Ameris Bancorp
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
ABCB$81.79+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0000351569-25-000011
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0000351569-25-000022
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 103 current paragraphs.
63 unchanged; 22 reworded; 13 added; 0 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 18 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Consolidated Earnings and Profitability
Current report
Ameris reported net income available to common shareholders of $197.8 million, or $2.87 per diluted share, for the six months ended June 30, 2025, compared with $165.1 million, or $2.39 per diluted share, for the same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.51% and 10.41%, respectively, in the six months ended June 30, 2025, compared with 1.30% and 9.49%, respectively, in the same period in 2024. Results for the first six months of 2025 include a pre-tax gain on sale of mortgage servicing rights of $342,000 and a pre-tax gain on BOLI proceeds of $12,000. 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.
Current report
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, 2025 and 2024, respectively:
Current report
Net Interest Income and Margins
Current report
Total interest income, on a tax-equivalent basis, increased to $683.3 million during the six months ended June 30, 2025, compared with $678.7 million in the same period of 2024. Yields on earning assets decreased to 5.63% during the first six months of 2025, compared with 5.79% reported in the same period of 2024. During the first six months of 2025, loans comprised 87.5% of average earning assets, compared with 89.0% in the same period of 2024. Yields on loans decreased to 5.83% during the six months ended June 30, 2025, compared with 5.96% in the same period of 2024.
Current report
Provision for Credit Losses
Current report
The Company’s provision for credit losses during the six months ended June 30, 2025 amounted to $24.7 million, compared with $39.9 million in the six months ended June 30, 2024. This decrease was primarily attributable to the updated economic forecast during the first six months of 2025 and a shift in the loan mix, partially offset by organic loan growth. The provision for credit losses for the first six months of 2025 was comprised of $19.6 million related to loans, $5.0 million related to unfunded commitments and negative$3,000 related to other credit losses, compared with $50.9 million related to loans, negative $11.0 million related to unfunded commitments and negative$1,000 related to other credit losses for the same period in 2024. Non-performing assets as a percentage of total assets decreased from 0.47% at December 31, 2024 to 0.36% at June 30, 2025. The decrease in non-performing assets is primarily attributable to a decrease in nonaccrual loans of $15.2 million and a decrease in accruing loans delinquent 90 days or more of $9.3 million. Net charge-offs on loans during the first six months of 2025 were $16.1 million, or 0.16% of average loans on an annualized basis, compared with approximately $21.8 million, or 0.21%, in the first six months of 2024. The Company’s total allowance for credit losses on loans at June 30, 2025 was $341.6 million, or 1.62% of total loans, compared with $338.1 million, or 1.63% of total loans, at December 31, 2024.
Current report
Noninterest Income
Current report
Total noninterest income for the six months ended June 30, 2025 was $132.9 million, a decrease of $21.7 million, or 14.0%, from the $154.6 million reported for the six months ended June 30, 2024. Income from mortgage banking activities decreased $11.4 million, or 13.2%, from $85.8 million in the first six months of 2024 to $74.5 million in the same period of 2025. Total production in the first six months of 2025 amounted to $2.20 billion, compared with $2.24 billion in the same period of 2024, while gain on sale spread decreased to 2.20% during the six months ended June 30, 2025, compared with 2.47% in the same period of 2024. The retail mortgage open pipeline was $719.1 million at June 30, 2025, compared with $638.5 million at December 31, 2024 and $802.2 million at June 30, 2024.
Current report
Net gain on securities decreased to$40,000 for the six months ended June 30, 2025, compared with a gain of $12.3 million for the six months ended June 30, 2024. This decrease was primarily due to a gain of $12.6 million relating to the conversion of Visa Class B-1 stock, and related realized gain (loss) on subsequent sales and mark-to-market adjustments post-conversion, during the first six months of 2024 that did not repeat in the first six months of 2025. Other noninterest income decreased $3.0 million, or 15.6%, to $16.3 million for the first six months of 2025, compared with $19.3 million during the same period of 2024. The decrease in other noninterest income was primarily attributable to declines in gain on sale of MSRs of $4.4 million, BOLI proceeds of $1.5 million and derivative income of $594,000, compared withthe six months ended June 30, 2024. These decreases were partially offset by increases in BOLI income of $2.1 million, gain on sale of SBA loans of $928,000 and commercial card interchange income of $499,000.
Current report
Noninterest Expense
Current report
Total noninterest expenses for the six months ended June 30, 2025 increased $2.2 million, or 0.7%, to $306.3 million, compared with $304.1 million in the same period of 2024. Salaries and employee benefits increased $4.8 million, or 2.8%, from $171.1 million in the first six months of 2024 to $175.9 million in the same period of 2025, due primarily to increases in health insurance costs, annual merit increases and stock-based compensation related to performance awards. Occupancy and equipment expenses decreased$3.4 million, or 13.2%, to$22.1 million in the first six months of 2025 from$25.4 million reported in the same period of 2024. This decrease was primarily attributable to building rent and repairs and maintenance expenses. Data processing and communications expenses increased$374,000, or 1.3%, to $30.2 million in the first six months of 2025, from $29.8 million reported in the same period of 2024. Amortization of intangible assets decreased $650,000, or 7.4%, from $8.8 million in the first six months of 2024 to $8.2 million in the first six months of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $3.5 million, or 18.3%, from $19.2 million in the first six months of 2024 to $15.7 million in the same period of 2025, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $3.8 million, or 8.9%, from $42.3 million in the first six months of 2024 to $46.1 million in the same period of 2025, due primarily to an increase in donations of $5.1 million, net deposit and debit card losses of $1.7 million and legal settlement expenses of $1.0 million. These increases in other noninterest expense were partially offset by decreases in business license expense of $2.7 million and FDIC special assessment expenses of $2.0 million.
Reworded paragraphs (22)
Previous wording
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 March 31, 2025, as compared with December 31, 2024, and operating results for the three month periods ended March 31, 2025 and 2024. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.
Current wording
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, 2025, as compared with December 31, 2024, and operating results for the three and six month periods ended June 30, 2025 and 2024. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.
Previous wording
Ameris reported net income available to common shareholders of $87.9 million, or $1.27 per diluted share, for the quarter ended March 31, 2025, compared with $74.3 million, or $1.08 per diluted share, for the same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.36% and 9.39%, respectively, in the first quarter of 2025, compared with 1.18% and 8.63%, respectively, in the first quarter of 2024.
Current wording
Ameris reported net income available to common shareholders 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 same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.65% and 11.40%, respectively, in the second quarter of 2025, compared with 1.41% and 10.34%, respectively, in the second quarter of 2024.
Previous wording
Below is additional information regarding the banking, retail mortgage, warehouse lending and premium finance divisions of the Company during the first quarter of 2025 and 2024, respectively:
Current wording
Below is additional information regarding the banking, retail mortgage, warehouse lending and premium finance divisions of the Company during the second quarter of 2025 and 2024, respectively:
Previous wording
On a tax-equivalent basis, net interest income for the first quarter of 2025 was $222.8 million, an increase of$20.4 million, or 10.10%, compared with $202.3 million reported in the same quarter in 2024. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest-earning assets increased $997.2 million, or 4.30%, from $23.21 billion in the first quarter of 2024 to $24.21 billion for the first quarter of 2025. This growth in interest-earning assets resulted primarily from organic loan growth and increased investment in our bond portfolio. The Company’s net interest margin during the first quarter of 2025 was 3.73%, up 22 basis points from 3.51% reported in the first quarter of 2024. Loan production amounted to $4.1 billion during the first quarter of 2025, with weighted average yields of 6.86%, compared with $3.9 billion and 7.70%, respectively, during the first quarter of 2024.
Current wording
On a tax-equivalent basis, net interest income for the second quarter of 2025 was $232.7 million, an increase of$19.9 million, or 9.33%, compared with $212.9 million reported in the same quarter in 2024. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest-earning assets increased $853.9 million, or 3.57%, from $23.92 billion in the second quarter of 2024 to $24.77 billion for the second quarter of 2025. This growth in interest-earning assets resulted primarily from organic loan growth and increased investment in our bond portfolio. The Company’s net interest margin during the second quarter of 2025 was 3.77%, up 19 basis points from 3.58% reported in the second quarter of 2024. Loan production amounted to $5.5 billion during the second quarter of 2025, with weighted average yields of 6.76%, compared with $5.1 billion and 7.45%, respectively, during the second quarter of 2024.
Previous wording
Total interest income, on a tax-equivalent basis, increased to $334.7 million during the first quarter of 2025, compared with $330.4 million in the same quarter of 2024. Yields on earning assets increased to 5.61% during the first quarter of 2025, compared with 5.73% reported in the first quarter of 2024. During the first quarter of 2025, loans comprised 87.5% of average earning assets, compared with 88.9% in the same quarter of 2024. Yields on loans decreased to 5.82% in the first quarter of 2025, compared with 5.92% in the same period of 2024.
Current wording
Total interest income, on a tax-equivalent basis, increased to $348.6 million during the second quarter of 2025, compared with $348.3 million in the same quarter of 2024. Yields on earning assets decreased to 5.64% during the second quarter of 2025, compared with 5.86% reported in the second quarter of 2024. During the second quarter of 2025, loans comprised 87.4% of average earning assets, compared with 89.1% in the same quarter of 2024. Yields on loans decreased to 5.85% in the second quarter of 2025, compared with 6.00% in the same period of 2024.
Previous wording
The yield on interest-bearing deposits decreased from 3.31% in the first quarter of 2024 to 2.83% in the first quarter of 2025. The yield on total interest-bearing liabilities decreased from 3.43% in the first quarter of 2024 to 2.92% in the first quarter of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.06% in the first quarter of 2025, compared with 2.41% during the first quarter of 2024. Deposit costs decreased from 2.29% in the first quarter of 2024 to 1.98% in the first quarter of 2025. Non-deposit funding costs decreased from 6.04% in the first quarter of 2024 to 5.73% in the first quarter of 2025.
Current wording
The yield on interest-bearing deposits decreased from 3.37% in the second quarter of 2024 to 2.83% in the second quarter of 2025. The yield on total interest-bearing liabilities decreased from 3.53% in the second quarter of 2024 to 2.94% in the second quarter of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.06% in the second quarter of 2025, compared with 2.48% during the second quarter of 2024. Deposit costs decreased from 2.32% in the second quarter of 2024 to 1.95% in the second quarter of 2025. Non-deposit funding costs decreased from 5.77% in the second quarter of 2024 to 5.55% in the second quarter of 2025.
Previous wording
The Company’s provision for credit losses during the first quarter of 2025 amounted to $21.9 million, compared with $21.1 million in the first quarter of 2024. The provision for credit losses for the first quarter of 2025 was comprised of $16.5 million related to loans and $5.4 million related to unfunded commitments, compared with $25.5 million related to loans, negative $4.4 million related to unfunded commitments and $4,000 provision related to other credit losses for the first quarter of 2024. The increase in the provision for unfunded commitments is primarily attributable to the updated economic forecast and funding rates used in the model. Non-performing assets as a percentage of total assets decreased three basis points to 0.44% at March 31, 2025, compared with 0.47% at December 31, 2024. The decrease in non-performing assets is primarily attributable to decreases in nonaccrual loans of $2.5 million, accruing loans delinquent 90 days or more of $2.8 million and other real estate owned of $1.6 million. The Company recognized net charge-offs on loans during the first quarter of 2025 of approximately $9.0 million, or 0.18% of average loans on an annualized basis, compared with net charge-offs of approximately $12.6 million, or 0.25%, in the first quarter of 2024. The Company’s total allowance for credit losses on loans at March 31, 2025 was $345.6 million, or 1.67% of total loans, compared with $338.1 million, or 1.63% of total loans, at December 31, 2024. This increase is primarily attributable to the updated economic forecast.
Current wording
The Company’s provision for credit losses during the second quarter of 2025 amounted to $2.8 million, compared with $18.8 million in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was comprised of $3.1 million related to loans, negative $335,000 related to unfunded commitments and negative $3,000 related to other credit losses, compared with $25.3 million related to loans, negative $6.6 million related to unfunded commitments and negative $5,000 related to other credit losses for the second quarter of 2024. The decrease in the provision for credit losses on loans is primarily attributable to the updated economic forecast and changes in the portfolio mix. Non-performing assets as a percentage of total assets decreased 11 basis points to 0.36% at June 30, 2025, compared with 0.47% at December 31, 2024. The decrease in non-performing assets is primarily attributable to decreases in nonaccrual loans of $15.2 million and accruing loans delinquent 90 days or more of $9.3 million. The Company recognized net charge-offs on loans during the second quarter of 2025 of approximately $7.1 million, or 0.14% of average loans on an annualized basis, compared with net charge-offs of approximately $9.2 million, or 0.18%, in the second quarter of 2024. The Company’s total allowance for credit losses on loans at June 30, 2025 was $341.6 million, or 1.62% of total loans, compared with $338.1 million, or 1.63% of total loans, at December 31, 2024.
Previous wording
Total noninterest income for the first quarter of 2025 was $64.0 million, a decrease of $1.9 million, or 2.8%, from the $65.9 million reported in the first quarter of 2024. Income from mortgage banking activities was $35.3 million in the first quarter of 2025, a decrease of $4.2 million, or 10.6%, from $39.4 million in the first quarter of 2024. Total production in the first quarter of 2025 amounted to $933.0 million, compared with $910.2 million in the same quarter of 2024, while gain on sale spread decreased to 2.17% in the current quarter, compared with 2.49% in the same quarter of 2024. The retail mortgage open pipeline finished the first quarter of 2025 at $771.6 million, compared with $638.5 million at December 31, 2024 and $606.7 million at the end of the first quarter of 2024.
Current wording
Total noninterest income for the second quarter of 2025 was $68.9 million, a decrease of $19.8 million, or 22.3%, from the $88.7 million reported in the second quarter of 2024. The second quarter of 2024 included a gain on conversion of Visa Class B-1 stock of $12.6 million and a gain on sale of mortgage servicing rights of $4.7 million, compared with a gain on sale of mortgage servicing rights of $356,000 for the second quarter of 2025. Income from mortgage banking activities was $39.2 million in the second quarter of 2025, a decrease of $7.2 million, or 15.5%, from $46.4 million in the second quarter of 2024. Total production in the second quarter of 2025 amounted to $1.27 billion, compared with $1.33 billion in the same quarter of 2024, while gain on sale spread decreased to 2.22% in the second quarter of 2025, compared with 2.45% in the same quarter of 2024. The retail mortgage open pipeline finished the second quarter of 2025 at $719.1 million, compared with $771.6 million at March 31, 2025 and $802.2 million at the end of the second quarter of 2024.
Previous wording
Service charges on deposit accounts increased $1.4 million, or 11.7%, to $13.1 million in the first quarter of 2025, compared with $11.8 million in the first quarter of 2024. The increase in service charges on deposit accounts was primarily attributable to increases in both debit card and commercial account fee income. Income from equipment finance activity increased$1.4 million, or 25.5%, to$6.7 million for the first quarter of 2025, compared with$5.3 million during the first quarter of 2024. The increase in equipment finance activity was primarily related to increased non-insurance charges and gain on sale of leased equipment. Other noninterest income decreased $369,000, or 4.5%, to $7.8 million for the first quarter of 2025, compared with $8.2 million during the first quarter of 2024. The decrease in other noninterest income was primarily attributable to a decline inderivative income of $615,000 and gain on BOLI proceeds of $986,000, partially offset byincreases in BOLI income of $731,000, commercial card interchange income of $258,000 and in gain on sale of SBA loans of $303,000.
Current wording
Service charges on deposit accounts increased $821,000, or 6.5%, to $13.5 million in the second quarter of 2025, compared with $12.7 million in the second quarter of 2024. The increase in service charges on deposit accounts was primarily attributable to increases in both debit card and commercial account fee income. Income from equipment finance activity increased$1.6 million, or 31.9%, to$6.6 million for the second quarter of 2025, compared with$5.0 million during the second quarter of 2024. The increase in equipment finance activity was primarily related to increased non-insurance charges and gain on sale of leased equipment. Other noninterest income decreased $2.6 million, or 23.8%, to $8.5 million for the second quarter of 2025, compared with $11.1 million during the second quarter of 2024. The decrease in other noninterest income was primarily attributable to gains on sale of MSRs and BOLI proceeds of $4.7 million and $446,000, respectively, in the second quarter of 2024, compared with a gain on sale of mortgage servicing rights of $356,000 for the second quarter of 2025. These decreases were partially offset by increases in BOLI income of $1.3 million, gain on sale of SBA loans of $626,000 and commercial card interchange income of $241,000.
Previous wording
Total noninterest expense for the first quarter of 2025 increased $2.3 million, or 1.6%, to $151.0 million, compared with $148.7 million in the same quarter 2024. Salaries and employee benefits increased $3.7 million, or 4.4%, from $82.9 million in the first quarter of 2024 to $86.6 million in the first quarter of 2025, due primarily to increases in health insurance cost and annual merit increases. Occupancy and equipment expenses decreased$2.2 million, or 17.1%, to$10.7 million in the first quarter of 2025, compared with $12.9 million in the first quarter of 2024, with the decrease primarily related to both building rent and repairs and maintenance. Advertising and marketing expense was $2.9 million in the first quarter of 2025, compared with $2.5 million in the first quarter of 2024, with the increase primarily due to a new deposit marketing campaign initiated in the second quarter of 2024. Amortization of intangible assets decreased $319,000, or 7.2%, from $4.4 million in the first quarter of 2024 to $4.1 million in the first quarter of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $1.6 million, or 17.1%, from $9.4 million in the first quarter of 2024 to $7.8 million in the first quarter of 2025, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $1.9 million, or 8.8%, from $21.4 million in the first quarter of 2024 to $23.3 million in the first quarter of 2025, due primarily to an increase in donations of $3.6 million and a decrease in deferred origination costs of $2.0 million, partially offset by a decrease in FDIC insurance of $3.4 million.
Current wording
Total noninterest expense for the second quarter of 2025 decreased $97,000, or 0.1%, to $155.3 million, compared with $155.4 million in the same quarter 2024. Salaries and employee benefits increased $1.1 million, or 1.3%, from $88.2 million in the second quarter of 2024 to $89.3 million in the second quarter of 2025, due primarily to an increase in health insurance costs and annual merit increases, which were partially offset by a decrease in severance charges. Occupancy and equipment expenses decreased$1.2 million, or 9.2%, to$11.4 million in the second quarter of 2025, compared with $12.6 million in the second quarter of 2024, with the decrease primarily relating to both building rent and repairs and maintenance. Advertising and marketing expense was $3.7 million in the second quarter of 2025, compared with $3.5 million in the second quarter of 2024. Amortization of intangible assets decreased $331,000, or 7.5%, from $4.4 million in the second quarter of 2024 to $4.1 million in the second quarter of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $1.9 million, or 19.4%, from $9.8 million in the second quarter of 2024 to $7.9 million in the second quarter of 2025, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $1.9 million, or 9.1%, from $20.9 million in the second quarter of 2024 to $22.8 million in the second quarter of 2025, due primarily to increases in donations of $1.4 million and mortgage subsidies of $511,000.
Previous wording
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 first quarter of 2025, the Company reported income tax expense of $25.0 million, compared with $23.1 million in the same period of 2024. The Company’s effective tax rate for the three months ended March 31, 2025 and 2024 was 22.1% and 23.7%, respectively. The decrease in the effective rate for the three months ended March 31, 2025 is primarily related to reduced state apportionment and an increase in tax credits.
Current wording
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 2025, the Company reported income tax expense of $32.9 million, compared with $35.7 million in the same period of 2024. The Company’s effective tax rate for the three months ended June 30, 2025 and 2024 was 23.0% and 28.2%, respectively. The decrease in the effective rate for the three months ended June 30, 2025 is primarily related to a $4.8 million tax expense related to BOLI surrender during the second quarter of 2024, with no such expense in the second quarter of 2025.
Previous wording
At March 31, 2025, gross loans outstanding (including loans and loans held for sale) were $21.25 billion, minimally changed from $21.27 billion reported at December 31, 2024. Loans decreased $33.3 million, or 0.2%, from $20.74 billion at December 31, 2024 to $20.71 billion at March 31, 2025. Loans held for sale increased from $528.6 million at December 31, 2024 to $545.4 million at March 31, 2025 primarily in our mortgage division.
Current wording
At June 30, 2025, gross loans outstanding (including loans and loans held for sale) were $21.59 billion, minimally changed from $21.27 billion reported at December 31, 2024. Loans increased $301.6 million, or 1.5%, from $20.74 billion at December 31, 2024 to $21.04 billion at June 30, 2025. Loans held for sale increased from $528.6 million at December 31, 2024 to $544.1 million at June 30, 2025 in our mortgage division.
Previous wording
At the end of the first quarter of 2025, the ACL on loans totaled $345.6 million, or 1.67% of loans, compared with $338.1 million, or 1.63% of loans, at December 31, 2024. Our nonaccrual loans decreased from $102.2 million at December 31, 2024 to $99.7 million at March 31, 2025. For the first three months of 2025, our net charge off ratio as a percentage of average loans decreased to 0.18%, compared with 0.25% for the first three months of 2024. The total provision for credit losses for the first three months of 2025 was $21.9 million, compared with a provision of $21.1 million recorded for the first three months of 2024. Our ratio of total nonperforming assets to total assets was down three basis points from 0.47% at December 31, 2024 to 0.44% at March 31, 2025.
Current wording
At the end of the second quarter of 2025, the ACL on loans totaled $341.6 million, or 1.62% of loans, compared with $338.1 million, or 1.63% of loans, at December 31, 2024. Our nonaccrual loans decreased from $102.2 million at December 31, 2024 to $87.0 million at June 30, 2025. For the first six months of 2025, our net charge off ratio as a percentage of average loans decreased to 0.16%, compared with 0.21% for the first six months of 2024. The total provision for credit losses for the first six months of 2025 was $24.7 million, compared with a provision of $39.9 million recorded for the first six months of 2024. Our ratio of total nonperforming assets to total assets was down 11 basis points from 0.47% at December 31, 2024 to 0.36% at June 30, 2025.
Previous wording
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 three months ended March 31, 2025 and 2024:
Current wording
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, 2025 and 2024:
Previous wording
Investor CRE, which includes multifamily residential and non-owner occupied CRE loans, has several dynamics which individually, or in combination, pose potential challenges to the portfolio. These include levels of interest rates above those at origination for loan renewals and changes to occupancy rates as firms reevaluate space needs in light of factors such as the expansion of hybrid and remote work. The primary repayment source for these loans is cash flows from the securing property. The Company in the normal course performs periodic evaluations of its portfolio for continued soundness and appropriate risk ratings. These reviews include evaluation of current financials, stressed cash flows at increased interest rates and evaluation of property values at various occupancy levels and cap rates. The Company's Investor CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately five basis points of Investor CRE loans at March 31, 2025.
Current wording
Investor CRE, which includes multifamily residential and non-owner occupied CRE loans, has several dynamics which individually, or in combination, pose potential challenges to the portfolio. These include levels of interest rates above those at origination for loan renewals and changes to occupancy rates as firms reevaluate space needs in light of factors such as the expansion of hybrid and remote work. The primary repayment source for these loans is cash flows from the securing property. The Company in the normal course performs periodic evaluations of its portfolio for continued soundness and appropriate risk ratings. These reviews include evaluation of current financials, stressed cash flows at increased interest rates and evaluation of property values at various occupancy levels and cap rates. The Company's Investor CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately eight basis points of Investor CRE loans at June 30, 2025.
Previous wording
Nonaccrual loans totaled $99.7 million at March 31, 2025, a decrease of $2.5 million, or 2.5%, from $102.2 million at December 31, 2024. Accruing loans delinquent 90 days or more totaled $14.9 million at March 31, 2025, a decrease of $2.8 million, or 15.8%, compared with $17.7 million at December 31, 2024. At March 31, 2025, OREO totaled $863,000, a decrease of $1.6 million, or 64.5%, compared with $2.4 million at December 31, 2024. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process. At the end of the first quarter of 2025, total non-performing assets as a percent of total assets was down three basis points from 0.47% at December 31, 2024 to 0.44% at March 31, 2025.
Current wording
Nonaccrual loans totaled $87.0 million at June 30, 2025, a decrease of $15.2 million, or 14.9%, from $102.2 million at December 31, 2024. Accruing loans delinquent 90 days or more totaled $8.4 million at June 30, 2025, a decrease of $9.3 million, or 52.5%, compared with $17.7 million at December 31, 2024. At June 30, 2025, OREO totaled $1.8 million, a decrease of $608,000, or 25.0%, compared with $2.4 million at December 31, 2024. 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 2025, total non-performing assets as a percent of total assets was down 11 basis points from 0.47% at December 31, 2024 to 0.36% at June 30, 2025.
Previous wording
(1)Included in nonaccrual loans were $13.4 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at March 31, 2025 and December 31, 2024, respectively.
Current wording
(1)Included in nonaccrual loans were $11.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2025 and December 31, 2024, respectively.
Previous wording
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 IRLC instruments amounted to an asset of $5.4 million and $1.5 million at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025 and December 31, 2024 forward contracts were recorded as a liability of $2.9 million and an asset of $5.8 million, 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 $6.3 million and $8.7 million at March 31, 2025 and December 31, 2024, respectively, and a liability of $6.4 million and $8.7 million at March 31, 2025 and December 31, 2024, respectively.
Current wording
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 IRLC instruments amounted to an asset of $6.2 million and $1.5 million at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025 and December 31, 2024 forward contracts were recorded as a liability of $7.2 million and an asset of $5.8 million, 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 $6.1 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively, and a liability of $6.3 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively.
Previous wording
Total deposits at the Company increased $190.0 million, or 0.9%, to $21.91 billion at March 31, 2025, compared with $21.72 billion at December 31, 2024. Noninterest-bearing deposits increased $246.5 million, or 3.8%, and interest-bearing deposits decreased $56.5 million, or 0.4%, during the first three months of 2025. At March 31, 2025, the Company had approximately $1.05 billion in short-term brokered CDs, compared with $804.9 million at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company had estimated uninsured deposits of $10.01 billion and $10.24 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.07 billion, or 30.7%, of the uninsured deposits at March 31, 2025 were for municipalities which are collateralized with investment securities or letters of credit.
Current wording
Total deposits at the Company increased $210.2 million, or 1.0%, to $21.93 billion at June 30, 2025, compared with $21.72 billion at December 31, 2024. Noninterest-bearing deposits increased $302.2 million, or 4.7%, and interest-bearing deposits decreased $92.0 million, or 0.6%, during the first six months of 2025. At June 30, 2025, the Company had approximately $1.13 billion in short-term brokered CDs, compared with $804.9 million at December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company had estimated uninsured deposits of $10.15 billion and $10.24 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.01 billion, or 29.6%, of the uninsured deposits at June 30, 2025 were for municipalities which are collateralized with investment securities or letters of credit.
Previous wording
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 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases up to $100.0 million through October 31, 2025. 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 March 31, 2025, an aggregate of $15.0 million, or 253,400 shares of the Company's common stock, had been repurchased under the program's October 24, 2024 renewal.
Current wording
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 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases up to $100.0 million through October 31, 2025. 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, 2025, an aggregate of $27.8 million, or 465,872 shares of the Company's common stock, had been repurchased under the program's October 24, 2024 renewal.
Previous wording
As of March 31, 2025, 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 March 31, 2025 and December 31, 2024:
Current wording
As of June 30, 2025, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios for the Company and the Bank at June 30, 2025 and December 31, 2024:
Previous wording
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 March 31, 2025 and December 31, 2024, the net carrying value of the Company’s other borrowings was $276.7 million and $291.8 million, respectively. At March 31, 2025, the Company had availability with the FHLB and FRB Discount Window of $3.52 billion and $2.29 billion, respectively.
Current wording
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, 2025 and December 31, 2024, the net carrying value of the Company’s other borrowings was $376.7 million and $291.8 million, respectively. At June 30, 2025, the Company had availability with the FHLB and FRB Discount Window of $3.36 billion and $2.24 billion, respectively.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Results of Operations for the Six Months Ended June 30, 2025 and 2024
Current report — wording carried from elsewhere
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, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.
Current report — wording carried from elsewhere
On a tax-equivalent basis, net interest income for the six months ended June 30, 2025 was $455.5 million, an increase of $40.3 million, or 9.70%, compared with $415.2 million reported in the same period of 2024. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest earning assets increased $927.1 million, or 3.93%, from $23.56 billion in the first six months of 2024 to $24.49 billion for the first six months of 2025. This growth in interest-earning assets resulted primarily from organic loan growth and increased investment in our bond portfolio. The Company’s net interest margin during the first six months of 2025 was 3.75%, an increase of 21 basis points from 3.54% reported for the first six months of 2024. Loan production amounted to $9.6 billion during the first six months of 2025, with weighted average yields of 6.80%, compared with $8.9 billion and 7.56%, respectively, during the first six months of 2024.
Current report — wording carried from elsewhere
The yield on total interest-bearing liabilities decreased from 3.48% during the six months ended June 30, 2024 to 2.93% in the same period of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.06% in the first six months of 2025, compared with 2.44% during the same period of 2024. Deposit costs decreased from 2.31% in the first six months of 2024 to 1.96% in the same period of 2025. Non-deposit funding costs decreased from 5.88% in the first six months of 2024 to 5.63% in the same period of 2025.
Current report — wording carried from elsewhere
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, 2025, the Company reported income tax expense of $57.9 million, compared with $58.9 million in the same period of 2024. The Company’s effective tax rate for the six months ended June 30, 2025 and 2024 was 22.6% and 26.3%, respectively. The decrease in the effective tax rate is primarily a result of a $4.8 million tax expense related to BOLI surrender during the first six months of 2024 that did not repeat in 2025 and a reduction in state tax expense resulting from reduced state apportionment.