Ameris Bancorp (ABCB) Tops Q3 EPS by 78c

Ameris Bancorp (NASDAQ: ABCB) reported Q3 EPS of $1.67, $0.78 better than the analyst estimate of $0.89.

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

• Net income of $116.1 million, or $1.67 per diluted share, compared with $32.2 million, or $0.47 per diluted share, in the second quarter of 2020
• Tangible book value growth of $1.56 per share, or 7.5%, to $22.46 compared with $20.90 at June 30, 2020
• Growth in adjusted total revenue of $30.0 million, or 10.2%, compared with the second quarter of 2020
• Increase in income from mortgage banking activity of $33.7 million compared with the second quarter of 2020
• Adjusted efficiency ratio of 47.34%, compared with 51.08% in the second quarter of 2020
• Net interest margin of 3.64%, compared with 3.83% in the second quarter of 2020
• Adjusted return on average assets of 2.35%, compared with 0.89% in the second quarter of 2020
• Improvement in deposit mix such that noninterest bearing deposits represent 36.79% of total deposits, up from 29.94% at December 31, 2019 and 29.85% a year ago
• Annualized net charge-offs of 0.10% of average total loans
• Completed issuance of $110 million of subordinated debt at 3.875% fixed for first five years

Commenting on the Company's results, Palmer Proctor, the Company's Chief Executive Officer, said, "I couldn't be more proud of our Company and the financial results we are reporting this quarter. Every division of our Company increased their financial performance in the third quarter, which resulted in record earnings and top of class results. Throughout this pandemic, Ameris teammates have remained focused on our customers and our communities. We continue to adapt to this new environment by offering innovative products and services which strengthens our relationships and our financial results. Our outlook remains optimistic for the remainder of 2020 and beyond."

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

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