Group 1 - Ameris Bancorp reported quarterly earnings of $1.38 per share, exceeding the Zacks Consensus Estimate of $1.20 per share, and up from $1.07 per share a year ago, representing a 15% earnings surprise [1] - The company achieved revenues of $290.78 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.10%, and an increase from $262.35 million year-over-year [2] - Ameris Bancorp has outperformed the S&P 500, with shares increasing about 4.2% since the beginning of the year compared to the S&P 500's gain of 2.7% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $1.17 on revenues of $280.45 million, and for the current fiscal year, it is $5.02 on revenues of $1.19 billion [7] - The Zacks Industry Rank indicates that the Banks - Southeast industry is in the top 10% of over 250 Zacks industries, suggesting strong performance potential [8]

Financial Performance - Net income for Q4 2024 was $94.4 million, or $1.37 per diluted share, up from $65.9 million, or $0.96 per diluted share in Q4 2023[3]. - Adjusted net income for the full year 2024 was $346.6 million, or $5.02 per diluted share, compared to $269.1 million, or $3.89 per diluted share in 2023[5]. - Net income for the three months ended December 2024 was $94,376 thousand, compared to $74,312 thousand for the same period in 2023, representing a year-over-year increase of 27%[25]. - Adjusted net income for the twelve months ended December 2024 was $346,640 thousand, up from $276,253 thousand in 2023, reflecting a growth of 25%[25]. - Earnings per share (EPS) for the three months ended December 2024 was $1.37, compared to $1.08 for the same period in 2023, indicating an increase of 27%[25]. - Net income for Q4 2024 was $94,376,000, compared to $65,934,000 in Q4 2023, indicating a significant increase of 43.1% year-over-year[27]. - Net income available to common shareholders for Q4 2024 was $94,376,000, compared to $65,934,000 in Q4 2023, representing a year-over-year increase of 43%[42]. Revenue and Income Growth - Total revenue growth for Q4 2024 was 9.8% annualized, with net interest income increasing by $7.7 million to $222.8 million[5]. - Noninterest income for the full year 2024 rose by $50.4 million, or 20.8%, to $293.3 million compared to 2023[12]. - Total revenue for the three months ended December 2024 was $290,780 thousand, an increase from $262,349 thousand in December 2023, representing a year-over-year growth of 10.9%[44]. - Noninterest income for the three months ended December 2024 was $68,959 thousand, compared to $56,248 thousand in December 2023, indicating a year-over-year increase of 22.7%[44]. - Total interest income for Q4 2024 was $346,363,000, an increase from $332,214,000 in Q4 2023, representing a growth of 4.4% year-over-year[27]. - Net interest income for the twelve months ended December 2024 was $849,190 thousand, compared to $835,044 thousand for the same period in 2023, reflecting a growth of 1.4%[44]. Asset and Equity Growth - Tangible book value per share grew by $4.95, or 14.7%, to $38.59 at December 31, 2024[5]. - Shareholders' equity increased by $324.8 million, or 9.5%, to $3.75 billion at December 31, 2024[17]. - The average common equity for Q4 2024 was $3,719,888,000, an increase from $3,383,554,000 in Q4 2023, reflecting a growth in equity base[42]. - Total tangible shareholders' equity as of December 2024 was $2,665,115 thousand, compared to $2,323,152 thousand in December 2023, showing a significant increase of 14.7%[45]. - Tangible common equity to tangible assets ratio improved to 10.59% at the end of December 2024, up from 9.64% at the end of December 2023[25]. Credit and Loan Performance - The Company recorded a provision for credit losses of $12.8 million in Q4 2024, raising the allowance for credit losses to 1.63% of loans[18]. - The allowance for credit losses was $338,084,000 as of December 2024, compared to $307,100,000 in December 2023, representing an increase of 10.1%[29]. - The provision for loan losses for the three months ended December 2024 was $12,657 thousand, compared to $30,401 thousand for the same period in 2023, a decrease of 58.3%[31]. - Non-performing assets totaled $122,393 thousand in December 2024, compared to $174,321 thousand in December 2023, showing a significant decrease of 29.8%[31]. - The net charge-offs for the twelve months ended December 2024 were $38,857 thousand, down from $50,381 thousand in the previous year, representing a reduction of 22.9%[31]. - Total loans increased to $20,739,906 thousand in December 2024, compared to $20,269,303 thousand in December 2023, reflecting a growth of approximately 2.3% year-over-year[33]. Efficiency and Cost Management - The efficiency ratio improved to 52.26% for the three months ended December 2024, compared to 55.64% for the same period in 2023[25]. - Total noninterest expense for the twelve months ended December 2024 was $607,794,000, compared to $578,281,000 in 2023, showing an increase of 5.1%[27]. - Adjusted noninterest expense for the three months ended December 2024 was $150,905 thousand, up from $139,348 thousand in December 2023, indicating an increase of 8.4%[44]. - The adjusted efficiency ratio (TE) for the three months ended December 2024 was 51.82%, an improvement from 52.58% in December 2023, suggesting better cost management[44]. Funding and Deposits - Total deposits increased by $1.01 billion, or 4.9%, to $21.72 billion at December 31, 2024[5]. - Total deposits reached $21,732,112 in December 2024, an increase from $21,623,386 in September 2024, marking a growth of 0.5%[35]. - Noninterest-bearing deposits rose to $6,684,851 in December 2024, compared to $6,622,952 in September 2024, a growth of 0.9%[35]. - The total cost of funds decreased to 2.22% for the three months ended December 2024, down from 2.41% in the previous quarter[25]. - Interest expense on total interest-bearing deposits was $124,542 for the three months ended December 2024, down from $141,086 in September 2024, a decrease of 11.7%[37]. Divisional Performance - The Banking Division's income before income tax expense was $87,305 in Q4 2024, up from $83,604 in Q3 2024, indicating a growth of 2.0%[51]. - The Warehouse Lending Division reported a net income of $5,149 in Q4 2024, down from $7,008 in Q3 2024, a decline of 26.5%[49]. - Noninterest expense in the Retail Mortgage Division totaled $37,167 in Q4 2024, compared to $31,158 in Q4 2023, an increase of 19.3%[49]. - Total noninterest income for the Banking Division increased to $31,647 in Q4 2024, up from $24,722 in Q4 2023, representing a growth of 27.9%[51].

Financial Performance - For the third quarter of 2024, the company reported net income of $99.2 million, or $1.44 per diluted share, compared to $80.1 million, or $1.16 per diluted share, in the same period of 2023, representing a 23.5% increase in net income [156]. - Adjusted net income for Q3 2024 was $95.2 million, or $1.38 per diluted share, up from $80.1 million, or $1.16 per diluted share, in Q3 2023, indicating a 19% increase [156]. - 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, representing an increase from $203.2 million, or $2.94 per diluted share, in the same period in 2023 [174]. - Adjusted net income for the nine months ended September 30, 2024, was $251.6 million, or $3.64 per diluted share, compared to $202.7 million, or $2.93 per diluted share, for the same period in 2023 [175]. Income and Expenses - Total interest income for the banking division was $255.2 million in Q3 2024, compared to $233.2 million in Q3 2023, reflecting an increase of 9.4% [159]. - Noninterest income for the company was $69.7 million in Q3 2024, compared to $63.2 million in Q3 2023, representing a 10.3% increase [159]. - Total noninterest expense increased to $151.8 million in Q3 2024 from $141.4 million in Q3 2023, reflecting a rise of 7.3% [159]. - Noninterest income increased to $224.3 million for the nine months ended September 30, 2024, compared to $186.6 million in the same period in 2023 [177]. - Total noninterest expense for the nine months ended September 30, 2024, was $455.8 million, up from $429.3 million in the same period in 2023 [178]. Interest Income and Loans - Net interest income for the banking division was $176.8 million in Q3 2024, up from $169.6 million in Q3 2023, marking a 4.1% increase [159]. - Total interest income increased to $356.1 million in Q3 2024, compared to $331.5 million in Q3 2023, with yields on earning assets rising to 5.81% from 5.62% [164]. - Loan production in Q3 2024 amounted to $5.1 billion with a weighted average yield of 7.52%, compared to $4.8 billion and 7.56% in Q3 2023 [163]. - Total interest income for the nine months ended September 30, 2024, was $1,031.9 million, up from $948.2 million in the same period in 2023 [177]. Credit Losses and Provisions - The provision for credit losses was $6.1 million in Q3 2024, compared to $24.5 million in Q3 2023, indicating a significant decrease of 75% [159]. - Provision for loan losses decreased to $45.6 million for the nine months ended September 30, 2024, from $119.7 million in the same period in 2023 [177]. - The total provision for credit losses for the first nine months of 2024 was $46.0 million, down from $119.7 million for the same period in 2023 [206]. Asset Quality - Non-performing assets as a percentage of total assets decreased to 0.44% at September 30, 2024, from 0.69% at December 31, 2023 [167]. - Nonaccrual loans decreased from $151.1 million at December 31, 2023 to $95.5 million at September 30, 2024 [206]. - The ratio of total nonperforming assets to total assets decreased by 25 basis points from 0.69% at December 31, 2023 to 0.44% at September 30, 2024 [206]. Capital and Deposits - Total deposits increased by $1.17 billion, or 5.7%, to $21.88 billion as of September 30, 2024, compared to $20.71 billion at December 31, 2023 [225]. - The common equity Tier 1 capital ratio was 12.16% as of September 30, 2024, compared to 11.23% at December 31, 2023 [231]. - The total capital ratio was 15.35% as of September 30, 2024, up from 14.45% at December 31, 2023 [231]. Shareholder Actions - The Company repurchased $8.3 million worth of its common stock, totaling 194,274 shares, under the share repurchase program as of September 30, 2024 [226].

Financial Data and Key Metrics Changes - The company reported net income of $99.2 million or $1.44 per diluted share for Q3 2024, with adjusted net income of $95.2 million or $1.38 per diluted share after accounting for a $5.2 million gain on the sale of MSR portfolio and $150,000 in hurricane-related expenses [8][9] - The adjusted return on assets improved to 1.43% and the adjusted return on tangible common equity improved to 15% [9][12] - The tangible book value per share increased by $1.72, resulting in an annualized growth rate of approximately 19.1%, ending the quarter at $37.51 per share [9][10] - The total assets increased to $26.4 billion from $25.2 billion at the end of the previous year [13] Business Line Data and Key Metrics Changes - Adjusted non-interest income decreased by $6.7 million, primarily in the mortgage division due to decreased production and a reduced gain on sale margin [12] - Total loan production for the quarter was $509 million, the highest in the past four quarters, with a blended rate of just over 9% [13] - The average earning assets grew by 7.6% annualized in Q3 [7][13] Market Data and Key Metrics Changes - The company maintained a strong net interest margin of 3.51%, which is above peer levels, despite a slight margin compression of 3 basis points [6][11] - The loan-to-deposit ratio improved, with deposits increasing by $1.17 billion or 7.6% annualized year-to-date [14] Company Strategy and Development Direction - The company remains focused on growing tangible book value per share and exploring additional growth opportunities within its Southeastern footprint [5][6] - The management emphasized a disciplined approach to capital preservation while remaining open to future growth opportunities [20][54] - The company is committed to organic growth but is also open to M&A opportunities if they align with strategic goals [54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued growth, citing strong fundamentals and a proven culture of expense control [4][7] - The impact of recent storms on operations was noted, but most locations did not experience significant damage, allowing for a quick recovery [7] - The company anticipates mid-single-digit loan and deposit growth for 2024, with deposit growth expected to govern loan growth [14] Other Important Information - The company executed its second MSR sale of the year, resulting in a pre-tax gain of over $5 million [6] - The allowance for credit losses remained stable, with a coverage ratio of 1.60% of loans and an improvement in non-performing assets [12] Q&A Session Summary Question: Margin outlook and NII growth - Management indicated that the guidance for margin remains around 3.50%, with a focus on growing net interest income despite slight margin compression [15][16][28] Question: Capital deployment strategy - Management confirmed a prudent approach to capital deployment, with a focus on organic growth while remaining open to M&A opportunities if they arise [19][54] Question: Trends in reserves and C&I losses - The reserve will be model-driven, and the C&I portfolio is diversified with minimal stress expected [23][24] Question: Mortgage segment capacity and outlook - Management expressed confidence in the mortgage segment's capacity to handle increased activity, supported by existing infrastructure and technology [34] Question: Deposit growth drivers - The company highlighted its relationship banking strategy as a key driver of organic deposit growth, with significant contributions from both commercial and retail sectors [39][41]

Core Insights - Ameris Bancorp reported revenue of $284.74 million for the quarter ended September 2024, reflecting a year-over-year increase of 5.1% [1] - Earnings per share (EPS) for the quarter was $1.38, up from $1.16 in the same quarter last year, resulting in an EPS surprise of +9.52% against the consensus estimate of $1.26 [1] - The reported revenue was below the Zacks Consensus Estimate of $290.6 million, showing a surprise of -2.02% [1] Financial Metrics - Net interest margin (TE) was reported at 3.5%, slightly below the estimated 3.6% [1] - Efficiency ratio stood at 53.5%, higher than the average estimate of 52.2% [1] - Book value per share at period end was $53.30, exceeding the estimated $52.76 [1] - Average balances of total earning assets were $24.37 billion, lower than the estimated $24.52 billion [1] - Net charge-offs as a percent of average loans (annualized) were 0.2%, better than the average estimate of 0.3% [1] - Net interest income (TE) was $215.03 million, below the average estimate of $217.70 million [1] - Total non-interest income was $69.71 million, also below the average estimate of $72.90 million [1] - Net interest income was reported at $214.06 million, compared to the estimated $218 million [1] Stock Performance - Shares of Ameris Bancorp have returned +2.4% over the past month, outperforming the Zacks S&P 500 composite's +1.5% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

Group 1 - Ameris Bancorp reported quarterly earnings of $1.38 per share, exceeding the Zacks Consensus Estimate of $1.26 per share, and up from $1.16 per share a year ago, representing an earnings surprise of 9.52% [1] - The company posted revenues of $284.74 million for the quarter ended September 2024, which was 2.02% below the Zacks Consensus Estimate, compared to $270.93 million in the same quarter last year [1] - Over the last four quarters, Ameris Bancorp has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [1] Group 2 - The stock has gained approximately 18.2% since the beginning of the year, while the S&P 500 has increased by 21.5% [2] - The current consensus EPS estimate for the upcoming quarter is $1.25 on revenues of $286.2 million, and for the current fiscal year, it is $4.82 on revenues of $1.14 billion [4] - The Zacks Industry Rank for Banks - Southeast is in the bottom 44% of over 250 Zacks industries, indicating potential challenges for stock performance [5]

Financial Performance - Net income for Q3 2024 was $99.2 million, or $1.44 per diluted share, up from $80.1 million, or $1.16 per diluted share in Q3 2023[1] - Adjusted net income for Q3 2024 was $95.2 million, or $1.38 per diluted share, compared to $80.1 million, or $1.16 per diluted share in Q3 2023[1] - Year-to-date net income for 2024 reached $264.3 million, or $3.83 per diluted share, compared to $203.2 million, or $2.94 per diluted share in the same period of 2023[1] - Net income for the three months ended September 2024 was $99,212,000, an increase of 9.8% from $90,785,000 in June 2024[17] - Adjusted net income for the nine months ended September 2024 reached $251,562,000, compared to $202,685,000 for the same period in 2023, reflecting a growth of 24%[17] - Net income for September 2024 was $99,212,000, compared to $90,785,000 in June 2024, and $80,115,000 in September 2023, representing a year-over-year growth of 23.8%[19] - Diluted earnings per share for September 2024 was $1.44, an increase from $1.32 in June 2024, and $1.16 in September 2023, indicating a year-over-year growth of 24.1%[19] Income and Expenses - Net interest income on a tax-equivalent basis was $215.0 million, a 1.0% increase from the previous quarter and a 3.0% increase from Q3 2023[2] - Noninterest income decreased by $19.0 million, or 21.4%, to $69.7 million in Q3 2024, primarily due to lower gains on securities and mortgage revenue[6] - Noninterest expense decreased by $3.6 million, or 2.3%, to $151.8 million in Q3 2024[7] - Total revenue for September 2024 was $284,737 thousand, a decrease from $301,592 thousand in June 2024, representing a 5.6% decline[30] - Noninterest income for September 2024 was $69,709 thousand, down from $88,711 thousand in June 2024, indicating a 21.4% decrease[30] - Total noninterest expense for September 2024 was $151,777 thousand, a decrease from $155,357 thousand in June 2024, reflecting a 3.6% reduction[31] Assets and Equity - Tangible book value grew by $1.72 per share, or 19.1% annualized, to $37.51 at September 30, 2024[3] - Total assets decreased to $26,399,782 thousand in September 2024 from $26,520,728 thousand in June 2024, a decline of 0.46%[20] - Total shareholders' equity rose to $3,681,368 thousand in September 2024, up from $3,566,614 thousand in June 2024, an increase of 3.22%[20] - Book value per share at the end of September 2024 was $53.30, an increase from $51.64 in June 2024[17] - Average assets increased to $26,442,984 thousand in September 2024 from $25,954,808 thousand in June 2024, a growth of 1.88%[20] Deposits and Loans - Total deposits increased by $435.1 million, or 8.1% annualized, reaching $21.88 billion at September 30, 2024[10] - Total deposits increased to $21,879,265 thousand in September 2024, up 2.03% from $21,444,143 thousand in June 2024[20] - Loans, net of unearned income, remained stable at $20,964,981 thousand in September 2024 compared to $20,992,603 thousand in June 2024, a slight decrease of 0.13%[20] - Interest income from loans (TE) was $317,358 million, up from $310,347 million, reflecting a growth of about 3.2%[26] - Total loans reached $20,964,981 million, slightly down from $20,992,603 million, indicating a decrease of approximately 0.1%[24] Credit Quality - Provision for loan losses decreased significantly to $6,313,000 in September 2024 from $25,348,000 in June 2024, and $30,095,000 in September 2023, showing a reduction of 79.2% year-over-year[19] - Non-performing portfolio assets as a percentage of total assets rose to 0.41% in September 2024 from 0.39% in June 2024[21] - Total non-performing assets as a percentage of total assets decreased to 0.44% in September 2024 from 0.74% in June 2024[21] - The allowance for credit losses stood at $364,885 thousand in September 2024, slightly down from $366,852 thousand in June 2024[22] - Net charge-offs were $8,074 thousand in September 2024, down from $9,153 thousand in June 2024[22] Operational Efficiency - The Company's effective tax rate for Q3 2024 was 21.2%, down from 28.2% in Q2 2024[8] - Return on average assets for September 2024 was 1.49%, compared to 1.41% in June 2024, indicating improved efficiency[17] - The efficiency ratio for September 2024 was 53.49%, slightly higher than 51.68% in June 2024, suggesting increased operational costs[17] - Adjusted efficiency ratio for September 2024 was 54.25%, compared to 55.00% in June 2024, showing improved operational efficiency[30] - Adjusted return on average tangible common equity was 14.99% in September 2024, up from 13.35% in June 2024, indicating stronger profitability[29] Shareholder Actions - The Company authorized a share repurchase program of up to $100.0 million, effective through October 31, 2025[12] - Net income available to common shareholders for September 2024 was $99,212 thousand, up 9.9% from $90,785 thousand in June 2024[29] - Adjusted net income for September 2024 was $95,187 thousand, compared to $80,763 thousand in June 2024, reflecting a 17.8% increase[29]

Core Insights - Ameris Bancorp (ABCB) is expected to report quarterly earnings of $1.26 per share, reflecting an 8.6% increase year-over-year [1] - Revenue forecasts stand at $290.6 million, indicating a 7.3% year-over-year growth [1] - The consensus EPS estimate has been revised down by 0.5% in the last 30 days, highlighting analysts' reassessment of initial projections [1] Financial Metrics - The consensus estimate for 'Net Interest Margin (TE)' is 3.6%, up from 3.5% in the same quarter last year [2] - Analysts project the 'Efficiency Ratio' to be 52.2%, consistent with the previous year's figure [2] - 'Average Balances - Total Earning Assets' are expected to reach $24.52 billion, compared to $23.56 billion a year ago [2] Income Projections - Estimated 'Net Interest Income (TE)' is $217.70 million, up from $208.70 million in the same quarter last year [3] - 'Total Non-Interest Income' is projected to be $72.90 million, compared to $63.18 million a year ago [3] - 'Net Interest Income' is expected to be $218.00 million, an increase from $207.75 million in the same quarter last year [3] Stock Performance - Ameris Bancorp shares have returned +0.9% over the past month, while the Zacks S&P 500 composite has increased by +2.7% [3] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market [3]

Core Viewpoint - Ameris Bancorp (ABCB) is well-positioned to continue its earnings-beat streak in the upcoming report, supported by a strong earnings history and positive analyst sentiment [1][2]. Earnings Performance - The company has a record of exceeding earnings estimates, with an average surprise of 2.76% over the last two quarters [1]. - For the last reported quarter, Ameris Bancorp achieved earnings of $1.17 per share, surpassing the Zacks Consensus Estimate of $1.15 per share, resulting in a surprise of 1.74% [1]. - In the previous quarter, the company reported earnings of $1.10 per share against an expected $1.06 per share, delivering a surprise of 3.77% [1]. Analyst Estimates - Recent estimates for Ameris Bancorp have been trending upward, indicating bullish sentiment among analysts [2]. - The Zacks Earnings ESP for the company is currently +6.14%, suggesting a strong likelihood of an earnings beat [3]. - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [2]. Upcoming Earnings Report - The next earnings report for Ameris Bancorp is expected to be released on October 24, 2024 [3].

Core Viewpoint - Ameris Bancorp plans to release its third quarter 2024 financial results on October 24, 2024, with a teleconference scheduled for October 25, 2024, to discuss the results and answer questions [1]. Group 1 - The financial results will be announced after market close on October 24, 2024 [1]. - The teleconference will be hosted by key executives including the CEO, CFO, and Chief Credit Officer at 9:00 a.m. Eastern time on October 25, 2024 [1]. - The conference call can be accessed by dialing 1-844-481-2939, and a replay will be available until November 1, 2024 [2]. Group 2 - Ameris Bancorp is the parent company of Ameris Bank, which operates 164 financial centers across the Southeast and serves customers nationwide [3]. - As of June 30, 2024, Ameris Bancorp manages $26.5 billion in assets and offers a full range of banking and lending products [3]. - The company provides services including treasury and cash management, insurance premium financing, and mortgage and refinancing services [3].