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美国
证券交易委员会
华盛顿特区20549

表格10-Q
（Mark One）
☒根据1934年《证券交易法》第13条或第15（d）条提交的季度报告
 
截至季度结束日期的财务报告2024年9月30日
 
或
☐根据1934年证券交易法第13或15(d)节的转型报告书
委员会备案号码：001-13901
bancorplionclean.jpg
abc银行
(根据其章程规定的注册人准确名称)
乔治亚州58-1456434
(设立状态)（IRS雇主识别号码）
3490 Piedmont Rd N.E.，1550号套房
亚特兰大乔治亚州30305
，（主要行政办公地址）
(404)639-6500
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截至2024年11月4日，共有 69,066,730 4, 2024年11月4日，普通股股份。


abc银行
目录
  
   
第一部分 - 财务信息 
   
项目1。 
   
 
   
 
三个月和合并收益及综合收益情况表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 截至 September 2024年和2023年（未经审计）
   
 
三 共同股东权益报表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 截至 九月 2024年和2023年（未经审计）
   
 
   
 
   
项目 2。
   
项目 3。
   
项目4。
   
 
   
项目1。
   
项目1A。
   
项目 2。
   
项目 3。
   
项目4。
   
项目5。
   
项目6。
   




项目1：财务报表。

abc银行及其子公司
合并资产负债表
（以千美元计，每股数据除外）
 2024年9月30日（未经审计）2023年12月31日
资产  
现金和存放在银行的款项$231,515 $230,470 
银行中的 bearing 存款1,127,641 936,834 
现金及现金等价物1,359,156 1,167,304 
可供出售的债务证券，按公允价值计量，减去拨备$抵消后的净额66 和 $69
1,441,552 1,402,944 
持有到期持有的债务证券，按摊余成本计量，减去$的信用损失准备金— 和$— ）145,714 和$122,731)
161,220 141,512 
其他投资63,899 71,794 
待售贷款，按公允价值计量 553,379 281,332 
贷款，净的未赚收入20,964,981 20,269,303 
信贷损失准备金(334,457)(307,100)
贷款，净额20,630,524 19,962,203 
其他房地产拥有权，净值9,482 6,199 
资产和设备净值210,931 216,435 
商誉1,015,646 1,015,646 
其他无形资产，净额74,941 87,949 
银行拥有的人寿保险的现金价值460,699 395,778 
其他418,353 454,603 
资产总额$26,399,782 $25,203,699 
负债  
存款：  
非计息账户$6,670,320 $6,491,639 
计息账户15,208,945 14,216,870 
存款总额21,879,265 20,708,509 
其他借款346,446 509,586 
次级可推迟付款的利息债券131,811 130,315 
其他负债360,892 428,542 
负债合计22,718,414 21,776,952 
承诺和事项（注8）
股东权益  
优先股，规定价值 $1,000; 5,000,000 0已发行并流通股数为175,262股。
— — 
普通股，每股面值 $，授权股数：百万股；发行股数：分别为2024年6月30日和2023年12月31日：百万股；流通股数：分别为2024年6月30日和2023年12月31日：百万股1; 200,000,000 股份已获授权; 72,697,655 和 72,516,079 相应地发行了股票
72,698 72,516 
资本剩余1,954,532 1,945,385 
保留盈余1,772,989 1,539,957 
归属于母公司股东权益的累积其他综合收益（扣除所得税后）(15,724)(35,939)
截至2024年3月31日和2023年12月31日，公司的库藏股票分别有2,279,784股和2,693,653股。3,630,636 和 3,462,738 股份分别为
(103,127)(95,172)
股东权益合计3,681,368 3,426,747 
负债和股东权益总计$26,399,782 $25,203,699 

请查看未经审计的合并基本报表注释。
1

abc银行及其子公司
损益及综合收益表（未经审计）
（以千美元计，每股数据除外）
 三个月结束
September 30,		九个月结束
September 30,
 2024202320242023
利息收入    
贷款利息和费用$325,622 $304,699 $946,679 $868,675 
应税证券利息15,555 14,754 45,595 44,969 
非应税证券利息336 331 1,001 1,009 
其他银行存款利息和已售联邦基金13,633 10,769 38,646 33,568 
总利息收入355,146 330,553 1,031,921 948,221 
利息支出    
赎回Baskets的日元数量。如果Trust的日元被提取以支付Trust的开支，需要创建篮子或在篮子赎回时发生的，用于表示Baskets的日元数量的代币的日元数量可能会随着时间的推移而逐渐减少。129,698 102,999 369,117 244,268 
其他借款利息11,388 19,803 35,435 75,010 
总利息支出141,086 122,802 404,552 319,278 
净利息收入214,060 207,751 627,369 628,943 
贷款损失拨备6,313 30,095 57,184 123,114 
未贷款承诺的信贷损失准备金(204)(5,634)(11,196)(3,415)
其他信贷损失准备金(2)(2)(3)5 
拨备6,107 24,459 45,985 119,704 
经计提信贷损失后的净利息收入207,953 183,292 581,384 509,239 
非利息收入    
存款账户服务费12,918 12,092 37,349 34,323 
抵押贷款业务37,947 36,290 123,776 108,424 
其他服务费、佣金和费用1,163 1,221 3,576 3,167 
有价证券的净收益（亏损）(8)(16)12,320 (16)
其他非利息收入17,689 13,594 47,277 40,682 
非利息收入总额69,709 63,181 224,298 186,580 
非利息支出    
薪水和员工福利88,700 81,898 259,831 244,144 
租赁和设备11,716 12,745 37,160 38,253 
数据处理和通信费用15,221 12,973 45,068 39,458 
信用解决方案相关费用(110)(1,360)1,216 (77)
广告及市场营销4,089 2,723 10,205 8,882 
无形资产摊销4,180 4,425 13,009 13,819 
贷款服务费8,626 9,290 27,857 26,392 
其他非利息支出19,355 18,752 61,499 58,399 
总非利息支出151,777 141,446 455,845 429,270 
税前收入125,885 105,027 349,837 266,549 
所得税费用26,673 24,912 85,528 63,378 
净利润99,212 80,115 264,309 203,171 
其他综合收益（损失）    
期间内对可供出售债券的未实现持有盈利（亏损）净额，扣除税费（益）支出$7,427, $(3,472), $6,710和$4,871)
22,296 (10,200)20,215 (14,311)
其他综合收益（损失）总额22,296 (10,200)20,215 (14,311)
综合收益$121,508 $69,915 $284,524 $188,860 
基本每股收益$1.44 $1.16 $3.84 $2.94 
稀释每股收益$1.44 $1.16 $3.83 $2.94 
加权平均流通股份    
Basic68,798,093 68,879,352 68,811,727 69,023,201 
Diluted69,066,298 68,994,247 69,031,666 69,129,921 
See notes to unaudited consolidated financial statements.
2

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (unaudited)
(dollars in thousands)

Three Months Ended September 30, 2024
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, June 30, 202472,697,209 $72,697 $1,950,846 $1,684,218 $(38,020)3,630,636 $(103,127)$3,566,614 
Issuance of restricted shares2,559 3 (3)— — — — — 
Forfeitures of restricted shares(2,113)(2)(41)— — — — (43)
Share-based compensation— — 3,730 — — — — 3,730 
Purchase of treasury shares— — — — — — — — 
Net income— — — 99,212 — — — 99,212 
Dividends on common shares ($0.15 per share)
— — — (10,441)— — — (10,441)
Other comprehensive income during the period— — — — 22,296 — — 22,296 
Balance, September 30, 202472,697,655 $72,698 $1,954,532 $1,772,989 $(15,724)3,630,636 $(103,127)$3,681,368 
Nine Months Ended September 30, 2024
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202372,516,079 $72,516 $1,945,385 $1,539,957 $(35,939)3,462,738 $(95,172)$3,426,747 
Issuance of restricted shares128,391 129 (129)— — — — — 
Issuance of common shares pursuant to PSU agreements63,301 63 (63)— — — — — 
Forfeitures of restricted shares(10,116)(10)(214)— — — — (224)
Share-based compensation— — 9,553 — — — — 9,553 
Purchase of treasury shares— — — — — 167,898 (7,955)(7,955)
Net income— — — 264,309 — — — 264,309 
Dividends on common shares ($0.45 per share)
— — — (31,277)— — — (31,277)
Other comprehensive income during the period— — — — 20,215 — — 20,215 
Balance, September 30, 202472,697,655 $72,698 $1,954,532 $1,772,989 $(15,724)3,630,636 $(103,127)$3,681,368 


3

Three Months Ended September 30, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, June 30, 202372,514,630 $72,515 $1,939,865 $1,414,742 $(50,618)3,374,847 $(91,874)$3,284,630 
Issuance of restricted shares1,500 2 (2)— — — — — 
Forfeitures of restricted shares(2,083)(3)(30)— — — — (33)
Share-based compensation— — 3,019 — — — — 3,019 
Purchase of treasury shares— — — — — 739 (29)(29)
Net income— — — 80,115 — — — 80,115 
Dividends on common shares ($0.15 per share)
— — — (10,433)— — — (10,433)
Other comprehensive loss during the period— — — — (10,200)— — (10,200)
Balance, September 30, 202372,514,047 $72,514 $1,942,852 $1,484,424 $(60,818)3,375,586 $(91,903)$3,347,069 
Nine Months Ended September 30, 2023
Common StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss, Net of TaxTreasury StockTotal Shareholders' Equity
SharesAmountSharesAmount
Balance, December 31, 202272,263,727 $72,264 $1,935,211 $1,311,258 $(46,507)2,894,677 $(74,826)$3,197,400 
Issuance of restricted shares133,430 134 (134)— — — — — 
Issuance of common shares pursuant to PSU agreements102,973 103 (103)— — — — — 
Forfeitures of restricted shares(2,083)(3)(30)— — — — (33)
Proceeds from exercise of stock options16,000 16 460 — — — — 476 
Share-based compensation— — 7,448 — — — — 7,448 
Purchase of treasury shares— — — — — 480,909 (17,077)(17,077)
Net income— — — 203,171 — — — 203,171 
Dividends on common shares ($0.45 per share)
— — — (31,282)— — — (31,282)
Cumulative effect of change in accounting for credit losses— — — 1,277 — — — 1,277 
Other comprehensive loss during the period— — — — (14,311)— — (14,311)
Balance, September 30, 202372,514,047 $72,514 $1,942,852 $1,484,424 $(60,818)3,375,586 $(91,903)$3,347,069 

See notes to unaudited consolidated financial statements. 
4

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Nine Months Ended
September 30,
 20242023
Operating Activities  
Net income$264,309 $203,171 
Adjustments reconciling net income to net cash (used in) provided by operating activities:  
Depreciation14,343 14,260 
Net losses on sale or disposal of premises and equipment31 97 
Provision for credit losses45,985 119,704 
Net write-downs and (gains) losses on sale of other real estate owned(20)(1,597)
Share-based compensation expense9,329 7,415 
Amortization of intangible assets13,009 13,819 
Amortization of operating lease right of use assets7,588 8,440 
Provision for deferred taxes(23,459)(13,382)
Net accretion of debt securities available-for-sale(3,126)(4,316)
Net accretion of debt securities held-to-maturity(130)(136)
Net amortization of other investments825 1,108 
Net (gain) loss on securities(12,320)16 
Net amortization (accretion) of fair value marks on purchased loans1,063 (1,361)
Net amortization on other borrowings206 774 
Amortization of subordinated deferrable interest debentures1,496 1,495 
Originations of mortgage loans held for sale(3,237,612)(2,818,898)
Payments received on mortgage loans held for sale12,720 11,806 
Proceeds from sales of mortgage loans held for sale2,980,551 2,802,956 
Net (gains) losses on mortgage loans held for sale(43,062)4,447 
Originations of SBA loans(5,823)(24,252)
Proceeds from sales of SBA loans5,690 27,129 
Net gains on sale of SBA loans(468)(1,382)
Increase in cash surrender value of bank owned life insurance(8,516)(6,768)
Gain on bank owned life insurance proceeds(1,464)(486)
Gain on sale of mortgage servicing rights(9,958)— 
Gain on debt redemption(169)(1,148)
Change attributable to other operating activities12,672 13,157 
Net cash provided by operating activities23,690 356,068 
Investing Activities  
Purchases of debt securities available-for-sale(423,932)(500)
Purchases of debt securities held-to-maturity(22,206)(8,543)
Proceeds from maturities and paydowns of debt securities available-for-sale413,553 61,394 
Proceeds from sales of debt securities available-for-sale— 216 
Proceeds from maturities and paydowns of debt securities held-to-maturity2,628 1,684 
Net decrease in other investments19,390 4,911 
Net increase in loans(815,879)(400,486)
Purchases of premises and equipment(9,120)(11,680)
Proceeds from sale of premises and equipment 250 42 
Proceeds from sales of other real estate owned7,503 8,756 
Proceeds from sale of mortgage servicing rights82,328 — 
Purchases of bank owned life insurance(110,000)— 
Proceeds from bank owned life insurance55,059 1,890 
Net cash used in investing activities(800,426)(342,316)
  (Continued)

5

AMERIS BANCORP AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
 Nine Months Ended
September 30,
 20242023
Financing Activities  
Net increase in deposits$1,170,756 $1,127,607 
Proceeds from other borrowings4,443,000 13,837,000 
Repayment of other borrowings(4,606,177)(14,502,809)
Proceeds from exercise of stock options— 476 
Dividends paid - common stock(31,140)(31,308)
Purchase of treasury shares(7,851)(17,077)
Net cash provided by financing activities968,588 413,889 
Net increase in cash and cash equivalents191,852 427,641 
Cash and cash equivalents at beginning of period1,167,304 1,118,132 
Cash and cash equivalents at end of period$1,359,156 $1,545,773 
Supplemental Disclosures of Cash Flow Information  
Cash paid (received) during the period for:  
Interest$408,323 $290,972 
Income taxes97,574 88,353 
Loans transferred to other real estate owned10,766 9,713 
Loans transferred from loans held for sale to loans held for investment15,957 8,806 
Right-of-use assets obtained in exchange for new operating lease liabilities2,470 2,678 
Change in unrealized loss on securities available-for-sale, net of tax20,215 (14,311)
  (Concluded)

See notes to unaudited consolidated financial statements.

6

AMERIS BANCORP AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
September 30, 2024
 
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 September 30, 2024, the Bank operated 164 branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. Our business model capitalizes on the efficiencies of a large financial services company, while still providing the community with the personalized banking service expected by our customers. We manage our Bank through a balance of decentralized management responsibilities and efficient centralized operating systems, products and loan underwriting standards. The Company’s Board of Directors and senior managers establish corporate policy, strategy and administrative policies. Within our established guidelines and policies, the banker closest to the customer responds to the differing needs and demands of his or her unique market.

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 nine months ended September 30, 2024 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, 2023.

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 2024

ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credit. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. The Company adopted ASU 2023-02 on January 1, 2024 and adoption did not have a significant impact on the Company's financial position or results of operations.


7

ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 enhances segment disclosures by requiring inclusion of significant segment expenses, disclosure of the amount and composition of other segment items, previous annual disclosures in interim periods and identification of the position and title of the chief operating decision maker. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard effective January 1, 2024 and adoption did not have a significant impact on the Company's financial position or results of operations. The adoption will enhance disclosures of reporting segments beginning with the Company's Annual Report on Form 10-K and will be applied on a retrospective basis.

Accounting Standards Pending Adoption

ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU No. 2023-09 provides for enhanced income tax disclosures by, among other things, requiring specific breakout of certain categories in the reconciliation of statutory income tax rate to effective rate, establishing a quantitative threshold for further breakout of reconciling items exceeding the threshold and not already required to be separately disclosed, requiring a qualitative description of the state and local jurisdictions making up the majority (greater than 50%) of the effect of state and local income taxes category, and provide further disaggregation of income taxes paid (net of refunds received) by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and it is not expected to have a significant impact on the Company's financial position or results of operations but will increase disclosures of income taxes.

NOTE 2 – INVESTMENT SECURITIES

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

(dollars in thousands)
Securities available-for-sale
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
September 30, 2024
U.S. Treasuries$631,992 $— $2,746 $(4,067)$630,671 
U.S. government-sponsored agencies1,013 — — (18)995 
State, county and municipal securities26,652 — 23 (746)25,929 
Corporate debt securities10,946 (66)10 (664)10,226 
SBA pool securities75,276 — 2 (1,086)74,192 
Mortgage-backed securities713,439 — 3,948 (17,848)699,539 
Total debt securities available-for-sale$1,459,318 $(66)$6,729 $(24,429)$1,441,552 
December 31, 2023
U.S. Treasuries$732,636 $— $34 $(11,793)$720,877 
U.S. government-sponsored agencies1,023 — — (38)985 
State, county and municipal securities28,986 — 9 (944)28,051 
Corporate debt securities10,946 (69)— (850)10,027 
SBA pool securities53,033 — 2 (1,519)51,516 
Mortgage-backed securities621,013 — 67 (29,592)591,488 
Total debt securities available-for-sale$1,447,637 $(69)$112 $(44,736)$1,402,944 

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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
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
September 30, 2024
State, county and municipal securities$33,648 $— $(4,907)$28,741 
Mortgage-backed securities127,572 384 (10,983)116,973 
Total debt securities held-to-maturity$161,220 $384 $(15,890)$145,714 
December 31, 2023
State, county and municipal securities$31,905 $— $(5,051)$26,854 
Mortgage-backed securities109,607 — (13,730)95,877 
Total debt securities held-to-maturity$141,512 $— $(18,781)$122,731 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of September 30, 2024, 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:

Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost		Estimated Fair ValueAmortized
Cost		Estimated Fair Value
Due in one year or less$282,084 $279,670 $— $— 
Due from one year to five years382,895 383,492 — — 
Due from five to ten years69,328 68,345 — — 
Due after ten years11,572 10,506 33,648 28,741 
Mortgage-backed securities713,439 699,539 127,572 116,973 
 $1,459,318 $1,441,552 $161,220 $145,714 

Securities with a carrying value of approximately $459.1 million and $532.6 million at September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
September 30, 2024      
U.S. Treasuries$— $— $352,918 $(4,067)$352,918 $(4,067)
U.S. government-sponsored agencies— — 995 (18)995 (18)
State, county and municipal securities— — 17,090 (746)17,090 (746)
Corporate debt securities— — 8,320 (664)8,320 (664)
SBA pool securities55,570 (117)18,478 (969)74,048 (1,086)
Mortgage-backed securities22,153 (50)505,263 (17,798)527,416 (17,848)
Total debt securities available-for-sale$77,723 $(167)$903,064 $(24,262)$980,787 $(24,429)
December 31, 2023      
U.S. Treasuries$159,667 $(827)$537,313 $(10,966)$696,980 $(11,793)
U.S. government sponsored agencies— — 985 (38)985 (38)
State, county and municipal securities1,923 — 19,754 (944)21,677 (944)
Corporate debt securities500 — 8,527 (850)9,027 (850)
SBA pool securities42 — 21,267 (1,519)21,309 (1,519)
Mortgage-backed securities126 — 566,707 (29,592)566,833 (29,592)
Total debt securities available-for-sale$162,258 $(827)$1,154,553 $(43,909)$1,316,811 $(44,736)
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As of September 30, 2024, the Company’s available-for-sale security portfolio consisted of 404 securities, 360 of which were in an unrealized loss position. At September 30, 2024, the Company held 293 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. At September 30, 2024, the Company held 33 U.S. Small Business Administration (“SBA”) pool securities, 16 state, county and municipal securities, five corporate securities, one U.S. government-sponsored agency security, and 12 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 September 30, 2024 and December 31, 2023:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities held-to-maturity
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
September 30, 2024
State, county and municipal securities$1,753 $(2)$26,988 $(4,905)$28,741 $(4,907)
Mortgage-backed securities3,315 (57)82,422 (10,926)85,737 (10,983)
Total debt securities held-to-maturity$5,068 $(59)$109,410 $(15,831)$114,478 $(15,890)
December 31, 2023
State, county and municipal securities$— $— $26,854 $(5,051)$26,854 $(5,051)
Mortgage-backed securities13,612 (227)82,265 (13,503)95,877 (13,730)
Total debt securities held-to-maturity$13,612 $(227)$109,119 $(18,554)$122,731 $(18,781)

As of September 30, 2024, the Company’s held-to-maturity security portfolio consisted of 35 securities, 28 of which were in an unrealized loss position. At September 30, 2024, the Company held 20 mortgage-backed securities and eight state, county and municipal securities that were in an unrealized loss position.

At September 30, 2024 and December 31, 2023, 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 September 30, 2024, 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 September 30, 2024, management determined that $66,000 was attributable to credit impairment and an allowance for credit losses was recorded. The remaining $24.4 million in unrealized loss was determined to be from factors other than credit.

(dollars in thousands)Three Months Ended September 30,Nine Months Ended September 30,
Allowance for credit losses
2024202320242023
Beginning balance$68 $82 $69 $75 
Provision for other credit losses(2)(2)(3)5 
Ending balance$66 $80 $66 $80 

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

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The following table is a summary of sales activities in the Company's debt securities available for sale for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Gross gains on sales of securities$— $— $— $— 
Gross losses on sales of securities— — — — 
Net realized gains (losses) on sales of debt securities available for sale$— $— $— $— 
Sales proceeds$— $216 $— $216 

Total net gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Unrealized holding gains (losses) on equity securities$(3,945)$(16)$6 $(16)
Net realized gains on sales of other investments3,937 — 12,314 — 
Net gain (loss) on securities$(8)$(16)$12,320 $(16)

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)September 30, 2024December 31, 2023
Commercial, financial and agricultural$2,949,957 $2,688,929 
Consumer210,310 241,552 
Indirect automobile10,891 34,257 
Mortgage warehouse985,910 818,728 
Municipal449,561 492,668 
Premium finance1,246,452 946,562 
Real estate – construction and development2,232,114 2,129,187 
Real estate – commercial and farmland8,249,981 8,059,754 
Real estate – residential4,629,805 4,857,666 
 $20,964,981 $20,269,303 

Accrued interest receivable on loans is reported in other assets on the consolidated balance sheets totaling $78.2 million and $79.2 million and at September 30, 2024 and December 31, 2023, respectively. The Company had no recorded allowance for credit losses related to accrued interest on loans at both September 30, 2024 and December 31, 2023.

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. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. 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.

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

(dollars in thousands)September 30, 2024December 31, 2023
Commercial, financial and agricultural$13,869 $8,059 
Consumer 743 1,153 
Indirect automobile186 299 
Real estate – construction and development3,908 282 
Real estate – commercial and farmland13,020 11,295 
Real estate – residential(1)
63,781 130,029 
$95,507 $151,117 
(1) Included in real estate - residential were $8.2 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at September 30, 2024 and December 31, 2023, respectively.

Interest income recognized on nonaccrual loans during the nine months ended September 30, 2024 and 2023 was not material.

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

(dollars in thousands)September 30, 2024December 31, 2023
Commercial, financial and agricultural$3,660 $2,049 
Real estate – construction and development2,945 — 
Real estate – commercial and farmland9,836 9,109 
Real estate – residential30,277 75,419 
$46,718 $86,577 

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The following table presents an analysis of past-due loans as of September 30, 2024 and December 31, 2023:

(dollars in thousands)Loans
30-59
Days Past
Due		Loans
60-89
Days
Past Due		Loans 90
or More
Days Past
Due		Total
Loans
Past Due		Current
Loans		Total
Loans		Loans 90
Days or
More Past
Due and
Still
Accruing
September 30, 2024       
Commercial, financial and agricultural$20,313 $6,299 $8,907 $35,519 $2,914,438 $2,949,957 $4,732 
Consumer 1,911 512 366 2,789 207,521 210,310 — 
Indirect automobile51 24 51 126 10,765 10,891 — 
Mortgage warehouse— — — — 985,910 985,910 — 
Municipal— — — — 449,561 449,561 — 
Premium finance13,246 5,880 7,502 26,628 1,219,824 1,246,452 7,502 
Real estate – construction and development10,411 3,687 584 14,682 2,217,432 2,232,114 — 
Real estate – commercial and farmland4,514 3,133 7,562 15,209 8,234,772 8,249,981 — 
Real estate – residential46,039 14,823 60,788 121,650 4,508,155 4,629,805 — 
Total$96,485 $34,358 $85,760 $216,603 $20,748,378 $20,964,981 $12,234 
December 31, 2023       
Commercial, financial and agricultural$11,023 $5,439 $9,733 $26,195 $2,662,734 $2,688,929 $5,310 
Consumer 2,155 1,037 498 3,690 237,862 241,552 — 
Indirect automobile153 17 78 248 34,009 34,257 — 
Mortgage warehouse— — — — 818,728 818,728 — 
Municipal— — — — 492,668 492,668 — 
Premium finance12,379 6,832 11,678 30,889 915,673 946,562 11,678 
Real estate – construction and development2,094 — 282 2,376 2,126,811 2,129,187 — 
Real estate – commercial and farmland5,070 1,656 6,352 13,078 8,046,676 8,059,754 — 
Real estate – residential49,976 19,300 127,087 196,363 4,661,303 4,857,666 — 
Total$82,850 $34,281 $155,708 $272,839 $19,996,464 $20,269,303 $16,988 

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 loss as the amount by which the amortized cost basis of the financial asset exceeds the estimated fair value of the collateral.

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

September 30, 2024December 31, 2023
(dollars in thousands)BalanceAllowance for Credit LossesBalanceAllowance for Credit Losses
Commercial, financial and agricultural$19,940 $3,130 $5,889 $567 
Premium finance— — 1,990 45 
Real estate – construction and development— — 280 23 
Real estate – commercial and farmland14,665 218 11,114 108 
Real estate – residential16,283 2,008 21,102 2,654 
$50,888 $5,356 $40,375 $3,397 

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 – These loans range from minimal to 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 credit worthiness 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 September 30, 2024 and December 31, 2023. 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 September 30, 2024 or December 31, 2023.
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As of September 30, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Commercial, Financial and Agricultural
Risk Grade:
Pass$771,180 $653,260 $599,054 $284,292 $85,784 $56,473 $460,002 $2,910,045 
Special mention5 127 1,825 1,315 725 3,241 2,784 10,022 
Substandard231 2,302 3,600 8,907 824 5,337 8,689 29,890 
Total commercial, financial and agricultural$771,416 $655,689 $604,479 $294,514 $87,333 $65,051 $471,475 $2,949,957 
Current-period gross charge offs286 15,849 15,380 6,699 1,178 758 — 40,150 
Consumer
Risk Grade:
Pass$44,222 $21,803 $10,610 $3,046 $19,194 $27,710 $82,381 $208,966 
Special mention5 — 15 — — 39 — 59 
Substandard137 253 105 34 190 439 127 1,285 
Total consumer$44,364 $22,056 $10,730 $3,080 $19,384 $28,188 $82,508 $210,310 
Current-period gross charge offs113 514 210 38 682 1,081 198 2,836 
Indirect Automobile
Risk Grade:
Pass$— $— $— $— $— $10,625 $— $10,625 
Special mention— — — — — 26 — 26 
Substandard— — — — — 240 — 240 
Total indirect automobile$— $— $— $— $— $10,891 $— $10,891 
Current-period gross charge offs— — — — — 138 — 138 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $976,092 $976,092 
Special mention— — — — — — 9,818 9,818 
Total mortgage warehouse$— $— $— $— $— $— $985,910 $985,910 
Current-period gross charge offs— — — — — — — — 
Municipal
Risk Grade:
Pass$20,566 $9,227 $44,890 $36,746 $140,694 $196,616 $822 $449,561 
Total municipal$20,566 $9,227 $44,890 $36,746 $140,694 $196,616 $822 $449,561 
Current-period gross charge offs— — — — — — — — 
Premium Finance
Risk Grade:
Pass$1,217,918 $20,616 $213 $203 $— $— $— $1,238,950 
Substandard5,245 2,257 — — — — — 7,502 
Total premium finance$1,223,163 $22,873 $213 $203 $— $— $— $1,246,452 
Current-period gross charge offs742 5,923 245 — — — — 6,910 
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As of September 30, 2024
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20242023202220212020PriorTotal
Real Estate – Construction and Development
Risk Grade:
Pass$413,449 $289,316 $1,025,891 $323,413 $4,550 $91,834 $74,078 $2,222,531 
Special mention3,159 1,643 — 66 — 317 — 5,185 
Substandard50 79 3,374 367 — 528 — 4,398 
Total real estate – construction and development$416,658 $291,038 $1,029,265 $323,846 $4,550 $92,679 $74,078 $2,232,114 
Current-period gross charge offs— — — — — — — — 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$166,867 $457,998 $2,191,571 $2,197,460 $1,062,050 $1,935,670 $94,477 $8,106,093 
Special mention— 1,360 35 756 15,471 76,613 — 94,235 
Substandard— 1,122 17,322 13,878 3,402 13,929 — 49,653 
Total real estate – commercial and farmland$166,867 $460,480 $2,208,928 $2,212,094 $1,080,923 $2,026,212 $94,477 $8,249,981 
Current-period gross charge offs— 513 — — — 58 — 571 
Real Estate - Residential
Risk Grade:
Pass$164,123 $649,299 $1,320,707 $1,071,834 $473,748 $587,155 $286,613 $4,553,479 
Special mention— 11 53 763 596 1,962 1,749 5,134 
Substandard1,299 5,576 13,312 11,056 9,110 23,432 7,407 71,192 
Total real estate - residential$165,422 $654,886 $1,334,072 $1,083,653 $483,454 $612,549 $295,769 $4,629,805 
Current-period gross charge offs— 24 20 — — 5 — 49 
Total Loans
Risk Grade:
Pass$2,798,325 $2,101,519 $5,192,936 $3,916,994 $1,786,020 $2,906,083 $1,974,465 $20,676,342 
Special mention3,169 3,141 1,928 2,900 16,792 82,198 14,351 124,479 
Substandard6,962 11,589 37,713 34,242 13,526 43,905 16,223 164,160 
Total loans$2,808,456 $2,116,249 $5,232,577 $3,954,136 $1,816,338 $3,032,186 $2,005,039 $20,964,981 
Total current-period gross charge offs1,141 22,823 15,855 6,737 1,860 2,040 198 50,654 

16

As of December 31, 2023
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20232022202120202019PriorTotal
Commercial, Financial and Agricultural
Risk Grade:
Pass$892,951 $758,471 $384,830 $95,055 $56,447 $41,095 $432,472 $2,661,321 
Special mention— 335 5,722 92 109 451 803 7,512 
Substandard1,512 3,595 3,222 1,140 3,533 5,748 1,346 20,096 
Total commercial, financial and agricultural$894,463 $762,401 $393,774 $96,287 $60,089 $47,294 $434,621 $2,688,929 
Consumer
Risk Grade:
Pass$44,736 $17,661 $5,878 $25,654 $15,838 $20,937 $109,214 $239,918 
Special mention— 5 — — — 26 — 31 
Substandard154 181 41 334 197 531 165 1,603 
Total consumer$44,890 $17,847 $5,919 $25,988 $16,035 $21,494 $109,379 $241,552 
Indirect Automobile
Risk Grade:
Pass$— $— $— $— $6,086 $27,646 $— $33,732 
Substandard— — — — 55 470 — 525 
Total indirect automobile$— $— $— $— $6,141 $28,116 $— $34,257 
Mortgage Warehouse
Risk Grade:
Pass$— $— $— $— $— $— $772,366 $772,366 
Special mention— — — — — — 46,362 46,362 
Total mortgage warehouse$— $— $— $— $— $— $818,728 $818,728 
Municipal
Risk Grade:
Pass$14,216 $27,346 $48,941 $177,156 $14,655 $208,236 $2,118 $492,668 
Total municipal$14,216 $27,346 $48,941 $177,156 $14,655 $208,236 $2,118 $492,668 
Premium Finance
Risk Grade:
Pass$928,930 $4,038 $1,916 $— $— $— $— $934,884 
Substandard10,777 901 — — — — — 11,678 
Total premium finance$939,707 $4,939 $1,916 $— $— $— $— $946,562 
17

As of December 31, 2023
Term Loans by Origination YearRevolving Loans Amortized Cost Basis
20232022202120202019PriorTotal
Real Estate – Construction and Development
Risk Grade:
Pass$457,077 $938,909 $505,254 $58,840 $54,646 $30,042 $81,662 $2,126,430 
Special mention— — — — — 479 — 479 
Substandard— 266 1,512 — — 500 — 2,278 
Total real estate – construction and development$457,077 $939,175 $506,766 $58,840 $54,646 $31,021 $81,662 $2,129,187 
Real Estate – Commercial and Farmland
Risk Grade:
Pass$450,315 $1,890,498 $2,133,833 $1,090,735 $765,640 $1,437,323 $100,206 $7,868,550 
Special mention— 17,131 53,329 — 30,200 46,370 — 147,030 
Substandard428 418 15,578 2,660 6,106 18,984 — 44,174 
Total real estate – commercial and farmland$450,743 $1,908,047 $2,202,740 $1,093,395 $801,946 $1,502,677 $100,206 $8,059,754 
Real Estate - Residential
Risk Grade:
Pass$714,684 $1,425,186 $1,148,092 $506,137 $236,147 $423,648 $262,968 $4,716,862 
Special mention13 — 72 201 234 1,411 380 2,311 
Substandard5,057 26,171 28,459 30,566 19,357 25,263 3,620 138,493 
Total real estate - residential$719,754 $1,451,357 $1,176,623 $536,904 $255,738 $450,322 $266,968 $4,857,666 
Total Loans
Risk Grade:
Pass$3,502,909 $5,062,109 $4,228,744 $1,953,577 $1,149,459 $2,188,927 $1,761,006 $19,846,731 
Special mention13 17,471 59,123 293 30,543 48,737 47,545 203,725 
Substandard17,928 31,532 48,812 34,700 29,248 51,496 5,131 218,847 
Total loans$3,520,850 $5,111,112 $4,336,679 $1,988,570 $1,209,250 $2,289,160 $1,813,682 $20,269,303 

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
18

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 nine months ended September 30, 2024, the allowance for credit losses increased due to the current economic forecast and organic loan growth during the period. The allowance for credit losses was determined at September 30, 2024 using a weighting of two economic forecasts from Moody's in order to align with management's best estimate over the reasonable and supportable forecast period. The Moody's baseline scenario was weighted at 65% and the downside 75th percentile S-2 scenario was weighted at 35%. The allowance for credit losses was determined at December 31, 2023 solely using the Moody's baseline scenario economic forecast. The current forecast reflects, among other things, an increase in forecast levels of multifamily rental vacancies and unemployment, partially offset by a decrease in the severity of commercial real estate price index decline compared with the forecast at December 31, 2023.

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 September 30, 2024
(dollars in thousands)Commercial,
Financial and
Agricultural		ConsumerIndirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, June 30, 2024$66,542 $3,451 $28 $2,142 $60 $702 
Provision for loan losses8,463 1,287 (65)30 137 180 
Loans charged off(12,316)(819)(34)— — (2,102)
Recoveries of loans previously charged off4,979 208 101 — — 1,860 
Balance, September 30, 2024$67,668 $4,127 $30 $2,172 $197 $640 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, June 30, 2024$77,482 $121,963 $63,848 $336,218 
Provision for loan losses(2,506)(1,885)672 6,313 
Loans charged off— (58)(23)(15,352)
Recoveries of loans previously charged off6 61 63 7,278 
Balance, September 30, 2024$74,982 $120,081 $64,560 $334,457 
Nine Months Ended September 30, 2024
(dollars in thousands)Commercial,
Financial and
Agricultural		ConsumerIndirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, December 31, 2023$64,053 $3,902 $50 $1,678 $345 $602 
Provision for loan losses31,479 2,450 (348)494 (148)343 
Loans charged off(40,150)(2,836)(138)— — (6,910)
Recoveries of loans previously charged off12,286 611 466 — — 6,605 
Balance, September 30, 2024$67,668 $4,127 $30 $2,172 $197 $640 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2023$61,017 $110,097 $65,356 $307,100 
Provision for loan losses13,911 9,900 (897)57,184 
Loans charged off— (571)(49)(50,654)
Recoveries of loans previously charged off54 655 150 20,827 
Balance, September 30, 2024$74,982 $120,081 $64,560 $334,457 

19

Three Months Ended September 30, 2023
(dollars in thousands)Commercial,
Financial and
Agricultural		ConsumerIndirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, June 30, 2023$50,789 $4,548 $98 $2,335 $357 $776 
Provision for loan losses14,650 310 (149)(589)(9)183 
Loans charged off(16,519)(948)(36)— — (1,951)
Recoveries of loans previously charged off4,745 203 158 — — 1,639 
Balance, September 30, 2023$53,665 $4,113 $71 $1,746 $348 $647 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, June 30, 2023$54,589 $96,140 $62,439 $272,071 
Provision for loan losses8,525 5,453 1,721 30,095 
Loans charged off— — (34)(19,488)
Recoveries of loans previously charged off74 371 236 7,426 
Balance, September 30, 2023$63,188 $101,964 $64,362 $290,104 
Nine Months Ended September 30, 2023
(dollars in thousands)Commercial,
Financial and
Agricultural		ConsumerIndirect AutomobileMortgage WarehouseMunicipalPremium Finance
Balance, December 31, 2022$39,455 $5,413 $174 $2,118 $357 $1,025 
Adjustment to allowance for adoption of ASU 2022-02(105)— — — — — 
Provision for loan losses46,050 2,146 (567)(372)(9)141 
Loans charged off(42,068)(4,140)(135)— — (5,220)
Recoveries of loans previously charged off10,333 694 599 — — 4,701 
Balance, September 30, 2023$53,665 $4,113 $71 $1,746 $348 $647 
Real Estate – Construction and DevelopmentReal Estate –
Commercial and
Farmland		Real Estate –
Residential		Total
Balance, December 31, 2022$32,659 $67,433 $57,043 $205,677 
Adjustment to allowance for adoption of ASU 2022-02(37)(722)(847)(1,711)
Provision for loan losses29,920 38,097 7,708 123,114 
Loans charged off— (3,320)(231)(55,114)
Recoveries of loans previously charged off646 476 689 18,138 
Balance, September 30, 2023$63,188 $101,964 $64,362 $290,104 

Modifications to Borrowers Experiencing Financial Difficulty

The Company periodically provides modifications to borrowers experiencing financial difficulty. These modifications include either 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.

20

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 nine months ended September 30, 2024, and 2023:

Three Months Ended September 30, 2024
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Real estate – residential$— $3,185 $835 $2,833 $6,853 0.1 %
Total$— $3,185 $835 $2,833 $6,853 — %
Nine Months Ended September 30, 2024
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial, financial and agricultural$605 $— $— $— $605 — %
Real estate – residential— 8,671 1,336 4,170 14,177 0.3 %
Total$605 $8,671 $1,336 $4,170 $14,782 0.1 %

Three Months Ended September 30, 2023
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial, financial and agricultural$— $520 $— $520 — %
Real estate – commercial and farmland— 697 832 1,529 — %
Real estate – residential839 1,683 — 2,522 0.1 %
Total$839 $2,900 $832 $4,571 — %

Nine Months Ended September 30, 2023
(dollars in thousands)Payment DeferralTerm ExtensionInterest Rate ReductionCombination of Term Extension and Rate ReductionTotalPercentage of Total Class of Financial Receivable
Commercial, financial and agricultural$1,180 $2,502 $— $— $3,682 0.1 %
Real estate – construction and development— 278 — — 278 — %
Real estate – commercial and farmland— 1,197 832 — 2,029 — %
Real estate – residential1,033 3,165 — 348 4,546 0.1 %
Total$2,213 $7,142 $832 $348 $10,535 0.1 %

The Company had unfunded commitments to borrowers experiencing financial difficulty for which the Company has modified their loans of $1.4 million at September 30, 2024 and $1.5 million at December 31, 2023, respectively.

21

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2024, and 2023, respectively:

Three Months Ended September 30, 2024
Term Extension
Loan TypeFinancial Effect
Real estate - residential
Maturity dates were extended for a weighted average of 94 months.
Interest Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Rate was reduced by 3.63%
Combination of Term Extension and Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Maturity date was extended for a weighted average 101 months and rate was reduced by a weighted average 2.35%

Nine Months Ended September 30, 2024
Payment Deferral
Loan TypeFinancial Effect
Commercial, financial and agricultural
Payments were deferred for 16 months.
Term Extension
Loan TypeFinancial Effect
Real estate - residential
Maturity dates were extended for a weighted average of 89 months

Interest Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Rate was reduced by a weighted average 2.88%

Combination of Term Extension and Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Maturity date was extended for a weighted average 104 months and rate was reduced by a weighted average 2.51%

22

Three Months Ended September 30, 2023
Payment Deferral
Loan TypeFinancial Effect
Real estate – residential
Payments were deferred for four months
Term Extension
Loan TypeFinancial Effect
Commercial, financial and agricultural
Maturity date was extended nine months
Real estate – commercial and farmland
Maturity date was extended 12 months.
Real estate - residential
Maturity dates were extended for a weighted average of 116 months.
Interest Rate Reduction
Loan TypeFinancial Effect
Real estate – commercial and farmland
Interest rate was reduced by 4.75%.

Nine Months Ended September 30, 2023
Payment Deferral
Loan TypeFinancial Effect
Commercial, financial and agricultural
Payments were reduced approximately 32% for three months before returning to a fully amortizing payment structure thereafter.
Commercial, financial and agricultural
Payments were reduced approximately 73% for four months before requiring full repayment.
Real estate – residential
Payments were deferred for a weighted average of four months
Term Extension
Loan TypeFinancial Effect
Commercial, financial and agricultural
Maturity dates were extended for a weighted average of ten months.
Real estate – construction and development
Maturity date was extended for 11 months.
Real estate – commercial and farmland
Maturity dates were extended for a weighted average of 12 months.
Real estate - residential
Maturity dates were extended for a weighted average of 92 months
Interest Rate Reduction
Loan TypeFinancial Effect
Real estate – commercial and farmland
Interest rate was reduced by 4.75%
Combination of Term Extension and Rate Reduction
Loan TypeFinancial Effect
Real estate - residential
Maturity date was extended 58 months and rate was reduced by 1.375%

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:

23

As of September 30, 2024

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial, financial and agricultural$2,343 $959 $— $— $3,302 
Real estate – commercial and farmland2,544 — — — 2,544 
Real estate – residential11,189 2,872 615 2,572 17,248 
Total$16,076 $3,831 $615 $2,572 $23,094 

As of December 31, 2023

(dollars in thousands)
Current30-59
Days Past Due		60-89
Days Past Due		90 or More Days Past DueTotal
Commercial, financial and agricultural$4,018 $355 $— $799 $5,172 
Real estate – commercial and farmland6,692 1,129 — — 7,821 
Real estate – residential5,113 711 442 1,106 7,372 
Total$15,823 $2,195 $442 $1,905 $20,365 

The following table provides the amortized cost basis of financing receivables that had a payment default during the three months ended September 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DeferralCombination of Term Extension and Rate ReductionTotal
Commercial, financial and agricultural$— $— $959 $— $959 
Real estate – commercial and farmland815 — — — 815 
Real estate – residential— 5,793 — 2,233 8,026 
Total$815 $5,793 $959 $2,233 $9,800 

The following table provides the amortized cost basis of financing receivables that had a payment default during the nine months ended September 30, 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.

(dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DeferralCombination of Term Extension and Rate ReductionTotal
Commercial, financial and agricultural$— $— $1,056 $— $1,056 
Real estate – commercial and farmland815 — — — 815 
Real estate – residential— 6,400 — 2,233 8,633 
Total$815 $6,400 $1,056 $2,233 $10,504 

The following table provides the amortized cost basis of financing receivables that had a payment default during both the three and nine months ended September 30, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
(dollars in thousands)Term ExtensionPayment DeferralTotal
Commercial, financial and agricultural$482 $815 $1,297 
Real estate – construction and development278 — 278 
Real estate – commercial and farmland500 — 500 
Real estate – residential1,090 194 1,284 
Total$2,350 $1,009 $3,359 


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NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:
(dollars in thousands)September 30, 2024December 31, 2023
FHLB borrowings:  
Fixed Rate Advance due January 10, 2024; fixed interest rate of 5.450%
$— $50,000 
Fixed Rate Advance due January 17, 2024; fixed interest rate of 5.460%
— 100,000 
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%
15,000 15,000 
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%
1,369 1,378 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
948 954 
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%
1,020 1,128 
Subordinated notes payable:  
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $1,113 and $1,296, respectively; fixed interest rate of 4.25% through December 14, 2024; variable interest rate thereafter at three-month SOFR plus 2.94%
104,637 106,704 
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $683 and $784, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63%
74,683 75,784 
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,211 and $1,362, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%
108,789 108,638 
Other Debt:
Advance from correspondent bank due November 28, 2024; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.50%
— 10,000 
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%
10,000 10,000 
$346,446 $509,586 

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At September 30, 2024, $3.94 billion was available for borrowing on lines with the FHLB.

As of September 30, 2024, 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 September 30, 2024, the Bank had $3.20 billion of loans pledged at the Federal Reserve discount window and had $2.49 billion available for borrowing.

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME

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 statement of income and comprehensive income.

25

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

(dollars in thousands)Accumulated
Other Comprehensive
Income (Loss)
Three Months Ended September 30, 2024
Balance, June 30, 2024$(38,020)
Unrealized gain on debt securities available-for-sale, net of tax22,296 
Balance, September 30, 2024$(15,724)
Three Months Ended September 30, 2023
Balance, June 30, 2023$(50,618)
Unrealized loss on debt securities available-for-sale, net of tax(10,200)
Balance, September 30, 2023$(60,818)
Nine Months Ended September 30, 2024
Balance, December 31, 2023$(35,939)
Unrealized gain on debt securities available-for-sale, net of tax20,215 
Balance, September 30, 2024$(15,724)
Nine Months Ended September 30, 2023
Balance, December 31, 2022$(46,507)
Unrealized loss on debt securities available-for-sale, net of tax(14,311)
Balance, September 30, 2023$(60,818)

NOTE 6 – WEIGHTED AVERAGE SHARES OUTSTANDING

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

 Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Average common shares outstanding68,798,093 68,879,352 68,811,727 69,023,201 
Common share equivalents:
Stock options— — — 57 
Nonvested restricted share grants127,894 46,489 112,042 51,170 
Performance stock units140,311 68,406 107,897 55,493 
Average common shares outstanding, assuming dilution69,066,298 68,994,247 69,031,666 69,129,921 

There were no anti-dilutive securities excluded from the computation of earnings per share for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023 there were 2,559 and 84,487 anti-dilutive securities excluded from the computation of earnings per share, 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
26

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 loans held for sale under the fair value option are comprised of the following:

(dollars in thousands)September 30, 2024December 31, 2023
Mortgage loans held for sale$552,778 $281,332 
SBA loans held for sale601 — 
Total loans held for sale$553,379 $281,332 

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 $1.9 million and $4.4 million resulting from changes in fair value of these mortgage loans were recorded in income during the three and nine months ended September 30, 2024, respectively. Net losses of $3.2 million and $857,000 resulting from changes in fair value of these mortgage loans were recorded in income during the three and nine months ended September 30, 2023, respectively. A net loss of $2.2 million and a net gain of $5.2 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 and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2023, a net loss of $207,000 and a net gain of $4.9 million, respectively, resulting from changes in the fair value of the related derivative financial instruments were recorded in income. 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 September 30, 2024 and December 31, 2023:

(dollars in thousands) 
September 30, 2024December 31, 2023
Aggregate fair value of mortgage loans held for sale$552,778 $281,332 
Aggregate unpaid principal balance of mortgage loans held for sale540,985 273,915 
Past-due loans of 90 days or more— 781 
Nonaccrual loans— 781 
Unpaid principal balance of nonaccrual loans— 774 

The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of September 30, 2024 and December 31, 2023:

(dollars in thousands) 
September 30, 2024December 31, 2023
Aggregate fair value of SBA loans held for sale$601 $— 
Aggregate unpaid principal balance of SBA loans held for sale561 — 

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.

27

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 September 30, 2024 and December 31, 2023:

Recurring Basis
Fair Value Measurements
 September 30, 2024
(dollars in thousands) 
Fair ValueLevel 1Level 2Level 3
Financial assets:    
Debt securities available-for-sale:
U.S. Treasuries$630,671 $630,671 $— $— 
U.S. government sponsored agencies995 — 995 — 
State, county and municipal securities25,929 — 25,929 — 
Corporate debt securities10,226 — 9,251 975 
SBA pool securities74,192 — 74,192 — 
Mortgage-backed securities699,539 — 699,539 — 
Loans held for sale553,379 — 553,379 — 
Derivative financial instruments6,590 — 6,590 
Mortgage banking derivative instruments5,061 — 5,061 — 
Total recurring assets at fair value$2,006,582 $630,671 $1,374,936 $975 
Financial liabilities:    
Derivative financial instruments$7,007 $— $7,007 $— 
Risk participation agreement48 — 48 — 
Mortgage banking derivative instruments1,982 — 1,982 — 
Total recurring liabilities at fair value$9,037 $— $9,037 $— 

Recurring Basis
Fair Value Measurements
 December 31, 2023
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
Financial assets:    
Debt securities available-for-sale:
U.S. Treasuries$720,877 $720,877 $— $— 
U.S. government sponsored agencies985 — 985 — 
State, county and municipal securities28,051 — 28,051 — 
Corporate debt securities10,027 — 9,037 990 
SBA pool securities51,516 — 51,516 — 
Mortgage-backed securities591,488 — 591,488 — 
Loans held for sale281,332 — 281,332 — 
Derivative financial instruments5,937 — 5,937 — 
Mortgage banking derivative instruments3,636 — 3,636 — 
Total recurring assets at fair value$1,693,849 $720,877 $971,982 $990 
Financial liabilities:    
Derivative financial instruments$6,203 $— $6,203 $— 
Mortgage banking derivative instruments5,790 — 5,790 — 
Total recurring liabilities at fair value$11,993 $— $11,993 $— 

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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 September 30, 2024 and December 31, 2023:

 Nonrecurring Basis
Fair Value Measurements
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
September 30, 2024    
Collateral-dependent loans$45,532 $— $— $45,532 
Other real estate owned7,537 — — 7,537 
Total nonrecurring assets at fair value$53,069 $— $— $53,069 
December 31, 2023    
Collateral-dependent loans$36,978 $— $— $36,978 
Other real estate owned5,324 — — 5,324 
Total nonrecurring assets at fair value$42,302 $— $— $42,302 

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 nine months ended September 30, 2024 and the year ended December 31, 2023, 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)Fair ValueValuation
Technique		Unobservable InputsRange of
Discounts		Weighted
Average
Discount
September 30, 2024     
Recurring:     
Debt securities available-for-sale$975 Discounted cash flowsProbability of Default10%10%
Loss Given Default43%43%
Nonrecurring:     
Collateral-dependent loans$45,532 Third-party appraisals and discounted cash flowsCollateral discounts and
discount rates
15% - 66%
33%
Other real estate owned$7,537 Third-party appraisals and sales contractsCollateral discounts and estimated
costs to sell
15% - 66%
33%
December 31, 2023     
Recurring:     
Debt securities available-for-sale$990 Discounted cash flowsProbability of Default11%11%
Loss Given Default42%42%
Nonrecurring:   
Collateral-dependent loans$36,978 Third-party appraisals and discounted cash flowsCollateral discounts and
discount rates
11% - 60%
28%
Other real estate owned$5,324 Third-party appraisals and sales contractsCollateral discounts and estimated
costs to sell
15% - 33%
22%

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

Fair Value Measurements
  September 30, 2024
(dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial assets:     
Cash and due from banks$231,515 $231,515 $— $— $231,515 
Interest-bearing deposits in banks1,127,641 1,127,641 — — 1,127,641 
Debt securities held-to-maturity161,220 — 145,714 — 145,714 
Loans, net20,584,992 — — 20,091,402 20,091,402 
Financial liabilities:     
Deposits21,879,265 — 21,876,260 — 21,876,260 
Other borrowings346,446 — 339,973 — 339,973 
Subordinated deferrable interest debentures131,811 — 144,819 — 144,819 

Fair Value Measurements
  December 31, 2023
(dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial assets:     
Cash and due from banks$230,470 $230,470 $— $— $230,470 
Interest-bearing deposits in banks936,834 936,834 — — 936,834 
Debt securities held-to-maturity141,512 — 122,731 — 122,731 
Loans, net19,925,225 — — 19,332,899 19,332,899 
Financial liabilities:     
Deposits20,708,509 — 20,707,463 — 20,707,463 
Other borrowings509,586 — 501,723 — 501,723 
Subordinated deferrable interest debentures130,315 — 141,407 — 141,407 

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)September 30, 2024December 31, 2023
Commitments to extend credit$3,484,890 $4,412,818 
Unused home equity lines of credit438,080 386,574 
Financial standby letters of credit41,926 37,546 
Mortgage interest rate lock commitments379,396 171,750 

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
30

involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances 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 nine months ended September 30, 2024 and the year ended December 31, 2023.

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:

Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Balance at beginning of period$30,566 $54,630 $41,558 $52,411 
Provision for unfunded commitments(204)(5,634)(11,196)(3,415)
Balance at end of period$30,362 $48,996 $30,362 $48,996 

Other Commitments

As of September 30, 2024, letters of credit issued by the FHLB totaling $1.0 billion were used to guarantee the Bank’s performance related to a portion of its public fund deposit balances.

Litigation and Regulatory Contingencies

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 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 these 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, which 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, and 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. The Premium  Finance  Division derives its revenues from the origination and servicing of commercial 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. During the first quarter of 2024, the Company consolidated its former SBA Division into the Banking Division based on the similarity of products and services
31

offered, customers served and materiality of its operating profit. Prior period segment information for the Banking Division was restated to reflect this consolidation.

The following tables present selected financial information with respect to the Company’s reportable business segments for the three and nine months ended September 30, 2024 and 2023:
 Three Months Ended
September 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$255,241 $60,789 $10,400 $28,716 $355,146 
Interest expense78,447 37,236 6,747 18,656 141,086 
Net interest income176,794 23,553 3,653 10,060 214,060 
Provision for credit losses5,566 254 (170)457 6,107 
Noninterest income27,800 41,498 400 11 69,709 
Noninterest expense     
Salaries and employee benefits62,634 23,233 621 2,212 88,700 
Occupancy and equipment10,725 957 6 28 11,716 
Data processing and communications expenses13,922 1,184 32 83 15,221 
Other expenses22,619 12,164 217 1,140 36,140 
Total noninterest expense109,900 37,538 876 3,463 151,777 
Income before income tax expense89,128 27,259 3,347 6,151 125,885 
Income tax expense18,992 5,724 703 1,254 26,673 
Net income$70,136 $21,535 $2,644 $4,897 $99,212 
Total assets$19,387,331 $4,899,282 $597,670 $1,515,499 $26,399,782 
Goodwill951,148 — — 64,498 1,015,646 
Other intangible assets, net71,164 — — 3,777 74,941 
 Three Months Ended
September 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$233,214 $54,532 $19,357 $23,450 $330,553 
Interest expense63,657 31,727 13,349 14,069 122,802 
Net interest income169,557 22,805 6,008 9,381 207,751 
Provision for credit losses22,510 2,399 (589)139 24,459 
Noninterest income26,824 35,691 662 4 63,181 
Noninterest expense     
Salaries and employee benefits57,435 21,231 924 2,308 81,898 
Occupancy and equipment11,473 1,182 1 89 12,745 
Data processing and communications expenses11,818 1,052 30 73 12,973 
Other expenses20,431 12,153 219 1,027 33,830 
Total noninterest expense101,157 35,618 1,174 3,497 141,446 
Income before income tax expense72,714 20,479 6,085 5,749 105,027 
Income tax expense18,163 4,301 1,278 1,170 24,912 
Net income$54,551 $16,178 $4,807 $4,579 $80,115 
Total assets$18,634,055 $4,980,246 $859,517 $1,224,012 $25,697,830 
Goodwill951,148 — — 64,498 1,015,646 
Other intangible assets, net85,648 — — 6,727 92,375 
32

 Nine Months Ended
September 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$734,220 $174,889 $46,263 $76,549 $1,031,921 
Interest expense219,421 104,307 30,290 50,534 404,552 
Net interest income514,799 70,582 15,973 26,015 627,369 
Provision for credit losses45,581 (296)334 366 45,985 
Noninterest income91,690 130,408 2,168 32 224,298 
Noninterest expense
Salaries and employee benefits181,473 69,560 2,633 6,165 259,831 
Occupancy and equipment33,952 3,014 20 174 37,160 
Data processing and communications expenses40,862 3,826 116 264 45,068 
Other expenses71,680 38,091 752 3,263 113,786 
Total noninterest expense327,967 114,491 3,521 9,866 455,845 
Income before income tax expense232,941 86,795 14,286 15,815 349,837 
Income tax expense61,110 18,227 3,000 3,191 85,528 
Net income$171,831 $68,568 $11,286 $12,624 $264,309 
 Nine Months Ended
September 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$676,003 $155,988 $54,931 $61,299 $948,221 
Interest expense155,389 91,739 37,057 35,093 319,278 
Net interest income520,614 64,249 17,874 26,206 628,943 
Provision for credit losses110,801 8,530 (372)745 119,704 
Noninterest income77,455 106,557 2,546 22 186,580 
Noninterest expense
Salaries and employee benefits171,698 63,321 2,498 6,627 244,144 
Occupancy and equipment34,331 3,689 2 231 38,253 
Data processing and communications expenses35,596 3,518 120 224 39,458 
Other expenses67,852 35,759 644 3,160 107,415 
Total noninterest expense309,477 106,287 3,264 10,242 429,270 
Income before income tax expense177,791 55,989 17,528 15,241 266,549 
Income tax expense44,850 11,758 3,681 3,089 63,378 
Net income$132,941 $44,231 $13,847 $12,152 $203,171 
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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.

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 September 30, 2024 and December 31, 2023.
September 30, 2024December 31, 2023
Fair ValueFair Value
(dollars in thousands)Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
Notional Amount
Derivative Assets(1)
Derivative Liabilities(2)
Interest rate contracts(3)
$820,295 $6,590 $7,007 $736,188 $5,937 $6,203 
Risk participation agreement26,163 — 48 26,163 — 65 
Mortgage derivatives - interest rate lock commitments379,396 5,061 — 171,750 3,636 — 
Mortgage derivatives - forward contracts related to mortgage loans held for sale925,200 — 1,982 663,015 — 5,790 
(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 swaps and offsetting positions.

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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 nine months ended September 30, 2024 and 2023.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2024202320242023
Interest rate contracts(1)
Other noninterest income$(337)$426 $(150)$205 
Risk participation agreementOther noninterest income(24)— 17 — 
Interest rate lock commitmentsMortgage banking activity257 (1,423)1,425 617 
Forward contracts related to mortgage loans held for saleMortgage banking activity(2,434)1,216 3,808 4,259 
(1)Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps 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)September 30, 2024December 31, 2023
Loan Servicing Rights
Residential mortgage$101,855 $171,915 
SBA1,927 2,737 
Total loan servicing rights$103,782 $174,652 

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 nine month periods ended September 30, 2024, the Company recorded servicing fee income of $14.0 million and $48.7 million, respectively. During the three and nine month periods ended September 30, 2023, the Company recorded servicing fee income of $15.8 million and $45.0 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 and valuation allowance:

(dollars in thousands)Three Months Ended September 30,Nine Months Ended September 30,
Residential mortgage servicing rights2024202320242023
Beginning carrying value, net$145,306 $160,021 $171,915 $147,014 
Additions8,748 13,265 21,625 35,726 
Amortization(3,926)(4,907)(14,593)(14,361)
Disposals(48,273)— (77,092)— 
Ending carrying value, net$101,855 $168,379 $101,855 $168,379 


35


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)September 30, 2024December 31, 2023
Residential mortgage servicing rights
Unpaid principal balance of loans serviced for others$8,173,212 $12,454,454 
Composition of residential loans serviced for others:
FHLMC24.01 %17.54 %
FNMA70.27 %50.51 %
GNMA5.72 %31.95 %
Total100.00 %100.00 %
Weighted average term (months)353355
Weighted average age (months)3427
Modeled prepayment speed8.59 %8.56 %
Decline in fair value due to a 10% adverse change$(3,220)$(4,492)
Decline in fair value due to a 20% adverse change$(6,509)$(9,444)
Weighted average discount rate10.26 %10.98 %
Decline in fair value due to a 10% adverse change$(3,662)$(5,110)
Decline in fair value due to a 20% adverse change$(7,646)$(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 nine month periods ended September 30, 2024, the Company recorded servicing fee income of $538,000 and $1.7 million, respectively. During the three and nine month periods ended September 30, 2023, the Company recorded servicing fee income of $734,000 and $2.2 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 SBA loan servicing rights and valuation allowance:

(dollars in thousands)Three Months Ended September 30,Nine Months Ended September 30,
SBA servicing rights2024202320242023
Beginning carrying value, net$2,156 $3,097 $2,737 $3,443 
Additions16 33 92 348 
Amortization(245)(308)(902)(969)
Ending carrying value, net$1,927 $2,822 $1,927 $2,822 


36

(dollars in thousands)September 30, 2024December 31, 2023
SBA servicing rights
Unpaid principal balance of loans serviced for others$226,762 $271,164 
Weighted average life (in years)3.053.31
Modeled prepayment speed22.61 %20.83 %
Decline in fair value due to a 10% adverse change(161)(171)
Decline in fair value due to a 20% adverse change(307)(327)
Weighted average discount rate11.13 %14.70 %
Decline in fair value due to a 100 basis point adverse change(58)(69)
Decline in fair value due to a 200 basis point adverse change(113)(135)

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.

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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 of borrowers, collateral values, asset recovery values and the value of investment securities; movements in interest rates and their impacts on net interest margin; expectations on credit quality and performance; competitive pressures on product pricing and services; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; investment security valuation and other performance measures; additional competition in our markets; changes in state and federal banking laws and regulations to which we are subject; financial market conditions and the results of financing efforts; the success and timing of other business strategies; our outlook and long-term goals for future growth; weather events, 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.

38

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 September 30, 2024, as compared with December 31, 2023, and operating results for the three and nine month periods ended September 30, 2024 and 2023. These comments should be read in conjunction with the Company’s unaudited consolidated financial statements and accompanying notes appearing elsewhere herein.

This discussion contains certain performance measures determined by methods other than in accordance with GAAP. Management of the Company uses these non-GAAP 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 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 performance measures that may be presented by other companies. Non-GAAP measures include adjusted net income and adjusted net income per diluted share. The Company calculates the regulatory capital ratios using current regulatory report instructions. The Company’s management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital measures that may be presented by other companies.

Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our 2023 Annual Report on Form 10-K. The reader should refer to the notes to our consolidated financial statements in our 2023 Annual Report on Form 10-K for a full disclosure of all critical accounting policies.

39

Results of Operations for the Three Months Ended September 30, 2024 and 2023

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $99.2 million, or $1.44 per diluted share, for the quarter ended September 30, 2024, compared with $80.1 million, or $1.16 per diluted share, for the same period in 2023. The Company’s return on average assets and average shareholders’ equity were 1.49% and 10.91%, respectively, in the third quarter of 2024, compared with 1.25% and 9.56%, respectively, in the third quarter of 2023. During the third quarter of 2024, the Company a recorded pre-tax gain on sale of mortgage servicing rights of $5.2 million and an expense related to natural disasters of $150,000. Excluding these adjustment items, the Company’s net income would have been $95.2 million, or $1.38 per diluted share, for the third quarter of 2024 and $80.1 million, or $1.16 per diluted share, for the third quarter of 2023.

Below is a reconciliation of adjusted net income to net income, as discussed above:
 Three Months Ended September 30,
(in thousands, except share and per share data)20242023
Net income$99,212 $80,115 
Adjustment items:  
Gain on sale of MSR(5,245)— 
Natural disaster expense150 — 
Tax effect of adjustment items (Note 1)
1,070 — 
After tax adjustment items(4,025)— 
Adjusted net income$95,187 $80,115 
Weighted average common shares outstanding - diluted69,066,298 68,994,247 
Net income per diluted share$1.44 $1.16 
Adjusted net income per diluted share$1.38 $1.16 
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments.

40

Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the third quarter of 2024 and 2023, respectively:

 Three Months Ended
September 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$255,241 $60,789 $10,400 $28,716 $355,146 
Interest expense78,447 37,236 6,747 18,656 141,086 
Net interest income176,794 23,553 3,653 10,060 214,060 
Provision for credit losses5,566 254 (170)457 6,107 
Noninterest income27,800 41,498 400 11 69,709 
Noninterest expense     
Salaries and employee benefits62,634 23,233 621 2,212 88,700 
Occupancy and equipment10,725 957 6 28 11,716 
Data processing and communications expenses13,922 1,184 32 83 15,221 
Other expenses22,619 12,164 217 1,140 36,140 
Total noninterest expense109,900 37,538 876 3,463 151,777 
Income before income tax expense89,128 27,259 3,347 6,151 125,885 
Income tax expense18,992 5,724 703 1,254 26,673 
Net income$70,136 $21,535 $2,644 $4,897 $99,212 

 Three Months Ended
September 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
Finance
Division		Total
Interest income$233,214 $54,532 $19,357 $23,450 $330,553 
Interest expense63,657 31,727 13,349 14,069 122,802 
Net interest income169,557 22,805 6,008 9,381 207,751 
Provision for credit losses22,510 2,399 (589)139 24,459 
Noninterest income26,824 35,691 662 4 63,181 
Noninterest expense     
Salaries and employee benefits57,435 21,231 924 2,308 81,898 
Occupancy and equipment11,473 1,182 1 89 12,745 
Data processing and communications expenses11,818 1,052 30 73 12,973 
Other expenses20,431 12,153 219 1,027 33,830 
Total noninterest expense101,157 35,618 1,174 3,497 141,446 
Income before income tax expense72,714 20,479 6,085 5,749 105,027 
Income tax expense18,163 4,301 1,278 1,170 24,912 
Net income$54,551 $16,178 $4,807 $4,579 $80,115 
 
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Net Interest Income and Margins

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 September 30, 2024 and 2023. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

 Quarter Ended September 30,
 20242023
(dollars in thousands)Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid		Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid
Assets
Interest-earning assets:
Interest-bearing deposits in banks$997,308 $13,633 5.44%$864,028 $10,769 4.94%
Investment securities - taxable1,733,418 15,555 3.57%1,650,164 14,754 3.55%
Investment securities - nontaxable41,496 426 4.08%40,896 418 4.06%
Loans held for sale575,461 9,142 6.32%464,452 7,460 6.37%
Loans21,023,629 317,358 6.01%20,371,689 298,102 5.81%
Total interest-earning assets24,371,312 356,114 5.81%23,391,229 331,503 5.62%
Noninterest-earning assets2,071,672 2,134,684 
Total assets$26,442,984 $25,525,913 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits
NOW accounts$3,753,528 $20,535 2.18%$3,661,701 $17,255 1.87%
MMDA6,508,770 61,620 3.77%5,527,731 45,683 3.28%
Savings accounts765,909 960 0.50%915,678 1,791 0.78%
Retail CDs2,478,875 26,775 4.30%2,200,413 19,013 3.43%
Brokered CDs1,493,352 19,808 5.28%1,441,854 19,257 5.30%
Total interest-bearing deposits15,000,434 129,698 3.44%13,747,377 102,999 2.97%
Non-deposit funding
FHLB advances358,332 4,443 4.93%943,855 12,543 5.27%
Other borrowings298,073 3,514 4.69%312,572 3,821 4.85%
Subordinated deferrable interest debentures131,547 3,431 10.38%129,554 3,439 10.53%
Total non-deposit funding787,952 11,388 5.75%1,385,981 19,803 5.67%
Total interest-bearing liabilities15,788,386 141,086 3.55%15,133,358 122,802 3.22%
Demand deposits6,622,952 6,655,191 
Other liabilities413,594 412,404 
Shareholders’ equity3,618,052 3,324,960 
Total liabilities and shareholders’ equity$26,442,984 $25,525,913 
Interest rate spread2.26%2.40%
Net interest income$215,028 $208,701 
Net interest margin3.51%3.54%

On a tax-equivalent basis, net interest income for the third quarter of 2024 was $215.0 million, an increase of $6.3 million, or 3.03%, compared with $208.7 million reported in the same quarter in 2023. The increase in net interest income is primarily a result of increased yield on loans and interest-bearing deposits in other banks in addition to growth in average earning assets, partially offset by increased cost of funds as market interest rates have risen. Average interest-earning assets increased $980.1 million, or 4.19%, from $23.39 billion in the third quarter of 2023 to $24.37 billion for the third quarter of 2024. This growth in interest-earning assets resulted primarily from organic loan growth. The Company’s net interest margin during the third quarter of 2024 was 3.51%, down three basis points from 3.54% reported in the third quarter of 2023. Loan production amounted to $5.1 billion during the third quarter of 2024, with weighted average yields of 7.52%, compared with $4.8 billion and 7.56%, respectively, during the third quarter of 2023.

Total interest income, on a tax-equivalent basis, increased to $356.1 million during the third quarter of 2024, compared with $331.5 million in the same quarter of 2023.  Yields on earning assets increased to 5.81% during the third quarter of 2024, compared with 5.62% reported in the third quarter of 2023. During the third quarter of 2024, loans comprised 88.6% of
42

average earning assets, compared with 89.1% in the same quarter of 2023. Yields on loans increased to 6.01% in the third quarter of 2024, compared with 5.81% in the same period of 2023.

The yield on interest-bearing deposits increased from 2.97% in the third quarter of 2023 to 3.44% in the third quarter of 2024. The yield on total interest-bearing liabilities increased from 3.22% in the third quarter of 2023 to 3.55% in the third quarter of 2024. Total funding costs, inclusive of noninterest-bearing demand deposits, increased to 2.50% in the third quarter of 2024, compared with 2.24% during the third quarter of 2023. Deposit costs increased from 2.00% in the third quarter of 2023 to 2.39% in the third quarter of 2024. Non-deposit funding costs increased from 5.67% in the third quarter of 2023 to 5.75% in the third quarter of 2024.

Provision for Credit Losses

The Company’s provision for credit losses during the third quarter of 2024 amounted to $6.1 million, compared with $24.5 million in the third quarter of 2023. This decrease was attributable to the updated economic forecast, partially offset by loan mix changes. The provision for credit losses for the third quarter of 2024 was comprised of $6.3 million related to loans, negative $204,000 related to unfunded commitments and negative $2,000 related to other credit losses, compared with $30.1 million related to loans, negative $5.6 million related to unfunded commitments and negative $2,000 provision related to other credit losses for the third quarter of 2023. Non-performing assets as a percentage of total assets decreased 25 basis points to 0.44% at September 30, 2024, compared with 0.69% at December 31, 2023. The decrease in non-performing assets is primarily attributable to decreases in nonaccrual loans of $55.6 million and accruing loans delinquent 90 days or more of $4.8 million, partially offset by an increase in other real estate owned of $3.3 million. The decrease in nonaccrual loans primarily resulted from a sale of MSRs which reduced exposure to GNMA nonaccrual loans from $90.2 million at December 31, 2023 to $8.2 million at September 30, 2024, partially offset by portfolio loans moved to nonaccrual during the year-to-date period. The Company recognized net charge-offs on loans during the third quarter of 2024 of approximately $8.1 million, or 0.15% of average loans on an annualized basis, compared with net charge-offs of approximately $12.1 million, or 0.23%, in the third quarter of 2023. The Company’s total allowance for credit losses on loans at September 30, 2024 was $334.5 million, or 1.60% of total loans, compared with $307.1 million, or 1.52% of total loans, at December 31, 2023. This increase is primarily attributable to organic growth in loans and the updated economic forecast.

Noninterest Income

Total noninterest income for the third quarter of 2024 was $69.7 million, an increase of $6.5 million, or 10.3%, from the $63.2 million reported in the third quarter of 2023.  Income from mortgage banking activities was $37.9 million in the third quarter of 2024, an increase of $1.7 million, or 4.6%, from $36.3 million in the third quarter of 2023. Total production in the third quarter of 2024 amounted to $1.16 billion, compared with $1.18 billion in the same quarter of 2023, while gain on sale spread increased to 2.17% in the current quarter, compared with 2.15% in the same quarter of 2023. The retail mortgage open pipeline finished the third quarter of 2024 at $813.7 million, compared with $802.2 million at June 30, 2024 and $623.9 million at the end of the third quarter of 2023.

Service charges on deposit accounts increased $826,000, or 6.8%, to $12.9 million in the third quarter of 2024, compared with $12.1 million in the third quarter of 2023. Net loss on securities improved to $8,000 in the third quarter of 2024, compared with $16,000 in the third quarter of 2023. Other noninterest income increased $4.1 million, or 30.1%, to $17.7 million for the third quarter of 2024, compared with $13.6 million during the third quarter of 2023. The increase in other noninterest income was primarily attributable to a gain on sale of mortgage servicing rights of $5.2 million and an increase in BOLI income of $1.5 million, partially offset by a decline in fee income in our equipment finance division and derivative income of $1.6 million and $718,000, respectively.

Noninterest Expense

Total noninterest expense for the third quarter of 2024 increased $10.3 million, or 7.3%, to $151.8 million, compared with $141.4 million in the same quarter 2023. Salaries and employee benefits increased $6.8 million, or 8.3%, from $81.9 million in the third quarter of 2023 to $88.7 million in the third quarter of 2024, due primarily to increases in health insurance cost, annual merit increases and variable compensation related to mortgage production. Data processing and communications expenses increased $2.2 million, or 17.3%, to $15.2 million in the third quarter of 2024, compared with $13.0 million in the third quarter of 2023. Advertising and marketing expense was $4.1 million in the third quarter of 2024, compared with $2.7 million in the third quarter of 2023, with the increase primarily due to a new deposit marketing campaign initiated in the second quarter of 2024. Amortization of intangible assets decreased $245,000, or 5.5%, from $4.4 million in the third quarter of 2023 to $4.2 million in the third quarter of 2024. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses decreased $664,000, or 7.1%, from $9.3 million in the third quarter of 2023 to $8.6 million in the third
43

quarter of 2024, primarily attributable to the sale of mortgage servicing rights in the second and third quarters of 2024 partially offset by additional mortgage loans serviced added from mortgage production over the previous year. Other noninterest expenses increased $603,000, or 3.2%, from $18.8 million in the third quarter of 2023 to $19.4 million in the third quarter of 2024, due primarily to an increase in legal and other professional fees of $601,000.

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 third quarter of 2024, the Company reported income tax expense of $26.7 million, compared with $24.9 million in the same period of 2023. The Company’s effective tax rate for the three months ended September 30, 2024 and 2023 was 21.2% and 23.7%, respectively. The decrease in the effective rate for the three months ended September 30, 2024 is primarily related to a favorable return-to-provision adjustment resulting from reduced state apportionment.


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Results of Operations for the Nine Months Ended September 30, 2024 and 2023

Consolidated Earnings and Profitability

Ameris reported net income available to common shareholders of $264.3 million, or $3.83 per diluted share, for the nine months ended September 30, 2024, compared with $203.2 million, or $2.94 per diluted share, for the same period in 2023. The Company’s return on average assets and average shareholders’ equity were 1.36% and 9.98%, respectively, in the nine months ended September 30, 2024, compared with 1.07% and 8.26%, respectively, in the same period in 2023. During the first nine months of 2024, the Company recorded a pre-tax gain on conversion of its Visa Class B-1 stock of $12.6 million, a pre-tax gain on sale of mortgage servicing rights of $10.0 million, a pre-tax FDIC special assessment of $2.0 million, a pre-tax gain on BOLI proceeds of $1.5 million, a pre-tax natural disaster expense of $150,000 and a $4.8 million expense related to the termination of certain BOLI policies during the quarter, the proceeds of which the Company will reinvest in higher yielding policies. During the first nine months of 2023, the Company recorded pre-tax gain on BOLI proceeds of $486,000. Excluding these adjustment items, the Company’s net income would have been $251.6 million, or $3.64 per diluted share, for the nine months ended September 30, 2024 and $202.7 million, or $2.93 per diluted share, for the same period in 2023.

Below is a reconciliation of adjusted net income to net income, as discussed above.
 Nine Months Ended
September 30,
(in thousands, except share and per share data)20242023
Net income available to common shareholders$264,309 $203,171 
Adjustment items:  
Gain on sale of MSR(9,958)— 
Gain on conversion of Visa Class B-1 stock(12,554)— 
Natural disaster expense150 — 
Gain on BOLI proceeds(1,464)(486)
FDIC special assessment2,014 — 
Tax effect of adjustment items (Note 1)
4,273 — 
After tax adjustment items(17,539)(486)
Tax expense attributable to BOLI restructuring4,792 — 
Adjusted net income$251,562 $202,685 
Weighted average common shares outstanding - diluted69,031,666 69,129,921 
Net income per diluted share$3.83 $2.94 
Adjusted net income per diluted share$3.64 $2.93 
Note 1: Tax effect is calculated utilizing a 21% rate for taxable adjustments. Gain on BOLI proceeds is non-taxable and no tax effect is included.

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Below is additional information regarding the retail banking activities, mortgage banking activities, warehouse lending activities and premium finance activities of the Company during the nine months ended September 30, 2024 and 2023, respectively:

 Nine Months Ended
September 30, 2024
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
 Finance
 Division		Total
Interest income$734,220 $174,889 $46,263 $76,549 $1,031,921 
Interest expense219,421 104,307 30,290 50,534 404,552 
Net interest income514,799 70,582 15,973 26,015 627,369 
Provision for loan losses45,581 (296)334 366 45,985 
Noninterest income91,690 130,408 2,168 32 224,298 
Noninterest expense
Salaries and employee benefits181,473 69,560 2,633 6,165 259,831 
Occupancy and equipment33,952 3,014 20 174 37,160 
Data processing and communications expenses40,862 3,826 116 264 45,068 
Other expenses71,680 38,091 752 3,263 113,786 
Total noninterest expense327,967 114,491 3,521 9,866 455,845 
Income before income tax expense232,941 86,795 14,286 15,815 349,837 
Income tax expense61,110 18,227 3,000 3,191 85,528 
Net income$171,831 $68,568 $11,286 $12,624 $264,309 

 Nine Months Ended
September 30, 2023
(dollars in thousands)Banking
Division		Retail
Mortgage
Division		Warehouse
Lending
Division		Premium
Finance
Division		Total
Interest income$676,003 $155,988 $54,931 $61,299 $948,221 
Interest expense155,389 91,739 37,057 35,093 319,278 
Net interest income520,614 64,249 17,874 26,206 628,943 
Provision for loan losses110,801 8,530 (372)745 119,704 
Noninterest income77,455 106,557 2,546 22 186,580 
Noninterest expense
Salaries and employee benefits171,698 63,321 2,498 6,627 244,144 
Occupancy and equipment34,331 3,689 2 231 38,253 
Data processing and communications expenses35,596 3,518 120 224 39,458 
Other expenses67,852 35,759 644 3,160 107,415 
Total noninterest expense309,477 106,287 3,264 10,242 429,270 
Income before income tax expense177,791 55,989 17,528 15,241 266,549 
Income tax expense44,850 11,758 3,681 3,089 63,378 
Net income$132,941 $44,231 $13,847 $12,152 $203,171 

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Net Interest Income and Margins

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 nine months ended September 30, 2024 and 2023. Federally tax-exempt income is presented on a taxable-equivalent basis assuming a 21% federal tax rate.

 Nine Months Ended
September 30,
 20242023
(dollars in thousands)Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid		Average
Balance		Interest
Income/
Expense		Average
Yield/
Rate Paid
Assets      
Interest-earning assets:      
Interest-bearing deposits in banks$940,548 $38,646 5.49%$907,433 $33,568 4.95%
Investment securities - taxable1,665,902 45,595 3.66%1,688,656 44,969 3.56%
Investment securities - nontaxable41,393 1,267 4.09%42,168 1,277 4.05%
Loans held for sale463,680 22,679 6.53%510,690 22,865 5.99%
Loans20,722,659 926,612 5.97%20,121,143 848,375 5.64%
Total interest-earning assets23,834,182 1,034,799 5.80%23,270,090 951,054 5.46%
Noninterest-earning assets2,065,435   2,155,974   
Total assets$25,899,617   $25,426,064   
Liabilities and Shareholders’ Equity      
Interest-bearing liabilities:      
Interest-bearing deposits
NOW accounts$3,802,501 $62,129 2.18%$3,917,476 $50,291 1.72%
MMDA6,238,615 173,905 3.72%5,176,794 108,716 2.81%
Savings accounts781,072 2,930 0.50%976,684 5,375 0.74%
Retail CDs2,429,505 77,062 4.24%1,947,739 41,393 2.84%
Brokered CDs1,347,836 53,091 5.26%991,554 38,493 5.19%
Total interest-bearing deposits14,599,529 369,117 3.38%13,010,247 244,268 2.51%
Non-deposit funding
FHLB advances375,328 14,188 5.05%1,436,753 52,213 4.86%
Other borrowings304,554 10,967 4.81%330,035 13,072 5.30%
Subordinated deferrable interest debentures131,052 10,280 10.48%129,059 9,725 10.07%
Total non-deposit funding810,934 35,435 5.84%1,895,847 75,010 5.29%
Total interest-bearing liabilities15,410,463 404,552 3.51%14,906,094 319,278 2.86%
Demand deposits6,528,572 6,838,618 
Other liabilities423,023   391,646   
Shareholders’ equity3,537,559   3,289,706   
Total liabilities and shareholders’ equity$25,899,617   $25,426,064   
Interest rate spread  2.29%  2.60%
Net interest income $630,247   $631,776 
Net interest margin  3.53%  3.63%

On a tax-equivalent basis, net interest income for the nine months ended September 30, 2024 was $630.2 million, a decrease of $1.5 million, or 0.24%, compared with $631.8 million reported in the same period of 2023. The lower net interest income is a result of increased yield on interest-bearing deposits and a shift in deposit mix as interest rates have risen, partially offset by growth in average earning assets and increased associated market rates. Average interest earning assets increased $564.1 million, or 2.42%, from $23.27 billion in the first nine months of 2023 to $23.83 billion for the first nine months of 2024. This growth in interest earning assets resulted primarily from organic growth in average loans, partially offset by paydowns on the securities portfolio and average loans held for sale. The Company’s net interest margin during the first nine months of 2024 was 3.53%, down 10 basis points from 3.63% reported for the first nine months of 2023. Loan production amounted to $14.1 billion during the first nine months of 2024, with weighted average yields of 7.54%, compared with $14.0 billion and 7.19%, respectively, during the first nine months of 2023.

Total interest income, on a tax-equivalent basis, increased to $1.03 billion during the nine months ended September 30, 2024, compared with $951.1 million in the same period of 2023. Yields on earning assets increased to 5.80% during the first nine
47

months of 2024, compared with 5.46% reported in the same period of 2023. During the first nine months of 2024, loans comprised 88.9% of average earning assets, compared with 88.7% in the same period of 2023. Yields on loans increased to 5.97% during the nine months ended September 30, 2024, compared with 5.64% in the same period of 2023.

The yield on total interest-bearing liabilities increased from 2.86% during the nine months ended September 30, 2023 to 3.51% in the same period of 2024. Total funding costs, inclusive of noninterest-bearing demand deposits, increased to 2.46% in the first nine months of 2024, compared with 1.96% during the same period of 2023. Deposit costs increased from 1.65% in the first nine months of 2023 to 2.33% in the same period of 2024. Non-deposit funding costs increased from 5.29% in the first nine months of 2023 to 5.84% in the same period of 2024.
 
Provision for Credit Losses
 
The Company’s provision for credit losses during the nine months ended September 30, 2024 amounted to $46.0 million, compared with $119.7 million in the nine months ended September 30, 2023. This decrease was primarily attributable to the updated economic forecast during the first nine months of 2024, partially offset by organic loan growth. The provision for credit losses for the first nine months of 2024 was comprised of $57.2 million related to loans, negative $11.2 million related to unfunded commitments and negative $3,000 related to other credit losses, compared with $123.1 million related to loans, negative $3.4 million related to unfunded commitments and $5,000 related to other credit losses for the same period in 2023. Non-performing assets as a percentage of total assets decreased from 0.69% at December 31, 2023 to 0.44% at September 30, 2024. The decrease in non-performing assets is primarily attributable to a decrease in nonaccrual loans of $55.6 million and a decrease in accruing loans delinquent 90 days or more of $4.8 million, partially offset by an increase in other real estate owned of $3.3 million. The decrease in nonaccrual loans primarily resulted from a sale of MSRs which reduced exposure to GNMA nonaccrual loans from $90.2 million at December 31, 2023 to $8.2 million at September 30, 2024, partially offset by portfolio loans moved to nonaccrual during the year-to-date period. Net charge-offs on loans during the first nine months of 2024 were $29.8 million, or 0.19% of average loans on an annualized basis, compared with approximately $37.0 million, or 0.25%, in the first nine months of 2023. The Company’s total allowance for credit losses on loans at September 30, 2024 was $334.5 million, or 1.60% of total loans, compared with $307.1 million, or 1.52% of total loans, at December 31, 2023. This increase is primarily attributable to organic growth in loans and the updated economic forecast.

Noninterest Income

Total noninterest income for the nine months ended September 30, 2024 was $224.3 million, an increase of $37.7 million, or 20.2%, from the $186.6 million reported for the nine months ended September 30, 2023.  Income from mortgage banking activities increased $15.4 million, or 14.2%, from $108.4 million in the first nine months of 2023 to $123.8 million in the same period of 2024. Total production in the first nine months of 2024 amounted to $3.39 billion, compared with $3.45 billion in the same period of 2023, while gain on sale spread increased to 2.37% during the nine months ended September 30, 2024, compared with 2.11% in the same period of 2023. The retail mortgage open pipeline was $813.7 million at September 30, 2024, compared with $400.1 million at December 31, 2023 and $623.9 million at September 30, 2023.

Net gain on securities increased to $12.3 million for the nine months ended September 30, 2024, compared with a loss of $16,000 for the nine months ended September 30, 2023. This increase was primarily due to the conversion of Visa Class B-1 stock resulting in a gain of $12.6 million and related realized gain (loss) on subsequent sales and mark-to-market adjustments post-conversion. Other noninterest income increased $6.6 million, or 16.2%, to $47.3 million for the first nine months of 2024, compared with $40.7 million during the same period of 2023. The increase in other noninterest income was primarily attributable to a gain on sale of mortgage servicing rights of $10.0 million and an increase in BOLI income of $1.7 million, partially offset by declines in derivative fee income, fee income in our equipment finance division and gain on sale of SBA loans of $2.4 million, $1.9 million and $914,000, respectively.

Noninterest Expense

Total noninterest expenses for the nine months ended September 30, 2024 increased $26.6 million, or 6.2%, to $455.8 million, compared with $429.3 million in the same period of 2023. Salaries and employee benefits increased $15.7 million, or 6.4%, from $244.1 million in the first nine months of 2023 to $259.8 million in the same period of 2024, due primarily to increases in health insurance costs, variable compensation related to mortgage production, and stock-based compensation related to performance awards, in addition to a reduction in deferred origination costs. Data processing and communications expenses increased $5.6 million, or 14.2%, to $45.1 million in the first nine months of 2024, from $39.5 million reported in the same period of 2023. Amortization of intangible assets decreased $810,000, or 5.9%, from $13.8 million in the first nine months of 2023 to $13.0 million in the first nine months of 2024. This decrease was primarily related to a reduction in core deposit intangible amortization. Loan servicing expenses increased $1.5 million, or 5.6%, from $26.4 million in the first nine months
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of 2023 to $27.9 million in the same period of 2024, primarily attributable to additional mortgage loans serviced added from mortgage production over the previous year, partially offset by reductions from sales of MSRs. Other noninterest expenses increased $3.1 million, or 5.3%, from $58.4 million in the first nine months of 2023 to $61.5 million in the same period of 2024, due primarily to $2.0 million in FDIC special assessment expenses as well as a $4.1 million increase in business license expense. These increases in other noninterest expenses were partially offset by decreases from the first nine months of 2023 in fraud/forgery and other losses of $4.6 million and legal and other professional fees of $792,000.

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 nine months ended September 30, 2024, the Company reported income tax expense of $85.5 million, compared with $63.4 million in the same period of 2023. The Company’s effective tax rate for the nine months ended September 30, 2024 and 2023 was 24.4% and 23.8%, respectively. The increase in the effective tax rate is primarily a result of a $4.8 million tax expense related to BOLI surrender during the period, partially offset by a favorable return-to-provision adjustment resulting from reduced state apportionment.

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Financial Condition as of September 30, 2024

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, 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. 

Management and the Company’s 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 neither of the above criteria is met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. If credit-related impairment exists, the Company recognizes an allowance for credit losses, limited to the amount by which the fair value is less than the amortized cost basis of the security. Any impairment not recognized through an allowance for credit losses is recognized in other comprehensive income, net of tax, as a non credit-related impairment. The Company does not intend to sell these available-for-sale investment securities at an unrealized loss position at September 30, 2024, 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 September 30, 2024, management determined that $66,000 was attributable to credit impairment and, accordingly, an allowance for credit losses was established. The remaining $24.4 million in unrealized loss was determined to be from factors other than credit.

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 our investment portfolio at the dates indicated:

September 30, 2024December 31, 2023
(dollars in thousands)Amortized CostFair
Value		Amortized CostFair
Value
Securities available-for-sale
U.S. Treasuries$631,992 $630,671 $732,636 $720,877 
U.S. government-sponsored agencies1,013 995 1,023 985 
State, county and municipal securities26,652 25,929 28,986 28,051 
Corporate debt securities10,946 10,226 10,946 10,027 
SBA pool securities75,276 74,192 53,033 51,516 
Mortgage-backed securities713,439 699,539 621,013 591,488 
Total debt securities available-for-sale$1,459,318 $1,441,552 $1,447,637 $1,402,944 
Securities held-to-maturity
State, county and municipal securities$33,648 $28,741 $31,905 $26,854 
Mortgage-backed securities127,572 116,973 109,607 95,877 
Total debt securities held-to-maturity$161,220 $145,714 $141,512 $122,731 

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The amounts of securities available-for-sale and held-to-maturity in each category as of September 30, 2024 are shown in the following table according to contractual maturity classifications: (i) one year or less; (ii) after one year through five years; (iii) after five years through ten years; and (iv) after ten years:

U.S. TreasuriesU.S. Government-Sponsored AgenciesState, County and
Municipal Securities
(dollars in thousands)
Securities available-for-sale (1)
AmountYield
 (2)		AmountYield
 (2)		AmountYield
(2)(3)
One year or less$272,516 2.83 %$995 2.16 %$3,978 3.95 %
After one year through five years358,155 3.46 — — 14,498 3.95 
After five years through ten years— — — — 7,453 3.94 
After ten years— — — — — — 
$630,671 3.19 %$995 2.16 %$25,929 3.95 %
Corporate Debt SecuritiesSBA Pool SecuritiesMortgage-Backed Securities
(dollars in thousands)
Securities available-for-sale (1)
AmountYield
 (2)		AmountYield
 (2)		AmountYield
 (2)
One year or less$— — %$2,182 2.46 %$11,134 2.47 %
After one year through five years8,846 6.80 1,993 2.32 290,465 3.11 
After five years through ten years— — 60,891 5.66 38,849 2.95 
After ten years1,380 8.27 9,126 3.25 359,091 4.02 
$10,226 7.05 %$74,192 5.16 %$699,539 3.56 %
State, County and
Municipal Securities		Mortgage-Backed Securities
(dollars in thousands)
Securities held-to-maturity (1)
AmountYield
(2)(3)		AmountYield
 (2)
One year or less$— — %$— — %
After one year through five years— — 25,293 2.88 
After five years through ten years— — 59,117 2.52 
After ten years33,648 3.94 43,162 3.45 
$33,648 3.94 %$127,572 2.91 %
(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 September 30, 2024, gross loans outstanding (including loans and loans held for sale) were $21.52 billion, up $967.7 million from $20.55 billion reported at December 31, 2023. Loans increased $695.7 million, or 3.4%, from $20.27 billion at December 31, 2023 to $20.96 billion at September 30, 2024, driven by organic growth. Loans held for sale increased from $281.3 million at December 31, 2023 to $553.4 million at September 30, 2024 primarily in our mortgage division.

The Company regularly monitors the composition of the loan portfolio to evaluate the adequacy of the allowance for credit losses ("ACL") on loans in light of the impact that changes in the economic environment may have on the loan portfolio. The Company focuses on the following loan categories: (1) commercial, financial and agricultural; (2) consumer; (3) indirect automobile; (4) mortgage warehouse; (5) municipal; (6) premium finance; (7) construction and development related real estate; (8) commercial and farmland real estate; and (9) residential real estate. The Company’s management has strategically located its branches in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina to take advantage of the growth in these areas.
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The Company’s risk management processes include a loan review program designed to evaluate the credit risk in the loan portfolio and ensure credit grade accuracy. Through the loan review process, the Company conducts (1) a loan portfolio summary analysis, (2) charge-off and recovery analysis, (3) trends in accruing problem loan analysis, and (4) problem and past-due loan analysis. This analysis process serves as a tool to assist management in assessing the overall quality of the loan portfolio and the adequacy of the ACL. Loans classified as “substandard” are loans which are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses and/or questionable collateral values. Loans classified as “doubtful” are those loans that have characteristics similar to substandard loans but have an increased risk of loss. Loans classified as “loss” are those loans which are considered uncollectible and are in the process of being charged off.

The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL.

Expected credit losses are reflected in the ACL through a charge to credit loss expense. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received.

The Company measures expected credit losses of financial assets on a collective (pool) basis, when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company currently uses the DCF method or the PD×LGD method which may be adjusted for qualitative factors.

The Company’s methodologies for estimating the ACL 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 financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over four quarters when the Company can no longer develop reasonable and supportable forecasts.

At the end of the third quarter of 2024, the ACL on loans totaled $334.5 million, or 1.60% of loans, compared with $307.1 million, or 1.52% of loans, at December 31, 2023. Our nonaccrual loans decreased from $151.1 million at December 31, 2023 to $95.5 million at September 30, 2024. For the first nine months of 2024, our net charge off ratio as a percentage of average loans decreased to 0.19%, compared with 0.25% for the first nine months of 2023. The total provision for credit losses for the first nine months of 2024 was $46.0 million, decreasing from a provision of $119.7 million recorded for the first nine months of 2023. Our ratio of total nonperforming assets to total assets was down 25 basis points from 0.69% at December 31, 2023 to 0.44% at September 30, 2024.

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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 nine months ended September 30, 2024 and 2023:

Nine Months Ended
September 30,
(dollars in thousands)20242023
Balance of allowance for credit losses on loans at beginning of period$307,100 $205,677 
Adjustment to allowance for adoption of ASU 2022-02— (1,711)
Provision charged to operating expense57,184 123,114 
Charge-offs:  
Commercial, financial and agricultural40,150 42,068 
Consumer2,836 4,140 
Indirect automobile138 135 
Premium finance6,910 5,220 
Real estate – commercial and farmland571 3,320 
Real estate – residential49 231 
Total charge-offs50,654 55,114 
Recoveries:
Commercial, financial and agricultural12,286 10,333 
Consumer611 694 
Indirect automobile466 599 
Premium finance6,605 4,701 
Real estate – construction and development54 646 
Real estate – commercial and farmland655 476 
Real estate – residential150 689 
Total recoveries20,827 18,138 
Net charge-offs29,827 36,976 
Balance of allowance for credit losses on loans at end of period$334,457 $290,104 

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

As of and for the Nine Months Ended
(dollars in thousands)September 30, 2024September 30, 2023
Allowance for credit losses on loans at end of period$334,457 $290,104 
Net charge-offs for the period29,827 36,976 
Loan balances:
End of period20,964,981 20,201,079 
Average for the period20,722,659 20,121,143 
Net charge-offs as a percentage of average loans (annualized)0.19 %0.25 %
Allowance for credit losses on loans as a percentage of end of period loans1.60 %1.44 %

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Loans

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

(dollars in thousands)September 30, 2024December 31, 2023
Commercial, financial and agricultural$2,949,957 $2,688,929 
Consumer210,310 241,552 
Indirect automobile10,891 34,257 
Mortgage warehouse985,910 818,728 
Municipal449,561 492,668 
Premium finance1,246,452 946,562 
Real estate – construction and development2,232,114 2,129,187 
Real estate – commercial and farmland8,249,981 8,059,754 
Real estate – residential4,629,805 4,857,666 
$20,964,981 $20,269,303 

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 September 30, 2024 and December 31, 2023 is below:

September 30, 2024
(dollars in thousands)
PassOther Assets Especially MentionedSubstandardTotal
Farmland$136,305 $2,169 $678 $139,152 
Multifamily residential1,295,806 110 — 1,295,916 
Owner occupied CRE1,851,161 7,126 39,362 1,897,649 
Non-owner occupied CRE4,822,821 84,830 9,613 4,917,264 
Total real estate - commercial and farmland$8,106,093 $94,235 $49,653 $8,249,981 

December 31, 2023
(dollars in thousands)
PassOther Assets Especially MentionedSubstandardTotal
Farmland$158,456 $— $635 $159,091 
Multifamily residential877,970 50,000 — 927,970 
Owner occupied CRE1,858,658 29,668 27,114 1,915,440 
Non-owner occupied CRE4,973,466 67,362 16,425 5,057,253 
Total real estate - commercial and farmland$7,868,550 $147,030 $44,174 $8,059,754 

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The Company's non-owner occupied portfolio is well diversified. Below is a summary of the non-owner occupied CRE portfolio by property type as of September 30, 2024 and December 31, 2023:
(dollars in thousands)
September 30, 2024
December 31, 2023
Anchored Retail$1,092,365 $1,143,155 
Office948,783 1,017,627 
Warehouse / industrial711,876 679,877 
Strip center, non-anchored557,401 582,921 
Hotel432,559 460,060 
Retail369,011 373,507 
Mini storage warehouse338,983 337,660 
Medical office building238,825 219,318 
Assisted living facilities115,047 132,900 
Miscellaneous112,414 110,228 
Total non-owner occupied CRE$4,917,264 $5,057,253 

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 $95.5 million at September 30, 2024, a decrease of $55.6 million, or 36.8%, from $151.1 million at December 31, 2023. Accruing loans delinquent 90 days or more totaled $12.2 million at September 30, 2024, a decrease of $4.8 million, or 28.0%, compared with $17.0 million at December 31, 2023. At September 30, 2024, OREO totaled $9.5 million, an increase of $3.3 million, or 53.0%, compared with $6.2 million at December 31, 2023. Management regularly assesses the valuation of OREO through periodic reappraisal and through inquiries received in the marketing process.  At the end of the third quarter of 2024, total non-performing assets as a percent of total assets was down 25.00 basis points from 0.69% at December 31, 2023 to 0.44% at September 30, 2024.

Non-performing assets at September 30, 2024 and December 31, 2023 were as follows:

(dollars in thousands)September 30, 2024December 31, 2023
Nonaccrual loans(1)
$95,507 $151,117 
Accruing loans delinquent 90 days or more12,234 16,988 
Repossessed assets19 17 
Other real estate owned9,482 6,199 
Total non-performing assets$117,242 $174,321 

(1) Included in nonaccrual loans were $8.2 million and $90.2 million of serviced GNMA-guaranteed nonaccrual loans at September 30, 2024 and December 31, 2023, 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), multi-family property and non-farm 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.

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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 September 30, 2024, the Company exhibited a concentration in the CRE loan category based on Federal Reserve Call codes. The primary risks of CRE lending are:

(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 September 30, 2024 and December 31, 2023. The loan categories and concentrations below are based on Federal Reserve Call codes:

September 30, 2024December 31, 2023
(dollars in thousands)Balance% of Total
Loans		Balance% of Total
Loans
Construction and development loans$2,232,115 11%$2,129,187 11%
Multi-family loans1,295,916 6%927,970 5%
Nonfarm non-residential loans (excluding owner-occupied)4,917,264 23%5,057,253 25%
Total CRE Loans (excluding owner-occupied)
8,445,295 40%8,114,410 40%
All other loan types12,519,686 60%12,154,893 60%
Total Loans$20,964,981 100%$20,269,303 100%

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 I capital plus allowance for credit losses on loans and leases, and the Company’s internal concentration limits as of September 30, 2024 and December 31, 2023:

Internal
Limit		Actual
September 30, 2024December 31, 2023
Construction and development loans100%71%74%
Total CRE loans (excluding owner-occupied)300%270%282%

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 $5.1 million and $3.6 million at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024 and December 31, 2023 forward contracts were recorded with a liability balance of $2.0 million and $5.8 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 $6.6 million and $5.9 million at September 30, 2024 and December 31, 2023, respectively, and a liability of $7.0 million and $6.2 million at September 30, 2024 and December 31, 2023, respectively.

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Deposits

Total deposits at the Company increased $1.17 billion, or 5.7%, to $21.88 billion at September 30, 2024, compared with $20.71 billion at December 31, 2023. Noninterest-bearing deposits increased $178.7 million, or 2.8%, and interest-bearing deposits increased $992.1 million, or 7.0%, during the first nine months of 2024. At September 30, 2024, the Company had approximately $1.64 billion in short-term brokered CDs, compared with $1.14 billion at December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company had estimated uninsured deposits of $9.47 billion and $9.13 billion, respectively. These estimates were derived using the same methodologies and assumptions used for the Bank's regulatory reporting. Approximately $2.64 billion, or 27.9%, of the uninsured deposits at September 30, 2024 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 replenishment of the program to $100.0 million, being announced on October 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases up to $100.0 million through October 31, 2025.  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 September 30, 2024, an aggregate of $8.3 million, or 194,274 shares of the Company's common stock, had been repurchased under the program's October 26, 2023 renewal, which also included the replenishment of the program to $100.0 million.

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.

In March 2020, the Office of the Comptroller of the Currency, the FRB and the FDIC issued an interim final rule that delays the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule provides banking organizations that implement CECL in 2020 the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. As a result, the Company and Bank elected the five-year transition relief allowed under the interim final rule effective March 31, 2020.

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As of September 30, 2024, under the regulatory capital standards, the Bank was considered “well capitalized” under all capital measurements. The following table sets forth the regulatory capital ratios of for the Company and the Bank at September 30, 2024 and December 31, 2023:

September 30, 2024December 31, 2023
Tier 1 Leverage Ratio (tier 1 capital to average assets)
  
Consolidated10.40%9.93%
Ameris Bank11.14%10.69%
CET1 Ratio (common equity tier 1 capital to risk weighted assets)
  
Consolidated12.16%11.23%
Ameris Bank13.02%12.09%
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets)
  
Consolidated12.16%11.23%
Ameris Bank13.02%12.09%
Total Capital Ratio (total capital to risk weighted assets)
  
Consolidated15.35%14.45%
Ameris Bank14.61%13.69%

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 September 30, 2024 and December 31, 2023, the net carrying value of the
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Company’s other borrowings was $346.4 million and $509.6 million, respectively. At September 30, 2024, the Company had availability with the FHLB and FRB Discount Window of $3.94 billion and $2.49 billion, respectively.

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

September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Investment securities available-for-sale to total deposits6.59%7.14%6.74%6.77%6.92%
Loans (net of unearned income) to total deposits95.82%97.89%98.11%97.88%98.11%
Interest-earning assets to total assets92.09%92.17%91.91%91.67%91.67%
Interest-bearing deposits to total deposits69.51%68.99%68.86%68.65%68.00%

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 September 30, 2024 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 approximately $5.1 million and $3.6 million at September 30, 2024 and December 31, 2023, respectively, and a liability of $2.0 million and $5.8 million at September 30, 2024 and December 31, 2023, 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 $6.6 million and $5.9 million at September 30, 2024 and December 31, 2023, respectively, and a liability of $7.0 million and $6.2 million at September 30, 2024 and December 31, 2023, 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 100, 200, 300 and 400 basis point increases and decreases in market rates and is monitored on a quarterly basis.

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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 October 1, 2024. 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% Change in Projected Baseline
Interest RatesNet Interest Income
(in bps)12 Months24 Months
400(5.3)%8.1%
300(0.8)%8.3%
2001.1%6.5%
1000.8%3.8%
(100)(0.8)%(3.9)%
(200)(1.6)%(8.3)%
(300)(2.2)%(12.7)%
(400)(2.0)%(15.2)%

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 September 30, 2024, 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.
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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, 2023, 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 September 30, 2024. 
Period
Total
Number of
Shares
Purchased
Average Price
Paid Per Share		Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
Approximate
Dollar Value of
Shares That
 May Yet be
Purchased
Under the Plans
or Programs(1)
July 1, 2024 through July 31, 2024— $— — $91,704,867 
August 1, 2024 through August 31, 2024— $— — $91,704,867 
September 1, 2024 through September 30, 2024— $— — $91,704,867 
Total— $— — $91,704,867 
(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 replenishment of the program to $100.0 million, being announced on October 24, 2024. As a result, the Company is currently authorized to engage in additional share repurchases totaling up to $100.0 million through October 31, 2025. 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 September 30, 2024, an aggregate of $8.3 million, or 194,274 shares of the Company's common stock, had been repurchased under the program's October 26, 2023 renewal, which also included the replenishment of the program to $100.0 million.
Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

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Item 5. Other Information.

During the quarter ended September 30, 2024, 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).

On November 6, 2024, the Company and the Bank, together with H. Palmer Proctor, Jr., the Chief Executive Officer of the Company and the Bank, entered into a Second Amendment (the “Amendment”) to Mr. Proctor’s Employment Agreement dated as of December 17, 2018 (as previously amended, the “Employment Agreement”). The Amendment, which will become effective on July 2, 2027 in the event the term of the Employment Agreement is again renewed at such time for an additional three-year period, conforms certain of the provisions in the Employment Agreement, relating to the definition of “Change of Control” and the form of payment of severance to be made in the event Mr. Proctor has a termination of employment on or within one year following a Change of Control, to the terms of the Severance Protection and Restrictive Covenants Agreements previously entered into by the Company, the Bank and other executive officers.
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Item 6. Exhibits.
Exhibit
Number		 Description
  
 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).
   
 Bylaws of Ameris Bancorp, as amended and restated through February 23, 2023 (incorporated by reference to Exhibit 3.2 to Ameris Bancorp's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2023).
Second Amendment to Employment Agreement by and among Ameris Bancorp, Ameris Bank and H. Palmer Proctor, Jr. dated as of November 6, 2024.
 Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Executive Officer.
   
 Rule 13a-14(a)/15d-14(a) Certification by the Company’s Chief Financial Officer.
   
 Section 1350 Certification by the Company’s Chief Executive Officer.
 Section 1350 Certification by the Company’s Chief Financial Officer.
101.INSXBRL 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.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover 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.
* Management contract or a compensatory plan or arrangement.


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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: November 8, 2024AMERIS BANCORP
  
 /s/ Nicole S. Stokes
 Nicole S. Stokes
 Chief Financial Officer
(duly authorized signatory and principal accounting and financial officer)

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