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 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.

Current wording

The following is management’s discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of June 30, 2026, as compared with December 31, 2025, and operating results for the three and six month periods ended June 30, 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 $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.

Current wording

Ameris reported net income available to common shareholders of $51.4 million, or $0.77 per diluted share, for the quarter ended June 30, 2026, compared with $109.8 million, or $1.60 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 0.73% and 5.00%, respectively, in the second quarter of 2026, compared with 1.65% and 11.40%, respectively, in the second quarter of 2025. Results for the second quarter of 2026 include a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California, a $7.4 million gain on securities related to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion and a gain on BOLI proceeds of $846,000. During the second quarter of 2025, the Company recorded a gain on sale of mortgage servicing rights of $356,000 and a $138,000 reduction in FDIC special assessment expense.

Previous wording

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

Current wording

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

Previous 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.

Current wording

On a tax-equivalent basis, net interest income for the second quarter of 2026 was $253.4 million, an increase of $20.7 million, or 8.89%, compared with $232.7 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 $1.44 billion, or 5.81%, from $24.77 billion in the second quarter of 2025 to $26.21 billion for the second quarter of 2026. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth, partially offset by a decrease in loans held for sale. The Company’s net interest margin during the second quarter of 2026 was 3.88%, up 11 basis points from 3.77% reported in the second quarter of 2025. Loan production amounted to $6.2 billion during the second quarter of 2026, with weighted average yields of 6.20%, compared with $5.7 billion and 6.76%, respectively, during the second quarter of 2025.

Previous 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.

Current wording

Total interest income, on a tax-equivalent basis, increased to$366.5 million during the second quarter of 2026, compared with $348.6 million in the same quarter of 2025. Yields on earning assets decreased to 5.61% during the second quarter of 2026, compared with 5.64% reported in the second quarter of 2025. During the second quarter of 2026, loans comprised 86.1% of average earning assets, compared with 87.4% in the same quarter of 2025. Yields on loans decreased to 5.81% during thesecond quarter of 2026, compared with 5.85% in the second quarter of 2025. Yields on taxable investment securities increased to 4.48% in the second quarter of 2026, compared with 3.92% in the same period of 2025.

Previous 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.

Current wording

The yield on interest-bearing deposits decreased from 2.83% in the second quarter of 2025 to 2.52% in the second quarter of 2026. The yield on total interest-bearing liabilities decreased from 2.94% in the second quarter of 2025 to 2.66% in the second quarter of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.91% in the second quarter of 2026, compared with 2.06% during the second quarter of 2025. Deposit costs decreased from 1.95% in the second quarter of 2025 to 1.77% in the second quarter of 2026. Non-deposit funding costs decreased from 5.55% in the second quarter of 2025 to 4.29% in the second quarter of 2026.

Previous 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.

Current wording

The Company’s provision for credit losses during the second quarter of 2026 amounted to$17.3 million, compared with $2.8 million in the second quarter of 2025. The provision for credit losses for the second quarter of 2026 was comprised of a provision of$15.9 million related to loans,$1.4 million related to unfunded commitments and negative$1,000 related to other credit losses, respectively, compared with $3.1 million related to loans, negative$335,000 related to unfunded commitments and negative$3,000 related to other credit losses for the second 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 organic loan growth. The increase in the provision for unfunded commitments primarily resulted from an increase in unfunded commitments. Non-performing assets as a percentage of total assets increased three basis points to 0.47% at June 30, 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 $11.5 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $128,000. The Company recognized net charge-offs on loans during the second quarter of 2026 of $11.1 million, or 0.20% ofaverage loans on an annualized basis, compared with net charge-offs of $7.1 million, or 0.14%, in the second quarter of 2025. The Company’s total allowance for credit losses on loans at June 30, 2026 was $359.5 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 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.

Current wording

Total noninterest income for the second quarter of 2026 was$73.5 million, an increase of$4.6 million, or 6.7%, from the $68.9 million reported in the second quarter of 2025. Net gains on securities increased $7.4 million, primarily relating to the conversion of Visa Class B-2 shares during the quarter and related gain on sale and mark-to-market adjustments. Income from mortgage banking activities was$32.5 million in the second quarter of 2026, a decrease of$6.7 million, or 17.1%, from $39.2 million in the second quarter of 2025. Total production in the second quarter of 2026 amounted to $1.15 billion, compared with $1.27 billion in the same quarter of 2025, while gain on sale spread decreased to 2.04%in the second quarter of 2026, compared with 2.22% in the same quarter of 2025. The retail mortgage open pipeline finished the second quarter of 2026 at $609.3 million, compared with $632.7 million at March 31, 2026 and $719.1 million at the end of the second quarter of 2025.

Previous 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.

Current wording

Service charges on deposit accounts increased $551,000, or 4.1%, to$14.0 million in the second quarter of 2026, compared with $13.5 million in the second 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 36.2%, to $8.9 million for the second quarter of 2026, compared with$6.6 million during the second quarter of 2025. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income increased $1.1 million, or 12.9%, to$9.6 million for the second quarter of 2026, compared with $8.5 million during the second quarter of 2025. The increase in other noninterest income was primarily attributable to increases in BOLI income, inclusive of gain on proceeds, of $1.1 million, and increases in derivative fee income of $308,000 and commercial interchange income of $304,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $840,000.

Previous 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.

Current wording

Total noninterest expense for the second quarter of 2026 increased $87.5 million, or 56.3%, to$242.7 million, compared with $155.3 million in the same quarter 2025. Salaries and employee benefits increased $2.2 million, or 2.4%, from$89.3 million in the second quarter of 2025 to$91.5 million in the second quarter of 2026, due primarily to increases in health insurance costs, annual merit increases, share-based compensation and 401(k) contributions, partially offset by decreases in employee incentives and mortgage commissions. Data processing and communication expenses increased $205,000, or 1.3%, to $15.6 millionin the second quarter of 2026, compared with $15.4 million in the second quarter of 2025, with the increase primarily resulting from an increase in volume and continued technology investment. Advertising and marketing expense was$3.5 million in the second quarter of 2026, compared with $3.7 million in the second quarter of 2025. Amortization of intangible assets decreased $962,000, or 23.6%, from $4.1 million in the second quarter of 2025 to$3.1 million in the second quarter of 2026. This decrease was primarily related to a reduction in core deposit and customer relationship intangible amortization. Loan servicing expenses decreased $692,000, or 8.8%, from $7.9 million in the second quarter of 2025 to$7.2 million in the second 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. The Company's litigation accrual increased $82.4 million to $82.5 million, compared with $121,000 in the second quarter of the previous year, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California.

Previous wording

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the first quarter of 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.

Current wording

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the second quarter of 2026, the Company reported income tax expense of$14.6 million, compared with $32.9 million in the same period of 2025. The Company’s effective tax rate for the three months ended June 30, 2026 and 2025 was 22.1% and 23.0%, respectively. The decrease in the effective rate for the three months ended June 30, 2026 is primarily related to a decrease in state tax rates, net of federal benefit.

Previous 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.

Current wording

At June 30, 2026, gross loans outstanding (including loans and loans held for sale) were $22.66 billion, an increase of $523.4 million from $22.14 billion at December 31, 2025. Loans increased $664.3 million, or 3.1%, from $21.51 billion at December 31, 2025 to $22.18 billion at June 30, 2026. Loans held for sale decreased from $623.2 million at December 31, 2025 to $482.2 million at June 30, 2026 primarily in our mortgage division.

Previous 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.

Current wording

At the end of the second quarter of 2026, the ACL on loans totaled $359.5 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 $120.5 million at June 30, 2026. For the first six months of 2026, our net charge-off ratio as a percentage of average loans increased to 0.21%, compared with 0.16% for the first six months of 2025. The total provision for credit losses for the first six months of 2026 was $33.8 million, compared with a provision of $24.7 million recorded for the first six months of 2025. Our ratio of total nonperforming assets to total assets increased three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 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 three months ended March 31, 2026 and 2025:

Current wording

The following table presents an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs as of and for the six months ended June 30, 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 ten basis points of Investor CRE loans at March 31, 2026.

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 one basis point of Investor CRE loans at June 30, 2026.

Previous 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.

Current wording

Nonaccrual loans totaled $120.5 million at June 30, 2026, an increase of $11.5 million, or 10.5%, from $109.1 million at December 31, 2025. Accruing loans delinquent 90 days or more totaled $8.4 million at June 30, 2026, a decrease of $128,000, or 1.5%, compared with $8.5 million at December 31, 2025. At June 30, 2026, OREO totaled $4.0 million, an increase of $1.1 million, or 38.6%, 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 second quarter of 2026, total non-performing assets as a percent of total assets was up three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 2026.

Previous 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.

Current wording

(1)Included in nonaccrual loans were $33.7 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2026 and December 31, 2025, respectively.

Previous wording

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines CRE loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multi-family property and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

Current wording

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines CRE loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multifamily property and nonfarm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

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 $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.

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 $3.3 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026 and December 31, 2025, forward contracts were recorded as a liability of $483,000 and $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 $7.3 million and $7.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $7.4 million and $7.6 million at June 30, 2026 and December 31, 2025, respectively.

Previous 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.

Current wording

Total deposits at the Company increased $211.6 million, or 0.9%, to $22.59 billion at June 30, 2026, compared with $22.38 billion at December 31, 2025. Noninterest-bearing deposits increased $356.7 million, or 5.6%, and interest-bearing deposits decreased $145.2 million, or 0.9%, during the first six months of 2026. At June 30, 2026, the Company had approximately $1.52 billion in short-term brokered CDs, compared with $1.20 billion at December 31, 2025. As of June 30, 2026 and December 31, 2025, the Company had estimated uninsured deposits of $10.34 billion and $10.67 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.20 billion, or 30.9%, of the uninsured deposits at June 30, 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 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.

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 June 30, 2026, an aggregate of $134.6 million, or 1,740,798 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 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.

Current wording

Liquidity management involves the matching of the cash flow requirements of customers, who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs, and the ability of Ameris to manage those requirements. The Company strives to maintain an adequate liquidity position by managing the balances and maturities of interest-earning assets and interest-bearing liabilities so that the balance it has in short-term assets at any given time will adequately cover any reasonably anticipated immediate need for funds. Additionally, the Bank maintains relationships with correspondent banks, which could provide funds on short notice, if needed. The Company has invested in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is equal to 30% of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. At June 30, 2026 and December 31, 2025, the net carrying value of the Company’s other borrowings was $1.25 billion and $558.0 million, respectively. At June 30, 2026, the Company had availability with the FHLB and FRB Discount Window of $2.46 billion and $2.37 billion, respectively.