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Sep 30, 2024
Ameris Bank Q3 2024 Earnings Report
Ameris Bank's financial performance reflected core franchise value and a disciplined focus on enhancing shareholder returns.
Key Takeaways
Ameris Bancorp reported a strong third quarter in 2024, with net income of $99.2 million, or $1.44 per diluted share. The company experienced growth in tangible book value, core deposit growth, and reduced GNMA nonaccrual exposure.
Net income was $99.2 million, or $1.44 per diluted share.
Adjusted net income was $95.2 million, or $1.38 per diluted share.
Tangible book value grew by $1.72 per share to $37.51 at September 30, 2024, representing 19.1% annualized growth.
The TCE ratio was 10.24%, compared with 9.11% one year ago.
Ameris Bank
Ameris Bank
Forward Guidance
On October 18, 2024, the Company's board of directors authorized the Company to repurchase up to $100.0 million of its outstanding common stock. Repurchases of shares, which are authorized to occur through October 31, 2025, will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions.