Ameris Bancorp Reports 18% Improvement In Net Income During The Second Quarter 2012

Jul 24, 2012, 09:00 ET from Ameris Bancorp

MOULTRIE, Ga., July 24, 2012 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) today reported net income available to common shareholders of $1.7 million, or $0.07 per diluted share, for the quarter ended June 30, 2012, compared to $1.3 million, or $0.06 per diluted share, for the quarter ended June 30, 2011.  For the year to date period ending June 30, 2012, the Company reported net income available to common shareholders of $6.2 million, or $0.26 per diluted share, compared to $1.9 million, or $0.08 per diluted share, for the same period in 2011.  Highlights of the results of the second quarter of 2012 include:

  • Legacy loans increased $41.6 million, representing a 12.6% annualized growth rate for the quarter.
  • The Company's net interest margin was 4.66%, compared to 4.48% in the first quarter of 2012.
  • Total revenue (excluding gains and non-recurring adjustments) increased to $37.8 million in the second quarter of 2012, compared to $35.0 million in the first quarter of 2012, and $32.1 million in the second quarter of 2011.
  • Non-performing assets declined 30% from December 31, 2011.
  • Legacy classified loans decreased $22.6 million, or 22%, from December 31, 2011.
  • The allowance for loan losses as a percentage of non-performing loans increased to 59% in the current quarter, compared to 50% at December 31, 2011.
  • "In-migration" of new legacy problem loans amounted to $9.4 million, compared to $12.5 million in the first quarter of 2012, and $24.1 million in the fourth quarter of 2011.
  • Tangible common equity as a percentage of tangible assets improved to 8.41%, and tangible common book value increased 10.2% to $10.29, compared to the June 30, 2011 amount.

(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO)

Operating Results
Net income in the second quarter of 2012 totaled $2.5 million before preferred dividends, an increase of 18.0% when compared to the same quarter in 2011.  For the year to date period, the Company's earnings before preferred dividends were $7.9 million, compared to $3.5 million in the year to date period in 2011.

Net Interest Income and Net Interest Margin
Net interest income increased slightly during the period, growing to $28.9 million in the second quarter of 2012, compared to $28.7 million in the same quarter in 2011.  The Company's net interest margin in the second quarter of 2012 was 4.66%, compared to 4.79% in the same period in 2011.  Lower yields on most earning asset classes were offset substantially by lower funding costs and better allocation of earning assets.

Declines in the yields on earning assets were driven primarily by lower yields on loans.  Yields on legacy loans for the second quarter of 2012 were 5.71%, compared to 5.92% in the same quarter in 2011.  Yields on all loan production (new and renewed) during the second quarter of 2012 were 5.40%. The yields on the new loan production approximate the current portfolio yield and suggest that declines in loan yields will be smaller in future quarters than they have been over the last 12 months.

Yields on covered loans for the second quarter of 2012 were 7.22%, which included a weighted average contractual rate of interest of approximately 5.29% with accretion totaling approximately 1.92% of average covered loans.  This compares to a yield on covered loans of 10.30% in the same quarter in 2011, which included contractual rates of interest of 5.24% and accretion of 5.05% of average covered loans.   Contractual rates of interest on covered loans are primarily affected by the levels of non-accrual loans, as well as the Company's renewal of these notes with market interest rates.  Amounts of accretion vary quarter to quarter depending on payoffs, principal reduction, and revaluations of estimated cash flows on purchased loans.

Funding costs declined significantly, with deposits costing 0.56% in the second quarter of 2012, compared to 1.08% in the same quarter in 2011.  Costs of NOW, MMDA and savings accounts collectively decreased by more than 50% over the period, while CD costs fell approximately 35%.  Additionally, the Company's mix improved noticeably as growth in non-interest bearing deposits nearly matched the decline in retail CDs from June 30, 2011 to June 30, 2012.

Deposit costs continue to benefit from lower incremental costs on new accounts (non-CD accounts) and from much lower costs on renewals of retail CDs.  Costs on new production of deposits were favorable when compared to prior quarters.  CD costs on production during the second quarter of 2012 were 0.61%, compared to 0.65% in the first quarter of 2012.  Additionally, cost of new NOW accounts and new MMDA accounts were 0.31% and 0.58%, respectively, in the second quarter, compared to 0.31% and 0.63%, respectively, in the first quarter of 2012.

Non-Interest Income
Non-interest income totaled $8.88 million during the second quarter of 2012, a 48.4% increase when compared to $5.98 million during the second quarter of 2011.  The Company's mortgage operations grew significantly during the quarter with over $3.0 million in revenue, compared to $400,000 for the same quarter in 2011 and $1.5 million in the first quarter of 2012.  Mortgage loan pipelines continued to grow throughout the quarter with a majority of the business from purchase transactions rather than refinance transactions.

Service charges increased to $4.77 million during the second quarter of 2012, compared to $4.67 million in the second quarter of 2011.  Increases in service charges relate primarily to strong increases in transaction accounts that are subject to service charges and fees.

Non-Interest Expense
Non-interest expense increased from $22.6 million in the second quarter of 2011 to $26.6 million in the second quarter of 2012.  Increases in salaries and employee benefits were the primary drivers of increases in operating expenses, with salary and benefits costs growing by $2.7 million to $12.1 million for the quarter ending June 30, 2012 from $9.4 million in the same quarter in 2011.  Compensation costs related to the Company's mortgage operations accounted for $1.0 million of the increase and reinstated employee benefits, including retirement and 401(k) expenses, accounted for an additional $720,000 compared to the same quarter in 2011.  Additionally, the Company has participated in three FDIC-assisted acquisitions since June 30, 2011, with acquired branch operations and loan resolution staff accounting for the majority of the growth in compensation costs not resulting from mortgage or reinstated employee benefits.

Credit-related expenses in the second quarter of 2012 totaled $3.4 million, a significant decrease from the $12.7 million recorded in the first quarter of 2012 and the $7.8 million posted in the fourth quarter of 2011.  The $12.7 million recorded in the first quarter of 2012 included $8.4 million of non-provision credit costs related to the Company's bulk sale of problem assets.   

Loan Growth
Loans increased at the fastest pace in over five years, growing at an annualized pace of 12.6% when compared to the first quarter of 2012.  New loan growth during the quarter came from diversified loan types with an emphasis on new loans to existing customers.  Initial yields on new loan production for the quarter were 5.45%, compared to 5.48% in the first quarter of 2012 and 5.38% in the fourth quarter of 2011.  Commenting on loan growth for the quarter, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "Intense market competition for loan growth has pushed loan yields to levels that in some cases are inconsistent with quality or term.  Our bankers continue to work hard preserving the yields on our portfolio and creating a "win-win" with our customers.  Our sales strategies focus on relationships and customized lending ideas rather than leading with price, and our results indicate that we have been successful."

Deposits and Funding
Total deposits at the end of the second quarter of 2012 were $2.54 billion, a nominal increase from levels seen at the same time in 2011 but a decrease of 4.53% when compared to levels at the end of the first quarter of 2012.  These decreases over the linked quarter represented the deleveraging activities that followed the FDIC-assisted purchase of the assets of Central Bank of Georgia on February 24, 2012.

Success in the sales and management of low-cost deposit balances have been sufficient to offset the decreases in retail and brokered CDs over the last twelve months.  The Company continues to make progress toward its goal of 20% of total deposits in non-interest bearing types with a 35% improvement in this deposit class over the past 12 months.  Additionally, declines in retail time deposits through renewals have slowed but not completely ceased, with slower levels of decline noted in the most recent quarter.

The following table details deposits by class and percentage of total as of June 30, 2012 and 2011:

 


June 30, 2012


June 30, 2011




Deposit Type

Balances

% of total


Balances

% of total


$ Change

% Change

Non-interest bearing

$              429,113

16.9%


$              318,004

12.7%


$              111,109

34.9%

NOW accounts

589,444

23.2%


589,686

23.5%


(242)

0.0%

Money Market

621,461

24.4%


552,514

22.0%


68,947

12.5%

Savings

97,867

3.8%


79,248

3.2%


18,619

23.5%

Retail CDs

764,988

30.1%


889,031

35.4%


(124,043)

-13.9%

Brokered CDs

41,799

1.6%


82,880

3.3%


(41,081)

-49.5%


$           2,544,672



$           2,511,363



$              33,309

1.3%

 

 

Shareholders Equity and Capital Levels
Stockholders' equity at the end of the second quarter of 2012 totaled $300.9 million, an increase of $23.8 million, or 8.6%, when compared to the same period in 2011.  Tangible common equity grew at a faster pace, increasing from $222.0 million at June 30, 2011 to $245.2 million at June 30, 2012.  Tangible book value increased 10.2% to $10.29 per share over the same period, with such growth being the result of earnings.

During the second quarter of 2012, the Company's preferred stock issued to the United States Treasury as part of its Capital Purchase Program in 2008 was auctioned to private investors for 93.1% of par value.  The Company continues to evaluate repayment strategies and anticipates retiring the obligation before the dividend rate increases to 9.0% in February 2012.  . 

Credit Quality
"We have been laser-focused on making a significant move on credit quality in the first half of 2012," said Mr. Hortman concerning the Company's attention to asset quality.  "To that end, we have reduced non-performing assets by over 30% in the first two quarters, while increasing our loan loss reserve coverage of non-performing assets by approximately 19%.  We anticipate continued reductions in classified assets through the remainder of 2012 but at a slower pace and with lower levels of credit costs," continued Mr. Hortman.  

Net charge-offs on loans during the second quarter of 2012 were $8.6 million, compared to $19.1 million during the first quarter of 2012 and $8.3 million during the fourth quarter of 2011.  Increased levels of charge-offs during the first quarter of 2012 relate almost entirely to the Company's bulk sale of non-performing loans.  Excluding amounts charged-off in the bulk sale, the Company's net charge-offs would have been $8.7 million for the first quarter of 2012. 

The Company's provision for loan losses during the second quarter of 2012 amounted to $7.2 million, a decrease of $1.9 million as compared to the $9.1 million posted in the second quarter of 2011.  Approximately $1.2 million of the current quarter's provision for loan losses related to decreases in expected cash flows from recent FDIC-assisted transactions.  At June 30, 2012, the Company's loan loss allowance totaled $26.2 million, or 1.92% of legacy loans, compared to $35.2 million, or 2.64% of legacy loans, at the end of 2011. 

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 67 locations in Georgia, Alabama, northern Florida and South Carolina.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company's results of operations and financial condition.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)






Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2012


2012


2011


2011


2011


2012


2011

















EARNINGS































Net Income/(Loss) Available to Common Shareholders

$                   1,678


$                   4,550


$                      322


$             15,643


$               1,307


$               6,228


$            1,887

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.07


$                     0.19


$                     0.01


$                 0.67


$                 0.06


$                 0.26


$              0.08



Diluted

$                     0.07


$                     0.19


$                     0.01


$                 0.66


$                 0.06


$                 0.26


$              0.08


Cash Dividends per share

$                          -


$                          -


$                          -


$                      -


$                      -


$                      -


$                   -


Stock dividend

-


-


-


-


-


-


-


Book value per share (period end)

$                   10.49


$                   10.36


$                   10.23


$               10.27


$                 9.54


$               10.49


$              9.54


Tangible book value per share (period end)

$                   10.29


$                   10.15


$                   10.06


$               10.08


$                 9.34


$               10.29


$              9.34


Weighted average number of shares:
















Basic

23,818,814


23,762,196


23,457,739


23,438,335


23,449,123


23,790,505


23,444,662



Diluted

23,973,039


23,916,421


23,611,964


23,559,063


23,508,419


23,944,730


23,491,421


Period-end number of shares

23,819,144


23,814,144


23,751,294


23,742,794


23,766,044


23,819,144


23,766,044


Market data:
















High closing price

$                   13.40


$                   13.32


$                   10.66


$               10.30


$               10.16


$               13.40


$            11.10



Low closing price

$                   10.88


$                   10.34


$                     8.55


$                 8.47


$                 8.49


$               10.34


$              8.49



Period end closing price

$                   12.60


$                   13.14


$                   10.28


$                 8.71


$                 8.87


$               12.60


$              8.87



Average daily volume

58,370


59,139


68,654


71,955


58,706


58,751


52,545

















PERFORMANCE RATIOS















Return on average assets

0.34%


0.72%


0.15%


2.14%


0.29%


0.53%


0.13%


Return on average common equity

4.12%


8.89%


1.82%


28.55%


3.69%


6.49%


1.66%


Earning asset yield (TE)

5.33%


5.22%


6.07%


5.55%


5.98%


5.25%


5.66%


Total cost of funds

0.62%


0.69%


0.80%


1.02%


1.10%


0.66%


1.16%


Net interest margin (TE)

4.66%


4.48%


5.21%


4.44%


4.79%


4.56%


4.41%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE) (1)

21.10%


12.15%


14.81%


10.26%


14.16%


15.86%


14.79%


Efficiency ratio

70.51%


62.28%


72.76%


47.75%


65.08%


65.63%


67.18%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

10.31%


9.78%


9.81%


9.78%


9.70%


10.31%


9.70%


Tangible common equity to tangible assets

8.41%


7.95%


7.99%


7.96%


7.78%


8.41%


7.78%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

8.41%


7.95%


7.99%


7.96%


7.78%


8.41%


7.78%


Effect of preferred equity

1.75%


1.67%


1.69%


1.68%


1.76%


1.75%


1.76%


Effect of goodwill and other intangibles

0.15%


0.16%


0.13%


0.14%


0.15%


0.15%


0.15%



Equity to assets (GAAP)

10.31%


9.78%


9.81%


9.78%


9.70%


10.31%


9.70%

















OTHER PERIOD-END DATA















FTE Headcount

839


827


746


730


690


839


690


Assets per FTE

$                   3,481


$                   3,680


$                   4,014


$               4,124


$               4,141


$               3,481


$            4,141


Branch locations

67


67


62


62


59


67


59


Deposits per branch location

$                 37,980


$                 39,781


$                 41,799


$             42,401


$             42,565


$             37,980


$          42,565


















(1)Includes gain from acquisition.














 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2012


2012


2011


2011


2011


2012


2011

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 30,334


$                 29,482


$                 35,361


$             31,633


$             32,876


$             59,816


$          61,847


Interest on taxable securities

2,187


2,309


2,350


2,672


2,574


4,496


5,232


Interest on nontaxable securities

374


365


357


330


314


739


634


Interest on deposits in other banks

108


120


148


144


150


228


325


Interest on federal funds sold

4


6


7


9


9


10


22



Total interest income

33,007


32,282


38,223


34,788


35,923


65,289


68,060

















Interest expense















Interest on deposits

$                   3,635


$                   4,084


$                   4,875


$               6,431


$               6,825


$               7,719


$          14,200


Interest on other borrowings

491


471


580


555


351


962


906



Total interest expense

4,126


4,555


5,455


6,986


7,176


8,681


15,106

















Net interest income

28,881


27,727


32,768


27,802


28,747


56,608


52,954

















Provision for loan losses

7,225


12,882


9,019


7,552


9,115


20,107


16,158

















Net interest income/(loss) after provision for loan losses

$                 21,656


$                 14,845


$                 23,749


$             20,250


$             19,632


$             36,501


$          36,796

















Noninterest income















Service charges on deposit accounts

$                   4,770


$                   4,386


$                   4,483


$               4,666


$               4,665


$               9,156


$            8,932


Mortgage banking activity

3,006


1,475


1,209


930


382


4,481


826


Other service charges, commissions and fees

322


391


340


392


276


713


515


Gain(loss) on sale of securities

-


-


-


-


14


0


238


Gains from acquisitions

-


20,037


-


26,867


-


20,037


-


Other non-interest income

777


975


657


1,090


643


1,752


1,656



Total noninterest income

8,875


27,264


6,689


33,945


5,980


36,139


12,167

















Noninterest expense















Salaries and employee benefits

12,125


11,446


10,688


10,252


9,427


23,571


19,264


Occupancy and equipment expenses

2,880


3,335


2,705


3,203


2,752


6,215


5,482


Data processing and telecommunications expenses

2,905


1,925


2,650


2,817


2,452


4,830


4,848


FDIC Insurance expense

1,067


1,067


1,078


1,096


1,118


2,134


2,363


Credit related expenses (1)

3,423


12,739


7,784


8,985


3,882


16,162


5,679


Advertising and marketing expenses

364


349


221


189


149


713


312


Amortization of intangible assets

412


220


220


277


242


632


505


Goodwill impairment

-


-


-


-


-


-


-


Other non-interest expenses

3,447


3,165


3,364


2,667


2,580


6,612


5,298



Total noninterest expense

26,623


34,246


28,710


29,486


22,602


60,869


43,751

















Operating profit/(loss)

$                   3,908


$                   7,863


$                   1,728


$             24,709


$               3,010


$             11,771


$            5,212


















Income tax (benefit)/expense

1,413


2,498


587


8,249


896


3,911


1,720

















Net income/(loss)

$                   2,495


$                   5,365


$                   1,141


$             16,460


$               2,114


$               7,860


$            3,492

















Preferred stock dividends

817


815


819


817


807


1,632


1,605

















Net income/(loss) available














     to common shareholders

$                   1,678


$                   4,550


$                      322


$             15,643


$               1,307


$               6,228


$            1,887

















Diluted earnings available to common shareholders

0.07


0.19


0.01


0.66


0.06


0.26


0.08


















(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.









 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




























Three Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.




2012


2012


2011


2011


2011













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$                 60,126


$                 64,963


$                 65,528


$             55,761


$             68,552


Federal funds sold and interest bearing balances

111,251


194,172


229,042


170,349


218,330


Investment securities available for sale, at fair value

366,980


371,791


339,967


340,839


334,376


Other investments

7,884


10,967


9,878


11,089


10,354


Mortgage loans held for sale

19,659


14,863


11,563


8,867


-














Loans, net of unearned income

1,365,489


1,323,844


1,332,086


1,368,895


1,360,063


Covered loans

601,737


653,377


571,489


595,428


486,489


Less allowance for loan losses

26,198


28,689


35,156


35,238


34,523



Loans, net

1,941,028


1,948,532


1,868,419


1,929,085


1,812,029














Other real estate owned

40,018


40,035


50,301


54,487


61,533


Covered other real estate owned

83,467


85,803


78,617


81,907


63,583



Total other real estate owned

123,485


125,838


128,918


136,394


125,116














Premises and equipment, net

75,192


72,755


73,124


71,848


65,925


Intangible assets, net

3,767


4,179


3,250


3,471


3,745


Goodwill

956


956


956


956


956


FDIC loss sharing receivable

203,801


220,016


242,394


239,719


160,927


Other assets

6,182


14,202


21,268


42,001


56,927



Total assets

$            2,920,311


$            3,043,234


$            2,994,307


$        3,010,379


$        2,857,237













Liabilities











Deposits:












Noninterest-bearing

$               429,113


$               444,707


$               395,347


$           354,434


$           318,004



Interest-bearing

2,115,559


2,220,653


2,196,219


2,274,458


2,193,359


Total deposits

2,544,672


2,665,360


2,591,566


2,628,892


2,511,363


Federal funds purchased & securities sold under












agreements to repurchase

19,800


28,790


37,665


13,180


17,136


Other borrowings

3,810


3,810


20,000


21,000


-


Other liabilities

8,821


5,308


9,037


10,616


9,311


Subordinated deferrable interest debentures

42,269


42,269


42,269


42,269


42,269



Total liabilities

2,619,372


2,745,537


2,700,537


2,715,957


2,580,079

























Stockholders' equity










  Preferred stock

$                 51,044


$                 50,884


$                 50,727


$             50,572


$             50,419

  Common stock

25,155


25,150


25,087


25,079


25,102

  Capital surplus

166,685


166,579


166,639


166,385


166,170

  Retained earnings

61,081


59,403


54,852


54,530


38,888

  Accumulated other comprehensive income/(loss)

7,805


6,512


7,296


8,687


7,410

  Less treasury stock

(10,831)


(10,831)


(10,831)


(10,831)


(10,831)



Total stockholders' equity

300,939


297,697


293,770


294,422


277,158



Total liabilities and stockholders' equity

$            2,920,311


$            3,043,234


$            2,994,307


$        3,010,379


$        2,857,237

























Other Data










Earning Assets

2,465,116


2,558,047


2,484,147


2,484,378


2,399,258

Intangible Assets

4,723


5,135


4,206


4,427


4,701

Interest Bearing Liabilities

2,181,438


2,295,522


2,296,153


2,350,907


2,252,764

Average Assets

2,966,527


2,978,469


2,965,799


3,048,337


2,909,012

Average Common Stockholders' Equity

243,463


242,817


248,729


228,716


229,794

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2012


2012


2011


2011


2011


2012


2011

















ASSET QUALITY INFORMATION(1)






























Allowance for loan losses















Balance at beginning of period

$                 28,689


$                 35,156


$                 35,238


$             34,523


$             35,443


$             35,156


$          34,576














-


-


Provision for loan loss (2)

6,070


12,600


8,243


7,544


7,462


18,670


14,554



















Charge-offs

8,738


19,337


8,909


7,088


8,559


28,075


15,626



Recoveries

177


270


584


259


177


447


1,019


Net charge-offs (recoveries)

8,561


19,067


8,325


6,829


8,382


27,628


14,607


















Ending balance

$                 26,198


$                 28,689


$                 35,156


$             35,238


$             34,523


$             26,198


$          34,523


















As a percentage of loans

1.92%


2.17%


2.64%


2.57%


2.54%


1.92%


2.54%


As a percentage of nonperforming loans

58.98%


54.90%


49.64%


59.66%


57.02%


58.98%


57.02%

































Net charge-off information















Charge-offs















Commercial, Financial and Agricultural

$                      499


$                      155


$                   1,952


$                  614


$               2,128


$                  654


$            3,241


Real Estate - Residential

2,251


2,123


1,758


1,697


1,135


4,374


1,944


Real Estate - Commercial and Farmland

4,520


12,964


829


2,962


2,332


17,484


4,889


Real Estate - Construction and Development

1,281


3,930


4,129


1,612


2,822


5,211


5,247


Consumer Installment

187


165


241


203


142


352


305


Other

-


-


-


-


-


-


-



Total charge-offs

8,738


19,337


8,909


7,088


8,559


28,075


15,626


















Recoveries















Commercial, Financial and Agricultural

30


48


21


85


48


78


68


Real Estate - Residential

21


141


39


48


45


162


59


Real Estate - Commercial and Farmland

8


16


9


37


4


24


6


Real Estate - Construction and Development

2


17


494


44


57


19


829


Consumer Installment

116


48


21


45


23


164


57


Other

-


-


-


-


-


-


-



Total recoveries

177


270


584


259


177


447


1,019


















Net charge-offs (recoveries)

$                   8,561


$                 19,067


$                   8,325


$               6,829


$               8,382


$             27,628


$          14,607

















































Non-accrual loans

44,421


52,258


70,823


59,067


60,545


44,421


60,545

Foreclosed assets 

40,018


40,035


50,301


54,487


61,533


40,018


61,533

Accruing loans delinquent 90 days or more

1


-


-


20


-


1


-

Total non-performing assets

84,440


92,293


121,124


113,574


122,078


84,440


122,078

















Non-performing assets as a percent of total assets

2.89%


3.03%


4.05%


3.77%


4.27%


2.89%


4.27%

Net charge offs as a percent of loans (Annualized)

2.52%


5.79%


2.51%


2.01%


2.48%


4.07%


2.17%

































(1) Asset quality information is presented net of covered assets where the Company's risk exposure is limited substantially by loss sharing agreements with the FDIC.



(2) During 2011 and 2012, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans


      acquired in FDIC assisted acquisitions.  These amounts are excluded from the calculation above but reflected in the Company's Consolidated Statement of Operations.



 

<

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




























For the quarter ended:




Jun.


Mar.


Dec.


Sept.


Jun.



Loans by Type

2012


2012


2011


2011


2011



Commercial, financial & agricultural

$               174,903


$               149,320


$               142,960


$           159,020


$           150,377



Real estate - construction & development

124,556


122,331


130,270


145,770


143,684



Real estate - commercial & farmland

675,404


658,054


672,765


677,048


681,228



Real estate - residential

332,124


328,053


330,727


331,236


336,485



Consumer installment

41,431


42,085


37,296


38,163


35,584



Other

17,071


24,001


18,068


17,658


12,705



    Total Legacy (non-covered)

$            1,365,489


$            1,323,844


$            1,332,086


$        1,368,895


$        1,360,063















Commercial, financial & agricultural

$                 41,372


$                 43,157


$                 41,867


$             49,859


$             42,494



Real estate - construction & development

83,991


93,430


77,077


82,933


79,540



Real estate - commercial & farmland

322,393


350,244


321,257


323,760


229,924



Real estate - residential

150,683


162,768


127,644


135,318


129,721



Consumer installment

3,298


3,778


3,644


3,558


4,810



    Total Covered (at fair value)

$               601,737


$               653,377


$               571,489


$           595,428


$           486,489















Total Loan Portfolio: