Ameris Bancorp

Previous wording

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behaviors of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

Current wording

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behaviors of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations and assumptions regarding credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

Previous wording

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise.

Current wording

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise, except as required by law.

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 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.

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 March 31, 2026, as compared with December 31, 2025, and operating results for the three month periods ended March 31, 2026 and 2025. 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 $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.

Current wording

Ameris reported net income available to common shareholders of $110.5 million, or $1.63 per diluted share, for the quarter ended March 31, 2026, compared with $87.9 million, or $1.27 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 1.62% and 10.91%, respectively, in the first quarter of 2026, compared with 1.36% and 9.39%, respectively, in the first quarter of 2025.

Previous 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:

Current wording

Below is additional information regarding the banking, retail mortgage, warehouse lending and premium finance divisions of the Company during the first quarter of 2026 and 2025, respectively:

Previous 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.

Current wording

On a tax-equivalent basis, net interest income for the first quarter of 2026 was $245.4 million, an increase of $22.6 million, or 10.15%, compared with $222.8 million reported in the same quarter in 2025. 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 $1.46 billion, or 6.03%, from $24.21 billion in the first quarter of 2025 to $25.66 billion for the first quarter of 2026. 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 quarter of 2026 was 3.88%, up 15 basis points from 3.73% reported in the first quarter of 2025. Loan production amounted to $5.5 billion during the first quarter of 2026, with weighted average yields of 6.13%, compared with $4.1 billion and 6.86%, respectively, during the first quarter of 2025.

Previous 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.

Current wording

Total interest income, on a tax-equivalent basis, increased to$352.7 million during the first quarter of 2026, compared with $334.7 million in the same quarter of 2025. Yields on earning assets decreased to 5.57% during the first quarter of 2026, compared with 5.61% reported in the first quarter of 2025. During the first quarter of 2026, loans comprised 86.5% of average earning assets, compared with 87.5% in the same quarter of 2025. Yields on loans were flat at 5.82%for both the first quarter of 2026 and 2025. Yields on taxable investment securities increased to 4.08% in the first quarter of 2026, compared with 3.75% in the same period of 2025.

Previous 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.

Current wording

The yield on interest-bearing deposits decreased from 2.83% in the first quarter of 2025 to 2.50% in the first quarter of 2026. The yield on total interest-bearing liabilities decreased from 2.92% in the first quarter of 2025 to 2.61% in the first quarter of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.88% in the first quarter of 2026, compared with 2.06% during the first quarter of 2025. Deposit costs decreased from 1.98% in the first quarter of 2025 to 1.76% in the first quarter of 2026. Non-deposit funding costs decreased from 5.73% in the first quarter of 2025 to 4.44% in the first quarter of 2026.

Previous 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.

Current wording

The Company’s provision for credit losses during the first quarter of 2026 amounted to$16.6 million, compared with $21.9 million in the first quarter of 2025. The provision for credit losses for the first quarter of 2026 was comprised of a provision of$17.9 million related to loans, and releases of$1.3 million and$6,000 related to unfunded commitments and other credit losses, respectively, compared with $16.5 million related to loans and $5.4 million related to unfunded commitments for the first quarter of 2025. 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 decrease in the provision for unfunded commitments primarily resulted an improvement in the economic forecast and resulting loss rates on our construction portfolio, partially offset by an increase in loss rates in other segments and an increase in unfunded commitments. Non-performing assets as a percentage of total assets was relatively flat, increasing one basis point to 0.45% at March 31, 2026, compared with 0.44% at December 31, 2025. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $7.4 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $262,000. The Company recognized net charge-offs on loans during the first quarter of 2026 of$11.4 million, or 0.21% ofaverage loans on an annualized basis, compared with net charge-offs of $9.0 million, or 0.18%, in the first quarter of 2025. The Company’s total allowance for credit losses on loans at March 31, 2026 was $354.7 million, or 1.62% of total loans, compared with $348.1 million, or 1.62% of total loans, at December 31, 2025.

Previous 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.

Current wording

Total noninterest income for the first quarter of 2026 was$69.9 million, an increase of$5.9 million, or 9.2%, from the $64.0 million reported in the first quarter of 2025. Income from mortgage banking activities was$37.0 million in the first quarter of 2026, an increase of$1.8 million, or 5.0%, from $35.3 million in the first quarter of 2025. Total production in the first quarter of 2026 amounted to $1.09 billion, compared with $933.0 million in the same quarter of 2025, while gain on sale spread decreased to 2.08%in the first quarter of 2026, compared with 2.17% in the same quarter of 2025. The retail mortgage open pipeline finished the first quarter of 2026 at $632.7 million, compared with $701.9 million at December 31, 2025 and $771.6 million at the end of the first quarter of 2025.

Previous 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.

Current wording

Service charges on deposit accounts increased $546,000, or 4.2%, to$13.7 million in the first quarter of 2026, compared with $13.1 million in the first quarter of 2025. The increase in service charges on deposit accounts was primarily attributable to growth in deposits. Income from equipment finance activity increased $2.4 million, or 35.7%, to $9.1 million for the first quarter of 2026, compared with$6.7 million during the first quarter of 2025. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income increased $1.3 million, or 17.1%, to$9.1 million for the first quarter of 2026, compared with $7.8 million during the first quarter of 2025. The increase in other noninterest income was primarily attributable to increases in derivative fee income of $366,000, gain on sale of SBA loans of $302,000, BOLI income of $282,000 and commercial interchange income of $263,000.

Previous 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.

Current wording

Total noninterest expense for the first quarter of 2026 increased $6.0 million, or 4.0%, to$157.1 million, compared with $151.0 million in the same quarter 2025. Salaries and employee benefits increased $4.8 million, or 5.5%, from$86.6 million in the first quarter of 2025 to$91.4 million in the first quarter of 2026, due primarily to annual merit increases, an increase in mortgage commissions attributable to increased production and increases in incentives, healthcare costs and payroll taxes. These increases were partially offset by decreases in 401(k) contributions and share-based compensation. Data processing and communication expenses increased $1.9 million, or 13.0%, to $16.8 millionin the first quarter of 2026, compared with $14.9 million in the first quarter of 2025, with the increase primarily resulting from an increase in volume and continued technology investment. Advertising and marketing expense was$3.3 million in the first quarter of 2026, compared with $2.9 million in the first quarter of 2025. Amortization of intangible assets decreased $710,000, or 17.3%, from $4.1 million in the first quarter of 2025 to$3.4 million in the first quarter of 2026. This decrease was primarily related to a reduction in core deposit and customer relationship intangible amortization. Loan servicing expenses decreased $443,000, or 5.7%, from $7.8 million in the first quarter of 2025 to$7.4 million in the first quarter of 2026, primarily attributable to the sale of mortgage servicing rights throughout 2025, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Compared with the first quarter of 2025, legal and other professional fees and occupancy and equipment expenses increased $1.3 million and $948,000, respectively, while FDIC insurance and credit resolution expenses decreased $302,000 and $256,000, respectively. Other noninterest expenses decreased $1.6 million, or 9.9%, from$16.4 million in the first quarter of 2025 to$14.7 million in the first quarter of 2026, due primarily to a decrease in donations of $2.6 million, partially offset by an increase in tax and license expense of $966,000.

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 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.

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 first quarter of 2026, the Company reported income tax expense of$30.2 million, compared with $25.0 million in the same period of 2025. The Company’s effective tax rate for the three months ended March 31, 2026 and 2025 was 21.5% and 22.1%, respectively. The decrease in the effective rate for the three months ended March 31, 2026 is primarily related to an increase in the excess benefit upon vesting of share-based compensation awards compared with the first quarter of 2025.

Previous 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.

Current wording

At March 31, 2026, gross loans outstanding (including loans and loans held for sale) were $22.32 billion, an increase of $187.9 million from $22.14 billion at December 31, 2025. Loans increased $314.5 million, or 1.5%, from $21.51 billion at December 31, 2025 to $21.83 billion at March 31, 2026. Loans held for sale decreased from $623.2 million at December 31, 2025 to $496.6 million at March 31, 2026 primarily in our mortgage division.

Previous 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.

Current wording

At the end of the first quarter of 2026, the ACL on loans totaled $354.7 million, or 1.62% of loans, compared with $348.1 million, or 1.62% of loans, at December 31, 2025. Our nonaccrual loans increased from $109.1 million at December 31, 2025 to $116.5 million at March 31, 2026. For the first three months of 2026, our net charge-off ratio as a percentage of average loans increased to 0.21%, compared with 0.18% for the first three months of 2025. The total provision for credit losses for the first three months of 2026 was $16.6 million, compared with a provision of $21.9 million recorded for the first three months of 2025. Our ratio of total nonperforming assets to total assets was relatively flat, up one basis point from 0.44% at December 31, 2025 to 0.45% at March 31, 2026.

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 nine months ended September 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 three months ended March 31, 2026 and 2025:

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 eight basis points of Investor CRE loans at September 30, 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 ten basis points of Investor CRE loans at March 31, 2026.

Previous 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.

Current wording

Nonaccrual loans totaled $116.5 million at March 31, 2026, an increase of $7.4 million, or 6.8%, from $109.1 million at December 31, 2025. Accruing loans delinquent 90 days or more totaled $8.2 million at March 31, 2026, a decrease of $262,000, or 3.1%, compared with $8.5 million at December 31, 2025. At March 31, 2026, OREO totaled $3.1 million, an increase of $173,000, or 5.9%, compared with $2.9 million at December 31, 2025. 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 2026, total non-performing assets as a percent of total assets was up one basis point from 0.44% at December 31, 2025 to 0.45% at March 31, 2026.

Previous 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.

Current wording

(1)Included in nonaccrual loans were $34.5 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at March 31, 2026 and December 31, 2025, respectively.

Previous wording

As of September 30, 2025, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. The primary risks of CRE lending are:

Current wording

As of March 31, 2026, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. Some key risks associated with CRE lending are the following:

Previous wording

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s tier I capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of September 30, 2025 and December 31, 2024:

Current wording

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s Tier 1 capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of March 31, 2026 and December 31, 2025:

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 $5.0 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.

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 $2.9 million and $3.4 million at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025, forward contracts were recorded as an asset of $7.5 million and a liability of $2.8 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 $5.4 million and $7.4 million at March 31, 2026 and December 31, 2025, respectively, and a liability of $5.7 million and $7.6 million at March 31, 2026 and December 31, 2025, respectively.

Previous 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.

Current wording

Total deposits at the Company increased $260.7 million, or 1.2%, to $22.64 billion at March 31, 2026, compared with $22.38 billion at December 31, 2025. Noninterest-bearing deposits increased $322.8 million, or 5.0%, and interest-bearing deposits decreased $62.1 million, or 0.4%, during the first three months of 2026. At March 31, 2026, the Company had approximately $1.34 billion in short-term brokered CDs, compared with $1.20 billion at December 31, 2025. As of March 31, 2026 and December 31, 2025, the Company had estimated uninsured deposits of $10.56 billion and $10.67 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.31 billion, or 31.4%, of the uninsured deposits at March 31, 2026 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 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.

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 March 31, 2026, an aggregate of $115.7 million, or 1,514,198 shares of the Company's common stock, had been repurchased under the program's October 20, 2025 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 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.

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 March 31, 2026 and December 31, 2025, the net carrying value of the Company’s other borrowings was $888.0 million and $558.0 million, respectively. At March 31, 2026, the Company had availability with the FHLB and FRB Discount Window of $2.75 billion and $2.19 billion, respectively.