# Ameris Bancorp (ABCB) 10-Q SEC filing - Q2 FY2026

- Filed: Aug 7, 2026, 3:07 PM EDT
- Fiscal quarter: Q2 FY2026
- Calendar quarter: Q2 2026
- Accession: 0000351569-26-000143
- OpenCapital page: https://www.opencapital.sh/filings/0000351569-26-000143
- Markdown URL: https://www.opencapital.sh/filings/0000351569-26-000143.md
- Official SEC filing index: https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/0000351569-26-000143-index.htm

## Filing documents

- [10-Q (abcb-20260630.htm)](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb-20260630.htm)
- [EX-3.2 (amerisbancorp-amendedandre.htm)](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/amerisbancorp-amendedandre.htm)
- [EX-31.1 (abcb_exhibit311x063026-10xq.htm)](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit311x063026-10xq.htm)
- [EX-31.2 (abcb_exhibit312x063026-10xq.htm)](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit312x063026-10xq.htm)
- [EX-32.1 (abcb_exhibit321x063026-10xq.htm)](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit321x063026-10xq.htm)
- [EX-32.2 (abcb_exhibit322x063026-10xq.htm)](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit322x063026-10xq.htm)

---

## 10-Q

SEC source: [abcb-20260630.htm](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb-20260630.htm)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-13901

AMERIS BANCORP

(Exact name of registrant as specified in its charter)

Georgia 58-1456434

(State of incorporation) (IRS Employer ID No.)

3490 Piedmont Rd N.E., Suite 1550

Atlanta Georgia 30305

(Address of principal executive offices)

|  |
| --- |
| 639-6500 |
| (Registrant’s telephone number) |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $1 per share ABCB New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ý No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

There were 67,107,239 shares of Common Stock outstanding as of August 3, 2026.

AMERIS BANCORP

TABLE OF CONTENTS

Page

PART I – FINANCIAL INFORMATION

Item 1. [Financial Statements.](#ic1b99a0debf34d5d9ea8af8dce798b6d_13)

[Consolidated Balance Sheets as of](#ic1b99a0debf34d5d9ea8af8dce798b6d_16)June 30, 2026[(unaudited) and](#ic1b99a0debf34d5d9ea8af8dce798b6d_16)December 31, 2025 [1](#ic1b99a0debf34d5d9ea8af8dce798b6d_16)

[Consolidated Statements of Income and Comprehensive Income for the](#ic1b99a0debf34d5d9ea8af8dce798b6d_19)Three and Six[Months Ended](#ic1b99a0debf34d5d9ea8af8dce798b6d_19)June 30, 2026[and](#ic1b99a0debf34d5d9ea8af8dce798b6d_19)2025[(unaudited)](#ic1b99a0debf34d5d9ea8af8dce798b6d_19) [2](#ic1b99a0debf34d5d9ea8af8dce798b6d_19)

[Consolidated Statements of Shareholders’ Equity for the](#ic1b99a0debf34d5d9ea8af8dce798b6d_22)Three and Six[Months Ended](#ic1b99a0debf34d5d9ea8af8dce798b6d_22)June 30, 2026[and](#ic1b99a0debf34d5d9ea8af8dce798b6d_22)2025[(unaudited)](#ic1b99a0debf34d5d9ea8af8dce798b6d_22) [3](#ic1b99a0debf34d5d9ea8af8dce798b6d_22)

[Consolidated Statements of Cash Flows for the](#ic1b99a0debf34d5d9ea8af8dce798b6d_25)Six Months Ended[#ic1b99a0debf34d5d9ea8af8dce798b6d_25](#ic1b99a0debf34d5d9ea8af8dce798b6d_25)June 30, 2026[and](#ic1b99a0debf34d5d9ea8af8dce798b6d_25)2025[(unaudited)](#ic1b99a0debf34d5d9ea8af8dce798b6d_25) [5](#ic1b99a0debf34d5d9ea8af8dce798b6d_25)

[Notes to Unaudited Consolidated Financial Statements](#ic1b99a0debf34d5d9ea8af8dce798b6d_28) [7](#ic1b99a0debf34d5d9ea8af8dce798b6d_28)

Item 2. [Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#ic1b99a0debf34d5d9ea8af8dce798b6d_94) [40](#ic1b99a0debf34d5d9ea8af8dce798b6d_94)

Item 3. [Quantitative and Qualitative Disclosures About Market Risk.](#ic1b99a0debf34d5d9ea8af8dce798b6d_142) [58](#ic1b99a0debf34d5d9ea8af8dce798b6d_142)

Item 4. [Controls and Procedures.](#ic1b99a0debf34d5d9ea8af8dce798b6d_145) [59](#ic1b99a0debf34d5d9ea8af8dce798b6d_145)

[PART II – OTHER INFORMATION](#ic1b99a0debf34d5d9ea8af8dce798b6d_148)

Item 1. [Legal Proceedings.](#ic1b99a0debf34d5d9ea8af8dce798b6d_151) [60](#ic1b99a0debf34d5d9ea8af8dce798b6d_151)

## Item 1. Financial Statements.

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Balance Sheets

_(dollars in thousands, except share data)_

| Line item | June 30, 2026 (unaudited) | December 31, 2025 |
| --- | --- | --- |
| Assets |  |  |
| Cash and due from banks | $237,431 | $253,807 |
| Interest-bearing deposits in banks | 959,682 | 835,113 |
| Cash and cash equivalents | 1,197,113 | 1,088,920 |
| Debt securities available-for-sale, at fair value, net of allowance for credit losses of $68 and $75 | 2,460,623 | 2,207,173 |
| Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $192,993 and $189,873) | 208,155 | 203,242 |
| Other investments | 123,871 | 85,443 |
| Loans held for sale, at fair value | 482,220 | 623,152 |
| Loans, net of unearned income | 22,177,865 | 21,513,522 |
| Allowance for credit losses | (359,513) | (348,141) |
| Loans, net | 21,818,352 | 21,165,381 |
| Other real estate owned, net | 4,043 | 2,918 |
| Premises and equipment, net | 220,500 | 213,097 |
| Goodwill | 1,015,646 | 1,015,646 |
| Other intangible assets, net | 48,317 | 54,824 |
| Cash value of bank owned life insurance | 427,789 | 420,583 |
| Other assets | 482,214 | 435,500 |
| Total assets | $28,488,843 | $27,515,879 |
| Liabilities |  |  |
| Deposits: |  |  |
| Noninterest-bearing | $6,782,882 | $6,426,145 |
| Interest-bearing | 15,804,691 | 15,949,850 |
| Total deposits | 22,587,573 | 22,375,995 |
| Other borrowings | 1,250,049 | 558,039 |
| Subordinated deferrable interest debentures | 135,299 | 134,302 |
| Other liabilities | 425,345 | 371,515 |
| Total liabilities | 24,398,266 | 23,439,851 |
| Commitments and Contingencies (Note 8) |  |  |
| Shareholders’ Equity |  |  |
| Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | — | — |
| Common stock, par value $1; 200,000,000 shares authorized; 73,264,873 and 72,898,342 shares issued, respectively | 73,265 | 72,898 |
| Capital surplus | 1,978,573 | 1,971,131 |
| Retained earnings | 2,345,292 | 2,210,385 |
| Accumulated other comprehensive income (loss), net of tax | (16,508) | 8,312 |
| Treasury stock, at cost, 6,158,286 and 4,876,026 shares, respectively | (290,045) | (186,698) |
| Total shareholders’ equity | 4,090,577 | 4,076,028 |
| Total liabilities and shareholders’ equity | $28,488,843 | $27,515,879 |

See notes to unaudited consolidated financial statements.

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Statements of Income and Comprehensive Income (unaudited)

_(dollars in thousands, except per share data)_

| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Interest income |  |  |  |  |
| Interest and fees on loans | $326,705 | $315,893 | $644,588 | $620,061 |
| Interest on taxable securities | 30,217 | 20,696 | 55,691 | 39,188 |
| Interest on nontaxable securities | 383 | 334 | 757 | 663 |
| Interest on deposits in other banks | 8,270 | 10,715 | 16,310 | 21,504 |
| Total interest income | 365,575 | 347,638 | 717,346 | 681,416 |
| Interest expense |  |  |  |  |
| Interest on deposits | 98,995 | 106,796 | 195,222 | 212,011 |
| Interest on other borrowings | 14,096 | 9,029 | 25,204 | 15,753 |
| Total interest expense | 113,091 | 115,825 | 220,426 | 227,764 |
| Net interest income | 252,484 | 231,813 | 496,920 | 453,652 |
| Provision for loan losses | 15,894 | 3,110 | 33,789 | 19,629 |
| Provision for unfunded commitments | 1,360 | (335) | 22 | 5,038 |
| Provision for other credit losses | (1) | (3) | (7) | (3) |
| Provision for credit losses | 17,253 | 2,772 | 33,804 | 24,664 |
| Net interest income after provision for credit losses | 235,231 | 229,041 | 463,116 | 428,988 |
| Noninterest income |  |  |  |  |
| Service charges on deposit accounts | 14,044 | 13,493 | 27,723 | 26,626 |
| Mortgage banking activity | 32,526 | 39,221 | 69,534 | 74,475 |
| Other service charges, commissions and fees | 1,065 | 1,158 | 2,092 | 2,267 |
| Net gain on securities | 7,392 | — | 7,392 | 40 |
| Equipment finance activity | 8,948 | 6,572 | 18,034 | 13,270 |
| Other noninterest income | 9,557 | 8,467 | 18,677 | 16,256 |
| Total noninterest income | 73,532 | 68,911 | 143,452 | 132,934 |
| Noninterest expense |  |  |  |  |
| Salaries and employee benefits | 91,494 | 89,308 | 182,860 | 175,923 |
| Occupancy and equipment | 12,555 | 11,401 | 24,180 | 22,078 |
| Advertising and marketing | 3,452 | 3,745 | 6,748 | 6,628 |
| Amortization of intangible assets | 3,114 | 4,076 | 6,507 | 8,179 |
| Data processing and communications expenses | 15,571 | 15,366 | 32,364 | 30,221 |
| Legal and other professional fees | 6,866 | 4,380 | 11,898 | 8,082 |
| Credit resolution-related expenses | 798 | 657 | 1,307 | 1,422 |
| FDIC insurance | 3,287 | 2,749 | 6,224 | 5,988 |
| Loan servicing expense | 7,205 | 7,897 | 14,585 | 15,720 |
| Litigation accrual | 82,530 | 121 | 82,625 | 1,191 |
| Other noninterest expenses | 15,842 | 15,560 | 30,496 | 30,862 |
| Total noninterest expense | 242,714 | 155,260 | 399,794 | 306,294 |
| Income before income tax expense | 66,049 | 142,692 | 206,774 | 255,628 |
| Income tax expense | 14,603 | 32,858 | 44,836 | 57,859 |
| Net income | 51,446 | 109,834 | 161,938 | 197,769 |
| Other comprehensive income (loss) |  |  |  |  |
| Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $(4,841), $2,392, $(8,015) and $7,612 | (14,985) | 7,544 | (24,773) | 23,233 |
| Reclassification adjustment for gains on debt securities included in earnings, net of tax expense of $15, $0, $15, and $0 | (47) | — | (47) | — |
| Total other comprehensive income (loss) | (15,032) | 7,544 | (24,820) | 23,233 |
| Comprehensive income | $36,414 | $117,378 | $137,118 | $221,002 |
| Basic earnings per common share | $0.77 | $1.60 | $2.41 | $2.88 |
| Diluted earnings per common share | $0.77 | $1.60 | $2.40 | $2.87 |
| Weighted average common shares outstanding |  |  |  |  |
| Basic | 66,883,935 | 68,594,608 | 67,210,376 | 68,689,506 |
| Diluted | 67,099,941 | 68,796,577 | 67,430,193 | 68,912,750 |

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (unaudited)

(dollars in thousands, except per share data)

_Three Months Ended June 30, 2026_

| Line item | Common Stock / Shares | Common Stock / Amount | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock / Shares | Treasury Stock / Amount | Total Shareholders' Equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2026 | 73,251,984 | $73,252 | $1,973,881 | $2,307,358 | $(1,476) | 5,931,686 | $(270,888) | $4,082,127 |
| Issuance of restricted shares | 17,964 | 18 | (18) | — | — | — | — | — |
| Forfeitures of restricted shares | (5,075) | (5) | (44) | — | — | — | — | (49) |
| Share-based compensation | — | — | 4,754 | — | — | — | — | 4,754 |
| Purchase of treasury shares | — | — | — | — | — | 226,600 | (19,157) | (19,157) |
| Net income | — | — | — | 51,446 | — | — | — | 51,446 |
| Dividends on common shares ($0.20 per share) | — | — | — | (13,512) | — | — | — | (13,512) |
| Other comprehensive loss during the period | — | — | — | — | (15,032) | — | — | (15,032) |
| Balance, June 30, 2026 | 73,264,873 | $73,265 | $1,978,573 | $2,345,292 | $(16,508) | 6,158,286 | $(290,045) | $4,090,577 |
|  | Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |
|  | Common Stock |  | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock |  | Total Shareholders' Equity |
|  | Shares | Amount |  |  |  | Shares | Amount |  |
| Balance, December 31, 2025 | 72,898,342 | $72,898 | $1,971,131 | $2,210,385 | $8,312 | 4,876,026 | $(186,698) | $4,076,028 |
| Issuance of restricted shares | 211,505 | 212 | (212) | — | — | — | — | — |
| Issuance of common shares pursuant to PSU agreements | 161,712 | 162 | (162) | — | — | — | — | — |
| Forfeitures of restricted shares | (6,686) | (7) | (85) | — | — | — | — | (92) |
| Share-based compensation | — | — | 7,901 | — | — | — | — | 7,901 |
| Purchase of treasury shares | — | — | — | — | — | 1,282,260 | (103,347) | (103,347) |
| Net income | — | — | — | 161,938 | — | — | — | 161,938 |
| Dividends on common shares ($0.40 per share) | — | — | — | (27,031) | — | — | — | (27,031) |
| Other comprehensive loss during the period | — | — | — | — | (24,820) | — | — | (24,820) |
| Balance, June 30, 2026 | 73,264,873 | $73,265 | $1,978,573 | $2,345,292 | $(16,508) | 6,158,286 | $(290,045) | $4,090,577 |

_Three Months Ended June 30, 2025_

| Line item | Common Stock / Shares | Common Stock / Amount | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock / Shares | Treasury Stock / Amount | Total Shareholders' Equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2025 | 72,884,780 | $72,885 | $1,961,732 | $1,927,489 | $(14,430) | 3,973,856 | $(123,874) | $3,823,802 |
| Issuance of restricted shares | 12,591 | 12 | (12) | — | — | — | — | — |
| Share-based compensation | — | — | 3,176 | — | — | — | — | 3,176 |
| Purchase of treasury shares | — | — | — | — | — | 212,472 | (12,848) | (12,848) |
| Net income | — | — | — | 109,834 | — | — | — | 109,834 |
| Dividends on common shares ($0.20 per share) | — | — | — | (13,830) | — | — | — | (13,830) |
| Other comprehensive income during the period | — | — | — | — | 7,544 | — | — | 7,544 |
| Balance, June 30, 2025 | 72,897,371 | $72,897 | $1,964,896 | $2,023,493 | $(6,886) | 4,186,328 | $(136,722) | $3,917,678 |
|  | Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
|  | Common Stock |  | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock |  | Total Shareholders' Equity |
|  | Shares | Amount |  |  |  | Shares | Amount |  |
| Balance, December 31, 2024 | 72,699,245 | $72,699 | $1,958,642 | $1,853,428 | $(30,119) | 3,630,636 | $(103,128) | $3,751,522 |
| Issuance of restricted shares | 88,841 | 88 | (88) | — | — | — | — | — |
| Issuance of common shares pursuant to PSU agreements | 122,904 | 123 | (123) | — | — | — | — | — |
| Forfeitures of restricted shares | (13,619) | (13) | (404) | — | — | — | — | (417) |
| Share-based compensation | — | — | 6,869 | — | — | — | — | 6,869 |
| Purchase of treasury shares | — | — | — | — | — | 555,692 | (33,594) | (33,594) |
| Net income | — | — | — | 197,769 | — | — | — | 197,769 |
| Dividends on common shares ($0.40 per share) | — | — | — | (27,704) | — | — | — | (27,704) |
| Other comprehensive income during the period | — | — | — | — | 23,233 | — | — | 23,233 |
| Balance, June 30, 2025 | 72,897,371 | $72,897 | $1,964,896 | $2,023,493 | $(6,886) | 4,186,328 | $(136,722) | $3,917,678 |

See notes to unaudited consolidated financial statements. 

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Statements of Cash Flows (unaudited)

_(dollars in thousands)_

| Line item | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- |
| Operating Activities |  |  |
| Net income | $161,938 | $197,769 |
| Adjustments reconciling net income to net cash provided by operating activities: |  |  |
| Depreciation, amortization and accretion, net | 11,184 | 16,476 |
| Net gains on sale or disposal of premises and equipment | (24) | (121) |
| Provision for credit losses | 33,804 | 24,664 |
| Net write-downs and (gains) losses on sale of other real estate owned | (52) | (46) |
| Share-based compensation expense | 7,809 | 6,452 |
| Amortization of operating lease right of use assets | 4,496 | 4,604 |
| Provision for deferred taxes | (19,063) | (3,079) |
| Net gain on securities | (7,392) | (40) |
| Originations of mortgage loans held for sale | (2,020,197) | (2,087,452) |
| Payments received on mortgage loans held for sale | 15,470 | 14,189 |
| Proceeds from sales of mortgage loans held for sale | 2,128,340 | 2,071,092 |
| Net gains on mortgage loans held for sale | (13,772) | (19,163) |
| Originations of SBA loans held for sale | (10,331) | (22,771) |
| Proceeds from sales of SBA loans held for sale | 11,157 | 24,135 |
| Net gains on sale of SBA loans held for sale | (826) | (1,364) |
| Increase in cash surrender value of bank owned life insurance | (7,370) | (6,788) |
| Gain on bank owned life insurance proceeds | (846) | (12) |
| Gain on sale of mortgage servicing rights | — | (342) |
| Change attributable to other operating activities | 42,244 | (39,979) |
| Net cash provided by operating activities | 336,569 | 178,224 |
| Investing Activities |  |  |
| Purchases of debt securities available-for-sale | (523,011) | (475,276) |
| Purchases of debt securities held-to-maturity | (11,715) | (13,914) |
| Proceeds from maturities and paydowns of debt securities available-for-sale | 154,645 | 307,585 |
| Proceeds from sales of debt securities available-for-sale | 86,167 | — |
| Proceeds from maturities and paydowns of debt securities held-to-maturity | 6,937 | 2,228 |
| Net increase in other investments | (30,976) | (4,455) |
| Net increase in loans | (669,818) | (328,390) |
| Purchases of premises and equipment | (16,350) | (10,337) |
| Proceeds from sale of premises and equipment | 39 | 150 |
| Proceeds from sales of other real estate owned | 1,758 | 3,548 |
| Proceeds from bank owned life insurance | 1,010 | 56,900 |
| Net cash used in investing activities | (1,001,314) | (461,961) |
|  |  | (Continued) |

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Statements of Cash Flows (unaudited)

_(dollars in thousands)_

| Line item | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- |
| Financing Activities |  |  |
| Net increase in deposits | $211,578 | $210,227 |
| Proceeds from other borrowings | 6,970,000 | 2,615,000 |
| Repayment of other borrowings | (6,277,981) | (2,530,119) |
| Dividends paid - common stock | (27,447) | (27,882) |
| Purchase of treasury shares | (103,212) | (33,596) |
| Net cash provided by financing activities | 772,938 | 233,630 |
| Net increase (decrease) in cash and cash equivalents | 108,193 | (50,107) |
| Cash and cash equivalents at beginning of period | 1,088,920 | 1,220,377 |
| Cash and cash equivalents at end of period | $1,197,113 | $1,170,270 |
| Supplemental Disclosures of Cash Flow Information |  |  |
| Cash paid during the period for: |  |  |
| Interest | $213,847 | $228,903 |
| Income taxes | 78,887 | 98,579 |
| Loans transferred to other real estate owned | 2,831 | 2,894 |
| Loans transferred from loans held for sale to loans held for investment | 31,091 | 5,860 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 2,957 | 2,363 |
|  |  | (Concluded) |

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

June 30, 2026

### NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At June 30, 2026, the Bank operated 163 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Bank provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services.

Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Adopted in 2026

ASU No. 2025-08, Financial Instruments - Credit Losses (Subtopic 326-20): Purchased Loans ("ASU 2025-08"). ASU 2025-08 expands the gross‑up approach to most purchased loans, eliminating the recognition of a day‑one credit loss expense for these acquisitions. The standard is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company elected early adoption of this standard effective January 1, 2026 and the adoption did not have a significant impact on the Company's financial position or results of operations.

Accounting Standards Pending Adoption

ASU No. 2024-03 - Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures ("ASU 2024-03"). ASU No. 2024-03 requires additional disclosure of certain expense captions presented on the face of the Company’s income statement. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either on a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the effect that adoption of ASU 2024-03 will have on its disclosures.

ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 replaces the previous guidance based on the "project stage" model and increases the operability of the recognition guidance through a principles-based approach so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that adoption of this pronouncement will have on our consolidated financial statements and disclosures.

### NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:

| (dollars in thousands)Securities available-for-sale / June 30, 2026 | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
| --- | --- | --- | --- | --- | --- |
| U.S. Treasuries | $584,558 | — | $1,298 | $(2,409) | $583,447 |
| State, county and municipal securities | 18,005 | — | 5 | (547) | 17,463 |
| Corporate debt securities | 2,894 | (68) | — | (374) | 2,452 |
| SBA pool securities | 11,146 | — | — | (627) | 10,519 |
| Mortgage-backed securities | 1,862,905 | — | 9,203 | (25,366) | 1,846,742 |
| Total debt securities available-for-sale | $2,479,508 | $(68) | $10,506 | $(29,323) | $2,460,623 |
| December 31, 2025 |  |  |  |  |  |
| U.S. Treasuries | $653,888 | — | $7,578 | $(841) | $660,625 |
| State, county and municipal securities | 19,493 | — | 6 | (438) | 19,061 |
| Corporate debt securities | 6,395 | (75) | 9 | (454) | 5,875 |
| SBA pool securities | 12,795 | — | — | (587) | 12,208 |
| Mortgage-backed securities | 1,500,644 | — | 22,594 | (13,834) | 1,509,404 |
| Total debt securities available-for-sale | $2,193,215 | $(75) | $30,187 | $(16,154) | $2,207,173 |

The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

| (dollars in thousands)Securities held-to-maturity / June 30, 2026 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
| --- | --- | --- | --- | --- |
| State, county and municipal securities | $33,284 | — | $(4,766) | $28,518 |
| Mortgage-backed securities | 174,871 | 195 | (10,591) | 164,475 |
| Total debt securities held-to-maturity | $208,155 | $195 | $(15,357) | $192,993 |
| December 31, 2025 |  |  |  |  |
| State, county and municipal securities | $33,414 | $4 | $(4,145) | $29,273 |
| Mortgage-backed securities | 169,828 | 534 | (9,762) | 160,600 |
| Total debt securities held-to-maturity | $203,242 | $538 | $(13,907) | $189,873 |

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2026, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

| (dollars in thousands) | Available-for-Sale / Amortized Cost | Available-for-Sale / Estimated Fair Value | Held-to-Maturity / Amortized Cost | Held-to-Maturity / Estimated Fair Value |
| --- | --- | --- | --- | --- |
| Due in one year or less | $176,703 | $176,742 | — | — |
| Due from one year to five years | 371,339 | 369,777 | — | — |
| Due from five to ten years | 65,631 | 64,888 | 1,272 | 1,266 |
| Due after ten years | 2,930 | 2,474 | 32,012 | 27,252 |
| Mortgage-backed securities | 1,862,905 | 1,846,742 | 174,871 | 164,475 |
|  | $2,479,508 | $2,460,623 | $208,155 | $192,993 |

Securities with a carrying value of approximately $638.3 million and $512.0 million at June 30, 2026 and December 31, 2025, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025:

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Less Than 12 Months |  |  |  | 12 Months or More |  |  |  | Total |  |  |  |
| (dollars in thousands)Securities available-for-sale | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  |
| June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasuries | $ | $203,254 | $ | $(2,409) | $ | — | $ | — | $ | $203,254 | $ | $(2,409) |
| State, county and municipal securities | 1,994 |  | (12) |  | 10,926 |  | (535) |  | 12,920 |  | (547) |  |
| Corporate debt securities | 2,057 |  | (374) |  | — |  | — |  | 2,057 |  | (374) |  |
| SBA pool securities | — |  | — |  | 10,392 |  | (627) |  | 10,392 |  | (627) |  |
| Mortgage-backed securities | 576,485 |  | (12,005) |  | 359,603 |  | (13,361) |  | 936,088 |  | (25,366) |  |
| Total debt securities available-for-sale | $ | $783,790 | $ | $(14,800) | $ | $380,921 | $ | $(14,523) | $ | $1,164,711 | $ | $(29,323) |
| December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasuries | $ | — | $ | — | $ | $56,606 | $ | $(841) | $ | $56,606 | $ | $(841) |
| State, county and municipal securities | — |  | — |  | 12,803 |  | (438) |  | 12,803 |  | (438) |  |
| Corporate debt securities | 1,050 |  | (375) |  | 2,421 |  | (79) |  | 3,471 |  | (454) |  |
| SBA pool securities | — |  | — |  | 12,076 |  | (587) |  | 12,076 |  | (587) |  |
| Mortgage-backed securities | 100,144 |  | (3,061) |  | 390,234 |  | (10,773) |  | 490,378 |  | (13,834) |  |
| Total debt securities available-for-sale | $ | $101,194 | $ | $(3,436) | $ | $474,140 | $ | $(12,718) | $ | $575,334 | $ | $(16,154) |

As of June 30, 2026, the Company’s available-for-sale security portfolio consisted of 397 securities, 314 of which were in an unrealized loss position. At June 30, 2026, the Company held 265 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At June 30, 2026, the Company held 26 U.S. Small Business Administration (“SBA”) pool securities, 11 state, county and municipal securities, four corporate securities, and eight U.S. Treasury securities that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025:

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Less Than 12 Months |  |  |  | 12 Months or More |  |  |  | Total |  |  |  |
| (dollars in thousands)Securities held-to-maturity | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  |
| June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
| State, county and municipal securities | $ | $9,484 | $ | $(81) | $ | $19,034 | $ | $(4,685) | $ | $28,518 | $ | $(4,766) |
| Mortgage-backed securities | 60,288 |  | (777) |  | 77,210 |  | (9,814) |  | 137,498 |  | (10,591) |  |
| Total debt securities held-to-maturity | $ | $69,772 | $ | $(858) | $ | $96,244 | $ | $(14,499) | $ | $166,016 | $ | $(15,357) |
| December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| State, county and municipal securities | $ | — | $ | — | $ | $27,990 | $ | $(4,145) | $ | $27,990 | $ | $(4,145) |
| Mortgage-backed securities | 19,344 |  | (152) |  | 83,035 |  | (9,610) |  | 102,379 |  | (9,762) |  |
| Total debt securities held-to-maturity | $ | $19,344 | $ | $(152) | $ | $111,025 | $ | $(13,755) | $ | $130,369 | $ | $(13,907) |

As of June 30, 2026, the Company’s held-to-maturity security portfolio consisted of 66 securities, 57 of which were in an unrealized loss position. At June 30, 2026, the Company held 49 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At June 30, 2026 and December 31, 2025, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at June 30, 2026, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at June 30, 2026, management determined that $68,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $29.3 million in unrealized loss was determined to be from factors other than credit.

| (dollars in thousands) / Allowance for credit losses | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Beginning balance | $69 | $69 | $75 | $69 |
| Provision for other credit losses | (1) | (3) | (7) | (3) |
| Ending balance | $68 | $66 | $68 | $66 |

The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established.

The following table is a summary of sales activities in the Company's debt securities available for sale for the three and six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Gross gains on sales of securities available for sale | $246 | — | $246 | — |
| Gross losses on sales of securities available for sale | (184) | — | (184) | — |
| Net realized gains on sales of securities available for sale | $62 | — | $62 | — |
| Sales proceeds | $86,167 | — | $86,167 | — |

Total net gain on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Net realized gains on sales of securities available-for-sale | $62 | — | $62 | — |
| Net realized gains on equity securities | 2,367 | — | 2,367 | — |
| Unrealized holding gains on equity securities | 4,921 | — | 4,921 | 40 |
| Net realized gains on sales of other investments | 42 | — | 42 | — |
| Net gain on securities | $7,392 | — | $7,392 | $40 |

### NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $3,453,501 | $3,288,505 |
| Consumer | 157,252 | 180,010 |
| Mortgage warehouse | 1,345,808 | 1,150,782 |
| Municipal | 415,396 | 434,234 |
| Premium finance | 1,534,445 | 1,306,267 |
| Real estate – construction and development | 1,702,983 | 1,469,250 |
| Real estate – commercial and farmland | 9,243,359 | 9,311,405 |
| Real estate – residential | 4,325,121 | 4,373,069 |
| Loans, net of unearned income | $22,177,865 | $21,513,522 |

Accrued interest receivable on loans totaling $81.2 million and $80.0 million at June 30, 2026 and December 31, 2025, respectively, is reported in other assets on the consolidated balance sheets. The Company had no recorded allowance for credit losses related to accrued interest on loans at both June 30, 2026 and December 31, 2025.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

The following table presents an analysis of loans accounted for on a nonaccrual basis:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $13,389 | $17,536 |
| Consumer | 487 | 703 |
| Real estate – construction and development | 1,131 | 1,264 |
| Real estate – commercial and farmland | 11,938 | 6,456 |
| Real estate – residential(1) | 93,581 | 83,099 |
|  | $120,526 | $109,058 |

(1) Included in real estate - residential were $33.7 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2026 and December 31, 2025, respectively.

Interest income recognized on nonaccrual loans during the six months ended June 30, 2026 and 2025 was not material.

The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $3,470 | $4,884 |
| Real estate – construction and development | 303 | 644 |
| Real estate – commercial and farmland | 8,817 | 4,118 |
| Real estate – residential | 51,983 | 43,334 |
|  | $64,573 | $52,980 |

The following table presents an analysis of past-due loans as of June 30, 2026 and December 31, 2025:

| (dollars in thousands) / June 30, 2026 | Loans30-59Days Past Due | Loans60-89Days Past Due | Loans 90or More Days Past Due | Total Loans Past Due | Current Loans | Total Loans | Loans 90Days or More Past Due and Still Accruing |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and industrial | $9,582 | $5,662 | $9,139 | $24,383 | $3,429,118 | $3,453,501 | $19 |
| Consumer | 1,856 | 5,955 | 136 | 7,947 | 149,305 | 157,252 | — |
| Mortgage warehouse | — | — | — | — | 1,345,808 | 1,345,808 | — |
| Municipal | — | — | — | — | 415,396 | 415,396 | — |
| Premium finance | 10,024 | 8,835 | 8,345 | 27,204 | 1,507,241 | 1,534,445 | 8,345 |
| Real estate – construction and development | 2,131 | 1,380 | 638 | 4,149 | 1,698,834 | 1,702,983 | — |
| Real estate – commercial and farmland | 1,321 | 63 | 3,809 | 5,193 | 9,238,166 | 9,243,359 | — |
| Real estate – residential | 54,165 | 23,358 | 83,423 | 160,946 | 4,164,175 | 4,325,121 | — |
| Total | $79,079 | $45,253 | $105,490 | $229,822 | $21,948,043 | $22,177,865 | $8,364 |
| December 31, 2025 |  |  |  |  |  |  |  |
| Commercial and industrial | $8,890 | $5,938 | $8,470 | $23,298 | $3,265,207 | $3,288,505 | — |
| Consumer | 3,655 | 2,199 | 198 | 6,052 | 173,958 | 180,010 | — |
| Mortgage warehouse | — | — | — | — | 1,150,782 | 1,150,782 | — |
| Municipal | — | — | — | — | 434,234 | 434,234 | — |
| Premium finance | 13,463 | 6,961 | 8,492 | 28,916 | 1,277,351 | 1,306,267 | 8,492 |
| Real estate – construction and development | 2,238 | 349 | 938 | 3,525 | 1,465,725 | 1,469,250 | — |
| Real estate – commercial and farmland | 1,707 | 16 | 5,770 | 7,493 | 9,303,912 | 9,311,405 | — |
| Real estate – residential | 42,310 | 17,680 | 79,502 | 139,492 | 4,233,577 | 4,373,069 | — |
| Total | $72,263 | $33,143 | $103,370 | $208,776 | $21,304,746 | $21,513,522 | $8,492 |

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the allowance for credit losses as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses:

| (dollars in thousands) | June 30, 2026 / Balance | June 30, 2026 / Allowance for Credit Losses | December 31, 2025 / Balance | December 31, 2025 / Allowance for Credit Losses |
| --- | --- | --- | --- | --- |
| Commercial and industrial | $6,895 | $755 | $12,057 | $1,866 |
| Premium finance | 596 | — | 1,296 | 1 |
| Real estate – construction and development | 690 | 47 | 902 | 42 |
| Real estate – commercial and farmland | 11,029 | 427 | 5,084 | 378 |
| Real estate – residential | 20,996 | 3,251 | 22,494 | 2,857 |
|  | $40,206 | $4,480 | $41,833 | $5,144 |

Credit Quality Indicators

The Company uses a five category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades:

Pass – This grade represents acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral.

Other Assets Especially Mentioned ("Special Mention") – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard – This grade represents loans which are inadequately protected by the current creditworthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2026 and December 31, 2025. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded doubtful or loss at June 30, 2026 or December 31, 2025.

| As of June 30, 2026 | Term Loans by Origination Year / 2026 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and Industrial |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $538,756 | $759,335 | $542,361 | $331,362 | $347,752 | $185,366 | $721,931 | $3,426,863 |
| Special mention | 140 | 2,926 | 420 | 138 | — | 258 | 7,723 | 11,605 |
| Substandard | 519 | 1,010 | 4,179 | 3,251 | 941 | 4,142 | 991 | 15,033 |
| Total commercial and industrial | $539,415 | $763,271 | $546,960 | $334,751 | $348,693 | $189,766 | $730,645 | $3,453,501 |
| Current-period gross charge offs | $348 | $4,208 | $5,351 | $4,626 | $3,376 | $1,099 | $237 | $19,245 |
| Consumer |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $13,582 | $29,399 | $11,118 | $6,430 | $2,612 | $23,572 | $69,347 | $156,060 |
| Special mention | — | — | — | — | — | 14 | 475 | 489 |
| Substandard | — | 145 | 81 | 60 | 44 | 291 | 82 | 703 |
| Total consumer | $13,582 | $29,544 | $11,199 | $6,490 | $2,656 | $23,877 | $69,904 | $157,252 |
| Current-period gross charge offs | $2 | $6,577 | $1,155 | $108 | $107 | $743 | $165 | $8,857 |
| Mortgage Warehouse |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | — | — | — | — | — | — | $1,345,808 | $1,345,808 |
| Total mortgage warehouse | — | — | — | — | — | — | $1,345,808 | $1,345,808 |
| Current-period gross charge offs | — | — | — | — | — | — | — | — |
| Municipal |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $5,030 | $25,266 | $31,601 | $8,506 | $41,776 | $302,398 | $819 | $415,396 |
| Total municipal | $5,030 | $25,266 | $31,601 | $8,506 | $41,776 | $302,398 | $819 | $415,396 |
| Current-period gross charge offs | — | — | — | — | — | — | — | — |
| Premium Finance |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $1,280,414 | $238,260 | $7,427 | — | — | — | — | $1,526,101 |
| Substandard | 2,031 | 6,123 | 190 | — | — | — | — | 8,344 |
| Total premium finance | $1,282,445 | $244,383 | $7,617 | — | — | — | — | $1,534,445 |
| Current-period gross charge offs | $4 | $3,978 | $333 | — | — | — | — | $4,315 |

| As of June 30, 2026 | Term Loans by Origination Year / 2026 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Real Estate – Construction and Development |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $314,613 | $651,454 | $367,538 | $30,564 | $139,670 | $108,078 | $83,102 | $1,695,019 |
| Special mention | 58 | 1,696 | 2,483 | 30 | — | 71 | — | 4,338 |
| Substandard | — | — | 81 | 75 | 1,114 | 2,356 | — | 3,626 |
| Total real estate – construction and development | $314,671 | $653,150 | $370,102 | $30,669 | $140,784 | $110,505 | $83,102 | $1,702,983 |
| Current-period gross charge offs | — | — | — | — | — | — | — | — |
| Real Estate – Commercial and Farmland |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $594,208 | $1,345,586 | $360,135 | $404,813 | $2,559,114 | $3,790,977 | $100,467 | $9,155,300 |
| Special mention | — | 408 | — | 1,230 | 18,214 | 22,687 | — | 42,539 |
| Substandard | — | 7,383 | 344 | 1,367 | 23,369 | 12,958 | 99 | 45,520 |
| Total real estate – commercial and farmland | $594,208 | $1,353,377 | $360,479 | $407,410 | $2,600,697 | $3,826,622 | $100,566 | $9,243,359 |
| Current-period gross charge offs | — | $1,529 | — | — | — | $32 | — | $1,561 |
| Real Estate - Residential |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $237,231 | $201,357 | $140,568 | $479,506 | $1,079,424 | $1,730,038 | $353,847 | $4,221,971 |
| Special mention | — | — | — | — | — | 906 | 1,144 | 2,050 |
| Substandard | — | 10,789 | 16,925 | 9,689 | 18,858 | 36,892 | 7,947 | 101,100 |
| Total real estate - residential | $237,231 | $212,146 | $157,493 | $489,195 | $1,098,282 | $1,767,836 | $362,938 | $4,325,121 |
| Current-period gross charge offs | — | — | $38 | $34 | $86 | $7 | — | $165 |
| Total Loans |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $2,983,834 | $3,250,657 | $1,460,748 | $1,261,181 | $4,170,348 | $6,140,429 | $2,675,321 | $21,942,518 |
| Special mention | 198 | 5,030 | 2,903 | 1,398 | 18,214 | 23,936 | 9,342 | 61,021 |
| Substandard | 2,550 | 25,450 | 21,800 | 14,442 | 44,326 | 56,639 | 9,119 | 174,326 |
| Total loans | $2,986,582 | $3,281,137 | $1,485,451 | $1,277,021 | $4,232,888 | $6,221,004 | $2,693,782 | $22,177,865 |
| Total current-period gross charge offs | $354 | $16,292 | $6,877 | $4,768 | $3,569 | $1,881 | $402 | $34,143 |

| As of December 31, 2025 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / 2021 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and Industrial |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $934,457 | $644,695 | $403,869 | $375,741 | $151,316 | $74,208 | $679,681 | $3,263,967 |
| Special mention | 957 | 470 | 19 | 835 | 1,143 | 1,294 | 384 | 5,102 |
| Substandard | 1,191 | 4,406 | 5,273 | 1,673 | 2,843 | 2,786 | 1,264 | 19,436 |
| Total commercial and industrial | $936,605 | $649,571 | $409,161 | $378,249 | $155,302 | $78,288 | $681,329 | $3,288,505 |
| YTD June 30, 2025 gross charge-offs | $330 | $4,214 | $6,872 | $8,276 | $2,061 | $623 | — | $22,376 |
| Consumer |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $58,282 | $12,126 | $9,095 | $3,652 | $908 | $28,711 | $66,097 | $178,871 |
| Special mention | — | 14 | — | 9 | — | 19 | — | 42 |
| Substandard | 116 | 192 | 153 | 50 | 19 | 510 | 57 | 1,097 |
| Total consumer | $58,398 | $12,332 | $9,248 | $3,711 | $927 | $29,240 | $66,154 | $180,010 |
| YTD June 30, 2025 gross charge-offs | — | $394 | $215 | $274 | $27 | $943 | — | $1,853 |
| Mortgage Warehouse |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | — | — | — | — | — | — | $1,150,782 | $1,150,782 |
| Total mortgage warehouse | — | — | — | — | — | — | $1,150,782 | $1,150,782 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |
| Municipal |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $26,343 | $30,899 | $8,708 | $42,797 | $34,928 | $289,740 | $819 | $434,234 |
| Total municipal | $26,343 | $30,899 | $8,708 | $42,797 | $34,928 | $289,740 | $819 | $434,234 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |
| Premium Finance |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $1,278,242 | $19,305 | $227 | — | — | — | — | $1,297,774 |
| Substandard | 7,945 | 548 | — | — | — | — | — | 8,493 |
| Total premium finance | $1,286,187 | $19,853 | $227 | — | — | — | — | $1,306,267 |
| YTD June 30, 2025 gross charge-offs | $364 | $4,477 | $206 | $1 | — | — | — | $5,048 |
| Real Estate – Construction and Development |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $639,978 | $384,683 | $38,088 | $183,595 | $97,961 | $42,251 | $78,824 | $1,465,380 |
| Special mention | — | — | — | 150 | — | 240 | — | 390 |
| Substandard | — | 584 | 103 | 512 | 335 | 1,946 | — | 3,480 |
| Total real estate – construction and development | $639,978 | $385,267 | $38,191 | $184,257 | $98,296 | $44,437 | $78,824 | $1,469,250 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |

| As of December 31, 2025 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / 2021 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Real Estate – Commercial and Farmland |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $1,344,318 | $324,535 | $437,240 | $2,731,134 | $1,974,974 | $2,321,409 | $100,635 | $9,234,245 |
| Special mention | — | — | — | 7,972 | 15,851 | 8,411 | — | 32,234 |
| Substandard | 9,000 | 344 | 1,355 | 17,292 | 1,725 | 15,110 | 100 | 44,926 |
| Total real estate – commercial and farmland | $1,353,318 | $324,879 | $438,595 | $2,756,398 | $1,992,550 | $2,344,930 | $100,735 | $9,311,405 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |
| Real Estate - Residential |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $229,509 | $156,412 | $537,032 | $1,159,471 | $965,202 | $889,948 | $342,918 | $4,280,492 |
| Special mention | — | — | — | 47 | 28 | 1,113 | 753 | 1,941 |
| Substandard | 4,908 | 8,516 | 8,945 | 22,084 | 9,197 | 29,744 | 7,242 | 90,636 |
| Total real estate - residential | $234,417 | $164,928 | $545,977 | $1,181,602 | $974,427 | $920,805 | $350,913 | $4,373,069 |
| YTD June 30, 2025 gross charge-offs | — | — | $171 | — | — | $162 | — | $333 |
| Total Loans |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $4,511,129 | $1,572,655 | $1,434,259 | $4,496,390 | $3,225,289 | $3,646,267 | $2,419,756 | $21,305,745 |
| Special mention | 957 | 484 | 19 | 9,013 | 17,022 | 11,077 | 1,137 | 39,709 |
| Substandard | 23,160 | 14,590 | 15,829 | 41,611 | 14,119 | 50,096 | 8,663 | 168,068 |
| Total loans | $4,535,246 | $1,587,729 | $1,450,107 | $4,547,014 | $3,256,430 | $3,707,440 | $2,429,556 | $21,513,522 |
| YTD June 30, 2025 gross charge-offs | $694 | $9,085 | $7,464 | $8,551 | $2,088 | $1,728 | — | $29,610 |

Allowance for Credit Losses on Loans

The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of Loss, the uncollectible portion is charged off.

The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters after the reasonable and supportable forecast period.

During the six months ended June 30, 2026, the allowance for credit losses increased due to organic loan growth, the current economic forecast and a change in the mix of loans. The allowance for credit losses was determined at June 30, 2026 using the Moody's baseline scenario economic forecast and the downside 75th percentile S-2 scenario weighted equally at 50%. The allowance for credit losses was determined at December 31, 2025 using two economic forecasts from Moody's, the baseline scenario and the downside 75th percentile S-2 scenario, which were equally weighted at 50%. The current forecast reflects, among other things, an increase in unemployment and commercial real estate vacancies, partially offset by improvements in home and commercial real estate price indices, compared with the forecast at December 31, 2025.

The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories:

_Three Months Ended June 30, 2026_

| (dollars in thousands) | Commercial and Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2026 | $89,931 | $8,518 | $2,506 | $55 | $1,761 | $54,229 |
| Provision for loan losses | 8,169 | 1,404 | 237 | — | 471 | 3,081 |
| Loans charged off | (8,657) | (4,042) | — | — | (2,253) | — |
| Recoveries of loans previously charged off | 3,117 | 373 | — | — | 2,003 | 2 |
| Balance, June 30, 2026 | $92,560 | $6,253 | $2,743 | $55 | $1,982 | $57,312 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, March 31, 2026 | $127,498 | $70,184 | $354,682 |  |  |  |
| Provision for loan losses | 7,084 | (4,552) | 15,894 |  |  |  |
| Loans charged off | (1,561) | (103) | (16,616) |  |  |  |
| Recoveries of loans previously charged off | 24 | 34 | 5,553 |  |  |  |
| Balance, June 30, 2026 | $133,045 | $65,563 | $359,513 |  |  |  |
| Six Months Ended June 30, 2026 |  |  |  |  |  |  |
| (dollars in thousands) | Commercialand Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| Balance, December 31, 2025 | $88,242 | $11,503 | $2,356 | $57 | $892 | $52,432 |
| Provision for loan losses | 16,712 | 2,708 | 387 | (2) | 1,576 | 4,878 |
| Loans charged off | (19,245) | (8,857) | — | — | (4,315) | — |
| Recoveries of loans previously charged off | 6,851 | 899 | — | — | 3,829 | 2 |
| Balance, June 30, 2026 | $92,560 | $6,253 | $2,743 | $55 | $1,982 | $57,312 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, December 31, 2025 | $128,454 | $64,205 | $348,141 |  |  |  |
| Provision for loan losses | 6,100 | 1,430 | 33,789 |  |  |  |
| Loans charged off | (1,561) | (165) | (34,143) |  |  |  |
| Recoveries of loans previously charged off | 52 | 93 | 11,726 |  |  |  |
| Balance, June 30, 2026 | $133,045 | $65,563 | $359,513 |  |  |  |

_Three Months Ended June 30, 2025_

| (dollars in thousands) | Commercial and Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2025 | $82,621 | $6,145 | $1,824 | $57 | $682 | $69,086 |
| Provision for loan losses | 12,345 | 1,090 | 456 | 1 | 567 | (21,785) |
| Loans charged off | (10,517) | (913) | — | — | (2,719) | — |
| Recoveries of loans previously charged off | 4,536 | 251 | — | — | 2,253 | 5 |
| Balance, June 30, 2025 | $88,985 | $6,573 | $2,280 | $58 | $783 | $47,306 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, March 31, 2025 | $118,392 | $66,748 | $345,555 |  |  |  |
| Provision for loan losses | 9,335 | 1,101 | 3,110 |  |  |  |
| Loans charged off | — | (77) | (14,226) |  |  |  |
| Recoveries of loans previously charged off | 67 | 16 | 7,128 |  |  |  |
| Balance, June 30, 2025 | $127,794 | $67,788 | $341,567 |  |  |  |
| Six Months Ended June 30, 2025 |  |  |  |  |  |  |
| (dollars in thousands) | Commercialand Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| Balance, December 31, 2024 | $87,242 | $7,327 | $2,262 | $58 | $736 | $60,421 |
| Provision for loan losses | 15,733 | 553 | 18 | — | 762 | (13,124) |
| Loans charged off | (22,376) | (1,853) | — | — | (5,048) | — |
| Recoveries of loans previously charged off | 8,386 | 546 | — | — | 4,333 | 9 |
| Balance, June 30, 2025 | $88,985 | $6,573 | $2,280 | $58 | $783 | $47,306 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, December 31, 2024 | $118,377 | $61,661 | $338,084 |  |  |  |
| Provision for loan losses | 9,315 | 6,372 | 19,629 |  |  |  |
| Loans charged off | — | (333) | (29,610) |  |  |  |
| Recoveries of loans previously charged off | 102 | 88 | 13,464 |  |  |  |
| Balance, June 30, 2025 | $127,794 | $67,788 | $341,567 |  |  |  |

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. Loan modifications, renewals, and refinancings where borrowers are experiencing financial difficulty are evaluated for classification as a modification to borrowers experiencing financial difficulty. To be classified as such, the modifications must be in the form of payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three and six months ended June 30, 2026 and 2025:

| Three Months Ended June 30, 2026 / (dollars in thousands) | Three Months Ended June 30, 2026 / Payment Deferral | Three Months Ended June 30, 2026 / Term Extension | Three Months Ended June 30, 2026 / Combination Payment Deferral and Rate Reduction | Three Months Ended June 30, 2026 / Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Real estate – commercial and farmland | $6,936 | — | — | — | $7,383 | $14,319 | 0.2% |
| Real estate – residential | 1,849 | 6,194 | 1,015 | 283 | 1,109 | 10,450 | 0.2% |
| Total | $8,785 | $6,194 | $1,015 | $283 | $8,492 | $24,769 | 0.1% |
| Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |
| (dollars in thousands) | Payment Deferral | Term Extension | Combination Payment Deferral and Rate Reduction | Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| Real estate – commercial and farmland | $6,936 | — | — | — | $7,383 | $14,319 | 0.2% |
| Real estate – residential | 2,329 | 8,577 | 1,015 | 283 | 1,109 | 13,313 | 0.3% |
| Total | $9,265 | $8,577 | $1,015 | $283 | $8,492 | $27,632 | 0.1% |

_Three Months Ended June 30, 2025_

| (dollars in thousands) | Payment Deferral | Term Extension | Combination Payment Deferral and Rate Reduction | Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and industrial | — | $5,871 | — | — | — | $5,871 | 0.2% |
| Real estate – commercial and farmland | — | 700 | — | 329 | — | 1,029 | — |
| Real estate – residential | 548 | 2,199 | 506 | — | 615 | 3,868 | 0.1% |
| Total | $548 | $8,770 | $506 | $329 | $615 | $10,768 | 0.1% |
| Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
| (dollars in thousands) | Payment Deferral | Term Extension | Combination Payment Deferral and Rate Reduction | Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| Commercial and industrial | — | $5,871 | — | — | — | $5,871 | 0.2% |
| Real estate – commercial and farmland | 2,357 | 700 | — | 9,690 | — | 12,747 | 0.1% |
| Real estate – residential | 1,111 | 3,533 | 506 | — | 1,298 | 6,448 | 0.1% |
| Total | $3,468 | $10,104 | $506 | $9,690 | $1,298 | $25,066 | 0.1% |

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $2.1 million and $2.0 million at June 30, 2026 and December 31, 2025, respectively.

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026 and 2025, respectively:

Three Months Ended June 30, 2026

Loan Type Financial Effect

Payment Deferral

Real estate – commercial and farmland Payments were deferred for 15 months

Real estate – residential Payments were deferred for 7 months

Term Extension

Real estate – residential Maturity dates were extended for a weighted average of 65 months

Combination of Payment Deferral and Term Extension

Real estate – residential Maturity dates were extended for a weighted average 7 months and payments were deferred for 7 months

Combination of Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for 9 months and rate was reduced by a weighted average 1.69%

Combination of Term Extension and Rate Reduction

Real estate – commercial and farmland Maturity dates were extended for a weighted average 7 months months and rate was reduced by a weighted average 2.00%

Real estate – residential Maturity dates were extended for a weighted average 57 months and rate was reduced by a weighted average 2.13%

Six Months Ended June 30, 2026

Loan Type Financial Effect

Payment Deferral

Real estate – commercial and farmland Payments were deferred for a weighted average of 15 months

Real estate – residential Payments were deferred for a weighted average of 9 months

Term Extension

Real estate – residential Maturity dates were extended for a weighted average of 70 months

Combination of Payment Deferral and Term Extension

Real estate – residential Maturity dates were extended for a weighted average 7 months and payments were deferred for 7 months

Combination of Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for 9 months and rate was reduced by a weighted average 1.69%

Combination of Term Extension and Rate Reduction

Real estate – commercial and farmland Maturity dates were extended for a weighted average 7 months and rate was reduced by a weighted average 2.00%.

Real estate – residential Maturity dates were extended for a weighted average 57 months and rate was reduced by a weighted average 2.13%

Three Months Ended June 30, 2025

Loan Type Financial Effect

Payment Deferral

Real estate – residential Payments were deferred for eight months

Term Extension

Commercial and industrial Maturity dates were extended for a weighted average of 13 months

Real estate – commercial and farmland Maturity dates were extended for a weighted average of nine months

Real estate – residential Maturity dates were extended for a weighted average of 95 months

Combination Payment Deferral and Term Extension

Real estate – commercial and farmland Maturity dates were extended for a weighted average of nine months and payments were deferred for nine months

Combination Term Extension and Rate Reduction

Real estate – residential Maturity dates were extended for a weighted average of seven months and rate was reduced by a weighted average 1.50%

Combination Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for 10 months and rate was reduced by a weighted average 0.43%

Six Months Ended June 30, 2025

Loan Type Financial Effect

Payment Deferral

Real estate – commercial and farmland Payments were deferred for a weighted average of nine months

Real estate – residential Payments were deferred for a weighted average of nine months

Term Extension

Commercial and industrial Maturity dates were extended for a weighted average of 13 months

Real estate – commercial and farmland Maturity dates were extended for a weighted average of nine months

Real estate – residential Maturity dates were extended for a weighted average of 90 months

Combination Payment Deferral and Term Extension

Real estate – commercial and farmland Maturity dates were extended for a weighted average of three months and payments were deferred for 12 months

Combination Term Extension and Rate Reduction

Real estate – residential Maturity dates were extended for a weighted average of 37 months and rate was reduced by a weighted average 0.68%

Combination Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for seven months and rate was reduced by a weighted average 1.50%

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:

| As of June 30, 2026 |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (dollars in thousands) | Current |  | 30-59Days Past Due |  | 60-89Days Past Due |  | 90 or More Days Past Due |  | Total |  |
| Commercial and industrial | $ | $1,527 | $ | — | $ | — | $ | — | $ | $1,527 |
| Real estate – commercial and farmland | 21,306 |  | — |  | — |  | 86 |  | 21,392 |  |
| Real estate – residential | 20,043 |  | 2,017 |  | 844 |  | 5,273 |  | 28,177 |  |
| Total | $ | $42,876 | $ | $2,017 | $ | $844 | $ | $5,359 | $ | $51,096 |

| As of June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (dollars in thousands) | Current |  | 30-59Days Past Due |  | 60-89Days Past Due |  | 90 or More Days Past Due |  | Total |  |
| Commercial and industrial | $ | $6,426 | $ | — | $ | — | $ | — | $ | $6,426 |
| Real estate – commercial and farmland | 13,332 |  | — |  | — |  | — |  | 13,332 |  |
| Real estate – residential | 8,247 |  | 3,141 |  | 3,831 |  | 2,883 |  | 18,102 |  |
| Total | $ | $28,005 | $ | $3,141 | $ | $3,831 | $ | $2,883 | $ | $37,860 |

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2026 and were modified in the 12 months before default to borrowers experiencing financial difficulty:

| (dollars in thousands) | Term Extension | Payment Deferral | Combination of Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Combination Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $3,665 | $621 | $283 | $396 | $508 | $5,473 |
| Total | $3,665 | $621 | $283 | $396 | $508 | $5,473 |

The following table provides the amortized cost basis of financing receivables that had a payment default during the six months ended June 30, 2026 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

| (dollars in thousands) | Term Extension | Payment Deferral | Combination of Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Combination Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $3,665 | $1,243 | $283 | $397 | $508 | $6,096 |
| Total | $3,665 | $1,243 | $283 | $397 | $508 | $6,096 |

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty:

| (dollars in thousands) | Interest Rate Reduction | Term Extension | Payment Deferral | Combination of Term Extension and Rate Reduction | Combination of Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $499 | $4,202 | $563 | $4,086 | $506 | $9,856 |
| Total | $499 | $4,202 | $563 | $4,086 | $506 | $9,856 |

The following table provides the amortized cost basis of financing receivables that had a payment default during six months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

| (dollars in thousands) | Interest Rate Reduction | Term Extension | Payment Deferral | Combination of Term Extension and Rate Reduction | Combination of Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $499 | $4,862 | $563 | $4,086 | $506 | $10,516 |
| Total | $499 | $4,862 | $563 | $4,086 | $506 | $10,516 |

### NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| FHLB borrowings: |  |  |
| Fixed Rate Advance due July 20, 2026; fixed interest rate of 3.790% | $100,000 | — |
| Fixed Rate Advance due July 21, 2026; fixed interest rate of 3.760% | 75,000 | — |
| Fixed Rate Advance due July 22, 2026; fixed interest rate of 3.790% | 350,000 | — |
| Fixed Rate Advance due August 11, 2026; fixed interest rate of 3.810% | 250,000 | — |
| Fixed Rate Advance due August 24, 2026; fixed interest rate of 3.860% | 100,000 | — |
| Daily Rate Credit due December 16, 2026; variable interest rate of 3.880% | 342,000 | 515,000 |
| Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 |
| Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 |
| Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% | 1,350 | 1,355 |
| Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% | 934 | 938 |
| Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 765 | 838 |
| Other Debt: |  |  |
| Advance from correspondent bank due July 1, 2026; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | — | 9,908 |
|  | $1,250,049 | $558,039 |

The advances from the Federal Home Loan Bank (the "FHLB") are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At June 30, 2026, $2.46 billion was available for borrowing on lines with the FHLB.

As of June 30, 2026, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $92.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At June 30, 2026, the Bank had $2.96 billion of loans pledged at the Federal Reserve discount window and had $2.37 billion available for borrowing.

### NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) for the Company consists of changes in net unrealized gains and losses on debt securities available-for-sale. The reclassification for gains (losses) on sale of securities included in net income is recorded in net gain (loss) on securities in the consolidated statements of income and comprehensive income.

The following table presents a summary of the accumulated other comprehensive income (loss) balances, net of tax, for the periods indicated:

| (dollars in thousands) / Three Months Ended June 30, 2026 | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) |
| --- | --- | --- |
| Balance, March 31, 2026 | $ | $(1,476) |
| Reclassification for gains included in net income, net of tax | (47) |  |
| Unrealized loss on debt securities available-for-sale, net of tax | (14,985) |  |
| Balance, June 30, 2026 | $ | $(16,508) |
| Three Months Ended June 30, 2025 |  |  |
| Balance, March 31, 2025 | $ | $(14,430) |
| Unrealized gain on debt securities available-for-sale, net of tax | 7,544 |  |
| Balance, June 30, 2025 | $ | $(6,886) |
| Six Months Ended June 30, 2026 |  |  |
| Balance, December 31, 2025 | $ | $8,312 |
| Reclassification for gains included in net income, net of tax | (47) |  |
| Unrealized loss on debt securities available-for-sale, net of tax | (24,773) |  |
| Balance, June 30, 2026 | $ | $(16,508) |
| Six Months Ended June 30, 2025 |  |  |
| Balance, December 31, 2024 | $ | $(30,119) |
| Unrealized gain on debt securities available-for-sale, net of tax | 23,233 |  |
| Balance, June 30, 2025 | $ | $(6,886) |

### NOTE 6 – WEIGHTED AVERAGE SHARES OUTSTANDING

Earnings per share have been computed based on the following weighted average number of common shares outstanding:

| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Weighted average common shares outstanding - basic | 66,883,935 | 68,594,608 | 67,210,376 | 68,689,506 |
| Common share equivalents: |  |  |  |  |
| Nonvested restricted share grants | 101,617 | 83,364 | 110,409 | 109,053 |
| Performance stock units | 114,389 | 118,605 | 109,408 | 114,191 |
| Weighted average common shares outstanding - diluted | 67,099,941 | 68,796,577 | 67,430,193 | 68,912,750 |

There were 1,120 and 76,250 anti-dilutive securities excluded from the computation of earnings per share for the three months ended June 30, 2026 and 2025, respectively. There were 9,814 and 76,250 anti-dilutive securities excluded from the computation of earnings per share for the six months ended June 30, 2026 and 2025, respectively.

### NOTE 7 – FAIR VALUE MEASURES

The fair value of an asset or liability is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

The Company's mortgage loans held for sale under the fair value option were $482.2 million and $623.2 million at June 30, 2026 and December 31, 2025, respectively.

The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statements of income and comprehensive income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the interest rate lock commitments (“IRLCs”) with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities.

Net gains of $2.7 million and $613,000 resulting from changes in the fair value of these mortgage loans were recorded in income during the three months ended June 30, 2026 and 2025, respectively. A net loss of $4.0 million and a net gain of $7.9 million resulting from changes in the fair value of these mortgage loans were recorded in income during the six months ended June 30, 2026 and 2025, respectively. Net losses of $7.7 million and $3.6 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three months ended June 30, 2026 and 2025, respectively. Net gains of $2.2 million and net losses of $8.3 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the six months ended June 30, 2026 and 2025, respectively. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal.

The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2026 and December 31, 2025:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Aggregate fair value of mortgage loans held for sale | $482,220 | $623,152 |
| Aggregate unpaid principal balance of mortgage loans held for sale | 475,079 | 611,984 |
| Past-due loans of 90 days or more | 583 | 996 |
| Nonaccrual loans | 583 | 996 |
| Unpaid principal balance of nonaccrual loans | 583 | 998 |

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, loans held for sale under the fair value option and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, loan servicing rights and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments.

The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2026 and December 31, 2025. There were no transfers between Level 1 and Level 2, nor any transfers in or out of Level 3 during the six months ended June 30, 2026 or the year ended December 31, 2025.

_June 30, 2026_

| (dollars in thousands) | Recurring Basis Fair Value Measurements / Fair Value | Recurring Basis Fair Value Measurements / Level 1 | Recurring Basis Fair Value Measurements / Level 2 | Recurring Basis Fair Value Measurements / Level 3 |
| --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |
| Debt securities available-for-sale: |  |  |  |  |
| U.S. Treasuries | $583,447 | $583,447 | — | — |
| State, county and municipal securities | 17,463 | — | 17,463 | — |
| Corporate debt securities | 2,452 | — | 1,387 | 1,065 |
| SBA pool securities | 10,519 | — | 10,519 | — |
| Mortgage-backed securities | 1,846,742 | — | 1,846,742 | — |
| Loans held for sale | 482,220 | — | 482,220 | — |
| Derivative financial instruments | 7,309 | — | 7,309 | — |
| Mortgage banking derivative instruments | 3,253 | — | 3,253 | — |
| Total recurring assets at fair value | $2,953,405 | $583,447 | $2,368,893 | $1,065 |
| Financial liabilities: |  |  |  |  |
| Derivative financial instruments | $7,442 | — | $7,442 | — |
| Risk participation agreement | 4 | — | 4 | — |
| Mortgage banking derivative instruments | 483 | — | 483 | — |
| Total recurring liabilities at fair value | $7,929 | — | $7,929 | — |

_December 31, 2025_

| (dollars in thousands) | Recurring Basis Fair Value Measurements / Fair Value | Recurring Basis Fair Value Measurements / Level 1 | Recurring Basis Fair Value Measurements / Level 2 | Recurring Basis Fair Value Measurements / Level 3 |
| --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |
| Debt securities available-for-sale: |  |  |  |  |
| U.S. Treasuries | $660,625 | $660,625 | — | — |
| State, county and municipal securities | 19,061 | — | 19,061 | — |
| Corporate debt securities | 5,875 | — | 4,825 | 1,050 |
| SBA pool securities | 12,208 | — | 12,208 | — |
| Mortgage-backed securities | 1,509,404 | — | 1,509,404 | — |
| Loans held for sale | 623,152 | — | 623,152 | — |
| Derivative financial instruments | 7,401 | — | 7,401 | — |
| Mortgage banking derivative instruments | 3,365 | — | 3,365 | — |
| Total recurring assets at fair value | $2,841,091 | $660,625 | $2,179,416 | $1,050 |
| Financial liabilities: |  |  |  |  |
| Derivative financial instruments | $7,642 | — | $7,642 | — |
| Risk participation agreement | 16 | — | 16 | — |
| Mortgage banking derivative instruments | 2,758 | — | 2,758 | — |
| Total recurring liabilities at fair value | $10,416 | — | $10,416 | — |

The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of June 30, 2026 and December 31, 2025.

These assets are not measured at fair value on an ongoing basis, though they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.

| (dollars in thousands) / June 30, 2026 | Nonrecurring Basis Fair Value Measurements / Fair Value | Nonrecurring Basis Fair Value Measurements / Level 1 | Nonrecurring Basis Fair Value Measurements / Level 2 | Nonrecurring Basis Fair Value Measurements / Level 3 |
| --- | --- | --- | --- | --- |
| Collateral-dependent loans | $35,726 | — | — | $35,726 |
| Other real estate owned | 926 | — | — | 926 |
| Total nonrecurring assets at fair value | $36,652 | — | — | $36,652 |
| December 31, 2025 |  |  |  |  |
| Collateral-dependent loans | $36,689 | — | — | $36,689 |
| Other real estate owned | 201 | — | — | 201 |
| Total nonrecurring assets at fair value | $36,890 | — | — | $36,890 |

The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of OREO include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates.

For the six months ended June 30, 2026 and the year ended December 31, 2025, there were no changes in the methods and significant assumptions used to estimate fair value.

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:

| (dollars in thousands) / June 30, 2026 | Fair Value | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount |
| --- | --- | --- | --- | --- | --- |
| Recurring: |  |  |  |  |  |
| Debt securities available-for-sale | $1,065 | Discounted cash flows | Probability of Default | 9.5% | 9.5% |
|  |  |  | Loss Given Default | 48% | 48% |
| Nonrecurring: |  |  |  |  |  |
| Collateral-dependent loans | $35,726 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 18% - 78% | 36% |
| Other real estate owned | $926 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% - 18% | 17% |
| December 31, 2025 |  |  |  |  |  |
| Recurring: |  |  |  |  |  |
| Debt securities available-for-sale | $1,050 | Discounted cash flows | Probability of Default | 10.3% | 10.3% |
|  |  |  | Loss Given Default | 49% | 49% |
| Nonrecurring: |  |  |  |  |  |
| Collateral-dependent loans | $36,689 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 15% - 71% | 35% |
| Other real estate owned | $201 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% | 15% |

The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:

| (dollars in thousands) | Carrying Amount | Fair Value Measurements / June 30, 2026 / Level 1 | Fair Value Measurements / June 30, 2026 / Level 2 | Fair Value Measurements / June 30, 2026 / Level 3 | Fair Value Measurements / June 30, 2026 / Total |
| --- | --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |  |
| Cash and due from banks | $237,431 | $237,431 | — | — | $237,431 |
| Interest-bearing deposits in banks | 959,682 | 959,682 | — | — | 959,682 |
| Debt securities held-to-maturity | 208,155 | — | 192,993 | — | 192,993 |
| Loans, net | 21,782,626 | — | — | 21,603,398 | 21,603,398 |
| Financial liabilities: |  |  |  |  |  |
| Deposits | 22,587,573 | — | 22,582,379 | — | 22,582,379 |
| Other borrowings | 1,250,049 | 342,000 | 906,218 | — | 1,248,218 |
| Subordinated deferrable interest debentures | 135,299 | — | 143,196 | — | 143,196 |

| (dollars in thousands) | Carrying Amount | Fair Value Measurements / December 31, 2025 / Level 1 | Fair Value Measurements / December 31, 2025 / Level 2 | Fair Value Measurements / December 31, 2025 / Level 3 | Fair Value Measurements / December 31, 2025 / Total |
| --- | --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |  |
| Cash and due from banks | $253,807 | $253,807 | — | — | $253,807 |
| Interest-bearing deposits in banks | 835,113 | 835,113 | — | — | 835,113 |
| Debt securities held-to-maturity | 203,242 | — | 189,873 | — | 189,873 |
| Loans, net | 21,128,692 | — | — | 20,957,101 | 20,957,101 |
| Financial liabilities: |  |  |  |  |  |
| Deposits | 22,375,995 | — | 22,370,800 | — | 22,370,800 |
| Other borrowings | 558,039 | 524,908 | 31,183 | — | 556,091 |
| Subordinated deferrable interest debentures | 134,302 | — | 142,340 | — | 142,340 |

### NOTE 8 – COMMITMENTS AND CONTINGENCIES

Loan Commitments

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the Company’s balance sheets.

The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commitments to extend credit | $4,312,538 | $4,054,259 |
| Unused home equity lines of credit | 467,961 | 451,886 |
| Financial standby letters of credit | 62,446 | 69,796 |
| Mortgage interest rate lock commitments | 230,773 | 201,806 |

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments, predominantly at variable interest rates, generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances in which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the six months ended June 30, 2026 and the year ended December 31, 2025.

The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheets. The following table presents activity in the allowance for unfunded commitments for the periods presented:

| (dollars in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Balance at beginning of period | $52,004 | $35,883 | $53,342 | $30,510 |
| Provision for unfunded commitments | 1,360 | (335) | 22 | 5,038 |
| Balance at end of period | $53,364 | $35,548 | $53,364 | $35,548 |

Other Commitments

As of June 30, 2026, letters of credit issued by the FHLB totaling $1.3 billion were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances.

Litigation and Regulatory Contingencies

On September 16, 2024, Patrick Byrne filed a complaint against the Bank in the United States District Court for the Central District of California, captioned Patrick Byrne v. Ameris Bank, Case No. 8:24-cv-01989-MWC (JDEx) (the “Action”). The complaint alleged (as amended with leave of the Court during trial), among other things, wrongful termination of Mr. Byrne’s employment, violations of whistleblower protection laws, nonpayment of wages and related penalties, and breach of contract, and sought unspecified damages. Mr. Byrne was employed by the Bank from December 2021 through June 2024 as the chief executive officer of the Bank’s equipment finance division.

On June 12, 2026, the jury returned a verdict in favor of Mr. Byrne on all counts presented, finding the Bank liable for $16.525 million in economic and non-economic damages, plus associated statutory penalties, and approximately $62.9 million in punitive damages. While the Company intends to appeal the verdict and to continue to vigorously defend its position in this matter, the ultimate outcome of the matter is uncertain at this time. The Company recorded an expense of $82.5 million related to the Action during the three months ended June 30, 2026.

Additionally, from time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these ordinary course legal and regulatory matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of any of such legal and regulatory matters could have a material adverse effect on the Company’s results of operations and financial condition for any particular period.

The Company’s management and its legal counsel periodically assess contingent liabilities, that may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. Such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

### NOTE 9 – SEGMENT REPORTING

The Company has the following four reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division and Premium Finance Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans or mortgage servicing rights. The Premium Finance Division derives its revenues from the origination and servicing of commercial and life insurance premium finance loans.

The Banking, Retail Mortgage, Warehouse Lending and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers.

The chief operating decision maker (CODM) within the Company is the Chief Executive Officer, who also serves as a member of the Board of Directors and as Chair of the Executive Committee of the Board. The CODM regularly receives a package of period-end reports and works with management in making necessary operating decisions, including the allocation of resources among the Company's segments. This includes evaluation of performance as measured by net income for each segment. Each segment that is reported has strategic planning, budgeting, and forecasting sessions at least annually with the CODM through executive management.

The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Three Months Ended June 30, 2026 / Banking Division | Three Months Ended June 30, 2026 / Retail Mortgage Division | Three Months Ended June 30, 2026 / Warehouse Lending Division | Three Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $256,966 | $56,591 | $21,314 | $30,704 | $365,575 |
| Interest expense | 41,666 | 40,747 | 12,489 | 18,189 | 113,091 |
| Net interest income | 215,300 | 15,844 | 8,825 | 12,515 | 252,484 |
| Provision for credit losses | 19,998 | (3,346) | 184 | 417 | 17,253 |
| Noninterest income | 40,569 | 32,151 | 794 | 18 | 73,532 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 66,668 | 21,493 | 468 | 2,865 | 91,494 |
| Occupancy and equipment | 11,823 | 685 | 7 | 40 | 12,555 |
| Data processing and communications expenses | 14,041 | 1,302 | 59 | 169 | 15,571 |
| Other expenses(1) | 110,933 | 11,587 | 184 | 390 | 123,094 |
| Total noninterest expense | 203,465 | 35,067 | 718 | 3,464 | 242,714 |
| Income before income tax expense | 32,406 | 16,274 | 8,717 | 8,652 | 66,049 |
| Income tax expense | 7,538 | 3,417 | 1,831 | 1,817 | 14,603 |
| Net income | $24,868 | $12,857 | $6,886 | $6,835 | $51,446 |
| Total assets | $20,587,632 | $4,508,490 | $1,367,630 | $2,025,091 | $28,488,843 |
| Goodwill | 951,148 | — | — | 64,498 | 1,015,646 |
| Other intangible assets, net | 48,317 | — | — | — | 48,317 |

| (dollars in thousands) | Three Months Ended June 30, 2025 / Banking Division | Three Months Ended June 30, 2025 / Retail Mortgage Division | Three Months Ended June 30, 2025 / Warehouse Lending Division | Three Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $239,211 | $61,356 | $18,174 | $28,897 | $347,638 |
| Interest expense | 47,710 | 39,325 | 11,083 | 17,707 | 115,825 |
| Net interest income | 191,501 | 22,031 | 7,091 | 11,190 | 231,813 |
| Provision for credit losses | 677 | 1,010 | 369 | 716 | 2,772 |
| Noninterest income | 29,275 | 37,726 | 1,893 | 17 | 68,911 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 62,001 | 24,358 | 618 | 2,331 | 89,308 |
| Occupancy and equipment | 10,547 | 811 | 7 | 36 | 11,401 |
| Data processing and communications expenses | 13,825 | 1,391 | 59 | 91 | 15,366 |
| Other expenses(1) | 25,478 | 12,496 | 96 | 1,115 | 39,185 |
| Total noninterest expense | 111,851 | 39,056 | 780 | 3,573 | 155,260 |
| Income before income tax expense | 108,248 | 19,691 | 7,835 | 6,918 | 142,692 |
| Income tax expense | 25,667 | 4,135 | 1,646 | 1,410 | 32,858 |
| Net income | $82,581 | $15,556 | $6,189 | $5,508 | $109,834 |
| Total assets | $19,143,429 | $4,723,883 | $1,114,158 | $1,698,683 | $26,680,153 |
| Goodwill | 951,148 | — | — | 64,498 | 1,015,646 |
| Other intangible assets, net | 60,952 | — | — | 1,630 | 62,582 |

(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, loan servicing expenses, litigation accrual and other miscellaneous expenses.

| (dollars in thousands) | Six Months Ended June 30, 2026 / Banking Division | Six Months Ended June 30, 2026 / Retail Mortgage Division | Six Months Ended June 30, 2026 / Warehouse Lending Division | Six Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $506,226 | $112,304 | $39,159 | $59,657 | $717,346 |
| Interest expense | 82,559 | 79,632 | 22,740 | 35,495 | 220,426 |
| Net interest income | 423,667 | 32,672 | 16,419 | 24,162 | 496,920 |
| Provision for credit losses | 31,851 | (272) | 361 | 1,864 | 33,804 |
| Noninterest income | 73,360 | 68,467 | 1,590 | 35 | 143,452 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 132,914 | 43,405 | 1,012 | 5,529 | 182,860 |
| Occupancy and equipment | 22,753 | 1,334 | 15 | 78 | 24,180 |
| Data processing and communications expenses | 29,389 | 2,526 | 94 | 355 | 32,364 |
| Other expenses(1) | 134,831 | 24,119 | 363 | 1,077 | 160,390 |
| Total noninterest expense | 319,887 | 71,384 | 1,484 | 7,039 | 399,794 |
| Income before income tax expense | 145,289 | 30,027 | 16,164 | 15,294 | 206,774 |
| Income tax expense | 31,935 | 6,305 | 3,395 | 3,201 | 44,836 |
| Net income | $113,354 | $23,722 | $12,769 | $12,093 | $161,938 |

| (dollars in thousands) | Six Months Ended June 30, 2025 / Banking Division | Six Months Ended June 30, 2025 / Retail Mortgage Division | Six Months Ended June 30, 2025 / Warehouse Lending Division | Six Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $472,530 | $119,288 | $33,374 | $56,224 | $681,416 |
| Interest expense | 96,816 | 75,413 | 20,381 | 35,154 | 227,764 |
| Net interest income | 375,714 | 43,875 | 12,993 | 21,070 | 453,652 |
| Provision for credit losses | 17,097 | 6,201 | 194 | 1,172 | 24,664 |
| Noninterest income | 57,999 | 72,455 | 2,447 | 33 | 132,934 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 124,717 | 45,353 | 1,170 | 4,683 | 175,923 |
| Occupancy and equipment | 20,351 | 1,640 | 14 | 73 | 22,078 |
| Data processing and communications expenses | 27,216 | 2,688 | 97 | 220 | 30,221 |
| Other expenses(1) | 51,163 | 24,459 | 366 | 2,084 | 78,072 |
| Total noninterest expense | 223,447 | 74,140 | 1,647 | 7,060 | 306,294 |
| Income before income tax expense | 193,169 | 35,989 | 13,599 | 12,871 | 255,628 |
| Income tax expense | 44,821 | 7,558 | 2,856 | 2,624 | 57,859 |
| Net income | $148,348 | $28,431 | $10,743 | $10,247 | $197,769 |

(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, loan servicing expenses, litigation accrual and other miscellaneous expenses.

### NOTE 10 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Mortgage Banking Derivatives

The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. Forward contracts to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by the Company as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates.

The Company enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.

These mortgage banking derivatives are carried at fair value and are not designated in hedge relationships. Fair values are estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage banking derivatives are included as a component of mortgage banking activity in the consolidated statements of income and comprehensive income.

Customer Related Derivative Positions

The Company enters into interest rate derivative contracts to facilitate the risk management strategies of certain clients. The Company mitigates this risk largely by entering into equal and offsetting interest rate derivative agreements with highly rated counterparties. The interest rate contracts are free-standing derivatives and are recorded at fair value on the Company's consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of other noninterest income.

Risk Participation Agreement

The Company has entered into a risk participation agreement swap that is associated with a loan participation, where the Company is not the counterparty to the interest rate swap that is associated with the risk participation sold. The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty.

The following table reflects the notional amount and fair value of derivative instruments not designated as hedging instruments included in the consolidated balance sheets as of June 30, 2026 and December 31, 2025:

| (dollars in thousands) | June 30, 2026 / Notional Amount | June 30, 2026 / Fair Value / Derivative Assets(1) | June 30, 2026 / Fair Value / Derivative Liabilities(2) | December 31, 2025 / Notional Amount | December 31, 2025 / Fair Value / Derivative Assets(1) | December 31, 2025 / Fair Value / Derivative Liabilities(2) |
| --- | --- | --- | --- | --- | --- | --- |
| Interest rate contracts(3) | $1,484,123 | $7,309 | $7,442 | $1,322,662 | $7,401 | $7,642 |
| Risk participation agreement | 25,897 | — | 4 | 26,030 | — | 16 |
| Mortgage derivatives - interest rate lock commitments | 230,773 | 3,253 | — | 201,806 | 3,365 | — |
| Mortgage derivatives - forward contracts related to mortgage loans held for sale | 1,059,049 | — | 483 | 1,288,637 | — | 2,758 |

(1) Derivative assets are included in other assets on the consolidated balance sheets.

(2) Derivative liabilities are included in other liabilities on the consolidated balance sheets.

(3) Includes interest rate contracts for client derivatives and offsetting positions.

The net gains (losses) relating to changes in fair value from derivative instruments not designated as hedging instruments are summarized below for the three and six months ended June 30, 2026 and 2025.

| (dollars in thousands) | Location | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- | --- |
| Interest rate contracts(1) | Other noninterest income | $124 | $(109) | $108 | $(243) |
| Risk participation agreement | Other noninterest income | 7 | (4) | 12 | (13) |
| Interest rate lock commitments | Mortgage banking activity | 357 | 789 | (112) | 4,701 |
| Forward contracts related to mortgage loans held for sale | Mortgage banking activity | (8,009) | (4,368) | 2,275 | (13,030) |

(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client derivatives and offsetting positions.

### NOTE 11 – LOAN SERVICING RIGHTS

The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired servicing portfolios of residential mortgage and SBA loans. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value, and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets.

The carrying value of the loan servicing rights assets is shown in the table below:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Loan Servicing Rights |  |  |
| Residential mortgage | $125,938 | $113,370 |
| SBA | 1,604 | 1,602 |
| Total loan servicing rights | $127,542 | $114,972 |

Residential Mortgage Loans

The Company sells certain first-lien residential mortgage loans to third party investors, primarily the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). For a portion of these loans, the Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income and comprehensive income as part of mortgage banking activity.

During the three and six months ended June 30, 2026, the Company recorded servicing fee income of $12.3 million and $24.3 million, respectively. During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $12.7 million and $25.2 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s MSRs:

| (dollars in thousands) / Residential mortgage servicing rights | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Beginning carrying value, net | $120,160 | $116,584 | $113,370 | $112,514 |
| Additions | 8,891 | 12,791 | 18,843 | 20,108 |
| Amortization | (3,113) | (3,353) | (6,275) | (6,600) |
| Ending carrying value, net | $125,938 | $126,022 | $125,938 | $126,022 |

The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Residential mortgage servicing rights |  |  |
| Fair value of residential mortgage servicing rights | $165,143 | $143,385 |
| Unpaid principal balance of loans serviced for others | $9,481,412 | $8,676,676 |
| Composition of residential loans serviced for others: |  |  |
| FHLMC | 25.37% | 24.06% |
| FNMA | 61.37% | 63.31% |
| GNMA | 13.26% | 12.63% |
| Total | 100.00% | 100.00% |
| Weighted average term (months) | 353 | 353 |
| Weighted average age (months) | 41 | 41 |
| Modeled prepayment speed | 6.87% | 7.96% |
| Decline in fair value due to a 10% adverse change | $(4,726) | $(4,673) |
| Decline in fair value due to a 20% adverse change | $(9,361) | $(9,140) |
| Weighted average discount rate | 9.49% | 9.44% |
| Decline in fair value due to a 10% adverse change | $(6,562) | $(5,711) |
| Decline in fair value due to a 20% adverse change | $(12,946) | $(11,181) |

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the residential mortgage servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

SBA Loans

All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. The net gain on SBA loan sales, amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income.

During the three and six months ended June 30, 2026, the Company recorded servicing fee income of $363,000 and $767,000, respectively. During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $530,000 and $989,000, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s SBA loan servicing rights:

| (dollars in thousands) / SBA servicing rights | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Beginning carrying value, net | $1,703 | $2,927 | $1,602 | $2,926 |
| Additions | 41 | 129 | 209 | 286 |
| Amortization | (140) | (270) | (207) | (426) |
| Ending carrying value, net | $1,604 | $2,786 | $1,604 | $2,786 | 

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| SBA servicing rights |  |  |
| Fair value of SBA servicing rights | $2,528 | $2,425 |
| Unpaid principal balance of loans serviced for others | $191,962 | $190,377 |
| Weighted average life (in years) | 3.28 | 3.35 |
| Modeled prepayment speed | 17.41% | 18.09% |
| Decline in fair value due to a 10% adverse change | $(144) | $(133) |
| Decline in fair value due to a 20% adverse change | $(274) | $(254) |
| Weighted average discount rate | 10.24% | 11.01% |
| Decline in fair value due to a 100 basis point adverse change | $(70) | $(63) |
| Decline in fair value due to a 200 basis point adverse change | $(136) | $(122) |

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the SBA servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

## Item 1A. [Risk Factors.](#ic1b99a0debf34d5d9ea8af8dce798b6d_154) [60](#ic1b99a0debf34d5d9ea8af8dce798b6d_154)

## Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made in this report are “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control and which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behaviors of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations and assumptions regarding credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise, except as required by law.

Overview

The following is management’s discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of June 30, 2026, as compared with December 31, 2025, and operating results for the three and six month periods ended June 30, 2026 and 2025. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.

Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our 2025 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2025 Annual Report on Form 10-K for a full disclosure of all critical accounting policies.

Results of Operations for the Three Months Ended June 30, 2026 and 2025

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders 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 same period in 2025. The Company’s return on average assets and average shareholders’ equity were 0.73% and 5.00%, respectively, in the second quarter of 2026, compared with 1.65% and 11.40%, respectively, in the second quarter of 2025. Results for the second quarter of 2026 include a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California, a $7.4 million gain on securities related to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion and a gain on BOLI proceeds of $846,000. During the second quarter of 2025, the Company recorded a gain on sale of mortgage servicing rights of $356,000 and a $138,000 reduction in FDIC special assessment expense.

Below is additional information regarding the banking, retail mortgage, warehouse lending and premium finance divisions of the Company during the second quarter of 2026 and 2025, respectively:

| (dollars in thousands) | Three Months Ended June 30, 2026 / Banking Division | Three Months Ended June 30, 2026 / Retail Mortgage Division | Three Months Ended June 30, 2026 / Warehouse Lending Division | Three Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $256,966 | $56,591 | $21,314 | $30,704 | $365,575 |
| Interest expense | 41,666 | 40,747 | 12,489 | 18,189 | 113,091 |
| Net interest income | 215,300 | 15,844 | 8,825 | 12,515 | 252,484 |
| Provision for credit losses | 19,998 | (3,346) | 184 | 417 | 17,253 |
| Noninterest income | 40,569 | 32,151 | 794 | 18 | 73,532 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 66,668 | 21,493 | 468 | 2,865 | 91,494 |
| Occupancy and equipment | 11,823 | 685 | 7 | 40 | 12,555 |
| Data processing and communications expenses | 14,041 | 1,302 | 59 | 169 | 15,571 |
| Other expenses | 110,933 | 11,587 | 184 | 390 | 123,094 |
| Total noninterest expense | 203,465 | 35,067 | 718 | 3,464 | 242,714 |
| Income before income tax expense | 32,406 | 16,274 | 8,717 | 8,652 | 66,049 |
| Income tax expense | 7,538 | 3,417 | 1,831 | 1,817 | 14,603 |
| Net income | $24,868 | $12,857 | $6,886 | $6,835 | $51,446 |

| (dollars in thousands) | Three Months Ended June 30, 2025 / Banking Division | Three Months Ended June 30, 2025 / Retail Mortgage Division | Three Months Ended June 30, 2025 / Warehouse Lending Division | Three Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $239,211 | $61,356 | $18,174 | $28,897 | $347,638 |
| Interest expense | 47,710 | 39,325 | 11,083 | 17,707 | 115,825 |
| Net interest income | 191,501 | 22,031 | 7,091 | 11,190 | 231,813 |
| Provision for credit losses | 677 | 1,010 | 369 | 716 | 2,772 |
| Noninterest income | 29,275 | 37,726 | 1,893 | 17 | 68,911 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 62,001 | 24,358 | 618 | 2,331 | 89,308 |
| Occupancy and equipment | 10,547 | 811 | 7 | 36 | 11,401 |
| Data processing and communications expenses | 13,825 | 1,391 | 59 | 91 | 15,366 |
| Other expenses | 25,478 | 12,496 | 96 | 1,115 | 39,185 |
| Total noninterest expense | 111,851 | 39,056 | 780 | 3,573 | 155,260 |
| Income before income tax expense | 108,248 | 19,691 | 7,835 | 6,918 | 142,692 |
| Income tax expense | 25,667 | 4,135 | 1,646 | 1,410 | 32,858 |
| Net income | $82,581 | $15,556 | $6,189 | $5,508 | $109,834 |

Net Interest Income and Margin

The following table sets forth the 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 for the three months ended June 30, 2026 and 2025. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

| (dollars in thousands) | Quarter Ended June 30, 2026 / Average Balance | Quarter Ended June 30, 2026 / Interest Income/Expense | Quarter Ended June 30, 2026 / Average Yield/Rate Paid | Quarter Ended June 30, 2025 / Average Balance | Quarter Ended June 30, 2025 / Interest Income/Expense | Quarter Ended June 30, 2025 / Average Yield/Rate Paid |
| --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| Interest-bearing deposits in banks | $883,521 | $8,270 | 3.75% | $951,851 | $10,715 | 4.52% |
| Investment securities - taxable | 2,703,887 | 30,217 | 4.48% | 2,117,596 | 20,696 | 3.92% |
| Investment securities - nontaxable | 44,914 | 485 | 4.33% | 41,299 | 423 | 4.11% |
| Loans held for sale | 629,469 | 9,478 | 6.04% | 730,770 | 11,578 | 6.35% |
| Loans | 21,947,729 | 318,079 | 5.81% | 20,928,825 | 305,154 | 5.85% |
| Total interest-earning assets | 26,209,520 | 366,529 | 5.61% | 24,770,341 | 348,566 | 5.64% |
| Noninterest-earning assets | 2,000,664 |  |  | 1,986,981 |  |  |
| Total assets | $28,210,184 |  |  | $26,757,322 |  |  |
| Liabilities and Shareholders’ Equity |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| NOW accounts | $4,212,047 | $18,925 | 1.80% | $3,939,802 | $18,144 | 1.85% |
| MMDA | 7,072,892 | 47,070 | 2.67% | 6,918,382 | 53,469 | 3.10% |
| Savings accounts | 774,903 | 688 | 0.36% | 766,331 | 826 | 0.43% |
| Retail CDs | 2,250,844 | 18,531 | 3.30% | 2,393,402 | 21,852 | 3.66% |
| Brokered CDs | 1,420,811 | 13,781 | 3.89% | 1,145,043 | 12,505 | 4.38% |
| Total interest-bearing deposits | 15,731,497 | 98,995 | 2.52% | 15,162,960 | 106,796 | 2.83% |
| Non-deposit funding |  |  |  |  |  |  |
| FHLB advances | 1,171,702 | 11,182 | 3.83% | 326,054 | 3,508 | 4.32% |
| Other borrowings | 9,768 | 129 | 5.30% | 193,492 | 2,499 | 5.18% |
| Subordinated deferrable interest debentures | 135,037 | 2,785 | 8.27% | 133,043 | 3,022 | 9.11% |
| Total non-deposit funding | 1,316,507 | 14,096 | 4.29% | 652,589 | 9,029 | 5.55% |
| Total interest-bearing liabilities | 17,048,004 | 113,091 | 2.66% | 15,815,549 | 115,825 | 2.94% |
| Demand deposits | 6,695,490 |  |  | 6,766,557 |  |  |
| Other liabilities | 343,767 |  |  | 310,185 |  |  |
| Shareholders’ equity | 4,122,923 |  |  | 3,865,031 |  |  |
| Total liabilities and shareholders’ equity | $28,210,184 |  |  | $26,757,322 |  |  |
| Interest rate spread |  |  | 2.95% |  |  | 2.70% |
| Net interest income |  | $253,438 |  |  | $232,741 |  |
| Net interest margin |  |  | 3.88% |  |  | 3.77% |

On a tax-equivalent basis, net interest income for the second quarter of 2026 was $253.4 million, an increase of $20.7 million, or 8.89%, compared with $232.7 million reported in the same quarter in 2025. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest-earning assets increased $1.44 billion, or 5.81%, from $24.77 billion in the second quarter of 2025 to $26.21 billion for the second quarter of 2026. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth, partially offset by a decrease in loans held for sale. The Company’s net interest margin during the second quarter of 2026 was 3.88%, up 11 basis points from 3.77% reported in the second quarter of 2025. Loan production amounted to $6.2 billion during the second quarter of 2026, with weighted average yields of 6.20%, compared with $5.7 billion and 6.76%, respectively, during the second quarter of 2025.

Total interest income, on a tax-equivalent basis, increased to $366.5 million during the second quarter of 2026, compared with $348.6 million in the same quarter of 2025. Yields on earning assets decreased to 5.61% during the second quarter of 2026, compared with 5.64% reported in the second quarter of 2025. During the second quarter of 2026, loans comprised 86.1% of average earning assets, compared with 87.4% in the same quarter of 2025. Yields on loans decreased to 5.81% during the second quarter of 2026, compared with 5.85% in the second quarter of 2025. Yields on taxable investment securities increased to 4.48% in the second quarter of 2026, compared with 3.92% in the same period of 2025.

The yield on interest-bearing deposits decreased from 2.83% in the second quarter of 2025 to 2.52% in the second quarter of 2026. The yield on total interest-bearing liabilities decreased from 2.94% in the second quarter of 2025 to 2.66% in the second quarter of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.91% in the second quarter of 2026, compared with 2.06% during the second quarter of 2025. Deposit costs decreased from 1.95% in the second quarter of 2025 to 1.77% in the second quarter of 2026. Non-deposit funding costs decreased from 5.55% in the second quarter of 2025 to 4.29% in the second quarter of 2026.

Provision for Credit Losses

The Company’s provision for credit losses during the second quarter of 2026 amounted to $17.3 million, compared with $2.8 million in the second quarter of 2025. The provision for credit losses for the second quarter of 2026 was comprised of a provision of $15.9 million related to loans, $1.4 million related to unfunded commitments and negative $1,000 related to other credit losses, respectively, compared with $3.1 million related to loans, negative $335,000 related to unfunded commitments and negative $3,000 related to other credit losses for the second quarter of 2025. The increase in the provision for credit losses on loans is primarily attributable to the updated economic forecast, an increase in the office portfolio qualitative factor and organic loan growth. The increase in the provision for unfunded commitments primarily resulted from an increase in unfunded commitments. Non-performing assets as a percentage of total assets increased three basis points to 0.47% at June 30, 2026, compared with 0.44% at December 31, 2025. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $11.5 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $128,000. The Company recognized net charge-offs on loans during the second quarter of 2026 of $11.1 million, or 0.20% of average loans on an annualized basis, compared with net charge-offs of $7.1 million, or 0.14%, in the second quarter of 2025. The Company’s total allowance for credit losses on loans at June 30, 2026 was $359.5 million, or 1.62% of total loans, compared with $348.1 million, or 1.62% of total loans, at December 31, 2025.

Noninterest Income

Total noninterest income for the second quarter of 2026 was $73.5 million, an increase of $4.6 million, or 6.7%, from the $68.9 million reported in the second quarter of 2025. Net gains on securities increased $7.4 million, primarily relating to the conversion of Visa Class B-2 shares during the quarter and related gain on sale and mark-to-market adjustments. Income from mortgage banking activities was $32.5 million in the second quarter of 2026, a decrease of $6.7 million, or 17.1%, from $39.2 million in the second quarter of 2025. Total production in the second quarter of 2026 amounted to $1.15 billion, compared with $1.27 billion in the same quarter of 2025, while gain on sale spread decreased to 2.04% in the second quarter of 2026, compared with 2.22% in the same quarter of 2025. The retail mortgage open pipeline finished the second quarter of 2026 at $609.3 million, compared with $632.7 million at March 31, 2026 and $719.1 million at the end of the second quarter of 2025.

Service charges on deposit accounts increased $551,000, or 4.1%, to $14.0 million in the second quarter of 2026, compared with $13.5 million in the second quarter of 2025. The increase in service charges on deposit accounts was primarily attributable to growth in deposits. Income from equipment finance activity increased $2.4 million, or 36.2%, to $8.9 million for the second quarter of 2026, compared with $6.6 million during the second quarter of 2025. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income increased $1.1 million, or 12.9%, to $9.6 million for the second quarter of 2026, compared with $8.5 million during the second quarter of 2025. The increase in other noninterest income was primarily attributable to increases in BOLI income, inclusive of gain on proceeds, of $1.1 million, and increases in derivative fee income of $308,000 and commercial interchange income of $304,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $840,000.

Noninterest Expense

Total noninterest expense for the second quarter of 2026 increased $87.5 million, or 56.3%, to $242.7 million, compared with $155.3 million in the same quarter 2025. Salaries and employee benefits increased $2.2 million, or 2.4%, from $89.3 million in the second quarter of 2025 to $91.5 million in the second quarter of 2026, due primarily to increases in health insurance costs, annual merit increases, share-based compensation and 401(k) contributions, partially offset by decreases in employee incentives and mortgage commissions. Data processing and communication expenses increased $205,000, or 1.3%, to $15.6 million in the second quarter of 2026, compared with $15.4 million in the second quarter of 2025, with the increase primarily resulting from an increase in volume and continued technology investment. Advertising and marketing expense was $3.5 million in the second quarter of 2026, compared with $3.7 million in the second quarter of 2025. Amortization of intangible assets decreased $962,000, or 23.6%, from $4.1 million in the second quarter of 2025 to $3.1 million in the second quarter of 2026. This decrease was primarily related to a reduction in core deposit and customer relationship intangible amortization. Loan servicing expenses decreased $692,000, or 8.8%, from $7.9 million in the second quarter of 2025 to $7.2 million in the second quarter of 2026, primarily attributable to the sale of mortgage servicing rights throughout 2025, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. The Company's litigation accrual increased $82.4 million to $82.5 million, compared with $121,000 in the second quarter of the previous year, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California.

Compared with the second quarter of 2025, legal and other professional fees and occupancy and equipment expenses increased $2.5 million and $1.2 million, respectively, while FDIC insurance and credit resolution expenses increased $538,000 and $141,000, respectively. Other noninterest expenses increased $282,000, or 1.8%, from $15.6 million in the second quarter of 2025 to $15.8 million in the second quarter of 2026.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the second quarter of 2026, the Company reported income tax expense of $14.6 million, compared with $32.9 million in the same period of 2025. The Company’s effective tax rate for the three months ended June 30, 2026 and 2025 was 22.1% and 23.0%, respectively. The decrease in the effective rate for the three months ended June 30, 2026 is primarily related to a decrease in state tax rates, net of federal benefit.

Results of Operations for the Six Months Ended June 30, 2026 and 2025

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $161.9 million, or $2.40 per diluted share, for the six months ended June 30, 2026, compared with $197.8 million, or $2.87 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 1.17% and 7.94%, respectively, in the six months ended June 30, 2026, compared with 1.51% and 10.41%, respectively, in the same period in 2025. Results for the first six months of 2026 include a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California, a $7.4 million gain on securities related to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion and a gain on BOLI proceeds of $846,000. During the first six months of 2025, the Company recorded a gain on sale of mortgage servicing rights of $342,000, a $40,000 gain on securities, and an $11,000 gain on BOLI proceeds.

Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the six months ended June 30, 2026 and 2025, respectively:

| (dollars in thousands) | Six Months Ended June 30, 2026 / Banking Division | Six Months Ended June 30, 2026 / Retail Mortgage Division | Six Months Ended June 30, 2026 / Warehouse Lending Division | Six Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $506,226 | $112,304 | $39,159 | $59,657 | $717,346 |
| Interest expense | 82,559 | 79,632 | 22,740 | 35,495 | 220,426 |
| Net interest income | 423,667 | 32,672 | 16,419 | 24,162 | 496,920 |
| Provision for loan losses | 31,851 | (272) | 361 | 1,864 | 33,804 |
| Noninterest income | 73,360 | 68,467 | 1,590 | 35 | 143,452 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 132,914 | 43,405 | 1,012 | 5,529 | 182,860 |
| Occupancy and equipment | 22,753 | 1,334 | 15 | 78 | 24,180 |
| Data processing and communications expenses | 29,389 | 2,526 | 94 | 355 | 32,364 |
| Other expenses | 134,831 | 24,119 | 363 | 1,077 | 160,390 |
| Total noninterest expense | 319,887 | 71,384 | 1,484 | 7,039 | 399,794 |
| Income before income tax expense | 145,289 | 30,027 | 16,164 | 15,294 | 206,774 |
| Income tax expense | 31,935 | 6,305 | 3,395 | 3,201 | 44,836 |
| Net income | $113,354 | $23,722 | $12,769 | $12,093 | $161,938 |

| (dollars in thousands) | Six Months Ended June 30, 2025 / Banking Division | Six Months Ended June 30, 2025 / Retail Mortgage Division | Six Months Ended June 30, 2025 / Warehouse Lending Division | Six Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $472,530 | $119,288 | $33,374 | $56,224 | $681,416 |
| Interest expense | 96,816 | 75,413 | 20,381 | 35,154 | 227,764 |
| Net interest income | 375,714 | 43,875 | 12,993 | 21,070 | 453,652 |
| Provision for loan losses | 17,097 | 6,201 | 194 | 1,172 | 24,664 |
| Noninterest income | 57,999 | 72,455 | 2,447 | 33 | 132,934 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 124,717 | 45,353 | 1,170 | 4,683 | 175,923 |
| Occupancy and equipment | 20,351 | 1,640 | 14 | 73 | 22,078 |
| Data processing and communications expenses | 27,216 | 2,688 | 97 | 220 | 30,221 |
| Other expenses | 51,163 | 24,459 | 366 | 2,084 | 78,072 |
| Total noninterest expense | 223,447 | 74,140 | 1,647 | 7,060 | 306,294 |
| Income before income tax expense | 193,169 | 35,989 | 13,599 | 12,871 | 255,628 |
| Income tax expense | 44,821 | 7,558 | 2,856 | 2,624 | 57,859 |
| Net income | $148,348 | $28,431 | $10,743 | $10,247 | $197,769 |

Net Interest Income and Margin

The following table sets forth the average balance, interest income or interest expense, and average yield/rate paid for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the six months ended June 30, 2026 and 2025. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

| (dollars in thousands) | Six Months Ended June 30, 2026 / Average Balance | Six Months Ended June 30, 2026 / Interest Income/Expense | Six Months Ended June 30, 2026 / Average Yield/Rate Paid | Six Months Ended June 30, 2025 / Average Balance | Six Months Ended June 30, 2025 / Interest Income/Expense | Six Months Ended June 30, 2025 / Average Yield/Rate Paid |
| --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| Interest-bearing deposits in banks | $881,633 | $16,310 | 3.73% | $965,930 | $21,504 | 4.49% |
| Investment securities - taxable | 2,618,751 | 55,691 | 4.29% | 2,058,241 | 39,188 | 3.84% |
| Investment securities - nontaxable | 45,077 | 958 | 4.29% | 41,344 | 839 | 4.09% |
| Loans held for sale | 623,035 | 18,478 | 5.98% | 648,607 | 20,623 | 6.41% |
| Loans | 21,770,247 | 627,811 | 5.82% | 20,775,652 | 601,118 | 5.83% |
| Total interest-earning assets | 25,938,743 | 719,248 | 5.59% | 24,489,774 | 683,272 | 5.63% |
| Noninterest-earning assets | 2,007,583 |  |  | 2,005,057 |  |  |
| Total assets | $27,946,326 |  |  | $26,494,831 |  |  |
| Liabilities and Shareholders’ Equity |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| NOW accounts | $4,203,754 | $37,031 | 1.78% | $3,963,995 | $36,450 | 1.85% |
| MMDA | 7,131,112 | 93,807 | 2.65% | 6,914,988 | 105,730 | 3.08% |
| Savings accounts | 767,621 | 1,367 | 0.36% | 766,738 | 1,656 | 0.44% |
| Retail CDs | 2,259,840 | 37,489 | 3.35% | 2,415,067 | 45,097 | 3.77% |
| Brokered CDs | 1,321,548 | 25,528 | 3.90% | 1,054,409 | 23,078 | 4.41% |
| Total interest-bearing deposits | 15,683,875 | 195,222 | 2.51% | 15,115,197 | 212,011 | 2.83% |
| Non-deposit funding |  |  |  |  |  |  |
| Securities sold under agreements to repurchase | 1 | — | —% | — | — | —% |
| FHLB advances | 1,022,245 | 19,361 | 3.82% | 238,283 | 4,870 | 4.12% |
| Other borrowings | 9,833 | 288 | 5.91% | 193,493 | 4,849 | 5.05% |
| Subordinated deferrable interest debentures | 134,789 | 5,555 | 8.31% | 132,795 | 6,034 | 9.16% |
| Total non-deposit funding | 1,166,868 | 25,204 | 4.36% | 564,571 | 15,753 | 5.63% |
| Total interest-bearing liabilities | 16,850,743 | 220,426 | 2.64% | 15,679,768 | 227,764 | 2.93% |
| Demand deposits | 6,622,075 |  |  | 6,645,340 |  |  |
| Other liabilities | 358,164 |  |  | 337,948 |  |  |
| Shareholders’ equity | 4,115,344 |  |  | 3,831,775 |  |  |
| Total liabilities and shareholders’ equity | $27,946,326 |  |  | $26,494,831 |  |  |
| Interest rate spread |  |  | 2.95% |  |  | 2.70% |
| Net interest income |  | $498,822 |  |  | $455,508 |  |
| Net interest margin |  |  | 3.88% |  |  | 3.75% |

On a tax-equivalent basis, net interest income for the six months ended June 30, 2026 was $498.8 million, an increase of $43.3 million, or 9.51%, compared with $455.5 million reported in the same period of 2025. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest earning assets increased $1.45 billion, or 5.92%, from $24.49 billion in the first six months of 2025 to $25.94 billion for the first six months of 2026. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth. The Company’s net interest margin during the first six months of 2026 was 3.88%, an increase of 13 basis points from 3.75% reported for the first six months of 2025. Loan production amounted to $11.8 billion during the first six months of 2026, with weighted average yields of 6.17%, compared with $9.8 billion and 6.80%, respectively, during the first six months of 2025.

Total interest income, on a tax-equivalent basis, increased to $719.2 million during the six months ended June 30, 2026, compared with $683.3 million in the same period of 2025. Yields on earning assets decreased to 5.59% during the first six months of 2026, compared with 5.63% reported in the same period of 2025. During the first six months of 2026, loans comprised 86.3% of average earning assets, compared with 87.5% in the same period of 2025. Yields on loans were relatively flat, decreasing to 5.82% during the six months ended June 30, 2026, compared with 5.83% in the same period of 2025. Yields on taxable investment securities increased to 4.29% during the six months ended June 30, 2026, compared with 3.84% in the same period of 2025.

The yield on total interest-bearing liabilities decreased from 2.93% during the six months ended June 30, 2025 to 2.64% in the same period of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.89% in the first six months of 2026, compared with 2.06% during the same period of 2025. Deposit costs decreased from 1.96% in the first six months of 2025 to 1.76% in the same period of 2026. Non-deposit funding costs decreased from 5.63% in the first six months of 2025 to 4.36% in the same period of 2026.

Provision for Credit Losses

The Company’s provision for credit losses during the six months ended June 30, 2026 amounted to $33.8 million, compared with $24.7 million in the six months ended June 30, 2025. This increase was primarily attributable to the updated economic forecast during the first six months of 2026, organic loan growth and a shift in the loan mix. The provision for credit losses for the first six months of 2026 was comprised of $33.8 million related to loans, $22,000 related to unfunded commitments and negative $7,000 related to other credit losses, compared with $19.6 million related to loans, $5.0 million related to unfunded commitments and negative $3,000 related to other credit losses for the same period in 2025. Non-performing assets as a percentage of total assets increased from 0.44% at December 31, 2025 to 0.47% at June 30, 2026. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $11.5 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $128,000. Net charge-offs on loans during the first six months of 2026 were $22.4 million, or 0.21% of average loans on an annualized basis, compared with approximately $16.1 million, or 0.16%, in the first six months of 2025. The Company’s total allowance for credit losses on loans at June 30, 2026 was $359.5 million, or 1.62% of total loans, compared with $348.1 million, or 1.62% of total loans, at December 31, 2025.

Noninterest Income

Total noninterest income for the six months ended June 30, 2026 was $143.5 million, an increase of $10.5 million, or 7.9%, from the $132.9 million reported for the six months ended June 30, 2025. Net gains on securities increased to $7.4 million for the six months ended June 30, 2026, compared with a gain of $40,000 in the same period of 2025. This increase was primarily due to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion in the second quarter of 2026. Income from mortgage banking activities decreased $4.9 million, or 6.6%, from $74.5 million in the first six months of 2025 to $69.5 million in the same period of 2026. Total production in the first six months of 2026 amounted to $2.24 billion, compared with $2.20 billion in the same period of 2025, while gain on sale spread decreased to 2.06% during the six months ended June 30, 2026, compared with 2.20% in the same period of 2025. The retail mortgage open pipeline was $609.3 million at June 30, 2026, compared with $701.9 million at December 31, 2025 and $719.1 million at June 30, 2025.

Service charges on deposit accounts increased $1.1 million, or 4.1%, to $27.7 million during the first six months of 2026, compared with $26.6 million in the same period of 2025, primarily due to growth in deposits. Income from equipment finance activity increased $4.8 million, or 35.9%, to $18.0 million during the first six months of 2026, compared with $13.3 million during the same period of 2025 primarily due to increased non-insurance charges. Other noninterest income increased $2.4 million, or 14.9%, to $18.7 million for the first six months of 2026, compared with $16.3 million during the same period of 2025. The increase in other noninterest income was primarily attributable to an increase in BOLI income, inclusive of gain on proceeds, of $1.4 million and increases in derivative fee income of $674,000 and commercial interchange income of $567,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $537,000 and a decrease in gain on sale of mortgage servicing rights of $342,000.

Noninterest Expense

Total noninterest expenses for the six months ended June 30, 2026 increased $93.5 million, or 30.5%, to $399.8 million, compared with $306.3 million in the same period of 2025. Salaries and employee benefits increased $6.9 million, or 3.9%, from $175.9 million in the first six months of 2025 to $182.9 million in the same period of 2026, due primarily to health insurance costs, annual merit increases and share-based compensation, partially offset by a decrease in employee incentives. Occupancy and equipment expenses increased $2.1 million, or 9.5%, to $24.2 million in the first six months of 2026 from $22.1 million reported in the same period of 2025, primarily driven by increases in depreciation expense and building repairs and maintenance. Data processing and communications expenses increased $2.1 million, or 7.1%, to $32.4 million in the first six months of 2026, from $30.2 million reported in the same period of 2025, primarily due to increases in volume and continued technology investment. Advertising and marketing expense was $6.7 million for the first six months of 2026, relatively flat when compared with $6.6 million for the same period of 2025. Amortization of intangible assets decreased $1.7 million, or 20.4%, from $8.2 million in the first six months of 2025 to $6.5 million in the first six months of 2026. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $1.1 million, or 7.2%, from $15.7 million in the first six months of 2025 to $14.6 million in the same period of 2026, primarily attributable to the sale of mortgage servicing rights throughout 2025, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. The Company's litigation accrual increased $81.4 million to $82.6 million in the first six months of 2026, compared with $1.2 million in the same period of 2025, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California. Compared with the first six months of 2025, legal and other professional fees increased $3.8 million, primarily related to defense costs for the California employment case noted above.

Other noninterest expenses decreased $366,000, or 1.2%, from $30.9 million in the first six months of 2025 to $30.5 million in the same period of 2026, due primarily to decreases in deposit and debit card losses of $1.7 million, partially offset by an increase in tax and license expense of $1.2 million.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the six months ended June 30, 2026, the Company reported income tax expense of $44.8 million, compared with $57.9 million in the same period of 2025. The Company’s effective tax rate for the six months ended June 30, 2026 and 2025 was 21.7% and 22.6%, respectively. The decrease in the effective tax rate is primarily a result of increased tax benefit related to share-based compensation and a reduction in state tax rates.

Financial Condition as of June 30, 2026

Securities

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income (loss), net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities which are classified as held-to-maturity are done so based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date.

The following table is a summary of our investment portfolio at the dates indicated:

| (dollars in thousands) | June 30, 2026 / Amortized Cost | June 30, 2026 / Fair Value | December 31, 2025 / Amortized Cost | December 31, 2025 / Fair Value |
| --- | --- | --- | --- | --- |
| Securities available-for-sale |  |  |  |  |
| U.S. Treasuries | $584,558 | $583,447 | $653,888 | $660,625 |
| State, county and municipal securities | 18,005 | 17,463 | 19,493 | 19,061 |
| Corporate debt securities | 2,894 | 2,452 | 6,395 | 5,875 |
| SBA pool securities | 11,146 | 10,519 | 12,795 | 12,208 |
| Mortgage-backed securities | 1,862,905 | 1,846,742 | 1,500,644 | 1,509,404 |
| Total debt securities available-for-sale | $2,479,508 | $2,460,623 | $2,193,215 | $2,207,173 |
| Securities held-to-maturity |  |  |  |  |
| State, county and municipal securities | $33,284 | $28,518 | $33,414 | $29,273 |
| Mortgage-backed securities | 174,871 | 164,475 | 169,828 | 160,600 |
| Total debt securities held-to-maturity | $208,155 | $192,993 | $203,242 | $189,873 |

The amounts of securities available-for-sale and held-to-maturity in each category as of June 30, 2026 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:

| (dollars in thousands)Securities available-for-sale (1) | U.S. Treasuries / Amount | U.S. Treasuries / Yield (2) | State, County and Municipal Securities / Amount | State, County and Municipal Securities / Yield(2)(3) | Corporate Debt Securities / Amount | Corporate Debt Securities / Yield (2) |
| --- | --- | --- | --- | --- | --- | --- |
| One year or less | $174,785 | 4.01% | $1,009 | 3.80% | $500 | 5.31% |
| After one year through five years | 358,910 | 3.57 | 9,665 | 4.06 | 492 | 4.68 |
| After five years through ten years | 49,752 | 4.36 | 6,789 | 3.94 | — | — |
| After ten years | — | — | — | — | 1,460 | 7.26 |
|  | $583,447 | 3.77% | $17,463 | 4.00% | $2,452 | 6.47% |
|  | SBA Pool Securities |  | Mortgage-Backed Securities |  |  |  |
| (dollars in thousands)Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) |  |  |
| One year or less | $449 | 1.99% | $22,632 | 2.47% |  |  |
| After one year through five years | 709 | 3.45 | 243,586 | 3.45 |  |  |
| After five years through ten years | 8,347 | 2.60 | 162,733 | 4.43 |  |  |
| After ten years | 1,014 | 4.85 | 1,417,791 | 4.55 |  |  |
|  | $10,519 | 2.84% | $1,846,742 | 4.37% |  |  |
|  | State, County andMunicipal Securities |  | Mortgage-Backed Securities |  |  |  |
| (dollars in thousands)Securities held-to-maturity (1) | Amount | Yield(2)(3) | Amount | Yield (2) |  |  |
| One year or less | — | — | $4,551 | 0.83% |  |  |
| After one year through five years | — | — | 59,221 | 3.50 |  |  |
| After five years through ten years | 1,272 | 4.12 | 63,994 | 3.20 |  |  |
| After ten years | 32,012 | 3.93 | 47,105 | 3.63 |  |  |
|  | $33,284 | 3.94% | $174,871 | 3.36% |  |  |

(1) The amortized cost of securities held-to-maturity and fair value of securities available-for-sale are presented based on contractual maturities. Actual cash flows may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.

(2) Yields were computed using coupon interest, adding discount accretion or subtracting premium amortization, as appropriate, on a ratable basis over the life of each security. The weighted average yield for each maturity range was computed using the amortized cost of each security in that range.

(3) Yields on securities of state and political subdivisions are stated on a taxable-equivalent basis, using a tax rate of 21%.

Loans and Allowance for Credit Losses

At June 30, 2026, gross loans outstanding (including loans and loans held for sale) were $22.66 billion, an increase of $523.4 million from $22.14 billion at December 31, 2025. Loans increased $664.3 million, or 3.1%, from $21.51 billion at December 31, 2025 to $22.18 billion at June 30, 2026. Loans held for sale decreased from $623.2 million at December 31, 2025 to $482.2 million at June 30, 2026 primarily in our mortgage division.

At the end of the second quarter of 2026, the ACL on loans totaled $359.5 million, or 1.62% of loans, compared with $348.1 million, or 1.62% of loans, at December 31, 2025. Our nonaccrual loans increased from $109.1 million at December 31, 2025 to $120.5 million at June 30, 2026. For the first six months of 2026, our net charge-off ratio as a percentage of average loans increased to 0.21%, compared with 0.16% for the first six months of 2025. The total provision for credit losses for the first six months of 2026 was $33.8 million, compared with a provision of $24.7 million recorded for the first six months of 2025. Our ratio of total nonperforming assets to total assets increased three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 2026.

The following table presents an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs as of and for the six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- |
| Balance of allowance for credit losses on loans at beginning of period | $348,141 | $338,084 |
| Provision charged to operating expense | 33,789 | 19,629 |
| Charge-offs: |  |  |
| Commercial and industrial | 19,245 | 22,376 |
| Consumer | 8,857 | 1,853 |
| Premium finance | 4,315 | 5,048 |
| Real estate – commercial and farmland | 1,561 | — |
| Real estate – residential | 165 | 333 |
| Total charge-offs | 34,143 | 29,610 |
| Recoveries: |  |  |
| Commercial and industrial | 6,851 | 8,386 |
| Consumer | 899 | 546 |
| Premium finance | 3,829 | 4,333 |
| Real estate – construction and development | 2 | 9 |
| Real estate – commercial and farmland | 52 | 102 |
| Real estate – residential | 93 | 88 |
| Total recoveries | 11,726 | 13,464 |
| Net charge-offs | 22,417 | 16,146 |
| Balance of allowance for credit losses on loans at end of period | $359,513 | $341,567 |

The following table presents an analysis of the allowance for credit losses on loans and net charge-offs for loans held for investment:

| (dollars in thousands) | As of and for the Six Months Ended / June 30, 2026 | As of and for the Six Months Ended / June 30, 2025 |
| --- | --- | --- |
| Allowance for credit losses on loans at end of period | $359,513 | $341,567 |
| Net charge-offs for the period | 22,417 | 16,146 |
| Loan balances: |  |  |
| End of period | 22,177,865 | 21,041,497 |
| Average for the period | 21,770,247 | 20,775,652 |
| Net charge-offs as a percentage of average loans (annualized) | 0.21% | 0.16% |
| Allowance for credit losses on loans as a percentage of end of period loans | 1.62% | 1.62% |

Loans

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $3,453,501 | $3,288,505 |
| Consumer | 157,252 | 180,010 |
| Mortgage warehouse | 1,345,808 | 1,150,782 |
| Municipal | 415,396 | 434,234 |
| Premium finance | 1,534,445 | 1,306,267 |
| Real estate – construction and development | 1,702,983 | 1,469,250 |
| Real estate – commercial and farmland | 9,243,359 | 9,311,405 |
| Real estate – residential | 4,325,121 | 4,373,069 |
|  | $22,177,865 | $21,513,522 |

Commercial real estate (“CRE”) represents the Company's largest loan category. The Company regularly monitors its CRE portfolio against regulatory concentration limits. Additionally, the Company manages its risk in the CRE portfolio through, among other things, established policy limits on loan-to-value or loan-to-cost at or below applicable regulatory guidance, use of internal lending limits on single loans to minimize exposure to a given project, annual reviews of borrowers and guarantors above certain total credit exposure thresholds, minimum required debt service coverage ratios and borrower equity levels. Exceptions to policy must be approved by an individual or committee with appropriate approval authority.

A summary of the Company's CRE portfolio by loan type and credit quality indicator as of June 30, 2026 and December 31, 2025 is below:

| June 30, 2026(dollars in thousands) | Pass | Other Assets Especially Mentioned | Substandard | Total |
| --- | --- | --- | --- | --- |
| Farmland | $124,238 | — | $951 | $125,189 |
| Multifamily residential | 2,009,863 | — | — | 2,009,863 |
| Owner occupied CRE | 1,865,477 | 9,296 | 20,390 | 1,895,163 |
| Non-owner occupied CRE | 5,155,722 | 33,243 | 24,179 | 5,213,144 |
| Total real estate - commercial and farmland | $9,155,300 | $42,539 | $45,520 | $9,243,359 |

| December 31, 2025(dollars in thousands) | Pass | Other Assets Especially Mentioned | Substandard | Total |
| --- | --- | --- | --- | --- |
| Farmland | $125,224 | $2,113 | $2,153 | $129,490 |
| Multifamily residential | 2,044,617 | — | — | 2,044,617 |
| Owner occupied CRE | 1,800,017 | 6,546 | 24,205 | 1,830,768 |
| Non-owner occupied CRE | 5,264,387 | 23,575 | 18,568 | 5,306,530 |
| Total real estate - commercial and farmland | $9,234,245 | $32,234 | $44,926 | $9,311,405 |

Investor CRE, which includes multifamily residential and non-owner occupied CRE loans, has several dynamics which individually, or in combination, pose potential challenges to the portfolio. These include levels of interest rates above those at origination for loan renewals and changes to occupancy rates as firms reevaluate space needs in light of factors such as the expansion of hybrid and remote work. The primary repayment source for these loans is cash flows from the securing property. The Company in the 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's Investor CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately one basis point of Investor CRE loans at June 30, 2026.

The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant metropolitan statistical areas (“MSAs”) or state as of June 30, 2026 and December 31, 2025:

| June 30, 2026 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Multifamily residential | $439,584 | $107,065 | $205,056 | $165,098 | $212,226 | $180,995 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Multifamily residential | $63,057 | $135,142 | $249,776 | $37,753 | $214,111 | $2,009,863 |

| December 31, 2025 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Multifamily residential | $344,769 | $198,178 | $204,877 | $210,633 | $213,281 | $189,215 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Multifamily residential | $63,369 | $124,759 | $233,967 | $52,989 | $208,580 | $2,044,617 |

The Company's non-owner occupied portfolio is well diversified. Below is a summary of the non-owner occupied CRE portfolio by property type and significant MSAs or state as of June 30, 2026 and December 31, 2025:

| June 30, 2026 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Retail | $549,432 | $196,281 | $54,302 | $237,615 | $202,661 | $215,818 |
| Office | 469,989 | 24,594 | 44,788 | 62,530 | 131,496 | 86,532 |
| Warehouse / industrial | 189,676 | 45,178 | 58,961 | 45,237 | 66,787 | 68,173 |
| Hotel | 43,697 | 36,251 | 35,192 | 83,545 | 35,225 | 71,452 |
| Mini storage warehouse | 43,592 | 33,515 | 9,527 | 27,325 | 38,758 | 33,742 |
| Assisted living facilities | 36,844 | — | 4,758 | — | — | 4,682 |
| Miscellaneous | 24,980 | 9,481 | 1,688 | 13,882 | 14,624 | 10,740 |
| Total non-owner occupied CRE | $1,358,210 | $345,300 | $209,216 | $470,134 | $489,551 | $491,139 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Retail | $77,726 | $270,502 | $236,027 | $100,479 | $186,404 | $2,327,247 |
| Office | 65,941 | 112,716 | 92,106 | 4,051 | 19,776 | 1,114,519 |
| Warehouse / industrial | 61,867 | 115,651 | 77,319 | 570 | 233,911 | 963,330 |
| Hotel | — | 61,831 | 20,687 | 2,084 | 28,357 | 418,321 |
| Mini storage warehouse | — | 18,166 | 12,614 | 405 | 34,054 | 251,698 |
| Assisted living facilities | — | 406 | — | — | 309 | 46,999 |
| Miscellaneous | 3,080 | 4,693 | 7,214 | — | 648 | 91,030 |
| Total non-owner occupied CRE | $208,614 | $583,965 | $445,967 | $107,589 | $503,459 | $5,213,144 |

| December 31, 2025 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Retail | $483,975 | $197,111 | $54,797 | $241,206 | $219,334 | $239,543 |
| Office | 509,486 | 24,417 | 87,939 | 69,560 | 133,779 | 87,559 |
| Warehouse / industrial | 316,408 | 16,880 | 63,108 | 48,192 | 56,425 | 83,541 |
| Hotel | 45,870 | 22,632 | 22,328 | 85,053 | 42,735 | 72,979 |
| Mini storage warehouse | 44,718 | 33,832 | 2,030 | 27,886 | 39,343 | 33,872 |
| Assisted living facilities | 37,538 | — | 4,761 | — | 18 | 6,695 |
| Miscellaneous | 28,344 | 10,383 | 1,698 | 11,612 | 15,648 | 12,470 |
| Total non-owner occupied CRE | $1,466,339 | $305,255 | $236,661 | $483,509 | $507,282 | $536,659 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Retail | $108,550 | $210,751 | $218,101 | $97,518 | $183,152 | $2,254,038 |
| Office | 64,662 | 115,476 | 95,186 | 4,115 | 65,644 | 1,257,823 |
| Warehouse / industrial | 51,969 | 87,403 | 77,754 | 8,105 | 187,806 | 997,591 |
| Hotel | — | 62,876 | 20,893 | 2,202 | 25,812 | 403,380 |
| Mini storage warehouse | — | 19,940 | 12,581 | 421 | 36,586 | 251,209 |
| Assisted living facilities | — | 422 | — | — | 312 | 49,746 |
| Miscellaneous | 3,120 | 992 | 7,798 | — | 678 | 92,743 |
| Total non-owner occupied CRE | $228,301 | $497,860 | $432,313 | $112,361 | $499,990 | $5,306,530 |

Non-Performing Assets

Non-performing assets include nonaccrual loans, accruing loans contractually past due 90 days or more, repossessed personal property, and OREO. Loans are placed on nonaccrual status when management has concerns relating to the ability to collect the principal and interest and generally when such loans are 90 days or more past due. Management performs a detailed review and valuation assessment of non-performing loans over $250,000 on a quarterly basis. When a loan is placed on nonaccrual status, any interest previously accrued but not collected is reversed against current income.

Nonaccrual loans totaled $120.5 million at June 30, 2026, an increase of $11.5 million, or 10.5%, from $109.1 million at December 31, 2025. Accruing loans delinquent 90 days or more totaled $8.4 million at June 30, 2026, a decrease of $128,000, or 1.5%, compared with $8.5 million at December 31, 2025. At June 30, 2026, OREO totaled $4.0 million, an increase of $1.1 million, or 38.6%, compared with $2.9 million at December 31, 2025. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process. At the end of the second quarter of 2026, total non-performing assets as a percent of total assets was up three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 2026.

Non-performing assets at June 30, 2026 and December 31, 2025 were as follows:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Nonaccrual loans(1) | $120,526 | $109,058 |
| Accruing loans delinquent 90 days or more | 8,364 | 8,492 |
| Repossessed assets | — | 4 |
| Other real estate owned | 4,043 | 2,918 |
| Total non-performing assets | $132,933 | $120,472 |

(1) Included in nonaccrual loans were $33.7 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2026 and December 31, 2025, respectively.

Commercial Lending Practices

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines CRE loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multifamily property and nonfarm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

The CRE guidance is applicable when either:

(1) total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a tier I capital plus allowance for credit losses on loans and leases; or

(2) total loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land, net of owner-occupied loans, represent 300% or more of a bank’s tier I capital plus allowance for credit losses on loans and leases.

Banks that are subject to the CRE guidance criteria are required to implement enhanced strategic planning, CRE underwriting policies, risk management and internal controls, portfolio stress testing, risk exposure limits, and other policies, including management compensation and incentives, to address the CRE risks. Higher allowances for loan losses and capital levels may also be appropriate.

As of June 30, 2026, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. Some key risks associated with CRE lending are the following:

(1) within CRE loans, construction and development loans are somewhat dependent upon continued strength in demand for residential real estate, which is reliant on favorable real estate mortgage rates and changing population demographics;

(2) on average, CRE loan sizes are generally larger than non-CRE loan types; and

(3) certain construction and development loans may be less predictable and more difficult to evaluate and monitor.

The following table outlines CRE loan categories and CRE loans as a percentage of total loans as of June 30, 2026 and December 31, 2025. The loan categories and concentrations below are based on Federal Reserve Call codes:

| (dollars in thousands) | June 30, 2026 / Balance | June 30, 2026 / % of Total Loans | December 31, 2025 / Balance | December 31, 2025 / % of Total Loans |
| --- | --- | --- | --- | --- |
| Construction and development loans | $1,702,983 | 8% | $1,469,250 | 7% |
| Multifamily loans | 2,009,863 | 9% | 2,044,617 | 9% |
| Nonfarm nonresidential loans (excluding owner-occupied) | 5,213,144 | 23% | 5,306,530 | 25% |
| Total CRE Loans (excluding owner-occupied) | 8,925,990 | 40% | 8,820,397 | 41% |
| All other loan types | 13,251,875 | 60% | 12,693,125 | 59% |
| Total Loans | $22,177,865 | 100% | $21,513,522 | 100% |

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s Tier 1 capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of June 30, 2026 and December 31, 2025:

| Line item | Internal Limit | Actual / June 30, 2026 | Actual / December 31, 2025 |
| --- | --- | --- | --- |
| Construction and development loans | 100% | 49% | 43% |
| Total CRE loans (excluding owner-occupied) | 300% | 261% | 262% |

Derivative Instruments and Hedging Activities

The Company has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of IRLC instruments amounted to an asset of $3.3 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026 and December 31, 2025, forward contracts were recorded as a liability of $483,000 and $2.8 million, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $7.3 million and $7.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $7.4 million and $7.6 million at June 30, 2026 and December 31, 2025, respectively.

Deposits

Total deposits at the Company increased $211.6 million, or 0.9%, to $22.59 billion at June 30, 2026, compared with $22.38 billion at December 31, 2025. Noninterest-bearing deposits increased $356.7 million, or 5.6%, and interest-bearing deposits decreased $145.2 million, or 0.9%, during the first six months of 2026. At June 30, 2026, the Company had approximately $1.52 billion in short-term brokered CDs, compared with $1.20 billion at December 31, 2025. As of June 30, 2026 and December 31, 2025, the Company had estimated uninsured deposits of $10.34 billion and $10.67 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.20 billion, or 30.9%, of the uninsured deposits at June 30, 2026 were for municipalities which are collateralized with investment securities or letters of credit.

Capital

Common Stock Repurchase Program

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. The Board has subsequently extended the share repurchase program each year since that 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. As a result, the Company is currently authorized to engage in additional share repurchases 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. 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. As of June 30, 2026, an aggregate of $134.6 million, or 1,740,798 shares of the Company's common stock, had been repurchased under the program's October 20, 2025 renewal.

Capital Management

Capital management consists of providing equity to support both current and anticipated future operations. The capital resources of the Company are monitored on a periodic basis by state and federal regulatory authorities.

Under the regulatory capital frameworks adopted by the Federal Reserve Board (the "FRB") and the Federal Deposit Insurance Corporation (the "FDIC"), the Company and the Bank must each maintain a common equity Tier 1 capital to total risk-weighted assets ratio of at least 4.5%, a Tier 1 capital to total risk-weighted assets ratio of at least 6%, a total capital to total risk-weighted assets ratio of at least 8% and a leverage ratio of Tier 1 capital to average total consolidated assets of at least 4%. The Company 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.

As of June 30, 2026, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios for the Company and the Bank at June 30, 2026 and December 31, 2025:

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Tier 1 Leverage Ratio (tier 1 capital to average assets) |  |  |
| Consolidated | 11.25% | 11.44% |
| Ameris Bank | 11.41% | 11.67% |
| CET1 Ratio (common equity tier 1 capital to risk weighted assets) |  |  |
| Consolidated | 12.84% | 13.17% |
| Ameris Bank | 13.01% | 13.43% |
| Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) |  |  |
| Consolidated | 12.84% | 13.17% |
| Ameris Bank | 13.01% | 13.43% |
| Total Capital Ratio (total capital to risk weighted assets) |  |  |
| Consolidated | 14.66% | 15.01% |
| Ameris Bank | 14.27% | 14.69% |

Interest Rate Sensitivity and Liquidity

The Company’s primary market risk exposures are credit risk, interest rate risk, and liquidity risk. The Bank operates under an Asset Liability Management Policy approved by the Company’s Board of Directors and the ALCO Committee. The policy outlines limits on interest rate risk in terms of changes in net interest income and changes in the net market values of assets and liabilities over certain changes in interest rate environments. These measurements are made through a simulation model which projects the impact of changes in interest rates on the Bank’s assets and liabilities. The policy also outlines responsibility for monitoring interest rate risk, and the process for the approval, implementation and monitoring of interest rate risk strategies to achieve the Bank’s interest rate risk objectives.

The ALCO Committee is comprised of senior officers of Ameris. The ALCO Committee makes all strategic decisions with respect to the sources and uses of funds that may affect net interest income, including net interest spread and net interest margin. The objective of the ALCO Committee is to identify the interest rate, liquidity and market value risks of the Company’s balance sheet and use reasonable methods approved by the Company’s Board of Directors and executive management to minimize those identified risks.

The normal course of business activity exposes the Company to interest rate risk. Interest rate risk is managed within an overall asset and liability framework for the Company. The principal objectives of asset and liability management are to predict the sensitivity of net interest spreads to potential changes in interest rates, control risk and enhance profitability. Funding positions are kept within predetermined limits designed to properly manage risk and liquidity. The Company employs sensitivity analysis in the form of a net interest income simulation to help characterize the market risk arising from changes in interest rates. In addition, fluctuations in interest rates usually result in changes in the fair market value of the Company’s financial instruments, cash flows and net interest income. The Company’s interest rate risk position is managed by the ALCO Committee.

The Company uses a simulation modeling process to measure interest rate risk and evaluate potential strategies. Interest rate scenario models are prepared using software created and licensed from an outside vendor. The Company’s simulation includes all financial assets and liabilities. Simulation results quantify interest rate risk under various interest rate scenarios. Management then develops and implements appropriate strategies. The ALCO Committee has determined that an acceptable level of interest rate risk would be for net interest income to increase/decrease no more than 20% given a change in selected interest rates of 200 basis points over any 24-month period.

Liquidity management involves the matching of the cash flow requirements of customers, who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs, and the ability of Ameris to manage those requirements. The Company strives to maintain an adequate liquidity position by managing the balances and maturities of interest-earning assets and interest-bearing liabilities so that the balance it has in short-term assets at any given time will adequately cover any reasonably anticipated immediate need for funds. Additionally, the Bank maintains relationships with correspondent banks, which could provide funds on short notice, if needed. The Company has invested in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is equal to 30% of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. At June 30, 2026 and December 31, 2025, the net carrying value of the Company’s other borrowings was $1.25 billion and $558.0 million, respectively. At June 30, 2026, the Company had availability with the FHLB and FRB Discount Window of $2.46 billion and $2.37 billion, respectively.

The following liquidity ratios compare certain assets and liabilities to total deposits or total assets:

| Line item | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 | June 30,2025 |
| --- | --- | --- | --- | --- | --- |
| Investment securities available-for-sale to total deposits | 10.89% | 10.40% | 9.86% | 9.59% | 8.53% |
| Loans (net of unearned income) to total deposits | 98.19% | 96.43% | 96.15% | 95.64% | 95.94% |
| Interest-earning assets to total assets | 92.71% | 92.76% | 92.56% | 92.60% | 92.29% |
| Interest-bearing deposits to total deposits | 69.97% | 70.19% | 71.28% | 69.60% | 68.99% |

The liquidity resources of the Company are monitored continually by the ALCO Committee and on a periodic basis by state and federal regulatory authorities. As determined under guidelines established by these regulatory authorities, the Company’s and the Bank’s liquidity ratios at June 30, 2026 were considered satisfactory. The Company is aware of no events or trends likely to result in a material change in liquidity.

## Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company is exposed only to U.S. dollar interest rate changes, and, accordingly, the Company manages exposure by considering the possible changes in the net interest margin. The Company does not have any trading instruments nor does it classify any portion of the investment portfolio as held for trading.

The Company also has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of $3.3 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $483,000 and $2.8 million at June 30, 2026 and December 31, 2025, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $7.3 million and $7.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $7.4 million and $7.6 million at June 30, 2026 and December 31, 2025, respectively.

The Company has no exposure to foreign currency exchange rate risk, commodity price risk and other market risks.

Interest rates play a major part in the net interest income of a financial institution. The sensitivity to rate changes is known as “interest rate risk.” The repricing of interest-earning assets and interest-bearing liabilities can influence the changes in net interest income. As part of the Company’s asset/liability management program, the timing of repriced assets and liabilities is referred to as “gap management.”

The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. 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. The analysis of the impact on net interest income over a 12-month and 24-month period is subjected to gradual and parallel shocks of the various increases and decreases in market rates shown in the table below, and is monitored on a quarterly basis.

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 July 1, 2026. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.

**Earnings Simulation Model Results**

| Change in / Interest Rates | % Change in Projected Baseline / Net Interest Income |
| --- | --- |
| (in bps) | 24 Months |
| 400 | 16.8% |
| 300 | 13.0% |
| 200 | 8.9% |
| 100 | 4.6% |
| (100) | (4.9)% |
| (200) | (9.9)% |
| (300) | (14.8)% |

Additional information required by Item 305 of Regulation S-K is set forth under Part I, Item 2 of this report.

## Item 4. Controls and Procedures.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report, as required by paragraph (b) of Rules 13a-15 or 15d-15 of the Exchange Act. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the quarter ended June 30, 2026, there was no change in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

## Item 5. [Other Information.](#ic1b99a0debf34d5d9ea8af8dce798b6d_166) [60](#ic1b99a0debf34d5d9ea8af8dce798b6d_166)

## Item 6. [Exhibits.](#ic1b99a0debf34d5d9ea8af8dce798b6d_169) [61](#ic1b99a0debf34d5d9ea8af8dce798b6d_169)

[Signatures](#ic1b99a0debf34d5d9ea8af8dce798b6d_172) [62](#ic1b99a0debf34d5d9ea8af8dce798b6d_172)

Item 1. Financial Statements.

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Balance Sheets

_(dollars in thousands, except share data)_

| Line item | June 30, 2026 (unaudited) | December 31, 2025 |
| --- | --- | --- |
| Assets |  |  |
| Cash and due from banks | $237,431 | $253,807 |
| Interest-bearing deposits in banks | 959,682 | 835,113 |
| Cash and cash equivalents | 1,197,113 | 1,088,920 |
| Debt securities available-for-sale, at fair value, net of allowance for credit losses of $68 and $75 | 2,460,623 | 2,207,173 |
| Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0 (fair value of $192,993 and $189,873) | 208,155 | 203,242 |
| Other investments | 123,871 | 85,443 |
| Loans held for sale, at fair value | 482,220 | 623,152 |
| Loans, net of unearned income | 22,177,865 | 21,513,522 |
| Allowance for credit losses | (359,513) | (348,141) |
| Loans, net | 21,818,352 | 21,165,381 |
| Other real estate owned, net | 4,043 | 2,918 |
| Premises and equipment, net | 220,500 | 213,097 |
| Goodwill | 1,015,646 | 1,015,646 |
| Other intangible assets, net | 48,317 | 54,824 |
| Cash value of bank owned life insurance | 427,789 | 420,583 |
| Other assets | 482,214 | 435,500 |
| Total assets | $28,488,843 | $27,515,879 |
| Liabilities |  |  |
| Deposits: |  |  |
| Noninterest-bearing | $6,782,882 | $6,426,145 |
| Interest-bearing | 15,804,691 | 15,949,850 |
| Total deposits | 22,587,573 | 22,375,995 |
| Other borrowings | 1,250,049 | 558,039 |
| Subordinated deferrable interest debentures | 135,299 | 134,302 |
| Other liabilities | 425,345 | 371,515 |
| Total liabilities | 24,398,266 | 23,439,851 |
| Commitments and Contingencies (Note 8) |  |  |
| Shareholders’ Equity |  |  |
| Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | — | — |
| Common stock, par value $1; 200,000,000 shares authorized; 73,264,873 and 72,898,342 shares issued, respectively | 73,265 | 72,898 |
| Capital surplus | 1,978,573 | 1,971,131 |
| Retained earnings | 2,345,292 | 2,210,385 |
| Accumulated other comprehensive income (loss), net of tax | (16,508) | 8,312 |
| Treasury stock, at cost, 6,158,286 and 4,876,026 shares, respectively | (290,045) | (186,698) |
| Total shareholders’ equity | 4,090,577 | 4,076,028 |
| Total liabilities and shareholders’ equity | $28,488,843 | $27,515,879 |

See notes to unaudited consolidated financial statements.

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Statements of Income and Comprehensive Income (unaudited)

_(dollars in thousands, except per share data)_

| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Interest income |  |  |  |  |
| Interest and fees on loans | $326,705 | $315,893 | $644,588 | $620,061 |
| Interest on taxable securities | 30,217 | 20,696 | 55,691 | 39,188 |
| Interest on nontaxable securities | 383 | 334 | 757 | 663 |
| Interest on deposits in other banks | 8,270 | 10,715 | 16,310 | 21,504 |
| Total interest income | 365,575 | 347,638 | 717,346 | 681,416 |
| Interest expense |  |  |  |  |
| Interest on deposits | 98,995 | 106,796 | 195,222 | 212,011 |
| Interest on other borrowings | 14,096 | 9,029 | 25,204 | 15,753 |
| Total interest expense | 113,091 | 115,825 | 220,426 | 227,764 |
| Net interest income | 252,484 | 231,813 | 496,920 | 453,652 |
| Provision for loan losses | 15,894 | 3,110 | 33,789 | 19,629 |
| Provision for unfunded commitments | 1,360 | (335) | 22 | 5,038 |
| Provision for other credit losses | (1) | (3) | (7) | (3) |
| Provision for credit losses | 17,253 | 2,772 | 33,804 | 24,664 |
| Net interest income after provision for credit losses | 235,231 | 229,041 | 463,116 | 428,988 |
| Noninterest income |  |  |  |  |
| Service charges on deposit accounts | 14,044 | 13,493 | 27,723 | 26,626 |
| Mortgage banking activity | 32,526 | 39,221 | 69,534 | 74,475 |
| Other service charges, commissions and fees | 1,065 | 1,158 | 2,092 | 2,267 |
| Net gain on securities | 7,392 | — | 7,392 | 40 |
| Equipment finance activity | 8,948 | 6,572 | 18,034 | 13,270 |
| Other noninterest income | 9,557 | 8,467 | 18,677 | 16,256 |
| Total noninterest income | 73,532 | 68,911 | 143,452 | 132,934 |
| Noninterest expense |  |  |  |  |
| Salaries and employee benefits | 91,494 | 89,308 | 182,860 | 175,923 |
| Occupancy and equipment | 12,555 | 11,401 | 24,180 | 22,078 |
| Advertising and marketing | 3,452 | 3,745 | 6,748 | 6,628 |
| Amortization of intangible assets | 3,114 | 4,076 | 6,507 | 8,179 |
| Data processing and communications expenses | 15,571 | 15,366 | 32,364 | 30,221 |
| Legal and other professional fees | 6,866 | 4,380 | 11,898 | 8,082 |
| Credit resolution-related expenses | 798 | 657 | 1,307 | 1,422 |
| FDIC insurance | 3,287 | 2,749 | 6,224 | 5,988 |
| Loan servicing expense | 7,205 | 7,897 | 14,585 | 15,720 |
| Litigation accrual | 82,530 | 121 | 82,625 | 1,191 |
| Other noninterest expenses | 15,842 | 15,560 | 30,496 | 30,862 |
| Total noninterest expense | 242,714 | 155,260 | 399,794 | 306,294 |
| Income before income tax expense | 66,049 | 142,692 | 206,774 | 255,628 |
| Income tax expense | 14,603 | 32,858 | 44,836 | 57,859 |
| Net income | 51,446 | 109,834 | 161,938 | 197,769 |
| Other comprehensive income (loss) |  |  |  |  |
| Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $(4,841), $2,392, $(8,015) and $7,612 | (14,985) | 7,544 | (24,773) | 23,233 |
| Reclassification adjustment for gains on debt securities included in earnings, net of tax expense of $15, $0, $15, and $0 | (47) | — | (47) | — |
| Total other comprehensive income (loss) | (15,032) | 7,544 | (24,820) | 23,233 |
| Comprehensive income | $36,414 | $117,378 | $137,118 | $221,002 |
| Basic earnings per common share | $0.77 | $1.60 | $2.41 | $2.88 |
| Diluted earnings per common share | $0.77 | $1.60 | $2.40 | $2.87 |
| Weighted average common shares outstanding |  |  |  |  |
| Basic | 66,883,935 | 68,594,608 | 67,210,376 | 68,689,506 |
| Diluted | 67,099,941 | 68,796,577 | 67,430,193 | 68,912,750 |

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (unaudited)

(dollars in thousands, except per share data)

_Three Months Ended June 30, 2026_

| Line item | Common Stock / Shares | Common Stock / Amount | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock / Shares | Treasury Stock / Amount | Total Shareholders' Equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2026 | 73,251,984 | $73,252 | $1,973,881 | $2,307,358 | $(1,476) | 5,931,686 | $(270,888) | $4,082,127 |
| Issuance of restricted shares | 17,964 | 18 | (18) | — | — | — | — | — |
| Forfeitures of restricted shares | (5,075) | (5) | (44) | — | — | — | — | (49) |
| Share-based compensation | — | — | 4,754 | — | — | — | — | 4,754 |
| Purchase of treasury shares | — | — | — | — | — | 226,600 | (19,157) | (19,157) |
| Net income | — | — | — | 51,446 | — | — | — | 51,446 |
| Dividends on common shares ($0.20 per share) | — | — | — | (13,512) | — | — | — | (13,512) |
| Other comprehensive loss during the period | — | — | — | — | (15,032) | — | — | (15,032) |
| Balance, June 30, 2026 | 73,264,873 | $73,265 | $1,978,573 | $2,345,292 | $(16,508) | 6,158,286 | $(290,045) | $4,090,577 |
|  | Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |
|  | Common Stock |  | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock |  | Total Shareholders' Equity |
|  | Shares | Amount |  |  |  | Shares | Amount |  |
| Balance, December 31, 2025 | 72,898,342 | $72,898 | $1,971,131 | $2,210,385 | $8,312 | 4,876,026 | $(186,698) | $4,076,028 |
| Issuance of restricted shares | 211,505 | 212 | (212) | — | — | — | — | — |
| Issuance of common shares pursuant to PSU agreements | 161,712 | 162 | (162) | — | — | — | — | — |
| Forfeitures of restricted shares | (6,686) | (7) | (85) | — | — | — | — | (92) |
| Share-based compensation | — | — | 7,901 | — | — | — | — | 7,901 |
| Purchase of treasury shares | — | — | — | — | — | 1,282,260 | (103,347) | (103,347) |
| Net income | — | — | — | 161,938 | — | — | — | 161,938 |
| Dividends on common shares ($0.40 per share) | — | — | — | (27,031) | — | — | — | (27,031) |
| Other comprehensive loss during the period | — | — | — | — | (24,820) | — | — | (24,820) |
| Balance, June 30, 2026 | 73,264,873 | $73,265 | $1,978,573 | $2,345,292 | $(16,508) | 6,158,286 | $(290,045) | $4,090,577 |

_Three Months Ended June 30, 2025_

| Line item | Common Stock / Shares | Common Stock / Amount | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock / Shares | Treasury Stock / Amount | Total Shareholders' Equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2025 | 72,884,780 | $72,885 | $1,961,732 | $1,927,489 | $(14,430) | 3,973,856 | $(123,874) | $3,823,802 |
| Issuance of restricted shares | 12,591 | 12 | (12) | — | — | — | — | — |
| Share-based compensation | — | — | 3,176 | — | — | — | — | 3,176 |
| Purchase of treasury shares | — | — | — | — | — | 212,472 | (12,848) | (12,848) |
| Net income | — | — | — | 109,834 | — | — | — | 109,834 |
| Dividends on common shares ($0.20 per share) | — | — | — | (13,830) | — | — | — | (13,830) |
| Other comprehensive income during the period | — | — | — | — | 7,544 | — | — | 7,544 |
| Balance, June 30, 2025 | 72,897,371 | $72,897 | $1,964,896 | $2,023,493 | $(6,886) | 4,186,328 | $(136,722) | $3,917,678 |
|  | Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
|  | Common Stock |  | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock |  | Total Shareholders' Equity |
|  | Shares | Amount |  |  |  | Shares | Amount |  |
| Balance, December 31, 2024 | 72,699,245 | $72,699 | $1,958,642 | $1,853,428 | $(30,119) | 3,630,636 | $(103,128) | $3,751,522 |
| Issuance of restricted shares | 88,841 | 88 | (88) | — | — | — | — | — |
| Issuance of common shares pursuant to PSU agreements | 122,904 | 123 | (123) | — | — | — | — | — |
| Forfeitures of restricted shares | (13,619) | (13) | (404) | — | — | — | — | (417) |
| Share-based compensation | — | — | 6,869 | — | — | — | — | 6,869 |
| Purchase of treasury shares | — | — | — | — | — | 555,692 | (33,594) | (33,594) |
| Net income | — | — | — | 197,769 | — | — | — | 197,769 |
| Dividends on common shares ($0.40 per share) | — | — | — | (27,704) | — | — | — | (27,704) |
| Other comprehensive income during the period | — | — | — | — | 23,233 | — | — | 23,233 |
| Balance, June 30, 2025 | 72,897,371 | $72,897 | $1,964,896 | $2,023,493 | $(6,886) | 4,186,328 | $(136,722) | $3,917,678 |

See notes to unaudited consolidated financial statements. 

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Statements of Cash Flows (unaudited)

_(dollars in thousands)_

| Line item | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- |
| Operating Activities |  |  |
| Net income | $161,938 | $197,769 |
| Adjustments reconciling net income to net cash provided by operating activities: |  |  |
| Depreciation, amortization and accretion, net | 11,184 | 16,476 |
| Net gains on sale or disposal of premises and equipment | (24) | (121) |
| Provision for credit losses | 33,804 | 24,664 |
| Net write-downs and (gains) losses on sale of other real estate owned | (52) | (46) |
| Share-based compensation expense | 7,809 | 6,452 |
| Amortization of operating lease right of use assets | 4,496 | 4,604 |
| Provision for deferred taxes | (19,063) | (3,079) |
| Net gain on securities | (7,392) | (40) |
| Originations of mortgage loans held for sale | (2,020,197) | (2,087,452) |
| Payments received on mortgage loans held for sale | 15,470 | 14,189 |
| Proceeds from sales of mortgage loans held for sale | 2,128,340 | 2,071,092 |
| Net gains on mortgage loans held for sale | (13,772) | (19,163) |
| Originations of SBA loans held for sale | (10,331) | (22,771) |
| Proceeds from sales of SBA loans held for sale | 11,157 | 24,135 |
| Net gains on sale of SBA loans held for sale | (826) | (1,364) |
| Increase in cash surrender value of bank owned life insurance | (7,370) | (6,788) |
| Gain on bank owned life insurance proceeds | (846) | (12) |
| Gain on sale of mortgage servicing rights | — | (342) |
| Change attributable to other operating activities | 42,244 | (39,979) |
| Net cash provided by operating activities | 336,569 | 178,224 |
| Investing Activities |  |  |
| Purchases of debt securities available-for-sale | (523,011) | (475,276) |
| Purchases of debt securities held-to-maturity | (11,715) | (13,914) |
| Proceeds from maturities and paydowns of debt securities available-for-sale | 154,645 | 307,585 |
| Proceeds from sales of debt securities available-for-sale | 86,167 | — |
| Proceeds from maturities and paydowns of debt securities held-to-maturity | 6,937 | 2,228 |
| Net increase in other investments | (30,976) | (4,455) |
| Net increase in loans | (669,818) | (328,390) |
| Purchases of premises and equipment | (16,350) | (10,337) |
| Proceeds from sale of premises and equipment | 39 | 150 |
| Proceeds from sales of other real estate owned | 1,758 | 3,548 |
| Proceeds from bank owned life insurance | 1,010 | 56,900 |
| Net cash used in investing activities | (1,001,314) | (461,961) |
|  |  | (Continued) |

**AMERIS BANCORP AND SUBSIDIARIES**

### Consolidated Statements of Cash Flows (unaudited)

_(dollars in thousands)_

| Line item | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- |
| Financing Activities |  |  |
| Net increase in deposits | $211,578 | $210,227 |
| Proceeds from other borrowings | 6,970,000 | 2,615,000 |
| Repayment of other borrowings | (6,277,981) | (2,530,119) |
| Dividends paid - common stock | (27,447) | (27,882) |
| Purchase of treasury shares | (103,212) | (33,596) |
| Net cash provided by financing activities | 772,938 | 233,630 |
| Net increase (decrease) in cash and cash equivalents | 108,193 | (50,107) |
| Cash and cash equivalents at beginning of period | 1,088,920 | 1,220,377 |
| Cash and cash equivalents at end of period | $1,197,113 | $1,170,270 |
| Supplemental Disclosures of Cash Flow Information |  |  |
| Cash paid during the period for: |  |  |
| Interest | $213,847 | $228,903 |
| Income taxes | 78,887 | 98,579 |
| Loans transferred to other real estate owned | 2,831 | 2,894 |
| Loans transferred from loans held for sale to loans held for investment | 31,091 | 5,860 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 2,957 | 2,363 |
|  |  | (Concluded) |

See notes to unaudited consolidated financial statements.

AMERIS BANCORP AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

June 30, 2026

### NOTE 1 – BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Nature of Business

Ameris Bancorp (the “Company” or “Ameris”) is a financial holding company headquartered in Atlanta, Georgia. Ameris conducts substantially all of its operations through its wholly owned banking subsidiary, Ameris Bank (the “Bank”). At June 30, 2026, the Bank operated 163 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Bank provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services.

Basis of Presentation

The accompanying unaudited consolidated financial statements for Ameris have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statement presentation. The interim consolidated financial statements included herein are unaudited but reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with the current year presentations. The reclassifications had no effect on net income or shareholders' equity as previously reported.

Accounting Standards Adopted in 2026

ASU No. 2025-08, Financial Instruments - Credit Losses (Subtopic 326-20): Purchased Loans ("ASU 2025-08"). ASU 2025-08 expands the gross‑up approach to most purchased loans, eliminating the recognition of a day‑one credit loss expense for these acquisitions. The standard is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company elected early adoption of this standard effective January 1, 2026 and the adoption did not have a significant impact on the Company's financial position or results of operations.

Accounting Standards Pending Adoption

ASU No. 2024-03 - Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures ("ASU 2024-03"). ASU No. 2024-03 requires additional disclosure of certain expense captions presented on the face of the Company’s income statement. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either on a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the effect that adoption of ASU 2024-03 will have on its disclosures.

ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 replaces the previous guidance based on the "project stage" model and increases the operability of the recognition guidance through a principles-based approach so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that adoption of this pronouncement will have on our consolidated financial statements and disclosures.

### NOTE 2 – INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:

| (dollars in thousands)Securities available-for-sale / June 30, 2026 | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
| --- | --- | --- | --- | --- | --- |
| U.S. Treasuries | $584,558 | — | $1,298 | $(2,409) | $583,447 |
| State, county and municipal securities | 18,005 | — | 5 | (547) | 17,463 |
| Corporate debt securities | 2,894 | (68) | — | (374) | 2,452 |
| SBA pool securities | 11,146 | — | — | (627) | 10,519 |
| Mortgage-backed securities | 1,862,905 | — | 9,203 | (25,366) | 1,846,742 |
| Total debt securities available-for-sale | $2,479,508 | $(68) | $10,506 | $(29,323) | $2,460,623 |
| December 31, 2025 |  |  |  |  |  |
| U.S. Treasuries | $653,888 | — | $7,578 | $(841) | $660,625 |
| State, county and municipal securities | 19,493 | — | 6 | (438) | 19,061 |
| Corporate debt securities | 6,395 | (75) | 9 | (454) | 5,875 |
| SBA pool securities | 12,795 | — | — | (587) | 12,208 |
| Mortgage-backed securities | 1,500,644 | — | 22,594 | (13,834) | 1,509,404 |
| Total debt securities available-for-sale | $2,193,215 | $(75) | $30,187 | $(16,154) | $2,207,173 |

The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

| (dollars in thousands)Securities held-to-maturity / June 30, 2026 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
| --- | --- | --- | --- | --- |
| State, county and municipal securities | $33,284 | — | $(4,766) | $28,518 |
| Mortgage-backed securities | 174,871 | 195 | (10,591) | 164,475 |
| Total debt securities held-to-maturity | $208,155 | $195 | $(15,357) | $192,993 |
| December 31, 2025 |  |  |  |  |
| State, county and municipal securities | $33,414 | $4 | $(4,145) | $29,273 |
| Mortgage-backed securities | 169,828 | 534 | (9,762) | 160,600 |
| Total debt securities held-to-maturity | $203,242 | $538 | $(13,907) | $189,873 |

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of June 30, 2026, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

| (dollars in thousands) | Available-for-Sale / Amortized Cost | Available-for-Sale / Estimated Fair Value | Held-to-Maturity / Amortized Cost | Held-to-Maturity / Estimated Fair Value |
| --- | --- | --- | --- | --- |
| Due in one year or less | $176,703 | $176,742 | — | — |
| Due from one year to five years | 371,339 | 369,777 | — | — |
| Due from five to ten years | 65,631 | 64,888 | 1,272 | 1,266 |
| Due after ten years | 2,930 | 2,474 | 32,012 | 27,252 |
| Mortgage-backed securities | 1,862,905 | 1,846,742 | 174,871 | 164,475 |
|  | $2,479,508 | $2,460,623 | $208,155 | $192,993 |

Securities with a carrying value of approximately $638.3 million and $512.0 million at June 30, 2026 and December 31, 2025, respectively, serve as collateral to secure public deposits and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025:

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Less Than 12 Months |  |  |  | 12 Months or More |  |  |  | Total |  |  |  |
| (dollars in thousands)Securities available-for-sale | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  |
| June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasuries | $ | $203,254 | $ | $(2,409) | $ | — | $ | — | $ | $203,254 | $ | $(2,409) |
| State, county and municipal securities | 1,994 |  | (12) |  | 10,926 |  | (535) |  | 12,920 |  | (547) |  |
| Corporate debt securities | 2,057 |  | (374) |  | — |  | — |  | 2,057 |  | (374) |  |
| SBA pool securities | — |  | — |  | 10,392 |  | (627) |  | 10,392 |  | (627) |  |
| Mortgage-backed securities | 576,485 |  | (12,005) |  | 359,603 |  | (13,361) |  | 936,088 |  | (25,366) |  |
| Total debt securities available-for-sale | $ | $783,790 | $ | $(14,800) | $ | $380,921 | $ | $(14,523) | $ | $1,164,711 | $ | $(29,323) |
| December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasuries | $ | — | $ | — | $ | $56,606 | $ | $(841) | $ | $56,606 | $ | $(841) |
| State, county and municipal securities | — |  | — |  | 12,803 |  | (438) |  | 12,803 |  | (438) |  |
| Corporate debt securities | 1,050 |  | (375) |  | 2,421 |  | (79) |  | 3,471 |  | (454) |  |
| SBA pool securities | — |  | — |  | 12,076 |  | (587) |  | 12,076 |  | (587) |  |
| Mortgage-backed securities | 100,144 |  | (3,061) |  | 390,234 |  | (10,773) |  | 490,378 |  | (13,834) |  |
| Total debt securities available-for-sale | $ | $101,194 | $ | $(3,436) | $ | $474,140 | $ | $(12,718) | $ | $575,334 | $ | $(16,154) |

As of June 30, 2026, the Company’s available-for-sale security portfolio consisted of 397 securities, 314 of which were in an unrealized loss position. At June 30, 2026, the Company held 265 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At June 30, 2026, the Company held 26 U.S. Small Business Administration (“SBA”) pool securities, 11 state, county and municipal securities, four corporate securities, and eight U.S. Treasury securities that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025:

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Less Than 12 Months |  |  |  | 12 Months or More |  |  |  | Total |  |  |  |
| (dollars in thousands)Securities held-to-maturity | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  | EstimatedFairValue |  | UnrealizedLosses |  |
| June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
| State, county and municipal securities | $ | $9,484 | $ | $(81) | $ | $19,034 | $ | $(4,685) | $ | $28,518 | $ | $(4,766) |
| Mortgage-backed securities | 60,288 |  | (777) |  | 77,210 |  | (9,814) |  | 137,498 |  | (10,591) |  |
| Total debt securities held-to-maturity | $ | $69,772 | $ | $(858) | $ | $96,244 | $ | $(14,499) | $ | $166,016 | $ | $(15,357) |
| December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| State, county and municipal securities | $ | — | $ | — | $ | $27,990 | $ | $(4,145) | $ | $27,990 | $ | $(4,145) |
| Mortgage-backed securities | 19,344 |  | (152) |  | 83,035 |  | (9,610) |  | 102,379 |  | (9,762) |  |
| Total debt securities held-to-maturity | $ | $19,344 | $ | $(152) | $ | $111,025 | $ | $(13,755) | $ | $130,369 | $ | $(13,907) |

As of June 30, 2026, the Company’s held-to-maturity security portfolio consisted of 66 securities, 57 of which were in an unrealized loss position. At June 30, 2026, the Company held 49 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At June 30, 2026 and December 31, 2025, all of the Company’s mortgage-backed securities were obligations of government-sponsored agencies.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at June 30, 2026, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at June 30, 2026, management determined that $68,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $29.3 million in unrealized loss was determined to be from factors other than credit.

| (dollars in thousands) / Allowance for credit losses | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Beginning balance | $69 | $69 | $75 | $69 |
| Provision for other credit losses | (1) | (3) | (7) | (3) |
| Ending balance | $68 | $66 | $68 | $66 |

The Company's held-to-maturity securities have no expected credit losses, and no related allowance for credit losses has been established.

The following table is a summary of sales activities in the Company's debt securities available for sale for the three and six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Gross gains on sales of securities available for sale | $246 | — | $246 | — |
| Gross losses on sales of securities available for sale | (184) | — | (184) | — |
| Net realized gains on sales of securities available for sale | $62 | — | $62 | — |
| Sales proceeds | $86,167 | — | $86,167 | — |

Total net gain on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Net realized gains on sales of securities available-for-sale | $62 | — | $62 | — |
| Net realized gains on equity securities | 2,367 | — | 2,367 | — |
| Unrealized holding gains on equity securities | 4,921 | — | 4,921 | 40 |
| Net realized gains on sales of other investments | 42 | — | 42 | — |
| Net gain on securities | $7,392 | — | $7,392 | $40 |

### NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $3,453,501 | $3,288,505 |
| Consumer | 157,252 | 180,010 |
| Mortgage warehouse | 1,345,808 | 1,150,782 |
| Municipal | 415,396 | 434,234 |
| Premium finance | 1,534,445 | 1,306,267 |
| Real estate – construction and development | 1,702,983 | 1,469,250 |
| Real estate – commercial and farmland | 9,243,359 | 9,311,405 |
| Real estate – residential | 4,325,121 | 4,373,069 |
| Loans, net of unearned income | $22,177,865 | $21,513,522 |

Accrued interest receivable on loans totaling $81.2 million and $80.0 million at June 30, 2026 and December 31, 2025, respectively, is reported in other assets on the consolidated balance sheets. The Company had no recorded allowance for credit losses related to accrued interest on loans at both June 30, 2026 and December 31, 2025.

Nonaccrual and Past-Due Loans

A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Past-due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms.

The following table presents an analysis of loans accounted for on a nonaccrual basis:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $13,389 | $17,536 |
| Consumer | 487 | 703 |
| Real estate – construction and development | 1,131 | 1,264 |
| Real estate – commercial and farmland | 11,938 | 6,456 |
| Real estate – residential(1) | 93,581 | 83,099 |
|  | $120,526 | $109,058 |

(1) Included in real estate - residential were $33.7 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2026 and December 31, 2025, respectively.

Interest income recognized on nonaccrual loans during the six months ended June 30, 2026 and 2025 was not material.

The following table presents an analysis of nonaccrual loans with no related allowance for credit losses:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $3,470 | $4,884 |
| Real estate – construction and development | 303 | 644 |
| Real estate – commercial and farmland | 8,817 | 4,118 |
| Real estate – residential | 51,983 | 43,334 |
|  | $64,573 | $52,980 |

The following table presents an analysis of past-due loans as of June 30, 2026 and December 31, 2025:

| (dollars in thousands) / June 30, 2026 | Loans30-59Days Past Due | Loans60-89Days Past Due | Loans 90or More Days Past Due | Total Loans Past Due | Current Loans | Total Loans | Loans 90Days or More Past Due and Still Accruing |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and industrial | $9,582 | $5,662 | $9,139 | $24,383 | $3,429,118 | $3,453,501 | $19 |
| Consumer | 1,856 | 5,955 | 136 | 7,947 | 149,305 | 157,252 | — |
| Mortgage warehouse | — | — | — | — | 1,345,808 | 1,345,808 | — |
| Municipal | — | — | — | — | 415,396 | 415,396 | — |
| Premium finance | 10,024 | 8,835 | 8,345 | 27,204 | 1,507,241 | 1,534,445 | 8,345 |
| Real estate – construction and development | 2,131 | 1,380 | 638 | 4,149 | 1,698,834 | 1,702,983 | — |
| Real estate – commercial and farmland | 1,321 | 63 | 3,809 | 5,193 | 9,238,166 | 9,243,359 | — |
| Real estate – residential | 54,165 | 23,358 | 83,423 | 160,946 | 4,164,175 | 4,325,121 | — |
| Total | $79,079 | $45,253 | $105,490 | $229,822 | $21,948,043 | $22,177,865 | $8,364 |
| December 31, 2025 |  |  |  |  |  |  |  |
| Commercial and industrial | $8,890 | $5,938 | $8,470 | $23,298 | $3,265,207 | $3,288,505 | — |
| Consumer | 3,655 | 2,199 | 198 | 6,052 | 173,958 | 180,010 | — |
| Mortgage warehouse | — | — | — | — | 1,150,782 | 1,150,782 | — |
| Municipal | — | — | — | — | 434,234 | 434,234 | — |
| Premium finance | 13,463 | 6,961 | 8,492 | 28,916 | 1,277,351 | 1,306,267 | 8,492 |
| Real estate – construction and development | 2,238 | 349 | 938 | 3,525 | 1,465,725 | 1,469,250 | — |
| Real estate – commercial and farmland | 1,707 | 16 | 5,770 | 7,493 | 9,303,912 | 9,311,405 | — |
| Real estate – residential | 42,310 | 17,680 | 79,502 | 139,492 | 4,233,577 | 4,373,069 | — |
| Total | $72,263 | $33,143 | $103,370 | $208,776 | $21,304,746 | $21,513,522 | $8,492 |

Collateral-Dependent Loans

Collateral-dependent loans are loans where repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty. If the Company determines that foreclosure is probable, these loans are written down to the lower of cost or fair value of the collateral less estimated costs to sell. When repayment is expected to be from the operation of the collateral, the allowance for credit losses is calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. The Company may, in the alternative, measure the allowance for credit losses as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

The following table presents an analysis of individually evaluated collateral-dependent financial assets and related allowance for credit losses:

| (dollars in thousands) | June 30, 2026 / Balance | June 30, 2026 / Allowance for Credit Losses | December 31, 2025 / Balance | December 31, 2025 / Allowance for Credit Losses |
| --- | --- | --- | --- | --- |
| Commercial and industrial | $6,895 | $755 | $12,057 | $1,866 |
| Premium finance | 596 | — | 1,296 | 1 |
| Real estate – construction and development | 690 | 47 | 902 | 42 |
| Real estate – commercial and farmland | 11,029 | 427 | 5,084 | 378 |
| Real estate – residential | 20,996 | 3,251 | 22,494 | 2,857 |
|  | $40,206 | $4,480 | $41,833 | $5,144 |

Credit Quality Indicators

The Company uses a five category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades:

Pass – This grade represents acceptable credit risk to the Company based on factors including creditworthiness of the borrower, current performance and nature of the collateral.

Other Assets Especially Mentioned ("Special Mention") – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date.

Substandard – This grade represents loans which are inadequately protected by the current creditworthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values.

Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable.

Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off.

The following tables present the loan portfolio's amortized cost by class of financing receivable, risk grade and year of origination (in thousands) as of June 30, 2026 and December 31, 2025. Generally, current period renewals of credit are underwritten again at the point of renewal and considered current period originations for purposes of the tables below. The Company had an immaterial amount of revolving loans which converted to term loans and the amortized cost basis of those loans is included in the applicable origination year. There were no loans risk graded doubtful or loss at June 30, 2026 or December 31, 2025.

| As of June 30, 2026 | Term Loans by Origination Year / 2026 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and Industrial |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $538,756 | $759,335 | $542,361 | $331,362 | $347,752 | $185,366 | $721,931 | $3,426,863 |
| Special mention | 140 | 2,926 | 420 | 138 | — | 258 | 7,723 | 11,605 |
| Substandard | 519 | 1,010 | 4,179 | 3,251 | 941 | 4,142 | 991 | 15,033 |
| Total commercial and industrial | $539,415 | $763,271 | $546,960 | $334,751 | $348,693 | $189,766 | $730,645 | $3,453,501 |
| Current-period gross charge offs | $348 | $4,208 | $5,351 | $4,626 | $3,376 | $1,099 | $237 | $19,245 |
| Consumer |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $13,582 | $29,399 | $11,118 | $6,430 | $2,612 | $23,572 | $69,347 | $156,060 |
| Special mention | — | — | — | — | — | 14 | 475 | 489 |
| Substandard | — | 145 | 81 | 60 | 44 | 291 | 82 | 703 |
| Total consumer | $13,582 | $29,544 | $11,199 | $6,490 | $2,656 | $23,877 | $69,904 | $157,252 |
| Current-period gross charge offs | $2 | $6,577 | $1,155 | $108 | $107 | $743 | $165 | $8,857 |
| Mortgage Warehouse |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | — | — | — | — | — | — | $1,345,808 | $1,345,808 |
| Total mortgage warehouse | — | — | — | — | — | — | $1,345,808 | $1,345,808 |
| Current-period gross charge offs | — | — | — | — | — | — | — | — |
| Municipal |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $5,030 | $25,266 | $31,601 | $8,506 | $41,776 | $302,398 | $819 | $415,396 |
| Total municipal | $5,030 | $25,266 | $31,601 | $8,506 | $41,776 | $302,398 | $819 | $415,396 |
| Current-period gross charge offs | — | — | — | — | — | — | — | — |
| Premium Finance |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $1,280,414 | $238,260 | $7,427 | — | — | — | — | $1,526,101 |
| Substandard | 2,031 | 6,123 | 190 | — | — | — | — | 8,344 |
| Total premium finance | $1,282,445 | $244,383 | $7,617 | — | — | — | — | $1,534,445 |
| Current-period gross charge offs | $4 | $3,978 | $333 | — | — | — | — | $4,315 |

| As of June 30, 2026 | Term Loans by Origination Year / 2026 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Real Estate – Construction and Development |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $314,613 | $651,454 | $367,538 | $30,564 | $139,670 | $108,078 | $83,102 | $1,695,019 |
| Special mention | 58 | 1,696 | 2,483 | 30 | — | 71 | — | 4,338 |
| Substandard | — | — | 81 | 75 | 1,114 | 2,356 | — | 3,626 |
| Total real estate – construction and development | $314,671 | $653,150 | $370,102 | $30,669 | $140,784 | $110,505 | $83,102 | $1,702,983 |
| Current-period gross charge offs | — | — | — | — | — | — | — | — |
| Real Estate – Commercial and Farmland |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $594,208 | $1,345,586 | $360,135 | $404,813 | $2,559,114 | $3,790,977 | $100,467 | $9,155,300 |
| Special mention | — | 408 | — | 1,230 | 18,214 | 22,687 | — | 42,539 |
| Substandard | — | 7,383 | 344 | 1,367 | 23,369 | 12,958 | 99 | 45,520 |
| Total real estate – commercial and farmland | $594,208 | $1,353,377 | $360,479 | $407,410 | $2,600,697 | $3,826,622 | $100,566 | $9,243,359 |
| Current-period gross charge offs | — | $1,529 | — | — | — | $32 | — | $1,561 |
| Real Estate - Residential |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $237,231 | $201,357 | $140,568 | $479,506 | $1,079,424 | $1,730,038 | $353,847 | $4,221,971 |
| Special mention | — | — | — | — | — | 906 | 1,144 | 2,050 |
| Substandard | — | 10,789 | 16,925 | 9,689 | 18,858 | 36,892 | 7,947 | 101,100 |
| Total real estate - residential | $237,231 | $212,146 | $157,493 | $489,195 | $1,098,282 | $1,767,836 | $362,938 | $4,325,121 |
| Current-period gross charge offs | — | — | $38 | $34 | $86 | $7 | — | $165 |
| Total Loans |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $2,983,834 | $3,250,657 | $1,460,748 | $1,261,181 | $4,170,348 | $6,140,429 | $2,675,321 | $21,942,518 |
| Special mention | 198 | 5,030 | 2,903 | 1,398 | 18,214 | 23,936 | 9,342 | 61,021 |
| Substandard | 2,550 | 25,450 | 21,800 | 14,442 | 44,326 | 56,639 | 9,119 | 174,326 |
| Total loans | $2,986,582 | $3,281,137 | $1,485,451 | $1,277,021 | $4,232,888 | $6,221,004 | $2,693,782 | $22,177,865 |
| Total current-period gross charge offs | $354 | $16,292 | $6,877 | $4,768 | $3,569 | $1,881 | $402 | $34,143 |

| As of December 31, 2025 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / 2021 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and Industrial |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $934,457 | $644,695 | $403,869 | $375,741 | $151,316 | $74,208 | $679,681 | $3,263,967 |
| Special mention | 957 | 470 | 19 | 835 | 1,143 | 1,294 | 384 | 5,102 |
| Substandard | 1,191 | 4,406 | 5,273 | 1,673 | 2,843 | 2,786 | 1,264 | 19,436 |
| Total commercial and industrial | $936,605 | $649,571 | $409,161 | $378,249 | $155,302 | $78,288 | $681,329 | $3,288,505 |
| YTD June 30, 2025 gross charge-offs | $330 | $4,214 | $6,872 | $8,276 | $2,061 | $623 | — | $22,376 |
| Consumer |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $58,282 | $12,126 | $9,095 | $3,652 | $908 | $28,711 | $66,097 | $178,871 |
| Special mention | — | 14 | — | 9 | — | 19 | — | 42 |
| Substandard | 116 | 192 | 153 | 50 | 19 | 510 | 57 | 1,097 |
| Total consumer | $58,398 | $12,332 | $9,248 | $3,711 | $927 | $29,240 | $66,154 | $180,010 |
| YTD June 30, 2025 gross charge-offs | — | $394 | $215 | $274 | $27 | $943 | — | $1,853 |
| Mortgage Warehouse |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | — | — | — | — | — | — | $1,150,782 | $1,150,782 |
| Total mortgage warehouse | — | — | — | — | — | — | $1,150,782 | $1,150,782 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |
| Municipal |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $26,343 | $30,899 | $8,708 | $42,797 | $34,928 | $289,740 | $819 | $434,234 |
| Total municipal | $26,343 | $30,899 | $8,708 | $42,797 | $34,928 | $289,740 | $819 | $434,234 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |
| Premium Finance |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $1,278,242 | $19,305 | $227 | — | — | — | — | $1,297,774 |
| Substandard | 7,945 | 548 | — | — | — | — | — | 8,493 |
| Total premium finance | $1,286,187 | $19,853 | $227 | — | — | — | — | $1,306,267 |
| YTD June 30, 2025 gross charge-offs | $364 | $4,477 | $206 | $1 | — | — | — | $5,048 |
| Real Estate – Construction and Development |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $639,978 | $384,683 | $38,088 | $183,595 | $97,961 | $42,251 | $78,824 | $1,465,380 |
| Special mention | — | — | — | 150 | — | 240 | — | 390 |
| Substandard | — | 584 | 103 | 512 | 335 | 1,946 | — | 3,480 |
| Total real estate – construction and development | $639,978 | $385,267 | $38,191 | $184,257 | $98,296 | $44,437 | $78,824 | $1,469,250 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |

| As of December 31, 2025 | Term Loans by Origination Year / 2025 | Term Loans by Origination Year / 2024 | Term Loans by Origination Year / 2023 | Term Loans by Origination Year / 2022 | Term Loans by Origination Year / 2021 | Term Loans by Origination Year / Prior | Revolving Loans Amortized Cost Basis |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Real Estate – Commercial and Farmland |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $1,344,318 | $324,535 | $437,240 | $2,731,134 | $1,974,974 | $2,321,409 | $100,635 | $9,234,245 |
| Special mention | — | — | — | 7,972 | 15,851 | 8,411 | — | 32,234 |
| Substandard | 9,000 | 344 | 1,355 | 17,292 | 1,725 | 15,110 | 100 | 44,926 |
| Total real estate – commercial and farmland | $1,353,318 | $324,879 | $438,595 | $2,756,398 | $1,992,550 | $2,344,930 | $100,735 | $9,311,405 |
| YTD June 30, 2025 gross charge-offs | — | — | — | — | — | — | — | — |
| Real Estate - Residential |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $229,509 | $156,412 | $537,032 | $1,159,471 | $965,202 | $889,948 | $342,918 | $4,280,492 |
| Special mention | — | — | — | 47 | 28 | 1,113 | 753 | 1,941 |
| Substandard | 4,908 | 8,516 | 8,945 | 22,084 | 9,197 | 29,744 | 7,242 | 90,636 |
| Total real estate - residential | $234,417 | $164,928 | $545,977 | $1,181,602 | $974,427 | $920,805 | $350,913 | $4,373,069 |
| YTD June 30, 2025 gross charge-offs | — | — | $171 | — | — | $162 | — | $333 |
| Total Loans |  |  |  |  |  |  |  |  |
| Risk Grade: |  |  |  |  |  |  |  |  |
| Pass | $4,511,129 | $1,572,655 | $1,434,259 | $4,496,390 | $3,225,289 | $3,646,267 | $2,419,756 | $21,305,745 |
| Special mention | 957 | 484 | 19 | 9,013 | 17,022 | 11,077 | 1,137 | 39,709 |
| Substandard | 23,160 | 14,590 | 15,829 | 41,611 | 14,119 | 50,096 | 8,663 | 168,068 |
| Total loans | $4,535,246 | $1,587,729 | $1,450,107 | $4,547,014 | $3,256,430 | $3,707,440 | $2,429,556 | $21,513,522 |
| YTD June 30, 2025 gross charge-offs | $694 | $9,085 | $7,464 | $8,551 | $2,088 | $1,728 | — | $29,610 |

Allowance for Credit Losses on Loans

The allowance for credit losses represents an allowance for expected losses over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio.

Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged off in accordance with the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to an Asset Quality Rating of Loss, the uncollectible portion is charged off.

The Company’s methodologies for estimating the allowance for credit losses consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of loans with similar risk characteristics for which the historical loss experience was observed. The Company utilizes a one year reasonable and supportable forecast period. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters after the reasonable and supportable forecast period.

During the six months ended June 30, 2026, the allowance for credit losses increased due to organic loan growth, the current economic forecast and a change in the mix of loans. The allowance for credit losses was determined at June 30, 2026 using the Moody's baseline scenario economic forecast and the downside 75th percentile S-2 scenario weighted equally at 50%. The allowance for credit losses was determined at December 31, 2025 using two economic forecasts from Moody's, the baseline scenario and the downside 75th percentile S-2 scenario, which were equally weighted at 50%. The current forecast reflects, among other things, an increase in unemployment and commercial real estate vacancies, partially offset by improvements in home and commercial real estate price indices, compared with the forecast at December 31, 2025.

The following tables detail activity and end of period balances in the allowance for credit losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories:

_Three Months Ended June 30, 2026_

| (dollars in thousands) | Commercial and Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2026 | $89,931 | $8,518 | $2,506 | $55 | $1,761 | $54,229 |
| Provision for loan losses | 8,169 | 1,404 | 237 | — | 471 | 3,081 |
| Loans charged off | (8,657) | (4,042) | — | — | (2,253) | — |
| Recoveries of loans previously charged off | 3,117 | 373 | — | — | 2,003 | 2 |
| Balance, June 30, 2026 | $92,560 | $6,253 | $2,743 | $55 | $1,982 | $57,312 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, March 31, 2026 | $127,498 | $70,184 | $354,682 |  |  |  |
| Provision for loan losses | 7,084 | (4,552) | 15,894 |  |  |  |
| Loans charged off | (1,561) | (103) | (16,616) |  |  |  |
| Recoveries of loans previously charged off | 24 | 34 | 5,553 |  |  |  |
| Balance, June 30, 2026 | $133,045 | $65,563 | $359,513 |  |  |  |
| Six Months Ended June 30, 2026 |  |  |  |  |  |  |
| (dollars in thousands) | Commercialand Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| Balance, December 31, 2025 | $88,242 | $11,503 | $2,356 | $57 | $892 | $52,432 |
| Provision for loan losses | 16,712 | 2,708 | 387 | (2) | 1,576 | 4,878 |
| Loans charged off | (19,245) | (8,857) | — | — | (4,315) | — |
| Recoveries of loans previously charged off | 6,851 | 899 | — | — | 3,829 | 2 |
| Balance, June 30, 2026 | $92,560 | $6,253 | $2,743 | $55 | $1,982 | $57,312 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, December 31, 2025 | $128,454 | $64,205 | $348,141 |  |  |  |
| Provision for loan losses | 6,100 | 1,430 | 33,789 |  |  |  |
| Loans charged off | (1,561) | (165) | (34,143) |  |  |  |
| Recoveries of loans previously charged off | 52 | 93 | 11,726 |  |  |  |
| Balance, June 30, 2026 | $133,045 | $65,563 | $359,513 |  |  |  |

_Three Months Ended June 30, 2025_

| (dollars in thousands) | Commercial and Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2025 | $82,621 | $6,145 | $1,824 | $57 | $682 | $69,086 |
| Provision for loan losses | 12,345 | 1,090 | 456 | 1 | 567 | (21,785) |
| Loans charged off | (10,517) | (913) | — | — | (2,719) | — |
| Recoveries of loans previously charged off | 4,536 | 251 | — | — | 2,253 | 5 |
| Balance, June 30, 2025 | $88,985 | $6,573 | $2,280 | $58 | $783 | $47,306 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, March 31, 2025 | $118,392 | $66,748 | $345,555 |  |  |  |
| Provision for loan losses | 9,335 | 1,101 | 3,110 |  |  |  |
| Loans charged off | — | (77) | (14,226) |  |  |  |
| Recoveries of loans previously charged off | 67 | 16 | 7,128 |  |  |  |
| Balance, June 30, 2025 | $127,794 | $67,788 | $341,567 |  |  |  |
| Six Months Ended June 30, 2025 |  |  |  |  |  |  |
| (dollars in thousands) | Commercialand Industrial | Consumer | Mortgage Warehouse | Municipal | Premium Finance | Real Estate – Construction and Development |
| Balance, December 31, 2024 | $87,242 | $7,327 | $2,262 | $58 | $736 | $60,421 |
| Provision for loan losses | 15,733 | 553 | 18 | — | 762 | (13,124) |
| Loans charged off | (22,376) | (1,853) | — | — | (5,048) | — |
| Recoveries of loans previously charged off | 8,386 | 546 | — | — | 4,333 | 9 |
| Balance, June 30, 2025 | $88,985 | $6,573 | $2,280 | $58 | $783 | $47,306 |
|  | Real Estate –Commercial andFarmland | Real Estate –Residential | Total |  |  |  |
| Balance, December 31, 2024 | $118,377 | $61,661 | $338,084 |  |  |  |
| Provision for loan losses | 9,315 | 6,372 | 19,629 |  |  |  |
| Loans charged off | — | (333) | (29,610) |  |  |  |
| Recoveries of loans previously charged off | 102 | 88 | 13,464 |  |  |  |
| Balance, June 30, 2025 | $127,794 | $67,788 | $341,567 |  |  |  |

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. Loan modifications, renewals, and refinancings where borrowers are experiencing financial difficulty are evaluated for classification as a modification to borrowers experiencing financial difficulty. To be classified as such, the modifications must be in the form of payment deferrals, term extensions, interest rate reductions, principal forgiveness or combinations of modification types. The determination of whether the borrower is experiencing financial difficulty is made on the date of the modification. When principal forgiveness is provided, the amount of principal forgiveness is charged off against the allowance for credit losses with a corresponding reduction in the amortized cost basis of the loan.

The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three and six months ended June 30, 2026 and 2025:

| Three Months Ended June 30, 2026 / (dollars in thousands) | Three Months Ended June 30, 2026 / Payment Deferral | Three Months Ended June 30, 2026 / Term Extension | Three Months Ended June 30, 2026 / Combination Payment Deferral and Rate Reduction | Three Months Ended June 30, 2026 / Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Real estate – commercial and farmland | $6,936 | — | — | — | $7,383 | $14,319 | 0.2% |
| Real estate – residential | 1,849 | 6,194 | 1,015 | 283 | 1,109 | 10,450 | 0.2% |
| Total | $8,785 | $6,194 | $1,015 | $283 | $8,492 | $24,769 | 0.1% |
| Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |
| (dollars in thousands) | Payment Deferral | Term Extension | Combination Payment Deferral and Rate Reduction | Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| Real estate – commercial and farmland | $6,936 | — | — | — | $7,383 | $14,319 | 0.2% |
| Real estate – residential | 2,329 | 8,577 | 1,015 | 283 | 1,109 | 13,313 | 0.3% |
| Total | $9,265 | $8,577 | $1,015 | $283 | $8,492 | $27,632 | 0.1% |

_Three Months Ended June 30, 2025_

| (dollars in thousands) | Payment Deferral | Term Extension | Combination Payment Deferral and Rate Reduction | Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial and industrial | — | $5,871 | — | — | — | $5,871 | 0.2% |
| Real estate – commercial and farmland | — | 700 | — | 329 | — | 1,029 | — |
| Real estate – residential | 548 | 2,199 | 506 | — | 615 | 3,868 | 0.1% |
| Total | $548 | $8,770 | $506 | $329 | $615 | $10,768 | 0.1% |
| Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
| (dollars in thousands) | Payment Deferral | Term Extension | Combination Payment Deferral and Rate Reduction | Combination Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Total | Percentage of Total Class of Financial Receivable |
| Commercial and industrial | — | $5,871 | — | — | — | $5,871 | 0.2% |
| Real estate – commercial and farmland | 2,357 | 700 | — | 9,690 | — | 12,747 | 0.1% |
| Real estate – residential | 1,111 | 3,533 | 506 | — | 1,298 | 6,448 | 0.1% |
| Total | $3,468 | $10,104 | $506 | $9,690 | $1,298 | $25,066 | 0.1% |

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $2.1 million and $2.0 million at June 30, 2026 and December 31, 2025, respectively.

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026 and 2025, respectively:

Three Months Ended June 30, 2026

Loan Type Financial Effect

Payment Deferral

Real estate – commercial and farmland Payments were deferred for 15 months

Real estate – residential Payments were deferred for 7 months

Term Extension

Real estate – residential Maturity dates were extended for a weighted average of 65 months

Combination of Payment Deferral and Term Extension

Real estate – residential Maturity dates were extended for a weighted average 7 months and payments were deferred for 7 months

Combination of Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for 9 months and rate was reduced by a weighted average 1.69%

Combination of Term Extension and Rate Reduction

Real estate – commercial and farmland Maturity dates were extended for a weighted average 7 months months and rate was reduced by a weighted average 2.00%

Real estate – residential Maturity dates were extended for a weighted average 57 months and rate was reduced by a weighted average 2.13%

Six Months Ended June 30, 2026

Loan Type Financial Effect

Payment Deferral

Real estate – commercial and farmland Payments were deferred for a weighted average of 15 months

Real estate – residential Payments were deferred for a weighted average of 9 months

Term Extension

Real estate – residential Maturity dates were extended for a weighted average of 70 months

Combination of Payment Deferral and Term Extension

Real estate – residential Maturity dates were extended for a weighted average 7 months and payments were deferred for 7 months

Combination of Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for 9 months and rate was reduced by a weighted average 1.69%

Combination of Term Extension and Rate Reduction

Real estate – commercial and farmland Maturity dates were extended for a weighted average 7 months and rate was reduced by a weighted average 2.00%.

Real estate – residential Maturity dates were extended for a weighted average 57 months and rate was reduced by a weighted average 2.13%

Three Months Ended June 30, 2025

Loan Type Financial Effect

Payment Deferral

Real estate – residential Payments were deferred for eight months

Term Extension

Commercial and industrial Maturity dates were extended for a weighted average of 13 months

Real estate – commercial and farmland Maturity dates were extended for a weighted average of nine months

Real estate – residential Maturity dates were extended for a weighted average of 95 months

Combination Payment Deferral and Term Extension

Real estate – commercial and farmland Maturity dates were extended for a weighted average of nine months and payments were deferred for nine months

Combination Term Extension and Rate Reduction

Real estate – residential Maturity dates were extended for a weighted average of seven months and rate was reduced by a weighted average 1.50%

Combination Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for 10 months and rate was reduced by a weighted average 0.43%

Six Months Ended June 30, 2025

Loan Type Financial Effect

Payment Deferral

Real estate – commercial and farmland Payments were deferred for a weighted average of nine months

Real estate – residential Payments were deferred for a weighted average of nine months

Term Extension

Commercial and industrial Maturity dates were extended for a weighted average of 13 months

Real estate – commercial and farmland Maturity dates were extended for a weighted average of nine months

Real estate – residential Maturity dates were extended for a weighted average of 90 months

Combination Payment Deferral and Term Extension

Real estate – commercial and farmland Maturity dates were extended for a weighted average of three months and payments were deferred for 12 months

Combination Term Extension and Rate Reduction

Real estate – residential Maturity dates were extended for a weighted average of 37 months and rate was reduced by a weighted average 0.68%

Combination Payment Deferral and Rate Reduction

Real estate – residential Payments were deferred for seven months and rate was reduced by a weighted average 1.50%

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:

| As of June 30, 2026 |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (dollars in thousands) | Current |  | 30-59Days Past Due |  | 60-89Days Past Due |  | 90 or More Days Past Due |  | Total |  |
| Commercial and industrial | $ | $1,527 | $ | — | $ | — | $ | — | $ | $1,527 |
| Real estate – commercial and farmland | 21,306 |  | — |  | — |  | 86 |  | 21,392 |  |
| Real estate – residential | 20,043 |  | 2,017 |  | 844 |  | 5,273 |  | 28,177 |  |
| Total | $ | $42,876 | $ | $2,017 | $ | $844 | $ | $5,359 | $ | $51,096 |

| As of June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (dollars in thousands) | Current |  | 30-59Days Past Due |  | 60-89Days Past Due |  | 90 or More Days Past Due |  | Total |  |
| Commercial and industrial | $ | $6,426 | $ | — | $ | — | $ | — | $ | $6,426 |
| Real estate – commercial and farmland | 13,332 |  | — |  | — |  | — |  | 13,332 |  |
| Real estate – residential | 8,247 |  | 3,141 |  | 3,831 |  | 2,883 |  | 18,102 |  |
| Total | $ | $28,005 | $ | $3,141 | $ | $3,831 | $ | $2,883 | $ | $37,860 |

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2026 and were modified in the 12 months before default to borrowers experiencing financial difficulty:

| (dollars in thousands) | Term Extension | Payment Deferral | Combination of Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Combination Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $3,665 | $621 | $283 | $396 | $508 | $5,473 |
| Total | $3,665 | $621 | $283 | $396 | $508 | $5,473 |

The following table provides the amortized cost basis of financing receivables that had a payment default during the six months ended June 30, 2026 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

| (dollars in thousands) | Term Extension | Payment Deferral | Combination of Payment Deferral and Term Extension | Combination of Term Extension and Rate Reduction | Combination Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $3,665 | $1,243 | $283 | $397 | $508 | $6,096 |
| Total | $3,665 | $1,243 | $283 | $397 | $508 | $6,096 |

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty:

| (dollars in thousands) | Interest Rate Reduction | Term Extension | Payment Deferral | Combination of Term Extension and Rate Reduction | Combination of Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $499 | $4,202 | $563 | $4,086 | $506 | $9,856 |
| Total | $499 | $4,202 | $563 | $4,086 | $506 | $9,856 |

The following table provides the amortized cost basis of financing receivables that had a payment default during six months ended June 30, 2025 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

| (dollars in thousands) | Interest Rate Reduction | Term Extension | Payment Deferral | Combination of Term Extension and Rate Reduction | Combination of Payment Deferral and Rate Reduction | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Real estate – residential | $499 | $4,862 | $563 | $4,086 | $506 | $10,516 |
| Total | $499 | $4,862 | $563 | $4,086 | $506 | $10,516 |

### NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| FHLB borrowings: |  |  |
| Fixed Rate Advance due July 20, 2026; fixed interest rate of 3.790% | $100,000 | — |
| Fixed Rate Advance due July 21, 2026; fixed interest rate of 3.760% | 75,000 | — |
| Fixed Rate Advance due July 22, 2026; fixed interest rate of 3.790% | 350,000 | — |
| Fixed Rate Advance due August 11, 2026; fixed interest rate of 3.810% | 250,000 | — |
| Fixed Rate Advance due August 24, 2026; fixed interest rate of 3.860% | 100,000 | — |
| Daily Rate Credit due December 16, 2026; variable interest rate of 3.880% | 342,000 | 515,000 |
| Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445% | 15,000 | 15,000 |
| Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606% | 15,000 | 15,000 |
| Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% | 1,350 | 1,355 |
| Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550% | 934 | 938 |
| Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | 765 | 838 |
| Other Debt: |  |  |
| Advance from correspondent bank due July 1, 2026; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65% | — | 9,908 |
|  | $1,250,049 | $558,039 |

The advances from the Federal Home Loan Bank (the "FHLB") are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At June 30, 2026, $2.46 billion was available for borrowing on lines with the FHLB.

As of June 30, 2026, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $92.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At June 30, 2026, the Bank had $2.96 billion of loans pledged at the Federal Reserve discount window and had $2.37 billion available for borrowing.

### NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) for the Company consists of changes in net unrealized gains and losses on debt securities available-for-sale. The reclassification for gains (losses) on sale of securities included in net income is recorded in net gain (loss) on securities in the consolidated statements of income and comprehensive income.

The following table presents a summary of the accumulated other comprehensive income (loss) balances, net of tax, for the periods indicated:

| (dollars in thousands) / Three Months Ended June 30, 2026 | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) |
| --- | --- | --- |
| Balance, March 31, 2026 | $ | $(1,476) |
| Reclassification for gains included in net income, net of tax | (47) |  |
| Unrealized loss on debt securities available-for-sale, net of tax | (14,985) |  |
| Balance, June 30, 2026 | $ | $(16,508) |
| Three Months Ended June 30, 2025 |  |  |
| Balance, March 31, 2025 | $ | $(14,430) |
| Unrealized gain on debt securities available-for-sale, net of tax | 7,544 |  |
| Balance, June 30, 2025 | $ | $(6,886) |
| Six Months Ended June 30, 2026 |  |  |
| Balance, December 31, 2025 | $ | $8,312 |
| Reclassification for gains included in net income, net of tax | (47) |  |
| Unrealized loss on debt securities available-for-sale, net of tax | (24,773) |  |
| Balance, June 30, 2026 | $ | $(16,508) |
| Six Months Ended June 30, 2025 |  |  |
| Balance, December 31, 2024 | $ | $(30,119) |
| Unrealized gain on debt securities available-for-sale, net of tax | 23,233 |  |
| Balance, June 30, 2025 | $ | $(6,886) |

### NOTE 6 – WEIGHTED AVERAGE SHARES OUTSTANDING

Earnings per share have been computed based on the following weighted average number of common shares outstanding:

| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Weighted average common shares outstanding - basic | 66,883,935 | 68,594,608 | 67,210,376 | 68,689,506 |
| Common share equivalents: |  |  |  |  |
| Nonvested restricted share grants | 101,617 | 83,364 | 110,409 | 109,053 |
| Performance stock units | 114,389 | 118,605 | 109,408 | 114,191 |
| Weighted average common shares outstanding - diluted | 67,099,941 | 68,796,577 | 67,430,193 | 68,912,750 |

There were 1,120 and 76,250 anti-dilutive securities excluded from the computation of earnings per share for the three months ended June 30, 2026 and 2025, respectively. There were 9,814 and 76,250 anti-dilutive securities excluded from the computation of earnings per share for the six months ended June 30, 2026 and 2025, respectively.

### NOTE 7 – FAIR VALUE MEASURES

The fair value of an asset or liability is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

The Company's mortgage loans held for sale under the fair value option were $482.2 million and $623.2 million at June 30, 2026 and December 31, 2025, respectively.

The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statements of income and comprehensive income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the interest rate lock commitments (“IRLCs”) with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities.

Net gains of $2.7 million and $613,000 resulting from changes in the fair value of these mortgage loans were recorded in income during the three months ended June 30, 2026 and 2025, respectively. A net loss of $4.0 million and a net gain of $7.9 million resulting from changes in the fair value of these mortgage loans were recorded in income during the six months ended June 30, 2026 and 2025, respectively. Net losses of $7.7 million and $3.6 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the three months ended June 30, 2026 and 2025, respectively. Net gains of $2.2 million and net losses of $8.3 million resulting from changes in the fair value of the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the six months ended June 30, 2026 and 2025, respectively. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal.

The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2026 and December 31, 2025:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Aggregate fair value of mortgage loans held for sale | $482,220 | $623,152 |
| Aggregate unpaid principal balance of mortgage loans held for sale | 475,079 | 611,984 |
| Past-due loans of 90 days or more | 583 | 996 |
| Nonaccrual loans | 583 | 996 |
| Unpaid principal balance of nonaccrual loans | 583 | 998 |

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, loans held for sale under the fair value option and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, loan servicing rights and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments.

The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2026 and December 31, 2025. There were no transfers between Level 1 and Level 2, nor any transfers in or out of Level 3 during the six months ended June 30, 2026 or the year ended December 31, 2025.

_June 30, 2026_

| (dollars in thousands) | Recurring Basis Fair Value Measurements / Fair Value | Recurring Basis Fair Value Measurements / Level 1 | Recurring Basis Fair Value Measurements / Level 2 | Recurring Basis Fair Value Measurements / Level 3 |
| --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |
| Debt securities available-for-sale: |  |  |  |  |
| U.S. Treasuries | $583,447 | $583,447 | — | — |
| State, county and municipal securities | 17,463 | — | 17,463 | — |
| Corporate debt securities | 2,452 | — | 1,387 | 1,065 |
| SBA pool securities | 10,519 | — | 10,519 | — |
| Mortgage-backed securities | 1,846,742 | — | 1,846,742 | — |
| Loans held for sale | 482,220 | — | 482,220 | — |
| Derivative financial instruments | 7,309 | — | 7,309 | — |
| Mortgage banking derivative instruments | 3,253 | — | 3,253 | — |
| Total recurring assets at fair value | $2,953,405 | $583,447 | $2,368,893 | $1,065 |
| Financial liabilities: |  |  |  |  |
| Derivative financial instruments | $7,442 | — | $7,442 | — |
| Risk participation agreement | 4 | — | 4 | — |
| Mortgage banking derivative instruments | 483 | — | 483 | — |
| Total recurring liabilities at fair value | $7,929 | — | $7,929 | — |

_December 31, 2025_

| (dollars in thousands) | Recurring Basis Fair Value Measurements / Fair Value | Recurring Basis Fair Value Measurements / Level 1 | Recurring Basis Fair Value Measurements / Level 2 | Recurring Basis Fair Value Measurements / Level 3 |
| --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |
| Debt securities available-for-sale: |  |  |  |  |
| U.S. Treasuries | $660,625 | $660,625 | — | — |
| State, county and municipal securities | 19,061 | — | 19,061 | — |
| Corporate debt securities | 5,875 | — | 4,825 | 1,050 |
| SBA pool securities | 12,208 | — | 12,208 | — |
| Mortgage-backed securities | 1,509,404 | — | 1,509,404 | — |
| Loans held for sale | 623,152 | — | 623,152 | — |
| Derivative financial instruments | 7,401 | — | 7,401 | — |
| Mortgage banking derivative instruments | 3,365 | — | 3,365 | — |
| Total recurring assets at fair value | $2,841,091 | $660,625 | $2,179,416 | $1,050 |
| Financial liabilities: |  |  |  |  |
| Derivative financial instruments | $7,642 | — | $7,642 | — |
| Risk participation agreement | 16 | — | 16 | — |
| Mortgage banking derivative instruments | 2,758 | — | 2,758 | — |
| Total recurring liabilities at fair value | $10,416 | — | $10,416 | — |

The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of June 30, 2026 and December 31, 2025.

These assets are not measured at fair value on an ongoing basis, though they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.

| (dollars in thousands) / June 30, 2026 | Nonrecurring Basis Fair Value Measurements / Fair Value | Nonrecurring Basis Fair Value Measurements / Level 1 | Nonrecurring Basis Fair Value Measurements / Level 2 | Nonrecurring Basis Fair Value Measurements / Level 3 |
| --- | --- | --- | --- | --- |
| Collateral-dependent loans | $35,726 | — | — | $35,726 |
| Other real estate owned | 926 | — | — | 926 |
| Total nonrecurring assets at fair value | $36,652 | — | — | $36,652 |
| December 31, 2025 |  |  |  |  |
| Collateral-dependent loans | $36,689 | — | — | $36,689 |
| Other real estate owned | 201 | — | — | 201 |
| Total nonrecurring assets at fair value | $36,890 | — | — | $36,890 |

The inputs used to determine estimated fair value of collateral-dependent loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of OREO include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates.

For the six months ended June 30, 2026 and the year ended December 31, 2025, there were no changes in the methods and significant assumptions used to estimate fair value.

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:

| (dollars in thousands) / June 30, 2026 | Fair Value | Valuation Technique | Unobservable Inputs | Range of Discounts | Weighted Average Discount |
| --- | --- | --- | --- | --- | --- |
| Recurring: |  |  |  |  |  |
| Debt securities available-for-sale | $1,065 | Discounted cash flows | Probability of Default | 9.5% | 9.5% |
|  |  |  | Loss Given Default | 48% | 48% |
| Nonrecurring: |  |  |  |  |  |
| Collateral-dependent loans | $35,726 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 18% - 78% | 36% |
| Other real estate owned | $926 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% - 18% | 17% |
| December 31, 2025 |  |  |  |  |  |
| Recurring: |  |  |  |  |  |
| Debt securities available-for-sale | $1,050 | Discounted cash flows | Probability of Default | 10.3% | 10.3% |
|  |  |  | Loss Given Default | 49% | 49% |
| Nonrecurring: |  |  |  |  |  |
| Collateral-dependent loans | $36,689 | Third-party appraisals and discounted cash flows | Collateral discounts and discount rates | 15% - 71% | 35% |
| Other real estate owned | $201 | Third-party appraisals and sales contracts | Collateral discounts and estimated costs to sell | 15% | 15% |

The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:

| (dollars in thousands) | Carrying Amount | Fair Value Measurements / June 30, 2026 / Level 1 | Fair Value Measurements / June 30, 2026 / Level 2 | Fair Value Measurements / June 30, 2026 / Level 3 | Fair Value Measurements / June 30, 2026 / Total |
| --- | --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |  |
| Cash and due from banks | $237,431 | $237,431 | — | — | $237,431 |
| Interest-bearing deposits in banks | 959,682 | 959,682 | — | — | 959,682 |
| Debt securities held-to-maturity | 208,155 | — | 192,993 | — | 192,993 |
| Loans, net | 21,782,626 | — | — | 21,603,398 | 21,603,398 |
| Financial liabilities: |  |  |  |  |  |
| Deposits | 22,587,573 | — | 22,582,379 | — | 22,582,379 |
| Other borrowings | 1,250,049 | 342,000 | 906,218 | — | 1,248,218 |
| Subordinated deferrable interest debentures | 135,299 | — | 143,196 | — | 143,196 |

| (dollars in thousands) | Carrying Amount | Fair Value Measurements / December 31, 2025 / Level 1 | Fair Value Measurements / December 31, 2025 / Level 2 | Fair Value Measurements / December 31, 2025 / Level 3 | Fair Value Measurements / December 31, 2025 / Total |
| --- | --- | --- | --- | --- | --- |
| Financial assets: |  |  |  |  |  |
| Cash and due from banks | $253,807 | $253,807 | — | — | $253,807 |
| Interest-bearing deposits in banks | 835,113 | 835,113 | — | — | 835,113 |
| Debt securities held-to-maturity | 203,242 | — | 189,873 | — | 189,873 |
| Loans, net | 21,128,692 | — | — | 20,957,101 | 20,957,101 |
| Financial liabilities: |  |  |  |  |  |
| Deposits | 22,375,995 | — | 22,370,800 | — | 22,370,800 |
| Other borrowings | 558,039 | 524,908 | 31,183 | — | 556,091 |
| Subordinated deferrable interest debentures | 134,302 | — | 142,340 | — | 142,340 |

### NOTE 8 – COMMITMENTS AND CONTINGENCIES

Loan Commitments

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the Company’s balance sheets.

The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commitments to extend credit | $4,312,538 | $4,054,259 |
| Unused home equity lines of credit | 467,961 | 451,886 |
| Financial standby letters of credit | 62,446 | 69,796 |
| Mortgage interest rate lock commitments | 230,773 | 201,806 |

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments, predominantly at variable interest rates, generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances in which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the six months ended June 30, 2026 and the year ended December 31, 2025.

The Company maintains an allowance for credit losses on unfunded commitments which is recorded in other liabilities on the consolidated balance sheets. The following table presents activity in the allowance for unfunded commitments for the periods presented:

| (dollars in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Balance at beginning of period | $52,004 | $35,883 | $53,342 | $30,510 |
| Provision for unfunded commitments | 1,360 | (335) | 22 | 5,038 |
| Balance at end of period | $53,364 | $35,548 | $53,364 | $35,548 |

Other Commitments

As of June 30, 2026, letters of credit issued by the FHLB totaling $1.3 billion were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances.

Litigation and Regulatory Contingencies

On September 16, 2024, Patrick Byrne filed a complaint against the Bank in the United States District Court for the Central District of California, captioned Patrick Byrne v. Ameris Bank, Case No. 8:24-cv-01989-MWC (JDEx) (the “Action”). The complaint alleged (as amended with leave of the Court during trial), among other things, wrongful termination of Mr. Byrne’s employment, violations of whistleblower protection laws, nonpayment of wages and related penalties, and breach of contract, and sought unspecified damages. Mr. Byrne was employed by the Bank from December 2021 through June 2024 as the chief executive officer of the Bank’s equipment finance division.

On June 12, 2026, the jury returned a verdict in favor of Mr. Byrne on all counts presented, finding the Bank liable for $16.525 million in economic and non-economic damages, plus associated statutory penalties, and approximately $62.9 million in punitive damages. While the Company intends to appeal the verdict and to continue to vigorously defend its position in this matter, the ultimate outcome of the matter is uncertain at this time. The Company recorded an expense of $82.5 million related to the Action during the three months ended June 30, 2026.

Additionally, from time to time, the Company and the Bank are subject to various legal proceedings, claims and disputes that arise in the ordinary course of business. The Company and the Bank are also subject to regulatory examinations, information gathering requests, inquiries and investigations in the ordinary course of business. Based on the Company’s current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these ordinary course legal and regulatory matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of any of such legal and regulatory matters could have a material adverse effect on the Company’s results of operations and financial condition for any particular period.

The Company’s management and its legal counsel periodically assess contingent liabilities, that may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. Such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

### NOTE 9 – SEGMENT REPORTING

The Company has the following four reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division and Premium Finance Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans or mortgage servicing rights. The Premium Finance Division derives its revenues from the origination and servicing of commercial and life insurance premium finance loans.

The Banking, Retail Mortgage, Warehouse Lending and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers.

The chief operating decision maker (CODM) within the Company is the Chief Executive Officer, who also serves as a member of the Board of Directors and as Chair of the Executive Committee of the Board. The CODM regularly receives a package of period-end reports and works with management in making necessary operating decisions, including the allocation of resources among the Company's segments. This includes evaluation of performance as measured by net income for each segment. Each segment that is reported has strategic planning, budgeting, and forecasting sessions at least annually with the CODM through executive management.

The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Three Months Ended June 30, 2026 / Banking Division | Three Months Ended June 30, 2026 / Retail Mortgage Division | Three Months Ended June 30, 2026 / Warehouse Lending Division | Three Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $256,966 | $56,591 | $21,314 | $30,704 | $365,575 |
| Interest expense | 41,666 | 40,747 | 12,489 | 18,189 | 113,091 |
| Net interest income | 215,300 | 15,844 | 8,825 | 12,515 | 252,484 |
| Provision for credit losses | 19,998 | (3,346) | 184 | 417 | 17,253 |
| Noninterest income | 40,569 | 32,151 | 794 | 18 | 73,532 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 66,668 | 21,493 | 468 | 2,865 | 91,494 |
| Occupancy and equipment | 11,823 | 685 | 7 | 40 | 12,555 |
| Data processing and communications expenses | 14,041 | 1,302 | 59 | 169 | 15,571 |
| Other expenses(1) | 110,933 | 11,587 | 184 | 390 | 123,094 |
| Total noninterest expense | 203,465 | 35,067 | 718 | 3,464 | 242,714 |
| Income before income tax expense | 32,406 | 16,274 | 8,717 | 8,652 | 66,049 |
| Income tax expense | 7,538 | 3,417 | 1,831 | 1,817 | 14,603 |
| Net income | $24,868 | $12,857 | $6,886 | $6,835 | $51,446 |
| Total assets | $20,587,632 | $4,508,490 | $1,367,630 | $2,025,091 | $28,488,843 |
| Goodwill | 951,148 | — | — | 64,498 | 1,015,646 |
| Other intangible assets, net | 48,317 | — | — | — | 48,317 |

| (dollars in thousands) | Three Months Ended June 30, 2025 / Banking Division | Three Months Ended June 30, 2025 / Retail Mortgage Division | Three Months Ended June 30, 2025 / Warehouse Lending Division | Three Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $239,211 | $61,356 | $18,174 | $28,897 | $347,638 |
| Interest expense | 47,710 | 39,325 | 11,083 | 17,707 | 115,825 |
| Net interest income | 191,501 | 22,031 | 7,091 | 11,190 | 231,813 |
| Provision for credit losses | 677 | 1,010 | 369 | 716 | 2,772 |
| Noninterest income | 29,275 | 37,726 | 1,893 | 17 | 68,911 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 62,001 | 24,358 | 618 | 2,331 | 89,308 |
| Occupancy and equipment | 10,547 | 811 | 7 | 36 | 11,401 |
| Data processing and communications expenses | 13,825 | 1,391 | 59 | 91 | 15,366 |
| Other expenses(1) | 25,478 | 12,496 | 96 | 1,115 | 39,185 |
| Total noninterest expense | 111,851 | 39,056 | 780 | 3,573 | 155,260 |
| Income before income tax expense | 108,248 | 19,691 | 7,835 | 6,918 | 142,692 |
| Income tax expense | 25,667 | 4,135 | 1,646 | 1,410 | 32,858 |
| Net income | $82,581 | $15,556 | $6,189 | $5,508 | $109,834 |
| Total assets | $19,143,429 | $4,723,883 | $1,114,158 | $1,698,683 | $26,680,153 |
| Goodwill | 951,148 | — | — | 64,498 | 1,015,646 |
| Other intangible assets, net | 60,952 | — | — | 1,630 | 62,582 |

(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, loan servicing expenses, litigation accrual and other miscellaneous expenses.

| (dollars in thousands) | Six Months Ended June 30, 2026 / Banking Division | Six Months Ended June 30, 2026 / Retail Mortgage Division | Six Months Ended June 30, 2026 / Warehouse Lending Division | Six Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $506,226 | $112,304 | $39,159 | $59,657 | $717,346 |
| Interest expense | 82,559 | 79,632 | 22,740 | 35,495 | 220,426 |
| Net interest income | 423,667 | 32,672 | 16,419 | 24,162 | 496,920 |
| Provision for credit losses | 31,851 | (272) | 361 | 1,864 | 33,804 |
| Noninterest income | 73,360 | 68,467 | 1,590 | 35 | 143,452 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 132,914 | 43,405 | 1,012 | 5,529 | 182,860 |
| Occupancy and equipment | 22,753 | 1,334 | 15 | 78 | 24,180 |
| Data processing and communications expenses | 29,389 | 2,526 | 94 | 355 | 32,364 |
| Other expenses(1) | 134,831 | 24,119 | 363 | 1,077 | 160,390 |
| Total noninterest expense | 319,887 | 71,384 | 1,484 | 7,039 | 399,794 |
| Income before income tax expense | 145,289 | 30,027 | 16,164 | 15,294 | 206,774 |
| Income tax expense | 31,935 | 6,305 | 3,395 | 3,201 | 44,836 |
| Net income | $113,354 | $23,722 | $12,769 | $12,093 | $161,938 |

| (dollars in thousands) | Six Months Ended June 30, 2025 / Banking Division | Six Months Ended June 30, 2025 / Retail Mortgage Division | Six Months Ended June 30, 2025 / Warehouse Lending Division | Six Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $472,530 | $119,288 | $33,374 | $56,224 | $681,416 |
| Interest expense | 96,816 | 75,413 | 20,381 | 35,154 | 227,764 |
| Net interest income | 375,714 | 43,875 | 12,993 | 21,070 | 453,652 |
| Provision for credit losses | 17,097 | 6,201 | 194 | 1,172 | 24,664 |
| Noninterest income | 57,999 | 72,455 | 2,447 | 33 | 132,934 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 124,717 | 45,353 | 1,170 | 4,683 | 175,923 |
| Occupancy and equipment | 20,351 | 1,640 | 14 | 73 | 22,078 |
| Data processing and communications expenses | 27,216 | 2,688 | 97 | 220 | 30,221 |
| Other expenses(1) | 51,163 | 24,459 | 366 | 2,084 | 78,072 |
| Total noninterest expense | 223,447 | 74,140 | 1,647 | 7,060 | 306,294 |
| Income before income tax expense | 193,169 | 35,989 | 13,599 | 12,871 | 255,628 |
| Income tax expense | 44,821 | 7,558 | 2,856 | 2,624 | 57,859 |
| Net income | $148,348 | $28,431 | $10,743 | $10,247 | $197,769 |

(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, loan servicing expenses, litigation accrual and other miscellaneous expenses.

### NOTE 10 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Mortgage Banking Derivatives

The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. Forward contracts to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by the Company as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates.

The Company enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.

These mortgage banking derivatives are carried at fair value and are not designated in hedge relationships. Fair values are estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage banking derivatives are included as a component of mortgage banking activity in the consolidated statements of income and comprehensive income.

Customer Related Derivative Positions

The Company enters into interest rate derivative contracts to facilitate the risk management strategies of certain clients. The Company mitigates this risk largely by entering into equal and offsetting interest rate derivative agreements with highly rated counterparties. The interest rate contracts are free-standing derivatives and are recorded at fair value on the Company's consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of other noninterest income.

Risk Participation Agreement

The Company has entered into a risk participation agreement swap that is associated with a loan participation, where the Company is not the counterparty to the interest rate swap that is associated with the risk participation sold. The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty.

The following table reflects the notional amount and fair value of derivative instruments not designated as hedging instruments included in the consolidated balance sheets as of June 30, 2026 and December 31, 2025:

| (dollars in thousands) | June 30, 2026 / Notional Amount | June 30, 2026 / Fair Value / Derivative Assets(1) | June 30, 2026 / Fair Value / Derivative Liabilities(2) | December 31, 2025 / Notional Amount | December 31, 2025 / Fair Value / Derivative Assets(1) | December 31, 2025 / Fair Value / Derivative Liabilities(2) |
| --- | --- | --- | --- | --- | --- | --- |
| Interest rate contracts(3) | $1,484,123 | $7,309 | $7,442 | $1,322,662 | $7,401 | $7,642 |
| Risk participation agreement | 25,897 | — | 4 | 26,030 | — | 16 |
| Mortgage derivatives - interest rate lock commitments | 230,773 | 3,253 | — | 201,806 | 3,365 | — |
| Mortgage derivatives - forward contracts related to mortgage loans held for sale | 1,059,049 | — | 483 | 1,288,637 | — | 2,758 |

(1) Derivative assets are included in other assets on the consolidated balance sheets.

(2) Derivative liabilities are included in other liabilities on the consolidated balance sheets.

(3) Includes interest rate contracts for client derivatives and offsetting positions.

The net gains (losses) relating to changes in fair value from derivative instruments not designated as hedging instruments are summarized below for the three and six months ended June 30, 2026 and 2025.

| (dollars in thousands) | Location | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- | --- |
| Interest rate contracts(1) | Other noninterest income | $124 | $(109) | $108 | $(243) |
| Risk participation agreement | Other noninterest income | 7 | (4) | 12 | (13) |
| Interest rate lock commitments | Mortgage banking activity | 357 | 789 | (112) | 4,701 |
| Forward contracts related to mortgage loans held for sale | Mortgage banking activity | (8,009) | (4,368) | 2,275 | (13,030) |

(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client derivatives and offsetting positions.

### NOTE 11 – LOAN SERVICING RIGHTS

The Company sells certain residential mortgage loans and SBA loans to third parties. All such transfers are accounted for as sales and the continuing involvement in the loans sold is limited to certain servicing responsibilities. The Company has also acquired servicing portfolios of residential mortgage and SBA loans. Loan servicing rights are initially recorded at fair value and subsequently recorded at the lower of cost or fair value, and are amortized over the remaining service life of the loans, with consideration given to prepayment assumptions. Loan servicing rights are recorded in other assets on the consolidated balance sheets.

The carrying value of the loan servicing rights assets is shown in the table below:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Loan Servicing Rights |  |  |
| Residential mortgage | $125,938 | $113,370 |
| SBA | 1,604 | 1,602 |
| Total loan servicing rights | $127,542 | $114,972 |

Residential Mortgage Loans

The Company sells certain first-lien residential mortgage loans to third party investors, primarily the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). For a portion of these loans, the Company retains the related mortgage servicing rights (“MSRs”) and receives servicing fees. The net gain on loan sales, MSRs amortization and recoveries/impairment, and ongoing servicing fees on the portfolio of loans serviced for others are recorded in the consolidated statements of income and comprehensive income as part of mortgage banking activity.

During the three and six months ended June 30, 2026, the Company recorded servicing fee income of $12.3 million and $24.3 million, respectively. During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $12.7 million and $25.2 million, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s MSRs:

| (dollars in thousands) / Residential mortgage servicing rights | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Beginning carrying value, net | $120,160 | $116,584 | $113,370 | $112,514 |
| Additions | 8,891 | 12,791 | 18,843 | 20,108 |
| Amortization | (3,113) | (3,353) | (6,275) | (6,600) |
| Ending carrying value, net | $125,938 | $126,022 | $125,938 | $126,022 |

The key metrics and the sensitivity of the fair value to adverse changes in model inputs and/or assumptions are summarized below:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Residential mortgage servicing rights |  |  |
| Fair value of residential mortgage servicing rights | $165,143 | $143,385 |
| Unpaid principal balance of loans serviced for others | $9,481,412 | $8,676,676 |
| Composition of residential loans serviced for others: |  |  |
| FHLMC | 25.37% | 24.06% |
| FNMA | 61.37% | 63.31% |
| GNMA | 13.26% | 12.63% |
| Total | 100.00% | 100.00% |
| Weighted average term (months) | 353 | 353 |
| Weighted average age (months) | 41 | 41 |
| Modeled prepayment speed | 6.87% | 7.96% |
| Decline in fair value due to a 10% adverse change | $(4,726) | $(4,673) |
| Decline in fair value due to a 20% adverse change | $(9,361) | $(9,140) |
| Weighted average discount rate | 9.49% | 9.44% |
| Decline in fair value due to a 10% adverse change | $(6,562) | $(5,711) |
| Decline in fair value due to a 20% adverse change | $(12,946) | $(11,181) |

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the residential mortgage servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

SBA Loans

All sales of SBA loans, consisting of the guaranteed portion, are executed on a servicing retained basis. These loans, which are partially guaranteed by the SBA, are generally secured by business property such as real estate, inventory, equipment and accounts receivable. The net gain on SBA loan sales, amortization and impairment/recoveries of servicing rights, and ongoing servicing fees are recorded in the consolidated statements of income and comprehensive income as part of other noninterest income.

During the three and six months ended June 30, 2026, the Company recorded servicing fee income of $363,000 and $767,000, respectively. During the three and six months ended June 30, 2025, the Company recorded servicing fee income of $530,000 and $989,000, respectively. Servicing fee income includes servicing fees, late fees and ancillary fees earned for each period.

The table below is an analysis of the activity in the Company’s SBA loan servicing rights:

| (dollars in thousands) / SBA servicing rights | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Beginning carrying value, net | $1,703 | $2,927 | $1,602 | $2,926 |
| Additions | 41 | 129 | 209 | 286 |
| Amortization | (140) | (270) | (207) | (426) |
| Ending carrying value, net | $1,604 | $2,786 | $1,604 | $2,786 | 

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| SBA servicing rights |  |  |
| Fair value of SBA servicing rights | $2,528 | $2,425 |
| Unpaid principal balance of loans serviced for others | $191,962 | $190,377 |
| Weighted average life (in years) | 3.28 | 3.35 |
| Modeled prepayment speed | 17.41% | 18.09% |
| Decline in fair value due to a 10% adverse change | $(144) | $(133) |
| Decline in fair value due to a 20% adverse change | $(274) | $(254) |
| Weighted average discount rate | 10.24% | 11.01% |
| Decline in fair value due to a 100 basis point adverse change | $(70) | $(63) |
| Decline in fair value due to a 200 basis point adverse change | $(136) | $(122) |

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in model inputs and/or assumptions generally cannot be extrapolated because the relationship of a change in input or assumption to the change in fair value may not be linear. In addition, the effect of an adverse variation in a particular input or assumption on the value of the SBA servicing rights is calculated without changing any other input or assumption. In reality, a change in another factor may magnify or counteract the effect of the change in the first.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made in this report are “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control and which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness and payment behaviors of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin, investment security valuations and other performance measures; expectations and assumptions regarding credit quality and performance; legislative and regulatory changes; changes in U.S. government trade, monetary and fiscal policies, including tariffs; competitive pressures on product pricing and services; fraud, theft or other misconduct impacting our customers or operations; cybersecurity risks, including data breaches, malware, ransomware and account takeovers; the success and timing of our business strategies and plans; our outlook and long-term goals for future growth; and natural disasters, geopolitical events, acts of war or terrorism or other hostilities, public health crises and other catastrophic events beyond our control; and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”) under the Exchange Act.

All written or oral forward-looking statements that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. Our forward-looking statements apply only as of the date of this report or the respective date of the document from which they are incorporated herein by reference. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise, except as required by law.

Overview

The following is management’s discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of June 30, 2026, as compared with December 31, 2025, and operating results for the three and six month periods ended June 30, 2026 and 2025. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.

Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our 2025 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2025 Annual Report on Form 10-K for a full disclosure of all critical accounting policies.

Results of Operations for the Three Months Ended June 30, 2026 and 2025

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders 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 same period in 2025. The Company’s return on average assets and average shareholders’ equity were 0.73% and 5.00%, respectively, in the second quarter of 2026, compared with 1.65% and 11.40%, respectively, in the second quarter of 2025. Results for the second quarter of 2026 include a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California, a $7.4 million gain on securities related to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion and a gain on BOLI proceeds of $846,000. During the second quarter of 2025, the Company recorded a gain on sale of mortgage servicing rights of $356,000 and a $138,000 reduction in FDIC special assessment expense.

Below is additional information regarding the banking, retail mortgage, warehouse lending and premium finance divisions of the Company during the second quarter of 2026 and 2025, respectively:

| (dollars in thousands) | Three Months Ended June 30, 2026 / Banking Division | Three Months Ended June 30, 2026 / Retail Mortgage Division | Three Months Ended June 30, 2026 / Warehouse Lending Division | Three Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $256,966 | $56,591 | $21,314 | $30,704 | $365,575 |
| Interest expense | 41,666 | 40,747 | 12,489 | 18,189 | 113,091 |
| Net interest income | 215,300 | 15,844 | 8,825 | 12,515 | 252,484 |
| Provision for credit losses | 19,998 | (3,346) | 184 | 417 | 17,253 |
| Noninterest income | 40,569 | 32,151 | 794 | 18 | 73,532 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 66,668 | 21,493 | 468 | 2,865 | 91,494 |
| Occupancy and equipment | 11,823 | 685 | 7 | 40 | 12,555 |
| Data processing and communications expenses | 14,041 | 1,302 | 59 | 169 | 15,571 |
| Other expenses | 110,933 | 11,587 | 184 | 390 | 123,094 |
| Total noninterest expense | 203,465 | 35,067 | 718 | 3,464 | 242,714 |
| Income before income tax expense | 32,406 | 16,274 | 8,717 | 8,652 | 66,049 |
| Income tax expense | 7,538 | 3,417 | 1,831 | 1,817 | 14,603 |
| Net income | $24,868 | $12,857 | $6,886 | $6,835 | $51,446 |

| (dollars in thousands) | Three Months Ended June 30, 2025 / Banking Division | Three Months Ended June 30, 2025 / Retail Mortgage Division | Three Months Ended June 30, 2025 / Warehouse Lending Division | Three Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $239,211 | $61,356 | $18,174 | $28,897 | $347,638 |
| Interest expense | 47,710 | 39,325 | 11,083 | 17,707 | 115,825 |
| Net interest income | 191,501 | 22,031 | 7,091 | 11,190 | 231,813 |
| Provision for credit losses | 677 | 1,010 | 369 | 716 | 2,772 |
| Noninterest income | 29,275 | 37,726 | 1,893 | 17 | 68,911 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 62,001 | 24,358 | 618 | 2,331 | 89,308 |
| Occupancy and equipment | 10,547 | 811 | 7 | 36 | 11,401 |
| Data processing and communications expenses | 13,825 | 1,391 | 59 | 91 | 15,366 |
| Other expenses | 25,478 | 12,496 | 96 | 1,115 | 39,185 |
| Total noninterest expense | 111,851 | 39,056 | 780 | 3,573 | 155,260 |
| Income before income tax expense | 108,248 | 19,691 | 7,835 | 6,918 | 142,692 |
| Income tax expense | 25,667 | 4,135 | 1,646 | 1,410 | 32,858 |
| Net income | $82,581 | $15,556 | $6,189 | $5,508 | $109,834 |

Net Interest Income and Margin

The following table sets forth the 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 for the three months ended June 30, 2026 and 2025. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

| (dollars in thousands) | Quarter Ended June 30, 2026 / Average Balance | Quarter Ended June 30, 2026 / Interest Income/Expense | Quarter Ended June 30, 2026 / Average Yield/Rate Paid | Quarter Ended June 30, 2025 / Average Balance | Quarter Ended June 30, 2025 / Interest Income/Expense | Quarter Ended June 30, 2025 / Average Yield/Rate Paid |
| --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| Interest-bearing deposits in banks | $883,521 | $8,270 | 3.75% | $951,851 | $10,715 | 4.52% |
| Investment securities - taxable | 2,703,887 | 30,217 | 4.48% | 2,117,596 | 20,696 | 3.92% |
| Investment securities - nontaxable | 44,914 | 485 | 4.33% | 41,299 | 423 | 4.11% |
| Loans held for sale | 629,469 | 9,478 | 6.04% | 730,770 | 11,578 | 6.35% |
| Loans | 21,947,729 | 318,079 | 5.81% | 20,928,825 | 305,154 | 5.85% |
| Total interest-earning assets | 26,209,520 | 366,529 | 5.61% | 24,770,341 | 348,566 | 5.64% |
| Noninterest-earning assets | 2,000,664 |  |  | 1,986,981 |  |  |
| Total assets | $28,210,184 |  |  | $26,757,322 |  |  |
| Liabilities and Shareholders’ Equity |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| NOW accounts | $4,212,047 | $18,925 | 1.80% | $3,939,802 | $18,144 | 1.85% |
| MMDA | 7,072,892 | 47,070 | 2.67% | 6,918,382 | 53,469 | 3.10% |
| Savings accounts | 774,903 | 688 | 0.36% | 766,331 | 826 | 0.43% |
| Retail CDs | 2,250,844 | 18,531 | 3.30% | 2,393,402 | 21,852 | 3.66% |
| Brokered CDs | 1,420,811 | 13,781 | 3.89% | 1,145,043 | 12,505 | 4.38% |
| Total interest-bearing deposits | 15,731,497 | 98,995 | 2.52% | 15,162,960 | 106,796 | 2.83% |
| Non-deposit funding |  |  |  |  |  |  |
| FHLB advances | 1,171,702 | 11,182 | 3.83% | 326,054 | 3,508 | 4.32% |
| Other borrowings | 9,768 | 129 | 5.30% | 193,492 | 2,499 | 5.18% |
| Subordinated deferrable interest debentures | 135,037 | 2,785 | 8.27% | 133,043 | 3,022 | 9.11% |
| Total non-deposit funding | 1,316,507 | 14,096 | 4.29% | 652,589 | 9,029 | 5.55% |
| Total interest-bearing liabilities | 17,048,004 | 113,091 | 2.66% | 15,815,549 | 115,825 | 2.94% |
| Demand deposits | 6,695,490 |  |  | 6,766,557 |  |  |
| Other liabilities | 343,767 |  |  | 310,185 |  |  |
| Shareholders’ equity | 4,122,923 |  |  | 3,865,031 |  |  |
| Total liabilities and shareholders’ equity | $28,210,184 |  |  | $26,757,322 |  |  |
| Interest rate spread |  |  | 2.95% |  |  | 2.70% |
| Net interest income |  | $253,438 |  |  | $232,741 |  |
| Net interest margin |  |  | 3.88% |  |  | 3.77% |

On a tax-equivalent basis, net interest income for the second quarter of 2026 was $253.4 million, an increase of $20.7 million, or 8.89%, compared with $232.7 million reported in the same quarter in 2025. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest-earning assets increased $1.44 billion, or 5.81%, from $24.77 billion in the second quarter of 2025 to $26.21 billion for the second quarter of 2026. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth, partially offset by a decrease in loans held for sale. The Company’s net interest margin during the second quarter of 2026 was 3.88%, up 11 basis points from 3.77% reported in the second quarter of 2025. Loan production amounted to $6.2 billion during the second quarter of 2026, with weighted average yields of 6.20%, compared with $5.7 billion and 6.76%, respectively, during the second quarter of 2025.

Total interest income, on a tax-equivalent basis, increased to $366.5 million during the second quarter of 2026, compared with $348.6 million in the same quarter of 2025. Yields on earning assets decreased to 5.61% during the second quarter of 2026, compared with 5.64% reported in the second quarter of 2025. During the second quarter of 2026, loans comprised 86.1% of average earning assets, compared with 87.4% in the same quarter of 2025. Yields on loans decreased to 5.81% during the second quarter of 2026, compared with 5.85% in the second quarter of 2025. Yields on taxable investment securities increased to 4.48% in the second quarter of 2026, compared with 3.92% in the same period of 2025.

The yield on interest-bearing deposits decreased from 2.83% in the second quarter of 2025 to 2.52% in the second quarter of 2026. The yield on total interest-bearing liabilities decreased from 2.94% in the second quarter of 2025 to 2.66% in the second quarter of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.91% in the second quarter of 2026, compared with 2.06% during the second quarter of 2025. Deposit costs decreased from 1.95% in the second quarter of 2025 to 1.77% in the second quarter of 2026. Non-deposit funding costs decreased from 5.55% in the second quarter of 2025 to 4.29% in the second quarter of 2026.

Provision for Credit Losses

The Company’s provision for credit losses during the second quarter of 2026 amounted to $17.3 million, compared with $2.8 million in the second quarter of 2025. The provision for credit losses for the second quarter of 2026 was comprised of a provision of $15.9 million related to loans, $1.4 million related to unfunded commitments and negative $1,000 related to other credit losses, respectively, compared with $3.1 million related to loans, negative $335,000 related to unfunded commitments and negative $3,000 related to other credit losses for the second quarter of 2025. The increase in the provision for credit losses on loans is primarily attributable to the updated economic forecast, an increase in the office portfolio qualitative factor and organic loan growth. The increase in the provision for unfunded commitments primarily resulted from an increase in unfunded commitments. Non-performing assets as a percentage of total assets increased three basis points to 0.47% at June 30, 2026, compared with 0.44% at December 31, 2025. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $11.5 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $128,000. The Company recognized net charge-offs on loans during the second quarter of 2026 of $11.1 million, or 0.20% of average loans on an annualized basis, compared with net charge-offs of $7.1 million, or 0.14%, in the second quarter of 2025. The Company’s total allowance for credit losses on loans at June 30, 2026 was $359.5 million, or 1.62% of total loans, compared with $348.1 million, or 1.62% of total loans, at December 31, 2025.

Noninterest Income

Total noninterest income for the second quarter of 2026 was $73.5 million, an increase of $4.6 million, or 6.7%, from the $68.9 million reported in the second quarter of 2025. Net gains on securities increased $7.4 million, primarily relating to the conversion of Visa Class B-2 shares during the quarter and related gain on sale and mark-to-market adjustments. Income from mortgage banking activities was $32.5 million in the second quarter of 2026, a decrease of $6.7 million, or 17.1%, from $39.2 million in the second quarter of 2025. Total production in the second quarter of 2026 amounted to $1.15 billion, compared with $1.27 billion in the same quarter of 2025, while gain on sale spread decreased to 2.04% in the second quarter of 2026, compared with 2.22% in the same quarter of 2025. The retail mortgage open pipeline finished the second quarter of 2026 at $609.3 million, compared with $632.7 million at March 31, 2026 and $719.1 million at the end of the second quarter of 2025.

Service charges on deposit accounts increased $551,000, or 4.1%, to $14.0 million in the second quarter of 2026, compared with $13.5 million in the second quarter of 2025. The increase in service charges on deposit accounts was primarily attributable to growth in deposits. Income from equipment finance activity increased $2.4 million, or 36.2%, to $8.9 million for the second quarter of 2026, compared with $6.6 million during the second quarter of 2025. The increase in equipment finance activity was primarily related to increased non-insurance charges. Other noninterest income increased $1.1 million, or 12.9%, to $9.6 million for the second quarter of 2026, compared with $8.5 million during the second quarter of 2025. The increase in other noninterest income was primarily attributable to increases in BOLI income, inclusive of gain on proceeds, of $1.1 million, and increases in derivative fee income of $308,000 and commercial interchange income of $304,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $840,000.

Noninterest Expense

Total noninterest expense for the second quarter of 2026 increased $87.5 million, or 56.3%, to $242.7 million, compared with $155.3 million in the same quarter 2025. Salaries and employee benefits increased $2.2 million, or 2.4%, from $89.3 million in the second quarter of 2025 to $91.5 million in the second quarter of 2026, due primarily to increases in health insurance costs, annual merit increases, share-based compensation and 401(k) contributions, partially offset by decreases in employee incentives and mortgage commissions. Data processing and communication expenses increased $205,000, or 1.3%, to $15.6 million in the second quarter of 2026, compared with $15.4 million in the second quarter of 2025, with the increase primarily resulting from an increase in volume and continued technology investment. Advertising and marketing expense was $3.5 million in the second quarter of 2026, compared with $3.7 million in the second quarter of 2025. Amortization of intangible assets decreased $962,000, or 23.6%, from $4.1 million in the second quarter of 2025 to $3.1 million in the second quarter of 2026. This decrease was primarily related to a reduction in core deposit and customer relationship intangible amortization. Loan servicing expenses decreased $692,000, or 8.8%, from $7.9 million in the second quarter of 2025 to $7.2 million in the second quarter of 2026, primarily attributable to the sale of mortgage servicing rights throughout 2025, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. The Company's litigation accrual increased $82.4 million to $82.5 million, compared with $121,000 in the second quarter of the previous year, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California.

Compared with the second quarter of 2025, legal and other professional fees and occupancy and equipment expenses increased $2.5 million and $1.2 million, respectively, while FDIC insurance and credit resolution expenses increased $538,000 and $141,000, respectively. Other noninterest expenses increased $282,000, or 1.8%, from $15.6 million in the second quarter of 2025 to $15.8 million in the second quarter of 2026.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the second quarter of 2026, the Company reported income tax expense of $14.6 million, compared with $32.9 million in the same period of 2025. The Company’s effective tax rate for the three months ended June 30, 2026 and 2025 was 22.1% and 23.0%, respectively. The decrease in the effective rate for the three months ended June 30, 2026 is primarily related to a decrease in state tax rates, net of federal benefit.

Results of Operations for the Six Months Ended June 30, 2026 and 2025

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $161.9 million, or $2.40 per diluted share, for the six months ended June 30, 2026, compared with $197.8 million, or $2.87 per diluted share, for the same period in 2025. The Company’s return on average assets and average shareholders’ equity were 1.17% and 7.94%, respectively, in the six months ended June 30, 2026, compared with 1.51% and 10.41%, respectively, in the same period in 2025. Results for the first six months of 2026 include a litigation expense accrual of $82.5 million related to a jury verdict in an employment case in California, a $7.4 million gain on securities related to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion and a gain on BOLI proceeds of $846,000. During the first six months of 2025, the Company recorded a gain on sale of mortgage servicing rights of $342,000, a $40,000 gain on securities, and an $11,000 gain on BOLI proceeds.

Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the six months ended June 30, 2026 and 2025, respectively:

| (dollars in thousands) | Six Months Ended June 30, 2026 / Banking Division | Six Months Ended June 30, 2026 / Retail Mortgage Division | Six Months Ended June 30, 2026 / Warehouse Lending Division | Six Months Ended June 30, 2026 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $506,226 | $112,304 | $39,159 | $59,657 | $717,346 |
| Interest expense | 82,559 | 79,632 | 22,740 | 35,495 | 220,426 |
| Net interest income | 423,667 | 32,672 | 16,419 | 24,162 | 496,920 |
| Provision for loan losses | 31,851 | (272) | 361 | 1,864 | 33,804 |
| Noninterest income | 73,360 | 68,467 | 1,590 | 35 | 143,452 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 132,914 | 43,405 | 1,012 | 5,529 | 182,860 |
| Occupancy and equipment | 22,753 | 1,334 | 15 | 78 | 24,180 |
| Data processing and communications expenses | 29,389 | 2,526 | 94 | 355 | 32,364 |
| Other expenses | 134,831 | 24,119 | 363 | 1,077 | 160,390 |
| Total noninterest expense | 319,887 | 71,384 | 1,484 | 7,039 | 399,794 |
| Income before income tax expense | 145,289 | 30,027 | 16,164 | 15,294 | 206,774 |
| Income tax expense | 31,935 | 6,305 | 3,395 | 3,201 | 44,836 |
| Net income | $113,354 | $23,722 | $12,769 | $12,093 | $161,938 |

| (dollars in thousands) | Six Months Ended June 30, 2025 / Banking Division | Six Months Ended June 30, 2025 / Retail Mortgage Division | Six Months Ended June 30, 2025 / Warehouse Lending Division | Six Months Ended June 30, 2025 / Premium Finance Division | Total |
| --- | --- | --- | --- | --- | --- |
| Interest income | $472,530 | $119,288 | $33,374 | $56,224 | $681,416 |
| Interest expense | 96,816 | 75,413 | 20,381 | 35,154 | 227,764 |
| Net interest income | 375,714 | 43,875 | 12,993 | 21,070 | 453,652 |
| Provision for loan losses | 17,097 | 6,201 | 194 | 1,172 | 24,664 |
| Noninterest income | 57,999 | 72,455 | 2,447 | 33 | 132,934 |
| Noninterest expense |  |  |  |  |  |
| Salaries and employee benefits | 124,717 | 45,353 | 1,170 | 4,683 | 175,923 |
| Occupancy and equipment | 20,351 | 1,640 | 14 | 73 | 22,078 |
| Data processing and communications expenses | 27,216 | 2,688 | 97 | 220 | 30,221 |
| Other expenses | 51,163 | 24,459 | 366 | 2,084 | 78,072 |
| Total noninterest expense | 223,447 | 74,140 | 1,647 | 7,060 | 306,294 |
| Income before income tax expense | 193,169 | 35,989 | 13,599 | 12,871 | 255,628 |
| Income tax expense | 44,821 | 7,558 | 2,856 | 2,624 | 57,859 |
| Net income | $148,348 | $28,431 | $10,743 | $10,247 | $197,769 |

Net Interest Income and Margin

The following table sets forth the average balance, interest income or interest expense, and average yield/rate paid for each category of interest-earning assets and interest-bearing liabilities, net interest spread, and net interest margin on average interest-earning assets for the six months ended June 30, 2026 and 2025. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

| (dollars in thousands) | Six Months Ended June 30, 2026 / Average Balance | Six Months Ended June 30, 2026 / Interest Income/Expense | Six Months Ended June 30, 2026 / Average Yield/Rate Paid | Six Months Ended June 30, 2025 / Average Balance | Six Months Ended June 30, 2025 / Interest Income/Expense | Six Months Ended June 30, 2025 / Average Yield/Rate Paid |
| --- | --- | --- | --- | --- | --- | --- |
| Assets |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| Interest-bearing deposits in banks | $881,633 | $16,310 | 3.73% | $965,930 | $21,504 | 4.49% |
| Investment securities - taxable | 2,618,751 | 55,691 | 4.29% | 2,058,241 | 39,188 | 3.84% |
| Investment securities - nontaxable | 45,077 | 958 | 4.29% | 41,344 | 839 | 4.09% |
| Loans held for sale | 623,035 | 18,478 | 5.98% | 648,607 | 20,623 | 6.41% |
| Loans | 21,770,247 | 627,811 | 5.82% | 20,775,652 | 601,118 | 5.83% |
| Total interest-earning assets | 25,938,743 | 719,248 | 5.59% | 24,489,774 | 683,272 | 5.63% |
| Noninterest-earning assets | 2,007,583 |  |  | 2,005,057 |  |  |
| Total assets | $27,946,326 |  |  | $26,494,831 |  |  |
| Liabilities and Shareholders’ Equity |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| NOW accounts | $4,203,754 | $37,031 | 1.78% | $3,963,995 | $36,450 | 1.85% |
| MMDA | 7,131,112 | 93,807 | 2.65% | 6,914,988 | 105,730 | 3.08% |
| Savings accounts | 767,621 | 1,367 | 0.36% | 766,738 | 1,656 | 0.44% |
| Retail CDs | 2,259,840 | 37,489 | 3.35% | 2,415,067 | 45,097 | 3.77% |
| Brokered CDs | 1,321,548 | 25,528 | 3.90% | 1,054,409 | 23,078 | 4.41% |
| Total interest-bearing deposits | 15,683,875 | 195,222 | 2.51% | 15,115,197 | 212,011 | 2.83% |
| Non-deposit funding |  |  |  |  |  |  |
| Securities sold under agreements to repurchase | 1 | — | —% | — | — | —% |
| FHLB advances | 1,022,245 | 19,361 | 3.82% | 238,283 | 4,870 | 4.12% |
| Other borrowings | 9,833 | 288 | 5.91% | 193,493 | 4,849 | 5.05% |
| Subordinated deferrable interest debentures | 134,789 | 5,555 | 8.31% | 132,795 | 6,034 | 9.16% |
| Total non-deposit funding | 1,166,868 | 25,204 | 4.36% | 564,571 | 15,753 | 5.63% |
| Total interest-bearing liabilities | 16,850,743 | 220,426 | 2.64% | 15,679,768 | 227,764 | 2.93% |
| Demand deposits | 6,622,075 |  |  | 6,645,340 |  |  |
| Other liabilities | 358,164 |  |  | 337,948 |  |  |
| Shareholders’ equity | 4,115,344 |  |  | 3,831,775 |  |  |
| Total liabilities and shareholders’ equity | $27,946,326 |  |  | $26,494,831 |  |  |
| Interest rate spread |  |  | 2.95% |  |  | 2.70% |
| Net interest income |  | $498,822 |  |  | $455,508 |  |
| Net interest margin |  |  | 3.88% |  |  | 3.75% |

On a tax-equivalent basis, net interest income for the six months ended June 30, 2026 was $498.8 million, an increase of $43.3 million, or 9.51%, compared with $455.5 million reported in the same period of 2025. The increase in net interest income is primarily a result of downward pricing adjustments on deposits as market rates decreased, in addition to growth in average earning assets, partially offset by a decrease in asset yields. Average interest earning assets increased $1.45 billion, or 5.92%, from $24.49 billion in the first six months of 2025 to $25.94 billion for the first six months of 2026. This growth in interest-earning assets resulted primarily from increased investment in our bond portfolio and organic loan growth. The Company’s net interest margin during the first six months of 2026 was 3.88%, an increase of 13 basis points from 3.75% reported for the first six months of 2025. Loan production amounted to $11.8 billion during the first six months of 2026, with weighted average yields of 6.17%, compared with $9.8 billion and 6.80%, respectively, during the first six months of 2025.

Total interest income, on a tax-equivalent basis, increased to $719.2 million during the six months ended June 30, 2026, compared with $683.3 million in the same period of 2025. Yields on earning assets decreased to 5.59% during the first six months of 2026, compared with 5.63% reported in the same period of 2025. During the first six months of 2026, loans comprised 86.3% of average earning assets, compared with 87.5% in the same period of 2025. Yields on loans were relatively flat, decreasing to 5.82% during the six months ended June 30, 2026, compared with 5.83% in the same period of 2025. Yields on taxable investment securities increased to 4.29% during the six months ended June 30, 2026, compared with 3.84% in the same period of 2025.

The yield on total interest-bearing liabilities decreased from 2.93% during the six months ended June 30, 2025 to 2.64% in the same period of 2026. Total funding costs, inclusive of noninterest-bearing demand deposits, decreased to 1.89% in the first six months of 2026, compared with 2.06% during the same period of 2025. Deposit costs decreased from 1.96% in the first six months of 2025 to 1.76% in the same period of 2026. Non-deposit funding costs decreased from 5.63% in the first six months of 2025 to 4.36% in the same period of 2026.

Provision for Credit Losses

The Company’s provision for credit losses during the six months ended June 30, 2026 amounted to $33.8 million, compared with $24.7 million in the six months ended June 30, 2025. This increase was primarily attributable to the updated economic forecast during the first six months of 2026, organic loan growth and a shift in the loan mix. The provision for credit losses for the first six months of 2026 was comprised of $33.8 million related to loans, $22,000 related to unfunded commitments and negative $7,000 related to other credit losses, compared with $19.6 million related to loans, $5.0 million related to unfunded commitments and negative $3,000 related to other credit losses for the same period in 2025. Non-performing assets as a percentage of total assets increased from 0.44% at December 31, 2025 to 0.47% at June 30, 2026. The increase in non-performing assets is primarily attributable to an increase in nonaccrual loans of $11.5 million, partially offset by a decrease in accruing loans delinquent 90 days or more of $128,000. Net charge-offs on loans during the first six months of 2026 were $22.4 million, or 0.21% of average loans on an annualized basis, compared with approximately $16.1 million, or 0.16%, in the first six months of 2025. The Company’s total allowance for credit losses on loans at June 30, 2026 was $359.5 million, or 1.62% of total loans, compared with $348.1 million, or 1.62% of total loans, at December 31, 2025.

Noninterest Income

Total noninterest income for the six months ended June 30, 2026 was $143.5 million, an increase of $10.5 million, or 7.9%, from the $132.9 million reported for the six months ended June 30, 2025. Net gains on securities increased to $7.4 million for the six months ended June 30, 2026, compared with a gain of $40,000 in the same period of 2025. This increase was primarily due to the conversion of Visa Class B-2 shares and related gain on sale and mark-to-market adjustments post-conversion in the second quarter of 2026. Income from mortgage banking activities decreased $4.9 million, or 6.6%, from $74.5 million in the first six months of 2025 to $69.5 million in the same period of 2026. Total production in the first six months of 2026 amounted to $2.24 billion, compared with $2.20 billion in the same period of 2025, while gain on sale spread decreased to 2.06% during the six months ended June 30, 2026, compared with 2.20% in the same period of 2025. The retail mortgage open pipeline was $609.3 million at June 30, 2026, compared with $701.9 million at December 31, 2025 and $719.1 million at June 30, 2025.

Service charges on deposit accounts increased $1.1 million, or 4.1%, to $27.7 million during the first six months of 2026, compared with $26.6 million in the same period of 2025, primarily due to growth in deposits. Income from equipment finance activity increased $4.8 million, or 35.9%, to $18.0 million during the first six months of 2026, compared with $13.3 million during the same period of 2025 primarily due to increased non-insurance charges. Other noninterest income increased $2.4 million, or 14.9%, to $18.7 million for the first six months of 2026, compared with $16.3 million during the same period of 2025. The increase in other noninterest income was primarily attributable to an increase in BOLI income, inclusive of gain on proceeds, of $1.4 million and increases in derivative fee income of $674,000 and commercial interchange income of $567,000. These increases were partially offset by a decrease in gain on sale of SBA loans of $537,000 and a decrease in gain on sale of mortgage servicing rights of $342,000.

Noninterest Expense

Total noninterest expenses for the six months ended June 30, 2026 increased $93.5 million, or 30.5%, to $399.8 million, compared with $306.3 million in the same period of 2025. Salaries and employee benefits increased $6.9 million, or 3.9%, from $175.9 million in the first six months of 2025 to $182.9 million in the same period of 2026, due primarily to health insurance costs, annual merit increases and share-based compensation, partially offset by a decrease in employee incentives. Occupancy and equipment expenses increased $2.1 million, or 9.5%, to $24.2 million in the first six months of 2026 from $22.1 million reported in the same period of 2025, primarily driven by increases in depreciation expense and building repairs and maintenance. Data processing and communications expenses increased $2.1 million, or 7.1%, to $32.4 million in the first six months of 2026, from $30.2 million reported in the same period of 2025, primarily due to increases in volume and continued technology investment. Advertising and marketing expense was $6.7 million for the first six months of 2026, relatively flat when compared with $6.6 million for the same period of 2025. Amortization of intangible assets decreased $1.7 million, or 20.4%, from $8.2 million in the first six months of 2025 to $6.5 million in the first six months of 2026. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $1.1 million, or 7.2%, from $15.7 million in the first six months of 2025 to $14.6 million in the same period of 2026, primarily attributable to the sale of mortgage servicing rights throughout 2025, partially offset by additional mortgage loans serviced added from mortgage production over the previous year. The Company's litigation accrual increased $81.4 million to $82.6 million in the first six months of 2026, compared with $1.2 million in the same period of 2025, due primarily to an accrual of $82.5 million related to a jury verdict in an employment case in California. Compared with the first six months of 2025, legal and other professional fees increased $3.8 million, primarily related to defense costs for the California employment case noted above.

Other noninterest expenses decreased $366,000, or 1.2%, from $30.9 million in the first six months of 2025 to $30.5 million in the same period of 2026, due primarily to decreases in deposit and debit card losses of $1.7 million, partially offset by an increase in tax and license expense of $1.2 million.

Income Taxes

Income tax expense is influenced by the statutory rate, the amount of taxable income, the amount of tax-exempt income and the amount of nondeductible expenses. For the six months ended June 30, 2026, the Company reported income tax expense of $44.8 million, compared with $57.9 million in the same period of 2025. The Company’s effective tax rate for the six months ended June 30, 2026 and 2025 was 21.7% and 22.6%, respectively. The decrease in the effective tax rate is primarily a result of increased tax benefit related to share-based compensation and a reduction in state tax rates.

Financial Condition as of June 30, 2026

Securities

Debt securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses excluded from earnings and reported in accumulated other comprehensive income (loss), net of the related deferred tax effect. Securities available-for-sale may be bought and sold in response to changes in market conditions, including, but not limited to, fluctuations in interest rates, changes in securities' prepayment risk, increases in loan demand, general liquidity needs and positioning the portfolio to take advantage of market conditions that create more economically attractive returns. Debt securities which are classified as held-to-maturity are done so based on management's positive intent and ability to hold such securities to maturity and are carried at amortized cost. Restricted equity securities are classified as other investment securities and are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value or cost basis.

The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date.

The following table is a summary of our investment portfolio at the dates indicated:

| (dollars in thousands) | June 30, 2026 / Amortized Cost | June 30, 2026 / Fair Value | December 31, 2025 / Amortized Cost | December 31, 2025 / Fair Value |
| --- | --- | --- | --- | --- |
| Securities available-for-sale |  |  |  |  |
| U.S. Treasuries | $584,558 | $583,447 | $653,888 | $660,625 |
| State, county and municipal securities | 18,005 | 17,463 | 19,493 | 19,061 |
| Corporate debt securities | 2,894 | 2,452 | 6,395 | 5,875 |
| SBA pool securities | 11,146 | 10,519 | 12,795 | 12,208 |
| Mortgage-backed securities | 1,862,905 | 1,846,742 | 1,500,644 | 1,509,404 |
| Total debt securities available-for-sale | $2,479,508 | $2,460,623 | $2,193,215 | $2,207,173 |
| Securities held-to-maturity |  |  |  |  |
| State, county and municipal securities | $33,284 | $28,518 | $33,414 | $29,273 |
| Mortgage-backed securities | 174,871 | 164,475 | 169,828 | 160,600 |
| Total debt securities held-to-maturity | $208,155 | $192,993 | $203,242 | $189,873 |

The amounts of securities available-for-sale and held-to-maturity in each category as of June 30, 2026 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:

| (dollars in thousands)Securities available-for-sale (1) | U.S. Treasuries / Amount | U.S. Treasuries / Yield (2) | State, County and Municipal Securities / Amount | State, County and Municipal Securities / Yield(2)(3) | Corporate Debt Securities / Amount | Corporate Debt Securities / Yield (2) |
| --- | --- | --- | --- | --- | --- | --- |
| One year or less | $174,785 | 4.01% | $1,009 | 3.80% | $500 | 5.31% |
| After one year through five years | 358,910 | 3.57 | 9,665 | 4.06 | 492 | 4.68 |
| After five years through ten years | 49,752 | 4.36 | 6,789 | 3.94 | — | — |
| After ten years | — | — | — | — | 1,460 | 7.26 |
|  | $583,447 | 3.77% | $17,463 | 4.00% | $2,452 | 6.47% |
|  | SBA Pool Securities |  | Mortgage-Backed Securities |  |  |  |
| (dollars in thousands)Securities available-for-sale (1) | Amount | Yield (2) | Amount | Yield (2) |  |  |
| One year or less | $449 | 1.99% | $22,632 | 2.47% |  |  |
| After one year through five years | 709 | 3.45 | 243,586 | 3.45 |  |  |
| After five years through ten years | 8,347 | 2.60 | 162,733 | 4.43 |  |  |
| After ten years | 1,014 | 4.85 | 1,417,791 | 4.55 |  |  |
|  | $10,519 | 2.84% | $1,846,742 | 4.37% |  |  |
|  | State, County andMunicipal Securities |  | Mortgage-Backed Securities |  |  |  |
| (dollars in thousands)Securities held-to-maturity (1) | Amount | Yield(2)(3) | Amount | Yield (2) |  |  |
| One year or less | — | — | $4,551 | 0.83% |  |  |
| After one year through five years | — | — | 59,221 | 3.50 |  |  |
| After five years through ten years | 1,272 | 4.12 | 63,994 | 3.20 |  |  |
| After ten years | 32,012 | 3.93 | 47,105 | 3.63 |  |  |
|  | $33,284 | 3.94% | $174,871 | 3.36% |  |  |

(1) The amortized cost of securities held-to-maturity and fair value of securities available-for-sale are presented based on contractual maturities. Actual cash flows may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.

(2) Yields were computed using coupon interest, adding discount accretion or subtracting premium amortization, as appropriate, on a ratable basis over the life of each security. The weighted average yield for each maturity range was computed using the amortized cost of each security in that range.

(3) Yields on securities of state and political subdivisions are stated on a taxable-equivalent basis, using a tax rate of 21%.

Loans and Allowance for Credit Losses

At June 30, 2026, gross loans outstanding (including loans and loans held for sale) were $22.66 billion, an increase of $523.4 million from $22.14 billion at December 31, 2025. Loans increased $664.3 million, or 3.1%, from $21.51 billion at December 31, 2025 to $22.18 billion at June 30, 2026. Loans held for sale decreased from $623.2 million at December 31, 2025 to $482.2 million at June 30, 2026 primarily in our mortgage division.

At the end of the second quarter of 2026, the ACL on loans totaled $359.5 million, or 1.62% of loans, compared with $348.1 million, or 1.62% of loans, at December 31, 2025. Our nonaccrual loans increased from $109.1 million at December 31, 2025 to $120.5 million at June 30, 2026. For the first six months of 2026, our net charge-off ratio as a percentage of average loans increased to 0.21%, compared with 0.16% for the first six months of 2025. The total provision for credit losses for the first six months of 2026 was $33.8 million, compared with a provision of $24.7 million recorded for the first six months of 2025. Our ratio of total nonperforming assets to total assets increased three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 2026.

The following table presents an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs as of and for the six months ended June 30, 2026 and 2025:

| (dollars in thousands) | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
| --- | --- | --- |
| Balance of allowance for credit losses on loans at beginning of period | $348,141 | $338,084 |
| Provision charged to operating expense | 33,789 | 19,629 |
| Charge-offs: |  |  |
| Commercial and industrial | 19,245 | 22,376 |
| Consumer | 8,857 | 1,853 |
| Premium finance | 4,315 | 5,048 |
| Real estate – commercial and farmland | 1,561 | — |
| Real estate – residential | 165 | 333 |
| Total charge-offs | 34,143 | 29,610 |
| Recoveries: |  |  |
| Commercial and industrial | 6,851 | 8,386 |
| Consumer | 899 | 546 |
| Premium finance | 3,829 | 4,333 |
| Real estate – construction and development | 2 | 9 |
| Real estate – commercial and farmland | 52 | 102 |
| Real estate – residential | 93 | 88 |
| Total recoveries | 11,726 | 13,464 |
| Net charge-offs | 22,417 | 16,146 |
| Balance of allowance for credit losses on loans at end of period | $359,513 | $341,567 |

The following table presents an analysis of the allowance for credit losses on loans and net charge-offs for loans held for investment:

| (dollars in thousands) | As of and for the Six Months Ended / June 30, 2026 | As of and for the Six Months Ended / June 30, 2025 |
| --- | --- | --- |
| Allowance for credit losses on loans at end of period | $359,513 | $341,567 |
| Net charge-offs for the period | 22,417 | 16,146 |
| Loan balances: |  |  |
| End of period | 22,177,865 | 21,041,497 |
| Average for the period | 21,770,247 | 20,775,652 |
| Net charge-offs as a percentage of average loans (annualized) | 0.21% | 0.16% |
| Allowance for credit losses on loans as a percentage of end of period loans | 1.62% | 1.62% |

Loans

Loans are stated at amortized cost. Balances within the major loans receivable categories are presented in the following table:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Commercial and industrial | $3,453,501 | $3,288,505 |
| Consumer | 157,252 | 180,010 |
| Mortgage warehouse | 1,345,808 | 1,150,782 |
| Municipal | 415,396 | 434,234 |
| Premium finance | 1,534,445 | 1,306,267 |
| Real estate – construction and development | 1,702,983 | 1,469,250 |
| Real estate – commercial and farmland | 9,243,359 | 9,311,405 |
| Real estate – residential | 4,325,121 | 4,373,069 |
|  | $22,177,865 | $21,513,522 |

Commercial real estate (“CRE”) represents the Company's largest loan category. The Company regularly monitors its CRE portfolio against regulatory concentration limits. Additionally, the Company manages its risk in the CRE portfolio through, among other things, established policy limits on loan-to-value or loan-to-cost at or below applicable regulatory guidance, use of internal lending limits on single loans to minimize exposure to a given project, annual reviews of borrowers and guarantors above certain total credit exposure thresholds, minimum required debt service coverage ratios and borrower equity levels. Exceptions to policy must be approved by an individual or committee with appropriate approval authority.

A summary of the Company's CRE portfolio by loan type and credit quality indicator as of June 30, 2026 and December 31, 2025 is below:

| June 30, 2026(dollars in thousands) | Pass | Other Assets Especially Mentioned | Substandard | Total |
| --- | --- | --- | --- | --- |
| Farmland | $124,238 | — | $951 | $125,189 |
| Multifamily residential | 2,009,863 | — | — | 2,009,863 |
| Owner occupied CRE | 1,865,477 | 9,296 | 20,390 | 1,895,163 |
| Non-owner occupied CRE | 5,155,722 | 33,243 | 24,179 | 5,213,144 |
| Total real estate - commercial and farmland | $9,155,300 | $42,539 | $45,520 | $9,243,359 |

| December 31, 2025(dollars in thousands) | Pass | Other Assets Especially Mentioned | Substandard | Total |
| --- | --- | --- | --- | --- |
| Farmland | $125,224 | $2,113 | $2,153 | $129,490 |
| Multifamily residential | 2,044,617 | — | — | 2,044,617 |
| Owner occupied CRE | 1,800,017 | 6,546 | 24,205 | 1,830,768 |
| Non-owner occupied CRE | 5,264,387 | 23,575 | 18,568 | 5,306,530 |
| Total real estate - commercial and farmland | $9,234,245 | $32,234 | $44,926 | $9,311,405 |

Investor CRE, which includes multifamily residential and non-owner occupied CRE loans, has several dynamics which individually, or in combination, pose potential challenges to the portfolio. These include levels of interest rates above those at origination for loan renewals and changes to occupancy rates as firms reevaluate space needs in light of factors such as the expansion of hybrid and remote work. The primary repayment source for these loans is cash flows from the securing property. The Company in the 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's Investor CRE portfolio continues to perform favorably with modest levels of past-due loans, such that past-due loans represented approximately one basis point of Investor CRE loans at June 30, 2026.

The Company's multifamily residential portfolio is diversified geographically with the majority residing within our five-state footprint. Below is a summary of the multifamily residential portfolio by significant metropolitan statistical areas (“MSAs”) or state as of June 30, 2026 and December 31, 2025:

| June 30, 2026 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Multifamily residential | $439,584 | $107,065 | $205,056 | $165,098 | $212,226 | $180,995 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Multifamily residential | $63,057 | $135,142 | $249,776 | $37,753 | $214,111 | $2,009,863 |

| December 31, 2025 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Multifamily residential | $344,769 | $198,178 | $204,877 | $210,633 | $213,281 | $189,215 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Multifamily residential | $63,369 | $124,759 | $233,967 | $52,989 | $208,580 | $2,044,617 |

The Company's non-owner occupied portfolio is well diversified. Below is a summary of the non-owner occupied CRE portfolio by property type and significant MSAs or state as of June 30, 2026 and December 31, 2025:

| June 30, 2026 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Retail | $549,432 | $196,281 | $54,302 | $237,615 | $202,661 | $215,818 |
| Office | 469,989 | 24,594 | 44,788 | 62,530 | 131,496 | 86,532 |
| Warehouse / industrial | 189,676 | 45,178 | 58,961 | 45,237 | 66,787 | 68,173 |
| Hotel | 43,697 | 36,251 | 35,192 | 83,545 | 35,225 | 71,452 |
| Mini storage warehouse | 43,592 | 33,515 | 9,527 | 27,325 | 38,758 | 33,742 |
| Assisted living facilities | 36,844 | — | 4,758 | — | — | 4,682 |
| Miscellaneous | 24,980 | 9,481 | 1,688 | 13,882 | 14,624 | 10,740 |
| Total non-owner occupied CRE | $1,358,210 | $345,300 | $209,216 | $470,134 | $489,551 | $491,139 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Retail | $77,726 | $270,502 | $236,027 | $100,479 | $186,404 | $2,327,247 |
| Office | 65,941 | 112,716 | 92,106 | 4,051 | 19,776 | 1,114,519 |
| Warehouse / industrial | 61,867 | 115,651 | 77,319 | 570 | 233,911 | 963,330 |
| Hotel | — | 61,831 | 20,687 | 2,084 | 28,357 | 418,321 |
| Mini storage warehouse | — | 18,166 | 12,614 | 405 | 34,054 | 251,698 |
| Assisted living facilities | — | 406 | — | — | 309 | 46,999 |
| Miscellaneous | 3,080 | 4,693 | 7,214 | — | 648 | 91,030 |
| Total non-owner occupied CRE | $208,614 | $583,965 | $445,967 | $107,589 | $503,459 | $5,213,144 |

| December 31, 2025 / (dollars in thousands) | Atlanta | Other Georgia | Tampa | Jacksonville | Orlando | Other Florida |
| --- | --- | --- | --- | --- | --- | --- |
| Retail | $483,975 | $197,111 | $54,797 | $241,206 | $219,334 | $239,543 |
| Office | 509,486 | 24,417 | 87,939 | 69,560 | 133,779 | 87,559 |
| Warehouse / industrial | 316,408 | 16,880 | 63,108 | 48,192 | 56,425 | 83,541 |
| Hotel | 45,870 | 22,632 | 22,328 | 85,053 | 42,735 | 72,979 |
| Mini storage warehouse | 44,718 | 33,832 | 2,030 | 27,886 | 39,343 | 33,872 |
| Assisted living facilities | 37,538 | — | 4,761 | — | 18 | 6,695 |
| Miscellaneous | 28,344 | 10,383 | 1,698 | 11,612 | 15,648 | 12,470 |
| Total non-owner occupied CRE | $1,466,339 | $305,255 | $236,661 | $483,509 | $507,282 | $536,659 |
| (dollars in thousands) | Charleston SC | Other South Carolina | North Carolina | Alabama | Other | Total |
| Retail | $108,550 | $210,751 | $218,101 | $97,518 | $183,152 | $2,254,038 |
| Office | 64,662 | 115,476 | 95,186 | 4,115 | 65,644 | 1,257,823 |
| Warehouse / industrial | 51,969 | 87,403 | 77,754 | 8,105 | 187,806 | 997,591 |
| Hotel | — | 62,876 | 20,893 | 2,202 | 25,812 | 403,380 |
| Mini storage warehouse | — | 19,940 | 12,581 | 421 | 36,586 | 251,209 |
| Assisted living facilities | — | 422 | — | — | 312 | 49,746 |
| Miscellaneous | 3,120 | 992 | 7,798 | — | 678 | 92,743 |
| Total non-owner occupied CRE | $228,301 | $497,860 | $432,313 | $112,361 | $499,990 | $5,306,530 |

Non-Performing Assets

Non-performing assets include nonaccrual loans, accruing loans contractually past due 90 days or more, repossessed personal property, and OREO. Loans are placed on nonaccrual status when management has concerns relating to the ability to collect the principal and interest and generally when such loans are 90 days or more past due. Management performs a detailed review and valuation assessment of non-performing loans over $250,000 on a quarterly basis. When a loan is placed on nonaccrual status, any interest previously accrued but not collected is reversed against current income.

Nonaccrual loans totaled $120.5 million at June 30, 2026, an increase of $11.5 million, or 10.5%, from $109.1 million at December 31, 2025. Accruing loans delinquent 90 days or more totaled $8.4 million at June 30, 2026, a decrease of $128,000, or 1.5%, compared with $8.5 million at December 31, 2025. At June 30, 2026, OREO totaled $4.0 million, an increase of $1.1 million, or 38.6%, compared with $2.9 million at December 31, 2025. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process. At the end of the second quarter of 2026, total non-performing assets as a percent of total assets was up three basis points from 0.44% at December 31, 2025 to 0.47% at June 30, 2026.

Non-performing assets at June 30, 2026 and December 31, 2025 were as follows:

| (dollars in thousands) | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Nonaccrual loans(1) | $120,526 | $109,058 |
| Accruing loans delinquent 90 days or more | 8,364 | 8,492 |
| Repossessed assets | — | 4 |
| Other real estate owned | 4,043 | 2,918 |
| Total non-performing assets | $132,933 | $120,472 |

(1) Included in nonaccrual loans were $33.7 million and $24.3 million of serviced GNMA-guaranteed nonaccrual loans at June 30, 2026 and December 31, 2025, respectively.

Commercial Lending Practices

The federal bank regulatory agencies previously issued interagency guidance on commercial real estate lending and prudent risk management practices. This guidance defines CRE loans as loans secured by raw land, land development and construction (including one-to-four family residential construction), multifamily property and nonfarm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property, excluding owner-occupied properties (loans for which 50% or more of the source of repayment is derived from the ongoing operations and activities conducted by the party, or affiliate of the party, who owns the property) or the proceeds of the sale, refinancing or permanent financing of the property. Loans for owner-occupied CRE are generally excluded from the CRE guidance.

The CRE guidance is applicable when either:

(1) total loans for construction, land development, and other land, net of owner-occupied loans, represent 100% or more of a tier I capital plus allowance for credit losses on loans and leases; or

(2) total loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land, net of owner-occupied loans, represent 300% or more of a bank’s tier I capital plus allowance for credit losses on loans and leases.

Banks that are subject to the CRE guidance criteria are required to implement enhanced strategic planning, CRE underwriting policies, risk management and internal controls, portfolio stress testing, risk exposure limits, and other policies, including management compensation and incentives, to address the CRE risks. Higher allowances for loan losses and capital levels may also be appropriate.

As of June 30, 2026, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. Some key risks associated with CRE lending are the following:

(1) within CRE loans, construction and development loans are somewhat dependent upon continued strength in demand for residential real estate, which is reliant on favorable real estate mortgage rates and changing population demographics;

(2) on average, CRE loan sizes are generally larger than non-CRE loan types; and

(3) certain construction and development loans may be less predictable and more difficult to evaluate and monitor.

The following table outlines CRE loan categories and CRE loans as a percentage of total loans as of June 30, 2026 and December 31, 2025. The loan categories and concentrations below are based on Federal Reserve Call codes:

| (dollars in thousands) | June 30, 2026 / Balance | June 30, 2026 / % of Total Loans | December 31, 2025 / Balance | December 31, 2025 / % of Total Loans |
| --- | --- | --- | --- | --- |
| Construction and development loans | $1,702,983 | 8% | $1,469,250 | 7% |
| Multifamily loans | 2,009,863 | 9% | 2,044,617 | 9% |
| Nonfarm nonresidential loans (excluding owner-occupied) | 5,213,144 | 23% | 5,306,530 | 25% |
| Total CRE Loans (excluding owner-occupied) | 8,925,990 | 40% | 8,820,397 | 41% |
| All other loan types | 13,251,875 | 60% | 12,693,125 | 59% |
| Total Loans | $22,177,865 | 100% | $21,513,522 | 100% |

The following table outlines the percentage of construction and development loans and total CRE loans, net of owner-occupied loans, to the Bank’s Tier 1 capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of June 30, 2026 and December 31, 2025:

| Line item | Internal Limit | Actual / June 30, 2026 | Actual / December 31, 2025 |
| --- | --- | --- | --- |
| Construction and development loans | 100% | 49% | 43% |
| Total CRE loans (excluding owner-occupied) | 300% | 261% | 262% |

Derivative Instruments and Hedging Activities

The Company has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of IRLC instruments amounted to an asset of $3.3 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026 and December 31, 2025, forward contracts were recorded as a liability of $483,000 and $2.8 million, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $7.3 million and $7.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $7.4 million and $7.6 million at June 30, 2026 and December 31, 2025, respectively.

Deposits

Total deposits at the Company increased $211.6 million, or 0.9%, to $22.59 billion at June 30, 2026, compared with $22.38 billion at December 31, 2025. Noninterest-bearing deposits increased $356.7 million, or 5.6%, and interest-bearing deposits decreased $145.2 million, or 0.9%, during the first six months of 2026. At June 30, 2026, the Company had approximately $1.52 billion in short-term brokered CDs, compared with $1.20 billion at December 31, 2025. As of June 30, 2026 and December 31, 2025, the Company had estimated uninsured deposits of $10.34 billion and $10.67 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $3.20 billion, or 30.9%, of the uninsured deposits at June 30, 2026 were for municipalities which are collateralized with investment securities or letters of credit.

Capital

Common Stock Repurchase Program

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. The Board has subsequently extended the share repurchase program each year since that 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. As a result, the Company is currently authorized to engage in additional share repurchases 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. 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. As of June 30, 2026, an aggregate of $134.6 million, or 1,740,798 shares of the Company's common stock, had been repurchased under the program's October 20, 2025 renewal.

Capital Management

Capital management consists of providing equity to support both current and anticipated future operations. The capital resources of the Company are monitored on a periodic basis by state and federal regulatory authorities.

Under the regulatory capital frameworks adopted by the Federal Reserve Board (the "FRB") and the Federal Deposit Insurance Corporation (the "FDIC"), the Company and the Bank must each maintain a common equity Tier 1 capital to total risk-weighted assets ratio of at least 4.5%, a Tier 1 capital to total risk-weighted assets ratio of at least 6%, a total capital to total risk-weighted assets ratio of at least 8% and a leverage ratio of Tier 1 capital to average total consolidated assets of at least 4%. The Company 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.

As of June 30, 2026, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios for the Company and the Bank at June 30, 2026 and December 31, 2025:

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Tier 1 Leverage Ratio (tier 1 capital to average assets) |  |  |
| Consolidated | 11.25% | 11.44% |
| Ameris Bank | 11.41% | 11.67% |
| CET1 Ratio (common equity tier 1 capital to risk weighted assets) |  |  |
| Consolidated | 12.84% | 13.17% |
| Ameris Bank | 13.01% | 13.43% |
| Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) |  |  |
| Consolidated | 12.84% | 13.17% |
| Ameris Bank | 13.01% | 13.43% |
| Total Capital Ratio (total capital to risk weighted assets) |  |  |
| Consolidated | 14.66% | 15.01% |
| Ameris Bank | 14.27% | 14.69% |

Interest Rate Sensitivity and Liquidity

The Company’s primary market risk exposures are credit risk, interest rate risk, and liquidity risk. The Bank operates under an Asset Liability Management Policy approved by the Company’s Board of Directors and the ALCO Committee. The policy outlines limits on interest rate risk in terms of changes in net interest income and changes in the net market values of assets and liabilities over certain changes in interest rate environments. These measurements are made through a simulation model which projects the impact of changes in interest rates on the Bank’s assets and liabilities. The policy also outlines responsibility for monitoring interest rate risk, and the process for the approval, implementation and monitoring of interest rate risk strategies to achieve the Bank’s interest rate risk objectives.

The ALCO Committee is comprised of senior officers of Ameris. The ALCO Committee makes all strategic decisions with respect to the sources and uses of funds that may affect net interest income, including net interest spread and net interest margin. The objective of the ALCO Committee is to identify the interest rate, liquidity and market value risks of the Company’s balance sheet and use reasonable methods approved by the Company’s Board of Directors and executive management to minimize those identified risks.

The normal course of business activity exposes the Company to interest rate risk. Interest rate risk is managed within an overall asset and liability framework for the Company. The principal objectives of asset and liability management are to predict the sensitivity of net interest spreads to potential changes in interest rates, control risk and enhance profitability. Funding positions are kept within predetermined limits designed to properly manage risk and liquidity. The Company employs sensitivity analysis in the form of a net interest income simulation to help characterize the market risk arising from changes in interest rates. In addition, fluctuations in interest rates usually result in changes in the fair market value of the Company’s financial instruments, cash flows and net interest income. The Company’s interest rate risk position is managed by the ALCO Committee.

The Company uses a simulation modeling process to measure interest rate risk and evaluate potential strategies. Interest rate scenario models are prepared using software created and licensed from an outside vendor. The Company’s simulation includes all financial assets and liabilities. Simulation results quantify interest rate risk under various interest rate scenarios. Management then develops and implements appropriate strategies. The ALCO Committee has determined that an acceptable level of interest rate risk would be for net interest income to increase/decrease no more than 20% given a change in selected interest rates of 200 basis points over any 24-month period.

Liquidity management involves the matching of the cash flow requirements of customers, who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs, and the ability of Ameris to manage those requirements. The Company strives to maintain an adequate liquidity position by managing the balances and maturities of interest-earning assets and interest-bearing liabilities so that the balance it has in short-term assets at any given time will adequately cover any reasonably anticipated immediate need for funds. Additionally, the Bank maintains relationships with correspondent banks, which could provide funds on short notice, if needed. The Company has invested in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is equal to 30% of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. At June 30, 2026 and December 31, 2025, the net carrying value of the Company’s other borrowings was $1.25 billion and $558.0 million, respectively. At June 30, 2026, the Company had availability with the FHLB and FRB Discount Window of $2.46 billion and $2.37 billion, respectively.

The following liquidity ratios compare certain assets and liabilities to total deposits or total assets:

| Line item | June 30,2026 | March 31,2026 | December 31,2025 | September 30,2025 | June 30,2025 |
| --- | --- | --- | --- | --- | --- |
| Investment securities available-for-sale to total deposits | 10.89% | 10.40% | 9.86% | 9.59% | 8.53% |
| Loans (net of unearned income) to total deposits | 98.19% | 96.43% | 96.15% | 95.64% | 95.94% |
| Interest-earning assets to total assets | 92.71% | 92.76% | 92.56% | 92.60% | 92.29% |
| Interest-bearing deposits to total deposits | 69.97% | 70.19% | 71.28% | 69.60% | 68.99% |

The liquidity resources of the Company are monitored continually by the ALCO Committee and on a periodic basis by state and federal regulatory authorities. As determined under guidelines established by these regulatory authorities, the Company’s and the Bank’s liquidity ratios at June 30, 2026 were considered satisfactory. The Company is aware of no events or trends likely to result in a material change in liquidity.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company is exposed only to U.S. dollar interest rate changes, and, accordingly, the Company manages exposure by considering the possible changes in the net interest margin. The Company does not have any trading instruments nor does it classify any portion of the investment portfolio as held for trading.

The Company also has forward contracts and IRLCs to economically hedge changes in the value of the mortgage inventory due to changes in market interest rates. The fair value of these instruments amounted to an asset of $3.3 million and $3.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $483,000 and $2.8 million at June 30, 2026 and December 31, 2025, respectively. The Company also enters into interest rate derivative agreements to facilitate the risk management strategies of certain clients. The Company mitigates this risk by entering into equal and offsetting interest rate derivative agreements with highly rated third-party financial institutions. The fair value of these instruments amounted to an asset of $7.3 million and $7.4 million at June 30, 2026 and December 31, 2025, respectively, and a liability of $7.4 million and $7.6 million at June 30, 2026 and December 31, 2025, respectively.

The Company has no exposure to foreign currency exchange rate risk, commodity price risk and other market risks.

Interest rates play a major part in the net interest income of a financial institution. The sensitivity to rate changes is known as “interest rate risk.” The repricing of interest-earning assets and interest-bearing liabilities can influence the changes in net interest income. As part of the Company’s asset/liability management program, the timing of repriced assets and liabilities is referred to as “gap management.”

The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. 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. The analysis of the impact on net interest income over a 12-month and 24-month period is subjected to gradual and parallel shocks of the various increases and decreases in market rates shown in the table below, and is monitored on a quarterly basis.

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 July 1, 2026. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.

**Earnings Simulation Model Results**

| Change in / Interest Rates | % Change in Projected Baseline / Net Interest Income |
| --- | --- |
| (in bps) | 24 Months |
| 400 | 16.8% |
| 300 | 13.0% |
| 200 | 8.9% |
| 100 | 4.6% |
| (100) | (4.9)% |
| (200) | (9.9)% |
| (300) | (14.8)% |

Additional information required by Item 305 of Regulation S-K is set forth under Part I, Item 2 of this report.

Item 4. Controls and Procedures.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report, as required by paragraph (b) of Rules 13a-15 or 15d-15 of the Exchange Act. Based on such evaluation, such officers have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the quarter ended June 30, 2026, there was no change in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

## Item 1. Legal Proceedings.

Disclosure concerning legal proceedings can be found in Part I - "Financial Information, Item 1. Financial Statements, Notes to Unaudited Consolidated Financial Statements, Note 8 – Commitments and Contingencies" under the caption, "Litigation and Regulatory Contingencies," which is incorporated herein by reference.

## Item 1A. Risk Factors.

There have not been any material changes to the risk factors disclosed in Item 1A. of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, previously filed with the SEC.

## Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

c) Issuer Purchases of Equity Securities.

The table below sets forth information regarding the Company’s repurchase of shares of its outstanding common stock during the three-month period ended June 30, 2026.

| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Numberof Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plansor Programs(1) |
| --- | --- | --- | --- | --- |
| April 1, 2026 through April 30, 2026 | — | — | — | $84,346,160 |
| May 1, 2026 through May 31, 2026 | 166,700 | $83.85 | 166,700 | $70,369,120 |
| June 1, 2026 through June 30, 2026 | 59,900 | $83.33 | 59,900 | $65,377,839 |
| Total | 226,600 | $83.71 | 226,600 | $65,377,839 |

(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. 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. 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. 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. As of June 30, 2026, an aggregate of $134.6 million, or 1,740,798 shares of the Company's common stock, had been repurchased under the program's October 20, 2025 renewal.

## Item 3. Defaults Upon Senior Securities.

None.

## Item 4. Mine Safety Disclosures.

Not applicable.

## Item 5. Other Information.

During the quarter ended June 30, 2026, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K).

## Item 6. Exhibits.

| Exhibit Number | Description |
| --- | --- |
| 3.1 | Restated Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on February 28, 2023). |
| 3.2 | Bylaws of Ameris Bancorp, as amended and restated through June 18, 2026. |
| 31.1 | Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer. |
| 31.2 | Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer. |
| 32.1 | Section 1350 Certification by the Company’s Chief Executive Officer. |
| 32.2 | Section 1350 Certification by the Company’s Chief Financial Officer. |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: August 7, 2026 AMERIS BANCORP

/s/ Nicole S. Stokes

Nicole S. Stokes

Chief Financial Officer   (duly authorized signatory and principal accounting and financial officer)

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## EX-3.2

SEC source: [amerisbancorp-amendedandre.htm](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/amerisbancorp-amendedandre.htm)

Exhibit 3.2

BYLAWS

OF

AMERIS BANCORP

AS AMENDED AND RESTATED

THROUGH JUNE 18, 2026

ARTICLE I

OFFICES

Section 1. Registered Office. Ameris Bancorp (the “Corporation”) shall maintain a registered office in the State of Georgia and shall have a registered agent whose business office is the same as such registered office.

Section 2. Principal Office. The principal office of the Corporation shall be at the place designated in the Corporation’s annual registration with the Georgia Secretary of State. The board of directors of the Corporation (the “Board of Directors”) shall have the power to change the location of the principal office at any time.

Section 3. Other Offices. The Corporation may also have offices at such other places both in and outside the State of Georgia as the Board of Directors may from time to time determine and as the business of the Corporation may require or make desirable.

ARTICLE II

SHAREHOLDERS’ MEETINGS

Section 1. Place of Meetings. Meetings of the shareholders shall be held either at the principal office of the Corporation or at any other place, either in or outside the State of Georgia, as shall be fixed by the Board of Directors and designated in the notice of the meeting or executed waiver of notice.

Section 2. Annual Meetings. The Corporation shall hold an annual meeting of shareholders, on a date and at a time determined by the Board of Directors, to elect directors and to transact any business that properly may come before the meeting. The annual meeting may be combined with any other meeting of shareholders, whether annual or special.

Section 3. Special Meetings. Special meetings of the shareholders shall be held upon call of the Chairman of the Board of Directors (the “Chairman”) or the Chief Executive Officer and shall be called by the Chief Executive Officer or the Secretary when so directed by the Board of Directors or at the request in writing (in compliance with applicable requirements of the Georgia Business Corporation Code or any successor law or laws (the “GBCC”)) of the holders of shares representing at least 50% of the votes entitled to be cast on each issue proposed to be considered at the special meeting. Any such request shall state the purpose for which the meeting is to be called.

Section 4. Notice of Meetings. Written notice of every meeting of shareholders, stating the place, date and time of the meeting, and, in the case of a special meeting, the purpose or

purposes for which the meeting is called, shall be given personally, by mail or by and in accordance with any other manner provided in the GBCC to each shareholder of record entitled to vote at such meeting no fewer than 10 nor more than 60 days before the date of the meeting. Only business within the purpose or purposes described in the notice may be conducted at a special meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail with first-class postage thereon prepaid addressed to the shareholder at the shareholder’s address as it appears on the Corporation’s record of shareholders. Attendance of a shareholder at a meeting of shareholders shall constitute a waiver of notice of such meeting and of all objections to the place or time of meeting, or the manner in which it has been called or convened, except when a shareholder attends a meeting solely for the purpose of stating, at the beginning of the meeting, any such objections to the transaction of any business. Notice need not be given to any shareholder who waives notice in writing or by electronic transmission, signed by the shareholder entitled to the notice and delivered to the Corporation, either before or after the meeting.

Section 5. Quorum. The holders of a majority of the stock issued and outstanding entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the shareholders except as otherwise provided by statute, by the Articles of Incorporation of the Corporation, as may be amended from time to time (the “Articles of Incorporation”), or by these Bylaws. If a quorum is not present or represented at any meeting of the shareholders, a majority of the shareholders entitled to vote thereat, present in person or represented by proxy, may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.

Section 6. Conduct of Meetings. The Board of Directors may adopt by resolution rules and regulations for the conduct of the meeting of the shareholders as it deems appropriate. At every meeting of the shareholders, the Chairman, or in his or her absence or disability, the Chief Executive Officer, or, in his or her absence or disability, a director or officer designated by the Board of Directors, shall serve as chair of the meeting. The Secretary or, in his or her absence or disability, the person whom the chair of the meeting shall appoint secretary of the meeting, shall act as secretary of the meeting and keep the minutes thereof.

The chair of the meeting shall determine the order of business and, in the absence of a rule adopted by the Board of Directors, shall establish rules for the conduct of the meeting. The chair of the meeting shall announce the close of the polls for each matter voted upon at the meeting, after which no ballots, proxies, votes, changes or revocations will be accepted. Polls for all matters before the meeting will be deemed to be closed upon final adjournment of the meeting.

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Section 7. Voting. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of law or of the Articles of Incorporation or these Bylaws, a different vote is required, in which case such express provision shall govern and control the decision of the question. Each shareholder shall at every meeting of the shareholders be entitled to one vote in person or by proxy for each share of the capital stock having voting power registered in such shareholder’s name on the books of the Corporation, but no proxy shall be voted or acted upon after 11 months from its date, unless otherwise provided in the proxy. Any shareholder directly or indirectly soliciting proxies from other shareholders must use a proxy card color other than white, which shall be reserved for exclusive use by the Board of Directors.

Section 8. Consent of Shareholders. Any action required or permitted to be taken at any meeting of the shareholders may be taken without a meeting if all of the shareholders consent thereto in writing, setting forth the action so taken. Such consent shall have the same force and effect as a unanimous vote of shareholders.

Section 9. Voting Lists. The officer or agent having charge of the share transfer records for shares of the Corporation shall prepare an alphabetical list of all shareholders entitled to notice of a meeting of shareholders, arranged by voting group and by class and series of shares, showing the address of and the number of shares held by each shareholder. The list shall be available for inspection by any shareholder during regular corporate hours at the principal place of business of the Corporation or, provided that the information required to gain access to such list is provided with the notice of the meeting upon request, on a reasonably accessible electronic network. The list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the entire meeting.

Section 10. Shareholder Proposals and Director Nominations. Nominations of persons for election to the Board of Directors and the proposal of other business to be considered by the shareholders may be made at a meeting of shareholders only (1) pursuant to the Corporation’s notice of meeting, (2) by or at the direction of the Board of Directors or (3) by any shareholder of the Corporation who is a shareholder of record at the time of giving notice provided for in this Section 10, is entitled to vote at the meeting and complies with the notice procedures and other provisions set forth in this Section 10.

(a)In addition to any other applicable requirements, for nominations of persons for election to the Board of Directors or other business to be properly brought before a meeting by a shareholder pursuant to this Section 10, timely notice of any nominations of persons for election to the Board of Directors or of any other business to be brought before a meeting of shareholders by a shareholder must be provided in writing to the Secretary. To be timely, a shareholder’s notice given pursuant to this Section 10 must be received at the principal executive office of the Corporation (directed to the Secretary at the address, facsimile or electronic email address specified in the Corporation’s most recent proxy statement) not later than the close of business on the 120th calendar day nor earlier than the close of business on the 150th calendar day prior to the first anniversary of the date that the Corporation’s proxy statement was mailed or given to

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shareholders by or on behalf of the Corporation in connection with the previous year’s annual meeting of shareholders of the Corporation; provided, however, that if no annual meeting of shareholders of the Corporation was held in the previous year, if the date of the forthcoming annual meeting of shareholders has been changed by more than 30 calendar days from the date contemplated at the time of the previous year’s proxy statement or if the forthcoming meeting is not an annual meeting of shareholders of the Corporation, then such shareholder’s notice must be so received not later than the close of business on the 10th day following the earlier of (i) the day on which notice of the date of the forthcoming meeting was mailed or given to shareholders by or on behalf of the Corporation and (ii) the day on which public announcement of the date of the forthcoming meeting was made by or on behalf of the Corporation. For purposes of this Section 10, “public announcement” shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or a comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In no event shall the public announcement of an adjournment or postponement of a meeting of shareholders of the Corporation commence a new time period (or extend any time period) for the giving of a shareholder’s notice as described above.

(b)To be in proper form, a shareholder’s notice to the Secretary shall set forth (i) as to each person whom the shareholder proposes to nominate for election as a director (A) the name, age, business address and residence address of such person, (B) the principal occupation or employment of such person, (C) the class and number of shares of capital stock of the Corporation which then are beneficially owned by such person, (D) any other information relating to such person that is required by law or regulation to be disclosed in solicitations of proxies for the election of directors of the Corporation, (E) such person’s written consent to being named as a nominee for election as a director (including, but not limited to, in any proxy statement and on any proxy card) and to serve as a director if elected and (F) an undertaking to provide to the Corporation a completed and signed director questionnaire (which questionnaire shall be provided by the Secretary) and such other information as the Corporation may reasonably request; (ii) as to any other business that the shareholder proposes to bring before the meeting, (A) a brief description of the business desired to be brought before the meeting, (B) the reasons for conducting such business at the meeting and (C) any material interest in such business of such shareholder and any other person on whose behalf the proposal is made; and (iii) as to the shareholder giving notice (A) the name and address of such shareholder, as they appear in the stock records of the Corporation, (B) the class and number of shares of capital stock of the Corporation which then are beneficially owned by such shareholder, (C) a description of all arrangements or understandings between such shareholder and each nominee for election as director and any other person or persons (naming such person or persons) relating to the nomination proposed to be made by such shareholder, as applicable, (D) whether and the extent to which any option, warrant, forward contract, swap, contract of sale or other derivative or similar instrument or agreement has been entered into by or on behalf of such shareholder, or any affiliates or associates of such shareholder, with respect to shares of capital stock of the Corporation, (E) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position and any borrowing or lending of shares of capital stock of the Corporation) has been made by or on behalf of such shareholder, or any affiliates or

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associates of such shareholder, with respect to capital stock of the Corporation, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock price changes for, such shareholder, or any affiliates or associates of such person, or to increase or decrease the voting power or pecuniary or economic interest of such shareholder, or any affiliates or associates of such shareholder, with respect to stock of the Corporation, (F) if such shareholder intends to engage in a solicitation with respect to this Section 10, a statement disclosing the name of each participant in such solicitation (as defined in Item 4 of Schedule 14A under the Exchange Act), and if involving a nomination, a representation that such shareholder intends to solicit holders of shares representing at least sixty-seven percent (67%) of the voting capital stock of the Corporation in support of director nominees other than persons nominated by or at the direction of the Board of Directors, (G) if such shareholder has delivered to the Corporation a notice relating to the nomination of one or more persons to the Board of Directors, no later than five business days prior to the date of the applicable meeting of shareholders or, if practicable, any adjournment, recess, rescheduling or postponement thereof (or if not practicable, on the first practicable date prior to the date to which such meeting has been adjourned, recessed, rescheduled or postponed), reasonable evidence that such shareholder has complied with the requirements of Rule 14a-19 of the Exchange Act, and (H) any other information required by law or regulation to be provided by a shareholder intending to nominate a person for election as a director of the Corporation, as applicable. Without limiting the foregoing, the information required by this paragraph shall be updated by the shareholder not later than 10 days after the record date for the meeting to disclose such information as of the record date. At the request of the Board of Directors, any person nominated by or at the direction of the Board of Directors for election as a director of the Corporation shall furnish to the Secretary the information concerning such nominee which is required to be set forth in a shareholder’s notice of a proposed nomination.

(c)No person shall be eligible for election as a director of the Corporation and no business shall be conducted at any meeting of the shareholders of the Corporation unless nominated or proposed, respectively, in compliance with the procedures set forth in this Section 10. The chair of a meeting of shareholders of the Corporation shall, if the facts warrant, determine that business has not been properly brought before the meeting in accordance with the provisions of this Section 10, and if the chair should so determine, the chair shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted. In addition, if the chair determines that a nomination of a director or directors was not made in accordance with the procedures specified in this Section 10, the chair of the meeting shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.

(d)Notwithstanding the foregoing provisions of this Section 10, a shareholder shall also comply with all applicable requirements of the federal securities laws and the rules and regulations thereunder with respect to the matters set forth in this Section 10; provided, however, that references in these Bylaws to the federal securities laws or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to Section 10 of this Article. Nothing herein

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shall be deemed to affect any rights of shareholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act.

ARTICLE III

BOARD OF DIRECTORS

Section 1. Powers. Except as otherwise provided by any legal agreement among shareholders, the property, affairs and business of the Corporation shall be managed and directed by the Board of Directors, which may exercise all powers of the Corporation and do all lawful acts and things which are not by law, by any legal agreement among shareholders, by the Articles of Incorporation or by these Bylaws directed or required to be exercised or done by the shareholders.

Section 2. Number, Election and Term.

(a) The number of directors which shall constitute the whole Board shall be not fewer than seven nor more than 15. The specific number of directors within such range shall be fixed or changed from time to time by a majority of the Board of Directors then in office. Each director shall be elected at each annual meeting of shareholders to serve until the next annual meeting of shareholders and until his or her successor is duly elected and qualified or until his or her earlier resignation, removal from office or death. The number of directors may be increased or decreased from time to time by the Board of Directors by amendment of this Section 2(a), but no decrease shall have the effect of shortening the term of an incumbent director. Directors shall be natural persons who have attained the age of 18 years, but need not be residents of the State of Georgia or shareholders of the Corporation. Employees of subsidiary corporations (who are not also officers of the Corporation) shall not be eligible to serve as directors. With the exception of James B. Miller, Jr., each director shall retire at the annual meeting following the date such director attains the age of 75.

(b) Except as provided in Section 3 of this Article, each director shall be elected by the vote of the majority of the votes cast with respect to that director’s election at any meeting for the election of directors at which a quorum is present; provided, however, that if the number of director nominees exceeds the number of directors to be elected 10 days before the mailing of the Corporation’s definitive proxy statement (a “contested election”), then each director shall be elected by the vote of a plurality of votes cast in connection with the election of directors. For purposes of this Section 2(b), a majority of the votes cast means that the number of shares voted “for” a nominee’s election must exceed the votes cast “against” such nominee’s election. If directors are to be elected by a plurality of the votes cast in a contested election, shareholders shall not be permitted to vote “against” a nominee. Each director elected shall hold office until his or her successor is duly elected and qualified or until his or her earlier resignation, removal from office or death.

Except with respect to a contested election, if a nominee for director is not elected and the nominee is an incumbent director, then the director shall promptly tender his or her resignation to the Board of Directors, the effectiveness of which shall be conditioned upon, and subject to, acceptance by the Board of Directors. The Corporate Governance and Nominating Committee of

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the Board of Directors (the “Corporate Governance and Nominating Committee”) will make a recommendation to the Board of Directors as to whether to accept or reject the tendered resignation, or whether other action should be taken. The Board of Directors will act on the tendered resignation, taking into account the Corporate Governance and Nominating Committee’s recommendation, and publicly disclose its decision regarding the tendered resignation and the rationale behind its decision within 90 days from the date of the certification of the election result. The Corporate Governance and Nominating Committee in making its recommendation, and the Board of Directors in making its decision, may each consider any factors or other information that they consider appropriate and relevant. The director who tenders his or her resignation will not participate in the recommendation of the Corporate Governance and Nominating Committee or the decision of the Board of Directors with respect to his or her resignation or in any deliberations related thereto. If a director’s resignation is accepted by the Board of Directors pursuant to this paragraph of Section 2(b), or if a nominee for director is not elected and the nominee is not an incumbent director, then the Board of Directors, in its sole discretion, may fill the resulting vacancy pursuant to the provisions of Section 3 of this Article or may decrease the size of the Board of Directors pursuant to the provisions of Section 2(a) of this Article. If a director’s resignation is not accepted by the Board of Directors pursuant to this paragraph of Section 2(b), then such director will continue to serve until his or her successor is duly elected and qualified or until his or her earlier resignation, removal from office or death.

Section 3. Vacancies. Vacancies on the Board of Directors and newly created directorships resulting from an increase in the authorized number of members of the Board of Directors may be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director, and a director so chosen shall hold office until the next annual meeting of shareholders and until his or her successor is duly elected and qualified or until his or her earlier resignation, removal from office or death.

Section 4. Meetings and Notice. The Board of Directors may hold meetings, both regular and special, either in or outside the State of Georgia. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by resolution of the Board of Directors. Special meetings of the Board of Directors may be called by the Chairman or the Chief Executive Officer or by any two directors on one day’s oral or written notice (which shall include notice by electronic transmission in accordance with the GBCC) duly given or served on each director personally, or three days, notice deposited, first-class postage prepaid, in the United States mail. Such notice shall state a reasonable time, date and place of meeting, but the purpose need not be stated therein. Notice need not be given to any director who waives notice in writing or by electronic transmission, signed by the director and delivered to the Corporation, either before or after the meeting. Attendance of a director at a meeting shall constitute a waiver of notice of such meeting, waiver of all objections to the place and time of the meeting, or the manner in which it has been called or convened, except when the director states, at the beginning of the meeting, any such objection or objections to the transaction of business.

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Section 5. Quorum. At all meetings of the Board of Directors a majority of directors shall constitute a quorum for the transaction of business, and the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by law, by the Articles of Incorporation or by these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 6. Conference Telephone Meeting. Unless the Articles of Incorporation or these Bylaws otherwise provide, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors or committee by means of conference telephone or similar communications equipment whereby all persons participating in the meeting can hear each other. Participation in such a meeting shall constitute presence in person.

Section 7. Consent of Directors. Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing, setting forth the action so taken, and the writing or writings are filed with the minutes of the proceedings of the Board of Directors or committee. Such consent shall have the same force and effect as a unanimous vote of the Board of Directors.

Section 8. Committees. The Board of Directors may by resolution passed by a majority of the whole Board of Directors, designate from among its members one or more committees, each committee to consist of two or more directors. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent member at any meeting of such committee. Any such committee, to the extent provided in the resolution, shall have and may exercise all of the authority of the Board of Directors in the management of the business and affairs of the Corporation except that it shall have no authority with respect to any of the following: (a) amending the Articles of Incorporation or these Bylaws; (b) adopting a plan of merger or consolidation; (c) the sale, lease, exchange or other disposition of all or substantially all of the property and assets of the Corporation; and (d) a voluntary dissolution of the Corporation or a revocation thereof. Such committee may determine its action and may fix the time and places of its meetings, unless otherwise provided by the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Section 9. Removal of Directors. At any shareholders’ meeting with respect to which notice of such purpose has been given, any director may be removed from office, with cause, by the affirmative vote of holders of at least a majority of all outstanding shares of capital stock of the Corporation entitled to vote for the election of directors, and his or her successor may be elected at the same or any subsequent meeting of shareholders; provided that to the extent any vacancy created by such removal is not filled by such an election within 60 days after such removal, the remaining directors shall, by majority vote, fill any such vacancy.

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Section 10. Compensation of Directors. Directors shall be entitled to such reasonable compensation for their services as directors or members of any committee of the Board of Directors, and shall also be entitled to reimbursement for any reasonable expenses incurred in attending any meeting of the Board of Directors or any such committee.

Section 11. Chairman of the Board of Directors. The Board of Directors shall elect one of their members to be the Chairman. The Chairman shall be subject to the control of and may be removed by the Board of Directors. The Chairman shall preside at all meetings of shareholders and the Board of Directors (unless another person is selected in accordance with these Bylaws to act as chair) and shall have such other powers and duties as may be delegated to him or her from time to time by the Board of Directors.

ARTICLE IV

OFFICERS

Section 1. Number. The officers of the Corporation shall consist of a Chief Executive Officer and a Secretary, each of whom shall be elected or appointed by the Board of Directors. The Board of Directors from time to time may create and establish the duties of other offices and may elect or appoint, or authorize specific senior officers to appoint, the persons who shall hold such other offices, including, but not limited to, a President, a Treasurer, one or more Vice Presidents (including Executive Vice Presidents, Senior Vice Presidents, Assistant Vice Presidents and the like), one or more Assistant Secretaries and one or more Assistant Treasurers. Whether or not so provided by the Board of Directors, the Chairman may appoint one or more Assistant Secretaries and one or more Assistant Treasurers. Any two or more offices may be held by the same person, except the offices of Chief Executive Officer and Secretary.

Section 2. Compensation. The salaries of all officers of the Corporation shall be fixed by the Board of Directors or a committee or officer appointed by the Board of Directors.

Section 3. Term of Office. Each officer shall serve at the pleasure of the Board of Directors (or, if appointed by a senior officer pursuant to this Article, at the pleasure of the Board of Directors or any senior officer authorized to have appointed the officer) until his or her death, resignation or removal, or until his or her replacement is elected or appointed in accordance with this Article.

Section 4. Removal. All officers (regardless of how elected or appointed) may be removed, with or without cause, by the Board of Directors, and any officer appointed by another officer may also be removed, with or without cause, by any senior officer authorized to have appointed the officer to be removed. Removal will be without prejudice to the contract rights, if any, of the person removed, but shall be effective notwithstanding any damage claim that may result from infringement of such contract rights.

Section 5. Vacancies. Any vacancies in an office resulting from any cause may be filled by the Board of Directors or by any senior officer authorized to appoint the persons who shall hold such office.

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Section 6. Powers and Duties. Except as hereinafter provided, the officers of the Corporation shall each have such powers and duties as generally pertain to their respective offices, as well as such powers and duties as from time to time may be conferred by the Board of Directors.

(a) Chief Executive Officer. Unless otherwise provided in these Bylaws or by resolution of the Board of Directors, the Chief Executive Officer shall be the chief executive officer of the Corporation, shall be charged with the general and active management of the business of the Corporation, shall see that all orders and resolutions of the Board of Directors are carried into effect, shall have the authority to select and appoint employees and agents of the Corporation and shall, in the absence or disability of the Chairman, perform the duties and exercise the powers of the Chairman. The Chief Executive Officer shall perform any other duties and have any other authority as may be delegated from time to time by the Board of Directors, and shall be subject to the limitations fixed from time to time by the Board of Directors.

(b) President. The President (if there shall be one, and if such person is different from the Chief Executive Officer) shall, in the absence or disability of the Chief Executive Officer, or at the direction of the Chief Executive Officer, perform the duties and exercise the powers of the Chief Executive Officer, whether the duties and powers are specified in these Bylaws or otherwise. The President shall perform any other duties and have any other authority as from time to time may be delegated by the Board of Directors or the Chief Executive Officer.

(c) Vice President. The Vice President (if there shall be one) shall, in the absence or disability of the Chief Executive Officer and the President (if there shall be one), or at the direction of the Chief Executive Officer and the President, perform the duties and exercise the powers of the Chief Executive Officer and the President, whether the duties and powers are specified in these Bylaws or otherwise. If the Corporation has more than one Vice President, the one designated by the Board of Directors or the Chief Executive Officer and the President (in that order of precedence) shall act in the event of the absence or disability of the Chief Executive Officer and the President. Vice Presidents shall perform any other duties and have any other authority as from time to time may be delegated by the Board of Directors or the Chief Executive Officer and the President.

(d) Secretary. The Secretary shall be responsible for preparing minutes of the meetings of shareholders, directors and committees of directors and for authenticating records of the Corporation. The Secretary or any Assistant Secretary shall have authority to give all notices required by law or these Bylaws. The Secretary shall be responsible for the custody of the corporate books, records, contracts and other documents. The Secretary or any Assistant Secretary may affix the corporate seal to any lawfully executed documents requiring it, may attest to the signature of any officer of the Corporation and shall sign any instrument that requires the Secretary’s signature. The Board of Directors may also give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by such officer’s signature. The Secretary or any Assistant Secretary shall perform any other duties and have any

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other authority as from time to time may be delegated by the Board of Directors or the Chief Executive Officer.

(e) Treasurer. Unless otherwise provided by the Board of Directors, the Treasurer shall be responsible for the custody of all funds and securities belonging to the Corporation and for the receipt, deposit or disbursement of these funds and securities under the direction of the Board of Directors. The Treasurer shall cause full and true accounts of all receipts and disbursements to be maintained and shall cause reports of these receipts and disbursements to be made to the Board of Directors and the Chief Executive Officer upon request. The Treasurer or Assistant Treasurer shall perform any other duties and have any other authority as from time to time may be delegated by the Board of Directors or the Chief Executive Officer.

Section 7. Voting Securities of Corporation. Unless otherwise ordered by the Board of Directors, the Chief Executive Officer shall have full power and authority on behalf of the Corporation to attend and to act and vote at any meetings of security holders of corporations in which the Corporation may hold securities, and at such meetings shall possess and may exercise any and all rights and powers incident to the ownership of such securities which the Corporation might have possessed and exercised if it had been present. The Board of Directors by resolution from time to time may confer like powers upon any other person or persons.

ARTICLE V

DISTRIBUTIONS AND DIVIDENDS

Unless the Articles of Incorporation provide otherwise, the Board of Directors, from time to time in its discretion and in accordance with the GBCC and any applicable banking regulations, may authorize or declare distributions or dividends on the capital stock of the Corporation, which may be payable in cash, in property or in shares of the Corporation’s capital stock.

ARTICLE VI

SHARE CERTIFICATES AND TRANSFERS

Section 1. Shares of Stock. The shares of stock of the Corporation may be certificated or uncertificated, as provided under Georgia law, and shall be entered in the books of the Corporation and registered as they are issued. Any certificates representing shares of the capital stock shall be in such form as the Board of Directors shall prescribe, certifying the number and class of shares of the capital stock of the Corporation owned by the shareholder. Any such certificate may bear the seal of the Corporation or a facsimile thereof or may be represented by a global certificate through The Depository Trust Company. Any certificates issued to shareholders of the Corporation shall bear the name of the Corporation and state that it is organized under the laws of the State of Georgia, the name of the shareholder and the number and class (and the designation of the series, if any) of the shares represented. Each such certificate shall be signed in the name of the Corporation by the Chief Executive Officer (or in lieu thereof, by the Chairman or the President, if there be one) and may be signed by the Secretary or an Assistant Secretary; provided, however, that where the certificate is signed (either manually or by facsimile) by a transfer agent, or registered by a registrar, the signatures of

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those officers may be facsimiles. Except as otherwise expressly provided by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of certificates representing shares of the same class and series shall be identical. No share shall be issued until the consideration therefor, fixed as provided by law, has been fully paid.

Within a reasonable time after the issuance or transfer of uncertificated shares of stock, the Corporation shall send to the registered owner thereof a written notice that shall set forth the name of the Corporation, that the Corporation is organized under the laws of the State of Georgia, the name of the shareholder, the number and class (and the designation of the series, if any) of the shares represented and any restrictions on the transfer or registration of such shares of stock imposed by the Articles of Incorporation, these Bylaws, any agreement among shareholders or any agreement between shareholders and the Corporation, and such other matters as are required by law.

Section 2. Lost, Stolen or Destroyed Certificates. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed upon the making of an affidavit of that fact by the owner of the allegedly lost, stolen or destroyed certificate. When authorizing the issue of a new certificate or certificates, the Board of Directors, in its discretion and as a condition precedent to the issuance thereof, may require the owner of the allegedly lost, stolen or destroyed certificate, or the owner’s legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against the Corporation or other obligees with respect to the certificate alleged to have been lost, stolen or destroyed or the issuance of such new certificate or certificates.

Section 3. Transfers. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate or evidence of the issuance of uncertificated shares to the shareholder entitled thereto, cancel the old certificate and record the transaction upon the books of the Corporation. Upon receipt of proper transfer instructions from the registered owner of uncertificated shares, such shares shall be cancelled, new equivalent uncertificated shares or certificated shares shall be issued to the shareholder entitled thereto and the transaction shall be recorded upon the books of the Corporation. If the Corporation has a transfer agent or registrar acting on its behalf, the signature of any officer or representative thereof may be in facsimile.

Section 4. Registered Shareholders. The Corporation may treat the holder of record of any shares issued by the Corporation as the holder in fact thereof, for purposes of voting those shares, receiving distributions thereon or notices in respect thereof, transferring those shares, exercising rights of dissent with respect to those shares, entering into agreements with respect to those shares in accordance with the laws of Georgia or giving proxies with respect to those shares. Neither the Corporation nor any of its officers, directors, employees or agents shall be liable for regarding that person as the owner of those shares at that time for those purposes, regardless of whether that person possesses a certificate for those shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any

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other person, whether or not the Corporation shall have express notice thereof, except as otherwise provided by law.

Section 5. Transfer Agents and Registrars. The Board of Directors may appoint, or authorize any officer or officers to appoint, one or more transfer agents and one or more registrars.

ARTICLE VII

INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 1. Right of Indemnification and Standards of Conduct. Every person (and the heirs and legal representatives of such person) who is or was a director or officer of the Corporation or any other corporation of which he or she served as such at the request of the Corporation and of which the Corporation directly or indirectly is a shareholder or creditor, or in which or in the stocks, bonds, securities or other obligations of which it is in any way interested, shall in accordance with Section 2 of this Article, and to the maximum extent permitted by the GBCC, be indemnified for any liability and expense that may be incurred by such person in connection with or resulting from any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative or investigative (whether formal or informal and whether brought by or in the right of the Corporation or otherwise) (any such action, suit or proceeding being referred to in this Article as a “Proceeding”), or in connection with any appeal relating thereto, in which he or she may become involved, as a party or prospective party or otherwise, by reason of any action taken or not taken in his or her capacity as such director or officer or as a member of any committee appointed by the Board of Directors to act for, in the interest of or on behalf of the Corporation, whether or not he or she continues to be such at the time such liability or expense shall have been incurred; provided such person (a) acted in good faith and (b) reasonably believed (i) in the case of conduct in the person’s official capacity, that the conduct was in the Corporation’s best interests; (ii) in all other cases, that the conduct was at least not opposed to the Corporation’s best interests; and (iii) in the case of a criminal Proceeding, that the person had no reasonable cause to believe that the conduct was unlawful.

As used in this Article, the terms “liability” and “expense” shall include, but shall not be limited to, attorneys’ fees and disbursements, court costs, expert witness fees, amounts of judgments, fines or penalties and amounts paid in compromise or settlement by a director or an officer. The termination of any Proceeding by judgment, order, compromise, settlement (with or without court approval) or conviction or upon a plea of guilty or of nolo contendere, or its equivalent, shall not create a presumption that a director or officer did not meet the standards of conduct set forth in this Section 1.

Section 2. Advancement of Expenses. Expenses incurred with respect to any Proceeding of the character described in Section 1 of this Article shall be advanced by the Corporation prior to the final disposition thereof upon receipt of a written affirmation by the recipient of his or her good faith belief that he or she has met the applicable standard of conduct and a written undertaking and agreement of the recipient to repay to the Corporation such amount if it is ultimately determined that he or she is not entitled to indemnification under this Article.

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Section 3. Determination of Right of Indemnification and Advancement of Expenses. The Corporation acknowledges that indemnification of, and advancement of expenses to, a director or officer under this Article has been pre-authorized by the Corporation as permitted by Section 14-2-859(a) of the GBCC, and that pursuant to the authority exercised under Section 14-2-856 of the GBCC, no determination need be made for a specific Proceeding that such indemnification of or advances of expenses to the director or officer is permissible in the circumstances because he or she has met a particular standard of conduct.

No director of the Corporation shall be personally liable to the Corporation or its shareholders for monetary damages for breach of such person’s duty of care or other duty as a director; provided that this provision shall eliminate or limit the liability of a director only to the maximum extent permitted from time to time by the GBCC.

Notwithstanding the foregoing, no officer or director who was or is a party to any action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was an officer or director of the Corporation shall be indemnified in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the Corporation unless and except to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability and in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as such court shall deem proper.

Section 4. Rights of Indemnification Cumulative. The rights of indemnification provided in this Article shall be in addition to any rights to which any such director or officer or other person may otherwise be entitled under any bylaw, agreement, vote of shareholders or otherwise, and shall be in addition to the power of the Corporation to purchase and maintain insurance on behalf of any such director or officer or other person against any liability asserted against him or her and incurred by him or her in such capacity, or arising out of his or her status as such, regardless of whether the Corporation would have the power to indemnify against such liability under this Article or otherwise.

Section 5. Notice to Shareholders. If the Corporation indemnifies or advances expenses to a director under any of Sections 14-2-851 through 14-2-854 of the GBCC in connection with a Proceeding by or in the right of the Corporation, the Corporation shall, to the extent required by Section 14-2-1621 or any other applicable provision of the GBCC, report the indemnification or advance in writing to the shareholders of the Corporation with or before the notice of the next shareholders’ meeting.

Section 6. Amendment. Any amendment to this Article that limits or otherwise adversely affects the right of indemnification, advancement of expenses or other rights of any indemnified person hereunder shall, as to such indemnified person, apply only to Proceedings based on actions, events or omissions (collectively, “Post-Amendment Events”) occurring after such amendment and after delivery of notice of such amendment to the indemnified person so affected. Any indemnified person shall, as to any Proceeding based on actions, events or omissions occurring prior to the date of receipt of such notice, be entitled to the right of

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indemnification, advancement of expenses and other rights under this Article to the same extent as if such provisions had continued as part of the Bylaws without such amendment. This Section 6 shall not be altered, amended or repealed in a manner effective as to any indemnified person (except as to Post-Amendment Events) without the prior written consent of such indemnified person.

Section 7. Successors. For purposes of this Article, the term “Corporation” shall include any corporation, joint venture, trust, partnership or unincorporated business association that is the successor to all or substantially all of the business or assets of this Corporation, as a result of merger, consolidation, sale, liquidation or otherwise, and any such successor shall be liable to the persons indemnified under this Article on the same terms and conditions and to the same extent as the Corporation.

Section 8. Severability. Each of the Sections of this Article, and each of the clauses set forth herein, shall be deemed separate and independent, and should any part of any such Section or clause be declared invalid or unenforceable by any court of competent jurisdiction, such invalidity or unenforceability shall in no way render invalid or unenforceable any other part thereof or any separate Section or clause of this Article that is not declared invalid or unenforceable.

ARTICLE VIII

GENERAL PROVISIONS

Section 1. Record Date. In order that the Corporation may determine the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than 70 days and, in case of a meeting of shareholders, not fewer than 10 days prior to the date on which the particular action requiring such determination of shareholders is to be taken. If no record date is fixed for the determination of shareholders entitled to notice of and to vote at any meeting of shareholders, the record date shall be at the close of business on the day immediately preceding the day on which the notice is given, or, if notice is waived, at the close of business on the day immediately preceding the day on which the meeting is held. If no record date is fixed for other purposes, the record date shall be at the close of business on the day immediately preceding the day on which the Board of Directors adopts the resolution relating thereto. A determination of shareholders of record entitled to notice of or to vote at a meeting of shareholders shall apply to any adjournment of the meeting unless the Board of Directors shall fix a new record date for the adjourned meeting.

Section 2. Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

Section 3. Seal. The Corporation may adopt a corporate seal in a form approved by the Board of Directors. The Board of Directors may authorize the use of one or more facsimile

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forms of the corporate seal. The corporate seal need not be used unless its use is required by law, by these Bylaws or by the Articles of Incorporation.

Section 4. Annual Statements. Not later than four months after the close of each fiscal year, and in any case prior to the next annual meeting of shareholders, the Corporation shall prepare the following: (a) a balance sheet showing in reasonable detail the financial condition of the Corporation as of the close of its fiscal year; and (b) a profit and loss statement showing the results of the Corporation’s operations during its fiscal year. Upon written request, the Corporation promptly shall mail to any shareholder of record a copy of the most recent such balance sheet and profit and loss statement.

Section 5. Exclusive Jurisdiction. Unless the Corporation consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the sole and exclusive forum for any shareholder (including a beneficial owner) to bring (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of a fiduciary or legal duty owed by any current or former director, officer, employee, shareholder or agent of the Corporation to the Corporation or to the Corporation’s shareholders, including a claim alleging the aiding and abetting of any such breach of fiduciary duty, (c) any action asserting a claim against the Corporation, or any of its current or former directors, officers, employees, shareholders or agents, arising pursuant to any provision of the GBCC or the Articles of Incorporation or these Bylaws (as either may be amended from time to time), (d) any action asserting a claim against the Corporation, or any of its current or former directors, officers, employees, shareholders or agents, governed by the internal affairs doctrine, or (e) any action against the Corporation, or any of its current or former directors, officers, employees, shareholders or agents, asserting a claim identified in O.C.G.A. § 15-5A-3, shall be the Georgia State-wide Business Court (the “Chosen Court”). Notwithstanding the foregoing, unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be, to the fullest extent permitted by law, the sole and exclusive forum for any action asserting a claim arising under the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder.

To the fullest extent permitted by law, if any action the subject matter of which is within the scope of the preceding paragraph is filed in a court (a “Foreign Court”) other than the Chosen Court (a “Foreign Action”) in the name of any shareholder, such shareholder shall be deemed to have consented to (i) the personal jurisdiction of the Chosen Court in connection with any action brought in any such Foreign Court to enforce the preceding paragraph and (ii) having service of process made upon such shareholder in any such action by service upon such shareholder’s counsel in the Foreign Action as agent for such shareholder.

To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in any security of the Corporation shall be deemed to have notice of, and consented to, the provisions of this Section 5.

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Each of the clauses set forth in this Section 5 shall be deemed separate and independent, and should any part of any such clause be declared invalid or unenforceable by any court of competent jurisdiction, such invalidity or unenforceability shall in no way render invalid or unenforceable any other part thereof or any separate clause of this Section 5 that is not declared invalid or unenforceable.

ARTICLE IX

AMENDMENTS

The Board of Directors shall have power to alter, amend or repeal these Bylaws or adopt new bylaws by majority vote of all of the directors, but any bylaws adopted by the Board of Directors may be altered, amended or repealed and new bylaws adopted, by the shareholders by majority vote of all of the shares having voting power.

* * * * *

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## EX-31.1

SEC source: [abcb_exhibit311x063026-10xq.htm](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit311x063026-10xq.htm)

Exhibit 31.1

CERTIFICATION

I, H. Palmer Proctor, Jr., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2026, of Ameris Bancorp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2026 /s/ H. Palmer Proctor, Jr.

H. Palmer Proctor, Jr.

Chief Executive Officer

(principal executive officer)

---

## EX-31.2

SEC source: [abcb_exhibit312x063026-10xq.htm](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit312x063026-10xq.htm)

Exhibit 31.2

CERTIFICATION

I, Nicole S. Stokes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2026, of Ameris Bancorp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2026 /s/ Nicole S. Stokes

Nicole S. Stokes,   Chief Financial Officer

(principal accounting and financial officer)

---

## EX-32.1

SEC source: [abcb_exhibit321x063026-10xq.htm](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit321x063026-10xq.htm)

Exhibit 32.1

SECTION 1350 CERTIFICATION

I, H. Palmer Proctor, Jr., Chief Executive Officer of Ameris Bancorp (the “Company”), do hereby certify, in accordance with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2026 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 7, 2026 /s/ H. Palmer Proctor, Jr.

H. Palmer Proctor, Jr.,   Chief Executive Officer

(principal executive officer)

---

## EX-32.2

SEC source: [abcb_exhibit322x063026-10xq.htm](https://www.sec.gov/Archives/edgar/data/351569/000035156926000143/abcb_exhibit322x063026-10xq.htm)

Exhibit 32.2

SECTION 1350 CERTIFICATION

I, Nicole S. Stokes, Executive Vice President and Chief Financial Officer of Ameris Bancorp (the “Company”), do hereby certify, in accordance with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Quarterly Report on Form 10-Q of the Company for the period ending June 30, 2026 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 7, 2026 /s/ Nicole S. Stokes

Nicole S. Stokes,

Chief Financial Officer

(principal accounting and financial officer)