Ameris Bancorp (ABCB)'s quarterly profit more than tripled, primarily on gains in mortgage revenue and a drop in the provision for loan losses.
The Moultrie, Ga., company reported a second-quarter profit of $6.2 million Thursday, up from $1.7 million a year earlier. Its earnings per share were 26 cents, which matched the average expectations of analysts polled by Bloomberg.
Ameris' net interest income was $29.5 million, up 2.1% from a year earlier. The net interest margin increased 30 basis points, to 4.96%.
Noninterest income jumped 28%, to $11.4 million. The gains were mostly due to a 67% increase in mortgage revenue, to $5 million.
Noninterest expenses were flat, at $26.7 million.
Total assets shrunk by 4%, to $2.8 billion.
Ameris' provision for loan losses declined by 42%, to $4.2 million. Its net charge-offs grew 4%, to $2.9 million.
Ameris has 57 locations in Georgia, Alabama, Florida, and South Carolina.