Ameris Replenishes $200 Million Share-Buyback Authorization

The Tip Desk · October 24, 2026 · 3 min read

Net income was $116.1 million, or $1.73 a share, as noninterest expense fell $80.8 million from the second quarter on a litigation-accrual decline.

Ameris Bancorp (ABCB) reported net income of $116.1 million, or $1.73 a share, for the quarter ended September 30, 2026, reversing the second-quarter hit from a litigation accrual and restoring return on average assets to 1.61%.

The Atlanta-based Southeast regional lender recorded $116.1 million of net income, or $1.73 a share, compared with $106.0 million, or $1.54 a share, a year earlier. Return on average assets was 1.61% and return on average tangible common equity was 15.01%.

Noninterest expense fell $84.0 million, or 34.6%, to $158.7 million from $242.7 million in the second quarter, driven by an $80.8 million decline in a litigation expense accrual. Adjusted noninterest expense decreased $2.5 million, or 1.5%, primarily on lower mortgage compensation and legal costs. The adjusted efficiency ratio improved to 49.15% from 50.42%.

Net interest income on a tax-equivalent basis was $258.6 million, up $5.2 million, or 2.0%, from the second quarter. Average earning assets rose $300.5 million, or 4.5% annualized, after $544.6 million, or 8.5% annualized, growth in the prior quarter. The net interest margin was 3.87%, down one basis point from 3.88% in the second quarter.

Average portfolio loans increased $260.0 million and average investment securities $99.3 million, partly offset by an $80.7 million decline in average loans held for sale. Period-end loans, net of unearned income, rose $173.1 million, or 3.1% annualized, to $22.35 billion.

Yields on earning assets increased one basis point to 5.62%. Total cost of funds rose three basis points to 1.94%. Deposit costs increased five basis points to 1.82%, and the cost of interest-bearing deposits rose six basis points to 2.58%.

Deposits increased $319.4 million, or 5.6% annualized, to $22.91 billion at September 30. Interest-bearing deposits rose $407.2 million and noninterest-bearing deposits fell $87.8 million. Noninterest-bearing deposits represented 29.2% of total deposits. Period-end money market accounts increased $399.7 million and brokered CDs $129.5 million, partly offset by a $79.8 million decline in retail CDs.

Noninterest income decreased $9.4 million, or 12.7%, to $64.2 million, driven primarily by a $7.2 million decrease in gain on securities, which was $230,000 versus $7.4 million in the second quarter. Mortgage banking activity decreased $3.3 million, or 10.1%, to $29.2 million. Retail mortgage production fell $157.9 million, or 13.7%, to $994.4 million, and the open pipeline was $439.9 million at quarter-end. Equipment finance activity increased $1.4 million, or 15.7%, to $10.4 million.

The provision for credit losses declined to $12.6 million from $17.3 million in the second quarter. Annualized net charge-offs were 0.19% of average total loans, down from 0.20%. The allowance for credit losses on loans was 1.62% of loans, unchanged from year-end 2025. Nonperforming assets as a percentage of total assets increased seven basis points to 0.54%; excluding GNMA-guaranteed mortgage loans, that ratio rose five basis points to 0.40%.

Tangible book value per share increased $0.55, or 4.8% annualized, to $45.65. Tangible common equity as a percentage of tangible assets was 11.14%. Shareholders’ equity totaled $4.12 billion.

On October 16, the board authorized the company to repurchase up to $200.0 million of common stock through October 31, 2027, replenishing a prior authorization under which Ameris had repurchased $134.6 million in the past 12 months. Chief Executive Officer Palmer Proctor said the company remains measured in its approach to growth, maintaining disciplined underwriting and carefully allocating capital.