Ameris Bancorp reported net income of $81.7 million, or $1.17 per diluted share, for the quarter ended March 31, 2022, compared with $125.0 million, or $1.79 per diluted share, for the quarter ended March 31, 2021. The Company reported adjusted net income of $75.0 million, or $1.08 per diluted share, for the quarter ended March 31, 2022, compared with $115.7 million, or $1.66 per diluted share, for the same period in 2021. Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, gain on bank owned life insurance ("BOLI") proceeds and gain/loss on sale of bank premises.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "Solid first quarter results reflect our continued responsible organic growth initiatives.  Despite challenging economic conditions and market volatility, we had annualized loan growth, excluding PPP, of 8.9%, our margin expanded by 17 basis points and we maintained our credit quality.  We remain focused on tangible book value and have successfully avoided material negative impact on capital from the securities portfolio over this past interest rate cycle.  Our results reflect the discipline of our team and the continued opportunities throughout our strong Southeastern footprint."

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) continued to increase in the first quarter of 2022, to $173.6 million, compared with $167.9 million for the fourth quarter of 2021 and $166.2 million for the first quarter of 2021.  The Company's net interest margin significantly improved to 3.35% for the first quarter of 2022, up from 3.18% reported for the fourth quarter of 2021 but less than 3.57% reported for the first quarter of 2021.  Accretion income for the first quarter of 2022 decreased to $1.0 million, compared with $2.8 million for the fourth quarter of 2021 and $6.1 million for the first quarter of 2021.

Yields on loans increased to 4.37% during the first quarter of 2022, compared with 4.26% for the fourth quarter of 2021 and decreased from 4.53% for the first quarter of 2021. Contributing to interest income on loans for the first quarter of 2022 was $19.1 million of interest income on loans from the recent Balboa Capital acquisition, as well as $3.0 million of accelerated fee income on Paycheck Protection Program ("PPP") loan forgiveness, compared with $4.8 million and $8.2 million, respectively, in the fourth quarter of 2021.  Loan production in the banking division during the first quarter of 2022 was $805.5 million, with weighted average yields of 5.17%, compared with $1.1 billion and 3.35%, respectively, in the fourth quarter of 2021 and $600.6 million and 3.80%, respectively, in the first quarter of 2021.  Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $4.7 billion during the first quarter of 2022, with weighted average yields of 3.63%, compared with $5.5 billion and 3.43%, respectively, during the fourth quarter of 2021 and $7.5 billion and 3.15%, respectively, during the first quarter of 2021.