Ameris Bancorp Announces Fourth Quarter and Record Full Year 2025 Financial Results

ATLANTA--( BUSINESS WIRE)--Ameris Bancorp (NYSE: ABCB) (the "Company") today reported net income of $108.4 million, or $1.59 per diluted share, for the quarter ended December 31, 2025, compared with $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024.

For the year ended December 31, 2025, the Company reported net income of $412.2 million, or $6.00 per diluted share, compared with $358.7 million, or $5.19 per diluted share, for the same period in 2024. The increase in net income was primarily attributable to an increase in net interest income of $87.7 million, or 10.3%, over the same period.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, "We are proud of our fourth quarter performance and the strong finish to another successful year for Ameris. We remained disciplined and focused on core profitability and enhancing franchise value for our shareholders. This is highlighted by our strong ROA of 1.54%, profitable asset growth that drove margin expansion and positive operating leverage, all accomplished while growing tangible book value over 14% during the year. We reinvested in ourselves, utilizing our share buyback authorization to purchase over $77 million of our common stock in 2025. Given our proven track record and robust capital levels, we are well positioned to capitalize on the growth opportunity across our Southeast footprint going forward."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $246.3 million in the fourth quarter of 2025, an increase of $7.4 million, or 3.1%, from last quarter and $23.5 million, or 10.6%, compared with the fourth quarter of 2024. The Company's net interest margin expanded to 3.85% for the fourth quarter of 2025, a five basis point increase from 3.80% reported for the third quarter of 2025 and a 21 basis point improvement from the 3.64% reported for the fourth quarter of 2024. The increase in net interest margin is primarily attributable to decreased deposit costs and the redemptions of subordinated debt during the third and fourth quarters of 2025.

Net interest income on a tax-equivalent basis for the full year 2025 increased $87.7 million to $940.7 million, compared with $853.0 million for 2024. The increase in net interest income is primarily attributable to decreased yields on interest-bearing deposits compared with the prior year. Interest income on a tax-equivalent basis increased $16.2 million, while interest-bearing deposit funding costs decreased by $60.5 million and non-deposit funding costs decreased by $11.0 million. The Company's net interest margin was 3.79% for 2025, compared with 3.56% for 2024.

Yields on earning assets decreased five basis points during the quarter to 5.61%, compared with 5.66% in the third quarter of 2025. This decrease is primarily related to a decrease in yields on loans from 5.87% for the third quarter of 2025 to 5.84% during the fourth quarter of 2025. Compared with the fourth quarter of 2024, yields on earning assets decreased six basis points from 5.67%, and loan yields decreased three basis points from 5.87%.

The Company’s total cost of funds was 1.95% in the fourth quarter of 2025, a decrease of 10 and 27 basis points compared with the third quarter of 2025 and fourth quarter of 2024, respectively. Deposit costs decreased seven basis points during the fourth quarter of 2025 to 1.87%, compared with 1.94% in the third quarter of 2025. Costs of interest-bearing deposits decreased from 2.82% in the third quarter of 2025 to 2.66% in the fourth quarter of 2025, with average balance increases in NOW, money market, and brokered deposit accounts being offset by decreased costs across all deposit categories.

Noninterest Income

Noninterest income decreased $14.4 million, or 18.9%, in the fourth quarter of 2025 to $61.8 million, compared with $76.3 million for the third quarter of 2025. Mortgage banking activity decreased by $8.8 million, or 21.6%, to $31.9 million in the fourth quarter of 2025, compared with $40.7 million for the third quarter of 2025. Total production in the retail mortgage division increased $120.8 million, or 11.0%, to $1.22 billion in the fourth quarter of 2025, compared with $1.09 billion for the third quarter of 2025. The retail mortgage open pipeline was $701.9 million at the end of the fourth quarter of 2025, compared with $787.2 million for the third quarter of 2025. Gain on sale spreads were flat in the fourth quarter of 2025 compared with the third quarter of 2025, remaining at 2.20%. Additionally, gain on sale securities decreased $1.6 million in the fourth quarter of 2025 compared with the third quarter of 2025.

Other noninterest income decreased $3.8 million, or 37.5% in the fourth quarter of 2025 compared with the third quarter. Included in other noninterest income in the fourth quarter of 2025 was a loss on the sale of mortgage servicing rights of $1.1 million compared with a gain of $125,000 in the third quarter of 2025, a servicing right impairment of $910,000 that did not occur in the prior quarter, and losses of $9,000 and $1.0 million on the sale of SBA loans and debt redemption, respectively, compared with gains of $427,000 and $572,000, respectively, in the third quarter of 2025. These decreases were partially offset by increases in merchant fee income and BOLI income of $494,000 and $321,000, respectively, compared with the prior quarter.

For the full year 2025, noninterest income decreased $22.2 million, or 7.6%, to $271.0 million, compared with $293.3 million for 2024. Mortgage banking activity decreased by $13.5 million, or 8.4%, to $147.0 million in 2025, compared with $160.5 million in 2024. Production in the retail mortgage division decreased to $4.51 billion in 2025, compared with $4.63 billion in 2024, while gain on sale spreads decreased to 2.20% in 2025 from 2.37% in 2024. Gain (loss) on securities decreased $10.7 million, or 86.7%, as the Company recorded a gain on conversion of Visa Class B stock and related realized gain (loss) on subsequent sales totaling $12.3 million in 2024, compared with realized gains on other investments of $1.6 million during 2025. Other noninterest income decreased $10.5 million, or 24.2%, in 2025, compared with 2024. This decrease primarily resulted from a net loss on sale of MSR of $660,000 in 2025, compared with a gain of $10.5 million in 2024.

Noninterest Expense

The Company has remained disciplined on expense control, with noninterest expense decreasing $11.5 million, or 7.4%, in the fourth quarter of 2025 to $143.1 million, compared with $154.6 million for the third quarter of 2025. Salaries and employee benefits decreased $9.0 million, primarily due to decreases in incentive compensation, healthcare costs and 401(k) expenses. Advertising and marketing expenses decreased $1.4 million, primarily due to a marketing campaign that ended early in the fourth quarter of 2025. Loan servicing expenses decreased $875,000 compared with the third quarter of 2025, largely due to the sale of mortgage servicing rights in the third quarter. Management continues to focus on operating efficiency, and the adjusted efficiency ratio (1) improved to 46.54% in the fourth quarter of 2025, compared with 49.47% in the third quarter of 2025.

For the full year 2025, noninterest expense decreased $3.8 million, or 0.6%, to $604.0 million, compared with $607.8 million in 2024. This decrease primarily resulted from decreases in loan servicing expenses and occupancy and equipment expenses of $5.0 million and $3.9 million, respectively. Loan servicing expenses decreased due to the sale of mortgage servicing rights during both 2024 and 2025. The decrease in occupancy and equipment expenses was attributable to lower depreciation, repairs and maintenance, and rental expense. These decreases were partially offset by a $2.8 million increase in data processing and communication expenses, relating to continued technology investments, and a $2.2 million increase in other noninterest expenses, including professional fees and debit card losses.

Income Tax Expense

The Company's effective tax rate for 2025 was 22.8%, compared with 24.6% for 2024. The Company's effective tax rate for the fourth quarter of 2025 was 23.2%, compared with 22.6% for the third quarter of 2025. The increased rate for the fourth quarter of 2025 resulted primarily from a return to provision adjustment made when the Company filed its 2024 income tax returns in the fourth quarter of 2025.

Balance Sheet Trends

Total assets at December 31, 2025 were $27.52 billion, compared with $27.10 billion at September 30, 2025 and $26.26 billion at December 31, 2024. During the fourth quarter of 2025, loans, net of unearned income, increased $255.1 million, or 4.8% annualized. Unfunded commitments increased $282.6 million during the fourth quarter of 2025, due to strong production during the quarter. Loans held for sale increased to $623.2 million at December 31, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale increased to $2.21 billion, compared with $1.67 billion at December 31, 2024.

At December 31, 2025, total deposits amounted to $22.38 billion, compared with $21.72 billion at December 31, 2024. During the fourth quarter of 2025, deposits increased $147.9 million, with money market accounts increasing $471.7 million, interest bearing demand accounts increasing $33.0 million and savings accounts increasing $8.3 million, with such increases offset in part by a decrease in noninterest bearing accounts of $331.1 million, a decrease in retail CDs of $33.6 million and a decrease in brokered CDs of $403,000. Noninterest bearing accounts represented 28.7% of total deposits, compared with 30.4% at September 30, 2025 and 29.9% at December 31, 2024.

Shareholders’ equity at December 31, 2025 totaled $4.08 billion, an increase of $324.5 million, or 8.6%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $412.2 million during the full year of 2025 and an improvement in other comprehensive income of $38.4 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 $5.59 per share, or 14.5%, during the full year of 2025 to $44.18 at December 31, 2025. Tangible common equity as a percentage of tangible assets was 11.37% at December 31, 2025, compared with 10.59% at the end of 2024. The Company repurchased 563,798 shares of its common stock during the quarter ended December 31, 2025.

Credit Quality

During the fourth quarter of 2025, the Company recorded a provision for credit losses of $23.0 million, with the allowance for credit losses remaining stable at 1.62% of loans, compared with a provision of $22.6 million in the third quarter of 2025. Nonperforming assets as a percentage of total assets increased four basis points to 0.44% during the quarter. Approximately $24.3 million, or 20.2%, of the nonperforming assets at December 31, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets was relatively flat, having increased two basis points to 0.35% at December 31, 2025, compared with 0.33% at the end of the third quarter of 2025. The net charge-off ratio was 26 basis points for the fourth quarter of 2025, compared with 14 basis points in the third quarter of 2025. For the full year 2025, the net charge-off ratio decreased one basis point to 18 basis points, compared with 19 basis points for 2024.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 30, 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 February 6, 2026. To listen to the replay, dial 1-855-669-9658. The conference replay access code is 2935441. 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 163 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $27.5 billion in assets as of December 31, 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 of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations and assumptions regarding credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. 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, except as required by law, 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

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands except per share data)

2025

2024

2025

2024

EARNINGS

Net income

108,356

106,029

109,834

87,935

94,376

412,154

358,685

Adjusted net income (1)

108,848

105,289

109,444

88,044

95,078

411,625

346,640

COMMON SHARE DATA

Earnings per share available to common shareholders

Basic

1.59

1.55

1.60

1.28

1.37

6.02

5.21

Diluted

1.59

1.54

1.60

1.27

1.37

6.00

5.19

Adjusted diluted EPS (1)

1.59

1.53

1.59

1.28

1.38

5.99

5.02

Cash dividends per share

0.20

0.80

0.65

Book value per share (period end)

59.92

58.56

57.02

55.49

54.32

59.92

54.32

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

44.18

42.90

41.32

39.78

38.59

44.18

38.59

Weighted average number of shares

Basic

68,022,346

68,401,737

68,594,608

68,785,458

68,799,464

68,448,812

68,808,830

Diluted

68,328,365

68,665,669

68,796,577

69,030,331

69,128,946

68,705,914

69,061,832

Period end number of shares

68,022,316

68,587,742

68,711,043

68,910,924

69,068,609

68,022,316

69,068,609

Market data

High intraday price

78.99

76.58

65.43

68.85

74.56

78.99

74.56

Low intraday price

68.80

64.30

48.27

55.32

59.12

48.27

44.00

Period end closing price

74.27

73.31

64.70

57.57

62.57

74.27

62.57

Average daily volume

448,341

435,766

416,355

430,737

384,406

432,964

368,293

PERFORMANCE RATIOS

Return on average assets

1.57

1.56

1.65

1.36

1.42

1.54

1.38

Adjusted return on average assets (1)

1.58

1.55

1.64

1.36

1.43

1.53

1.33

Return on average common equity

10.63

10.61

11.40

9.39

10.09

10.52

10.01

Adjusted return on average tangible common equity (1)

14.53

14.46

15.76

13.16

14.37

14.49

13.93

Earning asset yield (TE)

5.61

5.66

5.64

5.61

5.67

5.63

5.77

Total cost of funds

1.95

2.05

2.06

2.22

2.03

2.40

Net interest margin (TE)

3.85

3.80

3.77

3.73

3.64

3.79

3.56

Efficiency ratio

46.59

49.19

51.63

52.83

52.26

50.00

53.20

Adjusted efficiency ratio (TE) (1)

46.54

49.47

51.58

52.62

51.82

49.99

53.88

CAPITAL ADEQUACY (period end)

Shareholders' equity to assets

14.81

14.82

14.68

14.42

14.28

14.81

14.28

Tangible common equity to tangible assets (1)

11.37

11.31

11.09

10.78

10.59

11.37

10.59

OTHER DATA (period end)

Full time equivalent employees

Banking Division

2,043

2,068

2,036

2,045

2,021

2,043

2,021

Retail Mortgage Division

538

546

550

577

585

538

585

Warehouse Lending Division

Premium Finance Division

Total Ameris Bancorp FTE headcount

2,673

2,700

2,672

2,710

2,691

2,673

2,691

Branch locations

163

164

163

164

Deposits per branch location

137,276

135,537

133,736

133,612

132,454

137,276

132,454

(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

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands except per share data)

2025

2024

2025

2024

Interest income

Interest and fees on loans

323,833

321,457

315,893

304,168

318,843

1,265,351

1,265,522

Interest on taxable securities

24,886

23,253

20,696

18,492

15,923

87,327

61,518

Interest on nontaxable securities

422

343

334

329

337

1,428

1,338

Interest on deposits in other banks

8,922

9,993

10,715

10,789

11,260

40,419

49,906

Total interest income

358,063

355,046

347,638

333,778

346,363

1,394,525

1,378,284

Interest expense

Interest on deposits

105,314

106,851

106,796

105,215

115,556

424,176

484,673

Interest on other borrowings

7,442

10,231

9,029

6,724

8,986

33,426

44,421

Total interest expense

112,756

117,082

115,825

111,939

124,542

457,602

529,094

Net interest income

245,307

237,964

231,813

221,839

221,821

936,923

849,190

Provision for loan losses

16,601

11,176

3,110

16,519

12,657

47,406

69,841

Provision for unfunded commitments

6,348

11,446

(335

)

5,373

148

22,832

(11,048

)

Provision for other credit losses

)

—

Provision for credit losses

22,950

22,630

2,772

21,892

12,808

70,244

58,793

Net interest income after provision for credit losses

222,357

215,334

229,041

199,947

209,013

866,679

790,397

Noninterest income

Service charges on deposit accounts

14,088

13,931

13,493

13,133

13,544

54,645

50,893

Mortgage banking activity

31,874

40,666

39,221

35,254

36,699

147,015

160,475

Other service charges, commissions and fees

1,102

1,124

1,158

1,109

1,182

4,493

4,758

Gain (loss) on securities

1,581

—

(16

)

1,633

12,304

Equipment finance activity

8,434

8,858

6,572

6,698

5,947

30,562

21,664

Other noninterest income

6,317

10,114

8,467

7,789

11,603

32,687

43,163

Total noninterest income

61,827

76,274

68,911

64,023

68,959

271,035

293,257

Noninterest expense

Salaries and employee benefits

81,997

90,948

89,308

86,615

87,810

348,868

347,641

Occupancy and equipment

11,321

11,524

11,401

10,677

11,624

44,923

48,784

Data processing and communications expenses

16,236

16,058

15,366

14,855

14,631

62,515

59,699

Credit resolution-related expenses (1)

953

770

657

765

1,271

3,145

2,487

Advertising and marketing

1,984

3,377

3,745

2,883

2,730

11,989

12,612

Amortization of intangible assets

3,879

4,076

4,103

4,180

15,937

17,189

Loan servicing expenses

7,267

8,142

7,897

7,823

8,300

31,129

36,157

Other noninterest expenses

19,453

19,868

22,810

23,313

21,403

85,444

83,225

Total noninterest expense

143,090

154,566

155,260

151,034

151,949

603,950

607,794

Income before income tax expense

141,094

137,042

142,692

112,936

126,023

533,764

475,860

Income tax expense

32,738

31,013

32,858

25,001

31,647

121,610

117,175

Net income

108,356

106,029

109,834

87,935

94,376

412,154

358,685

Diluted earnings per common share

1.59

1.54

1.60

1.27

1.37

6.00

5.19

(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

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

Assets

Cash and due from banks

253,807

216,927

249,676

253,289

244,980

Interest-bearing deposits in banks

835,113

826,237

920,594

1,039,111

975,397

Debt securities available-for-sale, at fair value

2,207,173

2,131,671

1,871,298

1,943,011

1,671,260

Debt securities held-to-maturity, at amortized cost

203,242

202,581

176,487

173,757

164,677

Other investments

85,443

70,644

69,910

65,630

66,298

Loans held for sale

623,152

604,136

544,091

545,388

528,599

Loans, net of unearned income

21,513,522

21,258,374

21,041,497

20,706,644

20,739,906

Allowance for credit losses

(348,141

)

(345,294

)

(341,567

)

(345,555

)

(338,084

)

Loans, net

21,165,381

20,913,080

20,699,930

20,361,089

20,401,822

Other real estate owned

2,918

3,137

1,825

863

2,433

Premises and equipment, net

213,097

211,567

211,434

207,895

209,460

Goodwill

1,015,646

Other intangible assets, net

54,824

58,703

62,582

66,658

70,761

Cash value of bank owned life insurance

420,583

417,096

414,381

410,890

408,574

Other assets

435,500

428,404

442,299

431,713

502,143

Total assets

27,515,879

27,099,829

26,680,153

26,514,940

26,262,050

Liabilities

Deposits

Noninterest-bearing

6,426,145

6,757,233

6,800,519

6,744,781

6,498,293

Interest-bearing

15,949,850

15,470,845

15,132,156

15,167,628

15,224,155

Total deposits

22,375,995

22,228,078

21,932,675

21,912,409

21,722,448

Other borrowings

558,039

337,094

376,700

276,744

291,788

Subordinated deferrable interest debentures

134,302

133,804

133,306

132,807

132,309

Other liabilities

371,515

384,152

319,794

369,178

363,983

Total liabilities

23,439,851

23,083,128

22,762,475

22,691,138

22,510,528

Shareholders' Equity

Preferred stock

—

Common stock

72,898

72,900

72,897

72,885

72,699

Capital stock

1,971,131

1,968,124

1,964,896

1,961,732

1,958,642

Retained earnings

2,210,385

2,115,712

2,023,493

1,927,489

1,853,428

Accumulated other comprehensive income (loss), net of tax

8,312

5,171

(6,886

)

(14,430

)

(30,119

)

Treasury stock

(186,698

)

(145,206

)

(136,722

)

(123,874

)

(103,128

)

Total shareholders' equity

4,076,028

4,016,701

3,917,678

3,823,802

3,751,522

Total liabilities and shareholders' equity

27,515,879

27,099,829

26,680,153

26,514,940

26,262,050

Other Data

Earning assets

25,467,645

25,093,643

24,623,877

24,473,541

24,146,137

Intangible assets

1,070,470

1,074,349

1,078,228

1,082,304

1,086,407

Interest-bearing liabilities

16,642,191

15,941,743

15,642,162

15,577,179

15,648,252

Average assets

27,394,953

26,972,134

26,757,322

26,229,423

26,444,894

Average common shareholders' equity

4,044,338

3,964,207

3,865,031

3,798,149

3,719,888

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Asset Quality Information

Table 4

Three Months Ended

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

2025

2024

Allowance for Credit Losses

Balance at beginning of period

392,362

377,181

381,507

368,663

364,885

368,663

348,727

Provision for loan losses

16,601

11,176

3,110

16,519

12,657

47,406

69,841

Provision for unfunded commitments

6,348

11,446

(335

)

5,373

148

22,832

(11,048

)

Provision for other credit losses

)

—

Provision for credit losses

22,950

22,630

2,772

21,892

12,808

70,244

58,793

Charge-offs

19,575

13,631

14,227

15,383

17,460

62,816

68,113

Recoveries

5,821

6,182

7,129

6,335

8,430

25,467

29,256

Net charge-offs (recoveries)

13,754

7,449

7,098

9,048

9,030

37,349

38,857

Ending balance

401,558

392,362

377,181

381,507

368,663

401,558

368,663

Allowance for loan losses

348,141

345,294

341,567

345,555

338,084

348,141

338,084

Allowance for unfunded commitments

53,342

46,994

35,548

35,883

30,510

53,342

30,510

Allowance for other credit losses

Total allowance for credit losses

401,558

392,362

377,181

381,507

368,663

401,558

368,663

Non-Performing Assets

Nonaccrual portfolio loans

84,711

77,257

75,286

86,229

90,206

84,711

90,206

Other real estate owned

2,918

3,137

1,825

863

2,433

2,918

2,433

Repossessed assets

—

Accruing loans delinquent 90 days or more

8,492

9,325

8,415

14,930

17,733

8,492

17,733

Non-performing portfolio assets

96,125

89,722

85,528

102,022

110,381

96,125

110,381

Serviced GNMA-guaranteed mortgage nonaccrual loans

24,347

19,706

11,733

13,441

12,012

24,347

12,012

Total non-performing assets

120,472

109,428

97,261

115,463

122,393

120,472

122,393

Asset Quality Ratios

Non-performing portfolio assets as a percent of total assets

0.35

0.33

0.32

0.38

0.42

0.35

0.42

Total non-performing assets as a percent of total assets

0.44

0.40

0.36

0.44

0.47

0.44

0.47

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

0.26

0.14

0.18

0.17

0.18

0.19

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Loan Information

Table 5

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

Loans by Type

Commercial and industrial

3,288,505

3,299,269

3,184,211

3,075,971

2,953,135

Consumer

180,010

202,688

209,990

213,902

221,735

Mortgage warehouse

1,150,782

1,083,941

1,092,475

891,412

965,053

Municipal

434,234

437,823

436,759

429,227

441,408

Premium Finance

1,306,267

1,358,259

1,294,293

1,176,309

1,155,614

Real estate - construction and development

1,469,250

1,411,178

1,485,842

1,842,431

1,998,506

Real estate - commercial and farmland

9,311,405

9,054,927

8,877,750

8,574,626

8,445,958

Real estate - residential

4,373,069

4,410,289

4,460,177

4,502,766

4,558,497

Total loans

21,513,522

21,258,374

21,041,497

20,706,644

20,739,906

Loans by Risk Grade

Pass

21,305,745

21,058,458

20,820,888

20,468,496

20,457,340

Other assets especially mentioned

39,709

37,236

66,677

73,783

110,936

Substandard

168,068

162,680

153,932

164,365

171,630

Total loans

21,513,522

21,258,374

21,041,497

20,706,644

20,739,906

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Average Balances

Table 6

Three Months Ended

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

2025

2024

Earning Assets

Interest-bearing deposits in banks

884,149

883,976

951,851

980,164

899,162

924,660

930,145

Debt securities - taxable

2,432,934

2,282,470

2,117,596

1,998,226

1,761,984

2,209,202

1,690,053

Debt securities - nontaxable

45,237

44,823

41,299

41,391

41,494

43,202

41,419

Loans held for sale

758,588

706,679

730,770

565,531

795,904

690,965

547,190

Loans

21,278,859

21,038,350

20,928,825

20,620,777

20,868,216

20,968,702

20,759,247

Total Earning Assets

25,399,767

24,956,298

24,770,341

24,206,089

24,366,760

24,836,731

23,968,054

Deposits

Noninterest-bearing deposits

6,668,120

6,849,129

6,766,557

6,522,784

6,684,851

6,702,448

6,567,855

NOW accounts

4,052,397

3,900,999

3,939,802

3,988,458

3,888,404

3,970,399

3,824,094

MMDA

7,347,897

6,977,134

6,918,382

6,911,554

6,864,265

7,039,768

6,395,883

Savings accounts

754,439

756,383

766,331

767,148

761,980

761,027

776,273

Retail CDs

2,325,456

2,344,084

2,393,402

2,436,974

2,474,804

2,374,589

2,440,891

Brokered CDs

1,249,020

1,070,735

1,145,043

962,768

1,057,808

1,107,577

1,274,933

Total Deposits

22,397,329

21,898,464

21,929,517

21,589,686

21,732,112

21,955,808

21,279,929

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

423,669

443,243

326,054

149,537

215,116

336,672

335,056

Other borrowings

9,920

169,994

193,492

193,494

279,961

141,299

298,372

Subordinated deferrable interest debentures

134,041

133,541

133,043

132,544

132,048

133,297

131,302

Total Non-Deposit Funding

567,630

746,779

652,589

475,575

627,125

611,268

764,730

Total Funding

22,964,959

22,645,243

22,582,106

22,065,261

22,359,237

22,567,076

22,044,659

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Interest Income and Interest Expense (TE)

Table 7

Three Months Ended

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

2025

2024

Interest Income

Interest-bearing deposits in banks

8,922

9,993

10,715

10,789

11,260

40,419

49,906

Debt securities - taxable

24,886

23,253

20,696

18,492

15,923

87,327

61,518

Debt securities - nontaxable (TE)

535

434

423

416

427

1,808

1,694

Loans held for sale

11,233

11,237

11,578

9,045

11,853

43,093

34,532

Loans (TE)

313,467

311,082

305,154

295,964

307,852

1,225,667

1,234,464

Total Earning Assets

359,043

355,999

348,566

334,706

347,315

1,398,314

1,382,114

Interest Expense

Interest-Bearing Deposits

NOW accounts

18,508

18,230

18,144

18,306

19,099

73,188

81,228

MMDA

52,455

54,657

53,469

52,261

57,160

212,842

231,065

Savings accounts

734

813

826

830

850

3,203

3,780

Retail CDs

20,567

21,253

21,852

23,245

25,610

86,917

102,672

Brokered CDs

13,050

11,898

12,505

10,573

12,837

48,026

65,928

Total Interest-Bearing Deposits

105,314

106,851

106,796

105,215

115,556

424,176

484,673

Non-Deposit Funding

FHLB advances

4,347

4,863

3,508

1,362

2,393

14,080

16,581

Other borrowings

169

2,328

2,499

2,350

3,346

7,346

14,313

Subordinated deferrable interest debentures

2,926

3,040

3,022

3,012

3,247

12,000

13,527

Total Non-Deposit Funding

7,442

10,231

9,029

6,724

8,986

33,426

44,421

Total Interest-Bearing Funding

112,756

117,082

115,825

111,939

124,542

457,602

529,094

Net Interest Income (TE)

246,287

238,917

232,741

222,767

222,773

940,712

853,020

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Yields (1)

Table 8

Three Months Ended

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

2025

2024

2025

2024

Earning Assets

Interest-bearing deposits in banks

4.00

4.48

4.52

4.46

4.98

4.37

5.37

Debt securities - taxable

4.06

4.04

3.92

3.75

3.60

3.95

3.64

Debt securities - nontaxable (TE)

4.69

3.84

4.11

4.08

4.09

4.18

4.09

Loans held for sale

5.87

6.31

6.35

6.49

5.92

6.24

6.31

Loans (TE)

5.84

5.87

5.85

5.82

5.87

5.85

5.95

Total Earning Assets

5.61

5.66

5.64

5.61

5.67

5.63

5.77

Interest-Bearing Deposits

NOW accounts

1.81

1.85

1.86

1.95

1.84

2.12

MMDA

2.83

3.11

3.10

3.07

3.31

3.02

3.61

Savings accounts

0.39

0.43

0.44

0.42

0.49

Retail CDs

3.51

3.60

3.66

3.87

4.12

3.66

4.21

Brokered CDs

4.15

4.41

4.38

4.45

4.83

4.34

5.17

Total Interest-Bearing Deposits

2.66

2.82

2.83

3.06

2.78

3.29

Non-Deposit Funding

Federal funds purchased and securities sold under agreements to repurchase

—

FHLB advances

4.07

4.35

4.32

3.69

4.43

4.18

4.95

Other borrowings

6.76

5.43

5.18

4.93

4.75

5.20

4.80

Subordinated deferrable interest debentures

8.66

9.03

9.11

9.22

9.78

9.00

10.30

Total Non-Deposit Funding

5.20

5.44

5.55

5.73

5.70

5.47

5.81

Total Interest-Bearing Liabilities

2.74

2.94

2.92

3.16

2.88

3.42

Net Interest Spread

2.87

2.72

2.70

2.69

2.51

2.75

2.35

Net Interest Margin (2)

3.85

3.80

3.77

3.73

3.64

3.79

3.56

Total Cost of Funds (3)

1.95

2.05

2.06

2.22

2.03

2.40

(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

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands except per share data)

2025

2024

2025

2024

Net income available to common shareholders

108,356

106,029

109,834

87,935

94,376

412,154

358,685

Adjustment items:

Loss (gain) on sale of MSR

1,127

(125

)

(356

)

(536

)

660

(10,494

)

Gain on conversion of Visa Class B-1 stock

—

(12,554

)

Servicing right impairment

910

—

910

—

Gain on BOLI proceeds

(220

)

(390

)

—

(11

)

—

(621

)

(1,464

)

FDIC special assessment

(1,136

)

(318

)

(138

)

138

(559

)

(1,454

)

1,455

Natural disaster expenses

—

400

—

550

Loss on bank premises

—

1,203

—

1,203

Tax effect of adjustment items (Note 1)

(189

)

104

(32

)

(107

)

(24

)

4,166

After tax adjustment items

492

(740

)

(390

)

109

401

(529

)

(17,138

)

Tax expense attributable to BOLI restructuring

—

301

—

5,093

Adjusted net income

108,848

105,289

109,444

88,044

95,078

411,625

346,640

Weighted average number of shares - diluted

68,328,365

68,665,669

68,796,577

69,030,331

69,128,946

68,705,914

69,061,832

Net income per diluted share

1.59

1.54

1.60

1.27

1.37

6.00

5.19

Adjusted net income per diluted share

1.59

1.53

1.59

1.28

1.38

5.99

5.02

Average assets

27,394,953

26,972,134

26,757,322

26,229,423

26,444,894

26,842,018

26,036,681

Return on average assets

1.57

1.56

1.65

1.36

1.42

1.54

1.38

Adjusted return on average assets

1.58

1.55

1.64

1.36

1.43

1.53

1.33

Average common equity

4,044,338

3,964,207

3,865,031

3,798,149

3,719,888

3,918,733

3,583,390

Average tangible common equity

2,971,985

2,887,961

2,784,819

2,713,847

2,631,452

2,840,493

2,488,588

Return on average common equity

10.63

10.61

11.40

9.39

10.09

10.52

10.01

Return on average tangible common equity

14.46

14.57

15.82

13.14

14.27

14.51

14.41

Adjusted return on average tangible common equity

14.53

14.46

15.76

13.16

14.37

14.49

13.93

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

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

2025

2024

Adjusted Noninterest Expense

Total noninterest expense

143,090

154,566

155,260

151,034

151,949

603,950

607,794

Adjustment items:

FDIC special assessment

1,136

318

138

(138

)

559

1,454

(1,455

)

Natural disaster expenses

—

(400

)

—

(550

)

Loss on bank premises

—

(1,203

)

—

(1,203

)

Adjusted noninterest expense

144,226

154,884

155,398

150,896

150,905

605,404

604,586

Total Revenue

Net interest income

245,307

237,964

231,813

221,839

221,821

936,923

849,190

Noninterest income

61,827

76,274

68,911

64,023

68,959

271,035

293,257

Total revenue

307,134

314,238

300,724

285,862

290,780

1,207,958

1,142,447

Adjusted Total Revenue

Net interest income (TE)

246,287

238,917

232,741

222,767

222,773

940,712

853,020

Noninterest income

61,827

76,274

68,911

64,023

68,959

271,035

293,257

Total revenue (TE)

308,114

315,191

301,652

286,790

291,732

1,211,747

1,146,277

Adjustment items:

(Gain)/loss on securities

(12

)

(1,581

)

—

(40

)

(1,633

)

(12,304

)

(Gain)/loss on sale of MSR

1,127

(125

)

(356

)

(536

)

660

(10,494

)

Gain on BOLI proceeds

(220

)

(390

)

—

(11

)

—

(621

)

(1,464

)

Servicing right impairment

910

—

910

—

Adjusted total revenue (TE)

309,919

313,095

301,296

286,753

291,212

1,211,063

1,122,015

Efficiency ratio

46.59

49.19

51.63

52.83

52.26

50.00

53.20

Adjusted efficiency ratio (TE)

46.54

49.47

51.58

52.62

51.82

49.99

53.88

Tangible Book Value Per Share

Table 9C

Three Months Ended

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands except per share data)

2025

2024

2025

2024

Total shareholders' equity

4,076,028

4,016,701

3,917,678

3,823,802

3,751,522

4,076,028

3,751,522

Less:

Goodwill

1,015,646

Other intangibles, net

54,824

58,703

62,582

66,658

70,761

54,824

70,761

Total tangible shareholders' equity

3,005,558

2,942,352

2,839,450

2,741,498

2,665,115

3,005,558

2,665,115

Period end number of shares

68,022,316

68,587,742

68,711,043

68,910,924

69,068,609

68,022,316

69,068,609

Book value per share (period end)

59.92

58.56

57.02

55.49

54.32

59.92

54.32

Tangible book value per share (period end)

44.18

42.90

41.32

39.78

38.59

44.18

38.59

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Non-GAAP Reconciliations (continued)

Tangible Common Equity to Tangible Assets

Table 9D

Dec

Sep

Jun

Mar

Dec

(dollars in thousands except per share data)

2025

2024

Total shareholders' equity

4,076,028

4,016,701

3,917,678

3,823,802

3,751,522

Less:

Goodwill

1,015,646

Other intangibles, net

54,824

58,703

62,582

66,658

70,761

Total tangible shareholders' equity

3,005,558

2,942,352

2,839,450

2,741,498

2,665,115

Total assets

27,515,879

27,099,829

26,680,153

26,514,940

26,262,050

Less:

Goodwill

1,015,646

Other intangibles, net

54,824

58,703

62,582

66,658

70,761

Total tangible assets

26,445,409

26,025,480

25,601,925

25,432,636

25,175,643

Equity to Assets

14.81

14.82

14.68

14.42

14.28

Tangible Common Equity to Tangible Assets

11.37

11.31

11.09

10.78

10.59

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting

Table 10

Three Months Ended

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

2025

2024

Retail Mortgage Division

Net interest income

19,312

20,179

22,031

21,844

23,714

83,366

94,296

Provision for credit losses

(3,142

)

529

1,010

5,191

(2,503

)

3,588

(2,799

)

Noninterest income

30,056

40,081

37,726

34,729

36,623

142,592

167,031

Noninterest expense

Salaries and employee benefits

21,413

21,589

24,358

20,995

22,876

88,355

92,436

Occupancy and equipment expenses

754

760

811

829

951

3,154

3,965

Data processing and telecommunications expenses

1,315

1,232

1,391

1,297

1,222

5,235

5,048

Other noninterest expenses

11,547

12,480

12,496

11,963

12,118

48,486

50,209

Total noninterest expense

35,029

36,061

39,056

35,084

37,167

145,230

151,658

Income before income tax expense

17,481

23,670

19,691

16,298

25,673

77,140

112,468

Income tax expense

3,671

4,970

4,135

3,423

5,391

16,199

23,618

Net income

13,810

18,700

15,556

12,875

20,282

60,941

88,850

Warehouse Lending Division

Net interest income

7,430

7,474

7,091

5,902

6,640

27,897

26,772

Provision for credit losses

129

369

(175

)

(59

)

346

275

Noninterest income

736

756

1,893

554

676

3,939

4,209

Noninterest expense

Salaries and employee benefits

556

566

618

552

583

2,292

3,216

Occupancy and equipment expenses

Data processing and telecommunications expenses

208

160

Other noninterest expenses

195

270

224

756

976

Total noninterest expense

812

825

780

867

857

3,284

4,378

Income before income tax expense

7,225

7,382

7,835

5,764

6,518

28,206

26,328

Income tax expense

1,517

1,550

1,646

1,210

1,369

5,923

5,529

Net income

5,708

5,832

6,189

4,554

5,149

22,283

20,799

Premium Finance Division

Net interest income

11,802

12,251

11,190

9,880

10,390

45,123

36,405

Provision for credit losses

926

461

716

456

517

2,559

883

Noninterest income

Noninterest expense

Salaries and employee benefits

2,446

2,492

2,331

2,352

2,029

9,621

8,194

Occupancy and equipment expenses

149

225

Data processing and telecommunications expenses

106

101

129

106

427

370

Other noninterest expenses

1,240

1,075

1,115

969

1,173

4,399

4,436

Total noninterest expense

3,829

3,707

3,573

3,487

3,359

14,596

13,225

Income before income tax expense

7,064

8,101

6,918

5,953

6,527

28,036

22,342

Income tax expense

1,450

1,669

1,410

1,214

1,334

5,743

4,525

Net income

5,614

6,432

5,508

4,739

5,193

22,293

17,817

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES

Segment Reporting (continued)

Table 10

Three Months Ended

Twelve Months Ended

Dec

Sep

Jun

Mar

Dec

(dollars in thousands)

2025

2024

2025

2024

Banking Division

Net interest income

206,763

198,060

191,501

184,213

181,077

780,537

691,717

Provision for credit losses

25,037

21,617

677

16,420

14,853

63,751

60,434

Noninterest income

31,018

35,419

29,275

28,724

31,647

124,436

121,972

Noninterest expense

Salaries and employee benefits

57,582

66,301

62,001

62,716

62,322

248,600

243,795

Occupancy and equipment expenses

10,523

10,718

10,547

9,804

10,616

41,592

44,568

Data processing and telecommunications expenses

14,761

14,668

13,825

13,391

13,259

56,645

54,121

Other noninterest expenses

20,554

22,286

25,478

25,685

24,369

94,003

96,049

Total noninterest expense

103,420

113,973

111,851

111,596

110,566

440,840

438,533

Income before income tax expense

109,324

97,889

108,248

84,921

87,305

400,382

314,722

Income tax expense

26,100

22,824

25,667

19,154

23,553

93,745

83,503

Net income

83,224

75,065

82,581

65,767

63,752

306,637

231,219

Total Consolidated

Net interest income

245,307

237,964

231,813

221,839

221,821

936,923

849,190

Provision for credit losses

22,950

22,630

2,772

21,892

12,808

70,244

58,793

Noninterest income

61,827

76,274

68,911

64,023

68,959

271,035

293,257

Noninterest expense

Salaries and employee benefits

81,997

90,948

89,308

86,615

87,810

348,868

347,641

Occupancy and equipment expenses

11,321

11,524

11,401

10,677

11,624

44,923

48,784

Data processing and telecommunications expenses

16,236

16,058

15,366

14,855

14,631

62,515

59,699

Other noninterest expenses

33,536

36,036

39,185

38,887

37,884

147,644

151,670

Total noninterest expense

143,090

154,566

155,260

151,034

151,949

603,950

607,794

Income before income tax expense

141,094

137,042

142,692

112,936

126,023

533,764

475,860

Income tax expense

32,738

31,013

32,858

25,001

31,647

121,610

117,175

Net income

108,356

106,029

109,834

87,935

94,376

412,154

358,685

Category: Earnings