Ameris Bancorp

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 8, 2024

ABCB$81.79+0.1%Stored close · as of Nov 6, 2026

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Contents

Consolidated Balance Sheets as of June, 2024 (unaudited) and December 31,

Consolidated Balance Sheets

(dollars in thousands, except per share data)

	June 30, 2024 (unaudited)	December 31, 2023
Assets
Cash and due from banks	$257,297	$230,470
Interest-bearing deposits in banks	1,104,897	936,834
Cash and cash equivalents	1,362,194	1,167,304
Debt securities available-for-sale, at fair value, net of allowance for credit losses of $68 and $69	1,531,047	1,402,944
Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $— and $— (fair value of $128,298 and $122,731)	148,538	141,512
Other investments	96,613	71,794
Loans held for sale, at fair value	570,180	281,332
Loans, net of unearned income	20,992,603	20,269,303
Allowance for credit losses	(336,218)	(307,100)
Loans, net	20,656,385	19,962,203
Other real estate owned, net	2,213	6,199
Premises and equipment, net	213,255	216,435
Goodwill	1,015,646	1,015,646
Other intangible assets, net	79,120	87,949
Cash value of bank owned life insurance	376,458	395,778
Other assets	469,079	454,603
Total assets	$26,520,728	$25,203,699
Liabilities
Deposits:
Noninterest-bearing	$6,649,220	$6,491,639
Interest-bearing	14,794,923	14,216,870
Total deposits	21,444,143	20,708,509
Other borrowings	946,413	509,586
Subordinated deferrable interest debentures	131,312	130,315
Other liabilities	432,246	428,542
Total liabilities	22,954,114	21,776,952
Commitments and Contingencies (Note 8)
Shareholders’ Equity
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding	—	—
Common stock, par value $1; 200,000,000 shares authorized; 72,697,209 and 72,516,079 shares issued, respectively	72,697	72,516
Capital surplus	1,950,846	1,945,385
Retained earnings	1,684,218	1,539,957
Accumulated other comprehensive loss, net of tax	(38,020)	(35,939)
Treasury stock, at cost, 3,630,636 and 3,462,738 shares, respectively	(103,127)	(95,172)
Total shareholders’ equity	3,566,614	3,426,747
Total liabilities and shareholders’ equity	$26,520,728	$25,203,699

Consolidated Statements of Income and Comprehensive Income (unaudited)

(dollars in thousands, except per share data)

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2024	2023	2024	2023
Interest income
Interest and fees on loans	$317,664	$292,012	$621,057	$563,976
Interest on taxable securities	16,948	15,915	30,040	30,215
Interest on nontaxable securities	335	339	665	678
Interest on deposits in other banks and federal funds sold	12,376	13,686	25,013	22,799
Total interest income	347,323	321,952	676,775	617,668
Interest expense
Interest on deposits	121,245	88,087	239,419	141,269
Interest on other borrowings	14,157	24,325	24,047	55,207
Total interest expense	135,402	112,412	263,466	196,476
Net interest income	211,921	209,540	413,309	421,192
Provision for loan losses	25,348	43,643	50,871	93,019
Provision for unfunded commitments	(6,570)	1,873	(10,992)	2,219
Provision for other credit losses	(5)	—	(1)	7
Provision for credit losses	18,773	45,516	39,878	95,245
Net interest income after provision for credit losses	193,148	164,024	373,431	325,947
Noninterest income
Service charges on deposit accounts	12,672	11,295	24,431	22,231
Mortgage banking activity	46,399	40,742	85,829	72,134
Other service charges, commissions and fees	1,211	975	2,413	1,946
Net gain (loss) on securities	12,335	(6)	12,328	—
Other noninterest income	16,094	14,343	29,588	27,088
Total noninterest income	88,711	67,349	154,589	123,399
Noninterest expense
Salaries and employee benefits	88,201	81,336	171,131	162,246
Occupancy and equipment	12,559	12,522	25,444	25,508
Data processing and communications expenses	15,193	13,451	29,847	26,485
Credit resolution-related expenses	840	848	1,326	1,283
Advertising and marketing	3,571	2,627	6,116	6,159
Amortization of intangible assets	4,407	4,688	8,829	9,394
Loan servicing expense	9,792	8,771	19,231	17,102
Other noninterest expenses	20,794	24,160	42,144	39,647
Total noninterest expense	155,357	148,403	304,068	287,824
Income before income tax expense	126,502	82,970	223,952	161,522
Income tax expense	35,717	20,335	58,855	38,466
Net income	90,785	62,635	165,097	123,056
Other comprehensive income (loss)
Net unrealized holding gains (losses) arising during period on debt securities available-for-sale, net of tax expense (benefit) of $682, $(5,118), $(717) and $(1,399)	1,939	(15,037)	(2,081)	(4,111)
Total other comprehensive income (loss)	1,939	(15,037)	(2,081)	(4,111)
Comprehensive income	$92,724	$47,598	$163,016	$118,945
Basic earnings per common share	$1.32	$0.91	$2.40	$1.78
Diluted earnings per common share	$1.32	$0.91	$2.39	$1.78
Weighted average common shares outstanding
Basic	68,824,150	68,989,549	68,818,618	69,084,746
Diluted	69,013,834	69,034,762	69,010,010	69,191,512

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.