Ameris Bancorp Files Q2 2024 10-Q
Ticker: ABCB · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 351569
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
Ameris Bancorp's Q2 2024 10-Q is in. Check financials.
AI Summary
Ameris Bancorp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position during the second quarter of 2024. Key financial data and operational updates are provided for investors and stakeholders.
Why It Matters
This filing provides crucial financial insights into Ameris Bancorp's performance, impacting investor decisions and market perception of the bank's stability and growth prospects.
Risk Assessment
Risk Level: medium — As a financial institution, Ameris Bancorp is subject to inherent risks related to market fluctuations, interest rate changes, and regulatory compliance.
Key Players & Entities
- Ameris Bancorp (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240808 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 8, 2024.
What is the company's primary industry classification?
Ameris Bancorp is classified under 'Commercial Banks' with SIC code 6022.
What is the state of incorporation for Ameris Bancorp?
Ameris Bancorp is incorporated in Georgia (GA).
What is the fiscal year end for Ameris Bancorp?
The fiscal year end for Ameris Bancorp is December 31.
Filing Stats: 4,799 words · 19 min read · ~16 pages · Grade level 18.7 · Accepted 2024-08-08 16:22:10
Key Financial Figures
- $1 — ich registered Common Stock, par value $1 per share ABCB New York Stock Exchange
Filing Documents
- abcb-20240630.htm (10-Q) — 3743KB
- abcb_exhibit311x063024-10xq.htm (EX-31.1) — 13KB
- abcb_exhibit312x063024-10xq.htm (EX-31.2) — 13KB
- abcb_exhibit321x063024-10xq.htm (EX-32.1) — 6KB
- abcb_exhibit322x063024-10xq.htm (EX-32.2) — 6KB
- abcb-20240630_g1.jpg (GRAPHIC) — 17KB
- 0000351569-24-000029.txt ( ) — 18090KB
- abcb-20240630.xsd (EX-101.SCH) — 63KB
- abcb-20240630_cal.xml (EX-101.CAL) — 114KB
- abcb-20240630_def.xml (EX-101.DEF) — 366KB
- abcb-20240630_lab.xml (EX-101.LAB) — 814KB
- abcb-20240630_pre.xml (EX-101.PRE) — 634KB
- abcb-20240630_htm.xml (XML) — 4807KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. Consolidated Balance Sheets as of June 3 0 , 2024 (unaudited) and December 31, 20 23 1 Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 202 4 and 202 3 (unaudited) 2 Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 202 4 and 202 3 (unaudited) 3 Consolidated Statements of Cash Flows for the S ix Months Ended June 30, 202 4 and 202 3 (unaudited) 5 Notes to Unaudited Consolidated Financial Statements 7
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. 37
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 57
Controls and Procedures
Item 4. Controls and Procedures. 58
– OTHER INFORMATION
PART II – OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings. 59
Risk Factors
Item 1A. Risk Factors. 59
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 59
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities. 59
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 59
Other Information
Item 5. Other Information. 59
Exhibits
Item 6. Exhibits. 60
Financial Statements
Item 1. Financial Statements. AMERIS BANCORP AND SUBSIDIARIES 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 ) ( 9