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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 28, 2025
Ameris Bancorp
(Exact Name of Registrant as Specified in Charter)
Georgia 001-13901 58-1456434
(State or Other Jurisdiction of Incorporation) (Commission File Number)  (IRS Employer Identification No.)
    
3490 Piedmont Road N.E., Suite 1550
Atlanta, Georgia 30305
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (404) 639-6500
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $1.00 per share
ABCB
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02 Results of Operations and Financial Condition.

On July 28, 2025, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2025. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.

The information contained in this Item 2.02 and in Exhibit 99.1 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on July 29, 2025 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).

The information contained in this Item 7.01 and in Exhibit 99.2 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
AMERIS BANCORP
By: /s/ Nicole S. Stokes
Nicole S. Stokes
Chief Financial Officer


Date: July 28, 2025



EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1 Document
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News Release

AMERIS BANCORP ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS

Highlights of Ameris’s results for the second quarter of 2025 include the following:
•Net income of $109.8 million, or $1.60 per diluted share
•Return on average assets of 1.65%
•Return on average tangible common equity(1) of 15.82%
•Tangible book value(1) growth of $1.54 per share, or 15.5% annualized, to $41.32 at June 30, 2025
•TCE ratio(1) increased to 11.09%, compared with 9.72% one year ago
•Net interest margin (TE) expansion of 4bps to 3.77% for the second quarter of 2025
•Efficiency ratio improved to 51.63%
•Growth in total revenue of $14.9 million, or 20.9% annualized, from first quarter of 2025
•Growth in average earning assets of $564.3 million, or 9.3% annualized
•Loan growth of $334.9 million, or 6.5% annualized
•Continued growth in noninterest-bearing deposits, now representing 31.0% of total deposits
•Annualized net charge-offs improved to 0.14% of average total loans

ATLANTA, GA, July 28, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $109.8 million, or $1.60 per diluted share, for the quarter ended June 30, 2025, compared with $90.8 million, or $1.32 per diluted share, for the quarter ended June 30, 2024.

For the year-to-date period ending June 30, 2025, the Company reported net income of $197.8 million, or $2.87 per diluted share, compared with $165.1 million, or $2.39 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 second quarter results underscore the strength, consistency, and long-term value of the Ameris franchise. We delivered above-peer profitability, with a return on assets of 1.65% and a return on tangible common equity of 15.82%. Tangible book value per share - one of our long-standing strategic priorities - grew at a 15.5% annualized rate to surpass $41. Other key performance indicators, including our net interest margin, allowance coverage ratio, and efficiency ratio, remain among the best in the industry. Backed by a strong balance sheet and a proven ability to execute, we are well positioned to capitalize on growth opportunities across our Southeast footprint and drive continued success through the remainder of 2025 and beyond.”
Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) grew to $232.7 million in the second quarter of 2025, an increase of $10.0 million, or 4.5%, from last quarter and an increase of $19.9 million, or 9.3%, compared with the second quarter of 2024. The Company's average earning assets increased during the quarter by $564.3 million, or 9.3% annualized, due to a $308.0 million increase in average portfolio loans outstanding, a $165.2 million increase in average loans held for sale during the quarter and a $119.3 million increase in the average balance of investment securities.

The Company's net interest margin expanded to 3.77% for the second quarter of 2025, a four basis point increase from 3.73% reported for the first quarter of 2025 and a 19 basis point improvement from the 3.58% reported for the second quarter of 2024.

Yields on earning assets increased three basis points during the quarter to 5.64%, compared with 5.61% in the first quarter of 2025. This increase is primarily related to a 17 basis point increase in yield on taxable securities and a three basis point increase in yield on portfolio loans during the second quarter of 2025.


The Company’s total cost of funds was stable at 2.06% in the second quarter of 2025, when compared with the first quarter of 2025, and improved 42 basis points compared with the second quarter of 2024. Deposit costs decreased three basis points during the second quarter of 2025 to 1.95%, compared with 1.98% in the first quarter of 2025. Costs of interest-bearing deposits during the quarter were 2.83%, unchanged from the first quarter of 2025.

Noninterest Income
Noninterest income increased $4.9 million, or 7.6%, in the second quarter of 2025 to $68.9 million, compared with $64.0 million for the first quarter of 2025. The increase was primarily driven by mortgage banking activity, which increased $4.0 million, or 11.3%, to $39.2 million in the second quarter of 2025, compared with $35.3 million for the first quarter of 2025. Total production in the retail mortgage division increased $334.9 million, or 35.9%, to $1.27 billion in the second quarter of 2025, compared with $933.0 million for the first quarter of 2025. The retail mortgage open pipeline was $719.1 million at the end of the second quarter of 2025, compared with $771.6 million for the first quarter of 2025. Gain on sale spreads increased to 2.22% in the second quarter of 2025 from 2.17% for the first quarter of 2025. Other noninterest income increased $678,000, or 8.7%, in the second quarter of 2025 to $8.5 million, compared with $7.8 million for the first quarter of 2025.

Noninterest Expense
Noninterest expense increased $4.3 million, or 2.8%, to $155.3 million during the second quarter of 2025, compared with $151.0 million for the first quarter of 2025. Salaries and employee benefits increased $2.7 million, or 3.1%, during the second quarter of 2025 primarily due to variable compensation related to mortgage production and annual merit increases, partially offset by seasonal declines in payroll taxes. Advertising and marketing expenses increased $862,000 resulting from targeted ad campaigns during the quarter. Management continues to focus on operating efficiency, and the efficiency ratio improved to 51.63% in the second quarter of 2025, compared with 52.83% in the first quarter of 2025 and 51.68% in the second quarter of 2024.

Income Tax Expense
The Company's effective tax rate for the second quarter of 2025 was 23.0%, compared with 22.1% for the first quarter of 2025. The increased rate resulted primarily from a reduction in excess benefits from the vesting of equity compensation awards and the impact of enacted state tax changes during the second quarter.

Balance Sheet Trends
Total assets at June 30, 2025 were $26.68 billion, compared with $26.51 billion at March 31, 2025 and $26.26 billion at December 31, 2024. During the second quarter of 2025, loans, net of unearned income, increased by $334.9 million, or 6.5% annualized, to end at $21.04 billion at June 30, 2025, compared with $20.71 billion at March 31, 2025 and $20.74 billion at December 31, 2024. Loans held for sale increased to $544.1 million at June 30, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale amounted to $1.87 billion, compared with $1.94 billion at March 31, 2025 and $1.67 billion at December 31, 2024.

At June 30, 2025, total deposits amounted to $21.93 billion, compared with $21.72 billion at December 31, 2024. During the second quarter of 2025, deposits grew $20.3 million, with noninterest-bearing accounts increasing $55.7 million, brokered CDs increasing $81.8 million and interest-bearing demand accounts increasing $13.0 million, with such increases offset by decreases in retail CDs of $77.4 million, money market accounts of $38.6 million and savings accounts of $14.2 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at June 30, 2025, noninterest-bearing deposit accounts represented $6.80 billion, or 31.0% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024. 

Shareholders’ equity at June 30, 2025 totaled $3.92 billion, an increase of $166.2 million, or 4.4%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $197.8 million during the first six months of 2025 and an improvement in other comprehensive loss of $23.2 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 $2.73 per share, or 14.3% annualized, during the first six months of 2025 to $41.32 at June 30, 2025. Tangible common equity as a percentage of tangible assets was 11.09% at June 30, 2025, compared with 10.59% at the end of 2024. The Company repurchased 212,472 shares in the quarter ending June 30, 2025.




Subordinated Debt

In July 2025, the Company notified holders of its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 that it would be redeeming the notes in full at the September 1, 2025 interest payment date. These notes, which currently total $74 million outstanding, bear interest at 8.22% and will be redeemed at par.

Credit Quality
During the second quarter of 2025, the Company recorded a provision for credit losses of $2.8 million, compared with a provision of $21.9 million in the first quarter of 2025. The allowance for credit losses on loans was 1.62% of loans at June 30, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets decreased eight basis points to 0.36% during the quarter. Approximately $11.7 million, or 12.1%, of the nonperforming assets at June 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 decreased six basis points to 0.32% at June 30, 2025, compared with 0.38% at the end of the first quarter of 2025. The net charge-off ratio was 14 basis points for the second quarter of 2025, compared with 18 basis points in the first quarter of 2025.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, July 29, 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 August 5, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 6141708. 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 $26.7 billion in assets as of June 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.

For more information, contact:
Brady Gailey
Executive Director of Corporate Development
(404) 240-1517


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights Table 1
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands except per share data) 2025 2025 2024 2024 2024 2025 2024
EARNINGS
Net income $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 90,785  $ 197,769  $ 165,097 
Adjusted net income(1)
 $ 109,444  $ 88,044  $ 95,078  $ 95,187  $ 80,763  $ 197,488  $ 156,375 
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic $ 1.60  $ 1.28  $ 1.37  $ 1.44  $ 1.32  $ 2.88  $ 2.40 
Diluted $ 1.60  $ 1.27  $ 1.37  $ 1.44  $ 1.32  $ 2.87  $ 2.39 
Adjusted diluted EPS(1)
 $ 1.59  $ 1.28  $ 1.38  $ 1.38  $ 1.17  $ 2.87  $ 2.27 
Cash dividends per share $ 0.20  $ 0.20  $ 0.15  $ 0.15  $ 0.15  $ 0.40  $ 0.30 
Book value per share (period end) $ 57.02  $ 55.49  $ 54.32  $ 53.30  $ 51.64  $ 57.02  $ 51.64 
Tangible book value per share (period end)(1)
 $ 41.32  $ 39.78  $ 38.59  $ 37.51  $ 35.79  $ 41.32  $ 35.79 
Weighted average number of shares
Basic 68,594,608  68,785,458  68,799,464  68,798,093  68,824,150  68,689,506  68,818,618 
Diluted 68,796,577  69,030,331  69,128,946  69,066,298  69,013,834  68,912,750  69,010,010 
Period end number of shares 68,711,043  68,910,924  69,068,609  69,067,019  69,066,573  68,711,043  69,066,573 
Market data
High intraday price $ 65.43  $ 68.85  $ 74.56  $ 65.40  $ 51.18  $ 68.85  $ 53.99 
Low intraday price $ 48.27  $ 55.32  $ 59.12  $ 48.21  $ 44.23  $ 48.27  $ 44.00 
Period end closing price $ 64.70  $ 57.57  $ 62.57  $ 62.39  $ 50.35  $ 64.70  $ 50.35 
Average daily volume 416,355  430,737  384,406  379,896  301,784  423,428  353,985 
PERFORMANCE RATIOS
Return on average assets 1.65  % 1.36  % 1.42  % 1.49  % 1.41  % 1.51  % 1.30  %
Adjusted return on average assets(1)
 1.64  % 1.36  % 1.43  % 1.43  % 1.25  % 1.50  % 1.23  %
Return on average common equity 11.40  % 9.39  % 10.09  % 10.91  % 10.34  % 10.41  % 9.49  %
Adjusted return on average tangible common equity(1)
 15.76  % 13.16  % 14.37  % 14.99  % 13.35  % 14.48  % 13.12  %
Earning asset yield (TE) 5.64  % 5.61  % 5.67  % 5.81  % 5.86  % 5.63  % 5.79  %
Total cost of funds 2.06  % 2.06  % 2.22  % 2.50  % 2.48  % 2.06  % 2.44  %
Net interest margin (TE) 3.77  % 3.73  % 3.64  % 3.51  % 3.58  % 3.75  % 3.54  %
Efficiency ratio 51.63  % 52.83  % 52.26  % 53.49  % 51.68  % 52.22  % 53.54  %
Adjusted efficiency ratio (TE)(1)
 51.58  % 52.62  % 51.82  % 54.25  % 55.00  % 52.09  % 54.79  %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets 14.68  % 14.42  % 14.28  % 13.94  % 13.45  % 14.68  % 13.45  %
Tangible common equity to tangible assets(1)
 11.09  % 10.78  % 10.59  % 10.24  % 9.72  % 11.09  % 9.72  %
OTHER DATA (period end)
Full time equivalent employees
Banking Division 2,036  2,045  2,021  2,056  2,073  2,036  2,073 
Retail Mortgage Division 550  577  585  592  595  550  595 
Warehouse Lending Division 8  7  8  9  9  8  9 
Premium Finance Division 78  81  77  76  74  78  74 
Total Ameris Bancorp FTE headcount 2,672  2,710  2,691  2,733  2,751  2,672  2,751 
Branch locations 164  164  164  164  164  164  164 
Deposits per branch location $ 133,736  $ 133,612  $ 132,454  $ 133,410  $ 130,757  $ 133,736  $ 130,757 
(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 Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands except per share data) 2025 2025 2024 2024 2024 2025 2024
Interest income
Interest and fees on loans $ 315,893  $ 304,168  $ 318,843  $ 325,622  $ 317,664  $ 620,061  $ 621,057 
Interest on taxable securities 20,696  18,492  15,923  15,555  16,948  39,188  30,040 
Interest on nontaxable securities 334  329  337  336  335  663  665 
Interest on deposits in other banks 10,715  10,789  11,260  13,633  12,376  21,504  25,013 
Total interest income 347,638  333,778  346,363  355,146  347,323  681,416  676,775 
Interest expense
Interest on deposits 106,796  105,215  115,556  129,698  121,245  212,011  239,419 
Interest on other borrowings 9,029  6,724  8,986  11,388  14,157  15,753  24,047 
Total interest expense 115,825  111,939  124,542  141,086  135,402  227,764  263,466 
Net interest income 231,813  221,839  221,821  214,060  211,921  453,652  413,309 
Provision for loan losses 3,110  16,519  12,657  6,313  25,348  19,629  50,871 
Provision for unfunded commitments (335) 5,373  148  (204) (6,570) 5,038  (10,992)
Provision for other credit losses (3) —  3  (2) (5) (3) (1)
Provision for credit losses 2,772  21,892  12,808  6,107  18,773  24,664  39,878 
Net interest income after provision for credit losses 229,041  199,947  209,013  207,953  193,148  428,988  373,431 
Noninterest income
Service charges on deposit accounts 13,493  13,133  13,544  12,918  12,672  26,626  24,431 
Mortgage banking activity 39,221  35,254  36,699  37,947  46,399  74,475  85,829 
Other service charges, commissions and fees 1,158  1,109  1,182  1,163  1,211  2,267  2,413 
Gain (loss) on securities —  40  (16) (8) 12,335  40  12,328 
Equipment finance activity 6,572  6,698  5,947  5,398  4,983  13,270  10,319 
Other noninterest income 8,467  7,789  11,603  12,291  11,111  16,256  19,269 
Total noninterest income 68,911  64,023  68,959  69,709  88,711  132,934  154,589 
Noninterest expense
Salaries and employee benefits 89,308  86,615  87,810  88,700  88,201  175,923  171,131 
Occupancy and equipment 11,401  10,677  11,624  11,716  12,559  22,078  25,444 
Data processing and communications expenses 15,366  14,855  14,631  15,221  15,193  30,221  29,847 
Credit resolution-related expenses(1)
 657  765  1,271  (110) 840  1,422  1,326 
Advertising and marketing 3,745  2,883  2,730  3,959  3,456  6,628  5,923 
Amortization of intangible assets 4,076  4,103  4,180  4,180  4,407  8,179  8,829 
Other noninterest expenses 30,707  31,136  29,703  28,111  30,701  61,843  61,568 
Total noninterest expense 155,260  151,034  151,949  151,777  155,357  306,294  304,068 
Income before income tax expense 142,692  112,936  126,023  125,885  126,502  255,628  223,952 
Income tax expense 32,858  25,001  31,647  26,673  35,717  57,859  58,855 
Net income $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 90,785  $ 197,769  $ 165,097 
Diluted earnings per common share $ 1.60  $ 1.27  $ 1.37  $ 1.44  $ 1.32  $ 2.87  $ 2.39 
(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
Jun Mar Dec Sep Jun
(dollars in thousands) 2025 2025 2024 2024 2024
Assets
Cash and due from banks $ 249,676  $ 253,289  $ 244,980  $ 231,515  $ 257,297 
Interest-bearing deposits in banks 920,594  1,039,111  975,397  1,127,641  1,104,897 
Debt securities available-for-sale, at fair value 1,871,298  1,943,011  1,671,260  1,441,552  1,531,047 
Debt securities held-to-maturity, at amortized cost 176,487  173,757  164,677  161,220  148,538 
Other investments 69,910  65,630  66,298  63,899  96,613 
Loans held for sale 544,091  545,388  528,599  553,379  570,180 
Loans, net of unearned income 21,041,497  20,706,644  20,739,906  20,964,981  20,992,603 
Allowance for credit losses (341,567) (345,555) (338,084) (334,457) (336,218)
Loans, net 20,699,930  20,361,089  20,401,822  20,630,524  20,656,385 
Other real estate owned 1,825  863  2,433  9,482  2,213 
Premises and equipment, net 211,434  207,895  209,460  210,931  213,255 
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangible assets, net 62,582  66,658  70,761  74,941  79,120 
Cash value of bank owned life insurance 414,381  410,890  408,574  460,699  376,458 
Other assets 442,299  431,713  502,143  418,353  469,079 
Total assets $ 26,680,153  $ 26,514,940  $ 26,262,050  $ 26,399,782  $ 26,520,728 
Liabilities
Deposits
Noninterest-bearing $ 6,800,519  $ 6,744,781  $ 6,498,293  $ 6,670,320  $ 6,649,220 
Interest-bearing 15,132,156  15,167,628  15,224,155  15,208,945  14,794,923 
Total deposits 21,932,675  21,912,409  21,722,448  21,879,265  21,444,143 
Other borrowings 376,700  276,744  291,788  346,446  946,413 
Subordinated deferrable interest debentures 133,306  132,807  132,309  131,811  131,312 
Other liabilities 319,794  369,178  363,983  360,892  432,246 
Total liabilities 22,762,475  22,691,138  22,510,528  22,718,414  22,954,114 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock 72,897  72,885  72,699  72,698  72,697 
Capital stock 1,964,896  1,961,732  1,958,642  1,954,532  1,950,846 
Retained earnings 2,023,493  1,927,489  1,853,428  1,772,989  1,684,218 
Accumulated other comprehensive loss, net of tax (6,886) (14,430) (30,119) (15,724) (38,020)
Treasury stock (136,722) (123,874) (103,128) (103,127) (103,127)
Total shareholders' equity 3,917,678  3,823,802  3,751,522  3,681,368  3,566,614 
Total liabilities and shareholders' equity $ 26,680,153  $ 26,514,940  $ 26,262,050  $ 26,399,782  $ 26,520,728 
Other Data
Earning assets $ 24,623,877  $ 24,473,541  $ 24,146,137  $ 24,312,672  $ 24,443,878 
Intangible assets 1,078,228  1,082,304  1,086,407  1,090,587  1,094,766 
Interest-bearing liabilities 15,642,162  15,577,179  15,648,252  15,687,202  15,872,648 
Average assets 26,757,322  26,229,423  26,444,894  26,442,984  25,954,808 
Average common shareholders' equity 3,865,031  3,798,149  3,719,888  3,618,052  3,530,869 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information Table 4
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands) 2025 2025 2024 2024 2024 2025 2024
Allowance for Credit Losses
Balance at beginning of period $ 381,507  $ 368,663  $ 364,885  $ 366,852  $ 357,232  $ 368,663  $ 348,727 
Provision for loan losses 3,110  16,519  12,657  6,313  25,348  19,629  50,871 
Provision for unfunded commitments (335) 5,373  148  (204) (6,570) 5,038  (10,992)
Provision for other credit losses (3) —  3  (2) (5) (3) (1)
Provision for credit losses 2,772  21,892  12,808  6,107  18,773  24,664  39,878 
Charge-offs 14,227  15,383  17,460  15,352  16,845  29,610  35,302 
Recoveries 7,129  6,335  8,430  7,278  7,692  13,464  13,549 
Net charge-offs (recoveries) 7,098  9,048  9,030  8,074  9,153  16,146  21,753 
Ending balance $ 377,181  $ 381,507  $ 368,663  $ 364,885  $ 366,852  $ 377,181  $ 366,852 
Allowance for loan losses $ 341,567  $ 345,555  $ 338,084  $ 334,457  $ 336,218  $ 341,567  $ 336,218 
Allowance for unfunded commitments 35,548  35,883  30,510  30,362  30,566  35,548  30,566 
Allowance for other credit losses 66  69  69  66  68  66  68 
Total allowance for credit losses $ 377,181  $ 381,507  $ 368,663  $ 364,885  $ 366,852  $ 377,181  $ 366,852 
Non-Performing Assets
Nonaccrual portfolio loans $ 75,286  $ 86,229  $ 90,206  $ 87,339  $ 85,878  $ 75,286  $ 85,878 
Other real estate owned 1,825  863  2,433  9,482  2,213  1,825  2,213 
Repossessed assets 2  —  9  19  22  2  22 
Accruing loans delinquent 90 days or more 8,415  14,930  17,733  12,234  15,909  8,415  15,909 
Non-performing portfolio assets $ 85,528  $ 102,022  $ 110,381  $ 109,074  $ 104,022  $ 85,528  $ 104,022 
Serviced GNMA-guaranteed mortgage nonaccrual loans 11,733  13,441  12,012  8,168  93,520  11,733  93,520 
Total non-performing assets $ 97,261  $ 115,463  $ 122,393  $ 117,242  $ 197,542  $ 97,261  $ 197,542 
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets 0.32  % 0.38  % 0.42  % 0.41  % 0.39  % 0.32  % 0.39  %
Total non-performing assets as a percent of total assets 0.36  % 0.44  % 0.47  % 0.44  % 0.74  % 0.36  % 0.74  %
Net charge-offs as a percent of average loans (annualized) 0.14  % 0.18  % 0.17  % 0.15  % 0.18  % 0.16  % 0.21  %



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information Table 5
Jun Mar Dec Sep Jun
(dollars in thousands) 2025 2025 2024 2024 2024
Loans by Type
Commercial and industrial $ 3,184,211  $ 3,075,971  $ 2,953,135  $ 2,949,957  $ 2,860,973 
Consumer 209,990  213,902  221,735  221,201  234,122 
Mortgage warehouse 1,092,475  891,412  965,053  985,910  1,070,921 
Municipal 436,759  429,227  441,408  449,561  454,967 
Premium Finance 1,294,293  1,176,309  1,155,614  1,246,452  1,151,261 
Real estate - construction and development 1,485,842  1,842,431  1,998,506  2,232,114  2,336,987 
Real estate - commercial and farmland 8,877,750  8,574,626  8,445,958  8,249,981  8,103,634 
Real estate - residential 4,460,177  4,502,766  4,558,497  4,629,805  4,779,738 
Total loans $ 21,041,497  $ 20,706,644  $ 20,739,906  $ 20,964,981  $ 20,992,603 
Loans by Risk Grade
Pass $ 20,820,888  $ 20,468,496  $ 20,457,340  $ 20,676,342  $ 20,623,416 
Other assets especially mentioned 66,677  73,783  110,936  124,479  115,477 
Substandard 153,932  164,365  171,630  164,160  253,710 
Total loans $ 21,041,497  $ 20,706,644  $ 20,739,906  $ 20,964,981  $ 20,992,603 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances Table 6
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands) 2025 2025 2024 2024 2024 2025 2024
Earning Assets
Interest-bearing deposits in banks $ 951,851  $ 980,164  $ 899,162  $ 997,308  $ 899,866  $ 965,930  $ 911,855 
Debt securities - taxable 2,117,596  1,998,226  1,761,984  1,733,418  1,663,841  2,058,241  1,631,773 
Debt securities - nontaxable 41,299  41,391  41,494  41,496  41,396  41,344  41,341 
Loans held for sale 730,770  565,531  795,904  575,461  491,000  648,607  407,175 
Loans 20,928,825  20,620,777  20,868,216  21,023,629  20,820,361  20,775,652  20,570,520 
Total Earning Assets $ 24,770,341  $ 24,206,089  $ 24,366,760  $ 24,371,312  $ 23,916,464  $ 24,489,774  $ 23,562,664 
Deposits
Noninterest-bearing deposits $ 6,766,557  $ 6,522,784  $ 6,684,851  $ 6,622,952  $ 6,558,427  $ 6,645,340  $ 6,480,864 
NOW accounts 3,939,802  3,988,458  3,888,404  3,753,528  3,824,538  3,963,995  3,827,257 
MMDA 6,918,382  6,911,554  6,864,265  6,508,770  6,251,719  6,914,988  6,102,054 
Savings accounts 766,331  767,148  761,980  765,909  781,588  766,738  788,738 
Retail CDs 2,393,402  2,436,974  2,474,804  2,478,875  2,430,416  2,415,067  2,404,547 
Brokered CDs 1,145,043  962,768  1,057,808  1,493,352  1,167,174  1,054,409  1,274,278 
Total Deposits 21,929,517  21,589,686  21,732,112  21,623,386  21,013,862  21,760,537  20,877,738 
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase —  —  —  —  1  —  — 
FHLB advances 326,054  149,537  215,116  358,332  548,251  238,283  383,920 
Other borrowings 193,492  193,494  279,961  298,073  307,449  193,493  307,829 
Subordinated deferrable interest debentures 133,043  132,544  132,048  131,547  131,050  132,795  130,801 
Total Non-Deposit Funding 652,589  475,575  627,125  787,952  986,751  564,571  822,550 
Total Funding $ 22,582,106  $ 22,065,261  $ 22,359,237  $ 22,411,338  $ 22,000,613  $ 22,325,108  $ 21,700,288 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) Table 7
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands) 2025 2025 2024 2024 2024 2025 2024
Interest Income
Interest-bearing deposits in banks $ 10,715  $ 10,789  $ 11,260  $ 13,633  $ 12,376  $ 21,504  $ 25,013 
Debt securities - taxable 20,696  18,492  15,923  15,555  16,948  39,188  30,040 
Debt securities - nontaxable (TE) 423  416  427  426  423  839  841 
Loans held for sale 11,578  9,045  11,853  9,142  8,189  20,623  13,537 
Loans (TE) 305,154  295,964  307,852  317,358  310,347  601,118  609,254 
Total Earning Assets $ 348,566  $ 334,706  $ 347,315  $ 356,114  $ 348,283  $ 683,272  $ 678,685 
Interest Expense
Interest-Bearing Deposits
NOW accounts $ 18,144  $ 18,306  $ 19,099  $ 20,535  $ 21,020  $ 36,450  $ 41,594 
MMDA 53,469  52,261  57,160  61,620  58,332  105,730  112,285 
Savings accounts 826  830  850  960  984  1,656  1,970 
Retail CDs 21,852  23,245  25,610  26,775  25,711  45,097  50,287 
Brokered CDs 12,505  10,573  12,837  19,808  15,198  23,078  33,283 
Total Interest-Bearing Deposits 106,796  105,215  115,556  129,698  121,245  212,011  239,419 
Non-Deposit Funding
FHLB advances 3,508  1,362  2,393  4,443  7,167  4,870  9,745 
Other borrowings 2,499  2,350  3,346  3,514  3,574  4,849  7,453 
Subordinated deferrable interest debentures 3,022  3,012  3,247  3,431  3,416  6,034  6,849 
Total Non-Deposit Funding 9,029  6,724  8,986  11,388  14,157  15,753  24,047 
Total Interest-Bearing Funding $ 115,825  $ 111,939  $ 124,542  $ 141,086  $ 135,402  $ 227,764  $ 263,466 
Net Interest Income (TE) $ 232,741  $ 222,767  $ 222,773  $ 215,028  $ 212,881  $ 455,508  $ 415,219 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
2025 2025 2024 2024 2024 2025 2024
Earning Assets
Interest-bearing deposits in banks 4.52  % 4.46  % 4.98  % 5.44  % 5.53  % 4.49  % 5.52  %
Debt securities - taxable 3.92  % 3.75  % 3.60  % 3.57  % 4.10  % 3.84  % 3.70  %
Debt securities - nontaxable (TE) 4.11  % 4.08  % 4.09  % 4.08  % 4.11  % 4.09  % 4.09  %
Loans held for sale 6.35  % 6.49  % 5.92  % 6.32  % 6.71  % 6.41  % 6.69  %
Loans (TE) 5.85  % 5.82  % 5.87  % 6.01  % 6.00  % 5.83  % 5.96  %
Total Earning Assets 5.64  % 5.61  % 5.67  % 5.81  % 5.86  % 5.63  % 5.79  %
Interest-Bearing Deposits
NOW accounts 1.85  % 1.86  % 1.95  % 2.18  % 2.21  % 1.85  % 2.19  %
MMDA 3.10  % 3.07  % 3.31  % 3.77  % 3.75  % 3.08  % 3.70  %
Savings accounts 0.43  % 0.44  % 0.44  % 0.50  % 0.51  % 0.44  % 0.50  %
Retail CDs 3.66  % 3.87  % 4.12  % 4.30  % 4.25  % 3.77  % 4.21  %
Brokered CDs 4.38  % 4.45  % 4.83  % 5.28  % 5.24  % 4.41  % 5.25  %
Total Interest-Bearing Deposits 2.83  % 2.83  % 3.06  % 3.44  % 3.37  % 2.83  % 3.34  %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase —  % —  % —  % —  % —  % —  % —  %
FHLB advances 4.32  % 3.69  % 4.43  % 4.93  % 5.26  % 4.12  % 5.10  %
Other borrowings 5.18  % 4.93  % 4.75  % 4.69  % 4.68  % 5.05  % 4.87  %
Subordinated deferrable interest debentures 9.11  % 9.22  % 9.78  % 10.38  % 10.48  % 9.16  % 10.53  %
Total Non-Deposit Funding 5.55  % 5.73  % 5.70  % 5.75  % 5.77  % 5.63  % 5.88  %
Total Interest-Bearing Liabilities
 2.94  % 2.92  % 3.16  % 3.55  % 3.53  % 2.93  % 3.48  %
Net Interest Spread 2.70  % 2.69  % 2.51  % 2.26  % 2.33  % 2.70  % 2.31  %
Net Interest Margin(2)
 3.77  % 3.73  % 3.64  % 3.51  % 3.58  % 3.75  % 3.54  %
Total Cost of Funds(3)
 2.06  % 2.06  % 2.22  % 2.50  % 2.48  % 2.06  % 2.44  %
(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 Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands except per share data) 2025 2025 2024 2024 2024 2025 2024
Net income available to common shareholders $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 90,785  $ 197,769  $ 165,097 
Adjustment items:
Gain on sale of MSR (356) 14  (536) (5,245) (4,713) (342) (4,713)
Gain on conversion of Visa Class B-1 stock —  —  —  —  (12,554) —  (12,554)
Gain on BOLI proceeds —  (11) —  —  (466) (11) (1,464)
FDIC special assessment (138) 138  (559) —  (895) —  2,014 
Natural disaster expenses —  —  400  150  —  —  — 
Loss on disposition of bank premises —  —  1,203  —  —  —  — 
Tax effect of adjustment items (Note 1)
 104  (32) (107) 1,070  3,814  72  3,203 
After tax adjustment items (390) 109  401  (4,025) (14,814) (281) (13,514)
Tax expense attributable to BOLI restructuring —  —  301  —  4,792  —  4,792 
Adjusted net income $ 109,444  $ 88,044  $ 95,078  $ 95,187  $ 80,763  $ 197,488  $ 156,375 
Weighted average number of shares - diluted 68,796,577  69,030,331  69,128,946  69,066,298  69,013,834  68,912,750  69,010,010 
Net income per diluted share $ 1.60  $ 1.27  $ 1.37  $ 1.44  $ 1.32  $ 2.87  $ 2.39 
Adjusted net income per diluted share $ 1.59  $ 1.28  $ 1.38  $ 1.38  $ 1.17  $ 2.87  $ 2.27 
Average assets $ 26,757,322  $ 26,229,423  $ 26,444,894  $ 26,442,984  $ 25,954,808  $ 26,494,831  $ 25,624,948 
Return on average assets 1.65  % 1.36  % 1.42  % 1.49  % 1.41  % 1.51  % 1.30  %
Adjusted return on average assets 1.64  % 1.36  % 1.43  % 1.43  % 1.25  % 1.50  % 1.23  %
Average common equity $ 3,865,031  $ 3,798,149  $ 3,719,888  $ 3,618,052  $ 3,530,869  $ 3,831,775  $ 3,496,870 
Average tangible common equity $ 2,784,819  $ 2,713,847  $ 2,631,452  $ 2,525,421  $ 2,433,958  $ 2,749,529  $ 2,397,751 
Return on average common equity 11.40  % 9.39  % 10.09  % 10.91  % 10.34  % 10.41  % 9.49  %
Return on average tangible common equity 15.82  % 13.14  % 14.27  % 15.63  % 15.00  % 14.50  % 13.85  %
Adjusted return on average tangible common equity 15.76  % 13.16  % 14.37  % 14.99  % 13.35  % 14.48  % 13.12  %
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 Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands) 2025 2025 2024 2024 2024 2025 2024
Adjusted Noninterest Expense
Total noninterest expense $ 155,260  $ 151,034  $ 151,949  $ 151,777  $ 155,357  $ 306,294  $ 304,068 
Adjustment items:
FDIC special assessment 138  (138) 559  —  895  —  (2,014)
Natural disaster expenses —  —  (400) (150) —  —  — 
Loss on disposition of bank premises —  —  (1,203) —  —  —  — 
Adjusted noninterest expense $ 155,398  $ 150,896  $ 150,905  $ 151,627  $ 156,252  $ 306,294  $ 302,054 
Total Revenue
Net interest income $ 231,813  $ 221,839  $ 221,821  $ 214,060  $ 211,921  $ 453,652  $ 413,309 
Noninterest income 68,911  64,023  68,959  69,709  88,711  132,934  154,589 
Total revenue $ 300,724  $ 285,862  $ 290,780  $ 283,769  $ 300,632  $ 586,586  $ 567,898 
Adjusted Total Revenue
Net interest income (TE) $ 232,741  $ 222,767  $ 222,773  $ 215,028  $ 212,881  $ 455,508  $ 415,219 
Noninterest income 68,911  64,023  68,959  69,709  88,711  132,934  154,589 
Total revenue (TE) 301,652  286,790  291,732  284,737  301,592  588,442  569,808 
Adjustment items:
(Gain) loss on securities —  (40) 16  8  (12,335) (40) (12,328)
Gain on sale of MSR (356) 14  (536) (5,245) (4,713) (342) (4,713)
Gain on BOLI proceeds —  (11) —  —  (466) (11) (1,464)
Adjusted total revenue (TE) $ 301,296  $ 286,753  $ 291,212  $ 279,500  $ 284,078  $ 588,049  $ 551,303 
Efficiency ratio 51.63  % 52.83  % 52.26  % 53.49  % 51.68  % 52.22  % 53.54  %
Adjusted efficiency ratio (TE) 51.58  % 52.62  % 51.82  % 54.25  % 55.00  % 52.09  % 54.79  %
Tangible Book Value Per Share Table 9C
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands except per share data) 2025 2025 2024 2024 2024 2025 2024
Total shareholders' equity $ 3,917,678  $ 3,823,802  $ 3,751,522  $ 3,681,368  $ 3,566,614  $ 3,917,678  $ 3,566,614 
Less:
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangibles, net 62,582  66,658  70,761  74,941  79,120  62,582  79,120 
Total tangible shareholders' equity $ 2,839,450  $ 2,741,498  $ 2,665,115  $ 2,590,781  $ 2,471,848  $ 2,839,450  $ 2,471,848 
Period end number of shares 68,711,043  68,910,924  69,068,609  69,067,019  69,066,573  68,711,043  69,066,573 
Book value per share (period end) $ 57.02  $ 55.49  $ 54.32  $ 53.30  $ 51.64  $ 57.02  $ 51.64 
Tangible book value per share (period end) $ 41.32  $ 39.78  $ 38.59  $ 37.51  $ 35.79  $ 41.32  $ 35.79 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets Table 9D
Jun Mar Dec Sep Jun
(dollars in thousands except per share data) 2025 2025 2024 2024 2024
Total shareholders' equity $ 3,917,678 $ 3,823,802 $ 3,751,522 $ 3,681,368 $ 3,566,614
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 62,582 66,658 70,761 74,941 79,120
Total tangible shareholders' equity $ 2,839,450 $ 2,741,498 $ 2,665,115 $ 2,590,781 $ 2,471,848
Total assets $ 26,680,153 $ 26,514,940 $ 26,262,050 $ 26,399,782 $ 26,520,728
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 62,582 66,658 70,761 74,941 79,120
Total tangible assets $ 25,601,925 $ 25,432,636 $ 25,175,643 $ 25,309,195 $ 25,425,962
Equity to Assets 14.68  % 14.42  % 14.28  % 13.94  % 13.45  %
Tangible Common Equity to Tangible Assets 11.09  % 10.78  % 10.59  % 10.24  % 9.72  %


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting Table 10
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands) 2025 2025 2024 2024 2024 2025 2024
Retail Mortgage Division
Net interest income $ 22,031  $ 21,844  $ 23,714  $ 23,553  $ 23,742  $ 43,875  $ 47,029 
Provision for credit losses 1,010  5,191  (2,503) 254  (2,882) 6,201  (550)
Noninterest income 37,726  34,729  36,623  41,498  50,145  72,455  88,910 
Noninterest expense
Salaries and employee benefits 24,358  20,995  22,876  23,233  25,254  45,353  46,327 
Occupancy and equipment expenses 811  829  951  957  1,008  1,640  2,057 
Data processing and telecommunications expenses 1,391  1,297  1,222  1,184  1,276  2,688  2,642 
Other noninterest expenses 12,496  11,963  12,118  12,164  13,397  24,459  25,927 
Total noninterest expense 39,056  35,084  37,167  37,538  40,935  74,140  76,953 
Income before income tax expense 19,691  16,298  25,673  27,259  35,834  35,989  59,536 
Income tax expense 4,135  3,423  5,391  5,724  7,525  7,558  12,503 
Net income $ 15,556  $ 12,875  $ 20,282  $ 21,535  $ 28,309  $ 28,431  $ 47,033 
Warehouse Lending Division
Net interest income $ 7,091  $ 5,902  $ 6,640  $ 7,812  $ 6,292  $ 12,993  $ 12,320 
Provision for credit losses 369  (175) (59) (170) 359  194  504 
Noninterest income 1,893  554  676  1,765  1,028  2,447  1,768 
Noninterest expense
Salaries and employee benefits 618  552  583  621  1,124  1,170  2,012 
Occupancy and equipment expenses 7  7  6  6  7  14  14 
Data processing and telecommunications expenses 59  38  44  32  59  97  84 
Other noninterest expenses 96  270  224  217  298  366  535 
Total noninterest expense 780  867  857  876  1,488  1,647  2,645 
Income before income tax expense 7,835  5,764  6,518  8,871  5,473  13,599  10,939 
Income tax expense 1,646  1,210  1,369  1,863  1,149  2,856  2,297 
Net income $ 6,189  $ 4,554  $ 5,149  $ 7,008  $ 4,324  $ 10,743  $ 8,642 
Premium Finance Division
Net interest income $ 11,190  $ 9,880  $ 10,390  $ 10,060  $ 8,350  $ 21,070  $ 15,955 
Provision for credit losses 716  456  517  457  408  1,172  (91)
Noninterest income 17  16  13  11  11  33  21 
Noninterest expense
Salaries and employee benefits 2,331  2,352  2,029  2,212  1,900  4,683  3,953 
Occupancy and equipment expenses 36  37  51  28  70  73  146 
Data processing and telecommunications expenses 91  129  106  83  102  220  181 
Other noninterest expenses 1,115  969  1,173  1,140  1,095  2,084  2,123 
Total noninterest expense 3,573  3,487  3,359  3,463  3,167  7,060  6,403 
Income before income tax expense 6,918  5,953  6,527  6,151  4,786  12,871  9,664 
Income tax expense 1,410  1,214  1,334  1,254  953  2,624  1,937 
Net income $ 5,508  $ 4,739  $ 5,193  $ 4,897  $ 3,833  $ 10,247  $ 7,727 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) Table 10
Three Months Ended Six Months Ended
Jun Mar Dec Sep Jun Jun Jun
(dollars in thousands) 2025 2025 2024 2024 2024 2025 2024
Banking Division
Net interest income $ 191,501  $ 184,213  $ 181,077  $ 172,635  $ 173,537  $ 375,714  $ 338,005 
Provision for credit losses 677  16,420  14,853  5,566  20,888  17,097  40,015 
Noninterest income 29,275  28,724  31,647  26,435  37,527  57,999  63,890 
Noninterest expense
Salaries and employee benefits 62,001  62,716  62,322  62,634  59,923  124,717  118,839 
Occupancy and equipment expenses 10,547  9,804  10,616  10,725  11,474  20,351  23,227 
Data processing and telecommunications expenses 13,825  13,391  13,259  13,922  13,756  27,216  26,940 
Other noninterest expenses 25,478  25,685  24,369  22,619  24,614  51,163  49,061 
Total noninterest expense 111,851  111,596  110,566  109,900  109,767  223,447  218,067 
Income before income tax expense 108,248  84,921  87,305  83,604  80,409  193,169  143,813 
Income tax expense 25,667  19,154  23,553  17,832  26,090  44,821  42,118 
Net income $ 82,581  $ 65,767  $ 63,752  $ 65,772  $ 54,319  $ 148,348  $ 101,695 
Total Consolidated
Net interest income $ 231,813  $ 221,839  $ 221,821  $ 214,060  $ 211,921  $ 453,652  $ 413,309 
Provision for credit losses 2,772  21,892  12,808  6,107  18,773  24,664  39,878 
Noninterest income 68,911  64,023  68,959  69,709  88,711  132,934  154,589 
Noninterest expense
Salaries and employee benefits 89,308  86,615  87,810  88,700  88,201  175,923  171,131 
Occupancy and equipment expenses 11,401  10,677  11,624  11,716  12,559  22,078  25,444 
Data processing and telecommunications expenses 15,366  14,855  14,631  15,221  15,193  30,221  29,847 
Other noninterest expenses 39,185  38,887  37,884  36,140  39,404  78,072  77,646 
Total noninterest expense 155,260  151,034  151,949  151,777  155,357  306,294  304,068 
Income before income tax expense 142,692  112,936  126,023  125,885  126,502  255,628  223,952 
Income tax expense 32,858  25,001  31,647  26,673  35,717  57,859  58,855 
Net income $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 90,785  $ 197,769  $ 165,097 


EX-99.2 3 a2q25earningspresentatio.htm EX-99.2 a2q25earningspresentatio
2nd Quarter 2025 Results Investor Presentation

 
Cautionary Statements 1 This presentation 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 presentation 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 behaviors 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 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 the Company undertakes no obligation to update or revise forward-looking statements.

 
Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified loan portfolio among geographies and product lines • Scarcity value in strong Southeast markets projected to grow faster than the national average(1) • Stable deposit base with 31.0% noninterest-bearing deposits • Experienced executive team with skills and leadership to continue to grow organically • Focus on shareholder value with 15% annualized tangible book value growth over the last five years Strong History of Earnings 2 1 – Census data obtained from S&P Global Market Intelligence $1.32 $1.44 $1.37 $1.27 $1.60 1.41% 1.49% 1.42% 1.36% 1.65% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 2Q24 3Q24 4Q24 1Q25 2Q25 Diluted EPS ROA Grey areas represent MSAs in the top 25% of projected population growth where Ameris has branches.

 
51.6% Efficiency Ratio 1.7x National Growth Markets(3) 1.62% Allowance for Credit Losses 13.0% CET1 Ratio(2) 15% 5-yr TBV(1) CAGR 15.8% ROTCE(1) 23% Fees to Revenue Disciplined and Focused Mgmt Team 11.1% TCE/TA Ratio(1) 31.0% NIB Deposits 3.77% Net Interest Margin 1.65% ROA 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 2 – Regulatory capital ratios are estimated for most recent period end 3 – Ameris Southeast Markets projected to grow approximately 1.7x the national average over the next five years per census data obtained from S&P Global Market Intelligence3 Why Ameris? Leading Industry Performance

 
20.90 22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 34.52 35.79 37.51 38.59 39.78 41.32 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Tangible Book Value/Share Delivering Shareholder Value Tangible Book Value Growth 4 • Management remains laser focused on growing shareholder value • Over the past five year, TBV(1) has grown by 15% annualized • TBV(1) increased $1.54 per share in 2Q25: • $1.40 from retained earnings • $0.10 from impact of AOCI • $0.04 from all other 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
1 – Regulatory capital ratios are estimated for most recent period end 2 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 3 – Growth rate calculated from comparable prior period 4 – Annualized for interim periods 5 History of Consistent Performance 2020 2021 2022 2023 2024 2020 – 2024 (5 Year) Average YTD 2Q25 ROA 1.36% 1.73% 1.47% 1.06% 1.38% 1.40% 1.51% ROTCE(2) 17.2% 20.6% 17.8% 12.2% 14.4% 16.5% 14.5% Net Interest Margin 3.70% 3.32% 3.76% 3.61% 3.56% 3.59% 3.75% Net Interest Income Growth(3) 26.2% 2.8% 22.2% 4.2% 1.7% 11.4% 9.8% Efficiency Ratio 55.2% 54.9% 51.7% 53.7% 53.2% 53.7% 52.2% Fees/Revenue 41.2% 35.8% 26.2% 22.5% 25.7% 30.3% 22.7% NIB Deposits/Total Deposits 36.3% 39.5% 40.7% 31.3% 29.9% 35.6% 31.0% CET1 Ratio(1) 11.1% 10.5% 9.9% 11.2% 12.7% 11.1% 13.0% TCE Ratio(2) 8.5% 8.0% 8.7% 9.6% 10.6% 9.1% 11.1% CRE Concentration 251% 291% 292% 282% 268% 277% 261% Allowance for Credit Losses/Total Loans 1.38% 1.06% 1.04% 1.52% 1.63% 1.32% 1.62% Net Charge Offs/Total Loans(4) 0.31% 0.04% 0.08% 0.25% 0.19% 0.17% 0.16% 5 Year Performance Metrics

 
2Q 2025 Operating Highlights 6 • Net income of $109.8 million, or $1.60 per diluted share • Return on average assets ("ROA") of 1.65% • Return on average tangible common equity (1) ("ROTCE") of 15.82% • Tangible book value(1) growth of $1.54 per share, or 15.5% annualized, to $41.32 at June 30, 2025 • TCE ratio(1) of 11.09%, compared with 9.72% one year ago • Net interest margin (TE) expansion of 4bps to 3.77% • Efficiency ratio improved to 51.63% • Total revenue increased $14.9 million, or 20.9% annualized, from 1Q25 • Growth in average earnings assets of $564.3 million, or 9.3% annualized • Loan growth of $335 million, or 6.5% annualized • Noninterest-bearing deposits remain strong at 31.0% of total deposits at June 30, 2025 • Annualized net charge-offs improved to 0.14% of average total loans 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
2Q 2025 Financial Highlights 7 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix (dollars in thousands, except per share data) 2Q25 1Q25 Change 2Q24 Change 2025 2024 Change Net Income $109,834 $ 87,935 25% $ 90,785 21% $ 197,769 $ 165,097 20% Adjusted Net Income(1) $109,444 $ 88,044 24% $ 80,763 36% $ 197,488 $ 156,375 26% Net Income Per Diluted Share $ 1.60 $ 1.27 26% $ 1.32 21% $ 2.87 $ 2.39 20% Adjusted Net Income Per Share(1) $ 1.59 $ 1.28 24% $ 1.17 36% $ 2.87 $ 2.27 26% Return on Assets 1.65% 1.36% 21% 1.41% 17% 1.51% 1.30% 16% Adjusted Return on Assets(1) 1.64% 1.36% 21% 1.25% 31% 1.50% 1.23% 22% Return on Equity 11.40% 9.39% 21% 10.34% 10% 10.41% 9.49% 10% Return on TCE(1) 15.82% 13.14% 20% 15.00% 5% 14.50% 13.85% 5% Adjusted Return on TCE(1) 15.76% 13.16% 20% 13.35% 18% 14.48% 13.12% 10% Efficiency Ratio 51.63% 52.83% -2% 51.68% 0% 52.22% 53.54% -2% Adjusted Efficiency Ratio(1) 51.58% 52.62% -2% 55.00% -6% 52.09% 54.79% -5% Net Interest Margin 3.77% 3.73% 1% 3.58% 5% 3.75% 3.54% 6% Quarter to Date Results Year To Date Results

 
Strong Net Interest Margin 8 • Net interest margin improved 4bps to 3.77% in the second quarter of 2025 • Net interest income (TE) grew by $10.0 million in 2Q25 • Interest income (TE) increased $13.9 million • Interest expense increased $3.9 million • Average earning assets increased 9.3% annualized Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity continues near neutrality in preparation for further potential FOMC rate changes: • -0.7% asset sensitivity in -100bps • -0.4% asset sensitivity in -50bps • +0.4% asset sensitivity in +50bps • +0.8% asset sensitivity in +100bps • Approximately $11.5 billion of total loans reprice within one year through either maturities or floating rate indices $212.9 $215.0 $222.8 $222.8 $232.7 3.58% 3.51% 3.64% 3.73% 3.77% 3.00% 3.50% 4.00% 4.50% $190.0 $200.0 $210.0 $220.0 $230.0 $240.0 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income (TE) (in millions) NIM

 
Diversified Revenue Stream 9 • Strong revenue base of net interest income from core banking division and lines of business • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Mortgage banking activity represented 13% of total revenue in 2Q25 • Purchase business represented 83% in 2Q25 due to strong core relationships with builders and realtors • Gain on sale margin improved to 2.22% in 2Q25 from 2.17% in 1Q25 Other Noninterest Income • Other Noninterest Income includes: • Fee income from equipment finance • Gains on sale of SBA loans • BOLI income Strong Revenue Stream 2.45% 2.17% 2.40% 2.17% 2.22% 2.00% 2.10% 2.20% 2.30% 2.40% 2.50% 2Q24 3Q24 4Q24 1Q25 2Q25 Mortgage Gain on Sale Margin 71% 76% 76% 78% 77% 15% 13% 13% 12% 13% 14% 11% 11% 10% 10% $301.6 $284.7 $291.7 $286.8 $301.7 0% 20% 40% 60% 80% 100% 120% 2Q24 3Q24 4Q24 1Q25 2Q25 Revenue Sources (Tax-Equivalent) (in millions) Net Interest Income (TE) Mortgage Banking Activity Other Noninterest Income

 
Disciplined Expense Control Noninterest Expense and Efficiency Ratio Expense Highlights 10 • Management continues to deliver high performing operating efficiency • Efficiency ratio of 51.63% in 2Q25 • 120bps improvement compared with 52.83% in 1Q25 • 5bps improvement compared with 51.68% in 2Q24 • Total expenses increased $4.2 million in 2Q25 compared with 1Q25: • Increase of approximately $2.7 million of salaries and employee benefits primarily due to variable mortgage incentives tied to production • Occupancy and equipment costs increased approximately $700,000, and advertising and marketing expenses increased approximately $900,000 $109.8 $109.9 $110.6 $111.6 $111.9 $45.6 $41.9 $41.4 $39.4 $43.4 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest Expense (in millions) Banking LOBs 51.68% 53.49% 52.26% 52.83% 51.63% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 2Q24 3Q24 4Q24 1Q25 2Q25 Efficiency Ratio

 
Strong Core Deposit Base 11 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account NIB $ 6,800,519 31.0% 311,427 $ 21,837 NOW 4,038,284 18.4% 42,435 95,164 MMDA 6,847,686 31.2% 32,984 207,606 Savings 760,093 3.5% 63,629 11,946 CD 3,486,093 15.9% 38,966 89,465 Total $ 21,932,675 100% 489,441 $ 44,812 • Total deposits increased $20.3 million, or 0.4% annualized, during 2Q25: • Seasonal outflows of public funds totaled $77.1 million • Brokered CDs increased $81.8 million, and represent only 5% of total deposits • Remaining (non-brokered, non-public fund) deposits increased $15.6 million • Noninterest-bearing deposits remained strong at 31.0% of total deposits, an increase from 30.8% at March 31, 2025 2Q25 Highlights Consumer 35% Commercial 45% Public 15% Brokered 5% 2Q25 Deposits by Customer

 
Capital Strength 12 Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio • Repurchased 212,472 shares during the quarter for a total of $12.8 million; approximately $72.2 million remains available to purchase under the current plan • TCE ratio of 11.1% and CET1 ratio of 13.0% are strong and above peer levels • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • In July, Ameris announced the redemption of $74 million of subordinated debt at the bank level due 2030, on September 1, 2025; this debt currently bears interest at 8.22% • One additional subordinated debt issuance totaling $110 million converts to the variable rate period and becomes callable on October 1, 2025 Capital ratios are estimated for most recent period end 10.2% 10.4% 10.7% 11.0% 11.1% 11.7% 12.2% 12.7% 12.9% 13.0% 14.9% 15.4% 15.4% 15.6% 15.6% 2Q24 3Q24 4Q24 1Q25 2Q25 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio

 
Loan Diversification and Credit Quality

 
Diversified Loan Portfolio 2Q25 Loan Portfolio 14 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Portfolio is spread across over 155,000 loans with an average size of ~$135,000 • Asset quality metrics remain stable and better than historical averages • CRE and C&D concentrations were 261% and 45%, respectively, compared with 261% and 57%, respectively, at 1Q25 • Non-owner-occupied office loans totaled $1.36 billion at 2Q25, or 6.5% of total loans • Allowance for Credit Losses (ACL) on loans is 1.62% of total loans • Limited exposure to non-mortgage consumer loans and HELOCs Portfolio Highlights Agriculture 1% C&I 26% Municipal 2% Consumer 1% Investor CRE 24% OO CRE 8% Construction 7% Multi-Family 9% HELOC 2% SFR Mortgage 20% $21.0 Billion

 
Loan Balance Changes 2Q25 Loan Balance Changes 15 • Loan balances increased $335 million, or 6.5% annualized, during 2Q25 • Increases in C&I were largely attributable to fundings of mortgage warehouse lines and premium finance loans • Decline in construction is the result of multi-family projects moving to term financing in 2Q25 • 2Q25 exhibited the highest production levels since 2022 • 28.5% increase from 1Q25 • 15.7% increase from 2Q24 (in millions) (1) C&I includes premium finance, mortgage warehouse, traditional C&I, CSVLI, and equipment finance $415 $271 $111 $13 $(42) $(76) $(357) $(400) $(300) $(200) $(100) $- $100 $200 $300 $400 $500 C&I (1) Multi-Family Investor CRE Other RE - RES OO CRE Construction

 
Allowance for Credit Losses 16 • The ACL on loans totaled $341.6 million, or 1.62%, at 2Q25 • During 2Q25, the Company recorded provision expense of $2.8 million • The June economic forecasts used in the ACL model were equally weighted between the baseline and S2 adverse scenarios 2Q25 CECL Reserve Reserve Summary (in millions) 2Q25 Allowance Coverage Outstanding Balance ACL % ACL Gross Loans 21,041.5$ 341.6$ 1.62% Unfunded Commitments 4,016.5$ 35.5$ 0.89% (dollars in millions) 1.33% 1.44% 1.52% 1.55% 1.60% 1.60% 1.63% 1.67% 1.62% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $150 $175 $200 $225 $250 $275 $300 $325 $350 $375 $400 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 ACL - Loans ACL - Unfunded Commitments ACL on Loans / Total Loans

 
NPA / Charge-Off Trend 17 • NPAs, as a percentage of total assets, were 0.36% at 2Q25, compared with 0.44% at 1Q25 due to a decrease in non-performing mortgage and commercial loans • NPAs net of GNMA mortgages, as a percentage of total assets, were 0.32% at 2Q25 compared with 0.38% at 1Q25 • Government guaranteed mortgages represent 24.3% of all NPAs • Net charge-offs totaled $7.1 million, or 0.14% annualized, in 2Q25 Credit Summary ($ in millions) 0.74% 0.44% 0.47% 0.44% 0.36% 0.39% 0.41% 0.42% 0.38% 0.32% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 2Q24 3Q24 4Q24 1Q25 2Q25 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.18% 0.15% 0.17% 0.18% 0.14% 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% 0.20% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 2Q24 3Q24 4Q24 1Q25 2Q25 Net Charge-Offs Net Charge-offs NCO Ratio (Annualized)

 
Problem Loan Trends 18 • Total criticized loans (including special mention), excluding GNMA- guaranteed mortgage loans, decreased $15.8 million, or 7.0%, in 2Q25 • Classified loans, excluding GNMA-guaranteed mortgage loans, decreased $8.7 million, or 5.8%, in 2Q25 • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, decreased $17.5 million, or 17.3%, in 2Q25 • The largest component of classified and nonperforming loans at 2Q25 was residential mortgages including government guaranteed Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA-guaranteed loans. Ratios expressed as a percentage of total loans net of GNMA-backed mortgage loans. 1.31% 1.34% 1.30% 1.09% 0.99% 0.76% 0.74% 0.77% 0.73% 0.68% 0.48% 0.47% 0.52% 0.49% 0.40% $0 $50 $100 $150 $200 $250 $300 $350 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized Loans Classified Loans Nonperforming Loans % Criticized ACL Coverage 164% Classified ACL Coverage 240% NPL ACL Coverage 408%

 
Term Investor CRE • Past dues for investor CRE loans were 0.05% and NPLs 0.06% at 2Q25 • Investor CRE portfolio is well diversified with over 80% of CRE loans located in MSAs in the Bank’s footprint, which exhibit population growth forecasts exceeding the national average 19 Highlights (1) Results based on stabilized term loans, or 62% of total Investor CRE loans Investor CRE Multi-Family $1,938 Office $1,287 Retail - Anchored $1,197 Retail - Non Anchored $925 Warehouse / Industrial $837 Hotel $406 All Other CRE $555 Investor CRE by Property Type GA $2,479 FL $2,491 SC $871 NC $560 All Other $745 Investor CRE by Property Location Outstanding $6.97 B Unfunded $0.18 B Total Committed Exposure $7.15 B Average Loan Size $3.96 M Allowance Coverage 1.51% PD Ratio 0.05% NPL Ratio 0.06% Criticized Ratio 0.96% Criticized ACL Coverage 157% Average LTV (1) 58% Average DSC (1) 1.61

 
Office Portfolio • There were no past due and nonperforming loans within the investor office portfolio at 2Q25 20 Highlights (1) Results based on stabilized term loans, or 92% of term office loans Investor Office Construction $142.6 Investor CRE $1,221.1 Owner- Occupied $463.7 Total Office Portfolio by Loan Type Class A 54% Medical 17% Class B 28% Class C 1% Investor Office Portfolio by Property Class Outstanding $1.36 B Unfunded $0.13 B Total Committed Exposure $1.49 B Average Loan Size $3.65 M Allowance Coverage 3.81% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 2.28% Criticized ACL Coverage 167% Average LTV (1) 58% Average DSC (1) 1.61 Class A & Medical (1) 71%

 
Appendix

 
22 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2Q25 1Q25 2Q24 2025 2024 Net Income $ 109,834 $ 87,935 $ 90,785 $ 197,769 $ 165,097 Adjustment items Gain on sale of MSR (356) 14 (4,713) (342) (4,713) Gain on conversion of Visa Class B-1 stock - - (12,554) - (12,554) Gain on BOLI proceeds - (11) (466) (11) (1,464) FDIC special assessment (138) 138 (895) - 2,014 Tax effect of adjustment items 104 (32) 3,814 72 3,203 After tax adjustment items (390) 109 (14,814) (281) (13,514) Tax expense attributable to BOLI restructuring - - 4,792 - 4,792 Adjusted Net Income $ 109,444 $ 88,044 $ 80,763 $ 197,488 $ 156,375 Weighted average number of shares - diluted 68,796,577 69,030,331 69,013,834 68,912,750 69,010,010 Net income per diluted share $ 1.60 $ 1.27 $ 1.32 $ 2.87 $ 2.39 Adjusted net income per diluted share $ 1.59 $ 1.28 $ 1.17 $ 2.87 $ 2.27 Average assets 26,757,322 26,229,423 25,954,808 26,494,831 25,624,948 Return on average assets 1.65% 1.36% 1.41% 1.51% 1.30% Adjusted return on average assets 1.64% 1.36% 1.25% 1.50% 1.23% Average common equity 3,865,031 3,798,149 3,530,869 3,831,775 3,496,870 Average tangible common equity 2,784,819 2,713,847 2,433,958 2,749,529 2,397,751 Return on average common equity 11.40% 9.39% 10.34% 10.41% 9.49% Return on average tangible common equity 15.82% 13.14% 15.00% 14.50% 13.85% Adjusted return on average tangible common equity 15.76% 13.16% 13.35% 14.48% 13.12% Quarter to Date Year to Date

 
23 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 Adjusted Noninterest Expense Total noninterest expense 155,260$ 151,034$ 151,949$ 151,777$ 155,357$ 306,294$ 304,068$ Adjustment items: FDIC special assessment 138 (138) 559 - 895 - (2,014) Natural disaster expenses - - (400) (150) - - - Gain on sale of premises - - (1,203) - - - - Adjusted noninterest expense 155,398$ 150,896$ 150,905$ 151,627$ 156,252$ 306,294$ 302,054$ Total Revenue Net interest income 231,813$ 221,839$ 221,821$ 214,060$ 211,921$ 453,652$ 413,309$ Noninterest income 68,911 64,023 68,959 69,709 88,711 132,934 154,589 Total revenue 300,724$ 285,862$ 290,780$ 283,769$ 300,632$ 586,586$ 567,898$ Adjusted Total Revenue Net interest income (TE) 232,741$ 222,767$ 222,773$ 215,028$ 212,881$ 455,508$ 415,219$ Noninterest income 68,911 64,023 68,959 69,709 88,711 132,934 154,589 Total revenue (TE) 301,652$ 286,790$ 291,732$ 284,737$ 301,592$ 588,442$ 569,808$ Adjustment items: (Gain) loss on securities - (40) 16 8 (12,335) (40) (12,328) Gain on BOLI proceeds - (11) - - (466) (11) (1,464) Gain on sale of mortgage servicing rights (356) 14 (536) (5,245) (4,713) (342) (4,713) Adjusted total revenue (TE) 301,296$ 286,753$ 291,212$ 279,500$ 284,078$ 588,049$ 551,303$ Efficiency ratio 51.63% 52.83% 52.26% 53.49% 51.68% 52.22% 53.54% Adjusted efficiency ratio (TE) 51.58% 52.62% 51.82% 54.25% 55.00% 52.09% 54.79% Year to DateQuarter to Date

 
24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 Total shareholders' equity 3,917,678$ 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 62,582 66,658 70,761 74,941 79,120 Total tangible shareholders' equity 2,839,450$ 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ Period end number of shares 68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 Book value per share (period end) 57.02$ 55.49$ 54.32$ 53.30$ 51.64$ Tangible book value per share (period end) 41.32$ 39.78$ 38.59$ 37.51$ 35.79$ Total assets $ 26,680,153 $ 26,514,940 $ 26,262,050 $ 26,399,782 $ 26,520,728 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 62,582 66,658 70,761 74,941 79,120 Total tangible assets 25,601,925$ 25,432,636$ 25,175,643$ 25,309,195$ 25,425,962$ Equity to Assets 14.68% 14.42% 14.28% 13.94% 13.45% Tangible Common Equity to Tangible Assets 11.09% 10.78% 10.59% 10.24% 9.72% Quarter to Date

 
25 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2020 2021 2022 2023 2024 Return on Tangible Common Equity Net Income 261,988$ 376,913$ 346,540$ 269,105$ 358,685$ Average common equity 2,531,419 2,827,669 3,083,081 3,313,361 3,583,390 Average tangible common equity 1,520,303 1,826,433 1,947,222 2,200,883 2,488,588 Return on average common equity 10.3% 13.3% 11.2% 8.1% 10.0% Return on average tangible common equity 17.2% 20.6% 17.8% 12.2% 14.4% (dollars in thousands) 2020 2021 2022 2023 2024 Total shareholders' equity 2,647,088$ 2,966,451$ 3,197,400$ 3,426,747$ 3,751,522$ Less: Goodwill 928,005 1,012,620 1,015,646 1,015,646 1,015,646 Other intangibles, net 71,974 125,938 106,194 87,949 70,761 Total tangible shareholders' equity 1,647,109$ 1,827,893$ 2,075,560$ 2,323,152$ 2,665,115$ Total assets $ 20,438,638 $ 23,858,321 $ 25,053,286 $ 25,203,699 $ 26,262,050 Less: Goodwill 928,005 1,012,620 1,015,646 1,015,646 1,015,646 Other intangibles, net 71,974 125,938 106,194 87,949 70,761 Total tangible assets 19,438,659$ 22,719,763$ 23,931,446$ 24,100,104$ 25,175,643$ Equity to Assets 13.0% 12.4% 12.8% 13.6% 14.3% Tangible Common Equity to Tangible Assets 8.5% 8.0% 8.7% 9.6% 10.6%

 
26 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Total shareholders' equity 3,917,678$ 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 62,582 66,658 70,761 74,941 79,120 83,527 87,949 92,375 96,800 101,488 106,194 Total tangible shareholders' equity 2,839,450$ 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ Period end number of shares 68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 Book value per share (period end) 57.02$ 55.49$ 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ Tangible book value per share (period end) 41.32$ 39.78$ 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 Total shareholders' equity 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ Less: Goodwill 1,023,071 1,023,056 1,022,345 1,012,620 928,005 928,005 928,005 928,005 928,005 928,005 Other intangibles, net 110,903 115,613 120,757 125,938 60,396 63,783 67,848 71,974 76,164 80,354 Total tangible shareholders' equity 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ Period end number of shares 69,352,709 69,360,461 69,439,084 69,609,228 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 69,461,968 Book value per share (period end) 44.97$ 44.31$ 43.31$ 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ Tangible book value per share (period end) 28.62$ 27.89$ 26.84$ 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ As of As of