 (227)82,265 (13,503)95,877 (13,730)
Total debt securities held-to-maturity$13,612 $(227)$109,119 $(18,554)$122,731 $(18,781)

As of June 30, 2024, the Company’s held-to-maturity security portfolio consisted of 32 securities, 30 of which were in an unrealized loss position. At June 30, 2024, the Company held 22 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At June 30, 2024 and December 31, 2023, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at June 30, 2024, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at June 30, 2024, management determined that $68,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $48.2 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,
Allowance for credit losses
2024202320242023
Beginning balance$73 $82 $69 $75 
Provision for other credit losses(5)— (1)7 
Ending balance$68 $82 $68 $82 

The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established.

10

Total net gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2024202320242023
Unrealized holding gains (losses) on equity securities$3,957 $(6)$3,950 $— 
Net realized gains on sales of other investments8,378 — 8,378 — 
Net gain (loss) on securities$12,335 $(6)$12,328 $— 

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

(dollars in thousands)June 30, 2024December 31, 2023
Commercial, financial and agricultural$2,860,973 $2,688,929 
Consumer217,787 241,552 
Indirect automobile16,335 34,257 
Mortgage warehouse1,070,921 818,728 
Municipal454,967 492,668 
Premium finance1,151,261 946,562 
Real estate – construction and development2,336,987 2,129,187 
Real estate – commercial and farmland8,103,634 8,059,754 
Real estate – residential4,779,738 4,857,666 
 $20,992,603 $20,269,303 

Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $80.0 million and $79.2 million and at June 30, 2024 and December 31, 2023, respectively. The Company had no recorded allowance for credit losses related to accrued interest on loans at both June 30, 2024 and December 31, 2023.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

11

The following table presents an analysis of loans accounted for on a nonaccrual basis:

(dollars in thousands)June 30, 2024December 31, 2023
Commercial, financial and agricultural$14,896 $8,059 
Consumer 675 1,153 
Indirect automobile218 299 
Real estate – construction and development3,248 282 
Real estate – commercial and farmland17,900 11,295 
Real estate – residential(1)
142,461 130,029 
$179,398 $151,117 
(1) Included in real estate - residential were $93.5 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2024 and December 31, 2023, respectively.

Interest income recognized on nonaccrual loans during the six months ended June 30, 2024 and 2023 was not material.

The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

(dollars in thousands)June 30, 2024December 31, 2023
Commercial, financial and agricultural$685 $2,049 
Real estate – construction and development3,000 — 
Real estate – commercial and farmland1,238 9,109 
Real estate – residential83,515 75,419 
$88,438 $86,577 

12

The following table presents an analysis of past-due loans as of June 30, 2024 and December 31, 2023:

(dollars in thousands)Loans
30-59
Days Past
Due		Loans
60-89
Days
Past Due		Loans 90
or More
Days Past
Due		Total
Loans
Past Due		Current
Loans		Total
Loans		Loans 90
Days or
More Past
Due and
Still
Accruing
June 30, 2024       
Commercial, financial and agricultural$9,531 $6,182 $8,425 $24,138 $2,836,835 $2,860,973 $4,160 
Consumer 1,251 552 225 2,028 215,759 217,787 — 
Indirect automobile70 15 63 148 16,187 16,335 — 
Mortgage warehouse— — — — 1,070,921 1,070,921 — 
Municipal— — — — 454,967 454,967 — 
Premium finance8,773 8,158 11,415 28,346 1,122,915 1,151,261 11,416 
Real estate – construction and development562 337 3,565 4,464 2,332,523 2,336,987 — 
Real estate – commercial and farmland3,989 1,999 5,975 11,963 8,091,671 8,103,634 333 
Real estate – residential58,123 15,248 139,729 213,100 4,566,638 4,779,738 — 
Total$82,299 $32,491 $169,397 $284,187 $20,708,416 $20,992,603 $15,909 
December 31, 2023       
Commercial, financial and agricultural$11,023 $5,439 $9,733 $26,195 $2,662,734 $2,688,929 $5,310 
Consumer 2,155 1,037 498 3,690 237,862 241,552 — 
Indirect automobile153 17 78 248 34,009 34,257 — 
Mortgage warehouse— — — — 818,728 818,728 — 
Municipal— — — — 492,668 492,668 — 
Premium finance12,379 6,832 11,678 30,889 915,673 946,562 11,678 
Real estate – construction and development2,094 — 282 2,376 2,126,811 2,129,187 — 
Real estate – commercial and farmland5,070 1,656 6,352 13,078 8,046,676 8,059,754 — 
Real estate – residential49,976 19,300 127,087 196,363 4,661,303 4,857,666 — 
Total$82,850 $34,281 $155,708 $272,839 $19,996,464 $20,269,303 $16,988 

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the allowance for credit loss as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

13

The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses:

June 30, 2024December 31, 2023
(dollars in thousands)BalanceAllowance for Credit LossesBalanceAllowance for Credit Losses
Commercial, financial and agricultural$11,736 $2,696 $5,889 $567 
Premium finance1,832 136 1,990 45 
Real estate – construction and development3,000 — 280 23 
Real estate – commercial and farmland16,614 728 11,114 108 
Real estate – residential26,493 3,093 21,102 2,654 
$59,675 $6,653 $40,375 $3,397 

Credit Quality Indicators

The Company uses a five category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades:

Pass – These loans range from minimal to acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral.

Other Assets Especially Mentioned ("Special Mention") – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard – This grade represents loans which are inadequately protected by the current credit worthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2024 and December 31, 2023. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded doubtful or loss at June 30, 2024 or December 31, 2023.
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As of June 30, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Commercial, Financial and Agricultural
Risk Grade:
Pass$534,839 $729,004 $631,819 $307,287 $93,751 $65,315 $459,680 $2,821,695 
Special mention— 30 1,298 1,456 1,182 3,409 2,640 10,015 
Substandard84 1,910 3,392 9,882 546 5,591 7,858 29,263 
Total commercial, financial and agricultural$534,923 $730,944 $636,509 $318,625 $95,479 $74,315 $470,178 $2,860,973 
Current-period gross charge offs— 11,545 10,486 4,196 1,007 600 — 27,834 
Consumer
Risk Grade:
Pass$31,494 $25,079 $12,646 $3,856 $21,129 $31,061 $91,257 $216,522 
Special mention— — 20 — 6 53 — 79 
Substandard33 239 99 34 177 544 60 1,186 
Total consumer$31,527 $25,318 $12,765 $3,890 $21,312 $31,658 $91,317 $217,787 
Current-period gross charge offs35 387 141 18 547 691 198 2,017 
Indirect Automobile
Risk Grade:
Pass$— $— $— $— $— $16,002 $— $16,002 
Special mention— — — — — 29 — 29 
Substandard— — — — — 304 — 304 
Total indirect automobile$— $— $— $— $— $16,335 $— $16,335 
Current-period gross charge offs— — — — — 104 — 104 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $1,070,471 $1,070,471 
Special mention— — — — — — 450 450 
Total mortgage warehouse$— $— $— $— $— $— $1,070,921 $1,070,921 
Current-period gross charge offs— — — — — — — — 
Municipal
Risk Grade:
Pass$20,042 $9,167 $31,822 $37,541 $146,128 $207,646 $2,621 $454,967 
Total municipal$20,042 $9,167 $31,822 $37,541 $146,128 $207,646 $2,621 $454,967 
Current-period gross charge offs— — — — — — — — 
Premium Finance
Risk Grade:
Pass$980,449 $158,296 $649 $451 $— $— $— $1,139,845 
Substandard3,705 7,699 12 — — — — 11,416 
Total premium finance$984,154 $165,995 $661 $451 $— $— $— $1,151,261 
Current-period gross charge offs380 4,183 245 — — — — 4,808 
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As of June 30, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Real Estate – Construction and Development
Risk Grade:
Pass$280,290 $338,310 $1,065,404 $432,596 $35,092 $94,589 $83,578 $2,329,859 
Special mention1,454 1,226 2,931 67 — 290 — 5,968 
Substandard— 79 16 532 — 533 — 1,160 
Total real estate – construction and development$281,744 $339,615 $1,068,351 $433,195 $35,092 $95,412 $83,578 $2,336,987 
Current-period gross charge offs— — — — — — — — 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$89,702 $466,153 $2,081,414 $2,133,812 $1,072,326 $2,010,066 $95,168 $7,948,641 
Special mention— 1,359 56 3,502 14,839 76,168 — 95,924 
Substandard— 1,173 17,189 16,438 3,931 20,338 — 59,069 
Total real estate – commercial and farmland$89,702 $468,685 $2,098,659 $2,153,752 $1,091,096 $2,106,572 $95,168 $8,103,634 
Current-period gross charge offs— 513 — — — — — 513 
Real Estate - Residential
Risk Grade:
Pass$126,638 $673,422 $1,352,544 $1,098,997 $483,248 $612,181 $278,384 $4,625,414 
Special mention— 12 — 69 162 1,586 1,183 3,012 
Substandard198 16,256 32,774 32,128 26,564 39,705 3,687 151,312 
Total real estate - residential$126,836 $689,690 $1,385,318 $1,131,194 $509,974 $653,472 $283,254 $4,779,738 
Current-period gross charge offs— — 21 — — 5 — 26 
Total Loans
Risk Grade:
Pass$2,063,454 $2,399,431 $5,176,298 $4,014,540 $1,851,674 $3,036,860 $2,081,159 $20,623,416 
Special mention1,454 2,627 4,305 5,094 16,189 81,535 4,273 115,477 
Substandard4,020 27,356 53,482 59,014 31,218 67,015 11,605 253,710 
Total loans$2,068,928 $2,429,414 $5,234,085 $4,078,648 $1,899,081 $3,185,410 $2,097,037 $20,992,603 
Total current-period gross charge offs415 16,628 10,893 4,214 1,554 1,400 198 35,302 

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As of December 31, 2023
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20232022202120202019PriorTotal
Commercial, Financial and Agricultural
Risk Grade:
Pass$892,951 $758,471 $384,830 $95,055 $56,447 $41,095 $432,472 $2,661,321 
Special mention— 335 5,722 92 109 451 803 7,512 
Substandard1,512 3,595 3,222 1,140 3,533 5,748 1,346 20,096 
Total commercial, financial and agricultural$894,463 $762,401 $393,774 $96,287 $60,089 $47,294 $434,621 $2,688,929 
Consumer
Risk Grade:
Pass$44,736 $17,661 $5,878 $25,654 $15,838 $20,937 $109,214 $239,918 
Special mention— 5 — — — 26 — 31 
Substandard154 181 41 334 197 531 165 1,603 
Total consumer$44,890 $17,847 $5,919 $25,988 $16,035 $21,494 $109,379 $241,552 
Indirect Automobile
Risk Grade:
Pass$— $— $— $— $6,086 $27,646 $— $33,732 
Substandard— — — — 55 470 — 525 
Total indirect automobile$— $— $— $— $6,141 $28,116 $— $34,257 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $772,366 $772,366 
Special mention— — — — — — 46,362 46,362 
Total mortgage warehouse$— $— $— $— $— $— $818,728 $818,728 
Municipal
Risk Grade:
Pass$14,216 $27,346 $48,941 $177,156 $14,655 $208,236 $2,118 $492,668 
Total municipal$14,216 $27,346 $48,941 $177,156 $14,655 $208,236 $2,118 $492,668 
Premium Finance
Risk Grade:
Pass$928,930 $4,038 $1,916 $— $— $— $— $934,884 
Substandard10,777 901 — — — — — 11,678 
Total premium finance$939,707 $4,939 $1,916 $— $— $— $— $946,562 
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As of December 31, 2023
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20232022202120202019PriorTotal
Real Estate – Construction and Development
Risk Grade:
Pass$457,077 $938,909 $505,254 $58,840 $54,646 $30,042 $81,662 $2,126,430 
Special mention— — — — — 479 — 479 
Substandard— 266 1,512 — — 500 — 2,278 
Total real estate – construction and development$457,077 $939,175 $506,766 $58,840 $54,646 $31,021 $81,662 $2,129,187 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$450,315 $1,890,498 $2,133,833 $1,090,735 $765,640 $1,437,323 $100,206 $7,868,550 
Special mention— 17,131 53,329 — 30,200 46,370 — 147,030 
Substandard428 418 15,578 2,660 6,106 18,984 — 44,174 
Total real estate – commercial and farmland$450,743 $1,908,047 $2,202,740 $1,093,395 $801,946 $1,502,677 $100,206 $8,059,754 
Real Estate - Residential
Risk Grade:
Pass$714,684 $1,425,186 $1,148,092 $506,137 $236,147 $423,648 $262,968 $4,716,862 
Special mention13 — 72 201 234 1,411 380 2,311 
Substandard5,057 26,171 28,459 30,566 19,357 25,263 3,620 138,493 
Total real estate - residential$719,754 $1,451,357 $1,176,623 $536,904 $255,738 $450,322 $266,968 $4,857,666 
Total Loans
Risk Grade:
Pass$3,502,909 $5,062,109 $4,228,744 $1,953,577 $1,149,459 $2,188,927 $1,761,006 $19,846,731 
Special mention13 17,471 59,123 293 30,543 48,737 47,545 203,725 
Substandard17,928 31,532 48,812 34,700 29,248 51,496 5,131 218,847 
Total loans$3,520,850 $5,111,112 $4,336,679 $1,988,570 $1,209,250 $2,289,160 $1,813,682 $20,269,303 

Allowance for Credit Losses on Loans

The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged off.

The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which
18

the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters after the reasonable and supportable forecast period.

During the six months ended June 30, 2024, the allowance for credit losses increased due to the current economic forecast and organic loan growth during the period. The allowance for credit losses was determined at June 30, 2024 using a weighting of two economic forecasts from Moody's in order to align with management's best estimate over the reasonable and supportable forecast period. The Moody's baseline scenario was weighted at 75% and the downside 75th percentile S-2 scenario was weighted at 25%. The allowance for credit losses was determined at December 31, 2023 solely using the Moody's baseline scenario economic forecast. The current forecast reflects, among other things, an increase in forecast levels of multifamily rental vacancies and unemployment, partially offset by a decrease in the severity of commercial real estate price index decline compared with the forecast at December 31, 2023.

The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

Three Months Ended June 30, 2024
(dollars in thousands)Commercial,
Financial and
Agricultural		ConsumerIndirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, March 31, 2024$63,804 $3,903 $36 $1,823 $63 $616 
Provision for loan losses10,869 263 (149)319 (3)594 
Loans charged off(12,539)(926)(39)— — (2,802)
Recoveries of loans previously charged off4,408 211 180 — — 2,294 
Balance, June 30, 2024$66,542 $3,451 $28 $2,142 $60 $702 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, March 31, 2024$72,168 $110,656 $66,954 $320,023 
Provision for loan losses5,269 11,311 (3,125)25,348 
Loans charged off— (513)(26)(16,845)
Recoveries of loans previously charged off45 509 45 7,692 
Balance, June 30, 2024$77,482 $121,963 $63,848 $336,218 
Six Months Ended June 30, 2024
(dollars in thousands)Commercial,
Financial and
Agricultural		ConsumerIndirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, December 31, 2023$64,053 $3,902 $50 $1,678 $345 $602 
Provision for loan losses23,016 1,163 (283)464 (285)163 
Loans charged off(27,834)(2,017)(104)— — (4,808)
Recoveries of loans previously charged off7,307 403 365 — — 4,745 
Balance, June 30, 2024$66,542 $3,451 $28 $2,142 $60 $702 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2023$61,017 $110,097 $65,356 $307,100 
Provision for loan losses16,417 11,785 (1,569)50,871 
Loans charged off— (513)(26)(35,302)
Recoveries of loans previously charged off48 594 87 13,549 
Balance, June 30, 2024$77,482 $121,963 $63,848 $336,218 

19

Three Months Ended June 30, 2023
(dollars in thousands)Commercial,
Financial and
Agricultural		ConsumerIndirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, March 31, 2023$45,238 $4,893 $137 $1,924 $354 $893 
Provision for loan losses15,322 1,513 (199)411 3 51 
Loans charged off(13,316)(2,052)(65)— — (1,848)
Recoveries of loans previously charged off3,545 194 225 — — 1,680 
Balance, June 30, 2023$50,789 $4,548 $98 $2,335 $357 $776 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, March 31, 2023$42,841 $87,124 $59,254 $242,658 
Provision for loan losses11,276 12,275 2,991 43,643 
Loans charged off— (3,320)(69)(20,670)
Recoveries of loans previously charged off472 61 263 6,440 
Balance, June 30, 2023$54,589 $96,140 $62,439 $272,071 
Six Months Ended June 30, 2023
(dollars in thousands)Commercial,
Financial and
Agricultural		Consumer
Installment		Indirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, December 31, 2022$39,455 $5,413 $174 $2,118 $357 $1,025 
Adjustment to allowance for adoption of ASU 2022-02(105)— — — — — 
Provision for loan losses31,400 1,836 (418)217 — (42)
Loans charged off(25,549)(3,192)(99)— — (3,269)
Recoveries of loans previously charged off5,588 491 441 — — 3,062 
Balance, June 30, 2023$50,789 $4,548 $98 $2,335 $357 $776 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2022$32,659 $67,433 $57,043 $205,677 
Adjustment to allowance for adoption of ASU 2022-02(37)(722)(847)(1,711)
Provision for loan losses21,395 32,644 5,987 93,019 
Loans charged off— (3,320)(197)(35,626)
Recoveries of loans previously charged off572 105 453 10,712 
Balance, June 30, 2023$54,589 $96,140 $62,439 $272,071 

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. These modifications include either payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

20

The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three and six months ended June 30, 2024, and 2023:

Three Months Ended June 30, 2024
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial, financial and agricultural$625 $— $— $— $625 — %
Real estate – residential— 2,567 503 808 3,878 0.1 %
Total$625 $2,567 $503 $808 $4,503 — %
Six Months Ended June 30, 2024
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial, financial and agricultural$625 $— $— $— $625 — %
Real estate – residential— 6,093 503 1,341 7,937 0.2 %
Total$625 $6,093 $503 $1,341 $8,562 — %

Three Months Ended June 30, 2023
(dollars in thousands)Payment DeferralTerm ExtensionTotalPercentage of Total Class of Financial Receivable
Commercial, financial and agricultural$380 $1,997 $2,377 0.1 %
Real estate – construction and development— 286 286 — %
Real estate – commercial and farmland— 1,206 1,206 — %
Total$380 $3,489 $3,869 — %

Six Months Ended June 30, 2023
(dollars in thousands)Payment DeferralTerm ExtensionTotalPercentage of Total Class of Financial Receivable
Commercial, financial and agricultural$1,207 $1,997 $3,204 0.1 %
Real estate – construction and development— 286 286 — %
Real estate – commercial and farmland— 1,206 1,206 — %
Total$1,207 $3,489 $4,696 — %

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $1.5 million at both June 30, 2024 and December 31, 2023.

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The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024, and 2023:

Six Months Ended June 30, 2024
Payment Deferral
Loan TypeFinancial Effect
Commercial, financial and agricultural
Payments were deferred for 16 months.
Term Extension
Loan TypeFinancial Effect
Real estate - residential
Maturity dates were extended for a weighted average of 81 months

Interest Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Rate was reduced by 1.625%

Combination of Term Extension and Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Maturity date was extended for a weighted average 112 months and rate was reduced by a weighted average 2.86%


Six Months Ended June 30, 2023
Payment Deferral
Loan TypeFinancial Effect
Commercial, financial and agricultural
Payments were reduced approximately 32% for three months before returning to a fully amortizing payment structure thereafter.
Commercial, financial and agricultural
Payments were reduced approximately 73% for four months before requiring full repayment.
Term Extension
Loan TypeFinancial Effect
Commercial, financial and agricultural
Maturity dates were extended for an average of 10.5 months.
Real estate – construction and development
Maturity date was extended for 11 months.
Real estate – commercial and farmland
Maturity dates were extended for an average of 10.5 months.

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:

As of June 30, 2024

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial, financial and agricultural$3,667 $— $— $— $3,667 
Real estate – commercial and farmland3,462 — — — 3,462 
Real estate – residential10,463 1,711 1,036 1,259 14,469 
Total$17,592 $1,711 $1,036 $1,259 $21,598 

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As of December 31, 2023

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial, financial and agricultural$4,018 $355 $— $799 $5,172 
Real estate – commercial and farmland6,692 1,129 — — 7,821 
Real estate – residential5,113 711 442 1,106 7,372 
Total$15,823 $2,195 $442 $1,905 $20,365 

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Term ExtensionCombination of Term Extension and Rate ReductionTotal
Real estate – residential$3,337 $456 $3,793 
Total$3,337 $456 $3,793 

The following table provides the amortized cost basis of financing receivables that had a payment default during the six months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Term ExtensionCombination of Term Extension and Rate ReductionTotal
Real estate – residential$3,337 $456 $3,793 
Total$3,337 $456 $3,793 

The following table provides the amortized cost basis of financing receivables that had a payment default during both the three and six months ended June 30, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
(dollars in thousands)Term ExtensionTotal
Commercial, financial and agricultural$497 $497 
Real estate – commercial and farmland500 500 
Total$997 $997 


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NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:
(dollars in thousands)June 30, 2024December 31, 2023
FHLB borrowings:  
Fixed Rate Advance due January 10, 2024; fixed interest rate of 5.450%
$— $50,000 
Fixed Rate Advance due January 17, 2024; fixed interest rate of 5.460%
— 100,000 
Fixed Rate Advance due July 1, 2024; fixed interest rate of 5.470%
50,000 — 
Fixed Rate Advance due July 22, 2024; fixed interest rate of 5.490%
50,000 — 
Fixed Rate Advance due July 29, 2024; fixed interest rate of 5.480%
100,000 — 
Fixed Rate Advance due July 29, 2024; fixed interest rate of 5.450%
100,000 — 
Fixed Rate Advance due August 27, 2024; fixed interest rate of 5.470%
100,000 — 
Daily Rate Credit due December 11, 2024, variable interest rate of 5.570%
200,000 — 
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%
15,000 15,000 
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%
15,000 15,000 
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%
15,000 15,000 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
1,372 1,378 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
950 954 
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%
1,056 1,128 
Subordinated notes payable:  
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,166 and $1,296, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94%
104,584 106,704 
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $713 and $784, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63%
74,713 75,784 
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,262 and $1,362, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%
108,738 108,638 
Other Debt:
Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50%
— 10,000 
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%
10,000 10,000 
$946,413 $509,586 

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At June 30, 2024, $3.88 billion was available for borrowing on lines with the FHLB.

As of June 30, 2024, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $127.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At June 30, 2024, the Bank had $3.34 billion of loans pledged at the Federal Reserve discount window and had $2.61 billion available for borrowing.

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income (loss) for the Company consists of changes in net unrealized gains and losses on debt securities available-for-sale. The reclassification for gains (losses) on sale of securities included in net income is recorded in net gain (loss) on securities in the consolidated statement of income and comprehensive income.

24

The following table presents a summary of the accumulated other comprehensive income (loss) balances, net of tax, for the periods indicated:

(dollars in thousands)Accumulated
Other Comprehensive
Income (Loss)
Three Months Ended June 30, 2024
Balance, March 31, 2024$(39,959)
Unrealized gain on debt securities available-for-sale, net of tax1,939 
Balance, June 30, 2024$(38,020)
Three Months Ended June 30, 2023
Balance, March 31, 2023$(35,581)
Unrealized loss on debt securities available-for-sale, net of tax(15,037)
Balance, June 30, 2023$(50,618)
Six Months Ended June 30, 2024
Balance, December 31, 2023$(35,939)
Unrealized loss on debt securities available-for-sale, net of tax(2,081)
Balance, June 30, 2024$(38,020)
Six Months Ended June 30, 2023
Balance, December 31, 2022$(46,507)
Unrealized loss on debt securities available-for-sale, net of tax(4,111)
Balance, June 30, 2023$(50,618)

NOTE 6 – WEIGHTED AVERAGE SHARES OUTSTANDING

Earnings per share have been computed based on the following weighted average number of common shares outstanding:

 Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Average common shares outstanding68,824,150 68,989,549 68,818,618 69,084,746 
Common share equivalents:
Stock options— — — 85 
Nonvested restricted share grants89,755 — 101,647 57,055 
Performance stock units99,929 45,213 89,745 49,626 
Average common shares outstanding, assuming dilution69,013,834 69,034,762 69,010,010 69,191,512 

There were no anti-dilutive securities excluded from the computation of earnings per share for the three and six months ended June 30, 2024. There were 345,576 and 84,487 anti-dilutive securities excluded from the computation of earnings per share for the three and six months ended June 30, 2023, respectively.

NOTE 7 – FAIR VALUE MEASURES

The fair value of an asset or liability is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value
25

measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

The Company's loans held for sale under the fair value option are comprised of the following:

(dollars in thousands)June 30, 2024December 31, 2023
Mortgage loans held for sale$569,477 $281,332 
SBA loans held for sale703 — 
Total loans held for sale$570,180 $281,332 

The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statements of income and comprehensive income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the interest rate lock commitments (“IRLCs”) with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities.

Net gains of $2.8 million and $2.4 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and six months ended June 30, 2024, respectively. A net loss of $3.3 million and a net gain of $2.3 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and six months ended June 30, 2023, respectively. Net gains of $534,000 and $7.4 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2023, net gains of $7.9 million and $5.1 million, respectively, resulting from changes in the fair value of the related derivative financial instruments were recorded in income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal.

The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2024 and December 31, 2023:

(dollars in thousands) 
June 30, 2024December 31, 2023
Aggregate fair value of mortgage loans held for sale$569,477 $281,332 
Aggregate unpaid principal balance of mortgage loans held for sale559,626 273,915 
Past-due loans of 90 days or more— 781 
Nonaccrual loans— 781 
Unpaid principal balance of nonaccrual loans— 774 

The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of June 30, 2024 and December 31, 2023:

(dollars in thousands) 
June 30, 2024December 31, 2023
Aggregate fair value of SBA loans held for sale$703 $— 
Aggregate unpaid principal balance of SBA loans held for sale627 — 

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, loans held for sale under the fair value option and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, loan servicing rights and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments.

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The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2024 and December 31, 2023:

Recurring Basis
Fair Value Measurements
 June 30, 2024
(dollars in thousands) 
Fair ValueLevel 1Level 2Level 3
Financial assets:    
Debt securities available-for-sale:
U.S. Treasuries$755,212 $755,212 $— $— 
U.S. government sponsored agencies981 — 981 — 
State, county and municipal securities26,560 — 26,560 — 
Corporate debt securities10,001 — 9,056 945 
SBA pool securities76,265 — 76,265 — 
Mortgage-backed securities662,028 — 662,028 — 
Loans held for sale570,180 — 570,180 — 
Derivative financial instruments10,327 — 10,327 — 
Mortgage banking derivative instruments5,255 — 5,255 — 
Total recurring assets at fair value$2,116,809 $755,212 $1,360,652 $945 
Financial liabilities:    
Derivative financial instruments$10,406 $— $10,406 $— 
Risk participation agreement24 24 
Total recurring liabilities at fair value$10,430 $— $10,430 $— 

Recurring Basis
Fair Value Measurements
 December 31, 2023
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
Financial assets:    
Debt securities available-for-sale:
U.S. Treasuries$720,877 $720,877 $— $— 
U.S. government sponsored agencies985 — 985 — 
State, county and municipal securities28,051 — 28,051 — 
Corporate debt securities10,027 — 9,037 990 
SBA pool securities51,516 — 51,516 — 
Mortgage-backed securities591,488 — 591,488 — 
Loans held for sale281,332 — 281,332 — 
Derivative financial instruments5,937 — 5,937 — 
Mortgage banking derivative instruments3,636 — 3,636 — 
Total recurring assets at fair value$1,693,849 $720,877 $971,982 $990 
Financial liabilities:    
Derivative financial instruments$6,203 $— $6,203 $— 
Mortgage banking derivative instruments5,790 — 5,790 — 
Total recurring liabilities at fair value$11,993 $— $11,993 $— 

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The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of June 30, 2024 and December 31, 2023:

 Nonrecurring Basis
Fair Value Measurements
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
June 30, 2024    
Collateral-dependent loans$53,022 $— $— $53,022 
Other real estate owned1,201 — — 1,201 
Total nonrecurring assets at fair value$54,223 $— $— $54,223 
December 31, 2023    
Collateral-dependent loans$36,978 $— $— $36,978 
Other real estate owned5,324 — — 5,324 
Total nonrecurring assets at fair value$42,302 $— $— $42,302 

The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of OREO include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates.

For the six months ended June 30, 2024 and the year ended December 31, 2023, there was not a change in the methods and significant assumptions used to estimate fair value.

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:

(dollars in thousands)Fair ValueValuation
Technique		Unobservable InputsRange of
Discounts		Weighted
Average
Discount
June 30, 2024     
Recurring:     
Debt securities available-for-sale$945 Discounted cash flowsProbability of Default11%11%
Loss Given Default43%43%
Nonrecurring:     
Collateral-dependent loans$53,022 Third-party appraisals and discounted cash flowsCollateral discounts and
discount rates
15% - 60%
29%
Other real estate owned$1,201 Third-party appraisals and sales contractsCollateral discounts and estimated
costs to sell
15% - 32%
17%
December 31, 2023     
Recurring:     
Debt securities available-for-sale$990 Discounted cash flowsProbability of Default11%11%
Loss Given Default42%42%
Nonrecurring:   
Collateral-dependent loans$36,978 Third-party appraisals and discounted cash flowsCollateral discounts and
discount rates
11% - 60%
28%
Other real estate owned$5,324 Third-party appraisals and sales contractsCollateral discounts and estimated
costs to sell
15% - 33%
22%

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The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:

Fair Value Measurements
  June 30, 2024
(dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial assets:     
Cash and due from banks$257,297 $257,297 $— $— $257,297 
Interest-bearing deposits in banks1,104,897 1,104,897 — — 1,104,897 
Debt securities held-to-maturity148,538 — 128,298 — 128,298 
Loans, net20,603,363 — — 20,064,808 20,064,808 
Financial liabilities:     
Deposits21,444,143 — 21,446,565 — 21,446,565 
Other borrowings946,413 — 936,511 — 936,511 
Subordinated deferrable interest debentures131,312 — 142,058 — 142,058 

Fair Value Measurements
  December 31, 2023
(dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial assets:     
Cash and due from banks$230,470 $230,470 $— $— $230,470 
Interest-bearing deposits in banks936,834 936,834 — — 936,834 
Debt securities held-to-maturity141,512 — 122,731 — 122,731 
Loans, net19,925,225 — — 19,332,899 19,332,899 
Financial liabilities:     
Deposits20,708,509 — 20,707,463 — 20,707,463 
Other borrowings509,586 — 501,723 — 501,723 
Subordinated deferrable interest debentures130,315 — 141,407 — 141,407 

NOTE 8 – COMMITMENTS AND CONTINGENCIES

Loan Commitments

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the Company’s balance sheets.

The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows:

(dollars in thousands)June 30, 2024December 31, 2023
Commitments to extend credit$3,492,618 $4,412,818 
Unused home equity lines of credit435,621 386,574 
Financial standby letters of credit43,324 37,546 
Mortgage interest rate lock commitments331,498 171,750 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments, predominantly at variable interest rates, generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk
29

involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the six months ended June 30, 2024 and the year ended December 31, 2023.

The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheets. The following table presents activity in the allowance for unfunded commitments for the periods presented:

Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2024202320242023
Balance at beginning of period$37,136 $52,757 $41,558 $52,411 
Provision for unfunded commitments(6,570)1,873 (10,992)2,219 
Balance at end of period$30,566 $54,630 $30,566 $54,630 

Other Commitments

As of June 30, 2024, letters of credit issued by the FHLB totaling $1.0 billion were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances.

Litigation and Regulatory Contingencies

From time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal and regulatory matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal and regulatory matters could have a material adverse effect on the Company’s results of operations and financial condition for any particular period.

The Company’s management and its legal counsel periodically assess contingent liabilities, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

NOTE 9 – SEGMENT REPORTING

The Company has the following four reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division and Premium  Finance  Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans. The Premium  Finance  Division derives its revenues from the origination and servicing of commercial insurance premium finance loans.

The Banking, Retail Mortgage, Warehouse Lending and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers. During the first quarter of 2024, the Company consolidated its former SBA Division into the Banking Division based on the similarity of products and services
30

offered, customers served and materiality of its operating profit. Prior period segment information for the Banking Division was restated to reflect this consolidation.

The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2024 and 2023:
 Three Months Ended
June 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$243,857 $59,001 $19,380 $25,085 $347,323 
Interest expense70,320 35,259 13,088 16,735 135,402 
Net interest income173,537 23,742 6,292 8,350 211,921 
Provision for credit losses20,888 (2,882)359 408 18,773 
Noninterest income37,527 50,145 1,028 11 88,711 
Noninterest expense     
Salaries and employee benefits59,923 25,254 1,124 1,900 88,201 
Occupancy and equipment11,474 1,008 7 70 12,559 
Data processing and communications expenses13,756 1,276 59 102 15,193 
Other expenses24,614 13,397 298 1,095 39,404 
Total noninterest expense109,767 40,935 1,488 3,167 155,357 
Income before income tax expense80,409 35,834 5,473 4,786 126,502 
Income tax expense26,090 7,525 1,149 953 35,717 
Net income$54,319 $28,309 $4,324 $3,833 $90,785 
Total assets$18,933,072 $5,100,837 $1,089,263 $1,397,556 $26,520,728 
Goodwill951,148 — — 64,498 1,015,646 
Other intangible assets, net74,605 — — 4,515 79,120 
 Three Months Ended
June 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$230,199 $52,867 $18,960 $19,926 $321,952 
Interest expense56,427 31,450 12,794 11,741 112,412 
Net interest income173,772 21,417 6,166 8,185 209,540 
Provision for credit losses41,255 3,278 411 572 45,516 
Noninterest income26,128 39,808 1,404 9 67,349 
Noninterest expense     
Salaries and employee benefits56,512 21,930 772 2,122 81,336 
Occupancy and equipment11,215 1,224 — 83 12,522 
Data processing and communications expenses11,944 1,397 44 66 13,451 
Other expenses27,976 11,859 223 1,036 41,094 
Total noninterest expense107,647 36,410 1,039 3,307 148,403 
Income before income tax expense50,998 21,537 6,120 4,315 82,970 
Income tax expense13,658 4,523 1,285 869 20,335 
Net income$37,340 $17,014 $4,835 $3,446 $62,635 
Total assets$18,532,088 $4,921,354 $1,152,690 $1,194,486 $25,800,618 
Goodwill951,148 — — 64,498 1,015,646 
Other intangible assets, net89,335 — — 7,465 96,800 
31

 Six Months Ended
June 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$478,979 $114,100 $35,863 $47,833 $676,775 
Interest expense140,974 67,071 23,543 31,878 263,466 
Net interest income338,005 47,029 12,320 15,955 413,309 
Provision for credit losses40,015 (550)504 (91)39,878 
Noninterest income63,890 88,910 1,768 21 154,589 
Noninterest expense
Salaries and employee benefits118,839 46,327 2,012 3,953 171,131 
Occupancy and equipment23,227 2,057 14 146 25,444 
Data processing and communications expenses26,940 2,642 84 181 29,847 
Other expenses49,061 25,927 535 2,123 77,646 
Total noninterest expense218,067 76,953 2,645 6,403 304,068 
Income before income tax expense143,813 59,536 10,939 9,664 223,952 
Income tax expense42,118 12,503 2,297 1,937 58,855 
Net income$101,695 $47,033 $8,642 $7,727 $165,097 
 Six Months Ended
June 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$442,789 $101,456 $35,574 $37,849 $617,668 
Interest expense91,732 60,012 23,708 21,024 196,476 
Net interest income351,057 41,444 11,866 16,825 421,192 
Provision for credit losses88,291 6,131 217 606 95,245 
Noninterest income50,631 70,866 1,884 18 123,399 
Noninterest expense
Salaries and employee benefits114,263 42,090 1,574 4,319 162,246 
Occupancy and equipment22,858 2,507 1 142 25,508 
Data processing and communications expenses23,778 2,466 90 151 26,485 
Other expenses47,421 23,606 425 2,133 73,585 
Total noninterest expense208,320 70,669 2,090 6,745 287,824 
Income before income tax expense105,077 35,510 11,443 9,492 161,522 
Income tax expense26,687 7,457 2,403 1,919 38,466 
Net income$78,390 $28,053 $9,040 $7,573 $123,056 
32

NOTE 10 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Mortgage Banking Derivatives

The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. Forward contracts to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by the Company as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates.

The Company enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.

These mortgage banking derivatives are carried at fair value and are not designated in hedge relationships. Fair values are estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage banking derivatives are included as a component of mortgage banking activity in the consolidated statements of income.

Customer Related Derivative Positions

The Company enters into interest rate derivative contracts to facilitate the risk management strategies of certain clients. The Company mitigates this risk largely by entering into equal and offsetting interest rate derivative agreements with highly rated counterparties. The interest rate contracts are free-standing derivatives and are recorded at fair value on the Company's consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of other noninterest income.

Risk Participation Agreement

The Company has entered into a risk participation agreement swap, that is associated with a loan participation, where the Company is not the counterparty to the interest rate swap that is associated with the risk participation sold. The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty.

The following table reflects the notional amount and fair value of derivative instruments not designated as hedging instruments included in the consolidated balance sheets as of June 30, 2024 and December 31, 2023.
June 30, 2024December 31, 2023
Fair ValueFair Value
(dollars in thousands)Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
Interest rate contracts(3)
$826,717 $10,327 $10,406 $736,188 $5,937 $6,203 
Risk participation agreement26,163 — 24 26,163 — 65 
Mortgage derivatives - interest rate lock commitments331,498 4,803 — 171,750 3,636 — 
Mortgage derivatives - forward contracts related to mortgage loans held for sale973,024 452 — 663,015 — 5,790 
(1)Derivative assets are included in other assets on the consolidated balance sheets.
(2)Derivative liabilities are included in other liabilities on the consolidated balance sheets.
(3)Includes interest rate contracts for client swaps and offsetting positions.

33

The net gains (losses) relating to changes in fair value from derivative instruments not designated as hedging instruments are summarized below for the three and six months ended June 30, 2024 and 2023.
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2024202320242023
Interest rate contracts(1)
Other noninterest income$44 $105 $187 $(221)
Risk participation agreementOther noninterest income8 — 41 — 
Interest rate lock commitmentsMortgage banking activity(948)(2,973)1,168 2,040 
Forward contracts related to mortgage loans held for saleMortgage banking activity1,482 10,919 6,242 3,043 
(1)Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions.

NOTE 11 – LOAN SERVICING RIGHTS

The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired servicing portfolios of residential mortgage and SBA loans. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets.

The carrying value of the loan servicing rights assets is shown in the table below:

(dollars in thousands)June 30, 2024December 31, 2023
Loan Servicing Rights
Residential mortgage$145,306 $171,915 
SBA2,156 2,737 
Total loan servicing rights$147,462 $174,652 

Residential Mortgage Loans

The Company sells certain first-lien residential mortgage loans to third party investors, primarily the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). The Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees on certain of these loans. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income and comprehensive income as part of mortgage banking activity.

During the three- and six-month period ended June 30, 2024, the Company recorded servicing fee income of $17.5 million and $34.7 million, respectively. During the three- and six-month period ended June 30, 2023, the Company recorded servicing fee income of $15.0 million and $29.2 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s MSRs and valuation allowance:

(dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,
Residential mortgage servicing rights2024202320242023
Beginning carrying value, net$171,968 $149,986 $171,915 $147,014 
Additions7,421 14,731 12,877 22,461 
Amortization(5,264)(4,696)(10,667)(9,454)
Disposals(28,819)— (28,819)— 
Ending carrying value, net$145,306 $160,021 $145,306 $160,021 



34

The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below:

(dollars in thousands)June 30, 2024December 31, 2023
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others$10,600,275 $12,454,454 
Composition of residential loans serviced for others:
FHLMC17.45 %17.54 %
FNMA51.20 %50.51 %
GNMA31.35 %31.95 %
Total100.00 %100.00 %
Weighted average term (months)354355
Weighted average age (months)3527
Modeled prepayment speed6.87 %8.56 %
Decline in fair value due to a 10% adverse change(2,708)(4,492)
Decline in fair value due to a 20% adverse change(5,959)(9,444)
Weighted average discount rate11.18 %10.98 %
Decline in fair value due to a 10% adverse change(4,399)(5,110)
Decline in fair value due to a 20% adverse change(10,089)(11,181)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the residential mortgage servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

SBA Loans

All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. The net gain on SBA loan sales, amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income.

During the three- and six-month period ended June 30, 2024, the Company recorded servicing fee income of $570,000 and $1.2 million, respectively. During the three- and six-month period ended June 30, 2023, the Company recorded servicing fee income of $758,000 and $1.5 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s SBA loan servicing rights and valuation allowance:

(dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,
SBA servicing rights2024202320242023
Beginning carrying value, net$2,301 $3,166 $2,737 $3,443 
Additions57 271 76 315 
Amortization(202)(340)(657)(661)
Ending carrying value, net$2,156 $3,097 $2,156 $3,097 


35

(dollars in thousands)June 30, 2024December 31, 2023
SBA servicing rights
Unpaid principal balance of loans serviced for others$241,874 $271,164 
Weighted average life (in years)3.093.31
Modeled prepayment speed22.33 %20.83 %
Decline in fair value due to a 10% adverse change(167)(171)
Decline in fair value due to a 20% adverse change(318)(327)
Weighted average discount rate12.02 %14.70 %
Decline in fair value due to a 100 basis point adverse change(61)(69)
Decline in fair value due to a 200 basis point adverse change(120)(135)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the SBA servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made in this report are “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control and which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, 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; competitive pressures on product pricing and services; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; investment security valuation and other performance measures; additional competition in our markets; changes in state and federal banking laws and regulations to which we are subject; financial market conditions and the results of financing efforts; the success and timing of other business strategies; our outlook and long-term goals for future growth; weather events, natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise.

Overview

The following is management’s discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of June 30, 2024, as compared with December 31, 2023, and operating results for the three- and six-month periods ended June 30, 2024 and 2023. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.

This discussion contains certain performance measures determined by methods other than in accordance with GAAP. Management of the Company 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. Non-GAAP measures include adjusted net income and adjusted net income per diluted share. The Company calculates the regulatory capital ratios using current regulatory report instructions. The Company’s management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital measures that may be presented by other companies.
37

Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our 2023 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2023 Annual Report on Form 10-K for a full disclosure of all critical accounting policies.

Results of Operations for the Three Months Ended June 30, 2024 and 2023

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $90.8 million, or $1.32 per diluted share, for the quarter ended June 30, 2024, compared with $62.6 million, or $0.91 per diluted share, for the same period in 2023. The Company’s return on average assets and average shareholders’ equity were 1.41% and 10.34%, respectively, in the second quarter of 2024, compared with 0.98% and 7.63%, respectively, in the second quarter of 2023. During the second quarter of 2024, the Company a recorded pre-tax gain on sale of mortgage servicing rights (MSR) of $4.7 million, a pre-tax gain on conversion of Visa Class B-1 stock of $12.6 million, a pre-tax gain on bank owned life insurance (BOLI) proceeds of $466,000 and an adjustment related to FDIC special assessment of $895,000. Additionally, the Company recorded $4.8 million of tax expense related to BOLI restructuring during the period. Excluding these adjustment items, the Company’s net income would have been $80.8 million, or $1.17 per diluted share, for the second quarter of 2024 and $62.6 million, or $0.91 per diluted share, for the second quarter of 2023.

Below is a reconciliation of adjusted net income to net income, as discussed above.
 Three Months Ended June 30,
(in thousands, except share and per share data)20242023
Net income$90,785 $62,635 
Adjustment items:  
Gain on sale of MSR(4,713)— 
Gain on conversion of Visa Class B-1 stock(12,554)— 
Gain on BOLI proceeds(466)— 
FDIC special assessment(895)— 
Tax effect of adjustment items (Note 1)
3,814 — 
After tax adjustment items(14,814)— 
Tax expense attributable to BOLI restructuring4,792 — 
Adjusted net income$80,763 $62,635 
Weighted average common shares outstanding - diluted69,013,834 69,034,762 
Net income per diluted share$1.32 $0.91 
Adjusted net income per diluted share$1.17 $0.91 
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.

38

Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the second quarter of 2024 and 2023, respectively:

 Three Months Ended
June 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$243,857 $59,001 $19,380 $25,085 $347,323 
Interest expense70,320 35,259 13,088 16,735 135,402 
Net interest income173,537 23,742 6,292 8,350 211,921 
Provision for credit losses20,888 (2,882)359 408 18,773 
Noninterest income37,527 50,145 1,028 11 88,711 
Noninterest expense     
Salaries and employee benefits59,923 25,254 1,124 1,900 88,201 
Occupancy and equipment11,474 1,008 7 70 12,559 
Data processing and communications expenses13,756 1,276 59 102 15,193 
Other expenses24,614 13,397 298 1,095 39,404 
Total noninterest expense109,767 40,935 1,488 3,167 155,357 
Income before income tax expense80,409 35,834 5,473 4,786 126,502 
Income tax expense26,090 7,525 1,149 953 35,717 
Net income$54,319 $28,309 $4,324 $3,833 $90,785 

 Three Months Ended
June 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
Finance
Division		Total
Interest income$230,199 $52,867 $18,960 $19,926 $321,952 
Interest expense56,427 31,450 12,794 11,741 112,412 
Net interest income173,772 21,417 6,166 8,185 209,540 
Provision for credit losses41,255 3,278 411 572 45,516 
Noninterest income26,128 39,808 1,404 9 67,349 
Noninterest expense     
Salaries and employee benefits56,512 21,930 772 2,122 81,336 
Occupancy and equipment11,215 1,224 — 83 12,522 
Data processing and communications expenses11,944 1,397 44 66 13,451 
Other expenses27,976 11,859 223 1,036 41,094 
Total noninterest expense107,647 36,410 1,039 3,307 148,403 
Income before income tax expense50,998 21,537 6,120 4,315 82,970 
Income tax expense13,658 4,523 1,285 869 20,335 
Net income$37,340 $17,014 $4,835 $3,446 $62,635 
 
39

Net Interest Income and Margins

The following table sets forth the average balance, interest income or interest expense, and average interest rate for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the three months ended June 30, 2024 and 2023. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

 Quarter Ended June 30,
 20242023
(dollars in thousands)Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid		Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid
Assets
Interest-earning assets:
Interest-bearing deposits in banks$899,866 $12,376 5.53%$998,609 $13,686 5.50%
Investment securities - taxable1,663,841 16,948 4.10%1,699,096 15,915 3.76%
Investment securities - nontaxable41,396 423 4.11%42,580 430 4.05%
Loans held for sale491,000 8,189 6.71%577,606 8,398 5.83%
Loans20,820,361 310,347 6.00%20,164,938 284,471 5.66%
Total interest-earning assets23,916,464 348,283 5.86%23,482,829 322,900 5.52%
Noninterest-earning assets2,038,344 2,149,017 
Total assets$25,954,808 $25,631,846 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts$3,824,538 $21,020 2.21%$3,949,850 $18,003 1.83%
MMDA6,251,719 58,332 3.75%5,002,590 35,224 2.82%
Savings accounts781,588 984 0.51%1,009,749 2,296 0.91%
Retail CDs2,430,416 25,711 4.25%2,024,014 14,751 2.92%
Brokered CDs1,167,174 15,198 5.24%1,393,206 17,813 5.13%
Total interest-bearing deposits14,455,435 121,245 3.37%13,379,409 88,087 2.64%
Non-deposit funding
Securities sold under agreements to repurchase1 — —%— — —%
FHLB advances548,251 7,167 5.26%1,408,855 17,222 4.90%
Other borrowings307,449 3,574 4.68%316,626 3,902 4.94%
Subordinated deferrable interest debentures131,050 3,416 10.48%129,056 3,201 9.95%
Total non-deposit funding986,751 14,157 5.77%1,854,537 24,325 5.26%
Total interest-bearing liabilities15,442,186 135,402 3.53%15,233,946 112,412 2.96%
Demand deposits6,558,427 6,729,789 
Other liabilities423,326 375,062 
Shareholders’ equity3,530,869 3,293,049 
Total liabilities and shareholders’ equity$25,954,808 $25,631,846 
Interest rate spread2.33%2.56%
Net interest income$212,881 $210,488 
Net interest margin3.58%3.60%

On a tax-equivalent basis, net interest income for the second quarter of 2024 was $212.9 million, an increase of $2.4 million, or 1.14%, compared with $210.5 million reported in the same quarter in 2023. The increase in net interest income is primarily a result of increased yield on loans and investment securities in addition to growth in average earning assets, partially offset by increased cost of funds as market interest rates have risen. Average interest-earning assets increased $433.6 million, or 1.85%, from $23.48 billion in the second quarter of 2023 to $23.92 billion for the second quarter of 2024. This growth in interest-earning assets resulted primarily from organic loan growth. The Company’s net interest margin during the second quarter of 2024 was 3.58%, down two basis points from 3.60% reported in the second quarter of 2023. Loan production amounted to $5.1 billion during the second quarter of 2024, with weighted average yields of 7.45%, compared with $5.3 billion and 7.09%, respectively, during the second quarter of 2023.

Total interest income, on a tax-equivalent basis, increased to $348.3 million during the second quarter of 2024, compared with $322.9 million in the same quarter of 2023.  Yields on earning assets increased to 5.86% during the second quarter of 2024,
40

compared with 5.52% reported in the second quarter of 2023. During the second quarter of 2024, loans comprised 89.1% of average earning assets, compared with 88.3% in the same quarter of 2023. Yields on loans increased to 6.00% in the second quarter of 2024, compared with 5.66% in the same period of 2023.

The yield on interest-bearing deposits increased from 2.64% in the second quarter of 2023 to 3.37% in the second quarter of 2024. The yield on total interest-bearing liabilities increased from 2.96% in the second quarter of 2023 to 3.53% in the second quarter of 2024. Total funding costs, inclusive of noninterest-bearing demand deposits, increased to 2.48% in the second quarter of 2024, compared with 2.05% during the second quarter of 2023. Deposit costs increased from 1.76% in the second quarter of 2023 to 2.32% in the second quarter of 2024. Non-deposit funding costs increased from 5.26% in the second quarter of 2023 to 5.77% in the second quarter of 2024.

Provision for Credit Losses

The Company’s provision for credit losses during the second quarter of 2024 amounted to $18.8 million, compared with $45.5 million in the second quarter of 2023. This decrease was attributable to the updated economic forecast, partially offset by organic loan growth. The provision for credit losses for the second quarter of 2024 was comprised of $25.3 million related to loans, negative $6.6 million related to unfunded commitments and negative $5,000 related to other credit losses, compared with $43.6 million related to loans, $1.9 million related to unfunded commitments and no provision related to other credit losses for the second quarter of 2023. Non-performing assets as a percentage of total assets increased five basis points to 0.74% at June 30, 2024, compared with 0.69% at December 31, 2023. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $28.3 million, partially offset by decreases in other real estate owned and accruing loans delinquent 90 days or more of $4.0 million and $1.1 million, respectively. The Company recognized net charge-offs on loans during the second quarter of 2024 of approximately $9.2 million, or 0.18% of average loans on an annualized basis, compared with net charge-offs of approximately $14.2 million, or 0.28%, in the second quarter of 2023. The Company’s total allowance for credit losses on loans at June 30, 2024 was $336.2 million, or 1.60% of total loans, compared with $307.1 million, or 1.52% of total loans, at December 31, 2023. This increase is primarily attributable to updated forecast economic conditions and organic growth in loans.

Noninterest Income

Total noninterest income for the second quarter of 2024 was $88.7 million, an increase of $21.4 million, or 31.7%, from the $67.3 million reported in the second quarter of 2023.  Income from mortgage banking activities was $46.4 million in the second quarter of 2024, an increase of $5.7 million, or 13.9%, from $40.7 million in the second quarter of 2023. Total production in the second quarter of 2024 amounted to $1.33 billion, unchanged from the same quarter of 2023, while gain on sale spread increased to 2.45% in the current quarter, compared with 2.18% in the same quarter of 2023. The retail mortgage open pipeline finished the second quarter of 2024 at $802.2 million, compared with $606.7 million at March 31, 2024 and $652.1 million at the end of the second quarter of 2023.

Service charges on deposit accounts increased $1.4 million, or 12.2%, to $12.7 million in the second quarter of 2024, compared with $11.3 million in the second quarter of 2023. Net gain (loss) on securities increased to $12.3 million in the second quarter of 2024, compared with negative $6,000 in the second quarter of 2023. This increase was primarily due to the conversion of Visa Class B-1 stock resulting in a gain of $12.6 million and related realized gain (loss) on subsequent sales and mark-to-market adjustments post-conversion. Other noninterest income increased $1.8 million, or 12.2%, to $16.1 million for the second quarter of 2024, compared with $14.3 million during the second quarter of 2023. The increase in other noninterest income was primarily attributable to a gain on sale of mortgage servicing rights of $4.7 million, partially offset by a decline in the gain on sale of SBA loans and fee income in our equipment finance division of $843,000 and $414,000, respectively.

Noninterest Expense

Total noninterest expense for the second quarter of 2024 increased $7.0 million, or 4.7%, to $155.4 million, compared with $148.4 million in the same quarter 2023. Salaries and employee benefits increased $6.9 million, or 8.4%, from $81.3 million in the second quarter of 2023 to $88.2 million in the second quarter of 2024, due primarily to increases in variable compensation related to mortgage production of $1.8 million and health insurance costs of $1.2 million and a decrease in deferred origination costs of $1.0 million. Data processing and communications expenses increased $1.7 million, or 13.0%, to $15.2 million in the second quarter of 2024, compared with $13.5 million in the second quarter of 2023. Advertising and marketing expense was $3.6 million in the second quarter of 2024, compared with $2.6 million in the second quarter of 2023, with the increase primarily due to a new deposit marketing campaign initiated in the second quarter of 2024. Amortization of intangible assets decreased $281,000, or 6.0%, from $4.7 million in the second quarter of 2023 to $4.4 million in the second quarter of 2024. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses increased
41

$1.0 million, or 11.6%, from $8.8 million in the second quarter of 2023 to $9.8 million in the second quarter of 2024, primarily attributable to additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses decreased $3.4 million, or 13.9%, from $24.2 million in the second quarter of 2023 to $20.8 million in the second quarter of 2024, due primarily to a decrease of FDIC insurance expense of $2.2 million and a $2.7 million decrease in other losses, partially offset by an increase in variable expenses tied to mortgage production.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses.  For the second quarter of 2024, the Company reported income tax expense of $35.7 million, compared with $20.3 million in the same period of 2023. The Company’s effective tax rate for the three months ended June 30, 2024 and 2023 was 28.2% and 24.5%, respectively. The increase in the effective tax rate is primarily a result of a $4.8 million tax expense related to BOLI surrender during the period.


42

Results of Operations for the Six Months Ended June 30, 2024 and 2023

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $165.1 million, or $2.39 per diluted share, for the six months ended June 30, 2024, compared with $123.1 million, or $1.78 per diluted share, for the same period in 2023. The Company’s return on average assets and average shareholders’ equity were 1.30% and 9.49%, respectively, in the six months ended June 30, 2024, compared with 0.98% and 7.58%, respectively, in the same period in 2023. During the first six months of 2024, the Company recorded a pre-tax gain on conversion of its Visa Class B-1 stock of $12.6 million, a pre-tax gain on sale of mortgage servicing rights of $4.7 million, a pre-tax FDIC special assessment of $2.0 million and a pre-tax gain on BOLI proceeds of $1.5 million. Additionally, the Company recorded $4.8 million in tax expense attributable to BOLI restructuring. During the first six months of 2023, the Company recorded pre-tax gain on BOLI proceeds of $486,000. Excluding these adjustment items, the Company’s net income would have been $156.4 million, or $2.27 per diluted share, for the six months ended June 30, 2024 and $122.6 million, or $1.77 per diluted share, for the same period in 2023.

Below is a reconciliation of adjusted net income to net income, as discussed above.
 Six Months Ended
June 30,
(in thousands, except share and per share data)20242023
Net income available to common shareholders$165,097 $123,056 
Adjustment items:  
Gain on sale of MSR(4,713)— 
Gain on conversion of Visa Class B-1 stock(12,554)— 
Gain on BOLI proceeds(1,464)(486)
FDIC special assessment2,014 — 
Tax effect of adjustment items (Note 1)
3,203 — 
After tax adjustment items(13,514)(486)
Tax expense attributable to BOLI restructuring4,792 — 
Adjusted net income$156,375 $122,570 
Weighted average common shares outstanding - diluted69,010,010 69,191,512 
Net income per diluted share$2.39 $1.78 
Adjusted net income per diluted share$2.27 $1.77 
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.

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Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the six months ended June 30, 2024 and 2023, respectively:

 Six Months Ended
June 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$478,979 $114,100 $35,863 $47,833 $676,775 
Interest expense140,974 67,071 23,543 31,878 263,466 
Net interest income338,005 47,029 12,320 15,955 413,309 
Provision for loan losses40,015 (550)504 (91)39,878 
Noninterest income63,890 88,910 1,768 21 154,589 
Noninterest expense
Salaries and employee benefits118,839 46,327 2,012 3,953 171,131 
Occupancy and equipment23,227 2,057 14 146 25,444 
Data processing and communications expenses26,940 2,642 84 181 29,847 
Other expenses49,061 25,927 535 2,123 77,646 
Total noninterest expense218,067 76,953 2,645 6,403 304,068 
Income before income tax expense143,813 59,536 10,939 9,664 223,952 
Income tax expense42,118 12,503 2,297 1,937 58,855 
Net income$101,695 $47,033 $8,642 $7,727 $165,097 

 Six Months Ended
June 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
Finance
Division		Total
Interest income$442,789 $101,456 $35,574 $37,849 $617,668 
Interest expense91,732 60,012 23,708 21,024 196,476 
Net interest income351,057 41,444 11,866 16,825 421,192 
Provision for loan losses88,291 6,131 217 606 95,245 
Noninterest income50,631 70,866 1,884 18 123,399 
Noninterest expense
Salaries and employee benefits114,263 42,090 1,574 4,319 162,246 
Occupancy and equipment22,858 2,507 1 142 25,508 
Data processing and communications expenses23,778 2,466 90 151 26,485 
Other expenses47,421 23,606 425 2,133 73,585 
Total noninterest expense208,320 70,669 2,090 6,745 287,824 
Income before income tax expense105,077 35,510 11,443 9,492 161,522 
Income tax expense26,687 7,457 2,403 1,919 38,466 
Net income$78,390 $28,053 $9,040 $7,573 $123,056 

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Net Interest Income and Margins

The following table sets forth the average balance, interest income or interest expense, and average yield/rate paid for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the six months ended June 30, 2024 and 2023. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

 Six Months Ended
June 30,
 20242023
(dollars in thousands)Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid		Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid
Assets      
Interest-earning assets:      
Interest-bearing deposits in banks$911,855 $25,013 5.52%$929,496 $22,799 4.95%
Investment securities - taxable1,631,773 30,040 3.70%1,708,222 30,215 3.57%
Investment securities - nontaxable41,341 841 4.09%42,814 859 4.05%
Loans held for sale407,175 13,537 6.69%534,192 15,405 5.82%
Loans20,570,520 609,254 5.96%19,993,794 550,273 5.55%
Total interest-earning assets23,562,664 678,685 5.79%23,208,518 619,551 5.38%
Noninterest-earning assets2,062,284   2,166,794   
Total assets$25,624,948   $25,375,312   
Liabilities and Shareholders’ Equity      
Interest-bearing liabilities:      
Interest-bearing deposits
NOW accounts$3,827,257 $41,594 2.19%$4,047,484 $33,036 1.65%
MMDA6,102,054 112,285 3.70%4,998,417 63,033 2.54%
Savings accounts788,738 1,970 0.50%1,007,693 3,584 0.72%
Retail CDs2,404,547 50,287 4.21%1,819,307 22,380 2.48%
Brokered CDs1,274,278 33,283 5.25%762,672 19,236 5.09%
Total interest-bearing deposits14,396,874 239,419 3.34%12,635,573 141,269 2.25%
Non-deposit funding
FHLB advances383,920 9,745 5.10%1,687,286 39,670 4.74%
Other borrowings307,829 7,453 4.87%338,912 9,251 5.50%
Subordinated deferrable interest debentures130,801 6,849 10.53%128,808 6,286 9.84%
Total non-deposit funding822,550 24,047 5.88%2,155,006 55,207 5.17%
Total interest-bearing liabilities15,219,424 263,466 3.48%14,790,579 196,476 2.68%
Demand deposits6,480,864 6,931,852 
Other liabilities427,490   381,094   
Shareholders’ equity3,496,870   3,271,787   
Total liabilities and shareholders’ equity$25,624,648   $25,375,312   
Interest rate spread  2.31%  2.70%
Net interest income $415,219   $423,075 
Net interest margin  3.54%  3.68%

On a tax-equivalent basis, net interest income for the six months ended June 30, 2024 was $415.2 million, a decrease of $7.9 million, or 1.86%, compared with $423.1 million reported in the same period of 2023. The lower net interest income is a result of increased yield on interest-bearing deposits, a shift in deposit mix as interest rates have risen and increased non-deposit funding costs, partially offset by growth in average earning assets and increased associated market rates. Average interest earning assets increased $354.1 million, or 1.53%, from $23.21 billion in the first six months of 2023 to $23.56 billion for the first six months of 2024. This growth in interest earning assets resulted primarily from organic growth in average loans, partially offset by paydowns on the securities portfolio and average loans held for sale. The Company’s net interest margin during the first six months of 2024 was 3.54%, down 14 basis points from 3.68% reported for the first six months of 2023. Loan production amounted to $8.9 billion during the first six months of 2024, with weighted average yields of 7.56%, compared with $9.2 billion and 7.00%, respectively, during the first six months of 2023.

Total interest income, on a tax-equivalent basis, increased to $678.7 million during the six months ended June 30, 2024, compared with $619.6 million in the same period of 2023. Yields on earning assets increased to 5.79% during the first six
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months of 2024, compared with 5.38% reported in the same period of 2023. During the first six months of 2024, loans comprised 89.0% of average earning assets, compared with 88.5% in the same period of 2023. Yields on loans increased to 5.96% during the six months ended June 30, 2024, compared with 5.55% in the same period of 2023.

The yield on total interest-bearing liabilities increased from 2.68% during the six months ended June 30, 2023 to 3.48% in the same period of 2024. Total funding costs, inclusive of noninterest-bearing demand deposits, increased to 2.44% in the first six months of 2024, compared with 1.82% during the same period of 2023. Deposit costs increased from 1.46% in the first six months of 2023 to 2.31% in the same period of 2024. Non-deposit funding costs increased from 5.17% in the first six months of 2023 to 5.88% in the same period of 2024.
 
Provision for Credit Losses
 
The Company’s provision for credit losses during the six months ended June 30, 2024 amounted to $39.9 million, compared with $95.2 million in the six months ended June 30, 2023. This decrease was primarily attributable to the updated economic forecast during the first six months of 2024. The provision for credit losses for the first six months of 2024 was comprised of $50.9 million related to loans, negative $11.0 million related to unfunded commitments and negative $1,000 related to other credit losses, compared with $93.0 million related to loans, $2.2 million related to unfunded commitments and $7,000 related to other credit losses for the same period in 2023. Non-performing assets as a percentage of total assets increased from 0.69% at December 31, 2023 to 0.74% at June 30, 2024. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $28.3 million, partially offset by decreases in other real estate owned and accruing loans delinquent 90 days or more of $4.0 million and $1.1 million, respectively. Net charge-offs on loans during the first six months of 2024 were $21.8 million, or 0.21% of average loans on an annualized basis, compared with approximately $24.9 million, or 0.25%, in the first six months of 2023. The Company’s total allowance for credit losses on loans at June 30, 2024 was $336.2 million, or 1.60% of total loans, compared with $307.1 million, or 1.52% of total loans, at December 31, 2023. This increase is primarily attributable to organic growth in loans and the updated economic forecast.

Noninterest Income

Total noninterest income for the six months ended June 30, 2024 was $154.6 million, an increase of $31.2 million, or 25.3%, from the $123.4 million reported for the six months ended June 30, 2023.  Income from mortgage banking activities increased $13.7 million, or 19.0%, from $72.1 million in the first six months of 2023 to $85.8 million in the same period of 2024. Total production in the first six months of 2024 amounted to $2.24 billion, compared with $2.28 billion in the same period of 2023, while gain on sale spread increased to 2.47% during the six months ended June 30, 2024, compared with 2.09% in the same period of 2023. The retail mortgage open pipeline was $802.2 million at June 30, 2024, compared with $400.1 million at December 31, 2023 and $652.1 million at June 30, 2023.

Net gain (loss) on securities increased to $12.3 million for the six months ended June 30, 2024, compared with no such gain or loss for the six months ended June 30, 2023. This increase was primarily due to the conversion of Visa Class B-1 stock resulting in a gain of $12.6 million and related realized gain (loss) on subsequent sales and mark-to-market adjustments post-conversion. Other noninterest income increased $2.5 million, or 9.2%, to $29.6 million for the first six months of 2024, compared with $27.1 million during the same period of 2023. The increase in other noninterest income was primarily attributable to a gain on sale of mortgage servicing rights of $4.7 million, partially offset by a decline in derivative fee income of $1.7 million and a decline in the gain on sale of SBA loans of $795,000.

Noninterest Expense

Total noninterest expenses for the six months ended June 30, 2024 increased $16.2 million, or 5.6%, to $304.1 million, compared with $287.8 million in the same period of 2023. Salaries and employee benefits increased $8.9 million, or 5.5%, from $162.2 million in the first six months of 2023 to $171.1 million in the same period of 2024, due primarily to increases in variable compensation related to mortgage production of $1.7 million, health insurance costs of $1.7 million and stock-based compensation of $1.2 million in addition to a reduction in deferred origination costs of $2.0 million. Data processing and communications expenses increased $3.4 million, or 12.7%, to $29.8 million in the first six months of 2024, from $26.5 million reported in the same period of 2023. Amortization of intangible assets decreased $565,000, or 6.0%, from $9.4 million in the first six months of 2023 to $8.8 million in the first six months of 2024. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses increased $2.1 million, or 12.4%, from $17.1 million in the first six months of 2023 to $19.2 million in the same period of 2024, primarily attributable to additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $2.5 million, or 6.3%, from $39.6 million in the first six months of 2023 to $42.1 million in the same period of 2024, due primarily to $2.0 million in FDIC special assessment expenses as well as a $3.5 million increase in business license expense. These increases in other noninterest
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expenses were partially offset by decreases from the first six months of 2023 in legal and other professional fees of $1.4 million, fraud/forgery losses of $530,000 and other losses of $2.7 million.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the six months ended June 30, 2024, the Company reported income tax expense of $58.9 million, compared with $38.5 million in the same period of 2023. The Company’s effective tax rate for the six months ended June 30, 2024 and 2023 was 26.3% and 23.8%, respectively. The increase in the effective tax rate is primarily a result of a $4.8 million tax expense related to BOLI restructuring during the period.

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Financial Condition as of June 30, 2024

Securities

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income, net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities which are classified as held-to-maturity are done so based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. 

Management and the Company’s ALCO Committee evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If neither of the above criteria is met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. If credit-related impairment exists, the Company recognizes an allowance for credit losses, limited to the amount by which the fair value is less than the amortized cost basis of the security. Any impairment not recognized through an allowance for credit losses is recognized in other comprehensive income, net of tax, as a non credit-related impairment. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at June 30, 2024, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at June 30, 2024, management determined that $68,000 was attributable to credit impairment and, accordingly, an allowance for credit losses was established. The remaining $48.2 million in unrealized loss was determined to be from factors other than credit.

The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established.

The following table is a summary of our investment portfolio at the dates indicated:

June 30, 2024December 31, 2023
(dollars in thousands)Amortized CostFair
Value		Amortized CostFair
Value
Securities available-for-sale
U.S. Treasuries$765,274 $755,212 $732,636 $720,877 
U.S. government-sponsored agencies1,016 981 1,023 985 
State, county and municipal securities27,848 26,560 28,986 28,051 
Corporate debt securities10,946 10,001 10,946 10,027 
SBA pool securities77,850 76,265 53,033 51,516 
Mortgage-backed securities695,603 662,028 621,013 591,488 
Total debt securities available-for-sale$1,578,537 $1,531,047 $1,447,637 $1,402,944 
Securities held-to-maturity
State, county and municipal securities$33,664 $27,880 $31,905 $26,854 
Mortgage-backed securities114,874 100,418 109,607 95,877 
Total debt securities held-to-maturity$148,538 $128,298 $141,512 $122,731 

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The amounts of securities available-for-sale and held-to-maturity in each category as of June 30, 2024 are shown in the following table according to contractual maturity classifications: (i) one year or less; (ii) after one year through five years; (iii) after five years through ten years; and (iv) after ten years:

U.S. TreasuriesU.S. Government-Sponsored AgenciesState, County and
Municipal Securities
(dollars in thousands)
Securities available-for-sale (1)
AmountYield
 (2)		AmountYield
 (2)		AmountYield
(2)(3)
One year or less$528,935 3.43 %$— — %$4,698 3.95 %
After one year through five years226,277 3.06 981 2.16 14,633 3.93 
After five years through ten years— — — — 7,229 3.94 
After ten years— — — — — — 
$755,212 3.32 %$981 2.16 %$26,560 3.93 %
Corporate Debt SecuritiesSBA Pool SecuritiesMortgage-Backed Securities
(dollars in thousands)
Securities available-for-sale (1)
AmountYield
 (2)		AmountYield
 (2)		AmountYield
 (2)
One year or less$— — %$971 2.27 %$11,380 2.61 %
After one year through five years8,671 6.80 3,376 2.23 286,162 3.12 
After five years through ten years— — 62,838 5.65 38,655 2.97 
After ten years1,330 8.58 9,080 3.25 325,831 4.04 
$10,001 7.11 %$76,265 5.15 %$662,028 3.56 %
State, County and
Municipal Securities		Mortgage-Backed Securities
(dollars in thousands)
Securities held-to-maturity (1)
AmountYield
(2)(3)		AmountYield
 (2)
One year or less$— — %$— — %
After one year through five years— — 12,780 1.91 
After five years through ten years— — 70,794 2.74 
After ten years33,664 3.95 31,300 2.58 
$33,664 3.95 %$114,874 2.60 %
(1)The amortized cost of securities held-to-maturity and fair value of securities available-for-sale are presented based on contractual maturities. Actual cash flows may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.
(2)Yields were computed using coupon interest, adding discount accretion or subtracting premium amortization, as appropriate, on a ratable basis over the life of each security. The weighted average yield for each maturity range was computed using the amortized cost of each security in that range.
(3)Yields on securities of state and political subdivisions are stated on a taxable-equivalent basis, using a tax rate of 21%.

Loans and Allowance for Credit Losses

At June 30, 2024, gross loans outstanding (including loans and loans held for sale) were $21.56 billion, up $1.01 billion from $20.55 billion reported at December 31, 2023. Loans increased $723.3 million, or 3.6%, from $20.27 billion at December 31, 2023 to $20.99 billion at June 30, 2024, driven by organic growth. Loans held for sale increased from $281.3 million at December 31, 2023 to $570.2 million at June 30, 2024 primarily in our mortgage division.

The Company regularly monitors the composition of the loan portfolio to evaluate the adequacy of the allowance for credit losses ("ACL") on loans in light of the impact that changes in the economic environment may have on the loan portfolio. The Company focuses on the following loan categories: (1) commercial, financial and agricultural; (2) consumer; (3) indirect automobile; (4) mortgage warehouse; (5) municipal; (6) premium finance; (7) construction and development related real estate; (8) commercial and farmland real estate; and (9) residential real estate. The Company’s management has strategically located its branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina to take advantage of the growth in these areas.
49

The Company’s risk management processes include a loan review program designed to evaluate the credit risk in the loan portfolio and ensure credit grade accuracy. Through the loan review process, the Company conducts (1) a loan portfolio summary analysis, (2) charge-off and recovery analysis, (3) trends in accruing problem loan analysis, and (4) problem and past-due loan analysis. This analysis process serves as a tool to assist management in assessing the overall quality of the loan portfolio and the adequacy of the ACL. Loans classified as “substandard” are loans which are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses and/or questionable collateral values. Loans classified as “doubtful” are those loans that have characteristics similar to substandard loans but have an increased risk of loss. Loans classified as “loss” are those loans which are considered uncollectible and are in the process of being charged off.

The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL.

Expected credit losses are reflected in the ACL through a charge to credit loss expense. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received.

The Company measures expected credit losses of financial assets on a collective (pool) basis, when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company currently uses the DCF method or the PD×LGD method which may be adjusted for qualitative factors.

The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters when the Company can no longer develop reasonable and supportable forecasts.

At the end of the second quarter of 2024, the ACL on loans totaled $336.2 million, or 1.60% of loans, compared with $307.1 million, or 1.52% of loans, at December 31, 2023. Our nonaccrual loans increased from $151.1 million at December 31, 2023 to $179.4 million at June 30, 2024. For the first six months of 2024, our net charge off ratio as a percentage of average loans decreased to 0.21%, compared with 0.25% for the first six months of 2023. The total provision for credit losses for the first six months of 2024 was $39.9 million, decreasing from a provision of $95.2 million recorded for the first six months of 2023. Our ratio of total nonperforming assets to total assets was up five basis points from 0.69% at December 31, 2023 to 0.74% at June 30, 2024.

50

The following table presents an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs as of and for the six months ended June 30, 2024 and 2023:

Six Months Ended
June 30,
(dollars in thousands)20242023
Balance of allowance for credit losses on loans at beginning of period$307,100 $205,677 
Adjustment to allowance for adoption of ASU 2022-02— (1,711)
Provision charged to operating expense50,871 93,019 
Charge-offs:  
Commercial, financial and agricultural27,834 25,549 
Consumer2,017 3,192 
Indirect automobile104 99 
Premium finance4,808 3,269 
Real estate – commercial and farmland513 3,320 
Real estate – residential26 197 
Total charge-offs35,302 35,626 
Recoveries:
Commercial, financial and agricultural7,307 5,588 
Consumer403 491 
Indirect automobile365 441 
Premium finance4,745 3,062 
Real estate – construction and development48 572 
Real estate – commercial and farmland594 105 
Real estate – residential87 453 
Total recoveries13,549 10,712 
Net charge-offs21,753 24,914 
Balance of allowance for credit losses on loans at end of period$336,218 $272,071 

The following table presents an analysis of the allowance for credit losses on loans and net charge-offs for loans held for investment:

As of and for the Six Months Ended
(dollars in thousands)June 30, 2024June 30, 2023
Allowance for credit losses on loans at end of period$336,218 $272,071 
Net charge-offs for the period21,753 24,914 
Loan balances:
End of period20,992,603 20,471,759 
Average for the period20,570,520 19,993,794 
Net charge-offs as a percentage of average loans (annualized)0.21 %0.25 %
Allowance for credit losses on loans as a percentage of end of period loans1.60 %1.33 %

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Loans

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

(dollars in thousands)June 30, 2024December 31, 2023
Commercial, financial and agricultural$2,860,973 $2,688,929 
Consumer217,787 241,552 
Indirect automobile16,335 34,257 
Mortgage warehouse1,070,921 818,728 
Municipal454,967 492,668 
Premium finance1,151,261 946,562 
Real estate – construction and development2,336,987 2,129,187 
Real estate – commercial and farmland8,103,634 8,059,754 
Real estate – residential4,779,738 4,857,666 
$20,992,603 $20,269,303 

Commercial real estate (“CRE”) represents the Company's largest loan category. The Company regularly monitors its CRE portfolio against regulatory concentration limits. Additionally, the Company manages its risk in the CRE portfolio through, among other things, established policy limits on loan-to-value or loan-to-cost at or below applicable regulatory guidance, use of internal lending limits on single loans to minimize exposure to a given project, annual reviews of borrowers and guarantors above certain total credit exposure thresholds, minimum required debt service coverage ratios and borrower equity levels. Exceptions to policy must be approved by an individual or committee with appropriate approval authority.

A summary of the Company's CRE portfolio by loan type and credit quality indicator as of June 30, 2024 and December 31, 2023 is below:

June 30, 2024
(dollars in thousands)
PassOther Assets Especially MentionedSubstandardTotal
Farmland$142,683 $2,263 $597 $145,543 
Multifamily residential1,163,209 116 — 1,163,325 
Owner occupied CRE1,841,493 6,021 44,336 1,891,850 
Non-owner occupied CRE4,801,256 87,524 14,136 4,902,916 
Total real estate - commercial and farmland$7,948,641 $95,924 $59,069 $8,103,634 

December 31, 2023
(dollars in thousands)
PassOther Assets Especially MentionedSubstandardTotal
Farmland$158,456 $— $635 $159,091 
Multifamily residential877,970 50,000 — 927,970 
Owner occupied CRE1,858,658 29,668 27,114 1,915,440 
Non-owner occupied CRE4,973,466 67,362 16,425 5,057,253 
Total real estate - commercial and farmland$7,868,550 $147,030 $44,174 $8,059,754 

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The Company's non-owner occupied portfolio is well diversified. Below is a summary of the non-owner occupied CRE portfolio by property type as of June 30, 2024 and December 31, 2023:
(dollars in thousands)
June 30, 2024
December 31, 2023
Anchored Retail$1,064,786 $1,143,155 
Office969,577 1,017,627 
Warehouse / industrial687,334 679,877 
Strip center, non-anchored560,394 582,921 
Hotel436,435 460,060 
Retail360,964 373,507 
Mini storage warehouse353,663 337,660 
Medical office building217,865 219,318 
Assisted living facilities128,780 132,900 
Miscellaneous123,118 110,228 
Total non-owner occupied CRE$4,902,916 $5,057,253 

Non-Performing Assets

Non-performing assets include nonaccrual loans, accruing loans contractually past due 90 days or more, repossessed personal property, and OREO. Loans are placed on nonaccrual status when management has concerns relating to the ability to collect the principal and interest and generally when such loans are 90 days or more past due. Management performs a detailed review and valuation assessment of non-performing loans over $250,000 on a quarterly basis. When a loan is placed on nonaccrual status, any interest previously accrued but not collected is reversed against current income.

Nonaccrual loans totaled $179.4 million at June 30, 2024, an increase of $28.3 million, or 18.7%, from $151.1 million at December 31, 2023. Accruing loans delinquent 90 days or more totaled $15.9 million at June 30, 2024, a decrease of $1.1 million, or 6.4%, compared with $17.0 million at December 31, 2023. At June 30, 2024, OREO totaled $2.2 million, a decrease of $4.0 million, or 64.3%, compared with $6.2 million at December 31, 2023. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process.  At the end of the second quarter of 2024, total non-performing assets as a percent of total assets was up five basis points from 0.69% at December 31, 2023 to 0.74% at June 30, 2024.

Non-performing assets at June 30, 2024 and December 31, 2023 were as follows:

(dollars in thousands)June 30, 2024December 31, 2023
Nonaccrual loans(1)
$179,398 $151,117 
Accruing loans delinquent 90 days or more15,909 16,988 
Repossessed assets22 17 
Other real estate owned2,213 6,199 
Total non-performing assets$197,542 $174,321 

(1) Included in nonaccrual loans were $93.5 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2024 and December 31, 2023, respectively.

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Commercial Lending Practices

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines CRE loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multi-family property and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

The CRE guidance is applicable when either:

(1)total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a tier I capital plus allowance for credit losses on loans and leases; or
(2)total loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land, net of owner-occupied loans, represent 300% or more of a bank’s tier I capital plus allowance for credit losses on loans and leases.

Banks that are subject to the CRE guidance criteria are required to implement enhanced strategic planning, CRE underwriting policies, risk management and internal controls, portfolio stress testing, risk exposure limits, and other policies, including management compensation and incentives, to address the CRE risks. Higher allowances for loan losses and capital levels may also be appropriate.

As of June 30, 2024, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. The primary risks of CRE lending are:

(1)within CRE loans, construction and development loans are somewhat dependent upon continued strength in demand for residential real estate, which is reliant on favorable real estate mortgage rates and changing population demographics;
(2)on average, CRE loan sizes are generally larger than non-CRE loan types; and
(3)certain construction and development loans may be less predictable and more difficult to evaluate and monitor.

The following table outlines CRE loan categories and CRE loans as a percentage of total loans as of June 30, 2024 and December 31, 2023. The loan categories and concentrations below are based on Federal Reserve Call codes:

June 30, 2024December 31, 2023
(dollars in thousands)Balance% of Total
Loans		Balance% of Total
Loans
Construction and development loans$2,336,987 11%$2,129,187 11%
Multi-family loans1,163,325 6%927,970 5%
Nonfarm non-residential loans (excluding owner-occupied)4,902,916 23%5,057,253 25%
Total CRE Loans (excluding owner-occupied)
8,403,228 40%8,114,410 40%
All other loan types12,589,375 60%12,154,893 60%
Total Loans$20,992,603 100%$20,269,303 100%

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s tier I capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of June 30, 2024 and December 31, 2023:

Internal
Limit		Actual
June 30, 2024December 31, 2023
Construction and development loans100%76%74%
Total CRE loans (excluding owner-occupied)300%274%282%



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Derivative Instruments and Hedging Activities

The Company has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of $5.3 million and $3.6 million at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024 there was no liability balance recorded. At December 31, 2023 a liability balance of $5.8 million was recorded. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $10.3 million and $5.9 million at June 30, 2024 and December 31, 2023, respectively, and a liability of $10.4 million and $6.2 million at June 30, 2024 and December 31, 2023, respectively.

Deposits

Total deposits at the Company increased $735.6 million, or 3.6%, to $21.44 billion at June 30, 2024, compared with $20.71 billion at December 31, 2023. Noninterest-bearing deposits increased $157.6 million, or 2.4%, and interest-bearing deposits increased $578.1 million, or 4.1%, during the first six months of 2024. At June 30, 2024, the Company had approximately $1.23 billion in short-term brokered CDs, compared with $1.14 billion at December 31, 2023. As of June 30, 2024 and December 31, 2023, the Company had estimated uninsured deposits of $9.46 billion and $9.13 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $2.89 billion, or 30.5%, of the uninsured deposits at June 30, 2024 were for municipalities which are collateralized with investment securities or letters of credit.

Capital

Common Stock Repurchase Program

On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since that original authorization, with the most recent extension, which also included the replenishment of the program to $100.0 million, being announced on October 26, 2023. As a result, the Company is currently authorized to engage in additional share repurchases up to $100.0 million through October 31, 2024.  Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of June 30, 2024, an aggregate of $8.3 million, or 194,274 shares of the Company's common stock, had been repurchased under the program's October 26, 2023 renewal, which also included the replenishment of the program to $100.0 million.

Capital Management

Capital management consists of providing equity to support both current and anticipated future operations. The capital resources of the Company are monitored on a periodic basis by state and federal regulatory authorities.

Under the regulatory capital frameworks adopted by the Federal Reserve Board (the "FRB") and the Federal Deposit Insurance Corporation (the "FDIC"), the Company and the Bank must each maintain a common equity Tier 1 capital to total risk-weighted assets ratio of at least 4.5%, a Tier 1 capital to total risk-weighted assets ratio of at least 6%, a total capital to total risk-weighted assets ratio of at least 8% and a leverage ratio of Tier 1 capital to average total consolidated assets of at least 4%. The Company and the Bank are also required to maintain a capital conservation buffer of common equity Tier 1 capital of at least 2.5% of risk-weighted assets in addition to the minimum risk-based capital ratios in order to avoid certain restrictions on capital distributions and discretionary bonus payments.

In March 2020, the Office of the Comptroller of the Currency, the FRB and the FDIC issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule provides banking organizations that implement CECL in 2020 the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. As a result, the Company and Bank elected the five-year transition relief allowed under the interim final rule effective March 31, 2020.

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As of June 30, 2024, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios of for the Company and the Bank at June 30, 2024 and December 31, 2023:

June 30, 2024December 31, 2023
Tier 1 Leverage Ratio (tier 1 capital to average assets)
  
Consolidated10.22%9.93%
Ameris Bank11.11%10.69%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
  
Consolidated11.69%11.23%
Ameris Bank12.71%12.09%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
  
Consolidated11.69%11.23%
Ameris Bank12.71%12.09%
Total Capital Ratio (total capital to risk weighted assets)
  
Consolidated14.88%14.45%
Ameris Bank14.31%13.69%

Interest Rate Sensitivity and Liquidity

The Company’s primary market risk exposures are credit risk, interest rate risk, and liquidity risk. The Bank operates under an Asset Liability Management Policy approved by the Company’s Board of Directors and the ALCO Committee. The policy outlines limits on interest rate risk in terms of changes in net interest income and changes in the net market values of assets and liabilities over certain changes in interest rate environments. These measurements are made through a simulation model which projects the impact of changes in interest rates on the Bank’s assets and liabilities. The policy also outlines responsibility for monitoring interest rate risk, and the process for the approval, implementation and monitoring of interest rate risk strategies to achieve the Bank’s interest rate risk objectives.

The ALCO Committee is comprised of senior officers of Ameris. The ALCO Committee makes all strategic decisions with respect to the sources and uses of funds that may affect net interest income, including net interest spread and net interest margin. The objective of the ALCO Committee is to identify the interest rate, liquidity and market value risks of the Company’s balance sheet and use reasonable methods approved by the Company’s Board of Directors and executive management to minimize those identified risks.

The normal course of business activity exposes the Company to interest rate risk. Interest rate risk is managed within an overall asset and liability framework for the Company. The principal objectives of asset and liability management are to predict the sensitivity of net interest spreads to potential changes in interest rates, control risk and enhance profitability. Funding positions are kept within predetermined limits designed to properly manage risk and liquidity. The Company employs sensitivity analysis in the form of a net interest income simulation to help characterize the market risk arising from changes in interest rates. In addition, fluctuations in interest rates usually result in changes in the fair market value of the Company’s financial instruments, cash flows and net interest income. The Company’s interest rate risk position is managed by the ALCO Committee.

The Company uses a simulation modeling process to measure interest rate risk and evaluate potential strategies. Interest rate scenario models are prepared using software created and licensed from an outside vendor. The Company’s simulation includes all financial assets and liabilities. Simulation results quantify interest rate risk under various interest rate scenarios. Management then develops and implements appropriate strategies. The ALCO Committee has determined that an acceptable level of interest rate risk would be for net interest income to increase/decrease no more than 20% given a change in selected interest rates of 200 basis points over any 24-month period.

Liquidity management involves the matching of the cash flow requirements of customers, who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs, and the ability of Ameris to manage those requirements. The Company strives to maintain an adequate liquidity position by managing the balances and maturities of interest-earning assets and interest-bearing liabilities so that the balance it has in short-term assets at any given time will adequately cover any reasonably anticipated immediate need for funds. Additionally, the Bank maintains relationships with correspondent banks, which could provide funds on short notice, if needed. The Company has invested in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is equal to 30% of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. At June 30, 2024 and December 31, 2023, the net carrying value of the
56

Company’s other borrowings was $946.4 million and $509.6 million, respectively. At June 30, 2024, the Company had availability with the FHLB and FRB Discount Window of $3.88 billion and $2.61 billion, respectively.

The following liquidity ratios compare certain assets and liabilities to total deposits or total assets:

June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023
Investment securities available-for-sale to total deposits7.14%6.74%6.77%6.92%7.14%
Loans (net of unearned income) to total deposits97.89%98.11%97.88%98.11%100.14%
Interest-earning assets to total assets92.17%91.91%91.67%91.67%91.51%
Interest-bearing deposits to total deposits68.99%68.86%68.65%68.00%67.19%

The liquidity resources of the Company are monitored continually by the ALCO Committee and on a periodic basis by state and federal regulatory authorities. As determined under guidelines established by these regulatory authorities, the Company’s and the Bank’s liquidity ratios at June 30, 2024 were considered satisfactory. The Company is aware of no events or trends likely to result in a material change in liquidity.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company is exposed only to U.S. dollar interest rate changes, and, accordingly, the Company manages exposure by considering the possible changes in the net interest margin. The Company does not have any trading instruments nor does it classify any portion of the investment portfolio as held for trading. 

The Company also had forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of approximately $5.3 million and $3.6 million at June 30, 2024 and December 31, 2023, respectively, and a liability of zero and $5.8 million at June 30, 2024 and December 31, 2023, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $10.3 million and $5.9 million at June 30, 2024 and December 31, 2023, respectively, and a liability of $10.4 million and $6.2 million at June 30, 2024 and December 31, 2023, respectively.

The Company has no exposure to foreign currency exchange rate risk, commodity price risk and other market risks.

Interest rates play a major part in the net interest income of a financial institution. The sensitivity to rate changes is known as “interest rate risk.” The repricing of interest-earning assets and interest-bearing liabilities can influence the changes in net interest income. As part of the Company’s asset/liability management program, the timing of repriced assets and liabilities is referred to as “gap management.”

The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to minimize the impact of market interest rate swings. The analysis of the impact on net interest income over a 12-month and 24-month period is subjected to gradual and parallel shocks of 100, 200, 300 and 400 basis point increases and decreases in market rates and is monitored on a quarterly basis.

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The following table presents the earnings simulation model’s projected impact of a change in interest rates on the projected baseline net interest income for the 12- and 24-month periods commencing July 1, 2024. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.

Earnings Simulation Model Results
Change in% Change in Projected Baseline
Interest RatesNet Interest Income
(in bps)12 Months24 Months
400(7.4)%6.7%
300(2.7)%6.9%
2000.6%6.1%
1000.7%3.3%
(100)(0.9)%(3.7)%
(200)(1.9)%(7.8)%
(300)(2.9)%(12.3)%
(400)(3.6)%(17.3)%

Additional information required by Item 305 of Regulation S-K is set forth under Part I, Item 2 of this report.

Item 4. Controls and Procedures.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report, as required by paragraph (b) of Rules 13a-15 or 15d-15 of the Exchange Act. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the quarter ended June 30, 2024, there was no change in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Disclosure concerning legal proceedings can be found in Part I - "Financial Information, Item 1. Financial Statements, Notes to Unaudited Consolidated Financial Statements, Note 8 – Commitments and Contingencies" under the caption, "Litigation and Regulatory Contingencies," which is incorporated herein by reference.

Item 1A. Risk Factors.

There have not been any material changes to the risk factors disclosed in Item 1A. of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, previously filed with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

c) Issuer Purchases of Equity Securities.

The table below sets forth information regarding the Company’s repurchase of shares of its outstanding common stock during the three-month period ended June 30, 2024. 
Period
Total
Number of
Shares
Purchased
Average Price
Paid Per Share		Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
Approximate
Dollar Value of
Shares That
 May Yet be
Purchased
Under the Plans
or Programs(1)
April 1, 2024 through April 30, 2024— $— — $94,659,440 
May 1, 2024 through May 31, 2024— $— — $94,659,440 
June 1, 2024 through June 30, 202462,700 $47.12 62,700 $91,704,867 
Total62,700 $47.12 62,700 $91,704,867 
(1)On September 19, 2019, the Company announced that its board of directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since the original authorization, with the most recent extension, which also included the replenishment of the program to $100.0 million, being announced on October 26, 2023. As a result, the Company is currently authorized to engage in additional share repurchases totaling up to $100.0 million through October 31, 2024. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of June 30, 2024, an aggregate of $8.3 million, or 194,274 shares of the Company's common stock, had been repurchased under the program's October 26, 2023 renewal, which also included the replenishment of the program to $100.0 million.
Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the quarter ended June 30, 2024, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K).


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Item 6. Exhibits.
Exhibit
Number		 Description
  
3.1
 Restated Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on February 28, 2023).
   
3.2
 Bylaws of Ameris Bancorp, as amended and restated through February 23, 2023 (incorporated by reference to Exhibit 3.2 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2023).
31.1
 Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer.
   
31.2
 Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer.
   
32.1
 Section 1350 Certification by the Company’s Chief Executive Officer.
32.2
 Section 1350 Certification by the Company’s Chief Financial Officer.
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.


60

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Dated: August 8, 2024AMERIS BANCORP
  
 /s/ Nicole S. Stokes
 Nicole S. Stokes
 Chief Financial Officer
(duly authorized signatory and principal accounting and financial officer)

61

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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