Ameris Bancorp Announces First Quarter 2025 Financial Results

Highlights of Ameris’s results for the first quarter of 2025 include the following:

Net income of $87.9 million, or $1.27 per diluted share Return on average assets ("ROA") of 1.36% Tangible book value(1) growth of $1.19 per share, or 12.5% annualized, to $39.78 at March 31, 2025 TCE ratio(1) of 10.78%, compared with 9.71% one year ago Net interest margin (TE) expansion of 9bps to 3.73% for the first quarter of 2025 Continued growth in noninterest bearing deposits, now representing 30.8% of total deposits Efficiency ratio of 52.83% Increase in the allowance for credit losses to 1.67% of loans, from 1.63% at December 31, 2024 Annualized net charge-offs of 0.18% of average total loans

ATLANTA, April 28, 2025--(BUSINESS WIRE)--Ameris Bancorp (NYSE: ABCB) (the "Company") today reported net income of $87.9 million, or $1.27 per diluted share, for the quarter ended March 31, 2025, compared with $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, "Our first quarter performance showed a strong start for 2025 for Ameris. Results included 12.5% annualized tangible book value growth, a nine basis point increase in our margin, noninterest-bearing deposit growth to 30.8% of total deposits and continued above peer return metrics. We continued to build capital with TCE growing to 10.8% of tangible assets, and strengthened our allowance for credit losses to 1.67% of total loans. While economic uncertainty is currently high, Ameris will control what it can by focusing on our customers and prioritizing discipline in balance sheet management and operational efficiency. Our strong core deposit base, healthy net interest margin and continued focus on shareholder value, paired with the growth potential in our attractive Southeast markets, position us well for continued success over the years ahead."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $222.8 million in the first quarter of 2025, unchanged from last quarter and an increase of $20.4 million, or 10.1%, compared with the first quarter of 2024. The Company's net interest margin expanded to 3.73% for the first quarter of 2025, a nine basis point increase from 3.64% reported for the fourth quarter of 2024 and a 22 basis point improvement from the 3.51% reported for the first quarter of 2024. The increase in net interest margin is primarily attributable to decreased deposit costs.

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Yields on earning assets decreased six basis points during the quarter to 5.61%, compared with 5.67% in the fourth quarter of 2024. This decrease is primarily related to a decrease in yields on loans from 5.87% for the fourth quarter of 2024 to 5.82% during the first quarter of 2025. Compared with the first quarter of 2024, loan yields decreased 10 basis points from 5.92%. Yields on earning assets decreased 12 basis points from 5.73% compared with the first quarter of 2024.

The Company’s total cost of funds was 2.06% in the first quarter of 2025, a decrease of 16 and 35 basis points compared with the fourth quarter of 2024 and first quarter of 2024, respectively. Deposit costs decreased 14 basis points during the first quarter of 2025 to 1.98%, compared with 2.12% in the fourth quarter of 2024. Costs of interest-bearing deposits decreased during the quarter from 3.06% in the fourth quarter of 2024 to 2.83% in the first quarter of 2025, reflecting a decrease in brokered deposit account balances and costs, as well as money market account costs.

Noninterest Income

Noninterest income decreased $4.9 million, or 7.2%, in the first quarter of 2025 to $64.0 million, compared with $69.0 million for the fourth quarter of 2024, primarily as a result of a decrease in gains on sale of SBA loans. Mortgage banking activity decreased by $1.4 million, or 3.9%, to $35.3 million in the first quarter of 2025, compared with $36.7 million for the fourth quarter of 2025. Total production in the retail mortgage division seasonally declined $302.4 million, or 24.5%, to $933.0 million in the first quarter of 2025, compared with $1.24 billion for the fourth quarter of 2024. The retail mortgage open pipeline was $771.6 million at the end of the first quarter of 2025, compared with $638.5 million for the fourth quarter of 2024. Gain on sale spreads decreased to 2.17% in the first quarter of 2025 from 2.40% for the fourth quarter of 2024.

Other noninterest income decreased $3.8 million, or 32.9%, in the first quarter of 2025 to $7.8 million, compared with $11.6 million for the fourth quarter of 2024. This decrease primarily resulted from decreases of $3.2 million and $889,000 in gain on sale of SBA loans and customer swap income, respectively.

Noninterest Expense

The Company has remained disciplined on expense control, such that noninterest expense was down $915,000 to $151.0 million during the first quarter of 2025, compared with $151.9 million for the fourth quarter of 2024. Salaries and employee benefits during the first quarter of 2025 included cyclical increases in payroll tax and 401(k) expenses totaling $5.2 million, offset by reductions in incentives and mortgage commissions tied to production. Management continues to focus on operating efficiency, and the efficiency ratio was 52.83% in the first quarter of 2025, compared with 52.26% in the fourth quarter of 2024 and 55.64% in the first quarter of 2024.

Income Tax Expense

The Company's effective tax rate for the first quarter of 2025 was 22.1%, compared with 25.1% for the fourth quarter of 2024. The decreased rate resulted primarily from a return to provision adjustment made when the Company filed its 2023 income tax returns in the fourth quarter of 2024 with no such adjustment in the first quarter of 2025.

Balance Sheet Trends

Total assets at March 31, 2025 were $26.51 billion, compared with $26.26 billion at December 31, 2024. Debt securities available-for-sale increased to $1.94 billion, compared with $1.67 billion at December 31, 2024. Loans, net of unearned income, decreased slightly by $33.3 million, or 0.2%, to $20.71 billion at March 31, 2025, compared with $20.74 billion at December 31, 2024. Loans held for sale increased to $545.4 million at March 31, 2025 from $528.6 million at December 31, 2024.

At March 31, 2025, total deposits amounted to $21.91 billion, compared with $21.72 billion at December 31, 2024. During the first quarter of 2025, deposits increased $190.0 million, with seasonal outflows of public funds totaling $405.9 million, brokered CDs increasing $246.8 million and the remaining (non-brokered, non-public funds) increasing $349.1 million. Noninterest bearing accounts increased $246.5 million, CDs increased $249.0 million and savings accounts increased $9.9 million, with such increases offset in part by money market accounts decreasing $256.9 million and a $58.5 million decrease in interest bearing demand accounts. Noninterest bearing accounts as a percentage of total deposits increased, such that at March 31, 2025, noninterest bearing deposit accounts represented $6.74 billion, or 30.8% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024.

Shareholders’ equity at March 31, 2025 totaled $3.82 billion, an increase of $72.3 million, or 1.9%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $87.9 million during the first quarter of 2025, partially offset by dividends declared, share repurchases and an improvement in other comprehensive loss of $15.7 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share(1) increased $1.19 per share, or 12.5% annualized, during the first quarter of 2025 to $39.78 at March 31, 2025. Tangible common equity as a percentage of tangible assets was 10.78% at March 31, 2025, compared with 10.59% at the end of 2024. The Company repurchased 253,400 shares in the quarter ending March 31, 2025.

Credit Quality

During the first quarter of 2025, the Company recorded a provision for credit losses of $21.9 million, compared with a provision of $12.8 million in the fourth quarter of 2024. The allowance for credit losses on loans increased to 1.67% of loans at March 31, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets decreased three basis points to 0.44% during the quarter. Approximately $13.4 million, or 11.6%, of the nonperforming assets at March 31, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets decreased four basis points to 0.38% at March 31, 2025, compared with 0.42% at the end of the fourth quarter of 2024. The net charge-off ratio was 18 basis points for the first quarter of 2025, compared with 17 basis points in the fourth quarter of 2024.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, April 29, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until May 6, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 5049412. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $26.5 billion in assets as of March 31, 2025, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

(1) Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D.

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behavior of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations on credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeover; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Financial Highlights Table 1 Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands except per share data)  2025    2024    2024    2024    2024  EARNINGS  Net income $ 87,935   $ 94,376   $ 99,212   $ 90,785   $ 74,312  Adjusted net income(1) $ 88,044   $ 95,078   $ 95,187   $ 80,763   $ 75,612   COMMON SHARE DATA  Earnings per share available to common shareholders  Basic $ 1.28   $ 1.37   $ 1.44   $ 1.32   $ 1.08  Diluted $ 1.27   $ 1.37   $ 1.44   $ 1.32   $ 1.08  Adjusted diluted EPS(1) $ 1.28   $ 1.38   $ 1.38   $ 1.17   $ 1.10  Cash dividends per share $ 0.20   $ 0.15   $ 0.15   $ 0.15   $ 0.15  Book value per share (period end) $ 55.49   $ 54.32   $ 53.30   $ 51.64   $ 50.42  Tangible book value per share (period end)(1) $ 39.78   $ 38.59   $ 37.51   $ 35.79   $ 34.52  Weighted average number of shares  Basic  68,785,458    68,799,464    68,798,093    68,824,150    68,808,393  Diluted  69,030,331    69,128,946    69,066,298    69,013,834    69,014,116  Period end number of shares  68,910,924    69,068,609    69,067,019    69,066,573    69,115,263  Market data  High intraday price $ 68.85   $ 74.56   $ 65.40   $ 51.18   $ 53.99  Low intraday price $ 55.32   $ 59.12   $ 48.21   $ 44.23   $ 44.00  Period end closing price $ 57.57   $ 62.57   $ 62.39   $ 50.35   $ 48.38  Average daily volume  430,737    384,406    379,896    301,784    407,898   PERFORMANCE RATIOS  Return on average assets  1.36 %   1.42 %   1.49 %   1.41 %   1.18 % Adjusted return on average assets(1)  1.36 %   1.43 %   1.43 %   1.25 %   1.20 % Return on average common equity  9.39 %   10.09 %   10.91 %   10.34 %   8.63 % Adjusted return on average tangible common equity(1)  13.16 %   14.37 %   14.99 %   13.35 %   12.88 % Earning asset yield (TE)  5.61 %   5.67 %   5.81 %   5.86 %   5.73 % Total cost of funds  2.06 %   2.22 %   2.50 %   2.48 %   2.41 % Net interest margin (TE)  3.73 %   3.64 %   3.51 %   3.58 %   3.51 % Efficiency ratio  52.83 %   52.26 %   53.49 %   51.68 %   55.64 % Adjusted efficiency ratio (TE)(1)  52.62 %   51.82 %   54.25 %   55.00 %   54.56 %  CAPITAL ADEQUACY (period end)  Shareholders' equity to assets  14.42 %   14.28 %   13.94 %   13.45 %   13.58 % Tangible common equity to tangible assets(1)  10.78 %   10.59 %   10.24 %   9.72 %   9.71 %  OTHER DATA (period end)  Full time equivalent employees  Banking Division  2,045    2,021    2,056    2,073    2,082  Retail Mortgage Division  577    585    592    595    596  Warehouse Lending Division  7    8    9    9    8  Premium Finance Division  81    77    76    74    73  Total Ameris Bancorp FTE headcount  2,710    2,691    2,733    2,751    2,759   Branch locations  164    164    164    164    164  Deposits per branch location $ 133,612   $ 132,454   $ 133,410   $ 130,757   $ 128,033   (1)Considered non-GAAP financial measure - See reconciliation of GAAP to non-GAAP financial measures in tables 9A - 9D

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Income Statement Table 2 Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands except per share data) 2025  2024    2024    2024    2024  Interest income  Interest and fees on loans $ 304,168  $ 318,843   $ 325,622   $ 317,664   $ 303,393  Interest on taxable securities  18,492   15,923    15,555    16,948    13,092  Interest on nontaxable securities  329   337    336    335    330  Interest on deposits in other banks  10,789   11,260    13,633    12,376    12,637  Total interest income  333,778   346,363    355,146    347,323    329,452   Interest expense  Interest on deposits  105,215   115,556    129,698    121,245    118,174  Interest on other borrowings  6,724   8,986    11,388    14,157    9,890  Total interest expense  111,939   124,542    141,086    135,402    128,064   Net interest income  221,839   221,821    214,060    211,921    201,388   Provision for loan losses  16,519   12,657    6,313    25,348    25,523  Provision for unfunded commitments  5,373   148    (204 )   (6,570 )   (4,422 ) Provision for other credit losses  —   3    (2 )   (5 )   4  Provision for credit losses  21,892   12,808    6,107    18,773    21,105  Net interest income after provision for credit losses  199,947   209,013    207,953    193,148    180,283   Noninterest income  Service charges on deposit accounts  13,133   13,544    12,918    12,672    11,759  Mortgage banking activity  35,254   36,699    37,947    46,399    39,430  Other service charges, commissions and fees  1,109   1,182    1,163    1,211    1,202  Gain (loss) on securities  40   (16 )   (8 )   12,335    (7 ) Equipment finance activity  6,698   5,947    5,398    4,983    5,336  Other noninterest income  7,789   11,603    12,291    11,111    8,158  Total noninterest income  64,023   68,959    69,709    88,711    65,878   Noninterest expense  Salaries and employee benefits  86,615   87,810    88,700    88,201    82,930  Occupancy and equipment  10,677   11,624    11,716    12,559    12,885  Data processing and communications expenses  14,855   14,631    15,221    15,193    14,654  Credit resolution-related expenses(1)  765   1,271    (110 )   840    486  Advertising and marketing  2,883   2,730    3,959    3,456    2,467  Amortization of intangible assets  4,103   4,180    4,180    4,407    4,422  Other noninterest expenses  31,136   29,703    28,111    30,701    30,867  Total noninterest expense  151,034   151,949    151,777    155,357    148,711   Income before income tax expense  112,936   126,023    125,885    126,502    97,450  Income tax expense  25,001   31,647    26,673    35,717    23,138  Net income $ 87,935  $ 94,376   $ 99,212   $ 90,785   $ 74,312   Diluted earnings per common share $ 1.27  $ 1.37   $ 1.44   $ 1.32   $ 1.08    (1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Period End Balance Sheet Table 3 Mar  Dec  Sep  Jun  Mar (dollars in thousands)  2025    2024    2024    2024    2024  Assets  Cash and due from banks $ 253,289   $ 244,980   $ 231,515   $ 257,297   $ 235,931  Interest-bearing deposits in banks  1,039,111    975,397    1,127,641    1,104,897    975,321  Debt securities available-for-sale, at fair value  1,943,011    1,671,260    1,441,552    1,531,047    1,414,419  Debt securities held-to-maturity, at amortized cost  173,757    164,677    161,220    148,538    147,022  Other investments  65,630    66,298    63,899    96,613    77,480  Loans held for sale  545,388    528,599    553,379    570,180    364,332   Loans, net of unearned income  20,706,644    20,739,906    20,964,981    20,992,603    20,600,260  Allowance for credit losses  (345,555 )   (338,084 )   (334,457 )   (336,218 )   (320,023 ) Loans, net  20,361,089    20,401,822    20,630,524    20,656,385    20,280,237   Other real estate owned  863    2,433    9,482    2,213    2,158  Premises and equipment, net  207,895    209,460    210,931    213,255    214,801  Goodwill  1,015,646    1,015,646    1,015,646    1,015,646    1,015,646  Other intangible assets, net  66,658    70,761    74,941    79,120    83,527  Cash value of bank owned life insurance  410,890    408,574    460,699    376,458    396,804  Other assets  431,713    502,143    418,353    469,079    447,767  Total assets $ 26,514,940   $ 26,262,050   $ 26,399,782   $ 26,520,728   $ 25,655,445   Liabilities  Deposits  Noninterest-bearing $ 6,744,781   $ 6,498,293   $ 6,670,320   $ 6,649,220   $ 6,538,322  Interest-bearing  15,167,628    15,224,155    15,208,945    14,794,923    14,459,068  Total deposits  21,912,409    21,722,448    21,879,265    21,444,143    20,997,390  Other borrowings  276,744    291,788    346,446    946,413    631,380  Subordinated deferrable interest debentures  132,807    132,309    131,811    131,312    130,814  Other liabilities  369,178    363,983    360,892    432,246    411,123  Total liabilities  22,691,138    22,510,528    22,718,414    22,954,114    22,170,707   Shareholders' Equity  Preferred stock  —    —    —    —    —  Common stock  72,885    72,699    72,698    72,697    72,683  Capital stock  1,961,732    1,958,642    1,954,532    1,950,846    1,948,352  Retained earnings  1,927,489    1,853,428    1,772,989    1,684,218    1,603,832  Accumulated other comprehensive loss, net of tax  (14,430 )   (30,119 )   (15,724 )   (38,020 )   (39,959 ) Treasury stock  (123,874 )   (103,128 )   (103,127 )   (103,127 )   (100,170 ) Total shareholders' equity  3,823,802    3,751,522    3,681,368    3,566,614    3,484,738  Total liabilities and shareholders' equity $ 26,514,940   $ 26,262,050   $ 26,399,782   $ 26,520,728   $ 25,655,445   Other Data  Earning assets $ 24,473,541   $ 24,146,137   $ 24,312,672   $ 24,443,878   $ 23,578,834  Intangible assets  1,082,304    1,086,407    1,090,587    1,094,766    1,099,173  Interest-bearing liabilities  15,577,179    15,648,252    15,687,202    15,872,648    15,221,262  Average assets  26,229,423    26,444,894    26,442,984    25,954,808    25,295,088  Average common shareholders' equity  3,798,149    3,719,888    3,618,052    3,530,869    3,462,871

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Asset Quality Information Table 4 Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands)  2025    2024    2024    2024    2024  Allowance for Credit Losses  Balance at beginning of period $ 368,663   $ 364,885   $ 366,852   $ 357,232   $ 348,727   Provision for loan losses  16,519    12,657    6,313    25,348    25,523  Provision for unfunded commitments  5,373    148    (204 )   (6,570 )   (4,422 ) Provision for other credit losses  —    3    (2 )   (5 )   4  Provision for credit losses  21,892    12,808    6,107    18,773    21,105   Charge-offs  15,383    17,460    15,352    16,845    18,457  Recoveries  6,335    8,430    7,278    7,692    5,857  Net charge-offs (recoveries)  9,048    9,030    8,074    9,153    12,600   Ending balance $ 381,507   $ 368,663   $ 364,885   $ 366,852   $ 357,232   Allowance for loan losses $ 345,555   $ 338,084   $ 334,457   $ 336,218   $ 320,023  Allowance for unfunded commitments  35,883    30,510    30,362    30,566    37,136  Allowance for other credit losses  69    69    66    68    73  Total allowance for credit losses $ 381,507   $ 368,663   $ 364,885   $ 366,852   $ 357,232   Non-Performing Assets  Nonaccrual portfolio loans $ 86,229   $ 90,206   $ 87,339   $ 85,878   $ 80,448  Other real estate owned  863    2,433    9,482    2,213    2,158  Repossessed assets  —    9    19    22    29  Accruing loans delinquent 90 days or more  14,930    17,733    12,234    15,909    15,811  Non-performing portfolio assets $ 102,022   $ 110,381   $ 109,074   $ 104,022   $ 98,446  Serviced GNMA-guaranteed mortgage nonaccrual loans  13,441    12,012    8,168    93,520    84,238  Total non-performing assets $ 115,463   $ 122,393   $ 117,242   $ 197,542   $ 182,684   Asset Quality Ratios  Non-performing portfolio assets as a percent of total assets  0.38 %   0.42 %   0.41 %   0.39 %   0.38 % Total non-performing assets as a percent of total assets  0.44 %   0.47 %   0.44 %   0.74 %   0.71 % Net charge-offs as a percent of average loans (annualized)  0.18 %   0.17 %   0.15 %   0.18 %   0.25 %

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Loan Information Table 5 Mar  Dec  Sep  Jun  Mar (dollars in thousands) 2025  2024  2024  2024  2024 Loans by Type  Commercial and industrial $ 3,075,971  $ 2,953,135  $ 2,949,957  $ 2,860,973  $ 2,758,716 Consumer  213,902   221,735   221,201   234,122   257,015 Mortgage warehouse  891,412   965,053   985,910   1,070,921   891,336 Municipal  429,227   441,408   449,561   454,967   477,567 Premium Finance  1,176,309   1,155,614   1,246,452   1,151,261   998,726 Real estate - construction and development  1,842,431   1,998,506   2,232,114   2,336,987   2,264,346 Real estate - commercial and farmland  8,574,626   8,445,958   8,249,981   8,103,634   8,131,248 Real estate - residential  4,502,766   4,558,497   4,629,805   4,779,738   4,821,306 Total loans $ 20,706,644  $ 20,739,906  $ 20,964,981  $ 20,992,603  $ 20,600,260  Loans by Risk Grade  Pass $ 20,468,496  $ 20,457,340  $ 20,676,342  $ 20,623,416  $ 20,221,302 Other assets especially mentioned  73,783   110,936   124,479   115,477   137,225 Substandard  164,365   171,630   164,160   253,710   241,733 Total loans $ 20,706,644  $ 20,739,906  $ 20,964,981  $ 20,992,603  $ 20,600,260

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Average Balances Table 6 Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands) 2025  2024  2024  2024  2024 Earning Assets  Interest-bearing deposits in banks $ 980,164  $ 899,162  $ 997,308  $ 899,866  $ 923,845 Debt securities - taxable  1,998,226   1,761,984   1,733,418   1,663,841   1,599,705 Debt securities - nontaxable  41,391   41,494   41,496   41,396   41,287 Loans held for sale  565,531   795,904   575,461   491,000   323,351 Loans  20,620,777   20,868,216   21,023,629   20,820,361   20,320,678 Total Earning Assets $ 24,206,089  $ 24,366,760  $ 24,371,312  $ 23,916,464  $ 23,208,866  Deposits  Noninterest-bearing deposits $ 6,522,784  $ 6,684,851  $ 6,622,952  $ 6,558,427  $ 6,403,300 NOW accounts  3,988,458   3,888,404   3,753,528   3,824,538   3,829,977 MMDA  6,911,554   6,864,265   6,508,770   6,251,719   5,952,389 Savings accounts  767,148   761,980   765,909   781,588   795,887 Retail CDs  2,436,974   2,474,804   2,478,875   2,430,416   2,378,678 Brokered CDs  962,768   1,057,808   1,493,352   1,167,174   1,381,382 Total Deposits  21,589,686   21,732,112   21,623,386   21,013,862   20,741,613 Non-Deposit Funding  Federal funds purchased and securities sold under agreements to repurchase  —   —   —   1   — FHLB advances  149,537   215,116   358,332   548,251   219,589 Other borrowings  193,494   279,961   298,073   307,449   308,210 Subordinated deferrable interest debentures  132,544   132,048   131,547   131,050   130,551 Total Non-Deposit Funding  475,575   627,125   787,952   986,751   658,350 Total Funding $ 22,065,261  $ 22,359,237  $ 22,411,338  $ 22,000,613  $ 21,399,963

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Interest Income and Interest Expense (TE) Table 7 Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands) 2025  2024  2024  2024  2024 Interest Income  Interest-bearing deposits in banks $ 10,789  $ 11,260  $ 13,633  $ 12,376  $ 12,637 Debt securities - taxable  18,492   15,923   15,555   16,948   13,092 Debt securities - nontaxable (TE)  416   427   426   423   418 Loans held for sale  9,045   11,853   9,142   8,189   5,348 Loans (TE)  295,964   307,852   317,358   310,347   298,907 Total Earning Assets $ 334,706  $ 347,315  $ 356,114  $ 348,283  $ 330,402  Interest Expense  Interest-Bearing Deposits  NOW accounts $ 18,306  $ 19,099  $ 20,535  $ 21,020  $ 20,574 MMDA  52,261   57,160   61,620   58,332   53,953 Savings accounts  830   850   960   984   986 Retail CDs  23,245   25,610   26,775   25,711   24,576 Brokered CDs  10,573   12,837   19,808   15,198   18,085 Total Interest-Bearing Deposits  105,215   115,556   129,698   121,245   118,174 Non-Deposit Funding  FHLB advances  1,362   2,393   4,443   7,167   2,578 Other borrowings  2,350   3,346   3,514   3,574   3,879 Subordinated deferrable interest debentures  3,012   3,247   3,431   3,416   3,433 Total Non-Deposit Funding  6,724   8,986   11,388   14,157   9,890 Total Interest-Bearing Funding $ 111,939  $ 124,542  $ 141,086  $ 135,402  $ 128,064  Net Interest Income (TE) $ 222,767  $ 222,773  $ 215,028  $ 212,881  $ 202,338

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Yields(1) Table 8 Three Months Ended Mar  Dec  Sep  Jun  Mar 2025   2024   2024   2024   2024  Earning Assets  Interest-bearing deposits in banks 4.46 %  4.98 %  5.44 %  5.53 %  5.50 % Debt securities - taxable 3.75 %  3.60 %  3.57 %  4.10 %  3.29 % Debt securities - nontaxable (TE) 4.08 %  4.09 %  4.08 %  4.11 %  4.07 % Loans held for sale 6.49 %  5.92 %  6.32 %  6.71 %  6.65 % Loans (TE) 5.82 %  5.87 %  6.01 %  6.00 %  5.92 % Total Earning Assets 5.61 %  5.67 %  5.81 %  5.86 %  5.73 %  Interest-Bearing Deposits  NOW accounts 1.86 %  1.95 %  2.18 %  2.21 %  2.16 % MMDA 3.07 %  3.31 %  3.77 %  3.75 %  3.65 % Savings accounts 0.44 %  0.44 %  0.50 %  0.51 %  0.50 % Retail CDs 3.87 %  4.12 %  4.30 %  4.25 %  4.16 % Brokered CDs 4.45 %  4.83 %  5.28 %  5.24 %  5.27 % Total Interest-Bearing Deposits 2.83 %  3.06 %  3.44 %  3.37 %  3.31 % Non-Deposit Funding  Federal funds purchased and securities sold under agreements to repurchase — %  — %  — %  — %  — % FHLB advances 3.69 %  4.43 %  4.93 %  5.26 %  4.72 % Other borrowings 4.93 %  4.75 %  4.69 %  4.68 %  5.06 % Subordinated deferrable interest debentures 9.22 %  9.78 %  10.38 %  10.48 %  10.58 % Total Non-Deposit Funding 5.73 %  5.70 %  5.75 %  5.77 %  6.04 % Total Interest-Bearing Liabilities 2.92 %  3.16 %  3.55 %  3.53 %  3.43 %  Net Interest Spread 2.69 %  2.51 %  2.26 %  2.33 %  2.30 %  Net Interest Margin(2) 3.73 %  3.64 %  3.51 %  3.58 %  3.51 %  Total Cost of Funds(3) 2.06 %  2.22 %  2.50 %  2.48 %  2.41 %  (1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. (2) Rate calculated based on average earning assets. (3) Rate calculated based on total average funding including noninterest-bearing deposits.

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Non-GAAP Reconciliations   Adjusted Net Income Table 9A Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands except per share data)  2025    2024    2024    2024    2024  Net income available to common shareholders $ 87,935   $ 94,376   $ 99,212   $ 90,785   $ 74,312   Adjustment items:  Gain on sale of MSR  14    (536 )   (5,245 )   (4,713 )   —  Gain on conversion of Visa Class B-1 stock  —    —    —    (12,554 )   —  Gain on BOLI proceeds  (11 )   —    —    (466 )   (998 ) FDIC special assessment  138    (559 )   —    (895 )   2,909  Natural disaster expenses  —    400    150    —    —  Loss on disposition of bank premises  —    1,203    —    —    —  Tax effect of adjustment items (Note 1)  (32 )   (107 )   1,070    3,814    (611 ) After tax adjustment items  109    401    (4,025 )   (14,814 )   1,300  Tax expense attributable to BOLI restructuring  —    301    —    4,792    —  Adjusted net income $ 88,044   $ 95,078   $ 95,187   $ 80,763   $ 75,612   Weighted average number of shares - diluted  69,030,331    69,128,946    69,066,298    69,013,834    69,014,116  Net income per diluted share $ 1.27   $ 1.37   $ 1.44   $ 1.32   $ 1.08  Adjusted net income per diluted share $ 1.28   $ 1.38   $ 1.38   $ 1.17   $ 1.10   Average assets $ 26,229,423   $ 26,444,894   $ 26,442,984   $ 25,954,808   $ 25,295,088  Return on average assets  1.36 %   1.42 %   1.49 %   1.41 %   1.18 % Adjusted return on average assets  1.36 %   1.43 %   1.43 %   1.25 %   1.20 %  Average common equity $ 3,798,149   $ 3,719,888   $ 3,618,052   $ 3,530,869   $ 3,462,871  Average tangible common equity $ 2,713,847   $ 2,631,452   $ 2,525,421   $ 2,433,958   $ 2,361,544  Return on average common equity  9.39 %   10.09 %   10.91 %   10.34 %   8.63 % Adjusted return on average tangible common equity  13.16 %   14.37 %   14.99 %   13.35 %   12.88 %  Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Non-GAAP Reconciliations (continued)  Adjusted Efficiency Ratio (TE) Table 9B Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands)  2025    2024    2024    2024    2024  Adjusted Noninterest Expense  Total noninterest expense $ 151,034   $ 151,949   $ 151,777   $ 155,357   $ 148,711  Adjustment items:  FDIC special assessment  (138 )   559    —    895    (2,909 ) Natural disaster expenses  —    (400 )   (150 )   —    —  Loss on disposition of bank premises  —    (1,203 )   —    —    —  Adjusted noninterest expense $ 150,896   $ 150,905   $ 151,627   $ 156,252   $ 145,802   Total Revenue  Net interest income $ 221,839   $ 221,821   $ 214,060   $ 211,921   $ 201,388  Noninterest income  64,023    68,959    69,709    88,711    65,878  Total revenue $ 285,862   $ 290,780   $ 283,769   $ 300,632   $ 267,266   Adjusted Total Revenue  Net interest income (TE) $ 222,767   $ 222,773   $ 215,028   $ 212,881   $ 202,338  Noninterest income  64,023    68,959    69,709    88,711    65,878  Total revenue (TE)  286,790    291,732    284,737    301,592    268,216  Adjustment items:  (Gain) loss on securities  (40 )   16    8    (12,335 )   7  Gain on sale of MSR  14    (536 )   (5,245 )   (4,713 )   —  Gain on BOLI proceeds  (11 )   —    —    (466 )   (998 ) Adjusted total revenue (TE) $ 286,753   $ 291,212   $ 279,500   $ 284,078   $ 267,225   Efficiency ratio  52.83 %   52.26 %   53.49 %   51.68 %   55.64 % Adjusted efficiency ratio (TE)  52.62 %   51.82 %   54.25 %   55.00 %   54.56 %  Tangible Book Value Per Share Table 9C Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands except per share data)  2025    2024    2024    2024    2024  Total shareholders' equity $ 3,823,802   $ 3,751,522   $ 3,681,368   $ 3,566,614   $ 3,484,738  Less:  Goodwill  1,015,646    1,015,646    1,015,646    1,015,646    1,015,646  Other intangibles, net  66,658    70,761    74,941    79,120    83,527  Total tangible shareholders' equity $ 2,741,498   $ 2,665,115   $ 2,590,781   $ 2,471,848   $ 2,385,565   Period end number of shares  68,910,924    69,068,609    69,067,019    69,066,573    69,115,263  Book value per share (period end) $ 55.49   $ 54.32   $ 53.30   $ 51.64   $ 50.42  Tangible book value per share (period end) $ 39.78   $ 38.59   $ 37.51   $ 35.79   $ 34.52

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Non-GAAP Reconciliations (continued)  Tangible Common Equity to Tangible Assets Table 9D Mar  Dec  Sep  Jun  Mar (dollars in thousands except per share data)  2025    2024    2024    2024    2024  Total shareholders' equity $ 3,823,802   $ 3,751,522   $ 3,681,368   $ 3,566,614   $ 3,484,738  Less:  Goodwill  1,015,646    1,015,646    1,015,646    1,015,646    1,015,646  Other intangibles, net  66,658    70,761    74,941    79,120    83,527  Total tangible shareholders' equity $ 2,741,498   $ 2,665,115   $ 2,590,781   $ 2,471,848   $ 2,385,565   Total assets $ 26,514,940   $ 26,262,050   $ 26,399,782   $ 26,520,728   $ 25,655,445  Less:  Goodwill  1,015,646    1,015,646    1,015,646    1,015,646    1,015,646  Other intangibles, net  66,658    70,761    74,941    79,120    83,527  Total tangible assets $ 25,432,636   $ 25,175,643   $ 25,309,195   $ 25,425,962   $ 24,556,272   Equity to Assets  14.42 %   14.28 %   13.94 %   13.45 %   13.58 % Tangible Common Equity to Tangible Assets  10.78 %   10.59 %   10.24 %   9.72 %   9.71 %

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Segment Reporting Table 10 Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands)  2025    2024    2024    2024    2024  Retail Mortgage Division  Net interest income $ 21,844   $ 23,714   $ 23,553   $ 23,742   $ 23,287  Provision for credit losses  5,191    (2,503 )   254    (2,882 )   2,332  Noninterest income  34,729    36,623    41,498    50,145    38,765  Noninterest expense  Salaries and employee benefits  20,995    22,876    23,233    25,254    21,073  Occupancy and equipment expenses  829    951    957    1,008    1,049  Data processing and telecommunications expenses  1,297    1,222    1,184    1,276    1,366  Other noninterest expenses  11,963    12,118    12,164    13,397    12,530  Total noninterest expense  35,084    37,167    37,538    40,935    36,018  Income before income tax expense  16,298    25,673    27,259    35,834    23,702  Income tax expense  3,423    5,391    5,724    7,525    4,978  Net income $ 12,875   $ 20,282   $ 21,535   $ 28,309   $ 18,724   Warehouse Lending Division  Net interest income $ 5,902   $ 6,640   $ 7,812   $ 6,292   $ 6,028  Provision for credit losses  (175 )   (59 )   (170 )   359    145  Noninterest income  554    676    1,765    1,028    740  Noninterest expense  Salaries and employee benefits  552    583    621    1,124    888  Occupancy and equipment expenses  7    6    6    7    7  Data processing and telecommunications expenses  38    44    32    59    25  Other noninterest expenses  270    224    217    298    237  Total noninterest expense  867    857    876    1,488    1,157  Income before income tax expense  5,764    6,518    8,871    5,473    5,466  Income tax expense  1,210    1,369    1,863    1,149    1,148  Net income $ 4,554   $ 5,149   $ 7,008   $ 4,324   $ 4,318   Premium Finance Division  Net interest income $ 9,880   $ 10,390   $ 10,060   $ 8,350   $ 7,605  Provision for credit losses  456    517    457    408    (499 ) Noninterest income  16    13    11    11    10  Noninterest expense  Salaries and employee benefits  2,352    2,029    2,212    1,900    2,053  Occupancy and equipment expenses  37    51    28    70    76  Data processing and telecommunications expenses  129    106    83    102    79  Other noninterest expenses  969    1,173    1,140    1,095    1,028  Total noninterest expense  3,487    3,359    3,463    3,167    3,236  Income before income tax expense  5,953    6,527    6,151    4,786    4,878  Income tax expense  1,214    1,334    1,254    953    984  Net income $ 4,739   $ 5,193   $ 4,897   $ 3,833   $ 3,894

AMERIS BANCORP AND SUBSIDIARIES FINANCIAL TABLES  Segment Reporting (continued) Table 10 Three Months Ended Mar  Dec  Sep  Jun  Mar (dollars in thousands) 2025  2024  2024  2024  2024 Banking Division  Net interest income $ 184,213  $ 181,077  $ 172,635  $ 173,537  $ 164,468 Provision for credit losses  16,420   14,853   5,566   20,888   19,127 Noninterest income  28,724   31,647   26,435   37,527   26,363 Noninterest expense  Salaries and employee benefits  62,716   62,322   62,634   59,923   58,916 Occupancy and equipment expenses  9,804   10,616   10,725   11,474   11,753 Data processing and telecommunications expenses  13,391   13,259   13,922   13,756   13,184 Other noninterest expenses  25,685   24,369   22,619   24,614   24,447 Total noninterest expense  111,596   110,566   109,900   109,767   108,300 Income before income tax expense  84,921   87,305   83,604   80,409   63,404 Income tax expense  19,154   23,553   17,832   26,090   16,028 Net income $ 65,767  $ 63,752  $ 65,772  $ 54,319  $ 47,376  Total Consolidated  Net interest income $ 221,839  $ 221,821  $ 214,060  $ 211,921  $ 201,388 Provision for credit losses  21,892   12,808   6,107   18,773   21,105 Noninterest income  64,023   68,959   69,709   88,711   65,878 Noninterest expense  Salaries and employee benefits  86,615   87,810   88,700   88,201   82,930 Occupancy and equipment expenses  10,677   11,624   11,716   12,559   12,885 Data processing and telecommunications expenses  14,855   14,631   15,221   15,193   14,654 Other noninterest expenses  38,887   37,884   36,140   39,404   38,242 Total noninterest expense  151,034   151,949   151,777   155,357   148,711 Income before income tax expense  112,936   126,023   125,885   126,502   97,450 Income tax expense  25,001   31,647   26,673   35,717   23,138 Net income $ 87,935  $ 94,376  $ 99,212  $ 90,785  $ 74,312

Category: Earnings

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