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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The income tax expense in the consolidated statements of income consists of the following:
| For the Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Current - federal | $ | 117,978 |  |  | $ | 84,835 |  |  | $ | 114,346 |
Current - state | 19,275 |  |  | 23,463 |  |  | 27,889 |
Total Current Income Tax Expense | $ | 137,253 |  |  | $ | 108,298 |  |  | $ | 142,235 |
Deferred - federal | $ | (18,918) |  |  | $ | (16,882) |  |  | $ | (27,408) |
Deferred - state | (1,160) |  |  | (3,586) |  |  | (8,269) |
Total Deferred Income Tax Expense | $ | (20,078) |  |  | $ | (20,468) |  |  | $ | (35,677) |
Total Income Tax Expense | $ | 117,175 |  |  | $ | 87,830 |  |  | $ | 106,558 |
The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows:
| For the Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Federal income statutory rate | 21 | % |  | 21 | % |  | 21 | %
Tax at federal income tax rate | $ | 99,931 |  |  | $ | 74,956 |  |  | $ | 95,151 |
Change resulting from: |  |  |  |  |
State income tax, net of federal benefit | 14,068 |  |  | 14,950 |  |  | 13,763 |
Tax-exempt interest | (1,866) |  |  | (1,907) |  |  | (2,775) |
Increase in cash value of bank owned life insurance | (2,210) |  |  | (1,701) |  |  | (1,399) |
Excess tax benefit from stock compensation | (132) |  |  | (518) |  |  | (510) |
Nondeductible merger expenses | — |  |  | — |  |  | 167 |
BOLI policy redemptions | 4,488 |  |  | — |  |  | — |
Other | 2,896 |  |  | 2,050 |  |  | 2,161 |
Provision for income taxes | $ | 117,175 |  |  | $ | 87,830 |  |  | $ | 106,558 |
The components of deferred income taxes are as follows:
| December 31,
(dollars in thousands) | 2024 |  | 2023
Deferred tax assets |  |  |
Allowance for credit losses | $ | 90,357 |  |  | $ | 88,494 |
Deferred compensation | 14,421 |  |  | 13,822 |
Deferred loan fees | 435 |  |  | — |
Purchase accounting adjustments | 3,112 |  |  | 3,442 |
Other real estate owned | 106 |  |  | 18 |
Net operating loss tax carryforward | 11,319 |  |  | 12,779 |
Tax credit carryforwards | 117 |  |  | 139 |
Unrealized loss on securities available for sale | 8,906 |  |  | 11,218 |
Capitalized costs, accrued expenses and other | 7,550 |  |  | 8,297 |
Lease liability | 13,319 |  |  | 15,081 |
| 149,642 |  |  | 153,290 |
Deferred tax liabilities |  |  |
Premises and equipment | 10,025 |  |  | 12,167 |
Mortgage servicing rights | 22,135 |  |  | 34,989 |
Subordinated debentures | 5,603 |  |  | 6,149 |
Lease financing | 7,239 |  |  | 9,753 |
Goodwill and intangible assets | 19,998 |  |  | 22,918 |
Origination costs | 11,100 |  |  | 9,984 |
Right of use lease asset | 11,243 |  |  | 12,854 |
Deferred loan fees | — |  |  | 318 |
| 87,343 |  |  | 109,132 |
Net deferred tax asset | $ | 62,299 |  |  | $ | 44,158 |
At December 31, 2024, the Company had federal net operating loss carryforwards of approximately $44.8 million which expire at various dates from 2028 to 2036. At December 31, 2024, the Company had state net operating loss carryforwards of approximately $43.9 million which expire at various dates from 2028 to 2036. The federal net operating loss carryforwards are subject to limitations pursuant to Section 382 of the Internal Revenue Code and are expected to be recovered over the next 12 years. The state net operating loss carryforwards are subject to similar limitations and are expected to be recovered over the next 12 years. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deferred tax assets at December 31, 2024. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the various states. The Company is no longer subject to examination by federal taxing authorities for years before 2021 and state taxing authorities for years before 2020. Although Ameris is unable to determine the ultimate outcome of current and future events, Ameris believes that the liability recorded for uncertain tax positions is adequate. A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows.
| For the Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  |
Beginning Balance | $ | 610 |  |  | $ | 1,001 |  |  |
Current Activity: |  |  |  |  |
Additions for tax positions of prior years | 277 |  |  | 479 |  |  |
Reductions for statutes of limitations expiring | (105) |  |  | (870) |  |  |
Settlements | (757) |  |  | — |  |  |
Ending Balance | $ | 25 |  |  | $ | 610 |  |  |
Accrued interest and penalties related to unrecognized income tax benefits are included as a component of income tax expense. Accrued interest and penalties on unrecognized income tax benefits totaled $3,000 and $133,000 as of December 31, 2024 and 2023, respectively. Unrecognized income tax benefits as of December 31, 2024 and 2023, that, if recognized, would affect the effective income tax rate totaled $22,000 and $582,000 (net of the federal benefit on state income tax issues), respectively. Accruals of penalties and interest resulted in a expense of $98,000 and $100 in 2024 and 2023, respectively. Ameris expects that $25,000 of uncertain income tax positions will be either settled or resolved during the next twelve months.

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