Ameris Bancorp (ABCB) Misses Q1 EPS by 20c

Ameris Bancorp (NASDAQ: ABCB) reported Q1 EPS of $0.56, $0.20 worse than the analyst estimate of $0.76.

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

• Net income of $19.3 million, after pre-tax provision for credit losses of $41.0 million and servicing asset write-downs of $22.2 million
• Growth in adjusted total revenue of $12.9 million, or 6.1% when compared with the fourth quarter of 2019
• Adjusted efficiency ratio of 59.87%, compared with 55.61%, in the fourth quarter of 2019
• Adjusted return on average assets of 0.87%, compared with 1.47% in the fourth quarter of 2019
• Net interest margin of 3.70%, compared with 3.86% in the fourth quarter of 2019
• Improvement in deposit mix such that noninterest bearing deposits represent 30.53% of total deposits, up from 29.94% at December 31, 2019 and 28.09% a year ago
• Annualized net charge-offs of 0.14% of average total loans
• Non-performing assets of 0.61% 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, "While this has certainly been a historically unprecedented quarter, I am proud that our company could absorb over $41 million of provision for credit loss expense and a $22 million write-down of our servicing assets and still produce net income of over $19 million. Our current allowance for loan loss ended the quarter at over $149 million, up from $38 million at year end, and our capital levels remain strong. We have committed bankers who continue to serve our customers and our communities through the COVID-19 pandemic and have been successful in lending $685 million under the Paycheck Protection Program ("PPP") in April. We are prepared to face the challenges of today's environment and we remain confident in our position for the future in these uncertain times."

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

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