Ameris Bancorp Q1 net income $60.4M ($0.87 EPS); credit provision surges to $49.7M

Ameris Bancorp

2023-Q1 EPS reported $0.87

Net income $60.4M ($0.87 diluted EPS) vs $81.7M ($1.17) in Q1 2022; provision for credit losses rose to $49.7M from $6.2M YoY.
Net interest margin 3.76% (down from 4.03% in Q4 2022); total deposits grew $434.7M (8.9% annualized) to $19.90B.
Tangible book value per share increased $0.87 to $30.79; TCE ratio 8.55% vs 8.67% at Dec 31, 2022.
Redeemed $75M 5.75% fixed-to-floating subordinated notes due 2027 (rate 8.39% floating) with existing liquidity.
Nonperforming assets stable at 0.61% of assets; net charge-off ratio 22 bps vs 8 bps in prior quarter.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ameris Bancorp reported quarter ended March 31, 2023 results: net income $60.4 million, EPS $0.87 per diluted share.

Period: quarter ended March 31, 2023
Net income: $60.4 million
EPS: $0.87 per diluted share
Result: reported results

Exact text from the filing

Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $60.4 million, or $0.87 per diluted share, for the quarter ended March 31, 2023, compared with $81.7 million, or $1.17 per diluted share, for the quarter ended March 31, 2022.

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Source: SEC EDGAR

accession 0000950170-23-015397

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