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Ameris Bancorp Announces Financial Results For First Quarter 2021 Exhibit 99.1 ATLANTA , April 22 , 2021 / PRNewswire / -- Ameris Bancorp ( Nasdaq : ABCB ) ( the " Company " ) today reported net income of $ 125.0 million , or $ 1.79 per diluted share , for the quarter ended March 31 , 2021 compared with $ 19.3 million , or $ 0.28 per diluted share , for the quarter ended March 31 , 2020. The increase in net income is primarily attributable to a reduction in provision for credit losses of $ 69.6 million and an increase in mortgage banking activity for the quarter of $ 63.2 million . The Company reported adjusted net income of $ 115.7 million , or $ 1.66 per diluted share , for the quarter ended March 31 , 2021 , compared with $ 39.2 million , or $ 0.56 per diluted share , for the same period in 2020. Adjusted net income excludes after - tax merger and conversion charges , servicing right valuation adjustments , certain legal expenses , gain on bank owned life insurance ( " BOLI " ) proceeds , ( gain ) / loss on sale of bank premises and expenses related to the COVID - 19 pandemic . Commenting on the Company's results , Palmer Proctor , the Company's Chief Executive Officer , said , " We are pleased with our first quarter results , where we saw solid loan growth , increases in core deposits , stable credit , robust fees and continued momentum in our banking division efficiency initiatives . An improving economy , which resulted in a reversal of provision expense and a recovery of previous MSR ( mortgage servicing right ) impairment , along with the tremendous core earnings power of Ameris , resulted in tangible book value growth of 6.7 % this quarter . Our teammates have continued to remain focused on our key initiatives of superior and innovative customer service , which delivers top - in - class financial results . We are excited about the opportunities we see in our markets and the strength that we have going into the remainder of 2021. " Significant items from the Company's results for the first quarter of 2021 include the following : • Net income of $ 125.0 million , or $ 1.79 per diluted share , compared with $ 94.3 million , or $ 1.36 per diluted share , in the fourth quarter of 2020 • Growth in tangible book value of 6.7 % , or $ 1.58 per share , to $ 25.27 at March 31 , 2021 , compared with $ 23.69 at December 31 , 2020 • Growth in total revenue of $ 7.4 million , or 2.7 % , compared with the fourth quarter of 2020 • Adjusted return on average assets of 2.26 % , compared with 2.04 % in the fourth quarter of 2020 • Mortgage production remained strong and retail mortgage pipeline ended $ 326.7 million higher than at December 31 , 2020 • Adjusted efficiency ratio of 54.62 % , compared with 52.67 % in the fourth quarter of 2020 and 59.87 % in the first quarter of 2020 • Net interest margin of 3.57 % , compared with 3.64 % in the fourth quarter of 2020 • Continued growth in noninterest bearing deposits representing 38.07 % of total deposits , up from 36.27 % at December 31 , 2020 and 30.53 % a year ago • Annualized net charge - offs of 0.12 % of average total loans Following is a summary of the adjustments between reported net income and adjusted net income : Adjusted Net Income Reconciliation ( dollars in thousands , except per share data ) Net income available to common shareholders Three Months Ended March 31 $ 2021 124,962 $ 2020 19,322 Adjustment items : Merger and conversion charges 540 Servicing right impairment ( recovery ) ( 10,639 ) 22,165 Gain on BOLI proceeds ( 603 ) Expenses related to SEC and DOJ investigation 1,443 Natural disaster and pandemic charges ( Note 1 ) 548 ( Gain ) loss on sale of premises ( 264 ) 470 Tax effect of adjustment items ( Note 2 ) 2,290 ( 5,283 ) After - tax adjustment items ( 9,216 ) 19,883 Adjusted net income 115,746 39,205 Reported net income per diluted share $ 1.79 $ 0.28 Adjusted net income per diluted share $ 1.66 $ 0.56 Reported return on average assets Adjusted return on average assets 2.44 % 0.43 % 2.26 % 0.87 % Reported return on average common equity Adjusted return on average tangible common equity 18.80 % 27.66 % 3.16 % 10.98 % Note 1 : Pandemic charges include " thank you " pay for certain employees , additional sanitizing expenses at our locations , protective equipment for our employees and branch locations , and additional equipment required to support our remote workforce . Note 2 : A portion of the merger and conversion charges for 1Q20 are nondeductible for tax purposes . Net Interest Income and Net Interest Margin Net interest income on a tax - equivalent basis for the first quarter of 2021 totaled $ 166.2 million , compared with $ 164.8 million for the fourth quarter of 2020 and $ 149.0 million for the first quarter of 2020 . The Company's net interest margin was 3.57 % for the first quarter of 2021 , down from 3.64 % reported for the fourth quarter of 2020 and 3.70 % reported for the first quarter of 2020. The decrease in net interest margin in the current quarter is attributable to excess liquidity held on the balance sheet , as the average balance in interest - bearing deposits in banks increased materially during the quarter . The yield on earning assets declined 13 basis points due to this excess liquidity , and the decline was partially offset by improvement in the cost of interest - bearing liabilities of 9 basis points during the quarter . Accretion income for the first quarter of 2021 increased to $ 6.1 million , compared with $ 4.7 million for the fourth quarter of 2020 , and decreased from $ 6.6 million for the first quarter of 2020. The increase in accretion income for the first quarter is primarily attributable to increased payoffs of acquired loans during the first quarter of 2021 . Yields on loans increased to 4.53 % during the first quarter of 2021 , compared with 4.41 % for the fourth quarter of 2020 , and decreased from 5.02 % reported for the first quarter of 2020. Contributing to interest income on loans for the first quarter of 2021 was $ 9.2 million related to accelerated fee income on Paycheck Protection Program ( " PPP " ) loan forgiveness , compared with $ 6.3 million in the fourth quarter of 2020. Loan production in the banking division during the first quarter of 2021 was $ 600.6 million , with weighted average yields of 3.80 % , compared with $ 785.0 million and 3.86 % , respectively , ir the fourth quarter of 2020 , but was below pre - pandemic levels seen in the first quarter last year of $ 918.4 million and 4.55 % , respectively . Loan production in the lines of business ( including retail mortgage , warehouse lending , SBA and premium finance ) amounted to an additional $ 7.5 billion during the first quarter of 2021 , with weighted average yields of 3.15 % , compared with $ 7.7 billion and 3.25 % , respectively , during the fourth quarter of 2020 and $ 4.0 billion and 4.15 % , respectively , during the first quarter of 2020. Loan production yields in the lines of business were negatively impacted 11 basis points during the first quarter of 2021 by originations of PPP loans in our SBA division . Interest expense during the first quarter of 2021 decreased to $ 13.0 million , compared with $ 15.3 million in the fourth quarter of 2020 and $ 34.8 million in the first quarter of 2020. The Company's total cos of funds moved six basis points lower to 0.30 % in the first quarter of 2021 as compared with the fourth quarter of 2020. Deposit costs also decreased six basis points during the first quarter of 2021 to 0.16 % , compared with 0.22 % in the fourth quarter of 2020. Costs of interest - bearing deposits decreased during the quarter from 0.34 % in the fourth quarter of 2020 to 0.25 % in the first quarter of 2021 . Noninterest Income Noninterest income increased $ 5.8 million , or 5.2 % , in the first quarter of 2021 to $ 118.0 million , compared with $ 112.1 million for the fourth quarter of 2020 , primarily as a result of increased mortgage banking activity and other noninterest income , as further discussed below . Mortgage banking activity increased $ 3.3 million , or 3.5 % , to $ 98.5 million in the first quarter of 2021 , compared with $ 95.2 million for the fourth quarter of 2020. This increase was the result of a recovery of previously recorded servicing right impairment , partially offset by a decrease in gain on sale of loans . Gain on sale spreads decreased to 3.95 % in the first quarter of 2021 from 4.34 % for the fourth quarter of 2020. Total production in the retail mortgage division decreased to $ 2.64 billion in the first quarter of 2021 , compared with $ 2.81 billion for the fourth quarter of 2020. Mortgage banking activity was positively impacted during the first quarter of 2021 by a $ 9.7 million servicing right recovery , compared with an impairment of $ 9.1 million for the fourth quarter of 2020. The retail mortgage open pipeline was $ 2.33 billion at the end of the first quarter of 2021 , compared with $ 2.00 billion at December 31 , 2020 . Service charge revenue decreased $ 636,000 , or 5.5 % , to $ 10.8 million in the first quarter of 2021 , compared with $ 11.5 million for the fourth quarter of 2020 , resulting from a decrease in volume . Other