Ameris Bancorp Announces First Quarter 2026 Financial Results

Ameris Bancorp Announces First Quarter 2026 Financial Results ATLANTA--( BUSINESS WIRE)--Ameris Bancorp (NYSE: ABCB) (the “Company” or “Ameris”) today reported net income 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 quarter ended March 31, 2025.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “First quarter was a strong start to the year with our performance metrics continuing to outpace the broader industry. Our ROA expanded to 1.62%, our return on average tangible common equity grew to 14.75% and our margin expanded 3 basis points to 3.88% for the first quarter. The continued focus on expenses across the Company resulted in an efficiency ratio just under 50% despite some seasonal headwinds. Growth was robust with annualized revenue growth in the high single digits and annualized loan and deposit growth in the mid-single digits. We were more active in our share repurchase program, buying back almost $75 million of our common stock in the quarter or approximately 1.4% of our outstanding equity. Overall, another solid quarter from Ameris with our focus remaining on profitably growing our franchise across our attractive Southeast markets.”

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $245.4 million in the first quarter of 2026, a decrease of $903,000, or 0.4%, from last quarter and an increase of $22.6 million, or 10.2%, compared with the first quarter of 2025. The Company's average earning assets increased during the quarter by $265.2 million, or 4.2% annualized, primarily due to an increase of $311.9 million in average portfolio loans outstanding and an increase of $99.7 million in the average balance of investment securities, partially offset by a decrease in average loans held for sale of $142.1 million.

The Company's net interest margin expanded to 3.88% for the first quarter of 2026, a three-basis point increase from 3.85% reported for the fourth quarter of 2025 and a 15-basis point improvement from the 3.73% reported for the first quarter of 2025.

Yields on earning assets decreased four basis points during the quarter to 5.57%, compared with 5.61% in the fourth quarter of 2025. This decrease is primarily related to a two-basis point decrease in yield on portfolio loans outstanding during the first quarter of 2026.

The Company’s total cost of funds decreased seven basis points to 1.88% in the first quarter of 2026, compared with 1.95% in the fourth quarter of 2025, and improved 18 basis points compared with the first quarter of 2025. Deposit costs decreased 11 basis points during the first quarter of 2026 to 1.76%, compared with 1.87% in the fourth quarter of 2025. Costs of interest-bearing deposits during the quarter were 2.50%, a decrease of 16 basis points compared with the fourth quarter of 2025.

Noninterest Income

Noninterest income increased $8.1 million, or 13.1%, in the first quarter of 2026 to $69.9 million, compared with $61.8 million for the fourth quarter of 2025. Mortgage banking activity increased $5.1 million, or 16.1%, to $37.0 million in the first quarter of 2026, compared with $31.9 million for the fourth quarter of 2025. Total production in the retail mortgage division seasonally decreased $128.4 million, or 10.6%, to $1.09 billion in the first quarter of 2026, compared with $1.22 billion for the fourth quarter of 2025. The retail mortgage open pipeline was $632.7 million at the end of the first quarter of 2026, compared with $701.9 million for the fourth quarter of 2025. Gain on sale spreads decreased to 2.08% in the first quarter of 2026 from 2.20% for the fourth quarter of 2025. Other noninterest income increased $2.8 million, or 44.4%, in the first quarter of 2026 to $9.1 million, compared with $6.3 million for the fourth quarter of 2025. This increase is primarily due to a $1.1 million loss on the sale of mortgage servicing rights and a $910,000 servicing right impairment in the fourth quarter of 2025, both of which did not recur in the current quarter, and an $837,000 increase in gain on sale of SBA loans in the first quarter of 2026 compared with the fourth quarter of 2025.

Noninterest Expense

Noninterest expense increased $14.0 million, or 9.8%, to $157.1 million during the first quarter of 2026, compared with $143.1 million for the fourth quarter of 2025. The increase was primarily driven by cyclical increases in payroll tax and 401(k) expenses totaling $4.9 million, an increase in incentives of $4.3 million, an increase in advertising and marketing expenses of $1.3 million, an increase of $1.1 million in FDIC assessment expense and an increase in donations of $1.0 million. Management continues to deliver high performing operating efficiency, with an efficiency ratio of 49.97% in the first quarter of 2026, compared with 46.59% in the fourth quarter of 2025 and 52.83% in the first quarter of 2025.

Income Tax Expense

The Company's effective tax rate for the first quarter of 2026 was 21.5%, compared with 23.2% for the fourth quarter of 2025. The decreased rate resulted primarily from the excess benefit of share-based compensation awards that vested during the first quarter of 2026.

Balance Sheet Trends

Total assets at March 31, 2026 were $28.11 billion, compared with $27.52 billion at December 31, 2025. During the first quarter of 2026, loans, net of unearned income, increased by $314.5 million, or 5.9% annualized, compared with $21.51 billion at December 31, 2025. Unfunded commitments increased $298.7 million during the first quarter of 2026, due to strong production in construction and warehouse lending during the quarter. Loans held for sale decreased to $496.6 million at March 31, 2026 from $623.2 million at December 31, 2025. Debt securities available-for-sale amounted to $2.35 billion, compared with $2.21 billion at December 31, 2025.

At March 31, 2026, total deposits amounted to $22.64 billion, compared with $22.38 billion at December 31, 2025. During the first quarter of 2026, deposits grew $260.7 million, with noninterest-bearing accounts increasing $322.8 million, interest-bearing demand accounts increasing $168.1 million, brokered CDs increasing $143.9 million and savings accounts increasing $9.0 million. Such increases were offset by decreases in money market accounts of $330.5 million and retail CDs of $52.7 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at March 31, 2026, noninterest-bearing deposit accounts represented $6.75 billion, or 29.8% of total deposits, compared with $6.43 billion, or 28.7% of total deposits, at December 31, 2025.

Shareholders’ equity at March 31, 2026 totaled $4.08 billion, an increase of $6.1 million, or 0.1%, from December 31, 2025. The increase in shareholders’ equity was primarily the result of earnings of $110.5 million during the first quarter of 2026, largely offset by dividends declared, share repurchases and a decrease in accumulated other comprehensive income of $9.8 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share (1) increased $0.61 per share, or 5.6% annualized, during the first quarter of 2026 to $44.79 at March 31, 2026. Tangible common equity as a percentage of tangible assets was 11.15% at March 31, 2026, compared with 11.37% at the end of 2025. The Company repurchased 950,400 shares of its common stock in the quarter ending March 31, 2026.

Credit Quality

During the first quarter of 2026, the Company recorded a provision for credit losses of $16.6 million, compared with a provision of $23.0 million in the fourth quarter of 2025. The allowance for credit losses on loans was 1.62% of loans at March 31, 2026, unchanged from the end of 2025. Nonperforming assets as a percentage of total assets increased one basis point to 0.45% during the quarter. Approximately $34.5 million, or 27.0%, of the nonperforming assets at March 31, 2026 were GNMA-guaranteed mortgage loans, which present minimal loss exposure for the Company. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets decreased two basis points to 0.33% at March 31, 2026, compared with 0.35% at the end of the fourth quarter of 2025. The net charge-off ratio was 21 basis points for the first quarter of 2026, compared with 26 basis points for the fourth quarter of 2025.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, April 24, 2026, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until May 1, 2026. To listen to the replay, dial 1-855-669-9658. The conference replay access code is 4888731. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates financial centers in five southeastern states and also serves consumer and business customers nationwide through select lending channels. Ameris manages $28.1 billion in assets as of March 31, 2026, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on management's opinions only as of the date hereof and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behavior of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements except as required by law.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Financial Highlights

Table 1

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2026

2025

EARNINGS

Net income

110,492

108,356

106,029

109,834

87,935

Adjusted net income (1)

110,492

108,838

104,040

109,444

88,012

COMMON SHARE DATA

Earnings per share available to common shareholders

Basic

1.64

1.59

1.55

1.60

1.28

Diluted

1.63

1.59

1.54

1.60

1.27

Adjusted diluted EPS (1)

1.63

1.59

1.52

1.59

1.27

Cash dividends per share

0.20

Book value per share (period end)

60.64

59.92

58.56

57.02

55.49

Tangible book value per share (period end) (1)

44.79

44.18

42.90

41.32

39.78

Weighted average number of shares

Basic

67,540,444

68,022,346

68,401,737

68,594,608

68,785,458

Diluted

67,766,997

68,328,365

68,665,669

68,796,577

69,030,331

Period end number of shares

67,320,298

68,022,316

68,587,742

68,711,043

68,910,924

Market data

High intraday price

87.98

78.99

76.58

65.43

68.85

Low intraday price

73.20

68.80

64.30

48.27

55.32

Period end closing price

77.99

74.27

73.31

64.70

57.57

Average daily volume

558,814

448,341

435,766

416,355

430,737

PERFORMANCE RATIOS

Return on average assets

1.62

1.57

1.56

1.65

1.36

Adjusted return on average assets (1)

1.62

1.58

1.53

1.64

1.36

Return on average common equity

10.91

10.63

10.61

11.40

9.39

Adjusted return on average tangible common equity (1)

14.75

14.53

14.29

15.76

13.15

Earning asset yield (TE)

5.57

5.61

5.66

5.64

5.61

Total cost of funds

1.88

1.95

2.05

2.06

Net interest margin (TE)

3.88

3.85

3.80

3.77

3.73

Efficiency ratio

49.97

46.59

49.19

51.63

52.83

Adjusted efficiency ratio (1)

49.97

46.68

49.62

51.74

52.79

CAPITAL ADEQUACY (period end)

Shareholders' equity to assets

14.52

14.81

14.82

14.68

14.42

Tangible common equity to tangible assets (1)

11.15

11.37

11.31

11.09

10.78

OTHER DATA (period end)

Full time equivalent employees

Banking Division

2,023

2,043

2,068

2,036

2,045

Retail Mortgage Division

528

538

546

550

577

Warehouse Lending Division

Premium Finance Division

Total Ameris Bancorp FTE headcount

2,642

2,673

2,700

2,672

2,710

Branch locations

163

164

Deposits per branch location

138,876

137,276

135,537

133,736

133,612

(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Income Statement

Table 2

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2026

2025

Interest income

Interest and fees on loans

317,883

323,833

321,457

315,893

304,168

Interest on taxable securities

25,474

24,886

23,253

20,696

18,492

Interest on nontaxable securities

374

422

343

334

329

Interest on deposits in other banks

8,040

8,922

9,993

10,715

10,789

Total interest income

351,771

358,063

355,046

347,638

333,778

Interest expense

Interest on deposits

96,227

105,314

106,851

106,796

105,215

Interest on other borrowings

11,108

7,442

10,231

9,029

6,724

Total interest expense

107,335

112,756

117,082

115,825

111,939

Net interest income

244,436

245,307

237,964

231,813

221,839

Provision for loan losses

17,895

16,601

11,176

3,110

16,519

Provision for unfunded commitments

(1,338

)

6,348

11,446

(335

)

5,373

Provision for other credit losses

)

—

Provision for credit losses

16,551

22,950

22,630

2,772

21,892

Net interest income after provision for credit losses

227,885

222,357

215,334

229,041

199,947

Noninterest income

Service charges on deposit accounts

13,679

14,088

13,931

13,493

13,133

Mortgage banking activity

37,008

31,874

40,666

39,221

35,254

Other service charges, commissions and fees

1,027

1,102

1,124

1,158

1,109

Gain on securities

—

1,581

—

Equipment finance activity

9,086

8,434

8,858

6,572

6,698

Other noninterest income

9,120

6,317

10,114

8,467

7,789

Total noninterest income

69,920

61,827

76,274

68,911

64,023

Noninterest expense

Salaries and employee benefits

91,366

81,997

90,948

89,308

86,615

Occupancy and equipment

11,625

11,321

11,524

11,401

10,677

Data processing and communications expenses

16,793

16,236

16,058

15,366

14,855

Credit resolution-related expenses (1)

509

953

770

657

765

Advertising and marketing

3,296

1,984

3,377

3,745

2,883

Amortization of intangible assets

3,393

3,879

4,076

4,103

Loan servicing expenses

7,380

7,267

8,142

7,897

7,823

Other noninterest expenses

22,718

19,453

19,868

22,810

23,313

Total noninterest expense

157,080

143,090

154,566

155,260

151,034

Income before income tax expense

140,725

141,094

137,042

142,692

112,936

Income tax expense

30,233

32,738

31,013

32,858

25,001

Net income

110,492

108,356

106,029

109,834

87,935

Diluted earnings per common share

1.63

1.59

1.54

1.60

1.27

(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Period End Balance Sheet

Table 3

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Assets

Cash and due from banks

235,114

253,807

216,927

249,676

253,289

Interest-bearing deposits in banks

1,094,185

835,113

826,237

920,594

1,039,111

Debt securities available-for-sale, at fair value

2,353,396

2,207,173

2,131,671

1,871,298

1,943,011

Debt securities held-to-maturity, at amortized cost

202,550

203,242

202,581

176,487

173,757

Other investments

100,718

85,443

70,644

69,910

65,630

Loans held for sale

496,629

623,152

604,136

544,091

545,388

Loans, net of unearned income

21,827,980

21,513,522

21,258,374

21,041,497

20,706,644

Allowance for credit losses

(354,682

)

(348,141

)

(345,294

)

(341,567

)

(345,555

)

Loans, net

21,473,298

21,165,381

20,913,080

20,699,930

20,361,089

Other real estate owned

3,091

2,918

3,137

1,825

863

Premises and equipment, net

216,397

213,097

211,567

211,434

207,895

Goodwill

1,015,646

Other intangible assets, net

51,430

54,824

58,703

62,582

66,658

Cash value of bank owned life insurance

424,164

420,583

417,096

414,381

410,890

Other assets

443,317

435,500

428,404

442,299

431,713

Total assets

28,109,935

27,515,879

27,099,829

26,680,153

26,514,940

Liabilities

Deposits

Noninterest-bearing

6,748,976

6,426,145

6,757,233

6,800,519

6,744,781

Interest-bearing

15,887,764

15,949,850

15,470,845

15,132,156

15,167,628

Total deposits

22,636,740

22,375,995

22,228,078

21,932,675

21,912,409

Other borrowings

887,974

558,039

337,094

376,700

276,744

Subordinated deferrable interest debentures

134,801

134,302

133,804

133,306

132,807

Other liabilities

368,293

371,515

384,152

319,794

369,178

Total liabilities

24,027,808

23,439,851

23,083,128

22,762,475

22,691,138

Shareholders' Equity

Preferred stock

—

Common stock

73,252

72,898

72,900

72,897

72,885

Capital stock

1,973,881

1,971,131

1,968,124

1,964,896

1,961,732

Retained earnings

2,307,358

2,210,385

2,115,712

2,023,493

1,927,489

Accumulated other comprehensive income (loss), net of tax

(1,476

)

8,312

5,171

(6,886

)

(14,430

)

Treasury stock

(270,888

)

(186,698

)

(145,206

)

(136,722

)

(123,874

)

Total shareholders' equity

4,082,127

4,076,028

4,016,701

3,917,678

3,823,802

Total liabilities and shareholders' equity

28,109,935

27,515,879

27,099,829

26,680,153

26,514,940

Other Data

Earning assets

26,075,458

25,467,645

25,093,643

24,623,877

24,473,541

Intangible assets

1,067,076

1,070,470

1,074,349

1,078,228

1,082,304

Interest-bearing liabilities

16,910,539

16,642,191

15,941,743

15,642,162

15,577,179

Average assets

27,672,313

27,394,953

26,972,134

26,757,322

26,229,423

Average common shareholders' equity

4,107,670

4,044,338

3,964,207

3,865,031

3,798,149

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information

Table 4

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Allowance for Credit Losses

Balance at beginning of period

401,558

392,362

377,181

381,507

368,663

Provision for loan losses

17,895

16,601

11,176

3,110

16,519

Provision for unfunded commitments

(1,338

)

6,348

11,446

(335

)

5,373

Provision for other credit losses

)

—

Provision for credit losses

16,551

22,950

22,630

2,772

21,892

Charge-offs

17,527

19,575

13,631

14,227

15,383

Recoveries

6,173

5,821

6,182

7,129

6,335

Net charge-offs (recoveries)

11,354

13,754

7,449

7,098

9,048

Ending balance

406,755

401,558

392,362

377,181

381,507

Allowance for loan losses

354,682

348,141

345,294

341,567

345,555

Allowance for unfunded commitments

52,004

53,342

46,994

35,548

35,883

Allowance for other credit losses

Total allowance for credit losses

406,755

401,558

392,362

377,181

381,507

Non-Performing Assets

Nonaccrual portfolio loans

81,969

84,711

77,257

75,286

86,229

Other real estate owned

3,091

2,918

3,137

1,825

863

Repossessed assets

—

Accruing loans delinquent 90 days or more

8,230

8,492

9,325

8,415

14,930

Non-performing portfolio assets

93,294

96,125

89,722

85,528

102,022

Serviced GNMA-guaranteed mortgage nonaccrual loans

34,489

24,347

19,706

11,733

13,441

Total non-performing assets

127,783

120,472

109,428

97,261

115,463

Asset Quality Ratios

Non-performing portfolio assets as a percent of total assets

0.33

0.35

0.33

0.32

0.38

Total non-performing assets as a percent of total assets

0.45

0.44

0.40

0.36

0.44

Net charge-offs as a percent of average loans (annualized)

0.21

0.26

0.14

0.18

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Loans by Type

Commercial and industrial

3,400,837

3,288,505

3,299,269

3,184,211

3,075,971

Consumer

166,652

180,010

202,688

209,990

213,902

Mortgage warehouse

1,232,103

1,150,782

1,083,941

1,092,475

891,412

Municipal

420,775

434,234

437,823

436,759

429,227

Premium Finance

1,365,018

1,306,267

1,358,259

1,294,293

1,176,309

Real estate - construction and development

1,564,242

1,469,250

1,411,178

1,485,842

1,842,431

Real estate - commercial and farmland

9,364,885

9,311,405

9,054,927

8,877,750

8,574,626

Real estate - residential

4,313,468

4,373,069

4,410,289

4,460,177

4,502,766

Total loans

21,827,980

21,513,522

21,258,374

21,041,497

20,706,644

Loans by Risk Grade

Pass

21,598,675

21,305,745

21,058,458

20,820,888

20,468,496

Other assets especially mentioned

49,359

39,709

37,236

66,677

73,783

Substandard

179,946

168,068

162,680

153,932

164,365

Total loans

21,827,980

21,513,522

21,258,374

21,041,497

20,706,644

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances

Table 6

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Earning Assets

Interest-bearing deposits in banks

879,724

884,149

883,976

951,851

980,164

Debt securities - taxable

2,532,669

2,432,934

2,282,470

2,117,596

1,998,226

Debt securities - nontaxable

45,241

45,237

44,823

41,299

41,391

Loans held for sale

616,530

758,588

706,679

730,770

565,531

Loans

21,590,793

21,278,859

21,038,350

20,928,825

20,620,777

Total Earning Assets

25,664,957

25,399,767

24,956,298

24,770,341

24,206,089

Deposits

Noninterest-bearing deposits

6,547,843

6,668,120

6,849,129

6,766,557

6,522,784

NOW accounts

4,195,369

4,052,397

3,900,999

3,939,802

3,988,458

MMDA

7,189,981

7,347,897

6,977,134

6,918,382

6,911,554

Savings accounts

760,258

754,439

756,383

766,331

767,148

Retail CDs

2,268,935

2,325,456

2,344,084

2,393,402

2,436,974

Brokered CDs

1,221,181

1,249,020

1,070,735

1,145,043

962,768

Total Deposits

22,183,567

22,397,329

21,898,464

21,929,517

21,589,686

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

871,128

423,669

443,243

326,054

149,537

Other borrowings

9,899

9,920

169,994

193,492

193,494

Subordinated deferrable interest debentures

134,537

134,041

133,541

133,043

132,544

Total Non-Deposit Funding

1,015,565

567,630

746,779

652,589

475,575

Total Funding

23,199,132

22,964,959

22,645,243

22,582,106

22,065,261

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Interest Income

Interest-bearing deposits in banks

8,040

8,922

9,993

10,715

10,789

Debt securities - taxable

25,474

24,886

23,253

20,696

18,492

Debt securities - nontaxable (TE)

473

535

434

423

416

Loans held for sale

9,000

11,233

11,237

11,578

9,045

Loans (TE)

309,732

313,467

311,082

305,154

295,964

Total Earning Assets

352,719

359,043

355,999

348,566

334,706

Interest Expense

Interest-Bearing Deposits

NOW accounts

18,106

18,508

18,230

18,144

18,306

MMDA

46,737

52,455

54,657

53,469

52,261

Savings accounts

679

734

813

826

830

Retail CDs

18,958

20,567

21,253

21,852

23,245

Brokered CDs

11,747

13,050

11,898

12,505

10,573

Total Interest-Bearing Deposits

96,227

105,314

106,851

106,796

105,215

Non-Deposit Funding

FHLB advances

8,179

4,347

4,863

3,508

1,362

Other borrowings

159

169

2,328

2,499

2,350

Subordinated deferrable interest debentures

2,770

2,926

3,040

3,022

3,012

Total Non-Deposit Funding

11,108

7,442

10,231

9,029

6,724

Total Interest-Bearing Funding

107,335

112,756

117,082

115,825

111,939

Net Interest Income (TE)

245,384

246,287

238,917

232,741

222,767

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields (1)

Table 8

Three Months Ended

Mar

Dec

Sep

Jun

Mar

2026

2025

Earning Assets

Interest-bearing deposits in banks

3.71

4.00

4.48

4.52

4.46

Debt securities - taxable

4.08

4.06

4.04

3.92

3.75

Debt securities - nontaxable (TE)

4.24

4.69

3.84

4.11

4.08

Loans held for sale

5.92

5.87

6.31

6.35

6.49

Loans (TE)

5.82

5.84

5.87

5.85

5.82

Total Earning Assets

5.57

5.61

5.66

5.64

5.61

Interest-Bearing Deposits

NOW accounts

1.75

1.81

1.85

1.86

MMDA

2.64

2.83

3.11

3.10

3.07

Savings accounts

0.36

0.39

0.43

0.44

Retail CDs

3.39

3.51

3.60

3.66

3.87

Brokered CDs

3.90

4.15

4.41

4.38

4.45

Total Interest-Bearing Deposits

2.50

2.66

2.82

2.83

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

3.81

4.07

4.35

4.32

3.69

Other borrowings

6.51

6.76

5.43

5.18

4.93

Subordinated deferrable interest debentures

8.35

8.66

9.03

9.11

9.22

Total Non-Deposit Funding

4.44

5.20

5.44

5.55

5.73

Total Interest-Bearing Liabilities

2.61

2.74

2.94

2.92

Net Interest Spread

2.96

2.87

2.72

2.70

2.69

Net Interest Margin (2)

3.88

3.85

3.80

3.77

3.73

Total Cost of Funds (3)

1.88

1.95

2.05

2.06

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including noninterest-bearing deposits.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations

Adjusted Net Income

Table 9A

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2026

2025

Net income available to common shareholders

110,492

108,356

106,029

109,834

87,935

Adjustment items:

Loss (gain) on sale of MSR

—

1,127

(125

)

(356

)

Gain on securities

—

(12

)

(1,581

)

—

(40

)

Servicing right impairment (recovery)

—

910

—

Gain on BOLI proceeds

—

(220

)

(390

)

—

(11

)

FDIC special assessment

—

(1,136

)

(318

)

(138

)

138

Tax effect of adjustment items (Note 1)

—

(187

)

425

104

(24

)

After tax adjustment items

—

482

(1,989

)

(390

)

Adjusted net income

110,492

108,838

104,040

109,444

88,012

Weighted average number of shares - diluted

67,766,997

68,328,365

68,665,669

68,796,577

69,030,331

Net income per diluted share

1.63

1.59

1.54

1.60

1.27

Adjusted net income per diluted share

1.63

1.59

1.52

1.59

1.27

Average assets

27,672,313

27,394,953

26,972,134

26,757,322

26,229,423

Return on average assets

1.62

1.57

1.56

1.65

1.36

Adjusted return on average assets

1.62

1.58

1.53

1.64

1.36

Average common equity

4,107,670

4,044,338

3,964,207

3,865,031

3,798,149

Average tangible common equity

3,039,019

2,971,985

2,887,961

2,784,819

2,713,847

Return on average common equity

10.91

10.63

10.61

11.40

9.39

Return on average tangible common equity

14.75

14.46

14.57

15.82

13.14

Adjusted return on average tangible common equity

14.75

14.53

14.29

15.76

13.15

Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Adjusted Efficiency Ratio

Table 9B

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Adjusted Noninterest Expense

Total noninterest expense

157,080

143,090

154,566

155,260

151,034

Adjustment items:

FDIC special assessment

—

1,136

318

138

(138

)

Adjusted noninterest expense

157,080

144,226

154,884

155,398

150,896

Adjusted Total Revenue

Net interest income

244,436

245,307

237,964

231,813

221,839

Noninterest income

69,920

61,827

76,274

68,911

64,023

Total revenue

314,356

307,134

314,238

300,724

285,862

Adjustment items:

Gain on securities

—

(12

)

(1,581

)

—

(40

)

(Gain)/loss on sale of MSR

—

1,127

(125

)

(356

)

Gain on BOLI proceeds

—

(220

)

(390

)

—

(11

)

Servicing right impairment (recovery)

—

910

—

Adjusted total revenue

314,356

308,939

312,142

300,368

285,825

Efficiency ratio

49.97

46.59

49.19

51.63

52.83

Adjusted efficiency ratio

49.97

46.68

49.62

51.74

52.79

Tangible Book Value Per Share

Table 9C

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2026

2025

Total shareholders' equity

4,082,127

4,076,028

4,016,701

3,917,678

3,823,802

Less:

Goodwill

1,015,646

Other intangibles, net

51,430

54,824

58,703

62,582

66,658

Total tangible shareholders' equity

3,015,051

3,005,558

2,942,352

2,839,450

2,741,498

Period end number of shares

67,320,298

68,022,316

68,587,742

68,711,043

68,910,924

Book value per share (period end)

60.64

59.92

58.56

57.02

55.49

Tangible book value per share (period end)

44.79

44.18

42.90

41.32

39.78

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets ("TCE Ratio")

Table 9D

Mar

Dec

Sep

Jun

Mar

(dollars in thousands except per share data)

2026

2025

Total shareholders' equity

4,082,127

4,076,028

4,016,701

3,917,678

3,823,802

Less:

Goodwill

1,015,646

Other intangibles, net

51,430

54,824

58,703

62,582

66,658

Total tangible shareholders' equity

3,015,051

3,005,558

2,942,352

2,839,450

2,741,498

Total assets

28,109,935

27,515,879

27,099,829

26,680,153

26,514,940

Less:

Goodwill

1,015,646

Other intangibles, net

51,430

54,824

58,703

62,582

66,658

Total tangible assets

27,042,859

26,445,409

26,025,480

25,601,925

25,432,636

Equity to Assets

14.52

14.81

14.82

14.68

14.42

Tangible Common Equity to Tangible Assets

11.15

11.37

11.31

11.09

10.78

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting

Table 10

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Retail Mortgage Division

Net interest income

16,828

19,312

20,179

22,031

21,844

Provision for credit losses

3,074

(3,142

)

529

1,010

5,191

Noninterest income

36,316

30,056

40,081

37,726

34,729

Noninterest expense

Salaries and employee benefits

21,912

21,413

21,589

24,358

20,995

Occupancy and equipment expenses

649

754

760

811

829

Data processing and telecommunications expenses

1,224

1,315

1,232

1,391

1,297

Other noninterest expenses

12,532

11,547

12,480

12,496

11,963

Total noninterest expense

36,317

35,029

36,061

39,056

35,084

Income before income tax expense

13,753

17,481

23,670

19,691

16,298

Income tax expense

2,888

3,671

4,970

4,135

3,423

Net income

10,865

13,810

18,700

15,556

12,875

Warehouse Lending Division

Net interest income

7,594

7,430

7,474

7,091

5,902

Provision for credit losses

177

129

369

(175

)

Noninterest income

796

736

756

1,893

554

Noninterest expense

Salaries and employee benefits

544

556

566

618

552

Occupancy and equipment expenses

Data processing and telecommunications expenses

Other noninterest expenses

179

195

270

Total noninterest expense

766

812

825

780

867

Income before income tax expense

7,447

7,225

7,382

7,835

5,764

Income tax expense

1,564

1,517

1,550

1,646

1,210

Net income

5,883

5,708

5,832

6,189

4,554

Premium Finance Division

Net interest income

11,647

11,802

12,251

11,190

9,880

Provision for credit losses

1,447

926

461

716

456

Noninterest income

Noninterest expense

Salaries and employee benefits

2,664

2,446

2,492

2,331

2,352

Occupancy and equipment expenses

Data processing and telecommunications expenses

186

106

101

129

Other noninterest expenses

687

1,240

1,075

1,115

969

Total noninterest expense

3,575

3,829

3,707

3,573

3,487

Income before income tax expense

6,642

7,064

8,101

6,918

5,953

Income tax expense

1,384

1,450

1,669

1,410

1,214

Net income

5,258

5,614

6,432

5,508

4,739

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued)

Table 10

Three Months Ended

Mar

Dec

Sep

Jun

Mar

(dollars in thousands)

2026

2025

Banking Division

Net interest income

208,367

206,763

198,060

191,501

184,213

Provision for credit losses

11,853

25,037

21,617

677

16,420

Noninterest income

32,791

31,018

35,419

29,275

28,724

Noninterest expense

Salaries and employee benefits

66,246

57,582

66,301

62,001

62,716

Occupancy and equipment expenses

10,930

10,523

10,718

10,547

9,804

Data processing and telecommunications expenses

15,348

14,761

14,668

13,825

13,391

Other noninterest expenses

23,898

20,554

22,286

25,478

25,685

Total noninterest expense

116,422

103,420

113,973

111,851

111,596

Income before income tax expense

112,883

109,324

97,889

108,248

84,921

Income tax expense

24,397

26,100

22,824

25,667

19,154

Net income

88,486

83,224

75,065

82,581

65,767

Total Consolidated

Net interest income

244,436

245,307

237,964

231,813

221,839

Provision for credit losses

16,551

22,950

22,630

2,772

21,892

Noninterest income

69,920

61,827

76,274

68,911

64,023

Noninterest expense

Salaries and employee benefits

91,366

81,997

90,948

89,308

86,615

Occupancy and equipment expenses

11,625

11,321

11,524

11,401

10,677

Data processing and telecommunications expenses

16,793

16,236

16,058

15,366

14,855

Other noninterest expenses

37,296

33,536

36,036

39,185

38,887

Total noninterest expense

157,080

143,090

154,566

155,260

151,034

Income before income tax expense

140,725

141,094

137,042

142,692

112,936

Income tax expense

30,233

32,738

31,013

32,858

25,001

Net income

110,492

108,356

106,029

109,834

87,935

Category: Earnings