Ameris Bancorp Reports Financial Results For Second Quarter 2015

Jul 24, 2015, 07:00 ET from Ameris Bancorp

MOULTRIE, Ga., July 24, 2015 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), today reported operating net income of $12.3 million, or $0.38 per diluted share, for the quarter ended June 30, 2015, compared with $10.0 million, or $0.39 per diluted share, for the quarter ended June 30, 2014.  For the year-to-date period ending June 30, 2015, the Company reported operating net income of $22.1 million, or $0.70 per diluted share, compared with $18.4 million, or $0.72 per share, for the same period in 2014.  The earnings per share results for 2015 reflect an additional 5.3 million common shares outstanding.  These shares were issued early in the first quarter of 2015 in the Company's private placement, which was completed for the purposes of capitalizing the Company's acquisitions that closed late in the second quarter of 2015. 

Operating net income for the second quarter of 2015 excluded after-tax merger-related charges totaling approximately $3.7 million, or $0.11 per share, and a non-recurring after tax charge of $7.3 million, or $0.23 per share, related to an aggressive write-down on remaining non-performing assets.  Commenting on the rationale for this credit charge, Edwin W. Hortman, Jr., President and CEO said, "Lingering credit costs have overshadowed the improvements we have made in our operating results for too long and depressed our earnings valuation.  The charge we recorded in the second quarter will allow us to manage the disposition of non-performing assets in an accelerated fashion with credit costs that are commensurate with our peer group.  Deploying the liquidity from the recent deals and achieving the cost savings we have projected will further improve our return on assets and return on equity and I do not want that overshadowed by outsized credit related costs." 

Including the merger and non-recurring credit charges, the Company reported net income of $1.3 million, or $0.04 per share, in the second quarter of 2015, compared with $8.1 million, or $0.32 per share, in the same quarter in 2014, and for the year-to-date period in 2015, the Company's earnings totaled $11.1 million, or $0.35 per share, compared with $16.2 million, or $0.63 per share, in 2014.

Highlights of the Company's performance and results for the second quarter of 2015 include the following:

  • Successful purchase and data conversion of 18 retail branches, including approximately $644.7 million in deposits, in South Georgia and North Florida
  • Completion of the acquisition of Merchants and Southern Bank ("M&S") in Gainesville, Florida, with assets totaling $505.1 million
  • Total loan growth (including mortgage loans held for sale) of $605.3 million in the second quarter of 2015
  • Organic loan growth of $125.1 million, or 15.4% (annualized), during the second quarter of 2015
  • Return on assets and return on average tangible equity, on an operating basis, of 1.11% and 12.83%, respectively
  • Increase in total revenue to $64.9 million in the second quarter of 2015, compared with $54.4 million in the same quarter in 2014
  • Tangible common equity to tangible assets of 7.46% at June 30, 2015, compared with 7.42% at December 31, 2014
  • Noninterest income of $20.6 million, compared with $15.8 million in the second quarter of 2014
  • Increase in net income from the Company's total mortgage operations to $3.2 million, compared with $1.6 million in the same quarter in 2014
  • Closed loan production of $9.5 million and total revenue of $2.6 million in the second quarter from the Company's SBA division

Acquisition Activity

The Company closed the acquisition of M&S on May 22, 2015 and the branch acquisition on June 12, 2015.  These acquisitions increased the Company's total assets and earning assets by approximately 28% and the Company's total deposits by approximately 30%.  Initially, the acquisitions are detrimental to the Company's mix of earning assets and net interest margin because the majority of the assets acquired were short-term.  The following chart outlines the balances acquired at closing and the Company's target mix of these earning assets over the coming quarters:

 


Balances at closing (in millions)








M&S
Acquisition

Branch
Acquisition

Total

Initial E/A mix


Actual 6/30/15


Target 9/30/15


Target 12/31/15

Cash and short term assets

55

630

686

65.6%


31.8%


17.4%


5.5%

Investments

164

-

164

15.7%


24.1%


21.8%


19.4%

Loans

192

4

196

18.7%


44.1%


60.8%


75.1%

  Earning Assets

411

635

1,046

100.0%


100.0%


100.0%


100.0%

 

The Company is initially concentrating the deployment of the funds in areas with little to no incremental overhead burden to effectively improve the efficiency ratio and maximize the earnings effect of the two acquisitions.  Retention of some of the Company's mortgage and SBA production, a more aggressive push for municipal lending assets and purchases of higher quality, adjustable-rate mortgage loan pools are the most likely strategies the Company will use to deploy this liquidity.

Fee income associated with the branch acquisition was a material part of the initial assumptions.  Total deposits acquired declined by 24% from the announcement date to the closing date, but indications reflect that fee income will not decline at that high of a level.  Management's current estimate of fee income associated with the acquisition is approximately $16.0 million per year, slightly less than the Company's initial expectation of $16.8 million per year. 

Net Interest Income and Net Interest Margin

Net interest income (taxable equivalent) for the second quarter of 2015 totaled $41.3 million, an increase of $5.6 million, or 15.8%, compared with the $35.3 million reported for the second quarter of 2014.  Impacts of the recently closed acquisitions in the second quarter were minimal at $1.4 million because of the timing of closing and due to 66% of the initial growth in earning assets being in lower yielding federal funds sold or short-term assets.  By the end of the second quarter, the Company had improved the incremental asset mix, and management is confident that the net interest income targets originally projected can be achieved given better than expected yields and quicker deployment of the funds acquired.

Excluding the impact of accretion, net interest income (taxable equivalent) was $38.6 million, an increase of 6.64% compared with the first quarter of 2015 and 16.88% compared with the second quarter of 2014.  Accretion income in the current quarter declined to $2.6 million, compared with $3.1 million in the first quarter of 2015, but was slightly higher as compared with the $2.5 million recorded in the second quarter of 2014.  Higher levels of non-interest income resulted mostly from growth in average loans outstanding of approximately $199.9 million when compared to the first quarter of 2015.  Average balances of covered loans continued to decline, falling by $16.3 million from the first quarter of 2015.

Yields on all loans (including purchased non-covered and covered loans and excluding accretion income) declined in the second quarter of 2015 to 4.86%, compared with 5.19% in the same quarter in 2014.  Higher yielding covered loans as a percentage of total loans has declined from 13.9% in the second quarter of 2014 to only 7.9% for the current quarter of 2015.  Additionally, some of the growth in the legacy portfolio has been in both municipal and adjustable mortgages that have a significantly better risk profile but lower yields than consolidated levels seen in the past.

Loan production in the second quarter of 2015 totaled $282.6 million, with weighted average yields of 4.47%, compared with $254.0 million and 4.55%, respectively, in the first quarter of 2015.  Investment securities yields during the second quarter of 2015 were 2.61%, compared with 2.89% in the same quarter in 2014.

Total interest expense for the second quarter of 2015 was $3.5 million, compared with $3.3 million in the same quarter of 2014.  Increases in total interest expense were driven primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth.  Deposit costs of funds were only slightly lower during the second quarter of 2015 at 0.24%, compared with 0.29% during the second quarter of 2014.  Yields on each deposit class were substantially unchanged over the past year except for MMDAs, which fell from 0.38% during the second quarter of 2014 to 0.31% in the second quarter of 2015.  Management does not expect deposit costs or overall funding costs to decrease materially in the coming quarters given tightening liquidity and increasingly stronger forecasts for asset growth.

Non-interest Income

Non-interest income in the second quarter of 2015 improved to $20.6 million, an increase of $4.8 million, or 30.4%, compared with the same quarter in 2014.  Continued growth and profitability in the Company's mortgage operations provided most of the improvement, with revenue from mortgage operations increasing to $9.7 million, an increase of 40% compared with the same quarter of 2014.  Total loan production increased to $285.6 million in the quarter, compared with $184.3 million in the second quarter of 2014, while spreads (gain on sale) were relatively unchanged at 3.67% in the current quarter compared with 3.56% in the same quarter of 2014. 

Service charges on deposit accounts increased by $1.3 million to $7.2 million during the quarter, an increase of 22.3% compared with the same quarter in 2014.  Because of the late-quarter close of the recent acquisitions, increases in service charges related to the Company's recent acquisitions totaled only $742,000 during the quarter.  Going forward, management estimates approximately $4.0 million of additional fee income on the two acquisitions.

Revenues from the Company's SBA division totaled $2.6 million, compared with $1.9 million in the second quarter of 2014.  Due to the excess liquidity obtained in the acquisitions as well as the preferential duration and yields, management decided to retain a portion of its SBA production, which resulted in unrecognized gains on guaranteed portions of new production of $675,000 during the current quarter.  Total principal of closed loans in the second quarter of 2015 totaled $9.5 million, and the Company projects an additional $22.0 million of production for the third quarter of 2015.

Non-interest Expense

Excluding merger- and credit-related costs, non-interest expenses totaled $39.9 million in the second quarter of 2015, compared with $37.7 million in the first quarter of 2015 and $31.6 million in the second quarter of 2014.  Substantially all of the increase in operating expenses in the second quarter of 2015 over the first quarter of the year relates to increases associated with higher revenues in the mortgage and SBA divisions, which totaled $1.9 million.  Against the second quarter of 2014 and on the same basis, operating expenses have increased $8.3 million, which includes $2.1 million of higher costs in the mortgage and SBA divisions, $2.4 million associated with the additional branches acquired in the Company's acquisition of The Coastal Bank on June 30, 2014 and approximately $1.4 million related to increased costs in information technology and customer support centers in anticipation of the acquisitions completed in the second quarter.

Impacts to overall operating expenses in the second quarter of 2015 associated with the recently closed acquisitions were limited to only $1.1 million.  Five overlapping branches have been identified for consolidation, which is expected to save approximately $2.8 million per year.  An additional $2.9 million of annual savings is anticipated to be in place shortly after the conversion of M&S late in the third quarter of 2015.

Salaries and benefits increased to $22.5 million in the current quarter of 2015, compared with $20.6 million in the first quarter of 2015 and $16.9 million in the same quarter in 2014.  Increases in compensation costs against the first quarter reflect an increase of $889,000 in higher levels of commissions for mortgage and SBA personnel and the impact of staffing additions from the acquisition of The Coastal Bank in June 2014 and the acquisitions completed in 2015.

Non-provision credit resolution-related costs increased from $2.8 million in the second quarter of 2014 to $11.2 million in the second quarter of 2015.  During the quarter, the Company recorded a non-recurring, after-tax charge of $7.3 million to aggressively mark certain non-performing assets in a manner that would facilitate quick disposition.  The Company believes that normal credit costs for the Company are closer to $2.5 million going forward and that levels of non-performing and substandard assets should decline materially before year end. 

Occupancy and equipment costs increased from $4.1 million in the second quarter of 2014 to $4.8 million in the second quarter of 2015, due to the increased number of branches that are now operated by the Company.  Data processing and telecommunications expenses increased from $3.9 million in the second quarter of 2014 to $4.2 million in the second quarter of 2015.

Balance Sheet Trends

Total assets at June 30, 2015 were $5.21 billion, compared with $4.04 billion reported at December 31, 2014.  The growth in total assets was driven by the acquisitions of M&S and 18 additional retail branches during the second quarter of 2015. 

Loans, including loans held for sale, totaled $3.57 billion at June 30, 2015, compared with $2.90 billion at December 31, 2014.  During the second quarter, organic growth in non-covered, non-purchased loans amounted to $172.2 million, or 34.5% on an annualized basis.  Purchased, non-covered loans increased $434.2 million during the quarter, to $1.08 billion from $643.1 million at March 31, 2015.  In addition to the loans acquired through the M&S and branch acquisitions, the Company purchased approximately $269.0 million of whole-loan, adjustable rate mortgage pools to deploy the excess cash received in the acquisitions.

Investment securities at the end of the quarter amounted to $871.5 million, or 19.8% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December 31, 2014. 

At June 30, 2015, total deposits amounted to $4.51 billion, or 97.5% of total funding, compared with $3.43 billion and 95.8%, respectively, at December 31, 2014.  Non-interest bearing deposits at the end of the current quarter were $1.28 billion, or 28.4% of total deposits, compared with $839.4 million, or 24.5%, at December 31, 2014.

Stockholders' equity at June 30, 2015 totaled $486.8 million, compared with $366.0 million reported at December 31, 2014.  The increase in stockholders' equity was the result of the issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $11.1 million during the first six months of 2015.  Tangible book value increased during the first six months of 2015, from $10.99 per share at December 31, 2014 to $11.81 per share at June 30, 2015.  Tangible common equity as a percentage of tangible assets increased to 7.46% at the end of the second quarter of 2015, compared with 7.42% at the end of 2014. 

Conference Call

The Company will host a teleconference at 10:00 a.m. EDT today (July 24, 2015) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 or 1-412-902-6630 for international participants and 1-855-669-9657 for Canada. The conference ID name is Ameris Bancorp.  A replay of the call will be available one hour after the end of the conference call until August 7, 2015. To listen to the replay, dial 1-877-344-7529 or 1-412-317-0088 for international participants and 1-855-669-9658 for Canada. The conference replay access code is 10069080. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 103 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.




2015


2015


2014


2014


2014


2015


2014

















EARNINGS































Net Income Available to Common Shareholders

$                   1,308


$                   9,764


$                 10,580


$             11,663


$               8,130


$             11,072


$             16,194

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.04


$                     0.32


$                     0.40


$                 0.44


$                 0.32


$                 0.35


$                 0.64



Diluted

$                     0.04


$                     0.32


$                     0.39


$                 0.43


$                 0.32


$                 0.35


$                 0.63


Cash Dividends per share

$                     0.05


$                     0.05


$                     0.05


$                 0.05


$                     -


$                 0.10


$                 0.05


Book value per share (period end)

$                   15.12


$                   15.22


$                   13.67


$               13.22


$               12.83


$               15.12


$               12.83


Tangible book value per share (period end)

$                   11.81


$                   13.01


$                   10.99


$               10.68


$               10.26


$               11.81


$               10.26


Weighted average number of shares:
















Basic

32,184,355


30,442,998


26,771,636


26,773,033


25,180,665


31,318,487


25,162,604



Diluted

32,520,453


30,796,148


27,090,293


27,160,886


25,633,130


31,652,557


25,615,069


Period-end number of shares

32,195,089


32,182,143


26,773,863


26,774,402


26,771,821


32,195,089


26,771,821


Market data:
















High closing price

$                   26.87


$                   26.55


$                   26.48


$               24.04


$               23.90


$               26.87


$               24.00



Low closing price

$                   24.73


$                   22.75


$                   21.95


$               21.00


$               19.73


$               22.75


$               19.73



Period end closing price

$                   25.29


$                   26.39


$                   25.64


$               21.95


$               21.56


$               25.29


$               21.56



Average daily volume

107,413


105,152


111,473


79,377


79,038


106,301


90,963

















PERFORMANCE RATIOS















Return on average assets

0.12%


0.97%


1.05%


1.17%


0.93%


0.52%


0.95%


Return on average common equity

1.07%


8.76%


11.57%


13.19%


10.53%


4.54%


10.73%


Earning asset yield (TE)

4.49%


4.79%


5.08%


4.96%


5.08%


4.63%


5.05%


Total cost of funds

0.36%


0.40%


0.43%


0.45%


0.42%


0.38%


0.43%


Net interest margin (TE)

4.14%


4.39%


4.64%


4.50%


4.65%


4.26%


4.61%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

31.51%


29.06%


26.50%


28.86%


28.87%


30.33%


27.02%


Efficiency ratio

92.74%


72.38%


72.75%


67.64%


73.05%


82.99%


71.76%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

9.35%


11.79%


9.07%


8.85%


8.64%


9.35%


8.64%


Tangible common equity to tangible assets

7.46%


10.26%


7.42%


7.27%


7.04%


7.46%


7.04%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

7.46%


10.26%


7.42%


7.27%


7.04%


7.46%


7.04%


Effect of goodwill and other intangibles

1.89%


1.54%


1.65%


1.58%


1.61%


1.89%


1.61%



Equity to assets (GAAP)

9.35%


11.79%


9.07%


8.85%


8.64%


9.35%


8.64%

















OTHER PERIOD-END DATA















Banking Division FTE

1,122


852


853


867


888


1,122


888


Mortgage Division FTE

191


170


174


176


175


191


175



Total Ameris Bancorp FTE Headcount

1,313


1,022


1,027


1,043


1,063


1,313


1,063


















Assets per Banking Division FTE

$                   4,640


$                   4,874


$                   4,733


$               4,613


$               4,474


$               4,640


$               4,474


Branch locations

103


73


73


74


74


103


74


Deposits per branch location

$                 43,801


$                 47,674


$                 47,002


$             45,583


$             45,798


$             43,801


$             45,798

 

 

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.




2015


2015


2014


2014


2014


2015


2014

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 39,838


$                 38,618


$                 41,235


$             39,610


$             35,297


$             78,456


$             69,766


Interest on taxable securities

3,747


3,153


3,114


3,034


2,953


6,900


5,938


Interest on nontaxable securities

462


469


483


496


312


931


647


Interest on deposits in other banks

177


124


66


46


45


301


124


Interest on federal funds sold

5


4


2


-


-


9


5



Total interest income

44,229


42,368


44,900


43,186


38,607


86,597


76,480

















Interest expense















Interest on deposits

$                   2,264


$                   2,280


$                   2,560


$               2,540


$               2,205


$               4,544


$               4,388


Interest on other borrowings

1,277


1,256


1,334


1,514


1,138


2,533


2,344



Total interest expense

3,541


3,536


3,894


4,054


3,343


7,077


6,732

















Net interest income

40,688


38,832


41,006


39,132


35,264


79,520


69,748

















Provision for loan losses

2,656


1,069


888


1,669


1,365


3,725


3,091

















Net interest income after provision for loan losses

$                 38,032


$                 37,763


$                 40,118


$             37,463


$             33,899


$             75,795


$             66,657

















Noninterest income















Service charges on deposit accounts

$                   7,151


$                   6,429


$                   6,522


$               6,659


$               5,847


$             13,580


$             11,433


Mortgage banking activity

9,727


8,083


6,476


7,498


6,944


17,810


12,012


Other service charges, commissions and fees

829


668


643


690


662


1,497


1,314


Gain(loss) on sale of securities

10


12


-


132


-


22


6


Other non-interest income

2,909


2,383


2,721


2,922


2,366


5,292


3,808



Total noninterest income

20,626


17,575


16,362


17,901


15,819


38,201


28,573

















Noninterest expense















Salaries and employee benefits

22,465


20,632


19,316


20,226


16,942


43,097


34,336


Occupancy and equipment expenses

4,809


4,554


4,717


4,669


4,071


9,363


8,135


Data processing and telecommunications expenses

4,214


4,260


4,229


3,928


3,940


8,474


7,394


Credit resolution related expenses (1)

11,240


3,161


5,290


3,186


2,840


14,401


5,030


Advertising and marketing expenses

833


641


847


594


718


1,474


1,428


Amortization of intangible assets

630


630


662


698


437


1,260


970


Merger and conversion charges

5,712


15


67


551


2,872


5,727


3,322


Other non-interest expenses

6,961


6,934


6,605


4,727


5,498


13,895


9,942



Total noninterest expense

56,864


40,827


41,733


38,579


37,318


97,691


70,557

















Income before income taxes

$                   1,794


$                 14,511


$                 14,747


$             16,785


$             12,400


$             16,305


$             24,673


















Income tax expense

486


4,747


4,167


5,122


4,270


5,233


8,193

















Net income

$                   1,308


$                   9,764


$                 10,580


$             11,663


$               8,130


$             11,072


$             16,480

















Preferred stock dividends

-


-


-


-


-


-


286

















Net income available to common shareholders

$                   1,308


$                   9,764


$                 10,580


$             11,663


$               8,130


$             11,072


$             16,194

















Diluted earnings available to common shareholders

0.04


0.32


0.39


0.43


0.32


0.35


0.63


















(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.




2015


2015


2014


2014


2014













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               115,413


$                 80,142


$                 78,036


$             69,421


$             80,986


Federal funds sold and interest bearing balances

239,804


126,157


92,323


40,165


44,800


Investment securities available for sale, at fair value

862,154


610,330


541,805


529,509


535,630


Other investments

9,322


8,636


10,275


12,687


10,971


Mortgage loans held for sale

108,829


73,796


94,759


110,059


81,491














Loans, net of unearned income

2,171,600


1,999,420


1,889,881


1,848,759


1,770,059


Purchased, non-covered loans (excluding loan pools)

808,313


643,092


674,239


673,724


702,131


Purchased, non-covered loan pools

268,984


-


-


-


-


Covered loans

209,598


245,745


271,279


313,589


331,250


Less allowance for loan losses

(21,658)


(21,852)


(21,157)


(22,212)


(22,254)



Loans, net

3,436,837


2,866,405


2,814,242


2,813,860


2,781,186














Other real estate owned

22,567


32,339


33,160


35,320


35,373


Purchased, non-covered other real estate owned

13,112


13,818


15,585


13,660


16,598


Covered other real estate owned

12,626


16,089


19,907


28,883


38,426



Total other real estate owned

48,305


62,246


68,652


77,863


90,397














Premises and equipment, net

124,916


98,292


97,251


98,752


99,495


Goodwill

87,367


63,547


63,547


58,879


58,903


Other intangibles, net

19,189


7,591


8,221


9,114


9,812


FDIC loss sharing receivable

14,957


23,312


31,351


38,233


49,180


Cash value of bank owned life insurance

59,552


59,212


58,867


58,217


57,864


Other assets

79,089


73,238


77,748


82,649


72,420



Total assets

$            5,205,734


$            4,152,904


$            4,037,077


$        3,999,408


$        3,973,135













Liabilities











Deposits:












Noninterest-bearing

$            1,280,174


$               967,015


$               839,377


$           816,517


$           790,798



Interest-bearing

3,231,373


2,513,216


2,591,772


2,556,602


2,598,237


Total deposits

4,511,547


3,480,231


3,431,149


3,373,119


3,389,035


Federal funds purchased & securities sold under












agreements to repurchase

75,066


55,520


73,310


32,351


51,109


Other borrowings

39,000


43,851


78,881


147,409


100,293


Other liabilities

24,026


17,952


22,384


27,615


24,457


Subordinated deferrable interest debentures

69,325


65,567


65,325


65,084


64,842



Total liabilities

4,718,964


3,663,121


3,671,049


3,645,578


3,629,736

























Stockholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

33,609


33,593


28,159


28,158


28,155

  Capital surplus

336,212


335,578


225,015


224,142


222,550

  Retained earnings

126,265


126,566


118,412


109,170


100,185

  Accumulated other comprehensive income/(loss)

3,072


6,353


6,098


3,974


4,123

  Less treasury stock

(12,388)


(12,307)


(11,656)


(11,614)


(11,614)



Total stockholders' equity

486,770


489,783


366,028


353,830


343,399



Total liabilities and stockholders' equity

$            5,205,734


$            4,152,904


$            4,037,077


$        3,999,408


$        3,973,135

























Other Data










Earning Assets

4,400,298


3,698,540


3,564,286


3,515,805


3,465,361

Intangible Assets

106,556


71,138


71,768


67,993


68,715

Interest Bearing Liabilities

3,414,764


2,678,154


2,809,288


2,801,446


2,814,481

Average Assets

4,464,558


4,079,750


4,011,128


3,969,893


3,494,466

Average Common Stockholders' Equity

491,967


452,132


362,659


350,733


309,696

 

 

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.




2015


2015


2014


2014


2014


2015


2014

















ASSET QUALITY INFORMATION(1)






























Allowance for loan losses















Balance at beginning of period

$                 21,852


$                 21,157


$                 22,212


$             22,254


$             22,744


$             21,157


$             22,377


















Provision for loan loss (2)

1,800


1,100


650


1,573


997


2,900


2,498



















Charge-offs

2,452


855


2,071


1,975


1,973


3,307


3,579



Recoveries

458


450


366


360


486


908


958


Net charge-offs (recoveries)

1,994


405


1,705


1,615


1,487


2,399


2,621


















Ending balance

$                 21,658


$                 21,852


$                 21,157


$             22,212


$             22,254


$             21,658


$             22,254


















As a percentage of loans

1.00%


1.09%


1.12%


1.20%


1.26%


1.00%


1.26%


As a percentage of nonperforming loans

104.43%


104.85%


97.37%


97.38%


100.65%


104.43%


100.65%

































Net charge-off information















Charge-offs















Commercial, financial & agricultural

$                      410


$                      392


$                      468


$                  191


$                  165


$                  802


$                  908


Real estate - residential

464


268


368


406


752


732


933


Real estate - commercial & farmland

1,162


12


1,033


953


769


1,174


1,302


Real estate - construction & development

263


97


74


296


157


360


222


Consumer installment

153


86


128


129


130


239


214



Total charge-offs

2,452


855


2,071


1,975


1,973


3,307


3,579


















Recoveries















Commercial, financial & agricultural

115


285


91


47


134


400


183


Real estate - residential

27


57


71


52


48


84


131


Real estate - commercial & farmland

17


15


91


31


9


32


152


Real estate - construction & development

277


31


49


96


96


308


204


Consumer installment

22


62


64


134


199


84


288



Total recoveries

458


450


366


360


486


908


958


















Net charge-offs (recoveries)

$                   1,994


$                      405


$                   1,705


$               1,615


$               1,487


$               2,399


$               2,621

















































Non-accrual loans (excluding purchased non-covered














    and covered loans)

20,740


20,841


21,728


22,810


22,111


20,740


22,111

Non-accrual purchased non-covered loans

17,444


17,308


18,249


17,007


15,770


17,444


15,770

Foreclosed assets (excluding purchased assets)

22,567


32,339


33,160


35,320


35,373


22,567


35,373

Purchased, non-covered other real estate owned

13,112


13,818


15,585


13,660


16,598


13,112


16,598

Accruing loans delinquent 90 days or more

-


-


1


-


-


-


-

Total non-performing assets, excluding covered assets

73,863


84,306


88,723


88,797


89,852


73,863


89,852

















Non-performing assets as a percent of total assets

1.42%


2.03%


2.20%


2.22%


2.26%


1.42%


2.26%

Net charge offs as a percent of loans (Annualized)

0.37%


0.08%


0.36%


0.35%


0.34%


0.22%


0.30%

































(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 2014 and 2015, 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

2015


2015


2014


2014


2014



Commercial, financial & agricultural

$               373,202


$               334,917


$               319,654


$           334,783


$           304,588



Real estate - construction & development

205,019


178,568


161,507


154,315


149,346



Real estate - commercial & farmland

1,010,195


947,274


907,524


882,160


850,000



Real estate - residential

537,201


496,043


456,106


436,515


422,731



Consumer installment

30,080


29,113


30,782


31,403


31,902



Other

15,903


13,505


14,308


9,583


11,492



    Total Legacy (excluding purchased












          non-covered and covered)

$            2,171,600


$            1,999,420


$            1,889,881


$        1,848,759


$        1,770,059















Commercial, financial & agricultural

$                 45,337


$                 36,258


$                 38,041


$             38,077


$             41,583



Real estate - construction & development

75,302


53,668


58,362


60,262


64,084



Real estate - commercial & farmland

404,588


291,760


306,706


296,790


311,748



Real estate - residential

276,798


257,216


266,342


273,347


278,451



Consumer installment

6,288


4,190


4,788


5,248


6,265



    Total Purchased non-covered (net of discounts)

$               808,313


$               643,092


$               674,239


$           673,724


$           702,131















Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

268,984


-


-


-


-



Consumer installment

-


-


-


-


-



    Total Purchased non-covered loan pools

$               268,984


$                           -


$                          -


$                      -


$                       -















Commercial, financial & agricultural

$                 17,666


$                 20,905


$                 21,467


$             22,545


$             25,209



Real estate - construction & development

15,002


19,519


23,447


27,756


31,600



Real estate - commercial & farmland

111,772


130,290


147,627


180,566


188,643



Real estate - residential

64,982


74,847


78,520


82,445


85,518



Consumer installment

176


184


218


277


280



    Total Covered (net of discounts)

$               209,598


$               245,745


$               271,279


$           313,589


$           331,250















Total Loan Portfolio:












Commercial, financial & agricultural

$               436,205


$               392,080


$               379,162


$           395,405


$           371,380



Real estate - construction & development

295,323


251,755


243,316


242,333


245,030



Real estate - commercial & farmland

1,526,555


1,369,324


1,361,857


1,359,516


1,350,391



Real estate - residential

1,147,965


828,106


800,968


792,307


786,700



Consumer installment

36,544


33,487


35,788


36,928


38,447



Other

15,903


13,505


14,308


9,583


11,492



    Total Loans

$            3,458,495


$            2,888,257


$            2,835,399


$        2,836,072


$        2,803,440







































Troubled Debt Restructurings, excluding purchased non-covered and covered loans:









Accruing loan types:












Commercial, financial & agricultural

$                      278


$                      277


$                      290


$                  257


$                  257



Real estate - construction & development

821


789


679


1,917


2,080



Real estate - commercial & farmland

6,617


7,309


6,477


7,080


7,590



Real estate - residential

4,702


4,513


5,258


7,973


7,335



Consumer installment

49


47


55


34


75



    Total Accruing TDRs

$                 12,467


$                 12,935


$                 12,759


$             17,261


$             17,337















Non-accruing loan types:












Commercial, financial & agricultural

$                        29


$                        17


$                        13


$                  507


$                  465



Real estate - construction & development

57


90


228


196


32



Real estate - commercial & farmland

598


64


724


1,672


2,151



Real estate - residential

783


736


1,485


759


1,044



Consumer installment

82


90


73


93


51



    Total Non-accrual TDRs

$                   1,549


$                      997


$                   2,523


$               3,227


$               3,743















Total Troubled Debt Restructurings

$                 14,016


$                 13,932


$                 15,282


$             20,488


$             21,080

























The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:







Grade 10 - Prime credit

$               181,933


$               157,462


$               128,577


$           121,486


$           110,842



Grade 15 - Good credit

243,070


205,929


217,804


222,714


226,652



Grade 20 - Satisfactory credit

1,104,747


1,012,733


947,948


908,054


866,356



Grade 23 - Performing, under-collateralized credit

27,400


28,643


29,205


28,826


28,429



Grade 25 - Minimum acceptable credit

544,664


513,009


488,187


484,200


450,363



Grade 30 - Other asset especially mentioned

25,020


25,461


25,983


31,750


33,360



Grade 40 - Substandard

44,766


56,179


52,176


51,640


54,047



Grade 50 - Doubtful

-


4


1


88


10



Grade 60 - Loss

-


-


-


1


-



  Total

$            2,171,600


$            1,999,420


$            1,889,881


$        1,848,759


$        1,770,059













The following table presents the purchased, non-covered loan portfolio by risk grade:









Grade 10 - Prime credit

$                 10,123


$                   7,444


$                   7,394


$               3,965


$               4,344



Grade 15 - Good credit

53,220


23,640


29,727


35,461


35,540



Grade 20 - Satisfactory credit

362,304


206,480


208,686


180,702


186,690



Grade 23 - Performing, under-collateralized credit

10,537


10,024


6,578


1,216


165



Grade 25 - Minimum acceptable credit

300,411


337,386


361,155


399,729


416,671



Grade 30 - Other asset especially mentioned

34,779


22,323


25,747


20,048


32,309



Grade 40 - Substandard

36,887


35,743


34,889


32,565


26,412



Grade 50 - Doubtful

52


52


63


38


-



Grade 60 - Loss

-


-


-


-


-



  Total

$               808,313


$               643,092


$               674,239


$           673,724


$           702,131

 

 

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.




2015


2015


2014


2014


2014


2015


2014

































AVERAGE BALANCES
































Federal funds sold

$                   5,500


$                   5,500


$                   3,163


$                  500


$                  500


$               5,500


$               3,958



Interest bearing deposits in banks

201,765


158,286


69,772


63,355


50,850


180,146


75,165



Investment securities - taxable

600,176


485,922


461,800


451,563


418,498


543,365


414,895



Investment securities - nontaxable

70,653


71,229


72,072


74,176


49,631


70,939


50,357



Other investments

9,597


9,450


9,804


8,209


6,629


9,524


8,044



Mortgage loans held for sale

81,823


75,831


97,406


83,751


54,517


75,281


51,884



Loans

2,111,507


1,911,601


1,871,618


1,795,059


1,706,564


2,007,914


1,673,493



Purchased non-covered loans

654,397


650,331


659,472


688,452


433,249


655,485


437,068



Purchased non-covered loan pools

17,308


-


-


-


-


8,702


-



Covered loans

246,422


262,693


299,981


324,498


354,766


259,157


367,045



  Total Earning Assets

$            3,999,148


3,630,843


3,545,088


3,489,563


$        3,075,204


$        3,816,013


$        3,081,909



















Noninterest bearing deposits

$            1,088,249


$               897,937


$               850,879


$           807,416


$           680,058


$           993,619


$           673,313



NOW accounts

745,709


756,795


786,511


743,352


691,353


751,221


683,321



MMDA

981,143


857,346


840,397


861,197


770,047


919,586


759,657



Savings accounts

188,767


163,624


156,663


155,559


145,528


176,265


144,325



Retail CDs < $100,000

388,248


372,463


386,844


439,150


356,483


380,399


364,956



Retail CDs > $100,000

378,137


383,962


401,934


370,166


360,703


381,033


361,279



Brokered CDs

-


-


4,023


5,970


5,970


-


5,970



  Total Deposits

3,770,253


3,432,127


3,427,251


3,382,810


3,010,142


3,602,123


2,992,821



















FHLB advances

17,275


16,778


35,815


55,435


28,626


17,028


48,370



Other borrowings

41,930


43,871


46,508


47,346


35,280


42,895


32,657



Subordinated debentures

67,180


65,436


65,195


64,953


55,789


66,313


55,442



Federal funds purchased and securities sold
















under agreements to repurchase

58,722


52,707


47,247


44,316


40,008


55,731


48,513



  Total Non-Deposit Funding

185,107


178,792


194,765


212,050


159,703


181,967


184,982



















  Total Funding

$            3,955,360


$            3,610,919


$            3,622,016


$        3,594,860


$        3,169,845


$        3,784,090


$        3,177,803

 

 

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.




2015


2015


2014


2014


2014


2015


2014

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                          5


$                          4


$                          2


$                      -


$                       -


$                      9


$                      5



Interest bearing deposits in banks

177


124


66


47


45


301


124



Investment securities - taxable

3,747


3,153


3,114


3,034


2,953


6,900


5,938



Investment securities - nontaxable (TE)

624


633


652


670


421


1,257


873



Mortgage loans held for sale

764


692


947


787


457


1,456


860



Loans (TE)

25,629


22,418


23,294


21,790


21,996


48,047


42,643



Purchased non-covered loans

10,328


11,840


12,612


12,610


7,933


22,168


14,798



Purchased non-covered loan pools

149


-


-


-


-


149


-



Covered loans

3,385


3,995


4,704


4,726


5,164


7,380


11,925



Total Earning Assets

$                 44,808


$                 42,859


$                 45,391


$             43,663


$             38,969


$             87,667


$             77,166



















    Accretion Income (included above)

2,635


3,097


4,280


2,964


2,572


5,732


5,299


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                       -



NOW accounts

318


376


414


324


291


694


579



MMDA

760


663


768


783


722


1,423


1,403



Savings accounts

37


37


45


42


40


74


77



Retail CDs < $100,000

488


513


553


596


478


1,001


967



Retail CDs > $100,000

662


691


746


749


626


1,353


1,266



Brokered CDs

-


-


34


47


48


-


96



Total Deposits

2,265


2,280


2,560


2,541


2,205


4,545


4,388



















FHLB advances

16


15


26


51


26


31


63



Other borrowings

346


366


379


558


415


712


823



Subordinated debentures

866


832


887


866


666


1,698


1,374



Federal funds purchased and securities sold
















under agreements to repurchase

48


43


41


39


31


91


84



  Total Non-Deposit Funding

1,276


1,256


1,333


1,514


1,138


2,532


2,344



















  Total Funding

$                   3,541


$                   3,536


$                   3,893


$               4,055


$               3,343


$               7,077


$               6,732



















Net Interest Income (TE)

$                 41,267


$                 39,323


$                 41,498


$             39,608


$             35,626


$             80,590


$             70,434

 

 

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.




2015


2015


2014


2014


2014


2015


2014

YIELDS (1)
































Federal funds sold

0.36%


0.29%


0.25%


0.00%


0.00%


0.33%


0.25%



Interest bearing deposits in banks

0.35%


0.32%


0.38%


0.29%


0.35%


0.34%


0.33%



Investment securities - taxable

2.50%


2.63%


2.68%


2.67%


2.83%


2.56%


2.89%



Investment securities - nontaxable

3.54%


3.60%


3.59%


3.58%


3.40%


3.57%


3.50%



Mortgage loans held for sale

3.75%


3.70%


3.86%


3.73%


3.36%


3.90%


3.34%



Loans

4.87%


4.76%


4.94%


4.82%


5.17%


4.83%


5.14%



Purchased non-covered loans

6.33%


7.38%


7.59%


7.27%


7.34%


6.82%


6.83%



Purchased non-covered loan pools

3.45%


0.00%


0.00%


0.00%


0.00%


3.45%


0.00%



Covered loans

5.51%


6.17%


6.22%


5.78%


5.84%


5.74%


6.55%



  Total Earning Assets

4.49%


4.79%


5.08%


4.96%


5.08%


4.63%


5.05%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.17%


0.20%


0.21%


0.17%


0.17%


0.19%


0.17%



MMDA

0.31%


0.31%


0.36%


0.36%


0.38%


0.31%


0.37%



Savings accounts

0.08%


0.09%


0.11%


0.11%


0.11%


0.08%


0.11%



Retail CDs < $100,000

0.50%


0.56%


0.57%


0.54%


0.54%


0.53%


0.53%



Retail CDs > $100,000

0.70%


0.73%


0.74%


0.80%


0.70%


0.72%


0.71%



Brokered CDs

0.00%


0.00%


3.35%


3.12%


3.22%


0.00%


3.24%



  Total Deposits

0.24%


0.27%


0.30%


0.30%


0.29%


0.25%


0.30%



















FHLB advances

0.37%


0.36%


0.29%


0.36%


0.36%


0.37%


0.26%



Other borrowings

3.31%


3.38%


3.23%


4.68%


4.72%


3.35%


5.08%



Subordinated debentures

5.17%


5.16%


5.40%


5.29%


4.79%


5.16%


5.00%



Federal funds purchased and securities sold
















under agreements to repurchase

0.33%


0.33%


0.34%


0.35%


0.31%


0.33%


0.35%



  Total Non-Deposit Funding

2.76%


2.85%


2.72%


2.83%


2.86%


2.81%


2.56%



















  Total funding (3)

0.36%


0.40%


0.43%


0.45%


0.42%


0.38%


0.43%



















Net interest spread

4.13%


4.39%


4.65%


4.52%


4.66%


4.26%


4.62%



















Net interest margin

4.14%


4.39%


4.64%


4.50%


4.65%


4.26%


4.61%

















































(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including non-interest bearing liabilities.

 

 

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.



Operating Net Income Reconciliation

2015


2015


2014


2014


2014


2015


2014



















Net income available to common shareholders

$                   1,308


$                   9,764


$                 10,580


$             11,663


$               8,130


$             11,072


$             16,194



















Merger and conversion charges

5,712


15


67


551


2,872


5,727


3,322



Non-recurring credit resolution related expenses

11,241


-


-


-


-


11,241


-



Tax effect of non-recurring charges

(5,934)


(5)


(23)


(193)


(1,005)


(5,939)


(1,163)



Plus: After tax non-recurring charges

11,019


10


44


358


1,867


11,029


2,159



















       Operating Net income

12,327


9,774


10,624


12,021


9,997


22,101


18,353



















Operating net income per diluted share:

$                     0.38


$                     0.32


$                     0.39


$                 0.44


$                 0.39


$                 0.70


$                 0.72



Return on average assets

1.11%


0.97%


1.05%


1.20%


1.15%


1.04%


1.06%



Return on average common tangible equity

12.83%


10.40%


14.49%


16.87%


16.64%


11.46%


14.81%




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Net Interest Margin and Yields on Total Loans

2015


2015


2014


2014


2014


2015


2014



    Excluding Accretion Reconciliation
































Total Interest Income (TE)

$                 44,808


$                 42,859


$                 45,391


$             43,663


$             38,969


$             87,667


$             77,166



    Accretion Income

2,635


3,097


4,280


2,964


2,572


5,732


5,299



Total Interest Income (TE) Excluding Accretion

$                 42,173


$                 39,762


$                 41,111


$             40,699


$             36,397


$             81,935


$             71,867



















Total Interest Expense

$                   3,541


$                   3,536


$                   3,894


$               4,054


$               3,343


$               7,077


$               6,732



Net Interest Income (TE) Excluding Accretion

$                 38,632


$                 36,226


$                 37,217


$             36,645


$             33,054


$             74,858


$             65,135



















Yield on Total Loans Excluding Accretion

4.86%


5.01%


5.05%


5.07%


5.19%


4.93%


5.18%



















Net Interest Margin Excluding Accretion

3.87%


4.05%


4.17%


4.17%


4.31%


3.96%


4.26%




















































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Core Earnings Reconciliation

2015


2015


2014


2014


2014


2015


2014



















Pre-tax operating profit/(loss)

$                   1,794


$                 14,511


$                 14,747


$             16,785


$             12,400


$             16,305


$             24,673



Plus: Credit Related Costs
















    Provision for loan losses

2,656


1,069


888


1,669


1,365


3,725


3,091



   (Gains)/Losses on the sale of legacy OREO

436


110


(228)


(3)


283


546


228



   Gains/(Losses) on the sale of covered OREO

194


20


344


(184)


249


214


367



    Problem loan and OREO expense

10,632


3,031


5,175


3,373


2,309


13,663


4,436



    Interest reversed (received) on non-accrual loans

413


156


(6)


94


71


569


317



       Total Credit-Related Costs

14,331


4,386


6,173


4,949


4,277


18,717


8,439



















Plus: Cconversion charges

5,712


15


67


551


2,872


5,727


3,322



Less: Non-recurring gains
















    Gains on sales of securities

(10)


(12)


-


(132)


-


(22)


(6)



 Gains on sales of bank premises

-


-


-


(616)


-


-


-



    Other non-recurring adjustments

-


-


188


-


(870)


-


(870)



















Pretax, Pre-provision earnings

$                 21,827


$                 18,900


$                 21,175


$             21,537


$             18,679


$             40,727


$             35,558



















As percentage of average assets, annualized

1.96%


1.88%


2.09%


2.15%


2.14%


1.84%


2.05%




















































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Recurring Operating Expenses

2015


2015


2014


2014


2014


2015


2014



















Total Operating Expenses

56,864


40,827


41,733


38,579


37,318


97,691


70,557



Less: Credit costs & non-recurring charges
















   Gains/(Losses) on the sale of legacy OREO

(436)


(110)


228


3


(283)


(546)


(228)



   Gains/(Losses) on the sale of covered OREO

(194)


(20)


(344)


184


(249)


(214)


(367)



    Problem loan and OREO expense

(10,632)


(3,031)


(5,175)


(3,373)


(2,309)


(13,663)


(4,436)



   Severance payments

-


-


(188)


-


-


-


-



Conversion expenses

(5,712)


(15)


(67)


(551)


(2,872)


(5,727)


(3,322)



   Gains/(Losses) on the sale of premises

-


-


-


616


-


-


-



















Recurring operating expenses

$                 39,890


$                 37,651


$                 36,187


$             35,458


$             31,605


$             77,541


$             62,204

 

 

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.



Segment Reporting

2015


2015


2014


2014


2014


2015


2014



















Banking Division:
















   Net interest income

$                 36,806


$                 35,839


$                 38,045


$             36,142


$             33,345


$             72,645


$             66,273



   Provision for loan losses

2,456


927


737


994


1,365


3,383


3,091



   Noninterest income

9,262


8,780


8,595


8,932


7,449


18,042


14,810



   Noninterest expense:
















      Salaries and employee benefits

15,675


15,362


14,196


14,819


12,509


31,037


26,086



      Occupancy

4,376


4,144


4,319


4,277


3,752


8,520


7,501



      Data Processing

3,913


4,011


3,901


3,619


3,590


7,924


6,916



      Other expenses

24,048


10,356


12,320


8,722


10,753


34,404


18,133



         Total noninterest expense

48,012


33,873


34,736


31,437


30,604


81,885


58,636



Income before income taxes

(4,400)


9,819


11,167


12,643


8,825


5,419


19,356



   Income Tax

(1,682)


3,105


2,914


3,672


3,019


1,423


6,332



         Net income

(2,718)


6,714


8,253


8,971


5,806


3,996


13,024



   Preferred stock dividends

-


-


-


-


-


-


286



Net income available to common shareholders

$                 (2,718)


$                   6,714


$                   8,253


$               8,971


$               5,806


$               3,996


$             12,738



































Retail Mortgage Division:
















   Net interest income

$                   1,979


$                   1,545


$                   1,822


$               1,636


$                  972


$               3,524


$               1,886



   Provision for loan losses

200


142


151


675


-


342


-



   Noninterest income

9,095


7,610


6,076


6,967


6,836


16,705


11,916



   Noninterest expense:
















      Salaries and employee benefits

5,592


4,527


4,175


4,340


3,881


10,119


7,403



      Occupancy

396


380


373


368


300


776


601



      Data Processing

279


212


315


285


329


491


443



      Other expenses

1,150


932


828


735


1,233


2,082


2,008



         Total noninterest expense

7,417


6,051


5,691


5,728


5,743


13,468


10,455



Income before income taxes

3,457


2,962


2,056


2,200


2,065


6,419


3,347



   Income Tax

1,210


1,037


720


770


723


2,247


1,171



         Net income

2,247


1,925


1,336


1,430


1,342


4,172


2,176



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                   2,247


$                   1,925


$                   1,336


$               1,430


$               1,342


$               4,172


$               2,176



































Warehouse Lending:
















   Net interest income

$                   1,179


$                      835


$                      752


$                  711


$                  367


$               2,014


$                  553



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

383


273


237


168


166


656


250



   Noninterest expense:
















      Salaries and employee benefits

99


127


84


69


56


226


102



      Occupancy

1


2


-


-


-


3


1



      Data Processing

20


33


11


21


14


53


22



      Other expenses

19


36


171


134


79


55


119



         Total noninterest expense

139


198


266


224


149


337


244



Income before income taxes

1,423


910


723


655


384


2,333


559



   Income Tax

498


319


253


229


134


817


196



         Net income

925


592


470


426


250


1,516


363



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                      925


$                      592


$                      470


$                  426


$                  250


$               1,516


$                  363



































SBA Division:
















   Net interest income

$                      724


$                      613


$                      387


$                  643


$                  580


$               1,337


$               1,036



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

1,886


912


1,454


1,834


1,368


2,798


1,597



   Noninterest expense:
















      Salaries and employee benefits

1,099


616


861


998


496


1,715


745



      Occupancy

36


28


25


24


19


64


32



      Data Processing

2


4


2


3


7


6


13



      Other expenses

159


57


152


165


300


216


432



         Total noninterest expense

1,296


705


1,040


1,190


822


2,001


1,222



Income before income taxes

1,314


820


801


1,287


1,126


2,134


1,411



   Income Tax

460


287


280


450


394


747


494



         Net income

854


533


521


837


732


1,387


917



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                      854


$                      533


$                      521


$                  837


$                  732


$               1,387


$                  917



































Total Consolidated:
















   Net interest income

$                 40,688


$                 38,832


$                 41,006


$             39,132


$             35,264


$             79,520


$             69,748



   Provision for loan losses

2,656


1,069


888


1,669


1,365


3,725


3,091



   Noninterest income

20,626


17,575


16,362


17,901


15,819


38,201


28,573



   Noninterest expense:
















      Salaries and employee benefits

22,465


20,632


19,316


20,226


16,942


43,097


34,336



      Occupancy

4,809


4,554


4,717


4,669


4,071


9,363


8,135



      Data Processing

4,214


4,260


4,229


3,928


3,940


8,474


7,394



      Other expenses

25,376


11,381


13,471


9,756


12,365


36,757


20,692



         Total noninterest expense

56,864


40,827


41,733


38,579


37,318


97,691


70,557



Income before income taxes

1,794


14,511


14,747


16,785


12,400


16,305


24,673



   Income Tax

486


4,747


4,167


5,122


4,270


5,233


8,193



         Net income

1,308


9,764


10,580


11,663


8,130


11,072


16,480



   Preferred stock dividends

-


-


-


-


-


-


286



Net income available to common shareholders

$                   1,308


$                   9,764


$                 10,580


$             11,663


$               8,130


$             11,072


$             16,194

 

Logo- http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO

 

SOURCE Ameris Bancorp



RELATED LINKS

http://www.amerisbank.com