Ameris Bancorp (NASDAQ:ABCB) Q2 2019 Earnings Conference Call - Final Transcript

Jul 26, 2019 • 10:00 am ET


Ameris Bancorp (NASDAQ:ABCB) Q2 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good day, and welcome to the Ameris Bancorp's Second Quarter 2019 Financial Results Conference Call. [Operator Instructions].

I would now like to turn the conference over to Ms. Nicole Stokes, Chief Financial Officer. Please go ahead.

Nicole S. Stokes

Thank you, Nicole, 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

I'm joined today by Palmer Proctor, our new CEO; and Jon Edwards, 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 statements as a result of new information, its early developments or otherwise, except as required by law. Also during the call, we will discuss certain non-GAAP financial measures in reference to our 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 for opening comments.

H. Palmer Proctor

Thank you, Nicole, and thank you to everyone who's joined our second quarter 2019 earnings call today. This is my first earnings call as CEO of Ameris, and I'm excited to share not only my thoughts on earnings, but also my thoughts on strategy and integration as we go forward. Nicole is going to get into financial details in a minute, and I don't want to steal her thunder, but I do want to hit some of the highlights for the quarter.

We are in $45.2 million or $0.96 per diluted share on an adjusted basis, which is up 30% compared to the second quarter last year. This represents a 1.56% return on average assets and an 18.79% return on tangible equity. Our efficiency ratio improved to under 54% in the second quarter compared to over 57% at the same time in 2018. We had strong loan growth in the quarter as well as organic deposit growth, which I know Nicole will elaborate on.

And in summary, we're very pleased with these operating ratios, and I'm proud to be a part of the team that deliver these types of results in the future. In addition to the strong financial results in the second quarter, there's a lot of activity at Ameris. During the quarter, both Ameris and Fidelity received all approvals, both shareholder and regulatory, to complete our merger, and we officially merged on July 1. As you know, on that same day, I became just the fourth CEO in the company's history, but my