The following is a summary of the Ameris Bancorp (ABCB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ameris Bancorp reported a Q1 2024 net income of $74.3 million or $1.08 per diluted share. On an adjusted basis, $75.6 million or $1.10 per diluted share.

• The company bought back about $2.1 million of common stock during the first quarter, with approximately $94.7 million remaining available for repurchase.

• Interest income for the quarter decreased $2.8 million over last quarter, while deposit costs rose, causing the net interest income to decline about $4.7 million. The net interest margin remained strong at 3.51%.

• The noninterest income increased by $9.6 million, primarily due to an increase in gain-on-sale margins in the mortgage division.

Business Progress:

• The bank reported 6.5% annualized loan growth, supported by a 5.6% annualized deposit growth.

• Ameris Bancorp has significant financial flexibility due to its strong capital and liquidity positions. This allows it to adjust effectively to potential economic changes.

• Future prospects include the bank's expectation of an efficiency ratio below 55% for the remainder of the year and anticipation of mid-single-digit growth in loans and deposits for 2024.

• The bank's strategy includes a focus on deposit growth, especially non-interest-bearing (NIB) accounts, which has been showing a positive trend.

• Ameris Bancorp plans on preserving capital at this point in the economic cycle, with options available for buybacks if chosen.

More details: Ameris Bancorp IR

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