Ameris Bancorp Reports 33.3% Increase in Net Income for Fiscal Year 2024

Ameris Bancorp reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net income rising to $358.7 million, or $5.19 per diluted share, compared to $269.1 million, or $3.89 per diluted share, in 2023. This represents a 33.3% increase in net income year-over-year. The company's return on average assets improved to 1.38% from 1.06%, while return on average shareholders' equity rose to 10.01% from 8.12%. The increase in profitability was attributed to organic loan growth of $470.6 million, or 2.32%, and a reduction in the provision for credit losses, which fell to $58.8 million from $142.7 million in the previous year.

In terms of operational developments, Ameris Bancorp's total assets reached approximately $26.26 billion, with total loans at $21.27 billion and total deposits at $21.72 billion. The company experienced a 4.90% increase in total deposits, amounting to $1.01 billion, primarily driven by a rise in money market accounts. The number of full-time equivalent employees decreased to 2,691 from 2,765, reflecting a strategic focus on efficiency. The company also reported a decline in non-performing assets as a percentage of total assets, which fell to 0.47% from 0.69% in the previous year.

Strategically, Ameris Bancorp has maintained a focus on expanding its geographic footprint in the southeastern United States, particularly in Georgia, Alabama, Florida, North Carolina, and South Carolina. The company operates 164 full-service banking offices and has emphasized organic growth alongside potential acquisition opportunities. The management's strategy includes leveraging its community banking philosophy to build strong customer relationships, which has historically provided a substantial base of low-cost core deposits.

Looking ahead, Ameris Bancorp expressed optimism about its growth trajectory, supported by a favorable economic outlook and continued investment in technology and infrastructure. The company plans to enhance its product offerings and customer engagement strategies to maintain its competitive edge in the financial services industry. However, management acknowledged potential risks, including changes in interest rates, economic conditions, and regulatory challenges that could impact future performance. The company remains committed to monitoring these factors closely as it navigates its growth strategy.