AMERIS BANCORP MOULTRIE, Ga., April 21, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $21.2 million, or $0.59 per diluted share, for the quarter ended March 31, 2017, compared with $12.3 million, or $0.37 per diluted share, for the quarter ended March 31, 2016. Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We delivered another quarter of consistent financial results with very little noise. Generally, the first quarter is our most challenging quarter, but control of operating expenses and double digit growth in year-over-year revenue led us to solid results. Our pipelines are very strong and I expect reliable growth in earnings through the remainder of 2017."
The Company reported operating net income of $21.6 million, or $0.60 per diluted share, for the quarter ended March 31, 2017, compared with $16.4 million, or $0.50 per diluted share, for the first quarter of 2016. Operating net income for the first quarter of 2017 and 2016 excludes certain after-tax costs associated with acquisitions and sales of premises, as shown below. Operating returns on average assets and average tangible common equity were 1.27% and 15.84%, respectively, for the first quarter of 2017, compared with 1.17% and 15.37%, respectively, for the same quarter of 2016.
Following is a summary of the adjustments between reported net income and adjusted operating net income:
Three Months Ended
------------------
Adjusted Operating Net Income Reconciliation Mar 17 Mar 16
------ ------
Net income available to common shareholders $21,153 $12,317
Merger and conversion charges 402 6,359
Losses (gains) on sale of premises 295 (77)
Tax effect of management-adjusted charges (244) (2,199)
---- ------
Plus: After tax management-adjusted charges 453 4,083
Adjusted Operating Net Income $21,606 $16,400
------- -------
Reported Return on Average Assets 1.24% 0.88%
Adjusted Operating Return on Average Assets 1.27% 1.17%
Highlights of the Company's performance and results for the first quarter of 2017 include the following:
-- Operating return on average assets of 1.27% and return on average
tangible equity of 15.84%
-- Increase in tangible book value per share to $16.57, compared with
$14.42 per share at December 31, 2016
-- Organic loan growth of $98.5 million for the quarter, reflecting an
annualized growth rate of 8.5%
-- Growth in non-interest bearing demand deposits of $81.3 million for the
quarter, reflecting an annualized growth rate of 21.0%
-- 15.5% increase in total revenue, to $86.3 million, in the first quarter
of 2017, compared with total revenue of $74.7 million in the first
quarter of 2016
-- 12% improvement in the Company's net overhead ratio from 1.79% in the
first quarter of 2016 to 1.57% in the first quarter of 2017
-- Improvement in operating efficiency ratio, on a tax-equivalent basis, to
59.67% in the first quarter of 2017, compared with 65.4% in the same
quarter in 2016
-- Improvement in net interest margin to 3.97% from 3.95% in the fourth
quarter of 2016
-- Successful public offering of 2,012,500 shares of the Company's common
stock to prepare for future growth
-- Completion of public offering of $75 million of fixed-to-floating rate
subordinated notes
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the first quarter of 2017 totaled $62.1 million, compared with $51.2 million for the first quarter of 2016, an increase of $10.9 million, or 21.4%. The Company's net interest margin increased during the quarter to 3.97%, compared with 3.95% during the fourth quarter of 2016, but declined from 4.03% for the first quarter of 2016. Accretion income for the first quarter of 2017 was $2.8 million, compared with $2.9 million in the first quarter of 2016. Excluding the effect of accretion on purchased assets, the Company's net interest margin was 3.79% in the first quarter of 2017, compared with 3.73% in the fourth quarter of 2016 and 3.80% in the first quarter of 2016. During the first quarter of 2017, the Company experienced an increase in the margin of approximately 0.07% related to activity in the premium finance division. The capital raise and debt offering completed during the first quarter of the year negatively impacted the margin by approximately 0.02%. The Company's improved asset mix with more concentrations in loans outstanding improved the margin by approximately 0.01%.
Yields on earning assets in the first quarter of 2017 were 4.38%, compared with 4.36% in the first quarter of 2016. Interest income on loans on a tax-equivalent basis increased during the first quarter of 2017 to $62.8 million, compared with $59.4 million in the fourth quarter of 2016 and $49.8 million in the first quarter of 2016. Yields on the funds invested in purchased mortgage pools were 2.84% during the first quarter of 2017, compared with 3.30% during the same period in 2016. Excluding accretion income, yields on all loans were 4.56% in the first quarter of 2017, an increase of 0.05% from the fourth quarter of 2016, reflecting success in the Company's pricing efforts on new and renewed credits in the current interest rate environment.
Total interest expense for the first quarter of 2017 was $6.5 million, compared with $4.1 million for the same quarter of 2016. This increase in total interest expense was driven by increases in total deposits and other borrowings. Deposit costs increased slightly, from 0.23% in the first quarter of 2016 to 0.28% in the first quarter of 2017. Continued improvement in the Company's mix of deposits, primarily toward non-interest bearing deposits, has allowed for more aggressive retention efforts on money market deposit accounts and CDs without negatively impacting overall deposit costs. Non-interest bearing deposits were 29.2% of the total average deposits during the first quarter of 2017, compared with 27.9% for the first quarter of 2016. During the first quarter of 2017, the average balance of Federal Home Loan Bank advances increased significantly as the Company used those proceeds to fund loans generated by the Company's new premium finance division.
Non-interest Income
Non-interest income in the first quarter of 2017 was $25.7 million, an increase of $1.4 million, or 5.8%, compared with the same quarter in 2016. Service charges in the first quarter of 2017 were $10.6 million, an increase of $648,000, or 6.5%, compared with the same quarter in 2016. Growth in service charge-related revenues on commercial and consumer accounts was responsible for much of the increase in service charges, while NSF fee income was flat.
The Company's mortgage divisions continued to make strides in revenues and net income. Revenue in the retail mortgage group totaled $13.5 million in the first quarter of 2017, an increase of 11.9% compared with the same quarter in 2016. Net income for the Company's retail mortgage division increased 7.4% during the first quarter of 2017 to $2.8 million, compared with $2.6 million in the first quarter of 2016. Total production in the first quarter of 2017 for the retail mortgage group amounted to $311.8 million (85% retail and 15% wholesale), compared with $268.6 million in the same quarter of 2016 (also 85% retail and 15% wholesale). In addition to the strong results, the Company reported that its mortgage division received approval late in the quarter to become a GNMA (Government National Mortgage Association, or Ginnie Mae) issuer effective immediately. Production in the first quarter that was GNMA eligible totaled approximately $120 million, and management estimates that between 35% - 40% of 2017 production will be eligible for these programs.
Net income for the Company's warehouse lending division increased 41.2% during the quarter, from $667,000 in the first quarter of 2016 to $942,000 in the first quarter of 2017. Loan production increased from $565.2 million in the first quarter of 2016 to approximately $647.4 million in the current quarter. Sales efforts are focused on improving already strong penetration and capture rates among the customer base, as well as targeted sales towards mortgage companies focused more heavily on purchase transactions. Although the average balances and production were strong compared with the linked quarter, the Company experienced a contraction in quarter-end balances of approximately $83 million that impacted overall loan growth. Management believes the decline was centered more heavily in unusually high balances at the end of the year and that growth rates and comparisons against the same quarter in 2016 are more indicative of where the division is with respect to profitability and growth.
Revenues from the Company's SBA division increased 24.3% during the first quarter of 2017 to $2.7 million, compared with $2.2 million during the first quarter of 2016. Net income for the division increased 42.0%, from $833,000 for the first quarter of 2016 to $1.2 million for the first quarter of 2017. The SBA pipeline totaled $55.0 million at the end of the first quarter, up $5.6 million compared with the same time in 2016.
Non-interest Expense
During the first quarter of 2017 and 2016, the Company incurred pre-tax merger and conversion charges of $402,000 and $6.4 million, respectively, as well as losses on the sale of premises totaling $295,000 in 2017 and gains on the sale of premises totaling $77,000 in 2016. Excluding these charges, operating expenses increased approximately $3.1 million, to $52.4 million, from $49.3 million in the first quarter of 2016. The acquisition of JAXB in the first quarter of 2016, together with the additional operating expenses associated with the premium finance division, impacted operating expenses by approximately $4.0 million in the first quarter of 2017.
Efforts to improve operating efficiency and the net overhead ratio have been very successful. During the first quarter of 2017, the Company's operating efficiency ratio declined to 59.67%, compared with 65.44% in the same quarter of 2016. The Company's operating net overhead ratio also declined materially, to 1.57% in the first quarter of 2017, compared with 1.79% in the first quarter of 2016. Management attributes the improvement in efficiency-related ratios to expanded average portfolios of the Company's commercial lenders, branches with higher deposit balances and the Company's lending lines of business reaching a certain level of critical mass.
Salaries and benefits increased by $1.6 million to $27.8 million in the current quarter of 2017, compared with $26.2 million in the first quarter of 2016. Growth in salaries and benefits from the first quarter of 2016 to the first quarter of 2017 relating to the Company's ongoing Bank Secrecy Act compliance efforts and the addition of the premium finance division was $565,000 and $996,000, respectively. Compared with the fourth quarter of 2016, salaries and benefits increased $2.7 million, primarily due to $996,000 of premium finance division salaries and benefits, $441,000 of Bank Secrecy Act compliance salaries and benefits and $1.0 million of payroll taxes that are typical for the first quarter of each year.
Data processing and telecommunications costs for the quarter were $6.6 million, an increase of $459,000, or 7.5%, over the first quarter in 2016. Significant improvements in the Company's infrastructure have been achieved and are included in the current run rate, including data center relocation, upgrades in connectivity speeds, hardware and data management and reporting, and the development of an on-line deposit origination platform that should augment the Company's approach to deposit gathering in its local markets in the near future. Repurposing of existing resources into new contracts and tools has allowed the Company to achieve material improvements in the reliability of its systems with only moderate increase in costs.
Total credit costs (provision and non-provision credit resolution-related costs) totaled $2.8 million in the first quarter of 2017, compared with $2.5 million in the same quarter in 2016 and $2.8 million in the fourth quarter of 2016.
Balance Sheet Trends
Total assets at March 31, 2017 were $7.09 billion, compared with $6.89 billion at December 31, 2016. The growth in total assets was driven by the increase in interest bearing deposits held as a result of the Company's capital raise and debt offering transactions.
Loans, including loans held for sale, totaled $5.43 billion at March 31, 2017, compared with $5.37 billion at December 31, 2016. During the quarter, growth in core loans (legacy and purchased non-covered loans) increased by $98.5 million, or 8.5% on an annualized basis.
Lending activities in the core bank in the first quarter of 2017 were notably stronger than normal for the first quarter. Commercial real estate lending grew $51.9 million during the quarter, or 15.0% on an annualized basis, while commercial and industrial lending (excluding operations of the new premium finance division) expanded $20.0 million, or 13.2% on an annualized basis. Pipelines for the bank at the end of the first quarter of 2017 were similar to those at the end of 2016.
Loan production and growth associated with the new premium finance division were very close to forecasted levels. Loans outstanding grew from $353.9 million at the end of 2016 to $425.9 million at the end of the first quarter of 2017. The Company believes it can sustain annualized growth rates in this division of 15% - 20% for the next few years, with steady credit and profitability levels.
The Company's newest lending effort is in the equipment finance division, which provides financing for heavy equipment in the manufacturing, transportation and construction sectors. At the end of the first quarter of 2017, the division had booked approximately $2.3 million in loans and had an immediate pipeline of approximately $50.0 million that is expected to close during the second quarter. Activity and client calls have been brisk, and management remains confident in its full year forecast of $200 million of growth in this division.
Mortgage warehouse balances fell during the quarter from $189.3 million at the end of 2016 to $107.8 million at the end of the first quarter of 2017. Mortgage warehouse balances were unusually high at the end of 2016, as mortgage volume swelled in the month following the presidential election. While average balances were lower, the group's loan production moved higher by 14.5% compared with the same quarter in 2016. This increase resulted from continued growth in customers and approved lines of credit. Management expects a rebound in the outstanding balances throughout the remainder of 2017 as mortgage volume picks up in the seasonally strong second and third quarters.
Investment securities at the end of the first quarter of 2017 were $866.7 million, or 13.3% of earning assets, compared with $852.2 million, or 13.5% of earning assets, at December 31, 2016.
Deposits increased $67.2 million during the first quarter of 2017 to end the quarter at $5.64 billion, despite the runoff of approximately $67.6 million in seasonal deposits that the Company holds for municipal clients at the end of each year. Excluding this runoff, the Company managed growth in deposits of $134.8 million during the first quarter, or 9.8% on an annualized basis.
At March 31, 2017, non-interest bearing deposit accounts were $1.65 billion, or 29.3% of total deposits, compared with $1.57 billion and 28.2%, respectively, at December 31, 2016. Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $3.09 billion at March 31, 2017, compared with $3.17 billion at the end of 2016. These funds represented 54.8% of the Company's total deposits at March 31, 2017, compared with 56.9% at the end of 2016.
Shareholders' equity at March 31, 2017 totaled $758.2 million, compared with $646.4 million at December 31, 2016. The increase in shareholders' equity was the result of the issuance of shares of common stock in the Company's public offering, plus earnings of $21.2 million during the quarter. Tangible book value per share at March 31, 2017 was $16.57, up 14.9% from $14.42 at the end of 2016. Tangible common equity as a percentage of tangible assets increased to 8.85% at the end of the first quarter of 2017, compared with 7.46% at the end of 2016.
Conference Call
The Company will host a teleconference at 10:00 a.m. EDT today (April 21, 2017) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until May 5, 2017. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10104743. 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.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia. The Company's banking subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company's results of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
EARNINGS
Net Income $21,153 $18,177 $21,557 $20,049 $12,317
Adjusted Operating Net Income $21,606 $22,205 $21,712 $20,310 $16,400
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $0.59 $0.52 $0.62 $0.58 $0.38
Diluted $0.59 $0.52 $0.61 $0.57 $0.37
Cash Dividends per share $0.10 $0.10 $0.10 $0.05 $0.05
Book value per share (period end) $20.42 $18.51 $18.42 $17.96 $17.25
Tangible book value per share (period end) $16.57 $14.42 $14.38 $13.89 $13.13
Weighted average number of shares:
Basic 35,664,420 34,915,459 34,869,747 34,832,621 32,752,063
Diluted 36,040,240 35,293,035 35,194,739 35,153,311 33,053,554
Period-end number of shares 37,128,714 34,921,474 34,891,304 34,847,311 34,837,454
Market data:
High intraday price $49.50 $47.70 $36.20 $32.76 $33.81
Low intraday price $41.60 $34.61 $28.90 $27.73 $24.96
Period end closing price $46.10 $43.60 $34.95 $29.70 $29.58
Average daily volume 242,982 191,894 166,841 215,409 253,779
PERFORMANCE RATIOS
Return on average assets 1.24% 1.10% 1.35% 1.31% 0.88%
Return on average common equity 12.33% 11.06% 13.39% 13.08% 9.14%
Earning asset yield (TE) 4.38% 4.34% 4.35% 4.35% 4.36%
Total cost of funds 0.42% 0.38% 0.36% 0.35% 0.33%
Net interest margin (TE) 3.97% 3.95% 3.99% 4.01% 4.03%
Non-interest income excluding securities
transactions,
as a percent of total revenue (TE) 27.27% 27.32% 31.36% 32.01% 30.40%
Efficiency ratio 61.52% 67.05% 61.91% 63.11% 74.41%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 10.69% 9.38% 9.90% 10.06% 9.85%
Tangible common equity to tangible assets 8.85% 7.46% 7.90% 7.96% 7.68%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 8.85% 7.46% 7.90% 7.96% 7.68%
Effect of goodwill and other intangibles 1.83% 1.92% 2.00% 2.10% 2.17%
Equity to assets (GAAP) 10.69% 9.38% 9.90% 10.06% 9.85%
===== ==== ==== ===== ====
OTHER PERIOD-END DATA
Banking Division FTE 1,039 1,014 987 1,000 1,063
Retail Mortgage Division FTE 252 254 254 239 227
Warehouse Lending Division FTE 8 9 5 6 6
SBA Division FTE 20 21 24 23 22
Premium Finance Division FTE 50 - - - -
-------------------
Total Ameris Bancorp FTE Headcount 1,369 1,298 1,270 1,268 1,318
----- ----- ----- ----- -----
Assets per Banking Division FTE $6,829 $6,797 $6,579 $6,221 $5,736
Branch locations 97 97 99 102 103
Deposits per branch location $58,169 $57,476 $53,597 $50,780 $50,784
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $61,521 $57,982 $57,322 $54,164 $49,191
Interest on taxable securities 4,800 4,348 4,336 4,554 4,586
Interest on nontaxable securities 416 425 397 454 446
Interest on deposits in other banks 313 193 147 159 328
Interest on federal funds sold - 8 8 9 8
Total interest income 67,050 62,956 62,210 59,340 54,559
------ ------ ------ ------ ------
Interest expense
Interest on deposits $3,763 $3,680 $3,074 $2,915 $2,741
Interest on other borrowings 2,697 1,997 2,069 1,836 1,382
-----------------
Total interest expense 6,460 5,677 5,143 4,751 4,123
----- ----- ----- ----- -----
Net interest income 60,590 57,279 57,067 54,589 50,436
Provision for loan losses 1,836 1,710 811 889 681
----- ----- --- --- ---
Net interest income after provision for loan losses $58,754 $55,569 $56,256 $53,700 $49,755
------- ------- ------- ------- -------
Noninterest income
Service charges on deposit accounts $10,563 $11,036 $11,358 $10,436 $9,915
Mortgage banking activity 11,215 9,878 14,067 14,142 10,211
Other service charges, commissions and fees 709 706 791 967 1,111
Gain(loss) on sale of securities - - - - 94
Other non-interest income 3,219 2,652 2,648 2,834 2,955
Total noninterest income 25,706 24,272 28,864 28,379 24,286
------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 27,794 25,137 27,982 27,531 26,187
Occupancy and equipment expenses 5,877 6,337 5,989 6,371 5,700
Data processing and telecommunications
expenses 6,572 6,244 6,185 6,049 6,113
Credit resolution related expenses (1) 933 1,083 1,526 1,764 1,799
Advertising and marketing expenses 1,106 1,273 1,249 854 805
Amortization of intangible assets 1,036 1,044 993 1,319 1,020
Merger and conversion charges 402 17 - - 6,359
Other non-interest expenses 9,373 13,542 9,275 8,471 7,617
Total noninterest expense 53,093 54,677 53,199 52,359 55,600
------ ------ ------ ------ ------
Income before income taxes $31,367 $25,164 $31,921 $29,720 $18,441
Income tax expense 10,214 6,987 10,364 9,671 6,124
-----------------
Net income $21,153 $18,177 $21,557 $20,049 $12,317
======= ======= ======= ======= =======
Diluted earnings available to common shareholders 0.59 0.52 0.61 0.57 0.37
==== ==== ==== ==== ====
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $127,164 $127,164 $123,270 $116,255 $146,863
Federal funds sold and interest bearing deposits
in banks 232,045 71,221 90,801 68,273 107,373
Investment securities available for sale, at
fair value 830,765 822,735 838,124 843,646 837,103
Other investments 35,950 29,464 24,578 19,125 12,802
Loans held for sale 105,637 105,924 126,263 102,757 97,439
Loans, net of unearned income 3,785,480 3,626,821 3,091,039 2,819,071 2,528,007
Purchased loans (excluding loan pools) 1,006,935 1,069,191 1,129,381 1,193,635 1,260,198
Purchased loan pools 529,099 568,314 624,886 610,425 656,734
Less allowance for loan losses (25,250) (23,920) (22,963) (21,734) (21,482)
------------------
Loans, net 5,296,264 5,240,406 4,822,343 4,601,397 4,423,457
Other real estate owned 10,466 10,874 10,392 13,765 14,967
Purchased other real estate owned 11,668 12,540 15,126 16,670 18,812
------------------
Total other real estate owned 22,134 23,414 25,518 30,435 33,779
Premises and equipment, net 121,610 121,217 122,191 123,978 124,747
Goodwill 126,419 125,532 122,545 121,422 121,512
Other intangibles, net 16,391 17,428 18,472 20,574 21,892
Deferred income taxes, net 40,618 40,776 37,626 39,286 44,579
Cash value of bank owned life insurance 78,442 78,053 77,637 77,095 76,676
Other assets 61,417 88,697 64,127 57,051 49,549
Total assets $7,094,856 $6,892,031 $6,493,495 $6,221,294 $6,097,771
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $1,654,723 $1,573,389 $1,563,316 $1,553,972 $1,529,037
Interest-bearing 3,987,646 4,001,774 3,742,782 3,625,560 3,701,750
--------- --------- --------- --------- ---------
Total deposits 5,642,369 5,575,163 5,306,098 5,179,532 5,230,787
Federal funds purchased & securities sold under
agreements to repurchase 40,415 53,505 42,647 37,139 43,741
Other borrowings 525,669 492,321 373,461 260,191 110,531
Subordinated deferrable interest debentures 84,559 84,228 83,898 83,570 83,237
Other liabilities 43,628 40,377 44,808 34,947 28,647
Total liabilities 6,336,640 6,245,594 5,850,912 5,595,379 5,496,943
--------- --------- --------- --------- ---------
Shareholders' equity
Preferred stock $ - $ - $ - $ - $ -
Common stock 38,603 36,378 36,348 36,303 36,272
Capital surplus 503,543 410,276 409,630 408,549 407,726
Retained earnings 231,894 214,454 199,769 181,701 163,395
Accumulated other comprehensive income (loss) (1,209) (1,058) 10,449 12,960 6,411
Less treasury stock (14,615) (13,613) (13,613) (13,598) (12,976)
Total shareholders' equity 758,216 646,437 642,583 625,915 600,828
------- ------- ------- ------- -------
Total liabilities and shareholders' equity $7,094,856 $6,892,031 $6,493,495 $6,221,294 $6,097,771
========== ========== ========== ========== ==========
Other Data
Earning Assets 6,525,911 6,293,670 5,925,072 5,656,932 5,499,656
Intangible Assets 142,810 142,960 141,017 141,996 143,404
Interest Bearing Liabilities 4,638,289 4,631,828 4,242,788 4,006,460 3,939,259
Average Assets 6,915,965 6,573,344 6,330,350 6,138,757 5,618,397
Average Common Stockholders' Equity 695,830 653,991 640,382 616,361 542,264
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $23,920 $22,963 $21,734 $21,482 $21,062
Provision for loan loss 1,836 1,710 811 889 681
Charge-offs 1,102 1,686 1,451 1,376 1,814
Recoveries 596 933 1,869 739 1,553
--- --- ----- --- -----
Net charge-offs (recoveries) 506 753 (418) 637 261
Ending balance $25,250 $23,920 $22,963 $21,734 $21,482
==============
Net charge-off information
Charge-offs
Commercial, financial & agricultural $104 $726 $326 $541 $406
Real estate - residential 216 239 292 123 468
Real estate - commercial & farmland 9 - - 361 347
Real estate - construction & development 53 264 60 109 155
Consumer installment 164 159 74 59 59
Purchased loans (excluding loan pools) 556 298 699 183 379
Purchased loan pools - - - - -
Total charge-offs 1,102 1,686 1,451 1,376 1,814
----- ----- ----- ----- -----
Recoveries
Commercial, financial & agricultural 69 121 119 87 73
Real estate - residential 61 23 40 14 314
Real estate - commercial & farmland 9 78 13 57 121
Real estate - construction & development 20 16 131 221 122
Consumer installment 17 8 78 16 25
Purchased loans (excluding loan pools) 420 687 1,488 344 898
Purchased loan pools - - - - -
Total recoveries 596 933 1,869 739 1,553
--- --- ----- --- -----
Net charge-offs (recoveries) $506 $753 $(418) $637 $261
===========================
Non-accrual loans (excluding purchased loans) 18,281 18,114 16,379 16,003 15,700
Non-accrual purchased loans 23,606 22,966 23,827 26,736 32,518
Non-accrual purchased loan pools - - 864 864 -
Foreclosed assets (excluding purchased assets) 10,466 10,874 10,392 13,765 14,967
Purchased other real estate owned 11,668 12,540 15,126 16,670 18,812
Accruing loans delinquent 90 days or more 933 - - - -
--- --- --- --- ---
Total non-performing assets 64,954 64,494 66,588 74,038 81,997
------ ------ ------ ------ ------
Non-performing assets as a percent of total assets 0.92% 0.94% 1.03% 1.19% 1.34%
Net charge offs as a percent of average loans (annualized) 0.04% 0.06% -0.04% 0.06% 0.03%
Net charge offs, excluding purchased loans as a percent
of average loans (annualized) 0.04% 0.14% 0.05% 0.12% 0.13%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
For the quarter ended:
----------------------
Mar. Dec. Sept. Jun. Mar.
Loans by Type 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Commercial, financial & agricultural $1,061,599 $967,138 $625,947 $564,343 $434,073
Real estate - construction & development 415,029 363,045 328,308 274,717 264,820
Real estate - commercial & farmland 1,458,110 1,406,219 1,297,582 1,248,580 1,154,887
Real estate - residential 726,795 781,018 766,933 680,233 629,138
Consumer installment 115,919 96,915 68,305 33,245 31,901
Other 8,028 12,486 3,964 17,953 13,188
Total Legacy (excluding purchased loans) $3,785,480 $3,626,821 $3,091,039 $2,819,071 $2,528,007
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $89,897 $96,537 $100,426 $103,407 $116,276
Real estate - construction & development 82,378 81,368 89,319 96,264 110,958
Real estate - commercial & farmland 538,046 576,355 604,076 639,921 665,990
Real estate - residential 292,911 310,277 330,626 348,353 360,946
Consumer installment 3,703 4,654 4,934 5,690 6,028
Total Purchased loans (net of discounts) $1,006,935 $1,069,191 $1,129,381 $1,193,635 $1,260,198
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $ - $ - $ - $ - $ -
Real estate - construction & development - - - - -
Real estate - commercial & farmland - - - - -
Real estate - residential 529,099 568,314 624,886 610,425 656,734
Consumer installment - - - - -
Total Purchased loan pools $529,099 $568,314 $624,886 $610,425 $656,734
-------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $1,151,496 $1,063,675 $726,373 $667,750 $550,349
Real estate - construction & development 497,407 444,413 417,627 370,981 375,778
Real estate - commercial & farmland 1,996,156 1,982,574 1,901,658 1,888,501 1,820,877
Real estate - residential 1,548,805 1,659,609 1,722,445 1,639,011 1,646,818
Consumer installment 119,622 101,569 73,239 38,935 37,929
Other 8,028 12,486 3,964 17,953 13,188
Total Loans $5,321,514 $5,264,326 $4,845,306 $4,623,131 $4,444,939
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased loans:
Accruing loan types:
Commercial, financial & agricultural $42 $47 $53 $275 $279
Real estate - construction & development 435 686 691 468 476
Real estate - commercial & farmland 3,944 4,119 5,535 5,802 5,945
Real estate - residential 9,220 9,340 7,713 8,226 7,648
Consumer installment 18 17 21 24 37
Total Accruing TDRs $13,659 $14,209 $14,013 $14,795 $14,385
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $142 $114 $112 $86 $75
Real estate - construction & development 34 35 35 36 30
Real estate - commercial & farmland 1,617 2,970 2,015 1,832 1,871
Real estate - residential 998 738 849 899 1,040
Consumer installment 129 130 120 113 87
Total Non-accrual TDRs $2,920 $3,987 $3,131 $2,966 $3,103
------ ------ ------ ------ ------
Total Troubled Debt Restructurings $16,579 $18,196 $17,144 $17,761 $17,488
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased loans:
Grade 10 - Prime credit $420,814 $414,564 $398,781 $349,725 $254,203
Grade 15 - Good credit 587,180 539,147 190,389 191,574 213,510
Grade 20 - Satisfactory credit 1,718,749 1,669,998 1,608,265 1,493,561 1,346,050
Grade 23 - Performing, under-collateralized credit 20,889 23,186 22,763 23,665 25,047
Grade 25 - Minimum acceptable credit 958,623 907,588 797,148 687,817 628,042
Grade 30 - Other asset especially mentioned 37,298 29,172 31,764 32,468 22,141
Grade 40 - Substandard 41,821 43,067 41,929 40,261 39,013
Grade 50 - Doubtful 106 99 - - -
Grade 60 - Loss - - - - 1
--- --- --- --- ---
Total $3,785,480 $3,626,821 $3,091,039 $2,819,071 $2,528,007
---------- ---------- ---------- ---------- ----------
The following table presents the purchased loan portfolio by risk grade:
Grade 10 - Prime credit $6,017 $6,536 $6,543 $6,899 $10,505
Grade 15 - Good credit 38,179 40,786 42,257 45,245 48,229
Grade 20 - Satisfactory credit 365,434 334,353 341,544 364,624 365,374
Grade 23 - Performing, under-collateralized credit 22,081 27,475 31,841 33,817 34,291
Grade 25 - Minimum acceptable credit 476,954 569,026 604,272 620,489 674,149
Grade 30 - Other asset especially mentioned 43,450 35,032 50,691 61,227 58,733
Grade 40 - Substandard 54,820 55,983 52,233 61,302 68,885
Grade 50 - Doubtful - - - 30 30
Grade 60 - Loss - - - 2 2
--- --- --- --- ---
Total $1,006,935 $1,069,191 $1,129,381 $1,193,635 $1,260,198
---------- ---------- ---------- ---------- ----------
The following table presents the purchased loan pools by risk grade:
Grade 20 - Satisfactory credit $528,181 $567,389 $624,022 $609,561 $656,734
Grade 40 - Substandard 918 925 864 864 -
--- --- --- --- ---
Total $529,099 $568,314 $624,886 $610,425 $656,734
-------- -------- -------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $ - $5,261 $5,500 $7,186 $6,200
Interest bearing deposits in banks 147,385 122,538 85,051 96,906 201,814
Investment securities - taxable 759,850 770,373 767,421 766,006 728,269
Investment securities - nontaxable 65,374 66,566 68,325 69,664 68,824
Other investments 37,392 19,732 21,687 14,765 9,606
Loans held for sale 77,617 102,926 105,859 96,998 82,803
Loans 3,678,149 3,145,714 2,897,771 2,653,171 2,410,747
Purchased loans (excluding loan pools) 1,034,983 1,101,907 1,199,175 1,239,409 970,570
Purchased loan pools 547,057 590,617 629,666 630,503 627,178
Total Earning Assets $6,347,807 $5,925,634 $5,780,455 $5,574,608 $5,106,011
---------- ---------- ---------- ---------- ----------
Noninterest bearing deposits $1,604,495 $1,592,073 $1,546,211 $1,561,621 $1,362,007
NOW accounts 1,169,567 1,253,849 1,085,828 1,087,442 1,137,076
MMDA 1,486,972 1,435,958 1,435,151 1,413,503 1,278,199
Savings accounts 268,741 262,782 266,344 265,936 251,108
Retail CDs < $100,000 444,195 445,132 431,570 437,899 438,122
Retail CDs > $100,000 517,354 497,113 451,115 439,954 406,699
Brokered CDs - 3,750 5,000 5,000 1,099
Total Deposits 5,491,324 5,490,657 5,221,219 5,211,355 4,874,310
--------- --------- --------- --------- ---------
Federal funds purchased and securities sold
under agreements to repurchase 42,589 44,000 37,305 43,286 52,787
FHLB advances 525,583 222,426 265,202 104,195 9,648
Other borrowings 47,738 38,728 49,345 51,970 42,096
Subordinated deferrable interest debentures 84,379 84,050 83,719 83,386 72,589
Total Non-Deposit Funding 700,289 389,204 435,571 282,837 177,120
------- ------- ------- ------- -------
Total Funding $6,191,613 $5,879,861 $5,656,790 $5,494,192 $5,051,430
---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $ - $8 $8 $9 $8
Interest bearing deposits in banks 313 193 147 159 328
Investment securities - taxable 4,800 4,348 4,336 4,554 4,586
Investment securities - nontaxable (TE) 640 654 536 613 602
Loans held for sale 653 989 826 821 755
Loans (TE) 43,157 37,418 33,672 31,531 28,684
Purchased loans (excluding loan pools) 15,173 17,015 19,296 18,859 15,193
Purchased loan pools 3,832 3,950 4,346 3,730 5,144
Total Earning Assets $68,568 $64,575 $63,167 $60,276 $55,300
------- ------- ------- ------- -------
Accretion Income (included above) 2,810 3,370 3,604 4,196 2,942
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ -
NOW accounts 497 613 433 439 468
MMDA 1,538 1,405 1,241 1,168 1,040
Savings accounts 43 44 45 45 43
Retail CDs < $100,000 562 553 493 476 512
Retail CDs > $100,000 1,123 1,060 854 779 676
Brokered CDs - 6 8 8 2
Total Deposits 3,763 3,681 3,074 2,915 2,741
----- ----- ----- ----- -----
Federal funds purchased and securities sold
under agreements to repurchase 20 21 18 24 35
FHLB advances 907 328 393 155 23
Other borrowings 559 432 479 484 370
Subordinated deferrable interest debentures 1,211 1,216 1,179 1,173 954
Total Non-Deposit Funding 2,697 1,997 2,069 1,836 1,382
----- ----- ----- ----- -----
Total Funding $6,460 $5,678 $5,143 $4,751 $4,123
------ ------ ------ ------ ------
Net Interest Income (TE) $62,108 $58,897 $58,024 $55,525 $51,177
------- ------- ------- ------- -------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
2017 2016 2016 2016 2016
---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.00% 0.60% 0.58% 0.50% 0.52%
Interest bearing deposits in banks 0.86% 0.63% 0.69% 0.66% 0.65%
Investment securities - taxable 2.56% 2.25% 2.25% 2.39% 2.53%
Investment securities - nontaxable 3.97% 3.91% 3.12% 3.54% 3.52%
Loans held for sale 3.41% 3.82% 3.10% 3.40% 3.67%
Loans 4.76% 4.73% 4.62% 4.78% 4.79%
Purchased loans (excluding loan pools) 5.95% 6.14% 6.40% 6.12% 6.30%
Purchased loan pools 2.84% 2.66% 2.75% 2.38% 3.30%
---- ---- ---- ---- ----
Total Earning Assets 4.38% 4.34% 4.35% 4.35% 4.36%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.17% 0.19% 0.16% 0.16% 0.17%
MMDA 0.42% 0.39% 0.34% 0.33% 0.33%
Savings accounts 0.06% 0.07% 0.07% 0.07% 0.07%
Retail CDs < $100,000 0.51% 0.49% 0.45% 0.44% 0.47%
Retail CDs > $100,000 0.88% 0.85% 0.75% 0.71% 0.67%
Brokered CDs 0.00% 0.64% 0.64% 0.64% 0.73%
---- ---- ---- ---- ----
Total Deposits 0.28% 0.27% 0.23% 0.22% 0.23%
Federal funds purchased and securities sold
under agreements to repurchase 0.19% 0.19% 0.19% 0.22% 0.27%
FHLB advances 0.70% 0.59% 0.59% 0.60% 0.96%
Other borrowings 4.75% 4.44% 3.86% 3.75% 3.54%
Subordinated deferrable interest debentures 5.82% 5.76% 5.60% 5.66% 5.29%
---- ---- ---- ---- ----
Total Non-Deposit Funding 1.56% 2.04% 1.89% 2.61% 3.14%
Total funding (2) 0.42% 0.38% 0.36% 0.35% 0.33%
---- ---- ---- ---- ----
Net interest spread 3.96% 3.95% 3.99% 4.00% 4.03%
Net interest margin (3) 3.97% 3.95% 3.99% 4.01% 4.03%
==== ==== ==== ==== ====
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.
(2) Rate calculated based on total average funding including non-interest bearing deposits.
(3) Rate calculated based on average earning assets.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
Adjusted Operating Net Income Reconciliation 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Net income available to common shareholders $21,153 $18,177 $21,557 $20,049 $12,317
Merger and conversion charges 402 17 - - 6,359
Certain compliance resolution expenses - 5,750 - - -
Losses (gains) on the sale of premises 295 430 238 401 (77)
--- --- --- --- ---
Tax effect of management-adjusted charges (244) (2,169) (83) (140) (2,199)
---- ------ --- ---- ------
Plus: After tax management-adjusted charges 453 4,028 155 261 4,083
Adjusted Operating Net income 21,606 22,205 21,712 20,310 16,400
------ ------ ------ ------ ------
Adjusted operating net income per diluted share: $0.60 $0.63 $0.62 $0.58 $0.50
Adjusted operating return on average assets 1.27% 1.34% 1.36% 1.33% 1.17%
Adjusted operating return on average common
tangible equity 15.84% 17.25% 17.31% 17.25% 15.37%
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
Net Interest Margin and Yields on Total Loans 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Excluding Accretion Reconciliation
Total Interest Income (TE) $68,568 $64,575 $63,167 $60,276 $55,300
Accretion Income 2,810 3,370 3,604 4,196 2,942
----- ----- ----- ----- -----
Total Interest Income (TE) Excluding Accretion $65,758 $61,205 $59,563 $56,080 $52,358
Total Interest Expense $6,460 $5,677 $5,143 $4,751 $4,123
Net Interest Income (TE) Excluding Accretion $59,298 $55,528 $54,420 $51,329 $48,235
Yield on Total Loans (TE) Excluding Accretion 4.56% 4.51% 4.49% 4.42% 4.60%
---- ---- ---- ---- ----
Net Interest Margin (TE) Excluding Accretion 3.79% 3.73% 3.75% 3.70% 3.80%
---- ---- ---- ---- ----
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
Management-Adjusted Operating Expenses 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Total operating expenses 53,093 54,677 53,199 52,359 55,600
Less: Management-adjusted charges
Merger and conversion expenses (402) (17) - - (6,359)
Certain compliance resolution expenses - (5,750) - - -
Gains/(Losses) on the sale of premises (295) (430) (238) (401) 77
---- ---- ---- ---- ---
Management-adjusted operating expenses $52,396 $48,480 $52,961 $51,958 $49,318
======= ======= ======= ======= =======
Management-adjusted operating efficiency ratio (TE) 59.67% 58.29% 60.95% 61.93% 65.44%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. Jun. Mar.
Segment Reporting 2017 2016 2016 2016 2016
---- ---- ---- ---- ----
Banking Division:
Net interest income $50,126 $50,528 $51,653 $49,820 $46,483
Provision for loan losses 1,982 502 57 733 681
Noninterest income 13,013 13,466 13,949 13,018 12,735
Noninterest expense:
Salaries and employee benefits 18,844 17,084 18,323 18,428 18,989
Occupancy 5,257 5,668 5,490 5,901 5,150
Data Processing 6,043 5,841 5,794 5,685 5,820
Other expenses 9,241 15,398 11,533 11,071 16,436
----- ------ ------ ------ ------
Total noninterest expense 39,385 43,991 41,140 41,085 46,395
------ ------ ------ ------ ------
Income before income taxes 21,772 19,501 24,405 21,020 12,142
Income Tax 6,856 5,005 7,733 6,626 3,919
----- ----- ----- ----- -----
Net income $14,916 $14,496 $16,672 $14,394 $8,223
======= ======= ======= ======= ======
Retail Mortgage Division:
Net interest income $2,976 $3,032 $2,625 $2,554 $2,430
Provision for loan losses 8 33 447 93 -
Noninterest income 10,513 9,036 13,198 13,304 9,624
Noninterest expense:
Salaries and employee benefits 7,216 7,098 8,940 8,304 6,347
Occupancy 519 602 433 405 488
Data Processing 317 326 364 338 272
Other expenses 1,141 1,093 1,303 1,133 956
----- ----- ----- ----- ---
Total noninterest expense 9,193 9,119 11,040 10,180 8,063
----- ----- ------ ------ -----
Income before income taxes 4,288 2,916 4,336 5,585 3,991
Income Tax 1,501 1,021 1,518 1,955 1,397
----- ----- ----- ----- -----
Net income $2,787 $1,895 $2,818 $3,630 $2,594
====== ====== ====== ====== ======
Warehouse Lending Division:
Net interest income $1,105 $1,706 $1,848 $1,481 $927
Provision for loan losses (232) 496 94 - -
Noninterest income 319 462 555 440 333
Noninterest expense:
Salaries and employee benefits 147 220 103 108 188
Occupancy 1 1 1 1 1
Data Processing 27 32 26 25 20
Other expenses 32 29 26 26 25
--- --- --- --- ---
Total noninterest expense 207 282 156 160 234
--- --- --- --- ---
Income before income taxes 1,449 1,390 2,153 1,761 1,026
Income Tax 507 487 754 616 359
--- --- --- --- ---
Net income $942 $904 $1,399 $1,145 $667
==== ==== ====== ====== ====
SBA Division:
Net interest income $907 $949 $941 $734 $596
Provision for loan losses 48 571 213 63 -
Noninterest income 1,815 1,308 1,162 1,617 1,594
Noninterest expense:
Salaries and employee benefits 591 735 616 691 663
Occupancy 51 64 65 64 61
Data Processing 1 1 1 1 1
Other expenses 211 170 181 178 183
--- --- --- --- ---
Total noninterest expense 854 970 863 934 908
--- --- --- --- ---
Income before income taxes 1,820 716 1,027 1,354 1,282
Income Tax 637 251 359 474 449
--- --- --- --- ---
Net income $1,183 $465 $668 $880 $833
====== ==== ==== ==== ====
Premium Finance Division:
Net interest income $5,476 $1,064 $ - $ - $ -
Provision for loan losses 30 108 - - -
Noninterest income 46 - - - -
Noninterest expense:
Salaries and employee benefits 996 - - - -
Occupancy 49 2 - - -
Data Processing 184 44 - - -
Other expenses 2,225 269 - - -
----- --- --- --- ---
Total noninterest expense 3,454 315 - - -
----- --- --- --- ---
Income before income taxes 2,038 641 - - -
Income Tax 713 224 - - -
--- --- --- --- ---
Net income $1,325 $417 $ - $ - $ -
====== ==== ============================ ======================== =========================
Total Consolidated:
Net interest income $60,590 $57,279 $57,067 $54,589 $50,436
Provision for loan losses 1,836 1,710 811 889 681
Noninterest income 25,706 24,272 28,864 28,379 24,286
Noninterest expense:
Salaries and employee benefits 27,794 25,137 27,982 27,531 26,187
Occupancy 5,877 6,337 5,989 6,371 5,700
Data Processing 6,572 6,244 6,185 6,049 6,113
Other expenses 12,850 16,959 13,043 12,408 17,600
------ ------ ------ ------ ------
Total noninterest expense 53,093 54,677 53,199 52,359 55,600
------ ------ ------ ------ ------
Income before income taxes 31,367 25,164 31,921 29,720 18,441
Income Tax 10,214 6,987 10,364 9,671 6,124
------ ----- ------ ----- -----
Net income $21,153 $18,177 $21,557 $20,049 $12,317
======= ======= ======= ======= =======
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-20-increase-in-operating-results-for-first-quarter-2017-300443222.html
SOURCE Ameris Bancorp
