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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.