Highlights of Ameris’s results for the third quarter of 2024
include the following:
- Net income of $99.2 million, or $1.44 per diluted share;
- Adjusted net income(1) of $95.2 million, or $1.38 per diluted
share
- Return on average assets ("ROA") of 1.49%; Adjusted ROA(1) of
1.43%
- Pre-tax, pre-provision net revenue (PPNR) ROA(1) of 1.99%;
- Growth in tangible book value(1) of $1.72 per share, or 19.1%
annualized, to $37.51 at September 30, 2024
- TCE ratio(1) of 10.24%, compared with 9.11% one year ago
- Completed the sale of a pool of mortgage servicing rights
("MSR") recognizing a gain of $5.2 million and reducing exposure to
GNMA nonaccrual loans by $85.4 million
- Net interest margin of 3.51% for the third quarter of 2024
- Growth in average earning assets of $454.8 million, or 7.6%
annualized
- Growth in total deposits of $435.1 million, or 8.1%
annualized
- Allowance for loan losses steady at 1.60% of loans at September
30, 2024
- Annualized net charge-offs declined to 0.15% of average total
loans
Ameris Bancorp (NYSE: ABCB) (the “Company”) today reported net
income 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 quarter ended September 30, 2023.
Excluding the gain on sale of MSRs and natural disaster expenses,
adjusted net income(1) was $95.2 million, or $1.38 per diluted
share, for the quarter ended September 30, 2024, compared with
$80.1 million, or $1.16 per diluted share, for the quarter ended
September 30, 2023.
For the year-to-date period ending September 30, 2024, the
Company reported net income of $264.3 million, or $3.83 per diluted
share, compared with $203.2 million, or $2.94 per diluted share,
for the same period in 2023. The year-to-date period ending
September 30, 2024 included a provision for credit losses of $46.0
million, compared with $119.7 million for the same period in
2023.
Commenting on the Company’s results, Palmer Proctor, the
Company’s Chief Executive Officer, said, “This quarter's strong
financial performance reflects our core franchise value,
disciplined focus on enhancing shareholder returns and commitment
to our customers. We achieved core deposit growth, sold additional
MSRs at a gain, reduced GNMA nonaccrual exposure and grew tangible
book value by over 19% annualized this quarter. We are building
capital at a strong pace, with our TCE ratio now over 10% and CET1
ratio at 12%. We remain dedicated to the Southeast markets, which
continue to grow and thrive."
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis (TE) was $215.0
million in the third quarter of 2024, an increase of $2.1 million,
or 1.0%, from last quarter and $6.3 million, or 3.0%, compared with
the third quarter of 2023. The Company's net interest margin was
3.51% for the third quarter of 2024, down from 3.58% reported for
the second quarter of 2024 and from 3.54% reported for the third
quarter of 2023. The decrease in net interest margin this quarter
compared with the second quarter of 2024 is primarily attributable
to decreased yield on securities during the period, in addition to
an increase in funding costs. During the second quarter of 2024,
the Company recognized approximately $2.3 million, or 0.04% to
margin, related to positive inflation adjustments on Treasury
Inflation-Protected Securities and accelerated accretion on an
early bond payoff. The decrease in net interest margin compared
with the same period in 2023 is due to the effect of overall
increases in deposit costs over the last year, partially offset by
increased yields on earning assets.
Yields on earning assets decreased five basis points during the
quarter to 5.81%, compared with 5.86% in the second quarter of
2024. This decrease is primarily related to the $2.3 million in
bond income recognized in the second quarter of 2024 noted above.
Yields on earning assets increased 19 basis points compared with
5.62% for the third quarter of 2023. Yields on loans increased to
6.01% during the third quarter of 2024, compared with 6.00% for the
second quarter of 2024 and 5.81% for the third quarter of 2023.
The Company’s total cost of funds was 2.50% in the third quarter
of 2024, an increase of two and 26 basis points compared with the
second quarter of 2024 and third quarter of 2023, respectively.
Deposit costs increased only seven basis points during the third
quarter of 2024 to 2.39%, compared with 2.32% in the second quarter
of 2024. Costs of interest-bearing deposits increased during the
quarter from 3.37% in the second quarter of 2024 to 3.44% in the
third quarter of 2024, reflecting an increase in money market and
brokered deposit account balances and costs.
Noninterest Income
Noninterest income decreased $19.0 million, or 21.4%, in the
third quarter of 2024 to $69.7 million, compared with $88.7 million
for the second quarter of 2024, primarily as a result of decreased
gain on securities and mortgage revenue. The second quarter of 2024
included a gain on conversion of Visa Class B stock of $12.6
million, compared with no such gain in the third quarter of 2024.
Mortgage banking activity decreased by $8.5 million, or 18.2%, to
$37.9 million in the third quarter of 2024, compared with $46.4
million for the second quarter of 2024. Gain on sale spreads
decreased to 2.17% in the third quarter of 2024 from 2.45% for the
second quarter of 2024. Total production in the retail mortgage
division decreased $170.1 million, or 12.8%, to $1.16 billion in
the third quarter of 2024, compared with $1.33 billion for the
second quarter of 2024. The retail mortgage open pipeline was
$813.7 million at the end of the third quarter of 2024, compared
with $802.2 million for the second quarter of 2024. Included in
other noninterest income in the third quarter of 2024 was a $5.2
million gain from the sale of mortgage servicing rights, compared
with $4.7 million for the second quarter of 2024.
Noninterest Expense
Noninterest expense decreased $3.6 million, or 2.3%, to $151.8
million during the third quarter of 2024, compared with $155.4
million for the second quarter of 2024. During the third quarter of
2024, the Company recorded natural disaster expenses of $150,000.
During the second quarter of 2024, the Company recorded a reduction
in FDIC special assessment expense of $895,000. Excluding these
items, adjusted expenses(1) decreased approximately $4.6 million,
or 3.0%, to $151.6 million in the third quarter of 2024 from $156.3
million in the second quarter of 2024. The decrease in adjusted
expenses(1) resulted from a $1.2 million decrease in loan servicing
expenses as a result of the sale of mortgage servicing rights
beginning in the second quarter of 2024. Also contributing to the
decrease in adjusted expenses were $1.0 million of additional
deferred origination costs in our equipment finance division and a
reduction of $1.0 million in problem loan expenses. Management
continues to focus on operating efficiency, and the adjusted
efficiency ratio(1) improved to 54.25% in the third quarter of
2024, compared with 55.00% in the second quarter of 2024.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2024
was 21.2%, compared with 28.2% for the second quarter of 2024. Tax
expense during the second quarter of 2024 included a $4.8 million
expense related to the termination of certain BOLI policies.
Balance Sheet Trends
Total assets at September 30, 2024 were $26.40 billion, compared
with $25.20 billion at December 31, 2023. Debt securities
available-for-sale increased to $1.44 billion, compared with $1.40
billion at December 31, 2023. Loans, net of unearned income,
increased $695.7 million, or 4.6% annualized, to $20.96 billion at
September 30, 2024, compared with $20.27 billion at December 31,
2023. Loans held for sale increased to $553.4 million at September
30, 2024 from $281.3 million at December 31, 2023.
At September 30, 2024, total deposits amounted to $21.88
billion, compared with $20.71 billion at December 31, 2023. During
the third quarter of 2024, deposits grew $435.1 million, with
noninterest bearing accounts increasing $21.1 million, money market
accounts increasing $83.6 million, retail CDs increasing $60.4
million and brokered CDs increasing $403.7 million, with such
increases offset in part by a $12.6 million decrease in savings
accounts and a 121.0 million decrease in interest bearing demand
accounts. Noninterest bearing accounts as a percentage of total
deposits was minimally changed, such that at September 30, 2024,
noninterest bearing deposit accounts represented $6.67 billion, or
30.5% of total deposits, compared with $6.49 billion, or 31.3% of
total deposits, at December 31, 2023.
Shareholders’ equity at September 30, 2024 totaled $3.68
billion, an increase of $254.6 million, or 7.4%, from December 31,
2023. The increase in shareholders’ equity was primarily the result
of earnings of $264.3 million during the first nine months of 2024,
partially offset by dividends declared, share repurchases and an
improvement in other comprehensive loss of $20.2 million resulting
from changes in interest rates on the Company's investment
portfolio. Tangible book value per share(1) increased $3.87 per
share, or 15.4% annualized, during the first nine months of 2024 to
$37.51 at September 30, 2024. Tangible common equity as a
percentage of tangible assets was 10.24% at September 30, 2024,
compared with 9.64% at the end of 2023. The Company had no
repurchases of its shares in the quarter ending September 30,
2024.
Credit Quality
During the third quarter of 2024, the Company recorded a
provision for credit losses of $6.1 million, keeping the allowance
for credit losses at 1.60% of loans, compared with a provision of
$18.8 million in the second quarter of 2024. Nonperforming assets
as a percentage of total assets improved 30 basis points to 0.44%
during the quarter. Approximately $8.2 million, or 7.0%, of the
nonperforming assets at September 30, 2024 were GNMA-guaranteed
mortgage loans, which have minimal loss exposure. Excluding these
government-guaranteed loans, nonperforming assets as a percentage
of total assets increased two basis points to 0.41% at September
30, 2024, compared with 0.39% at the second quarter of 2024. The
Company sold a pool of MSRs during the third quarter of 2024 which
reduced exposure to nonperforming GNMA-guaranteed mortgage loans by
$85.4 million. The net charge-off ratio improved to 15 basis points
for the third quarter of 2024, from 18 basis points in the second
quarter of 2024.
Share Repurchase Program
The Company's board of directors, on October 18, 2024,
authorized the Company to repurchase up to $100.0 million of its
outstanding common stock. Repurchases of shares, which are
authorized to occur through October 31, 2025, will be made, if at
all, 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. The
board's authorization is a continuation of and increase in the
Company's previously announced share repurchase program which was
set to expire on October 31 and under which the Company has
repurchased $8.3 million of its outstanding common stock in the
past 12 months.
Conference Call
The Company will host a teleconference at 9:00 a.m. Eastern time
on Friday, October 25, 2024, to discuss the Company's results and
answer appropriate questions. The conference call can be accessed
by dialing 1-844-481-2939. The conference call ID is Ameris
Bancorp. A replay of the call will be available beginning one hour
after the end of the conference call until November 1, 2024. To
listen to the replay, dial 1-877-344-7529. The conference replay
access code is 1525671. The financial information discussed will be
available on the Investor Relations page of the Ameris Bank website
at ir.amerisbank.com. Participants also may listen to a live
webcast of the presentation by visiting the link on the Investor
Relations page of the Ameris Bank website.
About Ameris Bancorp
Ameris Bancorp is the parent of Ameris Bank, a state-chartered
bank headquartered in Atlanta, Georgia. Ameris operates 164
financial centers across the Southeast and also serves consumer and
business customers nationwide through select lending channels.
Ameris manages $26.4 billion in assets as of September 30, 2024,
and provides a full range of traditional banking and lending
products, treasury and cash management, insurance premium
financing, and mortgage and refinancing services. Learn more about
Ameris at www.amerisbank.com.
(1)
Considered non-GAAP financial measure -
See reconciliation of GAAP to non-GAAP financial measures in tables
9A - 9E.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”). The Company’s management uses these non-GAAP financial
measures in its analysis of the Company’s performance. These
measures are useful when evaluating the underlying performance and
efficiency of the Company’s operations and balance sheet. The
Company’s management believes that these non-GAAP financial
measures provide a greater understanding of ongoing operations,
enhance comparability of results with prior periods and demonstrate
the effects of significant gains and charges in the current period.
The Company’s management believes that investors may use these
non-GAAP financial measures to evaluate the Company’s financial
performance without the impact of unusual items that may obscure
trends in the Company’s underlying performance. These disclosures
should not be viewed as a substitute for financial measures
determined in accordance with GAAP, nor are they necessarily
comparable to non-GAAP financial measures that may be presented by
other companies.
This news release contains forward-looking statements, as
defined by federal securities laws, including, among other
forward-looking statements, certain plans, expectations and goals.
Words such as “may,” “believe,” “expect,” “anticipate,” “intend,”
“will,” “should,” “plan,” “estimate,” “predict,” “continue” and
“potential” or the negative of these terms or other comparable
terminology, as well as similar expressions, are meant to identify
forward-looking statements. The forward-looking statements in this
news release are based on current expectations and are provided to
assist in the understanding of potential future performance. Such
forward-looking statements involve numerous assumptions, risks and
uncertainties that may cause actual results to differ materially
from those expressed or implied in any such statements, including,
without limitation, the following: general competitive, economic,
unemployment, political and market conditions and fluctuations,
including real estate market conditions, and the effects of such
conditions and fluctuations on the creditworthiness of borrowers,
collateral values, asset recovery values and the value of
investment securities; movements in interest rates and their
impacts on net interest margin, investment security valuations and
other performance measures; expectations on credit quality and
performance; legislative and regulatory changes; changes in U.S.
government monetary and fiscal policy; competitive pressures on
product pricing and services; the success and timing of other
business strategies; our outlook and long-term goals for future
growth; and natural disasters, geopolitical events, acts of war or
terrorism or other hostilities, public health crises and other
catastrophic events beyond our control. For a discussion of some of
the other risks and other factors that may cause such
forward-looking statements to differ materially from actual
results, please refer to the Company’s filings with the Securities
and Exchange Commission, including the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and the Company's
subsequently filed periodic reports and other filings.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update or revise
forward-looking statements.
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Financial Highlights
Table 1
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands except per share
data)
2024
2024
2024
2023
2023
2024
2023
EARNINGS
Net income
$
99,212
$
90,785
$
74,312
$
65,934
$
80,115
$
264,309
$
203,171
Adjusted net income(1)
$
95,187
$
80,763
$
75,612
$
73,568
$
80,115
$
251,562
$
202,685
COMMON SHARE DATA
Earnings per share available to common
shareholders
Basic
$
1.44
$
1.32
$
1.08
$
0.96
$
1.16
$
3.84
$
2.94
Diluted
$
1.44
$
1.32
$
1.08
$
0.96
$
1.16
$
3.83
$
2.94
Adjusted diluted EPS(1)
$
1.38
$
1.17
$
1.10
$
1.07
$
1.16
$
3.64
$
2.93
Cash dividends per share
$
0.15
$
0.15
$
0.15
$
0.15
$
0.15
$
0.45
$
0.45
Book value per share (period end)
$
53.30
$
51.64
$
50.42
$
49.62
$
48.41
$
53.30
$
48.41
Tangible book value per share (period
end)(1)
$
37.51
$
35.79
$
34.52
$
33.64
$
32.38
$
37.51
$
32.38
Weighted average number of shares
Basic
68,798,093
68,824,150
68,808,393
68,824,004
68,879,352
68,811,727
69,023,201
Diluted
69,066,298
69,013,834
69,014,116
69,014,793
68,994,247
69,031,666
69,129,921
Period end number of shares
69,067,019
69,066,573
69,115,263
69,053,341
69,138,461
69,067,019
69,138,461
Market data
High intraday price
$
65.40
$
51.18
$
53.99
$
53.84
$
45.34
$
65.40
$
50.54
Low intraday price
$
48.21
$
44.23
$
44.00
$
34.26
$
33.21
$
44.00
$
28.33
Period end closing price
$
62.39
$
50.35
$
48.38
$
53.05
$
38.39
$
62.39
$
38.39
Average daily volume
379,896
301,784
407,898
390,190
361,167
362,808
429,170
PERFORMANCE RATIOS
Return on average assets
1.49
%
1.41
%
1.18
%
1.03
%
1.25
%
1.36
%
1.07
%
Adjusted return on average assets(1)
1.43
%
1.25
%
1.20
%
1.15
%
1.25
%
1.30
%
1.07
%
Return on average common equity
10.91
%
10.34
%
8.63
%
7.73
%
9.56
%
9.98
%
8.26
%
Adjusted return on average tangible common
equity(1)
14.99
%
13.35
%
12.88
%
12.81
%
14.35
%
13.77
%
12.46
%
Earning asset yield (TE)
5.81
%
5.86
%
5.73
%
5.69
%
5.62
%
5.80
%
5.46
%
Total cost of funds
2.50
%
2.48
%
2.41
%
2.32
%
2.24
%
2.46
%
1.96
%
Net interest margin (TE)
3.51
%
3.58
%
3.51
%
3.54
%
3.54
%
3.53
%
3.63
%
Efficiency ratio
53.49
%
51.68
%
55.64
%
56.80
%
52.21
%
53.52
%
52.64
%
Adjusted efficiency ratio (TE)(1)
54.25
%
55.00
%
54.56
%
52.87
%
52.02
%
54.61
%
52.49
%
CAPITAL ADEQUACY (period end)
Shareholders' equity to assets
13.94
%
13.45
%
13.58
%
13.60
%
13.02
%
13.94
%
13.02
%
Tangible common equity to tangible
assets(1)
10.24
%
9.72
%
9.71
%
9.64
%
9.11
%
10.24
%
9.11
%
OTHER DATA (period end)
Full time equivalent employees
Banking Division
2,056
2,073
2,082
2,088
2,082
2,056
2,082
Retail Mortgage Division
592
595
596
595
601
592
601
Warehouse Lending Division
9
9
8
7
8
9
8
Premium Finance Division
76
74
73
75
78
76
78
Total Ameris Bancorp FTE headcount
2,733
2,751
2,759
2,765
2,769
2,733
2,769
Branch locations
164
164
164
164
164
164
164
Deposits per branch location
$
133,410
$
130,757
$
128,033
$
126,271
$
125,551
$
133,410
$
125,551
(1) Considered non-GAAP financial measure
- See reconciliation of GAAP to non-GAAP financial measures in
tables 9A - 9E
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Income Statement
Table 2
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands except per share
data)
2024
2024
2024
2023
2023
2024
2023
Interest income
Interest and fees on loans
$
325,622
$
317,664
$
303,393
$
303,487
$
304,699
$
946,679
$
868,675
Interest on taxable securities
15,555
16,948
13,092
14,033
14,754
45,595
44,969
Interest on nontaxable securities
336
335
330
326
331
1,001
1,009
Interest on deposits in other banks
13,633
12,376
12,637
14,368
10,769
38,646
33,568
Total interest income
355,146
347,323
329,452
332,214
330,553
1,031,921
948,221
Interest expense
Interest on deposits
129,698
121,245
118,174
111,749
102,999
369,117
244,268
Interest on other borrowings
11,388
14,157
9,890
14,364
19,803
35,435
75,010
Total interest expense
141,086
135,402
128,064
126,113
122,802
404,552
319,278
Net interest income
214,060
211,921
201,388
206,101
207,751
627,369
628,943
Provision for loan losses
6,313
25,348
25,523
30,401
30,095
57,184
123,114
Provision for unfunded commitments
(204
)
(6,570
)
(4,422
)
(7,438
)
(5,634
)
(11,196
)
(3,415
)
Provision for other credit losses
(2
)
(5
)
4
(11
)
(2
)
(3
)
5
Provision for credit losses
6,107
18,773
21,105
22,952
24,459
45,985
119,704
Net interest income after provision for
credit losses
207,953
193,148
180,283
183,149
183,292
581,384
509,239
Noninterest income
Service charges on deposit accounts
12,918
12,672
11,759
12,252
12,092
37,349
34,323
Mortgage banking activity
37,947
46,399
39,430
31,461
36,290
123,776
108,424
Other service charges, commissions and
fees
1,163
1,211
1,202
1,234
1,221
3,576
3,167
Gain (loss) on securities
(8
)
12,335
(7
)
(288
)
(16
)
12,320
(16
)
Other noninterest income
17,689
16,094
13,494
11,589
13,594
47,277
40,682
Total noninterest income
69,709
88,711
65,878
56,248
63,181
224,298
186,580
Noninterest expense
Salaries and employee benefits
88,700
88,201
82,930
75,966
81,898
259,831
244,144
Occupancy and equipment
11,716
12,559
12,885
13,197
12,745
37,160
38,253
Data processing and communications
expenses
15,221
15,193
14,654
14,028
12,973
45,068
39,458
Credit resolution-related expenses(1)
(110
)
840
486
157
(1,360
)
1,216
(77
)
Advertising and marketing
4,089
3,571
2,545
2,974
2,723
10,205
8,882
Amortization of intangible assets
4,180
4,407
4,422
4,425
4,425
13,009
13,819
Other noninterest expenses
27,981
30,586
30,789
38,264
28,042
89,356
84,791
Total noninterest expense
151,777
155,357
148,711
149,011
141,446
455,845
429,270
Income before income tax
expense
125,885
126,502
97,450
90,386
105,027
349,837
266,549
Income tax expense
26,673
35,717
23,138
24,452
24,912
85,528
63,378
Net income
$
99,212
$
90,785
$
74,312
$
65,934
$
80,115
$
264,309
$
203,171
Diluted earnings per common
share
$
1.44
$
1.32
$
1.08
$
0.96
$
1.16
$
3.83
$
2.94
(1) Includes expenses associated with
problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Period End Balance Sheet
Table 3
Sep
Jun
Mar
Dec
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
Assets
Cash and due from banks
$
231,515
$
257,297
$
235,931
$
230,470
$
241,137
Interest-bearing deposits in banks
1,127,641
1,104,897
975,321
936,834
1,304,636
Debt securities available-for-sale, at
fair value
1,441,552
1,531,047
1,414,419
1,402,944
1,424,081
Debt securities held-to-maturity, at
amortized cost
161,220
148,538
147,022
141,512
141,859
Other investments
63,899
96,613
77,480
71,794
104,957
Loans held for sale
553,379
570,180
364,332
281,332
381,466
Loans, net of unearned income
20,964,981
20,992,603
20,600,260
20,269,303
20,201,079
Allowance for credit losses
(334,457
)
(336,218
)
(320,023
)
(307,100
)
(290,104
)
Loans, net
20,630,524
20,656,385
20,280,237
19,962,203
19,910,975
Other real estate owned
9,482
2,213
2,158
6,199
3,397
Premises and equipment, net
210,931
213,255
214,801
216,435
217,564
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangible assets, net
74,941
79,120
83,527
87,949
92,375
Cash value of bank owned life
insurance
460,699
376,458
396,804
395,778
393,769
Other assets
418,353
469,079
447,767
454,603
465,968
Total assets
$
26,399,782
$
26,520,728
$
25,655,445
$
25,203,699
$
25,697,830
Liabilities
Deposits
Noninterest-bearing
$
6,670,320
$
6,649,220
$
6,538,322
$
6,491,639
$
6,589,610
Interest-bearing
15,208,945
14,794,923
14,459,068
14,216,870
14,000,735
Total deposits
21,879,265
21,444,143
20,997,390
20,708,509
20,590,345
Other borrowings
346,446
946,413
631,380
509,586
1,209,553
Subordinated deferrable interest
debentures
131,811
131,312
130,814
130,315
129,817
Other liabilities
360,892
432,246
411,123
428,542
421,046
Total liabilities
22,718,414
22,954,114
22,170,707
21,776,952
22,350,761
Shareholders' Equity
Preferred stock
—
—
—
—
—
Common stock
72,698
72,697
72,683
72,516
72,514
Capital stock
1,954,532
1,950,846
1,948,352
1,945,385
1,942,852
Retained earnings
1,772,989
1,684,218
1,603,832
1,539,957
1,484,424
Accumulated other comprehensive loss, net
of tax
(15,724
)
(38,020
)
(39,959
)
(35,939
)
(60,818
)
Treasury stock
(103,127
)
(103,127
)
(100,170
)
(95,172
)
(91,903
)
Total shareholders' equity
3,681,368
3,566,614
3,484,738
3,426,747
3,347,069
Total liabilities and shareholders'
equity
$
26,399,782
$
26,520,728
$
25,655,445
$
25,203,699
$
25,697,830
Other Data
Earning assets
$
24,312,672
$
24,443,878
$
23,578,834
$
23,103,719
$
23,558,078
Intangible assets
1,090,587
1,094,766
1,099,173
1,103,595
1,108,021
Interest-bearing liabilities
15,687,202
15,872,648
15,221,262
14,856,771
15,340,105
Average assets
26,442,984
25,954,808
25,295,088
25,341,990
25,525,913
Average common shareholders' equity
3,618,052
3,530,869
3,462,871
3,383,554
3,324,960
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Asset Quality Information
Table 4
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Allowance for Credit Losses
Balance at beginning of period
$
366,852
$
357,232
$
348,727
$
339,180
$
326,783
$
348,727
$
258,163
Adoption of ASU 2022-02
—
—
—
—
—
—
(1,711
)
Provision for loan losses
6,313
25,348
25,523
30,401
30,095
57,184
123,114
Provision for unfunded commitments
(204
)
(6,570
)
(4,422
)
(7,438
)
(5,634
)
(11,196
)
(3,415
)
Provision for other credit losses
(2
)
(5
)
4
(11
)
(2
)
(3
)
5
Provision for credit losses
6,107
18,773
21,105
22,952
24,459
45,985
119,704
Charge-offs
15,352
16,845
18,457
20,104
19,488
50,654
55,114
Recoveries
7,278
7,692
5,857
6,699
7,426
20,827
18,138
Net charge-offs (recoveries)
8,074
9,153
12,600
13,405
12,062
29,827
36,976
Ending balance
$
364,885
$
366,852
$
357,232
$
348,727
$
339,180
$
364,885
$
339,180
Allowance for loan losses
$
334,457
$
336,218
$
320,023
$
307,100
$
290,104
$
334,457
$
290,104
Allowance for unfunded commitments
30,362
30,566
37,136
41,558
48,996
30,362
48,996
Allowance for other credit losses
66
68
73
69
80
66
80
Total allowance for credit losses
$
364,885
$
366,852
$
357,232
$
348,727
$
339,180
$
364,885
$
339,180
Non-Performing Assets
Nonaccrual portfolio loans
$
87,339
$
85,878
$
80,448
$
60,961
$
53,806
$
87,339
$
53,806
Other real estate owned
9,482
2,213
2,158
6,199
3,397
9,482
3,397
Repossessed assets
19
22
29
17
22
19
22
Accruing loans delinquent 90 days or
more
12,234
15,909
15,811
16,988
11,891
12,234
11,891
Non-performing portfolio assets
$
109,074
$
104,022
$
98,446
$
84,165
$
69,116
$
109,074
$
69,116
Serviced GNMA-guaranteed mortgage
nonaccrual loans
8,168
93,520
84,238
90,156
80,752
8,168
80,752
Total non-performing assets
$
117,242
$
197,542
$
182,684
$
174,321
$
149,868
$
117,242
$
149,868
Asset Quality Ratios
Non-performing portfolio assets as a
percent of total assets
0.41
%
0.39
%
0.38
%
0.33
%
0.27
%
0.41
%
0.27
%
Total non-performing assets as a percent
of total assets
0.44
%
0.74
%
0.71
%
0.69
%
0.58
%
0.44
%
0.58
%
Net charge-offs as a percent of average
loans (annualized)
0.15
%
0.18
%
0.25
%
0.26
%
0.23
%
0.19
%
0.25
%
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Loan Information
Table 5
Sep
Jun
Mar
Dec
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
Loans by Type
Commercial, financial and agricultural
$
2,949,957
$
2,860,973
$
2,758,716
$
2,688,929
$
2,632,836
Consumer
210,310
217,787
232,993
241,552
259,797
Indirect automobile
10,891
16,335
24,022
34,257
47,108
Mortgage warehouse
985,910
1,070,921
891,336
818,728
852,823
Municipal
449,561
454,967
477,567
492,668
497,093
Premium Finance
1,246,452
1,151,261
998,726
946,562
1,007,334
Real estate - construction and
development
2,232,114
2,336,987
2,264,346
2,129,187
2,236,686
Real estate - commercial and farmland
8,249,981
8,103,634
8,131,248
8,059,754
7,865,389
Real estate - residential
4,629,805
4,779,738
4,821,306
4,857,666
4,802,013
Total loans
$
20,964,981
$
20,992,603
$
20,600,260
$
20,269,303
$
20,201,079
Loans by Risk Grade
Pass
$
20,676,342
$
20,623,416
$
20,221,302
$
19,846,731
$
19,812,895
Other assets especially mentioned
124,479
115,477
137,225
203,725
187,449
Substandard
164,160
253,710
241,733
218,847
200,735
Total loans
$
20,964,981
$
20,992,603
$
20,600,260
$
20,269,303
$
20,201,079
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Average Balances
Table 6
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Earning Assets
Interest-bearing deposits in banks
$
997,308
$
899,866
$
923,845
$
936,733
$
864,028
$
940,548
$
907,433
Investment securities - taxable
1,733,418
1,663,841
1,599,705
1,591,567
1,650,164
1,665,902
1,688,656
Investment securities - nontaxable
41,496
41,396
41,287
40,227
40,896
41,393
42,168
Loans held for sale
575,461
491,000
323,351
405,080
464,452
463,680
510,690
Loans
21,023,629
20,820,361
20,320,678
20,252,773
20,371,689
20,722,659
20,121,143
Total Earning Assets
$
24,371,312
$
23,916,464
$
23,208,866
$
23,226,380
$
23,391,229
$
23,834,182
$
23,270,090
Deposits
Noninterest-bearing deposits
$
6,622,952
$
6,558,427
$
6,403,300
$
6,572,190
$
6,655,191
$
6,528,572
$
6,838,618
NOW accounts
3,753,528
3,824,538
3,829,977
3,760,992
3,661,701
3,802,501
3,917,476
MMDA
6,508,770
6,251,719
5,952,389
5,994,361
5,527,731
6,238,615
5,176,794
Savings accounts
765,909
781,588
795,887
817,075
915,678
781,072
976,684
Retail CDs
2,478,875
2,430,416
2,378,678
2,281,357
2,200,413
2,429,505
1,947,739
Brokered CDs
1,493,352
1,167,174
1,381,382
1,122,684
1,441,854
1,347,836
991,554
Total Deposits
21,623,386
21,013,862
20,741,613
20,548,659
20,402,568
21,128,101
19,848,865
Non-Deposit Funding
Federal funds purchased and securities
sold under agreements to repurchase
—
1
—
—
—
—
—
FHLB advances
358,332
548,251
219,589
538,096
943,855
375,328
1,436,753
Other borrowings
298,073
307,449
308,210
311,091
312,572
304,554
330,035
Subordinated deferrable interest
debentures
131,547
131,050
130,551
130,054
129,554
131,052
129,059
Total Non-Deposit Funding
787,952
986,751
658,350
979,241
1,385,981
810,934
1,895,847
Total Funding
$
22,411,338
$
22,000,613
$
21,399,963
$
21,527,900
$
21,788,549
$
21,939,035
$
21,744,712
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Interest Income and Interest Expense
(TE)
Table 7
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Interest Income
Interest-bearing deposits in banks
$
13,633
$
12,376
$
12,637
$
14,368
$
10,769
$
38,646
$
33,568
Debt securities - taxable
15,555
16,948
13,092
14,033
14,754
45,595
44,969
Debt securities - nontaxable (TE)
426
423
418
413
418
1,267
1,277
Loans held for sale
9,142
8,189
5,348
6,846
7,460
22,679
22,865
Loans (TE)
317,358
310,347
298,907
297,501
298,102
926,612
848,375
Total Earning Assets
$
356,114
$
348,283
$
330,402
$
333,161
$
331,503
$
1,034,799
$
951,054
Interest Expense
Interest-Bearing Deposits
NOW accounts
$
20,535
$
21,020
$
20,574
$
19,293
$
17,255
$
62,129
$
50,291
MMDA
61,620
58,332
53,953
54,002
45,683
173,905
108,716
Savings accounts
960
984
986
974
1,791
2,930
5,375
Retail CDs
26,775
25,711
24,576
22,257
19,013
77,062
41,393
Brokered CDs
19,808
15,198
18,085
15,223
19,257
53,091
38,493
Total Interest-Bearing Deposits
129,698
121,245
118,174
111,749
102,999
369,117
244,268
Non-Deposit Funding
FHLB advances
4,443
7,167
2,578
7,089
12,543
14,188
52,213
Other borrowings
3,514
3,574
3,879
3,798
3,821
10,967
13,072
Subordinated deferrable interest
debentures
3,431
3,416
3,433
3,477
3,439
10,280
9,725
Total Non-Deposit Funding
11,388
14,157
9,890
14,364
19,803
35,435
75,010
Total Interest-Bearing Funding
$
141,086
$
135,402
$
128,064
$
126,113
$
122,802
$
404,552
$
319,278
Net Interest Income (TE)
$
215,028
$
212,881
$
202,338
$
207,048
$
208,701
$
630,247
$
631,776
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Yields(1)
Table 8
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
2024
2024
2024
2023
2023
2024
2023
Earning Assets
Interest-bearing deposits in banks
5.44
%
5.53
%
5.50
%
6.09
%
4.94
%
5.49
%
4.95
%
Debt securities - taxable
3.57
%
4.10
%
3.29
%
3.50
%
3.55
%
3.66
%
3.82
%
Debt securities - nontaxable (TE)
4.08
%
4.11
%
4.07
%
4.07
%
4.06
%
4.09
%
4.05
%
Loans held for sale
6.32
%
6.71
%
6.65
%
6.71
%
6.37
%
6.53
%
5.99
%
Loans (TE)
6.01
%
6.00
%
5.92
%
5.83
%
5.81
%
5.97
%
5.64
%
Total Earning Assets
5.81
%
5.86
%
5.73
%
5.69
%
5.62
%
5.80
%
5.46
%
Interest-Bearing Deposits
NOW accounts
2.18
%
2.21
%
2.16
%
2.04
%
1.87
%
2.18
%
1.72
%
MMDA
3.77
%
3.75
%
3.65
%
3.57
%
3.28
%
3.72
%
2.81
%
Savings accounts
0.50
%
0.51
%
0.50
%
0.47
%
0.78
%
0.50
%
0.74
%
Retail CDs
4.30
%
4.25
%
4.16
%
3.87
%
3.43
%
4.24
%
2.84
%
Brokered CDs
5.28
%
5.24
%
5.27
%
5.38
%
5.30
%
5.26
%
5.19
%
Total Interest-Bearing Deposits
3.44
%
3.37
%
3.31
%
3.17
%
2.97
%
3.38
%
2.51
%
Non-Deposit Funding
Federal funds purchased and securities
sold under agreements to repurchase
—
%
—
%
—
%
—
%
—
%
—
%
—
%
FHLB advances
4.93
%
5.26
%
4.72
%
5.23
%
5.27
%
5.05
%
4.86
%
Other borrowings
4.69
%
4.68
%
5.06
%
4.84
%
4.85
%
4.81
%
5.30
%
Subordinated deferrable interest
debentures
10.38
%
10.48
%
10.58
%
10.61
%
10.53
%
10.48
%
10.07
%
Total Non-Deposit Funding
5.75
%
5.77
%
6.04
%
5.82
%
5.67
%
5.84
%
5.29
%
Total Interest-Bearing
Liabilities
3.55
%
3.53
%
3.43
%
3.35
%
3.22
%
3.51
%
2.86
%
Net Interest Spread
2.26
%
2.33
%
2.30
%
2.34
%
2.40
%
2.29
%
2.60
%
Net Interest Margin(2)
3.51
%
3.58
%
3.51
%
3.54
%
3.54
%
3.53
%
3.63
%
Total Cost of Funds(3)
2.50
%
2.48
%
2.41
%
2.32
%
2.24
%
2.46
%
1.96
%
(1) Interest and average rates are
calculated on a tax-equivalent basis using an effective tax rate of
21%.
(2) Rate calculated based on average
earning assets.
(3) Rate calculated based on total average
funding including noninterest-bearing deposits.
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
Adjusted Net Income
Table 9A
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands except per share
data)
2024
2024
2024
2023
2023
2024
2023
Net income available to common
shareholders
$
99,212
$
90,785
$
74,312
$
65,934
$
80,115
$
264,309
$
203,171
Adjustment items:
Gain on sale of MSR
(5,245
)
(4,713
)
—
—
—
(9,958
)
—
Gain on conversion of Visa Class B-1
stock
—
(12,554
)
—
—
—
(12,554
)
—
Gain on BOLI proceeds
—
(466
)
(998
)
—
—
(1,464
)
(486
)
FDIC special assessment
—
(895
)
2,909
11,566
—
2,014
—
Natural disaster expenses
150
—
—
—
—
150
—
Gain on bank premises
—
—
—
(1,903
)
—
—
—
Tax effect of adjustment items (Note
1)
1,070
3,814
(611
)
(2,029
)
—
4,273
—
After tax adjustment items
(4,025
)
(14,814
)
1,300
7,634
—
(17,539
)
(486
)
Tax expense attributable to BOLI
restructuring
—
4,792
—
—
—
4,792
—
Adjusted net income
$
95,187
$
80,763
$
75,612
$
73,568
$
80,115
$
251,562
$
202,685
Weighted average number of shares -
diluted
69,066,298
69,013,834
69,014,116
69,014,793
68,994,247
69,031,666
69,129,921
Net income per diluted share
$
1.44
$
1.32
$
1.08
$
0.96
$
1.16
$
3.83
$
2.94
Adjusted net income per diluted share
$
1.38
$
1.17
$
1.10
$
1.07
$
1.16
$
3.64
$
2.93
Average assets
$
26,442,984
$
25,954,808
$
25,295,088
$
25,341,990
$
25,525,913
$
25,899,617
$
25,426,064
Return on average assets
1.49
%
1.41
%
1.18
%
1.03
%
1.25
%
1.36
%
1.07
%
Adjusted return on average assets
1.43
%
1.25
%
1.20
%
1.15
%
1.25
%
1.30
%
1.07
%
Average common equity
$
3,618,052
$
3,530,869
$
3,462,871
$
3,383,554
$
3,324,960
$
3,537,559
$
3,289,706
Average tangible common equity
$
2,525,421
$
2,433,958
$
2,361,544
$
2,277,810
$
2,214,775
$
2,440,619
$
2,174,958
Return on average common equity
10.91
%
10.34
%
8.63
%
7.73
%
9.56
%
9.98
%
8.26
%
Adjusted return on average tangible common
equity
14.99
%
13.35
%
12.88
%
12.81
%
14.35
%
13.77
%
12.46
%
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.
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
(continued)
Adjusted Efficiency Ratio (TE)
Table 9B
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Adjusted Noninterest Expense
Total noninterest expense
$
151,777
$
155,357
$
148,711
$
149,011
$
141,446
$
455,845
$
429,270
Adjustment items:
FDIC special assessment
—
895
(2,909
)
(11,566
)
—
(2,014
)
—
Natural disaster expenses
(150
)
—
—
—
—
(150
)
—
Gain on bank premises
—
—
—
1,903
—
—
—
Adjusted noninterest expense
$
151,627
$
156,252
$
145,802
$
139,348
$
141,446
$
453,681
$
429,270
Total Revenue
Net interest income
$
214,060
$
211,921
$
201,388
$
206,101
$
207,751
$
627,369
$
628,943
Noninterest income
69,709
88,711
65,878
56,248
63,181
224,298
186,580
Total revenue
$
283,769
$
300,632
$
267,266
$
262,349
$
270,932
$
851,667
$
815,523
Adjusted Total Revenue
Net interest income (TE)
$
215,028
$
212,881
$
202,338
$
207,048
$
208,701
$
630,247
$
631,776
Noninterest income
69,709
88,711
65,878
56,248
63,181
224,298
186,580
Total revenue (TE)
284,737
301,592
268,216
263,296
271,882
854,545
818,356
Adjustment items:
(Gain) loss on securities
8
(12,335
)
7
288
16
(12,320
)
16
Gain on sale of MSR
(5,245
)
(4,713
)
—
—
—
(9,958
)
—
Gain on BOLI proceeds
—
(466
)
(998
)
—
—
(1,464
)
(486
)
Adjusted total revenue (TE)
$
279,500
$
284,078
$
267,225
$
263,584
$
271,898
$
830,803
$
817,886
Efficiency ratio
53.49
%
51.68
%
55.64
%
56.80
%
52.21
%
53.52
%
52.64
%
Adjusted efficiency ratio (TE)
54.25
%
55.00
%
54.56
%
52.87
%
52.02
%
54.61
%
52.49
%
Tangible Book Value Per Share
Table 9C
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands except per share
data)
2024
2024
2024
2023
2023
2024
2023
Total shareholders' equity
$
3,681,368
$
3,566,614
$
3,484,738
$
3,426,747
$
3,347,069
$
3,681,368
$
3,347,069
Less:
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangibles, net
74,941
79,120
83,527
87,949
92,375
74,941
92,375
Total tangible shareholders' equity
$
2,590,781
$
2,471,848
$
2,385,565
$
2,323,152
$
2,239,048
$
2,590,781
$
2,239,048
Period end number of shares
69,067,019
69,066,573
69,115,263
69,053,341
69,138,461
69,067,019
69,138,461
Book value per share (period end)
$
53.30
$
51.64
$
50.42
$
49.62
$
48.41
$
53.30
$
48.41
Tangible book value per share (period
end)
$
37.51
$
35.79
$
34.52
$
33.64
$
32.38
$
37.51
$
32.38
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Non-GAAP Reconciliations
(continued)
Tangible Common Equity to Tangible
Assets
Table 9D
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands except per share
data)
2024
2024
2024
2023
2023
2024
2023
Total shareholders' equity
$
3,681,368
$
3,566,614
$
3,484,738
$
3,426,747
$
3,347,069
$
3,681,368
$
3,347,069
Less:
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangibles, net
74,941
79,120
83,527
87,949
92,375
74,941
92,375
Total tangible shareholders' equity
$
2,590,781
$
2,471,848
$
2,385,565
$
2,323,152
$
2,239,048
$
2,590,781
$
2,239,048
Total assets
$
26,399,782
$
26,520,728
$
25,655,445
$
25,203,699
$
25,697,830
$
26,399,782
$
25,697,830
Less:
Goodwill
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
1,015,646
Other intangibles, net
74,941
79,120
83,527
87,949
92,375
74,941
92,375
Total tangible assets
$
25,309,195
$
25,425,962
$
24,556,272
$
24,100,104
$
24,589,809
$
25,309,195
$
24,589,809
Equity to Assets
13.94
%
13.45
%
13.58
%
13.60
%
13.02
%
13.94
%
13.02
%
Tangible Common Equity to Tangible
Assets
10.24
%
9.72
%
9.71
%
9.64
%
9.11
%
10.24
%
9.11
%
PPNR ROA
Table 9E
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands except per share
data)
2024
2024
2024
2023
2023
2024
2023
Net income
$
99,212
$
90,785
$
74,312
$
65,934
$
80,115
$
264,309
$
203,171
Plus:
Income taxes
26,673
35,717
23,138
24,452
24,912
85,528
63,378
Provision for credit losses
6,107
18,773
21,105
22,952
24,459
45,985
119,704
PPNR
$
131,992
$
145,275
$
118,555
$
113,338
$
129,486
$
395,822
$
386,253
Average Assets
$
26,442,984
$
25,954,808
$
25,295,088
$
25,341,990
$
25,525,913
$
25,899,617
$
25,426,064
Return on Average Assets (ROA)
1.49
%
1.41
%
1.18
%
1.03
%
1.25
%
1.36
%
1.07
%
PPNR ROA
1.99
%
2.25
%
1.89
%
1.77
%
2.01
%
2.04
%
2.03
%
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting
Table 10
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Retail Mortgage Division
Net interest income
$
23,553
$
23,742
$
23,287
$
24,053
$
22,805
$
70,582
$
64,249
Provision for credit losses
254
(2,882
)
2,332
1,005
2,399
(296
)
8,530
Noninterest income
41,498
50,145
38,765
30,588
35,691
130,408
106,557
Noninterest expense
Salaries and employee benefits
23,233
25,254
21,073
16,996
21,231
69,560
63,321
Occupancy and equipment expenses
957
1,008
1,049
1,210
1,182
3,014
3,689
Data processing and telecommunications
expenses
1,184
1,276
1,366
1,318
1,052
3,826
3,518
Other noninterest expenses
12,164
13,397
12,530
11,634
12,153
38,091
35,759
Total noninterest expense
37,538
40,935
36,018
31,158
35,618
114,491
106,287
Income before income tax expense
27,259
35,834
23,702
22,478
20,479
86,795
55,989
Income tax expense
5,724
7,525
4,978
4,720
4,301
18,227
11,758
Net income
$
21,535
$
28,309
$
18,724
$
17,758
$
16,178
$
68,568
$
44,231
Warehouse Lending Division
Net interest income
$
3,653
$
6,292
$
6,028
$
5,965
$
6,008
$
15,973
$
17,874
Provision for credit losses
(170
)
359
145
(68
)
(589
)
334
(372
)
Noninterest income
400
1,028
740
929
662
2,168
2,546
Noninterest expense
Salaries and employee benefits
621
1,124
888
296
924
2,633
2,498
Occupancy and equipment expenses
6
7
7
3
1
20
2
Data processing and telecommunications
expenses
32
59
25
51
30
116
120
Other noninterest expenses
217
298
237
229
219
752
644
Total noninterest expense
876
1,488
1,157
579
1,174
3,521
3,264
Income before income tax expense
3,347
5,473
5,466
6,383
6,085
14,286
17,528
Income tax expense
703
1,149
1,148
1,340
1,278
3,000
3,681
Net income
$
2,644
$
4,324
$
4,318
$
5,043
$
4,807
$
11,286
$
13,847
Premium Finance Division
Net interest income
$
10,060
$
8,350
$
7,605
$
7,801
$
9,381
$
26,015
$
26,206
Provision for credit losses
457
408
(499
)
27
139
366
745
Noninterest income
11
11
10
9
4
32
22
Noninterest expense
Salaries and employee benefits
2,212
1,900
2,053
1,973
2,308
6,165
6,627
Occupancy and equipment expenses
28
70
76
83
89
174
231
Data processing and telecommunications
expenses
83
102
79
100
73
264
224
Other noninterest expenses
1,140
1,095
1,028
1,057
1,027
3,263
3,160
Total noninterest expense
3,463
3,167
3,236
3,213
3,497
9,866
10,242
Income before income tax expense
6,151
4,786
4,878
4,570
5,749
15,815
15,241
Income tax expense
1,254
953
984
945
1,170
3,191
3,089
Net income
$
4,897
$
3,833
$
3,894
$
3,625
$
4,579
$
12,624
$
12,152
AMERIS BANCORP AND
SUBSIDIARIES
FINANCIAL TABLES
Segment Reporting (continued)
Table 10
Three Months Ended
Nine Months Ended
Sep
Jun
Mar
Dec
Sep
Sep
Sep
(dollars in thousands)
2024
2024
2024
2023
2023
2024
2023
Banking Division
Net interest income
$
176,794
$
173,537
$
164,468
$
168,282
$
169,557
$
514,799
$
520,614
Provision for credit losses
5,566
20,888
19,127
21,988
22,510
45,581
110,801
Noninterest income
27,800
37,527
26,363
24,722
26,824
91,690
77,455
Noninterest expense
Salaries and employee benefits
62,634
59,923
58,916
56,701
57,435
181,473
171,698
Occupancy and equipment expenses
10,725
11,474
11,753
11,901
11,473
33,952
34,331
Data processing and telecommunications
expenses
13,922
13,756
13,184
12,559
11,818
40,862
35,596
Other noninterest expenses
22,619
24,614
24,447
32,900
20,431
71,680
67,852
Total noninterest expense
109,900
109,767
108,300
114,061
101,157
327,967
309,477
Income before income tax expense
89,128
80,409
63,404
56,955
72,714
232,941
177,791
Income tax expense
18,992
26,090
16,028
17,447
18,163
61,110
44,850
Net income
$
70,136
$
54,319
$
47,376
$
39,508
$
54,551
$
171,831
$
132,941
Total Consolidated
Net interest income
$
214,060
$
211,921
$
201,388
$
206,101
$
207,751
$
627,369
$
628,943
Provision for credit losses
6,107
18,773
21,105
22,952
24,459
45,985
119,704
Noninterest income
69,709
88,711
65,878
56,248
63,181
224,298
186,580
Noninterest expense
Salaries and employee benefits
88,700
88,201
82,930
75,966
81,898
259,831
244,144
Occupancy and equipment expenses
11,716
12,559
12,885
13,197
12,745
37,160
38,253
Data processing and telecommunications
expenses
15,221
15,193
14,654
14,028
12,973
45,068
39,458
Other noninterest expenses
36,140
39,404
38,242
45,820
33,830
113,786
107,415
Total noninterest expense
151,777
155,357
148,711
149,011
141,446
455,845
429,270
Income before income tax expense
125,885
126,502
97,450
90,386
105,027
349,837
266,549
Income tax expense
26,673
35,717
23,138
24,452
24,912
85,528
63,378
Net income
$
99,212
$
90,785
$
74,312
$
65,934
$
80,115
$
264,309
$
203,171
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241024644537/en/
Brady Gailey Executive Director of Corporate Development (404)
240-1517
Ameris Bancorp (NYSE:ABCB)
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