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Dec 31, 2023
Ameris Bank Q4 2023 Earnings Report
Ameris Bank reported solid fourth quarter financial results, growing tangible book value and strengthening balance sheet through deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses and robust capital growth.
Key Takeaways
Ameris Bancorp reported a net income of $65.9 million, or $0.96 per diluted share, for the fourth quarter of 2023. The company's adjusted net income was $73.6 million, or $1.07 per diluted share, for the same period. The CEO highlighted the company's strong deposit growth, controlled loan growth, sound asset quality, increased reserves for credit losses, and robust capital growth.
Net income for Q4 2023 was $65.9 million, or $0.96 per diluted share, compared to $82.2 million, or $1.18 per diluted share, for Q4 2022.
Adjusted net income for Q4 2023 was $73.6 million, or $1.07 per diluted share, compared to $81.1 million, or $1.17 per diluted share, for Q4 2022.
Net interest income on a tax-equivalent basis was $207.0 million in Q4 2023, a decrease of $1.7 million from the previous quarter and $18.0 million compared to Q4 2022.
Noninterest income decreased by $6.9 million, or 11.0%, in Q4 2023 to $56.2 million, primarily due to decreased mortgage banking activity.
Ameris Bank
Ameris Bank
Forward Guidance
The solid fourth quarter financial results were a successful way to end 2023 and have us well positioned for 2024.
Positive Outlook
- Maintaining disciplined growth
- Top of peer group financial results
- Strengthened balance sheet
- Strong deposit growth
- Controlled loan growth