Ameris Bancorp(US:ABCB)2024-11-08 21:26Financial 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].