EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1

News Release

AMERIS BANCORP ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS

Highlights of Ameris’s results for the second quarter of 2025 include the following:

•Net income of $109.8 million, or $1.60 per diluted share

•Return on average assets of 1.65%

•Return on average tangible common equity(1) of 15.82%

•Tangible book value(1) growth of $1.54 per share, or 15.5% annualized, to $41.32 at June 30, 2025

•TCE ratio(1) increased to 11.09%, compared with 9.72% one year ago

•Net interest margin (TE) expansion of 4bps to 3.77% for the second quarter of 2025

•Efficiency ratio improved to 51.63%

•Growth in total revenue of $14.9 million, or 20.9% annualized, from first quarter of 2025

•Growth in average earning assets of $564.3 million, or 9.3% annualized

•Loan growth of $334.9 million, or 6.5% annualized

•Continued growth in noninterest-bearing deposits, now representing 31.0% of total deposits

•Annualized net charge-offs improved to 0.14% of average total loans

ATLANTA, GA, July 28, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $109.8 million, or $1.60 per diluted share, for the quarter ended June 30, 2025, compared with $90.8 million, or $1.32 per diluted share, for the quarter ended June 30, 2024.

For the year-to-date period ending June 30, 2025, the Company reported net income of $197.8 million, or $2.87 per diluted share, compared with $165.1 million, or $2.39 per diluted share, for the same period in 2024.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our second quarter results underscore the strength, consistency, and long-term value of the Ameris franchise. We delivered above-peer profitability, with a return on assets of 1.65% and a return on tangible common equity of 15.82%. Tangible book value per share - one of our long-standing strategic priorities - grew at a 15.5% annualized rate to surpass $41. Other key performance indicators, including our net interest margin, allowance coverage ratio, and efficiency ratio, remain among the best in the industry. Backed by a strong balance sheet and a proven ability to execute, we are well positioned to capitalize on growth opportunities across our Southeast footprint and drive continued success through the remainder of 2025 and beyond.”

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) grew to $232.7 million in the second quarter of 2025, an increase of $10.0 million, or 4.5%, from last quarter and an increase of $19.9 million, or 9.3%, compared with the second quarter of 2024. The Company's average earning assets increased during the quarter by $564.3 million, or 9.3% annualized, due to a $308.0 million increase in average portfolio loans outstanding, a $165.2 million increase in average loans held for sale during the quarter and a $119.3 million increase in the average balance of investment securities.

The Company's net interest margin expanded to 3.77% for the second quarter of 2025, a four basis point increase from 3.73% reported for the first quarter of 2025 and a 19 basis point improvement from the 3.58% reported for the second quarter of 2024.

Yields on earning assets increased three basis points during the quarter to 5.64%, compared with 5.61% in the first quarter of 2025. This increase is primarily related to a 17 basis point increase in yield on taxable securities and a three basis point increase in yield on portfolio loans during the second quarter of 2025.

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The Company’s total cost of funds was stable at 2.06% in the second quarter of 2025, when compared with the first quarter of 2025, and improved 42 basis points compared with the second quarter of 2024. Deposit costs decreased three basis points during the second quarter of 2025 to 1.95%, compared with 1.98% in the first quarter of 2025. Costs of interest-bearing deposits during the quarter were 2.83%, unchanged from the first quarter of 2025.

Noninterest Income

Noninterest income increased $4.9 million, or 7.6%, in the second quarter of 2025 to $68.9 million, compared with $64.0 million for the first quarter of 2025. The increase was primarily driven by mortgage banking activity, which increased $4.0 million, or 11.3%, to $39.2 million in the second quarter of 2025, compared with $35.3 million for the first quarter of 2025. Total production in the retail mortgage division increased $334.9 million, or 35.9%, to $1.27 billion in the second quarter of 2025, compared with $933.0 million for the first quarter of 2025. The retail mortgage open pipeline was $719.1 million at the end of the second quarter of 2025, compared with $771.6 million for the first quarter of 2025. Gain on sale spreads increased to 2.22% in the second quarter of 2025 from 2.17% for the first quarter of 2025. Other noninterest income increased $678,000, or 8.7%, in the second quarter of 2025 to $8.5 million, compared with $7.8 million for the first quarter of 2025.

Noninterest Expense

Noninterest expense increased $4.3 million, or 2.8%, to $155.3 million during the second quarter of 2025, compared with $151.0 million for the first quarter of 2025. Salaries and employee benefits increased $2.7 million, or 3.1%, during the second quarter of 2025 primarily due to variable compensation related to mortgage production and annual merit increases, partially offset by seasonal declines in payroll taxes. Advertising and marketing expenses increased $862,000 resulting from targeted ad campaigns during the quarter. Management continues to focus on operating efficiency, and the efficiency ratio improved to 51.63% in the second quarter of 2025, compared with 52.83% in the first quarter of 2025 and 51.68% in the second quarter of 2024.

Income Tax Expense

The Company's effective tax rate for the second quarter of 2025 was 23.0%, compared with 22.1% for the first quarter of 2025. The increased rate resulted primarily from a reduction in excess benefits from the vesting of equity compensation awards and the impact of enacted state tax changes during the second quarter.

Balance Sheet Trends

Total assets at June 30, 2025 were $26.68 billion, compared with $26.51 billion at March 31, 2025 and $26.26 billion at December 31, 2024. During the second quarter of 2025, loans, net of unearned income, increased by $334.9 million, or 6.5% annualized, to end at $21.04 billion at June 30, 2025, compared with $20.71 billion at March 31, 2025 and $20.74 billion at December 31, 2024. Loans held for sale increased to $544.1 million at June 30, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale amounted to $1.87 billion, compared with $1.94 billion at March 31, 2025 and $1.67 billion at December 31, 2024.

At June 30, 2025, total deposits amounted to $21.93 billion, compared with $21.72 billion at December 31, 2024. During the second quarter of 2025, deposits grew $20.3 million, with noninterest-bearing accounts increasing $55.7 million, brokered CDs increasing $81.8 million and interest-bearing demand accounts increasing $13.0 million, with such increases offset by decreases in retail CDs of $77.4 million, money market accounts of $38.6 million and savings accounts of $14.2 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at June 30, 2025, noninterest-bearing deposit accounts represented $6.80 billion, or 31.0% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024. 

Shareholders’ equity at June 30, 2025 totaled $3.92 billion, an increase of $166.2 million, or 4.4%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $197.8 million during the first six months of 2025 and an improvement in other comprehensive loss of $23.2 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $2.73 per share, or 14.3% annualized, during the first six months of 2025 to $41.32 at June 30, 2025. Tangible common equity as a percentage of tangible assets was 11.09% at June 30, 2025, compared with 10.59% at the end of 2024. The Company repurchased 212,472 shares in the quarter ending June 30, 2025.

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Subordinated Debt

In July 2025, the Company notified holders of its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 that it would be redeeming the notes in full at the September 1, 2025 interest payment date. These notes, which currently total $74 million outstanding, bear interest at 8.22% and will be redeemed at par.

Credit Quality

During the second quarter of 2025, the Company recorded a provision for credit losses of $2.8 million, compared with a provision of $21.9 million in the first quarter of 2025. The allowance for credit losses on loans was 1.62% of loans at June 30, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets decreased eight basis points to 0.36% during the quarter. Approximately $11.7 million, or 12.1%, of the nonperforming assets at June 30, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets decreased six basis points to 0.32% at June 30, 2025, compared with 0.38% at the end of the first quarter of 2025. The net charge-off ratio was 14 basis points for the second quarter of 2025, compared with 18 basis points in the first quarter of 2025.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, July 29, 2025, 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 beginning one hour after the end of the conference call until August 5, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 6141708. 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 Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates financial centers in five southeastern states and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.7 billion in assets as of June 30, 2025, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.

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 and payment behavior of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on

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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 trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; 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, 2024 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.

For more information, contact:

Brady Gailey

Executive Director of Corporate Development

(404) 240-1517

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights			Table 1
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands except per share data)			2025						2025						2024						2024						2024						2025						2024
EARNINGS
Net income			$	109,834					$	87,935					$	94,376					$	99,212					$	90,785					$	197,769					$	165,097
Adjusted net income(1)			$	109,444					$	88,044					$	95,078					$	95,187					$	80,763					$	197,488					$	156,375
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic			$	1.60					$	1.28					$	1.37					$	1.44					$	1.32					$	2.88					$	2.40
Diluted			$	1.60					$	1.27					$	1.37					$	1.44					$	1.32					$	2.87					$	2.39
Adjusted diluted EPS(1)			$	1.59					$	1.28					$	1.38					$	1.38					$	1.17					$	2.87					$	2.27
Cash dividends per share			$	0.20					$	0.20					$	0.15					$	0.15					$	0.15					$	0.40					$	0.30
Book value per share (period end)			$	57.02					$	55.49					$	54.32					$	53.30					$	51.64					$	57.02					$	51.64
Tangible book value per share (period end)(1)			$	41.32					$	39.78					$	38.59					$	37.51					$	35.79					$	41.32					$	35.79
Weighted average number of shares
Basic			68,594,608						68,785,458						68,799,464						68,798,093						68,824,150						68,689,506						68,818,618
Diluted			68,796,577						69,030,331						69,128,946						69,066,298						69,013,834						68,912,750						69,010,010
Period end number of shares			68,711,043						68,910,924						69,068,609						69,067,019						69,066,573						68,711,043						69,066,573
Market data
High intraday price			$	65.43					$	68.85					$	74.56					$	65.40					$	51.18					$	68.85					$	53.99
Low intraday price			$	48.27					$	55.32					$	59.12					$	48.21					$	44.23					$	48.27					$	44.00
Period end closing price			$	64.70					$	57.57					$	62.57					$	62.39					$	50.35					$	64.70					$	50.35
Average daily volume			416,355						430,737						384,406						379,896						301,784						423,428						353,985
PERFORMANCE RATIOS
Return on average assets			1.65		%				1.36		%				1.42		%				1.49		%				1.41		%				1.51		%				1.30		%
Adjusted return on average assets(1)			1.64		%				1.36		%				1.43		%				1.43		%				1.25		%				1.50		%				1.23		%
Return on average common equity			11.40		%				9.39		%				10.09		%				10.91		%				10.34		%				10.41		%				9.49		%
Adjusted return on average tangible common equity(1)			15.76		%				13.16		%				14.37		%				14.99		%				13.35		%				14.48		%				13.12		%
Earning asset yield (TE)			5.64		%				5.61		%				5.67		%				5.81		%				5.86		%				5.63		%				5.79		%
Total cost of funds			2.06		%				2.06		%				2.22		%				2.50		%				2.48		%				2.06		%				2.44		%
Net interest margin (TE)			3.77		%				3.73		%				3.64		%				3.51		%				3.58		%				3.75		%				3.54		%
Efficiency ratio			51.63		%				52.83		%				52.26		%				53.49		%				51.68		%				52.22		%				53.54		%
Adjusted efficiency ratio (TE)(1)			51.58		%				52.62		%				51.82		%				54.25		%				55.00		%				52.09		%				54.79		%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets			14.68		%				14.42		%				14.28		%				13.94		%				13.45		%				14.68		%				13.45		%
Tangible common equity to tangible assets(1)			11.09		%				10.78		%				10.59		%				10.24		%				9.72		%				11.09		%				9.72		%
OTHER DATA (period end)
Full time equivalent employees
Banking Division			2,036						2,045						2,021						2,056						2,073						2,036						2,073
Retail Mortgage Division			550						577						585						592						595						550						595
Warehouse Lending Division			8						7						8						9						9						8						9
Premium Finance Division			78						81						77						76						74						78						74
Total Ameris Bancorp FTE headcount			2,672						2,710						2,691						2,733						2,751						2,672						2,751
Branch locations			164						164						164						164						164						164						164
Deposits per branch location			$	133,736					$	133,612					$	132,454					$	133,410					$	130,757					$	133,736					$	130,757
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement			Table 2
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands except per share data)			2025						2025						2024						2024						2024						2025						2024
Interest income
Interest and fees on loans			$	315,893					$	304,168					$	318,843					$	325,622					$	317,664					$	620,061					$	621,057
Interest on taxable securities			20,696						18,492						15,923						15,555						16,948						39,188						30,040
Interest on nontaxable securities			334						329						337						336						335						663						665
Interest on deposits in other banks			10,715						10,789						11,260						13,633						12,376						21,504						25,013
Total interest income			347,638						333,778						346,363						355,146						347,323						681,416						676,775
Interest expense
Interest on deposits			106,796						105,215						115,556						129,698						121,245						212,011						239,419
Interest on other borrowings			9,029						6,724						8,986						11,388						14,157						15,753						24,047
Total interest expense			115,825						111,939						124,542						141,086						135,402						227,764						263,466
Net interest income			231,813						221,839						221,821						214,060						211,921						453,652						413,309
Provision for loan losses			3,110						16,519						12,657						6,313						25,348						19,629						50,871
Provision for unfunded commitments			(335)						5,373						148						(204)						(6,570)						5,038						(10,992)
Provision for other credit losses			(3)						—						3						(2)						(5)						(3)						(1)
Provision for credit losses			2,772						21,892						12,808						6,107						18,773						24,664						39,878
Net interest income after provision for credit losses			229,041						199,947						209,013						207,953						193,148						428,988						373,431
Noninterest income
Service charges on deposit accounts			13,493						13,133						13,544						12,918						12,672						26,626						24,431
Mortgage banking activity			39,221						35,254						36,699						37,947						46,399						74,475						85,829
Other service charges, commissions and fees			1,158						1,109						1,182						1,163						1,211						2,267						2,413
Gain (loss) on securities			—						40						(16)						(8)						12,335						40						12,328
Equipment finance activity			6,572						6,698						5,947						5,398						4,983						13,270						10,319
Other noninterest income			8,467						7,789						11,603						12,291						11,111						16,256						19,269
Total noninterest income			68,911						64,023						68,959						69,709						88,711						132,934						154,589
Noninterest expense
Salaries and employee benefits			89,308						86,615						87,810						88,700						88,201						175,923						171,131
Occupancy and equipment			11,401						10,677						11,624						11,716						12,559						22,078						25,444
Data processing and communications expenses			15,366						14,855						14,631						15,221						15,193						30,221						29,847
Credit resolution-related expenses(1)			657						765						1,271						(110)						840						1,422						1,326
Advertising and marketing			3,745						2,883						2,730						3,959						3,456						6,628						5,923
Amortization of intangible assets			4,076						4,103						4,180						4,180						4,407						8,179						8,829
Other noninterest expenses			30,707						31,136						29,703						28,111						30,701						61,843						61,568
Total noninterest expense			155,260						151,034						151,949						151,777						155,357						306,294						304,068
Income before income tax expense			142,692						112,936						126,023						125,885						126,502						255,628						223,952
Income tax expense			32,858						25,001						31,647						26,673						35,717						57,859						58,855
Net income			$	109,834					$	87,935					$	94,376					$	99,212					$	90,785					$	197,769					$	165,097
Diluted earnings per common share			$	1.60					$	1.27					$	1.37					$	1.44					$	1.32					$	2.87					$	2.39
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet			Table 3
			Jun						Mar						Dec						Sep						Jun
(dollars in thousands)			2025						2025						2024						2024						2024
Assets
Cash and due from banks			$	249,676					$	253,289					$	244,980					$	231,515					$	257,297
Interest-bearing deposits in banks			920,594						1,039,111						975,397						1,127,641						1,104,897
Debt securities available-for-sale, at fair value			1,871,298						1,943,011						1,671,260						1,441,552						1,531,047
Debt securities held-to-maturity, at amortized cost			176,487						173,757						164,677						161,220						148,538
Other investments			69,910						65,630						66,298						63,899						96,613
Loans held for sale			544,091						545,388						528,599						553,379						570,180
Loans, net of unearned income			21,041,497						20,706,644						20,739,906						20,964,981						20,992,603
Allowance for credit losses			(341,567)						(345,555)						(338,084)						(334,457)						(336,218)
Loans, net			20,699,930						20,361,089						20,401,822						20,630,524						20,656,385
Other real estate owned			1,825						863						2,433						9,482						2,213
Premises and equipment, net			211,434						207,895						209,460						210,931						213,255
Goodwill			1,015,646						1,015,646						1,015,646						1,015,646						1,015,646
Other intangible assets, net			62,582						66,658						70,761						74,941						79,120
Cash value of bank owned life insurance			414,381						410,890						408,574						460,699						376,458
Other assets			442,299						431,713						502,143						418,353						469,079
Total assets			$	26,680,153					$	26,514,940					$	26,262,050					$	26,399,782					$	26,520,728
Liabilities
Deposits
Noninterest-bearing			$	6,800,519					$	6,744,781					$	6,498,293					$	6,670,320					$	6,649,220
Interest-bearing			15,132,156						15,167,628						15,224,155						15,208,945						14,794,923
Total deposits			21,932,675						21,912,409						21,722,448						21,879,265						21,444,143
Other borrowings			376,700						276,744						291,788						346,446						946,413
Subordinated deferrable interest debentures			133,306						132,807						132,309						131,811						131,312
Other liabilities			319,794						369,178						363,983						360,892						432,246
Total liabilities			22,762,475						22,691,138						22,510,528						22,718,414						22,954,114
Shareholders' Equity
Preferred stock			—						—						—						—						—
Common stock			72,897						72,885						72,699						72,698						72,697
Capital stock			1,964,896						1,961,732						1,958,642						1,954,532						1,950,846
Retained earnings			2,023,493						1,927,489						1,853,428						1,772,989						1,684,218
Accumulated other comprehensive loss, net of tax			(6,886)						(14,430)						(30,119)						(15,724)						(38,020)
Treasury stock			(136,722)						(123,874)						(103,128)						(103,127)						(103,127)
Total shareholders' equity			3,917,678						3,823,802						3,751,522						3,681,368						3,566,614
Total liabilities and shareholders' equity			$	26,680,153					$	26,514,940					$	26,262,050					$	26,399,782					$	26,520,728
Other Data
Earning assets			$	24,623,877					$	24,473,541					$	24,146,137					$	24,312,672					$	24,443,878
Intangible assets			1,078,228						1,082,304						1,086,407						1,090,587						1,094,766
Interest-bearing liabilities			15,642,162						15,577,179						15,648,252						15,687,202						15,872,648
Average assets			26,757,322						26,229,423						26,444,894						26,442,984						25,954,808
Average common shareholders' equity			3,865,031						3,798,149						3,719,888						3,618,052						3,530,869

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information			Table 4
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands)			2025						2025						2024						2024						2024						2025						2024
Allowance for Credit Losses
Balance at beginning of period			$	381,507					$	368,663					$	364,885					$	366,852					$	357,232					$	368,663					$	348,727
Provision for loan losses			3,110						16,519						12,657						6,313						25,348						19,629						50,871
Provision for unfunded commitments			(335)						5,373						148						(204)						(6,570)						5,038						(10,992)
Provision for other credit losses			(3)						—						3						(2)						(5)						(3)						(1)
Provision for credit losses			2,772						21,892						12,808						6,107						18,773						24,664						39,878
Charge-offs			14,227						15,383						17,460						15,352						16,845						29,610						35,302
Recoveries			7,129						6,335						8,430						7,278						7,692						13,464						13,549
Net charge-offs (recoveries)			7,098						9,048						9,030						8,074						9,153						16,146						21,753
Ending balance			$	377,181					$	381,507					$	368,663					$	364,885					$	366,852					$	377,181					$	366,852
Allowance for loan losses			$	341,567					$	345,555					$	338,084					$	334,457					$	336,218					$	341,567					$	336,218
Allowance for unfunded commitments			35,548						35,883						30,510						30,362						30,566						35,548						30,566
Allowance for other credit losses			66						69						69						66						68						66						68
Total allowance for credit losses			$	377,181					$	381,507					$	368,663					$	364,885					$	366,852					$	377,181					$	366,852
Non-Performing Assets
Nonaccrual portfolio loans			$	75,286					$	86,229					$	90,206					$	87,339					$	85,878					$	75,286					$	85,878
Other real estate owned			1,825						863						2,433						9,482						2,213						1,825						2,213
Repossessed assets			2						—						9						19						22						2						22
Accruing loans delinquent 90 days or more			8,415						14,930						17,733						12,234						15,909						8,415						15,909
Non-performing portfolio assets			$	85,528					$	102,022					$	110,381					$	109,074					$	104,022					$	85,528					$	104,022
Serviced GNMA-guaranteed mortgage nonaccrual loans			11,733						13,441						12,012						8,168						93,520						11,733						93,520
Total non-performing assets			$	97,261					$	115,463					$	122,393					$	117,242					$	197,542					$	97,261					$	197,542
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets			0.32		%				0.38		%				0.42		%				0.41		%				0.39		%				0.32		%				0.39		%
Total non-performing assets as a percent of total assets			0.36		%				0.44		%				0.47		%				0.44		%				0.74		%				0.36		%				0.74		%
Net charge-offs as a percent of average loans (annualized)			0.14		%				0.18		%				0.17		%				0.15		%				0.18		%				0.16		%				0.21		%

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information			Table 5
			Jun						Mar						Dec						Sep						Jun
(dollars in thousands)			2025						2025						2024						2024						2024
Loans by Type
Commercial and industrial			$	3,184,211					$	3,075,971					$	2,953,135					$	2,949,957					$	2,860,973
Consumer			209,990						213,902						221,735						221,201						234,122
Mortgage warehouse			1,092,475						891,412						965,053						985,910						1,070,921
Municipal			436,759						429,227						441,408						449,561						454,967
Premium Finance			1,294,293						1,176,309						1,155,614						1,246,452						1,151,261
Real estate - construction and development			1,485,842						1,842,431						1,998,506						2,232,114						2,336,987
Real estate - commercial and farmland			8,877,750						8,574,626						8,445,958						8,249,981						8,103,634
Real estate - residential			4,460,177						4,502,766						4,558,497						4,629,805						4,779,738
Total loans			$	21,041,497					$	20,706,644					$	20,739,906					$	20,964,981					$	20,992,603
Loans by Risk Grade
Pass			$	20,820,888					$	20,468,496					$	20,457,340					$	20,676,342					$	20,623,416
Other assets especially mentioned			66,677						73,783						110,936						124,479						115,477
Substandard			153,932						164,365						171,630						164,160						253,710
Total loans			$	21,041,497					$	20,706,644					$	20,739,906					$	20,964,981					$	20,992,603

AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances			Table 6
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands)			2025						2025						2024						2024						2024						2025						2024
Earning Assets
Interest-bearing deposits in banks			$	951,851					$	980,164					$	899,162					$	997,308					$	899,866					$	965,930					$	911,855
Debt securities - taxable			2,117,596						1,998,226						1,761,984						1,733,418						1,663,841						2,058,241						1,631,773
Debt securities - nontaxable			41,299						41,391						41,494						41,496						41,396						41,344						41,341
Loans held for sale			730,770						565,531						795,904						575,461						491,000						648,607						407,175
Loans			20,928,825						20,620,777						20,868,216						21,023,629						20,820,361						20,775,652						20,570,520
Total Earning Assets			$	24,770,341					$	24,206,089					$	24,366,760					$	24,371,312					$	23,916,464					$	24,489,774					$	23,562,664
Deposits
Noninterest-bearing deposits			$	6,766,557					$	6,522,784					$	6,684,851					$	6,622,952					$	6,558,427					$	6,645,340					$	6,480,864
NOW accounts			3,939,802						3,988,458						3,888,404						3,753,528						3,824,538						3,963,995						3,827,257
MMDA			6,918,382						6,911,554						6,864,265						6,508,770						6,251,719						6,914,988						6,102,054
Savings accounts			766,331						767,148						761,980						765,909						781,588						766,738						788,738
Retail CDs			2,393,402						2,436,974						2,474,804						2,478,875						2,430,416						2,415,067						2,404,547
Brokered CDs			1,145,043						962,768						1,057,808						1,493,352						1,167,174						1,054,409						1,274,278
Total Deposits			21,929,517						21,589,686						21,732,112						21,623,386						21,013,862						21,760,537						20,877,738
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase			—						—						—						—						1						—						—
FHLB advances			326,054						149,537						215,116						358,332						548,251						238,283						383,920
Other borrowings			193,492						193,494						279,961						298,073						307,449						193,493						307,829
Subordinated deferrable interest debentures			133,043						132,544						132,048						131,547						131,050						132,795						130,801
Total Non-Deposit Funding			652,589						475,575						627,125						787,952						986,751						564,571						822,550
Total Funding			$	22,582,106					$	22,065,261					$	22,359,237					$	22,411,338					$	22,000,613					$	22,325,108					$	21,700,288

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)			Table 7
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands)			2025						2025						2024						2024						2024						2025						2024
Interest Income
Interest-bearing deposits in banks			$	10,715					$	10,789					$	11,260					$	13,633					$	12,376					$	21,504					$	25,013
Debt securities - taxable			20,696						18,492						15,923						15,555						16,948						39,188						30,040
Debt securities - nontaxable (TE)			423						416						427						426						423						839						841
Loans held for sale			11,578						9,045						11,853						9,142						8,189						20,623						13,537
Loans (TE)			305,154						295,964						307,852						317,358						310,347						601,118						609,254
Total Earning Assets			$	348,566					$	334,706					$	347,315					$	356,114					$	348,283					$	683,272					$	678,685
Interest Expense
Interest-Bearing Deposits
NOW accounts			$	18,144					$	18,306					$	19,099					$	20,535					$	21,020					$	36,450					$	41,594
MMDA			53,469						52,261						57,160						61,620						58,332						105,730						112,285
Savings accounts			826						830						850						960						984						1,656						1,970
Retail CDs			21,852						23,245						25,610						26,775						25,711						45,097						50,287
Brokered CDs			12,505						10,573						12,837						19,808						15,198						23,078						33,283
Total Interest-Bearing Deposits			106,796						105,215						115,556						129,698						121,245						212,011						239,419
Non-Deposit Funding
FHLB advances			3,508						1,362						2,393						4,443						7,167						4,870						9,745
Other borrowings			2,499						2,350						3,346						3,514						3,574						4,849						7,453
Subordinated deferrable interest debentures			3,022						3,012						3,247						3,431						3,416						6,034						6,849
Total Non-Deposit Funding			9,029						6,724						8,986						11,388						14,157						15,753						24,047
Total Interest-Bearing Funding			$	115,825					$	111,939					$	124,542					$	141,086					$	135,402					$	227,764					$	263,466
Net Interest Income (TE)			$	232,741					$	222,767					$	222,773					$	215,028					$	212,881					$	455,508					$	415,219

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)			Table 8
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
			2025						2025						2024						2024						2024						2025						2024
Earning Assets
Interest-bearing deposits in banks			4.52		%				4.46		%				4.98		%				5.44		%				5.53		%				4.49		%				5.52		%
Debt securities - taxable			3.92		%				3.75		%				3.60		%				3.57		%				4.10		%				3.84		%				3.70		%
Debt securities - nontaxable (TE)			4.11		%				4.08		%				4.09		%				4.08		%				4.11		%				4.09		%				4.09		%
Loans held for sale			6.35		%				6.49		%				5.92		%				6.32		%				6.71		%				6.41		%				6.69		%
Loans (TE)			5.85		%				5.82		%				5.87		%				6.01		%				6.00		%				5.83		%				5.96		%
Total Earning Assets			5.64		%				5.61		%				5.67		%				5.81		%				5.86		%				5.63		%				5.79		%
Interest-Bearing Deposits
NOW accounts			1.85		%				1.86		%				1.95		%				2.18		%				2.21		%				1.85		%				2.19		%
MMDA			3.10		%				3.07		%				3.31		%				3.77		%				3.75		%				3.08		%				3.70		%
Savings accounts			0.43		%				0.44		%				0.44		%				0.50		%				0.51		%				0.44		%				0.50		%
Retail CDs			3.66		%				3.87		%				4.12		%				4.30		%				4.25		%				3.77		%				4.21		%
Brokered CDs			4.38		%				4.45		%				4.83		%				5.28		%				5.24		%				4.41		%				5.25		%
Total Interest-Bearing Deposits			2.83		%				2.83		%				3.06		%				3.44		%				3.37		%				2.83		%				3.34		%
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase			—		%				—		%				—		%				—		%				—		%				—		%				—		%
FHLB advances			4.32		%				3.69		%				4.43		%				4.93		%				5.26		%				4.12		%				5.10		%
Other borrowings			5.18		%				4.93		%				4.75		%				4.69		%				4.68		%				5.05		%				4.87		%
Subordinated deferrable interest debentures			9.11		%				9.22		%				9.78		%				10.38		%				10.48		%				9.16		%				10.53		%
Total Non-Deposit Funding			5.55		%				5.73		%				5.70		%				5.75		%				5.77		%				5.63		%				5.88		%
Total Interest-Bearing Liabilities			2.94		%				2.92		%				3.16		%				3.55		%				3.53		%				2.93		%				3.48		%
Net Interest Spread			2.70		%				2.69		%				2.51		%				2.26		%				2.33		%				2.70		%				2.31		%
Net Interest Margin(2)			3.77		%				3.73		%				3.64		%				3.51		%				3.58		%				3.75		%				3.54		%
Total Cost of Funds(3)			2.06		%				2.06		%				2.22		%				2.50		%				2.48		%				2.06		%				2.44		%
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income			Table 9A
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands except per share data)			2025						2025						2024						2024						2024						2025						2024
Net income available to common shareholders			$	109,834					$	87,935					$	94,376					$	99,212					$	90,785					$	197,769					$	165,097
Adjustment items:
Gain on sale of MSR			(356)						14						(536)						(5,245)						(4,713)						(342)						(4,713)
Gain on conversion of Visa Class B-1 stock			—						—						—						—						(12,554)						—						(12,554)
Gain on BOLI proceeds			—						(11)						—						—						(466)						(11)						(1,464)
FDIC special assessment			(138)						138						(559)						—						(895)						—						2,014
Natural disaster expenses			—						—						400						150						—						—						—
Loss on disposition of bank premises			—						—						1,203						—						—						—						—
Tax effect of adjustment items (Note 1)			104						(32)						(107)						1,070						3,814						72						3,203
After tax adjustment items			(390)						109						401						(4,025)						(14,814)						(281)						(13,514)
Tax expense attributable to BOLI restructuring			—						—						301						—						4,792						—						4,792
Adjusted net income			$	109,444					$	88,044					$	95,078					$	95,187					$	80,763					$	197,488					$	156,375
Weighted average number of shares - diluted			68,796,577						69,030,331						69,128,946						69,066,298						69,013,834						68,912,750						69,010,010
Net income per diluted share			$	1.60					$	1.27					$	1.37					$	1.44					$	1.32					$	2.87					$	2.39
Adjusted net income per diluted share			$	1.59					$	1.28					$	1.38					$	1.38					$	1.17					$	2.87					$	2.27
Average assets			$	26,757,322					$	26,229,423					$	26,444,894					$	26,442,984					$	25,954,808					$	26,494,831					$	25,624,948
Return on average assets			1.65		%				1.36		%				1.42		%				1.49		%				1.41		%				1.51		%				1.30		%
Adjusted return on average assets			1.64		%				1.36		%				1.43		%				1.43		%				1.25		%				1.50		%				1.23		%
Average common equity			$	3,865,031					$	3,798,149					$	3,719,888					$	3,618,052					$	3,530,869					$	3,831,775					$	3,496,870
Average tangible common equity			$	2,784,819					$	2,713,847					$	2,631,452					$	2,525,421					$	2,433,958					$	2,749,529					$	2,397,751
Return on average common equity			11.40		%				9.39		%				10.09		%				10.91		%				10.34		%				10.41		%				9.49		%
Return on average tangible common equity			15.82		%				13.14		%				14.27		%				15.63		%				15.00		%				14.50		%				13.85		%
Adjusted return on average tangible common equity			15.76		%				13.16		%				14.37		%				14.99		%				13.35		%				14.48		%				13.12		%
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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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE)			Table 9B
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands)			2025						2025						2024						2024						2024						2025						2024
Adjusted Noninterest Expense
Total noninterest expense			$	155,260					$	151,034					$	151,949					$	151,777					$	155,357					$	306,294					$	304,068
Adjustment items:
FDIC special assessment			138						(138)						559						—						895						—						(2,014)
Natural disaster expenses			—						—						(400)						(150)						—						—						—
Loss on disposition of bank premises			—						—						(1,203)						—						—						—						—
Adjusted noninterest expense			$	155,398					$	150,896					$	150,905					$	151,627					$	156,252					$	306,294					$	302,054
Total Revenue
Net interest income			$	231,813					$	221,839					$	221,821					$	214,060					$	211,921					$	453,652					$	413,309
Noninterest income			68,911						64,023						68,959						69,709						88,711						132,934						154,589
Total revenue			$	300,724					$	285,862					$	290,780					$	283,769					$	300,632					$	586,586					$	567,898
Adjusted Total Revenue
Net interest income (TE)			$	232,741					$	222,767					$	222,773					$	215,028					$	212,881					$	455,508					$	415,219
Noninterest income			68,911						64,023						68,959						69,709						88,711						132,934						154,589
Total revenue (TE)			301,652						286,790						291,732						284,737						301,592						588,442						569,808
Adjustment items:
(Gain) loss on securities			—						(40)						16						8						(12,335)						(40)						(12,328)
Gain on sale of MSR			(356)						14						(536)						(5,245)						(4,713)						(342)						(4,713)
Gain on BOLI proceeds			—						(11)						—						—						(466)						(11)						(1,464)
Adjusted total revenue (TE)			$	301,296					$	286,753					$	291,212					$	279,500					$	284,078					$	588,049					$	551,303
Efficiency ratio			51.63		%				52.83		%				52.26		%				53.49		%				51.68		%				52.22		%				53.54		%
Adjusted efficiency ratio (TE)			51.58		%				52.62		%				51.82		%				54.25		%				55.00		%				52.09		%				54.79		%
Tangible Book Value Per Share			Table 9C
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands except per share data)			2025						2025						2024						2024						2024						2025						2024
Total shareholders' equity			$	3,917,678					$	3,823,802					$	3,751,522					$	3,681,368					$	3,566,614					$	3,917,678					$	3,566,614
Less:
Goodwill			1,015,646						1,015,646						1,015,646						1,015,646						1,015,646						1,015,646						1,015,646
Other intangibles, net			62,582						66,658						70,761						74,941						79,120						62,582						79,120
Total tangible shareholders' equity			$	2,839,450					$	2,741,498					$	2,665,115					$	2,590,781					$	2,471,848					$	2,839,450					$	2,471,848
Period end number of shares			68,711,043						68,910,924						69,068,609						69,067,019						69,066,573						68,711,043						69,066,573
Book value per share (period end)			$	57.02					$	55.49					$	54.32					$	53.30					$	51.64					$	57.02					$	51.64
Tangible book value per share (period end)			$	41.32					$	39.78					$	38.59					$	37.51					$	35.79					$	41.32					$	35.79

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets			Table 9D
			Jun						Mar						Dec						Sep						Jun
(dollars in thousands except per share data)			2025						2025						2024						2024						2024
Total shareholders' equity			$	3,917,678					$	3,823,802					$	3,751,522					$	3,681,368					$	3,566,614
Less:
Goodwill			1,015,646						1,015,646						1,015,646						1,015,646						1,015,646
Other intangibles, net			62,582						66,658						70,761						74,941						79,120
Total tangible shareholders' equity			$	2,839,450					$	2,741,498					$	2,665,115					$	2,590,781					$	2,471,848
Total assets			$	26,680,153					$	26,514,940					$	26,262,050					$	26,399,782					$	26,520,728
Less:
Goodwill			1,015,646						1,015,646						1,015,646						1,015,646						1,015,646
Other intangibles, net			62,582						66,658						70,761						74,941						79,120
Total tangible assets			$	25,601,925					$	25,432,636					$	25,175,643					$	25,309,195					$	25,425,962
Equity to Assets			14.68		%				14.42		%				14.28		%				13.94		%				13.45		%
Tangible Common Equity to Tangible Assets			11.09		%				10.78		%				10.59		%				10.24		%				9.72		%

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting			Table 10
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands)			2025						2025						2024						2024						2024						2025						2024
Retail Mortgage Division
Net interest income			$	22,031					$	21,844					$	23,714					$	23,553					$	23,742					$	43,875					$	47,029
Provision for credit losses			1,010						5,191						(2,503)						254						(2,882)						6,201						(550)
Noninterest income			37,726						34,729						36,623						41,498						50,145						72,455						88,910
Noninterest expense
Salaries and employee benefits			24,358						20,995						22,876						23,233						25,254						45,353						46,327
Occupancy and equipment expenses			811						829						951						957						1,008						1,640						2,057
Data processing and telecommunications expenses			1,391						1,297						1,222						1,184						1,276						2,688						2,642
Other noninterest expenses			12,496						11,963						12,118						12,164						13,397						24,459						25,927
Total noninterest expense			39,056						35,084						37,167						37,538						40,935						74,140						76,953
Income before income tax expense			19,691						16,298						25,673						27,259						35,834						35,989						59,536
Income tax expense			4,135						3,423						5,391						5,724						7,525						7,558						12,503
Net income			$	15,556					$	12,875					$	20,282					$	21,535					$	28,309					$	28,431					$	47,033
Warehouse Lending Division
Net interest income			$	7,091					$	5,902					$	6,640					$	7,812					$	6,292					$	12,993					$	12,320
Provision for credit losses			369						(175)						(59)						(170)						359						194						504
Noninterest income			1,893						554						676						1,765						1,028						2,447						1,768
Noninterest expense
Salaries and employee benefits			618						552						583						621						1,124						1,170						2,012
Occupancy and equipment expenses			7						7						6						6						7						14						14
Data processing and telecommunications expenses			59						38						44						32						59						97						84
Other noninterest expenses			96						270						224						217						298						366						535
Total noninterest expense			780						867						857						876						1,488						1,647						2,645
Income before income tax expense			7,835						5,764						6,518						8,871						5,473						13,599						10,939
Income tax expense			1,646						1,210						1,369						1,863						1,149						2,856						2,297
Net income			$	6,189					$	4,554					$	5,149					$	7,008					$	4,324					$	10,743					$	8,642
Premium Finance Division
Net interest income			$	11,190					$	9,880					$	10,390					$	10,060					$	8,350					$	21,070					$	15,955
Provision for credit losses			716						456						517						457						408						1,172						(91)
Noninterest income			17						16						13						11						11						33						21
Noninterest expense
Salaries and employee benefits			2,331						2,352						2,029						2,212						1,900						4,683						3,953
Occupancy and equipment expenses			36						37						51						28						70						73						146
Data processing and telecommunications expenses			91						129						106						83						102						220						181
Other noninterest expenses			1,115						969						1,173						1,140						1,095						2,084						2,123
Total noninterest expense			3,573						3,487						3,359						3,463						3,167						7,060						6,403
Income before income tax expense			6,918						5,953						6,527						6,151						4,786						12,871						9,664
Income tax expense			1,410						1,214						1,334						1,254						953						2,624						1,937
Net income			$	5,508					$	4,739					$	5,193					$	4,897					$	3,833					$	10,247					$	7,727

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AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)			Table 10
			Three Months Ended																														Six Months Ended
			Jun						Mar						Dec						Sep						Jun						Jun						Jun
(dollars in thousands)			2025						2025						2024						2024						2024						2025						2024
Banking Division
Net interest income			$	191,501					$	184,213					$	181,077					$	172,635					$	173,537					$	375,714					$	338,005
Provision for credit losses			677						16,420						14,853						5,566						20,888						17,097						40,015
Noninterest income			29,275						28,724						31,647						26,435						37,527						57,999						63,890
Noninterest expense
Salaries and employee benefits			62,001						62,716						62,322						62,634						59,923						124,717						118,839
Occupancy and equipment expenses			10,547						9,804						10,616						10,725						11,474						20,351						23,227
Data processing and telecommunications expenses			13,825						13,391						13,259						13,922						13,756						27,216						26,940
Other noninterest expenses			25,478						25,685						24,369						22,619						24,614						51,163						49,061
Total noninterest expense			111,851						111,596						110,566						109,900						109,767						223,447						218,067
Income before income tax expense			108,248						84,921						87,305						83,604						80,409						193,169						143,813
Income tax expense			25,667						19,154						23,553						17,832						26,090						44,821						42,118
Net income			$	82,581					$	65,767					$	63,752					$	65,772					$	54,319					$	148,348					$	101,695
Total Consolidated
Net interest income			$	231,813					$	221,839					$	221,821					$	214,060					$	211,921					$	453,652					$	413,309
Provision for credit losses			2,772						21,892						12,808						6,107						18,773						24,664						39,878
Noninterest income			68,911						64,023						68,959						69,709						88,711						132,934						154,589
Noninterest expense
Salaries and employee benefits			89,308						86,615						87,810						88,700						88,201						175,923						171,131
Occupancy and equipment expenses			11,401						10,677						11,624						11,716						12,559						22,078						25,444
Data processing and telecommunications expenses			15,366						14,855						14,631						15,221						15,193						30,221						29,847
Other noninterest expenses			39,185						38,887						37,884						36,140						39,404						78,072						77,646
Total noninterest expense			155,260						151,034						151,949						151,777						155,357						306,294						304,068
Income before income tax expense			142,692						112,936						126,023						125,885						126,502						255,628						223,952
Income tax expense			32,858						25,001						31,647						26,673						35,717						57,859						58,855
Net income			$	109,834					$	87,935					$	94,376					$	99,212					$	90,785					$	197,769					$	165,097