8-K
Ameris Bancorp (ABCB)
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): | April 28, 2025 | | --- | --- || Ameris Bancorp | | --- | | (Exact Name of Registrant as Specified in Charter) || Georgia | 001-13901 | 58-1456434 | | --- | --- | --- | | (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | | 3490 Piedmont Road N.E., Suite 1550 | | | | --- | --- | --- | | Atlanta, | Georgia | 30305 | | (Address of Principal Executive Offices) | | (Zip Code) | | Registrant’s telephone number, including area code: | (404) | 639-6500 | | --- | --- | --- || (Former Name or Former Address, if Changed Since Last Report) | | --- |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $1.00 per share | ABCB | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On April 28, 2025, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended March 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 April 29, 2025 is attached to this Report as Exhibit 99.2. The investor presentation material is also available on the “Investor Relations” page of the Company’s website (http://www.amerisbank.com).
The information contained in this Item 7.01 and in Exhibit 99.2 attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press release datedApril 28, 2025 |
|---|---|
| 99.2 | Investor Presentation re:1stQuarter 2025Results |
| 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: April 28, 2025
Document
News Release
AMERIS BANCORP ANNOUNCES FIRST QUARTER 2025 FINANCIAL RESULTS
Highlights of Ameris’s results for the first quarter of 2025 include the following:
•Net income of $87.9 million, or $1.27 per diluted share
•Return on average assets ("ROA") of 1.36%
•Tangible book value(1) growth of $1.19 per share, or 12.5% annualized, to $39.78 at March 31, 2025
•TCE ratio(1) of 10.78%, compared with 9.71% one year ago
•Net interest margin (TE) expansion of 9bps to 3.73% for the first quarter of 2025
•Continued growth in noninterest bearing deposits, now representing 30.8% of total deposits
•Efficiency ratio of 52.83%
•Increase in the allowance for credit losses to 1.67% of loans, from 1.63% at December 31, 2024
•Annualized net charge-offs of 0.18% of average total loans
ATLANTA, GA, April 28, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $87.9 million, or $1.27 per diluted share, for the quarter ended March 31, 2025, compared with $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024.
Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our first quarter performance showed a strong start for 2025 for Ameris. Results included 12.5% annualized tangible book value growth, a nine basis point increase in our margin, noninterest-bearing deposit growth to 30.8% of total deposits and continued above peer return metrics. We continued to build capital with TCE growing to 10.8% of tangible assets, and strengthened our allowance for credit losses to 1.67% of total loans. While economic uncertainty is currently high, Ameris will control what it can by focusing on our customers and prioritizing discipline in balance sheet management and operational efficiency. Our strong core deposit base, healthy net interest margin and continued focus on shareholder value, paired with the growth potential in our attractive Southeast markets, position us well for continued success over the years ahead."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $222.8 million in the first quarter of 2025, unchanged from last quarter and an increase of $20.4 million, or 10.1%, compared with the first quarter of 2024. The Company's net interest margin expanded to 3.73% for the first quarter of 2025, a nine basis point increase from 3.64% reported for the fourth quarter of 2024 and a 22 basis point improvement from the 3.51% reported for the first quarter of 2024. The increase in net interest margin is primarily attributable to decreased deposit costs.
Yields on earning assets decreased six basis points during the quarter to 5.61%, compared with 5.67% in the fourth quarter of 2024. This decrease is primarily related to a decrease in yields on loans from 5.87% for the fourth quarter of 2024 to 5.82% during the first quarter of 2025. Compared with the first quarter of 2024, loan yields decreased 10 basis points from 5.92%. Yields on earning assets decreased 12 basis points from 5.73% compared with the first quarter of 2024.
The Company’s total cost of funds was 2.06% in the first quarter of 2025, a decrease of 16 and 35 basis points compared with the fourth quarter of 2024 and first quarter of 2024, respectively. Deposit costs decreased 14 basis points during the first quarter of 2025 to 1.98%, compared with 2.12% in the fourth quarter of 2024. Costs of interest-bearing deposits decreased during the quarter from 3.06% in the fourth quarter of 2024 to 2.83% in the first quarter of 2025, reflecting a decrease in brokered deposit account balances and costs, as well as money market account costs.
Noninterest Income
Noninterest income decreased $4.9 million, or 7.2%, in the first quarter of 2025 to $64.0 million, compared with $69.0 million for the fourth quarter of 2024, primarily as a result of a decrease in gains on sale of SBA loans. Mortgage banking activity decreased by $1.4 million, or 3.9%, to $35.3 million in the first quarter of 2025, compared with $36.7 million for the fourth quarter of 2025. Total production in the retail mortgage division seasonally declined $302.4 million, or 24.5%, to $933.0 million in the first quarter of 2025, compared with $1.24 billion for the fourth quarter of 2024. The retail mortgage open pipeline was $771.6 million at the end of the first quarter of 2025, compared with $638.5 million for the fourth quarter of 2024. Gain on sale spreads decreased to 2.17% in the first quarter of 2025 from 2.40% for the fourth quarter of 2024.
Other noninterest income decreased $3.8 million, or 32.9%, in the first quarter of 2025 to $7.8 million, compared with $11.6 million for the fourth quarter of 2024. This decrease primarily resulted from decreases of $3.2 million and $889,000 in gain on sale of SBA loans and customer swap income, respectively.
Noninterest Expense
The Company has remained disciplined on expense control, such that noninterest expense was down $915,000 to $151.0 million during the first quarter of 2025, compared with $151.9 million for the fourth quarter of 2024. Salaries and employee benefits during the first quarter of 2025 included cyclical increases in payroll tax and 401(k) expenses totaling $5.2 million, offset by reductions in incentives and mortgage commissions tied to production. Management continues to focus on operating efficiency, and the efficiency ratio was 52.83% in the first quarter of 2025, compared with 52.26% in the fourth quarter of 2024 and 55.64% in the first quarter of 2024.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2025 was 22.1%, compared with 25.1% for the fourth quarter of 2024. The decreased rate resulted primarily from a return to provision adjustment made when the Company filed its 2023 income tax returns in the fourth quarter of 2024 with no such adjustment in the first quarter of 2025.
Balance Sheet Trends
Total assets at March 31, 2025 were $26.51 billion, compared with $26.26 billion at December 31, 2024. Debt securities available-for-sale increased to $1.94 billion, compared with $1.67 billion at December 31, 2024. Loans, net of unearned income, decreased slightly by $33.3 million, or 0.2%, to $20.71 billion at March 31, 2025, compared with $20.74 billion at December 31, 2024. Loans held for sale increased to $545.4 million at March 31, 2025 from $528.6 million at December 31, 2024.
At March 31, 2025, total deposits amounted to $21.91 billion, compared with $21.72 billion at December 31, 2024. During the first quarter of 2025, deposits increased $190.0 million, with seasonal outflows of public funds totaling $405.9 million, brokered CDs increasing $246.8 million and the remaining (non-brokered, non-public funds) increasing $349.1 million. Noninterest bearing accounts increased $246.5 million, CDs increased $249.0 million and savings accounts increased $9.9 million, with such increases offset in part by money market accounts decreasing $256.9 million and a $58.5 million decrease in interest bearing demand accounts. Noninterest bearing accounts as a percentage of total deposits increased, such that at March 31, 2025, noninterest bearing deposit accounts represented $6.74 billion, or 30.8% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024.
Shareholders’ equity at March 31, 2025 totaled $3.82 billion, an increase of $72.3 million, or 1.9%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $87.9 million during the first quarter of 2025, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss of $15.7 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $1.19 per share, or 12.5% annualized, during the first quarter of 2025 to $39.78 at March 31, 2025. Tangible common equity as a percentage of tangible assets was 10.78% at March 31, 2025, compared with 10.59% at the end of 2024. The Company repurchased 253,400 shares in the quarter ending March 31, 2025.
Credit Quality
During the first quarter of 2025, the Company recorded a provision for credit losses of $21.9 million, compared with a provision of $12.8 million in the fourth quarter of 2024. The allowance for credit losses on loans increased to 1.67% of loans at March 31, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets decreased three basis points to 0.44% during the quarter. Approximately $13.4 million, or 11.6%, of the nonperforming assets at March 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 decreased four basis points to 0.38% at March 31, 2025, compared with 0.42% at the end of the fourth quarter of 2024. The net charge-off ratio was 18 basis points for the first quarter of 2025, compared with 17 basis points in the fourth quarter of 2024.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, April 29, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until May 6, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 5049412. 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 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.5 billion in assets as of March 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 and payment behavior of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s
Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
For more information, contact:
Brady Gailey
Executive Director of Corporate Development
(404) 240-1517
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FINANCIAL TABLES | |||||||||||||||
| Financial Highlights | Table 1 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| EARNINGS | |||||||||||||||
| Net income | $ | 87,935 | $ | 94,376 | $ | 99,212 | $ | 90,785 | $ | 74,312 | |||||
| Adjusted net income(1) | $ | 88,044 | $ | 95,078 | $ | 95,187 | $ | 80,763 | $ | 75,612 | |||||
| COMMON SHARE DATA | |||||||||||||||
| Earnings per share available to common shareholders | |||||||||||||||
| Basic | $ | 1.28 | $ | 1.37 | $ | 1.44 | $ | 1.32 | $ | 1.08 | |||||
| Diluted | $ | 1.27 | $ | 1.37 | $ | 1.44 | $ | 1.32 | $ | 1.08 | |||||
| Adjusted diluted EPS(1) | $ | 1.28 | $ | 1.38 | $ | 1.38 | $ | 1.17 | $ | 1.10 | |||||
| Cash dividends per share | $ | 0.20 | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 | |||||
| Book value per share (period end) | $ | 55.49 | $ | 54.32 | $ | 53.30 | $ | 51.64 | $ | 50.42 | |||||
| Tangible book value per share (period end)(1) | $ | 39.78 | $ | 38.59 | $ | 37.51 | $ | 35.79 | $ | 34.52 | |||||
| Weighted average number of shares | |||||||||||||||
| Basic | 68,785,458 | 68,799,464 | 68,798,093 | 68,824,150 | 68,808,393 | ||||||||||
| Diluted | 69,030,331 | 69,128,946 | 69,066,298 | 69,013,834 | 69,014,116 | ||||||||||
| Period end number of shares | 68,910,924 | 69,068,609 | 69,067,019 | 69,066,573 | 69,115,263 | ||||||||||
| Market data | |||||||||||||||
| High intraday price | $ | 68.85 | $ | 74.56 | $ | 65.40 | $ | 51.18 | $ | 53.99 | |||||
| Low intraday price | $ | 55.32 | $ | 59.12 | $ | 48.21 | $ | 44.23 | $ | 44.00 | |||||
| Period end closing price | $ | 57.57 | $ | 62.57 | $ | 62.39 | $ | 50.35 | $ | 48.38 | |||||
| Average daily volume | 430,737 | 384,406 | 379,896 | 301,784 | 407,898 | ||||||||||
| PERFORMANCE RATIOS | |||||||||||||||
| Return on average assets | 1.36 | % | 1.42 | % | 1.49 | % | 1.41 | % | 1.18 | % | |||||
| Adjusted return on average assets(1) | 1.36 | % | 1.43 | % | 1.43 | % | 1.25 | % | 1.20 | % | |||||
| Return on average common equity | 9.39 | % | 10.09 | % | 10.91 | % | 10.34 | % | 8.63 | % | |||||
| Adjusted return on average tangible common equity(1) | 13.16 | % | 14.37 | % | 14.99 | % | 13.35 | % | 12.88 | % | |||||
| Earning asset yield (TE) | 5.61 | % | 5.67 | % | 5.81 | % | 5.86 | % | 5.73 | % | |||||
| Total cost of funds | 2.06 | % | 2.22 | % | 2.50 | % | 2.48 | % | 2.41 | % | |||||
| Net interest margin (TE) | 3.73 | % | 3.64 | % | 3.51 | % | 3.58 | % | 3.51 | % | |||||
| Efficiency ratio | 52.83 | % | 52.26 | % | 53.49 | % | 51.68 | % | 55.64 | % | |||||
| Adjusted efficiency ratio (TE)(1) | 52.62 | % | 51.82 | % | 54.25 | % | 55.00 | % | 54.56 | % | |||||
| CAPITAL ADEQUACY (period end) | |||||||||||||||
| Shareholders' equity to assets | 14.42 | % | 14.28 | % | 13.94 | % | 13.45 | % | 13.58 | % | |||||
| Tangible common equity to tangible assets(1) | 10.78 | % | 10.59 | % | 10.24 | % | 9.72 | % | 9.71 | % | |||||
| OTHER DATA (period end) | |||||||||||||||
| Full time equivalent employees | |||||||||||||||
| Banking Division | 2,045 | 2,021 | 2,056 | 2,073 | 2,082 | ||||||||||
| Retail Mortgage Division | 577 | 585 | 592 | 595 | 596 | ||||||||||
| Warehouse Lending Division | 7 | 8 | 9 | 9 | 8 | ||||||||||
| Premium Finance Division | 81 | 77 | 76 | 74 | 73 | ||||||||||
| Total Ameris Bancorp FTE headcount | 2,710 | 2,691 | 2,733 | 2,751 | 2,759 | ||||||||||
| Branch locations | 164 | 164 | 164 | 164 | 164 | ||||||||||
| Deposits per branch location | $ | 133,612 | $ | 132,454 | $ | 133,410 | $ | 130,757 | $ | 128,033 | |||||
| (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 | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Interest income | |||||||||||||||
| Interest and fees on loans | $ | 304,168 | $ | 318,843 | $ | 325,622 | $ | 317,664 | $ | 303,393 | |||||
| Interest on taxable securities | 18,492 | 15,923 | 15,555 | 16,948 | 13,092 | ||||||||||
| Interest on nontaxable securities | 329 | 337 | 336 | 335 | 330 | ||||||||||
| Interest on deposits in other banks | 10,789 | 11,260 | 13,633 | 12,376 | 12,637 | ||||||||||
| Total interest income | 333,778 | 346,363 | 355,146 | 347,323 | 329,452 | ||||||||||
| Interest expense | |||||||||||||||
| Interest on deposits | 105,215 | 115,556 | 129,698 | 121,245 | 118,174 | ||||||||||
| Interest on other borrowings | 6,724 | 8,986 | 11,388 | 14,157 | 9,890 | ||||||||||
| Total interest expense | 111,939 | 124,542 | 141,086 | 135,402 | 128,064 | ||||||||||
| Net interest income | 221,839 | 221,821 | 214,060 | 211,921 | 201,388 | ||||||||||
| Provision for loan losses | 16,519 | 12,657 | 6,313 | 25,348 | 25,523 | ||||||||||
| Provision for unfunded commitments | 5,373 | 148 | (204) | (6,570) | (4,422) | ||||||||||
| Provision for other credit losses | — | 3 | (2) | (5) | 4 | ||||||||||
| Provision for credit losses | 21,892 | 12,808 | 6,107 | 18,773 | 21,105 | ||||||||||
| Net interest income after provision for credit losses | 199,947 | 209,013 | 207,953 | 193,148 | 180,283 | ||||||||||
| Noninterest income | |||||||||||||||
| Service charges on deposit accounts | 13,133 | 13,544 | 12,918 | 12,672 | 11,759 | ||||||||||
| Mortgage banking activity | 35,254 | 36,699 | 37,947 | 46,399 | 39,430 | ||||||||||
| Other service charges, commissions and fees | 1,109 | 1,182 | 1,163 | 1,211 | 1,202 | ||||||||||
| Gain (loss) on securities | 40 | (16) | (8) | 12,335 | (7) | ||||||||||
| Equipment finance activity | 6,698 | 5,947 | 5,398 | 4,983 | 5,336 | ||||||||||
| Other noninterest income | 7,789 | 11,603 | 12,291 | 11,111 | 8,158 | ||||||||||
| Total noninterest income | 64,023 | 68,959 | 69,709 | 88,711 | 65,878 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | 86,615 | 87,810 | 88,700 | 88,201 | 82,930 | ||||||||||
| Occupancy and equipment | 10,677 | 11,624 | 11,716 | 12,559 | 12,885 | ||||||||||
| Data processing and communications expenses | 14,855 | 14,631 | 15,221 | 15,193 | 14,654 | ||||||||||
| Credit resolution-related expenses(1) | 765 | 1,271 | (110) | 840 | 486 | ||||||||||
| Advertising and marketing | 2,883 | 2,730 | 3,959 | 3,456 | 2,467 | ||||||||||
| Amortization of intangible assets | 4,103 | 4,180 | 4,180 | 4,407 | 4,422 | ||||||||||
| Other noninterest expenses | 31,136 | 29,703 | 28,111 | 30,701 | 30,867 | ||||||||||
| Total noninterest expense | 151,034 | 151,949 | 151,777 | 155,357 | 148,711 | ||||||||||
| Income before income tax expense | 112,936 | 126,023 | 125,885 | 126,502 | 97,450 | ||||||||||
| Income tax expense | 25,001 | 31,647 | 26,673 | 35,717 | 23,138 | ||||||||||
| Net income | $ | 87,935 | $ | 94,376 | $ | 99,212 | $ | 90,785 | $ | 74,312 | |||||
| Diluted earnings per common share | $ | 1.27 | $ | 1.37 | $ | 1.44 | $ | 1.32 | $ | 1.08 | |||||
| (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 | ||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 253,289 | $ | 244,980 | $ | 231,515 | $ | 257,297 | $ | 235,931 | |||||
| Interest-bearing deposits in banks | 1,039,111 | 975,397 | 1,127,641 | 1,104,897 | 975,321 | ||||||||||
| Debt securities available-for-sale, at fair value | 1,943,011 | 1,671,260 | 1,441,552 | 1,531,047 | 1,414,419 | ||||||||||
| Debt securities held-to-maturity, at amortized cost | 173,757 | 164,677 | 161,220 | 148,538 | 147,022 | ||||||||||
| Other investments | 65,630 | 66,298 | 63,899 | 96,613 | 77,480 | ||||||||||
| Loans held for sale | 545,388 | 528,599 | 553,379 | 570,180 | 364,332 | ||||||||||
| Loans, net of unearned income | 20,706,644 | 20,739,906 | 20,964,981 | 20,992,603 | 20,600,260 | ||||||||||
| Allowance for credit losses | (345,555) | (338,084) | (334,457) | (336,218) | (320,023) | ||||||||||
| Loans, net | 20,361,089 | 20,401,822 | 20,630,524 | 20,656,385 | 20,280,237 | ||||||||||
| Other real estate owned | 863 | 2,433 | 9,482 | 2,213 | 2,158 | ||||||||||
| Premises and equipment, net | 207,895 | 209,460 | 210,931 | 213,255 | 214,801 | ||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||||||||
| Other intangible assets, net | 66,658 | 70,761 | 74,941 | 79,120 | 83,527 | ||||||||||
| Cash value of bank owned life insurance | 410,890 | 408,574 | 460,699 | 376,458 | 396,804 | ||||||||||
| Other assets | 431,713 | 502,143 | 418,353 | 469,079 | 447,767 | ||||||||||
| Total assets | $ | 26,514,940 | $ | 26,262,050 | $ | 26,399,782 | $ | 26,520,728 | $ | 25,655,445 | |||||
| Liabilities | |||||||||||||||
| Deposits | |||||||||||||||
| Noninterest-bearing | $ | 6,744,781 | $ | 6,498,293 | $ | 6,670,320 | $ | 6,649,220 | $ | 6,538,322 | |||||
| Interest-bearing | 15,167,628 | 15,224,155 | 15,208,945 | 14,794,923 | 14,459,068 | ||||||||||
| Total deposits | 21,912,409 | 21,722,448 | 21,879,265 | 21,444,143 | 20,997,390 | ||||||||||
| Other borrowings | 276,744 | 291,788 | 346,446 | 946,413 | 631,380 | ||||||||||
| Subordinated deferrable interest debentures | 132,807 | 132,309 | 131,811 | 131,312 | 130,814 | ||||||||||
| Other liabilities | 369,178 | 363,983 | 360,892 | 432,246 | 411,123 | ||||||||||
| Total liabilities | 22,691,138 | 22,510,528 | 22,718,414 | 22,954,114 | 22,170,707 | ||||||||||
| Shareholders' Equity | |||||||||||||||
| Preferred stock | — | — | — | — | — | ||||||||||
| Common stock | 72,885 | 72,699 | 72,698 | 72,697 | 72,683 | ||||||||||
| Capital stock | 1,961,732 | 1,958,642 | 1,954,532 | 1,950,846 | 1,948,352 | ||||||||||
| Retained earnings | 1,927,489 | 1,853,428 | 1,772,989 | 1,684,218 | 1,603,832 | ||||||||||
| Accumulated other comprehensive loss, net of tax | (14,430) | (30,119) | (15,724) | (38,020) | (39,959) | ||||||||||
| Treasury stock | (123,874) | (103,128) | (103,127) | (103,127) | (100,170) | ||||||||||
| Total shareholders' equity | 3,823,802 | 3,751,522 | 3,681,368 | 3,566,614 | 3,484,738 | ||||||||||
| Total liabilities and shareholders' equity | $ | 26,514,940 | $ | 26,262,050 | $ | 26,399,782 | $ | 26,520,728 | $ | 25,655,445 | |||||
| Other Data | |||||||||||||||
| Earning assets | $ | 24,473,541 | $ | 24,146,137 | $ | 24,312,672 | $ | 24,443,878 | $ | 23,578,834 | |||||
| Intangible assets | 1,082,304 | 1,086,407 | 1,090,587 | 1,094,766 | 1,099,173 | ||||||||||
| Interest-bearing liabilities | 15,577,179 | 15,648,252 | 15,687,202 | 15,872,648 | 15,221,262 | ||||||||||
| Average assets | 26,229,423 | 26,444,894 | 26,442,984 | 25,954,808 | 25,295,088 | ||||||||||
| Average common shareholders' equity | 3,798,149 | 3,719,888 | 3,618,052 | 3,530,869 | 3,462,871 |
2
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FINANCIAL TABLES | |||||||||||||||
| Asset Quality Information | Table 4 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Allowance for Credit Losses | |||||||||||||||
| Balance at beginning of period | $ | 368,663 | $ | 364,885 | $ | 366,852 | $ | 357,232 | $ | 348,727 | |||||
| Provision for loan losses | 16,519 | 12,657 | 6,313 | 25,348 | 25,523 | ||||||||||
| Provision for unfunded commitments | 5,373 | 148 | (204) | (6,570) | (4,422) | ||||||||||
| Provision for other credit losses | — | 3 | (2) | (5) | 4 | ||||||||||
| Provision for credit losses | 21,892 | 12,808 | 6,107 | 18,773 | 21,105 | ||||||||||
| Charge-offs | 15,383 | 17,460 | 15,352 | 16,845 | 18,457 | ||||||||||
| Recoveries | 6,335 | 8,430 | 7,278 | 7,692 | 5,857 | ||||||||||
| Net charge-offs (recoveries) | 9,048 | 9,030 | 8,074 | 9,153 | 12,600 | ||||||||||
| Ending balance | $ | 381,507 | $ | 368,663 | $ | 364,885 | $ | 366,852 | $ | 357,232 | |||||
| Allowance for loan losses | $ | 345,555 | $ | 338,084 | $ | 334,457 | $ | 336,218 | $ | 320,023 | |||||
| Allowance for unfunded commitments | 35,883 | 30,510 | 30,362 | 30,566 | 37,136 | ||||||||||
| Allowance for other credit losses | 69 | 69 | 66 | 68 | 73 | ||||||||||
| Total allowance for credit losses | $ | 381,507 | $ | 368,663 | $ | 364,885 | $ | 366,852 | $ | 357,232 | |||||
| Non-Performing Assets | |||||||||||||||
| Nonaccrual portfolio loans | $ | 86,229 | $ | 90,206 | $ | 87,339 | $ | 85,878 | $ | 80,448 | |||||
| Other real estate owned | 863 | 2,433 | 9,482 | 2,213 | 2,158 | ||||||||||
| Repossessed assets | — | 9 | 19 | 22 | 29 | ||||||||||
| Accruing loans delinquent 90 days or more | 14,930 | 17,733 | 12,234 | 15,909 | 15,811 | ||||||||||
| Non-performing portfolio assets | $ | 102,022 | $ | 110,381 | $ | 109,074 | $ | 104,022 | $ | 98,446 | |||||
| Serviced GNMA-guaranteed mortgage nonaccrual loans | 13,441 | 12,012 | 8,168 | 93,520 | 84,238 | ||||||||||
| Total non-performing assets | $ | 115,463 | $ | 122,393 | $ | 117,242 | $ | 197,542 | $ | 182,684 | |||||
| Asset Quality Ratios | |||||||||||||||
| Non-performing portfolio assets as a percent of total assets | 0.38 | % | 0.42 | % | 0.41 | % | 0.39 | % | 0.38 | % | |||||
| Total non-performing assets as a percent of total assets | 0.44 | % | 0.47 | % | 0.44 | % | 0.74 | % | 0.71 | % | |||||
| Net charge-offs as a percent of average loans (annualized) | 0.18 | % | 0.17 | % | 0.15 | % | 0.18 | % | 0.25 | % | |||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| FINANCIAL TABLES | |||||||||||||||
| Loan Information | Table 5 | ||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Loans by Type | |||||||||||||||
| Commercial and industrial | $ | 3,075,971 | $ | 2,953,135 | $ | 2,949,957 | $ | 2,860,973 | $ | 2,758,716 | |||||
| Consumer | 213,902 | 221,735 | 221,201 | 234,122 | 257,015 | ||||||||||
| Mortgage warehouse | 891,412 | 965,053 | 985,910 | 1,070,921 | 891,336 | ||||||||||
| Municipal | 429,227 | 441,408 | 449,561 | 454,967 | 477,567 | ||||||||||
| Premium Finance | 1,176,309 | 1,155,614 | 1,246,452 | 1,151,261 | 998,726 | ||||||||||
| Real estate - construction and development | 1,842,431 | 1,998,506 | 2,232,114 | 2,336,987 | 2,264,346 | ||||||||||
| Real estate - commercial and farmland | 8,574,626 | 8,445,958 | 8,249,981 | 8,103,634 | 8,131,248 | ||||||||||
| Real estate - residential | 4,502,766 | 4,558,497 | 4,629,805 | 4,779,738 | 4,821,306 | ||||||||||
| Total loans | $ | 20,706,644 | $ | 20,739,906 | $ | 20,964,981 | $ | 20,992,603 | $ | 20,600,260 | |||||
| Loans by Risk Grade | |||||||||||||||
| Pass | $ | 20,468,496 | $ | 20,457,340 | $ | 20,676,342 | $ | 20,623,416 | $ | 20,221,302 | |||||
| Other assets especially mentioned | 73,783 | 110,936 | 124,479 | 115,477 | 137,225 | ||||||||||
| Substandard | 164,365 | 171,630 | 164,160 | 253,710 | 241,733 | ||||||||||
| Total loans | $ | 20,706,644 | $ | 20,739,906 | $ | 20,964,981 | $ | 20,992,603 | $ | 20,600,260 | |||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| FINANCIAL TABLES | |||||||||||||||
| Average Balances | Table 6 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Earning Assets | |||||||||||||||
| Interest-bearing deposits in banks | $ | 980,164 | $ | 899,162 | $ | 997,308 | $ | 899,866 | $ | 923,845 | |||||
| Debt securities - taxable | 1,998,226 | 1,761,984 | 1,733,418 | 1,663,841 | 1,599,705 | ||||||||||
| Debt securities - nontaxable | 41,391 | 41,494 | 41,496 | 41,396 | 41,287 | ||||||||||
| Loans held for sale | 565,531 | 795,904 | 575,461 | 491,000 | 323,351 | ||||||||||
| Loans | 20,620,777 | 20,868,216 | 21,023,629 | 20,820,361 | 20,320,678 | ||||||||||
| Total Earning Assets | $ | 24,206,089 | $ | 24,366,760 | $ | 24,371,312 | $ | 23,916,464 | $ | 23,208,866 | |||||
| Deposits | |||||||||||||||
| Noninterest-bearing deposits | $ | 6,522,784 | $ | 6,684,851 | $ | 6,622,952 | $ | 6,558,427 | $ | 6,403,300 | |||||
| NOW accounts | 3,988,458 | 3,888,404 | 3,753,528 | 3,824,538 | 3,829,977 | ||||||||||
| MMDA | 6,911,554 | 6,864,265 | 6,508,770 | 6,251,719 | 5,952,389 | ||||||||||
| Savings accounts | 767,148 | 761,980 | 765,909 | 781,588 | 795,887 | ||||||||||
| Retail CDs | 2,436,974 | 2,474,804 | 2,478,875 | 2,430,416 | 2,378,678 | ||||||||||
| Brokered CDs | 962,768 | 1,057,808 | 1,493,352 | 1,167,174 | 1,381,382 | ||||||||||
| Total Deposits | 21,589,686 | 21,732,112 | 21,623,386 | 21,013,862 | 20,741,613 | ||||||||||
| Non-Deposit Funding | |||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 1 | — | ||||||||||
| FHLB advances | 149,537 | 215,116 | 358,332 | 548,251 | 219,589 | ||||||||||
| Other borrowings | 193,494 | 279,961 | 298,073 | 307,449 | 308,210 | ||||||||||
| Subordinated deferrable interest debentures | 132,544 | 132,048 | 131,547 | 131,050 | 130,551 | ||||||||||
| Total Non-Deposit Funding | 475,575 | 627,125 | 787,952 | 986,751 | 658,350 | ||||||||||
| Total Funding | $ | 22,065,261 | $ | 22,359,237 | $ | 22,411,338 | $ | 22,000,613 | $ | 21,399,963 | |||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| FINANCIAL TABLES | |||||||||||||||
| Interest Income and Interest Expense (TE) | Table 7 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Interest Income | |||||||||||||||
| Interest-bearing deposits in banks | $ | 10,789 | $ | 11,260 | $ | 13,633 | $ | 12,376 | $ | 12,637 | |||||
| Debt securities - taxable | 18,492 | 15,923 | 15,555 | 16,948 | 13,092 | ||||||||||
| Debt securities - nontaxable (TE) | 416 | 427 | 426 | 423 | 418 | ||||||||||
| Loans held for sale | 9,045 | 11,853 | 9,142 | 8,189 | 5,348 | ||||||||||
| Loans (TE) | 295,964 | 307,852 | 317,358 | 310,347 | 298,907 | ||||||||||
| Total Earning Assets | $ | 334,706 | $ | 347,315 | $ | 356,114 | $ | 348,283 | $ | 330,402 | |||||
| Interest Expense | |||||||||||||||
| Interest-Bearing Deposits | |||||||||||||||
| NOW accounts | $ | 18,306 | $ | 19,099 | $ | 20,535 | $ | 21,020 | $ | 20,574 | |||||
| MMDA | 52,261 | 57,160 | 61,620 | 58,332 | 53,953 | ||||||||||
| Savings accounts | 830 | 850 | 960 | 984 | 986 | ||||||||||
| Retail CDs | 23,245 | 25,610 | 26,775 | 25,711 | 24,576 | ||||||||||
| Brokered CDs | 10,573 | 12,837 | 19,808 | 15,198 | 18,085 | ||||||||||
| Total Interest-Bearing Deposits | 105,215 | 115,556 | 129,698 | 121,245 | 118,174 | ||||||||||
| Non-Deposit Funding | |||||||||||||||
| FHLB advances | 1,362 | 2,393 | 4,443 | 7,167 | 2,578 | ||||||||||
| Other borrowings | 2,350 | 3,346 | 3,514 | 3,574 | 3,879 | ||||||||||
| Subordinated deferrable interest debentures | 3,012 | 3,247 | 3,431 | 3,416 | 3,433 | ||||||||||
| Total Non-Deposit Funding | 6,724 | 8,986 | 11,388 | 14,157 | 9,890 | ||||||||||
| Total Interest-Bearing Funding | $ | 111,939 | $ | 124,542 | $ | 141,086 | $ | 135,402 | $ | 128,064 | |||||
| Net Interest Income (TE) | $ | 222,767 | $ | 222,773 | $ | 215,028 | $ | 212,881 | $ | 202,338 | |||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| FINANCIAL TABLES | |||||||||||||||
| Yields(1) | Table 8 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||
| Earning Assets | |||||||||||||||
| Interest-bearing deposits in banks | 4.46 | % | 4.98 | % | 5.44 | % | 5.53 | % | 5.50 | % | |||||
| Debt securities - taxable | 3.75 | % | 3.60 | % | 3.57 | % | 4.10 | % | 3.29 | % | |||||
| Debt securities - nontaxable (TE) | 4.08 | % | 4.09 | % | 4.08 | % | 4.11 | % | 4.07 | % | |||||
| Loans held for sale | 6.49 | % | 5.92 | % | 6.32 | % | 6.71 | % | 6.65 | % | |||||
| Loans (TE) | 5.82 | % | 5.87 | % | 6.01 | % | 6.00 | % | 5.92 | % | |||||
| Total Earning Assets | 5.61 | % | 5.67 | % | 5.81 | % | 5.86 | % | 5.73 | % | |||||
| Interest-Bearing Deposits | |||||||||||||||
| NOW accounts | 1.86 | % | 1.95 | % | 2.18 | % | 2.21 | % | 2.16 | % | |||||
| MMDA | 3.07 | % | 3.31 | % | 3.77 | % | 3.75 | % | 3.65 | % | |||||
| Savings accounts | 0.44 | % | 0.44 | % | 0.50 | % | 0.51 | % | 0.50 | % | |||||
| Retail CDs | 3.87 | % | 4.12 | % | 4.30 | % | 4.25 | % | 4.16 | % | |||||
| Brokered CDs | 4.45 | % | 4.83 | % | 5.28 | % | 5.24 | % | 5.27 | % | |||||
| Total Interest-Bearing Deposits | 2.83 | % | 3.06 | % | 3.44 | % | 3.37 | % | 3.31 | % | |||||
| Non-Deposit Funding | |||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | — | % | — | % | — | % | — | % | — | % | |||||
| FHLB advances | 3.69 | % | 4.43 | % | 4.93 | % | 5.26 | % | 4.72 | % | |||||
| Other borrowings | 4.93 | % | 4.75 | % | 4.69 | % | 4.68 | % | 5.06 | % | |||||
| Subordinated deferrable interest debentures | 9.22 | % | 9.78 | % | 10.38 | % | 10.48 | % | 10.58 | % | |||||
| Total Non-Deposit Funding | 5.73 | % | 5.70 | % | 5.75 | % | 5.77 | % | 6.04 | % | |||||
| Total Interest-Bearing Liabilities | 2.92 | % | 3.16 | % | 3.55 | % | 3.53 | % | 3.43 | % | |||||
| Net Interest Spread | 2.69 | % | 2.51 | % | 2.26 | % | 2.33 | % | 2.30 | % | |||||
| Net Interest Margin(2) | 3.73 | % | 3.64 | % | 3.51 | % | 3.58 | % | 3.51 | % | |||||
| Total Cost of Funds(3) | 2.06 | % | 2.22 | % | 2.50 | % | 2.48 | % | 2.41 | % | |||||
| (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 | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Net income available to common shareholders | $ | 87,935 | $ | 94,376 | $ | 99,212 | $ | 90,785 | $ | 74,312 | |||||
| Adjustment items: | |||||||||||||||
| Gain on sale of MSR | 14 | (536) | (5,245) | (4,713) | — | ||||||||||
| Gain on conversion of Visa Class B-1 stock | — | — | — | (12,554) | — | ||||||||||
| Gain on BOLI proceeds | (11) | — | — | (466) | (998) | ||||||||||
| FDIC special assessment | 138 | (559) | — | (895) | 2,909 | ||||||||||
| Natural disaster expenses | — | 400 | 150 | — | — | ||||||||||
| Loss on disposition of bank premises | — | 1,203 | — | — | — | ||||||||||
| Tax effect of adjustment items (Note 1) | (32) | (107) | 1,070 | 3,814 | (611) | ||||||||||
| After tax adjustment items | 109 | 401 | (4,025) | (14,814) | 1,300 | ||||||||||
| Tax expense attributable to BOLI restructuring | — | 301 | — | 4,792 | — | ||||||||||
| Adjusted net income | $ | 88,044 | $ | 95,078 | $ | 95,187 | $ | 80,763 | $ | 75,612 | |||||
| Weighted average number of shares - diluted | 69,030,331 | 69,128,946 | 69,066,298 | 69,013,834 | 69,014,116 | ||||||||||
| Net income per diluted share | $ | 1.27 | $ | 1.37 | $ | 1.44 | $ | 1.32 | $ | 1.08 | |||||
| Adjusted net income per diluted share | $ | 1.28 | $ | 1.38 | $ | 1.38 | $ | 1.17 | $ | 1.10 | |||||
| Average assets | $ | 26,229,423 | $ | 26,444,894 | $ | 26,442,984 | $ | 25,954,808 | $ | 25,295,088 | |||||
| Return on average assets | 1.36 | % | 1.42 | % | 1.49 | % | 1.41 | % | 1.18 | % | |||||
| Adjusted return on average assets | 1.36 | % | 1.43 | % | 1.43 | % | 1.25 | % | 1.20 | % | |||||
| Average common equity | $ | 3,798,149 | $ | 3,719,888 | $ | 3,618,052 | $ | 3,530,869 | $ | 3,462,871 | |||||
| Average tangible common equity | $ | 2,713,847 | $ | 2,631,452 | $ | 2,525,421 | $ | 2,433,958 | $ | 2,361,544 | |||||
| Return on average common equity | 9.39 | % | 10.09 | % | 10.91 | % | 10.34 | % | 8.63 | % | |||||
| Adjusted return on average tangible common equity | 13.16 | % | 14.37 | % | 14.99 | % | 13.35 | % | 12.88 | % | |||||
| 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 | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Adjusted Noninterest Expense | |||||||||||||||
| Total noninterest expense | $ | 151,034 | $ | 151,949 | $ | 151,777 | $ | 155,357 | $ | 148,711 | |||||
| Adjustment items: | |||||||||||||||
| FDIC special assessment | (138) | 559 | — | 895 | (2,909) | ||||||||||
| Natural disaster expenses | — | (400) | (150) | — | — | ||||||||||
| Loss on disposition of bank premises | — | (1,203) | — | — | — | ||||||||||
| Adjusted noninterest expense | $ | 150,896 | $ | 150,905 | $ | 151,627 | $ | 156,252 | $ | 145,802 | |||||
| Total Revenue | |||||||||||||||
| Net interest income | $ | 221,839 | $ | 221,821 | $ | 214,060 | $ | 211,921 | $ | 201,388 | |||||
| Noninterest income | 64,023 | 68,959 | 69,709 | 88,711 | 65,878 | ||||||||||
| Total revenue | $ | 285,862 | $ | 290,780 | $ | 283,769 | $ | 300,632 | $ | 267,266 | |||||
| Adjusted Total Revenue | |||||||||||||||
| Net interest income (TE) | $ | 222,767 | $ | 222,773 | $ | 215,028 | $ | 212,881 | $ | 202,338 | |||||
| Noninterest income | 64,023 | 68,959 | 69,709 | 88,711 | 65,878 | ||||||||||
| Total revenue (TE) | 286,790 | 291,732 | 284,737 | 301,592 | 268,216 | ||||||||||
| Adjustment items: | |||||||||||||||
| (Gain) loss on securities | (40) | 16 | 8 | (12,335) | 7 | ||||||||||
| Gain on sale of MSR | 14 | (536) | (5,245) | (4,713) | — | ||||||||||
| Gain on BOLI proceeds | (11) | — | — | (466) | (998) | ||||||||||
| Adjusted total revenue (TE) | $ | 286,753 | $ | 291,212 | $ | 279,500 | $ | 284,078 | $ | 267,225 | |||||
| Efficiency ratio | 52.83 | % | 52.26 | % | 53.49 | % | 51.68 | % | 55.64 | % | |||||
| Adjusted efficiency ratio (TE) | 52.62 | % | 51.82 | % | 54.25 | % | 55.00 | % | 54.56 | % | |||||
| Tangible Book Value Per Share | Table 9C | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Total shareholders' equity | $ | 3,823,802 | $ | 3,751,522 | $ | 3,681,368 | $ | 3,566,614 | $ | 3,484,738 | |||||
| Less: | |||||||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||||||||
| Other intangibles, net | 66,658 | 70,761 | 74,941 | 79,120 | 83,527 | ||||||||||
| Total tangible shareholders' equity | $ | 2,741,498 | $ | 2,665,115 | $ | 2,590,781 | $ | 2,471,848 | $ | 2,385,565 | |||||
| Period end number of shares | 68,910,924 | 69,068,609 | 69,067,019 | 69,066,573 | 69,115,263 | ||||||||||
| Book value per share (period end) | $ | 55.49 | $ | 54.32 | $ | 53.30 | $ | 51.64 | $ | 50.42 | |||||
| Tangible book value per share (period end) | $ | 39.78 | $ | 38.59 | $ | 37.51 | $ | 35.79 | $ | 34.52 | |||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FINANCIAL TABLES | |||||||||||||||
| Non-GAAP Reconciliations (continued) | |||||||||||||||
| Tangible Common Equity to Tangible Assets | Table 9D | ||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Total shareholders' equity | $ | 3,823,802 | $ | 3,751,522 | $ | 3,681,368 | $ | 3,566,614 | $ | 3,484,738 | |||||
| Less: | |||||||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||||||||
| Other intangibles, net | 66,658 | 70,761 | 74,941 | 79,120 | 83,527 | ||||||||||
| Total tangible shareholders' equity | $ | 2,741,498 | $ | 2,665,115 | $ | 2,590,781 | $ | 2,471,848 | $ | 2,385,565 | |||||
| Total assets | $ | 26,514,940 | $ | 26,262,050 | $ | 26,399,782 | $ | 26,520,728 | $ | 25,655,445 | |||||
| Less: | |||||||||||||||
| Goodwill | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | 1,015,646 | ||||||||||
| Other intangibles, net | 66,658 | 70,761 | 74,941 | 79,120 | 83,527 | ||||||||||
| Total tangible assets | $ | 25,432,636 | $ | 25,175,643 | $ | 25,309,195 | $ | 25,425,962 | $ | 24,556,272 | |||||
| Equity to Assets | 14.42 | % | 14.28 | % | 13.94 | % | 13.45 | % | 13.58 | % | |||||
| Tangible Common Equity to Tangible Assets | 10.78 | % | 10.59 | % | 10.24 | % | 9.72 | % | 9.71 | % | |||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| FINANCIAL TABLES | |||||||||||||||
| Segment Reporting | Table 10 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Retail Mortgage Division | |||||||||||||||
| Net interest income | $ | 21,844 | $ | 23,714 | $ | 23,553 | $ | 23,742 | $ | 23,287 | |||||
| Provision for credit losses | 5,191 | (2,503) | 254 | (2,882) | 2,332 | ||||||||||
| Noninterest income | 34,729 | 36,623 | 41,498 | 50,145 | 38,765 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | 20,995 | 22,876 | 23,233 | 25,254 | 21,073 | ||||||||||
| Occupancy and equipment expenses | 829 | 951 | 957 | 1,008 | 1,049 | ||||||||||
| Data processing and telecommunications expenses | 1,297 | 1,222 | 1,184 | 1,276 | 1,366 | ||||||||||
| Other noninterest expenses | 11,963 | 12,118 | 12,164 | 13,397 | 12,530 | ||||||||||
| Total noninterest expense | 35,084 | 37,167 | 37,538 | 40,935 | 36,018 | ||||||||||
| Income before income tax expense | 16,298 | 25,673 | 27,259 | 35,834 | 23,702 | ||||||||||
| Income tax expense | 3,423 | 5,391 | 5,724 | 7,525 | 4,978 | ||||||||||
| Net income | $ | 12,875 | $ | 20,282 | $ | 21,535 | $ | 28,309 | $ | 18,724 | |||||
| Warehouse Lending Division | |||||||||||||||
| Net interest income | $ | 5,902 | $ | 6,640 | $ | 7,812 | $ | 6,292 | $ | 6,028 | |||||
| Provision for credit losses | (175) | (59) | (170) | 359 | 145 | ||||||||||
| Noninterest income | 554 | 676 | 1,765 | 1,028 | 740 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | 552 | 583 | 621 | 1,124 | 888 | ||||||||||
| Occupancy and equipment expenses | 7 | 6 | 6 | 7 | 7 | ||||||||||
| Data processing and telecommunications expenses | 38 | 44 | 32 | 59 | 25 | ||||||||||
| Other noninterest expenses | 270 | 224 | 217 | 298 | 237 | ||||||||||
| Total noninterest expense | 867 | 857 | 876 | 1,488 | 1,157 | ||||||||||
| Income before income tax expense | 5,764 | 6,518 | 8,871 | 5,473 | 5,466 | ||||||||||
| Income tax expense | 1,210 | 1,369 | 1,863 | 1,149 | 1,148 | ||||||||||
| Net income | $ | 4,554 | $ | 5,149 | $ | 7,008 | $ | 4,324 | $ | 4,318 | |||||
| Premium Finance Division | |||||||||||||||
| Net interest income | $ | 9,880 | $ | 10,390 | $ | 10,060 | $ | 8,350 | $ | 7,605 | |||||
| Provision for credit losses | 456 | 517 | 457 | 408 | (499) | ||||||||||
| Noninterest income | 16 | 13 | 11 | 11 | 10 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | 2,352 | 2,029 | 2,212 | 1,900 | 2,053 | ||||||||||
| Occupancy and equipment expenses | 37 | 51 | 28 | 70 | 76 | ||||||||||
| Data processing and telecommunications expenses | 129 | 106 | 83 | 102 | 79 | ||||||||||
| Other noninterest expenses | 969 | 1,173 | 1,140 | 1,095 | 1,028 | ||||||||||
| Total noninterest expense | 3,487 | 3,359 | 3,463 | 3,167 | 3,236 | ||||||||||
| Income before income tax expense | 5,953 | 6,527 | 6,151 | 4,786 | 4,878 | ||||||||||
| Income tax expense | 1,214 | 1,334 | 1,254 | 953 | 984 | ||||||||||
| Net income | $ | 4,739 | $ | 5,193 | $ | 4,897 | $ | 3,833 | $ | 3,894 | |||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| FINANCIAL TABLES | |||||||||||||||
| Segment Reporting (continued) | Table 10 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| Mar | Dec | Sep | Jun | Mar | |||||||||||
| (dollars in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Banking Division | |||||||||||||||
| Net interest income | $ | 184,213 | $ | 181,077 | $ | 172,635 | $ | 173,537 | $ | 164,468 | |||||
| Provision for credit losses | 16,420 | 14,853 | 5,566 | 20,888 | 19,127 | ||||||||||
| Noninterest income | 28,724 | 31,647 | 26,435 | 37,527 | 26,363 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | 62,716 | 62,322 | 62,634 | 59,923 | 58,916 | ||||||||||
| Occupancy and equipment expenses | 9,804 | 10,616 | 10,725 | 11,474 | 11,753 | ||||||||||
| Data processing and telecommunications expenses | 13,391 | 13,259 | 13,922 | 13,756 | 13,184 | ||||||||||
| Other noninterest expenses | 25,685 | 24,369 | 22,619 | 24,614 | 24,447 | ||||||||||
| Total noninterest expense | 111,596 | 110,566 | 109,900 | 109,767 | 108,300 | ||||||||||
| Income before income tax expense | 84,921 | 87,305 | 83,604 | 80,409 | 63,404 | ||||||||||
| Income tax expense | 19,154 | 23,553 | 17,832 | 26,090 | 16,028 | ||||||||||
| Net income | $ | 65,767 | $ | 63,752 | $ | 65,772 | $ | 54,319 | $ | 47,376 | |||||
| Total Consolidated | |||||||||||||||
| Net interest income | $ | 221,839 | $ | 221,821 | $ | 214,060 | $ | 211,921 | $ | 201,388 | |||||
| Provision for credit losses | 21,892 | 12,808 | 6,107 | 18,773 | 21,105 | ||||||||||
| Noninterest income | 64,023 | 68,959 | 69,709 | 88,711 | 65,878 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | 86,615 | 87,810 | 88,700 | 88,201 | 82,930 | ||||||||||
| Occupancy and equipment expenses | 10,677 | 11,624 | 11,716 | 12,559 | 12,885 | ||||||||||
| Data processing and telecommunications expenses | 14,855 | 14,631 | 15,221 | 15,193 | 14,654 | ||||||||||
| Other noninterest expenses | 38,887 | 37,884 | 36,140 | 39,404 | 38,242 | ||||||||||
| Total noninterest expense | 151,034 | 151,949 | 151,777 | 155,357 | 148,711 | ||||||||||
| Income before income tax expense | 112,936 | 126,023 | 125,885 | 126,502 | 97,450 | ||||||||||
| Income tax expense | 25,001 | 31,647 | 26,673 | 35,717 | 23,138 | ||||||||||
| Net income | $ | 87,935 | $ | 94,376 | $ | 99,212 | $ | 90,785 | $ | 74,312 |
a1q25earningspresentatio
1st Quarter 2025 Results Investor Presentation
Cautionary Statements 1 This presentation contains forward-looking statements, as defined by federal securities laws, including, among other forward- looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this presentation are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward- looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behaviors of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long- term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified loan portfolio among geographies and product lines • Strong Southeast markets projected to grow faster than the national average(1) • Stable deposit base with 30.8% noninterest-bearing deposits • Experienced executive team with skills and leadership to continue to grow organically • Focus on shareholder value with 14% annualized tangible book value growth over the last five years Strong History of Earnings 2 Charlotte MSA Tampa MSA Orlando MSA 1 – Census data obtained from S&P Global Market Intelligence $1.08 $1.32 $1.44 $1.37 $1.27 1.18% 1.41% 1.49% 1.42% 1.36% 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 1Q24 2Q24 3Q24 4Q24 1Q25 Diluted EPS ROA
52.8% Efficiency Ratio 1.7x National Growth Markets(3) 1.67% Allowance for Credit Losses 12.9% CET1 Ratio(2) 14% 5-yr TBV(1) CAGR 13.1% ROTCE(1) 22% Fees to Revenue Disciplined and Focused Mgmt Team 10.8% TCE/TA Ratio(1) 30.8% NIB Deposits 3.73% Margin 1.36% ROA 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 2 – Regulatory capital ratios are estimated for most recent period end 3 – Ameris Southeast Markets projected to grow approximately 1.7x the national average over the next five years per census data obtained from S&P Global Market Intelligence3 Why Ameris? Leading Industry Performance
20.44 20.90 22.46 23.69 25.27 26.45 27.46 26.26 26.84 27.89 28.62 29.92 30.79 31.42 32.38 33.64 34.52 35.79 37.51 38.59 39.78 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Tangible Book Value/Share Delivering Shareholder Value Core Deposit and Tangible Book Value Growth 4 • Management remains laser focused on growing shareholder value • Over the past five year, TBV(1) has grown by 14% annualized and core deposits(2) by 9% annualized • TBV increased $1.19 per share in 1Q25: • $1.07 from retained earnings • $0.23 from impact of AOCI • ($0.11) from share repurchase activity 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 2 – Core deposits are all deposits excluding brokered CDs
1 – Regulatory capital ratios are estimated for most recent period end 2 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 3 – Growth rate calculated from comparable prior period 4 – Annualized for interim periods 5 History of Consistent Performance 2020 2021 2022 2023 2024 2020 – 2024 (5 Year) Average 1Q25 ROA 1.36% 1.73% 1.47% 1.06% 1.38% 1.40% 1.36% ROTCE(2) 17.2% 20.6% 17.8% 12.2% 14.4% 16.5% 13.1% Net Interest Margin 3.70% 3.32% 3.76% 3.61% 3.56% 3.59% 3.73% Net Interest Income Growth(3) 26.2% 2.8% 22.2% 4.2% 1.7% 11.4% 10.2% Efficiency Ratio 55.2% 54.9% 51.7% 53.7% 53.2% 53.7% 52.8% Fees/Revenue 41.2% 35.8% 26.2% 22.5% 25.7% 30.3% 22.4% NIB Deposits/Total Deposits 36.3% 39.5% 40.7% 31.3% 29.9% 35.6% 30.8% CET1 Ratio(1) 11.1% 10.5% 9.9% 11.2% 12.7% 11.1% 12.9% TCE Ratio(2) 8.5% 8.0% 8.7% 9.6% 10.6% 9.1% 10.8% CRE Concentration 251% 291% 292% 282% 268% 277% 261% Allowance for Credit Losses/Total Loans 1.38% 1.06% 1.04% 1.52% 1.63% 1.32% 1.67% Net Charge Offs/Total Loans(4) 0.31% 0.04% 0.08% 0.25% 0.19% 0.17% 0.18% 5 Year Performance Metrics
1Q 2025 Operating Highlights 6 • Net income of $87.9 million, or $1.27 per diluted share • Return on average assets ("ROA") of 1.36% • Noninterest-bearing deposits remain strong at 30.8% of total deposits at March 31, 2025 • Net interest margin (TE) expansion of 9bps to 3.73% • Tangible book value(1) growth of $1.19 per share, or 12.5% annualized, to $39.78 at March 31, 2025 • Efficiency ratio of 52.83%, compared with 55.64% first quarter of 2024 • TCE ratio(1) of 10.78%, compared with 9.71% one year ago • Increase in the allowance for credit losses to 1.67% of loans, from 1.63% at December 31, 2024 • Annualized net charge-offs of 0.18% of average total loans • Criticized loans reduced by $44.4 million, or 15.7%, down to 1.15% of total loans • Repurchase of 253,400 shares during the quarter, totaling $15.0 million 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix
1Q 2025 Financial Highlights 7 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix (dollars in thousands, except per share data) Quarter to Date Results 1Q25 4Q24 Change 1Q24 Change Net Income $ 87,935 $ 94,376 -7% $ 74,312 18% Adjusted Net Income(1) $ 88,044 $ 95,078 -7% $ 75,612 16% Net Income Per Diluted Share $ 1.27 $ 1.37 -7% $ 1.08 18% Adjusted Net Income Per Share(1) $ 1.28 $ 1.38 -7% $ 1.10 16% Return on Average Assets 1.36% 1.42% -4% 1.18% 15% Adjusted Return on Average Assets(1) 1.36% 1.43% -5% 1.20% 13% Return on Equity 9.39% 10.09% -7% 8.63% 9% Return on TCE(1) 13.14% 14.27% -8% 12.66% 4% Adjusted Return on TCE(1) 13.16% 14.37% -8% 12.88% 2% Efficiency Ratio 52.83% 52.26% 1% 55.64% -5% Adjusted Efficiency Ratio(1) 52.62% 51.82% 2% 54.56% -4% Net Interest Margin 3.73% 3.64% 2% 3.51% 6%
Strong Net Interest Margin 8 • Net interest margin improved 9bps to 3.73% in the first quarter of 2025, from 3.64% during the fourth quarter of 2024 and from 3.51% a year ago • Net interest income (TE) was stable at $222.8 million in 1Q25 with both interest income (TE) and interest expense decreasing $12.6 million • 1Q25 margin was positively impacted by: • 6 basis points of asset mix • 3 basis points from shift in deposit mix Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity continues near neutrality in preparation for further potential FOMC rate changes: • -1.0% asset sensitivity in -100bps • -0.5% asset sensitivity in -50bps • +0.5% asset sensitivity in +50bps • +1.0% asset sensitivity in +100bps • Approximately $11 billion of total loans reprice within one year through either maturities or floating rate indices $202.3 $212.9 $215.0 $222.8 $222.8 3.51% 3.58% 3.51% 3.64% 3.73% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% $180.0 $190.0 $200.0 $210.0 $220.0 $230.0 1Q24 2Q24 3Q24 4Q24 1Q25 Net Interest Income (TE) (in millions) NIM
Diversified Revenue Stream 9 • Strong revenue base of net interest income from core banking division and lines of business • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Mortgage banking activity was down slightly to 12% of total revenue in 1Q25 • Purchase business represented 81% in 1Q25 due to strong core relationships with builders and realtors • Gain on sale margin decreased to 2.17% in 1Q25 from 2.40% in 4Q24 Other Noninterest Income • 1Q25 reflects decrease in gain on sale of SBA loans to $526,000 from $3.7 million in 4Q24 • Other Noninterest Income includes: • Fee income from equipment finance • Gains on sale of SBA loans • BOLI income Strong Revenue Stream 75% 71% 76% 76% 78% 15% 15% 13% 13% 12% 10% 14% 11% 11% 10% $268.2 $301.6 $284.7 $291.7 $286.8 0% 20% 40% 60% 80% 100% 120% 1Q24 2Q24 3Q24 4Q24 1Q25 Revenue Sources (Tax-Equivalent) (in millions) Net Interest Income (TE) Mortgage Banking Activity Other Noninterest Income 2.49% 2.45% 2.17% 2.40% 2.17% 2.00% 2.20% 2.40% 2.60% 1Q24 2Q24 3Q24 4Q24 1Q25 Mortgage Gain on Sale Margin
Disciplined Expense Control Noninterest Expenses and Efficiency Ratio Expense Highlights 10 • Management continues to deliver high performing operating efficiency • Efficiency ratio of 52.83% in 1Q25 • 281bps improvement compared with 55.64% in 1Q24 • 57bps change compared with 52.26% in 4Q24 • Total expenses decreased $915,000 in 1Q25 compared with 4Q24: • Decrease of approximately $1.2 million of salaries and employee benefits • 1Q25 included $5.2 million increase in cyclical payroll tax and 401(k) expenses, offset by reductions in incentives and mortgage compensation $108.3 $109.8 $109.9 $110.6 $111.6 $40.4 $45.6 $41.9 $41.4 $39.4 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 1Q24 2Q24 3Q24 4Q24 1Q25 Noninterest Expenses (in millions) Banking LOBs 55.64% 51.68% 53.49% 52.26% 52.83% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 1Q24 2Q24 3Q24 4Q24 1Q25 Efficiency Ratio
Strong Core Deposit Base 11 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account NIB $ 6,744,781 30.8% 309,582 $ 21,787 NOW 4,025,280 18.4% 42,816 94,013 MMDA 6,886,371 31.4% 32,785 210,046 Savings 774,274 3.5% 63,763 12,143 CD 3,481,703 15.9% 39,754 87,581 Total $ 21,912,409 100% 488,700 $ 44,838 • Total deposits increased $190.0 million, or 3.5% annualized, during 1Q25: • Seasonal outflows of public funds totaled $405.9 million • Brokered CDs increased $246.8 million • Remaining (non-brokered, non-public fund) deposits increased $349.1 million • Noninterest-bearing deposits remained strong at 30.8% of total deposits, an increase from 29.9% as of December 31, 2024 1Q25 Highlights Deposits by Customer Consumer 35% Commercial 44% Public 16% Brokered 5% 1Q25
Capital Strength 12 Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio • Repurchased 253,400 shares during the quarter for a total of $15.0 million • TCE ratio of 10.78% and CET1 ratio of 12.9% are strong and above peer levels • CET1, net of unrealized losses on bond portfolio, remains strong at 12.7% • Net unrealized losses in AFS portfolio improved $20.9 million in the quarter to $16.0 million, representing under 1% of book value • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • Two subordinated debt issuances totaling $184 million convert to the variable rate period and become callable in 2025 Capital ratios are estimated for most recent period end 10.2% 10.2% 10.4% 10.7% 11.0% 11.4% 11.7% 12.2% 12.7% 12.9% 14.6% 14.9% 15.4% 15.4% 15.6% 1Q24 2Q24 3Q24 4Q24 1Q25 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio 12.9% -0.1% -0.1% 12.7% 1Q25 CET1/Tier 1 AFS Impact HTM Impact 1Q25 With Unrealized Losses 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Minimal unrealized losses
Loan Diversification and Credit Quality
Diversified Loan Portfolio 1Q25 Loan Portfolio 14 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Asset quality metrics remain stable and better than historical averages • CRE and C&D concentrations were 261% and 57%, respectively, compared with 268% and 63%, respectively, at 4Q24 • Non-owner-occupied office loans totaled $1.41 billion at 1Q25, or 6.8% of total loans • Allowance for Credit Losses (ACL) on loans increased to 1.67% of total loans during 1Q25 • Limited exposure to non-mortgage consumer loans and HELOCs • SNC exposure is limited to less than 2% of loans Portfolio Highlights Agriculture 1% C&I 24% Municipal 2% Consumer 1% Investor CRE 24%OO CRE 9% Construction 9% Multi-Family 8% HELOC 2% SFR Mortgage 20% $20.7 Billion
Loan Balance Changes 1Q25 Loan Balance Changes 15 • Period end loan balances decreased $33.3 million during 1Q25 • Increases in C&I were largely attributable to traditional C&I and cash surrender value life insurance, which were partially offset by seasonal declines in mortgage warehouse • Decline in construction is the result of multi-family projects moving to term financing in 1Q25 • 1Q25 production exhibited a 9.6% increase from 1Q24 (in millions) (1) C&I includes premium finance, mortgage warehouse, traditional C&I, CSVLI, and equipment finance $176 $73 $(12) $(18) $(41) $(56) $(156) $(200) $(150) $(100) $(50) $- $50 $100 $150 $200 Multi-Family C&I (1) OO CRE Investor CRE Other RE - RES Construction
Allowance for Credit Losses 16 • The ACL on loans equated to 1.67% of total loans at 1Q25, compared with: • 1.63% at 4Q24 • 1.55% at 1Q24 • The ACL on loans totaled $345.6 million at 1Q25, a net increase of $7.5 million, or 2.2%, from 4Q24 and a net increase of $25.5 million, or 8.0% from 1Q24 • During 1Q25, a provision expense of $21.9 million was recorded • The March economic forecasts used in the ACL model were equally weighted between the baseline, S2 adverse, and S3 adverse forecasts 1Q25 CECL Reserve Reserve Summary (in millions) 1Q25 Allowance Coverage Outstanding Balance (MM's) ACL (MM's) % ACL Gross Loans 20,706.6$ 345.6$ 1.67% Unfunded Commitments 4,033.7$ 35.9$ 0.89% ACL / Total Loans + Unfunded 24,740.3$ 381.4$ 1.54% $338.1 $(4.4) $(9.0) $(0.5) $21.5 $345.6 12/31/2024 Loan Changes NCOs Specific Reserves Forecast and Q-Factor Changes 03/31/25 $310.0 $315.0 $320.0 $325.0 $330.0 $335.0 $340.0 $345.0 $350.0
NPA / Charge-Off Trend 17 • NPAs, as a percentage of total assets, was 0.44% at 1Q25 compared with 0.47% at 4Q24 due to a decrease in non-performing commercial and premium finance loans, and OREO • NPAs net of GNMA mortgages, as a percentage of total assets, was 0.38% at 1Q25 compared with 0.42% at 4Q24 • Government guaranteed mortgages represent 25.2% of all NPAs • Net charge-offs totaled $9.0 million in 1Q25, which equated to an annualized NCO ratio of 0.18% for the quarter 1Q25 Credit Summary ($ in millions) 0.71% 0.74% 0.44% 0.47% 0.44% 0.38% 0.39% 0.41% 0.42% 0.38% 0.30% 0.35% 0.40% 0.45% 0.50% 0.55% 0.60% 0.65% 0.70% 0.75% 0.80% 1Q24 2Q24 3Q24 4Q24 1Q25 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.25% 0.18% 0.15% 0.17% 0.18% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 1Q24 2Q24 3Q24 4Q24 1Q25 Net Charge-Offs Net Charge-offs NCO Ratio (Annualized)
Problem Loan Trends 18 • Total criticized loans (including special mention), excluding GNMA-guaranteed mortgage loans, decreased $45.8 million, or 16.9%, in 1Q25 • Classified loans, excluding GNMA-guaranteed mortgage loans, decreased $8.7 million, or 5.4%, in 1Q25 • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, decreased $6.8 million, or 6.3%, in 1Q25 • The largest component of classified and nonperforming loans at 1Q25 was residential mortgages including government guaranteed Highlights (in millions) 1.43% 1.31% 1.34% 1.30% 1.09% 0.76% 0.76% 0.74% 0.77% 0.73% 0.47% 0.48% 0.47% 0.52% 0.49% $0 $50 $100 $150 $200 $250 $300 $350 1Q24 2Q24 3Q24 4Q24 1Q25 Criticized Loans Classified Loans Nonperforming Loans Criticized ACL Coverage 154% Classified ACL Coverage 229% NPL ACL Coverage 342% 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.
Term Investor CRE • Past dues for investor CRE loans were 0.05% and NPLs 0.04% at 1Q25 • Investor CRE portfolio is well diversified with over 80% of CRE loans located in MSAs in the Bank’s footprint, which exhibit population growth forecasts exceeding the national average 19 Highlights (1) Results based on stabilized term loans, or 67% of total Investor CRE loans Investor CRE GA $2,335 FL $2,234 SC $854 NC $544 All Other $835 Investor CRE by Property Location Multi-Family $1,662 Office $1,315 Retail - Anchored $1,147 Retail - Non Anchored $938 Warehouse / Industrial $750 Hotel $421 All Other CRE $568 Investor CRE by Property Type Outstanding $6.58 B Unfunded $0.22 B Total Committed Exposure $6.8 B Average Loan Size $3.75 M Allowance Coverage 1.44% PD Ratio 0.05% NPL Ratio 0.04% Criticized Ratio 0.91% Criticized ACL Coverage 159% Average LTV(1) 59% Average DSC(1) 1.62
Office Portfolio • There were no past due and nonperforming loans within the investor office portfolio at 1Q25 20 Highlights (1) Results based on stabilized term loans, or 92% of term office loans Investor Office Construction $148 Investor CRE $1,258 Owner- Occupied $456 Total Office Portfolio by Loan Type Class A 53% Medical 17% Class B 29% Class C 1% Investor Office Portfolio by Property Class Outstanding $1.41 B Unfunded $0.14 B Total Committed Exposure $1.54 B Average Loan Size $3.63 M Allowance Coverage 2.51% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 1.58% Criticized ACL Coverage 159% Average LTV(1) 59% Average DSC(1) 1.64 Class A & Medical(1) 70%
Appendix
22 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 1Q25 4Q24 1Q24 Net Income $ 87,935 $ 94,376 $ 74,312 Adjustment items Gain on sale of MSR 14 (536) - Gain on BOLI proceeds (11) - (998) FDIC special assessment 138 (559) 2,909 Natural disaster expenses - 400 - (Gain)/Loss on bank premises - 1,203 - Tax effect of adjustment items (32) (107) (611) After tax adjustment items 109 401 1,300 Tax expense attributable to BOLI restructuring - 301 - Adjusted Net Income $ 88,044 $ 95,078 $ 75,612 Weighted average number of shares - diluted 69,030,331 69,128,946 69,014,116 Net income per diluted share $ 1.27 $ 1.37 $ 1.08 Adjusted net income per diluted share $ 1.28 $ 1.38 $ 1.10 Average assets 26,229,423 26,444,894 25,295,088 Return on average assets 1.36% 1.42% 1.18% Adjusted return on average assets 1.36% 1.43% 1.20% Average common equity 3,798,149 3,719,888 3,462,871 Average tangible common equity 2,713,847 2,631,452 2,361,544 Return on average common equity 9.39% 10.09% 8.63% Return on average tangible common equity 13.14% 14.27% 12.66% Adjusted return on average tangible common equity 13.16% 14.37% 12.88% Quarter to Date
23 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 1Q25 4Q24 3Q24 2Q24 1Q24 Adjusted Noninterest Expense Total noninterest expense 151,034$ 151,949$ 151,777$ 155,357$ 148,711$ Adjustment items: FDIC special assessment (138) 559 - 895 (2,909) Natural disaster expenses - (400) (150) - - Gain on sale of premises - (1,203) - - - Adjusted noninterest expense 150,896$ 150,905$ 151,627$ 156,252$ 145,802$ Total Revenue Net interest income 221,839$ 221,821$ 214,060$ 211,921$ 201,388$ Noninterest income 64,023 68,959 69,709 88,711 65,878 Total revenue 285,862$ 290,780$ 283,769$ 300,632$ 267,266$ Adjusted Total Revenue Net interest income (TE) 230,470$ 222,773$ 215,028$ 212,881$ 202,338$ Noninterest income 64,023 68,959 69,709 88,711 65,878 Total revenue (TE) 294,493$ 291,732$ 284,737$ 301,592$ 268,216$ Adjustment items: (Gain) loss on securities (40) 16 8 (12,335) 7 Gain on BOLI proceeds (11) - - (466) (998) Gain on sale of mortgage servicing rights 14 (536) (5,245) (4,713) - Adjusted total revenue (TE) 294,456$ 291,212$ 279,500$ 284,078$ 267,225$ Efficiency ratio 52.83% 52.26% 53.49% 51.68% 55.64% Adjusted efficiency ratio (TE) 52.62% 51.82% 54.25% 55.00% 54.56% Quarter to Date
24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 1Q25 4Q24 3Q24 2Q24 1Q24 Total shareholders' equity 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 66,658 70,761 74,941 79,120 83,527 Total tangible shareholders' equity 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ Period end number of shares 68,910,924 69,068,609 69,067,019 69,066,573 69,115,263 Book value per share (period end) 55.49$ 54.32$ 53.30$ 51.64$ 50.42$ Tangible book value per share (period end) 39.78$ 38.59$ 37.51$ 35.79$ 34.52$ Total assets $ 26,514,940 $ 26,262,050 $ 26,399,782 $ 26,520,728 $ 25,655,445 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 66,658 70,761 74,941 79,120 83,527 Total tangible assets 25,432,636$ 25,175,643$ 25,309,195$ 25,425,962$ 24,556,272$ Equity to Assets 14.42% 14.28% 13.94% 13.45% 13.58% Tangible Common Equity to Tangible Assets 10.78% 10.59% 10.24% 9.72% 9.71% Quarter to Date
25 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2020 2021 2022 2023 2024 Return on Tangible Common Equity Net Income 261,988$ 376,913$ 346,540$ 269,105$ 358,685$ Average common equity 2,531,419 2,827,669 3,083,081 3,313,361 3,583,390 Average tangible common equity 1,520,303 1,826,433 1,947,222 2,200,883 2,488,588 Return on average common equity 10.3% 13.3% 11.2% 8.1% 10.0% Return on average tangible common equity 17.2% 20.6% 17.8% 12.2% 14.4% (dollars in thousands) 2020 2021 2022 2023 2024 Total shareholders' equity 2,647,088$ 2,966,451$ 3,197,400$ 3,426,747$ 3,751,522$ Less: Goodwill 928,005 1,012,620 1,015,646 1,015,646 1,015,646 Other intangibles, net 71,974 125,938 106,194 87,949 70,761 Total tangible shareholders' equity 1,647,109$ 1,827,893$ 2,075,560$ 2,323,152$ 2,665,115$ Total assets $ 20,438,638 $ 23,858,321 $ 25,053,286 $ 25,203,699 $ 26,262,050 Less: Goodwill 928,005 1,012,620 1,015,646 1,015,646 1,015,646 Other intangibles, net 71,974 125,938 106,194 87,949 70,761 Total tangible assets 19,438,659$ 22,719,763$ 23,931,446$ 24,100,104$ 25,175,643$ Equity to Assets 13.0% 12.4% 12.8% 13.6% 14.3% Tangible Common Equity to Tangible Assets 8.5% 8.0% 8.7% 9.6% 10.6%
26 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 Total shareholders' equity 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ 3,119,070$ 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 1,023,071 Other intangibles, net 66,658 70,761 74,941 79,120 83,527 87,949 92,375 96,800 101,488 106,194 110,903 Total tangible shareholders' equity 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ 1,985,096$ Period end number of shares 68,910,924 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 69,352,709 Book value per share (period end) 55.49$ 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ 44.97$ Tangible book value per share (period end) 39.78$ 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 28.62$ 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 Total shareholders' equity 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ 2,437,150$ Less: Goodwill 1,023,056 1,022,345 1,012,620 928,005 928,005 928,005 928,005 928,005 928,005 931,947 Other intangibles, net 115,613 120,757 125,938 60,396 63,783 67,848 71,974 76,164 80,354 85,955 Total tangible shareholders' equity 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ 1,419,248$ Period end number of shares 69,360,461 69,439,084 69,609,228 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 69,461,968 69,441,274 Book value per share (period end) 44.31$ 43.31$ 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ 35.10$ Tangible book value per share (period end) 27.89$ 26.84$ 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ 20.44$ As of As of