Ameris Bancorp (ABCB) Tops Q3 EPS by 1c, Revenues Miss

Ameris Bancorp (NASDAQ: ABCB) reported Q3 EPS of $0.91, $0.01 better than the analyst estimate of $0.90. Revenue for the quarter came in at $129.2 million versus the consensus estimate of $135.93 million.

Commenting on the Company's quarterly results, Dennis J. Zember, Jr., the Company's President and Chief Executive Officer, said, "We had an outstanding quarter of operating results where we saw a material move in our efficiency ratio, a stable margin, and solid deposit growth. Realizing the remaining cost savings on Hamilton and our recently announced cost saving initiatives will move our efficiency closer to 50% and have a material impact on our earnings. Our operating return on assets and return on tangible capital of 1.53% and 20.50% are already best in class before these additional drivers are fully realized and our operating strategies will deliver the earnings and book value growth that we have forecasted."

For earnings history and earnings-related data on Ameris Bancorp (ABCB) click here.

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