Ameris Bancorp Files Q3 2024 10-Q
Ticker: ABCB · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 351569
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Ameris Bancorp's Q3 2024 10-Q is in. Check financials.
AI Summary
Ameris Bancorp filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position during the third quarter of 2024. Key financial data and disclosures relevant to investors and regulators are presented in this report.
Why It Matters
This 10-Q filing provides crucial insights into Ameris Bancorp's financial health and operational performance for the third quarter of 2024, impacting investor decisions and market perception.
Risk Assessment
Risk Level: medium — As a financial institution, Ameris Bancorp is subject to inherent risks related to market fluctuations, credit, and regulatory changes.
Key Numbers
- 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
- 2024-09-30 — Period End Date (Specific date for financial reporting.)
- 2023-12-31 — Prior Year End Date (For comparative financial analysis.)
Key Players & Entities
- Ameris Bancorp (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241108 (date) — Filing date of the report
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 8, 2024.
What is the Standard Industrial Classification (SIC) code for Ameris Bancorp?
The SIC code for Ameris Bancorp is 6022, which corresponds to STATE COMMERCIAL BANKS.
What is the fiscal year end for Ameris Bancorp?
Ameris Bancorp's fiscal year ends on December 31.
What are the dates for the Q3 2024 reporting period?
The Q3 2024 reporting period is from July 1, 2024, to September 30, 2024.
Filing Stats: 4,779 words · 19 min read · ~16 pages · Grade level 19 · Accepted 2024-11-08 16:26:03
Key Financial Figures
- $1 — ich registered Common Stock, par value $1 per share ABCB New York Stock Exchange
Filing Documents
- abcb-20240930.htm (10-Q) — 3843KB
- secondamendmenttoemploymen.htm (EX-10.1) — 26KB
- abcb_exhibit311x093024-10xq.htm (EX-31.1) — 13KB
- abcb_exhibit312x093024-10xq.htm (EX-31.2) — 13KB
- abcb_exhibit321x093024-10xq.htm (EX-32.1) — 6KB
- abcb_exhibit322x093024-10xq.htm (EX-32.2) — 6KB
- abcb-20240930_g1.jpg (GRAPHIC) — 17KB
- 0000351569-24-000039.txt ( ) — 18558KB
- abcb-20240930.xsd (EX-101.SCH) — 62KB
- abcb-20240930_cal.xml (EX-101.CAL) — 118KB
- abcb-20240930_def.xml (EX-101.DEF) — 363KB
- abcb-20240930_lab.xml (EX-101.LAB) — 814KB
- abcb-20240930_pre.xml (EX-101.PRE) — 636KB
- abcb-20240930_htm.xml (XML) — 4973KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 20 23 1 Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended Se ptember 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the N ine Months Ended September 30, 2024 and 2023 (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. 38
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 59
Controls and Procedures
Item 4. Controls and Procedures. 60
– OTHER INFORMATION
PART II – OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings. 61
Risk Factors
Item 1A. Risk Factors. 61
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 61
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities. 61
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 61
Other Information
Item 5. Other Information. 62
Exhibits
Item 6. Exhibits. 63
Financial Statements
Item 1. Financial Statements. AMERIS BANCORP AND SUBSIDIARIES Consolidated Balance Sheets (dollars in thousands, except per share data) September 30, 2024 (unaudited) December 31, 2023 Assets Cash and due from banks $ 231,515 $ 230,470 Interest-bearing deposits in banks 1,127,641 936,834 Cash and cash equivalents 1,359,156 1,167,304 Debt securities available-for-sale, at fair value, net of allowance for credit losses of $ 66 and $ 69 1,441,552 1,402,944 Debt securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ — and $ — (fair value of $ 145,714 and $ 122,731 ) 161,220 141,512 Other investments 63,899 71,794 Loans held for sale, at fair value 553,379 281,332 Loans, net of unearned income 20,964,981 20,269,303 Allowance for credit losses ( 334,457 ) ( 307,100 ) Loans, net 20,630,524 19,962,203 Other real estate owned, net 9,482 6,199 Premises and equipment, net 210,931 216,435 Goodwill 1,015,646 1,015,646 Other intangible assets, net 74,941 87,949 Cash value of bank owned life insurance 460,699 395,778 Other assets 418,353 454,603 Total assets $ 26,399,782 $ 25,203,699 Liabilities Deposits: Noninterest-bearing $ 6,670,320 $ 6,491,639 Interest-bearing 15,208,945 14,216,870 Total deposits 21,879,265 20,708,509 Other borrowings 346,446 509,586 Subordinated deferrable interest debentures 131,811 130,315 Other liabilities 360,892 428,542 Total liabilities 22,718,414 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; 72,697,655 and 72,516,079 shares issued, respectively 72,698 72,516 Capital surplus 1,954,532 1,945,385 Retained earnings 1,772,989 1,539,957 Accumulated other comprehensive loss, net of tax ( 15,724 ) ( 35,939 ) Treasury stock, at cost, 3,630,636 and 3,462,738 shares, respectively ( 103,127