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, 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.

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

Current wording

Ameris reported net income available to common shareholders of $116.1 million, or $1.73 per diluted share, for the quarter ended September 30, 2026, compared with $106.0 million, or $1.54 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 1.61% and 11.15%, respectively, in the third quarter of 2026, compared with 1.56% and 10.61%, respectively, in the third 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 second 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 third quarter of 2026 and 2025, respectively:

Previous 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.

Current wording

On a tax-equivalent basis, net interest income for the third quarter of 2026 was $258.6 million, an increase of $19.7 million, or 8.25%, compared with $238.9 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 $1.55 billion, or 6.23%, from $24.96 billion in the third quarter of 2025 to $26.51 billion for the third 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 third quarter of 2026 was 3.87%, up seven basis points from 3.80% reported in the third quarter of 2025. Loan production amounted to $6.1 billion during the third quarter of 2026, with weighted average yields of 6.23%, compared with $5.4 billion and 6.77%, respectively, during the third quarter of 2025.

Previous 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.

Current wording

Total interest income, on a tax-equivalent basis, increased to $375.5 million during the third quarter of 2026, compared with $356.0 million in the same quarter of 2025. Yields on earning assets decreased to 5.62% during the third quarter of 2026, compared with 5.66% reported in the third quarter of 2025. During the third quarter of 2026, loans comprised 85.8% of average earning assets, compared with 87.1% inthe same quarter of 2025. Yields on loans decreased to 5.84% during thethird quarter of 2026, compared with 5.87% in the third quarter of 2025. Yields on taxable investment securities increased to 4.38% in the third quarter of 2026, compared with 4.04% in the same period of 2025.

Previous 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.

Current wording

The yield on interest-bearing deposits decreased from 2.82% in the third quarter of 2025 to 2.58% in the third quarter of 2026. The yield on total interest-bearing liabilities decreased from 2.94% in the third quarter of 2025 to 2.69% in the third quarter of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.94% in the third quarter of 2026, compared with 2.05%during the third quarter of 2025. Deposit costs decreased from 1.94% in the third quarter of 2025 to 1.82% in the third quarter of 2026. Non-deposit funding costs decreased from 5.44% in the third quarter of 2025 to 4.40% in the third quarter of 2026.

Previous 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.

Current wording

The Company’s provision for credit losses during the third quarter of 2026 amounted to$12.6 million, compared with $22.6 million in the third quarter of 2025. The provision for credit losses for the third quarter of 2026 was comprised of a provision of$13.3 million related to loans, negative$727,000 related to unfunded commitments and negative$1,000 related to other credit losses, respectively, compared with $11.2 million related to loans, $11.4 million related to unfunded commitments and$8,000 related to other credit losses for the third quarter of 2025. The increase in the provision for credit losses on loans is primarily attributable to the updated economic forecast, an increase in net charge-offs and organic loan growth. The decrease in the provision for unfunded commitments primarily resulted from relatively stable levels of unfunded commitments in thethird quarter of 2026, compared with increases in unfunded commitments and expected funding rates during thethird quarter of 2025. Non-performing assets as a percentage of total assets increased ten basis points to 0.54% at September 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 $32.1 million, resulting from one construction and development loan moved to nonaccrual and an increase of $14.5 million in nonaccrual GNMA-guaranteed mortgage loans, which present minimal loss exposure to the Company. The Company recognized net charge-offs on loans during the third quarter of 2026 of $10.5 million, or 0.19% ofaverage loans on an annualized basis, compared with net charge-offs of $7.4 million, or 0.14%, in the third quarter of 2025. The Company’s total allowance for credit losses on loans at September 30, 2026 was $362.3 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 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.

Current wording

Total noninterest income for the third quarter of 2026 was $64.2 million, a decrease of $12.1 million, or 15.9%, from the $76.3 million reported in the third quarter of 2025. Income from mortgage banking activities was$29.2 million in the third quarter of 2026, a decrease of$11.4 million, or 28.1%, from $40.7 million in the third quarter of 2025. Total production in the third quarter of 2026 amounted to $994.4 million, compared with$1.09 billion in the same quarter of 2025, while gain on sale spread decreased to 2.09%in the third quarter of 2026, compared with 2.20% in the same quarter of 2025. The retail mortgage open pipeline finished the third quarter of 2026 at $439.9 million, compared with $609.3 million at June 30, 2026 and$787.2 million at the end of the third quarter of 2025.

Previous 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.

Current wording

Service charges on deposit accounts increased $141,000, or 1.0%, to $14.1 millionin the third quarter of 2026, compared with $13.9 million in the third quarter of 2025. The increase in service charges on deposit accounts was primarily attributable to growth in deposits. Income from equipment finance activity increased $1.5 million, or 16.9%, to $10.4 million for the third quarter of 2026, compared with$8.9 million during the third quarter of 2025. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income decreased $874,000, or 8.6%, to $9.2 million for the third quarter of 2026, compared with $10.1 million during the third quarter of 2025. The decrease in other noninterest income was primarily attributable to decreases in derivative fee income and gain on sale of SBA loans of $1.3 million and $109,000, respectively, partially offset by an increase in BOLI income, inclusive of gain on proceeds, of $680,000.

Previous 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.

Current wording

Total noninterest expense for the third quarter of 2026 increased $4.2 million, or 2.7%, to $158.7 million, compared with $154.6 million in the same quarter 2025. Salaries and employee benefits decreased $618,000, or 0.7%, from $90.9 million in the third quarter of 2025 to $90.3 million in the third quarter of 2026, due primarily to a decrease in mortgage commissions. Data processing and communication expenses increased $1.0 million, or 6.5%, to $17.1 millionin the third quarter of 2026, compared with $16.1 million in the third quarter of 2025, with the increase primarily resulting from an increase in volume and continued technology investment. Advertising and marketing expense was$3.2 million in the third quarter of 2026, compared with $3.4 million in the third quarter of 2025. Amortization of intangible assets decreased $935,000, or 24.1%, from $3.9 million in the third quarter of 2025 to$2.9 million in the third quarter of 2026. This decrease was primarily related to a reduction in core deposit and customer relationship intangible amortization. Loan servicing expenses decreased $1.1 million, or 13.0%, from $8.1 million in the third quarter of 2025 to$7.1 million in the third 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 was $2.3 million, compared with no such accrual in the third quarter of the previous year, related primarily to an employment case litigated in California.

Previous wording

Compared with thesecond quarter of 2025, legal and other professional fees and occupancy and equipment expenses increased $2.5 million and $1.2 million, respectively, while FDIC insurance and credit resolution expenses increased $538,000 and $141,000, respectively. Other noninterest expenses increased $282,000, or 1.8%, from$15.6 million in the second quarter of 2025 to$15.8 million in the second quarter of 2026.

Current wording

Compared with the third quarter of 2025, legal and other professional fees and occupancy and equipment expenses increased $780,000 and $1.0 million, respectively. FDIC insurance increased $1.0 million while credit resolution expenses decreased $591,000 in the third quarter of 2026 when compared to the same period of 2025. Other noninterest expenses increased $1.4 million, or 11.1%, from $12.8 million in the third quarter of 2025 to $14.2 million in the third quarter of 2026, primarily due to an increase in donations, partially offset by a natural disaster expense recovery of $683,000.

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 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.

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 2026, the Company reported income tax expense of$34.4 million, compared with $31.0 million in the same period of 2025. The Company’s effective tax rate for the three months ended September 30, 2026 and 2025 was 22.9% and 22.6%, respectively. The increase in the effective rate for the three months ended September 30, 2026 is primarily related to an increase in pre-tax income and nondeductible compensation expenses.

Previous wording

Results of Operations for the Six Months Ended June 30, 2026 and 2025

Current wording

Results of Operations for the Nine Months Ended September 30, 2026 and 2025

Previous wording

Ameris reported net income available to common shareholders of $161.9 million, or $2.40 per diluted share, for the six months ended June 30, 2026, compared with $197.8 million, or $2.87 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 1.17% and 7.94%, respectively, in the six months ended June 30, 2026, compared with 1.51% and 10.41%, respectively, in the same period in 2025. Results for the first six months 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 first six months of 2025, the Company recorded a gain on sale of mortgage servicing rights of $342,000, a $40,000 gain on securities, and an $11,000 gain on BOLI proceeds.

Current wording

Ameris reported net income available to common shareholders of $278.0 million, or $4.13 per diluted share, for the nine months ended September 30, 2026, compared with $303.8 million, or $4.41 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 1.32% and 9.02%, respectively, in the nine months ended September 30, 2026, compared with 1.52% and 10.48%, respectively, in the same period in 2025. Results for the first nine months of 2026 include a litigation expense accrual of $84.2 million related to a jury verdict in an employment case in California, a $7.6 million gain on securities primarily related to the conversion of Visa Class B-2 shares and related gain on sale, a gain on BOLI proceeds of $1.5 million and an $683,000 natural disaster expense recovery. During the first nine months of 2025, results included a $1.6 million gain on securities, a pre-tax gain on sale of mortgage servicing rights of $467,000 and a pre-tax gain on BOLI proceeds of $401,000 and a pre-tax reduction in FDIC special assessment of $318,000.

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, 2026 and 2025, 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, 2026 and 2025, 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, 2026 and 2025. 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, 2026 and 2025. 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, 2026 was $498.8 million, an increase of $43.3 million, or 9.51%, compared with $455.5 million reported in the same period of 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 $1.45 billion, or 5.92%, from $24.49 billion in the first six months of 2025 to $25.94 billion for the first six months 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 six months of 2026 was 3.88%, an increase of 13 basis points from 3.75% reported for the first six months of 2025. Loan production amounted to $11.8 billion during the first six months of 2026, with weighted average yields of 6.17%, compared with $9.8 billion and 6.80%, respectively, during the first six months of 2025.

Current wording

On a tax-equivalent basis, net interest income for the nine months ended September 30, 2026 was $757.4 million, an increase of $63.0 million, or 9.07%, compared with $694.4 million reported in the same period of 2025. The increase in net interest income is primarily a result of growth in average earning assets, in addition to downward pricing adjustments on deposits as market rates decreased, partially offset by a decrease in asset yields. Average interest earning assets increased $1.48 billion, or 6.02%, from $24.65 billion in the first nine months of 2025 to $26.13 billion for the first nine months 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 nine months of 2026 was 3.88%, an increase of 11 basis points from 3.77% reported for the first nine months of 2025. Loan production amounted to $17.9 billion during the first nine months of 2026, with weighted average yields of 6.19%, compared with $15.1 billion and 6.79%, respectively, during the first nine months of 2025.

Previous wording

Total interest income, on a tax-equivalent basis, increased to$719.2 million during the six months ended June 30, 2026, compared with$683.3 million in the same period of 2025. Yields on earning assets decreased to 5.59% during the first six months of 2026, compared with 5.63% reported in the same period of 2025. During the first six months of 2026, loans comprised 86.3% of average earning assets, compared with 87.5% in the same period of 2025. Yields on loans were relatively flat, decreasing to 5.82% during the six months ended June 30, 2026, compared with 5.83% in the same period of 2025. Yields on taxable investment securities increased to 4.29% during the six months ended June 30, 2026, compared with 3.84% in the same period of 2025.

Current wording

Total interest income, on a tax-equivalent basis, increased to$1.09 billion during the nine months ended September 30, 2026, compared with$1.04 billion in the same period of 2025. Yields on earning assets decreased to 5.60% during the first nine months of 2026, compared with 5.64% reported in the same period of 2025. During the first nine months of 2026, loans comprised 86.2% of average earning assets, compared with 87.4% in the same period of 2025. Yields on loans decreased to 5.82% during the nine months ended September 30, 2026, compared with 5.85% in the same period of 2025. Yields on taxable investment securities increased to 4.32% during the nine months ended September 30, 2026, compared with 3.91% in the same period of 2025.

Previous wording

The yield on total interest-bearing liabilities decreased from 2.93% during the six months ended June 30, 2025 to 2.64% in the same period of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.89% in the first six months of 2026, compared with 2.06% during the same period of 2025. Deposit costs decreased from 1.96% in the first six months of 2025 to 1.76% in the same period of 2026. Non-deposit funding costs decreased from 5.63% in the first six months of 2025 to 4.36% in the same period of 2026.

Current wording

The yield on total interest-bearing liabilities decreased from 2.93% during the nine months ended September 30, 2025 to 2.66% in the same period of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.91% in the first nine months of 2026, compared with 2.06% during the same period of 2025. Deposit costs decreased from 1.95% in the first nine months of 2025 to 1.78% in the same period of 2026. Non-deposit funding costs decreased from 5.55% in the first nine months of 2025 to 4.37% in the same period of 2026.

Previous wording

The Company’s provision for credit losses during the six months ended June 30, 2026 amounted to $33.8 million, compared with $24.7 million in the six months ended June 30, 2025. This increase was primarily attributable to the updated economic forecast during the first six months of 2026, organic loan growth and a shift in the loan mix. The provision for credit losses for the first six months of 2026 was comprised of $33.8 million related to loans,$22,000 related to unfunded commitments and negative$7,000 related to other credit losses, compared with $19.6 million related to loans, $5.0 million related to unfunded commitments and negative$3,000 related to other credit losses for the same period in 2025. Non-performing assets as a percentage of total assets increased from 0.44% at December 31, 2025 to 0.47% at June 30, 2026. 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. Net charge-offs on loans during the first six months of 2026 were $22.4 million, or 0.21% of average loans on an annualized basis, compared with approximately $16.1 million, or 0.16%, in the first six months 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.

Current wording

The Company’s provision for credit losses during the nine months ended September 30, 2026 amounted to$46.4 million, compared with $47.3 million in the nine months ended September 30, 2025. The provision for credit losses for the first nine months of 2026 was comprised of$47.1 million related to loans, negative$705,000 related to unfunded commitments and negative $8,000 related to other credit losses, compared with $30.8 million related to loans, $16.5 million related to unfunded commitments and$5,000 related to other credit losses for the same period in 2025. The increase in provision for credit losses on loans was primarily attributable to the updated economic forecast during the first nine months of 2026, organic loan growth and a shift in the loan mix. Non-performing assets as a percentage of total assets increased from 0.44% at December 31, 2025 to 0.54% at September 30, 2026. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $32.1 million. Net charge-offs on loans during the first nine months of 2026 were $32.9 million, or 0.20% of average loans on an annualized basis, compared with approximately$23.6 million, or 0.15%, in the first nine months of 2025. The Company’s total allowance for credit losses on loans at September 30, 2026 was$362.3 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 six months ended June 30, 2026 was $143.5 million, an increase of $10.5 million, or 7.9%, from the $132.9 million reported for the six months ended June 30, 2025. Net gains on securities increased to$7.4 million for the six months ended June 30, 2026, compared with a gain of $40,000 in the same period of 2025. This increase was primarily due to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion in the second quarter of 2026. Income from mortgage banking activities decreased $4.9 million, or 6.6%, from $74.5 million in the first six months of 2025 to $69.5 million in the same period of 2026. Total production in the first six months of 2026 amounted to$2.24 billion, compared with $2.20 billion in the same period of 2025, while gain on sale spread decreased to 2.06% during the six months ended June 30, 2026, compared with 2.20% in the same period of 2025. The retail mortgage open pipeline was$609.3 million at June 30, 2026, compared with $701.9 million at December 31, 2025 and $719.1 million at June 30, 2025.

Current wording

Total noninterest income for the nine months ended September 30, 2026 was $207.6 million, a decrease of $1.6 million, or 0.8%, from the $209.2 million reported for the nine months ended September 30, 2025. Net gains on securities increased to $7.6 million for the nine months ended September 30, 2026, compared with a gain of$1.6 million in the same period of 2025. This increase was primarily due to the conversion of Visa Class B-2 shares and related gain on sale. Income from mortgage banking activities decreased $16.4 million, or 14.2%, from $115.1 million in the first nine months of 2025 to $98.8 million in the same period of 2026. Total production in the first nine months of 2026 amounted to $3.23 billion, compared with $3.30 billion in the same period of 2025, while gain on sale spread decreased to 2.07% during the nine months ended September 30, 2026, compared with 2.20% in the same period of 2025. The retail mortgage open pipeline was $439.9 million at September 30, 2026, compared with $701.9 million at December 31, 2025 and $787.2 million at September 30, 2025.

Previous wording

Service charges on deposit accounts increased $1.1 million, or 4.1%, to $27.7 million during the first six months of 2026, compared with $26.6 million in the same period of 2025, primarily due to growth in deposits. Income from equipment finance activity increased $4.8 million, or 35.9%, to $18.0 million during the first six months of 2026, compared with $13.3 million during the same period of 2025 primarily due to increased non-insurance charges. Other noninterest income increased $2.4 million, or 14.9%, to $18.7 million for the first six months of 2026, compared with $16.3 million during the same period of 2025. The increase in other noninterest income was primarily attributable to an increase in BOLI income, inclusive of gain on proceeds, of $1.4 million and increases in derivative fee income of $674,000 and commercial interchange income of $567,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $537,000 and a decrease in gain on sale of mortgage servicing rights of $342,000.

Current wording

Service charges on deposit accounts increased $1.2 million, or 3.1%, to $41.8 million during the first nine months of 2026, compared with $40.6 million in the same period of 2025, primarily due to growth in deposits. Income from equipment finance activity increased $6.3 million, or 28.3%, to $28.4 million during the first nine months of 2026, compared with $22.1 million during the same period of 2025 primarily due to increased non-insurance charges. Other noninterest income increased $1.5 million, or 5.9%, to $27.9 million for the first nine months of 2026, compared with $26.4 million during the same period of 2025. The increase in other noninterest income was primarily attributable to an increase in BOLI income, inclusive of gain on proceeds, of $2.1 million and an increase in commercial card interchange income of $830,000, partially offset by decreases in derivative fee income of $635,000, gain on sale of SBA loans of $646,000 and gain on sale of mortgage servicing rights of $467,000.

Previous wording

Total noninterest expenses for the six months ended June 30, 2026 increased $93.5 million, or 30.5%, to $399.8 million, compared with $306.3 million in the same period of 2025. Salaries and employee benefits increased $6.9 million, or 3.9%, from $175.9 million in the first six months of 2025 to $182.9 million in the same period of 2026, due primarily to health insurance costs, annual merit increases and share-based compensation, partially offset by a decrease in employee incentives. Occupancy and equipment expenses increased $2.1 million, or 9.5%, to $24.2 million in the first six months of 2026 from $22.1 million reported in the same period of 2025, primarily driven by increases in depreciation expense and building repairs and maintenance. Data processing and communications expenses increased $2.1 million, or 7.1%, to $32.4 million in the first six months of 2026, from $30.2 million reported in the same period of 2025, primarily due to increases in volume and continued technology investment. Advertising and marketing expense was $6.7 million for the first six months of 2026, relatively flat when compared with$6.6 million for the same period of 2025. Amortization of intangible assets decreased $1.7 million, or 20.4%, from $8.2 million in the first six months of 2025 to $6.5 million in the first six months of 2026. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan serv icing expenses decreased $1.1 million, or 7.2%, from $15.7 million in the first six months of 2025 to $14.6 million in the same period 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 $81.4 million to $82.6 million in the first six months of 2026, compared with $1.2 million in the same period of 2025, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California. Compared with thefirst six months of 2025, legal and other professional fees increased$3.8 million, primarily related to defense costs for the California employment case noted above.

Current wording

Total noninterest expenses for the nine months ended September 30, 2026 increased $97.7 million, or 21.2%, to $558.5 million, compared with $460.9 million in the same period of 2025. Salaries and employee benefits increased $6.3 million, or 2.4%, from $266.9 million in the first nine months of 2025 to $273.2 million in the same period of 2026, due primarily to health insurance costs, annual merit increases and share-based compensation, partially offset by a decrease in employee incentives. Occupancy and equipment expenses increased $3.2 million, or 9.4%, to $36.8 million in the first nine months of 2026 from $33.6 million reported in the same period of 2025, primarily driven by increases in depreciation expense and building repairs and maintenance. Data processing and communications expenses increased $3.2 million, or 6.9%, to $49.5 million in the first nine months of 2026, from $46.3 million reported in the same periodof 2025, primarily due to increases in volume and continued technology investment. Advertising and marketing expense was $10.0 million for the first nine months of 2026, unchanged when compared with $10.0 million for the same period of 2025. Amortization of intangible assets decreased $2.6 million, or 21.6%, from $12.1 million in the first nine months of 2025 to $9.5 million in the first nine months of 2026. This decrease was primarily related to a reduction in core deposit and customer relationship intangible amortization. Loan servicing expenses decreased $2.2 million, or 9.2%, from $23.9 million in the first nine months of 2025 to $21.7 million in the same period 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 $83.7 million to $84.9 million in the first nine months of 2026, compared with $1.2 million in the same period of 2025, due primarily to a jury verdict in an employment case in California. Compared with the first nine months of 2025, legal and other professional fees increased $4.6 million, primarily related to defense costs incurred in the employment case litigated in California.

Previous wording

Other noninterest expenses decreased $366,000, or 1.2%, from $30.9 million in the first six months of 2025 to $30.5 million in the same period of 2026, due primarily to decreases in deposit and debit card losses of $1.7 million, partially offset by an increase in tax and license expense of $1.2 million.

Current wording

Other noninterest expenses increased $1.1 million, or 2.4%, from $43.7 million in the first nine months of 2025 to $44.7 million in the same period of 2026, due primarily to increases in tax and license expense of $1.2 million and donations of $481,000, partially offset by a natural disaster expense recovery of $683,000 that did not occur in the same period of 2025.

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, 2026, the Company reported income tax expense of $44.8 million, compared with $57.9 million in the same period of 2025. The Company’s effective tax rate for the six months ended June 30, 2026 and 2025 was 21.7% and 22.6%, respectively. The decrease in the effective tax rate is primarily a result of increased tax benefit related to share-based compensation and a reduction in state tax rates.

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, 2026, the Company reported income tax expenseof $79.3 million, compared with $88.9 million in the same period of 2025. The Company’s effective tax rate for the nine months ended September 30, 2026 and 2025 was 22.2% and 22.6%, respectively. The decrease in the effective tax rate is primarily a result of increased tax benefit related to share-based compensation and a reduction in state tax rates.

Previous 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.

Current wording

At September 30, 2026, gross loans outstanding (including loans and loans held for sale) were $22.75 billion, an increase of $612.8 million from $22.14 billion at December 31, 2025. Loans increased $837.5 million, or 3.9%, from $21.51 billion at December 31, 2025 to $22.35 billion at September 30, 2026. Loans held for sale decreased from $623.2 million at December 31, 2025 to $398.5 million at September 30, 2026 primarily in our mortgage division.

Previous 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.

Current wording

At the end of the third quarter of 2026, the ACL on loans totaled $362.3 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 $141.2 million at September 30, 2026. For the first nine months of 2026, our net charge-off ratio as a percentage of average loans increased to 0.20%, compared with 0.15% for the first nine months of 2025. The total provision for credit losses for the first nine months of 2026 was $46.4 million, compared with a provision of $47.3 million recorded for the first nine months of 2025. Our ratio of total nonperforming assets to total assets increased ten basis points from 0.44% at December 31, 2025 to 0.54% at September 30, 2026. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $32.1 million, resulting from one construction and development loan moved to nonaccrual and an increase of $14.5 million in nonaccrual GNMA-guaranteed mortgage loans, which present minimal loss exposure to the Company.

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, 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 nine months ended September 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 one basis point of Investor CRE loans at June 30, 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 four basis points of Investor CRE loans at September 30, 2026.

Previous 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.

Current wording

Nonaccrual loans totaled $141.2 million at September 30, 2026, an increase of $32.1 million, or 29.5%, from $109.1 million at December 31, 2025. Accruing loans delinquent 90 days or more totaled $8.6 million at September 30, 2026, an increase of $113,000, or 1.3%, compared with $8.5 million at December 31, 2025. At September 30, 2026, OREO totaled $4.1 million, an increase of $1.2 million, or 42.2%, 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 third quarter of 2026, total non-performing assets as a percent of total assets was up ten basis points from 0.44% at December 31, 2025 to 0.54% at September 30, 2026.

Previous 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.

Current wording

(1)Included in nonaccrual loans were $38.8 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at September 30, 2026 and December 31, 2025, respectively.

Previous wording

(1)total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a tier I capital plus allowance for credit losses on loans and leases; or

Current wording

(1)total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a bank's Tier I capital plus allowance for credit losses on loans and leases; or

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 $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.

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 $163,000 and $3.4 million at September 30, 2026 and December 31, 2025, respectively. At September 30, 2026 and December 31, 2025, forward contracts were recorded as an asset of $15.1 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 $20.8 million and $7.4 million at September 30, 2026 and December 31, 2025, respectively, and a liability of $20.6 million and $7.6 million at September 30, 2026 and December 31, 2025, respectively.

Previous 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.

Current wording

Total deposits at the Company increased $531.0 million, or 2.4%, to $22.91 billion at September 30, 2026, compared with $22.38 billion at December 31, 2025. Noninterest-bearing deposits increased $269.0 million, or 4.2%, and interest-bearing deposits increased $262.0 million, or 1.6%, during the first nine months of 2026. At September 30, 2026, the Company had approximately $1.65 billion in short-term brokered CDs, compared with $1.20 billion at December 31, 2025. As of September 30, 2026 and December 31, 2025, the Company had estimated uninsured deposits of $10.61 billion and $10.67 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.37 billion, or 31.7%, of the uninsured deposits at September 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 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.

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 October 2025 extension also including the increase in the size of the program to $200.0 million. The Board's most recent extension, which was announced on October 22, 2026, provides for share repurchases up to $200.0 million from October 16, 2026 through October 31, 2027. 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, 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 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 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.

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, 2026 and December 31, 2025, the net carrying value of the Company’s other borrowings was $928.0 million and $558.0 million, respectively. At September 30, 2026, the Company had availability with the FHLB and FRB Discount Window of $2.59 billion and $2.58 billion, respectively.