Ameris Bancorp Stock Price, News & Analysis

Ameris Bancorp (NYSE: ABCB) reported strong financial results for Q2 2024, with net income of $90.8 million ($1.32 per diluted share) and adjusted net income of $80.8 million ($1.17 per diluted share). Key highlights include:

- Net interest margin improved to 3.58% from 3.51% in Q1 2024
- Organic loan growth of $392.3 million (7.7% annualized)
- Total deposit growth of $446.8 million (8.6% annualized)
- Tangible book value increased by $1.27 per share (14.8% annualized) to $35.79
- TCE ratio improved to 9.72% from 8.80% a year ago
- Allowance for loan losses increased to 1.60% of loans

The company achieved margin expansion, growth in net interest income, and an increase in core deposits, resulting in a PPNR ROA exceeding 2%. Management remains optimistic about future performance, driven by a strong balance sheet and thriving Southeastern markets.

Ameris Bancorp (Nasdaq: ABCB) announced a strategic move to transfer its common stock listing from Nasdaq to the New York Stock Exchange (NYSE). This transition is set to occur on July 23, 2024, with Ameris continuing to trade under the ticker symbol 'ABCB'. The company's stock will trade on Nasdaq until the close of business on July 22, 2024. Ameris's leadership team, including CEO Palmer Proctor, will celebrate the listing transfer by ringing the NYSE Opening Bell. The shift is aimed at enhancing Ameris's visibility and market position. Ameris Bancorp, headquartered in Atlanta, Georgia, manages $25.7 billion in assets and operates 164 financial centers across the Southeast.

The National Association of Hispanic Real Estate Professionals has named three Ameris Bank mortgage originators to its 2024 Top 250 Mortgage Originators List. Armando SanMiguel ranked #1 in the Midwest and #2 nationally, while Jesse Esqueda and Carlos Adorno ranked #24 and #41 in the Southeast, respectively. Ameris Bank President Robert Odom expressed pride in the professionals' achievements and their commitment to customer care. SanMiguel, based in Nashville, TN, emphasizes smooth loan processing, while Esqueda and Adorno, both based in Lawrenceville, GA, focus on client needs and partnerships with real estate agents. Ameris Mortgage operates across eight states, offering various loan programs to support homeownership.

Ameris Bancorp (Nasdaq: ABCB) will release its second-quarter 2024 earnings after market close on July 25, 2024. A teleconference to discuss these results will be hosted by CEO H. Palmer Proctor, Jr., CFO Nicole S. Stokes, and Chief Credit Officer Douglas D. Strange at 9:00 a.m. Eastern time on July 26, 2024. It can be accessed by dialing 1-844-481-2939, with a replay available until August 2, 2024. Financial details will be posted on Ameris Bank's Investor Relations page. As of March 31, 2024, Ameris manages $25.7 billion in assets and operates 164 financial centers across the Southeast.

Ameris Bank announced a $2.23 million donation to 40 rural hospitals in Georgia through the Georgia HEART Hospital Program for 2024. This initiative, part of their ongoing participation since 2018, has cumulatively surpassed $12 million in contributions. CEO Palmer Proctor emphasized the importance of supporting rural healthcare, allowing hospitals to allocate funds as needed. Notably, many benefiting hospitals are outside Ameris' physical service areas, showcasing the bank's statewide commitment. With over $4 million donated in 2023 and 2024 combined, the bank's involvement in the Georgia Rural Hospital Tax Credit program continues to grow.

Ameris Bank, a subsidiary of Ameris Bancorp (Nasdaq: ABCB), has been ranked among the Top 10 banks in the U.S. for retail mortgage volume in Q1 2024. This achievement, highlighted by National Mortgage News, is based on data from the Federal Financial Institutions Examination Council. Despite industry declines, Ameris Bank saw an 8% increase in mortgage dollar volume, attributed to expert counsel, quick underwriting decisions, and competitive mortgage rates. Ameris operates 164 financial centers across the Southeast, managing $25.7 billion in assets as of March 31, 2024, and offers a variety of home loan and refinancing options.

On May 22, 2024, Ameris Bank recognized four employees for their exceptional community service. The winners of the 2024 Ameris Volunteer of the Year Awards are: Alicia Rhodes (first place), Jen Pollock (second place), and a tie for third place between Summer Richmond and Anderea Williams. Each winner will receive a grant for their chosen charity from the Ameris Foundation. Ameris Bank, a subsidiary of Ameris Bancorp (Nasdaq: ABCB), operates 164 financial centers across the Southeast and manages $25.7 billion in assets as of March 31, 2024.