Ameris Bancorp

Good day and welcome to the Ameris Bancorp first 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 your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to hand the call to Nicole Stokes, Chief Financial Officer. Please go ahead.

Thank you, Andrea, 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. But 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 for opening comments.

Thank you, Nicole, and good morning, everyone. We appreciate you taking the time to join our call today. Our first quarter financial results represent a strong start to 2025. Our last earnings call highlighted four strategic focus areas for us, and our first quarter results are right in line with those. Our first focus was maintaining top-tier profitability, and we succeeded there with a 136 ROA, another quarter above 2% PPNR ROA, and a return on tangible common equity over 13%. Our margin expanded during the quarter while we grew core deposits. Our 373 net interest margin is well above most peer levels, thanks in part to our strong 30% level of non-interest-bearing deposits. Second, we focused on enhancing revenue generation and positive operating leverage. We continue to focus on maximizing earnings per share through effective balance sheet management. To reiterate my point from the fourth quarter call, When we saw external dynamics that created uncertainty, we pivoted to optimizing margin versus driving growth. We focused on profitability fundamentals such as asset mix, duration, and risk profiles. In fact, we were able to reduce quarterly expense levels in a quarter that normally sees seasonally higher expenses. Our expense control led to an efficiency ratio 281 basis points better than first quarter last year. We continue to strategically lower our loan to deposit ratio which is now down to 94% from 98% a year ago. Our CRE and construction concentrations continue to move lower, now down to 261 and 57, respectively. Third, we said we would sustain a strong capital position to stay prepared for changing macroeconomic conditions. We did that through strong first-quarter earnings and capital generation, which pushed our common equity Tier 1 to 12.9% and our TCE to 10.8%. and our reserve was strengthened to 167. This excess capital position gives us optionality going forward to execute growth strategies within our attractive southeastern footprint when we feel the time is right. We grew tangible book value this quarter by over 12.5%. We also took advantage of our share buyback, repurchasing $15 million of stock in the quarter. And finally, we said we would leverage growth opportunities within our dynamic footprint, We certainly did that through our strong deposit growth this quarter of 4% annualized, much of that non-interest bearing. Loan balances were stable in the quarter as we continue to gauge our outlook on the economy and the changes coming from the new administration. We believe the back half of 2025 will likely allow for more growth opportunities than the first half. On a lookout for the remainder of 2025, even with the macroeconomic uncertainty, I remain encouraged to as we continue to benefit from a solid core deposit base, a healthy margin, a diversified revenue stream, strong capital and liquidity positions which provide optionality for strategic opportunities that may come up in an uncertain economy, a well-capitalized balance sheet, a proven culture of expense control, and seasoned bankers in top southeastern markets. Our discipline in creating diversification in both the loan and deposit franchise as well as our revenue streams has us very well positioned. Combined with our top financial performance, stable asset quality, strong reserves, and capital levels, I have a lot of optimism in how we're set up for the successful remainder of 2025 and beyond. I'll stop there now and turn it over to Nicole to discuss our financial results in more detail.