Ameris Bancorp(ABCB) - 2024 Q3 - Quarterly Results

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]