Ameris Bancorp (NYSE: ABCB) (the “Company” or “Ameris”) today reported net income of $51.4 million, or $0.77 per diluted share, for the quarter ended June 30, 2026, compared with $109.8 million, or $1.60 per diluted share, for the quarter ended June 30, 2025. Excluding a litigation accrual and gain on the sale of securities, adjusted net income⁽¹⁾ was $107.3 million, or $1.60 per diluted share, for the quarter ended June 30, 2026, compared with $109.4 million, or $1.59 per diluted share, for the quarter ended June 30, 2025.

For the year-to-date period ending June 30, 2026, the Company reported net income of $161.9 million, or $2.40 per diluted share, compared with $197.8 million, or $2.87 per diluted share, for the same period in 2025. Adjusted net income⁽¹⁾ for the six months ended June 30, 2026 was $217.8 million, or $3.23 per diluted share, compared with $197.5 million, or $2.87 per diluted share, for the same period in 2025.

Commenting on the Company’s results, Palmer Proctor, the Company’s Chief Executive Officer, said, “Ameris delivered another quarter of strong underlying operating performance, underscoring the resilience of our franchise and the earning power of our business and reflecting the consistency of our long-term strategy and disciplined execution across the organization. We generated a return on assets of 1.53% on an adjusted basis, maintained a stable net interest margin of 3.88% and delivered annualized earning asset growth of 8.5%. We continued to build long-term shareholder value through a relentless focus on profitable growth and a high-quality balance sheet funded with 30% noninterest bearing deposits and tangible common equity exceeding 11%. During the quarter, we were pleased to announce our expansion into the Nashville market, another important step in extending our high-performing Southeast franchise and creating additional opportunities for profitable growth.”

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $253.4 million in the second quarter of 2026, an increase of $8.1 million, or 3.3%, from last quarter and $20.7 million, or 8.9%, compared with the second quarter of 2025. The Company's average earning assets increased during the quarter by $544.6 million, or 8.5% annualized, primarily due to an increase of $356.9 million in average portfolio loans outstanding and an increase of $170.9 million in the average balance of investment securities.

The Company's net interest margin was stable at 3.88% for the second quarter of 2026, unchanged from the first quarter of 2026 and an 11 basis point improvement from the 3.77% reported for the second quarter of 2025.

Yields on earning assets increased four basis points during the quarter to 5.61%, compared with 5.57% in the first quarter of 2026. This increase is primarily related to a 40 basis point increase in yield on taxable investment securities and a 12 basis point increase in yield on loans held for sale, partially offset by a one-basis point decrease in yield on portfolio loans outstanding during the second quarter of 2026.

The Company’s total cost of funds increased three basis points to 1.91% in the second quarter of 2026, compared with 1.88% in the first quarter of 2026, and improved 15 basis points compared with the second quarter of 2025. Deposit costs increased one-basis point during the second quarter of 2026 to 1.77%, compared with 1.76% in the first quarter of 2026. Costs of interest-bearing deposits during the quarter were 2.52%, an increase of two-basis points compared with the first quarter of 2026.

Noninterest Income

Noninterest income increased $3.6 million, or 5.2%, in the second quarter of 2026 to $73.5 million, compared with $69.9 million for the first quarter of 2026, driven primarily by a $7.4 million securities gain. Mortgage banking activity decreased $4.5 million, or 12.1%, to $32.5 million in the second quarter of 2026, compared with $37.0 million for the first quarter of 2026. Total production in the retail mortgage division increased $65.2 million, or 6.0%, to $1.15 billion in the second quarter of 2026, compared with $1.09 billion for the first quarter of 2026. The retail mortgage open pipeline was $609.3 million at the end of the second quarter of 2026, compared with $632.7 million at the end of the first quarter of 2026. Gain on sale spreads decreased to 2.04% in the second quarter of 2026 from 2.08% for the first quarter of 2026. Gain on securities was $7.4 million for the second quarter of 2026, primarily resulting from a gain on the conversion of Visa Class B-2 shares during the quarter and related gain on sale and mark-to-market adjustments. Other noninterest income increased $437,000, or 4.8%, in the second quarter of 2026 to $9.6 million, compared with $9.1 million for the first quarter of 2026.

Noninterest Expense

Noninterest expense increased $85.6 million, or 54.5%, to $242.7 million during the second quarter of 2026, compared with $157.1 million for the first quarter of 2026. The increase was driven by a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California. Adjusted noninterest expense⁽¹⁾ increased $3.1 million, or 2.0%, compared with the first quarter of 2026, primarily due to increased legal expenses and charitable donations. Management continues to focus on delivering high performing operating efficiency, with an adjusted efficiency ratio⁽¹⁾ of 50.42% in the second quarter of 2026, compared with 49.97% in the first quarter of 2026 and 51.74% in the second quarter of 2025.

Income Tax Expense

The Company's effective tax rate for the second quarter of 2026 was 22.1%, compared with 21.5% for the first quarter of 2026. The increased rate resulted primarily from a decline in the excess benefit from share-based compensation awards compared with the first quarter of 2026.

Balance Sheet Trends

Total assets at June 30, 2026 were $28.49 billion, compared with $28.11 billion at March 31, 2026 and $27.52 billion at December 31, 2025. During the second quarter of 2026, loans, net of unearned income, increased by $349.9 million, or 6.4% annualized. Loans held for sale decreased to $482.2 million at June 30, 2026 from $623.2 million at December 31, 2025. Debt securities available-for-sale amounted to $2.46 billion, compared with $2.35 billion at March 31, 2026 and $2.21 billion at December 31, 2025.

At June 30, 2026, total deposits amounted to $22.59 billion, compared with $22.38 billion at December 31, 2025. Average deposits in the second quarter of 2026 increased $243.4 million, or 4.4% annualized; however, end of period balances decreased $49.2 million, with noninterest bearing deposits increasing $33.9 million and interest bearing decreasing $83.1 million. Non-brokered, non-public fund deposits decreased $112.2 million, seasonal outflows of public funds totaled $111.0 million and brokered CDs increased $174.0 million. Noninterest-bearing accounts as a percentage of total deposits increased, such that at June 30, 2026, noninterest-bearing deposit accounts represented $6.78 billion, or 30.0% of total deposits, compared with $6.43 billion, or 28.7% of total deposits, at December 31, 2025.

Shareholders’ equity at June 30, 2026 totaled $4.09 billion, an increase of $14.5 million, or 0.4%, from December 31, 2025. The increase in shareholders’ equity was primarily the result of earnings of $161.9 million during the first six months of 2026, largely offset by share repurchases, dividends declared and a decrease in accumulated other comprehensive income of $24.8 million resulting from changes in interest rates on the Company's investment portfolio. Tangible book value per share⁽¹⁾ increased $0.92 per share, or 4.2% annualized, during the first six months of 2026 to $45.10 at June 30, 2026. Tangible common equity as a percentage of tangible assets was 11.04% at June 30, 2026, compared with 11.37% at the end of 2025. The Company repurchased 226,600 shares of its common stock during the quarter ending June 30, 2026.

Credit Quality

During the second quarter of 2026, the Company recorded a provision for credit losses of $17.3 million, compared with a provision of $16.6 million in the first quarter of 2026. The allowance for credit losses on loans was 1.62% of loans at June 30, 2026, unchanged from the end of 2025. Nonperforming assets as a percentage of total assets increased two basis points to 0.47% during the quarter. Approximately $33.7 million, or 25.4%, of the nonperforming assets at June 30, 2026 were GNMA-guaranteed mortgage loans, which present minimal loss exposure for the Company. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets increased two basis points to 0.35% at June 30, 2026, compared with 0.33% at the end of the first quarter of 2026. The net charge-off ratio was 20 basis points for the second quarter of 2026, compared with 21 basis points for the first quarter of 2026.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, July 24, 2026, 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 July 31, 2026. To listen to the replay, dial 1-855-669-9658. The conference replay access code is 7503680. 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.