Ameris Bancorp Announces Fourth Quarter and Record Full Year 2025 Financial Results

Highlights of Ameris's results for the fourth quarter of 2025 include the following:

• Net income of $108.4 million, or $1.59 per diluted share
• Return on average assets ("ROA") of 1.57%
• Return on average tangible common equity⁽¹⁾ of 14.46%
• Efficiency ratio improvement to 46.59%
• Earning asset growth of $374.0 million, or 5.9% annualized
• Net interest margin (TE) expansion of five bps to 3.85% for the fourth quarter of 2025
• Growth in net interest income of $7.3 million, or 12.2% annualized, from third quarter of 2025
• Loan growth of $255.1 million, or 4.8% annualized
• Tangible book value⁽¹⁾ growth of $1.28 per share, or 11.8% annualized, to $44.18 at December 31, 2025
• Increased share repurchases totaling $40.8 million of stock, or 563,798 shares, in the quarter

Highlights of Ameris's results for the full year of 2025 include the following:

• Net income of $412.2 million, or $6.00 per diluted share
• ROA of 1.54%
• Return on average tangible common equity⁽¹⁾ of 14.49%
• Net interest margin (TE) of 3.79% for the full year 2025
• Earning asset growth of $1.32 billion, or 5.5%
• Total deposits increase of $653.5 million, or 3.0%
• Tangible book value⁽¹⁾ growth of $5.59 per share, or 14.5%, to $44.18 at December 31, 2025
• TCE ratio⁽¹⁾ of 11.37%, compared with 10.59% one year ago
• Allowance for loan losses of 1.62% of loans at December 31, 2025
• Decline in net charge-offs to 0.18% of average total loans

Ameris Bancorp (NYSE:ABCB) (the "Company") today reported net income of $108.4 million, or $1.59 per diluted share, for the quarter ended December 31, 2025, compared with $94.4 million, or $1.37 per diluted share, for the quarter ended December 31, 2024.

For the year ended December 31, 2025, the Company reported net income of $412.2 million, or $6.00 per diluted share, compared with $358.7 million, or $5.19 per diluted share, for the same period in 2024. The increase in net income was primarily attributable to an increase in net interest income of $87.7 million, or 10.3%, over the same period.

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "We are proud of our fourth quarter performance and the strong finish to another successful year for Ameris. We remained disciplined and focused on core profitability and enhancing franchise value for our shareholders. This is highlighted by our strong ROA of 1.54%, profitable asset growth that drove margin expansion and positive operating leverage, all accomplished while growing tangible book value over 14% during the year. We reinvested in ourselves, utilizing our share buyback authorization to purchase over $77 million of our common stock in 2025. Given our proven track record and robust capital levels, we are well positioned to capitalize on the growth opportunity across our Southeast footprint going forward."

Net Interest Income and Net Interest Margin

Net interest income on a tax-equivalent basis (TE) was $246.3 million in the fourth quarter of 2025, an increase of $7.4 million, or 3.1%, from last quarter and $23.5 million, or 10.6%, compared with the fourth quarter of 2024. The Company's net interest margin expanded to 3.85% for the fourth quarter of 2025, a five basis point increase from 3.80% reported for the third quarter of 2025 and a 21 basis point improvement from the 3.64% reported for the fourth quarter of 2024. The increase in net interest margin is primarily attributable to decreased deposit costs and the redemptions of subordinated debt during the third and fourth quarters of 2025.

Net interest income on a tax-equivalent basis for the full year 2025 increased $87.7 million to $940.7 million, compared with $853.0 million for 2024. The increase in net interest income is primarily attributable to decreased yields on interest-bearing deposits compared with the prior year. Interest income on a tax-equivalent basis increased $16.2 million, while interest-bearing deposit funding costs decreased by $60.5 million and non-deposit funding costs decreased by $11.0 million. The Company's net interest margin was 3.79% for 2025, compared with 3.56% for 2024.

Yields on earning assets decreased five basis points during the quarter to 5.61%, compared with 5.66% in the third quarter of 2025. This decrease is primarily related to a decrease in yields on loans from 5.87% for the third quarter of 2025 to 5.84% during the fourth quarter of 2025. Compared with the fourth quarter of 2024, yields on earning assets decreased six basis points from 5.67%, and loan yields decreased three basis points from 5.87%.

The Company's total cost of funds was 1.95% in the fourth quarter of 2025, a decrease of 10 and 27 basis points compared with the third quarter of 2025 and fourth quarter of 2024, respectively. Deposit costs decreased seven basis points during the fourth quarter of 2025 to 1.87%, compared with 1.94% in the third quarter of 2025. Costs of interest-bearing deposits decreased from 2.82% in the third quarter of 2025 to 2.66% in the fourth quarter of 2025, with average balance increases in NOW, money market, and brokered deposit accounts being offset by decreased costs across all deposit categories.

Noninterest Income

Noninterest income decreased $14.4 million, or 18.9%, in the fourth quarter of 2025 to $61.8 million, compared with $76.3 million for the third quarter of 2025. Mortgage banking activity decreased by $8.8 million, or 21.6%, to $31.9 million in the fourth quarter of 2025, compared with $40.7 million for the third quarter of 2025. Total production in the retail mortgage division increased $120.8 million, or 11.0%, to $1.22 billion in the fourth quarter of 2025, compared with $1.09 billion for the third quarter of 2025. The retail mortgage open pipeline was $701.9 million at the end of the fourth quarter of 2025, compared with $787.2 million for the third quarter of 2025. Gain on sale spreads were flat in the fourth quarter of 2025 compared with the third quarter of 2025, remaining at 2.20%. Additionally, gain on sale securities decreased $1.6 million in the fourth quarter of 2025 compared with the third quarter of 2025.

Other noninterest income decreased $3.8 million, or 37.5% in the fourth quarter of 2025 compared with the third quarter. Included in other noninterest income in the fourth quarter of 2025 was a loss on the sale of mortgage servicing rights of $1.1 million compared with a gain of $125,000 in the third quarter of 2025, a servicing right impairment of $910,000 that did not occur in the prior quarter, and losses of $9,000 and $1.0 million on the sale of SBA loans and debt redemption, respectively, compared with gains of $427,000 and $572,000, respectively, in the third quarter of 2025. These decreases were partially offset by increases in merchant fee income and BOLI income of $494,000 and $321,000, respectively, compared with the prior quarter.

For the full year 2025, noninterest income decreased $22.2 million, or 7.6%, to $271.0 million, compared with $293.3 million for 2024. Mortgage banking activity decreased by $13.5 million, or 8.4%, to $147.0 million in 2025, compared with $160.5 million in 2024. Production in the retail mortgage division decreased to $4.51 billion in 2025, compared with $4.63 billion in 2024, while gain on sale spreads decreased to 2.20% in 2025 from 2.37% in 2024. Gain (loss) on securities decreased $10.7 million, or 86.7%, as the Company recorded a gain on conversion of Visa Class B stock and related realized gain (loss) on subsequent sales totaling $12.3 million in 2024, compared with realized gains on other investments of $1.6 million during 2025. Other noninterest income decreased $10.5 million, or 24.2%, in 2025, compared with 2024. This decrease primarily resulted from a net loss on sale of MSR of $660,000 in 2025, compared with a gain of $10.5 million in 2024.

Noninterest Expense

The Company has remained disciplined on expense control, with noninterest expense decreasing $11.5 million, or 7.4%, in the fourth quarter of 2025 to $143.1 million, compared with $154.6 million for the third quarter of 2025. Salaries and employee benefits decreased $9.0 million, primarily due to decreases in incentive compensation, healthcare costs and 401(k) expenses. Advertising and marketing expenses decreased $1.4 million, primarily due to a marketing campaign that ended early in the fourth quarter of 2025. Loan servicing expenses decreased $875,000 compared with the third quarter of 2025, largely due to the sale of mortgage servicing rights in the third quarter. Management continues to focus on operating efficiency, and the adjusted efficiency ratio⁽¹⁾ improved to 46.54% in the fourth quarter of 2025, compared with 49.47% in the third quarter of 2025.

For the full year 2025, noninterest expense decreased $3.8 million, or 0.6%, to $604.0 million, compared with $607.8 million in 2024. This decrease primarily resulted from decreases in loan servicing expenses and occupancy and equipment expenses of $5.0 million and $3.9 million, respectively. Loan servicing expenses decreased due to the sale of mortgage servicing rights during both 2024 and 2025. The decrease in occupancy and equipment expenses was attributable to lower depreciation, repairs and maintenance, and rental expense. These decreases were partially offset by a $2.8 million increase in data processing and communication expenses, relating to continued technology investments, and a $2.2 million increase in other noninterest expenses, including professional fees and debit card losses.

Income Tax Expense

The Company's effective tax rate for 2025 was 22.8%, compared with 24.6% for 2024. The Company's effective tax rate for the fourth quarter of 2025 was 23.2%, compared with 22.6% for the third quarter of 2025. The increased rate for the fourth quarter of 2025 resulted primarily from a return to provision adjustment made when the Company filed its 2024 income tax returns in the fourth quarter of 2025.

Balance Sheet Trends

Total assets at December 31, 2025 were $27.52 billion, compared with $27.10 billion at September 30, 2025 and $26.26 billion at December 31, 2024. During the fourth quarter of 2025, loans, net of unearned income, increased $255.1 million, or 4.8% annualized. Unfunded commitments increased $282.6 million during the fourth quarter of 2025, due to strong production during the quarter. Loans held for sale increased to $623.2 million at December 31, 2025 from $528.6 million at December 31, 2024. Debt securities available-for-sale increased to $2.21 billion, compared with $1.67 billion at December 31, 2024.

At December 31, 2025, total deposits amounted to $22.38 billion, compared with $21.72 billion at December 31, 2024. During the fourth quarter of 2025, deposits increased $147.9 million, with money market accounts increasing $471.7 million, interest bearing demand accounts increasing $33.0 million and savings accounts increasing $8.3 million, with such increases offset in part by a decrease in noninterest bearing accounts of $331.1 million, a decrease in retail CDs of $33.6 million and a decrease in brokered CDs of $403,000. Noninterest bearing accounts represented 28.7% of total deposits, compared with 30.4% at September 30, 2025 and 29.9% at December 31, 2024.

Shareholders' equity at December 31, 2025 totaled $4.08 billion, an increase of $324.5 million, or 8.6%, from December 31, 2024. The increase in shareholders' equity was primarily the result of earnings of $412.2 million during the full year of 2025 and an improvement in other comprehensive income of $38.4 million resulting from changes in interest rates on the Company's investment portfolio, partially offset by dividends declared and share repurchases. Tangible book value per share⁽¹⁾ increased $5.59 per share, or 14.5%, during the full year of 2025 to $44.18 at December 31, 2025. Tangible common equity as a percentage of tangible assets was 11.37% at December 31, 2025, compared with 10.59% at the end of 2024. The Company repurchased 563,798 shares of its common stock during the quarter ended December 31, 2025.

Credit Quality

During the fourth quarter of 2025, the Company recorded a provision for credit losses of $23.0 million, with the allowance for credit losses remaining stable at 1.62% of loans, compared with a provision of $22.6 million in the third quarter of 2025. Nonperforming assets as a percentage of total assets increased four basis points to 0.44% during the quarter. Approximately $24.3 million, or 20.2%, of the nonperforming assets at December 31, 2025 were GNMA-guaranteed mortgage loans, which have minimal loss exposure. Excluding these government-guaranteed loans, nonperforming assets as a percentage of total assets was relatively flat, having increased two basis points to 0.35% at December 31, 2025, compared with 0.33% at the end of the third quarter of 2025. The net charge-off ratio was 26 basis points for the fourth quarter of 2025, compared with 14 basis points in the third quarter of 2025. For the full year 2025, the net charge-off ratio decreased one basis point to 18 basis points, compared with 19 basis points for 2024.

Conference Call

The Company will host a teleconference at 9:00 a.m. Eastern time on Friday, January 30, 2026, to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-844-481-2939. The conference call ID is Ameris Bancorp. A replay of the call will be available beginning one hour after the end of the conference call until February 6, 2026. To listen to the replay, dial 1-855-669-9658. The conference replay access code is 2935441. The financial information discussed will be available on the Investor Relations page of the Ameris Bank website at ir.amerisbank.com. Participants also may listen to a live webcast of the presentation by visiting the link on the Investor Relations page of the Ameris Bank website.

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 163 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $27.5 billion in assets as of December 31, 2025, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at www.amerisbank.com.

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

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

This news release contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, unemployment, political and market conditions and fluctuations, including real estate market conditions, and the effects of such conditions and fluctuations on the creditworthiness 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. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequently filed periodic reports and other filings. Forward-looking statements speak only as of the date they are made, and, except as required by law, the Company undertakes no obligation to update or revise forward-looking statements.