Ameris bancorp announces financial results for second quarter 2024

Highlights of ameris's results for the second quarter of 2024 include the following: net income of $90.8 million, or $1.32 per diluted share; adjusted net income(1) of $80.8 million, or $1.17 per diluted share return on average assets ("roa") of 1.41%; adjusted roa(1) of 1.25% pre-tax, pre-provision net revenue (ppnr) roa(1) of 2.25%; adjustment items positively impacted ppnr roa by 29 basis points growth in tangible book value(1) of $1.27 per share, or 14.8% annualized, to $35.79 at june 30, 2024 tce ratio(1) of 9.72%, compared with 8.80% one year ago net interest margin of 3.58% for the second quarter of 2024, compared with 3.51% in the prior quarter organic growth in loans of $392.3 million, or 7.7% annualized growth in total deposits of $446.8 million, or 8.6% annualized increase in the allowance for loan losses to 1.60% of loans, from 1.55% at march 31, 2024 cre concentration improved to 274% of capital, from 281% at march 31, 2024 annualized net charge-offs declined to 0.18% of average total loans atlanta , july 25, 2024 /prnewswire/ -- ameris bancorp (nyse: abcb) (the "company") today reported net income of $90.8 million, or $1.32 per diluted share, for the quarter ended june 30, 2024, compared with $62.6 million, or $0.91 per diluted share, for the quarter ended june 30, 2023. excluding the gain on sale of mortgage servicing rights, gain on conversion of visa class b-1 stock, fdic special assessment, gain on bank owned life insurance ("boli") proceeds and tax expense attributable to boli restructuring, adjusted net income(1) was $80.8 million, or $1.17 per diluted share, for the quarter ended june 30, 2024, compared with $62.6 million, or $0.91 per diluted share, for the quarter ended june 30, 2023.
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