Ameris Bancorp reports Q2 EPS 91c, consensus $1.13

Reports Q2 revenue $276.89M, consensus $257.95M. NIM was 3.60% for Q2, down from 3.76% for Q1 and 3.66% for 2Q22. The decrease in net interest margin this quarter is primarily attributable to rising deposit costs in the current interest rate environment.Tangible book value per share increased $1.50 per share, or 10.1% annualized, during the first six months of 2023 to $31.42 at June 30, 2023. CEO Palmer Proctor said, “We are pleased with our second quarter financial results. We continue to operate at a PPNR ROA above 2% with an efficiency ratio of 53.4%, while growing tangible book value by over 8% annualized. We increased our allowance for credit losses to 1.33% of loans, all due to the economic modeling forecast. Our credit metrics improved this quarter such that nonperforming assets now represent only 0.30% of total assets. We also grew core deposits in one of the most competitive margin scenarios imaginable. The diversification in our loan portfolio, combined with the core funding of our liabilities and our multiple revenue streams, gives us momentum as we move into the second half of 2023.”