abcb-20250728
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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):July 28, 2025
Ameris Bancorp
(Exact Name of Registrant as Specified in Charter)
Georgia001-1390158-1456434
(State or Other Jurisdiction of Incorporation)(Commission File Number) (IRS Employer Identification No.)
    
3490 Piedmont Road N.E., Suite 1550
Atlanta,Georgia30305
(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 July 28, 2025, Ameris Bancorp (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2025. A copy of that press release is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1.

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

Item 7.01 Regulation FD Disclosure.

A copy of the investor presentation material that the Company will present regarding its earnings during the teleconference beginning at 9:00 a.m. Eastern time on July 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.

104Cover 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: July 28, 2025



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News Release

AMERIS BANCORP ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS

Highlights of Ameris’s results for the second quarter of 2025 include the following:
•Net income of $109.8 million, or $1.60 per diluted share
•Return on average assets of 1.65%
•Return on average tangible common equity(1) of 15.82%
•Tangible book value(1) growth of $1.54 per share, or 15.5% annualized, to $41.32 at June 30, 2025
•TCE ratio(1) increased to 11.09%, compared with 9.72% one year ago
•Net interest margin (TE) expansion of 4bps to 3.77% for the second quarter of 2025
•Efficiency ratio improved to 51.63%
•Growth in total revenue of $14.9 million, or 20.9% annualized, from first quarter of 2025
•Growth in average earning assets of $564.3 million, or 9.3% annualized
•Loan growth of $334.9 million, or 6.5% annualized
•Continued growth in noninterest-bearing deposits, now representing 31.0% of total deposits
•Annualized net charge-offs improved to 0.14% of average total loans

ATLANTA, GA, July 28, 2025 - Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $109.8 million, or $1.60 per diluted share, for the quarter ended June 30, 2025, compared with $90.8 million, or $1.32 per diluted share, for the quarter ended June 30, 2024.

For the year-to-date period ending June 30, 2025, the Company reported net income of $197.8 million, or $2.87 per diluted share, compared with $165.1 million, or $2.39 per diluted share, for the same period in 2024.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our second quarter results underscore the strength, consistency, and long-term value of the Ameris franchise. We delivered above-peer profitability, with a return on assets of 1.65% and a return on tangible common equity of 15.82%. Tangible book value per share - one of our long-standing strategic priorities - grew at a 15.5% annualized rate to surpass $41. Other key performance indicators, including our net interest margin, allowance coverage ratio, and efficiency ratio, remain among the best in the industry. Backed by a strong balance sheet and a proven ability to execute, we are well positioned to capitalize on growth opportunities across our Southeast footprint and drive continued success through the remainder of 2025 and beyond.”
Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) grew to $232.7 million in the second quarter of 2025, an increase of $10.0 million, or 4.5%, from last quarter and an increase of $19.9 million, or 9.3%, compared with the second quarter of 2024. The Company's average earning assets increased during the quarter by $564.3 million, or 9.3% annualized, due to a $308.0 million increase in average portfolio loans outstanding, a $165.2 million increase in average loans held for sale during the quarter and a $119.3 million increase in the average balance of investment securities.

The Company's net interest margin expanded to 3.77% for the second quarter of 2025, a four basis point increase from 3.73% reported for the first quarter of 2025 and a 19 basis point improvement from the 3.58% reported for the second quarter of 2024.

Yields on earning assets increased three basis points during the quarter to 5.64%, compared with 5.61% in the first quarter of 2025. This increase is primarily related to a 17 basis point increase in yield on taxable securities and a three basis point increase in yield on portfolio loans during the second quarter of 2025.


The Company’s total cost of funds was stable at 2.06% in the second quarter of 2025, when compared with the first quarter of 2025, and improved 42 basis points compared with the second quarter of 2024. Deposit costs decreased three basis points during the second quarter of 2025 to 1.95%, compared with 1.98% in the first quarter of 2025. Costs of interest-bearing deposits during the quarter were 2.83%, unchanged from the first quarter of 2025.

Noninterest Income
Noninterest income increased $4.9 million, or 7.6%, in the second quarter of 2025 to $68.9 million, compared with $64.0 million for the first quarter of 2025. The increase was primarily driven by mortgage banking activity, which increased $4.0 million, or 11.3%, to $39.2 million in the second quarter of 2025, compared with $35.3 million for the first quarter of 2025. Total production in the retail mortgage division increased $334.9 million, or 35.9%, to $1.27 billion in the second quarter of 2025, compared with $933.0 million for the first quarter of 2025. The retail mortgage open pipeline was $719.1 million at the end of the second quarter of 2025, compared with $771.6 million for the first quarter of 2025. Gain on sale spreads increased to 2.22% in the second quarter of 2025 from 2.17% for the first quarter of 2025. Other noninterest income increased $678,000, or 8.7%, in the second quarter of 2025 to $8.5 million, compared with $7.8 million for the first quarter of 2025.

Noninterest Expense
Noninterest expense increased $4.3 million, or 2.8%, to $155.3 million during the second quarter of 2025, compared with $151.0 million for the first quarter of 2025. Salaries and employee benefits increased $2.7 million, or 3.1%, during the second quarter of 2025 primarily due to variable compensation related to mortgage production and annual merit increases, partially offset by seasonal declines in payroll taxes. Advertising and marketing expenses increased $862,000 resulting from targeted ad campaigns during the quarter. Management continues to focus on operating efficiency, and the efficiency ratio improved to 51.63% in the second quarter of 2025, compared with 52.83% in the first quarter of 2025 and 51.68% in the second quarter of 2024.

Income Tax Expense
The Company's effective tax rate for the second quarter of 2025 was 23.0%, compared with 22.1% for the first quarter of 2025. The increased rate resulted primarily from a reduction in excess benefits from the vesting of equity compensation awards and the impact of enacted state tax changes during the second quarter.

Balance Sheet Trends
Total assets at June 30, 2025 were $26.68 billion, compared with $26.51 billion at March 31, 2025 and $26.26 billion at December 31, 2024. During the second quarter of 2025, loans, net of unearned income, increased by $334.9 million, or 6.5% annualized, to end at $21.04 billion at June 30, 2025, compared with $20.71 billion at March 31, 2025 and $20.74 billion at December 31, 2024. Loans held for sale increased to $544.1 million at June 30, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale amounted to $1.87 billion, compared with $1.94 billion at March 31, 2025 and $1.67 billion at December 31, 2024.

At June 30, 2025, total deposits amounted to $21.93 billion, compared with $21.72 billion at December 31, 2024. During the second quarter of 2025, deposits grew $20.3 million, with noninterest-bearing accounts increasing $55.7 million, brokered CDs increasing $81.8 million and interest-bearing demand accounts increasing $13.0 million, with such increases offset by decreases in retail CDs of $77.4 million, money market accounts of $38.6 million and savings accounts of $14.2 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at June 30, 2025, noninterest-bearing deposit accounts represented $6.80 billion, or 31.0% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024. 

Shareholders’ equity at June 30, 2025 totaled $3.92 billion, an increase of $166.2 million, or 4.4%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $197.8 million during the first six months of 2025 and an improvement in other comprehensive loss of $23.2 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 $2.73 per share, or 14.3% annualized, during the first six months of 2025 to $41.32 at June 30, 2025. Tangible common equity as a percentage of tangible assets was 11.09% at June 30, 2025, compared with 10.59% at the end of 2024. The Company repurchased 212,472 shares in the quarter ending June 30, 2025.




Subordinated Debt

In July 2025, the Company notified holders of its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 that it would be redeeming the notes in full at the September 1, 2025 interest payment date. These notes, which currently total $74 million outstanding, bear interest at 8.22% and will be redeemed at par.

Credit Quality
During the second quarter of 2025, the Company recorded a provision for credit losses of $2.8 million, compared with a provision of $21.9 million in the first quarter of 2025. The allowance for credit losses on loans was 1.62% of loans at June 30, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets decreased eight basis points to 0.36% during the quarter. Approximately $11.7 million, or 12.1%, of the nonperforming assets at June 30, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets decreased six basis points to 0.32% at June 30, 2025, compared with 0.38% at the end of the first quarter of 2025. The net charge-off ratio was 14 basis points for the second quarter of 2025, compared with 18 basis points in the first quarter of 2025.

Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, July 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 August 5, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 6141708. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates financial centers in five southeastern states and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.7 billion in assets as of June 30, 2025, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP financial measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behavior of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on



net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

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


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Financial HighlightsTable 1
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands except per share data)2025202520242024202420252024
EARNINGS
Net income$109,834 $87,935 $94,376 $99,212 $90,785 $197,769 $165,097 
Adjusted net income(1)
$109,444 $88,044 $95,078 $95,187 $80,763 $197,488 $156,375 
COMMON SHARE DATA
Earnings per share available to common shareholders
Basic$1.60 $1.28 $1.37 $1.44 $1.32 $2.88 $2.40 
Diluted$1.60 $1.27 $1.37 $1.44 $1.32 $2.87 $2.39 
Adjusted diluted EPS(1)
$1.59 $1.28 $1.38 $1.38 $1.17 $2.87 $2.27 
Cash dividends per share$0.20 $0.20 $0.15 $0.15 $0.15 $0.40 $0.30 
Book value per share (period end)$57.02 $55.49 $54.32 $53.30 $51.64 $57.02 $51.64 
Tangible book value per share (period end)(1)
$41.32 $39.78 $38.59 $37.51 $35.79 $41.32 $35.79 
Weighted average number of shares
Basic68,594,608 68,785,458 68,799,464 68,798,093 68,824,150 68,689,506 68,818,618 
Diluted68,796,577 69,030,331 69,128,946 69,066,298 69,013,834 68,912,750 69,010,010 
Period end number of shares68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 68,711,043 69,066,573 
Market data
High intraday price$65.43 $68.85 $74.56 $65.40 $51.18 $68.85 $53.99 
Low intraday price$48.27 $55.32 $59.12 $48.21 $44.23 $48.27 $44.00 
Period end closing price$64.70 $57.57 $62.57 $62.39 $50.35 $64.70 $50.35 
Average daily volume416,355 430,737 384,406 379,896 301,784 423,428 353,985 
PERFORMANCE RATIOS
Return on average assets1.65 %1.36 %1.42 %1.49 %1.41 %1.51 %1.30 %
Adjusted return on average assets(1)
1.64 %1.36 %1.43 %1.43 %1.25 %1.50 %1.23 %
Return on average common equity11.40 %9.39 %10.09 %10.91 %10.34 %10.41 %9.49 %
Adjusted return on average tangible common equity(1)
15.76 %13.16 %14.37 %14.99 %13.35 %14.48 %13.12 %
Earning asset yield (TE)5.64 %5.61 %5.67 %5.81 %5.86 %5.63 %5.79 %
Total cost of funds2.06 %2.06 %2.22 %2.50 %2.48 %2.06 %2.44 %
Net interest margin (TE)3.77 %3.73 %3.64 %3.51 %3.58 %3.75 %3.54 %
Efficiency ratio51.63 %52.83 %52.26 %53.49 %51.68 %52.22 %53.54 %
Adjusted efficiency ratio (TE)(1)
51.58 %52.62 %51.82 %54.25 %55.00 %52.09 %54.79 %
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets14.68 %14.42 %14.28 %13.94 %13.45 %14.68 %13.45 %
Tangible common equity to tangible assets(1)
11.09 %10.78 %10.59 %10.24 %9.72 %11.09 %9.72 %
OTHER DATA (period end)
Full time equivalent employees
Banking Division2,036 2,045 2,021 2,056 2,073 2,036 2,073 
Retail Mortgage Division550 577 585 592 595 550 595 
Warehouse Lending Division8 7 8 9 9 8 9 
Premium Finance Division78 81 77 76 74 78 74 
Total Ameris Bancorp FTE headcount2,672 2,710 2,691 2,733 2,751 2,672 2,751 
Branch locations164 164 164 164 164 164 164 
Deposits per branch location$133,736 $133,612 $132,454 $133,410 $130,757 $133,736 $130,757 
(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 StatementTable 2
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands except per share data)2025202520242024202420252024
Interest income
Interest and fees on loans$315,893 $304,168 $318,843 $325,622 $317,664 $620,061 $621,057 
Interest on taxable securities20,696 18,492 15,923 15,555 16,948 39,188 30,040 
Interest on nontaxable securities334 329 337 336 335 663 665 
Interest on deposits in other banks10,715 10,789 11,260 13,633 12,376 21,504 25,013 
Total interest income347,638 333,778 346,363 355,146 347,323 681,416 676,775 
Interest expense
Interest on deposits106,796 105,215 115,556 129,698 121,245 212,011 239,419 
Interest on other borrowings9,029 6,724 8,986 11,388 14,157 15,753 24,047 
Total interest expense115,825 111,939 124,542 141,086 135,402 227,764 263,466 
Net interest income231,813 221,839 221,821 214,060 211,921 453,652 413,309 
Provision for loan losses3,110 16,519 12,657 6,313 25,348 19,629 50,871 
Provision for unfunded commitments(335)5,373 148 (204)(6,570)5,038 (10,992)
Provision for other credit losses(3)— 3 (2)(5)(3)(1)
Provision for credit losses2,772 21,892 12,808 6,107 18,773 24,664 39,878 
Net interest income after provision for credit losses229,041 199,947 209,013 207,953 193,148 428,988 373,431 
Noninterest income
Service charges on deposit accounts13,493 13,133 13,544 12,918 12,672 26,626 24,431 
Mortgage banking activity39,221 35,254 36,699 37,947 46,399 74,475 85,829 
Other service charges, commissions and fees1,158 1,109 1,182 1,163 1,211 2,267 2,413 
Gain (loss) on securities— 40 (16)(8)12,335 40 12,328 
Equipment finance activity6,572 6,698 5,947 5,398 4,983 13,270 10,319 
Other noninterest income8,467 7,789 11,603 12,291 11,111 16,256 19,269 
Total noninterest income68,911 64,023 68,959 69,709 88,711 132,934 154,589 
Noninterest expense
Salaries and employee benefits89,308 86,615 87,810 88,700 88,201 175,923 171,131 
Occupancy and equipment11,401 10,677 11,624 11,716 12,559 22,078 25,444 
Data processing and communications expenses15,366 14,855 14,631 15,221 15,193 30,221 29,847 
Credit resolution-related expenses(1)
657 765 1,271 (110)840 1,422 1,326 
Advertising and marketing3,745 2,883 2,730 3,959 3,456 6,628 5,923 
Amortization of intangible assets4,076 4,103 4,180 4,180 4,407 8,179 8,829 
Other noninterest expenses30,707 31,136 29,703 28,111 30,701 61,843 61,568 
Total noninterest expense155,260 151,034 151,949 151,777 155,357 306,294 304,068 
Income before income tax expense142,692 112,936 126,023 125,885 126,502 255,628 223,952 
Income tax expense32,858 25,001 31,647 26,673 35,717 57,859 58,855 
Net income$109,834 $87,935 $94,376 $99,212 $90,785 $197,769 $165,097 
Diluted earnings per common share$1.60 $1.27 $1.37 $1.44 $1.32 $2.87 $2.39 
(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 SheetTable 3
JunMarDecSepJun
(dollars in thousands)20252025202420242024
Assets
Cash and due from banks$249,676 $253,289 $244,980 $231,515 $257,297 
Interest-bearing deposits in banks920,594 1,039,111 975,397 1,127,641 1,104,897 
Debt securities available-for-sale, at fair value1,871,298 1,943,011 1,671,260 1,441,552 1,531,047 
Debt securities held-to-maturity, at amortized cost176,487 173,757 164,677 161,220 148,538 
Other investments69,910 65,630 66,298 63,899 96,613 
Loans held for sale544,091 545,388 528,599 553,379 570,180 
Loans, net of unearned income21,041,497 20,706,644 20,739,906 20,964,981 20,992,603 
Allowance for credit losses(341,567)(345,555)(338,084)(334,457)(336,218)
Loans, net20,699,930 20,361,089 20,401,822 20,630,524 20,656,385 
Other real estate owned1,825 863 2,433 9,482 2,213 
Premises and equipment, net211,434 207,895 209,460 210,931 213,255 
Goodwill1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 
Other intangible assets, net62,582 66,658 70,761 74,941 79,120 
Cash value of bank owned life insurance414,381 410,890 408,574 460,699 376,458 
Other assets442,299 431,713 502,143 418,353 469,079 
Total assets$26,680,153 $26,514,940 $26,262,050 $26,399,782 $26,520,728 
Liabilities
Deposits
Noninterest-bearing$6,800,519 $6,744,781 $6,498,293 $6,670,320 $6,649,220 
Interest-bearing15,132,156 15,167,628 15,224,155 15,208,945 14,794,923 
Total deposits21,932,675 21,912,409 21,722,448 21,879,265 21,444,143 
Other borrowings376,700 276,744 291,788 346,446 946,413 
Subordinated deferrable interest debentures133,306 132,807 132,309 131,811 131,312 
Other liabilities319,794 369,178 363,983 360,892 432,246 
Total liabilities22,762,475 22,691,138 22,510,528 22,718,414 22,954,114 
Shareholders' Equity
Preferred stock— — — — — 
Common stock72,897 72,885 72,699 72,698 72,697 
Capital stock1,964,896 1,961,732 1,958,642 1,954,532 1,950,846 
Retained earnings2,023,493 1,927,489 1,853,428 1,772,989 1,684,218 
Accumulated other comprehensive loss, net of tax(6,886)(14,430)(30,119)(15,724)(38,020)
Treasury stock(136,722)(123,874)(103,128)(103,127)(103,127)
Total shareholders' equity3,917,678 3,823,802 3,751,522 3,681,368 3,566,614 
Total liabilities and shareholders' equity$26,680,153 $26,514,940 $26,262,050 $26,399,782 $26,520,728 
Other Data
Earning assets$24,623,877 $24,473,541 $24,146,137 $24,312,672 $24,443,878 
Intangible assets1,078,228 1,082,304 1,086,407 1,090,587 1,094,766 
Interest-bearing liabilities15,642,162 15,577,179 15,648,252 15,687,202 15,872,648 
Average assets26,757,322 26,229,423 26,444,894 26,442,984 25,954,808 
Average common shareholders' equity3,865,031 3,798,149 3,719,888 3,618,052 3,530,869 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Asset Quality InformationTable 4
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands)2025202520242024202420252024
Allowance for Credit Losses
Balance at beginning of period$381,507 $368,663 $364,885 $366,852 $357,232 $368,663 $348,727 
Provision for loan losses3,110 16,519 12,657 6,313 25,348 19,629 50,871 
Provision for unfunded commitments(335)5,373 148 (204)(6,570)5,038 (10,992)
Provision for other credit losses(3)— 3 (2)(5)(3)(1)
Provision for credit losses2,772 21,892 12,808 6,107 18,773 24,664 39,878 
Charge-offs14,227 15,383 17,460 15,352 16,845 29,610 35,302 
Recoveries7,129 6,335 8,430 7,278 7,692 13,464 13,549 
Net charge-offs (recoveries)7,098 9,048 9,030 8,074 9,153 16,146 21,753 
Ending balance$377,181 $381,507 $368,663 $364,885 $366,852 $377,181 $366,852 
Allowance for loan losses$341,567 $345,555 $338,084 $334,457 $336,218 $341,567 $336,218 
Allowance for unfunded commitments35,548 35,883 30,510 30,362 30,566 35,548 30,566 
Allowance for other credit losses66 69 69 66 68 66 68 
Total allowance for credit losses$377,181 $381,507 $368,663 $364,885 $366,852 $377,181 $366,852 
Non-Performing Assets
Nonaccrual portfolio loans$75,286 $86,229 $90,206 $87,339 $85,878 $75,286 $85,878 
Other real estate owned1,825 863 2,433 9,482 2,213 1,825 2,213 
Repossessed assets2 — 9 19 22 2 22 
Accruing loans delinquent 90 days or more8,415 14,930 17,733 12,234 15,909 8,415 15,909 
Non-performing portfolio assets$85,528 $102,022 $110,381 $109,074 $104,022 $85,528 $104,022 
Serviced GNMA-guaranteed mortgage nonaccrual loans11,733 13,441 12,012 8,168 93,520 11,733 93,520 
Total non-performing assets$97,261 $115,463 $122,393 $117,242 $197,542 $97,261 $197,542 
Asset Quality Ratios
Non-performing portfolio assets as a percent of total assets0.32 %0.38 %0.42 %0.41 %0.39 %0.32 %0.39 %
Total non-performing assets as a percent of total assets0.36 %0.44 %0.47 %0.44 %0.74 %0.36 %0.74 %
Net charge-offs as a percent of average loans (annualized)0.14 %0.18 %0.17 %0.15 %0.18 %0.16 %0.21 %



AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Loan InformationTable 5
JunMarDecSepJun
(dollars in thousands)20252025202420242024
Loans by Type
Commercial and industrial$3,184,211 $3,075,971 $2,953,135 $2,949,957 $2,860,973 
Consumer209,990 213,902 221,735 221,201 234,122 
Mortgage warehouse1,092,475 891,412 965,053 985,910 1,070,921 
Municipal436,759 429,227 441,408 449,561 454,967 
Premium Finance1,294,293 1,176,309 1,155,614 1,246,452 1,151,261 
Real estate - construction and development1,485,842 1,842,431 1,998,506 2,232,114 2,336,987 
Real estate - commercial and farmland8,877,750 8,574,626 8,445,958 8,249,981 8,103,634 
Real estate - residential4,460,177 4,502,766 4,558,497 4,629,805 4,779,738 
Total loans$21,041,497 $20,706,644 $20,739,906 $20,964,981 $20,992,603 
Loans by Risk Grade
Pass$20,820,888 $20,468,496 $20,457,340 $20,676,342 $20,623,416 
Other assets especially mentioned66,677 73,783 110,936 124,479 115,477 
Substandard153,932 164,365 171,630 164,160 253,710 
Total loans$21,041,497 $20,706,644 $20,739,906 $20,964,981 $20,992,603 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Average BalancesTable 6
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands)2025202520242024202420252024
Earning Assets
Interest-bearing deposits in banks$951,851 $980,164 $899,162 $997,308 $899,866 $965,930 $911,855 
Debt securities - taxable2,117,596 1,998,226 1,761,984 1,733,418 1,663,841 2,058,241 1,631,773 
Debt securities - nontaxable41,299 41,391 41,494 41,496 41,396 41,344 41,341 
Loans held for sale730,770 565,531 795,904 575,461 491,000 648,607 407,175 
Loans20,928,825 20,620,777 20,868,216 21,023,629 20,820,361 20,775,652 20,570,520 
Total Earning Assets$24,770,341 $24,206,089 $24,366,760 $24,371,312 $23,916,464 $24,489,774 $23,562,664 
Deposits
Noninterest-bearing deposits$6,766,557 $6,522,784 $6,684,851 $6,622,952 $6,558,427 $6,645,340 $6,480,864 
NOW accounts3,939,802 3,988,458 3,888,404 3,753,528 3,824,538 3,963,995 3,827,257 
MMDA6,918,382 6,911,554 6,864,265 6,508,770 6,251,719 6,914,988 6,102,054 
Savings accounts766,331 767,148 761,980 765,909 781,588 766,738 788,738 
Retail CDs2,393,402 2,436,974 2,474,804 2,478,875 2,430,416 2,415,067 2,404,547 
Brokered CDs1,145,043 962,768 1,057,808 1,493,352 1,167,174 1,054,409 1,274,278 
Total Deposits21,929,517 21,589,686 21,732,112 21,623,386 21,013,862 21,760,537 20,877,738 
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase— — — — 1 — — 
FHLB advances326,054 149,537 215,116 358,332 548,251 238,283 383,920 
Other borrowings193,492 193,494 279,961 298,073 307,449 193,493 307,829 
Subordinated deferrable interest debentures133,043 132,544 132,048 131,547 131,050 132,795 130,801 
Total Non-Deposit Funding652,589 475,575 627,125 787,952 986,751 564,571 822,550 
Total Funding$22,582,106 $22,065,261 $22,359,237 $22,411,338 $22,000,613 $22,325,108 $21,700,288 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense (TE)Table 7
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands)2025202520242024202420252024
Interest Income
Interest-bearing deposits in banks$10,715 $10,789 $11,260 $13,633 $12,376 $21,504 $25,013 
Debt securities - taxable20,696 18,492 15,923 15,555 16,948 39,188 30,040 
Debt securities - nontaxable (TE)423 416 427 426 423 839 841 
Loans held for sale11,578 9,045 11,853 9,142 8,189 20,623 13,537 
Loans (TE)305,154 295,964 307,852 317,358 310,347 601,118 609,254 
Total Earning Assets$348,566 $334,706 $347,315 $356,114 $348,283 $683,272 $678,685 
Interest Expense
Interest-Bearing Deposits
NOW accounts$18,144 $18,306 $19,099 $20,535 $21,020 $36,450 $41,594 
MMDA53,469 52,261 57,160 61,620 58,332 105,730 112,285 
Savings accounts826 830 850 960 984 1,656 1,970 
Retail CDs21,852 23,245 25,610 26,775 25,711 45,097 50,287 
Brokered CDs12,505 10,573 12,837 19,808 15,198 23,078 33,283 
Total Interest-Bearing Deposits106,796 105,215 115,556 129,698 121,245 212,011 239,419 
Non-Deposit Funding
FHLB advances3,508 1,362 2,393 4,443 7,167 4,870 9,745 
Other borrowings2,499 2,350 3,346 3,514 3,574 4,849 7,453 
Subordinated deferrable interest debentures3,022 3,012 3,247 3,431 3,416 6,034 6,849 
Total Non-Deposit Funding9,029 6,724 8,986 11,388 14,157 15,753 24,047 
Total Interest-Bearing Funding$115,825 $111,939 $124,542 $141,086 $135,402 $227,764 $263,466 
Net Interest Income (TE)$232,741 $222,767 $222,773 $215,028 $212,881 $455,508 $415,219 




AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
2025202520242024202420252024
Earning Assets
Interest-bearing deposits in banks4.52 %4.46 %4.98 %5.44 %5.53 %4.49 %5.52 %
Debt securities - taxable3.92 %3.75 %3.60 %3.57 %4.10 %3.84 %3.70 %
Debt securities - nontaxable (TE)4.11 %4.08 %4.09 %4.08 %4.11 %4.09 %4.09 %
Loans held for sale6.35 %6.49 %5.92 %6.32 %6.71 %6.41 %6.69 %
Loans (TE)5.85 %5.82 %5.87 %6.01 %6.00 %5.83 %5.96 %
Total Earning Assets5.64 %5.61 %5.67 %5.81 %5.86 %5.63 %5.79 %
Interest-Bearing Deposits
NOW accounts1.85 %1.86 %1.95 %2.18 %2.21 %1.85 %2.19 %
MMDA3.10 %3.07 %3.31 %3.77 %3.75 %3.08 %3.70 %
Savings accounts0.43 %0.44 %0.44 %0.50 %0.51 %0.44 %0.50 %
Retail CDs3.66 %3.87 %4.12 %4.30 %4.25 %3.77 %4.21 %
Brokered CDs4.38 %4.45 %4.83 %5.28 %5.24 %4.41 %5.25 %
Total Interest-Bearing Deposits2.83 %2.83 %3.06 %3.44 %3.37 %2.83 %3.34 %
Non-Deposit Funding
Federal funds purchased and securities sold under agreements to repurchase— %— %— %— %— %— %— %
FHLB advances4.32 %3.69 %4.43 %4.93 %5.26 %4.12 %5.10 %
Other borrowings5.18 %4.93 %4.75 %4.69 %4.68 %5.05 %4.87 %
Subordinated deferrable interest debentures9.11 %9.22 %9.78 %10.38 %10.48 %9.16 %10.53 %
Total Non-Deposit Funding5.55 %5.73 %5.70 %5.75 %5.77 %5.63 %5.88 %
Total Interest-Bearing Liabilities
2.94 %2.92 %3.16 %3.55 %3.53 %2.93 %3.48 %
Net Interest Spread2.70 %2.69 %2.51 %2.26 %2.33 %2.70 %2.31 %
Net Interest Margin(2)
3.77 %3.73 %3.64 %3.51 %3.58 %3.75 %3.54 %
Total Cost of Funds(3)
2.06 %2.06 %2.22 %2.50 %2.48 %2.06 %2.44 %
(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 IncomeTable 9A
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands except per share data)2025202520242024202420252024
Net income available to common shareholders$109,834 $87,935 $94,376 $99,212 $90,785 $197,769 $165,097 
Adjustment items:
Gain on sale of MSR(356)14 (536)(5,245)(4,713)(342)(4,713)
Gain on conversion of Visa Class B-1 stock— — — — (12,554)— (12,554)
Gain on BOLI proceeds— (11)— — (466)(11)(1,464)
FDIC special assessment(138)138 (559)— (895)— 2,014 
Natural disaster expenses— — 400 150 — — — 
Loss on disposition of bank premises— — 1,203 — — — — 
Tax effect of adjustment items (Note 1)
104 (32)(107)1,070 3,814 72 3,203 
After tax adjustment items(390)109 401 (4,025)(14,814)(281)(13,514)
Tax expense attributable to BOLI restructuring— — 301 — 4,792 — 4,792 
Adjusted net income$109,444 $88,044 $95,078 $95,187 $80,763 $197,488 $156,375 
Weighted average number of shares - diluted68,796,577 69,030,331 69,128,946 69,066,298 69,013,834 68,912,750 69,010,010 
Net income per diluted share$1.60 $1.27 $1.37 $1.44 $1.32 $2.87 $2.39 
Adjusted net income per diluted share$1.59 $1.28 $1.38 $1.38 $1.17 $2.87 $2.27 
Average assets$26,757,322 $26,229,423 $26,444,894 $26,442,984 $25,954,808 $26,494,831 $25,624,948 
Return on average assets1.65 %1.36 %1.42 %1.49 %1.41 %1.51 %1.30 %
Adjusted return on average assets1.64 %1.36 %1.43 %1.43 %1.25 %1.50 %1.23 %
Average common equity$3,865,031 $3,798,149 $3,719,888 $3,618,052 $3,530,869 $3,831,775 $3,496,870 
Average tangible common equity$2,784,819 $2,713,847 $2,631,452 $2,525,421 $2,433,958 $2,749,529 $2,397,751 
Return on average common equity11.40 %9.39 %10.09 %10.91 %10.34 %10.41 %9.49 %
Return on average tangible common equity15.82 %13.14 %14.27 %15.63 %15.00 %14.50 %13.85 %
Adjusted return on average tangible common equity15.76 %13.16 %14.37 %14.99 %13.35 %14.48 %13.12 %
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 EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands)2025202520242024202420252024
Adjusted Noninterest Expense
Total noninterest expense$155,260 $151,034 $151,949 $151,777 $155,357 $306,294 $304,068 
Adjustment items:
FDIC special assessment138 (138)559 — 895 — (2,014)
Natural disaster expenses— — (400)(150)— — — 
Loss on disposition of bank premises— — (1,203)— — — — 
Adjusted noninterest expense$155,398 $150,896 $150,905 $151,627 $156,252 $306,294 $302,054 
Total Revenue
Net interest income$231,813 $221,839 $221,821 $214,060 $211,921 $453,652 $413,309 
Noninterest income68,911 64,023 68,959 69,709 88,711 132,934 154,589 
Total revenue$300,724 $285,862 $290,780 $283,769 $300,632 $586,586 $567,898 
Adjusted Total Revenue
Net interest income (TE)$232,741 $222,767 $222,773 $215,028 $212,881 $455,508 $415,219 
Noninterest income68,911 64,023 68,959 69,709 88,711 132,934 154,589 
Total revenue (TE)301,652 286,790 291,732 284,737 301,592 588,442 569,808 
Adjustment items:
(Gain) loss on securities— (40)16 8 (12,335)(40)(12,328)
Gain on sale of MSR(356)14 (536)(5,245)(4,713)(342)(4,713)
Gain on BOLI proceeds— (11)— — (466)(11)(1,464)
Adjusted total revenue (TE)$301,296 $286,753 $291,212 $279,500 $284,078 $588,049 $551,303 
Efficiency ratio51.63 %52.83 %52.26 %53.49 %51.68 %52.22 %53.54 %
Adjusted efficiency ratio (TE)51.58 %52.62 %51.82 %54.25 %55.00 %52.09 %54.79 %
Tangible Book Value Per ShareTable 9C
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands except per share data)2025202520242024202420252024
Total shareholders' equity$3,917,678 $3,823,802 $3,751,522 $3,681,368 $3,566,614 $3,917,678 $3,566,614 
Less:
Goodwill1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 
Other intangibles, net62,582 66,658 70,761 74,941 79,120 62,582 79,120 
Total tangible shareholders' equity$2,839,450 $2,741,498 $2,665,115 $2,590,781 $2,471,848 $2,839,450 $2,471,848 
Period end number of shares68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 68,711,043 69,066,573 
Book value per share (period end)$57.02 $55.49 $54.32 $53.30 $51.64 $57.02 $51.64 
Tangible book value per share (period end)$41.32 $39.78 $38.59 $37.51 $35.79 $41.32 $35.79 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations (continued)
Tangible Common Equity to Tangible AssetsTable 9D
JunMarDecSepJun
(dollars in thousands except per share data)20252025202420242024
Total shareholders' equity$3,917,678$3,823,802$3,751,522$3,681,368$3,566,614
Less:
Goodwill1,015,6461,015,6461,015,6461,015,6461,015,646
Other intangibles, net62,58266,65870,76174,94179,120
Total tangible shareholders' equity$2,839,450$2,741,498$2,665,115$2,590,781$2,471,848
Total assets$26,680,153$26,514,940$26,262,050$26,399,782$26,520,728
Less:
Goodwill1,015,6461,015,6461,015,6461,015,6461,015,646
Other intangibles, net62,58266,65870,76174,94179,120
Total tangible assets$25,601,925$25,432,636$25,175,643$25,309,195$25,425,962
Equity to Assets14.68 %14.42 %14.28 %13.94 %13.45 %
Tangible Common Equity to Tangible Assets11.09 %10.78 %10.59 %10.24 %9.72 %


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment ReportingTable 10
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands)2025202520242024202420252024
Retail Mortgage Division
Net interest income$22,031 $21,844 $23,714 $23,553 $23,742 $43,875 $47,029 
Provision for credit losses1,010 5,191 (2,503)254 (2,882)6,201 (550)
Noninterest income37,726 34,729 36,623 41,498 50,145 72,455 88,910 
Noninterest expense
Salaries and employee benefits24,358 20,995 22,876 23,233 25,254 45,353 46,327 
Occupancy and equipment expenses811 829 951 957 1,008 1,640 2,057 
Data processing and telecommunications expenses1,391 1,297 1,222 1,184 1,276 2,688 2,642 
Other noninterest expenses12,496 11,963 12,118 12,164 13,397 24,459 25,927 
Total noninterest expense39,056 35,084 37,167 37,538 40,935 74,140 76,953 
Income before income tax expense19,691 16,298 25,673 27,259 35,834 35,989 59,536 
Income tax expense4,135 3,423 5,391 5,724 7,525 7,558 12,503 
Net income$15,556 $12,875 $20,282 $21,535 $28,309 $28,431 $47,033 
Warehouse Lending Division
Net interest income$7,091 $5,902 $6,640 $7,812 $6,292 $12,993 $12,320 
Provision for credit losses369 (175)(59)(170)359 194 504 
Noninterest income1,893 554 676 1,765 1,028 2,447 1,768 
Noninterest expense
Salaries and employee benefits618 552 583 621 1,124 1,170 2,012 
Occupancy and equipment expenses7 7 6 6 7 14 14 
Data processing and telecommunications expenses59 38 44 32 59 97 84 
Other noninterest expenses96 270 224 217 298 366 535 
Total noninterest expense780 867 857 876 1,488 1,647 2,645 
Income before income tax expense7,835 5,764 6,518 8,871 5,473 13,599 10,939 
Income tax expense1,646 1,210 1,369 1,863 1,149 2,856 2,297 
Net income$6,189 $4,554 $5,149 $7,008 $4,324 $10,743 $8,642 
Premium Finance Division
Net interest income$11,190 $9,880 $10,390 $10,060 $8,350 $21,070 $15,955 
Provision for credit losses716 456 517 457 408 1,172 (91)
Noninterest income17 16 13 11 11 33 21 
Noninterest expense
Salaries and employee benefits2,331 2,352 2,029 2,212 1,900 4,683 3,953 
Occupancy and equipment expenses36 37 51 28 70 73 146 
Data processing and telecommunications expenses91 129 106 83 102 220 181 
Other noninterest expenses1,115 969 1,173 1,140 1,095 2,084 2,123 
Total noninterest expense3,573 3,487 3,359 3,463 3,167 7,060 6,403 
Income before income tax expense6,918 5,953 6,527 6,151 4,786 12,871 9,664 
Income tax expense1,410 1,214 1,334 1,254 953 2,624 1,937 
Net income$5,508 $4,739 $5,193 $4,897 $3,833 $10,247 $7,727 


AMERIS BANCORP AND SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)Table 10
Three Months EndedSix Months Ended
JunMarDecSepJunJunJun
(dollars in thousands)2025202520242024202420252024
Banking Division
Net interest income$191,501 $184,213 $181,077 $172,635 $173,537 $375,714 $338,005 
Provision for credit losses677 16,420 14,853 5,566 20,888 17,097 40,015 
Noninterest income29,275 28,724 31,647 26,435 37,527 57,999 63,890 
Noninterest expense
Salaries and employee benefits62,001 62,716 62,322 62,634 59,923 124,717 118,839 
Occupancy and equipment expenses10,547 9,804 10,616 10,725 11,474 20,351 23,227 
Data processing and telecommunications expenses13,825 13,391 13,259 13,922 13,756 27,216 26,940 
Other noninterest expenses25,478 25,685 24,369 22,619 24,614 51,163 49,061 
Total noninterest expense111,851 111,596 110,566 109,900 109,767 223,447 218,067 
Income before income tax expense108,248 84,921 87,305 83,604 80,409 193,169 143,813 
Income tax expense25,667 19,154 23,553 17,832 26,090 44,821 42,118 
Net income$82,581 $65,767 $63,752 $65,772 $54,319 $148,348 $101,695 
Total Consolidated
Net interest income$231,813 $221,839 $221,821 $214,060 $211,921 $453,652 $413,309 
Provision for credit losses2,772 21,892 12,808 6,107 18,773 24,664 39,878 
Noninterest income68,911 64,023 68,959 69,709 88,711 132,934 154,589 
Noninterest expense
Salaries and employee benefits89,308 86,615 87,810 88,700 88,201 175,923 171,131 
Occupancy and equipment expenses11,401 10,677 11,624 11,716 12,559 22,078 25,444 
Data processing and telecommunications expenses15,366 14,855 14,631 15,221 15,193 30,221 29,847 
Other noninterest expenses39,185 38,887 37,884 36,140 39,404 78,072 77,646 
Total noninterest expense155,260 151,034 151,949 151,777 155,357 306,294 304,068 
Income before income tax expense142,692 112,936 126,023 125,885 126,502 255,628 223,952 
Income tax expense32,858 25,001 31,647 26,673 35,717 57,859 58,855 
Net income$109,834 $87,935 $94,376 $99,212 $90,785 $197,769 $165,097 


2nd 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 • Scarcity value in strong Southeast markets projected to grow faster than the national average(1) • Stable deposit base with 31.0% noninterest-bearing deposits • Experienced executive team with skills and leadership to continue to grow organically • Focus on shareholder value with 15% annualized tangible book value growth over the last five years Strong History of Earnings 2 1 – Census data obtained from S&P Global Market Intelligence $1.32 $1.44 $1.37 $1.27 $1.60 1.41% 1.49% 1.42% 1.36% 1.65% 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 2Q24 3Q24 4Q24 1Q25 2Q25 Diluted EPS ROA Grey areas represent MSAs in the top 25% of projected population growth where Ameris has branches.

 
51.6% Efficiency Ratio 1.7x National Growth Markets(3) 1.62% Allowance for Credit Losses 13.0% CET1 Ratio(2) 15% 5-yr TBV(1) CAGR 15.8% ROTCE(1) 23% Fees to Revenue Disciplined and Focused Mgmt Team 11.1% TCE/TA Ratio(1) 31.0% NIB Deposits 3.77% Net Interest Margin 1.65% 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

 
20.90 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 41.32 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Tangible Book Value/Share Delivering Shareholder Value Tangible Book Value Growth 4 • Management remains laser focused on growing shareholder value • Over the past five year, TBV(1) has grown by 15% annualized • TBV(1) increased $1.54 per share in 2Q25: • $1.40 from retained earnings • $0.10 from impact of AOCI • $0.04 from all other 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
1 – Regulatory capital ratios are estimated for most recent period end 2 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 3 – Growth rate calculated from comparable prior period 4 – Annualized for interim periods 5 History of Consistent Performance 2020 2021 2022 2023 2024 2020 – 2024 (5 Year) Average YTD 2Q25 ROA 1.36% 1.73% 1.47% 1.06% 1.38% 1.40% 1.51% ROTCE(2) 17.2% 20.6% 17.8% 12.2% 14.4% 16.5% 14.5% Net Interest Margin 3.70% 3.32% 3.76% 3.61% 3.56% 3.59% 3.75% Net Interest Income Growth(3) 26.2% 2.8% 22.2% 4.2% 1.7% 11.4% 9.8% Efficiency Ratio 55.2% 54.9% 51.7% 53.7% 53.2% 53.7% 52.2% Fees/Revenue 41.2% 35.8% 26.2% 22.5% 25.7% 30.3% 22.7% NIB Deposits/Total Deposits 36.3% 39.5% 40.7% 31.3% 29.9% 35.6% 31.0% CET1 Ratio(1) 11.1% 10.5% 9.9% 11.2% 12.7% 11.1% 13.0% TCE Ratio(2) 8.5% 8.0% 8.7% 9.6% 10.6% 9.1% 11.1% CRE Concentration 251% 291% 292% 282% 268% 277% 261% Allowance for Credit Losses/Total Loans 1.38% 1.06% 1.04% 1.52% 1.63% 1.32% 1.62% Net Charge Offs/Total Loans(4) 0.31% 0.04% 0.08% 0.25% 0.19% 0.17% 0.16% 5 Year Performance Metrics

 
2Q 2025 Operating Highlights 6 • Net income of $109.8 million, or $1.60 per diluted share • Return on average assets ("ROA") of 1.65% • Return on average tangible common equity (1) ("ROTCE") of 15.82% • Tangible book value(1) growth of $1.54 per share, or 15.5% annualized, to $41.32 at June 30, 2025 • TCE ratio(1) of 11.09%, compared with 9.72% one year ago • Net interest margin (TE) expansion of 4bps to 3.77% • Efficiency ratio improved to 51.63% • Total revenue increased $14.9 million, or 20.9% annualized, from 1Q25 • Growth in average earnings assets of $564.3 million, or 9.3% annualized • Loan growth of $335 million, or 6.5% annualized • Noninterest-bearing deposits remain strong at 31.0% of total deposits at June 30, 2025 • Annualized net charge-offs improved to 0.14% of average total loans 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix

 
2Q 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) 2Q25 1Q25 Change 2Q24 Change 2025 2024 Change Net Income $109,834 $ 87,935 25% $ 90,785 21% $ 197,769 $ 165,097 20% Adjusted Net Income(1) $109,444 $ 88,044 24% $ 80,763 36% $ 197,488 $ 156,375 26% Net Income Per Diluted Share $ 1.60 $ 1.27 26% $ 1.32 21% $ 2.87 $ 2.39 20% Adjusted Net Income Per Share(1) $ 1.59 $ 1.28 24% $ 1.17 36% $ 2.87 $ 2.27 26% Return on Assets 1.65% 1.36% 21% 1.41% 17% 1.51% 1.30% 16% Adjusted Return on Assets(1) 1.64% 1.36% 21% 1.25% 31% 1.50% 1.23% 22% Return on Equity 11.40% 9.39% 21% 10.34% 10% 10.41% 9.49% 10% Return on TCE(1) 15.82% 13.14% 20% 15.00% 5% 14.50% 13.85% 5% Adjusted Return on TCE(1) 15.76% 13.16% 20% 13.35% 18% 14.48% 13.12% 10% Efficiency Ratio 51.63% 52.83% -2% 51.68% 0% 52.22% 53.54% -2% Adjusted Efficiency Ratio(1) 51.58% 52.62% -2% 55.00% -6% 52.09% 54.79% -5% Net Interest Margin 3.77% 3.73% 1% 3.58% 5% 3.75% 3.54% 6% Quarter to Date Results Year To Date Results

 
Strong Net Interest Margin 8 • Net interest margin improved 4bps to 3.77% in the second quarter of 2025 • Net interest income (TE) grew by $10.0 million in 2Q25 • Interest income (TE) increased $13.9 million • Interest expense increased $3.9 million • Average earning assets increased 9.3% annualized Spread Income and Margin Interest Rate Sensitivity • Asset sensitivity continues near neutrality in preparation for further potential FOMC rate changes: • -0.7% asset sensitivity in -100bps • -0.4% asset sensitivity in -50bps • +0.4% asset sensitivity in +50bps • +0.8% asset sensitivity in +100bps • Approximately $11.5 billion of total loans reprice within one year through either maturities or floating rate indices $212.9 $215.0 $222.8 $222.8 $232.7 3.58% 3.51% 3.64% 3.73% 3.77% 3.00% 3.50% 4.00% 4.50% $190.0 $200.0 $210.0 $220.0 $230.0 $240.0 2Q24 3Q24 4Q24 1Q25 2Q25 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 represented 13% of total revenue in 2Q25 • Purchase business represented 83% in 2Q25 due to strong core relationships with builders and realtors • Gain on sale margin improved to 2.22% in 2Q25 from 2.17% in 1Q25 Other Noninterest Income • Other Noninterest Income includes: • Fee income from equipment finance • Gains on sale of SBA loans • BOLI income Strong Revenue Stream 2.45% 2.17% 2.40% 2.17% 2.22% 2.00% 2.10% 2.20% 2.30% 2.40% 2.50% 2Q24 3Q24 4Q24 1Q25 2Q25 Mortgage Gain on Sale Margin 71% 76% 76% 78% 77% 15% 13% 13% 12% 13% 14% 11% 11% 10% 10% $301.6 $284.7 $291.7 $286.8 $301.7 0% 20% 40% 60% 80% 100% 120% 2Q24 3Q24 4Q24 1Q25 2Q25 Revenue Sources (Tax-Equivalent) (in millions) Net Interest Income (TE) Mortgage Banking Activity Other Noninterest Income

 
Disciplined Expense Control Noninterest Expense and Efficiency Ratio Expense Highlights 10 • Management continues to deliver high performing operating efficiency • Efficiency ratio of 51.63% in 2Q25 • 120bps improvement compared with 52.83% in 1Q25 • 5bps improvement compared with 51.68% in 2Q24 • Total expenses increased $4.2 million in 2Q25 compared with 1Q25: • Increase of approximately $2.7 million of salaries and employee benefits primarily due to variable mortgage incentives tied to production • Occupancy and equipment costs increased approximately $700,000, and advertising and marketing expenses increased approximately $900,000 $109.8 $109.9 $110.6 $111.6 $111.9 $45.6 $41.9 $41.4 $39.4 $43.4 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest Expense (in millions) Banking LOBs 51.68% 53.49% 52.26% 52.83% 51.63% 40.00% 45.00% 50.00% 55.00% 60.00% 65.00% 2Q24 3Q24 4Q24 1Q25 2Q25 Efficiency Ratio

 
Strong Core Deposit Base 11 Deposits by Product Type Deposit Type Balance (in 000s) % of Total Count Average per account NIB $ 6,800,519 31.0% 311,427 $ 21,837 NOW 4,038,284 18.4% 42,435 95,164 MMDA 6,847,686 31.2% 32,984 207,606 Savings 760,093 3.5% 63,629 11,946 CD 3,486,093 15.9% 38,966 89,465 Total $ 21,932,675 100% 489,441 $ 44,812 • Total deposits increased $20.3 million, or 0.4% annualized, during 2Q25: • Seasonal outflows of public funds totaled $77.1 million • Brokered CDs increased $81.8 million, and represent only 5% of total deposits • Remaining (non-brokered, non-public fund) deposits increased $15.6 million • Noninterest-bearing deposits remained strong at 31.0% of total deposits, an increase from 30.8% at March 31, 2025 2Q25 Highlights Consumer 35% Commercial 45% Public 15% Brokered 5% 2Q25 Deposits by Customer

 
Capital Strength 12 Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio • Repurchased 212,472 shares during the quarter for a total of $12.8 million; approximately $72.2 million remains available to purchase under the current plan • TCE ratio of 11.1% and CET1 ratio of 13.0% are strong and above peer levels • Earnings expected to add between 25 - 35 basis points to capital each quarter assuming flat balance sheet • In July, Ameris announced the redemption of $74 million of subordinated debt at the bank level due 2030, on September 1, 2025; this debt currently bears interest at 8.22% • One additional subordinated debt issuance totaling $110 million converts to the variable rate period and becomes callable on October 1, 2025 Capital ratios are estimated for most recent period end 10.2% 10.4% 10.7% 11.0% 11.1% 11.7% 12.2% 12.7% 12.9% 13.0% 14.9% 15.4% 15.4% 15.6% 15.6% 2Q24 3Q24 4Q24 1Q25 2Q25 Strong Capital Base Leverage Ratio CET1/Tier 1 Capital Ratio Total Capital Ratio

 
Loan Diversification and Credit Quality

 
Diversified Loan Portfolio 2Q25 Loan Portfolio 14 • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Portfolio is spread across over 155,000 loans with an average size of ~$135,000 • Asset quality metrics remain stable and better than historical averages • CRE and C&D concentrations were 261% and 45%, respectively, compared with 261% and 57%, respectively, at 1Q25 • Non-owner-occupied office loans totaled $1.36 billion at 2Q25, or 6.5% of total loans • Allowance for Credit Losses (ACL) on loans is 1.62% of total loans • Limited exposure to non-mortgage consumer loans and HELOCs Portfolio Highlights Agriculture 1% C&I 26% Municipal 2% Consumer 1% Investor CRE 24% OO CRE 8% Construction 7% Multi-Family 9% HELOC 2% SFR Mortgage 20% $21.0 Billion

 
Loan Balance Changes 2Q25 Loan Balance Changes 15 • Loan balances increased $335 million, or 6.5% annualized, during 2Q25 • Increases in C&I were largely attributable to fundings of mortgage warehouse lines and premium finance loans • Decline in construction is the result of multi-family projects moving to term financing in 2Q25 • 2Q25 exhibited the highest production levels since 2022 • 28.5% increase from 1Q25 • 15.7% increase from 2Q24 (in millions) (1) C&I includes premium finance, mortgage warehouse, traditional C&I, CSVLI, and equipment finance $415 $271 $111 $13 $(42) $(76) $(357) $(400) $(300) $(200) $(100) $- $100 $200 $300 $400 $500 C&I (1) Multi-Family Investor CRE Other RE - RES OO CRE Construction

 
Allowance for Credit Losses 16 • The ACL on loans totaled $341.6 million, or 1.62%, at 2Q25 • During 2Q25, the Company recorded provision expense of $2.8 million • The June economic forecasts used in the ACL model were equally weighted between the baseline and S2 adverse scenarios 2Q25 CECL Reserve Reserve Summary (in millions) 2Q25 Allowance Coverage Outstanding Balance ACL % ACL Gross Loans 21,041.5$ 341.6$ 1.62% Unfunded Commitments 4,016.5$ 35.5$ 0.89% (dollars in millions) 1.33% 1.44% 1.52% 1.55% 1.60% 1.60% 1.63% 1.67% 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 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 ACL - Loans ACL - Unfunded Commitments ACL on Loans / Total Loans

 
NPA / Charge-Off Trend 17 • NPAs, as a percentage of total assets, were 0.36% at 2Q25, compared with 0.44% at 1Q25 due to a decrease in non-performing mortgage and commercial loans • NPAs net of GNMA mortgages, as a percentage of total assets, were 0.32% at 2Q25 compared with 0.38% at 1Q25 • Government guaranteed mortgages represent 24.3% of all NPAs • Net charge-offs totaled $7.1 million, or 0.14% annualized, in 2Q25 Credit Summary ($ in millions) 0.74% 0.44% 0.47% 0.44% 0.36% 0.39% 0.41% 0.42% 0.38% 0.32% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 2Q24 3Q24 4Q24 1Q25 2Q25 Non-Performing Assets NPA / Total Assets NPA x GNMA / Total Assets 0.18% 0.15% 0.17% 0.18% 0.14% 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% 0.20% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 2Q24 3Q24 4Q24 1Q25 2Q25 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 $15.8 million, or 7.0%, in 2Q25 • Classified loans, excluding GNMA-guaranteed mortgage loans, decreased $8.7 million, or 5.8%, in 2Q25 • Nonperforming loans, excluding GNMA-guaranteed mortgage loans, decreased $17.5 million, or 17.3%, in 2Q25 • The largest component of classified and nonperforming loans at 2Q25 was residential mortgages including government guaranteed Highlights (in millions) Note: Criticized, Classified and Nonperforming loan totals exclude GNMA-guaranteed loans. Ratios expressed as a percentage of total loans net of GNMA-backed mortgage loans. 1.31% 1.34% 1.30% 1.09% 0.99% 0.76% 0.74% 0.77% 0.73% 0.68% 0.48% 0.47% 0.52% 0.49% 0.40% $0 $50 $100 $150 $200 $250 $300 $350 2Q24 3Q24 4Q24 1Q25 2Q25 Criticized Loans Classified Loans Nonperforming Loans % Criticized ACL Coverage 164% Classified ACL Coverage 240% NPL ACL Coverage 408%

 
Term Investor CRE • Past dues for investor CRE loans were 0.05% and NPLs 0.06% at 2Q25 • 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 62% of total Investor CRE loans Investor CRE Multi-Family $1,938 Office $1,287 Retail - Anchored $1,197 Retail - Non Anchored $925 Warehouse / Industrial $837 Hotel $406 All Other CRE $555 Investor CRE by Property Type GA $2,479 FL $2,491 SC $871 NC $560 All Other $745 Investor CRE by Property Location Outstanding $6.97 B Unfunded $0.18 B Total Committed Exposure $7.15 B Average Loan Size $3.96 M Allowance Coverage 1.51% PD Ratio 0.05% NPL Ratio 0.06% Criticized Ratio 0.96% Criticized ACL Coverage 157% Average LTV (1) 58% Average DSC (1) 1.61

 
Office Portfolio • There were no past due and nonperforming loans within the investor office portfolio at 2Q25 20 Highlights (1) Results based on stabilized term loans, or 92% of term office loans Investor Office Construction $142.6 Investor CRE $1,221.1 Owner- Occupied $463.7 Total Office Portfolio by Loan Type Class A 54% Medical 17% Class B 28% Class C 1% Investor Office Portfolio by Property Class Outstanding $1.36 B Unfunded $0.13 B Total Committed Exposure $1.49 B Average Loan Size $3.65 M Allowance Coverage 3.81% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 2.28% Criticized ACL Coverage 167% Average LTV (1) 58% Average DSC (1) 1.61 Class A & Medical (1) 71%

 
Appendix

 
22 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2Q25 1Q25 2Q24 2025 2024 Net Income $ 109,834 $ 87,935 $ 90,785 $ 197,769 $ 165,097 Adjustment items Gain on sale of MSR (356) 14 (4,713) (342) (4,713) Gain on conversion of Visa Class B-1 stock - - (12,554) - (12,554) Gain on BOLI proceeds - (11) (466) (11) (1,464) FDIC special assessment (138) 138 (895) - 2,014 Tax effect of adjustment items 104 (32) 3,814 72 3,203 After tax adjustment items (390) 109 (14,814) (281) (13,514) Tax expense attributable to BOLI restructuring - - 4,792 - 4,792 Adjusted Net Income $ 109,444 $ 88,044 $ 80,763 $ 197,488 $ 156,375 Weighted average number of shares - diluted 68,796,577 69,030,331 69,013,834 68,912,750 69,010,010 Net income per diluted share $ 1.60 $ 1.27 $ 1.32 $ 2.87 $ 2.39 Adjusted net income per diluted share $ 1.59 $ 1.28 $ 1.17 $ 2.87 $ 2.27 Average assets 26,757,322 26,229,423 25,954,808 26,494,831 25,624,948 Return on average assets 1.65% 1.36% 1.41% 1.51% 1.30% Adjusted return on average assets 1.64% 1.36% 1.25% 1.50% 1.23% Average common equity 3,865,031 3,798,149 3,530,869 3,831,775 3,496,870 Average tangible common equity 2,784,819 2,713,847 2,433,958 2,749,529 2,397,751 Return on average common equity 11.40% 9.39% 10.34% 10.41% 9.49% Return on average tangible common equity 15.82% 13.14% 15.00% 14.50% 13.85% Adjusted return on average tangible common equity 15.76% 13.16% 13.35% 14.48% 13.12% Quarter to Date Year to Date

 
23 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 Adjusted Noninterest Expense Total noninterest expense 155,260$ 151,034$ 151,949$ 151,777$ 155,357$ 306,294$ 304,068$ Adjustment items: FDIC special assessment 138 (138) 559 - 895 - (2,014) Natural disaster expenses - - (400) (150) - - - Gain on sale of premises - - (1,203) - - - - Adjusted noninterest expense 155,398$ 150,896$ 150,905$ 151,627$ 156,252$ 306,294$ 302,054$ Total Revenue Net interest income 231,813$ 221,839$ 221,821$ 214,060$ 211,921$ 453,652$ 413,309$ Noninterest income 68,911 64,023 68,959 69,709 88,711 132,934 154,589 Total revenue 300,724$ 285,862$ 290,780$ 283,769$ 300,632$ 586,586$ 567,898$ Adjusted Total Revenue Net interest income (TE) 232,741$ 222,767$ 222,773$ 215,028$ 212,881$ 455,508$ 415,219$ Noninterest income 68,911 64,023 68,959 69,709 88,711 132,934 154,589 Total revenue (TE) 301,652$ 286,790$ 291,732$ 284,737$ 301,592$ 588,442$ 569,808$ Adjustment items: (Gain) loss on securities - (40) 16 8 (12,335) (40) (12,328) Gain on BOLI proceeds - (11) - - (466) (11) (1,464) Gain on sale of mortgage servicing rights (356) 14 (536) (5,245) (4,713) (342) (4,713) Adjusted total revenue (TE) 301,296$ 286,753$ 291,212$ 279,500$ 284,078$ 588,049$ 551,303$ Efficiency ratio 51.63% 52.83% 52.26% 53.49% 51.68% 52.22% 53.54% Adjusted efficiency ratio (TE) 51.58% 52.62% 51.82% 54.25% 55.00% 52.09% 54.79% Year to DateQuarter to Date

 
24 Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 2Q25 1Q25 4Q24 3Q24 2Q24 Total shareholders' equity 3,917,678$ 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 62,582 66,658 70,761 74,941 79,120 Total tangible shareholders' equity 2,839,450$ 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ Period end number of shares 68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 Book value per share (period end) 57.02$ 55.49$ 54.32$ 53.30$ 51.64$ Tangible book value per share (period end) 41.32$ 39.78$ 38.59$ 37.51$ 35.79$ Total assets $ 26,680,153 $ 26,514,940 $ 26,262,050 $ 26,399,782 $ 26,520,728 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 62,582 66,658 70,761 74,941 79,120 Total tangible assets 25,601,925$ 25,432,636$ 25,175,643$ 25,309,195$ 25,425,962$ Equity to Assets 14.68% 14.42% 14.28% 13.94% 13.45% Tangible Common Equity to Tangible Assets 11.09% 10.78% 10.59% 10.24% 9.72% 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) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 Total shareholders' equity 3,917,678$ 3,823,802$ 3,751,522$ 3,681,368$ 3,566,614$ 3,484,738$ 3,426,747$ 3,347,069$ 3,284,630$ 3,253,195$ 3,197,400$ 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 62,582 66,658 70,761 74,941 79,120 83,527 87,949 92,375 96,800 101,488 106,194 Total tangible shareholders' equity 2,839,450$ 2,741,498$ 2,665,115$ 2,590,781$ 2,471,848$ 2,385,565$ 2,323,152$ 2,239,048$ 2,172,184$ 2,136,061$ 2,075,560$ Period end number of shares 68,711,043 68,910,924 69,068,609 69,067,019 69,066,573 69,115,263 69,053,341 69,138,461 69,139,783 69,373,863 69,369,050 Book value per share (period end) 57.02$ 55.49$ 54.32$ 53.30$ 51.64$ 50.42$ 49.62$ 48.41$ 47.51$ 46.89$ 46.09$ Tangible book value per share (period end) 41.32$ 39.78$ 38.59$ 37.51$ 35.79$ 34.52$ 33.64$ 32.38$ 31.42$ 30.79$ 29.92$ 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 Total shareholders' equity 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ 2,460,130$ Less: Goodwill 1,023,071 1,023,056 1,022,345 1,012,620 928,005 928,005 928,005 928,005 928,005 928,005 Other intangibles, net 110,903 115,613 120,757 125,938 60,396 63,783 67,848 71,974 76,164 80,354 Total tangible shareholders' equity 1,985,096$ 1,934,707$ 1,864,057$ 1,827,893$ 1,912,369$ 1,845,216$ 1,761,743$ 1,647,109$ 1,560,514$ 1,451,771$ Period end number of shares 69,352,709 69,360,461 69,439,084 69,609,228 69,635,435 69,767,209 69,713,426 69,541,481 69,490,546 69,461,968 Book value per share (period end) 44.97$ 44.31$ 43.31$ 42.62$ 41.66$ 40.66$ 39.56$ 38.06$ 36.91$ 35.42$ Tangible book value per share (period end) 28.62$ 27.89$ 26.84$ 26.26$ 27.46$ 26.45$ 25.27$ 23.69$ 22.46$ 20.90$ As of As of