AMERIS BANCORP MOULTRIE, Ga., July 21, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $23.1 million, or $0.62 per diluted share, for the quarter ended June 30, 2017, compared with $20.0 million, or $0.57 per diluted share, for the quarter ended June 30, 2016. For the year-to-date period ending June 30, 2017, the Company reported net income of $44.2 million, or $1.20 per diluted share, compared with $32.4 million, or $0.95 per share, for the same period in 2016.
Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We are pleased to announce solid second quarter financial results, including an adjusted operating ROA of 1.32% and an adjusted operating efficiency ratio of 59.37%. Additionally, we grew loans organically by approximately $391 million, or 33% annualized in the second quarter of 2017 in the same diversified manner as in past quarters. As we move into the second half of 2017, we see enough momentum and opportunity to give us confidence in our initial loan growth goals in the 20% range."
The Company reported adjusted operating net income of $23.5 million, or $0.63 per diluted share, for the quarter ended June 30, 2017, compared with $20.3 million, or $0.58 per diluted share, for the second quarter of 2016. The Company reported adjusted operating net income of $45.1 million, or $1.23 per diluted share, for the six months ended June 30, 2017, compared with $36.7 million, or $1.08 per diluted share, for the same period of 2016. Adjusted operating net income for the periods excludes certain after-tax costs associated with acquisitions and sales of premises, as shown in the following summary of the adjustments between reported net income and adjusted operating net income:
Three Months Ended Six Months Ended
------------------ ----------------
Adjusted Operating Net Income Reconciliation June 2017 June 2016 June 2017 June 2016
--------- --------- --------- ---------
Net income available to common shareholders $23,087 $20,049 $44,240 $32,366
Merger and conversion charges - - 402 6,359
Losses (gains) on the sale of premises 570 401 865 324
--- --- --- ---
Tax effect of management-adjusted charges (199) (140) (443) (2,339)
---- ---- ---- ------
Plus: After tax management-adjusted charges 371 261 824 4,344
-----
Adjusted Operating Net income 23,458 20,310 45,064 36,710
------ ------ ------ ------
Reported net income per diluted share: $0.62 $0.57 $1.20 $0.95
Adjusted operating net income per diluted share: $0.63 $0.58 $1.23 $1.08
Reported return on average assets 1.29% 1.31% 1.27% 1.11%
Adjusted operating return on average assets 1.32% 1.33% 1.29% 1.26%
Highlights of the Company's performance and results for the second quarter of 2017 include the following:
-- Adjusted operating return on average assets of 1.32% and adjusted return
on average tangible equity of 14.86%
-- Increase in tangible book value per share to $17.24, compared with
$16.60 per share at March 31, 2017
-- Organic loan growth of $391.3 million for the quarter, reflecting an
annualized growth rate of 32.9%
-- 10.1% increase in total revenue, to $91.3 million, in the second quarter
of 2017, compared with total revenue of $83.0 million in the second
quarter of 2016
-- Improvement in adjusted operating efficiency ratio, on a tax-equivalent
basis, to 59.37% in the second quarter of 2017, compared with 61.93% in
the same quarter in 2016
-- Tangible common equity to tangible assets of 8.84% at June 30, 2017,
compared with 8.86% at March 31, 2017 and 7.46% at December 31, 2016
-- Net income from mortgage, Small Business Administration ("SBA") and
premium finance lines of business totaling $7.3 million in the second
quarter, compared with $6.2 million in the first quarter of 2017
Net Interest Income and Net Interest Margin
Interest income on a tax-equivalent basis increased to $73.0 million in the current quarter of 2017, an increase of $12.8 million, or 21.2%, from the same quarter in 2016. Yields on total earning assets moved higher during the quarter to 4.45%, compared with 4.38% for the first quarter in 2017. Yields on all loans excluding the effect of accretion increased to 4.59% in the current quarter of 2017, compared with 4.56% in the first quarter of 2017 and 4.42% in the second quarter of 2016. Past increases in overall loan yields were attributable primarily to moves in short-term rates, while incremental loan production yields generally trailed the portfolio yield. In the second quarter of 2017, incremental production yields increased to such a point that the dilutive effect to overall yields was very small. Management believes production yields going forward will be accretive to overall yields and will combine with rate movements to produce a faster pace of yield improvements.
Interest expense during the second quarter of 2017 moved higher to $8.3 million, compared with $4.8 million in the same quarter in 2016. The Company's cost of funds moved higher to 0.52% in the second quarter of 2017 as compared with the first quarter of 2017. This relatively material move in cost of funds was impacted by the Company's issuance of $75 million of subordinated debt late in the first quarter of 2017. Additionally, the Company adopted a more aggressive posture on deposit pricing that drove the cost of deposits in the second quarter of 2017 higher to 0.32%. As of the end of the quarter, the Company's largest deposit customers are more aggressively priced and management believes that future moves in the cost of deposits will be less dramatic.
Interest expense on non-deposit borrowings increased during the quarter to $3.7 million, compared with $1.8 million in the same quarter in 2016. Overall costs on these funding sources have decreased from a rate perspective over the past year, but the Company's use of these sources has increased from 4.4% of total funding in the first half of 2016 to 10.9% in the first half of 2017. Management is comfortable with the reliance on non-deposit borrowings at its current level but expects to manage the usage to a lower level over time with a higher velocity of deposit growth.
Non-interest Income
Non-interest income in the second quarter of 2017 was $28.2 million, a slight decrease from the $28.4 million reported in the second quarter of 2016. Service charges in the second quarter of 2017 were $10.6 million, an increase of $180,000, or 1.7%, compared with the same quarter in 2016. Service charge-related revenues on commercial and consumer accounts increased, while NSF fee income declined.
Operational efficiency continued to improve the financial results of the Company's retail mortgage group. Revenue from mortgage operations increased to $16.5 million, an increase of 4.2% compared with the same quarter in 2016. However, net income for the Company's retail mortgage division increased 13.3% during the second quarter of 2017 to $4.1 million, compared with $3.6 million in the second quarter of 2016. Total retail production increased to $400.2 million in the quarter, compared with $375.7 million in the second quarter of 2016, while spread (gain on sale) decreased to 3.46% in the current quarter compared with 3.90% in the same quarter of 2016. Open pipelines at the end of the quarter were $174.3 million, compared with $146.3 million at the beginning of the second quarter of 2017 and $162.6 million at the end of the second quarter of 2016.
Net income for the Company's warehouse lending division decreased during the quarter, from $1.1 million in the second quarter of 2016 to $837,000 in the second quarter of 2017. However, loan production increased from $790.6 million in the second quarter of 2016 to approximately $966.8 million in the current quarter. The decline in profitability is attributable to an increase of $176,000 in the Company's provision for loan loss expense and $219,000 of additional cost of funds allocated to the division. The Company experienced a contraction in quarter-end balances at the end of the first quarter, but rebounded as expected during the second quarter, bringing average balances down quarter-over-quarter.
Revenues from the Company's SBA division were $2.6 million during the second quarter of 2017, compared with $2.4 million during the second quarter of 2016. Net income for the division decreased slightly from $880,000 for the second quarter of 2016 to $875,000 for the second quarter of 2017, due to increased compensation costs.
Revenues from the premium finance division continued to meet management's expectations, reporting $1.5 million of net income for the second quarter of 2017, compared with $1.3 million in the first quarter of 2017. Management continues to be pleased with the profitability metrics and the franchise potential from this new partnership with US Premium Finance and believes that the management and sales talent in place are adequate to achieve the strong growth goals that were initially forecasted.
Non-interest Expense
During the second quarter of 2017 and 2016, the Company incurred pre-tax losses on the sale of premises totaling $570,000 in 2017 and $401,000 in 2016. Excluding these charges, operating expenses increased approximately $3.2 million, to $55.2 million, from $52.0 million in the second quarter of 2016. Additional operating expenses associated with the premium finance division impacted operating expenses by approximately $3.3 million in the second quarter of 2017. During the second quarter of 2017, the Company incurred approximately $401,000 of operating expenses related to the new equipment finance line of business. Management expects loan production to grow in the remainder of 2017 to offset these operating expenses.
Management continues to focus its efforts on improving the operating efficiency and the net overhead ratio of the Company. During the second quarter of 2017, the Company's adjusted operating efficiency ratio declined to 59.37%, compared with 59.67% in the first quarter of 2017 and 61.93% in the second quarter of 2016. The Company's adjusted operating net overhead ratio also declined, to 1.51% in the second quarter of 2017, compared with 1.57% in the first quarter of 2017.
Salaries and benefits increased by $1.6 million to $29.1 million in the current quarter of 2017, compared with $27.5 million in the second quarter of 2016. Increases in salaries and benefits from the second quarter of 2016 to the second quarter of 2017 relating to the Company's ongoing Bank Secrecy Act compliance efforts, the addition of the premium finance division and the addition of the equipment finance line of business were $863,000, $993,000 and $338,000, respectively.
Total credit costs (provision and non-provision credit resolution-related costs) totaled $2.8 million in the second quarter of 2017, compared with $2.7 million in the same quarter in 2016 and $2.8 million in the first quarter of 2017.
Balance Sheet Trends
Total assets at June 30, 2017 were $7.40 billion, compared with $6.89 billion reported at December 31, 2016 and $7.09 billion reported at March 31, 2017.
Loans, including loans held for sale, totaled $5.82 billion at June 30, 2017, compared with $5.37 billion at December 31, 2016 and $5.43 billion at March 31, 2017. During the quarter, growth in core loans (legacy and purchased non-covered loans) increased by $391.3 million, or 32.9% on an annualized basis. Growth in legacy loans was diversified across product type, with commercial and industrial and agriculture at 35% of incremental growth, residential real estate at 29%, construction and development at 16%, CRE at 14%, and consumer and other loans at 6% of the total. Loans held for sale, which includes both residential mortgage and SBA-guaranteed loans, increased $41.1 million during the second quarter of 2017.
Loan production and growth associated with the new premium finance division continue to meet forecasted levels. Loans outstanding grew $50.7 million, or 47.7% annualized, from $425.9 million at the end of the first quarter of 2017 to $476.6 million at the end of the second quarter of 2017.
Lending activity in the Company's new equipment finance line of business, which provides financing for heavy equipment in the manufacturing, transportation and construction sectors, finished the quarter with approved credit totaling $126.7 million at a weighted average yield of approximately 4.18%. Outstanding balances have been slower to book and ended the quarter at $15.9 million. Management expects additional approvals throughout the remainder of the year and that usage on approved lines will increase and support the Company's overall growth goals in the second half of 2017.
Mortgage warehouse balances rebounded during the quarter to finish at $173.9 million at June 30, 2017, compared with $107.8 million at the end of the first quarter of 2017 and $150.5 million at the same time in 2016. Loan production increased to $966.8 million, or 22.3%, from the same quarter in 2016.
Investment securities at the end of the second quarter of 2017 were $861.2 million, or 12.6% of earning assets, compared with $852.2 million, or 13.5% of earning assets, at December 31, 2016.
At June 30, 2017, total deposits amounted to $5.79 billion, or 88.1% of total funding, compared with $5.58 billion and 89.8%, respectively, at December 31, 2016. Non-interest bearing deposits at the end of the current quarter were $1.67 billion, or 28.9% of total deposits, compared with $1.57 billion, or 28.2%, at December 31, 2016. Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $3.10 billion at June 30, 2017, compared with $3.04 billion at the end of 2016. These funds represented 53.6% of the Company's total deposits at June 30, 2017, compared with 54.6% at the end of 2016.
Shareholders' equity at June 30, 2017 totaled $782.7 million, compared with $646.4 million at December 31, 2016. The increase in shareholders' equity was the result of the issuance of shares of common stock in the Company's public offering, plus earnings of $44.2 million during the first six months of 2017. Tangible book value per share at June 30, 2017 was $17.24, up 19.6% from $14.42 at the end of 2016. Tangible common equity as a percentage of tangible assets was to 8.84% at the end of the second quarter of 2017, compared with 7.46% at the end of 2016.
Conference Call
The Company will host a teleconference at 10:00 a.m. EDT today (July 21, 2017) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until August 4, 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 10109634. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia. The Company's banking subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company's results of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income $23,087 $21,153 $18,177 $21,557 $20,049 $44,240 $32,366
Adjusted Operating Net Income $23,458 $21,606 $22,205 $21,712 $20,310 $45,064 $36,710
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $0.62 $0.59 $0.52 $0.62 $0.58 $1.21 $0.96
Diluted $0.62 $0.59 $0.52 $0.61 $0.57 $1.20 $0.95
Operating Diluted EPS $0.63 $0.60 $0.63 $0.62 $0.58 $1.23 $1.08
Cash Dividends per share $0.10 $0.10 $0.10 $0.10 $0.05 $0.20 $0.10
Book value per share (period end) $21.03 $20.42 $18.51 $18.42 $17.96 $21.03 $17.96
Tangible book value per share (period end) $17.24 $16.60 $14.42 $14.38 $13.89 $17.24 $13.89
Weighted average number of shares:
Basic 37,162,810 35,664,420 34,915,459 34,869,747 34,832,621 36,417,754 33,792,343
Diluted 37,489,348 36,040,240 35,293,035 35,194,739 35,153,311 36,744,190 34,107,298
Period-end number of shares 37,222,904 37,128,714 34,921,474 34,891,304 34,847,311 37,222,904 34,847,311
Market data:
High intraday price $49.80 $49.50 $47.70 $36.20 $32.76 $49.80 $32.68
Low intraday price $42.60 $41.60 $34.61 $28.90 $27.73 $41.60 $25.09
Period end closing price $48.20 $46.10 $43.60 $34.95 $29.70 $48.20 $29.70
Average daily volume 169,617 242,982 191,894 166,841 215,409 205,998 234,141
PERFORMANCE RATIOS
Return on average assets 1.29% 1.24% 1.10% 1.35% 1.31% 1.27% 1.11%
Return on average common equity 11.95% 12.33% 11.06% 13.39% 13.08% 12.13% 11.24%
Earning asset yield (TE) 4.45% 4.38% 4.34% 4.35% 4.35% 4.42% 4.35%
Total cost of funds 0.52% 0.42% 0.38% 0.36% 0.35% 0.47% 0.34%
Net interest margin (TE) 3.95% 3.97% 3.95% 3.99% 4.01% 3.96% 4.02%
Non-interest income excluding securities
transactions,
as a percent of total revenue (TE) 27.81% 27.27% 27.32% 31.36% 32.01% 27.55% 31.25%
Efficiency ratio 61.02% 61.52% 67.05% 61.91% 63.11% 61.26% 68.46%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 10.58% 10.69% 9.38% 9.90% 10.06% 10.58% 10.06%
Tangible common equity to tangible assets 8.84% 8.86% 7.46% 7.90% 7.96% 8.84% 7.96%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 8.84% 8.86% 7.46% 7.90% 7.96% 8.84% 7.96%
Effect of goodwill and other intangibles 1.74% 1.82% 1.92% 2.00% 2.10% 1.74% 2.10%
Equity to assets (GAAP) 10.58% 10.69% 9.38% 9.90% 10.06% 10.58% 10.06%
===== ===== ==== ==== ===== ===== =====
OTHER PERIOD-END DATA
Banking Division FTE 1,082 1,039 1,014 987 1,000 1,082 1,000
Retail Mortgage Division FTE 268 252 254 254 239 268 239
Warehouse Lending Division FTE 8 8 9 5 6 8 6
SBA Division FTE 23 20 21 24 23 23 23
Premium Finance Division FTE 56 50 - - - 56 -
-------------------
Total Ameris Bancorp FTE Headcount 1,437 1,369 1,298 1,270 1,268 1,437 1,268
----- ----- ----- ----- ----- ----- -----
Assets per Banking Division FTE $6,837 $6,829 $6,797 $6,579 $6,221 $6,837 $6,221
Branch locations 97 97 97 99 102 97 102
Deposits per branch location $59,726 $58,169 $57,476 $53,597 $50,780 $59,726 $50,780
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $65,464 $61,521 $57,982 $57,322 $54,164 $126,985 $103,355
Interest on taxable securities 5,195 4,800 4,348 4,336 4,554 9,995 9,140
Interest on nontaxable securities 401 416 425 397 454 817 900
Interest on deposits in other banks 351 313 193 147 159 664 487
Interest on federal funds sold - - 8 8 9 0 17
Total interest income 71,411 67,050 62,956 62,210 59,340 138,461 113,899
------ ------ ------ ------ ------ ------- -------
Interest expense
Interest on deposits $4,580 $3,763 $3,680 $3,074 $2,915 $8,343 $5,656
Interest on other borrowings 3,674 2,697 1,997 2,069 1,836 6,371 3,218
-----------------
Total interest expense 8,254 6,460 5,677 5,143 4,751 14,714 8,874
----- ----- ----- ----- ----- ------ -----
Net interest income 63,157 60,590 57,279 57,067 54,589 123,747 105,025
Provision for loan losses 2,205 1,836 1,710 811 889 4,041 1,570
----- ----- ----- --- --- ----- -----
Net interest income after provision for loan losses $60,952 $58,754 $55,569 $56,256 $53,700 $119,706 $103,455
------- ------- ------- ------- ------- -------- --------
Noninterest income
Service charges on deposit accounts $10,616 $10,563 $11,036 $11,358 $10,436 $21,179 $20,351
Mortgage banking activity 13,943 11,215 9,878 14,067 14,142 25,158 24,353
Other service charges, commissions and fees 729 709 706 791 967 1,438 2,078
Gain(loss) on sale of securities 37 - - - - 37 94
Other non-interest income 2,864 3,219 2,652 2,648 2,834 6,083 5,789
Total noninterest income 28,189 25,706 24,272 28,864 28,379 53,895 52,665
------ ------ ------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 29,132 27,794 25,137 27,982 27,531 56,926 53,718
Occupancy and equipment expenses 6,146 5,877 6,337 5,989 6,371 12,023 12,071
Data processing and telecommunications
expenses 7,028 6,572 6,244 6,185 6,049 13,600 12,162
Credit resolution related expenses (1) 599 933 1,083 1,526 1,764 1,532 3,563
Advertising and marketing expenses 1,259 1,106 1,273 1,249 854 2,365 1,659
Amortization of intangible assets 1,013 1,036 1,044 993 1,319 2,049 2,339
Merger and conversion charges - 402 17 - - 402 6,359
Other non-interest expenses 10,562 9,373 13,542 9,275 8,471 19,935 16,088
Total noninterest expense 55,739 53,093 54,677 53,199 52,359 108,832 107,959
------ ------ ------ ------ ------ ------- -------
Income before income taxes $33,402 $31,367 $25,164 $31,921 $29,720 $64,769 $48,161
Income tax expense 10,315 10,214 6,987 10,364 9,671 20,529 15,795
-----------------
Net income $23,087 $21,153 $18,177 $21,557 $20,049 $44,240 $32,366
======= ======= ======= ======= ======= ======= =======
Diluted earnings available to common shareholders 0.62 0.59 0.52 0.61 0.57 1.20 0.95
==== ==== ==== ==== ==== ==== ====
(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
------------------
Jun. Mar. Dec. Sept. Jun.
2017 2017 2016 2016 2016
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $139,500 $127,164 $127,164 $123,270 $116,255
Federal funds sold and interest bearing deposits
in banks 137,811 232,045 71,221 90,801 68,273
Investment securities available for sale, at
fair value 818,693 830,765 822,735 838,124 843,646
Other investments 42,495 35,950 29,464 24,578 19,125
Loans held for sale 146,766 105,637 105,924 126,263 102,757
Loans, net of unearned income 4,230,228 3,785,480 3,626,821 3,091,039 2,819,071
Purchased loans (excluding loan pools) 950,499 1,006,935 1,069,191 1,129,381 1,193,635
Purchased loan pools 490,114 529,099 568,314 624,886 610,425
Less allowance for loan losses (25,101) (25,250) (23,920) (22,963) (21,734)
------------------
Loans, net 5,645,740 5,296,264 5,240,406 4,822,343 4,601,397
Other real estate owned 11,483 10,466 10,874 10,392 13,765
Purchased other real estate owned 11,330 11,668 12,540 15,126 16,670
------------------
Total other real estate owned 22,813 22,134 23,414 25,518 30,435
Premises and equipment, net 121,108 121,610 121,217 122,191 123,978
Goodwill 125,532 125,532 125,532 122,545 121,422
Other intangibles, net 15,378 16,391 17,428 18,472 20,574
Deferred income taxes, net 41,124 41,505 40,776 37,626 39,286
Cash value of bank owned life insurance 78,834 78,442 78,053 77,637 77,095
Other assets 62,064 61,417 88,697 64,127 57,051
Total assets $7,397,858 $7,094,856 $6,892,031 $6,493,495 $6,221,294
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $1,672,918 $1,654,723 $1,573,389 $1,563,316 $1,553,972
Interest-bearing 4,120,479 3,987,646 4,001,774 3,742,782 3,625,560
--------- --------- --------- --------- ---------
Total deposits 5,793,397 5,642,369 5,575,163 5,306,098 5,179,532
Federal funds purchased & securities sold under
agreements to repurchase 18,400 40,415 53,505 42,647 37,139
Other borrowings 679,591 525,669 492,321 373,461 260,191
Subordinated deferrable interest debentures 84,889 84,559 84,228 83,898 83,570
Other liabilities 38,899 43,628 40,377 44,808 34,947
Total liabilities 6,615,176 6,336,640 6,245,594 5,850,912 5,595,379
--------- --------- --------- --------- ---------
Shareholders' equity
Preferred stock $ - $ - $ - $ - $ -
Common stock 38,698 38,603 36,378 36,348 36,303
Capital surplus 505,803 503,543 410,276 409,630 408,549
Retained earnings 251,259 231,894 214,454 199,769 181,701
Accumulated other comprehensive income (loss) 1,421 (1,209) (1,058) 10,449 12,960
Less treasury stock (14,499) (14,615) (13,613) (13,613) (13,598)
Total shareholders' equity 782,682 758,216 646,437 642,583 625,915
------- ------- ------- ------- -------
Total liabilities and shareholders' equity $7,397,858 $7,094,856 $6,892,031 $6,493,495 $6,221,294
========== ========== ========== ========== ==========
Other Data
Earning Assets 6,816,606 6,525,911 6,293,670 5,925,072 5,656,932
Intangible Assets 140,910 141,923 142,960 141,017 141,996
Interest Bearing Liabilities 4,903,359 4,638,289 4,631,828 4,242,788 4,006,460
Average Assets 7,152,024 6,915,965 6,573,344 6,330,350 6,138,757
Average Common Stockholders' Equity 774,664 695,830 653,991 640,382 616,361
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $25,250 $23,920 $22,963 $21,734 $21,482 $23,920 $21,062
Provision for loan loss 2,205 1,836 1,710 811 889 4,041 1,570
Charge-offs 3,284 1,102 1,686 1,451 1,376 4,386 3,190
Recoveries 930 596 933 1,869 739 1,526 2,292
--- --- --- ----- --- ----- -----
Net charge-offs (recoveries) 2,354 506 753 (418) 637 2,860 898
Ending balance $25,101 $25,250 $23,920 $22,963 $21,734 $25,101 $21,734
==============
Net charge-off information
Charge-offs
Commercial, financial & agricultural $701 $104 $726 $326 $541 $805 $947
Real estate - residential 963 216 239 292 123 1,179 591
Real estate - commercial & farmland 386 9 - - 361 395 708
Real estate - construction & development 41 53 264 60 109 94 264
Consumer installment 438 164 159 74 59 602 118
Purchased loans (excluding loan pools) 755 556 298 699 183 1,311 562
Purchased loan pools - - - - - - -
Total charge-offs 3,284 1,102 1,686 1,451 1,376 4,386 3,190
----- ----- ----- ----- ----- ----- -----
Recoveries
Commercial, financial & agricultural 221 69 121 119 87 290 160
Real estate - residential 73 61 23 40 14 134 328
Real estate - commercial & farmland 121 9 78 13 57 130 178
Real estate - construction & development 98 20 16 131 221 118 343
Consumer installment 44 17 8 78 16 61 41
Purchased loans (excluding loan pools) 373 420 687 1,488 344 793 1,242
Purchased loan pools - - - - - - -
Total recoveries 930 596 933 1,869 739 1,526 2,292
--- --- --- ----- --- ----- -----
Net charge-offs (recoveries) $2,354 $506 $753 $(418) $637 $2,860 $898
===========================
Non-accrual loans (excluding purchased loans) 17,083 18,281 18,114 16,379 16,003 17,083 16,003
Non-accrual purchased loans 17,357 23,606 22,966 23,827 26,736 17,357 26,736
Non-accrual purchased loan pools 918 - - 864 864 918 864
Foreclosed assets (excluding purchased assets) 11,483 10,466 10,874 10,392 13,765 11,483 13,765
Purchased other real estate owned 11,330 11,668 12,540 15,126 16,670 11,330 16,670
Accruing loans delinquent 90 days or more (excluding purchased loans) 1,784 933 - - - 1,784 -
Accruing purchased loans delinquent 90 days or more 147 - - - - 147 -
--- --- --- --- ---
Total non-performing assets 60,102 64,954 64,494 66,588 74,038 60,102 74,038
------ ------ ------ ------ ------ ------ ------
Non-performing assets as a percent of total assets 0.81% 0.92% 0.94% 1.03% 1.19% 0.81% 1.19%
Net charge offs as a percent of average loans (annualized) 0.17% 0.04% 0.06% -0.04% 0.06% 0.11% 0.04%
Net charge offs, excluding purchased loans as a percent
of average loans (annualized) 0.20% 0.04% 0.14% 0.05% 0.12% 0.12% 0.13%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
For the quarter ended:
----------------------
Jun. Mar. Dec. Sept. Jun.
Loans by Type 2017 2017 2016 2016 2016
---- ---- ---- ---- ----
Commercial, financial & agricultural $1,218,633 $1,061,599 $967,138 $625,947 $564,343
Real estate - construction & development 486,858 415,029 363,045 328,308 274,717
Real estate - commercial & farmland 1,519,002 1,458,110 1,406,219 1,297,582 1,248,580
Real estate - residential 857,069 726,795 781,018 766,933 680,233
Consumer installment 147,505 115,919 96,915 68,305 33,245
Other 1,161 8,028 12,486 3,964 17,953
Total Legacy (excluding purchased loans) $4,230,228 $3,785,480 $3,626,821 $3,091,039 $2,819,071
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $87,612 $89,897 $96,537 $100,426 $103,407
Real estate - construction & development 73,567 82,378 81,368 89,319 96,264
Real estate - commercial & farmland 510,312 538,046 576,355 604,076 639,921
Real estate - residential 275,504 292,911 310,277 330,626 348,353
Consumer installment 3,504 3,703 4,654 4,934 5,690
Total Purchased loans (net of discounts) $950,499 $1,006,935 $1,069,191 $1,129,381 $1,193,635
-------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $ - $ - $ - $ - $ -
Real estate - construction & development - - - - -
Real estate - commercial & farmland - - - - -
Real estate - residential 490,114 529,099 568,314 624,886 610,425
Consumer installment - - - - -
Total Purchased loan pools $490,114 $529,099 $568,314 $624,886 $610,425
-------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $1,306,245 $1,151,496 $1,063,675 $726,373 $667,750
Real estate - construction & development 560,425 497,407 444,413 417,627 370,981
Real estate - commercial & farmland 2,029,314 1,996,156 1,982,574 1,901,658 1,888,501
Real estate - residential 1,622,687 1,548,805 1,659,609 1,722,445 1,639,011
Consumer installment 151,009 119,622 101,569 73,239 38,935
Other 1,161 8,028 12,486 3,964 17,953
Total Loans $5,670,841 $5,321,514 $5,264,326 $4,845,306 $4,623,131
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased loans:
Accruing loan types:
Commercial, financial & agricultural $40 $42 $47 $53 $275
Real estate - construction & development 429 435 686 691 468
Real estate - commercial & farmland 4,859 3,944 4,119 5,535 5,802
Real estate - residential 6,829 9,220 9,340 7,713 8,226
Consumer installment 12 18 17 21 24
Total Accruing TDRs $12,169 $13,659 $14,209 $14,013 $14,795
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $136 $142 $114 $112 $86
Real estate - construction & development 34 34 35 35 36
Real estate - commercial & farmland 192 1,617 2,970 2,015 1,832
Real estate - residential 1,975 998 738 849 899
Consumer installment 133 129 130 120 113
Total Non-accrual TDRs $2,470 $2,920 $3,987 $3,131 $2,966
------ ------ ------ ------ ------
Total Troubled Debt Restructurings $14,639 $16,579 $18,196 $17,144 $17,761
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased loans:
Grade 10 - Prime credit $490,514 $420,814 $414,564 $398,781 $349,725
Grade 15 - Good credit 631,141 587,180 539,147 190,389 191,574
Grade 20 - Satisfactory credit 1,875,308 1,718,749 1,669,998 1,608,265 1,493,561
Grade 23 - Performing, under-collateralized credit 15,386 20,889 23,186 22,763 23,665
Grade 25 - Minimum acceptable credit 1,147,786 958,623 907,588 797,148 687,817
Grade 30 - Other asset especially mentioned 32,871 37,298 29,172 31,764 32,468
Grade 40 - Substandard 37,116 41,821 43,067 41,929 40,261
Grade 50 - Doubtful 106 106 99 - -
Grade 60 - Loss - - - - -
--- --- --- --- ---
Total $4,230,228 $3,785,480 $3,626,821 $3,091,039 $2,819,071
---------- ---------- ---------- ---------- ----------
The following table presents the purchased loan portfolio by risk grade:
Grade 10 - Prime credit $5,959 $6,017 $6,536 $6,543 $6,899
Grade 15 - Good credit 39,391 38,179 40,786 42,257 45,245
Grade 20 - Satisfactory credit 327,449 365,434 334,353 341,544 364,624
Grade 23 - Performing, under-collateralized credit 22,058 22,081 27,475 31,841 33,817
Grade 25 - Minimum acceptable credit 459,903 476,954 569,026 604,272 620,489
Grade 30 - Other asset especially mentioned 41,869 43,450 35,032 50,691 61,227
Grade 40 - Substandard 53,870 54,820 55,983 52,233 61,302
Grade 50 - Doubtful - - - - 30
Grade 60 - Loss - - - - 2
--- --- --- --- ---
Total $950,499 $1,006,935 $1,069,191 $1,129,381 $1,193,635
-------- ---------- ---------- ---------- ----------
The following table presents the purchased loan pools by risk grade:
Grade 20 - Satisfactory credit $489,196 $528,181 $567,389 $624,022 $609,561
Grade 40 - Substandard 918 918 925 864 864
--- --- --- --- ---
Total $490,114 $529,099 $568,314 $624,886 $610,425
-------- -------- -------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $ - $ - $5,261 $5,500 $7,186 $ - $6,693
Interest bearing deposits in banks 121,810 147,385 122,538 85,051 96,906 134,527 149,360
Investment securities - taxable 766,375 759,850 770,373 767,421 766,006 763,130 747,137
Investment securities - nontaxable 63,210 65,374 66,566 68,325 69,664 64,286 69,244
Other investments 37,375 37,392 19,732 21,687 14,765 37,383 12,185
Loans held for sale 110,933 77,617 102,926 105,859 96,998 94,368 91,528
Loans 3,994,213 3,678,149 3,145,714 2,897,771 2,653,171 3,838,324 2,536,566
Purchased loans (excluding loan pools) 973,521 1,034,983 1,101,907 1,199,175 1,239,409 1,004,252 1,098,755
Purchased loan pools 516,949 547,057 590,617 629,666 630,503 530,480 628,840
Total Earning Assets $6,584,386 $6,347,807 $5,925,634 $5,780,455 $5,574,608 $6,466,750 $5,340,308
---------- ---------- ---------- ---------- ---------- ---------- ----------
Noninterest bearing deposits $1,615,001 $1,604,495 $1,592,073 $1,546,211 $1,561,621 $1,609,777 $1,461,814
NOW accounts 1,154,364 1,169,567 1,253,849 1,085,828 1,087,442 1,161,924 1,112,259
MMDA 1,621,487 1,486,972 1,435,958 1,435,151 1,413,503 1,554,601 1,345,851
Savings accounts 278,666 268,741 262,782 266,344 265,936 273,731 258,522
Retail CDs < $100,000 441,556 444,195 445,132 431,570 437,899 442,868 436,580
Retail CDs > $100,000 560,320 517,354 497,113 451,115 439,954 538,956 424,757
Brokered CDs - - 3,750 5,000 5,000 - 3,049
Total Deposits 5,671,394 5,491,324 5,490,657 5,221,219 5,211,355 5,581,857 5,042,832
--------- --------- --------- --------- --------- --------- ---------
Federal funds purchased and securities sold
under agreements to repurchase 27,088 42,589 44,000 37,305 43,286 $34,796 $48,037
FHLB advances 483,583 525,583 222,426 265,202 104,195 504,467 56,922
Other borrowings 75,625 47,738 38,728 49,345 51,970 61,758 47,033
Subordinated deferrable interest debentures 84,710 84,379 84,050 83,719 83,386 84,545 77,988
Total Non-Deposit Funding 671,006 700,289 389,204 435,571 282,837 685,566 229,980
------- ------- ------- ------- ------- ------- -------
Total Funding $6,342,400 $6,191,613 $5,879,861 $5,656,790 $5,494,192 $6,267,423 $5,272,812
---------- ---------- ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $ - $ - $8 $8 $9 $ - $17
Interest bearing deposits in banks 351 313 193 147 159 664 487
Investment securities - taxable 5,195 4,800 4,348 4,336 4,554 9,995 9,140
Investment securities - nontaxable (TE) 617 640 654 536 613 1,257 1,215
Loans held for sale 1,058 653 989 826 821 1,711 1,576
Loans (TE) 47,255 43,157 37,418 33,672 31,531 90,412 60,215
Purchased loans (excluding loan pools) 14,765 15,173 17,015 19,296 18,859 29,938 34,052
Purchased loan pools 3,786 3,832 3,950 4,346 3,730 7,618 8,874
Total Earning Assets $73,027 $68,568 $64,575 $63,167 $60,276 $141,595 $115,576
------- ------- ------- ------- ------- -------- --------
Accretion Income (included above) 2,896 2,810 3,370 3,604 4,196 5,706 7,138
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 520 497 613 433 439 1,017 907
MMDA 2,008 1,538 1,405 1,241 1,168 3,546 2,208
Savings accounts 45 43 44 45 45 88 88
Retail CDs < $100,000 636 562 553 493 476 1,198 988
Retail CDs > $100,000 1,371 1,123 1,060 854 779 2,494 1,455
Brokered CDs - - 6 8 8 0 10
Total Deposits 4,580 3,763 3,681 3,074 2,915 8,343 5,656
----- ----- ----- ----- ----- ----- -----
Federal funds purchased and securities sold
under agreements to repurchase 13 20 21 18 24 33 59
FHLB advances 1,238 907 328 393 155 2,145 178
Other borrowings 1,158 559 432 479 484 1,717 854
Subordinated deferrable interest debentures 1,265 1,211 1,216 1,179 1,173 2,476 2,127
Total Non-Deposit Funding 3,674 2,697 1,997 2,069 1,836 6,371 3,218
----- ----- ----- ----- ----- ----- -----
Total Funding $8,254 $6,460 $5,678 $5,143 $4,751 $14,714 $8,874
------ ------ ------ ------ ------ ------- ------
Net Interest Income (TE) $64,773 $62,108 $58,897 $58,024 $55,525 $126,881 $106,702
------- ------- ------- ------- ------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.00% 0.00% 0.60% 0.58% 0.50% 0.00% 0.51%
Interest bearing deposits in banks 1.16% 0.86% 0.63% 0.69% 0.66% 1.00% 0.66%
Investment securities - taxable 2.72% 2.56% 2.25% 2.25% 2.39% 2.64% 2.46%
Investment securities - nontaxable 3.91% 3.97% 3.91% 3.12% 3.54% 3.94% 3.53%
Loans held for sale 3.83% 3.41% 3.82% 3.10% 3.40% 3.66% 3.46%
Loans 4.75% 4.76% 4.73% 4.62% 4.78% 4.75% 4.77%
Purchased loans (excluding loan pools) 6.08% 5.95% 6.14% 6.40% 6.12% 6.01% 6.23%
Purchased loan pools 2.94% 2.84% 2.66% 2.75% 2.38% 2.90% 2.84%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 4.45% 4.38% 4.34% 4.35% 4.35% 4.42% 4.35%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.18% 0.17% 0.19% 0.16% 0.16% 0.18% 0.16%
MMDA 0.50% 0.42% 0.39% 0.34% 0.33% 0.46% 0.33%
Savings accounts 0.06% 0.06% 0.07% 0.07% 0.07% 0.06% 0.07%
Retail CDs < $100,000 0.58% 0.51% 0.49% 0.45% 0.44% 0.55% 0.46%
Retail CDs > $100,000 0.98% 0.88% 0.85% 0.75% 0.71% 0.93% 0.69%
Brokered CDs 0.00% 0.00% 0.64% 0.64% 0.64% 0.00% 0.66%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.32% 0.28% 0.27% 0.23% 0.22% 0.30% 0.23%
Federal funds purchased and securities sold
under agreements to repurchase 0.19% 0.19% 0.19% 0.19% 0.22% 0.19% 0.25%
FHLB advances 1.03% 0.70% 0.59% 0.59% 0.60% 0.86% 0.63%
Other borrowings 6.14% 4.75% 4.44% 3.86% 3.75% 5.61% 3.65%
Subordinated deferrable interest debentures 5.99% 5.82% 5.76% 5.60% 5.66% 5.91% 5.48%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 2.20% 1.56% 2.04% 1.89% 2.61% 1.87% 2.81%
Total funding (2) 0.52% 0.42% 0.38% 0.36% 0.35% 0.47% 0.34%
---- ---- ---- ---- ---- ---- ----
Net interest spread 3.93% 3.96% 3.95% 3.99% 4.00% 3.94% 4.01%
Net interest margin (3) 3.95% 3.97% 3.95% 3.99% 4.01% 3.96% 4.02%
==== ==== ==== ==== ==== ==== ====
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.
(2) Rate calculated based on total average funding including non-interest bearing deposits.
(3) Rate calculated based on average earning assets.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
Adjusted Operating Net Income Reconciliation 2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $23,087 $21,153 $18,177 $21,557 $20,049 $44,240 $32,366
Merger and conversion charges - 402 17 - - 402 6,359
Certain compliance resolution expenses - - 5,750 - - - -
Losses (gains) on the sale of premises 570 295 430 238 401 865 324
--- --- --- --- --- --- ---
Tax effect of management-adjusted charges (199) (244) (2,169) (83) (140) (443) (2,339)
---- ---- ------ --- ---- ---- ------
Plus: After tax management-adjusted charges 371 453 4,028 155 261 824 4,344
Adjusted Operating Net income 23,458 21,606 22,205 21,712 20,310 45,064 36,710
------ ------ ------ ------ ------ ------ ------
Adjusted operating net income per diluted share: $0.63 $0.60 $0.63 $0.62 $0.58 $1.23 $1.08
Adjusted operating return on average assets 1.32% 1.27% 1.34% 1.36% 1.33% 1.29% 1.26%
Adjusted operating return on average common
tangible equity 14.86% 15.84% 17.25% 17.31% 17.25% 15.31% 16.36%
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
Net Interest Margin and Yields on Total Loans 2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Excluding Accretion Reconciliation
Total Interest Income (TE) $73,027 $68,568 $64,575 $63,167 $60,276 $141,595 $115,576
Accretion Income 2,896 2,810 3,370 3,604 4,196 5,706 7,138
----- ----- ----- ----- ----- ----- -----
Total Interest Income (TE) Excluding Accretion $70,131 $65,758 $61,205 $59,563 $56,080 $135,889 $108,438
Total Interest Expense $8,254 $6,460 $5,677 $5,143 $4,751 $14,714 $8,874
Net Interest Income (TE) Excluding Accretion $61,877 $59,298 $55,528 $54,420 $51,329 $121,175 $99,564
Yield on Total Loans (TE) Excluding Accretion 4.59% 4.56% 4.51% 4.49% 4.42% 4.57% 4.51%
---- ---- ---- ---- ---- ---- ----
Net Interest Margin (TE) Excluding Accretion 3.77% 3.79% 3.73% 3.75% 3.70% 3.78% 3.75%
---- ---- ---- ---- ---- ---- ----
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
Management-Adjusted Operating Expenses 2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Total operating expenses 55,739 53,093 54,677 53,199 52,359 108,832 107,959
Less: Management-adjusted charges
Merger and conversion expenses - (402) (17) - - (402) (6,359)
Certain compliance resolution expenses - - (5,750) - - - -
Gains/(Losses) on the sale of premises (570) (295) (430) (238) (401) (865) (324)
---- ---- ---- ---- ---- ---- ----
Management-adjusted operating expenses $55,169 $52,396 $48,480 $52,961 $51,958 $107,565 $101,276
======= ======= ======= ======= ======= ======== ========
Management-adjusted operating efficiency ratio (TE) 59.37% 59.67% 58.29% 60.95% 61.93% 59.51% 63.59%
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
Tangible Book Value per Share Reconciliation 2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Total shareholders' equity $782,682 $758,216 $646,437 $642,583 $625,915 $782,682 $625,915
Less: Goodwill 125,532 125,532 125,532 122,545 121,422 $125,532 121,422
Less:Other intangibles, net 15,378 16,391 17,428 18,472 20,574 15,378 20,574
------ ------ ------ ------ ------ ------ ------
Total tangible shareholders' equity $641,772 $616,293 $503,477 $501,566 $483,919 $641,772 $483,919
Period-end number of shares 37,222,904 37,128,714 34,921,474 34,891,304 34,847,311 37,222,904 34,847,311
Tangible book value per share (period end) $17.24 $16.60 $14.42 $14.38 $13.89 $17.24 $13.89
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Six Months Ended
------------------ ----------------
Jun. Mar. Dec. Sept. Jun. Jun. Jun.
Segment Reporting 2017 2017 2016 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $51,800 $50,126 $50,528 $51,653 $49,820 $101,926 $96,303
Provision for loan losses 1,491 1,982 502 57 733 3,473 1,414
Noninterest income 12,954 13,013 13,466 13,949 13,018 25,967 25,753
Noninterest expense:
Salaries and employee benefits 19,359 18,844 17,084 18,323 18,428 38,203 37,417
Occupancy 5,427 5,257 5,668 5,490 5,901 10,684 11,051
Data Processing 6,378 6,043 5,841 5,794 5,685 12,421 11,505
Other expenses 10,209 9,241 15,398 11,533 11,071 19,450 27,507
------ ----- ------ ------ ------ ------ ------
Total noninterest expense 41,373 39,385 43,991 41,140 41,085 80,758 87,480
------ ------ ------ ------ ------ ------ ------
Income before income taxes 21,890 21,772 19,501 24,405 21,020 43,662 33,162
Income Tax 6,095 6,856 5,005 7,733 6,626 12,951 10,545
----- ----- ----- ----- ----- ------ ------
Net income $15,795 $14,916 $14,496 $16,672 $14,394 $30,711 $22,617
======= ======= ======= ======= ======= ======= =======
Retail Mortgage Division:
Net interest income $3,470 $2,976 $3,032 $2,625 $2,554 $6,446 $4,984
Provision for loan losses 347 8 33 447 93 355 93
Noninterest income 13,053 10,513 9,036 13,198 13,304 23,566 22,928
Noninterest expense:
Salaries and employee benefits 7,763 7,216 7,098 8,940 8,304 14,979 14,651
Occupancy 610 519 602 433 405 1,129 893
Data Processing 440 317 326 364 338 757 610
Other expenses 888 1,141 1,093 1,303 1,133 2,029 2,089
--- ----- ----- ----- ----- ----- -----
Total noninterest expense 9,701 9,193 9,119 11,040 10,180 18,894 18,243
----- ----- ----- ------ ------ ------ ------
Income before income taxes 6,475 4,288 2,916 4,336 5,585 10,763 9,576
Income Tax 2,361 1,501 1,021 1,518 1,955 3,862 3,352
----- ----- ----- ----- ----- ----- -----
Net income $4,114 $2,787 $1,895 $2,818 $3,630 $6,901 $6,224
====== ====== ====== ====== ====== ====== ======
Warehouse Lending Division:
Net interest income $1,254 $1,105 $1,706 $1,848 $1,481 $2,359 $2,408
Provision for loan losses 176 (232) 496 94 - (56) -
Noninterest income 438 319 462 555 440 757 773
Noninterest expense:
Salaries and employee benefits 127 147 220 103 108 274 296
Occupancy 1 1 1 1 1 2 2
Data Processing 25 27 32 26 25 52 45
Other expenses 54 32 29 26 26 86 51
--- --- --- --- --- --- ---
Total noninterest expense 207 207 282 156 160 414 394
--- --- --- --- --- --- ---
Income before income taxes 1,309 1,449 1,390 2,153 1,761 2,758 2,787
Income Tax 472 507 487 754 616 979 975
--- --- --- --- --- --- ---
Net income $837 $942 $904 $1,399 $1,145 $1,779 $1,812
==== ==== ==== ====== ====== ====== ======
SBA Division:
Net interest income $885 $907 $949 $941 $734 $1,792 $1,330
Provision for loan losses 51 48 571 213 63 99 63
Noninterest income 1,718 1,815 1,308 1,162 1,617 3,533 3,211
Noninterest expense:
Salaries and employee benefits 890 591 735 616 691 1,481 1,354
Occupancy 54 51 64 65 64 105 125
Data Processing 2 1 1 1 1 3 2
Other expenses 259 211 170 181 178 470 361
--- --- --- --- --- --- ---
Total noninterest expense 1,205 854 970 863 934 2,059 1,842
----- --- --- --- --- ----- -----
Income before income taxes 1,347 1,820 716 1,027 1,354 3,167 2,636
Income Tax 472 637 251 359 474 1,109 923
--- --- --- --- --- ----- ---
Net income $875 $1,183 $465 $668 $880 $2,058 $1,713
==== ====== ==== ==== ==== ====== ======
Premium Finance Division:
Net interest income $5,748 $5,476 $1,064 $ - $ - $11,224 $ -
Provision for loan losses 140 30 108 - - 170 -
Noninterest income 26 46 - - - 72 -
Noninterest expense:
Salaries and employee benefits 993 996 - - - 1,989 -
Occupancy 54 49 2 - - 103 -
Data Processing 183 184 44 - - 367 -
Other expenses 2,023 2,225 269 - - 4,248 -
----- ----- --- --- --- ----- ---
Total noninterest expense 3,253 3,454 315 - - 6,707 -
----- ----- --- --- --- ----- ---
Income before income taxes 2,381 2,038 641 - - 4,419 -
Income Tax 915 713 224 - - 1,628 -
--- --- --- --- --- ----- ---
Net income $1,466 $1,325 $417 $ - $ - $2,791 $ -
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Total Consolidated:
Net interest income $63,157 $60,590 $57,279 $57,067 $54,589 $123,747 $105,025
Provision for loan losses 2,205 1,836 1,710 811 889 4,041 1,570
Noninterest income 28,189 25,706 24,272 28,864 28,379 53,895 52,665
Noninterest expense:
Salaries and employee benefits 29,132 27,794 25,137 27,982 27,531 56,926 53,718
Occupancy 6,146 5,877 6,337 5,989 6,371 12,023 12,071
Data Processing 7,028 6,572 6,244 6,185 6,049 13,600 12,162
Other expenses 13,433 12,850 16,959 13,043 12,408 26,283 30,008
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Total noninterest expense 55,739 53,093 54,677 53,199 52,359 108,832 107,959
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Income before income taxes 33,402 31,367 25,164 31,921 29,720 64,769 48,161
Income Tax 10,315 10,214 6,987 10,364 9,671 20,529 15,795
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Net income $23,087 $21,153 $18,177 $21,557 $20,049 $44,240 $32,366
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SOURCE Ameris Bancorp
