Ameris Bancorp(ABCB)2025-04-28 20:21Financial Performance - Net income for Q1 2025 was 1.27 per diluted share, compared to 1.08 per diluted share in Q1 2024, representing a year-over-year increase of 18.4%[2] - Net income for Q1 2025 was 94,376 in Q4 2024[22] - Adjusted net income for Q1 2025 was 95,078 in Q4 2024, reflecting a decline of 7.4%[22] - Diluted earnings per share (EPS) for Q1 2025 was 1.37 in Q4 2024, representing a decrease of 7.3%[24] - Total revenue for Q1 2025 was 290,780,000 in Q4 2024, representing a decrease of 1.6%[41] - Adjusted total revenue (TE) for Q1 2025 was 291,212,000 in Q4 2024, a decline of 1.5%[41] - Net income for the consolidated entity decreased to 94,376,000, a decline of 6.5% quarter-over-quarter[48] Asset and Deposit Growth - Total assets increased to 26.26 billion at December 31, 2024[12] - Total deposits rose to 190.0 million during Q1 2025, with noninterest-bearing deposits representing 30.8% of total deposits[13] - Total assets increased to 25,655,445 thousand in March 2024, representing a growth of 3.35% year-over-year[26] - Total deposits rose to 20,997,390 thousand in March 2024, reflecting an increase of 4.35% year-over-year[26] Interest Income and Margin - Net interest income on a tax-equivalent basis was 20.4 million, or 10.1%, compared to Q1 2024[4] - Total interest income for Q1 2025 was 346,363 in Q4 2024, a decline of 3.6%[24] - Net interest income after provision for credit losses was 209,013 in Q4 2024, a decrease of 4.3%[24] - The net interest margin for March 2025 was 3.73%, an increase from 3.64% in December 2024[36] - Net interest income (TE) for the three months ended March 2025 was 222,773 in December 2024[34] Efficiency and Expenses - The efficiency ratio was 52.83%, compared to 52.26% in Q4 2024 and 55.64% in Q1 2024, indicating improved operational efficiency[10] - Total noninterest expense for Q1 2025 was 151,949 in Q4 2024, a decrease of 0.6%[24] - The efficiency ratio for Q1 2025 was 52.83%, compared to 52.26% in Q4 2024, indicating a slight increase in operational efficiency[22] - Total noninterest expense for the consolidated entity was 151,949,000, a decrease of 0.6% quarter-over-quarter[48] Credit Quality - The allowance for credit losses increased to 1.67% of loans, up from 1.63% at the end of 2024[15] - The Company recorded a provision for credit losses of 12.8 million in Q4 2024[15] - The allowance for credit losses at the end of March 2025 was 357,232 thousand in March 2024, indicating a year-over-year increase of 6.79%[28] - Non-performing assets as a percentage of total assets decreased to 0.44% in March 2025 from 0.71% in March 2024, showing an improvement in asset quality[28] - The net charge-offs for the quarter were 12,600 thousand in the same quarter last year, indicating a decrease of 28.57%[28] Shareholder Equity - Tangible book value per share grew by 39.78 at March 31, 2025[7] - The book value per share at the end of Q1 2025 was 54.32 in Q4 2024, an increase of 2.2%[22] - Total shareholders' equity rose to 3,751,522,000 in Q4 2024[44] - Tangible common equity to tangible assets ratio improved to 10.78% in Q1 2025 from 10.59% in Q4 2024[44] Division Performance - Retail Mortgage Division net interest income decreased to 23,714,000, a decline of 7.8% quarter-over-quarter[46] - Warehouse Lending Division net income decreased to 5,149,000, a decline of 11.5% quarter-over-quarter[46] - Premium Finance Division net interest income increased to 10,390,000, a decrease of 4.9% quarter-over-quarter[46] - Banking Division net interest income increased to 181,077,000, an increase of 1.2% quarter-over-quarter[48] - Noninterest income for the Banking Division decreased to 31,647,000, a decline of 9.1% quarter-over-quarter[48]