Higher net income, deposit growth, and loan expansion drive a solid quarter for bank
Ameris Bancorp posted a solid financial performance for the fourth quarter of 2024, with a net income of $94.4 million, up from $65.9 million in the same period last year.
Excluding gain on sale of mortgage servicing rights (MSR) and other one-time expenses, adjusted net income was $95.1 million in Q4 2024, up from $73.6 million in Q4 2023.
For the full year, Ameris reported $358.7 million in net income, marking a 33% rise from $269.1 million in 2023. The company also recorded a lower provision for credit losses of $58.8 million, compared to $142.7 million the previous year.
“Our fourth quarter performance reflects a strong finish to another successful year for Ameris,” Ameris CEO Palmer Proctor said in a Press release. “By prioritizing tangible book value growth, discipline in balance sheet management and operational efficiency, we have consistently delivered top-tier financial results and created meaningful shareholder value.”
Ameris continues to strengthen its leadership and wholesale banking operations. The bank recently appointed Brian Parks as head of wholesale banking, where he will oversee treasury management, commercial real estate, and capital markets.
Read more: New head of wholesale and CEO take helm at Ameris Bank and CoreVest
The company’s net interest margin (NIM) expanded to 3.64%, up 13 basis points from Q3 and 10 basis points year-over-year, driven primarily by lower deposit costs.
For the full year, net interest income increased to $853 million, reflecting loan growth and higher yields on assets.
Total loans reached $20.74 billion, marking a 2.3% increase from $20.27 billion at the end of 2023.
Ameris’ total assets reached $26.26 billion, a $1.06 billion increase from December 2023, while shareholders' equity climbed 9.5% year-over-year to $3.75 billion.
The company’s tangible book value per share increased 14.7% to $38.59, with tangible common equity rising to 10.59% of tangible assets, up from 9.64% in 2023.
Ameris maintained tight expense control, keeping noninterest expenses nearly flat at $151.9 million for Q4. For the full year, noninterest expenses rose 5.1% to $607.8 million, reflecting higher health insurance and data processing costs.
The company set aside $12.8 million for credit losses in Q4, bringing the allowance for credit losses to 1.63% of total loans. Nonperforming assets remained stable at 0.47% of total assets, with GNMA-guaranteed mortgage loans accounting for $12 million of these assets.
“Our robust balance sheet, focus on revenue growth, healthy net interest margin and commitment to efficiency, paired with the growth potential in our expanding Southeast markets, position us for continued success in the years ahead,” Proctor added.
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