AMERIS BANCORP MOULTRIE, Ga., Oct. 17, 2016 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported operating net income of $21.6 million, or $0.61 per diluted share, for the quarter ended September 30, 2016, a 35% increase when compared with $15.9 million, or $0.49 per diluted share, for the quarter ended September 30, 2015. Operating earnings and reported earnings for the third quarter of 2016 are identical, though operating earnings for the third quarter of 2015 exclude $290,000, or $0.01 per diluted share, of after-tax merger costs.
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For the year-to-date period ending September 30, 2016, the Company reported operating net income of $58.1 million, or $1.68 per diluted share, compared with $38.0 million, or $1.19 per diluted share, for the same period in 2015. Operating earnings for 2016 exclude $4.1 million, or $0.12 per diluted share, of after-tax merger costs while operating earnings for 2015 exclude $11.3 million, or $0.35 per diluted share, of after-tax merger costs and nonrecurring credit resolution expenses.
Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "In the third quarter, we continued to see reliable trends in the growth of both our balance sheet and our net earnings. The growth initiatives we began in recent years to invest our excess liquidity have been successful, and our Company is experiencing a pace of organic growth that we have not seen in many years. I am proud of the work our team has done producing another record quarter for Ameris Bank and am confident that our momentum will propel us to a strong 2017."
Highlights of the Company's performance and results for the third quarter of 2016 include the following:
-- Operating return on assets and operating return on average tangible
equity of 1.35% and 17.18%, respectively
-- Organic growth in loans of $222.8 million, or 22.9% annualized
-- Total revenue growth of $13.6 million, or 18.7%, compared with the same
quarter of 2015
-- Continued improvement in non-performing assets, decreasing to 0.92% of
total assets
-- Net charge-offs on non-purchased loans of 0.05% annualized
-- Growth in net income from the retail mortgage, warehouse lending and SBA
lines of business, increasing to $5.7 million, or 26.5% of total net
income
Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent) for the third quarter of 2016 totaled $58.0 million, an increase of $9.9 million, or 20.6%, compared with $48.1 million reported for the third quarter of 2015. Accretion income in the current quarter increased to $3.6 million, compared with $3.0 million in the third quarter of 2015, but decreased compared with $4.2 million reported in the second quarter of 2016. Higher levels of net interest income resulted mostly from growth in average loans outstanding of approximately $1.2 billion since the third quarter of 2015. Average balances of short-term assets and investments shrank over the past year by 10.5%, from $1.06 billion in the third quarter of 2015 to $948 million in the current quarter. At the current quarter end, loans outstanding represented 83.9% of total earning assets, compared with 80.0% at September 30, 2015.
Despite the persistent low interest rate environment and continued deterioration of loan and investment yield opportunities, the Company has maintained a generally consistent net interest margin. During the current quarter, the Company reported a net interest margin, excluding accretion income, of 3.75%, compared with 3.70% in the prior quarter and 3.81% in the same quarter of 2015. Trends in the margin over the past year include the effects of yield deterioration on loans and investments resulting from a persistently low interest rate environment, offset by stable costs of deposits and an improved mix of earning assets, more heavily weighted toward loans than short-term assets or investments.
Non-interest Income
Non-interest income in the third quarter of 2016 improved to $28.9 million, an increase of $3.9 million, or 15.6%, compared with the same quarter in 2015. Continued growth and profitability in the Company's mortgage operations provided most of the improvement, with revenue from mortgage operations increasing to $14.1 million, a 35% increase compared with the same quarter of 2015. Total retail mortgage loan production increased to $410.8 million in the current quarter, compared with $311.0 million in the third quarter of 2015, while spreads (gain on sale) improved to 3.69% in the current quarter, compared with 3.52% in the same quarter of 2015.
Service charges on deposit accounts increased by $592,000 to $11.4 million during the current quarter, an increase of 5.5% compared with the same quarter in 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.
Non-interest Expense
Non-interest expense totaled $53.2 million in the third quarter of 2016, an increase of $4.8 million compared with $48.4 million in the third quarter of 2015. Substantially all of the increase in operating expenses related to additional compensation and occupancy costs associated with the acquisition of Jacksonville Bancorp, Inc. during the first quarter of 2016, as well as additional compensation related to mortgage and SBA lines of business.
Salaries and benefits increased to $28.0 million in the current quarter of 2016, compared with $24.9 million in the third quarter of 2015. Higher incentive accruals for the Company's production staff, as well as increased commissions in the mortgage and SBA divisions, accounted for the majority of the increase in compensation costs. Management anticipates lower compensation costs in the fourth quarter of 2016 due to seasonally slower commercial and agricultural loan production and generally slower originations in retail mortgage.
Occupancy costs were flat at approximately $6.0 million during the current quarter of 2016 as compared with the same quarter in 2015. Reduction in branch offices and tighter controls on other non-depreciation expenses were the principal drivers of minimal increases in these costs. Data processing and telecommunications costs increased by 16.1% during the quarter, mostly due to higher customer counts and continued implementation of mobile and electronic initiatives. Other operating costs increased by $574,000 to $9.3 million in the third quarter of 2016, primarily as a result of increases in professional fees associated with several reengineering efforts in various administrative cost centers.
Balance Sheet Trends
Total assets at September 30, 2016 were $6.49 billion, compared with $5.59 billion at December 31, 2015. Commenting on the growth in total assets, Mr. Hortman said, "The pace of loan growth during 2016 has quickened as a result of several strategies. First, our bankers are deepening existing relationships, and our efforts to bank selectively larger relationships have put us in front of new customers that we might have passed on before because of their size. Second, our efforts at developing lending expertise and niches that diversify our sales efforts away from commercial real estate were initially needed to help deploy the liquidity from acquisitions in 2015. These niches and lending efforts have reached maturity and are producing reliable incremental growth at profitability levels that are equal to or greater than our existing return on assets. Looking forward, we expect pay-downs in our warehouse and agricultural lines of credit that normally slow our growth in the fourth quarter, but we believe that our current pace of growth for 2016 can be sustained or even improved upon as we move into 2017."
Loans, including loans held for sale, totaled $4.97 billion at September 30, 2016, compared with $4.02 billion at December 31, 2015. During the third quarter of 2016, organic growth in loans totaled $222.8 million, or 22.9% on an annualized basis. Organic growth in loans for the year-to-date period in 2016 totaled $534.6 million, or 22.5%, compared with $419.2 million, or a growth rate of 21.9%, for the same period in 2015. The Company's efforts to manage a diversified loan portfolio have resulted in concentration levels that are solidly below the regulatory guidance.
Investment securities at the end of the current quarter amounted to $838.1 million, or 14.1% of earning assets, compared with $783.2 million, or 15.4% of earning assets, at December 31, 2015.
At September 30, 2016, total deposits amounted to $5.31 billion, or 91.4% of total funding, compared with $4.88 billion and 96.6%, respectively, at December 31, 2015. Growth in total deposits during the quarter quickened relative to prior quarters, with total growth of $126.6 million, or 9.8%, annualized. The Company has increased efforts to match deposit growth rates with loan growth rates, increasing interest rates where needed and reviewing other opportunities in anticipation of continued growth in earning assets.
Tangible common equity at September 30, 2016 totaled $501.6 million, compared with $407.6 million reported at December 31, 2015. Increases in stockholders' equity are primarily the result of net earnings and the issuance of shares of common stock in the acquisition of Jacksonville Bancorp, Inc. during the first quarter of 2016, less an increased dividend payout ratio as of the most recent quarter. Tangible book value increased at an annualized pace of 18.3% during the first nine months of 2016, up from $12.65 per share at December 31, 2015 to $14.38 per share at September 30, 2016.
Conference Call
The Company will host a conference call at 11:00 a.m. EDT today (October 17, 2016) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 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 beginning one hour after the end of the conference call until October 31, 2016. 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 10092982. 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 99 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter, with two of those locations announced to be consolidated within the coming months.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company's results of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income $21,557 $20,049 $12,317 $14,148 $15,627 $53,923 $26,699
Operating Net Income $21,557 $20,049 $16,450 $15,323 $15,917 $58,056 $38,018
PER COMMON SHARE DATA
Earnings per share available to
common shareholders:
Basic $0.62 $0.58 $0.38 $0.44 $0.49 $1.58 $0.84
Diluted $0.61 $0.57 $0.37 $0.43 $0.48 $1.56 $0.84
Cash Dividends per share $0.10 $0.05 $0.05 $0.05 $0.05 $0.20 $0.15
Book value per share (period end) $18.42 $17.96 $17.25 $15.98 $15.60 $18.42 $15.60
Tangible book value per share
(period end) $14.38 $13.89 $13.13 $12.65 $12.31 $14.38 $12.31
Weighted average number of shares:
Basic 34,869,747 34,832,621 32,752,063 32,199,632 32,195,435 34,155,556 31,614,015
Diluted 35,194,739 35,153,311 33,053,554 32,594,929 32,553,167 34,470,101 31,961,969
Period-end number of shares 34,891,304 34,847,311 34,837,454 32,211,385 32,196,117 34,891,304 32,196,117
Market data:
High closing price $35.80 $32.39 $32.68 $34.90 $28.75 $35.80 $28.75
Low closing price $29.09 $27.89 $25.09 $27.65 $24.97 $25.09 $22.75
Period end closing price $34.95 $29.70 $29.58 $33.99 $28.75 $34.95 $28.75
Average daily volume 166,841 215,409 253,779 301,775 174,900 211,351 129,678
PERFORMANCE RATIOS
Return on average assets 1.35% 1.31% 0.88% 1.03% 1.19% 1.16% 0.74%
Return on average common equity 13.39% 13.08% 9.14% 10.94% 12.53% 11.46% 7.21%
Earning asset yield (TE) 4.35% 4.35% 4.36% 4.30% 4.39% 4.35% 4.54%
Total cost of funds 0.36% 0.35% 0.33% 0.32% 0.32% 0.35% 0.36%
Net interest margin (TE) 3.99% 4.01% 4.03% 3.98% 4.07% 4.01% 4.18%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 31.36% 32.01% 30.40% 29.56% 32.33% 31.29% 31.09%
Efficiency ratio 61.91% 63.11% 74.41% 74.66% 66.87% 66.15% 76.85%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 9.90% 10.06% 9.85% 9.21% 9.63% 9.90% 9.63%
Tangible common equity to tangible
assets 7.90% 7.96% 7.68% 7.44% 7.76% 7.90% 7.76%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible
assets 7.90% 7.96% 7.68% 7.44% 7.76% 7.90% 7.76%
Effect of goodwill and other
intangibles 2.00% 2.10% 2.17% 1.77% 1.87% 2.00% 1.87%
Equity to assets (GAAP) 9.90% 10.06% 9.85% 9.21% 9.63% 9.90% 9.63%
==== ===== ==== ==== ==== ==== ====
OTHER PERIOD-END DATA
Banking Division FTE 1,011 1,023 1,085 1,075 1,110 1,011 1,110
Mortgage Division FTE 259 245 233 229 218 259 218
-------------------
Total Ameris Bancorp FTE Headcount 1,270 1,268 1,318 1,304 1,328 1,270 1,328
----- ----- ----- ----- ----- ----- -----
Assets per Banking Division FTE $6,423 $6,081 $5,620 $5,199 $4,699 $6,423 $4,699
Branch locations 99 102 103 101 103 99 103
Deposits per branch location $53,597 $50,780 $50,784 $48,310 $43,986 $53,597 $43,986
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $57,322 $54,164 $49,191 $47,336 $45,775 $160,677 $124,231
Interest on taxable securities 4,336 4,554 4,586 4,540 4,694 13,476 11,594
Interest on nontaxable securities 397 454 446 458 480 1,297 1,411
Interest on deposits in other banks 147 159 328 262 227 634 528
Interest on federal funds sold 8 9 8 5 19 25 28
Total interest income 62,210 59,340 54,559 52,601 51,195 176,109 137,792
------ ------ ------ ------ ------ ------- -------
Interest expense
Interest on deposits $3,074 $2,915 $2,741 $2,687 $2,521 $8,730 $7,065
Interest on other borrowings 2,069 1,836 1,382 1,296 1,275 5,287 3,808
-----------------
Total interest expense 5,143 4,751 4,123 3,983 3,796 14,017 10,873
----- ----- ----- ----- ----- ------ ------
Net interest income 57,067 54,589 50,436 48,618 47,399 162,092 126,919
Provision for loan losses 811 889 681 553 986 2,381 4,711
--- --- --- --- --- ----- -----
Net interest income after provision for loan losses $56,256 $53,700 $49,755 $48,065 $46,413 $159,711 $122,208
------- ------- ------- ------- ------- -------- --------
Noninterest income
Service charges on deposit accounts $11,358 $10,436 $9,915 $10,119 $10,766 $31,709 $24,346
Mortgage banking activity 14,067 14,142 10,211 8,586 10,404 38,420 28,214
Other service charges, commissions and
fees 791 967 1,111 1,112 1,145 2,869 2,642
Gain(loss) on sale of securities - - 94 - 115 94 137
Other non-interest income 2,648 2,834 2,955 2,590 2,548 8,437 7,840
Total noninterest income 28,864 28,379 24,286 22,407 24,978 81,529 63,179
------ ------ ------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 27,982 27,531 26,187 25,972 24,934 81,700 68,031
Occupancy and equipment expenses 5,989 6,371 5,700 5,917 5,915 18,060 15,278
Data processing and telecommunications
expenses 6,185 6,049 6,113 6,046 5,329 18,347 13,803
Credit resolution related expenses (1) 1,526 1,764 1,799 2,223 1,083 5,089 15,484
Advertising and marketing expenses 1,249 854 805 1,171 667 2,908 2,141
Amortization of intangible assets 993 1,319 1,020 1,160 1,321 3,332 2,581
Merger and conversion charges - - 6,359 1,807 446 6,359 6,173
Other non-interest expenses 9,275 8,471 7,617 8,732 8,701 25,363 22,596
Total noninterest expense 53,199 52,359 55,600 53,028 48,396 161,158 146,087
------ ------ ------ ------ ------ ------- -------
Income before income taxes $31,921 $29,720 $18,441 $17,444 $22,995 $80,082 $39,300
Income tax expense 10,364 9,671 6,124 3,296 7,368 26,159 12,601
-----------------
Net income $21,557 $20,049 $12,317 $14,148 $15,627 $53,923 $26,699
======= ======= ======= ======= ======= ======= =======
Diluted earnings available to common shareholders 0.61 0.57 0.37 0.43 0.48 1.56 0.84
==== ==== ==== ==== ==== ==== ====
(1) Includes expenses associated with problem loans and OREO, as well as OREO
losses and writedowns.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. Jun. Mar. Dec. Sept.
2016 2016 2016 2015 2015
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $123,270 $116,255 $146,863 $118,518 $114,396
Federal funds sold and interest bearing
balances 90,801 68,273 107,373 272,045 120,925
Investment securities available for sale, at
fair value 838,124 843,646 837,103 783,185 811,385
Other investments 24,578 19,125 12,802 9,323 9,322
Mortgage loans held for sale 126,263 102,757 97,439 111,182 111,807
Loans, net of unearned income 3,091,039 2,819,071 2,528,007 2,406,877 2,290,649
Purchased, non-covered loans (excluding loan
pools) 1,067,090 1,072,217 1,129,919 771,554 767,494
Purchased, non-covered loan pools 624,886 610,425 656,734 592,963 410,072
Covered loans 62,291 121,418 130,279 137,529 191,021
Less allowance for loan losses (22,963) (21,734) (21,482) (21,062) (22,471)
------------------
Loans, net 4,822,343 4,601,397 4,423,457 3,887,861 3,636,765
Other real estate owned 10,392 13,765 14,967 16,147 20,730
Purchased, non-covered other real estate
owned 14,126 13,928 15,048 14,333 11,538
Covered other real estate owned 1,000 2,742 3,764 5,011 12,203
------------------
Total other real estate owned 25,518 30,435 33,779 35,491 44,471
Premises and equipment, net 122,191 123,978 124,747 121,639 124,756
Goodwill 122,545 121,422 121,512 90,082 87,701
Other intangibles, net 18,472 20,574 21,892 17,058 18,218
FDIC loss sharing receivable - - 1,197 6,301 4,506
Cash value of bank owned life insurance 77,637 77,095 76,676 64,251 59,894
Other assets 101,753 96,337 92,931 72,004 72,154
Total assets $6,493,495 $6,221,294 $6,097,771 $5,588,940 $5,216,300
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $1,563,316 $1,553,972 $1,529,037 $1,329,857 $1,275,800
Interest-bearing 3,742,782 3,625,560 3,701,750 3,549,433 3,254,723
--------- --------- --------- --------- ---------
Total deposits 5,306,098 5,179,532 5,230,787 4,879,290 4,530,523
Federal funds purchased & securities sold
under
agreements to repurchase 42,647 37,139 43,741 63,585 51,506
FDIC loss sharing payable, net 7,775 1,897 - - -
Other borrowings 373,461 260,191 110,531 39,000 39,000
Other liabilities 37,033 33,050 28,647 22,432 23,371
Subordinated deferrable interest debentures 83,898 83,570 83,237 69,874 69,600
Total liabilities 5,850,912 5,595,379 5,496,943 5,074,181 4,714,000
--------- --------- --------- --------- ---------
Stockholders' equity
Preferred stock $ - $ - $ - $ - $ -
Common stock 36,348 36,303 36,272 33,625 33,610
Capital surplus 409,630 408,549 407,726 337,349 336,599
Retained earnings 199,769 181,701 163,395 152,820 140,282
Accumulated other comprehensive income/(loss) 10,449 12,960 6,411 3,353 4,197
Less treasury stock (13,613) (13,598) (12,976) (12,388) (12,388)
Total stockholders' equity 642,583 625,915 600,828 514,759 502,300
------- ------- ------- ------- -------
Total liabilities and stockholders' equity $6,493,495 $6,221,294 $6,097,771 $5,588,940 $5,216,300
========== ========== ========== ========== ==========
Other Data
Earning Assets 5,925,072 5,656,932 5,499,656 5,084,658 4,712,675
Intangible Assets 141,017 141,996 143,404 107,140 105,919
Interest Bearing Liabilities 4,242,788 4,006,460 3,939,259 3,721,892 3,414,829
Average Assets 6,330,350 6,138,757 5,618,397 5,427,367 5,213,275
Average Common Stockholders' Equity 640,382 616,361 542,264 513,098 494,957
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION(1)
Allowance for loan losses
Balance at beginning of period $21,734 $21,482 $21,062 $22,471 $21,658 $21,062 $21,157
Provision for loan loss 811 889 681 553 986 2,381 4,711
Charge-offs 1,451 1,376 1,814 2,675 1,268 4,641 6,458
Recoveries 1,869 739 1,553 713 1,095 4,161 3,061
----- --- ----- --- ----- ----- -----
Net charge-offs (recoveries) (418) 637 261 1,962 173 480 3,397
Ending balance $22,963 $21,734 $21,482 $21,062 $22,471 $22,963 $22,471
==============
As a percentage of loans 0.74% 0.77% 0.85% 0.88% 0.98% 0.74% 0.98%
As a percentage of nonperforming loans 140.20% 135.81% 136.83% 124.92% 109.31% 140.20% 109.31%
Net charge-off information
Charge-offs
Commercial, financial & agricultural $326 $541 $406 $501 $135 $1,273 $937
Real estate - residential 292 123 468 621 234 883 966
Real estate - commercial & farmland - 361 347 1,009 184 708 1,358
Real estate - construction & development 60 109 155 157 105 324 465
Consumer installment 74 59 59 110 61 192 300
Purchased non-covered, including pools 408 111 307 178 302 826 772
Covered 291 72 72 99 247 435 1,660
Total charge-offs 1,451 1,376 1,814 2,675 1,268 4,641 6,458
----- ----- ----- ----- ----- ----- -----
Recoveries
Commercial, financial & agricultural 119 87 73 134 117 279 517
Real estate - residential 40 14 314 13 54 368 138
Real estate - commercial & farmland 13 57 121 13 272 191 304
Real estate - construction & development 131 221 122 9 6 474 314
Consumer installment 78 16 25 20 33 119 117
Purchased non-covered, including pools 399 208 658 232 174 1,265 955
Covered 1,089 136 240 292 439 1,465 716
Total recoveries 1,869 739 1,553 713 1,095 4,161 3,061
----- --- ----- --- ----- ----- -----
Net charge-offs (recoveries) $(418) $637 $261 $1,962 $173 $480 $3,397
===========================
Non-accrual loans (excluding purchased non-covered
and covered loans) 16,379 16,003 15,700 16,860 20,558 16,379 20,558
Non-accrual purchased non-covered loans 17,993 15,767 19,187 13,330 11,374 17,993 11,374
Non-accrual purchased loan pools 864 864 - - - 864 -
Foreclosed assets (excluding purchased assets) 10,392 13,765 14,967 16,147 20,730 10,392 20,730
Purchased, non-covered other real estate owned 14,126 13,928 15,048 14,333 11,538 14,126 11,538
Accruing loans delinquent 90 days or more - - - - - - -
--- --- --- --- ---
Total non-performing assets, excluding covered assets 59,754 60,327 64,902 60,670 64,200 59,754 64,200
------ ------ ------ ------ ------ ------ ------
Non-performing assets as a percent of total assets 0.92% 0.97% 1.06% 1.09% 1.23% 0.92% 1.23%
Net charge offs as a percent of loans (Annualized) -0.04% 0.06% 0.03% 0.21% 0.02% 0.01% 0.15%
Net charge offs, excluding purchased loans, loan pools and
covered loans, as a percent of loans (Annualized) 0.05% 0.12% 0.13% 0.38% 0.04% 0.10% 0.17%
(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:
----------------------
Sept. Jun. Mar. Dec. Sept.
Loans by Type 2016 2016 2016 2015 2015
---- ---- ---- ---- ----
Commercial, financial & agricultural $625,947 $564,343 $434,073 $449,623 $427,747
Real estate - construction & development 328,308 274,717 264,820 244,693 220,798
Real estate - commercial & farmland 1,297,582 1,248,580 1,154,887 1,104,991 1,067,828
Real estate - residential 766,933 680,233 629,138 570,430 532,285
Consumer installment 68,305 33,245 31,901 31,125 31,299
Other 3,964 17,953 13,188 6,015 10,692
Total Legacy (excluding purchased
non-covered and covered) $3,091,039 $2,819,071 $2,528,007 $2,406,877 $2,290,649
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $99,596 $101,803 $111,537 $45,462 $42,350
Real estate - construction & development 86,099 89,096 103,753 72,080 71,109
Real estate - commercial & farmland 590,388 574,830 598,935 390,755 385,032
Real estate - residential 286,169 300,898 309,770 258,153 263,312
Consumer installment 4,838 5,590 5,924 5,104 5,691
Total Purchased non-covered (net of discounts) $1,067,090 $1,072,217 $1,129,919 $771,554 $767,494
---------- ---------- ---------- -------- --------
Commercial, financial & agricultural $ - $ - $ - $ - $ -
Real estate - construction & development - - - - -
Real estate - commercial & farmland - - - - -
Real estate - residential 624,886 610,425 656,734 592,963 410,072
Consumer installment - - - - -
Total Purchased non-covered loan pools $624,886 $610,425 $656,734 $592,963 $410,072
-------- -------- -------- -------- --------
Commercial, financial & agricultural $830 $1,604 $4,739 $5,546 $13,349
Real estate - construction & development 3,220 7,168 7,205 7,612 14,266
Real estate - commercial & farmland 13,688 65,091 67,055 71,226 103,399
Real estate - residential 44,457 47,455 51,176 53,038 59,835
Consumer installment 96 100 104 107 172
Total Covered (net of discounts) $62,291 $121,418 $130,279 $137,529 $191,021
------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $726,373 $667,750 $550,349 $500,631 $483,446
Real estate - construction & development 417,627 370,981 375,778 324,385 306,173
Real estate - commercial & farmland 1,901,658 1,888,501 1,820,877 1,566,972 1,556,259
Real estate - residential 1,722,445 1,639,011 1,646,818 1,474,584 1,265,504
Consumer installment 73,239 38,935 37,929 36,336 37,162
Other 3,964 17,953 13,188 6,015 10,692
Total Loans $4,845,306 $4,623,131 $4,444,939 $3,908,923 $3,659,236
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural $53 $275 $279 $240 $238
Real estate - construction & development 691 468 476 792 838
Real estate - commercial & farmland 5,535 5,802 5,945 5,766 5,719
Real estate - residential 7,713 8,226 7,648 7,574 5,209
Consumer installment 21 24 37 46 71
Total Accruing TDRs $14,013 $14,795 $14,385 $14,418 $12,075
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $112 $86 $75 $110 $68
Real estate - construction & development 35 36 30 63 30
Real estate - commercial & farmland 2,015 1,832 1,871 596 942
Real estate - residential 849 899 1,040 1,123 759
Consumer installment 120 113 87 94 64
Total Non-accrual TDRs $3,131 $2,966 $3,103 $1,986 $1,863
------ ------ ------ ------ ------
Total Troubled Debt Restructurings $17,144 $17,761 $17,488 $16,404 $13,938
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit $398,781 $349,725 $254,203 $250,609 $231,281
Grade 15 - Good credit 190,389 191,574 213,510 227,730 234,185
Grade 20 - Satisfactory credit 1,608,265 1,493,561 1,346,050 1,224,320 1,148,024
Grade 23 - Performing, under-collateralized credit 22,763 23,665 25,047 27,607 26,477
Grade 25 - Minimum acceptable credit 797,148 687,817 628,042 609,413 579,642
Grade 30 - Other asset especially mentioned 31,764 32,468 22,141 24,423 22,190
Grade 40 - Substandard 41,929 40,261 39,013 42,773 48,848
Grade 50 - Doubtful - - - - 2
Grade 60 - Loss - - 1 2 -
--- --- --- --- ---
Total $3,091,039 $2,819,071 $2,528,007 $2,406,877 $2,290,649
---------- ---------- ---------- ---------- ----------
The following table presents the purchased, non-covered loan portfolio by risk grade:
Grade 10 - Prime credit $6,543 $6,899 $10,505 $9,602 $9,801
Grade 15 - Good credit 42,257 45,245 48,229 51,168 50,906
Grade 20 - Satisfactory credit 331,309 345,480 344,479 336,990 348,034
Grade 23 - Performing, under-collateralized credit 27,504 27,387 27,445 12,029 10,612
Grade 25 - Minimum acceptable credit 575,280 557,221 607,838 294,829 290,272
Grade 30 - Other asset especially mentioned 44,838 52,536 50,517 30,693 26,458
Grade 40 - Substandard 39,359 37,417 40,874 36,211 31,381
Grade 50 - Doubtful - 30 30 30 30
Grade 60 - Loss - 2 2 2 -
--- --- --- --- ---
Total $1,067,090 $1,072,217 $1,129,919 $771,554 $767,494
---------- ---------- ---------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $5,500 $7,186 $6,200 $5,500 $5,500 $6,293 $5,500
Interest bearing deposits in banks 85,051 96,906 201,814 291,303 199,057 127,767 188,110
Investment securities - taxable 767,421 766,006 728,269 730,608 772,252 756,378 620,500
Investment securities - nontaxable 68,325 69,664 68,824 69,711 72,549 68,935 71,481
Other investments 21,687 14,765 9,606 9,322 9,322 15,375 9,456
Mortgage loans held for sale 105,859 96,998 82,803 98,765 102,961 96,340 86,387
Loans 2,897,771 2,653,171 2,410,747 2,333,577 2,224,490 2,642,498 2,097,996
Purchased non-covered loans 1,086,039 1,111,814 836,187 752,508 788,351 1,022,680 702,117
Purchased non-covered loan pools 629,666 630,503 627,178 454,884 323,258 629,118 116,363
Covered loans 113,136 127,595 134,383 180,493 195,175 125,141 215,631
------- ------- ------- ------- -------
Total Earning Assets $5,780,455 $5,574,608 $5,106,011 $4,926,671 $4,692,915 $5,490,525 $4,113,541
---------- ---------- ---------- ---------- ---------- ---------- ----------
Noninterest bearing deposits $1,546,211 $1,561,621 $1,362,007 $1,324,999 $1,300,870 $1,490,152 $1,097,750
NOW accounts 1,085,828 1,087,442 1,137,076 1,100,972 907,618 1,103,385 802,800
MMDA 1,435,151 1,413,503 1,278,199 1,212,087 1,219,736 1,375,835 1,027,932
Savings accounts 266,344 265,936 251,108 241,337 239,999 261,148 198,379
Retail CDs < $100,000 431,570 437,899 438,122 449,158 484,007 434,898 417,638
Retail CDs > $100,000 451,115 439,954 406,699 395,978 387,485 433,607 380,980
Brokered CDs 5,000 5,000 1,099 - - 3,704 -
Total Deposits 5,221,219 5,211,355 4,874,310 4,724,531 4,539,715 5,102,729 3,925,479
--------- --------- --------- --------- --------- --------- ---------
FHLB advances 265,202 104,195 9,648 - - 126,855 11,289
Other borrowings 49,345 51,970 42,096 39,000 39,000 47,809 41,582
Subordinated debentures 83,719 83,386 72,589 69,723 69,448 79,912 67,369
Federal funds purchased and securities sold
under agreements to repurchase 37,305 43,286 52,787 61,986 44,480 44,433 47,282
Total Non-Deposit Funding 435,571 282,837 177,120 170,709 152,928 299,009 167,522
------- ------- ------- ------- ------- ------- -------
Total Funding $5,656,790 $5,494,192 $5,051,430 $4,895,240 $4,692,643 $5,401,738 $4,093,001
---------- ---------- ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $8 $9 $8 $5 $19 $25 $28
Interest bearing deposits in banks 147 159 328 262 227 634 528
Investment securities - taxable 4,336 4,554 4,586 4,540 4,694 13,476 11,594
Investment securities - nontaxable (TE) 536 613 602 618 648 1,751 1,905
Mortgage loans held for sale 826 821 755 1,040 970 2,402 2,426
Loans (TE) 33,672 31,531 28,684 27,901 27,258 93,887 75,305
Purchased non-covered loans 17,629 17,062 13,133 12,129 11,911 47,824 34,079
Purchased non-covered loan pools 4,346 3,730 5,144 3,335 2,997 13,220 3,146
Covered loans 1,667 1,797 2,060 3,556 3,192 5,524 10,572
----- ----- ----- ----- -----
Total Earning Assets $63,167 $60,276 $55,300 $53,386 $51,916 $178,743 $139,583
------- ------- ------- ------- ------- -------- --------
Accretion Income (included above) 3,604 4,196 2,942 2,912 3,037 10,742 8,769
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 433 439 468 463 304 1,340 998
MMDA 1,241 1,168 1,040 929 877 3,449 2,300
Savings accounts 45 45 43 42 42 133 116
Retail CDs < $100,000 493 476 512 594 607 1,481 1,608
Retail CDs > $100,000 854 779 676 659 691 2,309 2,044
Brokered CDs 8 8 2 - - 18 -
Total Deposits 3,074 2,915 2,741 2,687 2,521 8,730 7,066
----- ----- ----- ----- ----- ----- -----
FHLB advances 393 155 23 - - 571 31
Other borrowings 479 484 370 328 322 1,333 1,034
Subordinated debentures 1,179 1,173 954 924 914 3,306 2,612
Federal funds purchased and securities sold -
under agreements to repurchase 18 24 35 44 39 77 130
--- --- --- --- --- ---
Total Non-Deposit Funding 2,069 1,836 1,382 1,296 1,275 5,287 3,807
----- ----- ----- ----- ----- ----- -----
Total Funding $5,143 $4,751 $4,123 $3,983 $3,796 $14,017 $10,873
------ ------ ------ ------ ------ ------- -------
Net Interest Income (TE) $58,024 $55,525 $51,177 $49,403 $48,120 $164,726 $128,710
------- ------- ------- ------- ------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.58% 0.50% 0.52% 0.36% 1.37% 0.53% 0.68%
Interest bearing deposits in banks 0.69% 0.66% 0.65% 0.36% 0.45% 0.66% 0.38%
Investment securities - taxable 2.25% 2.39% 2.53% 2.47% 2.41% 2.38% 2.50%
Investment securities - nontaxable 3.12% 3.54% 3.52% 3.52% 3.54% 3.39% 3.56%
Mortgage loans held for sale 3.10% 3.40% 3.67% 4.18% 3.74% 3.33% 3.75%
Loans 4.62% 4.78% 4.79% 4.74% 4.86% 4.75% 4.80%
Purchased non-covered loans 6.46% 6.17% 6.32% 6.39% 5.99% 6.25% 6.49%
Purchased non-covered loan pools 2.75% 2.38% 3.30% 2.91% 3.68% 2.81% 3.61%
Covered loans 5.86% 5.66% 6.17% 7.82% 6.49% 5.90% 6.56%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 4.35% 4.35% 4.36% 4.30% 4.39% 4.35% 4.54%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.16% 0.16% 0.17% 0.17% 0.13% 0.16% 0.17%
MMDA 0.34% 0.33% 0.33% 0.30% 0.29% 0.33% 0.30%
Savings accounts 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.08%
Retail CDs < $100,000 0.45% 0.44% 0.47% 0.52% 0.50% 0.45% 0.51%
Retail CDs > $100,000 0.75% 0.71% 0.67% 0.66% 0.71% 0.71% 0.72%
Brokered CDs 0.64% 0.64% 0.73% 0.00% 0.00% 0.65% 0.00%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.23% 0.22% 0.23% 0.23% 0.22% 0.23% 0.24%
FHLB advances 0.59% 0.60% 0.96% 0.00% 0.00% 0.60% 0.37%
Other borrowings 3.86% 3.75% 3.54% 3.34% 3.28% 3.72% 3.32%
Subordinated debentures 5.60% 5.66% 5.29% 5.26% 5.22% 5.53% 5.18%
Federal funds purchased and securities sold
under agreements to repurchase 0.19% 0.22% 0.27% 0.28% 0.35% 0.23% 0.37%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 1.89% 2.61% 3.14% 3.01% 3.31% 2.36% 3.04%
Total funding (3) 0.36% 0.35% 0.33% 0.32% 0.32% 0.35% 0.36%
---- ---- ---- ---- ---- ---- ----
Net interest spread 3.99% 4.00% 4.03% 3.98% 4.07% 4.00% 4.18%
Net interest margin 3.99% 4.01% 4.03% 3.98% 4.07% 4.01% 4.18%
==== ==== ==== ==== ==== ==== ====
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including non-interest bearing liabilities.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Operating Net Income Reconciliation 2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $21,557 $20,049 $12,317 $14,148 $15,627 $53,923 $26,699
Merger and conversion charges - - 6,359 1,807 446 6,359 6,173
Non-recurring credit resolution related expenses - - - - - - 11,241
Tax effect of non-recurring charges - - (2,226) (632) (156) (2,226) (6,095)
--- --- ------ ---- ---- ------ ------
Plus: After tax non-recurring charges - - 4,133 1,175 290 4,133 11,319
Operating Net income 21,557 20,049 16,450 15,323 15,917 58,056 38,018
------ ------ ------ ------ ------ ------ ------
Operating net income per diluted share: $0.61 $0.57 $0.50 $0.47 $0.49 $1.68 $1.19
Return on average assets 1.35% 1.31% 1.18% 1.12% 1.21% 1.24% 1.05%
Return on average common tangible equity 17.18% 17.03% 15.42% 14.97% 16.23% 15.95% 12.74%
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Net Interest Margin and Yields on Total Loans 2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Excluding Accretion Reconciliation
Total Interest Income (TE) $63,167 $60,276 $55,300 $53,386 $51,916 $178,743 $139,583
Accretion Income 3,604 4,196 2,942 2,912 3,037 10,742 8,769
----- ----- ----- ----- ----- ------ -----
Total Interest Income (TE) Excluding Accretion $59,563 $56,080 $52,358 $50,474 $48,879 $168,001 $130,814
Total Interest Expense $5,143 $4,751 $4,123 $3,983 $3,796 $14,017 $10,873
Net Interest Income (TE) Excluding Accretion $54,420 $51,329 $48,235 $46,491 $45,083 $153,984 $119,941
Yield on Total Loans Excluding Accretion 4.75% 4.74% 4.84% 4.92% 4.83% 4.77% 4.90%
---- ---- ---- ---- ---- ---- ----
Net Interest Margin Excluding Accretion 3.75% 3.70% 3.80% 3.74% 3.81% 3.75% 3.90%
---- ---- ---- ---- ---- ---- ----
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Core Earnings Reconciliation 2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Pre-tax operating profit/(loss) $31,921 $29,720 $18,441 $17,444 $22,995 $80,082 $39,300
Plus: Credit Related Costs
Provision for loan losses 811 889 681 553 986 2,381 4,711
(Gains)/Losses on the sale of legacy OREO 377 447 753 535 36 1,577 582
Gains/(Losses) on the sale of covered OREO (89) 28 166 610 56 105 270
Problem loan and OREO expense 1,238 1,289 880 1,078 991 3,407 14,654
Interest reversed (received) on non-accrual loans 41 35 34 58 17 110 586
---
Total Credit-Related Costs 2,378 2,688 2,514 2,834 2,086 7,580 20,803
----- ----- ----- ----- ----- ----- ------
Plus: Cconversion charges - - 6,359 1,807 446 6,359 6,173
Less: Non-recurring gains
Gains on sales of securities - - (94) - (115) (94) (137)
Gains/(Losses) on sales of bank premises 238 401 (77) (267) - 562 -
Other non-recurring adjustments - - - - - - -
--- --- --- --- --- --- ---
Pretax, Pre-provision earnings $34,537 $32,809 $27,143 $21,818 $25,412 $94,489 $66,139
======= ======= ======= ======= ======= ======= =======
As percentage of average assets, annualized 2.17% 2.15% 1.94% 1.59% 1.93% 1.99% 1.70%
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Recurring Operating Expenses 2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Total Operating Expenses 53,199 52,359 55,600 53,028 48,396 161,158 146,087
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO (377) (447) (753) (535) (36) (1,577) (582)
Gains/(Losses) on the sale of covered OREO 89 (28) (166) (610) (56) (105) (270)
Problem loan and OREO expense (1,238) (1,289) (880) (1,078) (991) (3,407) (14,654)
Conversion expenses - - (6,359) (1,807) (446) (6,359) (6,173)
Gains/(Losses) on the sale of premises (238) (401) 77 267 - (562) -
---- ---- --- --- --- ---- ---
Recurring operating expenses $51,435 $50,194 $47,519 $49,265 $46,867 $149,148 $124,408
======= ======= ======= ======= ======= ======== ========
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Segment Reporting 2016 2016 2016 2015 2015 2016 2015
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $50,374 $48,940 $45,801 $44,088 $43,044 $145,115 $115,689
Provision for loan losses 57 733 681 504 960 1,471 4,343
Noninterest income 13,949 13,018 12,735 12,739 13,470 39,702 31,512
Noninterest expense:
Salaries and employee benefits 18,323 18,428 18,989 19,225 17,921 55,740 48,958
Occupancy 5,490 5,901 5,150 5,356 5,444 16,541 13,964
Data Processing 5,794 5,685 5,820 5,759 4,998 17,299 12,922
Other expenses 11,533 11,071 16,436 13,853 11,379 39,040 45,783
------ ------ ------ ------ ------ ------ ------
Total noninterest expense 41,140 41,085 46,395 44,193 39,742 128,620 121,627
------ ------ ------ ------ ------ ------- -------
Income before income taxes 23,126 20,140 11,460 12,130 15,812 54,726 21,231
Income Tax 7,286 6,318 3,681 1,436 4,854 17,285 6,277
----- ----- ----- ----- ----- ------ -----
Net income $15,840 $13,822 $7,779 $10,694 $10,958 $37,441 $14,954
======= ======= ====== ======= ======= ======= =======
Retail Mortgage Division:
Net interest income $3,679 $3,293 $3,020 $2,812 $2,485 $9,992 $6,009
Provision for loan losses 447 93 - 49 26 540 368
Noninterest income 13,198 13,304 9,624 7,966 9,827 36,126 26,532
Noninterest expense:
Salaries and employee benefits 8,940 8,304 6,347 5,855 6,138 23,591 16,257
Occupancy 433 405 488 501 397 1,326 1,173
Data Processing 364 338 272 266 308 974 799
Other expenses 1,303 1,133 956 1,043 662 3,392 2,744
----- ----- --- ----- --- ----- -----
Total noninterest expense 11,040 10,180 8,063 7,665 7,505 29,283 20,973
------ ------ ----- ----- ----- ------ ------
Income before income taxes 5,390 6,324 4,581 3,064 4,781 16,295 11,200
Income Tax 1,887 2,213 1,603 1,072 1,673 5,703 3,920
----- ----- ----- ----- ----- ----- -----
Net income $3,503 $4,111 $2,978 $1,992 $3,108 $10,592 $7,280
====== ====== ====== ====== ====== ======= ======
Warehouse Lending:
Net interest income $2,073 $1,622 $1,019 $995 $1,128 $4,714 $3,142
Provision for loan losses 94 - - - - 94 -
Noninterest income 555 440 333 336 372 1,328 1,028
Noninterest expense:
Salaries and employee benefits 103 108 188 156 137 399 363
Occupancy 1 1 1 3 1 3 4
Data Processing 26 25 20 20 22 71 75
Other expenses 26 26 25 28 40 77 95
--- --- --- --- --- --- ---
Total noninterest expense 156 160 234 207 200 550 537
--- --- --- --- --- --- ---
Income before income taxes 2,378 1,902 1,118 1,124 1,300 5,398 3,633
Income Tax 832 666 391 393 455 1,889 1,272
--- --- --- --- --- ----- -----
Net income $1,546 $1,236 $727 $731 $845 $3,509 $2,361
====== ====== ==== ==== ==== ====== ======
SBA Division:
Net interest income $941 $734 $596 $723 $742 $2,271 $2,079
Provision for loan losses 213 63 - - - 276 -
Noninterest income 1,162 1,617 1,594 1,366 1,309 4,373 4,107
Noninterest expense:
Salaries and employee benefits 616 691 663 736 738 1,970 2,453
Occupancy 65 64 61 57 73 190 137
Data Processing 1 1 1 1 1 3 7
Other expenses 181 178 183 169 137 542 353
--- --- --- --- --- --- ---
Total noninterest expense 863 934 908 963 949 2,705 2,950
--- --- --- --- --- ----- -----
Income before income taxes 1,027 1,354 1,282 1,126 1,102 3,663 3,236
Income Tax 359 474 449 394 386 1,282 1,133
--- --- --- --- --- ----- -----
Net income $668 $880 $833 $732 $716 $2,381 $2,103
==== ==== ==== ==== ==== ====== ======
Total Consolidated:
Net interest income $57,067 $54,589 $50,436 $48,618 $47,399 $162,092 $126,919
Provision for loan losses 811 889 681 553 986 2,381 4,711
Noninterest income 28,864 28,379 24,286 22,407 24,978 81,529 63,179
Noninterest expense:
Salaries and employee benefits 27,982 27,531 26,187 25,972 24,934 81,700 68,031
Occupancy 5,989 6,371 5,700 5,917 5,915 18,060 15,278
Data Processing 6,185 6,049 6,113 6,046 5,329 18,347 13,803
Other expenses 13,043 12,408 17,600 15,093 12,218 43,051 48,975
------ ------ ------ ------ ------ ------ ------
Total noninterest expense 53,199 52,359 55,600 53,028 48,396 161,158 146,087
------ ------ ------ ------ ------ ------- -------
Income before income taxes 31,921 29,720 18,441 17,444 22,995 80,082 39,300
Income Tax 10,364 9,671 6,124 3,296 7,368 26,159 12,601
------ ----- ----- ----- ----- ------ ------
Net income $21,557 $20,049 $12,317 $14,148 $15,627 $53,923 $26,699
======= ======= ======= ======= ======= ======= =======
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SOURCE Ameris Bancorp
