Ameris Ban

Moat components and weights: cost advantage from core deposits (35%), efficient local scale in attractive metros (25%), switching costs/relationships (20%), brand/intangibles (15%), network effects (5%).

Cost advantage: deposit mix is consistently favorable, with noninterest‑bearing deposits around 30% and brokered CDs only ~5% in 3Q25, contributing to a total cost of funds below 2% recently. This helps sustain an above‑peer margin even as rates move.

Efficient scale: Ameris ranks among the top share holders in several Southeast MSAs (e.g., Atlanta, Jacksonville, Savannah for banks under $50B), conferring local density benefits and operating leverage.

Switching costs: treasury and cash‑management relationships and mortgage/specialty verticals deepen ties, but switching costs in retail and many SMB accounts are moderate. Brand: regionally recognized but not national. Network effects: limited in banking.

Holistically, the moat is real but not impregnable; tech‑enabled competitors and deposit pricing cycles can erode advantages, so we cap the score in the low 60s.