Ameris Bancorp reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total interest income for Q3 2024 reached $355.1 million, up from $330.6 million in Q3 2023, while net interest income increased to $214.1 million from $207.8 million. For the nine months, total interest income rose to $1.03 billion from $948.2 million, with net interest income slightly decreasing to $627.4 million from $628.9 million.
The company’s net income for Q3 2024 was $99.2 million, a notable increase from $80.1 million in Q3 2023, translating to earnings per share of $1.44 compared to $1.16. For the nine months, net income also improved to $264.3 million from $203.2 million, with earnings per share rising to $3.83 from $2.94. The return on average assets increased to 1.49% from 1.25%, and return on average shareholders’ equity improved to 10.91% from 9.56%.
Total assets as of September 30, 2024, were $26.4 billion, up from $25.2 billion at the end of 2023. Total deposits increased by $1.17 billion, or 5.7%, to $21.88 billion, with noninterest-bearing deposits rising by 2.8% and interest-bearing deposits by 7.0%. The company’s allowance for credit losses on loans increased to $334.5 million, representing 1.60% of total loans, up from 1.52% at the end of 2023.
The provision for credit losses significantly decreased to $6.3 million in Q3 2024 from $30.1 million in Q3 2023, reflecting improved asset quality. Nonaccrual loans decreased to $95.5 million from $151.1 million, and total non-performing assets as a percentage of total assets fell to 0.44% from 0.69%.
Strategically, Ameris Bancorp consolidated its former SBA Division into the Banking Division in early 2024, aiming to streamline operations. The company also maintained a share repurchase program, having repurchased $8.3 million worth of shares as of September 30, 2024. The company remains well-capitalized under regulatory standards, with a common equity Tier 1 capital ratio of 12.16% as of September 30, 2024, up from 11.23% at the end of 2023.
Overall, Ameris Bancorp's financial results reflect a robust performance driven by increased interest income, improved asset quality, and strategic operational adjustments.
About Ameris Bancorp
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