Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net income of $106.0 million, or $1.54 per diluted share, for the quarter ended September 30, 2025, compared with $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024.

For the year-to-date period ending September 30, 2025, the Company reported net income of $303.8 million, or $4.41 per diluted share, compared with $264.3 million, or $3.83 per diluted share, for the same period in 2024.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Our performance continues to be outstanding, with a third quarter return on assets of 1.56% and return on tangible common equity of 14.6%. Our focus on sustainable growth in both core deposits and tangible book value per share was again evident in the quarter. Deposits grew 5% annualized while our non-interest bearing deposit mix remained over 30%. Tangible book value grew by more than 15% annualized to almost $43 per share. Our net interest margin of 3.80% places us among the top performers across the industry. The efficiency ratio remained low, aided by approximately 18% annualized revenue growth. Given our robust capital levels and proven track record, we are well positioned to take advantage of the growth potential across our Southeast franchise in 2026 and beyond.”

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) grew to $238.9 million in the third quarter of 2025, an increase of $6.2 million, or 2.7%, from last quarter and an increase of $23.9 million, or 11.1%, compared with the third quarter of 2024. The Company's average earning assets increased during the quarter by $186.0 million, or 3.0% annualized, due to an increase of $168.4 million in the average balance of investment securities and an increase of $109.5 million in average portfolio loans outstanding.

The Company's net interest margin expanded to 3.80% for the third quarter of 2025, a three basis point increase from 3.77% reported for the second quarter of 2025 and a 29 basis point improvement from the 3.51% reported for the third quarter of 2024.

Yields on earning assets increased two basis points during the quarter to 5.66%, compared with 5.64% in the second quarter of 2025. This increase is primarily related to a 12 basis point increase in yield on taxable securities and a two basis point increase in yield on portfolio loans during the third quarter of 2025.

The Company’s total cost of funds decreased one basis point to 2.05% in the third quarter of 2025, compared with 2.06% in the second quarter of 2025, and improved 45 basis points compared with the third quarter of 2024. Deposit costs decreased one basis point during the third quarter of 2025 to 1.94%, compared with 1.95% in the second quarter of 2025. Costs of interest-bearing deposits during the quarter were 2.82%, a decrease of one basis point compared to the second quarter of 2025.

Noninterest Income

Noninterest income increased $7.4 million, or 10.7%, in the third quarter of 2025 to $76.3 million, compared with $68.9 million for the second quarter of 2025, driven primarily by increases of $2.3 million in equipment finance activity, $1.4 million in derivative fee income and a $1.6 million gain on the sale of securities. Mortgage banking activity increased $1.4 million, or 3.7%, to $40.7 million in the third quarter of 2025, compared with $39.2 million for the second quarter of 2025. Total production in the retail mortgage division decreased $173.2 million, or 13.7%, to $1.09 billion in the third quarter of 2025, compared with $1.27 billion for the second quarter of 2025. The retail mortgage open pipeline was $787.2 million at the end of the third quarter of 2025, compared with $719.1 million for the second quarter of 2025. Gain on sale spreads decreased to 2.20% in the third quarter of 2025 from 2.22% for the second quarter of 2025. Other noninterest income increased $1.6 million, or 19.5%, in the third quarter of 2025 to $10.1 million, compared with $8.5 million for the second quarter of 2025, primarily from derivative fee income.

Noninterest Expense

Noninterest expense decreased $694,000, or 0.4%, to $154.6 million during the third quarter of 2025, compared with $155.3 million for the second quarter of 2025. The decrease in noninterest expense primarily resulted from variable expenses tied to mortgage production levels. This decrease was partially offset by an increase in banking division expenses of $2.1 million driven by increases in incentive compensation and healthcare costs, offset by decreases in check card and fraud losses. Management continues to focus on operating efficiency, and the efficiency ratio improved to 49.19% in the third quarter of 2025, compared with 51.63% in the second quarter of 2025 and 53.49% in the third quarter of 2024.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2025 was 22.6%, compared with 23.0% for the second quarter of 2025. The decreased rate resulted primarily from a reduction in the impact of enacted state tax rate changes compared with the second quarter of 2025.

Balance Sheet Trends

Total assets at September 30, 2025 were $27.10 billion, compared with $26.68 billion at June 30, 2025 and $26.26 billion at December 31, 2024. During the third quarter of 2025, loans, net of unearned income, increased by $216.9 million, or 4.1% annualized, to end at $21.26 billion at September 30, 2025, compared with $21.04 billion at June 30, 2025 and $20.74 billion at December 31, 2024. Unfunded commitments increased $190.9 million during the third quarter of 2025, due to strong production during the quarter. Loans held for sale increased to $604.1 million at September 30, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale amounted to $2.13 billion, compared with $1.87 billion at June 30, 2025 and $1.67 billion at December 31, 2024.

At September 30, 2025, total deposits amounted to $22.23 billion, compared with $21.72 billion at December 31, 2024. During the third quarter of 2025, deposits grew $295.4 million, with money market accounts increasing $242.1 million, brokered CDs increasing $66.7 million and interest-bearing demand accounts increasing $58.8 million. Such increases were offset by decreases in noninterest-bearing accounts of $43.3 million, retail CDs of $19.5 million, and savings accounts of $9.4 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at September 30, 2025, noninterest-bearing deposit accounts represented $6.76 billion, or 30.4% of total deposits, compared with $6.50 billion, or 29.9% of total deposits, at December 31, 2024.

Shareholders’ equity at September 30, 2025 totaled $4.02 billion, an increase of $265.2 million, or 7.1%, from December 31, 2024. The increase in shareholders’ equity was primarily the result of earnings of $303.8 million during the first nine months of 2025 and an improvement in other comprehensive income of $35.3 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share⁽¹⁾ increased $4.31 per share, or 14.9% annualized, during the first nine months of 2025 to $42.90 at September 30, 2025. Tangible common equity as a percentage of tangible assets was 11.31% at September 30, 2025, compared with 10.59% at the end of 2024. The Company repurchased 125,900 shares of its common stock in the quarter ending September 30, 2025.

Subordinated Debt

The Company redeemed its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 in full on the September 1, 2025 interest payment date. These notes, which totaled $74 million outstanding, bore interest at 8.22% and were redeemed at par.

On October 1, 2025, the Company redeemed in full its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030, which totaled $110 million outstanding, at par.

Share Repurchase Program

On October 20, 2025, the Company announced its board of directors authorized the Company to repurchase up to $200 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2026, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. The board's authorization is a continuation of and increase in the Company's previously announced share repurchase program which was set to expire on October 31, 2025 and under which the Company has repurchased $36.3 million of its outstanding common stock in the past 12 months.

Credit Quality

During the third quarter of 2025, the Company recorded a provision for credit losses of $22.6 million, compared with a provision of $2.8 million in the second quarter of 2025. Approximately $11.4 million, or 50.6% of the provision expense, was related to the increased unfunded commitments at September 30, 2025. The allowance for credit losses on loans was 1.62% of loans at September 30, 2025, compared with 1.63% at the end of 2024. Nonperforming assets as a percentage of total assets increased four basis points to 0.40% during the quarter. Approximately $19.7 million, or 18.0%, of the nonperforming assets at September 30, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased one basis point to 0.33% at September 30, 2025, compared with 0.32% at the end of the second quarter of 2025. The net charge-off ratio was 14 basis points for the third quarter of 2025, unchanged from the second quarter of 2025.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Tuesday, October 28, 2025, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until November 4, 2025. To listen to the replay, dial 1-877-344-7529. The conference replay access code is 9368487. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.