Ameris Bancorp(ABCB) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $94.4 million, or$ 1.37 per diluted share, up from $65.9 million, or$ 0.96 per diluted share in Q4 2023[3]. - Adjusted net income for the full year 2024 was $346.6 million, or$ 5.02 per diluted share, compared to $269.1 million, or$ 3.89 per diluted share in 2023[5]. - Net income for the three months ended December 2024 was $94,376 thousand, compared to$ 74,312 thousand for the same period in 2023, representing a year-over-year increase of 27%[25]. - Adjusted net income for the twelve months ended December 2024 was $346,640 thousand, up from$ 276,253 thousand in 2023, reflecting a growth of 25%[25]. - Earnings per share (EPS) for the three months ended December 2024 was $1.37, compared to$ 1.08 for the same period in 2023, indicating an increase of 27%[25]. - Net income for Q4 2024 was $94,376,000, compared to$ 65,934,000 in Q4 2023, indicating a significant increase of 43.1% year-over-year[27]. - Net income available to common shareholders for Q4 2024 was $94,376,000, compared to$ 65,934,000 in Q4 2023, representing a year-over-year increase of 43%[42]. Revenue and Income Growth - Total revenue growth for Q4 2024 was 9.8% annualized, with net interest income increasing by $7.7 million to$ 222.8 million[5]. - Noninterest income for the full year 2024 rose by $50.4 million, or 20.8%, to$ 293.3 million compared to 2023[12]. - Total revenue for the three months ended December 2024 was $290,780 thousand, an increase from$ 262,349 thousand in December 2023, representing a year-over-year growth of 10.9%[44]. - Noninterest income for the three months ended December 2024 was $68,959 thousand, compared to$ 56,248 thousand in December 2023, indicating a year-over-year increase of 22.7%[44]. - Total interest income for Q4 2024 was $346,363,000, an increase from$ 332,214,000 in Q4 2023, representing a growth of 4.4% year-over-year[27]. - Net interest income for the twelve months ended December 2024 was $849,190 thousand, compared to$ 835,044 thousand for the same period in 2023, reflecting a growth of 1.4%[44]. Asset and Equity Growth - Tangible book value per share grew by $4.95, or 14.7%, to$ 38.59 at December 31, 2024[5]. - Shareholders' equity increased by $324.8 million, or 9.5%, to$ 3.75 billion at December 31, 2024[17]. - The average common equity for Q4 2024 was $3,719,888,000, an increase from$ 3,383,554,000 in Q4 2023, reflecting a growth in equity base[42]. - Total tangible shareholders' equity as of December 2024 was $2,665,115 thousand, compared to$ 2,323,152 thousand in December 2023, showing a significant increase of 14.7%[45]. - Tangible common equity to tangible assets ratio improved to 10.59% at the end of December 2024, up from 9.64% at the end of December 2023[25]. Credit and Loan Performance - The Company recorded a provision for credit losses of $12.8 million in Q4 2024, raising the allowance for credit losses to 1.63% of loans[18]. - The allowance for credit losses was$ 338,084,000 as of December 2024, compared to $307,100,000 in December 2023, representing an increase of 10.1%[29]. - The provision for loan losses for the three months ended December 2024 was$ 12,657 thousand, compared to $30,401 thousand for the same period in 2023, a decrease of 58.3%[31]. - Non-performing assets totaled$ 122,393 thousand in December 2024, compared to $174,321 thousand in December 2023, showing a significant decrease of 29.8%[31]. - The net charge-offs for the twelve months ended December 2024 were$ 38,857 thousand, down from $50,381 thousand in the previous year, representing a reduction of 22.9%[31]. - Total loans increased to$ 20,739,906 thousand in December 2024, compared to $20,269,303 thousand in December 2023, reflecting a growth of approximately 2.3% year-over-year[33]. Efficiency and Cost Management - The efficiency ratio improved to 52.26% for the three months ended December 2024, compared to 55.64% for the same period in 2023[25]. - Total noninterest expense for the twelve months ended December 2024 was$ 607,794,000, compared to $578,281,000 in 2023, showing an increase of 5.1%[27]. - Adjusted noninterest expense for the three months ended December 2024 was$ 150,905 thousand, up from $139,348 thousand in December 2023, indicating an increase of 8.4%[44]. - The adjusted efficiency ratio (TE) for the three months ended December 2024 was 51.82%, an improvement from 52.58% in December 2023, suggesting better cost management[44]. Funding and Deposits - Total deposits increased by$ 1.01 billion, or 4.9%, to $21.72 billion at December 31, 2024[5]. - Total deposits reached$ 21,732,112 in December 2024, an increase from $21,623,386 in September 2024, marking a growth of 0.5%[35]. - Noninterest-bearing deposits rose to$ 6,684,851 in December 2024, compared to $6,622,952 in September 2024, a growth of 0.9%[35]. - The total cost of funds decreased to 2.22% for the three months ended December 2024, down from 2.41% in the previous quarter[25]. - Interest expense on total interest-bearing deposits was$ 124,542 for the three months ended December 2024, down from $141,086 in September 2024, a decrease of 11.7%[37]. Divisional Performance - The Banking Division's income before income tax expense was$ 87,305 in Q4 2024, up from $83,604 in Q3 2024, indicating a growth of 2.0%[51]. - The Warehouse Lending Division reported a net income of$ 5,149 in Q4 2024, down from $7,008 in Q3 2024, a decline of 26.5%[49]. - Noninterest expense in the Retail Mortgage Division totaled$ 37,167 in Q4 2024, compared to $31,158 in Q4 2023, an increase of 19.3%[49]. - Total noninterest income for the Banking Division increased to$ 31,647 in Q4 2024, up from $24,722 in Q4 2023, representing a growth of 27.9%[51].