MOULTRIE, Ga., Jan. 23, 2014 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported unaudited operating net income of $23.6 million for the year ended December 31, 2013, compared to $14.4 million in 2012. Operating net income excludes $3.6 million of after-tax merger charges from the Company's net income for 2013. On an operating basis, net income available to common shareholders increased 101% to $21.9 million and $0.90 per share in 2013, compared to $10.9 million and $0.46 per share in 2012.
(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO )
Net income available to common shareholders, on an operating basis, was $4.3 million and $0.18 per share in the fourth quarter of 2013, compared to $3.6 million and $0.15 in the same quarter in 2012. Results in the fourth quarter of 2013 were adversely impacted by higher than normal credit costs and lower profitability associated with mortgage operations. Additionally, because the merger with The Prosperity Banking Company occurred on December 23, 2013, the acquisition's impacts to the Company's revenue and net income were minimal.
Highlights of the Company's results for 2013 include the following:
-- Completed the acquisition of The Prosperity Banking Company, increasing total assets by $744.9 million. -- Total revenue (excluding gains on investments and FDIC-assisted transactions) increased by 7.2% to $162.6 million as compared to 2012. -- Internally driven growth in non-covered loans totaled $167.8 million, or 11.6%. -- Net interest margin increased slightly to 4.74% in 2013 from 4.60% in 2012. -- Return on average assets and return on average tangible equity (excluding merger-related charges) improved to 0.82% and 9.51%, respectively. -- Annualized net charge-offs for the year declined to 0.69% of total loans, compared to 2.76% for the year ended December 31, 2012. -- Credit costs (provision and problem loan and OREO expenses) declined to $27.0 million in 2013, compared to $53.5 million in 2012. -- Non-performing legacy assets declined 20.6% during 2013, ending the year at $62.6 million, compared to $78.7 million at the end of December 31, 2012. -- Noninterest income, excluding gains on FDIC-assisted transactions, increased $8.7 million, or 23.0%, from $37.8 million in 2012 to $46.5 million in 2013.
Acquisition of The Prosperity Banking Company
The Company successfully completed the acquisition of The Prosperity Banking Company on December 23, 2013. Highlights of the merger are as follows:
-- Added $744.9 million in total assets and 12 retail offices in northern Florida. -- Added $449.7 million in loans and $473.7 million in total deposits. -- The Company recorded $34.1 million in additional goodwill and $4.4 million in core deposit intangibles associated with the merger. -- Non-accretable credit marks totaling $37.7 million were recorded on the loan portfolio. An additional $1.3 million was recorded against OREO balances. -- A total of 1,168,918 shares were issued, with a closing price of $21.07 per share on the merger date, in exchange for the outstanding stock of The Prosperity Banking Company.
Increase in Net Interest Income
Net interest income increased in 2013 to $116.2 million, up from $114.4 million reported in 2012. Lower levels of accretion on covered assets were more than offset by lower deposit costs, pushing the Company's net interest margin higher in 2013 to 4.74%, compared to 4.60% during 2012. Yields on earning assets in 2013 declined only slightly to 5.15%, compared to 5.20% in 2012. Better allocation of earning assets helped mitigate the impact to overall yields on earning assets from lower yields on loans and investments. Average loans comprised 82.6% of total earning assets during 2013, compared to 79.0% during 2012. Short-term assets fell to 4.0% of earning assets during 2013 compared to 6.2% during 2012.
Non-covered loan yields decreased during the year, averaging 5.41% in 2013, compared to 5.58% in 2012. Yields on new loan production in the fourth quarter of 2013 were 4.87%, compared to 4.94% in the fourth quarter of 2012. While yields on production of new and renewed loans are below current portfolio yields, management anticipates the revenue impact to be muted as they expect continued growth in total loans and less interest rate pressure due to a recent increase in interest rates. Covered loan yields increased from 7.33% in 2012 to 7.62% in 2013, as adjustments made to certain fair value determinations and resolutions of problem credit positively impacted the covered loan yield. As expected cash flow on covered loans improves, a portion of the loan discount that was previously attributable to credit problems is reclassified into interest income. This reclassification occurs over the estimated life of the loan.
The Company has offset the declines in earning asset yields with corresponding declines in funding costs. Deposit costs, the Company's largest funding expense, declined from 0.51% in 2012 to 0.34% in 2013. That decline relates to continued shifts in deposit mix, favoring lower cost transaction accounts and non-interest bearing balances, and lower market rates in the Company's communities. Savings on time deposits were most significant, with CD costs falling from 1.06% in 2012 to 0.73% in 2013. Additional savings have been achieved from improvement in the deposit mix, with average time deposits representing only 27.0% of total deposits in 2013, compared to 32.0% in 2012.
Non-Interest Income
Excluding gains on FDIC-assisted transactions, non-interest income increased by 23.0% in 2013 to $46.5 million, compared to $37.8 million in 2012. The majority of the growth resulted from the Company's mortgage operations, although additional revenues were recorded on SBA activities and bank owned life insurance.
Mortgage revenue increased by 47.3% in 2013, to $19.1 million, compared to 2012. However, on a quarterly basis, mortgage revenue declined 15.1% against the third quarter of 2013. The decline in mortgage revenue relates to a slower quarter in loan closings and a measurable drop in the Company's open pipeline. Loan production declined in the fourth quarter by $2.7 million to $149.3 million and the open pipeline declined from $72.5 million at September 30, 2013 to $40.5 million at December 31, 2013. Pipelines are refilling rapidly in the first quarter of 2014, despite the aggressive restructuring actions taken in the fourth quarter.
During 2013, the Company recorded pre-tax gains of approximately $1.5 million on sales of SBA loans, compared to $264,000 during 2012. During the fourth quarter of 2013, the Company began hiring dedicated development officers, and the Company expects to continue hiring for most of 2014. Management believes that combined production from the dedicated SBA officers and the existing branch referrals pose a meaningful opportunity for revenue growth in 2014 and beyond.
Non-Interest Expense
Total operating expenses increased 2.0% in 2013 to $121.9 million, compared to $119.5 million for 2012. Excluding the effect of credit-related costs in both years and merger charges in 2013, operating expenses would have reflected an increase of 9.7% to $106.5 million in 2013, compared to $97.1 million in 2012. This growth in operating expenses relates almost entirely to the increased costs associated with the Company's mortgage operations, which reflected 63.8% growth in total revenue. Costs associated with this growth in revenues totaled $18.1 million in 2013, compared to $9.9 million in 2012.
Three Month Period: Twelve Months Period: 4Q '13 3Q '13 2Q '13 1Q '13 4Q '12 Dec Dec 2013 2012 ---- Total reported operating expenses 37,624 28,749 26,688 28,884 29,791 121,945 119,469 Less: merger related charges 4,350 512 - - - 4,862 - Less: mortgage related expenses 5,493 4,540 4,351 3,721 3,589 18,105 9,891 Less: credit and OREO costs 5,322 2,971 2,349 4,844 2,548 15,486 22,417 ----- ----- ----- ----- ----- ------ ------ Recurring operating expenses - Banking 22,459 20,726 19,988 20,319 23,654 83,492 87,161 Division
As reflected above, mortgage expenses declined compared to the third quarter of 2013. However, restructuring charges and non-recurring amounts totaling approximately $600,000 were reflected in the current quarter. Restructuring efforts in the current quarter centered on significantly scaling back the Company's wholesale division, as well as reducing lower level producers and accompanying back office overhead. Management believes these efforts, combined with current levels of production and open pipelines, are adequate to regain profitability at appropriate levels.
Balance Sheet Trends
Total assets increased $648.6 million during 2013, ending the year at $3.67 billion, compared to $3.01 billion at December 31, 2012. Total loans, excluding purchased non-covered and covered loans, were $1.62 billion at December 31, 2013, increasing 11.6%, or $167.8 million, during the year. Expansion of loan officer teams in the Company's larger metro markets contributed significantly to the growth, as did several newer lines of business, including mortgage banking. Purchased non-covered loans of $448.8 million are attributable to the acquisition of The Prosperity Banking Company during 2013. Covered loans declined by $117.5 million during 2013 to $390.2 million at year-end, compared to $507.7 million reported at December 31, 2012.
Total deposits increased $374.6 million to $3.00 billion during 2013, compared to $2.62 billion at December 31, 2012. Noninterest-bearing demand deposits grew 30.9% in 2013 after growing 29.2% in 2012, ending the year at $668.5 million, or 22.3% of total deposits, compared to 19.5% of total deposits at December 31, 2012.
Credit Expenses and Asset Quality
Credit expenses for the year ended December 31, 2013, totaled $27.4 million, compared to $54.2 million in 2012. The decline in credit costs were driven by declines in levels of existing non-performing assets and declines in the in-migration of new non-accrual loans. Management expects that the improving market conditions for the resolution and/or sale of problem assets and the slower pace of new problem assets will allow for continued reduction in credit costs in 2014.
Total non-covered, non-performing assets at December 31, 2013 were $73.5 million, compared to $78.7 million at December 31, 2012. Included in levels reported at the end of 2013 were $10.9 million in non-performing assets acquired in the Prosperity merger. Total classified loans, excluding purchased non-covered and covered loans, declined 20.7% during 2013, ending the year at $58.1 million, compared to $73.3 million at December 31, 2012. A slower pace of migration to classified and non-accrual status during 2013 compared to prior years and an accelerated pace of resolution led to the improvement in classified assets.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 68 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 Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- EARNINGS Net Income Available to Common Shareholders $966 $6,234 $6,236 $4,844 $3,554 $18,280 $10,859 PER COMMON SHARE DATA Earnings per share available to common shareholders: Basic $0.04 $0.26 $0.26 $0.20 $0.15 $0.76 $0.46 Diluted $0.04 $0.26 $0.26 $0.20 $0.15 $0.75 $0.46 Cash Dividends per share $ - $ - $ - $ - $ - $ - $ - Stock dividend - - - - - - - Book value per share (period end) $11.50 $10.98 $10.88 $10.72 $10.56 $11.50 $10.56 Tangible book value per share (period end) $9.87 $10.85 $10.74 $10.57 $10.39 $9.87 $10.39 Weighted average number of shares: Basic 24,021,447 23,900,665 23,878,898 23,867,691 23,815,583 23,917,551 23,801,500 Diluted 24,450,619 24,315,821 24,287,628 24,246,346 23,857,095 24,346,723 23,843,012 Period-end number of shares 25,098,427 23,907,509 23,894,327 23,875,680 23,799,768 25,098,427 23,799,768 Market data: High closing price $21.42 $19.79 $16.94 $14.51 $12.71 $21.42 $13.40 Low closing price $17.69 $17.35 $13.16 $12.79 $10.50 $12.79 $10.34 Period end closing price $21.11 $18.38 $16.85 $14.35 $12.49 $21.11 $12.49 Average daily volume 94,636 75,545 53,403 51,887 48,295 69,137 52,830 PERFORMANCE RATIOS Return on average assets 0.19% 0.94% 0.95% 0.75% 0.62% 0.70% 0.49% Return on average common equity 2.20% 10.75% 10.66% 8.53% 7.72% 8.06% 6.00% Earning asset yield (TE) 4.84% 5.20% 5.38% 5.21% 5.22% 5.15% 5.20% Total cost of funds 0.40% 0.39% 0.40% 0.40% 0.44% 0.40% 0.56% Net interest margin (TE) 4.43% 4.80% 4.96% 4.79% 4.75% 4.74% 4.60% Non-interest income excluding securities transactions, as a percent of total revenue (TE) (1) 26.45% 27.76% 26.16% 26.27% 25.86% 26.67% 19.84% Efficiency ratio 92.74% 69.09% 65.32% 72.76% 71.85% 74.94% 69.35% CAPITAL ADEQUACY (period end) Stockholders' equity to assets 8.63% 10.30% 10.25% 9.91% 9.24% 8.63% 9.24% Tangible common equity to tangible assets 6.83% 9.22% 9.15% 8.83% 8.20% 6.83% 8.20% EQUITY TO ASSETS RECONCILIATION Tangible common equity to tangible assets 6.83% 9.22% 9.15% 8.83% 8.20% 6.83% 8.20% Effect of preferred equity 0.76% 0.99% 0.99% 0.97% 0.92% 0.76% 0.92% Effect of goodwill and other intangibles 1.04% 0.09% 0.11% 0.12% 0.12% 1.04% 0.12% Equity to assets (GAAP) 8.63% 10.30% 10.25% 9.91% 9.24% 8.63% 9.24% ==== ===== ===== ==== ==== ==== ==== OTHER PERIOD-END DATA Banking Division FTE 820 678 683 693 736 820 736 Mortgage Division FTE 164 158 155 127 130 164 130 --- --- --- --- --- --- --- Total Ameris Bancorp FTE Headcount 984 836 838 820 866 984 866 --- --- --- --- --- --- --- Assets per Banking Division FTE $4,473 $4,157 $4,112 $4,129 $4,102 $4,473 $4,102 Branch locations 68 57 57 57 66 68 66 Deposits per branch location $44,106 $42,867 $42,861 $43,684 $39,768 $44,106 $39,768 (1)Includes gain from acquisition.
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- INCOME STATEMENT Interest income Interest and fees on loans $29,289 $29,633 $29,859 $28,716 $30,329 $117,497 $119,310 Interest on taxable securities 1,998 1,720 1,719 1,697 1,737 7,134 8,250 Interest on nontaxable securities 342 352 344 375 371 1,413 1,475 Interest on deposits in other banks 118 44 29 85 102 276 434 Interest on federal funds sold 2 - - - - 2 10 Total interest income 31,749 31,749 31,951 30,873 32,539 126,322 129,479 ------ ------ ------ ------ ------ ------- ------- Interest expense Interest on deposits $2,066 $2,025 $2,083 $2,226 $2,603 $8,400 $13,327 Interest on other borrowings 632 404 392 309 377 1,737 1,747 --- --- --- --- --- Total interest expense 2,698 2,429 2,475 2,535 2,980 10,137 15,074 ----- ----- ----- ----- ----- ------ ------ Net interest income 29,051 29,320 29,476 28,338 29,559 116,185 114,405 Provision for loan losses 1,478 2,920 4,165 2,923 4,442 11,486 31,089 ----- ----- ----- ----- ----- ------ ------ Net interest income/(loss) after provision for loan losses $27,573 $26,400 $25,311 $25,415 $25,117 $104,699 $83,316 ------- ------- ------- ------- ------- -------- ------- Noninterest income Service charges on deposit accounts $5,065 $4,948 $4,695 $4,837 $5,299 $19,545 $19,576 Mortgage banking activity 4,431 5,232 5,001 4,464 4,768 19,128 12,989 Other service charges, commissions and fees 612 593 617 329 387 2,151 1,431 Gain(loss) on sale of securities - - (1) 172 322 171 536 Gains from acquisitions - - - - - 0 20,037 Other non-interest income 1,409 1,515 1,072 1,558 1,128 5,554 3,305 Total noninterest income 11,517 12,288 11,384 11,360 11,904 46,549 57,874 ------ ------ ------ ------ ------ ------ ------ Noninterest expense Salaries and employee benefits 15,071 14,412 13,381 13,806 15,785 56,670 53,122 Occupancy and equipment expenses 3,228 3,149 2,978 2,931 3,653 12,286 13,208 Data processing and telecommunications expenses 3,061 3,072 2,836 2,570 3,254 11,539 10,683 Credit related expenses (1) 5,322 2,971 2,349 4,844 2,548 15,486 22,416 Advertising and marketing expenses 604 434 327 255 488 1,620 1,622 Amortization of intangible assets 346 346 358 364 364 1,414 1,359 Other non-interest expenses 9,992 4,365 4,459 4,114 3,699 22,930 17,059 Total noninterest expense 37,624 28,749 26,688 28,884 29,791 121,945 119,469 ------ ------ ------ ------ ------ ------- ------- Operating profit $1,466 $9,939 $10,007 $7,891 $7,230 $29,303 $21,721 Income tax expense 88 3,262 3,329 2,606 2,558 9,285 7,285 --- ----- ----- ----- ----- ----- ----- Net income $1,378 $6,677 $6,678 $5,285 $4,672 $20,018 $14,436 ====== ====== ====== ====== ====== ======= ======= Preferred stock dividends 412 443 442 441 1,118 1,738 3,577 --- --- --- --- ----- ----- ----- Net income available to common shareholders $966 $6,234 $6,236 $4,844 $3,554 $18,280 $10,859 ==== ====== ====== ====== ====== ======= ======= Diluted earnings available to common shareholders 0.04 0.26 0.26 0.20 0.15 0.75 0.46 ==== ==== ==== ==== ==== ==== ==== (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 ------------------ Dec. Sept. Jun. Mar. Dec. 2013 2013 2013 2013 2012 ---- ---- ---- ---- ---- PERIOD-END BALANCE SHEET Assets Cash and due from banks $62,955 $53,516 $50,343 $50,487 $80,256 Federal funds sold and interest bearing balances 204,984 73,899 43,904 81,205 193,677 Investment securities available for sale, at fair value 486,235 312,248 316,168 324,029 346,909 Other investments 16,828 7,764 7,764 5,528 6,832 Mortgage loans held for sale 67,278 69,634 62,580 42,332 48,786 Loans, net of unearned income 1,618,454 1,589,267 1,555,827 1,492,753 1,450,635 Purchased non-covered loans 448,753 - - - - Covered loans 390,237 417,649 443,517 460,724 507,712 Less allowance for loan losses 22,377 23,854 24,217 23,382 23,593 ------ ------ ------ ------ ------ Loans, net 2,435,067 1,983,062 1,975,127 1,930,095 1,934,754 Other real estate owned 33,351 37,978 39,885 40,434 39,850 Purchased, non-covered other real estate owned 4,276 - - - - Covered other real estate owned 45,893 52,552 62,178 77,915 88,273 ------ ------ ------ ------ ------ Total other real estate owned 83,520 90,530 102,063 118,349 128,123 Premises and equipment, net 103,188 65,661 70,167 72,340 75,983 Intangible assets, net 6,009 1,972 2,318 2,676 3,040 Goodwill 35,049 956 956 956 956 FDIC loss sharing receivable 65,441 81,763 105,513 160,979 159,724 Cash value of bank owned life insurance 49,432 49,095 47,495 45,832 15,603 Other assets 51,663 28,402 24,277 26,843 24,409 Total assets $3,667,649 $2,818,502 $2,808,675 $2,861,651 $3,019,052 ========== ========== ========== ========== ========== Liabilities Deposits: Noninterest-bearing $668,531 $475,505 $475,445 $490,961 $510,751 Interest-bearing 2,330,700 1,967,916 1,967,658 1,999,012 2,113,912 --------- --------- --------- --------- --------- Total deposits 2,999,231 2,443,421 2,443,103 2,489,973 2,624,663 Federal funds purchased & securities sold under agreements to repurchase 83,516 20,255 19,142 22,919 50,120 Other borrowings 195,000 5,000 - - - Other liabilities 3,439 17,201 16,384 22,768 22,983 Subordinated deferrable interest debentures 69,764 42,269 42,269 42,269 42,269 Total liabilities 3,350,950 2,528,146 2,520,898 2,577,929 2,740,035 --------- --------- --------- --------- --------- Stockholders' equity Preferred stock $28,000 $27,938 $27,845 $27,753 $27,662 Common stock 26,462 25,271 25,258 25,239 25,155 Capital surplus 189,722 165,835 165,483 165,078 164,949 Retained earnings 83,991 83,025 76,791 70,554 65,710 Accumulated other comprehensive income/(loss) (294) (531) 3,582 6,274 6,607 Less treasury stock (11,182) (11,182) (11,182) (11,176) (11,066) Total stockholders' equity 316,699 290,356 287,777 283,722 279,017 ------- ------- ------- ------- ------- Total liabilities and stockholders' equity $3,667,649 $2,818,502 $2,808,675 $2,861,651 $3,019,052 ========== ========== ========== ========== ========== Other Data Earning Assets 3,215,941 2,462,697 2,421,996 2,401,043 2,547,719 Intangible Assets 41,058 2,928 3,274 3,632 3,996 Interest Bearing Liabilities 2,678,980 2,035,440 2,029,069 2,064,200 2,206,301 Average Assets 2,937,434 2,806,799 2,820,863 2,875,274 2,985,116 Average Common Stockholders' Equity 248,429 246,490 251,240 251,214 240,787
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- ASSET QUALITY INFORMATION(1) Allowance for loan losses Balance at beginning of period $23,854 $24,217 $23,382 $23,593 $25,901 $23,593 $35,156 Provision for loan loss (2) 1,200 2,449 3,695 2,603 4,091 9,947 28,451 Charge-offs 3,591 3,457 3,200 3,036 6,996 13,284 41,163 Recoveries 914 645 340 222 597 2,121 1,149 --- --- --- --- --- ----- ----- Net charge-offs (recoveries) 2,677 2,812 2,860 2,814 6,399 11,163 40,014 Ending balance $22,377 $23,854 $24,217 $23,382 $23,593 $22,377 $23,593 ======= ======= ======= ======= ======= ======= ======= As a percentage of loans 1.38% 1.50% 1.56% 1.57% 1.63% 1.38% 1.63% As a percentage of nonperforming loans 76.63% 75.20% 76.13% 62.39% 60.67% 76.63% 60.67% Net charge-off information Charge-offs Commercial, Financial and Agricultural $543 $482 $324 $410 $562 $1,759 $1,451 Real Estate - Residential 1,785 1,323 1,328 779 2,080 5,215 8,722 Real Estate - Commercial and Farmland 698 1,080 768 1,025 2,352 3,571 20,551 Real Estate - Construction and Development 422 367 576 655 1,561 2,020 9,380 Consumer Installment 143 205 204 167 441 719 1,059 Total charge-offs 3,591 3,457 3,200 3,036 6,996 13,284 41,163 ----- ----- ----- ----- ----- ------ ------ Recoveries Commercial, Financial and Agricultural 92 212 44 84 56 432 157 Real Estate - Residential 368 291 144 85 26 888 225 Real Estate - Commercial and Farmland 12 5 10 3 450 30 482 Real Estate - Construction and Development 385 84 2 2 17 473 40 Consumer Installment 57 53 140 48 48 298 245 Total recoveries 914 645 340 222 597 2,121 1,149 --- --- --- --- --- ----- ----- Net charge-offs (recoveries) $2,677 $2,812 $2,860 $2,814 $6,399 $11,163 $40,014 ====== ====== ====== ====== ====== ======= ======= Non-accrual loans (excluding purchased non-covered 29,203 31,720 31,811 37,476 38,885 29,203 38,885 and covered loans) Non-accrual purchased non-covered loans 6,659 - - - - 6,659 - Foreclosed assets (excluding purchased assets) 33,351 37,978 39,885 40,434 39,850 33,351 39,850 Purchased, non-covered other real estate owned 4,276 - - - - 4,276 - Accruing loans delinquent 90 days or more - - - - - - - --- --- --- --- --- Total non-performing assets, excluding covered assets 73,489 69,698 71,696 77,910 78,735 73,489 78,735 ------ ------ ------ ------ ------ ------ ------ Non-performing assets as a percent of total assets 2.00% 2.47% 2.55% 2.72% 2.61% 2.00% 2.61% Net charge offs as a percent of loans (Annualized) 0.66% 0.70% 0.74% 0.76% 1.75% 0.69% 2.76% (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 2012 and 2013, 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: ---------------------- Dec. Sept. Jun. Mar. Dec. Loans by Type 2013 2013 2013 2013 2012 ---- ---- ---- ---- ---- Commercial, financial & agricultural $244,373 $244,991 $208,424 $180,888 $174,217 Real estate - construction & development 146,371 132,277 134,607 130,161 114,199 Real estate - commercial & farmland 808,323 799,149 788,654 766,227 732,322 Real estate - residential 351,886 355,920 357,685 355,716 346,480 Consumer installment 34,249 36,303 36,923 37,335 40,178 Other 33,252 20,627 29,534 22,426 43,239 Total Legacy (excluding purchased non-covered and covered) $1,618,454 $1,589,267 $1,555,827 $1,492,753 $1,450,635 ---------- ---------- ---------- ---------- ---------- Commercial, financial & agricultural $32,141 $ - $ - $ - $ - Real estate - construction & development 31,176 - - - - Real estate - commercial & farmland 179,898 - - - - Real estate - residential 200,851 - - - - Consumer installment 4,687 - - - - Total Purchased non-covered (at fair value) $448,753 $ - $ - $ - $ - -------- ----------------------------- ---------------------------- ------------------------ ------------------------- Commercial, financial & agricultural $26,550 $27,768 $27,371 $28,568 $32,606 Real estate - construction & development 43,179 50,702 52,972 57,114 70,184 Real estate - commercial & farmland 224,451 237,086 255,102 260,159 278,506 Real estate - residential 95,173 101,146 107,107 113,668 125,056 Consumer installment 884 947 965 1,215 1,360 Total Covered (at fair value) $390,237 $417,649 $443,517 $460,724 $507,712 -------- -------- -------- -------- -------- Total Loan Portfolio: Commercial, financial & agricultural $303,064 $272,759 $235,795 $209,456 $206,823 Real estate - construction & development 220,726 182,979 187,579 187,275 184,383 Real estate - commercial & farmland 1,212,672 1,036,235 1,043,756 1,026,386 1,010,828 Real estate - residential 647,910 457,066 464,792 469,384 471,536 Consumer installment 39,820 37,250 37,888 38,550 41,538 Other 33,252 20,627 29,534 22,426 43,239 Total Loans $2,457,444 $2,006,916 $1,999,344 $1,953,477 $1,958,347 ---------- ---------- ---------- ---------- ---------- Troubled Debt Restructurings, excluding purchased non-covered and covered loans: Accruing loan types: Commercial, financial & agricultural $515 $521 $1,059 $799 $802 Real estate - construction & development 1,896 1,926 1,946 1,883 1,735 Real estate - commercial & farmland 6,913 6,693 7,529 8,878 8,947 Real estate - residential 7,818 7,871 7,468 6,953 7,254 Consumer installment 72 13 13 - 6 Total Accruing TDRs $17,214 $17,024 $18,015 $18,513 $18,744 ------- ------- ------- ------- ------- Non-accruing loan types: Commercial, financial & agricultural $525 $533 $ - $ - $ - Real estate - construction & development 32 29 29 43 - Real estate - commercial & farmland 2,273 1,858 1,493 3,595 4,149 Real estate - residential 834 704 1,046 1,111 1,022 Consumer installment 19 26 - 6 - Total Non-accrual TDRs $3,683 $3,150 $2,568 $4,755 $5,171 ------ ------ ------ ------ ------ Total Troubled Debt Restructurings $20,897 $20,174 $20,583 $23,268 $23,915 ======= ======= ======= ======= ======= The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans: Grade 10 - Prime credit $74,381 $72,759 $44,852 $40,268 $32,993 Grade 15 - Good credit 230,212 230,810 241,690 232,773 236,500 Grade 20 - Satisfactory credit 773,051 731,154 708,606 665,777 641,950 Grade 23 - Performing, under-collateralized credit 31,604 30,729 29,829 29,403 31,433 Grade 25 - Minimum acceptable credit 420,491 433,358 443,105 425,646 399,210 Grade 30 - Other asset especially mentioned 30,591 28,952 29,265 32,485 35,298 Grade 40 - Substandard 57,987 61,270 57,880 66,147 72,994 Grade 50 - Doubtful 137 235 598 254 257 Grade 60 - Loss - - 2 - - --- --- --- --- --- Total $1,618,454 $1,589,267 $1,555,827 $1,492,753 $1,450,635 ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- AVERAGE BALANCES Federal funds sold $3,243 $ - $ - $ - $57 $817 $14,800 Interest bearing deposits in banks 172,117 66,424 52,090 101,452 152,875 98,128 140,701 Investment securities - taxable 276,702 260,262 271,282 286,745 300,773 273,065 313,362 Investment securities - nontaxable 51,291 52,279 50,300 53,819 52,017 51,917 48,111 Other investments 8,255 7,764 7,002 6,687 6,702 7,431 8,261 Mortgage loans held for sale 130,971 125,113 100,766 63,732 46,763 110,542 29,194 Loans 1,537,654 1,500,447 1,471,778 1,424,594 1,424,302 1,478,816 1,393,012 Purchased non-covered loans 43,900 - - - - 11,065 - Covered loans 401,045 427,482 444,616 491,691 519,892 440,923 553,657 ------- ------- ------- ------- ------- Total Earning Assets $2,625,178 $2,439,771 $2,397,834 2,428,720 2,503,381 $2,472,704 $2,501,098 ---------- ---------- ---------- --------- --------- ---------- ---------- Noninterest bearing deposits $528,732 $468,588 $479,054 $481,760 $502,069 $489,613 $447,111 NOW accounts 604,828 573,088 579,312 633,313 626,440 597,490 610,399 MMDA 655,782 639,304 611,562 592,842 606,908 625,085 613,296 Savings accounts 107,058 104,498 104,534 102,380 100,722 104,630 96,493 Retail CDs < $100,000 293,689 290,771 298,553 313,191 342,518 300,184 361,083 Retail CDs > $100,000 352,043 349,931 358,980 368,577 391,075 356,108 412,185 Brokered CDs 10,687 12,970 16,176 19,448 34,588 14,791 57,273 Total Deposits 2,552,819 2,439,150 2,448,171 2,511,511 2,604,320 2,487,901 2,597,840 --------- --------- --------- --------- --------- --------- --------- FHLB advances 9,521 - - - - 2,400 3,635 Other borrowings 6,304 1,739 - - - 2,027 - Subordinated debentures 46,263 42,269 42,269 42,269 42,269 43,276 42,269 Federal funds purchased and securities sold under agreements to repurchase 41,402 18,446 20,530 27,191 36,165 26,908 26,563 Total Non-Deposit Funding 103,490 62,454 62,799 69,460 78,434 74,611 72,467 ------- ------ ------ ------ ------ ------ ------ Total Funding $2,656,309 $2,501,604 $2,510,970 $2,580,971 $2,682,754 $2,562,512 $2,670,307 ---------- ---------- ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- INTEREST INCOME/EXPENSE INTEREST INCOME Federal funds sold $2 $ - $ - $ - $ - $2 $10 Interest bearing deposits in banks 118 44 29 85 102 276 434 Investment securities - taxable 1,998 1,720 1,719 1,697 1,737 7,134 8,250 Investment securities - nontaxable (TE) 462 475 464 506 501 1,907 1,991 Mortgage loans held for sale 1,121 1,231 959 572 455 3,883 1,058 Loans (TE) 20,243 20,254 19,904 19,604 20,224 80,005 77,772 Purchased non-covered loans 570 - - - - 570 - Covered loans 7,508 8,248 9,066 8,765 9,859 33,587 40,590 ----- ----- ----- ----- ----- Total Earning Assets $32,022 $31,972 $32,141 $31,229 $32,878 $127,364 $130,105 ------- ------- ------- ------- ------- -------- -------- INTEREST EXPENSE Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ - NOW accounts 297 248 250 302 340 1,097 1,613 MMDA 625 606 555 522 537 2,308 2,811 Savings accounts 29 29 29 29 30 116 132 Retail CDs < $100,000 399 406 437 498 600 1,740 3,101 Retail CDs > $100,000 629 635 675 706 815 2,645 4,117 Brokered CDs 86 101 137 169 281 493 1,553 Total Deposits 2,065 2,025 2,083 2,226 2,603 8,399 13,327 ----- ----- ----- ----- ----- ----- ------ FHLB advances 63 - - - - 63 110 Other borrowings 137 20 - - - 157 - Subordinated debentures 376 359 363 270 332 1,368 1,482 Repurchase agreements 56 25 28 37 43 146 149 Correspondent bank line of credit and other - 1 1 2 2 4 6 --- --- --- --- --- --- Total Non-Deposit Funding 632 405 392 309 377 1,738 1,747 --- --- --- --- --- ----- ----- Total Funding $2,697 $2,430 $2,475 $2,535 $2,980 $10,137 $15,074 ------ ------ ------ ------ ------ ------- ------- Net Interest Income (TE) $29,325 $29,542 $29,666 $28,694 $29,898 $117,227 $115,031 ------- ------- ------- ------- ------- -------- --------
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- YIELDS (1) Federal funds sold 0.24% 0.00% 0.00% 0.00% 0.00% 0.24% 0.07% Interest bearing deposits in banks 0.27% 0.26% 0.22% 0.34% 0.27% 0.28% 0.31% Investment securities - taxable 2.86% 2.62% 2.54% 2.40% 2.30% 2.61% 2.63% Investment securities - nontaxable 3.57% 3.61% 3.70% 3.81% 3.83% 3.67% 4.14% Mortgage loans held for sale 3.40% 3.90% 3.82% 3.64% 3.87% 3.51% 3.62% Loans 5.22% 5.36% 5.42% 5.58% 5.65% 5.41% 5.58% Purchased non-covered loans 5.15% 0.00% 0.00% 0.00% 0.00% 5.15% 0.00% Covered loans 7.43% 7.65% 8.18% 7.23% 7.54% 7.62% 7.33% ---- ---- ---- ---- ---- ---- ---- Total Earning Assets 4.84% 5.20% 5.38% 5.21% 5.22% 5.15% 5.20% Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NOW accounts 0.19% 0.17% 0.17% 0.19% 0.22% 0.18% 0.26% MMDA 0.38% 0.38% 0.36% 0.36% 0.35% 0.37% 0.46% Savings accounts 0.11% 0.11% 0.11% 0.11% 0.12% 0.11% 0.14% Retail CDs < $100,000 0.54% 0.55% 0.59% 0.64% 0.70% 0.58% 0.86% Retail CDs > $100,000 0.71% 0.72% 0.75% 0.78% 0.83% 0.74% 1.00% Brokered CDs 3.19% 3.09% 3.40% 3.52% 3.23% 3.33% 2.71% ---- ---- ---- ---- ---- ---- ---- Total Deposits 0.32% 0.33% 0.34% 0.36% 0.40% 0.34% 0.51% FHLB advances 2.63% 0.00% 0.00% 0.00% 0.00% 2.63% 3.03% Subordinated debentures 3.22% 3.37% 3.44% 2.59% 3.12% 3.16% 3.51% Repurchase agreements 0.54% 0.54% 0.55% 0.55% 0.47% 0.54% 0.56% Correspondent bank line of credit and other 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ---- ---- ---- ---- ---- ---- ---- Total Non-Deposit Funding 2.42% 2.57% 2.50% 1.80% 1.91% 2.33% 2.41% Total funding (3) 0.40% 0.39% 0.40% 0.40% 0.44% 0.40% 0.56% ---- ---- ---- ---- ---- ---- ---- Net interest spread 4.44% 4.81% 4.98% 4.81% 4.78% 4.76% 4.64% Net interest margin 4.43% 4.80% 4.96% 4.79% 4.75% 4.74% 4.60% ==== ==== ==== ==== ==== ==== ==== (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 Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. Pretax, Pre-provision Earnings Reconciliation 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- Pre-tax operating profit/(loss) $1,466 $9,939 $10,007 $7,891 $7,230 $29,303 $21,721 Plus: Credit Related Costs Provision for loan losses 1,478 2,920 4,165 2,923 4,442 11,486 31,089 (Gains)/Losses on the sale of legacy OREO 310 (157) 134 (20) 464 267 9,512 Problem loan and OREO expense 5,012 3,128 2,215 4,864 2,084 15,219 12,905 Interest reversed (received) on non-accrual loans 29 216 118 54 227 417 718 Total Credit-Related Costs 6,829 6,107 6,632 7,821 7,217 27,389 54,224 ----- ----- ----- ----- ----- ------ ------ Plus: Non-recurring acquisition/conversion charges 4,350 512 - - 2,125 4,862 2,125 Less: Non-recurring gains Gains related to FDIC acquisitions - - - - - - (20,037) Gains on sales of securities - - 1 (172) (322) (171) (536) Gains on sales of bank premises - 159 (227) (242) - (310) - Other non-recurring adjustments - (1,771) (2,067) (1,017) (2,423) (4,855) 1,402 --- ------ ------ ------ ------ ------ ----- Pretax, Pre-provision earnings $12,645 $14,946 $14,346 $14,281 $13,827 $56,218 $58,899 ======= ======= ======= ======= ======= ======= ======= As percentage of average assets, annualized 1.71% 2.11% 2.04% 2.01% 1.84% 1.91% 1.97% Three Months Ended Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. Recurring Operating Expenses 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- Total Operating Expenses 37,624 28,749 26,688 28,884 29,791 121,945 119,469 Less: Credit costs & non-recurring charges Gains/(Losses) on the sale of legacy OREO (310) 157 (134) 20 (464) (267) (9,512) Gains/(Losses) on the sale of covered OREO - - - (3,176) - (3,176) - Problem loan and OREO expense (5,012) (3,128) (2,215) (1,688) (2,084) (12,043) (12,905) Severance payments - (99) - - (750) (99) (1,302) Conversion/acquisition expenses (4,350) (413) - - (1,375) (4,763) (1,660) Gains/(Losses) on the sale of premises - (159) 227 242 - 310 - --- ---- --- --- --- --- --- Recurring operating expenses $27,952 $25,107 $24,566 $24,282 $25,118 $101,907 $94,090 ======= ======= ======= ======= ======= ======== =======
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended Twelve Months Ended ------------------ ------------------- Dec. Sept. Jun. Mar. Dec. Dec. Dec. Segment Reporting 2013 2013 2013 2013 2012 2013 2012 ---- ---- ---- ---- ---- ---- ---- Banking Division: Net interest income $27,930 $28,089 $28,517 $27,766 $29,104 $112,302 $113,347 Provision for loan losses 1,478 2,920 4,165 2,923 4,442 11,486 31,089 Noninterest income 7,086 7,054 6,383 6,896 7,136 27,419 44,885 Noninterest expense: Salaries and employee benefits 11,841 10,799 10,478 11,037 13,021 44,155 45,456 Occupancy 3,080 3,029 2,781 2,765 3,476 11,655 12,726 Data Processing 2,953 2,908 2,634 2,471 3,119 10,966 10,341 Other expenses 14,257 7,473 6,444 8,890 6,586 37,064 41,055 ------ ----- ----- ----- ----- ------ ------ Total noninterest expense 32,131 24,209 22,337 25,163 26,202 103,840 109,578 ------ ------ ------ ------ ------ ------- ------- Income before income taxes 1,407 8,014 8,398 6,576 5,596 24,395 17,565 Income Tax 67 2,588 2,766 2,146 1,986 7,567 5,831 Net income 1,340 5,426 5,632 4,430 3,610 16,828 11,734 Preferred stock dividends 412 443 442 441 1,118 1,738 3,577 --- --- --- --- ----- ----- ----- Net income available to common shareholders $928 $4,983 $5,190 $3,989 $2,492 $15,090 $8,157 ==== ====== ====== ====== ====== ======= ====== Mortgage Division: Net interest income $1,121 $1,231 $959 $572 $455 $3,883 $1,058 Provision for loan losses - - - - - - - Noninterest income 4,431 5,234 5,001 4,464 4,768 19,130 12,989 Noninterest expense: Salaries and employee benefits 3,230 3,613 2,903 2,769 2,764 12,515 7,666 Occupancy 148 120 197 166 177 631 482 Data Processing 108 164 202 99 135 573 342 Other expenses 2,007 643 1,049 687 513 4,386 1,401 ----- --- ----- --- --- ----- ----- Total noninterest expense 5,493 4,540 4,351 3,721 3,589 18,105 9,891 ----- ----- ----- ----- ----- ------ ----- Income before income taxes 59 1,925 1,609 1,315 1,634 4,908 4,156 Income Tax 21 674 563 460 572 1,718 1,454 Net income 38 1,251 1,046 855 1,062 3,190 2,702 Preferred stock dividends - - - - - - - --- --- --- --- --- --- --- Net income available to common shareholders $38 $1,251 $1,046 $855 $1,062 $3,190 $2,702 === ====== ====== ==== ====== ====== ====== Total Consolidated: Net interest income $29,051 $29,320 $29,476 $28,338 $29,559 $116,185 $114,405 Provision for loan losses 1,478 2,920 4,165 2,923 4,442 11,486 31,089 Noninterest income 11,517 12,288 11,384 11,360 11,904 46,549 57,874 Noninterest expense: Salaries and employee benefits 15,071 14,412 13,381 13,806 15,785 56,670 53,122 Occupancy 3,228 3,149 2,978 2,931 3,653 12,286 13,208 Data Processing 3,061 3,072 2,836 2,570 3,254 11,539 10,683 Other expenses 16,264 8,116 7,493 9,577 7,099 41,450 42,456 ------ ----- ----- ----- ----- ------ ------ Total noninterest expense 37,624 28,749 26,688 28,884 29,791 121,945 119,469 ------ ------ ------ ------ ------ ------- ------- Income before income taxes 1,466 9,939 10,007 7,891 7,230 29,303 21,721 Income Tax 88 3,262 3,329 2,606 2,558 9,285 7,285 Net income 1,378 6,677 6,678 5,285 4,672 20,018 14,436 Preferred stock dividends 412 443 442 441 1,118 1,738 3,577 --- --- --- --- ----- ----- ----- Net income available to common shareholders $966 $6,234 $6,236 $4,844 $3,554 $18,280 $10,859 ==== ====== ====== ====== ====== ======= =======
SOURCE Ameris Bancorp