AMERIS BANCORP MOULTRIE, Ga., Jan. 20, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $72.1 million, or $2.08 per share, for the year ended December 31, 2016, compared with $40.8 million, or $1.27 per share, for 2015. For the quarter ending December 31, 2016, reported results include net income of $18.2 million, or $0.52 per diluted share, compared with $14.1 million, or $0.43 per diluted share, for the same period in 2015.
The Company reported adjusted operating net income of $80.0 million, or $2.30 per share, for the year ended December 31, 2016, compared with $53.3 million, or $1.66 per share, for 2015. Adjusted operating net income for the fourth quarter of 2016 increased 43% to $21.9 million, or $0.62 per share, compared with $15.3 million, or $0.47 per share, for the same quarter of 2015.
For the year ended December 31, 2016, the Company's adjusted operating return on average assets improved to 1.30%, compared with 1.11% for 2015. For the fourth quarter of 2016, the Company's adjusted operating return on average assets improved to 1.33%, compared with 1.12% in the same quarter of 2015. Commenting on the Company's earnings, Edwin W. Hortman, Jr., President and Chief Executive Officer of the Company, said, "In 2016, we delivered a 39% increase in adjusted operating earnings per share by driving strong growth in revenue and managing operating expenses. We grew organic loans by approximately 21% in 2016, up significantly from the 13% that we experienced during 2015. For 2017, we are focused on maintaining this pace of organic growth while also maintaining a level of operating results that puts us in the top quartile of our peer group."
Following is a summary of the adjustments between reported net income and adjusted operating net income:
Three Months Ended Twelve Months Ended
------------------ -------------------
Adjusted Operating Net Income Reconciliation Dec 16 Dec 15 Dec 16 Dec 15
------ ------ ------ ------
Net income available to common shareholders $18,177 $14,148 $72,100 $40,847
Merger and conversion charges 17 1,807 6,376 7,980
Certain credit resolution related expenses - - - 11,241
Certain compliance resolution expenses 5,750 - 5,750 -
Tax effect of management-adjusted charges (2,018) (632) (4,244) (6,727)
------ ---- ------ ------
Plus: After tax management-adjusted charges 3,749 1,175 7,882 12,494
Adjusted Operating Net income $21,926 $15,323 $79,982 $53,341
------- ------- ------- -------
Reported Return on average assets 1.10% 1.03% 1.17% 0.85%
Adjusted Operating Return on average assets 1.33% 1.12% 1.30% 1.11%
Highlights of the Company's results for 2016 include the following:
-- Adjusted operating return on average assets of 1.30%, compared with
1.11% in 2015
-- Adjusted operating return on average tangible common equity of 16.71%,
compared with 13.66% in 2015
-- Improvement in adjusted operating efficiency ratio to 62.7%, compared
with 68.9% for 2015
-- Organic growth in loans of $660.4 million, or 20.8%
-- Total growth in non-interest bearing demand deposits of $243.5 million,
or 18.3%, to end the year at 28.2% of total deposits
-- Increase in total revenue of 24.5% to $325.2 million
-- Decline in the growth rate of operating expenses (less one-time oriented
charges)
-- Decline in annualized net charge-offs to 0.03% of total loans and 0.11%
of non-purchased loans
-- Increase in tangible book value per share of 14.0% to $14.42, compared
with $12.65 per share at December 31, 2015
-- Continued improvement in non-performing assets, decreasing to 0.85% of
total assets
-- Increase in net income from retail mortgage, warehouse lending and SBA
lines of business of 35.7% to $20.6 million, compared with $15.2 million
in 2015
Increase in Net Interest Income
Net interest income on a tax-equivalent basis increased 25.6% in 2016 to $223.6 million, up from $178.1 million for 2015. Growth in earning assets from internal sources, as well as from acquisition activity, contributed to the increase. Average earning assets increased 29.6% in 2016 to $5.60 billion, compared with $4.32 billion for 2015. Although the Company's net interest income increased, net interest margin for 2016, including accretion, declined to 3.99%, compared with 4.12% for 2015. The Company's net interest margin was 3.95% for the fourth quarter of 2016, down from 3.99% reported for the third quarter of 2016 and 3.98% reported for the fourth quarter of 2015.
Accretion income for 2016 increased to $14.1 million, compared with $11.7 million for 2015. Accretion income for the fourth quarter of 2016 decreased slightly to $3.4 million, compared with $3.6 million for the third quarter of 2016, but increased from $2.9 million reported for the fourth quarter of 2015. Excluding the effect of accretion, the Company's margin for 2016 was 3.74%, compared with 3.85% for 2015. Excluding the effect of accretion, the Company's margin for the fourth quarter of 2016 was 3.73%, a slight decline compared with 3.75% for the third quarter of 2016 and 3.74% for the fourth quarter of 2015.
Yields on earning assets in 2016 were 4.35%, compared with 4.47% in 2015. This decline relates principally to the short-term investment strategy associated with the Company's 2015 acquisitions. Yields on the funds invested in purchased mortgage pools were 2.77% during 2016, compared with 3.21% during 2015. Interest income on loans on a tax-equivalent basis increased substantially during 2016 to $218.8 million, compared with $170.0 million for 2015. During the quarter ended December 31, 2016, interest income on loans increased to $58.4 million, compared with $57.3 million for the third quarter of 2016 and $46.9 million for the fourth quarter of 2015.
Total interest expense for 2016 was $19.7 million, compared with $14.9 million for 2015. Deposit costs were stable for most of 2016, ending the year at 0.24%, compared with 0.23% for 2015. Deposit costs increased slightly in the fourth quarter of 2016 to 0.27%, compared with 0.23% for the third quarter of 2016. Non-interest bearing deposits represented 29.1% of the total average deposits for 2016, compared with 29.2% for 2015.
Non-Interest Income
Non-interest income increased 23.6% in 2016 to $105.8 million, compared with $85.6 million for 2015. Service charges on deposit accounts increased by $8.3 million to $42.7 million during 2016, an increase of 24.0% compared with 2015. Growth in service charge related revenues on commercial and consumer accounts was responsible for most of the increase in service charges, while NSF and debit card revenues were mostly flat.
Retail mortgage revenues increased 36.8% during 2016, from $43.3 million for 2015 to $59.3 million for 2016. Net income for the Company's retail mortgage division grew 42.3% during 2016 to $13.2 million. Revenues from the Company's warehouse lending division increased 54.1% during the year, from $5.5 million for 2015 to $8.5 million for 2016, and net income for the division increased 48.3%, from $3.1 million for 2015 to $4.6 million for 2016. Revenues and profitability slowed for both mortgage and warehouse lending in the fourth quarter, which is traditionally a slower time of the year. Net income for the Company's retail mortgage division was $2.6 million for the fourth quarter of 2016, compared with $3.5 million in the third quarter of 2016 and $2.0 million for the fourth quarter of 2015. Net income for the Company's wholesale lending division was $1.1 million for the fourth quarter of 2016, compared with $1.5 million for the third quarter of 2015 and $731,000 for the fourth quarter of 2015.
Revenues from the Company's SBA division continued to increase during 2016, rising from $8.3 million for 2015 to $8.9 million for 2016. Net income for the division remained stable at $2.8 million for both 2016 and 2015.
Non-Interest Expense
Non-interest expense increased $16.7 million, or 8.4%, to $215.8 million for the year ended December 31, 2016, compared with $199.1 million for the year 2015. Total expenses in 2016 include approximately $6.4 million in merger-related charges and $5.75 million in compliance-related charges, while total expenses in 2015 include approximately $8.0 million in merger-related charges. Excluding these amounts, expenses in 2016 increased by only $12.6 million, or 6.6%, compared with 2015 levels.
Salaries and benefits increased $12.8 million during 2016, driven by $2.5 million associated with the Company's acquisition of The Jacksonville Bank in March 2016 and $8.2 million relating to higher compensation levels in the Company's mortgage and SBA divisions.
Occupancy costs increased $3.2 million, or 15.1%, during 2016, principally as a result of the increased number of retail branches operated during the year, as well as additional expenses for administrative offices.
Data processing and IT-related costs increased $4.7 million, or 23.9%, in 2016. Growth in accounts associated with the acquisition of The Jacksonville Bank accounted for a portion of this increase, while the majority of the increase related to much higher online and mobile banking adoption.
Other non-interest expenses, excluding $5.75 million in compliance-related charges in 2016, increased 5.8% to $33.2 million during the year.
Balance Sheet Trends
Total assets increased $1.30 billion, or 23.3%, during 2016. This growth includes $528.9 million resulting from the acquisition of The Jacksonville Bank in March 2016 and $373.0 million resulting from the acquisition of the loan portfolio of US Premium Finance in December 2016.
Total loans, including loans held for sale, purchased non-covered loan pools and covered loans, were $5.37 billion at the end of 2016, compared with $4.02 billion at the end of 2015. Organic growth in loans totaled $660.4 million, or 20.8%, during 2016, compared with $344.2 million, or 13.5%, in 2015. As expected, loan growth rates in the fourth quarter of 2016 slowed, declining to 12.1% on an annualized basis, compared with 15.7% on an annualized basis in the same quarter of 2015.
Deposits increased $695.9 million during 2016 to end the year at $5.58 billion. At December 31, 2016, non-interest bearing deposit accounts were $1.57 billion, or 28.2% of total deposits, compared with $1.33 billion, or 27.3% of total deposits, at December 31, 2015. Non-rate sensitive deposits (including NIB, NOW and savings) totaled $3.17 billion at December 31, 2016, compared with $2.71 billion at the end of 2015. These funds represented 56.9% of the Company's total deposits at the end of 2016, compared with 55.6% at the end of 2015.
Stockholders' equity at December 31, 2016 totaled $646.4 million, an increase of $131.7 million, or 25.6%, from December 31, 2015. The increase in stockholders' equity was the result of the Company's issuance of $72.5 million of common shares in the acquisition of The Jacksonville Bank, plus earnings of $72.1 million during 2016, offset by dividends paid to shareholders of $10.5 million. Tangible book value per share was $14.42 at the end of 2016, up 14.0% from $12.65 at the end of 2015.
Equipment Finance
In addition to reporting its operating results, the Company also announced that it has hired a team of accomplished equipment finance industry veterans to launch a new division of its bank, "Ameris Equipment Finance". The team will be led by Chris Regas, who comes to the Company from Caterpillar Financial, which purchased a captive finance company that Mr. Regas had founded and grown successfully. Joining Mr. Regas are other industry veterans with expertise in origination, capital markets, underwriting, risk management and servicing.
Ameris Equipment Finance will focus on a growing, yet underserved, client base across a wide range of equipment sectors, including construction, transportation and manufacturing. Targeted transaction sizes will range from $500,000 to $10 million, with an average relationship size of approximately $1.5 million to $5.0 million. Current and prospective corporate clients of Ameris Bank will benefit from the expanded product offerings, as the Company leverages its core competency of lending to qualified middle-market clients nationwide.
Commenting on the new group, Mr. Hortman said, "The team we have recruited has a proven track record in this industry, managing a very large portfolio and managing through several credit cycles with outstanding results. We expect this strategy to further augment our organic growth rates and also be accretive to our credit quality, earnings per share growth rates and return on average assets. We are excited to welcome Chris and his team to the Company and believe that this is a great opportunity to diversify our portfolio."
Conference Call
The Company will host a teleconference at 11:00 a.m. Eastern time today (January 20, 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 February 3, 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 10099453. 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 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 2015 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.
2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income $18,177 $21,557 $20,049 $12,317 $14,148 $72,100 $40,847
Adjusted Operating Net Income $21,926 $21,557 $20,049 $16,450 $15,323 $79,982 $53,341
PER COMMON SHARE DATA
Earnings per share available to
common shareholders:
Basic $0.52 $0.62 $0.58 $0.38 $0.44 $2.10 $1.29
Diluted $0.52 $0.61 $0.57 $0.37 $0.43 $2.08 $1.27
Cash Dividends per share $0.10 $0.10 $0.05 $0.05 $0.05 $0.30 $0.20
Book value per share (period end) $18.51 $18.42 $17.96 $17.25 $15.98 $18.51 $15.98
Tangible book value per share (period
end) $14.42 $14.38 $13.89 $13.13 $12.65 $14.42 $12.65
Weighted average number of shares:
Basic 34,915,459 34,869,747 34,832,621 32,752,063 32,199,632 34,346,570 31,761,624
Diluted 35,293,035 35,194,739 35,153,311 33,053,554 32,594,929 34,701,732 32,126,667
Period-end number of shares 34,921,474 34,891,304 34,847,311 34,837,454 32,211,385 34,921,474 32,211,385
Market data:
High closing price $47.30 $35.80 $32.39 $32.68 $34.90 $47.30 $34.90
Low closing price $35.02 $29.09 $27.89 $25.09 $27.65 $25.09 $22.75
Period end closing price $43.60 $34.95 $29.70 $29.58 $33.99 $43.60 $33.99
Average daily volume 191,894 166,841 215,409 253,779 301,775 206,487 173,391
PERFORMANCE RATIOS
Return on average assets 1.10% 1.35% 1.31% 0.88% 1.03% 1.17% 0.85%
Return on average common equity 11.06% 13.39% 13.08% 9.14% 10.94% 11.75% 8.37%
Earning asset yield (TE) 4.34% 4.35% 4.35% 4.36% 4.30% 4.35% 4.47%
Total cost of funds 0.38% 0.36% 0.35% 0.33% 0.32% 0.36% 0.34%
Net interest margin (TE) 3.95% 3.99% 4.01% 4.03% 3.98% 3.99% 4.12%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 27.32% 31.36% 32.01% 30.40% 29.56% 30.28% 30.68%
Efficiency ratio 67.05% 61.91% 63.11% 74.41% 74.66% 66.38% 76.25%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 9.38% 9.90% 10.06% 9.85% 9.21% 9.38% 9.21%
Tangible common equity to tangible
assets 7.46% 7.90% 7.96% 7.68% 7.44% 7.46% 7.44%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible
assets 7.46% 7.90% 7.96% 7.68% 7.44% 7.46% 7.44%
Effect of goodwill and other
intangibles 1.92% 2.00% 2.10% 2.17% 1.77% 1.92% 1.77%
Equity to assets (GAAP) 9.38% 9.90% 10.06% 9.85% 9.21% 9.38% 9.21%
==== ==== ===== ==== ==== ==== ====
OTHER PERIOD-END DATA
Banking Division FTE 1,035 1,011 1,023 1,085 1,075 1,035 1,075
Mortgage Division FTE 263 259 245 233 229 263 229
-------------------
Total Ameris Bancorp FTE Headcount 1,298 1,270 1,268 1,318 1,304 1,298 1,304
----- ----- ----- ----- ----- ----- -----
Assets per Banking Division FTE $6,659 $6,423 $6,081 $5,620 $5,199 $6,659 $5,199
Branch locations 97 99 102 103 101 97 101
Deposits per branch location $57,476 $53,597 $50,780 $50,784 $48,310 $57,476 $48,310
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.
2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $57,982 $57,322 $54,164 $49,191 $47,336 $218,659 $171,567
Interest on taxable
securities 4,348 4,336 4,554 4,586 4,540 17,824 16,134
Interest on nontaxable
securities 425 397 454 446 458 1,722 1,869
Interest on deposits in
other banks 193 147 159 328 262 827 790
Interest on federal funds
sold 8 8 9 8 5 33 33
Total interest income 62,956 62,210 59,340 54,559 52,601 239,065 190,393
------ ------ ------ ------ ------ ------- -------
Interest expense
Interest on deposits $3,680 $3,074 $2,915 $2,741 $2,687 $12,410 $9,752
Interest on other
borrowings 1,997 2,069 1,836 1,382 1,296 7,284 5,104
-----------------
Total interest expense 5,677 5,143 4,751 4,123 3,983 19,694 14,856
----- ----- ----- ----- ----- ------ ------
Net interest income 57,279 57,067 54,589 50,436 48,618 219,371 175,537
Provision for loan losses 1,710 811 889 681 553 4,091 5,264
----- --- --- --- --- ----- -----
Net interest income after provision for loan losses $55,569 $56,256 $53,700 $49,755 $48,065 $215,280 $170,273
------- ------- ------- ------- ------- -------- --------
Noninterest income
Service charges on deposit
accounts $11,036 $11,358 $10,436 $9,915 $10,119 $42,745 $34,465
Mortgage banking activity 9,878 14,067 14,142 10,211 8,586 48,298 36,800
Other service charges,
commissions and fees 706 791 967 1,111 1,112 3,575 3,754
Gain(loss) on sale of
securities - - - 94 - 94 137
Other non-interest income 2,652 2,648 2,834 2,955 2,590 11,089 10,430
Total noninterest income 24,272 28,864 28,379 24,286 22,407 105,801 85,586
------ ------ ------ ------ ------ ------- ------
Noninterest expense
Salaries and employee
benefits 25,137 27,982 27,531 26,187 25,972 106,837 94,003
Occupancy and equipment
expenses 6,337 5,989 6,371 5,700 5,917 24,397 21,195
Data processing and
telecommunications
expenses 6,244 6,185 6,049 6,113 6,046 24,591 19,849
Credit resolution related
expenses (1) 1,083 1,526 1,764 1,799 2,223 6,172 17,707
Advertising and marketing
expenses 1,273 1,249 854 805 1,171 4,181 3,312
Amortization of intangible
assets 1,044 993 1,319 1,020 1,160 4,376 3,741
Merger and conversion
charges 17 - - 6,359 1,807 6,376 7,980
Other non-interest
expenses 13,542 9,275 8,471 7,617 8,732 38,905 31,328
Total noninterest expense 54,677 53,199 52,359 55,600 53,028 215,835 199,115
------ ------ ------ ------ ------ ------- -------
Income before income taxes $25,164 $31,921 $29,720 $18,441 $17,444 $105,246 $56,744
Income tax expense 6,987 10,364 9,671 6,124 3,296 33,146 15,897
-----------------
Net income $18,177 $21,557 $20,049 $12,317 $14,148 $72,100 $40,847
======= ======= ======= ======= ======= ======= =======
Diluted earnings available to common shareholders 0.52 0.61 0.57 0.37 0.43 2.08 1.27
==== ==== ==== ==== ==== ==== ====
(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.
2016 2016 2016 2016 2015
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $127,164 $123,270 $116,255 $146,863 $118,518
Federal funds sold and
interest bearing balances 71,221 90,801 68,273 107,373 272,045
Investment securities
available for sale, at fair
value 822,735 838,124 843,646 837,103 783,185
Other investments 29,464 24,578 19,125 12,802 9,323
Mortgage loans held for sale 105,924 126,263 102,757 97,439 111,182
Loans, net of unearned income 3,626,821 3,091,039 2,819,071 2,528,007 2,406,877
Purchased, non-covered loans
(excluding loan pools) 1,011,031 1,067,090 1,072,217 1,129,919 771,554
Purchased, non-covered loan
pools 568,314 624,886 610,425 656,734 592,963
Covered loans 58,160 62,291 121,418 130,279 137,529
Less allowance for loan
losses (23,920) (22,963) (21,734) (21,482) (21,062)
------------------
Loans, net 5,240,406 4,822,343 4,601,397 4,423,457 3,887,861
Other real estate owned 10,874 10,392 13,765 14,967 16,147
Purchased, non-covered other
real estate owned 11,332 14,126 13,928 15,048 14,333
Covered other real estate
owned 1,208 1,000 2,742 3,764 5,011
------------------
Total other real estate owned 23,414 25,518 30,435 33,779 35,491
Premises and equipment, net 121,217 122,191 123,978 124,747 121,639
Goodwill 125,532 122,545 121,422 121,512 90,082
Other intangibles, net 17,428 18,472 20,574 21,892 17,058
FDIC loss sharing receivable - - - 1,197 6,301
Cash value of bank owned life
insurance 78,053 77,637 77,095 76,676 64,251
Other assets 129,473 101,753 96,337 92,931 72,004
Total assets $6,892,031 $6,493,495 $6,221,294 $6,097,771 $5,588,940
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $1,573,389 $1,563,316 $1,553,972 $1,529,037 $1,329,857
Interest-bearing 4,001,774 3,742,782 3,625,560 3,701,750 3,549,433
--------- --------- --------- --------- ---------
Total deposits 5,575,163 5,306,098 5,179,532 5,230,787 4,879,290
Federal funds purchased &
securities sold under
agreements to repurchase 53,505 42,647 37,139 43,741 63,585
FDIC loss sharing payable,
net 6,313 7,775 1,897 - -
Other borrowings 492,321 373,461 260,191 110,531 39,000
Other liabilities 34,064 37,033 33,050 28,647 22,432
Subordinated deferrable
interest debentures 84,228 83,898 83,570 83,237 69,874
Total liabilities 6,245,594 5,850,912 5,595,379 5,496,943 5,074,181
--------- --------- --------- --------- ---------
Stockholders' equity
Preferred stock $ - $ - $ - $ - $ -
Common stock 36,378 36,348 36,303 36,272 33,625
Capital surplus 410,276 409,630 408,549 407,726 337,349
Retained earnings 214,454 199,769 181,701 163,395 152,820
Accumulated other comprehensive income/(loss) (1,058) 10,449 12,960 6,411 3,353
Less treasury stock (13,613) (13,613) (13,598) (12,976) (12,388)
Total stockholders' equity 646,437 642,583 625,915 600,828 514,759
------- ------- ------- ------- -------
Total liabilities and stockholders' equity $6,892,031 $6,493,495 $6,221,294 $6,097,771 $5,588,940
========== ========== ========== ========== ==========
Other Data
Earning Assets 6,293,670 5,925,072 5,656,932 5,499,656 5,084,658
Intangible Assets 142,960 141,017 141,996 143,404 107,140
Interest Bearing Liabilities 4,631,828 4,242,788 4,006,460 3,939,259 3,721,892
Average Assets 6,573,344 6,330,350 6,138,757 5,618,397 5,427,367
Average Common Stockholders' Equity 653,991 640,382 616,361 542,264 513,098
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.
2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION(1)
Allowance for loan losses
Balance at beginning of period $22,963 $21,734 $21,482 $21,062 $22,471 $21,062 $21,157
Provision for loan loss 1,710 811 889 681 553 4,091 5,264
Charge-offs 1,686 1,451 1,376 1,814 2,675 6,327 9,133
Recoveries 933 1,869 739 1,553 713 5,094 3,774
--- ----- --- ----- --- ----- -----
Net charge-offs (recoveries) 753 (418) 637 261 1,962 1,233 5,359
Ending balance $23,920 $22,963 $21,734 $21,482 $21,062 $23,920 $21,062
==============
As a percentage of loans 0.66% 0.74% 0.77% 0.85% 0.88% 0.66% 0.88%
As a percentage of nonperforming loans 132.05% 140.20% 135.81% 136.83% 124.92% 132.05% 124.92%
Net charge-off information
Charge-offs
Commercial, financial & agricultural $726 $326 $541 $406 $501 $1,999 $1,438
Real estate - residential 239 292 123 468 621 1,122 1,587
Real estate - commercial & farmland - - 361 347 1,009 708 2,367
Real estate - construction & development 264 60 109 155 157 588 622
Consumer installment 159 74 59 59 110 351 410
Purchased non-covered, including pools 240 408 111 307 178 1,066 950
Covered 58 291 72 72 99 493 1,759
Total charge-offs 1,686 1,451 1,376 1,814 2,675 6,327 9,133
----- ----- ----- ----- ----- ----- -----
Recoveries
Commercial, financial & agricultural 121 119 87 73 134 400 651
Real estate - residential 23 40 14 314 13 391 151
Real estate - commercial & farmland 78 13 57 121 13 269 317
Real estate - construction & development 16 131 221 122 9 490 323
Consumer installment 8 78 16 25 20 127 137
Purchased non-covered, including pools 458 399 208 658 232 1,723 1,187
Covered 229 1,089 136 240 292 1,694 1,008
Total recoveries 933 1,869 739 1,553 713 5,094 3,774
--- ----- --- ----- --- ----- -----
Net charge-offs (recoveries) $753 $(418) $637 $261 $1,962 $1,233 $5,359
===========================
Non-accrual loans (excluding purchased non-covered
and covered loans) 18,114 16,379 16,003 15,700 16,860 18,114 16,860
Non-accrual purchased non-covered loans 18,420 17,993 15,767 19,187 13,330 18,420 13,330
Non-accrual purchased loan pools - 864 864 - - - -
Foreclosed assets (excluding purchased assets) 10,874 10,392 13,765 14,967 16,147 10,874 16,147
Purchased, non-covered other real estate owned 11,332 14,126 13,928 15,048 14,333 11,332 14,333
Accruing loans delinquent 90 days or more - - - - - - -
--- --- --- --- ---
Total non-performing assets, excluding covered assets 58,740 59,754 60,327 64,902 60,670 58,740 60,670
------ ------ ------ ------ ------ ------ ------
Non-performing assets as a percent of total assets 0.85% 0.92% 0.97% 1.06% 1.09% 0.85% 1.09%
Net charge offs as a percent of loans (Annualized) 0.06% -0.04% 0.06% 0.03% 0.21% 0.03% 0.16%
Net charge offs, excluding purchased loans, loan pools and
covered loans, as a percent of loans (Annualized) 0.14% 0.05% 0.12% 0.13% 0.38% 0.11% 0.22%
(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.
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 2016 2016 2016 2016 2015
---- ---- ---- ---- ----
Commercial, financial & agricultural $967,138 $625,947 $564,343 $434,073 $449,623
Real estate - construction & development 363,045 328,308 274,717 264,820 244,693
Real estate - commercial & farmland 1,406,219 1,297,582 1,248,580 1,154,887 1,104,991
Real estate - residential 781,018 766,933 680,233 629,138 570,430
Consumer installment 96,915 68,305 33,245 31,901 31,125
Other 12,486 3,964 17,953 13,188 6,015
Total Legacy (excluding purchased
non-covered and covered) $3,626,821 $3,091,039 $2,819,071 $2,528,007 $2,406,877
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $95,743 $99,596 $101,803 $111,537 $45,462
Real estate - construction & development 78,376 86,099 89,096 103,753 72,080
Real estate - commercial & farmland 563,438 590,388 574,830 598,935 390,755
Real estate - residential 268,888 286,169 300,898 309,770 258,153
Consumer installment 4,586 4,838 5,590 5,924 5,104
Total Purchased non-covered (net of discounts) $1,011,031 $1,067,090 $1,072,217 $1,129,919 $771,554
---------- ---------- ---------- ---------- --------
Commercial, financial & agricultural $ - $ - $ - $ - $ -
Real estate - construction & development - - - - -
Real estate - commercial & farmland - - - - -
Real estate - residential 568,314 624,886 610,425 656,734 592,963
Consumer installment - - - - -
Total Purchased non-covered loan pools $568,314 $624,886 $610,425 $656,734 $592,963
-------- -------- -------- -------- --------
Commercial, financial & agricultural $794 $830 $1,604 $4,739 $5,546
Real estate - construction & development 2,992 3,220 7,168 7,205 7,612
Real estate - commercial & farmland 12,917 13,688 65,091 67,055 71,226
Real estate - residential 41,389 44,457 47,455 51,176 53,038
Consumer installment 68 96 100 104 107
Total Covered (net of discounts) $58,160 $62,291 $121,418 $130,279 $137,529
------- ------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $1,063,675 $726,373 $667,750 $550,349 $500,631
Real estate - construction & development 444,413 417,627 370,981 375,778 324,385
Real estate - commercial & farmland 1,982,574 1,901,658 1,888,501 1,820,877 1,566,972
Real estate - residential 1,659,609 1,722,445 1,639,011 1,646,818 1,474,584
Consumer installment 101,569 73,239 38,935 37,929 36,336
Other 12,486 3,964 17,953 13,188 6,015
Total Loans $5,264,326 $4,845,306 $4,623,131 $4,444,939 $3,908,923
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural $47 $53 $275 $279 $240
Real estate - construction & development 686 691 468 476 792
Real estate - commercial & farmland 4,119 5,535 5,802 5,945 5,766
Real estate - residential 9,340 7,713 8,226 7,648 7,574
Consumer installment 17 21 24 37 46
Total Accruing TDRs $14,209 $14,013 $14,795 $14,385 $14,418
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $114 $112 $86 $75 $110
Real estate - construction & development 35 35 36 30 63
Real estate - commercial & farmland 2,970 2,015 1,832 1,871 596
Real estate - residential 738 849 899 1,040 1,123
Consumer installment 130 120 113 87 94
Total Non-accrual TDRs $3,987 $3,131 $2,966 $3,103 $1,986
------ ------ ------ ------ ------
Total Troubled Debt Restructurings $18,196 $17,144 $17,761 $17,488 $16,404
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit $414,564 $398,781 $349,725 $254,203 $250,609
Grade 15 - Good credit 539,147 190,389 191,574 213,510 227,730
Grade 20 - Satisfactory credit 1,669,998 1,608,265 1,493,561 1,346,050 1,224,320
Grade 23 - Performing, under-collateralized credit 23,186 22,763 23,665 25,047 27,607
Grade 25 - Minimum acceptable credit 907,588 797,148 687,817 628,042 609,413
Grade 30 - Other asset especially mentioned 29,172 31,764 32,468 22,141 24,423
Grade 40 - Substandard 43,067 41,929 40,261 39,013 42,773
Grade 50 - Doubtful 99 - - - -
Grade 60 - Loss - - - 1 2
--- --- --- --- ---
Total $3,626,821 $3,091,039 $2,819,071 $2,528,007 $2,406,877
---------- ---------- ---------- ---------- ----------
The following table presents the purchased, non-covered loan portfolio by risk grade:
Grade 10 - Prime credit $6,536 $6,543 $6,899 $10,505 $9,602
Grade 15 - Good credit 40,786 42,257 45,245 48,229 51,168
Grade 20 - Satisfactory credit 324,838 331,309 345,480 344,479 336,990
Grade 23 - Performing, under-collateralized credit 23,813 27,504 27,387 27,445 12,029
Grade 25 - Minimum acceptable credit 541,408 575,280 557,221 607,838 294,829
Grade 30 - Other asset especially mentioned 29,606 44,838 52,536 50,517 30,693
Grade 40 - Substandard 44,044 39,359 37,417 40,874 36,211
Grade 50 - Doubtful - - 30 30 30
Grade 60 - Loss - - 2 2 2
--- --- --- --- ---
Total $1,011,031 $1,067,090 $1,072,217 $1,129,919 $771,554
---------- ---------- ---------- ---------- --------
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.
2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $5,261 $5,500 $7,186 $6,200 $5,500 $6,033 $5,500
Interest bearing deposits in banks 122,538 85,051 96,906 201,814 291,303 126,453 214,120
Investment securities - taxable 770,373 767,421 766,006 728,269 730,608 758,076 650,708
Investment securities - nontaxable 66,566 68,325 69,664 68,824 69,711 68,340 71,035
Other investments 19,732 21,687 14,765 9,606 9,322 16,470 9,422
Mortgage loans held for sale 102,926 105,859 96,998 82,803 98,765 97,995 87,952
Loans 3,145,714 2,897,771 2,653,171 2,410,747 2,333,577 2,777,505 2,161,726
Purchased non-covered loans 1,042,333 1,086,039 1,111,814 836,187 752,508 1,019,093 712,022
Purchased non-covered loan pools 590,617 629,666 630,503 627,178 454,884 619,440 201,689
Covered loans 59,574 113,136 127,595 134,383 180,493 108,672 206,774
------ ------- ------- ------- -------
Total Earning Assets $5,925,634 $5,780,455 $5,574,608 $5,106,011 $4,926,671 $5,598,077 $4,320,948
---------- ---------- ---------- ---------- ---------- ---------- ----------
Noninterest bearing deposits $1,592,073 $1,546,211 $1,561,621 $1,362,007 $1,324,999 $1,515,771 $1,227,682
NOW accounts 1,253,849 1,085,828 1,087,442 1,137,076 1,100,972 1,141,206 877,949
MMDA 1,435,958 1,435,151 1,413,503 1,278,199 1,212,087 1,390,948 1,074,349
Savings accounts 262,782 266,344 265,936 251,108 241,337 261,559 209,206
Retail CDs < $100,000 445,132 431,570 437,899 438,122 449,158 438,798 425,583
Retail CDs > $100,000 497,113 451,115 439,954 406,699 395,978 448,243 384,761
Brokered CDs 3,750 5,000 5,000 1,099 - 3,716 -
Total Deposits 5,490,657 5,221,219 5,211,355 4,874,310 4,724,531 5,200,241 4,199,530
--------- --------- --------- --------- --------- --------- ---------
FHLB advances 222,426 265,202 104,195 9,648 - 150,879 8,444
Other borrowings 38,728 49,345 51,970 42,096 39,000 45,526 40,931
Subordinated debentures 84,050 83,719 83,386 72,589 69,723 80,952 67,962
Federal funds purchased and securities sold
under agreements to repurchase 44,000 37,305 43,286 52,787 61,986 44,324 50,988
Total Non-Deposit Funding 389,204 435,571 282,837 177,120 170,709 321,681 168,325
------- ------- ------- ------- ------- ------- -------
Total Funding $5,879,861 $5,656,790 $5,494,192 $5,051,430 $4,895,240 $5,521,922 $4,367,855
---------- ---------- ---------- ---------- ---------- ---------- ----------
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.
2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $8 $8 $9 $8 $5 $33 $33
Interest bearing deposits in banks 193 147 159 328 262 827 790
Investment securities - taxable 4,348 4,336 4,554 4,586 4,540 17,824 16,134
Investment securities - nontaxable (TE) 654 536 613 602 618 2,405 2,523
Mortgage loans held for sale 989 826 821 755 1,040 3,391 3,466
Loans (TE) 37,418 33,672 31,531 28,684 27,901 131,305 103,206
Purchased non-covered loans 16,036 17,629 17,062 13,133 12,129 63,860 46,208
Purchased non-covered loan pools 3,950 4,346 3,730 5,144 3,335 17,170 6,481
Covered loans 979 1,667 1,797 2,060 3,556 6,503 14,128
--- ----- ----- ----- -----
Total Earning Assets $64,575 $63,167 $60,276 $55,300 $53,386 $243,318 $192,969
------- ------- ------- ------- ------- -------- --------
Accretion Income (included above) 3,370 3,604 4,196 2,942 2,912 14,112 11,681
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 613 433 439 468 463 1,953 1,461
MMDA 1,405 1,241 1,168 1,040 929 4,854 3,229
Savings accounts 44 45 45 43 42 177 158
Retail CDs < $100,000 553 493 476 512 594 2,034 2,202
Retail CDs > $100,000 1,060 854 779 676 659 3,369 2,703
Brokered CDs 6 8 8 2 - 24 -
Total Deposits 3,681 3,074 2,915 2,741 2,687 12,411 9,753
----- ----- ----- ----- ----- ------ -----
FHLB advances 328 393 155 23 - 899 31
Other borrowings 432 479 484 370 328 1,765 1,362
Subordinated debentures 1,216 1,179 1,173 954 924 4,522 3,536
Federal funds purchased and securities sold
under agreements to repurchase 21 18 24 35 44 98 174
--- --- --- --- --- ---
Total Non-Deposit Funding 1,997 2,069 1,836 1,382 1,296 7,284 5,103
----- ----- ----- ----- ----- ----- -----
Total Funding $5,678 $5,143 $4,751 $4,123 $3,983 $19,695 $14,856
------ ------ ------ ------ ------ ------- -------
Net Interest Income (TE) $58,897 $58,024 $55,525 $51,177 $49,403 $223,623 $178,113
------- ------- ------- ------- ------- -------- --------
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.
2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.60% 0.58% 0.50% 0.52% 0.36% 0.55% 0.60%
Interest bearing deposits in banks 0.63% 0.69% 0.66% 0.65% 0.36% 0.65% 0.37%
Investment securities - taxable 2.25% 2.25% 2.39% 2.53% 2.47% 2.35% 2.48%
Investment securities - nontaxable 3.91% 3.12% 3.54% 3.52% 3.52% 3.52% 3.55%
Mortgage loans held for sale 3.82% 3.10% 3.40% 3.67% 4.18% 3.46% 3.94%
Loans 4.73% 4.62% 4.78% 4.79% 4.74% 4.73% 4.77%
Purchased non-covered loans 6.12% 6.46% 6.17% 6.32% 6.39% 6.27% 6.49%
Purchased non-covered loan pools 2.66% 2.75% 2.38% 3.30% 2.91% 2.77% 3.21%
Covered loans 6.54% 5.86% 5.66% 6.17% 7.82% 5.98% 6.83%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 4.34% 4.35% 4.35% 4.36% 4.30% 4.35% 4.47%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.19% 0.16% 0.16% 0.17% 0.17% 0.17% 0.17%
MMDA 0.39% 0.34% 0.33% 0.33% 0.30% 0.35% 0.30%
Savings accounts 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.08%
Retail CDs < $100,000 0.49% 0.45% 0.44% 0.47% 0.52% 0.46% 0.52%
Retail CDs > $100,000 0.85% 0.75% 0.71% 0.67% 0.66% 0.75% 0.70%
Brokered CDs 0.64% 0.64% 0.64% 0.73% 0.00% 0.65% 0.00%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.27% 0.23% 0.22% 0.23% 0.23% 0.24% 0.23%
FHLB advances 0.59% 0.59% 0.60% 0.96% 0.00% 0.60% 0.37%
Other borrowings 4.44% 3.86% 3.75% 3.54% 3.34% 3.88% 3.33%
Subordinated debentures 5.76% 5.60% 5.66% 5.29% 5.26% 5.59% 5.20%
Federal funds purchased and securities sold
under agreements to repurchase 0.19% 0.19% 0.22% 0.27% 0.28% 0.22% 0.34%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 2.04% 1.89% 2.61% 3.14% 3.01% 2.26% 3.03%
Total funding (3) 0.38% 0.36% 0.35% 0.33% 0.32% 0.36% 0.34%
---- ---- ---- ---- ---- ---- ----
Net interest spread 3.95% 3.99% 4.00% 4.03% 3.98% 3.99% 4.13%
Net interest margin 3.95% 3.99% 4.01% 4.03% 3.98% 3.99% 4.12%
==== ==== ==== ==== ==== ==== ====
(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.
Adjusted Operating Net Income Reconciliation 2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $18,177 $21,557 $20,049 $12,317 $14,148 $72,100 $40,847
Merger and conversion charges 17 - - 6,359 1,807 6,376 7,980
Certain credit resolution related expenses - - - - - - 11,241
Certain compliance resolution expenses 5,750 - - - - 5,750 -
Tax effect of management-adjusted charges (2,018) - - (2,226) (632) (4,244) (6,727)
------ --- --- ------ ---- ------ ------
Plus: After tax management-adjusted charges 3,749 - - 4,133 1,175 7,882 12,494
Adjusted Operating Net income 21,926 21,557 20,049 16,450 15,323 79,982 53,341
------ ------ ------ ------ ------ ------ ------
Adjusted operating net income per diluted share: $0.62 $0.61 $0.57 $0.50 $0.47 $2.30 $1.66
Adjusted operating return on average assets 1.33% 1.35% 1.31% 1.18% 1.12% 1.30% 1.11%
Adjusted operating return on average common
tangible equity 17.04% 17.18% 17.03% 15.42% 14.97% 16.71% 13.66%
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Net Interest Margin and Yields on Total Loans 2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Excluding Accretion Reconciliation
Total Interest Income (TE) $64,575 $63,167 $60,276 $55,300 $53,386 $243,318 $192,969
Accretion Income 3,370 3,604 4,196 2,942 2,912 14,112 11,681
----- ----- ----- ----- ----- ------ ------
Total Interest Income (TE) Excluding Accretion $61,205 $59,563 $56,080 $52,358 $50,474 $229,206 $181,288
Total Interest Expense $5,677 $5,143 $4,751 $4,123 $3,983 $19,694 $14,856
Net Interest Income (TE) Excluding Accretion $55,528 $54,420 $51,329 $48,235 $46,491 $209,512 $166,432
Yield on Total Loans Excluding Accretion 4.51% 4.49% 4.42% 4.60% 4.68% 4.50% 4.80%
---- ---- ---- ---- ---- ---- ----
Net Interest Margin Excluding Accretion 3.73% 3.75% 3.70% 3.80% 3.74% 3.74% 3.85%
---- ---- ---- ---- ---- ---- ----
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Core Earnings Reconciliation 2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Pre-tax operating profit/(loss) $25,164 $31,921 $29,720 $18,441 $17,444 $105,246 $56,744
Plus: Credit Related Costs
Provision for loan losses 1,710 811 889 681 553 4,091 5,264
(Gains)/Losses on the sale of legacy OREO 72 377 447 753 535 1,649 1,117
Gains/(Losses) on the sale of covered OREO 1 (89) 28 166 610 106 880
Problem loan and OREO expense 1,010 1,238 1,289 880 1,078 4,417 15,732
Interest reversed (received) on non-accrual loans 21 41 35 34 58 131 644
---
Total Credit-Related Costs 2,814 2,378 2,688 2,514 2,834 10,394 23,637
----- ----- ----- ----- ----- ------ ------
Plus: Management-adjusted charges
Conversion charges 17 - - 6,359 1,807 6,376 7,980
Compliance resolution expenses 5,750 - - - - 5,750 -
Less: Management-adjusted gains (losses)
Gains on sales of securities - - - (94) - (94) (137)
Gains/(Losses) on sales of bank premises 430 238 401 (77) (267) 992 (267)
--- --- --- --- ---- --- ----
Pretax, Pre-provision earnings $34,175 $34,537 $32,809 $27,143 $21,818 $128,664 $87,957
======= ======= ======= ======= ======= ======== =======
As percentage of average assets, annualized 2.07% 2.17% 2.15% 1.94% 1.59% 2.09% 1.62%
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec. Sept. Jun. Mar. Dec. Dec. Dec.
Management-Adjusted Operating Expenses 2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Total Operating Expenses 54,677 53,199 52,359 55,600 53,028 215,835 199,115
Less: Credit costs & managemnt-adjusted charges
Gains/(Losses) on the sale of legacy OREO (72) (377) (447) (753) (535) (1,649) (1,117)
Gains/(Losses) on the sale of covered OREO (1) 89 (28) (166) (610) (106) (880)
Problem loan and OREO expense (1,010) (1,238) (1,289) (880) (1,078) (4,417) (15,732)
Conversion expenses (17) - - (6,359) (1,807) (6,376) (7,980)
Compliance resolution expenses (5,750) - - - - (5,750) -
Gains/(Losses) on the sale of premises (430) (238) (401) 77 267 (992) 267
---- ---- ---- --- --- ---- ---
Management-adjusted operating expenses $47,397 $51,435 $50,194 $47,519 $49,265 $196,545 $173,673
======= ======= ======= ======= ======= ======== ========
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 2016 2016 2016 2016 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $50,240 $50,374 $48,940 $45,801 $44,088 $195,355 $159,777
Provision for loan losses 610 57 733 681 504 2,081 4,847
Noninterest income 13,466 13,949 13,018 12,735 12,739 53,168 44,251
Noninterest expense:
Salaries and employee benefits 17,084 18,323 18,428 18,989 19,225 72,824 68,183
Occupancy 5,670 5,490 5,901 5,150 5,356 22,211 19,320
Data Processing 5,885 5,794 5,685 5,820 5,759 23,184 18,681
Other expenses 15,667 11,533 11,071 16,436 13,853 54,707 59,636
------ ------ ------ ------ ------ ------ ------
Total noninterest expense 44,306 41,140 41,085 46,395 44,193 172,926 165,820
------ ------ ------ ------ ------ ------- -------
Income before income taxes 18,790 23,126 20,140 11,460 12,130 73,516 33,361
Income Tax 4,756 7,286 6,318 3,681 1,436 22,041 7,713
----- ----- ----- ----- ----- ------ -----
Net income $14,034 $15,840 $13,822 $7,779 $10,694 $51,476 $25,648
======= ======= ======= ====== ======= ======= =======
Retail Mortgage Division:
Net interest income $4,118 $3,679 $3,293 $3,020 $2,812 $14,110 $8,821
Provision for loan losses 33 447 93 - 49 573 417
Noninterest income 9,036 13,198 13,304 9,624 7,966 45,162 34,498
Noninterest expense:
Salaries and employee benefits 7,098 8,940 8,304 6,347 5,855 30,689 22,112
Occupancy 602 433 405 488 501 1,928 1,674
Data Processing 326 364 338 272 266 1,300 1,065
Other expenses 1,093 1,303 1,133 956 1,043 4,485 3,787
----- ----- ----- --- ----- ----- -----
Total noninterest expense 9,119 11,040 10,180 8,063 7,665 38,402 28,638
----- ------ ------ ----- ----- ------ ------
Income before income taxes 4,002 5,390 6,324 4,581 3,064 20,297 14,264
Income Tax 1,401 1,887 2,213 1,603 1,072 7,104 4,992
----- ----- ----- ----- ----- ----- -----
Net income $2,601 $3,504 $4,111 $2,978 $1,992 $13,193 $9,272
====== ====== ====== ====== ====== ======= ======
Warehouse Lending:
Net interest income $1,972 $2,073 $1,622 $1,019 $995 $6,686 $4,137
Provision for loan losses 496 94 - - - 590 -
Noninterest income 462 555 440 333 336 1,790 1,364
Noninterest expense:
Salaries and employee benefits 220 103 108 188 156 619 519
Occupancy 1 1 1 1 3 4 7
Data Processing 32 26 25 20 20 103 95
Other expenses 29 26 26 25 28 106 123
--- --- --- --- --- --- ---
Total noninterest expense 282 156 160 234 207 832 744
--- --- --- --- --- --- ---
Income before income taxes 1,656 2,378 1,902 1,118 1,124 7,054 4,757
Income Tax 580 832 666 391 393 2,469 1,665
--- --- --- --- --- ----- -----
Net income $1,076 $1,546 $1,236 $727 $731 $4,585 $3,092
====== ====== ====== ==== ==== ====== ======
SBA Division:
Net interest income $949 $941 $734 $596 $723 $3,220 $2,802
Provision for loan losses 571 213 63 - - 847 -
Noninterest income 1,308 1,162 1,617 1,594 1,366 5,681 5,473
Noninterest expense:
Salaries and employee benefits 735 616 691 663 736 2,705 3,189
Occupancy 64 65 64 61 57 254 194
Data Processing 1 1 1 1 1 4 8
Other expenses 170 181 178 183 169 712 522
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Total noninterest expense 970 863 934 908 963 3,675 3,913
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Income before income taxes 716 1,027 1,354 1,282 1,126 4,379 4,362
Income Tax 251 359 474 449 394 1,533 1,527
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Net income $465 $668 $880 $833 $732 $2,846 $2,835
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Total Consolidated:
Net interest income $57,279 $57,067 $54,589 $50,436 $48,618 $219,371 $175,537
Provision for loan losses 1,710 811 889 681 553 4,091 5,264
Noninterest income 24,272 28,864 28,379 24,286 22,407 105,801 85,586
Noninterest expense:
Salaries and employee benefits 25,137 27,982 27,531 26,187 25,972 106,837 94,003
Occupancy 6,337 5,989 6,371 5,700 5,917 24,397 21,195
Data Processing 6,244 6,185 6,049 6,113 6,046 24,591 19,849
Other expenses 16,959 13,043 12,408 17,600 15,093 60,010 64,068
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Total noninterest expense 54,677 53,199 52,359 55,600 53,028 215,835 199,115
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Income before income taxes 25,164 31,921 29,720 18,441 17,444 105,246 56,744
Income Tax 6,987 10,364 9,671 6,124 3,296 33,146 15,897
----- ------ ----- ----- ----- ------ ------
Net income $18,177 $21,557 $20,049 $12,317 $14,148 $72,100 $40,847
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-2016-financial-results-300394037.html
SOURCE Ameris Bancorp
