株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2025
 
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:  001-13901
bancorplionclean.jpg
AMERIS BANCORP
(Exact name of registrant as specified in its charter)
Georgia 58-1456434
(State of incorporation) (IRS Employer ID No.)
3490 Piedmont Rd N.E., Suite 1550
Atlanta Georgia 30305
(Address of principal executive offices)
(404) 639-6500
(Registrant’s telephone number) 

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 per share ABCB New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No   ¨
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No   ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer ☐
       
Non-accelerated filer
☐ 
 Smaller reporting company ☐
       
  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. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ý

 There were 68,586,848 shares of Common Stock outstanding as of August 4, 2025.


AMERIS BANCORP
TABLE OF CONTENTS
    Page
     
PART I – FINANCIAL INFORMATION  
     
Item 1.  
     
 
     
 
     
 
     
 
     
 
     
Item 2.
     
Item 3.
     
Item 4.
     
 
     
Item 1.
     
Item 1A.
     
Item 2.
     
Item 3.
     
Item 4.
     
Item 5.
     
Item 6.
     




Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands, except share data)
  June 30, 2025 (unaudited) December 31, 2024
Assets    
Cash and due from banks $ 249,676  $ 244,980 
Interest-bearing deposits in banks 920,594  975,397 
Cash and cash equivalents 1,170,270  1,220,377 
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $66 and $69
 1,871,298  1,671,260 
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $159,144 and $144,028)
 176,487  164,677 
Other investments 69,910  66,298 
Loans held for sale, at fair value 544,091  528,599 
Loans, net of unearned income 21,041,497  20,739,906 
Allowance for credit losses (341,567) (338,084)
Loans, net 20,699,930  20,401,822 
Other real estate owned, net 1,825  2,433 
Premises and equipment, net 211,434  209,460 
Goodwill 1,015,646  1,015,646 
Other intangible assets, net 62,582  70,761 
Cash value of bank owned life insurance 414,381  408,574 
Other assets 442,299  502,143 
Total assets $ 26,680,153  $ 26,262,050 
Liabilities    
Deposits:    
Noninterest-bearing $ 6,800,519  $ 6,498,293 
Interest-bearing 15,132,156  15,224,155 
Total deposits 21,932,675  21,722,448 
Other borrowings 376,700  291,788 
Subordinated deferrable interest debentures 133,306  132,309 
Other liabilities 319,794  363,983 
Total liabilities 22,762,475  22,510,528 
Commitments and Contingencies (Note 8)
Shareholders’ Equity    
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding
 —  — 
Common stock, par value $1; 200,000,000 shares authorized; 72,897,371 and 72,699,245 shares issued, respectively
 72,897  72,699 
Capital surplus 1,964,896  1,958,642 
Retained earnings 2,023,493  1,853,428 
Accumulated other comprehensive loss, net of tax (6,886) (30,119)
Treasury stock, at cost, 4,186,328 and 3,630,636 shares, respectively
 (136,722) (103,128)
Total shareholders’ equity 3,917,678  3,751,522 
Total liabilities and shareholders’ equity $ 26,680,153  $ 26,262,050 

 See notes to unaudited consolidated financial statements.
1

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (unaudited)
(dollars in thousands, except per share data)
  Three Months Ended
June 30,		 Six Months Ended
June 30,
  2025 2024 2025 2024
Interest income        
Interest and fees on loans $ 315,893  $ 317,664  $ 620,061  $ 621,057 
Interest on taxable securities 20,696  16,948  39,188  30,040 
Interest on nontaxable securities 334  335  663  665 
Interest on deposits in other banks and federal funds sold 10,715  12,376  21,504  25,013 
Total interest income 347,638  347,323  681,416  676,775 
Interest expense        
Interest on deposits 106,796  121,245  212,011  239,419 
Interest on other borrowings 9,029  14,157  15,753  24,047 
Total interest expense 115,825  135,402  227,764  263,466 
Net interest income 231,813  211,921  453,652  413,309 
Provision for loan losses 3,110  25,348  19,629  50,871 
Provision for unfunded commitments (335) (6,570) 5,038  (10,992)
Provision for other credit losses (3) (5) (3) (1)
Provision for credit losses 2,772  18,773  24,664  39,878 
Net interest income after provision for credit losses 229,041  193,148  428,988  373,431 
Noninterest income        
Service charges on deposit accounts 13,493  12,672  26,626  24,431 
Mortgage banking activity 39,221  46,399  74,475  85,829 
Other service charges, commissions and fees 1,158  1,211  2,267  2,413 
Net gain on securities —  12,335  40  12,328 
Equipment finance activity 6,572  4,983  13,270  10,319 
Other noninterest income 8,467  11,111  16,256  19,269 
Total noninterest income 68,911  88,711  132,934  154,589 
Noninterest expense        
Salaries and employee benefits 89,308  88,201  175,923  171,131 
Occupancy and equipment 11,401  12,559  22,078  25,444 
Data processing and communications expenses 15,366  15,193  30,221  29,847 
Credit resolution-related expenses 657  840  1,422  1,326 
Advertising and marketing 3,745  3,456  6,628  5,923 
Amortization of intangible assets 4,076  4,407  8,179  8,829 
Loan servicing expense 7,897  9,792  15,720  19,231 
Other noninterest expenses 22,810  20,909  46,123  42,337 
Total noninterest expense 155,260  155,357  306,294  304,068 
Income before income tax expense 142,692  126,502  255,628  223,952 
Income tax expense 32,858  35,717  57,859  58,855 
Net income 109,834  90,785  197,769  165,097 
Other comprehensive income (loss)        
Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $2,392, $682, $7,612 and $(717)
 7,544  1,939  23,233  (2,081)
Total other comprehensive income (loss) 7,544  1,939  23,233  (2,081)
Comprehensive income $ 117,378  $ 92,724  $ 221,002  $ 163,016 
Basic earnings per common share $ 1.60  $ 1.32  $ 2.88  $ 2.40 
Diluted earnings per common share $ 1.60  $ 1.32  $ 2.87  $ 2.39 
Weighted average common shares outstanding        
Basic 68,594,608  68,824,150  68,689,506  68,818,618 
Diluted 68,796,577  69,013,834  68,912,750  69,010,010 
See notes to unaudited consolidated financial statements.
2

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands, except per share data)

Three Months Ended June 30, 2025
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Loss, Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance, March 31, 2025 72,884,780  $ 72,885  $ 1,961,732  $ 1,927,489  $ (14,430) 3,973,856  $ (123,874) $ 3,823,802 
Issuance of restricted shares 12,591  12  (12) —  —  —  —  — 
Share-based compensation —  —  3,176  —  —  —  —  3,176 
Purchase of treasury shares —  —  —  —  —  212,472  (12,848) (12,848)
Net income —  —  —  109,834  —  —  —  109,834 
Dividends on common shares ($0.20 per share)
 —  —  —  (13,830) —  —  —  (13,830)
Other comprehensive income during the period —  —  —  —  7,544  —  —  7,544 
Balance, June 30, 2025 72,897,371  $ 72,897  $ 1,964,896  $ 2,023,493  $ (6,886) 4,186,328  $ (136,722) $ 3,917,678 
Six Months Ended June 30, 2025
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Loss, Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance, December 31, 2024 72,699,245  $ 72,699  $ 1,958,642  $ 1,853,428  $ (30,119) 3,630,636  $ (103,128) $ 3,751,522 
Issuance of restricted shares 88,841  88  (88) —  —  —  —  — 
Issuance of common shares pursuant to PSU agreements 122,904  123  (123) —  —  —  —  — 
Forfeitures of restricted shares (13,619) (13) (404) —  —  —  —  (417)
Share-based compensation —  —  6,869  —  —  —  —  6,869 
Purchase of treasury shares —  —  —  —  —  555,692  (33,594) (33,594)
Net income —  —  —  197,769  —  —  —  197,769 
Dividends on common shares ($0.40 per share)
 —  —  —  (27,704) —  —  —  (27,704)
Other comprehensive income during the period —  —  —  —  23,233  —  —  23,233 
Balance, June 30, 2025 72,897,371  $ 72,897  $ 1,964,896  $ 2,023,493  $ (6,886) 4,186,328  $ (136,722) $ 3,917,678 


3

Three Months Ended June 30, 2024
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Loss, Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance, March 31, 2024 72,683,199  $ 72,683  $ 1,948,352  $ 1,603,832  $ (39,959) 3,567,936  $ (100,170) $ 3,484,738 
Issuance of restricted shares 22,013  22  (22) —  —  —  —  — 
Forfeitures of restricted shares (8,003) (8) (173) —  —  —  —  (181)
Share-based compensation —  —  2,689  —  —  —  —  2,689 
Purchase of treasury shares —  —  —  —  —  62,700  (2,957) (2,957)
Net income —  —  —  90,785  —  —  —  90,785 
Dividends on common shares ($0.15 per share)
 —  —  —  (10,399) —  —  —  (10,399)
Other comprehensive income during the period —  —  —  —  1,939  —  —  1,939 
Balance, June 30, 2024 72,697,209  $ 72,697  $ 1,950,846  $ 1,684,218  $ (38,020) 3,630,636  $ (103,127) $ 3,566,614 
Six Months Ended June 30, 2024
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Loss, Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
Balance, December 31, 2023 72,516,079  $ 72,516  $ 1,945,385  $ 1,539,957  $ (35,939) 3,462,738  $ (95,172) $ 3,426,747 
Issuance of restricted shares 125,832  126  (126) —  —  —  —  — 
Issuance of common shares pursuant to PSU agreements 63,301  63  (63) —  —  —  —  — 
Forfeitures of restricted shares (8,003) (8) (173) —  —  —  —  (181)
Share-based compensation —  —  5,823  —  —  —  —  5,823 
Purchase of treasury shares —  —  —  —  —  167,898  (7,955) (7,955)
Net income —  —  —  165,097  —  —  —  165,097 
Dividends on common shares ($0.30 per share)
 —  —  —  (20,836) —  —  —  (20,836)
Other comprehensive loss during the period —  —  —  —  (2,081) —  —  (2,081)
Balance, June 30, 2024 72,697,209  $ 72,697  $ 1,950,846  $ 1,684,218  $ (38,020) 3,630,636  $ (103,127) $ 3,566,614 

See notes to unaudited consolidated financial statements. 
4

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
  Six Months Ended
June 30,
  2025 2024
Operating Activities    
Net income $ 197,769  $ 165,097 
Adjustments reconciling net income to net cash provided by operating activities:    
Depreciation, amortization and accretion, net 16,476  18,459 
Net (gains) losses on sale or disposal of premises and equipment (121) 9 
Provision for credit losses 24,664  39,878 
Net write-downs and (gains) losses on sale of other real estate owned (46) (25)
Share-based compensation expense 6,452  5,642 
Amortization of operating lease right of use assets 4,604  5,037 
Provision for deferred taxes (3,079) (10,652)
Net gain on securities (40) (12,328)
Originations of mortgage loans held for sale (2,087,452) (2,115,354)
Payments received on mortgage loans held for sale 14,189  7,220 
Proceeds from sales of mortgage loans held for sale 2,071,092  1,834,290 
Net gains on mortgage loans held for sale (19,163) (22,359)
Originations of SBA loans (22,771) (5,364)
Proceeds from sales of SBA loans 24,135  5,096 
Net gains on sale of SBA loans (1,364) (435)
Increase in cash surrender value of bank owned life insurance (6,788) (4,727)
Gain on bank owned life insurance proceeds (12) (1,464)
Gain on sale of mortgage servicing rights (342) (4,713)
Gain on debt redemption —  (169)
Change attributable to other operating activities (39,979) 18,380 
Net cash provided by (used in) operating activities 178,224  (78,482)
Investing Activities    
Purchases of debt securities available-for-sale (475,276) (239,657)
Purchases of debt securities held-to-maturity (13,914) (8,857)
Proceeds from maturities and paydowns of debt securities available-for-sale 307,585  109,314 
Proceeds from maturities and paydowns of debt securities held-to-maturity 2,228  1,918 
Net increase in other investments (4,455) (13,062)
Net increase in loans (328,390) (754,421)
Purchases of premises and equipment (10,337) (6,712)
Proceeds from sale of premises and equipment 150  243 
Proceeds from sales of other real estate owned 3,548  7,240 
Proceeds from sale of mortgage servicing rights —  30,969 
Proceeds from bank owned life insurance 56,900  2,576 
Net cash used in investing activities (461,961) (870,449)
    (Continued)

5

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
  Six Months Ended
June 30,
  2025 2024
Financing Activities    
Net increase in deposits $ 210,227  $ 735,634 
Proceeds from other borrowings 2,615,000  3,353,000 
Repayment of other borrowings (2,530,119) (2,916,141)
Dividends paid - common stock (27,882) (20,821)
Purchase of treasury shares (33,596) (7,851)
Net cash provided by financing activities 233,630  1,143,821 
Net (decrease) increase in cash and cash equivalents (50,107) 194,890 
Cash and cash equivalents at beginning of period 1,220,377  1,167,304 
Cash and cash equivalents at end of period $ 1,170,270  $ 1,362,194 
Supplemental Disclosures of Cash Flow Information    
Cash paid during the period for:    
Interest $ 228,903  $ 268,051 
Income taxes 98,579  56,060 
Loans transferred to other real estate owned 2,894  3,229 
Loans transferred from loans held for sale to loans held for investment 5,860  8,058 
Right-of-use assets obtained in exchange for new operating lease liabilities 2,363  2,376 
Change in unrealized loss on securities available-for-sale, net of tax 23,233  (2,081)
    (Concluded)

See notes to unaudited consolidated financial statements.

6

AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
June 30, 2025
 
NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At June 30, 2025, the Bank operated 164 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Bank provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services.

Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Pending Adoption

ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU No. 2023-09 provides for enhanced income tax disclosures by, among other things, requiring specific breakout of certain categories in the reconciliation of statutory income tax rate to effective rate, establishing a quantitative threshold for further breakout of reconciling items exceeding the threshold and not already required to be separately disclosed, requiring a qualitative description of the state and local jurisdictions making up the majority (greater than 50%) of the effect of state and local income taxes category, and provide further disaggregation of income taxes paid (net of refunds received) by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and it is not expected to have a significant impact on the Company's financial position or results of operations but will increase disclosures of income taxes.

7

ASU No. 2024-03 - Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures ("ASU 2024-03"). ASU No. 2024-03 requires additional disclosure of certain expense captions presented on the face of the Company’s income statement. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either on a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the effect that adoption of ASU 2024-03 will have on its disclosures.

NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities available-for-sale
 Amortized
Cost		 Allowance for Credit Losses Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Estimated
Fair
Value
June 30, 2025
U.S. Treasuries $ 702,156  $ —  $ 6,709  $ (1,052) $ 707,813 
U.S. government-sponsored agencies 1,003  —  —  (6) 997 
State, county and municipal securities 22,425  —  7  (765) 21,667 
Corporate debt securities 10,945  (66) —  (498) 10,381 
SBA pool securities 61,566  —  77  (924) 60,719 
Mortgage-backed securities 1,079,292  —  7,945  (17,516) 1,069,721 
Total debt securities available-for-sale $ 1,877,387  $ (66) $ 14,738  $ (20,761) $ 1,871,298 
December 31, 2024
U.S. Treasuries $ 800,860  $ —  $ 669  $ (5,065) $ 796,464 
U.S. government-sponsored agencies 1,010  —  —  (16) 994 
State, county and municipal securities 25,802  —  8  (1,070) 24,740 
Corporate debt securities 10,946  (69) —  (594) 10,283 
SBA pool securities 72,036  —  —  (1,554) 70,482 
Mortgage-backed securities 797,542  —  1,494  (30,739) 768,297 
Total debt securities available-for-sale $ 1,708,196  $ (69) $ 2,171  $ (39,038) $ 1,671,260 

The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities held-to-maturity
 Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Estimated
Fair
Value
June 30, 2025
State, county and municipal securities $ 33,573  $ —  $ (6,231) $ 27,342 
Mortgage-backed securities 142,914  297  (11,409) 131,802 
Total debt securities held-to-maturity $ 176,487  $ 297  $ (17,640) $ 159,144 
December 31, 2024
State, county and municipal securities $ 33,623  $ —  $ (6,214) $ 27,409 
Mortgage-backed securities 131,054  80  (14,515) 116,619 
Total debt securities held-to-maturity $ 164,677  $ 80  $ (20,729) $ 144,028 

8

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2025, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

Available-for-Sale Held-to-Maturity
(dollars in thousands)
 Amortized
Cost		 Estimated Fair Value Amortized
Cost		 Estimated Fair Value
Due in one year or less $ 126,574  $ 126,947  $ —  $ — 
Due from one year to five years 554,319  558,127  —  — 
Due from five to ten years 114,120  113,899  —  — 
Due after ten years 3,082  2,604  33,573  27,342 
Mortgage-backed securities 1,079,292  1,069,721  142,914  131,802 
  $ 1,877,387  $ 1,871,298  $ 176,487  $ 159,144 

Securities with a carrying value of approximately $488.6 million and $449.2 million at June 30, 2025 and December 31, 2024, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024:

  Less Than 12 Months 12 Months or More Total
(dollars in thousands)
Securities available-for-sale
 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses
June 30, 2025            
U.S. Treasuries $ 125,377  $ (86) $ 80,550  $ (966) $ 205,927  $ (1,052)
U.S. government-sponsored agencies —  —  997  (6) 997  (6)
State, county and municipal securities 513  (3) 14,355  (762) 14,868  (765)
Corporate debt securities 394  (2) 8,488  (496) 8,882  (498)
SBA pool securities 34  —  38,737  (924) 38,771  (924)
Mortgage-backed securities 50,544  (233) 478,383  (17,283) 528,927  (17,516)
Total debt securities available-for-sale $ 176,862  $ (324) $ 621,510  $ (20,437) $ 798,372  $ (20,761)
December 31, 2024            
U.S. Treasuries $ 272,564  $ (1,376) $ 353,787  $ (3,689) $ 626,351  $ (5,065)
U.S. government sponsored agencies —  —  994  (16) 994  (16)
State, county and municipal securities 3,953  (17) 15,940  (1,053) 19,893  (1,070)
Corporate debt securities 383  (13) 8,400  (581) 8,783  (594)
SBA pool securities 52,850  (322) 17,491  (1,232) 70,341  (1,554)
Mortgage-backed securities 177,438  (1,968) 481,617  (28,771) 659,055  (30,739)
Total debt securities available-for-sale $ 507,188  $ (3,696) $ 878,229  $ (35,342) $ 1,385,417  $ (39,038)

As of June 30, 2025, the Company’s available-for-sale security portfolio consisted of 420 securities, 344 of which were in an unrealized loss position. At June 30, 2025, the Company held 287 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At June 30, 2025, the Company held 30 U.S. Small Business Administration (“SBA”) pool securities, 14 state, county and municipal securities, six corporate securities, one U.S. government-sponsored agency security, and six U.S. Treasury securities that were in an unrealized loss position.

9

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024:

  Less Than 12 Months 12 Months or More Total
(dollars in thousands)
Securities held-to-maturity
 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses
June 30, 2025
State, county and municipal securities $ —  $ —  $ 27,342  $ (6,231) $ 27,342  $ (6,231)
Mortgage-backed securities 29,797  (386) 80,731  (11,023) 110,528  (11,409)
Total debt securities held-to-maturity $ 29,797  $ (386) $ 108,073  $ (17,254) $ 137,870  $ (17,640)
December 31, 2024
State, county and municipal securities $ 1,702  $ (49) $ 25,707  $ (6,165) $ 27,409  $ (6,214)
Mortgage-backed securities 22,710  (848) 79,366  (13,667) 102,076  (14,515)
Total debt securities held-to-maturity $ 24,412  $ (897) $ 105,073  $ (19,832) $ 129,485  $ (20,729)

As of June 30, 2025, the Company’s held-to-maturity security portfolio consisted of 44 securities, 34 of which were in an unrealized loss position. At June 30, 2025, the Company held 26 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At June 30, 2025 and December 31, 2024, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at June 30, 2025, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at June 30, 2025, management determined that $66,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $20.8 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands) Three Months Ended June 30, Six Months Ended June 30,
Allowance for credit losses
 2025 2024 2025 2024
Beginning balance $ 69  $ 73  $ 69  $ 69 
Provision for other credit losses (3) (5) (3) (1)
Ending balance $ 66  $ 68  $ 66  $ 68 

The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established.

Total net gain on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) 2025 2024 2025 2024
Unrealized holding gains on equity securities $ —  $ 3,957  $ 40  $ 3,950 
Net realized gains on sales of other investments —  8,378  —  8,378 
Net gain on securities $ —  $ 12,335  $ 40  $ 12,328 

10

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

(dollars in thousands) June 30, 2025 December 31, 2024
Commercial and industrial $ 3,184,211  $ 2,953,135 
Consumer 209,990  221,735 
Mortgage warehouse 1,092,475  965,053 
Municipal 436,759  441,408 
Premium finance 1,294,293  1,155,614 
Real estate – construction and development 1,485,842  1,998,506 
Real estate – commercial and farmland 8,877,750  8,445,958 
Real estate – residential 4,460,177  4,558,497 
Loans, net of unearned income $ 21,041,497  $ 20,739,906 

Accrued interest receivable on loans totaling $75.5 million and $77.3 million at June 30, 2025 and December 31, 2024, respectively, is reported in other assets on the consolidated balance sheets. The Company had no recorded allowance for credit losses related to accrued interest on loans at both June 30, 2025 and December 31, 2024.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

The following table presents an analysis of loans accounted for on a nonaccrual basis:

(dollars in thousands) June 30, 2025 December 31, 2024
Commercial and industrial $ 16,401  $ 11,875 
Consumer 1,119  782 
Real estate – construction and development 1,559  3,718 
Real estate – commercial and farmland 9,252  11,960 
Real estate – residential(1)
 58,688  73,883 
$ 87,019  $ 102,218 
(1) Included in real estate - residential were $11.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2025 and December 31, 2024, respectively.

Interest income recognized on nonaccrual loans during the six months ended June 30, 2025 and 2024 was not material.

11

The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

(dollars in thousands) June 30, 2025 December 31, 2024
Commercial and industrial $ 4,083  $ 3,866 
Real estate – construction and development 581  2,624 
Real estate – commercial and farmland 5,501  9,357 
Real estate – residential 25,254  36,512 
$ 35,419  $ 52,359 

The following table presents an analysis of past-due loans as of June 30, 2025 and December 31, 2024:

(dollars in thousands) Loans
30-59
Days Past
Due		 Loans
60-89
Days
Past Due		 Loans 90
or More
Days Past
Due		 Total
Loans
Past Due		 Current
Loans		 Total
Loans		 Loans 90
Days or
More Past
Due and
Still
Accruing
June 30, 2025              
Commercial and industrial $ 7,134  $ 6,912  $ 12,396  $ 26,442  $ 3,157,769  $ 3,184,211  $ 2 
Consumer 1,009  332  478  1,819  208,171  209,990  — 
Mortgage warehouse —  —  —  —  1,092,475  1,092,475  — 
Municipal —  —  —  —  436,759  436,759  — 
Premium finance 11,511  6,437  8,340  26,288  1,268,005  1,294,293  8,340 
Real estate – construction and development 5,447  53  1,508  7,008  1,478,834  1,485,842  — 
Real estate – commercial and farmland 1,251  3,955  6,420  11,626  8,866,124  8,877,750  — 
Real estate – residential 49,751  20,913  56,184  126,848  4,333,329  4,460,177  73 
Total $ 76,103  $ 38,602  $ 85,326  $ 200,031  $ 20,841,466  $ 21,041,497  $ 8,415 
December 31, 2024              
Commercial and industrial $ 12,300  $ 5,908  $ 12,849  $ 31,057  $ 2,922,078  $ 2,953,135  $ 5,159 
Consumer 2,672  557  319  3,548  218,187  221,735  — 
Mortgage warehouse —  —  —  —  965,053  965,053  — 
Municipal —  —  —  —  441,408  441,408  — 
Premium finance 15,068  6,315  12,485  33,868  1,121,746  1,155,614  12,485 
Real estate – construction and development 23,102  461  3,786  27,349  1,971,157  1,998,506  89 
Real estate – commercial and farmland 6,787  2,435  5,980  15,202  8,430,756  8,445,958  — 
Real estate – residential 47,020  15,864  71,070  133,954  4,424,543  4,558,497  — 
Total $ 106,949  $ 31,540  $ 106,489  $ 244,978  $ 20,494,928  $ 20,739,906  $ 17,733 

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the allowance for credit loss as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

12

The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses:

June 30, 2025 December 31, 2024
(dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses
Commercial and industrial $ 8,718  $ 903  $ 9,451  $ 1,072 
Premium finance 1,501  90  2,165  130 
Real estate – construction and development 917  92  2,979  110 
Real estate – commercial and farmland 7,826  272  10,882  149 
Real estate – residential 16,775  1,890  23,983  2,302 
$ 35,737  $ 3,247  $ 49,460  $ 3,763 

Credit Quality Indicators

The Company uses a five category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades:

Pass – This grade represents acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral.

Other Assets Especially Mentioned ("Special Mention") – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard – This grade represents loans which are inadequately protected by the current creditworthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2025 and December 31, 2024. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded doubtful or loss at June 30, 2025 or December 31, 2024.

13

As of June 30, 2025
 Term Loans by Origination Year Revolving Loans Amortized Cost Basis
2025 2024 2023 2022 2021 Prior Total
Commercial and Industrial
Risk Grade:
Pass $ 569,814  $ 756,358  $ 505,485  $ 481,722  $ 205,503  $ 87,563  $ 546,329  $ 3,152,774 
Special mention 137  577  23  1,551  1,298  3,106  440  7,132 
Substandard 114  1,595  7,648  3,169  6,452  4,122  1,205  24,305 
Total commercial and industrial $ 570,065  $ 758,530  $ 513,156  $ 486,442  $ 213,253  $ 94,791  $ 547,974  $ 3,184,211 
Current-period gross charge offs $ 330  $ 4,214  $ 6,872  $ 8,276  $ 2,061  $ 623  $ —  $ 22,376 
Consumer
Risk Grade:
Pass $ 58,484  $ 17,132  $ 13,503  $ 5,359  $ 1,567  $ 36,661  $ 74,594  $ 207,300 
Special mention —  8  —  11  —  56  1,038  1,113 
Substandard 20  221  157  293  42  742  102  1,577 
Total consumer $ 58,504  $ 17,361  $ 13,660  $ 5,663  $ 1,609  $ 37,459  $ 75,734  $ 209,990 
Current-period gross charge offs $ —  $ 394  $ 215  $ 274  $ 27  $ 943  $ —  $ 1,853 
Mortgage Warehouse
Risk Grade:
Pass $ —  $ —  $ —  $ —  $ —  $ —  $ 1,092,475  $ 1,092,475 
Total mortgage warehouse $ —  $ —  $ —  $ —  $ —  $ —  $ 1,092,475  $ 1,092,475 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Municipal
Risk Grade:
Pass $ 10,525  $ 24,461  $ 8,904  $ 43,481  $ 35,960  $ 312,609  $ 819  $ 436,759 
Total municipal $ 10,525  $ 24,461  $ 8,904  $ 43,481  $ 35,960  $ 312,609  $ 819  $ 436,759 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Premium Finance
Risk Grade:
Pass $ 1,078,054  $ 207,260  $ 639  $ —  $ —  $ —  $ —  $ 1,285,953 
Substandard 1,771  6,564  5  —  —  —  —  8,340 
Total premium finance $ 1,079,825  $ 213,824  $ 644  $ —  $ —  $ —  $ —  $ 1,294,293 
Current-period gross charge offs $ 364  $ 4,477  $ 206  $ 1  $ —  $ —  $ —  $ 5,048 
14

As of June 30, 2025
 Term Loans by Origination Year Revolving Loans Amortized Cost Basis
2025 2024 2023 2022 2021 Prior Total
Real Estate – Construction and Development
Risk Grade:
Pass $ 283,571  $ 451,132  $ 94,550  $ 370,795  $ 178,203  $ 43,799  $ 61,663  $ 1,483,713 
Special mention —  —  —  155  —  259  —  414 
Substandard —  259  698  7  336  415  —  1,715 
Total real estate – construction and development $ 283,571  $ 451,391  $ 95,248  $ 370,957  $ 178,539  $ 44,473  $ 61,663  $ 1,485,842 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Real Estate – Commercial and Farmland
Risk Grade:
Pass $ 343,579  $ 306,682  $ 510,639  $ 2,782,777  $ 2,100,991  $ 2,630,801  $ 95,225  $ 8,770,694 
Special mention —  —  —  4,345  16,396  35,117  —  55,858 
Substandard 9,000  —  1,542  17,644  2,931  19,981  100  51,198 
Total real estate – commercial and farmland $ 352,579  $ 306,682  $ 512,181  $ 2,804,766  $ 2,120,318  $ 2,685,899  $ 95,325  $ 8,877,750 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Real Estate - Residential
Risk Grade:
Pass $ 127,024  $ 169,242  $ 578,600  $ 1,235,516  $ 1,003,500  $ 952,228  $ 325,110  $ 4,391,220 
Special mention —  —  9  49  15  1,580  507  2,160 
Substandard —  4,399  8,920  13,578  7,811  24,411  7,678  66,797 
Total real estate - residential $ 127,024  $ 173,641  $ 587,529  $ 1,249,143  $ 1,011,326  $ 978,219  $ 333,295  $ 4,460,177 
Current-period gross charge offs $ —  $ —  $ 171  $ —  $ —  $ 162  $ —  $ 333 
Total Loans
Risk Grade:
Pass $ 2,471,051  $ 1,932,267  $ 1,712,320  $ 4,919,650  $ 3,525,724  $ 4,063,661  $ 2,196,215  $ 20,820,888 
Special mention 137  585  32  6,111  17,709  40,118  1,985  66,677 
Substandard 10,905  13,038  18,970  34,691  17,572  49,671  9,085  153,932 
Total loans $ 2,482,093  $ 1,945,890  $ 1,731,322  $ 4,960,452  $ 3,561,005  $ 4,153,450  $ 2,207,285  $ 21,041,497 
Total current-period gross charge offs $ 694  $ 9,085  $ 7,464  $ 8,551  $ 2,088  $ 1,728  $ —  $ 29,610 

15

As of December 31, 2024
 Term Loans by Origination Year Revolving Loans Amortized Cost Basis
2024 2023 2022 2021 2020 Prior Total
Commercial and Industrial
Risk Grade:
Pass $ 919,301  $ 594,485  $ 523,513  $ 246,036  $ 72,397  $ 46,358  $ 512,778  $ 2,914,868 
Special mention 892  28  1,938  1,311  777  2,960  3,319  11,225 
Substandard 885  2,214  4,384  7,222  655  4,555  7,127  27,042 
Total commercial and industrial $ 921,078  $ 596,727  $ 529,835  $ 254,569  $ 73,829  $ 53,873  $ 523,224  $ 2,953,135 
Consumer
Risk Grade:
Pass $ 58,113  $ 18,575  $ 8,684  $ 2,371  $ 17,405  $ 31,962  $ 83,143  $ 220,253 
Special mention 8  —  14  —  9  61  —  92 
Substandard 113  206  81  48  179  648  115  1,390 
Total consumer $ 58,234  $ 18,781  $ 8,779  $ 2,419  $ 17,593  $ 32,671  $ 83,258  $ 221,735 
Mortgage Warehouse
Risk Grade:
Pass $ —  $ —  $ —  $ —  $ —  $ —  $ 965,053  $ 965,053 
Total mortgage warehouse $ —  $ —  $ —  $ —  $ —  $ —  $ 965,053  $ 965,053 
Municipal
Risk Grade:
Pass $ 20,133  $ 9,094  $ 44,482  $ 36,468  $ 139,046  $ 191,559  $ 626  $ 441,408 
Total municipal $ 20,133  $ 9,094  $ 44,482  $ 36,468  $ 139,046  $ 191,559  $ 626  $ 441,408 
Premium Finance
Risk Grade:
Pass $ 1,141,370  $ 1,648  $ 28  $ 83  $ —  $ —  $ —  $ 1,143,129 
Substandard 12,001  483  1  —  —  —  —  12,485 
Total premium finance $ 1,153,371  $ 2,131  $ 29  $ 83  $ —  $ —  $ —  $ 1,155,614 
Real Estate – Construction and Development
Risk Grade:
Pass $ 523,704  $ 245,526  $ 835,742  $ 245,091  $ 3,619  $ 73,816  $ 66,449  $ 1,993,947 
Special mention —  —  160  65  —  275  —  500 
Substandard —  151  3,020  337  —  551  —  4,059 
Total real estate – construction and development $ 523,704  $ 245,677  $ 838,922  $ 245,493  $ 3,619  $ 74,642  $ 66,449  $ 1,998,506 
Real Estate – Commercial and Farmland
Risk Grade:
Pass $ 330,472  $ 456,486  $ 2,373,426  $ 2,173,060  $ 990,712  $ 1,866,277  $ 113,916  $ 8,304,349 
Special mention —  —  3,069  14,844  14,706  63,717  —  96,336 
Substandard —  1,551  16,979  3,855  12,730  10,158  —  45,273 
Total real estate – commercial and farmland $ 330,472  $ 458,037  $ 2,393,474  $ 2,191,759  $ 1,018,148  $ 1,940,152  $ 113,916  $ 8,445,958 
16

As of December 31, 2024
 Term Loans by Origination Year Revolving Loans Amortized Cost Basis
2024 2023 2022 2021 2020 Prior Total
Real Estate - Residential
Risk Grade:
Pass $ 193,939  $ 628,098  $ 1,291,666  $ 1,046,164  $ 460,887  $ 561,386  $ 292,193  $ 4,474,333 
Special mention —  10  52  16  157  1,375  1,173  2,783 
Substandard 2,718  9,880  14,040  9,885  10,603  26,236  8,019  81,381 
Total real estate - residential $ 196,657  $ 637,988  $ 1,305,758  $ 1,056,065  $ 471,647  $ 588,997  $ 301,385  $ 4,558,497 
Total Loans
Risk Grade:
Pass $ 3,187,032  $ 1,953,912  $ 5,077,541  $ 3,749,273  $ 1,684,066  $ 2,771,358  $ 2,034,158  $ 20,457,340 
Special mention 900  38  5,233  16,236  15,649  68,388  4,492  110,936 
Substandard 15,717  14,485  38,505  21,347  24,167  42,148  15,261  171,630 
Total loans $ 3,203,649  $ 1,968,435  $ 5,121,279  $ 3,786,856  $ 1,723,882  $ 2,881,894  $ 2,053,911  $ 20,739,906 

Allowance for Credit Losses on Loans

The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of Loss, the uncollectible portion is charged off.

The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters after the reasonable and supportable forecast period.

During the six months ended June 30, 2025, the allowance for credit losses increased due to the current economic forecast, an increase in the office portfolio qualitative factor and organic loan growth, partially offset by a change in the mix of loans. The allowance for credit losses was determined at June 30, 2025 using an equal weighting of two economic forecasts from Moody's in order to align with management's best estimate over the reasonable and supportable forecast period. The Moody's baseline and downside 75th percentile S-2 scenarios were equally weighted. The allowance for credit losses was determined at December 31, 2024 using the Moody's baseline scenario economic forecast weighted at 75% and the downside 75th percentile S-2 scenario was weighted at 25%. The current forecast reflects, among other things, increases in unemployment and commercial real estate vacancies, along with a decline in GDP compared with the forecast at December 31, 2024.

17

The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

Three Months Ended June 30, 2025
(dollars in thousands) Commercial and Industrial Consumer Mortgage Warehouse Municipal Premium Finance Real Estate – Construction and Development
Balance, March 31, 2025 $ 82,621  $ 6,145  $ 1,824  $ 57  $ 682  $ 69,086 
Provision for loan losses 12,345  1,090  456  1  567  (21,785)
Loans charged off (10,517) (913) —  —  (2,719) — 
Recoveries of loans previously charged off 4,536  251  —  —  2,253  5 
Balance, June 30, 2025 $ 88,985  $ 6,573  $ 2,280  $ 58  $ 783  $ 47,306 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, March 31, 2025 $ 118,392  $ 66,748  $ 345,555 
Provision for loan losses 9,335  1,101  3,110 
Loans charged off —  (77) (14,226)
Recoveries of loans previously charged off 67  16  7,128 
Balance, June 30, 2025 $ 127,794  $ 67,788  $ 341,567 
Six Months Ended June 30, 2025
(dollars in thousands) Commercial
and Industrial		 Consumer Mortgage Warehouse Municipal Premium Finance Real Estate – Construction and Development
Balance, December 31, 2024 $ 87,242  $ 7,327  $ 2,262  $ 58  $ 736  $ 60,421 
Provision for loan losses 15,733  553  18  —  762  (13,124)
Loans charged off (22,376) (1,853) —  —  (5,048) — 
Recoveries of loans previously charged off 8,386  546  —  —  4,333  9 
Balance, June 30, 2025 $ 88,985  $ 6,573  $ 2,280  $ 58  $ 783  $ 47,306 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, December 31, 2024 $ 118,377  $ 61,661  $ 338,084 
Provision for loan losses 9,315  6,372  19,629 
Loans charged off —  (333) (29,610)
Recoveries of loans previously charged off 102  88  13,464 
Balance, June 30, 2025 $ 127,794  $ 67,788  $ 341,567 

18

Three Months Ended June 30, 2024
(dollars in thousands) Commercial and Industrial Consumer Mortgage Warehouse Municipal Premium Finance Real Estate – Construction and Development
Balance, March 31, 2024 $ 63,804  $ 3,939  $ 1,823  $ 63  $ 616  $ 72,168 
Provision for loan losses 10,869  114  319  (3) 594  5,269 
Loans charged off (12,539) (965) —  —  (2,802) — 
Recoveries of loans previously charged off 4,408  391  —  —  2,294  45 
Balance, June 30, 2024 $ 66,542  $ 3,479  $ 2,142  $ 60  $ 702  $ 77,482 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, March 31, 2024 $ 110,656  $ 66,954  $ 320,023 
Provision for loan losses 11,311  (3,125) 25,348 
Loans charged off (513) (26) (16,845)
Recoveries of loans previously charged off 509  45  7,692 
Balance, June 30, 2024 $ 121,963  $ 63,848  $ 336,218 
Six Months Ended June 30, 2024
(dollars in thousands) Commercial
and Industrial		 Consumer Mortgage Warehouse Municipal Premium Finance Real Estate – Construction and Development
Balance, December 31, 2023 $ 64,053  $ 3,952  $ 1,678  $ 345  $ 602  $ 61,017 
Provision for loan losses 23,016  880  464  (285) 163  16,417 
Loans charged off (27,834) (2,121) —  —  (4,808) — 
Recoveries of loans previously charged off 7,307  768  —  —  4,745  48 
Balance, June 30, 2024 $ 66,542  $ 3,479  $ 2,142  $ 60  $ 702  $ 77,482 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, December 31, 2023 $ 110,097  $ 65,356  $ 307,100 
Provision for loan losses 11,785  (1,569) 50,871 
Loans charged off (513) (26) (35,302)
Recoveries of loans previously charged off 594  87  13,549 
Balance, June 30, 2024 $ 121,963  $ 63,848  $ 336,218 

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. These modifications include either payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

19

The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025
(dollars in thousands) Payment Deferral Term Extension Combination Payment Deferral and Rate Reduction Combination Payment Deferral and Term Extension Combination of Term Extension and Rate Reduction Total Percentage of Total Class of Financial Receivable
Commercial and industrial $ —  $ 5,871  $ —  $ —  $ —  $ 5,871  0.2  %
Real estate – commercial and farmland —  700  —  329  —  1,029  —  %
Real estate – residential 548  2,199  506  —  615  3,868  0.1  %
Total $ 548  $ 8,770  $ 506  $ 329  $ 615  $ 10,768  0.1  %
Six Months Ended June 30, 2025
(dollars in thousands) Payment Deferral Term Extension Combination Payment Deferral and Rate Reduction Combination Payment Deferral and Term Extension Combination of Term Extension and Rate Reduction Total Percentage of Total Class of Financial Receivable
Commercial and industrial $ —  $ 5,871  $ —  $ —  $ —  $ 5,871  0.2  %
Real estate – commercial and farmland 2,357  700  —  9,690  —  12,747  0.1  %
Real estate – residential 1,111  3,533  506  —  1,298  6,448  0.1  %
Total $ 3,468  $ 10,104  $ 506  $ 9,690  $ 1,298  $ 25,066  0.1  %

Three Months Ended June 30, 2024
(dollars in thousands) Payment Deferral Term Extension Interest Rate Reduction Combination of Term Extension and Rate Reduction Total Percentage of Total Class of Financial Receivable
Commercial and industrial $ 625  $ —  $ —  $ —  $ 625  —  %
Real estate – residential —  2,567  503  808  3,878  0.1  %
Total $ 625  $ 2,567  $ 503  $ 808  $ 4,503  —  %

Six Months Ended June 30, 2024
(dollars in thousands) Payment Deferral Term Extension Interest Rate Reduction Combination of Term Extension and Rate Reduction Total Percentage of Total Class of Financial Receivable
Commercial and industrial $ 625  $ —  $ —  $ —  $ 625  —  %
Real estate – residential —  6,093  503  1,341  7,937  0.2  %
Total $ 625  $ 6,093  $ 503  $ 1,341  $ 8,562  —  %

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $2.0 million and $179,000 at June 30, 2025 and December 31, 2024, respectively.

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024, respectively:

20

Three Months Ended June 30, 2025
Loan Type Financial Effect
Payment Deferral
Real estate – residential
Payments were deferred for 8 months
Term Extension
Commercial and industrial
Maturity dates were extended for a weighted average of 13 months
Real estate – commercial and farmland
Maturity dates were extended for a weighted average of 9 months
Real estate – residential
Maturity dates were extended for a weighted average of 95 months
Combination Payment Deferral and Term Extension
Real estate – commercial and farmland
Maturity dates were extended for a weighted average 9 months and payments were deferred for 9 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 7 months and rate was reduced by a weighted average 1.50%
Combination Payment Deferral and Rate Reduction
Real estate – residential
Payments were deferred for 10 months and rate was reduced by a weighted average 0.43%

Six Months Ended June 30, 2025
Loan Type Financial Effect
Payment Deferral
Real estate – commercial and farmland
Payments were deferred for a weighted average of 9 months
Real estate – residential
Payments were deferred for a weighted average of 9 months
Term Extension
Commercial and industrial
Maturity dates were extended for a weighted average of 13 months
Real estate – commercial and farmland
Maturity dates were extended for a weighted average of 9 months
Real estate – residential
Maturity dates were extended for a weighted average of 90 months
Combination Payment Deferral and Term Extension
Real estate – commercial and farmland
Maturity dates were extended for a weighted average 3 months and payments were deferred for 12 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 37 months and rate was reduced by a weighted average 0.68%
Combination Payment Deferral and Rate Reduction
Real estate – residential
Payments were deferred for 7 months and rate was reduced by a weighted average 1.50%

21

Three Months Ended June 30, 2024
Loan Type Financial Effect
Interest Rate Reduction
Real estate – residential
Rate was reduced by 1.625%
Payment Deferral
Commercial and industrial
Payments were deferred for 16 months
Term Extension
Real estate – residential
Maturity dates were extended for a weighted average of 87 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 97 months and rate was reduced by a weighted average 3.75%

Six Months Ended June 30, 2024
Loan Type Financial Effect
Interest Rate Reduction
Real estate – residential
Rate was reduced by 1.625%
Payment Deferral
Commercial and industrial
Payments were deferred for 16 months
Term Extension
Real estate – residential
Maturity dates were extended for a weighted average of 81 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 112 months and rate was reduced by a weighted average 2.86%

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:

As of June 30, 2025

(dollars in thousands)
 Current 30-59
Days Past Due		 60-89
Days Past Due		 90 or More Days Past Due Total
Commercial and industrial $ 6,426  $ —  $ —  $ —  $ 6,426 
Real estate – commercial and farmland 13,332  —  —  —  13,332 
Real estate – residential 8,247  3,141  3,831  2,883  18,102 
Total $ 28,005  $ 3,141  $ 3,831  $ 2,883  $ 37,860 

As of June 30, 2024

(dollars in thousands)
 Current 30-59
Days Past Due		 60-89
Days Past Due		 90 or More Days Past Due Total
Commercial and industrial $ 3,667  $ —  $ —  $ —  $ 3,667 
Real estate – commercial and farmland 3,462  —  —  —  3,462 
Real estate – residential 10,463  1,711  1,036  1,259  14,469 
Total $ 17,592  $ 1,711  $ 1,036  $ 1,259  $ 21,598 

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The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands) Interest Rate Reduction Term Extension Payment Deferral Combination of Term Extension and Rate Reduction Combination Payment Deferral and Rate Reduction Total
Real estate – residential $ 499  $ 4,202  $ 563  $ 4,086  $ 506  $ 9,856 
Total $ 499  $ 4,202  $ 563  $ 4,086  $ 506  $ 9,856 

The following table provides the amortized cost basis of financing receivables that had a payment default during the six months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands) Interest Rate Reduction Term Extension Payment Deferral Combination of Term Extension and Rate Reduction Combination Payment Deferral and Rate Reduction Total
Real estate – residential $ 499  $ 4,862  $ 563  $ 4,086  $ 506  $ 10,516 
Total $ 499  $ 4,862  $ 563  $ 4,086  $ 506  $ 10,516 

The following table provides the amortized cost basis of financing receivables that had a payment default during three months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
(dollars in thousands) Term Extension Combination of Term Extension and Rate Reduction Total
Real estate – residential $ 3,337  $ 456  $ 3,793 
Total $ 3,337  $ 456  $ 3,793 

The following table provides the amortized cost basis of financing receivables that had a payment default during six months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands) Term Extension Combination of Term Extension and Rate Reduction Total
Real estate – residential $ 3,337  $ 456  $ 3,793 
Total $ 3,337  $ 456  $ 3,793 
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NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:
(dollars in thousands) June 30, 2025 December 31, 2024
FHLB borrowings:    
Fixed Rate Advance due January 21, 2025; fixed interest rate of 4.430%
 $ —  $ 50,000 
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%
 —  15,000 
Fixed Rate Advance due July 21, 2025; fixed interest rate of 4.430%
 50,000  — 
Fixed Rate Advance due August 21, 2025; fixed interest rate of 4.440%
 50,000  — 
Fixed Rate Advance due September 22, 2025; fixed interest rate of 4.460%
 50,000  — 
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%
 15,000  15,000 
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%
 15,000  15,000 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
 1,361  1,366 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
 942  946 
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%
 911  984 
Subordinated notes payable:    
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $592 and $653, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63%
 74,592  74,653 
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,060 and $1,161, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%
 108,940  108,839 
Other Debt:
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%
 9,954  10,000 
$ 376,700  $ 291,788 

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At June 30, 2025, $3.36 billion was available for borrowing on lines with the FHLB.

As of June 30, 2025, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $92.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At June 30, 2025, the Bank had $2.77 billion of loans pledged at the Federal Reserve discount window and had $2.24 billion available for borrowing.

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.


24

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss for the Company consists of changes in net unrealized gains and losses on debt securities available-for-sale. The reclassification for gains (losses) on sale of securities included in net income is recorded in net gain on securities in the consolidated statement of income and comprehensive income.

The following table presents a summary of the accumulated other comprehensive loss balances, net of tax, for the periods indicated:

(dollars in thousands) Accumulated
Other Comprehensive
Loss
Three Months Ended June 30, 2025
Balance, March 31, 2025 $ (14,430)
Unrealized gain on debt securities available-for-sale, net of tax 7,544 
Balance, June 30, 2025 $ (6,886)
Three Months Ended June 30, 2024
Balance, March 31, 2024 $ (39,959)
Unrealized gain on debt securities available-for-sale, net of tax 1,939 
Balance, June 30, 2024 $ (38,020)
Six Months Ended June 30, 2025
Balance, December 31, 2024 $ (30,119)
Unrealized gain on debt securities available-for-sale, net of tax 23,233 
Balance, June 30, 2025 $ (6,886)
Six Months Ended June 30, 2024
Balance, December 31, 2023 $ (35,939)
Unrealized loss on debt securities available-for-sale, net of tax (2,081)
Balance, June 30, 2024 $ (38,020)

NOTE 6 – WEIGHTED AVERAGE SHARES OUTSTANDING

Earnings per share have been computed based on the following weighted average number of common shares outstanding:

  Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Average common shares outstanding 68,594,608  68,824,150  68,689,506  68,818,618 
Common share equivalents:
Nonvested restricted share grants 83,364  89,755  109,053  101,647 
Performance stock units 118,605  99,929  114,191  89,745 
Average common shares outstanding, assuming dilution 68,796,577  69,013,834  68,912,750  69,010,010 

There were 76,250 anti-dilutive securities excluded from the computation of earnings per share for the three and six months ended June 30, 2025. There were no anti-dilutive securities excluded from the computation of earnings per share for the three and six months ended June 30, 2024.

NOTE 7 – FAIR VALUE MEASURES

The fair value of an asset or liability is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities.
25

In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

The Company's loans held for sale under the fair value option are comprised of the following:

(dollars in thousands) June 30, 2025 December 31, 2024
Mortgage loans held for sale $ 544,091  $ 528,599 
Total loans held for sale $ 544,091  $ 528,599 

The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statements of income and comprehensive income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the interest rate lock commitments (“IRLCs”) with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities.

Net gains of $613,000 and $7.9 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and six months ended June 30, 2025, respectively. Net gains of $2.8 million and $2.4 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and six months ended June 30, 2024, respectively. Net losses of $3.6 million and $8.3 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three and six months ended June 30, 2025, respectively. Net gains of $534,000 and $7.4 million resulting from changes in the fair value of the related derivative financial instruments were recorded in income during the three and six months ended June 30, 2024, respectively. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal.

The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2025 and December 31, 2024:

(dollars in thousands) 
 June 30, 2025 December 31, 2024
Aggregate fair value of mortgage loans held for sale $ 544,091  $ 528,599 
Aggregate unpaid principal balance of mortgage loans held for sale 532,672  525,071 
Past-due loans of 90 days or more 774  — 
Nonaccrual loans 774  — 
Unpaid principal balance of nonaccrual loans 765  — 

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, loans held for sale under the fair value option and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, loan servicing rights and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments.

26

The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2025 and December 31, 2024:

Recurring Basis
Fair Value Measurements
  June 30, 2025
(dollars in thousands) 
 Fair Value Level 1 Level 2 Level 3
Financial assets:        
Debt securities available-for-sale:
U.S. Treasuries $ 707,813  $ 707,813  $ —  $ — 
U.S. government sponsored agencies 997  —  997  — 
State, county and municipal securities 21,667  —  21,667  — 
Corporate debt securities 10,381  —  9,331  1,050 
SBA pool securities 60,719  —  60,719  — 
Mortgage-backed securities 1,069,721  —  1,069,721  — 
Loans held for sale 544,091  —  544,091  — 
Derivative financial instruments 6,094  —  6,094  — 
Mortgage banking derivative instruments 6,205  —  6,205  — 
Total recurring assets at fair value $ 2,427,688  $ 707,813  $ 1,718,825  $ 1,050 
Financial liabilities:        
Derivative financial instruments $ 6,338  $ —  $ 6,338  $ — 
Risk participation agreement 26  —  26  — 
Mortgage banking derivative instruments 7,235  —  7,235  — 
Total recurring liabilities at fair value $ 13,599  $ —  $ 13,599  $ — 

Recurring Basis
Fair Value Measurements
  December 31, 2024
(dollars in thousands) Fair Value Level 1 Level 2 Level 3
Financial assets:        
Debt securities available-for-sale:
U.S. Treasuries $ 796,464  $ 796,464  $ —  $ — 
U.S. government sponsored agencies 994  —  994  — 
State, county and municipal securities 24,740  —  24,740  — 
Corporate debt securities 10,283  —  9,263  1,020 
SBA pool securities 70,482  —  70,482  — 
Mortgage-backed securities 768,297  —  768,297  — 
Loans held for sale 528,599  —  528,599  — 
Derivative financial instruments 8,717  —  8,717  — 
Mortgage banking derivative instruments 7,299  —  7,299  — 
Total recurring assets at fair value $ 2,215,875  $ 796,464  $ 1,418,391  $ 1,020 
Financial liabilities:        
Derivative financial instruments $ 8,718  $ —  $ 8,718  $ — 
Risk participation agreement 13  —  13  — 
Total recurring liabilities at fair value $ 8,731  $ —  $ 8,731  $ — 

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The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of June 30, 2025 and December 31, 2024:

  Nonrecurring Basis
Fair Value Measurements
(dollars in thousands) Fair Value Level 1 Level 2 Level 3
June 30, 2025        
Collateral-dependent loans $ 32,490  $ —  $ —  $ 32,490 
Other real estate owned 1,017  —  —  1,017 
Total nonrecurring assets at fair value $ 33,507  $ —  $ —  $ 33,507 
December 31, 2024        
Collateral-dependent loans $ 45,697  $ —  $ —  $ 45,697 
Other real estate owned 1,010  —  —  1,010 
Total nonrecurring assets at fair value $ 46,707  $ —  $ —  $ 46,707 

The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of OREO include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates.

For the six months ended June 30, 2025 and the year ended December 31, 2024, there were no changes in the methods and significant assumptions used to estimate fair value.

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:

(dollars in thousands) Fair Value Valuation
Technique		 Unobservable Inputs Range of
Discounts		 Weighted
Average
Discount
June 30, 2025          
Recurring:          
Debt securities available-for-sale $ 1,050  Discounted cash flows Probability of Default 9.7% 9.7%
Loss Given Default 45% 45%
Nonrecurring:          
Collateral-dependent loans $ 32,490  Third-party appraisals and discounted cash flows Collateral discounts and
discount rates
15% - 50%
 26%
Other real estate owned $ 1,017  Third-party appraisals and sales contracts Collateral discounts and estimated
costs to sell
15% - 33%
 25%
December 31, 2024          
Recurring:          
Debt securities available-for-sale $ 1,020  Discounted cash flows Probability of Default 10.3% 10.3%
Loss Given Default 45% 45%
Nonrecurring:      
Collateral-dependent loans $ 45,697  Third-party appraisals and discounted cash flows Collateral discounts and
discount rates
15% - 60%
 30%
Other real estate owned $ 1,010  Third-party appraisals and sales contracts Collateral discounts and estimated
costs to sell
15% - 44%
 27%

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The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:

Fair Value Measurements
    June 30, 2025
(dollars in thousands) Carrying
Amount		 Level 1 Level 2 Level 3 Total
Financial assets:          
Cash and due from banks $ 249,676  $ 249,676  $ —  $ —  $ 249,676 
Interest-bearing deposits in banks 920,594  920,594  —  —  920,594 
Debt securities held-to-maturity 176,487  —  159,144  —  159,144 
Loans, net 20,667,440  —  —  20,315,137  20,315,137 
Financial liabilities:          
Deposits 21,932,675  —  21,928,032  —  21,928,032 
Other borrowings 376,700  —  379,646  —  379,646 
Subordinated deferrable interest debentures 133,306  —  142,254  —  142,254 

Fair Value Measurements
    December 31, 2024
(dollars in thousands) Carrying
Amount		 Level 1 Level 2 Level 3 Total
Financial assets:          
Cash and due from banks $ 244,980  $ 244,980  $ —  $ —  $ 244,980 
Interest-bearing deposits in banks 975,397  975,397  —  —  975,397 
Debt securities held-to-maturity 164,677  —  144,028  —  144,028 
Loans, net 20,356,125  —  —  19,882,553  19,882,553 
Financial liabilities:          
Deposits 21,722,448  —  21,721,421  —  21,721,421 
Other borrowings 291,788  —  291,213  —  291,213 
Subordinated deferrable interest debentures 132,309  —  142,202  —  142,202 

NOTE 8 – COMMITMENTS AND CONTINGENCIES

Loan Commitments

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the Company’s balance sheets.

The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows:

(dollars in thousands) June 30, 2025 December 31, 2024
Commitments to extend credit $ 3,597,113  $ 3,578,227 
Unused home equity lines of credit 431,575  437,304 
Financial standby letters of credit 42,996  39,507 
Mortgage interest rate lock commitments 286,706  192,528 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments, predominantly at variable interest rates, generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer.

29

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the six months ended June 30, 2025 and the year ended December 31, 2024.

The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheets. The following table presents activity in the allowance for unfunded commitments for the periods presented:

Three Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) 2025 2024 2025 2024
Balance at beginning of period $ 35,883  $ 37,136  $ 30,510  $ 41,558 
Provision for unfunded commitments (335) (6,570) 5,038  (10,992)
Balance at end of period $ 35,548  $ 30,566  $ 35,548  $ 30,566 

Other Commitments

As of June 30, 2025, letters of credit issued by the FHLB totaling $1.3 billion were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances.

Litigation and Regulatory Contingencies

From time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal and regulatory matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal and regulatory matters could have a material adverse effect on the Company’s results of operations and financial condition for any particular period.

The Company’s management and its legal counsel periodically assess contingent liabilities, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

On May 20, 2025, the United States District Court for the Middle District of Florida entered an order terminating the consent order previously entered into by the U.S. Department of Justice with the Bank in November 2023 and dismissing the related civil action with prejudice. The consent order resolved alleged violations by the Bank of fair lending laws in the Jacksonville, Florida metropolitan area. The Court’s recent order was entered in response to an unopposed motion submitted by the Department of Justice to terminate the consent order.

NOTE 9 – SEGMENT REPORTING

The Company has the following four reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division and Premium Finance Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans or mortgage servicing rights.
30

The Premium Finance Division derives its revenues from the origination and servicing of commercial insurance premium finance loans.

The Banking, Retail Mortgage, Warehouse Lending and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers.

The chief operating decision maker (CODM) within the Company is the Chief Executive Officer, who also serves as a member of the Board of Directors and as Chair of the Executive Committee of the Board. The CODM regularly receives a package of period-end reports and works with management in making necessary operating decisions, including the allocation of resources among the Company's segments. This includes evaluation of performance as measured by net income for each segment. Each segment that is reported has strategic planning, budgeting, and forecasting sessions at least annually with the CODM through executive management.

The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2025 and 2024:
  Three Months Ended
June 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 239,211  $ 61,356  $ 18,174  $ 28,897  $ 347,638 
Interest expense 47,710  39,325  11,083  17,707  115,825 
Net interest income 191,501  22,031  7,091  11,190  231,813 
Provision for credit losses 677  1,010  369  716  2,772 
Noninterest income 29,275  37,726  1,893  17  68,911 
Noninterest expense          
Salaries and employee benefits 62,001  24,358  618  2,331  89,308 
Occupancy and equipment 10,547  811  7  36  11,401 
Data processing and communications expenses 13,825  1,391  59  91  15,366 
Other expenses(1)
 25,478  12,496  96  1,115  39,185 
Total noninterest expense 111,851  39,056  780  3,573  155,260 
Income before income tax expense 108,248  19,691  7,835  6,918  142,692 
Income tax expense 25,667  4,135  1,646  1,410  32,858 
Net income $ 82,581  $ 15,556  $ 6,189  $ 5,508  $ 109,834 
Total assets $ 19,143,429  $ 4,723,883  $ 1,114,158  $ 1,698,683  $ 26,680,153 
Goodwill 951,148  —  —  64,498  1,015,646 
Other intangible assets, net 60,952  —  —  1,630  62,582 
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  Three Months Ended
June 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 243,857  $ 59,001  $ 19,380  $ 25,085  $ 347,323 
Interest expense 70,320  35,259  13,088  16,735  135,402 
Net interest income 173,537  23,742  6,292  8,350  211,921 
Provision for credit losses 20,888  (2,882) 359  408  18,773 
Noninterest income 37,527  50,145  1,028  11  88,711 
Noninterest expense          
Salaries and employee benefits 59,923  25,254  1,124  1,900  88,201 
Occupancy and equipment 11,474  1,008  7  70  12,559 
Data processing and communications expenses 13,756  1,276  59  102  15,193 
Other expenses(1)
 24,614  13,397  298  1,095  39,404 
Total noninterest expense 109,767  40,935  1,488  3,167  155,357 
Income before income tax expense 80,409  35,834  5,473  4,786  126,502 
Income tax expense 26,090  7,525  1,149  953  35,717 
Net income $ 54,319  $ 28,309  $ 4,324  $ 3,833  $ 90,785 
Total assets $ 18,933,072  $ 5,100,837  $ 1,089,263  $ 1,397,556  $ 26,520,728 
Goodwill 951,148  —  —  64,498  1,015,646 
Other intangible assets, net 74,605  —  —  4,515  79,120 
(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.
  Six Months Ended
June 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 472,530  $ 119,288  $ 33,374  $ 56,224  $ 681,416 
Interest expense 96,816  75,413  20,381  35,154  227,764 
Net interest income 375,714  43,875  12,993  21,070  453,652 
Provision for credit losses 17,097  6,201  194  1,172  24,664 
Noninterest income 57,999  72,455  2,447  33  132,934 
Noninterest expense
Salaries and employee benefits 124,717  45,353  1,170  4,683  175,923 
Occupancy and equipment 20,351  1,640  14  73  22,078 
Data processing and communications expenses 27,216  2,688  97  220  30,221 
Other expenses(1)
 51,163  24,459  366  2,084  78,072 
Total noninterest expense 223,447  74,140  1,647  7,060  306,294 
Income before income tax expense 193,169  35,989  13,599  12,871  255,628 
Income tax expense 44,821  7,558  2,856  2,624  57,859 
Net income $ 148,348  $ 28,431  $ 10,743  $ 10,247  $ 197,769 
32

  Six Months Ended
June 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 478,979  $ 114,100  $ 35,863  $ 47,833  $ 676,775 
Interest expense 140,974  67,071  23,543  31,878  263,466 
Net interest income 338,005  47,029  12,320  15,955  413,309 
Provision for credit losses 40,015  (550) 504  (91) 39,878 
Noninterest income 63,890  88,910  1,768  21  154,589 
Noninterest expense
Salaries and employee benefits 118,839  46,327  2,012  3,953  171,131 
Occupancy and equipment 23,227  2,057  14  146  25,444 
Data processing and communications expenses 26,940  2,642  84  181  29,847 
Other expenses(1)
 49,061  25,927  535  2,123  77,646 
Total noninterest expense 218,067  76,953  2,645  6,403  304,068 
Income before income tax expense 143,813  59,536  10,939  9,664  223,952 
Income tax expense 42,118  12,503  2,297  1,937  58,855 
Net income $ 101,695  $ 47,033  $ 8,642  $ 7,727  $ 165,097 
(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.
33

NOTE 10 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Mortgage Banking Derivatives

The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. Forward contracts to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by the Company as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates.

The Company enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.

These mortgage banking derivatives are carried at fair value and are not designated in hedge relationships. Fair values are estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage banking derivatives are included as a component of mortgage banking activity in the consolidated statements of income and comprehensive income.

Customer Related Derivative Positions

The Company enters into interest rate derivative contracts to facilitate the risk management strategies of certain clients. The Company mitigates this risk largely by entering into equal and offsetting interest rate derivative agreements with highly rated counterparties. The interest rate contracts are free-standing derivatives and are recorded at fair value on the Company's consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of other noninterest income.

Risk Participation Agreement

The Company has entered into a risk participation agreement swap, that is associated with a loan participation, where the Company is not the counterparty to the interest rate swap that is associated with the risk participation sold. The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty.

The following table reflects the notional amount and fair value of derivative instruments not designated as hedging instruments included in the consolidated balance sheets as of June 30, 2025 and December 31, 2024.

June 30, 2025 December 31, 2024
Fair Value Fair Value
(dollars in thousands) Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
 Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
Interest rate contracts(3)
 $ 941,574  $ 6,094  $ 6,338  $ 901,597  $ 8,717  $ 8,718 
Risk participation agreement 26,163  —  26  26,163  —  13 
Mortgage derivatives - interest rate lock commitments 286,706  6,205  —  192,528  1,504  — 
Mortgage derivatives - forward contracts related to mortgage loans held for sale 1,103,178  —  7,235  1,153,717  5,795  — 
(1)Derivative assets are included in other assets on the consolidated balance sheets.
(2)Derivative liabilities are included in other liabilities on the consolidated balance sheets.
(3)Includes interest rate contracts for client derivatives and offsetting positions.

34

The net gains (losses) relating to changes in fair value from derivative instruments not designated as hedging instruments are summarized below for the three and six months ended June 30, 2025 and 2024.

Three Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) Location 2025 2024 2025 2024
Interest rate contracts(1)
 Other noninterest income $ (109) $ 44  $ (243) $ 187 
Risk participation agreement Other noninterest income (4) 8  (13) 41 
Interest rate lock commitments Mortgage banking activity 789  (948) 4,701  1,168 
Forward contracts related to mortgage loans held for sale Mortgage banking activity (4,368) 1,482  (13,030) 6,242 
(1)Gain (loss) represents net fair value adjustments (including credit related adjustments) for client derivatives and offsetting positions.

NOTE 11 – LOAN SERVICING RIGHTS

The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired servicing portfolios of residential mortgage and SBA loans. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value, and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets.

The carrying value of the loan servicing rights assets is shown in the table below:

(dollars in thousands) June 30, 2025 December 31, 2024
Loan Servicing Rights
Residential mortgage $ 126,022  $ 112,514 
SBA 2,786  2,926 
Total loan servicing rights $ 128,808  $ 115,440 

Residential Mortgage Loans

The Company sells certain first-lien residential mortgage loans to third party investors, primarily the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). For a portion of these loans, the Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income and comprehensive income as part of mortgage banking activity.

During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $12.7 million and $25.2 million, respectively. During the three and six months ended June 30, 2024, the Company recorded servicing fee income of $17.5 million and $34.7 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s MSRs and valuation allowance:

(dollars in thousands) Three Months Ended June 30, Six Months Ended June 30,
Residential mortgage servicing rights 2025 2024 2025 2024
Beginning carrying value, net $ 116,584  $ 171,968  $ 112,514  $ 171,915 
Additions 12,791  7,421  20,108  12,877 
Amortization (3,353) (5,264) (6,600) (10,667)
Disposals —  (28,819) —  (28,819)
Ending carrying value, net $ 126,022  $ 145,306  $ 126,022  $ 145,306 

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The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below:

(dollars in thousands) June 30, 2025 December 31, 2024
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others $ 9,784,564  $ 8,856,724 
Composition of residential loans serviced for others:
FHLMC 25.48  % 24.51  %
FNMA 66.04  % 68.42  %
GNMA 8.48  % 7.07  %
Total 100.00  % 100.00  %
Weighted average term (months) 354 353
Weighted average age (months) 34 33
Modeled prepayment speed 8.10  % 7.37  %
Decline in fair value due to a 10% adverse change $ (5,151) $ (2,474)
Decline in fair value due to a 20% adverse change $ (10,119) $ (5,227)
Weighted average discount rate 9.31  % 10.79  %
Decline in fair value due to a 10% adverse change $ (6,210) $ (3,283)
Decline in fair value due to a 20% adverse change $ (12,197) $ (7,379)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the residential mortgage servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

SBA Loans

All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. The net gain on SBA loan sales, amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income.

During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $530,000 and $989,000, respectively. During the three and six months ended June 30, 2024, the Company recorded servicing fee income of $570,000 and $1.2 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s SBA loan servicing rights and valuation allowance:

(dollars in thousands) Three Months Ended June 30, Six Months Ended June 30,
SBA servicing rights 2025 2024 2025 2024
Beginning carrying value, net $ 2,927  $ 2,301  $ 2,926  $ 2,737 
Additions 129  57  286  76 
Amortization (270) (202) (426) (657)
Ending carrying value, net $ 2,786  $ 2,156  $ 2,786  $ 2,156 


36

(dollars in thousands) June 30, 2025 December 31, 2024
SBA servicing rights
Unpaid principal balance of loans serviced for others $ 230,405  $ 235,793 
Weighted average life (in years) 3.34 3.18
Modeled prepayment speed 17.26  % 18.95  %
Decline in fair value due to a 10% adverse change $ (146) $ (192)
Decline in fair value due to a 20% adverse change $ (280) $ (366)
Weighted average discount rate 14.09  % 11.27  %
Decline in fair value due to a 100 basis point adverse change $ (73) $ (97)
Decline in fair value due to a 200 basis point adverse change $ (143) $ (190)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the SBA servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made in this report are “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control and which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, 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 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; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise.

Overview

The following is management’s discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of June 30, 2025, as compared with December 31, 2024, and operating results for the three and six month periods ended June 30, 2025 and 2024. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.

Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our 2024 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2024 Annual Report on Form 10-K for a full disclosure of all critical accounting policies.

38

Results of Operations for the Three Months Ended June 30, 2025 and 2024

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders 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 same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.65% and 11.40%, respectively, in the second quarter of 2025, compared with 1.41% and 10.34%, respectively, in the second quarter of 2024.

Below is additional information regarding the banking, retail mortgage, warehouse lending and premium finance divisions of the Company during the second quarter of 2025 and 2024, respectively:

  Three Months Ended
June 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 239,211  $ 61,356  $ 18,174  $ 28,897  $ 347,638 
Interest expense 47,710  39,325  11,083  17,707  115,825 
Net interest income 191,501  22,031  7,091  11,190  231,813 
Provision for credit losses 677  1,010  369  716  2,772 
Noninterest income 29,275  37,726  1,893  17  68,911 
Noninterest expense          
Salaries and employee benefits 62,001  24,358  618  2,331  89,308 
Occupancy and equipment 10,547  811  7  36  11,401 
Data processing and communications expenses 13,825  1,391  59  91  15,366 
Other expenses 25,478  12,496  96  1,115  39,185 
Total noninterest expense 111,851  39,056  780  3,573  155,260 
Income before income tax expense 108,248  19,691  7,835  6,918  142,692 
Income tax expense 25,667  4,135  1,646  1,410  32,858 
Net income $ 82,581  $ 15,556  $ 6,189  $ 5,508  $ 109,834 

  Three Months Ended
June 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
Finance
Division		 Total
Interest income $ 243,857  $ 59,001  $ 19,380  $ 25,085  $ 347,323 
Interest expense 70,320  35,259  13,088  16,735  135,402 
Net interest income 173,537  23,742  6,292  8,350  211,921 
Provision for credit losses 20,888  (2,882) 359  408  18,773 
Noninterest income 37,527  50,145  1,028  11  88,711 
Noninterest expense          
Salaries and employee benefits 59,923  25,254  1,124  1,900  88,201 
Occupancy and equipment 11,474  1,008  7  70  12,559 
Data processing and communications expenses 13,756  1,276  59  102  15,193 
Other expenses 24,614  13,397  298  1,095  39,404 
Total noninterest expense 109,767  40,935  1,488  3,167  155,357 
Income before income tax expense 80,409  35,834  5,473  4,786  126,502 
Income tax expense 26,090  7,525  1,149  953  35,717 
Net income $ 54,319  $ 28,309  $ 4,324  $ 3,833  $ 90,785 
 
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Net Interest Income and Margins

The following table sets forth the average balance, interest income or interest expense, and average interest rate for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the three months ended June 30, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

  Quarter Ended June 30,
  2025 2024
(dollars in thousands) Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate Paid		 Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate Paid
Assets
Interest-earning assets:
Interest-bearing deposits in banks $ 951,851  $ 10,715  4.52% $ 899,866  $ 12,376  5.53%
Investment securities - taxable 2,117,596  20,696  3.92% 1,663,841  16,948  4.10%
Investment securities - nontaxable 41,299  423  4.11% 41,396  423  4.11%
Loans held for sale 730,770  11,578  6.35% 491,000  8,189  6.71%
Loans 20,928,825  305,154  5.85% 20,820,361  310,347  6.00%
Total interest-earning assets 24,770,341  348,566  5.64% 23,916,464  348,283  5.86%
Noninterest-earning assets 1,986,981  2,038,344 
Total assets $ 26,757,322  $ 25,954,808 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts $ 3,939,802  $ 18,144  1.85% $ 3,824,538  $ 21,020  2.21%
MMDA 6,918,382  53,469  3.10% 6,251,719  58,332  3.75%
Savings accounts 766,331  826  0.43% 781,588  984  0.51%
Retail CDs 2,393,402  21,852  3.66% 2,430,416  25,711  4.25%
Brokered CDs 1,145,043  12,505  4.38% 1,167,174  15,198  5.24%
Total interest-bearing deposits 15,162,960  106,796  2.83% 14,455,435  121,245  3.37%
Non-deposit funding
Securities sold under agreements to repurchase —  —  —% 1  —  —%
FHLB advances 326,054  3,508  4.32% 548,251  7,167  5.26%
Other borrowings 193,492  2,499  5.18% 307,449  3,574  4.68%
Subordinated deferrable interest debentures 133,043  3,022  9.11% 131,050  3,416  10.48%
Total non-deposit funding 652,589  9,029  5.55% 986,751  14,157  5.77%
Total interest-bearing liabilities 15,815,549  115,825  2.94% 15,442,186  135,402  3.53%
Demand deposits 6,766,557  6,558,427 
Other liabilities 310,185  423,326 
Shareholders’ equity 3,865,031  3,530,869 
Total liabilities and shareholders’ equity $ 26,757,322  $ 25,954,808 
Interest rate spread 2.70% 2.33%
Net interest income $ 232,741  $ 212,881 
Net interest margin 3.77% 3.58%

On a tax-equivalent basis, net interest income for the second quarter of 2025 was $232.7 million, an increase of $19.9 million, or 9.33%, compared with $212.9 million reported in the same quarter in 2024. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest-earning assets increased $853.9 million, or 3.57%, from $23.92 billion in the second quarter of 2024 to $24.77 billion for the second quarter of 2025. This growth in interest-earning assets resulted primarily from organic loan growth and increased investment in our bond portfolio. The Company’s net interest margin during the second quarter of 2025 was 3.77%, up 19 basis points from 3.58% reported in the second quarter of 2024. Loan production amounted to $5.5 billion during the second quarter of 2025, with weighted average yields of 6.76%, compared with $5.1 billion and 7.45%, respectively, during the second quarter of 2024.

Total interest income, on a tax-equivalent basis, increased to $348.6 million during the second quarter of 2025, compared with $348.3 million in the same quarter of 2024. Yields on earning assets decreased to 5.64% during the second quarter of 2025, compared with 5.86% reported in the second quarter of 2024.
40

During the second quarter of 2025, loans comprised 87.4% of average earning assets, compared with 89.1% in the same quarter of 2024. Yields on loans decreased to 5.85% in the second quarter of 2025, compared with 6.00% in the same period of 2024.

The yield on interest-bearing deposits decreased from 3.37% in the second quarter of 2024 to 2.83% in the second quarter of 2025. The yield on total interest-bearing liabilities decreased from 3.53% in the second quarter of 2024 to 2.94% in the second quarter of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.06% in the second quarter of 2025, compared with 2.48% during the second quarter of 2024. Deposit costs decreased from 2.32% in the second quarter of 2024 to 1.95% in the second quarter of 2025. Non-deposit funding costs decreased from 5.77% in the second quarter of 2024 to 5.55% in the second quarter of 2025.

Provision for Credit Losses

The Company’s provision for credit losses during the second quarter of 2025 amounted to $2.8 million, compared with $18.8 million in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was comprised of $3.1 million related to loans, negative $335,000 related to unfunded commitments and negative $3,000 related to other credit losses, compared with $25.3 million related to loans, negative $6.6 million related to unfunded commitments and negative $5,000 related to other credit losses for the second quarter of 2024. The decrease in the provision for credit losses on loans is primarily attributable to the updated economic forecast and changes in the portfolio mix. Non-performing assets as a percentage of total assets decreased 11 basis points to 0.36% at June 30, 2025, compared with 0.47% at December 31, 2024. The decrease in non-performing assets is primarily attributable to decreases in nonaccrual loans of $15.2 million and accruing loans delinquent 90 days or more of $9.3 million. The Company recognized net charge-offs on loans during the second quarter of 2025 of approximately $7.1 million, or 0.14% of average loans on an annualized basis, compared with net charge-offs of approximately $9.2 million, or 0.18%, in the second quarter of 2024. The Company’s total allowance for credit losses on loans at June 30, 2025 was $341.6 million, or 1.62% of total loans, compared with $338.1 million, or 1.63% of total loans, at December 31, 2024.

Noninterest Income

Total noninterest income for the second quarter of 2025 was $68.9 million, a decrease of $19.8 million, or 22.3%, from the $88.7 million reported in the second quarter of 2024. The second quarter of 2024 included a gain on conversion of Visa Class B-1 stock of $12.6 million and a gain on sale of mortgage servicing rights of $4.7 million, compared with a gain on sale of mortgage servicing rights of $356,000 for the second quarter of 2025.  Income from mortgage banking activities was $39.2 million in the second quarter of 2025, a decrease of $7.2 million, or 15.5%, from $46.4 million in the second quarter of 2024. Total production in the second quarter of 2025 amounted to $1.27 billion, compared with $1.33 billion in the same quarter of 2024, while gain on sale spread decreased to 2.22% in the second quarter of 2025, compared with 2.45% in the same quarter of 2024. The retail mortgage open pipeline finished the second quarter of 2025 at $719.1 million, compared with $771.6 million at March 31, 2025 and $802.2 million at the end of the second quarter of 2024.

Service charges on deposit accounts increased $821,000, or 6.5%, to $13.5 million in the second quarter of 2025, compared with $12.7 million in the second quarter of 2024. The increase in service charges on deposit accounts was primarily attributable to increases in both debit card and commercial account fee income. Income from equipment finance activity increased $1.6 million, or 31.9%, to $6.6 million for the second quarter of 2025, compared with $5.0 million during the second quarter of 2024. The increase in equipment finance activity was primarily related to increased non-insurance charges and gain on sale of leased equipment. Other noninterest income decreased $2.6 million, or 23.8%, to $8.5 million for the second quarter of 2025, compared with $11.1 million during the second quarter of 2024. The decrease in other noninterest income was primarily attributable to gains on sale of MSRs and BOLI proceeds of $4.7 million and $446,000, respectively, in the second quarter of 2024, compared with a gain on sale of mortgage servicing rights of $356,000 for the second quarter of 2025. These decreases were partially offset by increases in BOLI income of $1.3 million, gain on sale of SBA loans of $626,000 and commercial card interchange income of $241,000.

Noninterest Expense

Total noninterest expense for the second quarter of 2025 decreased $97,000, or 0.1%, to $155.3 million, compared with $155.4 million in the same quarter 2024. Salaries and employee benefits increased $1.1 million, or 1.3%, from $88.2 million in the second quarter of 2024 to $89.3 million in the second quarter of 2025, due primarily to an increase in health insurance costs and annual merit increases, which were partially offset by a decrease in severance charges. Occupancy and equipment expenses decreased $1.2 million, or 9.2%, to $11.4 million in the second quarter of 2025, compared with $12.6 million in the second quarter of 2024, with the decrease primarily relating to both building rent and repairs and maintenance. Advertising and marketing expense was $3.7 million in the second quarter of 2025, compared with $3.5 million in the second quarter of 2024.
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Amortization of intangible assets decreased $331,000, or 7.5%, from $4.4 million in the second quarter of 2024 to $4.1 million in the second quarter of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $1.9 million, or 19.4%, from $9.8 million in the second quarter of 2024 to $7.9 million in the second quarter of 2025, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $1.9 million, or 9.1%, from $20.9 million in the second quarter of 2024 to $22.8 million in the second quarter of 2025, due primarily to increases in donations of $1.4 million and mortgage subsidies of $511,000.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses.  For the second quarter of 2025, the Company reported income tax expense of $32.9 million, compared with $35.7 million in the same period of 2024. The Company’s effective tax rate for the three months ended June 30, 2025 and 2024 was 23.0% and 28.2%, respectively. The decrease in the effective rate for the three months ended June 30, 2025 is primarily related to a $4.8 million tax expense related to BOLI surrender during the second quarter of 2024, with no such expense in the second quarter of 2025.


42

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $197.8 million, or $2.87 per diluted share, for the six months ended June 30, 2025, compared with $165.1 million, or $2.39 per diluted share, for the same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.51% and 10.41%, respectively, in the six months ended June 30, 2025, compared with 1.30% and 9.49%, respectively, in the same period in 2024. Results for the first six months of 2025 include a pre-tax gain on sale of mortgage servicing rights of $342,000 and a pre-tax gain on BOLI proceeds of $12,000. During the first six months of 2024, the Company recorded a pre-tax gain on conversion of its Visa Class B-1 stock of $12.6 million, a pre-tax gain on sale of mortgage servicing rights of $4.7 million, a pre-tax FDIC special assessment of $2.0 million and a pre-tax gain on BOLI proceeds of $1.5 million. Additionally, the Company recorded $4.8 million in tax expense attributable to BOLI restructuring.

Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the six months ended June 30, 2025 and 2024, respectively:

  Six Months Ended
June 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 472,530  $ 119,288  $ 33,374  $ 56,224  $ 681,416 
Interest expense 96,816  75,413  20,381  35,154  227,764 
Net interest income 375,714  43,875  12,993  21,070  453,652 
Provision for loan losses 17,097  6,201  194  1,172  24,664 
Noninterest income 57,999  72,455  2,447  33  132,934 
Noninterest expense
Salaries and employee benefits 124,717  45,353  1,170  4,683  175,923 
Occupancy and equipment 20,351  1,640  14  73  22,078 
Data processing and communications expenses 27,216  2,688  97  220  30,221 
Other expenses 51,163  24,459  366  2,084  78,072 
Total noninterest expense 223,447  74,140  1,647  7,060  306,294 
Income before income tax expense 193,169  35,989  13,599  12,871  255,628 
Income tax expense 44,821  7,558  2,856  2,624  57,859 
Net income $ 148,348  $ 28,431  $ 10,743  $ 10,247  $ 197,769 

  Six Months Ended
June 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
Finance
Division		 Total
Interest income $ 478,979  $ 114,100  $ 35,863  $ 47,833  $ 676,775 
Interest expense 140,974  67,071  23,543  31,878  263,466 
Net interest income 338,005  47,029  12,320  15,955  413,309 
Provision for loan losses 40,015  (550) 504  (91) 39,878 
Noninterest income 63,890  88,910  1,768  21  154,589 
Noninterest expense
Salaries and employee benefits 118,839  46,327  2,012  3,953  171,131 
Occupancy and equipment 23,227  2,057  14  146  25,444 
Data processing and communications expenses 26,940  2,642  84  181  29,847 
Other expenses 49,061  25,927  535  2,123  77,646 
Total noninterest expense 218,067  76,953  2,645  6,403  304,068 
Income before income tax expense 143,813  59,536  10,939  9,664  223,952 
Income tax expense 42,118  12,503  2,297  1,937  58,855 
Net income $ 101,695  $ 47,033  $ 8,642  $ 7,727  $ 165,097 

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Net Interest Income and Margins

The following table sets forth the average balance, interest income or interest expense, and average yield/rate paid for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the six months ended June 30, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

  Six Months Ended
June 30,
  2025 2024
(dollars in thousands) Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate Paid		 Average
Balance		 Interest
Income/
Expense		 Average
Yield/
Rate Paid
Assets            
Interest-earning assets:            
Interest-bearing deposits in banks $ 965,930  $ 21,504  4.49% $ 911,855  $ 25,013  5.52%
Investment securities - taxable 2,058,241  39,188  3.84% 1,631,773  30,040  3.70%
Investment securities - nontaxable 41,344  839  4.09% 41,341  841  4.09%
Loans held for sale 648,607  20,623  6.41% 407,175  13,537  6.69%
Loans 20,775,652  601,118  5.83% 20,570,520  609,254  5.96%
Total interest-earning assets 24,489,774  683,272  5.63% 23,562,664  678,685  5.79%
Noninterest-earning assets 2,005,057      2,062,284     
Total assets $ 26,494,831      $ 25,624,948     
Liabilities and Shareholders’ Equity            
Interest-bearing liabilities:            
Interest-bearing deposits
NOW accounts $ 3,963,995  $ 36,450  1.85% $ 3,827,257  $ 41,594  2.19%
MMDA 6,914,988  105,730  3.08% 6,102,054  112,285  3.70%
Savings accounts 766,738  1,656  0.44% 788,738  1,970  0.50%
Retail CDs 2,415,067  45,097  3.77% 2,404,547  50,287  4.21%
Brokered CDs 1,054,409  23,078  4.41% 1,274,278  33,283  5.25%
Total interest-bearing deposits 15,115,197  212,011  2.83% 14,396,874  239,419  3.34%
Non-deposit funding
FHLB advances 238,283  4,870  4.12% 383,920  9,745  5.10%
Other borrowings 193,493  4,849  5.05% 307,829  7,453  4.87%
Subordinated deferrable interest debentures 132,795  6,034  9.16% 130,801  6,849  10.53%
Total non-deposit funding 564,571  15,753  5.63% 822,550  24,047  5.88%
Total interest-bearing liabilities 15,679,768  227,764  2.93% 15,219,424  263,466  3.48%
Demand deposits 6,645,340  6,480,864 
Other liabilities 337,948      427,490     
Shareholders’ equity 3,831,775      3,496,870     
Total liabilities and shareholders’ equity $ 26,494,831      $ 25,624,648     
Interest rate spread     2.70%     2.31%
Net interest income   $ 455,508      $ 415,219 
Net interest margin     3.75%     3.54%

On a tax-equivalent basis, net interest income for the six months ended June 30, 2025 was $455.5 million, an increase of $40.3 million, or 9.70%, compared with $415.2 million reported in the same period of 2024. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest earning assets increased $927.1 million, or 3.93%, from $23.56 billion in the first six months of 2024 to $24.49 billion for the first six months of 2025. This growth in interest-earning assets resulted primarily from organic loan growth and increased investment in our bond portfolio. The Company’s net interest margin during the first six months of 2025 was 3.75%, an increase of 21 basis points from 3.54% reported for the first six months of 2024. Loan production amounted to $9.6 billion during the first six months of 2025, with weighted average yields of 6.80%, compared with $8.9 billion and 7.56%, respectively, during the first six months of 2024.

Total interest income, on a tax-equivalent basis, increased to $683.3 million during the six months ended June 30, 2025, compared with $678.7 million in the same period of 2024. Yields on earning assets decreased to 5.63% during the first six months of 2025, compared with 5.79% reported in the same period of 2024. During the first six months of 2025, loans comprised 87.5% of average earning assets, compared with 89.0% in the same period of 2024.
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Yields on loans decreased to 5.83% during the six months ended June 30, 2025, compared with 5.96% in the same period of 2024.

The yield on total interest-bearing liabilities decreased from 3.48% during the six months ended June 30, 2024 to 2.93% in the same period of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.06% in the first six months of 2025, compared with 2.44% during the same period of 2024. Deposit costs decreased from 2.31% in the first six months of 2024 to 1.96% in the same period of 2025. Non-deposit funding costs decreased from 5.88% in the first six months of 2024 to 5.63% in the same period of 2025.
 
Provision for Credit Losses
 
The Company’s provision for credit losses during the six months ended June 30, 2025 amounted to $24.7 million, compared with $39.9 million in the six months ended June 30, 2024. This decrease was primarily attributable to the updated economic forecast during the first six months of 2025 and a shift in the loan mix, partially offset by organic loan growth. The provision for credit losses for the first six months of 2025 was comprised of $19.6 million related to loans, $5.0 million related to unfunded commitments and negative $3,000 related to other credit losses, compared with $50.9 million related to loans, negative $11.0 million related to unfunded commitments and negative $1,000 related to other credit losses for the same period in 2024. Non-performing assets as a percentage of total assets decreased from 0.47% at December 31, 2024 to 0.36% at June 30, 2025. The decrease in non-performing assets is primarily attributable to a decrease in nonaccrual loans of $15.2 million and a decrease in accruing loans delinquent 90 days or more of $9.3 million. Net charge-offs on loans during the first six months of 2025 were $16.1 million, or 0.16% of average loans on an annualized basis, compared with approximately $21.8 million, or 0.21%, in the first six months of 2024. The Company’s total allowance for credit losses on loans at June 30, 2025 was $341.6 million, or 1.62% of total loans, compared with $338.1 million, or 1.63% of total loans, at December 31, 2024.

Noninterest Income

Total noninterest income for the six months ended June 30, 2025 was $132.9 million, a decrease of $21.7 million, or 14.0%, from the $154.6 million reported for the six months ended June 30, 2024.  Income from mortgage banking activities decreased $11.4 million, or 13.2%, from $85.8 million in the first six months of 2024 to $74.5 million in the same period of 2025. Total production in the first six months of 2025 amounted to $2.20 billion, compared with $2.24 billion in the same period of 2024, while gain on sale spread decreased to 2.20% during the six months ended June 30, 2025, compared with 2.47% in the same period of 2024. The retail mortgage open pipeline was $719.1 million at June 30, 2025, compared with $638.5 million at December 31, 2024 and $802.2 million at June 30, 2024.

Net gain on securities decreased to $40,000 for the six months ended June 30, 2025, compared with a gain of $12.3 million for the six months ended June 30, 2024. This decrease was primarily due to a gain of $12.6 million relating to the conversion of Visa Class B-1 stock, and related realized gain (loss) on subsequent sales and mark-to-market adjustments post-conversion, during the first six months of 2024 that did not repeat in the first six months of 2025. Other noninterest income decreased $3.0 million, or 15.6%, to $16.3 million for the first six months of 2025, compared with $19.3 million during the same period of 2024. The decrease in other noninterest income was primarily attributable to declines in gain on sale of MSRs of $4.4 million, BOLI proceeds of $1.5 million and derivative income of $594,000, compared with the six months ended June 30, 2024. These decreases were partially offset by increases in BOLI income of $2.1 million, gain on sale of SBA loans of $928,000 and commercial card interchange income of $499,000.

Noninterest Expense

Total noninterest expenses for the six months ended June 30, 2025 increased $2.2 million, or 0.7%, to $306.3 million, compared with $304.1 million in the same period of 2024. Salaries and employee benefits increased $4.8 million, or 2.8%, from $171.1 million in the first six months of 2024 to $175.9 million in the same period of 2025, due primarily to increases in health insurance costs, annual merit increases and stock-based compensation related to performance awards. Occupancy and equipment expenses decreased $3.4 million, or 13.2%, to $22.1 million in the first six months of 2025 from $25.4 million reported in the same period of 2024. This decrease was primarily attributable to building rent and repairs and maintenance expenses. Data processing and communications expenses increased $374,000, or 1.3%, to $30.2 million in the first six months of 2025, from $29.8 million reported in the same period of 2024. Amortization of intangible assets decreased $650,000, or 7.4%, from $8.8 million in the first six months of 2024 to $8.2 million in the first six months of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $3.5 million, or 18.3%, from $19.2 million in the first six months of 2024 to $15.7 million in the same period of 2025, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $3.8 million, or 8.9%, from $42.3 million in the first six months of 2024 to $46.1 million in the same period of 2025, due primarily to an increase in donations of $5.1 million, net deposit and debit card losses of $1.7 million and legal settlement expenses of $1.0 million.
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These increases in other noninterest expense were partially offset by decreases in business license expense of $2.7 million and FDIC special assessment expenses of $2.0 million.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the six months ended June 30, 2025, the Company reported income tax expense of $57.9 million, compared with $58.9 million in the same period of 2024. The Company’s effective tax rate for the six months ended June 30, 2025 and 2024 was 22.6% and 26.3%, respectively. The decrease in the effective tax rate is primarily a result of a $4.8 million tax expense related to BOLI surrender during the first six months of 2024 that did not repeat in 2025 and a reduction in state tax expense resulting from reduced state apportionment.

46

Financial Condition as of June 30, 2025

Securities

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income, net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities which are classified as held-to-maturity are done so based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. 

The following table is a summary of our investment portfolio at the dates indicated:

June 30, 2025 December 31, 2024
(dollars in thousands) Amortized Cost Fair
Value		 Amortized Cost Fair
Value
Securities available-for-sale
U.S. Treasuries $ 702,156  $ 707,813  $ 800,860  $ 796,464 
U.S. government-sponsored agencies 1,003  997  1,010  994 
State, county and municipal securities 22,425  21,667  25,802  24,740 
Corporate debt securities 10,945  10,381  10,946  10,283 
SBA pool securities 61,566  60,719  72,036  70,482 
Mortgage-backed securities 1,079,292  1,069,721  797,542  768,297 
Total debt securities available-for-sale $ 1,877,387  $ 1,871,298  $ 1,708,196  $ 1,671,260 
Securities held-to-maturity
State, county and municipal securities $ 33,573  $ 27,342  $ 33,623  $ 27,409 
Mortgage-backed securities 142,914  131,802  131,054  116,619 
Total debt securities held-to-maturity $ 176,487  $ 159,144  $ 164,677  $ 144,028 

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The amounts of securities available-for-sale and held-to-maturity in each category as of June 30, 2025 are shown in the following table according to contractual maturity classifications: (i) one year or less; (ii) after one year through five years; (iii) after five years through ten years; and (iv) after ten years:

U.S. Treasuries U.S. Government-Sponsored Agencies State, County and
Municipal Securities
(dollars in thousands)
Securities available-for-sale (1)
 Amount Yield
 (2)		 Amount Yield
 (2)		 Amount Yield
(2)(3)
One year or less $ 120,370  4.35  % $ 997  2.16  % $ 3,941  3.95  %
After one year through five years 536,920  3.63  —  —  10,956  3.93 
After five years through ten years 50,523  4.36  —  —  6,770  3.94 
After ten years —  —  —  —  —  — 
$ 707,813  3.80  % $ 997  2.16  % $ 21,667  3.93  %
Corporate Debt Securities SBA Pool Securities Mortgage-Backed Securities
(dollars in thousands)
Securities available-for-sale (1)
 Amount Yield
 (2)		 Amount Yield
 (2)		 Amount Yield
 (2)
One year or less $ 500  4.31  % $ 1,139  2.73  % $ 33,746  2.95  %
After one year through five years 8,439  6.11  1,812  2.41  247,441  3.07 
After five years through ten years —  —  56,606  4.50  235,739  4.39 
After ten years 1,442  7.77  1,162  5.50  552,795  4.17 
$ 10,381  6.31  % $ 60,719  4.42  % $ 1,069,721  3.92  %
State, County and
Municipal Securities		 Mortgage-Backed Securities
(dollars in thousands)
Securities held-to-maturity (1)
 Amount Yield
(2)(3)		 Amount Yield
 (2)
One year or less $ —  —  % $ —  —  %
After one year through five years —  —  28,680  3.17 
After five years through ten years —  —  66,997  2.81 
After ten years 33,573  3.94  47,237  3.39 
$ 33,573  3.94  % $ 142,914  3.07  %
(1)The amortized cost of securities held-to-maturity and fair value of securities available-for-sale are presented based on contractual maturities. Actual cash flows may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.
(2)Yields were computed using coupon interest, adding discount accretion or subtracting premium amortization, as appropriate, on a ratable basis over the life of each security. The weighted average yield for each maturity range was computed using the amortized cost of each security in that range.
(3)Yields on securities of state and political subdivisions are stated on a taxable-equivalent basis, using a tax rate of 21%.

Loans and Allowance for Credit Losses

At June 30, 2025, gross loans outstanding (including loans and loans held for sale) were $21.59 billion, minimally changed from $21.27 billion reported at December 31, 2024. Loans increased $301.6 million, or 1.5%, from $20.74 billion at December 31, 2024 to $21.04 billion at June 30, 2025. Loans held for sale increased from $528.6 million at December 31, 2024 to $544.1 million at June 30, 2025 in our mortgage division.

At the end of the second quarter of 2025, the ACL on loans totaled $341.6 million, or 1.62% of loans, compared with $338.1 million, or 1.63% of loans, at December 31, 2024. Our nonaccrual loans decreased from $102.2 million at December 31, 2024 to $87.0 million at June 30, 2025. For the first six months of 2025, our net charge off ratio as a percentage of average loans decreased to 0.16%, compared with 0.21% for the first six months of 2024. The total provision for credit losses for the first six months of 2025 was $24.7 million, compared with a provision of $39.9 million recorded for the first six months of 2024. Our ratio of total nonperforming assets to total assets was down 11 basis points from 0.47% at December 31, 2024 to 0.36% at June 30, 2025.
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The following table presents an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs as of and for the six months ended June 30, 2025 and 2024:

Six Months Ended
June 30,
(dollars in thousands) 2025 2024
Balance of allowance for credit losses on loans at beginning of period $ 338,084  $ 307,100 
Provision charged to operating expense 19,629  50,871 
Charge-offs:    
Commercial and industrial 22,376  27,834 
Consumer 1,853  2,121 
Premium finance 5,048  4,808 
Real estate – commercial and farmland —  513 
Real estate – residential 333  26 
Total charge-offs 29,610  35,302 
Recoveries:
Commercial and industrial 8,386  7,307 
Consumer 546  768 
Premium finance 4,333  4,745 
Real estate – construction and development 9  48 
Real estate – commercial and farmland 102  594 
Real estate – residential 88  87 
Total recoveries 13,464  13,549 
Net charge-offs 16,146  21,753 
Balance of allowance for credit losses on loans at end of period $ 341,567  $ 336,218 

The following table presents an analysis of the allowance for credit losses on loans and net charge-offs for loans held for investment:

As of and for the Six Months Ended
(dollars in thousands) June 30, 2025 June 30, 2024
Allowance for credit losses on loans at end of period $ 341,567  $ 336,218 
Net charge-offs for the period 16,146  21,753 
Loan balances:
End of period 21,041,497  20,992,603 
Average for the period 20,775,652  20,570,520 
Net charge-offs as a percentage of average loans (annualized) 0.16  % 0.21  %
Allowance for credit losses on loans as a percentage of end of period loans 1.62  % 1.60  %

Loans

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

(dollars in thousands) June 30, 2025 December 31, 2024
Commercial and industrial $ 3,184,211  $ 2,953,135 
Consumer 209,990  221,735 
Mortgage warehouse 1,092,475  965,053 
Municipal 436,759  441,408 
Premium finance 1,294,293  1,155,614 
Real estate – construction and development 1,485,842  1,998,506 
Real estate – commercial and farmland 8,877,750  8,445,958 
Real estate – residential 4,460,177  4,558,497 
$ 21,041,497  $ 20,739,906 

Commercial real estate (“CRE”) represents the Company's largest loan category. The Company regularly monitors its CRE portfolio against regulatory concentration limits.
49

Additionally, the Company manages its risk in the CRE portfolio through, among other things, established policy limits on loan-to-value or loan-to-cost at or below applicable regulatory guidance, use of internal lending limits on single loans to minimize exposure to a given project, annual reviews of borrowers and guarantors above certain total credit exposure thresholds, minimum required debt service coverage ratios and borrower equity levels. Exceptions to policy must be approved by an individual or committee with appropriate approval authority.

A summary of the Company's CRE portfolio by loan type and credit quality indicator as of June 30, 2025 and December 31, 2024 is below:

June 30, 2025
(dollars in thousands)
 Pass Other Assets Especially Mentioned Substandard Total
Farmland $ 118,205  $ 2,153  $ 546  $ 120,904 
Multifamily residential 1,901,944  —  —  1,901,944 
Owner occupied CRE 1,754,190  11,925  25,660  1,791,775 
Non-owner occupied CRE 4,996,355  41,780  24,992  5,063,127 
Total real estate - commercial and farmland $ 8,770,694  $ 55,858  $ 51,198  $ 8,877,750 

December 31, 2024
(dollars in thousands)
 Pass Other Assets Especially Mentioned Substandard Total
Farmland $ 137,503  $ 2,169  $ 1,192  $ 140,864 
Multifamily residential 1,454,772  —  —  1,454,772 
Owner occupied CRE 1,839,329  11,826  28,905  1,880,060 
Non-owner occupied CRE 4,872,745  82,341  15,176  4,970,262 
Total real estate - commercial and farmland $ 8,304,349  $ 96,336  $ 45,273  $ 8,445,958 

Investor CRE, which includes multifamily residential and non-owner occupied CRE loans, has several dynamics which individually, or in combination, pose potential challenges to the portfolio. These include levels of interest rates above those at origination for loan renewals and changes to occupancy rates as firms reevaluate space needs in light of factors such as the expansion of hybrid and remote work. The primary repayment source for these loans is cash flows from the securing property. The Company in the normal course performs periodic evaluations of its portfolio for continued soundness and appropriate risk ratings. These reviews include evaluation of current financials, stressed cash flows at increased interest rates and evaluation of property values at various occupancy levels and cap rates. The Company's Investor CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately eight basis points of Investor CRE loans at June 30, 2025.

The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant MSAs or state as of June 30, 2025 and December 31, 2024:


(dollars in thousands)		 Atlanta Other Georgia Tampa Jacksonville Other Florida South Carolina North Carolina Alabama Other Total
June 30, 2025 $ 320,201  $ 242,847  $ 283,179  $ 211,286  $ 346,849  $ 136,463  $ 176,736  $ 53,482  $ 130,901  $ 1,901,944 
December 31, 2024 239,371  237,679  150,344  147,590  208,835  158,247  85,517  53,933  173,256  1,454,772 
50

The Company's non-owner occupied portfolio is well diversified. Below is a summary of the non-owner occupied CRE portfolio by property type and significant MSAs or state as of June 30, 2025 and December 31, 2024:

June 30, 2025
(dollars in thousands)
 Atlanta Other Georgia Jacksonville Orlando Other Florida South Carolina North Carolina Alabama Other Total
Retail $ 493,152  $ 222,832  $ 229,713  $ 150,692  $ 257,526  $ 342,994  $ 141,845  $ 109,002  $ 146,404  $ 2,094,160 
Office 486,707  26,753  70,627  134,956  165,394  182,415  88,724  4,157  61,374  1,221,107 
Warehouse / industrial 327,813  12,136  46,186  30,720  87,098  81,432  89,388  2,282  124,364  801,419 
Hotel 42,639  23,097  94,036  45,707  98,141  66,244  12,292  2,281  16,492  400,929 
Mini storage warehouse 46,753  33,987  28,318  39,921  48,620  27,929  32,911  17,789  67,195  343,423 
Assisted living facilities 68,706  —  1,433  19  39,449  439  —  —  —  110,046 
Miscellaneous 30,277  9,360  9,629  17,250  12,724  4,202  7,367  —  1,234  92,043 
Total non-owner occupied CRE $ 1,496,047  $ 328,165  $ 479,942  $ 419,265  $ 708,952  $ 705,655  $ 372,527  $ 135,511  $ 417,063  $ 5,063,127 

December 31, 2024
(dollars in thousands)
 Atlanta Other Georgia Jacksonville Orlando Other Florida South Carolina North Carolina Alabama Other Total
Retail $ 481,751  $ 169,255  $ 231,823  $ 175,140  $ 228,464  $ 344,985  $ 135,078  $ 106,166  $ 147,454  $ 2,020,116 
Office 515,359  26,469  74,001  136,099  168,620  186,856  73,247  4,243  62,062  1,246,956 
Warehouse / industrial 277,679  13,433  46,838  11,900  72,919  76,785  80,222  679  109,808  690,263 
Hotel 43,500  27,383  102,186  47,249  104,365  73,960  12,204  2,369  16,248  429,464 
Mini storage warehouse 51,505  37,427  32,432  40,441  41,402  39,118  33,204  18,035  67,552  361,116 
Assisted living facilities 69,402  —  4,641  19  39,618  455  —  —  —  114,135 
Miscellaneous 38,514  13,491  9,945  17,388  11,537  7,477  7,432  1,158  1,270  108,212 
Total non-owner occupied CRE $ 1,477,710  $ 287,458  $ 501,866  $ 428,236  $ 666,925  $ 729,636  $ 341,387  $ 132,650  $ 404,394  $ 4,970,262 

Non-Performing Assets

Non-performing assets include nonaccrual loans, accruing loans contractually past due 90 days or more, repossessed personal property, and OREO. Loans are placed on nonaccrual status when management has concerns relating to the ability to collect the principal and interest and generally when such loans are 90 days or more past due. Management performs a detailed review and valuation assessment of non-performing loans over $250,000 on a quarterly basis. When a loan is placed on nonaccrual status, any interest previously accrued but not collected is reversed against current income.

Nonaccrual loans totaled $87.0 million at June 30, 2025, a decrease of $15.2 million, or 14.9%, from $102.2 million at December 31, 2024. Accruing loans delinquent 90 days or more totaled $8.4 million at June 30, 2025, a decrease of $9.3 million, or 52.5%, compared with $17.7 million at December 31, 2024. At June 30, 2025, OREO totaled $1.8 million, a decrease of $608,000, or 25.0%, compared with $2.4 million at December 31, 2024. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process.  At the end of the second quarter of 2025, total non-performing assets as a percent of total assets was down 11 basis points from 0.47% at December 31, 2024 to 0.36% at June 30, 2025.

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Non-performing assets at June 30, 2025 and December 31, 2024 were as follows:

(dollars in thousands) June 30, 2025 December 31, 2024
Nonaccrual loans(1)
 $ 87,019  $ 102,218 
Accruing loans delinquent 90 days or more 8,415  17,733 
Repossessed assets 2  9 
Other real estate owned 1,825  2,433 
Total non-performing assets $ 97,261  $ 122,393 

(1) Included in nonaccrual loans were $11.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2025 and December 31, 2024, respectively.

Commercial Lending Practices

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines CRE loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multi-family property and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

The CRE guidance is applicable when either:

(1)total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a tier I capital plus allowance for credit losses on loans and leases; or
(2)total loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land, net of owner-occupied loans, represent 300% or more of a bank’s tier I capital plus allowance for credit losses on loans and leases.

Banks that are subject to the CRE guidance criteria are required to implement enhanced strategic planning, CRE underwriting policies, risk management and internal controls, portfolio stress testing, risk exposure limits, and other policies, including management compensation and incentives, to address the CRE risks. Higher allowances for loan losses and capital levels may also be appropriate.

As of June 30, 2025, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. The primary risks of CRE lending are:

(1)within CRE loans, construction and development loans are somewhat dependent upon continued strength in demand for residential real estate, which is reliant on favorable real estate mortgage rates and changing population demographics;
(2)on average, CRE loan sizes are generally larger than non-CRE loan types; and
(3)certain construction and development loans may be less predictable and more difficult to evaluate and monitor.

52

The following table outlines CRE loan categories and CRE loans as a percentage of total loans as of June 30, 2025 and December 31, 2024. The loan categories and concentrations below are based on Federal Reserve Call codes:

June 30, 2025 December 31, 2024
(dollars in thousands) Balance % of Total
Loans		 Balance % of Total
Loans
Construction and development loans $ 1,485,842  7% $ 1,998,506  10%
Multi-family loans 1,901,944  9% 1,454,772  7%
Nonfarm non-residential loans (excluding owner-occupied) 5,063,127  24% 4,970,262  24%
Total CRE Loans (excluding owner-occupied)
 8,450,913  40% 8,423,540  41%
All other loan types 12,590,584  60% 12,316,366  59%
Total Loans $ 21,041,497  100% $ 20,739,906  100%

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s tier I capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of June 30, 2025 and December 31, 2024:

Internal
Limit		 Actual
June 30, 2025 December 31, 2024
Construction and development loans 100% 45% 63%
Total CRE loans (excluding owner-occupied) 300% 261% 268%

Derivative Instruments and Hedging Activities

The Company has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of IRLC instruments amounted to an asset of $6.2 million and $1.5 million at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025 and December 31, 2024 forward contracts were recorded as a liability of $7.2 million and an asset of $5.8 million, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $6.1 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively, and a liability of $6.3 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively.

Deposits

Total deposits at the Company increased $210.2 million, or 1.0%, to $21.93 billion at June 30, 2025, compared with $21.72 billion at December 31, 2024. Noninterest-bearing deposits increased $302.2 million, or 4.7%, and interest-bearing deposits decreased $92.0 million, or 0.6%, during the first six months of 2025. At June 30, 2025, the Company had approximately $1.13 billion in short-term brokered CDs, compared with $804.9 million at December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company had estimated uninsured deposits of $10.15 billion and $10.24 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.01 billion, or 29.6%, of the uninsured deposits at June 30, 2025 were for municipalities which are collateralized with investment securities or letters of credit.

Capital

Common Stock Repurchase Program

On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since that original authorization, with the most recent extension, which also included the replenishment of the program to $100.0 million, being announced on October 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases up to $100.0 million through October 31, 2025. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares.
53

As of June 30, 2025, an aggregate of $27.8 million, or 465,872 shares of the Company's common stock, had been repurchased under the program's October 24, 2024 renewal.

Capital Management

Capital management consists of providing equity to support both current and anticipated future operations. The capital resources of the Company are monitored on a periodic basis by state and federal regulatory authorities.

Under the regulatory capital frameworks adopted by the Federal Reserve Board (the "FRB") and the Federal Deposit Insurance Corporation (the "FDIC"), the Company and the Bank must each maintain a common equity Tier 1 capital to total risk-weighted assets ratio of at least 4.5%, a Tier 1 capital to total risk-weighted assets ratio of at least 6%, a total capital to total risk-weighted assets ratio of at least 8% and a leverage ratio of Tier 1 capital to average total consolidated assets of at least 4%. The Company and the Bank are also required to maintain a capital conservation buffer of common equity Tier 1 capital of at least 2.5% of risk-weighted assets in addition to the minimum risk-based capital ratios in order to avoid certain restrictions on capital distributions and discretionary bonus payments.

In March 2020, the Office of the Comptroller of the Currency, the FRB and the FDIC issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule provides banking organizations that implement CECL in 2020 the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. As a result, the Company and Bank elected the five-year transition relief allowed under the interim final rule effective March 31, 2020.

As of June 30, 2025, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios for the Company and the Bank at June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024
Tier 1 Leverage Ratio (tier 1 capital to average assets)
    
Consolidated 11.13% 10.74%
Ameris Bank 11.42% 11.17%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
    
Consolidated 13.01% 12.65%
Ameris Bank 13.34% 13.15%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
    
Consolidated 13.01% 12.65%
Ameris Bank 13.34% 13.15%
Total Capital Ratio (total capital to risk weighted assets)
    
Consolidated 15.37% 15.37%
Ameris Bank 14.59% 14.75%

Interest Rate Sensitivity and Liquidity

The Company’s primary market risk exposures are credit risk, interest rate risk, and liquidity risk. The Bank operates under an Asset Liability Management Policy approved by the Company’s Board of Directors and the ALCO Committee. The policy outlines limits on interest rate risk in terms of changes in net interest income and changes in the net market values of assets and liabilities over certain changes in interest rate environments. These measurements are made through a simulation model which projects the impact of changes in interest rates on the Bank’s assets and liabilities. The policy also outlines responsibility for monitoring interest rate risk, and the process for the approval, implementation and monitoring of interest rate risk strategies to achieve the Bank’s interest rate risk objectives.

The ALCO Committee is comprised of senior officers of Ameris. The ALCO Committee makes all strategic decisions with respect to the sources and uses of funds that may affect net interest income, including net interest spread and net interest margin. The objective of the ALCO Committee is to identify the interest rate, liquidity and market value risks of the Company’s balance sheet and use reasonable methods approved by the Company’s Board of Directors and executive management to minimize those identified risks.

54

The normal course of business activity exposes the Company to interest rate risk. Interest rate risk is managed within an overall asset and liability framework for the Company. The principal objectives of asset and liability management are to predict the sensitivity of net interest spreads to potential changes in interest rates, control risk and enhance profitability. Funding positions are kept within predetermined limits designed to properly manage risk and liquidity. The Company employs sensitivity analysis in the form of a net interest income simulation to help characterize the market risk arising from changes in interest rates. In addition, fluctuations in interest rates usually result in changes in the fair market value of the Company’s financial instruments, cash flows and net interest income. The Company’s interest rate risk position is managed by the ALCO Committee.

The Company uses a simulation modeling process to measure interest rate risk and evaluate potential strategies. Interest rate scenario models are prepared using software created and licensed from an outside vendor. The Company’s simulation includes all financial assets and liabilities. Simulation results quantify interest rate risk under various interest rate scenarios. Management then develops and implements appropriate strategies. The ALCO Committee has determined that an acceptable level of interest rate risk would be for net interest income to increase/decrease no more than 20% given a change in selected interest rates of 200 basis points over any 24-month period.

Liquidity management involves the matching of the cash flow requirements of customers, who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs, and the ability of Ameris to manage those requirements. The Company strives to maintain an adequate liquidity position by managing the balances and maturities of interest-earning assets and interest-bearing liabilities so that the balance it has in short-term assets at any given time will adequately cover any reasonably anticipated immediate need for funds. Additionally, the Bank maintains relationships with correspondent banks, which could provide funds on short notice, if needed. The Company has invested in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is equal to 30% of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. At June 30, 2025 and December 31, 2024, the net carrying value of the Company’s other borrowings was $376.7 million and $291.8 million, respectively. At June 30, 2025, the Company had availability with the FHLB and FRB Discount Window of $3.36 billion and $2.24 billion, respectively.

The following liquidity ratios compare certain assets and liabilities to total deposits or total assets:

June 30, 2025 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Investment securities available-for-sale to total deposits 8.53% 8.87% 7.69% 6.59% 7.14%
Loans (net of unearned income) to total deposits 95.94% 94.50% 95.48% 95.82% 97.89%
Interest-earning assets to total assets 92.29% 92.30% 91.94% 92.09% 92.17%
Interest-bearing deposits to total deposits 68.99% 69.22% 70.08% 69.51% 68.99%

The liquidity resources of the Company are monitored continually by the ALCO Committee and on a periodic basis by state and federal regulatory authorities. As determined under guidelines established by these regulatory authorities, the Company’s and the Bank’s liquidity ratios at June 30, 2025 were considered satisfactory. The Company is aware of no events or trends likely to result in a material change in liquidity.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company is exposed only to U.S. dollar interest rate changes, and, accordingly, the Company manages exposure by considering the possible changes in the net interest margin. The Company does not have any trading instruments nor does it classify any portion of the investment portfolio as held for trading. 

The Company also has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of $6.2 million and $7.3 million at June 30, 2025 and December 31, 2024, respectively, and a liability of $7.2 million at June 30, 2025. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $6.1 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively, and a liability of $6.3 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively.

The Company has no exposure to foreign currency exchange rate risk, commodity price risk and other market risks.

55

Interest rates play a major part in the net interest income of a financial institution. The sensitivity to rate changes is known as “interest rate risk.” The repricing of interest-earning assets and interest-bearing liabilities can influence the changes in net interest income. As part of the Company’s asset/liability management program, the timing of repriced assets and liabilities is referred to as “gap management.”

The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to minimize the impact of market interest rate swings. The analysis of the impact on net interest income over a 12-month and 24-month period is subjected to gradual and parallel shocks of 100, 200, 300 and 400 basis point increases and decreases in market rates and is monitored on a quarterly basis.

The following table presents the earnings simulation model’s projected impact of a change in interest rates on the projected baseline net interest income for the 12- and 24-month periods commencing April 1, 2025. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.

Earnings Simulation Model Results
Change in % Change in Projected Baseline
Interest Rates Net Interest Income
(in bps) 12 Months 24 Months
400 2.2% 13.7%
300 1.9% 10.6%
200 1.4% 7.4%
100 0.8% 3.8%
(100) (0.7)% (4.2)%
(200) (1.1)% (8.8)%
(300) (1.6)% (14.1)%

Additional information required by Item 305 of Regulation S-K is set forth under Part I, Item 2 of this report.

Item 4. Controls and Procedures.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report, as required by paragraph (b) of Rules 13a-15 or 15d-15 of the Exchange Act. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the quarter ended June 30, 2025, there was no change in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
56

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Disclosure concerning legal proceedings can be found in Part I - "Financial Information, Item 1. Financial Statements, Notes to Unaudited Consolidated Financial Statements, Note 8 – Commitments and Contingencies" under the caption, "Litigation and Regulatory Contingencies," which is incorporated herein by reference.

Item 1A. Risk Factors.

There have not been any material changes to the risk factors disclosed in Item 1A. of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, previously filed with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

c) Issuer Purchases of Equity Securities.

The table below sets forth information regarding the Company’s repurchase of shares of its outstanding common stock during the three-month period ended June 30, 2025. 
Period
Total
Number of
Shares
Purchased
 Average Price
Paid Per Share		 Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
Approximate
Dollar Value of
Shares That
 May Yet be
Purchased
Under the Plans
or Programs(1)
April 1, 2025 through April 30, 2025 25,600  $ 58.39  25,600  $ 83,532,349 
May 1, 2025 through May 31, 2025 63,515  $ 59.77  63,515  $ 79,735,921 
June 1, 2025 through June 30, 2025 123,357  $ 61.20  123,357  $ 72,185,977 
Total 212,472  $ 60.44  212,472  $ 72,185,977 
(1)On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since the original authorization, with the most recent extension, which also included the replenishment of the program to $100.0 million, being announced on October 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases totaling up to $100.0 million through October 31, 2025. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of June 30, 2025, an aggregate of $27.8 million, or 465,872 shares of the Company's common stock, had been repurchased under the program's October 24, 2024 renewal.
Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the quarter ended June 30, 2025, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K).
57

Item 6. Exhibits.
Exhibit
Number		   Description
   
  Restated Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on February 28, 2023).
     
  Bylaws of Ameris Bancorp, as amended and restated through February 23, 2023 (incorporated by reference to Exhibit 3.2 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2023).
Summary of Director Compensation
  Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer.
     
  Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer.
     
  Section 1350 Certification by the Company’s Chief Executive Officer.
  Section 1350 Certification by the Company’s Chief Financial Officer.
101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH Inline XBRL Taxonomy Extension Schema Document.
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
* Management contract or a compensatory plan or arrangement.


58

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Dated: August 8, 2025 AMERIS BANCORP
   
  /s/ Nicole S. Stokes
  Nicole S. Stokes
  Chief Financial Officer
(duly authorized signatory and principal accounting and financial officer)

59
EX-10.1 2 summaryofdirectorcompensat.htm EX-10.1 Document

Exhibit 10.1
Summary of Director Compensation
of
Ameris Bancorp
Effective April 15, 2025

Directors who are employees of Ameris Bancorp (the “Company”) do not receive additional compensation for serving as directors of the Company. Compensation for the Company’s non-employee directors is comprised of the following components:

•Annual Cash Retainer — each non-employee director receives an annual cash retainer at a rate of $75,000 per year
•Annual Equity Retainer — each non-employee director receives an annual award of time-based restricted stock with a value of approximately $85,000, vesting on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the Company’s next annual shareholders’ meeting
•Non-executive Chairman — receives an additional cash retainer of $80,000
•Lead Independent Director — receives an additional annual cash retainer of $45,000
•Committee Chair Retainer — the chair of each committee, if not an employee of the Company, receives an additional annual cash retainer at the rate set forth below:
◦Audit — $30,000 per year.
◦Compensation — $20,000 per year.
◦Corporate Governance and Nominating — $20,000 per year.
◦Enterprise Risk — $30,000 per year.
◦Executive — $10,000 per year.
◦Trust — $10,000 per year.
Community Boards — each non-employee director with membership on one of Ameris Bank’s community boards receives an additional monthly fee of $400, or $600 if serving as chair.
Cash retainers payable to non-employee directors are prorated in any year in which the board or committee chair appointment is not effective for the entirety of such year.
EX-31.1 3 abcb_exhibit311x063025-10xq.htm EX-31.1 Document

Exhibit 31.1
 
CERTIFICATION
 
I, H. Palmer Proctor, Jr., certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2025, of Ameris Bancorp;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 8, 2025 /s/ H. Palmer Proctor, Jr.
  H. Palmer Proctor, Jr.
  Chief Executive Officer
  (principal executive officer)
 
EX-31.2 4 abcb_exhibit312x063025-10xq.htm EX-31.2 Document

Exhibit 31.2
 
CERTIFICATION
 
I, Nicole S. Stokes, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2025, of Ameris Bancorp;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 8, 2025 /s/ Nicole S. Stokes
  Nicole S. Stokes,
Chief Financial Officer
  (principal accounting and financial officer)
 
 
EX-32.1 5 abcb_exhibit321x063025-10xq.htm EX-32.1 Document

Exhibit 32.1
 
SECTION 1350 CERTIFICATION
 
I, H. Palmer Proctor, Jr., Chief Executive Officer of Ameris Bancorp (the “Company”), do hereby certify, in accordance with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2025 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated: August 8, 2025 /s/ H. Palmer Proctor, Jr.
  H. Palmer Proctor, Jr.,
Chief Executive Officer
  (principal executive officer)
 

 
EX-32.2 6 abcb_exhibit322x063025-10xq.htm EX-32.2 Document

Exhibit 32.2
 
SECTION 1350 CERTIFICATION
 
I, Nicole S. Stokes, Executive Vice President and Chief Financial Officer of Ameris Bancorp (the “Company”), do hereby certify, in accordance with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2025 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated: August 8, 2025 /s/ Nicole S. Stokes
  Nicole S. Stokes,
  Chief Financial Officer
  (principal accounting and financial officer)