Ameris Bancorp Announces Third Quarter 2025 Financial Results

ATLANTA--( BUSINESS WIRE)--Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $106.0 million, or $1.54 per diluted share, for the quarter ended September 30, 2025, compared with $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024.

For the year-to-date period ending September 30, 2025, the Company reported net income of $303.8 million, or $4.41 per diluted share, compared with $264.3 million, or $3.83 per diluted share, for the same period in 2024.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our performance continues to be outstanding, with a third quarter return on assets of 1.56% and return on tangible common equity of 14.6%. Our focus on sustainable growth in both core deposits and tangible book value per share was again evident in the quarter. Deposits grew 5% annualized while our non-interest bearing deposit mix remained over 30%. Tangible book value grew by more than 15% annualized to almost $43 per share. Our net interest margin of 3.80% places us among the top performers across the industry. The efficiency ratio remained low, aided by approximately 18% annualized revenue growth. Given our robust capital levels and proven track record, we are well positioned to take advantage of the growth potential across our Southeast franchise in 2026 and beyond.”

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) grew to $238.9 million in the third quarter of 2025, an increase of $6.2 million, or 2.7%, from last quarter and an increase of $23.9 million, or 11.1%, compared with the third quarter of 2024. The Company's average earning assets increased during the quarter by $186.0 million, or 3.0% annualized, due to an increase of $168.4 million in the average balance of investment securities and an increase of $109.5 million in average portfolio loans outstanding.

The Company's net interest margin expanded to 3.80% for the third quarter of 2025, a three basis point increase from 3.77% reported for the second quarter of 2025 and a 29 basis point improvement from the 3.51% reported for the third quarter of 2024.

Yields on earning assets increased two basis points during the quarter to 5.66%, compared with 5.64% in the second quarter of 2025. This increase is primarily related to a 12 basis point increase in yield on taxable securities and a two basis point increase in yield on portfolio loans during the third quarter of 2025.

The Company’s total cost of funds decreased one basis point to 2.05% in the third quarter of 2025, compared with 2.06% in the second quarter of 2025, and improved 45 basis points compared with the third quarter of 2024. Deposit costs decreased one basis point during the third quarter of 2025 to 1.94%, compared with 1.95% in the second quarter of 2025. Costs of interest-bearing deposits during the quarter were 2.82%, a decrease of one basis point compared to the second quarter of 2025.

Noninterest Income

Noninterest income increased $7.4 million, or 10.7%, in the third quarter of 2025 to $76.3 million, compared with $68.9 million for the second quarter of 2025, driven primarily by increases of $2.3 million in equipment finance activity, $1.4 million in derivative fee income and a $1.6 million gain on the sale of securities. Mortgage banking activity increased $1.4 million, or 3.7%, to $40.7 million in the third quarter of 2025, compared with $39.2 million for the second quarter of 2025. Total production in the retail mortgage division decreased $173.2 million, or 13.7%, to $1.09 billion in the third quarter of 2025, compared with $1.27 billion for the second quarter of 2025. The retail mortgage open pipeline was $787.2 million at the end of the third quarter of 2025, compared with $719.1 million for the second quarter of 2025. Gain on sale spreads decreased to 2.20% in the third quarter of 2025 from 2.22% for the second quarter of 2025. Other noninterest income increased $1.6 million, or 19.5%, in the third quarter of 2025 to $10.1 million, compared with $8.5 million for the second quarter of 2025, primarily from derivative fee income.

Noninterest Expense

Noninterest expense decreased $694,000, or 0.4%, to $154.6 million during the third quarter of 2025, compared with $155.3 million for the second quarter of 2025. The decrease in noninterest expense primarily resulted from variable expenses tied to mortgage production levels. This decrease was partially offset by an increase in banking division expenses of $2.1 million driven by increases in incentive compensation and healthcare costs, offset by decreases in check card and fraud losses. Management continues to focus on operating efficiency, and the efficiency ratio improved to 49.19% in the third quarter of 2025, compared with 51.63% in the second quarter of 2025 and 53.49% in the third quarter of 2024.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2025 was 22.6%, compared with 23.0% for the second quarter of 2025. The decreased rate resulted primarily from a reduction in the impact of enacted state tax rate changes compared with the second quarter of 2025.

Balance Sheet Trends

Total assets at September 30, 2025 were $27.10 billion, compared with $26.68 billion at June 30, 2025 and $26.26 billion at December 31, 2024. During the third quarter of 2025, loans, net of unearned income, increased by $216.9 million, or 4.1% annualized, to end at $21.26 billion at September 30, 2025, compared with $21.04 billion at June 30, 2025 and $20.74 billion at December 31, 2024. Unfunded commitments increased $190.9 million during the third quarter of 2025, due to strong production during the quarter. Loans held for sale increased to $604.1 million at September 30, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale amounted to $2.13 billion, compared with $1.87 billion at June 30, 2025 and $1.67 billion at December 31, 2024.

At September 30, 2025, total deposits amounted to $22.23 billion, compared with $21.72 billion at December 31, 2024. During the third quarter of 2025, deposits grew $295.4 million, with money market accounts increasing $242.1 million, brokered CDs increasing $66.7 million and interest-bearing demand accounts increasing $58.8 million. Such increases were offset by decreases in noninterest-bearing accounts of $43.3 million, retail CDs of $19.5 million, and savings accounts of $9.4 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at September 30, 2025, noninterest-bearing deposit accounts represented $6.76 billion, or 30.4% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024.

Shareholders’ equity at September 30, 2025 totaled $4.02 billion, an increase of $265.2 million, or 7.1%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $303.8 million during the first nine months of 2025 and an improvement in other comprehensive income of $35.3 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share (1) increased $4.31 per share, or 14.9% annualized, during the first nine months of 2025 to $42.90 at September 30, 2025. Tangible common equity as a percentage of tangible assets was 11.31% at September 30, 2025, compared with 10.59% at the end of 2024. The Company repurchased 125,900 shares of its common stock in the quarter ending September 30, 2025.

Subordinated Debt

The Company redeemed its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 in full on the September 1, 2025 interest payment date. These notes, which totaled $74 million outstanding, bore interest at 8.22% and were redeemed at par.

On October 1, 2025, the Company redeemed in full its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030, which totaled $110 million outstanding, at par.

Share Repurchase Program

On October 20, 2025, the Company announced its board of directors authorized the Company to repurchase up to $200 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2026, will be made, if at all, 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. The board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31, 2025 and under which the Company has repurchased $36.3 million of its outstanding common stock in the past 12 months.

Credit Quality

During the third quarter of 2025, the Company recorded a provision for credit losses of $22.6 million, compared with a provision of $2.8 million in the second quarter of 2025. Approximately $11.4 million, or 50.6% of the provision expense, was related to the increased unfunded commitments at September 30, 2025. The allowance for credit losses on loans was 1.62% of loans at September 30, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets increased four basis points to 0.40% during the quarter. Approximately $19.7 million, or 18.0%, of the nonperforming assets at September 30, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased one basis point to 0.33% at September 30, 2025, compared with 0.32% at the end of the second quarter of 2025. The net charge-off ratio was 14 basis points for the third quarter of 2025, unchanged from the second quarter of 2025.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, October 28, 2025, 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 November 4, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 9368487. 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 $27.1 billion in assets as of September 30, 2025, 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 current expectations 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, 2024 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.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Financial Highlights

Table 1

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2025

2024

2025

2024

EARNINGS

Net income

106,029

109,834

87,935

94,376

99,212

303,798

264,309

Adjusted net income (1)

105,289

109,444

88,044

95,078

95,187

302,777

251,562

COMMON SHARE DATA

Earnings per share available to common shareholders

Basic

1.55

1.60

1.28

1.37

1.44

4.43

3.84

Diluted

1.54

1.60

1.27

1.37

1.44

4.41

3.83

Adjusted diluted EPS (1)

1.53

1.59

1.28

1.38

4.40

3.64

Cash dividends per share

0.20

0.15

0.60

0.45

Book value per share (period end)

58.56

57.02

55.49

54.32

53.30

58.56

53.30

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

42.90

41.32

39.78

38.59

37.51

42.90

37.51

Weighted average number of shares

Basic

68,401,737

68,594,608

68,785,458

68,799,464

68,798,093

68,592,529

68,811,727

Diluted

68,665,669

68,796,577

69,030,331

69,128,946

69,066,298

68,830,787

69,031,666

Period end number of shares

68,587,742

68,711,043

68,910,924

69,068,609

69,067,019

68,587,742

69,067,019

Market data

High intraday price

76.58

65.43

68.85

74.56

65.40

76.58

65.40

Low intraday price

64.30

48.27

55.32

59.12

48.21

48.27

44.00

Period end closing price

73.31

64.70

57.57

62.57

62.39

73.31

62.39

Average daily volume

435,766

416,355

430,737

384,406

379,896

427,673

362,808

PERFORMANCE RATIOS

Return on average assets

1.56

1.65

1.36

1.42

1.49

1.52

1.36

Adjusted return on average assets (1)

1.55

1.64

1.36

1.43

1.52

1.30

Return on average common equity

10.61

11.40

9.39

10.09

10.91

10.48

9.98

Adjusted return on average tangible common equity (1)

14.46

15.76

13.16

14.37

14.99

14.48

13.77

Earning asset yield (TE)

5.66

5.64

5.61

5.67

5.81

5.64

5.80

Total cost of funds

2.05

2.06

2.22

2.50

2.06

2.46

Net interest margin (TE)

3.80

3.77

3.73

3.64

3.51

3.77

3.53

Efficiency ratio

49.19

51.63

52.83

52.26

53.49

51.16

53.52

Adjusted efficiency ratio (TE) (1)

49.47

51.58

52.62

51.82

54.25

51.18

54.61

CAPITAL ADEQUACY (period end)

Shareholders' equity to assets

14.82

14.68

14.42

14.28

13.94

14.82

13.94

Tangible common equity to tangible assets (1)

11.31

11.09

10.78

10.59

10.24

11.31

10.24

OTHER DATA (period end)

Full time equivalent employees

Banking Division

2,068

2,036

2,045

2,021

2,056

2,068

2,056

Retail Mortgage Division

546

550

577

585

592

546

592

Warehouse Lending Division

Premium Finance Division

Total Ameris Bancorp FTE headcount

2,700

2,672

2,710

2,691

2,733

2,700

2,733

Branch locations

164

Deposits per branch location

135,537

133,736

133,612

132,454

133,410

135,537

133,410

(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

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2025

2024

2025

2024

Interest income

Interest and fees on loans

321,457

315,893

304,168

318,843

325,622

941,518

946,679

Interest on taxable securities

23,253

20,696

18,492

15,923

15,555

62,441

45,595

Interest on nontaxable securities

343

334

329

337

336

1,006

1,001

Interest on deposits in other banks

9,993

10,715

10,789

11,260

13,633

31,497

38,646

Total interest income

355,046

347,638

333,778

346,363

355,146

1,036,462

1,031,921

Interest expense

Interest on deposits

106,851

106,796

105,215

115,556

129,698

318,862

369,117

Interest on other borrowings

10,231

9,029

6,724

8,986

11,388

25,984

35,435

Total interest expense

117,082

115,825

111,939

124,542

141,086

344,846

404,552

Net interest income

237,964

231,813

221,839

221,821

214,060

691,616

627,369

Provision for loan losses

11,176

3,110

16,519

12,657

6,313

30,805

57,184

Provision for unfunded commitments

11,446

(335

)

5,373

148

(204

)

16,484

(11,196

)

Provision for other credit losses

)

—

)

Provision for credit losses

22,630

2,772

21,892

12,808

6,107

47,294

45,985

Net interest income after provision for credit losses

215,334

229,041

199,947

209,013

207,953

644,322

581,384

Noninterest income

Service charges on deposit accounts

13,931

13,493

13,133

13,544

12,918

40,557

37,349

Mortgage banking activity

40,666

39,221

35,254

36,699

37,947

115,141

123,776

Other service charges, commissions and fees

1,124

1,158

1,109

1,182

1,163

3,391

3,576

Gain (loss) on securities

1,581

—

(16

)

1,621

12,320

Equipment finance activity

8,858

6,572

6,698

5,947

5,398

22,128

15,717

Other noninterest income

10,114

8,467

7,789

11,603

12,291

26,370

31,560

Total noninterest income

76,274

68,911

64,023

68,959

69,709

209,208

224,298

Noninterest expense

Salaries and employee benefits

90,948

89,308

86,615

87,810

88,700

266,871

259,831

Occupancy and equipment

11,524

11,401

10,677

11,624

11,716

33,602

37,160

Data processing and communications expenses

16,058

15,366

14,855

14,631

15,221

46,279

45,068

Credit resolution-related expenses (1)

770

657

765

1,271

(110

)

2,192

1,216

Advertising and marketing

3,377

3,745

2,883

2,730

3,959

10,005

10,205

Amortization of intangible assets

3,879

4,076

4,103

4,180

12,058

13,009

Other noninterest expenses

28,010

30,707

31,136

29,703

28,111

89,853

89,356

Total noninterest expense

154,566

155,260

151,034

151,949

151,777

460,860

455,845

Income before income tax expense

137,042

142,692

112,936

126,023

125,885

392,670

349,837

Income tax expense

31,013

32,858

25,001

31,647

26,673

88,872

85,528

Net income

106,029

109,834

87,935

94,376

99,212

303,798

264,309

Diluted earnings per common share

1.54

1.60

1.27

1.37

1.44

4.41

3.83

(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

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

Assets

Cash and due from banks

216,927

249,676

253,289

244,980

231,515

Interest-bearing deposits in banks

826,237

920,594

1,039,111

975,397

1,127,641

Debt securities available-for-sale, at fair value

2,131,671

1,871,298

1,943,011

1,671,260

1,441,552

Debt securities held-to-maturity, at amortized cost

202,581

176,487

173,757

164,677

161,220

Other investments

70,644

69,910

65,630

66,298

63,899

Loans held for sale

604,136

544,091

545,388

528,599

553,379

Loans, net of unearned income

21,258,374

21,041,497

20,706,644

20,739,906

20,964,981

Allowance for credit losses

(345,294

)

(341,567

)

(345,555

)

(338,084

)

(334,457

)

Loans, net

20,913,080

20,699,930

20,361,089

20,401,822

20,630,524

Other real estate owned

3,137

1,825

863

2,433

9,482

Premises and equipment, net

211,567

211,434

207,895

209,460

210,931

Goodwill

1,015,646

Other intangible assets, net

58,703

62,582

66,658

70,761

74,941

Cash value of bank owned life insurance

417,096

414,381

410,890

408,574

460,699

Other assets

428,404

442,299

431,713

502,143

418,353

Total assets

27,099,829

26,680,153

26,514,940

26,262,050

26,399,782

Liabilities

Deposits

Noninterest-bearing

6,757,233

6,800,519

6,744,781

6,498,293

6,670,320

Interest-bearing

15,470,845

15,132,156

15,167,628

15,224,155

15,208,945

Total deposits

22,228,078

21,932,675

21,912,409

21,722,448

21,879,265

Other borrowings

337,094

376,700

276,744

291,788

346,446

Subordinated deferrable interest debentures

133,804

133,306

132,807

132,309

131,811

Other liabilities

384,152

319,794

369,178

363,983

360,892

Total liabilities

23,083,128

22,762,475

22,691,138

22,510,528

22,718,414

Shareholders' Equity

Preferred stock

—

Common stock

72,900

72,897

72,885

72,699

72,698

Capital stock

1,968,124

1,964,896

1,961,732

1,958,642

1,954,532

Retained earnings

2,115,712

2,023,493

1,927,489

1,853,428

1,772,989

Accumulated other comprehensive income (loss), net of tax

5,171

(6,886

)

(14,430

)

(30,119

)

(15,724

)

Treasury stock

(145,206

)

(136,722

)

(123,874

)

(103,128

)

(103,127

)

Total shareholders' equity

4,016,701

3,917,678

3,823,802

3,751,522

3,681,368

Total liabilities and shareholders' equity

27,099,829

26,680,153

26,514,940

26,262,050

26,399,782

Other Data

Earning assets

25,093,643

24,623,877

24,473,541

24,146,137

24,312,672

Intangible assets

1,074,349

1,078,228

1,082,304

1,086,407

1,090,587

Interest-bearing liabilities

15,941,743

15,642,162

15,577,179

15,648,252

15,687,202

Average assets

26,972,134

26,757,322

26,229,423

26,444,894

26,442,984

Average common shareholders' equity

3,964,207

3,865,031

3,798,149

3,719,888

3,618,052

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information

Table 4

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

2025

2024

Allowance for Credit Losses

Balance at beginning of period

377,181

381,507

368,663

364,885

366,852

368,663

348,727

Provision for loan losses

11,176

3,110

16,519

12,657

6,313

30,805

57,184

Provision for unfunded commitments

11,446

(335

)

5,373

148

(204

)

16,484

(11,196

)

Provision for other credit losses

)

—

)

Provision for credit losses

22,630

2,772

21,892

12,808

6,107

47,294

45,985

Charge-offs

13,631

14,227

15,383

17,460

15,352

43,241

50,654

Recoveries

6,182

7,129

6,335

8,430

7,278

19,646

20,827

Net charge-offs (recoveries)

7,449

7,098

9,048

9,030

8,074

23,595

29,827

Ending balance

392,362

377,181

381,507

368,663

364,885

392,362

364,885

Allowance for loan losses

345,294

341,567

345,555

338,084

334,457

345,294

334,457

Allowance for unfunded commitments

46,994

35,548

35,883

30,510

30,362

46,994

30,362

Allowance for other credit losses

Total allowance for credit losses

392,362

377,181

381,507

368,663

364,885

392,362

364,885

Non-Performing Assets

Nonaccrual portfolio loans

77,257

75,286

86,229

90,206

87,339

77,257

87,339

Other real estate owned

3,137

1,825

863

2,433

9,482

3,137

9,482

Repossessed assets

—

Accruing loans delinquent 90 days or more

9,325

8,415

14,930

17,733

12,234

9,325

12,234

Non-performing portfolio assets

89,722

85,528

102,022

110,381

109,074

89,722

109,074

Serviced GNMA-guaranteed mortgage nonaccrual loans

19,706

11,733

13,441

12,012

8,168

19,706

8,168

Total non-performing assets

109,428

97,261

115,463

122,393

117,242

109,428

117,242

Asset Quality Ratios

Non-performing portfolio assets as a percent of total assets

0.33

0.32

0.38

0.42

0.41

0.33

0.41

Total non-performing assets as a percent of total assets

0.40

0.36

0.44

0.47

0.44

0.40

0.44

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

0.14

0.18

0.17

0.15

0.19

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

Loans by Type

Commercial and industrial

3,299,269

3,184,211

3,075,971

2,953,135

2,949,957

Consumer

202,688

209,990

213,902

221,735

221,201

Mortgage warehouse

1,083,941

1,092,475

891,412

965,053

985,910

Municipal

437,823

436,759

429,227

441,408

449,561

Premium Finance

1,358,259

1,294,293

1,176,309

1,155,614

1,246,452

Real estate - construction and development

1,411,178

1,485,842

1,842,431

1,998,506

2,232,114

Real estate - commercial and farmland

9,054,927

8,877,750

8,574,626

8,445,958

8,249,981

Real estate - residential

4,410,289

4,460,177

4,502,766

4,558,497

4,629,805

Total loans

21,258,374

21,041,497

20,706,644

20,739,906

20,964,981

Loans by Risk Grade

Pass

21,058,458

20,820,888

20,468,496

20,457,340

20,676,342

Other assets especially mentioned

37,236

66,677

73,783

110,936

124,479

Substandard

162,680

153,932

164,365

171,630

164,160

Total loans

21,258,374

21,041,497

20,706,644

20,739,906

20,964,981

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances

Table 6

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

2025

2024

Earning Assets

Interest-bearing deposits in banks

883,976

951,851

980,164

899,162

997,308

938,312

940,548

Debt securities - taxable

2,282,470

2,117,596

1,998,226

1,761,984

1,733,418

2,133,805

1,665,902

Debt securities - nontaxable

44,823

41,299

41,391

41,494

41,496

42,517

41,393

Loans held for sale

706,679

730,770

565,531

795,904

575,461

668,177

463,680

Loans

21,038,350

20,928,825

20,620,777

20,868,216

21,023,629

20,864,180

20,722,659

Total Earning Assets

24,956,298

24,770,341

24,206,089

24,366,760

24,371,312

24,646,991

23,834,182

Deposits

Noninterest-bearing deposits

6,849,129

6,766,557

6,522,784

6,684,851

6,622,952

6,714,016

6,528,572

NOW accounts

3,900,999

3,939,802

3,988,458

3,888,404

3,753,528

3,942,766

3,802,501

MMDA

6,977,134

6,918,382

6,911,554

6,864,265

6,508,770

6,935,931

6,238,615

Savings accounts

756,383

766,331

767,148

761,980

765,909

763,248

781,072

Retail CDs

2,344,084

2,393,402

2,436,974

2,474,804

2,478,875

2,391,146

2,429,505

Brokered CDs

1,070,735

1,145,043

962,768

1,057,808

1,493,352

1,059,911

1,347,836

Total Deposits

21,898,464

21,929,517

21,589,686

21,732,112

21,623,386

21,807,018

21,128,101

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

443,243

326,054

149,537

215,116

358,332

307,354

375,328

Other borrowings

169,994

193,492

193,494

279,961

298,073

185,574

304,554

Subordinated deferrable interest debentures

133,541

133,043

132,544

132,048

131,547

133,046

131,052

Total Non-Deposit Funding

746,779

652,589

475,575

627,125

787,952

625,974

810,934

Total Funding

22,645,243

22,582,106

22,065,261

22,359,237

22,411,338

22,432,992

21,939,035

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

2025

2024

Interest Income

Interest-bearing deposits in banks

9,993

10,715

10,789

11,260

13,633

31,497

38,646

Debt securities - taxable

23,253

20,696

18,492

15,923

15,555

62,441

45,595

Debt securities - nontaxable (TE)

434

423

416

427

426

1,273

1,267

Loans held for sale

11,237

11,578

9,045

11,853

9,142

31,860

22,679

Loans (TE)

311,082

305,154

295,964

307,852

317,358

912,200

926,612

Total Earning Assets

355,999

348,566

334,706

347,315

356,114

1,039,271

1,034,799

Interest Expense

Interest-Bearing Deposits

NOW accounts

18,230

18,144

18,306

19,099

20,535

54,680

62,129

MMDA

54,657

53,469

52,261

57,160

61,620

160,387

173,905

Savings accounts

813

826

830

850

960

2,469

2,930

Retail CDs

21,253

21,852

23,245

25,610

26,775

66,350

77,062

Brokered CDs

11,898

12,505

10,573

12,837

19,808

34,976

53,091

Total Interest-Bearing Deposits

106,851

106,796

105,215

115,556

129,698

318,862

369,117

Non-Deposit Funding

FHLB advances

4,863

3,508

1,362

2,393

4,443

9,733

14,188

Other borrowings

2,328

2,499

2,350

3,346

3,514

7,177

10,967

Subordinated deferrable interest debentures

3,040

3,022

3,012

3,247

3,431

9,074

10,280

Total Non-Deposit Funding

10,231

9,029

6,724

8,986

11,388

25,984

35,435

Total Interest-Bearing Funding

117,082

115,825

111,939

124,542

141,086

344,846

404,552

Net Interest Income (TE)

238,917

232,741

222,767

222,773

215,028

694,425

630,247

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields (1)

Table 8

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

2025

2024

2025

2024

Earning Assets

Interest-bearing deposits in banks

4.48

4.52

4.46

4.98

5.44

4.49

5.49

Debt securities - taxable

4.04

3.92

3.75

3.60

3.57

3.91

3.66

Debt securities - nontaxable (TE)

3.84

4.11

4.08

4.09

4.08

4.00

4.09

Loans held for sale

6.31

6.35

6.49

5.92

6.32

6.38

6.53

Loans (TE)

5.87

5.85

5.82

5.87

6.01

5.85

5.97

Total Earning Assets

5.66

5.64

5.61

5.67

5.81

5.64

5.80

Interest-Bearing Deposits

NOW accounts

1.85

1.86

1.95

2.18

1.85

2.18

MMDA

3.11

3.10

3.07

3.31

3.77

3.09

3.72

Savings accounts

0.43

0.44

0.50

0.43

0.50

Retail CDs

3.60

3.66

3.87

4.12

4.30

3.71

4.24

Brokered CDs

4.41

4.38

4.45

4.83

5.28

4.41

5.26

Total Interest-Bearing Deposits

2.82

2.83

3.06

3.44

2.82

3.38

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

4.35

4.32

3.69

4.43

4.93

4.23

5.05

Other borrowings

5.43

5.18

4.93

4.75

4.69

5.17

4.81

Subordinated deferrable interest debentures

9.03

9.11

9.22

9.78

10.38

9.12

10.48

Total Non-Deposit Funding

5.44

5.55

5.73

5.70

5.75

5.55

5.84

Total Interest-Bearing Liabilities

2.94

2.92

3.16

3.55

2.93

3.51

Net Interest Spread

2.72

2.70

2.69

2.51

2.26

2.71

2.29

Net Interest Margin (2)

3.80

3.77

3.73

3.64

3.51

3.77

3.53

Total Cost of Funds (3)

2.05

2.06

2.22

2.50

2.06

2.46

(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

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2025

2024

2025

2024

Net income available to common shareholders

106,029

109,834

87,935

94,376

99,212

303,798

264,309

Adjustment items:

Gain on sale of MSR

(125

)

(356

)

(536

)

(5,245

)

(467

)

(9,958

)

Gain on conversion of Visa Class B-1 stock

—

(12,554

)

Gain on BOLI proceeds

(390

)

—

(11

)

—

(401

)

(1,464

)

FDIC special assessment

(318

)

(138

)

138

(559

)

—

(318

)

2,014

Natural disaster expenses

—

400

150

—

150

Loss on disposition of bank premises

—

1,203

—

Tax effect of adjustment items (Note 1)

104

(32

)

(107

)

1,070

165

4,273

After tax adjustment items

(740

)

(390

)

109

401

(4,025

)

(1,021

)

(17,539

)

Tax expense attributable to BOLI restructuring

—

301

—

4,792

Adjusted net income

105,289

109,444

88,044

95,078

95,187

302,777

251,562

Weighted average number of shares - diluted

68,665,669

68,796,577

69,030,331

69,128,946

69,066,298

68,830,787

69,031,666

Net income per diluted share

1.54

1.60

1.27

1.37

1.44

4.41

3.83

Adjusted net income per diluted share

1.53

1.59

1.28

1.38

4.40

3.64

Average assets

26,972,134

26,757,322

26,229,423

26,444,894

26,442,984

26,655,680

25,899,617

Return on average assets

1.56

1.65

1.36

1.42

1.49

1.52

1.36

Adjusted return on average assets

1.55

1.64

1.36

1.43

1.52

1.30

Average common equity

3,964,207

3,865,031

3,798,149

3,719,888

3,618,052

3,876,404

3,537,559

Average tangible common equity

2,887,961

2,784,819

2,713,847

2,631,452

2,525,421

2,796,180

2,440,619

Return on average common equity

10.61

11.40

9.39

10.09

10.91

10.48

9.98

Return on average tangible common equity

14.57

15.82

13.14

14.27

15.63

14.53

14.47

Adjusted return on average tangible common equity

14.46

15.76

13.16

14.37

14.99

14.48

13.77

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 (TE)

Table 9B

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

2025

2024

Adjusted Noninterest Expense

Total noninterest expense

154,566

155,260

151,034

151,949

151,777

460,860

455,845

Adjustment items:

FDIC special assessment

318

138

(138

)

559

—

318

(2,014

)

Natural disaster expenses

—

(400

)

(150

)

—

(150

)

Loss on disposition of bank premises

—

(1,203

)

—

Adjusted noninterest expense

154,884

155,398

150,896

150,905

151,627

461,178

453,681

Total Revenue

Net interest income

237,964

231,813

221,839

221,821

214,060

691,616

627,369

Noninterest income

76,274

68,911

64,023

68,959

69,709

209,208

224,298

Total revenue

314,238

300,724

285,862

290,780

283,769

900,824

851,667

Adjusted Total Revenue

Net interest income (TE)

238,917

232,741

222,767

222,773

215,028

694,425

630,247

Noninterest income

76,274

68,911

64,023

68,959

69,709

209,208

224,298

Total revenue (TE)

315,191

301,652

286,790

291,732

284,737

903,633

854,545

Adjustment items:

(Gain) loss on securities

(1,581

)

—

(40

)

(1,621

)

(12,320

)

Gain on sale of MSR

(125

)

(356

)

(536

)

(5,245

)

(467

)

(9,958

)

Gain on BOLI proceeds

(390

)

—

(11

)

—

(401

)

(1,464

)

Adjusted total revenue (TE)

313,095

301,296

286,753

291,212

279,500

901,144

830,803

Efficiency ratio

49.19

51.63

52.83

52.26

53.49

51.16

53.52

Adjusted efficiency ratio (TE)

49.47

51.58

52.62

51.82

54.25

51.18

54.61

Tangible Book Value Per Share

Table 9C

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2025

2024

2025

2024

Total shareholders' equity

4,016,701

3,917,678

3,823,802

3,751,522

3,681,368

4,016,701

3,681,368

Less:

Goodwill

1,015,646

Other intangibles, net

58,703

62,582

66,658

70,761

74,941

58,703

74,941

Total tangible shareholders' equity

2,942,352

2,839,450

2,741,498

2,665,115

2,590,781

2,942,352

2,590,781

Period end number of shares

68,587,742

68,711,043

68,910,924

69,068,609

69,067,019

68,587,742

69,067,019

Book value per share (period end)

58.56

57.02

55.49

54.32

53.30

58.56

53.30

Tangible book value per share (period end)

42.90

41.32

39.78

38.59

37.51

42.90

37.51

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

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

Table 9D

Sep

Jun

Mar

Dec

Sep

(dollars in thousands except per share data)

2025

2024

Total shareholders' equity

4,016,701

3,917,678

3,823,802

3,751,522

3,681,368

Less:

Goodwill

1,015,646

Other intangibles, net

58,703

62,582

66,658

70,761

74,941

Total tangible shareholders' equity

2,942,352

2,839,450

2,741,498

2,665,115

2,590,781

Total assets

27,099,829

26,680,153

26,514,940

26,262,050

26,399,782

Less:

Goodwill

1,015,646

Other intangibles, net

58,703

62,582

66,658

70,761

74,941

Total tangible assets

26,025,480

25,601,925

25,432,636

25,175,643

25,309,195

Equity to Assets

14.82

14.68

14.42

14.28

13.94

Tangible Common Equity to Tangible Assets

11.31

11.09

10.78

10.59

10.24

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting

Table 10

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

2025

2024

Retail Mortgage Division

Net interest income

20,179

22,031

21,844

23,714

23,553

64,054

70,582

Provision for credit losses

529

1,010

5,191

(2,503

)

254

6,730

(296

)

Noninterest income

40,081

37,726

34,729

36,623

41,498

112,536

130,408

Noninterest expense

Salaries and employee benefits

21,589

24,358

20,995

22,876

23,233

66,942

69,560

Occupancy and equipment expenses

760

811

829

951

957

2,400

3,014

Data processing and telecommunications expenses

1,232

1,391

1,297

1,222

1,184

3,920

3,826

Other noninterest expenses

12,480

12,496

11,963

12,118

12,164

36,939

38,091

Total noninterest expense

36,061

39,056

35,084

37,167

37,538

110,201

114,491

Income before income tax expense

23,670

19,691

16,298

25,673

27,259

59,659

86,795

Income tax expense

4,970

4,135

3,423

5,391

5,724

12,528

18,227

Net income

18,700

15,556

12,875

20,282

21,535

47,131

68,568

Warehouse Lending Division

Net interest income

7,474

7,091

5,902

6,640

7,812

20,467

20,132

Provision for credit losses

369

(175

)

(59

)

(170

)

217

334

Noninterest income

756

1,893

554

676

1,765

3,203

3,533

Noninterest expense

Salaries and employee benefits

566

618

552

583

621

1,736

2,633

Occupancy and equipment expenses

Data processing and telecommunications expenses

154

116

Other noninterest expenses

195

270

224

217

561

752

Total noninterest expense

825

780

867

857

876

2,472

3,521

Income before income tax expense

7,382

7,835

5,764

6,518

8,871

20,981

19,810

Income tax expense

1,550

1,646

1,210

1,369

1,863

4,406

4,160

Net income

5,832

6,189

4,554

5,149

7,008

16,575

15,650

Premium Finance Division

Net interest income

12,251

11,190

9,880

10,390

10,060

33,321

26,015

Provision for credit losses

461

716

456

517

457

1,633

366

Noninterest income

Noninterest expense

Salaries and employee benefits

2,492

2,331

2,352

2,029

2,212

7,175

6,165

Occupancy and equipment expenses

112

174

Data processing and telecommunications expenses

101

129

106

321

264

Other noninterest expenses

1,075

1,115

969

1,173

1,140

3,159

3,263

Total noninterest expense

3,707

3,573

3,487

3,359

3,463

10,767

9,866

Income before income tax expense

8,101

6,918

5,953

6,527

6,151

20,972

15,815

Income tax expense

1,669

1,410

1,214

1,334

1,254

4,293

3,191

Net income

6,432

5,508

4,739

5,193

4,897

16,679

12,624

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued)

Table 10

Three Months Ended

Nine Months Ended

Sep

Jun

Mar

Dec

Sep

(dollars in thousands)

2025

2024

2025

2024

Banking Division

Net interest income

198,060

191,501

184,213

181,077

172,635

573,774

510,640

Provision for credit losses

21,617

677

16,420

14,853

5,566

38,714

45,581

Noninterest income

35,419

29,275

28,724

31,647

26,435

93,418

90,325

Noninterest expense

Salaries and employee benefits

66,301

62,001

62,716

62,322

62,634

191,018

181,473

Occupancy and equipment expenses

10,718

10,547

9,804

10,616

10,725

31,069

33,952

Data processing and telecommunications expenses

14,668

13,825

13,391

13,259

13,922

41,884

40,862

Other noninterest expenses

22,286

25,478

25,685

24,369

22,619

73,449

71,680

Total noninterest expense

113,973

111,851

111,596

110,566

109,900

337,420

327,967

Income before income tax expense

97,889

108,248

84,921

87,305

83,604

291,058

227,417

Income tax expense

22,824

25,667

19,154

23,553

17,832

67,645

59,950

Net income

75,065

82,581

65,767

63,752

65,772

223,413

167,467

Total Consolidated

Net interest income

237,964

231,813

221,839

221,821

214,060

691,616

627,369

Provision for credit losses

22,630

2,772

21,892

12,808

6,107

47,294

45,985

Noninterest income

76,274

68,911

64,023

68,959

69,709

209,208

224,298

Noninterest expense

Salaries and employee benefits

90,948

89,308

86,615

87,810

88,700

266,871

259,831

Occupancy and equipment expenses

11,524

11,401

10,677

11,624

11,716

33,602

37,160

Data processing and telecommunications expenses

16,058

15,366

14,855

14,631

15,221

46,279

45,068

Other noninterest expenses

36,036

39,185

38,887

37,884

36,140

114,108

113,786

Total noninterest expense

154,566

155,260

151,034

151,949

151,777

460,860

455,845

Income before income tax expense

137,042

142,692

112,936

126,023

125,885

392,670

349,837

Income tax expense

31,013

32,858

25,001

31,647

26,673

88,872

85,528

Net income

106,029

109,834

87,935

94,376

99,212

303,798

264,309

Category: Earnings