Q3 2024 Ameris Bancorp Earnings Call Transcript
Key Points
- Ameris Bancorp (ABCB) reported a strong third quarter financial performance with a 19% annualized growth rate in tangible book value per share.
- The company maintained a healthy capital position with a TCE ratio of 10.2% and a common equity Tier 1 ratio over 12%, providing flexibility for future growth opportunities.
- Net interest income increased by $2.1 million, with a strong margin of 3.51%, supported by a granular core deposit base.
- The company executed a successful MSR sale, resulting in a pretax gain of over $5 million and a significant reduction in non-performing loans.
- Ameris Bancorp (ABCB) demonstrated effective expense control, reducing its efficiency ratio to 54% from 55% in the previous quarter.
- Adjusted non-interest income decreased by $6.7 million, primarily due to reduced mortgage division production and a lower gain on sale margin.
- The company experienced a slight margin compression of three basis points, attributed to changes in funding mix.
- Loan growth was relatively flat quarter-over-quarter, with some fluctuations due to seasonal factors in warehouse lines.
- The mortgage gain on sale margins declined in the quarter, impacting overall non-interest income.
- Despite strong capital levels, the company remains cautious about deploying excess capital for growth opportunities, awaiting more economic clarity.
Good day and welcome to the Ameris third quarter earnings conference call. All participants will be in a 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 your touchtone 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 Stokes, Chief Financial Officer. Please go ahead.
Thank you. Danielle 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'll
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