UPDATE: FIG Partners Initiates Coverage on Ameris Bancorp with Outperform Rating, $17.50 PT

In a report published Wednesday, FIG Partners analyst Christopher Marinac initiated coverage on Ameris Bancorp

with an Outperform rating and $17.50 price target. In the report, Marinac noted, “ABCB shares remain quite attractive for accumulation given better-than-expected profits in 1Q-2013. Quarterly EPS are expected to build moderately over the next several quarters such that annual profits reach $1.00 in 2013 and then rise to $1.35 in 2014. New loan growth for the non-covered portfolio was 12% annualized and new business activity at solid loan yields in excess of 5.00% is being achieved. While “covered loans” are running off quickly, up to half may pay off in the next 12-15 months, but are replaced by loans sans FDIC loss share coverage. The company has shuttered 20% of its branch network and a few more locations could be closed as well as ongoing efforts to right-size internal procedures and processes. ABCB expects Expenses-to-Revenues to reach sub-60% in the next year and we see the company emerging as a leader on this issue.” Ameris Bancorp closed on Tuesday at $14.00.