ATLANTA - Ameris Bank announced the promotion of Brian Parks to the newly created position of head of Wholesale Banking. Parks, who joined Ameris in 2020, will report directly to Ameris Bank President Lawton Bassett and will be based in Atlanta.
In his new role, Parks will oversee several key departments, including Treasury Management, Industry Specialty Banking, Commercial Real Estate & Capital Markets, and Corporate Banking. Additionally, he will manage the bank's operations in the metro Atlanta market.
Before his promotion, Parks was instrumental in expanding Ameris Bank's footprint across Florida, where he served as regional president. His efforts significantly enhanced the bank's commercial and individual customer services from Jacksonville to Orlando to Tampa.
Lawton Bassett praised Parks for his extensive banking expertise and leadership skills, which are expected to drive the bank's growth initiatives and reinforce its commitment to customer service.
Parks' banking career spans over two decades, with a notable 22-year tenure at SunTrust, now known as Truist. He held various leadership positions at SunTrust, including Commercial team leader and regional president, and specialized in corporate finance for middle market companies in the Southeast.
He holds a BBA in economics from Mercer (NASDAQ:MERC) University's Stetson-Hatcher School of Business and is an alumnus of the Graduate School of Banking at Louisiana State University. Parks is actively involved in the community, serving on several boards including the Florida State College at Jacksonville Foundation and the Jacksonville Chamber of Commerce.
Ameris Bank, a subsidiary of Ameris Bancorp (NYSE: NYSE:ABCB), operates 164 financial centers across the Southeast and provides a wide range of banking services. As of September 30, 2024, the bank manages assets totaling $26.4 billion.
This announcement is based on a press release statement from Ameris Bank.
In other recent news, Ameris Bancorp has reported solid financial results, with a net income of $99.2 million for the third quarter. This figure includes adjustments for a gain from the sale of mortgage servicing rights and minor hurricane-related expenses. The company's operating earnings per share (EPS) of $1.38 exceeded both the consensus estimate of $1.25 and Stephens' prediction of $1.27. However, the company's core pre-provision net revenue (PPNR) of $127.8 million fell short of both the consensus expectation of $135.5 million and Stephens' forecast.
In response to these results, Stephens has updated its price target for Ameris Bancorp, raising it to $67.00 from the previous $64.00, while maintaining an Equal Weight rating on the stock. The financial analyst firm has also adjusted its earnings expectations for the company for the years 2024 to 2026, forecasting a decrease in earnings due to a slightly lower than anticipated net interest margin and reduced expectations for mortgage banking revenues.
Despite these adjustments, Ameris Bancorp continues to demonstrate a robust business model, with strong and stable asset quality trends, and a lower provision for credit losses. The company also anticipates mid-single-digit growth for both loans and deposits going into 2024 and has renewed a $100 million stock buyback plan through October 2025. These are the recent developments at Ameris Bancorp.
InvestingPro Insights
As Ameris Bank strengthens its leadership team with Brian Parks' promotion, investors might find value in examining Ameris Bancorp's (NYSE: ABCB) financial performance. According to InvestingPro data, the company boasts a market capitalization of $4.28 billion and has demonstrated strong financial health with a revenue of $1.05 billion in the last twelve months as of Q3 2024, representing a robust growth of 11.92%.
Ameris Bancorp's commitment to shareholder value is evident in its dividend history. An InvestingPro Tip highlights that the company has maintained dividend payments for 11 consecutive years, signaling financial stability and a dedication to returning value to shareholders. This consistency aligns well with Brian Parks' new role in overseeing key revenue-generating departments, potentially supporting continued dividend reliability.
The bank's financial metrics suggest a favorable valuation. With a P/E ratio of 13.04 and a price-to-book ratio of 1.16, Ameris Bancorp appears to be trading at relatively attractive levels. An InvestingPro Tip indicates that the company is trading at a low P/E ratio relative to its near-term earnings growth, which could be of interest to value-oriented investors.
Ameris Bancorp's stock has shown impressive performance, with a one-year price total return of 70.89% as of the latest data. This significant uptick suggests strong market confidence in the bank's strategic direction and growth prospects, which may be further bolstered by the recent leadership changes.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 9 more tips available for Ameris Bancorp, providing a deeper understanding of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.