AMERIS BANCORP MOULTRIE, Ga., Jan. 22, 2016 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), (the "Company"), today reported operating net income of $53.3 million, or $1.66 per share, for the year ended December 31, 2015, compared with $41.2 million, or $1.57 per share, for 2014. Operating net income excludes $12.5 million and $2.8 million of after-tax acquisition-related costs and non-recurring credit charges in 2015 and 2014, respectively. Commenting on the Company's earnings, Edwin W. Hortman, Jr., President and Chief Executive Officer of the Company, said, "I am pleased with our improvement in 2015 compared with our 2014 results. We spent 2015 integrating the acquisitions completed in the second quarter of the year and preparing for consistent earnings in 2016. Our achievements in 2015 include organic loan growth of 13.5%, organic growth in non-interest bearing deposits of 26.1% and a 15.1% improvement in tangible book value. I am confident that the momentum we have in balance sheet growth and resulting revenue is what we need to meet our goals for this year."
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Operating net income for the fourth quarter of 2015 was $15.3 million, or $0.47 per share, compared with $10.6 million, or $0.39 per share, for the same quarter of 2014. Operating results for the fourth quarter exclude acquisition costs totaling $1.8 million and $255,000, before tax, in the fourth quarter of 2015 and 2014, respectively. "Highlights for the fourth quarter include very strong loan production augmented by additional purchases of select mortgage pools and strong growth in non-interest bearing deposits. Seasonality in our mortgage operations resulted in lower profitability for the fourth quarter of 2015 than for the third quarter, by approximately $0.04 per share. Additionally, we had approximately $2.2 million of loss-share related expenses associated with three expiring agreements that we anticipate will decline to normal levels in the first quarter of 2016."
Including acquisition and conversion costs and non-recurring credit resolution expenses, the Company reported net income of $14.1 million, or $0.43 per share, for the fourth quarter of 2015, compared with $10.6 million, or $0.39 per share, for the same quarter of 2014. For the year, the Company's earnings totaled $40.8 million, or $1.27 per share, compared with $38.4 million, or $1.46 per share, for 2014.
Highlights of the Company's results for 2015 include the following:
-- operating return on average assets of 1.11% and operating return on
average tangible equity of 13.66%
-- growth in total assets to $5.59 billion, an increase of 38.4% over 2014
-- organic growth in total assets of 10.1%, or $406.0 million
-- organic growth in loans totaled $344.2 million, or 13.4%
-- total growth in non-interest bearing demand deposits of $490.5 million,
or 58.4%, to end the year at 27.3% of total deposits
-- increase in total recurring revenue over 2014 of 22.8% to $261.0
million, with "recurring revenue" defined as net interest income plus
non-interest income, but excluding gain on the sale of securities
-- decline in annualized net charge-offs to 0.20% of total loans, compared
with 0.31% for 2014
-- increase in tangible book value per share of 15.1% to $12.65, compared
with $10.99 per share at December 31, 2014
-- increase in non-interest income of 35.8% to $85.2 million, compared with
$62.7 million for 2014
-- increase in profitability from mortgage, SBA and warehouse lines of
business of 79.3% to $15.2 million, compared with $8.5 million for 2014
Pending Acquisition
During the third quarter of 2015, the Company announced the execution of an agreement to acquire Jacksonville Bancorp, Inc., the parent company of The Jacksonville Bank. The Jacksonville Bank currently operates eight banking locations, all of which are located within the Jacksonville, Florida MSA. The acquisition will further expand the Company's existing Southeastern footprint in the attractive Jacksonville market, where the Company will be the largest community bank by deposit market share after the acquisition. Upon completion of the transaction, the combined company will have approximately $6.0 billion in assets, $4.2 billion in loans and $5.2 billion in deposits. The transaction is expected to close in the first quarter of 2016 and is subject to customary closing conditions, including receipt of the approval of the shareholders of Jacksonville Bancorp, Inc.
Increase in Net Interest Income
Net interest income on a tax-equivalent basis increased 17.5% in 2015 to $178.1 million, up from $151.5 million for 2014. Growth in earning assets from internal sources, as well as from acquisition activity, contributed to the increase. Average earning assets increased 30.8% in 2015 to $4.32 billion, compared with $3.30 billion for 2014. Although the Company's net interest income increased, its net interest margin was affected by historically low interest rates, as well as unusually high levels of lower yielding short-term assets acquired in the Company's recent bank and branch acquisitions, as well as the recent loan pool purchases. For the year ended December 31, 2015, the Company's net interest margin, including accretion, fell to 4.12%, compared with 4.59% for 2014.
The Company's net interest margin was 3.98% for the fourth quarter of 2015, compared with 4.07% for the third quarter of the year. The Company's margin in the fourth quarter was affected by seasonal inflows of municipal deposits and short-term funds from commercial enterprises, which increased the percentage of short-term assets to earning assets to 6.02% for the quarter from 4.36% for the third quarter of 2015. Management of the Company estimates the negative impact of these short-term inflows to its net interest margin to be approximately 0.07%.
Accretion income for the fourth quarter decreased slightly to $2.9 million, compared with $3.0 million for the third quarter of 2015, and was significantly less than the $4.3 million reported for the fourth quarter of 2014. Excluding the effect of accretion, the Company's margin for the fourth quarter of 2015 was 3.74%, compared with 3.81% for the third quarter of 2015 and 4.17% for the fourth quarter of 2014.
Interest income on loans on a tax-equivalent basis increased substantially during 2015 to $170.0 million, compared with $149.1 million for 2014. Much of the growth in loan revenues occurred late in the year, such that the increase should provide greater loan revenues for subsequent periods. During the quarter ended December 31, 2015, interest income on loans increased to $46.9 million, compared with $45.4 million for the third quarter of 2015 and $40.6 million for the fourth quarter of 2014. Loan yields (including loans held for sale but excluding accretion income) were 4.68% in the fourth quarter of 2015, compared with 4.73% in the third quarter of 2015 and 5.05% in the fourth quarter of 2014. The majority of the decline in loan yields resulted from growth in the Company's investment in whole loan mortgage pools, which increased to 11.9% of total loans during the quarter, with yields slightly below 3.00%.
Yields on earning assets in 2015 were 4.47%, compared with 5.03% in 2014. The decline in earning asset yields relates principally to the short-term investment strategy associated with the Company's recent acquisitions. Yields on the invested funds in purchased mortgage pools were 3.21% during 2015. Current yields on all other loans (including purchased non-covered and covered loans) were 5.31% during 2015, compared with 5.63% in 2014. Higher yielding covered loans as a percentage of total loans has declined from 9.6% at the end of 2014 to only 3.5% at December 31, 2015. Additionally, a portion of the growth in the Company's legacy portfolio has been in both municipal loans and adjustable-rate mortgages that have a significantly better risk profile but produce lower yields than consolidated levels typically earned by the Company in recent years. Yields on loans, excluding accretion, declined during 2015 to 4.90%, compared with 5.11% for 2014. For the fourth quarter, loan yields, excluding accretion, increased nine basis points to 4.92%, compared with 4.83% for the third quarter of 2015.
Total interest expense for 2015 was $14.9 million, compared with $14.7 million for 2014. Deposit costs were stable for most of 2015, ending the year at 0.23%, compared with 0.30% for 2014. Deposit costs increased slightly in the fourth quarter of 2015 to 0.23% , compared with 0.22% for the third quarter of 2015. Continued improvement in the Company's mix of deposits, primarily toward non-interest bearing deposits, has allowed for more aggressive retention efforts on MMDA and CDs without negatively impacting overall deposit costs. Non-interest bearing deposits were 29.2% of the total average deposits for 2015, compared with 23.5% for 2014. The Company does not expect deposit costs or overall funding costs to change materially in the coming quarters despite tightening liquidity and strengthening forecasts for asset growth.
Non-Interest Income
Excluding gains on investment securities, non-interest income increased 35.8% in 2015 to $85.2 million, compared with $62.7 million for 2014. Growth rates were notably strong for each source of non-interest income. Retail mortgage revenues increased 42.9% during 2015, from $30.3 million for 2014 to $43.3 million for 2015, as the Company's mortgage division reached a mature stage with highly seasoned and experienced mortgage bankers producing strong results from referral sources. Net income for the Company's retail mortgage division grew 88.4% during 2015 to $9.3 million. Revenues from the Company's warehouse lending division increased 106.0% during the year, from $2.7 million for 2014 to $5.5 million for 2015, and net income for the division increased 141.6%, from $1.3 million for 2014 to $3.1 million for 2015.
Revenues and profitability slowed for both mortgage and warehouse lending in the fourth quarter, which is traditionally a slow time of the year. Results were also negatively impacted by the implementation of new mortgage loan disclosure and delivery requirements, which became effective on October 3, 2015. Management does not anticipate that the new requirements will adversely impact future quarters, and management further believes that revenues and profitability from mortgage operations will continue to grow steadily during 2016.
Revenues from the Company's SBA division continued to increase during 2015, rising from $7.0 million for 2014 to $8.3 million for 2015. Net income for the division increased 24.7%, from $2.3 million for 2014 to $2.8 million for 2015.
Service charges on deposit accounts increased by $9.9 million to $34.5 million during 2015, an increase of 40.0% compared with 2014. Service charge increases associated with the Company's acquisitions during 2015 totaled $5.1 million, or approximately $9.2 million on an annualized basis.
Non-Interest Expense
Total operating expenses, excluding credit charges and acquisition costs, increased $40.0 million during 2015 to $173.4 million. The majority of the increase in operating expenses was associated with the operating expenses of the bank and branches acquired by the Company during 2015, which totaled $23.2 million, and an increase in operating expenses resulting from added lines of business, which totaled $7.2 million.
Excluding acquisition costs, operating expenses increased $3.3 million in the fourth quarter of 2015 compared with the third quarter of 2015. Compensation costs increased $1.0 million during the fourth quarter as a result of increased incentive accruals.
Credit-related costs increased in the fourth quarter of 2015 to $2.2 million, compared with $1.1 million for the third quarter of 2015. During the quarter, three of the Company's remaining commercial loss-share agreements with the FDIC expired, causing the Company to dispose of any related OREO that remained prior to expiration. These costs accounted for approximately $800,000 of the additional credit costs incurred during the fourth quarter and are not considered recurring.
Other costs associated with expiring loss-share agreements relate primarily to the amortization of the indemnification asset. Total costs incurred during the fourth quarter of 2015 and during the year-to-date period totaled $1.7 million and $4.8 million, respectively. Scheduled amortization of the remaining indemnification asset is approximately $775,000 for the first quarter of 2016 and $1.6 million for all of 2016.
Balance Sheet Trends
Total assets increased $1.55 billion during 2015, ending the year at $5.59 billion, compared with $4.04 billion 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.
Total loans, excluding loans held for sale, purchased non-covered loan pools and covered loans, were $3.18 billion at the end of 2015, compared with $2.56 billion at the end of 2014. Loans held for sale increased 17.3% to $111.2 million, the result of higher production levels in the Company's mortgage and SBA divisions. Purchased non-covered loan pools were $593.0 million at December 31, 2015. Covered loans declined $133.8 million, or 49.3%, during 2015 to end the year at $137.5 million. At the end of 2015, covered loans represent only 3.5% of total loans, compared with 9.6% at the end of 2014.
Investment securities at the end of 2015 were $792.5 million, or 15.6% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December 31, 2014.
Deposits increased $1.45 billion during 2015 to finish the year at $4.88 billion. At December 31, 2015, non-interest bearing deposit accounts were $1.33 billion, or 27.3% of total deposits, compared with $839.4 million and 24.5%, respectively, at December 31, 2014. Non-rate sensitive deposits (including NIB, NOW and savings) totaled $2.71 billion at December 31, 2015, compared with $1.82 billion at the end of 2014. These funds represented 55.6% of the Company's total deposits at the end of 2015, compared with 53.2% at the end of 2014.
Stockholders' equity at December 31, 2015 totaled $514.8 million, an increase of $148.7 million, or 40.6%, from December 31, 2014. The increase in stockholders' equity was the result of the Company's issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $40.8 million during 2015. Tangible book value per share ended 2015 at $12.65 per share, up 15.1% from $10.99 per share at the end of 2014.
Conference Call
The Company will host a teleconference at 10:00 a.m. Eastern time today (January 22, 2016) 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 February 5, 2016. 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 10078442. 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 headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 101 locations in Georgia, Alabama, northern Florida and South Carolina, with eight 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 on 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, including the Company's 2014 Annual Report on Form 10-K, for a summary of certain factors that may impact the Company's results of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income Available to Common Shareholders $14,148 $15,627 $1,308 $9,764 $10,580 $40,847 $38,437
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $0.44 $0.49 $0.04 $0.32 $0.40 $1.29 $1.48
Diluted $0.43 $0.48 $0.04 $0.32 $0.39 $1.27 $1.46
Cash Dividends per share $0.05 $0.05 $0.05 $0.05 $0.05 $0.20 $0.15
Book value per share (period end) $15.98 $15.60 $15.12 $15.22 $13.67 $15.98 $13.67
Tangible book value per share (period end) $12.65 $12.31 $11.81 $13.01 $10.99 $12.65 $10.99
Weighted average number of shares:
Basic 32,199,632 32,195,435 32,184,355 30,442,998 26,771,636 31,761,624 25,974,084
Diluted 32,594,929 32,553,167 32,520,453 30,796,148 27,090,293 32,126,667 26,259,030
Period-end number of shares 32,211,385 32,196,117 32,195,089 32,182,143 26,773,863 32,211,385 26,773,863
Market data:
High closing price $34.90 $28.75 $26.87 $26.55 $26.48 $34.90 $26.48
Low closing price $27.65 $24.97 $24.73 $22.75 $21.95 $22.75 $19.73
Period end closing price $33.99 $28.75 $25.29 $26.39 $25.64 $33.99 $25.64
Average daily volume 301,775 174,900 107,413 105,152 111,473 173,391 93,229
PERFORMANCE RATIOS
Return on average assets 1.03% 1.19% 0.12% 0.97% 1.05% 0.85% 1.08%
Return on average common equity 10.94% 12.53% 1.07% 8.76% 11.57% 8.37% 12.40%
Earning asset yield (TE) 4.30% 4.39% 4.49% 4.79% 5.08% 4.47% 5.03%
Total cost of funds 0.32% 0.32% 0.36% 0.40% 0.43% 0.34% 0.43%
Net interest margin (TE) 3.98% 4.07% 4.14% 4.39% 4.64% 4.12% 4.59%
Non-interest income excluding securities
transactions,
as a percent of total revenue (TE) 29.56% 32.33% 31.51% 29.06% 26.50% 30.68% 27.37%
Efficiency ratio 74.66% 66.87% 92.74% 72.38% 72.75% 76.25% 70.92%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 9.21% 9.63% 9.35% 11.79% 9.07% 9.21% 9.07%
Tangible common equity to tangible assets 7.44% 7.76% 7.46% 10.26% 7.42% 7.44% 7.42%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 7.44% 7.76% 7.46% 10.26% 7.42% 7.44% 7.42%
Effect of goodwill and other intangibles 1.77% 1.87% 1.89% 1.54% 1.65% 1.77% 1.65%
Equity to assets (GAAP) 9.21% 9.63% 9.35% 11.79% 9.07% 9.21% 9.07%
==== ==== ==== ===== ==== ==== ====
OTHER PERIOD-END DATA
Banking Division FTE 1,075 1,110 1,122 852 853 1,075 853
Mortgage Division FTE 229 218 191 170 174 229 174
-------------------
Total Ameris Bancorp FTE Headcount 1,304 1,328 1,313 1,022 1,027 1,304 1,027
----- ----- ----- ----- ----- ----- -----
Assets per Banking Division FTE $5,199 $4,699 $4,640 $4,874 $4,733 $5,199 $4,733
Branch locations 101 103 103 73 73 101 73
Deposits per branch location $48,310 $43,986 $43,801 $47,674 $47,002 $48,310 $47,002
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $47,336 $45,775 $39,838 $38,618 $41,235 $171,567 $150,611
Interest on taxable securities 4,540 4,694 3,747 3,153 3,114 16,134 12,086
Interest on nontaxable securities 458 480 462 469 483 1,869 1,626
Interest on deposits in other banks 262 227 177 124 66 790 236
Interest on federal funds sold 5 19 5 4 2 33 7
Total interest income 52,601 51,195 44,229 42,368 44,900 190,393 164,566
------ ------ ------ ------ ------ ------- -------
Interest expense
Interest on deposits $2,687 $2,521 $2,264 $2,280 $2,560 $9,752 $9,488
Interest on other borrowings 1,296 1,275 1,277 1,256 1,334 5,104 5,192
-----------------
Total interest expense 3,983 3,796 3,541 3,536 3,894 14,856 14,680
----- ----- ----- ----- ----- ------ ------
Net interest income 48,618 47,399 40,688 38,832 41,006 175,537 149,886
Provision for loan losses 553 986 2,656 1,069 888 5,264 5,648
--- --- ----- ----- --- ----- -----
Net interest income after provision for loan losses $48,065 $46,413 $38,032 $37,763 $40,118 $170,273 $144,238
------- ------- ------- ------- ------- -------- --------
Noninterest income
Service charges on deposit accounts $10,119 $10,766 $7,151 $6,429 $6,522 $34,465 $24,614
Mortgage banking activity 8,586 10,404 9,727 8,083 6,476 36,800 25,986
Other service charges, commissions and fees 1,112 1,145 829 668 643 3,754 2,647
Gain(loss) on sale of securities - 115 10 12 - 137 138
Other non-interest income 2,590 2,548 2,909 2,383 2,721 10,430 9,451
Total noninterest income 22,407 24,978 20,626 17,575 16,362 85,586 62,836
------ ------ ------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 25,972 24,934 22,465 20,632 19,316 94,003 73,878
Occupancy and equipment expenses 5,917 5,915 4,809 4,554 4,717 21,195 17,521
Data processing and telecommunications
expenses 6,046 5,329 4,214 4,260 4,229 19,849 15,551
Credit resolution related expenses (1) 2,223 1,083 11,240 3,161 5,290 17,707 13,506
Advertising and marketing expenses 1,171 667 833 641 847 3,312 2,869
Amortization of intangible assets 1,160 1,321 630 630 662 3,741 2,330
Merger and conversion charges 1,807 446 5,712 15 67 7,980 3,940
Other non-interest expenses 8,732 8,701 6,961 6,934 6,605 31,328 21,274
Total noninterest expense 53,028 48,396 56,864 40,827 41,733 199,115 150,869
------ ------ ------ ------ ------ ------- -------
Income before income taxes $17,444 $22,995 $1,794 $14,511 $14,747 $56,744 $56,205
Income tax expense 3,296 7,368 486 4,747 4,167 15,897 17,482
-----------------
Net income $14,148 $15,627 $1,308 $9,764 $10,580 $40,847 $38,723
======= ======= ====== ====== ======= ======= =======
Preferred stock dividends - - - - - - 286
--- --- --- --- --- --- ---
Net income available to common shareholders $14,148 $15,627 $1,308 $9,764 $10,580 $40,847 $38,437
======= ======= ====== ====== ======= ======= =======
Diluted earnings available to common shareholders 0.43 0.48 0.04 0.32 0.39 1.27 1.46
==== ==== ==== ==== ==== ==== ====
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Dec. Sept. Jun. Mar. Dec.
2015 2015 2015 2015 2014
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $118,518 $114,396 $115,413 $80,142 $78,036
Federal funds sold and interest bearing
balances 272,045 120,925 239,804 126,157 92,323
Investment securities available for sale, at
fair value 783,185 811,385 862,154 610,330 541,805
Other investments 9,323 9,322 9,322 8,636 10,275
Mortgage loans held for sale 111,182 111,807 108,829 73,796 94,759
Loans, net of unearned income 2,406,877 2,290,649 2,171,600 1,999,420 1,889,881
Purchased, non-covered loans (excluding loan
pools) 771,554 767,494 808,313 643,092 674,239
Purchased, non-covered loan pools 592,963 410,072 268,984 - -
Covered loans 137,529 191,021 209,598 245,745 271,279
Less allowance for loan losses (21,062) (22,471) (21,658) (21,852) (21,157)
------------------
Loans, net 3,887,861 3,636,765 3,436,837 2,866,405 2,814,242
Other real estate owned 16,147 20,730 22,567 32,339 33,160
Purchased, non-covered other real estate
owned 14,333 11,538 13,112 13,818 15,585
Covered other real estate owned 5,011 12,203 12,626 16,089 19,907
------------------
Total other real estate owned 35,491 44,471 48,305 62,246 68,652
Premises and equipment, net 121,639 124,756 124,916 98,292 97,251
Goodwill 90,082 87,701 87,367 63,547 63,547
Other intangibles, net 17,058 18,218 19,189 7,591 8,221
FDIC loss sharing receivable 6,301 4,506 14,957 23,312 31,351
Cash value of bank owned life insurance 64,251 59,894 59,552 59,212 58,867
Other assets 72,004 72,154 79,089 73,238 77,748
Total assets $5,588,940 $5,216,300 $5,205,734 $4,152,904 $4,037,077
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $1,329,857 $1,275,800 $1,280,174 $967,015 $839,377
Interest-bearing 3,549,433 3,254,723 3,231,373 2,513,216 2,591,772
--------- --------- --------- --------- ---------
Total deposits 4,879,290 4,530,523 4,511,547 3,480,231 3,431,149
Federal funds purchased & securities sold
under
agreements to repurchase 63,585 51,506 75,066 55,520 73,310
Other borrowings 39,000 39,000 39,000 43,851 78,881
Other liabilities 22,432 23,371 24,026 17,952 22,384
Subordinated deferrable interest debentures 69,874 69,600 69,325 65,567 65,325
Total liabilities 5,074,181 4,714,000 4,718,964 3,663,121 3,671,049
--------- --------- --------- --------- ---------
Stockholders' equity
Preferred stock $ - $ - $ - $ - $ -
Common stock 33,625 33,610 33,609 33,593 28,159
Capital surplus 337,349 336,599 336,212 335,578 225,015
Retained earnings 152,820 140,282 126,265 126,566 118,412
Accumulated other comprehensive income/(loss) 3,353 4,197 3,072 6,353 6,098
Less treasury stock (12,388) (12,388) (12,388) (12,307) (11,656)
Total stockholders' equity 514,759 502,300 486,770 489,783 366,028
------- ------- ------- ------- -------
Total liabilities and stockholders' equity $5,588,940 $5,216,300 $5,205,734 $4,152,904 $4,037,077
========== ========== ========== ========== ==========
Other Data
Earning Assets 5,075,335 4,703,353 4,669,282 3,698,540 3,564,286
Intangible Assets 107,140 105,919 106,556 71,138 71,768
Interest Bearing Liabilities 3,721,892 3,414,829 3,414,764 2,678,154 2,809,288
Average Assets 5,427,367 5,213,275 4,464,558 4,079,750 4,011,128
Average Common Stockholders' Equity 513,098 494,957 491,967 452,132 362,659
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION(1)
Allowance for loan losses
Balance at beginning of period $22,471 $21,658 $21,852 $21,157 $22,212 $21,157 $22,377
Provision for loan loss (2) 800 1,050 1,800 1,100 650 4,750 4,721
Charge-offs 2,398 719 2,452 855 2,071 6,424 7,625
Recoveries 189 482 458 450 366 1,579 1,684
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) 2,209 237 1,994 405 1,705 4,845 5,941
Ending balance $21,062 $22,471 $21,658 $21,852 $21,157 $21,062 $21,157
==============
As a percentage of loans 0.88% 0.98% 1.00% 1.09% 1.12% 0.88% 1.12%
As a percentage of nonperforming loans 124.92% 109.31% 104.43% 104.85% 97.37% 124.92% 97.37%
Net charge-off information
Charge-offs
Commercial, financial & agricultural $501 $135 $410 $392 $468 $1,438 $1,567
Real estate - residential 621 234 464 268 368 1,587 1,707
Real estate - commercial & farmland 1,009 184 1,162 12 1,033 2,367 3,288
Real estate - construction & development 157 105 263 97 74 622 592
Consumer installment 110 61 153 86 128 410 471
Total charge-offs 2,398 719 2,452 855 2,071 6,424 7,625
----- --- ----- --- ----- ----- -----
Recoveries
Commercial, financial & agricultural 134 117 115 285 91 651 321
Real estate - residential 13 54 27 57 71 151 254
Real estate - commercial & farmland 13 272 17 15 91 317 274
Real estate - construction & development 9 6 277 31 49 323 349
Consumer installment 20 33 22 62 64 137 486
Total recoveries 189 482 458 450 366 1,579 1,684
--- --- --- --- --- ----- -----
Net charge-offs (recoveries) $2,209 $237 $1,994 $405 $1,705 $4,845 $5,941
===========================
Non-accrual loans (excluding purchased non-covered
and covered loans) 16,860 20,558 20,740 20,841 21,728 16,860 21,728
Non-accrual purchased non-covered loans 13,330 11,374 17,444 17,308 18,249 13,330 18,249
Foreclosed assets (excluding purchased assets) 16,147 20,730 22,567 32,339 33,160 16,147 33,160
Purchased, non-covered other real estate owned 14,333 11,538 13,112 13,818 15,585 14,333 14,359
Accruing loans delinquent 90 days or more - - - - 1 - 1
--- --- --- --- ---
Total non-performing assets, excluding covered assets 60,670 64,200 73,863 84,306 88,723 60,670 87,497
------ ------ ------ ------ ------ ------ ------
Non-performing assets as a percent of total assets 1.09% 1.23% 1.42% 2.03% 2.20% 1.09% 2.17%
Net charge offs as a percent of loans (Annualized) 0.36% 0.04% 0.37% 0.08% 0.36% 0.20% 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:
----------------------
Dec. Sept. Jun. Mar. Dec.
Loans by Type 2015 2015 2015 2015 2014
---- ---- ---- ---- ----
Commercial, financial & agricultural $449,623 $427,747 $373,202 $334,917 $319,654
Real estate - construction & development 244,693 220,798 205,019 178,568 161,507
Real estate - commercial & farmland 1,104,991 1,067,828 1,010,195 947,274 907,524
Real estate - residential 570,430 532,285 537,201 496,043 456,106
Consumer installment 31,125 31,299 30,080 29,113 30,782
Other 6,015 10,692 15,903 13,505 14,308
Total Legacy (excluding purchased
non-covered and covered) $2,406,877 $2,290,649 $2,171,600 $1,999,420 $1,889,881
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $45,462 $42,350 $45,337 $36,258 $38,041
Real estate - construction & development 72,080 71,109 75,302 53,668 58,362
Real estate - commercial & farmland 390,755 385,032 404,588 291,760 306,706
Real estate - residential 258,153 263,312 276,798 257,216 266,342
Consumer installment 5,104 5,691 6,288 4,190 4,788
Total Purchased non-covered (net of discounts) $771,554 $767,494 $808,313 $643,092 $674,239
-------- -------- -------- -------- --------
Commercial, financial & agricultural $ - $ - $ - $ - $ -
Real estate - construction & development - - - - -
Real estate - commercial & farmland - - - - -
Real estate - residential 592,963 410,072 268,984 - -
Consumer installment - - - - -
Total Purchased non-covered loan pools $592,963 $410,072 $268,984 $ - $ -
-------- -------- -------- ------------------------ -------------------------
Commercial, financial & agricultural $5,546 $13,349 $17,666 $20,905 $21,467
Real estate - construction & development 7,612 14,266 15,002 19,519 23,447
Real estate - commercial & farmland 71,226 103,399 111,772 130,290 147,627
Real estate - residential 53,038 59,835 64,982 74,847 78,520
Consumer installment 107 172 176 184 218
Total Covered (net of discounts) $137,529 $191,021 $209,598 $245,745 $271,279
-------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $500,631 $483,446 $436,205 $392,080 $379,162
Real estate - construction & development 324,385 306,173 295,323 251,755 243,316
Real estate - commercial & farmland 1,566,972 1,556,259 1,526,555 1,369,324 1,361,857
Real estate - residential 1,474,584 1,265,504 1,147,965 828,106 800,968
Consumer installment 36,336 37,162 36,544 33,487 35,788
Other 6,015 10,692 15,903 13,505 14,308
Total Loans $3,908,923 $3,659,236 $3,458,495 $2,888,257 $2,835,399
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural $240 $238 $278 $277 $290
Real estate - construction & development 792 838 821 789 679
Real estate - commercial & farmland 5,766 5,719 6,617 7,309 6,477
Real estate - residential 7,574 5,209 4,702 4,513 5,258
Consumer installment 46 71 49 47 55
Total Accruing TDRs $14,418 $12,075 $12,467 $12,935 $12,759
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $110 $68 $29 $17 $13
Real estate - construction & development 63 30 57 90 228
Real estate - commercial & farmland 596 942 598 64 724
Real estate - residential 1,123 759 783 736 1,485
Consumer installment 94 64 82 90 73
Total Non-accrual TDRs $1,986 $1,863 $1,549 $997 $2,523
------ ------ ------ ---- ------
Total Troubled Debt Restructurings $16,404 $13,938 $14,016 $13,932 $15,282
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit $250,609 $231,281 $181,933 $157,462 $128,577
Grade 15 - Good credit 227,730 234,185 243,070 205,929 217,804
Grade 20 - Satisfactory credit 1,224,320 1,148,024 1,104,747 1,012,733 947,948
Grade 23 - Performing, under-collateralized credit 27,607 26,477 27,400 28,643 29,205
Grade 25 - Minimum acceptable credit 609,413 579,642 544,664 513,009 488,187
Grade 30 - Other asset especially mentioned 24,423 22,190 25,020 25,461 25,983
Grade 40 - Substandard 42,773 48,848 44,766 56,179 52,176
Grade 50 - Doubtful - 2 - 4 1
Grade 60 - Loss 2 - - - -
--- --- --- --- ---
Total $2,406,877 $2,290,649 $2,171,600 $1,999,420 $1,889,881
---------- ---------- ---------- ---------- ----------
The following table presents the purchased, non-covered loan portfolio by risk grade:
Grade 10 - Prime credit $9,602 $9,801 $10,123 $7,444 $7,394
Grade 15 - Good credit 51,168 50,906 53,220 23,640 29,727
Grade 20 - Satisfactory credit 336,990 348,034 362,304 206,480 208,686
Grade 23 - Performing, under-collateralized credit 12,029 10,612 10,537 10,024 6,578
Grade 25 - Minimum acceptable credit 294,829 290,272 300,411 337,386 361,155
Grade 30 - Other asset especially mentioned 30,693 26,458 34,779 22,323 25,747
Grade 40 - Substandard 36,211 31,381 36,887 35,743 34,889
Grade 50 - Doubtful 30 30 52 52 63
Grade 60 - Loss 2 - - - -
--- --- --- --- ---
Total $771,554 $767,494 $808,313 $643,092 $674,239
-------- -------- -------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $5,500 $5,500 $5,500 $5,500 $3,163 $5,500 $2,886
Interest bearing deposits in banks 291,303 199,057 201,765 158,286 69,772 214,120 70,829
Investment securities - taxable 730,608 772,252 600,176 485,922 461,800 650,708 435,960
Investment securities - nontaxable 69,711 72,549 70,653 71,229 72,072 71,035 61,834
Other investments 9,322 9,322 9,597 9,450 9,804 9,422 10,589
Mortgage loans held for sale 98,765 102,961 81,823 75,831 97,406 87,952 71,231
Loans 2,333,577 2,224,490 2,111,507 1,911,601 1,871,618 2,161,726 1,753,013
Purchased non-covered loans 752,508 788,351 654,397 650,331 659,472 712,022 557,708
Purchased non-covered loan pools 454,884 323,258 17,308 - - 201,689 -
Covered loans 180,493 195,175 246,422 262,693 299,981 206,774 339,417
------- ------- ------- ------- -------
Total Earning Assets $4,926,671 $4,692,915 $3,999,148 3,630,843 3,545,088 $4,320,948 $3,303,467
---------- ---------- ---------- --------- --------- ---------- ----------
Noninterest bearing deposits $1,324,999 $1,300,870 $1,088,249 $897,937 $850,879 $1,227,682 $751,874
NOW accounts 1,100,972 907,618 745,709 756,795 786,511 877,949 724,461
MMDA 1,212,087 1,219,736 981,143 857,346 840,397 1,074,349 805,601
Savings accounts 241,337 239,999 188,767 163,624 156,663 209,206 150,266
Retail CDs < $100,000 449,158 484,007 388,248 372,463 386,844 425,583 389,174
Retail CDs > $100,000 395,978 387,485 378,137 383,962 401,934 384,761 373,767
Brokered CDs - - - - 4,023 - 5,479
Total Deposits 4,724,531 4,539,715 3,770,253 3,432,127 3,427,251 4,199,530 3,200,622
--------- --------- --------- --------- --------- --------- ---------
FHLB advances - - 17,275 16,778 35,815 8,444 46,986
Other borrowings 39,000 39,000 41,930 43,871 46,508 40,931 39,850
Subordinated debentures 69,723 69,448 67,180 65,436 65,195 67,962 60,298
Federal funds purchased and securities sold
under agreements to repurchase 61,986 44,480 58,722 52,707 47,247 50,988 47,136
Total Non-Deposit Funding 170,709 152,928 185,107 178,792 194,765 168,325 194,270
------- ------- ------- ------- ------- ------- -------
Total Funding $4,895,240 $4,692,643 $3,955,360 $3,610,919 $3,622,016 $4,367,855 $3,394,892
---------- ---------- ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $5 $19 $5 $4 $2 $33 $7
Interest bearing deposits in banks 262 227 177 124 66 790 237
Investment securities - taxable 4,540 4,694 3,747 3,153 3,114 16,134 12,086
Investment securities - nontaxable (TE) 618 648 624 633 652 2,523 2,195
Mortgage loans held for sale 1,040 970 764 692 947 3,466 2,593
Loans (TE) 27,901 27,258 25,629 22,418 23,294 103,206 87,727
Purchased non-covered loans 12,129 11,911 10,328 11,840 12,612 46,208 40,020
Purchased non-covered loan pools 3,335 2,997 149 - - 6,481 -
Covered loans 3,556 3,192 3,385 3,995 4,704 14,128 21,355
----- ----- ----- ----- -----
Total Earning Assets $53,386 $51,916 $44,808 $42,859 $45,391 $192,969 $166,220
------- ------- ------- ------- ------- -------- --------
Accretion Income (included above) 2,912 3,037 2,635 3,097 4,280 11,681 12,543
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 463 304 318 376 414 1,461 1,317
MMDA 929 877 760 663 768 3,229 2,954
Savings accounts 42 42 37 37 45 158 164
Retail CDs < $100,000 594 607 488 513 553 2,202 2,116
Retail CDs > $100,000 659 691 662 691 746 2,703 2,761
Brokered CDs - - - - 34 0 177
Total Deposits 2,687 2,521 2,265 2,280 2,560 9,753 9,489
----- ----- ----- ----- ----- ----- -----
FHLB advances - - 16 15 26 31 140
Other borrowings 328 322 346 366 379 1,362 1,760
Subordinated debentures 924 914 866 832 887 3,536 3,127
Federal funds purchased and securities sold
under agreements to repurchase 44 39 48 43 41 174 164
--- --- --- --- --- ---
Total Non-Deposit Funding 1,296 1,275 1,276 1,256 1,333 5,103 5,191
----- ----- ----- ----- ----- ----- -----
Total Funding $3,983 $3,796 $3,541 $3,536 $3,893 $14,856 $14,680
------ ------ ------ ------ ------ ------- -------
Net Interest Income (TE) $49,403 $48,120 $41,267 $39,323 $41,498 $178,113 $151,540
------- ------- ------- ------- ------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.36% 1.37% 0.36% 0.29% 0.25% 0.60% 0.24%
Interest bearing deposits in banks 0.36% 0.45% 0.35% 0.32% 0.38% 0.37% 0.33%
Investment securities - taxable 2.47% 2.41% 2.50% 2.63% 2.68% 2.48% 2.77%
Investment securities - nontaxable 3.52% 3.54% 3.54% 3.60% 3.59% 3.55% 3.55%
Mortgage loans held for sale 4.18% 3.74% 3.75% 3.70% 3.86% 3.94% 3.64%
Loans 4.74% 4.86% 4.87% 4.76% 4.94% 4.77% 5.00%
Purchased non-covered loans 6.39% 5.99% 6.33% 7.38% 7.59% 6.49% 7.18%
Purchased non-covered loan pools 2.91% 3.68% 3.45% 0.00% 0.00% 3.21% 0.00%
Covered loans 7.82% 6.49% 5.51% 6.17% 6.22% 6.83% 6.29%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 4.30% 4.39% 4.49% 4.79% 5.08% 4.47% 5.03%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.17% 0.13% 0.17% 0.20% 0.21% 0.17% 0.18%
MMDA 0.30% 0.29% 0.31% 0.31% 0.36% 0.30% 0.37%
Savings accounts 0.07% 0.07% 0.08% 0.09% 0.11% 0.08% 0.11%
Retail CDs < $100,000 0.52% 0.50% 0.50% 0.56% 0.57% 0.52% 0.54%
Retail CDs > $100,000 0.66% 0.71% 0.70% 0.73% 0.74% 0.70% 0.74%
Brokered CDs 0.00% 0.00% 0.00% 0.00% 3.35% 0.00% 3.23%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.23% 0.22% 0.24% 0.27% 0.30% 0.23% 0.30%
FHLB advances 0.00% 0.00% 0.37% 0.36% 0.29% 0.37% 0.30%
Other borrowings 3.34% 3.28% 3.31% 3.38% 3.23% 3.33% 4.42%
Subordinated debentures 5.26% 5.22% 5.17% 5.16% 5.40% 5.20% 5.19%
Federal funds purchased and securities sold
under agreements to repurchase 0.28% 0.35% 0.33% 0.33% 0.34% 0.34% 0.35%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 3.01% 3.31% 2.76% 2.85% 2.72% 3.03% 2.67%
Total funding (3) 0.32% 0.32% 0.36% 0.40% 0.43% 0.34% 0.43%
---- ---- ---- ---- ---- ---- ----
Net interest spread 3.98% 4.07% 4.13% 4.39% 4.65% 4.13% 4.60%
Net interest margin 3.98% 4.07% 4.14% 4.39% 4.64% 4.12% 4.59%
==== ==== ==== ==== ==== ==== ====
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including non-interest bearing liabilities.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Operating Net Income Reconciliation 2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $14,148 $15,627 $1,308 $9,764 $10,580 $40,847 $38,437
Merger and conversion charges 1,807 446 5,712 15 67 7,980 3,940
Non-recurring credit resolution related expenses - - 11,241 - - 11,241 -
Other non-recurring adjustments - - - - 188 - (682)
Tax effect of non-recurring charges (632) (156) (5,934) (5) (89) (6,727) (1,140)
---- ---- ------ --- --- ------ ------
Plus: After tax non-recurring charges 1,175 290 11,019 10 (22) 12,494 2,800
Operating Net income 15,323 15,917 12,327 9,774 10,558 53,341 41,237
------ ------ ------ ----- ------ ------ ------
Operating net income per diluted share: $0.47 $0.49 $0.38 $0.32 $0.39 $1.66 $1.57
Return on average assets 1.12% 1.21% 1.11% 0.97% 1.04% 1.11% 1.18%
Return on average common tangible equity 14.97% 16.23% 12.83% 10.40% 14.40% 13.66% 16.50%
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Net Interest Margin and Yields on Total Loans 2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Excluding Accretion Reconciliation
Total Interest Income (TE) $53,386 $51,916 $44,808 $42,859 $45,391 $192,969 $166,220
Accretion Income 2,912 3,037 2,635 3,097 4,280 11,681 12,543
----- ----- ----- ----- ----- ------ ------
Total Interest Income (TE) Excluding Accretion $50,474 $48,879 $42,173 $39,762 $41,111 $181,288 $153,677
Total Interest Expense $3,983 $3,796 $3,541 $3,536 $3,893 $14,856 $14,680
Net Interest Income (TE) Excluding Accretion $46,491 $45,083 $38,632 $36,226 $37,218 $166,432 $138,997
Yield on Total Loans Excluding Accretion 4.92% 4.83% 4.86% 5.01% 5.05% 4.90% 5.11%
---- ---- ---- ---- ---- ---- ----
Net Interest Margin Excluding Accretion 3.74% 3.81% 3.87% 4.05% 4.17% 3.85% 4.21%
---- ---- ---- ---- ---- ---- ----
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Core Earnings Reconciliation 2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Pre-tax operating profit/(loss) $17,444 $22,995 $1,794 $14,511 $14,747 $56,744 $56,205
Plus: Credit Related Costs
Provision for loan losses 553 986 2,656 1,069 888 5,264 5,648
(Gains)/Losses on the sale of legacy OREO 535 36 436 110 (228) 1,117 (3)
(Gains)/Losses on the sale of covered OREO 610 56 194 20 344 880 527
Problem loan and OREO expense 1,078 991 10,632 3,031 5,175 15,732 12,984
Interest reversed (received) on non-accrual loans 58 17 413 156 (6) 644 405
---
Total Credit-Related Costs 2,834 2,086 14,331 4,386 6,173 23,637 19,561
----- ----- ------ ----- ----- ------ ------
Plus: Conversion charges 1,807 446 5,712 15 67 7,980 3,940
Less: Non-recurring gains
Gains on sales of securities - (115) (10) (12) - (137) (138)
Gains on sales of bank premises (267) - - - - (267) (616)
Other non-recurring adjustments - - - - 188 - (682)
--- --- --- --- --- --- ----
Pretax, Pre-provision earnings $21,818 $25,412 $21,827 $18,900 $21,175 $87,957 $78,270
======= ======= ======= ======= ======= ======= =======
As percentage of average assets, annualized 1.59% 1.93% 1.96% 1.88% 2.09% 1.62% 1.95%
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Recurring Operating Expenses 2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Total Operating Expenses 53,028 48,396 56,864 40,827 41,733 199,115 150,869
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO (535) (36) (436) (110) 228 (1,117) 3
Gains/(Losses) on the sale of covered OREO (610) (56) (194) (20) (344) (880) (527)
Problem loan and OREO expense (1,078) (991) (10,632) (3,031) (5,175) (15,732) (12,984)
Severance payments - - - - (188) - (188)
Conversion expenses (1,807) (446) (5,712) (15) (67) (7,980) (3,940)
Gains/(Losses) on the sale of premises 267 - - - - 267 616
Other non-recurring adjustments - - - - (188) - 682
--- --- --- --- ---- --- ---
Recurring operating expenses $49,265 $46,867 $39,890 $37,651 $35,999 $173,673 $134,531
======= ======= ======= ======= ======= ======== ========
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Segment Reporting 2015 2015 2015 2015 2014 2015 2014
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $44,088 $43,044 $36,806 $35,839 $38,045 $159,777 $140,460
Provision for loan losses 504 960 2,456 927 737 4,847 4,822
Noninterest income 12,739 13,470 9,262 8,780 8,595 44,251 32,337
Noninterest expense:
Salaries and employee benefits 19,225 17,921 15,675 15,362 14,196 68,183 55,101
Occupancy 5,356 5,444 4,376 4,144 4,319 19,320 16,097
Data Processing 5,759 4,998 3,913 4,011 3,901 18,681 14,436
Other expenses 13,853 11,379 24,048 10,356 12,320 59,636 39,175
------ ------ ------ ------ ------ ------ ------
Total noninterest expense 44,193 39,742 48,012 33,873 34,736 165,820 124,809
------ ------ ------ ------ ------ ------- -------
Income before income taxes 12,130 15,812 (4,400) 9,819 11,167 33,361 43,166
Income Tax 1,436 4,854 (1,682) 3,105 2,914 7,713 12,918
Net income 10,694 10,958 (2,718) 6,714 8,253 25,648 30,248
Preferred stock dividends - - - - - - 286
--- --- --- --- --- --- ---
Net income available to common shareholders $10,694 $10,958 $(2,718) $6,714 $8,253 $25,648 $29,962
======= ======= ======= ====== ====== ======= =======
Retail Mortgage Division:
Net interest income $2,812 $2,485 $1,979 $1,545 $1,822 $8,821 $5,344
Provision for loan losses 49 26 200 142 151 417 826
Noninterest income 7,966 9,827 9,095 7,610 6,076 34,498 24,959
Noninterest expense:
Salaries and employee benefits 5,855 6,138 5,592 4,527 4,175 22,112 15,918
Occupancy 501 397 396 380 373 1,674 1,342
Data Processing 266 308 279 212 315 1,065 1,043
Other expenses 1,043 662 1,150 932 828 3,787 3,603
----- --- ----- --- --- ----- -----
Total noninterest expense 7,665 7,505 7,417 6,051 5,691 28,638 21,906
----- ----- ----- ----- ----- ------ ------
Income before income taxes 3,064 4,781 3,457 2,962 2,056 14,264 7,571
Income Tax 1,072 1,673 1,210 1,037 720 4,992 2,650
Net income 1,992 3,108 2,247 1,925 1,336 9,272 4,921
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $1,992 $3,108 $2,247 $1,925 $1,336 $9,272 $4,921
====== ====== ====== ====== ====== ====== ======
Warehouse Lending:
Net interest income $995 $1,128 $1,179 $835 $752 $4,137 $2,016
Provision for loan losses - - - - - - -
Noninterest income 336 372 383 273 237 1,364 655
Noninterest expense:
Salaries and employee benefits 156 137 99 127 84 519 255
Occupancy 3 1 1 2 - 7 1
Data Processing 20 22 20 33 11 95 54
Other expenses 28 40 19 36 171 123 392
--- --- --- --- --- --- ---
Total noninterest expense 207 200 139 198 266 744 702
--- --- --- --- --- --- ---
Income before income taxes 1,124 1,300 1,423 910 723 4,757 1,969
Income Tax 393 455 498 319 253 1,665 689
Net income 731 845 925 592 470 3,092 1,280
Preferred stock dividends - - - - - - -
--- --- --- --- --- --- ---
Net income available to common shareholders $731 $845 $925 $592 $470 $3,092 $1,280
==== ==== ==== ==== ==== ====== ======
SBA Division:
Net interest income $723 $742 $724 $613 $387 $2,802 $2,066
Provision for loan losses - - - - - - -
Noninterest income 1,366 1,309 1,886 912 1,454 5,473 4,885
Noninterest expense:
Salaries and employee benefits 736 738 1,099 616 861 3,189 2,604
Occupancy 57 73 36 28 25 194 81
Data Processing 1 1 2 4 2 8 18
Other expenses 169 137 159 57 152 522 749
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Total noninterest expense 963 949 1,296 705 1,040 3,913 3,452
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Income before income taxes 1,126 1,102 1,314 820 801 4,362 3,499
Income Tax 394 386 460 287 280 1,527 1,225
Net income 732 716 854 533 521 2,835 2,274
Preferred stock dividends - - - - - - -
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Net income available to common shareholders $732 $716 $854 $533 $521 $2,835 $2,274
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Total Consolidated:
Net interest income $48,618 $47,399 $40,688 $38,832 $41,006 $175,537 $149,886
Provision for loan losses 553 986 2,656 1,069 888 5,264 5,648
Noninterest income 22,407 24,978 20,626 17,575 16,362 85,586 62,836
Noninterest expense:
Salaries and employee benefits 25,972 24,934 22,465 20,632 19,316 94,003 73,878
Occupancy 5,917 5,915 4,809 4,554 4,717 21,195 17,521
Data Processing 6,046 5,329 4,214 4,260 4,229 19,849 15,551
Other expenses 15,093 12,218 25,376 11,381 13,471 64,068 43,919
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Total noninterest expense 53,028 48,396 56,864 40,827 41,733 199,115 150,869
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Income before income taxes 17,444 22,995 1,794 14,511 14,747 56,744 56,205
Income Tax 3,296 7,368 486 4,747 4,167 15,897 17,482
Net income 14,148 15,627 1,308 9,764 10,580 40,847 38,723
Preferred stock dividends - - - - - - 286
--- --- --- --- --- --- ---
Net income available to common shareholders $14,148 $15,627 $1,308 $9,764 $10,580 $40,847 $38,437
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SOURCE Ameris Bancorp
