AMERIS BANCORP MOULTRIE, Ga., Oct. 22, 2014 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), today reported operating net income of $12.0 million, or $0.44 per diluted share, for the quarter ended September 30, 2014, compared to $6.6 million, or $0.27 per diluted share, for the quarter ended September 30, 2013. For the year to date period ending September 30, 2014, the Company reported operating net income of $30.5 million, or $1.17 per diluted share, compared to $17.3 million, or $0.71 per diluted share, for the same period in 2013. During the third quarter of 2014, the Company completed the conversion of Coastal Bankshares, Inc. ("Coastal") and recorded additional merger expenses totaling approximately $383,000, or $0.01 per share, on an after-tax basis. Including these charges, the Company reported net income for the third quarter of 2014 of $11.7 million, or $0.43 per share. Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "Our bankers turned in an outstanding quarter resulting in an 87% improvement in net earnings available to common shareholders compared to the same quarter in 2013. Additionally, our system conversion of Coastal was successful and we are working diligently to ensure that the cost savings we identified are realized and in place during the fourth quarter of 2014."
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Highlights of the Company's performance and results for the third quarter of 2014 include the following:
-- Successful conversion of the Coastal customer accounts during August
2014
-- Net income available to common shareholders increased 87.1% compared to
the same quarter in 2013
-- The Company declared a cash dividend of $0.05 per common share
-- On an operating basis, return on assets and return on average tangible
equity were 1.20% and 17.10%, respectively (including merger-related
charges, return on assets and return on average tangible equity were
1.17% and 13.19%, respectively)
-- Total revenue increased to $61.1 million for the third quarter of 2014,
compared to $44.0 million for the same quarter in 2013
-- The Company's net interest margin remained strong at 4.50%, reflecting
the lowest level of contribution from accretion income in several years
-- Non-covered loans increased by $78.7 million during the quarter,
reflecting an annualized growth rate of 17.6%
-- Tangible common equity to tangible assets increased to 7.27%, a 6.4%
increase compared to levels reported at December 31, 2013
-- Noninterest income totaled $17.9 million, compared to $12.3 million for
the third quarter of 2013
-- Net income from the Company's mortgage operations increased to $1.9
million, compared to $1.3 million for the same quarter in 2013
-- SBA loan premium and servicing income increased to $1.8 million in the
third quarter of 2014, compared to $884,000 in the same quarter in 2013
Operating Results
Net income for the third quarter of 2014 totaled $11.7 million, an increase of 87.1% compared to the same quarter in 2013. For the year to date period, the Company's earnings before preferred dividends totaled $27.9 million, compared to $17.3 million for the year to date period in 2013. Return on average assets and average tangible common equity were 1.17% and 16.50%, respectively, for the third quarter of 2014 compared to 0.94% and 10.90%, respectively, for the same quarter of 2013.
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2014 totaled $39.1 million, an increase of $9.8 million, or 33.5%, compared to the $29.3 million reported for the third quarter of 2013. The Company's net interest margin decreased during the quarter to 4.50%, compared to 4.80% during the third quarter of 2013. The decline in the Company's net interest margin resulted from continued repricing of the loan portfolio in the current low interest rate environment and lower relative amounts of accretion income. Excluding accretion income, the Company's net interest income and net interest margin were $36.2 million and 4.17%, respectively, for the third quarter of 2014, compared to $26.9 million and 4.50% for the third quarter of 2013. Additionally, the portion of earning assets concentrated in investment securities, mortgage loans held for sale and loans to municipalities increased to 20.8% during the third quarter of 2014 from 15.6% during the third quarter of 2013. This transition into higher grade assets with lower associated operating expense has been profitable but reduced the margins by approximately 14basis points.
Yields on earning assets for the third quarter of 2014 were 4.96%, compared to 5.20% for the third quarter of 2013. Total loan yields (including loans held for sale) reflected market pressures and the low rate environment, falling from 5.75% for the third quarter of 2013 to 5.48% for the third quarter of 2014. Excluding the impact of accretion income, overall loan yields fell to 5.08% for the third quarter of 2014, compared to 5.28% for the same quarter of 2013. Loan production yields in the third quarter of 2014 were 4.94%, or 0.12% lower than the portfolio's quarterly yield. In the same quarter of 2013, loan production yields were 4.89%, or 0.39% lower than the portfolio yield.
The Company's yield on investment securities during the third quarter of 2014 was 2.75%, compared to 2.72% in the same quarter in 2013. Yield opportunities have been generally higher over the past year and allowed for some expansion in yields and total balances of investment securities.
Total interest expense for the third quarter of 2014 was $4.1 million, compared to $2.5 million for the same quarter of 2013. Increases in total interest expense were driven primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth. Deposit costs were lower during the third quarter of 2014 at 0.30%, compared to 0.33% during the third quarter of 2013. Yields on each deposit class were substantially unchanged over the past year. Management does not expect deposit costs or overall funding costs to decrease materially in the coming quarters given tightening liquidity and increasingly stronger forecasts for asset growth.
Non-interest Income
Non-interest income for the third quarter of 2014 improved to $17.9 million, an increase of $5.6 million, or 45.7%, compared to the same quarter in 2013. The Company's mortgage operations continued to make improvements in revenues and net income, reporting its best quarter in history for the Company. Total revenue in the mortgage group grew to $9.5 million, an improvement of 47% compared to the same quarter in 2013. Net income improved at a slightly faster pace to $1.9 million, compared to $1.3 million in the third quarter of 2013. Total production in the third quarter of 2014 amounted to $217.4 million (80.4% retail and 18.6% wholesale), compared to $152.1 million in the same quarter of 2013 (74.5% retail and 25.5% wholesale). Relationships with larger builders and real estate firms continue to drive the Company's production from this division. Open pipelines finished the third quarter of 2014 at $81.5 million, compared to $86.2 million at the beginning of the third quarter of 2014 and $72.5 million at the end of the third quarter of 2013.
Income from service charges for the third quarter of 2014 was $6.7 million, an increase of $1.7 million, or 34.6%, compared to the same quarter in 2013. Stronger growth in commercial and treasury management accounts contributed to the growth in income, as did strong growth in balances that resulted from the Company's acquisition of The Prosperity Banking Company ("Prosperity") in December 2013 and Coastal in June 2014.
During the quarter, the Company recorded approximately $1.8 million of SBA income, compared to $884,000 in the same quarter in 2013. Expenses related to SBA lending also increased, from $247,000 in the third quarter of 2013 to $1.2 million in the third quarter of 2014. The Company had several recruiting successes during the third quarter of 2014 on both the leadership and production side in this area and believes the recent momentum and success in government-guaranteed lending is sustainable.
Non-interest Expense
Operating expenses for the third quarter of 2014 totaled $38.6 million, including approximately $551,000 of pre-tax merger-related charges associated with the acquisition of Coastal on June 30, 2014. Excluding the merger charges, operating expenses totaled $38.0 million for the third quarter of 2014, compared to $28.2 million for the same quarter in 2013. Growth in expenses over the prior year relates primarily to the acquisition of Prosperity in December 2013, the acquisition of Coastal in June 2014 and growth in the Company's mortgage operations over the past year.
On a linked quarter basis, operating expenses exclusive of the merger-related charges reflected an increase of $3.6 million from $34.4 million in the second quarter of 2014 to $38.0 million in the third quarter of 2014. Increases in salaries and benefits associated with higher commissions and incentive accruals were offset by reduced compensation resulting from conversion activity related to prosperity and Coastal that occurred during the first two quarters. Salaries and benefits increased to $20.2 million for the current quarter of 2014, compared to $14.4 million for the same quarter in 2013, as commissions and support costs in the Company's mortgage operations increased commensurate with the increase in revenues. Excluding compensation costs in the Company's mortgage operations, salaries and benefits were $15.8 million for the third quarter of 2014, compared to $13.0 million for the second quarter of 2014 and $10.8 million for the third quarter of 2013. Total noninterest expenses in the Company's mortgage operations increased to $6.0 million for the third quarter of 2014, compared to $4.5 million for the third quarter of 2013.
Non-provision credit resolution-related costs increased from $3.0 million for the third quarter of 2013 to $3.2 million for the third quarter of 2014. Occupancy and equipment costs increased from $3.1 million for the third quarter of 2013 to $4.7 million for the third quarter of 2014 due to the increased number of branches operated by the Company after the acquisition of Prosperity and Coastal. Data processing and telecommunications expenses increased from $3.1 million for the third quarter of 2013 to $3.9 million for the third quarter of 2014.
Balance Sheet Trends
Total assets at September 30, 2014 were $4.00 billion, compared to $3.67 billion reported at December 31, 2013. Loans, including loans held for sale, totaled $2.95 billion at September 30, 2014, compared to $2.52 billion at December 31, 2013. During the third quarter, growth in non-covered loans amounted to $78.7 million, or 17.6% on an annualized basis. Growth during the third quarter of 2014 was spread evenly across most loan types, including agriculture, municipal, commercial real estate and mortgage.
Investment securities at the end of the quarter amounted to $542.2 million, or 15.4% of earning assets, compared to $503.1 million, or 15.6% of earning assets, at December 31, 2013.
Funding sources continued to improve over year end levels. At September 30, 2014, total deposits amounted to $3.37 billion, or 93.2% of total funding, compared to $3.0 billion and 90.0%, respectively, at December 31, 2013. Non-interest bearing deposits reflected the largest growth, ending the current quarter at $816.5 million, or 24.2% of total deposits, compared to $668.5 million, or 22.3%, at December 31, 2013. Successful retention of acquired deposit accounts has positively impacted our deposit mix and total funding levels. Reductions in borrowings with the FHLB of $65.0 million have occurred throughout the year and have been the primary driver of the Company's increased reliance on core deposits for its total funding.
Stockholders' equity at September 30, 2014 totaled $353.8 million, compared to $316.7 million reported at December 31, 2013. The retirement of $28 million of preferred equity in the first quarter of 2014 has been more than offset by the Company's consolidated earnings and issuance of common stock associated with the acquisition of Coastal on June 30, 2014. During the second quarter of 2014, the Company issued 1.6 million shares to complete the purchase of Coastal, increasing stockholders' equity by $34.5 million.
Tangible common equity as a percentage of tangible assets increased to 7.27% at the end of the third quarter of 2014, compared to 6.83% at the end of 2013. The combination of the Company's net earnings, additional common equity and intangibles associated with the Coastal acquisition account for the majority of the increase in the Company's capital ratios. Tangible book value increased to $10.68 per share at September 30, 2014, compared to $9.87 per share at December 31, 2014.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 74 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 Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income Available to Common Shareholders $11,663 $8,130 $8,064 $966 $6,234 $27,857 $17,314
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $0.44 $0.32 $0.32 $0.04 $0.26 $1.08 $0.72
Diluted $0.43 $0.32 $0.32 $0.04 $0.26 $1.07 $0.71
Cash Dividends per share $0.05 $0.05 $ - $ - $ - $0.10 $ -
Book value per share (period end) $13.22 $12.83 $11.93 $11.50 $10.98 $13.22 $10.98
Tangible book value per share (period end) $10.68 $10.26 $10.31 $9.87 $10.85 $10.68 $10.85
Weighted average number of shares:
Basic 26,773,033 25,180,665 25,144,342 24,021,447 23,900,665 25,705,313 23,882,539
Diluted 27,160,886 25,633,130 25,573,320 24,450,619 24,315,821 26,099,413 24,297,695
Period-end number of shares 26,774,402 26,771,821 25,159,073 25,098,427 23,907,509 26,774,402 23,907,509
Market data:
High closing price $24.04 $23.90 $24.00 $21.42 $19.79 $24.04 $19.79
Low closing price $21.00 $19.73 $19.86 $17.69 $17.35 $19.73 $12.79
Period end closing price $21.95 $21.56 $23.30 $21.11 $18.38 $21.95 $18.38
Average daily volume 79,377 79,038 103,279 94,636 75,545 87,019 60,457
PERFORMANCE RATIOS
Return on average assets 1.17% 0.93% 0.96% 0.19% 0.94% 1.01% 0.89%
Return on average common equity 13.19% 10.53% 11.66% 2.20% 10.75% 10.73% 10.44%
Earning asset yield (TE) 4.96% 5.08% 5.01% 4.84% 5.20% 5.02% 5.26%
Total cost of funds 0.45% 0.42% 0.43% 0.40% 0.39% 0.43% 0.39%
Net interest margin (TE) 4.50% 4.65% 4.57% 4.43% 4.80% 4.57% 4.85%
Non-interest income excluding securities
transactions,
as a percent of total revenue (TE) 28.86% 28.87% 25.02% 26.45% 27.76% 27.70% 26.74%
Efficiency ratio 67.64% 73.05% 70.36% 92.74% 69.09% 70.25% 69.02%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 8.85% 8.64% 8.60% 8.63% 10.30% 8.85% 10.30%
Tangible common equity to tangible assets 7.27% 7.04% 7.53% 6.83% 9.22% 7.27% 9.22%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 7.27% 7.04% 7.53% 6.83% 9.22% 7.27% 9.22%
Effect of preferred equity 0.00% 0.00% 0.00% 0.76% 0.99% 0.00% 0.99%
Effect of goodwill and other intangibles 1.58% 1.61% 1.07% 1.04% 0.09% 1.58% 0.09%
Equity to assets (GAAP) 8.85% 8.64% 8.60% 8.63% 10.30% 8.85% 10.30%
==== ==== ==== ==== ===== ==== =====
OTHER PERIOD-END DATA
Banking Division FTE 867 888 785 820 678 867 678
Mortgage Division FTE 176 175 161 164 158 176 158
-------------------
Total Ameris Bancorp FTE Headcount 1,043 1,063 946 984 836 1,043 836
----- ----- --- --- --- ----- ---
Assets per Banking Division FTE $4,613 $4,474 $4,443 $4,473 $4,157 $4,613 $4,157
Branch locations 74 74 68 68 57 74 57
Deposits per branch location $45,583 $45,798 $44,274 $44,106 $42,867 $45,583 $42,867
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $39,610 $35,297 $34,469 $29,289 $29,633 $109,376 $88,208
Interest on taxable securities 3,034 2,953 2,985 1,998 1,720 8,972 5,136
Interest on nontaxable securities 496 312 335 342 352 1,143 1,071
Interest on deposits in other banks 46 45 79 118 44 170 158
Interest on federal funds sold - - 5 2 - 5 -
Total interest income 43,186 38,607 37,873 31,749 31,749 119,666 94,573
------ ------ ------ ------ ------ ------- ------
Interest expense
Interest on deposits $2,540 $2,205 $2,183 $2,066 $2,025 $6,928 $6,334
Interest on other borrowings 1,514 1,138 1,206 632 404 3,858 1,105
-----------------
Total interest expense 4,054 3,343 3,389 2,698 2,429 10,786 7,439
----- ----- ----- ----- ----- ------ -----
Net interest income 39,132 35,264 34,484 29,051 29,320 108,880 87,134
Provision for loan losses 1,669 1,365 1,726 1,478 2,920 4,760 10,008
----- ----- ----- ----- ----- ----- ------
Net interest income after provision for loan losses $37,463 $33,899 $32,758 $27,573 $26,400 $104,120 $77,126
------- ------- ------- ------- ------- -------- -------
Noninterest income
Service charges on deposit accounts $6,659 $5,847 $5,586 $5,065 $4,948 $18,092 $14,480
Mortgage banking activity 7,498 6,944 5,068 4,431 5,232 19,510 14,697
Other service charges, commissions and fees 690 662 652 612 593 2,004 1,539
Gain(loss) on sale of securities 132 - 6 - - 138 171
Other non-interest income 2,922 2,366 1,442 1,409 1,515 6,730 4,145
Total noninterest income 17,901 15,819 12,754 11,517 12,288 46,474 35,032
------ ------ ------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 20,226 16,942 17,394 15,071 14,412 54,562 41,599
Occupancy and equipment expenses 4,669 4,071 4,064 3,228 3,149 12,804 9,058
Data processing and telecommunications
expenses 3,928 3,940 3,454 3,061 3,072 11,322 8,478
Credit resolution related expenses (1) 3,186 2,840 2,190 5,322 2,971 8,216 10,164
Advertising and marketing expenses 594 718 710 604 434 2,022 1,016
Amortization of intangible assets 698 437 533 346 346 1,668 1,068
Merger and conversion charges 551 2,872 450 4,350 512 3,873 512
Other non-interest expenses 4,727 5,498 4,444 5,642 3,853 14,669 12,426
Total noninterest expense 38,579 37,318 33,239 37,624 28,749 109,136 84,321
------ ------ ------ ------ ------ ------- ------
Income before income taxes $16,785 $12,400 $12,273 $1,466 $9,939 $41,458 $27,837
Income tax expense 5,122 4,270 3,923 88 3,262 13,315 9,197
-----------------
Net income $11,663 $8,130 $8,350 $1,378 $6,677 $28,143 $18,640
======= ====== ====== ====== ====== ======= =======
Preferred stock dividends - - 286 412 443 286 1,326
--- --- --- --- --- --- -----
Net income available to common shareholders $11,663 $8,130 $8,064 $966 $6,234 $27,857 $17,314
======= ====== ====== ==== ====== ======= =======
Diluted earnings available to common shareholders 0.43 0.32 0.32 0.04 0.26 1.07 0.71
==== ==== ==== ==== ==== ==== ====
(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
------------------
Sept. Jun. Mar. Dec. Sept.
2014 2014 2014 2013 2013
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $69,421 $80,986 $71,387 $62,955 $53,516
Federal funds sold and interest bearing
balances 40,165 44,800 48,677 204,984 73,899
Investment securities available for sale, at
fair value 529,509 535,630 456,713 486,235 312,248
Other investments 12,687 10,971 9,322 16,828 7,764
Mortgage loans held for sale 110,059 81,491 51,693 67,278 69,634
Loans, net of unearned income 1,848,759 1,770,059 1,695,382 1,618,454 1,589,267
Purchased, non-covered loans 673,724 702,131 437,269 448,753 -
Covered loans 313,589 331,250 372,694 390,237 417,649
Less allowance for loan losses (22,212) (22,254) (22,744) (22,377) (23,854)
------------------
Loans, net 2,813,860 2,781,186 2,482,601 2,435,067 1,983,062
Other real estate owned 35,320 35,373 33,839 33,351 37,978
Purchased, non-covered other real estate
owned 13,660 16,598 3,864 4,276 -
Covered other real estate owned 28,883 38,426 42,636 45,893 52,552
------------------
Total other real estate owned 77,863 90,397 80,339 83,520 90,530
Premises and equipment, net 98,752 99,495 87,430 103,188 65,661
Goodwill 58,879 58,903 35,049 35,049 956
Other intangibles, net 9,114 9,812 5,477 6,009 1,972
FDIC loss sharing receivable 38,233 49,180 53,181 65,441 81,763
Cash value of bank owned life insurance 58,217 57,864 49,738 49,432 49,095
Other assets 82,649 72,420 56,377 51,663 28,402
Total assets $3,999,408 $3,973,135 $3,487,984 $3,667,649 $2,818,502
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $816,517 $790,798 $698,866 $668,531 $475,505
Interest-bearing 2,556,602 2,598,237 2,311,781 2,330,700 1,967,916
--------- --------- --------- --------- ---------
Total deposits 3,373,119 3,389,035 3,010,647 2,999,231 2,443,421
Federal funds purchased & securities sold
under
agreements to repurchase 32,351 51,109 49,974 83,516 20,255
Other borrowings 147,409 100,293 59,677 194,572 5,000
Other liabilities 27,615 24,457 12,028 18,165 17,201
Subordinated deferrable interest debentures 65,084 64,842 55,628 55,466 42,269
Total liabilities 3,645,578 3,629,736 3,187,954 3,350,950 2,528,146
--------- --------- --------- --------- ---------
Stockholders' equity
Preferred stock $ - $ - $ - $28,000 $27,938
Common stock 28,158 28,155 26,536 26,462 25,271
Capital surplus 224,142 222,550 190,513 189,722 165,835
Retained earnings 109,170 100,185 92,055 83,991 83,025
Accumulated other comprehensive income/(loss) 3,974 4,123 2,374 (294) (531)
Less treasury stock (11,614) (11,614) (11,448) (11,182) (11,182)
Total stockholders' equity 353,830 343,399 300,030 316,699 290,356
------- ------- ------- ------- -------
Total liabilities and stockholders' equity $3,999,408 $3,973,135 $3,487,984 $3,667,649 $2,818,502
========== ========== ========== ========== ==========
Other Data
Earning Assets 3,515,805 3,465,361 3,062,428 3,215,941 2,462,697
Intangible Assets 67,993 68,715 40,526 41,058 2,928
Interest Bearing Liabilities 2,801,446 2,814,481 2,477,060 2,664,254 2,035,440
Average Assets 3,969,893 3,494,466 3,521,588 2,937,434 2,806,799
Average Common Stockholders' Equity 350,733 309,696 290,462 248,429 246,490
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION(1)
Allowance for loan losses
Balance at beginning of period $22,254 $22,744 $22,377 $23,854 $24,217 $22,377 $23,593
Provision for loan loss (2) 1,573 997 1,501 1,200 2,449 4,071 8,747
Charge-offs 1,975 1,973 1,606 3,591 3,457 5,554 9,693
Recoveries 360 486 472 914 645 1,318 1,207
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) 1,615 1,487 1,134 2,677 2,812 4,236 8,486
Ending balance $22,212 $22,254 $22,744 $22,377 $23,854 $22,212 $23,854
==============
As a percentage of loans 1.20% 1.26% 1.34% 1.38% 1.50% 1.20% 1.50%
As a percentage of nonperforming loans 97.38% 100.65% 85.09% 76.63% 75.20% 97.38% 75.20%
Net charge-off information
Charge-offs
Commercial, financial & agricultural $191 $165 $743 $543 $482 $1,099 $1,216
Real estate - residential 406 752 181 1,785 1,323 1,339 3,430
Real estate - commercial & farmland 953 769 533 698 1,080 2,255 2,873
Real estate - construction & development 296 157 65 422 367 518 1,598
Consumer installment 129 130 84 143 205 343 576
Total charge-offs 1,975 1,973 1,606 3,591 3,457 5,554 9,693
----- ----- ----- ----- ----- ----- -----
Recoveries
Commercial, financial & agricultural 47 134 49 92 212 230 340
Real estate - residential 52 48 83 368 291 183 520
Real estate - commercial & farmland 31 9 143 12 5 183 18
Real estate - construction & development 96 96 108 385 84 300 88
Consumer installment 134 199 89 57 53 422 241
Total recoveries 360 486 472 914 645 1,318 1,207
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) $1,615 $1,487 $1,134 $2,677 $2,812 $4,236 $8,486
===========================
Non-accrual loans (excluding purchased non-covered
and covered loans) $22,810 $22,111 $26,729 $29,203 $31,720 $22,810 $31,720
Non-accrual purchased non-covered loans 17,007 15,770 15,318 6,659 17,007 -
Foreclosed assets (excluding purchased assets) 35,320 35,373 33,839 33,351 37,978 35,320 37,978
Purchased, non-covered other real estate owned 13,660 16,598 3,864 4,276 13,660 -
Accruing loans delinquent 90 days or more - - - - - - -
--- --- --- --- ---
Total non-performing assets, excluding covered assets $88,797 $89,852 $79,750 $73,489 $69,698 $88,797 $69,698
------- ------- ------- ------- ------- ------- -------
Non-performing assets as a percent of total assets 2.22% 2.26% 2.29% 2.00% 2.47% 2.22% 2.47%
Net charge offs as a percent of loans (Annualized) 0.35% 0.34% 0.27% 0.66% 0.70% 0.31% 0.71%
(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:
----------------------
Sept. Jun. Mar. Dec. Sept.
Loans by Type 2014 2014 2014 2013 2013
---- ---- ---- ---- ----
Commercial, financial & agricultural $334,783 $304,588 $270,571 $244,373 $244,991
Real estate - construction & development 154,315 149,346 149,543 146,371 132,277
Real estate - commercial & farmland 882,160 850,000 836,230 808,323 799,149
Real estate - residential 436,515 422,731 393,001 351,886 355,920
Consumer installment 31,403 31,902 32,345 34,249 36,303
Other 9,583 11,492 13,692 33,252 20,627
Total Legacy (excluding purchased
non-covered and covered) $1,848,759 $1,770,059 $1,695,382 $1,618,454 $1,589,267
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $38,077 $41,583 $30,810 $32,141 $ -
Real estate - construction & development 60,262 64,084 31,820 31,176 -
Real estate - commercial & farmland 296,790 311,748 174,281 179,898 -
Real estate - residential 273,347 278,451 196,078 200,851 -
Consumer installment 5,248 6,265 4,280 4,687 -
Total Purchased non-covered (net of discounts) $673,724 $702,131 $437,269 $448,753 $ -
-------- -------- -------- -------- -------------------------
Commercial, financial & agricultural $22,545 $25,209 $24,813 $26,550 $27,768
Real estate - construction & development 27,756 31,600 41,434 43,179 50,702
Real estate - commercial & farmland 180,566 188,643 214,649 224,451 237,086
Real estate - residential 82,445 85,518 91,372 95,173 101,146
Consumer installment 277 280 426 884 947
Total Covered (net of discounts) $313,589 $331,250 $372,694 $390,237 $417,649
-------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $395,405 $371,380 $326,194 $303,064 $272,759
Real estate - construction & development 242,333 245,030 222,797 220,726 182,979
Real estate - commercial & farmland 1,359,516 1,350,391 1,225,160 1,212,672 1,036,235
Real estate - residential 792,307 786,700 680,451 647,910 457,066
Consumer installment 36,928 38,447 37,051 39,820 37,250
Other 9,583 11,492 13,692 33,252 20,627
Total Loans $2,836,072 $2,803,440 $2,505,345 $2,457,444 $2,006,916
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural $257 $257 $711 $515 $521
Real estate - construction & development 1,917 2,080 1,953 1,896 1,926
Real estate - commercial & farmland 7,080 7,590 8,733 6,913 6,693
Real estate - residential 7,973 7,335 7,364 7,818 7,871
Consumer installment 34 75 87 72 13
Total Accruing TDRs $17,261 $17,337 $18,848 $17,214 $17,024
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $507 $465 $40 $525 $533
Real estate - construction & development 196 32 29 32 29
Real estate - commercial & farmland 1,672 2,151 1,316 2,273 1,858
Real estate - residential 759 1,044 961 834 704
Consumer installment 93 51 19 19 26
Total Non-accrual TDRs $3,227 $3,743 $2,365 $3,683 $3,150
------ ------ ------ ------ ------
Total Troubled Debt Restructurings $20,488 $21,080 $21,213 $20,897 $20,174
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit $121,486 $110,842 $93,805 $74,381 $72,759
Grade 15 - Good credit 222,714 226,652 243,963 230,212 230,810
Grade 20 - Satisfactory credit 908,054 866,356 817,718 773,051 731,154
Grade 23 - Performing, under-collateralized credit 28,826 28,429 31,056 31,604 30,729
Grade 25 - Minimum acceptable credit 484,200 450,363 417,177 420,491 433,358
Grade 30 - Other asset especially mentioned 31,750 33,360 38,240 30,591 28,952
Grade 40 - Substandard 51,640 54,047 53,286 57,987 61,270
Grade 50 - Doubtful 88 10 137 137 235
Grade 60 - Loss 1 - - - -
--- --- --- --- ---
Total $1,848,759 $1,770,059 $1,695,382 $1,618,454 $1,589,267
---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $500 $500 $7,455 $3,243 $ - $2,793 $ -
Interest bearing deposits in banks 63,355 50,850 99,751 172,117 66,424 71,185 73,194
Investment securities - taxable 451,563 418,498 411,251 276,702 260,262 427,252 273,303
Investment securities - nontaxable 74,176 49,631 51,092 51,291 52,279 58,384 52,127
Other investments 8,209 6,629 12,330 8,255 7,764 8,100 7,155
Mortgage loans held for sale 83,751 54,517 49,397 65,683 61,249 62,506 103,658
Loans 1,795,059 1,706,564 1,639,672 1,602,942 1,564,311 1,697,559 1,458,988
Purchased non-covered loans 688,452 433,249 441,138 43,900 - 538,802 -
Covered loans 324,498 354,766 379,460 401,045 427,482 352,707 454,361
------- ------- ------- ------- -------
Total Earning Assets $3,489,563 3,075,204 3,091,546 2,625,178 $2,439,771 $3,219,288 $2,422,786
---------- --------- --------- --------- ---------- ---------- ----------
Noninterest bearing deposits $807,416 $680,058 $666,493 $528,732 $468,588 $718,505 $476,419
NOW accounts 743,352 691,353 675,199 604,828 573,088 703,551 595,017
MMDA 861,197 770,047 749,150 655,782 639,304 793,875 614,740
Savings accounts 155,559 145,528 143,109 107,058 104,498 148,111 103,812
Retail CDs < $100,000 439,150 356,483 373,523 293,689 290,771 389,959 302,373
Retail CDs > $100,000 370,166 360,703 361,861 352,043 349,931 364,274 357,478
Brokered CDs 5,970 5,970 5,970 10,687 12,970 5,970 16,174
Total Deposits 3,382,810 3,010,142 2,975,305 2,552,819 2,439,150 3,124,245 2,466,013
--------- --------- --------- --------- --------- --------- ---------
FHLB advances 55,435 28,626 68,333 9,521 - 50,751 -
Other borrowings 47,346 35,280 30,004 6,304 1,739 37,607 586
Subordinated debentures 64,953 55,789 55,092 46,263 42,269 58,647 42,269
Federal funds purchased and securities sold
under agreements to repurchase 44,316 40,008 57,112 41,402 18,446 47,099 22,024
Total Non-Deposit Funding 212,050 159,703 210,541 103,490 62,454 194,104 64,879
------- ------- ------- ------- ------ ------- ------
Total Funding $3,594,860 $3,169,845 $3,185,846 $2,656,309 $2,501,604 $3,318,349 $2,530,892
---------- ---------- ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $ - $ - $5 $2 $ - $5 $ -
Interest bearing deposits in banks 47 45 79 118 44 171 158
Investment securities - taxable 3,034 2,953 2,985 1,998 1,720 8,972 5,136
Investment securities - nontaxable (TE) 670 421 452 462 475 1,543 1,446
Mortgage loans held for sale 787 457 403 554 603 1,646 2,762
Loans (TE) 21,790 21,996 20,647 20,810 20,882 64,433 59,762
Purchased non-covered loans 12,610 7,933 6,865 570 - 27,408 -
Covered loans 4,726 5,164 6,761 7,508 8,248 16,651 26,079
----- ----- ----- ----- -----
Total Earning Assets $43,663 $38,969 $38,197 $32,022 $31,972 $120,829 $95,342
------- ------- ------- ------- ------- -------- -------
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 324 291 288 297 248 903 800
MMDA 783 722 681 625 606 2,186 1,683
Savings accounts 42 40 37 29 29 119 87
Retail CDs < $100,000 596 478 489 399 406 1,563 1,341
Retail CDs > $100,000 749 626 640 629 635 2,015 2,016
Brokered CDs 47 48 48 86 101 143 407
Total Deposits 2,541 2,205 2,183 2,065 2,025 6,929 6,334
----- ----- ----- ----- ----- ----- -----
FHLB advances 51 26 37 63 - 114 -
Other borrowings 558 415 408 137 20 1,381 20
Subordinated debentures 866 666 708 376 359 2,240 992
Federal funds purchased and securities sold -
under agreements to repurchase 39 31 53 56 26 123 94
--- --- --- --- --- ---
Total Non-Deposit Funding 1,514 1,138 1,206 632 405 3,858 1,106
----- ----- ----- --- --- ----- -----
Total Funding $4,055 $3,343 $3,389 $2,697 $2,430 $10,787 $7,440
------ ------ ------ ------ ------ ------- ------
Net Interest Income (TE) $39,608 $35,626 $34,808 $29,325 $29,542 $110,042 $87,902
------- ------- ------- ------- ------- -------- -------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.00% 0.00% 0.27% 0.24% 0.00% 0.24% 0.00%
Interest bearing deposits in banks 0.29% 0.35% 0.32% 0.27% 0.26% 0.32% 0.29%
Investment securities - taxable 2.67% 2.83% 2.94% 2.86% 2.62% 2.81% 2.51%
Investment securities - nontaxable 3.58% 3.40% 3.59% 3.57% 3.60% 3.53% 3.71%
Mortgage loans held for sale 3.73% 3.36% 3.31% 3.35% 3.91% 3.52% 3.56%
Loans 4.82% 5.17% 5.11% 5.15% 5.30% 5.07% 5.48%
Purchased non-covered loans 7.27% 7.34% 6.31% 5.15% 0.00% 6.80% 0.00%
Covered loans 5.78% 5.84% 7.23% 7.43% 7.65% 6.31% 7.67%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 4.96% 5.08% 5.01% 4.84% 5.20% 5.02% 5.26%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.17% 0.17% 0.17% 0.19% 0.17% 0.17% 0.18%
MMDA 0.36% 0.38% 0.37% 0.38% 0.38% 0.37% 0.37%
Savings accounts 0.11% 0.11% 0.10% 0.11% 0.11% 0.11% 0.11%
Retail CDs < $100,000 0.54% 0.54% 0.53% 0.54% 0.55% 0.54% 0.59%
Retail CDs > $100,000 0.80% 0.70% 0.72% 0.71% 0.72% 0.74% 0.75%
Brokered CDs 3.12% 3.22% 3.26% 3.19% 3.09% 3.20% 3.36%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.30% 0.29% 0.30% 0.32% 0.33% 0.30% 0.34%
FHLB advances 0.36% 0.36% 0.22% 2.63% 0.00% 0.30% 0.00%
Other borrowings 4.68% 4.72% 5.51% 8.62% 4.56% 4.91% 4.56%
Subordinated debentures 5.29% 4.79% 5.21% 3.22% 3.37% 5.11% 3.14%
Federal funds purchased and securities sold
under agreements to repurchase 0.35% 0.31% 0.38% 0.54% 0.56% 0.35% 0.57%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 2.83% 2.86% 2.32% 2.42% 2.57% 2.66% 2.28%
Total funding (3) 0.45% 0.42% 0.43% 0.40% 0.39% 0.43% 0.39%
---- ---- ---- ---- ---- ---- ----
Net interest spread 4.52% 4.66% 4.58% 4.44% 4.81% 4.58% 4.87%
Net interest margin 4.50% 4.65% 4.57% 4.43% 4.80% 4.57% 4.85%
==== ==== ==== ==== ==== ==== ====
(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 Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Net Operating Income Reconciliation 2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $11,663 $8,130 $8,064 $966 $6,234 $27,857 $17,314
Conversion charges 551 2,872 450 4,350 512 3,873 512
Tax effect of conversion charges (168) (989) (144) (261) (168) (1,244) (169)
---- ---- ---- ---- ---- ------ ----
Plus: After tax conversion charges 383 1,883 306 4,089 344 2,629 343
Net operating income 12,046 10,013 8,370 5,055 6,578 30,486 17,657
------ ------ ----- ----- ----- ------ ------
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Core Earnings Reconciliation 2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Pre-tax operating profit/(loss) $16,785 $12,400 $12,273 $1,466 $9,939 $41,458 $27,837
Plus: Credit Related Costs
Provision for loan losses 1,669 1,365 1,726 1,478 2,920 4,760 10,008
(Gains)/Losses on the sale of legacy OREO (3) 283 (55) 310 (157) 225 (43)
Gains/(Losses) on the sale of covered OREO (184) 249 118 - - 183 3,176
Problem loan and OREO expense 3,373 2,309 2,127 5,012 3,128 7,809 7,031
Interest reversed (received) on non-accrual loans 94 71 246 29 216 411 388
---
Total Credit-Related Costs 4,949 4,277 4,162 6,829 6,107 13,388 20,560
----- ----- ----- ----- ----- ------ ------
Plus: Conversion charges 551 2,872 450 4,350 512 3,873 512
Less: Non-recurring gains
Gains related to FDIC acquisitions - - - - - - -
Gains on sales of securities (132) - (6) - - (138) (171)
Gains on sales of bank premises (616) - - - 159 (616) (310)
Other non-recurring adjustments - (870) - - (1,771) (870) (4,855)
--- ---- --- --- ------ ---- ------
Pretax, Pre-provision earnings $21,537 $18,679 $16,879 $12,645 $14,946 $57,095 $43,573
======= ======= ======= ======= ======= ======= =======
As percentage of average assets, annualized 2.15% 2.14% 1.94% 1.71% 2.11% 1.92% 2.08%
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Recurring Operating Expenses 2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Total Operating Expenses 38,579 37,318 33,239 37,624 28,749 109,136 84,321
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO 3 (283) 55 (310) 157 (225) 43
Gains/(Losses) on the sale of covered OREO 184 (249) (118) - - (183) (3,176)
Problem loan and OREO expense (3,373) (2,309) (2,127) (5,012) (3,128) (7,809) (7,031)
Severance payments - - - - (99) - -
Conversion expenses (551) (2,872) (450) (4,350) (413) (3,873) -
Gains/(Losses) on the sale of premises 616 - - - (159) 616 310
--- --- --- --- ---- --- ---
Recurring operating expenses $35,458 $31,605 $30,599 $27,952 $25,107 $97,662 $74,467
======= ======= ======= ======= ======= ======= =======
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Segment Reporting 2014 2014 2014 2013 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $36,785 $33,925 $33,384 $27,930 $28,089 $104,094 $84,372
Provision for loan losses 994 1,365 1,726 1,478 2,920 4,085 10,008
Noninterest income 10,766 8,817 7,590 7,086 7,054 27,173 20,333
Noninterest expense:
Salaries and employee benefits 15,817 13,005 13,826 11,841 10,799 42,648 32,314
Occupancy 4,301 3,771 3,762 3,080 3,029 11,834 8,575
Data Processing 3,622 3,597 3,332 2,953 2,908 10,551 8,013
Other expenses 8,887 11,053 7,512 14,257 7,473 27,452 22,807
----- ------ ----- ------ ----- ------ ------
Total noninterest expense 32,627 31,426 28,432 32,131 24,209 92,485 71,709
------ ------ ------ ------ ------ ------ ------
Income before income taxes 13,930 9,951 10,816 1,407 8,014 34,697 22,988
Income Tax 4,123 3,413 3,413 67 2,588 10,949 7,500
Net income 9,807 6,538 7,403 1,340 5,426 23,748 15,488
Preferred stock dividends - - 286 412 443 286 1,326
--- --- --- --- --- --- -----
Net income available to common shareholders $9,807 $6,538 $7,117 $928 $4,983 $23,462 $14,162
====== ====== ====== ==== ====== ======= =======
Mortgage Division:
Net interest income $2,347 $1,339 $1,100 $1,121 $1,231 $4,786 $2,762
Provision for loan losses 675 - - - - 675 -
Noninterest income 7,135 7,002 5,164 4,431 5,234 19,301 14,699
Noninterest expense:
Salaries and employee benefits 4,409 3,937 3,568 3,230 3,613 11,914 9,285
Occupancy 368 300 302 148 120 970 483
Data Processing 306 343 122 108 164 771 465
Other expenses 869 1,312 815 2,007 643 2,996 2,379
--- ----- --- ----- --- ----- -----
Total noninterest expense 5,952 5,892 4,807 5,493 4,540 16,651 12,612
----- ----- ----- ----- ----- ------ ------
Income before income taxes 2,855 2,449 1,457 59 1,925 6,761 4,849
Income Tax 999 857 510 21 674 2,366 1,697
Net income 1,856 1,592 947 38 1,251 4,395 3,152
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $1,856 $1,592 $947 $38 $1,251 $4,395 $3,152
====== ====== ==== === ====== ====== ======
Total Consolidated:
Net interest income $39,132 $35,264 $34,484 $29,051 $29,320 $108,880 $87,134
Provision for loan losses 1,669 1,365 1,726 1,478 2,920 4,760 10,008
Noninterest income 17,901 15,819 12,754 11,517 12,288 46,474 35,032
Noninterest expense:
Salaries and employee benefits 20,226 16,942 17,394 15,071 14,412 54,562 41,599
Occupancy 4,669 4,071 4,064 3,228 3,149 12,804 9,058
Data Processing 3,928 3,940 3,454 3,061 3,072 11,322 8,478
Other expenses 9,756 12,365 8,327 16,264 8,116 30,448 25,186
----- ------ ----- ------ ----- ------ ------
Total noninterest expense 38,579 37,318 33,239 37,624 28,749 109,136 84,321
------ ------ ------ ------ ------ ------- ------
Income before income taxes 16,785 12,400 12,273 1,466 9,939 41,458 27,837
Income Tax 5,122 4,270 3,923 88 3,262 13,315 9,197
Net income 11,663 8,130 8,350 1,378 6,677 28,143 18,640
Preferred stock dividends - - 286 412 443 286 1,326
--- --- --- --- --- --- -----
Net income available to common shareholders $11,663 $8,130 $8,064 $966 $6,234 $27,857 $17,314
======= ====== ====== ==== ====== ======= =======
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SOURCE Ameris Bancorp
