Highlights of Ameris's results for the first quarter of 2024 include the following: Net income of $74.3 million, or $1.08 per diluted share; Adjusted net income(1) of $75.6 million, or $1.10 per diluted share Return on average assets ("ROA") of 1.18%; Adjusted ROA(1) of 1.20% Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 1.89% Growth in tangible book value(1) of $0.88 per share, or 10.5% annualized, to $34.52 at March 31, 2024 TCE ratio(1) of 9.71%, compared with 9.64% at December 31, 2023 and 8.55% one year ago Net interest margin of 3.51% for the first quarter of 2024 Organic growth in loans of $331.0 million, or 6.5% annualized Growth in total deposits of $288.9 million, or 5.6% annualized Increase in the allowance for credit losses to 1.55% of loans, from 1.52% at December 31, 2023 Adjusted efficiency ratio(1) of 54.56% ATLANTA, April 25, 2024 /PRNewswire/ -- Ameris Bancorp (NASDAQ:ABCB) (the "Company") today reported net income of $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024, compared with $60.4 million, or $0.87 per diluted share, for the quarter ended March 31, 2023.  Excluding the FDIC special assessment and gain on bank owned life insurance ("BOLI") proceeds, adjusted net income(1) was $75.6 million, or $1.10 per diluted share, for the quarter ended March 31, 2024, compared with $59.9 million, or $0.86 per diluted share, for the quarter ended March 31, 2023. Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The first quarter results demonstrate another period of solid fundamental performance for Ameris.  We maintain our disciplined approach, aiming to enhance shareholder value by consistently increasing tangible book value and sustained core profitability, as demonstrated by this quarter's financial performance.  We are poised for a successful 2024, with our primary focus on core deposit growth and operating efficiency across our vibrant Southeastern operation." Net Interest Income and Net Interest MarginNet interest income on a tax-equivalent basis (TE) was $202.3 million in the first quarter of 2024, a decrease of $4.7 million, or 2.3%, from last quarter and $10.2 million, or 4.8%, compared with the first quarter of 2023. The Company's net interest margin was 3.51% for the first quarter of 2024, down from 3.54% reported for the fourth quarter of 2023 and 3.76% reported for the first quarter of 2023. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.  The rate of change in deposit costs continues to slow as market interest rates remain relatively stable. Yields on earning assets increased four basis points during the quarter to 5.73%, compared with 5.69% in the fourth quarter of 2023, and increased 48 basis points from 5.25% in the first quarter of 2023.  Yields on loans increased to 5.92% during the first quarter of 2024, compared with 5.83% for the fourth quarter of 2023 and 5.44% for the first quarter of 2023. The Company's total cost of funds was 2.41% in the first quarter of 2024, an increase of nine basis points compared with the fourth quarter of 2023.  Deposit costs increased 13 basis points during the first quarter of 2024 to 2.29%, compared with 2.16% in the fourth quarter of 2023.  Costs of interest-bearing deposits increased during the quarter from 3.17% in the fourth quarter of 2023 to 3.31% in the first quarter of 2024, reflecting a shift in mix to CDs and money market accounts. Noninterest IncomeNoninterest income increased $9.6 million, or 17.1%, in the first quarter of 2024 to $65.9 million, compared with $56.2 million for the fourth quarter of 2023, primarily as a result of increased mortgage banking activity, which increased by $8.0 million, or 25.3%, to $39.4 million in the first quarter of 2024, compared with $31.5 million for the fourth quarter of 2023.  Gain on sale spreads increased to 2.49% in the first quarter of 2024 from 1.93% for the fourth quarter of 2023. Total production in the retail mortgage division increased $19.1 million, or 2.1%, to $910.2 million in the first quarter of 2024, compared with $891.1 million for the fourth quarter of 2023. The retail mortgage open pipeline was $606.7 million at the end of the first quarter of 2024, compared with $400.1 million for the fourth quarter of 2023.  Also included in noninterest income was $998,000 of gain on BOLI proceeds during the quarter. Noninterest ExpenseNoninterest expense decreased $300,000, or 0.2%, to $148.7 million during the first quarter of 2024, compared with $149.0 million for the fourth quarter of 2023.  During the first quarter of 2024, the Company recorded an additional $2.9 million related to the FDIC special assessment, compared with $11.6 million in the fourth quarter of 2023.  The Company also recorded a gain on sale of bank premises of $1.9 million in the fourth quarter of 2023.  Excluding those items, adjusted expenses(1) increased approximately $6.5 million, or 4.6%, to $145.8 million in the first quarter of 2024 from $139.3 million in the fourth quarter of 2023.  The increase in adjusted expenses(1) resulted from a $7.0 million increase in salaries and employee benefits related primarily to cyclical payroll tax and 401(k) expenses and variable mortgage compensation. Management continues to focus on operating efficiency, and the adjusted efficiency ratio(1) increased to 54.56% in the first quarter of 2024, compared with 52.87% in the fourth quarter of 2023, primarily as a result of the cyclical compensation expenses. Income Tax ExpenseThe Company's effective tax rate for the first quarter of 2024 was 23.7%, compared with 27.1% for the fourth quarter of 2023.  The increased rate for the fourth quarter of 2023 was primarily a result of a return to provision adjustment made when the Company filed its 2022 income tax returns in the fourth quarter of 2023. Balance Sheet TrendsTotal assets at March 31, 2024 were $25.66 billion, compared with $25.20 billion at December 31, 2023.  Debt securities available-for-sale increased slightly to $1.41 billion, compared with $1.40 billion at December 31, 2023.  Loans, net of unearned income, increased $331.0 million, or 6.5% annualized, to $20.60 billion at March 31, 2024, compared with $20.27 billion at December 31, 2023. Loans held for sale increased to $364.3 million at March 31, 2024 from $281.3 million at December 31, 2023. At March 31, 2024, total deposits amounted to $21.00 billion, compared with $20.71 billion at December 31, 2023.  During the first quarter of 2024, deposits grew $288.9 million, with noninterest bearing accounts increasing $46.7 million, money market accounts increasing $164.6 million and CDs increasing $200.8 million, with such increases offset in part by a $103.5 million decrease in interest bearing demand accounts and a $19.7 million decrease in savings accounts.  Noninterest bearing accounts as a percent of total deposits was minimally changed, such that at March 31, 2024, noninterest bearing deposit accounts represented $6.54 billion, or 31.1% of total deposits, compared with $6.49 billion, or 31.3% of total deposits, at December 31, 2023.   Shareholders' equity at March 31, 2024 totaled $3.48 billion, an increase of $58.0 million, or 1.7%, from December 31, 2023.  The increase in shareholders' equity was primarily the result of earnings of $74.3 million during the first quarter of 2024, partially offset by dividends declared, share repurchases and an increase in other comprehensive loss of $4.0 million resulting from changes in interest rates on the Company's investment portfolio.  Tangible book value per share(1) increased $0.88 per share, or 10.5% annualized, during the first three months of 2024 to $34.52 at March 31, 2024.  Tangible common equity as a percentage of tangible assets was 9.71% at March 31, 2024, compared with 9.64% at the end of 2023. The Company repurchased 45,174 of its shares in the quarter ending March 31, 2024 at an average cost of $46.58 per share, equating to approximately $2.1 million. Credit QualityCredit quality remains strong in the Company.  During the first quarter of 2024, the Company recorded a provision for credit losses of $21.1 million, bringing the allowance for credit losses on loans to 1.55%, compared with a provision of $23.0 million in the fourth quarter of 2023.  Nonperforming assets as a percentage of total assets were up two basis points to 0.71% during the quarter.  Approximately $84.2 million, or 46.1%, of the nonperforming assets at March 31, 2024 were GNMA-guaranteed mortgage loans, which have minimal loss exposure.  Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased five basis points to 0.38% at March 31, 2024, compared with 0.33% at the fourth quarter of 2023. The net charge-off ratio was 25 basis points for the first quarter of 2024, compared with 26 basis points in the fourth quarter of 2023. Conference CallThe Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 26, 2024, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939.  The conference call ID is Ameris Bancorp.  A replay of the call will be available one hour after the end of the conference call until May 3, 2024.  To listen to the replay, dial 1-877-344-7529.  The conference replay access code is 8309156.  The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com.  Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website. About Ameris BancorpAmeris Bancorp is a bank holding company headquartered in Atlanta, Georgia.  The Company's banking subsidiary, Ameris Bank, had 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina at the end of the most recent quarter. (1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E. This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP financial measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals.  Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements.  The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following:  general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; competitive pressures on product pricing and services; the success and timing of other business strategies; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequently filed periodic reports and other filings.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.   AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Financial Highlights Table 1 Three Months Ended Mar   Dec   Sep   Jun   Mar   (dollars in thousands except per share data) 2024 2023 2023 2023 2023 EARNINGS Net income $    74,312 $    65,934 $    80,115 $    62,635 $    60,421 Adjusted net income(1) $    75,612 $    73,568 $    80,115 $    62,635 $    59,935 COMMON SHARE DATA Earnings per share available to common shareholders  Basic $        1.08 $        0.96 $        1.16 $        0.91 $        0.87  Diluted $        1.08 $        0.96 $        1.16 $        0.91 $        0.87 Adjusted diluted EPS(1) $        1.10 $        1.07 $        1.16 $        0.91 $        0.86 Cash dividends per share $        0.15 $        0.15 $        0.15 $        0.15 $        0.15 Book value per share (period end) $      50.42 $      49.62 $      48.41 $      47.51 $      46.89 Tangible book value per share (period end)(1) $      34.52 $      33.64 $      32.38 $      31.42 $      30.79 Weighted average number of shares  Basic 68,808,393 68,824,004 68,879,352 68,989,549 69,171,562 Diluted 69,014,116 69,014,793 68,994,247 69,034,763 69,322,664 Period end number of shares 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 Market data  High intraday price $      53.99 $      53.84 $      45.34 $      37.18 $      50.54  Low intraday price $      44.00 $      34.26 $      33.21 $      28.33 $      34.28  Period end closing price $      48.38 $      53.05 $      38.39 $      34.21 $      36.58  Average daily volume 407,898 390,190 361,167 475,198 452,242 PERFORMANCE RATIOS Return on average assets 1.18 % 1.03 % 1.25 % 0.98 % 0.98 % Adjusted return on average assets(1) 1.20 % 1.15 % 1.25 % 0.98 % 0.97 % Return on average common equity 8.63 % 7.73 % 9.56 % 7.63 % 7.54 % Adjusted return on average tangible common equity(1) 12.88 % 12.81 % 14.35 % 11.53 % 11.41 % Earning asset yield (TE) 5.73 % 5.69 % 5.62 % 5.52 % 5.25 % Total cost of funds 2.41 % 2.32 % 2.24 % 2.05 % 1.59 % Net interest margin (TE) 3.51 % 3.54 % 3.54 % 3.60 % 3.76 % Efficiency ratio 55.64 % 56.80 % 52.21 % 53.60 % 52.08 % Adjusted efficiency ratio (TE)(1) 54.56 % 52.87 % 52.02 % 53.41 % 51.99 % CAPITAL ADEQUACY (period end) Shareholders' equity to assets 13.58 % 13.60 % 13.02 % 12.73 % 12.47 % Tangible common equity to tangible assets(1) 9.71 % 9.64 % 9.11 % 8.80 % 8.55 % OTHER DATA (period end) Full time equivalent employees  Banking Division 2,082 2,088 2,082 2,104 2,132  Retail Mortgage Division 596 595 601 613 630  Warehouse Lending Division 8 7 8 8 8  Premium Finance Division 73 75 78 76 78  Total Ameris Bancorp FTE headcount 2,759 2,765 2,769 2,801 2,848 Branch locations 164 164 164 164 164 Deposits per branch location $  128,033 $  126,271 $  125,551 $  124,653 $  121,326 (1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9E   AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Income Statement Table 2 Three Months Ended Mar Dec Sep Jun Mar (dollars in thousands except per share data) 2024 2023 2023 2023 2023 Interest income Interest and fees on loans $     303,393 $     303,487 $     304,699 $     292,012 $     271,964 Interest on taxable securities 13,092 14,033 14,754 15,915 14,300 Interest on nontaxable securities 330 326 331 339 339 Interest on deposits in other banks 12,637 14,368 10,769 13,686 9,113 Total interest income 329,452 332,214 330,553 321,952 295,716 Interest expense Interest on deposits 118,174 111,749 102,999 88,087 53,182 Interest on other borrowings 9,890 14,364 19,803 24,325 30,882 Total interest expense 128,064 126,113 122,802 112,412 84,064 Net interest income 201,388 206,101 207,751 209,540 211,652 Provision for loan losses 25,523 30,401 30,095 43,643 49,376 Provision for unfunded commitments (4,422) (7,438) (5,634) 1,873 346 Provision for other credit losses 4 (11) (2) — 7 Provision for credit losses 21,105 22,952 24,459 45,516 49,729 Net interest income after provision for credit losses 180,283 183,149 183,292 164,024 161,923 Noninterest income Service charges on deposit accounts 11,759 12,252 12,092 11,295 10,936 Mortgage banking activity 39,430 31,461 36,290 40,742 31,392 Other service charges, commissions and fees 1,202 1,234 1,221 975 971 Gain (loss) on securities (7) (288) (16) (6) 6 Other noninterest income 13,494 11,589 13,594 14,343 12,745 Total noninterest income 65,878 56,248 63,181 67,349 56,050 Noninterest expense Salaries and employee benefits 82,930 75,966 81,898 81,336 80,910 Occupancy and equipment 12,885 13,197 12,745 12,522 12,986 Data processing and communications expenses 14,654 14,028 12,973 13,451 13,034 Credit resolution-related expenses(1) 486 157 (1,360) 848 435 Advertising and marketing 2,545 2,974 2,723 2,627 3,532 Amortization of intangible assets 4,422 4,425 4,425 4,688 4,706 Other noninterest expenses 30,789 38,264 28,042 32,931 23,818 Total noninterest expense 148,711 149,011 141,446 148,403 139,421 Income before income tax expense 97,450 90,386 105,027 82,970 78,552 Income tax expense 23,138 24,452 24,912 20,335 18,131 Net income $       74,312 $       65,934 $       80,115 $       62,635 $       60,421 Diluted earnings per common share $          1.08 $          0.96 $          1.16 $          0.91 $          0.87 (1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.   AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES Period End Balance Sheet Table 3 Mar Dec Sep Jun Mar (dollars in thousands) 2024 2023 2023 2023 2023 Assets Cash and due from banks $     235,931 $     230,470 $     241,137 $     284,552 $     266,400 Interest-bearing deposits in banks 975,321 936,834 1,304,636 1,034,578 1,754,453 Debt securities available-for-sale, at fair value 1,414,419 1,402,944 1,424,081 1,460,356 1,496,836 Debt securities held-to-maturity, at amortized cost 147,022 141,512 141,859 142,513 134,175 Other investments 77,480 71,794 104,957 109,656 146,715 Loans held for sale 364,332 281,332 381,466 391,472 395,096 Loans, net of unearned income 20,600,260 20,269,303 20,201,079 20,471,759 19,997,871 Allowance for credit losses (320,023) (307,100) (290,104) (272,071) (242,658) Loans, net 20,280,237 19,962,203 19,910,975 20,199,688 19,755,213 Other real estate owned 2,158 6,199 3,397 6,170 1,502 Premises and equipment, net 214,801 216,435 217,564 218,662 218,878 Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangible assets, net 83,527 87,949 92,375 96,800 101,488 Cash value of bank owned life insurance 396,804