Ameris Bancorp(US:ABCB)2024-04-25 20:22Financial Performance - Net income for Q1 2024 was $74.3 million, or $1.08 per diluted share, compared to $60.4 million, or $0.87 per diluted share in Q1 2023, representing a 22.5% increase in net income year-over-year[1]. - Net income for Mar 2024 was $74,312,000, an increase from $65,934,000 in Dec 2023, representing a growth of 20.5%[18]. - Adjusted net income for Mar 2024 reached $75,612,000, compared to $73,568,000 in Dec 2023, reflecting a 2.8% increase[18]. - Earnings per share (EPS) for Mar 2024 was $1.08, up from $0.96 in Dec 2023, marking a 12.5% rise[18]. - Net income increased to $47,376 thousand in Mar 2024 from $39,508 thousand in Dec 2023, showing a growth of 19%[34]. - Net income for total consolidated increased to $74,312 thousand in Mar 2024 from $65,934 thousand in Dec 2023, reflecting a growth of 12.5%[34]. Asset and Equity Growth - Total assets reached $25.66 billion, up from $25.20 billion at the end of Q4 2023[9]. - Shareholders' equity increased by $58.0 million, or 1.7%, to $3.48 billion at March 31, 2024[11]. - Book value per share at the end of Mar 2024 was $50.42, up from $49.62 in Dec 2023, representing a 1.6% increase[18]. - Average common shareholders' equity increased to $3,462,871 thousand from $3,383,554 thousand, representing a growth of 2.33%[20]. - Total shareholders' equity increased to $3,484,738, up from $3,426,747 in December 2023, representing a growth of 1.7%[32]. Loan and Deposit Growth - Organic loan growth was $331.0 million, or 6.5% annualized, while total deposits grew by $288.9 million, or 5.6% annualized[1]. - Total loans increased to $20,600,260 thousand in March 2024, up from $20,269,303 thousand in December 2023, representing a growth of 1.64%[22]. - Total deposits reached $20,997,390 thousand in March 2024, up from $20,708,509 thousand in December 2023, reflecting a growth of 1.39%[20]. - Total deposits increased to $20,741,613 in March 2024, up from $20,548,659 in December 2023, reflecting a growth of about 1%[23]. Income and Expense Analysis - Noninterest income increased by $9.6 million, or 17.1%, to $65.9 million in Q1 2024, driven by a 25.3% increase in mortgage banking activity[6]. - Total noninterest expense was $148,711,000 for Mar 2024, slightly down from $149,011,000 in Dec 2023[19]. - Total noninterest expense decreased to $108,300 thousand in Mar 2024 from $114,061 thousand in Dec 2023, a decrease of 5.1%[34]. - Noninterest income increased to $26,363 thousand in Mar 2024 from $24,722 thousand in Dec 2023, reflecting a growth of 6.6%[34]. Efficiency and Ratios - Return on average assets (ROA) was 1.18%, with an adjusted ROA of 1.20% for Q1 2024[1]. - The adjusted efficiency ratio rose to 54.56% in Q1 2024, compared to 52.87% in Q4 2023, primarily due to cyclical compensation expenses[7]. - Return on average assets improved to 1.18% in Mar 2024 from 1.03% in Dec 2023, indicating enhanced asset efficiency[18]. - Adjusted efficiency ratio for March 2024 improved to 54.56%, down from 56.80% in December 2023, indicating enhanced operational efficiency[29]. Credit Quality and Provisions - The allowance for credit losses on loans increased to 1.55%, with a provision for credit losses of $21.1 million recorded in Q1 2024[12]. - The allowance for credit losses was $320,023 thousand in March 2024, up from $307,100 thousand in December 2023, indicating a 4.3% increase[20]. - Provision for loan losses decreased to $25,523,000 in Mar 2024 from $30,401,000 in Dec 2023[19]. - The provision for credit losses for total consolidated was $21,105 thousand in Mar 2024, down from $22,952 thousand in Dec 2023, a decrease of 8%[34]. Trading and Market Activity - Average daily volume of shares traded increased to 407,898 in Mar 2024 from 390,190 in Dec 2023, indicating higher trading activity[18]. - Interest expense on deposits increased to $118,174,000 in Mar 2024 from $111,749,000 in Dec 2023[19].