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

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 29, 2026
Ameris Bancorp
(Exact Name of Registrant as Specified in Charter)
Georgia 001-13901 58-1456434
(State or Other Jurisdiction of Incorporation) (Commission File Number)  (IRS Employer Identification No.)
    
3490 Piedmont Road N.E., Suite 1550
Atlanta, Georgia 30305
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (404) 639-6500
(Former Name or Former Address, if Changed Since Last Report)

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

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


Item 2.02 Results of Operations and Financial Condition.

On January 29, 2026, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter and fiscal year ended December 31, 2025. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.

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

Item 7.01 Regulation FD Disclosure.

A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on January 30, 2026 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1
Press release dated January 29, 2026
99.2
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


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


Date: January 29, 2026



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



News Release

AMERIS BANCORP ANNOUNCES FOURTH QUARTER AND
RECORD FULL YEAR 2025 FINANCIAL RESULTS

Highlights of Ameris’s results for the fourth quarter of 2025 include the following:
•Net income of $108.4 million, or $1.59 per diluted share
•Return on average assets ("ROA") of 1.57%
•Return on average tangible common equity(1) of 14.46%
•Efficiency ratio improvement to 46.59%
•Earning asset growth of $374.0 million, or 5.9% annualized
•Net interest margin (TE) expansion of five bps to 3.85% for the fourth quarter of 2025
•Growth in net interest income of $7.3 million, or 12.2% annualized, from third quarter of 2025
•Loan growth of $255.1 million, or 4.8% annualized
•Tangible book value(1) growth of $1.28 per share, or 11.8% annualized, to $44.18 at December 31, 2025
•Increased share repurchases totaling $40.8 million of stock, or 563,798 shares, in the quarter

Highlights of Ameris’s results for the full year of 2025 include the following:
•Net income of $412.2 million, or $6.00 per diluted share
•ROA of 1.54%
•Return on average tangible common equity(1) of 14.49%
•Net interest margin (TE) of 3.79% for the full year 2025
•Earning asset growth of $1.32 billion, or 5.5%
•Total deposits increase of $653.5 million, or 3.0%
•Tangible book value(1) growth of $5.59 per share, or 14.5%, to $44.18 at December 31, 2025
•TCE ratio(1) of 11.37%, compared with 10.59% one year ago
•Allowance for loan losses of 1.62% of loans at December 31, 2025
•Decline in net charge-offs to 0.18% of average total loans

ATLANTA, GA, January 29, 2026 - Ameris Bancorp (NYSE: ABCB) (the "Company") today reported net income of $108.4 million, or $1.59 per diluted share, for the quarter ended December 31, 2025, compared with $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024.

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

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, "We are proud of our fourth quarter performance and the strong finish to another successful year for Ameris. We remained disciplined and focused on core profitability and enhancing franchise value for our shareholders. This is highlighted by our strong ROA of 1.54%, profitable asset growth that drove margin expansion and positive operating leverage, all accomplished while growing tangible book value over 14% during the year. We reinvested in ourselves, utilizing our share buyback authorization to purchase over $77 million of our common stock in 2025. Given our proven track record and robust capital levels, we are well positioned to capitalize on the growth opportunity across our Southeast footprint going forward." Net interest income on a tax-equivalent basis (TE) was $246.3 million in the fourth quarter of 2025, an increase of $7.4 million, or 3.1%, from last quarter and $23.5 million, or 10.6%, compared with the fourth quarter of 2024.



Net Interest Income and Net Interest Margin
The Company's net interest margin expanded to 3.85% for the fourth quarter of 2025, a five basis point increase from 3.80% reported for the third quarter of 2025 and a 21 basis point improvement from the 3.64% reported for the fourth quarter of 2024. The increase in net interest margin is primarily attributable to decreased deposit costs and the redemptions of subordinated debt during the third and fourth quarters of 2025.

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

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

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

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

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

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



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

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

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

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

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

Shareholders’ equity at December 31, 2025 totaled $4.08 billion, an increase of $324.5 million, or 8.6%, from December 31, 2024.  The increase in shareholders’ equity was primarily the result of earnings of $412.2 million during the full year of 2025 and an improvement in other comprehensive income of $38.4 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share(1) increased $5.59 per share, or 14.5%, during the full year of 2025 to $44.18 at December 31, 2025. Tangible common equity as a percentage of tangible assets was 11.37% at December 31, 2025, compared with 10.59% at the end of 2024. The Company repurchased 563,798 shares of its common stock during the quarter ended December 31, 2025.




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

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 30, 2026, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until February 6, 2026. To listen to the replay, dial 1-855-669-9658. The conference replay access code is 2935441. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 163 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $27.5 billion in assets as of December 31, 2025, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.
(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations and assumptions regarding credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from



actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and, except as required by law, the Company undertakes no obligation to update or revise forward-looking statements.

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


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights Table 1
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data)
2025
 2025 2025 2025 2024 2025 2024
EARNINGS
Net income $ 108,356  $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 412,154  $ 358,685 
Adjusted net income(1)
 $ 108,848  $ 105,289  $ 109,444  $ 88,044  $ 95,078  $ 411,625  $ 346,640 
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic $ 1.59  $ 1.55  $ 1.60  $ 1.28  $ 1.37  $ 6.02  $ 5.21 
Diluted $ 1.59  $ 1.54  $ 1.60  $ 1.27  $ 1.37  $ 6.00  $ 5.19 
Adjusted diluted EPS(1)
 $ 1.59  $ 1.53  $ 1.59  $ 1.28  $ 1.38  $ 5.99  $ 5.02 
Cash dividends per share $ 0.20  $ 0.20  $ 0.20  $ 0.20  $ 0.20  $ 0.80  $ 0.65 
Book value per share (period end) $ 59.92  $ 58.56  $ 57.02  $ 55.49  $ 54.32  $ 59.92  $ 54.32 
Tangible book value per share (period end)(1)
 $ 44.18  $ 42.90  $ 41.32  $ 39.78  $ 38.59  $ 44.18  $ 38.59 
Weighted average number of shares
Basic 68,022,346  68,401,737  68,594,608  68,785,458  68,799,464  68,448,812  68,808,830 
Diluted 68,328,365  68,665,669  68,796,577  69,030,331  69,128,946  68,705,914  69,061,832 
Period end number of shares 68,022,316  68,587,742  68,711,043  68,910,924  69,068,609  68,022,316  69,068,609 
Market data
High intraday price $ 78.99  $ 76.58  $ 65.43  $ 68.85  $ 74.56  $ 78.99  $ 74.56 
Low intraday price $ 68.80  $ 64.30  $ 48.27  $ 55.32  $ 59.12  $ 48.27  $ 44.00 
Period end closing price $ 74.27  $ 73.31  $ 64.70  $ 57.57  $ 62.57  $ 74.27  $ 62.57 
Average daily volume 448,341  435,766  416,355  430,737  384,406  432,964  368,293 
PERFORMANCE RATIOS
Return on average assets 1.57  % 1.56  % 1.65  % 1.36  % 1.42  % 1.54  % 1.38  %
Adjusted return on average assets(1)
 1.58  % 1.55  % 1.64  % 1.36  % 1.43  % 1.53  % 1.33  %
Return on average common equity 10.63  % 10.61  % 11.40  % 9.39  % 10.09  % 10.52  % 10.01  %
Adjusted return on average tangible common equity(1)
 14.53  % 14.46  % 15.76  % 13.16  % 14.37  % 14.49  % 13.93  %
Earning asset yield (TE) 5.61  % 5.66  % 5.64  % 5.61  % 5.67  % 5.63  % 5.77  %
Total cost of funds 1.95  % 2.05  % 2.06  % 2.06  % 2.22  % 2.03  % 2.40  %
Net interest margin (TE) 3.85  % 3.80  % 3.77  % 3.73  % 3.64  % 3.79  % 3.56  %
Efficiency ratio 46.59  % 49.19  % 51.63  % 52.83  % 52.26  % 50.00  % 53.20  %
Adjusted efficiency ratio (TE)(1)
 46.54  % 49.47  % 51.58  % 52.62  % 51.82  % 49.99  % 53.88  %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets 14.81  % 14.82  % 14.68  % 14.42  % 14.28  % 14.81  % 14.28  %
Tangible common equity to tangible assets(1)
 11.37  % 11.31  % 11.09  % 10.78  % 10.59  % 11.37  % 10.59  %
OTHER DATA (period end)
Full time equivalent employees
Banking Division 2,043  2,068  2,036  2,045  2,021  2,043  2,021 
Retail Mortgage Division 538  546  550  577  585  538  585 
Warehouse Lending Division 7  8  8  7  8  7  8 
Premium Finance Division 85  78  78  81  77  85  77 
Total Ameris Bancorp FTE headcount 2,673  2,700  2,672  2,710  2,691  2,673  2,691 
Branch locations 163  164  164  164  164  163  164 
Deposits per branch location $ 137,276  $ 135,537  $ 133,736  $ 133,612  $ 132,454  $ 137,276  $ 132,454 
(1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Income Statement Table 2
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2025 2025 2025 2025 2024 2025 2024
Interest income
Interest and fees on loans $ 323,833  $ 321,457  $ 315,893  $ 304,168  $ 318,843  $ 1,265,351  $ 1,265,522 
Interest on taxable securities 24,886  23,253  20,696  18,492  15,923  87,327  61,518 
Interest on nontaxable securities 422  343  334  329  337  1,428  1,338 
Interest on deposits in other banks 8,922  9,993  10,715  10,789  11,260  40,419  49,906 
Total interest income 358,063  355,046  347,638  333,778  346,363  1,394,525  1,378,284 
Interest expense
Interest on deposits 105,314  106,851  106,796  105,215  115,556  424,176  484,673 
Interest on other borrowings 7,442  10,231  9,029  6,724  8,986  33,426  44,421 
Total interest expense 112,756  117,082  115,825  111,939  124,542  457,602  529,094 
Net interest income 245,307  237,964  231,813  221,839  221,821  936,923  849,190 
Provision for loan losses 16,601  11,176  3,110  16,519  12,657  47,406  69,841 
Provision for unfunded commitments 6,348  11,446  (335) 5,373  148  22,832  (11,048)
Provision for other credit losses 1  8  (3) —  3  6  — 
Provision for credit losses 22,950  22,630  2,772  21,892  12,808  70,244  58,793 
Net interest income after provision for credit losses 222,357  215,334  229,041  199,947  209,013  866,679  790,397 
Noninterest income
Service charges on deposit accounts 14,088  13,931  13,493  13,133  13,544  54,645  50,893 
Mortgage banking activity 31,874  40,666  39,221  35,254  36,699  147,015  160,475 
Other service charges, commissions and fees 1,102  1,124  1,158  1,109  1,182  4,493  4,758 
Gain (loss) on securities 12  1,581  —  40  (16) 1,633  12,304 
Equipment finance activity 8,434  8,858  6,572  6,698  5,947  30,562  21,664 
Other noninterest income 6,317  10,114  8,467  7,789  11,603  32,687  43,163 
Total noninterest income 61,827  76,274  68,911  64,023  68,959  271,035  293,257 
Noninterest expense
Salaries and employee benefits 81,997  90,948  89,308  86,615  87,810  348,868  347,641 
Occupancy and equipment 11,321  11,524  11,401  10,677  11,624  44,923  48,784 
Data processing and communications expenses 16,236  16,058  15,366  14,855  14,631  62,515  59,699 
Credit resolution-related expenses(1)
 953  770  657  765  1,271  3,145  2,487 
Advertising and marketing 1,984  3,377  3,745  2,883  2,730  11,989  12,612 
Amortization of intangible assets 3,879  3,879  4,076  4,103  4,180  15,937  17,189 
Loan servicing expenses 7,267  8,142  7,897  7,823  8,300  31,129  36,157 
Other noninterest expenses 19,453  19,868  22,810  23,313  21,403  85,444  83,225 
Total noninterest expense 143,090  154,566  155,260  151,034  151,949  603,950  607,794 
Income before income tax expense 141,094  137,042  142,692  112,936  126,023  533,764  475,860 
Income tax expense 32,738  31,013  32,858  25,001  31,647  121,610  117,175 
Net income $ 108,356  $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 412,154  $ 358,685 
Diluted earnings per common share $ 1.59  $ 1.54  $ 1.60  $ 1.27  $ 1.37  $ 6.00  $ 5.19 
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet Table 3
Dec Sep Jun Mar Dec
(dollars in thousands) 2025 2025 2025 2025 2024
Assets
Cash and due from banks $ 253,807  $ 216,927  $ 249,676  $ 253,289  $ 244,980 
Interest-bearing deposits in banks 835,113  826,237  920,594  1,039,111  975,397 
Debt securities available-for-sale, at fair value 2,207,173  2,131,671  1,871,298  1,943,011  1,671,260 
Debt securities held-to-maturity, at amortized cost 203,242  202,581  176,487  173,757  164,677 
Other investments 85,443  70,644  69,910  65,630  66,298 
Loans held for sale 623,152  604,136  544,091  545,388  528,599 
Loans, net of unearned income 21,513,522  21,258,374  21,041,497  20,706,644  20,739,906 
Allowance for credit losses (348,141) (345,294) (341,567) (345,555) (338,084)
Loans, net 21,165,381  20,913,080  20,699,930  20,361,089  20,401,822 
Other real estate owned 2,918  3,137  1,825  863  2,433 
Premises and equipment, net 213,097  211,567  211,434  207,895  209,460 
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangible assets, net 54,824  58,703  62,582  66,658  70,761 
Cash value of bank owned life insurance 420,583  417,096  414,381  410,890  408,574 
Other assets 435,500  428,404  442,299  431,713  502,143 
Total assets $ 27,515,879  $ 27,099,829  $ 26,680,153  $ 26,514,940  $ 26,262,050 
Liabilities
Deposits
Noninterest-bearing $ 6,426,145  $ 6,757,233  $ 6,800,519  $ 6,744,781  $ 6,498,293 
Interest-bearing 15,949,850  15,470,845  15,132,156  15,167,628  15,224,155 
Total deposits 22,375,995  22,228,078  21,932,675  21,912,409  21,722,448 
Other borrowings 558,039  337,094  376,700  276,744  291,788 
Subordinated deferrable interest debentures 134,302  133,804  133,306  132,807  132,309 
Other liabilities 371,515  384,152  319,794  369,178  363,983 
Total liabilities 23,439,851  23,083,128  22,762,475  22,691,138  22,510,528 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock 72,898  72,900  72,897  72,885  72,699 
Capital stock 1,971,131  1,968,124  1,964,896  1,961,732  1,958,642 
Retained earnings 2,210,385  2,115,712  2,023,493  1,927,489  1,853,428 
Accumulated other comprehensive income (loss), net of tax 8,312  5,171  (6,886) (14,430) (30,119)
Treasury stock (186,698) (145,206) (136,722) (123,874) (103,128)
Total shareholders' equity 4,076,028  4,016,701  3,917,678  3,823,802  3,751,522 
Total liabilities and shareholders' equity $ 27,515,879  $ 27,099,829  $ 26,680,153  $ 26,514,940  $ 26,262,050 
Other Data
Earning assets $ 25,467,645  $ 25,093,643  $ 24,623,877  $ 24,473,541  $ 24,146,137 
Intangible assets 1,070,470  1,074,349  1,078,228  1,082,304  1,086,407 
Interest-bearing liabilities 16,642,191  15,941,743  15,642,162  15,577,179  15,648,252 
Average assets 27,394,953  26,972,134  26,757,322  26,229,423  26,444,894 
Average common shareholders' equity 4,044,338  3,964,207  3,865,031  3,798,149  3,719,888 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information Table 4
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2025 2025 2025 2025 2024 2025 2024
Allowance for Credit Losses
Balance at beginning of period $ 392,362  $ 377,181  $ 381,507  $ 368,663  $ 364,885  $ 368,663  $ 348,727 
Provision for loan losses 16,601  11,176  3,110  16,519  12,657  47,406  69,841 
Provision for unfunded commitments 6,348  11,446  (335) 5,373  148  22,832  (11,048)
Provision for other credit losses 1  8  (3) —  3  6  — 
Provision for credit losses 22,950  22,630  2,772  21,892  12,808  70,244  58,793 
Charge-offs 19,575  13,631  14,227  15,383  17,460  62,816  68,113 
Recoveries 5,821  6,182  7,129  6,335  8,430  25,467  29,256 
Net charge-offs (recoveries) 13,754  7,449  7,098  9,048  9,030  37,349  38,857 
Ending balance $ 401,558  $ 392,362  $ 377,181  $ 381,507  $ 368,663  $ 401,558  $ 368,663 
Allowance for loan losses $ 348,141  $ 345,294  $ 341,567  $ 345,555  $ 338,084  $ 348,141  $ 338,084 
Allowance for unfunded commitments 53,342  46,994  35,548  35,883  30,510  53,342  30,510 
Allowance for other credit losses 75  74  66  69  69  75  69 
Total allowance for credit losses $ 401,558  $ 392,362  $ 377,181  $ 381,507  $ 368,663  $ 401,558  $ 368,663 
Non-Performing Assets
Nonaccrual portfolio loans $ 84,711  $ 77,257  $ 75,286  $ 86,229  $ 90,206  $ 84,711  $ 90,206 
Other real estate owned 2,918  3,137  1,825  863  2,433  2,918  2,433 
Repossessed assets 4  3  2  —  9  4  9 
Accruing loans delinquent 90 days or more 8,492  9,325  8,415  14,930  17,733  8,492  17,733 
Non-performing portfolio assets $ 96,125  $ 89,722  $ 85,528  $ 102,022  $ 110,381  $ 96,125  $ 110,381 
Serviced GNMA-guaranteed mortgage nonaccrual loans 24,347  19,706  11,733  13,441  12,012  24,347  12,012 
Total non-performing assets $ 120,472  $ 109,428  $ 97,261  $ 115,463  $ 122,393  $ 120,472  $ 122,393 
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets 0.35  % 0.33  % 0.32  % 0.38  % 0.42  % 0.35  % 0.42  %
Total non-performing assets as a percent of total assets 0.44  % 0.40  % 0.36  % 0.44  % 0.47  % 0.44  % 0.47  %
Net charge-offs as a percent of average loans (annualized) 0.26  % 0.14  % 0.14  % 0.18  % 0.17  % 0.18  % 0.19  %



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan Information Table 5
Dec Sep Jun Mar Dec
(dollars in thousands) 2025 2025 2025 2025 2024
Loans by Type
Commercial and industrial $ 3,288,505  $ 3,299,269  $ 3,184,211  $ 3,075,971  $ 2,953,135 
Consumer 180,010  202,688  209,990  213,902  221,735 
Mortgage warehouse 1,150,782  1,083,941  1,092,475  891,412  965,053 
Municipal 434,234  437,823  436,759  429,227  441,408 
Premium Finance 1,306,267  1,358,259  1,294,293  1,176,309  1,155,614 
Real estate - construction and development 1,469,250  1,411,178  1,485,842  1,842,431  1,998,506 
Real estate - commercial and farmland 9,311,405  9,054,927  8,877,750  8,574,626  8,445,958 
Real estate - residential 4,373,069  4,410,289  4,460,177  4,502,766  4,558,497 
Total loans $ 21,513,522  $ 21,258,374  $ 21,041,497  $ 20,706,644  $ 20,739,906 
Loans by Risk Grade
Pass $ 21,305,745  $ 21,058,458  $ 20,820,888  $ 20,468,496  $ 20,457,340 
Other assets especially mentioned 39,709  37,236  66,677  73,783  110,936 
Substandard 168,068  162,680  153,932  164,365  171,630 
Total loans $ 21,513,522  $ 21,258,374  $ 21,041,497  $ 20,706,644  $ 20,739,906 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average Balances Table 6
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2025 2025 2025 2025 2024 2025 2024
Earning Assets
Interest-bearing deposits in banks $ 884,149  $ 883,976  $ 951,851  $ 980,164  $ 899,162  $ 924,660  $ 930,145 
Debt securities - taxable 2,432,934  2,282,470  2,117,596  1,998,226  1,761,984  2,209,202  1,690,053 
Debt securities - nontaxable 45,237  44,823  41,299  41,391  41,494  43,202  41,419 
Loans held for sale 758,588  706,679  730,770  565,531  795,904  690,965  547,190 
Loans 21,278,859  21,038,350  20,928,825  20,620,777  20,868,216  20,968,702  20,759,247 
Total Earning Assets $ 25,399,767  $ 24,956,298  $ 24,770,341  $ 24,206,089  $ 24,366,760  $ 24,836,731  $ 23,968,054 
Deposits
Noninterest-bearing deposits $ 6,668,120  $ 6,849,129  $ 6,766,557  $ 6,522,784  $ 6,684,851  $ 6,702,448  $ 6,567,855 
NOW accounts 4,052,397  3,900,999  3,939,802  3,988,458  3,888,404  3,970,399  3,824,094 
MMDA 7,347,897  6,977,134  6,918,382  6,911,554  6,864,265  7,039,768  6,395,883 
Savings accounts 754,439  756,383  766,331  767,148  761,980  761,027  776,273 
Retail CDs 2,325,456  2,344,084  2,393,402  2,436,974  2,474,804  2,374,589  2,440,891 
Brokered CDs 1,249,020  1,070,735  1,145,043  962,768  1,057,808  1,107,577  1,274,933 
Total Deposits 22,397,329  21,898,464  21,929,517  21,589,686  21,732,112  21,955,808  21,279,929 
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase —  1  —  —  —  —  — 
FHLB advances 423,669  443,243  326,054  149,537  215,116  336,672  335,056 
Other borrowings 9,920  169,994  193,492  193,494  279,961  141,299  298,372 
Subordinated deferrable interest debentures 134,041  133,541  133,043  132,544  132,048  133,297  131,302 
Total Non-Deposit Funding 567,630  746,779  652,589  475,575  627,125  611,268  764,730 
Total Funding $ 22,964,959  $ 22,645,243  $ 22,582,106  $ 22,065,261  $ 22,359,237  $ 22,567,076  $ 22,044,659 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE) Table 7
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2025 2025 2025 2025 2024 2025 2024
Interest Income
Interest-bearing deposits in banks $ 8,922  $ 9,993  $ 10,715  $ 10,789  $ 11,260  $ 40,419  $ 49,906 
Debt securities - taxable 24,886  23,253  20,696  18,492  15,923  87,327  61,518 
Debt securities - nontaxable (TE) 535  434  423  416  427  1,808  1,694 
Loans held for sale 11,233  11,237  11,578  9,045  11,853  43,093  34,532 
Loans (TE) 313,467  311,082  305,154  295,964  307,852  1,225,667  1,234,464 
Total Earning Assets $ 359,043  $ 355,999  $ 348,566  $ 334,706  $ 347,315  $ 1,398,314  $ 1,382,114 
Interest Expense
Interest-Bearing Deposits
NOW accounts $ 18,508  $ 18,230  $ 18,144  $ 18,306  $ 19,099  $ 73,188  $ 81,228 
MMDA 52,455  54,657  53,469  52,261  57,160  212,842  231,065 
Savings accounts 734  813  826  830  850  3,203  3,780 
Retail CDs 20,567  21,253  21,852  23,245  25,610  86,917  102,672 
Brokered CDs 13,050  11,898  12,505  10,573  12,837  48,026  65,928 
Total Interest-Bearing Deposits 105,314  106,851  106,796  105,215  115,556  424,176  484,673 
Non-Deposit Funding
FHLB advances 4,347  4,863  3,508  1,362  2,393  14,080  16,581 
Other borrowings 169  2,328  2,499  2,350  3,346  7,346  14,313 
Subordinated deferrable interest debentures 2,926  3,040  3,022  3,012  3,247  12,000  13,527 
Total Non-Deposit Funding 7,442  10,231  9,029  6,724  8,986  33,426  44,421 
Total Interest-Bearing Funding $ 112,756  $ 117,082  $ 115,825  $ 111,939  $ 124,542  $ 457,602  $ 529,094 
Net Interest Income (TE) $ 246,287  $ 238,917  $ 232,741  $ 222,767  $ 222,773  $ 940,712  $ 853,020 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
2025 2025 2025 2025 2024 2025 2024
Earning Assets
Interest-bearing deposits in banks 4.00  % 4.48  % 4.52  % 4.46  % 4.98  % 4.37  % 5.37  %
Debt securities - taxable 4.06  % 4.04  % 3.92  % 3.75  % 3.60  % 3.95  % 3.64  %
Debt securities - nontaxable (TE) 4.69  % 3.84  % 4.11  % 4.08  % 4.09  % 4.18  % 4.09  %
Loans held for sale 5.87  % 6.31  % 6.35  % 6.49  % 5.92  % 6.24  % 6.31  %
Loans (TE) 5.84  % 5.87  % 5.85  % 5.82  % 5.87  % 5.85  % 5.95  %
Total Earning Assets 5.61  % 5.66  % 5.64  % 5.61  % 5.67  % 5.63  % 5.77  %
Interest-Bearing Deposits
NOW accounts 1.81  % 1.85  % 1.85  % 1.86  % 1.95  % 1.84  % 2.12  %
MMDA 2.83  % 3.11  % 3.10  % 3.07  % 3.31  % 3.02  % 3.61  %
Savings accounts 0.39  % 0.43  % 0.43  % 0.44  % 0.44  % 0.42  % 0.49  %
Retail CDs 3.51  % 3.60  % 3.66  % 3.87  % 4.12  % 3.66  % 4.21  %
Brokered CDs 4.15  % 4.41  % 4.38  % 4.45  % 4.83  % 4.34  % 5.17  %
Total Interest-Bearing Deposits 2.66  % 2.82  % 2.83  % 2.83  % 3.06  % 2.78  % 3.29  %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase —  % —  % —  % —  % —  % —  % —  %
FHLB advances 4.07  % 4.35  % 4.32  % 3.69  % 4.43  % 4.18  % 4.95  %
Other borrowings 6.76  % 5.43  % 5.18  % 4.93  % 4.75  % 5.20  % 4.80  %
Subordinated deferrable interest debentures 8.66  % 9.03  % 9.11  % 9.22  % 9.78  % 9.00  % 10.30  %
Total Non-Deposit Funding 5.20  % 5.44  % 5.55  % 5.73  % 5.70  % 5.47  % 5.81  %
Total Interest-Bearing Liabilities
 2.74  % 2.94  % 2.94  % 2.92  % 3.16  % 2.88  % 3.42  %
Net Interest Spread 2.87  % 2.72  % 2.70  % 2.69  % 2.51  % 2.75  % 2.35  %
Net Interest Margin(2)
 3.85  % 3.80  % 3.77  % 3.73  % 3.64  % 3.79  % 3.56  %
Total Cost of Funds(3)
 1.95  % 2.05  % 2.06  % 2.06  % 2.22  % 2.03  % 2.40  %
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including noninterest-bearing deposits.

























AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income Table 9A
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2025 2025 2025 2025 2024 2025 2024
Net income available to common shareholders $ 108,356  $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 412,154  $ 358,685 
Adjustment items:
Loss (gain) on sale of MSR 1,127  (125) (356) 14  (536) 660  (10,494)
Gain on conversion of Visa Class B-1 stock —  —  —  —  —  —  (12,554)
Servicing right impairment 910  —  —  —  —  910  — 
Gain on BOLI proceeds (220) (390) —  (11) —  (621) (1,464)
FDIC special assessment (1,136) (318) (138) 138  (559) (1,454) 1,455 
Natural disaster expenses —  —  —  —  400  —  550 
Loss on bank premises —  —  —  —  1,203  —  1,203 
Tax effect of adjustment items (Note 1)
 (189) 93  104  (32) (107) (24) 4,166 
After tax adjustment items 492  (740) (390) 109  401  (529) (17,138)
Tax expense attributable to BOLI restructuring —  —  —  —  301  —  5,093 
Adjusted net income $ 108,848  $ 105,289  $ 109,444  $ 88,044  $ 95,078  $ 411,625  $ 346,640 
Weighted average number of shares - diluted 68,328,365  68,665,669  68,796,577  69,030,331  69,128,946  68,705,914  69,061,832 
Net income per diluted share $ 1.59  $ 1.54  $ 1.60  $ 1.27  $ 1.37  $ 6.00  $ 5.19 
Adjusted net income per diluted share $ 1.59  $ 1.53  $ 1.59  $ 1.28  $ 1.38  $ 5.99  $ 5.02 
Average assets $ 27,394,953  $ 26,972,134  $ 26,757,322  $ 26,229,423  $ 26,444,894  $ 26,842,018  $ 26,036,681 
Return on average assets 1.57  % 1.56  % 1.65  % 1.36  % 1.42  % 1.54  % 1.38  %
Adjusted return on average assets 1.58  % 1.55  % 1.64  % 1.36  % 1.43  % 1.53  % 1.33  %
Average common equity $ 4,044,338  $ 3,964,207  $ 3,865,031  $ 3,798,149  $ 3,719,888  $ 3,918,733  $ 3,583,390 
Average tangible common equity $ 2,971,985  $ 2,887,961  $ 2,784,819  $ 2,713,847  $ 2,631,452  $ 2,840,493  $ 2,488,588 
Return on average common equity 10.63  % 10.61  % 11.40  % 9.39  % 10.09  % 10.52  % 10.01  %
Return on average tangible common equity 14.46  % 14.57  % 15.82  % 13.14  % 14.27  % 14.51  % 14.41  %
Adjusted return on average tangible common equity 14.53  % 14.46  % 15.76  % 13.16  % 14.37  % 14.49  % 13.93  %
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Adjusted Efficiency Ratio (TE) Table 9B
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2025 2025 2025 2025 2024 2025 2024
Adjusted Noninterest Expense
Total noninterest expense $ 143,090  $ 154,566  $ 155,260  $ 151,034  $ 151,949  $ 603,950  $ 607,794 
Adjustment items:
FDIC special assessment 1,136  318  138  (138) 559  1,454  (1,455)
Natural disaster expenses —  —  —  —  (400) —  (550)
Loss on bank premises —  —  —  —  (1,203) —  (1,203)
Adjusted noninterest expense $ 144,226  $ 154,884  $ 155,398  $ 150,896  $ 150,905  $ 605,404  $ 604,586 
Total Revenue
Net interest income $ 245,307  $ 237,964  $ 231,813  $ 221,839  $ 221,821  $ 936,923  $ 849,190 
Noninterest income 61,827  76,274  68,911  64,023  68,959  271,035  293,257 
Total revenue $ 307,134  $ 314,238  $ 300,724  $ 285,862  $ 290,780  $ 1,207,958  $ 1,142,447 
Adjusted Total Revenue
Net interest income (TE) $ 246,287  $ 238,917  $ 232,741  $ 222,767  $ 222,773  $ 940,712  $ 853,020 
Noninterest income 61,827  76,274  68,911  64,023  68,959  271,035  293,257 
Total revenue (TE) 308,114  315,191  301,652  286,790  291,732  1,211,747  1,146,277 
Adjustment items:
(Gain)/loss on securities (12) (1,581) —  (40) 16  (1,633) (12,304)
(Gain)/loss on sale of MSR 1,127  (125) (356) 14  (536) 660  (10,494)
Gain on BOLI proceeds (220) (390) —  (11) —  (621) (1,464)
Servicing right impairment 910  —  —  —  —  910  — 
Adjusted total revenue (TE) $ 309,919  $ 313,095  $ 301,296  $ 286,753  $ 291,212  $ 1,211,063  $ 1,122,015 
Efficiency ratio 46.59  % 49.19  % 51.63  % 52.83  % 52.26  % 50.00  % 53.20  %
Adjusted efficiency ratio (TE) 46.54  % 49.47  % 51.58  % 52.62  % 51.82  % 49.99  % 53.88  %
Tangible Book Value Per Share Table 9C
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands except per share data) 2025 2025 2025 2025 2024 2025 2024
Total shareholders' equity $ 4,076,028  $ 4,016,701  $ 3,917,678  $ 3,823,802  $ 3,751,522  $ 4,076,028  $ 3,751,522 
Less:
Goodwill 1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646  1,015,646 
Other intangibles, net 54,824  58,703  62,582  66,658  70,761  54,824  70,761 
Total tangible shareholders' equity $ 3,005,558  $ 2,942,352  $ 2,839,450  $ 2,741,498  $ 2,665,115  $ 3,005,558  $ 2,665,115 
Period end number of shares 68,022,316  68,587,742  68,711,043  68,910,924  69,068,609  68,022,316  69,068,609 
Book value per share (period end) $ 59.92  $ 58.56  $ 57.02  $ 55.49  $ 54.32  $ 59.92  $ 54.32 
Tangible book value per share (period end) $ 44.18  $ 42.90  $ 41.32  $ 39.78  $ 38.59  $ 44.18  $ 38.59 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible Assets Table 9D
Dec Sep Jun Mar Dec
(dollars in thousands except per share data) 2025 2025 2025 2025 2024
Total shareholders' equity $ 4,076,028 $ 4,016,701 $ 3,917,678 $ 3,823,802 $ 3,751,522
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 54,824 58,703 62,582 66,658 70,761
Total tangible shareholders' equity $ 3,005,558 $ 2,942,352 $ 2,839,450 $ 2,741,498 $ 2,665,115
Total assets $ 27,515,879 $ 27,099,829 $ 26,680,153 $ 26,514,940 $ 26,262,050
Less:
Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646
Other intangibles, net 54,824 58,703 62,582 66,658 70,761
Total tangible assets $ 26,445,409 $ 26,025,480 $ 25,601,925 $ 25,432,636 $ 25,175,643
Equity to Assets 14.81  % 14.82  % 14.68  % 14.42  % 14.28  %
Tangible Common Equity to Tangible Assets 11.37  % 11.31  % 11.09  % 10.78  % 10.59  %


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting Table 10
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2025 2025 2025 2025 2024 2025 2024
Retail Mortgage Division
Net interest income $ 19,312  $ 20,179  $ 22,031  $ 21,844  $ 23,714  $ 83,366  $ 94,296 
Provision for credit losses (3,142) 529  1,010  5,191  (2,503) 3,588  (2,799)
Noninterest income 30,056  40,081  37,726  34,729  36,623  142,592  167,031 
Noninterest expense
Salaries and employee benefits 21,413  21,589  24,358  20,995  22,876  88,355  92,436 
Occupancy and equipment expenses 754  760  811  829  951  3,154  3,965 
Data processing and telecommunications expenses 1,315  1,232  1,391  1,297  1,222  5,235  5,048 
Other noninterest expenses 11,547  12,480  12,496  11,963  12,118  48,486  50,209 
Total noninterest expense 35,029  36,061  39,056  35,084  37,167  145,230  151,658 
Income before income tax expense 17,481  23,670  19,691  16,298  25,673  77,140  112,468 
Income tax expense 3,671  4,970  4,135  3,423  5,391  16,199  23,618 
Net income $ 13,810  $ 18,700  $ 15,556  $ 12,875  $ 20,282  $ 60,941  $ 88,850 
Warehouse Lending Division
Net interest income $ 7,430  $ 7,474  $ 7,091  $ 5,902  $ 6,640  $ 27,897  $ 26,772 
Provision for credit losses 129  23  369  (175) (59) 346  275 
Noninterest income 736  756  1,893  554  676  3,939  4,209 
Noninterest expense
Salaries and employee benefits 556  566  618  552  583  2,292  3,216 
Occupancy and equipment expenses 7  7  7  7  6  28  26 
Data processing and telecommunications expenses 54  57  59  38  44  208  160 
Other noninterest expenses 195  195  96  270  224  756  976 
Total noninterest expense 812  825  780  867  857  3,284  4,378 
Income before income tax expense 7,225  7,382  7,835  5,764  6,518  28,206  26,328 
Income tax expense 1,517  1,550  1,646  1,210  1,369  5,923  5,529 
Net income $ 5,708  $ 5,832  $ 6,189  $ 4,554  $ 5,149  $ 22,283  $ 20,799 
Premium Finance Division
Net interest income $ 11,802  $ 12,251  $ 11,190  $ 9,880  $ 10,390  $ 45,123  $ 36,405 
Provision for credit losses 926  461  716  456  517  2,559  883 
Noninterest income 17  18  17  16  13  68  45 
Noninterest expense
Salaries and employee benefits 2,446  2,492  2,331  2,352  2,029  9,621  8,194 
Occupancy and equipment expenses 37  39  36  37  51  149  225 
Data processing and telecommunications expenses 106  101  91  129  106  427  370 
Other noninterest expenses 1,240  1,075  1,115  969  1,173  4,399  4,436 
Total noninterest expense 3,829  3,707  3,573  3,487  3,359  14,596  13,225 
Income before income tax expense 7,064  8,101  6,918  5,953  6,527  28,036  22,342 
Income tax expense 1,450  1,669  1,410  1,214  1,334  5,743  4,525 
Net income $ 5,614  $ 6,432  $ 5,508  $ 4,739  $ 5,193  $ 22,293  $ 17,817 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued) Table 10
Three Months Ended Twelve Months Ended
Dec Sep Jun Mar Dec Dec Dec
(dollars in thousands) 2025 2025 2025 2025 2024 2025 2024
Banking Division
Net interest income $ 206,763  $ 198,060  $ 191,501  $ 184,213  $ 181,077  $ 780,537  $ 691,717 
Provision for credit losses 25,037  21,617  677  16,420  14,853  63,751  60,434 
Noninterest income 31,018  35,419  29,275  28,724  31,647  124,436  121,972 
Noninterest expense
Salaries and employee benefits 57,582  66,301  62,001  62,716  62,322  248,600  243,795 
Occupancy and equipment expenses 10,523  10,718  10,547  9,804  10,616  41,592  44,568 
Data processing and telecommunications expenses 14,761  14,668  13,825  13,391  13,259  56,645  54,121 
Other noninterest expenses 20,554  22,286  25,478  25,685  24,369  94,003  96,049 
Total noninterest expense 103,420  113,973  111,851  111,596  110,566  440,840  438,533 
Income before income tax expense 109,324  97,889  108,248  84,921  87,305  400,382  314,722 
Income tax expense 26,100  22,824  25,667  19,154  23,553  93,745  83,503 
Net income $ 83,224  $ 75,065  $ 82,581  $ 65,767  $ 63,752  $ 306,637  $ 231,219 
Total Consolidated
Net interest income $ 245,307  $ 237,964  $ 231,813  $ 221,839  $ 221,821  $ 936,923  $ 849,190 
Provision for credit losses 22,950  22,630  2,772  21,892  12,808  70,244  58,793 
Noninterest income 61,827  76,274  68,911  64,023  68,959  271,035  293,257 
Noninterest expense
Salaries and employee benefits 81,997  90,948  89,308  86,615  87,810  348,868  347,641 
Occupancy and equipment expenses 11,321  11,524  11,401  10,677  11,624  44,923  48,784 
Data processing and telecommunications expenses 16,236  16,058  15,366  14,855  14,631  62,515  59,699 
Other noninterest expenses 33,536  36,036  39,185  38,887  37,884  147,644  151,670 
Total noninterest expense 143,090  154,566  155,260  151,034  151,949  603,950  607,794 
Income before income tax expense 141,094  137,042  142,692  112,936  126,023  533,764  475,860 
Income tax expense 32,738  31,013  32,858  25,001  31,647  121,610  117,175 
Net income $ 108,356  $ 106,029  $ 109,834  $ 87,935  $ 94,376  $ 412,154  $ 358,685 


EX-99.2 3 a4q25earningspresentatio.htm EX-99.2 a4q25earningspresentatio
4th Quarter 2025 Results Investor Presentation

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

 
Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified and granular loan portfolio among geographies and product lines • Stable deposit base with 28.7% noninterest-bearing deposits • Experienced executive team with skills and leadership to continue to grow organically • Focus on shareholder value with 13% annualized tangible book value growth over the last five years Strong History of Earnings 2 Growth Focused $1.37 $1.27 $1.60 $1.54 $1.59 1.42% 1.36% 1.65% 1.56% 1.57% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 4Q24 1Q25 2Q25 3Q25 4Q25 Diluted EPS ROA $24.1 $24.5 $24.6 $25.1 $25.5 $38.59 $39.78 $41.32 $42.90 $44.18 $23.0 $23.3 $23.6 $23.9 $24.2 $24.5 $24.8 $25.1 $25.4 $25.7 $36.00 $38.00 $40.00 $42.00 $44.00 $46.00 4Q24 1Q25 2Q25 3Q25 4Q25 Earning Assets (Billions) Tangible Book Value per Share

 
Southeast Scarcity Value 3 1 – Census data obtained from S&P Global Market Intelligence 2 – Historical and projected population change from S&P Capital and Claritas Grey areas represent MSAs in the top 25% of projected population growth where Ameris has branches. (2) Top Southeast Market Share • Scarcity value in strong Southeast markets projected to grow faster than the national average(1) • #1 deposit market share in Atlanta for banks under $50 billion in assets • #2 deposit market share in Jacksonville for banks under $50 billion in assets • #1 deposit market share in Savannah for banks under $50 billion in assets • Increasing deposit market share by 1% in Atlanta, Jacksonville and Savannah (our top three markets) would be $3.7 billion of additional deposits Population Growth in our Markets Outpaces National Average Deposit market share according to the FDIC's Summary of Deposits as of June 30, 2025.

 
46.6% Efficiency Ratio 1.9x National Growth Markets(3) 1.62% Allowance for Credit Losses 13.2% CET1 Ratio(2) 13% 5-yr TBV(1) CAGR 14.5% ROTCE(1) 20% Fees to Revenue Disciplined and Focused Mgmt Team 11.4% TCE/TA Ratio(1) 28.7% NIB Deposits 3.85% Net Interest Margin 1.57% ROA 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 2 – Regulatory capital ratios are estimated for most recent period end 3 – Ameris Southeast Markets projected to grow approximately 1.9x the national average over the next five years per census data obtained from S&P Global Market Intelligence4 Why Ameris? Leading Industry Performance

 
23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 34.52 35.79 37.51 38.59 39.78 41.32 42.90 44.18 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Tangible Book Value/Share Delivering Shareholder Value Tangible Book Value Growth 5 • Management remains laser focused on growing shareholder value • Over the past five years, TBV(1) has grown by 13% annualized • TBV(1) increased $1.28 per share in 4Q25: • $1.38 from retained earnings • $0.04 from impact of AOCI • ($0.14) from all other, including share repurchases 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
1 – Regulatory capital ratios are estimated for most recent period end 2 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 3 – Growth rate calculated from comparable prior period 6 History of Consistent Performance 5 Year Performance Metrics 2021-2025 (5 Year) 2021 2022 2023 2024 2025 Average ROA 1.73% 1.47% 1.06% 1.38% 1.54% 1.43% ROTCE(2) 20.6% 17.8% 12.2% 14.4% 14.5% 15.9% Net Interest Margin 3.32% 3.76% 3.61% 3.56% 3.79% 3.61% Net Interest Income Growth(3) 2.8% 22.2% 4.2% 1.7% 10.3% 8.3% Efficiency Ratio 54.9% 51.7% 53.7% 53.2% 50.0% 52.7% Fees/Revenue 35.8% 26.2% 22.5% 25.7% 22.4% 26.5% NIB Deposits/Total Deposits 39.5% 40.7% 31.3% 29.9% 28.7% 34.1% CET1 Ratio(1) 10.5% 9.9% 11.2% 12.7% 13.2% 11.5% TCE Ratio(2) 8.0% 8.7% 9.6% 10.6% 11.4% 9.7% CRE Concentration 291% 292% 282% 268% 262% 279% Allowance for Credit Losses/Total Loans 1.06% 1.04% 1.52% 1.63% 1.62% 1.37% Net Charge Offs/Total Loans 0.04% 0.08% 0.25% 0.19% 0.18% 0.15%

 
4Q 2025 Operating Highlights 7 • Net income of $108.4 million, or $1.59 per diluted share • Return on average assets ("ROA") of 1.57% • Return on average tangible common equity(1) of 14.46% • Efficiency ratio improvement to of 46.59% • Net interest margin (TE) expansion of five bps to 3.85% for the fourth quarter of 2025 • Growth in net interest income of $7.3 million, or 12.2% annualized, from third quarter of 2025 • Loan growth of $255.1 million, or 4.8% annualized • Earning asset growth of $374.0 million, or 5.9% annualized • Tangible book value(1) growth of $1.28 per share, or 11.8% annualized, to $44.18 at December 31, 2025 • Share repurchases totaled $40.8 million or 563,798 shares of common stock in the quarter 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
Full Year 2025 Operating Highlights 8 • Net income of $412.2 million, or $6.00 per diluted share • ROA of 1.54% • Return on average tangible common equity(1) of 14.51% • Net interest margin (TE) of 3.79% for the full year 2025 • Earning asset growth of $1.32 billion, or 5.5% • Total deposits increase of $653.5 million, or 3.0% • TCE ratio(1) of 11.37%, compared with 10.59% one year ago • Tangible book value(1) growth of $5.59 per share, or 14.5%, to $44.18 at December 31, 2025 • Allowance for loan losses of 1.62% of loans at December 31, 2025 • Decline in net charge-offs to 0.18% of average total loans 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
Financial Highlights 9 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix (dollars in thousands, except per share data) 4Q25 3Q25 Change 4Q24 Change 2025 2024 Change Net Income $108,356 $106,029 2% $ 94,376 15% $ 412,154 $ 358,685 15% Adjusted Net Income(1) $108,848 $105,289 3% $ 95,078 14% $ 411,625 $ 346,640 19% Net Income Per Diluted Share $ 1.59 $ 1.54 3% $ 1.37 16% $ 6.00 $ 5.19 16% Adjusted Net Income Per Share(1) $ 1.59 $ 1.53 4% $ 1.38 15% $ 5.99 $ 5.02 19% Return on Assets 1.57% 1.56% 1% 1.42% 11% 1.54% 1.38% 11% Adjusted Return on Assets(1) 1.58% 1.55% 2% 1.43% 10% 1.53% 1.33% 15% Return on Equity 10.63% 10.61% 0% 10.09% 5% 10.52% 10.01% 5% Return on TCE(1) 14.46% 14.57% -1% 14.27% 1% 14.51% 14.41% 1% Adjusted Return on TCE(1) 14.53% 14.46% 0% 14.37% 1% 14.49% 13.93% 4% Efficiency Ratio 46.59% 49.19% -5% 52.26% -11% 50.00% 53.20% -6% Adjusted Efficiency Ratio(1) 46.54% 49.47% -6% 51.82% -10% 49.99% 53.88% -7% Net Interest Margin 3.85% 3.80% 1% 3.64% 6% 3.79% 3.56% 6% Quarter to Date Results Year To Date Results

 
Strong Net Interest Margin 10 • Net interest margin improved 5 bps to 3.85% in the fourth quarter of 2025 • Net interest income (TE) grew by $7.4 million in 4Q25 • Interest income (TE) increased $3.1 million • Interest expense decreased $4.3 million • Average earning assets increased 7.0% annualized Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity continues near neutrality in preparation for further potential FOMC rate changes: • -0.1% asset sensitivity in -100bps • -0.1% asset sensitivity in -50bps • +0.2% asset sensitivity in +50bps • +0.5% asset sensitivity in +100bps • Approximately $12.5 billion of total loans reprice within one year through either maturities or floating rate indices $222.8 $222.8 $232.7 $238.9 $246.3 3.64% 3.73% 3.77% 3.80% 3.85% 3.50% 3.60% 3.70% 3.80% 3.90% 4.00% 4.10% $200.0 $210.0 $220.0 $230.0 $240.0 $250.0 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Income (TE) (in millions) NIM

 
Diversified Revenue Stream 11 • Strong revenue base of net interest income from core banking division and lines of business • Additional noninterest revenue provided by our diversified lines of business Mortgage Banking Activity • Mortgage banking activity represented 10% of total revenue in 4Q25 • Gain on sale margin stable at 2.20% in 4Q25 Other Noninterest Income • Other Noninterest Income includes: • Service charges on deposit accounts • Fee income from equipment finance • Gain on sale of SBA loans • BOLI income Strong Revenue Stream 76% 78% 77% 76% 80% 13% 12% 13% 13% 10% 11% 10% 10% 11% 10% $291.7 $286.8 $301.7 $315.2 $308.1 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4Q24 1Q25 2Q25 3Q25 4Q25 Revenue Sources (Tax-Equivalent) (in millions) Net Interest Income (TE) Mortgage Banking Activity Other Noninterest Income 2.40% 2.17% 2.22% 2.20% 2.20% 2.00% 2.10% 2.20% 2.30% 2.40% 2.50% 4Q24 1Q25 2Q25 3Q25 4Q25 Mortgage Gain on Sale Margin

 
Disciplined Expense Control Noninterest Expense and Efficiency Ratio Expense Highlights 12 • Management continues to deliver high performing operating efficiency • Efficiency ratio of 46.59% in 4Q25 • Positive operating leverage on margin expansion and lower noninterest expenses helped drive lower efficiency ratio • Improvement compared with 49.19% in 3Q25 and 52.26% in 4Q24 • Total expenses decreased $11.5 million in 4Q25 compared with 3Q25: • Core bank expenses decreased $10.6 million mostly due to lower incentive compensation, healthcare costs, and 401(k) expenses • Lines of business expenses decreased $900,000 mostly due to reduced loan servicing expenses related to recent MSR sales 52.26% 52.83% 51.63% 49.19% 46.59% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 4Q24 1Q25 2Q25 3Q25 4Q25 Efficiency Ratio $110.6 $111.6 $111.9 $114.0 $103.4 $41.4 $39.4 $43.4 $40.6 $39.7 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 4Q24 1Q25 2Q25 3Q25 4Q25 Noninterest Expenses (in millions) Banking LOBs

 
Granular Core Deposit Base 13 Deposits by Product Type • Total deposits increased $147.9 million, or 2.6% annualized, during 4Q25: • Non-brokered, non-public fund deposits decreased $744.3 million • Seasonal inflows of public funds totaled $892.6 million • Brokered CDs decreased $403,000, and represent only 5% of total deposits • Noninterest-bearing deposits remained strong at 28.7% of total deposits • Granular deposit base with $45,732 average account size over approximately 489,000 accounts 4Q25 Highlights Deposits by Customer Deposit Type Balance (in 000s) % of Total Count Average per account NIB 6,426,145$ 28.7% 313,417 20,503$ NOW 4,130,070 18.5% 41,769 98,879 Checking (NIB/NOW) 10,556,215 47.2% 355,186 29,720 MMDA 7,561,533 33.8% 33,200 227,757 Savings 758,937 3.4% 62,630 12,118 CD 3,499,310 15.6% 38,267 91,445 Total 22,375,995$ 100% 489,283 45,732$ Consumer 34% Commercial 42% Public 19% Brokered 5% 4Q25

 
Capital Strength 14 Capital Highlights • The Company remains well capitalized • TCE ratio of 11.4% and CET1 ratio of 13.2% are strong and above peer levels • Minimal impact from unrealized gains/losses, as the bond portfolio has unrealized gains of $14.0 million • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • Redeemed $74 million of bank subordinated debt in September 2025 and $110 million of holding company subordinated debt in October 2025 • As of December 31, 2025, capital components included only common equity and approximately $134.3 million of trust preferred debt Capital ratios are estimated for most recent period end Strong Capital Base Share Repurchase Plan • Board authorized $200 million share repurchase program in October 2025, of which $159.2 million remains as of December 31, 2025 • Repurchased $40.8 million of common shares during 4Q25 and $77.1 million in the full year 2025 10.7% 11.0% 11.1% 11.4% 11.4% 12.7% 12.9% 13.0% 13.2% 13.2% 15.4% 15.6% 15.4% 15.1% 15.0% 4Q24 1Q25 2Q25 3Q25 4Q25 Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio

 
Loan Diversification and Credit Quality

 
Diversified Loan Portfolio 4Q25 Loan Portfolio 16 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Portfolio is spread across over 158,000 loans with an average size of ~$136,000 • Asset quality metrics remain stable and better than historical averages • CRE and C&D concentrations were 262% and 43%, respectively, compared with 261% and 42%, respectively, at 3Q25 • Non-owner-occupied office loans totaled $1.37 billion at 4Q25, or 6.4% of total loans • Allowance for Credit Losses (ACL) on loans is 1.62% of total loans • Limited exposure to non-mortgage consumer loans and HELOCs Portfolio Highlights Agriculture 1% C&I 26% Municipal 2% Consumer 1% Investor CRE 25% OO CRE 8% Construction 7% Multi-Family 9% HELOC 2% SFR Mortgage 19% $21.5 Billion

 
Loan Balance Changes 4Q25 Loan Balance Changes 17 • Loan balances increased $255 million, or 4.8% annualized, during 4Q25 despite headwinds from over $500 million of Investor CRE and Multi-Family payoffs • 4Q25 production totaled $2.4 billion, exhibiting the highest production levels since 2022 • 16% increase from $2.1 billion in 3Q25 • 37% increase from $1.8 billion in 4Q24 (in millions) (1) C&I includes premium finance, mortgage warehouse, traditional C&I, CSVLI, and equipment finance Growth Highlights $87 $87 $75 $58 $24 $(37) $(39) $(60) $(40) $(20) $- $20 $40 $60 $80 $100 OO CRE Investor CRE Multi-Family Construction C&I (1) RE - RES Other

 
Allowance for Credit Losses 18 • The ACL on loans totaled $348.1 million, or 1.62%, at 4Q25 • During 4Q25, the Company recorded provision expense of $23.0 million, which included $6.3 million of provision on unfunded commitments due to strong 4Q25 production • The December economic forecasts used in the ACL model were equally weighted between the baseline and S2 adverse scenarios 4Q25 CECL Reserve Reserve Summary (in millions) (dollars in millions) 4Q25 Allowance Coverage Outstanding Balance ACL ACL % Gross Loans $21,513.5 $348.1 1.62% Unfunded Commitments $4,489.9 $53.3 1.19% 1.52% 1.55% 1.60% 1.60% 1.63% 1.67% 1.62% 1.62% 1.62% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $150 $175 $200 $225 $250 $275 $300 $325 $350 $375 $400 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ACL - Loans ACL - Unfunded Commitments ACL on Loans / Total Loans

 
NPA / Charge-Off Trend 19 • The increase in NPAs in 4Q25 is primarily attributable to government guaranteed mortgages, which represent 35.5% of all NPAs • Net charge-offs totaled $13.8 million, or 0.26% annualized, in 4Q25 • Net charge-offs totaled $37.3 million, or 0.18%, in 2025 Credit Summary ($ in millions) 0.47% 0.44% 0.36% 0.40% 0.44% 0.42% 0.38% 0.32% 0.33% 0.35% 0.25% 0.30% 0.35% 0.40% 0.45% 0.50% 4Q24 1Q25 2Q25 3Q25 4Q25 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.25% 0.19% 0.18% $- $10 $20 $30 $40 $50 $60 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 2023 2024 2025 Annual Net Charge-Offs Net Charge-offs NCO Ratio 0.17% 0.18% 0.14% 0.14% 0.26% $0 $2 $4 $6 $8 $10 $12 $14 $16 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly Net Charge-Offs Net Charge-offs NCO Ratio (Annualized)

 
Problem Loan Trends 20 • Total criticized loans (including special mention), excluding GNMA- guaranteed mortgage loans, increased $3.2 million, or 1.8%, in 4Q25 • Classified loans, excluding GNMA-guaranteed mortgage loans, increased approximately $747,000, or 0.5%, in 4Q25 • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, increased $6.6 million, or 7.6%, in 4Q25 • The largest component of classified and nonperforming loans at 4Q25 was residential mortgages including government guaranteed Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA-guaranteed loans. Ratios expressed as a percentage of total loans net of GNMA-backed mortgage loans. % Criticized ACL Coverage 190% Classified ACL Coverage 242% NPL ACL Coverage 374% 1.30% 1.09% 0.99% 0.85% 0.85% 0.77% 0.73% 0.68% 0.67% 0.67% 0.52% 0.49% 0.40% 0.41% 0.43% $0 $50 $100 $150 $200 $250 $300 4Q24 1Q25 2Q25 3Q25 4Q25 Criticized Loans Classified Loans Nonperforming Loans

 
Term Investor CRE • Past due investor CRE loans were 0.01% and NPLs were 0.00% at 4Q25 • Reserve for term investor CRE is $105.9 million, or 1.44% • Investor CRE portfolio is well diversified with over 80% of CRE loans located in MSAs in the Bank’s footprint, which exhibit population growth forecasts exceeding the national average 21 Highlights (1) Results based on stabilized term loans, or 63% of total Investor CRE loans Investor CRE Multi-Family $2,069 Office $1,316 Retail - Anchored $1,316 Retail - Non Anchored $981 Warehouse / Industrial $1,040 Hotel $407 All Other CRE $405 Investor CRE by Property Type GA $2,433 FL $2,610 SC $966 NC $672 All Other $853 Investor CRE by Property Location Investor CRE 25% Multi 9% (dollars in Millions) Outstanding $7.35 B Unfunded $0.18 B Total Committed Exposure $7.53 B Average Loan Size $4.34 M Allowance Coverage 1.44% PD Ratio 0.01% NPL Ratio 0.00% Criticized Ratio 0.57% Criticized ACL Coverage 251% Average LTV (1) 57% Average DSC (1) 1.59

 
Office Portfolio • There were no past due or nonperforming investor office loans at 4Q25 • Our reserve for investor office is $45.9 million, or 3.35% 22 Highlights (1) Results based on stabilized term loans, or 87% of term office loans Investor Office Construction $110.6 Investor CRE $1,257.8 Owner- Occupied $456.9 Total Office Portfolio by Loan Type Class A 52% Medical 18% Class B 29% Class C 1% Investor Office Portfolio by Property Class (dollars in Millions) Outstanding $1.37 B Unfunded $0.09 B Total Committed Exposure $1.45 B Average Loan Size $3.68 M Allowance Coverage 3.35% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 2.41% Criticized ACL Coverage 139% Average LTV (1) 58% Average DSC (1) 1.62 Class A & Medical (1) 70%

 
Appendix

 
24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q25 3Q25 4Q24 2025 2024 Net Income $ 108,356 $ 106,029 $ 94,376 $ 412,154 $ 358,685 Adjustment items Gain on sale of MSR 1,127 (125) (536) 660 (10,494) Gain on conversion of Visa Class B-1 stock - - - - (12,554) Servicing right impairment 910 - - 910 - Gain on BOLI proceeds (220) (390) - (621) (1,464) FDIC special assessment (1,136) (318) (559) (1,454) 1,455 Natural disaster expenses - - 400 - 550 Loss on bank premises - - 1,203 - 1,203 Tax effect of adjustment items (189) 93 (107) (24) 4,166 After tax adjustment items 492 (740) 401 (529) (17,138) Tax expense attributable to BOLI restructuring - - 301 - 5,093 Adjusted Net Income $ 108,848 $ 105,289 $ 95,078 $ 411,625 $ 346,640 Weighted average number of shares - diluted 68,328,365 68,665,669 69,128,946 68,705,914 69,061,832 Net income per diluted share $ 1.59 $ 1.54 $ 1.37 $ 6.00 $ 5.19 Adjusted net income per diluted share $ 1.59 $ 1.53 $ 1.38 $ 5.99 $ 5.02 Average assets 27,394,953 26,972,134 26,444,894 26,842,018 26,036,681 Return on average assets 1.57% 1.56% 1.42% 1.54% 1.38% Adjusted return on average assets 1.58% 1.55% 1.43% 1.53% 1.33% Average common equity 4,044,338 3,964,207 3,719,888 3,918,733 3,583,390 Average tangible common equity 2,971,985 2,887,961 2,631,452 2,840,493 2,488,588 Return on average common equity 10.63% 10.61% 10.09% 10.52% 10.01% Return on average tangible common equity 14.46% 14.57% 14.27% 14.51% 14.41% Adjusted return on average tangible common equity 14.53% 14.46% 14.37% 14.49% 13.93% Quarter to Date Year to Date

 
25 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q25 3Q25 2Q25 1Q25 4Q24 2025 2024 Adjusted Noninterest Expense Total noninterest expense 143,090$ 154,566$ 155,260$ 151,034$ 151,949$ 603,950$ 607,794$ Adjustment items: FDIC special assessment 1,136 318 138 (138) 559 1,454 (1,455) Natural disaster expenses - - - - (400) - (550) Gain on sale of premises - - - - (1,203) - (1,203) Adjusted noninterest expense 144,226$ 154,884$ 155,398$ 150,896$ 150,905$ 605,404$ 604,586$ Total Revenue Net interest income 245,307$ 237,964$ 231,813$ 221,839$ 221,821$ 936,923$ 849,190$ Noninterest income 61,827 76,274 68,911 64,023 68,959 271,035 293,257 Total revenue 307,134$ 314,238$ 300,724$ 285,862$ 290,780$ 1,207,958$ 1,142,447$ Adjusted Total Revenue Net interest income (TE) 246,287$ 238,917$ 232,741$ 222,767$ 222,773$ 940,712$ 853,020$ Noninterest income 61,827 76,274 68,911 64,023 68,959 271,035 293,257 Total revenue (TE) 308,114$ 315,191$ 301,652$ 286,790$ 291,732$ 1,211,747$ 1,146,277$ Adjustment items: (Gain) loss on securities (12) (1,581) - (40) 16 (1,633) (12,304) Gain on BOLI proceeds (220) (390) - (11) - (621) (1,464) (Gain) loss on sale of mortgage servicing rights 1,127 (125) (356) 14 (536) 660 (10,494) Adjusted total revenue (TE) 309,919$ 313,095$ 301,296$ 286,753$ 291,212$ 1,211,063$ 1,122,015$ Efficiency ratio 46.59% 49.19% 51.63% 52.83% 52.26% 50.00% 53.20% Adjusted efficiency ratio (TE) 46.54% 49.47% 51.58% 52.62% 51.82% 49.99% 53.88% Year to DateQuarter to Date

 
26 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q25 3Q25 2Q25 1Q25 4Q24 Total shareholders' equity 4,076,028$ 4,016,701$ 3,917,678$ 3,823,802$ 3,751,522$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 54,824 58,703 62,582 66,658 70,761 Total tangible shareholders' equity 3,005,558$ 2,942,352$ 2,839,450$ 2,741,498$ 2,665,115$ Period end number of shares 68,022,316 68,587,742 68,711,043 68,910,924 69,068,609 Book value per share (period end) 59.92$ 58.56$ 57.02$ 55.49$ 54.32$ Tangible book value per share (period end) 44.18$ 42.90$ 41.32$ 39.78$ 38.59$ Total assets $ 27,515,879 $ 27,099,829 $ 26,680,153 $ 26,514,940 $ 26,262,050 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 54,824 58,703 62,582 66,658 70,761 Total tangible assets 26,445,409$ 26,025,480$ 25,601,925$ 25,432,636$ 25,175,643$ Equity to Assets 14.81% 14.82% 14.68% 14.42% 14.28% Tangible Common Equity to Tangible Assets 11.37% 11.31% 11.09% 10.78% 10.59% Quarter to Date

 
27 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2021 2022 2023 2024 2025 Return on Tangible Common Equity Net Income 376,913$ 346,540$ 269,105$ 358,685$ 412,154$ Average common equity 2,827,669 3,083,081 3,313,361 3,583,390 3,918,733 Average tangible common equity 1,826,433 1,947,222 2,200,883 2,488,588 2,840,493 Return on average common equity 13.3% 11.2% 8.1% 10.0% 10.5% Return on average tangible common equity 20.6% 17.8% 12.2% 14.4% 14.5% (dollars in thousands) 2021 2022 2023 2024 2025 Total shareholders' equity 2,966,451$ 3,197,400$ 3,426,747$ 3,751,522$ 4,076,028$ Less: Goodwill 1,012,620 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 125,938 106,194 87,949 70,761 54,824 Total tangible shareholders' equity 1,827,893$ 2,075,560$ 2,323,152$ 2,665,115$ 3,005,558$ Total assets $ 23,858,321 $ 25,053,286 $ 25,203,699 $ 26,262,050 $ 27,515,879 Less: Goodwill 1,012,620 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 125,938 106,194 87,949 70,761 54,824 Total tangible assets 22,719,763$ 23,931,446$ 24,100,104$ 25,175,643$ 26,445,409$ Equity to Assets 12.4% 12.8% 13.6% 14.3% 14.8% Tangible Common Equity to Tangible Assets 8.0% 8.7% 9.6% 10.6% 11.4%

 
28 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 Total shareholders' equity 4,076,028$ 4,016,701$ 3,917,678$ 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 54,824 58,703 62,582 66,658 70,761 74,941 79,120 83,527 87,949 92,375 96,800 Total tangible shareholders' equity 3,005,558$ 2,942,352$ 2,839,450$ 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ Period end number of shares 68,022,316 68,587,742 68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 Book value per share (period end) 59.92$ 58.56$ 57.02$ 55.49$ 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ Tangible book value per share (period end) 44.18$ 42.90$ 41.32$ 39.78$ 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 Total shareholders' equity 3,253,195$ 3,197,400$ 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ Less: Goodwill 1,015,646 1,015,646 1,023,071 1,023,056 1,022,345 1,012,620 928,005 928,005 928,005 928,005 Other intangibles, net 101,488 106,194 110,903 115,613 120,757 125,938 60,396 63,783 67,848 71,974 Total tangible shareholders' equity 2,136,061$ 2,075,560$ 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ Period end number of shares 69,373,863 69,369,050 69,352,709 69,360,461 69,439,084 69,609,228 69,635,435 69,767,209 69,713,426 69,541,481 Book value per share (period end) 46.89$ 46.09$ 44.97$ 44.31$ 43.31$ 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ Tangible book value per share (period end) 30.79$ 29.92$ 28.62$ 27.89$ 26.84$ 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ As of As of