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Ameris Bancorp Announces Financial Results For Second Quarter 2020

ATLANTA, July 27, 2020 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company")A today reported net income of $32.2 million, or $0.47 per diluted share, for the quarter ended June 30, 2020, compared with $38.9 million, or $0.82 per diluted share, for the quarter ended June 30, 2019.A  The decrease in net income is primarily attributable to increases in provision for credit loss expense of $83.5 million and salaries and employee benefits of $19.2 million, partially offset by an increase of $86.4 million in mortgage banking activity compared with the second quarter of 2019.A  The Company reported adjusted net income of $42.4 million, or $0.61 per diluted share, for the quarter ended JuneA 30, 2020, compared with $45.2 million, or $0.96 per diluted share, for the same period in 2019.A  Adjusted net income excludes after-tax merger and conversion charges, servicing right valuation adjustments, restructuring charges related to branch consolidations and efficiency initiatives, certain legal expenses, loss on sale of bank premises and expenses related to natural disasters and the COVID-19 pandemic.
Ameris Bancorp Announces Financial Results For Second Quarter 2020
For the year-to-date period ending JuneA 30, 2020, the Company reported net income of $51.6 million, or $0.74 per diluted share, compared with $78.8 million, or $1.66 per diluted share, for the same period in 2019.A  The Company reported adjusted net income of $81.6 million, or $1.18 per diluted share, for the six months ended JuneA 30, 2020, compared with $87.8 million, or $1.85 per diluted share, for the same period in 2019.A  Adjusted net income for the year-to-date period excludes the same items listed above for the Company's quarter-to-date period.A  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.A  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.A  We increased our allowance for credit losses on loans to over $208 million, while still earning $32 million for the quarter.A  We believe we are properly positioned for the future."Significant items from the Company's results for the second quarter of 2020 include the following:
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