Ameris Bancorp

02/26/2026 | Press release | Distributed by Public on 02/26/2026 14:45

Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
During 2025, the Company reported net income of $412.2 million, or $6.00 per diluted share, compared with $358.7 million, or $5.19 per diluted share, in 2024. The Company's net income as a percentage of average assets for 2025 and 2024 was 1.54% and 1.38%, respectively, while the Company's net income as a percentage of average shareholders' equity was 10.52% and 10.01%, respectively. Reported net income for the year ended December 31, 2025 includes $70.2 million in provision for credit losses, primarily related to an increase in the provision for unfunded commitments, updated economic forecasts, organic loan growth and changes in the portfolio mix, compared with a provision of $58.8 million in 2024 resulting from organic growth in loans and the updated economic forecast.
Highlights of the Company's performance in 2025 include the following:
•Growth in tangible book value per share1of 14.5%, from $38.59 at the end of 2024 to $44.18 at the end of 2025;
•Earning asset growth of $1.32 billion, or 5.5%;
•Organic growth in loans of $773.6 million, or 3.73%;
•Growth in total deposits of $653.5 million, or 3.01%;
•Total non-performing assets as a percentage of total assets declined to 0.44% at December 31, 2025, compared with 0.47% at December 31, 2024; and
•Increased share repurchases totaling $77.1 million of stock, or 1,155,570 shares during 2025.
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1 A reconciliation of non-GAAP financial measures can be found in the following tables.
Tangible Book Value per Share Reconciliation
December 31,
(dollars in thousands except per share data) 2025 2024
Total shareholders' equity $ 4,076,028 $ 3,751,522
Less:
Goodwill 1,015,646 1,015,646
Other intangibles, net 54,824 70,761
Total tangible shareholders' equity $ 3,005,558 $ 2,665,115
Period end number of shares 68,022,316 69,068,609
Book value per share $ 59.92 $ 54.32
Tangible book value per share $ 44.18 $ 38.59
Non-performing Portfolio Assets Reconciliation
December 31,
(dollars in thousands) 2025 2024
Nonaccrual portfolio loans $ 84,711 $ 90,206
Other real estate owned 2,918 2,433
Repossessed assets 4 9
Accruing loans delinquent 90 days or more 8,492 17,733
Non-performing portfolio assets $ 96,125 $ 110,381
Serviced GNMA-guaranteed mortgage nonaccrual loans 24,347 12,012
Total non-performing assets $ 120,472 $ 122,393
Total assets 27,515,879 26,262,050
Non-performing portfolio assets as a percent of total assets 0.35 % 0.42 %
Total non-performing assets as a percent of total assets 0.44 % 0.47 %
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Ameris has established certain accounting and financial reporting policies to govern the application of accounting principles generally accepted in the United States of America ("GAAP") in the preparation of its financial statements. Our significant accounting policies are described in Note 1 to the consolidated financial statements. Certain accounting policies involve significant judgments and assumptions by management which have a material impact on the carrying value of certain assets and liabilities; management considers these accounting policies to be critical accounting policies. The judgments and assumptions used by management are based on historical experience and other factors which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ from the judgments and estimates adopted by management which could have a material impact on the carrying values of assets and liabilities and the results of our operations. We believe the following accounting policy applied by Ameris represents a critical accounting policy.
Allowance for Credit Losses
We believe the allowance for credit losses ("ACL") is a critical accounting policy that requires significant judgments and estimates used in the preparation of our consolidated financial statements. The ACL, which includes both the allowance for credit losses on loans and the reserve on unfunded loan commitments, represents management's best estimate of expected losses over the life of loans, and over the life of loan commitments expected to fund. Management uses a systematic methodology to determine its ACL for loans and certain off-balance-sheet credit exposures. Management considers relevant information including past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company's estimate of its ACL involves a high degree of judgment; therefore, management's process for determining expected credit losses may result in a range of expected credit losses. It is possible that others, given the same information, may at any point in time reach a different reasonable conclusion.
Loans which share common risk characteristics are pooled for the purposes of determining the ACL. Management uses the discounted cash flow method or the PD×LGD method, which may be adjusted for qualitative factors, in measuring the ACL for pooled loans. Loans which do not share common risk characteristics are evaluated on an individual basis. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The expected credit losses may also be calculated, in the alternative, as the amount by which the amortized cost basis of the loan exceeds the estimated fair value of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the fair value of the underlying collateral less estimated cost to sell.
The Company's ACL recorded on the balance sheet reflects management's best estimate of expected credit losses. While management uses available information to recognize expected losses on loans, future additions to the ACL may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination processes, periodically review the Company's ACL. Such agencies may require the Company to recognize additions to the ACL based on their judgments about information available to them at the time of their examination.
As discussed in Note 3 to the consolidated financial statements, management determined the ACL on loans at December 31, 2025 utilizing a weighting of two economic forecasts from Moody's. The Moody's baseline scenario and downside 75th percentile S-2 scenario were equally weighted at 50%. Results by scenario can vary significantly from period to period as both the scenario assumptions and the portfolio composition are changing. If management utilized the downside 96th percentile S-4 scenario from Moody's holding all other assumptions constant, the quantitative portion of the ACL on loans would have increased approximately $82.4 million. The S-4 scenario is a downside scenario such that there is a 96% probability that the economy will perform better than the forecast and a 4% probability that the economy will perform worse.
NET INCOME AND EARNINGS PER SHARE
The Company's net income during 2025 was $412.2 million, or $6.00 per diluted share, compared with $358.7 million, or $5.19 per diluted share, in 2024, and $269.1 million, or $3.89 per diluted share, in 2023.
For the fourth quarter of 2025, the Company recorded net income of $108.4 million, or $1.59 per diluted share, compared with $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024, and $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023.
EARNING ASSETS AND LIABILITIES
Average earning assets were $24.84 billion in 2025, compared with $23.97 billion in 2024. The earning asset and interest-bearing liability mix is regularly monitored to maximize the net interest margin and, therefore, increase return on assets and shareholders' equity.
The following statistical information should be read in conjunction with the remainder of "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and related notes included elsewhere in this Annual Report and in the documents incorporated herein by reference.
The following tables set forth the amount of 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. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.
Year Ended December 31,
2025 2024 2023
(dollars in thousands)
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate Paid
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 $ 924,660 $ 40,419 4.37 % $ 930,145 $ 49,906 5.37 % $ 914,818 $ 47,936 5.24 %
Investment securities - taxable 2,209,202 87,327 3.95 1,690,053 61,518 3.64 1,664,184 59,002 3.55
Investment securities - nontaxable 43,202 1,808 4.18 41,419 1,694 4.09 41,679 1,690 4.05
Loans held for sale 690,965 43,093 6.24 547,190 34,532 6.31 484,070 29,711 6.14
Loans 20,968,702 1,225,667 5.85 20,759,247 1,234,464 5.95 20,154,321 1,145,876 5.69
Total interest-earning assets 24,836,731 1,398,314 5.63 23,968,054 1,382,114 5.77 23,259,072 1,284,215 5.52
Noninterest-earning assets 2,005,287 2,068,627 2,145,801
Total assets $ 26,842,018 $ 26,036,681 $ 25,404,873
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW Accounts $ 3,970,399 $ 73,188 1.84 % $ 3,824,094 $ 81,228 2.12 % $ 3,878,034 $ 69,584 1.79 %
MMDA 7,039,768 212,842 3.02 6,395,883 231,065 3.61 5,382,865 162,718 3.02
Savings Accounts 761,027 3,203 0.42 776,273 3,780 0.49 936,454 6,349 0.68
Retail CDs 2,374,589 86,917 3.66 2,440,891 102,672 4.21 2,031,828 63,650 3.13
Brokered CDs 1,107,577 48,026 4.34 1,274,933 65,928 5.17 1,024,606 53,716 5.24
Total Interest-Bearing Deposits 15,253,360 424,176 2.78 14,712,074 484,673 3.29 13,253,787 356,017 2.69
Non-deposit funding
FHLB advances 336,672 14,080 4.18 335,056 16,581 4.95 1,210,242 59,302 4.90
Other borrowings 141,299 7,346 5.20 298,372 14,313 4.80 325,260 16,870 5.19
Subordinated deferrable interest debentures 133,297 12,000 9.00 131,302 13,527 10.30 129,310 13,202 10.21
Total non-deposit funding 611,268 33,426 5.47 764,730 44,421 5.81 1,664,812 89,374 5.37
Total interest-bearing liabilities 15,864,628 457,602 2.88 15,476,804 529,094 3.42 14,918,599 445,391 2.99
Noninterest-bearing demand deposits 6,702,448 6,567,855 6,771,464
Other liabilities 356,209 408,632 401,449
Shareholders' equity 3,918,733 3,583,390 3,313,361
Total liabilities and shareholders' equity $ 26,842,018 $ 26,036,681 $ 25,404,873
Interest rate spread 2.75 % 2.35 % 2.53 %
Net interest income $ 940,712 $ 853,020 $ 838,824
Net interest margin 3.79 % 3.56 % 3.61 %
RESULTS OF OPERATIONS
Net Interest Income
Net interest income represents the amount by which interest income on interest-earning assets exceeds interest expense incurred on interest-bearing liabilities. Net interest income is the largest component of our income and is affected by the interest rate environment and the volume and composition of interest-earning assets and interest-bearing liabilities. Our interest-earning assets include loans, investment securities, other investments and interest-bearing deposits in banks. Our interest-bearing liabilities include deposits, other borrowings and subordinated deferrable interest debentures.
2025 compared with 2024.For the year ended December 31, 2025, interest income was $1.39 billion, an increase of $16.2 million, or 1.2%, compared with the same period in 2024. Average earning assets increased $868.7 million, or 3.6%, to $24.84 billion for the year ended December 31, 2025, compared with $23.97 billion for 2024, primarily due to increased investments in mortgage-backed securities in our bond portfolio and organic loan growth. Yield on average earning assets on a taxable-equivalent basis decreased during 2025 to 5.63%, compared with 5.77% for the year ended December 31, 2024, primarily due to a decrease in average yields on loans that was partially offset by an increase in average yields on investment securities.
Interest expense for the year ended December 31, 2025 was $457.6 million, a decrease of $71.5 million, or 13.5%, compared with $529.1 million for the year ended December 31, 2024. During 2025 average interest-bearing liabilities were $15.86 billion as compared with $15.48 billion for 2024, an increase of $387.8 million, or 2.5%. During 2025, average noninterest-bearing deposit accounts were $6.70 billion and comprised 30.5% of average total deposits, compared with $6.57 billion, or 30.9% of average total deposits, during 2024. Costs of interest-bearing deposits decreased during 2025 to 2.78%, compared with 3.29% for 2024. This decrease reflects deposit pricing adjustments as market rates declined. The cost of non-deposit funding decreased to 5.47% in 2025, compared with 5.81% in 2024 resulting from a decrease in market interest rates and redemptions of subordinated debt in the third and fourth quarters of 2025.
On a taxable-equivalent basis, net interest income for 2025 was $940.7 million, compared with $853.0 million in 2024, an increase of $87.7 million, or 10.3%. The Company's net interest margin, on a tax equivalent basis, increased 23 basis points to 3.79% for the year ended December 31, 2025, compared with 3.56% for the year ended December 31, 2024.
2024 compared with 2023.For the year ended December 31, 2024, interest income was $1.38 billion, an increase of $97.8 million, or 7.6%, compared with the same period in 2023. Average earning assets increased $709.0 million, or 3.0%, to $23.97 billion for the year ended December 31, 2024, compared with $23.26 billion for 2023. Yield on average earning assets on a taxable-equivalent basis increased during 2024 to 5.77%, compared with 5.52% for the year ended December 31, 2023. Average yields on all interest-earning asset categories increased from 2023 to 2024 as market interest rates increased.
Interest expense for the year ended December 31, 2024 was $529.1 million, an increase of $83.7 million, or 18.8%, compared with $445.4 million for the year ended December 31, 2023. During 2024 average interest-bearing liabilities were $15.48 billion as compared with $14.92 billion for 2023, an increase of $558.2 million, or 3.7%. During 2024, average noninterest-bearing deposit accounts were $6.57 billion and comprised 30.9% of average total deposits, compared with $6.77 billion, or 33.8% of average total deposits, during 2023. Costs of interest-bearing deposits increased during 2024 to 3.29%, compared with 2.69% for 2023. This increase reflects a shift in mix of deposits based on customer behavior and increased competition in the market for deposits. The cost of non-deposit funding increased to 5.81% in 2024, compared with 5.37% resulting from an increase in market interest rates.
On a taxable-equivalent basis, net interest income for 2024 was $853.0 million, compared with $838.8 million in 2023, an increase of $14.2 million, or 1.7%. The Company's net interest margin, on a tax equivalent basis, decreased five basis points to 3.56% for the year ended December 31, 2024, compared with 3.61% for the year ended December 31, 2023.
The summary of changes in interest income and interest expense on a fully taxable equivalent basis resulting from changes in volume and changes in rates for each category of earning assets and interest-bearing liabilities for the years ended December 31, 2025 and 2024 are shown in the following table:
2025 vs. 2024 2024 vs. 2023
Increase Changes Due To Increase Changes Due To
(dollars in thousands) (Decrease) Rate Volume (Decrease) Rate Volume
Increase (decrease) in:
Income from earning assets:
Interest on interest-bearing deposits in banks $ (9,487) $ (9,193) $ (294) $ 1,970 $ 1,167 $ 803
Interest on investment securities - taxable 25,809 6,912 18,897 2,516 1,599 917
Interest on investment securities - nontaxable 114 41 73 4 15 (11)
Interest on loans held for sale 8,561 (512) 9,073 4,821 947 3,874
Interest and fees on loans (8,797) (21,252) 12,455 88,588 54,195 34,393
Total interest income 16,200 (24,004) 40,204 97,899 57,923 39,976
Expense from interest-bearing liabilities:
Interest expense on interest-bearing deposits
Interest on NOW accounts (8,040) (11,148) 3,108 11,644 12,612 (968)
Interest on MMDA accounts (18,223) (41,485) 23,262 68,347 37,725 30,622
Interest on savings accounts (577) (503) (74) (2,569) (1,483) (1,086)
Interest on retail time deposits (15,755) (12,966) (2,789) 39,022 26,207 12,815
Interest on brokered time deposits (17,902) (9,248) (8,654) 12,212 (912) 13,124
Total interest expense on interest-bearing deposits (60,497) (75,350) 14,853 128,656 74,149 54,507
Interest expense on non-deposit funding
Interest on FHLB advances (2,501) (2,581) 80 (42,721) 163 (42,884)
Interest on other borrowings (6,967) 568 (7,535) (2,557) (1,162) (1,395)
Interest on trust preferred securities (1,527) (1,733) 206 325 122 203
Total interest expense on non-deposit funding (10,995) (3,746) (7,249) (44,953) (877) (44,076)
Total interest expense (71,492) (79,096) 7,604 83,703 73,272 10,431
Net interest income $ 87,692 $ 55,092 $ 32,600 $ 14,196 $ (15,349) $ 29,545
Provision for Credit Losses
The Company's provision for credit losses on loans during 2025 amounted to $47.4 million, compared with $69.8 million for 2024 and $153.5 million for 2023. The decreased provision for 2025 was primarily attributable to a reduction in net charge-offs in our equipment finance portfolio and a change in the mix of loans, partially offset by organic loan growth. Net charge-offs in 2025 were 0.18%of average loans, compared with 0.19% in 2024 and 0.25% in 2023. Included in charge-offs for 2023 were $5.6 million in charge-offs on acquired loans which were fully reserved at acquisition. Excluding those charge-offs, the net charge-off rate for 2023 would have been 0.22%.
At December 31, 2025, non-performing assets amounted to $120.5 million, or 0.44% of total assets, compared with $122.4 million, or 0.47% of total assets, at December 31, 2024. Included in non-performing assets were serviced GNMA-guaranteed residential mortgage loans totaling $24.3 million and $12.0 million at December 31, 2025 and 2024, respectively. Non-performing assets, excluding serviced GNMA-guaranteed loans, represented 0.35% of total assets at December 31, 2025, compared with 0.42% of total assets at December 31, 2024. Other real estate was $2.9 million as of December 31, 2025, compared with $2.4 million at December 31, 2024.
The Company's allowance for credit losses on loans at December 31, 2025 was $348.1 million, or 1.62% of loans compared with $338.1 million, or 1.63%, and $307.1 million, or 1.52%, at December 31, 2024 and 2023, respectively.
The Company's provision for unfunded commitments during 2025 was $22.8 million, compared with a release of $11.0 million for 2024 and a release of $10.9 million for 2023. The allowance for unfunded commitments on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The increase in the provision for unfunded commitments was primarily due to loan production during 2025 and an increase in forecasted loss rates in the updated economic forecast. The Company recorded a provision for other credit losses of $6,000 during 2025, compared with no provision for 2024 and a release of $6,000 for 2023.
Noninterest Income
The following is a comparison of noninterest income for 2025, 2024 and 2023.
Years Ended December 31,
(dollars in thousands) 2025 2024 2023
Service charges on deposit accounts $ 54,645 $ 50,893 $ 46,575
Mortgage banking activity 147,015 160,475 139,885
Other service charges, commissions and fees 4,493 4,758 4,401
Net gain (loss) on securities 1,633 12,304 (304)
Equipment finance activity 30,562 21,664 23,349
Other noninterest income 32,687 43,163 28,922
Total noninterest income $ 271,035 $ 293,257 $ 242,828
2025 compared with 2024.Total noninterest income in 2025 was $271.0 million, compared with $293.3 million in 2024, reflecting a decrease of 7.6%, or $22.2 million.
Service charges on deposit accounts increased $3.8 million, or 7.4%, to $54.6 million during 2025 compared with 2024, primarily attributable to an increase in fee income. This increase was primarily attributable to an increase in commercial fee and debit card interchange income compared with 2024 as a result of higher volume.
Income from mortgage banking activities decreased $13.5 million, or 8.4%, to $147.0 million during 2025 compared with 2024. This decrease was a result of decreases in production and gain on sale spreads compared with 2024. Total production in the retail mortgage division decreased to $4.5 billion for 2025, compared with $4.6 billion for 2024, while gain on sale spreads decreased in 2025 to 2.20% from 2.37% in 2024. Servicing fee income decreased $10.1 million, or 16.8%, compared with 2024 primarily due to sales of mortgage servicing rights during 2025 and 2024, partially offset by a reduction in servicing right amortization of $4.3 million over the same period. Noninterest income from the Company's warehouse lending division was $3.9 million for 2025 compared with $4.2 million for 2024, with the decrease being driven by a decline in activity-based fees.
Other service charges, commissions and fees decreased $265,000, or 5.6%, to $4.5 million during 2025, compared with 2024 due primarily to decreases in ATM and check cashing fees.
Gain on securities during 2025 was $1.6 million, compared with a gain of $12.3 million during 2024. The decrease was primarily due to a gain on conversion of Visa Class B stock of $12.6 million during 2024 that did not recur in 2025.
Income from equipment finance activity increased $8.9 million to $30.6 million during 2025, an increase of 41.1% compared with 2024, primarily due to an increase of $7.7 million, or 63.6%, in non-insurance charges.
Other noninterest income decreased by $10.5 million, or 24.3%, to $32.7 million during 2025 compared with 2024. This is primarily due to a loss on sale of MSR of $660,000 during 2025, compared with a gain of $10.5 million in 2024.
2024 compared with 2023.Total noninterest income in 2024 was $293.3 million, compared with $242.8 million in 2023, reflecting an increase of 20.8%, or $50.4 million.
Service charges on deposit accounts increased $4.3 million, or 9.3%, to $50.9 million during 2024 compared with 2023. This increase was primarily attributable to an increase in corporate service charges compared with 2023.
Income from mortgage banking activities increased $20.6 million, or 14.7%, to $160.5 million during 2024 compared with 2023. This increase was a result of increases in production and gain on sale spreads compared with 2023. Total production in the retail mortgage division increased to $4.6 billion for 2024, compared with $4.3 billion for 2023, while gain on sale spreads increased in 2024 to 2.37% from 2.07% in 2023. Noninterest income from the Company's warehouse lending division was $4.2 million for 2024 compared with $3.5 million for 2023.
Other service charges, commissions and fees increased by $357,000 to $4.8 million during 2024, an increase of 8.1% compared with 2023 due primarily to an increase in check cashing fees.
Gain on securities during 2024 was $12.3 million compared with a loss of $304,000 during 2023. The gain in 2024 was primarily due to a gain on conversion of Visa Class B stock of $12.6 million during the year.
Income from equipment finance activity decreased $1.7 million to $21.7 million during 2024, a decrease of 7.2% compared with 2023. This decrease was largely due to a $900,000 insurance settlement received in 2023.
Other noninterest income increased by $14.2 million, or 49.2%, to $43.2 million during 2024 compared with 2023. This is mostly due to a gain on sale of MSR of $10.5 million during 2024, compared with no such gain in 2023. Additionally, income on bank owned life insurance increased $3.5 million in 2024 due to the restructure of those policies during 2024 and the gain on sale of SBA loans increased by $2.6 million during 2024.
Noninterest Expense
The following is a comparison of noninterest expense for 2025, 2024 and 2023.
Years Ended December 31,
(dollars in thousands) 2025 2024 2023
Salaries and employee benefits $ 348,868 $ 347,641 $ 320,110
Occupancy and equipment 44,923 48,784 51,450
Advertising and marketing 11,989 12,612 11,638
Amortization of intangible assets 15,937 17,189 18,244
Data processing and communications expenses 62,515 59,699 53,486
Legal and other professional fees 18,145 16,737 17,726
Credit resolution-related expenses 3,145 2,487 80
FDIC insurance 10,368 15,499 26,940
Loan servicing expenses 31,129 36,157 35,283
Other noninterest expenses 56,931 50,989 43,324
Total noninterest expense $ 603,950 $ 607,794 $ 578,281
2025 compared with 2024.Total noninterest expense decreased to $604.0 million in 2025, compared with $607.8 million in 2024. Total noninterest expense for 2025 includes a benefit of $1.5 million in FDIC special assessment as the FDIC refined its estimate of losses pursuant to the systemic risk determination following bank closures in 2023. Total noninterest expense for 2024 includes approximately $1.5 million in FDIC special assessment, $1.2 million in losses on disposition of bank premises and $550,000 in natural disaster expenses.
Salaries and benefits increased from $347.6 million in 2024 to $348.9 million in 2025. This increase was primarily driven by annual merit increases and an increase in healthcare costs of $2.5 million, partially offset by a decrease in variable compensation of $5.7 million attributable to both lower production and profitability in our retail mortgage division. Full time equivalent employees decreased from 2,691 at December 31, 2024 to 2,673 at December 31, 2025.
Amortization of intangible assets decreased $1.3 million, or 7.3%, to $15.9 million for 2025 compared with $17.2 million for 2024. This reduction was attributable to a reduction in core deposit intangible amortization.
Data processing and communication expenses increased $2.8 million, or 4.7%, to $62.5 million in 2025, compared with $59.7 million for 2024, primarily driven by continued technology investments.
FDIC insurance decreased $5.1 million, or 33.1%, to $10.4 million in 2025, compared with $15.5 million in 2024, primarily driven by changes in special assessment fees described above.
Loan servicing expenses decreased $5.0 million, or 13.9%, to $31.1 million in 2025, compared with $36.2 million in 2024, primarily due to sales of mortgage servicing rights during 2024 and 2025.
Other noninterest expense increased $5.9 million, or 11.7%, to $56.9 million in 2025 from $51.0 million in 2024. This increase is primarily attributable to increases in net donation related expenses, check card losses and mortgage subsidy expense and a reduction in deferred loan origination costs. These items were partially offset by decreases in fraud and forgery losses and tax and license expense.
2024 compared with 2023.Total noninterest expense increased to $607.8 million in 2024, compared with $578.3 million in 2023. Total noninterest expense for 2024 includes approximately $1.5 million in FDIC special assessment, $1.2 million in losses on disposition of bank premises and $550,000 in natural disaster expenses. Total noninterest expense for 2023 includes
approximately $11.6 million in FDIC special assessment and $1.9 million in gains on disposition of bank premises. Excluding these amounts, expenses in 2024 increased by $36.0 million, or 6.33%, compared with 2023 levels.
Salaries and benefits increased from $320.1 million in 2023 to $347.6 million in 2024. This increase was attributable to an increase in variable pay resulting from increased production levels in our retail mortgage division along with an increase in health insurance costs in 2024. Salaries and benefits in our mortgage division increased $12.1 million, or 15.1%, to $92.4 million in 2024. Full time equivalent employees decreased from 2,765 at December 31, 2023 to 2,691 at December 31, 2024.
Amortization of intangible assets decreased $1.1 million, or 5.8%, to $17.2 million for 2024 compared with $18.2 million for 2023. This reduction was attributable to a reduction in core deposit intangible amortization.
Data processing and communication expenses increased $6.2 million, or 11.6%, to $59.7 million in 2024, compared with $53.5 million for 2023. This increase is primarily related to technology enhancements implemented utilizing cost saves identified from other areas of the Company.
FDIC insurance decreased $11.4 million, or 42.5%, to $15.5 million in 2024, compared with $26.9 million in 2023. Included in FDIC insurance for 2023 was $11.6 million related to the FDIC special assessment pursuant to the systemic risk determination following the closures of Silicon Valley Bank and Signature Bank in March 2023, compared with $1.5 million in 2024.
Other noninterest expense increased $7.7 million, or 17.7%, to $51.0 million in 2024 from $43.3 million in 2023. This increase is primarily attributable to a reduction in deferred loan origination costs and an increase in tax and license expenses. These items were partially offset by decreases in fraud and forgery losses, credit reporting expenses related to our equipment finance division, ATM expense and brokerage commissions.
Income Taxes
Income tax expense is influenced by statutory federal and state tax rates, the amount of taxable income, the amount of tax-exempt income and the amount of non-deductible expenses. For the year ended December 31, 2025, the Company recorded income tax expense of approximately $121.6 million, compared with $117.2 million recorded in 2024 and $87.8 million recorded in 2023. The Company's effective tax rate was 22.8%, 24.6% and 24.6% for the years ended December 31, 2025, 2024 and 2023, respectively. Tax expense for 2024 included $5.1 million related to the termination of certain BOLI policies, the proceeds of which the Company reinvested into higher yielding policies.
BALANCE SHEET COMPARISON
LOANS
Management believes that our loan portfolio is adequately diversified. The loan portfolio contains no foreign loans or significant concentrations in any one industry. As of December 31, 2025, approximately 70.4% of our loan portfolio was secured by real estate, compared with 72.3% at December 31, 2024.
The amount of loans outstanding at the indicated dates is shown in the following table according to type of loans.
December 31,
(dollars in thousands) 2025 2024
Commercial and industrial $ 3,288,505 $ 2,953,135
Consumer 180,010 221,735
Mortgage warehouse 1,150,782 965,053
Municipal 434,234 441,408
Premium finance 1,306,267 1,155,614
Real estate - construction and development 1,469,250 1,998,506
Real estate - commercial and farmland 9,311,405 8,445,958
Real estate - residential 4,373,069 4,558,497
Loans, net of unearned income $ 21,513,522 $ 20,739,906
The Company seeks to diversify its loan portfolio across its geographic footprint and in various loan types. Also, the Company's in-house lending limit for a single loan is $40.0 million for construction loans and $50.0 million for term loans with
stabilized cash flows, which would normally prevent a concentration with a single loan project. Certain lending relationships may contain more than one loan and, consequently, exceed the in-house lending limit. The Company regularly monitors its largest loan relationships to avoid a concentration with a single borrower. The largest 25 loan relationships as of December 31, 2025 based on committed amount are summarized below by type.
(dollars in thousands) Committed
Amount 		Average
Rate 		Average
Maturity
(months) 		%
Unsecured 		% in
Nonaccrual
Status
Commercial and industrial $ 376,785 6.47 % 13 42.10 % - %
Consumer 15 12.50 % 21 100.00 - %
Mortgage warehouse 893,710 6.85 % 15 - - %
Real estate - construction and development 223,763 6.00 % 26 - - %
Real estate - commercial and farmland 1,221,365 5.72 % 21 - - %
Real estate - residential 50,000 6.25 % 3 - - %
Total $ 2,765,638 6.22 % 18 5.70 % - %
Total loans as of December 31, 2025, are shown in the following table according to their contractual maturity.
Contractual Maturity in:
(dollars in thousands) One Year
or Less 		Over
One Year
through
Five Years 		Over
Five Years through Fifteen Years 		Over
Fifteen Years 		Total
Commercial and industrial $ 699,384 $ 2,088,885 $ 495,802 $ 4,434 $ 3,288,505
Consumer 41,760 98,314 39,662 274 180,010
Mortgage warehouse 412,698 738,084 - - 1,150,782
Municipal 6,534 71,686 277,199 78,815 434,234
Premium finance 1,278,176 28,091 - - 1,306,267
Real estate - construction and development 646,201 642,003 116,557 64,489 1,469,250
Real estate - commercial and farmland 2,370,266 5,065,126 1,727,050 148,963 9,311,405
Real estate - residential 103,999 178,180 441,626 3,649,264 4,373,069
Total $ 5,559,018 $ 8,910,369 $ 3,097,896 $ 3,946,239 $ 21,513,522
Total loans which have maturity dates after one year are summarized below by those loans that have predetermined interest rates and those loans that have floating or adjustable interest rates.
(dollars in thousands) December 31, 2025
Predetermined interest rates
Commercial and industrial $ 1,926,991
Consumer 75,525
Municipal 427,465
Premium finance 28,091
Real estate - construction and development 337,918
Real estate - commercial and farmland 4,763,032
Real estate - residential 2,554,111
$ 10,113,133
Floating or adjustable interest rates
Commercial and industrial $ 662,130
Consumer 62,725
Mortgage warehouse 738,084
Municipal 235
Real estate - construction and development 485,131
Real estate - commercial and farmland 2,178,107
Real estate - residential 1,714,959
$ 5,841,371
Commercial and farmland 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 December 31, 2025 is below:
(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 as hybrid or remote work has expanded. The primary repayment source for these loans is cash flows from the securing property. The Company in the normal course of business performs periodic reviews 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 CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately eight basis points of CRE loans at December 31, 2025.
The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant MSAs or state as of 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 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
ALLOWANCE AND PROVISION FOR CREDIT LOSSES
The following table sets forth the breakdown of the allowance for credit losses on loans by loan category for the periods indicated. Management believes the allowance can be allocated only on an approximate basis. The allocation of the allowance to each category is not necessarily indicative of future losses and does not restrict the use of the allowance to absorb losses in any other category.
December 31,
2025 2024 2023
(dollars in thousands) Amount % of Loans to Total Loans Amount % of Loans to Total Loans Amount % of Loans to Total Loans
Commercial and industrial $ 88,242 15 % $ 87,242 14 % $ 64,053 13 %
Consumer 11,503 1 7,327 1 3,952 1
Mortgage warehouse 2,356 6 2,262 5 1,678 4
Municipal 57 2 58 2 345 2
Premium finance 892 6 736 5 602 5
Real estate - construction and development 52,432 7 60,421 10 61,017 11
Real estate - commercial and farmland 128,454 43 118,377 41 110,097 40
Real estate - residential 64,205 20 61,661 22 65,356 24
Total $ 348,141 100 % $ 338,084 100 % $ 307,100 100 %
The following table provides an analysis of the net charge-offs (recoveries) by loan category for the years ended December 31, 2025, 2024 and 2023.
2025 2024 2023
Net charge-offs (recoveries) Average Balance Rate Net charge-offs (recoveries) Average Balance Rate Net charge-offs (recoveries) Average Balance Rate
Commercial and industrial $ 26,621 $ 3,147,716 0.85 % $ 36,537 $ 2,848,632 1.28 % $ 43,646 $ 2,687,805 1.62 %
Consumer 8,465 204,851 4.13 2,592 242,512 1.07 3,853 375,783 1.03
Mortgage warehouse - 1,032,631 - - 948,484 - - 963,035 -
Municipal - 434,166 - - 464,259 - - 502,849 -
Premium finance 1,676 1,253,171 0.13 474 1,102,157 0.04 766 982,442 0.08
Real estate - construction and development (37) 1,634,947 - (59) 2,197,079 - (949) 2,162,424 (0.04)
Real estate - commercial and farmland 447 8,817,909 0.01 (603) 8,216,256 (0.01) 3,693 7,811,671 0.05
Real estate - residential 177 4,443,311 - (84) 4,739,868 - (628) 4,668,312 (0.01)
$ 37,349 $ 20,968,702 0.18 % $ 38,857 $ 20,759,247 0.19 % $ 50,381 $ 20,154,321 0.25 %
The following table provides an analysis of the allowance for credit losses on loans held for investment.
December 31,
(dollars in thousands) 2025 2024 2023
Allowance for credit losses on loans at end of period $ 348,141 $ 338,084 $ 307,100
Loan balances:
End of period 21,513,522 20,739,906 20,269,303
Allowance for credit losses on loans as a percentage of end of period loans 1.62 % 1.63 % 1.52 %
Nonaccrual loans as a percentage of end of period loans 0.51 % 0.49 % 0.75 %
Allowance for credit losses to nonaccrual loans at end of period 319.23 % 330.75 % 203.22 %
At December 31, 2025, the allowance for credit losses on loans totaled $348.1 million, or 1.62% of loans, compared with $338.1 million, or 1.63% of loans, at December 31, 2024. The allowance for credit losses on loans as a percentage of loans was
relatively stable compared with December 31, 2024, while the ending balance increased primarily due to the updated economic forecast, an increase in the office portfolio qualitative factor and organic loan growth during the period, partially offset by a change in the mix of loans, compared with December 31, 2024. For the year ended December 31, 2025, our net charge off ratio as a percentage of average loans decreased to 0.18%, compared with 0.19% for the year ended December 31, 2024. Net charge-offs for the year ended December 31, 2025 included approximately $6.3 million related to a portfolio of consumer medical loans.
The provision for credit losses on loans for the year ended December 31, 2025 was $47.4 million, compared with $69.8 million for the year ended December 31, 2024. This decrease primarily resulted from reduction in net charge-offs in our equipment finance portfolio and a change in the mix of loans during 2025, partially offset by organic loan growth during the year. As of December 31, 2025 our ratio of nonperforming assets to total assets had decreased to 0.44% from 0.47% at December 31, 2024. Included in non-performing assets were serviced GNMA-guaranteed residential mortgage loans totaling $24.3 million and $12.0 million at December 31, 2025 and 2024, respectively. Non-performing assets, excluding serviced GNMA-guaranteed loans, represented 0.35% of total assets at December 31, 2025, compared with 0.42% of total assets at December 31, 2024.
NONPERFORMING LOANS
A loan is placed on nonaccrual status when, in management's judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is reversed against interest income. Interest on loans that are classified as nonaccrual is recognized when received. Past due loans are placed on nonaccrual status when principal or interest is past due 90 days or more unless the loan is well secured and in the process of collection. 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 and loans contractually past due 90 days or more as to interest or principal payments and still accruing.
December 31,
(dollars in thousands) 2025 2024
Nonaccrual loans
Commercial and industrial $ 17,536 $ 11,875
Consumer 703 782
Real estate - construction and development 1,264 3,718
Real estate - commercial and farmland 6,456 11,960
Real estate - residential(1)
83,099 73,883
Total $ 109,058 $ 102,218
Loans contractually past due 90 days or more as to interest or principal payments and still accruing $ 8,492 $ 17,733
(1)Included in real estate - residential were $24.3 million and $12.0 million of serviced GNMA-guaranteed nonaccrual loans at December 31, 2025 and 2024, respectively.
LIQUIDITY AND INTEREST RATE SENSITIVITY
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 our Company to meet those needs. We seek to meet liquidity requirements primarily through management of short-term investments (principally interest-bearing deposits in banks) and monthly amortizing loans. Another source of liquidity is the repayment of maturing single payment loans. In addition, our Company maintains relationships with correspondent banks, including the FHLB and the Federal Reserve Bank of Atlanta, which could provide funds on short notice, if needed.
A principal objective of our asset/liability management strategy is to minimize our exposure to changes in interest rates by matching the maturity and repricing horizons of interest-earning assets and interest-bearing liabilities. This strategy is overseen in part through the direction of our ALCO Committee which establishes policies and monitors results to control interest rate sensitivity.
As part of our interest rate risk management policy, the ALCO Committee examines the extent to which its assets and liabilities are "interest rate sensitive" and monitors its interest rate-sensitivity "gap." An asset or liability is considered to be interest rate sensitive if it will reprice or mature within the time period analyzed, usually one year or less. The interest rate-sensitivity gap is the difference between the interest-earning assets and interest-bearing liabilities scheduled to mature or reprice within such time
period. A gap is considered positive when the amount of interest rate-sensitive assets exceeds the amount of interest rate-sensitive liabilities. A gap is considered negative when the amount of interest rate-sensitive liabilities exceeds the interest rate-sensitive assets. During a period of rising interest rates, a negative gap would tend to adversely affect net interest income, while a positive gap would tend to result in an increase in net interest income. During a period of falling interest rates, a negative gap would tend to result in an increase in net interest income, while a positive gap would tend to adversely affect net interest income. If our assets and liabilities were equally flexible and moved concurrently, the impact of any increase or decrease in interest rates on net interest income would be minimal.
A simple interest rate "gap" analysis by itself may not be an accurate indicator of how net interest income will be affected by changes in interest rates. Accordingly, the ALCO Committee also evaluates how the repayment of particular assets and liabilities is impacted by changes in interest rates. Income associated with interest-earning assets and costs associated with interest-bearing liabilities may not be affected uniformly by changes in interest rates. In addition, the magnitude and duration of changes in interest rates may have a significant impact on net interest income. For example, although certain assets and liabilities may have similar maturities or periods of repricing, they may not react identically to changes in market interest rates. Interest rates on certain types of assets and liabilities fluctuate in advance of changes in general market interest rates, while interest rates on other types may lag behind changes in general market rates. In addition, certain assets, such as adjustable rate mortgage loans, have features (generally referred to as "interest rate caps") which limit changes in interest rates on a short-term basis and over the life of the asset. In the event of a change in interest rates, prepayment and early withdrawal levels also could deviate significantly from those assumed in calculating the interest rate gap. The ability of many borrowers to service their debts also may decrease in the event of an interest rate increase.
We manage the mix of asset and liability maturities in an effort to control the effects of changes in the general level of interest rates on net interest income. Except for its effect on the general level of interest rates, inflation does not have a material impact on the balance sheet due to the rate variability and short-term maturities of its earning assets. In particular, approximately 45.8% of earning assets mature or reprice within one year or less. Mortgage loans, generally our loan category with the longest maturity, are usually made with fifteen to thirty year maturities, but a portion is at a variable interest rate with an adjustment between origination date and maturity date.
The following table sets forth the distribution of the repricing of our interest-earning assets and interest-bearing liabilities as of December 31, 2025, the interest rate sensitivity gap (i.e., interest rate sensitive assets minus interest rate sensitive liabilities), the cumulative interest rate sensitivity gap, the interest rate sensitivity gap ratio (i.e., interest rate sensitive assets divided by interest rate sensitive liabilities) and the cumulative interest rate sensitivity gap ratio. The table also sets forth the time periods in which earning assets and liabilities will mature or may reprice in accordance with their contractual terms. However, the table does not necessarily indicate the impact of general interest rate movements on the net interest margin since the repricing of various categories of assets and liabilities is subject to competitive pressures and the needs of our customers. In addition, various assets and liabilities indicated as repricing within the same period may in fact reprice at different times within such period and at different rates.
December 31, 2025
Maturing or Repricing Within
(dollars in thousands) Zero to
Three
Months 		Three
Months to
One Year 		One to
Five
Years 		Over
Five
Years 		Total
Interest-earning assets:
Interest-bearing deposits in banks $ 835,113 $ - $ - $ - $ 835,113
Investment securities 1,487 249,974 663,338 1,495,616 2,410,415
Loans held for sale 623,152 - - - 623,152
Loans 7,720,339 2,200,847 6,392,449 5,199,887 21,513,522
9,180,091 2,450,821 7,055,787 6,695,503 25,382,202
Interest-bearing liabilities:
Interest-bearing demand deposits 4,130,070 - - - 4,130,070
Money market deposit accounts 7,561,533 - - - 7,561,533
Savings 758,937 - - - 758,937
Time deposits 2,079,947 1,331,602 87,666 95 3,499,310
FHLB advances 515,000 - 32,293 838 548,131
Other borrowings 9,908 - - - 9,908
Trust preferred securities 134,302 - - - 134,302
15,189,697 1,331,602 119,959 933 16,642,191
Interest rate sensitivity gap $ (6,009,606) $ 1,119,219 $ 6,935,828 $ 6,694,570 $ 8,740,011
Cumulative interest rate sensitivity gap $ (6,009,606) $ (4,890,387) $ 2,045,441 $ 8,740,011
Interest rate sensitivity gap ratio 0.60 1.84 58.82 7,176.32
Cumulative interest rate sensitivity gap ratio 0.60 0.70 1.12 1.53
INVESTMENT PORTFOLIO
Following is a summary of the carrying value of debt securities available-for-sale as of the end of each reported period:
December 31,
(dollars in thousands) 2025 2024
U.S. Treasuries $ 660,625 $ 796,464
U.S. government-sponsored agencies - 994
State, county and municipal securities 19,061 24,740
Corporate debt securities 5,875 10,283
SBA pool securities 12,208 70,482
Mortgage-backed securities 1,509,404 768,297
Total debt securities available-for-sale $ 2,207,173 $ 1,671,260
Following is a summary of the carrying value of debt securities held-to-maturity as of the end of each reported period:
December 31,
(dollars in thousands) 2025 2024
State, county and municipal securities $ 33,414 $ 33,623
Mortgage-backed securities 169,828 131,054
Total debt securities held-to-maturity $ 203,242 $ 164,677
The amounts of securities available-for-sale and held-to-maturity in each category as of December 31, 2025 are shown in the following table according to contractual maturity classifications: (i) one year or less, (ii) after one year through five years, (iii) after five years through ten years and (iv) after ten years.
Securities available-for-sale (1) U.S. Treasuries State, County and
Municipal Securities 		Corporate Debt
Securities
(dollars in thousands) Amount
Yield
(2)
Amount
Yield
(2)(3)
Amount
Yield
(2)
One year or less $ 220,885 4.29 % $ 2,406 3.52 % $ 501 5.31 %
After one year through five years 388,941 3.47 % 9,702 4.06 % 3,421 5.13 %
After five years through ten years 50,799 4.36 % 6,953 3.94 % 500 4.60 %
After ten years - - % - - % 1,453 7.55 %
$ 660,625 3.81 % $ 19,061 3.95 % $ 5,875 5.82 %
Securities available-for-sale (1) SBA Pool Securities Mortgage-backed Securities
Amount
Yield
(2)
Amount
Yield
(2)
One year or less $ 664 1.85 % $ 18,766 2.47 %
After one year through five years 865 3.44 % 221,974 3.28 %
After five years through ten years 9,632 2.60 % 205,176 4.61 %
After ten years 1,047 5.30 % 1,063,488 4.44 %
$ 12,208 2.85 % $ 1,509,404 4.27 %
Securities held-to-maturity (1) State, County and
Municipal Securities 		Mortgage-backed Securities
Amount
Yield
(2)(3)
Amount
Yield
(2)
One year or less $ - - % $ 8,239 1.00 %
After one year through five years - - % 38,435 4.14 %
After five years through ten years - - % 72,066 2.93 %
After ten years 33,414 3.94 % 51,088 3.48 %
$ 33,414 3.94 % $ 169,828 3.28 %
(1)The amortized cost and fair value of debt securities 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%.
The investment portfolio includes securities which are classified as available-for-sale and recorded at fair value with unrealized gains and losses excluded from earnings and reported in accumulated other comprehensive income, net of the related deferred tax effect. Securities classified as held-to-maturity are recorded at amortized cost.
The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the 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.
DEPOSITS
We rely on deposits by our customers as the primary source of funds for the continued growth of our loan and investment securities portfolios. Customer deposits are categorized as either noninterest-bearing deposits or interest-bearing deposits.
Noninterest-bearing deposits (or demand deposits) are transaction accounts that provide us with "interest-free" sources of funds. Interest-bearing deposits include NOW, money market, savings and time deposits.
During 2025, total deposits increased $653.5 million, or 3.0%, to $22.38 billion at December 31, 2025, compared with $21.72 billion at December 31, 2024. Total interest-bearing deposits increased $725.7 million, or 4.8%, to $15.95 billion at December 31, 2025, driven by an increase of $418.2 million in money market accounts, an increase in brokered time deposits of $394.9 million and an increase in NOW deposits of $46.3 million, partially offset by a decrease in retail time deposits of $128.3 million. Non-interest bearing deposits decreased $72.1 million, or 1.1%, to $6.43 billion at December 31, 2025.
Average amount of various deposit classes and the average rates paid thereon are presented below.
Year Ended December 31,
2025 2024
(dollars in thousands) Amount Rate Amount Rate
Noninterest-bearing demand $ 6,702,448 - % $ 6,567,855 - %
NOW 3,970,399 1.84 3,824,094 2.12
Money market 7,039,768 3.02 6,395,883 3.61
Savings 761,027 0.42 776,273 0.49
Retail time deposits 2,374,589 3.66 2,440,891 4.21
Brokered time deposits 1,107,577 4.34 1,274,933 5.17
Total deposits $ 21,955,808 1.93 % $ 21,279,929 2.28 %
At December 31, 2025, the Company had brokered deposits of $1.2 billion. The amounts of time certificates of deposit issued in amounts of more than $250,000 as of December 31, 2025, are shown below by category, which is based on time remaining until maturity of (i) three months or less, (ii) over three through six months, (iii) over six months through one year and (iv) over one year.
(dollars in thousands) December 31, 2025
Three months or less $ 329,882
Over three months through six months 211,680
Over six months through one year 237,618
Over one year 12,133
Total $ 791,313
As of December 31, 2025 and 2024, the Company had estimated uninsured deposits of $10.67 billion and $10.24 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.76 billion, or 35.2%, of the uninsured deposits at December 31, 2025 were for municipalities which are collateralized with investment securities or letters of credit.
OFF-BALANCE-SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS
In the ordinary course of business, our Bank has granted commitments to extend credit to approved customers. Generally, these commitments to extend credit have been granted on a temporary basis for seasonal or inventory requirements or for construction period financing and have been approved within the Bank's credit guidelines. Our Bank has also granted commitments to approved customers for financial standby letters of credit. These commitments are recorded in the financial statements when funds are disbursed or the financial instruments become payable. The Bank uses the same credit policies for these off-balance-sheet commitments as it does for financial instruments that are recorded in the consolidated financial statements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitment amounts expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
The following table summarizes commitments outstanding at December 31, 2025 and 2024.
December 31,
(dollars in thousands) 2025 2024
Commitments to extend credit $ 4,054,259 $ 3,578,227
Unused home equity lines of credit 451,886 437,304
Financial standby letters of credit 69,796 39,507
Mortgage interest rate lock commitments 201,806 192,528
Mortgage forward contracts with positive fair value - notional amount - 1,153,717
Mortgage forward contracts with negative fair value - notional amount 1,288,637 -
$ 6,066,384 $ 5,401,283
As of December 31, 2025, letters of credit issued by the Federal Home Loan Bank totaling $1.33 billion were used to guarantee the Bank's performance related to a portion of its public fund deposit balances.
The following table sets forth certain information about contractual cash obligations as of December 31, 2025.
Payments Due After December 31, 2025
(dollars in thousands) Total 1 Year
or Less 		1-3
Years 		4-5
Years 		>5
Years
Deposits without a stated maturity $ 18,876,685 $ 18,876,685 $ - $ - $ -
Time certificates of deposit 3,499,310 3,411,548 67,632 20,035 95
Other borrowings 557,942 524,908 15,000 17,200 834
Subordinated deferrable interest debentures 154,390 - - - 154,390
Operating lease obligations 54,703 10,342 16,899 12,360 15,102
Total contractual cash obligations $ 23,143,030 $ 22,823,483 $ 99,531 $ 49,595 $ 170,421
At December 31, 2025, estimated costs to complete construction projects in progress and other binding commitments for capital expenditures were not a material amount.
CAPITAL ADEQUACY
Capital Regulations
The capital resources of the Company are monitored on a periodic basis by state and federal regulatory authorities. During 2025, the Company's capital increased $324.5 million, primarily due to net income of $412.2 million, which was partially offset by the cash dividends declared on common shares of $55.2 million and share repurchases of $83.6 million. During 2024, the Company's capital increased $324.8 million, primarily due to net income of $358.7 million, which was partially offset by the cash dividends declared on common shares of $45.2 million and share repurchases of $8.0 million. For both 2025 and 2024, other capital related transactions, such as share-based compensation and issuances of shares of restricted stock accounted for only a small change in the capital of the Company.
Under the regulatory capital frameworks adopted by the Federal Reserve and the FDIC, Ameris 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%. Ameris 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.
The following table summarizes the regulatory capital levels of Ameris at December 31, 2025.
Actual Required Excess
(dollars in thousands) Amount Percent Amount Percent Amount Percent
Tier 1 Leverage Ratio(tier 1 capital to average assets)
Consolidated $ 3,011,392 11.44 % $ 1,053,114 4.00 % $ 1,958,278 7.44 %
Ameris Bank $ 3,069,893 11.67 % $ 1,052,050 4.00 % $ 2,017,843 7.67 %
CET1 Ratio(common equity tier 1 capital to risk weighted assets)
Consolidated $ 3,011,392 13.17 % $ 1,600,901 7.00 % $ 1,410,491 6.17 %
Ameris Bank $ 3,069,893 13.43 % $ 1,599,534 7.00 % $ 1,470,359 6.43 %
Tier 1 Capital Ratio(tier 1 capital to risk weighted assets)
Consolidated $ 3,011,392 13.17 % $ 1,943,952 8.50 % $ 1,067,440 4.67 %
Ameris Bank $ 3,069,893 13.43 % $ 1,942,291 8.50 % $ 1,127,602 4.93 %
Total Capital Ratio(total capital to risk weighted assets)
Consolidated $ 3,432,992 15.01 % $ 2,401,352 10.50 % $ 1,031,640 4.51 %
Ameris Bank $ 3,356,950 14.69 % $ 2,399,301 10.50 % $ 957,649 4.19 %
The required CET1 Ratio, Tier 1 Capital Ratio, and the Total Capital Ratio reflected in the table above include a capital conservation buffer of 2.50%.
INFLATION
The consolidated financial statements and related consolidated financial data presented herein have been prepared in accordance with GAAP and practices within the banking industry which require the measurement of financial position and operating results in terms of historical dollars without considering the changes in the relative purchasing power of money over time due to inflation. Unlike most industrial companies, virtually all the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more significant impact on a financial institution's performance than the effects of general levels of inflation.
QUARTERLY FINANCIAL INFORMATION
The following table sets forth certain consolidated quarterly financial information of the Company. This information is derived from unaudited consolidated financial statements, which include, in the opinion of management, all normal recurring adjustments which management considers necessary for a fair presentation of the results for such periods.
Three Months Ended
(dollars in thousands, except per share data) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025
Selected Income Statement Data:
Interest income $ 358,063 $ 355,046 $ 347,638 $ 333,778
Interest expense 112,756 117,082 115,825 111,939
Net interest income 245,307 237,964 231,813 221,839
Provision for credit losses 22,950 22,630 2,772 21,892
Net interest income after provision for credit losses 222,357 215,334 229,041 199,947
Noninterest income 61,827 76,274 68,911 64,023
Noninterest expense 143,090 154,566 155,260 151,034
Income before income taxes 141,094 137,042 142,692 112,936
Income tax 32,738 31,013 32,858 25,001
Net income $ 108,356 $ 106,029 $ 109,834 $ 87,935
Per Share Data:
Basic earnings per common share $ 1.59 $ 1.55 $ 1.60 $ 1.28
Diluted earnings per common share 1.59 1.54 1.60 1.27
Common dividends - cash 0.20 0.20 0.20 0.20
Three Months Ended
(dollars in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Selected Income Statement Data:
Interest income $ 346,363 $ 355,146 $ 347,323 $ 329,452
Interest expense 124,542 141,086 135,402 128,064
Net interest income 221,821 214,060 211,921 201,388
Provision for credit losses 12,808 6,107 18,773 21,105
Net interest income after provision for credit losses 209,013 207,953 193,148 180,283
Noninterest income 68,959 69,709 88,711 65,878
Noninterest expense 151,949 151,777 155,357 148,711
Income before income taxes 126,023 125,885 126,502 97,450
Income tax 31,647 26,673 35,717 23,138
Net income $ 94,376 $ 99,212 $ 90,785 $ 74,312
Per Share Data:
Basic earnings per common share $ 1.37 $ 1.44 $ 1.32 $ 1.08
Diluted earnings per common share 1.37 1.44 1.32 1.08
Common dividends - cash 0.20 0.15 0.15 0.15
Ameris Bancorp published this content on February 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 26, 2026 at 20:45 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]