Ameris Bancorp ratings affirmed by KBRA with stable outlook

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Ameris Bancorp ratings affirmed

Highlights

KBRA affirmed Ameris Bancorp's senior unsecured debt at BBB+, subordinated debt at BBB, and all long-term ratings with a Stable Outlook, citing robust earnings and core ROA of 1.6% for 9M26.
Ameris maintained $3.2 billion in mortgage originations and a 13.2% CET1 ratio at 3Q26, but faces liquidity constraints from a 98% loan-to-deposit ratio and a 9% securities portfolio.
Future loan growth at Ameris will require parallel deposit growth amid high competition, with stable deposits (29% noninterest-bearing) mitigating funding and profitability risks.

Rating action and key support factors

As reported by Kroll Bond Rating Agency, KBRA affirms the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Atlanta, Georgia-based Ameris Bancorp. It also affirms the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for Ameris Bank, with a Stable Outlook on all long-term ratings.

KBRA says the ratings are supported by robust loss-absorbing capacity, with earnings remaining a key strength. The agency points to core return on assets of about 1.6% during the first nine months of 2026, a net interest margin of 3.87% in the third quarter of 2026, and a relatively low-cost deposit base at 1.82% in the same period. It also highlights meaningful fee income, equal to 22% of total revenue during 9M26, primarily from mortgage banking.

The report says Ameris has maintained steady mortgage production of about $3.2 billion in 2026 despite higher rates and limited refinancing activity, helped by its direct origination retail operations and purchase-focused relationships with realtors and builders. KBRA also cites reserve coverage of 1.62% of total loans and a CET1 ratio of 13.2% at 3Q26 as evidence of prudent balance sheet management and strong internal capital generation.

Liquidity constraints and outlook for Southeastern banking operations

KBRA says Ameris' franchise strength across more than 165 branches in five Southeastern states, including a leading deposit share among locally headquartered banks in Georgia and Atlanta, supports the ratings. The agency also notes management's more conservative growth strategy in recent years, with an emphasis on organic growth and selective M&A, and says the last whole-bank transaction was completed in 2019.

At the same time, the rating agency says a high loan-to-deposit ratio of 98% at 3Q26 and a smaller securities portfolio, equal to 9% of total assets, constrain on-balance-sheet liquidity. That means future loan growth requires parallel deposit growth, which could raise funding costs and pressure profitability in a competitive market, although KBRA says those risks are partly offset by stable deposits, noninterest-bearing balances equal to 29% of total deposits, and access to diversified contingent liquidity sources.

KBRA adds that loan concentrations, especially in investor commercial real estate, remain manageable and generally in line with rated peers, though it is monitoring rising criticized loans and potential pressure in commercial real estate and residential markets. Under the Stable Outlook, the agency says an upgrade is not expected in the near term, while sustained above-peer earnings and capital, stronger liquidity metrics, and further diversification could support positive momentum over time. A downgrade is also not anticipated, but KBRA says weaker asset quality, more aggressive capital or liquidity management, or sustained earnings deterioration could create negative rating pressure.

Our earlier coverage of sovereign resilience in a higher-rate environment explained how persistent geopolitical shocks and elevated fiscal spending can raise borrowing and refinancing risks as global funding costs stay high. We noted that these pressures tend to be most acute for emerging and frontier markets, where interest-service burdens are heavier relative to limited revenue bases, and where inflationary spillovers from disruptions in energy and food markets can further strain credit outlooks.

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