Ameris Bancorp (ABCB) Quarterly 10-Q Report
Ameris Bancorp (ABCB) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $99.2 million from $80.1 million in the same quarter the previous year. This increase is attributed to higher net interest income and noninterest income.
Net interest income for the quarter was $214.1 million, compared to $207.8 million in the previous year, with the increase attributed to higher yields on loans and interest-bearing deposits.
The company reported a provision for credit losses of $6.1 million for the quarter, down from $24.5 million in the previous year, due to updated economic forecasts.
Noninterest income increased to $69.7 million from $63.2 million, driven by higher mortgage banking activities and service charges on deposit accounts.
Salaries and employee benefits rose to $88.7 million from $81.9 million, primarily due to increases in health insurance costs and variable compensation related to mortgage production.
Ameris reported total assets of $26.4 billion as of September 30, 2024, up from $25.2 billion at the end of 2023. This growth was driven by increases in loans and deposits.
The company maintained a total capital ratio of 15.35% and a Tier 1 capital ratio of 12.16% as of September 30, 2024, indicating strong capital positions.
Ameris does not anticipate cash dividend payments to common stockholders in the near future.
The filing also details various financial agreements, including a second amendment to the employment agreement of CEO H. Palmer Proctor, Jr.
Ameris continues to focus on expanding its banking, mortgage, and premium finance divisions while managing interest rate and credit risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ameris Bancorp quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].