Ameris Bancorp

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 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.

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 September 30, 2025, as compared with December 31, 2024, and operating results for the three and nine month periods ended September 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 $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.

Current wording

Ameris reported net income available to common shareholders of $106.0 million, or $1.54 per diluted share, for the quarter ended September 30, 2025, compared with $99.2 million, or $1.44 per diluted share, for the same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.56% and 10.61%, respectively, in the third quarter of 2025, compared with 1.49% and 10.91%, respectively, in the third 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 second 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 third quarter of 2025 and 2024, respectively:

Previous 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.

Current wording

On a tax-equivalent basis, net interest income for the third quarter of 2025 was $238.9 million, an increaseof$23.9 million, or 11.11%, compared with $215.0 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 $585.0 million, or 2.40%, from $24.37 billion in the third quarter of 2024 to $24.96 billion for the third quarter of 2025. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth. The Company’s net interest margin during the third quarter of 2025 was 3.80%, up 29 basis points from 3.51% reported in the third quarter of 2024. Loan production amounted to $5.4 billion during the third quarter of 2025, with weighted average yields of 6.77%, compared with $5.1 billion and 7.52%, respectively, during the third quarter of 2024.

Previous 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.

Current wording

Total interest income, on a tax-equivalent basis, was relatively flat at $356.0 million during the third quarter of 2025, compared with $356.1 million in the same quarter of 2024. Yields on earning assets decreasedto 5.66% during the third quarter of 2025, compared with 5.81% reported in the third quarter of 2024. During the third quarter of 2025, loans comprised 87.1% of average earning assets, compared with 88.6% in the same quarter of 2024. Yields on loans decreased to 5.87% in the third quarter of 2025, compared with 6.01% in the same period of 2024. Yields on taxable investment securities increased to 4.04% in the third quarter of 2025, compared with 3.57% in the same period of 2024.

Previous 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.

Current wording

The yield on interest-bearing deposits decreased from 3.44% in the third quarter of 2024 to 2.82% in the third quarter of 2025. The yield on total interest-bearing liabilities decreased from 3.55% in the third quarter of 2024 to 2.94% in the third quarter of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreasedto 2.05% in the third quarter of 2025, compared with 2.50% during the third quarter of 2024. Deposit costs decreased from 2.39% in the third quarter of 2024 to 1.94% in the third quarter of 2025. Non-deposit funding costs decreased from 5.75% in the third quarter of 2024 to 5.44% in the third quarter of 2025.

Previous 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.

Current wording

The Company’s provision for credit losses during the third quarter of 2025 amounted to $22.6 million, compared with $6.1 million in the third quarter of 2024. The provision for credit losses for the third quarter of 2025 was comprised of $11.2 million related to loans, $11.4 million related to unfunded commitments and $8,000 related to other credit losses, compared with $6.3 million related to loans, negative $204,000 related to unfunded commitments and negative $2,000 related to other credit losses for the third quarter of 2024. The increase in the provision for credit losses on loans is primarily attributable to the updated economic forecast, an increase in the office portfolio qualitative factor and changes in the portfolio mix. The increase in the provision for unfunded commitments primarily resulted from new loan production not yet funded and an increase in loss rates attributable to the updated economic forecast. Non-performing assets as a percentage of total assets decreased seven basis points to 0.40% at September 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 $5.3 million and accruing loans delinquent 90 days or more of $8.4 million. The Company recognized net charge-offs on loans during the third quarter of 2025 of approximately $7.4 million, or 0.14% of average loans on an annualized basis, compared with net charge-offs of approximately $8.1 million, or 0.15%, in the third quarter of 2024. The Company’s total allowance for credit losses on loans at September 30, 2025 was $345.3 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 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.

Current wording

Total noninterest income for the third quarter of 2025 was $76.3 million, an increase of $6.6 million, or 9.4%, from the $69.7 million reported in the third quarter of 2024. Income from mortgage banking activities was $40.7 million in the third quarter of 2025, an increase of $2.7 million, or 7.2%, from $37.9 million in the third quarter of 2024. Total production in the third quarter of 2025 amounted to $1.09 billion, compared with $1.16 billion in the same quarter of 2024, while gain on sale spread increased to 2.20% in the third quarter of 2025, compared with 2.17% in the same quarter of 2024. The retail mortgage open pipeline finished the third quarter of 2025 at $787.2 million, compared with $719.1 million at June 30, 2025 and $813.7 million at the end of the third quarter of 2024.

Previous 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.

Current wording

Service charges on deposit accounts increased $1.0 million, or 7.8%, to $13.9 million in the third quarter of 2025, compared with $12.9 million in the third quarter of 2024. The increase in service charges on deposit accounts was primarily attributable to increases in fee income on commercial accounts and debit card interchange income. Net gains on the sale of securities increased$1.6 million in the third quarter of 2025, compared with a net loss of $8,000 during the third quarter of 2024. Income from equipment finance activity increased$3.5 million, or 64.1%, to$8.9 million for the third quarter of 2025, compared with$5.4 million during the third quarter of 2024. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income decreased $2.2 million, or 17.7%, to $10.1 million for the third quarter of 2025, compared with $12.3 million during the third quarter of 2024. The decrease in other noninterest income was primarily attributable to a decrease in gain on sale of mortgage servicing rights of $5.1 million, partially offset by increases in derivative fee income of $1.9 million and gain on sale of SBA loans of $393,000.

Previous 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.

Current wording

Total noninterest expense for the third quarter of 2025 increased $2.8 million, or 1.8%, to $154.6 million, compared with $151.8 million in the same quarter 2024. Salaries and employee benefits increased $2.2 million, or 2.5%, from $88.7 million in the third quarter of 2024 to $90.9 million in the third quarter of 2025, due primarily to annual merit increases and an increase in incentives, partially offset by decreases in mortgage commissions attributable to lower production and share-based compensation. Data processing and communication expenses increased$837,000, or 5.5%, to$16.1 million in the third quarter of 2025, compared with $15.2 million in the third quarter of 2024, with the increase primarily resulting from increased volume. Advertising and marketing expense was $3.4 million in the third quarter of 2025, compared with $4.0 million in the third quarter of 2024. Amortization of intangible assets decreased $301,000, or 7.2%, from $4.2 million in the third quarter of 2024 to $3.9 million in the third quarter of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $484,000, or 5.6%, from $8.6 million in the third quarter of 2024 to $8.1 million in the third 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 $383,000, or 2.0%, from $19.5 million in the third quarter of 2024 to $19.9 million in the third quarter of 2025, due primarily to an increase in legal and other professional fees of $522,000, partially offset by a decrease of $150,000 in natural disaster expenses.

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 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.

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 third quarter of 2025, the Company reported income tax expense of $31.0 million, compared with $26.7 million in the same period of 2024. The Company’s effective tax rate for the three months ended September 30, 2025 and 2024 was 22.6% and 21.2%, respectively. The increase in the effective rate for the three months ended September 30, 2025 is primarily related to a favorable return-to-provision adjustment resulting from reduced state apportionment during the third quarter of 2024, with no such adjustment in the third quarter of 2025.

Previous wording

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Current wording

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

Previous wording

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 wording

Ameris reported net income available to common shareholders of $303.8 million, or $4.41 per diluted share, for the nine months ended September 30, 2025, compared with $264.3 million, or $3.83 per diluted share, for the same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.52% and 10.48%, respectively, in the nine months ended September 30, 2025, compared with 1.36% and 9.98%, respectively, in the same period in 2024. Results for the first nine months of 2025 include a pre-tax gain on sale of mortgage servicing rights of $467,000, a pre-tax gain on BOLI proceeds of $401,000 and a pre-tax reduction in FDIC special assessment of $318,000. During the first nine 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 $10.0 million, a pre-tax FDIC special assessment of $2.0 million, a pre-tax gain on BOLI proceeds of $1.5 million and a pre-tax natural disaster expense of $150,000. Additionally, the Company recorded $4.8 million in tax expense attributable to BOLI restructuring.

Previous wording

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 wording

Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the nine months ended September 30, 2025 and 2024, respectively:

Previous wording

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 wording

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 nine months ended September 30, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

Previous wording

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 wording

On a tax-equivalent basis, net interest income for the nine months ended September 30, 2025 was $694.4 million, an increase of $64.2 million, or 10.18%, compared with $630.2 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 $812.8 million, or 3.41%, from $23.83 billion in the first nine months of 2024 to $24.65 billion for the first nine months of 2025. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth. The Company’s net interest margin during the first nine months of 2025 was 3.77%, an increase of 24 basis points from 3.53% reported for the first nine months of 2024. Loan production amounted to $15.1 billion during the first nine months of 2025, with weighted average yields of 6.79%, compared with $14.1 billion and 7.54%, respectively, during the first nine months of 2024.

Previous wording

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 wording

Total interest income, on a tax-equivalent basis, increased to $1.04 billion during the nine months ended September 30, 2025, compared with $1.03 billion in the same period of 2024. Yields on earning assets decreased to 5.64% during the first nine months of 2025, compared with 5.80% reported in the same period of 2024. During the first nine months of 2025, loans comprised 87.4% of average earning assets, compared with 88.9% in the same period of 2024. Yields on loans decreased to 5.85% during the nine months ended September 30, 2025, compared with 5.97% in the same period of 2024. Yields on taxable investment securities increased to 3.91% during the nine months ended September 30, 2025, compared with 3.66% in the same period of 2024.

Previous wording

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 wording

The yield on total interest-bearing liabilities decreased from 3.51% during the nine months ended September 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 nine months of 2025, compared with 2.46% during the same period of 2024. Deposit costs decreased from 2.33% in the first nine months of 2024 to 1.95% in the same period of 2025. Non-deposit funding costs decreased from 5.84% in the first nine months of 2024 to 5.55% in the same period of 2025.

Previous wording

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 wording

The Company’s provision for credit losses during the nine months ended September 30, 2025 amounted to $47.3 million, compared with $46.0 million in the nine months ended September 30, 2024. This increase was primarily attributable to an increase in unfunded commitments, the updated economic forecast during the first nine months of 2025 and organic loan growth, partially offset by a shift in the loan mix. The provision for credit losses for the first nine months of 2025 was comprised of $30.8 million related to loans, $16.5 million related to unfunded commitments and$5,000 related to other credit losses, compared with $57.2 million related to loans, negative $11.2 million related to unfunded commitments and negative$3,000 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 0.40% at September 30, 2025. The decrease in non-performing assets is primarily attributable to a decrease in nonaccrual loans of $5.3 million and a decrease in accruing loans delinquent 90 days or more of $8.4 million. Net charge-offs on loans during the first nine months of 2025 were $23.6 million, or 0.15% of average loans on an annualized basis, compared with approximately $29.8 million, or 0.19%, in the first nine months of 2024. The Company’s total allowance for credit losses on loans at September 30, 2025 was $345.3 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 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 wording

Total noninterest income for the nine months ended September 30, 2025 was $209.2 million, a decrease of $15.1 million, or 6.7%, from the $224.3 million reported for the nine months ended September 30, 2024. This decrease primarily resulted from decreases in gains on sale of mortgage servicing rights and securities, partially offset by an increase in equipment finance activity. Income from mortgage banking activities decreased $8.6 million, or 7.0%, from $123.8 million in the first nine months of 2024 to $115.1 million in the same period of 2025. Total production in the first nine months of 2025 amounted to $3.30 billion, compared with $3.39 billion in the same period of 2024, while gain on sale spread decreased to 2.20% during the nine months ended September 30, 2025, compared with 2.37% in the same period of 2024. The retail mortgage open pipeline was $787.2 million at September 30, 2025, compared with $638.5 million at December 31, 2024 and $813.7 million at September 30, 2024.

Previous wording

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 wording

Net gain on securities decreasedto $1.6 million for the nine months ended September 30, 2025, compared with a gain of $12.3 million for the nine months ended September 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 nine months of 2024 that did not repeat in the first nine months of 2025. Other noninterest income decreased $5.2 million, or 16.4%, to $26.4 million for the first nine months of 2025, compared with $31.6 million during the same period of 2024. The decrease in other noninterest income was primarily attributable to decreases in gain on sale of mortgage servicing rights of $9.5 million and gain on BOLI proceeds of $1.1 million, compared with the nine months ended September 30, 2024. These decreases were partially offset by increases in derivative fee income of $1.3 million, gain on sale of SBA loans of $1.3 million, commercial card interchange income of $671,000 and BOLI income of $1.7 million.

Previous wording

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.

Current wording

Total noninterest expenses for the nine months ended September 30, 2025 increased $5.0 million, or 1.1%, to $460.9 million, compared with $455.8 million in the same period of 2024. Salaries and employee benefits increased $7.0 million, or 2.7%, from $259.8 million in the first nine months of 2024 to $266.9 million in the same period of 2025, due primarily to annual merit increases and increases in incentives of $3.4 million, healthcare costs of $2.1 million and share-based compensation of $354,000, partially offset by a decrease in mortgage commissions of $2.4 million attributable to lower production. Occupancy and equipment expenses decreased$3.6 million, or 9.6%, to$33.6 million in the first nine months of 2025 from$37.2 million reported in the same period of 2024, primarily driven bylower depreciation expense and decreases in both building rent and repairs and maintenance. Data processing and communications expenses increased $1.2 million, or 2.7%, to $46.3 million in the first nine months of 2025, from $45.1 million reported in the same period of 2024. Amortization of intangible assets decreased $1.0 million, or 7.3%, from $13.0 million in the first nine months of 2024 to $12.1 million in the first nine months of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $4.0 million, or 14.3%, from $27.9 million in the first nine months of 2024 to $23.9 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 $4.2 million, or 6.7%, from $61.8 million in the first nine months of 2024 to $66.0 million in the same period of 2025, due primarily to increases in donations of $5.0 million and deposit and debit card losses of $1.6 million. These increases in other noninterest expense were partially offset by a decrease in FDIC special assessment expenses of $2.3 million.

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 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.

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 nine months ended September 30, 2025, the Company reported income tax expense of $88.9 million, compared with $85.5 million in the same period of 2024. The Company’s effective tax rate for the nine months ended September 30, 2025 and 2024 was 22.6% and 24.4%, 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 nine months of 2024 that did not repeat in 2025.

Previous wording

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income, net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities which are classified as held-to-maturity are done so based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

Current wording

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income (loss), net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities which are classified as held-to-maturity are done so based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

Previous 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.

Current wording

At September 30, 2025, gross loans outstanding (including loans and loans held for sale) were $21.86 billion, an increase of $594.0 million from $21.27 billion reported at December 31, 2024. Loans increased $518.5 million, or 2.5%, from $20.74 billion at December 31, 2024 to $21.26 billion at September 30, 2025. Loans held for sale increased from $528.6 million at December 31, 2024 to $604.1 million at September 30, 2025 primarily in our mortgage division.

Previous 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.

Current wording

At the end of the third quarter of 2025, the ACL on loans totaled $345.3 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 $97.0 million at September 30, 2025. For the first nine months of 2025, our net charge off ratio as a percentage of average loans decreased to 0.15%, compared with 0.19% for the first nine months of 2024. The total provision for credit losses for the first nine months of 2025 was $47.3 million, compared with a provision of $46.0 million recorded for the first nine months of 2024. Our ratio of total nonperforming assets to total assets was down seven basis points from 0.47% at December 31, 2024 to 0.40% at September 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 six months ended June 30, 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 nine months ended September 30, 2025 and 2024:

Previous wording

The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant MSAs or state as of June 30, 2025 and December 31, 2024:

Current wording

The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant metropolitan statistical areas (“MSAs”) or state as of September 30, 2025 and December 31, 2024:

Previous 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.

Current wording

Nonaccrual loans totaled $97.0 million at September 30, 2025, a decrease of $5.3 million, or 5.1%, from $102.2 million at December 31, 2024. Accruing loans delinquent 90 days or more totaled $9.3 million at September 30, 2025, a decrease of $8.4 million, or 47.4%, compared with $17.7 million at December 31, 2024. At September 30, 2025, OREO totaled $3.1 million, an increase of $704,000, or 28.9%, 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 third quarter of 2025, total non-performing assets as a percent of total assets was down seven basis points from 0.47% at December 31, 2024 to 0.40% at September 30, 2025.

Previous 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.

Current wording

(1)Included in nonaccrual loans were $19.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at September 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 $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.

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 $5.0 million and $1.5 million at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024 forward contracts were recorded as a liability of $2.0 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 $7.1 million and $8.7 million at September 30, 2025 and December 31, 2024, respectively, and a liability of $7.4 million and $8.7 million at September 30, 2025 and December 31, 2024, respectively.

Previous 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.

Current wording

Total deposits at the Company increased $505.6 million, or 2.3%, to $22.23 billion at September 30, 2025, compared with $21.72 billion at December 31, 2024. Noninterest-bearing deposits increased $258.9 million, or 4.0%, and interest-bearing deposits increased $246.7 million, or 1.6%, during the first nine months of 2025. At September 30, 2025, the Company had approximately $1.20 billion in short-term brokered CDs, compared with $804.9 million at December 31, 2024. As of September 30, 2025 and December 31, 2024, the Company had estimated uninsured deposits of $10.37 billion and $10.24 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $2.86 billion, or 27.6%, of the uninsured deposits at September 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 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.

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 increase in the size of the program to $200.0 million, being announced on October 20, 2025. As a result, the Company is currently authorized to engage in additional share repurchases up to $200.0 million through October 31, 2026. 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 September 30, 2025, an aggregate of $36.3 million, or 591,772 shares of the Company's common stock, had been repurchased under the program's October 24, 2024 renewal.

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 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.

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 September 30, 2025 and December 31, 2024, the net carrying value of the Company’s other borrowings was $337.1 million and $291.8 million, respectively. At September 30, 2025, the Company had availability with the FHLB and FRB Discount Window of $3.37 billion and $2.10 billion, respectively.