Ameris ( (ABCB) ) has released its Q4 earnings. Here is a breakdown of the information Ameris presented to its investors.
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Ameris Bancorp is a state-chartered bank headquartered in Atlanta, Georgia, operating 164 financial centers across the Southeast and offering a wide range of banking and lending services. In their latest earnings report, Ameris Bancorp announced robust financial results for the fourth quarter and full year of 2024, highlighting a strong performance in net income and revenue growth. For the fourth quarter of 2024, Ameris reported a net income of $94.4 million, with a notable increase in net interest income and an expanded net interest margin. The company also announced a 33.3% increase in its dividend, reflecting its strong financial standing.
The company’s total revenue grew by 9.8% on an annualized basis during the fourth quarter, driven by a $7.7 million increase in net interest income, bringing it to $222.8 million. Ameris achieved positive operating leverage with an improved efficiency ratio, and its return on average assets stood at 1.42%. The tangible book value per share increased significantly by 11.5% annualized, showcasing healthy growth in shareholder value.
For the full year of 2024, Ameris reported a net income of $358.7 million, representing a substantial increase from the previous year. The return on average assets was 1.38%, and the tangible book value per share grew by 14.7%. The company saw an increase in total deposits by $1.01 billion, illustrating a strong liquidity position. The total cost of funds decreased, contributing to a stable net interest margin of 3.56% for the year.
Moving forward, Ameris Bancorp’s management remains focused on maintaining operational efficiency and revenue growth. The company is well-positioned for future success, particularly in its expanding markets in the Southeast, with a strong balance sheet and a commitment to creating shareholder value.
