Ameris bancorp announces financial results for second quarter 2023

Highlights of ameris's results for the second quarter of 2023 include the following: net income of $62.6 million, or $0.91 per diluted share pre-tax, pre-provision net revenue (ppnr) roa(1) of 2.01% growth in tangible book value(1) of $0.63 per share, or 8.2% annualized, to $31.42 at june 30, 2023 increase in the allowance for credit losses to 1.33% of loans, from 1.21% at march 31, 2023, due to forecasted economic conditions, particularly related to commercial real estate price levels adjusted efficiency ratio(1) of 53.41%, compared with 53.66% in the second quarter of last year nonperforming assets, excluding government-guaranteed loans, as a percentage of total assets improved three basis point to 0.30% at june 30, 2023, compared with 0.33% at march 31, 2023 net interest margin of 3.60% for the second quarter of 2023 organic growth in loans of $473.9 million, or 9.5% annualized growth in total deposits of $545.7 million or 11.0% annualized tce ratio(1) of 8.80%, compared with 8.55% at march 31, 2023 and 8.58% one year ago atlanta , july 27, 2023 /prnewswire/ -- ameris bancorp (nasdaq: abcb) (the "company") today reported net income of $62.6 million, or $0.91 per diluted share, for the quarter ended june 30, 2023, compared with $90.1 million, or $1.30 per diluted share, for the quarter ended  june 30, 2022. included in the company's second quarter results was a $45.5 million provision for credit losses related to the updated economic forecast, compared with $14.9 million in the second quarter of last year.
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