AMERIS BANCORP MOULTRIE, Ga., Oct. 23, 2015 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) (the "Company"), today reported operating net income of $15.9 million, or $0.49 per diluted share, for the quarter ended September 30, 2015, compared with $12.0 million, or $0.44 per diluted share, for the quarter ended September 30, 2014. Operating earnings for the quarter exclude $75,000 of after-tax gains on the sale of securities and $283,000 of after-tax costs associated with the conversion of the Company's recently completed acquisitions. For the year-to-date period ending September 30, 2015, the Company reported operating net income of $38.0 million, or $1.19 per diluted share, compared with $30.4 million, or $1.16 per share, for the same period in 2014. Earnings per share for 2015 reflect an additional 5.3 million common shares issued in the Company's private placement completed in January 2015. Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We had a great third quarter at Ameris Bank highlighted by solid loan growth, higher revenue than our target numbers, credit quality expenses greatly reduced from past quarters and several expense initiatives that are in place that should help continue moving earnings higher. The integration of our two recent acquisitions has been completed, and we look forward to completing the acquisition of Jacksonville Bancorp, Inc. early in 2016."
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Including the recently announced acquisition, non-recurring credit charges and gains on the sale of securities, the Company reported net income of $15.6 million, or $0.48 per share, in the third quarter of 2015, compared with $11.7 million, or $0.43 per share, in the same quarter in 2014, and for the year-to-date period in 2015, the Company's earnings totaled $26.7 million, or $0.84 per share, compared with $27.9 million, or $1.07 per share, in 2014.
Highlights of the Company's performance and results for the third quarter of 2015 include the following:
-- Announcement of an agreement to acquire Jacksonville Bancorp, Inc.,
which will add $502 million in total assets and eight additional
locations within the Jacksonville MSA
-- Operating return on average assets and operating return on average
tangible equity of 1.21% and 16.23%, respectively
-- Successful data conversion of the 13 branches acquired in the
acquisition of Merchants and Southern Bank in Gainesville, Florida
-- Total loan growth (including mortgage loans held for sale) of $203.7
million in the third quarter of 2015, or 22.7% annualized
-- Organic loan growth of $78.2 million, or 10.4% (annualized), during the
third quarter of 2015
-- 27% increase in total recurring revenue to $72.3 million in the third
quarter of 2015 as compared with the same quarter in 2014, with
recurring revenue defined as net interest income plus noninterest
income, but excluding gain on sale of securities
-- 15.3% increase in tangible book value per share to $12.31, compared with
$10.68 per share at September 30, 2014
-- 39.5% increase in noninterest income to $25.0 million, compared with
$17.9 million in the third quarter of 2014
-- 73.4% increase in profitability from mortgage, SBA and warehouse lines
of business to $4.7 million, compared with $2.7 million in the same
quarter in 2014.
Pending Acquisition
During the third quarter of 2015, the Company announced its intent to acquire Jacksonville Bancorp, Inc., the parent company of The Jacksonville Bank. Upon completion of the transaction, the combined company will have approximately $5.7 billion in assets, $4.0 billion in loans and $4.9 billion in deposits. The acquisition will further expand Ameris's existing Southeastern footprint in the attractive Jacksonville, Florida market. The Jacksonville Bank currently operates eight banking locations, all of which are located within the Jacksonville MSA. After the acquisition, Ameris will become the largest community bank by deposit market share in the Jacksonville, Florida market. The transaction is expected to close in the first quarter of 2016 and is subject to customary closing conditions, regulatory approvals and approval by Jacksonville Bancorp shareholders.
Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent) for the third quarter of 2015 totaled $48.1 million, an increase of $8.5 million, or 21.5%, compared with $39.6 million reported for the third quarter of 2014. Accretion income in the current quarter increased to $3.0 million, compared with $2.6 million in the second quarter of 2015, and was consistent with the $3.0 million recorded in the third quarter of 2014. Higher levels of interest income resulted mostly from growth in average loans outstanding of approximately $742.5 million as compared with the third quarter of 2014.
The Company's net interest margin decreased during the quarter to 4.07%, compared with 4.50% during the third quarter of 2014. This decline in net interest margin was expected and resulted from the excess liquidity and short-term investment strategy for the funds in the second and third quarters. Excluding accretion on purchased loans, the Company's net interest margin was 3.81% in the third quarter of 2015, compared with 4.17% in the third quarter of 2014.
Yields on earning assets in the third quarter of 2015 were 4.39%, compared with 4.96% in the third quarter of 2014. The decline in earning asset yields relates almost entirely to the short-term investment strategy associated with the Company's recent acquisitions. Current yields on the invested funds were approximately 2.80%, consisting of shorter duration mortgage pools, investment securities and some federal funds sold. Current yields on all loans (including purchased non-covered and covered loans and excluding accretion income) declined in the third quarter of 2015 to 4.75%, compared with 5.11% in the same quarter in 2014. Higher yielding covered loans as a percentage of total loans has declined from 11.2% in the third quarter of 2014 to only 6.2% for the current quarter of 2015. Additionally, some of the growth in the legacy portfolio has been in both municipal loans and adjustable rate mortgages that have a significantly better risk profile but lower yields than consolidated levels seen in the past.
Total interest expense for the third quarter of 2015 was $3.8 million, compared with $4.1 million in the same quarter of 2014. Decreases in total interest expense were driven primarily by the deposit mix in the portfolio, both from acquisition activity and organic growth. Noninterest bearing deposits were 28.7% of the total average deposits in the third quarter of 2015, compared with 23.9% in the same period in 2014. Deposit costs of funds were lower during the third quarter of 2015 at 0.22%, compared with 0.30% during the third quarter of 2014. Management does not expect deposit costs or overall funding costs to change materially in the coming quarters despite tightening liquidity and increasingly stronger forecasts for asset growth.
Non-interest Income
Non-interest income in the third quarter of 2015 improved to $25.0 million, an increase of $7.1 million, or 39.5%, compared with the same quarter in 2014. Continued growth and profitability in the Company's mortgage operations provided most of the improvement, with revenue from mortgage operations increasing to $10.4 million, an increase of 38.8% compared with the same quarter of 2014. Total mortgage loan production increased to $311.0 million in the quarter, compared with $217.7 million in the third quarter of 2014, while spreads (gain on sale) were relatively unchanged at 3.51% in the current quarter compared with 3.46% in the same quarter of 2014.
Service charges on deposit accounts increased by $4.1 million to $10.8 million during the quarter, an increase of 61.7% compared with the same quarter in 2014. Service charge increases associated with the recently closed acquisitions totaled $2.7 million in the third quarter of 2015, or $10.9 million annually.
Non-interest Expense
Non-interest expenses totaled $48.4 million in the third quarter of 2015, compared with $38.6 million in the third quarter of 2014. Substantially all of the increase in operating expenses in the third quarter of 2015 over the third quarter of 2014 relates to additional expenses associated with recently acquired branches, as well as increased expenses in the Company's non-interest lines of business. Line of business operating expenses increased $1.5 million during the current quarter as compared with the same quarter in 2014. Growth in line of business revenue more than eclipsed the growth in related operating expenses, contributing to a measurable increase in profitability.
Salaries and benefits increased to $24.9 million in the current quarter of 2015, compared with $22.5 million in the second quarter of 2015 and $20.2 million in the same quarter in 2014. Increases in compensation costs derive from the staffing additions resulting from the acquisition of Merchants and Southern Bank and 18 Bank of America branches in the second quarter of 2015.
Non-provision credit resolution-related costs decreased from $3.2 million in the third quarter of 2014 to $1.1 million in the third quarter of 2015. Occupancy and equipment costs increased from $4.7 million in the third quarter of 2014 to $5.9 million in the third quarter of 2015 due to the increased number of branches that are now operated by the Company. Data processing and telecommunications expenses increased from $3.9 million in the third quarter of 2014 to $5.3 million in the third quarter of 2015 for the same reason.
Balance Sheet Trends
Total assets at September 30, 2015 were $5.22 billion, compared with $4.04 billion reported at December 31, 2014. The growth in total assets was driven by the acquisitions of Merchants and Southern Bank and 18 additional retail branches during the second quarter of 2015.
Loans, including loans held for sale, totaled $3.77 billion at September 30, 2015, compared with $2.90 billion at December 31, 2014. During the third quarter, organic growth in loans amounted to $78.2 million, or 10.4% on an annualized basis. Purchased, non-covered loans (excluding loan pools) decreased $40.8 million during the quarter to $767.5 million, down from $808.3 million at June 30, 2015. Purchased, non-covered loan pools increased $141.1 million during the quarter, to $410.1 million, as the Company purchased additional whole-loan, adjustable rate mortgage pools to invest its excess cash. Covered loans continued to decline and ended the quarter at $191.0 million, a decrease of $18.6 million during the quarter.
Investment securities at the end of the quarter amounted to $820.7 million, or 19.1% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December 31, 2014.
At September 30, 2015, total deposits amounted to $4.53 billion, or 98.0% of total funding, compared with $3.43 billion and 95.8%, respectively, at December 31, 2014. Non-interest bearing deposits at the end of the current quarter were $1.28 billion, or 28.2% of total deposits, compared with $839.4 million, or 24.5%, at December 31, 2014.
Stockholders' equity at September 30, 2015 totaled $502.3 million, compared with $366.0 million reported at December 31, 2014. The increase in stockholders' equity was the result of the issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $26.7 million during the first nine months of 2015. Tangible book value increased during the first nine months of 2015, from $10.99 per share at December 31, 2014 to $12.31 per share at September 30, 2015.
Tangible common equity as a percentage of tangible assets increased to 7.76% at the end of the third quarter of 2015, compared with 7.42% at the end of 2014.
Conference Call
The Company will host a teleconference at 10:00 a.m. EDT today (October 23, 2015) to discuss the Company's results and answer appropriate questions. 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 November 7, 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 10074804. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 103 locations in Georgia, Alabama, northern Florida and South Carolina, with ten of those locations announced to be consolidated within the coming months.
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.
2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income Available to Common Shareholders $15,627 $1,308 $9,764 $10,580 $11,663 $26,699 $27,857
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $0.49 $0.04 $0.32 $0.40 $0.44 $0.84 $1.08
Diluted $0.48 $0.04 $0.32 $0.39 $0.43 $0.84 $1.07
Cash Dividends per share $0.05 $0.05 $0.05 $0.05 $0.05 $0.15 $0.10
Book value per share (period end) $15.60 $15.12 $15.22 $13.67 $13.22 $15.60 $13.22
Tangible book value per share (period end) $12.31 $11.81 $13.01 $10.99 $10.68 $12.31 $10.68
Weighted average number of shares:
Basic 32,195,435 32,184,355 30,442,998 26,771,636 26,773,033 31,614,015 25,705,313
Diluted 32,553,167 32,520,453 30,796,148 27,090,293 27,160,886 31,961,969 26,099,413
Period-end number of shares 32,196,117 32,195,089 32,182,143 26,773,863 26,774,402 32,196,117 26,774,402
Market data:
High closing price $28.75 $26.87 $26.55 $26.48 $24.04 $28.75 $24.04
Low closing price $24.97 $24.73 $22.75 $21.95 $21.00 $22.75 $19.73
Period end closing price $28.75 $25.29 $26.39 $25.64 $21.95 $28.75 $21.95
Average daily volume 174,900 107,413 105,152 111,473 79,377 129,678 87,019
PERFORMANCE RATIOS
Return on average assets 1.19% 0.12% 0.97% 1.05% 1.17% 0.74% 1.01%
Return on average common equity 12.53% 1.07% 8.76% 11.57% 13.19% 7.21% 10.73%
Earning asset yield (TE) 4.39% 4.49% 4.79% 5.08% 4.96% 4.54% 5.02%
Total cost of funds 0.32% 0.36% 0.40% 0.43% 0.45% 0.36% 0.43%
Net interest margin (TE) 4.07% 4.14% 4.39% 4.64% 4.50% 4.18% 4.57%
Non-interest income excluding securities
transactions,
as a percent of total revenue (TE) 32.33% 31.51% 29.06% 26.50% 28.86% 31.09% 27.70%
Efficiency ratio 66.87% 92.74% 72.38% 72.75% 67.64% 76.85% 70.25%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 9.63% 9.35% 11.79% 9.07% 8.85% 9.63% 8.85%
Tangible common equity to tangible assets 7.76% 7.46% 10.26% 7.42% 7.27% 7.76% 7.27%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 7.76% 7.46% 10.26% 7.42% 7.27% 7.76% 7.27%
Effect of goodwill and other intangibles 1.87% 1.89% 1.54% 1.65% 1.58% 1.87% 1.58%
------------------
Equity to assets (GAAP) 9.63% 9.35% 11.79% 9.07% 8.85% 9.63% 8.85%
==== ==== ===== ==== ==== ==== ====
OTHER PERIOD-END DATA
Banking Division FTE 1,110 1,122 852 853 867 1,110 867
Mortgage Division FTE 218 191 170 174 176 218 176
------------------
Total Ameris Bancorp FTE Headcount 1,328 1,313 1,022 1,027 1,043 1,328 1,043
----- ----- ----- ----- ----- ----- -----
Assets per Banking Division FTE $4,699 $4,640 $4,874 $4,733 $4,613 $4,699 $4,613
Branch locations 103 103 73 73 74 103 74
Deposits per branch location $43,986 $43,801 $47,674 $47,002 $45,583 $43,986 $45,583
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.
2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $45,775 $39,838 $38,618 $41,235 $39,610 $124,231 $109,376
Interest on taxable securities 4,694 3,747 3,153 3,114 3,034 11,594 8,972
Interest on nontaxable securities 480 462 469 483 496 1,411 1,143
Interest on deposits in other banks 227 177 124 66 46 528 170
Interest on federal funds sold 19 5 4 2 - 28 5
-----------------
Total interest income 51,195 44,229 42,368 44,900 43,186 137,792 119,666
------ ------ ------ ------ ------ ------- -------
Interest expense
Interest on deposits $2,521 $2,264 $2,280 $2,560 $2,540 $7,065 $6,928
Interest on other borrowings 1,275 1,277 1,256 1,334 1,514 3,808 3,858
-----------------
Total interest expense 3,796 3,541 3,536 3,894 4,054 10,873 10,786
----- ----- ----- ----- ----- ------ ------
Net interest income 47,399 40,688 38,832 41,006 39,132 126,919 108,880
Provision for loan losses 986 2,656 1,069 888 1,669 4,711 4,760
--- ----- ----- --- ----- ----- -----
Net interest income after provision for loan losses $46,413 $38,032 $37,763 $40,118 $37,463 $122,208 $104,120
------- ------- ------- ------- ------- -------- --------
Noninterest income
Service charges on deposit accounts $10,766 $7,151 $6,429 $6,522 $6,659 $24,346 $18,092
Mortgage banking activity 10,404 9,727 8,083 6,476 7,498 28,214 19,510
Other service charges, commissions and
fees 1,145 829 668 643 690 2,642 2,004
Gain(loss) on sale of securities 115 10 12 - 132 137 138
Other non-interest income 2,548 2,909 2,383 2,721 2,922 7,840 6,730
Total noninterest income 24,978 20,626 17,575 16,362 17,901 63,179 46,474
------ ------ ------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 24,934 22,465 20,632 19,316 20,226 68,031 54,562
Occupancy and equipment expenses 5,915 4,809 4,554 4,717 4,669 15,278 12,804
Data processing and telecommunications
expenses 5,329 4,214 4,260 4,229 3,928 13,803 11,322
Credit resolution related expenses (1) 1,083 11,240 3,161 5,290 3,186 15,484 8,216
Advertising and marketing expenses 667 833 641 847 594 2,141 2,022
Amortization of intangible assets 1,321 630 630 662 698 2,581 1,668
Merger and conversion charges 446 5,712 15 67 551 6,173 3,873
Other non-interest expenses 8,701 6,961 6,934 6,605 4,727 22,596 14,669
Total noninterest expense 48,396 56,864 40,827 41,733 38,579 146,087 109,136
------ ------ ------ ------ ------ ------- -------
Income before income taxes $22,995 $1,794 $14,511 $14,747 $16,785 $39,300 $41,458
Income tax expense 7,368 486 4,747 4,167 5,122 12,601 13,315
-----------------
Net income $15,627 $1,308 $9,764 $10,580 $11,663 $26,699 $28,143
======= ====== ====== ======= ======= ======= =======
Preferred stock dividends - - - - - - 286
--- --- --- --- --- --- ---
Net income available to common shareholders $15,627 $1,308 $9,764 $10,580 $11,663 $26,699 $27,857
======= ====== ====== ======= ======= ======= =======
Diluted earnings available to common shareholders 0.48 0.04 0.32 0.39 0.43 0.84 1.07
==== ==== ==== ==== ==== ==== ====
(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.
2015 2015 2015 2014 2014
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $114,396 $115,413 $80,142 $78,036 $69,421
Federal funds sold and interest bearing
balances 120,925 239,804 126,157 92,323 40,165
Investment securities available for sale,
at fair value 811,385 862,154 610,330 541,805 529,509
Other investments 9,322 9,322 8,636 10,275 12,687
Mortgage loans held for sale 111,807 108,829 73,796 94,759 110,059
Loans, net of unearned income 2,290,649 2,171,600 1,999,420 1,889,881 1,848,759
Purchased, non-covered loans (excluding
loan pools) 767,494 808,313 643,092 674,239 673,724
Purchased, non-covered loan pools 410,072 268,984 - - -
Covered loans 191,021 209,598 245,745 271,279 313,589
Less allowance for loan losses (22,471) (21,658) (21,852) (21,157) (22,212)
-----------------
Loans, net 3,636,765 3,436,837 2,866,405 2,814,242 2,813,860
Other real estate owned 20,730 22,567 32,339 33,160 35,320
Purchased, non-covered other real estate
owned 11,538 13,112 13,818 15,585 13,660
Covered other real estate owned 12,203 12,626 16,089 19,907 28,883
-----------------
Total other real estate owned 44,471 48,305 62,246 68,652 77,863
Premises and equipment, net 124,756 124,916 98,292 97,251 98,752
Goodwill 87,701 87,367 63,547 63,547 58,879
Other intangibles, net 18,218 19,189 7,591 8,221 9,114
FDIC loss sharing receivable 4,506 14,957 23,312 31,351 38,233
Cash value of bank owned life insurance 59,894 59,552 59,212 58,867 58,217
Other assets 72,154 79,089 73,238 77,748 82,649
Total assets $5,216,300 $5,205,734 $4,152,904 $4,037,077 $3,999,408
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $1,275,800 $1,280,174 $967,015 $839,377 $816,517
Interest-bearing 3,254,723 3,231,373 2,513,216 2,591,772 2,556,602
--------- --------- --------- --------- ---------
Total deposits 4,530,523 4,511,547 3,480,231 3,431,149 3,373,119
Federal funds purchased & securities sold
under
agreements to repurchase 51,506 75,066 55,520 73,310 32,351
Other borrowings 39,000 39,000 43,851 78,881 147,409
Other liabilities 23,371 24,026 17,952 22,384 27,615
Subordinated deferrable interest debentures 69,600 69,325 65,567 65,325 65,084
Total liabilities 4,714,000 4,718,964 3,663,121 3,671,049 3,645,578
--------- --------- --------- --------- ---------
Stockholders' equity
Preferred stock $ - $ - $ - $ - $ -
Common stock 33,610 33,609 33,593 28,159 28,158
Capital surplus 336,599 336,212 335,578 225,015 224,142
Retained earnings 140,282 126,265 126,566 118,412 109,170
Accumulated other comprehensive income/(loss) 4,197 3,072 6,353 6,098 3,974
Less treasury stock (12,388) (12,388) (12,307) (11,656) (11,614)
Total stockholders' equity 502,300 486,770 489,783 366,028 353,830
------- ------- ------- ------- -------
Total liabilities and stockholders' equity $5,216,300 $5,205,734 $4,152,904 $4,037,077 $3,999,408
========== ========== ========== ========== ==========
Other Data
Earning Assets 4,703,353 4,669,282 3,698,540 3,564,286 3,515,805
Intangible Assets 105,919 106,556 71,138 71,768 67,993
Interest Bearing Liabilities 3,414,829 3,414,764 2,678,154 2,809,288 2,801,446
Average Assets 5,213,275 4,464,558 4,079,750 4,011,128 3,969,893
Average Common Stockholders' Equity 494,957 491,967 452,132 362,659 350,733
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.
2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION(1)
Allowance for loan losses
Balance at beginning of period $21,658 $21,852 $21,157 $22,212 $22,254 $21,157 $22,377
Provision for loan loss (2) 1,050 1,800 1,100 650 1,573 3,950 4,071
Charge-offs 719 2,452 855 2,071 1,975 4,026 5,554
Recoveries 482 458 450 366 360 1,390 1,318
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) 237 1,994 405 1,705 1,615 2,636 4,236
Ending balance $22,471 $21,658 $21,852 $21,157 $22,212 $22,471 $22,212
==============
As a percentage of loans 0.98% 1.00% 1.09% 1.12% 1.20% 0.98% 1.20%
As a percentage of nonperforming loans 109.31% 104.43% 104.85% 97.37% 97.38% 109.31% 97.38%
Net charge-off information
Charge-offs
Commercial, financial & agricultural $135 $410 $392 $468 $191 $937 $1,099
Real estate - residential 234 464 268 368 406 966 1,339
Real estate - commercial & farmland 184 1,162 12 1,033 953 1,358 2,255
Real estate - construction & development 105 263 97 74 296 465 518
Consumer installment 61 153 86 128 129 300 343
Total charge-offs 719 2,452 855 2,071 1,975 4,026 5,554
--- ----- --- ----- ----- ----- -----
Recoveries
Commercial, financial & agricultural 117 115 285 91 47 517 230
Real estate - residential 54 27 57 71 52 138 183
Real estate - commercial & farmland 272 17 15 91 31 304 183
Real estate - construction & development 6 277 31 49 96 314 300
Consumer installment 33 22 62 64 134 117 422
Total recoveries 482 458 450 366 360 1,390 1,318
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) $237 $1,994 $405 $1,705 $1,615 $2,636 $4,236
===========================
Non-accrual loans (excluding purchased non-covered
and covered loans) 20,558 20,740 20,841 21,728 22,810 20,558 22,810
Non-accrual purchased non-covered loans 11,374 17,444 17,308 18,249 17,007 11,374 17,007
Foreclosed assets (excluding purchased assets) 20,730 22,567 32,339 33,160 35,320 20,730 35,320
Purchased, non-covered other real estate owned 11,538 13,112 13,818 15,585 13,660 11,538 13,660
Accruing loans delinquent 90 days or more - - - 1 - - -
--- --- --- --- ---
Total non-performing assets, excluding covered assets 64,200 73,863 84,306 88,723 88,797 64,200 88,797
------ ------ ------ ------ ------ ------ ------
Non-performing assets as a percent of total assets 1.23% 1.42% 2.03% 2.20% 2.22% 1.23% 2.22%
Net charge offs as a percent of loans (Annualized) 0.04% 0.37% 0.08% 0.36% 0.35% 0.15% 0.31%
(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 2014 and 2015, 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 2015 2015 2015 2014 2014
---- ---- ---- ---- ----
Commercial, financial & agricultural $427,747 $373,202 $334,917 $319,654 $334,783
Real estate - construction & development 220,798 205,019 178,568 161,507 154,315
Real estate - commercial & farmland 1,067,828 1,010,195 947,274 907,524 882,160
Real estate - residential 532,285 537,201 496,043 456,106 436,515
Consumer installment 31,299 30,080 29,113 30,782 31,403
Other 10,692 15,903 13,505 14,308 9,583
Total Legacy (excluding purchased
non-covered and covered) $2,290,649 $2,171,600 $1,999,420 $1,889,881 $1,848,759
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $42,350 $45,337 $36,258 $38,041 $38,077
Real estate - construction & development 71,109 75,302 53,668 58,362 60,262
Real estate - commercial & farmland 385,032 404,588 291,760 306,706 296,790
Real estate - residential 263,312 276,798 257,216 266,342 273,347
Consumer installment 5,691 6,288 4,190 4,788 5,248
Total Purchased non-covered (net of discounts) $767,494 $808,313 $643,092 $674,239 $673,724
-------- -------- -------- -------- --------
Commercial, financial & agricultural $ - $ - $ - $ - $ -
Real estate - construction & development - - - - -
Real estate - commercial & farmland - - - - -
Real estate - residential 410,072 268,984 - - -
Consumer installment - - - - -
Total Purchased non-covered loan pools $410,072 $268,984 $ - $ - $ -
-------- -------- ---------------------------- ------------------------ -------------------------
Commercial, financial & agricultural $13,349 $17,666 $20,905 $21,467 $22,545
Real estate - construction & development 14,266 15,002 19,519 23,447 27,756
Real estate - commercial & farmland 103,399 111,772 130,290 147,627 180,566
Real estate - residential 59,835 64,982 74,847 78,520 82,445
Consumer installment 172 176 184 218 277
Total Covered (net of discounts) $191,021 $209,598 $245,745 $271,279 $313,589
-------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $483,446 $436,205 $392,080 $379,162 $395,405
Real estate - construction & development 306,173 295,323 251,755 243,316 242,333
Real estate - commercial & farmland 1,556,259 1,526,555 1,369,324 1,361,857 1,359,516
Real estate - residential 1,265,504 1,147,965 828,106 800,968 792,307
Consumer installment 37,162 36,544 33,487 35,788 36,928
Other 10,692 15,903 13,505 14,308 9,583
Total Loans $3,659,236 $3,458,495 $2,888,257 $2,835,399 $2,836,072
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural $238 $278 $277 $290 $257
Real estate - construction & development 838 821 789 679 1,917
Real estate - commercial & farmland 5,719 6,617 7,309 6,477 7,080
Real estate - residential 5,209 4,702 4,513 5,258 7,973
Consumer installment 71 49 47 55 34
Total Accruing TDRs $12,075 $12,467 $12,935 $12,759 $17,261
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $68 $29 $17 $13 $507
Real estate - construction & development 30 57 90 228 196
Real estate - commercial & farmland 942 598 64 724 1,672
Real estate - residential 759 783 736 1,485 759
Consumer installment 64 82 90 73 93
Total Non-accrual TDRs $1,863 $1,549 $997 $2,523 $3,227
------ ------ ---- ------ ------
Total Troubled Debt Restructurings $13,938 $14,016 $13,932 $15,282 $20,488
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit $231,281 $181,933 $157,462 $128,577 $121,486
Grade 15 - Good credit 234,185 243,070 205,929 217,804 222,714
Grade 20 - Satisfactory credit 1,148,024 1,104,747 1,012,733 947,948 908,054
Grade 23 - Performing, under-collateralized credit 26,477 27,400 28,643 29,205 28,826
Grade 25 - Minimum acceptable credit 579,642 544,664 513,009 488,187 484,200
Grade 30 - Other asset especially mentioned 22,190 25,020 25,461 25,983 31,750
Grade 40 - Substandard 48,848 44,766 56,179 52,176 51,640
Grade 50 - Doubtful 2 - 4 1 88
Grade 60 - Loss - - - - 1
--- --- --- --- ---
Total $2,290,649 $2,171,600 $1,999,420 $1,889,881 $1,848,759
---------- ---------- ---------- ---------- ----------
The following table presents the purchased, non-covered loan portfolio by risk grade:
Grade 10 - Prime credit $9,801 $10,123 $7,444 $7,394 $3,965
Grade 15 - Good credit 50,906 53,220 23,640 29,727 35,461
Grade 20 - Satisfactory credit 348,034 362,304 206,480 208,686 180,702
Grade 23 - Performing, under-collateralized credit 10,612 10,537 10,024 6,578 1,216
Grade 25 - Minimum acceptable credit 290,272 300,411 337,386 361,155 399,729
Grade 30 - Other asset especially mentioned 26,458 34,779 22,323 25,747 20,048
Grade 40 - Substandard 31,381 36,887 35,743 34,889 32,565
Grade 50 - Doubtful 30 52 52 63 38
Grade 60 - Loss - - - - -
--- --- --- --- ---
Total $767,494 $808,313 $643,092 $674,239 $673,724
-------- -------- -------- -------- --------
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.
2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $5,500 $5,500 $5,500 $3,163 $500 $5,500 $2,793
Interest bearing deposits in banks 199,057 201,765 158,286 69,772 63,355 188,110 71,185
Investment securities - taxable 772,252 600,176 485,922 461,800 451,563 620,500 427,252
Investment securities - nontaxable 72,549 70,653 71,229 72,072 74,176 71,481 58,384
Other investments 9,322 9,597 9,450 9,804 8,209 9,456 8,100
Mortgage loans held for sale 102,961 81,823 75,831 97,406 83,751 86,387 62,506
Loans 2,193,364 2,111,507 1,911,601 1,871,618 1,795,059 2,062,648 1,697,559
Purchased non-covered loans 788,351 654,397 650,331 659,472 688,452 702,117 538,802
Purchased non-covered loan pools 323,258 17,308 - - - 116,363 -
Covered loans 226,301 246,422 262,693 299,981 324,498 250,979 352,707
------- ------- ------- ------- -------
Total Earning Assets $4,692,915 $3,999,148 3,630,843 3,545,088 3,489,563 $4,113,541 $3,219,288
---------- ---------- --------- --------- --------- ---------- ----------
Noninterest bearing deposits $1,300,870 $1,088,249 $897,937 $850,879 $807,416 $1,097,750 $718,505
NOW accounts 907,618 745,709 756,795 786,511 743,352 802,800 703,551
MMDA 1,219,736 981,143 857,346 840,397 861,197 1,027,932 793,875
Savings accounts 239,999 188,767 163,624 156,663 155,559 198,379 148,111
Retail CDs < $100,000 484,007 388,248 372,463 386,844 439,150 417,638 389,959
Retail CDs > $100,000 387,485 378,137 383,962 401,934 370,166 380,980 364,274
Brokered CDs - - - 4,023 5,970 - 5,970
Total Deposits 4,539,715 3,770,253 3,432,127 3,427,251 3,382,810 3,925,479 3,124,245
--------- --------- --------- --------- --------- --------- ---------
FHLB advances - 17,275 16,778 35,815 55,435 11,289 50,751
Other borrowings 39,000 41,930 43,871 46,508 47,346 41,582 37,607
Subordinated debentures 69,448 67,180 65,436 65,195 64,953 67,369 58,647
Federal funds purchased and securities sold
under agreements to repurchase 44,480 58,722 52,707 47,247 44,316 47,282 47,099
Total Non-Deposit Funding 152,928 185,107 178,792 194,765 212,050 167,522 194,104
------- ------- ------- ------- ------- ------- -------
Total Funding $4,692,643 $3,955,360 $3,610,919 $3,622,016 $3,594,860 $4,093,001 $3,318,349
---------- ---------- ---------- ---------- ---------- ---------- ----------
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.
2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $19 $5 $4 $2 $ - $28 $5
Interest bearing deposits in banks 227 177 124 66 47 528 171
Investment securities - taxable 4,694 3,747 3,153 3,114 3,034 11,594 8,972
Investment securities - nontaxable (TE) 648 624 633 652 670 1,905 1,543
Mortgage loans held for sale 970 764 692 947 787 2,426 1,646
Loans (TE) 27,258 25,629 22,418 23,294 21,790 75,305 64,433
Purchased non-covered loans 11,911 10,328 11,840 12,612 12,610 34,079 27,408
Purchased non-covered loan pools 2,997 149 - - - 3,146 -
Covered loans 3,192 3,385 3,995 4,704 4,726 10,572 16,651
----- ----- ----- ----- -----
Total Earning Assets $51,916 $44,808 $42,859 $45,391 $43,663 $139,583 $120,829
------- ------- ------- ------- ------- -------- --------
Accretion Income (included above) 3,037 2,635 3,097 4,280 2,964 8,769 8,263
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 304 318 376 414 324 998 903
MMDA 877 760 663 768 783 2,300 2,186
Savings accounts 42 37 37 45 42 116 119
Retail CDs < $100,000 607 488 513 553 596 1,608 1,563
Retail CDs > $100,000 691 662 691 746 749 2,044 2,015
Brokered CDs - - - 34 47 - 143
Total Deposits 2,521 2,265 2,280 2,560 2,541 7,066 6,929
----- ----- ----- ----- ----- ----- -----
FHLB advances - 16 15 26 51 31 114
Other borrowings 322 346 366 379 558 1,034 1,381
Subordinated debentures 914 866 832 887 866 2,612 2,240
Federal funds purchased and securities sold
under agreements to repurchase 39 48 43 41 39 130 123
--- --- --- --- --- ---
Total Non-Deposit Funding 1,275 1,276 1,256 1,333 1,514 3,807 3,858
----- ----- ----- ----- ----- ----- -----
Total Funding $3,796 $3,541 $3,536 $3,893 $4,055 $10,873 $10,787
------ ------ ------ ------ ------ ------- -------
Net Interest Income (TE) $48,120 $41,267 $39,323 $41,498 $39,608 $128,710 $110,042
------- ------- ------- ------- ------- -------- --------
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.
2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 1.37% 0.36% 0.29% 0.25% 0.00% 0.68% 0.24%
Interest bearing deposits in banks 0.45% 0.35% 0.32% 0.38% 0.29% 0.38% 0.32%
Investment securities - taxable 2.41% 2.50% 2.63% 2.68% 2.67% 2.50% 2.81%
Investment securities - nontaxable 3.54% 3.54% 3.60% 3.59% 3.58% 3.56% 3.53%
Mortgage loans held for sale 3.74% 3.75% 3.70% 3.86% 3.73% 3.75% 3.52%
Loans 4.93% 4.87% 4.76% 4.94% 4.82% 4.88% 5.07%
Purchased non-covered loans 5.99% 6.33% 7.38% 7.59% 7.27% 6.49% 6.80%
Purchased non-covered loan pools 3.68% 3.45% 0.00% 0.00% 0.00% 3.61% 0.00%
Covered loans 5.60% 5.51% 6.17% 6.22% 5.78% 5.63% 6.31%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 4.39% 4.49% 4.79% 5.08% 4.96% 4.54% 5.02%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.13% 0.17% 0.20% 0.21% 0.17% 0.17% 0.17%
MMDA 0.29% 0.31% 0.31% 0.36% 0.36% 0.30% 0.37%
Savings accounts 0.07% 0.08% 0.09% 0.11% 0.11% 0.08% 0.11%
Retail CDs < $100,000 0.50% 0.50% 0.56% 0.57% 0.54% 0.51% 0.54%
Retail CDs > $100,000 0.71% 0.70% 0.73% 0.74% 0.80% 0.72% 0.74%
Brokered CDs 0.00% 0.00% 0.00% 3.35% 3.12% 0.00% 3.20%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.22% 0.24% 0.27% 0.30% 0.30% 0.24% 0.30%
FHLB advances 0.00% 0.37% 0.36% 0.29% 0.36% 0.37% 0.30%
Other borrowings 3.28% 3.31% 3.38% 3.23% 4.68% 3.32% 4.91%
Subordinated debentures 5.22% 5.17% 5.16% 5.40% 5.29% 5.18% 5.11%
Federal funds purchased and securities sold
under agreements to repurchase 0.35% 0.33% 0.33% 0.34% 0.35% 0.37% 0.35%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 3.31% 2.76% 2.85% 2.72% 2.83% 3.04% 2.66%
Total funding (3) 0.32% 0.36% 0.40% 0.43% 0.45% 0.36% 0.43%
---- ---- ---- ---- ---- ---- ----
Net interest spread 4.07% 4.13% 4.39% 4.65% 4.52% 4.18% 4.58%
Net interest margin 4.07% 4.14% 4.39% 4.64% 4.50% 4.18% 4.57%
==== ==== ==== ==== ==== ==== ====
(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.
Operating Net Income Reconciliation 2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $15,627 $1,308 $9,764 $10,580 $11,663 $26,699 $27,857
Merger and conversion charges 446 5,712 15 67 551 6,173 3,873
Non-recurring credit resolution related expenses - 11,241 - - - 11,241 -
Tax effect of non-recurring charges (156) (5,934) (5) (23) (193) (6,095) (1,356)
---- ------ --- --- ---- ------ ------
Plus: After tax non-recurring charges 290 11,019 10 44 358 11,319 2,517
Operating Net income 15,917 12,327 9,774 10,624 12,021 38,018 30,374
------ ------ ----- ------ ------ ------ ------
Operating net income per diluted share: $0.49 $0.38 $0.32 $0.39 $0.44 $1.19 $1.16
Return on average assets 1.21% 1.11% 0.97% 1.05% 1.20% 1.05% 1.16%
Return on average common tangible equity 16.23% 12.83% 10.40% 14.49% 16.87% 12.74% 16.25%
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Net Interest Margin and Yields on Total Loans 2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Excluding Accretion Reconciliation
Total Interest Income (TE) $51,916 $44,808 $42,859 $45,391 $43,663 $139,583 $120,829
Accretion Income 3,037 2,635 3,097 4,280 2,964 8,769 8,263
----- ----- ----- ----- ----- ----- -----
Total Interest Income (TE) Excluding Accretion $48,879 $42,173 $39,762 $41,111 $40,699 $130,814 $112,566
Total Interest Expense $3,796 $3,541 $3,536 $3,893 $4,055 $10,873 $10,787
Net Interest Income (TE) Excluding Accretion $45,083 $38,632 $36,226 $37,218 $36,644 $119,941 $101,779
Yield on Total Loans Excluding Accretion 4.83% 4.86% 5.01% 5.05% 5.07% 4.90% 5.14%
---- ---- ---- ---- ---- ---- ----
Net Interest Margin Excluding Accretion 3.81% 3.87% 4.05% 4.17% 4.17% 3.90% 4.23%
---- ---- ---- ---- ---- ---- ----
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Core Earnings Reconciliation 2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Pre-tax operating profit/(loss) $22,995 $1,794 $14,511 $14,747 $16,785 $39,300 $41,458
Plus: Credit Related Costs
Provision for loan losses 986 2,656 1,069 888 1,669 4,711 4,760
(Gains)/Losses on the sale of legacy OREO 36 436 110 (228) (3) 582 228
(Gains)/Losses on the sale of covered OREO 56 194 20 344 (184) 270 183
Problem loan and OREO expense 991 10,632 3,031 5,175 3,373 14,654 7,809
Interest reversed (received) on non-accrual loans 17 413 156 (6) 94 586 411
---
Total Credit-Related Costs 2,086 14,331 4,386 6,173 4,949 20,803 13,391
----- ------ ----- ----- ----- ------ ------
Plus: Conversion charges 446 5,712 15 67 551 6,173 3,873
Less: Non-recurring gains
Gains on sales of securities (115) (10) (12) - (132) (137) (138)
Gains on sales of bank premises - - - - (616) - (616)
Other non-recurring adjustments - - - 188 - - (870)
--- --- --- --- --- --- ----
Pretax, Pre-provision earnings $25,412 $21,827 $18,900 $21,175 $21,537 $66,139 $57,098
======= ======= ======= ======= ======= ======= =======
As percentage of average assets, annualized 1.93% 1.96% 1.88% 2.09% 2.15% 1.70% 1.92%
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Recurring Operating Expenses 2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Total Operating Expenses 48,396 56,864 40,827 41,733 38,579 146,087 109,136
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO (36) (436) (110) 228 3 (582) (225)
Gains/(Losses) on the sale of covered OREO (56) (194) (20) (344) 184 (270) (183)
Problem loan and OREO expense (991) (10,632) (3,031) (5,175) (3,373) (14,654) (7,809)
Severance payments - - - (188) - - -
Conversion expenses (446) (5,712) (15) (67) (551) (6,173) (3,873)
Gains/(Losses) on the sale of premises - - - - 616 - 616
--- --- --- --- --- --- ---
Recurring operating expenses $46,867 $39,890 $37,651 $36,187 $35,458 $124,408 $97,662
======= ======= ======= ======= ======= ======== =======
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 2015 2015 2015 2014 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $43,044 $36,806 $35,839 $38,045 $36,142 $115,689 $102,415
Provision for loan losses 960 2,456 927 737 994 4,343 4,085
Noninterest income 13,470 9,262 8,780 8,595 8,932 31,512 23,742
Noninterest expense:
Salaries and employee benefits 17,921 15,675 15,362 14,196 14,819 48,958 40,905
Occupancy 5,444 4,376 4,144 4,319 4,277 13,964 11,778
Data Processing 4,998 3,913 4,011 3,901 3,619 12,922 10,535
Other expenses 11,379 24,048 10,356 12,320 8,722 45,783 26,855
------ ------ ------ ------ ----- ------ ------
Total noninterest expense 39,742 48,012 33,873 34,736 31,437 121,627 90,073
------ ------ ------ ------ ------ ------- ------
Income before income taxes 15,812 (4,400) 9,819 11,167 12,643 21,231 31,999
Income Tax 4,854 (1,682) 3,105 2,914 3,672 6,277 10,004
Net income 10,958 (2,718) 6,714 8,253 8,971 14,954 21,995
Preferred stock dividends - - - - - - 286
--- --- --- --- --- --- ---
Net income available to common shareholders $10,958 $(2,718) $6,714 $8,253 $8,971 $14,954 $21,709
======= ======= ====== ====== ====== ======= =======
Retail Mortgage Division:
Net interest income $2,485 $1,979 $1,545 $1,822 $1,636 $6,009 $3,522
Provision for loan losses 26 200 142 151 675 368 675
Noninterest income 9,827 9,095 7,610 6,076 6,967 26,532 18,883
Noninterest expense:
Salaries and employee benefits 6,138 5,592 4,527 4,175 4,340 16,257 11,743
Occupancy 397 396 380 373 368 1,173 969
Data Processing 308 279 212 315 285 799 728
Other expenses 662 1,150 932 828 735 2,744 2,764
--- ----- --- --- --- ----- -----
Total noninterest expense 7,505 7,417 6,051 5,691 5,728 20,973 16,204
----- ----- ----- ----- ----- ------ ------
Income before income taxes 4,781 3,457 2,962 2,056 2,200 11,200 5,526
Income Tax 1,673 1,210 1,037 720 770 3,920 1,934
Net income 3,108 2,247 1,925 1,336 1,430 7,280 3,592
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $3,108 $2,247 $1,925 $1,336 $1,430 $7,280 $3,592
====== ====== ====== ====== ====== ====== ======
Warehouse Lending:
Net interest income $1,128 $1,179 $835 $752 $711 $3,142 $1,264
Provision for loan losses - - - - - - -
Noninterest income 372 383 273 237 168 1,028 418
Noninterest expense:
Salaries and employee benefits 137 99 127 84 69 363 171
Occupancy 1 1 2 - - 4 1
Data Processing 22 20 33 11 21 75 43
Other expenses 40 19 36 171 134 95 232
--- --- --- --- --- --- ---
Total noninterest expense 200 139 198 266 224 537 447
--- --- --- --- --- --- ---
Income before income taxes 1,300 1,423 910 723 655 3,633 1,235
Income Tax 455 498 319 253 229 1,272 432
Net income 845 925 592 470 426 2,361 803
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $845 $925 $592 $470 $426 $2,361 $803
==== ==== ==== ==== ==== ====== ====
SBA Division:
Net interest income $742 $724 $613 $387 $643 $2,079 $1,679
Provision for loan losses - - - - - - -
Noninterest income 1,309 1,886 912 1,454 1,834 4,107 3,431
Noninterest expense:
Salaries and employee benefits 738 1,099 616 861 998 2,453 1,743
Occupancy 73 36 28 25 24 137 56
Data Processing 1 2 4 2 3 7 16
Other expenses 137 159 57 152 165 353 597
--- --- --- --- --- --- ---
Total noninterest expense 949 1,296 705 1,040 1,190 2,950 2,412
--- ----- --- ----- ----- ----- -----
Income before income taxes 1,102 1,314 820 801 1,287 3,236 2,698
Income Tax 386 460 287 280 450 1,133 944
Net income 716 854 533 521 837 2,103 1,754
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $716 $854 $533 $521 $837 $2,103 $1,754
==== ==== ==== ==== ==== ====== ======
Total Consolidated:
Net interest income $47,399 $40,688 $38,832 $41,006 $39,132 $126,919 $108,880
Provision for loan losses 986 2,656 1,069 888 1,669 4,711 4,760
Noninterest income 24,978 20,626 17,575 16,362 17,901 63,179 46,474
Noninterest expense:
Salaries and employee benefits 24,934 22,465 20,632 19,316 20,226 68,031 54,562
Occupancy 5,915 4,809 4,554 4,717 4,669 15,278 12,804
Data Processing 5,329 4,214 4,260 4,229 3,928 13,803 11,322
Other expenses 12,218 25,376 11,381 13,471 9,756 48,975 30,448
------ ------ ------ ------ ----- ------ ------
Total noninterest expense 48,396 56,864 40,827 41,733 38,579 146,087 109,136
------ ------ ------ ------ ------ ------- -------
Income before income taxes 22,995 1,794 14,511 14,747 16,785 39,300 41,458
Income Tax 7,368 486 4,747 4,167 5,122 12,601 13,315
Net income 15,627 1,308 9,764 10,580 11,663 26,699 28,143
Preferred stock dividends - - - - - - 286
--- --- --- --- --- --- ---
Net income available to common shareholders $15,627 $1,308 $9,764 $10,580 $11,663 $26,699 $27,857
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Logo - http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-reports-operating-net-income-of-159-million-or-049-per-diluted-share-for-third-quarter-2015-300165284.html
SOURCE Ameris Bancorp
