Ameris Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ameris Bancorp has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

Ameris Bancorp (ABCB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Ameris Bancorp filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 3490 Piedmont Rd, Suite 1550, Atlanta, GA 30305. Ameris Bancorp was formerly known as ABC Bancorp and ABC Holding Co. The SIC code for Ameris Bancorp is 6022 (State Commercial Banks).

Why It Matters

For investors and stakeholders tracking Ameris Bancorp, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance data for Ameris Bancorp, crucial for evaluating its current health and future prospects. Understanding the details within this report allows stakeholders to assess the company's financial position, including assets, liabilities, and equity, as of the end of the first quarter of 2024.

Risk Assessment

Risk Level: low — Ameris Bancorp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand Ameris Bancorp's performance and position as of Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• GA — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• Ameris Bancorp (company) — FILER
• 0000351569 (company) — CENTRAL INDEX KEY
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• 3490 Piedmont Rd, Suite 1550, Atlanta, GA 30305 (company) — BUSINESS ADDRESS
• ABC BANCORP (company) — FORMER COMPANY
• ABC HOLDING CO (company) — FORMER COMPANY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and position during the quarter.)

SIC Code

Standard Industrial Classification code used to identify industries. (Helps categorize Ameris Bancorp within the banking sector.)

Key Financial Figures

• $1 — ich registered Common Stock, par value $1 per share ABCB Nasdaq Global Select Mar

Filing Documents

• abcb-20240331.htm (10-Q) — 3046KB
• abcb_exhibit311x033124-10xq.htm (EX-31.1) — 13KB
• abcb_exhibit312x033124-10xq.htm (EX-31.2) — 13KB
• abcb_exhibit321x033124-10xq.htm (EX-32.1) — 6KB
• abcb_exhibit322x033124-10xq.htm (EX-32.2) — 6KB
• abcb-20240331_g1.jpg (GRAPHIC) — 17KB
• 0000351569-24-000012.txt (&nbsp;) — 16048KB
• abcb-20240331.xsd (EX-101.SCH) — 62KB
• abcb-20240331_cal.xml (EX-101.CAL) — 113KB
• abcb-20240331_def.xml (EX-101.DEF) — 360KB
• abcb-20240331_lab.xml (EX-101.LAB) — 787KB
• abcb-20240331_pre.xml (EX-101.PRE) — 618KB
• abcb-20240331_htm.xml (XML) — 4197KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Consolidated Balance Sheets as of March 3 1 , 202 4 (unaudited) and December 31, 20 23 1 Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 2 Consolidated Statements of Shareholders' Equity for the Three Months Ended March 3 1, 202 4 and 202 3 (unaudited) 3 Consolidated Statements of Cash Flows for the T hree Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 4 Notes to Unaudited Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 46

Controls and Procedures

Item 4. Controls and Procedures. 47

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 48

Risk Factors

Item 1A. Risk Factors. 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 48

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 48

Other Information

Item 5. Other Information. 48

Exhibits

Item 6. Exhibits. 49

Financial Statements

Item 1. Financial Statements. AMERIS BANCORP AND SUBSIDIARIES Consolidated Balance Sheets (dollars in thousands, except per share data) March 31, 2024 (unaudited) December 31, 2023 Assets Cash and due from banks $ 235,931 $ 230,470 Interest-bearing deposits in banks 975,321 936,834 Cash and cash equivalents 1,211,252 1,167,304 Debt securities available-for-sale, at fair value, net of allowance for credit losses of $ 73 and $ 69 1,414,419 1,402,944 Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ — and $ — (fair value of $ 126,581 and $ 122,731 ) 147,022 141,512 Other investments 77,480 71,794 Loans held for sale, at fair value 364,332 281,332 Loans, net of unearned income 20,600,260 20,269,303 Allowance for credit losses ( 320,023 ) ( 307,100 ) Loans, net 20,280,237 19,962,203 Other real estate owned, net 2,158 6,199 Premises and equipment, net 214,801 216,435 Goodwill 1,015,646 1,015,646 Other intangible assets, net 83,527 87,949 Cash value of bank owned life insurance 396,804 395,778 Other assets 447,767 454,603 Total assets $ 25,655,445 $ 25,203,699 Liabilities Deposits: Noninterest-bearing $ 6,538,322 $ 6,491,639 Interest-bearing 14,459,068 14,216,870 Total deposits 20,997,390 20,708,509 Other borrowings 631,380 509,586 Subordinated deferrable interest debentures 130,814 130,315 Other liabilities 411,123 428,542 Total liabilities 22,170,707 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; 72,683,199 and 72,516,079 shares issued 72,683 72,516 Capital surplus 1,948,352 1,945,385 Retained earnings 1,603,832 1,539,957 Accumulated other comprehensive loss, net of tax ( 39,959 ) ( 35,939 ) Treasury stock, at cost, 3,567,936 and 3,462,738 shares ( 100,170 ) ( 95,172 ) Total shareholders'

View Full Filing

View this 10-Q filing on SEC EDGAR