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What changed in Ameris Bancorp's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Ameris Bancorp's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+279 added−311 removedSource: 10-K (2026-02-26) vs 10-K (2025-02-28)

Top changes in Ameris Bancorp's 2025 10-K

279 paragraphs added · 311 removed · 233 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

62 edited+9 added−32 removed122 unchanged
Biggest changeWhen the request for approval exceeds the authority level of the market or regional credit officer, the approval of the Company’s Chief Credit Officer and/or the Company’s loan committee is required. All new loans or modifications to existing loans in excess of $500,000 are reviewed monthly by the Company’s Credit Administration Department with the lender responsible for the credit.
Biggest changeAll new loans or modifications to existing loans in excess of $500,000 are reviewed monthly by the Company’s Credit Administration Department with the lender responsible for the credit. In addition, our ongoing loan review program subjects the portfolio to sampling and objective review by our ongoing internal loan review process which is independent of the originating loan officer.
Local market presidents and lending officers meet periodically to review all past due loans, the status of large loans and certain other credit or economic related matters. Individual lending officers are responsible for collection of past due amounts and monitoring any changes in the financial status of the borrowers.
Local market presidents and lending officers meet periodically to review all past due loans, the status of large loans and certain other credit or economic related matters. Individual lending officers are responsible for the collection of past due amounts and monitoring any changes in the financial status of the borrowers.
Commercial Real Estate Concentrations Under guidance issued by the federal banking regulators, a financial institution will be considered to have a significant commercial real estate (“CRE”) concentration risk, and will be subject to enhanced supervisory expectations to manage that risk, if (i) total reported loans for construction, land development and other land (“C&D”) represent 100% or more of the institution’s tier 1 capital plus the allowance for credit losses attributable to loans and leases or (ii) total CRE loans represent 14 300% or more of the institution’s tier 1 capital plus the allowance for credit losses attributable to loans and leases and the outstanding balance of the institution’s CRE loan portfolio has increased by 50% or more during the prior 36 months.
Commercial Real Estate Concentrations Under guidance issued by the federal banking regulators, a financial institution will be considered to have a significant commercial real estate (“CRE”) concentration risk, and will be subject to enhanced supervisory expectations to manage that risk, if (i) total reported loans for construction, land development and other land (“C&D”) represent 100% or more of the institution’s tier 1 capital plus the allowance for credit losses attributable to loans and leases or (ii) total CRE loans represent 300% or more of the institution’s tier 1 capital plus the allowance for credit losses attributable to loans and leases and the outstanding balance of the institution’s CRE loan portfolio has increased by 50% or more during the prior 36 months.
In addition, a bank holding company is required to consult with or notify the Federal Reserve prior to purchasing or redeeming its outstanding equity securities in certain circumstances, including if the gross consideration for the purchase or redemption, when aggregated with the net 11 consideration paid by the company for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company's consolidated net worth.
In addition, a bank holding company is required to consult with or notify the Federal Reserve prior to purchasing or redeeming its outstanding equity securities in certain circumstances, including if the gross consideration for the purchase or redemption, when aggregated with the net consideration paid by the company for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company's consolidated net worth.
Management expects that competition will become more intense in the future due to changes in state and federal laws and regulations and the entry of additional bank and non-bank competitors. Further, the industry continues to consolidate, which affects competition by eliminating some regional and local institutions, while strengthening the franchise of acquirers. See “Supervision and Regulation” under this Item.
Management expects that competition will become more intense in the future due to changes in state and federal laws and regulations and the entry of additional bank and non-bank competitors. Further, the industry continues to 8 consolidate, which affects competition by eliminating some regional and local institutions, while strengthening the franchise of acquirers. See “Supervision and Regulation” under this Item.
The CAMELS rating system is a supervisory rating system developed to classify a bank’s overall condition by taking into account capital adequacy, assets, management capability, earnings, liquidity and sensitivity to market and interest rate risk. The methodology that the FDIC uses to calculate assessment 13 amounts is also based on the FDIC’s designated reserve ratio, which is currently 2%.
The CAMELS rating system is a supervisory rating system developed to classify a bank’s overall condition by taking into account capital adequacy, assets, management capability, earnings, liquidity and sensitivity to market and interest rate risk. The methodology that the FDIC uses to calculate assessment amounts is also based on the FDIC’s designated reserve ratio, which is currently 2%.
The importance of having career development discussions and guidance with employees is shared and reinforced during manager training sessions as well, as the Company recognizes these discussions are critical to establishing pathways for career growth. 9 We also focus on creating a culture that acknowledges and respects the various qualities, experiences and perspectives of every teammate.
The importance of having career development discussions and guidance with employees is shared and reinforced during manager training sessions as well, as the Company recognizes these discussions are critical to establishing pathways for career growth. We also focus on creating a culture that acknowledges and respects the various qualities, experiences and perspectives of every teammate.
We aim to establish a workplace where everyone has the opportunity to contribute effectively and maximize their potential. Our objective is to ensure that all teammates, regardless of their background, have equal opportunities for success. We support open communication, teamwork, and active participation from all teammates, representing a wide range of viewpoints and experiences.
We aim to establish a workplace where everyone has the opportunity to contribute effectively and maximize their potential. Our objective is to ensure that all teammates, regardless of their background, have equal opportunities for success. We support open communication, teamwork, and active participation from all teammates, representing a wide range of 9 viewpoints and experiences.
A bank holding company that is well-capitalized, well-managed and not the subject of any unresolved supervisory issues is exempt from this notice requirement. Capital Adequacy Bank holding companies and banks are required to maintain minimum regulatory capital ratios imposed under both federal and state law.
A bank holding company that is well-capitalized, well-managed and not the subject of any unresolved supervisory issues is exempt from this notice requirement. 11 Capital Adequacy Bank holding companies and banks are required to maintain minimum regulatory capital ratios imposed under both federal and state law.
The Gramm-Leach-Bliley Act also provides that, with certain limited exceptions, an institution may not provide such personal information to unaffiliated third parties unless the institution discloses to the customer that such 16 information may be so provided and the customer is given the opportunity to opt out of such disclosure.
The Gramm-Leach-Bliley Act also provides that, with certain limited exceptions, an institution may not provide such personal information to unaffiliated third parties unless the institution discloses to the customer that such information may be so provided and the customer is given the opportunity to opt out of such disclosure.
Our growth historically has been enhanced significantly through both organic growth and acquisitions. We expect to continue to enhance our franchise through prudent acquisition activity when appropriate opportunities arise, and we intend to continue to prioritize organic growth in our business lines as well. BANKING SERVICES Lending Activities General .
Our growth historically has been enhanced significantly through both organic growth and acquisitions. We expect to continue to enhance our franchise through prudent acquisition activity when appropriate opportunities arise, and we intend to continue to prioritize organic growth in our business lines as well. 5 BANKING SERVICES Lending Activities General .
We and the Bank maintain policies, procedures and other internal controls designed to comply with these AML requirements and sanctions programs. Consumer Protection Laws The Bank is subject to a number of federal and state laws designed to protect customers and promote lending to various sectors of the economy and population.
We and the Bank maintain policies, procedures and other internal controls designed to comply with these AML requirements and sanctions programs. 15 Consumer Protection Laws The Bank is subject to a number of federal and state laws designed to protect customers and promote lending to various sectors of the economy and population.
The Company maintains a diversified loan portfolio by providing a broad range of commercial and retail lending services to business entities and individuals. We provide agricultural loans, commercial business loans, commercial and 5 residential real estate construction and mortgage loans, consumer loans, revolving lines of credit and letters of credit.
The Company maintains a diversified loan portfolio by providing a broad range of commercial and retail lending services to business entities and individuals. We provide commercial business loans, commercial and residential real estate construction and mortgage loans, consumer loans, agricultural loans, revolving lines of credit and letters of credit.
Under these 15 laws and regulations, the Bank is required to take steps to prevent the use of the Bank to facilitate the flow of illegal or illicit money, to report large currency transactions and to file suspicious activity reports.
Under these laws and regulations, the Bank is required to take steps to prevent the use of the Bank to facilitate the flow of illegal or illicit money, to report large currency transactions and to file suspicious activity reports.
Launched at the end of 2020, our Leadership Development Program is a self-paced, three-tiered program available to all employees, with coursework specific to leading self, leading others and leading leaders. We believe that effective and meaningful leadership development will further elevate the Company and support us in continuing to attract and retain top talent.
Launched at the end of 2020, our Leadership Development Program is a self-paced, three-tiered program available to all teammates, with coursework specific to leading self, leading others and leading leaders. We believe that effective and meaningful leadership development will further elevate the Company and support us in continuing to attract and retain top talent.
The Company’s executive office is located at 3490 Piedmont Road N.E., Suite 1550, Atlanta, Georgia 30305, our telephone number is (404) 639-6500 and our internet address is www.amerisbank.com. We operate 164 full-service domestic banking offices. We do not operate in any foreign countries.
The Company’s executive office is located at 3490 Piedmont Road N.E., Suite 1550, Atlanta, Georgia 30305, our telephone number is (404) 639-6500 and our internet address is www.amerisbank.com. We operate 163 full-service domestic banking offices. We do not operate in any foreign countries.
The Company participates in the Federal Reserve discount window borrowings program. On September 28, 2020, the Company completed the public offering and sale of $110.0 million in aggregate principal amount of its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030. The subordinated notes were sold to the public at par.
The Company participates in the Federal Reserve discount window borrowing program. On September 28, 2020, the Company completed the public offering and sale of $110.0 million in aggregate principal amount of its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030. The subordinated notes were sold to the public at par.
In addition, the Consumer Financial Protection Bureau (the "CFPB") supervises the Bank with respect to consumer protection laws and regulations. Federal Law Restrictions on the Company’s Activities and Investments As a registered bank holding company, we are subject to regulation under the Bank Holding Company Act (the “BHCA”) and to the supervision, examination and reporting requirements of the Federal Reserve.
In addition, the Consumer Financial Protection Bureau (the “CFPB”) supervises the Bank with respect to consumer protection laws and regulations. Federal Law Restrictions on the Company’s Activities and Investments As a registered bank holding company, we are subject to regulation under the Bank Holding Company Act (the “BHCA”) and to the supervision, examination and reporting requirements of the Federal Reserve.
These deposit accounts have a variety of interest rates and terms and consist of interest-bearing and noninterest-bearing accounts, including 7 commercial and retail checking accounts, regular interest-bearing savings accounts, money market accounts, individual retirement accounts and certificates of deposit. Our Bank obtains most of its deposits from individuals and businesses in its market areas.
These deposit accounts have a variety of interest rates and terms and consist of interest-bearing and noninterest-bearing accounts, including commercial and retail checking accounts, interest-bearing savings accounts, money market accounts, individual retirement accounts and certificates of deposit. Our Bank obtains most of its deposits from individuals and businesses in its market areas.
Also on September 17, 2024, the United States Department of Justice (the “DOJ”) withdrew its 1995 Bank Merger Guidelines and 10 announced that it will instead evaluate the competitive impact of bank mergers using its 2023 Merger Guidelines that the DOJ applies to mergers in all industries.
On September 17, 2024, the United States Department of Justice (the “DOJ”) withdrew its 1995 Bank Merger Guidelines and announced that it will instead evaluate the competitive impact of bank mergers using its 2023 Merger Guidelines that the DOJ applies to mergers in all industries.
The lending officer visits the borrower regularly during the growing season and re-evaluates the loan in light of the borrower’s updated cash flow projections. A portion of our agricultural loans is guaranteed by the Farm Service Agency Guaranteed Loan Program.
The lending officer visits the borrower regularly during the growing season and re-evaluates the loan in light of the borrower’s updated cash flow projections. A portion of our agricultural loans are guaranteed by the Farm Service Agency Guaranteed Loan Program.
Anti-Money Laundering and Sanctions Compliance The Bank Secrecy Act, (the "BSA") the USA PATRIOT Act of 2001 and other federal laws and regulations require financial institutions, among other things, to institute and maintain an effective anti-money laundering (“AML”) program.
Anti-Money Laundering and Sanctions Compliance The Bank Secrecy Act, (the “BSA”) the USA PATRIOT Act of 2001 and other federal laws and regulations require financial institutions, among other things, to institute and maintain an effective anti-money laundering (“AML”) program.
The Company also originates first mortgage residential mortgage loans and generally enters into a commitment to sell these loans in the secondary market. In addition, the Company may buy loan participations or portions of national credits from time to time. We have not made or participated in foreign, energy-related or subprime loans.
The Company also originates first mortgage residential mortgage loans intended for sale and generally enters into a commitment to sell these loans in the secondary market. In addition, the Company may buy loan participations or portions of national credits from time to time. We have not made or participated in foreign, energy-related or subprime loans.
HUMAN CAPITAL At Ameris, we consider our teammates to be our greatest strength. At December 31, 2024, the Company employed 2,691 full-time-equivalent employees, primarily located in our core markets of Georgia, Alabama, Florida, North Carolina and South Carolina. We take pride in listening to our employees, welcoming unique perspectives, supporting personal and professional growth and developing natural strengths.
HUMAN CAPITAL At Ameris, we consider our teammates to be our greatest strength. At December 31, 2025, the Company employed 2,673 full-time-equivalent employees, primarily located in our core markets of Georgia, Alabama, Florida, North Carolina and South Carolina. We take pride in listening to our employees, welcoming unique perspectives, supporting personal and professional growth and developing natural strengths.
All loans are subject to our corporate loan policy and financing guide, which are reviewed annually and updated as needed. Our lending policy requires, among other things, an analysis of the borrower's projected cash flow and ability to service the debt.
All loans are subject to our corporate loan policy and financing guide, which is reviewed annually and updated as 6 needed. Our lending policy requires, among other things, an analysis of the borrower's cash flow and ability to service the debt.
Reports on all purchases, sales, net profits or losses and market appreciation or depreciation of the bond portfolio are reviewed by our board of directors (the “Board”) each quarter. The written investment policy is reviewed annually by the Board and updated as needed.
Reports on purchases, sales, net profits or losses and market appreciation or depreciation of the bond portfolio are provided to our board of directors (the “Board”) each quarter. The written investment policy is reviewed annually by the Board and updated as needed.
Credit Administration We have sought to maintain a comprehensive lending policy that meets the credit needs of each of the communities served by the Bank, including low and moderate-income customers, and to employ lending procedures and policies consistent with this approach.
Credit Administration We seek to maintain a comprehensive lending policy that meets the credit needs of each of the communities served by the Bank, including low and moderate-income customers, and to employ lending procedures and policies consistent with this approach.
Loans that are serviced by others, such as certain residential mortgage loans, are monitored by the Company’s credit officers, although ultimate collection of past due amounts is the responsibility of the servicing agents.
Loans that are serviced by others, such as certain residential mortgage loans, are monitored by the line of business and the Company’s credit officers, although ultimate collection of past due amounts is the responsibility of the servicing agents.
Small Business Administration (the “SBA”). SBA loans are generally underwritten in the same manner as conventional loans generated for the Bank’s portfolio. Periodically, a portion of the loans that are secured by the guaranty of the SBA will be sold in the secondary market.
SBA loans are generally underwritten in the same manner as conventional loans generated for the Bank’s portfolio. Periodically, a portion of the loans that are secured by the guaranty of the SBA will be sold in the secondary market.
At the end of 2024, we had a total of 481 teammates who were enrolled in or completed the program. The development of our employees’ skills and knowledge is critical to the success of the Company.
At the end of 2025, we had a total of 616 teammates who were enrolled in or completed the program. The development of our employees’ skills and knowledge is critical to the success of the Company.
The Company’s securities are held in safekeeping accounts at approved correspondent banks Deposits The Company provides a full range of deposit accounts and services to both retail and commercial customers.
The Company’s securities are held in safekeeping accounts at approved correspondent banks. 7 Deposits The Company provid es a full range of deposit accounts and services to both retail and commercial customers.
Mentor Ameris is the Bank’s formal mentorship program, whereby annually, high potential colleagues are identified as mentees and paired with a selected mentor at the Bank. A total of 26 mentees were selected to participate in the program in 2024. The program is a nine-month commitment that is designed to encourage a lifelong mentee-mentor relationship.
Mentor Ameris is the Bank’s formal mentorship program, whereby annually, high potential colleagues are identified as mentees and paired with a selected mentor at the Bank. A total of 23 mentees were selected to participate in the program in 2025. The program is a twenty-month commitment that is designed to encourage a lifelong mentee-mentor relationship.
At December 31, 2024, the Bank exceeded its minimum capital requirements, inclusive of the capital conservation buffer, with common equity Tier 1 capital, Tier 1 capital and total capital equal to 13.15%, 13.15% and 14.75% of its total risk-weighted assets, respectively, and a Tier 1 leverage ratio of 11.17%, and was “well-capitalized” for prompt corrective action purposes based on the ratios and guidelines described above.
At December 31, 2025, the Bank exceeded its minimum capital requirements, inclusive of the capital conservation buffer, with common equity Tier 1 capital, Tier 1 capital and total capital equal to 13.43%, 13.43% and 14.69% of its total risk-weighted assets, respectively, and a Tier 1 leverage ratio of 11.67%, and was “well-capitalized” for prompt corrective action purposes based on the ratios and guidelines described above.
While the effect of these changes for particular transactions remains unclear, both the Policy Statement and the change in the DOJ’s bank merger antitrust policy may make it more difficult and/or costly for us to obtain regulatory approval for an acquisition or otherwise result in more onerous conditions to obtain approval for an acquisition.
While the effect of this change in the DOJ’s bank merger antitrust policy for particular transactions remains unclear, the change in policy 10 may make it more difficult and/or costly for us to obtain regulatory approval for an acquisition or otherwise result in more onerous conditions to obtain approval for an acquisition.
On November 16, 2023, the FDIC approved a final rule to implement a special assessment to recover the loss to the DIF resulting from the closures of Silicon Valley Bank and Signature Bank.
On November 16, 2023, the FDIC approved a final rule to implement a special assessment over at least eight quarters to recover the loss to the DIF resulting from the closures of Silicon Valley Bank and Signature Bank.
Our community banking philosophy emphasizes personalized service and building broad and deep customer relationships, which has historically provided us with a substantial base of low cost core deposits. Our markets are managed by senior level, experienced decision makers in a decentralized structure that differentiates us from our larger competitors.
Management has pursued this objective through a prudent operating and growth strategy. Our community banking philosophy emphasizes personalized service and building broad and deep customer relationships, which has historically provided us with a substantial base of low-cost core deposits. Our markets are managed by senior level, experienced decision makers in a decentralized structure that differentiates us from our larger competitors.
Under section 22 of the Federal Reserve Act, as implemented by the Federal Reserve’s Regulation O, restrictions also apply to extensions of credit by a bank to its executive officers, directors, principal shareholders and their related interests, and to similar individuals at the holding company or affiliates.
Extensions of credit to an affiliate usually must be over-collateralized. 12 Under Section 22 of the Federal Reserve Act, as implemented by the Federal Reserve’s Regulation O, restrictions also apply to extensions of credit by a bank to its executive officers, directors, principal shareholders and their related interests, and to similar individuals at the holding company or affiliates.
The subordinated notes will mature on October 1, 2030 and through September 30, 2025 will bear a fixed rate of interest of 3.875% per annum. Beginning October 1, 2025, the interest rate on the subordinated notes resets quarterly to a floating rate per annum equal to the then-current three-month SOFR plus 3.753%.
The subordinated notes were scheduled to mature on October 1, 2030 and through September 30, 2025 bore a fixed rate of interest of 3.875% per annum. Beginning October 1, 2025, the interest rate on the subordinated notes was to reset quarterly to a floating rate per annum equal to the then-current three-month SOFR plus 3.753%.
As of December 31, 2024, there was approximately $196.0 million of retained earnings of our Bank available for payment of cash dividends under applicable regulations without obtaining regulatory approval.
As of December 31, 2025, there was approximately $218.8 million of retained earnings of our Bank available for payment of cash dividends under applicable regulations without obtaining regulatory approval.
As of December 31, 2024, our C&D concentration as a percentage of capital totaled 63.3% and our CRE concentration, net of owner-occupied loans, as a percentage of capital totaled 267.9%. Branching The Bank has branch offices in Alabama, Florida, Georgia, North Carolina and South Carolina.
As of December 31, 2025, our C&D concentration as a percentage of capital totaled 43.0% and our CRE concentration, net of owner-occupied loans, as a percentage of capital totaled 261.9%. Branching The Bank has branch offices in Alabama, Florida, Georgia, North Carolina and South Carolina.
There are no such restrictions on a bank that is “well-capitalized.” At December 31, 2024, the Company exceeded its minimum capital requirements, inclusive of the capital conservation buffer, on a consolidated basis with common equity Tier 1 capital, Tier 1 capital and total capital equal to 12.65%, 12.65% and 15.37% of its total risk-weighted assets, respectively, and a Tier 1 leverage ratio of 10.74%.
There are no such restrictions on a bank that is “well-capitalized.” At December 31, 2025, the Company exceeded its minimum capital requirements, inclusive of the capital conservation buffer, on a consolidated basis with common equity Tier 1 capital, Tier 1 capital and total capital equal to 13.17%, 13.17% and 15.01% of its total risk-weighted assets, respectively, and a Tier 1 leverage ratio of 11.44%.
The Bank originates loans outside of our market areas through our national lines of business, including equipment finance, premium finance and government guaranteed lending. We actively market our services to qualified lending customers in both the commercial and consumer sectors.
Our lending policy requires analysis of the borrower’s cash flow and ability to service the debt. The Bank originates loans outside of our market areas through our national lines of business, including equipment finance, premium finance and government guaranteed lending. We actively market our services to qualified lending customers in both the commercial and consumer sectors.
The term “covered transaction” includes the making of a loan to an affiliate, the purchase of assets from an affiliate, the issuance of a guarantee on behalf of an affiliate and several other types of transactions. Extensions of credit to an affiliate usually must be over-collateralized.
The term “covered transaction” includes the making of a loan to an affiliate, the purchase of assets from an affiliate, the issuance of a guarantee on behalf of an affiliate and several other types of transactions.
The Company has long-term subordinated deferrable interest debentures with a net book carrying value of $132.3 million as of December 31, 2024. The majority of these trust preferred securities were assumed as liabilities in previous whole bank acquisitions. The Company may also enter into repurchase agreements.
The Company elected to redeem all the outstanding notes on October 1, 2025. The Company has long-term subordinated deferrable interest debentures with a net book carrying value of $134.3 million as of December 31, 2025. The majority of these trust preferred securities were assumed as liabilities in previous whole bank acquisitions. The Company may also enter into repurchase agreements.
The federal banking agencies have, however, allowed banks to offer combined-balance products and otherwise to offer more favorable terms if a customer obtains two or more traditional bank products. The law authorizes the Federal Reserve to grant additional exceptions by regulation or order.
The federal banking agencies have, however, allowed banks to offer combined-balance products and otherwise to offer more favorable terms if a customer obtains two or more traditional bank products.
The terms of these loans typically range from 12 to 240 months and vary based upon the nature of collateral and size of the loan. These loans are generally secured by various assets owned by the consumer. Agricultural Loans.
Our consumer loans include home improve ment, home equity, loans secured by savings accounts and personal credit lines. The terms of these loans typically range from 12 to 240 months and vary based upon the nature of collateral and size of the loan. These loans are generally secured by various assets owned by the consumer. Agricultural Loans.
At December 31, 2024, we had approximately $26.26 billion in total assets, $21.27 billion in total loans, $21.72 billion in total deposits and $3.75 billion of shareholders’ equity. Our deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation (the “FDIC”).
At December 31, 2025, we had approximately $27.52 billion in total assets, $22.14 billion in total loans, $22.38 billion in total deposits and $4.08 billion of shareholders’ equity. Our deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation (the “FDIC”).
At December 31, 2024, our loan portfolio totaled approximately $21.27 billion, representing approximately 81.0% of our total assets. For additional discussion of our loan portfolio, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Loans.” Commercial Real Estate Loans.
At December 31, 2025, our loan portfolio totaled approximately $22.14 billion, representing approximately 80.5% of our total assets. For additional discussion of our loan portfolio, see “Management’s Discussion and Analysis of Financi al Condition and Results of Operations – Loans.” Commercial Real Estate Loans.
The mortgage-related final rules issued by the CFPB have materially restructured the origination, servicing and securitization of residential mortgages in the United States, and have imposed significant compliance obligations and costs on mortgage lenders, including the Bank. The CFPB has identified certain areas of concern for consumers, including, for example, what the CFPB considers to be excessive and/or unexpected fees.
The mortgage-related final rules issued by the CFPB have materially restructured the origination, servicing and securitization of residential mortgages in the United States, and have imposed significant compliance obligations and costs on mortgage lenders, including the Bank.
Management believes that making such loans helps the local community and also provides Ameris with a source of income and solid future lending relationships as such businesses grow and prosper.
Management believes that making such loans helps the local community and also provides Ameris with a source of income and solid future lending relationships as such businesses grow and prosper. The Company also originates, administers and services commercial insurance premium finance loans made to borrowers throughout the United States. Consumer Loans.
Strategy We seek to increase our presence and grow the “Ameris” brand in the markets that we currently serve in Georgia, Alabama, Florida, North Carolina and South Carolina and in neighboring communities that present attractive opportunities for expansion. Management has pursued this objective through a prudent operating and growth strategy.
Through select lending channels, the Bank also serves consumer and business customers nationwide. Strategy We seek to increase our presence and grow the “Ameris” brand in the markets that we currently serve in Georgia, Alabama, Florida, North Carolina and South Carolina and in neighboring communities that present attractive opportunities for expansion.
After a bank has established branches in a state through an interstate merger transaction, the bank may establish and acquire additional branches at any location in the state where a bank headquartered in that state could have established or acquired branches under applicable federal or state law.
After a bank has established branches in a state through an interstate merger transaction, the bank may establish and acquire additional branches at any location in the state where a bank headquartered in that state could have established or acquired branches under applicable federal or state law. 14 Community Reinvestment Act The Community Reinvestment Act (the “CRA”) requires federal bank regulatory agencies to encourage financial institutions to meet the credit needs of low- and moderate-income borrowers in their local communities.
These approval limits are reviewed annually by the Company and adjusted as needed. All requests for extensions of credit in excess of any of these limits are reviewed by either a market or regional credit officer as appropriate.
All requests for extensions of credit in excess of any of these limits are reviewed by a credit officer as appropriate. When the request for approval exceeds the authority level of the credit officer, the approval of the Company’s Chief Credit Officer and/or the Company’s loan committee is required.
The Company recognized an expense of $11.6 million in the fourth quarter of 2023 related to the special assessment. In the fourth quarter of 2024, the FDIC provided an updated estimated loss to the DIF resulting from the receiverships of approximately $18.9 billion from the original estimate of $16.3 billion.
The FDIC initially determined the amount of the special assessment based on the initial amount of estimated loss to the DIF resulting from the receiverships, and subsequently increased its estimate of the DIF's losses. The Company initially recognized an expense of $11.6 million in the fourth quarter of 2023 related to the special assessment.
Competition is affected by the general availability of lendable funds, general and local economic conditions, current interest rate levels and other factors that are not readily predictable. 8 Competition among providers of financial products and services continues to increase with consumers having the opportunity to select from a growing variety of traditional and nontraditional alternatives, including FinTech firms.
Competition among providers of financial products and services continues to increase with consumers having the opportunity to select from a growing variety of traditional and nontraditional alternatives, including FinTech firms, stablecoin issuers and other non-bank providers of financial services.
Our local market presidents have discretion to approve loans in varying principal amounts up to established limits, and our regional credit officers review and approve loans that exceed such limits. 6 Individual lending authority is assigned by the Company’s Chief Credit Officer, as is the maximum limit of new extensions of credit that may be approved in each market.
The loan policy provides that lending officers and our local market presidents have discretion to approve loans in varying principal amounts up to established limits, and our credit officers review and approve loans that exceed such limits.
In addition, our ongoing loan review program subjects the portfolio to sampling and objective review by our ongoing internal loan review process which is independent of the originating loan officer. Each lending officer has authority to make loans only in the market area in which his or her Bank office is located and its contiguous counties.
Each lending officer has authority to make loans only in the market area in which his or her Bank office is located and its contiguous counties. Occasionally, a credit officer or our loan committee will approve the making of a loan outside the market areas of the Bank, provided the Bank has a prior relationship with the borrower.
The residential real estate mortgage loans that are included in the Company’s loan portfolio are usually owner-occupied and generally amortized over a 20- to 30-year period with three- to five-year maturity or repricing. Commercial and Industrial Loans. Generally, commercial and industrial loans consist of loans made primarily to manufacturers, wholesalers and retailers of goods, service companies, municipalities and other industries.
The residential real estate mortgage loans that are included in the Company’s loan portfolio are usually owner-occupied and generally amortized over a 30-year period and, in the case of adjustable rate loans, repriced after an initial fixed-rate term of five to ten years. Commercial and Industrial Loans.
These loans are made for acquisition, expansion, working capital and equipment financing and may be secured by accounts receivable, inventory, equipment, personal guarantees or other assets. The Company monitors these loans by requesting submission of corporate and personal financial statements and income tax returns. The Company has also generated loans which are guaranteed by the U.S.
The Company monitors these loans by requesting submission of corporate and personal financial statements and income tax returns. The primary repayment risk for commercial loans is the failure of the business due to economic or financial factors. The Company has also generated loans which are guaranteed by the U.S. Small Business Administration (the “SBA”).
Ameris Bank Our principal subsidiary is the Bank, which is headquartered in Atlanta, Georgia and operates branches primarily concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. These branches serve distinct communities in our business areas with autonomy but do so as one bank, leveraging our favorable geographic footprint in an effort to acquire more customers.
Ameris Bank Our principal subsidiary is the Bank, which is headquartered in Atlanta, Georgia and operates financial centers primarily concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina.
We have not varied or altered our underwriting standards in any material respect in response to competitor willingness to do so and in some markets have not been able to experience the growth in loans that we would have preferred.
We have not varied or altered our underwriting standards in any material respect in response to competitor willingness to do so. Competition is affected by the general availability of lendable funds, general and local economic conditions, current interest rate levels and other factors that are not readily predictable.
The Bank Merger Act imposes similar review and approval requirements in connection with acquisitions and mergers involving banks. On September 17, 2024, the FDIC finalized changes to its Statement of Policy on Bank Merger Transactions (the “Policy Statement”), which outlines factors that the FDIC will consider when evaluating a proposed bank merger transaction.
The Bank Merger Act imposes similar review and approval requirements in connection with acquisitions and mergers involving banks.
Removed
During 2021 and 2020, the Company participated in the SBA's Paycheck Protection Program, a temporary product under the SBA's 7(a) loan program created under the Coronavirus Aid, Relief, and Economic Security Act. The primary repayment risk for commercial loans is the failure of the business due to economic or financial factors.
Added
These locations serve distinct communities in our business areas with autonomy but do so as one bank, leveraging our favorable geographic footprint in an effort to acquire and serve more customers. The Bank provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services.
Removed
The Company also originates, administers and services commercial insurance premium finance loans made to borrowers throughout the United States. Consumer Loans. Our consumer loans include home improvement, home equity, motor vehicle, loans secured by savings accounts and personal credit lines.
Added
Generally, commercial and industrial loans consist of loans made primarily to manufacturers, wholesalers and retailers of goods, service companies, municipalities and other industries. These loans are made for acquisition, expansion, working capital and equipment financing and may be secured by accounts receivable, inventory, equipment, personal guarantees or other assets.
Removed
The loan policy provides that lending officers have sole authority to approve loans of various amounts commensurate with their seniority, experience and needs within the market.
Added
Individual lending authority is assigned by the Company’s Chief Credit Officer, as is the maximum limit of new extensions of credit that may be approved in each market. These approval limits are reviewed annually by the Company and adjusted as needed.
Removed
Occasionally, our loan committee will approve making a loan outside of the market areas of the Bank, provided the Bank has a prior relationship with the borrower. Our lending policy requires analysis of the borrower’s projected cash flow and ability to service the debt.
Added
Subsequently, the Company recognized additional expense, or reversal 13 of expense, as the FDIC updated its estimate of the DIF's losses. The FDIC issued a final rule on December 16, 2025, further updating the FDIC’s estimate of losses to the DIF and reducing the final assessment rate for the eighth calendar quarter.
Removed
On December 6, 2019, the Company completed the public offering and sale of $120.0 million in aggregate principal amount of its 4.25% Fixed-To-Floating Rate Subordinated Notes due 2029. The subordinated notes were sold to the public at par.
Added
As a result of the FDIC’s updated estimates, the Company recognized a reduction of expense of $1.1 million in the fourth quarter of 2025 related to the special assessment.
Removed
The subordinated notes were scheduled to mature on December 15, 2029 and through December 14, 2024 bore a fixed rate of interest of 4.25% per annum. Beginning December 15, 2024, the interest rate on the subordinated notes was to reset quarterly to a floating rate per annum equal to the then-current three-month SOFR plus 2.94%.
Added
In October 2023, the federal regulatory agencies issued a joint final rule to revise the CRA regulatory framework. On July 16, 2025, the agencies issued a proposal to rescind the October 2023 final rule and reinstate the CRA framework that existed prior to the October 2023 final rule.
Removed
During 2024 and 2023, the Company repurchased on the open market and redeemed $2.3 million and $12.0 million, respectively, in aggregate principal of the 2029 subordinated notes. The Company elected to redeem all the outstanding notes on December 16, 2024.
Added
The Bank's most recent performance evaluation was conducted using the CRA framework that existed prior to the October 2023 final rule.
Removed
Under a December 2018 final rule, banking organizations may elect to phase in the regulatory capital effects of the current expected credit losses (“CECL”) model, the new accounting standard for credit losses, over three years.
Added
Industry organizations have challenged the final rule in court, and on July 29, 2025, the district court granted a motion by the CFPB to stay the proceedings while the CFPB conducts a rulemaking to revise the final rule 16 substantially.
Removed
In March 2020, the joint federal bank regulatory agencies issued an interim final rule effective March 31, 2020 that allows banking organizations that implemented CECL in 2020 to elect to mitigate the effects of the CECL accounting standard on their regulatory capital for two years.
Added
On August 22, 2025, the CFPB issued an advanced notice of proposed rulemaking to solicit comments and data on several issues as part of a reconsideration of the final rule. On October 29, 2025, the district court issued a preliminary injunction preventing the CFPB from enforcing the final rule until the CFPB has completed its reconsideration of the rule. 17

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

49 edited+16 added−9 removed151 unchanged
Biggest changeFurthermore, our vendors could also be sources of operational and information security risk to us, including from breakdowns or failures of their own systems or capacity constraints. Replacing these third-party vendors could also create significant delay and expense. Accordingly, use of such third parties creates an unavoidable inherent risk to our business operations.
Biggest changeFinancial or operational difficulties of a third-party vendor could also hurt our operations if those difficulties interfere with the vendor's ability to serve us. Furthermore, our vendors could also be sources of operational and information security risk to us, including from breakdowns or failures of their own systems or capacity constraints.
If we are unable to locate suitable acquisition candidates willing to sell on terms acceptable to us, or we are otherwise unable to obtain additional debt or equity financing necessary for us to continue making acquisitions, we would be required to find other methods to grow our business and we may not grow at the same rate we have in the past, or at all.
If we are unable to locate suitable acquisition candidates willing to sell on terms acceptable to us, or we are otherwise unable to obtain additional debt or equity financing necessary for us to continue making acquisitions, we would be required to find other methods to grow our business and may not grow at the same rate we have in the past, or at all.
The nature and timing of any changes in such policies and their effect on Ameris cannot be known at this time, but could adversely affect our results of operations.
The nature and timing of any changes in such policies and their effect on Ameris cannot be known at this time, but any such changes could adversely affect our results of operations.
The integration could result in higher than expected deposit attrition (run-off), loss of key employees, disruption of our business or the business of the acquired company, or otherwise adversely affect our ability to maintain relationships with customers and employees or achieve the anticipated benefits of the acquisition.
The integration could result in higher than expected deposit attrition (run-off), loss of key employees, or disruption of our business or the business of the acquired company, or otherwise adversely affect our ability to maintain relationships with customers and employees or achieve the anticipated benefits of the acquisition.
Disruption in the market for residential mortgage loans as well as declines in real estate values, among other economic variables, could lead to one or more of the following: • rising interest rates causing a decline in mortgage originations, which could negatively impact our earnings; • reductions in real estate values could decrease the potential for mortgage originations, which could negatively impact our earnings; • our inability to sell mortgage loans on the secondary market could negatively impact our liquidity position; • if it is determined that loans were made in breach of our representations and warranties to the secondary market, we could incur significant losses associated with the loans, including requirements to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the anticipated economic benefits of a loan; and • increased compliance requirements could result in higher compliance costs, higher foreclosure proceedings or lower loan origination volume, all which could negatively impact future earnings.
Disruption in the market for residential mortgage loans as well as declines in real estate values, among other economic variables, could lead to one or more of the following: • rising interest rates causing a decline in mortgage originations, which could negatively impact our earnings; • reductions in real estate values could decrease the potential for mortgage originations, which could negatively impact our earnings; • our inability to sell mortgage loans on the secondary market could negatively impact our liquidity position; • if it is determined that loans were made in breach of our representations and warranties to the secondary market, we could incur significant losses associated with the loans, including requirements to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the anticipated economic benefits of a loan; and • increased compliance requirements could result in higher compliance costs, higher foreclosure proceedings or lower loan origination volume, all of which could negatively impact future earnings.
Strategic Risk We are subject to significant industry competition which may have adversely affect our success. We operate in a highly competitive financial services environment, with our profitability dependent upon our ability to compete successfully based on such factors as brand recognition and reputation, client relationships, product offerings, pricing, convenience, technology, accessibility and customer service.
Strategic Risk We are subject to significant industry competition which may adversely affect our success. We operate in a highly competitive financial services environment, with our profitability dependent upon our ability to compete successfully based on such factors as brand recognition and reputation, client relationships, product offerings, pricing, convenience, technology, accessibility and customer service.
Our strategic goals in particular require that we be able to attract qualified and experienced retail and commercial banking officers, mortgage loan officers and lenders in our various business lines, both in our existing markets and those markets in which we may want to expand, who share our relationship banking philosophy and have those customer relationships that will allow us to grow successfully.
Our strategic goals in particular require that we be able to attract qualified and experienced retail and commercial banking officers, mortgage loan 25 officers and lenders in our various business lines, both in our existing markets and those markets in which we may want to expand, who share our relationship banking philosophy and have those customer relationships that will allow us to grow successfully.
In addition, we are required to pay interest on our senior debt, 22 subordinated debt and junior subordinated debentures issued in connection with the Company’s trust preferred securities before we pay any dividends on our Common Stock. Operational Risk Cyberattacks or other security breaches could have a material adverse effect on our business.
In addition, we are required to pay interest on our senior debt, subordinated debt and junior subordinated debentures issued in connection with the Company’s trust preferred securities before we pay any dividends on our Common Stock. Operational Risk Cyberattacks or other security breaches could have a material adverse effect on our business.
The regulators also review current and projected capital ratios and levels, the competence, experience and integrity of management and its record of compliance with laws and 18 regulations, the convenience and needs of the communities to be served (including both institutions’ CRA performance history), and the effectiveness of the acquiring institution in combating money laundering activities.
The regulators also review current and projected capital ratios and levels, the competence, experience and integrity of management and its record of compliance with laws and regulations, the convenience and needs of the communities to be served (including both institutions’ CRA performance history), and the effectiveness of the acquiring institution in combating money laundering activities.
To the extent we are involved in any future cyberattacks or other breaches, our brand and reputation could be affected, which could also have a material adverse effect on our business, financial condition or results of operations. We face risks related to our operational, technological and organizational infrastructure.
To the extent we are involved in any future cyberattacks or other breaches, our brand and reputation could be affected, which could also have a material adverse effect on our business, financial condition or results of operations. 23 We face risks related to our operational, technological and organizational infrastructure.
We also need to attract and retain qualified and experienced technology, risk and back-office personnel to operate our business. Many of our competitors are pursuing the same relationship banking strategy in our markets and are looking to 25 hire and retain qualified technology, risk and back-office personnel, which increases the competition to identify, hire and retain talented employees.
We also need to attract and retain qualified and experienced technology, risk and back-office personnel to operate our business. Many of our competitors are pursuing the same relationship banking strategy in our markets and are looking to hire and retain qualified technology, risk and back-office personnel, which increases the competition to identify, hire and retain talented employees.
In addition, we are heavily dependent on the strength and capability of our technology systems which we use both to interface with our customers and to manage our internal financial 23 and other systems.
In addition, we are heavily dependent on the strength and capability of our technology systems which we use both to interface with our customers and to manage our internal financial and other systems.
We have experienced to some extent many of these risks with our de novo branching to date. Changes in the policies of monetary authorities and other government action could materially adversely affect our profitability. Banking is a business which depends on interest rate differentials for success.
We have experienced to some extent many of these risks with our de novo branching to date. Changes in the policies of monetary authorities and other government action could materially adversely affect our profitability. Banking is a business that depends on interest rate differentials for success.
One of our primary business operations is mortgage banking, in connection with which residential mortgage loans are sold by the Bank in the secondary market under agreements that contain representations and warranties related to, among other things, the origination and characteristics of the mortgage loans.
One of our primary business lines is mortgage banking, in connection with which residential mortgage loans are sold by the Bank in the secondary market under agreements that contain representations and warranties related to, among other things, the origination and characteristics of the mortgage loans.
Failure to adequately manage AI risks can result in erroneous results and decisions made by misinformation, unwanted forms of bias, unauthorized access to sensitive, confidential, proprietary or personal information and violations of applicable laws and regulations, leading to operational inefficiencies, competitive harm, reputational harm, ethical challenges, legal liability, losses, fines and other adverse impacts on our business and financial results.
Failure to adequately manage AI risks can result in erroneous results and decisions based on misinformation, unwanted forms of bias, unauthorized access to sensitive, confidential, proprietary or personal information and violations of applicable laws and regulations, leading to operational inefficiencies, competitive harm, reputational harm, ethical challenges, legal liability, losses, fines and other adverse impacts on our business and financial results.
Generally, we must receive federal regulatory approval before we can acquire a bank or bank holding company. In determining whether to approve a proposed bank acquisition, federal bank regulators will consider, among other factors, the effect of the acquisition on the competition, financial condition and future prospects.
Generally, we must receive federal regulatory approval before we can acquire a bank or bank holding company. In determining whether to approve a proposed bank acquisition, federal bank regulators will consider, among other factors, the effect of the 18 acquisition on the combined entity's competition, financial condition and future prospects.
We engage in acquisitions of other businesses from time to time. These acquisitions may not produce revenue or earnings enhancements or cost savings at levels or within timeframes originally anticipated and may result in unforeseen integration difficulties. When appropriate opportunities arise, we will engage in acquisitions of other businesses.
We engage in acquisitions of other businesses from time to time. These acquisitions may not produce revenue or earnings enhancements or cost savings at levels or within timeframes originally anticipated and may result in unforeseen integration difficulties. When appropriate opportunities arise, we have engaged and will continue to engage in acquisitions of other businesses.
Some of our non-bank competitors are not subject to the same extensive regulations that govern us or the Bank and may have greater flexibility in competing for business. Another competitive factor is that the financial services market, including banking services, continues to undergo rapid changes with frequent introductions of new technology-driven products and services.
Some of our non-bank competitors are not subject to the same extensive regulations that govern us or the Bank and may have greater flexibility in competing for business. Another competitive factor is that the financial services market, including banking services, is undergoing rapid technological changes with frequent introductions of new technology-driven products and services.
Furthermore, as banking organizations experienced in recent years, the failure of other financial institutions may cause deposit outflows as customers spread deposits among several different banks so as to maximize their amount of FDIC insurance, move deposits to banks deemed “too big to fail” or remove deposits from the banking system entirely.
Furthermore, as banking organizations experienced in the Spring of 2023, the failure of other financial institutions may cause deposit outflows as customers spread deposits among several different banks so as to maximize their amount of FDIC insurance, move deposits to banks deemed “too big to fail” or remove deposits from the banking system entirely.
Additionally, information security may be adversely affected by the current or anticipated impact of military conflict, acts of terrorism or other geopolitical events.
Additionally, information security may be adversely affected by the current or anticipated impact of military conflicts, acts of terrorism or other geopolitical events.
Thus, our earnings and growth will be subject to the influence of economic conditions generally, both domestic and foreign, and also to the monetary and fiscal policies of the United States government and its agencies, particularly the Federal Reserve.
Thus, our earnings and growth will be subject to the influence of economic conditions generally and also to the monetary and fiscal policies of the United States government and its agencies, particularly the Federal Reserve.
Rising inflation could cause our operating costs related to salaries and benefits, technology and supplies to increase at a faster pace than our revenues. Recently, inflation has been at a higher level than experienced in many decades, which has increased costs and impacted operations for the Company and many of its customers.
Rising inflation could cause our operating costs related to salaries and benefits, technology and supplies to increase at a faster pace than our revenues. Although inflation has moderated recently, it remains at a higher level than experienced in many decades, which has increased costs and impacted operations for the Company and many of its customers.
As of December 31, 2024, approximately 46.8% of our deposits were uninsured, and we rely on these deposits for liquidity. A failure to maintain adequate liquidity could have a material adverse effect on our business, financial condition and results of operations. 20 We face additional risks due to our mortgage banking activities that could negatively impact our liquidity and earnings.
As of December 31, 2025, approximately 47.7% of our deposits were uninsured, and we rely on these deposits for liquidity. A failure to maintain adequate liquidity could have a material adverse effect on our business, financial condition and results of operations. 20 We face additional risks due to our mortgage banking activities that could negatively impact our liquidity and earnings.
Any increase in the allowance for credit losses on loans, securities and/or off-balance sheet credit exposures will result in a decrease in net income and, possibly, capital, and may have a material adverse effect on our business, financial condition and results of operations.
Any increase in the allowance for credit losses on loans, securities and/or off-balance sheet credit exposures will result in a decrease in net income and, possibly, capital, and may have a material adverse effect on our business, financial condition and results of operations. 21 Unrealized losses in our securities portfolio could affect liquidity.
ITEM 1A. RISK FACTORS An investment in our Common Stock is subject to risks inherent in our business. The material risks and uncertainties that management believes currently affect Ameris are described below.
ITEM 1A. RISK FACTORS An investment in our Common Stock is subject to risks inherent in our business, many of which are beyond our control. The material risks and uncertainties that management believes currently affect Ameris are described below.
Our assets and liabilities are primarily monetary in nature, and as a result, we are subject to significant risks tied to changes in interest rates. Our ability to operate profitably is largely dependent upon net interest income. In 2024, net interest income made up 74.3% of our revenue.
Our assets and liabilities are primarily monetary in nature, and as a result, we are subject to significant risks tied to changes in interest rates. Our ability to operate profitably is largely dependent upon net interest income. In 2025, net interest income made up 77.6% of our revenue.
In recent years, the Company and other large financial institutions have become subject to increased scrutiny, more intense supervision and regulation, and more supervisory findings and actions, with increased operational costs, as well as impacts on geographic expansion and acquisitions.
Over time, the Company and other large financial institutions have generally become subject to increased scrutiny, more intense supervision and regulation, and more supervisory findings and actions, with increased operational costs, as well as impacts on geographic expansion and acquisitions.
The stock price of financial institutions, like Ameris, can be volatile. 29 The volatility in the stock prices of companies in the financial services industry, such as Ameris, may make it more difficult for shareholders to resell our Common Stock at attractive prices in a timely manner.
The volatility in the stock prices of companies in the financial services industry, such as Ameris, may make it more difficult for shareholders to resell our Common Stock at attractive prices in a timely manner.
The financial services industry also continues to face a stricter and more aggressive interpretation and enforcement of laws and regulations at federal, state and local levels, particularly in connection with business 26 and other practices that may harm or appear to harm consumers or affect the financial system more broadly.
The financial services industry has, at times, also faced stricter and more aggressive interpretations and enforcement of laws and regulations at federal, state and local levels, particularly in connection with business and other practices that may harm or appear to harm consumers or affect the financial system more broadly.
Any problems caused by these third parties, including those resulting from disruptions in communication services provided by a vendor, issues at a third-party vendor of a vendor, failure of a vendor to handle current or higher volumes, cyberattacks and security breaches at a vendor, failure of a vendor to provide services for any reason, or poor performance of services, could adversely affect our ability to deliver products and services to our clients and otherwise conduct our business. 24 Financial or operational difficulties of a third-party vendor could also hurt our operations if those difficulties interfere with the vendor's ability to serve us.
Any problems caused by these third parties, including those resulting from disruptions in communication services provided by a vendor, issues at a third-party vendor of a vendor, failure of a vendor to handle current or higher volumes, cyberattacks and security breaches at a vendor, failure of a vendor to provide services for any reason, or poor performance of services, could adversely affect our ability to deliver products and services to our clients and otherwise conduct our business.
Upon the winding up and termination of the Company, holders of our Common Stock will not be entitled to receive any payment or other distribution of assets until after all of our obligations to our debt holders have been satisfied and holders of our senior debt, subordinated debt and junior subordinated debentures issued in connection with trust preferred securities have received any payments and other distributions due to them.
As of December 31, 2025, we had outstanding trust preferred securities and accompanying junior subordinated debentures with a carrying value of $134.3 million. 22 Upon the winding up and termination of the Company, holders of our Common Stock will not be entitled to receive any payment or other distribution of assets until after all of our obligations to our debt holders have been satisfied and holders of our senior debt, subordinated debt and junior subordinated debentures issued in connection with trust preferred securities have received any payments and other distributions due to them.
Additionally, financial markets may be adversely affected by the current or anticipated impact of military conflict, acts of terrorism or other geopolitical events.
Additionally, financial markets may be adversely affected by the current or anticipated impact of military conflict, acts of terrorism or other geopolitical events. 29 The stock price of financial institutions, like Ameris, can be volatile.
General market fluctuations, the potential for breakdowns on electronic trading or other platforms for executing securities transactions, industry factors and general economic and political conditions could also cause our stock price to decrease regardless of operating results. 30 ITEM 1B. UNRESOLVED STAFF COMMENTS None.
General market fluctuations, the potential for breakdowns on electronic trading or other platforms for executing securities transactions, industry factors and general economic and political conditions could also cause our stock price to decrease regardless of operating results. Anti-takeover provisions could negatively impact our shareholders.
We employ detection and response mechanisms designed to contain and mitigate security incidents, but early detection may be thwarted by sophisticated attacks and malware designed to avoid detection. We rely heavily on communications and information systems to conduct our business.
We employ detection and response mechanisms designed to contain and mitigate security incidents, but early detection may be thwarted by sophisticated attacks and malware designed to avoid detection.
Our access to deposits may be negatively impacted by, among other factors, periods of low interest rates or higher interest rates which could promote increased competition for deposits, including from new financial technology competitors, or provide customers with alternative investment options.
Our access to deposits may be negatively impacted by, among other factors, periods of low interest rates or higher interest rates which could promote increased competition for deposits or alternatives to deposits, such as stablecoins or other alternative investment options.
Unrealized losses in our securities portfolio could affect liquidity. 21 As market interest rates have increased, we have experienced unrealized losses on our available for sale securities portfolio. Unrealized losses related to available for sale securities are reflected in accumulated other comprehensive income in our consolidated balance sheets and reduce the level of our book capital and tangible common equity.
With increases in market interest rates, we may experience unrealized losses on our available-for-sale securities portfolio. Any unrealized losses related to available-for-sale securities are reflected in accumulated other comprehensive income in our consolidated balance sheets and reduce the level of our book capital and tangible common equity. However, such unrealized losses do not affect our regulatory capital ratios.
We cannot be certain when or if, or on what terms and conditions, any required regulatory approvals will be granted. We may also be required to sell banks or branches as a condition to receiving regulatory approval, which condition may not be acceptable to us or, if acceptable to us, may reduce the benefits of any acquisition.
We may also be required to sell banks or branches, raise capital and/or take other steps, as a condition to receiving regulatory approval, which condition may not be acceptable to us or, if acceptable to us, may reduce the benefits of any acquisition.
A change in statutes, regulations or regulatory policies applicable to the Company or the Bank could have a material effect on the business of the Company.
A change in statutes, regulations or regulatory policies applicable to the Company or the Bank could have a material effect on the business of the Company. 26 We are subject to extensive regulation and supervision by various federal and state entities.
Any adverse outcome of such a review or audit could have a negative effect on our financial position and results of operations.
We are also subject to audit and review 27 by U.S. federal and state tax authorities. Any adverse outcome of such a review or audit could have a negative effect on our financial position and results of operations.
We rely on dividends from the Bank for most of our revenue. Ameris is a separate and distinct legal entity from its subsidiaries. It receives substantially all of its revenue from dividends from the Bank. These dividends are the principal source of funds to pay dividends on the Common Stock and interest and principal on the Company’s debt.
We rely on dividends from the Bank for most of our revenue. Ameris is a separate and distinct legal entity from its subsidiaries. It receives substantially all of its revenue and cash flow (on a non-consolidated basis) from dividends from the Bank.
Various federal and state laws and regulations limit the amount of dividends that the Bank may pay to the Company. Also, the Company’s right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to the prior claims of the subsidiary’s creditors.
Also, the Company’s right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to the prior claims of the subsidiary’s creditors.
We are also subject to the accounting rules and regulations of the SEC and the Financial Accounting Standards Board. Changes in accounting rules could materially adversely affect the reported financial statements or our results of operations and may also require extraordinary efforts or additional costs to implement.
Changes in accounting rules could materially adversely affect the reported financial statements or our results of operations and may also require extraordinary efforts or additional costs to implement. Any of these rules or regulations may be modified or changed from time to time, and we cannot be assured that such modifications or changes will not adversely affect us.
Our digital services growth initiatives, core technology upgrades and digital asset initiatives constitute specific increases in third-party risk as such initiatives are distinctly dependent on the performance of our third-party partners.
Replacing these third-party vendors could also create significant delay and expense. Accordingly, use of such third parties creates an unavoidable inherent risk to our business operations. Our digital services growth initiatives, core technology upgrades and digital asset initiatives constitute specific increases in third-party risk as such initiatives are distinctly dependent on the performance of our third-party partners.
The taxing authorities in the jurisdictions in which we operate may challenge our tax positions, which could increase our effective tax rate and harm our 27 financial position and results of operations. We are subject to audit and review by U.S. federal and state tax authorities.
We are currently evaluating the impact of the OBBBA on our business and consolidated financial statements. Additionally, the taxing authorities in the jurisdictions in which we operate may challenge our tax positions, which could increase our effective tax rate and harm our financial position and results of operations.
Furthermore, we believe it is unlikely that we would be required to sell any such securities before recovery of their amortized cost bases, which may be at maturity.
We actively monitor our available-for-sale securities portfolio and do not currently anticipate the need to realize material losses from the sale of securities for liquidity purposes. Furthermore, we believe it is unlikely that we would be required to sell any such securities before recovery of their amortized cost bases, which may be at maturity.
We have selected these third-party vendors carefully and have conducted the due diligence consistent with regulatory guidance and best practices. While we have ongoing programs to review third-party vendors and assess risk, we do not control their actions.
While we have ongoing programs to review third-party vendors and assess risk, we do not control their 24 actions.
In the event of our liquidation, our lenders and holders of our debt and preferred securities would receive a distribution of our available assets before distributions to the holders of our Common Stock.
In the event of our liquidation, our lenders and holders of our debt and preferred securities would receive a distribution of our available assets before distributions to the holders of our Common Stock. Any such debt or preferred securities may also subject us to certain restrictions on how we operate our business, including our ability to pay dividends.
Financial institutions often are less inclined to litigate with governmental authorities because of the regulatory and supervisory framework. The Company expects that its businesses will remain subject to extensive regulation and supervision. Any potential new laws or regulations or modifications to existing laws or regulations would likely necessitate changes to the Company’s existing regulatory compliance and risk management infrastructure.
Financial institutions often are less inclined to litigate with governmental authorities because of the regulatory and supervisory framework. While the Trump administration has generally sought to reform financial services regulation in a manner that reduces the regulatory burden, the Company expects that its businesses will remain subject to extensive regulation and supervision.
Any of these rules or regulations may be modified or changed from time to time, and we cannot be assured that such modifications or changes will not adversely affect us. We may become subject to enforcement actions even though noncompliance was inadvertent or unintentional.
We may become subject to enforcement actions even though noncompliance was inadvertent or unintentional.
Removed
However, such unrealized losses do not affect our regulatory capital ratios. We actively monitor our available for sale securities portfolio and do not currently anticipate the need to realize material losses from the sale of securities for liquidity purposes.
Added
The widespread adoption of new and emerging technologies, such as artificial intelligence and quantum computing, have the potential to further intensify competition and accelerate disruption in the financial services market.
Removed
As of December 31, 2024, we had outstanding trust preferred securities and accompanying junior subordinated debentures with a carrying value of $132.3 million and other subordinated notes payable with a carrying value of $108.8 million.
Added
We cannot be certain when or if, or on what terms and conditions, any required regulatory approvals will be granted.
Removed
Moreover, we expect the Trump administration will seek to implement a regulatory reform agenda that is significantly different than that of the Biden administration, impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies. We are subject to extensive regulation and supervision by various federal and state entities.
Added
These dividends are the principal source of funds to pay dividends on the Common Stock and interest and principal on the Company’s debt. Various federal and state laws and regulations limit the amount of dividends that the Bank may pay to the Company.
Removed
The Bank is subject to additional requirements included in the consent order entered into with the DOJ concerning our Jacksonville, Florida market. On October 19, 2023, the Bank entered into a consent order with the DOJ that resolved alleged violations of fair lending laws in the Jacksonville, Florida metropolitan area from 2016 to 2021.
Added
In addition, we may conduct repurchases of our Common Stock from time to time.
Removed
The consent order was approved by the U.S. District Court for the Middle District of Florida on November 7, 2023.
Added
The ability to pay dividends and the amount of dividends to our shareholders, as well as the ability to make repurchases of our Common Stock is dependent upon several factors, including, but not limited to, regulatory restrictions, the profitability of the Company, the ability of the Bank to provide dividends to the Company, regulatory capital levels, liquidity needs and market conditions.
Removed
Under the terms of the consent order, in addition to complying with various obligations of an administrative nature, the Bank will provide $7.5 million in mortgage loan subsidies over a five-year period in Majority Black and Hispanic Census Tracts (“MBHCTs”) in Jacksonville and will also commit, for the same five-year period in the Jacksonville MBHCT communities, $900,000 for focused advertising and outreach and $600,000 for community development partnerships providing services related to credit, financial education, homeownership and foreclosure prevention.
Added
If we were to reduce or discontinue the payment of dividends and/or repurchases of our Common Stock, it could have an adverse effect on the value of our Common Stock.
Removed
In addition, the Bank will open a new full-service branch in a Jacksonville MBHCT community. The settlement includes no civil penalties levied against Ameris. Although we are committed to full compliance with the consent order, achieving such compliance will require significant management attention from us and may cause the Company to incur unanticipated costs and expenses.
Added
Notwithstanding the strength of defensive measures, cybersecurity threats and the tactics, techniques and procedures used in cyberattacks change, develop and evolve rapidly and continuously, including from emerging technologies, such as artificial intelligence, which may be used to enhance the tactics, techniques and procedures described above and facilitate new cyber threats.
Removed
Actions taken to achieve compliance with the consent order may affect our financial performance and may require us to reallocate resources away from existing businesses or to undertake significant changes to our businesses, operations, products and services, and risk management practices.
Added
We rely heavily on communications and information systems to conduct our business.
Removed
In addition, Ameris and the Bank could be subject to other enforcement or adverse regulatory actions or constraints relating to the alleged violations resolved by the consent order. Any of these results could have a material and adverse effect on our business, results of operations, financial condition, cash flows and stock price.
Added
Our financial statements are based in part on assumptions and estimates, which, if wrong, could cause unexpected losses in the future. Accounting estimates and processes are fundamental to how we record and report our financial condition and results of operations.
Added
Accounting principles generally accepted in the United States require our management to make estimates and assumptions about matters that are inherently uncertain, including in determining loan loss and litigation reserves, goodwill impairment and the fair value of certain assets and liabilities, among other items.
Added
Because of the uncertainty and subjectivity surrounding management’s judgments and the estimates pertaining to these matters, the Company cannot guarantee that it will not be required to adjust accounting policies or restate prior period financial statements. Any such failure in our analytical or forecasting models could have a material adverse effect on our business, financial condition and results of operations.
Added
Any potential new laws or regulations or modifications to existing laws or regulations would likely necessitate changes to the Company’s existing regulatory compliance and risk management infrastructure. We are also subject to the accounting rules and regulations of the SEC and the Financial Accounting Standards Board.
Added
For example, in July 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, introducing significant tax changes. The OBBBA extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act and were set to expire at the end of 2025.
Added
The OBBBA features modified versions of individual and business tax relief proposals, and other new tax relief measures. In addition, it includes various revenue-raising measures, including changes to certain Inflation Reduction Act clean energy tax credits and various limits on business and individual tax deductions, that are intended to offset part of the cost of the legislation.
Added
Provisions in Georgia law, our articles of incorporation and bylaws, and federal banking laws could make it more difficult for a third party to acquire us, even if doing so would be perceived to be beneficial to our shareholders.
Added
The combination of these provisions may inhibit a non-negotiated merger or other business combination, which, in turn, could adversely affect the market price of our Common Stock. 30 ITEM 1B. UNRESOLVED STAFF COMMENTS None.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThese responsibilities are addressed by a first line of defense function, with our second line of defense function, including the Corporate Information Security Officer, providing oversight, guidance, monitoring and management of the first line’s activities.
Biggest changeThese responsibilities are addressed by a first line of defense function, with our second line of defense function providing oversight, guidance, monitoring and management of the first line’s activities.
Our Corporate Information Security Officer and our Chief Information Officer, to whom the Corporate Information Security Officer reports, as well as key members of their teams, regularly collaborate with peer banks, industry groups and others to consider cybersecurity trends and best practices.
Our Corporate Information Security Officer (“CISO”) and our Chief Information Officer, to whom the CISO reports, as well as key members of their teams, regularly collaborate with peer banks, industry groups and others to consider cybersecurity trends and best practices.
Our Corporate Information Security Officer ("CISO"), who has relevant degrees and more than 17 years of information technology and information security experience, including five years in the financial services industry, manages our enterprise information security function and administers our information security program.
Our CISO, who has relevant degrees and more than 18 years of information technology and information security experience, including five years in the financial services industry, manages our enterprise information security function and administers our information security program.
As discussed further below, the Board’s oversight of cybersecurity risk management is supported by the Enterprise Risk Committee of the Board (the “ERC”), which regularly interacts with the Company’s ERM function, Corporate Information Security Officer, Business Continuity Director and other key members of management.
As discussed further below, the Board’s oversight of cybersecurity risk management is supported by the Enterprise Risk Committee of the Board (the “ERC”), which regularly interacts with the Company’s ERM function, CISO, Business Continuity Director and other key members of management.
Through ongoing engagement among these personnel, our Corporate Information Security Officer and other key members of management routinely monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents, and report such threats and incidents to the ERC when appropriate.
Through ongoing engagement among these personnel, our CISO and other key members of management routinely monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents, and report such threats and incidents to the ERC when appropriate.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe Company also leases approximately 15,000 square feet in Jacksonville, Florida used for additional corporate support services. Inclusive of the branch at its headquarters, Ameris operates 164 branch locations. Of the 164 branch locations, 137 are owned and 27 are subject to either building or ground leases.
Biggest changeInclusive of the branch at its headquarters, Ameris operates 163 branch locations. Of the 163 branch locations, 137 are owned and 26 are subject to either building or ground leases. Ameris also operates 30 mortgage and loan production offices, all of which are subject to building leases.
Ameris also operates 30 mortgage and loan production offices, all of which are subject to building leases. At December 31, 2024, there were no significant encumbrances on the offices, equipment or other operational facilities owned by Ameris and the Bank. We believe that our properties are suitable for the purposes of our operations.
At December 31, 2025, there were no significant encumbrances on the offices, equipment or other operational facilities owned by Ameris and the Bank. We believe that our properties are suitable for the purposes of our operations.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeITEM 3. LEGAL PROCEEDINGS Disclosure concerning legal proceedings can be found in Item 8. "Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 18. Commitments and Contingent Liabilities" under the caption, "Litigation and Regulatory Contingencies," which is incorporated herein by reference. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 32 PART II
Biggest changeITEM 3. LEGAL PROCEEDINGS Disclosure concerning legal proceedings can be found in Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 18. “Commitments and Contingent Liabilities” under the caption, “Litigation and Regulatory Contingencies,” which is incorporated herein by reference. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 32 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeIn future periods, we will no longer reference the KBW Nasdaq Bank Index in comparing total shareholder returns on the Common Stock. 33 Period Ending Index 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Ameris Bancorp 100.00 91.70 121.06 116.42 133.04 158.80 NYSE Composite Index 100.00 106.99 129.11 117.04 133.16 154.19 Nasdaq Composite Index 100.00 144.92 177.06 119.45 172.77 223.87 KBW Nasdaq Regional Banking Index 100.00 91.29 124.74 116.10 115.64 130.90 KBW Nasdaq Bank Index 100.00 89.69 124.06 97.52 96.65 132.60 Source: S&P Global Market Intelligence Pursuant to the regulations of the SEC, this performance graph is not “soliciting material,” is not deemed filed with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act.
Biggest changePeriod Ending Index 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Ameris Bancorp 100.00 132.02 126.96 145.09 173.18 208.03 NYSE Composite Index 100.00 120.68 109.39 124.46 144.12 169.62 KBW Nasdaq Regional Banking Index 100.00 136.64 127.17 126.67 143.39 152.71 Source: S&P Global Market Intelligence Pursuant to the regulations of the SEC, this performance graph is not “soliciting material,” is not deemed filed with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market for Our Common Stock The Common Stock is listed on the NYSE under the symbol “ABCB”. As of February 21, 2025, there were approximately 2,423 holders of record of the Common Stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market for Our Common Stock The Common Stock is listed on the NYSE under the symbol “ABCB”. As of February 20, 2026, there were approximately 2,289 holders of record of the Common Stock.
This line graph assumes an investment of $100 on December 31, 2019, and reinvestment of dividends and other distributions to shareholders. In 2023, because our Common Stock was traded on Nasdaq, we used the Nasdaq Composite Index as our broad equity market index.
This line graph assumes an investment of $100 on December 31, 2020, and reinvestment of dividends and other distributions to shareholders.
The Company is required to comply with the restrictions on the payment of dividends in respect of the Common Stock discussed in the section of Part I, Item 1 of this Annual Report captioned “Payment of Dividends and Other Restrictions.” Performance Graph Set forth below is a line graph comparing the change in the cumulative total shareholder return on the Common Stock against the cumulative return of the NYSE Composite Index, the Nasdaq Composite Index, KBW Nasdaq Regional Banking Index and the KBW Nasdaq Bank Index for the five-year period commencing December 31, 2019 and ending December 31, 2024.
The Company is required to comply with the restrictions on the payment of dividends in respect of the Common Stock discussed in the section of Part I, Item 1 of this Annual Report captioned “Payment of Dividends and Other Restrictions.” Repurchases of Common Stock The table below sets forth information regarding the Company's repurchase of shares of its outstanding common stock during the three-month period ended December 31, 2025.
Removed
As previously disclosed, we voluntarily transferred the listing of our Common Stock to the NYSE on July 23, 2024. As a result, we have changed our broad equity market index for purposes of disclosure in the stock performance graph to the NYSE Composite Index and have included returns in the stock performance graph based on both of these indices.
Added
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (1) October 1, 2025 through October 31, 2025 272,598 $ 72.88 272,598 $ 180,131,798 November 1, 2025 through November 30, 2025 291,200 $ 71.87 291,200 $ 159,202,499 December 1, 2025 through December 31, 2025 — $ — — $ 159,202,499 Total 563,798 $ 72.36 563,798 $ 159,202,499 (1) On September 19, 2019, the Company announced that its Board of Directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock through October 31, 2020.
Removed
In future periods, we will no longer reference the Nasdaq Composite Index in comparing total shareholder returns on the Common Stock.
Added
The Board has subsequently extended the share repurchase program each year since the original authorization, with the most recent extension, which also included the increase in the size of the program to $200.0 million, being announced on October 20, 2025.
Removed
We have also changed our line-of-business index from the KBW Nasdaq Bank Index, which we used in 2023, to the KBW Nasdaq Regional Banking Index, which consists of a peer group of companies that is used by the Company in our executive compensation program. We have included returns in the stock performance graph based on both of these indices.
Added
As a result, the Company is currently authorized to engage in additional share repurchases totaling up to $200.0 million through October 31, 2026. Repurchases of shares must be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions.
Added
The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares.
Added
As of December 31, 2025, an aggregate of $40.8 million, or 563,798 shares of the Company's common stock, had been repurchased under the program's October 20, 2025 renewal. 33 Performance Graph Set forth below is a line graph comparing the change in the cumulative total shareholder return on the Common Stock against the cumulative return of the NYSE Composite Index and the KBW Nasdaq Regional Banking Index for the five-year period commencing December 31, 2020 and ending December 31, 2025.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeNon-performing Portfolio Assets Reconciliation Year Ended December 31, (dollars in thousands) 2024 2023 Nonaccrual portfolio loans $ 90,206 $ 60,961 Other real estate owned 2,433 6,199 Repossessed assets 9 17 Accruing loans delinquent 90 days or more 17,733 16,988 Non-performing portfolio assets $ 110,381 $ 84,165 Serviced GNMA-guaranteed mortgage nonaccrual loans 12,012 90,156 Total non-performing assets $ 122,393 $ 174,321 Total assets 26,262,050 25,203,699 Non-performing portfolio assets as a percent of total assets 0.42 % 0.33 % Total non-performing assets as a percent of total assets 0.47 % 0.69 % 36 Adjusted Efficiency Ratio Reconciliation Year Ended December 31, (dollars in thousands except per share data) 2024 2023 Adjusted Noninterest Expense Total noninterest expense $ 607,794 $ 578,281 Adjustment items: FDIC special assessment (1,455) (11,566) Natural disaster expenses (550) — (Loss) gain on disposition of premises (1,203) 1,903 Adjusted noninterest expense $ 604,586 $ 568,618 Total Revenue Net interest income $ 849,190 $ 835,044 Noninterest income 293,257 242,828 Total revenue $ 1,142,447 $ 1,077,872 Adjusted Total Revenue Net interest income (TE) $ 853,020 $ 838,824 Noninterest income 293,257 242,828 Total revenue (TE) 1,146,277 1,081,652 Adjustment items: (Gain) loss on securities (12,304) 304 Gain on sale of mortgage servicing rights (10,494) — Gain on BOLI proceeds (1,464) (486) Adjusted total revenue (TE) $ 1,122,015 $ 1,081,470 Efficiency ratio 53.20 % 53.65 % Adjusted efficiency ratio (TE) 53.88 % 52.58 % 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.
Biggest changeTangible 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 % 35 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.
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 41 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 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.
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.
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. 54 QUARTERLY FINANCIAL INFORMATION The following table sets forth certain consolidated quarterly financial information of the Company.
Loans which do not share common risk characteristics are evaluated on an individual basis. When repayment is 37 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.
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.
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.
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 42 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.
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 53 these off-balance-sheet commitments as it does for financial instruments that are recorded in the consolidated financial statements.
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.
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.
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 47 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.
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, 2024 utilizing a weighting of two economic forecasts from Moody's.
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 amounts of time certificates of deposit issued in amounts of more than $250,000 as of December 31, 2024, 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.
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.
The Company in normal course performs periodic evaluations of its portfolio for continued soundness and appropriate risk ratings. These reviews include evaluation of current financials, stressed cash flows at increased interest rates and evaluation of property values at various occupancy levels and cap rates.
The Company 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 regularly monitors its largest loan relationships to avoid a concentration with a single borrower. The largest 25 loan relationships as of December 31, 2024 based on committed amount are summarized below by type.
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.
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, 2024 and 2023.
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. 52 The following table summarizes commitments outstanding at December 31, 2025 and 2024.
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.
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.
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 $111.7 million.
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.
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 policies applied by Ameris represent critical accounting policies.
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.
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 49 43.0% of earning assets mature or reprice within one year or less.
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.
The following table sets forth certain information about contractual cash obligations as of December 31, 2024.
The following table sets forth certain information about contractual cash obligations as of December 31, 2025.
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 5.37% in 2023, compared with 4.59% resulting from an increase in market interest rates.
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.
Yield on average earning assets on a taxable equivalent basis increased during 2023 to 5.52%, compared with 4.19% for the year ended December 31, 2022. Average yields on all interest-earning asset categories increased from 2022 to 2023 as market interest rates increased.
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.
The Company's CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately 18 basis points of CRE loans at December 31, 2024. 46 The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint.
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. 44 The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint.
As of December 31, 2024, approximately 72.3% of our loan portfolio was secured by real estate, compared with 74.2% at December 31, 2023. 44 The amount of loans outstanding at the indicated dates is shown in the following table according to type of loans.
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.
For the year ended December 31, 2024, the Company recorded income tax expense of approximately $117.2 million, compared with $87.8 million recorded in 2023 and $106.6 million recorded in 2022. The Company’s effective tax rate was 24.6%, 24.6% and 23.5% for the years ended December 31, 2024, 2023 and 2022, respectively.
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.
The Moody's baseline scenario was weighted at 75% and the downside 75th percentile S-2 scenario was weighted at 25%. Results by scenario can vary significantly from period to period as both the scenario assumptions and the portfolio composition are changing.
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.
For both 2024 and 2023, other capital related transactions, such as share-based compensation, common stock issuances through the exercise of stock options, and issuances of shares of restricted stock accounted for only a small change in the capital of the Company.
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.
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.
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. 53 The following table summarizes the regulatory capital levels of Ameris at December 31, 2025.
These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.49 billion, or 34.0%, of the uninsured deposits at December 31, 2024 were for municipalities which are collateralized with investment securities or letters of credit.
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.
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.
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.
Included in non-performing assets were serviced GNMA-guaranteed residential mortgage loans totaling $12.0 million and $90.2 million at December 31, 2024 and 2023, respectively. Non-performing assets, excluding GNMA-guaranteed loans, represented 0.42% of total assets at December 31, 2024, compared with 0.33% of total assets at December 31, 2023.
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.
These items were partially offset by increases in mortgage indemnification expense and credit reporting expenses related to our equipment finance division. 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.
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.
Other real estate was approximately $2.4 million as of December 31, 2024, compared with $6.2 million at December 31, 2023. The Company’s allowance for credit losses on loans at December 31, 2024 was $338.1 million, or 1.63% of loans compared with $307.1 million, or 1.52%, and $205.7 million, or 1.04%, at December 31, 2023 and 2022, respectively.
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 net income as a percentage of average assets for 2024 and 2023 was 1.38% and 1.06%, respectively, while the Company’s net income as a percentage of average shareholders’ equity was 10.01% and 8.12%, respectively.
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.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW During 2024, the Company reported net income of $358.7 million, or $5.19 per diluted share, compared with $269.1 million, or $3.89 per diluted share, in 2023.
ITEM 7. 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 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 largely being due to a $900,000 insurance settlement received in 2023.
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. 40 Income from equipment finance activity decreased $1.7 million to $21.7 million during 2024, a decrease of 7.2% compared with 2023.
NET INCOME AND EARNINGS PER SHARE The Company’s net income during 2024 was $358.7 million, or $5.19 per diluted share, compared with $269.1 million, or $3.89 per diluted share, in 2023, and $346.5 million, or $4.99 per diluted share, in 2022.
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.
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. 2023 compared with 2022.
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.
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. 2023 compared with 2022.
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.
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, interest-bearing deposits in banks and federal funds sold.
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.
During 2023, average noninterest-bearing deposit accounts were $6.77 billion and comprised 33.8% of average total deposits, compared with $8.01 billion, or 41.2% of average total deposits, during 2022. Costs of interest-bearing deposits increased during 2023 to 2.69%, compared with 0.49% for 2022.
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.
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.
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.
December 31, (dollars in thousands) 2024 2023 2022 Allowance for credit losses on loans at end of period $ 338,084 $ 307,100 $ 205,677 Loan balances: End of period 20,739,906 20,269,303 19,855,253 Allowance for credit losses on loans as a percentage of end of period loans 1.63 % 1.52 % 1.04 % Nonaccrual loans as a percentage of end of period loans 0.49 % 0.75 % 0.68 % Allowance for credit losses to nonaccrual loans at end of period 330.75 % 203.22 % 152.57 % At December 31, 2024, the allowance for credit losses on loans totaled $338.1 million, or 1.63% of loans, compared with $307.1 million, or 1.52% of loans, at December 31, 2023.
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.
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. Management believes that the ACL is adequate.
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.
The Company's provision for unfunded commitments during 2024 amounted to a release of $11.0 million, compared with a release of $10.9 million for 2023 and a provision of $19.2 million for 2022.
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.
Treasuries $ 796,464 $ 720,877 U.S. government-sponsored agencies 994 985 State, county and municipal securities 24,740 28,051 Corporate debt securities 10,283 10,027 SBA pool securities 70,482 51,516 Mortgage-backed securities 768,297 591,488 Total debt securities available-for-sale $ 1,671,260 $ 1,402,944 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) 2024 2023 State, county and municipal securities $ 33,623 $ 31,905 Mortgage-backed securities 131,054 109,607 Total debt securities held-to-maturity $ 164,677 $ 141,512 51 The amounts of securities available-for-sale and held-to in each category as of December 31, 2024 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.
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 50 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.
Noninterest income from the Company's warehouse lending division was $3.5 million for 2023 compared with $4.5 million for 2022. 42 Other service charges, commission and fees increased by $526,000 to $4.4 million during 2023, an increase of 13.6% compared with 2022 due primarily to an increase in ATM fees.
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.
Reported net income for the year ended December 31, 2024 includes $58.8 million in provision for credit losses, primarily related to updated economic forecasts and organic growth, partially offset by a reduction in unfunded commitments and the related allowance, compared with a provision of $142.7 million in 2023 resulting from organic growth in loans and the updated economic forecast.
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.
December 31, 2024 2023 2022 (dollars in thousands) Amount % of Loans to Total Loans Amount % of Loans to Total Loans Amount % of Loans to Total Loans Commercial and industrial $ 87,242 14 % $ 64,053 13 % $ 39,455 13 % Consumer 7,327 1 3,952 1 5,587 3 Mortgage warehouse 2,262 5 1,678 4 2,118 5 Municipal 58 2 345 2 357 3 Premium finance 736 5 602 5 1,025 5 Real estate – construction and development 60,421 10 61,017 11 32,659 11 Real estate – commercial and farmland 118,377 41 110,097 40 67,433 38 Real estate - residential 61,661 22 65,356 24 57,043 22 Total $ 338,084 100 % $ 307,100 100 % $ 205,677 100 % 47 The following table provides an analysis of the net charge-offs (recoveries) by loan category for the years ended December 31, 2024, 2023 and 2022. 2024 2023 2022 Net charge-offs (recoveries) Average Balance Rate Net charge-offs (recoveries) Average balance Rate Net charge-offs (recoveries) Average balance Rate Commercial and industrial $ 36,537 $ 2,848,632 1.28 % $ 43,646 $ 2,687,805 1.62 % $ 8,681 $ 2,116,723 0.41 % Consumer 2,592 242,512 1.07 3,853 375,783 1.03 3,264 392,467 0.83 Mortgage warehouse — 948,484 — — 963,035 — — 891,285 — Municipal — 464,259 — — 502,849 — — 531,324 — Premium finance 474 1,102,157 0.04 766 982,442 0.08 387 922,551 0.04 Real estate - construction and development (59) 2,197,079 — (949) 2,162,424 (0.04) (865) 1,761,853 (0.05) Real estate - commercial and farmland (603) 8,216,256 (0.01) 3,693 7,811,671 0.05 3,349 7,155,542 0.05 Real estate - residential (84) 4,739,868 — (628) 4,668,312 (0.01) (301) 3,749,716 (0.01) $ 38,857 $ 20,759,247 0.19 % $ 50,381 $ 20,154,321 0.25 % $ 14,515 $ 17,521,461 0.08 % The following table provides an analysis of the allowance for credit losses on loans held for investment.
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.
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.
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.
Years Ended December 31, (dollars in thousands) 2024 2023 2022 Service charges on deposit accounts $ 50,893 $ 46,575 $ 44,499 Mortgage banking activity 160,475 139,885 184,904 Other service charges, commissions and fees 4,758 4,401 3,875 Net gain (loss) on securities 12,304 (304) 203 Equipment finance activity 21,664 23,349 19,178 Other noninterest income 43,163 28,922 31,765 Total noninterest income $ 293,257 $ 242,828 $ 284,424 2024 compared with 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.
Years Ended December 31, (dollars in thousands) 2024 2023 2022 Salaries and employee benefits $ 347,641 $ 320,110 $ 319,719 Occupancy and equipment 48,784 51,450 51,361 Advertising and marketing 12,612 11,638 12,032 Amortization of intangible assets 17,189 18,244 19,744 Data processing and communications expenses 59,699 53,486 49,228 Legal and other professional fees 16,737 17,726 16,439 Credit resolution-related expenses 2,487 80 29 Merger and conversion charges — — 1,212 FDIC insurance 15,499 26,940 8,063 Loan servicing expenses 36,157 35,283 36,835 Other noninterest expenses 50,989 43,324 45,993 Total noninterest expense $ 607,794 $ 578,281 $ 560,655 2024 compared with 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 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.
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.
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.
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.
Year Ended December 31, 2024 2023 2022 (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 $ 930,145 $ 49,906 5.37 % $ 914,818 $ 47,936 5.24 % $ 1,993,672 $ 23,008 1.15 % Federal funds sold — — — — — — 10,836 77 0.71 Investment securities - taxable 1,690,053 61,518 3.64 1,664,184 59,002 3.55 1,123,681 34,656 3.08 Investment securities - nontaxable 41,419 1,694 4.09 41,679 1,690 4.05 39,779 1,489 3.74 Loans held for sale 547,190 34,532 6.31 484,070 29,711 6.14 718,599 29,699 4.13 Loans 20,759,247 1,234,464 5.95 20,154,321 1,145,876 5.69 17,521,461 808,826 4.62 Total interest-earning assets 23,968,054 1,382,114 5.77 23,259,072 1,284,215 5.52 21,408,028 897,755 4.19 Noninterest-earning assets 2,068,627 2,145,801 2,236,726 Total assets $ 26,036,681 $ 25,404,873 $ 23,644,754 Liabilities and Shareholders' Equity Interest-bearing liabilities: Interest-bearing deposits NOW Accounts $ 3,824,094 $ 81,228 2.12 % $ 3,878,034 $ 69,584 1.79 % $ 3,675,586 $ 14,367 0.39 % MMDA 6,395,883 231,065 3.61 5,382,865 162,718 3.02 5,128,497 33,143 0.65 Savings Accounts 776,273 3,780 0.49 936,454 6,349 0.68 1,005,752 1,287 0.13 Retail CDs 2,440,891 102,672 4.21 2,031,828 63,650 3.13 1,604,978 7,308 0.46 Brokered CDs 1,274,933 65,928 5.17 1,024,606 53,716 5.24 — — — Total Interest-Bearing Deposits 14,712,074 484,673 3.29 13,253,787 356,017 2.69 11,414,813 56,105 0.49 Non-deposit funding Federal funds purchased and securities sold under agreements to repurchase — — — — — — 1,477 4 0.27 FHLB advances 335,056 16,581 4.95 1,210,242 59,302 4.90 279,409 9,710 3.48 Other borrowings 298,372 14,313 4.80 325,260 16,870 5.19 393,393 19,209 4.88 Subordinated deferrable interest debentures 131,302 13,527 10.30 129,310 13,202 10.21 127,316 7,832 6.15 Total non-deposit funding 764,730 44,421 5.81 1,664,812 89,374 5.37 801,595 36,755 4.59 Total interest-bearing liabilities 15,476,804 529,094 3.42 14,918,599 445,391 2.99 12,216,408 92,860 0.76 Noninterest-bearing demand deposits 6,567,855 6,771,464 8,005,201 Other liabilities 408,632 401,449 340,064 Shareholders' equity 3,583,390 3,313,361 3,083,081 Total liabilities and shareholders’ equity $ 26,036,681 $ 25,404,873 $ 23,644,754 Interest rate spread 2.35 % 2.53 % 3.43 % Net interest income $ 853,020 $ 838,824 $ 804,895 Net interest margin 3.56 % 3.61 % 3.76 % 39 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.
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 % 37 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.
For the year ended December 31, 2023, interest income was $1.28 billion, an increase of $386.5 million, or 43.2%, compared with the same period in 2022. Average earning assets increased $1.85 billion, or 8.6%, to $23.26 billion for the year ended December 31, 2023, compared with $21.41 billion for 2022.
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.
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, $1.5 million in losses on disposition of bank premises and $550,000 in natural disaster expenses.
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 41 approximately $11.6 million in FDIC special assessment and $1.9 million in gains on disposition of bank premises.
Excluding those charge-offs, the net charge-off rate for 2023 would have been 0.22%. At December 31, 2024, non-performing assets amounted to $122.4 million, or 0.47% of total assets, compared with $174.3 million, or 0.69% of total assets, at December 31, 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.
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.
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.
EARNING ASSETS AND LIABILITIES Average earning assets were approximately $23.97 billion in 2024, compared with approximately $23.26 billion in 2023. 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 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.
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.
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.
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 services charges compared with 2023 .
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.
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. 48 December 31, (dollars in thousands) 2024 2023 Nonaccrual loans Commercial and industrial $ 11,875 $ 8,059 Consumer 782 1,452 Real estate - construction and development 3,718 282 Real estate - commercial and farmland 11,960 11,295 Real estate - residential (1) 73,883 130,029 Total $ 102,218 $ 151,117 Loans contractually past due 90 days or more as to interest or principal payments and still accruing $ 17,733 $ 16,988 (1) Included in real estate - residential were $12.0 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at December 31, 2024 and 2023, respectively.
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.
For the fourth quarter of 2024, the Company recorded net income of $94.4 million, or $1.37 per diluted share, compared with $65.9 million, or $0.96 per diluted share, for the quarter ended December 31, 2023, and $82.2 million, or $1.18 per diluted share, for the quarter ended December 31, 2022.
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. 36 EARNING ASSETS AND LIABILITIES Average earning assets were $24.84 billion in 2025, compared with $23.97 billion in 2024.
Interest expense for the year ended December 31, 2023 was $445.4 million, an increase of $352.5 million, or 379.6%, compared with $92.9 million for the year ended December 31, 2022. During 2023 average interest-bearing liabilities were $14.92 billion as compared with $12.22 billion for 2022, an increase of $2.70 billion, or 22.1%.
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%.
December 31, (dollars in thousands) 2024 2023 Commercial and industrial $ 2,953,135 $ 2,688,929 Consumer 221,735 275,809 Mortgage warehouse 965,053 818,728 Municipal 441,408 492,668 Premium finance 1,155,614 946,562 Real estate - construction and development 1,998,506 2,129,187 Real estate - commercial and farmland 8,445,958 8,059,754 Real estate - residential 4,558,497 4,857,666 Loans, net of unearned income $ 20,739,906 $ 20,269,303 The Company seeks to diversify its loan portfolio across its geographic footprint and in various loan types.
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.
Total noninterest income in 2023 was $242.8 million, compared with $284.4 million in 2022, reflecting a decrease of 14.6%, or $41.6 million. Service charges on deposit accounts increased $2.1 million, or 4.7%, to $46.6 million during 2023 compared with 2022. This increase was primarily attributable to an increase in corporate services charges compared with 2022.
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.
The Company’s net interest margin, on a tax equivalent basis, decreased 15 basis points to 3.61% for the year ended December 31, 2023, compared with 3.76% for the year ended December 31, 2022. 40 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, 2024 and 2023 are shown in the following table: 2024 vs. 2023 2023 vs. 2022 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 $ 1,970 $ 1,167 $ 803 $ 24,928 $ 37,379 $ (12,451) Interest on federal funds sold — — — (77) — (77) Interest on investment securities - taxable 2,516 1,599 917 24,346 7,676 16,670 Interest on investment securities - nontaxable 4 15 (11) 201 130 71 Interest on loans held for sale 4,821 947 3,874 12 9,705 (9,693) Interest and fees on loans 88,588 54,195 34,393 337,050 215,512 121,538 Total interest income 97,899 57,923 39,976 386,460 270,402 116,058 Expense from interest-bearing liabilities: Interest expense on interest-bearing deposits Interest on NOW accounts 11,644 12,612 (968) 55,217 54,426 791 Interest on MMDA accounts 68,347 37,725 30,622 129,575 127,931 1,644 Interest on savings accounts (2,569) (1,483) (1,086) 5,062 5,151 (89) Interest on retail time deposits 39,022 26,207 12,815 56,342 54,398 1,944 Interest on brokered time deposits 12,212 (912) 13,124 53,716 — 53,716 Total interest expense on interest-bearing deposits 128,656 74,149 54,507 299,912 241,906 58,006 Interest expense on non-deposit funding Interest on federal funds purchased and securities sold under agreements to repurchase — — — (4) — (4) Interest on FHLB advances (42,721) 163 (42,884) 49,592 17,244 32,348 Interest on other borrowings (2,557) (1,162) (1,395) (2,339) 988 (3,327) Interest on trust preferred securities 325 122 203 5,370 5,247 123 Total interest expense on non-deposit funding (44,953) (877) (44,076) 52,619 23,479 29,140 Total interest expense 83,703 73,272 10,431 352,531 265,385 87,146 Net interest income $ 14,196 $ (15,349) $ 29,545 $ 33,929 $ 5,017 $ 28,912 Provision for Credit Losses The Company's provision for credit losses on loans during 2024 amounted to $69.8 million, compared with $153.5 million for 2023 and $52.6 million for 2022.
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. 38 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 following statistical information should be read in conjunction with the remainder of “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the consolidated financial statements and related notes included elsewhere in this Annual Report and in the documents incorporated herein by reference. 38 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.
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.
For the year ended December 31, 2024, our net charge off ratio as a percentage of average loans decreased to 0.19%, compared with 0.25% for the year ended December 31, 2023. This decrease was primarily a result of decreased charge-offs in our commercial and industrial portfolio.
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.
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.
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. 48 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.
Year Ended December 31, 2024 2023 (dollars in thousands) Amount Rate Amount Rate Noninterest-bearing demand $ 6,567,855 — % $ 6,771,464 — % NOW 3,824,094 2.12 3,878,034 1.79 Money market 6,395,883 3.61 5,382,865 3.02 Savings 776,273 0.49 936,454 0.68 Retail time deposits 2,440,891 4.21 2,031,828 3.13 Brokered time deposits 1,274,933 5.17 1,024,606 5.24 Total deposits $ 21,279,929 2.28 % $ 20,025,251 1.78 % At December 31, 2024, the Company had brokered deposits of $810.1 million.
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.
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.
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.
The Company's held-to-maturity securities have no expected credit losses and no related allowance for credit losses has been established. 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.
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. 51 Noninterest-bearing deposits (or demand deposits) are transaction accounts that provide us with “interest-free” sources of funds.
(dollars in thousands) December 31, 2024 Three months or less $ 311,841 Over three months through six months 331,698 Over six months through one year 184,299 Over one year 15,941 Total $ 843,779 As of December 31, 2024 and 2023, the Company had estimated uninsured deposits of $10.24 billion and $9.13 billion, respectively.
(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.
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.
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, 2024 our ratio of nonperforming assets to total assets had decreased to 0.47% from 0.69% at December 31, 2023. Included in non-performing assets were serviced GNMA-guaranteed residential mortgage loans totaling $12.0 million and $90.2 million at December 31, 2024 and 2023, respectively.
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.
Total production in the retail mortgage division decreased to $4.3 billion for 2023, compared with $5.5 billion for 2022, while gain on sale spreads decreased in 2023 to 2.07% from 2.27% in 2022. The decrease in gain on sale spread is primarily related to competitive pricing pressure from non-bank originators.
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.
On a taxable-equivalent basis, net interest income for 2023 was $838.8 million, compared with $804.9 million in 2022, an increase of $33.9 million, or 4.2%.
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%.
Three Months Ended (dollars in thousands, except per share data) 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 56 Three Months Ended (dollars in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Selected Income Statement Data: Interest income $ 332,214 $ 330,553 $ 321,952 $ 295,716 Interest expense 126,113 122,802 112,412 84,064 Net interest income 206,101 207,751 209,540 211,652 Provision for credit losses 22,952 24,459 45,516 49,729 Net interest income after provision for credit losses 183,149 183,292 164,024 161,923 Noninterest income 56,248 63,181 67,349 56,050 Noninterest expense 149,011 141,446 148,403 139,421 Income before income taxes 90,386 105,027 82,970 78,552 Income tax 24,452 24,912 20,335 18,131 Net income $ 65,934 $ 80,115 $ 62,635 $ 60,421 Per Share Data: Basic earnings per common share $ 0.96 $ 1.16 $ 0.91 $ 0.87 Diluted earnings per common share 0.96 1.16 0.91 0.87 Common dividends - cash 0.15 0.15 0.15 0.15 57
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 55
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.
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.
During 2023, the Company’s capital increased $229.3 million, primarily due to net income of $269.1 million, which was partially offset by the cash dividends declared on common shares of $41.7 million and share repurchases of $20.3 million.
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 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.
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.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeEarnings Simulation Model Results Change in % Change in Projected Baseline Interest Rates Net Interest Income (in bps) 12 Months 24 Months 400 1.7% 11.0% 300 1.5% 9.9% 200 1.1% 7.0% 100 0.7% 3.9% (100) (0.7)% (4.0)% (200) (1.3)% (8.4)% (300) (2.2)% (13.6)% In the event of a shift in interest rates, we may take certain actions intended to mitigate the negative impact to net interest income or to maximize the positive impact to net interest income.
Biggest changeEarnings Simulation Model Results Change in % Change in Projected Baseline Interest Rates Net Interest Income (in bps) 12 Months 24 Months 400 3.1% 16.5% 300 2.5% 12.8% 200 1.8% 8.8% 100 1.0% 4.6% (100) (0.6)% (4.8)% (200) (0.7)% (9.8)% (300) —% (14.8)% In the event of a shift in interest rates, we may take certain actions intended to mitigate the negative impact to net interest income or to maximize the positive impact to net interest income.
Our most recent model projects net interest income would increase if rates rise 100 basis points over the next year. The following table presents the earnings simulation model’s projected impact of a change in interest rates on the projected baseline net interest income for the 12- and 24-month periods commencing January 1, 2025.
Our most recent model projects net interest income would increase if rates rise 100 basis points over the next year. The following table presents the earnings simulation model’s projected impact of a change in interest rates on the projected baseline net interest income for the 12- and 24-month periods commencing January 1, 2026.
As a result, interest rates have a greater impact on our performance than do the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services. 58
As a result, interest rates have a greater impact on our performance than do the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services. 56
The simulation of rising, declining and flat interest rate scenarios allow management to monitor and adjust interest rate sensitivity to minimize the impact of market interest rate swings.
The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to minimize the impact of market interest rate swings.

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