Ameris Bancorp Reports Net Income and Decline in Non-Performing Assets for First Quarter 2011

News provided by

Ameris Bancorp

Apr 26, 2011, 08:49 ET

MOULTRIE, Ga., April 26, 2011 /PRNewswire/ -- AMERIS BANCORP (Nasdaq: ABCB), today reported net income available to common shareholders of $580,000, or $0.02 per diluted share, for the quarter ended March 31, 2011, compared to a net loss of $2.3 million, or ($0.17) per diluted share, for the quarter ended March 31, 2010.  Highlights of the results of the first quarter of 2011 include:

  • The first quarter of 2011 represented the 2nd consecutive quarter of profitability for the Company.
  • Non-accrual loans declined 24% from March 31, 2010 and 14% from December 31, 2010.
  • Tangible common equity as a percentage of total assets improved to 7.51% during the quarter.
  • The Company's net interest margin improved to 4.04%, despite historically low levels of earning assets to total assets and higher concentrations of short-term assets.
  • Allowance for loan losses as a percentage of non-performing loans increased to 52% in the current quarter compared to 37% at March 31, 2010.
  • Annualized net charge-offs for the current quarter declined to 1.88% of total loans compared to 3.33% for the year ended December 31, 2010.

"We are proud to report net income and a reduction in non-performing assets during the first quarter of 2011.  Our financial results represent a significant improvement from prior quarters due to the success of several strategies we implemented throughout this economic cycle.  We believe the benefits of these decisions will continue to positively impact earnings as we move forward in the national recovery," stated Edwin W. Hortman, Jr., President and CEO.  

Continued Improvement in Credit Quality

Non-performing assets declined for the second consecutive quarter as the Company continued to see success in the resolution of problem assets and a slowing of problem asset formation.  Total non-accrual loans declined 13.7% to $68.4 million at March 31, 2011 compared to $79.3 million at December 31, 2010 and $96.1 million at the peak of this economic cycle.  The Company's balances in OREO (other real estate owned) increased to $62.3 million at March 31, 2011 from $57.9 million at December 31, 2010, as problem loans migrated to OREO for final liquidation.  Mr. Hortman commented on credit quality, saying "Although we continue to see improvements in the resolution of our problem assets, we remain cautiously optimistic about improving market conditions.  Our entire Ameris team continues to work diligently to reduce the problem assets on our balance sheet with the same sense of urgency as when this economic downturn began."

Net charge-offs on loans during the first quarter of 2011 decreased to $6.2 million as compared to $10.2 million during the fourth quarter of 2010 and $13.0 million during the first quarter of 2010.  The Company's provision for loan losses during the first quarter of 2011 amounted to $7.1 million, a decline of $4.3 million as compared to the $11.4 million posted in the fourth quarter of 2010.  At March 31, 2011, the Company's loan loss allowance totaled $35.4 million, or 2.63%, of ending legacy loans, compared to $34.6 million, or 2.52%, at the end of 2010.  

Balance Sheet Trends

Total assets at March 31, 2011 were $2.92 billion, an increase of 24.3% as compared to March 31, 2010.  This year-over-year increase is primarily due to the four FDIC-assisted transactions completed by the Company during 2010.  However, as compared to balances at December 31, 2010, total assets decreased $53.7 million, or 7.3% on an annualized basis.

Total loans outstanding decreased $57.8 million during the first quarter of 2011 to $1.87 billion at March 31, 2011 from $1.93 billion at December 31, 2010.  Loans acquired in FDIC-assisted transactions decreased by $29.0 million, and the Company's legacy loan portfolio declined $28.8 million, as the Company continued to resolve problem assets through upgrades, charge-offs or foreclosure.  

Total deposits grew $37.3 million, or 6.0% on an annualized basis, during the first quarter of 2011, from $2.54 billion at December 31, 2010 to $2.57 billion at March 31, 2011.  Noninterest-bearing deposits increased $14.1 million, or 18.9% on an annualized basis, and interest-bearing deposits increased $23.2 million, or 4.2% on an annualized basis.

Improvement in Net Interest Income and Net Interest Margin

Net interest income during the first quarter of 2011 totaled $24.2 million, an increase of $3.8 million, or 18.6%, compared to the $20.4 million reported for first quarter of 2010 and an increase of $1.2 million, or 5.2%, compared to the $23.0 million reported for the fourth quarter of 2010.  The Company's net interest margin increased to 4.04%, compared to 3.92% during the same quarter of 2010 and 3.88% during the fourth quarter of 2010, due to an improvement in cost of funds.  The yield on earning assets in the first quarter of 2011 was 5.35% compared to 5.36% in the first quarter of 2010 and 5.18% in the fourth quarter of 2010.  The Company's cost of funding saw a greater improvement, as it decreased from 1.41% in the first quarter of 2010 and 1.27% in the fourth quarter of 2010 to 1.22% in the first quarter of 2011.

At March 31, 2011, the Company's earning assets totaled $2.4 billion, or 83.7% of total assets, compared to $2.1 billion, or 89.7% of total assets, at the same time in 2010.  This decrease is attributable to the growth in non-earning assets associated with the FDIC-assisted transactions, such as covered loans, OREO, and the FDIC indemnification asset of $167.2 million at March 31, 2011.  As these assets are resolved and liquidated, the proceeds are expected to be reinvested in earning assets.  

Non-Interest Income and Expense

Total non-interest income for the first quarter of 2011 increased 26.8% to $6.2 million, from $4.9 million reported in the first quarter of 2010.  Service charges on deposit accounts increased $828,000, or 24.1%, from the first quarter of 2010 due to the increased number of customer accounts.  Income from mortgage related activities declined from $554,000 in the first quarter of 2010 to $450,000 in the first quarter of 2011.  Other non-interest income increased due to a gain on the sale of a former branch building, increased check order fees and a higher level of merchant fee income.    

Non-interest expenses increased from $16.9 million in the first quarter of 2010 to $21.2 million in the first quarter of 2011.  Salaries and employee benefits reflect the largest increase; however, this increase is in proportion to the Company's asset growth.  Total assets per full-time-equivalent employee increased from $4.0 million at March 31, 2010 to $4.2 million per employee at March 31, 2011.  The Company believes the earnings potential to be significant as additional improvement is expected with the consolidation of Darby Bank & Trust Co. into the core Ameris Bank operations during the second quarter of 2011.  The increase in occupancy and equipment expenses, as well as data processing and telecommunication expenses, is directly correlated to the increase in the number of branch locations from the first quarter of 2010 to the first quarter of 2011.  Credit related expenses decreased as the Company reported a net gain of $700,000 on the sale of OREO in the first quarter of 2011, compared to a net loss of $487,000 in the first quarter of 2010 and a net loss of $2.0 million in the fourth quarter of 2010.  Problem loan and OREO expense totaled $2.5 million for the three months ended March 31, 2011, compared to $2.9 million for the three months ended December 31, 2010, and $1.5 million for the three months ended March 31, 2010.  

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 59 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

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
     

2011

  

2010

  

2010

  

2010

  

2010

  
                         

EARNINGS

                    
                         
 

Net Income/(Loss) Available to Common Shareholders

$                      580

  

$                   1,050

  

$             (1,704)

  

$              (4,218)

  

$              (2,330)

  
                         

PER COMMON SHARE DATA

                    
 

Earnings per share available to common shareholders:

                    
   

Basic

$                     0.02

  

$                     0.04

  

$               (0.07)

  

$                (0.20)

  

$                (0.17)

  
   

Diluted

$                     0.02

  

$                     0.04

  

$               (0.07)

  

$                (0.20)

  

$                (0.17)

  
 

Cash Dividends per share

$                          -

  

$                          -

  

$                      -

  

$                       -

  

$                       -

  
 

Stock dividend

-

  

-

  

-

  

1 for 210

 

1 for 130

 
 

Book value per share (period end)

$                     9.41

  

$                     9.44

  

$                 9.48

  

$                 9.57

  

$               10.18

  
 

Tangible book value per share (period end)

$                     9.20

  

$                     9.22

  

$                 9.35

  

$                 9.43

  

$                 9.94

  
 

Weighted average number of shares:

                    
   

Basic

23,440,201

  

23,427,393

  

23,427,919

  

21,231,367

  

13,906,137

  
   

Diluted

23,474,424

  

23,579,205

  

23,427,919

  

21,231,367

  

13,906,137

  
 

Period-end number of shares

23,766,044

  

23,647,841

  

23,626,169

  

23,515,468

  

14,108,672

  
 

Market data:

                    
   

High closing price

$                   11.10

  

$                   11.07

  

$               10.49

  

$               11.55

  

$               10.32

  
   

Low closing price

$                     9.32

  

$                     8.73

  

$                 7.83

  

$                 9.00

  

$                 7.36

  
   

Period end closing price

$                   10.16

  

$                   10.54

  

$                 9.35

  

$                 9.66

  

$                 9.03

  
   

Average daily volume

46,618

  

55,281

  

75,573

  

205,388

  

37,715

  
                         

PERFORMANCE RATIOS

                    
 

Return on average assets

0.08%

  

0.15%

  

(0.28%)

  

(0.68%)

  

(0.26%)

  
 

Return on average common equity

1.06%

  

1.85%

  

(3.01%)

  

(8.77%)

  

(4.33%)

  
 

Earning asset yield (TE)

5.35%

  

5.18%

  

5.34%

  

5.32%

  

5.36%

  
 

Total cost of funds

1.22%

  

1.27%

  

1.33%

  

1.34%

  

1.41%

  
 

Net interest margin (TE)

4.04%

  

3.88%

  

4.04%

  

4.01%

  

3.92%

  
 

Non-interest income excluding securities transactions,

                    
   

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

15.49%

  

16.12%

  

16.74%

  

12.40%

  

14.15%

  
 

Efficiency ratio

69.59%

  

62.15%

  

70.08%

  

63.35%

  

66.93%

  
                         

CAPITAL ADEQUACY (period end)

                    
 

Stockholders' equity to assets

9.38%

  

9.20%

  

11.25%

  

11.35%

  

8.22%

  
 

Tangible common equity to tangible assets

7.51%

  

7.35%

  

9.08%

  

9.17%

  

5.97%

  
                         

EQUITY TO ASSETS RECONCILIATION

                    
 

Tangible common equity to tangible assets

7.51%

  

7.35%

  

9.08%

  

9.17%

  

5.97%

  
 

Effect of preferred equity

1.72%

  

1.69%

  

2.05%

  

2.06%

  

2.11%

  
 

Effect of goodwill and other intangibles

0.16%

  

0.16%

  

0.12%

  

0.12%

  

0.14%

  
   

Equity to assets (GAAP)

9.38%

  

9.20%

  

11.25%

  

11.35%

  

8.22%

  
                         

OTHER PERIOD-END DATA

                    
 

FTE Headcount

691

  

708

  

570

  

581

  

594

  
 

Assets per FTE

$                   4,223

  

$                   4,198

  

$               4,271

  

$               4,169

  

$               3,959

  
 

Branch locations

59

  

59

  

50

  

53

  

53

  
 

Deposits per branch location

$                 43,605

  

$                 42,257

  

$             41,980

  

$             39,246

  

$             39,402

  
                         

(1) Includes gain from acquisition

  
                       
 

AMERIS BANCORP

  

FINANCIAL HIGHLIGHTS

  

(unaudited)

  

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

  
                         
     

Three Months Ended

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
     

2011

  

2010

  

2010

  

2010

  

2010

  
                         

INCOME STATEMENT

                    
                         

Interest income

                    
 

Interest and fees on loans

$                 28,971

  

$                 27,676

  

$             26,465

  

$             28,187

  

$             25,156

  
 

Interest on taxable securities

2,658

  

2,562

  

2,295

  

2,502

  

2,462

  
 

Interest on nontaxable securities

320

  

317

  

295

  

299

  

304

  
 

Interest on deposits in other banks

175

  

204

  

104

  

97

  

57

  
 

Interest on federal funds sold

13

  

52

  

13

  

12

  

12

  
   

Total interest income

32,137

  

30,811

  

29,172

  

31,097

  

27,991

  
                         

Interest expense

                    
 

Interest on deposits

$                   7,375

  

$                   7,328

  

$               6,903

  

$               7,084

  

$               7,332

  
 

Interest on other borrowings

555

  

477

  

270

  

154

  

246

  
   

Total interest expense

7,930

  

7,805

  

7,173

  

7,238

  

7,578

  
                         

Net interest income

24,207

  

23,006

  

21,999

  

23,859

  

20,413

  
                         

Provision for loan losses

7,043

  

11,404

  

9,739

  

18,608

  

10,770

  
                         

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

$                 17,164

  

$                 11,602

  

$             12,260

  

$               5,251

  

$               9,643

  
                         

Noninterest income

                    
 

Service charges on deposit accounts

$                   4,267

  

$                   4,323

  

$               3,761

  

$               3,620

  

$               3,439

  
 

Mortgage banking activity

450

  

806

  

713

  

675

  

554

  
 

Other service charges, commissions and fees

239

  

180

  

180

  

232

  

213

  
 

Gain(loss) on sale of securities

224

  

-

  

-

  

-

  

200

  
 

Gains from acquisitions

-

  

6,442

  

-

  

8,209

  

-

  
 

Other non-interest income

1,013

  

552

  

357

  

313

  

479

  
   

Total noninterest income

6,193

  

12,303

  

5,011

  

13,049

  

4,885

  
                         

Noninterest expense

                    
 

Salaries and employee benefits

9,843

  

8,510

  

7,555

  

8,027

  

7,826

  
 

Occupancy and equipment expenses

2,730

  

1,989

  

2,171

  

2,025

  

2,027

  
 

Data processing and telecommunications expenses

2,396

  

2,075

  

1,729

  

2,077

  

1,763

  
 

FDIC Insurance expense

1,245

  

1,296

  

1,304

  

1,285

  

1,248

  
 

Credit related expenses (1)

1,797

  

4,936

  

3,232

  

6,224

  

2,020

  
 

Advertising and marketing expenses

163

  

97

  

167

  

143

  

159

  
 

Amortization of intangible assets

263

  

277

  

254

  

186

  

271

  
 

Goodwill impairment

-

  

-

  

-

  

-

  

-

  
 

Other non-interest expenses

2,718

  

2,766

  

2,516

  

3,416

  

1,617

  
   

Total noninterest expense

21,155

  

21,946

  

18,928

  

23,383

  

16,931

  
                         

Operating profit/(loss)

$                   2,202

  

$                   1,959

  

$             (1,657)

  

$              (5,083)

  

$              (2,403)

  
                         
 

Income tax (benefit)/expense

824

  

98

  

(760)

  

(1,664)

  

(869)

  
                         

Net income/(loss)

$                   1,378

  

$                   1,861

  

$                (897)

  

$              (3,419)

  

$              (1,534)

  
                         

Preferred stock dividends

798

  

811

  

807

  

799

  

796

  
                         

Net income/(loss) available

                    

    to common shareholders

$                      580

  

$                   1,050

  

$             (1,704)

  

$              (4,218)

  

$              (2,330)

  
                         

Diluted earnings available to common shareholders

0.02

  

0.04

  

(0.07)

  

(0.20)

  

(0.17)

  
                         
 

(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

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
     

2011

  

2010

  

2010

  

2010

  

2010

  
                         

PERIOD-END BALANCE SHEET

                    
                         

Assets

                    
 

Cash and due from banks

$                 88,386

  

$                 74,326

  

$             43,814

  

$             54,444

  

$             68,859

  
 

Federal funds sold and interest bearing balances

264,508

  

261,262

  

306,867

  

240,075

  

200,942

  
 

Investment securities available for sale, at fair value

305,620

  

322,581

  

236,048

  

237,985

  

248,013

  
 

Other investments

12,436

  

12,440

  

7,106

  

7,531

  

7,260

  
                         
 

Loans, net of unearned income

1,345,981

  

1,374,757

  

1,455,853

  

1,493,126

  

1,536,528

  
 

Covered loans

526,012

  

554,991

  

192,267

  

191,663

  

123,771

  
 

Less allowance for loan losses

35,443

  

34,576

  

34,072

  

33,585

  

33,562

  
   

Loans, net

1,836,550

  

1,895,172

  

1,614,048

  

1,651,204

  

1,626,737

  
                         
 

Other real estate owned

62,258

  

57,917

  

50,919

  

41,079

  

34,682

  
 

Covered other real estate owned

59,757

  

54,931

  

28,416

  

25,845

  

17,862

  
   

Total other real estate owned

122,015

  

112,848

  

79,335

  

66,924

  

52,544

  
                         
 

Premises and equipment, net

66,359

  

66,589

  

66,056

  

66,708

  

66,523

  
 

Intangible assets, net

3,973

  

4,261

  

3,097

  

3,314

  

3,364

  
 

Goodwill

956

  

956

  

-

  

-

  

-

  
 

FDIC loss sharing receivable

167,176

  

177,187

  

42,532

  

57,946

  

47,579

  
 

Other assets

50,444

  

44,546

  

35,800

  

35,779

  

29,711

  
   

Total assets

$            2,918,423

  

$            2,972,168

  

$        2,434,703

  

$        2,421,910

  

$        2,351,532

  
                         

Liabilities

                    
 

Deposits:

                    
   

Noninterest-bearing

$               316,060

  

$               301,971

  

$           235,646

  

$           218,012

  

$           222,454

  
   

Interest-bearing

2,256,629

  

2,233,455

  

1,863,355

  

1,862,014

  

1,865,852

  
 

Total deposits

2,572,689

  

2,535,426

  

2,099,001

  

2,080,026

  

2,088,306

  
 

Federal funds purchased & securities sold under

                    
   

agreements to repurchase

20,257

  

68,184

  

13,186

  

17,600

  

20,640

  
 

Other borrowings

-

  

43,495

  

-

  

-

  

2,000

  
 

Other liabilities

9,351

  

9,387

  

6,279

  

7,145

  

5,082

  
 

Subordinated deferrable interest debentures

42,269

  

42,269

  

42,269

  

42,269

  

42,269

  
   

Total liabilities

2,644,566

  

2,698,761

  

2,160,735

  

2,147,040

  

2,158,297

  
                         
                         

Stockholders' equity

                    

 Preferred stock

$                 50,269

  

$                 50,121

  

$             49,975

  

$             49,832

  

$             49,691

  

 Common stock

25,102

  

24,983

  

24,961

  

24,961

  

15,379

  

 Capital surplus

165,995

  

165,930

  

165,544

  

165,544

  

88,996

  

 Retained earnings

37,580

  

37,000

  

35,948

  

37,519

  

42,431

  

 Accumulated other comprehensive income/(loss)

5,742

  

6,204

  

8,371

  

7,834

  

7,676

  

 Less treasury stock

(10,831)

  

(10,831)

  

(10,831)

  

(10,820)

  

(10,812)

  
   

Total stockholders' equity

273,857

  

273,407

  

273,968

  

274,870

  

193,361

  
   

Total liabilities and stockholders' equity

$            2,918,423

  

$            2,972,168

  

$        2,434,703

  

$        2,421,910

  

$        2,351,658

  
                         
                         

Other Data

                    

Earning Assets

2,442,121

  

2,513,591

  

2,191,035

  

2,162,849

  

2,109,254

  

Intangible Assets

4,929

  

5,217

  

3,097

  

3,314

  

3,364

  

Interest Bearing Liabilities

2,319,155

  

2,413,319

  

1,918,810

  

1,921,883

  

1,930,761

  

Average Assets

2,949,943

  

2,872,207

  

2,429,709

  

2,444,425

  

2,377,348

  

Average Common Stockholders' Equity

222,675

  

225,088

  

224,656

  

217,042

  

143,655

  
                       
 

AMERIS BANCORP

  

FINANCIAL HIGHLIGHTS

  

(unaudited)

  

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

  
                         
                         
     

Three Months Ended

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
     

2011

  

2010

  

2010

  

2010

  

2010

  
                         

ASSET QUALITY INFORMATION (1)

                    
                         

Allowance for loan losses

                    
 

Balance at beginning of period

$                 34,576

  

$                 34,072

  

$             33,585

  

$             33,563

  

$             35,762

  
 

Acquired Reserves

-

  

-

  

-

  

-

  

-

  
 

Provision for loan loss (2)

7,092

  

10,742

  

9,602

  

17,725

  

10,770

  
                         
   

Charge-offs

7,067

  

10,513

  

10,108

  

18,756

  

13,246

  
   

Recoveries

842

  

275

  

993

  

1,053

  

277

  
 

Net charge-offs (recoveries)

6,225

  

10,238

  

9,115

  

17,703

  

12,969

  
                         
 

Ending balance

$                 35,443

  

$                 34,576

  

$             34,072

  

$             33,585

  

$             33,563

  
                         
 

As a percentage of loans

2.63%

  

2.52%

  

2.34%

  

2.25%

  

2.18%

  
 

As a percentage of nonperforming loans

51.82%

  

43.61%

  

37.92%

  

36.37%

  

37.44%

  
                         
                         

Net charge-off information

                    
 

Charge-offs

                    
 

Commercial, Financial and Agricultural

$                   1,113

  

$                   1,907

  

$                  866

  

$                  703

  

$               2,008

  
 

Real Estate - Residential

809

  

1,328

  

3,100

  

4,739

  

924

  
 

Real Estate - Commercial and Farmland

2,557

  

2,368

  

4,118

  

5,023

  

4,593

  
 

Real Estate - Construction and Development

2,425

  

4,519

  

1,557

  

8,202

  

5,576

  
 

Consumer Installment

163

  

391

  

467

  

89

  

145

  
 

Other

-

  

-

  

-

  

-

  

-

  
   

Total charge-offs

7,067

  

10,513

  

10,108

  

18,756

  

13,246

  
                         
 

Recoveries

                    
 

Commercial, Financial and Agricultural

20

  

22

  

41

  

430

  

78

  
 

Real Estate - Residential

14

  

20

  

54

  

84

  

28

  
 

Real Estate - Commercial and Farmland

2

  

182

  

392

  

202

  

64

  
 

Real Estate - Construction and Development

772

  

22

  

458

  

140

  

64

  
 

Consumer Installment

34

  

29

  

48

  

197

  

43

  
 

Other

-

  

-

  

-

  

-

  

-

  
   

Total recoveries

842

  

275

  

993

  

1,053

  

277

  
                         
 

Net charge-offs (recoveries)

$                   6,225

  

$                 10,238

  

$               9,115

  

$             17,703

  

$             12,969

  
                         
                         
                         

Non-accrual loans

68,391

  

79,289

  

89,862

  

92,336

  

89,649

  

Foreclosed assets

62,258

  

57,916

  

50,919

  

41,079

  

34,682

  

Accruing loans delinquent 90 days or more

-

  

-

  

-

  

-

  

-

  

Total non-performing assets

130,649

  

137,205

  

140,781

  

133,415

  

124,331

  
                         

Non-performing assets as a percent of total assets

4.48%

  

4.62%

  

5.78%

  

5.62%

  

5.21%

  

Net charge offs as a percent of loans (Annualized)

1.88%

  

2.87%

  

2.14%

  

4.22%

  

3.12%

  
                         

(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 2010 and 2011, 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)

  
                         
                         
     

Three Months Ended

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
     

2011

  

2010

  

2010

  

2010

  

2010

  
                         
                         

AVERAGE BALANCES

                    
                         
   

Federal funds sold

$                 32,891

  

$                 28,523

  

$             61,465

  

$             54,245

  

$             25,831

  
   

Interest bearing deposits in banks

204,268

  

267,337

  

190,203

  

232,733

  

173,125

  
   

Investment securities - taxable

262,778

  

246,417

  

199,244

  

209,532

  

209,465

  
   

Investment securities - nontaxable

38,794

  

37,649

  

35,813

  

35,650

  

36,430

  
   

Other investments

12,218

  

7,603

  

7,246

  

8,061

  

5,495

  
   

Loans

1,902,091

  

1,790,536

  

1,690,705

  

1,683,522

  

1,683,518

  
   

 Total Earning Assets

$            2,453,040

  

$            2,378,065

  

$        2,184,676

  

$        2,223,743

  

$        2,133,864

  
                         
   

Noninterest bearing deposits

$               310,226

  

$               275,184

  

$           225,907

  

$           237,276

  

$           231,765

  
   

NOW accounts

584,338

  

527,264

  

478,105

  

482,798

  

505,566

  
   

MMDA

522,009

  

455,041

  

448,955

  

441,445

  

424,913

  
   

Savings accounts

76,341

  

63,972

  

64,575

  

64,887

  

63,436

  
   

Retail CDs < $100,000

427,143

  

460,444

  

367,353

  

375,339

  

331,294

  
   

Retail CDs > $100,000

504,011

  

392,266

  

375,756

  

371,754

  

393,473

  
   

Brokered CDs

124,441

  

$               136,201

  

$           128,346

  

138,113

  

151,333

  
   

 Total Deposits

2,548,509

  

2,310,372

  

2,088,997

  

2,111,612

  

2,101,780

  
                         
   

FHLB advances

25,114

  

28,205

  

-

  

747

  

2,000

  
   

Subordinated debentures

42,269

  

42,269

  

42,269

  

42,269

  

42,269

  
   

Federal funds purchased and securities sold

                    
   

under agreements to repurchase

22,100

  

49,878

  

14,246

  

18,698

  

30,650

  
   

Other borrowings

-

  

-

  

-

  

-

  

-

  
   

 Total Non-Deposit Funding

89,483

  

120,352

  

56,515

  

61,714

  

74,919

  
                         
   

 Total Funding

$            2,637,992

  

$            2,430,724

  

$        2,145,512

  

$        2,173,326

  

$        2,176,699

  
                       
 

AMERIS BANCORP

  

FINANCIAL HIGHLIGHTS

  

(unaudited)

  

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

  
                         
     

Three Months Ended

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
     

2011

  

2010

  

2010

  

2010

  

2010

  
                         

INTEREST INCOME/EXPENSE

                    
                         
 

INTEREST INCOME

                    
   

Federal funds sold

$                        13

  

$                        50

  

$                    13

  

$                    12

  

$                    12

  
   

Interest bearing deposits in banks

175

  

204

  

104

  

97

  

57

  
   

Investment securities - taxable

2,658

  

2,562

  

2,295

  

2,438

  

2,462

  
   

Investment securities - nontaxable (TE)

492

  

489

  

453

  

460

  

468

  
   

Loans (TE)

29,010

  

27,746

  

26,527

  

28,818

  

25,224

  
   

Total Earning Assets

$                 32,348

  

$                 31,051

  

$             29,392

  

$             31,825

  

$             28,223

  
                         
 

INTEREST EXPENSE

                    
   

Non-interest bearing deposits

$                           -

  

$                          -

  

$                      -

  

$                       -

  

$                     -

  
   

NOW accounts

1,048

  

1,063

  

1,087

  

1,135

  

1,234

  
   

MMDA

1,407

  

1,401

  

1,428

  

1,446

  

1,484

  
   

Savings accounts

132

  

82

  

76

  

75

  

90

  
   

Retail CDs < $100,000

1,745

  

1,985

  

1,596

  

1,689

  

1,568

  
   

Retail CDs > $100,000

2,094

  

1,782

  

1,709

  

1,674

  

1,881

  
   

Brokered CDs

949

  

1,017

  

1,006

  

1,065

  

1,076

  
   

Total Deposits

7,375

  

7,330

  

6,902

  

7,084

  

7,333

  
                         
   

FHLB advances

123

  

39

  

-

  

12

  

30

  
   

Subordinated debentures

351

  

342

  

246

  

113

  

178

  
   

Repurchase agreements

81

  

96

  

19

  

26

  

36

  
   

Correspondent bank line of credit and other

-

  

(1)

  

5

  

2

  

2

  
   

 Total Non-Deposit Funding

555

  

476

  

270

  

153

  

246

  
                         
   

 Total Funding

$                   7,930

  

$                   7,806

  

$               7,172

  

$               7,237

  

$               7,579

  
                         
   

Net Interest Income (TE)

$                 24,418

  

$                 23,245

  

$             22,220

  

$             24,588

  

$             20,644

  
                         
                         
                         
                       
 

AMERIS BANCORP

  

FINANCIAL HIGHLIGHTS

  

(unaudited)

  

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

  
                         
                         
     

Three Months Ended

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
     

2011

  

2010

  

2010

  

2010

  

2010

  

YIELDS (1)

                    
                         
   

Federal funds sold

0.16%

  

0.70%

  

0.08%

  

0.09%

  

0.19%

  
   

Interest bearing deposits in banks

0.35%

  

0.30%

  

0.22%

  

0.17%

  

0.13%

  
   

Investment securities - taxable

4.10%

  

4.12%

  

4.57%

  

4.67%

  

4.77%

  
   

Investment securities - nontaxable

5.14%

  

5.15%

  

5.02%

  

5.18%

  

5.21%

  
   

Loans

6.19%

  

6.15%

  

6.22%

  

6.87%

  

6.08%

  
   

 Total Earning Assets

5.35%

  

5.18%

  

5.34%

  

5.74%

  

5.36%

  
                         
   

Noninterest bearing deposits

0.00%

  

0.00%

  

0.00%

  

0.00%

  

0.00%

  
   

NOW accounts

0.73%

  

0.80%

  

0.90%

  

0.94%

  

0.99%

  
   

MMDA

1.09%

  

1.22%

  

1.26%

  

1.31%

  

1.42%

  
   

Savings accounts

0.70%

  

0.51%

  

0.47%

  

0.46%

  

0.58%

  
   

Retail CDs < $100,000

1.66%

  

1.71%

  

1.72%

  

1.80%

  

1.92%

  
   

Retail CDs > $100,000

1.68%

  

1.80%

  

1.80%

  

1.81%

  

1.94%

  
   

Brokered CDs

3.09%

  

2.96%

  

3.11%

  

3.09%

  

2.88%

  
   

 Total Deposits

1.17%

  

1.26%

  

1.31%

  

1.35%

  

1.41%

  
                         
   

FHLB advances

1.99%

  

0.55%

  

0.00%

  

6.44%

  

6.08%

  
   

Subordinated debentures

3.37%

  

3.21%

  

2.31%

  

1.07%

  

1.71%

  
   

Repurchase agreements

1.49%

  

0.76%

  

0.53%

  

0.56%

  

0.48%

  
   

Correspondent bank line of credit and other

0.00%

  

0.00%

  

0.00%

  

0.00%

  

0.00%

  
   

 Total Non-Deposit Funding

2.52%

  

1.57%

  

1.90%

  

0.99%

  

1.33%

  
                         
   

 Total funding (3)

1.22%

  

1.27%

  

1.33%

  

1.34%

  

1.41%

  
                         
   

Net interest spread

4.13%

  

3.91%

  

4.01%

  

4.40%

  

3.95%

  
                         
   

Net interest margin

4.04%

  

3.88%

  

4.04%

  

4.43%

  

3.92%

  

(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

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
   

Core Earnings Reconciliation

2011

  

2010

  

2010

  

2010

  

2010

  
                         
   

Pre-tax operating profit/(loss)

$                   2,202

  

$                   1,959

  

$             (1,657)

  

$              (5,083)

  

$              (2,403)

  
   

Plus: Credit Related Costs

                    
   

   Provision for loan losses

7,043

  

11,404

  

9,739

  

18,608

  

10,770

  
   

  (Gains)/Losses on the sale of legacy OREO

1,591

  

2,033

  

1,263

  

4,173

  

487

  
   

   Problem loan and OREO expense

2,498

  

2,903

  

1,969

  

2,051

  

1,533

  
   

   Interest reversed (received) on non-accrual loans

(389)

  

478

  

533

  

1,017

  

575

  
   

      Total Credit-Related Costs

10,743

  

16,818

  

13,504

  

25,849

  

13,365

  
                         
   

Plus: Non-recurring impairment charges

-

  

-

  

-

  

-

  

-

  
   

Plus: Costs associated with capital raise

-

  

-

  

-

  

933

      
   

Less: Non-recurring gains

                    
   

   Gains related to FDIC acquisitions

-

  

(6,442)

  

-

  

(8,209)

  

-

  
   

   Gains on sales of securities

(224)

  

-

  

-

  

-

  

(200)

  
   

Gains on sales of bank premises

(128)

  

-

  

-

  

(149)

  

(249)

  
   

   Other non-recurring adjustments

-

  

-

  

-

  

(1,408)

  

-

  
                         
   

Pretax, Pre-provision earnings

$                 12,593

  

$                 12,335

  

$             11,847

  

$             11,933

  

$             10,513

  
                         
         
         
     

Three Months Ended

  
     

Mar.

  

Dec.

  

Sept.

  

June

  

Mar.

  
   

Recurring Operating Expenses

2011

  

2010

  

2010

  

2010

  

2010

  
                         
   

Total Operating Expenses

21,155

  

21,946

  

18,928

  

23,383

  

16,931

  
   

Less: Credit costs & non-recurring charges

                    
   

  Gains/(Losses) on the sale of legacy OREO

(1,591)

  

(2,033)

  

(1,263)

  

(4,173)

  

(487)

  
   

  Gains/(Losses) on the sale of covered OREO

2,292

                  
   

   Problem loan and OREO expense

(2,498)

  

(2,903)

  

(1,969)

  

(2,051)

  

(1,533)

  
   

  Costs associated with capital raise

-

  

-

  

-

  

(933)

  

-

  
   

  Severance payments

-

  

-

  

(16)

  

(310)

  

-

  
   

  (Gains)/Losses on the sale of premises

128

  

-

  

(124)

  

149

  

249

  
   

  FDIC insurance expense

(1,245)

  

(1,296)

  

(1,304)

  

(1,285)

  

(1,248)

  
                         
   

Recurring operating expenses

$                 18,241

  

$                 15,714

  

$             14,252

  

$             14,780

  

$             13,912

  
                       
 

SOURCE Ameris Bancorp

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