AMERIS BANCORP MOULTRIE, Ga., Jan. 29, 2015 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), Ameris Bancorp ("Ameris" or the "Company") today announced earnings and operating results for the quarter and twelve months ended December 31, 2014, and simultaneously announced the signing of definitive agreements to purchase Merchants & Southern Banks of Florida, Inc. and eighteen Bank of America branches.
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Ameris reported operating net income of $41.0 million, or $1.56 per share, for the year ended December 31, 2014, compared to $21.4 million, or $0.89 per share, in 2013. Operating net income excludes $2.6 million and $3.2 million of after-tax merger charges in 2014 and 2013, respectively. Commenting on the Company's record earnings, Edwin W. Hortman, Jr., President and CEO, said, "We are proud of the efforts of our bankers in 2014 whose collective success produced record earnings and record earnings per share. Our profitability ratios improved again in 2014, with our operating return on assets and operating return on tangible capital moving significantly higher. Organic growth in loans came in at 10% with our bankers continuing to manage stronger than average loan yields. Our growth in non-interest bearing deposits provided funding to exceed the loan growth in part due to our treasury sales efforts. In addition, our non-interest income divisions continue to manage highly profitable operations and contributed 20.7% of our 2014 net income."
For the fourth quarter of 2014, net income available to common shareholders, on an operating basis, was $10.6 million and $0.39 per share, compared to $3.8 million and $0.16, respectively, in the same quarter in 2013.
Acquisition of Merchants & Southern Banks of Florida, Inc.
Ameris announced today the signing of a stock purchase agreement under which Ameris will acquire Merchants & Southern Banks of Florida, Inc. ("Merchants & Southern"), the parent company of Merchants and Southern Bank, Gainesville, Florida. As of December 31, 2014, Merchants & Southern had assets of $473 million, gross loans of $214 million and deposits of $336 million.
The acquisition strengthens the Company's North Florida franchise by providing entry points into the Gainesville and Ocala markets, as well as further enhancing the Company's presence in the greater Jacksonville Metropolitan Statistical Area.
"We are very excited about the Merchants & Southern acquisition and the opportunities that we believe are present in the Gainesville, Ocala and Jacksonville markets," said Hortman. "Additionally, it allows us to more effectively align our resources in what we believe is the premier community bank operating in those North Florida markets."
Under the terms of the purchase agreement, Ameris will pay $50 million in cash for all of the issued and outstanding shares of Merchants & Southern. The transaction is expected to close during the second quarter of 2015 and is subject to customary closing conditions and regulatory approvals.
Sandler O'Neill + Partners, L.P. served as financial advisor and Rogers & Hardin LLP provided legal counsel to Ameris. Hovde Group served as financial advisor and Smith Mackinnon, PA provided legal counsel to Merchants & Southern.
Acquisition of 18 Branches in North Florida and South Georgia
Ameris also announced today the signing of a purchase and assumption agreement under which Ameris will purchase certain fixed assets and assume the deposits of eighteen branches from Bank of America Corporation.
"With this transaction, Ameris will further strengthen its Georgia and Florida market presence with the acquisition of a low-cost funding source and an attractive customer base, as well as expand the Ameris team with experienced and talented associates, with a minimal amount of integration and execution risk. This will position Ameris as the largest independent community bank operating in our South Georgia and North Florida footprint," stated Hortman.
Ten of the branches are located in South Georgia and will add an estimated $424 million of deposits, while eight of the branches are located in North Florida and will contribute an estimated $388 million of deposits. The transaction is expected to close during the second quarter of 2015 and is subject to customary closing conditions and regulatory approvals.
Ameris was advised in the transaction by Sandler O'Neill + Partners, L.P. as financial advisor and Rogers & Hardin LLP as legal counsel.
Financial Results for 2014
Highlights of the Company's results for 2014 include the following:
-- Ameris completed the acquisition of Coastal Bankshares, Inc., increasing
total assets by $449.0 million.
-- The Company declared cash dividends of $0.15 per common share.
-- Profitability ratios improved significantly, with operating return on
assets increasing to 1.10% and operating return on tangible common
equity increasing to 15.51%.
-- Total recurring revenue increased 30.8% to $212.6 million as compared to
2013.
-- Organic growth in non-purchased loans totaled $202 million, or 9.8%.
-- Non-interest bearing demand deposits increased 25.6% during 2014 to
finish at 24.5% of total deposits.
-- Annualized net charge-offs for 2014 declined to 0.31% of total loans,
compared to 0.69% for the year ended December 31, 2013.
-- Credit costs (provision and problem loan resolution and OREO expenses)
declined to $19.2 million in 2014, compared to $27.0 million in 2013.
-- Noninterest income, excluding gains in investment securities, increased
35.2% to $62.7 million during 2014.
-- Net income from the Company's mortgage division increased 94.4% during
2014 to $6.2 million. Net income increased at more than twice the rate
of revenue growth for this division.
Increase in Net Interest Income
Net interest income on a tax equivalent basis increased 29.3% in 2014 to $151.5 million, up from $117.2 million reported in 2013. Growth in earning assets from internal sources as well as acquisition activity contributed to the increase. Average earning assets in 2014 increased 33.6% to $3.3 billion, compared to $2.5 billion for 2013. Although net interest income increased favorably, the Company's net interest margin continued to be adversely affected by historically low interest rates. For the year ended December 31, 2014, the Company's net interest margin declined to 4.59%, compared to 4.74% during 2013.
Margins and yields were more stable during the most recent quarter. For the quarter ended December 31, 2014, the Company's net interest margin was 4.64%, compared to 4.50% in the third quarter of 2014. Excluding the effect of accretion, the Company's margin remained flat compared to the third quarter of 2014 at 4.17%. Yields on earning assets, excluding accretion, were 4.60% in the fourth quarter of 2014, compared to 4.63% in the third quarter of 2014.
Interest income on loans on a tax equivalent basis increased substantially during 2014 to $149.1 million. During the quarter ended December 31, 2014, interest income on loans increased to $40.6 million, compared to $39.1 million in the third quarter of 2014 and $28.9 million in the same quarter of 2013. Yields on loans, excluding accretion, declined during 2014 to 5.15%, compared to 5.49% in 2013. For the current quarter, loan yields declined only two basis points to 5.09% compared to the third quarter of 2014. Quarterly loan production yields have been increasingly close to the overall portfolio yields for several quarters. Management believes that further declines in overall yields and margins should be more muted than in recent years.
Deposit costs were stable for most of 2014, ending the year at 0.30%, compared to 0.34% in 2013. Deposit costs, at 0.30%, were flat in the current quarter of 2014 as compared to the third quarter in 2014. Continued improvement in the Company's mix of deposits, mostly toward non-interest bearing deposits, has allowed for more aggressive retention efforts on MMDA and CDs without negatively impacting overall deposit costs.
Non-Interest Income
Excluding gains on investment securities, non-interest income increased 35.2% in 2014 to $62.7 million, compared to $46.4 million in 2013. Growth rates were notably strong among most sources. Mortgage revenues increased to $26.0 million as the Company's mortgage division reached a mature stage with a team of long-tenured mortgage bankers producing reliable results from referral sources. Net income in the Company's mortgage division increased at more than twice the pace of total growth in revenue, reflecting a mature, well managed division. The Company's recent efforts to build a SBA division resulted in significant gains in revenue and net income. For the year ended December 31, 2014, the Company's net income from SBA activities increased to $2.3 million, compared to $1.2 million in 2013. Total servicing income and gains on SBA production amounted to $4.9 million, up 128.6% from 2013. Aggressive efforts to recruit seasoned bankers in this division continue and management believes there is a significant earnings opportunity as this division reaches maturity.
Service charges on deposit accounts increased 25.9% in 2014, the result of acquisition activity as well as successful efforts on commercial deposit accounts. Since 2011, the Company has devoted significant resources to both treasury deposit products and treasury sales professionals. During 2014, the treasury sales team booked new commercial deposit accounts totaling $90.8 million, contributing significantly to the Company's 25.6% growth rate in non-interest bearing deposits.
Non-Interest Expense
Total operating expenses, excluding credit and merger charges, increased $31.3 million in 2014 to $133.4 million. The primary drivers of the increase in operating expenses are the increased number of branch locations and continued growth and expansion in the Company's mortgage and SBA divisions. During 2014, the Company integrated two acquisitions with total assets of $1.2 billion, increasing total assets by 40% compared to average assets in 2013. Short periods of duplicative expenses occurred after each conversion in 2014 and partially inflated the level of operating expenses reported during the year.
Continued investment in the Company's mortgage and SBA divisions resulted in increased operating expenses of $7.0 million, an increase of 37.0% compared to 2013. Revenues from these divisions increased at a faster rate than did operating expenses and the contribution to net income and the Company's overall profitability ratios improved.
During the fourth quarter of 2014, the Company incurred certain one-time operating expenses that negatively impacted fourth quarter results. During the fourth quarter, the Company restructured several administrative positions, accelerated the expensing of certain restricted shares and incurred consulting charges that management deems non-recurring. These amounts, in the aggregate, totaled approximately $1.2 million before tax. Also, certain pieces of OREO were aggressively re-evaluated, resulting in write-downs totaling $2.2 million.
Balance Sheet Trends
Total assets increased $369.9 million during 2014, ending the year at $4.0 billion, compared to $3.6 billion at December 31, 2013. The Company successfully completed the acquisition of Coastal Bankshares, Inc. on June 30, 2014, which added $449.0 million in total assets. Continued redeployment of cash flows from non-performing assets and the Company's FDIC loss-share indemnification asset allowed the Company to limit growth in total assets while improving revenues and return on assets.
Total loans, excluding loans held for sale and covered loans, were $2.6 billion at the end of 2014, compared to $2.1 billion at the end of 2013. Loans held for sale increased 40.9% to $94.8 million, the result of higher production levels in the Company's mortgage and SBA divisions. Covered loans declined $103.5 million, or 26.5%, in 2014 to end the year at $286.8 million. At the end of 2014, covered loans represent only 9.8% of total loans, compared to 15.5% at the same time in 2013.
Deposits increased $431.9 million to finish 2014 at $3.4 billion. The Company's deposit sales focus has centered primarily on growth in non-interest bearing deposits and deposit accounts with lower levels of rate sensitivity. At December 31, 2014, non-interest bearing deposit accounts represented 24.5% of total deposits, compared to 22.3% at December 31, 2013. Non-rate sensitive deposits (NIB, NOW and Savings) totaled $1.8 billion at December 31, 2014, compared to $1.5 billion at the same time in 2013. These funds represented 53.2% of the Company's total deposits at the end of 2014, compared to 50.4% at the end of 2013.
Common shareholders' equity at December 31, 2014 totaled $366.0 million, an increase of $77.3 million, or 26.8%, from the same time in 2013. During 2014, the Company issued $34.5 million in new common shares associated with the acquisition of Coastal Bankshares, Inc. Ameris also recorded $28.6 million in intangible assets associated with the transaction. Additionally, the Company re-instituted a common stock dividend during 2014 of $0.05 per quarter beginning in the second quarter of 2014. Tangible book value per share ended 2014 at $10.99 per share, up 11.3% from $9.87 per share at the end of 2013.
Conference Call Information
The Company will host a conference call today at 11:00 a.m. EDT. The conference call can be accessed by dialing 1-877-504-1190 or 1-412-902-6630 for international participants and 1-855-669-9657 for Canada. The conference ID name is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until February 6, 2015. To listen to the replay, dial 1-877-344-7529 or 1-412-317-0088 for international participants and 1-855-669-9658 for Canada. The conference replay access code is 10059779. The conference call replay will also be available on the Investor Relations page of the Ameris Bank website of www.amerisbank.com.
Ameris Bancorp
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 73 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.
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income Available to Common Shareholders $10,580 $11,663 $8,130 $8,064 $966 $38,437 $18,280
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $0.40 $0.44 $0.32 $0.32 $0.04 $1.48 $0.76
Diluted $0.39 $0.43 $0.32 $0.32 $0.04 $1.46 $0.75
Cash Dividends per share $0.05 $0.05 $0.05 $ - $ - $0.15 $ -
Book value per share (period end) $13.67 $13.22 $12.83 $11.93 $11.50 $13.67 $11.50
Tangible book value per share (period end) $10.99 $10.68 $10.26 $10.31 $9.87 $10.99 $9.87
Weighted average number of shares:
Basic 26,771,636 26,773,033 25,180,665 25,144,342 24,021,447 25,974,084 23,917,551
Diluted 27,090,293 27,160,886 25,633,130 25,573,320 24,450,619 26,259,030 24,346,723
Period-end number of shares 26,773,863 26,774,402 26,771,821 25,159,073 25,098,427 26,773,863 25,098,427
Market data:
High closing price $26.48 $24.04 $23.90 $24.00 $21.42 $26.48 $21.42
Low closing price $21.95 $21.00 $19.73 $19.86 $17.69 $19.73 $12.79
Period end closing price $25.64 $21.95 $21.56 $23.30 $21.11 $25.64 $21.11
Average daily volume 111,473 79,377 79,038 103,279 94,636 93,229 69,137
PERFORMANCE RATIOS
Return on average assets 1.05% 1.17% 0.93% 0.96% 0.19% 1.08% 0.70%
Return on average common equity 11.57% 13.19% 10.53% 11.66% 2.20% 12.40% 8.06%
Earning asset yield (TE) 5.08% 4.96% 5.08% 5.01% 4.84% 5.03% 5.15%
Total cost of funds 0.43% 0.45% 0.42% 0.43% 0.40% 0.43% 0.40%
Net interest margin (TE) 4.64% 4.50% 4.65% 4.57% 4.43% 4.59% 4.74%
Non-interest income excluding securities
transactions,
as a percent of total revenue (TE) 26.50% 28.86% 28.87% 25.02% 26.45% 27.37% 26.67%
Efficiency ratio 72.75% 67.64% 73.05% 70.36% 92.74% 70.92% 74.94%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 9.07% 8.85% 8.64% 8.60% 8.63% 9.07% 8.63%
Tangible common equity to tangible assets 7.42% 7.27% 7.04% 7.53% 6.83% 7.42% 6.83%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 7.42% 7.27% 7.04% 7.53% 6.83% 7.42% 6.83%
Effect of preferred equity 0.00% 0.00% 0.00% 0.00% 0.76% 0.00% 0.76%
Effect of goodwill and other intangibles 1.65% 1.58% 1.61% 1.07% 1.04% 1.65% 1.04%
Equity to assets (GAAP) 9.07% 8.85% 8.64% 8.60% 8.63% 9.07% 8.63%
==== ==== ==== ==== ==== ==== ====
OTHER PERIOD-END DATA
Banking Division FTE 853 867 888 785 820 853 820
Mortgage Division FTE 174 176 175 161 164 174 164
-------------------
Total Ameris Bancorp FTE Headcount 1,027 1,043 1,063 946 984 1,027 984
----- ----- ----- --- --- ----- ---
Assets per Banking Division FTE $4,733 $4,613 $4,474 $4,443 $4,473 $4,733 $4,473
Branch locations 73 74 74 68 68 73 68
Deposits per branch location $47,002 $45,583 $45,798 $44,274 $44,106 $47,002 $44,106
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.
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $41,235 $39,610 $35,297 $34,469 $29,289 $150,611 $117,497
Interest on taxable securities 3,114 3,034 2,953 2,985 1,998 12,086 7,134
Interest on nontaxable securities 483 496 312 335 342 1,626 1,413
Interest on deposits in other banks 66 46 45 79 118 236 276
Interest on federal funds sold 2 - - 5 2 7 2
Total interest income 44,900 43,186 38,607 37,873 31,749 164,566 126,322
------ ------ ------ ------ ------ ------- -------
Interest expense
Interest on deposits $2,560 $2,540 $2,205 $2,183 $2,066 $9,488 $8,400
Interest on other borrowings 1,334 1,514 1,138 1,206 632 5,192 1,737
-----------------
Total interest expense 3,894 4,054 3,343 3,389 2,698 14,680 10,137
----- ----- ----- ----- ----- ------ ------
Net interest income 41,006 39,132 35,264 34,484 29,051 149,886 116,185
Provision for loan losses 888 1,669 1,365 1,726 1,478 5,648 11,486
--- ----- ----- ----- ----- ----- ------
Net interest income after provision for loan losses $40,118 $37,463 $33,899 $32,758 $27,573 $144,238 $104,699
------- ------- ------- ------- ------- -------- --------
Noninterest income
Service charges on deposit accounts $6,522 $6,659 $5,847 $5,586 $5,065 $24,614 $19,545
Mortgage banking activity 6,476 7,498 6,944 5,068 4,431 25,986 19,128
Other service charges, commissions and fees 643 690 662 652 612 2,647 2,151
Gain(loss) on sale of securities - 132 - 6 - 138 171
Other non-interest income 2,721 2,922 2,366 1,442 1,409 9,451 5,554
Total noninterest income 16,362 17,901 15,819 12,754 11,517 62,836 46,549
------ ------ ------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 19,316 20,226 16,942 17,394 15,071 73,878 56,670
Occupancy and equipment expenses 4,717 4,669 4,071 4,064 3,228 17,521 12,286
Data processing and telecommunications
expenses 4,229 3,928 3,940 3,454 3,061 15,551 11,539
Credit resolution related expenses (1) 5,290 3,186 2,840 2,190 5,322 13,506 15,486
Advertising and marketing expenses 847 594 718 710 604 2,869 1,620
Amortization of intangible assets 662 698 437 533 346 2,330 1,414
Merger and conversion charges 67 551 2,872 450 4,350 3,940 4,350
Other non-interest expenses 6,605 4,727 5,498 4,444 5,642 21,274 18,580
Total noninterest expense 41,733 38,579 37,318 33,239 37,624 150,869 121,945
------ ------ ------ ------ ------ ------- -------
Income before income taxes $14,747 $16,785 $12,400 $12,273 $1,466 $56,205 $29,303
Income tax expense 4,167 5,122 4,270 3,923 88 17,482 9,285
-----------------
Net income $10,580 $11,663 $8,130 $8,350 $1,378 $38,723 $20,018
======= ======= ====== ====== ====== ======= =======
Preferred stock dividends - - - 286 412 286 1,738
--- --- --- --- --- --- -----
Net income available to common shareholders $10,580 $11,663 $8,130 $8,064 $966 $38,437 $18,280
======= ======= ====== ====== ==== ======= =======
Diluted earnings available to common shareholders 0.39 0.43 0.32 0.32 0.04 1.46 0.75
==== ==== ==== ==== ==== ==== ====
(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.
2014 2014 2014 2014 2013
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $78,036 $69,421 $80,986 $71,387 $62,955
Federal funds sold and interest bearing
balances 92,323 40,165 44,800 48,677 204,984
Investment securities available for sale, at
fair value 541,805 529,509 535,630 456,713 486,235
Other investments 10,275 12,687 10,971 9,322 16,828
Mortgage loans held for sale 94,759 110,059 81,491 51,693 67,278
Loans, net of unearned income 1,889,880 1,848,759 1,770,059 1,695,382 1,618,454
Purchased, non-covered loans 658,764 673,724 702,131 437,269 448,753
Covered loans 286,755 313,589 331,250 372,694 390,237
Less allowance for loan losses (21,157) (22,212) (22,254) (22,744) (22,377)
------------------
Loans, net 2,814,242 2,813,860 2,781,186 2,482,601 2,435,067
Other real estate owned 33,160 35,320 35,373 33,839 33,351
Purchased, non-covered other real estate
owned 14,359 13,660 16,598 3,864 4,276
Covered other real estate owned 21,133 28,883 38,426 42,636 45,893
------------------
Total other real estate owned 68,652 77,863 90,397 80,339 83,520
Premises and equipment, net 97,251 98,752 99,495 87,430 103,188
Goodwill 63,547 58,879 58,903 35,049 35,049
Other intangibles, net 8,221 9,114 9,812 5,477 6,009
FDIC loss sharing receivable 31,351 38,233 49,180 53,181 65,441
Cash value of bank owned life insurance 58,867 58,217 57,864 49,738 49,432
Other assets 78,182 82,649 72,420 56,377 51,663
Total assets $4,037,511 $3,999,408 $3,973,135 $3,487,984 $3,667,649
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $839,377 $816,517 $790,798 $698,866 $668,531
Interest-bearing 2,591,772 2,556,602 2,598,237 2,311,781 2,330,700
--------- --------- --------- --------- ---------
Total deposits 3,431,149 3,373,119 3,389,035 3,010,647 2,999,231
Federal funds purchased & securities sold
under
agreements to repurchase 73,310 32,351 51,109 49,974 83,516
Other borrowings 78,881 147,409 100,293 59,677 194,572
Other liabilities 22,818 27,615 24,457 12,028 18,165
Subordinated deferrable interest debentures 65,325 65,084 64,842 55,628 55,466
Total liabilities 3,671,483 3,645,578 3,629,736 3,187,954 3,350,950
--------- --------- --------- --------- ---------
Stockholders' equity
Preferred stock $ - $ - $ - $ - $28,000
Common stock 28,159 28,158 28,155 26,536 26,462
Capital surplus 225,015 224,142 222,550 190,513 189,722
Retained earnings 118,412 109,170 100,185 92,055 83,991
Accumulated other comprehensive income/(loss) 6,098 3,974 4,123 2,374 (294)
Less treasury stock (11,656) (11,614) (11,614) (11,448) (11,182)
Total stockholders' equity 366,028 353,830 343,399 300,030 316,699
------- ------- ------- ------- -------
Total liabilities and stockholders' equity $4,037,511 $3,999,408 $3,973,135 $3,487,984 $3,667,649
========== ========== ========== ========== ==========
Other Data
Earning Assets 3,564,286 3,515,805 3,465,361 3,062,428 3,215,941
Intangible Assets 71,768 67,993 68,715 40,526 41,058
Interest Bearing Liabilities 2,809,288 2,801,446 2,814,481 2,477,060 2,664,254
Average Assets 4,011,128 3,969,893 3,494,466 3,521,588 2,937,434
Average Common Stockholders' Equity 362,659 350,733 309,696 290,462 248,429
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.
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION(1)
Allowance for loan losses
Balance at beginning of period $22,212 $22,254 $22,744 $22,377 $23,854 $22,377 $23,593
Provision for loan loss (2) 650 1,573 997 1,501 1,200 4,721 9,947
Charge-offs 2,071 1,975 1,973 1,606 3,591 7,625 13,284
Recoveries 366 360 486 472 914 1,684 2,121
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) 1,705 1,615 1,487 1,134 2,677 5,941 11,163
Ending balance $21,157 $22,212 $22,254 $22,744 $22,377 $21,157 $22,377
==============
As a percentage of loans 1.12% 1.20% 1.26% 1.34% 1.38% 1.12% 1.38%
As a percentage of nonperforming loans 97.37% 97.38% 100.65% 85.09% 76.63% 97.37% 76.63%
Net charge-off information
Charge-offs
Commercial, financial & agricultural $468 $191 $165 $743 $543 $1,567 $1,759
Real estate - residential 368 406 752 181 1,785 1,707 5,215
Real estate - commercial & farmland 1,033 953 769 533 698 3,288 3,571
Real estate - construction & development 74 296 157 65 422 592 2,020
Consumer installment 128 129 130 84 143 471 719
Total charge-offs 2,071 1,975 1,973 1,606 3,591 7,625 13,284
----- ----- ----- ----- ----- ----- ------
Recoveries
Commercial, financial & agricultural 91 47 134 49 92 321 432
Real estate - residential 71 52 48 83 368 254 888
Real estate - commercial & farmland 91 31 9 143 12 274 30
Real estate - construction & development 49 96 96 108 385 349 473
Consumer installment 64 134 199 89 57 486 298
Total recoveries 366 360 486 472 914 1,684 2,121
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) $1,705 $1,615 $1,487 $1,134 $2,677 $5,941 $11,163
===========================
Non-accrual loans (excluding purchased non-covered
and covered loans) $21,728 $22,810 $22,111 $26,729 $29,203 $21,728 $29,203
Non-accrual purchased non-covered loans 18,249 17,007 15,770 15,318 6,659 18,249 6,659
Foreclosed assets (excluding purchased assets) 33,160 35,320 35,373 33,839 33,351 33,160 33,351
Purchased, non-covered other real estate owned 14,359 13,660 16,598 3,864 4,276 14,359 4,276
Accruing loans delinquent 90 days or more 1 - - - - 1 -
--- --- --- --- ---
Total non-performing assets, excluding covered assets $87,497 $88,797 $89,852 $79,750 $73,489 $87,497 $73,489
------- ------- ------- ------- ------- ------- -------
Non-performing assets as a percent of total assets 2.17% 2.22% 2.26% 2.29% 2.00% 2.17% 2.00%
Net charge offs as a percent of loans (Annualized) 0.36% 0.35% 0.34% 0.27% 0.66% 0.31% 0.69%
(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 2013 and 2014, 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 2014 2014 2014 2014 2013
---- ---- ---- ---- ----
Commercial, financial & agricultural $319,654 $334,783 $304,588 $270,571 $244,373
Real estate - construction & development 161,507 154,315 149,346 149,543 146,371
Real estate - commercial & farmland 907,523 882,160 850,000 836,230 808,323
Real estate - residential 456,106 436,515 422,731 393,001 351,886
Consumer installment 30,782 31,403 31,902 32,345 34,249
Other 14,308 9,583 11,492 13,692 33,252
Total Non-purchased $1,889,880 $1,848,759 $1,770,059 $1,695,382 $1,618,454
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $38,041 $38,077 $41,583 $30,810 $32,141
Real estate - construction & development 58,362 60,262 64,084 31,820 31,176
Real estate - commercial & farmland 306,706 296,790 311,748 174,281 179,898
Real estate - residential 266,341 273,347 278,451 196,078 200,851
Consumer installment 4,788 5,248 6,265 4,280 4,687
Total Purchased non-covered (net of discounts) $674,238 $673,724 $702,131 $437,269 $448,753
-------- -------- -------- -------- --------
Commercial, financial & agricultural $21,467 $22,545 $25,209 $24,813 $26,550
Real estate - construction & development 23,447 27,756 31,600 41,434 43,179
Real estate - commercial & farmland 147,628 180,566 188,643 214,649 224,451
Real estate - residential 78,520 82,445 85,518 91,372 95,173
Consumer installment 218 277 280 426 884
Total Covered (net of discounts) $271,280 $313,589 $331,250 $372,694 $390,237
-------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $379,162 $395,405 $371,380 $326,194 $303,064
Real estate - construction & development 243,316 242,333 245,030 222,797 220,726
Real estate - commercial & farmland 1,361,857 1,359,516 1,350,391 1,225,160 1,212,672
Real estate - residential 800,967 792,307 786,700 680,451 647,910
Consumer installment 35,788 36,928 38,447 37,051 39,820
Other 14,308 9,583 11,492 13,692 33,252
Total Loans $2,835,398 $2,836,072 $2,803,440 $2,505,345 $2,457,444
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural $290 $257 $257 $711 $515
Real estate - construction & development 679 1,917 2,080 1,953 1,896
Real estate - commercial & farmland 6,477 7,080 7,590 8,733 6,913
Real estate - residential 5,258 7,973 7,335 7,364 7,818
Consumer installment 55 34 75 87 72
Total Accruing TDRs $12,759 $17,261 $17,337 $18,848 $17,214
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $13 $507 $465 $40 $525
Real estate - construction & development 228 196 32 29 32
Real estate - commercial & farmland 724 1,672 2,151 1,316 2,273
Real estate - residential 1,485 759 1,044 961 834
Consumer installment 73 93 51 19 19
Total Non-accrual TDRs $2,523 $3,227 $3,743 $2,365 $3,683
------ ------ ------ ------ ------
Total Troubled Debt Restructurings $15,282 $20,488 $21,080 $21,213 $20,897
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit $128,577 $121,486 $110,842 $93,805 $74,381
Grade 15 - Good credit 217,803 222,714 226,652 243,963 230,212
Grade 20 - Satisfactory credit 947,949 908,054 866,356 817,718 773,051
Grade 23 - Performing, under-collateralized credit 29,205 28,826 28,429 31,056 31,604
Grade 25 - Minimum acceptable credit 488,186 484,200 450,363 417,177 420,491
Grade 30 - Other asset especially mentioned 25,983 31,750 33,360 38,240 30,591
Grade 40 - Substandard 52,176 51,640 54,047 53,286 57,987
Grade 50 - Doubtful 1 88 10 137 137
Grade 60 - Loss - 1 - - -
--- --- --- --- ---
Total $1,889,880 $1,848,759 $1,770,059 $1,695,382 $1,618,454
---------- ---------- ---------- ---------- ----------
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.
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $3,163 $500 $500 $7,455 $3,243 $2,886 $817
Interest bearing deposits in banks 69,772 63,355 50,850 99,751 172,117 70,829 98,128
Investment securities - taxable 461,800 451,563 418,498 411,251 276,702 435,960 273,065
Investment securities - nontaxable 72,072 74,176 49,631 51,092 51,291 61,834 51,917
Other investments 9,804 8,209 6,629 12,330 8,255 10,589 7,431
Mortgage loans held for sale 97,406 83,751 54,517 49,397 65,683 71,231 110,542
Loans 1,871,618 1,795,059 1,706,564 1,639,672 1,602,942 1,753,013 1,478,816
Purchased non-covered loans 659,472 688,452 433,249 441,138 43,900 557,708 11,065
Covered loans 299,981 324,498 354,766 379,460 401,045 339,417 440,923
------- ------- ------- ------- -------
Total Earning Assets $3,545,088 $3,489,563 3,075,204 3,091,546 2,625,178 $3,303,467 $2,472,704
---------- ---------- --------- --------- --------- ---------- ----------
Noninterest bearing deposits $850,879 $807,416 $680,058 $666,493 $528,732 $751,874 $489,613
NOW accounts 786,511 743,352 691,353 675,199 604,828 724,461 597,490
MMDA 840,397 861,197 770,047 749,150 655,782 805,601 625,085
Savings accounts 156,663 155,559 145,528 143,109 107,058 150,266 104,630
Retail CDs < $100,000 386,844 439,150 356,483 373,523 293,689 389,174 300,184
Retail CDs > $100,000 401,934 370,166 360,703 361,861 352,043 373,767 356,108
Brokered CDs 4,023 5,970 5,970 5,970 10,687 5,479 14,791
Total Deposits 3,427,251 3,382,810 3,010,142 2,975,305 2,552,819 3,200,622 2,487,901
--------- --------- --------- --------- --------- --------- ---------
FHLB advances 35,815 55,435 28,626 68,333 9,521 46,986 2,400
Other borrowings 46,508 47,346 35,280 30,004 6,304 39,850 2,027
Subordinated debentures 65,195 64,953 55,789 55,092 46,263 60,298 43,276
Federal funds purchased and securities sold
under agreements to repurchase 47,247 44,316 40,008 57,112 41,402 47,136 26,908
Total Non-Deposit Funding 194,765 212,050 159,703 210,541 103,490 194,270 74,611
------- ------- ------- ------- ------- ------- ------
Total Funding $3,622,016 $3,594,860 $3,169,845 $3,185,846 $2,656,309 $3,394,892 $2,562,512
---------- ---------- ---------- ---------- ---------- ---------- ----------
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.
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $2 $ - $ - $5 $2 $7 $2
Interest bearing deposits in banks 66 47 45 79 118 237 276
Investment securities - taxable 3,114 3,034 2,953 2,985 1,998 12,086 7,134
Investment securities - nontaxable (TE) 652 670 421 452 462 2,195 1,907
Mortgage loans held for sale 947 787 457 403 554 2,593 3,883
Loans (TE) 23,294 21,790 21,996 20,647 20,810 87,727 80,005
Purchased non-covered loans 12,612 12,610 7,933 6,865 570 40,020 570
Covered loans 4,704 4,726 5,164 6,761 7,508 21,355 33,587
----- ----- ----- ----- -----
Total Earning Assets $45,391 $43,663 $38,969 $38,197 $32,022 $166,220 $127,364
------- ------- ------- ------- ------- -------- --------
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 414 324 291 288 297 1,317 1,097
MMDA 768 783 722 681 625 2,954 2,308
Savings accounts 45 42 40 37 29 164 116
Retail CDs < $100,000 553 596 478 489 399 2,116 1,740
Retail CDs > $100,000 746 749 626 640 629 2,761 2,645
Brokered CDs 34 47 48 48 86 177 493
Total Deposits 2,560 2,541 2,205 2,183 2,065 9,489 8,399
----- ----- ----- ----- ----- ----- -----
FHLB advances 26 51 26 37 63 140 63
Other borrowings 379 558 415 408 137 1,760 157
Subordinated debentures 887 866 666 708 376 3,127 1,368
Federal funds purchased and securities sold
under agreements to repurchase 41 39 31 53 56 164 150
--- --- --- --- --- ---
Total Non-Deposit Funding 1,333 1,514 1,138 1,206 632 5,191 1,738
----- ----- ----- ----- --- ----- -----
Total Funding $3,893 $4,055 $3,343 $3,389 $2,697 $14,680 $10,137
------ ------ ------ ------ ------ ------- -------
Net Interest Income (TE) $41,498 $39,608 $35,626 $34,808 $29,325 $151,540 $117,227
------- ------- ------- ------- ------- -------- --------
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.
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.25% 0.00% 0.00% 0.27% 0.24% 0.24% 0.24%
Interest bearing deposits in banks 0.38% 0.29% 0.35% 0.32% 0.27% 0.33% 0.28%
Investment securities - taxable 2.68% 2.67% 2.83% 2.94% 2.86% 2.77% 2.61%
Investment securities - nontaxable 3.59% 3.58% 3.40% 3.59% 3.57% 3.55% 3.67%
Mortgage loans held for sale 3.86% 3.73% 3.36% 3.31% 3.35% 3.64% 3.51%
Loans 4.94% 4.82% 5.17% 5.11% 5.15% 5.00% 5.41%
Purchased non-covered loans 7.59% 7.27% 7.34% 6.31% 5.15% 7.18% 5.15%
Covered loans 6.22% 5.78% 5.84% 7.23% 7.43% 6.29% 7.62%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 5.08% 4.96% 5.08% 5.01% 4.84% 5.03% 5.15%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.21% 0.17% 0.17% 0.17% 0.19% 0.18% 0.18%
MMDA 0.36% 0.36% 0.38% 0.37% 0.38% 0.37% 0.37%
Savings accounts 0.11% 0.11% 0.11% 0.10% 0.11% 0.11% 0.11%
Retail CDs < $100,000 0.57% 0.54% 0.54% 0.53% 0.54% 0.54% 0.58%
Retail CDs > $100,000 0.74% 0.80% 0.70% 0.72% 0.71% 0.74% 0.74%
Brokered CDs 3.35% 3.12% 3.22% 3.26% 3.19% 3.23% 3.33%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.30% 0.30% 0.29% 0.30% 0.32% 0.30% 0.34%
FHLB advances 0.29% 0.36% 0.36% 0.22% 2.63% 0.30% 2.63%
Other borrowings 3.23% 4.68% 4.72% 5.51% 8.62% 4.42% 7.75%
Subordinated debentures 5.40% 5.29% 4.79% 5.21% 3.22% 5.19% 3.16%
Federal funds purchased and securities sold
under agreements to repurchase 0.34% 0.35% 0.31% 0.38% 0.54% 0.35% 0.56%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 2.72% 2.83% 2.86% 2.32% 2.42% 2.67% 2.33%
Total funding (3) 0.43% 0.45% 0.42% 0.43% 0.40% 0.43% 0.40%
---- ---- ---- ---- ---- ---- ----
Net interest spread 4.65% 4.52% 4.66% 4.58% 4.44% 4.60% 4.76%
Net interest margin 4.64% 4.50% 4.65% 4.57% 4.43% 4.59% 4.74%
==== ==== ==== ==== ==== ==== ====
(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.
Net Operating Income Reconciliation 2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $10,580 $11,663 $8,130 $8,064 $966 $38,437 $18,280
Conversion charges 67 551 2,872 450 4,350 3,940 4,862
Tax effect of conversion charges (23) (193) (1,005) (158) (1,523) (1,379) (1,702)
--- ---- ------ ---- ------ ------ ------
Plus: After tax conversion charges 44 358 1,867 293 2,828 2,561 3,160
Net operating income 10,624 12,021 9,997 8,357 3,794 40,998 21,440
------ ------ ----- ----- ----- ------ ------
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Core Earnings Reconciliation 2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Pre-tax operating profit $14,747 $16,785 $12,400 $12,273 $1,466 $56,205 $29,303
Plus: Credit Related Costs
Provision for loan losses 888 1,669 1,365 1,726 1,478 5,648 11,486
(Gains)/Losses on the sale of legacy OREO (228) (3) 283 (55) 310 (3) 267
Gains/(Losses) on the sale of covered OREO 344 (184) 249 118 - 527 -
Problem loan and OREO expense 5,175 3,373 2,309 2,127 5,012 12,984 15,219
Interest reversed (received) on non-accrual loans (6) 94 71 246 29 405 417
---
Total Credit-Related Costs 6,173 4,949 4,277 4,162 6,829 19,561 27,389
----- ----- ----- ----- ----- ------ ------
Plus: Conversion charges 67 551 2,872 450 4,350 3,940 4,862
Less: Non-recurring gains
Gains on sales of securities - (132) - (6) - (138) (171)
Gains on sales of bank premises - (616) - - - (616) (310)
Other non-recurring adjustments 188 - (870) - - (682) (4,855)
--- --- ---- --- --- ---- ------
Pretax, Pre-provision earnings $21,175 $21,537 $18,679 $16,879 $12,645 $78,270 $56,218
======= ======= ======= ======= ======= ======= =======
As percentage of average assets, annualized 2.09% 2.15% 2.14% 1.94% 1.71% 1.95% 1.91%
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Recurring Operating Expenses 2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Total Operating Expenses 41,733 38,579 37,318 33,239 37,624 150,869 121,945
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO 228 3 (283) 55 (310) 3 (267)
Gains/(Losses) on the sale of covered OREO (344) 184 (249) (118) - (527) (3,176)
Problem loan and OREO expense (5,175) (3,373) (2,309) (2,127) (5,012) (12,984) (12,043)
Severance payments (188) - - - - (188) (99)
Conversion expenses (67) (551) (2,872) (450) (4,350) (3,940) (4,763)
Gains/(Losses) on the sale of premises - 616 - - - 616 310
--- --- --- --- --- --- ---
Recurring operating expenses $36,187 $35,458 $31,605 $30,599 $27,952 $133,849 $101,907
======= ======= ======= ======= ======= ======== ========
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 2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $38,045 $36,142 $33,345 $32,928 $27,627 $140,460 $110,582
Provision for loan losses 737 994 1,365 1,726 1,478 4,822 11,486
Noninterest income 8,595 8,932 7,449 7,361 6,672 32,337 25,282
Noninterest expense:
Salaries and employee benefits 14,196 14,819 12,509 13,577 11,668 55,101 43,524
Occupancy 4,319 4,277 3,752 3,749 3,067 16,097 11,599
Data Processing 3,901 3,619 3,590 3,326 2,948 14,436 10,957
Other expenses 12,320 8,722 10,753 7,380 14,147 39,175 36,850
------ ----- ------ ----- ------ ------ ------
Total noninterest expense 34,736 31,437 30,604 28,032 31,830 124,809 102,930
------ ------ ------ ------ ------ ------- -------
Income before income taxes 11,167 12,643 8,825 10,531 991 43,166 21,448
Income Tax 2,914 3,672 3,019 3,313 (78) 12,918 5,849
Net income 8,253 8,971 5,806 7,218 1,069 30,248 15,599
Preferred stock dividends - - - 286 412 286 1,738
--- --- --- --- --- --- -----
Net income available to common shareholders $8,253 $8,971 $5,806 $6,932 $657 $29,962 $13,861
====== ====== ====== ====== ==== ======= =======
Mortgage Division:
Net interest income $2,574 $2,347 $1,339 $1,100 $1,121 $7,360 $3,883
Provision for loan losses 151 675 - - - 826 -
Noninterest income 6,313 7,135 7,002 5,164 4,431 25,614 19,130
Noninterest expense:
Salaries and employee benefits 4,259 4,409 3,937 3,568 3,230 16,173 12,515
Occupancy 373 368 300 302 148 1,343 631
Data Processing 326 306 343 122 108 1,097 573
Other expenses 999 869 1,312 815 2,007 3,995 4,386
--- --- ----- --- ----- ----- -----
Total noninterest expense 5,957 5,952 5,892 4,807 5,493 22,608 18,105
----- ----- ----- ----- ----- ------ ------
Income before income taxes 2,779 2,855 2,449 1,457 59 9,540 4,908
Income Tax 973 999 857 510 21 3,339 1,718
Net income 1,806 1,856 1,592 947 38 6,201 3,190
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $1,806 $1,856 $1,592 $947 $38 $6,201 $3,190
====== ====== ====== ==== === ====== ======
SBA Division:
Net interest income $387 $643 $580 $456 $303 $2,066 $1,720
Provision for loan losses - - - - - - -
Noninterest income 1,454 1,834 1,368 229 414 4,885 2,137
Noninterest expense:
Salaries and employee benefits 861 998 496 249 173 2,604 631
Occupancy 25 24 19 13 13 81 56
Data Processing 2 3 7 6 5 18 9
Other expenses 152 165 300 132 110 749 214
--- --- --- --- --- --- ---
Total noninterest expense 1,040 1,190 822 400 301 3,452 910
----- ----- --- --- --- ----- ---
Income before income taxes 801 1,287 1,126 285 416 3,499 2,947
Income Tax 280 450 394 100 146 1,225 1,718
Net income 521 837 732 185 270 2,274 1,229
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $521 $837 $732 $185 $270 $2,274 $1,229
==== ==== ==== ==== ==== ====== ======
Total Consolidated:
Net interest income $41,006 $39,132 $35,264 $34,484 $29,051 $149,886 $116,185
Provision for loan losses 888 1,669 1,365 1,726 1,478 5,648 11,486
Noninterest income 16,362 17,901 15,819 12,754 11,517 62,836 46,549
Noninterest expense:
Salaries and employee benefits 19,316 20,226 16,942 17,394 15,071 73,878 56,670
Occupancy 4,717 4,669 4,071 4,064 3,228 17,521 12,286
Data Processing 4,229 3,928 3,940 3,454 3,061 15,551 11,539
Other expenses 13,471 9,756 12,365 8,327 16,264 43,919 41,450
------ ----- ------ ----- ------ ------ ------
Total noninterest expense 41,733 38,579 37,318 33,239 37,624 150,869 121,945
------ ------ ------ ------ ------ ------- -------
Income before income taxes 14,747 16,785 12,400 12,273 1,466 56,205 29,303
Income Tax 4,167 5,122 4,270 3,923 88 17,482 9,285
Net income 10,580 11,663 8,130 8,350 1,378 38,723 20,018
Preferred stock dividends - - - 286 412 286 1,738
--- --- --- --- --- --- -----
Net income available to common shareholders $10,580 $11,663 $8,130 $8,064 $966 $38,437 $18,280
======= ======= ====== ====== ==== ======= =======
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SOURCE Ameris Bancorp
