Ameris Bancorp - 10-Q quarterly report FY2026 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, 2026


			☐			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 67,107,239 shares of Common Stock outstanding as of August 3, 2026.

AMERIS BANCORP

TABLE OF CONTENTS


		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements.

	Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025	1

	Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)	2

	Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited)	5

	Notes to Unaudited Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	40

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	58

Item 4.	Controls and Procedures.	59

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	60

Item 1A.	Risk Factors.	60

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	60

Item 3.	Defaults Upon Senior Securities.	60

Item 4.	Mine Safety Disclosures.	60

Item 5.	Other Information.	60

Item 6.	Exhibits.	61

Signatures		62

Item 1. Financial Statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Balance Sheets

(dollars in thousands, except share data)


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Cash and due from banks	$	237,431	$	253,807
Interest-bearing deposits in banks	959,682		835,113
Cash and cash equivalents	1,197,113		1,088,920


Debt securities available-for-sale, at fair value, net of allowance for credit losses of $68 and $75	2,460,623		2,207,173
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $192,993 and $189,873)	208,155		203,242
Other investments	123,871		85,443
Loans held for sale, at fair value	482,220		623,152

Loans, net of unearned income	22,177,865		21,513,522
Allowance for credit losses	(359,513)		(348,141)
Loans, net	21,818,352		21,165,381

Other real estate owned, net	4,043		2,918
Premises and equipment, net	220,500		213,097
Goodwill	1,015,646		1,015,646
Other intangible assets, net	48,317		54,824
Cash value of bank owned life insurance	427,789		420,583
Other assets	482,214		435,500
Total assets	$	28,488,843	$	27,515,879

Liabilities
Deposits:
Noninterest-bearing	$	6,782,882	$	6,426,145
Interest-bearing	15,804,691		15,949,850
Total deposits	22,587,573		22,375,995

Other borrowings	1,250,049		558,039
Subordinated deferrable interest debentures	135,299		134,302
Other liabilities	425,345		371,515
Total liabilities	24,398,266		23,439,851

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; 73,264,873 and 72,898,342 shares issued, respectively	73,265		72,898
Capital surplus	1,978,573		1,971,131
Retained earnings	2,345,292		2,210,385
Accumulated other comprehensive income (loss), net of tax	(16,508)		8,312
Treasury stock, at cost, 6,158,286 and 4,876,026 shares, respectively	(290,045)		(186,698)
Total shareholders’ equity	4,090,577		4,076,028
Total liabilities and shareholders’ equity	$	28,488,843	$	27,515,879

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,
	2026		2025		2026		2025
Interest income
Interest and fees on loans	$	326,705	$	315,893	$	644,588	$	620,061
Interest on taxable securities	30,217		20,696		55,691		39,188
Interest on nontaxable securities	383		334		757		663
Interest on deposits in other banks	8,270		10,715		16,310		21,504
Total interest income	365,575		347,638		717,346		681,416

Interest expense
Interest on deposits	98,995		106,796		195,222		212,011
Interest on other borrowings	14,096		9,029		25,204		15,753
Total interest expense	113,091		115,825		220,426		227,764

Net interest income	252,484		231,813		496,920		453,652
Provision for loan losses	15,894		3,110		33,789		19,629
Provision for unfunded commitments	1,360		(335)		22		5,038
Provision for other credit losses	(1)		(3)		(7)		(3)
Provision for credit losses	17,253		2,772		33,804		24,664
Net interest income after provision for credit losses	235,231		229,041		463,116		428,988

Noninterest income
Service charges on deposit accounts	14,044		13,493		27,723		26,626
Mortgage banking activity	32,526		39,221		69,534		74,475
Other service charges, commissions and fees	1,065		1,158		2,092		2,267
Net gain on securities	7,392		—		7,392		40
Equipment finance activity	8,948		6,572		18,034		13,270
Other noninterest income	9,557		8,467		18,677		16,256
Total noninterest income	73,532		68,911		143,452		132,934

Noninterest expense
Salaries and employee benefits	91,494		89,308		182,860		175,923
Occupancy and equipment	12,555		11,401		24,180		22,078
Advertising and marketing	3,452		3,745		6,748		6,628
Amortization of intangible assets	3,114		4,076		6,507		8,179
Data processing and communications expenses	15,571		15,366		32,364		30,221
Legal and other professional fees	6,866		4,380		11,898		8,082
Credit resolution-related expenses	798		657		1,307		1,422

FDIC insurance	3,287		2,749		6,224		5,988
Loan servicing expense	7,205		7,897		14,585		15,720
Litigation accrual	82,530		121		82,625		1,191
Other noninterest expenses	15,842		15,560		30,496		30,862
Total noninterest expense	242,714		155,260		399,794		306,294

Income before income tax expense	66,049		142,692		206,774		255,628
Income tax expense	14,603		32,858		44,836		57,859
Net income	51,446		109,834		161,938		197,769

Other comprehensive income (loss)
Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $(4,841), $2,392, $(8,015) and $7,612	(14,985)		7,544		(24,773)		23,233

Reclassification adjustment for gains on debt securities included in earnings, net of tax expense of $15, $0, $15, and $0	(47)		—		(47)		—

Total other comprehensive income (loss)	(15,032)		7,544		(24,820)		23,233
Comprehensive income	$	36,414	$	117,378	$	137,118	$	221,002

Basic earnings per common share	$	0.77	$	1.60	$	2.41	$	2.88
Diluted earnings per common share	$	0.77	$	1.60	$	2.40	$	2.87
Weighted average common shares outstanding
Basic	66,883,935		68,594,608		67,210,376		68,689,506
Diluted	67,099,941		68,796,577		67,430,193		68,912,750

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, 2026

	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss), Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, March 31, 2026	73,251,984	$	73,252	$	1,973,881	$	2,307,358	$	(1,476)	5,931,686	$	(270,888)	$	4,082,127

Issuance of restricted shares	17,964	18		(18)		—		—		—	—		—
Forfeitures of restricted shares	(5,075)	(5)		(44)		—		—		—	—		(49)


Share-based compensation	—	—		4,754		—		—		—	—		4,754
Purchase of treasury shares	—	—		—		—		—		226,600	(19,157)		(19,157)
Net income	—	—		—		51,446		—		—	—		51,446
Dividends on common shares ($0.20 per share)	—	—		—		(13,512)		—		—	—		(13,512)

Other comprehensive loss during the period	—	—		—		—		(15,032)		—	—		(15,032)
Balance, June 30, 2026	73,264,873	$	73,265	$	1,978,573	$	2,345,292	$	(16,508)	6,158,286	$	(290,045)	$	4,090,577


	Six Months Ended June 30, 2026

	Common Stock			Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss), Net of Tax		Treasury Stock			Total Shareholders' Equity
	Shares	Amount								Shares	Amount
Balance, December 31, 2025	72,898,342	$	72,898	$	1,971,131	$	2,210,385	$	8,312	4,876,026	$	(186,698)	$	4,076,028

Issuance of restricted shares	211,505	212		(212)		—		—		—	—		—
Issuance of common shares pursuant to PSU agreements	161,712	162		(162)		—		—		—	—		—
Forfeitures of restricted shares	(6,686)	(7)		(85)		—		—		—	—		(92)

Share-based compensation	—	—		7,901		—		—		—	—		7,901
Purchase of treasury shares	—	—		—		—		—		1,282,260	(103,347)		(103,347)
Net income	—	—		—		161,938		—		—	—		161,938
Dividends on common shares ($0.40 per share)	—	—		—		(27,031)		—		—	—		(27,031)

Other comprehensive loss during the period	—	—		—		—		(24,820)		—	—		(24,820)
Balance, June 30, 2026	73,264,873	$	73,265	$	1,978,573	$	2,345,292	$	(16,508)	6,158,286	$	(290,045)	$	4,090,577


	Three Months Ended June 30, 2025

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

Issuance of restricted shares	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

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,
	2026		2025
Operating Activities
Net income	$	161,938	$	197,769
Adjustments reconciling net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net	11,184		16,476
Net gains on sale or disposal of premises and equipment	(24)		(121)

Provision for credit losses	33,804		24,664
Net write-downs and (gains) losses on sale of other real estate owned	(52)		(46)
Share-based compensation expense	7,809		6,452

Amortization of operating lease right of use assets	4,496		4,604
Provision for deferred taxes	(19,063)		(3,079)



Net gain on securities	(7,392)		(40)




Originations of mortgage loans held for sale	(2,020,197)		(2,087,452)
Payments received on mortgage loans held for sale	15,470		14,189
Proceeds from sales of mortgage loans held for sale	2,128,340		2,071,092
Net gains on mortgage loans held for sale	(13,772)		(19,163)
Originations of SBA loans held for sale	(10,331)		(22,771)
Proceeds from sales of SBA loans held for sale	11,157		24,135
Net gains on sale of SBA loans held for sale	(826)		(1,364)
Increase in cash surrender value of bank owned life insurance	(7,370)		(6,788)
Gain on bank owned life insurance proceeds	(846)		(12)


Gain on sale of mortgage servicing rights	—		(342)

Change attributable to other operating activities	42,244		(39,979)
Net cash provided by operating activities	336,569		178,224

Investing Activities

Purchases of debt securities available-for-sale	(523,011)		(475,276)
Purchases of debt securities held-to-maturity	(11,715)		(13,914)
Proceeds from maturities and paydowns of debt securities available-for-sale	154,645		307,585
Proceeds from sales of debt securities available-for-sale	86,167		—
Proceeds from maturities and paydowns of debt securities held-to-maturity	6,937		2,228
Net increase in other investments	(30,976)		(4,455)
Net increase in loans	(669,818)		(328,390)
Purchases of premises and equipment	(16,350)		(10,337)
Proceeds from sale of premises and equipment	39		150
Proceeds from sales of other real estate owned	1,758		3,548


Proceeds from bank owned life insurance	1,010		56,900



Net cash used in investing activities	(1,001,314)		(461,961)

			(Continued)

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

(dollars in thousands)


	Six Months Ended June 30,
	2026		2025
Financing Activities
Net increase in deposits	$	211,578	$	210,227

Proceeds from other borrowings	6,970,000		2,615,000
Repayment of other borrowings	(6,277,981)		(2,530,119)



Dividends paid - common stock	(27,447)		(27,882)
Purchase of treasury shares	(103,212)		(33,596)
Net cash provided by financing activities	772,938		233,630

Net increase (decrease) in cash and cash equivalents	108,193		(50,107)
Cash and cash equivalents at beginning of period	1,088,920		1,220,377
Cash and cash equivalents at end of period	$	1,197,113	$	1,170,270

Supplemental Disclosures of Cash Flow Information
Cash paid during the period for:
Interest	$	213,847	$	228,903
Income taxes	78,887		98,579
Loans transferred to other real estate owned	2,831		2,894
Loans transferred from loans held for sale to loans held for investment	31,091		5,860




Right-of-use assets obtained in exchange for new operating lease liabilities	2,957		2,363








			(Concluded)

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

June 30, 2026

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, 2026, the Bank operated 163 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, 2026 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, 2025.

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 Adopted in 2026

ASU No. 2025-08, Financial Instruments - Credit Losses (Subtopic 326-20): Purchased Loans ("ASU 2025-08"). ASU 2025-08 expands the gross‑up approach to most purchased loans, eliminating the recognition of a day‑one credit loss expense for these acquisitions. The standard is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company elected early adoption of this standard effective January 1, 2026 and the adoption did not have a significant impact on the Company's financial position or results of operations.

Accounting Standards Pending Adoption

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

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

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, 2026
U.S. Treasuries	$	584,558	$	—	$	1,298	$	(2,409)	$	583,447

State, county and municipal securities	18,005		—		5		(547)		17,463
Corporate debt securities	2,894		(68)		—		(374)		2,452
SBA pool securities	11,146		—		—		(627)		10,519
Mortgage-backed securities	1,862,905		—		9,203		(25,366)		1,846,742
Total debt securities available-for-sale	$	2,479,508	$	(68)	$	10,506	$	(29,323)	$	2,460,623

December 31, 2025
U.S. Treasuries	$	653,888	$	—	$	7,578	$	(841)	$	660,625

State, county and municipal securities	19,493		—		6		(438)		19,061
Corporate debt securities	6,395		(75)		9		(454)		5,875
SBA pool securities	12,795		—		—		(587)		12,208
Mortgage-backed securities	1,500,644		—		22,594		(13,834)		1,509,404
Total debt securities available-for-sale	$	2,193,215	$	(75)	$	30,187	$	(16,154)	$	2,207,173

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, 2026


State, county and municipal securities	$	33,284	$	—	$	(4,766)	$	28,518


Mortgage-backed securities	174,871		195		(10,591)		164,475
Total debt securities held-to-maturity	$	208,155	$	195	$	(15,357)	$	192,993



December 31, 2025


State, county and municipal securities	$	33,414	$	4	$	(4,145)	$	29,273


Mortgage-backed securities	169,828		534		(9,762)		160,600
Total debt securities held-to-maturity	$	203,242	$	538	$	(13,907)	$	189,873

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2026, 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	$	176,703	$	176,742	$	—	$	—
Due from one year to five years	371,339		369,777		—		—
Due from five to ten years	65,631		64,888		1,272		1,266
Due after ten years	2,930		2,474		32,012		27,252
Mortgage-backed securities	1,862,905		1,846,742		174,871		164,475
	$	2,479,508	$	2,460,623	$	208,155	$	192,993

Securities with a carrying value of approximately $638.3 million and $512.0 million at June 30, 2026 and December 31, 2025, 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, 2026 and December 31, 2025:


	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, 2026
U.S. Treasuries	$	203,254	$	(2,409)	$	—	$	—	$	203,254	$	(2,409)

State, county and municipal securities	1,994		(12)		10,926		(535)		12,920		(547)
Corporate debt securities	2,057		(374)		—		—		2,057		(374)
SBA pool securities	—		—		10,392		(627)		10,392		(627)
Mortgage-backed securities	576,485		(12,005)		359,603		(13,361)		936,088		(25,366)
Total debt securities available-for-sale	$	783,790	$	(14,800)	$	380,921	$	(14,523)	$	1,164,711	$	(29,323)

December 31, 2025
U.S. Treasuries	$	—	$	—	$	56,606	$	(841)	$	56,606	$	(841)

State, county and municipal securities	—		—		12,803		(438)		12,803		(438)
Corporate debt securities	1,050		(375)		2,421		(79)		3,471		(454)
SBA pool securities	—		—		12,076		(587)		12,076		(587)
Mortgage-backed securities	100,144		(3,061)		390,234		(10,773)		490,378		(13,834)
Total debt securities available-for-sale	$	101,194	$	(3,436)	$	474,140	$	(12,718)	$	575,334	$	(16,154)

As of June 30, 2026, the Company’s available-for-sale security portfolio consisted of 397 securities, 314 of which were in an unrealized loss position. At June 30, 2026, the Company held 265 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, 2026, the Company held 26 U.S. Small Business Administration (“SBA”) pool securities, 11 state, county and municipal securities, four corporate securities, and eight 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, 2026 and December 31, 2025:


	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, 2026

State, county and municipal securities	$	9,484	$	(81)	$	19,034	$	(4,685)	$	28,518	$	(4,766)


Mortgage-backed securities	60,288		(777)		77,210		(9,814)		137,498		(10,591)
Total debt securities held-to-maturity	$	69,772	$	(858)	$	96,244	$	(14,499)	$	166,016	$	(15,357)

December 31, 2025

State, county and municipal securities	$	—	$	—	$	27,990	$	(4,145)	$	27,990	$	(4,145)


Mortgage-backed securities	19,344		(152)		83,035		(9,610)		102,379		(9,762)
Total debt securities held-to-maturity	$	19,344	$	(152)	$	111,025	$	(13,755)	$	130,369	$	(13,907)

As of June 30, 2026, the Company’s held-to-maturity security portfolio consisted of 66 securities, 57 of which were in an unrealized loss position. At June 30, 2026, the Company held 49 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At June 30, 2026 and December 31, 2025, 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, 2026, 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, 2026, management determined that $68,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $29.3 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	2026		2025		2026		2025
Beginning balance	$	69	$	69	$	75	$	69
Provision for other credit losses	(1)		(3)		(7)		(3)
Ending balance	$	68	$	66	$	68	$	66

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

The following table is a summary of sales activities in the Company's debt securities available for sale for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2026		2025		2026		2025
Gross gains on sales of securities available for sale	$	246	$	—	$	246	$	—
Gross losses on sales of securities available for sale	(184)		—		(184)		—
Net realized gains on sales of securities available for sale	$	62	$	—	$	62	$	—

Sales proceeds	$	86,167	$	—	$	86,167	$	—

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, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2026		2025		2026		2025
Net realized gains on sales of securities available-for-sale	$	62	$	—	$	62	$	—
Net realized gains on equity securities	2,367		—		2,367		—
Unrealized holding gains on equity securities	4,921		—		4,921		40
Net realized gains on sales of other investments	42		—		42		—
Net gain on securities	$	7,392	$	—	$	7,392	$	40

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, 2026		December 31, 2025
Commercial and industrial	$	3,453,501	$	3,288,505
Consumer	157,252		180,010

Mortgage warehouse	1,345,808		1,150,782
Municipal	415,396		434,234
Premium finance	1,534,445		1,306,267
Real estate – construction and development	1,702,983		1,469,250
Real estate – commercial and farmland	9,243,359		9,311,405
Real estate – residential	4,325,121		4,373,069
Loans, net of unearned income	$	22,177,865	$	21,513,522

Accrued interest receivable on loans totaling $81.2 million and $80.0 million at June 30, 2026 and December 31, 2025, 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, 2026 and December 31, 2025.

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. 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, 2026		December 31, 2025
Commercial and industrial	$	13,389	$	17,536
Consumer	487		703




Real estate – construction and development	1,131		1,264
Real estate – commercial and farmland	11,938		6,456
Real estate – residential(1)	93,581		83,099
	$	120,526	$	109,058

(1) Included in real estate - residential were $33.7 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2026 and December 31, 2025, respectively.

Interest income recognized on nonaccrual loans during the six months ended June 30, 2026 and 2025 was not material.

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


(dollars in thousands)	June 30, 2026		December 31, 2025
Commercial and industrial	$	3,470	$	4,884





Real estate – construction and development	303		644
Real estate – commercial and farmland	8,817		4,118
Real estate – residential	51,983		43,334
	$	64,573	$	52,980

The following table presents an analysis of past-due loans as of June 30, 2026 and December 31, 2025:


(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, 2026
Commercial and industrial	$	9,582	$	5,662	$	9,139	$	24,383	$	3,429,118	$	3,453,501	$	19
Consumer	1,856		5,955		136		7,947		149,305		157,252		—

Mortgage warehouse	—		—		—		—		1,345,808		1,345,808		—
Municipal	—		—		—		—		415,396		415,396		—
Premium finance	10,024		8,835		8,345		27,204		1,507,241		1,534,445		8,345
Real estate – construction and development	2,131		1,380		638		4,149		1,698,834		1,702,983		—
Real estate – commercial and farmland	1,321		63		3,809		5,193		9,238,166		9,243,359		—
Real estate – residential	54,165		23,358		83,423		160,946		4,164,175		4,325,121		—
Total	$	79,079	$	45,253	$	105,490	$	229,822	$	21,948,043	$	22,177,865	$	8,364

December 31, 2025
Commercial and industrial	$	8,890	$	5,938	$	8,470	$	23,298	$	3,265,207	$	3,288,505	$	—
Consumer	3,655		2,199		198		6,052		173,958		180,010		—

Mortgage warehouse	—		—		—		—		1,150,782		1,150,782		—
Municipal	—		—		—		—		434,234		434,234		—
Premium finance	13,463		6,961		8,492		28,916		1,277,351		1,306,267		8,492
Real estate – construction and development	2,238		349		938		3,525		1,465,725		1,469,250		—
Real estate – commercial and farmland	1,707		16		5,770		7,493		9,303,912		9,311,405		—
Real estate – residential	42,310		17,680		79,502		139,492		4,233,577		4,373,069		—
Total	$	72,263	$	33,143	$	103,370	$	208,776	$	21,304,746	$	21,513,522	$	8,492

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 losses 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, 2026				December 31, 2025
(dollars in thousands)	Balance		Allowance for Credit Losses		Balance		Allowance for Credit Losses
Commercial and industrial	$	6,895	$	755	$	12,057	$	1,866




Premium finance	596		—		1,296		1
Real estate – construction and development	690		47		902		42
Real estate – commercial and farmland	11,029		427		5,084		378
Real estate – residential	20,996		3,251		22,494		2,857
	$	40,206	$	4,480	$	41,833	$	5,144

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, 2026 and December 31, 2025. 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, 2026 or December 31, 2025.


As of June 30, 2026	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2026		2025		2024		2023		2022		Prior				Total

Commercial and Industrial
Risk Grade:
Pass	$	538,756	$	759,335	$	542,361	$	331,362	$	347,752	$	185,366	$	721,931		$	3,426,863
Special mention	140		2,926		420		138		—		258		7,723			11,605
Substandard	519		1,010		4,179		3,251		941		4,142		991			15,033


Total commercial and industrial	$	539,415	$	763,271	$	546,960	$	334,751	$	348,693	$	189,766	$	730,645		$	3,453,501

Current-period gross charge offs	$	348	$	4,208	$	5,351	$	4,626	$	3,376	$	1,099	$	237		$	19,245
Consumer
Risk Grade:
Pass	$	13,582	$	29,399	$	11,118	$	6,430	$	2,612	$	23,572	$	69,347		$	156,060
Special mention	—		—		—		—		—		14		475			489
Substandard	—		145		81		60		44		291		82			703


Total consumer	$	13,582	$	29,544	$	11,199	$	6,490	$	2,656	$	23,877	$	69,904		$	157,252

Current-period gross charge offs	$	2	$	6,577	$	1,155	$	108	$	107	$	743	$	165		$	8,857










Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	1,345,808		$	1,345,808




Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	1,345,808		$	1,345,808

Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Municipal
Risk Grade:
Pass	$	5,030	$	25,266	$	31,601	$	8,506	$	41,776	$	302,398	$	819		$	415,396




Total municipal	$	5,030	$	25,266	$	31,601	$	8,506	$	41,776	$	302,398	$	819		$	415,396

Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Premium Finance
Risk Grade:
Pass	$	1,280,414	$	238,260	$	7,427	$	—	$	—	$	—	$	—		$	1,526,101

Substandard	2,031		6,123		190		—		—		—		—			8,344


Total premium finance	$	1,282,445	$	244,383	$	7,617	$	—	$	—	$	—	$	—		$	1,534,445

Current-period gross charge offs	$	4	$	3,978	$	333	$	—	$	—	$	—	$	—		$	4,315


As of June 30, 2026	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2026		2025		2024		2023		2022		Prior				Total

Real Estate – Construction and Development
Risk Grade:
Pass	$	314,613	$	651,454	$	367,538	$	30,564	$	139,670	$	108,078	$	83,102		$	1,695,019
Special mention	58		1,696		2,483		30		—		71		—			4,338
Substandard	—		—		81		75		1,114		2,356		—			3,626


Total real estate – construction and development	$	314,671	$	653,150	$	370,102	$	30,669	$	140,784	$	110,505	$	83,102		$	1,702,983

Current-period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	594,208	$	1,345,586	$	360,135	$	404,813	$	2,559,114	$	3,790,977	$	100,467		$	9,155,300
Special mention	—		408		—		1,230		18,214		22,687		—			42,539
Substandard	—		7,383		344		1,367		23,369		12,958		99			45,520


Total real estate – commercial and farmland	$	594,208	$	1,353,377	$	360,479	$	407,410	$	2,600,697	$	3,826,622	$	100,566		$	9,243,359

Current-period gross charge offs	$	—	$	1,529	$	—	$	—	$	—	$	32	$	—		$	1,561
Real Estate - Residential
Risk Grade:
Pass	$	237,231	$	201,357	$	140,568	$	479,506	$	1,079,424	$	1,730,038	$	353,847		$	4,221,971
Special mention	—		—		—		—		—		906		1,144			2,050
Substandard	—		10,789		16,925		9,689		18,858		36,892		7,947			101,100


Total real estate - residential	$	237,231	$	212,146	$	157,493	$	489,195	$	1,098,282	$	1,767,836	$	362,938		$	4,325,121

Current-period gross charge offs	$	—	$	—	$	38	$	34	$	86	$	7	$	—		$	165
Total Loans
Risk Grade:
Pass	$	2,983,834	$	3,250,657	$	1,460,748	$	1,261,181	$	4,170,348	$	6,140,429	$	2,675,321		$	21,942,518
Special mention	198		5,030		2,903		1,398		18,214		23,936		9,342			61,021
Substandard	2,550		25,450		21,800		14,442		44,326		56,639		9,119			174,326


Total loans	$	2,986,582	$	3,281,137	$	1,485,451	$	1,277,021	$	4,232,888	$	6,221,004	$	2,693,782		$	22,177,865
Total current-period gross charge offs	$	354	$	16,292	$	6,877	$	4,768	$	3,569	$	1,881	$	402		$	34,143


As of December 31, 2025	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2025		2024		2023		2022		2021		Prior				Total

Commercial and Industrial
Risk Grade:
Pass	$	934,457	$	644,695	$	403,869	$	375,741	$	151,316	$	74,208	$	679,681		$	3,263,967
Special mention	957		470		19		835		1,143		1,294		384			5,102
Substandard	1,191		4,406		5,273		1,673		2,843		2,786		1,264			19,436


Total commercial and industrial	$	936,605	$	649,571	$	409,161	$	378,249	$	155,302	$	78,288	$	681,329		$	3,288,505
YTD June 30, 2025 gross charge-offs	$	330	$	4,214	$	6,872	$	8,276	$	2,061	$	623	$	—		$	22,376
Consumer
Risk Grade:
Pass	$	58,282	$	12,126	$	9,095	$	3,652	$	908	$	28,711	$	66,097		$	178,871
Special mention	—		14		—		9		—		19		—			42
Substandard	116		192		153		50		19		510		57			1,097


Total consumer	$	58,398	$	12,332	$	9,248	$	3,711	$	927	$	29,240	$	66,154		$	180,010
YTD June 30, 2025 gross charge-offs	$	—	$	394	$	215	$	274	$	27	$	943	$	—		$	1,853









Mortgage Warehouse
Risk Grade:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	1,150,782		$	1,150,782




Total mortgage warehouse	$	—	$	—	$	—	$	—	$	—	$	—	$	1,150,782		$	1,150,782
YTD June 30, 2025 gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Municipal
Risk Grade:
Pass	$	26,343	$	30,899	$	8,708	$	42,797	$	34,928	$	289,740	$	819		$	434,234




Total municipal	$	26,343	$	30,899	$	8,708	$	42,797	$	34,928	$	289,740	$	819		$	434,234
YTD June 30, 2025 gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Premium Finance
Risk Grade:
Pass	$	1,278,242	$	19,305	$	227	$	—	$	—	$	—	$	—		$	1,297,774

Substandard	7,945		548		—		—		—		—		—			8,493


Total premium finance	$	1,286,187	$	19,853	$	227	$	—	$	—	$	—	$	—		$	1,306,267
YTD June 30, 2025 gross charge-offs	$	364	$	4,477	$	206	$	1	$	—	$	—	$	—		$	5,048
Real Estate – Construction and Development
Risk Grade:
Pass	$	639,978	$	384,683	$	38,088	$	183,595	$	97,961	$	42,251	$	78,824		$	1,465,380
Special mention	—		—		—		150		—		240		—			390
Substandard	—		584		103		512		335		1,946		—			3,480


Total real estate – construction and development	$	639,978	$	385,267	$	38,191	$	184,257	$	98,296	$	44,437	$	78,824		$	1,469,250
YTD June 30, 2025 gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—


As of December 31, 2025	Term Loans by Origination Year												Revolving Loans Amortized Cost Basis
	2025		2024		2023		2022		2021		Prior				Total

Real Estate – Commercial and Farmland
Risk Grade:
Pass	$	1,344,318	$	324,535	$	437,240	$	2,731,134	$	1,974,974	$	2,321,409	$	100,635		$	9,234,245
Special mention	—		—		—		7,972		15,851		8,411		—			32,234
Substandard	9,000		344		1,355		17,292		1,725		15,110		100			44,926


Total real estate – commercial and farmland	$	1,353,318	$	324,879	$	438,595	$	2,756,398	$	1,992,550	$	2,344,930	$	100,735		$	9,311,405
YTD June 30, 2025 gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Real Estate - Residential
Risk Grade:
Pass	$	229,509	$	156,412	$	537,032	$	1,159,471	$	965,202	$	889,948	$	342,918		$	4,280,492
Special mention	—		—		—		47		28		1,113		753			1,941
Substandard	4,908		8,516		8,945		22,084		9,197		29,744		7,242			90,636


Total real estate - residential	$	234,417	$	164,928	$	545,977	$	1,181,602	$	974,427	$	920,805	$	350,913		$	4,373,069
YTD June 30, 2025 gross charge-offs	$	—	$	—	$	171	$	—	$	—	$	162	$	—		$	333
Total Loans
Risk Grade:
Pass	$	4,511,129	$	1,572,655	$	1,434,259	$	4,496,390	$	3,225,289	$	3,646,267	$	2,419,756		$	21,305,745
Special mention	957		484		19		9,013		17,022		11,077		1,137			39,709
Substandard	23,160		14,590		15,829		41,611		14,119		50,096		8,663			168,068


Total loans	$	4,535,246	$	1,587,729	$	1,450,107	$	4,547,014	$	3,256,430	$	3,707,440	$	2,429,556		$	21,513,522
YTD June 30, 2025 gross charge-offs	$	694	$	9,085	$	7,464	$	8,551	$	2,088	$	1,728	$	—		$	29,610

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, 2026, the allowance for credit losses increased due to organic loan growth, the current economic forecast and a change in the mix of loans. The allowance for credit losses was determined at June 30, 2026 using the Moody's baseline scenario economic forecast and the downside 75th percentile S-2 scenario weighted equally at 50%. The allowance for credit losses was determined at December 31, 2025 using two economic forecasts from Moody's, the baseline scenario and the downside 75th percentile S-2 scenario, which were equally weighted at 50%. The current forecast reflects, among other things, an increase in unemployment and commercial real estate vacancies, partially offset by improvements in home and commercial real estate price indices, compared with the forecast at December 31, 2025.

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, 2026

(dollars in thousands)	Commercial and Industrial		Consumer		Mortgage Warehouse		Municipal		Premium Finance		Real Estate – Construction and Development
Balance, March 31, 2026	$	89,931	$	8,518	$	2,506	$	55	$	1,761	$	54,229


Provision for loan losses	8,169		1,404		237		—		471		3,081
Loans charged off	(8,657)		(4,042)		—		—		(2,253)		—
Recoveries of loans previously charged off	3,117		373		—		—		2,003		2
Balance, June 30, 2026	$	92,560	$	6,253	$	2,743	$	55	$	1,982	$	57,312

	Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, March 31, 2026	$	127,498	$	70,184	$	354,682


Provision for loan losses	7,084		(4,552)		15,894
Loans charged off	(1,561)		(103)		(16,616)
Recoveries of loans previously charged off	24		34		5,553
Balance, June 30, 2026	$	133,045	$	65,563	$	359,513

Six Months Ended June 30, 2026

(dollars in thousands)	Commercial and Industrial		Consumer		Mortgage Warehouse		Municipal		Premium Finance		Real Estate – Construction and Development
Balance, December 31, 2025	$	88,242	$	11,503	$	2,356	$	57	$	892	$	52,432


Provision for loan losses	16,712		2,708		387		(2)		1,576		4,878
Loans charged off	(19,245)		(8,857)		—		—		(4,315)		—
Recoveries of loans previously charged off	6,851		899		—		—		3,829		2
Balance, June 30, 2026	$	92,560	$	6,253	$	2,743	$	55	$	1,982	$	57,312

	Real Estate – Commercial and Farmland		Real Estate – Residential		Total
Balance, December 31, 2025	$	128,454	$	64,205	$	348,141


Provision for loan losses	6,100		1,430		33,789
Loans charged off	(1,561)		(165)		(34,143)
Recoveries of loans previously charged off	52		93		11,726
Balance, June 30, 2026	$	133,045	$	65,563	$	359,513


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

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. Loan modifications, renewals, and refinancings where borrowers are experiencing financial difficulty are evaluated for classification as a modification to borrowers experiencing financial difficulty. To be classified as such, the modifications must be in the form of payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

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, 2026 and 2025:


Three Months Ended June 30, 2026

(dollars in thousands)	Payment Deferral		Term Extension		Combination Payment Deferral and Rate Reduction		Combination Payment Deferral and Term Extension		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable







Real estate – commercial and farmland	$	6,936	$	—	$	—	$	—	$	7,383	$	14,319	0.2	%
Real estate – residential	1,849		6,194		1,015		283		1,109		10,450		0.2	%
Total	$	8,785	$	6,194	$	1,015	$	283	$	8,492	$	24,769	0.1	%

Six Months Ended June 30, 2026

(dollars in thousands)	Payment Deferral		Term Extension		Combination Payment Deferral and Rate Reduction		Combination Payment Deferral and Term Extension		Combination of Term Extension and Rate Reduction		Total		Percentage of Total Class of Financial Receivable







Real estate – commercial and farmland	$	6,936	$	—	$	—	$	—	$	7,383	$	14,319	0.2	%
Real estate – residential	2,329		8,577		1,015		283		1,109		13,313		0.3	%
Total	$	9,265	$	8,577	$	1,015	$	283	$	8,492	$	27,632	0.1	%


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	%

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $2.1 million and $2.0 million at June 30, 2026 and December 31, 2025, 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, 2026 and 2025, respectively:


Three Months Ended June 30, 2026
Loan Type						Financial Effect


















Payment Deferral






Real estate – commercial and farmland						Payments were deferred for 15 months
Real estate – residential						Payments were deferred for 7 months
Term Extension







Real estate – residential						Maturity dates were extended for a weighted average of 65 months
Combination of Payment Deferral and Term Extension







Real estate – residential						Maturity dates were extended for a weighted average 7 months and payments were deferred for 7 months
Combination of Payment Deferral and Rate Reduction







Real estate – residential						Payments were deferred for 9 months and rate was reduced by a weighted average 1.69%
Combination of Term Extension and Rate Reduction






Real estate – commercial and farmland						Maturity dates were extended for a weighted average 7 months months and rate was reduced by a weighted average 2.00%
Real estate – residential						Maturity dates were extended for a weighted average 57 months and rate was reduced by a weighted average 2.13%


Six Months Ended June 30, 2026
Loan Type						Financial Effect


















Payment Deferral






Real estate – commercial and farmland						Payments were deferred for a weighted average of 15 months
Real estate – residential						Payments were deferred for a weighted average of 9 months
Term Extension







Real estate – residential						Maturity dates were extended for a weighted average of 70 months
Combination of Payment Deferral and Term Extension







Real estate – residential						Maturity dates were extended for a weighted average 7 months and payments were deferred for 7 months
Combination of Payment Deferral and Rate Reduction







Real estate – residential						Payments were deferred for 9 months and rate was reduced by a weighted average 1.69%
Combination of Term Extension and Rate Reduction






Real estate – commercial and farmland						Maturity dates were extended for a weighted average 7 months and rate was reduced by a weighted average 2.00%.
Real estate – residential						Maturity dates were extended for a weighted average 57 months and rate was reduced by a weighted average 2.13%


Three Months Ended June 30, 2025
Loan Type						Financial Effect


















Payment Deferral







Real estate – residential						Payments were deferred for eight 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 nine 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 of nine months and payments were deferred for nine months

Combination Term Extension and Rate Reduction







Real estate – residential						Maturity dates were extended for a weighted average of seven 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 nine months
Real estate – residential						Payments were deferred for a weighted average of nine 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 nine 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 of three 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 of 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 seven months and rate was reduced by a weighted average 1.50%

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, 2026
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total
Commercial and industrial	$	1,527	$	—	$	—	$	—	$	1,527






Real estate – commercial and farmland	21,306		—		—		86		21,392
Real estate – residential	20,043		2,017		844		5,273		28,177
Total	$	42,876	$	2,017	$	844	$	5,359	$	51,096


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

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2026 and were modified in the 12 months before default to borrowers experiencing financial difficulty:


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








Real estate – residential	$	3,665	$	621	$	283	$	396	$	508	$	5,473
Total	$	3,665	$	621	$	283	$	396	$	508	$	5,473

The following table provides the amortized cost basis of financing receivables that had a payment default during the six months ended June 30, 2026 and were modified in the 12 months before default to borrowers experiencing financial difficulty.



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








Real estate – residential	$	3,665	$	1,243	$	283	$	397	$	508	$	6,096
Total	$	3,665	$	1,243	$	283	$	397	$	508	$	6,096

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 of 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 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 of 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

NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:


(dollars in thousands)	June 30, 2026		December 31, 2025
FHLB borrowings:
Fixed Rate Advance due July 20, 2026; fixed interest rate of 3.790%	$	100,000	$	—
Fixed Rate Advance due July 21, 2026; fixed interest rate of 3.760%	75,000		—
Fixed Rate Advance due July 22, 2026; fixed interest rate of 3.790%	350,000		—
Fixed Rate Advance due August 11, 2026; fixed interest rate of 3.810%	250,000		—
Fixed Rate Advance due August 24, 2026; fixed interest rate of 3.860%	100,000		—
Daily Rate Credit due December 16, 2026; variable interest rate of 3.880%	342,000		515,000
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%	1,350		1,355
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%	934		938
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%	765		838




















Other Debt:

Advance from correspondent bank due July 1, 2026; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%	—		9,908
	$	1,250,049	$	558,039

The advances from the Federal Home Loan Bank (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, 2026, $2.46 billion was available for borrowing on lines with the FHLB.

As of June 30, 2026, 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, 2026, the Bank had $2.96 billion of loans pledged at the Federal Reserve discount window and had $2.37 billion available for borrowing.

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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

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


(dollars in thousands)	Accumulated Other Comprehensive Income (Loss)
Three Months Ended June 30, 2026
Balance, March 31, 2026	$	(1,476)
Reclassification for gains included in net income, net of tax	(47)
Unrealized loss on debt securities available-for-sale, net of tax	(14,985)
Balance, June 30, 2026	$	(16,508)

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)

Six Months Ended June 30, 2026
Balance, December 31, 2025	$	8,312
Reclassification for gains included in net income, net of tax	(47)
Unrealized loss on debt securities available-for-sale, net of tax	(24,773)
Balance, June 30, 2026	$	(16,508)

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)

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,
	2026	2025	2026	2025
Weighted average common shares outstanding - basic	66,883,935	68,594,608	67,210,376	68,689,506
Common share equivalents:

Nonvested restricted share grants	101,617	83,364	110,409	109,053
Performance stock units	114,389	118,605	109,408	114,191
Weighted average common shares outstanding - diluted	67,099,941	68,796,577	67,430,193	68,912,750

There were 1,120 and 76,250 anti-dilutive securities excluded from the computation of earnings per share for the three months ended June 30, 2026 and 2025, respectively. There were 9,814 and 76,250 anti-dilutive securities excluded from the computation of earnings per share for the six months ended June 30, 2026 and 2025, respectively.

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 mortgage loans held for sale under the fair value option were $482.2 million and $623.2 million at June 30, 2026 and December 31, 2025, respectively.

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

Net gains of $2.7 million and $613,000 resulting from changes in the fair value of these mortgage loans were recorded in income during the three months ended June 30, 2026 and 2025, respectively. A net loss of $4.0 million and a net gain of $7.9 million resulting from changes in the fair value of these mortgage loans were recorded in income during the six months ended June 30, 2026 and 2025, respectively. Net losses of $7.7 million and $3.6 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 months ended June 30, 2026 and 2025, respectively. Net gains of $2.2 million and net losses of $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 six months ended June 30, 2026 and 2025, 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, 2026 and December 31, 2025:


(dollars in thousands)	June 30, 2026		December 31, 2025
Aggregate fair value of mortgage loans held for sale	$	482,220	$	623,152
Aggregate unpaid principal balance of mortgage loans held for sale	475,079		611,984
Past-due loans of 90 days or more	583		996
Nonaccrual loans	583		996
Unpaid principal balance of nonaccrual loans	583		998

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, 2026 and December 31, 2025. There were no transfers between Level 1 and Level 2, nor any transfers in or out of Level 3 during the six months ended June 30, 2026 or the year ended December 31, 2025.


	Recurring Basis Fair Value Measurements
	June 30, 2026
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Debt securities available-for-sale:
U.S. Treasuries	$	583,447	$	583,447	$	—	$	—

State, county and municipal securities	17,463		—		17,463		—
Corporate debt securities	2,452		—		1,387		1,065
SBA pool securities	10,519		—		10,519		—
Mortgage-backed securities	1,846,742		—		1,846,742		—
Loans held for sale	482,220		—		482,220		—
Derivative financial instruments	7,309		—		7,309		—
Mortgage banking derivative instruments	3,253		—		3,253		—
Total recurring assets at fair value	$	2,953,405	$	583,447	$	2,368,893	$	1,065
Financial liabilities:
Derivative financial instruments	$	7,442	$	—	$	7,442	$	—
Risk participation agreement	4		—		4		—
Mortgage banking derivative instruments	483		—		483		—
Total recurring liabilities at fair value	$	7,929	$	—	$	7,929	$	—


	Recurring Basis Fair Value Measurements
	December 31, 2025
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial assets:
Debt securities available-for-sale:
U.S. Treasuries	$	660,625	$	660,625	$	—	$	—

State, county and municipal securities	19,061		—		19,061		—
Corporate debt securities	5,875		—		4,825		1,050
SBA pool securities	12,208		—		12,208		—
Mortgage-backed securities	1,509,404		—		1,509,404		—
Loans held for sale	623,152		—		623,152		—
Derivative financial instruments	7,401		—		7,401		—
Mortgage banking derivative instruments	3,365		—		3,365		—
Total recurring assets at fair value	$	2,841,091	$	660,625	$	2,179,416	$	1,050
Financial liabilities:
Derivative financial instruments	$	7,642	$	—	$	7,642	$	—
Risk participation agreement	16		—		16		—
Mortgage banking derivative instruments	2,758		—		2,758		—
Total recurring liabilities at fair value	$	10,416	$	—	$	10,416	$	—

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, 2026 and December 31, 2025.

These assets are not measured at fair value on an ongoing basis, though they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.


	Nonrecurring Basis Fair Value Measurements
(dollars in thousands)	Fair Value		Level 1		Level 2		Level 3
June 30, 2026
Collateral-dependent loans	$	35,726	$	—	$	—	$	35,726
Other real estate owned	926		—		—		926


Total nonrecurring assets at fair value	$	36,652	$	—	$	—	$	36,652

December 31, 2025
Collateral-dependent loans	$	36,689	$	—	$	—	$	36,689
Other real estate owned	201		—		—		201


Total nonrecurring assets at fair value	$	36,890	$	—	$	—	$	36,890

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, 2026 and the year ended December 31, 2025, 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, 2026
Recurring:
Debt securities available-for-sale	$	1,065	Discounted cash flows	Probability of Default	9.5%	9.5%
				Loss Given Default	48%	48%
Nonrecurring:
Collateral-dependent loans	$	35,726	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	18% - 78%	36%
Other real estate owned	$	926	Third-party appraisals and sales contracts	Collateral discounts and estimated costs to sell	15% - 18%	17%



December 31, 2025
Recurring:
Debt securities available-for-sale	$	1,050	Discounted cash flows	Probability of Default	10.3%	10.3%
				Loss Given Default	49%	49%
Nonrecurring:
Collateral-dependent loans	$	36,689	Third-party appraisals and discounted cash flows	Collateral discounts and discount rates	15% - 71%	35%
Other real estate owned	$	201	Third-party appraisals and sales contracts	Collateral discounts and estimated costs to sell	15%	15%

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, 2026
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	237,431	$	237,431	$	—	$	—	$	237,431
Interest-bearing deposits in banks	959,682		959,682		—		—		959,682

Debt securities held-to-maturity	208,155		—		192,993		—		192,993

Loans, net	21,782,626		—		—		21,603,398		21,603,398

Financial liabilities:
Deposits	22,587,573		—		22,582,379		—		22,582,379

Other borrowings	1,250,049		342,000		906,218		—		1,248,218
Subordinated deferrable interest debentures	135,299		—		143,196		—		143,196


			Fair Value Measurements
			December 31, 2025
(dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	253,807	$	253,807	$	—	$	—	$	253,807
Interest-bearing deposits in banks	835,113		835,113		—		—		835,113

Debt securities held-to-maturity	203,242		—		189,873		—		189,873
Loans, net	21,128,692		—		—		20,957,101		20,957,101

Financial liabilities:
Deposits	22,375,995		—		22,370,800		—		22,370,800

Other borrowings	558,039		524,908		31,183		—		556,091
Subordinated deferrable interest debentures	134,302		—		142,340		—		142,340

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, 2026		December 31, 2025
Commitments to extend credit	$	4,312,538	$	4,054,259
Unused home equity lines of credit	467,961		451,886
Financial standby letters of credit	62,446		69,796
Mortgage interest rate lock commitments	230,773		201,806

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 in 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, 2026 and the year ended December 31, 2025.

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)	2026		2025		2026		2025
Balance at beginning of period	$	52,004	$	35,883	$	53,342	$	30,510


Provision for unfunded commitments	1,360		(335)		22		5,038
Balance at end of period	$	53,364	$	35,548	$	53,364	$	35,548

Other Commitments

As of June 30, 2026, 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

On September 16, 2024, Patrick Byrne filed a complaint against the Bank in the United States District Court for the Central District of California, captioned Patrick Byrne v. Ameris Bank, Case No. 8:24-cv-01989-MWC (JDEx) (the “Action”). The complaint alleged (as amended with leave of the Court during trial), among other things, wrongful termination of Mr. Byrne’s employment, violations of whistleblower protection laws, nonpayment of wages and related penalties, and breach of contract, and sought unspecified damages. Mr. Byrne was employed by the Bank from December 2021 through June 2024 as the chief executive officer of the Bank’s equipment finance division.

On June 12, 2026, the jury returned a verdict in favor of Mr. Byrne on all counts presented, finding the Bank liable for $16.525 million in economic and non-economic damages, plus associated statutory penalties, and approximately $62.9 million in punitive damages. While the Company intends to appeal the verdict and to continue to vigorously defend its position in this matter, the ultimate outcome of the matter is uncertain at this time. The Company recorded an expense of $82.5 million related to the Action during the three months ended June 30, 2026.

Additionally, 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 ordinary course 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 any of such 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, that 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. 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.

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 and life 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, 2026 and 2025:


	Three Months Ended June 30, 2026
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	256,966	$	56,591	$	21,314	$	30,704	$	365,575
Interest expense	41,666		40,747		12,489		18,189		113,091
Net interest income	215,300		15,844		8,825		12,515		252,484
Provision for credit losses	19,998		(3,346)		184		417		17,253
Noninterest income	40,569		32,151		794		18		73,532
Noninterest expense
Salaries and employee benefits	66,668		21,493		468		2,865		91,494
Occupancy and equipment	11,823		685		7		40		12,555
Data processing and communications expenses	14,041		1,302		59		169		15,571
Other expenses(1)	110,933		11,587		184		390		123,094
Total noninterest expense	203,465		35,067		718		3,464		242,714
Income before income tax expense	32,406		16,274		8,717		8,652		66,049
Income tax expense	7,538		3,417		1,831		1,817		14,603
Net income	$	24,868	$	12,857	$	6,886	$	6,835	$	51,446

Total assets	$	20,587,632	$	4,508,490	$	1,367,630	$	2,025,091	$	28,488,843
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	48,317		—		—		—		48,317



	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

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



	Six Months Ended June 30, 2026
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	506,226	$	112,304	$	39,159	$	59,657	$	717,346
Interest expense	82,559		79,632		22,740		35,495		220,426
Net interest income	423,667		32,672		16,419		24,162		496,920
Provision for credit losses	31,851		(272)		361		1,864		33,804
Noninterest income	73,360		68,467		1,590		35		143,452
Noninterest expense
Salaries and employee benefits	132,914		43,405		1,012		5,529		182,860
Occupancy and equipment	22,753		1,334		15		78		24,180
Data processing and communications expenses	29,389		2,526		94		355		32,364
Other expenses(1)	134,831		24,119		363		1,077		160,390
Total noninterest expense	319,887		71,384		1,484		7,039		399,794
Income before income tax expense	145,289		30,027		16,164		15,294		206,774
Income tax expense	31,935		6,305		3,395		3,201		44,836
Net income	$	113,354	$	23,722	$	12,769	$	12,093	$	161,938



	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

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, 2026 and December 31, 2025:


	June 30, 2026						December 31, 2025
			Fair Value						Fair Value
(dollars in thousands)	Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)		Notional Amount		Derivative Assets(1)		Derivative Liabilities(2)
Interest rate contracts(3)	$	1,484,123	$	7,309	$	7,442	$	1,322,662	$	7,401	$	7,642
Risk participation agreement	25,897		—		4		26,030		—		16
Mortgage derivatives - interest rate lock commitments	230,773		3,253		—		201,806		3,365		—
Mortgage derivatives - forward contracts related to mortgage loans held for sale	1,059,049		—		483		1,288,637		—		2,758

(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, 2026 and 2025.


		Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	Location	2026		2025		2026		2025
Interest rate contracts(1)	Other noninterest income	$	124	$	(109)	$	108	$	(243)
Risk participation agreement	Other noninterest income	7		(4)		12		(13)
Interest rate lock commitments	Mortgage banking activity	357		789		(112)		4,701
Forward contracts related to mortgage loans held for sale	Mortgage banking activity	(8,009)		(4,368)		2,275		(13,030)

(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, 2026		December 31, 2025
Loan Servicing Rights
Residential mortgage	$	125,938	$	113,370
SBA	1,604		1,602

Total loan servicing rights	$	127,542	$	114,972

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, 2026, the Company recorded servicing fee income of $12.3 million and $24.3 million, respectively. 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. 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:


(dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Residential mortgage servicing rights	2026		2025		2026		2025
Beginning carrying value, net	$	120,160	$	116,584	$	113,370	$	112,514
Additions	8,891		12,791		18,843		20,108

Amortization	(3,113)		(3,353)		(6,275)		(6,600)


Ending carrying value, net	$	125,938	$	126,022	$	125,938	$	126,022

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, 2026			December 31, 2025
Residential mortgage servicing rights
Fair value of residential mortgage servicing rights	$	165,143		$	143,385
Unpaid principal balance of loans serviced for others	$	9,481,412		$	8,676,676
Composition of residential loans serviced for others:
FHLMC	25.37		%	24.06		%
FNMA	61.37		%	63.31		%
GNMA	13.26		%	12.63		%
Total	100.00		%	100.00		%
Weighted average term (months)	353			353
Weighted average age (months)	41			41
Modeled prepayment speed	6.87		%	7.96		%
Decline in fair value due to a 10% adverse change	$	(4,726)		$	(4,673)
Decline in fair value due to a 20% adverse change	$	(9,361)		$	(9,140)
Weighted average discount rate	9.49		%	9.44		%
Decline in fair value due to a 10% adverse change	$	(6,562)		$	(5,711)
Decline in fair value due to a 20% adverse change	$	(12,946)		$	(11,181)

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, 2026, the Company recorded servicing fee income of $363,000 and $767,000, respectively. During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $530,000 and $989,000, 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:


(dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
SBA servicing rights	2026		2025		2026		2025
Beginning carrying value, net	$	1,703	$	2,927	$	1,602	$	2,926
Additions	41		129		209		286


Amortization	(140)		(270)		(207)		(426)

Ending carrying value, net	$	1,604	$	2,786	$	1,604	$	2,786


(dollars in thousands)	June 30, 2026			December 31, 2025
SBA servicing rights
Fair value of SBA servicing rights	$	2,528		$	2,425
Unpaid principal balance of loans serviced for others	$	191,962		$	190,377
Weighted average life (in years)	3.28			3.35
Modeled prepayment speed	17.41		%	18.09		%
Decline in fair value due to a 10% adverse change	$	(144)		$	(133)
Decline in fair value due to a 20% adverse change	$	(274)		$	(254)
Weighted average discount rate	10.24		%	11.01		%
Decline in fair value due to a 100 basis point adverse change	$	(70)		$	(63)
Decline in fair value due to a 200 basis point adverse change	$	(136)		$	(122)

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 and assumptions regarding credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; 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, except as required by law.

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, 2026, as compared with December 31, 2025, and operating results for the three and six month periods ended June 30, 2026 and 2025. 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 2025 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2025 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, 2026 and 2025

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $51.4 million, or $0.77 per diluted share, for the quarter ended June 30, 2026, compared with $109.8 million, or $1.60 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 0.73% and 5.00%, respectively, in the second quarter of 2026, compared with 1.65% and 11.40%, respectively, in the second quarter of 2025. Results for the second quarter of 2026 include a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California, a $7.4 million gain on securities related to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion and a gain on BOLI proceeds of $846,000. During the second quarter of 2025, the Company recorded a gain on sale of mortgage servicing rights of $356,000 and a $138,000 reduction in FDIC special assessment expense.

Below is additional information regarding the banking, retail mortgage, warehouse lending and premium finance divisions of the Company during the second quarter of 2026 and 2025, respectively:


	Three Months Ended June 30, 2026
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	256,966	$	56,591	$	21,314	$	30,704	$	365,575
Interest expense	41,666		40,747		12,489		18,189		113,091
Net interest income	215,300		15,844		8,825		12,515		252,484
Provision for credit losses	19,998		(3,346)		184		417		17,253
Noninterest income	40,569		32,151		794		18		73,532
Noninterest expense
Salaries and employee benefits	66,668		21,493		468		2,865		91,494
Occupancy and equipment	11,823		685		7		40		12,555
Data processing and communications expenses	14,041		1,302		59		169		15,571
Other expenses	110,933		11,587		184		390		123,094
Total noninterest expense	203,465		35,067		718		3,464		242,714
Income before income tax expense	32,406		16,274		8,717		8,652		66,049
Income tax expense	7,538		3,417		1,831		1,817		14,603
Net income	$	24,868	$	12,857	$	6,886	$	6,835	$	51,446


	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

Net Interest Income and Margin

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, 2026 and 2025. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.


	Quarter Ended June 30,
	2026					2025
(dollars in thousands)	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid	Average Balance		Interest Income/ Expense		Average Yield/ Rate Paid
Assets
Interest-earning assets:
Interest-bearing deposits in banks	$	883,521	$	8,270	3.75%	$	951,851	$	10,715	4.52%


Investment securities - taxable	2,703,887		30,217		4.48%	2,117,596		20,696		3.92%
Investment securities - nontaxable	44,914		485		4.33%	41,299		423		4.11%
Loans held for sale	629,469		9,478		6.04%	730,770		11,578		6.35%
Loans	21,947,729		318,079		5.81%	20,928,825		305,154		5.85%
Total interest-earning assets	26,209,520		366,529		5.61%	24,770,341		348,566		5.64%
Noninterest-earning assets	2,000,664					1,986,981
Total assets	$	28,210,184				$	26,757,322

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts	$	4,212,047	$	18,925	1.80%	$	3,939,802	$	18,144	1.85%
MMDA	7,072,892		47,070		2.67%	6,918,382		53,469		3.10%
Savings accounts	774,903		688		0.36%	766,331		826		0.43%
Retail CDs	2,250,844		18,531		3.30%	2,393,402		21,852		3.66%
Brokered CDs	1,420,811		13,781		3.89%	1,145,043		12,505		4.38%
Total interest-bearing deposits	15,731,497		98,995		2.52%	15,162,960		106,796		2.83%
Non-deposit funding

FHLB advances	1,171,702		11,182		3.83%	326,054		3,508		4.32%
Other borrowings	9,768		129		5.30%	193,492		2,499		5.18%
Subordinated deferrable interest debentures	135,037		2,785		8.27%	133,043		3,022		9.11%
Total non-deposit funding	1,316,507		14,096		4.29%	652,589		9,029		5.55%
Total interest-bearing liabilities	17,048,004		113,091		2.66%	15,815,549		115,825		2.94%
Demand deposits	6,695,490					6,766,557
Other liabilities	343,767					310,185
Shareholders’ equity	4,122,923					3,865,031
Total liabilities and shareholders’ equity	$	28,210,184				$	26,757,322
Interest rate spread					2.95%					2.70%
Net interest income			$	253,438				$	232,741
Net interest margin					3.88%					3.77%

On a tax-equivalent basis, net interest income for the second quarter of 2026 was $253.4 million, an increase of $20.7 million, or 8.89%, compared with $232.7 million reported in the same quarter in 2025. 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 $1.44 billion, or 5.81%, from $24.77 billion in the second quarter of 2025 to $26.21 billion for the second quarter of 2026. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth, partially offset by a decrease in loans held for sale. The Company’s net interest margin during the second quarter of 2026 was 3.88%, up 11 basis points from 3.77% reported in the second quarter of 2025. Loan production amounted to $6.2 billion during the second quarter of 2026, with weighted average yields of 6.20%, compared with $5.7 billion and 6.76%, respectively, during the second quarter of 2025.

Total interest income, on a tax-equivalent basis, increased to $366.5 million during the second quarter of 2026, compared with $348.6 million in the same quarter of 2025. Yields on earning assets decreased to 5.61% during the second quarter of 2026, compared with 5.64% reported in the second quarter of 2025. During the second quarter of 2026, loans comprised 86.1% of average earning assets, compared with 87.4% in the same quarter of 2025. Yields on loans decreased to 5.81% during the second quarter of 2026, compared with 5.85% in the second quarter of 2025. Yields on taxable investment securities increased to 4.48% in the second quarter of 2026, compared with 3.92% in the same period of 2025.

The yield on interest-bearing deposits decreased from 2.83% in the second quarter of 2025 to 2.52% in the second quarter of 2026. The yield on total interest-bearing liabilities decreased from 2.94% in the second quarter of 2025 to 2.66% in the second quarter of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.91% in the second quarter of 2026, compared with 2.06% during the second quarter of 2025. Deposit costs decreased from 1.95% in the second quarter of 2025 to 1.77% in the second quarter of 2026. Non-deposit funding costs decreased from 5.55% in the second quarter of 2025 to 4.29% in the second quarter of 2026.

Provision for Credit Losses

The Company’s provision for credit losses during the second quarter of 2026 amounted to $17.3 million, compared with $2.8 million in the second quarter of 2025. The provision for credit losses for the second quarter of 2026 was comprised of a provision of $15.9 million related to loans, $1.4 million related to unfunded commitments and negative $1,000 related to other credit losses, respectively, compared with $3.1 million related to loans, negative $335,000 related to unfunded commitments and negative $3,000 related to other credit losses for the second quarter of 2025. The increase in the provision for credit losses on loans is primarily attributable to the updated economic forecast, an increase in the office portfolio qualitative factor and organic loan growth. The increase in the provision for unfunded commitments primarily resulted from an increase in unfunded commitments. Non-performing assets as a percentage of total assets increased three basis points to 0.47% at June 30, 2026, compared with 0.44% at December 31, 2025. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $11.5 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $128,000. The Company recognized net charge-offs on loans during the second quarter of 2026 of $11.1 million, or 0.20% of average loans on an annualized basis, compared with net charge-offs of $7.1 million, or 0.14%, in the second quarter of 2025. The Company’s total allowance for credit losses on loans at June 30, 2026 was $359.5 million, or 1.62% of total loans, compared with $348.1 million, or 1.62% of total loans, at December 31, 2025.

Noninterest Income

Total noninterest income for the second quarter of 2026 was $73.5 million, an increase of $4.6 million, or 6.7%, from the $68.9 million reported in the second quarter of 2025. Net gains on securities increased $7.4 million, primarily relating to the conversion of Visa Class B-2 shares during the quarter and related gain on sale and mark-to-market adjustments. Income from mortgage banking activities was $32.5 million in the second quarter of 2026, a decrease of $6.7 million, or 17.1%, from $39.2 million in the second quarter of 2025. Total production in the second quarter of 2026 amounted to $1.15 billion, compared with $1.27 billion in the same quarter of 2025, while gain on sale spread decreased to 2.04% in the second quarter of 2026, compared with 2.22% in the same quarter of 2025. The retail mortgage open pipeline finished the second quarter of 2026 at $609.3 million, compared with $632.7 million at March 31, 2026 and $719.1 million at the end of the second quarter of 2025.

Service charges on deposit accounts increased $551,000, or 4.1%, to $14.0 million in the second quarter of 2026, compared with $13.5 million in the second quarter of 2025. The increase in service charges on deposit accounts was primarily attributable to growth in deposits. Income from equipment finance activity increased $2.4 million, or 36.2%, to $8.9 million for the second quarter of 2026, compared with $6.6 million during the second quarter of 2025. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income increased $1.1 million, or 12.9%, to $9.6 million for the second quarter of 2026, compared with $8.5 million during the second quarter of 2025. The increase in other noninterest income was primarily attributable to increases in BOLI income, inclusive of gain on proceeds, of $1.1 million, and increases in derivative fee income of $308,000 and commercial interchange income of $304,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $840,000.

Noninterest Expense

Total noninterest expense for the second quarter of 2026 increased $87.5 million, or 56.3%, to $242.7 million, compared with $155.3 million in the same quarter 2025. Salaries and employee benefits increased $2.2 million, or 2.4%, from $89.3 million in the second quarter of 2025 to $91.5 million in the second quarter of 2026, due primarily to increases in health insurance costs, annual merit increases, share-based compensation and 401(k) contributions, partially offset by decreases in employee incentives and mortgage commissions. Data processing and communication expenses increased $205,000, or 1.3%, to $15.6 million in the second quarter of 2026, compared with $15.4 million in the second quarter of 2025, with the increase primarily resulting from an increase in volume and continued technology investment. Advertising and marketing expense was $3.5 million in the second quarter of 2026, compared with $3.7 million in the second quarter of 2025. Amortization of intangible assets decreased $962,000, or 23.6%, from $4.1 million in the second quarter of 2025 to $3.1 million in the second quarter of 2026. This decrease was primarily related to a reduction in core deposit and customer relationship intangible amortization. Loan servicing expenses decreased $692,000, or 8.8%, from $7.9 million in the second quarter of 2025 to $7.2 million in the second quarter of 2026, primarily attributable to the sale of mortgage servicing rights throughout 2025, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. The Company's litigation accrual increased $82.4 million to $82.5 million, compared with $121,000 in the second quarter of the previous year, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California.

Compared with the second quarter of 2025, legal and other professional fees and occupancy and equipment expenses increased $2.5 million and $1.2 million, respectively, while FDIC insurance and credit resolution expenses increased $538,000 and $141,000, respectively. Other noninterest expenses increased $282,000, or 1.8%, from $15.6 million in the second quarter of 2025 to $15.8 million in the second quarter of 2026.

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 2026, the Company reported income tax expense of $14.6 million, compared with $32.9 million in the same period of 2025. The Company’s effective tax rate for the three months ended June 30, 2026 and 2025 was 22.1% and 23.0%, respectively. The decrease in the effective rate for the three months ended June 30, 2026 is primarily related to a decrease in state tax rates, net of federal benefit.

Results of Operations for the Six Months Ended June 30, 2026 and 2025

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $161.9 million, or $2.40 per diluted share, for the six months ended June 30, 2026, compared with $197.8 million, or $2.87 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 1.17% and 7.94%, respectively, in the six months ended June 30, 2026, compared with 1.51% and 10.41%, respectively, in the same period in 2025. Results for the first six months of 2026 include a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California, a $7.4 million gain on securities related to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion and a gain on BOLI proceeds of $846,000. During the first six months of 2025, the Company recorded a gain on sale of mortgage servicing rights of $342,000, a $40,000 gain on securities, and an $11,000 gain on BOLI proceeds.

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, 2026 and 2025, respectively:


	Six Months Ended June 30, 2026
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium Finance Division		Total
Interest income	$	506,226	$	112,304	$	39,159	$	59,657	$	717,346
Interest expense	82,559		79,632		22,740		35,495		220,426
Net interest income	423,667		32,672		16,419		24,162		496,920
Provision for loan losses	31,851		(272)		361		1,864		33,804
Noninterest income	73,360		68,467		1,590		35		143,452
Noninterest expense
Salaries and employee benefits	132,914		43,405		1,012		5,529		182,860
Occupancy and equipment	22,753		1,334		15		78		24,180
Data processing and communications expenses	29,389		2,526		94		355		32,364
Other expenses	134,831		24,119		363		1,077		160,390
Total noninterest expense	319,887		71,384		1,484		7,039		399,794
Income before income tax expense	145,289		30,027		16,164		15,294		206,774
Income tax expense	31,935		6,305		3,395		3,201		44,836
Net income	$	113,354	$	23,722	$	12,769	$	12,093	$	161,938


	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

Net Interest Income and Margin

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, 2026 and 2025. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.


	Six Months Ended June 30,
	2026					2025
(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	$	881,633	$	16,310	3.73%	$	965,930	$	21,504	4.49%
Investment securities - taxable	2,618,751		55,691		4.29%	2,058,241		39,188		3.84%
Investment securities - nontaxable	45,077		958		4.29%	41,344		839		4.09%
Loans held for sale	623,035		18,478		5.98%	648,607		20,623		6.41%
Loans	21,770,247		627,811		5.82%	20,775,652		601,118		5.83%
Total interest-earning assets	25,938,743		719,248		5.59%	24,489,774		683,272		5.63%
Noninterest-earning assets	2,007,583					2,005,057
Total assets	$	27,946,326				$	26,494,831

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts	$	4,203,754	$	37,031	1.78%	$	3,963,995	$	36,450	1.85%
MMDA	7,131,112		93,807		2.65%	6,914,988		105,730		3.08%
Savings accounts	767,621		1,367		0.36%	766,738		1,656		0.44%
Retail CDs	2,259,840		37,489		3.35%	2,415,067		45,097		3.77%
Brokered CDs	1,321,548		25,528		3.90%	1,054,409		23,078		4.41%
Total interest-bearing deposits	15,683,875		195,222		2.51%	15,115,197		212,011		2.83%
Non-deposit funding
Securities sold under agreements to repurchase	1		—		—%	—		—		—%
FHLB advances	1,022,245		19,361		3.82%	238,283		4,870		4.12%
Other borrowings	9,833		288		5.91%	193,493		4,849		5.05%
Subordinated deferrable interest debentures	134,789		5,555		8.31%	132,795		6,034		9.16%
Total non-deposit funding	1,166,868		25,204		4.36%	564,571		15,753		5.63%
Total interest-bearing liabilities	16,850,743		220,426		2.64%	15,679,768		227,764		2.93%
Demand deposits	6,622,075					6,645,340
Other liabilities	358,164					337,948
Shareholders’ equity	4,115,344					3,831,775
Total liabilities and shareholders’ equity	$	27,946,326				$	26,494,831
Interest rate spread					2.95%					2.70%
Net interest income			$	498,822				$	455,508
Net interest margin					3.88%					3.75%

On a tax-equivalent basis, net interest income for the six months ended June 30, 2026 was $498.8 million, an increase of $43.3 million, or 9.51%, compared with $455.5 million reported in the same period of 2025. 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 $1.45 billion, or 5.92%, from $24.49 billion in the first six months of 2025 to $25.94 billion for the first six months of 2026. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth. The Company’s net interest margin during the first six months of 2026 was 3.88%, an increase of 13 basis points from 3.75% reported for the first six months of 2025. Loan production amounted to $11.8 billion during the first six months of 2026, with weighted average yields of 6.17%, compared with $9.8 billion and 6.80%, respectively, during the first six months of 2025.

Total interest income, on a tax-equivalent basis, increased to $719.2 million during the six months ended June 30, 2026, compared with $683.3 million in the same period of 2025. Yields on earning assets decreased to 5.59% during the first six months of 2026, compared with 5.63% reported in the same period of 2025. During the first six months of 2026, loans comprised 86.3% of average earning assets, compared with 87.5% in the same period of 2025. Yields on loans were relatively flat, decreasing to 5.82% during the six months ended June 30, 2026, compared with 5.83% in the same period of 2025. Yields on taxable investment securities increased to 4.29% during the six months ended June 30, 2026, compared with 3.84% in the same period of 2025.

The yield on total interest-bearing liabilities decreased from 2.93% during the six months ended June 30, 2025 to 2.64% in the same period of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.89% in the first six months of 2026, compared with 2.06% during the same period of 2025. Deposit costs decreased from 1.96% in the first six months of 2025 to 1.76% in the same period of 2026. Non-deposit funding costs decreased from 5.63% in the first six months of 2025 to 4.36% in the same period of 2026.

Provision for Credit Losses

The Company’s provision for credit losses during the six months ended June 30, 2026 amounted to $33.8 million, compared with $24.7 million in the six months ended June 30, 2025. This increase was primarily attributable to the updated economic forecast during the first six months of 2026, organic loan growth and a shift in the loan mix. The provision for credit losses for the first six months of 2026 was comprised of $33.8 million related to loans, $22,000 related to unfunded commitments and negative $7,000 related to other credit losses, compared with $19.6 million related to loans, $5.0 million related to unfunded commitments and negative $3,000 related to other credit losses for the same period in 2025. Non-performing assets as a percentage of total assets increased from 0.44% at December 31, 2025 to 0.47% at June 30, 2026. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $11.5 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $128,000. Net charge-offs on loans during the first six months of 2026 were $22.4 million, or 0.21% of average loans on an annualized basis, compared with approximately $16.1 million, or 0.16%, in the first six months of 2025. The Company’s total allowance for credit losses on loans at June 30, 2026 was $359.5 million, or 1.62% of total loans, compared with $348.1 million, or 1.62% of total loans, at December 31, 2025.

Noninterest Income

Total noninterest income for the six months ended June 30, 2026 was $143.5 million, an increase of $10.5 million, or 7.9%, from the $132.9 million reported for the six months ended June 30, 2025. Net gains on securities increased to $7.4 million for the six months ended June 30, 2026, compared with a gain of $40,000 in the same period of 2025. This increase was primarily due to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion in the second quarter of 2026. Income from mortgage banking activities decreased $4.9 million, or 6.6%, from $74.5 million in the first six months of 2025 to $69.5 million in the same period of 2026. Total production in the first six months of 2026 amounted to $2.24 billion, compared with $2.20 billion in the same period of 2025, while gain on sale spread decreased to 2.06% during the six months ended June 30, 2026, compared with 2.20% in the same period of 2025. The retail mortgage open pipeline was $609.3 million at June 30, 2026, compared with $701.9 million at December 31, 2025 and $719.1 million at June 30, 2025.

Service charges on deposit accounts increased $1.1 million, or 4.1%, to $27.7 million during the first six months of 2026, compared with $26.6 million in the same period of 2025, primarily due to growth in deposits. Income from equipment finance activity increased $4.8 million, or 35.9%, to $18.0 million during the first six months of 2026, compared with $13.3 million during the same period of 2025 primarily due to increased non-insurance charges. Other noninterest income increased $2.4 million, or 14.9%, to $18.7 million for the first six months of 2026, compared with $16.3 million during the same period of 2025. The increase in other noninterest income was primarily attributable to an increase in BOLI income, inclusive of gain on proceeds, of $1.4 million and increases in derivative fee income of $674,000 and commercial interchange income of $567,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $537,000 and a decrease in gain on sale of mortgage servicing rights of $342,000.

Noninterest Expense

Total noninterest expenses for the six months ended June 30, 2026 increased $93.5 million, or 30.5%, to $399.8 million, compared with $306.3 million in the same period of 2025. Salaries and employee benefits increased $6.9 million, or 3.9%, from $175.9 million in the first six months of 2025 to $182.9 million in the same period of 2026, due primarily to health insurance costs, annual merit increases and share-based compensation, partially offset by a decrease in employee incentives. Occupancy and equipment expenses increased $2.1 million, or 9.5%, to $24.2 million in the first six months of 2026 from $22.1 million reported in the same period of 2025, primarily driven by increases in depreciation expense and building repairs and maintenance. Data processing and communications expenses increased $2.1 million, or 7.1%, to $32.4 million in the first six months of 2026, from $30.2 million reported in the same period of 2025, primarily due to increases in volume and continued technology investment. Advertising and marketing expense was $6.7 million for the first six months of 2026, relatively flat when compared with $6.6 million for the same period of 2025. Amortization of intangible assets decreased $1.7 million, or 20.4%, from $8.2 million in the first six months of 2025 to $6.5 million in the first six months of 2026. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $1.1 million, or 7.2%, from $15.7 million in the first six months of 2025 to $14.6 million in the same period of 2026, primarily attributable to the sale of mortgage servicing rights throughout 2025, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. The Company's litigation accrual increased $81.4 million to $82.6 million in the first six months of 2026, compared with $1.2 million in the same period of 2025, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California. Compared with the first six months of 2025, legal and other professional fees increased $3.8 million, primarily related to defense costs for the California employment case noted above.

Other noninterest expenses decreased $366,000, or 1.2%, from $30.9 million in the first six months of 2025 to $30.5 million in the same period of 2026, due primarily to decreases in deposit and debit card losses of $1.7 million, partially offset by an increase in tax and license expense of $1.2 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, 2026, the Company reported income tax expense of $44.8 million, compared with $57.9 million in the same period of 2025. The Company’s effective tax rate for the six months ended June 30, 2026 and 2025 was 21.7% and 22.6%, respectively. The decrease in the effective tax rate is primarily a result of increased tax benefit related to share-based compensation and a reduction in state tax rates.

Financial Condition as of June 30, 2026

Securities

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

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

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


	June 30, 2026				December 31, 2025
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available-for-sale
U.S. Treasuries	$	584,558	$	583,447	$	653,888	$	660,625

State, county and municipal securities	18,005		17,463		19,493		19,061
Corporate debt securities	2,894		2,452		6,395		5,875
SBA pool securities	11,146		10,519		12,795		12,208
Mortgage-backed securities	1,862,905		1,846,742		1,500,644		1,509,404
Total debt securities available-for-sale	$	2,479,508	$	2,460,623	$	2,193,215	$	2,207,173

Securities held-to-maturity

State, county and municipal securities	$	33,284	$	28,518	$	33,414	$	29,273


Mortgage-backed securities	174,871		164,475		169,828		160,600
Total debt securities held-to-maturity	$	208,155	$	192,993	$	203,242	$	189,873

The amounts of securities available-for-sale and held-to-maturity in each category as of June 30, 2026 are shown in the following table according to contractual maturity classifications: (i) one year or less; (ii) after one year through five years; (iii) after five years through ten years; and (iv) after ten years:


	U.S. Treasuries				State, County and Municipal Securities				Corporate Debt Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield (2)		Amount		Yield (2)(3)		Amount		Yield (2)
One year or less	$	174,785	4.01	%	$	1,009	3.80	%	$	500	5.31	%
After one year through five years	358,910		3.57		9,665		4.06		492		4.68
After five years through ten years	49,752		4.36		6,789		3.94		—		—
After ten years	—		—		—		—		1,460		7.26
	$	583,447	3.77	%	$	17,463	4.00	%	$	2,452	6.47	%

	SBA Pool Securities				Mortgage-Backed Securities
(dollars in thousands) Securities available-for-sale (1)	Amount		Yield (2)		Amount		Yield (2)
One year or less	$	449	1.99	%	$	22,632	2.47	%
After one year through five years	709		3.45		243,586		3.45
After five years through ten years	8,347		2.60		162,733		4.43
After ten years	1,014		4.85		1,417,791		4.55
	$	10,519	2.84	%	$	1,846,742	4.37	%

	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	$	—	—	%	$	4,551	0.83	%
After one year through five years	—		—		59,221		3.50
After five years through ten years	1,272		4.12		63,994		3.20
After ten years	32,012		3.93		47,105		3.63
	$	33,284	3.94	%	$	174,871	3.36	%

(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, 2026, gross loans outstanding (including loans and loans held for sale) were $22.66 billion, an increase of $523.4 million from $22.14 billion at December 31, 2025. Loans increased $664.3 million, or 3.1%, from $21.51 billion at December 31, 2025 to $22.18 billion at June 30, 2026. Loans held for sale decreased from $623.2 million at December 31, 2025 to $482.2 million at June 30, 2026 primarily in our mortgage division.

At the end of the second quarter of 2026, the ACL on loans totaled $359.5 million, or 1.62% of loans, compared with $348.1 million, or 1.62% of loans, at December 31, 2025. Our nonaccrual loans increased from $109.1 million at December 31, 2025 to $120.5 million at June 30, 2026. For the first six months of 2026, our net charge-off ratio as a percentage of average loans increased to 0.21%, compared with 0.16% for the first six months of 2025. The total provision for credit losses for the first six months of 2026 was $33.8 million, compared with a provision of $24.7 million recorded for the first six months of 2025. Our ratio of total nonperforming assets to total assets increased three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 2026.

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, 2026 and 2025:


	Six Months Ended June 30,
(dollars in thousands)	2026		2025
Balance of allowance for credit losses on loans at beginning of period	$	348,141	$	338,084

Provision charged to operating expense	33,789		19,629
Charge-offs:
Commercial and industrial	19,245		22,376
Consumer	8,857		1,853



Premium finance	4,315		5,048

Real estate – commercial and farmland	1,561		—
Real estate – residential	165		333
Total charge-offs	34,143		29,610

Recoveries:
Commercial and industrial	6,851		8,386
Consumer	899		546



Premium finance	3,829		4,333
Real estate – construction and development	2		9
Real estate – commercial and farmland	52		102
Real estate – residential	93		88
Total recoveries	11,726		13,464
Net charge-offs	22,417		16,146
Balance of allowance for credit losses on loans at end of period	$	359,513	$	341,567

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, 2026			June 30, 2025
Allowance for credit losses on loans at end of period	$	359,513		$	341,567
Net charge-offs for the period	22,417			16,146
Loan balances:
End of period	22,177,865			21,041,497
Average for the period	21,770,247			20,775,652
Net charge-offs as a percentage of average loans (annualized)	0.21		%	0.16		%
Allowance for credit losses on loans as a percentage of end of period loans	1.62		%	1.62		%

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, 2026		December 31, 2025
Commercial and industrial	$	3,453,501	$	3,288,505
Consumer	157,252		180,010

Mortgage warehouse	1,345,808		1,150,782
Municipal	415,396		434,234
Premium finance	1,534,445		1,306,267
Real estate – construction and development	1,702,983		1,469,250
Real estate – commercial and farmland	9,243,359		9,311,405
Real estate – residential	4,325,121		4,373,069
	$	22,177,865	$	21,513,522

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, 2026 and December 31, 2025 is below:


June 30, 2026 (dollars in thousands)	Pass		Other Assets Especially Mentioned		Substandard		Total
Farmland	$	124,238	$	—	$	951	$	125,189
Multifamily residential	2,009,863		—		—		2,009,863
Owner occupied CRE	1,865,477		9,296		20,390		1,895,163
Non-owner occupied CRE	5,155,722		33,243		24,179		5,213,144
Total real estate - commercial and farmland	$	9,155,300	$	42,539	$	45,520	$	9,243,359


December 31, 2025 (dollars in thousands)	Pass		Other Assets Especially Mentioned		Substandard		Total
Farmland	$	125,224	$	2,113	$	2,153	$	129,490
Multifamily residential	2,044,617		—		—		2,044,617
Owner occupied CRE	1,800,017		6,546		24,205		1,830,768
Non-owner occupied CRE	5,264,387		23,575		18,568		5,306,530
Total real estate - commercial and farmland	$	9,234,245	$	32,234	$	44,926	$	9,311,405

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 one basis point of Investor CRE loans at June 30, 2026.

The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant metropolitan statistical areas (“MSAs”) or state as of June 30, 2026 and December 31, 2025:


June 30, 2026
(dollars in thousands)	Atlanta		Other Georgia		Tampa		Jacksonville		Orlando		Other Florida
Multifamily residential	$	439,584	$	107,065	$	205,056	$	165,098	$	212,226	$	180,995

(dollars in thousands)	Charleston SC		Other South Carolina		North Carolina		Alabama		Other		Total
Multifamily residential	$	63,057	$	135,142	$	249,776	$	37,753	$	214,111	$	2,009,863


December 31, 2025
(dollars in thousands)	Atlanta		Other Georgia		Tampa		Jacksonville		Orlando		Other Florida
Multifamily residential	$	344,769	$	198,178	$	204,877	$	210,633	$	213,281	$	189,215

(dollars in thousands)	Charleston SC		Other South Carolina		North Carolina		Alabama		Other		Total
Multifamily residential	$	63,369	$	124,759	$	233,967	$	52,989	$	208,580	$	2,044,617

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, 2026 and December 31, 2025:


June 30, 2026
(dollars in thousands)	Atlanta		Other Georgia		Tampa		Jacksonville		Orlando		Other Florida
Retail	$	549,432	$	196,281	$	54,302	$	237,615	$	202,661	$	215,818
Office	469,989		24,594		44,788		62,530		131,496		86,532
Warehouse / industrial	189,676		45,178		58,961		45,237		66,787		68,173
Hotel	43,697		36,251		35,192		83,545		35,225		71,452
Mini storage warehouse	43,592		33,515		9,527		27,325		38,758		33,742
Assisted living facilities	36,844		—		4,758		—		—		4,682
Miscellaneous	24,980		9,481		1,688		13,882		14,624		10,740
Total non-owner occupied CRE	$	1,358,210	$	345,300	$	209,216	$	470,134	$	489,551	$	491,139

(dollars in thousands)	Charleston SC		Other South Carolina		North Carolina		Alabama		Other		Total
Retail	$	77,726	$	270,502	$	236,027	$	100,479	$	186,404	$	2,327,247
Office	65,941		112,716		92,106		4,051		19,776		1,114,519
Warehouse / industrial	61,867		115,651		77,319		570		233,911		963,330
Hotel	—		61,831		20,687		2,084		28,357		418,321
Mini storage warehouse	—		18,166		12,614		405		34,054		251,698
Assisted living facilities	—		406		—		—		309		46,999
Miscellaneous	3,080		4,693		7,214		—		648		91,030
Total non-owner occupied CRE	$	208,614	$	583,965	$	445,967	$	107,589	$	503,459	$	5,213,144


December 31, 2025
(dollars in thousands)	Atlanta		Other Georgia		Tampa		Jacksonville		Orlando		Other Florida
Retail	$	483,975	$	197,111	$	54,797	$	241,206	$	219,334	$	239,543
Office	509,486		24,417		87,939		69,560		133,779		87,559
Warehouse / industrial	316,408		16,880		63,108		48,192		56,425		83,541
Hotel	45,870		22,632		22,328		85,053		42,735		72,979
Mini storage warehouse	44,718		33,832		2,030		27,886		39,343		33,872
Assisted living facilities	37,538		—		4,761		—		18		6,695
Miscellaneous	28,344		10,383		1,698		11,612		15,648		12,470
Total non-owner occupied CRE	$	1,466,339	$	305,255	$	236,661	$	483,509	$	507,282	$	536,659

(dollars in thousands)	Charleston SC		Other South Carolina		North Carolina		Alabama		Other		Total
Retail	$	108,550	$	210,751	$	218,101	$	97,518	$	183,152	$	2,254,038
Office	64,662		115,476		95,186		4,115		65,644		1,257,823
Warehouse / industrial	51,969		87,403		77,754		8,105		187,806		997,591
Hotel	—		62,876		20,893		2,202		25,812		403,380
Mini storage warehouse	—		19,940		12,581		421		36,586		251,209
Assisted living facilities	—		422		—		—		312		49,746
Miscellaneous	3,120		992		7,798		—		678		92,743
Total non-owner occupied CRE	$	228,301	$	497,860	$	432,313	$	112,361	$	499,990	$	5,306,530

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 $120.5 million at June 30, 2026, an increase of $11.5 million, or 10.5%, from $109.1 million at December 31, 2025. Accruing loans delinquent 90 days or more totaled $8.4 million at June 30, 2026, a decrease of $128,000, or 1.5%, compared with $8.5 million at December 31, 2025. At June 30, 2026, OREO totaled $4.0 million, an increase of $1.1 million, or 38.6%, compared with $2.9 million at December 31, 2025. 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 2026, total non-performing assets as a percent of total assets was up three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 2026.

Non-performing assets at June 30, 2026 and December 31, 2025 were as follows:


(dollars in thousands)	June 30, 2026		December 31, 2025
Nonaccrual loans(1)	$	120,526	$	109,058
Accruing loans delinquent 90 days or more	8,364		8,492
Repossessed assets	—		4
Other real estate owned	4,043		2,918
Total non-performing assets	$	132,933	$	120,472

(1) Included in nonaccrual loans were $33.7 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2026 and December 31, 2025, 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), multifamily property and nonfarm 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, 2026, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. Some key risks associated with CRE lending are the following:

(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, 2026 and December 31, 2025. The loan categories and concentrations below are based on Federal Reserve Call codes:


	June 30, 2026			December 31, 2025
(dollars in thousands)	Balance		% of Total Loans	Balance		% of Total Loans
Construction and development loans	$	1,702,983	8%	$	1,469,250	7%
Multifamily loans	2,009,863		9%	2,044,617		9%
Nonfarm nonresidential loans (excluding owner-occupied)	5,213,144		23%	5,306,530		25%
Total CRE Loans (excluding owner-occupied)	8,925,990		40%	8,820,397		41%
All other loan types	13,251,875		60%	12,693,125		59%
Total Loans	$	22,177,865	100%	$	21,513,522	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 1 capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of June 30, 2026 and December 31, 2025:


	Internal Limit	Actual
		June 30, 2026	December 31, 2025
Construction and development loans	100%	49%	43%
Total CRE loans (excluding owner-occupied)	300%	261%	262%

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 $3.3 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026 and December 31, 2025, forward contracts were recorded as a liability of $483,000 and $2.8 million, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $7.3 million and $7.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $7.4 million and $7.6 million at June 30, 2026 and December 31, 2025, respectively.

Deposits

Total deposits at the Company increased $211.6 million, or 0.9%, to $22.59 billion at June 30, 2026, compared with $22.38 billion at December 31, 2025. Noninterest-bearing deposits increased $356.7 million, or 5.6%, and interest-bearing deposits decreased $145.2 million, or 0.9%, during the first six months of 2026. At June 30, 2026, the Company had approximately $1.52 billion in short-term brokered CDs, compared with $1.20 billion at December 31, 2025. As of June 30, 2026 and December 31, 2025, the Company had estimated uninsured deposits of $10.34 billion and $10.67 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.20 billion, or 30.9%, of the uninsured deposits at June 30, 2026 were for municipalities which are collateralized with investment securities or letters of credit.

Capital

Common Stock Repurchase Program

On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since that original authorization, with the most recent extension, which also included the increase in the size of the program to $200.0 million, being announced on October 20, 2025. As a result, the Company is currently authorized to engage in additional share repurchases up to $200.0 million through October 31, 2026. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of June 30, 2026, an aggregate of $134.6 million, or 1,740,798 shares of the Company's common stock, had been repurchased under the program's October 20, 2025 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.

As of June 30, 2026, 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, 2026 and December 31, 2025:


	June 30, 2026	December 31, 2025
Tier 1 Leverage Ratio (tier 1 capital to average assets)
Consolidated	11.25%	11.44%
Ameris Bank	11.41%	11.67%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
Consolidated	12.84%	13.17%
Ameris Bank	13.01%	13.43%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
Consolidated	12.84%	13.17%
Ameris Bank	13.01%	13.43%
Total Capital Ratio (total capital to risk weighted assets)
Consolidated	14.66%	15.01%
Ameris Bank	14.27%	14.69%

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, 2026 and December 31, 2025, the net carrying value of the Company’s other borrowings was $1.25 billion and $558.0 million, respectively. At June 30, 2026, the Company had availability with the FHLB and FRB Discount Window of $2.46 billion and $2.37 billion, respectively.

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


	June 30, 2026	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025
Investment securities available-for-sale to total deposits	10.89%	10.40%	9.86%	9.59%	8.53%
Loans (net of unearned income) to total deposits	98.19%	96.43%	96.15%	95.64%	95.94%
Interest-earning assets to total assets	92.71%	92.76%	92.56%	92.60%	92.29%
Interest-bearing deposits to total deposits	69.97%	70.19%	71.28%	69.60%	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, 2026 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 $3.3 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $483,000 and $2.8 million at June 30, 2026 and December 31, 2025, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $7.3 million and $7.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $7.4 million and $7.6 million at June 30, 2026 and December 31, 2025, 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 the various increases and decreases in market rates shown in the table below, and is monitored on a quarterly basis.

The following table presents the earnings simulation model’s projected impact of a change in interest rates on the projected baseline net interest income for the 12- and 24-month periods commencing July 1, 2026. 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	5.1%	16.8%
300	4.0%	13.0%
200	2.8%	8.9%
100	1.4%	4.6%
(100)	(1.1)%	(4.9)%
(200)	(1.6)%	(9.9)%
(300)	(1.1)%	(14.8)%

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, 2026, 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, 2025, 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, 2026.


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, 2026 through April 30, 2026	—	$	—	—	$	84,346,160
May 1, 2026 through May 31, 2026	166,700	$	83.85	166,700	$	70,369,120
June 1, 2026 through June 30, 2026	59,900	$	83.33	59,900	$	65,377,839
Total	226,600	$	83.71	226,600	$	65,377,839

(1)On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020. The Board has subsequently extended the share repurchase program each year since the original authorization, with the most recent extension, which also included the increase in the size of the program to $200.0 million, being announced on October 20, 2025. As a result, the Company is currently authorized to engage in additional share repurchases totaling up to $200.0 million through October 31, 2026. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of June 30, 2026, an aggregate of $134.6 million, or 1,740,798 shares of the Company's common stock, had been repurchased under the program's October 20, 2025 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, 2026, 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 June 18, 2026.

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.

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 7, 2026			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 FY2026 Q2

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