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 September 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 68,315,144 shares of Common Stock outstanding as of November 3, 2025.


AMERIS BANCORP
TABLE OF CONTENTS
    Page
     
PART I – FINANCIAL INFORMATION  
     
Item 1.  
     
 
Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024
     
 
     
 
     
 
     
 
     
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)
  September 30, 2025 (unaudited) December 31, 2024
Assets    
Cash and due from banks $ 216,927  $ 244,980 
Interest-bearing deposits in banks 826,237  975,397 
Cash and cash equivalents 1,043,164  1,220,377 
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $74 and $69
 2,131,671  1,671,260 
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $187,612 and $144,028)
 202,581  164,677 
Other investments 70,644  66,298 
Loans held for sale, at fair value 604,136  528,599 
Loans, net of unearned income 21,258,374  20,739,906 
Allowance for credit losses (345,294) (338,084)
Loans, net 20,913,080  20,401,822 
Other real estate owned, net 3,137  2,433 
Premises and equipment, net 211,567  209,460 
Goodwill 1,015,646  1,015,646 
Other intangible assets, net 58,703  70,761 
Cash value of bank owned life insurance 417,096  408,574 
Other assets 428,404  502,143 
Total assets $ 27,099,829  $ 26,262,050 
Liabilities    
Deposits:    
Noninterest-bearing $ 6,757,233  $ 6,498,293 
Interest-bearing 15,470,845  15,224,155 
Total deposits 22,228,078  21,722,448 
Other borrowings 337,094  291,788 
Subordinated deferrable interest debentures 133,804  132,309 
Other liabilities 384,152  363,983 
Total liabilities 23,083,128  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; 72,899,970 and 72,699,245 shares issued, respectively
 72,900  72,699 
Capital surplus 1,968,124  1,958,642 
Retained earnings 2,115,712  1,853,428 
Accumulated other comprehensive income (loss), net of tax 5,171  (30,119)
Treasury stock, at cost, 4,312,228 and 3,630,636 shares, respectively
 (145,206) (103,128)
Total shareholders’ equity 4,016,701  3,751,522 
Total liabilities and shareholders’ equity $ 27,099,829  $ 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
September 30,		 Nine Months Ended
September 30,
  2025 2024 2025 2024
Interest income        
Interest and fees on loans $ 321,457  $ 325,622  $ 941,518  $ 946,679 
Interest on taxable securities 23,253  15,555  62,441  45,595 
Interest on nontaxable securities 343  336  1,006  1,001 
Interest on deposits in other banks and federal funds sold 9,993  13,633  31,497  38,646 
Total interest income 355,046  355,146  1,036,462  1,031,921 
Interest expense        
Interest on deposits 106,851  129,698  318,862  369,117 
Interest on other borrowings 10,231  11,388  25,984  35,435 
Total interest expense 117,082  141,086  344,846  404,552 
Net interest income 237,964  214,060  691,616  627,369 
Provision for loan losses 11,176  6,313  30,805  57,184 
Provision for unfunded commitments 11,446  (204) 16,484  (11,196)
Provision for other credit losses 8  (2) 5  (3)
Provision for credit losses 22,630  6,107  47,294  45,985 
Net interest income after provision for credit losses 215,334  207,953  644,322  581,384 
Noninterest income        
Service charges on deposit accounts 13,931  12,918  40,557  37,349 
Mortgage banking activity 40,666  37,947  115,141  123,776 
Other service charges, commissions and fees 1,124  1,163  3,391  3,576 
Net gain (loss) on securities 1,581  (8) 1,621  12,320 
Equipment finance activity 8,858  5,398  22,128  15,717 
Other noninterest income 10,114  12,291  26,370  31,560 
Total noninterest income 76,274  69,709  209,208  224,298 
Noninterest expense        
Salaries and employee benefits 90,948  88,700  266,871  259,831 
Occupancy and equipment 11,524  11,716  33,602  37,160 
Data processing and communications expenses 16,058  15,221  46,279  45,068 
Credit resolution-related expenses 770  (110) 2,192  1,216 
Advertising and marketing 3,377  3,959  10,005  9,882 
Amortization of intangible assets 3,879  4,180  12,058  13,009 
Loan servicing expense 8,142  8,626  23,862  27,857 
Other noninterest expenses 19,868  19,485  65,991  61,822 
Total noninterest expense 154,566  151,777  460,860  455,845 
Income before income tax expense 137,042  125,885  392,670  349,837 
Income tax expense 31,013  26,673  88,872  85,528 
Net income 106,029  99,212  303,798  264,309 
Other comprehensive income        
Net unrealized holding gains arising during period on debt securities available-for-sale, net of tax expense of $3,988, $7,427, $11,600 and $6,710
 12,145  22,296  35,378  20,215 
Reclassification adjustment for gains on debt securities included in earnings, net of tax expense of $28, $0, $28 and $0
 (88) —  (88) — 
Total other comprehensive income 12,057  22,296  35,290  20,215 
Comprehensive income $ 118,086  $ 121,508  $ 339,088  $ 284,524 
Basic earnings per common share $ 1.55  $ 1.44  $ 4.43  $ 3.84 
Diluted earnings per common share $ 1.54  $ 1.44  $ 4.41  $ 3.83 
Weighted average common shares outstanding        
Basic 68,401,737  68,798,093  68,592,529  68,811,727 
Diluted 68,665,669  69,066,298  68,830,787  69,031,666 
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 September 30, 2025
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (Loss), Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
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 
Issuance of restricted shares 2,599  3  (3) —  —  —  —  — 
Share-based compensation —  —  3,231  —  —  —  —  3,231 
Purchase of treasury shares —  —  —  —  —  125,900  (8,484) (8,484)
Net income —  —  —  106,029  —  —  —  106,029 
Dividends on common shares ($0.20 per share)
 —  —  —  (13,810) —  —  —  (13,810)
Other comprehensive income during the period —  —  —  —  12,057  —  —  12,057 
Balance, September 30, 2025 72,899,970  $ 72,900  $ 1,968,124  $ 2,115,712  $ 5,171  4,312,228  $ (145,206) $ 4,016,701 
Nine Months Ended September 30, 2025
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (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 91,440  91  (91) —  —  —  —  — 
Issuance of common shares pursuant to PSU agreements 122,904  123  (123) —  —  —  —  — 
Forfeitures of restricted shares (13,619) (13) (404) —  —  —  —  (417)
Share-based compensation —  —  10,100  —  —  —  —  10,100 
Purchase of treasury shares —  —  —  —  —  681,592  (42,078) (42,078)
Net income —  —  —  303,798  —  —  —  303,798 
Dividends on common shares ($0.60 per share)
 —  —  —  (41,514) —  —  —  (41,514)
Other comprehensive income during the period —  —  —  —  35,290  —  —  35,290 
Balance, September 30, 2025 72,899,970  $ 72,900  $ 1,968,124  $ 2,115,712  $ 5,171  4,312,228  $ (145,206) $ 4,016,701 


3

Three Months Ended September 30, 2024
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (Loss), Net of Tax Treasury Stock Total Shareholders' Equity
Shares Amount Shares Amount
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 
Issuance of restricted shares 2,559  3  (3) —  —  —  —  — 
Forfeitures of restricted shares (2,113) (2) (41) —  —  —  —  (43)
Share-based compensation —  —  3,730  —  —  —  —  3,730 
Net income —  —  —  99,212  —  —  —  99,212 
Dividends on common shares ($0.15 per share)
 —  —  —  (10,441) —  —  —  (10,441)
Other comprehensive income during the period —  —  —  —  22,296  —  —  22,296 
Balance, September 30, 2024 72,697,655  $ 72,698  $ 1,954,532  $ 1,772,989  $ (15,724) 3,630,636  $ (103,127) $ 3,681,368 
Nine Months Ended September 30, 2024
Common Stock Capital Surplus Retained Earnings Accumulated Other Comprehensive Income (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 128,391  129  (129) —  —  —  —  — 
Issuance of common shares pursuant to PSU agreements 63,301  63  (63) —  —  —  —  — 
Forfeitures of restricted shares (10,116) (10) (214) —  —  —  —  (224)
Share-based compensation —  —  9,553  —  —  —  —  9,553 
Purchase of treasury shares —  —  —  —  —  167,898  (7,955) (7,955)
Net income —  —  —  264,309  —  —  —  264,309 
Dividends on common shares ($0.45 per share)
 —  —  —  (31,277) —  —  —  (31,277)
Other comprehensive income during the period —  —  —  —  20,215  —  —  20,215 
Balance, September 30, 2024 72,697,655  $ 72,698  $ 1,954,532  $ 1,772,989  $ (15,724) 3,630,636  $ (103,127) $ 3,681,368 

See notes to unaudited consolidated financial statements. 
4

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
  Nine Months Ended
September 30,
  2025 2024
Operating Activities    
Net income $ 303,798  $ 264,309 
Adjustments reconciling net income to net cash provided by operating activities:    
Depreciation, amortization and accretion, net 23,345  27,686 
Net (gains) losses on sale or disposal of premises and equipment (53) 31 
Provision for credit losses 47,294  45,985 
Net write-downs and (gains) losses on sale of other real estate owned 119  (20)
Share-based compensation expense 9,683  9,329 
Amortization of operating lease right of use assets 6,775  7,588 
Provision for deferred taxes (8,903) (23,459)
Net (gain) loss on securities (1,621) (12,320)
Originations of mortgage loans held for sale (3,113,852) (3,237,612)
Payments received on mortgage loans held for sale 23,373  12,720 
Proceeds from sales of mortgage loans held for sale 3,057,385  2,980,551 
Net gains on mortgage loans held for sale (36,194) (43,062)
Originations of SBA loans held for sale (28,627) (5,823)
Proceeds from sales of SBA loans held for sale 25,680  5,690 
Net gains on sale of SBA loans held for sale (1,790) (468)
Increase in cash surrender value of bank owned life insurance (10,193) (8,516)
Gain on bank owned life insurance proceeds (401) (1,464)
Gain on sale of mortgage servicing rights (467) (9,958)
Gain on debt redemption (572) (169)
Change attributable to other operating activities (11,635) 12,672 
Net cash provided by operating activities 283,144  23,690 
Investing Activities    
Purchases of debt securities available-for-sale (811,625) (423,932)
Purchases of debt securities held-to-maturity (41,048) (22,206)
Proceeds from maturities and paydowns of debt securities available-for-sale 378,182  413,553 
Proceeds from sales of debt securities available-for-sale 45,039  — 
Proceeds from maturities and paydowns of debt securities held-to-maturity 3,318  2,628 
Net (increase) decrease in other investments (4,172) 19,390 
Net increase in loans (570,728) (815,879)
Purchases of premises and equipment (14,735) (9,120)
Proceeds from sale of premises and equipment 172  250 
Proceeds from sales of other real estate owned 6,822  7,503 
Proceeds from sale of mortgage servicing rights 23,728  82,328 
Purchases of bank owned life insurance —  (110,000)
Proceeds from bank owned life insurance 56,899  55,059 
Net cash used in investing activities (928,148) (800,426)
    (Continued)

5

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
  Nine Months Ended
September 30,
  2025 2024
Financing Activities    
Net increase in deposits $ 505,630  $ 1,170,756 
Proceeds from other borrowings 5,145,000  4,443,000 
Repayment of other borrowings (5,099,179) (4,606,177)
Dividends paid - common stock (41,580) (31,140)
Purchase of treasury shares (42,080) (7,851)
Net cash provided by financing activities 467,791  968,588 
Net (decrease) increase in cash and cash equivalents (177,213) 191,852 
Cash and cash equivalents at beginning of period 1,220,377  1,167,304 
Cash and cash equivalents at end of period $ 1,043,164  $ 1,359,156 
Supplemental Disclosures of Cash Flow Information    
Cash paid during the period for:    
Interest $ 347,014  $ 408,323 
Income taxes 120,410  97,574 
Loans transferred to other real estate owned 7,645  10,766 
Loans transferred from loans held for sale to loans held for investment 13,897  15,957 
Loans transferred from loans held for investment to loans held for sale 15,409  — 
Right-of-use assets obtained in exchange for new operating lease liabilities 3,398  2,470 
Security purchases settled in a subsequent period 19,805  — 
    (Concluded)

See notes to unaudited consolidated financial statements.

6

AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
September 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 September 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 nine months ended September 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.

Immaterial Correction of Prior Period Financial Statements

During the third quarter of 2025, the Company made revisions to previously issued segment results to correct the classification of select financial information between the Banking and Warehouse Lending Divisions for the three and nine months ended September 30, 2024. The Company concluded that the corrections were not material from a combined qualitative and quantitative perspective. There is no impact to the consolidated financial statements.

A summary of the corrections is presented below.

7

  Three Months Ended
September 30, 2024
Banking Division Warehouse Lending Division
(dollars in thousands) As Reported Adjustments As Corrected As Reported Adjustments As Corrected
Interest income $ 255,241  $ (11,277) $ 243,964  $ 10,400  $ 11,277  $ 21,677 
Interest expense 78,447  (7,118) 71,329  6,747  7,118  13,865 
Net interest income 176,794  (4,159) 172,635  3,653  4,159  7,812 
Noninterest income 27,800  (1,365) 26,435  400  1,365  1,765 
Income before income tax expense 89,128  (5,524) 83,604  3,347  5,524  8,871 
Income tax expense 18,992  (1,160) 17,832  703  1,160  1,863 
Net income $ 70,136  $ (4,364) $ 65,772  $ 2,644  $ 4,364  $ 7,008 
Total assets $ 19,387,331  $ (403,996) $ 18,983,335  $ 597,670  $ 403,996  $ 1,001,666 

  Nine Months Ended
September 30, 2024
Banking Division Warehouse Lending Division
(dollars in thousands) As Reported Adjustments As Corrected As Reported Adjustments As Corrected
Interest income $ 734,220  $ (11,277) $ 722,943  $ 46,263  $ 11,277  $ 57,540 
Interest expense 219,421  (7,118) 212,303  30,290  7,118  37,408 
Net interest income 514,799  (4,159) 510,640  15,973  4,159  20,132 
Noninterest income 91,690  (1,365) 90,325  2,168  1,365  3,533 
Income before income tax expense 232,941  (5,524) 227,417  14,286  5,524  19,810 
Income tax expense 61,110  (1,160) 59,950  3,000  1,160  4,160 
Net income $ 171,831  $ (4,364) $ 167,467  $ 11,286  $ 4,364  $ 15,650 

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.

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.

ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 replaces the previous guidance based on the "project stage" model and increases the operability of the recognition guidance through a principles-based approach so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The company is currently evaluating the effect that adoption of this pronouncement will have on our consolidated financial statements and disclosures.


8

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
September 30, 2025
U.S. Treasuries $ 677,981  $ —  $ 7,471  $ (562) $ 684,890 
State, county and municipal securities 21,998  —  4  (541) 21,461 
Corporate debt securities 10,945  (74) 5  (465) 10,411 
SBA pool securities 13,603  —  —  (691) 12,912 
Mortgage-backed securities 1,397,223  —  18,442  (13,668) 1,401,997 
Total debt securities available-for-sale $ 2,121,750  $ (74) $ 25,922  $ (15,927) $ 2,131,671 
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
September 30, 2025
State, county and municipal securities $ 33,483  $ —  $ (5,132) $ 28,351 
Mortgage-backed securities 169,098  444  (10,281) 159,261 
Total debt securities held-to-maturity $ 202,581  $ 444  $ (15,413) $ 187,612 
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 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of September 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 $ 250,648  $ 251,350  $ —  $ — 
Due from one year to five years 403,206  407,836  —  — 
Due from five to ten years 67,608  67,897  —  — 
Due after ten years 3,065  2,591  33,483  28,351 
Mortgage-backed securities 1,397,223  1,401,997  169,098  159,261 
  $ 2,121,750  $ 2,131,671  $ 202,581  $ 187,612 

Securities with a carrying value of approximately $484.3 million and $449.2 million at September 30, 2025 and December 31, 2024, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

9

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 September 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
September 30, 2025            
U.S. Treasuries $ —  $ —  $ 56,396  $ (562) $ 56,396  $ (562)
State, county and municipal securities —  —  14,920  (541) 14,920  (541)
Corporate debt securities 1,050  (376) 7,461  (89) 8,511  (465)
SBA pool securities 33  —  12,745  (691) 12,778  (691)
Mortgage-backed securities 1,678  (17) 455,223  (13,651) 456,901  (13,668)
Total debt securities available-for-sale $ 2,761  $ (393) $ 546,745  $ (15,534) $ 549,506  $ (15,927)
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 September 30, 2025, the Company’s available-for-sale security portfolio consisted of 416 securities, 319 of which were in an unrealized loss position. At September 30, 2025, the Company held 272 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At September 30, 2025, the Company held 26 U.S. Small Business Administration (“SBA”) pool securities, 14 state, county and municipal securities, five corporate securities, and two U.S. Treasury securities that were in an unrealized loss position.

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 September 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
September 30, 2025
State, county and municipal securities $ —  $ —  $ 28,351  $ (5,132) $ 28,351  $ (5,132)
Mortgage-backed securities 34,364  (90) 87,860  (10,191) 122,224  (10,281)
Total debt securities held-to-maturity $ 34,364  $ (90) $ 116,211  $ (15,323) $ 150,575  $ (15,413)
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 September 30, 2025, the Company’s held-to-maturity security portfolio consisted of 58 securities, 43 of which were in an unrealized loss position. At September 30, 2025, the Company held 35 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At September 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.
10

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 September 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 September 30, 2025, management determined that $74,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $15.9 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30,
Allowance for credit losses
 2025 2024 2025 2024
Beginning balance $ 66  $ 68  $ 69  $ 69 
Provision for other credit losses 8  (2) 5  (3)
Ending balance $ 74  $ 66  $ 74  $ 66 

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

The following table is a summary of sales activities in the Company's debt securities available for sale for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2025 2024 2025 2024
Gross gains on sales of securities available for sale $ 116  $ —  $ 116  $ — 
Gross losses on sales of securities available for sale —  —  —  — 
Net realized gains on sales of securities available for sale $ 116  $ —  $ 116  $ — 
Sales proceeds $ 45,039  $ —  $ 45,039  $ — 

Total net gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2025 2024 2025 2024
Net realized gains on sales of securities available-for-sale $ 116  $ —  $ 116  $ — 
Unrealized holding gains (losses) on equity securities (119) (3,945) (79) 6 
Net realized gains on sales of other investments 1,584  3,937  1,584  12,314 
Net gain (loss) on securities $ 1,581  $ (8) $ 1,621  $ 12,320 


11

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) September 30, 2025 December 31, 2024
Commercial and industrial $ 3,299,269  $ 2,953,135 
Consumer 202,688  221,735 
Mortgage warehouse 1,083,941  965,053 
Municipal 437,823  441,408 
Premium finance 1,358,259  1,155,614 
Real estate – construction and development 1,411,178  1,998,506 
Real estate – commercial and farmland 9,054,927  8,445,958 
Real estate – residential 4,410,289  4,558,497 
Loans, net of unearned income $ 21,258,374  $ 20,739,906 

Accrued interest receivable on loans totaling $76.6 million and $77.3 million at September 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 September 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) September 30, 2025 December 31, 2024
Commercial and industrial $ 12,238  $ 11,875 
Consumer 715  782 
Real estate – construction and development 951  3,718 
Real estate – commercial and farmland 6,760  11,960 
Real estate – residential(1)
 76,299  73,883 
$ 96,963  $ 102,218 
(1) Included in real estate - residential were $19.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at September 30, 2025 and December 31, 2024, respectively.

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

12

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

(dollars in thousands) September 30, 2025 December 31, 2024
Commercial and industrial $ 2,306  $ 3,866 
Real estate – construction and development —  2,624 
Real estate – commercial and farmland 4,414  9,357 
Real estate – residential 40,600  36,512 
$ 47,320  $ 52,359 

The following table presents an analysis of past-due loans as of September 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
September 30, 2025              
Commercial and industrial $ 7,687  $ 5,410  $ 9,567  $ 22,664  $ 3,276,605  $ 3,299,269  $ — 
Consumer 619  546  167  1,332  201,356  202,688  — 
Mortgage warehouse —  —  —  —  1,083,941  1,083,941  — 
Municipal —  —  —  —  437,823  437,823  — 
Premium finance 15,247  7,516  9,325  32,088  1,326,171  1,358,259  9,325 
Real estate – construction and development 275  41  906  1,222  1,409,956  1,411,178  — 
Real estate – commercial and farmland 4,307  4,462  5,424  14,193  9,040,734  9,054,927  — 
Real estate – residential 39,501  22,643  71,928  134,072  4,276,217  4,410,289  — 
Total $ 67,636  $ 40,618  $ 97,317  $ 205,571  $ 21,052,803  $ 21,258,374  $ 9,325 
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.

13

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

September 30, 2025 December 31, 2024
(dollars in thousands) Balance Allowance for Credit Losses Balance Allowance for Credit Losses
Commercial and industrial $ 3,976  $ 812  $ 9,451  $ 1,072 
Premium finance 1,274  1  2,165  130 
Real estate – construction and development 585  124  2,979  110 
Real estate – commercial and farmland 5,379  263  10,882  149 
Real estate – residential 23,058  2,003  23,983  2,302 
$ 34,272  $ 3,203  $ 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 September 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 September 30, 2025 or December 31, 2024.

14

As of September 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 $ 788,552  $ 691,070  $ 453,186  $ 441,682  $ 173,241  $ 77,876  $ 649,545  $ 3,275,152 
Special mention 288  547  21  956  1,134  1,331  340  4,617 
Substandard 2  2,503  8,230  1,378  3,238  3,085  1,064  19,500 
Total commercial and industrial $ 788,842  $ 694,120  $ 461,437  $ 444,016  $ 177,613  $ 82,292  $ 650,949  $ 3,299,269 
Current-period gross charge offs $ 581  $ 7,116  $ 9,650  $ 10,872  $ 3,267  $ 882  $ —  $ 32,368 
Consumer
Risk Grade:
Pass $ 68,145  $ 14,533  $ 10,944  $ 4,424  $ 1,271  $ 32,224  $ 69,753  $ 201,294 
Special mention —  —  —  10  —  49  —  59 
Substandard 156  113  197  68  35  698  68  1,335 
Total consumer $ 68,301  $ 14,646  $ 11,141  $ 4,502  $ 1,306  $ 32,971  $ 69,821  $ 202,688 
Current-period gross charge offs $ 93  $ 585  $ 302  $ 298  $ 47  $ 1,248  $ —  $ 2,573 
Mortgage Warehouse
Risk Grade:
Pass $ —  $ —  $ —  $ —  $ —  $ —  $ 1,083,941  $ 1,083,941 
Total mortgage warehouse $ —  $ —  $ —  $ —  $ —  $ —  $ 1,083,941  $ 1,083,941 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Municipal
Risk Grade:
Pass $ 26,361  $ 26,869  $ 8,847  $ 43,273  $ 35,159  $ 296,495  $ 819  $ 437,823 
Total municipal $ 26,361  $ 26,869  $ 8,847  $ 43,273  $ 35,159  $ 296,495  $ 819  $ 437,823 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Premium Finance
Risk Grade:
Pass $ 1,307,446  $ 41,062  $ 426  $ —  $ —  $ —  $ —  $ 1,348,934 
Substandard 6,605  2,720  —  —  —  —  —  9,325 
Total premium finance $ 1,314,051  $ 43,782  $ 426  $ —  $ —  $ —  $ —  $ 1,358,259 
Current-period gross charge offs $ 666  $ 6,144  $ 207  $ 1  $ —  $ —  $ —  $ 7,018 
15

As of September 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 $ 472,897  $ 393,261  $ 64,431  $ 226,959  $ 133,106  $ 42,682  $ 74,186  $ 1,407,522 
Special mention —  —  —  674  —  1,884  —  2,558 
Substandard —  259  103  4  335  397  —  1,098 
Total real estate – construction and development $ 472,897  $ 393,520  $ 64,534  $ 227,637  $ 133,441  $ 44,963  $ 74,186  $ 1,411,178 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Real Estate – Commercial and Farmland
Risk Grade:
Pass $ 662,584  $ 312,169  $ 462,341  $ 2,855,930  $ 2,073,773  $ 2,511,001  $ 102,152  $ 8,979,950 
Special mention —  —  —  869  17,332  9,803  —  28,004 
Substandard 9,000  344  1,538  17,468  2,985  15,538  100  46,973 
Total real estate – commercial and farmland $ 671,584  $ 312,513  $ 463,879  $ 2,874,267  $ 2,094,090  $ 2,536,342  $ 102,252  $ 9,054,927 
Current-period gross charge offs $ —  $ —  $ —  $ —  $ —  $ 692  $ —  $ 692 
Real Estate - Residential
Risk Grade:
Pass $ 186,091  $ 163,408  $ 557,611  $ 1,196,831  $ 983,717  $ 921,533  $ 314,651  $ 4,323,842 
Special mention —  —  8  48  43  1,171  728  1,998 
Substandard 1,455  8,082  9,874  17,411  10,198  29,634  7,795  84,449 
Total real estate - residential $ 187,546  $ 171,490  $ 567,493  $ 1,214,290  $ 993,958  $ 952,338  $ 323,174  $ 4,410,289 
Current-period gross charge offs $ —  $ 57  $ 171  $ 192  $ —  $ 170  $ —  $ 590 
Total Loans
Risk Grade:
Pass $ 3,512,076  $ 1,642,372  $ 1,557,786  $ 4,769,099  $ 3,400,267  $ 3,881,811  $ 2,295,047  $ 21,058,458 
Special mention 288  547  29  2,557  18,509  14,238  1,068  37,236 
Substandard 17,218  14,021  19,942  36,329  16,791  49,352  9,027  162,680 
Total loans $ 3,529,582  $ 1,656,940  $ 1,577,757  $ 4,807,985  $ 3,435,567  $ 3,945,401  $ 2,305,142  $ 21,258,374 
Total current-period gross charge offs $ 1,340  $ 13,902  $ 10,330  $ 11,363  $ 3,314  $ 2,992  $ —  $ 43,241 



16

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 
17

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 nine months ended September 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 September 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 declines in GDP and home price indices compared with the forecast at December 31, 2024.

18

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 September 30, 2025
(dollars in thousands) Commercial and Industrial Consumer Mortgage Warehouse Municipal Premium Finance Real Estate – Construction and Development
Balance, June 30, 2025 $ 88,985  $ 6,573  $ 2,280  $ 58  $ 783  $ 47,306 
Provision for loan losses 6,570  (630) (72) —  268  2,925 
Loans charged off (9,992) (720) —  —  (1,970) — 
Recoveries of loans previously charged off 3,786  237  —  —  1,779  27 
Balance, September 30, 2025 $ 89,349  $ 5,460  $ 2,208  $ 58  $ 860  $ 50,258 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, June 30, 2025 $ 127,794  $ 67,788  $ 341,567 
Provision for loan losses 2,002  113  11,176 
Loans charged off (692) (257) (13,631)
Recoveries of loans previously charged off 114  239  6,182 
Balance, September 30, 2025 $ 129,218  $ 67,883  $ 345,294 
Nine Months Ended September 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 22,303  (77) (54) —  1,030  (10,199)
Loans charged off (32,368) (2,573) —  —  (7,018) — 
Recoveries of loans previously charged off 12,172  783  —  —  6,112  36 
Balance, September 30, 2025 $ 89,349  $ 5,460  $ 2,208  $ 58  $ 860  $ 50,258 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, December 31, 2024 $ 118,377  $ 61,661  $ 338,084 
Provision for loan losses 11,317  6,485  30,805 
Loans charged off (692) (590) (43,241)
Recoveries of loans previously charged off 216  327  19,646 
Balance, September 30, 2025 $ 129,218  $ 67,883  $ 345,294 

19

Three Months Ended September 30, 2024
(dollars in thousands) Commercial and Industrial Consumer Mortgage Warehouse Municipal Premium Finance Real Estate – Construction and Development
Balance, June 30, 2024 $ 66,542  $ 3,479  $ 2,142  $ 60  $ 702  $ 77,482 
Provision for loan losses 8,463  1,222  30  137  180  (2,506)
Loans charged off (12,316) (853) —  —  (2,102) — 
Recoveries of loans previously charged off 4,979  309  —  —  1,860  6 
Balance, September 30, 2024 $ 67,668  $ 4,157  $ 2,172  $ 197  $ 640  $ 74,982 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, June 30, 2024 $ 121,963  $ 63,848  $ 336,218 
Provision for loan losses (1,885) 672  6,313 
Loans charged off (58) (23) (15,352)
Recoveries of loans previously charged off 61  63  7,278 
Balance, September 30, 2024 $ 120,081  $ 64,560  $ 334,457 
Nine Months Ended September 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 31,479  2,102  494  (148) 343  13,911 
Loans charged off (40,150) (2,974) —  —  (6,910) — 
Recoveries of loans previously charged off 12,286  1,077  —  —  6,605  54 
Balance, September 30, 2024 $ 67,668  $ 4,157  $ 2,172  $ 197  $ 640  $ 74,982 
Real Estate –
Commercial and
Farmland		 Real Estate –
Residential		 Total
Balance, December 31, 2023 $ 110,097  $ 65,356  $ 307,100 
Provision for loan losses 9,900  (897) 57,184 
Loans charged off (571) (49) (50,654)
Recoveries of loans previously charged off 655  150  20,827 
Balance, September 30, 2024 $ 120,081  $ 64,560  $ 334,457 

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. Loan modifications, renewals, and refinancings where borrowers are experiencing financial difficulty are evaluated for classification as a modification to borrowers experiencing financial difficulty. To be classified as such, the modifications must be in the form of 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.

20

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 nine months ended September 30, 2025 and 2024:

Three Months Ended September 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
Real estate – residential $ 1,155  $ 1,749  $ —  $ —  $ 725  $ 3,629  0.1  %
Total $ 1,155  $ 1,749  $ —  $ —  $ 725  $ 3,629  —  %
Nine Months Ended September 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 $ —  $ 5,747  $ —  $ —  $ —  $ 5,747  0.2  %
Real estate – commercial and farmland —  700  —  9,690  —  10,390  0.1  %
Real estate – residential 2,265  5,275  505  —  2,023  10,068  0.2  %
Total $ 2,265  $ 11,722  $ 505  $ 9,690  $ 2,023  $ 26,205  0.1  %

Three Months Ended September 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
Real estate – residential $ —  $ 3,185  $ 835  $ 2,833  $ 6,853  0.1  %
Total $ —  $ 3,185  $ 835  $ 2,833  $ 6,853  —  %

Nine Months Ended September 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 $ 605  $ —  $ —  $ —  $ 605  —  %
Real estate – residential —  8,671  1,336  4,170  14,177  0.3  %
Total $ 605  $ 8,671  $ 1,336  $ 4,170  $ 14,782  0.1  %

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 September 30, 2025 and December 31, 2024, respectively.


21

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

Three Months Ended September 30, 2025
Loan Type Financial Effect
Payment Deferral
Real estate – residential
Payments were deferred for a weighted average 10 months
Term Extension
Real estate – residential
Maturity dates were extended for a weighted average of 67 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 36 months and rate was reduced by a weighted average 2.75%

Nine Months Ended September 30, 2025
Loan Type Financial Effect
Payment Deferral
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 83 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 1.42%
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%

22

Three Months Ended September 30, 2024
Loan Type Financial Effect
Interest Rate Reduction
Real estate – residential
Rate was reduced by 3.63%
Term Extension
Real estate – residential
Maturity dates were extended for a weighted average of 94 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 101 months and rate was reduced by a weighted average 2.35%

Nine Months Ended September 30, 2024
Loan Type Financial Effect
Interest Rate Reduction
Real estate – residential
Rate was reduced by a weighted average 2.88%
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 89 months
Combination Term Extension and Rate Reduction
Real estate – residential
Maturity dates were extended for a weighted average 104 months and rate was reduced by a weighted average 2.51%

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 September 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 $ 5,747  $ —  $ —  $ —  $ 5,747 
Real estate – commercial and farmland 10,608  —  329  —  10,937 
Real estate – residential 6,376  4,201  2,270  4,817  17,664 
Total $ 22,731  $ 4,201  $ 2,599  $ 4,817  $ 34,348 

As of September 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 $ 2,343  $ 959  $ —  $ —  $ 3,302 
Real estate – commercial and farmland 2,544  —  —  —  2,544 
Real estate – residential 11,189  2,872  615  2,572  17,248 
Total $ 16,076  $ 3,831  $ 615  $ 2,572  $ 23,094 


23

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

(dollars in thousands) Term Extension Payment Deferral Combination of Payment Deferral and Term Extension Combination of Term Extension and Rate Reduction Combination Payment Deferral and Rate Reduction Total
Real estate – commercial and farmland $ —  $ —  $ 329  $ —  $ —  $ 329 
Real estate – residential 5,128  1,638  —  4,017  505  $ 11,288 
Total $ 5,128  $ 1,638  $ 329  $ 4,017  $ 505  $ 11,617 


The following table provides the amortized cost basis of financing receivables that had a payment default during the nine months ended September 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
(dollars in thousands) Term Extension Payment Deferral Combination of Payment Deferral and Term Extension Combination of Term Extension and Rate Reduction Combination Payment Deferral and Rate Reduction Total
Real estate – commercial and farmland $ 547  $ —  $ 329  $ —  $ —  876 
Real estate – residential 5,711  1,638  —  4,017  505  $ 11,871 
Total $ 6,258  $ 1,638  $ 329  $ 4,017  $ 505  $ 12,747 

The following table provides the amortized cost basis of financing receivables that had a payment default during three months ended September 30, 2024 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 Total
Commercial and industrial $ —  $ —  $ 959  $ —  $ 959 
Real estate – commercial and farmland 815  —  —  —  815 
Real estate – residential —  5,793  —  2,233  8,026 
Total $ 815  $ 5,793  $ 959  $ 2,233  $ 9,800 

The following table provides the amortized cost basis of financing receivables that had a payment default during nine months ended September 30, 2024 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 Total
Commercial and industrial $ —  $ —  $ 1,056  $ —  $ 1,056 
Real estate – commercial and farmland 815  —  —  —  815 
Real estate – residential —  6,400  —  2,233  8,633 
Total $ 815  $ 6,400  $ 1,056  $ 2,233  $ 10,504 

24

NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:
(dollars in thousands) September 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 
Daily Rate Credit due December 16, 2025; variable interest rate of 4.330%
 185,000  — 
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%
 1,358  1,366 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
 940  946 
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%
 874  984 
Subordinated notes payable:    
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $0 and $653, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63%
 —  74,653 
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,009 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%
 108,991  108,839 
Other Debt:
Advance from correspondent bank due June 1, 2026; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%
 9,931  10,000 
$ 337,094  $ 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 September 30, 2025, $3.37 billion was available for borrowing on lines with the FHLB.

As of September 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 September 30, 2025, the Bank had $2.61 billion of loans pledged at the Federal Reserve discount window and had $2.10 billion available for borrowing.

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.

In August 2025, the Company notified holders of its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030 that it would be redeeming the notes in full at end of the fixed rate period on the October 1, 2025 interest payment date. These notes currently total $110 million outstanding and will be redeemed at par.







25

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (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 (loss) on securities in the consolidated statement of income and comprehensive income.

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

(dollars in thousands) Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30, 2025
Balance, June 30, 2025 $ (6,886)
Reclassification for gains included in net income, net of tax (88)
Unrealized gain on debt securities available-for-sale, net of tax 12,145 
Balance, September 30, 2025 $ 5,171 
Three Months Ended September 30, 2024
Balance, June 30, 2024 $ (38,020)
Unrealized gain on debt securities available-for-sale, net of tax 22,296 
Balance, September 30, 2024 $ (15,724)
Nine Months Ended September 30, 2025
Balance, December 31, 2024 $ (30,119)
Reclassification for gains included in net income, net of tax (88)
Unrealized gain on debt securities available-for-sale, net of tax 35,378 
Balance, September 30, 2025 $ 5,171 
Nine Months Ended September 30, 2024
Balance, December 31, 2023 $ (35,939)
Unrealized gain on debt securities available-for-sale, net of tax 20,215 
Balance, September 30, 2024 $ (15,724)

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
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Average common shares outstanding 68,401,737  68,798,093  68,592,529  68,811,727 
Common share equivalents:
Nonvested restricted share grants 112,168  127,894  110,779  112,042 
Performance stock units 151,764  140,311  127,479  107,897 
Average common shares outstanding, assuming dilution 68,665,669  69,066,298  68,830,787  69,031,666 

There were no anti-dilutive securities excluded from the computation of earnings per share for the three months ended September 30, 2025 and 2024, respectively. There were 2,599 and 2,559 anti-dilutive securities excluded from the computation of earnings per share for the nine months ended September 30, 2025 and 2024, respectively.

26

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. 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) September 30, 2025 December 31, 2024
Mortgage loans held for sale $ 599,399  $ 528,599 
SBA loans held for sale 4,737  — 
Total loans held for sale $ 604,136  $ 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 $2.2 million and $10.1 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and nine months ended September 30, 2025, respectively. Net gains of $1.9 million and $4.4 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and nine months ended September 30, 2024, respectively. A net gain of $4.1 million and a net loss of $4.3 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 nine months ended September 30, 2025, respectively. A net loss of $2.2 million and a net gain of $5.2 million resulting from changes in the fair value of the related derivative financial instruments were recorded in income during the three and nine months ended September 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 September 30, 2025 and December 31, 2024:

(dollars in thousands) 
 September 30, 2025 December 31, 2024
Aggregate fair value of mortgage loans held for sale $ 599,399  $ 528,599 
Aggregate unpaid principal balance of mortgage loans held for sale 585,799  525,071 
Past-due loans of 90 days or more 667  — 
Nonaccrual loans 667  — 
Unpaid principal balance of nonaccrual loans 647  — 

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

(dollars in thousands) 
 September 30, 2025 December 31, 2024
Aggregate fair value of SBA loans held for sale $ 4,737  $ — 
Aggregate unpaid principal balance 4,408  — 

27

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.

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 September 30, 2025 and December 31, 2024:

Recurring Basis
Fair Value Measurements
  September 30, 2025
(dollars in thousands) 
 Fair Value Level 1 Level 2 Level 3
Financial assets:        
Debt securities available-for-sale:
U.S. Treasuries $ 684,890  $ 684,890  $ —  $ — 
State, county and municipal securities 21,461  —  21,461  — 
Corporate debt securities 10,411  —  9,361  1,050 
SBA pool securities 12,912  —  12,912  — 
Mortgage-backed securities 1,401,997  —  1,401,997  — 
Loans held for sale 604,136  —  604,136  — 
Derivative financial instruments 7,133  —  7,133  — 
Mortgage banking derivative instruments 5,012  —  5,012  — 
Total recurring assets at fair value $ 2,747,952  $ 684,890  $ 2,062,012  $ 1,050 
Financial liabilities:        
Derivative financial instruments $ 7,426  $ —  $ 7,426  $ — 
Risk participation agreement 20  —  20  — 
Mortgage banking derivative instruments 1,980  —  1,980  — 
Total recurring liabilities at fair value $ 9,426  $ —  $ 9,426  $ — 

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  $ — 

28

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 September 30, 2025 and December 31, 2024:

  Nonrecurring Basis
Fair Value Measurements
(dollars in thousands) Fair Value Level 1 Level 2 Level 3
September 30, 2025        
Collateral-dependent loans $ 31,069  $ —  $ —  $ 31,069 
Other real estate owned 1,325  —  —  1,325 
Total nonrecurring assets at fair value $ 32,394  $ —  $ —  $ 32,394 
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 nine months ended September 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
September 30, 2025          
Recurring:          
Debt securities available-for-sale $ 1,050  Discounted cash flows Probability of Default 10.4% 10.4%
Loss Given Default 47% 47%
Nonrecurring:          
Collateral-dependent loans $ 31,069  Third-party appraisals and discounted cash flows Collateral discounts and
discount rates
15% - 50%
 32%
Other real estate owned $ 1,325  Third-party appraisals and sales contracts Collateral discounts and estimated
costs to sell
15% - 22%
 16%
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%

29

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
    September 30, 2025
(dollars in thousands) Carrying
Amount		 Level 1 Level 2 Level 3 Total
Financial assets:          
Cash and due from banks $ 216,927  $ 216,927  $ —  $ —  $ 216,927 
Interest-bearing deposits in banks 826,237  826,237  —  —  826,237 
Debt securities held-to-maturity 202,581  —  187,612  —  187,612 
Loans, net 20,882,011  —  —  20,585,880  20,585,880 
Financial liabilities:          
Deposits 22,228,078  —  22,225,008  —  22,225,008 
Other borrowings 337,094  —  335,978  —  335,978 
Subordinated deferrable interest debentures 133,804  —  142,010  —  142,010 

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) September 30, 2025 December 31, 2024
Commitments to extend credit $ 3,768,159  $ 3,578,227 
Unused home equity lines of credit 456,812  437,304 
Financial standby letters of credit 45,080  39,507 
Mortgage interest rate lock commitments 339,782  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.

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.
30

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 nine months ended September 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 September 30, Nine Months Ended September 30,
(dollars in thousands) 2025 2024 2025 2024
Balance at beginning of period $ 35,548  $ 30,566  $ 30,510  $ 41,558 
Provision for unfunded commitments 11,446  (204) 16,484  (11,196)
Balance at end of period $ 46,994  $ 30,362  $ 46,994  $ 30,362 

Other Commitments

As of September 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.


31

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. 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 nine months ended September 30, 2025 and 2024:
  Three Months Ended
September 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 245,322  $ 60,261  $ 18,803  $ 30,660  $ 355,046 
Interest expense 47,262  40,082  11,329  18,409  117,082 
Net interest income 198,060  20,179  7,474  12,251  237,964 
Provision for credit losses 21,617  529  23  461  22,630 
Noninterest income 35,419  40,081  756  18  76,274 
Noninterest expense          
Salaries and employee benefits 66,301  21,589  566  2,492  90,948 
Occupancy and equipment 10,718  760  7  39  11,524 
Data processing and communications expenses 14,668  1,232  57  101  16,058 
Other expenses(1)
 22,286  12,480  195  1,075  36,036 
Total noninterest expense 113,973  36,061  825  3,707  154,566 
Income before income tax expense 97,889  23,670  7,382  8,101  137,042 
Income tax expense 22,824  4,970  1,550  1,669  31,013 
Net income $ 75,065  $ 18,700  $ 5,832  $ 6,432  $ 106,029 
Total assets $ 19,510,473  $ 4,693,083  $ 1,105,821  $ 1,790,452  $ 27,099,829 
Goodwill 951,148  —  —  64,498  1,015,646 
Other intangible assets, net 57,773  —  —  930  58,703 
32

  Three Months Ended
September 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 243,964  $ 60,789  $ 21,677  $ 28,716  $ 355,146 
Interest expense 71,329  37,236  13,865  18,656  141,086 
Net interest income 172,635  23,553  7,812  10,060  214,060 
Provision for credit losses 5,566  254  (170) 457  6,107 
Noninterest income 26,435  41,498  1,765  11  69,709 
Noninterest expense          
Salaries and employee benefits 62,634  23,233  621  2,212  88,700 
Occupancy and equipment 10,725  957  6  28  11,716 
Data processing and communications expenses 13,922  1,184  32  83  15,221 
Other expenses(1)
 22,619  12,164  217  1,140  36,140 
Total noninterest expense 109,900  37,538  876  3,463  151,777 
Income before income tax expense 83,604  27,259  8,871  6,151  125,885 
Income tax expense 17,832  5,724  1,863  1,254  26,673 
Net income $ 65,772  $ 21,535  $ 7,008  $ 4,897  $ 99,212 
Total assets $ 18,983,335  $ 4,899,282  $ 1,001,666  $ 1,515,499  $ 26,399,782 
Goodwill 951,148  —  —  64,498  1,015,646 
Other intangible assets, net 71,164  —  —  3,777  74,941 
(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.
  Nine Months Ended
September 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 717,852  $ 179,549  $ 52,177  $ 86,884  $ 1,036,462 
Interest expense 144,078  115,495  31,710  53,563  344,846 
Net interest income 573,774  64,054  20,467  33,321  691,616 
Provision for credit losses 38,714  6,730  217  1,633  47,294 
Noninterest income 93,418  112,536  3,203  51  209,208 
Noninterest expense
Salaries and employee benefits 191,018  66,942  1,736  7,175  266,871 
Occupancy and equipment 31,069  2,400  21  112  33,602 
Data processing and communications expenses 41,884  3,920  154  321  46,279 
Other expenses(1)
 73,449  36,939  561  3,159  114,108 
Total noninterest expense 337,420  110,201  2,472  10,767  460,860 
Income before income tax expense 291,058  59,659  20,981  20,972  392,670 
Income tax expense 67,645  12,528  4,406  4,293  88,872 
Net income $ 223,413  $ 47,131  $ 16,575  $ 16,679  $ 303,798 
33

  Nine Months Ended
September 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 722,943  $ 174,889  $ 57,540  $ 76,549  $ 1,031,921 
Interest expense 212,303  104,307  37,408  50,534  404,552 
Net interest income 510,640  70,582  20,132  26,015  627,369 
Provision for credit losses 45,581  (296) 334  366  45,985 
Noninterest income 90,325  130,408  3,533  32  224,298 
Noninterest expense
Salaries and employee benefits 181,473  69,560  2,633  6,165  259,831 
Occupancy and equipment 33,952  3,014  20  174  37,160 
Data processing and communications expenses 40,862  3,826  116  264  45,068 
Other expenses(1)
 71,680  38,091  752  3,263  113,786 
Total noninterest expense 327,967  114,491  3,521  9,866  455,845 
Income before income tax expense 227,417  86,795  19,810  15,815  349,837 
Income tax expense 59,950  18,227  4,160  3,191  85,528 
Net income $ 167,467  $ 68,568  $ 15,650  $ 12,624  $ 264,309 
(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.
34

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 September 30, 2025 and December 31, 2024.

September 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)
 $ 1,169,971  $ 7,133  $ 7,426  $ 901,597  $ 8,717  $ 8,718 
Risk participation agreement 26,096  —  20  26,163  —  13 
Mortgage derivatives - interest rate lock commitments 339,782  5,012  —  192,528  1,504  — 
Mortgage derivatives - forward contracts related to mortgage loans held for sale 1,174,374  —  1,980  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.

35

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 nine months ended September 30, 2025 and 2024.

Three Months Ended September 30, Nine Months Ended September 30,
(dollars in thousands) Location 2025 2024 2025 2024
Interest rate contracts(1)
 Other noninterest income $ (48) $ (337) $ (291) $ (150)
Risk participation agreement Other noninterest income 6  (24) (7) 17 
Interest rate lock commitments Mortgage banking activity (1,193) 257  3,508  1,425 
Forward contracts related to mortgage loans held for sale Mortgage banking activity 5,255  (2,434) (7,775) 3,808 
(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) September 30, 2025 December 31, 2024
Loan Servicing Rights
Residential mortgage $ 106,411  $ 112,514 
SBA 2,618  2,926 
Total loan servicing rights $ 109,029  $ 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 nine months ended September 30, 2025, the Company recorded servicing fee income of $13.4 million and $38.6 million, respectively. During the three and nine months ended September 30, 2024, the Company recorded servicing fee income of $14.0 million and $48.7 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 September 30, Nine Months Ended September 30,
Residential mortgage servicing rights 2025 2024 2025 2024
Beginning carrying value, net $ 126,022  $ 145,306  $ 112,514  $ 171,915 
Additions 9,749  8,748  29,857  21,625 
Amortization (3,575) (3,926) (10,175) (14,593)
Disposals (25,785) (48,273) (25,785) (77,092)
Ending carrying value, net $ 106,411  $ 101,855  $ 106,411  $ 101,855 

36

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) September 30, 2025 December 31, 2024
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others $ 8,187,640  $ 8,856,724 
Composition of residential loans serviced for others:
FHLMC 23.87  % 24.51  %
FNMA 64.12  % 68.42  %
GNMA 12.01  % 7.07  %
Total 100.00  % 100.00  %
Weighted average term (months) 353 353
Weighted average age (months) 41 33
Modeled prepayment speed 7.62  % 7.37  %
Decline in fair value due to a 10% adverse change $ (4,263) $ (2,474)
Decline in fair value due to a 20% adverse change $ (8,369) $ (5,227)
Weighted average discount rate 9.41  % 10.79  %
Decline in fair value due to a 10% adverse change $ (5,453) $ (3,283)
Decline in fair value due to a 20% adverse change $ (10,673) $ (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 nine months ended September 30, 2025, the Company recorded servicing fee income of $518,000 and $1.5 million, respectively. During the three and nine months ended September 30, 2024, the Company recorded servicing fee income of $538,000 and $1.7 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 SBA loan servicing rights and valuation allowance:

(dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30,
SBA servicing rights 2025 2024 2025 2024
Beginning carrying value, net $ 2,786  $ 2,156  $ 2,926  $ 2,737 
Additions 5  16  291  92 
Amortization (173) (245) (599) (902)
Ending carrying value, net $ 2,618  $ 1,927  $ 2,618  $ 1,927 


37

(dollars in thousands) September 30, 2025 December 31, 2024
SBA servicing rights
Unpaid principal balance of loans serviced for others $ 223,159  $ 235,793 
Weighted average life (in years) 3.38 3.18
Modeled prepayment speed 16.90  % 18.95  %
Decline in fair value due to a 10% adverse change $ (160) $ (192)
Decline in fair value due to a 20% adverse change $ (306) $ (366)
Weighted average discount rate 11.73  % 11.27  %
Decline in fair value due to a 100 basis point adverse change $ (81) $ (97)
Decline in fair value due to a 200 basis point adverse change $ (158) $ (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 September 30, 2025, as compared with December 31, 2024, and operating results for the three and nine month periods ended September 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.

39

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

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders 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 same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.56% and 10.61%, respectively, in the third quarter of 2025, compared with 1.49% and 10.91%, respectively, in the third quarter of 2024.

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

  Three Months Ended
September 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 245,322  $ 60,261  $ 18,803  $ 30,660  $ 355,046 
Interest expense 47,262  40,082  11,329  18,409  117,082 
Net interest income 198,060  20,179  7,474  12,251  237,964 
Provision for credit losses 21,617  529  23  461  22,630 
Noninterest income 35,419  40,081  756  18  76,274 
Noninterest expense          
Salaries and employee benefits 66,301  21,589  566  2,492  90,948 
Occupancy and equipment 10,718  760  7  39  11,524 
Data processing and communications expenses 14,668  1,232  57  101  16,058 
Other expenses 22,286  12,480  195  1,075  36,036 
Total noninterest expense 113,973  36,061  825  3,707  154,566 
Income before income tax expense 97,889  23,670  7,382  8,101  137,042 
Income tax expense 22,824  4,970  1,550  1,669  31,013 
Net income $ 75,065  $ 18,700  $ 5,832  $ 6,432  $ 106,029 

  Three Months Ended
September 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
Finance
Division		 Total
Interest income $ 243,964  $ 60,789  $ 21,677  $ 28,716  $ 355,146 
Interest expense 71,329  37,236  13,865  18,656  141,086 
Net interest income 172,635  23,553  7,812  10,060  214,060 
Provision for credit losses 5,566  254  (170) 457  6,107 
Noninterest income 26,435  41,498  1,765  11  69,709 
Noninterest expense          
Salaries and employee benefits 62,634  23,233  621  2,212  88,700 
Occupancy and equipment 10,725  957  6  28  11,716 
Data processing and communications expenses 13,922  1,184  32  83  15,221 
Other expenses 22,619  12,164  217  1,140  36,140 
Total noninterest expense 109,900  37,538  876  3,463  151,777 
Income before income tax expense 83,604  27,259  8,871  6,151  125,885 
Income tax expense 17,832  5,724  1,863  1,254  26,673 
Net income $ 65,772  $ 21,535  $ 7,008  $ 4,897  $ 99,212 
 
40

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 September 30, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

  Quarter Ended September 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 $ 883,976  $ 9,993  4.48% $ 997,308  $ 13,633  5.44%
Investment securities - taxable 2,282,470  23,253  4.04% 1,733,418  15,555  3.57%
Investment securities - nontaxable 44,823  434  3.84% 41,496  426  4.08%
Loans held for sale 706,679  11,237  6.31% 575,461  9,142  6.32%
Loans 21,038,350  311,082  5.87% 21,023,629  317,358  6.01%
Total interest-earning assets 24,956,298  355,999  5.66% 24,371,312  356,114  5.81%
Noninterest-earning assets 2,015,836  2,071,672 
Total assets $ 26,972,134  $ 26,442,984 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts $ 3,900,999  $ 18,230  1.85% $ 3,753,528  $ 20,535  2.18%
MMDA 6,977,134  54,657  3.11% 6,508,770  61,620  3.77%
Savings accounts 756,383  813  0.43% 765,909  960  0.50%
Retail CDs 2,344,084  21,253  3.60% 2,478,875  26,775  4.30%
Brokered CDs 1,070,735  11,898  4.41% 1,493,352  19,808  5.28%
Total interest-bearing deposits 15,049,335  106,851  2.82% 15,000,434  129,698  3.44%
Non-deposit funding
Securities sold under agreements to repurchase 1  —  —% —  —  —%
FHLB advances 443,243  4,863  4.35% 358,332  4,443  4.93%
Other borrowings 169,994  2,328  5.43% 298,073  3,514  4.69%
Subordinated deferrable interest debentures 133,541  3,040  9.03% 131,547  3,431  10.38%
Total non-deposit funding 746,779  10,231  5.44% 787,952  11,388  5.75%
Total interest-bearing liabilities 15,796,114  117,082  2.94% 15,788,386  141,086  3.55%
Demand deposits 6,849,129  6,622,952 
Other liabilities 362,684  413,594 
Shareholders’ equity 3,964,207  3,618,052 
Total liabilities and shareholders’ equity $ 26,972,134  $ 26,442,984 
Interest rate spread 2.72% 2.26%
Net interest income $ 238,917  $ 215,028 
Net interest margin 3.80% 3.51%

On a tax-equivalent basis, net interest income for the third quarter of 2025 was $238.9 million, an increase of $23.9 million, or 11.11%, compared with $215.0 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 $585.0 million, or 2.40%, from $24.37 billion in the third quarter of 2024 to $24.96 billion for the third quarter of 2025. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth. The Company’s net interest margin during the third quarter of 2025 was 3.80%, up 29 basis points from 3.51% reported in the third quarter of 2024. Loan production amounted to $5.4 billion during the third quarter of 2025, with weighted average yields of 6.77%, compared with $5.1 billion and 7.52%, respectively, during the third quarter of 2024.

Total interest income, on a tax-equivalent basis, was relatively flat at $356.0 million during the third quarter of 2025, compared with $356.1 million in the same quarter of 2024. Yields on earning assets decreased to 5.66% during the third quarter of 2025, compared with 5.81% reported in the third quarter of 2024.
41

During the third quarter of 2025, loans comprised 87.1% of average earning assets, compared with 88.6% in the same quarter of 2024. Yields on loans decreased to 5.87% in the third quarter of 2025, compared with 6.01% in the same period of 2024. Yields on taxable investment securities increased to 4.04% in the third quarter of 2025, compared with 3.57% in the same period of 2024.

The yield on interest-bearing deposits decreased from 3.44% in the third quarter of 2024 to 2.82% in the third quarter of 2025. The yield on total interest-bearing liabilities decreased from 3.55% in the third quarter of 2024 to 2.94% in the third quarter of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.05% in the third quarter of 2025, compared with 2.50% during the third quarter of 2024. Deposit costs decreased from 2.39% in the third quarter of 2024 to 1.94% in the third quarter of 2025. Non-deposit funding costs decreased from 5.75% in the third quarter of 2024 to 5.44% in the third quarter of 2025.

Provision for Credit Losses

The Company’s provision for credit losses during the third quarter of 2025 amounted to $22.6 million, compared with $6.1 million in the third quarter of 2024. The provision for credit losses for the third quarter of 2025 was comprised of $11.2 million related to loans, $11.4 million related to unfunded commitments and $8,000 related to other credit losses, compared with $6.3 million related to loans, negative $204,000 related to unfunded commitments and negative $2,000 related to other credit losses for the third quarter of 2024. The increase in the provision for credit losses on loans is primarily attributable to the updated economic forecast, an increase in the office portfolio qualitative factor and changes in the portfolio mix. The increase in the provision for unfunded commitments primarily resulted from new loan production not yet funded and an increase in loss rates attributable to the updated economic forecast. Non-performing assets as a percentage of total assets decreased seven basis points to 0.40% at September 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 $5.3 million and accruing loans delinquent 90 days or more of $8.4 million. The Company recognized net charge-offs on loans during the third quarter of 2025 of approximately $7.4 million, or 0.14% of average loans on an annualized basis, compared with net charge-offs of approximately $8.1 million, or 0.15%, in the third quarter of 2024. The Company’s total allowance for credit losses on loans at September 30, 2025 was $345.3 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 third quarter of 2025 was $76.3 million, an increase of $6.6 million, or 9.4%, from the $69.7 million reported in the third quarter of 2024. Income from mortgage banking activities was $40.7 million in the third quarter of 2025, an increase of $2.7 million, or 7.2%, from $37.9 million in the third quarter of 2024. Total production in the third quarter of 2025 amounted to $1.09 billion, compared with $1.16 billion in the same quarter of 2024, while gain on sale spread increased to 2.20% in the third quarter of 2025, compared with 2.17% in the same quarter of 2024. The retail mortgage open pipeline finished the third quarter of 2025 at $787.2 million, compared with $719.1 million at June 30, 2025 and $813.7 million at the end of the third quarter of 2024.

Service charges on deposit accounts increased $1.0 million, or 7.8%, to $13.9 million in the third quarter of 2025, compared with $12.9 million in the third quarter of 2024. The increase in service charges on deposit accounts was primarily attributable to increases in fee income on commercial accounts and debit card interchange income. Net gains on the sale of securities increased $1.6 million in the third quarter of 2025, compared with a net loss of $8,000 during the third quarter of 2024. Income from equipment finance activity increased $3.5 million, or 64.1%, to $8.9 million for the third quarter of 2025, compared with $5.4 million during the third quarter of 2024. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income decreased $2.2 million, or 17.7%, to $10.1 million for the third quarter of 2025, compared with $12.3 million during the third quarter of 2024. The decrease in other noninterest income was primarily attributable to a decrease in gain on sale of mortgage servicing rights of $5.1 million, partially offset by increases in derivative fee income of $1.9 million and gain on sale of SBA loans of $393,000.

Noninterest Expense

Total noninterest expense for the third quarter of 2025 increased $2.8 million, or 1.8%, to $154.6 million, compared with $151.8 million in the same quarter 2024. Salaries and employee benefits increased $2.2 million, or 2.5%, from $88.7 million in the third quarter of 2024 to $90.9 million in the third quarter of 2025, due primarily to annual merit increases and an increase in incentives, partially offset by decreases in mortgage commissions attributable to lower production and share-based compensation. Data processing and communication expenses increased $837,000, or 5.5%, to $16.1 million in the third quarter of 2025, compared with $15.2 million in the third quarter of 2024, with the increase primarily resulting from increased volume. Advertising and marketing expense was $3.4 million in the third quarter of 2025, compared with $4.0 million in the third quarter of 2024.
42

Amortization of intangible assets decreased $301,000, or 7.2%, from $4.2 million in the third quarter of 2024 to $3.9 million in the third quarter of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $484,000, or 5.6%, from $8.6 million in the third quarter of 2024 to $8.1 million in the third 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 $383,000, or 2.0%, from $19.5 million in the third quarter of 2024 to $19.9 million in the third quarter of 2025, due primarily to an increase in legal and other professional fees of $522,000, partially offset by a decrease of $150,000 in natural disaster expenses.

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 third quarter of 2025, the Company reported income tax expense of $31.0 million, compared with $26.7 million in the same period of 2024. The Company’s effective tax rate for the three months ended September 30, 2025 and 2024 was 22.6% and 21.2%, respectively. The increase in the effective rate for the three months ended September 30, 2025 is primarily related to a favorable return-to-provision adjustment resulting from reduced state apportionment during the third quarter of 2024, with no such adjustment in the third quarter of 2025.


43

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $303.8 million, or $4.41 per diluted share, for the nine months ended September 30, 2025, compared with $264.3 million, or $3.83 per diluted share, for the same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.52% and 10.48%, respectively, in the nine months ended September 30, 2025, compared with 1.36% and 9.98%, respectively, in the same period in 2024. Results for the first nine months of 2025 include a pre-tax gain on sale of mortgage servicing rights of $467,000, a pre-tax gain on BOLI proceeds of $401,000 and a pre-tax reduction in FDIC special assessment of $318,000. During the first nine 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 $10.0 million, a pre-tax FDIC special assessment of $2.0 million, a pre-tax gain on BOLI proceeds of $1.5 million and a pre-tax natural disaster expense of $150,000. 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 nine months ended September 30, 2025 and 2024, respectively:

  Nine Months Ended
September 30, 2025
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
 Finance
 Division		 Total
Interest income $ 717,852  $ 179,549  $ 52,177  $ 86,884  $ 1,036,462 
Interest expense 144,078  115,495  31,710  53,563  344,846 
Net interest income 573,774  64,054  20,467  33,321  691,616 
Provision for loan losses 38,714  6,730  217  1,633  47,294 
Noninterest income 93,418  112,536  3,203  51  209,208 
Noninterest expense
Salaries and employee benefits 191,018  66,942  1,736  7,175  266,871 
Occupancy and equipment 31,069  2,400  21  112  33,602 
Data processing and communications expenses 41,884  3,920  154  321  46,279 
Other expenses 73,449  36,939  561  3,159  114,108 
Total noninterest expense 337,420  110,201  2,472  10,767  460,860 
Income before income tax expense 291,058  59,659  20,981  20,972  392,670 
Income tax expense 67,645  12,528  4,406  4,293  88,872 
Net income $ 223,413  $ 47,131  $ 16,575  $ 16,679  $ 303,798 

  Nine Months Ended
September 30, 2024
(dollars in thousands) Banking
Division		 Retail
Mortgage
Division		 Warehouse
Lending
Division		 Premium
Finance
Division		 Total
Interest income $ 722,943  $ 174,889  $ 57,540  $ 76,549  $ 1,031,921 
Interest expense 212,303  104,307  37,408  50,534  404,552 
Net interest income 510,640  70,582  20,132  26,015  627,369 
Provision for loan losses 45,581  (296) 334  366  45,985 
Noninterest income 90,325  130,408  3,533  32  224,298 
Noninterest expense
Salaries and employee benefits 181,473  69,560  2,633  6,165  259,831 
Occupancy and equipment 33,952  3,014  20  174  37,160 
Data processing and communications expenses 40,862  3,826  116  264  45,068 
Other expenses 71,680  38,091  752  3,263  113,786 
Total noninterest expense 327,967  114,491  3,521  9,866  455,845 
Income before income tax expense 227,417  86,795  19,810  15,815  349,837 
Income tax expense 59,950  18,227  4,160  3,191  85,528 
Net income $ 167,467  $ 68,568  $ 15,650  $ 12,624  $ 264,309 

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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 nine months ended September 30, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

  Nine Months Ended
September 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 $ 938,312  $ 31,497  4.49% $ 940,548  $ 38,646  5.49%
Investment securities - taxable 2,133,805  62,441  3.91% 1,665,902  45,595  3.66%
Investment securities - nontaxable 42,517  1,273  4.00% 41,393  1,267  4.09%
Loans held for sale 668,177  31,860  6.38% 463,680  22,679  6.53%
Loans 20,864,180  912,200  5.85% 20,722,659  926,612  5.97%
Total interest-earning assets 24,646,991  1,039,271  5.64% 23,834,182  1,034,799  5.80%
Noninterest-earning assets 2,008,689      2,065,435     
Total assets $ 26,655,680      $ 25,899,617     
Liabilities and Shareholders’ Equity            
Interest-bearing liabilities:            
Interest-bearing deposits
NOW accounts $ 3,942,766  $ 54,680  1.85% $ 3,802,501  $ 62,129  2.18%
MMDA 6,935,931  160,387  3.09% 6,238,615  173,905  3.72%
Savings accounts 763,248  2,469  0.43% 781,072  2,930  0.50%
Retail CDs 2,391,146  66,350  3.71% 2,429,505  77,062  4.24%
Brokered CDs 1,059,911  34,976  4.41% 1,347,836  53,091  5.26%
Total interest-bearing deposits 15,093,002  318,862  2.82% 14,599,529  369,117  3.38%
Non-deposit funding
FHLB advances 307,354  9,733  4.23% 375,328  14,188  5.05%
Other borrowings 185,574  7,177  5.17% 304,554  10,967  4.81%
Subordinated deferrable interest debentures 133,046  9,074  9.12% 131,052  10,280  10.48%
Total non-deposit funding 625,974  25,984  5.55% 810,934  35,435  5.84%
Total interest-bearing liabilities 15,718,976  344,846  2.93% 15,410,463  404,552  3.51%
Demand deposits 6,714,016  6,528,572 
Other liabilities 346,284      423,023     
Shareholders’ equity 3,876,404      3,537,559     
Total liabilities and shareholders’ equity $ 26,655,680      $ 25,899,617     
Interest rate spread     2.71%     2.29%
Net interest income   $ 694,425      $ 630,247 
Net interest margin     3.77%     3.53%

On a tax-equivalent basis, net interest income for the nine months ended September 30, 2025 was $694.4 million, an increase of $64.2 million, or 10.18%, compared with $630.2 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 $812.8 million, or 3.41%, from $23.83 billion in the first nine months of 2024 to $24.65 billion for the first nine months of 2025. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth. The Company’s net interest margin during the first nine months of 2025 was 3.77%, an increase of 24 basis points from 3.53% reported for the first nine months of 2024. Loan production amounted to $15.1 billion during the first nine months of 2025, with weighted average yields of 6.79%, compared with $14.1 billion and 7.54%, respectively, during the first nine months of 2024.

Total interest income, on a tax-equivalent basis, increased to $1.04 billion during the nine months ended September 30, 2025, compared with $1.03 billion in the same period of 2024. Yields on earning assets decreased to 5.64% during the first nine months of 2025, compared with 5.80% reported in the same period of 2024. During the first nine months of 2025, loans comprised 87.4% of average earning assets, compared with 88.9% in the same period of 2024.
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Yields on loans decreased to 5.85% during the nine months ended September 30, 2025, compared with 5.97% in the same period of 2024. Yields on taxable investment securities increased to 3.91% during the nine months ended September 30, 2025, compared with 3.66% in the same period of 2024.

The yield on total interest-bearing liabilities decreased from 3.51% during the nine months ended September 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 nine months of 2025, compared with 2.46% during the same period of 2024. Deposit costs decreased from 2.33% in the first nine months of 2024 to 1.95% in the same period of 2025. Non-deposit funding costs decreased from 5.84% in the first nine months of 2024 to 5.55% in the same period of 2025.
 
Provision for Credit Losses
 
The Company’s provision for credit losses during the nine months ended September 30, 2025 amounted to $47.3 million, compared with $46.0 million in the nine months ended September 30, 2024. This increase was primarily attributable to an increase in unfunded commitments, the updated economic forecast during the first nine months of 2025 and organic loan growth, partially offset by a shift in the loan mix. The provision for credit losses for the first nine months of 2025 was comprised of $30.8 million related to loans, $16.5 million related to unfunded commitments and $5,000 related to other credit losses, compared with $57.2 million related to loans, negative $11.2 million related to unfunded commitments and negative $3,000 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 0.40% at September 30, 2025. The decrease in non-performing assets is primarily attributable to a decrease in nonaccrual loans of $5.3 million and a decrease in accruing loans delinquent 90 days or more of $8.4 million. Net charge-offs on loans during the first nine months of 2025 were $23.6 million, or 0.15% of average loans on an annualized basis, compared with approximately $29.8 million, or 0.19%, in the first nine months of 2024. The Company’s total allowance for credit losses on loans at September 30, 2025 was $345.3 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 nine months ended September 30, 2025 was $209.2 million, a decrease of $15.1 million, or 6.7%, from the $224.3 million reported for the nine months ended September 30, 2024. This decrease primarily resulted from decreases in gains on sale of mortgage servicing rights and securities, partially offset by an increase in equipment finance activity.  Income from mortgage banking activities decreased $8.6 million, or 7.0%, from $123.8 million in the first nine months of 2024 to $115.1 million in the same period of 2025. Total production in the first nine months of 2025 amounted to $3.30 billion, compared with $3.39 billion in the same period of 2024, while gain on sale spread decreased to 2.20% during the nine months ended September 30, 2025, compared with 2.37% in the same period of 2024. The retail mortgage open pipeline was $787.2 million at September 30, 2025, compared with $638.5 million at December 31, 2024 and $813.7 million at September 30, 2024.

Net gain on securities decreased to $1.6 million for the nine months ended September 30, 2025, compared with a gain of $12.3 million for the nine months ended September 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 nine months of 2024 that did not repeat in the first nine months of 2025. Other noninterest income decreased $5.2 million, or 16.4%, to $26.4 million for the first nine months of 2025, compared with $31.6 million during the same period of 2024. The decrease in other noninterest income was primarily attributable to decreases in gain on sale of mortgage servicing rights of $9.5 million and gain on BOLI proceeds of $1.1 million, compared with the nine months ended September 30, 2024. These decreases were partially offset by increases in derivative fee income of $1.3 million, gain on sale of SBA loans of $1.3 million, commercial card interchange income of $671,000 and BOLI income of $1.7 million.

Noninterest Expense

Total noninterest expenses for the nine months ended September 30, 2025 increased $5.0 million, or 1.1%, to $460.9 million, compared with $455.8 million in the same period of 2024. Salaries and employee benefits increased $7.0 million, or 2.7%, from $259.8 million in the first nine months of 2024 to $266.9 million in the same period of 2025, due primarily to annual merit increases and increases in incentives of $3.4 million, healthcare costs of $2.1 million and share-based compensation of $354,000, partially offset by a decrease in mortgage commissions of $2.4 million attributable to lower production. Occupancy and equipment expenses decreased $3.6 million, or 9.6%, to $33.6 million in the first nine months of 2025 from $37.2 million reported in the same period of 2024, primarily driven by lower depreciation expense and decreases in both building rent and repairs and maintenance. Data processing and communications expenses increased $1.2 million, or 2.7%, to $46.3 million in the first nine months of 2025, from $45.1 million reported in the same period of 2024.
46

Amortization of intangible assets decreased $1.0 million, or 7.3%, from $13.0 million in the first nine months of 2024 to $12.1 million in the first nine months of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $4.0 million, or 14.3%, from $27.9 million in the first nine months of 2024 to $23.9 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 $4.2 million, or 6.7%, from $61.8 million in the first nine months of 2024 to $66.0 million in the same period of 2025, due primarily to increases in donations of $5.0 million and deposit and debit card losses of $1.6 million. These increases in other noninterest expense were partially offset by a decrease in FDIC special assessment expenses of $2.3 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 nine months ended September 30, 2025, the Company reported income tax expense of $88.9 million, compared with $85.5 million in the same period of 2024. The Company’s effective tax rate for the nine months ended September 30, 2025 and 2024 was 22.6% and 24.4%, 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 nine months of 2024 that did not repeat in 2025.

47

Financial Condition as of September 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 (loss), 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:

September 30, 2025 December 31, 2024
(dollars in thousands) Amortized Cost Fair
Value		 Amortized Cost Fair
Value
Securities available-for-sale
U.S. Treasuries $ 677,981  $ 684,890  $ 800,860  $ 796,464 
U.S. government-sponsored agencies —  —  1,010  994 
State, county and municipal securities 21,998  21,461  25,802  24,740 
Corporate debt securities 10,945  10,411  10,946  10,283 
SBA pool securities 13,603  12,912  72,036  70,482 
Mortgage-backed securities 1,397,223  1,401,997  797,542  768,297 
Total debt securities available-for-sale $ 2,121,750  $ 2,131,671  $ 1,708,196  $ 1,671,260 
Securities held-to-maturity
State, county and municipal securities $ 33,483  $ 28,351  $ 33,623  $ 27,409 
Mortgage-backed securities 169,098  159,261  131,054  116,619 
Total debt securities held-to-maturity $ 202,581  $ 187,612  $ 164,677  $ 144,028 

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The amounts of securities available-for-sale and held-to-maturity in each category as of September 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 State, County and
Municipal Securities		 Corporate Debt Securities
(dollars in thousands)
Securities available-for-sale (1)
 Amount Yield
 (2)		 Amount Yield
(2)(3)		 Amount Yield
 (2)
One year or less $ 246,008  4.27  % $ 3,681  4.06  % $ 1,000  4.81  %
After one year through five years 388,148  3.47  10,861  3.92  7,961  6.16 
After five years through ten years 50,734  4.36  6,919  3.94  —  — 
After ten years —  —  —  —  1,450  7.55 
$ 684,890  3.82  % $ 21,461  3.95  % $ 10,411  6.28  %
SBA Pool Securities Mortgage-Backed Securities
(dollars in thousands)
Securities available-for-sale (1)
 Amount Yield
 (2)		 Amount Yield
 (2)
One year or less $ 662  1.89  % $ 48,558  2.80  %
After one year through five years 865  3.39  245,963  3.24 
After five years through ten years 10,244  2.62  206,132  4.39 
After ten years 1,141  5.52  901,344  4.51 
$ 12,912  2.89  % $ 1,401,997  4.21  %
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 $ —  —  % $ 8,812  1.01  %
After one year through five years —  —  35,527  4.17 
After five years through ten years —  —  72,694  2.93 
After ten years 33,483  3.94  52,065  3.54 
$ 33,483  3.94  % $ 169,098  3.28  %
(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 September 30, 2025, gross loans outstanding (including loans and loans held for sale) were $21.86 billion, an increase of $594.0 million from $21.27 billion reported at December 31, 2024. Loans increased $518.5 million, or 2.5%, from $20.74 billion at December 31, 2024 to $21.26 billion at September 30, 2025. Loans held for sale increased from $528.6 million at December 31, 2024 to $604.1 million at September 30, 2025 primarily in our mortgage division.

At the end of the third quarter of 2025, the ACL on loans totaled $345.3 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 $97.0 million at September 30, 2025. For the first nine months of 2025, our net charge off ratio as a percentage of average loans decreased to 0.15%, compared with 0.19% for the first nine months of 2024. The total provision for credit losses for the first nine months of 2025 was $47.3 million, compared with a provision of $46.0 million recorded for the first nine months of 2024. Our ratio of total nonperforming assets to total assets was down seven basis points from 0.47% at December 31, 2024 to 0.40% at September 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 nine months ended September 30, 2025 and 2024:

Nine Months Ended
September 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 30,805  57,184 
Charge-offs:    
Commercial and industrial 32,368  40,150 
Consumer 2,573  2,974 
Premium finance 7,018  6,910 
Real estate – commercial and farmland 692  571 
Real estate – residential 590  49 
Total charge-offs 43,241  50,654 
Recoveries:
Commercial and industrial 12,172  12,286 
Consumer 783  1,077 
Premium finance 6,112  6,605 
Real estate – construction and development 36  54 
Real estate – commercial and farmland 216  655 
Real estate – residential 327  150 
Total recoveries 19,646  20,827 
Net charge-offs 23,595  29,827 
Balance of allowance for credit losses on loans at end of period $ 345,294  $ 334,457 

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 Nine Months Ended
(dollars in thousands) September 30, 2025 September 30, 2024
Allowance for credit losses on loans at end of period $ 345,294  $ 334,457 
Net charge-offs for the period 23,595  29,827 
Loan balances:
End of period 21,258,374  20,964,981 
Average for the period 20,864,180  20,722,659 
Net charge-offs as a percentage of average loans (annualized) 0.15  % 0.19  %
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) September 30, 2025 December 31, 2024
Commercial and industrial $ 3,299,269  $ 2,953,135 
Consumer 202,688  221,735 
Mortgage warehouse 1,083,941  965,053 
Municipal 437,823  441,408 
Premium finance 1,358,259  1,155,614 
Real estate – construction and development 1,411,178  1,998,506 
Real estate – commercial and farmland 9,054,927  8,445,958 
Real estate – residential 4,410,289  4,558,497 
$ 21,258,374  $ 20,739,906 


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Commercial real estate (“CRE”) represents the Company's largest loan category. The Company regularly monitors its CRE portfolio against regulatory concentration limits. 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 September 30, 2025 and December 31, 2024 is below:

September 30, 2025
(dollars in thousands)
 Pass Other Assets Especially Mentioned Substandard Total
Farmland $ 119,271  $ 2,113  $ 882  $ 122,266 
Multifamily residential 1,969,501  —  —  1,969,501 
Owner occupied CRE 1,710,782  7,617  25,249  1,743,648 
Non-owner occupied CRE 5,180,396  18,274  20,842  5,219,512 
Total real estate - commercial and farmland $ 8,979,950  $ 28,004  $ 46,973  $ 9,054,927 

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 September 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 metropolitan statistical areas (“MSAs”) or state as of September 30, 2025 and December 31, 2024:


(dollars in thousands)		 Atlanta Other Georgia Tampa Jacksonville Other Florida South Carolina North Carolina Alabama Other Total
September 30, 2025 $ 289,469  $ 243,450  $ 219,836  $ 211,823  $ 368,355  $ 140,581  $ 234,307  $ 53,239  $ 208,441  $ 1,969,501 
December 31, 2024 239,371  237,679  150,344  147,590  208,835  158,247  85,517  53,933  173,256  1,454,772 
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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 September 30, 2025 and December 31, 2024:

September 30, 2025
(dollars in thousands)
 Atlanta Other Georgia Jacksonville Orlando Other Florida South Carolina North Carolina Alabama Other Total
Retail $ 492,382  $ 201,346  $ 226,692  $ 165,108  $ 257,879  $ 346,197  $ 164,677  $ 108,094  $ 152,918  $ 2,115,293 
Office 512,238  23,500  70,517  134,615  176,458  182,228  89,230  4,136  61,279  1,254,201 
Warehouse / industrial 322,946  11,822  45,536  72,049  97,792  89,958  94,390  8,426  160,294  903,213 
Hotel 51,702  22,844  93,331  43,044  97,462  63,388  20,995  2,237  15,198  410,201 
Mini storage warehouse 50,280  32,585  28,105  39,633  38,753  27,817  32,766  17,698  67,703  335,340 
Assisted living facilities 68,349  —  —  20  39,365  431  —  —  313  108,478 
Miscellaneous 30,102  9,736  9,450  15,746  14,547  4,156  7,833  —  1,216  92,786 
Total non-owner occupied CRE $ 1,527,999  $ 301,833  $ 473,631  $ 470,215  $ 722,256  $ 714,175  $ 409,891  $ 140,591  $ 458,921  $ 5,219,512 

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 $97.0 million at September 30, 2025, a decrease of $5.3 million, or 5.1%, from $102.2 million at December 31, 2024. Accruing loans delinquent 90 days or more totaled $9.3 million at September 30, 2025, a decrease of $8.4 million, or 47.4%, compared with $17.7 million at December 31, 2024. At September 30, 2025, OREO totaled $3.1 million, an increase of $704,000, or 28.9%, 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 third quarter of 2025, total non-performing assets as a percent of total assets was down seven basis points from 0.47% at December 31, 2024 to 0.40% at September 30, 2025.

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

(dollars in thousands) September 30, 2025 December 31, 2024
Nonaccrual loans(1)
 $ 96,963  $ 102,218 
Accruing loans delinquent 90 days or more 9,325  17,733 
Repossessed assets 3  9 
Other real estate owned 3,137  2,433 
Total non-performing assets $ 109,428  $ 122,393 

(1) Included in nonaccrual loans were $19.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at September 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 September 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.

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

September 30, 2025 December 31, 2024
(dollars in thousands) Balance % of Total
Loans		 Balance % of Total
Loans
Construction and development loans $ 1,411,178  7% $ 1,998,506  10%
Multi-family loans 1,969,501  8% 1,454,772  7%
Nonfarm non-residential loans (excluding owner-occupied) 5,219,512  25% 4,970,262  24%
Total CRE Loans (excluding owner-occupied)
 8,600,191  40% 8,423,540  41%
All other loan types 12,658,183  60% 12,316,366  59%
Total Loans $ 21,258,374  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 September 30, 2025 and December 31, 2024:
Internal
Limit		 Actual
September 30, 2025 December 31, 2024
Construction and development loans 100% 42% 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 $5.0 million and $1.5 million at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024 forward contracts were recorded as a liability of $2.0 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 $7.1 million and $8.7 million at September 30, 2025 and December 31, 2024, respectively, and a liability of $7.4 million and $8.7 million at September 30, 2025 and December 31, 2024, respectively.

Deposits

Total deposits at the Company increased $505.6 million, or 2.3%, to $22.23 billion at September 30, 2025, compared with $21.72 billion at December 31, 2024. Noninterest-bearing deposits increased $258.9 million, or 4.0%, and interest-bearing deposits increased $246.7 million, or 1.6%, during the first nine months of 2025. At September 30, 2025, the Company had approximately $1.20 billion in short-term brokered CDs, compared with $804.9 million at December 31, 2024. As of September 30, 2025 and December 31, 2024, the Company had estimated uninsured deposits of $10.37 billion and $10.24 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $2.86 billion, or 27.6%, of the uninsured deposits at September 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 increase in the size of the program to $200.0 million, being announced on October 20, 2025. As a result, the Company is currently authorized to engage in additional share repurchases up to $200.0 million through October 31, 2026. 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.
54

As of September 30, 2025, an aggregate of $36.3 million, or 591,772 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 September 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 September 30, 2025 and December 31, 2024:

September 30, 2025 December 31, 2024
Tier 1 Leverage Ratio (tier 1 capital to average assets)
    
Consolidated 11.39% 10.74%
Ameris Bank 11.59% 11.17%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
    
Consolidated 13.20% 12.65%
Ameris Bank 13.43% 13.15%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
    
Consolidated 13.20% 12.65%
Ameris Bank 13.43% 13.15%
Total Capital Ratio (total capital to risk weighted assets)
    
Consolidated 15.05% 15.37%
Ameris Bank 14.69% 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.

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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 September 30, 2025 and December 31, 2024, the net carrying value of the Company’s other borrowings was $337.1 million and $291.8 million, respectively. At September 30, 2025, the Company had availability with the FHLB and FRB Discount Window of $3.37 billion and $2.10 billion, respectively.

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

September 30, 2025 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Investment securities available-for-sale to total deposits 9.59% 8.53% 8.87% 7.69% 6.59%
Loans (net of unearned income) to total deposits 95.64% 95.94% 94.50% 95.48% 95.82%
Interest-earning assets to total assets 92.60% 92.29% 92.30% 91.94% 92.09%
Interest-bearing deposits to total deposits 69.60% 68.99% 69.22% 70.08% 69.51%

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 September 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 $5.0 million and $7.3 million at September 30, 2025 and December 31, 2024, respectively, and a liability of $2.0 million at September 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 $7.1 million and $8.7 million at September 30, 2025 and December 31, 2024, respectively, and a liability of $7.4 million and $8.7 million at September 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.

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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 the various increases and decreases in market rates shown in the table below, 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 October 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 1.6% 14.1%
300 1.4% 10.9%
200 1.1% 7.6%
100 0.7% 4.0%
(100) (0.4)% (4.3)%
(200) (0.4)% (8.8)%
(300) 0.2% (13.3)%

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 September 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.
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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 September 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)
July 1, 2025 through July 31, 2025 58,000  $ 68.78  58,000  $ 68,196,613 
August 1, 2025 through August 31, 2025 67,900  $ 66.14  67,900  $ 63,705,775 
September 1, 2025 through September 30, 2025 —  $ —  —  $ 63,705,775 
Total 125,900  $ 67.36  125,900  $ 63,705,775 
(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 increase in the size of the program to $200.0 million, being announced on October 20, 2025. As a result, the Company is currently authorized to engage in additional share repurchases totaling up to $200.0 million through October 31, 2026. 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 September 30, 2025, an aggregate of $36.3 million, or 591,772 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 September 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).
58

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).
  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.


59

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: November 7, 2025 AMERIS BANCORP
   
  /s/ Nicole S. Stokes
  Nicole S. Stokes
  Chief Financial Officer
(duly authorized signatory and principal accounting and financial officer)

60
EX-31.1 2 abcb_exhibit311x093025-10xq.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 September 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: November 7, 2025 /s/ H. Palmer Proctor, Jr.
  H. Palmer Proctor, Jr.
  Chief Executive Officer
  (principal executive officer)
 
EX-31.2 3 abcb_exhibit312x093025-10xq.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 September 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: November 7, 2025 /s/ Nicole S. Stokes
  Nicole S. Stokes,
Chief Financial Officer
  (principal accounting and financial officer)
 
 
EX-32.1 4 abcb_exhibit321x093025-10xq.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 September 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: November 7, 2025 /s/ H. Palmer Proctor, Jr.
  H. Palmer Proctor, Jr.,
Chief Executive Officer
  (principal executive officer)
 

 
EX-32.2 5 abcb_exhibit322x093025-10xq.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 September 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: November 7, 2025 /s/ Nicole S. Stokes
  Nicole S. Stokes,
  Chief Financial Officer
  (principal accounting and financial officer)