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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

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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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