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

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 27, 2025
Ameris Bancorp
(Exact Name of Registrant as Specified in Charter)
Georgia 001-13901 58-1456434
(State or Other Jurisdiction of Incorporation) (Commission File Number)  (IRS Employer Identification No.)
    
3490 Piedmont Road N.E., Suite 1550
Atlanta, Georgia 30305
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (404) 639-6500
(Former Name or Former Address, if Changed Since Last Report)

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

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


Item 2.02 Results of Operations and Financial Condition.

On October 27, 2025, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended September 30, 2025. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.

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

Item 7.01 Regulation FD Disclosure.

A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on October 28, 2025 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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


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


Date: October 27, 2025



EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1 Document
bancorplioncleana.jpg



News Release

AMERIS BANCORP ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS

Highlights of Ameris’s results for the third quarter of 2025 include the following:
•Net income of $106.0 million, or $1.54 per diluted share
•Return on average assets of 1.56%
•Return on average tangible common equity(1) of 14.57%
•Tangible book value(1) growth of $1.58 per share, or 15.2% annualized, to $42.90 at September 30, 2025
•TCE ratio(1) increase to 11.31%, compared with 10.24% one year ago
•Net interest margin (TE) expansion of 3bps to 3.80% for the third quarter of 2025
•Efficiency ratio improvement to 49.19%
•Growth in net interest income of $6.2 million, or 10.5% annualized, from second quarter of 2025
•Growth in earning assets of $469.8 million, or 7.6% annualized
•Loan growth of $216.9 million, or 4.1% annualized
•Annualized net charge-offs stable at 0.14% of average total loans

ATLANTA, GA, October 27, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $106.0 million, or $1.54 per diluted share, for the quarter ended September 30, 2025, compared with $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024.

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

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

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

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

Yields on earning assets increased two basis points during the quarter to 5.66%, compared with 5.64% in the second quarter of 2025. This increase is primarily related to a 12 basis point increase in yield on taxable securities and a two basis point increase in yield on portfolio loans during the third quarter of 2025.
The Company’s total cost of funds decreased one basis point to 2.05% in the third quarter of 2025, compared with 2.06% in the second quarter of 2025, and improved 45 basis points compared with the third quarter of 2024. Deposit costs decreased one basis point during the third quarter of 2025 to 1.94%, compared with 1.95% in the second quarter of 2025.


Costs of interest-bearing deposits during the quarter were 2.82%, a decrease of one basis point compared to the second quarter of 2025.

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

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

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

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

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

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




Subordinated Debt

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

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

Share Repurchase Program

On October 20, 2025, the Company announced its board of directors authorized the Company to repurchase up to $200 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2026, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. The board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31, 2025 and under which the Company has repurchased $36.3 million of its outstanding common stock in the past 12 months.

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

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, October 28, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until November 4, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 9368487. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates financial centers in five southeastern states and also serves consumer and business customers nationwide through select lending channels. Ameris manages $27.1 billion in assets as of September 30, 2025, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP



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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behavior of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

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


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights Table 1
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2025 2025 2025 2024 2024 2025 2024
EARNINGS
Net income $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 303,798  $ 264,309 
Adjusted net income(1)
 $ 105,289  $ 109,444  $ 88,044  $ 95,078  $ 95,187  $ 302,777  $ 251,562 
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic $ 1.55  $ 1.60  $ 1.28  $ 1.37  $ 1.44  $ 4.43  $ 3.84 
Diluted $ 1.54  $ 1.60  $ 1.27  $ 1.37  $ 1.44  $ 4.41  $ 3.83 
Adjusted diluted EPS(1)
 $ 1.53  $ 1.59  $ 1.28  $ 1.38  $ 1.38  $ 4.40  $ 3.64 
Cash dividends per share $ 0.20  $ 0.20  $ 0.20  $ 0.15  $ 0.15  $ 0.60  $ 0.45 
Book value per share (period end) $ 58.56  $ 57.02  $ 55.49  $ 54.32  $ 53.30  $ 58.56  $ 53.30 
Tangible book value per share (period end)(1)
 $ 42.90  $ 41.32  $ 39.78  $ 38.59  $ 37.51  $ 42.90  $ 37.51 
Weighted average number of shares
Basic 68,401,737  68,594,608  68,785,458  68,799,464  68,798,093  68,592,529  68,811,727 
Diluted 68,665,669  68,796,577  69,030,331  69,128,946  69,066,298  68,830,787  69,031,666 
Period end number of shares 68,587,742  68,711,043  68,910,924  69,068,609  69,067,019  68,587,742  69,067,019 
Market data
High intraday price $ 76.58  $ 65.43  $ 68.85  $ 74.56  $ 65.40  $ 76.58  $ 65.40 
Low intraday price $ 64.30  $ 48.27  $ 55.32  $ 59.12  $ 48.21  $ 48.27  $ 44.00 
Period end closing price $ 73.31  $ 64.70  $ 57.57  $ 62.57  $ 62.39  $ 73.31  $ 62.39 
Average daily volume 435,766  416,355  430,737  384,406  379,896  427,673  362,808 
PERFORMANCE RATIOS
Return on average assets 1.56  % 1.65  % 1.36  % 1.42  % 1.49  % 1.52  % 1.36  %
Adjusted return on average assets(1)
 1.55  % 1.64  % 1.36  % 1.43  % 1.43  % 1.52  % 1.30  %
Return on average common equity 10.61  % 11.40  % 9.39  % 10.09  % 10.91  % 10.48  % 9.98  %
Adjusted return on average tangible common equity(1)
 14.46  % 15.76  % 13.16  % 14.37  % 14.99  % 14.48  % 13.77  %
Earning asset yield (TE) 5.66  % 5.64  % 5.61  % 5.67  % 5.81  % 5.64  % 5.80  %
Total cost of funds 2.05  % 2.06  % 2.06  % 2.22  % 2.50  % 2.06  % 2.46  %
Net interest margin (TE) 3.80  % 3.77  % 3.73  % 3.64  % 3.51  % 3.77  % 3.53  %
Efficiency ratio 49.19  % 51.63  % 52.83  % 52.26  % 53.49  % 51.16  % 53.52  %
Adjusted efficiency ratio (TE)(1)
 49.47  % 51.58  % 52.62  % 51.82  % 54.25  % 51.18  % 54.61  %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets 14.82  % 14.68  % 14.42  % 14.28  % 13.94  % 14.82  % 13.94  %
Tangible common equity to tangible assets(1)
 11.31  % 11.09  % 10.78  % 10.59  % 10.24  % 11.31  % 10.24  %
OTHER DATA (period end)
Full time equivalent employees
Banking Division 2,068  2,036  2,045  2,021  2,056  2,068  2,056 
Retail Mortgage Division 546  550  577  585  592  546  592 
Warehouse Lending Division 8  8  7  8  9  8  9 
Premium Finance Division 78  78  81  77  76  78  76 
Total Ameris Bancorp FTE headcount 2,700  2,672  2,710  2,691  2,733  2,700  2,733 
Branch locations 164  164  164  164  164  164  164 
Deposits per branch location $ 135,537  $ 133,736  $ 133,612  $ 132,454  $ 133,410  $ 135,537  $ 133,410 
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement Table 2
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2025 2025 2025 2024 2024 2025 2024
Interest income
Interest and fees on loans $ 321,457  $ 315,893  $ 304,168  $ 318,843  $ 325,622  $ 941,518  $ 946,679 
Interest on taxable securities 23,253  20,696  18,492  15,923  15,555  62,441  45,595 
Interest on nontaxable securities 343  334  329  337  336  1,006  1,001 
Interest on deposits in other banks 9,993  10,715  10,789  11,260  13,633  31,497  38,646 
Total interest income 355,046  347,638  333,778  346,363  355,146  1,036,462  1,031,921 
Interest expense
Interest on deposits 106,851  106,796  105,215  115,556  129,698  318,862  369,117 
Interest on other borrowings 10,231  9,029  6,724  8,986  11,388  25,984  35,435 
Total interest expense 117,082  115,825  111,939  124,542  141,086  344,846  404,552 
Net interest income 237,964  231,813  221,839  221,821  214,060  691,616  627,369 
Provision for loan losses 11,176  3,110  16,519  12,657  6,313  30,805  57,184 
Provision for unfunded commitments 11,446  (335) 5,373  148  (204) 16,484  (11,196)
Provision for other credit losses 8  (3) —  3  (2) 5  (3)
Provision for credit losses 22,630  2,772  21,892  12,808  6,107  47,294  45,985 
Net interest income after provision for credit losses 215,334  229,041  199,947  209,013  207,953  644,322  581,384 
Noninterest income
Service charges on deposit accounts 13,931  13,493  13,133  13,544  12,918  40,557  37,349 
Mortgage banking activity 40,666  39,221  35,254  36,699  37,947  115,141  123,776 
Other service charges, commissions and fees 1,124  1,158  1,109  1,182  1,163  3,391  3,576 
Gain (loss) on securities 1,581  —  40  (16) (8) 1,621  12,320 
Equipment finance activity 8,858  6,572  6,698  5,947  5,398  22,128  15,717 
Other noninterest income 10,114  8,467  7,789  11,603  12,291  26,370  31,560 
Total noninterest income 76,274  68,911  64,023  68,959  69,709  209,208  224,298 
Noninterest expense
Salaries and employee benefits 90,948  89,308  86,615  87,810  88,700  266,871  259,831 
Occupancy and equipment 11,524  11,401  10,677  11,624  11,716  33,602  37,160 
Data processing and communications expenses 16,058  15,366  14,855  14,631  15,221  46,279  45,068 
Credit resolution-related expenses(1)
 770  657  765  1,271  (110) 2,192  1,216 
Advertising and marketing 3,377  3,745  2,883  2,730  3,959  10,005  10,205 
Amortization of intangible assets 3,879  4,076  4,103  4,180  4,180  12,058  13,009 
Other noninterest expenses 28,010  30,707  31,136  29,703  28,111  89,853  89,356 
Total noninterest expense 154,566  155,260  151,034  151,949  151,777  460,860  455,845 
Income before income tax expense 137,042  142,692  112,936  126,023  125,885  392,670  349,837 
Income tax expense 31,013  32,858  25,001  31,647  26,673  88,872  85,528 
Net income $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 303,798  $ 264,309 
Diluted earnings per common share $ 1.54  $ 1.60  $ 1.27  $ 1.37  $ 1.44  $ 4.41  $ 3.83 
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet Table 3
Sep Jun Mar Dec Sep
(dollars in thousands) 2025 2025 2025 2024 2024
Assets
Cash and due from banks $ 216,927  $ 249,676  $ 253,289  $ 244,980  $ 231,515 
Interest-bearing deposits in banks 826,237  920,594  1,039,111  975,397  1,127,641 
Debt securities available-for-sale, at fair value 2,131,671  1,871,298  1,943,011  1,671,260  1,441,552 
Debt securities held-to-maturity, at amortized cost 202,581  176,487  173,757  164,677  161,220 
Other investments 70,644  69,910  65,630  66,298  63,899 
Loans held for sale 604,136  544,091  545,388  528,599  553,379 
Loans, net of unearned income 21,258,374  21,041,497  20,706,644  20,739,906  20,964,981 
Allowance for credit losses (345,294) (341,567) (345,555) (338,084) (334,457)
Loans, net 20,913,080  20,699,930  20,361,089  20,401,822  20,630,524 
Other real estate owned 3,137  1,825  863  2,433  9,482 
Premises and equipment, net 211,567  211,434  207,895  209,460  210,931 
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangible assets, net 58,703  62,582  66,658  70,761  74,941 
Cash value of bank owned life insurance 417,096  414,381  410,890  408,574  460,699 
Other assets 428,404  442,299  431,713  502,143  418,353 
Total assets $ 27,099,829  $ 26,680,153  $ 26,514,940  $ 26,262,050  $ 26,399,782 
Liabilities
Deposits
Noninterest-bearing $ 6,757,233  $ 6,800,519  $ 6,744,781  $ 6,498,293  $ 6,670,320 
Interest-bearing 15,470,845  15,132,156  15,167,628  15,224,155  15,208,945 
Total deposits 22,228,078  21,932,675  21,912,409  21,722,448  21,879,265 
Other borrowings 337,094  376,700  276,744  291,788  346,446 
Subordinated deferrable interest debentures 133,804  133,306  132,807  132,309  131,811 
Other liabilities 384,152  319,794  369,178  363,983  360,892 
Total liabilities 23,083,128  22,762,475  22,691,138  22,510,528  22,718,414 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock 72,900  72,897  72,885  72,699  72,698 
Capital stock 1,968,124  1,964,896  1,961,732  1,958,642  1,954,532 
Retained earnings 2,115,712  2,023,493  1,927,489  1,853,428  1,772,989 
Accumulated other comprehensive income (loss), net of tax 5,171  (6,886) (14,430) (30,119) (15,724)
Treasury stock (145,206) (136,722) (123,874) (103,128) (103,127)
Total shareholders' equity 4,016,701  3,917,678  3,823,802  3,751,522  3,681,368 
Total liabilities and shareholders' equity $ 27,099,829  $ 26,680,153  $ 26,514,940  $ 26,262,050  $ 26,399,782 
Other Data
Earning assets $ 25,093,643  $ 24,623,877  $ 24,473,541  $ 24,146,137  $ 24,312,672 
Intangible assets 1,074,349  1,078,228  1,082,304  1,086,407  1,090,587 
Interest-bearing liabilities 15,941,743  15,642,162  15,577,179  15,648,252  15,687,202 
Average assets 26,972,134  26,757,322  26,229,423  26,444,894  26,442,984 
Average common shareholders' equity 3,964,207  3,865,031  3,798,149  3,719,888  3,618,052 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information Table 4
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands) 2025 2025 2025 2024 2024 2025 2024
Allowance for Credit Losses
Balance at beginning of period $ 377,181  $ 381,507  $ 368,663  $ 364,885  $ 366,852  $ 368,663  $ 348,727 
Provision for loan losses 11,176  3,110  16,519  12,657  6,313  30,805  57,184 
Provision for unfunded commitments 11,446  (335) 5,373  148  (204) 16,484  (11,196)
Provision for other credit losses 8  (3) —  3  (2) 5  (3)
Provision for credit losses 22,630  2,772  21,892  12,808  6,107  47,294  45,985 
Charge-offs 13,631  14,227  15,383  17,460  15,352  43,241  50,654 
Recoveries 6,182  7,129  6,335  8,430  7,278  19,646  20,827 
Net charge-offs (recoveries) 7,449  7,098  9,048  9,030  8,074  23,595  29,827 
Ending balance $ 392,362  $ 377,181  $ 381,507  $ 368,663  $ 364,885  $ 392,362  $ 364,885 
Allowance for loan losses $ 345,294  $ 341,567  $ 345,555  $ 338,084  $ 334,457  $ 345,294  $ 334,457 
Allowance for unfunded commitments 46,994  35,548  35,883  30,510  30,362  46,994  30,362 
Allowance for other credit losses 74  66  69  69  66  74  66 
Total allowance for credit losses $ 392,362  $ 377,181  $ 381,507  $ 368,663  $ 364,885  $ 392,362  $ 364,885 
Non-Performing Assets
Nonaccrual portfolio loans $ 77,257  $ 75,286  $ 86,229  $ 90,206  $ 87,339  $ 77,257  $ 87,339 
Other real estate owned 3,137  1,825  863  2,433  9,482  3,137  9,482 
Repossessed assets 3  2  —  9  19  3  19 
Accruing loans delinquent 90 days or more 9,325  8,415  14,930  17,733  12,234  9,325  12,234 
Non-performing portfolio assets $ 89,722  $ 85,528  $ 102,022  $ 110,381  $ 109,074  $ 89,722  $ 109,074 
Serviced GNMA-guaranteed mortgage nonaccrual loans 19,706  11,733  13,441  12,012  8,168  19,706  8,168 
Total non-performing assets $ 109,428  $ 97,261  $ 115,463  $ 122,393  $ 117,242  $ 109,428  $ 117,242 
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets 0.33  % 0.32  % 0.38  % 0.42  % 0.41  % 0.33  % 0.41  %
Total non-performing assets as a percent of total assets 0.40  % 0.36  % 0.44  % 0.47  % 0.44  % 0.40  % 0.44  %
Net charge-offs as a percent of average loans (annualized) 0.14  % 0.14  % 0.18  % 0.17  % 0.15  % 0.15  % 0.19  %



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information Table 5
Sep Jun Mar Dec Sep
(dollars in thousands) 2025 2025 2025 2024 2024
Loans by Type
Commercial and industrial $ 3,299,269  $ 3,184,211  $ 3,075,971  $ 2,953,135  $ 2,949,957 
Consumer 202,688  209,990  213,902  221,735  221,201 
Mortgage warehouse 1,083,941  1,092,475  891,412  965,053  985,910 
Municipal 437,823  436,759  429,227  441,408  449,561 
Premium Finance 1,358,259  1,294,293  1,176,309  1,155,614  1,246,452 
Real estate - construction and development 1,411,178  1,485,842  1,842,431  1,998,506  2,232,114 
Real estate - commercial and farmland 9,054,927  8,877,750  8,574,626  8,445,958  8,249,981 
Real estate - residential 4,410,289  4,460,177  4,502,766  4,558,497  4,629,805 
Total loans $ 21,258,374  $ 21,041,497  $ 20,706,644  $ 20,739,906  $ 20,964,981 
Loans by Risk Grade
Pass $ 21,058,458  $ 20,820,888  $ 20,468,496  $ 20,457,340  $ 20,676,342 
Other assets especially mentioned 37,236  66,677  73,783  110,936  124,479 
Substandard 162,680  153,932  164,365  171,630  164,160 
Total loans $ 21,258,374  $ 21,041,497  $ 20,706,644  $ 20,739,906  $ 20,964,981 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances Table 6
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands) 2025 2025 2025 2024 2024 2025 2024
Earning Assets
Interest-bearing deposits in banks $ 883,976  $ 951,851  $ 980,164  $ 899,162  $ 997,308  $ 938,312  $ 940,548 
Debt securities - taxable 2,282,470  2,117,596  1,998,226  1,761,984  1,733,418  2,133,805  1,665,902 
Debt securities - nontaxable 44,823  41,299  41,391  41,494  41,496  42,517  41,393 
Loans held for sale 706,679  730,770  565,531  795,904  575,461  668,177  463,680 
Loans 21,038,350  20,928,825  20,620,777  20,868,216  21,023,629  20,864,180  20,722,659 
Total Earning Assets $ 24,956,298  $ 24,770,341  $ 24,206,089  $ 24,366,760  $ 24,371,312  $ 24,646,991  $ 23,834,182 
Deposits
Noninterest-bearing deposits $ 6,849,129  $ 6,766,557  $ 6,522,784  $ 6,684,851  $ 6,622,952  $ 6,714,016  $ 6,528,572 
NOW accounts 3,900,999  3,939,802  3,988,458  3,888,404  3,753,528  3,942,766  3,802,501 
MMDA 6,977,134  6,918,382  6,911,554  6,864,265  6,508,770  6,935,931  6,238,615 
Savings accounts 756,383  766,331  767,148  761,980  765,909  763,248  781,072 
Retail CDs 2,344,084  2,393,402  2,436,974  2,474,804  2,478,875  2,391,146  2,429,505 
Brokered CDs 1,070,735  1,145,043  962,768  1,057,808  1,493,352  1,059,911  1,347,836 
Total Deposits 21,898,464  21,929,517  21,589,686  21,732,112  21,623,386  21,807,018  21,128,101 
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase 1  —  —  —  —  —  — 
FHLB advances 443,243  326,054  149,537  215,116  358,332  307,354  375,328 
Other borrowings 169,994  193,492  193,494  279,961  298,073  185,574  304,554 
Subordinated deferrable interest debentures 133,541  133,043  132,544  132,048  131,547  133,046  131,052 
Total Non-Deposit Funding 746,779  652,589  475,575  627,125  787,952  625,974  810,934 
Total Funding $ 22,645,243  $ 22,582,106  $ 22,065,261  $ 22,359,237  $ 22,411,338  $ 22,432,992  $ 21,939,035 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) Table 7
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands) 2025 2025 2025 2024 2024 2025 2024
Interest Income
Interest-bearing deposits in banks $ 9,993  $ 10,715  $ 10,789  $ 11,260  $ 13,633  $ 31,497  $ 38,646 
Debt securities - taxable 23,253  20,696  18,492  15,923  15,555  62,441  45,595 
Debt securities - nontaxable (TE) 434  423  416  427  426  1,273  1,267 
Loans held for sale 11,237  11,578  9,045  11,853  9,142  31,860  22,679 
Loans (TE) 311,082  305,154  295,964  307,852  317,358  912,200  926,612 
Total Earning Assets $ 355,999  $ 348,566  $ 334,706  $ 347,315  $ 356,114  $ 1,039,271  $ 1,034,799 
Interest Expense
Interest-Bearing Deposits
NOW accounts $ 18,230  $ 18,144  $ 18,306  $ 19,099  $ 20,535  $ 54,680  $ 62,129 
MMDA 54,657  53,469  52,261  57,160  61,620  160,387  173,905 
Savings accounts 813  826  830  850  960  2,469  2,930 
Retail CDs 21,253  21,852  23,245  25,610  26,775  66,350  77,062 
Brokered CDs 11,898  12,505  10,573  12,837  19,808  34,976  53,091 
Total Interest-Bearing Deposits 106,851  106,796  105,215  115,556  129,698  318,862  369,117 
Non-Deposit Funding
FHLB advances 4,863  3,508  1,362  2,393  4,443  9,733  14,188 
Other borrowings 2,328  2,499  2,350  3,346  3,514  7,177  10,967 
Subordinated deferrable interest debentures 3,040  3,022  3,012  3,247  3,431  9,074  10,280 
Total Non-Deposit Funding 10,231  9,029  6,724  8,986  11,388  25,984  35,435 
Total Interest-Bearing Funding $ 117,082  $ 115,825  $ 111,939  $ 124,542  $ 141,086  $ 344,846  $ 404,552 
Net Interest Income (TE) $ 238,917  $ 232,741  $ 222,767  $ 222,773  $ 215,028  $ 694,425  $ 630,247 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
2025 2025 2025 2024 2024 2025 2024
Earning Assets
Interest-bearing deposits in banks 4.48  % 4.52  % 4.46  % 4.98  % 5.44  % 4.49  % 5.49  %
Debt securities - taxable 4.04  % 3.92  % 3.75  % 3.60  % 3.57  % 3.91  % 3.66  %
Debt securities - nontaxable (TE) 3.84  % 4.11  % 4.08  % 4.09  % 4.08  % 4.00  % 4.09  %
Loans held for sale 6.31  % 6.35  % 6.49  % 5.92  % 6.32  % 6.38  % 6.53  %
Loans (TE) 5.87  % 5.85  % 5.82  % 5.87  % 6.01  % 5.85  % 5.97  %
Total Earning Assets 5.66  % 5.64  % 5.61  % 5.67  % 5.81  % 5.64  % 5.80  %
Interest-Bearing Deposits
NOW accounts 1.85  % 1.85  % 1.86  % 1.95  % 2.18  % 1.85  % 2.18  %
MMDA 3.11  % 3.10  % 3.07  % 3.31  % 3.77  % 3.09  % 3.72  %
Savings accounts 0.43  % 0.43  % 0.44  % 0.44  % 0.50  % 0.43  % 0.50  %
Retail CDs 3.60  % 3.66  % 3.87  % 4.12  % 4.30  % 3.71  % 4.24  %
Brokered CDs 4.41  % 4.38  % 4.45  % 4.83  % 5.28  % 4.41  % 5.26  %
Total Interest-Bearing Deposits 2.82  % 2.83  % 2.83  % 3.06  % 3.44  % 2.82  % 3.38  %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase —  % —  % —  % —  % —  % —  % —  %
FHLB advances 4.35  % 4.32  % 3.69  % 4.43  % 4.93  % 4.23  % 5.05  %
Other borrowings 5.43  % 5.18  % 4.93  % 4.75  % 4.69  % 5.17  % 4.81  %
Subordinated deferrable interest debentures 9.03  % 9.11  % 9.22  % 9.78  % 10.38  % 9.12  % 10.48  %
Total Non-Deposit Funding 5.44  % 5.55  % 5.73  % 5.70  % 5.75  % 5.55  % 5.84  %
Total Interest-Bearing Liabilities
 2.94  % 2.94  % 2.92  % 3.16  % 3.55  % 2.93  % 3.51  %
Net Interest Spread 2.72  % 2.70  % 2.69  % 2.51  % 2.26  % 2.71  % 2.29  %
Net Interest Margin(2)
 3.80  % 3.77  % 3.73  % 3.64  % 3.51  % 3.77  % 3.53  %
Total Cost of Funds(3)
 2.05  % 2.06  % 2.06  % 2.22  % 2.50  % 2.06  % 2.46  %
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.

























AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income Table 9A
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2025 2025 2025 2024 2024 2025 2024
Net income available to common shareholders $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 303,798  $ 264,309 
Adjustment items:
Gain on sale of MSR (125) (356) 14  (536) (5,245) (467) (9,958)
Gain on conversion of Visa Class B-1 stock —  —  —  —  —  —  (12,554)
Gain on BOLI proceeds (390) —  (11) —  —  (401) (1,464)
FDIC special assessment (318) (138) 138  (559) —  (318) 2,014 
Natural disaster expenses —  —  —  400  150  —  150 
Loss on disposition of bank premises —  —  —  1,203  —  —  — 
Tax effect of adjustment items (Note 1)
 93  104  (32) (107) 1,070  165  4,273 
After tax adjustment items (740) (390) 109  401  (4,025) (1,021) (17,539)
Tax expense attributable to BOLI restructuring —  —  —  301  —  —  4,792 
Adjusted net income $ 105,289  $ 109,444  $ 88,044  $ 95,078  $ 95,187  $ 302,777  $ 251,562 
Weighted average number of shares - diluted 68,665,669  68,796,577  69,030,331  69,128,946  69,066,298  68,830,787  69,031,666 
Net income per diluted share $ 1.54  $ 1.60  $ 1.27  $ 1.37  $ 1.44  $ 4.41  $ 3.83 
Adjusted net income per diluted share $ 1.53  $ 1.59  $ 1.28  $ 1.38  $ 1.38  $ 4.40  $ 3.64 
Average assets $ 26,972,134  $ 26,757,322  $ 26,229,423  $ 26,444,894  $ 26,442,984  $ 26,655,680  $ 25,899,617 
Return on average assets 1.56  % 1.65  % 1.36  % 1.42  % 1.49  % 1.52  % 1.36  %
Adjusted return on average assets 1.55  % 1.64  % 1.36  % 1.43  % 1.43  % 1.52  % 1.30  %
Average common equity $ 3,964,207  $ 3,865,031  $ 3,798,149  $ 3,719,888  $ 3,618,052  $ 3,876,404  $ 3,537,559 
Average tangible common equity $ 2,887,961  $ 2,784,819  $ 2,713,847  $ 2,631,452  $ 2,525,421  $ 2,796,180  $ 2,440,619 
Return on average common equity 10.61  % 11.40  % 9.39  % 10.09  % 10.91  % 10.48  % 9.98  %
Return on average tangible common equity 14.57  % 15.82  % 13.14  % 14.27  % 15.63  % 14.53  % 14.47  %
Adjusted return on average tangible common equity 14.46  % 15.76  % 13.16  % 14.37  % 14.99  % 14.48  % 13.77  %
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE) Table 9B
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands) 2025 2025 2025 2024 2024 2025 2024
Adjusted Noninterest Expense
Total noninterest expense $ 154,566  $ 155,260  $ 151,034  $ 151,949  $ 151,777  $ 460,860  $ 455,845 
Adjustment items:
FDIC special assessment 318  138  (138) 559  —  318  (2,014)
Natural disaster expenses —  —  —  (400) (150) —  (150)
Loss on disposition of bank premises —  —  —  (1,203) —  —  — 
Adjusted noninterest expense $ 154,884  $ 155,398  $ 150,896  $ 150,905  $ 151,627  $ 461,178  $ 453,681 
Total Revenue
Net interest income $ 237,964  $ 231,813  $ 221,839  $ 221,821  $ 214,060  $ 691,616  $ 627,369 
Noninterest income 76,274  68,911  64,023  68,959  69,709  209,208  224,298 
Total revenue $ 314,238  $ 300,724  $ 285,862  $ 290,780  $ 283,769  $ 900,824  $ 851,667 
Adjusted Total Revenue
Net interest income (TE) $ 238,917  $ 232,741  $ 222,767  $ 222,773  $ 215,028  $ 694,425  $ 630,247 
Noninterest income 76,274  68,911  64,023  68,959  69,709  209,208  224,298 
Total revenue (TE) 315,191  301,652  286,790  291,732  284,737  903,633  854,545 
Adjustment items:
(Gain) loss on securities (1,581) —  (40) 16  8  (1,621) (12,320)
Gain on sale of MSR (125) (356) 14  (536) (5,245) (467) (9,958)
Gain on BOLI proceeds (390) —  (11) —  —  (401) (1,464)
Adjusted total revenue (TE) $ 313,095  $ 301,296  $ 286,753  $ 291,212  $ 279,500  $ 901,144  $ 830,803 
Efficiency ratio 49.19  % 51.63  % 52.83  % 52.26  % 53.49  % 51.16  % 53.52  %
Adjusted efficiency ratio (TE) 49.47  % 51.58  % 52.62  % 51.82  % 54.25  % 51.18  % 54.61  %
Tangible Book Value Per Share Table 9C
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands except per share data) 2025 2025 2025 2024 2024 2025 2024
Total shareholders' equity $ 4,016,701  $ 3,917,678  $ 3,823,802  $ 3,751,522  $ 3,681,368  $ 4,016,701  $ 3,681,368 
Less:
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangibles, net 58,703  62,582  66,658  70,761  74,941  58,703  74,941 
Total tangible shareholders' equity $ 2,942,352  $ 2,839,450  $ 2,741,498  $ 2,665,115  $ 2,590,781  $ 2,942,352  $ 2,590,781 
Period end number of shares 68,587,742  68,711,043  68,910,924  69,068,609  69,067,019  68,587,742  69,067,019 
Book value per share (period end) $ 58.56  $ 57.02  $ 55.49  $ 54.32  $ 53.30  $ 58.56  $ 53.30 
Tangible book value per share (period end) $ 42.90  $ 41.32  $ 39.78  $ 38.59  $ 37.51  $ 42.90  $ 37.51 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets ("TCE Ratio") Table 9D
Sep Jun Mar Dec Sep
(dollars in thousands except per share data) 2025 2025 2025 2024 2024
Total shareholders' equity $ 4,016,701 $ 3,917,678 $ 3,823,802 $ 3,751,522 $ 3,681,368
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 58,703 62,582 66,658 70,761 74,941
Total tangible shareholders' equity $ 2,942,352 $ 2,839,450 $ 2,741,498 $ 2,665,115 $ 2,590,781
Total assets $ 27,099,829 $ 26,680,153 $ 26,514,940 $ 26,262,050 $ 26,399,782
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 58,703 62,582 66,658 70,761 74,941
Total tangible assets $ 26,025,480 $ 25,601,925 $ 25,432,636 $ 25,175,643 $ 25,309,195
Equity to Assets 14.82  % 14.68  % 14.42  % 14.28  % 13.94  %
Tangible Common Equity to Tangible Assets 11.31  % 11.09  % 10.78  % 10.59  % 10.24  %


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting Table 10
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands) 2025 2025 2025 2024 2024 2025 2024
Retail Mortgage Division
Net interest income $ 20,179  $ 22,031  $ 21,844  $ 23,714  $ 23,553  $ 64,054  $ 70,582 
Provision for credit losses 529  1,010  5,191  (2,503) 254  6,730  (296)
Noninterest income 40,081  37,726  34,729  36,623  41,498  112,536  130,408 
Noninterest expense
Salaries and employee benefits 21,589  24,358  20,995  22,876  23,233  66,942  69,560 
Occupancy and equipment expenses 760  811  829  951  957  2,400  3,014 
Data processing and telecommunications expenses 1,232  1,391  1,297  1,222  1,184  3,920  3,826 
Other noninterest expenses 12,480  12,496  11,963  12,118  12,164  36,939  38,091 
Total noninterest expense 36,061  39,056  35,084  37,167  37,538  110,201  114,491 
Income before income tax expense 23,670  19,691  16,298  25,673  27,259  59,659  86,795 
Income tax expense 4,970  4,135  3,423  5,391  5,724  12,528  18,227 
Net income $ 18,700  $ 15,556  $ 12,875  $ 20,282  $ 21,535  $ 47,131  $ 68,568 
Warehouse Lending Division
Net interest income $ 7,474  $ 7,091  $ 5,902  $ 6,640  $ 7,812  $ 20,467  $ 20,132 
Provision for credit losses 23  369  (175) (59) (170) 217  334 
Noninterest income 756  1,893  554  676  1,765  3,203  3,533 
Noninterest expense
Salaries and employee benefits 566  618  552  583  621  1,736  2,633 
Occupancy and equipment expenses 7  7  7  6  6  21  20 
Data processing and telecommunications expenses 57  59  38  44  32  154  116 
Other noninterest expenses 195  96  270  224  217  561  752 
Total noninterest expense 825  780  867  857  876  2,472  3,521 
Income before income tax expense 7,382  7,835  5,764  6,518  8,871  20,981  19,810 
Income tax expense 1,550  1,646  1,210  1,369  1,863  4,406  4,160 
Net income $ 5,832  $ 6,189  $ 4,554  $ 5,149  $ 7,008  $ 16,575  $ 15,650 
Premium Finance Division
Net interest income $ 12,251  $ 11,190  $ 9,880  $ 10,390  $ 10,060  $ 33,321  $ 26,015 
Provision for credit losses 461  716  456  517  457  1,633  366 
Noninterest income 18  17  16  13  11  51  32 
Noninterest expense
Salaries and employee benefits 2,492  2,331  2,352  2,029  2,212  7,175  6,165 
Occupancy and equipment expenses 39  36  37  51  28  112  174 
Data processing and telecommunications expenses 101  91  129  106  83  321  264 
Other noninterest expenses 1,075  1,115  969  1,173  1,140  3,159  3,263 
Total noninterest expense 3,707  3,573  3,487  3,359  3,463  10,767  9,866 
Income before income tax expense 8,101  6,918  5,953  6,527  6,151  20,972  15,815 
Income tax expense 1,669  1,410  1,214  1,334  1,254  4,293  3,191 
Net income $ 6,432  $ 5,508  $ 4,739  $ 5,193  $ 4,897  $ 16,679  $ 12,624 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) Table 10
Three Months Ended Nine Months Ended
Sep Jun Mar Dec Sep Sep Sep
(dollars in thousands) 2025 2025 2025 2024 2024 2025 2024
Banking Division
Net interest income $ 198,060  $ 191,501  $ 184,213  $ 181,077  $ 172,635  $ 573,774  $ 510,640 
Provision for credit losses 21,617  677  16,420  14,853  5,566  38,714  45,581 
Noninterest income 35,419  29,275  28,724  31,647  26,435  93,418  90,325 
Noninterest expense
Salaries and employee benefits 66,301  62,001  62,716  62,322  62,634  191,018  181,473 
Occupancy and equipment expenses 10,718  10,547  9,804  10,616  10,725  31,069  33,952 
Data processing and telecommunications expenses 14,668  13,825  13,391  13,259  13,922  41,884  40,862 
Other noninterest expenses 22,286  25,478  25,685  24,369  22,619  73,449  71,680 
Total noninterest expense 113,973  111,851  111,596  110,566  109,900  337,420  327,967 
Income before income tax expense 97,889  108,248  84,921  87,305  83,604  291,058  227,417 
Income tax expense 22,824  25,667  19,154  23,553  17,832  67,645  59,950 
Net income $ 75,065  $ 82,581  $ 65,767  $ 63,752  $ 65,772  $ 223,413  $ 167,467 
Total Consolidated
Net interest income $ 237,964  $ 231,813  $ 221,839  $ 221,821  $ 214,060  $ 691,616  $ 627,369 
Provision for credit losses 22,630  2,772  21,892  12,808  6,107  47,294  45,985 
Noninterest income 76,274  68,911  64,023  68,959  69,709  209,208  224,298 
Noninterest expense
Salaries and employee benefits 90,948  89,308  86,615  87,810  88,700  266,871  259,831 
Occupancy and equipment expenses 11,524  11,401  10,677  11,624  11,716  33,602  37,160 
Data processing and telecommunications expenses 16,058  15,366  14,855  14,631  15,221  46,279  45,068 
Other noninterest expenses 36,036  39,185  38,887  37,884  36,140  114,108  113,786 
Total noninterest expense 154,566  155,260  151,034  151,949  151,777  460,860  455,845 
Income before income tax expense 137,042  142,692  112,936  126,023  125,885  392,670  349,837 
Income tax expense 31,013  32,858  25,001  31,647  26,673  88,872  85,528 
Net income $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 99,212  $ 303,798  $ 264,309 


EX-99.2 3 a3q25earningspresentatio.htm EX-99.2 a3q25earningspresentatio
3rd Quarter 2025 Results Investor Presentation

 
Cautionary Statements 1 This presentation contains forward-looking statements, as defined by federal securities laws, including, among other forward- looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this presentation are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward- looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behaviors of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long- term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

 
Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified and granular loan portfolio among geographies and product lines • Stable deposit base with 30.4% noninterest-bearing deposits • Experienced executive team with skills and leadership to continue to grow organically • Focus on shareholder value with 14% annualized tangible book value growth over the last five years Strong History of Earnings 2 $1.44 $1.37 $1.27 $1.60 $1.54 1.49% 1.42% 1.36% 1.65% 1.56% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 3Q24 4Q24 1Q25 2Q25 3Q25 Diluted EPS ROA Growth Focused $24.3 $24.1 $24.5 $24.6 $25.1 $37.51 $38.59 $39.78 $41.32 $42.90 $22.0 $22.5 $23.0 $23.5 $24.0 $24.5 $25.0 $25.5 $36.00 $38.00 $40.00 $42.00 $44.00 3Q24 4Q24 1Q25 2Q25 3Q25 Earnings Assets (Billions) Tangible Book Value per Share

 
Southeast Scarcity Value 3 1 – Census data obtained from S&P Global Market Intelligence 2 -- Historical and projected population change from S&P Capital and Claritas Grey areas represent MSAs in the top 25% of projected population growth where Ameris has branches. (2) Top Southeast Market Share • Scarcity value in strong Southeast markets projected to grow faster than the national average(1) • #1 deposit market share in Atlanta for banks under $50 billion in assets • #2 deposit market share in Jacksonville for banks under $50 billion in assets • #1 deposit market share in Savannah for banks under $50 billion in assets • Increasing deposit market share by 1% in Atlanta, Jacksonville and Savannah (our top three markets) would be $3.7 billion of additional deposits Population Growth in our Markets Outpaces National Average

 
49.2% Efficiency Ratio 1.7x National Growth Markets(3) 1.62% Allowance for Credit Losses 13.2% CET1 Ratio(2) 14% 5-yr TBV(1) CAGR 14.6% ROTCE(1) 24% Fees to Revenue Disciplined and Focused Mgmt Team 11.3% TCE/TA Ratio(1) 30.4% NIB Deposits 3.80% Net Interest Margin 1.56% ROA 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 2 – Regulatory capital ratios are estimated for most recent period end 3 – Ameris Southeast Markets projected to grow approximately 1.7x the national average over the next five years per census data obtained from S&P Global Market Intelligence4 Why Ameris? Leading Industry Performance

 
22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 34.52 35.79 37.51 38.59 39.78 41.32 42.90 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Tangible Book Value/Share Delivering Shareholder Value Tangible Book Value Growth 5 • Management remains laser focused on growing shareholder value • Over the past five year, TBV(1) has grown by 14% annualized • TBV(1) increased $1.58 per share in 3Q25: • $1.35 from retained earnings • $0.18 from impact of AOCI • $0.05 from all other 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
1 – Regulatory capital ratios are estimated for most recent period end 2 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 3 – Growth rate calculated from comparable prior period 4 – Annualized for interim periods 6 History of Consistent Performance 2020 2021 2022 2023 2024 2020 – 2024 (5 Year) Average YTD 3Q25 ROA 1.36% 1.73% 1.47% 1.06% 1.38% 1.40% 1.52% ROTCE(2) 17.2% 20.6% 17.8% 12.2% 14.4% 16.5% 14.5% Net Interest Margin 3.70% 3.32% 3.76% 3.61% 3.56% 3.59% 3.77% Net Interest Income Growth(3) 26.2% 2.8% 22.2% 4.2% 1.7% 11.4% 10.2% Efficiency Ratio 55.2% 54.9% 51.7% 53.7% 53.2% 53.7% 51.2% Fees/Revenue 41.2% 35.8% 26.2% 22.5% 25.7% 30.3% 23.2% NIB Deposits/Total Deposits 36.3% 39.5% 40.7% 31.3% 29.9% 35.6% 30.4% CET1 Ratio(1) 11.1% 10.5% 9.9% 11.2% 12.7% 11.1% 13.2% TCE Ratio(2) 8.5% 8.0% 8.7% 9.6% 10.6% 9.1% 11.3% CRE Concentration 251% 291% 292% 282% 268% 277% 261% Allowance for Credit Losses/Total Loans 1.38% 1.06% 1.04% 1.52% 1.63% 1.32% 1.62% Net Charge Offs/Total Loans(4) 0.31% 0.04% 0.08% 0.25% 0.19% 0.17% 0.15% 5 Year Performance Metrics

 
3Q 2025 Operating Highlights 7 • Net income of $106.0 million, or $1.54 per diluted share • Return on average assets ("ROA") of 1.56% • Return on average tangible common equity (1) ("ROTCE") of 14.57% • Tangible book value(1) growth of $1.58 per share, or 15.2% annualized, to $42.90 at September 30, 2025 • TCE ratio(1) of 11.31%, compared with 10.24% one year ago • Net interest margin (TE) expansion of 3bps to 3.80% • Efficiency ratio improved to 49.19% • Total revenue increased $13.5 million, or 17.8% annualized, from 2Q25 • Growth in earnings assets of $469.8 million, or 7.6% annualized • Loan growth of $216.9 million, or 4.1% annualized • Noninterest-bearing deposits remain strong at 30.4% of total deposits at September 30, 2025 • Annualized net charge-offs stable at 0.14% of average total loans 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
3Q 2025 Financial Highlights 8 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix (dollars in thousands, except per share data) 3Q25 2Q25 Change 3Q24 Change 2025 2024 Change Net Income $106,029 $109,834 -3% $ 99,212 7% $ 303,798 $ 264,309 15% Adjusted Net Income(1) $105,289 $109,444 -4% $ 95,187 11% $ 302,777 $ 251,562 20% Net Income Per Diluted Share $ 1.54 $ 1.60 -4% $ 1.44 7% $ 4.41 $ 3.83 15% Adjusted Net Income Per Share(1) $ 1.53 $ 1.59 -4% $ 1.38 11% $ 4.40 $ 3.64 21% Return on Assets 1.56% 1.65% -5% 1.49% 4% 1.52% 1.36% 12% Adjusted Return on Assets(1) 1.55% 1.64% -6% 1.43% 8% 1.52% 1.30% 17% Return on Equity 10.61% 11.40% -7% 10.91% -3% 10.48% 9.98% 5% Return on TCE(1) 14.57% 15.82% -8% 15.63% -7% 14.53% 14.47% 0% Adjusted Return on TCE(1) 14.46% 15.76% -8% 14.99% -4% 14.48% 13.77% 5% Efficiency Ratio 49.19% 51.63% -5% 53.49% -8% 51.16% 53.52% -4% Adjusted Efficiency Ratio(1) 49.47% 51.58% -4% 54.25% -9% 51.18% 54.61% -6% Net Interest Margin 3.80% 3.77% 1% 3.51% 8% 3.77% 3.53% 7% Quarter to Date Results Year To Date Results

 
Strong Net Interest Margin 9 • Net interest margin improved 3bps to 3.80% in the third quarter of 2025 • Net interest income (TE) grew by $6.2 million in 3Q25 • Interest income (TE) increased $7.4 million • Interest expense increased $1.2 million • Average earning assets increased 3.0% annualized Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity continues near neutrality in preparation for further potential FOMC rate changes: • -0.6% asset sensitivity in -100bps • -0.3% asset sensitivity in -50bps • +0.4% asset sensitivity in +50bps • +0.8% asset sensitivity in +100bps • Approximately $12.1 billion of total loans reprice within one year through either maturities or floating rate indices $215.0 $222.8 $222.8 $232.7 $238.9 3.51% 3.64% 3.73% 3.77% 3.80% 3.00% 3.50% 4.00% 4.50% $190.0 $200.0 $210.0 $220.0 $230.0 $240.0 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Income (TE) (in millions) NIM

 
Diversified Revenue Stream 10 • Strong revenue base of net interest income from core banking division and lines of business • Additional noninterest revenue provided by our diversified lines of business Mortgage Banking Activity • Mortgage banking activity represented a stable 13% of total revenue in 3Q25 • Purchase business represented 82% in 3Q25 due to strong core relationships with builders and realtors • Gain on sale margin moved to 2.20% in 3Q25 from 2.22% in 2Q25 Other Noninterest Income • Other Noninterest Income includes: • Fee income from equipment finance • Gains on sale of SBA loans • BOLI income • Gain on sale of securities Strong Revenue Stream 76% 76% 78% 77% 76% 13% 13% 12% 13% 13% 11% 11% 10% 10% 11% $284.7 $291.7 $286.8 $301.7 $315.2 0% 20% 40% 60% 80% 100% 120% 3Q24 4Q24 1Q25 2Q25 3Q25 Revenue Sources (Tax-Equivalent) (in millions) Net Interest Income (TE) Mortgage Banking Activity Other Noninterest Income 2.17% 2.40% 2.17% 2.22% 2.20% 2.00% 2.10% 2.20% 2.30% 2.40% 2.50% 3Q24 4Q24 1Q25 2Q25 3Q25 Mortgage Gain on Sale Margin

 
Disciplined Expense Control Noninterest Expense and Efficiency Ratio Expense Highlights 11 • Management continues to deliver high performing operating efficiency • Efficiency ratio of 49.19% in 3Q25 • 244bps improvement compared with 51.63% in 2Q25 • 430bps improvement compared with 53.49% in 3Q24 • Positive operating leverage on margin expansion and noninterest income helped drive lower efficiency ratio • Total expenses decreased $700,000 in 3Q25 compared with 2Q25: • Core bank expenses increased $2.1 million mostly due to higher compensation costs and employee benefits • Lines of business expenses decreased $2.8 million due to reduced commission expense $109.9 $110.6 $111.6 $111.9 $114.0 $41.9 $41.4 $39.4 $43.4 $40.6 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 3Q24 4Q24 1Q25 2Q25 3Q25 Noninterest Expense (in millions) Banking LOBs 53.49% 52.26% 52.83% 51.63% 49.19% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 3Q24 4Q24 1Q25 2Q25 3Q25 Efficiency Ratio

 
Granular Core Deposit Base 12 Deposits by Product Type • Total deposits increased $295.4 million, or 5.3% annualized, during 3Q25: • Non-brokered, non-public fund deposits increased $355.4 million • Seasonal outflows of public funds totaled $126.7 million • Brokered CDs increased $66.7 million, and represent only 5% of total deposits • Noninterest-bearing deposits remained strong at 30.4% of total deposits • Granular deposit base with $45,364 average account size over approximately 490,000 accounts 3Q25 Highlights Deposits by Customer Consumer 34% Commercial 46% Public 15% Brokered 5% 3Q25 Deposit Type Balance (in 000s) % of Total Count Average per account NIB 6,757,233$ 30.4% 312,699 21,609$ NOW 4,097,039 18.4% 41,981 97,593 Total Checking (NIB/NOW) 10,854,272 48.8% 354,680 30,603 MMDA 7,089,823 31.9% 33,120 214,065 Savings 750,682 3.4% 63,109 11,895 CD 3,533,301 15.9% 39,080 90,412 Total 22,228,078$ 100% 489,989 45,364$

 
Capital Strength 13 Capital Highlights • The Company remains well capitalized • Minimal impact from unrealized gains/losses, as the bond portfolio has unrealized gains of $9.9 million • TCE ratio of 11.3% and CET1 ratio of 13.2% are strong and above peer levels • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • Redeemed $74 million of subordinated debt at the bank level in September 2025 • Redeemed an additional subordinated debt issuance totaling $110 million in October 2025 • Repurchased 125,900 shares during the quarter for a total of $8.5 million • Board authorized new $200 million share repurchase program in October 2025 • As of October 2025, capital stack comprised of only common equity and approximately $133.8 million of trust preferred debt Capital ratios are estimated for most recent period end 10.4% 10.7% 11.0% 11.1% 11.4% 12.2% 12.7% 12.9% 13.0% 13.2% 15.4% 15.4% 15.6% 15.4% 15.1% 3Q24 4Q24 1Q25 2Q25 3Q25 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio

 
Loan Diversification and Credit Quality

 
Diversified Loan Portfolio 3Q25 Loan Portfolio 15 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Portfolio is spread across over 157,000 loans with an average size of ~$135,000 • Asset quality metrics remain stable and better than historical averages • CRE and C&D concentrations were 261% and 42%, respectively, compared with 261% and 45%, respectively, at 2Q25 • Non-owner-occupied office loans totaled $1.38 billion at 3Q25, or 6.5% of total loans • Allowance for Credit Losses (ACL) on loans is 1.62% of total loans • Limited exposure to non-mortgage consumer loans and HELOCs Portfolio HighlightsAgriculture 1% C&I 26% Municipal 2% Consumer 1% Investor CRE 25% OO CRE 8% Construction 7% Multi-Family 9% HELOC 2% SFR Mortgage 19% $21.3 Billion

 
Loan Balance Changes 3Q25 Loan Balance Changes 16 • Loan balances increased $217 million, or 4.1% annualized, during 3Q25 • Increase in Investor CRE and Multi-Family is the result of new production and construction loans moving to term financing • Increases in C&I were largely attributable to fundings of both traditional C&I and premium finance loans • 3Q25 exhibited the highest production levels since 2022 • 8% increase from 2Q25 • 35% increase from 3Q24 (in millions) (1) C&I includes premium finance, mortgage warehouse, traditional C&I, CSVLI, and equipment finance $159 $156 $68 $6 $(48) $(50) $(75) $(100) $(50) $- $50 $100 $150 $200 C&I (1) Investor CRE Multi-Family Other OO CRE RE - RES Construction

 
Allowance for Credit Losses 17 • The ACL on loans totaled $345.3 million, or 1.62%, at 3Q25 • During 3Q25, the Company recorded provision expense of $22.6 million, which included $11.4 million of provision on unfunded commitments due to strong 3Q25 production • The September economic forecasts used in the ACL model were equally weighted between the baseline and S2 adverse scenarios 3Q25 CECL Reserve Reserve Summary (in millions) 3Q25 Allowance Coverage Outstanding Balance ACL ACL % Gross Loans $21,258.4 $345.3 1.62% Unfunded Commitments $4,210.2 $47.0 1.12% (dollars in millions) 1.44% 1.52% 1.55% 1.60% 1.60% 1.63% 1.67% 1.62% 1.62% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $250 $275 $300 $325 $350 $375 $400 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ACL - Loans ACL - Unfunded Commitments ACL - Loans / Total Loans

 
NPA / Charge-Off Trend 18 • Government guaranteed mortgages represent 31.8% of all NPAs • NPAs, as a percentage of total assets, were 0.40% at 3Q25 • NPAs net of GNMA mortgages, as a percentage of total assets, were 0.33% at 3Q25 • Net charge-offs totaled $7.4 million, or 0.14% annualized, in 3Q25 Credit Summary ($ in millions) 0.44% 0.47% 0.44% 0.36% 0.40% 0.41% 0.42% 0.38% 0.32% 0.33% 0.25% 0.30% 0.35% 0.40% 0.45% 0.50% 3Q24 4Q24 1Q25 2Q25 3Q25 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.15% 0.17% 0.18% 0.14% 0.14% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 3Q24 4Q24 1Q25 2Q25 3Q25 Net Charge-Offs Net Charge-offs NCO Ratio (Annualized)

 
Problem Loan Trends 19 • Total criticized loans (including special mention), excluding GNMA- guaranteed mortgage loans, decreased $28.7 million, or 13.7%, in 3Q25 • Classified loans, excluding GNMA-guaranteed mortgage loans, increased approximately $774,000, or 0.5%, in 3Q25 • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, increased $2.9 million, or 3.4%, in 3Q25 • The largest component of classified and nonperforming loans at 3Q25 was residential mortgages including government guaranteed Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA-guaranteed loans. Ratios expressed as a percentage of total loans net of GNMA-backed mortgage loans. 1.34% 1.30% 1.09% 0.99% 0.85% 0.74% 0.77% 0.73% 0.68% 0.67% 0.47% 0.52% 0.49% 0.40% 0.41% $0 $50 $100 $150 $200 $250 $300 $350 3Q24 4Q24 1Q25 2Q25 3Q25 Criticized Loans Classified Loans Nonperforming Loans % Criticized ACL Coverage 192% Classified ACL Coverage 242% NPL ACL Coverage 399%

 
Term Investor CRE • Past due investor CRE loans were 0.09% and NPLs were 0.02% at 3Q25 • Investor CRE portfolio is well diversified with over 80% of CRE loans located in MSAs in the Bank’s footprint, which exhibit population growth forecasts exceeding the national average 20 Highlights (1) Results based on stabilized term loans, or 59% of total Investor CRE loans Investor CRE Outstanding $7.19 B Unfunded $0.21 B Total Committed Exposure $7.4 B Average Loan Size $4.16 M Allowance Coverage 1.49% PD Ratio 0.09% NPL Ratio 0.02% Criticized Ratio 0.54% Criticized ACL Coverage 275% Average LTV (1) 57% Average DSC (1) 1.62 Multi-Family $2,033 Office $1,317 Retail - Anchored $1,192 Retail - Non Anchored $956 Warehouse / Industrial $940 Hotel $416 All Other CRE $548 Investor CRE by Property Type GA $2,480 FL $2,498 SC $881 NC $690 All Other $851 Investor CRE by Property Location (dollars in millions)

 
Office Portfolio • Past due investor office loans were 0.02% and there were no nonperforming loans at 3Q25 21 Highlights (1) Results based on stabilized term loans, or 90% of term office loans Investor Office Construction $129.7 Investor CRE $1,254.2 Owner- Occupied $458.6 Total Office Portfolio by Loan Type Class A 53% Medical 18% Class B 28% Class C 1% Investor Office Portfolio by Property Class Outstanding $1.38 B Unfunded $0.11 B Total Committed Exposure $1.49 B Average Loan Size $3.71 M Allowance Coverage 3.82% PD Ratio 0.02% NPL Ratio 0.00% Criticized Ratio 2.40% Criticized ACL Coverage 159% Average LTV (1) 58% Average DSC (1) 1.63 Class A & Medical (1) 71%

 
Appendix

 
23 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q25 2Q25 3Q24 2025 2024 Net Income $ 106,029 $ 109,834 $ 99,212 $ 303,798 $ 264,309 Adjustment items Gain on sale of MSR (125) (356) (5,245) (467) (9,958) Gain on conversion of Visa Class B-1 stock - - - - (12,554) Gain on BOLI proceeds (390) - - (401) (1,464) FDIC special assessment (318) (138) - (318) 2,014 Tax effect of adjustment items 93 104 1,070 165 4,273 After tax adjustment items (740) (390) (4,025) (1,021) (17,539) Tax expense attributable to BOLI restructuring - - - - 4,792 Adjusted Net Income $ 105,289 $ 109,444 $ 95,187 $ 302,777 $ 251,562 Weighted average number of shares - diluted 68,665,669 68,796,577 69,066,298 68,830,787 69,031,666 Net income per diluted share $ 1.54 $ 1.60 $ 1.44 $ 4.41 $ 3.83 Adjusted net income per diluted share $ 1.53 $ 1.59 $ 1.38 $ 4.40 $ 3.64 Average assets 26,972,134 26,757,322 26,442,984 26,655,680 25,899,617 Return on average assets 1.56% 1.65% 1.49% 1.52% 1.36% Adjusted return on average assets 1.55% 1.64% 1.43% 1.52% 1.30% Average common equity 3,964,207 3,865,031 3,618,052 3,876,404 3,537,559 Average tangible common equity 2,887,961 2,784,819 2,525,421 2,796,180 2,440,619 Return on average common equity 10.61% 11.40% 10.91% 10.48% 9.98% Return on average tangible common equity 14.57% 15.82% 15.63% 14.53% 14.47% Adjusted return on average tangible common equity 14.46% 15.76% 14.99% 14.48% 13.77% Quarter to Date Year to Date

 
24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2025 2024 Adjusted Noninterest Expense Total noninterest expense 154,566$ 155,260$ 151,034$ 151,949$ 151,777$ 460,860$ 455,845$ Adjustment items: FDIC special assessment 318 138 (138) 559 - 318 (2,014) Natural disaster expenses - - - (400) (150) - (150) Gain on sale of premises - - - (1,203) - - - Adjusted noninterest expense 154,884$ 155,398$ 150,896$ 150,905$ 151,627$ 461,178$ 453,681$ Total Revenue Net interest income 237,964$ 231,813$ 221,839$ 221,821$ 214,060$ 691,616$ 627,369$ Noninterest income 76,274 68,911 64,023 68,959 69,709 209,208 224,298 Total revenue 314,238$ 300,724$ 285,862$ 290,780$ 283,769$ 900,824$ 851,667$ Adjusted Total Revenue Net interest income (TE) 238,917$ 232,741$ 222,767$ 222,773$ 215,028$ 694,425$ 630,247$ Noninterest income 76,274 68,911 64,023 68,959 69,709 209,208 224,298 Total revenue (TE) 315,191$ 301,652$ 286,790$ 291,732$ 284,737$ 903,633$ 854,545$ Adjustment items: (Gain) loss on securities (1,581) - (40) 16 8 (1,621) (12,320) Gain on BOLI proceeds (390) - (11) - - (401) (1,464) Gain on sale of mortgage servicing rights (125) (356) 14 (536) (5,245) (467) (9,958) Adjusted total revenue (TE) 313,095$ 301,296$ 286,753$ 291,212$ 279,500$ 901,144$ 830,803$ Efficiency ratio 49.19% 51.63% 52.83% 52.26% 53.49% 51.16% 53.52% Adjusted efficiency ratio (TE) 49.47% 51.58% 52.62% 51.82% 54.25% 51.18% 54.61% Year to DateQuarter to Date

 
25 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 Total shareholders' equity 4,016,701$ 3,917,678$ 3,823,802$ 3,751,522$ 3,681,368$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 58,703 62,582 66,658 70,761 74,941 Total tangible shareholders' equity 2,942,352$ 2,839,450$ 2,741,498$ 2,665,115$ 2,590,781$ Period end number of shares 68,587,742 68,711,043 68,910,924 69,068,609 69,067,019 Book value per share (period end) 58.56$ 57.02$ 55.49$ 54.32$ 53.30$ Tangible book value per share (period end) 42.90$ 41.32$ 39.78$ 38.59$ 37.51$ Total assets $ 27,099,829 $ 26,680,153 $ 26,514,940 $ 26,262,050 $ 26,399,782 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 58,703 62,582 66,658 70,761 74,941 Total tangible assets 26,025,480$ 25,601,925$ 25,432,636$ 25,175,643$ 25,309,195$ Equity to Assets 14.82% 14.68% 14.42% 14.28% 13.94% Tangible Common Equity to Tangible Assets 11.31% 11.09% 10.78% 10.59% 10.24% Quarter to Date

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

 
27 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 Total shareholders' equity 4,016,701$ 3,917,678$ 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 58,703 62,582 66,658 70,761 74,941 79,120 83,527 87,949 92,375 96,800 101,488 Total tangible shareholders' equity 2,942,352$ 2,839,450$ 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ Period end number of shares 68,587,742 68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 Book value per share (period end) 58.56$ 57.02$ 55.49$ 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ Tangible book value per share (period end) 42.90$ 41.32$ 39.78$ 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Total shareholders' equity 3,197,400$ 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ Less: Goodwill 1,015,646 1,023,071 1,023,056 1,022,345 1,012,620 928,005 928,005 928,005 928,005 928,005 Other intangibles, net 106,194 110,903 115,613 120,757 125,938 60,396 63,783 67,848 71,974 76,164 Total tangible shareholders' equity 2,075,560$ 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ 1,560,514$ Period end number of shares 69,369,050 69,352,709 69,360,461 69,439,084 69,609,228 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 Book value per share (period end) 46.09$ 44.97$ 44.31$ 43.31$ 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ Tangible book value per share (period end) 29.92$ 28.62$ 27.89$ 26.84$ 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ As of As of