Ameris Bancorp

Good day, and welcome to the Ameris Bancorp fourth quarter conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Nicole Soaks, Chief Financial Officer. Please go ahead.

Thank you, Wyatt, and thank you to all who have joined our call today. During the call, we will be referencing the press release and the financial highlights that are available on the investor relations section of our website at amerisbank.com. I'm joined today by Palmer Proctor, our CEO, and Doug Strange, our Chief Credit Officer. Palmer will begin with some opening general comments, and then I will discuss the details of our financial results before we open up for Q&A. Before we begin, I'll remind you that our comments may include forward-looking statements. These statements are subject to risks and uncertainties. The actual results could vary materially. We list some of the factors that might cause results to differ in our press release and in our SEC filings, which are available on our website. We do not assume any obligation to update any forward-looking statement as a result of new information, early developments, or otherwise, except as required by law. Also during the call, we will discuss certain non-GAAP financial measures in reference to the company's performance. You can see our reconciliation of these measures and GAAP financial measures in the appendix to our presentation. And with that, I'll turn it over to Palmer.

Thank you, Nicole, and good morning, everyone. I appreciate you taking the time to join the call. I'm very pleased with our top-tier fourth quarter financial performance, which we reported yesterday, as well as our exceptional full-year 2024 results. Before diving into the fourth quarter performance, I'd like to emphasize our full year 2024 achievements, reflecting on both our core profitability and strong balance sheet management, which positions us well for 2025. This year, we grew earnings per share notably, saw our adjusted ROA increase to north of 130, built our reserves and strengthened our capital base with our tangible common equity ratio now well over 10%, up almost 100 basis points over 2023. We also grew deposits by 5% while reducing broker deposits. For the fourth quarter, our profitability remained robust with an adjusted ROA of 143 above pure PPNR ROA of over 2% and a return on tangible common equity over 14%. Our fourth quarter margin was 364 with our net interest income continuing to increase. This strong margin resulted from our granular core deposit base and 30% DDA composition. Expense control remains intact as our adjusted efficiency ratio improved over 240 basis points this quarter to under 52%. We continue to focus on maximizing earnings per share through effective balance sheet management. We grew revenue almost 10% annualized, creating positive operating leverage. We maintained our average earning assets strategically, reduced our CRE and construction concentrations, and lowered our loan-to-deposit ratio. all while growing margin in this rate environment. Organic capital generation remains a strength with common equity Tier 1 at 12.6%, thereby giving us optionality going forward to execute strategies within our high-growth southeastern footprint. Our allowance for credit losses ended the year at a healthy 163, and we remain focused on growing tangible book value per share as evidenced by our 14.7% growth for the year. As we head into 2025, our strategic focus remains on maintaining top-tier profitability, enhancing revenue generation and positive operating leverage, sustaining a strong capital position, and leveraging growth opportunities within our dynamic footprint. The outlook is bright as we head into 2025, and we appreciate the continued support of all of our stakeholders. And I'll stop there now and turn it over to Nicole to discuss our financial results in more detail.