Ameris Bancorp - 10-Q quarterly report FY2025 Q2

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM			10-Q

(Mark One)


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Commission File Number:			001-13901


AMERIS BANCORP
(Exact name of registrant as specified in its charter)


Georgia			58-1456434
(State of incorporation)			(IRS Employer ID No.)


3490 Piedmont Rd N.E., Suite 1550
Atlanta	Georgia	30305
(Address of principal executive offices)


(404)			639-6500
(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1 per share	ABCB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	ý	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

There were 68,586,848 shares of Common Stock outstanding as of August 4, 2025.

AMERIS BANCORP

TABLE OF CONTENTS


		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements.

	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	1

	Co nsolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	2

	Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	3

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited)	5

	Notes to Unaudited Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	38

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	55

Item 4.	Controls and Procedures.	56

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	57

Item 1A.	Risk Factors.	57

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	57

Item 3.	Defaults Upon Senior Securities.	57

Item 4.	Mine Safety Disclosures.	57

Item 5.	Other Information.	57

Item 6.	Exhibits.	58

Signatures		59

Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Balance Sheets

(dollars in thousands, except share data)


	June 30, 2025 (unaudited)		December 31, 2024
Assets
Cash and due from banks	$	249,676	$	244,980
Interest-bearing deposits in banks	920,594		975,397
Cash and cash equivalents	1,170,270		1,220,377


Debt securities available-for-sale, at fair value, net of allowance for credit losses of $66 and $69	1,871,298		1,671,260
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $159,144 and $144,028)	176,487		164,677
Other investments	69,910		66,298
Loans held for sale, at fair value	544,091		528,599

Loans, net of unearned income	21,041,497		20,739,906
Allowance for credit losses	(341,567)		(338,084)
Loans, net	20,699,930		20,401,822

Other real estate owned, net	1,825		2,433
Premises and equipment, net	211,434		209,460
Goodwill	1,015,646		1,015,646
Other intangible assets, net	62,582		70,761
Cash value of bank owned life insurance	414,381		408,574

Other assets	442,299		502,143
Total assets	$	26,680,153	$	26,262,050

Liabilities
Deposits:
Noninterest-bearing	$	6,800,519	$	6,498,293
Interest-bearing	15,132,156		15,224,155
Total deposits	21,932,675		21,722,448

Other borrowings	376,700		291,788
Subordinated deferrable interest debentures	133,306		132,309
Other liabilities	319,794		363,983
Total liabilities	22,762,475		22,510,528

Commitments and Contingencies (Note 8)

Shareholders’ Equity
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding	—		—
Common stock, par value $1; 200,000,000 shares authorized; 72,897,371 and 72,699,245 shares issued, respectively	72,897		72,699
Capital surplus	1,964,896		1,958,642
Retained earnings	2,023,493		1,853,428
Accumulated other comprehensive loss, net of tax	(6,886)		(30,119)
Treasury stock, at cost, 4,186,328 and 3,630,636 shares, respectively	(136,722)		(103,128)
Total shareholders’ equity	3,917,678		3,751,522
Total liabilities and shareholders’ equity	$	26,680,153	$	26,262,050

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income (unaudited)

(dollars in thousands, except per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest income
Interest and fees on loans	$	315,893	$	317,664	$	620,061	$	621,057
Interest on taxable securities	20,696		16,948		39,188		30,040
Interest on nontaxable securities	334		335		663		665
Interest on deposits in other banks and federal funds sold	10,715		12,376		21,504		25,013
Total interest income	347,638		347,323		681,416		676,775

Interest expense
Interest on deposits	106,796		121,245		212,011		239,419
Interest on other borrowings	9,029		14,157		15,753		24,047
Total interest expense	115,825		135,402		227,764		263,466

Net interest income	231,813		211,921		453,652		413,309
Provision for loan losses	3,110		25,348		19,629		50,871
Provision for unfunded commitments	(335)		(6,570)		5,038		(10,992)
Provision for other credit losses	(3)		(5)		(3)		(1)
Provision for credit losses	2,772		18,773		24,664		39,878
Net interest income after provision for credit losses	229,041		193,148		428,988		373,431

Noninterest income
Service charges on deposit accounts	13,493		12,672		26,626		24,431
Mortgage banking activity	39,221		46,399		74,475		85,829
Other service charges, commissions and fees	1,158		1,211		2,267		2,413
Net gain on securities	—		12,335		40		12,328
Equipment finance activity	6,572		4,983		13,270		10,319
Other noninterest income	8,467		11,111		16,256		19,269
Total noninterest income	68,911		88,711		132,934		154,589

Noninterest expense
Salaries and employee benefits	89,308		88,201		175,923		171,131
Occupancy and equipment	11,401		12,559		22,078		25,444
Data processing and communications expenses	15,366		15,193		30,221		29,847
Credit resolution-related expenses	657		840		1,422		1,326
Advertising and marketing	3,745		3,456		6,628		5,923
Amortization of intangible assets	4,076		4,407		8,179		8,829

Loan servicing expense	7,897		9,792		15,720		19,231
Other noninterest expenses	22,810		20,909		46,123		42,337
Total noninterest expense	155,260		155,357		306,294		304,068

Income before income tax expense	142,692		126,502		255,628		223,952
Income tax expense	32,858		35,717		57,859		58,855
Net income	109,834		90,785		197,769		165,097

Other comprehensive income (loss)
Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $2,392, $682, $7,612 and $(717)	7,544		1,939		23,233		(2,081)



Total other comprehensive income (loss)	7,544		1,939		23,233		(2,081)
Comprehensive income	$	117,378	$	92,724	$	221,002	$	163,016

Basic earnings per common share	$	1.60	$	1.32	$	2.88	$	2.40
Diluted earnings per common share	$	1.60	$	1.32	$	2.87	$	2.39
Weighted average common shares outstanding
Basic	68,594,608		68,824,150		68,689,506		68,818,618
Diluted	68,796,577		69,013,834		68,912,750		69,010,010

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (unaudited)

(dollars in thousands, except per share data)


	Three Months Ended June 30, 2025

	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss, Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, March 31, 2025	72,884,780	$	72,885	$	1,961,732	$	1,927,489	$	(14,430)	3,973,856	$	(123,874)	$	3,823,802

Issuance of restricted shares	12,591	12		(12)		—		—		—	—		—



Share-based compensation	—	—		3,176		—		—		—	—		3,176
Purchase of treasury shares	—	—		—		—		—		212,472	(12,848)		(12,848)
Net income	—	—		—		109,834		—		—	—		109,834
Dividends on common shares ($0.20 per share)	—	—		—		(13,830)		—		—	—		(13,830)


Other comprehensive income during the period	—	—		—		—		7,544		—	—		7,544
Balance, June 30, 2025	72,897,371	$	72,897	$	1,964,896	$	2,023,493	$	(6,886)	4,186,328	$	(136,722)	$	3,917,678


	Six Months Ended June 30, 2025

	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss, Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, December 31, 2024	72,699,245	$	72,699	$	1,958,642	$	1,853,428	$	(30,119)	3,630,636	$	(103,128)	$	3,751,522

Issuance of restricted shares	88,841	88		(88)		—		—		—	—		—
Issuance of common shares pursuant to PSU agreements	122,904	123		(123)		—		—		—	—		—
Forfeitures of restricted shares	(13,619)	(13)		(404)		—		—		—	—		(417)

Share-based compensation	—	—		6,869		—		—		—	—		6,869
Purchase of treasury shares	—	—		—		—		—		555,692	(33,594)		(33,594)
Net income	—	—		—		197,769		—		—	—		197,769
Dividends on common shares ($0.40 per share)	—	—		—		(27,704)		—		—	—		(27,704)

Other comprehensive income during the period	—	—		—		—		23,233		—	—		23,233
Balance, June 30, 2025	72,897,371	$	72,897	$	1,964,896	$	2,023,493	$	(6,886)	4,186,328	$	(136,722)	$	3,917,678


	Three Months Ended June 30, 2024

	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss, Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, March 31, 2024	72,683,199	$	72,683	$	1,948,352	$	1,603,832	$	(39,959)	3,567,936	$	(100,170)	$	3,484,738
Issuance of restricted shares	22,013	22		(22)		—		—		—	—		—


Forfeitures of restricted shares	(8,003)	(8)		(173)		—		—		—	—		(181)

Share-based compensation	—	—		2,689		—		—		—	—		2,689
Purchase of treasury shares	—	—		—		—		—		62,700	(2,957)		(2,957)
Net income	—	—		—		90,785		—		—	—		90,785
Dividends on common shares ($0.15 per share)	—	—		—		(10,399)		—		—	—		(10,399)


Other comprehensive income during the period	—	—		—		—		1,939		—	—		1,939
Balance, June 30, 2024	72,697,209	$	72,697	$	1,950,846	$	1,684,218	$	(38,020)	3,630,636	$	(103,127)	$	3,566,614


	Six Months Ended June 30, 2024

	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss, Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, December 31, 2023	72,516,079	$	72,516	$	1,945,385	$	1,539,957	$	(35,939)	3,462,738	$	(95,172)	$	3,426,747

Issuance of restricted shares	125,832	126		(126)		—		—		—	—		—
Issuance of common shares pursuant to PSU agreements	63,301	63		(63)		—		—		—	—		—
Forfeitures of restricted shares	(8,003)	(8)		(173)		—		—		—	—		(181)

Share-based compensation	—	—		5,823		—		—		—	—		5,823
Purchase of treasury shares	—	—		—		—		—		167,898	(7,955)		(7,955)
Net income	—	—		—		165,097		—		—	—		165,097
Dividends on common shares ($0.30 per share)	—	—		—		(20,836)		—		—	—		(20,836)

Other comprehensive loss during the period	—	—		—		—		(2,081)		—	—		(2,081)
Balance, June 30, 2024	72,697,209	$	72,697	$	1,950,846	$	1,684,218	$	(38,020)	3,630,636	$	(103,127)	$	3,566,614

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

(dollars in thousands)


	Six Months Ended June 30,
	2025		2024
Operating Activities
Net income	$	197,769	$	165,097
Adjustments reconciling net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net	16,476		18,459
Net (gains) losses on sale or disposal of premises and equipment	(121)		9

Provision for credit losses	24,664		39,878
Net write-downs and (gains) losses on sale of other real estate owned	(46)		(25)
Share-based compensation expense	6,452		5,642

Amortization of operating lease right of use assets	4,604		5,037
Provision for deferred taxes	(3,079)		(10,652)



Net gain on securities	(40)		(12,328)




Originations of mortgage loans held for sale	(2,087,452)		(2,115,354)
Payments received on mortgage loans held for sale	14,189		7,220
Proceeds from sales of mortgage loans held for sale	2,071,092		1,834,290
Net gains on mortgage loans held for sale	(19,163)		(22,359)
Originations of SBA loans	(22,771)		(5,364)
Proceeds from sales of SBA loans	24,135		5,096
Net gains on sale of SBA loans	(1,364)		(435)
Increase in cash surrender value of bank owned life insurance	(6,788)		(4,727)
Gain on bank owned life insurance proceeds	(12)		(1,464)


Gain on sale of mortgage servicing rights	(342)		(4,713)
Gain on debt redemption	—		(169)
Change attributable to other operating activities	(39,979)		18,380
Net cash provided by (used in) operating activities	178,224		(78,482)

Investing Activities

Purchases of debt securities available-for-sale	(475,276)		(239,657)
Purchases of debt securities held-to-maturity	(13,914)		(8,857)
Proceeds from maturities and paydowns of debt securities available-for-sale	307,585		109,314

Proceeds from maturities and paydowns of debt securities held-to-maturity	2,228		1,918
Net increase in other investments	(4,455)		(13,062)
Net increase in loans	(328,390)		(754,421)
Purchases of premises and equipment	(10,337)		(6,712)
Proceeds from sale of premises and equipment	150		243
Proceeds from sales of other real estate owned	3,548		7,240
Proceeds from sale of mortgage servicing rights	—		30,969

Proceeds from bank owned life insurance	56,900		2,576



Net cash used in investing activities	(461,961)		(870,449)

			(Continued)

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

(dollars in thousands)


	Six Months Ended June 30,
	2025		2024
Financing Activities
Net increase in deposits	$	210,227	$	735,634

Proceeds from other borrowings	2,615,000		3,353,000
Repayment of other borrowings	(2,530,119)		(2,916,141)



Dividends paid - common stock	(27,882)		(20,821)
Purchase of treasury shares	(33,596)		(7,851)
Net cash provided by financing activities	233,630		1,143,821

Net (decrease) increase in cash and cash equivalents	(50,107)		194,890
Cash and cash equivalents at beginning of period	1,220,377		1,167,304
Cash and cash equivalents at end of period	$	1,170,270	$	1,362,194

Supplemental Disclosures of Cash Flow Information
Cash paid during the period for:
Interest	$	228,903	$	268,051
Income taxes	98,579		56,060
Loans transferred to other real estate owned	2,894		3,229
Loans transferred from loans held for sale to loans held for investment	5,860		8,058




Right-of-use assets obtained in exchange for new operating lease liabilities	2,363		2,376




Change in unrealized loss on securities available-for-sale, net of tax	23,233		(2,081)



			(Concluded)

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

June 30, 2025

NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At June 30, 2025, the Bank operated 164 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Bank provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services.

Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Pending Adoption

ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU No. 2023-09 provides for enhanced income tax disclosures by, among other things, requiring specific breakout of certain categories in the reconciliation of statutory income tax rate to effective rate, establishing a quantitative threshold for further breakout of reconciling items exceeding the threshold and not already required to be separately disclosed, requiring a qualitative description of the state and local jurisdictions making up the majority (greater than 50%) of the effect of state and local income taxes category, and provide further disaggregation of income taxes paid (net of refunds received) by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and it is not expected to have a significant impact on the Company's financial position or results of operations but will increase disclosures of income taxes.

ASU No. 2024-03 - Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures ("ASU 2024-03"). ASU No. 2024-03 requires additional disclosure of certain expense captions presented on the face of the Company’s income statement. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either on a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the effect that adoption of ASU 2024-03 will have on its disclosures.

NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:


(dollars in thousands) Securities available-for-sale	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2025
U.S. Treasuries	$	702,156	$	—	$	6,709	$	(1,052)	$	707,813
U.S. government-sponsored agencies	1,003		—		—		(6)		997
State, county and municipal securities	22,425		—		7		(765)		21,667
Corporate debt securities	10,945		(66)		—		(498)		10,381
SBA pool securities	61,566		—		77		(924)		60,719
Mortgage-backed securities	1,079,292		—		7,945		(17,516)		1,069,721
Total debt securities available-for-sale	$	1,877,387	$	(66)	$	14,738	$	(20,761)	$	1,871,298

December 31, 2024
U.S. Treasuries	$	800,860	$	—	$	669	$	(5,065)	$	796,464
U.S. government-sponsored agencies	1,010		—		—		(16)		994
State, county and municipal securities	25,802		—		8		(1,070)		24,740
Corporate debt securities	10,946		(69)		—		(594)		10,283
SBA pool securities	72,036		—		—		(1,554)		70,482
Mortgage-backed securities	797,542		—		1,494		(30,739)		768,297
Total debt securities available-for-sale	$	1,708,196	$	(69)	$	2,171	$	(39,038)	$	1,671,260

The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:


(dollars in thousands) Securities held-to-maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2025


State, county and municipal securities	$	33,573	$	—	$	(6,231)	$	27,342


Mortgage-backed securities	142,914		297		(11,409)		131,802
Total debt securities held-to-maturity	$	176,487	$	297	$	(17,640)	$	159,144



December 31, 2024


State, county and municipal securities	$	33,623	$	—	$	(6,214)	$	27,409


Mortgage-backed securities	131,054		80		(14,515)		116,619
Total debt securities held-to-maturity	$	164,677	$	80	$	(20,729)	$	144,028

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2025, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:


	Available-for-Sale				Held-to-Maturity
(dollars in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	126,574	$	126,947	$	—	$	—
Due from one year to five years	554,319		558,127		—		—
Due from five to ten years	114,120		113,899		—		—
Due after ten years	3,082		2,604		33,573		27,342
Mortgage-backed securities	1,079,292		1,069,721		142,914		131,802
	$	1,877,387	$	1,871,298	$	176,487	$	159,144

Securities with a carrying value of approximately $488.6 million and $449.2 million at June 30, 2025 and December 31, 2024, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024:


	Less Than 12 Months				12 Months or More				Total
(dollars in thousands) Securities available-for-sale	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
June 30, 2025
U.S. Treasuries	$	125,377	$	(86)	$	80,550	$	(966)	$	205,927	$	(1,052)
U.S. government-sponsored agencies	—		—		997		(6)		997		(6)
State, county and municipal securities	513		(3)		14,355		(762)		14,868		(765)
Corporate debt securities	394		(2)		8,488		(496)		8,882		(498)
SBA pool securities	34		—		38,737		(924)		38,771		(924)
Mortgage-backed securities	50,544		(233)		478,383		(17,283)		528,927		(17,516)
Total debt securities available-for-sale	$	176,862	$	(324)	$	621,510	$	(20,437)	$	798,372	$	(20,761)

December 31, 2024
U.S. Treasuries	$	272,564	$	(1,376)	$	353,787	$	(3,689)	$	626,351	$	(5,065)
U.S. government sponsored agencies	—		—		994		(16)		994		(16)
State, county and municipal securities	3,953		(17)		15,940		(1,053)		19,893		(1,070)
Corporate debt securities	383		(13)		8,400		(581)		8,783		(594)
SBA pool securities	52,850		(322)		17,491		(1,232)		70,341		(1,554)
Mortgage-backed securities	177,438		(1,968)		481,617		(28,771)		659,055		(30,739)
Total debt securities available-for-sale	$	507,188	$	(3,696)	$	878,229	$	(35,342)	$	1,385,417	$	(39,038)

As of June 30, 2025, the Company’s available-for-sale security portfolio consisted of 420 securities, 344 of which were in an unrealized loss position. At June 30, 2025, the Company held 287 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At June 30, 2025, the Company held 30 U.S. Small Business Administration (“SBA”) pool securities, 14 state, county and municipal securities, six corporate securities, one U.S. government-sponsored agency security, and six U.S. Treasury securities that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024:


	Less Than 12 Months				12 Months or More				Total
(dollars in thousands) Securities held-to-maturity	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
June 30, 2025

State, county and municipal securities	$	—	$	—	$	27,342	$	(6,231)	$	27,342	$	(6,231)


Mortgage-backed securities	29,797		(386)		80,731		(11,023)		110,528		(11,409)
Total debt securities held-to-maturity	$	29,797	$	(386)	$	108,073	$	(17,254)	$	137,870	$	(17,640)

December 31, 2024

State, county and municipal securities	$	1,702	$	(49)	$	25,707	$	(6,165)	$	27,409	$	(6,214)


Mortgage-backed securities	22,710		(848)		79,366		(13,667)		102,076		(14,515)
Total debt securities held-to-maturity	$	24,412	$	(897)	$	105,073	$	(19,832)	$	129,485	$	(20,729)

As of June 30, 2025, the Company’s held-to-maturity security portfolio consisted of 44 securities, 34 of which were in an unrealized loss position. At June 30, 2025, the Company held 26 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At June 30, 2025 and December 31, 2024, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at June 30, 2025, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at June 30, 2025, management determined that $66,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $20.8 million in unrealized loss was determined to be from factors other than credit.


(dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Allowance for credit losses	2025		2024		2025		2024
Beginning balance	$	69	$	73	$	69	$	69
Provision for other credit losses	(3)		(5)		(3)		(1)
Ending balance	$	66	$	68	$	66	$	68

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

Total net gain on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2025		2024		2025		2024

Unrealized holding gains on equity securities	$	—	$	3,957	$	40	$	3,950
Net realized gains on sales of other investments	—		8,378		—		8,378
Net gain on securities	$	—	$	12,335	$	40	$	12,328

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:


(dollars in thousands)	June 30, 2025		December 31, 2024
Commercial and industrial	$	3,184,211	$	2,953,135
Consumer	209,990		221,735

Mortgage warehouse	1,092,475		965,053
Municipal	436,759		441,408
Premium finance	1,294,293		1,155,614
Real estate – construction and development	1,485,842		1,998,506
Real estate – commercial and farmland	8,877,750		8,445,958
Real estate – residential	4,460,177		4,558,497
Loans, net of unearned income	$	21,041,497	$	20,739,906

Accrued interest receivable on loans totaling $75.5 million and $77.3 million at June 30, 2025 and December 31, 2024, respectively, is reported in other assets on the consolidated balance sheets. The Company had no recorded allowance for credit losses related to accrued interest on loans at both June 30, 2025 and December 31, 2024.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

The following table presents an analysis of loans accounted for on a nonaccrual basis:


(dollars in thousands)	June 30, 2025		December 31, 2024
Commercial and industrial	$	16,401	$	11,875
Consumer	1,119		782




Real estate – construction and development	1,559		3,718
Real estate – commercial and farmland	9,252		11,960
Real estate – residential(1)	58,688		73,883
	$	87,019	$	102,218

(1) Included in real estate - residential were $11.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2025 and December 31, 2024, respectively.

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

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


(dollars in thousands)	June 30, 2025		December 31, 2024
Commercial and industrial	$	4,083	$	3,866





Real estate – construction and development	581		2,624
Real estate – commercial and farmland	5,501		9,357
Real estate – residential	25,254		36,512
	$	35,419	$	52,359

The following table presents an analysis of past-due loans as of June 30, 2025 and December 31, 2024:


(dollars in thousands)	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Loans Past Due		Current Loans		Total Loans		Loans 90 Days or More Past Due and Still Accruing
June 30, 2025
Commercial and industrial	$	7,134	$	6,912	$	12,396	$	26,442	$	3,157,769	$	3,184,211	$	2
Consumer	1,009		332		478		1,819		208,171		209,990		—

Mortgage warehouse	—		—		—		—		1,092,475		1,092,475		—
Municipal	—		—		—		—		436,759		436,759		—
Premium finance	11,511		6,437		8,340		26,288		1,268,005		1,294,293		8,340
Real estate – construction and development	5,447		53		1,508		7,008		1,478,834		1,485,842		—
Real estate – commercial and farmland	1,251		3,955		6,420		11,626		8,866,124		8,877,750		—
Real estate – residential	49,751		20,913		56,184		126,848		4,333,329		4,460,177		73
Total	$	76,103	$	38,602	$	85,326	$	200,031	$	20,841,466	$	21,041,497	$	8,415

December 31, 2024
Commercial and industrial	$	12,300	$	5,908	$	12,849	$	31,057	$	2,922,078	$	2,953,135	$	5,159
Consumer	2,672		557		319		3,548		218,187		221,735		—

Mortgage warehouse	—		—		—		—		965,053		965,053		—
Municipal	—		—		—		—		441,408		441,408		—
Premium finance	15,068		6,315		12,485		33,868		1,121,746		1,155,614		12,485
Real estate – construction and development	23,102		461		3,786		27,349		1,971,157		1,998,506		89
Real estate – commercial and farmland	6,787		2,435		5,980		15,202		8,430,756		8,445,958		—
Real estate – residential	47,020		15,864		71,070		133,954		4,424,543		4,558,497		—
Total	$	106,949	$	31,540	$	106,489	$	244,978	$	20,494,928	$	20,739,906	$	17,733

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the allowance for credit loss as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

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


	June 30, 2025				December 31, 2024
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial and industrial	$	8,718	$	903	$	9,451	$	1,072




Premium finance	1,501		90		2,165		130
Real estate – construction and development	917		92		2,979		110
Real estate – commercial and farmland	7,826		272		10,882		149
Real estate – residential	16,775		1,890		23,983		2,302
	$	35,737	$	3,247	$	49,460	$	3,763

Credit Quality Indicators

The Company uses a five category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades:

Pass – This grade represents acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral.

Other Assets Especially Mentioned ("Special Mention") – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard – This grade represents loans which are inadequately protected by the current creditworthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2025 and December 31, 2024. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded doubtful or loss at June 30, 2025 or December 31, 2024.


As of June 30, 2025	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2025		2024		2023		2022		2021		Prior				Total

Commercial and Industrial
Risk Grade:
Pass	$	569,814	$	756,358	$	505,485	$	481,722	$	205,503	$	87,563	$	546,329		$	3,152,774
Special mention	137		577		23		1,551		1,298		3,106		440			7,132
Substandard	114		1,595		7,648		3,169		6,452		4,122		1,205			24,305


Total commercial and industrial	$	570,065	$	758,530	$	513,156	$	486,442	$	213,253	$	94,791	$	547,974		$	3,184,211

Current-period gross charge offs	$	330	$	4,214	$	6,872	$	8,276	$	2,061	$	623	$	—		$	22,376
Consumer
Risk Grade:
Pass	$	58,484	$	17,132	$	13,503	$	5,359	$	1,567	$	36,661	$	74,594		$	207,300
Special mention	—		8		—		11		—		56		1,038			1,113
Substandard	20		221		157		293		42		742		102			1,577


Total consumer	$	58,504	$	17,361	$	13,660	$	5,663	$	1,609	$	37,459	$	75,734		$	209,990

Current-period gross charge offs	$	—	$	394	$	215	$	274	$	27	$	943	$	—		$	1,853










Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	1,092,475		$	1,092,475




Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	1,092,475		$	1,092,475

Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Municipal
Risk Grade:
Pass	$	10,525	$	24,461	$	8,904	$	43,481	$	35,960	$	312,609	$	819		$	436,759




Total municipal	$	10,525	$	24,461	$	8,904	$	43,481	$	35,960	$	312,609	$	819		$	436,759

Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Premium Finance
Risk Grade:
Pass	$	1,078,054	$	207,260	$	639	$	—	$	—	$	—	$	—		$	1,285,953

Substandard	1,771		6,564		5		—		—		—		—			8,340


Total premium finance	$	1,079,825	$	213,824	$	644	$	—	$	—	$	—	$	—		$	1,294,293

Current-period gross charge offs	$	364	$	4,477	$	206	$	1	$	—	$	—	$	—		$	5,048


As of June 30, 2025	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2025		2024		2023		2022		2021		Prior				Total

Real Estate – Construction and Development
Risk Grade:
Pass	$	283,571	$	451,132	$	94,550	$	370,795	$	178,203	$	43,799	$	61,663		$	1,483,713
Special mention	—		—		—		155		—		259		—			414
Substandard	—		259		698		7		336		415		—			1,715


Total real estate – construction and development	$	283,571	$	451,391	$	95,248	$	370,957	$	178,539	$	44,473	$	61,663		$	1,485,842

Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	343,579	$	306,682	$	510,639	$	2,782,777	$	2,100,991	$	2,630,801	$	95,225		$	8,770,694
Special mention	—		—		—		4,345		16,396		35,117		—			55,858
Substandard	9,000		—		1,542		17,644		2,931		19,981		100			51,198


Total real estate – commercial and farmland	$	352,579	$	306,682	$	512,181	$	2,804,766	$	2,120,318	$	2,685,899	$	95,325		$	8,877,750

Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Real Estate - Residential
Risk Grade:
Pass	$	127,024	$	169,242	$	578,600	$	1,235,516	$	1,003,500	$	952,228	$	325,110		$	4,391,220
Special mention	—		—		9		49		15		1,580		507			2,160
Substandard	—		4,399		8,920		13,578		7,811		24,411		7,678			66,797


Total real estate - residential	$	127,024	$	173,641	$	587,529	$	1,249,143	$	1,011,326	$	978,219	$	333,295		$	4,460,177

Current-period gross charge offs	$	—	$	—	$	171	$	—	$	—	$	162	$	—		$	333
Total Loans
Risk Grade:
Pass	$	2,471,051	$	1,932,267	$	1,712,320	$	4,919,650	$	3,525,724	$	4,063,661	$	2,196,215		$	20,820,888
Special mention	137		585		32		6,111		17,709		40,118		1,985			66,677
Substandard	10,905		13,038		18,970		34,691		17,572		49,671		9,085			153,932


Total loans	$	2,482,093	$	1,945,890	$	1,731,322	$	4,960,452	$	3,561,005	$	4,153,450	$	2,207,285		$	21,041,497
Total current-period gross charge offs	$	694	$	9,085	$	7,464	$	8,551	$	2,088	$	1,728	$	—		$	29,610


As of December 31, 2024	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2024		2023		2022		2021		2020		Prior				Total

Commercial and Industrial
Risk Grade:
Pass	$	919,301	$	594,485	$	523,513	$	246,036	$	72,397	$	46,358	$	512,778		$	2,914,868
Special mention	892		28		1,938		1,311		777		2,960		3,319			11,225
Substandard	885		2,214		4,384		7,222		655		4,555		7,127			27,042


Total commercial and industrial	$	921,078	$	596,727	$	529,835	$	254,569	$	73,829	$	53,873	$	523,224		$	2,953,135

Consumer
Risk Grade:
Pass	$	58,113	$	18,575	$	8,684	$	2,371	$	17,405	$	31,962	$	83,143		$	220,253
Special mention	8		—		14		—		9		61		—			92
Substandard	113		206		81		48		179		648		115			1,390


Total consumer	$	58,234	$	18,781	$	8,779	$	2,419	$	17,593	$	32,671	$	83,258		$	221,735










Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	965,053		$	965,053




Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	965,053		$	965,053

Municipal
Risk Grade:
Pass	$	20,133	$	9,094	$	44,482	$	36,468	$	139,046	$	191,559	$	626		$	441,408




Total municipal	$	20,133	$	9,094	$	44,482	$	36,468	$	139,046	$	191,559	$	626		$	441,408

Premium Finance
Risk Grade:
Pass	$	1,141,370	$	1,648	$	28	$	83	$	—	$	—	$	—		$	1,143,129

Substandard	12,001		483		1		—		—		—		—			12,485


Total premium finance	$	1,153,371	$	2,131	$	29	$	83	$	—	$	—	$	—		$	1,155,614

Real Estate – Construction and Development
Risk Grade:
Pass	$	523,704	$	245,526	$	835,742	$	245,091	$	3,619	$	73,816	$	66,449		$	1,993,947
Special mention	—		—		160		65		—		275		—			500
Substandard	—		151		3,020		337		—		551		—			4,059


Total real estate – construction and development	$	523,704	$	245,677	$	838,922	$	245,493	$	3,619	$	74,642	$	66,449		$	1,998,506

Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	330,472	$	456,486	$	2,373,426	$	2,173,060	$	990,712	$	1,866,277	$	113,916		$	8,304,349
Special mention	—		—		3,069		14,844		14,706		63,717		—			96,336
Substandard	—		1,551		16,979		3,855		12,730		10,158		—			45,273


Total real estate – commercial and farmland	$	330,472	$	458,037	$	2,393,474	$	2,191,759	$	1,018,148	$	1,940,152	$	113,916		$	8,445,958


As of December 31, 2024	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2024		2023		2022		2021		2020		Prior				Total

Real Estate - Residential
Risk Grade:
Pass	$	193,939	$	628,098	$	1,291,666	$	1,046,164	$	460,887	$	561,386	$	292,193		$	4,474,333
Special mention	—		10		52		16		157		1,375		1,173			2,783
Substandard	2,718		9,880		14,040		9,885		10,603		26,236		8,019			81,381


Total real estate - residential	$	196,657	$	637,988	$	1,305,758	$	1,056,065	$	471,647	$	588,997	$	301,385		$	4,558,497

Total Loans
Risk Grade:
Pass	$	3,187,032	$	1,953,912	$	5,077,541	$	3,749,273	$	1,684,066	$	2,771,358	$	2,034,158		$	20,457,340
Special mention	900		38		5,233		16,236		15,649		68,388		4,492			110,936
Substandard	15,717		14,485		38,505		21,347		24,167		42,148		15,261			171,630


Total loans	$	3,203,649	$	1,968,435	$	5,121,279	$	3,786,856	$	1,723,882	$	2,881,894	$	2,053,911		$	20,739,906

Allowance for Credit Losses on Loans

The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of Loss, the uncollectible portion is charged off.

The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters after the reasonable and supportable forecast period.

During the six months ended June 30, 2025, the allowance for credit losses increased due to the current economic forecast, an increase in the office portfolio qualitative factor and organic loan growth, partially offset by a change in the mix of loans. The allowance for credit losses was determined at June 30, 2025 using an equal weighting of two economic forecasts from Moody's in order to align with management's best estimate over the reasonable and supportable forecast period. The Moody's baseline and downside 75th percentile S-2 scenarios were equally weighted. The allowance for credit losses was determined at December 31, 2024 using the Moody's baseline scenario economic forecast weighted at 75% and the downside 75th percentile S-2 scenario was weighted at 25%. The current forecast reflects, among other things, increases in unemployment and commercial real estate vacancies, along with a decline in GDP compared with the forecast at December 31, 2024.

The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.


Three Months Ended June 30, 2025

(dollars in thousands)	Commercial and Industrial		Consumer		Mortgage Warehouse		Municipal		Premium Finance		Real Estate – Construction and Development
Balance, March 31, 2025	$	82,621	$	6,145	$	1,824	$	57	$	682	$	69,086


Provision for loan losses	12,345		1,090		456		1		567		(21,785)
Loans charged off	(10,517)		(913)		—		—		(2,719)		—
Recoveries of loans previously charged off	4,536		251		—		—		2,253		5
Balance, June 30, 2025	$	88,985	$	6,573	$	2,280	$	58	$	783	$	47,306

	Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, March 31, 2025	$	118,392	$	66,748	$	345,555


Provision for loan losses	9,335		1,101		3,110
Loans charged off	—		(77)		(14,226)
Recoveries of loans previously charged off	67		16		7,128
Balance, June 30, 2025	$	127,794	$	67,788	$	341,567

Six Months Ended June 30, 2025

(dollars in thousands)	Commercial and Industrial		Consumer		Mortgage Warehouse		Municipal		Premium Finance		Real Estate – Construction and Development
Balance, December 31, 2024	$	87,242	$	7,327	$	2,262	$	58	$	736	$	60,421


Provision for loan losses	15,733		553		18		—		762		(13,124)
Loans charged off	(22,376)		(1,853)		—		—		(5,048)		—
Recoveries of loans previously charged off	8,386		546		—		—		4,333		9
Balance, June 30, 2025	$	88,985	$	6,573	$	2,280	$	58	$	783	$	47,306

	Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2024	$	118,377	$	61,661	$	338,084


Provision for loan losses	9,315		6,372		19,629
Loans charged off	—		(333)		(29,610)
Recoveries of loans previously charged off	102		88		13,464
Balance, June 30, 2025	$	127,794	$	67,788	$	341,567


Three Months Ended June 30, 2024

(dollars in thousands)	Commercial and Industrial		Consumer		Mortgage Warehouse		Municipal		Premium Finance		Real Estate – Construction and Development
Balance, March 31, 2024	$	63,804	$	3,939	$	1,823	$	63	$	616	$	72,168


Provision for loan losses	10,869		114		319		(3)		594		5,269
Loans charged off	(12,539)		(965)		—		—		(2,802)		—
Recoveries of loans previously charged off	4,408		391		—		—		2,294		45
Balance, June 30, 2024	$	66,542	$	3,479	$	2,142	$	60	$	702	$	77,482

	Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, March 31, 2024	$	110,656	$	66,954	$	320,023


Provision for loan losses	11,311		(3,125)		25,348
Loans charged off	(513)		(26)		(16,845)
Recoveries of loans previously charged off	509		45		7,692
Balance, June 30, 2024	$	121,963	$	63,848	$	336,218

Six Months Ended June 30, 2024

(dollars in thousands)	Commercial and Industrial		Consumer		Mortgage Warehouse		Municipal		Premium Finance		Real Estate – Construction and Development
Balance, December 31, 2023	$	64,053	$	3,952	$	1,678	$	345	$	602	$	61,017


Provision for loan losses	23,016		880		464		(285)		163		16,417
Loans charged off	(27,834)		(2,121)		—		—		(4,808)		—
Recoveries of loans previously charged off	7,307		768		—		—		4,745		48
Balance, June 30, 2024	$	66,542	$	3,479	$	2,142	$	60	$	702	$	77,482

	Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2023	$	110,097	$	65,356	$	307,100


Provision for loan losses	11,785		(1,569)		50,871
Loans charged off	(513)		(26)		(35,302)
Recoveries of loans previously charged off	594		87		13,549
Balance, June 30, 2024	$	121,963	$	63,848	$	336,218

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. These modifications include either payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three and six months ended June 30, 2025 and 2024:


Three Months Ended June 30, 2025
(dollars in thousands)	Payment Deferral		Term Extension		Combination Payment Deferral and Rate Reduction		Combination Payment Deferral and Term Extension		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable
Commercial and industrial	$	—	$	5,871	$	—	$	—	$	—	$	5,871	0.2	%






Real estate – commercial and farmland	—		700		—		329		—		1,029		—	%
Real estate – residential	548		2,199		506		—		615		3,868		0.1	%
Total	$	548	$	8,770	$	506	$	329	$	615	$	10,768	0.1	%


Six Months Ended June 30, 2025

(dollars in thousands)	Payment Deferral		Term Extension		Combination Payment Deferral and Rate Reduction		Combination Payment Deferral and Term Extension		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable
Commercial and industrial	$	—	$	5,871	$	—	$	—	$	—	$	5,871	0.2	%






Real estate – commercial and farmland	2,357		700		—		9,690		—		12,747		0.1	%
Real estate – residential	1,111		3,533		506		—		1,298		6,448		0.1	%
Total	$	3,468	$	10,104	$	506	$	9,690	$	1,298	$	25,066	0.1	%


Three Months Ended June 30, 2024
(dollars in thousands)	Payment Deferral		Term Extension		Interest Rate Reduction		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable
Commercial and industrial	$	625	$	—	$	—	$	—	$	625	—	%







Real estate – residential	—		2,567		503		808		3,878		0.1	%
Total	$	625	$	2,567	$	503	$	808	$	4,503	—	%



Six Months Ended June 30, 2024
(dollars in thousands)	Payment Deferral		Term Extension		Interest Rate Reduction		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable
Commercial and industrial	$	625	$	—	$	—	$	—	$	625	—	%







Real estate – residential	—		6,093		503		1,341		7,937		0.2	%
Total	$	625	$	6,093	$	503	$	1,341	$	8,562	—	%

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $2.0 million and $179,000 at June 30, 2025 and December 31, 2024, respectively.

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


Three Months Ended June 30, 2025
Loan Type						Financial Effect



















Payment Deferral







Real estate – residential						Payments were deferred for 8 months

Term Extension
Commercial and industrial						Maturity dates were extended for a weighted average of 13 months





Real estate – commercial and farmland						Maturity dates were extended for a weighted average of 9 months
Real estate – residential						Maturity dates were extended for a weighted average of 95 months

Combination Payment Deferral and Term Extension






Real estate – commercial and farmland						Maturity dates were extended for a weighted average 9 months and payments were deferred for 9 months


Combination Term Extension and Rate Reduction







Real estate – residential						Maturity dates were extended for a weighted average 7 months and rate was reduced by a weighted average 1.50%

Combination Payment Deferral and Rate Reduction







Real estate – residential						Payments were deferred for 10 months and rate was reduced by a weighted average 0.43%


Six Months Ended June 30, 2025
Loan Type						Financial Effect




















Payment Deferral






Real estate – commercial and farmland						Payments were deferred for a weighted average of 9 months
Real estate – residential						Payments were deferred for a weighted average of 9 months

Term Extension
Commercial and industrial						Maturity dates were extended for a weighted average of 13 months





Real estate – commercial and farmland						Maturity dates were extended for a weighted average of 9 months
Real estate – residential						Maturity dates were extended for a weighted average of 90 months

Combination Payment Deferral and Term Extension






Real estate – commercial and farmland						Maturity dates were extended for a weighted average 3 months and payments were deferred for 12 months


Combination Term Extension and Rate Reduction







Real estate – residential						Maturity dates were extended for a weighted average 37 months and rate was reduced by a weighted average 0.68%

Combination Payment Deferral and Rate Reduction







Real estate – residential						Payments were deferred for 7 months and rate was reduced by a weighted average 1.50%


Three Months Ended June 30, 2024
Loan Type						Financial Effect









Interest Rate Reduction







Real estate – residential						Rate was reduced by 1.625%

Payment Deferral
Commercial and industrial						Payments were deferred for 16 months








Term Extension







Real estate – residential						Maturity dates were extended for a weighted average of 87 months











Combination Term Extension and Rate Reduction







Real estate – residential						Maturity dates were extended for a weighted average 97 months and rate was reduced by a weighted average 3.75%


Six Months Ended June 30, 2024
Loan Type						Financial Effect










Interest Rate Reduction







Real estate – residential						Rate was reduced by 1.625%

Payment Deferral
Commercial and industrial						Payments were deferred for 16 months








Term Extension







Real estate – residential						Maturity dates were extended for a weighted average of 81 months











Combination Term Extension and Rate Reduction







Real estate – residential						Maturity dates were extended for a weighted average 112 months and rate was reduced by a weighted average 2.86%

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:


As of June 30, 2025
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total
Commercial and industrial	$	6,426	$	—	$	—	$	—	$	6,426






Real estate – commercial and farmland	13,332		—		—		—		13,332
Real estate – residential	8,247		3,141		3,831		2,883		18,102
Total	$	28,005	$	3,141	$	3,831	$	2,883	$	37,860


As of June 30, 2024
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total
Commercial and industrial	$	3,667	$	—	$	—	$	—	$	3,667






Real estate – commercial and farmland	3,462		—		—		—		3,462
Real estate – residential	10,463		1,711		1,036		1,259		14,469
Total	$	17,592	$	1,711	$	1,036	$	1,259	$	21,598

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


(dollars in thousands)	Interest Rate Reduction		Term Extension		Payment Deferral		Combination of Term Extension and Rate Reduction		Combination Payment Deferral and Rate Reduction		Total








Real estate – residential	$	499	$	4,202	$	563	$	4,086	$	506	$	9,856
Total	$	499	$	4,202	$	563	$	4,086	$	506	$	9,856

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



(dollars in thousands)	Interest Rate Reduction		Term Extension		Payment Deferral		Combination of Term Extension and Rate Reduction		Combination Payment Deferral and Rate Reduction		Total








Real estate – residential	$	499	$	4,862	$	563	$	4,086	$	506	$	10,516
Total	$	499	$	4,862	$	563	$	4,086	$	506	$	10,516

The following table provides the amortized cost basis of financing receivables that had a payment default during three months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.


(dollars in thousands)	Term Extension		Combination of Term Extension and Rate Reduction		Total








Real estate – residential	$	3,337	$	456	$	3,793
Total	$	3,337	$	456	$	3,793

The following table provides the amortized cost basis of financing receivables that had a payment default during six months ended June 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.


(dollars in thousands)	Term Extension		Combination of Term Extension and Rate Reduction		Total








Real estate – residential	$	3,337	$	456	$	3,793
Total	$	3,337	$	456	$	3,793

NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:


(dollars in thousands)	June 30, 2025		December 31, 2024
FHLB borrowings:
Fixed Rate Advance due January 21, 2025; fixed interest rate of 4.430%	$	—	$	50,000







Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%	—		15,000
Fixed Rate Advance due July 21, 2025; fixed interest rate of 4.430%	50,000		—
Fixed Rate Advance due August 21, 2025; fixed interest rate of 4.440%	50,000		—
Fixed Rate Advance due September 22, 2025; fixed interest rate of 4.460%	50,000		—
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%	15,000		15,000
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%	15,000		15,000
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%	1,361		1,366
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%	942		946
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%	911		984

Subordinated notes payable:



Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $592 and $653, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63%	74,592		74,653
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,060 and $1,161, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%	108,940		108,839





Other Debt:

Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%	9,954		10,000
	$	376,700	$	291,788

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At June 30, 2025, $3.36 billion was available for borrowing on lines with the FHLB.

As of June 30, 2025, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $92.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At June 30, 2025, the Bank had $2.77 billion of loans pledged at the Federal Reserve discount window and had $2.24 billion available for borrowing.

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.

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss for the Company consists of changes in net unrealized gains and losses on debt securities available-for-sale. The reclassification for gains (losses) on sale of securities included in net income is recorded in net gain on securities in the consolidated statement of income and comprehensive income.

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


(dollars in thousands)	Accumulated Other Comprehensive Loss
Three Months Ended June 30, 2025
Balance, March 31, 2025	$	(14,430)

Unrealized gain on debt securities available-for-sale, net of tax	7,544
Balance, June 30, 2025	$	(6,886)

Three Months Ended June 30, 2024
Balance, March 31, 2024	$	(39,959)

Unrealized gain on debt securities available-for-sale, net of tax	1,939
Balance, June 30, 2024	$	(38,020)

Six Months Ended June 30, 2025
Balance, December 31, 2024	$	(30,119)

Unrealized gain on debt securities available-for-sale, net of tax	23,233
Balance, June 30, 2025	$	(6,886)

Six Months Ended June 30, 2024
Balance, December 31, 2023	$	(35,939)

Unrealized loss on debt securities available-for-sale, net of tax	(2,081)
Balance, June 30, 2024	$	(38,020)

NOTE 6 – WEIGHTED AVERAGE SHARES OUTSTANDING

Earnings per share have been computed based on the following weighted average number of common shares outstanding:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Average common shares outstanding	68,594,608	68,824,150	68,689,506	68,818,618
Common share equivalents:

Nonvested restricted share grants	83,364	89,755	109,053	101,647
Performance stock units	118,605	99,929	114,191	89,745
Average common shares outstanding, assuming dilution	68,796,577	69,013,834	68,912,750	69,010,010

There were 76,250 anti-dilutive securities excluded from the computation of earnings per share for the three and six months ended June 30, 2025. There were no anti-dilutive securities excluded from the computation of earnings per share for the three and six months ended June 30, 2024.

NOTE 7 – FAIR VALUE MEASURES

The fair value of an asset or liability is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no

quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

The Company's loans held for sale under the fair value option are comprised of the following:


(dollars in thousands)	June 30, 2025		December 31, 2024
Mortgage loans held for sale	$	544,091	$	528,599

Total loans held for sale	$	544,091	$	528,599

The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statements of income and comprehensive income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the interest rate lock commitments (“IRLCs”) with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities.

Net gains of $613,000 and $7.9 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and six months ended June 30, 2025, respectively. Net gains of $2.8 million and $2.4 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and six months ended June 30, 2024, respectively. Net losses of $3.6 million and $8.3 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three and six months ended June 30, 2025, respectively. Net gains of $534,000 and $7.4 million resulting from changes in the fair value of the related derivative financial instruments were recorded in income during the three and six months ended June 30, 2024, respectively. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal.

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


(dollars in thousands)	June 30, 2025		December 31, 2024
Aggregate fair value of mortgage loans held for sale	$	544,091	$	528,599
Aggregate unpaid principal balance of mortgage loans held for sale	532,672		525,071
Past-due loans of 90 days or more	774		—
Nonaccrual loans	774		—
Unpaid principal balance of nonaccrual loans	765		—

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, loans held for sale under the fair value option and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, loan servicing rights and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments.

The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2025 and December 31, 2024:


	Recurring Basis Fair Value Measurements
	June 30, 2025
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Debt securities available-for-sale:
U.S. Treasuries	$	707,813	$	707,813	$	—	$	—
U.S. government sponsored agencies	997		—		997		—
State, county and municipal securities	21,667		—		21,667		—
Corporate debt securities	10,381		—		9,331		1,050
SBA pool securities	60,719		—		60,719		—
Mortgage-backed securities	1,069,721		—		1,069,721		—
Loans held for sale	544,091		—		544,091		—
Derivative financial instruments	6,094		—		6,094		—
Mortgage banking derivative instruments	6,205		—		6,205		—
Total recurring assets at fair value	$	2,427,688	$	707,813	$	1,718,825	$	1,050
Financial liabilities:
Derivative financial instruments	$	6,338	$	—	$	6,338	$	—
Risk participation agreement	26		—		26		—
Mortgage banking derivative instruments	7,235		—		7,235		—
Total recurring liabilities at fair value	$	13,599	$	—	$	13,599	$	—


	Recurring Basis Fair Value Measurements
	December 31, 2024
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Debt securities available-for-sale:
U.S. Treasuries	$	796,464	$	796,464	$	—	$	—
U.S. government sponsored agencies	994		—		994		—
State, county and municipal securities	24,740		—		24,740		—
Corporate debt securities	10,283		—		9,263		1,020
SBA pool securities	70,482		—		70,482		—
Mortgage-backed securities	768,297		—		768,297		—
Loans held for sale	528,599		—		528,599		—
Derivative financial instruments	8,717		—		8,717		—
Mortgage banking derivative instruments	7,299		—		7,299		—
Total recurring assets at fair value	$	2,215,875	$	796,464	$	1,418,391	$	1,020
Financial liabilities:
Derivative financial instruments	$	8,718	$	—	$	8,718	$	—
Risk participation agreement	13		—		13		—
Total recurring liabilities at fair value	$	8,731	$	—	$	8,731	$	—

The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of June 30, 2025 and December 31, 2024:


	Nonrecurring Basis Fair Value Measurements
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
June 30, 2025
Collateral-dependent loans	$	32,490	$	—	$	—	$	32,490
Other real estate owned	1,017		—		—		1,017


Total nonrecurring assets at fair value	$	33,507	$	—	$	—	$	33,507

December 31, 2024
Collateral-dependent loans	$	45,697	$	—	$	—	$	45,697
Other real estate owned	1,010		—		—		1,010


Total nonrecurring assets at fair value	$	46,707	$	—	$	—	$	46,707

The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of OREO include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates.

For the six months ended June 30, 2025 and the year ended December 31, 2024, there were no changes in the methods and significant assumptions used to estimate fair value.

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:


(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range of Discounts	Weighted Average Discount
June 30, 2025
Recurring:
Debt securities available-for-sale	$	1,050	Discounted cash flows	Probability of Default	9.7%	9.7%
				Loss Given Default	45%	45%
Nonrecurring:
Collateral-dependent loans	$	32,490	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	15% - 50%	26%
Other real estate owned	$	1,017	Third-party appraisals and sales contracts	Collateral discounts and estimated costs to sell	15% - 33%	25%



December 31, 2024
Recurring:
Debt securities available-for-sale	$	1,020	Discounted cash flows	Probability of Default	10.3%	10.3%
				Loss Given Default	45%	45%
Nonrecurring:
Collateral-dependent loans	$	45,697	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	15% - 60%	30%
Other real estate owned	$	1,010	Third-party appraisals and sales contracts	Collateral discounts and estimated costs to sell	15% - 44%	27%

The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:


			Fair Value Measurements
			June 30, 2025
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	249,676	$	249,676	$	—	$	—	$	249,676
Interest-bearing deposits in banks	920,594		920,594		—		—		920,594

Debt securities held-to-maturity	176,487		—		159,144		—		159,144

Loans, net	20,667,440		—		—		20,315,137		20,315,137

Financial liabilities:
Deposits	21,932,675		—		21,928,032		—		21,928,032

Other borrowings	376,700		—		379,646		—		379,646
Subordinated deferrable interest debentures	133,306		—		142,254		—		142,254


			Fair Value Measurements
			December 31, 2024
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	244,980	$	244,980	$	—	$	—	$	244,980
Interest-bearing deposits in banks	975,397		975,397		—		—		975,397

Debt securities held-to-maturity	164,677		—		144,028		—		144,028
Loans, net	20,356,125		—		—		19,882,553		19,882,553

Financial liabilities:
Deposits	21,722,448		—		21,721,421		—		21,721,421

Other borrowings	291,788		—		291,213		—		291,213
Subordinated deferrable interest debentures	132,309		—		142,202		—		142,202

NOTE 8 – COMMITMENTS AND CONTINGENCIES

Loan Commitments

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the Company’s balance sheets.

The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows:


(dollars in thousands)	June 30, 2025		December 31, 2024
Commitments to extend credit	$	3,597,113	$	3,578,227
Unused home equity lines of credit	431,575		437,304
Financial standby letters of credit	42,996		39,507
Mortgage interest rate lock commitments	286,706		192,528

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments, predominantly at variable interest rates, generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the six months ended June 30, 2025 and the year ended December 31, 2024.

The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheets. The following table presents activity in the allowance for unfunded commitments for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2025		2024		2025		2024
Balance at beginning of period	$	35,883	$	37,136	$	30,510	$	41,558


Provision for unfunded commitments	(335)		(6,570)		5,038		(10,992)
Balance at end of period	$	35,548	$	30,566	$	35,548	$	30,566

Other Commitments

As of June 30, 2025, letters of credit issued by the FHLB totaling $1.3 billion were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances.

Litigation and Regulatory Contingencies

From time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal and regulatory matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal and regulatory matters could have a material adverse effect on the Company’s results of operations and financial condition for any particular period.

The Company’s management and its legal counsel periodically assess contingent liabilities, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

On May 20, 2025, the United States District Court for the Middle District of Florida entered an order terminating the consent order previously entered into by the U.S. Department of Justice with the Bank in November 2023 and dismissing the related civil action with prejudice. The consent order resolved alleged violations by the Bank of fair lending laws in the Jacksonville, Florida metropolitan area. The Court’s recent order was entered in response to an unopposed motion submitted by the Department of Justice to terminate the consent order.

NOTE 9 – SEGMENT REPORTING

The Company has the following four reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division and Premium Finance Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying

one-to-four family residential mortgage loans or mortgage servicing rights. The Premium Finance Division derives its revenues from the origination and servicing of commercial insurance premium finance loans.

The Banking, Retail Mortgage, Warehouse Lending and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers.

The chief operating decision maker (CODM) within the Company is the Chief Executive Officer, who also serves as a member of the Board of Directors and as Chair of the Executive Committee of the Board. The CODM regularly receives a package of period-end reports and works with management in making necessary operating decisions, including the allocation of resources among the Company's segments. This includes evaluation of performance as measured by net income for each segment. Each segment that is reported has strategic planning, budgeting, and forecasting sessions at least annually with the CODM through executive management.

The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30, 2025
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	239,211	$	61,356	$	18,174	$	28,897	$	347,638
Interest expense	47,710		39,325		11,083		17,707		115,825
Net interest income	191,501		22,031		7,091		11,190		231,813
Provision for credit losses	677		1,010		369		716		2,772
Noninterest income	29,275		37,726		1,893		17		68,911
Noninterest expense
Salaries and employee benefits	62,001		24,358		618		2,331		89,308
Occupancy and equipment	10,547		811		7		36		11,401
Data processing and communications expenses	13,825		1,391		59		91		15,366
Other expenses(1)	25,478		12,496		96		1,115		39,185
Total noninterest expense	111,851		39,056		780		3,573		155,260
Income before income tax expense	108,248		19,691		7,835		6,918		142,692
Income tax expense	25,667		4,135		1,646		1,410		32,858
Net income	$	82,581	$	15,556	$	6,189	$	5,508	$	109,834

Total assets	$	19,143,429	$	4,723,883	$	1,114,158	$	1,698,683	$	26,680,153
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	60,952		—		—		1,630		62,582



	Three Months Ended June 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	243,857	$	59,001	$	19,380	$	25,085	$	347,323
Interest expense	70,320		35,259		13,088		16,735		135,402
Net interest income	173,537		23,742		6,292		8,350		211,921
Provision for credit losses	20,888		(2,882)		359		408		18,773
Noninterest income	37,527		50,145		1,028		11		88,711
Noninterest expense
Salaries and employee benefits	59,923		25,254		1,124		1,900		88,201
Occupancy and equipment	11,474		1,008		7		70		12,559
Data processing and communications expenses	13,756		1,276		59		102		15,193
Other expenses(1)	24,614		13,397		298		1,095		39,404
Total noninterest expense	109,767		40,935		1,488		3,167		155,357
Income before income tax expense	80,409		35,834		5,473		4,786		126,502
Income tax expense	26,090		7,525		1,149		953		35,717
Net income	$	54,319	$	28,309	$	4,324	$	3,833	$	90,785

Total assets	$	18,933,072	$	5,100,837	$	1,089,263	$	1,397,556	$	26,520,728
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	74,605		—		—		4,515		79,120

(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.



	Six Months Ended June 30, 2025
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	472,530	$	119,288	$	33,374	$	56,224	$	681,416
Interest expense	96,816		75,413		20,381		35,154		227,764
Net interest income	375,714		43,875		12,993		21,070		453,652
Provision for credit losses	17,097		6,201		194		1,172		24,664
Noninterest income	57,999		72,455		2,447		33		132,934
Noninterest expense
Salaries and employee benefits	124,717		45,353		1,170		4,683		175,923
Occupancy and equipment	20,351		1,640		14		73		22,078
Data processing and communications expenses	27,216		2,688		97		220		30,221
Other expenses(1)	51,163		24,459		366		2,084		78,072
Total noninterest expense	223,447		74,140		1,647		7,060		306,294
Income before income tax expense	193,169		35,989		13,599		12,871		255,628
Income tax expense	44,821		7,558		2,856		2,624		57,859
Net income	$	148,348	$	28,431	$	10,743	$	10,247	$	197,769



	Six Months Ended June 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	478,979	$	114,100	$	35,863	$	47,833	$	676,775
Interest expense	140,974		67,071		23,543		31,878		263,466
Net interest income	338,005		47,029		12,320		15,955		413,309
Provision for credit losses	40,015		(550)		504		(91)		39,878
Noninterest income	63,890		88,910		1,768		21		154,589
Noninterest expense
Salaries and employee benefits	118,839		46,327		2,012		3,953		171,131
Occupancy and equipment	23,227		2,057		14		146		25,444
Data processing and communications expenses	26,940		2,642		84		181		29,847
Other expenses(1)	49,061		25,927		535		2,123		77,646
Total noninterest expense	218,067		76,953		2,645		6,403		304,068
Income before income tax expense	143,813		59,536		10,939		9,664		223,952
Income tax expense	42,118		12,503		2,297		1,937		58,855
Net income	$	101,695	$	47,033	$	8,642	$	7,727	$	165,097

(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.

NOTE 10 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Mortgage Banking Derivatives

The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. Forward contracts to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by the Company as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates.

The Company enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.

These mortgage banking derivatives are carried at fair value and are not designated in hedge relationships. Fair values are estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage banking derivatives are included as a component of mortgage banking activity in the consolidated statements of income and comprehensive income.

Customer Related Derivative Positions

The Company enters into interest rate derivative contracts to facilitate the risk management strategies of certain clients. The Company mitigates this risk largely by entering into equal and offsetting interest rate derivative agreements with highly rated counterparties. The interest rate contracts are free-standing derivatives and are recorded at fair value on the Company's consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of other noninterest income.

Risk Participation Agreement

The Company has entered into a risk participation agreement swap, that is associated with a loan participation, where the Company is not the counterparty to the interest rate swap that is associated with the risk participation sold. The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty.

The following table reflects the notional amount and fair value of derivative instruments not designated as hedging instruments included in the consolidated balance sheets as of June 30, 2025 and December 31, 2024.


	June 30, 2025						December 31, 2024
			Fair Value						Fair Value
(dollars in thousands)	Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)		Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)
Interest rate contracts(3)	$	941,574	$	6,094	$	6,338	$	901,597	$	8,717	$	8,718
Risk participation agreement	26,163		—		26		26,163		—		13
Mortgage derivatives - interest rate lock commitments	286,706		6,205		—		192,528		1,504		—
Mortgage derivatives - forward contracts related to mortgage loans held for sale	1,103,178		—		7,235		1,153,717		5,795		—

(1)Derivative assets are included in other assets on the consolidated balance sheets.

(2)Derivative liabilities are included in other liabilities on the consolidated balance sheets.

(3)Includes interest rate contracts for client derivatives and offsetting positions.

The net gains (losses) relating to changes in fair value from derivative instruments not designated as hedging instruments are summarized below for the three and six months ended June 30, 2025 and 2024.


		Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	Location	2025		2024		2025		2024
Interest rate contracts(1)	Other noninterest income	$	(109)	$	44	$	(243)	$	187
Risk participation agreement	Other noninterest income	(4)		8		(13)		41
Interest rate lock commitments	Mortgage banking activity	789		(948)		4,701		1,168
Forward contracts related to mortgage loans held for sale	Mortgage banking activity	(4,368)		1,482		(13,030)		6,242

(1)Gain (loss) represents net fair value adjustments (including credit related adjustments) for client derivatives and offsetting positions.

NOTE 11 – LOAN SERVICING RIGHTS

The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired servicing portfolios of residential mortgage and SBA loans. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value, and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets.

The carrying value of the loan servicing rights assets is shown in the table below:


(dollars in thousands)	June 30, 2025		December 31, 2024
Loan Servicing Rights
Residential mortgage	$	126,022	$	112,514
SBA	2,786		2,926

Total loan servicing rights	$	128,808	$	115,440

Residential Mortgage Loans

The Company sells certain first-lien residential mortgage loans to third party investors, primarily the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). For a portion of these loans, the Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income and comprehensive income as part of mortgage banking activity.

During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $12.7 million and $25.2 million, respectively. During the three and six months ended June 30, 2024, the Company recorded servicing fee income of $17.5 million and $34.7 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s MSRs and valuation allowance:


(dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Residential mortgage servicing rights	2025		2024		2025		2024
Beginning carrying value, net	$	116,584	$	171,968	$	112,514	$	171,915
Additions	12,791		7,421		20,108		12,877

Amortization	(3,353)		(5,264)		(6,600)		(10,667)

Disposals	—		(28,819)		—		(28,819)
Ending carrying value, net	$	126,022	$	145,306	$	126,022	$	145,306

The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below:


(dollars in thousands)	June 30, 2025			December 31, 2024
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others	$	9,784,564		$	8,856,724
Composition of residential loans serviced for others:
FHLMC	25.48		%	24.51		%
FNMA	66.04		%	68.42		%
GNMA	8.48		%	7.07		%
Total	100.00		%	100.00		%
Weighted average term (months)	354			353
Weighted average age (months)	34			33
Modeled prepayment speed	8.10		%	7.37		%
Decline in fair value due to a 10% adverse change	$	(5,151)		$	(2,474)
Decline in fair value due to a 20% adverse change	$	(10,119)		$	(5,227)
Weighted average discount rate	9.31		%	10.79		%
Decline in fair value due to a 10% adverse change	$	(6,210)		$	(3,283)
Decline in fair value due to a 20% adverse change	$	(12,197)		$	(7,379)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the residential mortgage servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

SBA Loans

All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. The net gain on SBA loan sales, amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income.

During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $530,000 and $989,000, respectively. During the three and six months ended June 30, 2024, the Company recorded servicing fee income of $570,000 and $1.2 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s SBA loan servicing rights and valuation allowance:


(dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
SBA servicing rights	2025		2024		2025		2024
Beginning carrying value, net	$	2,927	$	2,301	$	2,926	$	2,737
Additions	129		57		286		76


Amortization	(270)		(202)		(426)		(657)

Ending carrying value, net	$	2,786	$	2,156	$	2,786	$	2,156


(dollars in thousands)	June 30, 2025			December 31, 2024
SBA servicing rights
Unpaid principal balance of loans serviced for others	$	230,405		$	235,793
Weighted average life (in years)	3.34			3.18
Modeled prepayment speed	17.26		%	18.95		%
Decline in fair value due to a 10% adverse change	$	(146)		$	(192)
Decline in fair value due to a 20% adverse change	$	(280)		$	(366)
Weighted average discount rate	14.09		%	11.27		%
Decline in fair value due to a 100 basis point adverse change	$	(73)		$	(97)
Decline in fair value due to a 200 basis point adverse change	$	(143)		$	(190)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the SBA servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made in this report are “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control and which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behaviors of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise.

Overview

The following is management’s discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of June 30, 2025, as compared with December 31, 2024, and operating results for the three and six month periods ended June 30, 2025 and 2024. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.

Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our 2024 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2024 Annual Report on Form 10-K for a full disclosure of all critical accounting policies.

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

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders 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 same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.65% and 11.40%, respectively, in the second quarter of 2025, compared with 1.41% and 10.34%, respectively, in the second quarter of 2024.

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


	Three Months Ended June 30, 2025
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	239,211	$	61,356	$	18,174	$	28,897	$	347,638
Interest expense	47,710		39,325		11,083		17,707		115,825
Net interest income	191,501		22,031		7,091		11,190		231,813
Provision for credit losses	677		1,010		369		716		2,772
Noninterest income	29,275		37,726		1,893		17		68,911
Noninterest expense
Salaries and employee benefits	62,001		24,358		618		2,331		89,308
Occupancy and equipment	10,547		811		7		36		11,401
Data processing and communications expenses	13,825		1,391		59		91		15,366
Other expenses	25,478		12,496		96		1,115		39,185
Total noninterest expense	111,851		39,056		780		3,573		155,260
Income before income tax expense	108,248		19,691		7,835		6,918		142,692
Income tax expense	25,667		4,135		1,646		1,410		32,858
Net income	$	82,581	$	15,556	$	6,189	$	5,508	$	109,834


	Three Months Ended June 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	243,857	$	59,001	$	19,380	$	25,085	$	347,323
Interest expense	70,320		35,259		13,088		16,735		135,402
Net interest income	173,537		23,742		6,292		8,350		211,921
Provision for credit losses	20,888		(2,882)		359		408		18,773
Noninterest income	37,527		50,145		1,028		11		88,711
Noninterest expense
Salaries and employee benefits	59,923		25,254		1,124		1,900		88,201
Occupancy and equipment	11,474		1,008		7		70		12,559
Data processing and communications expenses	13,756		1,276		59		102		15,193
Other expenses	24,614		13,397		298		1,095		39,404
Total noninterest expense	109,767		40,935		1,488		3,167		155,357
Income before income tax expense	80,409		35,834		5,473		4,786		126,502
Income tax expense	26,090		7,525		1,149		953		35,717
Net income	$	54,319	$	28,309	$	4,324	$	3,833	$	90,785

Net Interest Income and Margins

The following table sets forth the average balance, interest income or interest expense, and average interest rate for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the three months ended June 30, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.


	Quarter Ended June 30,
	2025					2024
(dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid
Assets
Interest-earning assets:
Interest-bearing deposits in banks	$	951,851	$	10,715	4.52%	$	899,866	$	12,376	5.53%


Investment securities - taxable	2,117,596		20,696		3.92%	1,663,841		16,948		4.10%
Investment securities - nontaxable	41,299		423		4.11%	41,396		423		4.11%
Loans held for sale	730,770		11,578		6.35%	491,000		8,189		6.71%
Loans	20,928,825		305,154		5.85%	20,820,361		310,347		6.00%
Total interest-earning assets	24,770,341		348,566		5.64%	23,916,464		348,283		5.86%
Noninterest-earning assets	1,986,981					2,038,344
Total assets	$	26,757,322				$	25,954,808

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts	$	3,939,802	$	18,144	1.85%	$	3,824,538	$	21,020	2.21%
MMDA	6,918,382		53,469		3.10%	6,251,719		58,332		3.75%
Savings accounts	766,331		826		0.43%	781,588		984		0.51%
Retail CDs	2,393,402		21,852		3.66%	2,430,416		25,711		4.25%
Brokered CDs	1,145,043		12,505		4.38%	1,167,174		15,198		5.24%
Total interest-bearing deposits	15,162,960		106,796		2.83%	14,455,435		121,245		3.37%
Non-deposit funding
Securities sold under agreements to repurchase	—		—		—%	1		—		—%
FHLB advances	326,054		3,508		4.32%	548,251		7,167		5.26%
Other borrowings	193,492		2,499		5.18%	307,449		3,574		4.68%
Subordinated deferrable interest debentures	133,043		3,022		9.11%	131,050		3,416		10.48%
Total non-deposit funding	652,589		9,029		5.55%	986,751		14,157		5.77%
Total interest-bearing liabilities	15,815,549		115,825		2.94%	15,442,186		135,402		3.53%
Demand deposits	6,766,557					6,558,427
Other liabilities	310,185					423,326
Shareholders’ equity	3,865,031					3,530,869
Total liabilities and shareholders’ equity	$	26,757,322				$	25,954,808
Interest rate spread					2.70%					2.33%
Net interest income			$	232,741				$	212,881
Net interest margin					3.77%					3.58%

On a tax-equivalent basis, net interest income for the second quarter of 2025 was $232.7 million, an increase of $19.9 million, or 9.33%, compared with $212.9 million reported in the same quarter in 2024. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest-earning assets increased $853.9 million, or 3.57%, from $23.92 billion in the second quarter of 2024 to $24.77 billion for the second quarter of 2025. This growth in interest-earning assets resulted primarily from organic loan growth and increased investment in our bond portfolio. The Company’s net interest margin during the second quarter of 2025 was 3.77%, up 19 basis points from 3.58% reported in the second quarter of 2024. Loan production amounted to $5.5 billion during the second quarter of 2025, with weighted average yields of 6.76%, compared with $5.1 billion and 7.45%, respectively, during the second quarter of 2024.

Total interest income, on a tax-equivalent basis, increased to $348.6 million during the second quarter of 2025, compared with $348.3 million in the same quarter of 2024. Yields on earning assets decreased to 5.64% during the second quarter of 2025,

compared with 5.86% reported in the second quarter of 2024. During the second quarter of 2025, loans comprised 87.4% of average earning assets, compared with 89.1% in the same quarter of 2024. Yields on loans decreased to 5.85% in the second quarter of 2025, compared with 6.00% in the same period of 2024.

The yield on interest-bearing deposits decreased from 3.37% in the second quarter of 2024 to 2.83% in the second quarter of 2025. The yield on total interest-bearing liabilities decreased from 3.53% in the second quarter of 2024 to 2.94% in the second quarter of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.06% in the second quarter of 2025, compared with 2.48% during the second quarter of 2024. Deposit costs decreased from 2.32% in the second quarter of 2024 to 1.95% in the second quarter of 2025. Non-deposit funding costs decreased from 5.77% in the second quarter of 2024 to 5.55% in the second quarter of 2025.

Provision for Credit Losses

The Company’s provision for credit losses during the second quarter of 2025 amounted to $2.8 million, compared with $18.8 million in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was comprised of $3.1 million related to loans, negative $335,000 related to unfunded commitments and negative $3,000 related to other credit losses, compared with $25.3 million related to loans, negative $6.6 million related to unfunded commitments and negative $5,000 related to other credit losses for the second quarter of 2024. The decrease in the provision for credit losses on loans is primarily attributable to the updated economic forecast and changes in the portfolio mix. Non-performing assets as a percentage of total assets decreased 11 basis points to 0.36% at June 30, 2025, compared with 0.47% at December 31, 2024. The decrease in non-performing assets is primarily attributable to decreases in nonaccrual loans of $15.2 million and accruing loans delinquent 90 days or more of $9.3 million. The Company recognized net charge-offs on loans during the second quarter of 2025 of approximately $7.1 million, or 0.14% of average loans on an annualized basis, compared with net charge-offs of approximately $9.2 million, or 0.18%, in the second quarter of 2024. The Company’s total allowance for credit losses on loans at June 30, 2025 was $341.6 million, or 1.62% of total loans, compared with $338.1 million, or 1.63% of total loans, at December 31, 2024.

Noninterest Income

Total noninterest income for the second quarter of 2025 was $68.9 million, a decrease of $19.8 million, or 22.3%, from the $88.7 million reported in the second quarter of 2024. The second quarter of 2024 included a gain on conversion of Visa Class B-1 stock of $12.6 million and a gain on sale of mortgage servicing rights of $4.7 million, compared with a gain on sale of mortgage servicing rights of $356,000 for the second quarter of 2025. Income from mortgage banking activities was $39.2 million in the second quarter of 2025, a decrease of $7.2 million, or 15.5%, from $46.4 million in the second quarter of 2024. Total production in the second quarter of 2025 amounted to $1.27 billion, compared with $1.33 billion in the same quarter of 2024, while gain on sale spread decreased to 2.22% in the second quarter of 2025, compared with 2.45% in the same quarter of 2024. The retail mortgage open pipeline finished the second quarter of 2025 at $719.1 million, compared with $771.6 million at March 31, 2025 and $802.2 million at the end of the second quarter of 2024.

Service charges on deposit accounts increased $821,000, or 6.5%, to $13.5 million in the second quarter of 2025, compared with $12.7 million in the second quarter of 2024. The increase in service charges on deposit accounts was primarily attributable to increases in both debit card and commercial account fee income. Income from equipment finance activity increased $1.6 million, or 31.9%, to $6.6 million for the second quarter of 2025, compared with $5.0 million during the second quarter of 2024. The increase in equipment finance activity was primarily related to increased non-insurance charges and gain on sale of leased equipment. Other noninterest income decreased $2.6 million, or 23.8%, to $8.5 million for the second quarter of 2025, compared with $11.1 million during the second quarter of 2024. The decrease in other noninterest income was primarily attributable to gains on sale of MSRs and BOLI proceeds of $4.7 million and $446,000, respectively, in the second quarter of 2024, compared with a gain on sale of mortgage servicing rights of $356,000 for the second quarter of 2025. These decreases were partially offset by increases in BOLI income of $1.3 million, gain on sale of SBA loans of $626,000 and commercial card interchange income of $241,000.

Noninterest Expense

Total noninterest expense for the second quarter of 2025 decreased $97,000, or 0.1%, to $155.3 million, compared with $155.4 million in the same quarter 2024. Salaries and employee benefits increased $1.1 million, or 1.3%, from $88.2 million in the second quarter of 2024 to $89.3 million in the second quarter of 2025, due primarily to an increase in health insurance costs and annual merit increases, which were partially offset by a decrease in severance charges. Occupancy and equipment expenses decreased $1.2 million, or 9.2%, to $11.4 million in the second quarter of 2025, compared with $12.6 million in the second quarter of 2024, with the decrease primarily relating to both building rent and repairs and maintenance. Advertising and

marketing expense was $3.7 million in the second quarter of 2025, compared with $3.5 million in the second quarter of 2024. Amortization of intangible assets decreased $331,000, or 7.5%, from $4.4 million in the second quarter of 2024 to $4.1 million in the second quarter of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $1.9 million, or 19.4%, from $9.8 million in the second quarter of 2024 to $7.9 million in the second quarter of 2025, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $1.9 million, or 9.1%, from $20.9 million in the second quarter of 2024 to $22.8 million in the second quarter of 2025, due primarily to increases in donations of $1.4 million and mortgage subsidies of $511,000.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the second quarter of 2025, the Company reported income tax expense of $32.9 million, compared with $35.7 million in the same period of 2024. The Company’s effective tax rate for the three months ended June 30, 2025 and 2024 was 23.0% and 28.2%, respectively. The decrease in the effective rate for the three months ended June 30, 2025 is primarily related to a $4.8 million tax expense related to BOLI surrender during the second quarter of 2024, with no such expense in the second quarter of 2025.

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $197.8 million, or $2.87 per diluted share, for the six months ended June 30, 2025, compared with $165.1 million, or $2.39 per diluted share, for the same period in 2024. The Company’s return on average assets and average shareholders’ equity were 1.51% and 10.41%, respectively, in the six months ended June 30, 2025, compared with 1.30% and 9.49%, respectively, in the same period in 2024. Results for the first six months of 2025 include a pre-tax gain on sale of mortgage servicing rights of $342,000 and a pre-tax gain on BOLI proceeds of $12,000. During the first six months of 2024, the Company recorded a pre-tax gain on conversion of its Visa Class B-1 stock of $12.6 million, a pre-tax gain on sale of mortgage servicing rights of $4.7 million, a pre-tax FDIC special assessment of $2.0 million and a pre-tax gain on BOLI proceeds of $1.5 million. Additionally, the Company recorded $4.8 million in tax expense attributable to BOLI restructuring.

Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the six months ended June 30, 2025 and 2024, respectively:


	Six Months Ended June 30, 2025
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	472,530	$	119,288	$	33,374	$	56,224	$	681,416
Interest expense	96,816		75,413		20,381		35,154		227,764
Net interest income	375,714		43,875		12,993		21,070		453,652
Provision for loan losses	17,097		6,201		194		1,172		24,664
Noninterest income	57,999		72,455		2,447		33		132,934
Noninterest expense
Salaries and employee benefits	124,717		45,353		1,170		4,683		175,923
Occupancy and equipment	20,351		1,640		14		73		22,078
Data processing and communications expenses	27,216		2,688		97		220		30,221
Other expenses	51,163		24,459		366		2,084		78,072
Total noninterest expense	223,447		74,140		1,647		7,060		306,294
Income before income tax expense	193,169		35,989		13,599		12,871		255,628
Income tax expense	44,821		7,558		2,856		2,624		57,859
Net income	$	148,348	$	28,431	$	10,743	$	10,247	$	197,769


	Six Months Ended June 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	478,979	$	114,100	$	35,863	$	47,833	$	676,775
Interest expense	140,974		67,071		23,543		31,878		263,466
Net interest income	338,005		47,029		12,320		15,955		413,309
Provision for loan losses	40,015		(550)		504		(91)		39,878
Noninterest income	63,890		88,910		1,768		21		154,589
Noninterest expense
Salaries and employee benefits	118,839		46,327		2,012		3,953		171,131
Occupancy and equipment	23,227		2,057		14		146		25,444
Data processing and communications expenses	26,940		2,642		84		181		29,847
Other expenses	49,061		25,927		535		2,123		77,646
Total noninterest expense	218,067		76,953		2,645		6,403		304,068
Income before income tax expense	143,813		59,536		10,939		9,664		223,952
Income tax expense	42,118		12,503		2,297		1,937		58,855
Net income	$	101,695	$	47,033	$	8,642	$	7,727	$	165,097

Net Interest Income and Margins

The following table sets forth the average balance, interest income or interest expense, and average yield/rate paid for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the six months ended June 30, 2025 and 2024. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.


	Six Months Ended June 30,
	2025					2024
(dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid
Assets
Interest-earning assets:
Interest-bearing deposits in banks	$	965,930	$	21,504	4.49%	$	911,855	$	25,013	5.52%
Investment securities - taxable	2,058,241		39,188		3.84%	1,631,773		30,040		3.70%
Investment securities - nontaxable	41,344		839		4.09%	41,341		841		4.09%
Loans held for sale	648,607		20,623		6.41%	407,175		13,537		6.69%
Loans	20,775,652		601,118		5.83%	20,570,520		609,254		5.96%
Total interest-earning assets	24,489,774		683,272		5.63%	23,562,664		678,685		5.79%
Noninterest-earning assets	2,005,057					2,062,284
Total assets	$	26,494,831				$	25,624,948

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts	$	3,963,995	$	36,450	1.85%	$	3,827,257	$	41,594	2.19%
MMDA	6,914,988		105,730		3.08%	6,102,054		112,285		3.70%
Savings accounts	766,738		1,656		0.44%	788,738		1,970		0.50%
Retail CDs	2,415,067		45,097		3.77%	2,404,547		50,287		4.21%
Brokered CDs	1,054,409		23,078		4.41%	1,274,278		33,283		5.25%
Total interest-bearing deposits	15,115,197		212,011		2.83%	14,396,874		239,419		3.34%
Non-deposit funding

FHLB advances	238,283		4,870		4.12%	383,920		9,745		5.10%
Other borrowings	193,493		4,849		5.05%	307,829		7,453		4.87%
Subordinated deferrable interest debentures	132,795		6,034		9.16%	130,801		6,849		10.53%
Total non-deposit funding	564,571		15,753		5.63%	822,550		24,047		5.88%
Total interest-bearing liabilities	15,679,768		227,764		2.93%	15,219,424		263,466		3.48%
Demand deposits	6,645,340					6,480,864
Other liabilities	337,948					427,490
Shareholders’ equity	3,831,775					3,496,870
Total liabilities and shareholders’ equity	$	26,494,831				$	25,624,648
Interest rate spread					2.70%					2.31%
Net interest income			$	455,508				$	415,219
Net interest margin					3.75%					3.54%

On a tax-equivalent basis, net interest income for the six months ended June 30, 2025 was $455.5 million, an increase of $40.3 million, or 9.70%, compared with $415.2 million reported in the same period of 2024. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest earning assets increased $927.1 million, or 3.93%, from $23.56 billion in the first six months of 2024 to $24.49 billion for the first six months of 2025. This growth in interest-earning assets resulted primarily from organic loan growth and increased investment in our bond portfolio. The Company’s net interest margin during the first six months of 2025 was 3.75%, an increase of 21 basis points from 3.54% reported for the first six months of 2024. Loan production amounted to $9.6 billion during the first six months of 2025, with weighted average yields of 6.80%, compared with $8.9 billion and 7.56%, respectively, during the first six months of 2024.

Total interest income, on a tax-equivalent basis, increased to $683.3 million during the six months ended June 30, 2025, compared with $678.7 million in the same period of 2024. Yields on earning assets decreased to 5.63% during the first six months of 2025, compared with 5.79% reported in the same period of 2024. During the first six months of 2025, loans

comprised 87.5% of average earning assets, compared with 89.0% in the same period of 2024. Yields on loans decreased to 5.83% during the six months ended June 30, 2025, compared with 5.96% in the same period of 2024.

The yield on total interest-bearing liabilities decreased from 3.48% during the six months ended June 30, 2024 to 2.93% in the same period of 2025. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 2.06% in the first six months of 2025, compared with 2.44% during the same period of 2024. Deposit costs decreased from 2.31% in the first six months of 2024 to 1.96% in the same period of 2025. Non-deposit funding costs decreased from 5.88% in the first six months of 2024 to 5.63% in the same period of 2025.

Provision for Credit Losses

The Company’s provision for credit losses during the six months ended June 30, 2025 amounted to $24.7 million, compared with $39.9 million in the six months ended June 30, 2024. This decrease was primarily attributable to the updated economic forecast during the first six months of 2025 and a shift in the loan mix, partially offset by organic loan growth. The provision for credit losses for the first six months of 2025 was comprised of $19.6 million related to loans, $5.0 million related to unfunded commitments and negative $3,000 related to other credit losses, compared with $50.9 million related to loans, negative $11.0 million related to unfunded commitments and negative $1,000 related to other credit losses for the same period in 2024. Non-performing assets as a percentage of total assets decreased from 0.47% at December 31, 2024 to 0.36% at June 30, 2025. The decrease in non-performing assets is primarily attributable to a decrease in nonaccrual loans of $15.2 million and a decrease in accruing loans delinquent 90 days or more of $9.3 million. Net charge-offs on loans during the first six months of 2025 were $16.1 million, or 0.16% of average loans on an annualized basis, compared with approximately $21.8 million, or 0.21%, in the first six months of 2024. The Company’s total allowance for credit losses on loans at June 30, 2025 was $341.6 million, or 1.62% of total loans, compared with $338.1 million, or 1.63% of total loans, at December 31, 2024.

Noninterest Income

Total noninterest income for the six months ended June 30, 2025 was $132.9 million, a decrease of $21.7 million, or 14.0%, from the $154.6 million reported for the six months ended June 30, 2024. Income from mortgage banking activities decreased $11.4 million, or 13.2%, from $85.8 million in the first six months of 2024 to $74.5 million in the same period of 2025. Total production in the first six months of 2025 amounted to $2.20 billion, compared with $2.24 billion in the same period of 2024, while gain on sale spread decreased to 2.20% during the six months ended June 30, 2025, compared with 2.47% in the same period of 2024. The retail mortgage open pipeline was $719.1 million at June 30, 2025, compared with $638.5 million at December 31, 2024 and $802.2 million at June 30, 2024.

Net gain on securities decreased to $40,000 for the six months ended June 30, 2025, compared with a gain of $12.3 million for the six months ended June 30, 2024. This decrease was primarily due to a gain of $12.6 million relating to the conversion of Visa Class B-1 stock, and related realized gain (loss) on subsequent sales and mark-to-market adjustments post-conversion, during the first six months of 2024 that did not repeat in the first six months of 2025. Other noninterest income decreased $3.0 million, or 15.6%, to $16.3 million for the first six months of 2025, compared with $19.3 million during the same period of 2024. The decrease in other noninterest income was primarily attributable to declines in gain on sale of MSRs of $4.4 million, BOLI proceeds of $1.5 million and derivative income of $594,000, compared with the six months ended June 30, 2024. These decreases were partially offset by increases in BOLI income of $2.1 million, gain on sale of SBA loans of $928,000 and commercial card interchange income of $499,000.

Noninterest Expense

Total noninterest expenses for the six months ended June 30, 2025 increased $2.2 million, or 0.7%, to $306.3 million, compared with $304.1 million in the same period of 2024. Salaries and employee benefits increased $4.8 million, or 2.8%, from $171.1 million in the first six months of 2024 to $175.9 million in the same period of 2025, due primarily to increases in health insurance costs, annual merit increases and stock-based compensation related to performance awards. Occupancy and equipment expenses decreased $3.4 million, or 13.2%, to $22.1 million in the first six months of 2025 from $25.4 million reported in the same period of 2024. This decrease was primarily attributable to building rent and repairs and maintenance expenses. Data processing and communications expenses increased $374,000, or 1.3%, to $30.2 million in the first six months of 2025, from $29.8 million reported in the same period of 2024. Amortization of intangible assets decreased $650,000, or 7.4%, from $8.8 million in the first six months of 2024 to $8.2 million in the first six months of 2025. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $3.5 million, or 18.3%, from $19.2 million in the first six months of 2024 to $15.7 million in the same period of 2025, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $3.8 million, or 8.9%,

from $42.3 million in the first six months of 2024 to $46.1 million in the same period of 2025, due primarily to an increase in donations of $5.1 million, net deposit and debit card losses of $1.7 million and legal settlement expenses of $1.0 million. These increases in other noninterest expense were partially offset by decreases in business license expense of $2.7 million and FDIC special assessment expenses of $2.0 million.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the six months ended June 30, 2025, the Company reported income tax expense of $57.9 million, compared with $58.9 million in the same period of 2024. The Company’s effective tax rate for the six months ended June 30, 2025 and 2024 was 22.6% and 26.3%, respectively. The decrease in the effective tax rate is primarily a result of a $4.8 million tax expense related to BOLI surrender during the first six months of 2024 that did not repeat in 2025 and a reduction in state tax expense resulting from reduced state apportionment.

Financial Condition as of June 30, 2025

Securities

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income, net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities which are classified as held-to-maturity are done so based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date.

The following table is a summary of our investment portfolio at the dates indicated:


	June 30, 2025				December 31, 2024
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available-for-sale
U.S. Treasuries	$	702,156	$	707,813	$	800,860	$	796,464
U.S. government-sponsored agencies	1,003		997		1,010		994
State, county and municipal securities	22,425		21,667		25,802		24,740
Corporate debt securities	10,945		10,381		10,946		10,283
SBA pool securities	61,566		60,719		72,036		70,482
Mortgage-backed securities	1,079,292		1,069,721		797,542		768,297
Total debt securities available-for-sale	$	1,877,387	$	1,871,298	$	1,708,196	$	1,671,260

Securities held-to-maturity

State, county and municipal securities	$	33,573	$	27,342	$	33,623	$	27,409


Mortgage-backed securities	142,914		131,802		131,054		116,619
Total debt securities held-to-maturity	$	176,487	$	159,144	$	164,677	$	144,028

The amounts of securities available-for-sale and held-to-maturity in each category as of June 30, 2025 are shown in the following table according to contractual maturity classifications: (i) one year or less; (ii) after one year through five years; (iii) after five years through ten years; and (iv) after ten years:


	U.S. Treasuries				U.S. Government-Sponsored Agencies				State, County and Municipal Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield (2)		Amount		Yield (2)		Amount		Yield (2)(3)
One year or less	$	120,370	4.35	%	$	997	2.16	%	$	3,941	3.95	%
After one year through five years	536,920		3.63		—		—		10,956		3.93
After five years through ten years	50,523		4.36		—		—		6,770		3.94
After ten years	—		—		—		—		—		—
	$	707,813	3.80	%	$	997	2.16	%	$	21,667	3.93	%

	Corporate Debt Securities				SBA Pool Securities				Mortgage-Backed Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield (2)		Amount		Yield (2)		Amount		Yield (2)
One year or less	$	500	4.31	%	$	1,139	2.73	%	$	33,746	2.95	%
After one year through five years	8,439		6.11		1,812		2.41		247,441		3.07
After five years through ten years	—		—		56,606		4.50		235,739		4.39
After ten years	1,442		7.77		1,162		5.50		552,795		4.17
	$	10,381	6.31	%	$	60,719	4.42	%	$	1,069,721	3.92	%

	State, County and Municipal Securities				Mortgage-Backed Securities
(dollars in thousands) Securities held-to-maturity (1)	Amount		Yield (2)(3)		Amount		Yield (2)
One year or less	$	—	—	%	$	—	—	%
After one year through five years	—		—		28,680		3.17
After five years through ten years	—		—		66,997		2.81
After ten years	33,573		3.94		47,237		3.39
	$	33,573	3.94	%	$	142,914	3.07	%

(1)The amortized cost of securities held-to-maturity and fair value of securities available-for-sale are presented based on contractual maturities. Actual cash flows may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.

(2)Yields were computed using coupon interest, adding discount accretion or subtracting premium amortization, as appropriate, on a ratable basis over the life of each security. The weighted average yield for each maturity range was computed using the amortized cost of each security in that range.

(3)Yields on securities of state and political subdivisions are stated on a taxable-equivalent basis, using a tax rate of 21%.

Loans and Allowance for Credit Losses

At June 30, 2025, gross loans outstanding (including loans and loans held for sale) were $21.59 billion, minimally changed from $21.27 billion reported at December 31, 2024. Loans increased $301.6 million, or 1.5%, from $20.74 billion at December 31, 2024 to $21.04 billion at June 30, 2025. Loans held for sale increased from $528.6 million at December 31, 2024 to $544.1 million at June 30, 2025 in our mortgage division.

At the end of the second quarter of 2025, the ACL on loans totaled $341.6 million, or 1.62% of loans, compared with $338.1 million, or 1.63% of loans, at December 31, 2024. Our nonaccrual loans decreased from $102.2 million at December 31, 2024 to $87.0 million at June 30, 2025. For the first six months of 2025, our net charge off ratio as a percentage of average loans decreased to 0.16%, compared with 0.21% for the first six months of 2024. The total provision for credit losses for the first six months of 2025 was $24.7 million, compared with a provision of $39.9 million recorded for the first six months of 2024. Our ratio of total nonperforming assets to total assets was down 11 basis points from 0.47% at December 31, 2024 to 0.36% at June 30, 2025.

The following table presents an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs as of and for the six months ended June 30, 2025 and 2024:


	Six Months Ended June 30,
(dollars in thousands)	2025		2024
Balance of allowance for credit losses on loans at beginning of period	$	338,084	$	307,100

Provision charged to operating expense	19,629		50,871
Charge-offs:
Commercial and industrial	22,376		27,834
Consumer	1,853		2,121



Premium finance	5,048		4,808

Real estate – commercial and farmland	—		513
Real estate – residential	333		26
Total charge-offs	29,610		35,302

Recoveries:
Commercial and industrial	8,386		7,307
Consumer	546		768



Premium finance	4,333		4,745
Real estate – construction and development	9		48
Real estate – commercial and farmland	102		594
Real estate – residential	88		87
Total recoveries	13,464		13,549
Net charge-offs	16,146		21,753
Balance of allowance for credit losses on loans at end of period	$	341,567	$	336,218

The following table presents an analysis of the allowance for credit losses on loans and net charge-offs for loans held for investment:


	As of and for the Six Months Ended
(dollars in thousands)	June 30, 2025			June 30, 2024
Allowance for credit losses on loans at end of period	$	341,567		$	336,218
Net charge-offs for the period	16,146			21,753
Loan balances:
End of period	21,041,497			20,992,603
Average for the period	20,775,652			20,570,520
Net charge-offs as a percentage of average loans (annualized)	0.16		%	0.21		%
Allowance for credit losses on loans as a percentage of end of period loans	1.62		%	1.60		%

Loans

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:


(dollars in thousands)	June 30, 2025		December 31, 2024
Commercial and industrial	$	3,184,211	$	2,953,135
Consumer	209,990		221,735

Mortgage warehouse	1,092,475		965,053
Municipal	436,759		441,408
Premium finance	1,294,293		1,155,614
Real estate – construction and development	1,485,842		1,998,506
Real estate – commercial and farmland	8,877,750		8,445,958
Real estate – residential	4,460,177		4,558,497
	$	21,041,497	$	20,739,906

Commercial real estate (“CRE”) represents the Company's largest loan category. The Company regularly monitors its CRE portfolio against regulatory concentration limits. Additionally, the Company manages its risk in the CRE portfolio through,

among other things, established policy limits on loan-to-value or loan-to-cost at or below applicable regulatory guidance, use of internal lending limits on single loans to minimize exposure to a given project, annual reviews of borrowers and guarantors above certain total credit exposure thresholds, minimum required debt service coverage ratios and borrower equity levels. Exceptions to policy must be approved by an individual or committee with appropriate approval authority.

A summary of the Company's CRE portfolio by loan type and credit quality indicator as of June 30, 2025 and December 31, 2024 is below:


June 30, 2025 (dollars in thousands)	Pass		Other Assets Especially Mentioned		Substandard		Total
Farmland	$	118,205	$	2,153	$	546	$	120,904
Multifamily residential	1,901,944		—		—		1,901,944
Owner occupied CRE	1,754,190		11,925		25,660		1,791,775
Non-owner occupied CRE	4,996,355		41,780		24,992		5,063,127
Total real estate - commercial and farmland	$	8,770,694	$	55,858	$	51,198	$	8,877,750


December 31, 2024 (dollars in thousands)	Pass		Other Assets Especially Mentioned		Substandard		Total
Farmland	$	137,503	$	2,169	$	1,192	$	140,864
Multifamily residential	1,454,772		—		—		1,454,772
Owner occupied CRE	1,839,329		11,826		28,905		1,880,060
Non-owner occupied CRE	4,872,745		82,341		15,176		4,970,262
Total real estate - commercial and farmland	$	8,304,349	$	96,336	$	45,273	$	8,445,958

Investor CRE, which includes multifamily residential and non-owner occupied CRE loans, has several dynamics which individually, or in combination, pose potential challenges to the portfolio. These include levels of interest rates above those at origination for loan renewals and changes to occupancy rates as firms reevaluate space needs in light of factors such as the expansion of hybrid and remote work. The primary repayment source for these loans is cash flows from the securing property. The Company in the normal course performs periodic evaluations of its portfolio for continued soundness and appropriate risk ratings. These reviews include evaluation of current financials, stressed cash flows at increased interest rates and evaluation of property values at various occupancy levels and cap rates. The Company's Investor CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately eight basis points of Investor CRE loans at June 30, 2025.

The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant MSAs or state as of June 30, 2025 and December 31, 2024:


(dollars in thousands)	Atlanta		Other Georgia		Tampa		Jacksonville		Other Florida		South Carolina		North Carolina		Alabama		Other		Total
June 30, 2025	$	320,201	$	242,847	$	283,179	$	211,286	$	346,849	$	136,463	$	176,736	$	53,482	$	130,901	$	1,901,944
December 31, 2024	239,371		237,679		150,344		147,590		208,835		158,247		85,517		53,933		173,256		1,454,772

The Company's non-owner occupied portfolio is well diversified. Below is a summary of the non-owner occupied CRE portfolio by property type and significant MSAs or state as of June 30, 2025 and December 31, 2024:


June 30, 2025 (dollars in thousands)	Atlanta		Other Georgia		Jacksonville		Orlando		Other Florida		South Carolina		North Carolina		Alabama		Other		Total
Retail	$	493,152	$	222,832	$	229,713	$	150,692	$	257,526	$	342,994	$	141,845	$	109,002	$	146,404	$	2,094,160
Office	486,707		26,753		70,627		134,956		165,394		182,415		88,724		4,157		61,374		1,221,107
Warehouse / industrial	327,813		12,136		46,186		30,720		87,098		81,432		89,388		2,282		124,364		801,419
Hotel	42,639		23,097		94,036		45,707		98,141		66,244		12,292		2,281		16,492		400,929
Mini storage warehouse	46,753		33,987		28,318		39,921		48,620		27,929		32,911		17,789		67,195		343,423
Assisted living facilities	68,706		—		1,433		19		39,449		439		—		—		—		110,046
Miscellaneous	30,277		9,360		9,629		17,250		12,724		4,202		7,367		—		1,234		92,043
Total non-owner occupied CRE	$	1,496,047	$	328,165	$	479,942	$	419,265	$	708,952	$	705,655	$	372,527	$	135,511	$	417,063	$	5,063,127


December 31, 2024 (dollars in thousands)	Atlanta		Other Georgia		Jacksonville		Orlando		Other Florida		South Carolina		North Carolina		Alabama		Other		Total
Retail	$	481,751	$	169,255	$	231,823	$	175,140	$	228,464	$	344,985	$	135,078	$	106,166	$	147,454	$	2,020,116
Office	515,359		26,469		74,001		136,099		168,620		186,856		73,247		4,243		62,062		1,246,956
Warehouse / industrial	277,679		13,433		46,838		11,900		72,919		76,785		80,222		679		109,808		690,263
Hotel	43,500		27,383		102,186		47,249		104,365		73,960		12,204		2,369		16,248		429,464
Mini storage warehouse	51,505		37,427		32,432		40,441		41,402		39,118		33,204		18,035		67,552		361,116
Assisted living facilities	69,402		—		4,641		19		39,618		455		—		—		—		114,135
Miscellaneous	38,514		13,491		9,945		17,388		11,537		7,477		7,432		1,158		1,270		108,212
Total non-owner occupied CRE	$	1,477,710	$	287,458	$	501,866	$	428,236	$	666,925	$	729,636	$	341,387	$	132,650	$	404,394	$	4,970,262

Non-Performing Assets

Non-performing assets include nonaccrual loans, accruing loans contractually past due 90 days or more, repossessed personal property, and OREO. Loans are placed on nonaccrual status when management has concerns relating to the ability to collect the principal and interest and generally when such loans are 90 days or more past due. Management performs a detailed review and valuation assessment of non-performing loans over $250,000 on a quarterly basis. When a loan is placed on nonaccrual status, any interest previously accrued but not collected is reversed against current income.

Nonaccrual loans totaled $87.0 million at June 30, 2025, a decrease of $15.2 million, or 14.9%, from $102.2 million at December 31, 2024. Accruing loans delinquent 90 days or more totaled $8.4 million at June 30, 2025, a decrease of $9.3 million, or 52.5%, compared with $17.7 million at December 31, 2024. At June 30, 2025, OREO totaled $1.8 million, a decrease of $608,000, or 25.0%, compared with $2.4 million at December 31, 2024. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process. At the end of the second quarter of 2025, total non-performing assets as a percent of total assets was down 11 basis points from 0.47% at December 31, 2024 to 0.36% at June 30, 2025.

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


(dollars in thousands)	June 30, 2025		December 31, 2024
Nonaccrual loans(1)	$	87,019	$	102,218
Accruing loans delinquent 90 days or more	8,415		17,733
Repossessed assets	2		9
Other real estate owned	1,825		2,433
Total non-performing assets	$	97,261	$	122,393

(1) Included in nonaccrual loans were $11.7 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2025 and December 31, 2024, respectively.

Commercial Lending Practices

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines CRE loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multi-family property and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

The CRE guidance is applicable when either:

(1)total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a tier I capital plus allowance for credit losses on loans and leases; or

(2)total loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land, net of owner-occupied loans, represent 300% or more of a bank’s tier I capital plus allowance for credit losses on loans and leases.

Banks that are subject to the CRE guidance criteria are required to implement enhanced strategic planning, CRE underwriting policies, risk management and internal controls, portfolio stress testing, risk exposure limits, and other policies, including management compensation and incentives, to address the CRE risks. Higher allowances for loan losses and capital levels may also be appropriate.

As of June 30, 2025, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. The primary risks of CRE lending are:

(1)within CRE loans, construction and development loans are somewhat dependent upon continued strength in demand for residential real estate, which is reliant on favorable real estate mortgage rates and changing population demographics;

(2)on average, CRE loan sizes are generally larger than non-CRE loan types; and

(3)certain construction and development loans may be less predictable and more difficult to evaluate and monitor.

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


	June 30, 2025			December 31, 2024
(dollars in thousands)	Balance		% of Total Loans	Balance		% of Total Loans
Construction and development loans	$	1,485,842	7%	$	1,998,506	10%
Multi-family loans	1,901,944		9%	1,454,772		7%
Nonfarm non-residential loans (excluding owner-occupied)	5,063,127		24%	4,970,262		24%
Total CRE Loans (excluding owner-occupied)	8,450,913		40%	8,423,540		41%
All other loan types	12,590,584		60%	12,316,366		59%
Total Loans	$	21,041,497	100%	$	20,739,906	100%

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s tier I capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of June 30, 2025 and December 31, 2024:


	Internal Limit	Actual
		June 30, 2025	December 31, 2024
Construction and development loans	100%	45%	63%
Total CRE loans (excluding owner-occupied)	300%	261%	268%

Derivative Instruments and Hedging Activities

The Company has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of IRLC instruments amounted to an asset of $6.2 million and $1.5 million at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025 and December 31, 2024 forward contracts were recorded as a liability of $7.2 million and an asset of $5.8 million, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $6.1 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively, and a liability of $6.3 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively.

Deposits

Total deposits at the Company increased $210.2 million, or 1.0%, to $21.93 billion at June 30, 2025, compared with $21.72 billion at December 31, 2024. Noninterest-bearing deposits increased $302.2 million, or 4.7%, and interest-bearing deposits decreased $92.0 million, or 0.6%, during the first six months of 2025. At June 30, 2025, the Company had approximately $1.13 billion in short-term brokered CDs, compared with $804.9 million at December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company had estimated uninsured deposits of $10.15 billion and $10.24 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.01 billion, or 29.6%, of the uninsured deposits at June 30, 2025 were for municipalities which are collateralized with investment securities or letters of credit.

Capital

Common Stock Repurchase Program

On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since that original authorization, with the most recent extension, which also included the replenishment of the program to $100.0 million, being announced on October 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases up to $100.0 million through October 31, 2025. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase

any specific number of shares. As of June 30, 2025, an aggregate of $27.8 million, or 465,872 shares of the Company's common stock, had been repurchased under the program's October 24, 2024 renewal.

Capital Management

Capital management consists of providing equity to support both current and anticipated future operations. The capital resources of the Company are monitored on a periodic basis by state and federal regulatory authorities.

Under the regulatory capital frameworks adopted by the Federal Reserve Board (the "FRB") and the Federal Deposit Insurance Corporation (the "FDIC"), the Company and the Bank must each maintain a common equity Tier 1 capital to total risk-weighted assets ratio of at least 4.5%, a Tier 1 capital to total risk-weighted assets ratio of at least 6%, a total capital to total risk-weighted assets ratio of at least 8% and a leverage ratio of Tier 1 capital to average total consolidated assets of at least 4%. The Company and the Bank are also required to maintain a capital conservation buffer of common equity Tier 1 capital of at least 2.5% of risk-weighted assets in addition to the minimum risk-based capital ratios in order to avoid certain restrictions on capital distributions and discretionary bonus payments.

In March 2020, the Office of the Comptroller of the Currency, the FRB and the FDIC issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule provides banking organizations that implement CECL in 2020 the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. As a result, the Company and Bank elected the five-year transition relief allowed under the interim final rule effective March 31, 2020.

As of June 30, 2025, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios for the Company and the Bank at June 30, 2025 and December 31, 2024:


	June 30, 2025	December 31, 2024
Tier 1 Leverage Ratio (tier 1 capital to average assets)
Consolidated	11.13%	10.74%
Ameris Bank	11.42%	11.17%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
Consolidated	13.01%	12.65%
Ameris Bank	13.34%	13.15%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
Consolidated	13.01%	12.65%
Ameris Bank	13.34%	13.15%
Total Capital Ratio (total capital to risk weighted assets)
Consolidated	15.37%	15.37%
Ameris Bank	14.59%	14.75%

Interest Rate Sensitivity and Liquidity

The Company’s primary market risk exposures are credit risk, interest rate risk, and liquidity risk. The Bank operates under an Asset Liability Management Policy approved by the Company’s Board of Directors and the ALCO Committee. The policy outlines limits on interest rate risk in terms of changes in net interest income and changes in the net market values of assets and liabilities over certain changes in interest rate environments. These measurements are made through a simulation model which projects the impact of changes in interest rates on the Bank’s assets and liabilities. The policy also outlines responsibility for monitoring interest rate risk, and the process for the approval, implementation and monitoring of interest rate risk strategies to achieve the Bank’s interest rate risk objectives.

The ALCO Committee is comprised of senior officers of Ameris. The ALCO Committee makes all strategic decisions with respect to the sources and uses of funds that may affect net interest income, including net interest spread and net interest margin. The objective of the ALCO Committee is to identify the interest rate, liquidity and market value risks of the Company’s balance sheet and use reasonable methods approved by the Company’s Board of Directors and executive management to minimize those identified risks.

The normal course of business activity exposes the Company to interest rate risk. Interest rate risk is managed within an overall asset and liability framework for the Company. The principal objectives of asset and liability management are to predict the sensitivity of net interest spreads to potential changes in interest rates, control risk and enhance profitability. Funding positions are kept within predetermined limits designed to properly manage risk and liquidity. The Company employs sensitivity analysis in the form of a net interest income simulation to help characterize the market risk arising from changes in interest rates. In addition, fluctuations in interest rates usually result in changes in the fair market value of the Company’s financial instruments, cash flows and net interest income. The Company’s interest rate risk position is managed by the ALCO Committee.

The Company uses a simulation modeling process to measure interest rate risk and evaluate potential strategies. Interest rate scenario models are prepared using software created and licensed from an outside vendor. The Company’s simulation includes all financial assets and liabilities. Simulation results quantify interest rate risk under various interest rate scenarios. Management then develops and implements appropriate strategies. The ALCO Committee has determined that an acceptable level of interest rate risk would be for net interest income to increase/decrease no more than 20% given a change in selected interest rates of 200 basis points over any 24-month period.

Liquidity management involves the matching of the cash flow requirements of customers, who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs, and the ability of Ameris to manage those requirements. The Company strives to maintain an adequate liquidity position by managing the balances and maturities of interest-earning assets and interest-bearing liabilities so that the balance it has in short-term assets at any given time will adequately cover any reasonably anticipated immediate need for funds. Additionally, the Bank maintains relationships with correspondent banks, which could provide funds on short notice, if needed. The Company has invested in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is equal to 30% of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. At June 30, 2025 and December 31, 2024, the net carrying value of the Company’s other borrowings was $376.7 million and $291.8 million, respectively. At June 30, 2025, the Company had availability with the FHLB and FRB Discount Window of $3.36 billion and $2.24 billion, respectively.

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


	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
Investment securities available-for-sale to total deposits	8.53%	8.87%	7.69%	6.59%	7.14%
Loans (net of unearned income) to total deposits	95.94%	94.50%	95.48%	95.82%	97.89%
Interest-earning assets to total assets	92.29%	92.30%	91.94%	92.09%	92.17%
Interest-bearing deposits to total deposits	68.99%	69.22%	70.08%	69.51%	68.99%

The liquidity resources of the Company are monitored continually by the ALCO Committee and on a periodic basis by state and federal regulatory authorities. As determined under guidelines established by these regulatory authorities, the Company’s and the Bank’s liquidity ratios at June 30, 2025 were considered satisfactory. The Company is aware of no events or trends likely to result in a material change in liquidity.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company is exposed only to U.S. dollar interest rate changes, and, accordingly, the Company manages exposure by considering the possible changes in the net interest margin. The Company does not have any trading instruments nor does it classify any portion of the investment portfolio as held for trading.

The Company also has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of $6.2 million and $7.3 million at June 30, 2025 and December 31, 2024, respectively, and a liability of $7.2 million at June 30, 2025. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $6.1 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively, and a liability of $6.3 million and $8.7 million at June 30, 2025 and December 31, 2024, respectively.

The Company has no exposure to foreign currency exchange rate risk, commodity price risk and other market risks.

Interest rates play a major part in the net interest income of a financial institution. The sensitivity to rate changes is known as “interest rate risk.” The repricing of interest-earning assets and interest-bearing liabilities can influence the changes in net interest income. As part of the Company’s asset/liability management program, the timing of repriced assets and liabilities is referred to as “gap management.”

The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to minimize the impact of market interest rate swings. The analysis of the impact on net interest income over a 12-month and 24-month period is subjected to gradual and parallel shocks of 100, 200, 300 and 400 basis point increases and decreases in market rates and is monitored on a quarterly basis.

The following table presents the earnings simulation model’s projected impact of a change in interest rates on the projected baseline net interest income for the 12- and 24-month periods commencing April 1, 2025. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.


Earnings Simulation Model Results
Change in	% Change in Projected Baseline
Interest Rates	Net Interest Income
(in bps)	12 Months	24 Months
400	2.2%	13.7%
300	1.9%	10.6%
200	1.4%	7.4%
100	0.8%	3.8%
(100)	(0.7)%	(4.2)%
(200)	(1.1)%	(8.8)%
(300)	(1.6)%	(14.1)%

Additional information required by Item 305 of Regulation S-K is set forth under Part I, Item 2 of this report.

Item 4. Controls and Procedures.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report, as required by paragraph (b) of Rules 13a-15 or 15d-15 of the Exchange Act. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the quarter ended June 30, 2025, there was no change in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Disclosure concerning legal proceedings can be found in Part I - "Financial Information, Item 1. Financial Statements, Notes to Unaudited Consolidated Financial Statements, Note 8 – Commitments and Contingencies" under the caption, "Litigation and Regulatory Contingencies," which is incorporated herein by reference.

Item 1A. Risk Factors.

There have not been any material changes to the risk factors disclosed in Item 1A. of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, previously filed with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

c) Issuer Purchases of Equity Securities.

The table below sets forth information regarding the Company’s repurchase of shares of its outstanding common stock during the three-month period ended June 30, 2025.


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(1)
April 1, 2025 through April 30, 2025	25,600	$	58.39	25,600	$	83,532,349
May 1, 2025 through May 31, 2025	63,515	$	59.77	63,515	$	79,735,921
June 1, 2025 through June 30, 2025	123,357	$	61.20	123,357	$	72,185,977
Total	212,472	$	60.44	212,472	$	72,185,977

(1)On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since the original authorization, with the most recent extension, which also included the replenishment of the program to $100.0 million, being announced on October 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases totaling up to $100.0 million through October 31, 2025. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of June 30, 2025, an aggregate of $27.8 million, or 465,872 shares of the Company's common stock, had been repurchased under the program's October 24, 2024 renewal.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the quarter ended June 30, 2025, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K).

Item 6. Exhibits.


Exhibit Number						Description

3.1						Restated Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on February 28, 2023).

3.2						Bylaws of Ameris Bancorp, as amended and restated through February 23, 2023 (incorporated by reference to Exhibit 3.2 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2023).

10.1*						Summary of Director Compensation

31.1						Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer.

31.2						Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer.

32.1						Section 1350 Certification by the Company’s Chief Executive Officer.

32.2						Section 1350 Certification by the Company’s Chief Financial Officer.

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

* Management contract or a compensatory plan or arrangement.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated: August 8, 2025			AMERIS BANCORP

			/s/ Nicole S. Stokes
			Nicole S. Stokes
			Chief Financial Officer (duly authorized signatory and principal accounting and financial officer)

Ameris Bancorp - 10-Q quarterly report FY2025 Q2

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