Ameris Bancorp (ABCB) Reports In-Line Q2 EPS

Ameris Bancorp (NASDAQ: ABCB) reported Q2 EPS of $0.61, in-line with the analyst estimate of $0.61.

Significant items from the Company's results for the second quarter of 2020 include the following:

• Net income of $32.2 million, or $0.47 per diluted share, compared with $19.3 million, or $0.28 per diluted share, in the first quarter of 2020
• Growth in adjusted total revenue of $67.7 million, or 30.0%, compared with the first quarter of 2020
• Increase in income from mortgage banking activity of $69.6 million compared with the first quarter of 2020
• Adjusted efficiency ratio of 51.08%, compared with 59.87% in the first quarter of 2020
• Net interest margin of 3.83%, compared with 3.70% in the first quarter of 2020
• Adjusted return on average assets of 0.89%, compared with 0.87% in the first quarter of 2020
• Improvement in deposit mix such that noninterest bearing deposits represent 35.89% of total deposits, up from 29.94% at December 31, 2019 and 28.92% a year ago
• Annualized net charge-offs of 0.27% of average total loans
• Non-performing assets of 0.59% of total assets, compared with 0.56% at the end of 2019

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "The challenges of COVID-19 and the global economy certainly affect how we do business, but our bankers have quickly adapted to the new operating environment. We successfully managed deposit costs to improve the margin by 13 basis points, allowing us to fund over $1.4 billion in new loan growth (including PPP loans), and our mortgage division continued to see historic production and profitability. We increased our allowance for credit losses on loans to over $208 million, while still earning $32 million for the quarter. We believe we are properly positioned for the future."

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

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